Share Market Highlights 31 August 2023: Sensex ends 256 pts lower amid volatile trade, Nifty drops 93 pts to settle at 19,253

Benchmark Sensex closed lower by around 256 points in a volatile trade on Thursday, snapping its three-day gaining streak due to selling in banking, FMCG and oil and gas shares amid weak Asian cues.

The BSE barometer fell by 255.84 points or 0.39 per cent to close at 64,831.41 points with 22 of its constituents ending in the red.

The index opened higher and later touched a high of 65,178.33 in early trade. It, however, failed to hold onto the gains and plunged 553 points from the day’s high to touch a low of 64,723.63 amid selling on the expiry of derivatives contracts for August month.

The broader Nifty of NSE also lost 93.65 points or 0.48 per cent to settle at 19,253.80 with 35 of its stocks ending in the red.

The rupee depreciated by 16 paise to settle at 82.79 (provisional) against the US dollar on Thursday, tracking a firm American currency and rising crude oil prices.

Forex traders said that negative sentiment in the equity market and outflow of foreign funds also weighed on the domestic unit. Investors were also awaiting the domestic GDP data which is scheduled to be announced later in the day.

At the interbank foreign exchange, the domestic unit opened at 82.65 and moved between the peak of 82.58 and the lowest level of 82.76 during intra-day trade.

The rupee finally settled at 82.79 (provisional) against the dollar, registering a fall of 16 paise compared to the previous close.

HCKK Ventures Limited, a BSE listed entity is betting big on its future growth in the software and technology sector. The company has been steadily increasing its focus on software and technology in recent years, and to fuel this growth further, it has plans to raise up to ₹200 crore.

The capital could be raised through various means, including preferential allotment, rights issue, or private placement mode. The company is currently evaluating all options and will finalise the most suitable one in due course.

Welspun Corp Limited (WCL) acting together with its wholly owned subsidiary, Welspun Pipes Inc., USA (WPI), has simultaneously undertaken the following three transactions, with the objective to convert the indirect stake of 3.51 per cent of Al-Haitam Industrial and Economic Development Company KSA (Al-Haitam) in East Pipes Integrated Company for Industry KSA (EPIC), held through WCL’s subsidiary, Welspun Mauritius Holdings Limited (WMHL), into a direct stake of 3.51 per cent in the listed EPIC. Al-Haitam was a 10.01 per cent shareholder in WMHL, which in turn held 35.01 per cent of EPIC. After the above, there is no change in the existing economic interest of 31.5 per cent of WCL group in EPIC.

1. Block deal on Tadawul (Stock exchange of KSA - Kingdom of Saudi Arabia): WMHL has sold 1,104,926 shares of EPIC (3.51 per cent of EPIC’s share capital) to Al-Haitam at the prevailing market price of SAR 62 a share for a total consideration of SAR 68.51 million or $18.27 million. WMHL has accounted for a gain of approx. ₹100 crore on sale of EPIC shares.

2. Buyback of shares by WMHL: WMHL has done a selective buyback of its own shares from Al-Haitam (7.44 per cent out of 10.01 per cent held in WMHL) for a value of $14.50 million. Pursuant to the buyback, these shares have been extinguished by WMHL; and

3. Purchase of shares of WMHL by WPI from Al-Haitam: WPI has bought the balance 2.57% shares of WMHL from Al-Haitam for a value of USD 3.77 million.

As a result of these transactions, WCL and WPI now collectively hold 100% of WMHL.

Rishab Instruments IPO has been subscribed 1.82 times as of 3:30 pm on August 31, 2023. The QIB portion has been subscribed 0.05 times, NII portion 3.01 times; and retail 2.30 times. The issue closes tomorrow.

Major gainers on the NSE at 3 pm:

Jio Financial (2.81%); Maruti (2.26%); Cipla (1.39%); LTI Mindtree (1.03%); Titan (0.98%)

Major losers:

Adani Ports (-3.43%); Adani Enterprises (-3.26%); BPCL (-2.93%); IndusInd (-1.63%); Eicher Motors (-1.40%)

Bank of Baroda (-2.14%)

AU Small Finance Bank (-2%)

IndusInd (-1.86%)

IDFC First Bank (-1.41%)

Stocks advanced on BSE at 3 pm on August 31 were 1,723 against 1,862 stocks that declined. Total stocks traded were 3,741. The number of stocks that recorded a 52-week high was 236, and those that hit a 52-week low was 20.

