• Power Grid: Cabinet approves asset monetisation of subsidiaries through an Infrastructure Investment Trust. Proceeds from the asset monetisation can be utilised for fresh investments in the expansion of transmission network and other capital schemes. The company will be able to monetise five tariff-based competitive bidding assets worth Rs 7,164 crore in the first block.
• Edelweiss: Arm Edelweiss Broking is exploring various alternatives to expand its client base and has entered into non-disclosure agreements with target entities.
• Bharat Dynamics: Offer for Sale to non-retail investors gets 1.4 times the demand. The government will exercise the oversubscription option. The OFS for retail investors opens today with a discount of Rs 20 per share on the cut-off price.
• NTPC: Signs pact to implement 27 solar projects overseas. To add another 5GW solar capacity over the next two years.
• JSPL: The company in its annual report has stated that it is confident of producing 7-7.5 million tonnes of steel in FY21, implying a 15% volume growth for its standalone business. The report also said that the demand for long products may remain strong going ahead as the lockdown eases and government spending rises.
• Indian Hume Pipe: Gets work orders worth Rs 134.8 crore from the government of Odisha for rural water supply projects.
• Happiest Minds Technologies IPO: Overall subscription of 8.4 times at the end of day 2. Institutional investor subscription at 0.47 times while non-institutional investor subscription at 3.96 times. Retail subscription at 38.85 times.
• Route Mobile: IPO opens for subscription today. The company has raised Rs 180 crore from 15 anchor investors be allocating 51.43 lakh shares at Rs 350 per share. Anchor investors include Goldman Sachs, Franklin Templeton, SBI Mutual Fund, ICICI Prudential, Kuwait Investment Authority among others.
• Non-Nifty Earnings Today: Eveready Industries, Indiabulls Ventures, Shriram EPC.

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

Good Morning!

The Sensex and Nifty 50 ended with losses in yet another choppy trade on Tuesday amid sustained selling pressure in banks, pharma, and metal stocks.

And futures are indicating further downside on Wednesday as well. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.4% to 11,268 as of 7:40 a.m.

The retail portion of the Bharat Dynamics OFS will open for subscription today, besides the IPO of Route Mobile. Today is also the final day to bid for the maiden offer of Happiest Minds Technologies, which has subscribed more than 8 times in the first two days.

Markets in Asia have opened lower amid worries that a Covid-19 vaccine could be delayed. Benchmarks in Japan and South Korea are declining, though the losses are modest compared to their peers on Wall Street.

Futures on the Dow Jones are off the lows, currently trading 40 points lower, while the Nasdaq futures trade 80 points higher. The Dow fell over 2%, while the Nasdaq declined 5% overnight as the selloff in technology shares continued.

Brent Crude fell below the $40-per-barrel mark for the first time since June, as a stalling consumption recovery in Asia and increased supply from OPEC+ signaled a bleak short-term outlook.

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