Share Market Highlights 27 Sep 2023: Nifty above 19,700; Sensex gains 173 pts; L&T, CIL among top gainers

Benchmark equity indices Sensex and Nifty rebounded from early lows to settle higher on Wednesday following buying in Reliance Industries, Larsen & Toubro and ITC and positive trends in Asian and European markets.

The 30-share BSE Sensex rose by 173.22 points or 0.26 per cent to settle at 66,118.69. The index opened lower and fell further to a low of 65,549.96 in morning trade. However, buying in Reliance, L&T, Infosys and Maruti helped it recover losses. Later it jumped 226.8 points or 0.34 per cent to a high of 66,172.27.

The Nifty gained 51.75 points or 0.26 per cent to end at 19,716.45. It moved between a low of 19,554 and a high of 19,730.70 in day trading. Read more.

The rupee on Wednesday staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the US dollar on positive cues from domestic equity markets.

However, selling pressure from foreign equity investors amid elevated levels of American currency and surging crude oil prices weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the greenback. It finally settled at 83.22 (provisional), registering a gain of 6 paise from its previous close. Read more.

Oil and Natural Gas Corporation Ltd has inked the Crude Oil Sales Agreement with Mangalore Refinery and Petrochemicals Limited for the sale and purchase of crude oil.

The board of Mirabelle Agro Manufacturing Private Limited has allotted 60,00,000 equity shares of ₹10 each at par with Aries Agro Ltd.

Man Infraconstruction Ltd’s shares were up by 3.31 per cent after the company received an intimation of disapproval (IOD) clearance for its upcoming residential project. This encompasses a total of 10 societies located at Ratilal B. Mehta Road (60 Feet Road) in Ghatkopar East, Mumbai. It has a carpet area of approximately 4 lakh square feet.

The project is now in the process of obtaining further approvals and is expected to be launched, potentially in the fourth quarter of the financial year 2023-24. MICL Group anticipates a revenue generation of ₹1,200 crore over the next four years.

The shares gained 2.07 per cent to close at ₹157.50 on NSE.

Valiant Laboratories IPO has been subscribed 0.28 times as of 3:45 pm on the opening day - September 27, 2023. The NII portion has been subscribed 0.06 times, and retail 0.54 times. The issue closes on October 3.

JSW Infrastructure IPO has been subscribed 35.61 times as of 3:42 pm on September 27, 2023. The QIB portion has been subscribed 54.08 times, NII 15.88 times, and retail 9.80 times. The issue closes today.

Updater Services IPO has been subscribed 2.87 times as of 3:42 pm on September 27, 2023. The QIB portion has been subscribed 4.48 times, NII portion 0.83 times and retail 1.27 times. The issue closes today.

Infosys has announced the launch of Infosys Cobalt Airline Cloud (ICAC) a first-of-its-kind industry cloud offering designed for commercial airlines to help them accelerate their digital transformation journey. The stock is valued at ₹1,469, up by 0.57% on the NSE.

Niraj Cement Structurals Limited has received work order for design & construction of elevated corridor from Bharath Diamond Bourse Company BKC to Vakola Junction (Beside Vakola Nallah) from Mumbai Metropolitan Region Development Authority (MMRDA) value of worth ₹220.89 crore.

The stock stood at ₹36.85 on the NSE, up by 1.94%.

Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services on markets.

“The frontline market remains flattish while the broader market shows weakness across small and midcaps. The Nifty exhaustion is a function of continued FII selling, slower of retail participation, higher DXY on firmer dollar and increasing crude prices. In our view the next catalyst the market is awaiting will be upcoming 2Q earnings, wherein the management commentary will be watched closely to get a sense for demand and margin profile especially in a scenario of potential increase in raw material prices.

Indian market weakness in addition to strengthening dollar has been the weakness in the US markets which are driven by concerns on another rate hike and inflation remaining sticky which can delay any expectation for a rate cut.

For the near term, with monsoon being slightly weaker than historical average and lack of positive catalyst the frontline market will remain range bound with potential negative bias.”

The board of Can Fin Homes has approved issuing NCDs on private placement basis upto an extent of ₹4000 crore. The stock is up by 1.47% on the NSE, trading at ₹770.

The board of Likhitha Infrastructure has approved raising of ₹125 crore by way of qualified institutional placement (QIP). The stock is up by 1.04% on the NSE, trading at ₹329.25.

Ahluwalia Contracts (India) Limited has secured orders for construction of expansion of Max Super Specialty Hospital at SAS Nagar, Mohali (Punjab) on EPC Basis for ₹215.46 crore and construction of Max Super Specialty Hospital at Sector-56, Gurugram, Haryana on EPC Basis for ₹616.94 crore.

The stock rises by 1.29% on the NSE, trading at ₹730.

Major gainers: LT (2.24%); Coal India (1.66%); ITC (1.44%); Cipla (1.40%); LTI Mindtree (1.37%)

Major losers: Titan (-1.50%); Grasim (-1.47%); Bajaj Auto (-0.85%); Hero Motocorp (-0.84%); ICICI Bank (-0.79%)

Stocks advanced on BSE at 3 pm on September 27 were 1,965 against 1,648 stocks that declined; 149 stocks remain unchanged. Total stocks traded were 3,762. The number of stocks that recorded a 52-week high was 176, and those that hit a 52-week low was 33.

The Board of Directors of casual dining restaurant chain Barbeque-Nation Hospitality at their meeting held today approved the following:

• Appointment of Deloitte Touche Tohmatsu India as an Internal Auditor for conducting internal audit for the period July 1, 2023 to December 31, 2026
• To acquire 1,282 and 4,518 equity shares constituting 11.77% and 41.49% of paid-up share capital of Blue Planet Foods by Barbeque-Nation Hospitality and its subsidiary Red Apple Kitchen Consultancy, respectively.

Barbeque-Nation Hospitality stock are up 1.9% at Rs 765.95 apiece on the BSE.

IndusInd stock inches up by 0.59% on the NSE, trading at ₹1,431.45, after it announced its multi-year association with the International Cricket Council (ICC) as a Global Partner for the highly awaited ICC Men’s Cricket World Cup 2023 and future ICC Men’s events.

The Great Eastern Shipping Company Limited (G E Shipping) has contracted to sell its 2006-built Supramax Dry Bulk Carrier, Jag Rohan of about 52,450 dwt to an unaffiliated third party. The vessel will be delivered to the new buyer by Q3 FY24.

The stock rises by 1.61% on the NSE, trading at ₹864.80.

Aryan Share & Stock Brokers Limited informed the exchange about the receipt of intimation from promoter Paresh Navin Shah for sale of his 7052 shares in open market as on September 26, 2023.

Bombay Dyeing & Mfg Company has informed the exchange about the termination of the deposit agreement with Citibank N.A., acting as the Depository, to the holders and beneficial owners of Global Depository Receipts (GDRs) of the Company.

Bombay Dyeing stock rises by 2.56% on the NSE, trading at ₹148.20.

Demand for ultra-long securities from long-term investors such as pension funds and insurance companies, may have prompted the Government to include bonds of 50-year tenor in its borrowing calendar for the second half (H2) of FY24, say market experts.

Read more.

On account of Eid-e-Milad, Multiple settlements have been scheduled on Sep 29, 2023 for trade date Sep 27, 2023 & Sep 28, 2023 in. So, shares purchased on Sep 27, 2023 should not be sold on Sep 28, 2023

Modi Naturals Ltd. inaugurated its ethanol distillery in Raipur, Chhattisgarh, through its subsidiary, Modi Biotech Private Limited (MBPL). The distillery has a production capacity of 210 thousand liters per day (KLD) and a 5.5 MW cogeneration power plant.

In its initial phase, the facility will operate at 130 KLD, with a capital expenditure of ₹150 crore and a debt of ₹100 crore.

Read more.

Within large cap tech stocks, Morgan Stanley likes HCL Tech (mid-single-digit revenue growth in F24e with a resilient margin profile), followed by LTIMindtree (room to surprise in 2H on both growth and margins) and Infosys (healthy order book to support F25 outlook). It maintains equal-weight on TCS and Mphasis, owing to valuations.

It upgrades Cyient to over-weight, owing to EPS upgrades, led by resilient margins and low expectations on revenue growth.