The board of directors of Kamat Hotels has approved acquisition of 100% equity stake in Envotel Hotels Himachal Private Limited,

consequently making it the wholly owned subsidiary of the company. This will allow Kamat to capitalize on the potential synergies between the entities, thereby creating a more streamlined and cost-effective operational model.

Shares are trading 0.7% up in a weak broader market.

The stock trades at ₹128.25, down by 0.12% on the BSE.

Avro India stock is currently trading at Rs 112.75, higher by 2.45% on the NSE.

Rajnish Wellness has announced opening of new medical store. Dava Discount, a brand of Rajnish Wellness Limited, has started a new franchisee in Kolkata, West Bengal.

Aeroflex Industries opened in the secondary markets with a premium listing at ₹197 per share this morning (Thursday, August 31), which is 83 per cent above the upper end of its IPO price of ₹108 per share.

Though it has given up 16 per cent from its opening level, the stock is still trading at a 55 per cent premium at ₹168 per share.

Click here to read our complete analysis.

Titagarh Rail systems Limited (TRSL) (formerly Titagarh Wagons Limited) has received a contract by the Indian Navy for the construction of five Diving Support Crafts (DSCs) in February 2021. TRSL has launched the 1st DSC from its shipyard in Titagarh, West Bengal.

It has launched Nestlé a+ Masala Millet that contains bajra, available in two lip smacking variants, Tangy Tomato and Veggie Masala. Nestlé a+ Masala Millet comes in a multi-serve pack priced at ₹175 for 240 gm and a single-serve pack priced at ₹30 for 40 gm.

The stock trades at ₹21,790.05 on the NSE, down by 1.84%.

Major gainers on the BSE at 2 pm:

LG Balakrishnan & Bros (14.76%)

Alok Textiles (10.47%)

ION Exchange (9.79%)

DBL (9.20%)

NCC (7.89%)

Major losers:

Gokaldas Exports (-8.79%)

TCNS Clothing (-7.95%)

Medplus (-7.18%)

Reliance Power (-4.51%)

Torrent Pharmaceuticals (-4.38%)

IRIS Business Services, in partnership with FAPCOTECH General Trading Company W.L.L., Kuwait, has been selected by Boursa Kuwait to provide a solution related to collection of disclosure based data.

The stock gained 2.48% to trade at Rs 10,039.25 on NSE.

Sat Industries Limited informed the exchange that its material subsidiary company, Aeroflex Industries Limited, has been listed today on the main board of BSE Limited and NSE Ltd.

The stock gained 0.45% to trade at Rs 122.65 on NSE.

The stock trades at ₹185.85, down by 1.04% on the NSE.

The company stock rose 5% to trade at Rs 1,828.60 on NSE.

The company had announced a strategic partnership with one of the leading Visa service provider to offer premium lounges at Visa centers and Doorstep Visa services.

The QIB portion has been subscribed 0.01 times, NII portion 2.40 times; and retail 1.95 times. The issue closes tomorrow.

The share gained 2.67% to trade at Rs 147.95 on NSE.

With the barrage of allegations on Adani group not ending anytime soon, it is gathered from highly placed sources that the fresh lending by banks to the group companies have come at a significant premium compared to loans availed prior to the January 2023 Hindenburg report.

“While there is willingness to lend among banks, the interest rates have certainly gone up,” said a head of credit at a foreign bank with operations in India. Click here to read the complete report.

Zydus Lifesciences has received final approval from the USFDA for Isotretinoin Capsules USP, 10 mg, 20 mg 30 mg and 40 mg. The stock trades at ₹626.55, down by 0.25% on the NSE.

Adani Green Energy (-3.29%)

Adani Enterprises (-2.27%)

Adani Ports and Special Economic Zone (-2.53%)

Adani Power (-2.82%)

Ambuja Cements (-2.52%)

Adani Total Gas (-2.06%)

Adani Wilmar (-2.02%)

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands, a Dutch life insurance and pension provider, to help the latter adopt a business and IT operating model that will enhance customer experience, operational resilience and business agility. The stock trades at ₹3,379.05, down by 0.35 per cent on the NSE.

The spices complex ruled firm in futures trading. On NCDEX, dhaniya (coriander) October futures were up ₹50 at ₹7,192 a quintal. Jeera (cumin) October contracts increased by ₹510 to ₹55,150 a quintal. Turmeric December futures rose by ₹96 to ₹15,150 a quintal. On MCX, mentha oil October contracts declined by ₹4.20 to ₹1,041.70 a kg.

The Geekay Wires board has recommended dividend of ₹2.70 per equity share for the financial year 2022-23 subject to approval at the ensuing 34th AGM.

