Share Market Highlights 8 September 2023: Sensex closes at 66,598.91, Nifty gains 473 pts; ITC, UltraTech Cement remains under pressure

The rupee snapped a four-day losing streak to close 24 paise higher at 82.99 (provisional) against the US dollar on Friday, helped by a firm trend in domestic equities and suspected intervention by the RBI.

Besides, the local unit appreciated after the Reserve Bank announced the discontinuation of incremental cash reserve ratio in a phased manner by October 7, 2023, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.13 against the US dollar and moved in a range of 82.91 to 83.17 in the day trade.

The FAO Food Price Index fell 2.1 per cent in August, 24 per cent below its peak, largely due to 4 per cent dip in dairy products prices on the back of abundant supplies from Oceania and a slowdown in China’s imports.

Vegetable oil prices dropped 3.1 per cent due to lower global prices across palm, sunflower, soy, and rapeseed oils.

Meat prices decreased 3 per cent, with the steepest drop registered for ovine meat due to a surge in export availability from Australia and weaker demand from China. Cereal prices edged 0.7 per cent lower, with international wheat prices falling 3.8 per cent due to higher seasonal availability.

However, sugar prices increased 1.3 per cent due to concerns over El Niño’s impact on global production prospects.

Benchmark BSE Sensex rallied further 333 points to extend its winning run to a sixth straight session on Friday driven by buying in index heavyweights HDFC Bank, Larsen & Toubro and Reliance Industries.

Shrugging off weak global market trends, the BSE Sensex jumped 333.35 points or 0.50 per cent to close at 66,598.91. During the day, it climbed 501.36 points or 0.75 per cent to 66,766.92.

The broader Nifty advanced 92.90 points or 0.47 per cent to settle at 19,819.95, rising for a sixth session in a row.

Nifty has gained 473 points or three per cent in the six trading sessions while Sensex rallied 1,434 points or 2.41 per cent.

Aarvi Encon Limited has received the work order of ₹10 crore for manpower insourcing and deputation of engineering personnel from Saipem India Projects Private Limited, Chennai.

Jupiter Life Line Hospitals IPO has been subscribed 63.30 times as of 3:27 pm on September 8, 2023. The QIB portion has been subscribed 187.32 times, NII portion 34.06 times, and retail 7.18 times.

The issue closes today.

GVP Infotech has been awarded a tender from Bharat Sanchar Nigam Limited (BSNL), under Gwalior BA. (A Govt. Of India Enterprise). GVPTech stock falls by 1.80% on the NSE, trading at ₹16.40.

Dhruv Consultancy Services Ltd has received a contract worth ₹9 crore for providing consultancy services towards Independent Engineer Services for the work in the State of Maharashtra and Karnataka on HAM Mode. The company’s stock rises by 1.24% on the NSE, trading at ₹57.

Reliance and NVIDIA Partner to advance AI in the country. Reliance Industries stock inches up by 0.63% on the NSE, trading at ₹2,447.30.

Major gainers on the NSE at 3 pm:

Coal India (3.12%); NTPC (2.86%); Tata Motors (2.10%); BPCL (1.97%); LT (1.82%)

Major losers:

Apollo Hospitals (-0.93%); Eicher Motors (-0.92%); UPL (-0.77%); Wipro (-0.68%); ITC (-0.58%)

Stocks advanced on BSE at 3 p.m. on September 8 were 2,035 against 1,621 stocks that declined. Total stocks traded were 3,797. The number of stocks that recorded a 52-week high was 318, and those that hit a 52-week low was 15.

AU Small Finance Bank (AU SFB), India’s largest Small Finance Bank and Bajaj Allianz Life Insurance, one of India’s leading private life insurers, announced their strategic partnership, today in Mumbai. This collaboration will empower a diverse range of AU Small Finance Bank’s customers to gain access to Bajaj Allianz Life’s comprehensive suite of life insurance products, thereby addressing their imperative need for financial security.

“We anticipate immense potential benefits from the upcoming Sovereign Gold Bond Tranche in FY24, offering a secure avenue for investors seeking exposure to gold. The first series was issued on June 19 at Rs 5,926 per gram,” Mr Colin said.

“We expect the second issue, 2023-24 Series II, which will be issued between September 11 and 15, 2023 to be issued at a slightly lower rate. Gold is expected to outperform most asset classes due to the anticipated slowdown in China, and other major economies including the US. This will drive high alpha-seeking investors to alternative investments and safer avenues like gold,” he added.

