HDFC Bank has entered into a partnership with Refinitiv for digital transformation

Opening Bell:

SGX Nifty is up by 135.5 points in the early morning trade, indicating a gap down opening for Indian stock market.

Asian indices were trading lower in the early morning trades. The Japanese Nikkei was down by 1.21 percent, South Korea’s Kospi was lower by 1.52 percent and Hong Kong’s Hang Seng is down 2.02 percent in early morning deals.

Wall Street key benchmark indices ended with solid losses as investors digested another supersized Federal Reserve rate hike and its commitment to increase rates in 2023 to fight inflation. Dow Jones went down by 1.7 percent, Nasdaq Composite declined by 1.79 per cent, S&P 500 slid by 1.61 per cent.

The Fed raised rates sharply, by 75 basis points the third such rise in a row. That takes the bank’s benchmark overnight rate target range to 3-3.25 percent.

Stocks News:

?HDFC Bank has entered into a long-term partnership with London Stock Exchange group’s Refinitiv for digital transformation, new customer acquisition and reduce costs. Refinitiv is one of the world’s largest providers of financial markets data.

?State Bank of India has raised Rs 4,000 crore by issuing bonds at a coupon rate of 7.57 per cent. The fund has been raised by issuing Basel III compliant tier II bonds. The issue attracted bids worth Rs 9,647 crore, which was oversubscribed by about 5 times against the base issue size of Rs 2,000 crore.

?Punjab National Bank has raised Rs 658 crore by issuing Basel III compliant additional Tier-1 bonds at a coupon rate of 8.3 percent per annum, on private placement basis.

?Ashok Buildcon has received a contract fo a new BG line, from South Western Railway as it has letter of acceptance (LOA) from South Western Railway for the project worth Rs 256 crore. It includes electrical and telecommunication works on engineering, procurement and construction (EPC) mode.

?KPI Green Energy as received a new order for executing wind-solar hybrid power project of 5.40 MW capacity from Greenlab Diamonds LLP, Surat under ‘captive power producer business segment. The project comprises 5.40 MW wind turbine and 4 MWdc solar.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 461.04 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 538.53 crore on September 21, as per provisional data available on the NSE.

Domestic and International Events

• The Union Cabinet on September 21 approved the second tranche of the performance-linked incentive (PLI) scheme for the development of solar PV modules, with an outlay of Rs 19,500 crore.
• Oil prices edged lower in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates significantly to curb inflation, with fears for the global economy casting a shadow over future fuel demand.
• Britain’s manufacturers association on Thursday slashed its forecast for growth in factory output next year, citing huge uncertainty around demand and energy prices. Make UK downgraded its forecast for manufacturing growth for next year to just 0.6 percent, down from the 1.7 percent forecast in June.
• July saw over 10.58 lakh new subscribers, payroll data from the Employees’ Provident Fund Organisation (EPFO) released on September 20 showed. However, the numbers are lower than what was recorded in the previous month.

Key Equity Indices