The stock trades at ₹297.05, up by 4.98% on the NSE.

Greenply Industries Ltd informed the exchange that the manufacturing operations at the unit of Greenply Gabon SA, Gabon, step-down wholly owned subsidiary of the Company, situated at NKOK SEZ, Gabon, West Africa, have been partially affected due to the present political unrest in Gabon.

The stock trades at ₹160.45, up by 0.06% on the BSE.

The QIB portion has been subscribed 0.01 times, NII portion 2.16 times; and retail 1.72 times. The issue closes tomorrow.

Weaker-than-expected US economic data boosted gold in the Asian market. The yellow metal also gained on a weaker dollar and US treasury yields. At 12.15 pm, the precious metal was $1,943.59 an ounce. Silver was steady at $24.46 an ounce.

• Hercules Hoists (15.33%)
• S Chand and Company (12.52%)
• SRG Housing Finance (10.38%)
• Manugraph India (9.09%)

• Mahindra Lifespace Developers (1.55%)
• Phoenix Mills (1.38%)
• Indiabulls Real Estate (1.13%)

Stocks advanced on BSE at 12 noon on August 31 were 1,901 against 1,556 stocks that declined. Total stocks traded were 3,602. The number of stocks that recorded a 52-week high was 212, and those that hit a 52-week low was 18.

Shares Sungarner Energies Limited were listed on NSE Emerge today. The company offers design and engineering services in power sector for Solar Power, UPS, Batteries, Inverters and Solar Panels.

The public issue was of Rs.5.31 crore at an issue price of Rs.83 per share.

Stocks are now ruling at Rs 251, up over 300% against the issue price.

ELTA and DCX Systems concluded to enter into a joint venture by way of incorporating a jointly owned, private limited liability Israeli company for the purposes of developing, producing and distributing, globally, obstacle detection solutions based on radar and optics technology for railway industry all in accordance with and subject to the terms and conditions as set out in this agreement.

The stock of DCX Systems gained 1.48% to trade at Rs 333.30 on NSE.

Fitch has also affirmed the bank’s Viability Rating (VR) at ‘bb’ and its Government Support Rating (GSR) of ‘bbb-’.

Government Support Underpins Rating:

SBI’s IDR is support-driven, with the GSR above the VR. SBI’s GSR is the same as India’s sovereign rating (BBB-/Stable), reflecting Fitch’s view that SBI has the highest probability of extraordinary state support among Indian banks. The Stable Outlook on the IDR mirrors that on the sovereign IDR.

The stock lost 0.4% to trade at Rs 565.25 on NSE.

Jio Financial services jumps 5% to trade at Rs 244 on BSE. The stock is up 19% from from its lowest level of Rs 205.15

Henceforth Strike Interval of INR would be 0.125 (instead of 0.25) with 3-1-3 number of strikes (ITM-ATM-OTM) AND Strike Interval of INR 0.25 with 12-1-12 number of strikes (ITM-ATM-OTM) (includes strikes generated due to 0.125 strike interval)

Post listing view from Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd

Aeroflex Industries Ltd has made a remarkable market debut, opening at Rs. 197.40 (+83%) on BSE compared to its issue price. This impressive performance can be attributed to its dominant position in the market, characterised by substantial entry and exit barriers. The company’s initial public offering received significant investor interest from both institutional and retail segments. The company currently has no listed peers. It has an export-oriented business model, and it generates around 80% of its revenue from exports alone.

Aeroflex’s future strategies look promising. The company plans to expand its global and domestic businesses, and it is investing in new technologies to improve its products. We believe that these strategies have the potential to drive long-term growth and profitability for the company.

So, allottees who applied for the public offering for listing premium are advised to maintain their stop loss at 170 and wait for further upside, whereas those who have a medium- to long-term perspective can also hold the stock.

The August Nifty futures contract opened slightly higher today at 19,354 compared to the previous day’s close of 19,342.

Currently, it hovers around 19,315, reflecting a 0.2 per cent decline. The price action suggests a bearish advantage, but there’s substantial support at the 19,300 level. Should this support be breached, the index may find a strong base at 19,220, making a further decline less likely today.

Click here to read trade strategy for today.

The company emerged as the lowest bidder (L1) for projects of Maharashtra Metro Rail Corporation.

Shares of Aeroflex Industries on Thursday got listed on the bourses with a huge premium of 83 per cent over its issue price of Rs 108.

The stock listed at Rs 197.40, reflecting a steep jump of 82.8 per cent on the BSE. On the NSE, the scrip made its debut at Rs 190, witnessing a sharp uptick of 76 per cent.

