Share Market Highlights September 11, 2024: Sensex, Nifty ends lower amid profit booking in Auto, Energy stocks

The Indian stock market closed lower on Wednesday, with both benchmark indices shedding 0.49 per cent amid profit booking in auto and energy stocks. The BSE Sensex ended the day at 81,523.16, down 398.13 points, while the NSE Nifty closed at 24,918.45, losing 122.65 points.

The rupee witnessed range-bound trade and settled for the day on a flat note at 83.98 (provisional) against US dollar on Wednesday as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities.

Forex traders said significant corrections in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside.

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and touched an intraday high of 83.93 and a low of 83.98 against the American currency.

The rupee finally settled for the day at 83.98 (provisional) against the US dollar.

Mphasis Silverline Partners with AgentSync for Insurance Compliance Solution

Stock trades at ₹3,068.60 on the NSE, down by 0.38%

Nova Agritech has entered into an agreement with Koneru Lakshmaiah Education Foundation renowned as Koneru Lakshmaiah (KL) University (hereinafter referred as “KLEF”), on 9th September, 2024, to develop a formal institutional relationship and appropriate linkages between NATL & KLEF, for cooperation and collaboration through industrial linkages, R&D programs, skill development programs and employment/placements, etc. 

Nova Agritech shares trade at ₹71.52 on the BSE.

Top gainers:

Bajaj Auto (3.88%), Asian Paints (2.19%), Bajaj FInance (1.44%), Britannia (0.57%), Shriram FInance (0.55%)

Top losers:

Tata Motors (-5.55%), ONGC (-3.57%), Wipro (-2.15%), Hindalco (-1.87%), SBI (-1.73%)

Stocks advanced on BSE at 3 pm on September 11, 2024, were 1,504 against 2,434 stocks that declined, and 105 remained unchanged. Total stocks traded were 4,044. The number of stocks that recorded a 52-week high was 299, and those that hit a 52-week low was 29. 

A total of 316 stocks traded in the upper circuit, and 244 in the lower circuit.

Khadim India has entered into a tieup with Underlinen Fashion House Private Limited for Puma Socks and other Puma products in India.

Khadim India stock rises 2.23% on the NSE, trading at ₹376.65.

The price reduction is anticipated to drive a 5-10% increase in sales volumes as consumers capitalize on the lower prices, especially during key festive and wedding seasons, which are traditionally periods of peak gold purchases in India. These seasons, including Diwali and Akshaya Tritiya, are expected to see a surge in demand as gold becomes more accessible to a broader range of consumers. However, while the short-term outlook is positive, the market may face some challenges. Retailers might experience inventory losses due to the reduced prices, although these losses are expected to be partially offset by lower marketing and promotional expenses, thanks to the naturally increased demand.

Overall, the duty reduction has positioned the gold market in India for strong growth, with increased affordability driving demand and potentially leading to sustained consumer interest in gold as both an investment and a cultural asset.

Innomet Advanced Materials Limited, a global supplier of a wide spectrum of ferrous and non-ferrous metal/alloy powders, has announced its plan to go public with an Initial Public Offering on September 11, 2024. The company aims to raise ₹3,423.60 lakhs at a price of ₹100 per share through this IPO, with shares set to be listed on the NSE Emerge platform.

Tata Motors Ltd.’s shares are set for their longest losing streak in 16 years as UBS Group AG said rising discounts would hurt the earnings of the British maker of luxury SUVs.

The Indian company’s shares fell as much as 5.9% on Wednesday in a ninth day of declines, the longest run of losses since October 2008. The stock is the worst performer on the benchmark NSE Nifty 50 Index.

The plunge came as UBS warned Jaguar-Land Rover orderbook is weak and fresh bookings lag behind supply. The weakness in Jaguar business, which largely derives its revenue outside of India, will add to headwinds facing domestic car makers amid weak demand and piling inventories. Tata Motors cut prices of some vehicles this week. 

“We would not be surprised if the incentives for Range Rover — JLR’s apex model — start rising soon from near-zero levels,” UBS analysts Pramod Kumar and Nikunj Mandowara wrote in a note. Rising discounts, moderating growth and a lack of new launches in non-EV categories may led to “significantly weaker” financials for the next fiscal year, they said.

UBS maintained its sell rating on the company, with a target price of 825 rupees, implying over 20% downside from Tuesday’s closing price. (Bloomberg)

SM Auto Stamping informed that Suresh Jagdale has tendered his resignation as Chief Financial Officer of the Company with effect from the close of business hours of September 11, 2024

Skipper Ltd informed that the Office of the Deputy Commissioner, Business Audit Wing-III Circle-B, Jaipur, Rajasthan, has issued a Show Cause Notice u/s 73 of CGST/RGST Act, and levied a penalty of ₹1,43,94,105 against excess ITC claimed in F.Y.2020-21.

Stock trades flat on the NSE at ₹411.05

Evexia Lifecare board to consider raising of funds by way of issue of convertible equity warrants and/or Equity Shares on preferential basis.

Shares trade at ₹3.50 on the BSE.

Indian stock markets edged higher in midday trading on Wednesday, with the Sensex up 66.46 points or 0.08 per cent at 81,987.75 and the Nifty rising 20.75 points or 0.08 per cent to 25,061.85. The gains were led by auto and finance stocks, while oil and gas companies faced selling pressure.

Bajaj Auto emerged as the top gainer on the NSE, surging 3.91 per cent. The company also hit a 52-week high, climbing 4.21 per cent. Other major gainers included Bajaj Finance (2.46 per cent), Asian Paints (2.42 per cent), Hindustan Unilever (1.43 per cent), and Bajaj Finserv (1.40 per cent).

On the flip side, Tata Motors saw the steepest decline, dropping 5.15 per cent. ONGC fell 3.03 per cent, followed by BPCL (-1.69 per cent), Hindalco (-1.34 per cent), and ICICI Bank (-0.53 per cent).

Read more here.

Delhivery has received a notice from the Office of the State Tax Officer, Mobile Squad, Shamalaji Enforcement Division-2, Ahmedabad Gujarat State GST, levying a general penalty of ₹50,000 as provided under Section 129(1)(a) of the CGST Act, 2017.

