News Bulletin: 26/4/2022

▫️LIC IPO to launch on May 4. The IPO size has been reduced to Rs 21,000 crore. Embedded Value (EV) of Rs 5.4 trillion has been determined for LIC. IPO is coming at valuation of 1.1 times of EV. Historically, insurance companies have commanded valuation of 2-3 times of EV.

▫️Elon Musk is at final stage to buy Twitter at $43 billion in cash.

▫️Banks may raise provision for Future Group exposure to 100% from current 40%.

▫️Key commodity prices have witnessed sharp fall in the global market indicating slowdown in the economy.
Crude down by 5%, Copper 7%, Silver 9% and Gold 4%.

▫️India and EU delegation met on Monday to discuss trade talks. There may be significant progress on FTA with EU in June.

▫️ Indonesia provided relief and announced no ban on crude palm oil exports.

▫️JSW Steel declines to participate in bidding for Pawan Hans.

▫️MG Motors and BPCL partnered to provide EV charging infrastructure.

▫️Yes Bank has filed insolvency proceedings against Zee Learn.

▫️Capex by government in infrastructure projects was up by 16.5% YoY, until Feb’22.

▫️ China’s markets fell sharply due to lockdown anticipation of Chinese capital Beijing.

▫️RBI imposed Rs 1.2 crore fine against Bank of Maharashtra, against non compliance of norms.

▫️SBI Cards signed deal with TCS for digital transformation of their customer onboarding.

▫️ Cement companies have hiked price by 12% to counter rising input costs.

▫️ Hotel tariffs and room occupancy have reached pre covid levels.

News Bulletin: 28/2/2022


▫️ Inflation may overshoot RBI target, as Russia Ukraine crisis has led to unprecedented rise in oil and gas prices.

▫️ Finance ministry has said economic recovery will be severely impacted by geo political tensions.

▫️Airtel agreed to buy Vodafone’s 4.7% stake in Indus Towers.

▫️Adani Power won the suit against 3 power distribution companies in Supreme Court. The court ordered the distribution companies to pay Adani Power Rs 3,048 crores due along with interest since 2013.

▫️FDI inflows in equity during Apr-Dec period dipped 16%.

▫️The Free Trade Agreement signed between India and UAE, could help gems and jewellery export to reach $52 billion in FY23.

▫️ Jio and Vodafone have opposed the demand of satellite firms including Airtel, to allocate spectrum for satelite earth station gateway on an administrative basis.

▫️Crisil has upgraded Vedanta’s long term debt rating to “AA”.

▫️Indian refinery companies are hoarding up Russian crude oil, as they are available at cheaper prices.

▫️ Shriram Transport Finance raised Rs 900 crore via bonds.

▫️ Vedanta team visited Pune to survey the feasibility of setting up its chip plant.

▫️ The new 10 year, 6.54% Government Bond got fully subscribed in the weekly auction, for the first time since its launch on Jan 14.

▫️Non food credit growth slowed down to below 8% during first 15 days of February.

▫️NBFCs likely to report loan growth of 14% in FY23: India Ratings

▫️ Government agencies to procure record 44.4MT of wheat in the upcoming rabi season.

▫️From April 1, GST e-invoice mandatory for businesses with more than Rs 20 crore turnover.

▫️Tata in talks with Boeing and Airbus to acquire new aircraft for Air India.

▫️ India’s castor seed output in 2021-22 to beat last year’s output.

▫️Govt. approved FDI of 20% in LIC ahead of IPO.

▫️ Reliance Retail has taken over operations of over 200 stores of Future Retail.

▫️FMCG and Auto companies to wait until June for any price hike.

▫️ Future Retail suspended operations on all its stores, after takeover by Reliance Retail.

▫️States reported stellar capex growth of 52% YoY during Apr-Dec period.

▫️Russian Banks have banned from the SWIFT network. A big blow to Russia’s economy.

▫️ Russia and Ukraine talks have been planned in the Belarus border.

▫️ Aurobindo Pharma and Sun Pharma have recalled several products in the US due to deviation from standard manufacturing process.

▫️India cancels Rs 19,000 crore for connecting villages with broadband connectivity.

▫️British Petroleum to sell its 20% stake in Russian oil company Rosneft.

▫️PVR open to stream cricket on big scren.

▫️India and US discuss 30 armed drones deal.