The initial public offering (IPO) of Aeroflex Industries last week received a whopping 97.07 times subscription.

The Rs 351-crore initial share sale had a price range of Rs 102-108 apiece.

The rupee traded in a narrow range and appreciated by 1 paise to 82.62 against the US dollar in early trade on Thursday amid a positive trend in the domestic equity market, per a PTI report.

Outflow of foreign funds and relatively higher crude prices weighed on the domestic unit, according to forex traders.

Investors are also awaiting GDP data for the first quarter of the current fiscal that will be released later in the day. Click here to read complete report.

Four entities on Wednesday offloaded shares of NBFC firm Spandana Sphoorty Financial for ₹268 crore through open market transactions. The company’s board had approved issue of NCDs worth upto ₹30 crore on private placement basis.

The QIB portion has been subscribed 0.01 times, NII portion 1.69 times; and retail 1.40 times. The issue closes tomorrow.

Meghmani Finechem is planning to set-up Chlorinated Polyvinyl Chloride (CPVC) Compound manufacturing facility of 35000 TPA capacity with an additional capex of ₹25 crore which is expected to be commissioned by Q4FY24.

Adani shares cracked between 1-3% in early trade on Thursday after a ​new report from the Soros-backed Organised Crime and Corruption Reporting Project (OCCRP)​, shared with the Guardian and the Financial Times, revived allegations against the group for using complex offshore operations in Mauritius, to prop up group stocks from 2013 to 2018.

Flagship Adani Enterprises was down 2.65 per cent to Rs 2,446.60 apiece on the NSE at 11.15 am. Adani Ports and Special Economic Zone was trading lower by 2.28 per cent.

Adani Power slid 2.56% to Rs 320, while Adani Wilmar was down 1.63% to Rs 362.95.

Adani Total Gas and Adani Green Energy were down 2.02 per cent and 3.76 per cent, respectively. ACC shed 2.12 per cent and Ambuja Cement was down 2.96 per cent. NDTV shares slipped 1.92 per cent to trade at Rs 214.90.

OCCRP said it found at least two cases where the family associates bought and sold Adani stock through offshore structures over several years.

The stock lost 0.39% to trade at Rs 265.10 on NSE.

The stock lost 0.15% to trade at Rs 99.65 on NSE.

The company had entered into an agreement with East Coast Railway, Bhubaneshwar, Odisha, to buy and own railway wagons to get rid of wagons shortfall with Indian Railways.

The stock lost 1.68% to trade at Rs 87.60 on NSE.

Tata Power Renewable Energy Limited (TPREL), through its subsidiary TP Alpha Limited, signed a Power Delivery Agreement (PDA) with Sanyo Special Steel Manufacturing India Private Limited (SSMI) for a Captive Solar Plant having capacity of 28.125 MW (AC) which is located in Aachegaon, Dist- Solapur, Maharashtra. The solar plant is projected to produce an annual electricity of 61.875 Million Units (“MUs”) which would meet the energy requirement of steel manufacturing unit of “SSMI”.

Major gainers on the NSE at 9:30 am are:

Jio Financial (4.99%); Hindalco (1.37%); Tech Mahindra (0.77%); Power Grid (0.69%); Maruti (0.67%)

Major losers are:

Adani Enterprises (-2.19%); Adani Ports (-1.83%); Eicher Motors (-0.83%); BPCL (-0.77%); HDFC Bank (-0.71%)

Verlinvest Asia to sell 12.56% stake in Sula Vinyards for Rs 540 crore via block deal. Shares will be sold by Verlinvest Asia Fund, at a price of Rs 473-508.7 per share.

The stock lost 3.15% to trade at Rs 492.70 on NSE on Thursday.

Latest data showed that China’s manufacturing activity contracted less than the market expectations in August. At 9.18 am on Thursday, November Brent oil futures were at $85.17, down by 0.08 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $81.58, down by 0.06 per cent.

Adani Group’s statement on OCCRP allegations:

We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week.

These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds.

Notably, these FPIs are already part of the investigation by the Securities and Exchange Board of India (SEBI). As per the Expert Committee appointed by the Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices.

It is unfortunate that these publications, which sent us queries, chose not to carry our response in full.

These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process.

We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety.

Biocon Biologics is on track to integrate a major part of the acquired biosimilars business of long-term partner Viatris in the current fiscal, the company’s Executive Chairperson Kiran Mazumdar-Shaw said in her address to the company’s shareholders in the Annual Report for 2022-23, which was released on Wednesday.

