Share Market Highlights 16 August, 2023: Benchmark indices reverse losses; Sensex ends 138 points up; Nifty closes at 19,465

Benchmark equity indices Sensex and Nifty pared early losses to close higher on Wednesday, helped by fag-end buying in index majors Infosys, L&T and M&M amid a mixed trend in global markets.

The BSE Sensex climbed 137.50 points or 0.21 per cent to settle at 65,539.42. During the day, it fell by 369.03 points or 0.56 per cent to 65,032.89.

The NSE Nifty gained 30.45 points or 0.16 per cent to end at 19,465.

UltraTech Cement was the biggest gainer in the Sensex pack, rising 2.43 per cent, followed by NTPC, Tata Motors, Infosys, Power Grid, Mahindra & Mahindra, Larsen & Toubro, Maruti, Wipro and SBI were the major gainers.

In contrast, Tata Steel, Bharti Airtel, Bajaj Finserv, Axis Bank, Bajaj Finance and JSW Steel were the major laggards. - PTI

Happy Forgings Ltd has filed its Draft Red Herring prospectus (DRHP) with capital market regulator SEBI to raise funds through for its initial public offering (IPO). The IPO with a face value of ₹2 comprises a fresh issue of ₹500 crore and an offer for sale (OFS) of up to 8.05 million shares by Promoter and selling shareholders.

The offer for sale comprises of up to 53.7 lakh shares by Paritosh Kumar Garg (HUF), up to 26.8 lakh shares by India Business Excellence Fund - III.

The Offer is being made through the Book Building Process, wherein not more than 50 per cent of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15 per cent of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35 per cent of the Offer shall be available for allocation to Retail Individual Bidders.

Electronics Mart India’s stock grew by 2.84% on the BSE and traded at ₹124.80. The company had recently commenced operation of a new Multi Brand Store under the brand name ‘Bajaj Electronics’ in Karimnagar District, Telangana.

VIP Industries, Asia’s largest and the world’s second-largest luggage maker, has elevated its Chief Financial Officer, Neetu Kashiramka as the Managing Director Designate.

She will continue as CFO and will additionally take the responsibility of a Managing Director Designate till November 13. Later she will take over as the Managing Director and Chief Financial Officer of the Company, subject to shareholder’s approval.

Over 7% stake changed hands in Adani Power for around ₹7,900 crore in three block deals in afternoon trade.

Major gainers: Utlratech Cement (2.48%); Apollo Hospitals (2.37%); Tata Motors (2.02%) NTPC (1.90%); Infosys (1.64%)

Major losers: Tata Steel (-1.74%); Adani Ports (-1.35%); Hindalco (-1.10%); HDFC Life (-1.08%); Bharti Airtel (-0.99%);

The Indian market could see consolidation for a while with rich valuations capping upside but other factors likely protecting downside. Rich valuations across sectors largely factor in recovery in both volumes and profitability but do not factor any risks. 1QFY24 results showed (1) persistent weakness in consumption demand and (2) expected slowdown in outsourcing (IT services) demand but (3) further improvement in profitability.

Nazara Technologies to invest approx. ₹4.15 crore in Israel-based game developer Snax Games Ltd., through wholly-owned Singapore subsidiary Nazara PTE Ltd.

Shares of Nazara trade at ₹693.25, higher by 4.70% on the NSE.

Stocks advanced on BSE at 3 pm on August 16 were 1,767 against 1,823 stocks that declined. Total stocks traded were 3,731. The number of stocks that recorded a 52-week high 200, and those that hit a 52-week low was 43.

Mohit Ralhan, Chief Executive Officer, TIW Capital on the WPI Data says:

“Wholesale prices declined 1.4% YoY in July. This was the fourth consecutive reading in negative territory. The decline was driven by a fall in fuel & power and manufacturing prices. However, the pace of decline moderated as primary articles registered an 8.1% MoM price increase. Vegetables, cereals and pulses contributed the most to upward price pressure. Vegetable prices jumped 81% MoM. WPI food index, as a result, increased 7.8% YoY, up from -1.2% YoY in June.

Textiles, chemicals and paper & paper products contributed to a decline in manufacturing product prices. These product categories have been in deflationary territory for the last five months. This shows that manufacturing activity continues to remain under pressure.

SBI Card, India’s largest pure-play credit card issuer, announced that Mr. Abhijit Chakravorty has taken charge as the company’s new Managing Director and Chief Executive Officer, effective August 12. Chakravorty has taken over from Rama Mohan Rao Amara, who is returning to the bank after successfully leading SBI Card for over two and a half years.

TeamLease Services says:

With the festive season on the horizon, the BFSI (Banking, Financial Services, and Insurance) sector is already witnessing a remarkable surge in credit card sales, personal finance, retail insurance driven by increased consumer spending and confidence in the economy. This increased activity is anticipated to generate approximately 50,000 Temp Jobs in the second half of 2023, as BFSI firms are set to increase their workforce to meet the surge in finance products. The 15% increase in job opportunities over the previous year reflects the sector’s upbeat outlook and proactive approach to meeting consumers’ growing demands.

Global pharma major Lupin Limited has received approval from USFDA for its Abbreviated New Drug Application for Bromfenac Ophthalmic Solution, 0.09%, to market a generic equivalent of Bromday Ophthalmic Solution, 0.09%, of Bausch & Lomb Inc. This product will be manufactured at Lupin’s Pithampur facility in India.

The company also received ANDA approval for Metoprolol Succinate Extended-Release Tablets USP, 25 mg, 50 mg, 100 mg, and 200 mg.

The stock of Lupin rises by 1.69% on the NSE, trading at ₹1,100.30.

SP Apparels, a Avinashi, Coimbatore-based company, reported a 42 per cent decline in net profit to ₹15 crore for the first quarter ended June 30, 2023 as against ₹26 crore for the corresponding quarter last year. Revenue was down by 4 per cent to ₹245 crore (₹252 crore).

Camlin Fine Sciences informed in a regulatory filing that the Diphenol Plant of its wholly owned subsidiary, CFS Europe SPA situated in Ravenna, Italy, will be closed temporarily from August 16, 2023 to September 15, 2023 on account of difficult macro‐economic situation in Europe coupled with low pricing and weak demand across the industry.

The stock slips by 0.45% on the NSE, trading at ₹156.40.

Ashapuri Gold Ornament Ltd, manufacturer of antique gold jewellery, has received orders worth ₹100 crore at the Indía International Jewellery Show Premiere (IIJS) 2023. The company also launched an antique jewellery brand collection, MAAYIN.

