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Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173% shareholding in associate company Mahindra CIE Automotive. The sale has been executed through a bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427% to 9.254%.
Bharat Heavy Electrical: The company has received order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement, and construction) basis from NTPC.
IFCI: The company said the board has approved the preferential issue of equity shares up to Rs 100 crore for FY23 to the Government of India. This is subject to the approval of the shareholders.
HG Infra Engineering: Subsidiary HG Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.

Power Grid Corporation of India: The company has received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).

Harsha Engineers makes a bumper listing with 36% premium

Harsha Engineers International clocked gains on listing as expected before rising further but most analysts advise booking profits amid market turmoil. The stock started off the first day's trade with a whopping 36 percent premium over issue price despite nervousness in equity markets. It climbed further six percent as the day progressed to take total gains to 43 percent over issue price.

Analysts said high premium at listing is justified with the IPO generating stronger than expected demand as qualified institutional investors' portion got subscribed over 178 times. Also, the ask price is fairly valued compared to industry peers.

"We recommend booking partial profits while remaining can be kept for the long term as the company is a comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries and has long-standing relationships with leading clientele," said Astha Jain, senior research analyst at Hem Securities.

Rajnath Yadav, research analyst at Choice Broking, urged investors to exit given the market volatility. Although Prashanth Tapse, senior vice president of research at Mehta Equities, sounded "very optimistic" on Harsha Engineers with its dominant position, he too advised booking profits in the current market scenario. "Risk takers can hold with a long-term perspective," he added.

Santosh Meena, head of research at Swastika Investmart, termed the company as a proxy play on India becoming a global manufacturing hub: "Those who applied for listing gains can maintain a stop loss at Rs 400. Our recommendation for investors is to hold the allotted shares and long-term investors can accumulate the stock on dips."

Harsha Engineers, which is the largest manufacturer of precision bearing cages in India, raised Rs 755 crore from the public issue with a strong 74.70 times subscription during September 14-16. Of the total issue size, Rs 455 crore was raised through fresh issuance which will be used in repayment of debts, capital expenditure towards the purchase of machinery, and existing production facilities.

Sensex was down 860.62 points or 1.48 percent at 57,238.30, and the Nifty down 285.50 points or 1.65 percent at 17041.80 following weak global cues. This is the fourth straight day of selling on Dalal Street.

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MOSt Market Outlook

 Expects market to open on a negative note as global markets declined sharply ahead of US Fed interest rate decision to be announced today in expectation of US Fed to hike by 75bps interest rate today. US equities ended with solid losses on Tuesday as US central bankers opened their two-day policy meeting which is widely expected to end with a three-quarter-point interest rate hike. Fed officials have vowed to raise rates to bring down soaring inflation, with some observers speculating about a possible one-percentage-point move. Both Dow and Nasdaq Composite slipped 1% each.
European stocks fell to the lowest level since early July as investors braced for interest-rate decisions by major central banks this week that will signal the pace of monetary tightening as policy makers battle inflation amid economic slowdown risks. The Swedish central bank sprang the biggest rise in three decades, ramping up its rate by a full percentage point to 1.75%. UK, Germany and France Index slipped 1% each. Asian stocks opened lower after US shares declined and Treasury yields held gains near multiyear highs as investors position for a hefty interest rate hike from a hawkish Federal Reserve. Equities fell nearly 1% each in Japan, Australia and South Korea after the S&P 500 Index dropped more than 10% below the August high marking the peak of its rally from this year’s low. SGX Nifty declined by half percent

          Nifty September future closed at 17825.65 with a premium of 9.40 point v/s 5.75 point premium in the last session.
·         Nifty futures OI decreased by 3.18% to 1.25 Cr and Bank Nifty futures OI increased by 1.44% to 24.54 Lakhs.
·         Nifty Put/Call Ratio (OI) increased from 0.94 to 1,15 level.
·         India VIX fell down by 5.73% from 19.94 to 18.79 levels. Volatility cooled off to higher zones which paved way for the bulls in the market then cooled off to highs which paved some way for the bulls in the market.
·         On Options front, Maximum Call OI is at 18000 then 18500 strike while Maximum Put OI is at 17500 then 17000 strike. Call writing is seen 17900 then 18000 strike while Put writing is seen at 17800 then 17550 strike. Option data suggests a broader trading range in between 17200 to 18200 zones while an immediate range in between 17500 to 18000 zones.

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Seven of top-10 firms lose Rs 1.34 lakh crore

 Foreign investors have been slowing down their equity buying in India since September. The scenario turned adverse after a hotter-than-expected inflation report dashed hopes that the US Fed would scale down its rate hikes in the coming months. The August US inflation edged 0.1 per cent higher from the preceding month to 8.3 per cent. Compared to one year ago, it eased as it was 8.5 per cent previously.

The aggressive stance of the central bank chair, which made it apparent that the Fed will once again go for another 75 bps hike for the fourth consecutive time in its next meeting as well, dented sentiments and turned investors risk averse towards emerging markets like India, Himanshu Srivastava, Associate Director – Manager Research, Morningstar India, said. Also, currency movement is another factor that FPIs track very closely as it has a significant impact on the returns that they make on their investments in any country. Therefore, the outflows tend to accelerate in a scenario of rapid currency depreciation.

The sharp depreciation in Rupee as it touched all-time low of Rs 81.09 against the dollar does not augur well for foreign investments, he added. "With the dollar index above 111 and the US 10-year bond yield above 3.7 per cent FPIs are unlikely to buy aggressively, going forward. The situation will change if the dollar index and US bond yields decline," Vijayakumar said.

In addition, foreign investors have pumped in Rs 5,903 crore in the debt market during the month under review. Apart from India, FPI flows were positive for Indonesia and Philippines, on the other hand, South Korea, Taiwan and Thailand witnessed outflows during the period under review.

The combined market valuation of seven of the 10 most valued firms eroded by Rs 1,34,139.14 crore last week, with Reliance Industries taking the biggest hit.

Last week, the Sensex lost 741.87 points or 1.26 per cent amid an overall weak trend in equities.

Barring Hindustan Unilever Limited (HUL), Bajaj Finance and ITC, others in the top-10 club suffered erosion in their market valuation. The valuation of Reliance Industries tumbled by Rs 40,558.31 crore to reach Rs 16,50,307.10 crore.

HDFC Bank's market capitalisation (mcap) declined by Rs 25,544.89 crore to Rs 8,05,694.57 crore. The valuation of Adani Transmission eroded by Rs 24,630.08 crore to Rs 4,31,662.20 crore and that of ICICI Bank fell by Rs 18,147.49 crore to Rs 6,14,962.99 crore.

State Bank of India's mcap diminished by Rs 9,950.94 crore to Rs 4,91,255.25 crore and that of Tata Consultancy Services (TCS) dipped Rs 9,458.65 crore to Rs 10,91,421.84 crore. The mcap of Infosys fell by Rs 5,848.78 crore to stand at Rs 5,74,463.54 crore.

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