Weekly Newsletter September 10, 2022

StockAxis Weekly Newsletter September 10, 2022

Benchmark indices log best week in a month aided by IT & Banking stocks.

Indian Markets

Sense and Nifty snaps two week losing streak. The S&P BSE Sensex rose (+1.7%) to 59,793.14 in the week ending September 09,2022, while the NSE Nifty50 rose by (+1.7%) to 17,833.35.

On the sectoral front, Nifty PSU Bank (+4.3%), Nifty IT (+3.5%), Nifty Media (+3.2%), Nifty Bank (+2.5%), Nifty Metal (+2.3%), outperformed the NSE Nifty50 index while Nifty Pharma (+1.5%), Nifty Realty (+0.6%), Nifty FMCG (+0.4%), and Nifty Auto (-0.0%) underperformed the index.

The India VIX was (-9.4%) to 17.72.

FIIs/DIIs Daily Cash Market Activity (INR. in Crores)

Date FIIs DIIs
05/09/2022 -811.75 +533.77
06/09/2022 +1144.53 +632.97
07/09/2022 +758.37 -138.67
08/09/2022 +2913.09 -212.61
09/09/2022 +2132.42 -1167.56

News Update

ICICI Bank: ICICI Bank is reportedly planning to raise up to Rs 10,000 crore through infrastructure bonds for project financing and affordable housing. Rating agency ICRA has assigned ‘AAA’ rating to the proposed infrastructure bond offering by the bank.

TATA Motors: Tata Motors has launched India’s first CNG-powered Medium & Heavy Commercial Vehicle (M&HCV) trucks that are equipped with advanced driver assistance System (ADAS). A new series of advanced Intermediate & Light Commercial Vehicle (I&LCV) tippers and trucks were also launched to service the evolving multi-application needs, especially of the rapidly growing logistics and infrastructure sectors.

Reliance Industries: Reliance Industries has entered into definitive agreements with SenseHawk Inc. (SenseHawk) for acquiring 79.4% stake of SenseHawk, through primary infusion and secondary purchase, for a total consideration of $32 million. Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry. SenseHawk helps accelerate solar projects from planning to production by helping companies streamline processes and use automation. It provides a seamless solar digital platform to manage the end-to-end solar asset lifecycle.

NTPC: Company has acquired 600-MW Jhabua Power Plant for Rs 925 crore, which is its first such deal through insolvency proceedings. NTPC has successfully acquired Jhabua Power (JPL) through Corporate Insolvency Resolution Process initiated by National Company Law Tribunal, Kolkata, (NCLT). This is the first acquisition of a power asset by NTPC through NCLT route, a step forward in accomplishing NTPC's long-term capacity targets.

Wipro: Wipro has expanded collaboration with Palo Alto Networks to deliver managed security and network transformation solutions like SASE (Secure Access Service Edge), cloud security and next-generation SOC (Security Operations Center) solutions based on Zero Trust principles for global enterprises.

Paras Defence: Company has entered into an exclusive teaming agreement with ‘ELDIS Pardubice’ s.r.o., Czech Republic. The intention of the agreement is to provide Turnkey Anti-Drone Systems for Civilian Airports in India.

M&M: Mahindra & Mahindra’s (M&M’s) subsidiary - Mahindra Agri Solutions (MASL) has agreed to sell its entire stake aggregating 91.59% of the paid-up Equity Share Capital in Merakisan (MKPL), a subsidiary of MASL, to the founder and promoter of MKPL i.e. Prashant Patil.

Biocon: Biocon has divested 5.4 per cent stake in its research arm - Syngene International - for a little over Rs 1,220 crore through an open market transaction. According to bulk deal data available with the BSE, the company has sold a total of 21,789,164 shares, at an average price of Rs 560.04 apiece, in Syngene International.

Home First Finance: Home First has entered a strategic co-lending partnership with Central Bank of India to offer home loans to customers at competitive interest rates. The partnership leverages the strengths of both entities to provide a seamless experience to retail home loan customers in the priority sector. This will enable HomeFirst to offer home loan products to a wider segment of customers in the geographies that it operates.

TCS: Tata Consultancy Services (TCS) has been selected by Nokia to reimagine the employee experience for the company’s global workforce in more than 130 countries of operation.

Cipla: Company has received final approval for its Abbreviated New Drug Application (ANDA) for Lenalidomide Capsule 5 mg, 10 mg, 15 mg and 25 mg from the United States Food and Drug Administration (USFDA). Cipla’s Lenalidomide Capsules are AB-rated therapeutic equivalent generic version of Bristol Myers Squibb’s (Celgene) Revlimid (Lenalidomide) Capsules.

Coal India: Coal India’s (CIL) production increased by 44.6 million tonnes (MTs) in just 5 months and 4 days of the ongoing fiscal, as of September 4, eclipsing the previous best of 44.5 MTs registered in FY16, which though was for the entire year.

Infosys: Infosys has inked a five-year agreement with Spirit AeroSystems, Inc., one of the world’s largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. Infosys will collaborate with Spirit AeroSystems to provide aerostructure and systems engineering services for product development of commercial, business jet and emerging aircraft programs, and Maintenance, Repair and Overhaul (MRO) services.

Dr Reddy’s Labs: Dr. Reddy's Laboratories has launched Lenalidomide Capsules, a therapeutic equivalent generic version of Revlimid (lenalidomide) Capsules approved by U. S. Food and Drug Administration (USFDA) in U.S. market. With this volume-limited launch, Dr. Reddy is eligible for first-to market, 180 days of generic drug exclusivity for Lenalidomide Capsules in 2.5 mg and 20 mg strengths.

TATA Power: Tata Power has set up over 450 charging facilities across more than 350 national highways, including one at the longest highway (NH 44) and another at the busiest highway (NH 19). This is in line with the company's nationwide plan of setting up charging points from north to south and from east to west.

Bharti Airtel: Bharti Airtel is eyeing to roll out 5G services within a month and cover key metros by December. The company is planning to cover all urban areas of the country by the end of 2023. Customers will get to know about availability of 5G in their town through Airtel Thanks App. Airtel 5G will deliver dramatically higher speeds of 20-30 times compared to a 4G network.