IRB InvIT Fund is set to acquire the Vadodara Kim Expressway HAM

Opening Bell:

SGX Nifty is up by 28.5 points in the early morning trade, indicating mixed cues for the Indian stock market.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, having bounced modestly from a two-year low hit last week. Japan’s Nikkei added another 0.9%, after rallying 2% last week. Asian markets made cautious gains on Monday on hopes a key reading on U.S. inflation will show some cooling, while the U.S. dollar was restrained by the risk of higher European interest rates and Japanese intervention.

In early morning session on Monday, the Japanese Nikkei is up 1 per cent, Hong Kong’s hang Seng is up 2.69 per cent whereas Chinese Shanghai gained 0.82 per cent.

Wall Street looked to extend Friday’s bounce and S&P 500 futures edged up 0.1%, while Nasdaq futures gained 0.2%.

Investors are also hoping Tuesday’s reading on U.S. consumer prices will hint at a peak for inflation as falling petrol prices are seen pulling down the headline index by 0.1%.

Stocks News:

?Reliance Industries is planning to shut down one crude distillation unit (CDU) and fluidised catalytic cracker (FCC) of its SEZ refinery at Jamnagar for routine maintenance and inspection activities. The other CDU and secondary processing units are expected to operate normally during this period.

?Ujjivan Small Finance Bank has issued non-convertible debentures of Rs 75 crore. The redemption date for the NCDs is April 26, 2028, and the coupon rate is 11.95 percent.

?Gujarat Industries Power said that its board of directors had approved the award of an EPC contract worth Rs 244 crore to KEC International. The contract is for a 400/33 KV pooling sub-station, 1,200 MW of solar, wind, and hybrid power, and a renewable energy park of 2,375 MW capacity in Gujarat.

?IRB InvIT Fund is set to acquire the Vadodara Kim Expressway HAM project in Gujarat from its sponsors IRB Infrastructure Developers, at an enterprise value of Rs 1,297 crore and equity value of Rs 342 crore.

?Foreign institutional investors (FIIs) have net-bought shares worth Rs 2,132.42 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,167.56 crore on September 9, as per provisional data available on the NSE.

Domestic and International Events

• Investors will be looking for CPI Inflation numbers for August, especially ahead of the monetary policy meeting scheduled to be held towards the end of this month. In addition, industrial production data for July will also be released on Monday, while wholesale price index (WPI) inflation for August will be announced on Wednesday.
• Another important data point that global markets will keep an eye on would be US inflation numbers on Tuesday, especially ahead of the Federal Reserve policy meeting on September 20-21.
• Oil prices falling below $90 a barrel during the last week due to fears of weakening demand amid policy tightening and Covid curbs in China caused a rally in equity markets.
• The correction in oil rates and further buying by foreign institutional investors (FIIs) helped the Indian rupee appreciate against the US dollar from its recent record low.

Key Equity Indices