The stock slides down by 0.66% on the BSE, trading at ₹10.50.

Major gainers: Garden Reach Shipbuilders & Engineer (17.48%); Cochin Shipyard (15.42%); D B Realty (13.26%); Johnson Controls-Hitachi Air Conditioning India (11.71%); Mishra Dhatu Nigam (7.40%)

Major losers: Hindustan Oil Exploration (-14.93%); Crompton Greaves (-5.90%); Uflex (-5.89%); Hindustan Copper (-5.72%); Indus Towers (-5.19%)

Simplex Infrastructures stock jumps 8.24% on the NSE, trading at ₹59.75. The company’s net loss widened to ₹150.64 crore for the June 2023 quarter as against ₹135.62 crore in the previous year.

Hyundai Motor India(HMIL) has signed an asset purchase agreement (APA) for the acquisition and assignment of identified assets related to General Motors India (GMI)’s Talegaon plant in Maharashtra.

The APA covers the acquisition and assignment of land and buildings, as well as certain machinery and manufacturing equipment in the plant, HMIL said in a statement on Wednesday.

India’s jute industry is set to see revenue fall 5-6% this fiscal because of lower exports, marking the second consecutive year of decline, CRISIL Ratings said. However, domestic demand is expected to be stable.

Operating margin is seen down 200-250 basis points to about 5% as exports, which are more profitable, would be lower, per the credit rating agency. Credit profiles are seen stable on healthy balance sheets, and negligible capital expenditure (capex).

According to an analysis of jute companies rated by CRISIL Ratings, accounting for about 30% of the sector’s revenue, exports, which form a third of the sector’s revenue of Rs 12,000 crore, are seen 15% lower this fiscal, after falling 8% last fiscal as overseas channel partners continue to destock amid slowdown worries in the US and Europe (key markets accounting for over 60% of the total exports from India). The end-use of jute in these markets is largely discretionary.

In contrast, domestic demand is expected to be stable because of steady orders for storage and transportation bags (made of jute) owing to higher grain procurement by the government.

Financially stressed quick commerce start-up Dunzo is facing a new challenge as off-roll ​employees of the company’s dark stores in Bengaluru have stopped work after their July salaries were delayed​, according to sources.

The trouble started brewing at the start of the week as several dark store workers in the city stopped work demanding salaries for the month of July.

JHS Svendgaard Laboratories stock rises by 5% on the NSE, trading at ₹23.10.

The company’s board had in-principally agreed to the Amalgamation of the Company and Vedic Cosmeceuticals Private Limited (VCPL) under the Scheme of Arrangement for amalgamation to be entered into between the Company and VPCL, their respective promoters/shareholders and creditors.

India’s lengthy legal processes remain a major impediment to the implementation of an effective framework for bankruptcy and resolution, and the “bad bank” that was incorporated in July 2021 has not played a meaningful role so far, says Fitch Ratings.

Rapid loan growth and higher exposure to certain asset classes is likely to indicate greater risk appetite, amid stiff competition, which could raise sectoral risk if not managed carefully, says Fitch.

India’s private credit/GDP, at around 57% in 2022, is already moderately higher than the median for sovereigns in the ‘BBB’ category, of 50%, it added.

Europe markets open in the red, following down day yesterday. While key indices across Germany, UK and France were down in the range of -20 to -30 bps, Italy’s FTSE MIB was deeper in red and down by nearly 1 per cent.

Asian markets too were under pressure today with Japan’s Nikkei 225 and Hong Kong’s Hang Seng both down by around 1.5 per cent. Double whammy of series negative data points from China, and spiking bond yields in the developed world have been pressurising markets this week.

Swan Energy’s shares were up by 3.76 per cent after the company reported a 192 per cent profit increase for the quarter ended June 30, 2023, at Rs 144.82 crore.

The company’s revenues were up by 208 per cent to Rs 804.29 crore.

CIL’s capex grow 8.5% to ₹4,700 crore in April-July FY 2024, the company said in its regulatory filing. The stock of Coal India slides down by 0.36% on the NSE, trading at ₹233.05.

Read more.

GPT Infraprojects Limited (GPT) has bagged a contract worth ₹32 crore from Principal Materials Manager, Eastern Railway, Kolkata, for manufacture and supply of Mono-Block Pre-Stressed Concrete Sleeper. GPT Infraprojects stock declines by 1.99% on the NSE, trading at ₹73.85.

Cochin Shipyard stock jumps 16.70% on the NSE, trading at ₹802.75. The company reported its June quarter consoldiated net profit at ₹98.65 crore as against ₹42.18 crore a year ago.

Most agrochemical companies—in India as well as overseas—reported very weak results for the recently-concluded June quarter amid continued pressure from channel destocking and generics oversupply, according to a Kotak Securities Ltd (KSL) report.

There were very few exceptions (BASF, Best Agro, Godrej and PI), all of which benefited from specific growth drivers, per the report. KSL opined that the upcoming September quarter will remain weak for the global industry, though India may fare better amid monsoon revival.

Fitch Ratings revised its Operating Environment (OE) mid-point score for Indian banks to ‘bb’ from ‘bb+’ in March 2020, after assessing that the pandemic was likely to worsen the existing OE stresses facing the sector.

The operating environment (OE) for Indian banks has strengthened as economic risks associated with the Covid-19 pandemic have ebbed, Fitch said. A number of prudential indicators for the sector have also improved compared with pre-pandemic levels, though growing risk appetite in a relatively benign OE highlights the importance of appropriate buffers against potential stress.

Shriram Properties stock rises 2.05% on the NSE, trading at ₹69.75. The company’s board had approved the appointment of Ashish Deora, Founder and CEO of Aurum PropTech Limited, focused on creating technology-driven revolution in the real estate sector in India.

Shares of non-banking finance company SBFC Finance Ltd made a remarkable stock market debut on August 16, beginning the trade with a premium of nearly 44 per cent, against the issue price of ₹57.

The stock listed at ₹81.99, up 43.84 per cent from the issue price on the BSE. It later jumped 59 per cent to ₹90.67.

At the NSE, it began the trade at ₹82, recording a jump of 43.85 per cent.

Uno Minda Ltd has recently commissioned a new EV systems plant in Farukhnagar, Haryana under the joint venture with FRIWO AG Germany. In August 2023, the company commissioned its second new EV systems plant under subsidiary Uno Minda Buehler Motor Private Limited (UMBM) in Bawal, Haryana.

The stock rises by 2.87% on the NSE, trading at ₹600.85.

