Share Market Highlights: Sensex hits historic high as rally continues for 11th consecutive day

Sensex jumps 319.63 points to end at 67,838.63; Nifty up by 89.25 to close at 20,192.35

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Camlin Fine Sciences Limited informed the exchange about temporarily closure of Diphenol Plant of its wholly owned subsidiary, CFS Europe SPA situated in Ravenna, Italy, extending upto October 31, 2023 due to continuing issue of difficult macro‐economic situation in Europe coupled with low pricing and weak demand across the industry.

RR Kabel IPO has been subscribed 17.05 times as of 3:39 pm on September 15, 2023. The QIB portion has been subscribed 47.02 times, NII 12.88 times; retail 1.97 times; and those reserved for employees stood at 2.57 times. The issue closes today.

The board of Bajaj Holdings & Investment declared an interim dividend of ₹110 per equity share of face value of ₹10 for the financial year ending March 31, 2024. The stock slips down by 0.07% on the NSE, trading at ₹7,120.05.

Strides Pharma Science Limited (Strides) has announced that its step‐ down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received tentative approval for Dolutegravir/ Lamivudine/ Tenofovir Disproxil Fumurate 50mg/ 300mg/ 300mg tablets from the USFDA. The Product will be manufactured at the company’s facility in Bengaluru.

The company’s stock surges by 5.37% on the NSE, trading at ₹493.30.

Ami Organics has signed another definitive multi-year, multi-tonne agreement with Fermion, a fully owned subsidiary of Orion Corporation, Finland. As part of the agreement, Ami Organics will supply an additional advanced pharmaceutical intermediate to Fermion.

The stock rises by 1.22% on the BSE, trading at ₹1,295.85.

Major gainers:

• Bajaj Auto (5.65%)
• Grasim (2.62%)
• Hero Motorcorp (2.30%)
• M&M (2.19%)
• Bharti Airtel (1.86%)

Major losers:

• BPCL (-1.56%)
• Asian Paints (-1.27%)
• Hindustan Unilever (-1.20%)
• Britannia (-0.92%)
• Tata Consumers (-0.83%)

Stocks advanced on BSE at 3 pm on September 15 were 1,939 against 1,663 stocks that declined. Total stocks traded were 3,762. The number of stocks that recorded a 52-week high was 220, and those that hit a 52-week low was 15.

Ashok Leyland Ltd and TVS Mobility Private Limited (TVS Mobility) have agreed to form a Joint Venture (JV) company, with TVS Mobility contributing to the extent of 50.1% and the Company to the extent of 49.9%.

The Company would be investing an amount of upto ₹40 crores, in one or more tranches, in the proposed JV Company, it said in a regulatory filing. The stock is up by 1.64% on the NSE, trading at ₹182.85.

Samhi Hotel IPO has been subscribed 0.11 times as of 2:33 pm on September 15, 2023. The NII portion has been subscribed 0.04 times, and retail 0.51 times. The issue closes on Sep. 18.

Gabriel India Ltd. (GIL) is one of the leading manufacturers and is engaged in producing ride control products, which include shock absorbers, struts, and front forks in every automotive segment.

CMP Rs. 316

Target Rs. 275 (12 Months)

Return - 13%

The stock has rallied 88% in the last one year and is trading at 25x on a 1yr fwd. basis. Considering this, we expect some consolidation in the near term. We recommend Sell rating at CMP (20x FY25E EPS).

Zydus Lifesciences has received final approval from the USFDA for Norelgestromin and Ethinyl Estradiol Transdermal System, 150 mcg/35 mcg per day. The stock inches up by 0.27% on the NSE, trading at ₹641.65.

Zaggle Prepaid Ocean Services IPO has been subscribed 0.35 times as of 2:12 pm on September 15, 2023. The NII portion has been subscribed 0.21 times, and retail 1.57 times. The issue closes on Sep. 18.

Yatra Online IPO has been subscribed 0.08 times as of 2:09 pm on the opening day September 15, 2023. The NII portion has been subscribed 0.01 times, and retail 0.40 times. The issue closes on Sep. 20.

RR Kabel IPO has been subscribed 6.04 times as of 2:06 pm on September 15, 2023. The QIB portion has been subscribed 13.11 times, NII 7.15 times; retail 1.59 times; and those reserved for employees stood at 2.25 times. The issue closes today.

Ashok Leyland to set up EV Bus plant in Uttar Pradesh. The company’s stock rises by 1.64% on the NSE, trading at ₹182.85.

Manoj Vaibhav Gems ‘N’ Jewellers Limited’s Initial Public Offering to open on Friday, September 22, 2023, sets the price band at ₹204 to ₹215 per Equity Share

Price Band of ₹204– ₹215 per equity share bearing face value of ₹10 each (“Equity Shares”)

Bid/Offer Opening Date – Friday, September 22, 2023, and Bid/Offer Closing Date – Tuesday, September 26, 2023.

Minimum Bid Lot is 69 Equity Shares and in multiples of 69 Equity Shares thereafter.

The Floor Price is 20.4 times the face value of the Equity Share and the Cap Price is 21.5 times the face value of the Equity Share.

Almondz Global Securities’ joint venture Premier Alcobev Private Ltd has commissioned the enhanced capacity Ethanol Plant of 200 KLPD which is over and above the existing 85 KLPD Plant at the same place at District-Kangra, Himachal Pradesh. The commercial production from the said new plant will start from the first week of October, 2023.

Almondz stock rises by 4.05% on the NSE, trading at ₹92.50.

Fitch Ratings-Singapore-15 September 2023: JSW Infrastructure Limited’s (JSWIL, BB+/Stable) INR28 billion IPO scheduled for late September 2023 is neutral to its Long-Term Issuer Default Rating and senior unsecured notes due 2029, Fitch Ratings says. Fitch believes the listing does not materially change the India-based port operator’s credit profile, but it will increase the current rating headroom and improve the company’s access to capital and funding sources.

The company plans to use about INR 8.8 billion of its net proceeds to reduce debt, which is positive to its already robust financial profile. Even so, JSWIL’s rating remains constrained by high exposure to specific commodities and customer concentration risk. Coal and iron ore make up about 85% of JSWIL’s cargo volume, while JSW Steel Limited (BB/Stable) contributes more than 50% of cargo volumes.

That said, JSWIL’s credit assessment is not linked to that of JSW Steel. This is because there are no infrastructural constraints at the ports, which are linked to national highways. The company will be able to serve third-party customers at existing ports, if required. In addition, our analysis shows that JSWIL’s cash flow available from third parties and existing credit facilities will be adequate to service and repay debt over the weighted-average life of the concessions.

The Competition Commission of India (CCI) has cleared DEN Networks, finding no violation of competition law.

DEN Networks, a distributor of over 100 channels, faced allegations from Sobhagaya Media Pvt Ltd, a cable TV service provider, regarding excessive ‘carriage fees’ for broadcasting their channel ‘APN.’ However, CCI dismissed Sobhagaya Media’s complaint.

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• Indian aviation domestic PLF dipped sharply in Jul-Aug 23 vs. Jun 23. We believe this is not only due to seasonality (July-Aug is a weak tourist season) but it signals a rise in competition and an end to supernormal profit post the stoppage of GoFirst.
• IndiGo’s domestic PLF in Aug 23/ July 23 was lower than July-Aug 17, 18, 19 average. PLF for Aug 23/ July 23 dipped much more (vs. Jun 23) than the average decline of July-Aug 17, 18, 19 vs Jun.
• We believe the PLF decline has led to sharp dip in IndiGo’s tariff in 2QFY24 – history reveals that supernormal profits from exits of Jet Airways and Kingfisher were short-lived.
• Maintain Reduce on IndiGo; TP Rs 1,600 (9.5x EV/EBITDAR FY25F)

Ujjivan Small Finance Bank has approved 5,39,651 Equity Shares of face value of ₹10 each fully paid-up, pursuant to exercise of stock options under the ESOP Scheme 2019 of the Bank.

