Share Market Highlights 14 August, 2023: Sensex rebounds with Reliance and Infosys boost; Nifty ends positive

Benchmark equity indices bounced back sharply and ended in the positive territory on Monday, helped by fag-end buying in index heavyweights Reliance Industries and Infosys along with a firm beginning in European markets.

BSE Sensex climbed 79.27 points or 0.12 per cent to settle at 65,401.92. During the day, it fell 500.77 points or 0.76 per cent to 64,821.88.

The NSE Nifty gained 6.25 points or 0.03 per cent to end at 19,434.55.

From the Sensex pack, Infosys, Hindustan Unilever, Reliance Industries, ICICI Bank, Larsen & Toubro, Asian Paints, Nestle, Axis Bank, Wipro and Kotak Mahindra Bank were the major gainers.

JSW Steel, State Bank of India, Tata Steel, Bajaj Finserv, UltraTech Cement, IndusInd Bank, Tata Motors and Bajaj Finance were the major laggards. - PTI

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

“Markets continued to witness wild fluctuations due to weak Asian cues but early optimism in European indices aided recovery in local markets with the help of buoyancy in IT stocks. However, deflation and demand slowdown in China coupled with concerns over more rate hikes in developed economies going ahead has been taking the sheen out of equity markets. Investors are also wary of steady selling by foreign investors in local markets this month, which is causing traders to limit their exposure. All eyes will be on CPI and WPI inflation numbers and if the reading is higher, more correction could be in the offing.”

The IPO of TVS Supply Chain Solutions was subscribed by 2.74 times, thanks especially to retail investors.

The issue received bids for 6.87 crore shares as against a pubic offer of 2.51 crore shares.

Retail investors’ portion was subscribed 7.38 times, while that of QIBs and non-institutions by 1.35 times and 2.34 times respectively.

The IPO came out with a price band of ₹187-197.

Reliance Industries has informed the exchanges that it has received an order from the Commissioner of Customs, Ahmedabad, imposing a penalty, inter alia, on the Company and a few executives of the company.

The Order has imposed a redemption fine and penalty on the Company and its executives aggregating to ₹35 crore (approximately).

The Order has been passed on the basis that the Company has discharged a lesser custom duty by wrong classification of goods imported by it in 2016.

“The Order is erroneous and the Company is confident of getting it reversed,” it said in the notice.

India experienced a significant increase of 59 per cent in palm oil imports in July compared to the previous month, reaching a total of 1.08 million tonnes, according to a trade association.

However, there was a decline of about 22 per cent in soyoil imports, totaling 342,270 tonnes, while sunflower oil imports saw a substantial rise of 71 per cent, reaching 327,259 tonnes.

Steel Authority of India Ltd.’s shares were down by 3.94 per cent after the company reported a 73 percent decrease in profit for the quarter ended June 30, 2023, at Rs 212.48 crore compared to Rs 804.50 crore during the corresponding quarter last year.

The company’s profits were lower by 81 per cent compared to Rs 1159.21 crore in the previous quarter. However, The company’s revenue was up by 1.37 per cent to Rs 2459.10 crore compared to Rs 24028.62 crore last year.

The shares were down by 3.94 per cent to Rs 87.54 per cent at 03.02 pm on BSE

Havells India Limited is considering the establishment of a refrigerator manufacturing facility in Ghiloth, Rajasthan. The company is planning to add 10 lakh units to its manufacturing capacity.

The proposed expansion is set to take shape by the first quarter of the financial year 2025-26 at an investment of approximately Rs 350 crore.

The shares were down by 1.88 per cent to Rs 1275 at on BSE.

The management of Glenmark Pharmaceuticals has said that the company is looking to divest about 8 percent stake in Glenmark Life Sciences, to align with a regulatory requirement on public shareholding.

“We have a 7-8 percent sell down requirement by law and we are working on it,” said Glenn Saldanha, Chairman and Managing Director, in response to an analyst query.

Hi-Tech Pipes has reported around an 80 per cent rise in its net profit to Rs 8.02 crore during the quarter ended June 30, mainly due to higher revenues, per PTI report.

It had clocked Rs 4.48 crore net profit during the April-June period of the preceding 2022-23 fiscal, the company said in a statement on Monday.