Morgan Stanley downgrades Tech Mahindra to under-weight, as strong outperformance is behind it and sees potential downside risk to EPS.

It maintains under-weight stance on Tata Elxsi, L&T Technology Services and Wipro.

Radico Khaitan Limited has received the Indo –American Chamber of Commerce, IACC –NIC 7th Business Leadership Awards for the Sustainability & Environmental leadership.

The stock rises by 2.06% on the NSE, trading at ₹1,193.95.

“With the backdrop of a concurrent downtrend in diamond exports for the last many quarters and the softening of prices, this move to voluntarily ban diamond imports is a remedial measure that will help diamond traders, especially the small and medium-sized, to ease their inventories and, at the same time, help the Indian diamond industry derive a fair price. The diamond industry has incurred voluntary bans in the past with the only motive of bringing stability in the overall demand and supply dynamics and fostering the economic growth of the country by promoting robust exports. This may have some impact on the Indian diamond polishing business in the immediate phase, but will eventually be beneficial for the overall industry in the long run.”

Black Box, a trusted global technology solutions provider, celebrates yet another landmark achievement of its Cybersecurity business, which are offered under the brand name - Cybalt. In September of 2023, this specialised Cybersecurity business unit onboarded 17 prominent clients in the United States from diverse industries, including a notable name from the Fortune 500 list. Black Box is one of Essar’s key investments in the technology and retail sector.

DroneAcharya Aerial Innovations Limited has secured a US$1.26 million order from Triconix Industrials Solutions QFZ LLC, a certified IMS (Integrated Management System) company, based in Qatar, for an end user in Oil and Gas sector.

The stock surges by 4.75% on the BSE, trading at ₹181.95.

Bedmutha Industries (19.97%)

Mohit Industries (15.91%)

Senco Gold (15.71%)

Gillanders Arbuthnot & Company (14.49%)

Gravita India (13.21%)

Valiant Laboratories IPO has been subscribed 0.21 times as of 1:36 pm on the opening day - September 27, 2023. The NII portion has been subscribed 0.04 times, and retail 0.41 times. The issue closes on October 3.

JSW Infrastructure IPO has been subscribed 11.49 times as of 1:33 pm on September 27, 2023. The QIB portion has been subscribed 13.21 times, NII 10.54 times, and retail 7.73 times. The issue closes today.

Updater Services IPO has been subscribed 0.87 times as of 1:33 pm on September 27, 2023. The QIB portion has been subscribed 1.05 times, NII 0.44 times and retail 1.00 times. The issue closes today.

Roto Pumps Ltd informed the exchange about the remittance of share capital to wholly-owned subsidiary company in UAE and commencement of business activities. The stock declines by 1.33% on the NSE, trading at ₹349.

MICL Group has received an Intimation of Disapproval (IOD) approval for its luxurious residential project of 10 societies located at Ghatkopar East, Mumbai having carpet area of approx. 4 lakh sq. ft. for sale. Man Infraconstruction stock rises by 1% on the BSE, trading at ₹155.85.

IndusInd Bank Ltd.’s shares were up by 0.34 per cent after the company announced a multi-year global partnership with the International Cricket Council (ICC) to provide a premium experience for its customers, employees, and cricket enthusiasts.

Read more.

Life Insurance Corporation Of India has informed the exchange that its shareholding in NMDC LTD has diluted from 9.620% to 7.615% of the paid-up capital of the said company. LICI stock inches up by 0.21% on the NSE, trading at ₹646.30.

Meanwhile, NMDC stock slides down by 0.59% on the NSE, trading at ₹142.20.

Prataap Snacks stock falls by 3.15% on the NSE, trading at ₹848. The GST authority had conducted a search and seizure under the Central Goods and Services Tax Act, 2017 (CGST Act) at the manufacturing unit in Bengaluru.

Glenmark Pharmaceuticals Ltd’s shares were up 1.67 per cent after the company announced that its subsidiary, Glenmark Speciality S.A., and Cosmo Pharmaceuticals have entered into distribution and licence agreements for Winlevi (clascoterone cream 1 per cent) in Europe and South Africa.

Read more.

Apollo Hospitals Enterprise Limited’s shares were up by 1 per cent after the company announced that its subsidiary Apollo Multispeciality Hospitals Limited acquired a partially built hospital in Sonarpur, Kolkata, with a total capacity of 325 beds as part of an asset sale. The hospital’s first phase, featuring 225 beds over 1.75 lakh square feet, is slated for commissioning within the next 12 months.

Read more.

3i Infotech stock rises by 2.09% on the NSE, trading at ₹41.45 after it bagged order from Ujjivan Small Finance Bank Limited for End User Support Service (Workplace Services).

The board of Sterling and Wilson Renewable Energy has approved raising up to ₹1,500 crore via equity, debt issue. The stock declines by 1.09% on the NSE, trading at ₹355.10.

Sets an all-time high single day trading activity of 3,86,350 contracts with turnover of US $15.25 billion (INR 1,26,930 Crs. equivalent)

Open interest stands at 3,09,141 contracts worth US $12.19 billion (INR 1,01,433 Crs. equivalent) as on September 26, 2023.

The board of CESC Ltd has approved the issue of 30,000 NCDs having a face value of ₹1 lakh each for cash at par, aggregating to ₹300 crore, on a private placement basis.

The stock declines by 1.41%on the NSE, trading at ₹90.10.

Moneyboxx Finance Ltd has expanded its agroforestry initiative to support its agrientrepreneur and dairy farmer borrowers in planting fruit bearing trees which can substantially elevate their income and fight climate change.

Until now, the company has planted over 12,000 fruit-bearing trees and transformed lives of more than 85,000 households with cumulative disbursements of over ₹745 crore and AUM of ₹425 crore as of August 2023.

The stock surges by 4.37% on the BSE, trading at ₹189.70.

GI Engineering Solutions Ltd informed the exchange that the company has received fresh certificate of incorporation pursuant to change its name to Teamo Productions HQ Limited.

The stock rises by 1.69% on the NSE, trading at ₹12.

Arvind SmartSpaces Limited’s shares were up by 0.72 per cent after a company announced the pre-launch of Arvind Uplands 2.0, a golf-themed plotted development located in Adroda, South Ahmedabad. The first phase, covering approximately 4 million sq ft, garnered bookings worth over ₹300 crore within three days.

UTI Asset Management Company (UTI AMC), one of the largest asset managers in the country, is delighted to announce a significant expansion in its distribution reach with the launch of 29 new Financial Centers. These offices will be inaugurated at the same time on September 29 across all locations. This strategic move reflects UTI AMC’s commitment to providing better financial services and accessibility to investors, further strengthening our presence in the financial industry across India.

Mr. Imtaiyazur Rahman, MD and CEO stated, “We are constantly stepping up our network across the country with an aim to be closer to our investors and provide our comprehensive offerings seamlessly. There is immense growth potential in upcoming non-metro cities where people are willing to invest. We endeavour to develop their understanding on mutual fund investments and provide better accessibility to our products in these cities. The expansion of our financial centres with these 29 new offices aligns with our vision to simplify financial services and make them accessible to everyone.”

The board of Avanti Feeds has approved additional investment of over ₹26 crore in Avanti Pet Care Private Limited, subsidiary company, at a face value of ₹10 each fully paid up.

The stock inches up by 0.30% on the NSE, trading at ₹434.70.

Innovation sparks original ideas that can spawn new markets, spur growth, and shake up established players in various fields. In recent years, India’s focus on innovation and tech adoption has propelled it to become the world’s third-largest start-up hub. As companies and investors world over know, innovation is a critical driver of economic expansion and wealth generation.

Read more.

Siemens Ltd is in receipt of order from Deputy State Tax Officer – 1, Assistant Commissioner, (ST) (INV), Trichy, imposing penalty of ₹1,45,902 under section 129 of Tamilnadu Goods and Services Tax Act, 2017 and Central Goods and Services Tax Act, 2017.

However, the stock is up by 0.42% on the NSE, trading at ₹3,695.75.

Black Box said in its regulatory filing that in September of 2023, the specialised cybersecurity business unit onboarded 17 US clients. The stock is up by 3.41% on the NSE, trading at ₹184.75.

Sun Pharmaceutical Industries Ltd has announced the launch of WINLEVI (clascoterone cream 1% w/w) in Canada. The stock inches up by 0.72% on the NSE, trading at ₹1,134.