The stock declines by 1.22% on the NSE, trading at ₹48.50.

• HT Media (13.09%)
• Satin Creditcare Network (12.44%)
• Dhanlaxmi Bank (11.89%)
• SRG Housing Finance (10.36%)
• GMR Power and Urban Infra (9.93%)

Kahan Packaging Limited became the 453rd company to get listed on the BSE SME Platform on September 15, 2023, after successfully completing its public issue on September 08th.

Kahan Packaging Limited is a Mumbai registered company, it provides bulk packaging solutions to business-to-business (“B2B”) manufacturers catering to different industries such as the Agro-Pesticides Industry, Cement Industry, Chemical Industry, Fertilizer Industry, and Food Products Industry. Kahan Packaging manufactures and supplies Polypropylene (PP)/ High-Density Polyethylene (HDPE) Woven Fabric- Laminated, HDPE/PP woven sacks, Woven Fabric- Unlaminated, PP Woven Bag, PP Woven Bag with Liner, Printed Laminates for Flexible Packaging, woven polymer-based products of different weight, sizes and colors as per customer’s specifications.

Pyramid Technoplast has commenced operations at its Unit VII capacity, situated at Gujarat Industrial Development Corporation, from today. The company’s stock rises by 1.85% on the NSE, trading at ₹171.

Dixon Technologies stock slips down by 0.66% on the NSE, trading at ₹5,044.75. The company is set to open a massive new factory on the outskirts of New Delhi.

Gujarat Industrial Development Corporation (GIDC) has transferred Dahej-II Industrial Estate admeasuring about 11993.60 Sq.Mtrs. to Arrow Greentech Limited on terms of lease agreement. The industrial plot is acquired for the expansion of manufacturing activities in Greentech Segment of the company. The company expects completion of the first phase of expansion within around 18 months.

Arrow Greentech stock rises by 4.37% on the NSE, trading at ₹387.

Tata Steel has 11.4 lakh shares change hands in a large trade. The stock slips down by 0.38% on the NSE, trading at ₹131.20

Gufic Biosciences stock rises by 1.53% on the NSE, trading at ₹301. The company secured patent for an invention entitled “A freeeze dried Parenteral Composition of Omadacycline Tosylate and process for preparation thereof” on September 14, 2023 for the term of 20 years effective from April 19, 2021 in accordance with the provisions of the Patents Act, 1970.

GMM Pfaudler stock surges by 4.93% on the NSE, trading at ₹1,852.30. The company through its wholly owned subsidiary GMM Pfaudler US Inc., has entered into an agreement to acquire 100% share capital of Professional Mixing Equipment Inc. (MixPro).

KSE Ltd stock slips down by 0.58% on the BSE, trading at ₹1,630. The company’s board had approved the decision to take a Unit on Lease in Madurai to produce cattle feed on job contract basis to meet the demand in Tamil Nadu region.

Pioneer Embroidery Limited.’s shares were up by 1.33 per cent after the company initiated commercial production of Embroidery and Laces (EL) at its plant located at Shree Ganesh Integrated Textile Park (SGITPL), Degaon-Dhule in Maharashtra.

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Zaggle Prepaid Ocean Services is a unique initial public offering. Should it be basketed a technology provider, payments enabler or HR solutions business? With no straightforward answer, it is best to classify it as a SaaS (software as a service) provider, embedded with a layer of payments. Such a ‘ khichadi’ has its pros and cons. It ticks the box of being a one-of-its-kind listed player in India with no immediate comparable.

However, despite a 12-year track record, its financials do not reflect a business that has achieved maturity. To top it, the asking price of the IPO is at over 80x FY23 price-to-earnings (PE). Adjusted for last fiscal’s ESOP costs, valuation comes to 55x FY23 PE. , The pricing does not seem to leave much on the table in the near-term.

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EKI Energy Services Ltd.’s shares were up by 5.56 per cent after the company announced its achievements at the Environmental Finance Sustainable Company Awards 2023. This event, dedicated to recognising organisations and individuals championing environmental sustainability, witnessed EKI’s performance on the world stage with three significant accolades, per the company.

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Major gainers:

• Bajaj Auto (5.19%)
• Hero Motorcorp (2.59%)
• Grasim (1.87%)
• HCL Tech (1.43%)
• Tata Motors (1.24%)

Major losers:

• BPCL (-1.45%)
• Hindustan Unilever (-1.30%)
• Asian Paints (-1.25%)
• Britannia (-0.95%)
• Tata Consumers (-0.90%)

Greaves Electric Mobility announced the launch of electric cargo three-wheeler vehicle Greaves Eltra - taglined ‘Everything Extra.’

Greaves Cotton stock rises by 2.15% on the NSE, trading at ₹147.

Rajshree Polypack Limited has secured order worth ₹179.88 lakh from the Ferror India Private Ltd for supply of Polypropylene sheets. RPPL stock rises by 2.11% on the NSE, trading at ₹167.

Stocks advanced on BSE at 12 noon on September 15 were 2,032 against 1,413 stocks that declined. Total stocks traded were 3,627. The number of stocks that recorded a 52-week high was 192, and those that hit a 52-week low was 11.

IFL Enterprises Limited bagged order worth over ₹197 core from Siddhesh Global Limited, client in the paper industry. The stock rises by 9.85% on the BSE, trading at ₹15.72.

Patel Engineering Limited along with its joint venture partner has emerged as lowest Bidder (L1) for an irrigation project of ₹202.30 crore from Maharashtra Krishna Valley Development Corporation.

The stock rises by 4.92% on the NSE, trading at ₹55.40.

The Hi-Tech Gears Limited informed the exchange that Jawaid Ashraf has resigned from the position of Group Chief Human Resource Officer (Group CHRO) of the company. The stock inches up by 0.57% on the NSE, trading at ₹385.75.

Alkem Laboratories Ltd has appointed Dr. Vikas Gupta as the Chief Executive Officer (CEO) of the company with effect from September 22, 2023.

The stock inches up by 0.67% on the NSE, trading at ₹3,734.35.

The price of these gold bonds has been fixed at ₹5,923 per gram.

However, the government, in consultation with the RBI, has decided to offer a discount of ₹50 per gram less than the nominal value to investors applying online and making the payment against the application through digital mode.

That means, the issue price is ₹5,873 post online discount.

Siyaram Silk Mills stock rises by 4.52% on the NSE, trading at ₹615.20. The company’s board had approved the increase in Buyback Price from ₹650 a share to ₹720. The maximum number of Equity Shares proposed to be bought back by the Company has been reduced from 16,61,530 fully paid-up Equity Shares to 14,99,992, representing 3.20% of the total number of Equity Shares of the Company.

• Bajaj Auto (4.87%)
• Hero motocorp (2.16%)
• Tube Investments of India (1.72%)
• Tata Motors (1.55%)
• TVS Motors (1.25%)

Infosys Ltd informed the exchange about the allotment of securities as follows: 748 equity shares under the 2015 Stock Incentive Compensation Plan; 25,520 equity shares under the Infosys Expanded Stock Ownership Program 2019.

The company’s stock inches up by 0.53% on the NSE, trading at ₹1,514.90

Nykaa has 26.5 lakh shares change hands in a large trade. The stock inches up by 0.93% on the NSE, trading at ₹151.50.