The company’s revenue from operations also rose 24 per cent to Rs 642.17 crore in Q1 FY24 from Rs 516.17 crore in the year-ago quarter.

The stock gained nearly 1% to trade at Rs 77 on NSE.

Wockhardt Ltd on Monday said its consolidated loss after tax widened to Rs 136 crore in the June quarter due to higher expenses, per a pti report.

The company had posted a consolidated loss after tax of Rs 75 crore in the year-ago period, Wockhardt Ltd said in a regulatory filing.

The stock lost 4.33% to trade at Rs 242.75 on NSE.

Shriram Properties has reported that its net profit in the June ended quarter rose by 58.73 to Rs 16.62 against Rs 10.47 crore recorded during the corresponding quarter in the previous year.

The stock lost 2.85% at Rs 68.20 on NSE.

Promoters of Shivalik Bimetal Controls sold 5.48 million shares of the company in a block deal to marque investors that included FIIs, DIIs, Multi-strategy funds, and reputable family offices.

The shares were down by 4 per cent to Rs 526 intraday on BSE.

AstraZeneca Pharma India Ltd on Monday reported over two-fold rise in profit after tax at Rs 53.86 crore for the first quarter ended June 30, 2023, per a PTI report.

The company had posted a profit after tax of Rs 20.15 crore in the same quarter last fiscal, AstraZeneca Pharma India said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 295.46 crore, as against Rs 232.33 crore in the year-ago period, it added.

Adani Ports and Special Economic Zone Ltd (APSEZ) in FY23 spent ₹764.4 crore on Environment, Social and Governance (ESG) commitments. The spending was on projects related to electrification of equipment, rail infra, energy efficiency, emission reduction, environment protection, water management, waste treatment, and adaptation to climate change, according to the company’s FY23 annual report.

The near-term view is negative. Strong resistance is seen in the ₹733-736 region. A cluster of moving averages are poised in this region, which makes it a strong resistance zone.

As such, an immediate rise above ₹736 looks less likely for now. Click here to know the trade strategy.

Top gainers, top losers among Nifty50 stocks are:

Rajani Sinha, Chief Economist, CareEdge, on WPI

“The wholesale price index (WPI) continued in a deflationary zone for the fourth consecutive month in July, helped by by lower metals, chemicals, textile, manufactured food, and mineral oils prices. However, the pace of annualised decline in WPI slowed significantly compared with the previous two months, with the spike in food prices led by vegetables restricting the downside. Consequently, sequential momentum in WPI turned positive after two months.

If the food prices continue to trend upward, the deflationary trend could end, and WPI inflation could turn marginally positive in the coming months. Additionally, the uptrend in global crude oil prices, global edible oil prices, and uneven monsoon distribution domestically pose an upside risk to the outlook. Nevertheless, we expect the WPI inflation for this fiscal at a subdued level (in the range of 1-2%) with positive implications for the retail inflation trajectory.”

Prashanth Tapse, Research Analyst, Sr VP, Research, Mehta Equities Ltd

“The spotlight is back on Adani groups stocks; and this time the auditor raises concerns and resign. Such developments are never welcomed by market participants. Post Hindenburg reports, Deloitte wanted to have a detailed forensic group audit and due to non-cooperation and delay, Deloitte decided to step down as statutory auditor to Adani firm. MSKA & Associates was appointed as the company’s new auditor. We continue to remain neutral to negative on such development on Adani Group stocks. On Adani Port, technically Rs 762 level acts as crucial support and any close below this, we would see more selling pressure and even test Rs 700 levels in a worst case scenario.”

Bannari Amman Spinning Mills’ shares were down by 2.2% on BSE after the company reported a 38 percent increase in profit after tax for the quarter ended June 30, 2023, at Rs 6.12 crore compared to Rs 4.41 crore during the corresponding quarter last year.

India’s exports in July contracted to $32.25 billion from $38.34 billion in july 2022, a government release said. Imports in July reduced to $52.92 billion from $63.77 bn in July 2022, it added.

LIC said that the government has appointed R Doraiswamy as the managing director.

Doraiswamy is currently executive director at the central office in Mumbai.

He has been appointed as managing director of LIC in place of Ipe Mini with effect from the date of assumption of charge of office on or after September 1, 2023 and up to the date of his superannuation August 31, 2026, or until further orders, whichever is earlier, a regulatory filing said.