Major gainers: Coal India (1.97%); Cipla (1.23%); Adani Ports (1.02%); LTI Mindtree (0.95%); Apollo Hospitals (0.89%)

Major losers: Bajaj Finance (-1.20%); ICICI Bank (-1.13%); Tata Steel (-1.09%); HDFC Bank (-1.04%); Grasim (-1.01%)

Stocks advanced on BSE at 12 noon on September 27 were 1,746 against 1,675 stocks that declined; 184 stocks remain unchanged. Total stocks traded were 3,605. The number of stocks that recorded a 52-week high was 146, and those that hit a 52-week low was 31.

“Despite weak market mood, JSW Infra IPO issue got a decent 2+ times subscription so far on the last day and expect to get more at the end of the day. On Valuation per se at upper price band of Rs.119/-, the issue is asking for a Market Cap of Rs 24990 Cr. Based on annualized FY24 earnings and fully diluted post-IPO paid-up capital, JSW Infra is asking price a P/E of 19x on the consolidated basis which seems the valuations are reasonably priced when compared to peers which are trading in the range of 28-30x. Given that JSW Infra is committed to expansion in India’s port and logistics infrastructure market by targeting 300 MTPA capacity across its ports and terminals by 2030e, we recommend investors “SUBSCRIBE FOR LONG TERM” to JSW Infra IPO offer.

We strongly believe that the JSW Infra IPO gives investors a long term opportunity to invest in the fastest-growing port-related infrastructure company and second largest port operator in terms of cargo handling in India. Being part of the reputable JSW Group, grants JSW Infra vital support and synergies with the group’s growing businesses. We think with the strong track record of profitability and growth, JSW Infra is well-positioned to benefit from the continued growth of the Indian economy.”

Mondelez India, the maker of Cadbury Dairy Milk, BournVita, and Oreo is capitalising on digitisation and technology to ramp up supply across the country. Venkat Venepally, Vice-President - Supply Chain at Mondelez India, spoke to businessline on the expansion of its Sri City plant, use of technology to predict consumer demand, digitisation in the supply chain network, and green supply.

Read more.

DCM Shriram stock rises by 1.20% on the NSE, trading at ₹1,060.60 after the company’s Fenesta announced capacity expansion of uPVC extrusion at Kota, Rajasthan.

Kirloskar Oil Engines Ltd.’s shares were up by 2.19 per cent after the company introduced a range of CPCB IV+ compliant gensets. They adhere to the latest emission standards mandated by the Central Pollution Control Board (CPCB).

Read more.

Krishana Phoschem Ltd informed the exchange that its Sulphuric acid plant (200 TPD) has been shut down. Expecting to resume operations in 30 days, the company said in its regulatory filing that the temporary closure “will not impact production of end product as the company has long term supply agreement for uninterrupted supply of the H2So4 with Birla Copper, a unit of Hindalco.”

Krishana stock is up by 0.50% on the NSE, trading at ₹492.35.

Gold has experienced a notable correction, largely attributed to the rise in US Treasury yields and the strengthening Dollar index. This correction is driven by comments from Federal Reserve members expressing concerns about elevated inflation levels, which have heightened the likelihood of a potential interest rate hike before the end of 2023. Additionally, the total holdings of Gold ETFs have witnessed a decline in recent sessions, currently residing at levels not seen since April 2020. U.S. consumer confidence for the month of September, as reported yesterday, has dipped to a four-month low, further underlining concerns about increasing inflationary pressure.

Today, the market may take some cues from upcoming reports on Durable goods order, while the main focus remains on upcoming reports on PCE Price Index, due later this week.

Participation in gold declined during the last few trading sessions coupled with decrease in prices. Overall, participation continues to hover at lower levels, potentially setting the stage for a gold rally when participation increases. We believe that gold will consolidate at its current prices; nonetheless, it remains a favourable investment opportunity at these levels.

Currently we are looking at a support levels at Rs 57,700. However, a break below this support could open gold for a further downside. On the upside, gold may witness a rally up to Rs 59,500 levels.

Easy Trip Planners stock inches up by 0.36% on the NSE, trading at ₹41.65 after announcing association with technology company DuDigital Global Limited.

Edtech giant Byju’s Tuition Centre top executives have resigned as a part of this restructuring exercise. Asheesh Sharma, who was handling academics at Byju’s Tuition Centre, and Surendra Pandey, the regional director of the hybrid learning arm, resigned, said sources.

Read more.

LTI Mindtree has announced that it has been certified as Water Positive as part of its commitment to sustainability and responsible corporate citizenship. The company has achieved its 2030 target this year and has been provided with a 2.8 Water Positive Index, a gold standard in auditing and certification, by Green Carbon Energy & Environment Services (GCEES) for the financial year 2022- 2023.

The stock inches up by 0.70% on the NSE, trading at ₹5,400.50.

Ashoka Buildcon Ltd is in receipt of COD for NHAI project. The project is executed by Ashoka Karadi Banwara Road Private Limited (SPV), a wholly-owned subsidiary of Ashoka Concessions Limited, a subsidiary of the company. The exchange filing revealed that SPV has received a Provisional Certificate for completion of 41.61 KMs out of total Project stretch of 56.71 KMs.

Ashoka Buildcon stock falls by 1.49% on the NSE, trading at ₹109.30.

Alphalogic Industries has bagged order to design, manufacture, supply and installation of storage racking system from Scootsy Logistics Private Limited- Swiggy.

Alphalogic stock rises by 3.65% on the BSE, trading at ₹195.90.

The combination of AUM growth and yield decline for asset management companies (AMCs) has led to moderate earnings growth for most AMCs over the last 5 years (aggregate EBITDA CAGR of 8.2% for listed AMCs between FY18-23). However, the current phase promises a better balance considering that stock AUM with upfront commissions may be much lower now in the system while better capital market may lead to an increase in equity mix (already seen in H1CY23). I-Sec estimates 13/17/12/9% EBITDA CAGR over FY23-25E for HDFC AMC/ Nippon AMC/ Birla AMC/ UTI AMC, respectively. The continued traction in industry SIP (total SIP accounts stand at 69.7mn as of Aug’23 with average monthly flow of INR 148bn in FY24-TD) trends reiterates the long-term growth potential in the sector, according to the ICICI Securities’ note.

Shares of HDFC AMC are up 1.6% and UTI AMC are up 0.95%, while ABSL AMC are down 0.7%. Nippon Life AM stock is flat in first 2 hours of trading.

A TCS survey revealed that digital and data-driven operations are top priority for a future-ready organisation companies are recognizing the value of connected business operations to gain competitive advantage. The report reveals that 89% of respondents identify data-driven operations as the most important factor for their organisations to execute their top business priorities and to drive profitability.

The other three top enablers for a future-ready organidation identified by the survey are harmonization of technologies (88%), business outcome focus (86%), and integrated operations (83%).

TCS stock slides down by 0.20% on the NSE, trading at ₹3,578.55.

ICICI Prudential PMS Contra Strategy, an offering which involves taking contrarian bets on equity stocks, has completed five years. The strategy as the name suggests invests in equity stocks which are currently not in favour in the market but are expected to do well in the long run. A lump sum investment of Rs. 1 crore at the time of inception (September 14, 2018), as of September 14, 2023, would be worth approximately Rs. 2.4 crore i.e. an annualised return of 20%. A similar investment in S&P BSE 50 TRI would have yielded an annualised return of 14% at approximately Rs. 1.8 crore. Over the past five years, the Contra Strategy largely focused on manufacturing and related sectors to generate alpha. Manufacturing sectors like metals, industrial products, and auto ancillaries, along with manufacturing-related sectors like logistics, corporate banks, and utilities, were attractive investment opportunities which were available at reasonable valuations and offered strong earnings potential. Another factor which aided in the strong fund performance is going underweight on Information Technology (IT), Consumer Goods and Pharmaceutical sector.

Yes Bank informed the exchange that Manish Jain has been appointed as Country Head- Wholesale Banking of the Bank effective today. Ravi Thota, Country Head-Large Corporates, had tendered his resignation on account of personal and other professional commitments.

Yes Bank stock rises by 1.73% on the NSE, trading at ₹17.65.

