IGI Logo

Stocks in News

* NEWGEN SOFTWARE TECHNOLOGIES: The company’s subsidiary has signed a five-year Master Service Agreement with Tata Consultancy Services N.V, valued at €4.22 million (around Rs.44 crore).

* GLENMARK PHARMACEUTICALS: Glenmark Specialty has signed an exclusive licensing deal with Hengrui Pharma for Trastuzumab Rezetecan (SHRA1811), a HER2-targeting antibody drug conjugate.

* KINGFA SCIENCE AND TECHNOLOGIES: The company has approved the allotment of 14 lakh shares at Rs.3,470 each, raising nearly Rs.500 crore.

* EIMCO ELECON: The company announced that promoter Tamrock Great Britain will exercise an oversubscription option of up to 7 lakh shares over the base offer size.

* IPCA LABORATORIES: The company has signed a tech transfer pact with Biosimilar Sciences USA for a monoclonal antibody biosimilar, boosting Puerto Rico’s biotech hub.

* LUPIN: The company has received tentative US FDA approval for Bictegravir, Emtricitabine & Tenofovir Alafenamide tablets, used to treat HIV infection in adults.

* ALCARGO GATI: The company reported that NCLT has reserved its order on the scheme of arrangement involving Allcargo Logistics and its demerged arms.

* APOLLO HOSPITAL: The company announced that CCI has approved the composite scheme of arrangement involving Apollo Hospitals, Apollo Healthco, and Keimed, with assets to be transferred to Apollo Healthtech.

*  WIPRO: The company’s arm, Grove Holdings 2, has transferred its entire stake in Capco Consulting Middle East FZE to Wipro IT Services UK Societas, aiming to simplify the group structure.

* TBO TEK: The company acquires 457.7 crore shares of Tata Steel Holdings Pte, aggregating to Rs.4,054.7 crore.

Economic News

* India-EU FTA talks: 13th round sees little progress on farm, auto sectors: India and the European Union's 13th round of FTA negotiations in Delhi saw limited progress, particularly in automotive and agricultural sectors. While advancements were made in rules of origin and investment, key disagreements persist in agriculture, chemicals, and automotive standards. The EU highlighted the need for high-level interventions to bridge the gap, with the next round scheduled in Brussels.

Global News

* BOJ debates rate hikes as inflation rises and U.S.-Japan trade deal eases uncertainty: In July, some Bank of Japan (BOJ) board members favored future rate hikes, though the board kept rates at 0.5%, reflecting a split view on inflation, with some seeing it below the 2% target and others noting expectations at or above 2%. Two members dissented in September, urging a 0.75% hike, but the board held steady. Market expectations for a rate increase are supported by a U.S.-Japan trade deal, a policy rate below neutral, high prices, and a near-zero output gap. While Governor Ueda signaled readiness for further hikes, he stressed caution due to export risks from U.S. tariffs and U.S. economic uncertainty, and board debates highlighted concerns that persistent food inflation could keep public expectations elevated, suggesting a rate hike could come as soon as October.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 25056.9 (-0.45%)

TRADING ZONE:

Resistance : 25300 (Pivot Level) and 25400(Key Resistance).

Support: : 25000 (Pivot Level) and 24900 (Key Support).

BROADER MARKET: OUTPERFORMED

MIDCAP 150: 57924.45 (-0.98%),

SMALLCAP 250: 18069.55 (-0.67%)

VIEW: Bullish till above 25000 (Key Support).

BANKNIFTY SPOT: 55121.5 (-0.7%)

TRADING ZONE:

Resistance: 55500 (Pivot Level) / 55800 (Key Resistance)

Support: 55000 (Pivot Level) / 54700 (Key Support)

VIEW: Bullish till above 54700 (Key Support)

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.75%- 5.60% on Wednesday ended at 5.00% .

* The 10 year benchmark (6.33% GS 2035) closed at 6.4908% on Wednesday Vs 6.4729% on Tuesday .

Global Debt Market:

U.S. Treasury yields trickled lower on Wednesday as investors awaited further economic data and weighed the possibility of a U.S. federal government shutdown next week. The 10-year Treasury yield was down over one basis point at 4.102%. The 2-year Treasury yield was less than a basis point lower at 3.56%. The 30-year Treasury bond yield fell more than 2 basis points to 4.715%.Investors are awaiting more economic data this week including August’s new home sales data on Wednesday morning, existing home sales in August and second-quarter GDP growth rate on Thursday. The most hotly anticipated data this week will be the personal consumption expenditures index an inflation measure preferred by the Federal Reserve which is due out on Friday morning and will offer insights into price pressures and the state of the U.S. economy. Fed Chairman Jerome Powell said in a speech to business leaders on Tuesday that the central bank lowered interest rates last week due to weakness in the labour market was outweighing concerns about stubborn inflation. “Near-term risks to inflation are tilted to the upside and risks to employment to the downside a challenging situation,” he said. “Two-sided risks mean that there is no risk-free path.” There are also concerns about a potential federal government shut down next week after U.S. President Donald Trump cancelled planned meetings with two top Democrats in Congress to address issues that would have prevented a shutdown. The two lawmakers were trying to ensure that any stopgap deal ensuring temporary funding to avoid the Sept. 30 shutdown would feature protections for healthcare programs, including extending the Affordable Care Act enhanced tax credits.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.4775% to 6.4975% level on Thursday.

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer