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NEWS ALERT | Fashion retailer 'Forever 21' files for bankruptcy: Reuters Cipla Falls After U.S. FDA Issues 12 Observations Shares of the pharmaceutical company fell as much as 4.1 percent to Rs 421.55. The U.S. Food and Drug Administration issued 12 observations for the drugmaker’s Goa plant after conducting Current Good Manufacturing Practice inspection between Sept. 16-27, according to its stock exchange filing. Reliance Nippon Life AMC Rises After Reliance Capital Completes Stake Sale Shares of Reliance Nippon Life Asset Management Company rose as much as 3.4 percent to Rs 274.37. Reliance Capital announced the completion of 21.54 percent stake sale in its mutual fund arm Reliance Nippon Life Asset Management Ltd. to joint venture partner Japan's Nippon Life Insurance for Rs 3,030 crore.  Indiabulls Group Stocks Decline; Indiabulls Ventures Falls Over 14% Shares of Indiabulls Group stocks extended declines for the second consecutive trading session. ...

Sugar business expects to regain when worth rise, govt measures - The surge in sugar prices follows the central government’s announcements to support the industry weeks before the crushing season a few weeks away. The expected decline in 2019-20 sugar production coupled with the announcement on the creation of 4 million tonnes (MT) of sugar buffer stock and subsidy on 6 MT sugar exports resulted in sugar prices rising to Rs 34-34.5/kg (ex-mill Uttar Pradesh), according to a report by rating agency ICRA. Sugarcane is Rs 31.8/32 per kg in Maharashtra against the minimum selling price of Rs 31. The ICRA raids the government’s measures were likely to result in improvement in the liquidity of sugar mills, thus supporting cane payments to farmers as well. Domestic sugar production is likely to decline to around 28.2 MT compared to 32.9 MT in 2018-19, because of the near-drought in Maharashtra and Karnataka. After a sharp decline over recent quarters, prices of crude palm oil (C...

NEWS ALERT | FM to brief media at around 4:30 pm today: Govt official Alert: FM to hold a meeting with key ministries for CAPEX done so far, and requirement ahead NEWS ALERT | Strides Pharma has announced a suspension of Ranitidine drug's sale in the US market: BSE filing -- Sale suspended until further clarity by US FDA Alert: Sale of Ranitidine was under scanner after US FDA raised the issue of carcinogenic NDMA being present in the drug  Nestle Enters Nifty 50, Replaces Indiabulls Housing Finance  Nestle India Ltd. replaced mortgage lender Indiabulls Housing Finance Ltd. in the benchmark Nifty 50 Index and Nifty 50 Equal Weight Index. The indices are reconstituted twice every year based on the data for six months ending January and July.  ICICI Lombard GIC adds 1% - FAL Corporation, a wholly-owned subsidiary of Canadian investor Prem Watsa’s Fairfax Financial Holdings, has sold 4.99 percent equity stake in ICICI Lombard general insurance for Rs ...

Axis Bank Falls On Fund Raising Plans Shares of Axis Bank fell as much as 1.2 percent to Rs 686.55. The lender’s board approved the issuance of 19.87 crore shares at Rs 629 each as it closed qualified institutions placement, according to its statement on exchanges. Of the shares traded, 37 percent were at the asking price and 39 percent were at the bid, according to Bloomberg data. Sterlite Technologies Gains After Unit Signs Pact Shares of Sterlite Technologies rose as much as 4.3 percent to Rs 162.75. The company said its unit signed a pact to acquire the entire stake in the U.K.-based Impact Data Solutions at an enterprise value of about Rs 105 crore,” according to its stock exchange filing.  Zee Entertainment Swings After Large Trades Shares of Zee Entertainment fluctuated between gains and losses to trade 0.6 percent lower at Rs 271.80. About 34.8 lakh shares of the company changed hands in two large deals, Bloomberg data showed. Buyers and sellers were not kno...

SBI Worst Performer On Sensex, Nifty After Morgan Stanley Downgrade Shares of the country’s largest state-run lender fell as much as 3.3 percent to Rs 292.60. This after international research firm Morgan Stanley downgraded the stock to ‘Equal-weight’ from ‘Overweight’, according to its research report. SpiceJet Gains On Report Weighing 100-Jet Airbus Deal Shares of the budget carrier rose as much as 2.9 percent to Rs 134.30. SpiceJet is weighing an order for at least 100 Airbus planes as Boeing Co. grapples with the fallout over its grounded 737 Max, according to Bloomberg report. The company may buy a “sizable” number of Airbus A321LR and XLR jets to accommodate a planned expansion, the report added quoting SpiceJet Chairman Ajay Singh. Kaveri Seed Gains On Buyback Plans Shares of Kaveri Seed rose as much as 4.9 percent to Rs 575. The hybrid seeds producer’s board approved share buyback of up to 28 lakh shares, or 4.44 percent of equity shares aggregating to Rs 196 cro...

