Indian equity markets are likely to open lower on Monday as ahead of the trading session, SGX Nifty was in red, hinting at a negative start for NSE Nifty 50, and BSE Sensex. “We expect volatility to remain high as we have important events like MPC’s monetary policy review meet and monthly derivatives expiry scheduled during the week. Besides, the prevailing pressure in the global indices would continue to weigh on the sentiment. Markets are finally giving in to the pressure of global indices especially the US and are likely to inch further lower ahead,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus 26 September, Monday
Harsha Engineers: The company share will debut on stock exchanges on Monday. Ahead of the listing, Harsha Engineers shares commanded a grey market premium of Rs 170. The Rs 755-crore public issue was bought 74.7 times by participants, and despite uncertainty in the equity markets, analysts expect Harsha Engineers stocks to make a strong debut with a significant premium over its issue price of Rs 330 per share.
Embassy Office Parks REIT: Blackstone Inc will reportedly sell a stake of $400 million in Embassy Office Parks REIT, India’s major real estate investment trust, through block deals. Abu Dhabi’s Sovereign wealth fund, being the world’s largest, will pick up at least half of the stake that Blackstone is to sell, reported Reuters.
BPCL: State-run Bharat Petroleum Corporation Ltd (BPCL) has signed a Memorandum of Understanding (MoU) with Brazilian oil major Petrobras, to diversify its crude oil sourcing. In a statement BPCL said, the signing of the MoU will strengthen future crude oil trade relations between the two companies and explore potential crude import opportunities by BPCL, on a long-term basis, especially considering the current geopolitical situations.
Coal India: State-owned Coal India will sign agreements with three public sector enterprises — Bharat Heavy Electricals Ltd., Indian Oil Corporation Ltd. and GAIL (India)– in order to set up four surface gasification projects. The government aims to achieve 100 million tonnes of coal gasification in the next eight years in order to reduce the import of crude oil which is otherwise used to produce syngas.
Britannia: The maker of the popular Good Day and Tiger biscuits has appointed Rajneet Kohli as its chief executive officer, effective September 26. Kohli is currently president and chief business officer at Domino’s India, run by food service company Jubilant FoodWorks. He also held senior leadership roles in Asian Paints Ltd and Coca-Cola Co. His appointment comes at a time when the industry is grappling with margin concerns amid soaring inflation.
SBI: State Bank of India has raised Rs 4,000 crore Basel III compliant Tier 2 bonds at a coupon rate of 7.57 per cent. The public lender said that the tier 2 bonds attracted an overwhelming response from investors with bids of Rs 9,647 crores, and was oversubscribed by about 5 times against the base issue size of Rs 2,000 crores.