Premier Explosives receives orders from Israel Aerospace IndustriesPremier Explosives has received order for warheads manufacturing from Israel Aerospace Industries (IAI). The order is valued at around Rs 4.27 crore and ordered items are expected to be delivered by May 2023. The company also received order worth Rs 5.47 crore for production and supply of booster rocket motors, which is expected to be delivered by March 31, 2023.
Nifty Information Technology index fell 0.3 percent dragged by Infosys, TCS, Wipro, HCL Technologies
BSE Auto index added nearly 1 percent supported by the Balkrishna Industries, Cummins India, M&M:
Gateway Distriparks announces new Inland Container Depot at JaipurGateway Distriparks announces that the company has completed the purchase of land at Dhanakya, near Jaipur, and will now commence construction of a new rail-linked Inland Container Depot (ICD). This will be the company’s 5th ICD besides five Container Freight Stations taking the total to 10 container terminals on a pan India basis. The comapny has already spent Rs 27 crore for the land acquisition and will spend another Rs 50 crore towards the cost of development of the ICD in the initial phase, company said in its release.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The overarching trend in the market now is India’s outperformance vis-a-vis other markets, particularly the mother market US. The big question is whether this outperformance can sustain. This is possible since the Indian economy and corporate earnings are outperforming. However, the risk is the high valuation in India- Nifty at 18000 is trading at 22 times FY23 earnings.
If there is a sharp cut in the US market on recession fears triggered by sharp rate hikes or if the Ukraine war escalates, as some fear now, the Indian market too will be impacted. Otherwise, the outperformance can sustain.
Domestic economy-facing segments like financials, autos, capital goods, telecom, cement and FMCG are on strong wicket.
KPIT Technologies arm acquires 4 Technica Group companiesThe Board of Directors of KPIT Technologies, at its meeting has approved the acquisition of Technica Engineering Gmbh, Germany, Technica Electronics Barcelona S.L., Spain and Technica Engineering Spain S.L., Spain through KPIT Technologies GmbH, a wholly owned step down subsidiary of the company of 100% shareholding and Technica Engineering Inc, USA through KPIT Technologies Inc. a wholly owned step down subsidiary of the company of 100% shareholding. Euro 80 million fixed consideration to be paid over 6 months. Maximum Euro 30 million variable consideration based on achievement of revenue and profit milestones to be payable over the next 2.5 years.
Shoppers Stop doubles investors’ wealth in 2022. Is it still a fashionable buy?
Share price of fashion retailer Shoppers Stop has surged 125 percent in 2022 so far. It has been a big beneficiary of the re-open theme
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened flat on September 21 amid weak global cues ahead of US Federal Reserve meeting outcome later tonight.
The Sensex was up 46.80 points or 0.08% at 59766.54, and the Nifty was up 16.20 points or 0.09% at 17832.50. About 1409 shares have advanced, 649 shares declined, and 125 shares are unchanged.
Bajaj Auto, M&M, HUL, Nestle India and Coal India were among major gainers on the Nifty, while losers were Infosys, UPL, IndusInd Bank, HDFC Bank and TCS.
Triveni Turbines | 21.8% equity change hands in block deals, reported CNBC-TV18.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session amid weak global cues.
At 09:03 IST, the Sensex was down 164.89 points or 0.28% at 59554.85, and the Nifty was down 74 points or 0.42% at 17742.30.
Rupee Opens:
Indian rupee opened marginally lower at 79.78 per dollar on Wednesday against Tuesday’s close of 79.75.
