Share Market Highlights 21 September 2023: Sensex drops 570 pts; Nifty ends below 19,750; bank, auto stocks weigh heavily

The rupee consolidated in a narrow range and settled 5 paise higher at 83.06 (provisional) against the US dollar on Thursday as crude oil price receded from its elevated level.

The rupee was also weighed down by a rising dollar index, following hawkish comments from US Federal Reserve officials, forex traders said.

Moreover, investors remained cautious ahead of the Bank of England and Bank of Japan policy decisions, they added.

At the interbank foreign exchange market, the rupee opened at 83.16 against the US dollar and settled at 83.06 (provisional), registering a rise of 5 paise from its previous close.

During the session, the domestic unit witnessed an intra-day high of 83.02 and a low of 83.17.

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the third straight session to settle nearly 1 per cent lower on Thursday as investors pared exposure to auto, banking and financial shares amid a sluggish trend in global markets.

Global equities fell after the US Federal Reserve signalled that they expect to raise rates once more this year to fight inflation.

The 30-share BSE Sensex fell 570.60 points or 0.85 per cent to settle at 66,230.24. During the day, it plunged 672.13 points or 1 per cent to 66,128.71.

The Nifty declined 159.05 points or 0.80 per cent to end at 19,742.35.

Gold declined Rs 130 to Rs 60,170 per 10 grams in the national capital on Thursday amid fall in precious metal prices in the overseas markets, according to HDFC Securities.

In the previous trade, the yellow metal had finished at Rs 60,300 per 10 grams.

However, silver remained flat at Rs 74,500 per kilogram.

ABB India Ltd has secured an order to provide power, propulsion, and automation systems for Samskip Group’s hydrogen-powered container vessels. Manufactured by Cochin Shipyard Ltd, the ships, measuring 135 metres each, are scheduled for delivery in the third and fourth quarters of 2025. They will operate along a route spanning 700 nautical miles from Oslo Fjord to Rotterdam.

Read more.

Sai Silks Kalamandir IPO has been subscribed 0.29 times as of 3:45 pm on September 21, 2023. The QIB portion has been subscribed 0.51 times, NII 0.16 times, and retail 0.23 times. The issue closes tomorrow.

SignatureGlobal India IPO has been subscribed 1.22 times as of 3:45 pm on September 21, 2023. The QIB portion has been subscribed 0.27 times, NII 2.50 times; and retail 2.29 times. The issue closes tomorrow.

​Duroply Industries Ltd​ has announced the launch of ‘Duro Advantage - 09 Layers of Protection’ on its top brands at the upcoming MATECIA 2023, scheduled from September 22 - 24 at Pragati Maidan, New Delhi.

Duroply Industries stock rose by 0.26% on the BSE, at ₹176.70.

The board of Regency Ceramics has approved the proposal for refurbishment of the first line of manufacturing at the Companys Factory situated at Yanam.

LTIMindtree informed the exchange that its wholly-owned subsidiary Cuelogic Technologies Inc, USA, has been voluntarily deregistered and closed. Its branch office in Norway has also been closed. LTIM stock falls by 1.30% on the NSE, trading at ₹5,402.45.

Mahindra Lifespaces Developers Limited (MLDL) has announced the launch of the third phase of Mahindra Happinest Tathawade, a first-of-its-kind ‘Fusion Homes’ residential development in Pune. The stock inches up by 0.45% on the NSE, trading at ₹563.95.

Major gainers:

• Adani Ports (1.31%)
• Tech Mahindra (1.02%)
• Dr Reddy (0.78%)
• BPCL (0.77%)
• Bharti Airtel (0.68%)

Major losers:

• M&M (-3.02%)
• ICICI Bank (-2.76%)
• Cipla (-2.57%)
• SBI (-2.28%)
• Bajaj Auto (-2.02%)

Stocks advanced on BSE at 3 pm on September 21 were 1,209 against 2,403 stocks that declined; 156 stocks remain unchanged. Total stocks traded were 3,768. The number of stocks that recorded a 52-week high was 173, and those that hit a 52-week low was 28.

Choice Consultancy Services Pvt Ltd (CCSPL), a wholly owned subsidiary of Choice International Ltd, has announced partnership with the Rajasthan state government to drive economic growth and foster social inclusivity. This strategic collaboration is in alignment with Rajasthan’s ambitious vision of job creation, sustainable development, and becoming a premier investment hub.

The stock slips down by 0.17% on the NSE, trading at ₹407.

Vishnu Prakash R Punglia Limited is in receipt of order from Municipal Board, Piparcity (Jodhpur) Rajasthan, worth ₹73.07 crore.

The stock falls by 2.79% on the NSE, trading at ₹168.80.

Sai Silks Kalamandir IPO has been subscribed 0.28 times as of 2:36 pm on September 21, 2023. The QIB portion has been subscribed 0.51 times, NII 0.14 times, and retail 0.22 times. The issue closes tomorrow.

SignatureGlobal India IPO has been subscribed 0.98 times as of 2:36 pm on September 21, 2023. The QIB portion has been subscribed 0.09 times, NII 2.14 times; and retail 2.07 times. The issue closes tomorrow.

City Union Bank informed the exchange that its Senior General Manager, R Ganesh, tendered resignation from the post due to personal reasons. CUB stock falls by 1.34% on the NSE, trading at ₹129.20.

Dishman Carbogen Amcis’ Bavla site was jointly inspected by the EDQM and the Italian Medicines Agency (AIFA) from September 18, 2023, to September 20, 2023. The final report is awaited. Dishman’s shares are up 11.2% today. The site was inspected after implementing corrective measures following EDQM’s audit observations in 2020.

BLS International Services has informed the exchange that Indian visa services in Canada have been suspended with immediate effect till further notice. “The impact of this move is negligible on our financials as the Canadian visa issuance business contributes less than 2% to BLS International’s total annual revenue,” the company said in its statement. The stock falls by 3.32% on the NSE, trading at ₹261.

Kotak Data Center Fund (KDCF), managed by Kotak Alternate Asset Managers Limited (KotakAlt), has announced an investment of ₹600 crore in Sify Infinit Spaces Limited (SISL), a wholly-owned subsidiary of Sify Technologies Limited (‘Sify’).

KNR Ramatheertham Infra Private Ltd, wholly-owned subsidiary of KNR Constructions, is in receipt of letter from NHAI for the project of development of six lane access controlled Greenfield Highway from Marripudi (ch. 285+500) to Somavarappadu (ch. 314+600) of [NH-544G] Bengaluru-Vijayawada economic corridor on HAM Mode under Bharatmala Pariyojana Phase-1 in the state of Andhra Pradesh.

The stock is down by 1.61% on the NSE, trading at ₹275.85.

AU Small Finance Bank Limited has entered into bancassurance tie-up with Max Life Insurance Company Limited for providing Life Insurance solution to Bank’s customers. AU stock declines by 1.50% on the NSE, trading at ₹744.15.

• UCO Bank (-4.79%)
• Central Bank of India (-4.39%)
• PSB (-4.21%)
• Union Bank (-3.46%)
• Bank of Maharashtra (-3.02%)

ICRA Analytics, a wholly owned subsidiary of ICRA Ltd, announced that it has collaborated with FactSet to provide its daily security level valuation (SLV) of fixed-income securities to FactSet licensed users. ICRA Analytics is currently one of the two valuation agencies authorized for the valuation of fixed-income securities. It holds a prominent share in the Market Linked Debentures (MLDs) valuation space.

As a part of the collaboration, ICRA Analytics will provide daily security level valuation (SLV) of all fixed-income securities to FactSet licensed users. Such users can run further analytics using FactSet’s proprietary models and attribution tools. FactSet, a global financial digital platform and enterprise solutions provider, is the global market leader in attribution analysis tools with over 1,85,000 users and offices in 20 countries.

Moneyboxx Finance Ltd has opened its 79th Branch office in Samastipur, Bihar. The stock rises by 1.52% on the NSE, trading at ₹166.95.