The stock is trading 0.89% lower at Rs 653.95 on NSE.

Indian Terrain Fashions Ltd, the Chennai-based manufacturer of apparel and accessories, reported a net loss of ₹2.8 crore for the quarter ended June 30, 2023 as against a net profit of ₹2.4 crore for the corresponding quarter last year. The loss in June quarter was however less than the net loss of ₹6.1 crore reported in the previous quarter.

the company’s share price on the NSE was trading at ₹52.19, down by 6 per cent.

Genus Power Infrastructures Ltd’s shares were up by 9 per cent after the company reported a 93 percent increase in profit for the quarter ended June 30, 2023, at Rs 23.05 crore compared to Rs 11.94 crore during the corresponding quarter last year.

The company’s revenues were up by 39 per cent to Rs 261.11 crore compared to Rs 187.04 crore last year. Sequentially, the company’s profits were higher by 192 per cent compared to Rs 11.28 crore in the previous quarter.

Hero Motocorp Ltd’s shares fell 1.25 per cent after the company reported a 19.6 per cent increase in profit for the quarter ended June 30, 2023, at Rs 700.54 crore, compared to Rs 585.58 crore in the corresponding quarter last year.

Revenues were up by 4.7 per cent at Rs 8,851.01 crore, compared to Rs 8,447.54 crore last year. Sequentially, profits dropped 13.5 per cent compared to Rs 810.80 crore in the previous quarter.

The initial share-sale of stainless steel flexible hose manufacturer Aeroflex Industries Ltd will open for public subscription on August 22, per a PTI report.

The initial public offering will conclude on August 24 and the bidding for anchor investors will open on August 21, according to the red herring prospectus (RHP).

The IPO consists of a fresh issue of equity shares worth up to Rs 162 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter Sat Industries.

At present, promoter and promoter group members own over 91 per cent stake in the company.

According to merchant banking sources, the size of the IPO is estimated at Rs 350 crore.

Top gainers, top losers among the Sensex constituents:

Tata Consultancy Services on Monday announced it has been selected to transform IoT solutions provider Lexmark’s enterprise applications, cloud journey and innovation programme, per a PTI report.

As part of the association, TCS is moving Lexmark’s workloads to a public cloud and designing a cloud operating model using automation and infrastructure-as-code. The digital core is being developed to elevate user experience across finance, order to cash, and supply chain functions, TCS said.

TCS will also design a command centre to monitor business processes across applications, data, infrastructure and network. TCS’s stock price dropped 0.52% to trade at Rs 3431 on BSE.

Vikas Lifecare has posted a manifold jump in its standalone net profit at Rs 13.31 crore during the June quarter, on account of higher income, per a PTI report.

It had clocked a net profit of Rs 2.33 crore in April-June period of the preceding 2022-23 fiscal, the company said in a statement on Monday.

The company’s total income increased to Rs 106.30 crore in the quarter under review, from Rs 88.87 crore in the year-ago quarter.

The stock gained 9.97% to trade at Rs 3.42 on BSE.

Southern Magnesium and Chemicals Limited has received an order for the supply of magnesium powder for an estimated contract value of ₹28.80 crore, which is to be delivered within next 12-15 months.

Gujarat Craft Industries Ltd will be starting a new unit located at Budasan, Kadi, North Gujarat for manufacturing an existing line of products i.e. Flexible Intermediate Bulk Containers (FIBC). This will increase its FIBC production capacity by 200 MT, yet overall capacity will be the same. The Management expects to commence operations shortly at the new unit.

IIP growth print in June-23 has disappointed at 3.7% YoY. Clearly, the manufacturing sector has not been able to sustain the growth trend that had been seen in the first two months of the last quarter. The manufacturing output grew only by 3.1% YoY and actually saw a sequential contraction of almost 1.0%. While mining and power have seen better annualised growth rates compared to Apr-May, their weightage in the overall IIP is only 22%. Nevertheless, on a quarterly basis, the IIP growth in Q1FY24 is 4.5% which is 1% higher than the average of the first quarter IIP growth in the last ten years excluding the last 3 yrs which had some anomaly due to Covid.