GMM Pfaudler Ltd’s shares were up by over 4 per cent after the company, through its wholly-owned subsidiary GMM Pfaudler US Inc., announced an agreement to acquire 100 per cent share capital of Professional Mixing Equipment Inc. The acquisition, valued at $7 million, will be financed through internal accruals and is anticipated to conclude by October 2023.

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Zaggle Prepaid Ocean Services IPO has been subscribed 0.28 times as of 11:18 am on September 15, 2023. The NII portion has been subscribed 0.17 times, and retail 1.25 times. The issue closes on Sep. 18.

Yatra Online IPO has been subscribed 0.04 times as of 11:18 on the opening day September 15, 2023. The NII portion has been subscribed 0.01 times, and retail 0.22 times. The issue closes on Sep. 20.

Samhi Hotel IPO has been subscribed 0.09 times as of 11:18 on September 15, 2023. The NII portion has been subscribed 0.04 times, and retail 0.44 times. The issue closes on Sep. 18.

NIFTY-50 OUTLOOK

NIFTY-50 consistently moved higher for 8 days in a row and we expect some consolidation in range of 18,900-19,200 over the next few days. f The index formed another bullish candle on weekly charts led by the banking sector and other index pivotal to close higher in favor of the bulls. The index supports have moved to 19,800 levels after a strong rally while India VIX has gained by 6% ahead of the FOMC meeting next week. On the higher side resistances will near to 20,300-20,400 levels as sharp addition in 20,300 strike CE for the weekly expiry.

BANK NIFTY OUTLOOK

BANK NIFTY followed the up move with mid cap PSU Banks index while other index pivotal ends flat to positive for the day. We continue to remain positive and expect Bank Nifty to scale a new all time high in the current momentum. f The key technical indicators are positively poised as it witnessed a breakout after a 2 week consolidation being up 2% for the week till date.

RR Kabel IPO has been subscribed 2.11 times as of 11:15 am on September 15, 2023. The QIB portion has been subscribed 2.79 times, NII 3.33 times; retail 1.20 times; and those reserved for employees stood at 1.81 times. The issue closes today.

Indonesia, the most populous country in Southeast Asia with a population of 270 million, imported 1.59 million tonne of rice in the first eight months of this year against 237,146 tonne imported in the same period last year.

More than half of the rice shipments came from Thailand, accounting for 802,000 tonne. Vietnam was the second-largest source with 674,000 tonne followed by India and Pakistan at 66,000 tonne 45,000 tonne.

The Indonesian government tasked the state procurement food company Bulog for importing 2.3 million tonne of rice in 2023. This move was aimed at mitigating the impact of the El Nino weather pattern, which can lead to dry weather conditions in Southeast Asia and affect rice harvests.

Supply Challenges Indonesian President Joko Widodo highlighted the challenges of securing rice from overseas due to export restrictions imposed by some countries. Global rice prices have been rising, making it more difficult to import the needed quantities.

The National Food Agency estimates that Indonesia’s total rice imports for this year will touch 2.9 million tonne. This indicates the country’s efforts to bolster its rice reserves in the face of supply challenges.

The Bank Nifty index is trading higher. The index has risen above the key level of 46,000, and is holding well above that. This is a positive. The advances/ declines ratio is at 6:6 and indicates a mixed outlook. Bandhan Bank has surged about 2.9 per cent and is the outperformer within the index.

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Indus Towers has 10 lakh shares change hands in a large trade. The stock rises by 2.64% on the NSE, trading at ₹188.70.

Paramount, aerospace and technology company headquartered in the UAE, has announced broadening of its development and manufacturing partnership with Indian industrial conglomerate, Bharat Forge Ltd and Kalyani Strategic Systems, to produce a wider range of armoured vehicles in India for Paramount’s global customers.

Bharat Forge stock rises by 1.11% on the NSE, trading at ₹1,120.50.

Retail sales in China climbed by 4.6% year-over-year in August 2023, above market expectations of 3.0% and accelerating from 2.5% growth in the previous month. The retail commerce increased for the ninth consecutive month, at its fastest rate since May.

Major gainers:

• RBA (9.07%)
• STAR (8.78%)
• MTNL (8.60%)
• UCO Bank (8.16%)
• Astra Microwave (8.11%)

Major losers:

• Stylam Industries (-4.40%)
• Cressanda Solutions (-4.29%)
• NIIT (-3.62%)
• West Coast Paper (-3.43%)

After the report on consumer inflation, the wholesale inflation reading for the month of August, which was reported yesterday, has also shown a strong headline inflation figure primarily driven by surging energy prices, while core inflation remained stable. Despite this, the outlook for the Federal Reserve’s upcoming rate decision next week remains largely unchanged, however this has increased the probability of the Fed adopting a hawkish stance in the near future. The European Central Bank has increased its deposit rate from 3.75% to 4% but signalled a pause during the subsequent press conference.

Today, the market will take cues from US reports on Empire State Manufacturing Index, and University of Michigan Consumer sentiment

Participation in gold has been increasing amid the current price decline during the past few trading sessions. However, overall participation continues to hover at lower levels, which sets the stage for a rally in gold once participation increases. We believe gold has become a favourable investment opportunity at current price levels.

Currently we are looking at a support levels at Rs 58,300 levels. 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.

Astra Microwave Products stock surges by 8.26% on the NSE, trading at ₹433.05. The company recently bagged order for supply of Satellite sub-systems, Airborne Radar and sub-systems of Radar and EW projects, from Defence Research and Development Organisation (DRDO), the Indian Space Research Organisation (ISRO) and Defence Public Sector Undertakings (DPSUs).

CLSA: Our India Activity Index (AI) continues to point to a shallow recovery. It slowed down to 4.9% in July from 9.2% in June and 7.6% for the April-June quarter. We continue to expect growth to decelerate to 6.0% in FY24 from 7.2% in FY23. High real lending rates (up 1,210bps since April 2022) should impact consumption demand. Uneven rain (90% of normal) will likely delay rural recovery. Stress-testing for rising oil prices, we estimate that the Indian economy can bear oil prices up to US$120/bbl after assessing fiscal and BoP risks. US core CPI, at 0.3% MoM, was higher than expected.

Risks include slowdown in the tractor business, market share loss in the UV segment due to increased competition, and an increase in non-core investments.

Patel Engineering stock rises by 4.17% on the NSE, trading at ₹55. Maharashtra Krishna Valley Development Corporation, Pune, had declared Patel Engineering Limited as L1 for a ₹249.96-crore contract for the works involving Construction of Pipe Line Distribution Network for Nira Deoghar Right Bank Main Canal Km 66 to Km 76.

Crude oil futures traded higher on Friday morning as data indicated a growth in China’s industrial production and retails sales in August.

At 10.05 am on Friday, November Brent oil futures were at $94.56, up by 0.92 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $91.08, up by 1.02 per cent.

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AstraZeneca Pharma India has appointed Praveen Akkinepally as the Business Unit Head – Oncology with effect from November 1, 202. The stock is up by 3.02% on the NSE, trading at ₹4,501.

Equity benchmark indices Sensex and Nifty hit new record peaks in early trade on Friday, helped by a rally in global markets and fresh foreign inflows.

Rallying for the 11th day running, the 30-share BSE Sensex climbed 255.46 points to hit its fresh all-time high of 67,774.46 in early trade. The Nifty went up by 70.05 points to reach its new lifetime peak of 20,173.15.

Among the Sensex firms, HCL Technologies, Tata Motors, Wipro, HDFC Bank, Tech Mahindra, Tata Consultancy Services, Infosys and Mahindra & Mahindra were the major gainers.