News Roundup and Market Update 14/10/2021

News Roundup

▫️PM launched National Master Plan ‘Gati Shakti’ which will enhance national connectivity and boost infrastructure.

▫️ CarDekho became a Unicorn, after getting $1.2 billion valuation.

▫️ Import taxes on edible oil has been cut sharply to 5% from 20%.

▫️Dish TV Board of Directors rejects Yes Bank’s EGM request.

▫️Foxconn, Nokia and Tejas Networks are amongst 31 firms that have been identified for telecom PLI Scheme.

▫️ Infosys’ Q2 earnings outperformed street estimates on all fronts, and posted net profit of ₹5,421 crores.

▫️Wipro reported 17% jump in net profit year-on-year, to ₹2,930.6 crores.

▫️ Mindtree’s net profit jumped by 57.2% year on year to ₹399 crores in Q2.

▫️Coal stocks with power companies have improved slightly, however it continued to be low with just 4 days of inventory.

▫️JSW Steel Chairman and Managing Director, Sajjan Jindal, becomes first Indian to head World Steel Association.

▫️Maruti does 1.16 vehicle loan disbursal under its Smart Finance scheme.

▫️RIL made another 2 deals to boost its green energy business. RIL signed pact with German maker Solar Wafers and Danish manufacturer of hydrogen electrolysers.

▫️Thomas Cook India inked a 3 year pact with low cost carrier Air Arabia.

▫️Real estate firm Purvankara to construct ₹420 crores residential projects which will garner revenue of ₹1,250 crores.

▫️Retail sales was at 96% of pre covid levels in the month of September, indicating sharp recovery.

▫️ iPhone production to fall short by 10 million units due to chip shortage.

▫️US inflation rises to 5.4% in September to hit 13 year high.

▫️RIL acknowledged that it dropped merger deal with Zee due to differences between Goenka and Invesco.

▫️Shriram Housing raised ₹300 crores from its Promoters.

▫️West Life to launch 200 McDonald’s restaurants in 5 years.

Market Update

▫️Markets touched record highs in yesterday’s session, awaiting blockbuster result season.

▫️ Sensex climbed 0.75% to settle at 60,737. While Nifty jumped 0.94% to end at 18,161.

▫️Market breadth was in favour of bulls with advance decline ratio of 934:883. Midcap index surged more than 1.5%, whereas small cap index closed in red.

▫️ All sector indices except real estate closed positive yesterday lead by auto sector which gained the most.

▫️Ruppee recovered 15 paise against dollar to close at 75.37, due to weaker dollar, slight softness in crude oil prices and robust domestic equity market.

▫️ Gold prices jumped for the 6th consecutive day and nears 47,500 mark.

▫️After losing momentum yesterday, global crude oil prices again jumped today morning as industries may switch to oil for heating, given the energy crisis. WTI Crude is trading firmly over $80.

▫️US markets ended largely flat on economic optimism counter balanced by an end of loose monetary policy.

▫️ Today morning US futures are trading strong with Dow gaining 100 points. Asia has also opened strong, while SGX Nifty is trading with gain of more than 80 points.

▫️Stocks in ban: BHEL, SUNTV, IBULHSGFIN, IDEA, BANKBARODA, PNB, NATIONALUM and SAIL.

This is for educational purposes only.

News Bulletin & Market Update: 12/10/2021

News Bulletin

▫️ Govt. hopeful to complete LIC IPO by March’22.

▫️ India’s unemployment rate unexpectedly surged to 8.86% for the week ended October 10, compared to 7.56% a week earlier.

▫️ Bharti backed One Web, partners with ISRO for launch of satellite.

▫️ Coal India scales up the coal supply to 1.5 million tonnes during last 4 days to power companies.

▫️ India’s business activity picked up pace during the week ended October 10.

▫️Invesco alleged that Sony Zee deal, unfairly favours Zee founders.

▫️ Finance minister to travel US to attend annual meet of World Bank, IMF, G20 finance ministers and central bank governors.

▫️ Govt. will transfer ₹16,000 crores of unpaid fuel bills and other dues of Air India to SPV, before handing the airline to TATA.

▫️Govt. mandated power distribution companies to reduce electricity losses.

▫️Due to chip shortage Maruti, produced only 81,278 units in Sep’21 against 1,66,086 units in Sep’20.

▫️Tata Motors reported 24% rise in group global sales.