The stock closed 0.12% higher at Rs 260.30 on NSE on Wednesday.

Hundreds of millions of dollars were invested in publicly traded Adani stock through opaque investment funds based in the island nation of Mauritius that had direct links with Adani group promoters, according to exclusive documents obtained by the Organized Crime and Corruption Reporting Project (OCCRP)

“In at least two cases — representing Adani stock holdings that at one point reached $430 million — the mysterious investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family. The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, have longtime business ties to the family and have also served as directors and shareholders in Adani Group companies and companies associated with one of the family’s senior members, Vinod Adani,” OCCRP said in a report.

Click ​​here to read the latest allegations against Adani Group​​.

Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities:

Despite the bear attack late in the day, the Nifty Future Open Interest (OI) indicated buildup of long positions for the third consecutive day. The Foreign Portfolio Investors (FPIs) Long-Short Ratio, improved steadily from 40.42% on 25th August to 45.49% on 29th August.

As the market marks the conclusion of the monthly expiry today, the Nifty appears positioned to conclude the August expiry below the 19,500 mark. Notably, the Nifty finds its support level situated at 19,250, while resistance is discernible at 19,500. A breach of these pivotal levels holds the potential to trigger a pronounced directional movement within the index. Until such a breakthrough occurs, adopting a targeted approach focusing on specific stocks within the midcap and small-cap segments could prove advantageous for investors and traders alike.

Ameya Ranadive CMT CFTe

Equity Research Analyst

Choice Broking

Sensex is poised to exclude Jio Financials (JIOFIN) today, unless the stock triggers a lower circuit (upper limit not a concern).

As per Nuvama Alternative & Quantitative Research’s latest calculation , JIO’s 1.1% weight in Sensex 30 Index means passive selling may involve around 60 million shares, equivalent to roughly USD 180 million.

Should exclusion be deferred, the exchange will announce during market hours.

BHEL

IBULHSGFIN

BALAMINES, SICAL

The IPO of Rishab Instruments was subscribed 73 per cent at the end of day 1 on Wednesday. The price band for the offer has been set at ₹418–441. Investors can bid for a minimum of 34 equity shares. The issue will close on Friday.

Rishabh Instruments IPO’s retail investors portion was subscribed 92 per cent, NII portion was subscribed 1.24 times, and QIBs portion was subscribed 1 per cent.

India VIX has managed to stay above the 12 mark and near the three-month high. If this continues, then there is a possibility for it to move up sharply to 18 levels. Rollovers were in line for Nifty at 46% vs 41%, while Bank Nifty rollover was at 44% vs 41%.

We see low potential returns for the market over the next 2-3 years, based on a bottom-up assessment of sectors on our 3X3 matrix of (1) earnings and (2) multiples. Most sectors fall in the “growing earnings, derating in multiples” cell. Current economic and market conditions are not very different from five years ago. The Nifty-50 Index has gone up 67% in the past five years. -- Kotak Institutional Equities

Shares of Aeroflex Industries will be listed today at the exchanges. The IPO saw a blockbuster response. The initial public offering of Aeroflex Industries saw a strong response from all category investors and it was subscribed by subscribing over 97 times. The company has fixed the IPO price at ₹108.

Growth and earnings trajectory is faring well despite higher interest rate environment. While seasonal inflationary risks have emerged, RBI is expected to stay on a prolonged pause as inflation is expected to cool off in 2HFY24. Our HFD tracker is indicating positive growth momentum across indicators.

Upcoming festive season is expected to bring more cheer to demand and corporate earnings. Post festive season, State and Union elections will take centerstage impacting macro and equity trends. Excluding unforeseen events, we

continue to remain positive on equities in the long term, expecting BJP to return to power in the Union elections.

Added positives: Domestic DII flows, likely government measures to control inflation and benefit citizens, peaking of global interest rates. Currently, Nifty is

trading at 18.5x 1-yr fwd PE; Mid-cap index at 23.1x. As valuations aren’t cheap, we have applied top and bottom up approach in our stock selection, diversified exposure across sectors and market cap (raised weights for mid and small cap).

We continue to remain positive on domestic oriented sectors and PLI based sectors for exports. In this model portfolio allocation, we reduce our exposure to Financials and raise

weights in discretionary (Automobiles, Retail, EMS, Building materials), Pharma, and metals. We retain our overweight stance on Industrials. -- Phillip Capital

Jefferies on Cement Stocks: Cement demand is likely to clock double-digit growth in FY24 for 2nd straight year.

