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CORPORATE AND ECONOMY NEWS

* LIC/IDBI Bank: The government has invited bids for stake sale in IDBI Bank, according to a DIPAM notification. In the divestment, the government will offload 30.48% stake in the bank, while LIC will sell 30.24%. LIC currently holds 49.24% in IDBI Bank, while the government owns 45.48%.

* Jaiprakash Associates/Jaiprakash Power Ventures: To meet on Oct. 10 to discuss divestment plans. Jaiprakash Power board to discuss the proposal of divestment of Nigrie Cement Grinding Unit and review the progress made in debt reduction.

* Suzlon Energy: The board of the company appointed Vinod R Tanti as the Chairman and Managing Director, and Girish R Tanti as the Executive Director designated as the Executive Vice Chairman with immediate effect. Tulsi Tanti, Founder and Chairman of the company, passed away on Oct. 1.

* Hero MotoCorp: The two-wheeler major ventured into electric mobility with the launch of its first electric scooter Vida V1. The ex-showroom prices of two variants of the electric scooter—Vida V1 Plus and Vida V1 Pro—have been pegged at Rs 1.45 lakh and Rs 1.59 lakh, respectively.

* Star Health and Allied Insurance Co.: The insurer reported 21% increase on-year in gross direct premium for health-retail category during year-to-date Sept. 30, 2022, while the same for health-group segment saw 49% decline during the period. Personal accident insurance segment recorded 25% growth in gross direct premium. The total rise in the gross direct premium in the period ended Sept. 30, 2022

* Tata Motors: Jaguar Land Rover, a wholly owned subsidiary of the company, saw sales decline 4.9% on-year to 88,121 units during the quarter ended Sept. 30, 2022. Sale of Jaguar cars declined 9.9% to 17,340 units, while Land Rover saw 3.6% decline in sale at 70,781 units.

* Tata Power: The Tata Group firm said it plans to develop around 10,000 MW of renewable energy capacity, mainly solar energy, in the next five years in Rajasthan, and also build a robust electric vehicle charging infrastructure. Tata Power plans to have a renewable power portfolio of 10,000 MW in the state (Rajasthan in next five years.

* Canara Bank: The bank has clarified that that it does not have any direct or indirect control in the management or day to day operations of Brickwork Ratings India, nor does it have any member on the board or any other committees of Brickwork. A news report regarding SEBI ordering Brickwork to shut down operations had claimed that Canara Bank is a promoter and strategic partner of the agency.

* HDFC: The mortgage lender will issue secured redeemable non-convertible debentures worth Rs 1,000 crore and option to retain oversubscription of Rs 11,000 crore on Oct. 11, 2022, with a coupon rate of 8.07%.

* Power Grid Corporation of India: Powergrid Bhind Guna Transmission Ltd., a wholly owned subsidiary of the company, commissioned a 400kV substation near Guna and 220kV substation near Bhind on build, own, operate and maintain basis with a mandate to establish intra-state transmission system in Madhya Pradesh.

* JSW Steel: The committee of creditors for National Steel and Agro Industries Ltd. has approved the resolution plan submitted by JSW Steel Coated Products Ltd., a wholly owned subsidiary of the company, and declared it as the successful resolution applicant.

* Gujarat Mineral Development Corporation: The company commenced geological studies and on-ground design for mineral exploration programs over 1,400 hectares in and around Ambaji mining lease in North-Eastern Gujarat. The findings could help reduce copper imports.

* Tata Consultancy Services: Tata Consultancy Services will be in focus ahead of September quarter earnings.

GLOBAL MARKETS

Global Market Update

US stocks tumbled on Friday after a stronger-than-expected jobs report locked in expectations that the Federal Reserve is sticking with a steady diet of rate hikes, while supply cuts continued to boost oil prices. The Dow Jones Industrial Average closed down more than 600 points, sliding 2.11%, while the S&P 500 fell 2.8% and the Nasdaq Composite lopped off 3.8% in value as investors bet that the Fed's inflation fight will continue apace.

Crude Oil

Oil prices slipped on Monday, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies after OPEC+ cuts and ahead of the European Union embargo on Russian oil. Brent crude futures fell 81 cents, or 0.8%, to $97.11 a barrel by 0131 GMT while West Texas Intermediate crude was at $91.88 a barrel, down 76 cents, or 0.8%. Both contracts touched their highest since August 30 earlier in the session but gave up gains, slipping along with stocks in Asia amid thin trade with Japan and South Korea closed for public holidays.

SGX Nifty:

Trends in SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 268 points. The Nifty futures were trading around 17,046 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap down on Friday at 17287, made a high of 17337, made a low of 17217, and closed on a negative note at 17315 levels. For the day, support for the Nifty exists at 17200 and 17000 levels, whereas resistance for the Nifty stands at 17430 and 17500 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Friday at 39093 made a high of 39235, made a low of 38807, and closed on a negative note at 39178 levels. For the day, support for Bank Nifty exists at 38600 and 38000 levels, whereas resistance for Bank Nifty stands at 39200 and 39610 levels.

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