▫️ Prestige estates reported 88% rise in sales in July-Sep quarter.

▫️Internal restructuring of TVS Group gets CCI approval.

▫️ Bitcoin price zoomed past $57,000 mark on Monday.

▫️ Non Food credit grew 6.75 % in fortnight ended on ended on September 24 (highest in 18 months).

▫️ Indian companies to raise $10 billion in IPOs in the next 6 months.

▫️ China proposed ban on private capital in media.

▫️ SEBI to revoke license of credit ratings agency Brickwork Ratings, on failure to apply independent judgement for the IL&FS ratings (a very big and bold action by the government). SEBI to also bar 2 former senior officials of CARE ratings for the same incident.

▫️ Aluminum prices jumped to highest level since 2008 due to global energy crisis.

Market Update

▫️Indian markets reached new heights yesterday, as traders took support from healthy export data and fresh investments from FPIs. However, during the session market lost nearly all of its gain and managed to end slightly positive.

▫️ Sensex closed up by 0.13% at 60,135, while Nifty ended higher by 0.28% at 17,945, yesterday.

▫️ Market Breadth was in favour of bulls with advance decline ratio of 991:850.

▫️ Auto, power, metal, realty and banking shares help the index to climb, while IT was the only sector to end in red, due to disappointing result and commentary of TCS.

▫️Indian markets in near term can be negatively affected by rising crude oil prices, increasing bond yields, global energy crisis, soaring commodity prices and falling ruppee.

▫️Ruppee fell by 37 paise against dollar to end at 15 month low of 75.36, as crude oil jumped towards 7 year high.

▫️Gold prices remained above ₹47,000 mark, backed by weak ruppee and surging yields.

▫️Oil prices continue to hold up $80 mark (WTI Crude), as power crunch worries from Asia to Europe will further propel demand of oil.

▫️US markets closed down by 250 points (Dow Jones), due to increasing concerns of inflation as a result of higher oil prices, which may further trigger tighter monetary policy.

▫️Today morning, US futures is trading flat, whereas Asia is in sea of red. SGX Nifty is suggesting slightly gap down opening for Indian markets.

▫️F&O Ban List: BANKBARODA, BHEL, SUNTV, IBULHSGFIN, NATIONALUM, SAIL, PNB, IRCTC and CANBK.

This is for educational purposes only.

News Bulletin and Market Update: 11/10/2021

News Bulletin

▫️ Andhra Pradesh, Delhi and Rajasthan seeks centre support for power crisis.

▫️Centre clears the fear over coal crisis and said there is enough coal with Coal India Limited and power companies to provide power to the country.

▫️Reliance Industries bought foreign solar panel equipment manufacturer REC Solar Company for ₹5,800 crores.

▫️ Reliance Industries acquired 40% stake in Sterling and Wilson solar for ₹3,630 crores.

▫️Auto retailers to face losses this festive season due to chip shortage, which is hurting vehicle dispatches.

▫️ Govt. to revamp telecom licensing process.

▫️India’s active covid case load reached lowest in 208 days.

▫️ Govt. allowed newly set up petrol pumps to set up EV charging stations and CNG outlet even before starting sale of petrol and diesel.

▫️Pradeep Phosphates to expand its manufacturing capacity.

▫️RBI’s decision to take control over defaulted SREI, will prevent domino effect.

▫️Government to initiate disinvestment of IDBI Bank by December.

▫️ Centre imposed stock limits on edible oils and oil seeds to tackle rising prices.

▫️ Metropolitan Exchange of India may not get its licensed renewed after it failed to raise sufficient funds.

▫️FPIs pulled out ₹20,000 crores from banking sector between Apr-Sep and invested in consumer goods, IT, pharma and telecom.

▫️ Disinvestment of BPCL and Shipping Corporation to be completed by FY22.

▫️ E-commerce companies sold goods worth $2.7bn in first 4 days of festive season sale.

Market Update

▫️ Indian markets soared to record high on Friday, after RBI kept key rates and accommodative stance unchanged to support economic recovery.

▫️Sensex climbed 0.64% to 60,059.06, while Nifty jumped 0.59% to 17,895.

▫️Market breadth was mixed with advance decline ratio of 974:853.

▫️Interest rate sensitive sectors like banking and real estate ended in red, whereas IT,auto, oil and gas extended gains.

