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Stock market essentials for September 23: Bharat Wire Ropes to consider proposal for raising of funds

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Events Today

PVR and Inox Leisure: National Cinema Day: Watch Movies at Rs. 75 only on Sep 23

Bharat Wire Ropes to consider the proposal for raising of funds

Hercules Hoists Board Meet to consider and approve the Scheme of Arrangement (Demerger)

11:30am: New Delhi. Communications Minister Ashwini Vaishnaw, will address media to give a presentation on the Draft Indian Telecommunication Bill, 2022

HDFC Life: listing of new shares issues to promoters

BEL: listing of bonus shares

Deepak Fertiliser: listing of new shares converted from FCCBs

AGMs

Venky’s India Ltd (10.30 am)

Infibeam Avenues Ltd (11.00 am)

Somany Ceramics Ltd (11.00 am)

VIP Clothing Ltd (11.30 am)

MOIL Ltd (11.30 am)

GIC Housing Finance Ltd (11.30 am)

Kajaria Ceramics Ltd (3.00 pm)

Oil & Gas Updates

Brent Crude at $91/bbl Vs $89.6/bbl

Singapore GRM at $1.2/bbl Vs $2.1/bbl

Asia Spot Gas prices at $39.9/mmBtu Vs $38.9/mmBtu

Corporate Action

Nil

DII/FII data

FIIs net sold Rs 2509.5 cr worth shares on September 22 (prov)

DIIs net bought Rs 263.1 cr worth shares on September 22

FII F&O Cash Data:

Index futures net sell Rs 2438 cr

Index options net buy Rs 2361 cr

Stock futures net buy Rs 691 cr

Stock options net buy Rs 535 cr

Total FII net buy Rs 1149 cr in F&O

F&O Ban

Ambuja Cement

Can Fin Homes

Delta Corp

RBL Bank

Addition:- PNB

Deletion:- PVR and Escorts

Bulk/Block Deal

Vijaya Diagnostic Centre

NIPPON INDIA MUTUAL FUND bought 11.6lk shares @ 400

FIDELITY INVESTMENT TRUST FIDELITY INTERNATIONAL DISCOVERY FUND sold 14.5lk shares @ 400

Bharti Airtel

BHARTI TELECOM LIMITED bought 9.4cr shares @ 772.5

PASTEL LIMITED sold 9.4cr shares @ 772.5

Corporate Announcements

Century Textiles & Industries

Birla Estates Pvt. Limited, WOS announced acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. Project has a development potential of 1 Mn sq. ft. with a revenue potential of Rs 900 Cr

Sharda Motor Industries

Appointment of Mr. Puru Aggarwal as President Finance & Strategy of the Company

Canfin Homes

Company has commenced the process to recruit a Chief Executive Officer

Shilpa Medicare

Company’s Analytical Services Division situated at Nacharam, Hyderabad, Telangana has received US FDA clearance (EIR) for the inspection performed during 26 Apr 2022 to 29 Apr 2022

Cipla

Company received Establishment Inspection Report (EIR) from USFDA for product specific pre-approval inspection at Indore Plant

Trident

Commissions Solar Power Plant at Budhni, Madhya Pradesh

Bombay Dyeing

Approved raising of funds through issuance and allotment of equity shares worth upto Rs 940cr on right issue basis

Hero MotoCorp

Upward revision in prices of motorcycles and scooters wef September 22, 2022. The price revision will be up to Rs. 1,000

Zydus Lifesciences

To acquire upto 11.86% stake in AMP Energy Green Nine Pvt Ltd for setting up captive Wind Solar Hybrid power project in Gujarat

Total Deal Value- Rs 9.97cr

IOL Chemicals & Pharma

Board approved to invest US$ 2.1 Million in USpharma Limited, a US-based co that develops novel drug delivery technologies

M&M Finance

RBI has directed M&M Finance to immediately stop any recovery or repossession activity through outsourcing arrangements, till further orders. The lender may continue to carry out recovery or repossession activities through its own employees. RBI’s action is based on material supervisory concerns in the management of the company’s outsourcing activities.

Aster DM

Subsidiary acquired 60% stake in Skin III for AED 16.7 million. Skin III is a leader in offering IV Drips (Vitamin and Detox) and other Aesthetics Procedures.

Glenmark Pharma

Received EIR for its Aurangabad plant. EIR from USFDA indicates closure of inspection.