ABB India Ltd to power Samskip’s new hydrogen-fueled container vessels’ which is being issued by ABB Group, Zurich, Switzerland. ABB stock declines by 1.22% on the NSE, trading at ₹4,276.05.

CLSA

Rs625.20 - BUY

Our target price is based on PE of 31x as of Mar 2025.

Star Health’s current tussle with Ahmedabad’s hospital association is indicative of the larger trust deficit between insurers and hospitals in the industry. We believe a holistic solution to this issue would require industry-wide collaboration between

insurers, but also the digital health stack could smoothen processes much more (though it is still some time away). India’s health insurance industry is uniquely positioned, and unlike China, claims are not subsidized by the government. Also,

unlike the US, insurers do not dominate hospitals’ revenue mix. We expect a resolution of this matter in the next few weeks and see a limited impact on Star’s estimates even if a decision is at the extreme end of the spectrum.

CLSA

Eicher Motors has grown its export volumes at a 41% Cagr over the past eight years and we expect strong double-digit growth to continue over the next five years.

We maintain BUY ratings on Eicher Motors and Bajaj Auto as both are leaders in the premium motorcycle market in India and are likely to see strong export growth.

TVS has executed quite well but we maintain our SELL rating due to an increase in competitive intensity in the scooter segment and Bajaj’s revival on export markets, which could cap export market share gains for TVS.

The outcome of the US Federal Reserve meeting on Wednesday has sparked jitters in the global markets, especially in the risky assets such as the equites. The US Treasury yields and the dollar index have risen sharply, while the global equities have been under pressure since the Fed meeting outcome. Read more

For third consecutive session, both the Sensex and Nifty extended their losses on Thursday. This decline was primarily driven by a dip in auto stocks, which occurred following indications from the U.S. Federal Reserve that suggested the possibility of prolonged higher interest rates.

By 1:45 pm, the Nifty 50 had slipped by approximately 164 points to 19,736 points, marking its lowest level since September 8. Meanwhile, the S&P BSE Sensex experienced a 600-point drop to 66,200. Among the 3,730 stocks traded on the BSE, 1,350 saw gains, 2,210 witnessed declines, and 170 remained unchanged.

Both of these benchmark indices have faced a collective 2% decline throughout the week, erasing the 2% gains they achieved and the record highs they reached in the preceding week.

Additionally, the banking index saw a second consecutive day of decline, sliding by 1.44%. ICICI Bank recorded a significant 2% drop during this period.

Tata Power Renewable Energy Ltd has signed an agreement with Dugar Power Private Limited (Dugar Power), a subsidiary of Dugar Group which is a prominent business house in Nepal. Tata Power stock declines by 1.85% on the NSE, trading at ₹257.15.

According to the Motilal Oswal Financial Services, the total number of demat accounts increased to 127 mn in Aug’23. New account additions increased 4.1% MoM to 3.1 mn additions in Aug’23 vs. 3 mn additions in Jul’23 and average 2.1 mn monthly additions in FY23. In Aug’23 CDSL continued to gain market share in terms of the total number of demat accounts and also on an incremental demat basis. On a YoY basis, NSDL lost 260bp/810bp market share in total/incremental demat accounts. In line with a weak market, shares of CDSL dropped 2.1% to Rs 1,279.25 apiece on the NSE.

The FOMC delivered a more “hawkish hold” than markets had expected, said Senco Gold. It said the hiking cycle is probably over.

On MCX, gold October futures dropped ₹335 to ₹59,070 per 10 gm. Silver December futures slid by ₹695 to ₹72,535 a kg.

Sai Silks Kalamandir IPO has been subscribed 0.12 times as of 12:57 pm on September 21, 2023. The NII portion has been subscribed 0.10 times, retail 0.20 times. The issue closes tomorrow.

Gold prices in Asia ruled below $1,930 an ounce as the dollar strengthened and the US Fed adopted a hawkish pause on interest rates

SignatureGlobal India IPO has been subscribed 0.85 times as of 12:54 pm on September 21, 2023. The QIB portion has been subscribed 0.08 times, NII 1.90 times; and retail 1.68 times. The issue closes tomorrow.

Raw sugar prices on New York’s ICE dropped to 26.79 US cents a pound despite a bullish ISO outlook that projected 2 million tonnes market deficit.

Vulcan Green Steel is planning $3-billion investment in Nigeria to set up a 3 million tonne per annum steel plant

PE Front Office, an end-to-end integrated solution for Alternative Investment Management, announced that Fintel, a Dominican Republic based Financial Advisory Firm, has selected PE Front Office to manage its Alternative Investment Portfolio.

Maharashtra’s sugar production may drop by at least 20 per cent, says B.B. Thombare, President of the West Indian Sugar Mills Association. Last year, the western state produced 10.5 million tonnes.

Finolex Cables Ltd has announced the launch of products: Finolex Smart Switches; Finolex Smart Door Lock; Fiolex Grazo Switches.

The stock declines by 0.12% on the NSE, trading at ₹1,089.50.

Bharat Heavy Electricals Ltd has informed the exchange that Tajinder Gupta, 56, has assumed charge as Director (Power) of the Public Sector engineering and manufacturing enterprise. BHEL stock inches up by 0.81% on the NSE, trading at ₹124.60.

Zomato CEO Deepinder Goyal announces ‘Tips for the kitchen staff’ feature on the platform that allows customers to show appreciation for the food that the restaurant partners prepare for them, every time they order.

https://x.com/deepigoyal/status/1704757520076841087?s=20

Zomato stock slips down by 0.45% on the NSE, trading at ₹99.55.

Europe markets open in the red as the ‘hawkish Fed pause’ spooked global bonds. Following the Fed decision and Jerome Powell press conference, US 2 year and 10 year treasury yields spiked to highest levels since 2007, while US 30 year treasury yields spiked to highest since 2011. Japanese 10 year bond yields too moved to highest levels since September 2013.

Key indices across Germany, UK, France and Italy are trading in the -60 to -100 bps range

Jindal Photo (17.05%)

NAVA (14.25%)

Dishman Carbogen Amcis (12.42%)

Hathway Cable & Datacom (11.89%)

KIOCL (10.62%)

Global liquified natural gas (LNG) prices moderated in CY2023 after achieving life-time highs in CY2022, aided by changes in demand patterns across the key consuming nations. The LNG demand from China has been subdued amid an economic slowdown, rising pipeline flows from Russia, and increasing use of coal. The EU demand stabilised after the initial peak, owing to mild winters, austerity measures, and a weak economic environment. The demand from Japan and South Korea was also tepid owing to their increased focus on the use of renewables and nuclear power. On the other hand, the US domestic demand has also witnessed subdued growth, and with healthy gas inventory levels, the Henry Hub prices have moderated.

The value of the IPL ecosystem has risen to ₹92,500 crore in 2023, up 6.3 per cent compared to ₹87,000 crore in 2022. In dollar terms, this translates to a growth from $10.9 billion, up 3.3 per cent to $11.2 billion, according to a report released by D&P Advisory. Read more

ICICI Bank has allotted 628,725 equity shares of face value of ₹2 each under its Employees Stock Option Scheme-2000. The bank’s stock falls by 2.15% on the NSE, trading at ₹965.90.

In the current Indian stock market landscape, the Sensex has surged by an impressive 13 per cent in the past year, and is near record highs. Rather than attempting to time the market, prudent long-term investors are better served by gradually bolstering their equity holdings via goal aligned-Systematic Investment Plans (SIPs), blending stable large-cap investments with growth-focused mid-caps. Enter the HDFC Large and Midcap Fund, a four-star offering in our proprietary bl.portfolio Star Track Ratings. Read more

Aksh Optifibre Ltd has received work order for conversion of existing HPSV and normal LED lighting system into smart LED lighting system which are installed by Jaipur Development Authority at various locations beyond the Jaipur Nagar Nigam jurisdiction amounting to ₹13.43 crores inclusive of GST.

The stock rises by 3.58% on the NSE, trading at ₹11.58.

