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Home , Bharti Airtel, Cipla, Future Group, Infosys, Motherson Sumi Systems, United Spirits

Stocks to Watch: , Future Retail, , JSW Steel

Thursday, Aug 26, 2021 - Morning brief for the stock market:

TOP EVENTS TODAY

* Apr-Jun earnings to be detailed by: Cranes Software International, McDowell Holdings, Procter & Gamble Health

* Board Meetings of:

+ Affle , to consider stock split

+ Goldstone Technologies, to consider fundraising via issue of equity shares

+ Polymechplast Machines, to consider issue of equity shares

+ Procter & Gamble Health, to consider dividend

+ Regency Fincorp, to consider conversion of warrants into equity shares

+ Tirupati Forge, to consider bonus issue and stock split

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* Annual General Meetings of: 3M India, Astra Microwave Products, , AVT Natural Products, Borosil, Camex, CCL Products India), Centrum Capital, Cochin Malabar Estates & Industries, Dai-Ichi Karkaria, Deepak Fertilisers & Petrochemicals Corp, Elixir Capital, Expleo Solutions, Ganges Securities, Gland Pharma, India Infrastructure Trust, Indian Hume Pipe Co, IndusInd Bank, JK Lakshmi Cement, Kesar Enterprises, Lykis, Relaxo Footwears, Resonance Specialties, SBI Cards and Payment Services, Shipping Corp of India, , Sungold Capital, Thangamayil Jewellery,

INDICATORS previous session) * NSE provisional net buy/sell) in bln rupees, Aug 25: FIIs 10.72), DIIs 1.51) * Institutional net buy/sell) in bln rupees, Aug 24: FIIs 0.30) * FII NSE futures net buy/sell) in bln rupee, Aug 25: index 0.78, stock 8.18 * Sensex: 55944.21, down 14.77 points; Nifty 50: 16634.65, up 10.05 points * Crude: $68.36/bbl; Rupee: 74.2450/$1; Gold: $1,791.0/ounce; 10-year yield: 6.2415%

GLOBAL MARKETS * US: Buying in shares of banks and sectors that would benefit from the reopening of the economy helped benchmark indices in the US close higher on Wednesday. Composite and S&P 500 hit lifetime closing highs.

* Asia: Sentiment was weak today with most key indices in the region in the negative territory. Hang Seng was down 0.2%, Shanghai Composite fell 0.4% and FTSE Singapore Strait Times was down 0.1%. Meanwhile, South Korea's central bank, Bank of Korea, raised its interest rate, which also weighed on overall sentiment.

DOMESTIC OUTLOOK * Benchmark indices in India may open a tad lower today tracking weak cues from Asia. Through the day, trade is expected to be lacklustre as investors will look for clarity on movement in frontline sectors such as banking, information technology and metals.

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IPO WATCH ======* Cargo Terminals and Infrastructure, part of the JM Baxi Group, has initiated talks with merchant bankers for an , sources said. Mint)

* Vijaya Diagnostic Centre has set the price band for its initial public offer at 522-531 rupees a share, and the issue will remain open between Sep 1 and Sep 3.

EARNINGS FOR APR-JUN

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* PROCTER GAMBLE HYGIENE & HEALTH CARE

PAT 489.8 mln rupees, down 29.23% YoY

Revenue 7.87 bln rupees, up 23.96% YoY)

SECTOR NEWS ======

* AUTOMOBILE: Revenue Secretary Tarun Bajaj said that a reduction in goods and services tax on automobiles alone may not be enough to push up sales.

* BANKING: Indian Banks' Association has applied to the Reserve for a licence to operate as an asset reconstruction company for the so- called bad bank, Debasish Panda, secretary for the Department of Financial Services said.

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Finance Minister Nirmala Sitharaman has unveiled the fourth edition of the Public Sector Bank Reforms Agenda 'EASE 4.0' to facilitate technology-enabled, simplified, and collaborative banking.

* ECONOMY: The Reserve Bank of India has notified that the government on Jun 17 allowed some housing finance companies to be categorised as 'financial institutions' as defined under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, making them eligible to recover debt under its provisions.

