Share Market Highlights 05 October 2023: Sensex gains 405 pts, Nifty closes above 19,500

The QIB portion has been subscribed 42.84 times, NII 386.43 times and retail 363.02 times. The issue closes today.

The stock gained 2.63% to close the session at ₹39 on BSE.

The share closed 0.12% lower at ₹7,845 on NSE.

Indian shares advanced on Thursday, led by gains in tech and financial stocks as part of a relief rally triggered by an easing of crude prices and a dip in U.S. yields.

The NSE Nifty 50 index settled 0.56% higher at 19,545.75, while the S&P BSE Sensex climbed 0.62% to 65,631.57.

Asian equities edged higher, while Wall Street rose overnight as U.S. 10-year yields eased from a fresh 16-year high.

Concerns over global demand led to a 5% drop in oil prices, helping importers like India, per a Reuters report. Read more.

Infosys and Economist Impact, an arm of The Economist Group, has announced the launch of the Value Chain Navigator (VCN) to help businesses understand and address their scope 3 emissions.

Infosys stock is up by 1.08% on the NSE, trading at ₹1,459.90.

OnMobile Global Ltd.’s shares were up by 3.84 per cent after the company joined forces with Robi, Bangladesh’s 4.5 G network, to unveil their mobile gaming product, Challenges Arena.

The shares were up by 4.6% to ₹107.20 on NSE.

The stock is up by 0.06% on the NSE, trading at ₹170.40.

The stock is up by 1.76% on the NSE, trading at ₹132.80.

Major gainers:

LT (2.32%); Infosys (1.62%); TCS (1.61%); Titan (1.59%); Asian Paints (1.49%)

Major losers:

Power Grid (-1.33%); Sun Pharma (-0.76%); Hindalco (-0.75%); NTPC (-0.57%); Cipla (-0.56%)

A total of 2,250 stocks advanced on the BSE at 3 pm on October 5, against 1,355 stocks that declined; 138 stocks were unchanged. Total stocks traded were 3,743. While 218 stocks recorded a 52-week high, 26 hit a 52-week low.

Sharekhan has announced a collaboration with National E-Governance Services Ltd (NeSL), to bring complete digitalisation of the demat account opening process at the back-end. The partnership positions Sharekhan as the only broker in India to offer this digital transformation, which would benefit millions of new customers by reducing the on-boarding time.

In contrast to regular methods of demat account opening, including the Demat Debit, and Pledge Instruction (DDPI) to be physically signed and stamped (franked), amounting to extensive paperwork, Sharekhan’s pioneering approach eliminates the need for physical stamp paper procurement and signing.

Global Insurance Brokers, one of the leading providers of risk management, insurance, and reinsurance broking services in the Indian subcontinent, has announced its acquisition by Aon plc, a professional services firm. The arrangement is subject to regulatory approval. Aon and Global Insurance Brokers will continue to operate independently until then.

Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services

Gold steadied, after declining in the previous eight consecutive sessions, as US bond yields and the dollar stepped back from highs ahead of a keenly awaited non-farm payrolls report this week. Benchmark US 10-year bond yields fell from 16-year highs hovering around 4.7% and the US dollar was 0.1% lower, trading below the 107 mark. A broad sell-off in world government bonds on Wednesday drove up the US 30-year Treasury yields to 5% for the first time since 2007 and German 10-year yields to 3%, which could hasten a global slowdown and hurt stocks and corporate bonds. On the data front, US private payrolls increased far less than expected in September, it was reported at 89k, against the expectations of 153k, markets now await the Labour Department’s more comprehensive and closely watched employment report for September on Friday. The US services sector slowed in September as new orders fell to a nine-month low, while factory orders was reported better than expectations capping gains for metals on higher side. Focus today will be on, US weekly jobless claims and comments from a few fed officials.

PGIM India Asset Management Pvt Ltd has announced the launch of PGIM India’s Alternative Investment Fund, a SEBI-registered Category III AIF.

Ajit Menon, CEO, PGIM India Asset Management Pvt Ltd, said, “With the launch of AIF, we have expanded our offering to more segments of investors, especially in the higher wealth tiers, including family offices.”

The Category-III AIF will adopt PGIM India’s proprietary philosophy of ‘Growth at Reasonable Price’ (GARP), and will be defined through the Price/Earnings to Growth (PEG) model. The AIF Funds will be helmed by Aniruddha Naha, who has been appointed as the CIO – Alternates since April 2023.

Aniruddha Naha, CIO – Alternates, PGIM India Asset Management Company said, “The endeavour is to create investment portfolios focussing on opportunities across segments which may command a faster growing profit pools triggered by changing nature of economy, while keeping an extremely tight discipline of buying the strong balance sheets, cashflows in business and focus on strong capital allocation ethics by the companies. The outcome is high conviction portfolios representing broader, stronger and durable themes, agnostic of popular benchmarks.

PGIM India AIF is planning to raise Rs 500 crore with an option to collect an additional Rs 500 crore through the greenshoe option in this financial year.

The total industry size of the AIF sector in India is about Rs 8,44,926 crore in terms of commitments raised as of June 2023. The Category III AIF has an industry AUM of Rs 85,057 crore in terms of commitments raised during the same period.

RITES has emerged as the lowest bidder (L-1) in the tender floated by Bangladesh Railway for procurement of 200 Broad Gauge (BG) Passenger Carriages. Its stock rises by 1.16% on the NSE, trading at ₹484.90.

Softtech Engineers (20%)

Goodluck India (18.88%)

Utkarsh Small Finance Bank (17.23%)

Murudeshwar Ceramics (14.53%)

KCP (13.19%)

ONMOBILE: CO FORMS A STRATEGIC PARTNERSHIP WITH ROBI TO LAUNCH ITS CASUAL MOBILE GAMING PRODUCT, CHALLENGES ARENA

Plaza Wires IPO has been subscribed 112.37 times as of 1:57 pm on October 5, 2023. The QIB portion has been subscribed 15.30 times, NII 281.73 times and retail 313.96 times. The issue closes today.