Market regulator SEBI on Monday moved the Supreme Court seeking 15 more days to conclude the ongoing probe into the allegations of stock price manipulation by the Adani group, per a PTI report.

The Securities and Exchange Board of India (SEBI), in its fresh application, said that it has examined and investigated 24 matters pertaining to the case.

“Out of the said 24 investigations/examinations, 17 are final and complete and approved by the Competent Authority in accordance with SEBI’s extant practice and procedures,” the regulator said.

SpiceJet net profit jumps 126% to Rs 205 Crore in Q1 FY2024 as against a loss of Rs 789 Crore in Q1 FY2023.

The stock gains over 3.7% to Rs 32.74 on BSE.

Top 5 gainers and top 5 losers among Nifty50 stocks at this hour are:

The wholesale price based inflation remained in the negative territory for the fourth straight month in July at (-)1.36 per cent on easing prices of fuel, even though food articles turned costlier, per a PTI report.

The wholesale price index (WPI) based inflation rate has been in the negative since April and was (-)4.12 per cent in June. In July last year it was 14.07 per cent.

The August expiry futures of Bank Nifty opened the day with a gap-down at 44,320 versus Friday’s close of 44,464. It is currently hovering around 44,100.

The contract has a support at 44,000 and below this is another support at 43,870. Due to this, the downward momentum might slow a bit. There might also be a corrective rally, possibly to 44,200, an intraday resistance. Click here to read recommended trade strategy.

All markets will remain closed on Tuesday on account of Independence Day. Currency markets will remain closed on Wednesday on account of Parsi New Year.

The August futures contract of Nifty 50 opened today’s session lower at 19,450 versus previous week’s close of 19,504. The contract declined further and is now trading around 19,360.

Although the trend is bearish and the likelihood of further fall is high, the underlying Nifty 50 has a support at 19,260. Equivalently, Nifty futures has a support at 19,320 against which the contract has now moved up to 19,360. Click here to know trade strategy.

Shares of Adani group stocks fell after Deloitte resigned as auditor of the Adani group’s port company.

Deloitte has resigned as auditor of the Adani group’s port company, with the firm run by billionaire Gautam Adani saying the auditor wanted a wider remit over other firms in the conglomerate following the report of a US short seller, per a report.

Shares of Adani Enterprises tanked 5.41 per cent, Adani Transmission fell by 4.77 per cent, Adani Power declined by 4.23 per cent, Ambuja Cements dived 4 per cent and Adani Ports skidded 3.70 per cent on the BSE.

The stock of Adani Green Energy declined by 3.22 per cent, Adani Wilmar (3.14 per cent), Adani Total Gas (3 per cent), NDTV (3 per cent) and ACC (2.23 per cent).

In Asian trade, gold continued to search for direction. At 11 am IST, it was ruling at $1,913.65 an ounce. Silver ruled below $23 at $22.61 an ounce.

Top gainers, top losers among Nifty50 stocks are:

Shares of ​Adani Ports and Special Economic Zone ​dropped 3.5% in early trade on Monday after the company’s auditor Deloitte resigned. The share was trading 2.72% lower at Rs 778.90 at 10.45 am on BSE.

Government bond yields rose on Monday tracking US peers, while focus shifted to demand at a State debt auction later in the day and local inflation print due after market hours, per Reuters report.

The benchmark 7.26% 2033 bond yield was at 7.2122% as of 10:05 a.m., after ending the previous session at 7.2021%.

PVR INOX, the largest cinema exhibitor in India has announced that it achieved its highest ever admissions and box office in a single day across its circuit on 13 August, 2023, per a stock exchanging filing.

The network entertained nearly 12.8 lakh guests and earned gross box office revenue of Rs 39.5 crores, it added. The weekend of 11-13 Aug’23 was also the biggest weekend ever in company’s history. This was on the back of success of Gadar 2, Jailer , OMG and continued success of earlier released movies.

The Producers Guild of India and Multiplex Association of India announced that 11-13th August was its busiest single weekend post re-opening. The weekend set a new All-time theatrical gross box office record for the cinema industry in its over 100 years history. The weekend drew over 2.10 crore movie goers to theatres across the country, which is also the highest combined admissions in the last 10 year history.

The stock jumped rallied over 5% on intraday to Rs 1,723.15 on NSE.