OAI status continues for Baddi facility. USFDA had issued form 483 with 6 observations.

Tata Metaliks, Tata Steel Long, Tinplate Company and TRF

Tata Metaliks, Tata Steel Long, Tinplate Company and TRF to merge with Tata Steel

The earlier merger scheme of Tata Metaliks and Tata Steel Long has been withdrawn.

Share Swaps

For Tata Metaliks

Tata Steel to give 79 shares for every 10 shares of Tata Metaliks

Alert:-

share swap marginally in favour of Tata Metaliks

Tata Metaliks shares valued at 2% premium based on yesterday’s closing

For Tata Steel Long

Tata Steel to give 67 shares for every 10 shares of Tata Steel Long

Alert:-

share swap in favour of Tata Steel

Tata Steel Long shares valued at 4.5% discount based on yesterday’s closing

Tinplate Company

Tata Steel to give 33 shares for every 10 shares of Tinplate

Alert:-

share swap marginally in favour of Tinplate

Tinplate valued at 1% premium based on yesterday’s closing

TRF

Tata Steel to give 17 shares for every 10 shares of TRF

Alert:-

share swap in favour of Tata Steel

TRF shares valued at 53% discount based on yesterday’s closing

Others

Rallis India Pre-Quarterly Conference Call

Domestic crop care business likely to post subdued performance

Exports at a better-off position, however have cautious outlook due to drought in US and European markets

Herbicides continues to outperform (to post double digit growth in 2Q) as compared to insecticides and fungicides category

Launched 3 new 9(3) molecules in H1FY23 as against guidance of 4 product launches in FY23E, additionally launched 5 new 9(4) molecules in H1FY23

Crop nutrition business to post double digit revenue growth, aided by better product mix

High cost inventory to exert pressure in near term

Remains confident to maintain absolute EBITDA led by recent price hikes

Steel Price Channel Check By Edelweiss

Major players indulged in their first price-hike in mid-September, post the export duty imposition

The hike manifested in an Rs 500/t WoW rise in domestic HRC prices

Longs prices, however, stayed range-bound

With seasonally strong H2 approaching, channel checks indicate demand optimism

Besides, production discipline among major players has constrained inventory

Regional prices were stable, however, China’s domestic and export prices trended lower

Kajaria Ceramics Mgmt Meet: Edelweiss

Management reiterated 15-20% volume and 20-25% revenue growth with 15% margins in FY23E

Subdued demand in Jul/Aug-22; Sep-22, being a pre-festive month, is witnessing recovery

GST & NGT ruling benefitting Organised players

Sharpened focus on exclusive distribution & branding

Price hike to help overcome high gas cost pressure; taken two price hikes of 2.5% each, on 1 May and 1 Sep

Gujarat Fluoro Mgmt Meet: Edelweiss

Aggressive expansion in refrigerant gases

Dedicated capex of Rs 4500–6000 cr over FY25–27E for battery chemicals

Thrust on removing debt and guarantee linkages with group company

Accenture Earnings: Mixed

Q4 Revenue at $15.4 bn: close to higher end of its guidance ($15.0-15.5bn) – in line vs estimate

Q4 Bookings: Highest ever outsourcing bookings

Total bookings at $18.4bn (+22.7% YoY, +8.2% qoq)

Consulting bookings at $8.4bn (+5.0% yoy, -7.7% qoq)- Outsourcing bookings at $9.9bn (+39.4% yoy, +26.9% qoq)

FY23 Guidance: 8.0-11.0% yoy growth in local currency (vs 26% in FY22)

Expect -6.0% FX impact

Includes 2.5% inorganic growth

FY23 organic growth to be in single digits

Margin to improve by 10-30 bps

Q1 Guidance: Muted guidance

Q1: expects -1.5% to +2.1% qoq growth

Q1 rev seen at $15.2-15.75bn vs over $16 bn expectation

From Reuters

Mahindra in Talks to Raise Up to $500M for EV Push, Reuters Says

Mahindra & Mahindra is in discussions to raise between $250m and $500m to advance its electric vehicles plan, Reuters reports, citing a person familiar with the matter.