Delhivery shares trade flat on the NSE at ₹413.05.

Bajaj Housing Finance IPO has been subscribed 24.62 times as of 12.54 pm on September 11, 2024. The QIB portion has been subscribed 60.79 times, NII portion 30.90 times, retail 5.87 times, thatose reserved for employees 1.67 times, and the reservation portion shareholder 14.84 times. The issue closes today.

“The reduction of the GST rate on cancer drugs to 5% is a much-needed and revered move announced by the council that will ease the burden of this life-threatening disease. Currently, cancer is among the top 5 causes of death in India, and a considerable share of these cases are owing to the inability to bear medical expenses. Furthermore, India recorded approximately 1.49 million cases in 2023 and as per estimates, a 12.8% increase in annual cancer cases by 2025 is projected. This underlines the need to build a robust ecosystem to fight the inflating cancer load, and the move to reduce the GST rate is a coveted step in that direction.”

a. Cold Pressed. Groundnut Oil, 

b. Cold Pressed Extra Vergin Coconut Oil, 

c. Cold Pressed Sesame oil, 

d. Cold Pressed Mustard Oil.

Strides Pharma Science Limited announced today that it has received approval from equity shareholders and secured creditors to create OneSource, India’s first specialty pharma Contract Development and Manufacturing Organization (CDMO). Read more

Eureka Forbes Limited, a major player in India’s health and hygiene sector, listed its shares on the National Stock Exchange (NSE) today. Previously listed only on the Bombay Stock Exchange (BSE), the company’s scrip code has been unified to EUREKAFORB on both exchanges. This move aims to increase accessibility for shareholders and investors.

The shares of Eureka Forbes Limited were trading at ₹503.65 up by ₹10.40 or 2.11 per cent on the BSE today at 12.25 pm.

Aurionpro Solutions Limited has won a significant contract worth over ₹200 crore from the Panvel Municipal Corporation in Maharashtra, India. Announced today, the five-year agreement designates Aurionpro as the Technology Partner for the Panvel Safe City initiative.

Ad-tech startup InMobi has secured $100 million in debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group. The funds will be used to propel InMobi’s artificial intelligence (AI) development and deployment efforts forward and fund potential AI-focused acquisitions, said the company in its statement.

Gensol Engineering Limited and Matrix Gas & Renewables Limited have announced a partnership to develop India’s first Green Hydrogen Valley in Pune, Maharashtra. The project, revealed today, will supply green hydrogen to the specialty chemical industry around the clock for the next 20 years. read more

R Systems International board has approved a composite scheme of amalgamation of Velotio Technologies Private Limited and Scaleworx Technologies Private Limited.

R Systems International stock rises 2.64% on the NSE, trading at ₹509.10.

eMudhra Ltd informed that a merger of Sendrcrypt Technologies Inc, USA, a wholly- owned step-down subsidiary of the Company, with its holding company, viz., eMudhra Inc, a wholly owned subsidiary of the Company, has been approved by the State of Delaware, USA.

eMudhra shares were down 2.22% on the NSE, trading at ₹856.

Company turnover stood at INR 43.7 Cr during the period from April, 2024 till August, 2024 as against turnover of INR 20.31 Cr during the same period pervious year, i.e. from April, 2023 till August, 2023, thereby registering a strong growth of 115.34% in revenue current stated period.

⁠Epack Durable: GUIDANCE

As per Q1FY25 Concall, Company expecting 45% Revenue growth for the financial year FY25, and gross margins are projected to remain consistent with those achieved in FY24.

Company has incorporated a wholly owned subsidiary Trident Techlabs LLC-FZ in Dubai, UAE for business activities like Information Technology Consultants in Electrical Power System, Wholesale of other electrical material such as electrical motors, transformers.

Company announced the successful expansion of Galvanized Iron (GI) plant in Mangaon, Maharashtra. This new facility will significantly enhance company’s production capabilities, adding 5,000 MT of capacity per quarter.

Company has unpledged its 30L equity shares from Indian Bank. The largest transformer manufacturing facility in Eastern India, nearing completion, will produce Power & Distribution Transformers, Inverter Duty Transformers, Converter Duty Transformers, and LRF/Arc Furnace Transformers, with the inauguration date to be announced soon. The company has received orders worth INR 18.7 Cr from Mongia Steel Ltd., Satyam Iron & Steel Co. Pvt. Ltd., and SKS, with total orders between April 1 and September 8, 2024, reaching INR 123 Cr. Additionally, negotiations are underway for further orders of INR 64 crores from a domestic client and INR 26 crores from an export client.

Company has launched its new subsidiary, izmomicro, which focuses on cutting-edge semiconductor packaging and manufacturing, with a state-of-the-art System-in-Package (SiP) manufacturing facility in Bangalore. This facility strengthens India’s position in the global semiconductor supply chain, offering high-density, high-performance SiP solutions for industries like consumer electronics, automotive, telecommunications, and green energy. The services provided by izmomicro include custom SiP and IC packaging, high-reliability components, co-packaged optics, green energy power modules, and advanced system design. The facility also features a Class 1000 clean room, 3D die stacking, and fine-pitch wire bonding.

⁠E Factor in consortium with Eco First Services Limited, a 100% subsidiary of TATA Consulting Engineers Limited, has been awarded a contract worth INR 176 Cr for Engineering, Procurement and Construction of the Indian Pavilion at World Expo 2025, Osaka from Indira Gandhi National Centre for the Arts, Ministry of Culture, Janpath Building New Delhi.

SPIC Plants at Tuticorin have been restarted and production resumed today after completing the maintenance repair activities.

Southern Petrochemicals Industries Corporation stock jumps 5.52% on the NSE, trading at ₹95.88

Vishvprabha Foods Private Limited has obtained license from Bureau of Indian Standards for Packaged Drinking of Water. 

Vishvprabha Ventures stock rose 3.72% on the BSE, trading at ₹58

LTIMindtree has received demand notices of ₹1,08,47,424 (including penalty of ₹54,23,712) by the Office of the License Officer Seilingampally Zone, Greater Hyderabad Municipal Corporation (‘GHMC’) alleging that the Company has not obtained Trade License for its offices in Hyderabad. 

