Share Market Highlights 20 Sep 2023: Sensex sheds nearly 800 pts, Nifty ends below 19,900

The Indian rupee rose on Wednesday as likely dollar sales by the Reserve Bank of India and easing crude oil prices prevented the currency from hitting a record low.

The rupee closed at 83.0725 against the US dollar as compared with 83.2675 in the previous session on Monday. Read more.

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

Infosys has expanded strategic collaboration with NVIDIA with an aim to help enterprises worldwide, drive productivity gains with generative AI applications and solution. Infosys stock closed flat around Rs 1,492 on NSE.

Indian markets closed in red on Wednesday. While BSE Sensex tumbled 796 pts to settle at 66,800.84, NSE Nifty lost 231.90 pts to close below 20K level at 19,901.40. Both the indices lost nearly 1.2% today.

Shares of HDFC Bank Ltd. fell as much as 4.2% after Nomura Holdings Inc. downgraded the stock, prompted by the lender’s lowered revision of the business absorbed from its parent. The stock closed 3.87% lower to end the day’s trade at Rs 1566 on NSE. Read more.

The QIB portion has been subscribed 1.33 times, NII 0.41 times; retail 2.01 times. The issue closes today.

Sasken Technologies stock inched up by 0.42% on the NSE, trading at ₹1,051.30, after the board approved proposal for completion of due diligence and regulatory approvals, if any for making a strategic investment not exceeding ₹50 crore either directly or by entering into a joint venture along with one of the companies having global presence, specialising in Advanced AI/5G/Power driven IP licensing, custom ASIC design and foundry service business.

ABB India Ltd.’s shares were up by 0.22 per cent after the company in partnership with SMS group, is set to deliver the electric powertrain system, encompassing medium-voltage (MV) motors and MV drives, for ArcelorMittal Nippon Steel’s upcoming hot strip mill in Hazira, Gujarat. Read more.

Major gainers on the NSE at 3 pm:

Power Grid (2.22%); Coal India (1.14%); ONGC (0.78%); Sun Pharma (0.55%); NTPC (0.52%)

Major losers:

HDFC Bank (-4.15%); JSW Steels (-2.75%); BPCL (-2.30%); Reliance (-2.22%); SBI Life Insurance (-2.05%)

Stocks advanced on BSE at 3 pm on September 20 were 1,443 against 2,201 stocks that declined. Total stocks traded were 3,777. The number of stocks that recorded a 52-week high was 194, and those that hit a 52-week low was 18.

The stock rises by 4.95% on the NSE, trading at ₹547.50.

Genpharmasec Limited has finalised a Share Purchase Agreement and Share Subscription Cum Shareholder’s Agreement with Derren Healthcare Private Limited and its shareholders, securing a 70 per cent stake in the company over a one-year period.

However, shares were down by 4.37 per cent to ₹4.16 at 2.15 p.m. on the BSE. Read more.

The stock of Coal India Ltd rises by 1.65% on the NSE, trading at ₹285.90.

The stock inches up by 0.28% on the BSE, trading at ₹180.

The stock declines by 0.88% on the NSE, trading at ₹2,341.15.

The stock declines by 0.94% on the NSE, trading at ₹437.

Will Canadian pension funds review their Indian investments?

Currently, the market appears to be relatively unfazed by the tension between India and Canada. Despite the significant investments made by the Canada pension fund in the Indian equity market and the exposure of many Indian IT companies to the Canadian market, the market seems to be taking a more composed stance, viewing the issue primarily as a political one.

Immediate implications on trade relations between the two countries are not perceived to be substantial.

Pension funds, known for their long-term investment perspective, typically do not react hastily to such geopolitical events.

They maintain a strategic outlook and are likely to wait for developments before making any major adjustments. There’s a reasonable expectation that this issue will be resolved over time.

However, should the tension escalate further, a thorough analysis of the situation will be warranted.

At this moment, it’s crucial for investors to remain steady and avoid succumbing to panic.

The plant is expected to be restarted by the end of this month. Pasupati Acrylon stock declines by 2.82% on the NSE, trading at ₹35.84.

The Valiant Organics’ material subsidiary Valiant Laboratories Ltd had filed a red herring prospectus on September 18. It had earlier proposed an IPO by way of fresh issue of up to 10,890,000 equity shares for listing on BSE and NSE.

Demand trends in QSR in 2Q FY24 seem to be following the subdued demand environment of the preceding quarters. Post the month of ‘Shravan’ (when consumption of non-veg food reduces in some regions), which ended on 31 August, there has been no sign of strong resumption of demand vs the healthy trends seen last year. A delayed festive season - unlike last year - is also leading to weak YoY growth, according to QSR channel check by Nirmal Bang Instituitional Equities.

Jubilant Food, Devyani International, Westlife Food shares down up to 1% while Sapphire, RBA rise up to 0.5% today.

GR Yamuna Bridge Highway Pvt Ltd, wholly owned subsidiary of the GR Infraprojects Ltd, executed the concession agreement with the Ministry of Road Transport and Highways for construction of 4-way lane highway in Uttar Pradesh for the cost of ₹737.17 crore.

The company’s stock inches up by 0.89% on the NSE, trading at ₹1,270.

Jindal Photo (19.99%)

AGI Greenpac (17.10%)

Blue Star (13.05%)

IFCI (12.87%)

Precision Wires India (12.16%)

Adani Green Energy and TotalEnergies SE have signed a term sheet to form a new equal joint venture in which the French energy company will invest $300 million.

The stock of Adani Green Energy dropped 0.4% to trade at Rs 1,000.90 on NSE.

India’s main stock indices, Sensex and Nifty, declined on Wednesday. The Nifty 50 dropped 1.06% to 19,919.85 points by 1:45 pm, signalling a challenging session. The S&P BSE Sensex also fell by as much as 1.10% to 66,853.63 points, potentially marking its worst performance since early August.

HDFC Bank was the most significant loser in the Nifty 50, sliding as much as 3.93%. The bank expressed concerns that the completed merger with HDFC Ltd would impact key financial ratios like net interest margin and non-performing assets.

Among individual stocks, shares of Reliance Industries, a conglomerate involved in textiles and oil, declined by 2.31% to trade at Rs 2,380. Following this were JSW Steel, IndusInd Bank, BPCL, Britannia, and Adani Ports in the list of decliners. Meanwhile, PowerGrids led the gainers, followed by Coal India, Bajaj Auto, NTPC, Sun Pharma, and Bajaj Finance.

Out of 81 stocks that hit 52-week highs and lows, 72 reached highs, and nine reached lows.

In terms of sectoral indices, mining, power, and crude oil were among the gainers, while trading, telecommunication services, plantations, metals, and textiles showed declines.

Goldman Sachs Group Inc. has rejoined the $100-a-barrel oil club, raising its forecast for crude back to triple digits as demand booms and OPEC+ supply curbs tighten the market.

Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services on markets

“Despite touching all time highs the nifty ended marginally down over the past five days. Valuations are increasingly getting a bit uncomfortable especially within the small and mid-cap space. The frontline market still seems one where buy on dips can be the preferred strategy. Consumer space, metals and select large cap banks can be the drivers of keeping the Nifty buoyant.

China on the other hand keeps taking measures to resurrect its economy, the latest being a 25bps cut in CRR in an attempt to increase the system wide liquidity. Driven by potential rebound in China, lower SPR and continued production cuts at Saudi has ensured Oil is now nearing $100/bbl. If Chinese economy surprises positively there is a high probability that Oil will breach the physiological $100/bbl mark which will be viewed negatively for Indian equities especially going into an election year.

On the US front, all eyes will be on the US FOMC meeting tonight. Any soft guidance can potentially drive risk sentiment globally and would be viewed as one that can be taken as slightly long term in nature.”

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

ABB is partnering with SMS group, a plant construction, mechanical and electric & automation engineering for the metals industry, to provide all the MV motors and MV drives for ArcelorMittal Nippon Steel’s new hot strip mill in India.

ABB stock inches up by 0.46% on the NSE, trading at ₹4,340.

Top losers of Nifty Metal stocks:

Jindal Stainless (-4.07%); JSW Steel (-2.02%); Jindal Steel (-1.86%); Vedanta (-1.84%); Adani Enterprises (-1.32%)

Prabhudas Lilladher initiates coverage on RR Kabel with a ‘BUY’ rating and TP of Rs1407 valuing at 35x FY25 earnings. We believe RR Kabel is a play on several opportunities in the W&C segment given 1) strong brand with diverse product portfolio 2) well-structured capacity expansion plans, 3) increasing dealers /distribution network and 4) distribution led export business. Although the company has grown its FMEG portfolio inorganically, yet it expects to minimize losses in coming years by transitioning towards premium markets. In FMEG, too, the company has enhanced its brand presence, positioning and manufacturing capabilities to minimize losses. We estimate Revenue/EBITDA/PAT CAGR of 20.7%/38.8%/44.3% over FY23-26 led by 1) improving business mix 2) operating leverage & cost optimization 3) investments in brand building and 4) increasing distribution reach. Initiate ‘BUY’.

Bhubaneswar-based IoT enabled climate tech startup Aurassure has raised INR 4 Crore in a seed round led by Unicorn India Ventures.

The funds raised will be deployed to strengthen product capabilities by creating a data analytics team, acquiring product certifications for international scaling, and sales team expansion for growing reach to multiple cities.

Aurassure using its powerful IoT enabled intelligent systems has the capabilities to collect real time data and analyse it to provide accurate forecasts and updates on disasters and frequently changing weather patterns like floods, air pollution, and rainfall along with other climate data which can empower governments and citizens in making decisions for a healthy and safe lifestyle. The Company has successfully onboarded prestigious clients including Tata Realty, L&T Realty, P&G, Honeywell, IIT Bombay and Google. Aurassure has witnessed a 40% QoQ growth and has expanded its operations to cities like Bhubaneswar, Chennai, Aurangabad, Rajkot and Delhi.

Government has respectively received about Rs 1556 crore and Rs 88 crore from Coal India Ltd and BHEL as dividend tranches.

HDFC Bank stock declines by 4% on the NSE, trading at ₹1,563.95. The RBI approved re-appointment of Sashidhar Jagdishan as managing director and chief executive officer of HDFC Bank for a period of three years till October 26, 2026.

Tata Consultancy Services (TCS) has entered into a partnership with BankID BankAxept AS, the provider of Norway’s national payment and electronic identity systems. This alliance aims to establish and manage an operations command centre.

VA Tech WABAG Limited (WABAG), a leading pure-play Water Technology Indian Multinational Group, has entered into a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in the Middle East. This MoU was signed during the India-Saudi Investment Forum held on the 10th and 11th of September, on the occasion of the G20 Summit, aiming to explore collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region. Shares of VA Tech Wabag slipped 1.5 per cent at Rs 466.75 on the BSE.

Yatra Online IPO has been subscribed 0.61 times as of 12:36 pm on September 20, 2023. The QIB portion has been subscribed 0.46 times, NII 0.13 times; retail 1.77 times. The issue closes today.

SJVN Ltd has signed a Memorandum of Understanding (MOU) for financial assistance to various diversified portfolio of projects including majorly Renewable Energy projects and thermal generation project to be set up at total project cost of about ₹1,18,826 crore. The stock rises by 7.89% on the NSE, trading at ₹82.70.

Genpharmasec Ltd has executed a Share Purchase Agreements and Share Subscription Cum Shareholder’s Agreement [SSSA] with Derren Healthcare Private Limited and its shareholders to acquire 70% stake in DHPL in a staged manner over a period of 1 year.

Shares of Chennai Petroleum Corporation Ltd surges by 6.97% on the NSE, trading at ₹544.50.

Currently, on the NSE, there have been 116 bulk deals, 18 block deals, and three instances of short selling.

The Sensex and Nifty continue to exhibit weakness, with both indices declining by nearly 1% at noon trade. The Sensex has dropped 658 points to reach 66,938, while the Nifty has fallen by 188 points to 19,945.

In the noon trade session, the top gainers include Coal India, which has risen by over 2%, followed by PowerGrid, NTPC, Bajaj Finance, and Axis Bank. On the flip side, HDFC Bank, Apollo Hospitals, Britannia, RIL, and JSW Steel are among the laggards.

At 12 noon on September 20, there were 1,503 stocks on the BSE that showed gains, while 2,019 stocks saw declines. A total of 3,670 stocks were traded during this period. Among them, 173 stocks reached their 52-week high, while 15 stocks touched their 52-week low.

In the individual stock movement, Jasch Industries has surged by 8.28% on the BSE, trading at ₹264.15. Blue Star’s stock has jumped by 11.52% on the NSE, reaching ₹892.20. HDFC Bank has witnessed a decline of around 3.7% on the NSE following a substantial deal of approximately 11.6 lakh shares. AGI Greenpac’s stock has surged by 14.25% on the NSE, trading at ₹851.

Stocks advanced on BSE at 12:18 pm on September 20 were 1,503 against 2,019 stocks that declined. Total stocks traded were 3,670. The number of stocks that recorded a 52-week high was 173, and those that hit a 52-week low was 15.

Nomura on HDFC BANK We cut our TP by 9% to INR1,800 (from INR 1,970). While we fully appreciate the strength of the franchise, we struggle to see upside over next 12 months on the back of RoA and loan growth pressures.

The spices complex was mixed on Wednesday. Dhaniya (coriander) October contracts declined by ₹12 to ₹7,310 a quintal. Jeera (cumin) November futures increased by ₹1,090 to ₹61,210 a quintal. Turmeric October futures dropped by ₹12 to ₹15,610 a quintal.

