Share Market Highlights 03 Oct 2023: Sensex drops 316 pts; Nifty falls below 19,550; auto stocks weigh heavily

Indian shares closed lower on Tuesday, dragged by auto stocks on mixed sales data in September, while concerns over elevated interest rates also weighed on sentiment.

The NSE Nifty 50 index settled 0.56 per cent down at 19,528.75, while the S&P BSE Sensex fell 0.48 per cent to 65,512.10.

Auto stocks fell 1.20 per cent, dragged by Eicher Motors shedding 2.68 per cent, among the most on the blue-chip Nifty 50, after its September motorcycle sales fell 4 per cent. Read more.

The Indian rupee ended weaker on Tuesday, weighed down by broad strength in the dollar and higher Treasury yields amid persistent concerns that US interest rates will stay higher for longer.

The rupee closed at 83.2050 against the US dollar, compared with its close of 83.04 in the previous session.

Earlier in the day, the dollar index rose to 107.21, its highest since November 2022, but gave up much of those gains to last trade little changed at 107.05. Read more.

Patels Airtemp (India) informed the exchange about the demise of Narayanbhai G. Patel, its founder, promoter, chairman & whole-time director of the company.

Titagarh Rail Systems Limited has signed contract with Gujarat Metro Rail Corporation Ltd (GMRC) for manufacturing 72 Nos. of standard gauge cars for the first phase of Surat Metro Rail, order worth ₹857 crore.

The stock slides down by 0.73% on the NSE, trading at ₹773.90.

Subex Ltd informed the exchange that the company’s chief operating officer Shiva Shankar Naga Roddam will resign from his duties on December 31, 2023.

Blue Dart Express Limited had announced an increase in shipment prices effective from January 1, 2024, saying the average hike will be 9.6% as compared to the current prices, depending on the shipping profile. The stock rose by 1.45% on the NSE, stood at ₹6,785.

Rama Vision Ltd has received the first installment of ₹237.59 lakh out of total subsidy of ₹475.19 lakh under the Scheme for Creation/ Expansion of Food Processing & Preservation Capacities (CEFPPC) of Pradhan Mantri Kisan Sampada Yojna (PMKSY).

The stock inches up by 0.82% on the BSE, trading at ₹60.50.

Lupin Ltd has announced the launch of Humrahi, a patient support program, ushering in a new era of diabetes management through adherence, behavior and transformation. The stock inches up by 0.18% on the NSE, trading at ₹1,173.30.

Major gainers at 3 pm

Bajaj Finance (1.94%); Titan (1.75%); LT (1.69%); Bajaj Finserv (1.21%); Adani Ports (0.89%)

Major losers: ONGC (-3.78%); Eicher Motors (-2.77%); Hindalco (-2.61%); Maruti (-2.39%); Dr Reddy (-2.25%)

A total of 1,877 stocks advanced on the BSE at 3 pm on October 3, 2023, against 1,863 stocks that declined; 185 stocks remained unchanged. The total stocks traded were 3,925. While 247 stocks recorded a 52-week high, was , 36 hit a 52-week low.

Kanani Industries has informed the exchange about the receipt of export orders worth ₹20 crore from international clients pertaining to the manufacture of jewellery. The stock has risen by 4.43% on the NSE, trading at ₹8.25.

Kalpataru Projects International has raised ₹150 crore by allotment of 15,000 NCDs of a face value of ₹1 lakh each on private placement basis. The stock has risen by 3.52% on the NSE, trading at ₹653.80.

JSW Infrastructure debuted on the bourses on October 3, and gave a decent listing gain of 32 per cent at ₹157.3, against the IPO price of ₹119. There seems to have been some selling pressure initially, but later buyers rushed in to pick up the stock, which hit the upper circuit at ₹157.3. Read more

The office premises of Ind-Swift Ltd situated at Phase II, Chandigarh, has been damaged due to a major fire which broke out on October 2, 2023 in the building adjoining the premises, the company said in its exchange filing. The stock has fallen by 4.87% on NSE, trading at ₹18.55.

Motilal Oswal Asset Management Company has launched the Motilal Oswal Nifty 500 ETF. This exchange-traded fund aims to offer investors exposure to more than 90% of India’s listed market capitalisation and an opportunity to participate in India’s growth story. The ETF is expected to list on NSE on October 6; the trading symbol is ‘MONIFTY500’.

The Motilal Oswal Nifty 500 ETF seeks to replicate/track the total returns of the Nifty 500 Index, which is designed to measure the performance of the top 500 companies based on market capitalisation. Compared to the Nifty 50 Index, the Nifty 500 Index is well-diversified, with its top 10 holdings accounting for only 37%, as opposed to 58% in the Nifty 50 Index.

The output growth of eight core industries has witnessed a strong performance in August by rising to 12.1% YoY as compared to 8.4% YoY in July 2023. This is the highest growth print in the core sector in 14 months since June 2022, albeit partly supported by a weaker base in the previous fiscal year. On a sequential basis, the eight core industries index also had a healthy rise of 2.5% MoM, which had actually dropped in July and June 2023 by 1.8% MoM and by 1.0% MoM respectively. The core sector or infrastructure output, which comprises eight sectors including coal and electricity, accounts for nearly 40 per cent of industrial output.”

Suman Chowdhury, Chief Economist & Head - Research, Acuité Ratings & Research Ltd.

Entertainment Network (India) Ltd (ENIL) has received a licence from the Ministry of Information Affairs (MIA), Kingdom of Bahrain, to operate the Entertainment Radio Channel Frequency for five years. The stock has risen by 2.75% on the NSE, trading at ₹162.80.

CSL Finance stock declines by 1.37% on the NSE, trading at ₹323.95. The company witnessed q-o-q growth of 18%, with assets under management of approximately ₹882 crore as of September 2023, as compared to ₹746 crore as of June 2023.

Aluminium futures on the Multi-Commodity Exchange (MCX), which was oscillating within ₹196 and ₹204 in the past three months, broke out of the range last week. On Friday, it closed at ₹211.95 and is currently trading at around ₹209.

At 1:45 pm, the BSE Sensex slipped 232.57 points or 0.35% to 65,595.84, while the NSE index dropped 90.85 points or 0.44% to 19,547.45. Auto and energy stocks led the decline, mirroring losses in Asian markets due to concerns about higher U.S. interest rates.

138 stocks hit price band limits, with 82 reaching the upper band, 42 touching the lower band, and 14 hitting both bands on the NSE.

Among the 177 stocks at 52-week highs and lows, 105 achieved 52-week highs and 12 reached 52-week lows.

On the BSE, out of 3,876 traded stocks, 1,875 advanced, 1,809 declined, and 192 remained unchanged.

Plaza Wires IPO has been subscribed 19.75 times as of 1:27 pm on October 3, 2023. The QIB portion has been subscribed 0.35 times, NII 35.13 times and retail 87.78 times. The issue closes on October 5.

Valiant Laboratories IPO has been subscribed 11.09 times as of 1:21 pm on October 3, 2023. The QIB portion has been subscribed 2.58 times, NII portion 27.80 times and retail 8.78 times. The issue closes today.

NTPC stock declines by 1.22% on the NSE, trading at ₹242.55, following the declaration of commercial operation of the company’s Talaipalli Coal Mining Project.

Coal India stock declines by 1.20% on the NSE, trading at ₹291.65. The company produced about 333 million tonnes (MTs) of coal ending first half of the current financial year, posting a strong 11.3% year-on-year growth.

Divgi Torqtransfer Systems Ltd has announced appointment of Nilesh Shukla as Head-Advanced Manufacturing Technology. The stock slides down by 0.10% on the NSE, trading at ₹1,040.20.

Saji John, Senior Research analyst at Geojit Financial Service on Auto sales

September auto sales came with a mixed bag, where cars and SUVs hit an all-time high on festive fervour and continued to surge in demand as the largest players heavily stocked up their dealerships ahead of Navratri and Diwali. The PV industry is set to hit the milestone of 4 million units for the full year, surpassing the 3.8 million units achieved last year. However, the two-wheeler industry continues to see lukewarm growth, though Hero Motor, TVS, and Royal Enfield hope that demand will start picking up as the weeks pass. On the other hand, robust infrastructure push, better replacement demand, and growth in the e-commerce segment continue to benefit the commercial vehicle industry. We expect normal volume growth for the sector and some consolidation in the near term due to a significant rally compared to the broader market.

Dhanlaxmi Bank stock surges by 10.81% on the NSE, trading at ₹32.30, after the bank reported that its total deposits in September 2023 grew by 8.17% and gross advances by 13.21%.

Cemex UAE has signed a cooperation agreement with Star Cement Co LLC, a wholly owned subsidiary of UltraTech Cement Limited, an Aditya Birla Group Company. Ultratech stock is up by 0.53% on the NSE, trading at ₹8,298.30.

Ashok Leyland Ltd sold 19,202 units in September 2023 as against 17,549 vehicles in September 2022.

The company’s stock is up by 0.17% on the NSE, trading at ₹177.30.

The Indian economy is projected to grow at 6.3 per cent in the current financial year, aided by investment and domestic demand.

According to a World Bank report released on Tuesday, India continues to show resilience against the backdrop of a challenging global environment.

Mphasis has announced partnership with CoreStack, a global multi-cloud governance provider, to deliver unparalleled financial management and observability to customers, driving operational efficiency and actionable insights.

Mphasis stock inches up by 0.25% on the NSE, trading at ₹2,382.55.

Jindal Steel & Power (JSP) has announced commencement of production at the Gare Palma IV/6 coal mine in Chhattisgarh. The stock is down by 0.42% on the NSE, trading at ₹698.40.

Cords Cable Industries (12.76%)

Metro Brands (12.34%)

GTPL Hathway (12.10%)

Filatex India (10.15%)

Mphasis Ltd has been named a Top 15 Sourcing Standout by Information Services Group (ISG), a leading global technology research and advisory firm. The stock is down by 0.05% on the NSE, trading at ₹2,375.50.

In H1 FY2024, the credit quality of India Inc. continued to strengthen, building upon the strong performance observed in the preceding two fiscal years, led by domestic consumption and investment-focused sectors. Both the investment grade as well as the non-investment grade categories showed a net improvement in their credit profiles, even as the pace of improvement moderated in comparison with the previous two fiscals.

On Tuesday, Indian benchmark indices, Sensex and Nifty, experienced declines primarily driven by auto and energy stocks, mirroring a downturn in Asian markets due to concerns surrounding heightened U.S. interest rates. At 12:10 pm, the NSE Nifty 50 index was down by 0.58% at 19,524.70, while the S&P BSE Sensex retreated 0.48% to 65,509.27.

The Nifty auto and oil & gas sectors were among the hardest hit, followed by various other indices. On the positive side, Nifty PSU Bank and consumer durable indices were trading in the green.

Analysts attributed the downward pressure on domestic equities to bearish foreign investors. Foreign portfolio investors (FPIs) terminated a six-month buying spree by selling shares valued at Rs 14,768 crore in September, according to official data. Additionally, FPIs have been net sellers in each of the last nine consecutive sessions.

Stocks on the BSE at 12 noon, showed 1,799 advancing stocks compared to 1,789 declining ones, with 193 stocks remaining unchanged. The total number of stocks traded amounted to 3,781. Among them, 208 stocks reached a 52-week high, while 32 touched a 52-week low.

Notable gainers on the NSE at noon included HCL Tech (1.55%), Hindustan Unilever (1.08%), Asian Paints (0.98%), Titan (0.70%), and Bajaj Finserv (0.46%). In contrast, major losers at that time were ONGC (-4.01%), Eicher Motors (-3.29%), Hindalco (-2.97%), Maruti (-2.55%), and Dr. Reddy (-1.83%).