LTIMindtree stock trades flat at ₹6,340.15 on the NSE

Major gainers: Bajaj Auto (3.91%), Bajaj Finance (2.46%), Asian Paints (2.42%), Hindustan Unilever (1.43%), Bajaj Finserv (1.40%)

Major losers: Tata Motors (-5.15%), ONGC (-3.03%), BPCL (-1.69%), Hindalco (-1.34%), ICICI Bank (-0.53%)

Of 3,914 stocks traded on BSE at 12 noon on September 11, 2024, 2,055 advanced against 1,732 stocks that declined, and 127 remained unchanged. While 271 stocks recorded a 52-week high, 24 hit a 52-week low. 

A total of 298 stocks traded in the upper circuit, and 202 in the lower circuit. 

CRISIL has reaffirmed the ratings on the bank loan facilities of Paras Defence and Space Technologies Limited to ‘CRISIL A- /Stable/CRISIL A2+.

Paras Defence and Space Technologies stock trades flat on the NSE at ₹1,181

Eureka Forbes Ltd has listed its shares on the National Stock Exchange (NSE). The scrip code of Company has also undergone a change. The shares were previously listed only on the Bombay Stock Exchange (BSE) under the scrip code EUREKAFORBE. With the listing on NSE, the scrip code is now EUREKAFORB on both the stock exchanges.

Aurobindo Pharma said a new injectable facility of Eugia Steriles Private Limited, a 100% stepdown subsidiary of the Company, received its first product approval from USFDA.

Aurobindo Pharma shares were up 1.03% on the NSE, trading at ₹1,534.10.

Adani Enterprises has issued a clarification regarding a news item: Adani ties up with Israel company for Rs 84k crore chip plant

“The project is being evaluated at Adani group level. The Company has not signed any binding document(s) in this regard hence we are unable to comment on the same at this stage.” 

Shares slip 0.43% on the NSE, trading at ₹2,973.50.

Our channel checks with 2W, PV and MHCV dealers indicate positive expectations for the coming festive period. 

Highlights: i) 2W festive demand to grow over 15%, led by strong rural demand and continuing urban demand. Mass-market OEMs to continue to outperform premium OEM EIM-RE.

ii) PV demand to be moderate, at single digits. UV demand to outpace hatchbacks, resulting in outperformance for MM versus MSIL.

iii) MHCV demand shall grow in single digits, aided by replacement demand. We prefer mass-market 2W OEMs and tractor OEMs. Our top picks include ESCORTS (TP: ₹5,000), MM (₹3,700), HMCL (₹6,500) and TVSL (₹3,200).

Strides Pharma Science Limited (Strides) has secured the approval of its equity shareholders and secured creditors with overwhelming majority , along with those of OneSource Specialty Pharma Limited and SteriScience Specialties Private Limited, in meetings convened under the guidance of the Hon’ble National Company Law Tribunal (NCLT)

Shares inched up 0.79% on the NSE, trading at ₹1,360.65

Nippon Life India Asset Management Limited (NAM India), asset manager of Nippon India Mutual Fund (NIMF), announces the launch of Nippon India Nifty 500 Momentum 50 Index Fund. An open-ended scheme replicating/tracking Nifty 500 Momentum 50 Index^.

Nippon India Nifty 500 Momentum 50 Index Fund - Unlocking India’s Growth Potential - This innovative fund aims to capture the potential of India’s growth story by investing in a basket of top 50 momentum-driven stocks from the Nifty 500 index universe.

The fund is a passively managed index fund which will employ an investment approach designed to track the performance of Nifty 500 Momentum 50 TRI. The fund is designed to provide investors with a diversified and efficient way to participate in the Indian equity market by investing in the underlying securities of the Nifty 500 Momentum 50 Index in the same proportion. The fund seeks to capitalize on the performance of stocks that have exhibited relatively strong momentum in the recent past.

The NFO opens on September 11, 2024, and closes on September 25, 2024. The minimum investment amount required during NFO is ₹1000 and in multiples of Re 1 thereafter.

Speaking at the launch, Sundeep Sikka, ED and CEO, Nippon India Mutual Fund said,

“We are thrilled to introduce the Nippon India Nifty 500 Momentum 50 Index Fund. This Fund offers investors a diversified exposure to India’s growth story, while focusing on companies exhibiting strong upward momentum. Building on our distinguished track record in passive investments, we remain committed to deliver innovative and robust solutions that align with our customers’ evolving financial goals.

Tata Motors (-5.30%), Sumitomo Chemical (-4.62%), DCW (-4%), Suprajit (-3.96%), Thomas Cook (-3.80%)

Shoppers Stop (12.17%), Prism Johnson (10.30%), Advanced Enzyme (9.14%), Vakrangee (7.28%), Century Textiles (6.99%)

Namo eWaste Management Limited on getting listed on the NSE. The company offers services for the collection, disposal, and recycling of e-waste. The Public Issue was of ₹5,120.40 lakhs at an issue price of ₹85 per share. (NSE India)

Brace Port Logistics Limited on getting listed on the NSE. The company specializes in providing ocean cargo logistics services to clients across various sectors of the economy. The public Issue was of ₹2,440.96 lakhs at an issue price of ₹80 per share. (NSE India)

Forcas Studio Limited on getting listed on NSE. The company sells variety of men’s clothing. The Public Issue was of ₹3,744.00 lakhs at an issue price of ₹80 per share. (NSE India)

Interarch Building Limited provides turnkey pre-engineered steel construction solutions in India. The company offers integrated facilities for design, engineering, manufacturing, and on-site project management for the installation and erection of pre-engineered steel buildings (PEB). The Public issue was of ₹600.29 crore. (NSE India) 

The ₹1,100-crore initial public offering of PN Gadgil Jewellers enters day 2. The IPO comes with a price band of ₹456-480. The Maharashtra-based company’s IPO saw a good response so far and subscribed two times. Read more

Crude oil futures traded higher on Wednesday morning due to fears of supply disruptions from tropical storm Francine in the Gulf of Mexico.