Company is in preliminary talks with global green funds and private equity firms

Not immediately clear what valuation the investors are offering or what Mahindra is seeking

Mahindra told Reuters in a statement it has committed to investing $500m in the electric SUV space along with British International Investment

From Bloomberg

SOFTBANK SAID TO CUT OYO VALUATION BY ABOUT 20% TO $2.7 BILLION

Wheat futures rise as traders fear Russian President Vladimir Putin’s move to escalate his war in Ukraine will threaten grain supply from the Black Sea

Palm Oil Imports by India Seen Rising 3.5% in 2022-23: Group

Palm oil purchases by the world’s biggest importer are expected to climb to 8m tons in 2022-23, from 7.73m a year earlier, according to Sudhakar Desai, CEO of Emami Agrotech Ltd. and president of the India Vegetable Oil Producers Association.

Soybean oil imports seen falling to 3.6m tons from 4.05m in 2021-22, Desai said at Globoil conference in India’s Agra city on Thursday

Sunflower oil purchases likely at 2.25m tons vs 1.89m tons

Total edible oil imports are expected to rise to 14m tons in 2022-23 from 13.78m a year earlier

Domestic production likely at 8.95m tons vs 9.1m tons

India’s closing stockpiles seen at 2.36m tons next year, compared with 2.87m a year earlier

Crude palm oil prices on cost and freight basis in India likely in the range of $900-$1,000/ton during October-December; $1,100-$1,150 in January-March quarter of 2023

Soyoil prices CNF India seen in the range of $1,200-$1,350 both in 4Q of 2022 and 1Q of 2023

Sunflower prices CNF India $1,300-$1,450 until March 2023

Insiders

Companies Category No. Of Shares Activity
Heranba Industries Promoter & Director 1,500 Bought
BERGER PAINTS Other 2,500 Bought
GHCL Designated Person 3,000 Bought
Vaibhav Global Promoter Group 4,000 Bought
NCL INDUSTRIES Promoter Group 5,000 Bought
Godrej Agrovet Promoter 9,360 Bought
Anant Raj Promoter 75,000 Bought
India Pesticides Promoter Group 225,000 Bought
Adani Green Promoter Group 500,000 Bought
ADANI ENTERPRISES Promoter Group 625,000 Bought
AIA ENGINEERING Other 700 Sold
KOTAK MAHINDRA Connected Person 3,000 Sold
MPHASIS Designated Person 3,500 Sold
Intellect Design Connected Person 4,000 Sold
UNO Minda Designated Person 4,450 Sold
Bajaj Finance Designated Person 5,000 Sold
IIFL Wealth Employee 7,526 Sold
RBL Bank Designated Person 10,217 Sold
SUN PHARMA Director 15,000 Sold
Mahindra CIE Director 15,059 Sold
GUJARAT AMBUJA Designated Person 16,800 Sold
V-GUARD INDUSTRIES KMP 22,600 Sold
MTAR Tech Promoter 50,000 Sold
HFCL Trust 51,000 Sold
USHA MARTIN Promoter 75,000 Sold
AU SFB Designated Person 101,000 Sold
JSW Energy Trust 109,375 Sold
INDO AMINES Director 142,990 Sold
Gateway Distriparks Designated Person 150,000 Sold
INDUSIND BANK Designated Person 176,882 Sold
Nippon Life Designated Person 116,940 Pledge
EMAMI Promoter Group 2,128,000 Pledge
Max Financial Promoter 125,000 Pledge Release
SUN PHARMA Promoter Group 19,395,450 Pledge Release

Analyst Meetings

KIMS investor visit by IIFL sec scheduled on 26 Sept

GMM Pfaudler meeting with investor/analyst on 22 Sept

Kewal Kiran and clothing Analyst/ Investors to visit Daman and Vapi plant on 23 Sept

DCW meeting with Analyst/ Investors on 23 Sept

Best Agrolife met host of investors on 21 Sept

Hero Motocorp to attend meeting organized by Jefferies on Sept 29

Zee Entertainment Enterprises Non Deal Road Shows Sept 22-23, Sept 26-29, Oct 3,4,6,7, & 10

Arvind SmartSpaces meeting with host of investors on 23 Sept

Homefirst finance meeting with analyst/investor on Sept 23

3i Infotech meeting with host of investors on Sept 23

Biocon meeting with Aikya Investment Management Limited on Sept 22

Bluestar meeting with Phillip Capital on 27 Sept, Aditya Birla Sun Life AMC Sept 28 Sept and to attend Equirus Virtual Annual Conference on 26 Sept

Finolex Industries interacted with Grandeur Peak Global Advisors on 22 Sept.