HSBC on Power Sector: Demand spikes 6% in July, accelerates to 16% growth in August on lower rains

Jefferies on India Strategy: Expecting political continuity in upcoming elections. Top Picks: Axis Bank, ICICI Bank, SBI, L&T, Ultratech, Thermax, KEI, Kajaria and Siemens

Investec on Jindal Stainless: Maintain Buy on Company, raise target price at Rs 510

Bernstain on Cipla: Maintain Outperform on Company, target price at Rs 1262

Jefferies on IT Stocks: Consensus for CY24 real GDP growth in US have been revised upward in August. Do not change current cautious view due to just one uptick

HSBC on Aster DM: Maintain Hold on Company, target price at Rs 337

JP Morgan on Maruti: Maintain Neutral on Company, target price at Rs 8800

JP Morgan on HCL Tech: Maintain Underweight on Company, target price at Rs 900

G N A Axles Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 992.35

Ex Bonus 01 September 2023 (Tomorrow)

Last date Trade for Before Bonus Today

Remedium Lifecare Ltd

Stock Split From Rs.10/- to Rs.5/-

Previous day Closing Price – Rs. 1639.80

Ex - Stock Split 01 September 2023 (Tomorrow)

Last day trade for before split Today

Piramal Enterprises BB Schedule Announced Friday was Record Date & Today Details Out...

Retail Entitlement Ratio 7 Shares against 47 Shares (14.89%)

Expected Retail Acceptance Ratio : 30 to 35%

Date of Opening of the Buyback : 31 August

Date of Closing of the Buyback : 6 September

Date of Intimation of Acceptance Ratio : 12 Sept

Date of Receipt of Payment for Accepted Shares / Settlement of Bids : 13 September

Retail Entitlement Ratio 12 Shares against 131 Share (9.16%)

Expected Retail Acceptance Ratio : 25 - 30%

Buyback Opening Date: 31 August

Buyback Closing Date : 6 September

Date of Receipt of Payment / Settlement of Bids : 13 September

The board of Kamat Hotles has approved acquisition of 100% Equity Stake in Envotel Hotels Himachal Private Limited consequently making it the Wholly Owned Subsidiary of the Company.

The official NBS Manufacturing PMI increased from 49.3 per cent in July to 49.7 per cent in August, above market expectations of 49.4 per cent. The most recent outcome was the weakest decline in manufacturing activity since an expansion in March, in the midst of numerous stimulus measures from Beijing to resurrect an economic revival. In addition to new orders increasing for the first time since March, output growth quickened and optimism reached a 6-month high.

Sun TV stock has rallied 40 per cent in two months, post a lacklustre showing on bourses for many years.

Nuvama Institutional Equities has highlighted the stock’s re-rating potential spurred by a likely jump in Q1 FY’24 revenue and EBITDA from IPL (income thereof Rs 513 crore with corresponding cost of Rs 228 crore). Superstar Rajinikanth’s ‘Jailer’, produced by Sun Pictures, is having a phenomenal run, smashing box office records—which shall benefit its Q2 FY’24 numbers, said Nuvama Institutional Equities

INDIAMART INTERMESH: Buy Back Opens Today and Closes 6-Sept

To Buyback upto 12.5 Lakh Shares (2.04% Equity) @ Rs 4000/ Share Via Tender Offer Route. Buyback Size = Rs 500 Crores

Note :Record Date was 25-August

PIRAMAL ENTERPRISES: Buy Back Opens Today & Closes 6-Sept

To Buyback upto 1.4 Crore shares (5.87%) @ Rs 1250/ Share Via Tender Offer Route. Buyback Size = Rs 1750 Crores

Note: Record Date was 25-August

KRBL: Buy Back Opens Today & Closes 6-Sept

To Buyback upto 65 Lakh shares (2.76%) @ Rs 500/ Share Via Tender Offer Route. Buyback Size = Rs 325 Crores

Note: Record Date was 25-August

FORTIS HEALTHCARE: The company Acquire Medeor Hospital Manesar For Rs 225 Crores. Medeor Is a Multi-Speciality Hospital with a potential bed capacity of 350 Beds & can be operationalised in a phased manner in approx 9 months

BHEL: The company Bags Order To Set Up Supercritical Thermal Power Project At Lara, Chhattisgarh. To Set Up 2x800 MW Thermal Power Project.

GALLANTT ISPAT LIMITED: Company in the earlier corporate announcement dated July 10, 2023 intimated that the Company has entered into an agreement with East Coast Railway, Bhubaneshwar, Odisha to buy Two rakes ,out of two railway rakes one railway rake has been delivered to the Company. The railway rake delivered is under process of working and functioning.