“According to various analyst estimates, Gold is expected to rise by more than 10% GAGR up to the year 2026. Considering these factors, we expect the 2023-24 Series II gold bonds to deliver substantially above-average returns of more than 20% in the long term,” he said.

Adeeb Ahamed has won Fintech Personality of the Year Award at the Global Fintech Fest (GFF) 2023, held in Mumbai. Other winners include Bhavesh Gupta, President & COO of One97 Communications Ltd. (Paytm), for ‘Fintech Leader of the Year’; Tom Greenwood, Founder & CEO of Volt, for ‘Leading Fintech Personality of the Year - Europe’; and Kailash Nadh, CTO of Zerodha, for ‘Fintech CTO of the Year’.

Reliance Industries exploring foray into semiconductor manufacture, a move that could address its supply chain needs and cater to growing chip demand in the country. The stock inches up by 0.25% on the NSE, trading at ₹2,438.10.

Nazara Technologies stock trades at ₹883.95, up by 0.75% on the NSE. The company’s board had approved ₹410 crore preferential issue of equity shares to SBI Mutual Fund.

In Asian trade, gold just edged above $1,920 an ounce, though it is set to end the week with losses. Prices are under pressure as the latest batch of data pointed to a robust US economy. This may give the US Fed a breather to hold back rate hikes. At 1420 hours IST, gold ruled at $1,924.17 an ounce. Silver ruled at $23.03 an ounce.

Pidilite Industries has received an order from the Office of the Assistant Commissioner of Central Tax, Pune, imposing a penalty of over ₹2 lakh under applicable provisions of the CGST Act, 2017. The order has been passed with regard to disallowance of input tax credit (ITC) in Maharashtra for CIPY Polyurethanes Pvt. Ltd. which has been merged with Pidilite Industries Ltd.

The company said in its exchange filing, “based on the company’s assessment, prevailing law and basis the advice of the external counsel, the company reasonably expects a favourable outcome at the appellate level. There is no material impact on financials, operations or other activities of the Company.”

The stock trades at ₹2,508.45, up by 0.04% on the NSE.

Major gainers:

GTL Infra (19.77%); Sobha (13.61%); PFC (10.55%); SCI (9.91%); Graphite (9.20%)

Major losers:

MTNL (-3.89%); Voltamp (-3.88%); Jaiprakash Associates (-3.20%); DishTB (-3.19%); Natco Pharma (-3.15%)

Jupiter Life Line Hospitals IPO has been subscribed 22.09 times as of 1:57 pm on September 8, 2023. The QIB portion has been subscribed 51.34 times, NII portion 22.40 times, and retail 5.78 times. The issue closes today.

The Aurionpro Solutions stock has declined by 5 per cent on the NSE, and is trading at ₹1,172.85. The company had earlier announced the acquisition of Interact DX, a digital customer engagement product suite tailored for the Banking, Financial Services, and Insurance (BFSI) industry in Asia.

Zydus Lifesciences Ltd incorporated a wholly-owned subsidiary, Zydus Pharmaceuticals (Canada) Inc, on September 6. The stock has slipped 0.68 per cent on the NSE, and is trading at ₹628.70.

GIC Housing Finance Ltd said Sumeet Kumar, Vice-President - Head IT Department, has resigned effective from September 18. The stock has risen by 2.40% on the NSE, trading at ₹192.30.

RITES Ltd shares surged by 9.61 per cent on the NSE, and are trading at ₹552.15. The company had inked a Memorandum of Understanding (MoU) with iHUB DivyaSampark, IIT-Roorkee.

Din Bandhu Singh, Chief Financial Officer of Integrated Capital Services has resigned. The stock has fallen by 4.46 per cent on the BSE, and is trading at ₹3.86.

Bank of Baroda has enabled UPI ATM facility at over 6,000 ATMs across the country. It is the first Public Sector Bank to launch UPI ATMs, in co-ordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation. Bank of Baroda customers as well as customers of all participating issuer banks using any UPI-enabled mobile app can withdraw cash from Bank of Baroda UPI ATMs without having to use their debit card.

The company’s stock falls by 2.27% on the NSE, trading at ₹1,176.05.

The company’s stock inches up by 0.20% on the NSE, trading at ₹976.50.

The company eyes at expanding its loan portfolio for green projects to ₹3 trillion by 2030.

The company had signed a Letter of Intent with Mahindra and Mahindra Limited for opening dealership in Howrah in the state of West Bengal.