▫️The Ruppee closed 19 paise weaker at 74.98 against US dollar due to concerns over rising crude prices.

▫️Gold prices jumped and closed above ₹47k, after RBI’s policy decision.

▫️Oil prices is trading at record high with WTI Crude breaching $80 mark, as fuel demand rose.

▫️US Job data came weak, as a result the US stock markets closed slightly in red on Friday.

▫️Today morning US futures are trading marginally in red, while Asia is positive. SGX Nifty is indicating positive start for the Indian markets.

▫️ Stocks in F&O ban: IRCTC, SUNTV, IBULHSGFIN, NATIONALUM, SAIL, PNB and CANBK.

Weekend News Bulletin 03/10/2021

▫️Wholesale dispatches of passenger vehicles slowed down due to chip shortage.

▫️Tata sons is set to take over Air India, more than 50 years after it was taken by govt.

▫️Zee Board Of Directors refuse to conduct EGM and moved to court against Invesco (top shareholder).

▫️RBI ordered Dhanlaxmi Bank to speed up appointment of Board of Directors.

▫️ Manufacturing activities rose at faster rate in September than August.

▫️GST collection rose by 23% in September.

▫️Oyo has filed papers for ₹8,340 crores IPO.

▫️IT Dept. imposed ₹8,334 crores capital gains tax demand on Grasim.

▫️West Bengal and Tamil Nadu reported positive growth in per capita income in FY21, against nationwide fall.

▫️Due to rise in crude oil prices, trade deficit spikes by more than 50% in September.

▫️Jet fuel price increased by 5.8%.

▫️There has been surge i power demand of India, resulting in surged demand of coal. Further, over half of India’s coal based power plants have less than 3 days of inventory left.

▫️RIL extends deadline for Future Deal.

▫️ CEAT raised its stake in online tyre purchase and selling company – Tyresnmore.

▫️ Tech Mahindra to acquire IT Consultancy company – Beris Consulting for ₹60 crores.

▫️TATA Group makes open offer to acquire 26% stake in Tejas Networks for ₹1,038 crores.

▫️ Mahindra Lifespace leased about 15 acres of land to Ashiana Housing.

▫️Indian Bank signed pact with Indiabulls Housing for lending to priority sector.

▫️Merck made Covid antiviral pill has shown high efficacy in trial.

▫️US factory growth highest in 4 months in September.

▫️Euro Zone inflation jumps to 13 year high.

▫️Aditya Birla AMC IPO subscribed by 5.25 times.

▫️ India’s forex reserve down by $997 million to $639 billion.

▫️OPEC+ to release more oil to tackle rising crude oil prices.

▫️ India’s export jumped over 21% to $33.44 billion in September.

▫️Telecom Department has imposed fine of ₹2,000 crores on Voda Idea and ₹1,050 crores on Bharti Airtel.

▫️Truck rentals grew 3-6% in September, due to rising demand.

▫️There has been record number of credit ratings upgrade of Indian companies between Apr-Sep.

▫️ Employment rises by 8.5 million in September, highest in 20 months.

▫️Term insurance prices to rise by 40% as reinsurers have increased their rates.

▫️Kerala to reopen cinemas from October 25th.

News Bulletin and Market Update: 01/10/2021

Market Update

▫️Indian markets continued to fall for 3rd straight day, as weak overseas sentiment weighed on the domestic markets.

▫️Sensex and Nifty plunged to 59,126 (-0.48%) and 17,618 (-0.43%).

▫️ Market Breadth was almost flat with advance decline of 906:901. However, midcap and small cap indices outperformed the benchmark and closed positive.

▫️ Volatility eased down yesterday, with VIX falling more than 2%.

▫️ Sectorwise PSU Bank, Pharma and Realty supported the markets, while IT, Auto, Metal and Media dragged the bourses.

▫️Ruppee fell by 9 paise to close at 5 week low of 74.23, due to risk averse sentiments and foreign fund outflows. The ruppee has fell by 59 paise in last 5 sessions.

▫️ Gold prices remained below 46,000 mark, due ro subdued global cues.

▫️Crude oil prices fell slightly after OPEC nations mulled to expand output to counter the increasing oil demand.

▫️US approved the bill to extend debt limit, easing concerns from US Govt shutdown. However, there was 3rd weekly rise in jobless claims that infused fears of slowing economic recovery.

