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CORPORATE AND ECONOMY NEWS

* Vodafone Idea: Mobile tower giant Indus Towers is learnt to have asked debtridden Vodafone Idea to clear outstanding dues and pay every month on time for continuity of business post-November, sources aware of the development said on Wednesday. The development comes after independent directors expressed concerns over the mounting dues of Vodafone Idea (VIL).

* Ambuja Cements: Ambuja Cements, now controlled by billionaire Gautam Adaniled Adani Group, on Wednesday said it has created NDU with over 50 per cent shareholding in its subsidiary ACC Ltd as "collateral for loans taken by the company". The company has created a non-disposable undertaking (NDU) over 9.39 crore shares of ACC Ltd on September 26, 2022, said a regulatory filing by Ambuja Cements. NDU is different from the pledging of shares. Under NDU, one can sell the stocks, unlike pledging which prevents the sale of shares.

* Bharti Airtel: Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across tier 2 cities and semi-urban regions to facilitate cash withdrawal for its customers, the company said on Wednesday. The Bank will gradually expand its service to cover more banking points in a phased manner. "Initially, the bank will place 1,50,000 units in Tier II cities and semi-urban regions. These regions typically have a high demand for cash withdrawal services but limited access to ATMs," the company said in a statement.

* Torrent Pharmaceuticals: The USFDA inspected the company’s manufacturing facility at Indrad, Gujarat from Sept. 19 to Sept. 28. At the end of the inspection, the company has been issued a Form 483 with three observations. None of these observations were related to data integrity.

* S.H. Kelkar and Co.: Keva Europe BV, a wholly owned subsidiary of the company, acquired 19% equity stake in Provier Beheer BV taking its stake to 81%. The balance will be acquired in a span of two years.Creative Flavours & Fragrances, material subsidiary of the company, acquired balance 30% of stake in Nova Fragrance, making it a wholly owned subsidiary.

* Ramco Cements: The company commissioned its fifth integrated cement plant at Kolumigundla in Kurnool district of Andhra Pradesh. The plant has a clinkerisation capacity of 2.25 million tonnes per annum.

* Edelweiss Financial Services: The company has subscribed to the rights issue of its subsidiary Edelweiss Tokio Life Insurance Co., and has been allotted 25 crore equity shares for Rs 250 crore. Consequently, the shareholding of the company in ETLI has gone up from 66% to 75.08%.

* Blue Dart Express: The company announced its general price increase, effective Jan. 1, 2023. The average shipment price increase will be 9.6% as compared to 2022, depending on the shipping profile.

* Auto Stocks: Automobile dealers are set to clock their fastest revenue growth in three fiscals with sales accelerating 20-25 percent year-on-year on the back of 12- 14 percent volume growth, a report said on Wednesday. This will be aided by increasing preference for personal mobility, higher economic activity, easing supply-side constraints, shift in product mix towards higher priced vehicles, and price hikes of 5-7 percent, Crisil Ratings said in its report.

* Anupam Rasayan India: Anupam Rasayan India launches QIP issue. The company opened its qualified institutional placement issue on September 28 after the approval of preliminary placement document. The floor price has been fixed at Rs 762.88 per share. It may offer a discount of up to 5% on the floor price.

* FSN E-Commerce Ventures (Nykaa): The board of the company will convene in Oct. 3, 2022, to consider and approve the issuance of bonus shares to the equity shareholders.

* Chemcon Speciality Chemicals: The company commenced commercial production at P9 facility in Manjusar, near Vadodara

GLOBAL MARKETS

Global Market Update

Global equities staged a partial comeback on Wednesday -- with Wall Street stocks surging around 2% -- as the Bank of England said it would step in to the bond market in an attempt to dampen investors' fears of contagion across the financial system. The Dow Jones Industrial Average jumped 548.75 points, or 1.88%, to 29,683.74. The S&P 500 gained 1.97% to 3,719.04. The Nasdaq Composite was 2.05% higher at 11,051.64 at the close.

Crude Oil

Oil prices jumped higher on Wednesday for a second day, rebounding from recent losses as the US dollar eased off recent gains and US fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer demand. US crude rose 4.5% to $82.06 per barrel and Brent was at $89.22, up 3.4% on the day.

SGX Nifty:

Trends in SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 186 points. The Nifty futures were trading around 17,075 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook: Nifty opened gap down on Wednesday at 16871, made a high of 17038, made a low of 16820, and closed on a negative note at 16859 levels. For the day, support for the Nifty exists at 16800 and 16700 levels, whereas resistance for the Nifty stands at 17100 and 17200 levels.

Bank Nifty Outlook: Bank Nifty opened gap down on Wednesday at 38081 made a high of 38361 made a low of 37626, and closed on a negative note at 37760 levels. For the day, support for Bank Nifty exists at 37500 and 37000 levels, whereas resistance for Bank Nifty stands at 38000 and 38500 levels.

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