Asian Paints, Hindustan Unilever, Titan and Axis Bank were among the laggards.

The rupee witnessed range-bound trading against the US dollar in early trade on Friday, as the support from positive domestic equities was negated by elevated crude oil prices and strong American currency.

Forex traders said the dollar strengthened post the release of the US inflation number that was reported higher-than-expectation and weighed on the domestic unit.

However, a bullish trend in domestic equities, wherein both benchmark indices touching all-time high levels, supported the rupee at lower levels.

Acuité Ratings & Research is pleased to share with you a detailed analysis of the CPI & WPI Inflation - August’23. Kindly consider carrying the inputs from the shared report.

India’s key inflation indicators diverged directionally in Aug-23:

CPI inflation moderated from its 15-month high of 7.44% YoY in Jul-23 to 6.83% in Aug-23. While market participants expected a deceleration (towards 7.0-7.1%), the actual print surprised a bit on the downside.

While being in negative territory, WPI inflation increased to a 5-month high of -0.52% YoY from -1.36% in Jul-23, highlighting the impact of fresh pressures on commodity prices.

Says the Chief Economist and Head- Research of Acuite, Mr. Suman Chowdhury, “With the moderation in the vegetable prices, the headline CPI inflation has quickly moderated by 60 bps in Aug-23. This is a relief to the central bank and also reflects the steps being taken by the Government to cool down food prices.

Nevertheless, the concerns on the kharif crop remain due to deficient rains so far in the current monsoon and the potential impact of low reservoir levels on also the rabi crop. Pulses inflation along with cereal inflation continues to be in double digits.

We believe that food inflation will continue to be a risk factor over the next six months though the near term pressures have subsided. Further, the rising crude oil prices at over USD 90 pb need to be monitored and while the retail fuel prices may not be increased immediately, its impact is set to be felt particularly in the industrial sector.

India’s wholesale inflation, expectedly, has also started to get firmer after witnessing a contraction for the last 5 months. While the print still continues to be negative at -0.52% in Aug-23, it has tightened from -1.36% in Jul-23 and -4.18% in Jun-23 respectively.

Clearly, the rise in food prices has been the key factor behind the lower contraction but fuel and power inflation has also started to gain sequential momentum, given the sharp rise in the prices of crude oil since the middle of August.

One important trend in the WPI data is the reversal of the deflationary trend in manufactured products in Aug-23 at +0.14% MoM and such a trend is likely to continue, as reported by the last PMI Manufacturing Survey. We expect WPI inflation to be in positive territory over the next few months, given healthy industrial and consumer demand and the backdrop of increasing prices of crude oil, cereals and pulses.

Given such a backdrop, CPI inflation is set to be in the range of 5.5%-6.5% over the next two quarters and core inflation is also expected to remain sticky. RBI MPC will have limited option but to wait and watch the price scenario till the end of the current fiscal. The status quo in rates is expected to continue with a tightening bias in system liquidity.”

As the benchmark soars to a new high, the Nifty-50 trades at a 12-month forward P/E of 18.8x, a 7% discount to its own long-period average (LPA). Further, it also trades at a 12-month forward P/B of 3x, a 6% premium to its LPA.

• Notably, Nifty EPS grew ~19% over FY20-23 to INR807 vs. market returns of ~15% over Jan’20-Sept’23. Thus, valuations are far more reasonable today than they were in Oct’21 highs.
• Although the Nifty-50 is at a new high and is creating a lot of buzz, on a two-year basis, it is up ~7% from the Oct’21 high. Its aggregate FY22/FY23 earnings are up ~38%/10%, while MOFSL Universe earnings are up 39%/10% in FY22/FY23.
• We reckon the upside from here will be a function of stability in global and local macros and continued earnings delivery vs. expectations.
• Moreover, we note that during the last five General Elections (1999-2019), the Nifty-50 rallied 10-32% six months prior to the announcement of election results. India will be going into General Elections in Mar-May’24

Though the Nifty-50 is at an all-time high, Mid and Small-caps have outperformed by a big margin. In CY23-YTD, the Nifty-50 is up 11%, whereas the Nifty Midcap 100 and the Nifty Smallcap 100 are up 28% and 29%, respectively.

• The large caps remained clear outperformers during the Nifty-50’s journey from 18k to 19k. However, the mid and small caps hit new highs when the Nifty-50 moved up from 19k to 20k.
• As the rate-hike cycle seems over and with positive retail sentiment, the mid and small caps remain in favor. This was evident in the recent broad-based market rally, when both mid- and small-cap indices rose ~13% and 16%, respectively, outperforming the Nifty-50 by a wide margin of 780bp and 1,150bp, respectively, during Jul’23 to Sep’23 (when Nifty moved from 19k to 20k).

The board of directors at Kirloskar Oil Engines have approved an investment in ‘Series A‐1 Optionally Convertible Redeemable Non‐Cumulative Preference Shares (the “Series A‐1 Preferred Stock – OCRNPS”) up to $5,000,000 (upto Rs 42 crore) for upto 500,000 shares of preferred stock at a purchase price of US$ 10 per share of Kirloskar Americas Corporation, USA in tranches. This investment is to enable market development in Powergen applications for the North American markets. Shares of Kirloskar Oil Engines are up 2.5% at Rs 504 on the BSE at 10:14 AM IST.

TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd., people familiar with the matter said, potentially marking the first public deal between the French oil giant and Gautam Adani since a short-seller leveled fraud allegations against the Indian billionaire’s business empire.

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Lemon Tree Hotels stock rises by 1.02% on the NSE, trading at ₹123.95. The company had signed two license agreements for two new properties in Junagadh, Gujarat and Chitwan, Nepal.

Schneider Electric Infrastructure stock rises by 1.04% on the NSE, trading at ₹345.55, following the appointment of Udai Singh as its additional director, managing director and chief executive officer for three years.

Liquor giant United Spirits said it has filed an appeal before Joint Commissioner Of Commercial Taxes (Appeals-1), Bangalore on 14 September 2023 in respect to the order passed by Additional Commissioner of Commercial Taxes (Enforcement) in matter of applicability of GST rate on royalty income.

The tax authorities had claimed Rs 57.8 crore, arguing that GST should be levied at the rate of 18% instead of 12% on royalty received by the company towards the grant of right to use its trademarks to franchisee, for the period September 2017 to September 2021. Shares of United Spirits are down 0.4% at Rs 1062.25 on BSE (at 10 AM IST).

On Friday, WTI crude futures rose above $90 a barrel, hitting new ten-month highs as supplies and demand outlooks worldwide improved. The US oil benchmark has also increased by almost 4% this week and is on pace to do so for a third week in a row. To support the nation’s economic recovery, China’s central bank lowered the cash reserve requirements for all banks on Thursday. This improved the prognosis for demand in the top petroleum importer in the world. Sentiment was further boosted by rising predictions that major central banks are reaching the end of their tightening cycles. In terms of supply, Saudi Arabia and Russia’s prolonged production restrictions were blamed by OPEC, the US government, and the International Energy Agency for a market shortfall in the fourth quarter.

Kahan Packaging, which saw over Rs 1,000 crore subscription from retail investors, listed on strong note at Rs 152 against IPO price of Rs 80.

The public issue of this little-known Mumbai based firm that manufactures polymer-based woven products saw bids over 1,044 times from retail investors. Non-institution investors portion received bids for 405.59 times.

Currently, it is ruling at Rs 159.60 on the BSE-SME.

