Daily Market Highlights SEP 22

3 Daily Market Highlights SEP 22

Previous Day Market Update 

Sensex closed at 59005.27 Up by 514.34 points

Nifty closed at  17562.00 Up by 165.10 points

CA Rover, an entity of Carlyle Group, has sold 3.4% stake in SBI Cards through open market transactions at the lower end of the price band indicated by Carlyle of Rs.1,021 per share. The stock was under pressure on sharply higher supply. Carlyle sold a total of 3.2 crore shares in a band of about 25 paisa on the NSE, as per bulk deals reported. Post this sale, the stake of Carlyle in SBI Cards stands reduced from the original 26% to just 3.1%. The biggest purchaser of SBI Cards was Societe Generale which bought 85.06 lakh shares.

The Adani Group plans to invest $20 billion or nearly Rs.145,000 crore over next 10 years in building a top-class renewable energy ecosystem. The announcement comes just days after Mukesh Ambani announced aggressive plans in Green Energy. Investments will be across renewable energy generation, component manufacturing, transmission and distribution. Adani plans to triple the share of renewable in its overall energy portfolio from 21% to 63%. Nearly 75% of the capex till 2025 is purely dedicated for green energy.

The Bombay Stock Exchange announced that it had added 1 crore registered investor accounts in just 107 days till September 21st, taking the total to over 8 crore accounts. BSE has added 2 crore registered investor accounts in the last 12 months. This includes the registrations for equity and for the mutual funds platform. BSE had first touched the 1 crore investor account mark in 2008 and it was another 3 years before it crossed the 2 crore mark. Between Aug-18 and Sep-21, investor accounts have exactly doubled.

Tata Motors will be increasing the prices of its commercial vehicle range by 2% from October 1st to partially offset the impact of higher input costs. CVs have been hit by a consistent rise in the price of commodities like steel, copper etc. Tata Motors’ CV portfolio includes trucks, buses and LCVs. However, Tata Motors confirmed that it will be footing part of the spike in input costs. Commodity prices have risen sharply on supply chain constraints and robust China demand. Maruti already hiked prices thrice this year.

HCL Technologies price hit a new high of Rs.1,315 on 21st September after a 5-year digital transformation deal with US-based MKS Instruments. MKS provides instruments, systems, subsystems and solutions for advanced manufacturing. Interestingly, HCL Tech has already rallied 18% in the last 1 month. HCL Tech will drive the digital and cloud transformation for MKS. It will also work closely with MKS on AI/ML led automation and digital workplace services. HCL gained from large deal momentum with higher margins.

HDFC Bank proposes to double its retail loans portfolio over next 2 years to ride the consumer demand ramp-up in the Indian economy. Of late, HDFC has seen its share of loans to retail fall, and they want to seriously reverse the trend. Out of its total loan book of Rs.11.5 trillion, nearly Rs.3.7 trillion is accounted for by retail loans. HDFC Bank plans to double this to Rs.8 crore in 2 years. Its retail portfolio has fallen to 47% in March against the average share of 55%. HDFC Bank had seen a spike in bad loans in last quarter.

Kotak Bank announced its foray into healthcare lending with average ticket size of Rs.15 crore apiece. It does not propose to seek funds from RBI on-tap liquidity scheme as its cost of funds are already very low. This will be a more focused component of healthcare funding. Kotak Bank will start by signing up 100 clients a month and gradually scale up the number to 500 customers a month. Kotak will offer secured and unsecured loans. Loan tenure will be between 12 to 84 months with LTV ratio of up to 85% maximum.

Infosys signed a collaboration deal with ServiceNow, one of the leading digital workflow companies providing enterprise-level service management to manufacturing companies. Under the deal, Infosys will deploy ServiceNow Operations Technology Management to support manufacturing industries. This will help them digitize factories and shopfloors. Smart organizations are optimizing operations and reducing costs across the value chain and that opens up a huge opportunity for digital workflow management.

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