At 9.57 am on Wednesday, November Brent oil futures were at $69.60, up by 0.59 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $66.08, up by 0.50 per cent. Read more

IREDA Global Green Energy Finance IFSC Ltd, wholly-owned subsidiary of IREDA, has bd granted provisional registration as a finance company by the International Financial Services Centre Authority (IFSCA).

IREDA shares trade flat on the NSE at ₹232.15

Indian stock markets opened flat on Wednesday, September 11, 2024, as investors weighed mixed global cues and awaited key U.S. inflation data. Read more

Track live movements ​here​: 

Persistent Systems Ltd and Persistent Systems, Inc. have entered into an Asset Purchase Agreement with SoHo Dragon Inc. for the acquisition of its identified assets subject to the satisfaction of customary closing conditions.

Persistent Systems stock trades flat on the NSE at ₹5,282.40

Gensol Engineering Ltd and Matrix Gas & Renewables Ltd have secured a project to set up India’s first Green Hydrogen Valley in Pune, Maharashtra

Gensol shares rose 1.83% on the NSE, trading at ₹925.

Reliance Retail Ventures Ltd (Reliance Retail) and Delta Galil Industries, Ltd. have announced a partnership in India. This collaboration, marked by a 50/50 joint venture, aims to redefine the apparel landscape in the Indian market.

Reliance Industries stock trades flat on the NSE at ₹2,929.70

Marine Electricals (India) Ltd has received an order amounting to ₹4.10 crore (Excluding Taxes) from Princeton Digital Group, for supply, installation, testing & commissioning (SITC) of LV Panel. Delivery shall be over a period of four months.

Shares trade flat on the NSE at ₹252.90

Top gainers: Bajaj Auto (1.43%), Asian Paints (1.08%), Tata Consumer Products (0.88%), BPCL (0.78%), ITC (0.61%)

Top losers: Tata Motors (-4.05%), ONGC (-1.88%), Hindalco (-0.73%), HDFC Life (-0.72%), Hero Motocorp (-0.67%)

Crude oil futures traded higher on Wednesday morning due to fears of supply disruptions from tropical storm Francine in the Gulf of Mexico. At 9.22 am on Wednesday, November Brent oil futures were at $69.59, up by 0.58 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $66.17, up by 0.64 per cent. September crude oil futures were trading at ₹5567 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5533, up by 0.61 per cent, and October futures were trading at ₹5550 against the previous close of ₹5513, up by 0.67 per cent.

“A significant trend in the global commodity markets now is the sharp decline in the crude price and softening of base metal prices. This has implications for stock markets. The sharp dip in Brent crude to below $70 signals weakening demand globally, which in turn, indicates weakening growth prospects for the global economy. Therefore, rate cuts by the leading central banks of the world is now a foregone conclusion. The Fed will kick off its rate cutting cycle this month. In India, too, we can expect two rate cuts by the MPC in FY25. Banking stocks, which are attractively valued, are good buys now for medium to long-term investors. The investor preference of defensives like Pharma and FMCG is likely to continue. Industries using crude and crude derived inputs as raw material, like paints, adhesives, tyres and aviation will be on strong wicket.”

CLSA on Shriram Trans: Maintain Outperform on Company, target price at Rs 3350/Sh (Positive)

HSBC on Dixon: Maintain Hold on Company, raise target price at Rs 14000/Sh (Positive)

Emkay on Pricol: Maintain Buy on Company, target price at Rs 600/Sh (Positive)

CLSA on Mutual fund flows: Monthly SIP flows reach a new peak (Positive)

BofA on NBFCs: Rate cut cycle to aid NIM expansion, valuation re-rating as growth sustains. Bajaj Finance and Shriram Trans are top picks (Positive)

HSBC on Real Estate: Residential Sales Continue To Increase From A High Base, But The Pace Has Moderated (Neutral) 

CLSA on Dixon: Maintain Hold on Company, raise target price at Rs 12100/Sh (Neutral)

Jefferies on Kaynes: Maintain Hold on Company, raise target price at Rs 4540/Sh (Neutral)

UBS on Tata Motors: Maintain Sell on Company, target price at Rs 825/Sh (Neutral)

CLSA on Infosys: Maintain Hold on Company, target price at Rs 1747/Sh (Neutral)

CLSA on Ambuja Cem: Maintain Underperform on Company, target price at Rs 570/Sh (Neutral)

MOSL on Deepak NTR: Maintain Neutral on Company, target price at Rs 3060/Sh (Neutral)

GS on Zee Ent: Maintain Neutral on Company, target price at Rs 165/Sh (Neutral)

UBS on Tata Motors

Sell Call, Target Rs 825

The Question Is Should Investors Worry With JLR Discounts Spike

Defender, Range Rover & Range Rover Sport, Trio Are JLR’s Prem Models Have Boosted ASPs

The Extended Successful Run Of These Models Has Started To Moderate

The Orderbook Is Now Below Pre-COVID Levels

Range Rover Discounts Could Also Soon Rise

Expect Further Downside Risk From Margin Slippage At JLR & Within Indian PVs

HSBC on Dixon Tech

Buy Call, Target Raised To Rs 14,000

HP Is A Leading Player In The India’s Personal Computers (PC) Market

Dixon Looks Set To Capture A Significant Portion Of India’s IT Hardware Manufacturing Market

Large Scale In Mobile & IT Hardware To Create Backward Integration Opportunities

CLSA on Dixon Tech

Hold Call, Target Rs 12,100

Co Outlined A Strong Near & Medium-term Growth Outlook

New Customer Acquisition Is Likely To Drive Growth In The Near-term

Gaining Wallet Share In Mobile Phones Is Likely To Drive Growth In The Near Term

Over The Medium-term, The Focus Is On Raising Backward Integration Via Components Mfg