Apollo Micro Systems stock surges by 6.80% on the NSE, trading at ₹60.50, after it proposed to set up a defence equipment manufacturing facility in Hardware Park, Hyderabad.

Major gainers on the NSE at 12:

HCL Tech (1.55%); Hindustan Unilever (1.08%); Asian Paints (0.98%); Titan (0.70%); Bajaj Finserv (0.46%)

Major losers:

ONGC (-4.01%); Eicher Motors (-3.29%); Hindalco (-2.97%); Maruti (-2.55%); Dr Reddy (-1.83%)

Stocks advanced on BSE at 12 noon on October 3, 2023, were 1,799 against 1,789 stocks that declined; 193 stocks remain unchanged. Total stocks traded were 3,781. The number of stocks that recorded a 52-week high was 208, and those that hit a 52-week low was 32.

Plaza Wires IPO has been subscribed 13.60 times as of 11:54 am on October 3, 2023. The QIB portion has been subscribed 0.31 times, NII 19.87 times and retail 66.60 times. The issue closes on October 5.

Valiant Laboratories IPO has been subscribed 6.46 times as of 11:54 am on October 3, 2023. The QIB portion has been subscribed 1.06 times, NII portion 13.36 times and retail 6.60 times. The issue closes today.

KPI Green has received another order from General Polytex Pvt. Ltd., Surat, under ‘Captive Power Producer (CPP) segment for executing Wind-Solar Hybrid Power Project for 6.90 MW capacity comprising of 4.90 MW wind and 2 MW solar capacity.

The stock rises by 1.23% on the NSE, trading at ₹833.05.

Tata Motors Limited sales in the domestic & international market for Q2 FY 2023-24 stood at 2,43,024 vehicles, compared to 2,43,387 units during Q2 FY 2022-23.

The stock is down by 0.75% on the NSE, trading at ₹424.85.

Doing a status check for shareholdings or unclaimed dividend that remain transferred with the Investor Education Protection Fund Authority (IEPFA) is set to become a click away. You as an Indian citizen can soon do some deep dive into an integrated IT portal to see status of your or even your parents/grandparents lost wealth.

From pay now buy later scheme to cash backs and discounts, retailers are making efforts to upturn slump demand

Kirloskar Ferrous Industries Ltd (KFIL), a castings and pig iron manufacturer, has acquired Oliver Engineering Pvt Ltd, which is engaged in ferrous casting and machining, with its manufacturing facility located in Punjab. Its present castings capacity is 28,000 MT per annum.

Ashok Leyland has reported a 5 per cent increase in its medium and heavy-duty truck sales at 10,109 units in September when compared with volumes of 9628 units in September 2022.

Adani Energy Solutions Ltd’s shares were up by 0.12 per cent after the company commissioned the Kharghar-Vikhroli Transmission Ltd (KVTL) project. The project addresses the need for additional power in Mumbai, given the city’s burgeoning electricity demand.

Iris Clothings has opened its second exclusive brand outlet in Kolkata. However, the stock tumbles down by 6.10% on the NSE, trading at ₹83.95.

Nitiraj Engineers has announced the launch of new product ‘drones’ under electric good category. The launch is scheduled to happen on June 30, 2024.

The company’s stock rises by 1.40% on the NSE, trading at ₹108.50.

KPI Green has received new orders for executing solar power projects of 4 MW capacity from Shree Parmeshwar Steel Pvt. Ltd. and 3 MW capacity from Vivan Steels Pvt. Ltd. under captive power producer (CPP) segment of the company. KPI Green stock is up by 1.47% on the NSE, trading at ₹835.

The spices complex was mixed on Tuesday. Dhaniya (coriander) November contracts on NCDEX increased by ₹10 to ₹7,020. Jeera November futures dropped by ₹975 to ₹60,500 a quintal. Turmeric December contracts slid by ₹344 to ₹14,380 a quintal.

IndusInd Bank stock inches up by 0.42% on the NSE, trading at ₹1,434.85. The bank had reported that its net advances jumped 21% y-o-y in September 2023 and its deposits grew 14% y-o-y.

Marksans Pharma Ltd has received USFDA’s ANDA approval for Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg (OTC). The stock declines by 0.18% on the NSE, trading at ₹109.85.

Gold fell below $1,820 an ounce on Tuesday, the lowest in seven months as the dollar strengthened and treasury yields surged. The dollar hit a 10-month high in the global currency basket, while the 10-year US yield zoomed to a 16-year high. At 11.10 a.m. IST, gold ruled at $1,819 an ounce in Asian trade. Silver slipped below $21 an ounce to $20.99 an ounce.

On MCX, gold December futures declined by ₹995 to ₹56,675 per 10 gm. Silver December contracts dropped by ₹3,033 to ₹66,824 a kg.

Banka BioLoo informed the exchange that Megaliter Varunaa Private Limited (MVPL) ceases to be the wholly-owned subsidiary of the company. BBL stock rises by 2.47% on the NSE, trading at ₹74.70.

Major gainers on the BSE at 11:05 am:

Authum Investment (15.21%); Metro Brands (12.52%); KIOCL (8.91%); MGL (6.99%); Safari Industries (6.16%)

Major losers: Eicher Motors (-3.67%); ONGC (-3.65%); Escorts Kubota (-3.64%); MCX (-3.53%); BLS (-3.36%)

Bank Nifty, after opening almost flat today, has seen a decline. It began the session at 44,561 versus last week’s close of 44,584 and it has now dropped to 44,310, down 0.6 per cent so far today.

Serum Institute of India on Monday said the World Health Organisation (WHO) has approved a malaria vaccine, paving the way for the global roll-out of the world’s second such vaccine.

The recommendation is based on pre-clinical and clinical trial data which showed good safety and high efficacy in four countries, at sites with both seasonal and perennial malaria transmission, making it the world’s second-ever WHO-recommended vaccine for preventing malaria in children, SII said in a statement.

Banco Products India Ltd.’s shares were up by 1.09 per cent after its wholly-owned subsidiary, Nederlandse Radiateuren Fabriek B.V. (NRF), announced opening of a new facility in Valencia, Spain.

Bhageria Industries stock rises by 4.36% on the NSE, trading at ₹159.10 after bagging order from Paranjape Autocast Private Limited, worth ₹27.70 crore.

Metro Brands stock jumps 13.02% on the NSE, trading at ₹1,272.90.

Ahead of the festival season, manufacturing sector slowed down a bit as Purchasing Managers’ Index (PMI) dipped to five months low of 57.5 in September, a report released by S&P Global Market Intelligence on Tuesday showed. It was 58.6 in August. However, good news is that job creation showed a good sign.

Manufacturing with a share of around 15 per cent in Gross Value Added (GVA) is considered as biggest job creator. “Although the lowest for five months, the latest reading remained firmly above the no-change mark of 50.0 and its long-run average (53.9), therefore signalling a sharp rate of expansion,” the agency said. This index is prepared on the basis of survey among purchasing managers of 400 companies engaged in manufacturing activities.

The rupee depreciated 17 paise to 83.23 against the US dollar in early trade on Tuesday, as a strong dollar and sustained foreign fund outflows weighed on investor sentiment.

Nifty 50 and Sensex have begun the week on a weak note. Sensex is trading at 65,413, down 0.63 per cent and Nifty at 19,502 is down 0.69 per cent. The overall sentiment continues to remain weak. Read more

UTI Asset Management Company (UTI AMC), one of India’s leading asset managers, has appointed Vinay Lakhotia as the Chief Financial Officer with effect from October 1.

Imtaiyazur Rehman, MD & CEO of UTI AMC, commented, “Vinay has been an integral part of the Company and his association with UTI goes a long way. We welcome him into this new role and are positive that his financial acumen and expertise will add value while we focus on sustainable growth, capital efficiency and profitability.”

NCC Limited has received three orders worth ₹4,205.94 crore (excluding GST) in the month of September 2023. The stock rises by 3% on the NSE, trading at ₹159.70.

Man Industries (India) Ltd informed the exchange that the company has received order worth ₹400 crore. The stock rises by 3.14% on the NSE, trading at ₹192.30.

Crude oil futures traded lower on Tuesday morning following a strong US dollar and surging US bond yields.

At 9.52 a.m. on Tuesday, December Brent oil futures were at $89.84, down by 0.96 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $88.17, down by 0.73 per cent.

October crude oil futures were trading at ₹7353 on Multi Commodity Exchange (MCX) during initial trading against the previous close of ₹7542, down by 2.51 per cent; and November futures were trading at ₹7239 as against the previous close of ₹7413, down by 2.35 per cent. Read more

i) Lump Ore @ ₹5,200 per tonne

ii) Fines @ ₹4,460 per tonne.

The stock inches up by 0.95% on the NSE, trading at ₹149.35.

​Steel Strips Wheels Ltd​ has achieved its highest ever monthly net turnover of ₹401.88 crore in September 2023, against ₹359.78 crore in September 2022, recording a growth of 11.70 per cent y-o-y. The stock rose by 1.65% on the NSE, trading at ₹282.55.

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, writes:

JSW Infrastructure IPO

JSW Infrastructure, a division of the JSW Group, made its debut on the stock markets on October 3, 2023, by listing at Rs 147.45 per share, around 24% higher than its IPO price of Rs 119.

The IPO was subscribed 37.37 times, which is a strong indication of investor interest. The company’s fundamentals are also strong, with consistent revenue and profit growth in recent years. Additionally, the company is well-positioned to benefit from the growing Indian economy. Overall, the listing of JSW Infrastructure was a success. The company’s strong fundamentals and good subscription levels were positive factors for this. Investors who participated in the IPO can hold on to their shares for the long term.

Manoj Vaibhav Gems IPO

Manoj Vaibhav Gems and Jewels made its debut on the stock markets today, and witnessed almost flat listing at Rs 213.5 per share, compared with its IPO price of Rs. 215.The IPO received a muted response, and it was subscribed to only 2.25 times. This could be due to a number of factors, including the high IPO price, the company’s relatively small size, and the competitive jewelry market. Overall, the listing of Manoj Vaibhav Gems and Jewels was in line with expectations. Investors who received allotments in the IPO should consider exiting their position.

Equity benchmark indices declined in early trade on Tuesday amid unabated foreign fund outflows and sluggish Asian market cues.

A fall in index majors Reliance Industries and HDFC Bank also dragged the benchmark indices lower.

The 30-share BSE Sensex fell 347.09 points to 65,481.32. The Nifty declined 117.3 points to 19,521.

Among the Sensex firms, Maruti, State Bank of India, JSW Steel, HDFC Bank, Kotak Mahindra Bank, Tata Steel, Tata Motors, ITC, Reliance Industries and NTPC were the major laggards. Read more

L&T Construction’s Transportation Infrastructure business unit has been awarded the Dahisar-Bhayander Bridge project in Mumbai by the Municipal Corporation of Greater Mumbai (MCGM). The project involves the construction of a 4.5-km-long bridge connecting Dahisar and Bhayander, which would substantially reduce the travel time of over 45 minutes between the two locations.

The bridge will feature two distinct carriageways, along with a multi-level interchange at both Dahisar and Bhayander, for smooth entry and exit. Additionally, the project will include two large navigational spans spanning across the creek. In parallel, L&T is engaged in the execution of two packages for the Mumbai Coastal Road projects, also commissioned by the Municipal Corporation of Greater Mumbai (MCGM).