Shishir Baijal, Chairman and Managing Director, Knight Frank India.

“We expect the Reserve Bank of India’s Monetary Policy Committee (RBI MPC) to keep the REPO rate unchanged to remain supportive of growth. However, the central bank will likely maintain a precautionary stance because of the inflationary pressure arising from external factors such as rising crude prices and Indian currency, which is at an all-time low. A pause will be supportive of the real estate sector in maintaining its current momentum. With the last few revisions, the REPO rate has gone up by 250 BPS, resulting in 160bps hike in the base lending rate, with the last three revisions being completely passed on to the home buyers. This has started to impact housing demand, especially in the affordable segment. The mid segment too has seen growth moderating in the last few quarters. A further increase in the REPO rate could potentially dampen buyers’ sentiment and impact housing affordability.”

OnMobile Global has partnered with Robi, Bangladesh’s fastest 4.5G network, to launch its casual mobile gaming product, Challenges Arena. OnMobile stock rises by 5.02% on the NSE, trading at ₹107.65.

To deepen the brand’s connection with existing and potential employees and build a more rewarding future for them, Motilal Oswal Financial Services has introduced a transformative Employee Value Proposition, ‘Be MOre’.

The new Employee Value Proposition (EVP) focuses on employees’ personal and professional growth by creating more learning opportunities and encouraging them to have more ownership and accountability.

ICRA predicts that the footwear industry’s revenue growth will moderate to around 7-8% in FY2024, down from 28% in FY2023. This is due to sluggish volume growth and no significant increase in average selling price. The mass segment faces headwinds, and demand is unlikely to improve significantly in the near term. While some recovery is expected in H2 FY2024, overall revenue growth is likely to moderate sharply to around 7-8% in FY2024, with companies focusing on the premium segment expected to perform well.

Blue Star Ltd has agreed to acquire 15,10,00,000 equity shares of ₹10 each at par, aggregating to ₹151 crore by way of subscribing to the rights issue of Blue Star Climatech Limited, the wholly owned subsidiary of the Company (BSCL).

The stock is down by 0.85% on the BSE, trading at ₹875.40.

Amit Goel - Co-founder and

chief Global Strategist of Pace 360.

India Services PMI (Aug)

The country’s S&P Global’s services Purchasing Managers’ Index (PMI) reached 61 in September, a slight increase from 60.1 in August. This is a 13-year high and was also better than expectations which were at 59.5.

We believe Indian economy is in an upswing with services, manufacturing and employment indicators all being very robust. With the start of the Cricket World Cup and the impending start of the holiday and wedding season we expect the tailwinds to remain strong till at least December of 2023. Post that Indian services sector and the Indian economy may begin to plateau in line with global macros, tightening global credit situation and also an RBI which is expected to keep tight control on the systemic liquidity.

Praveg Limited has received work order for development, operation, maintenance and management of the Tent City at Nagoa Beach, Diu. The work order is for a period of three years that could be extended up to another two years.

The stock rises by 3.28% on the BSE, trading at ₹554.90.

WhiteOak Capital Mutual Fund today announced the launch of their new fund offer (NFO) - ‘WhiteOak Capital Balanced Hybrid Fund’. The NFO will be open from 5th October 2023 to 19th October 2023. It is an open-ended balanced scheme investing in equity and debt instruments.

The investment objective of the scheme is to provide long term capital appreciation and generate income by investing in a balanced portfolio of equity & equity-related instruments and debt & money market securities. The scheme is benchmarked against CRISIL Hybrid 50+50 Moderate Index.

India equity capital markets (ECM) raised $18.4 billion in the first nine months of 2023, a 34.4 per cent increase compared to a year ago, making it the highest first nine months period by proceeds since 2021, said a report by Refinitiv, an LSEG Business.

Number of ECM offerings saw 253 equity and equity-linked issuances, up 30.4 per cent year-on-year.

Initial public offerings (IPO) from Indian issuers raised $3.5 billion during the first nine months of 2023, down 38.1 per cent by proceeds from a year ago, but number of IPOs saw a 35.2 per cent year-on-year increase as capital raisings were done in relatively smaller amounts. Follow-on offerings, which accounted for 81 per cent of India’s overall ECM proceeds, raised $14.9 billion, up 85 per cent from a year ago, while number of follow-on offerings grew 24.4 per cent year-on-year.

ECM issuance from India’s financials sector accounted for majority of the nation’s ECM activity with 19.8 per cent market share worth $3.6 billion in proceeds, a 6.2 per cent decline from a year ago. Industrials captured 18.3 per cent market share followed by High Technology and Materials with 11.5 per cent and 11.2 per cent market share, respectively.

Jefferies leads the ranking for India’s ECM underwriting with $2.3 billion in related proceeds and 12.4 per cent market share.

The Association of Investment Bankers of India (AIBI) recently held a roundtable on Enhanced Role of Investment Bankers & Market Reforms.

The discussion primarily focussed on the initiatives identified towards capacity building of merchant bankers, promoting investor awareness and achieving ease of doing business in capital formation. The most important tool for establishing ease of doing business and contributing to nation building, is larger and faster capital formation, the industry body said.

AIBI shall be working on identifying desired practices and processes that are crucial in expediting the capital formation. Similarly, the IPO process, timetables, and ways to simplify them while still meeting regulatory requirements will also be analysed by AIBI.

AIBI will set up a system to support merchant bankers’ capacity development and ongoing learning, especially for the new entrants.

Metro Brands has announced the appointment of Amit Kumar, Senior Vice President – Buying & Merchandising.

The stock is up by 0.05% on the NSE, trading at ₹1,193.05.