Dixon Now Has Tie-Ups With Four Of The Top Laptop Brands In India

Co Aspires To Gain 20%-25% Market Share In This Segment Over The Medium Term

Jefferies on Kaynes Tech

Hold Call, Target Rs 4,540

Core EMS Biz Is On A Strong Footing, With Jun’24 Orderbook

Co Enjoys The Highest OPM (13-14%) Vs EMS Peers

Co Targets $1 Bn Sales By FY28, Implying FY24-28 CAGR Of +47%

Estimate FY24-27 Sales / EPS At +42%/48% CAGR

FY26 PE At 65x

HSBC on Real Estate

Not Yet Time To Get Worried

Residential Sales Continue To Increase From A High Base, But The Pace Has Moderated

Despite Pricing Growth, Preference Remains For Larger Homes

Average Ticket Price Of Gurugram Now Above Mumbai

NCR Only Market To Average 3+ Bedrooms Per Home Sold

Godrej Properties Lone Developer Among Top 10 In Six Cities

MOSL on Deepak Nitrite

Neutral Call, Target Rs 3,060

Co Investing Rs 2,200 Cr In Integration Projects & Set For Phased Commissioning By FY25

Cost Reduction, Backward Integration Would Ensure A Steady Supply Of Raw Materials

Supply Deal With Petronet LNG Would Ensure A Steady Supply Of Raw Materials

Believe Current Valuation At 39x FY26 EPS Seems Expensive

GS on Zee Ent

Neutral Call, Target Rs 165

FY25-27 Revenue Estimate Decline By 2-3%

FY25 EBITDA Estimate Is 7% Higher, Though Lower In FY26/FY27

Updated Estimates Largely Due To Lower Revenues (Subdued Advertisement Revenues)

Key Upside Risks - Higher Growth In Subscription Rev, Faster Recovery In Advertisement Income,

Key Downside Risks - Elevated Content Costs, Impact From Digital On Ad And Subscription Rev

Silver prices remained stable as investors anticipated the US inflation data, which could guide the Federal Reserve’s rate decision next week. While expectations for a half-point rate cut briefly rose above 50% following the mixed August jobs report, they have since fallen to around 35%. San Francisco Fed President Mary Daly and Chicago Fed President Austan Goolsbee signaled that the US central bank is leaning toward easing rates due to falling inflation and a slowing economy, with further rate cuts likely over the next year.

Key economic data slated for release includes Core CPI m/m, CPI m/m, CPI y/y from US Zone

Gold remained flat around $2,520 per ounce as investors awaited the US inflation report, expected to offer clues on the size of the Federal Reserve’s upcoming rate cut. The mixed jobs report last week, with lower-than-expected job gains but a decrease in unemployment, left markets uncertain. Forecasts suggest annual US inflation will slow to 2.6% in August, from 2.9% in July, while the monthly rate is projected to hold at 0.2%. According to the CME FedWatch tool, markets predict a 67% likelihood of a 25 basis point cut and a 33% chance of a 50 bps reduction at next week’s Fed meeting.

Key economic data slated for release includes Core CPI m/m, CPI m/m, CPI y/y from US Zone

ONGC is set to disappoint as market exuberance contradicts missed production targets and oil-plunges below the critical $75 threshold.

Market is excited about ONGC’s standalone guidance of 20% volume growth, mainly from KG-98/2. We caution ONGC has repeatedly missed guidance. Notably, past production has consistently fallen by a 3.2% CAGR and 1P reserves by 3.3% over FY19–24. KG production guidance has nearly halved as well for this high-cost ultra-deep block. Earnings are poised for a free fall as the $75/bbl crude threshold has breached while the $67.5/bbl precipice for gas is within sight. In contrast, only 18% of Street is bearish on ONGC, indicating excessive exuberance. Retain ‘REDUCE’ with a TP of Rs 232.

The ₹230-crore IPO from Kerala-based Tolins Tyres saw a strong response, especially from retail and non-institutions. The issue has been subscribed 5.22 times so far; the retail investors’ portion received bids for 8.22 times, while that of QIBs and NIIs (non-institution) was subscribed 0.46 times and 4.10 times, respectively. The issue closes for public subscription today. Read more

Astra microwave: Company signed a MOU with premier explosives for a strategic alliance to develop and sell multiple products jointly.

Ramco Systems: Company announces the launch of aviation software 6.0 for smarter aircraft management 

Jubilant Pharmova: USFDA determines inspection classification of ‘voluntary action indicated’ for the contract manufacturing facility at Spokane, Washington (USA) 

Hindustan Zinc/Skipper: Company and skipper limited partner for India’s heaviest transmission steel pole structure, weighing around 200 metric tons 

Reliance Industries: Reliance Retail Ventures & Delta Galil in pact for JV in India. 

IZMO: Company launches IZMO micro - India’s leading system-in-package manufacturing facility, now operational in Bangalore, Company launch of IZMO microsystems, unit for semiconductor packaging, manufacturing 

Brigade Enterprises: Company inaugurates 108-bed hospital in collaboration with St. John’s Medical College Hospital at Brigade Meadows. 

PC Jeweller: Company said it has received a refund of ₹67.54 crore from the Income Tax Department 

Lemon Tree: Company announced the signing of a license agreement for a new property, the Lemon Tree Hotel, Mira Road, Mumbai

IREDA: Company unit IREDA global green energy finance IFSC gets provisional registration from IFSCA. 

Tinna Rubber: Company has signed a joint venture agreement with lionshare holdings and MBODLA investments to acquire and recycle used Tyres, either in India or through a new recycling plant in South Africa

Rajoo Engineers: Company signing agreement to develop innovative plastic extrusion machinery, Company to develop plastic extrusion machinery for one of overseas customer worth $ 15 million 

Ashoka Buildcon: Company has formed ABL INDIRA Projects JV LLP with Indira projects & development private limited for a project in the Maldives, holding a 90% stake in the LLP 

Genus Power Infra: Company has incorporated two wholly-owned step-down subsidiaries (SPVS) on September 10, these are incorporated as SPVS for execution of advanced metering infrastructure service provider contract 

Adani Ports: Rorix Holdings in pact with Company to integrate advanced technologies into India’s infrastructure: Bloomberg

Infosys: Company and Proximus Group announce strategic collaboration to drive innovation and deliver superior customer experiences through CPaaS and DI solutions.