* HEALTHCARE: The Centre will supply an additional 20 mln doses of COVID-19 vaccines to states between Aug 27 and Aug 31 to vaccinate school teachers and non-teaching staff by Sep 5.

The COVID-19 pandemic is pushing people towards owning tangible assets such as property with home ownership becoming more imperative. Along with this is another trend to relocate to houses with more open spaces around.

* LOGISTICS: Logistics start-up Delhivery has acquired Bengaluru-based Spoton Logistics as part of its plan to strengthen its existing business-to- business vertical.

STOCKS ======

* BANK OF INDIA: The sale of the bank's shares through qualified institutional placement opened on Wednesday, and the floor price has been set at 66.19 rupees per share.

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* BHARTI AIRTEL: The board will meet on Sunday to consider raising funds through equity or debt instruments or any combination thereof.

* : At a time when price erosion of branded generics in key markets like the US threatens to slow most drugmakers' growth, the company has decided to enter the high-margin and relatively less competitive segment of biosimilars, focusing on respiratory therapies--its area of expertise.

* DLF: CRISIL has upgraded the company's long-term ratings on the bank facilities to AA- from A+, and maintained a stable outlook.

* FUTURE RETAIL: Elevated Sadashiv Nayak as chief executive officer effective Wednesday. Nayak, who has been with for over 17 years, was the chief executive officer of , the group's flagship hypermarket chain.

* ICICI BANK: A case has been registered against Karvy Stock Broking promoter C. Parthasarathy and others for allegedly cheating the bank to the tune of 5.63 bln rupees. PTI)

* INDIAN RAILWAY FINANCE CORP: Plans to raise up to 40 bln rupees through bonds maturing in 10 years and has invited bids on Friday, sources told.

* INFOSYS: To open new digital development centre in Toronto, Canada.

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* JINDAL STEEL & POWER: Plans to spend $2.4 bln over the next six years to ramp up capacity, joining its peers in announcing massive expansions as a recovery from the pandemic boosts demand. BB)

Board to mull raising funds through debt on Monday.

* JSW STEEL: Moody's Investors Service has assigned Ba2 rating to the $40-mln economic development revenue bonds proposed to be issued by the Jefferson County Port Authority, proceeds of which will be loaned to JSW Steel USA Ohio Inc.

* BANK: Has teamed up with National Payments Corp of India, and FASTag processor Worldline to launch KBL FASTag, a pre-loaded payment instrument to facilitate movement of vehicles at the toll plazas across India.

* CHEMICALS & FERTILIZERS: Has completed the financial closure of term loans with , and ICICI BANK for a total debt of 2.8 bln rupees meant to upgrade its ammonia plant for reducing energy consumption and increasing capacity.

* MAX HEALTHCARE INSTITUTE: The board has approved an additional investment up to 500 mln rupees in wholly-owned subsidiary Alps Hospitals through rights issue.

* : Believes that the automobile industry's shift towards electrification will not negatively affect its business, but create new opportunities going ahead.

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* POWER GRID CORP OF INDIA: Has commissioned the 765-kV double circuit Vindhyachal–Varanasi transmission , through its wholly-owned subsidiary Powergrid Varanasi Transmission System.

* STERLING AND WILSON SOLAR: The company's wholly-owned subsidiary, Sterling and Wilson International Solar FZCO, has increased its stake to 100% from 49% in Sterling and Wilson Middle East Solar Energy LLC for AED 153,000 or around 3.09 mln rupees.

* : The fact that the company has seen some credit rating upgrades in recent months will not influence S&P Global Ratings' review of the company's long-term rating, which the agency has put on a watch with positive implications due to expectation of potential support from .

* UJJIVAN SMALL FINANCE BANK: The board of the bank has appointed Carol Furtado as interim chief executive officer with effect from Oct 1, subject to Reserve Bank of India's approval.

* : The Securities and Exchange Board of India has ordered the de- freezing of the bank, dematerialised, and accounts of Rana Kapoor, founder and erstwhile managing director and chief executive officer of YES Bank.

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