Top gainers of Nifty Realty stocks at this hour:

Prestige (4.66%)

Sobha (3.43%)

Godrej Properties (2.06%)

Lodha (1.28%)

Plaza Wires IPO has been subscribed 89.48 times as of 12:21 pm on October 5, 2023. The QIB portion has been subscribed 6.69 times, NII 218.59 times and retail 284.47 times. The issue closes today.

The Ministry of Defence (MoD) on Wednesday released the fifth Positive Indigenisation list of 98 items, such as certain categories of combat vehicles and drones, sensors, weapons and ammunitions, to give more exposure to domestic industry and reduce dependence on imports of the military hardware.

As the Diwali festival season approaches, the travel industry is experiencing an extraordinary surge in demand for both domestic and international destinations, despite significant increases in airfares and hotel tariffs.

Ayana Renewable Power, a leading Independent Power Producer (IPP) in India, has recently received the Mahatma Award for Excellence in ESG (Environment, Social, and Governance). This prestigious recognition was presented on the eve of Gandhi Jayanti at the India International Centre in New Delhi. The Mahatma Awards, supported by the Aditya Birla Group and UNDP, commend outstanding contributions in the fields of environment, social welfare, and governance.

Indian stocks advanced on Thursday, buoyed by gains in the IT and financial sectors, as a relief rally was triggered by a decline in crude oil prices and a dip in U.S. bond yields.

By noon, the NSE Nifty 50 index had risen 0.6% to reach 19,552.15, while the S&P BSE Sensex had climbed 0.69% to 65,674.16.

Asian equities also saw modest gains, following a similar trend in Wall Street, as U.S. 10-year yields retreated from recent 16-year highs.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented, “The triple whammy of spiking dollar, U.S. bond yields, and crude prices is slowly easing, paving the way for a recovery in markets.”

Individual stocks showed positive movement, with Hero MotoCorp, the two-wheeler manufacturer, rising 2% after receiving 13,688 bookings for Karizma XMR.

Univastu India witnessed a significant increase of 16.18% on the NSE, trading at ₹108.80.

Nazara Technologies also experienced a 5.03% rise on the NSE, trading at ₹864.85, following its acquisition of game marketing agency PublishME.

The BSE witnessed 2,174 stocks advancing, while 1,282 stocks declined, and 156 stocks remained unchanged. The total number of stocks traded on the exchange amounted to 3,612. Among these, 185 stocks reached a 52-week high, while 20 stocks touched a 52-week low.

Notable performers on the NSE around noon include: Gainers - Titan (1.95%); Infosys (1.33%); HDFC Bank (1.27%); Bajaj Finserv (1.27%); Eicher Motors (1.10%. Major losers: Coal India (-1.30%); Power Grid (-1.26%); Divi’s Lab (-0.75%); Sun Pharma (-0.73%); HCL Tech (-0.65%)

Among the sectoral indices, with the exception of the Pharma index, all other indices were trading in the green, led by the Nifty IT Index and Nifty Bank Index.

Major gainers on the NSE at 12:

Titan (1.95%); Infosys (1.33%); HDFC Bank (1.27%); Bajaj Finserv (1.27%); Eicher Motors (1.10%)

Major losers:

Coal India (-1.30%); Power Grid (-1.26%); Divi’s Lab (-0.75%); Sun Pharma (-0.73%); HCL Tech (-0.65%)

Stocks advanced on BSE at 12 noon on October 5, 2023, were 2,174 against 1,282 stocks that declined; 156 stocks remain unchanged. Total stocks traded were 3,612. The number of stocks that recorded a 52-week high was 185, and those that hit a 52-week low was 20.

Chalet Hotels stock rises by 1.84% on the NSE, trading at ₹588.30, post the commencement of operations in respect of 88 rooms at its Hotel at Pune.

Rajoo Engineers Ltd has acquired industrial plots in the State of Gujarat.

Hero MotoCorp stock inches up by 0.47% on the NSE, trading at ₹3,003.15. The company had received 13,688 bookings for its newly launched flagship motorcycle, Karizma XMR.

NCLT Mumbai bench has sanctioned the scheme of amalgamation of Axiom Cordages Ltd with Responsive Industries Ltd and their respective shareholders.

Responsive Industries stock rises by 1.80% on the NSE, trading at ₹350.15.

On the NCDEX, dhaniya (November) contracts increased by ₹64 to ₹7,130 a quintal. Turmeric December futures gained ₹156 at ₹16,240 a quintal.

Devyani International stock is up by 1.22% on the NSE, trading at ₹219.75, after entering into an arrangement with PVR Inox Limited.

Jeera (cumin) prices have dropped from the highs seen a few weeks ago. However, the spice’s prices are expected to be volatile until a clear picture emerges on the sowing of the crop this year. Jeera November futures managed to top ₹60,000 as the contracts gained ₹585. The commodity was last traded at ₹60,200 a quintal. Jeera October futures were up ₹680 at ₹59,030.

Tata Elxsi has announced the joint development of an Automotive Cyber Security Solution together with the Indian Institute of Science (IISc) under the framework of existing Memorandum of Understanding (MoU).

The stock slides down by 0.07% on the NSE, trading at ₹7,277.

On MCX, gold December futures increased by ₹154 to ₹56,875 per 10 gm. Silver December contracts were up by ₹638 at ₹67,565 a kg.

In Asia trade, gold rose above $1,820 an ounce after the US dollar dipped on Wednesday night. Gold was ruling at $1,827.48 an ounce at 11.20 a.m. IST. Silver managed to climb above $21 to quote at $21.28 an ounce.

Polymatech Electronics, a Chennai-based opto-semiconductor chips manufacturer, has filed draft documents with SEBI to raise ₹750 crore through an IPO. The offer will fully be a fresh issue and no offer for sale componen

Asian Star Co. stock rises by 3.74% on the BSE, trading at ₹834, following the commencement of authorised operations for production of Diamond Studded Jewellery at Andheri, Mumbai.