Larsen & Toubro’s (L&T’s) buildings and factories (B&F) business has received significant orders in both India and Bangladesh, the company said in an exchange filing.

The company classified orders in the range of Rs 1000-2500 crore. In India, the Uttar Pradesh Cricket Association has entrusted L&T with the construction of a cricket stadium at Varanasi, Uttar Pradesh.

The shares were down by 0.46 per cent to Rs 2625 on BSE.

Aspira Pathlab and Diagnostics Ltd.’s shares were up by 20 per cent after the company reported a 151 percent increase in profit for the quarter ended June 30, 2023, at Rs 71.60 lakh compared to Rs 28.52 lakh during the corresponding quarter last year.

The company’s revenues were down by 12 per cent to Rs 2.60 crore compared to Rs 2.96 crore last year. Sequentially, the company’s profits were higher by 176 per cent compared to Rs 25.93 lakh in the previous quarter.

The Indian IT services sector’s annual revenue growth is likely to slow to 8%-10% in FY24-FY25 (financial years ending March), on a constant currency basis, from the FY23 average of 16.5% as global IT spending will shrink on slower economic growth in the US and Europe, Fitch Ratings said.

Fitch’s global economic outlook published in June 2023 forecasted US real GDP growth to slow to 1.2% and 0.5% in 2023 and 2024, respectively, from 2.1% in 2022. Eurozone GDP growth is likely to decelerate to 0.8% and 1.4% in 2023 and 2024, respectively, from 3.5% reported in 2022. We also expect a mild recession in the US in 4Q23-1Q24, said the ratings agency.

“We expect the FY24 EBITDA margins of Indian IT services companies to be stable yoy and remain somewhat below historical averages, as easing cost pressures are offset by a weakening demand environment. We expect larger Indian IT services companies to continue to have high rating headroom due to their strong net cash positions and strong FCF generation.

“We expect our rated major Indian IT services companies to continue to generate pre-dividend FCF margins of 12%-17% on stable EBITDA profitability and low working-capital and capex requirements. We expect Tata Consultancy Services Limited (A/Stable), Wipro Limited (A-/Stable), HCL Technologies Limited (A-/Stable) to return 40%-90% of their pre-dividend FCF to shareholders via dividends and share buybacks,” it added.

The rupee depreciated 25 paise to 83.07 against the US dollar in early trade on Monday as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments, per a PTI report.

Forex traders said the rupee is trading lower on strong dollar and sustained foreign fund outflows over the past few days. At the interbank foreign exchange, the domestic unit opened at 83.04, then touched 83.07, registering a decline of 25 paise over its last close.

According to a similar report by Reuters, Indian rupee fell below 83 to the US dollar for the first time since October 2022, as the jump in US yields pressured Asian currencies.

On Friday, the rupee had settled 16 paise lower at 82.82 against the dollar.

Adani Group stocks are in red in the early session of the day. Here are the details.

• Adani Ports: CMP 771.6, Down 3.70%
• Adani Ent: CMP 2407.1, Down 5.22%
• Adani Trans: CMP 791.0, Down 5.00%
• Adani Power: CMP 277, Down 3.85%
• Adani Wilmar: CMP 371.6, Down 2.92%
• Adani Total: CMP 633.8, Down 2.36%
• Adani Green: CMP 941.6, Down 3.60%
• ACC: CMP 1924.7, Down 1.91%
• Ambuja: CMP 439.5, Down 3.70%

*CMP - Current Market Price

HEG’s net profit stood at Rs 139 crore against Rs 10 cr, while revenue was at Rs 671 crore against Rs 616 crore (YoY) in the June ended quarter.

IRB Infrastructure Developers informed the exchanges that its toll collection increased 14% to Rs 365.04 crore in July against Rs 320.01 crore last year.

Hindustan Foods’ net profit in the last quarter was at Rs 23 crore against Rs 15 crore, while revenue was at Rs 619 crore against Rs 598 cr (YoY).

Ramkrishna Forgings has announced that it secured a contract valued at $13.65 million per year for supplying rear axle and transmission components. This significant achievement marks a substantial step towards bolstering the company’s growth portfolio within the North American region, per the company.

TNPL’s net profit was at Rs 128 crore against in the June ended quarter against Rs 62 crore last year, while revenue was at Rs 1250 crore against Rs 1,111 crore.