Major gainers: Apollo Hospitals (1.93%); Infosys (1.56%); Tech Mahindra (1.33%); HCL Technologies (1.04%); Wipro (1%).

Major losers: Tata Steel (-1.90%); Hindalco (-1.79%); HDFC Life (-1.71%); Hero Motocorp (-1.44%); Adani Ports (-1.42%).

Over 70 per cent of Tata Motors’ customers in rural India, who are first-time car buyers, opt for an SUV. The automaker is curating its SUV vehicle offerings to cater to the changing demand in the domestic market. Vinay Pant, Head of Marketing at Tata Motors Passenger Vehicles Ltd spoke to Businessline on its increasing SUV market share, changing consumer demands, and an uptick in SUV sales in the hinterland.

Read more.

Patanjali Foods’ shares were up 3.33 per cent after the company reported a 7.7 per cent increase in revenue for the quarter ended June 30, 2023, at ₹7767.10 crore.

However, the company’s profit after tax was down by 63 per cent year-on-year to ₹87.75 crore. Sequentially, the company’s profits were lower by 66 per cent.

The shares were up by 3.33 per cent to ₹1,310 at 11.33 am on the BSE.

Stocks advanced on BSE at 12 noon on August 16 were 1,761 against 1,704 stocks that declined. Total stocks traded were 3,607. The number of stocks that recorded a 52-week high 170, and those that hit a 52-week low was 36.

Ashok Leyland stock inches up by 0.99% on the NSE, trading at ₹188.70.

The company’s board had approved the acquisition of 100% of Ohm Global Mobility Private Ltd (OHM) from OHM International Mobility Ltd for a nominal consideration of ₹1 lakh.

Aurobindo Pharma said in a regulatory filing that its wholly owned subsidiary company, Eugia Pharma Specialities Limited, has received final approval from USFDA to manufacture and market Icatibant Injection, 30 mg/3 mL (10 mg/mL), single-dose prefilled syringe.

The stock of Aurobindo Pharma inches up by 0.33% on the NSE, trading at ₹874.50.

TVS Motor Company and BMW Motorrad celebrates ten years of their long and strategic partnership. The companies signed partnership in April 2013 to manufacture sub-500cc motorcycles for global markets. This collaboration has resulted in the development of four products on the 310cc platform: BMW G 310 R, BMW 310 GS, BMW G310 RR and TVS Motor Company’s flagship motorcycle, TVS Apache RR 310.

TVS Motor stock declines by 1.04% on the NSE, trading at ₹1,330.85.

Vodafone Idea stock declines by 2.48% on the NSE, trading at ₹7.85.

The company’s losses widened to ₹7,840 crore in the quarter ended June 2023, from ₹7,296 crore in the corresponding period last financial year.

NMDC has informed the exchange about the prices of Iron Ore as under;

Lump Ore at ₹4,650 per tonne; and

Fines at ₹3,910 per tonne.

NMDC stock declines by 1.52% on the NSE, trading at ₹116.90.

Shoppers Stop has entered into a Master Rent agreement with M/s OPC Asset Solutions, for renting of Information Technology (IT) Assets, vide agreement executed by the Company on August 14, 2023.

Master Rent Agreement for renting of IT Assets is within the overall facility amount of Rs 30 crore. The renting of IT Assets will be for 3 years from date of supply. Rentals are payable quarterly in advance. Refundable security deposit is 10% and IT Assets will be returned at the end of the 3 years.

Shares up 1.6 per cent at Rs 828.25.

The share price of Hindustan Oil Exploration Company is being hammered by the market; not-so-good Q1 results and falling crude prices appear to be the reason.

On the NSE on Wednesday morning, the share price of the Chennai-based oil exploration and production company was down Rs 43.95, or 18.48 per cent, from the previous close. At the time of writing this report, the share price is quoting at Rs 193.85.

Bank Nifty index opened today’s session lower at 43,726 versus Monday’s close of 44,091. It is down by 0.6 per cent so far and is trading at around 43,815.

The index is showing a clear bearish bias as the advance/decline ratio stands at 2/10. State Bank of India, up by 0.5 per cent, is the top gainer whereas IndusInd Bank, down by 1.3 per cent, is the top loser.

Key Highlights:

• Revenue growth of around 7-9% in FY2024 over FY2023 owing to muted average revenue per user (ARPU) expansion.
• Debt levels elevated at around Rs. 6.1-6.2 lakh crore as on March 2024 (Rs. 6.3 lakh crore as on March 31, 2023).
• The three telcos together have achieved almost 75-80% penetration of 4G subscribers (around 800 million 4G subscribers).

No quick recovery for global market; India may fare better

Most agrochemical companies—in India as well as overseas—reported very weak results for the recently-concluded June quarter amid continued pressure from channel destocking and generics oversupply.

There were very few exceptions (BASF, Best Agro, Godrej and PI), all of which benefited from specific growth drivers. The upcoming September quarter will remain weak for the global industry, though India may fare better amid monsoon revival.

​SP Apparels Limited​ has proposed to incorporate a subsidiary company in Srilanka. The stock decliens by 2.21% on the NSE, trading at ₹443.80.

Royal Orchid & Regenta Hotels has launched a property in Shimla - Regenta Resort MARS Valley View Shoghi.

The stock inches up by 0.37% on the NSE, trading at ₹299.65.

Coffee Day Enterprises stock rises by 5.83% on the NSE, trading at ₹39. The company had reported a consolidated net profit of ₹22.51 crore for the first quarter ended June 2023 as against a loss of ₹18 crore in the April-June period a year ago.

Shares of hotels operator Sinclairs are up nearly 3% at Rs 165 in early trades on the back of best-ever quarterly earnings and buyback of shares for upto Rs 200 apiece.

HCL Technologies stock rises 1.10% on the NSE, trading at ₹1,183.90. The company had been selected by Cricket Australia (CA), the national governing body for the game in Australia, for the next phase of CA’s digital transformation.

Major gainers: Garden Reach Shipbuilders & Engineer (18.41%); Johnson Controls-Hitachi Air Conditioning India (11.92%); Cochin Shipyard (9.52%); Religare (8.61%); RattanIndia (7.40%)

Major losers: Hindustan Oil Exploration (-16.93%); Uflex (-6%); Hindustan Copper (-5.76%); TGV Sraac (-5.26%); Crompton Greaves (-5.10%)

Kaveri Seeds Ltd.’s shares went up by 4.39 per cent after the company reported an 11.2 per cent increase in profit for the quarter ended June 30, 2023, at Rs 267.83 crore compared to Rs 240.67 crore during the corresponding quarter last year.