Maruti Suzuki, RIL, ONGC, Tata Motors were among the biggest gainers, jumping up to 3%. L&T, Yes Bank, Asian Paints were among the losers, shedding up to 1.5%. Lemon Tree Hotels Jumps The Most In Nearly Eight Months Shares of Lemon Tree Hotels rose as much as 17.2 percent, the most since Jan. 29, 2019, to Rs 69.95. About 5.52 crore shares or 7 percent equity of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately. Maruti Suzuki Extends Gain; Shares Reclaim Rs 7,000-Mark Shares of Maruti Suzuki extended gains for the third consecutive trading session. The stock rose as much as 4 percent to trade above 7,000 for the first time since May 27. NEWS ALERT | DHFL to hold a meeting with bank lenders to discuss draft Resolution Plan: BSE Filing -- Meeting with lenders on Wednesday, Sept 25 --Meeting will also be held on Friday, 27th September 2019 by the Company with all its institutional creditors in con...

Infosys, TCS Worst Performers On Sensex, Nifty Shares of Infosys and Tata Consultancy Services were the worst performers on Sensex and Nifty. The Bengaluru-based software developer fell as much as 4.4 percent, the most in over five months, to Rs 767.70, while the country’s largest information technology firm fell as much as 3.5 percent to Rs 1,994.20. Coffee Day Ent falls 5% -- The GST panel has approved proposal to hike rates on caffeinated drinks from 18 percent to 28 percent, plus an additional 12 percent compensation cess. Dr. Reddy Labs slips over 3% - Dr. Reddy’s Laboratories Ltd on Sunday said that it is suspending supply of its drug Ranitidine worldwide as a precautionary measure, following the ongoing probe by the US Food and Drug Administration (FDA) into the reported impurity N-nitrosodimethylamine in it at low levels. TOP GAINERS & LOSERS -  Britannia Industries, ITC, L&T, IndusInd Bank and Eicher Motors are among major gainers on the N...

Finance Minister Nirmala Sitharaman proposed to slash corporate tax for domestic companies and new domestic manufacturing companies Ordinance for cutting tax rate has been passed and corporate tax rate will be 22 percent without exemptions, Finance Minister said, adding effective corporate tax rate after surcharge will be 25.17 percent. To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent, FM said, adding effective tax for new companies shall be 17.01 percent, including cess & surcharge. Astral Poly Technik crashes over 16% on block deal --  2.54% equity of Astral Poly exchanges hands-on NSE & BSE. Shares of Astral Poly Technik tanked around 17 percent to Rs 960 apiece on the BSE -- its biggest fall in the past four years -- in the early morning deals on Friday after nearly 3 percent equity of the company changed hands via block deals. Morepen Labs rallies 9% -- The company approved the is...

Yes Bank, Bajaj Finance shares were the biggest gainers, jumping up to 2.5%. Oil prices extended their losses from the previous session on Wednesday after Saudi Arabia’s energy minister said the Kingdom will restore lost oil production by the end of the month.  Bajaj Finance Gains On Fund Raising Plans Shares of Bajaj Finance rose as much as 2.4 percent to Rs 3,447.90. The company plans to raise up to Rs 8,500 crore through qualified institutional placement by issuing equity shares, according to its stock exchange filing. Coffee Day Gains After Selling Bengaluru Park Shares of Coffee Day Enterprises rose as much as 4.9 percent to Rs 76.35. Blackstone Group and Salapuria Sattva Group have agreed to acquire the company’s Global Village Tech Park in Bengaluru. The acquisition would take place at an enterprise value of around Rs 2,700 crore in two tranches. The first tranche is expected to be transferred before Oct 31, while the deal would be subject to conditions, incl...

VEDL, Yes Bank top gainers -  The Sensex was down 100 points to 37,023.14 while the Nifty was trading below the 11,000-mark at 9.20 am. VEDL, Yes Bank shares emerged among the biggest gainers in the index, jumping up to 2%.  Oil futures shed some of their massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure.  While equity market losses have not been large, the shaky investor confidence continues to support safe-haven assets, with gold edging higher on Tuesday and Treasury prices rising, Reuters reported. CG Power Locked In Upper Circuit Shares of the Mumbai-based power equipment maker rose 5 percent intraday to hit an upper circuit of Rs 15.65 each. KKR Group acquired a 10 percent stake in the company for Rs 89 crore via open market transactions, according to an exchange filing. Seller for these s...

