Stocks to Watch: Adani Ports, , ICICI Bank, NTPC,

Wednesday, Aug 25, 2021 - Morning brief for the stock market:

BIG PICTURE * Sitharaman says econ slowly moving towards market-based financing

TOP EVENTS TODAY

* Apr-Jun earnings to be detailed by: Procter Gamble Hygiene & Health Care, The Mandhana Retail Ventures

* Jan-Mar earnings to be detailed by: Shine Fashions India, The Mandhana Retail Ventures

* Board Meetings of:

+ Filatex India, to consider and approve issue of equity shares

+ Kaveri Seed Co, to consider buy back of shares

+ Procter Gamble Hygiene & Health Care, to consider dividend

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+ RR Metalmakers India, to consider issue and allotment of equity shares

+ Vikas Lifecare, to consider rights issue

* Annual General Meetings of: BDH Industries, Burger King India, California Software Co, , Endurance Technologies, Everest Industries, Ghushine Fintrrade Ocean, Kiduja India, , KPIT Technologies, Lime Chemicals, Mas Financial Services, Mukat Pipes, Munjal Showa, National Peroxide, Palash Securities, Parshva Enterprises, Rajapalayam Mills, Ramky Infrastructure, Restile Ceramics, Shankar Lal Rampal Dye-Chem, Shashijit Infraprojects, Shelter Infra Projects, Solara Active Pharma Sciences, Towa Sokki, Urja Global, VA Tech Wabag, Varroc Engineering, V-Mart Retail, Welcast Steels, WPIL

INDICATORS (previous session) * NSE provisional net buy/(sell) in bln rupees, Aug 24: FIIs (16.45), DIIs 23.80 * Institutional net buy/(sell) in bln rupees, Aug 23: FIIs (13.55), MFs 17.68 * FII NSE futures net buy/(sell) in bln rupee, Aug 24: index 11.03, stock 24.00 * Sensex: 55958.98, up 403.19 points; Nifty 50: 16624.60, up 128.15 points * Crude: $67.54/bbl; Rupee: 74.1925/$1; Gold: $1,808.5/ounce; 10-year yield: 6.2504%

GLOBAL MARKETS * US : Key US indices ended higher on Tuesday with Nasdaq and S&P 500 clocking lifetime closing highs on the back of strong corporate earnings.

* Asia: Most Asian indices rose today with Taiex, Hang Seng and Nikkei 225 faring better than other key indices in the region. Positive cues from the US market also supported the gains.

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DOMESTIC OUTLOOK * Benchmark indices are set to extend gains from Tuesday as positive trend in global equities will likely have a spillover effect on the back of optimism over global economic recovery with the approval for COVID-19 vaccine in the US.

IPO WATCH ======* The government may allow foreign direct investment in Life Insurance Corp of India to enable overseas investors' participation in the company's proposed initial public offering. (PTI)

EARNINGS FOR APR-JUN

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* GILLETTE INDIA (PAT 275.3 mln rupees, down 38.78% YoY Revenue 4.36 bln rupees, up 24.22% YoY)

SECTOR NEWS ======

* AUTOMOBILE: Executives and principal dealers in the automobile sector say the nature and mode of sales will change in the near future. Taking cues from the zero-inventory-with-dealer model of Mercedes Benz India, the auto sector executives said that even if all auto sales do not follow that model, change is definitely on the radar.

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* HEALTHCARE: The Drugs Controller General of India has approved Gennova Biopharmaceuticals's proposal to conduct phase-2 and phase-3 clinical trials of its messenger RNA-based COVID-19 vaccine.

* INFRASTRUCTURE: Road Transport and Highways Minister Nitin Gadkari has chaired a meeting of the infrastructure committee to address various inter- ministerial issues with regard to the implementation of infrastructure projects, with a special focus on forest and environmental clearances.

* PORTS: Jawaharlal Nehru Port Trust is looking for a private operator for upgradation, operation, maintenance and transfer of Jawaharlal Nehru Port Container Terminal through public private partnership for a concession period of 30 years.

STOCKS ======

* ADANI PORTS AND SPECIAL ECONOMIC ZONE: To buy 10.4% stake of Gangavaram Port for 6.4 bln rupees.

* ARVIND FASHIONS: Promoter Aura Business Ventures LLP has bought 723,477 shares representing 0.64% stake in the company through a bulk deal on the BSE.

* ASHIANA HOUSING: Financial fraud, involving siphoning and misappropriation of funds of 23.7 mln rupees, was discovered at the company this month.

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* BHARTI AIRTEL: The Supreme Court has rejected the company's petition against payment of spectrum dues of the Videocon Group, but stayed the demand for three weeks during which the telecom operator will be allowed to approach the appropriate forum.

