India Market Outlook
Indian markets are likely to open negative and stay volatile ahead of September Futures and Options (F&O) expiry. Technically, the resistances are placed at 8758 and 8822 and supports are at 8700 and 8665.
India Market News
Moody's Investors Service has upgraded Tata Motors Ltd's (TML) corporate family rating to Ba1 from Ba2 on continued strong performance by Jaguar Land Rover Automotive Plc's (JLR, Ba1, positive) and the improvement in TML's Indian business, mirroring in turn the recovery in the commercial vehicle cycle.
The share buyback programme worth INR 36.5bn of Coal India Ltd would open next week on 3 October at a price of INR 335 per share, consisting of 24.95% of equity capital.
Yes Bank Ltd will raise INR 3.3bn through an issue of seven-year green infrastructure bonds to FMO, the Dutch Development Bank, on a private placement basis.
Mahindra and Mahindra Ltd will acquire balance 49% stake in a two-wheeler joint venture with Peugeot Motorcycles SAS for INR 1.96bn. In October 2014, Mahindra invested INR 2.17bn for 51% majority stake.
Reserve Bank has allowed foreign investors to hike their stake in Motherson Sumi Systems to up to 30% from 24% earlier.
The minority shareholders of Max Financial Services Ltd have cleared a proposal to pay INR 8.5bn non-compete fee to Analjit Singh and other promoters of the Max group. This was a pre-requisite to the firm's three-way merger with its unit Max Life Insurance Co. Ltd and HDFC Life Insurance Co. Ltd.
ONGC Videsh (OVL), Indian Oil (IOC), Oil India (OIL) and Bharat Petro Resources (BPRL), are in advanced talks to acquire up to 49.9% stake in Rosneft's Vankor-Cluster asset in east Siberia.
Manpasand Beverages has launched INR 4bn qualified institutional placement (QIP) with an option to upsize by INR 1bn. Floor price is set at INR 716.09 per share, c.3.5% discount to yesterday's close price.
Today's Corporate action
Ex-dividend stocks: Rural Electrification Corporation Limited.
Global Markets Review
US markets ended firm on Tuesday. A perceived win by Democrat Hillary Clinton over Republican Donald Trump at the first presidential debate gave broader support to equities, although sliding oil prices were a drag on the energy sector.
Asian stocks edged up early on Wednesday following an overnight rise for US stocks, while reduced hopes that a meeting of major producers would reduce the oversupply weighed heavily on crude oil prices.
Oil fell c.3%on Tuesday after Saudi Arabia and Iran dashed market expectations that the two major OPEC producers would find a compromise this week at a meeting in Algiers to help ease a global glut of crude.
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