The company’s revenues were up 4.8 per cent to Rs 767.29 crore compared to Rs 731.95 crore last year. Sequentially, the company’s profits were higher compared to Rs 13.88 crore in the previous quarter.

The shares went up by 4.39 per cent to Rs 580 at 10.49 am on the BSE.

Sonata Software said in a regulatory filing that the company is witnessing a high level of interest for its recently launched Harmoni.AI, a responsible-first AI offering. The company has partnered with CPL Aromas to foster its next phase of modernisation journey.

“We are excited to take the next leap in our Modernization journey with Gen AI to drive our next phase of Transformation, enabled by the Responsible First approach leveraging Sonata’s Harmoni.AI offerings,” said Alfred Muthunathan, CIO, CPL Aromas.

Sonata’s stock inches up by 0.46% on the NSE, trading at ₹1,035.60.

Shares of Chennai-based drug maker Caplin Point Laboratories rises 4% to Rs 1,052 on NSE.

The company has announced that it has embarked on ₹550-crore capex to expand its existing capacities and to build new facilities for export to regulated markets.

Infosys stock rises by 1.55% on the NSE, trading at ₹1,415.10.

The company had expanded its collaboration to evolve and scale Liberty Global’s cutting-edge digital entertainment and connectivity platforms.

SBFC Finance Limited debuted in the secondary market at a listing price of Rs. 82 versus its issue price of Rs. 57, making it another intriguing listing where investors would receive some decent returns in the IPO. That represents a premium of almost 43%, although it falls short of earlier projections, which is probably a result of broader market volatility.

SBFC stands out as a rapidly expanding non-banking financial company (NBFC) with robust earnings growth and stable asset quality. However, it bears the vulnerability of being sensitive to interest rates and market cycles, so in this market, after listing at such a premium, one should book profit, however aggressive investors may hold it for the long term.

Hindustan Copper stock declines by 7.26% on the BSE, trading at ₹141.75. The State-owned company posted a 17.54% decline in net profit to ₹47.28 crore for the June quarter on account of higher expenses.

It had clocked ₹57.08 crore as “net profit after tax share of profit of JV/associates”, in the year-ago period, Hindustan Copper said in a regulatory filing.

InterGlobe Aviation (IndiGo) stock declines by 3.71% on the NSE, trading at ₹2,454.65.

Its co-founder Rakesh Gangwal is looking to raise over ₹3,730 crore by paring down his stake in the airline via block trade.

Garden Reach Shipbuilders and Engineers Ltd.’s shares surged after the company reported a 52 percent increase in profit for the quarter ended June 30, 2023, at Rs 76.68 crore compared to Rs 50.17 crore during the corresponding quarter last year.

The company’s revenues were up by 30 per cent to Rs 755.90 crore compared to Rs 579.77 crore last year. Sequentially, the company’s profits were higher by 38 per cent compared to Rs 55.29 crore in the previous quarter.

The shares were up by 9 per cent to Rs 721 at 10.10 am on the BSE.

Vikas Lifecare had acquired 98% equity of MSR Apparels Private Limited (a company engaged in manufacturing of all types of textile garments and clothing accessories) from its existing promoters and shareholders in an all-cash deal for a total consideration of ₹12.5 crore.

The stock of Vikas Lifecare jumps 10.14% on the NSE, trading at ₹3.80.

SBFC FINANCE LIMITED

ISSUE PRICE: ₹ 57

LOT SIZE:-260

LISTING PRICE

BSE: ₹ 81.99

NSE: ₹ 82

Listing Gain

BSE:-6497.40

NSE:-6500

Benchmark equity indices declined in early trade on Wednesday amid weak global market trends and continuous foreign fund outflows.

The 30-share BSE Sensex fell 369.03 points to 65,032.89. The NSE Nifty declined 117.35 points to 19,317.20.

From the Sensex pack, Bajaj Finance, HDFC Bank, IndusInd Bank, Tata Motors, Tata Steel, Bajaj Finserv, JSW Steel and ICICI Bank were the major laggards.

ITC, Tech Mahindra, Infosys, State Bank of India, Wipro, HCL Technologies, Hindustan Unilever and NTPC were the gainers.

Tomato prices have begun declining across the country with arrivals increasing and the weather clearing up. In New Delhi, tomatoes are sold at ₹50 a kg. In southern cities such as Bangalore and Chennai, tomato prices have declined to around ₹60 a kg. In Maharashtra, barring Mumbai, Thane and Kolhapur, tomato prices have dropped to around ₹50 a kg, per Agmarket data.

Indian automaker Mahindra & Mahindra unveiled the Thar.e and its Global Pik Up in Cape Town, South Africa, on August 15. The Thar.e will be on the company’s INGLO electric platform with AWD electric powertrain and incorporate 50 per cent recycled PET and uncoated plastics.

Bharti Airtel on Tuesday said claims worth ₹45,286.76 crore against the company and its subsidiaries are under litigation in various courts across the country.

The pending litigations include a demand of ₹15,178 crore, the highest among all, for one-time spectrum charges that was raised by the Department of Telecommunications (DoT) in January 2013.

Aditya Vision has opened two showrooms at Godda, Jharkhand; and Prayagraj, Uttar Pradesh.

The stock inches up by 0.47% on the BSE, trading at ₹2,386.75.

On NCDEX, turmeric gained in the spices complex, while jeera (cumin) and dhaniya (coriander) declined. Dhaniya September contracts dipped by ₹100 to ₹7,414 a quintal. Jeera September futures slipped by ₹530 to ₹61,510 a quintal. Turmeric December futures gained ₹180 at ₹18,098 a quintal.

AXISCADES Technologies Ltd has announced the appointment of Hrishi Mohan as the Group Chief Human Resources Officer. Before joining the company, Mohan led the HR function for companies like Wipro, Accenture, Godrej-GE Appliances Tenshi Life Sciences Ltd, the company said in its exchange filing.

AXISCADES stock rises by 5% on the NSE, trading at ₹579.70.

In Asian trade, gold declined towards $1,900 an ounce. The yellow metal hovered near seven-week lows at $1,904.09 as stronger-than-expected US retail sales data supported the case for the Federal Reserve to keep interest rates higher for longer. Silver ruled steady at $22.52 an ounce.

Shares of SBFC Finance will be listed at the bourses on Wednesday. The company has fixed the issue price at Rs 57, at the upper end of the price band rs 54-57. The Rs 1,025-crore initial public offering of SBFC Finance saw an overwhelming response from all category of investors by subscribing over 70 times.