Strides Pharma Science Ltd stock surges by 10.56% on the NSE, trading at ₹517.60. The company had announced that its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, received tentative approval for Dolutegravir 50mg tablets from the United States Food & Drug Administration (USFDA)

Crude oil futures traded higher on Friday morning as data indicated a growth in China’s industrial production and retails sales in August. Added to this, China’s central bank has also announced a 25 basis points cut in the cash reserve requirement for the banks. This will help release more liquidity into the economy. China is a major consumer of crude oil in the world market.

At 9.41 am on Friday, November Brent oil futures were at $94.58, up by 0.94 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $91.11, up by 1.05 per cent. September crude oil futures were trading at ₹7566 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹7501, up by 0.87 per cent; and October futures were trading at ₹7516 as against the previous close of ₹7453, up by 0.85 per cent.

In view of Nipah cases in Kerala, Karnataka Govt issued a circular and has advised the general public to avoid unnecessary travel to affected areas of Kerala; intensify surveillance in the bordering districts to Kerala ( Kodagu, Dakshin Kannada, Chamrajanagara & Mysore) and at the points of entries to Karnataka: Karnataka Health Dept

Infosys has entered into a Memorandum of Understanding with a global company to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platforms & AI solutions. The stock inches up by 0.53% on the NSE, trading at ₹1,514.95.

Ex-Dividend 18 September 2023 (Monday)

Last date for Cum-Dividend Today

First Custodian Fund (India) Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 41.33

ABC India Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 95.07

Aimco Pesticides Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 121.05

Ami Organics Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1280.25

APM Industries Ltd.

Dividend Per Share Rs.1.6

Previous day Closing Price – Rs. 51.59

Bal Pharma Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 95.6

Beardsell Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 34.15

Blue Chip Tex Industries Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 144.05

Chandra Prabhu International Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 23.72

Container Corporation Of India Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 722.35

Cupid Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 416

Ddev Plastiks Industries Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 212.75

Deep Industries Ltd

Dividend Per Share Rs.1.85

Previous day Closing Price – Rs. 259.35

DHP India Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 876.4

Donear Industries Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 110.8

Edelweiss Financial Services Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 54.67

Fluidomat Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 340

Glenmark Pharmaceuticals Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 866.1

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

Dividend Per Share Rs.30

Previous day Closing Price – Rs. 651.8

Gujarat Alkalies & Chemicals Ltd.

Dividend Per Share Rs.23.55

Previous day Closing Price – Rs. 738

Hikal Ltd.

Dividend Per Share Rs.0.6

Previous day Closing Price – Rs. 303.8

IB Infotech Enterprises Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 97

Indiabulls Housing Finance Ltd

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 191.7

India Gelatine & Chemicals Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 395

Indoco Remedies Ltd.

Dividend Per Share Rs.2.25

Previous day Closing Price – Rs. 357

Infibeam Avenues Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 17.41

Kakatiya Cement Sugar & Industries Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 235.05

Kiran Vyapar Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 150.5

Lotus Eye Hospital And Institute Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 87

L.G.Balakrishnan & Bros. Ltd.

Dividend Per Share Rs.16

Previous day Closing Price – Rs. 1021.85

Lohia Securities Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 195

Maithan Alloys Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1077.5

Mangalore Chemicals & Fertilizers Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 108.8

Marathon Nextgen Realty Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 438.7

Mastek Ltd.

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 2408.85

Metroglobal Limited

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 99.57

M Lakhamsi Industries Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 0.93

Mold-Tek Technologies Ltd.

Dividend Per Share Rs.1.4

Previous day Closing Price – Rs. 345.6

Mold-Tek Packaging Limited

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 955.6

Morarka Finance Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 141.8

NLC India Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 134.5

Orient Ceratech Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 33.8

Paradeep Phosphates Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 72.17

Prakash Pipes Ltd

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 266

Radix Industries (India) Limited

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 120.1

Riddhi Siddhi Gluco Biols Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 464.95

Royal Orchid Hotels Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 300.6

Sadhana Nitrochem Ltd.

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 85.21

Sanco Trans Ltd.

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 718.95

Sandu Pharmaceuticals Ltd.

Dividend Per Share Rs.0.75

Previous day Closing Price – Rs. 74.16

SBC Exports Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 20.79

S Chand And Company Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 264.35

Sharda Motor Industries Ltd

Dividend Per Share Rs.17.27

Previous day Closing Price – Rs. 1004.05

Shivalik Bimetal Controls Ltd.

Dividend Per Share Rs.0.7

Previous day Closing Price – Rs. 539

Sicagen India Ltd.

Dividend Per Share Rs.0.6

Previous day Closing Price – Rs. 42.71

Shankar Lal Rampal Dye-Chem Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 106.7

Sree Rayalaseema Hi-Strength Hypo Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 620.1

Starteck Finance Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 157

Suprajit Engineering Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 420

Texmaco Infrastructure & Holdings Ltd.

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 74.15

Texmaco Rail & Engineering Ltd.

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 143

Time Technoplast Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 154.75

Tamilnadu Petroproducts Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 94.85

Tamil Nadu Newsprint & Papers Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 272.15

Trucap Finance Ltd

Dividend Per Share Rs.0.01

Previous day Closing Price – Rs. 57.34

Venus Pipes & Tubes Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 1543.25

Waaree Renewable Technologies Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 1288.9

Wardwizard Innovations & Mobility Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 42.16

J.B.CHEMICALS & PHARMACEUTICALS LTD.

Stock Split From Rs.2/- to Rs.1/-

Previous day Closing Price – Rs. 2973.85

Ex Split 18 September 2023 (Monday)

Last date Trade for Before Split Today

Major gainers:

• Bajaj Auto (4.10%)
• HCL Tech (1.56%)
• Coal India (1.53%)
• Wipro (1.31%)
• Tata Motors (1.19%)

Major losers:

• Asian Paints (-1.38%)
• Hindustan Unilever (-0.90%)
• Adani Ports (-0.69%)
• BPCL (-0.60%)
• Britannia (-0.59%)

The board of Bharat Forge has approved additional investment in n Kalyani Powertrain Limited (KPTL), wholly owned subsidiary of the Company. The funds proposed to be infused in KPTL will be invested by KPTL in its wholly owned subsidiary Kalyani Mobility Inc.

SpiceJet Ltd. has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse, the company informed the exchanges. The payment was executed on Thursday, September 14, 2023.

Shakti Pumps (India) has received order from the Department of Agriculture, Uttar Pradesh, worth ₹293 crore for supply, installation and commissioning of solar water pumping systems.

Read more.

HDFC Bank has entered into a co-lending agreement with technology-driven NBFC Credit Wise Capital for two-wheeler financing in tier-2, 3, and 4 towns.

The partnership combines HDFC Bank’s expertise to offer credit facility to the un-served or under-served sectors and robust due diligence, and Credit Wise Capital’s strong and easy loan processing tech platform for assessing potential borrowers, as well as their credit profile.

​The dollar index (DXY) measures the value of USD ​against a geometric weighted average basket of six major international currencies – Euro, Yen, British Pound, Canadian Dollar, Swedish Krona, and the Swiss Franc.

Copper prices have been broadly stable, and range bound for more than two months now. The Copper Futures contract trades on the Multi Commodity Exchange (MCX) has been stuck between ₹610 and ₹766 per kg since July. Read more

Grasim Industries, an Aditya Birla Group company, has unveiled the brand name of its paints business, ‘Birla Opus’.

The market launch of Birla Opus is scheduled for the March quarter. Grasim will offer a full suite of products in the decorative paints segment.

Mobiles and smartphones cumulatively decline 4 per cent in volume, but volume of smartphones alone clocked 3 per cent volume growth

A sharp drop in domestic prices in August boosted demand for edible oil, leading to an increase in imports.

Data compiled by Solvent Extractors’ Association of India (SEA) showed that India imported 18.52 lakh tonnes (lt) of edible oil in August, against 13.75 lt a year ago, registering a growth of 34.69 per cent. India imported 17.55 lt of edible oil in July 2023.