Transformers and Rectifiers India (14.76%)

Emmbi Industries (14.74%)

PTL Enterprises (12.13%)

Power Finance Corporation (10.12%)

Graphite India (9.70%)

Delhi is gearing up to host the upcoming G20 Summit which is expected to bring together over 10,000 delegates from 19 member states, invited nations, and other guests. As the final preparations unfold for September 9-10, the Summit dates, the city’s renowned hospitality is being showcased through a variety of thoughtful gestures and offerings from hotels across the region.

“Over 30 carefully selected hotels in Delhi-NCR have been diligently preparing to provide comfortable accommodations for these esteemed guests,” said a source. Among the notable attendees, United States President Joe Biden is expected to stay at the ITC Maurya Sheraton. In a show of Indian warmth and culture, ITC has curated special gifts for the delegates, including scarves, stoles, local Indian sweets, and an array of art and craft items, such as miniature sculptures, all aimed at providing a glimpse into India’s rich heritage. Read more

Jupiter Life Line Hospitals IPO has been subscribed 8.53 times as of 12:30 pm on September 8, 2023. The QIB portion has been subscribed 9.90 times, NII portion 15.39 times, and retail 4.83 times. The issue closes today.

The Global Wealth Blueprint report commissioned by Bloomberg Media says affluent investors in India are displaying an increased appetite for diversified investments, and a willingness to significantly update their portfolios to include newer investment avenues, such as digital assets, private equity and hedge funds.

Despite the recent volatile global investment landscape, investors surveyed across four major Asian markets and one West Asian market (Hong Kong, India, Mainland China, Singapore, and the United Arab Emirates) were optimistic about their long-term wealth creation, with less than one-quarter of participants (24%) identifying as pessimistic about their long-term wealth prospects.

Sobha (8.43%)

Lodha (3.56%)

Prestige Estate (2.77%)

DLF (1.60%)

Phoenix Mills (1.42%)

Tata Power (3.91%)

NTPC (2.90%)

Coal India (2.63%)

Power Grid (0.93%)

Albert David Ltd has approved investment up to ₹61.25 lakh in equity shares of Sunsure Solarpark Five Pvt Ltd for solar power captive consumption. The stock has inched up by 0.88 per cent on the NSE, trading at ₹798.40.

Cochin Shipyard shares were up by 6.18 per cent hitting a 52-week high at ₹1,258. This surge followed the company showcased its achievements at the “Antique Defence Conference” organized by Antique Institutional Equities Investment Trust of India (ITI Group) today.

During the conference, Cochin Shipyard Ltd. highlighted several key achievements that contributed to this positive market response. These include the delivery of an Electric Hybrid 100 Pax Water Metro boat to Kochi Metro, the launch of five Deep-Sea Tuna Long Liner, Gill Netter Fishing vessels for Kerala beneficiaries under PMMSY through its subsidiary, Udupi Cochin Shipyard Limited (UCSL), and the signing of a Multiple Refit Contract (MRC) by Naval Ship Repair Yard (Karwar), Indian Navy, with Cochin Shipyard Limited for Water Jet Fast Attack Crafts refits.

The company also reported the successful launch of an Electric Hybrid 100 Pax Water Metro boat for Kochi Metro, the keel laying for 8 HS Eco Freighter 7000 DWT Multipurpose Vessels for HS Service GmbH & Co. KG, Germany, and the launch of a Purse Seiner Vessel for GKS Marine Exports Private Limited, which was delivered on August 30, 2023.

The Spandana Sphoorty Financial board has approved and allotted 10,000 redeemable, non-convertible debentures having face value of ₹1,00,000 each.

The company’s stock has risen by 1.48% on the NSE, trading at ₹796.40.

Centre notifies third phase of mandatory hallmarking from September 8, 2023. Third phase to cover additional 55 districts under mandatory hallmarking.

Major gainers:

NTPC (2.69%); Coal India (2.59%); LT (2.44%); Adani Ports (1.83%); Bajaj Finserv (1.83%)

Major losers:

Apollo Hospitals (-0.84%); Eicher Motors (-0.66%); ITC (-0.53%); SBI LIfe (-0.53%); Dr Reddy’s (-0.51%)

A total of 2,093 stocks advanced on the BSE at noon on September 8 against 1,403 stocks that declined. The total number of stocks traded was 3,659. While 278 stocks recorded a 52-week high, 13 hit a 52-week low.

Reserve Bank of India (RBI), on Thursday, approved the appointment of Dipak Gupta as the interim MD and CEO of Kotak Mahindra Bank for two months, effective September 2.