Michael Burry’s Scion Asset Management exited its stakes in Alibaba Group Holding Ltd. and JD.com Inc. in the second quarter, ditching the stocks just months after doubling down on them.

That’s a stark turnaround, considering the two Chinese tech giants comprised 20 per cent% of the firm’s portfolio and were its top two equity holdings at the end of March.

Major gainers on the NSE: ITC (1.29%); Infosys (1.28%); BPCL (1.25%); Tech Mahindra (1.16%); LTI Mindtree (0.69%)

Major losers: Hindalco (-1.90%); Hero Motocorp (-1.75%); Adani Ports (-1.59%); Divi’s Laboratories (-1.36%); Adani Enterprises (-1.34%)

Aptech MD and CEO Dr. Anil Pant passed away on August 15, 2023. The company disclosed in an exchange filing, and added, “Dr. Pant’s contribution and energy will be missed by the company. All the directors and employees of the company convey their deepest condolences to his family.”

Crude oil futures traded lower on Wednesday morning following the weak economic data from China. At 9.17 am on Wednesday, October Brent oil futures were at $84.67, down by 0.26 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $80.83, down by 0.20 per cent.

August crude oil futures were trading at ₹6732 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6868, down by 1.98 per cent; and September futures were trading at ₹6702 as against the previous close of ₹6829, down by 1.86 per cent.

Tejas Networks Limited, part of Tata Group, has received a purchase order from Tata Consultancy Services Limited (TCS) worth ₹7,492 crore for supply, support and annual maintenance services of its Radio Access Network (RAN) equipment for BSNL’s Pan-India 4G/5G network.

Your account balance today won’t include credits from equity intraday profits and credits & M2M profits from F&O positions on 14th August and will show from 17th August.

Currency trading will also be closed today.

KPI Green Energy Limited has entered into an MoU with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT), a subsidiary of MPBCDC, a government undertaking of Maharashtra, aimed at the advancement of diverse projects, particularly those in the realm of renewable energy.

• BofA on Auro Pharma: Maintain Buy on Company, target price at Rs 965/sh
• Citi on SAIL: Maintain Buy on Company, target price at Rs 110/sh
• GS on Divis Lab: Maintain Buy on Company, target price at Rs 3885/share
• Jefferies on Divis Lab: Maintain Buy on Company, target price at Rs 4300/sh
• Citi on Crompton: Maintain Buy on Company, target price at Rs 350/sh
• MS on IBul housing: Maintain Underweight on Company, target price at Rs 103/sh
• HSBC on Auro Pharma: Maintain Hold on Company, target price at Rs 855/sh
• HSBC on Divis Lab: Maintain Reduce on Company, target price at Rs 2890/sh
• BofA on Divis Lab: Maintain Underperform on Company, target price at Rs 3150/sh
• Nomura on Crompton: Downgrade to Neutral on Company, target price at Rs 338/sh

CLSA

Do not expect RBI to react to CPI inflation jumping to 7.4% in July

Still expect RBI to cut rates by 100bp from Dec if Fed pauses @5.5%

If Fed raises to 5.75%, RBI will likely hike to 6.75% in Oct & cut 125bp from Feb

Nomura

Higher headline, lower core dilemma begins

Further liquidity tightening cannot be ruled out, but with core inflation drifting lower, expect an extended pause on repo rates for now

CITI

Vegetable Shocker in July CPI, Kneejerk Rate Action Might Still Not be a Preferred Option

In base case, expect no further rate hikes but push our first rate cut call to Jun-24 (vs Apr-24 earlier)

Morgan Stanley

Now expect inflation to rise in near term before moderating to below 6% from November

As such do not expect rate easing to start until 2Q24 Liquidity management will likely remain focus in RBI’s inflation fight

UBS

Maintain our base case view that CPI inflation will average 5.4%YoY in FY24

Continue to expect MPC to remain vigilant & keep repo rate on a prolonged pause in rest of FY24

Citi on SAIL

Buy Rating

Target Rs 110

Adj EBITDA Fell 9% YoY On Lower Realisations, Offset In Part By Strong Vol & Lower Costs