Yatra Online IPO has been subscribed 0.37 times as of 11:36 am on September 20, 2023. The QIB portion has been subscribed 0.06 times, NII 0.11 times; retail 1.67 times. The issue closes toda

Emkay Global Financial Services on HDFC Bank

HDFC Bank hosted an analyst meet to primarily discuss the adjustments to op. net worth (NW) of eHDFCL and its potential impact on merged NIMs/asset quality aligning with HDFCB’s policy framework. As per management, net adjustments to eHDFCL’s op. NW of Rs1,340bn as on March 31 would work out to Rs364bn/Rs48 per share and, thus, net adj. NW would be Rs976bn. The adjustments include I-Gaap alignment of Rs118bn, credit harmonization of Rs76bn, DTL impact of Rs49bn, tax shield of Rs40bn, Q1FY24 profit of Rs62bn, dividend payout of Rs81bn, and cancellation of inv/share-swap of Rs142bn. We had largely factored in these adjustments, but for DTL and prudent contingent provisions, which we believe will protect future profitability and boost RoEs. Separately, the bank has guided for calibrated growth in the near term with a focus on building granular liability to replace HDFCL’s high-cost borrowing and ramping-up the mortgage business from the bank’s platform, which coupled with reducing the regulatory drag should lead to margin/RoA normalization.

Factoring in incremental NW adjustments, we have lowered our BVPS estimates by 1-2% but expect the bank’s RoA/RoE to improve from 1.9%/15.8% in FY24E (merged) to ~2%/17.3% by FY26E, as merger synergies kick in. We retain BUY with a TP of Rs2,100,valuing the core bank at 2.8x Sep-25E ABV and subs/inv. at Rs185/share.

Global sugar production will be lower by over 2 million tonnes during the 2023-24 season, says the International Sugar Organization. It has estimated the sugar market to face a deficit of over 2.118 million tones. Raw sugar prices on ICE, New York, have surged to a 12-year-high of 27.44 US cents a pound.

Ashoka Buildcon stock rises by 1.09% on the NSE, trading at ₹106.75. The company has been awarded contract worth ₹645.70 crore Maharashtra State Electricity Distribution Company Limited (MSEDCL) for ‘development of distribution infrastructure under Revamped Distribution Sector Scheme (RDSS) for Loss Reduction Works.

The World Gold Council today announced that its members, who represent the majority of the global large-scale gold mining industry, have committed to providing enhanced transparency in the gold supply chain.

All 33 World Gold Council members with operating mines, who collectively produce c.1,300 tonnes of gold per annum, have committed to publishing the names and location of their refining partners on at least an annual basis, to include all operations where the primary revenue comes from the production of gold.

All members have also committed to joining the Gold Bar Integrity (GBI) platform and supply, on a confidential basis, “core data” on the gold they have produced to their refining partners. This ensures gold enters the Gold Bar Integrity platform “at source” and is a major step in the digitalisation of gold across the supply chain. It will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors and customers.

HDFC Bank, at its Analyst Day, disclosed details regarding the opening balance sheet of the merged entity along with other details on the merged financials.

The incoming networth of HDFC Ltd will stand at INR1.11tn (against INR1.34tn i.e. lower by 16%) as of Mar-23 led by multiple impact of a) provisions b) IGAAP alignment c) tax-related adjustments and d)dividend payout. In addition, given the large excess liquidity build-up in the run up to the merger, the income NIM of HDFC Ltd stood at 2% (vs 2.7% for 1QFY24) and this could drag down the merged entity’s margins by 25-30bps in the near-term and will recover gradually over the next 2-3 quarters. Additionally, merged entity on an opening basis will see 20bps increase in GNPL given that HDFC’s wholesale portfolio has seen asset quality deterioration (GNPL at 6.7% vs 2.9% in Mar-23) as per bank’s review. Provisioning alignment also entails the bank raising PCR on GNPLs from 42% to 74% on GNPLs which has been adjusted through the opening networth of the merged entity. As we incorporate these details into our estimates, our “below consensus” FY24/FY25e EPS are slightly tweaked (1-2% change) while we adjust our BVPS expectations lower given the lower opening networth of HDFC Ltd. Maintain BUY with a target price of INR1850 (values the bank at 2.5x FY25e P/BV).

Like the underlying Bank Nifty, the September futures of the index began lower at 45,705 versus previous close of 46,072. The contract is currently trading at 45,660.

The 14-day Average True Range (ATR) of the contract shows that the average movement in Bank Nifty futures of late has been around 430 points. Read more to know trade strategy for today.

The World Gold Council today announced that its members, who represent the majority of the global large-scale gold mining industry, have committed to providing enhanced transparency in the gold supply chain.

All 33 World Gold Council members with operating mines, who collectively produce c.1,300 tonnes of gold per annum, have committed to publishing the names and location of their refining partners on at least an annual basis, to include all operations where the primary revenue comes from the production of gold.

All members have also committed to joining the Gold Bar Integrity (GBI) platform and supply, on a confidential basis, “core data” on the gold they have produced to their refining partners.

This ensures gold enters the Gold Bar Integrity platform “at source” and is a major step in the digitalisation of gold across the supply chain.

It will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors and customers.

Gold gained some strength as the US Dollar weakened during the past few trading sessions, In the upcoming Federal Reserve rate decision today, the Fed is likely to keep the rate unchanged. The market will focus on the FOMC statement, as it will provide insights into the Fed’s outlook for interest rates, which will play a crucial role in determining the future trajectory of the bullion market. If the Fed shows signs of caution before deciding on further rate hikes, the bullion market may rally. On the other hand, if the Fed remains hawkish due to a soft landing, Gold and Silver may struggle to withstand bearish pressure.

Today the market will take some cues from inflation data from the UK. Market will remain focused on the forthcoming interest rate decision, and further direction of the Federal Reserve.

Participation in gold has decreased as the price strengthened during the last trading session. Overall participation continues to hover at lower levels, setting the stage for a potential rally in gold once participation increases. We believe gold may consolidate at current price levels; however, it still represents a favorable investment opportunity.

Currently we are looking at a support levels at Rs 58,300 levels. On the upside, gold encounters resistance at Rs 59,500. If this level is breached, we may witness an extended rally.

Central Bank of India (-3.77%)

PSB (-3.69%)

UCO Bank (-3.66%)

IOB (-2.48%)

Bank of Maharashtra (-2.18%)

Here is the view from Parth Nyati, Founder at Tradingo

Today, both Nifty and Sensex experienced profit booking, largely attributed to a sharp sell-off in HDFC Bank following its analyst meeting. During the meeting, concerns were raised about potential margin pressure and the asset quality post-merger of HDFC twins.

