Morning Outlook 19th September, 2022

NEWS UPDATES

• India’s stock benchmarks logged their worst week since June 17, following the sharp slide on Friday. Information technology stocks fell the most in the week, followed by auto, realty, oil and gas, and energy stocks. The Sensex lost nearly 1,100 points to close at 58,840.79 on the BSE. This is the first time the 30-stock gauge closed below 59,000 in two weeks since Sep. 2.

• Overseas investors remained net sellers of Indian equities for the third day in a row on Friday. Foreign portfolio investors net sold equities worth Rs 3,260.05 crore, the highest in 13 weeks, as per data from the National Stock Exchange. However, the longest buying stretch by FPIs, this year so far, lasted 13 days from July 28 to Aug. 17. Domestic institutional investors too net sold equities.

• The initial public offering (IPO) of leading precision bearing cages manufacturer Harsha Engineers International continued to attract strong response from investors. The issue was subscribed 74.7 times, garnering bids for 125.97 crore equity shares against offer size of 1.68 crore shares, on September 16, the final day of bidding.

• Ambuja Cements Ltd.’s board approved raising Rs 20,000 crore through issue of convertible warrants to Harmonia Trade and Investment Ltd. The cement maker will issue 47.74 crore warrants representing 19.39% stake in the company, it said in an exchange filing. The issue price of the convertible warrants is set at Rs 418.87 apiece.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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