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Markets back in green; banking stocks rise, BFSI News, ET BFSI

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Mumbai, India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – traded in the green during Monday’s pre-noon trade session.

Initially, the Nifty opened flat and started to fall in the first few minutes of the trade.

However, the key indices pared losses around the pre-noon session.

In terms of sectors, bank index is the largest gainer whereas Realty, Auto, IT and FMCG have lost the most so far.

At 11.30 a.m., the 30-scrip sensitive index traded at 60,959.72 points, up 138.10 points or 0.23 per cent.

The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.

Besides, the NSE Nifty50 traded at 18,140.45 points, up by only 25.55 points or 0.14 per cent.

It opened at 18,229.50 points from its previous close of 18,114.90 points.

“Nifty has taken support from 17,968 and the 17,948-17,968 band has to be protected for Nifty to bounce meaningfully from here,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: “There may be some cautiousness as IMF notes that the pandemic has taken a turn for the worse in Asia.

“Traders may be concerned as foreign portfolio investors (FPIs) have turned net sellers in Indian market by pulling out Rs 3,825 crore in October so far. There may be some buzz in power stocks as the Ministry of Power announced new rules to sustain economic viability of the sector.”

–IANS

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Sensex, Nifty capture new heights; auto, banking shares shine, BFSI News, ET BFSI

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Mumbai, Equity benchmarks Sensex and Nifty on Monday scaled new peaks by continuing their winning run to the third session in a row, propelled by gains in mainly auto, power and banking shares.

After scaling a new intraday high of 60,476.13 during the session, the 30-share Sensex closed 76.72 points or 0.13 per cent higher at 60,135.78 – marking its new closing high as well.

Similarly, the Nifty rose 50.75 points or 0.28 per cent to its all-time closing high of 17,945.95. Intraday, the NSE gauge touched a new peak of 18,041.95.

Maruti was the top gainer in the Sensex pack, rallying nearly 4 per cent, followed by PowerGrid, ITC, NTPC, SBI, M&M, Kotak Bank and HDFC Bank.

On the other hand, TCS was the top loser on the Sensex, shedding over 6 per cent, after the company’s Q2 earnings missed street expectations.

According to an Emkay Global note, TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and earnings before interest, taxes and corporate overhead or management (EBITM).

The company on Friday reported a 14.1 per cent rise in consolidated net profit at Rs 9,624 crore in the September 2021 quarter.

Following suit, Tech Mahindra, Infosys, HCL Tech and Reliance Industries fell up to 2.76 per cent.

Sectorally, BSE utilities, power, auto, metal, realty and bankex rose up to 2.80 per cent, while IT, teck, telecom and energy fell up to 2.87 per cent.

Broader midcap and smallcap indices rose up to 0.60 per cent.

Indian markets started on a positive note following positive Asian market cues as investors took comfort on news of opening up more vaccinated travel lanes in 8 countries as COVID cases declines, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

“During the afternoon session, markets continue to trade handsomely as broad gains in rate sensitive counters, viz, auto, realty and utility. Traders also took support as data showed country’s exports growing at a healthy rate. Exports have touched USD 197 billion during April-September this fiscal.

“Additional optimism came in as foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 1,997 crore so far in October,” he added.

Elsewhere in Asia, bourses in Hong Kong and Tokyo ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were largely trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 2.12 per cent to USD 84.14 per barrel.

The Indian rupee ended 37 paise lower at 75.36 against the US dollar on Monday. PTI ANS MKJ



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M-cap of 8 of top-10 most valued cos jump Rs 2.32 lakh cr; Reliance Industries lead gainer, BFSI News, ET BFSI

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Eight of the top-10 most valued companies together added a whopping Rs 2,32,800.35 crore in market valuation last week in-tandem with rally in the broader market, with Reliance Industries and Tata Consultancy Services emerging as the biggest gainers. Last week, the 30-share BSE benchmark rallied 1,293.48 points or 2.20 per cent. The benchmark soared past the 60,000 level on Friday.

The market valuation of Reliance Industries zoomed Rs 93,823.76 crore to reach Rs 16,93,170.17 crore.