“The Reserve Bank of India has, vide its letter dated September 7, 2023, approved the appointment of Mr. Dipak Gupta as the interim Managing Director & CEO of Kotak Mahindra Bank Limited (“Bank”), for a period of two months, with effect from September 2, 2023,” the bank notified the exchanges on Friday.

The approved tenure is shorter than the proposed appointment schedule of four months till December 31, 2023, when Gupta is set to retire. As per the current approval, Gupta’s term will last till November 1, 2023. Shares of Kotak Bank were 0.2 per cent lower today at Rs. 1,785.10 on the NSE.

The Prime Securities board has approved the allotment of 2,52,700 equity shares of face value of ₹5 each to eligible employees under its Employee Stock Option Scheme 2018. The stock has risen by 1.10% on the NSE, trading at ₹156.90.

Wardwizard Innovations and Mobility dispatched 1,496 units of electric two-wheelers in August 2023, up 44 per cent YoY

Thomas Cook (India) Limited’s shares were up by 5 per cent after the company reported a partnership with the National Payments Corporation of India (NPCI) to introduce a RuPay prepaid forex card tailored for Indian travellers going to the UAE.

The launch of the Thomas Cook RuPay card began in the UAE, tapping into growth in outbound travel from India, particularly to short-haul destinations. Visitor numbers to Dubai from India have exceeded pre-pandemic levels (2019) with a 23 per cent growth recorded for Jan-Jun 2023. The company has observed an increase in per-person spending for UAE, up by over 30 per cent in 2022 compared to pre-pandemic levels. Read more

Major gainers: GTL Infra (19.77%); Graphite (13.36%); Mazagon Dock (11.94%); SCI (9.88%); BBTC (9.53%)

Major losers: MTNL (-3.78%); MMTC (-3.20%); JP Power (-2.77%); Natco Pharma (-2.75%); Glenmark (-2.67%)

Phoenix Mills Ltd (PML) has opened the gates to its second mall in Pune, Phoenix Mall of the Millennium. The stock has risen by 1.55% on the NSE, trading at ₹1,839.55.

Exide Industries stock inches up by 0.27 per cent on the NSE, trading at ₹274.75. The company had invested over ₹100 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd.

Samvardhana Motherson International stock inches up by 0.40 per cent on the NSE, trading at ₹99.70. The company had inaugurated Motherson’s wiring harness facility in the Emirate of Ras Al Khaimah (UAE).

Sterlite Technologies Ltd (STL) shares were up by 2.02 per cent after the company announced its partnership with TruVista, a broadband service provider, to bolster South Carolina’s rural connectivity infrastructure. Headquartered in South Carolina, TruVista is investing in fiber network development within the state. It is dedicating over $12 million to expand this service.

The collaboration between STL and TruVista has deepened since 2021, when STL began supplying specialised optical fibre cables, including high-fibre count and innovative cable types such as the Nova A1. TruVista has also adopted STL’s Optical Connectivity products such as the MST Optoblaze in diverse terrains. Read more

Bank Nifty has been struggling to breach the key 45,000 mark. The index made a high of 45,002 in the early trades today and has come down from there. It is currently trading at 44,909, up 0.06 per cent. The advance/decline ration is 7:5 and keeps the bias positive. Bandhan Bank, up 1.4 per cent is the outperforming stock within the index. Read more

Equity benchmark indices continued their winning momentum in early trade on Friday, shrugging off weak global market trends, helped by buying in Larsen & Toubro and Bajaj Finserv.

The BSE Sensex climbed 174.96 points to 66,440.52 in early trade. The Nifty advanced 49.55 points to 19,776.60. Read more

Patel Integrated Logistics stock rises by 1.76 per cent on the NSE, trading at ₹17.35. The board had approved the raising of funds of up to ₹10 crore by way of offer and issue of equity shares/ re-issue of forfeited shares to the existing and eligible shareholders of the company on right basis.

The QIB portion has been subscribed 1.12 times, NII portion 9.64 times, and retail 3.88 times. The issue closes today.

However, the company’s stock declines by 1.35% on the NSE, trading at ₹3,442.20.

Only 47 per cent of the current cloud commitments are utilised, and over $300 billion in corporate cloud commitments remain untapped, according to a report by Infosys.

Companies have made big commitments to the cloud and are committing more. Two-thirds have increased cloud spending this year, and four out of five intend to increase spending in the year ahead. Companies also continue to add new cloud vendors.

But the financial reporting of major cloud providers shows that while cloud investments race ahead, utilisation has not kept pace. The 12 cloud and cloud-based software providers in the survey collectively report more than $300 billion in corporate cloud commitments that have not been used.