▫️As a result, US indices ended negative with a fall of more than 1%. Overall US markets ended the September quarter with a fall of 4.3%, highest since March’20.

▫️US Futures are trading negative this morning, complimented by very weak opening of Asian markets. SGX Nifty is down by 176 points (or by 1.0%), reflecting tough Friday for the Indian markets.

News Bulletin

▫️ Govt. has raised domestic gas price by 62% to $2.9/mmBtu. Negative for power, tile and fertilizers. City gas prices may rise. (ONGC & RIL will gain)

▫️ India’s core industry growth touched 11.6% in August.

▫️Rise in crude oil and coal prices to hurt the manufacturers input costs.

▫️NCLT orders ZEE to hold a Board Meeting for conducting EGM as per request of its shareholders (Invesco).

▫️Fiscal Deficit touched only 31% of the FY22 target by August, reflecting increasing in government revenue.

▫️ Govt. has kept interest rates on PPF and NSC unchanged.

▫️ Home registrations in Mumbai jumped by 35%, in September (best in 10 years).

▫️ India’s current account balance recorded a surplus of $6.5 billion in June quarter.

▫️ Govt. tied up Microsoft to launch digital skills program, for development of youth.

▫️Amid rising crude oil prices, domestic petrol and diesel prices have reached all time high.

▫️India Australia to sign Free Trade Agreement by 2022 end.

▫️Airtel to invest ₹5,000 crore in data centre expansion, to boost its other sources of revenue.

▫️Maruti expects to cut production by 40% at 2 of its plant due to semiconductor shortage.

▫️ Sterling and Wilson Solar have repaid loans worth ₹740 crores ahead of the deadline.

▫️Adani Energy has procured 40MW solar power project.

▫️Tata Steel has divested its 100% stake in Singapore based NatSteel holdings for $172 million.

▫️RBI’s new auto debit rules kick in from today (recurring transactions would require customer approval).

▫️Non Food, bank credit grew 6.7% in August.

▫️Bank of India raised ₹1,800 crores.

▫️ Aditya Birla AMC IPO fully subscribed on Day 2.

▫️ India’s hotel industry is on swift recovery path, and will clock 50% of the pre pandemic revenue in FY22.

▫️MCX partnered with TCS for transformation of its trading platform.

This is for educational purposes only.

Market Update and News Bulletin: 30/09/2021

Market Update

▫️Indian markets continues their sell off on Wednesday, amid weak global markets, rising treasury yields and rising inflation concerns.

▫️Indian bond market is also seeing wide selling as there has been 5-15 bps increase in the bond yields.

▫️At the end of the day, Sensex and Nifty closed at 59,413 (-0.43%) and 17,711 (-0.21%).

▫️ Private Banks, Financial Services and Auto dragged down the market. Whereas, IT, Pharma, PSU Bank, Metal, Energy and Realty restricted the fall.

▫️Market breadth turned positive with advance decline ratio of 1019:766. Further midcap and smallcap indices also ended positive.

▫️Ruppee fell 8 paise to 74.14 against dollar (1 month low), due to month end dollar demand, rising treasury yields and stronger dollar overseas.

▫️ Oil prices fell marginally on Wednesday, after US oil inventories rose more than expected.

▫️ Gold prices continue to fall and reached 45,500 mark on Wednesday, as dollar is now trading at 1 year high.

▫️US market ended higher on Wednesday after the govt’s decision to lift the partial ban on debt limit.

▫️US futures are trading in green territory this morning, while Asia has opened mix. SGX Nifty is flat reflecting silent start for the Indian markets.

▫️Stocks in F&O ban: SUNTV.

News Roundup

▫️State telecom operator BSNL has asked govt. ₹37,000 crores to stay afloat.

▫️Piramal Enterprises has completed the insolvent DHFL takeover by paying its creditors ₹34,250 crores.

▫️ Govt. loan scheme of ₹4.5 lakh crore has been extended by 6 months to March’22.

▫️Indian Overseas Bank has been removed from RBI’s Prompt Corrective Action watchlist.

▫️Invesco moved to NCLT against Zee, for removal of CEO Punit Goenka.

▫️L&T is in discussion to merge its thermal power business with the Indian unit of Singapore-based Sembcorp Industries.

▫️ Govt. is considering to come up with PLI scheme for power equipment manufacturing.

▫️China is facing severe power crunch due to coal shortage and strict emission norms. Chinese govt. has asked railway firms and local coal bodies to smoothen coal supply.