However, shares were down by 0.65 per cent at Rs 3,002.20 at 10 am on the BSE

Man Infraconstruction Ltd.’s shares were up by 1.71 per cent after the company announced the delivery of two towering residential structures, Tower ‘D’ and Tower ‘E’, ahead of schedule, in the O2 project located in Mulund West, Mumbai. The possession of these residences is set to commence from October 2023.

Fast-Moving Consumer Goods (FMCG) companies will offer distributors flexibility in selecting Stock Keeping Units (SKUs) size packs.

Earlier, the All India Consumer Products Distributors’ Federation (AICPDF) had raised concerns about the distribution of lower-priced SKUs that were targeted at the rural market.

EaseMyTrip has announced partnership with the CARS24 Yuva Kabaddi Series 2023 as the official travel partner. The stock rises by 1.97% on the NSE, trading at ₹41.35.

The Transportation Infrastructure business vertical of L&T Construction has received work order from Municipal Corporation of Greater Mumbai (MCGM) for construction of 4.5 Km long bridge connecting Dahisar and Bhayander. The project will significantly reduce the travel time between Dahisar and Bhayander which currently takes more than 45 minutes.

L&T stock slides down by 0.72% on the NSE, trading at ₹3,001.90.

SML Isuzu stock surges by 4.08% on the NSE, trading at ₹1,228.15. The company sold 872 units in September 2023 as against 752 units in the previous year.

Ramkrishna Forgings stock declines by 1.03% on the NSE, trading at ₹637.15, following the board’s approval to raise ₹1,000 crore by issuance of equity shares through QIP.

Hero Motocorp stock declines by 1.03% on the NSE, trading at ₹3,025.90.

RVNL stock rises by 2.54% on the NSE, trading at ₹173.75, after bagging order from Himachal Pradesh State Electricity Board Ltd worth over ₹1,097 crore.

Trejhara Solutions Ltd has completed the sale of Interactive Communication business (Interact DX) to Aurionpro Solutions Ltd on September 30, 2023.

1)The US avoided a government shutdown hours before the deadline on Saturday after the Congress passed a stopgap funding bill. The temporary measure allows the US government to keep federal agencies running for 45 more days. The bill was also passed by the Senate and will now head to US President Joe Biden, who will sign it into law.

2)The Federal Reserve Bank of New York’s gauge of the 10-year term premium became positive on Monday, after having been negative for most of the past seven years, reflecting steep increases in longer-maturity Treasury yields. The index estimates the amount by which Treasury yields exceed the expected path of short-term rates.

3)The US economy grew at an annualized rate of 2.1% in the second quarter of 2023, unchanged from the previous estimate, and compared to an upwardly revised 2.2% growth in the first quarter.

4)US initial jobless claims increased to 204000 in the week ending September 23 of 2023 from 202000 in the previous week.

5)US PCE prices decreased to 2.50% in the second quarter of 2023 from 4.10% in the first quarter of 2023, while core PCE prices decreased to 3.70% from 4.90%

6)US 10-year TIPS (Treasury Inflation-Protected Securities) yield, a proxy for real yields, which rose to new fourteen-year highs at 2.236%, a level last seen in July 2009.

7)US House Price Index advanced 4.6% on year in July, compared to upwardly revised 3.2% growth in June.

8)The US government’s Commodity Futures Trading Commission has ordered Goldman Sachs, Bank of America and JPMorgan to pay a total of $53 million to settle charges of swap reporting failures and other violations, the agency said. JPMorgan, Bank of America and Goldman Sachs will pay civil monetary penalties of $15 million, $8 million and $30 million, respectively.

9)US New Home Sales demand dropped to 675K vs. expectations of 700K and the former release of 714K. The US Conference Board reported Consumer Confidence Index declined to 103.00 from 108.7 in August as households worry about the Fed’s ‘higher for longer’ interest rates plot.

10)German inflation rose by 4.3% YoY in September from 6.4% in August, its lowest level since Russia launched its full-scale invasion of Ukraine, signaling what could be the beginning of the end for the high inflation that has weighed heavily on Europe’s largest economy.

11)Eurozone’s Headline inflation for September came in lower than expected at 4.3% (consensus was 4.5%), according to first estimates by Eurostat. Core inflation is estimated to be at 4.5% (vs. 4.8% expected and vs. 5.3% August).

12)UK’s gross domestic product (GDP) grew by 0.2% in the second quarter of 2023 than the previous quarter, revealed the Office for National Statistics in its data on Friday.

13)Japan unemployment rate remained unchanged at 2.7% on year in August, compared to July

14)Japan leading economic index rose to 108.2 in July from 108.8 in June while coincident index eased to 114.2 in July from 115.6

15)FTSE Russell said it will keep South Korea on the watch list for inclusion to its global bond index. Korean authorities are undertaking initiatives to improve the structure and accessibility of its capital markets which require local laws and regulations to be amended and may not be complete until 2024.

1)The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announces that the quantum of total market borrowings by the State Governments/UTs for the quarter October – December 2023, is expected to be ₹2,37,263 Crore.

2)After reviewing the cash position of the Central Government, the Reserve Bank of India, in consultation with the Government of India, hereby, notifies the calendar for issuance of Treasury Bills for the quarter ending December 2023, is expected to be INR 3,12,000 Crore.

3)The Reserve Bank of India has announced that the central government plans to borrow Rs 6.55 trillion ($78.72 billion) through bonds from the market between October and March. This borrowing plan includes the introduction of a new 50-year tenor bond in response to market demand. The government also plans to issue green bonds worth Rs 20,000 crore.

4)It has been decided, in consultation with the Government of India, that the limit for Ways and Means Advances (WMA) for the second half of the financial year 2023-24 (October 2023 to March 2024) will be ₹50,000 crore.

5)The Reserve bank of India (RBI) Thursday released the external debt data of India which rose marginally to USD 629.1 billion at June-end 2023, although the debt-GDP ratio declined to 18.6%. The external debt recorded an increase of USD 4.7 billion over USD 624.3 billion at end-March 2023, the RBI data said.

6)The growth of India’s eight core sectors hit a 14-month high of 12.1% in August, as per the latest data from the Ministry of Commerce and Industry. The production of cement rose the most among all industries at 18.9% YoY, followed by the production of coal, electricity and steel. The core sector growth in July was 8.4%

7)India’s foreign exchange reserves fell for a third straight week and were at a four-month low of $590.70 billion as of Sept. 22, data from the Reserve Bank of India showed on Friday.

8)India’s fiscal deficit for the first five months of the financial year that started April 1 was 6.43 trillion rupees, 36% of the estimate for the whole year, government data showed on Friday.

9)Life Insurance Corporation of India, the country’s largest insurer, has stepped up federal and state debt purchases to reduce capital volatility, according to sources and market participants, also helping lower government borrowing costs.

10)Global index provider FTSE Russell said on Friday it would not yet include India in a government bond index, a week after JPMorgan said India would be part of its influential GBI- EM index suite starting next year.

11)India’s current account deficit in Q1FY24 widened to USD 9.2 billion (1.1% percent of GDP) as compared to USD 1.3 billion (0.2% per cent of GDP) in the preceding quarter.

12)Net claims of non-residents on India rose by $12.1 billion during Q1:2023-24 and stood at $379.7 billion as at end June, as per data released by the Reserve Bank of India (RBI) on India’s International Investment Position (IIP).

13)Global brokerage firm Nomura on Wednesday upgraded the Indian equity market, which hit all-time high earlier in the month, to overweight status even as it believes that valuations may remain expensive.

14)India’s Goods and Services Tax (GST) collections surged to nearly Rs 1.63 lakh crore in September 2023, a growth of 10 percent on a year-on-year basis, the Finance Ministry said in a statement on Sunday, October 1.

15)Starting from October 1, 2023, Indian residents investing in foreign assets will be subject to a Tax Collected at Source (TCS) of 20% on foreign remittances exceeding Rs 7 lakh. This change in tax regulations will impact those investing in international stocks or planning to acquire real estate abroad.

16)The Ministry of Finance on Friday raised the interest rate on five-year recurring deposit scheme to 6.7% from 6.5% for the December quarter. It retained the rates for all other small savings schemes. According to a Department of Economic Affairs circular, the interest rate on savings deposit has been retained at 4% and on the one-year term deposit at 6.9%.

•Fixed Income

The New 10 Year Benchmark GOI 7.18 2033 traded between 7.12% - 7.24% during this week

Old 10 Year Benchmark GOI 7.26 2033 traded between 7.14% – 7.28% during this week, tracking movement in Crude Oil, Currency and US Treasury Yields

•Auction Highlights

RBI conducted the Auction for G-sec, SDL and T-Bill for the aggregated amount of INR 39,000 Crore, INR 27,000 Crore and INR 24,000 Crore respectively.

G-sec:

6.99% GS 2026 (99.33/7.2802%)

7.17% GS 2030 (99.54/7.2584%)

7.18% GS 2037 (99.55/7.3360%)

7.25% GS 2063 (97.35/7.4578%)

SDL Cutoff:

06 Years: MP 7.48%

07 Years: CH 7.49%

08 Years: BI 7.52%, GJ 7.45%

10 Years: GA 7.49%, HR 7.47%, RJ 7.46%

12 Years: HR 7.48%, MN 7.59%, PN 7.49%

15 Years: MP 7.46%

16 Years: KL 7.45%, WB 7.46%

19 Years: WB 7.44%

21 Years: MP 7.45%, RJ 7.45%

26 Years: RJ 7.43%

30 Years: TN 7.43%

Reissue of 6.92% Tamil Nadu SDL 2046 issued on December 01, 2021 at 94.07 / 7.4602

T-Bill Cutoff:

091 Days: INR 10000 Crore 98.3173/ 6.8648%

182 Days: INR 8000 Crore 96.5911/ 7.0778%

364 Days: INR 6000 Crore 93.4010/ 7.0846%\u0009

•Commodities:

1)Brent Crude Oil: $91.80-$97.69 (Per barrel)

2)WTI Crude Oil: $88.19-$95.03 (Per barrel)

3)Gold: INR 5,820-INR 5,995 24 Carat (1 Gram)

4)Silver: INR 73,500-INR 74,700 (1 KG)

•US Treasury Yield:

1)US 2 Year Treasury: 5.01%-5.16%

2)US 5 Years Treasury: 4.55%-4.74%

3)US 10 Years Treasury: 4.44%-4.68%

•Corporate Bond Highlights:

AAA 5 Years PSU Bond traded between 7.65%-7.68% this week.

AAA 10 Years Private Bond traded between 7.62%-7.70% this week.

•New Issuances:

National Bank for Agriculture and Rural Development

Ratings: AAA/ Stable by CRISIL & ICRA

Issue Size: 1000 + 2000 Cr

Maturity Date: 27/09/2028

Allocated 1040.5 Crs at 7.63%

Rural Electrification Corporation Limited

Ratings: AAA by CRISIL & AA+ by CARE

Issue Size: 400 + 1600 Cr

Call Date: 30/09/2033

Allocated 1090 Crs at 8.03%

The Tata Power Company Limited

Ratings: AA by CRISIL & India Rating

Issue Size: 300 + 700 Crs

Maturity Date: 29/03/2032

Allocated 1000 Crs at 7.7150%

ICICI Bank Limited

Ratings: AAA/ Stable by CRISIL & ICRA

Issue Size: 1000 +3000 Crs

Maturity Date: 29/09/2033

Allocated 4000 Crs at 7.85%

Canara Bank

Ratings: AAA Stable” by CARE and “AAA/Stable” by IRRPL

Issue Size: 1000 + 4000 Cr

Maturity Date: 27/09/2033

Allocated 5000 Crs at 7.54%

Punjab National Bank

Ratings: AA+ Stable” by CARE and “AA+/Stable” by IRRPL

Issue Size: 500 + 2500 Cr

Call Date: 27/09/2028

Allocated 3000 Crs at 8.59%

Shree Cements Limited

Ratings: AAA/stable by CRISIL & CARE

Issue Size: 350 + 350 Cr

Maturity Date: 16/10/2030

Allocated 1465 Crs at 7.80%

HDFC Ergo General Insurance Company Limited

Ratings: AAA/stable by CRISIL & ICRA

Issue Size: 320 + 0 Crs

Maturity Date: 26/09/2033

Allocated 320 Crs at 8.15%

Vedanta stock rises by 2.27% on the NSE, trading at ₹227.60, after the company’s board approved a demerger plan into five entities in a 1:1 vertical split.