Click here to read complete report.

Cochin Shipyard will be participating in the Antique Defence Conference organised by Antique Institutional Equities Investment Trust of India (ITI Group) today.

Tejas Networks stock rises by 1.24 per cent on the NSE, trading at ₹904.50. The company had received advance of ₹750 crore from TCS towards supply of Radio Access Network equipment for BSNL’s pan-India 4G/5G network.

Crude oil futures traded lower on Friday morning despite the decline in the crude oil inventories in the US. However, the latest data on China’s export and import during August has made an impact on the market. China’s export and import have seen a decline in August. At 9.46 am on Friday, November Brent oil futures were at $89.38, down by 0.60 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $86.24, down by 0.73 per cent. September crude oil futures were trading at ₹7169 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹7227, down by 0.80 per cent; and October futures were trading at ₹7121 as against the previous close of ₹7175, down by 0.75 per cent.

Sterlite Technologies along with TruVista headquartered in South Carolina, are investing in manufacturing and building fiber networks - for South Carolina from South Carolina.

Inflation in India was likely to have eased in August from a 15-month high in July, led by cooling vegetable prices, but held above the upper end of the Reserve Bank of India’s 2%-6% target for a second month, a Reuters poll found.

Erratic monsoon rains have ruined some crops of staple food items, prompting the government to subsidise vegetable prices and ban exports of some cereals, providing temporary relief to households.

That was sufficient to bring down headline inflation as food prices account for nearly half of the overall inflation basket. However, rising energy prices are likely to limit the decline.

The Sept. 4-7 Reuters poll of 45 economists predicted the consumer price index rose 7.00% in August compared to a year ago, a dip from 7.44% in July. The data will be released on Tuesday.

Mazagon Dock Shipbuilders had signed Master Ship Repair Agreement (MSRA) with the US Government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka.

Natco Pharma informed the exchange that an antitrust lawsuit has been filed against the company in the US, along with Celgene Corporation, Bristol Myers Squibb, Breckenridge Pharmaceutical Inc. The stock trades at ₹915.10, up by 0.09% on the NSE.

Major gainers on the NSE at 9:30 am:

L&T (2.41%); Bajaj Finserv (1.99%); NTPC (1.99%); Bharti Airtel (1.05%); Maruti (0.99%)

Major losers:

Hindalco (-0.62%); Coal India (-0.58%); SBI Life (-0.42%); Axis Bank (-0.22%); IndusInd (-0.22%)

The rupee closed at 83.2100 on Thursday.

The stock gained 0.93% to trade at Rs 183.70 on NSE.

HCL Tech stock was trading at Rs 1,256.90, gaining 0.22% over previous close.

Transworld Holdings Ltd had announced its intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics Ltd. vide Initial Public Announcement dated May 21, 2023.

The floor price determined as per Delisting Regulations is s 292.00 and THL has provided its intention to acquire shares of SSL at an indicative price of Rs 338.00. Stock price currently at Rs 380-390 levels.

If consummated, the purchase of the equity shares of SSL will be carried out in accordance with the Delisting Regulations at a price to be determined through the reverse book building.

SSL is engaged in owning and chartering container and bulk vessels.

Currently, THL along with its affiliates holds 1,54,66,650 equity shares aggregating to 70.44% of the paid-up equity share capital of SSL. SSL obtained in-principle approval for the proposed delisting from BSE and NSE on September 07, 2023.

NovaaOne Capital Pvt. Ltd. is acting as the Manager to the Offer to THL on the delisting process.

JSA Advocates & Solicitors are acting as legal advisors in connection with the offer.

Indian markets opened in green on Friday. While BSE Sensex gained 100 pts, Nifty surged 0.12% to 19750 in early trade.

Move Into Short-Term ASM Framework: Kopran, National Peroxide.

Move Out Of Short-Term ASM Framework: BF Utilities, D. P. Abhushan, Filatex India, Gokaldas Exports.

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

“Markets may start on a higher note owing to gains in the Gift Nifty index, but the ongoing rally could face hurdles as rising US Dollar, fresh spike in US treasury yields and persisting FII selling could dampen investors’ sentiment. From a technical standpoint, the Nifty could reach 19775-19800 and above the same it could jump to the previous high of 19950-19990 levels in the best-case scenario. However, if the index falls below 19600, the correction would extend to 19500 levels. The recommended strategy is to buy Nifty if it corrects to 19650-19600 levels and keep a stop loss at 19480. On Bank Nifty, the 45000 and 45100 levels are the immediate resistance zones, while the earlier resistance of 44700-44750 would act as support. The recommended course of action is to buy the index if it corrects to 44750-44700 levels.”

