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Weekly Market Bulletin

Fin Insights: 19-23 September 2022

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Major Index Performance ( 19 September - 23 September 2022 )

Nifty 50: ▼ 1.16% Bank Nifty: ▼ 3.02% Nifty IT: ▼ 0.43%
Nifty Auto ▲ 1.07% Nifty Pharma: ▲ 2.14%% Nifty Metal: ▼ 1.80%
Nifty Next 50: ▼ 1.54% Nifty Midcap 150: ▼ 1.02% Nifty FMCG: ▲ 3.85%

*Data as per 9 September 2022 3:30

FII & DII Activity Cash ( 19 September - 23 September 2022 )

FII : ▼ 4,362 Crore DII: ▲ 1,138 Crore

*Data as per 9 September 2022

Financial Sector

  • HDFC Securities gets SEBI nod to set up a subsidiary in GIFT IFSC
  • HDFC Capital launches tech innovation challenge for affordable housing, to invest up to Rs 500 crore in winning deals
  • HDFC Bank signs multi-year data and technology deal with Refinitiv
  • SBI raises 4000 crores via Tier 2 Bonds
  • SBI was the least efficient among its Asia-Pacific peers in the June quarter due to its high cost-to-income ratio and mark-to-market losses on its investment book, according to S&P Global Market Intelligence.
  • Axis Bank starts digital lending through the Account Aggregator Framework
  • Ministry of Defence signs MoU with Bank of Baroda and HDFC Bank to expand the reach of the SPARSH initiative
  • IDBI Bank completes sale of entire stake of Ageas Federal Life Insurance
  • Punjab National Bank, allots AT-1 bonds aggregating Rs 658 crores
  • R Gandhi named part-time chairman of YES Bank

 

IT Sector

  • Infosys collaborates with Telenor Norway to accelerate IT modernisation
  • TCS asks employees to work in the office for at least three days a week
  • Wipro fires 300 staff members found to be moonlighting for competitors
  • Wipro chief who fired 300 employees for ‘moonlighting’ on receiving end of ‘hate mails’
  • Accenture PLC’s revenue rose in the fourth quarter but its FY23 guidance remained below estimates. Accenture expects revenue to rise between 10% to 14% for the first quarter of FY23. And grow 8% to 11% in fiscal 2023.

 

Pharma Sector

  • Tata Steel To Raise Rs 2000 Crore Through Issuance Of NCDs
  • 7 metal companies of Tata Group to be merged with Tata Steel
  • The board of Tata Steel approved the amalgamation of seven of its subsidiaries – Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining into and with their parent company Tata Steel
  • Share swap ratios under the merger scheme
    Tata Steel vs TRF: 17:10 (17 shares of Tata Steel for every 10 shares of TRF)
    Tata Steel vs TSPL: 67:10 (67 shares of Tata Steel for every 10 shares of TSPL)
    Tata Steel vs Tinplate: 33:10 (33 shares of Tata Steel for every 10 shares of Tinplate)

 

Auto Sector

  • Mahindra Group and British International Investment commit USD 500 million for electric SUV space
  • Hero has increased ex-showroom prices of its motorcycles and scooters up to Rs 1,000, with effect from Sept. 22, to offset the impact of inflation partially
  • TVS: Sundaram Auto Components, a wholly owned subsidiary, has sold its entire stake of 50.05% in Sundaram Holding USA Inc., a material step-down subsidiary, to holding company Sundaram Clayton for a consideration of Rs 317.01 crore

 

Major Global Economic Events Next Week

CountryEventDate
GermanyGerman GDP ( QoQ ) Q326th September
USACore Durable Goods Orders (MoM) (Aug)27th September
USANew Home Sales (Aug)27th September
AustraliaRetail Sales ( MoM ) ( Aug )28th September
USACrude Oil Inventory28th September
USAGDP ( QoQ ) Q229th September
CanadaGDP ( MoM ) July29th September
USAInitial Jobless Claim29th September

Source: Investing.com

Author: MSFL Advisory Team

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