BAJAJ AUTO: SEP TOTAL SALES 3,92,558

3,94,747 UNITS (YOY); 3,41,648 UNITS (MOM

Major gainers on the NSE at 9:30 am:

Asian Paints (1.54%); Ultratech (1.39%); Hindustan Unilever (1.03%); HCL Tech (0.77%); M&M (0.54%)

Major losers:

Eicher Motors (-3.69%); ONGC (-3.36%); Hindalco (-2.55%); Maruti (-1.87%); SBI (-1.25%)

Man Infraconstruction Ltd (MICL) delivers two 47 storey tall residential towers measuring 3.6 lakh sq feet in “Atmosphere O2” project located in Mulund West, Mumbai well before given timeline.

Bandhan Bank Ltd has completed migration of its core banking system and internet banking to a new platform.

Crude oil futures traded lower on Tuesday morning following a strong US dollar and surging US bond yields. At 9.18 am on Tuesday, December Brent oil futures were at $89.86, down by 0.94 per cent; and November crude oil futures on WTI (West Texas Intermediate) were at $88.11, down by 0.80 per cent. October crude oil futures were trading at ₹7347 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹7542, down by 2.59 per cent; and November futures were trading at ₹7241 as against the previous close of ₹7413, down by 2.32 per cent.

Hero Motorcop Ltd sold 536,499 units in the month of September 2023. The company registered a growth of more than 3% over the corresponding month of the previous fiscal when it sold 519,980 units in the month of September 2022.

China raised gold holdings by 28.927 tonnes to 2,165.474 tonnes in August

Kharif sowing has increased across several crops despite uneven spread of monsoon.

Major kharif crops that have seen an increase in acreage include paddy (rice), sugarcane, maize, ragi, bajra (millets), and soybean.

The government has not yet released the production estimates for kharif crops, which is typically done before the season’s end, said Kedia Commodities.

Speculation is growing that there may be a drop in output for several crops, such as pulses and cotton, this year. The delay in official forecasts has raised concerns about its potential impact on prices.

The total area under all kharif crops increased slightly by 0.2 per cent to reach 1,107.15 lakh hectares (lh) compared to 1,104.79 lh in the previous year.

The area under paddy (rice) witnessed a significant increase of 1.9 per cent with Bihar, Jharkhand, West Bengal, Haryana, Uttar Pradesh, and other states contributing to the growth. However, some states reported lower paddy acreage.

Pulses acreage decreased by 4 per cent, while oilseeds acreage was down by 1.6 per cent. Groundnut planting saw a notable decline, while soybean acreage slightly increased.

The area under coarse and nutri cereals, including maize and bajra, increased by 1.8 per cent . However, jowar acreage was down 8.5 per cent year-on-year.

Cotton acreage decreased by 3 per cent, while jute/mesta cultivation saw a 5.6 per cent decline.

Sugarcane acreage experienced significant growth, with a 7.6 per cent increase compared to the previous year.

The equity benchmark indices started the day in the red on Tuesday, following the lead of global peers. Despite robust microeconomic activity as reflected in GST collections, analysts express concerns that elevated interest rates internationally could impede the inflow of foreign funds into the Indian stock markets.

At 9:17 am, the BSE Sensex, comprising 30 shares, fell by 278.38 points to reach 65,550.03. The NSE Nifty also dipped by 83.50 points to 19,554.80.

Among the gainers in the Sensex pack were M&M, Adani Ports, Ultratech Cement, Asian Paints, and Adani Enterprises . On the other hand, laggards included Eicher Motors, ONGC, Hindalco, Tata Consumer, and SBI Life.

Across the Asia-Pacific region, most equities were trading lower in the early session on Tuesday.

September marked a clear reversal in the behavior of foreign portfolio investors (FPIs). Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that after three months of sustained buying, FPIs became net sellers in September, offloading stocks worth Rs. 26,689 crore in the cash market.

Shrikant Chouhan, Head of Research (Retail) at Kotak Securities Ltd, emphasized that while global cues continue to influence local market trends, attention is shifting to the RBI’s monetary policy announcement scheduled for Friday. Despite expectations of unchanged interest rates in the market, global concerns such as the rising US dollar index, increasing bond yields, and surging crude oil prices weigh on investors’ minds. Furthermore, persistent FII selling in emerging markets, including India, during September has had a negative impact on the markets. If FII outflows accelerate, the markets could enter an extended downward spiral as overseas investors seek safety in dollar securities.

In the commodity market, several significant developments have occurred:

Gold has reached its lowest point in seven months.

Silver has touched its lowest level in over a year and a half.

Platinum is nearing a one-year low.

Brent crude oil has seen its fourth consecutive session of decline.

Crude oil has slid for the fourth consecutive session.

Copper has hit a four-month low.

Tin has slumped to its lowest point in five months.

Cotton futures have experienced a slight decrease.

Rubber futures are moving closer to their highest levels in seven months.

Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd

“A weak start is seen on the back of a negative sentiment across most of the Asian gauges, even as intra-day volatility will continue to dictate the trading session. The Nifty failed consistently at 19725-19750 levels while finding support below the levels of 19600. Based on the technical formation, we believe that the market is due for a short-term upward pullback in the near term. It has formed a long-legged doji formation, which could invite trending activity on either side. Below 19490, the index could fall to 19400 or 19200 levels. On the other hand, above 19750, it could move to 19900-20000 levels. The real trend will emerge only if indices manage to cross the levels of 20250. Regarding Bank Nifty, 44750 would be the crucial resistance level. As long as it trades below the same, weak sentiment will continue and it may slip to 44100-43800. Conversely, a new uptrend is possible only after the breakout of 44750 and may rise further to 45000-45200 levels.”

Gold Sinks to 7-Month Lows

Silver at More Than 1-1/2 Year Lows

Platinum Approaches 1-Year Low

Brent Slides for Fourth Straight Session

Oil Slides for Fourth Straight Session

Copper Falls to 4-Month Low

Tin Slumps to 5-Month Low

Cotton Futures Ease

Rubber Futures Head Towards 7-Month Highs

Deepak Jasani, Head of Retail Research, HDFC securities.

Indian markets could open lower, in line with mostly negative Asian markets today and mixed US markets on Oct 02

U.S. stocks finished mostly down Friday, after investors weighed the latest data from the Federal Reserve’s preferred inflation gauge at the tail end of a turbulent month for stocks. Optimism in the markets faded as traders were left to contend with the prospect of a government shutdown and interest rates staying put at their highest in decades. For the week, the Dow fell 1.3%, the S&P 500 dropped 0.7% and the Nasdaq Composite eked out a 0.1% gain. All three benchmarks booked both monthly and quarterly losses.

In the US, the PCE, or personal-consumption expenditures, index showed that core prices, which exclude the volatile food and energy categories, rose 0.1% in August. That was a lower-than-expected increase, while the year-over-year inflation rate slowed to 3.9%. But rising energy prices pushed upward on the headline PCE price index, which rose 0.4% in August, its biggest increase in seven months.

The yield on the 10-year Treasury note fell 2.4 basis points on Friday to 4.572%, although it remained near 16-year highs reached earlier this week, according to Dow Jones Market Data.

In other economic data on Friday, the Bureau of Economic Analysis estimated that personal income rose 0.4% in August while consumer spending also increased 0.4%.

The Indian Government on Friday hiked special additional excise duty (SAED) on crude petroleum to Rs 12,100 per tonne with effect from September 30. In the last fortnightly review on September 15, the windfall tax on domestically produced crude oil was set at Rs 10,000 per tonne. Besides, the SAED or duty on the export of diesel will be cut to Rs 5 per litre, from Rs 5.50 per litre currently. The duty on jet fuel or Aviation Turbine Fuel (ATF) will be reduced to Rs 2.5 per litre effective Saturday, from Rs 3.5 per litre currently. The SAED on petrol will continue at nil. India first imposed windfall profit taxes on July 1, 2022.

India’s eight core sectors posted a growth of 12.1 percent in August, according to data released by the Ministry of Commerce and Industry on September 29. At 12.1 percent, the growth in India’s eight key infrastructure industries - coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas - last month is the highest in 14 months, spurred on by a favourable base effect. The figure for July has been revised upwards to 8.4 percent from 8.0 percent. In August 2022, core sector growth was 4.2 percent. For April-August, growth in core sector output is 7.7 percent compared to 10.0 percent in the first five months of 2022-23.

The jump in core sector growth in August was because of double-digit increases in the output of five of the eight industries: cement (18.9 percent), coal (17.9 percent), electricity (14.9 percent), steel (10.9 percent), and natural gas (10.0 percent).

The Indian Government’s fiscal deficit widened to Rs 6.43 lakh crore in April-August from Rs 6.06 lakh crore in April-July period, data released by the Controller General of Accounts on September 29 showed. At Rs 6.43 lakh crore, the fiscal deficit for the first five months of the current financial year accounts for 36.0 percent of the full-year target of Rs 17.87 lakh crore. The fiscal deficit for April-August 2022 was 32.6 percent of the target for 2022-23.

Shreyas Shipping Delisting withdrawal window for shareholders opens today October 3-16 and counteroffer bidding starts October 11-17.

The promoter of the company Transworld Holdings has made an open offer through their banker NovaaOne Capital on September 28, wherein THL had decided to make a counter offer at a price of Rs 400. The withdrawal window for public shareholders (who tendered their shares during the reverse book building process) is open between October 3-16 and counter offer bidding period for public shareholders to bid their shares at Rs 400 will start from October 11 and end on October 17

ADVLIFE

General

ALKA

General

GOODLUCK

Issue Of Warrants

HCKKVENTURE

General

KLBRENG-B

Preferential Issue of shares;General

KRRAIL

General

NECCLTD

Rights Issue;General

RISHDIGA

General

SPANDANA

General

UNIMOVR

Right Issue of Equity Shares

Ashok Leyland sales figures

Total M&HCV

11960

(10475)

LCV

6233

(6024)

year on year figures

The Indian stock market indexes are likely to see a gap-down opening today after returning from a holiday. Shares declined in Asia after hawkish signaling from the Federal Reserve fueled a volatile session for the S&P 500. US stocks finished mixed Monday as comments from Federal Reserve officials gave investors reason to expect restrictive policy to continue. Oil prices dipped in early Asian trade on Tuesday after falling to a three-week low in the previous session on a strengthening U.S. dollar and traders taking some money off the table from the last quarter’s chunky gains. As per provisional figures, Foreign Institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs) sold shares worth net Rs. 1685.70 crore and Domestic institutional investors bought shares worth net Rs.2751.49 Crore on 29th September 2023. -- SMC Global

Fortis subsidiary Agilus Diagnostics Files Draft Red Herring Prospectus With SEBI

MGL/GUJ Gas/IGL in focus as Govt Sets Domestic Natural Gas Price higher At $9.20/mBtu For Oct Vs $8.60/mBtu In Sept

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“There are mixed cues for the October series, which historically has been a good month for markets. The major negative for the near-term will continue to be the sustained FII selling, which touched Rs 26689 crores in the cash market in September. The dollar index rising above 107 and the US 10-year bond yield at 16-year high of 4.68 % are major headwinds for the market since FIIs are likely to continue selling in response to the rising dollar and US bond yields. But, on the positive side, the bulls will be emboldened to buy on the back of the tailwind of the 5% crash in Brent crude prices. Bullish DIIs and retail investors will lend support to the market. In the near-term these negative and positive factors can be expected to swing the market to and fro.”