JSW Steel reported consolidated crude steel production for the month of August 2023 at 22.86 Lakh tonnes, grew by 19% y-o-y. Capacity utilisation at Indian operations level stood at 94.3% for August 2023.

RBI approved appointment of Dipak Gupta as Managing Director of Kotak Mahindra Bank. Gupta will carry out the duties of the Managing Director & CEO until December 31, 2023

• DB Realty: Promoter Shravan Kumar Bali sold 20,000 shares on Sept. 6.
• Usha Martin: Promoter Usha Martin Ventures sold 3 lakh shares between Sept. 5 and 6.
• Sapphire Foods: Promoter Sagista Realty Advisors sold 1.1 lakh shares between Sept. 5 and 7.
• Info Edge (India): Promoter Endeavour Holding sold 41,000 shares between Sept. 5 and 6.
• Tatva Chintan Pharma Chem: Promoters Ajay Mansukhlal Patel sold 2.1 lakh shares, Shekhar Rasiklal Somani and Darshana Nitinkumar Shah each sold 2.33 lakh shares, and Priti Ajay Patel sold 20,211 shares on Sept. 6.

Bajaj Finserv’s subsidiary Bajaj Allianz General Insurance reported the gross direct premium underwritten for August at Rs 1,677.87 crore and the premium in the current financial year up to August at Rs 9,228.81 crore.

Bajaj Allianz Life Insurance’s total premium for August stood at Rs 926.41 crore, and the premium in the current financial year up to August was Rs 3,828.06 crore.

The life insurance industry delivered healthy retail APE growth of 14.4% for Aug-23, led by the private sector growing strongly at 20.7% and LIC posting a muted show at 3% YoY.

For YTDFY24, the private sector delivered decent 12.7% retail APE growth; however, LIC’s flat performance (+0.1% YoY) resulted in the overall industry delivering 8% YoY retail APE growth.

Healthy growth in retail APE among private players is expected to be driven by traction in the retail protection segment. Amid the slowdown in non-par savings products on account of changes in the Income Tax Act, the industry’s performance for Aug-23 remains impressive.

Among listed private players, Max Life (+48.5% YoY) and SBI Life (+34.1% YoY) delivered strong growth in retail APE for Aug-23, backed by their leading bancassurance partners and powering proprietary channels. HDFC Life (+15.9% YoY) and ICICI Prudential Life (+12.3% YoY) delivered decent retail APE growth during Aug-23.

Considering the robust performance in FY23 and the impact of taxation on high-value non-linked policies, we expect the life insurance sector to achieve single-digit growth in retail APE during FY24.

We foresee the private sector delivering low double-digit growth, while LIC is expected to experience low single-digit growth. Given the recent performance of life insurance stocks, the life insurance sector’s valuations remain appealing.

We prefer private-listed life insurers SBILIFE, MAXF, HDFCLIFE and IPRU, in that order.

• Adavance Lifestyles: Bonus issue
• Country Club Hospitality & Holidays Ltd: Annual General Meeting (AGM)
• Data Infrastrucutre Trust: AGM
• GG Automative Gears: Increase in authorised capital; issue of warrants
• Inditalia Refcon: AGM
• Responsive Industries: AGM
• Sanchay Finvest Ltd: AGM; preferential Issue of shares
• Viceroy Hotels:AGM
• Viceroy Hotels: General

Morgan Stanley: August life insurance update was strong, industry RWRP rose 14% YoY, private sector rose 21%.

HSBC: Individual APE grew at 14% YoY for industry & at 21% YoY for private insurers. SBI Life, HDFC Life, Bajaj Allianz & Max Life reported strong growth.

