Market-Report-August 25

      Global

• The China Securities Regulatory Commission held a seminar on Thursday with executives of the financial institutions, who vowed to help stabilize the stock market and boost economic development, according to a CSRC statement. The banks and insurers that attended weren’t named.

• Executives from key financial institutions in China participated in a seminar organized by the China Securities Regulatory Commission (CSRC). During the seminar, these executives agreed to contribute to the stability of the stock market and the advancement of economic growth.

• High-interest rate affects public debt management when debt servicing becomes costlier. The pragmatic baseline for the G20 fiscal sustainability is to have a check on the cost of borrowing and rate of economic growth, opt for debt restructuring and go soft on numerical thresholds.

• The recent funding round highlights the fast-growing acceptance of artificial intelligence (AI), seen as the next major technological advancement, drawing significant investments from major players in Silicon Valley.

• President Wickremesinghe of Sri Lanka has announced plans for significant development in the Eastern Province, aided by India. During a committee meeting, he highlighted the push for the Eastern Development Project to boost the country’s economy, acknowledging the need for a supportive environment.

       India

• In the current financial year, savings collections have done really well, growing by 48% compared to last year. The government is happy with the response to savings plans for senior citizens and women but is not pleased with the current government bond yields.

• In June telecom data was released, Reliance Jio gained 22.7 lakh, new users, Bharti Airtel added 14.1 lakh users, while Vodafone Idea lost 12.9 lakh users.

• RBI Minutes: Ashima Goyal said Export industries, like textiles, struggling; Temporary COVID cost increases are reversed; Inflation impact lessened by sectoral trends; Ignore brief food price spikes; Slower global growth curbs oil prices. Rajiv Ranjan said Balanced growth and low inflation persist; Prolonged food shocks could disrupt inflation views; High inflation risks are not worth taking.

• Boeing faces a new issue with some 737 MAX. Which will delay deliveries due to improperly drilled fastener holes; This Issue is unrelated to flight safety, and ongoing inspections are underway.

• Defence Acquisition Council (DAC) approves proposals worth ₹7,800 crore for Army, Air Force, and Navy, including electronic warfare suites, autonomous systems, light machine guns, and weapons for MH60R helicopters.

• Vodafone Idea sends term sheets to Telecom Dept, expected fundraising to close in 10 days
  Vodafone Idea CEO says Rs 65,000 crore Capex plan on track.

• JIO financial services: The total market value of JFS fell by Rs 6,766.25 crore to Rs 1.29 lakh crore on
  Friday. Total investor losses since listing stands at Rs 37,000 crore.

• Axis Bank users can use any merchant UPI QR code to pay with an e-rupee. The capability will eliminate the need for additional onboarding of merchants for e-rupee acceptance.

• SoftBank is reportedly planning to sell Zomato shares after the lock-in period expires on August 25; SoftBank, Sequoia, and Tigerglobal’s lock-in also ends this week.

• Lupin receives U.S. FDA approval for Pirfenidone tablets; tablets have US sales of $218 million.

• The government planning to lower EV import tax to as low as 15% vs. 100% on some cars. Government mulling new policy to lower EV import taxes for companies manufacturing locally.

• Suzlon Energy bags 201.6 MW order from 02 Power Private to supply 64 of their largest wind turbines with a rated capacity of 3.15 MW each. The project to be completed in 2025, will curb 6.55 lakh tonnes of CO2 emissions per year.

• RBI is to hold a meeting with select large NBFCs today. NBFCs including Shriram Cap, Tata Cap, Piramal Cap are among the invited companies. RBI has not disclosed any agenda for today’s meeting with NBFCs

• SJS Enterprises: Promoter Evergraph Holdings sold 91.6 lakh shares.

• NRB Bearings: Promoter Aziz Yousuf Zaveri bought 2.3 lakh shares.

• Pidilite Industries: Promoters Malay Rashmikant Parekh and Kamalini Rashmikant Parekh sold 8,100 shares

• Star Cement: Promoter Laxmi Chamaria sold 1.76 lakh shares.

• Dr. Lal Path Labs: Promoter Arvind Lal sold 31,671 shares.

• Coforge: Hulst B. V. sold 26.6% (1.63 crore shares) at Rs 4722.15/share. SBI Mutual Fund 4.2%, Kotak Funds 1.4%, Smallcap World Fund 1.4%, HDFC Mutual Fund 1.1%, Societe Generale 0.7%, ICICI Prudential 0.7%, Morgan Stanley 0.6%, Aditya Birla Sun Life MF 0.5%, bought various shares at different prices.

• RBL Bank: CDC Group sold 99 lakh shares (1.6%) at Rs 230.02 apiece.

• Manappuram Finance: Quinag Acquisition sold 8.4 crore shares (9.9%) at Rs 140.50 apiece, Mansi Share and Stock Advisors bought 63.3 lakh shares (0.7%) at Rs 140.29 apiece, BOFA Securities bought 62.6 lakh shares (0.7%) at Rs 140.17 apiece, Chartered Finance and Leasing bought 50 lakh shares (0.6%), and F3 Advisors bought 47.7 lakh shares (0.6%) at Rs 140.53.

• Amber Enterprises India: The Government of Singapore bought four lakh shares (1.2%) at Rs 2,800 apiece.

• Max Financial Services: Max Ventures Investment Holdings sold 1.1 crore shares (3.3%), UBS (US) Group Trust bought 47.5 lakh shares (1.4%), Plutus Wealth Management bought 25 lakh shares (0.7%), and Morgan Stanley Non-ODI bought 12.6 lakh shares (0.4%), among others, at Rs 873 apiece.

• Sapphire Foods India: Sapphire Foods Mauritius sold 16.2 lakh shares (2.6%), while Wtcnam Common Trust Funds Trust EM Opportunities Portfolio bought 11.1 lakh shares (1.8%), WMP Dublin EM Opportunities Portfolio bought 2.64 lakh shares (0.4%), and Sprugos Investments VIII bought two lakh shares (0.3%) at Rs 1,355 apiece