Additionally, global markets exhibited caution in anticipation of the upcoming FOMC meeting. Factors such as increasing US bond yields, rupee weakness, a surge in crude oil prices, and selling by foreign institutional investors (FIIs) further contributed to the challenges faced by our markets.

From a technical perspective, Nifty and Sensex have identifiable immediate support levels at 19,900 and 66,900, respectively. If these levels are breached, we may witness additional profit booking, potentially leading towards 19,640 for Nifty and 66,000 for Sensex.

Polycab India Ltd’s shares were up by 2.38 per cent after the company revealed its refreshed brand identity, including a new logo and brand definition. This move reflects the company’s direction under Project LEAP. Read more.

Tata Consultancy Services (TCS) has entered a strategic partnership with BankID BankAxept AS, Norway’s national payment and electronic identity systems, to set up and manage an operations command center that will enhance the resilience, security and availability of the country’s critical financial infrastructure.

The stock inches up by 0.28% on the NSE, trading at ₹3,616.25.

Bharat Heavy Electricals Ltd has announced that Tajinder Gupta has been appointed as Director (Power) on the Board of BHEL with effect from September 20, 2023.

Gupta will hold office till the date of his superannuation, or until further orders, whichever is earlier. The stock declines by 1.42% on the NSE, trading at ₹124.65.

US housing starts fell by 11.3% to 1.28 million units in August’ 23 from 1.45 million units in Jul’23, as rising mortgage rates dented demand.

In the Eurozone, CPI inflation was revised lower to 5.2% in Aug’23 versus 5.3% (flash estimate).

Export growth in Japan declined for the second straight month in Aug’23, falling by 0.8%, versus a 0.3% decline in Jul’23, led by an 11% fall in exports to China.

Signifying weak domestic demand, imports fell by 17.8% in Aug’23. Separately, minutes of RBA meeting revealed that more rate hikes cannot be ruled out.

OECD revised global growth forecast upwards to 2.7% from 2.4% estimated earlier. India’s growth forecast for FY24 was also revised up to 6.3% from 6%. Even RBI expressed confidence in India’s growth trajectory despite concerns over inflation.

The stock slips down by 0.02% on the NSE, trading at ₹1,043.50. Read more

The September futures contract of Nifty 50 opened today’s session lower at 20,050 versus previous close of 20,178. It is currently trading at 20,025.

From the current level, the contract has a support at 20,000. Read more for trade strategy.

The share is trading 1% lower at Rs 66.00 on NSE.

38 stocks hit upper band, 28 lower, 10 both in recent trading

Bata India has announced the resignation of Tushar Kant Gupta, Head-Merchandising, effective from September 19, 2023. The stock declines by 0.77% on the NSE, trading at ₹1,665.

Venus Remedies has extended its oncology portfolio in South Eastern Europe with Serbian marketing approval for gemcitabine and docetaxel. The stock inches up by 1.62% on the NSE, trading at ₹238.90.

A post-listing view of RR Kabel from Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd. RR Kabel Limited, a well-established wire and cable manufacturer with a strong brand and quality products, made its stock market debut today. It listed at ₹1180 per share, 14% higher than its IPO price of ₹1035, becoming the first IPO to list under the T+3 cycle.

Despite the high valuation and the fact that most of the issue was an offer for sale, the IPO was well-received by investors, with a subscription of 18.69 times. The stock witnessed a decent listing today.

Now our suggestion to investors is to exit the position after booking listing gain, however, those who want to hold it should maintain a stop loss at 1065.

Marshall Machines Ltd has announced the launch of new range of vertical machining centres. The stock inches up by 0.45% on the NSE, trading at ₹67.

State-run Oil and Natural Gas Corp wants to eventually receive a share of crude from a Russian project it partly owns, but is willing to wait because Russian oil is hard to ship right now, the head of ONGC’s overseas investment arm, ONGC Videsh, said on Tuesday.

United Auto Workers (UAW) Union has resorted to strike at 3 major Auto Companies, namely GM, Ford and Stellantis, in the USA. The strike has now entered 5th day with no resolution in sight. Matamoros plant of Suprajit Engineering Ltd in Mexico supplies to all three majors and also to their tier 1/2 suppliers. This group of customers form approximately 50% of Matamoros business. The company’s stock falls by 1.08% on the NSE, trading at ₹412.95

Shares of HDFC Bank fell 3% on Wednesday, dragging the benchmark Nifty 50 index after the country’s top private lender said its newly completed merger with HDFC Ltd would hit some key financial metrics.

The rupee strengthened by 6 paise to 83.26 against the US dollar in early trade on Wednesday on easing global crude oil prices and rising appetite for riskier assets.

However, a sell-off in the domestic equity markets and a strong American currency against major rivals overseas restricted the rupee’s rise, traders said.

We model the Indian domestic 2W market to increase from 16 mn in FY2023 to 28 mn by FY2039, whereby it will reach a penetration of 66% at the household level.

2W OEMs have seen a 15-46% rally in their stock prices in the past six months, resulting in them trading above their pre-pandemic multiples.

Our reverse valuation exercise of the major 2W stocks implies a domestic market size of 2.5X the likely market size in FY2039. We note that 2W companies currently enjoy strong profitability and extraordinary high returns. As such, we see large risks to pricing and volumes both, especially given the steady ramp-up expected in both the mass and premium segments. -- Kotak Institutional Equities

DroneAcharya Aerial Innovations Ltd has signed up a Franchise deal with Wollstone Capital SA, a Company based out of Switzerland is a private investment holding company. The partnership is to open thirty (30) Remote Pilot Training Organizations (RPTO) across India to boost Drone sales, services and certified trainings. The deal entered between DroneAcharya and Wollstone amounts to $2.7 Million (₹23 Crore).

The stock rises by 4.54% on the BSE, trading at ₹184.05.

Varroc Engineering stock rises by 7.26% on the NSE, trading at ₹507.50.

The company had entered into an arrangement with its wholly owned subsidiary viz. Varroc Polymers Limited (VPL) for sale of identified plant & machineries/equipments located at Sriperumbudur facility to VPL’s manufacturing facility situated at Kancheepuram district.

The domestic markets, represented by the Sensex and Nifty, continue to trade weak on Wednesday.

At 10 am, the 30-share BSE Sensex fell by 425.41 points to reach 67,171.43, while the NSE Nifty decreased by 123 points to reach 20,010.30. Gainers included Axis Bank, M&M and Coal India, while HDFC Bank, BPCL, BPCL, Apollo Hospitals, RIL and Britannia were among the laggards.

Analysts anticipated subdued trading volumes due to the festive mood and short-term foreign portfolio selling, with potential value buying. Rising Brent crude prices, as India’s major oil importer, could negatively impact investor sentiment by increasing the import bill and current account deficit.

Aurobindo Pharma informed the exchange that the USFDA inspected APL Healthcare Limited, a wholly-owned subsidiary of the company, situated at Menakuru Village, Naidupeta Mandal, Tirupati District, Andhra Pradesh, and closed with one Form 483 observation.