Telecom majors Reliance Jio Infocomm and the company are expected to continue gaining subscribers going forward as COVID-related restrictions are relaxed further.

* : Jehangir Wadia has quit the boards of the company and BOMBAY BURMAH TRADING CORP, stepping down from responsibilities at all listed businesses of the $15 bln Wadia Group. (Mint)

* : The government's stake in the bank has reduced to 62.93% from 69.33% after the bank allotted equity shares through qualified institutional placement.

* CAPACITE INFRAPROJECTS: Foreign portfolio investor Think India Opportunities Master Fund LP has sold 1.4 mln shares, representing 2% stake in the company through a bulk deal on the National Stock Exchange.

* CENTRUM CAPITAL: The board of the company has approved the transfer of the entire business of Centrum Financial Services and Centrum Microcredit to the proposed step-down subsidiary, which is a small finance bank. Centrum Financial Services and Centrum Microcredit are wholly-owned subsidiaries of the company.

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* CHEMPLAST SANMAR: CLSA Global Markets and Copthall Mauritius Investment has sold 1.19 mln shares and 892,613 shares, respectively, in the company, at 548.95 rupees a share and 534.97 rupees apiece each through bulk deals on the National Stock Exchange.

* CREDITACCESS GRAMEEN: The board of the company has approved raising up to 1 bln rupees by issuing bonds maturing on Sep 5, 2023.

* CREST VENTURES: Promoter Fine Estates has bought 167,000 shares of the company, representing nearly 0.6% stake, through a bulk deal on the National Stock Exchange.

* DISHMAN CARBOGEN: Signed 4-mln-Swiss-franc pact with European client.

* GODREJ INDUSTRIES: Subsidiary Pyxis Holdings has acquired 95% stake of Godrej Housing Finance from Anamudi Real Estates LLP.

* HDFC BANK: Has sold 2.31 mln equity shares, representing 2.21% stake, of Central Depository Services through the secondary market for 2.23 bln rupees during Jun 22 to Aug 24.

* ICICI BANK: The Reserve has approved the reappointment of Sandeep Bakhshi as managing director and chief executive officer of the bank, effective Oct 15 until Oct 3, 2023.

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* INDOSTAR CAPITAL FINANCE: Indostar Capital sold 6.13 mln shares or 4.95% stake in the company through an offer for sale on Friday and Monday.

* IRCON INTERNATIONAL: The board has approved amendment to the object clause of memorandum of association of the company to include the business of renewable energy and associated systems including solar, hydel and other sources.

* ISGEC HEAVY ENGINEERING: Got major order for EPC process plant.

* JSW ENERGY: Life Insurance Corp of India has acquired 32.93 mln shares, translating into 2% stake, in the company during Mar 16-Aug 20. Post the acquisition, LIC's stake in the company has increased to 7.01%.

* NTPC: Is in talks with to sell its stake in NTPC- SAIL Power Co, the 50:50 joint venture to the steel maker, sources said. (Mint)

* OPTIEMUS INFRACOM: Optiemus Electronics, a joint venture between the company and Taiwan-based Wistron Corp, plans to invest around 13.5 bln rupees over the next three-five years to increase its output.

* PHILLIPS CARBON BLACK: The board will meet on Friday to consider raising funds by way of issue of bonds/debentures/non-convertible debt instruments/ equity shares/ warrants/ any other securities, including through preferential issue on a private placement basis, qualified institutional placement, rights issue or any other methods or combination thereof, subject to approvals from the shareholder.

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* POWER FINANCE CORP: Plans to raise 50 bln rupees through two bonds--one maturing in five years and another in 15 years--and has invited bids on Thursday, sources said.

The company on Tuesday said it has signed an agreement with NHPC to lend funds for the development of hydro projects. (PTI)

* PRESTIGE ESTATES PROJECTS: Bought 70% stake in Shipco Infra for 226.8 mln rupees.

* SHRIRAM CITY UNION FINANCE: To raise up to 2.5 bln rupees via market- linked non-convertible debentures.

* : Is likely to issue Basel III-compliant tier-I bonds in the first week of September, market sources said.

* SUDARSHAN CHEMICAL INDUSTRIES: Promoter Rahul Pradeep Rathi has sold 980,681 shares, representing 1.4% stake, in the company through a bulk deal on the BSE.

* : Brickwork Ratings has upgraded its long-term credit rating on the company to AA+ with a stable outlook from AA owing to significant reduction in debt over the last three quarters, strong cash flow, and improved operating performance globally.

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* WABCO INDIA: ZF International UK, part of the promoter group of the company, will sell 380,432 shares, representing 2.01% stake, in the company through an offer for sale.

* WIPRO: Will invest about $3 mln to build a new delivery centre at Arkansas in the US.

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