Vedanta has emerged as the highest bidder for two coal mines in Odisha

Opening Bell:

SGX Nifty is up by 47 points in the early morning trade, indicating a gap up opening for Indian stock market.

Markets in Asia Pacific fell on Wednesday, following a major drop in US markets as investors reacted to American inflation going higher than expected.

The Nikkei 225 in Japan gained 0.17 percent, South Korea’s Kospi rose 0.16 percent in early morning deals.

Wall Street ticked higher on Wednesday. Dow Jones added 0.10 per cent, Nasdaq gained 0.74 per cent, S&P 500 surged 0.34 per cent

A semblance of calm returned to markets on Wednesday in Europe after the carnage sparked by hotter-than-expected American inflation that prompted investors to reassess the outlook for interest rates and economic growth.

Stocks News:

?Tamilnad Mercantile Bank will make its debut at Dalal Street on Thursday. Its had raised Rs 831.6 crore via its initial public offering (IPO) between September 5-7 by selling its shares in the range of Rs 500-525. Ahead of listing, it was trading at a mild premium of Rs 10-12 in the grey market.

?TATA Steel will raise Rs 2,000 crore through issuance of non-convertible debentures on private placement basis. In a regulatory filing, it said that its committee of directors constituted by the Board of Directors on September 14 approved the issue of debt securities in the form of NCDs.

?Vedanta has emerged as the highest bidder for two coal mines in Odisha on the second day of commercial coal mines auction. The government put on sale 10 coal mines under the commercial coal mine auction on Tuesday and Wednesday.

?HFCL the telecom gear maker has received the advance purchase orders worth Rs 447.81 crore, consisting of Rs 341.26 crore from Bharat Sanchar Nigam (BSNL), and Rs 106.55 crore from Railtel Corporation India

?Bajaj Amines the specialty chemicals firm said that the first Phase of 90-acre greenfield project (Unit IV) has been completed. The di-methyl carbonate, propylene carbonate, and propylene glycol plant will be ready to commence commercial production by the end of September 2022

?Foreign institutional investors (FIIs) have net sold shares worth Rs 1,397.51 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 187.58 crore on September 14, as per provisional data available on the NSE.

Domestic and International Events

India’s inflation based on the Wholesale Price Index (WPI) declined to a 11-month low of 12.41 percent in August, the commerce ministry said on September 14. WPI inflation was 13.93 percent in July. In August 2021, it stood at 11.64 percent.
Inflation at the wholesale level in US jumped 8.7 percent in August from a year earlier, a slowdown from July yet still a painfully high level that suggests prices will keep spiking for months to come. Wednesday’s report from the US Labor Department also showed that on a month-to-month basis, the producer price index which measures inflation before it reaches consumers declined 0.1 percent from July to August, the second straight monthly decline.
Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets. Brent crude futures rose 38 cents, or 0.4 percent, to $94.48 a barrel by 0013 GMT, while US West Texas Intermediate crude rose 46 cents, or 0.5 percent, to $88.94.
Japan ran its biggest single-month trade deficit on record in August as imports surged on high energy costs and a slump in the yen, exposing the economy’s vulnerability to external price pressures. The growing trade deficit highlights the fragile nature of Japan’s economic recovery which has so far largely remained intact despite a high price tag firms are paying for imports that is aggravated by the yen’s slide to a 24-year low and rising prospects of a global slowdown.