Uno Minda arm Uno Minda Buehler Motor commissions EV systems plant in Bawal, Haryana

US FDA clears Lupin’s unit-2 mfg facility in Mandideep, India. US FDA completes the GMP inspection with no observations.

Divgi Torq has been awarded a new program from a domestic customer to supply 4WD solutions with an aggregate life cycle revenue of Rs 320 crore.

Indus Towers Limited has announced reaching a milestone of 200,000 macro towers spread across all 22 telecom circles in India as on date. This extensive, robust and resilient infrastructure serves as the backbone for seamless network connectivity offered by telecom operators supporting the Indian Government’s flagship ‘Digital India’ initiative, per the company.

ITC shareholders gave its approval for re-appointment of Sanjiv Puri as MD & Chairman for five years with effect from July 22.

DroneAcharya Aerial Innovations Limited has been granted a tender from the Karnataka State Remote Sensing Applications Centre (KSRSAC) which is a Nodal Agency for implementation of Remote Sensing (including Photogrammetry) and GIS programs in Karnataka. As part of this project, ‘DroneAcharya’ will supply various drone systems with RGB and thermal sensors

Crompton Greaves’ net profit was at Rs 118 crore in the previous quarter against Rs 121 crore, while revenue was at Rs 1876 crore against Rs 1863 crore (YoY)

Vatech Wabag has reported that its net profit for the previous quarter stood at Rs 50 crore against Rs 30 crore, while revenue at Rs 552 crore was against Rs 632 crore (YoY).

Crude oil futures traded lower on Monday morning as uncertainties related to economic recovery continued in China. At 9.18 am on Monday, October Brent oil futures were at $86.08, down by 0.84 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $82.51, down by 0.82 per cent. August crude oil futures were trading at ₹6845 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6934, down by 1.28 per cent; and September futures were trading at ₹6807 as against the previous close of ₹6891, down by 1.22 per cent.

Benchmarks opened the session in red on Monday. While BSE Sensex lost 390 pts or 0.6% to trade at 64,932, NSE Nifty lost 124 pts to trade at 19,304.

RK Swamy Ltd, an integrated marketing services provider, filed draft documents with market regulator SEBI for an initial public offering. The IPO comprises a fresh issue of equity shares aggregating up to ₹215 crore and an offer for sale (OFS) of up to 8,700,000 equity shares by selling shareholders.

​Zen Technologies Limited ​has received order worth of Rs. 64.97 crore from Ministry of Defence.

MIC Electronics Limited has received Letter of Acceptance from Nagpur Division of Central Railway Zone for Signaling and Telecom works in connection with Amrit Bharat Station Scheme at Itwari (ITR), Kamptee ((KP), Bhandara Rd. (BRD), and Tumsar Rd. (TMR) Stations.

The aggregate value of the Work-Order is Rs. 4.03 crore

Antony Waste net profit at Rs 18 crore against Rs 23 crore while revenue at Rs 222 crore against Rs 235 crore (YoY)

GE Power India Limited has received an order from Steag Energy Services India Private Limited for R&M works (Supply & Service of Economizer Coil replacement, SOFA Incorporation, Coal Nozzles, Oil Nozzles SADC, CCOFA Modifications, Structural Steels, Refractory, Insulation, Cladding and painting) of Unit -3 Boiler of 4X600 MW Thermal Power Plant of Vedanta Limited (End Customer) at Jharsuguda, Odisha. The Base order value is Rs 62.5 crores plus (GST 18 %)

Capital market regulator SEBI has given nod to Nithin Kamath-promoted Zerodha Asset Management Company to launch mutual fund business.

Zerodha has already announced that it will partner with Vasanth Kamath-promoted smallcase. The ₹46-lakh crore mutual fund industry currently has 46 players. Samir Arora on Thursday said that his company Helios Capital has received regulator SEBI approval to enter mutual fund business.

CarTrade Tech Limited, an online auto platform company, has announced the completion of 100% acquisition of OLX’s Classifieds and Auto Transactions business in India for INR 535.54 crores, from OLX India BV (OIBV).

