Tata Steel inks UK deal, SAMHI Hotels and Zaggle Prepaid IPOs see strong subscription & more

NIFTY50: 20,133 ▼59 (-0.2%)
SENSEX: 67,596 ▼241 (-0.3%)

• Markets snapped winning streak amid cautious trade as the US Fed meets to announce interest rate decision on Wednesday.  
• In all, 26 of the NIFTY50 stocks closed in the red
• Crude oil prices continue to rise, with Brent Crude futures trading at $94.5 per barrel, hovering at over ten month high.

Among the NIFTY sectoral indices, PSU Bank (+3.3%) and Auto (+0.8%) were the top gainers, while Realty (-1.3%) and Media (-1.2%) were the top losers.

Market Sentiment

What’s trending

⭐ Defence stocks on the rise

Defence companies were in the spotlight today. Shares of Hindustan Aeronautics saw traction, closing up by 1%, after the Ministry of Defence gave its nod to nine procurement proposals worth ₹45,000 crore, including those to acquire 12 Su-30 MKI aircraft. Meanwhile, Bharat Electronics rose over 3% after it received a ₹2,118 crore order from Cochin Shipyard to supply various equipment, including sensors, communication equipment for six missile vessels.       

⭐ Tata Steel hits 52-week high on UK deal

Tata Steel shares set a new 52-week high after the company announced an investment of £1.25 billion ($1.55 billion) in collaboration with the UK government. As part of the agreement, the UK government will grant £500 million to set up an electric arc furnace in Tata Steel's Port Talbot facility, while the remaining funds will be invested by Tata Steel. The plant is expected to be operational within 36 months.

⭐ HFCL and Capacite boosted by order wins  

Shares of telecom infrastructure company HFCL rose 1.5% after it secured an order worth ₹1,015 crore from Madhya Pradesh Jal Nigam to install and maintain optical fiber cables for 10 years. The order needs to be executed in 24 months. Meanwhile, Capacite Infraprojects shares jumped over 2% after receiving a repeat order worth ₹281 crore from Raymond for its realty project in Thane, Maharashtra. 

⭐ Vodafone Idea stock hits rough patch

Vodafone Idea shares saw a roller-coaster ride today. The stock gained in early morning trade after the company made a payment of ₹1,701 crore to the Department of Telecommunications with regard to the 2022 spectrum auction instalment. However, the stock gave up its early gains, to close 6% lower after the company denied takeover reports by the US companies like Verizon, Amazon or Starlink.

⭐ Va Tech Wabag rise on new strategic alliance 

Shares of the water treatment solution provider jumped 2.6% today. This came after the company signed an agreement with Al Jomaih Energy and Water, a leading developer of energy and water projects in the Middle East. As per the agreement, both companies will work in collaboration to explore new business opportunities.

IPO Corner

⭐ The ₹563 crore IPO of Zaggle Prepaid Ocean Services, which offers fintech and SaaS products, witnessed strong interest with a total subscription of 12.5 times on the last day. Meanwhile, the ₹1,370 crore IPO of SAMHI Hotels was subscribed 5.3 times on Day 3. 

⭐ The Yatra Online IPO was subscribed 31% on Day 2. Three new IPOs are opening this week, including the ₹563 crore IPO of Signatureglobal India and Sai Silks (Kalamandir), which open on 20 September. Meanwhile, the Manoj Vaibhav Gems 'N' Jewellers IPO opens on 22 September. To know more and apply for these IPOs, click here.

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