Tata Consultancy Services added Rs 76,200.46 crore taking its valuation to Rs 14,55,687.69 crore.

The valuation of Infosys jumped Rs 24,857.35 crore to Rs 7,31,107.12 crore and that of Bajaj Finance gained Rs 12,913.91 crore to Rs 4,66,940.59 crore.

The market capitalisation (m-cap) of HDFC Bank rallied Rs 10,881.09 crore to Rs 8,87,210.54 crore.

ICICI Bank added Rs 7,403.24 crore to Rs 4,87,388.37 crore in its valuation.

The valuation of State Bank of India jumped Rs 5,310.14 crore to Rs 4,08,479.47 crore and that of HDFC gained Rs 1,410.4 crore to Rs 4,91,841.14 crore.

In contrast, the valuation of Hindustan Unilever Limited diminished by Rs 14,614.46 crore to Rs 6,20,362.58 crore.

Kotak Mahindra Bank’s market valuation also tumbled Rs 11,697.38 crore to Rs 3,83,866.29 crore.

Reliance Industries was leading the chart of the top-10 most valued companies list followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Bajaj Finance, State Bank of India and Kotak Mahindra Bank. PTI SUM ANS ANS



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Analysts, BFSI News, ET BFSI

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The RBI interest rate decision, macroeconomic data and global trends would dictate the equity market, which is showing some signs of correction after a stellar run, this week, analysts said. Besides, investors will also track the movement of the dollar index and US bond yields this week, they said.

“The market will have an eye on the global data to get further direction. On the domestic front, we don’t have many negative cues but it will be important to listen to the commentary of RBI governor in the upcoming policy scheduled on 8th October where what he says about inflation will be important,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

On October 8, TCS will announce its Q2 earnings, Meena said.

The movement of the dollar index, US bond yields will also play an important role in the direction of global markets while crude oil prices will have a major impact on Indian markets, he added.

“This week, the RBI is scheduled to announce its monetary policy. India’s service PMI is also due to be released this week,” Vinod Nair, Head of Research at Geojit Financial Services said.

During the last week, the 30-share BSE benchmark plunged 1,282.89 points, or 2.13 per cent. Market benchmarks faced losses for the fourth straight session on Friday.

Markets would also track movement of the rupee, Brent crude and FPI investments.

“The September correction in the US markets does highlight some developing risks – a surge in global inflation, oil and commodity prices, rising interest rates, Fed taper and the recent developments on the China front – which could create intermittent disruption in investor sentiment.

“Indian markets are currently richly valued and therefore not immune from some of these headwinds. However, given the strong earnings outlook trajectory, any meaningful correction in the equity markets can serve as an entry opportunity for long-term investors with a sufficiently long investment horizon,” said Unmesh Kulkarni – Managing Director Senior Advisor, Julius Baer India.



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HDFC Bank’s additional masala bonds get listed on NSE IFSC’s platform, BFSI News, ET BFSI

Banking & Finance

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NSE International Exchange (NSE IFSC) on Friday said it has listed HDFC Bank‘s additional masala bonds on its debt securities market platform. NSE IFSC is a wholly-owned subsidiary of the National Stock Exchange (NSE).

The private lender’s additional Tier 1 (AT1) masala bonds got listed on the debt securities market platform.

“HDFC Bank has raised Rs 739 crores under USD 3 Billion Medium Term Note Programme,” NSE IFSC said in a release.

Since the launch of NSE IFSC Debt Securities Market (DSM), it has listed total aggregate medium-term notes worth over USD 31 billion and listed bonds worth more than USD 17 billion, it added.

This also includes USD 1.75 billion worth of green and sustainable bonds.

NSE IFSC launched DSM for listing and trading of debt securities in multiple foreign currency bonds, green bonds, masala bonds, notes, among others, on March 16, 2018. PTI SRS BAL BAL



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Aditya Birla Sun Life AMC IPO fully subscribed on Day-2, BFSI News, ET BFSI

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The initial public offer of Aditya Birla Sun Life AMC Limited was fully subscribed on the second day on Thursday. The Rs 2,768.25-crore initial share sale received bids for 2,99,46,460 shares against 2,77,99,200 shares on offer, translating into 1.08 times subscription, according to an update on the NSE.