Havells India Limited, has unveiled its product – the Dual Mode Micro Inverter (DMMI), backed by four US patents.

The product is equipped with an MPPT-based Solar Charge Controller, which efficiently converts DC current from solar panels into AC current. It is available in two models, DMMI-800 and DMMI-1600, these inverters can seamlessly transition between ON-Grid and Off-Grid modes, catering to various grid scenarios. Both DMMI models are compatible with all types of solar module technologies.

Havells India stock rises by 1.69% on the NSE, trading at ₹1,417.20.

Hindalco Industries Ltd will be entering into a MoU with Odisha Mining Corporation for the long-term supply of Bauxite ore for its proposed 2-million tonne alumina refinery and 150-MW captive power plant at Kansariguda in the Rayagada District.

The total proposed investment of ₹8,000 crore shall be in two phases. The first phase of 1 million tonne is expected to be commissioned in FY27, at an investment of ₹5,500 crore.

Hindalco stock declines by 0.12% on the NSE, trading at ₹472.85.

Tata Consultancy Services (TCS) has been selected by the Georgia Department of Labor (GDOL) to replace its 1980s-era legacy platform with a proven, agile, secure, and scalable cloud-based unemployment insurance system. The stock rises by 2.34% on the NSE, trading at ₹3,620.65.

Major gainers on the BSE at 11:04 am:

SCI (8.24%); Edelweiss (7.07%); SIS (6.99%); Anantraj (6.48%); Gabriel (5.85%)

Major losers:

AIIL (-4.43%); Marico (-4.21%); IFCI (-3.45%); Navin Fluorine (-3.23%); PNB (-2.69%)

Bank Nifty began Thursday’s session at 44,181 versus Wednesday’s close of 43,964. The index is currently at 44,150, up 0.4 per cent after the initial hour of trade.

The advances/ declines ratio stands at 8/4, giving the index a bullish bias.

Crompton Greaves Consumer Electricals Ltd has announced the launch of its products (storage water heaters): Regera - ASWH-38xx series 10L, 15L & 25L; and Hydrajet - SWH series 10L, 15L & 25L.

The stock slides down by 0.41% on the NSE, trading at ₹301.20.

Plaza Wires IPO has been subscribed 73.06 times as of 10:48 am on October 5, 2023. The QIB portion has been subscribed 5.80 times, NII 162.58 times and retail 254.48 times. The issue closes today.

Nazara Technologies stock rises by 5.03% on the NSE, trading at ₹864.85 following the acquisition of game marketing agency PublishME.

Nifty 50 and Sensex are witnessing some recovery today after having beaten down badly over the last two trading days. The benchmark indices opened with a gap-up and are up about 0.5 per cent each. Sensex is trading at 65,568 and Nifty 50 is at 19,528. It is important to see if the indices are getting a strong follow-through rise from here or not. Failure to do so will keep the Sensex and Nifty vulnerable to fall again. Read more

NHPC informed the exchange that all units of Teesta-V Power Station have been shut-down due to floods in Sikkim region.

The stock falls by 2.44% on the NSE, trading at ₹51.95.

Marico stock falls by 4.32% on the NSE, trading at ₹546.20. The company had said that its domestic volumes grew in low-single digits on y-o-y basis, with low single-digit volume growth in Parachute Coconut Oil and Saffola Edible Oils, and low single-digit value growth in Value Added Hair Oils.

Hindustan Aeronautics stock is up by 1.72% on the NSE, trading at ₹1,949.30. The company had handed over the first LCA Tejas twin seater to the Indian Air Force.

Several leaders of the Indian wind power industry today expressed their concern over the possibility of transmission capacity constraints.

They feared that capacity constraints might derail India’s ambition of installing 10 GW of wind capacity every year for the next five years. There were speaking at Windergy 2023, the annual conference of the wind industry, currently underway in Chennai.

Reliance Jio and Bharti Airtel are expected to invest about ₹75,000 crore in the current financial year to strengthen their networks, according to a report by JM Financials.

Renaissance Global Ltd reported that during Q2 FY24, its direct-to-consumer business posted revenues of ₹53.8 crore compared to ₹43.9 crore in Q2 FY23, up by 23%. The stock is up by 2.99% on the NSE, trading at ₹105.20.

Macrotech Developers Ltd has achieved its best ever quarterly pre-sales performance of ₹35.3 billion in FY24 Q2, which is otherwise seasonably the weakest quarter of the year. The company’s collections stood at ₹27.5 billion for the same period.

Macrotech Developers stock rises by 2.72% on the NSE, trading at ₹770.50.

Hitachi Energy India has announced the appointment of Ajithkumar Kesavan as Head of Grid Automation business of the Company with effect from October 4, 2023.

Hitachi Energy India stock is up by 1.02% on the NSE, trading at ₹4,038.55.

IEX stock rises by 2.62% on the NSE, trading at ₹133.05 after the company reported that its overall volume traded during September 2023 increased 13% on y-o-y basis.

AXISCADES Technologies Ltd announced the appointment of Abidali Neemuchwala as Chairman and Non-Executive Director. The stock is up by 4.99% on the NSE, trading at ₹522.65.

Deepak Agrawal, CIO – Debt, Kotak Mahindra Asset Management Company-

“Inflation for H1 CY 2024 s expected to be in the band of 5-5.5% and based on RBI Governor’s comment last month that ‘monetary policy should be forward looking’, we expect RBI to continue with pause in policy rates. Further given rise in global bond yields , dollar strength and higher crude oil prices we expect RBI to continue with ‘ withdrawal of accommodation’ policy stance. Core liquidity in the system is likely to get tightened in the second half, hence we don’t expect RBI to take permanent liquidity withdrawal measures.”