Both international oil benchmarks initially showed signs of uptick, but eventually gave up gains in a similar trend seen on Friday. With the U.S. dollar reaching fresh ten-month highs against a basket of peer currencies, commodity prices, including oil, have come under pressure thus making it more expensive for buyers using other currencies.Oil prices are also under pressure as a key oil pipeline between Iraq and Turkey appears ready for operations this week. This development could lead to additional oil flows and potentially ease global supply constraints. Markets are looking ahead to an OPEC+ meeting scheduled for the week. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $86.10–85.40 and resistance is at $87.90–88.50 in today’s session. In INR Crude oil has support at Rs 7,350-7,240, while resistance is at Rs7,640–7,720.-- Rahul Kalantri, VP Commodities, Mehta Equities Ltd

Rahul Kalantri, VP Commodities, Mehta Equities Ltd

Gold and silver prices were sharply lower in the last two trading sessions, with Comex December gold futures hitting a 10-month low and December silver futures a 6.5-month low amid a stronger U.S. dollar and heightened speculation over interest rate hike. Market participants face conflicting cues from the Federal Reserve on the trajectory of interest rate hikes.Following expectations of a potential rate hike, the dollar has clocked a 10-month high, thus exacerbating bullion woes. Simultaneously, U.S. 10-year Treasury yields have retraced from a 15-year peak. Given the existing climate of rate uncertainty and a strong dollar, the immediate outlook for gold and silver remains bearish. We expect gold and silver to remain volatile in today’s session. Gold has support at $1802-1792 while resistance is at $1832-1848. Silver has support at $20.60-20.45, while resistance is at $21.02-21.22. In INR terms gold has support at Rs56,110, 55,740. while resistance is at Rs56,880, 57,150. Silver has support at Rs65,800-65,150, while resistance is at Rs67,440–68,350.

VST Tillers’ Power Tiller Sales (GU) up 1.1 per cent At 2,092Units Vs 2,070 Units (YoY)

Eicher Motors sales including joint venture up 8.6% at 7198 units vs 6631 units YoY. Royal Enfield sales down 4 per cent YoY at 78,580 Units Vs 82,097 Units

Adani Ports & SEZ - September cargo volumes recorded a 26% YoY jump: 1H cargo at lifetime high of around 203 MMT

MS on Shriram Fin: Maintain Overweight, target price at Rs 2200

MS on Ultratech: Maintain Overweight, target price at Rs 9300

Jefferies on MGL: Upgrade to Buy, target price at Rs 1320

CLSA on HUL: Upgrade to Buy, target price at Rs 3135

Jefferies on Concor: Maintain Buy, target price at Rs 825

Emkay on Dabur: Initiate Buy, target price at Rs 650

Incred on Avalon Tech: Initiate Add, target price at Rs 750

Incred on Amber: Initiate Add, target price at Rs 3760

Incred on Cyient DLM: Initiate Add, target price at Rs 880

Incred on PGEL: Initiate Add, target price at Rs 2200

Incred on Kaynes: Initiate Add, target price at Rs 2800

Incred on Dixon: Initiate Add, target price at Rs 6165

Incred on Syrma: Initiate Add, target price at Rs 700

Incred on IKIO: Initiate Add, target price at Rs 375

CLSA on Vedanta: Upgrade to outperform, target price at Rs 230

Citi on Vedanta: Maintain Sell, target price at Rs 225

Investec on Vedanta: Maintain Sell, target price at Rs 180

MS on MCX: Maintain Underweight, target price at Rs 1270

Tata Motors domestic sales up 2% at 82,023 units Vs 80,633 units YoY

Maruti Suzuki sales up 3.9% at 181,343 units vs 176,306 units YoY

M&M’s domestic sales at 42,034 units vs 47,100 units YoY

Mastek Limited : Company has received a favourable Order from the Hon. High Court of Gujarat quashing the notices / revisions u/s 154 and u/s 263 of the Income tax Act, 1961 proposed to be made by the Tax departmentfor AY 2008-09, AY 2009-10, AY 2011-12, AY 2012-13 and AY 2013-14.

Cosmo First Limited : Company has reported payment fraud of about Euro 0.9 million perpetuated against it by compromised business emails of the service provider. This has been reported to the Netherland police and is under investigation.

Reliance Infrastructure Limited : High Court at Calcutta has pronounced judgment in a petition filed by Damodar Valley Corporation (“DVC”) challenging the Arbitration award dated 21.12.2019 of ~ Rs 1,250 crore (“Award”) passed in favour of the Company, in respect of the Raghunathpur Thermal Power Project, wherein DVC was directed by Arbitral Tribunal to pay Rs 896 crore and return Bank Guarantees of Rs. 354 crore. The Hon’ble High Court, except for certain issues, has upheld majority of the Award to the extent of ~Rs 1,354 crore including interest till date and includes Bank Guarantees of Rs. 354 crore which were returned by DVC to the Company at the direction of Arbitral Tribunal.

DMR Hydroengineering & Infrastructures Limited : Company has executed the agreement to sell on Friday, September 29, 2023 of one of the asset of the Company i.e. a property located at Flat No. B4-0105, First Floor, Tower B-4, La Vida, Sector 112-113, Village Bajghera, Tehsil & District Gurgaon, Haryana.

CAPTAIN POLYPLAST LTD : Board has approved purchase of industrial land near Ahmedabad. This land will be used for setting up new manufacturing capacity in future as per business requirement. The company has identified suitable land for the same and acquisition of the land will be concluded soon. The company will use funds from internal accruals and bank financing for completing the purchase

Cantabil Retail India Limited : company has opened 7 New Showrooms/ Shops at different location in India during the month of September 2023. Now total number of Showrooms/ Shops of the Company stands at 482.

Astra Microwave Products Ltd : Astra Rafael Comsys Private Limited, our Joint Venture company, has bagged Rs.96.49 crores worth of order on 29th September, 2023 from Indian Air Force for supply of B-KITS, TESTERS AND TRAINER SPECIFIC A-KITS FOR SDR SETS OF MIG-29 UPGRADED AIRCRAFT

Triton Valves Limited : Company informed that a patent has been granted to the patentee for an invention entitled A MOLDING APPARATUS AND A METHOD THEREOF as disclosed in the above mentioned application for the term of 20 years from the 10th day of May 2018 in accordance with the provisions of the Patents Act,1970

Visaka Industries Limited : The Hon’ble Commercial Court, Ranga Reddy Court vide order dt.22.09.2023 passed orders attaching the Bank account and Moveable properties of HCA. HCA filed Civil Revision Petion No.2920 of 2023 before Hon’ble High Court of Telangana to stay attachment orders passed by Commercial Court, Ranga Reddy. After hearing both sides on 29.09.2023 the Hon’ble High Court of Telangana passed conditional stay order directing HCA to deposit a sum of Rs.17.50 crores within six weeks and also directed HCA not to transfer/alienate the properties in favour of third parties.

Kirloskar Ferrous Industries Limited : Company Announces acquisition of Oliver Engineering, expands its casting capacity

Quint Digital Media Limited : Board approved Memorandum of Association (“MOA”) to explore business opportunities in the field of ‘Artificial Intelligence’ and related IT activities and fields

AstraZeneca Pharma India Limited : AstraZeneca Pharma India Limited has received permission to import pharmaceutical formulations of new drug for sale or for distribution in Form CT-20 from Central Drugs Standard Control Organisation for Palivizumab (Synagis) solution for injection 100 mg/ml

Southern Magnesium and Chemicals Limited : company has received an order for supply of Magnesium Powder for an estimated contract value of Rs. 70.80 Lakhs which is to be delivered by Nov/Dec’ 2023.

Yarn Syndicate Limited : Company had considered and approved the execution of Share Subscription and Shareholders Agreement between M/s. Stitched Textiles Limited, Ahmedabad, (hereinafter referred as “First Party”) and our Company i.e. M/s. Yarn Syndicate Limited, Kolkata (hereinafter referred as “Second Party”), pertaining to subscription, allotment and issuance of 6,30,00,000 Equity shares at Rs. 3.15/- per share by way of investment of Rs. 19,84,50,000/- by our Company in M/s. Stitched Textiles Limited.

SML ISUZU LIMITED : Company informed that to cover the increase in input cost due to implementation of the Fire Alarm and Protection System (FAPS) and also general inflation, the Company has decided to increase the prices of its vehicles (both Trucks & Buses) with effect from 1 st October & Board informed that Show Cause Notice has been issued by GST Authority for the period July 2017 to December 2022 proposing tax demand of Rs. 1.75 crores along with applicable interest/penalty in the matter of classification of goods.The Company will file a reply to the Show Cause Notice before the Adjudicating Authority

Redington Limited : Company has received an Income Tax notice along with an Assessment Order (“Order”) for the assessment year 2020-21 from the Income Tax Department, raising a demand of Rs.233.66 Crores (including interest).

TVS SUPPLY CHAIN SOLUTIONS LIMITED : Company’s proposal for sale of 4.5% equity stake in TVS Industrial and Logistics Parks Private Limited, an associate company of the Company.In this connection, we would like to inform you that, Company has completed the transaction.

KENVI JEWELS LIMITED : Company will have a stall set up in the forthcoming exhibition of Gujarat Gold Jewellery Show to be held on 11th to 13th October at Helipad Exhibition Centre, Near Jilla Panchayat, Sector 17, Gandhinagar, Gujarat

CRISIL Limited : Company have been completed (100% completion) i.e., September 30, 2023 and consequently, Bridge To India Energy Private Limited has become a wholly owned subsidiary of the Company.The final consideration for the acquisition, after closing adjustments, amounts to Rs. 7.56 crore

MedPlus Health Services Limited : Board meeting to be held on 05 oct 2023 to Consider for Fund raise in multiple ways

NEOGEN CHEMICALS LIMITED : Board meeting to be held on 05 oct 2023 to Consider for Fund raise in multiple ways

Himalaya Food International Ltd : Board approved Fund raising of an amount not exceeding Rs. 40,00,00,000/- , through Rights issue to the eligible equity shareholders of the company as on Record Date (to be notified subsequently) The purpose for which rights issue is approved

Titagarh Rail Systems Limited : CRISIL has revised its outlook on the bank facilities of Titagarh Rail Systems Limited (“Company”) from “CRISIL A/Stable” to “CRISIL A+/Stable”

Earum Pharmaceuticals Limited :Company has decided to withdraw the Record date (i.e. 5th October, 2023) as intimated to the Stock Exchange via announcement dated 23rd September, 2023. Further, the Board has decided not to proceed with Sub-division/ Split of Equity shares of the Company and Equity share of the Company will have face value of Rs. 2/-

The Indian Link Chain Manufactures Ltd : Company approved Alteration in the capital of the Company by sub-division/split of existing equity share of the Company from one equity share having face value of Rs. 100/- each, fully paid-up into 10 equity shares having face value of Rs. 10/-

Hero MotoCorp Ltd/TVS Motors/Eicher Motors/Tata Motors/Ashok Leyland/Mahindra: Business Numbers

RUDRA GLOBAL INFRA PRODUCTS LIMITED : company accorded their consent for Splitting/ sub-division of Equity Share having face value of Rs. 10 /- each fully paid up into Equity Shares having face value of Rs. 5/- each.