Ideaforge Technology Ltd has received demand notice from DGCA regarding the Company’s failure to comply with Rule 17 of the Drone Rules, 2021, resulting in the imposition of a penalty of ₹1 lakh. The stock slips down by 1.29% on the NSE, trading at ₹939.15.

EaseMyTrip has launched Smart Voice Recognition Technology. The stock declines by 0.11% on the NSE, trading at ₹43.50.

The board of Escorts Kubota Ltd has approved the proposal to incorporate a Wholly Owned Subsidiary Company as a Non-Banking Financial Company. The stock slips down by 0.75% on the NSE, trading at ₹3,113.10.

​India has suspended its visa services in Canada indefinitely​ as part of the escalating diplomatic tensions between the two countries. The BLS Visa Application Centre, responsible for Indian visas in Canada, cited operational reasons for the suspension, effective September 21, 2023. An advisory was also issued to Indian nationals in Canada, warning of growing anti-India activities and hate crimes, urging caution. The strained relationship began when Canadian Prime Minister Justin Trudeau alleged Indian involvement in the assassination of a Sikh separatist activist. India denied the allegation, expelled a Canadian diplomat, and accused Canada of harboring terrorists. Canada rejected India’s advisory, asserting its safety.

Shares of​ BLS international​ slipped 2.6 per cent to Rs 262.55.

West Coast Paper Mills stock rises by 3.34% on the NSE, trading at ₹693.75.

Major gainers on the NSE at 12:

Adani Ports (2.63%); Tech Mahindra (1.58%); BPCL (1.46%); UPL (0.92%); Hindalco (0.68%)

Major losers: M&M (-2.37%); Bajaj Finserv (-2%); ICICI Bank (-1.90%); Cipla (-1.81%); ITC (-1.78%)

Stocks advanced on BSE at 12 noon on September 21 were 1,714 against 1,731 stocks that declined; 185 stocks remain unchanged. Total stocks traded were 3,630. The number of stocks that recorded a 52-week high was 158, and those that hit a 52-week low was 23.

For the third consecutive session, both the Sensex and Nifty sustained losses on Thursday, primarily driven by a decline in auto stocks, following signals from the U.S. Federal Reserve suggesting the possibility of prolonged higher interest rates.

As of noon, the Nifty 50 had fallen by approximately 0.73% to 19,756 points, marking its lowest level since September 8, while the S&P BSE Sensex dropped by 0.78% to 66,279 points.

This week, both benchmarks have witnessed a collective decline of about 2%, erasing previous gains of 2% each that had propelled them to all-time highs in the preceding week.

Notably, the Nifty Auto index recorded the most significant losses, declining by 1.09%. Sector leaders M&M and Hero Motocorp were among the top decliners on the Nifty, each experiencing a 2% drop. Except for Nifty PSU Bank and Media stocks, all other sectoral indices are trading in the red.

In the banking sector, the index experienced a second consecutive day of decline, slipping by 0.67%. India’s second-largest private lender, ICICI Bank, saw a notable decline of 2%.

The Federal Bank said in its regulatory filing that RBI has accorded its approval to HDFC Asset Management Company Ltd. for acquiring aggregate holding of up to 9.50% of the paid-up share capital or voting rights of The Federal Bank Ltd (Bank). The stock is up by 1.13% on the NSE, trading at ₹148.15.

Kiocl (13.96%); Nava (11.93%); EKI (11.87%); IOB (8.21%); KSB (6.40%)

Major losers: SJVN (-9.71%); GTL Infra (-4.20%); KPI Tech (-3.57%); RattanIndia Power (-3.32%); Tata Investment Corp (-3.05%)

Equitas Small Finance Bank Limited has received an intimation from RBI on September 20, 2023, regarding the approval granted to HDFC Asset Management Company Ltd (HDFC) to acquire “aggregate holding” of up to 9.5% of the paid-up equity capital or voting rights in ESFBL.

The bank’s stock rises by 2.27% on the NSE, trading at ₹85.75.

Indo Amines stock declines by 1.41% on the NSE, trading at ₹122.50. The company had announced commencing continuous production of aliphatic amines with start-up capacity of 300MT per month.

Marshall Machines Ltd has announced the delivery of 800th machine for fan industry. The stock inches up by 0.92% on the NSE, trading at ₹65.75

Lloyds Metals and Energy Ltd has informed the exchanage about the commencement of DRI Manufacturing facility at Konsari Chamorshi Industrial Area, Gadchiroli District in the State of Maharashtra. The stock gains by 1.14% on the BSE, trading at ₹559.50.

Tata Consultancy Services (TCS) has helped Kingfisher plc, a European multinational home improvement company, to drive seamless customer experiences using TCS OmniStore, an AI powered unified commerce platform. Kingfisher plc operates a chain of over 1,900 stores in eight countries across Europe under its retail banners including B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint and Koçtaş.

TCS stock falls by 1.83% on the NSE, trading at ₹3,540.10.

Thomas Cook (India) Ltd has launched end-to-end forex transactions using WhatsApp. The stock slips down by 0.29% on the NSE, trading at ₹119.25

TruCap Finance Limited (TRU) and HDFC Bank have commenced business under a co-lending partnership where TRU will leverage its Lending-as-a-Service (L-a-a-S) model to offer quality credit solutions to underserved borrowers.

The TRU stock rises by 3.01% on the NSE, trading at ₹59.85, while the HDFC Bank stock inches up by 0.01% on the NSE, trading at ₹1,563.85.

IPCA Laboratories Ltd has made an Open Offer to the public shareholders of Unichem Laboratories Ltd to acquire from them upto 26% of the fully diluted outstanding equity share capital of the said company at a price @ ₹440 per equity share aggregating to ₹805.44 crore.

The stock inches up by 0.24% on the NSE, trading at ₹915.40.

Cipla stock falls by 1.97% on the NSE, trading at ₹1,215.30. The company had received observations from USFDA after an inspection at the manufacturing facility of InvaGen Pharmaceuticals Inc., wholly owned subsidiary of Cipla Ltd located in Central Islip, Long Island, New York, USA, from September 11 - 19.

​Iris Clothings Ltd​ opened its first Exclusive Brand Outlet (EBO) in Howrah near Kolkata. The stock inches up by 0.41% on the NSE, trading at ₹74.

The equity markets are under pressure. The fall in the Nifty 50 and Sensex are running into the third consecutive day. Both the indices are down about 0.75 per cent each. Sensex is trading at 66,268 and Nifty is at 19,756.

Nifty has declined below a key support level of 19,800. If this break sustains, it can tumble towards 19,500.

In line with market expectations, the Fed kept its policy rate steady at 5.25%-5.5%. However, Fed’s projection indicate the possibility of another 25bps rate hike this year. The projections also suggest a modest 50bps rate cut next year versus 100bps projected in Jun’23, implying that rates are going to be higher for longer.

Growth projections for 2023 and 2024 were revised up to 2.1% (from 1.8%) and 1.5% (from 1.1%) respectively. Inflation is expected to moderate, and will reach the Fed’s target of 2% only in 2026. Separately, inflation in UK edged down to an 18-month low of 6.7% in Aug’23, (est. 7%) from 6.8% in Jul’23. This has raised the possibility that the BoE may not hike rates when it meets today.

Sai Silks Kalamandir IPO has been subscribed 0.09 times as of 10:24 am on September 21, 2023. The NII portion has been subscribed 0.05 times, retail 0.15 times. The issue closes tomorrow.

Here is the post-listing view on EMS from Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd. EMS Limited made its debut on the stock markets on September 21, 2023, at a price of Rs 282 per share, 33% higher than its IPO price of Rs 211. This is a very good listing, even in such a weak market.

The company’s strong fundamentals and good subscription levels were positive factors in this. EMS Limited is a leading water and wastewater management company with a proven track record. The company has a strong order book and is well-positioned to benefit from the government’s focus on infrastructure development.

Investors may book profit after this listing; however, those who want to hold it for the long term may maintain a stop loss at 255.