Sequentially EBITDA Fell 43% On Lower Volumes & Higher Costs

Q1FY24 Adj EBITDA/t At Rs 4,245 Vs Rs 6,225 In Q4FY23 And Rs 5,745 In Q1FY23

Excluding Profit On Sale Of Plant & Machinery, Co Reported Loss During The Qtr

Domestic Steel Prices Softened, Expect EBITDA/t To Expand

Citi on Crompton Cons

Buy Rating

Target Rs 350

Reported Soft Q1 With Revenue & EBITDA At Rs 1,880 Cr & Rs 190 Cr, Respectively

Fans & Small Appliances Saw Rev Growth, Lighting & Residential Pumps Dragged

EBITDA Margin Came In At 9.9%, Down 191 bps YoY

Lighting Margin Expands, Overall Margin Impacted By Increase In A&P Spends

Going Forward, Crompton Will Prioritise Revenue Growth

Citi on Crompton Cons

Buy Rating

Target Rs 350

Reported Soft Q1 With Revenue & EBITDA At Rs 1,880 Cr & Rs 190 Cr, Respectively

Fans & Small Appliances Saw Rev Growth, Lighting & Residential Pumps Dragged

EBITDA Margin Came In At 9.9%, Down 191 bps YoY

Lighting Margin Expands, Overall Margin Impacted By Increase In A&P Spends

Going Forward, Crompton Will Prioritise Revenue Growth

MS on Indiabulls Hsg

Underweight Rating

Target Rs 103

PPoP Miss Of 21% On Lower Total Income & Higher Operating Costs

PAT Beat As Lower PPoP Was Offset By Recoveries Led Credit Cost Reversals

Raise Forecasts By 5-6%, However, RoE Will Likely Take Longer To Recover

HSBC on Aurobindo Pharma

Hold Rating

Target Raised To Rs 855

Q1 Helped By Sales In US & Europe Segments And Operating Leverage Benefits

Outlook Remains Robust For Key US Segment In Near-term On Vol Growth & Launches

US Sales Growth Benefits Largely Priced In, Sustainability Is Key

BoFA Sec on Aurobindo Pharma

Buy Rating

Target Raised To Rs 965 From 770

Strong Quarter With Both US & EU Sales Beat

EBITDA Margin In-line On Moderation In Gross Margin

US Momentum To Continue On Stable Pricing, Launch Pipeline

JPMorgan on ITC

Overweight Rating

Target Rs 475

In-line Q1 EBITDA, Cigarette & Other FMCG Performance Trending Well

DD Revenue/EBIT Momentum Sustains In Cigarettes Segment

Healthy Revenue & Margin Delivery In Other FMCG Segments

Stay Overweight Amidst Relative Earnings Security & Accommodative Valuations

CLSA on ITC

Outperform Rating

Target Rs 480

Cigarette & Other FMCG Make-Up For Challenges In Agriculture & Paper

Cigarettes Continue To Provide A Spark & Other FMCG Margin On Track

Hotels Demerger To Sharpen Capital Allocation And Improve Return Ratios

Separation Of Hotel Biz Would Improve Overall Return Ratios By 200-250 bps

BofA Sec on ITC

Buy Rating

Target Rs 500

Strong Earnings Growth, Beats Estimates Again, 10% Rev Growth YoY

Cigarettes Remain Resilient With Stable Op Environment & Gain From Illicit Trade

Another Solid Show In Other FMCG & Better Agri Numbers Also Help

GS on ITC

Buy Rating

Target Rs 500

Q1 In-line With Est, EBITDA Grew 11% YoY

Cigarette Revenue Grew Double-digits Driven By Volumes

FMCG Had An Exceptionally Strong Quarter

Hotels Growth Moderates, Paper Declines YoY, Agri Profits Grow Strongly

Jefferies on ITC

Buy Rating

Target Rs 530

Key Businesses Reported Strong Momentum

Cigarette Volumes Up 8% & FMCG Revenue Growth 16%

Underlying Margin Expanded In Both, Other Segments Were Generally Mixed

Think Stock Continues To Offer Value & Provide High Earnings Visibility

MS on ITC

Overweight Rating

Target Raised To Rs 493

Q1 Ahead Of Estimates With Good Performance Across All Divisions

Strong Results & Improving Growth Outlook Augur Well For Continued Outperformance

Expect a Moderate Cigarette Tax Environment, +Ve Near-term Earnings & Attractive Valuation

GS on Divi’s Labs

Buy Rating

Target Rs 3,885

Revenue/EBITDA Grew -9%/+3% QoQ, Implying A Miss Est

Generic API & Custom Synthesis Biz Declined Double-digits On A Sequential Basis

Margin Continued To Recover Mainly On Account Of Improvement In GMs

Jefferies on Divi’s Labs

Buy Rating

Target Raised To Rs 4,300

Q1 Missed Estimates On Both Revenue & PAT

Margin Recovery Continued As Both Gross & EBITDA Margin Improved

Near-term Growth Driver Will Be Ramp Up Of Sacubitril Valsartan Proj & Base Biz Pdts

New Contrast Media Projects Will Be Online By the End Of FY25

HSBC on Divi’s Labs

Reduce Rating

Target Rs 2,890

Rev Below Est, Co Saw Gross & EBITDA Margin Recover On Softening Input Costs

Current Price Reflects Perfect Execution & Full Benefits From Future Opportunities

Assume Business Recovery To Be A Long Drawn Out

BoFA Sec on Divi’s Labs

Underperform Rating

Target Rs 3,150

Rev In-line Reflecting Weak Export Print, Margin Higher That Est On GM Beat

Est Double-digit Rev Growth & 31-35% Margin Over FY24-26 Building Base Momentum

Medium-term Momentum Leave Little Margin For Error

UBS on Voda Idea

Neutral Rating

Target Rs 7.7

Q1market Share Loss Continues

Q1 In-line On Rev & Operating Metrics, But Costs Were Higher Than Expected

Revenue In-line With Est With ARPUs Up 3% QoQ To Rs139

EBITDA Was 7% Below Est Due To Higher Subscriber Acquisition & Servicing Costs

Net Loss Came In At Rs7,800 Cr

CITI on Voda Idea

Neutral

1Q rev at Rs106.5bn (+1% qoq) were slightly (1%) ahead of est., largely driven by better ARPU

Net loss widened qoq to -Rs78bn mainly due to a rise in interest costs

Completion of much-delayed capital raise remains crucial

Underweight Rating

Target Rs 1,150

Announced Large Deal With Liberty Global (LG) With A TCV Of $1.6 Bn Over 5 Yrs

Co Has The Option To Extend Deal By Another 3 Yrs, Taking Deal Size To $2.5 Bn

Deal Is Likely To Be Margin-dilutive, On Lines Of Past Verizon/Daimler Contracts

Annual Rev From This Deal Should Avg $330 m, But Not Entirely Net New

Don’t Expect A Material Contribution To FY24, Could Add 70-90 bps To FY25 Growth

India’s currency and debt markets will be closed on Tuesday, August 15 and Wednesday, August 16, for holidays.

The markets will resume trading on Thursday, August 17.

The government on Monday raised the windfall tax on domestically-produced crude, diesel and aviation turbine fuel (ATF) or jet fuel.

The windfall tax on crude oil will increase from Rs 4,250 to Rs 7,100 per tonne, according to a gazette notification issued on Monday.

It has also increased the levy on diesel from Rs 1 to Rs 5.50 per litre and on jet fuel from nil to Rs 2 per litre.

The new rates will be applicable from August 15 onwards, the notification said.

AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises Limited has approved to enter into binding Memorandum of Undertaking with Quintillion Media Limited for the acquisition of remaining 51 per cent stake in QBML. Post acquisition of 51 per cent stake, QBML will become a wholly-owned subsidiary of AMNL.

Earlier, the company in March had acquired 49 per cent stake

Tejas Networks Limited has executed with Tata Consultancy Services Limited, a related party of the company, the Master Contract towards supply, support and annual maintenance services for Radio Access Network equipment for BSNL’s Pan-India 4G/5G network.

As a part of this contract, the Company received a Purchase Order Rs. 7,492 crore (excluding GST) from TCS towards supply of 4G/5G RAN equipment for approximately 100,000 sites.

Shares of SBFC Finance will be listed at the bourses today. The company has fixed the issue price at Rs 57, at the upper end of the price band rs 54-57. The Rs 1,025-crore initial public offering of SBFC Finance saw an overwhelming response from all category of investors by subscribing over 70 times.

The category for Qualified Institutional Buyers (QIBs) was subscribed a whopping 192.90 times while non-institutional investors quota received 49.09 times subscription. The portion meant for Retail Individual Investors (RIIs) got subscribed 10.99 times and employee by 5.87 times.

Ex-Dividend 17 August 2023 (Tomorrow)

Last date for Cum-Dividend Today

Action Construction Equipment Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 770.15

Bharat Electronics Ltd.

Dividend Per Share Rs.0.6

Previous day Closing Price – Rs. 130.5

Benares Hotels Ltd.