The Board of Siyaram Silks has approved the Buy-back of up to 16,61,530 Equity Share of face value of ₹2 each at ₹650 a share aggregating up to ₹108 crore. The buyback is 9.48 per cent and 9.50 per cent of the aggregate of equity share capital and free reserves including securities premium account of the Company based on audited standalone financial statements and audited consolidated financial statements as on March 31, 2023, respectively. The buyback will be through tender route on a proportionate basis. The record date for the purpose is September 18.

Solar Industries has informed the exchanges that a fire incident has occurred on August 12 while disposal of waste material in the burning area of Economic Explosives Limited, a wholly owned subsidiary at Nagpur. The incident has resulted in an unfortunate casualty of one of our workmen and injuries to two others.It further clarified that all the activities at the aforesaid plant are normal and there is no material loss or financial impact.

Surya Roshni has obtained orders amounted to Rs 171.16 crore (with GST) including one order of Rs 163 crore (with GST) from BPCL for CGD Project on Pan India basis and other order of Rs 8.16 crore (with GST) from HPCL for supply of 3 LPE Coated Line Pipe also for CGD Project for West Bengal.

SJVN said that the company has signed a Memorandum of Agreement (MoA) with Government of Arunachal Pradesh for executing five hydro power projects of 5097 MW. The construction of these projects shall involve total investment of around Rs 50,000 crores and would add over 20,652 million units of electricity generation annually to the nation’s capacity.

HDFC Bank chief Sashidhar Jagdishan on Friday said funding will remain the biggest risk after the HDFC Bank and HDFC merger. Speaking at the first annual general meeting of the newly merged entity, Jagdishan said the merged entity’s primary risk pertains to funding.

The board of Adani Ports and SEZ has accepted the resignation of Deloitte Haskins & Sells LLP, Chartered Accountants, who have tendered their resignation vide its letters dated August 12, 2023, from the position of Statutory Auditors of the Company and its material subsidiaries. The board, subject to the shareholders’ approval, has approved the appointment of M S K A & Associates, Chartered Accountants, (an independent member firm of BDO International), as the Statutory Auditors.

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Researchbytes Events Update

As of 04:55 AM Monday 14 August 2023

Can set alert for them at www.researchbytes.com

*8:30 AM Aurobindo Pharm *

(Press Release )

Weblink: https://tinyurl.com/2e4dhtp9

9:30 AM Glenmark

(Results, Investor/Analyst Presentation, Press Release )

Dial: +91 22 6280 1298

Weblink: https://tinyurl.com/4tnvw44p

10:00 AM NHPC

(Results)

Dial: +91 22 6280 1146

10:30 AM Pearl Global In

(Results, Investor/Analyst Presentation)

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/7hvm3bu9

10:30 AM Kiri Industries

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/4pr6mzuh

(Hosted by Valorem)

11:00 AM CG Consumer

Weblink: https://tinyurl.com/9m75328u

11:00 AM Landmark Cars

Weblink: https://tinyurl.com/dtxh9rrb

11:00 AM Suprajit Eng

Dial: 022 6280 1386

Weblink: https://tinyurl.com/3y7whed9

11:00 AM Jindal Saw

(Press Release )

Dial: +91 22 6280 1143

Weblink: https://tinyurl.com/482fuabk

11:00 AM Wonderla

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/2d5f9tne

11:00 AM MM Forgings

Dial: +91 22 6280 1222

Weblink: https://tinyurl.com/3udf5kup

11:00 AM Archean Chemical

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/3cwh848d

11:00 AM Trucap Finance

(Results, Investor/Analyst Presentation)

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/39rt96sp

(Hosted by Valorem)

12:00 PM Tarsons Product

Dial: +91 22 6280 1148

Weblink: https://tinyurl.com/2hf8tpa9

12:00 PM BCL

Dial: +91 22 6280 1395

Weblink: https://tinyurl.com/wac7ys5f

12:00 PM S Chand and Co

Dial: +91226280 1360

Weblink: https://tinyurl.com/y3hux78r

12:00 PM Galaxy Surfacta

Dial: 02262801309

Weblink: https://tinyurl.com/mve9nsab

2:00 PM NBCC (India)

Weblink: https://tinyurl.com/2xnc7fcr

2:00 PM Shakti Pumps

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Domestic stock markets are expected to open on a dull note on Monday, amid weak global cues. This week being the shortened week (Tuesday is a holiday on account of Independence Day), analysts expect the market participation is likely to remain dull, especially on Monday, due to the holiday mood.