Mahindra & Mahindra Ltd informed the exchange that Resson Aerospace Corporation, Canada, wherein the Company holds 11.18% stake, had filed for a voluntary winding-up.

M&M stock declines by 1.45% on the NSE, trading at ₹1,610.35.

​SignatureGlobal India IPO​ has been subscribed 0.62 times as of 10:18 am on September 21, 2023. The NII portion has been subscribed 1.54 times, retail 1.16 times. The issue closes tomorrow.

Equity benchmark indices declined in early trade on Thursday, falling for the third day running, due to a weak trend in global markets and foreign fund outflows.

Global equities fell after the US Federal Reserve signalled that they expect to raise rates once more this year to fight inflation.

The 30-share BSE Sensex fell 333.64 points to 66,467.20. The Nifty declined 99.8 points to 19,801.60.

The rupee witnessed a range-bound trading against the US dollar in early trade on Thursday, weighed down by a negative trend in domestic equities and a strong American currency.

TVS Motor Company to announce the launch electric two-wheeler racing championship. The stock slips down by 0.64% on the NSE, trading at ₹1,502.40.

Trudeau says he doesn’t want to provoke, but India must treat with `utmost seriousness’ allegations linking the government with Nijjar’s murder

EMS Ltd stock currently trades at ₹274.35 on the NSE, listed at ₹282.05. On BSE, the stock trades at ₹273.35, listed at ₹281.55

In line with the negative trends seen in Asian markets, both the Sensex and Nifty continued to display weakness on Thursday. At 10 a.m., the 30-share BSE Sensex declined by 420 points, reaching 66,380, while the NSE Nifty saw a drop of 116 points, landing at 19,845.

Among the noteworthy gainers within the Nifty were Adani Ports, Hindalco, Adani Enterprises, Dr. Reddy, and UPL. Conversely, ICICI Bank, Grasim, HCL Tech, LTIMindtree, and TCS experienced declines. The recent signals from the US Federal Reserve regarding a possible interest rate hike by year-end have sparked concerns of a global economic slowdown, despite the Fed’s decision to maintain rates unchanged in its recent FOMC meeting.

In other market news, Jio Financial witnessed a block trade of Rs 23.96 crore on the NSE, involving 10,37,322 shares traded at Rs 231. Additionally, STL Global’s stock surged by 16.62% on the NSE, reaching a trading price of ₹20.70.

Apollo Tyres stock falls by 2.05% on the NSE, trading at ₹371.20. The company’s Bias and OTR tyres production at manufacturing facility in Gujarat has been stopped due to concerns amongst shop floor employees relating to renewal of long-term settlement agreement.

Major gainers on the NSE at 9:30 am:

UPL (1.41%); Dr Reddy’s (1.22%); Adani Ports (1.14%); Hindalco (1.05%); Adani Enterprises (0.68%)

Major losers: HCL Tech (-2.13%); LTIMindtree (-1.25%); ICICI Bank (-1.24%); Hero Motocorp (-1.03%); TCS (-1%)

Zinc futures on the Multi Commodity Exchange (MCX) began an upswing in mid-August after taking support at ₹210. Last week, after marking a high of ₹227.6, the September contract has now moderated to ₹221. Read more

Crude oil futures traded lower on Thursday morning as the US Federal Reserves signalled one more interest rate hike during this year. However, the Fed kept the rates unchanged in its Thursday’s meeting. At 9.22 am on Thursday, November Brent oil futures were at $92.88, down by 0.69 per cent; and November crude oil futures on WTI (West Texas Intermediate) were at $89.02, down by 0.71 per cent. October crude oil futures were trading at ₹7404 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹7475, down by 0.95 per cent; and November futures were trading at ₹7337 as against the previous close of ₹7394, down by 0.77 per cent.

Here is a post-Fed announcement view from Jayden Ong, Senior Market Analyst, APAC at Vantage

The Federal Reserve has once again opted to maintain the benchmark interest rates within the range of 5.25% to 5.5%. The central bank asserts that further economic data is required to ascertain whether the prevailing inflationary pressures have genuinely abated, before contemplating a potential reduction in interest rates. Presently, the U.S. economy is exhibiting a steady expansion, surpassing GDP expectations, with incremental improvements in consumer spending and a persistent demand for employment. However, it is imperative to note that supply and demand dynamics remain in equilibrium.

The dot plot chart indicates the Federal Reserve’s inclination towards an additional 25-basis-point interest rate hike in 2023, with an inclination towards sustaining higher interest rates throughout 2024. This stance is notably more hawkish than previous indications, leading to an appreciative rally in the U.S. dollar index, while exerting notable downward pressure on precious metals and risk assets within relative markets.

This information suggests that the Federal Reserve is adopting a cautious approach to its monetary policy, prioritizing the reduction of the inflation rate to 2% before considering any interest rate cuts. As a result, it is anticipated that risk assets, including the U.S. stock index, will remain under pressure. This, in turn, could have indirect repercussions on the Indian market.

The FOMC meeting yesterday was picture-perfect, with the Federal Reserve keeping interest rates unchanged and leaving the door ajar for one more hike before the end of this year. With the call getting louder amongst Fed policymakers to keep rates steady going forward, our sense is that the Fed is in a conundrum over managing inflation in a rising energy environment without leaving a scar of recession on the world’s largest economy. The US economy has been defying most of the economic sense and the Fed also acknowledges the same, as reflected from their multi-dimensional approach (inflation, economic growth, labour market, etc.) than the one-dimensional approach (targeting just inflation) followed a year earlier. With some recent economic indicators showing a lag effect of the previous rate hikes, we would closely watch the triggers that may prompt the Fed Chairman to take a further hawkish stance at its next policy meeting.

Manish Chowdhury, Head of Research, StoxBox

US FED’s decision to defer rate hike, although expected... may keep global markets on tenterhooks. Inflation in US is as yet high and other economic parameters are still showing little signs of slow down. US 10 year at 4.472% and 2 year at 5.184% does reflect the expectation that before year end further rate hikes may be expected. -- Naresh Tejwani, Abans Group

Morning market quote from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services - 21st Sept 2023

“Even though the ‘hawkish pause’ from the Fed was on expected lines, the US markets reacted negatively since the indication from the Fed is that rates will remain ‘higher for longer’. The US GDP growth projection now stands at 2.1% for 2023 and 1.5% for 2024 recovering to 1.8% in 2025. As the Fed chief said, “soft landing is a plausible scenario.” This narrative is likely to help the mother market consolidate around the current levels, supporting other markets, too, without any sharp corrections.

For Nifty the biggest drag will be more FII selling in response to the rising dollar and US bond yields. The dollar index above 105 and the US 10-year bond yield at 4.39 % suggest continued FII selling which has touched Rs 13925 crores so far in September. But DII plus retail buying is likely to support the market on declines.

Domestic consumption stories like automobiles, hotels and real estate are on strong wicket and the capital goods segment has been witnessing buying in recent weeks even when FIIs were sellers in the market.

PSU banks are likely to witness renewed buying on declines since their valuations are attractive and prospects look good.”

Following negative cues from Asian markets, both the Sensex and Nifty started the trading day in the red. In early trading, the 30-share BSE Sensex fell 289.11 points, reaching 66,511.73, while the NSE Nifty dropped by 65.85 points to reach 19,835.55.

Notable gainers in the Nifty included Dr Reddy, M&M, Hindalco, Adani Ports and Titan. However, HDFC Bank, HCL Tech, LTIMindtree, RIL and Bajaj Auto were among the decliners. The recent indication by the US Fed of a possible rate hike by the end of the year has raised concerns about a global economic slowdown, despite the Fed’s decision to keep rates unchanged in the recent FOMC meeting.

According to Shrikant Chouhan, Head of Research (Retail) at Kotak Securities, the intraday market structure appears weak. However, due to temporary oversold conditions, we may witness range-bound activity in the near term. For the bulls, the range between 20000 and 20030 could serve as an immediate resistance zone, while 19850-19750 is expected to be crucial support. Day traders may consider buying on dips within the range of 19850 to 19750 and selling on an upswing at 20000 as an ideal strategy. For Bank Nifty, the support area for buying with a medium-term view would be around 45100/44900.