SC AGROTECH LIMITED: Company approved a proposal of sale of land situated at Bulandsahar Up Subject to the approval of the shareholders of the company for the consideration is Rs 3crs

Megri Soft Limited: Company has completed the construction of 57000 Sq.ft at plot owned by company measuring 0.505 Acre located at I-46, Sector-83 Alpha, I.T. City, SAS Nagar, Punjab, 160055. The company will expand its IT/ITES services in this new unit. The company propose to commence the operations at the new unit in October 2023, subject to the approval of various rules, and regulations under various Acts and permissions from various authorities

Nakoda Group of Industries Ltd : Company was approved by way of a rights issue for an amount of not exceeding Rs. 7.00 Crores with Rs. 40.00/- per Rights Equity Share in the 1 Equity Share for every 7 Equity shares held by the Shareholders as on record date. in accordance with the Companies Act, 2013 and the rules made thereunder, the Securities and Exchange Board of India .who shall be eligible to apply for the Rights Issue, would be Tuesday, September 05, 2023

Wonder Electricals Limited: Company acquisition of business of ‘Uttaranchal Industries’ (Partnership Firm). The consideration for such acquisition will be discharged by the Company by issuance of 23,42,665. 5% Non-convertible, Non- participating and Non-Cumulative Redeemable Preference shares having face value of INR 100/- each, as per the terms and conditions mentioned in the Business Transfer Agreement (“BTA”) to be executed between the Company and the Partnership Firm. The acquisition of Business shall be subject to the approval of Shareholders of the Company.

Dreamfolks Services Limited: Company has announced a strategic partnership with one of the leading Visa service provider to offer premium lounges at Visa centers and Doorstep Visa services. This partnership marks a significant milestone for DreamFolks as Clients (including Banks, Card Networks, and Enterprises) have been eagerly awaiting the inclusion of Visa services as a part of their offering to customers

NATCO Pharma Limited : Company acquiring 5.79% Equity in ISCA, Inc., a Delaware Corporation which is a Pest control company for agriculture Overall cost of acquisition is USD 2 million

Balu Forge Industries Limited : Company is going to meet on 04 Sep 2023 for the proposal of fund raising by way of preferential issue / private placement of securities / convertible securities to the Promoter and Promoter Group Category and the Non-Promoter Category Public category of Investor, including determination of Issue Price subject to such regulatory/statutory approvals as may be required, including the approval of shareholders of the Company.

Rail Vikas Nigam Limited : Company emerges as the Lowest Bidder (L1) in the 5 Projects f Maharashtra Metro Rail Corporation Limited for the Construction Metro Stations and Other infra works Worth of Rs. 256,19,87,814/-

W.S. Industries (India) Limited : Company has bagged an order for Construction of Rail Over Bridge near Maris Theater in Tiruchirappalli City Corporation, Tamil Nadu, approximately valued at Rs.30.63 Crores (inclusive of GST).

Bhandari Hosiery Exports Limited : Company is going to meet on 05 Sep 2023 to consider, inter alia, various matters relating to the Rights Issue including terms and conditions such as the Issue Price and Record Date for the proposed Rights Issue of the Company and other matters incidental or connected therewith.

Ajanta Pharma Limited : Company receives final approval from US FDA for Topiramate Extended Release Capsules

DCX Systems Limited : ELTA and DCX concluded to enter into a joint venture by way of incorporating a jointly owned, private limited liability Israeli company (“JVC”), for the purposes of developing, producing and distributing, globally, obstacle detection solutions based on radar and optics technology for railway industry (the “Business”) all in accordance with and subject to the terms and conditions as set out in this Agreement.

Avro India Ltd : Company Considered and approved raising of funds by way of issue of equity shares to the existing members of the Company on rights basis (Rights Issue), at such price and right entitlement ratio as may be decided by the Board, for an amount aggregating up to Rs. 35 crore , subject to necessary approvals and consent as may be necessary required for compliance of applicable laws

THE RAMCO CEMENTS LIMITED : Company had executed Share Subscription and Purchase Agreement for the purpose of sale and transfer of its entire shareholding of 49,95,16,202 equity shares held in Lynks Logistics Limited (Lynks) to Bundl Technologies Private Limited (“Bundl”, operating under the brand name “Swiggy”) and simultaneously acquiring 24,18,915 Compulsory Convertible Preference Shares (CCPS) of Bundl, in consideration of the sale of shares.they wish to confirm that the transaction had been completed on 29th August 2023

Emerald Finance Limited :company has partnered with Genetix Biotech Asia Private Limited, a cutting-edge consultant firm in the life-science industry, to offer its Early-Wage-Access program to the employees of Genetix. This partnership aims to provide an instant financial relief to the employees by allowing them to access part of their salaries seamlessly throughout the month.