NTPC LTD : Board approved norms and due approvals, Talaipalli Coal Mining Project, is declared on commercial operation w.e.f. 00:00 hrs. of 01.10.2023.

Adani Energy Solutions Limited : Mumbai’s unique and first ever 400 KV connection established, with commissioning of a double circuit transmission line by Adani Energy Solutions Limited This line was languishing for more than a decade and got awarded to Adani in 2021 through bidding. Mumbai is now 400 KV national grid Integrated Adani commissions Khargar-Vikhroli transmission line

Banco Products (India) Limited : Nederlandse Radiateuren Fabriek B.V. (NRF), a wholly owned subsidiary company.NRF opens new 12,700 m2 warehouse in Valencia

APOLLO MICRO SYSTEMS LIMITED : Board proposes to set up a state-of-the-art defence equipment manufacturing facility in Hardware Park, Hyderabad subject to approval by the Board of Directors of the Company. The company intends to perform Bhumi Pooja for the plant during upcoming Dusshera and plans to complete within nine months. The company has estimated total investment in the upcoming ventures to be around Rs 150 crores.

COAL INDIA LTD : CIL’s output up 11.3% in H1 FY 2024; supplies to power plants surge by10 MTs

Shri Dinesh Mills Limited : Company has executed Term Sheet on 2nd October, 2023 for sale of surplus Industrial land admeasuring 16208 sq. meters situated at Village: Atladra, Vadodara for a consideration of Rs. 45,75,00.000. The sale Deed will be executed as per the terms & conditions of the above referred Term Sheet.

Paushak Limited : Board informed that in order to carry out annual maintenance of plants, electrical installations and other utilities, the Company is proposing to undertake shutdown of its various manufacturing facilities in a phased manner from 2nd October, 2023 to 27th October, 2023

GRANULES INDIA LIMITED : Company Received ANDA Approval for Losartan and Hydrochlorothiazide Tablets ,Granules have a total of 60 ANDA approvals from the US FDA (58 final and 2 tentative approvals) Losartan potassium and hydrochlorothiazide tablets are indicated for the treatment of Hypertension to lower blood pressure and Reduce risk of stroke in patients with hypertension and left ventricular hypertrophy

Inspirisys Solutions Limited : Company received a Show Cause Notice dated 29th September, 2023 from the Office of Deputy Commissioner of State Tax (SGST), Gurugram through Email .Demand has been raised vide Show Cause Notice dated 29th September, 2023 towards GST liabilities basis the details provided therein for the period from 2017 to 2018. A potential demand of Rs.47 Lakhs has been put forth which is subject to the outcome of the matter.

Ramkrishna Forgings Limited : Board approved raising funds up to Rs. 1,000 Crores by way of issuance of equity shares through Qualified Institutional placement (“QIP”), in accordance ith the applicable laws including the SEBI

Aditya Vision Limited : The Company has opened its 130th showroom at Bus Stand Road, Araria- 854311, Bihar

Tips Industries Limited : company has successfully defended against commercial appeals filed by by WYNK Ltd and Bharati Airtel Ltd.

Essar Shipping Limited : Board approved disinvestment in Overseas Direct Investments (ODI) and sale of shares of wholly owned subsidiary Companies (herein referred as “WOS”) namely:

a. Energy II Limited, Bermuda

b. Essar Shipping DMCC, Dubai

c. OGD Services Holdings Limited, Mauritius

Godrej Agrovet Limited : Company to set up Integrated Palm Oil Complex in Telangana To invest INR 300 Crore over the next 3-4 years

Panorama Studios International Ltd : Company has entered into an agreement with Super Cassettes Industries Pvt. Ltd. (T-Series) for production of upcoming movie name RAID 2 starring by Ajay Devgn and others, which will be directed by Raj Kumar Gupta.RAID 2 is the sequel to RAID, a super blockbuster film released in 2018. The film will be going on floor around the end of November 2023.

Suven Pharmaceuticals Limited : Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced the completion of its majority acquisition of Suven Pharma (“Suven”), one of the top contract development and manufacturing organisations (CDMOs) in India

KFin Technologies Limited : Company is proud to announce its maiden contract with Bank of Ayudhya Public Company Limited (BAY), a leading financial institution in Thailand, to offer fund administration and investment management solutions deploying its state-of-the-art fund accounting platform “mPower”. BAY has chosen KFintech’s mPower solution, delivered through a cutting-edge Software as a Service (SaaS) model

DIXON TECHNOLOGIES (INDIA) LIMITED : the Income Tax Department (the Department) conducted a survey under the Income Tax Act, 1961 at offices of one of our Subsidiary Company (“Company”). The Company fully co-operated with the officials during the proceedings and responded to the clarifications and details sought by them

Cipla Limited : Board informed that Share Purchase Agreement dated 28th September, 2023 executed between the Company, Saba Investment Limited, UAE (“Saba”) and Shibham Group Holding Limited, UAE, the Company has divested its 51% stake held in Saba for consideration of USD 6 million.

Infibeam Avenues Ltd : Company has sent a proposal to license & support its Base Marketplace intellectual property to Government e-Marketplace (GeM), the online public procurement platform of Government of India

D P WIRES LIMITED : Company approved to Issue Bonus shares in ratio of 1 new equity share against 7 equity shares held on record date to the eligible shareholders of the company. The Record Date for the said purpose will be informed to the stakeholders in due course

Bhatia Communications & Retail (India) Limited : Company has opened the Store of SAMSUNG in Surat as a part of expansion of business. It has also executed the Agreement with Samsung India Electronics Private Limited for the same.The Company will now be keeping all the products of the Samsung and will also operate Service Center in this shop

Delta Manufacturing Limited :Rhine Estates Limited, UK (Formerly known as Magdev limited, UK), a material subsidiary of Delta Manufacturing Limited, has decided to initiate the process of voluntary winding up. The procedural formalities relating to voluntary winding up of Rhine Estates Limited will be done in due course of time.

Indus Towers Ltd : Company signs Agreement with IOC Phinergy for deployment of clean energy systems based on aluminium-air technology

Tata Motors Limited : TML Holdings Pte Limited (‘THPL’), a wholly owned subsidiary of Tata Motors Limited (‘the Company’), has informed that THPL has entered into an agreement for sale of its entire shareholding of 60% in Tata Motors (SA) (Pty) Limited to Tata Africa Holdings (SA) Proprietary Limited on September 29, 2023. The sale will conclude by October 3, 2023 and Tata Motors (SA) (Pty) Limited will cease to be a subsidiary of the Company from that date.a consideration of ZAR 30.16 million (Thirty Million One Hundred and Sixty Thousand Rands), in equivalent US Dollars

Kalpataru Projects International Limited : Company & its international subsidiaries have secured new orders/notification of awards of ₹ 1,016 Crores.

Blue Star Limited : Company has completed a fundraise of Rs 1,000 crores, through a Qualified Institutional Placement (“QIP”) of equity shares. The first-ever QIP transaction of the Company has witnessed a strong response from marquee foreign portfolio investors, sovereign wealth funds and top domestic institutional investors. The QIP has inter alia attracted global funds like Norges, Fidelity, ADIA, Goldman Sachs etc. while existing investors like First State and HSBC Global continue to repose faith in management and Company. Besides global funds, top leading domestic funds like SBI MF, Kotak MF, HDFC MF, Nippon MF, Aditya Birla MF, and Insurance Companies like SBI Life, HDFC Life and ICICI Pru Life have invested, and in some cases built on the positions already held by them.

Orient Cement Limited : Company has commissioned 1 st phase of Waste Heat Recovery System (WHRS) at its Chittapur Integrated Cement Plant to utilise the waste heat available from the pyroprocessing system. AQC Boiler along with Turbine and Air Cooled Condenser which forms about 80% of the generation capacity is successfully commissioned. Preheater boiler erection work is in progress which will be commissioned in the near future. Overall, gross power generation capacity of WHRS, after the commissioning of 2 nd phase will be 10.1 MW.

Shoppers Stop Limited : Company shall w.e.f. September 30, 2023, commerce operations from its new Shoppers Stop Store at Shoppers Stop, 60/34, Civil lines, SP Marg, Allahabad 211001.

Megri Soft Limited : Company Completed the construction of 57000 Sq.ft at a plot owned by a company measuring 0.505 Acre located at I-46, Sector-83 Alpha, I.T. City, SAS Nagar, Punjab, 160055 and will commence the production in the First week of October 2023

FICCI, CII and Assocham has thanked SEBI for extending the timeline for implementation of regulation relating to verification of market rumours by listed companies. The three apex business chambers expressed their gratitude to K V Kamath, Chairperson of the Industry Standards Forum for leading and guiding the draft recommendations. “The Forum worked on pilot basis on some of the provisions of SEBI LODR Regulations and submitted the first set of draft recommendations on Friday. The engagement will continue to include consultations with industry members, facilitated by the National Stock Exchange (NSE) and BSE,” it said in a statement.

After the receipt of draft recommendations of the Industry Standards Forum, SEBI has decided to postpone the implementation of the provision pertaining to rumour verification, which was to come into effect from October 1, 2023 and has issued a circular to this effect. The consultation process with the Regulator on the draft recommendations will now continue further.

Popular Vehicles And Services Limited has field draft red herring prospectus with market regulator SEBI.

The company plans to raise Rs 250 crore through fresh issue. The IPO also consists of offer for share up to 1.43 crore shares.

The company, one of the leading diversified automobile dealers with a fully integrated business model, caters to the complete life cycle of vehicle ownership, right from the sale of new vehicles, servicing and repairing vehicles, distributing spare parts and accessories, to facilitating sale and exchange of pre- owned vehicles, operating driving schools and facilitating the sale of third-party financial and insurance products.

BRLMs to the issue are ICICI Securities, Nuwama Wealth and Centrum Capital.

Juniper Hotels Ltd, which runs hotels under the “Hyatt” brand, has filed draft red herring prospectus with regulator SEBI to raise Rs 1,800 crore. As per draft papers, the company’s maiden public issue is entirely through a fresh issue of equity shares with no Offer for Sale (OFS) component.

Vedanta Ltd announced demerger into six entities comprising each business verticals. The event is planned to be simple vertical split i.e. mirror shareholding in each new entities same as existing at Vedanta Ltd. For every 1 share of Vedanta Ltd, the shareholders will additionally receive 1 share of each of the 5 newly listed companies. We expect the demerger process after getting all the required approvals will complete in next 12-15 months i.e. minimum mid-FY25. We believe, it is positive step as it will provide investors opportunity to have options to invest in pure play businesses. Each businesses will have greater freedom and independent management to drive niche strategies for growth. We believe, holding company VRL which is under debt repayment stress with payment due of more than USD2bn in CY24 won’t receive help from the demerger. We maintain BUY rating with TP of Rs273/sh on SOTP valuation.

Bondada Engineering Ltd, which listed its shares on BSE-SME recently, said it has received a work order from Hinduja Renewables Energy Pvt Ltd for supply, service, erection, testing commissioning of 16.5 MWp project at Sivagangai, Tamilnadu. The order value is Rs. 9.54 crore.

The new month is expected to open on negative note amid weak global cues. Though micro economic activity remains strong as captured by GST collections, analysts fear elevated higher rate level internationally will check foreign funds’ flow into Indian stock markets.

Gift Nifty at 19575, indicates a gap down opening of over 100 points as Nifty futures on Friday closed at 19709. Most equities across Asia-Pacific region are down in early deal on Tuesday.