Oil India/ ONGC: OIL, OVL and KABIL sign MoU with IRH, UAE for global cooperation in critical mineral supply chain

Shriram Finance: Company plans to list its general and life insurance subsidiaries in next two years. 

Endurance Tech: Company to capitalize on premiumization in auto sector to grow revenues. 

Oil Downstream companies: Brent crude falls below $70 for the first time in 3 years.

Torrent Pharma: Company achieved double-digit growth on business 

CESC: Purvah Green Power accepts LoA from company for setting up 300MW Solar PV power project. 

Bajaj Auto/Hero/TVS/Ola: Government likely to announce subsidy schemes for electric vehicles today: Sources

Windsor Machines: Plutus Investments acquires 53.9% of Windsor Machines for Rs 350 crore. 

Dr Reddy’s lab: Company issues clarification on certain allegations pertaining to our engagement with agora advisory, Company routinely engage external coaches to enable significant role transitions of leaders.

Dixon Technologies: India CCI approves the subscription of certain shares of Aditya Infotech limited by Company and the acquisition of certain shares of ail Dixon technologies private limited by AIL

Logica Infoway: Company on obtaining Tier - I National Distributorship of Samsung Laptops/ Notebooks for West Bengal and National Capital Region (Delhi NCR) in the month of September 2024 

Pidilite industries: Company issues clarification on news regarding association of Dhaval buch, Company says engages with multiple partners, consultants 

Tata Motors: India CCI approves the proposed merger of Tata motors finance ltd with and into Tata capital ltd 

Persistent: Company to acquire assets of SoHo Dragon in $4.7 million deal 

Reliance Industries: Company sets September 20 as last date for paying call money on partly paid shares. 

IndiGo: Bureau of Civil Aviation Security reduces Quantum Of Penalty Imposed On Co from ₹1.2 Cr to ₹70 Lk

UCO Bank: To hike lending rate by 5 bps for some tenures from September 11, 2024 

SpiceJet: Company agrees to a restructuring settlement with Carlyle Aviation, which will involve writing off $40.17 million in lease arrears.

Yes Bank: Recommends wholesale banking country head Manish Jain’s name as executive director for 3 years. 

Auto Ancillaries: BMW Cut 2024 guidance in the Automotive segment.

Price band fixed at ₹ 163 to ₹ 172 per equity share of face value of ₹ 5 each (“Equity Share”)

· Bid/Offer will open on Friday, September 13, 2024 and close on Wednesday, September 18, 2024[i]. The Anchor Investor Bid/Offer Period shall be Thursday, September 12, 2024 

· Bids can be made for a minimum of 87 Equity Shares and in multiples of 87 Equity Shares thereafter

Ex Bonus 12 Sept 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Bigbloc Construction Ltd.

Bonus issue 1:1

Previous day Closing Price – Rs. 252.85

Acceleratebs India Ltd.

Bonus issue 3:5

Previous day Closing Price – Rs. 350

Varun Beverages Ltd

Stock Split From Rs.5/- to Rs.2/- 

Previous day Closing Price – Rs. 1518.95 

Ex - Stock Split 12 Sept 2024 (Tomorrow) 

