Deltacorp received a Rs 11,139-crore GST demand order from hyderabad's directorate general of GST Intelligence: Daily Market Update- Equity 25 Sep 2023 | Globe Capital Market LTD.
Deltacorp received a Rs 11,139-crore GST demand order from hyderabad’s directorate general of GST Intelligence: Daily Market Update- Equity 25 Sep 2023

The company said the tax liability amount claimed is based on the gross bet value of all games played at casinos rather than gross gaming revenue. It will pursue remedies to challenge the tax demand.

Overview and Outlook

Global Stock Market Today

  • US equity markets ended on negative note, down in range 0.09% to 0.31%
  • European equity markets ended on flat to negative note.
  • Asian equity markets are trading on a mixed note
  • GIFT Nifty is up by 57 points (as on 8:30AM), Nifty futures likely to open around 19700 levels.


News highlights from across the globe

  • Asian equities are trading on a mix mote while the dollar traded in narrow ranges versus its major peers early Monday.
  • S&P 500 futures were up 0.2% in early Asian trading after the index fell Friday to cap its worst week since March. Nasdaq 100 futures advanced 0.2% after the underlying gauge ended little changed Friday, supported by gains in Apple Inc. as its latest iPhones and watches went on sale.
  • Brent Crude prices slipped below $93.69 a barrel and the yield on the 10-year U.S. bond was trading at 4.43%.


Important news updates from the domestic front

  • SBI has raised Rs 10,000 crore through long-term infrastructure bonds at 7.49% coupon rate. The proceeds of bonds will be utilized to enhance long-term resources for funding infrastructure and the affordable housing segment. SBI has outstanding long-term bonds worth Rs 39,718 crore with this issue.
  • Reliance Industries: Unit Reliance Retail Ventures received the subscription amount of Rs 2,069.50 crore from KKR. It allotted 1.72 crore equity shares to KKR.
  • LIC received an order demanding GST along with interest and penalty worth Rs 290.5 crore from Bihar’s Additional Commissioner of State Tax. The company said it will file appeal before the GST Appellate Tribunal against the the order.
  • Bajaj Finance: The board will convene on Oct 5 to consider raising funds via QIP.
  • Power Finance Corp has allotted 66 crores fully paid-up bonus equity shares of the face value of Rs 10 each in the ratio 1:4.
  • Mahindra & Mahindra Financial Services has completed the acquisition of Mahindra Insurance Brokers for Rs 206 crore, at a price of Rs 1,001 per share. MIBL is now a wholly owned subsidiary of the company.
  • Ircon International contract worth $14.89 million or Rs 122 crore with Sri Lanka Railways for design, installation, and commission of signalling and telecommunication system.
  • Delta Corp received a Rs 11,139-crore GST demand order from Hyderabad’s Directorate General of GST Intelligence. The company said tax liability amount claimed is based on gross bet value of all games played at casinos, rather than gross gaming revenue. It will pursue remedies to challenge tax demand.
  • Borosil reported delays in receiving delivery of imported equipments / machinery from Europe required for setting up of the furnace for the 25 tonnes borosilicate glass factory at Jaipur, Rajasthan. The project is likely to be commissioned on or before Jan. 31, 2024.


Nifty Overview & Outlook

The benchmark Nifty index settled lower at 19674 levels, down 68 points from its previous closing values after highly volatile trading session.

The broader markets performed slightly better than the benchmark as Mid & Small cap index settled on a flat to positive note.

Majority of sectoral indices tracked at NSE settled in red. Amongst them, Nifty Healthcare and Pharma index led the declines, down over 1.6% each followed by Consumer Durable, Metal and Realty index that settled lower, down over 0.5% each. On the other hand, Nifty PSU Bank witnessed some buying interest, gained over 3.5%.

Nifty index moved in line with our expectation of some profit taking as mentioned in our previous posts. Going ahead, we reiterate our negative view on Nifty index and expect it to test 19500 levels in near term.


Derivatives Overview & Outlook

On Friday, short buildup was seen in Nifty, Banknifty and Finnifty futures with increase in open interest by 0.4%, 4.4% and 0.5% respectively.

On sectoral front, long buildup was seen in Banking, Finance and Telecom stocks whereas short buildup was seen in Capital Goods, Cement, Chemicals, Pharma, Oil & Gas, and Textile stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 19000 PE and 19800 CE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 8681 Cr in the cash segment, sold stocks futures and index future worth Rs 1191 Cr and Rs 4517 Cr. DIIs were net buyer in the cash segment to the tune of Rs 1939 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19890-20000; Supports 19560-19440

Banknifty – Resistances 45200-45350; Supports 44230-44000

Finnifty – Resistances 20000-20150; Supports 19620-19500


F&O stocks in ban today:



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