Macquarie on Max Life: Maintain Underperform on Company, target price at Rs 465

CLSA on Bharti Airtel: Maintain Buy on Company, target price at Rs 1100

CLSA on L&T: Maintain Buy on Company, raise target price at Rs 3240

Citi on L&T: Maintain Buy on Company, raise target price at Rs 3175

Morgan Stanley on L&T: Maintain Overweight on Company, raise target price at Rs 2935/share (Positive)

UBS on Havells: Maintain Buy on Company, target price at Rs 1900

Morgan Stanley on UBL: Maintain Hold on Company, target price at Rs 1566

Citi on Persistent Systems: Maintain Sell on Company, target price at Rs 3790

AAATECH

Final Dividend - Rs. - 0.5000

AGARIND

Dividend - Rs. - 2.5000

ATL

Final Dividend - Rs. - 0.5000

BAJAJST

Final Dividend - Rs. - 3.0000

BRIGHTBR

Final Dividend - Rs. - 1.0000

CEINSYSTECH

Final Dividend - Rs. - 2.0000

COCHINM

Dividend - Rs. - 8.0000

FCL

Final Dividend - Rs. - 0.8000

GICRE

Final Dividend - Rs. - 7.2000

GIPCL

Final Dividend - Rs. - 3.7500

GUJCRAFT

Final Dividend - Rs. - 1.0000

HARLETH

Dividend - Rs. - 1.0000

JAYBARMARU

Final Dividend - Rs. - 1.7500

JAYSYN

Final Dividend - Rs. - 0.2500

JBMA

Final Dividend - Rs. - 1.3000

KANPRPLA

Final Dividend - Rs. - 0.5000

KPT

Final Dividend - Rs. - 1.5000

LODHA

Dividend - Rs. - 1.0000

MAXHEALTH

Final Dividend - Rs. - 1.0000

MOIL

Final Dividend - Rs. - 0.6899

NACLIND

Final Dividend - Rs. - 0.2500

NAHARCAP

Dividend - Rs. - 1.5000

NAHARPOLY

Dividend - Rs. - 1.5000

NAHARSPING

Dividend - Rs. - 1.5000

NIACL

Final Dividend - Rs. - 1.9300

POLYPLEX

Dividend - Rs. - 3.0000

PPAP

Final Dividend - Rs. - 0.5000

REMSONSIND

Final Dividend - Rs. - 1.5000

RESPONIND

Dividend - Rs. - 0.1000

RITES

Final Dividend - Rs. - 6.0000

RSWM

Final Dividend - Rs. - 5.0000

SARDAEN

Final Dividend - Rs. - 7.5000

SARDAEN

Special Dividend - Rs. - 7.5000

SEML

Bonus issue 1:1

SWISSMLTRY

Final Dividend - Rs. - 0.1600

TAJGVK

Dividend - Rs. - 1.0000

TATVA

Final Dividend - Rs. - 2.0000

VENKYS

Final Dividend - Rs. - 6.0000

ZENTEC

Final Dividend - Rs. - 0.2000

ZFSTEERING

Dividend - Rs. 5.0000

• BALRAMPUR
• BHEL
• DELTACORP
• HINDCOPPER
• IBULHSGFIN
• INDIACEM
• MANAPPURAM
• PNB
• SAIL

Market regulator SEBI has disposed of adjudication proceedings against Life Insurance of Corporation with respect to alleged violations of mutual fund norms due to insurer major’s shareholding in IDBI Mutual Fund.

Samvardhana Motherson International has inaugurated Motherson’s wiring harness facility in the Emirate of Ras Al Khaimah (UAE). The facility, which was inaugurated by Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al, Khaimah, is located in Ras Al Khaimah Economic Zone (RAKEZ).

Campus Actiwear has informed the exchanges that Piyush Singh has resigned as Chief Operating Officer of the footwear company from December 2, 2023, due to personal reasons.

The Board of Hiliks Technologies Limited has approved raising of funds through issue of equity shares to Enact Technologies Private Limited - 5,00,000 shares; Bhupathiraju Sudha Rani - 1,21,000 shares; Lakkineni Madhavi Latha - 1,00,000 shares; Pooja Bansal - 1,00,000 shares; and Rama Krishnam Raju M - 1,00,000 shares on preferential basis. The issue price is Rs 20 per equity share.

The board of Patel Integrated Logistics has considered and approved the raising of funds of up to ₹10 crore byway of offer and issue of equity shares/ reissue of forfeited shares to the existing and eligible shareholders of the company on right basis.

The Board of Ram Info has approved the proposal for investment up to 10 per cent of equity share capital in Jaaga Real Estate Services Private Limited, incorporated under the Companies Act, 2013.

Tejas Networks Limited has received the mobilisation advance of ₹750 crore from Tata Consultancy Services Limited, towards supply of Radio Access Network equipment for BSNL’s Pan-India 4G/5G network.

Landmark Cars has signed a Letter of Intent with Mahindra and Mahindra Limited for opening dealership in Howrah in West Bengal. This dealership will be established in one of the wholly owned subsidiary of Landmark Cars Limited, namely Landmark Mobility Private Limited.