Andhra Paper Limited :Andhra Pradesh Pollution Control Board vide their letter dated August 29, 2023 has approved the CTO & HWA (Amendment) for inclusion of Precipitated Calcium Carbonate (PCC) for efficient carbon capture & reuse which will reduce carbon emission. This will reduce CO2 emissions for existing lime-kiln stacks @ 54 Tons per day i.e., 1900 TPA. This PCC process yields, lower paper production cost and improve the paper opacity, bulk and brightness. There is no additional paper and pulp production capacity increase.

JC Flowers Yes Bank ARC settles case with Subhash Chandra by taking 75 per cent haircut on ₹6,500-crore dues. Chandra will pay JC Flowers ₹1,500 crore to regain ownership of the family’s stake in assets, including Dish TV and Zee Learn, plus three properties.

The dollar index fell to 103.0996 on Wednesday due to softer-than-expected US economic data, bolstering Federal Reserve interest rate hikes. The economy grew less than expected in Q2, and job creation slowed more than expected in August, said Kedia Commodities report. Consumer sentiment fell by the most in two years in August.

India’s economy expanded at its fastest rate in a year in the June quarter, with GDP growing 7.7 per cent, up from 6.1 per cent in the previous quarter and the fastest since April-June 2022.

Lower commodity prices allowed manufacturers to increase margins and partially offset the 250 basis point increase in interest rates since May 2022.

Services will drive growth on the output side, while investments will drive it on the expenditure side. India, the third-largest economy in Asia, has been able to defy the global slowdown, with its services sector experiencing strong growth.

The Indian government has been investing more money in infrastructure each year to support growth, spending nearly 28 per cent of its Rs 10 lakh crore capital expenditure budget in the first three months of the fiscal year.

The “GDP deflator,” which estimates real economic growth by excluding price changes, will be reduced by a 3 per cent decline in wholesale prices.

However, the price effect may change in the upcoming months, and growth may be slow. August has been unusually dry after above-average rainfall in July, driving up the cost of basic foods and reducing discretionary spending. Dry weather in India’s hinterlands, where agriculture provides the majority of the country’s income, could also reduce agricultural output and weaken the power of locals. A comparison to higher growth rates from a year ago, slowing exports and global growth will also impact future quarters’ growth.

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

As Warren Buffett turns 93, his 82 years of investment expertise continue to hold relevance. From steering clear of major errors to embracing patience, his wisdom offers valuable insights for navigating today’s complex markets. As we celebrate his birthday, let’s explore his enduring lessons, including the significance of prudence, avoiding the dangers of speculation, and making intelligent decisions in the ever-evolving world of investments.

Bharat Forge’s stock, on a steady uptrend since June, broke the crucial ₹1,000-mark last week. After reaching a fresh high of ₹1,083.90 on Wednesday, it retracted, resulting in a daily loss. Nonetheless, the bullish trend remains intact, and the daily chart suggests potential for a rally, notably on Thursday.

Shares in Asia followed the upward movement of Wall Street as recent US economic indicators indicated a slowdown in growth. This reinforced the belief that the Federal Reserve is approaching the conclusion of its tightening phase. During early trading, Japan’s benchmark Nikkei 225 index saw a 0.49 per cent increase, a gain of 159 points, reaching 32,495. Similarly, the broader Topix index experienced a 0.45 per cent uptick, corresponding to a rise of 1- points, reaching 2,323.

On Wall Street, positive momentum was maintained as weaker-than-anticipated data regarding private sector hiring and a downward revision of second-quarter GDP growth to 2.1 per cent still led to a higher close. The Dow Jones Industrial Average ended 0.1 per cent above, settling at 34,890.24. The S&P 500, representing a wide range of industries, saw a 0.4 per cent increase, while the technology-focused Nasdaq Composite Index surged by 0.5 per cent.

Key upcoming events that could impact the market include the release of China’s manufacturing PMI and non-manufacturing PMI on Thursday, as well as Japan’s industrial production and retail sales data for the same day. Additionally, on Thursday, the Eurozone’s Consumer Price Index (CPI) and unemployment figures are anticipated. The European Central Bank (ECB) will also publish the minutes of its July monetary policy meeting on that day. Lastly, Thursday will bring insights into US personal spending and income, along with initial jobless claims data. -- Agencies