25th Sept 2020 highlights: Bulls get a breathing space!! Tax Victory for Vodafone, Granules India Gets FDA Approval.
25th SEPTEMBER 2020
Bulls get a breathing space!!
- The Nifty found support near the crucial weekly moving averages as well as near the 200 DMA which pushed it higher today.
- The overall structure of the Nifty shows that it is likely to face pressure at higher levels.
- 11100-11130 is an immediate resistance zone where the pullback is likely to subside., the Nifty is expected to trade in the range of 11100 – 10800 over the next few sessions.
Top Gainers (Nifty)
Top Losers (Nifty)
Vodafone Group PLC Wins International Arbitration Against India
U.K.-based Vodafone Group PLC won an international arbitration against India over the retrospective tax case.
The ruling was given by the Permanent Court of Arbitration in The Hague. The tribunal also said that apart from ceasing to seek dues, the Indian government should pay 4.3 million pounds to the company as part of partial compensation for legal costs incurred.
India had demanded over Rs 20,000 crore from the telecom company in a retrospective tax case that dates back to 2007.
Vodafone Group PLC is the parent company of Vodafone Idea (Vi).
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Granules India Gets U.S. FDA Approval Nod for Generic
U.S. Food and Drug Administration (U.S. FDA) approved its application for Naproxen Sodium and Diphenhydramine Hydrochloride tablets.
These tablets are used to provide relief from occasional sleeplessness.
Granules India hit a new lifetime high during intraday trade, after receiving USFDA approval for its sleeping aid drug. Further, as per reports, three private equity players are eyeing a majority stake in the company. Its shares ended the day with gains of 4.8%. Similarly, pharma major Cipla received USFDA approval for its multiple sclerosis drug. This drug is a generic equivalent of Biogen IDEC’s Tecfidera, which clocked $3.8 billion in sales in the US during the 12-month period ending July 2020. Shares of Cipla were up by 5.1%. Overall, the Nifty Pharma index was up 2.3% today.
Granules India ended 4.8% higher at Rs 375.95 per share.
GMR Infra soars on SEZ stake divestment
GMR Infrastructure announced that it will sell its entire 51% stake in Kakinada SEZ Limited for ₹2,610 crore. This move will help the company reduce its debt, and understandably led to strong buying in the stock, which gained 10.6% today. As of June 2020, GMR Infra’s consolidated net debt stood at ₹26,300 crore. The company is undergoing a strategic group restructuring, following which it would emerge as India’s only pure-play listed airports company.
BPCL slumps on privatisation delays
BPCL shares fell nearly 9% this week, which indicates that investors are losing interest in the stock amid delays and protests around the company’s privatisation. As per reports, it could take anywhere between 7 to 21 months for the sale to be completed, owing to procedural and pandemic-induced delays. The delay in stake sale would mean fiscal deficit woes for the government at the time when the deficit has overshot the FY21 budget estimates.
RBI Rejects All Bids in OMO
The Reserve Bank of India (RBI) rejected all the bids it received for its recent open market operation even though it was subscribed almost 6 times.
RBI received bids worth more than Rs 66,000 crores for an initial amount of Rs 10,000 crore-worth OMO.
A few days earlier RBI had sought to purchase bonds worth Rs 10,000 crore from the market to infuse liquidity but it rejected the bids as the market participants asked for a yield higher than what RBI preferred.
🥇 Gold: Rs 49,489 ▼ 0.79% at 6 PM
🥈 Silver: Rs 57,163 ▼ 2.94% at 6 PM
🔀 USD-INR Rate: Rs 73.61/USD ▼ 0.39%
Dow Jones: 27,173.96 ▲ 1.34% - Sept 25
Nasdaq: 11,151.50 ▲ 2.07% - Sept 25
HAPPY INVESTING !!
See you tomorrow!
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