Last day trade for before split Today

\ 

Ex-Dividend 12 Sept 2024 (Tomorrow)\u0009

Last date for Cum-Dividend Today\u0009

\u0009

Arrow Greentech Ltd\u0009

Dividend Per Share Rs.2\u0009

Previous day Closing Price – Rs. 836.75\u0009

\u0009

Bengal & Assam Company Ltd.\u0009

Dividend Per Share Rs.40\u0009

Previous day Closing Price – Rs. 9924.45\u0009

\u0009

Bharat Rasayan Ltd.\u0009

Dividend Per Share Rs.1.5\u0009

Previous day Closing Price – Rs. 13633.35\u0009

\u0009

Eldeco Housing & Industries Ltd.\u0009

Dividend Per Share Rs.8\u0009

Previous day Closing Price – Rs. 968.3\u0009

\u0009

Garware Technical Fibres Ltd\u0009

Dividend Per Share Rs.3\u0009

Previous day Closing Price – Rs. 3899.55\u0009

\u0009

Gulshan Polyols Ltd.\u0009

Dividend Per Share Rs.0.3\u0009

Previous day Closing Price – Rs. 235.1\u0009

\u0009

Haldyn Glass Ltd\u0009

Dividend Per Share Rs.0.7\u0009

Previous day Closing Price – Rs. 149.15\u0009

\u0009

Industrial & Prudential Investments Co.Ltd.\u0009

Dividend Per Share Rs.90\u0009

Previous day Closing Price – Rs. 6678.9\u0009

\u0009

Mallcom (India) Ltd\u0009

Dividend Per Share Rs.3\u0009

Previous day Closing Price – Rs. 1429.65\u0009

\u0009

Mysore Petro Chemicals Ltd.\u0009

Dividend Per Share Rs.2.5\u0009

Previous day Closing Price – Rs. 225.95\u0009

\u0009

Nirlon Ltd.\u0009

Dividend Per Share Rs.11\u0009

Previous day Closing Price – Rs. 437.15\u0009

\u0009

Patels Airtemp (India) Ltd.\u0009

Dividend Per Share Rs.3\u0009

Previous day Closing Price – Rs. 751.35\u0009

\u0009

Sicagen India Ltd.\u0009

Dividend Per Share Rs.0.6\u0009

Previous day Closing Price – Rs. 107.02\u0009

\u0009

SJVN Ltd\u0009

Dividend Per Share Rs.0.65\u0009

Previous day Closing Price – Rs. 133.65\u0009

\u0009

Skipper Ltd\u0009

Dividend Per Share Rs.0.1\u0009

Previous day Closing Price – Rs. 412.05\u0009

\u0009

Southern Petrochemicals Ltd.\u0009

Dividend Per Share Rs.1.5\u0009

Previous day Closing Price – Rs. 90.84\u0009

\u0009

Sree Rayalaseema Hi-Strength Hypo Ltd.\u0009

Dividend Per Share Rs.3\u0009

Previous day Closing Price – Rs. 585.5\u0009

\u0009

V.S.T.Tillers Tractors Ltd.\u0009

Dividend Per Share Rs.20\u0009

Previous day Closing Price – Rs. 4292.55\u0009

\u0009

WEP Solutions Ltd.\u0009

Dividend Per Share Rs.0.5\u0009

Previous day Closing Price – Rs. 40.08\u0009

\u0009

Excel Industries Ltd.\u0009

Dividend Per Share Rs.5.5\u0009

Previous day Closing Price – Rs. 1611.4

RBI has imposed a monetary penalty on Axis Bank amounting to ₹1.91 crore for the following non-compliances: 1. Opening savings deposit accounts in the name of ineligible entities; 2. Allotting multiple Customer Identification Code to its individual customers instead of a Unique Customer Identification Code for each customer; 3. Obtaining collateral security for agricultural loans of value less than Rs. 1.6 lakh; 4. Undertaking of non-permissible business of ‘providing technology services’ by one of the wholly owned subsidiaries of the Bank.

The Jamshedpur-based auto parts manufacturer Kross Ltd’s IPO closes today. The IPO was subscribed nearly 2.56 times, driven mainly by retail interest. While QIBs did not show much interest till at the end of Day 2, the retail portion was subscribed 3.88 times. The HNIs (non-institution) portion received bids 2.87 times so far. Read more

The initial public offering from the Bajaj group, Bajaj Housing Finance, will close today for public subscription. The IPO has already generated strong interest from all categories of investors, being subscribing 7.5 times so far. Read more

Century Textiles and Industry said its realty arm Birla Estates is acquiring title rights for an approximately 10-acre plot for ₹1,100 crore from Nusli Wadia. The “existing leasehold interest of CTIL is merged with the ownership rights” with the deal, the statement said, adding that this particular parcel possesses a booking value potential of ₹14,000 crore if the real estate is exploited to the fullest. Read more

Treasury yields came lower yesterday night, with markets positioning for a softer inflation reading today. 

India bond yields have been broadly ranged despite moves lower in global benchmarks and crude oil prices. 

US CPI inflation will be front and centre today, with expectations at 2.6% YoY vs 2.9% prev. The core inflation will likely print steady at 3.2%. 

India reserve money data will also be released watched to understand changes in GOI cash balances and trends in CiC.

* ABFRL

* BALRAMCHIN

* BANDHANBNK

* BIOCON

* CHAMBLFERT

* HINDCOPPER

* RBLBANK

11.30 U.K. GDP m/m (Expected: 0.2% versus Previous: 0.0%)

11.30 U.K. Industrial Production m/m (Expected: 0.3% versus Previous: 0.8%)

18.00 U.S. CPI y/y (Expected: 2.6% versus Previous: 2.9%)

Domestic markets are expected to open on a flat note on Wednesday. Gift Nifty at 25085 signals a flattish opening, Analysts say a lack of domestic cues will to keep the market lacklustre, though the undertone remains bullish. Analysts expect the consolidation mode to continue. Signals from the Asian markets are negative following a mixed closing at the US stocks overnight.

INDIA’S LEADING SYSTEM-IN-PACKAGE (SIP) MANUFACTURING FACILITY, NOW OPERATIONAL IN BANGALORE || CO SAYS LAUNCH OF IZMO MICROSYSTEMS, UNIT FOR SEMICONDUCTOR PACKAGING, MANUFACTURING

JUBILANT PHARMOVA: USFDA DETERMINES INSPECTION CLASSIFICATION OF ‘VOLUNTARY ACTION INDICATED’ FOR THE CONTRACT MANUFACTURING FACILITY AT SPOKANE, WASHINGTON (USA)

HINDUSTAN ZINC: CO AND SKIPPER LIMITED PANER FOR INDIA’S HEAVIEST TRANSMISSION STEEL POLE STRUCTURE, WEIGHING AROUND 200 METRIC TONS

IREDA: CO UNIT IREDA GLOBAL GREEN ENERGY FINANCE IFSC GETS PROVISIONAL REGISTRATION FROM IFSCA

TINNA RUBBER AND INFRA: CO HAS SIGNED A JOINT VENTURE AGREEMENT WITH LIONSHARE HOLDINGS AND MBODLA INVESTMENTS TO ACQUIRE AND RECYCLE USED TYRES, EITHER IN INDIA OR THROUGH A NEW RECYCLING PLANT IN SOUTH AFRICA

RAMCO SYSTEMS: CO ANNOUNCES THE LAUNCH OF AVIATION SOFTWARE 6.0 FOR SMAER AIRCRAFT MANAGEMENT || CO SAYS SPECIALIZED ENGINE MRO SOLUTION AND KEY AI ENHANCEMENTS TO DRIVE TRANSFORMATION IN M&E AND MRO OPERATIONS

DR REDDY’S LAB: CO ISSUES CLARIFICATION ON CEAIN ALLEGATIONS PEAINING TO OUR ENGAGEMENT WITH AGORA ADVISORY || CO SAYS ROUTINELY ENGAGE EXTERNAL COACHES TO ENABLE SIGNIFICANT ROLE TRANSITIONS OF LEADERS

DR REDDY’S LAB: CO SAYS FOR LIMITED PERIOD FROM OCTOBER 2020 TO APRIL…

RAJOO ENGINEERS: CO SAYS SIGNING AGREEMENT TO DEVELOP INNOVATIVE PLASTIC EXTRUSION MACHINERY || CO TO DEVELOP PLASTIC EXTRUSION MACHINERY FOR ONE OF OVERSEAS CUSTOMER WOH $15M

DIXON TECHNOLOGIES: INDIA CCI APPROVES THE SUBSCRIPTION OF CEAIN SHARES OF ADITYA INFOTECH LIMITED (AIL) BY CO AND THE ACQUISITION OF CEAIN SHARES OF AIL DIXON TECHNOLOGIES PRIVATE LIMITED BY AIL

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 18:34 PM Tuesday 10 September 2024