▫️ Govt. to launch IPO of ECGC in FY23, and infuse ₹4,400 crore of capital support in the company. ECGC is the largest export credit insurance company of India.

▫️OPEC expects India’s oil demand to reach pre pandemic level in 2021.

▫️RIL backed appointment of Saudi Aramco’s non-executive chairman, as the Company’s independent director, while two institutional investors voted against it.

▫️ Persistent Systems to acquire US based Software Corporation International, Shree Partners and India based Shree Infosoft for a total of $60 million.

▫️ Spicejet has collaborated with Ease My Trip for holiday bookings.

▫️ Britannia joined hands with Accenture to boost its digital transformation.

▫️ Housing sales have more than doubled in 7 cities of India in the July-Sep quarter.

▫️NTPC (India’s largest power producer) to raise ₹18,000 crores via bonds.

▫️ Flipkart to deploy 2,000 EVs (2 and 3 wheelers) in its delivery fleet, ahead of festive season sale.

▫️HDFC Bank issued 4 lakh credit cards since August, after RBI lifted the ban.

▫️ Standard Life sold 5% stake in HDFC AMC for ₹3,060 crores.

▫️A whistle blower alleged that HDFC bank asked for fee from customers if they submit forged documents, instead of reporting it to authorities.

▫️Aditya Birla AMC IPO was subscribed 56% on Day 1.

▫️Induslnd Bank invoked pledged shares of McLeod Russell and acquired 4.79% stake in the company.

▫️US govt. to lift debt limit on govt funding to avoid the near term crisis.

▫️ Govt. may raise GST on garments and footwear from 5% to 12%.

▫️Coal India to increase coal supplies to the power sector.

▫️ Alstom India to bid for India’s 7 infra projects worth €1Billion.

▫️ Chinese troubled real estate company Evergrande to raise $1.5 bn by selling its stake in banking company.

▫️Vedanta may be in race to acquire Shipping Corporation of India from the government.

This post is for educational purposes only.

Market Update and News Roundup: 29/09/2021

Market Update

▫️Indian markets witnessed heavy sell-off on Tuesday, following weal global cues due to rise in bond yields and crude oil prices. Further, slowdown in China’s economy also turned foreign investors cautious.

▫️Sell off was also seen in bonds, as Indian government bond yield rose 9 bps in the past 3 days, tracking the rise in US treasury yields.

▫️Sensex and Nifty closed at 59,667 (-0.68%) and 10,748 (-0.60%).

▫️Power Sector, Energy, Steel, PSU Bank tried to support the markets but were outpaced by sell off in Realty, IT, Media and FMCG.

▫️Market Breadth was largely negative with advance decline ratio of 685:1135. Midcap and Small indices also fell in line with the benchmark.

▫️ Volatility index climbed by 2.66% to 18.53.

▫️Ruppee continued its free fall and closed 20 paise weak, at 74.04, tracking sell of in asian currencies and fall in domestic equities.

▫️The oil price rising streak finally ended on Tuesday, with the Brent Crude price falling before $78 mark, as investors looked for profit booking.

▫️Gold prices continued to fall, and ended below the 46k mark due to higher bond yields.

▫️US treasuries rose to 1.5%, first time since June, on expectations of sooner then expected rate hikes. Further, US Consumer Confidence index came lower at 109.3 than expectation of 115.

▫️As a result, US markets experienced large sell of with Dow and S&P500 falling 1.6% and 2.0%.

▫️Today morning US futures are trading positive. Whereas Asian markets have opened in deep red territory. Lower SGX Nifty is also indicating a lackluster start for the Indian Markets.

▫️Stocks in F&O ban: SUNTV, SAIL, IDEA and ZEEL.

News Roundup

▫️ Govt. is actively looking to privatise non-strategic PSUs (focus on SAIL, NBCC, Madras Fertilizer and National Fertilizer).

▫️ State Govt’s indebtedness to remain high, with debt to GDP ratio estimate of 33% in FY22.

▫️ Business Redemption index moved to record high of 105.0 during September, thanks to surge in mobility in Hyderabad and Pune.

▫️Future Group may hold shareholder meet, to seek approval for sale of assets to RIL.

▫️India has one of the highest fintech adoption rate globally with score of 87%, compared to global average of 64%.