Drone attacks on Saudi plant could hit global oil supplies -  Global supplies of oil are likely to suffer a “major jolt” following Saturday’s attack by a swarm of explosive drones on the world’s biggest oil processing plant in Saudia Arabia. Saudi Arabia’s oil fields and pipeline have been the target of rebel attacks over the past year, often using single drones, but analysts said this appeared to be the biggest and most successful to date. Oil Marketers Decline On Soaring Crude Prices Shares of the oil marketing companies declined after Asia’s crude benchmark–Brent crude rose nearly 10 percent to $66.18 a barrel. It jumped 19.5 percent intraday. Shares of Bharat Petroleum Corporation and Hindustan Petroleum Corporation fell nearly 5 percent each, while shares of Indian Oil Corporation fell nearly 3 percent. Rupee Opens: The Indian rupee slipped in the early trade on Monday. It has opened lower by 70 paise at 71.62 per dollar versus Friday's close 70.92. TOP ...

HDFC Bank, Yes Bank top losers - Yes Bank, HDFC Bank shares emerged among the biggest losers, shedding up to 3.5% on Friday morning. Tata Motors, Heromotocorp shares were among the top gainers, jumping up to 1%. Motherson Sumi Jumps On Goldman Boost Shares of the auto parts maker rose 4.1 percent intraday to a one-month high of Rs 107.25 each. Brokerage firm Goldman Sachs upgraded its recommendation on the stock to ‘Buy’ from ‘Neutral’. It also fixed the target price at Rs 121, indicating a potential return of 17.3 percent from the last close. Yes bank share price extends losses after Wednesday's rally on reports of Rana Kapoor selling stake -  Shares of private sector lender  Yes Bank extended decline on Friday morning, following Wednesday's mega rally on reports that founder Rana Kapoor is in talks with Paytm to sell his stake. Yes, Bank shares are down about 3% to Rs 65.30 on BSE. The stock, which rose 13.5 percent on Wednesday, has lost more than 50 percent ...

SBI Life Falls 2%  After SBI Plans To Sell Stake In Company Shares of SBI Life Insurance Company fell as much as 1.8 percent to Rs 785.10. SBI’s board has approved an offer-for-sale of at least 3.5 percent stake—or 3.5 crore shares—in SBI Life Insurance Company Ltd., with an option of oversubscription of 1 percent.  The floor price for the sale has been set at Rs 770 per share—a discount of 4 percent to today’s closing price of Rs 799.65—the life insurer said in a separate filing. The sale for institutional investors will take place on Sept. 12 and retail investors on Sept. 13. Walchandnagar Industries Climbs 12% - Shares of Walchandnagar Industries rallied more than 12 percent intraday after bagging a contract from Indian Space Research Organization. Walchandnagar Industries (WIL) in its BSE filing said it secured an order worth Rs 77.20 crore plus escalation from the Vikram Sarabhai Space Centre of ISRO located at Thiruvananthapuram. Apollo Hospitals Surge...

Tata Motors gains 4%: the Share price of Tata Motors rose 4.5 percent on September 11 after company's retail sales in China continued to recover (up 17.4% year-on-year) as the company's local turnaround plan gathered momentum. Yes Bank, Tata Motors top gainers - Yes, Bank, Tata Motors, VEDL shares were among the biggest gainers, surging up to 5%. Infosys, Kotak Mahindra Bank emerged among the biggest losers, shedding up to 1%. NEWS ALERT |  1.   Essel Group completes 1st tranche of stake sale of ZEE Entertainment Enterprises to Invesco Oppenheimer: BSE filing -- The 1st tranche of the transaction comprising the sale of 8.7% stake in ZEEL has been successfully concluded -- The Group is confident of completing the balance sale of 2.3% stake over the next few days, the filing said. -- The Group is also working actively on further divestments including its non-media assets and remains confident to complete the same Alert: The Group had entered in...

The National Stock Exchange and the BSE are shut for trade on September 10 on account of Muharram. There will be no trading activity in forex and commodity futures markets as well. Wholesale commodity markets, including metal and bullion, too are closed for trade today. Benchmark indices continued to gain on September 9 with the Nifty rising for the fourth consecutive session and closing above the psychological 11,000 marks for the first time in the last five trading days. Yesterday, the stock market started off the week on a positive note, with the Sensex ending 163.68 points or 0.44 percent, higher at 37,145.45; and the NSE Nifty reclaimed the crucial 11,000-mark. Yes Bank, Maruti Suzuki, L&T, Kotak Bank, Bharti Airtel, Bajaj Finance, SBI, ONGC, HDFC and Hero MotoCorp were among the biggest gainers in the Sensex-pack, rising up to 4.47%. Shares of HCL Tech, Infosys, TechM, Bajaj Auto and TCS were among the biggest losers, shedding up to 1.50% 0n Monday. Mean...

