News Shots

Vodafone Idea rebrands itself to “VI”. VI to increase its current ARPU of 114 which is low compared to Airtel’s Rs 157 and Jio’s Rs 140. They are to raise their borrowing limit to Rs 1 lakh crore.

Maruti Suzuki India’s total production in August increased by 11 per cent to 1,23,769 units.

Manappuram Finance has raised Rs 100 crore by issuing bonds on a private placement basis.

Bharat Dynamics launch Offer for Sale. Promoter government proposes to sell up to 1.83 crore shares (10% stake), and an additional 91.6 lakh shares (5% stake) at a floor price of Rs 330 per share. Government is looking to raise up to Rs 907.2 crore. Offer price is at a discount of 14.2% to the closing prices on Sept. 7. Government’s stake is expected to reduce from 87.75% to 72.75% in the company. Offer for sale for non-retail investors on Sept 8 and for retail investors on Sept 9.

ITI signed a memorandum of understanding with Ilantus Technologies to deliver solutions to government agencies, defence, PSUs and banking sector. Company also received a letter of Intent from Bharti Airtel for fibre to home rollout in 8 circles in the country. The work involves laying of optical fibre backbone for providing broadband connectivity throughout the country.

VA Tech Wabag has secured a $48 million contract for a sewage treatment plant at the New Jeddah Airport. The order is worth Rs 380 crore, and will expand the company’s footprints in the Middle-East.

Motherson Sumi’s proposed non-convertible debentures (NCDs) worth Rs 3,000 crore were assigned “IND AAA” rating with a negative outlook by India Ratings and Research

Amber Enterprises has launched QIP Issue on Sept 7 with a floor price set at Rs 1,798.72 per share, which is at a discount of 2.1% to the closing prices on Sept 7

PNC Infratech said its joint venture with SPML Infra has won a Rs 290 crore water supply project in Uttar Pradesh.

The Enforcement Directorate (ED) on Monday arrested Deepak Kochhar in connection with a money-laundering case registered nearly a year and half ago against the businessman and his wife, former ICICI Bank chief executive Chanda Kochhar.

Info Edge posts net profit of Rs 93 crores against loss of Rs 190 crores last year.

What to expect today?

Yesterday,  NIFTY went down till the major support at 11,250, took support, reversed strongly, and closed above 11,350. If things go well, 11,250 can be the low of the series. Click here for a detailed analysis of last week’s market and stock movements. 

US Markets were closed yesterday. So, there aren’t any major global cues. The most concerning local cue is India China border tensions. Discussions are being escalated to Foreign Ministry levels. If anything goes wrong there, be ready for a bloodbath in the market.

Anyways, 11,250 is a strong resistance. Market falling below that would be the time for us to turn bearish. 

European markets are up. Asian markets are mostly up. SGX NIFTY is currently trading at 11,366, which is 15 points lower, indicating a flat opening in the Indian Market.

NIFTY is likely to trade between 11,300 and 11,450 today. There is support at 11,350 and 11,300 and resistance at 11,400 and 11,450

Highest Call Open Interest at 11,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,300. The shift from 12,000 to 11,500 is a sign of caution!

Foreign institutional investors (FIIs) net sold shares worth Rs 6.93 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 815.82 crore. FIIs data is optimistic but DIIs have been selling heavily for many continuous weeks.