Indiabulls Real Estate (3.39%); Sobha (1.81%); Lodha (1.70%); Phoenix Mills (1.35%)

Bank Nifty began today’s session with a gap-down at 44,465 versus yesterday’s close of 44,624. The index declined further to the 44,290 levels, down 0.75 per cent.

The market breadth of the index gives the index a bearish bias – the advance/decline ratio stands at 4/8. Federal Bank, up 1.2 per cent, is the top gainer whereas ICICI Bank, down 1.2 per cent, is the top loser.

The private sector banks appear weaker today. Nifty Private Bank is down 0.7 per cent, while Nifty PSU Bank is down 0.1 per cent.

Valiant Laboratories IPO has been subscribed 0.11 times as of 11:03 am on the opening day - September 27, 2023. The NII portion has been subscribed 0.02 times, and retail 0.22 times. The issue closes on October 3.

High frequency macro indicators (like credit growth, E-way bill, kharif sowing) continue to comfort on economic activity.

Forthcoming election season (5-states by Dec 2023) and rising oil prices are a cause of concern.

The recent week correction in index in both large and small cap, makes valuation attractive for large cap, while premium valuation of mid-cap index concern.

We reiterate Overweight on Nifty with target of 21,103. Easing volatility and India valuation premium to MSCI remaining near 7-year mean extend comfort.

Shares of Indian conglomerate Vedanta fell to their lowest in over a year on Wednesday after Moody’s Investors Service downgraded parent Vedanta Resources’ senior unsecured bonds, citing a high risk of debt restructuring in the coming months.

The rating agency also raised concerns about the ability of Vedanta Resources’ operating subsidiaries to generate cash flow in a “softening commodity price environment.”

Major gainers: Housing & Urban Development (8.75%); HCC (7.14%); IFCI (6.24%); HLE Glascoat (6.09%); Gravita (5.80%)

Major losers: Vedanta (-5.47%); EKI (-5%); NIIT (-3.74%); Swan Energy (-3.60%); Wardwizard Innovations (-3.45%)

Updater Services IPO has been subscribed 0.20 times as of 10:54 am on September 27, 2023. The NII portion has been subscribed 0.19 times, and retail 0.81 times. The issue closes today.

JSW Infrastructure IPO has been subscribed 2.81 times as of 10:51 am on September 27, 2023. The QIB portion has been subscribed 0.55 times, NII 5.39 times, and retail 5.71 times. The issue closes today.

Vaibhav Global Limited has announced that its wholly owned subsidiary Shop TJC (UK), has finalised an agreement to acquire Mindful Souls BV, an e-commerce company specialising in subscription-based online sales of fashion jewellery, gemstones, and lifestyle products. The transaction is valued at €12 million, and the funding will be sourced from internal accruals.

Read more.

Shares of Signature Global (India) on Wednesday listed with a premium of nearly 16 per cent against the issue price of ₹385.

The stock made its debut at ₹445, up 15.58 per cent from the issue price on the BSE. Later, it jumped 17.16 per cent to ₹451.10.

On the NSE, it listed at ₹444, registering a jump of 15.32 per cent.

The company commanded a market valuation of ₹6,280.83 crore.

Merisis Wealth, the wealth management business unit of the investment banking firm Merisis Advisors, has appointed Shobit Gupta as Head of Fund Management. Gupta will spearhead the fixed-income strategy and will be responsible for curating and managing debt portfolio management service strategies for institutional, UHNI, and family office clients at Merisis Wealth. The move aims to strengthen the leadership team of Merisis Wealth, which offers wealth management with an alternatives edge to its clientele.

Merisis Advisors is a 13-year-old boutique investment banking firm with a successful track record of $3Bn in total transaction value across fundraising and M&As.

Cosmo Pharmaceuticals N.V. and Glenmark Specialty S.A., a subsidiary of Glenmark Pharmaceuticals Ltd., has announced the signing of distribution and license agreements for Winlevi (clascoterone cream 1%) in Europe and South Africa.

Glenmark stock inches up by 0.79% on the NSE, trading at ₹768.25.

Apollo Multispecialty Hospitals Ltd, a wholly owned unlisted subsidiary of Apollo Hospitals Enterprise, has acquired the assets relating to a partially built hospital in Sonapur, Kolkata with a total capacity of 325 beds, which was owned by Future Oncology Hospital and Research Centre.

The stock slides down by 0.29% on the NSE, trading at ₹5,039.15.

Tejas Networks Ltd.’s shares were up by 1.04 per cent after the company won the 2023 Leading Lights award in the Company of the Year (Public) category. The Leading Lights Awards, now in its 19th year, acknowledge outstanding achievements in next-generation communications technology, applications, services, strategies, and innovation within the industry.

After being stable and range bound over the last couple of days, Nifty 50 and Sensex have resumed their fall. Both the indices are down about 0.5 per cent each. Nifty 50 is trading at 19,573 and Sensex is at 65,616.

Nifty has declined below 19,600. Next important support is at 19,500 which can be tested today. A break below 19,500 can drag it down to 19,200-19,100 in the short-term. The price action around 19,500 will need a close watch.

The rupee rose 5 paise to 83.23 against the U.S. dollar in early trade on Wednesday, recovering from its steep loss in the past two sessions amid a massive selling by foreign equity investors and a strengthening American currency.

Weak sentiment in the global equity markets and surging crude oil prices also weighed on the Indian currency, forex traders said.

Kirloskar Oil Engines stock rises by 2.21% on the NSE, trading at ₹521.95, following the launch of its range of CPCB IV+ compliant gensets.

Arvind Smartspaces Ltd has announced that it has pre-launched Arvind Uplands 2.0 in Adroda, a golf themed plotted development in Bavla, South Ahmedabad. The first phase of this project with a saleable area of about 4 million sq. ft. amounting to a booking value of over ₹300 Crore was sold in just three days.

The stock rises by 1.72% on the NSE, trading at ₹360.95.

HLE Glascoat stock jumps 11.42% on the NSE, trading at ₹565.90; after it agreed to acquire 70% stake in Kinam Engineering Industries.

Benchmark equity indices declined in early trade on Wednesday amid weak trends in the US markets and continuous foreign fund outflows.

The 30-share BSE Sensex fell 202.34 points to 65,743.13. The Nifty declined 60.55 points to 19,604.15.

Among the Sensex firms, Bajaj Finance, Tech Mahindra, Tata Steel, HDFC Bank, Titan and ICICI Bank were the major laggards.

Sun Pharma, IndusInd Bank, Larsen & Toubro and UltraTech Cement were among the gainers.

Vaibhav Global’s wholly-owned stepdown subsidiary Shop TJC, UK, has entered into an agreement to acquire Mindful Souls BV for 12 mln euros.

The acquisition will be funded through internal accruals, Vaibhav Global said.

Mindful Souls B.V. is a Dutch e-commerce company dealing in subscription-based online sales of fashion jewellery, gemstones, and lifestyle products.

Share of Vaibhav Global were down 0.5 per cent at Rs 445 on the NSE.

Signature Global

IPO listed on the BSE and NSE on September 27, 2023, at Rs. 444 per share, a premium of 15.32% over its IPO price of Rs. 385. The listing was in line with expectations, given the good response that the IPO received. Signature Global is a leading real estate developer in Delhi-NCR, but it has a history of losses and faces concentration risk and stiff competition from other developers.

After this listing, investors should consider booking profit; however, those who want to hold it should maintain a stop loss at 400.

Sai Silk IPO

SSKL made its debut on the stock exchanges today at Rs. 231 per share, a premium of 4% over its IPO price of Rs. 222. In the long term, the company has the potential to grow its business, given its strong brand presence, expanding footprint, and focus on online sales. However, investors should be aware of the risks associated with the company, such as the competitive nature of the industry and the impact of economic downturns on consumer spending. Thus, cautious investors may consider exiting their position, but investors with a long-term view may hold it by keeping a stop-loss.

Procter & Gamble Health Ltd plans to source injections portfolio of its products from a contract manufacturer, hence, the company shall discontinue production of injections at its manufacturing plant in Goa effective September 30, 2023. The stock is up by 0.34% on the NSE, trading at ₹4,991.20.

Adani Ports and Special Economic Zone Ltd will buy back as much as $195 million of its 2024 bond, as the conglomerate backed by billionaire Gautam Adani seeks to move on from the allegations levied by a US shortseller.