As per provisional figures, Foreign Institutional Investors sold shares worth net Rs 3110.69 crore and domestic institutional investors sold shares worth Rs 573.02 crore on September 20.

SMC Global

Market is likely to open lower in the early trade, taking cues from negative Asian stocks and overnight losses in the US market.

Stocks in Asia fell and the dollar strengthened Thursday after the Federal Reserve signaled interest rates will be higher for longer.

Overnight, U.S. stocks slumped after the U.S. Federal Reserve held key interest rates unchanged as widely expected, and revised economic projections higher with warnings that the battle against inflation was far from over. Oil prices fell on Wednesday ahead of the US Federal Reserve’s interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs.3110.69 crore and Domestic institutional investors sold shares worth net Rs.573.02 Crore on 20th September 2023.

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

“Markets are likely to see a weak start due to bearish Asian cues as the US Fed indicating one more rate hike by this year end has raised fears of a global economic slowdown going ahead. While the US Fed’s decision to keep rates unchanged in yesterday’s FOMC meeting met analysts’ expectations, more likely policy tightening measures may keep markets jittery in the near term. In our view, the intraday market structure is weak, but due to temporary oversold conditions, we may see range-bound activity in the near term. For the bulls, 20000- 20030 may act as an immediate resistance zone, while 19850-19750 could be important support zones. For day traders, buying on dips between (19850 and 19750) and selling on upswing (20000) would be the ideal strategy. For Bank nifty, 45100/44900 would be the support area to buy with a medium-term view

Karur Vysya Bank Ltd has informed BSE regarding “Approval granted by Reserve Bank of India (RBI) to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5% of the paid-up share capital or voting rights of the Bank”.

RBI on September 20 accorded its approval to HDFC Asset Management Company Limited to acquire aggregate holding of up to 9.5% of the paid-up share capital or voting rights of the DCB Bank.

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

“A rough start to the trading session is on the cards as overnight weakness in the US markets has triggered a slump in other Asian counterparts after the US Federal Reserve hinted at a one more rate hike by the end of this year even as it kept rates unchanged in its FOMC meeting yesterday. Another negative catalyst has been frenzied selling by foreign institutional investors as they sold shares worth Rs 3110.69 crores in the domestic equity markets on Wednesday, which could further dampen the sentiment. The firm US Dollar index and treasury yields are also driving FIIs to desert emerging market equities.”

Bears will continue to have upper hand at the bourses on Thursday as high interest rates are here to stay. Global stocks, led by the US, are declining, after the US Federal Reserve said that the higher interest rates are likely to stay for at least one year. FOMC left policy rates unchanged at 5.25-5.50 per cent. Announcing the Fed’s decision, Powell stressed at length the difficulty of forecasting and the mixed record of forecasters.

The board of Strides Pharma Science is scheduled on September 25, inter alia, to consider and approve its August 2 intention to combine CDMO interests of the group to become one of India’s top specialty pharmaceuticals CDMOs. The Company will also host a call on Monday, September 25, 2023 to interact with the investors in connection with the above proposal.

PDS Limited, a global fashion solutions company, is focusing on expanding its portfolio with customised offerings including sourcing as a service and brands management. In line with its strategy of adding value accretive solutions to its offering, it is pleased to announce that its UK-based vertical Poeticgem has acquired the brand intellectual property (IP) of Little Mistress.

Under the terms of this agreement, Poeticgem will have various brands under the Little Mistress. Going forward Poeticgem will also design, source and distribute the Little Mistress portfolio of brands worldwide. This transaction underscores the commitment of Poeticgem to deliver high-quality fashion experiences across the fashion value chain, to its global customers. Established in 2010, Little Mistress has built a reputation as a go-to destination for occasion wear, offering hand-embellished designs and feminine details in luxurious fabrics. The fashion house creates a wide range of womenswear - from bridesmaid dresses to casual everyday looks. Little Mistress is also well known for creating white-label brands for high-street fashion. Mark Ashton, the CEO and Founder of Little Mistress will join Poeticgem Group and will continue to be responsible for driving the brand under a new trading name of Moda & Beyond within the Poeticgem umbrella.

Ex Bonus 22 September 2023 (Tomorrow)

Last date Trade for Before Bonus Today

Berger Paints India Ltd.

Bonus issue 1:5

Previous day Closing Price – Rs. 747.65

Lancer Container Lines Ltd

Bonus issue 2:1

Previous day Closing Price – Rs. 272

Veerhealth Care Limited

Bonus issue 1:1

Previous day Closing Price – Rs. 41.53

Ex-Dividend 22 September 2023 (Tomorrow)

Last date for Cum-Dividend Today

Aartech Solonics Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 171

Addi Industries Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 41.76

Ahluwalia Contracts (India) Ltd.

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 713.95

Alphageo (India) Ltd.

Dividend Per Share Rs.8

Previous day Closing Price – Rs. 309.75

Ambika Cotton Mills Ltd.

Dividend Per Share Rs.35

Previous day Closing Price – Rs. 1616.35

Apollo Micro Systems Ltd

Dividend Per Share Rs.0.025

Previous day Closing Price – Rs. 55.11

Aries Agro Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 174.5

ASI Industries Ltd

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 19.11

Atam Valves Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 178.8

Aurionpro Solutions Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 1221

Ausom Enterprise Limited

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 75.17

Bajaj Healthcare Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 428.15

Bambino Agro Industries Ltd.

Dividend Per Share Rs.1.6

Previous day Closing Price – Rs. 339.1

Basant Agro Tech (India) Ltd.

Dividend Per Share Rs.0.08

Previous day Closing Price – Rs. 21.7

Bombay Burmah Trading Corp. Ltd.

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 1174.1

BCL Industries Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 545.2

Mrs. Bectors Food Specialities Ltd

Dividend Per Share Rs.1.75

Previous day Closing Price – Rs. 967.35

Beekay Steel Industries Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 605.85

Bhandari Hosiery Exports Ltd.

Dividend Per Share Rs.0.01

Previous day Closing Price – Rs. 6.7

Bharat Bhushan Share & Commodity Brokers Ltd.

Dividend Per Share Rs.0.6

Previous day Closing Price – Rs. 30.11

Black Rose Industries Ltd.

Dividend Per Share Rs.0.55

Previous day Closing Price – Rs. 148.55

Bodal Chemicals Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 79.94

Bodhi Tree Multimedia Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 132

Ceejay Finance Ltd.

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 146.1

Confidence Futuristic Energetech Ltd

Dividend Per Share Rs.0.375

Previous day Closing Price – Rs. 128.4

Confidence Petroleum India Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 86.75

Captain Technocast Ltd

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 121.50

Datamatics Global Services Ltd.

Dividend Per Share Rs.3.75

Special Dividend Per Share Rs. 1.25

Previous day Closing Price – Rs. 575.55

DCW Ltd.

Dividend Per Share Rs.0.3

Previous day Closing Price – Rs. 56.7

Deccan Cements Ltd.

Dividend Per Share Rs.3.75

Previous day Closing Price – Rs. 538.75

Denis Chem Lab Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 107.35

Dev Information Technology Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 143.35

Dhanalaxmi Roto Spinners Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 109

Dixon Technologies (India) Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 4880.7

Elin Electronics Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 165.8

Emerald Finance Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 19.65

Evans Electric Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 145.3

Fermenta Biotech Ltd

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 169.65

Finolex Cables Ltd.

Dividend Per Share Rs.7

Previous day Closing Price – Rs. 1090.85

Gujarat Fluorochemicals Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 3027.65

Generic Engineering Construction And Projects Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 45.92

Gujarat Mineral Development Corporation Ltd.

Dividend Per Share Rs.11.45

Previous day Closing Price – Rs. 287.95

Goodluck India Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 598.45

Grovy India Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 83.85

GTPL Hathway Ltd

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 177.25

Gujarat Apollo Industries Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 223.95

Gujarat Intrux Ltd.