Larsen & Toubro has secured various orders in the large category (₹2,500 crore to ₹5,000 crore) under its various business units.

The business has secured an order to construct a residential township in Bengaluru; to construct Commercial Towers in Hyderabad; and an order from the Indian Institute of Technology, Kanpur to construct a Super Specialty Hospital & Academic Block as part of the Gangwal School of Medical Sciences and Technology.

LT stock inches up by 0.54% on the NSE, trading at ₹3,044.10.

Kotak Institutional Equities

Strong quarter aided by commodity and mix

We forecast revenues for auto stocks under our coverage to increase 23% yoy in 2QFY24, led by (1) mid-single-digit growth in the PV and CV segments’ production volumes and (2) high-teens increase in ASPs due to price increases and a richer product mix. We expect EBITDA for companies under our coverage to increase sharply yoy (11% qoq) in 2QFY24 due to (1) a correction in commodity prices and (2) strong uptick in JLR volumes due to improvement in chip availability, resulting in operating leverage benefits. M&M and SAMIL remain our top picks in the sector.

L&T stock inches up by 0.54% on the NSE, trading at ₹3,044.10, after it bagged order from West Bengal Power Development Corporation Ltd.

Jeera (cumin) prices have dropped from the record highs of over ₹65,000 per quintal in the futures market as traders have opted to buy stocks only to meet immediate requirements.

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

“The triple whammy of spiking dollar, US bond yields and crude is slowly easing, paving the way for a recovery in markets. The decline in the dollar and US bond yields are mild and , therefore, not adequate for a reversal of FII selling, which continues to be very high. But the sharp correction in Brent crude to $86 is a big positive. Apart from the macro benefits the crude correction will reflect positively on the stocks of oil consuming industries like paints, aviation and tyres.

Sustained FII selling has impacted banking stocks in spite of their sound fundamentals. Q2 results of banks will be good and their valuations are attractive. This presents a good buying opportunity now. Capital goods stocks will continue to do well. Q2 results of autos, too, will be good, gaining from soft commodity prices. The market will start discounting this in advance.”

Krishna Defence: Company has secured an order worth Rs 44 crore. Please note that the market capitalization of the company stands at Rs 300 crore.

Major gainers on the NSE at 9:30 am:

Hero Motocorp (1.27%); ICICI Bank (1.20%); LT (1.15%); BPCL (1.08%); Infosys (0.92%)

Major losers:

Divi’s Lab (-0.88%); Nestle India (-0.69%); Power Grid (-0.65%); Britannia (-0.30%); Cipla (-0.18%)

Kotak Institutional Equities

We expect a healthy 12%/9% yoy sales/EBITDA growth in 2QFY24 for our pharma coverage, led by US pricing stability, traction across most branded markets, amid easing cost pressures, despite a slowdown in domestic acute offtake. We build in sequentially higher occupancy trends for hospitals in a seasonally strong 2QFY24, and expect a 13%/16% yoy sales/EBITDA growth for our hospital coverage. In diagnostics, we expect B2C volume traction and higher per patient realizations to drive 12% yoy overall non-Covid sales growth for our coverage. While Sun, Mankind and CIPLA are our top picks in pharma, we prefer APHS in health care services.

Crude oil futures recovered from Wednesday’s losses and traded higher on Thursday morning. Crude oil futures plunged more than 6 per cent on Wednesday, as the official data showed a huge drop in the demand for gasoline in the US. At 9.28 am on Thursday, December Brent oil futures were at $86.39, up by 0.68 per cent; and November crude oil futures on WTI (West Texas Intermediate) were at $84.68, up by 0.55 per cent. October crude oil futures were trading at ₹7067 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹7064, up by 0.04 per cent; and November futures were trading at ₹6952 as against the previous close of ₹6955, down by 0.04 per cent.

Polymatech Electronics Limited, India’s first opto-semiconductor chip manufacturer, files DRHP with SEBI, offering a fresh issue of equity shares worth upto Rs 750 crore

As far as common financial goals are concerned, retirement should rank among top priorities for investors. Among a range of options available for investors to save for retirement, mutual funds are key products for such a long-term goal.

And there are dedicated retirement funds for investors to save for the long term. Read more

Speaking about an array of opportunities in alternate investments, Srini Sriniwasan, Managing Director, Kotak Alternate Asset Managers, is optimistic about the role that private credit can play in deepening lending options and the bond market. Edited excerpts

Despite global uncertainty, Indian equities benchmarks, the Sensex and Nifty, opened on a positive note. Analysts anticipate the market to maintain a narrow range ahead of the upcoming result season and the outcome of the RBI monetary policy review.

At 9:16 am, the 30-share BSE Sensex surged by 302.88 points to reach 65,528.92, while the NSE Nifty climbed by 4581.15 points to reach 19,517.25. Notable gainers in the Nifty pack included BPCL, Asian Paints, TCS, Hero MotoCrop, and Tata Motors, while PowerGrid, Divis Lab, Axis Bank, SBI Life, and HDFC Life were among the laggards.

Asian shares rebounded from their 11-month lows, benefiting from a drop in oil prices and softer U.S. labour data, which reduced Treasury yields from their 16-year highs. However, the looming U.S. payrolls report remains a potential game-changer. U.S. stocks also moved higher as indications of a softer labor market pushed down U.S. bond yields.

Despite these positive developments, aggressive selling by foreign portfolio investors continues to exert pressure on the market. As per provisional figures, Foreign Institutional Investors/Foreign Portfolio Investors sold shares worth a net Rs 4,424.02 crore, while domestic institutional investors bought shares worth a net Rs 1,769.49 crore on October 4, 2023.

Oil prices saw a slight uptick in early trade on Thursday, recovering some losses from the previous session. This followed an OPEC+ panel’s decision to maintain oil output cuts in order to keep supply tight, amid concerns about a potential downturn in global economic growth.