Aurobindo Pharma stock slips by 0.01% on the NSE, trading at ₹894.50.

Tata Motors stock inches up by 0.76% on the NSE, trading at ₹645.50; after announcing hike in prices of its commercial vehicles up to 3%, effective from October 1.

Garden Reach Shipbuilders & Engineers Ltd has participated in the Defence and Security Equipment International (DSEI) Exhibition in London (2023) and entered into two non-binding MoUs.

1. Lloyd’s Register for development of a hydrogen fuel cell ferry

2. Caterpillar Inc for a potential col laboration in the production, sale and service of medium speed engines particularly for Indian Navy and Indian Coast Guard.

GRSE stock rises by 1.93% on the NSE, trading at ₹839.20.

The USDINR 26 September futures contract crossed 83.22 levels on a closing basis. As per the daily technical chart, we observed that the pair is trading above its moving average trend-line support level of 83.10 and RSI is fetching above 60 levels. Looking at the technical set-up, MACD is showing positive divergence and the pair crossed 83.22 levels. The pair crossed its crucial resistance level of 83.22 and if it sustains above this level, it could witness further strength towards 83.60-83.85 with support being placed at 83.22-83.05. We suggest closely watching the level of 83.22-83.45 for taking fresh positions in the pair; either side breakout of the range could give further directions. -- Rahul Kalantri, VP Commodities, Mehta Equities

Crude oil hit fresh 10-month highs in the international markets on Tuesday but investors booked profits at higher levels ahead of the Fed meeting outcomes. Tight global supply positions after OPEC+ members Saudi Arabia and Russia this month extended combined supply cuts have been supporting crude oil prices. Crude oil prices also gained post chinese stimulus measures to support its economy. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $89.10–88.50 and resistance is at $90.90–91.50 in today’s session. In INR Crude oil has support at Rs 7,460-7,350, while resistance is at Rs7,630–7,710. -- Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices closed nearly unchanged on Tuesday. Both precious metals gained in the early trading session but mixed U.S. housing data limited’s gains of precious metals. Neither the bulls nor the bears want to be too aggressive as the Fed’s FOMC meeting has begun and its conclusion comes in just over 24 hours The dollar index is also trading steady at 6-month highs and the U.S. 10-year bond yields are also sustaining above 4.35% levels and at their highest levels since 2007. Strength in the dollar index and the U.S. bond yields has curbed gains of gold and silver. We expect gold and silver to remain volatile this week amid volatility in the dollar index and ahead of the U.S. Fed monetary policy meetings. Gold has support at $1916-1905 while resistance is at $1940-1951. Silver has support at $22.94-22.82, while resistance is at $23.28-23.42. In INR terms gold has support at Rs58,940, 58,780. while resistance is at Rs59,440, 59,580. Silver has support at Rs71,710-71,050, while resistance is at Rs72,940–73,450. -- Rahul Kalantri, VP Commodities, Mehta Equities

Major gainers on the NSE at 9:30 am:

NTPC (1.49%); Coal India (1.39%); ONGC (1.31%); Bajaj Auto (1.17%); IndusInd (1.16%)

Major losers: HDFC Bank (-3%); Apollo Hospitals (-2.07%); Reliance (-1.62%); HDFC Life (-1.48%); BPCL (-1.33%)

Rajnandini Metal has received orders worth ₹60.33 crore from KEI Industries; Svarn Infratel Pvt Ltd; and Paramount Communications Ltd.

EaseMyTrip has launched “Corporate Travel Solutions 2.0,” elevating their Corporate Travel Business Division. The company said in its statement that the “benefits include strategic cost savings through tailored programmes that offer corporate rates, bulk discounts, and loyalty rewards, all designed to achieve measurable cost savings over time.”

Crude oil futures traded lower on Wednesday morning as the market expressed caution ahead of the US Federal Reserve’s decision on interest rates, which is expected later in the day. At 9.16 am on Wednesday, November Brent oil futures were at $93.39, down by 1.01 per cent; and November crude oil futures on WTI (West Texas Intermediate) were at $89.64, down by 0.93 per cent. October crude oil futures were trading at ₹7467 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹7546, down by 1.05 per cent; and October futures were trading at ₹7371 as against the previous close of ₹7462, down by 1.22 per cent.

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

Stocks declined in Asia after Wall Street posted modest losses ahead of the US Federal Reserve’s policy decision, with traders betting interest rates will be higher for longer to curb inflation. Wall Street lost ground on Tuesday, with risk-off sentiment weighing as the U.S. Federal Reserve convened for its much-anticipated two-day monetary policy meeting. Oil prices rose in early trade on Wednesday, hovering near 10-month highs hit the previous day, as a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output reinforced fears of tight crude supply for the rest of 2023. As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs.1236.51 crore and Domestic institutional investors bought shares worth net Rs.552.55 Crore on 18th September 2023. - SMC Global

Just Dial Ltd has received an order from the Assessment Unit, Income Tax Department, levying a penalty of ₹10,880 for the Assessment Year 2017-18 (Financial Year 2016-17) under Section 270A of the Income Tax Act, 1961, with respect to disallowance of interest on late payment of TDS claimed as deduction by the Company.

The domestic markets, represented by the Sensex and Nifty, opened on a weak note on Wednesday.

In the opening trade, the 30-share BSE Sensex rose by 505.94 points to reach 67,090.90, while the NSE Nifty decreased by 141.4 points to reach 19,991.90.

Among the gainers in the Sensex were Larsen & Toubro, ICICI Bank and NPTC. Conversely, HDFC Bank, Hindalco, BPCL, Eicher Motors and M&M were among the laggards.

Analysts predicted low trading volumes due to the festival mood and expected short-term selling by foreign portfolio investors, though they did not rule out the possibility of value buying in some counters. Both domestic and foreign institutional investors were anticipated to adopt a sector and stock rotation strategy given the current valuation.

According to stock exchange data, foreign investors sold shares worth Rs 1,237 crore on Monday, while their domestic counterparts purchased Rs 553 crore worth of equity.

Investor sentiment could be negatively impacted by elevated Brent crude prices, as India is a major net oil importer. A significant surge in oil prices would increase the import bill and current account deficit.

JK Lakshmi Cement: The company will acquire a 20.8% stake in Amplus Helios for Rs 21.6 crore to source 40 MWAC of solar power for its Durg unit under the captive power plant mode.

Anand James, Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

The 20180 region kept a lid on upside attempts on anticipated lines, confirming a bearish bias, leading to sharp slippages in the closing minutes. This should prompt a lower opening today, with the 20050-20000 region expected to entice bargain buying. However, short covering may not gain pace until above 20130- 169, giving bears another day to play out. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 20200 for Calls and 20100 for Puts while monthly contracts have highest open interest at 20500 for Calls and 19000 for Puts. Highest new OI addition was seen at 20200 for Calls and 19500 for Puts in weekly and at 20200 for Calls and 20000 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 2.97%, decreased future index shorts by 1.21% and in index options by 1.09% in Call longs, -4.94% in Call short,increased 1.29% in Put longs and decreased 17.60% in Put shorts.