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 283.35

Gulshan Polyols Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 223.25

Humming Bird Education Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 665

HFCL Ltd

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 73.91

HIM Teknoforge Ltd

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 112.3

Hindustan Composites Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 439.9

Hindustan Copper Ltd.

Dividend Per Share Rs.0.92

Previous day Closing Price – Rs. 159.05

Hi-Tech Pipes Ltd

Dividend Per Share Rs.0.025

Previous day Closing Price – Rs. 86.56

HPL Electric & Power Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 218.35

Inani Marbles & Industries Ltd.

Dividend Per Share Rs.0.04

Previous day Closing Price – Rs. 20.25

Incap Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 40.84

Intense Technologies Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 85.26

International Conveyors Ltd.

Dividend Per Share Rs.1.1

Previous day Closing Price – Rs. 84.23

ITL Industries Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 246.45

Jay Ushin Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 787.05

Jindal Poly Films Ltd.

Dividend Per Share Rs.4.3

Previous day Closing Price – Rs. 687.9

KDDL Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 2071.95

Kemistar Corporation Limited

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 45.94

Keynote Financial Services Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 112.1

KIFS Financial Services Ltd.

Dividend Per Share Rs.1.35

Previous day Closing Price – Rs. 146.15

Kitex Garments Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 197.3

KMS Medisurgi Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 91

KNR Constructions Ltd.

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 280.25

Lahoti Overseas Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 31.09

Last Mile Enterprises Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 205

Lux Industries Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 1510.75

Markolines Pavement Technologies Ltd

Dividend Per Share Rs.0.7

Previous day Closing Price – Rs. 137.95

Magellanic Cloud Ltd

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 447.6

Mishra Dhatu Nigam Ltd

Dividend Per Share Rs.1.67

Previous day Closing Price – Rs. 412.55

Mishtann Foods Ltd

Dividend Per Share Rs.0.001

Previous day Closing Price – Rs. 13.97

National Fertilizers Ltd.

Dividend Per Share Rs.1.26

Previous day Closing Price – Rs. 76.01

N.G.Industries Ltd.

Dividend Per Share Rs.3.5

Previous day Closing Price – Rs. 134.5

NRB Bearings Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 267.7

Power And Instrumentation (Gujarat) Ltd

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 41.54

PNC Infratech Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 364.05

Platinumone Business Services Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 200

Poojawestern Metaliks Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 37.6

Premier Explosives Ltd.

Dividend Per Share Rs.1.7

Previous day Closing Price – Rs. 1048.8

Rico Auto Industries Ltd.

Dividend Per Share Rs.0.75

Previous day Closing Price – Rs. 82.82

Ruchira Papers Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 151.8

Shalibhadra Finance Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 330

Sakuma Exports Ltd.

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 19.56

Satia Industries Ltd

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 133.8

Shervani Industrial Syndicate Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 447.35

Shivalik Rasayan Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 700.85

Shree Pushkar Chemicals & Fertilisers Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 211.8

Ventura Guaranty Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 0

Signet Industries Limited

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 48.6

SMS Lifesciences India Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 522.5

SMS Pharmaceuticals Ltd.

Dividend Per Share Rs.0.3

Previous day Closing Price – Rs. 122.35

Savita Oil Technologies Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 333.25

SP Capital Financing Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 26

Talbros Engineering Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 692.4

TGV Sraac Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 121.7

Titagarh Rail Systems Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 767.75

Titan Biotech Ltd.

Dividend Per Share Rs.1.8

Previous day Closing Price – Rs. 342.6

UCAL Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 136.2

Vedavaag Systems Ltd.

Dividend Per Share Rs.0.6

Previous day Closing Price – Rs. 51.24

Veljan Denison Limited

Dividend Per Share Rs.13

Previous day Closing Price – Rs. 1759.5

Veto Switchgears And Cables Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 133.55

Vidhi Specialty Food Ingredients Ltd

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 428.55

Vipul Organics Ltd

Dividend Per Share Rs.0.9

Previous day Closing Price – Rs. 133.75

VLS Finance Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 201.65

Windsor Machines Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 75.11

Route – Tender\u0009\u0009

Buyback Price: 1080/-\u0009\u0009

Current Market Price: 1239.50/-\u0009\u0009

Buyback Size (in ₹): 374.80 Crs\u0009\u0009

Buyback Size (in Shares): 34.70 lakh shares (representing 2.56% of O/s. shares)\u0009

Retail Quota – 5,20,556 Shares\u0009

Entitlement:

General Category - 2 Equity Shares out of every 83 Equity Shares held on the Record Date

Retail Category - 1 Equity Shares out of every 26 Equity Shares held on the Record Date

Record Date – 14 September 2023\u0009

Tender Period:

Start Date - 21 September 2023

Close Date - 27 September 2023

Obligation Date - 04 October 2023

Settlement Date - 05 October 2023

Replacement demand drives premiumisation

Although domestic 2W volumes have grown ~5% in YTDFY24 at ~7m units, they are lower by ~26%/~13% vis-à-vis YTDFY19/YTDFY20 levels. Our observations – 1) Scooter share in overall 2W is stable at ~32% in YTDFY24 (v/s 32.7% in FY23 and peak of 33% in FY18). However, if we add EV 2W volumes, the share has already surpassed the prior peak at 34%. 2) Within motorcycles (MC), share of executive/premium >300cc segments has risen consistently over past 5 years at ~39%/~5.4% (highest), led by new product launches and higher replacement/upgrades share. Consequently, share of premium 2Ws is at 7 year high at ~24%. 3) Market share trajectory within motorcycles: TVSL/RE/BJAUT/HMSI gained ~400/180bp/60/90bp market share over (v/s FY20) significantly denting HMCL (-740bp). Among listed peers, TVSL has consistently gained share in overall 2W segment by ~380bp to 17.6% (v/s -460bp/+60bp by HMCL/BJAUT at 31.1%/12.6%) from FY20-YTDFY24. 4) While ICE continues to struggle, EV volumes grew ~45% in FY24YTD led by pre-buy owing to cut in FAME 2 subsidy. Market share of listed players increased steadily to ~35.3% in YTDFY24 (v/s ~17.8%/ 27.7% in FY22/FY23). We like TVSL (ADD) among 2W names.

Liberty General Insurance, one of the general insurance companies in India, has announce the appointment of Parag Ved as its Director & CEO Designate, effective from September 20, 2023. Prior to joining Liberty, he was the President of consumer Lines at Tata AIG General Insurance.

Madhavi Arora, Economist, Emkay Global Financial on FOMC meet outcome

The FOMC delivered a more “hawkish hold” than markets had expected. In particular, the Summary of Economic Projections (SEP) skewed hawkishly with both the 2024 and 2025 median dots revised 50bp higher - reinforces our long held view of DM central banks increasingly guiding to holding rates higher for longer. Thus, the FOMC went beyond just leaning into the soft-landing narrative—now forecasting only a trivial weakening in growth and labor markets next year and beyond to justify less easing.

Market impact: US equities sold off into the close, led by Technology. A steady UST bear-flattening transpired -- 2y UST yields rose 8.6bp, to 5.18%, the highest level since 2006 while US 10y closed at 4.41% (up ~ +4.8bp). USD gained sharply amid the rise in US real yields. We maintain we do not fall in the dollar weakness camp ahead. For us, the core of the USD-bullish-to-neutral view has been global in nature, following China’s downdraft and the subsequent weakness in Europe in 2Q . We continue to argue rest of the global picture falls short of the conditions more historically associated with sustained USD weakness.

