Stocks of HDFC, Bajaj Finance, HCL Technologies, ICICI Bank will be in focus today

By: | Published: September 6, 2017 9:12 AM

Indian markets are likely to open lower on Wednesday following weaker Asian stocks which fell in the early morning trade tracking slide in Wall Street overnight.

The early indicator of NSE Nifty, SGX Nifty Futures was trading down 0.48% at 9,927 points on the Singapore Stock Exchange. (Image: NSE)

Indian markets are likely to open lower on Wednesday following weaker Asian stocks which fell in the early morning trade tracking slide in Wall Street overnight. The early indicator of NSE Nifty, SGX Nifty Futures was trading down 0.48% at 9,927 points on the Singapore Stock Exchange. Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7%. Japan’s Nikkei stooped to a four-month low and was last down 0.3%. Shanghai dropped 0.4% while Hong Kong’s Hang Seng retreated 1%. South Korea’s KOSPI was down 0.3%.

These stocks will be in focus today:

Mortgage lender HDFC will raise Rs 2,000 crore by issuing bonds on private placement basis to augment its long-term capital. “The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present
issue would be utilised for financing/refinancing the housing finance business requirements of the Corporation,” HDFC said
in a filing.

Bajaj Finance yesterday authorised the opening of QIP (qualified institutional placement) of equity shares. The Bajaj group financial services company has set a floor price in respect of aforesaid QIP at Rs 1,771.9 per equity share. Shares of Bajaj Finance hit a day’s high of Rs 1,814.05 before closing down 0.64% at Rs 1,787.5 on BSE today ahead of the QIP announcement. The company further said that it may offer a discount of not more than 5% on the floor price set for QIP. Earlier in July 2017, the company’s board of directors has approved to raise Rs 4,500 crore through a qualified institutional placement.

ICICI Bank shares will be in focus as ICICI Lombard General Insurance Company has got capital markets regulator Sebi’s go-ahead for its estimated Rs 6,000 crore initial public offer, which could be the first by a general insurer in the country. Two state-run general insurers — General Insurance Corp of India and New India Assurance Company — as also two life insurance firms (SBI Life and HDFC Standard Life) have also lined up IPO plans and are awaiting Sebi’s go-ahead for their respective draft papers.

Country’s fourth largest software services firm HCL Technologies yesterday said it has agreed to buy UK-based ETL Factory Limited, doing business as Datawave, for 7 million pounds. The UK-based company has a data automation platform that enables enterprise customers execute large scale, complex data–migration and data–integration projects in a leaner and
faster manner.

Private equity major Sequoia yesterday sold nearly 36 lakh shares of local search engine Just Dial for a little over Rs 135 crore through open market transactions. According to bulk deal data of the NSE, the private equity major offloaded 35.98 lakh shares, or 5.17 per cent stake, in Just Dial.

The Reserve Bank has restricted foreign investors from buying more shares in non-banking finance company Bharat Financial Inclusion after the allowed investment limit reached the ceiling. The RBI said foreign shareholding in the company through foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) has reached trigger limit in Bharat Financial Inclusion.

ABB yesterday said it has dispatched its 1,000th traction transformer that will be used in the metro project in Lucknow.
Manufactured at the Vadodara factory, the light-weight, reliable ABB traction transformers are attached to and critical for on-board or metro compartment power supply, ABB said in a statement.

Dixon Technologies IPO: Ahead of its initial public offer which is scheduled to open today, consumer electronics manufacturer Dixon Technologies today raised nearly Rs 180 crore from anchor investors, including Kuwait Investment Authority Fund and Goldman Sachs India. The shares would be allocated at the upper end of the Rs 1,760-1,766 IPO price band.

Nikkei Services PMI: Services sector contracted for the second month in a row in August as business activity and new work orders were hit by disruptions caused by the new GST regime, a monthly survey showed today. However, it was not “all doom and gloom” as business orders and jobs fell at a slower rate than in July, as per the PMI (Purchasing Managers’ Index) survey. The Nikkei India Services PMI Business Activity Index improved slightly from 45.9 registered in July to 47.5 in August but remained below the crucial 50-mark for the second straight month.

Indian markets on Tuesday

Sensex and Nifty closed higher Tuesday snapping the yesterday’s losses triggered after North Korea conducted its sixth and most powerful nuclear test on Sunday. The value buying in the blue-chip shares such as Reliance IndustriesHDFCTCS, and Coal India helped the benchmark indices to extend the morning gains. BSE Sensex gained 107 points to close at 31,809.55 points while NSE Nifty advanced 40 points to settle at 9,952.2 points.

Indian Rupee on Tuesday

The rupee extended its bearish trend for the third straight day and ended lower by 7 paise at 64.12 against the US dollar on sustained demand for the greenback from importers and corporates. A cautious tone largely dominated forex trading amid heightened tensions in Korean peninsula. The domestic currency was unable to gain any traction and continued to trade under pressure despite US dollar being weaker against key rivals overseas. Heavy capital outflows also weighed on the rupee trade.

US markets on Tuesday

U.S. stocks sank on Tuesday, with the S&P 500 stumbling to its biggest single-day loss in about three weeks, as investors weighed fresh tensions with North Korea. With U.S. markets closed on Monday for the Labor Day holiday, Tuesday marked the first regular trading since the geopolitical developments. The Dow Jones Industrial Average fell 234.45 points, or 1.07 percent, to 21,753.11, the S&P 500 lost 18.62 points, or 0.75 percent, to 2,457.93 and the Nasdaq Composite dropped 59.76 points, or 0.93 percent, to 6,375.57.

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