India’s natural rubber production will likely be five per cent lower this fiscal in view of deficient rainfall in Kerala, which accounts for over 90 per cent of the industrial commodity’s production, said Ramesh Kejriwal, President, All-India Rubber Industries Association (AIRIA).

Tata Starbucks’ CEO Sushant Dash says demand for certified coffee is on the rise on social concern

RR KABEL

13-Sep-23 to 15-Sep-23

Issue size 1,964cr

SAMHI Hotels Limited

14-Sep-23 to 18-Sep-23

Issue size 1200cr

Zaggle Prepaid Ocean Services Limited

14-Sep-23 to 18-Sep-23

Issue size 392cr

Yatra Online Limited

14-Sep-23 to 18-Sep-23

Issue size 602cr

Sai Silks (Kalamandir) Limited

20-Sep-23 to 22-Sep-23

Issue size 600cr

Manoj Vaibhav Gems ‘N’ Jewellers Ltd

22-Sep-23 to 26-Sep-23

Issue size 210cr

JSW Infrastructure Limited

25-Sep-23 to 27-Sep-23

Issue size 2800cr

Signature Global

20-Sep-23 to 22-Sep-23

The passenger load factors for major airlines in August were as follows: SpiceJet (90.9 percent), Vistara (91.3 percent), IndiGo (83.6 percent), Air India (84.5 percent), and AirAsia India (82.4 percent)

In FY23, Oil India’s cumulative oil production rose 5.5 per cent y-o-y to 3.176 mt against 3.010 mt in FY22, which is the highest in the last four years

Real estate developer Signatureglobal has scaled down the size of its initial public offering of shares following good cash collections from sales and its promoters deciding not to participate in the offer for sale.

The IPO, which will be launched next week, has been reduced to ₹730 crore from ₹1,000 crore proposed in July when it had filed the draft papers. The fresh issue of shares is now ₹603 crore compared to ₹750 crore before.

Indian shares are set to open higher on Friday, tracking Asian peers, as stronger-than-expected macroeconomic data from China and easing U.S. rate concerns aided sentiment.

India’s GIFT Nifty on the NSE International Exchange was up 0.10% at 20,238.50 at 8:00 a.m. IST.

Data Patterns is a high-growth company with consistent margins & improving return ratios. We expect its strong momentum to continue in the medium term.

A robust order backlog with a strong order pipeline and the focus on in-house product development and exports, we feel, will aid high growth and margins.

We upgrade NMDC to Buy from Add as sales volume in FY24 may breach the 32-40 mt range; long-term volume visibility is clearer as the roadmap for 100 mtpa by FY30, though aspirational, is being worked on; commercial mining in Odisha is progressively getting undermined, resulting in more opportunity; and RoE may improve further from the current level of 22 per cent as mining business takes the centre stage and steel plant is demerged.

The Nifty IT Index has hit a 52-week high at 32,949.55 from its October lows of 26,184, as the sector is expected to see sunnier days, after being marred by macro-economic headwinds in the last couple of quarters.

Ex-date Dividend: Apollo Pipes, Cantabil Retail India, Indian Railway Finance Corp., Jyoti Resins & Adhesives, Multi Commodity Exchange of India, Monarch Networth Capital, Sangam (India), Techno Electric & Engineering Co., Andhra Sugars, Bigbloc Construction, Everest Kanto Cylinder, DPSC, Garden Reach Shipbuilders & Engineers, HBL Power Systems, HMA Agro Industries, Indraprastha Medical Corp, Krsnaa Diagnostics, Jindal Stainless, Phoenix Mills, Vardhman Textiles, Vardhman Special Steels, Uttam Sugar Mills, Supriya Lifescience, SP Apparels, Talbros Automotive Components, Salasar Techno Engineering, National Aluminium Co.

Ex-date AGM: Indian Railway Finance Corp., Andhra Sugars, Bigbloc Construction, Dynamatic Technologies, Eris Lifesciences, Everest Kanto Cylinder, DPSC, Garden Reach Shipbuilders & Engineers, Gokul Agro Resources, Goldiam International, HBL Power Systems, HMA Agro Industries, Indraprastha Medical Corp., Krsnaa Diagnostics, Jindal Stainless, KIOCL, Phoenix Mills, Vardhman Textiles, Vardhman Special Steels, Utttam Sugar Mills, Supriya Lifescience, SP Apparels, Sindhu Trade Links, Talbros Automotive Components, Salasar Techno Engineering, Monarch Networth Capital, Optiemus Infracom, National Aluminium Co, Pennar Industries.

Record-date Dividend: Cantabil Retail India, Indian Railway Finance Corp, Jyoti Resins & Adhesives, Multi Commodity Exchange of India, Monarch Networth Capital, Sangam (India), Sangam (India), Techno Electric & Engineering Co., Krsnaa Diagnostics

Move Into Short-Term ASM Framework: Rane (Madras), PDS

Move Out Of Short-Term ASM Framework: Cyient DLM

Usha Martin: Promoters Brij Family Trust and Neutral Publishing House bought 97,672 and 2.75 lakh shares, respectively, between Sept. 8 and 11.

Shyam Metalics and Energy: Promoters Subham Buildwell and Narantak Dealcomm sold 95.1 lakh and 65.76 lakh shares, respectively, between Sept. 11 and 12.

Page Industries: Promoters Sunder Genomal and Ramesh Genomal sold 19,856 each between Sept. 11 and 13.

ADF Foods: Promoter Krish Bhavesh Thakkar sold 26,600 shares between Sept. 8 and 11.

Bajaj Healthcare: Escorp Asset Management sold 1.5 lakh shares (0.54%) at Rs 416.06 apiece.

Birla Cable: Silver Line Ventures Private sold 1.65 lakh shares (0.55%) at Rs 362.23 apiece.

CMS Info Systems: Small Cap World Fund Inc. sold 18.57 lakh shares (1.2%) at Rs 355.16 apiece.

India Pesticides: Sudha Agarwal sold 7.85 lakh shares (0.7%) at Rs 300 apiece.

RattanIndia Power: Abarc-Ast-002-Trust sold 2.9 crore shares (0.54%) at Rs 6.62 apiece.

Suven Pharmaceuticals: Rambabu Chirumamilla sold 38 lakh shares (1.5%) at Rs 530.68 apiece.

Adani Enterprises: Adani New Industries’ wind energy solutions unit announced its 5.2 MW wind turbine generator has been enlisted in the revised list of models and manufacturers published by the Ministry of New and Renewable Energy. The listing enables commercial availability of Adani Wind’s 5.2 MW wind turbines.

Tata Power: Subsidiary Tata Power Renewable Energy signed a power delivery agreement with Xpro India to develop 3.125 MW AC group captive solar plant in Achegaon, Maharashtra.

Alkem Laboratories: The Income Tax Department conducted a survey at some of the company’s offices and subsidiaries. The drugmaker said it is fully cooperating with the officials and there has been no impact on its operations.

Bharat Forge: The company and its unit Kalyani Strategic Systems signed a pact to produce armoured vehicles in India for clients of global defence company Paramount. The partnership includes the development and production of 4x4 and 6x6 Infantry Combat Vehicles for global customers.

Godrej Properties: The developer plans to raise Rs 1,500 crore via two NCD issues.

Bank of Maharashtra: The lender has received total bids of Rs 760 crore for its issue of Basel III Compliant Tier 2 Bonds on private placement basis.- It has accepted bid of Rs 515 crore, including base issue of Rs 250 crore and green shoe option retained up to Rs 265 crore, at a coupon rate of 7.98%.