Ashok Leyland: Shenu Agarwal, MD CEO

Expect A Pick-up In Demand For The CV Industry From October: Ashok Leyland

https://www.youtube.com/watch?v=OdPjhla7t0o

Epack Durable: Ajay DD Singhania, MD & CEO

Will Definitely Surpass Industry Growth Of 30% This Year: EPACK Durable

https://www.youtube.com/watch?v=QSIvVSv2ZTo

*Endurance Techn: RS Raja Gopal Sastry, *

Goal Is To Get To Inflection Point To Drive Topline Growth: Endurance Technologies

https://www.youtube.com/watch?v=G0Wn1DcQOQA

Gopal Snacks: Bipinbhai Vithalbhai Hadvani, CMD

Gopal Snacks: GST Rate Cut To Boost Volume Growth? Price Cut Likely? Raj Bipinbhai Hadvani

https://www.youtube.com/watch?v=6_m7UVFuz8Q

KFin Technologi: Senthil G, Chief Business Dev Officer

KFin Technologies Launches Wealth Management Platform

https://www.youtube.com/watch?v=uQybxJum80M

Maruti Suzuki: Partho Banerjee, Sr Exec Officer-Mktg & Sales

Expect Hybrids To Contribute To 25% Of Industry Car Sales: Maruti Suzuki

https://www.youtube.com/watch?v=Lzj9c2TznzU

Nitin Spinners: Dinesh Nolkha, Managing Director

Expect Exports Contribution To Remain At Near 60% Levels: Nitin Spinners

https://www.youtube.com/watch?v=-1H5ABykl3Q

Tata Motors: Girish Wagh, ED

Working On Fuel-Agnostic Platforms To Support Electric, Hydrogen & Natural Gas: Tata Motors

https://www.youtube.com/watch?v=fDfeen1794M

Ashiana Housing: Varun Gupta, Director

Expect Remaining Units Of Ashiana Amarah-Phase 4 To Be Sold At Higher Prices

https://www.youtube.com/watch?v=wHWzwwiTjLY

DreamFolks: Liberatha Kallat, MD

Maintain FY25 Guidance For Revenue Growth At 20%, Gross Margin At 11-13%: DreamFolks

https://www.youtube.com/watch?v=PW8onrY8TQI

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

10 September 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 107403.44 + 6896.37 Total: 114299.81

F&O Volume: 462383.48 + 386294.02 Total: 848677.5

Provisional Cash

FII/FPI: NET BUY: +2,208.23 

(16,771.58 - 14,563.35) 

DII: NET SELL: -275.37

(12,153.63 - 12,429.00)

Market Close: Nifty Above 25,000, Sensex Gains 380 Points

Indian equity indices ended on a strong note on September 10, with:

- Nifty above 25,000

- Sensex gaining 380 points

- BSE Midcap index up 0.5%

- BSE Smallcap index gaining 1.6%

Top Gainers:

- Divis Labs

- LTIMindtree

- Bharti Airtel

- Wipro

- Tech Mahindra

Top Losers:

- HDFC Life

- SBI Life Insurance

- Bajaj Finserv

- Bajaj Finance

- Shriram Finance

Sectoral Performance:

- Except oil & gas, all other sectoral indices ended in the green

- Telecom and Media up 2% each

- Capital goods, IT, healthcare, power up 1% each

P N Gadgil Jewellers’ IPO is open between September 10 and 12. The offer size is ₹1,100 crore, out of which ₹850 crore is a fresh issue and ₹250 crore an OFS (Offer for Sale) from the promoter. The promoter stake post issue will be 83 per cent.

According to the company, the funds raised will be used to set up 12 new stores in Maharashtra, repayment of certain borrowings and general corporate purposes. Read more

The outlook for Sterling and Wilson Renewable Energy is bullish. The recent rise from the low of ₹608 made last month indicates a trend reversal. Strong support is now in the ₹700-₹680 region. We see high chances for the stock to sustain above ₹700 itself going forward. Read more

Maruti Suzuki India (MSIL) on Tuesday said it was looking at a significant increase in its overseas shipments by 2030, while maintaining that it will launch its first electric car eVX in January at the Bharat Mobility event.

The Securities and Exchange Board of India has lost 82 people by way of resignations, retirement and death in the past two financial years, hinting at a slight uptick in exits after the change in leadership two-and-a-half years ago.

Iffco is hopeful of a positive outcome of its research to produce another nano-liquid urea that will be capable of taking care of basal spray as the current product is only suitable for foliar spray. Once that nano-urea comes out, there will be no need for conventional granular urea, said Iffco’s managing director US Awasthi.

The Reserve Bank of India (RBI) has slapped a monetary penalty of ₹1.91 crore on Axis Bank and ₹1 crore on HDFC Bank for non-compliance with certain regulatory directions.

In the case of Axis Bank, RBI said the monetary penalty has been imposed for non-compliance with certain directions issued by it on ‘Interest Rate on Deposits’, ‘Know Your Customer (KYC)’ and ‘Credit Flow to Agriculture- Collateral free agricultural loans’, per a RBI statement. 

Food tech giant Swiggy is set to increase the size of its initial public offering (IPO) by raising additional capital through a fresh issue of shares. Swiggy is considering increasing the fresh issue component of its initial public offering by ₹1,250 crore ($150 million) to ₹5,000 crore (about $600 million) from ₹3,750 crore (around $450 million), thus aiming to raise a total of up to $1.4 billion. The offer-for-sale component of the issue remains unchanged.

Global rating firm Fitch has said that India has improved its fiscal credibility. However, it cautioned on higher debt-to-GDP (Gross Domestic Product) ratio compared with similar sovereign rated countries.

Fresh capital raised through initial public offerings (IPOs) has exceeded the amount raised through offer for sale (OFS) this year, for the first time in 12 years.

A sizeable quantum of fresh capital has been raised by Ola Electric Mobility (₹5,500 crore), Bajaj Housing Finance (₹3,560 crore) and Brainbees Solutions (₹1,666 crore) in CY24. Major companies that opted solely for a fresh capital raise include Juniper Hotels (₹1,800 crore), Jyoti CNC Automation (₹1,000 crore) and Bansal Wire Industries (₹745 crore).