SMC Global

The market is likely to open on a flat note with positive bias taking cues from global markets. Asian shares rebounded from 11-month lows on Thursday as a plunge in oil prices and softer U.S. labour data helped pull Treasury yields off 16-year peaks, although a looming U.S. payrolls report could make or break the rally. US

stocks moved higher on Wednesday as signs of a softer labour market sent US bond yields lower. U.S. equity futures held to tight ranges in early Asian trading. Mainland China markets remain shut for a week-long holiday. Oil prices inched up in early trade on Thursday, clawing back some of the previous session’s big losses after an OPEC+ panel maintained oil output cuts to keep supply tight amid concern about a looming slump in global economic

growth. As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs. 4424.02 crore and Domestic institutional investors bought shares worth net Rs.1769.49 Crore on 4th October 2023.

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

“Markets may see a gap-up opening owing to gains in US and Asian indices after the recent sell-off. A halt in the selloff of US treasury instruments and crude prices falling to $85.5 per barrel bode well for the markets. However, upside is likely to be capped given the broader economic uncertainty, and the ongoing FII selling will keep investors on a cautious note. Traders will take selective bets ahead of tomorrow’s credit policy announcement. Technically, Nifty could face hurdles at the 19666 mark.”

The government has notified setting up of a National Turmeric Board to spread awareness about its health and wellness benefits, promote consumption and develop new markets to increase exports to $ 1 billion by 2030, per an official statement.

After a delayed start, the transplanting of chilli has picked up in the key producing States of Andhra Pradesh and Telangana following the September rains, stakeholders said.

“Rains have helped the transplantation of chilli, which is still going on in both Andhra and Telangana. Acreage is likely to be similar to the last year’s levels,” said Sambasiva Rao Velagapudi, President of Chilli Exporters Association in Guntur. However, lower water storage in key reservoirs would still be an issue.

We visited APL Apollo Tubes’ (APL) Raipur plant to gain a more in-depth understanding of the company’s manufacturing processes, operational preparedness and its differentiating factors for a competitive edge.

Mirae Asset Mutual Fund has increased maximum investment limit through SIP in its Emerging Bluechip fund to ₹25,000 per PAN per month from October 10 on the back of improved economic growth prospects.

Online fixed deposit (FD) booking platforms, such as Fixed Invest and Stable Money, allow investors to compare and invest in FDs without needing to open a savings account. While FDs are generally considered safe investments, let’s examine whether these platforms are good enough for you.

TVS Supply Chain Solutions (TSCS), one of those who pioneered 3PL in India in early 2000, is today the largest and among the fastest-growing integrated supply chain solutions companies in India. TSCS has acquired over 20 companies in the last 16 years to achieve its 3C objective (capability, customer, country). It enjoys one of the widest sectoral presences globally (across industrial, auto, consumer, healthcare, IT and tech infra).

Opening Bid: Domestic markets are likely to open on flat note despite global uncertainty. Gift Nifty at 19,500 indicates a marginal gain at open for Nifty. Analysts expect the market to remain in a narrow range ahead of result season and the outcome of RBI monetary policy review. Nifty futures on Wednesday closed at 19469.25. Read more

Poonawalla Fincorp Limited at standalone level with respect to the quarterly update ending September 2023:

1. Disbursements: Total disbursements during Q2FY24 were highest ever at approximately ₹ 7750 crore, up 149% YoY and 10% QoQ compared to disbursements of ₹ 3,110 crore in Q2FY23 and ₹ 7,063 crore in Q1FY24.

2. Assets Under Management (AUM): AUM grew by 53% YoY and 13% QoQ to approximately ₹ 20,110 crore as on 30th September 2023.

3. Asset quality: GNPA and NNPA are expected to improve further. As guided, we would strive to maintain the NNPA below 1% in line with its Management Vision 2025.

4. Liquidity: The Company continues to have ample liquidity of approximately ₹ 3800 crore as on 30th September 2023.

SURYA ROSHNI LTD.

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

Previous day Closing Price – Rs. 931.15

Ex - Stock Split 06 October 2023 (Tomorrow)

Last day trade for before split Today

Accelya Solutions India Ltd

Dividend Per Share Rs.30

Previous day Closing Price – Rs. 1663.05

Ex-Dividend 06 October 2023 (Tomorrow)

Last date for Cum-Dividend Today

Promoters of Vaibhav Global increase stake in the company through open market purchase

J&K Bank business at Rs 2,18,269 crore was up 12 per cent in the quarter ended September FY24

V2 Retail reported that its Q2 revenue from operations was up 18.9 per cent at Rs 231 crore Vs Rs 194.5 cr (YoY)

NODWIN Gaming acquires game marketing agency PublishME for $2 million from shareholders of Nazara Tech & Ozgur Ozalp

Strides Pharma: The company received USFDA approval for Efavirenz, Emtricitabine, and Tenofovir Disoproxil Fumurate tablets, which are used in HIV treatment

Refex Industries Limited : Refex Green Mobility Limited (RGML), the Wholly-owned Subsidiary Company of Refex Industries Limited (“the Company”) has made an investment in O3 Mobility Private Limited by acquiring 49.99% stake in equity shares on October 04, 2023.

CCL PRODUCTS (INDIA) LIMITED : the previous announcement made by the Company on August 25, 2023 regarding equipment breakdown at our wholly owned subsidiary, Ngon Coffee Company Limited, Vietnam, we would like to inform you that the equipment was set in order and the operations are normalized with effect from October 04, 2023.

Oriental Rail Infrastructure Limited : Company has secured orders worth Rs.37,64,36,430.88/- from ‘Modern Coach Factory (MCF), Raebareli, Indian Railways’ for Manufacturing and Supplying of 542 sets of ‘Seat and Berths’, which includes 446 sets for LHB AC 3T coaches and 96 sets for LWSCN coaches

CRESSANDA SOLUTIONS LIMITED : Board approved raising fund through preferential allotment / private placement up to 90,00,00,000/- by issue of Convertible Equity warrants, subject to the approval of members.