The 3.375% notes jumped the most since April on news the company would pay $975 for every $1,000 in principal for debt tendered by October 11. Thereafter, the offer price drops to $965 per $1,000, it said in a statement on Wednesday.

NTPC informed the exchange that its Unit-1 (800 MW) of Telangana STPP, Stage-I (2x800 MW) is declared on commercial operation w.e.f. from September 28.

However, the stock slides down by 0.08% on the NSE, trading at ₹240.

Why do exchanges have a separate platform for SME stocks and how are they different from the mainboards of the BSE and NSE?

The post-liberalisation era that started in 1990, helped many companies raise funds easily through the capital markets by listing their shares on the exchanges. However, due to stringent entry barriers such as minimum paid-up capital of Rs 10 crore and profit track record, small and medium enterprises found it difficult to access the capital market.

Read more.

​Healthcare Global Enterprises​ stock surges by 4.62% on the NSE, trading at ₹358. A Bloomberg report revealed that CVC Capital Partners is exploring selling its controlling stake in cancer hospital chain HealthCare Global Enterprises Ltd.

Air India and Singapore Airlines will ensure minimum capacity on various domestic and international routes, including Delhi-Sydney and Delhi-Paris, as part of commitments made to fair trade regulator CCI to address possible competition concerns arising out of the Vistara merger.

Read more.

​Suzlon Energy​ stock declines by 1.35% on the NSE, trading at ₹25.65. The company had informed that Dilip Shanghvi and associates have decided to terminate the agreement with Suzlon in accordance with the terms of the agreement.

Major gainers: Divi’s Lab (2.69%); Dr Reddy’s (1.77%); Cipla (1.40%); LTI Mindtree (1.24%); Sun Pharma (0.63%)

Major losers: Tech Mahindra (-0.96%); Titan (-0.86%); Tata Steel (-0.78%); Bajaj Finance (-0.77%); TCS (-0.70%)

​Adani Ports and Special Economic Zone Ltd​ has commenced cash tender offer for up to US$195,000,000 in aggregate principal amount of the outstanding 3.375% Senior Notes due 2024.

India’s benchmark indices, the Sensex and Nifty, opened weak on Wednesday tracking global peers.

As of 9:17 am, the 30-share BSE Sensex fell by 163.02 points to reach 65,782.45, while the NSE Nifty dropped 43.95 points, reaching 19,620.75.

Among the Sensex gainers were Cipla, Dr Reddy’s, LTIMindtree, ONGC and Apollo Hospitals . Meanwhile, HDFC Bank, Hindalco, Bajaj Finance, SBI Life and TechMahindra were among the laggards.

Earlier, US stocks experienced a more than 1% decline due to prolonged concerns about interest rate hikes, which had a mixed impact on Asia-Pacific markets.

Meanwhile, Vikas Jain, Senior Research Analyst at Reliance Securities, commented that there is a potential for a pullback to 20,000 in the Nifty-50 but emphasized the importance of monitoring support at 19,600. He also noted that Bank Nifty has reversed its gains and advised keeping an eye on resistance at 44,800 and support at 44,500.

Analysts highlighted market uncertainty and the absence of significant triggers, with foreign portfolio investors (FPIs) engaging in sector rotation. The rupee depreciated against the US dollar as rate hike expectations boosted the dollar’s strength. The volatility index indicated unease among market participants, and open interest (OI) data highlighted crucial strike prices. The short-term outlook for Nifty remained bearish, with support at 19,600.

Listing of new Bonus equity shares of Tinna Rubber and Infrastructure Limited 8564750 Bonus equity shares of Rs. 10/- each allotted on September 19, 2023

Listing of Equity Shares of Kody Technolab Limited (SME IPO)

63,73,780 Equity Shares of Rs.10/- each fully paid up… IPO px..Rs. 160/…lot 800-

Listing of Equity Shares of Techknowgreen Solutions Limited (SME IPO)

73,82,730 Equity Shares of Rs.10/- each fully paid up… IPO px..Rs. 86/…lot 1600-

Subdivision of Equity Shares of THEMIS MEDICARE LTD.

Subdivision of existing Equity Shares from One Equity Share of Rs.10/- each into Ten Equity Shares of Re. 1/- each

Subdivision of equity shares of SIGACHI INDUSTRIES LTD.

Subdivision of existing Equity Shares from One Equity Share of Rs.10/- each into Ten Equity Shares of Re.1/- each

Subdivision of equity shares of SURYA ROSHNI LTD.

Subdivision of existing Equity Shares from One Equity Share of Rs.10/- each into Two Equity Shares of Rs. 5/- each

Subdivision of Equity Shares of GUJARAT THEMIS BIOSYN LTD

Subdivision of existing Equity Shares from One Equity Share of Rs.5/- each into Five Equity Shares of Re. 1/- each

Sector view: Neutral

International crop prices (except sugar) continued to soften in September on concerns around rising supplies of key crops. The normalization of farmer profitability is expected to moderate agrochemical demand. In the chemical markets, prices of several basic chemicals have risen in recent weeks on the back of factors related to China, but these need not necessarily impact the Indian market, and besides, concerns around overcapacity linger on.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“While markets may witness a subdued start to Wednesday trades, sharp intra-day gyration will remain the order of the day. Foreign fund outflows have been the biggest constraint in the month so far, as overseas investors are finding safe haven in dollar securities due to strength in dollar and rising US treasury yields. Besides, uptick in global oil prices and worries over more rate hikes in the near term are keeping investors in a tight spot. Nifty’s biggest intraday support is seen at 19589 and then all eyes will be on the 19221 mark.”

Anand James, Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

Despite managing to hold well above the 50day SMA, more time being spent below previous days’ congestion points takes the momentum off the upswing. We will now need a show of strength by an outright push above 19678, to continue playing upswings, with initial target at 19880. A breach of 19600 will lend momentum to the bearish bias that was seen bubbling yesterday, but an outright collapse is less expected, with near term supports seen at 19540 and 19420.

Nifty weekly contract has highest open interest at 19800 for Calls and 19000 for Puts while monthly contracts have highest open interest at 19800 for Calls and 19000 for Puts. Highest new OI addition was seen at 19700 for Calls and 19650 for Puts in weekly and at 19700 for Calls and 19650 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 4.55%, decreased future index shorts by 0.91% and decrease in index options by 5.35% in Call longs, 2.88% in Call short, 1.83% in Put longs and 3.66% in Put shorts

VEDANTA : MOODY’S DOWNGRADES VEDANTA RESOURCES’ CFR TO CAA2; OUTLOOK REMAINS NEGATIVE || MOODY’S SAYS VEDANTA RESOURCES DOWNGRADE REFLECTS ELEVATED RISK OF DEBT RESTRUCTURING OVER THE NEXT FEW MONTHS

SMC Global

The market is expected to open lower today following weakness in

global peers. Asia stocks traded mixed on Wednesday and

benchmark U.S. Treasury yields were near multi-year highs, as

investors sour on both stocks and bonds amid worries about the

impact of higher-for-longer interest rates. Wall Street stocks fell

early Tuesday as traders fixated on the risk that elevated interest

rates will drag on growth. Adding to investor anxiety was the

potential of a partial U.S. government shutdown by the weekend,

which ratings agency Moody’s warned would harm the country’s

credit. Oil prices rose slightly in Asian trade on Wednesday,

extending a rebound from the prior session as the prospect of

tighter supplies helped markets look past concerns over rising

interest rates and their impact on the economy. As per provisional

figures, Foreign Institutional Investors (FIIs)/Foreign Portfolio

Investors (FPIs) sold shares worth net Rs.693.47 crore and

Domestic institutional investors bought shares worth net Rs.714.75

Crore on 26th September 2023.

Nifty Indices’ semi-annual rejig takes effect on September 29, with adjustments occurring on September 28 (Thursday).

According to Nuvama, cumulatively the Top inflows (net of all passive indices) are in HDFCB ($89mn |0.2x ADV), PWGR ($64mn |1.6x ADV), SHFL ($59mn |1.7x ADV), TRENT ($54mn |3.5x ADV), TVSL ($40mn |2x ADV) and PNB ($21mn |0.2x ADV). Whereas top outflows are in NTPC ($46mn |1x ADV), PAG ($28mn |2.3x ADV), HDFCAMC ($25mn |0.7x ADV), IIB ($23mn |0.5x ADV), ACC ($19mn |0.9x ADV) and INDUSTOW ($14mn |0.5x ADV).