MS on Indigo: Maintain Overweight, target price at Rs 3217

MS on Syrma SGS: Maintain Overweight, target price at Rs 671

MS on Kaynes Technologies: Maintain Overweight, target price at Rs 2440

Citi on UPL: Maintain Buy, target price at Rs 800

CLSA on Star Health: Maintain Buy, target price at Rs 700

MS on Apollo Tyre: Maintain Equal weight, target price at Rs 3217

MS on Nykaa: Maintain Overweight, target price at Rs 173

Jefferies on Zydus Life: Maintain Hold, target price at Rs 630

Macquarie on Voltas: Maintain Neutral, target price at Rs 852

BSE Sensex: 66800.84 (-796.00)

Nifty 50: 19901.40 (-231.90)

NIFTY MID CAP 100: 40543.85 (-114.35)

NIFTY SMALL CAP 100: 12613.05 (-112.15)

📌 Index PE & PBV

SENSEX PE / PBV : 24.50 / 3.64

NIFTY 50 PE / PBV :

22.48 / 4.41

NIFTY MIDCAP 100 PE / PBV : 23.90 / 3.37

NIFTY SMALLCAP 100 PE / PBV : 23.39 / 3.68

📌 Inflow/Outflow (Daily/MTD)

FII / FPI Activity: (3110.69 crs) / (13927.29 crs)

DII Activity: (573.02 crs) / 10209.96 crs

📌 Volatility Index

India VIX - 11.12

📌 Commodities

Brent Crude: $93.48

Gold USD Oz/10 gm: $1931.86 = INR 59178

Silver: INR 72630

📌 Currency

Rs/$: 83.07

US Dollar Index (DXY) - 105.01

📌 10 Year Yield

7.26% GOI 2033: 7.17% (Old)

7.18% GOI 2033: 7.15% (New)

US 10 Yr Yield - 4.34%

WPIL has received a contract for supply of on board range of centrifugal pumps and spares for different classes of ships from Ministry of Defense (Navy) for ₹14.3 crore which is to be executed over a period of 24 months. The contract for on board centrifugal pumps will greatly strengthen WPIL product offering to the Indian Navy which is undergoing a major fleet expansion program.

State-run miner Coal India (CIL) on Wednesday said central trade unions, including the Bharatiya Mazdoor Sangh (BMS), have called for a three-day strike from October 5 over issues pertaining to wage payment.

Garden Reach Shipbuilders: Co signs MoU with Llyods and Caterpillar for defence and Navy.

The state-run lender has appointed KFin Technologies as the Registrar and Share Transfer Agent (RTA) in place of existing RTA Alankit Assignments. The formalities for the change of RTA relating to documentation, shifting of electronic connectivity, and transition of data are in process.

Kallam Transco has been incorporated as a wholly-owned subsidiary of REC Power Development and Consultancy. The company also announced the sale of Beawar Transmission to Sterlite Grid 27, comprising 50,000 equity shares. Sterlite was the successful bidder selected through a tariff-based competitive bidding process to establish an inter-state transmission system for REZ in Rajasthan under Phas

An inspection was conducted by the USFDA at the manufacturing facility of unit InvaGen Pharmaceuticals Inc. in New York from Sept. 11 to 13. InvaGen has received five inspectional observations in Form 483. There are no repeat or data integrity (DI) observations.

Rival Akasa Air was forced to thin out its schedule after some pilots left and joined bigger competitors, reported Bloomberg. The market share of Akasa dropped to 4.2% in August from 5.2% the month before.

The drugmaker received final approval from the USFDA for Clindamycin Phosphate Gel USP, 1%. Clindamycin Phosphate Gel USP, 1%, had annual sales of $37 million in the U.S. The group now has 381 approvals.

Unit Biocon Biologics received European Commission-granted marketing authorisation in the EU for YESAFILI, a biosimilar of Aflibercept. Aflibercept had EU brand sales of approximately $1.8 billion for the 12 months ending Dec. 31, 2022, according to IQVIA.

Bias and OTR tyre production at their manufacturing facility in Limda, Gujarat, has been stopped due to certain concerns amongst shop floor employees relating to the renewal of the long-term settlement agreement. The company is in discussions and negotiations with the labour union representatives to address their concerns.

The QIP committee authorised the opening of the QIP issue on Wednesday and set the floor price at Rs 1,133.99 apiece.

The company has invested Rs 124.99 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions, on a rights basis.

The Board approved a proposal for raising funds by way of the issuance of non-convertible debentures on a private placement basis.

The credit rating has been upgraded by Crisil for its long-term and short-term bank loan facilities.

The company has received a contract for the supply of an onboard range of centrifugal pumps and spares for different classes of ships from the Ministry of Defence for Rs 14.3 crore, which is to be executed over a period of 24 months.

ABB: to launch electric powertrain system for ArcelorMittal Nippon Steel’s new steel mill in Gujarat

R R Kabel: Norges Bank, on account of the Government Pension Fund Global, bought 20 lakh shares (1.77%) at Rs 1180 apiece.

Tarsons Products: Plutus Wealth Management bought 17.40 lakh shares (3.27%) at Rs 530 apiece.

Praveg: Sageone-Flagship Growth 2 Fund bought 2.25 lakh shares (0.99%) at Rs 480.50 apiece and Sageone Investment Managers bought 6.26 lakh shares (2.76%) at Rs 480.51 apiece, while Probi Fincap sold 1.48 lakh shares (0.65%) at Rs 480.74 apiece and Jayesh Ishwarlal Patel sold 6.44 lakh shares (2.84%) at Rs 480.49 apiece.

Pennar Industries: Promoter Pennar Holdings created a pledge of 15 lakh shares on Sept. 18.

Usha Martin: Promoter Neutral Publishing House bought 96,211 shares on Sept. 15

Price Band Revised From 10% To 5%: Ashapura Minechem

Ex-date dividend: Gufic Biosciences, La Opala RG, Shakti Pumps (India), Genus Power Infrastructures, LT Foods, Ashiana Housing, Poly Medicure, Tilaknagar Industries, SJVN, Cochin Shipyard, Krishana Phoschem, Power Mech Projects, Olectra Greentech, Carysil, Force Motors, Patanjali Foods, Harsha Engineers International, Chaman Lal Setia Exports, HLE Glascoat, Asian Star Co., Swan Energy

Ex date AGM: ITI Limited, Kewal Kiran Clothing, Gufic Biosciences, Paramount Communications, Morepen Laboratories, KRBL, La Opala RG, Shakti Pumps (India), Genesys International Corporation, Genus Power Infrastructures,

LT Foods, Ashiana Housing, Poly Medicure, Tilaknagar Industries, SJVN, Muthoot Finance, Cochin Shipyard, Rama Steel Tubes, Krishana Phoschem, Power Mech Projects, Star Cement, Olectra Greentech, Spacenet Enterprises India, KPI Green Energy, Carysil, Roto Pumps, Force Motors, Patanjali Foods, Harsha Engineers International, Chaman Lal Setia Exports, Yatharth Hospital & Trauma Care Services

Record date Dividend: Genus Power Infrastructures, Tilaknagar Industries, Krishana Phoschem, Olectra Greentech, Harsha Engineers International

Record date AGM: Genus Power Infrastructures, Krishana Phoschem.

Moved into Short-Term ASM Framework: Brightcom Group

Move Out Of Short-Term ASM Framework: Bombay Burmah Trading, Spacenet Enterprises India

The public issue of Hi-Green Carbon Ltd, the flagship company of Rajkot-based Radhe Group of Energy, opens for subscription today and closes on Monday (September 25). The company closed the Anchor Book of its public issue, allocating a total of 19.84 lakh shares to 8 anchor investors for Rs 75 per share, aggregating Rs 14.88 crore.

Of the anchor investors, Resonance Opportunities Fund has been allocated 4,19.200 shares, followed by NAV Capital Emerging Star Fund (3,88,800 shares), BOFA Securities Europe (2,72,000 shares), Morgan Stanley Asia Singapore (2,67,200 shares), Moneywise Financial Services Pvt Ltd (2,33,600 shares), LC Radiance Fund VCC (1,34,400 shares), LRSD Securities Pvt Ltd (1,34,400 shares), and Rajasthan Global Investments Pvt Ltd (1,34,400 shares).

Beeline Capital Advisors Private Limited is the book-running lead manager to the offer, and Link Intime India Private Limited will be the registrar to the offer. The shares of the company will be listed on NSE Emerge.