▫️India has scrapped of 22,000 compliances, decriminalised 103 corporate offences and removed 327 redundant provision, to promote ease of doing business.

▫️ Govt. has notified that only Indian registered companies can opt for the ₹10k crores textile PLI scheme.

▫️ American airlines and Indigo signed a one way codeshare contract under which the foreign operator can sell seats on the Indian carrier.

▫️ Godrej Industries raised ₹750 crores via bonds.

▫️Eveready Industries is looking to expand, and add products under the Eveready brand.

▫️UP Govt. to promote wine production and will aid in setting up dozen of wine production units.

▫️In a blow to Adani Gas, Supreme Court rejected Adani’s plea to distribute gas in districts of Gujarat.

▫️US trade deficit increased by 0.9%, while its consumer confidence hit 7 month low.

▫️US Treasury Secretary Janet Yellen, has warned the US govt. that her department will run out of cash by Oct 18, and they will be unable to honor US govt. obligations. This led to sharpe rise in US yields to 1.5%.

▫️Japan lifted Covid-19 emergency, and is now looking to boost the economy.

▫️Muthoot Finance joined hands with a tech company to launch AI assistant.

▫️Indian Bank partnered with TN govt. for performing the state’s treasury activities.

▫️MSCI Index can go for composition change which can attract $ 1 billion in Indian markets, potential stocks that can be included are: Zomato, Mphasis, Mindtree, IRCTC, SRF and Godrej Properties.

▫️ Whirlpool India to buy additional stake in Elica PB India for $57 million.

This post is for educational purposes only.

Market Update and News Bulletin: 24/09/21

Market Update

▫️Indian markets witnessed a record high session yesterday, on back of global markets support and smart local economic recovery.

▫️Sensex and Nifty jumped to 59,885 (+1.63%) and 17,823 (1.57%).

▫️All sector indices were positive yesterday, with real estate outperforming the benchmark, supported by Banks and financial services.

▫️ Market Breadth was positive with Midcap and Smallcap indices extending gains. Advance:Decline ratio was healthy at 1123:680.

▫️Ruppee recovered the previous session lost ground and gained 23 paise to close at 73.64, on account of strong trend in domestic equity market and sell of in US Dollar overseas.

▫️Oil prices touched 2 month high (Brent Crude above $77), due to supply side woes, low inventory and rising oil demand.

▫️Gold prices fell sharply after Fed’s decision to ease bond purchase program and hike rates sooner than expected.

▫️US Markets surged yesterday, as there were no surprises by Fed’s policy outcome, suggesting swift economic recovery.

▫️This morning US futures are trading marginally positive after a stellar closing on Thursday. Asia is trading fairly positive, while SGX Nifty is flat.

▫️ Stocks in F&O ban: CANBK, IDEA, IBULHSGFIN, ESCORTS, IRCTC and PNB.

News Bulletin

▫️ Indian crude oil refiners processed 10 month low output in August, due to maintenance work at several plants. (-ve for oil refining co.s)

▫️Vedanta to delist its ADR from New York Stock Exchange.

▫️All states have agreed for ₹ 3 lakh crore revival of power distribution companies (+ve for power sector). PFC and REC to lend ₹85k crores to power distribution companies.

▫️Infy reported the IT website is still facing some glitches.

▫️PM meet leading American CEOs to spur investment in India.

▫️Govt to meet Moody’s on 28Sep, and seek improvement in India’s sovereign rating.

▫️Jindal Steel and Power wins the bid for Odisha’s Kasia Iron Ore Mine.

▫️2/3 of India’s eligible population has been vaccinated with atleast 1 dose.

▫️Ola to expand EV to more scooters, bike and cars in coming quarters (industry disruption, this can be Jio moment for the automobile industry)

▫️Jio added 6.51 million subscribers, Airtel added 1.94 million subscribers while Voda Idea lost 1.43 million subscribers in July.

▫️Tejas Network got optical network expansion order of Airtel.

▫️US Business activity grows at slowest pace in September in 12 months.

▫️BPCL-SBI card launched co branded contactless rupay credit card.

▫️RBI in a continued attempt to pump out excess liquidity will buy ₹15,000 crores govt bond from open market on Sep 30.

▫️IIFL fiance to raise ₹1,000 crores via bonds.

▫️ Bookings up in Indian hotel industry, occupancy rate above 70%.

This post is for educational purposes only.