Sona BLW Precision Forgings: The board approved investment of $1.6 million in one or more tranches in the form of share capital in its wholly owned subsidiary in Mexico.

United Spirits: The company has filed an appeal against an order passed by Additional Commissioner of Commercial Taxes (Enforcement) in matter of applicability of GST rate on royalty income for the period September 2017 to September 2021. The quantum of claims is Rs 57.8 crore

PI Industries: The company entered into a strategic alliance with Koppert to foster advancements in sustainable agriculture practices and jointly innovate in the domain of Agriculture Biologicals.

Lemon Tree Hotels: The company signed license agreements for two hotel properties in Junagadh, Gujarat and Chitwan, Nepal under the brand “Lemon Tree Hotel” and “Lemon Tree Resort” respectively. The former is expected to be operational by FY25 and the latter in FY24 itself and both will be managed by unit Carnation Hotels.

Schneider Electric Infrastructure: The company appointed Udai Singh as MD and CEO for three years with effect from Sept. 15. Further, Arnab Roy resigned as Non-Executive Director.

Strides Pharma Science: The drugmaker’s Singapore unit received tentative U.S. FDA approval for Dolutegravir 50mg tablets, which is equivalent of Tivicay tablets used for antiretroviral therapy of HIV patients. The approval adds to a list of products that Strides has approved under the PEPFAR pathway taking the total to 13 products.

SeQuent Scientific: The drugmaker will sell its active pharma ingredient unit at Thane.

Clean Science and Technology: The company has subscribed to additional 11.70 lakh equity shares, each at a premium of Rs 588, aggregating to Rs 70 crore by way of subscription to the rights issue of Clean Fino-Chem, a wholly owned subsidiary. The additional capital will be used for funding its green field projects.

GMM Pfaudler: The company will acquire Canada-based Professional Mixing Equipment (MixPro) for $7 million through its U.S. subsidiary. MixPro designs and manufactures innovative mixing solutions for a wide range of industrial applications.

Shoppers Stop: The retailer has started operations from its new Intune Store at Irrum Manzil, Hyderabad.

Patel Engineering: The company in a joint venture has been declared lowest bidder for an irrigation project of Rs 249.96 crore from Maharashtra Krishna Valley Development Corp to construct a pipeline distribution network in Satara. PEL’s share in the contract is Rs 99.98 crore or 40%.

GMM Pfaudler Ltd through its wholly owned subsidiary GMM Pfaudler US Inc., has entered into an agreement to acquire 100% share capital of Professional Mixing Equipment Inc. (MixPro). A total consideration of $7 million will be paid to acquire MixPro and the transaction will be funded through internal accruals and is expected to close by October 2023. MixPro, located in Brampton, Canada designs and manufactures innovative Mixing solutions for a wide range of industrial applications.

Lemon Tree Hotels has signed two new properties - Lemon Tree Hotel, Junagadh, Gujarat, India, and Tigerland Safari - A Lemon Tree Resort, Chitwan, Nepal. The former is expected to be operational by FY 2025 and the latter is expected to be operational in FY 2024 itself and both the properties shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.

Clean Science and Technology Limited has subscribed to the additional 11,70,572 Equity shares of face value of ₹10 each at a premium of ₹588 for cash, aggregating to ₹70 crore by way of subscription to the rights issue of Clean Fino-Chem Limited (CFCL), a wholly owned subsidiary of the Company. CFCL was incorporated on March 22, 2022 as a Wholly Owned Subsidiary of CSTL in India. CFCL will be engaged in the business of manufacture and sale of speciality chemicals.

​Pioneer Embroidery Ltd ​ has commenced the commercial production of Embroidery and Laces (EL) at its new plant at Shree Ganesh Integrated Textile Park (SGITPL), Degaon- Dhule in Maharashtra. All the required regulatory approvals were received. PEL has eight computerised, high-end machines, imported from Lasser AG, Switzerland, now installed at Degaon unit, completing its second leg of the business strategy. The total investment in the plant and equipment at Degaon has been approximately ₹41 crore, while the building has been taken on lease from SGITPL. At peak utilisation, the new unit can achieve a turnover of about ₹50 crore. The building premises and support infrastructure are sufficient for further capacity expansion.

The Buyback Committee of Siyaram Silk Mills Limited at its meeting on Thursday approved the increase in Buyback Price from ₹650 a share to ₹720. The maximum number of Equity Shares proposed to be bought back by the Company has been reduced from 16,61,530 fully paid-up Equity Shares to 14,99,992, representing 3.20 per cent of the total number of Equity Shares of the Company.

Gufic Biosciences has informed the exchanges that it has been granted patent for an invention entitled “A freeeze dried Parenteral Composition of Omadacycline Tosylate and process for preparation thereof” on September 14, 2023 for the term of 20 years effective from April 19, 2021 in accordance with the provisions of the Patents Act, 1970.

The Board of Shiva Cement Limited has approved a proposal for fund raising worth ₹400 by way of issue of equity shares on rights issue basis to the eligible shareholders as on the record date (to be determined and notified subsequently).

The National Company Law Tribunal (NCLT), New Delhi, has approved Kirloskar Ferrous Industries Limited’s Resolution Plan to acquire Oliver Engineering Private Ltd.

KFIL is one of the leading castings and pig iron manufacturers in India and Oliver is engaged in the business of ferrous casting and machining with its manufacturing facility located in Village Sandharsi in Punjab. The present capacity of Oliver is 28,000 tpa.

Strides Pharma Science Limited (Strides) has announced that its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received tentative approval for Dolutegravir 50mg tablets from the United States Food & Drug Administration (USFDA). The approval adds to a list of products that Strides has approved under the PEPFAR pathway taking the total to 13 products.

PI Industries Ltd and Koppert signed a strategic alliance recently to foster advancements in sustainable agriculture practices and jointly innovate in the domain of Agriculture Biologicals. As the global agricultural community grapples with the challenges of climate change, dwindling resources, and increasing food demand, the urgency to pivot towards eco-friendly and sustainable crop & soil protection solutions becomes paramount. Both partners believe that by leveraging collective expertise, resources, and shared vision, they can introduce cutting-edge solutions that safeguard crops, nurture the soil, and promote sustainable solutions within the agriculture sector in India.

The IPO of Samhi Hotels witnessed a lacklustre response from all category investors on Day 1 of public subscription on Thursday. The ₹1,370.10 crore IPO, which consists of a fresh issue of equity shares worth ₹1,200 crore and an OFS of 1.35 crore shares by existing shareholders, was subscribed just 7 per cent. The IPO comes out with a price band of ₹119-126 and closes on September 18. The lot size for Samhi Hotels IPO is 119 shares.

The initial public offering of Zaggle Prepaid Ocean Services Ltd was subscribed just 19 per cent on Day 1 of issue opening on Thursday. The company plans to raise ₹564 through the IPO, which will close on September 18. It has fixed a price band at ₹156-164 and the market lot is 90 shares.

The ₹1,964-crore initial public offering will close for public subscription today. The IPO received full subscription on Day 2 as, it received bids for 1.86 crore shares against 1.33 crore shares on offer, subscribing 1.4 times.

The ₹775-crore Yatra Online public issue will hit the capital market on Friday. The tour operator has fixed the price band at ₹135-142 share for its initial public offering, which will close on September 20. Investors can bid for a minimum of 105 equity shares.

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

The short-term outlook is bullish for Punjab National Bank. The stock has been moving up well over the last few days. Since December last year, the price action indicates a cup and handle pattern formation on the chart. Read more

Dollar Index (105.35) has surged from around 104.70 after the European Central Bank (ECB) meeting outcome on Thursday.