The company has announced a price band of Rs. 71-75 per equity share, and the shares of the company will be listed on NSE Emerge. The company will offer 70.40 lakh equity shares (face value of Rs 10/- each) through the book-building route – comprising a fresh issue of 59.90 lakh equity shares and an offer for sale of 10.50 lakh equity shares.

Hi-Green Carbon Ltd will double its manufacturing capacity from 100 TPD to 200 TPD with the commissioning of a new integrated plant at Dhule, Maharashtra. The company already has a 100 TPD modern, integrated, fully automated manufacturing facility spread over 56,500 sq. mtrs in Bhilwara, Rajasthan. Post its successful commissioning of a new plant at Dhule; the company will command more significant access to further markets in western and southern India. The company has already acquired land admeasuring 21,500 sq. meters for the project.

Infosys and Nasdaq-listed NVIDIA have expanded their strategic collaboration with the aim to help enterprises worldwide, drive productivity gains with generative AI applications and solutions. Infosys will train 50,000 employees on NVIDIA AI technology.

Exide Industries has invested ₹125 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited, on rights basis. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition.

Apollo Tyres Ltd has announced that Bias and OTR tyres production at its manufacturing facility in Limda, Gujarat has been stopped due to certain concerns amongst shop floor employees relating to renewal of long-term settlement agreement. The company is in discussions and negotiations with the labour union representatives to address their concerns and find an amicable resolution.

*The Competition Commission of India on Wednesday said it has cleared the proposed acquisition of about 11 per cent stake in TVS Credit Services Ltd by PI Opportunities Fund-I Scheme-II (PIOF-II) and certain individuals. PI Opportunities Fund-I Scheme-II, is a SEBI-registered Alternative Investment Fund (AIF), owned and controlled by Premji Invest Ltd. “The combination relates to the proposed acquisition of 10.98 per cent stake of target (TVS Credit Services) by the acquirers,” an official release said. “PIOF-II shall be acquiring about 10.79 per cent of shareholding in the TVS Credit (target), whereas the individual acquirers shall collectively be acquiring 0.19 per cent shareholding.

Gujarat Themis Biosyn Limited has fixed October 10 as the ‘Record Date’ for the purpose of determining the eligibility of Shareholders for the purpose of sub-division/split of every one fully paid-up Equity share having face value ₹5 each in the authorised share capital of the Company, into five fully paid-up equity shares having face value of ₹1 each.

Manipal Hospitals on Wednesday said it has acquired 84 per cent stake in Emami Group firm AMRI Hospitals Ltd for an undisclosed sum. Kolkata-based Emami Group will retain 15 per cent stake in AMRI Hospitals and continue as an investor in AMRI Hospitals.

The ₹730-crore initial public offering of realty firm Signatureglobal (India) was subscribed 54 per cent on the first day of bidding on Wednesday. The public issue will close on September 22. The price band for the offer has been fixed at ₹366-385.

Sai Silks issue enters second day

The ₹1,201-crore initial public offering of Sai Silks (Kalamandir) was subscribed just 7 per cent on the first day of offer on Wednesday. The IPO received bids for 26.16 lakh shares against about 3.85 crore shares on offer. The price range for the offer is Rs 210-222 a share. Investors can bid for a minimum of 67 equity shares.

Shares of EMS, a sewerage solutions company, will be listed on the exchanges today. The company has fixed the issue price at Rs 211 per share, at the upper end of the price band Rs 200-211.

According to Nuvama Research, the following stocks show notable trends on the following parameters:

5EMA and 21EMA Fresh Crossover (From Below/ + ): M & M Fin. Serv. (2.7%); Dr Lal Pathlabs (2.3%); Balkrishna Inds (0.9%); Alkem Lab (0.7%)

50DMA and 200DMA Fresh Crossover (From Below / - ): Voltas (-1.2%)

Price, Volume and % Delivery (Constantly Down For Last 2 Days/ - ): Indus Towers (-1.8%); Tata Steel (-1.6%); Zee Ent (-1.3%); L&T Technology (-1.2%)

5EMA and 21EMA Fresh Crossover (From Above / - ): Coforge (-2.3%); Ipca Labs. (-1.5%); Adani Enterp. (-1.3%); Page Ind (-1.1%)

CMP and 200DMA Fresh Crossover (From Above / - ): SRF (-2.1%); Britannia Inds. (-1.5%); Atul (-1.2%); Pidilite Inds. (-0.4%)

Over the past week, the rupee depreciated 0.4 per cent to end at 83.27 against the US dollar on Monday. The Indian markets were closed on Tuesday. In line with our expectations, the Indian currency saw a decline as the greenback strengthened.

The past year has witnessed a flurry of launches in the mutual fund sector’s multi-asset allocation category, with prominent fund houses like ABSL, Baroda BNP, WhiteOak, Edelweiss, Shriram, and Kotak introducing their innovative investment solutions. Read more

The buyback of India’s largest EPC company Larsen and Toubro (L&T) opened on September 18. The record date for the buyback was September 12 i.e. investors who had the shares in their demat account by end of September 12 are eligible to participate. Eligible shareholders can tender their shares for buyback at a price of ₹3,200 per share. The last date for tendering shares is September 25, 2023. Read more

• BALRAMCHIN

• BHEL

• CHAMBLFERT

• DELTACORP

• HINDCOPPER

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• MANAPPURAM

• PNB

• ZEEL

Buzzing Stocks: SJVN, Cipla, Indo Amines, Infosys, Biocon, Exide Industries, West Coat Paper Mills, Apollo Tyres, Ashoka Buildcon, Zydus Lifesciences, Godrej Properties, Bartronics, WPIL, Moneyboxx, Artson Engineerng, Nikhil Adhesives

Day Trading Guide gives you the key intraday supports and resistances to watch out for on the Nifty Futures and other widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS, SBI. Based on the trend, it also gives intraday trade recommendations with specific entry as well as stop-loss levels. The mentioned resistances and supports will be the exit levels.

Ajanta Pharma’s share price has a sharp decline over the past few sessions. It fell off the hurdle at ₹1,850 last week and on Monday, the stock closed below a support at ₹1,700. Even though the price went up on Wednesday, the weakness persists, and the rally is likely to be a corrective one. Read more:

JK Tyre Industries Ltd (JKI) is the flagship company of JK Organisation and is the country’s third largest and globally among top 25 tyre makers. The company’s product portfolio includes automotive tyres for two-wheelers (2W), three-wheelers (3W), passenger cars, utility vehicles (UVs), trucks & buses and off-the-highway (OHT) vehicles.

Senco Gold boasts of being one of the top-2 as regards revenue share in the ₹80,000 crore eastern market, abetted by strongest brand accessibility vs peers, in terms of product, price & penetration. Growth headroom is huge, as its market share is still at a mid-single-digit in the East, and focused efforts are afoot to capitalise on non-East prospects.

Asian stock markets declined, and the U.S. dollar gained strength on Thursday following the Federal Reserve’s indication of prolonged higher interest rates.

Japan’s Nikkei 225 index dropped by 0.79% to reach 32,761.51, and Topix fell by 0.4% to 2,396.53. South Korea’s Kospi index experienced a 1.19% decline, reaching 2,529.68. Meanwhile, Australia’s S&P/ASX 200 recorded a 0.79% decrease, settling at 7,106.60.

The Federal Reserve kept its target range between 5.25% and 5.5%, and updated quarterly projections revealed that majority of officials favoured another rate hike in 2023. Additionally, policymakers anticipated less monetary easing next year

On Wednesday, U.S. stocks slumped as the Federal Reserve, as expected, held key interest rates steady while revising economic projections higher. Despite the rate stability, major indexes, including the Nasdaq, declined. The Fed’s projections indicate a possible 25 basis point rate hike later this year and a subsequent 50 basis point rate cut next year. Core inflation, although moderating, remains above the 2% target, with year-end expectations at 3.3%.

The Dow Jones Industrial Average fell 76.85 points, or 0.22%, to 34,440.88, the S&P 500 lost 41.75 points, or 0.94%, to 4,402.2 and the Nasdaq Composite dropped 209.06 points, or 1.53%, to 13,469.13.