The Rs 152 crore IPO of Valiant Laboratories, which opened on Wednesday, was subscribed 2.19 per cent at the end of Day 3. Today is the last day to subscribe into the company’s IPO. The company has fixed the price band at Rs 133-140 and market lot is 105 shares. Valiant IPO is completely a fresh issue of 1.089 crore shares.

SML Isuzu: Total sales up 16% at 872 units Vs 752 units YoY.

Atul Auto: Total sales up 18.1% at 2,662 units vs 2,254 units (YoY)

# West Texas Intermediate crude fell 2.2% to $88.76 a barrel

# Gold futures fell 1.1% to $1,846 an ounce

Currencies

# The Bloomberg Dollar Spot Index rose 0.7%

# The euro fell 0.9% to $1.0482

# The British pound fell 0.9% to $1.2093

# The Japanese yen fell 0.3% to 149.82 per dollar

Cryptocurrencies

# Bitcoin rose 3.1% to $27,955.22

# Ether was little changed at $1,673.03

\u0009

Bonds

# The yield on 10-year Treasuries advanced 12 basis points to 4.69%

# Germany’s 10-year yield advanced eight basis points to 2.92%

# Britain’s 10-year yield advanced 13 basis points to 4.56%

# China has week-long holiday

# New York Fed President John Williams moderates discussion on climate risk, Monday

# Cleveland Fed President Loretta Mester speaks on economic outlook, Monday

# US ISM manufacturing index, Monday

# Australia rate decision, Tuesday

# Atlanta Fed President Raphael Bostic speaks on economic outlook and inflation, Tuesday

# August US JOLTS report, Tuesday

# Eurozone services and composite PMIs, Wednesday

# ECB President Christine Lagarde gives welcome address at conference, Wednesday

# US ISM services index, Wednesday

# France industrial production, Thursday

# BOE Deputy Governor Ben Broadbent, Riksbank First Deputy Governor Anna Breman participate at panel discussion, Thursday

# San Francisco Fed President Mary Daly speaks at the Economic Club of New York, Thursday

# Germany factory orders, Friday

# September US nonfarm payrolls, Friday

On Monday, the Institute for Supply Management’s manufacturing survey rose to 49.0% last month from 47.8% in August, but remained at a level that signals contraction. Economists polled by The Wall Street Journal had expected the index to register 48% in September. The index has been negative for 11 months in a row for the first time since the Great Recession of 2007 to 2009.

S&P 500 Utilities slumped as much as 5.5% intraday Monday in their worst one-day slide since April 2020 as the yield on the benchmark 10-year Treasury note climbed as high as 4.701%, the highest in 16 years. Utilities, a capital-intensive business that’s constantly rolling over debt which in this interest rate environment means a heavier cost burden eating into profits, are on pace for their lowest close since June 2020.

Utilities are far and away the day’s worst performers in the S&P 500, with energy stocks trailing a distant second, down 2.1%.

[Y]ields continue to wreak havoc with Utilities (XLU) having their worst day since Covid

Better news came from China, where official data over the weekend showed the country’s manufacturing sector expanded in September for the first time in six months. That news initially helped the mood across global markets — though not in China itself, which was shut for the Golden Week holiday.

Keith Buchanan, a senior portfolio manager at GLOBALT Investments in Atlanta, which oversees around $2.5 billion, said the weekend showdown in Washington demonstrates “just how dysfunction can seep into the plumbing of our federal government, and is an ongoing risk.” “I don’t think that risk is behind us, and it is becoming a recurring issue that markets are starting to compartmentalize,” he said via phone on Monday.

Buchanan also said the developments in Washington haven’t changed his view on the markets. “We think that higher rates is really the tail wagging the dog in markets, and is the big story that’s causing the majority of the market moves we’re seeing right now,” he said.

Bank of England policy maker Catherine Mann called herself a hawk on interest rate policy while warning that inflation shocks were likely to be more frequent. Gilts underperformed in global bonds.

The dollar rose versus its Group-of-10 peers, after enjoying its best quarter in a year. Against the yen, it touched a year-to-date high, after the Bank of Japan said it would conduct an additional buying operation. Gold prices slipped to seven-month lows, extending last week’s 4% slide, under pressure from surging bond yields.

After crude’s biggest quarterly gain since March 2022, oil was in retreat with West Texas Intermediate dropping below $90 a barrel. A Citigroup Inc. analyst warned waning demand from China is poised to to cap the gains from OPEC+ supply cuts.

History suggests the US needs to brace for a recession, Bloomberg economists warned. A major auto strike, the resumption of student-loan repayments and the still-looming prospect of an eventual government shutdown menace recent market gains.

European stock markets closed lower Monday as figures showed continued pressures on the manufacturing sector.

The latest set of purchasing managers’ index surveys on Monday revealed an outgoing downturn in manufacturing output, as new orders fell by a near-record level.

Figures published last week showed euro zone inflation fell to its lowest level since October 2021. It tumbled to 4.3% for the month of September, according to flash data. The European Central Bank hiked interest rates to a record level last month, but economists and investors expect them to have now reached their peak.

An inflation gauge favored by the U.S. Federal Reserve rose by less than expected in August, meanwhile, trimming market-based probabilities for future rate hikes.

Elsewhere overnight, Asia-Pacific stocks traded mixed after manufacturing data out of China bounced back to expansion territory.

Companies in focus

•Class A shares of AMC Entertainment Holdings Inc. ended up by 2%. Variety reported over the weekend that the makers of a concert film of Beyoncé’s Renaissance World Tour are in advanced talks to distribute the film directly through AMC, following its deal to distribute the concert film “Taylor Swift: The Eras Tour” starting Oct. 13. Shares of Marcus Corp. MCS, +0.65% closed up by 0.7% after Marcus Theatres announced that it would show the Renaissance World Tour concert film.

•Shares of Tesla Inc. ended 0.6% higher even after the electric-vehicle giant reported third-quarter deliveries that were well below already-lowered expectations.

•Rivian Automotive Inc. said Monday that it delivered 15,564 vehicles in the third quarter, more than double the 6,584 vehicles the electric-vehicle maker delivered in the same period a year ago. Nonetheless, its Class A shares ended off by 2.6%.

•Nio Inc.’s American depositary receipts finished down by 2.8% even though the China-based electric-vehicle maker reported a big jump in deliveries for both September and the third quarter, amid the launch of its new EC6 coupe SUV.

•Shares of Kellanova formerly known as Kellogg Co., and the new North America cereals business WK Kellogg Co. were off to a soggy start, with the new stocks respectively ending down by 6% and 9.1% in their first day of trading following the completion of their separation into two independent public companies.

•SmileDirectClub Inc.’s Class A shares plummeted 61.2% after the teeth-straightening company voluntarily filed for Chapter 11 bankruptcy protection as its founders committed to help recapitalize the company.

The U.S. bond market is calling a moment: the age of low interest rates and inflation that began with the 2008 financial crisis has ended. What follows is unclear.

The market’s view has come into sharp focus in recent days amid a dramatic run-up in 10-year Treasury yields that hit 16-year highs.

Behind that move is a bet that the disinflationary forces the Federal Reserve fought with its easy money policies in the aftermath of the financial crisis have abated, according to investors and a regularly updated New York Fed model based on yields.

Instead, it shows investors have come to believe that the U.S. economy is probably now in what a regional Fed president said may be a “high-pressure equilibrium,” characterized by inflation running higher than the Fed’s 2% target, low unemployment rates and positive growth.

This momentous shift in the outlook for rates has profound implications for policy, business and people. While higher interest rates are good news for savers, businesses and consumers have become used to paying nothing for money over the past 15 years. The adjustment to a higher-for-longer rate environment could be painful, manifesting in failed business models and unaffordable homes and cars.

It could also force the Fed to keep raising rates to the point something breaks again, like three U.S. regional banks did in March. Minneapolis Fed President Neel Kashkari wrote last week that if the economy was in a high-pressure equilibrium, the Fed would “have to raise rates further, potentially going significantly higher to push inflation back down to our target.”

Stocks had closed out a losing September and third quarter on Friday. The S&P 500 fell 4.9% in September to post its worst month of 2023 and declined 3.7% for the quarter. The Dow and Nasdaq also suffered quarterly declines.

Volume on U.S. exchanges was 10.84 billion shares, compared with the 10.49 billion average for the full session over the last 20 trading days.

Market drivers

Stocks faced headwinds from the threat of higher interest rates, as 10- and 30-year Treasury yields climbed to their highest levels in more than a dozen years.

Monday’s selloff in U.S. government debt added to the recent losses experienced by existing Treasurys holders, who are watching the prices on underlying securities tumble. The rate on the 10-year note jumped by 11 basis points to 4.682%, its highest closing level since Oct. 12, 2007. The 30-year rate rose 8.5 basis points to 4.794%, its highest since April 6, 2010.

Stopgap legislation that averted a potentially economy-damaging government shutdown provided some early support during Asian trading hours. But Treasury yields moved steadily higher as the session progressed, with investors reasoning it is now more likely the Fed will raise borrowing costs again this cycle.

Historically, the market “has not cared” about government shutdowns, according to Charles Schwab senior investment strategist Kevin Gordon. He noted that the average performance for the S&P 500 from the start to the end of a shutdown has been “basically flat” in the past.

“I think the conditions that we’re in and that surround us are much more important. So, as we head into the year-end, if [we] don’t see an improvement in key areas of the economy, like housing and manufacturing, if [we] start to see more cracks on labor — I think that would that would definitely take on more importance than just the shutdown itself,” said Gordon.

Fed-funds futures traders priced in a 25.7% probability of a quarter-point rate increase on Nov. 1, up from around 18% on Friday.

Fed Gov. Michelle Bowman said that multiple interest-rate hikes may be required to get inflation down. She remains willing to support another increase in the central bank’s policy interest rate at a future meeting if upcoming data shows progress on inflation is stalling or proceeding too slowly. Fed Vice Chair for Supervision Michael Barr said on Monday that the central bank’s focus is on how long rates should stay high. In my view, the most important question at this point is not whether an additional rate increase is needed this year or not, but rather how long we will need to hold rates at a sufficiently restrictive level to achieve our goals. I expect it will take some time.

On Friday, New York Fed boss John Williams had suggested interest rates should stay high for some time.

Federal lawmakers secured a 45-day extension of current spending levels to dodge a government shutdown. However, the agreement is hardly a long-term solution, as tensions over government budgets are unlikely to dissipate. All else equal, each tightening of the government’s purse strings should act as a headwind to the economy and profits.

Monday’s session kicked off the final quarter of 2023, a seasonal period that tends to see gains for stocks, particularly as the year draws to a close.

It follows a tough September, though, when the S&P 500 endured its worst month of the year, down 4.9%, as the 10-year Treasury yield surged to its highest level since 2007 amid concerns that sticky inflationary pressures would cause the Federal Reserve to keep interest rates higher for longer.

An early sigh of relief for stocks after a weekend deal to avoid a government shutdown was tested as the focus in markets quickly shifted back to interest rates. Dow declines for eighth time in 10 sessions as bond yields rise even further

U.S. stocks mostly edge up to start final quarter of 2023, but concerns remain about rising Treasury yields which hit more multi-year highs. Lawmakers averted a shutdown of the federal government over the weekend.

The rout in Treasuries intensified Monday and US stocks struggled as traders digested messaging that the Federal Reserve needs to leave borrowing costs high to rein in inflation.

The S&P 500 ended the day little changed after clawing back losses in the final minutes of the session. Majority of S&P 500 stocks trade down. Poor breadth is a bad sign for the S&P 500. A handful of technology names were among the small group of S&P 500 stocks trading up in the session. Notably, Amazon, Apple, Meta and Alphabet all added more than 1%.