The ECB raised their policy rates by 25-basis points. However, the central bank said that the rates have reached a level, where it can be maintained for a sufficiently long duration. So, the ECB can run into a pause mode going forward.

As a result, the Euro (EURUSD: 1.0635) has tumbled from around 1.0735 thereby taking the dollar index higher. The Indian rupee may also come under pressure on the back of this.

Buzzing Stocks: GMM Pfaudler, Lemon Tree, Bharat Forge, Strides Pharma, Clean Science and Tech, Tata Power, Shiva Cement, Patel Engineering, Adani Enterprises, PI Industries, Abbott, Schneider Electric, Gufic Biosciences, KSE, Pioneer Embroidery, Prudent Corporate, Siyaram Silk

The IPO of Samhi Hotels witnessed a lacklustre response from all category investors on Day 1 of public subscription on Thursday. The ₹1,370.10 crore IPO, which consists of a fresh issue of equity shares worth ₹1,200 crore and an OFS of 1.35 crore shares by existing shareholders, was subscribed just 7 per cent. The IPO comes out with a price band of ₹119-126 and closes on September 18. The lot size for Samhi Hotels IPO is 119 shares.

The ₹1,964-crore initial public offering will close for public subscription today. The IPO was subscribed fully on Day 2 as, it received bids for 1.86 crore shares against 1.33 crore shares on offer, subscribing 1.4 times.

The issue comes out with a priced in a band of ₹983-1,035 and the lot size is 14 shares.

The initial public offering of Zaggle Prepaid Ocean Services Ltd was subscribed just 19 per cent on Day 1 of issue opening on Thursday. The company plans to raise ₹564 through the IPO, which will close on September 18. It has fixed a price band at ₹156-164 and the market lot is 90 shares.

The IPO includes a fresh issue of ₹392 crore, and an offer-for-sale (OFS) by promoters and a few investors worth ₹174 crore.

The ₹775-crore Yatra Online public issue will hit the capital market on Friday. The tour operator has fixed the price band at ₹135-142 share for its initial public offering, which will close on September 20. Investors can bid for a minimum of 105 equity shares.

The IPO comprises a fresh issuance worth ₹602 crore and an Offer for Sale (OFS) of up to 1.22 crore shares.

1 BALRAMCHIN

2 BHEL

3 DELTACORP

4 HINDCOPPER

5 IBULHSGFIN

6 IEX

7 INDIACEM

8 MANAPPURAM

9 NATIONALUM

10 RECLTD

11 SAIL

12 ZEEL

BAJAJHLDNG

Interim Dividend

MAHSCOOTER

Interim Dividend

PYRAMID

Quarterly Results

AMNPLST

Dividend - Rs. - 0.5000

APOLLOPIPES

Final Dividend - Rs. - 0.6000

ASHOKALC

Dividend - Rs. - 1.0000

ASL

Final Dividend - Rs. - 0.5000

BIGBLOC

Final Dividend - Rs. - 0.4000

CANTABIL

Final Dividend - Rs. - 2.5000C

IFL

Final Dividend - Rs. - 0.1000

CREATIVE

Final Dividend - Rs. - 10.0000

CSLFINANCE

Final Dividend - Rs. - 2.5000

DAICHI

Final Dividend - Rs. - 4.0000

DATAINFRA

Income Distribution (InvIT)

EKC

Final Dividend - Rs. - 0.7000

ELCIDIN

Final Dividend - Rs. - 25.0000

ELDEHSG

Final Dividend - Rs. - 8.0000

EMPIND

Final Dividend - Rs. - 25.0000

ENIL

Final Dividend - Rs. - 1.0000

EXHICON

Dividend - Rs. - 1.0000

GRSE

Final Dividend - Rs. - 0.7000

HBLPOWER

Dividend - Rs. - 0.4500

HMAAGRO

Final Dividend - Rs. - 3.0000

INDOTHAI

Dividend - Rs. - 0.6000

INDRAMEDCO

Dividend - Rs. - 3.0000

IRFC

Final Dividend - Rs. - 0.7000

JSL

Final Dividend - Rs. - 1.5000

JYOTIRES

Final Dividend - Rs. - 6.0000

KILPEST

Final Dividend - Rs. - 2.5000

KRSNAA

Final Dividend - Rs. - 2.7500

LINCOPH

Dividend - Rs. - 1.5000

MANALIPETC

Dividend - Rs. - 0.7500

MCX

Dividend - Rs. - 19.0900

MONARCH

Final Dividend - Rs. - 1.0000

NATIONALUM

Final Dividend - Rs. - 1.0000

NCLIND

Final Dividend - Rs. - 1.5000

NIBE

Dividend - Rs. - 0.1000

PHOENIXLTD

Final Dividend - Rs. - 5.0000

POCL

Final Dividend - Rs. - 5.0000

PRAVEG

Final Dividend - Rs. - 4.5000

PREMCO

Final Dividend - Rs. - 5.0000

RAJOOENG

Final Dividend - Rs. - 0.3500

ROLCOEN

Dividend - Rs. - 2.0000

RUSHIL

Final Dividend - Rs. - 0.5000

SALASAR

Final Dividend - Rs. - 0.1000

SANGAMIND

Dividend - Rs. - 2.0000

SANTETX

Final Dividend - Rs. - 1.0000

SARVESHWAR

Bonus issue 2:1

SARVESHWAR

Stock Split From Rs.10/- to Rs.1/-SHAHLON

Dividend - Rs. - 0.0600

SHUKRAPHAR

Final Dividend - Rs. - 0.5000

SIKA

Final Dividend - Rs. - 4.0000

SPAL

Final Dividend - Rs. - 3.0000

SPECIALITY

Dividend - Rs. - 2.5000

STARPAPER

Dividend - Rs. - 3.5000

STARPAPER

Special Dividend - Rs. - 1.5000

SUPERHOUSE

Dividend - Rs. - 1.0000

SUPRIYA

Final Dividend - Rs. - 0.6000

SUPTANERY

Dividend - Rs. - 0.0500

TALBROAUTO

Final Dividend - Rs. - 2.0000

TECHNO

Dividend - Rs. - 6.0000

TINNARUBR

Bonus issue 1:1

UTTAMSUGAR

Final Dividend - Rs. - 2.5000

VERITAS

Final Dividend - Rs. - 0.0500

VIKRAMTH

Final Dividend - Rs. - 0.5000

VSSL

Final Dividend - Rs. - 2.0000

ZSOUTGAS

Final Dividend - Rs. - 50.0000

On Friday, Asian markets are experiencing upward momentum following the positive trend on Wall Street.

At 6.50 am IST, the Nikkei 225 index, a key benchmark, registered a 1.01 per cent increase, reaching 33,505.07 points, while the broader Topix index also saw a 1 per cent gain, closing at 2,429.52. Meanwhile, the KOSPI index in South Korea is trading 0.69 per cent higher at 2,591.20, and the Australian S&P/ASX 100 index has surged by 1.67 percent, reaching a solid 6,138.90.

Overnight on Wall Street, the Dow Jones Industrial Average recorded a 1.0 per cent rise, closing at 34,907.11 points. The S&P 500, a broad-based index, ended the day with a 0.8 per cent increase, and the tech-heavy Nasdaq also advanced by 0.8 per cent.

The US retail sales figures for August exceeded expectations, showing a slight acceleration. This was attributed to increased sales at service stations, driven by higher gas prices. Additionally, US wholesale prices rose due to surging demand for energy.

In the commodities market, West Texas Intermediate crude oil saw a 2 per cent increase, reaching $90.31 per barrel, while gold futures remained relatively stable.