Maruti Suzuki India Limited : Show Cause Notice (SCN) dated 29th September, 2023 has been issued by Gujarat GST Department for the period July, 2017 to March, 2018 on account of reconciliation of tax returns filed by company. The total demand amount mentioned in SCN is Rs.17.87 million.The company will file reply to the Show Cause Notice before the Adjudicating Authority.

Indian Energy Exchange Ltd : Company achieved 9147 MU overall volume, including green market trade of 230 MU, 5.15 Lac RECs (equivalent to 515 MU) and 1.06 Lac ESCerts (equivalent to 106 MU). The overall volume traded during the month increased 13% on YoY basis.

THE NEW INDIA ASSURANCE COMPANY LTD : Company has received a Show Cause Cum Demand Notice from the Directorate General of GST Intelligence, Pune Zonal Unit under Section 73(1) of the Central Goods and Services Tax Act, 2017 (“the Act”), today i.e. on September 28, 2023 alleging a tax demand of Rs 2,379.13 Crs

Nazara Technologies Limited : A Singaporean subsidiary of NODWIN Gaming acquired a 100% stake in game marketing agency PublishME from parent firm Nazara Technologies for a sum of $2 million

Matrimony.com Limited :Company plans to launch an offering in the matchmaking space, geared towards Next Generation (Next-Gen) serious relationships, within this financial year (FY24). This initiative will revolve around the theme of “love” before marriage, thereby building a clear differentiation and addressing the market need

Makers Laboratories Limited :Company’s ophthalmic eye drops manufacturing facility situated at GIDC, Naroda, Ahmedabad was inspected by the Ministry of Industry and Trade of the Russian Federation between 16” May, 2023 to 19” May, 2023 received the Eurasian Economic Union (EAEU) RU GMP Certificate.

BCL Industries Limited : Company has passed the necessary Resolution by circulation to fix the “Record Date” on Friday, October 27, 2023 for the purpose of Sub-Division of every 1 Equity Share having nominal/face value of Rs. 10/- each be sub-divided into 10 Equity Shares having nominal/face value of Rs. 1/- each fully paid-up

IDFC FIRST Bank Limited : CARE Ratings Limited (“CARE”) has upgraded the existing rating of the Bank’s long-term debt instruments amounting to ₹ 1,874.68 crore from ‘CARE AA / Stable’ to ‘CARE AA+ / Stable’.

Adani Group company ACC incorporates two wholly owned subsidiary companies: ACC Concrete South and ACC Concrete West.

Marico domestic volumes grew in low-single digits on a year-on-year basis

Sheela Foam /gets notice for tax demand of Rs 20.26 crore from Commissioner of GST

India’s imports of edible oil fell 19 per cent in September from August’s record shipments as refiners curtailed palm oil purchase by 26 per cent after inventories soared to new high.

India’s edible oil imports in September fell to 1.5 million tonne, including 830,000 tonne of palm oil. Sunflower oil imports fell by 15 per cent from a month earlier to 310,000 tonne, while soyoil imports edged up 2 per cent to 365,000 tonne.

India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Due to reallocation of research resources, we are discontinuing coverage on stocks related to the Engineering and Capital Goods, Power, Consumer Durables, Textiles, and Infra sectors. We will not be making any updates on estimates or company events, neither providing any research report, recommendation nor rating for the same, till further notice.

The stocks are: ACE, Amber Enterprises, Blue Star, Crompton Greaves, CESC, Dixon Tech, Gokaldas Exports, Havells India, HG Infra, Kalpataru Projects, KEC International, KEI Industries, L&T, NHPC, NTPC, Nitin Spinners, Polycab Industries, PowerGrid, Vardhman, V-Guard Industries and Voltas

Madhavi Arora, Economist, Emkay Global

The upcoming MPC policy will see the RBI reiterating caution, amid a fluid global narrative and as markets reprice ‘higher-for-longer’. As global financial conditions transmit with a lag, there could be further volatility ahead. Even as domestic inflation is likely to meet policy targets by end-FY24, elevated DM rates and record-low interest differentials pose a headwind for the RBI. Although relative FX adjustments can/should act as shock absorbers, the speed and duration of FX adjustments could still be tricky. While some may argue for conventional increase in policy rates, we think orderly FX adjustment would be the preferred path. The liquidity toolkit is likely to be kept active with tactical use of FX swaps, VRRR and even I-CRR/CRR.

Devyani International has entered into arrangement with PVR Inox Limited, premium cinema exhibitor in India, for introducing Costa Coffee’‘s handcrafted hot & cold coffees at some of the PVR INOX properties.

DELTACORP

IBULHSGFIN

MANAPPURAM

Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance, has filed a draft red herring prospectus dated October 05,2023, with SEBI, BSE & NSE in connection with its proposed initial public offer of equity shares, subject to receipt of requisite approvals, market conditions and other considerations.

Healthcare Global Enterprises has announced a strategic acquisition of SRJ CBCC Cancer Hospital in Indore. HCG plans to expand by adding 100 beds and state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. With this, HCG is now a network of 21 comprehensive cancer centres with 24 hospitals across India and Africa, and 8 Daycare centres.

Hero MotoCorp has received 13,688 bookings for its newly launched flagship motorcycle, Karizma XMR. Dispatches of Karizma XMR to Hero MotoCorp dealerships have already started and customer deliveries will begin in the festive period this month.