In CPSE Index, the only Inflow is in PWGR ($64mn| 1.6x ADV). The four stocks which will be witnessing substantial outflows are NTPC ($45mn |1x ADV), ONGC ($6mn |0.2x ADV) , COAL ($5.5mn |0.1x ADV) and BHE ($4mn |0.1x ADV).

In Nifty Bank key Inflows are in HDFCB ($70mn |0.1x ADV) and KMB ($21mn |0.2x ADV) while key outflows (however volume impact is less) are in IIB ($23mn |0.5x ADV), AXSB ($14mn |0.1x ADV), ICICIBC ($11mn |0.1x ADV) and BOB ($10mn | 0.2x ADV).

In Nifty 50 Index major inflows are in ADE ($21mn| 0.2x ADV), HDFCB ($19mn| 0.04x ADV) and AXSB ($11mn| 0.1x ADV) while significant weight reduction led outflows are in ADSEZ ($14mn| 0.2x ADV), WPRO ($12mn| 0.4x ADV) and JSTL ($8mn| 0.3x ADV).

In Nifty Next 50, the inclusion names are SHFL ($59mn| 1.7x ADV), TRENT ($54mn| 3.5x ADV), TVSL ($40mn| 2x ADV), PNB ($27mn| 0.3x ADV) and ZYDUSLIF ($17mn| 2.2x ADV). The exclusion names are PAG ($28mn |2.3x ADV), HDFCAMC ($25mn |0.7x ADV) , ACC ($19mn |0.9x ADV), INDUSTOW ($14mn |0.5x ADV) and NYKAA ($10mn |0.8x ADV).

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

“The triple whammy of rising dollar, spiking US bond yields and high Brent crude continues to impact Indian equity markets. The cues from the mother market US also are negative. It appears that the market is pricing in a ‘higher for longer’ rate regime in the US, which is not favourable to equity markets in the near-term.

The ‘buy on dips’ texture of the market which took the Nifty beyond 20000 has now changed to ‘sell on rallies’. Bulk of the selling has been coming from FIIs who have cumulatively sold in the cash market for Rs 21287 crores in September, so far. Since the dollar index is now above 106 and the US 10-year yield is strong around 4.55%, FIIs are likely to continue selling, rendering the market weak. Large banking stocks are likely to remain weak on FII selling. Long-term investors can use this weakness to buy high quality private banks and the leading PSU banks since the banking sector will continue to do well, going forward. Importantly, valuations in the banking segment are fair.”

The Rs 374-crore buyback offer of BSE will end today. The offer opened on September 21. The board had increased the offer price to ₹1,080 per share from ₹816 earlier.

BSE board also fixed the record date for the proposed share buyback at September 14. SO FAR 77,176 shares were tendered.

Trading Members of the Exchange are hereby informed that effective from September 27, 2023, the equity shares of Techknowgreen Solutions Ltd (Scrip Code: 543991) are listed and admitted to dealings on the Exchange in the list of ‘‘MT’‘ Group Securities. For further details please refer to the notice no 20230926 dated September 26, 2023.

Valiant Lab fixes price band at Rs 133-140. Valiant IPO is completely a fresh issue of 1.089 crore shares.

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

“With FII selling in local markets showing no signs of stopping, a subdued trend with a negative bias will persist. Presently, the benchmark indices are technically showing limited-range movement with the index forming an inside body candle on the daily chart. This indicates the continuation of range-bound formation in the near future. Nevertheless, trading activity is expected to be massive on either side at some point. For day traders, the immediate resistance level is 19750, while 19600 could be a key support zone. The market may rise to 19850-19950, while below 19600, the market may fall to 19500-19450. With regards to Bank Nifty, it could fall to 44100-44000 levels if it falls below 44400. On the higher side, expect short covering only on the break of the 45000 level. The Nifty IT index survived above the level of 32400, although it was down. However, below that, it could fall to 31800 levels. It would turn positive above 32700.”

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“While markets may witness a subdued start to Wednesday trades, sharp intra-day gyration will remain the order of the day. Foreign fund outflows have been the biggest constraint in the month so far, as overseas investors are finding safe haven in dollar securities due to strength in dollar and rising US treasury yields. Besides, uptick in global oil prices and worries over more rate hikes in the near term are keeping investors in a tight spot. Nifty’s biggest intraday support is seen at 19589 and then all eyes will be on the 19221 mark.”

BANK NIFTY failed to build on and reversed its previous day gains in a range bound session of the previous day range. f The failure of crossover of 44,800 would put pressure on the downside and volatility could increase with respect to the monthly expiry. f The hourly key technical indicators remained mixed and crossover of the average line would trigger some positive momentum. f Bank Nifty 45000 CE has the highest OI while on the downside the strike has moved higher to 44,500 for the put options OI.-- Vikas Jain, Senior Research Analyst at Reliance Securities

NIFTY-50 closed flat to negative in an inside range of the previous day candle and closed flat to negative in a band of averages. f On the higher side crossover of 19,800 could witness some pullback to test 20,000 levels over the next few days. f The key technical indicators have turned neutral and a breakdown below 19,600, expect some volatility on the downside as India VIX has increase with 5% in last 2 days. f Highest call OI is at 19,800 strike while on the downside the highest put OI has moved to 19,600 for the monthly expiry. -- Vikas Jain, Senior Research Analyst at Reliance Securities

The initial public offering of Updater Serivices will close today for public subscription. So far, the issue has saw only a lacklustre response from investors. The issue was subscribed just 0.16 per cent, that too thanks to retail investors.

The company has fixed market lot of ₹280-300 and the market lot is 50 shares. As against nearly 2 crore shares on offer, the IPO receive bids for 19.23 lakh shares.

The Chennai-based company IPO consists of ₹400 crore fresh issue and an offer for sale of up to 80 lakh shares (worth ₹240 crore).

Today is the last day to subscribe into JSW Infrastructure. The ₹2,800-crore initial public offering of JSW Infrastructure was subscribed 2.14 times at the end of Day 2. The company has fixed the price band as ₹113 to ₹119 and the market lot is 126 shares.

The Issue is entirely a fresh issue of equity shares.

As against 13.63 crore shares on offer, the IPO received bids for 29.11 crore shares. While retail investors portion was subscribed 4.55 times, the quota for Non-institution investors and qualified institutional buys received bids for 3.70 times and 0.55 times respectively.

On the Multi Commodity Exchange (MCX), Aluminium futures has been moving in a tight range of ₹200-204 for the past couple of weeks. While this has been the narrow range for the contract, it has been held within a broader ₹196-204 range since July.

We reiterate our BUY rating on KJC with a TP of INR1,580 based on 42x Jun’25E EPS (v/s 35x last five-year average one-year forward P/E). We believe that: a) 26% earnings CAGR over FY23-26E, b) strong return ratios (RoE of 23%, RoCE of 27% and RoIC of 32% in FY26E), and c) healthy balance sheet will help KJC maintain its premium multiples.

MSPL, an arm of Mahindra Holdings, gets approval to divest units of sustainable energy infra trust. MSPL & 2OL to sell sustainable energy infra trust units up to ₹900 cr via OFS in an initial offer

CLSA on Tata Comm: Maintain Outperform, target price at Rs 2045

Jefferies on HDFC Bank: Maintain Buy, target price at Rs 2030

MS on SBI cards: Maintain Overweight, target price at Rs 1115

GS on Godrej CP: Maintain Buy, target price at Rs 1200

Jefferies on AB Capital: Maintain Buy, target price at Rs 215

Dam Cap on Maruti: Maintain Buy, target price at Rs 12400

MS on HCL Tech: Maintain Overweight, target price at Rs 1450

MS on Infosys: Maintain Overweight, target price at Rs 1640

MS on LTIM: Maintain Overweight, target price at Rs 6150

MS on TCS: Maintain Overweight, target price at Rs 3305

MS on MPhasis: Maintain Overweight, target price at Rs 2700

MS on Tata Elxsi: Maintain Overweight , target price at Rs 6400

MS on Cyient: Upgrade to Overweight, target price at Rs 2000

MS on Tech M: Downgrade to Underweight, target price at Rs 1210

UBS on Nestle: Downgrade to Neutral, raise target price at Rs 24500

Wheat futures in the US have experienced a slight rebound, rising above $5.9 per bushel. This comes after the market touched a near-three-year low of $5.75 on September 21.