Sterlite Technologies Ltd and TruVista, headquartered in South Carolina, are investing in manufacturing and building fiber networks - for South Carolina from South Carolina. STL has invested significantly in a fiber optic technology manufacturing facility in Lugoff, South Carolina, with end-to-end advanced automation. TruVista is investing over $12 million in rural broadband, a significant portion of which will be dedicated to South Carolina.

Carbon credit developer EKI Energy Services (EKI) plans to announce its financial results for the June and March quarters by September 20, a top company official said on Thursday. The results will be submitted to the exchanges, the company’s Managing Director Manish Dabraka told PTI.

LTIMindtree has launched two industry solutions - AdSpark and Smart Service Operations - to accelerate the time-to-market for businesses on the Salesforce platform. AdSpark, powered by LTIMindtree and Salesforce, helps retailers get a jumpstart in expanding their own retail media platforms. Smart Service Operations combines the power of Salesforce Service Cloud1, including Salesforce Field Service, and the LTIMindtree NxT Platform for clients in manufacturing, construction, transport, mining, power and utilities, etc, the company said.

Oil and Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in ONGC Petro additions Ltd (OPaL) as part of a financial restructuring exercise that will see gas utility GAIL being edged out of the petrochemical firm.

ONGC currently holds a 49.36 per cent stake in OPaL, which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21 per cent interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent.

Shemaroo Entertainment has said that CGST & Central Excise carried out search operation at the premises of the company on September 5. Further, Atul Maru - Joint Managing Director, Hiren Gada - WTD & CEO, and Amit Haria - CFO, had been detained on September 6, and subsequently bail has been granted on September 7. The company is contesting allegations in accordance with the due process of law. Considering the present status of the case, estimated impact on the company and the amount involved is not identifiable currently, it said in a notice to the stock exchanges.

Exide Industries has invested over ₹100 crore in its wholly owned subsidiary Exide Energy Solutions Ltd through rights issue. Exide Energy is into manufacturing of advanced chemistry battery cells.

Mazagon Dock Shipbuilders Ltd (MDL) has signed master ship repair agreement (MSRA) with the US government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka. This is a non-financial Agreement. MDL is one of the two shipyards in the country that signed MSRA. The agreement is expected to open-up voyage repairs of US Navy Ships at MDL.

Gift Nifty at 19790 indicates a flat opening for domestic benchmarks Sensex and Nifty on Friday. However, analysts expect higher activity outside benchmarks with mid-cap and small-cap indices scaling new peaks. According to analysts, sector specific action will continue.

The Rs 320-crore IPO of EMS Limited opens today for subscription. The company comes out with a price band of Rs 200-211. The lot size is 70 shares. The issue comprises a fresh issue of Rs 146.24 crore and 82.94 lakh shares under Offer for Sale by the Promotor Ramveer Singh. The IPO will close on September 12.

At the upper price band, the company’s IPO size would be Rs. 320-321 crore.

The IPO of Jupiter Life Line Hospitals Limited was subscribed 3.30 times on the second day of bidding after investors across all categories showed interest. The IPO came out with a price band of ₹695-735 and market lot is 20 shares.

The issue received bids of 2.80 crore shares against the offered 84.97 lakh shares, according to the data available on the stock exchanges.

Non-Institutional Investors Portion was subscribed 6.63 times. Retail Portion was subscribed 3.08 times, whereas, Qualified Institutional Buyer Portion was subscribed 1.12 times.

Jupiter Lifelines Hospital IPO: Should you subscribe?

Mazagon Dock, ONGC, Exide Industries, Shemaroo, LTIMindtree, EKI Energy, Sterlite Technologies, Landmark Cars, Tejas Networks, RamInfo, Patel Integrated Logistics, Hiliks Technologies, Campus Actiwear and Samvardhana Motherson are some of the stocks that will be in focus today.

The upmove of Castrol India has gained momentum. The stock surged 3 per cent on Thursday and closed on a strong note. The outlook is bullish.

Strong supports are at ₹154-153 and then at ₹146-144. Any intermediate dips are likely to see fresh buyers coming into the market around the above-mentioned support levels.

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Click here to know intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Shares in Asia echoed US declines and a rally in the dollar stalled as the greenback weakened against major currencies. Treasury yields also declined.

Stocks in Japan, Australia and South Korea dropped alongside Hong Kong equity futures, per a Bloomberg report. The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc’s iPhone sales in China. Hong Kong’s stock market trading will be delayed because of a rainstorm warning, the local exchange operator said.