We had mentioned in last week’s closing report that Nifty, Sensex may head higher. The major indices were range bound and closed with gains. The trends of the major indices in the course of the week’s trading was:
On Monday, the major indices ended with major gains. On the NSE, there were 1,197 advances, 622 declines and 366 unchanged. State Bank of India, the country’s largest lender, has decided to adopt RBIs repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans from October 1. The SBI said it has voluntarily extended the external benchmark based lending to Medium Enterprises also, to boost lending to the MSME sector as a whole.
ICICI Bank will expand its retail network by adding 450 new branches this financial year. Of these, the bank has made 320 branches operational for customers and in the process, it has crossed the milestone of having 5,000 branches, ICICI Bank said in a statement.
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned five pumping units in Telangana. The Greenfield lift irrigation project is located in Karimnagar district of Telangana.
The investment committee of Canara Bank has permitted to initiate the process of stake sale in full in M/s Commonwealth Trust (India) Ltd and invites expression of interest for sale of 37,500 Equity shares, representing 30% of paid-up share capital held by Canara Bank in M/s Commonwealth Trust (India) Ltd.
On Tuesday, the major indices ended with minor losses. On the NSE, there were 813 advances, 955 declines and 365 unchanged. Profit booking dragged the Indian equities market lower during the afternoon trade session on Tuesday.
The Indian Railways is mulling the idea of handing over operations of more trains to private players in the coming days on several important routes with improved services and amenities for passengers. The decision comes under the 100-day agenda of the national transporter to hand over operations of the trains to private players on key routes.
Biocon announced that its subsidiary, Biocon Biologics, has acquired R&D capital assets for a 60,000 sq. ft state-of-the-art 'bench to pilot scale' biologics research facility from Pfizer Healthcare India Ltd at TICEL Bio Park in Chennai, India.
Aster DM Healthcare is growing its presence in the Karnataka region with the introduction of two new hospitals. For its fourth hospital, to be named as Aster KLE Hospital, the Company has entered into an agreement with KLE Society, which is recognized as a trusted healthcare provider, and runs over 270 institutions across Karnataka and Maharashtra and Delhi. A 25-year lease deed agreement was signed with Karnataka Lingayat Education (KLE) Society.
On Wednesday, the major indices suffered a correction. On the NSE, there were 515 advances, 1,269 declines and 346 unchanged. The Central government has proposed to set up a dispute resolution mechanism in the renewable energy sector to cater to the growing cases of disputes between stakeholders in the solar and wind sectors that has seen rapid expansion in the last five years.
SEBI has prohibited Morepen Laboratories from accessing the securities market and restraining from buying, selling or otherwise dealing in the securities, either directly or indirectly or in any other manner whatsoever, for a period of one year. The company is seeking advice for pursuing suitable remedies including filing of appeal before the appropriate forum.
Maruti Suzuki India has reduced the price of select models by Rs5,000/- (on ex-showroom price). These popular models include all variants of: Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel, Ignis, Dzire Diesel, Tour S Diesel, Vitara Brezza and S-Cross. The new prices will be applicable from 25th September 2019, across the country.
On Thursday, the major indices went up after a correction on Wednesday. On the NSE, there were 977 advances, 782 declines and 368 unchanged. Axis Bank said its qualified institutions placement has attracted good response from the global and domestic investor community and has been oversubscribed, with the aggregate final transaction size being Rs12,500 crore. The QIP was approved by the bank shareholders through a postal ballot on August 21, 2019.
Muthoot Finance will raise Rs1,000 crore through non-convertible debentures for the purpose of lending. This is Muthoot's 21st public issue series of secured redeemable NCDs. The offer has a base issue size of Rs100 crore with an option to retain oversubscription up to Rs900 crore. The issue opens on September 27, 2019, and closes on October 25, 2019. Dilip Buildcon has emerged as L-1 bidder for a new over burden removal contract mining work for Nigahi Project in Madhya Pradesh valued at Rs2,122.73 crores by the Northern Coalfield, a subsidiary of Coal India.
On Friday, the major indices ended with losses over Thursday’s close. On the NSE, there were 652 advances, 1,128 declines and 344 unchanged. The total liabilities of the Central government increased to Rs88,18,392 crore at end-June 2019 from Rs84,68,086 crore at end-March 2019, and public debt accounted for 89.4 per cent of total outstanding liabilities at end-June 2019, the Finance Ministry said on Friday.
Ride-sharing major Uber has joined hands with Bharti AXA General Insurance and TATA AIG to offer rider insurance to riders at without any extra cost. The rider insurance will cover all riders in cars, autos and motors up to a maximum of Rs5,00,000 in case of an accident on a trip. The rider insurance provides cover for physical injury as a result of any accident that might occur while on trip with Uber, from the point the rider enters the vehicle until the end of the trip.
Orient Refractories has completed the process of acquisition of certain assets/plant & machinery of Manishri Refractories & Ceramics on 26 September 2019. The same will help the company in diversification of its existing product line by adding new products like magnesia carbon bricks etc.
The unit-1 of 800 MW of Lara super thermal power station will be declared for commercial operation on 30 September 2019. With this, the commercial capacity of Lara super thermal power station, NTPC and NTPC group will become 800 MW, 47325 MW and 55786 MW respectively.
Strides Pharma Global Pte. Limited, Singapore, has received approval for Solifenacin Succinate Tablets, 5 mg and 10 mg from the USFDA. The product is a generic version of Vesicare Tablets, 5 mg and 10 mg, of Astellas Pharma US, Inc. According to IQVIA MAT data, the US market for Solifenacin Succinate Tablets, 5 mg and 10 mg is approximately US$820 million. The product will be manufactured at Alathur facility in Chennai and will be marketed by Strides Pharma Inc. in the US market.
Quess Corp will acquire remaining 49% stake in Trimax Smart Infraprojects, a subsidiary of Quess. Post completion of acquisition, TSIPL will become wholly owned subsidiary. The company had in December 2017, entered into a joint venture with Trimax IT Infrastructure and Services, thereby acquiring 51 % in the equity share capital of Trimax Smart Infraprojects Private Limited, for implementing smart city projects in Ahmedabad.