Hiccups in Russia’s wheat harvest have raised concerns about potential disruptions to supply expectations from the world’s largest wheat exporter. Fuel shortages in Russia’s southern breadbasket region have impacted economic activity and led to the suspension of selected fuel exports to support wheat sales.

The United States Department of Agriculture expects Russia to produce 85 million tonnes of wheat in the current marketing year. This projection has contributed to expectations of record-high wheat exports from Russia, totaling 49 million tonnes, making it the world’s largest wheat exporter.

The World Agricultural Supply and Demand Estimates report indicated that global wheat consumption forecasts were revised lower by 210,000 tonnes to 795.9 million. This downward revision is attributed to lower demand in regions such as Southeast Asia, Northern Africa, and Canada.

There is optimism surrounding Ukraine’s grain exports, as news of ships successfully arriving in the country through a temporary corridor has raised hopes of increased foreign grain sales.

Sai Silks (Kalamandir) Ltd, which hit the market with Rs 1,201-crore IPO, will see its shares getting listed at the bourses on Wednesday. The company has fixed the price at Rs 222, at the upper end of the price band Rs 210-222. While the fresh issue was to the tune of ₹600 crore, it came out with an offer for sale (OFS) worth ₹601 crore.

Cotton production in India is expected to decline due to fall in sowing area and pink bollworm infestations.

The cotton sowing area has decreased from 127 lakh hectares to 124 lakh hectares, below the normal area of 130 lakh hectares.

The Cotton Federation predicts cotton production of 330 to 340 lakh bales in the 2023-24 cotton season, with increased sowing area and MSP support.

North Indian states such as Haryana, Punjab, and parts of Rajasthan have been severely affected by pink bollworm infestations, leading to significant crop losses, according to Kedia Commodities report.

In Sirsa district, Haryana, 60 percent of the cotton crop has been destroyed by pink bollworm.

New crop arrivals in North India are currently priced between Rs 7000-7400 per quintal, with expectations of reaching Rs 8000 per quintal, it said.

Madhya Pradesh experienced floods that broke a 200-year record, leading to submerged cotton crops and reduced production.

Sowing in Madhya Pradesh had increased by 4 per cent to 6500 lakh hectares, but the floods have impacted production prospects.

The Central government has increased the Minimum Support Price (MSP) for cotton by 10 per cent.

Gujarat, Maharashtra, and Madhya Pradesh have also started new crop arrivals with prices ranging from Rs 6800-7000 per quintal.

The textile industry in India faced low demand this year, leading to most units operating below capacity.

Import of extra long staple cotton was affected by an 11 per cent import duty, with some partial relaxation for imports from specific countries.

Shares of IFC-backed Signatureglobal will make a debut. The company has fixed the price at Rs 385, at the upper end of the price band.

The company launched Rs 730-crore IPO last week, which contained a fresh of Rs 603 crore and offer-for-sales by IFC worth Rs 127 crore. The issue was a strong response by subscribing over 12 times will all three category of investors - retail, QIBs and HNIs displayed keen interest.

Affordable Housing Finance Cos have registered 5-yr AUM CAGR in the range of 28% to 40% with RoA’s>3.5% and low credit costs (0.2%-0.5% 5-yr avg), according to Centrum Broking. The underwriting practices have stood the test of covid with minimal write-offs despite lending to informal customer segment, Centrum said in a report. Competition from large banks/ NBFCs is at bay due to (i) Branch/people intensive business model (ii) customer cashflow based income assessment, low average ticket size (between Rs 8 lakh- Rs 11 lakh) and understanding of local nuances, the firm said. Yields across players have remained strong and healthy across cycles while Cost of Funding has been in control due to NHB borrowings.

Ex-date AGM: Jaiprakash Associates.

Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of five lakh shares on Sept 21.

Venus Pipes & Tubes: Promoter Jayantiram Motiram Choudhary bought 5,000 shares on Sept. 26.

SJVN: The Promoter Government of India sold 19.33 lakh shares between Sept. 21 and 22.

ADF Foods: Promoter Krish Bhavesh Thakkar sold 10,304 between Sept. 21 and 22.

Usha Martin: Promoter Neutral Publishing House bought 96,156 shares on Sept. 15.

Maharashtra Seamless: Promoter Global Jindal Fin-Invest bought 51,696 shares between Sept. 21 and 25.

*Star Cement:*Promoters Kamakhya Chamaria sold 22,099 shares, Vinay and Company sold 1.376 shares on Sept. 21, and Laxmi Chamaria sold 68,304 shares between Sept. 22 and 25.

Voltamp Transformers: Kunjal Lalitkumar Patel sold 12.14 lakh shares (12%) at Rs 4,633.09 apiece. Kotak Mahindra Mutual Fund, NORDEA 1 SICAV, Manulife Global Fund India Equity Fund, Oxbow Master Fund, Vittoria Fund-OC, and Societe Generale bought 1.3 lakh shares (1.28%), 56,405 shares (0.55%), 61,076 shares (0.6%), 2.88 lakh shares (2.85%), 76,701 shares (0.75%), and 90,763 shares (0.9%), respectively, for Rs 4,632 apiece.

HLE Glascoat: Himanshu Khushalbhai Patel sold 10 lakh shares (1.46%) at Rs 505.84 apiece. Nilesh Khushalbhai Patel and Harsh Himanshubhai Patel sold 10.09 lakh shares (1.48%) and 4.65 lakh shares (0.68%) for Rs 505 apiece. DSP Mutual Fund bought 24.01 lakh shares (3.52%) for Rs 505 apiece.

Manappuram Finance: Elizabeth Mathew bought 4.35 lakh shares (0.51%) of Rs 141.29 apiece.

Rama Steel Tubes: Aditya Kumar Halwasiya bought 25 lakh shares (0.49%) at Rs 36.05 apiece. Jainam Broking bought and sold 63.76 lakh shares (1.26%) and 10.76 lakh shares (0.21%) at Rs 36.01 and Rs 36.07 apiece. Naresh Kumar Bansal sold 1.4 crore shares (2.76%) at Rs 36.01 apiece.

Updater Services: The IPO was subscribed 0.16 times, or 16%, on its second day. The bids were led by retail investors (0.68 times, or 68%) and non-institutional investors (0.12 times, or 12%). The issue got zero bids from institutional investors.

*JSW Infrastructure:*The IPO was subscribed 2.13 times on its second day. The bids were led by retail investors (4.52 times), non-institutional investors (3.7 times), and institutional investors (0.55 times, or 55%).

Valiant Laboratories: The IPO will open for bids on Wednesday. The pharmaceutical ingredient manufacturing company plans to raise Rs 152 crore through fresh issuance and no offer for sale. The price band is fixed at Rs 133–140 apiece.

Listings

Signature global (India): The company’s shares will debut on the stock exchanges on Wednesday with an issue price of Rs 385 apiece. The Rs 730 crore IPO was subscribed to 11.88 times on its final day. The bids were led by non-institutional investors (13.54 times), institutional investors (12.71 times), and retail investors (6.82 times).

Sai Silks (Kalamandir): The company’s shares will debut on the stock exchanges on Wednesday with an issue price of Rs 222 apiece. The Rs 1,201-crore IPO was subscribed 4.40 times on its final day. The bids were led by institutional investors (12.35 times), non-institutional investors (2.47 times), and retail investors (0.88 times).