The qualified institutional buyers (QIBs) category was subscribed 6 per cent, non-institutional investors 40 per cent and retail individual investors (RIIs) two times.

The initial public offer is of 3,88,80,000 equity shares.

The initial share-sale is entirely an offer for sale, wherein two promoters — Aditya Birla Capital and Sun Life (India) AMC Investments — will divest their stake in the asset management firm.

The price range for the offer is Rs 695-712 per share.

Aditya Birla Sun Life AMC on Tuesday said it has collected Rs 789 crore from anchor investors.

Aditya Birla Sun Life AMC Ltd, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between Aditya Birla Group and Sun Life Financial Inc of Canada.

Asset management firms like Nippon Life India Asset Management, HDFC AMC, and UTI AMC are already listed on the stock exchanges.

Kotak Mahindra Capital Company, Bofa Securities India, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors Limited, SBI Capital Markets and YES Securities (India) are the managers of the offer. PTI SUM BAL BAL



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Indian Bank reports fraudulent NPA accounts worth ₹305 cr to RBI, BFSI News, ET BFSI

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Indian Bank, Public sector lender has informed the exchanges that it has declared two non performing asset (NPA) accounts worth over ₹300 crore as fraud and reported them to the Reserve Bank of India (RBI).

The nature of fraud in both the cases has been defined as “Diversion of funds” by the lender.

“In terms of Sebi regulations and having regard to the Bank’s policy on determination and disclosures of material events/ information, we have to inform you that two NPAs accounts have been declared as fraud and reported to RBI as per regulatory requirement,” Indian Bank said in a filing.

The NPA accounts, related to Kiratpur Ner Chowk Expressway Ltd and Tantia Constructions Ltd, are worth ₹172.73 crore and ₹132.41 crore respectively.

On Thursday, Indian Bank’s scrip closed flat at ₹131.95 on NSE.

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RBI streamlines process for redressal of complaints related to Sovereign Gold Bond, BFSI News, ET BFSI

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Mumbai: The Reserve Bank on Thursday said it has streamlined the process for redressal of investors complaints related to Sovereign Gold Bond to make it more effective. The sovereign gold bond scheme was launched in November 2015 to reduce the demand for physical gold and shift a part of the domestic savings — used for the purchase of gold — into financial savings.

To streamline the customer complaint handling process and make it more effective, the RBI said the nodal officer of the Receiving Office (RO) will be the first point of contact for attending to the queries/ complaints of their customers.

Receiving Offices refer to banks, Stock Holding Corporation of India Limited (SCHIL), designated Post Offices, and recognised stock exchanges (NSE and BSE).

In case the issue is unresolved, an escalation matrix at the ROs will be used to resolve customer grievance, the Reserve Bank said.

“The investor may approach Reserve Bank of India at sgb@rbi.org.in if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO,” the central bank said.

The price of the bond is fixed in Indian Rupees based on a simple average closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited for the last 3 working days of the week preceding the subscription period.

Sovereign Gold Bond is denominated in multiples of gram (s) of gold with a basic unit of 1 gram. The tenor of the bond will be for eight years with an exit option after the 5th year to be exercised on the next interest payment dates.

The minimum permissible investment is 01 gram of gold. The maximum limit of subscription is 4 KG for individuals, 4 Kg for HUF and 20 Kg for trusts and similar entities per fiscal (April-March).



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Know how Banks and Financials performed throughout this week, BFSI News, ET BFSI

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Benchmark indices have been on a record-breaking rally lately and August witnessed the stock market reaching many new highs. The BSE benchmark soared over 9% last month. Buying action continues to follow a positive global trend. The index has formed a strong bullish candle on weekly charts.

Major market driving factors for this week are considered to be the Improving general pandemic conditions, GDP numbers indicating revival in economic activity, increased confidence in facing a potential third wave, the stress on universal vaccination and the indications from Jackson Hole address.

Monday Closing bell: All time high
Nifty made a strong bullish bar on Monday (30 August, 2021) closing at its all time high level. The rally was also supported by Banknifty. Nifty closed at 16,931 up by 225 points. Banknifty closed at 36,347 up by 720 points.