Sheela Foam has received a Show Cause Cum Demand Notice from the Commissioner of GST Intelligence, Gautam Budh Nagar, Greater Noida, alleging a tax demand of ₹ 20.26 Crore in addition with the an equivalent penalty of Rs. 20.26 crore and applicable interest on the said demand. The alleged demand and the impugned Show Cause Cum Demand Notice pertains to account of wrong availment of transitional input credit and other wrong availment of input tax credit of GST. The Company will be filing appropriate response

IdeaForge Technology has received Rs 9,19,43,559 from TATA AIG General Insurance Company against the claim made for R s9,19,96,402 due to Fire incident at EL–146, TTC Industrial Area, Electronic Zone, MIDC, on April 6.

Reliance Infrastructure has said that IDBI Trusteeship Services Limited, in the capacity of security trustee to the lenders of Dhursar Solar Power Private Limited (DSPPL) (which is a wholly owned subsidiary of the Company’s Associate – Reliance Power Limited - has initiated pre-institution mediation proceedings against the Company for recovery of a sum of Rs. 211.50 crore along with interest thereon before the concerned authority of the High Court Bombay at Mumbai. The Company shall take all appropriate steps, as per legal advice,

Buzzing Stocks: Reliance Infrastructure, Sheela Foam, Ideaforge, ACC, Vedanta, Hindustan Zinc, Adani Ports & SEZ, JM Financial, Hero MotoCorp, Marico, Healthcare Global Enterprises, ICICI Lombard GIC, Kotak Mahindra Bank, Devyani International, Chalet Hotels, Asian Star Company

Gold prices edged up on Thursday, getting a reprieve after declining in the previous eight consecutive sessions, as U.S. bond yields and the dollar stepped back from highs ahead of a keenly awaited non-farm payrolls report this week.

FUNDAMENTALS

* Spot gold was up 0.2% to $1,823.79 per ounce by 0051 GMT, attempting a rebound from its weakest levels since March which it touched on Tuesday. U.S. gold futures rose 0.2% to $1,838.20.

* Benchmark U.S. 10-year bond yields fell from 16-year highs and the U.S. dollar was 0.1% lower.

* A broad selloff in world government bonds on Wednesday drove up U.S. 30-year Treasury yields to 5% for the first time since 2007 and German 10-year yields to 3%, which could hasten a global slowdown and hurt stocks and corporate bonds.

* Foreign exchange strategists are sticking with their forecasts for a weaker dollar despite having been wrong-footed for years in predicting a downturn in the greenback, the latest Reuters poll showed.

* The U.S. services sector slowed in September as new orders fell to a nine-month low, but the pace remained consistent with expectations for solid economic growth in the third quarter.

* U.S. private payrolls increased far less than expected in September. Markets now await the Labor Department’s more comprehensive and closely watched employment report for September on Friday.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 869.31 tonnes on Wednesday.

* Spot silver gained 0.5% to $21.07 per ounce, off a seven-month low hit this week.

* Platinum was up 0.1% to $867.20, having slid to its lowest in a year on Wednesday. Palladium rose 0.4% to $1,171.68, trading close to 5-year lows touched in the last session. - Reuters

Oil prices inched up in early trade on Thursday, clawing back some of the previous session’s big losses after an OPEC+ panel maintained oil output cuts to keep supply tight amid concern about a looming slump in global economic growth.

Brent crude oil futures were up 11 cents to $85.92 a barrel while U.S. West Texas Intermediate crude (WTI) rose 7 cents to $84.29 at 0040 GMT.

Oil prices settled down more than $5 on Wednesday as a bleaker macroeconomic outlook and fuel demand destruction came into focus, following a meeting of an OPEC+ panel, grouping the Organization of the Petroleum Exporting Countries and allies led by Russia. - Reuters

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

The stock of Arvind Ltd has been on an uptrend since April this year. It found support at ₹80 and then established an uptrend. In August, it surpassed a resistance at ₹150 and a couple of days ago, it broke out of another barrier at ₹180. Read more

Major stocks to watch:India hosts the ICC Men’s Cricket World Cup 2023, starting on October 5 with the first match set to take place between England and New Zealand at Narendra Modi Stadium, Ahmedabad.

Onset of the World Cup season will likely impact the country’s stock market. Noting that the quadrennial event is spread across ten cities, a report by Way2Wealth Brokers Pvt Ltd. stressed that sectors like travel, tourism, hotels, food and beverages will be the major beneficiaries.

Asian markets experienced a rebound on Thursday, following a reassuring bounce in Wall Street on Wednesday. Traders are now shifting their attention to Friday’s U.S. jobs data.

The Japanese Nikkei 225 index climbed by 0.85%, reaching 30,785.61, while the broader Topex index increased by 1.09% to 2,243.03. South Korea’s Kospi index saw a 0.48% uptick, trading at 2,417.30.

In addition to this, consumer price data from South Korea, the Philippines, Thailand, and Taiwan could influence their respective exchange rates on Thursday. Furthermore, Australian trade figures and Singaporean retail sales data are also on the agenda.

The sentiment and trajectory of Asian markets will continue to be influenced by global factors, particularly the U.S. government bond market. Wednesday witnessed the most significant drop in the 10-year Treasury yield since August 29, providing some relief to the tension that had been building up in global markets. Consequently, the U.S. dollar depreciated, Wall Street rebounded, and oil prices experienced a significant decline.

Notably, the slump in oil prices is worth mentioning, as crude oil plummeted by 5.5% to reach a one-month low. This marked the largest drop in over a year and erased its year-on-year gains, signifying that oil is no longer contributing to inflationary pressures.

On Wednesday, the main stock market indexes of Wall Street received a temporary respite as recent data indicated a slowdown in the labor market. Additionally, a decrease in U.S. Treasury yields from their multi-year highs contributed to a more positive outlook among investors.

The Dow Jones Industrial Average closed at 33,129.55, marking an increase of 127.17 points. The S&P 500 Index also saw gains, closing at 4,263.75, up 34.30 points. The Nasdaq ended the day at 13,236.01, showing an increase of 176.54 points.