The small-cap focused Russell 2000 fell 1.6% on Monday, pulling it down 0.3% year to date. This marked the first time the index turned negative in 2023, underscoring trouble among small-cap names. The Russell 2000 is often thought of as a better insight into the health of the broader economy due to its focus on smaller businesses.

We ended September with a market that was enveloped by uncertainty. All three major indexes posted losses for September and the last quarter.. Coming into this month, it’s a market that needs confirmation that earnings are working their way higher. And, what’s crucial for the market is to ascertain where the Fed is headed.

Investors continue to keep a close eye on rising Treasury yields, but Monday’s advance in yields was tied to an agreement to avert a partial U.S. government shutdown, which reduced demand for the debt before this week’s key jobs data.

Economic data showed U.S. factory activity decreased at a shallower-than-expected pace in September, while U.S. construction spending increased in August. Investors anxiously await the monthly U.S. jobs report due on Friday.

S&P 500 companies begin to report third-quarter results later this month, with analysts expecting earnings to have risen 1.6% from the year-ago quarter after falling 2.8% in the second quarter.

Stock futures were little changed on Monday night.

Futures tied to the S&P 500 added 0.08%, while Nasdaq 100 futures gained 0.1%. Dow Jones Industrial Average futures added 15 points, or 0.1%.

On the economic data front, investors will be watching the Job Openings and Labor Turnover Survey for August, due Tuesday morning. Economists polled by Dow Jones anticipate 8.8 million job openings.

Investors are hoping to turn the page on a disappointing September for stocks. All three major indexes closed the month and the third quarter lower. The S&P 500 alone lost nearly 5% in September.

That means key economic reports — such as last month’s payroll reports, due Friday — and the kick off of earnings reporting season next week are back in focus.

Investors expect a solid upcoming earnings season, but it seems expectations are too optimistic for the balance of 2023 and 2024.

The most immediate risk to stocks is if companies are meaningfully affected by the economic slowing that is occurring from higher interest rates, which is a prominent risk that the market is ignoring right now.

Yet another surge in the dollar and U.S. bond yields on Monday suggests the momentum in these assets - which set the tone for markets around the world - is not about to slow down just because the final quarter of the year is underway.

If anything, it is accelerating. Asian markets could be in for a rocky ride on Tuesday after the 10-year U.S. Treasury yield leapt above 4.70% to its highest level since 2007 and the dollar spiked to its highest in almost a year.

Investors in Asia are also awaiting the Reserve Bank of Australia’s latest policy decision and guidance on Tuesday. But it is the relentless rise in U.S. Treasury yields and the dollar that will set the tone across the region.

From an Asian FX perspective, these moves can quickly snowball. Higher U.S. yields boost the dollar, which pushes Asian currencies lower, raising speculation that countries with particularly weak exchange rates might intervene by selling FX reserves, thereby pushing up U.S. yields. Repeat to fade.

Japan is in or around this kind of territory. The dollar is a whisker from 150.00 yen - the yen is at its weakest in over 50 years on a real effective exchange rate basis - and Tokyo could intervene at any moment, potentially selling some of its huge stash of U.S. Treasuries.

But the Bank of Japan is also fighting on the domestic bond market front, announcing on Monday that it will conduct extra bond buying operations as the 10-year yield reached its highest in a decade at 0.78%.

A closely-watched BOJ survey on Monday showed that Japan’s business sentiment improved in the third quarter, with big non-manufacturers’ mood brightening to levels not seen since 1991. This would strengthen the view that the BOJ is closer to ditching 30 years of ultra-loose monetary policy, hence the rise in domestic yields.

But the yen continues to slide, suggesting it is still being driven by U.S. yields and the dollar side of the equation. Something has to give.

Australia’s central bank is expected to keep its key interest rate steady at 4.10% on Tuesday, according to a Reuters poll, but hike it to a peak of 4.35% by the end of this year as inflation remains above target.

All but two of 32 economists in a Sept. 27-28 poll expected the RBA to hold its official cash rate steady. The two outliers forecast a 25 basis-point hike.

Like nearly every currency in the world on Monday, the Aussie dollar got crushed under the wave of U.S. dollar-buying, falling more than 1% to $0.6363. It was its steepest one-day fall in a month.

Cogni: +0.03%

Infy: +0.41%

Wit (%)

IciciBk (-0.52%)

HdfcBk (-1.85%)

DrRdy (-0.57%)

TatSt: +0.33%

Axis (-0.96%)

SBI (-0.28%)

RIGD (-0.18%)

INDA (-0.02%) (IShares MSCI INDIA ETF)

INDY (-0.22%) (IShares MSCI INDIA 50 ETF)

EPI (-0.16%) (Wisdom Tree India Earning)

PIN (%) (Invesco India Etf)

Sensex: 65,828: +320: +0.49%: shut

Nifty: 19,638: +115: +0.59%: shut

BankNifty: 44,585: +284: +0.64%: shut

NiftyIT: 31,784 (-95) (-0.30%) : shut

MIDCAP: 40,537: +433: +1.08%: shut

Dow: 33,433 (-74) (-0.22%)

S&P: 4,288: flat

Nas: 13,307: +88: +0.67%

Brazil: 116,565: +834: +0.72%

Ftse: 7,511 (-97) (-1.28%)

Dax: 15,247 (-39) (-0.91%)

Cac: 7,068 (-67) (-0.94%)

MOEX: 3,132 (-1) (-0.03%)

WTI Oil: $88.82 (-2.17%)

Brnt: $90.5 (-1.84%)

Natural Gas: 2.84 (-3.04%)

Gold: $1847 (-19) (-1.01%)

Silver: $21.42 (-4.58%)

Copper: $364 (-10) (-2.57%)

Cotton: $87.75: +0.69%

Copper (LME): $8,271: +53: +0.64%

Alluminum (LME): $2,347: +70: +3.05%

Zinc (LME): $2,650: +29: +1.11%

Tin (LME): $23,944 (-1,380) (-5.45%)

Eur-$: 1.0482 (-0.9%)

GBP-$: 1.2093 (-0.9%)

Jpy-$: 149.82: +0.3%

Re: 83.04 (-0.18%) : shut

USD-RUB: 99.1172 (-0.16%)

US10yr: 4.68%

GIND10YR: 7.210 (-0.39%)

$ Index: 107.017: +0.79%

US Vix: 17.61: +0.51%

India Vix: 11.45 (-10.69%) : shut

BalticDry: 1,701 (-15) (-0.87%)

FIIs -1,685

DIIs +2,751

JSW Infra: 31/-…IPO PX: 119/-…expected listing 150/- (+26%)

Sakshi Medtech: 36/-… IPO PX: 97/-…expected listing 133/- (+37%)

Manoj Vaibhav: Nil…IPO Px: 215/-

Today

Listing of Equity Shares of JSW Infrastructure Limited

2,100,001,567 Equity Shares …IPO px: 119/-

Listing of Equity Shares of Manoj Vaibhav Gems ‘N’ Jewellers Limited

48847441 Equity Shares.. IPO px: 215/-

Listing of Equity Shares of Saakshi Medtech and Panels Limited (SME IPO)

17656000 Equity Shares…IPO px: 97/-…Mkt lot 1200

Shares of JSW Infrastructure, a part of the JSW Group, will be listed at the exchanges today, within two trading days after completing its Initial Public Offering (IPO) last week. The company has fixed the IPO price as Rs 119, at the upper end of price band Rs 113-119.

Shares of Manoj Vaibhav Gems ‘N’ Jewellers Limited will make their debut at the bourses on Tuesday. The company has fixed the IPO price at Rs 215 at the upper end of the price band of Rs 204-215.

The demerger into different entities is expected to simplify the corporate structure, enhance risk mitigation framework, ensure autonomy, and improve transparency.

- However, the debt positions at both VEDL and HoldCo. remain unchanged. HoldCo./VEDL continue to face refinancing/repayment risks, considering substantial portion of debt maturing by CY25. The developments concerning the company’s debt will be a key monitorable moving forward.

- Globally, commodity markets are facing multiple headwinds, such as volatile input raw material prices, multi-decade high interest rates in developed economies, muted demand pick-up from China, and a slowdown in the Chinese real estate sector. We reiterate our Neutral rating on VEDL with our SoTP-based TP of INR250. At CMP of INR223, the stock is trading at FY25E EV/EBITDA of 4.9x and FY25E P/B multiple of 2.2x.

GST collection crosses ₹1.60 lakh crore mark for the fourth time in FY 2023-24

₹9.93 lakhcrore gross GST collection for the first half of FY24 marks 11% YoY growth

HERO MOTOCORP : SEP TOTAL SALES 5,36,499 UNITS VS 5,19,980 UNITS (YOY);4,88,717 UNITS (MOM)

TVS MOTORS: SEP TOTAL SALES 4.03 LAKH UNITS VS 3.79 LAKH UNITS (YOY)

TATA MOTORS: SEP TOTAL SALES 82,023 UNITS VS 82,754 UNITS (YOY); 78,010 UNITS (MOM)

Eicher Motors: Total CV sales at 7,198 units

Maruti Suzuki Total sales at 1.81 lk units

September Auto Sales | M&M Tractors

Domestic sales at 42,034 units vs 47,100 units YoY

Total tractor sales at 43,210 units vs 48,713 units YoY

Coal India: September production up 12.6% at 51.4 MT vs 45.7 MT

South Indian Bank (SIB) has appointed PR Seshadri as its MD & CEO effective October 1. He will succeed Murali Ramakrishnan.

Apollo Micro Systems Limited proposes to set up a defence equipment manufacturing facility in Hardware Park, Hyderabad, subject to approval by the Board of Directors of the Company. The company intends to perform Bhumi Pooja for the plant during upcoming Dusshera and plans to complete within nine months. The company has estimated total investment in the upcoming ventures to be around Rs 150 crore.

RVNL emerged as the lowest bidder for the development of distribution infrastructure at South Zone of Himachal Pradesh under the Revamped Reforms based and Results-linked, Distribution Sector Scheme (lShares of JSW Infrastructure, a part of the JSW Group, will make its market debut on Tuesday, listing within two trading days after completing its Initial Public Offering (IPO) last week.oss reduction works). The project worth Rs 1,098 crore will be executed within 24 months.

Kalpataru Projects International has informed the exchanges that the company including its international subsidiaries has secured orders worth Rs 1,016 crore, of which the transmission & distribution business account for Rs 552 crore

The board of Vedanta Ltd has approved a demerger plan of Vedanta Ltd into five entities in a 1:1 vertical split. Investors can expect to get five shares in Vedanta Aluminium, Oil & Gas, Power, Steel & Ferrous Materials, and Base Metals for each share held in Vedanta. Post demerger, the shareholding pattern of each company will mirror that of Vedanta Ltd. The process should take 12-15 months to materialise.

S&P Manufacturing PMI expected around 10.30. (Previous index point was 58.6)

We initiate coverage on Hindustan Aeronautics (HAL) with a ‘Buy rating at a target price of ₹2,266 (weighted average of prices using DCF & PE multiple).

HAL is a play on the growing strength & modernisation of India’s air defence given: its position as the primary supplier of India’s military aircraft; long-term sustainable demand opportunity, owing to the government’s push on procurement of indigenous defence aircraft; leap in HAL’s technological capabilities due to development of more advanced platforms (Tejas, AMCA, etc.); robust order book of ₹81,800 crore with further 5-year pipeline of about ₹2 lakh crore; and improvement in profitability through scale and operating leverage.