• HDFC Bank sees margin pressure of ~30-40bp in FY24F amid excess liquidity

of Rs1tr post-HDFC merger, which should normalize post liquidity utilization.

• Wholesale book NPAs of HDFC saw a spurt to ~6.7% in Jul 2023 vs. ~2.9% in

Mar 2023. The clean-up to keep HDFC Bank’s near-term asset quality volatile.

• These are short-term concerns, and we expect normalized RoA by FY25F.

Superior growth led by competitive advantage & improved penetration is key.

Price Band Revised From 10% To 5%: GMR Power and Urban Infra

Ex-date Dividend: Likhitha Infrastructure, Garware Hi-Tech Films, Hindware Home Innovation, Southern Petrochemicals Industries Corporation, BEML, Century Plyboards (India), Balmer Lawrie & Company, Steel Authority of India, Filatex India, Bharat Dynamics, 63 moons technologies, Tanfac Industries, Mazagon Dock Shipbuilders, RVNL, PTC India, Sunteck Realty

Ex-date AGM: Delhivery, Dhani Services, Garware Hi-Tech Films, Hindware Home Innovation, Southern Petrochemicals Industries Corporation, BEML, Shalimar Paints, Suzlon Energy, FDC, Century Plyboards (India), Steel Authority of India, Hindustan Oil Exploration Company, Cantabil Retail India, Filatex India, Som Distilleries & Breweries Parag Milk Foods, Bharat Dynamics, 63 Moons Technologies, Likhitha Infrastructure

Record-date Dividend: Likhitha Infrastructure, Garware Hi-Tech Films, Filatex India, Steel Authority of India, HeidelbergCement India, BEML, Sunteck Realty, PTC India, India Tourism Development Corp., Tanfac Industries, Sunteck Realty,Best Agrolife

Move Out Of Short-Term ASM Framework: Bajaj Hindusthan Sugar, Jain Irrigation Systems, Vascon Engineers

Pidilite Industries: Promoter Rashmikant Himatlal Parekh sold 6,000 shares between Sept. 14 and 15.

India Pesticides: Promoter Sudha Agarwal sold 7.85 lakh shares on Sept. 14.

Dr. Lal PathLabs: Promoter Arvind Lal sold 1.9 lakh shares between Sept. 14 and 18.

ADF Foods: Promoter Krish Bhavesh Thakkar sold 11,607 shares between Sept. 14 and 15.

NRB Bearings: Promoter Harshbeena Zaveri bought 4091 shares on Sept. 15.

Jaiprakash Power Ventures: HRTI sold 5.06 crore shares (0.73%) at Rs 10.42 apiece, Citadel Securities India Markets bought 3.63 crore shares (0.53%) at Rs 10.41 apiece, and Jainam Broking bought 9.50 crore shares (1.38%) at Rs 10.6 apiece.

South Indian Bank: Citadel Securities India Markets bought 1.14 crore shares (0.54%) at Rs 25.83 apiece.

GMR Power and Urban Infra: Multiplier Share & Stock Advisors sold 31 lakh shares (0.51%) at Rs 46 apiece.

Yatra Online: The IPO was subscribed 0.30 times, or 30%, on its second day. The bids were led by retail investors, who subscribed 1.34 times; non-institutional investors, who subscribed 9%, or 0.09 times; and institutional investors, who subscribed 6%, or 0.06 times. The IPO was subscribed 11% on the first day.

Sai Silks (Kalamandir): The company will launch its IPO on Wednesday to raise Rs 1,201 crore via a fresh issue (Rs 600 crore) and an offer for sale (Rs 601 crore). The price band is fixed between Rs 210 and Rs 222 per share. The ethnic apparel provider has raised Rs 360.3 crore from anchor investors.

Signature Global India: The company will launch its IPO on Wednesday to raise Rs 730 crore via a fresh issue (Rs 603 crore) and an offer for sale (Rs 127 crore). The price band is fixed between Rs 366-385 per share.

Tata Motors: The automaker will increase the prices of commercial vehicles by up to 3% w.e.f. October 1. The price increase is to offset the residual impact of past input costs and will be applicable across the entire range of commercial vehicles.

Union Bank Of India: The government extended Nitesh Ranjan’s term as the bank’s executive director by two years. His current term expires on March 9, 2024.

Jindal Steel and Power: Naveen Jindal to retire as executive director on Sept. 30 and continue as non-executive director w.e.f. October 1.

Biocon: The drugmaker appointed Peter Bains as Biocon Group CEO with immediate effect. He will be reporting directly to Group Chairperson Kiran Mazumdar-Shaw.

Bank of Maharashtra: The lender has signed an MoU with the Indian Renewable Energy Development Agency to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the country.

NBCC: The company has won a Rs 150 crore order from the Khadi and Village Industries Commission to construct office buildings, residential campuses, and redevelop, repair, and renovate KVIC properties across India.

Blue Star: The QIP to raise up to Rs 1,000 crore opened on Sept. 18. The floor price for QIP is set at Rs 784.55 per share.

JK Lakshmi Cement: The company will acquire a 20.8% stake in Amplus Helios for Rs 21.6 crore to source 40 MWAC of solar power for its Durg unit under the captive power plant mode.

Amber Enterprises: The company’s unit, Iljin Electronics India, entered into a joint venture with Nexxbase Marketing, owner of the ‘Noise’ brand, to design, manufacture, and sell electronic wearables, including smartwatches and earphones.

Prakash Industries: The company received environmental clearance for its Chhattisgarh commercial coal mine from the government. The development of the mine is fast in progress, and the mining lease is likely to be executed by the next quarter.

“Markets may struggle in early Wednesday trades amid weak global cues as investors are likely to maintain caution ahead of the outcome of the US FOMC meeting on interest rates later today. Nervousness will prevail as besides the US Fed meeting, the BoE, the BoJ and central banks of Sweden, Norway and Switzerland are also scheduled to meet this week on their decision on interest rates. Also dampening the sentiments are WTI crude futures spiking towards $91.13 per barrel, the US Dollar index rising to 105.33 levels, and the US 10-year Treasury yields spiking to 4.33%. Technically for Nifty, the biggest make-or-break support is seen at the 19821 mark.” --

The US Federal Reserve’s policy meeting outcome is due tonight. Market expect the Fed to keep the rates unchanged tonight.

What is going to important will be the economic forecast that will be released today. A forecast for more rate hikes than projected earlier will be positive for the dollar index as the yields can rise on the back of that.