Dividend Per Share Rs.20

Previous day Closing Price – Rs. 5048.55

Heranba Industries Ltd

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 359.4

I G Petrochemicals Ltd.

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 457.2

Industrial & Prudential Investments Co. Ltd.

Dividend Per Share Rs.60

Previous day Closing Price – Rs. 2914.2

India Pesticides Ltd

Dividend Per Share Rs.0.75

Previous day Closing Price – Rs. 217.75

IL&FS Investment Managers Ltd.

Dividend Per Share Rs.0.8

Previous day Closing Price – Rs. 8.81

Jammu & Kashmir Bank Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 77.75

J.B. Chemicals & Pharmaceuticals Ltd.

Dividend Per Share Rs.9.25

Previous day Closing Price – Rs. 2677.65

Vedant Fashions Ltd

Dividend Per Share Rs.9

Previous day Closing Price – Rs. 1265.6

Neelamalai Agro Industries Ltd.

Dividend Per Share Rs.30

Previous day Closing Price – Rs. 3372.85

Relaxo Footwears Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 929.95

Shilchar Technologies Ltd.

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 2406.6

South Indian Bank Ltd.

Dividend Per Share Rs.0.3

Previous day Closing Price – Rs. 21.22

V-Guard Industries Ltd.

Dividend Per Share Rs.1.3

Previous day Closing Price – Rs. 307.4

The Yamuna Syndicate Ltd

Dividend Per Share Rs.325

Previous day Closing Price – Rs. 17822

Suzlon has allotted 113,96,01,13 shares at the issue price of Rs 17.55 to QIBs.

Shares allottees to:

BNP PARIBAS 11.45%

BANDHAN MF 10.50%

GOLDMAN SACHS FUNDS 6.81%

HDFC MF 5.00%

INVESCO FUNDS 6.50%

MAX LIFE INS 7.00%

ICICI PRU FUNDS 7.50%

Real estate stocks are likely to remain in focus as, the Prime Minister Narendra Modi, on Tuesday said the government would launch a new scheme to help those living in rented houses in cities to build their own homes.

In his Independence Day speech from the ramparts of the Red Fort, PM Modi said: “The weaker sections living in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, slums, chawls, and unauthorised colonies. If they want to build their own houses, we will assist them with relief in interest rates and loans from banks that will help them save lakhs of rupees.”

Caplin Point is working on ₹550-crore capex to expand its existing capacities and to build new facilities for export to regulated markets like the US.

FMCG companies put up a low-key show on the topline front in Q1FY24, where pricing growth anniversarized and volume growth was lackluster (sector volume growth stood at 7.5%, but only 0-4% for our coverage companies, except GCPL that saw 12% growth). However, from the margin perspective, there has been healthy recovery, driven by easing in raw-material costs. Earnings delivery was relatively better, with improvement in margins. Going ahead, companies would strive for growth in volume over margin. We believe rational competition would be key for structural recovery and earnings growth. We remain positive on GCPL, ITC and Britannia, while avoiding Colgate.

The Securities and Exchange Board of India has proposed changes to the voluntary delisting mechanism on Monday, including alternatives to the reverse book building (RBB) framework.

In a consultation paper SEBI mooted a fixed pricing concept for delisting of shares.

Regulator also tweaked norms for the reverse book building process and counter-offer mechanim.

The Securities and Exchange Board of India has issued a confirmatory order on the case barring Punit Goenka and Subhash Chandra from key managerial and executive positions at Zee Entertainment Enterprises. As per the confirmatory order, SEBI has eight months to complete its investigation on the matter of misappropriation by the father-son duo. The order avers that Punit Goenka and Subhash Chandra will not hold position of a director or KMP in Zee Entertainment and other three other group companies until further direction

Anindya Dutta, Managing Director of VIP Industries Limited has tendered his resignation on August 14, which will be effective from the close of business hours on November, 13, 2023. Further, the board on Tuesday has appointed Neetu Kashiramka as the Managing Director Designate and Chief Financial Officer, with effect from August 15. Ms. Neetu Kashiramka shall take over as the Managing Director and Chief Financial Officer of the Company with effect from November 14, subject to Shareholder’s approval.

Hyderabad-headquartered Nagarjuna Fertilizers and Chemicals Ltd (NFCL) has said that it has decided to sell its urea and micro-irrigation businesses to AM Green Ammonia (India) Pvt Ltd, a firm owned by one of India’s largest renewable energy players Greenko Group, for a gross consideration of Rs 1,700 crore (Rs 1365 crore and 19.7 per cent stake worth Rs 365 crore with a call option) on a slump sale basis. This comes three months after Asset Care and Reconstruction Enterprise Ltd (ACRE), an asset reconstruction company, purchased NFCL’s debt from the lenders and issued a demand notice under the provisions of the SARFAESI Act.

JHS Svendgaard Laboratories Limited has analysed and discussed the proposal for consolidation of business of the Company and Vedic Cosmeceuticals Private Limited. After due discussion on the proposed consolidation of business, the Board in-principally agreed to the Amalgamation of the Company and VCPL under the Scheme of Arrangement for amalgamation to be entered into between the Company and VCPL, their respective promoters/shareholders and creditors.

Himalya Food International has informed the exchanges that it’s Chairman and Managing Director informed the Board about the strategy document to surmount the acute financial stress after the Fire last year. He further apprised the Board that the report has highlighted urgent steps to meet the cashflow required to pay balance OTS amount to banks and simultaneously supplement working capital to fulfil pending export and domestic orders; the company is proposing to shift the operation unit located at Shubhkhera, Paonta Sahib and sell the land of the unit as housing real estate and use the funds for operations, relocation and expansion of business due to concerns raised by local residents; and the lead bank SBI and the consortium of banks are willing to extend the period for payment of balance OTS amount of around Rs. 35 crores by the end of current financial year. Further, the Company’s funds are depleted due to force majeure issues of covid and fire in the Gujarat plant in May 2022.

Liberty Global plc, one of the world’s leading converged video, broadband and communications companies, and Infosys have expanded their collaboration to evolve and scale Liberty Global’s cutting-edge digital entertainment and connectivity platforms. The parties have entered into an initial 5-year agreement, with an option to extend to 8 years and beyond. Infosys will provide services to Liberty Global estimated at €1.5 billion over the initial 5-year term and at €2.3 billion if the contract is extended to 8 years. The collaboration allows Liberty Global to realise run-rate savings in excess of €100 million per annum, inclusive of other savings and technology investments.

