• Banking Stocks: Supreme Court has adjourned hearing in the loan moratorium case till September 10. Accounts not declared as NPAs as on August 31 shall not be declared so until further orders. Banks need to roll out resolution schemes for Covid-19 induced stressed accounts by September 15, FM Sitharaman told bankers on September 3.
• Vodafone Idea: Clarified on the news of Verizon, Amazon may invest over $4 billion on the company stating that as a corporate strategy, the company is evaluating opportunities and currently there is no proposal as reported by media that is being considered by the board. The board meeting to discuss raising of funds to be held today.
• Allcargo Logistics: Bloomberg News reports that the company is considering listing its international business on a European exchange, as it weighs its proposal to give up its listing in India. The company may seek a new listing as soon as next year. The company could seek to value the business at $800 million to $850 million in an offering.
• The government has imposed an anti-dumping duty on Ciprofloxacin Hydrochloride imports from China for six months. A levy of $0.9-$3.49 per kg has been imposed on the raw material used in making antibiotics. Aarti Drugs, Aurobindo Pharma, Dr Reddy's Laboratories, Neuland Laboratories and Sun Pharma are some of the producers of the antibacterial drug in India.
• Gujarat State Fertilizers and Chemicals: Has restarted its methanol plant with an installed capacity of 525 metric tonnes per day. The plant will be operating at its full capacity from September 10 and is expected to produce 470 metric tonnes of Methanol per day. As a result of this, the company’s top-line is likely to grow by Rs 150 crore in FY21.
• Infosys: To acquire 100% stake in a product design and development firm Kaleidoscope Innovation for $42 million.
• CreditAccess Grameen: Says that loans under moratorium are now down to 18% in August as compared to 24% in July and 26% in June. Overall collections have also seen an improvement with efficiency rising to 82% in August from 76% in July. The board has also approved raising funds to the tune of 1,000 crore rupees through issue of equity shares.
• Cheviot: To consider share buyback on September 8.
• Mindspace Business Parks REIT: To consider raising Rs 500 crore via NCDs on September 14.

To know more about the other stocks in focus, key brokerage updates and F&O cues, click here.

Good Morning!

Futures are pointing to a negative start for the equity markets on the final trading day of the week. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 1% to 11,434 as of 8:00 a.m.

So far this week, the S&P BSE Sensex and NSE Nifty 50 have dropped 1%.

The street will keep an eye on Vodafone Idea as it holds its board meeting to discuss a potential fundraise. CreditAccess Grameen and Tata Motors, along with IT stocks, may also react to bullish brokerage commentary.

Asian markets have opened lower this morning, though the losses are modest compared to those seen overnight on Wall Street. Markets in Japan, Australia, South Korea, are all trading with losses.

Futures on the Dow Jones are little changed, while those of the Nasdaq are trading lower by 150 points. The indices on Wall Street fell between 2.5% and 5% overnight.

West Texas Intermediate crude fell 0.6% to $41.12 per barel, while gold rose 0.3% to $1,936.7/Oz.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.