Maruti Suzuki, Tata Motors top losers - Tata Motors, Maruti Suzuki shares emerged among the biggest losers, shedding up to 2%. Sun Pharma, Bharti Airtel was trading up to 1% higher. NEWS ALERT |  1. L&T Technology Services wins new electrification project from European automobile OEM 2. UltraTech Cement said investor meetings would be held on September 9 and 10 which will be attended by the representatives of the company.  Metal Index About To Turn Oversold Technically, Metal Index doubled in 2 years as it gained 2,800 points over 1,400, however, in the last 21 months it has lost about 2,100 points, which is nearly 75 percent erosion."It implies that the sector is about to turn oversold and we could see starting of value buying or contra buying at the current or little lower levels," Shrikant Chouhan, Senior VP - Technical Research at Kotak Securities said. CATCH ALL THE MARKET UPDATES -  ABB trades in the red NBCC trades 2% higher Shilp...

Tech Mahindra gains 5% on a multi-year deal with AT&T: Shares of Tech Mahindra gained 5 percent as the company expanded its strategic collaboration with AT&T to accelerate AT&T’s IT network application, shared systems modernization and movement to the cloud. Prabhat Dairy Hits 20% Upper Circuit On Delisting Plans Shares of Prabhat Dairy hits their upper circuit of 20 percent at Rs 78.15. The company’s board of directors to consider delisting of shares from the bourses on Sept. 10. The promoters are intent to acquire 49.9 percent stake from the public shareholders and then go for voluntary delisting. At present, they hold a 50.1 percent stake in the company. NEWS ALERT |  15th Finance Commission to meet GST Council in its next meeting: sources to CNBC TV18- 15th Fin Comm may finalize 5-year GST revenue projection- Centre-states need to decide on the continuation of compensation cess beyond 5 years Alert: GST Council will meet on Sept 20 RIL, Te...

RIL, Infosys shares up -  ONGC, NTPC shares were among the biggest gainers, jumping up to 5%. RIL shares are trading marginally higher ahead of the commercial rollout of Jio Giga Fiber today. NEWS ALERT |  Total North America orders for August Class 8 Trucks at 10,414 units, up 6% MoM: CNBC TV18-- Orders down 80% YoY US Dept Of Justice moves to block Aleris acquisition by Hindalco's arm Novelis: CNBC TV18-- Novelis intends to vigorously defend against DoJ's challenge: Hindalco -- Company is confident of closing the transaction By Jan 21, 2020 Aditya Birla Capital approved to raise equity capital aggregating to Rs 21,000 million through preferential issue of equity shares. Crude Update: Oil prices fell on Thursday, giving up some of the strong gains of the previous session, after an industry report showed U.S. crude stockpiles rose last week, against analyst expectations of a decline. Rupee Opens: The Indian rupee opened higher by 26 paise at 71.86...

Balkrishna Industries Falls After Macquarie Initiates Coverage Shares of Balkrishna Industries extended declines for the third consecutive trading session. The stock fell as much as 6.6 percent to Rs 682. Brokerage and research firm Macquarie initiated coverage on the stock with ‘Underperform’ rating and a price target of Rs 575. NEWS ALERT |  India's August gold imports hit three-year low as prices jump to record: govt sources to Reuters -- India’s gold imports in August plunged 73% from a year ago to the lowest level in three years IndiaMART Swings After Stake Acquisition Plans Shares of IndiaMART InterMESH fluctuated between gains and losses to trade little changed at Rs 1,200. The company plans to acquire 26 percent stake in Simply Vyapar App for Rs 31.2 crore, according to its stock exchange filing. The stock rose 2.2 percent in the past five days and returned 2.4 percent in the past 30 days, according to Blomberg da ICICI Lombard Extends Decline For Sec...

ONGC Falls After Fire Accident -  Shares of Oil and Natural Gas Corporation Ltd. fell as much as 2.9 percent to Rs 117,70. This after a fire broke out in stormwater drainage early morning today in Uran oil & gas processing plant. ONGC fire services and crisis management team were immediately pressed into action, the company tweeted. KNR Constructions wins order worth Rs 850cr: Shares of KNR Constructions gained nearly 3 percent on September 3 after the company won an order worth Rs 850 crore. Tata Steel to sale Europe assets: Shares of Tata Steel declined nearly 4 percent on September 3 after the company announced the sale of its European business. Tata Steel announces the closure of the UK factory, nearly 400 jobs on the line Indian steel conglomerate Tata Steel on Monday announced the closure of a plant in the southern Welsh city of Newport, with a potential loss of around 400 jobs at the UK site. The Indian steel giant announced that it had clinched the ...