IndusInd Bank announces multi-year global partnership with ICC to provide premium experience to customers, employees and cricket fans

Salasar Techno commences operations of new Zinc galvanisation plant

Equirus Quant: Expiry Quick Round Up:D-2

#Nifty Roll : 48% (v/s 46%) | OI base ( 12 Mn shrs v/s 13.6 Mn shrs),

#BNF Roll : 48%(v/s 44%) | OI base( 2.5 Mn v/s 2.3 Mn),

#MW Roll: 62%( v/s 59%) | Rolled OI ( 4429 v/s 3790 Mn shrs),

#Roll cost level: ~ 71-73 (v/s 68-70 of previous series)*

Top Roll(current series in %):

# RBLBANK 77.1

# GRASIM 76.3

# HDFCAMC 74.5

# MANAPPURAM 74.3

# PNB 74.1

# DIVISLAB 73.7

Top Incremental Roll(DOD in %):

# ACC 60.7 v/s 17.9

# GLENMARK 68.4 v/s 26.9

# ADANIPORTS 68.2 v/s 27.8

# DABUR 67.6 v/s 27.3

# HAVELLS 68.6 v/s 28.3

# UBL 61.4 v/s 22.9

Top Roll(v/s Previous Series D-2 in %):

# RBLBANK 77.1 v/s 47.9

# BRITANNIA 66.9 v/s 50

# MFSL 73.2 v/s 56.6

# BAJAJ-AUTO 73 v/s 56.9

# CUMMINSIND 69.4 v/s 54.6

# HDFCAMC 74.5 v/s 60.3

Top Pending Roll(Qty in lacs):

# POWERGRID 408.3 v/s 185.5

# GUJGASLTD 50.1 v/s 23.1

# ABCAPITAL 236.7 v/s 109.1

# SIEMENS 11 v/s 5.7

# IGL 75.7 v/s 39.9

# HCLTECH 63.9 v/s 34.3

Stocks in BAN( OI% of MWPL)

# BALRAMCHIN 89%

# CANBK 85%

# DELTACORP 110%

# HINDCOPPER 84%

# IBULHSGFIN 83%

# INDIACEM 103%

Aditya Birla Fashion becomes promoter of TCNS Clothing after open offer completion

Shree Renuka Sugars acquires 100% stake in Anamika Sugar Mills for a cash consideration of Rs 235 crore

NDTV has received the government’s nod for three news and current affairs HD channels

Rajnandini Metal has received orders worth Rs 207 crore from 12 clients

SpiceJet has completed the Risk-based Approach Audit conducted by IATA

Container Corp has appointed Sanjay Swarup as chairman and MD from October 1 to July, 2026

IndiGo in discussions with American engine maker Pratt & Whitney to resolve engine and supply chain issues

The gross non-performing assets (GNPA) ratio of scheduled commercial banks (SCBs) has reached pre-asset quality review (AQR) levels in Q1FY24 and this trend is expected to continue in FY24, according to CARE Ratings.

The number of UPI transactions increased from 4.6 billion in January 2022 to 9.3 billion in June 2023, which was primarily driven by the growth in person-to-person (P2M) transactions, according to a report by Worldline. In January 2018, the number of UPI transactions stood at 151 million.

In the second half of last week, the rupee (INR) appreciated against the dollar (USD). However, after marking a high of 82.83, the Indian currency depreciated and it ended at 83.23 on Tuesday. Read more

State-run REC said that it has signed a memorandum of understanding (MoU) with Punjab National Bank (PNB) for co-financing loans worth ₹55,000 crore for projects in the sectors of power as well as infrastructure and logistics in the next three years.

Capital market regulator SEBI has extended the deadline for nomination in demat accounts and submission of investor proof for physical security holdings to the end of this year, from October.

The IPO of Updater Services opened on September 25 and closes on September 27. As on September 26, the issue was subscribed 0.16 times with retail portion being subscribed 0.7 times. The issue size of ₹640 crore consists of fresh issue of ₹400 crore and ₹240 crore worth offer for sale.

Shivkumar Pandey, Chief Information Security Officer of BSE, and Nayan Mehta, Chief of Special Projects at the exchange, have both tendered their resignations, the bourse informed on Tuesday.

Shyam Metalics and Energy has informed the exchanges that it has made an entry into the energy storage sector to make battery-grade aluminum foil for Lithium-ion cell manufacturing. The battery-grade aluminum foil is a critical component in Lithium-ion cells.

3i Infotech Limited has been awarded contract by Ujjivan Small Finance Bank Limited, for End User Support Service (Workplace Services). Total contract value is approximately Rs. 39.55 crore plus one time transition charges Rs. 35 lakhs, spread across 5 years. The Contract is for a period of 5 years starting from October 1, 2023 to September 30, 2028, with the option to extend the contract with mutual agreement.

DCM Shriram’s Fenesta has announced a significant capacity expansion of uPVC extrusion at Kota, Rajasthan. As part of the expansion, Fenesta has successfully installed - 2 Extrusion Lines and 1 Blending Line to increase the capacity of uPVC extrusion.

Suzlon Energy has informed the exchanges that Dilip Shanghvi and associates have decided to terminate the agreement with Suzlon in accordance with the terms of the agreement. Dilip Shanghvi and Associates, the investor group of the company, had entered into an amended and restated shareholders’ agreement on February 28, 2020, with the company and promoters. There would not be any impact on the operations of the company on termination of the agreement. With this, Hiten Timbadia, the investor group’s nominee director on the board of the company, has resigned as director of the company with effect from September 26. However, they will remain shareholders in the company.

18:00 U.S. Durable Goods Orders m/m (Expected: -0.5% versus Previous: -5.2%)

Paychex, Inc. (Pre market) (Sector- Service)

Micron Technology, Inc. (Post market) (Sector- Technology)

Jefferies Financial Group Inc. (Post market) (Sector- Financial)

BALRAMPUR

CANBK

DELTACORP

HINDCOPPER

IBULHSGFIN

Adani Ports in its meeting held on September 27, has approved tranche II of the tender offer to purchase for cash up to US$195,000,000 in aggregate principal amount of the outstanding 3.375% senior notes due 2024, which represents 30% of the principal amount of the Notes (tender Offer).

A day after launching an open offer to gain control of Religare Enterprises Ltd (REL), the Burman Family has declared their unwavering commitment to financial services. They emphasized that all future financial investments would be channeled through the Religare platform, with a strong dedication to enhancing REL’s shareholder value.

The popular export benefit scheme, Remission of Duty and Taxes on Exported Products (RoDTEP), that was notified for certain sectors till September 30 2023, is now being extended by nine months till June 30 2024, per a government statement.

14 firms to mop up ₹11,800 crore; investors have put in over ₹28,000 cr in mid- & small-cap funds this fiscal year

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Birla Corporation’s share price could be gearing up for a fresh short-term rally. The stock is attempting to bounce back after making a low of ₹1,148.10. Read more

HDFC Bank had to let go of a lending opportunity worth Rs ₹1 lakh crore in the wholesale business, of which ₹30,000 crore was foregone in Q1 FY24, due to unattractive pricing on the back of intensifying competition including from PSU banks. Read more

Japanese stocks started the day on Wednesday with declines, following the drop in Wall Street, as concerns arose about the impact of higher interest rates on economic growth due to weak consumer data.

In early trading, the benchmark Nikkei 225 index fell by 0.94%, equivalent to 304.96 points, landing at 32,010.09. Simultaneously, the broader Topix index also decreased by 0.77%, shedding 18.16 points, closing at 2,353.78.

South Korea’s KOSPI index showed a 0.41% decline, losing 10.82 points, and reaching 2,452.07. Australia’s S&P ASX100 experienced a 0.22% decrease, shedding 13 points to reach 5,899.50.

Investor sentiment appears to be fragile and weak. The previous day, all three major U.S. equity indices suffered losses exceeding 1%. The Dow Jones Industrials had its worst day since March, while the S&P 500 and Nasdaq were both on course for their largest monthly declines this year, at 5% and 7%, respectively.

On Tuesday, the primary indices of Wall Street experienced a decline of more than 1%, mainly due to the 10-year Treasury yields remaining at their highest levels in several years. Investors continue to grapple with the uncertainty surrounding the possibility of enduring high interest rates and the resulting economic repercussions.

The Dow recorded its most significant single-day percentage decrease since March, with all three major indices concluding the day at their lowest closing levels in well over three months. Additionally, investors were troubled by the potential for a partial U.S. government shutdown by the upcoming weekend, a situation that Moody’s, the ratings agency, cautioned would negatively impact the country’s creditworthiness.

The surge in benchmark 10-year Treasury yields follows the Federal Reserve’s recently revealed hawkish outlook for longer-term interest rates. Specifically, the Dow Jones Industrial Average declined by 388.00 points, or 1.14%, closing at 33,618.88. The S&P 500 experienced a loss of 63.91 points, or 1.47%, ending the day at 4,273.53, while the Nasdaq Composite dropped 207.71 points, or 1.57%, closing at 13,063.61.