CMP: 378.55

Floor Price Rs: 292

Acquirer Indicative Price Rs: 375

Market Cap (Rs. Cr.): 811

Promoter holding: 1.54 Cr (70.44%)

Non Promoter Holding: 0.30 Crs (29.56%)

Offer Size at Indicative Price: up to Rs. 243.41 Cr. (No. of shares to acquire up to 0.65 Cr)

Bidding period:

Start Date: 20-Sep-23 (Today)

Last Date for revision (upward) or Withdraw Bids: 25-Sep-23

Close Date: 26-Sep-23

Last date for announcement of the Discovered Price: 29-Sep23

Last date for announcement for Counter offer: 29-Sep-23

Obligation Date : 06-Oct-23

Settlement Date : 09-Oct-23

Acquirer Name: Promoter Group- Transworld Holdings Limited

Ramco Systems Ltd gets a favourable ruling in an Income Tax appeal filed by the company pertaining to assessment years 2009-10 to 2017-18. The company said, with the current order, the value of pending litigation against the company stands reduced to ₹64 crore against ₹67 crore earlier.

Symbol: RRKABEL

Series: Equity “B Group”

BSE Code: 543981

ISIN: INE777K01022

Face Value: Rs 5/-

Issued Price: Rs 1035/- per share

The ₹775-crore Yatra Online public issue closes today and has been subscribed 31 per cent so far. The tour operator has fixed the price band at ₹135-142 share for its initial public offering and Investors can bid for a minimum of 105 equity shares.

The public issue received bids for 94.66 lakh equity shares as against 3.09 crore shares on the offer.

JBM Auto subsidiary JBM Ecolife Mobility Pvt Ltd., has incorporated a company Ecolife GT Mobility Pvt Ltd (EcoGT) to carry on the business related to supply, operation, maintenance, dealers etc. of public transport type motor vehicles, electric buses, motor buses, lorries, ambulances, and automobiles. EcoGT will be a wholly owned subsidiary of JBM Ecolife Mobility.

Domestic markets are likely to come under renewed pressure on Wednesday. Analysts expect volumes to be low due to festivity mood. Selling by foreign portfolio investors will continue in the short term though value buying them in some counters is not ruled out, they added. Both domestic and foreign institutional investors will adopt sector and stocks’ rotation strategy give the current valuation, analysts further added. Read more

POWER FINANCE CORPORATION LTD.

Bonus issue 1:4

Previous day Closing Price – Rs. 287.50

Ex Bonus 21 September 2023 (Tomorrow)

Last date Trade for Before Bonus Today

Ex-Dividend 21 September 2023 (Tomorrow)

Last date for Cum-Dividend Today

Accel Ltd

Dividend Per Share Rs.0.3

Previous day Closing Price – Rs. 21.68

Asahi Songwon Colors Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 268.9

Ashiana Housing Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 198.5

Asian Star Co. Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 822.15

AVG Logistics Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 273.8

BSL Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 170.1

Career Point Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 201

Carysil Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 613.1

Chaman Lal Setia Exports Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 206.2

Coastal Corporation Ltd.

Dividend Per Share Rs.1.35

Previous day Closing Price – Rs. 259.55

Cochin Shipyard Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1089.8

LT Foods Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 166.05

Earthstahl & Alloys Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 62.99

Force Motors Ltd

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 3761.35

Genus Power Infrastructures Ltd

Dividend Per Share Rs.0.75

Previous day Closing Price – Rs. 262.6

Gufic Biosciences Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 293.65

Harsha Engineers International Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 432.45

Hindustan Tin Works Ltd

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 119.75

The Hi-Tech Gears Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 381.6

HLE Glascoat Ltd

Dividend Per Share Rs.1.1

Previous day Closing Price – Rs. 589.1

Kanchi Karpooram Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 426.05

La Opala Rg Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 422.8

Narendra Properties Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 32.03

Nakoda Group Of Industries Ltd

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 43.52

Olectra Greentech Ltd

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 1246.55

Patanjali Foods Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1280.3

Pee Cee Cosma Sope Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 340.75

Polymechplast Machines Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 56.75

Poly Medicure Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1453.7

Power Mech Projects Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 4238.2

Rithwik Facility Management Services Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 64

Samkrg Pistons & Rings Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 149.5

Shakti Pumps (India) Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 858.2

SJVN Ltd

Dividend Per Share Rs.0.62

Previous day Closing Price – Rs. 76.56

Suryalata Spinning Mills Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 540.4

Swan Energy Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 291.8

Thinkink Picturez Ltd

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 83.78

Tilaknagar Industries Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 214.55

Zenith Fibres Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 69.8

Zuari Industries Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 150.6

Gold prices declined on Wednesday following a two-week high in the previous session, as traders awaited the U.S. Federal Reserve’s policy decision to gain insights into the economic outlook and potential monetary tightening.

Spot gold slipped 0.1% to $1,928.79 per ounce by 0111 GMT, after reaching its highest level since September 5 on Tuesday. U.S. gold futures dipped 0.2% to $1,950.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported a 0.2% decrease in its holdings on Tuesday.

Swiss gold exports saw a 7.3% increase in August compared to July, driven by higher deliveries to India and China, offsetting reduced supplies to Turkey, according to customs data.

Spot silver dropped 0.4% to $23.14 per ounce, platinum fell 0.4% to $935.45, and palladium rose 0.1% to $1,260.86. - With Reuters inputs

20.09.2023: US Federal Reserve Monetary Policy

21.09.2023: Bank of England Monetary Policy

22.09.2023: Bank of Japan Monetary Policy

Basmati rice prices are set to rise further with the US unfreezing $6 billion of Iranian oil money held by South Korea over the past five years and Pakistan planning to raise its minimum export prices. Read more

Noise on Tuesday said it is forming a joint venture with IL Jin Electronics, a subsidiary of Amber Enterprises India Ltd to boost the manufacturing of smart wearables in India.

R R Kabel, a part of R R Global Group, proposed to utilise ₹136 crore of the net proceeds from the fresh issue to pare down debt

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

Genesys International Corporation Limited, a pioneer in providing advanced mapping, survey and geospatial services announces a pivotal milestone in its growth strategy with the establishment of a subsidiary in the Kingdom of Saudi Arabia (KSA). This strategic move coincides with a pivotal juncture in KSA’s infrastructure development, notably the NEOM project, and underscores Genesys’s commitment to advancing its Digital Twin program, which has gained remarkable traction in Saudi Arabia due to the extensive infrastructure and urban planning initiatives underway. The Company recently secured an order worth ₹67 crore in Saudi Arabia. With this, the cumulative order wins in KSA totaling ₹76 crore.

The Securities and Exchange Board of India has given investors who have physical share certificates a reprieve by extending the deadline for adhering to the know your customer (KYC) regulations from March 31 to September 30.

The Know Your Customer (KYC) process is used by financial institutions including banks, mutual funds, and stockbrokers to verify the identity of their clients.