The dispute between the promoters of Hikal, a manufacturer of various chemical intermediates, specialty chemicals, and active pharma ingredients, has taken a new twist. Escalating the dispute, the Kalyani Group – BF Investment Ltd (BFIL) and Kalyani Investment Company Ltd (KICL) have accused Hikal of making “entirely inaccurate and misleading” disclosure to the stock exchanges.

FMCG companies are sharpening their premiumisation play with Indian consumers willing to spend more on value-added propositions. Players said the trend is becoming more visible in recent times, especially in the top 100 cities, due to higher disposable incomes.

The resolution process of Future Retail, currently undergoing bankruptcy proceedings, continues to be in limbo with the resolution professional (RP) locked in a battle with the erstwhile management over non-cooperation and critical information about the operations of the company not being available.

Southern Petrochemical Industries Corporation Ltd (SPIC) has posted a 29 per cent drop in its consolidated net profit for the first quarter at ₹51 crore. The Chennai-based agri-nutrient and fertilizer company’s consolidated net profit for the same quarter of the previous fiscal stood at ₹72 crore.

RK Swamy Ltd, an integrated marketing services provider offering a single-window solution for creative, media, data analytics and market research services, has filed its Draft Red Herring Prospectus with market regulator SEBI.

The company’s initial public offering comprises a fresh issue aggregating up to ₹215 crore and an offer-for-sale of up to 8,700,000 equity shares by selling shareholders.

The Rs 880-crore iinitial public offering of TVS Supply Chain Solutions will close for public subscription today. The Initial Public Offering (IPO) of TVS Supply Chain Solutions, part of TVS Mobility Group, was subscribed 1.03 times at the end of day two of subscription on Friday

Buzzing stocks: Adani Ports, Idea Vodafone, ITC, HDFC Bank, SJVN, Surya Roshni, Exide Industries, Lupin, Alps Industries, Sobhagya Mercantile, Solar Industries, Saksoft, Siyaram Silks, CarTrade, Aster DM Healthcare, AstraZeneca Pharma, Bajaj Healthcare, Balkrishna, Coffee Day, Divi’s Lab, Donear, Globus Spirits, Hindustan Copper, HOEL, Indiabulls Housing Finance, PC Jeweller

After three months of strong inflows into India’s equity markets, FPI investments has slowed down to just over ₹3,200 crore in the first half of August. Foreign Portfolio investors have invested between ₹43,000 crore and ₹46,600 crore in the previous three months.

Sundram Fasteners’ electric vehicle (EV) business continues to gather momentum as the Chennai-headquartered leading auto parts maker is currently discussing with companies for a potential order value of ₹1,000 crore. This is an addition to existing EV orders of more than ₹3,000 crore.

PB Fintech’s revenue surged by 31.8 per cent on a YoY basis, driven by a remarkable growth of 119.5 per cent on a YoY basis in the insurance business. EBITDA margins improved from -46 per cent (Q1 FY23) to -12 per cent (Q1 FY24), propelled by cost reductions in ESOPs, controlled employee and advertising expenses, resulting in significant operating leverage benefits. We expect this trend to continue for the foreseeable future.

Indian Railway Catering and Tourism Corporation (IRCTC) revenues increased by 4 per cnet QoQ primarily driven by 21 per cent jump in catering and 31 per cent rise in rail neer revenues.

Inflation data, global trends and foreign fund trading activity would guide equity market movement in a holiday-shortened week, analysts said.

Stock markets would remain closed on Tuesday for Independence Day.

The number of stock brokers registered with exchanges has declined across segment as market regulator SEBI tightened regulations and trading volumes in equity cash segment plunged.

Overall, the number of brokers who have surrendered their registration with NSE, BSE, and Metropolitan Stock Exchange jumped by 392 against the new addition of 210, resulting in a net reduction of 182 brokers last fiscal.

Asian shares struggled on Monday ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields pressured sky-high valuations on tech stocks and underpinned the dollar.

Geopolitics was an added worry after a Russian warship on Sunday fired warning shots at a cargo ship in the southwestern Black Sea, heralding a new stage of the war that could impact on oil and food prices.