HCLTechnologies, a global technology company, announced that it has been selected by Cricket Australia (CA), the national governing body for the game in Australia, for the next phase of CA’s digital transformation. HCLTech has been a digital transformation partner to Cricket Australia since 2019. As part of the latest agreement, HCLTech will enable Cricket Australia to deliver immersive digital experiences to fans, players, partners, employees and volunteers across the world.

BALRAMCHIN

CHAMBLFERT

DELTACORP

GNFC

GRANULES

IBULHSGFIN

INDIACEM

MANAPPURAM

ZEEL

Domestic markets are likely to open on weak note on Wednesday. Negative global cues and unfavourable macro-economic numbers such as inflation and trade deficit figures will keep market under pressure, said analysts. They also advise traders to take note of aggressive selling by foreign portfolio investors in the last few days.

Gift Nifty at 19,380 indicates a gap down opening of about 100 points, as Nifty August futures on Monday closed at 19,478. According to analysts, banking stocks will come under pressure on inflation worries and downgrade warning by Fitch Ratings.

Interglobe Aviation, Infosys, HCL Technologies, M&M, Vodafone Idea, Shriram Properties, GSS Infotech, Zee Enterprises, VIP Industries, Himalya Food International, JHS Svendgaard , Ashok Leyland, Nagarjuna Fertilizers

Researchbytes Events Update

As of 06:59 AM Wednesday 16 August 2023

Can set alert for them at www.researchbytes.com

8:30 AM Patanjali Foods

Dial: +91 22 6280 1342

Weblink: https://shorturl.at/ehjlM

10:30 AM KNR Construct

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/4y4wzynb

11:00 AM Marathon Realty

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/3px8fazf

11:00 AM Vinati Org

Dial: +91 22 6280 1222

Weblink: https://tinyurl.com/yujt2pkv

11:30 AM Capacite Infra

Dial: +91 22 6280 1545

Weblink: https://tinyurl.com/sp33tc32

12:00 PM S P Apparels

Dial: +91 22 6280 1146

Weblink: https://tinyurl.com/bp894vbs

12:00 PM Satia Ind

Dial: +91 22 6280 1535

12:30 PM Siyaram

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/5n6rsrks

1:00 PM Hindustan Foods

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/3j3y2ey7

1:30 PM Borosil .

Dial: +91 22 6280 1455

Weblink: https://tinyurl.com/hfak6fbw

2:00 PM Ahluwalia

Dial: +91 22 6280 1148

Weblink: https://tinyurl.com/4npr35jm

2:30 PM Techno Electric

Dial: 91 22 6280 1317

(Hosted by Amsec)

4:00 PM Everest Kanto

(Results, Investor/Analyst Presentation, Press Release )

Dial: +91 22 6280 1141

4:00 PM PPAP Automotive

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/bdhv5tv4

*4:00 PM Salasar Techno *

Dial: +91 22 6280 1395

Weblink: https://tinyurl.com/3sds2vf4

4:00 PM Advanced Enzyme

Dial: +91 22 7195 0000

4:00 PM J. K. Cement

Dial: +91226280 1143

4:00 PM Rico Auto

Dial: 91 22 6280 1268

Weblink: https://tinyurl.com/58ahsu7d

5:00 PM Gabriel India

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/yc2huf4p

5:00 PM Elgi Equipments

Dial: +91 22 6280 1317

(Hosted by Amsec)

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Riding on the growth momentum in the home loan segment, Repco Home Finance has set a target of 20 per cent year-on-year (y-o-y) growth in loan disbursements and 12 per cent growth in total assets in the current fiscal.

Indian coffee exports have increased by 6 per during April-July at $451.94 million on higher prices and increased demand for instant coffee from countries such as Russia and Turkey. This is despite the decline in the purchases of Indian green coffee by traditional buyers in Europe.

State-run hydropower majorNHPC’s capital expenditure (capex) will go up by 38 per cent Y-o-Y to ₹10,800 crore in the current financial year, its CMD R K Vishnoi said on Tuesday.

Vegetable prices may have slowly started decreasing, but other food products, including cereals, pulses, spices and milk may only give comfort for a while. The expectation is that August inflation could be in the range of 6.5 to 7.2 per cent.

With food inflation hitting a 39-month high in July 2023, the Centre is not in a position to reconsider the recent export ban on non-basmati rice as ensuring food security within the country remains top priority, top officials have said.

Indian automaker Mahindra & Mahindra unveiled the Thar.e and its Global Pik Up in Cape Town, South Africa, on August 15. The Thar.e will be on the company’s INGLO electric platform with AWD electric powertrain and incorporate 50 per cent recycled PET and uncoated plastics.

Even while the south-west monsoon has been playing truant, it has been raining money at the primary issuances counter on the Small and Medium Enterprises-dedicated exchanges of NSE Emerge and BSE SME platforms, with issues getting massively oversubscribed and good listing gains.

After a tepid start in 2023, the IPO market looks to perk up with over ₹70,000 crore worth of IPOs in the pipeline and 70 companies waiting to raise funds.

“We do see a renewed opportunity to launch IPOs and hence we believe a lot of the pipeline will be cleared,” S Ramesh, MD & CEO of Kotak Mahindra Capital Company told businessline in a recent interaction.

IndiGo co-founder Rakesh Gangwal is looking to raise over ₹3,730 crore by paring down his stake in the airline via block trade scheduled for Wednesday.

Gangwal has offered around 15.6 million shares for sale equal to 4 per cent stake in the airline at a floor price of ₹2,400 per share.

Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC

The short-term outlook is bullish for Bank of India. The stock rose 2.8 per cent on Monday, breaking above the key resistance level of ₹87. The moving average cross-overs on the daily chart also strengthens the bullish case.

Wall Street’s main stock indexes closed sharply lower on Tuesday after stronger-than-expected retail sales data stoked worries interest rates could stay higher for longer, while U.S. big banks dropped on a report that Fitch could downgrade some lenders.

An analyst at Fitch Ratings warned that U.S. banks, including JPMorgan Chase, could be downgraded if the agency further cuts its assessment of the operating environment for the industry, according to a report from CNBC on Tuesday.

Amid US downturns driven by inflation and growth worries, Asian markets declined, dampening risk sentiment. Benchmark indexes slipped in Japan, South Korea, and Australia. Hong Kong equity futures also fell, while US futures remained stable. China’s economic concerns deepen, affecting Wednesday’s Asian investor sentiment. Wall Street’s main indices dropped S&P 500 -1.16%, Nasdaq -1.14%, Dow -1.02% due to robust retail sales sparking prolonged interest rate concerns and Fitch’s potential US bank downgrades, paralleling Moody’s recent downgrades’ impact on lenders. - Agencies