Manali Petrochemicals Ltd has announced that the dissolution process of its overseas step-down subsidiary, Amchem Speciality Chemicals UK Ltd.(AMCHEM UK), has been completed. This is to bring down the number of layers of the company. As of March 2023, Manali Petrochemiclas had One wholly-owned subsidiary and five step-down subsidiaries.

Bharat Dynamics has signed contract with IAF for supply of Surface to Air missiles order worth Rs.290.90 crore.

Life Insurance Corporation of India (LIC) will have something to cheer, as the Finance Ministry has approved welfare measures, including enhancing the family pension and gratuity limit.

According to a statement by the Finance Ministry, the gratuity limit for agents has been raised to ₹5 lakh from ₹3 lakh. “It will bring substantial improvements to the working conditions and benefits of LIC agents,” the statement said. It also approved a proposal to enable reappointed agents to be eligible for renewal commissions, providing them with increased financial stability. Currently, LIC agents do not qualify for renewal commission on any business completed under the old agency, the Ministry said.

Valiant Organics Limited, which had earlier announced about the proposed initial public offering of its material subsidiary Valiant Laboratories Limited (VLL) by way of fresh issue of up to 1.089 crore shares for listing on BSE and National Stock Exchange of India Limited, said VLL has filed Red Herring Prospectus (RHP) dated September 18. The Anchor Investor Bid/Issue period if any, shall be on September 26 and the Issue will open for public September 27 and close on October 3.

Varroc Engineering Limited has entered into an arrangement with its Wholly Owned Subsidiary viz. Varroc Polymers Limited for sale of identified Plant & Machineries/equipment located at Company’s Plant/Facility, Pondur, Sriperumbudur, Tamil Nadu to VPL’s manufacturing facility. Further, VPL is also in process of leasing the said identified Plant and Machineries/equipment to VEL’ Chennai Facility and the said transaction is expected to be concluded on or before the end of September, 2023. The said identified transactions will be completed on arm’s length basis and prevailing market rates on mutually agreed terms and conditions between the parties. The Audit Committee and & Board of Directors of respective companies have duly approved the above said transactions.

Reliance Industries’ Jio has announced the launch of Jio AirFiber services, its integrated end-to-end solution for home entertainment, smart home services and high-speed broadband, across 8 metro cities Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.

Prakash Industries has said that subsequent to the in-principle Stage-I approval under the Forest (Conservation) Act, 1980, the Ministry of Environment, Forest and Climate Change, Government of India has today granted Environmental Clearance (EC) for its Bhaskarpara Commercial Coal Mine in Chhattisgarh. The development of the said mine is fast in progress and the Mining lease is likely to be executed by the next quarter.

B.L. Kashyap and Sons Limited one of the leading Civil Engineering and Construction Company has secured new order aggregating to ₹167 crore approx. The order is from Delhi International Airport Limited for civil and structure works for SAM project at Gateway District, Aerocity, IGI Airport, New Delhi.

Mawana Sugars has informed the exchanges that SEBI has issued Show Cause Notice to Anil Arora, Ex. CFO, Bharat Bhushan Mehta, Ex. CFO, (both for violations of SEBI PIT Regulations) and Ashok Kumar Shukla, Company Secretary (Code of Practice and Procedures for Fair Disclosure of Unpublished Price Sensitive Information). The notice further states that if the allegations are established, then Noticees are liable for monetary penalty under section 15G and Section 15HB of SEBI Act, 1992. In a separate notice, the company said due to non-availability of molasses release permits by Uttar Pradesh Excise Department to distilleries operating in Uttar Pradesh, the Molasses from our sugar units cannot be transferred for continuing the operations of Company Distillery at Nanglamal Sugar Complex. Accordingly, the Company has therefore taken a scheduled stoppage to undertake the routine maintenance work at distillery from September 18.

Buzzing stocks: Bharat Dynamics, Apollo Hospitals, Tata Motors, HDFC Bank, Reliance Industries, Kajaria Ceramics, Amber Enterprises, LTIMindtree, Biocon, Welspun Corp, NBCC, TARC, Prakash Industries, Indo Amines, Mawana Sugars, WPIL, Varroc, Valiant Organics, Sasken Technologies, DCM Shriram, Lemon Tree, Zydus Lifesciences

DCM Shriram has informed the exchanges that Fenesta, an arm of the company that is into in the business of windows and doors, has entered into a strategic technical collaboration with Inventure Metal Products Industries LLC, a renowned player providing complete solution for façade building in the construction industry in the United Arab Emirates (UAE). The agreement marks a pivotal moment in Fenesta’s pursuit of excellence in the Facade sector. Inventure brings to the table a rich legacy of 18 years in the Facades business, boasting a remarkable portfolio of over 2000 successfully completed projects.

NBCC has recently received work from Khadi & Village Industries Commission for planning, designing and execution of upcoming works such as Construction of office building(s), Residential campus, Redevelopment, Repair & Renovation of KVIC Properties Pan India etc. The order value is Rs. 150 crore.

• BALRAMCHIN

• BHEL

• CHAMBLFERT

• DELTACORP

• IBULHSGFIN

• IEX

• MANAPPURAM

• PNB

• RECLTD

• ZEEL

Nifty touched 20,000 in September 2023, it took just 52 days for Nifty to reach 20,000 from the 19,000 level. Valuations at these levels look reasonable. Click here

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

Bank of Baroda share price has been rising well since the beginning of this month. The short-term outlook is bullish. Immediate support is at ₹209. Read more

Lead futures (continuous contract) on the Multi Commodity Exchange (MCX), after moving out of the ₹184-187 range in early September, started to consolidate within ₹187 and ₹190. Read more

Stocks in Asia declined following modest losses on Wall Street as investors anticipated the Federal Reserve’s policy decision. Traders were placing their bets on the expectation that interest rates would remain elevated for an extended period to combat inflation.

At the market open, benchmark indexes in Japan and Australia were trading lower. Hong Kong’s equity futures slipped, and U.S. stock futures remained largely unchanged during Asian trading on Wednesday. This followed the S&P 500’s decline, although it recovered from its session lows.

In specific market movements, Japan’s Nikkei 225 index weakened by 0.26% to 33,154.69, while the broader Topix index was down 0.35% at 2,421.8. South Korea’s KOSPI index traded unchanged at 2,560.65, and Australia’s S&P/ASX 100 index declined by 0.29% to 6,030.90.

On Tuesday, Wall Street experienced a decline as cautious market sentiment prevailed due to the U.S. Federal Reserve’s highly awaited two-day monetary policy meeting.

In a widespread sell-off before the Fed’s forthcoming interest rate announcement on Wednesday, all three major indexes concluded the session in negative territory. The consensus expectation is that the Fed will opt to maintain key interest rates at their current levels.

The indexes closed down as follows: Dow by 0.31%, S&P by 0.22%, and Nasdaq by 0.23%.