Tuesday Closing bell: All time high
Another All time high Nifty made another lifetime high on Tuesday. It had been showing strength since the last four trading sessions. The Sensex closed at 57,552.39, up 662.63 points, or 1.16%, while Nifty was at 17,132.20, up 201.15 points, or 1.19%. Metals, IT financials were top gainers.

Wednesday Closing bell : Markets end in Red
The Indian benchmark indices ended in the red after hitting record highs in the early trade on September 1. At close, the Sensex was down 0.37%, at 57,338.21, and the Nifty was down 0.33%, at 17,076.30.

However, Axis Bank and Induslnd Bank were among top BSE Sensex gainers. Bank Nifty gained 0.4% to settle at 36,574. Nifty sectoral indices mostly ended in green, except for Nifty Financial Services.

Thursday Closing bell: Markets end Flat
Benchmark indices ended higher with Nifty closing above 17200 led by IT and FMCG stocks. At close, the Sensex was up by 0.90% at 57852.54, and the Nifty was up 0.92% at 17234.20. Except for auto and PSU Bank, all other sectoral indices ended in the green with IT and Pharma indices up 1% each. HDFC Life was amonth the top Nifty gainers. BSE midcap and smallcap indices gained over 0.5% each.

Friday Closing Bell: Fresh record
The Sensex closed at 58,129.95, up by 0.48%, while the Nifty was at 17,323.60, up 0.52%. Boosted by Reliance Industries and a jump in Exide Industries following the sale of the battery maker’s insurance unit Exide Life Insurance to HDFC Life Insurance, while the focus was also on a key US jobs report later in the day.

Among sectoral indices on the NSE, Nifty Bank fell the most – down nearly by 1.5% to 23,531 levels. HDFC Bank, Induslnd Bank, HDFC Life were among the top losers.

Industry Key Takeaways

India’s GDP rose 20% in the June quarter

India’s economy expanded at its fastest ever in the June quarter, helped by the low base of the year-earlier record contraction and a strong rebound in manufacturing and construction, data released on Tuesday showed. The data also reflected thag Fiscal deficit narrowed to a nine-year low of 21.3% of annual budget estimate as of July end at Rs 3.21 lakh crore, helped by a rise in revenues and decline in non-interest revenue expenditure.

Kotak Mahindra Bank to sell 20 crore shares of Airtel Payments Bank to Bharti Enterprises:

Kotak Mahindra Bank on August 31 said it will sell 20 crore shares held in Airtel Payments Bank (APBL) for a cash consideration of Rs 294 crore or more to Bharti Enterprises Ltd. A share purchase agreement was executed by the bank for divestment of 20,00,00,000 equity shares (8.57 percent stake) held by Kotak Mahindra Bank Ltd in APBL.

ICICI Bank hits Rs 5 lakh crore market cap; what should investors do?

On September 1, Private sector lender ICICI Bank crossed Rs 5 lakh crore in market capitalisation for the first time only to become the second bank to attain the said feat. Among banks, HDFC Bank, the country’s largest lender by assets, remained at the top with Rs 8.7 lakh crore market capitalisation, while SBI is at the third spot with Rs 3.81 lakh crore market cap, Kotak Mahindra Bank at 4th and Axis Bank at 5th.

HDFC Life Insurance share price hits 52-week high

HDFC Life Insurance Company share price touched 52-week high of Rs 775.65and rising percent intraday on September 2 as company board is going to consider fundraising on September 3.

“A meeting of the board of directors of HDFC Life Insurance Company is proposed to be held on Friday, September 3, 2021 to consider issue of equity shares and / or other securities of the company by way of preferential allotment,” company said in its release.

HDFC Life to acquire 100% stake in Exide Life Insurance:

HDFC Life Insurance on Friday announced that its board has approved acquisition of 100% of the share capital of Exide Life Insurance Company Ltd for a total consideration of Rs 6,687 crore. Exide Life will be subsequently merged into HDFC Life.

HLIC also announced that out of the aggregate amount, Rs 725 crore will be settled in cash and the balance via issuance of over 8.70 crore equity shares at an issue price of Rs 685 per share to Exide Industries Ltd.



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