Share Market Highlights 25 Sep 2023: Sensex, Nifty end flat in highly volatile trade

The rupee declined by 20 paise to settle at 83.14 (provisional) against the US dollar on Monday due to rising crude oil prices and a strong American currency against major rivals overseas.

Subdued equity markets and withdrawal of foreign funds also weighed on the domestic currency, forex traders said. Read more.

At the interbank foreign exchange market, the local unit opened weak at 83.04 and traded between a high of 83.04 and a low of 83.15 against the greenback.

The stock gained 0.48% to end at Rs 332.90 on NSE.

Cupid Ltd informed the exchange that draft letter of offer issued by Monarch Networth Capital Limited on behalf of the acquirers, namely, Columbia Petro Chem Private Limited and Aditya Halwasiya to the Public Shareholders of Cupid Limited.

The stock lost 0.94% to trade at Rs 386 on NSE.

The stock was up by 1.79% on the NSE, traded at ₹714.25.

Himatsingka Seide Ltd’s shares were up by 2.36 per cent after the company launched Himêya brand specialising in bedding and bath products. Leveraging its global expertise in home textiles, Himatsingka aims to meet the rising demand in the Indian market. The shares were up by 2.46 per cent to Rs 141.55 on NSE.

The company’s board had approved the proposal for entering into binding agreements for acquisition of 100 per cent of the equity shares of Anamika Sugar Mills Private Limited (Anamika), a sugar manufacturing company located in Uttar Pradesh, India.

G R Infraprojects Limited emerged as L-1 bidder for development, operation and maintenance of ropeway from Gaurikund to Kedarnath in Uttarakhand on Hybrid Annuity Mode (worth ₹1,875 crore) and development, operation and maintenance of ropeway from Govind Ghat – Ghangaria – Hemkund Sahib in Uttarakhand on Hybrid Annuity Mode (worth ₹1,738 crore).

National Highways Logistics Management Limited has informed that the ongoing bidding process for the aforesaid projects is annulled.

The stock lost 0.59% to end at Rs 1,228.70 on NSE.

Sensex, Nifty end flat after a volatile trade on Monday. While Sensex advanced 14.54 points to settle at 66,023.69, Nifty ends almost flat at 19,674.55. Tata Consumer Products and the Bajaj twins were among the top gainers among the Nifty50 stocks.

Cera Sanitaryware Ltd expanded capacity of Faucetware Plant for Phase 1, has been commissioned and the commercial production has commenced from today. The manufacturing capacity of Faucetware Plant has been increased from 3 Lakh pieces per month to 4 Lakh pieces per month.

The stock is up by 1.63% on the NSE, at ₹8,749.90.

Hero MotoCorp has increased the prices of Karizma XMR. Starting from October 1, 2023, the new price will commence at ₹1,79,900 (ex-showroom, Delhi).

Until midnight on September 30, 2023, customers can still secure the Karizma XMR at the current introductory price of ₹1,72,900. Bookings can be made at Hero MotoCorp dealerships for a booking fee of ₹3,000. The current booking window will conclude at Midnight on September 30th, with a subsequent booking window opening at a later date, featuring the revised price.

Ranjivjit Singh, Chief Business Officer (India Business Unit), Hero MotoCorp said, “The new Karizma XMR has already created a lot of excitement among the customers. The response has been great and this is a true testament to the trust that our customers have placed in this iconic legend. The production for the new Karizma has already started and we will soon commence the deliveries. We are confident of offering an exceptional riding experience to the customers this festive season.” Read more

The Strides Pharma Science Ltd stock has surged by 6.27 per cent on the NSE, trading at ₹530. Its step-down wholly-owned subsidiary, Strides Pharma Global Pte. Ltd, Singapore, recently received approval for Icosapent Ethyl Capsules 0.5 gram and 1 gram, from USFDA.

Bank of India has repaid the principal amount along with broken period interest to bond holders of 1301 Tier-II Bonds Series-X. The stock has declined by 2.15 per cent on the NSE, trading at ₹106.85.

Major gainers at 3 pm:

Bajaj Finance (4.73%); Bajaj Finserv (2.56%); Apollo Hospitals (2.13%); Tata Consumers (2.12%); Kotak Bank (1.61%)

Major losers: SBI Life (-1.87%); Hindalco (-1.86%); Infosys (-1.42%); Hero Motocorp (-1.36%); Dr Reddy (-1.31%)

A total of 1,902 stocks advanced on the BSE at 3 pm on Monday, against 1,828 stocks that declined; 185 stocks remained unchanged. The total stocks traded were 3,915. The number of stocks that recorded a 52-week high was 186, and those that hit a 52-week low was 35.

Shyam Metalics and Energy Ltd has announced its entry into the energy storage sector with battery-grade aluminum foil, a critical component in Lithium-ion cells. The stock inched up by 0.81 per cent on the NSE, trading at ₹438.25.

Aditya Birla Finance Limited, a subsidiary of Aditya Birla Capital Limited, is set to launch its inaugural public issue of Non-Convertible Debentures (NCDs), aiming to raise up to ₹2,000 crore. The issuance will consist of secured, rated, listed, and redeemable NCDs with a face value of ₹1,000 each. The subscription window will open on September 27, 2023, and is slated to close on October 12, 2023, with an option for early closure.

The issuance operates on a first-come-first-serve basis, with a minimum application size of ₹10,000 (10 NCDs) across all series collectively, and subsequent multiples of ₹1,000. Read more

The Suzlon Energy stock rises by 1.60 per cent on the NSE, trading at ₹25.45. The company had informed exchanges that State-owned REC has withdrawn its nominee, Ajay Mathur, from the board of Suzlon Energy as the financial assistance granted by the REC-led consortium in terms of the rupee term loan agreement has been paid in full.

ICICI Prudential Life Insurance Company Ltd has allotted 4,500 equity shares of face value of ₹10 each on September 25, 2023, under its employee stock option scheme. The stock has dropped by 0.22 per cent on the BSE, and is trading at ₹576.30.

The Vaibhav Global stock is up by 2.54 per cent on the NSE, trading at ₹451.80. Its subsidiary, Shop TJC Ltd (UK), has executed an Asset Sale Agreement to acquire assets of Ideal World, a teleshopping brand in the UK.

Himatsingka Seide Ltd has launched its Himêya brand for bedding & bath products that will be available across the country. The brand was unveiled at the JW Marriott, Prestige Golfshire Bangalore. The stock is up by 2.39 per cent on the NSE, trading at ₹141.45.

The Deep Industries stock is up by 4.03 per cent on the NSE, trading at ₹267. The company had received a Letter of Award from Oil and Natural Gas Corporation Ltd for Charter Hiring of HP compressors at GCP Geleki, Assam for three years.

The Sequent Scientific stock is up by 4.08 per cent on the BSE, trading at ₹92. The company had received a Form 483 with one observation from the USFDA, following its inspection at the company’s manufacturing facility situated at Visakhapatnam.

Axis Mutual Fund conducted an investor survey to ascertain ‘Risk Comprehension’ amongst Indian investors. The survey received responses from over 1700 Axis MF investors from across the country. The objective of the survey was to receive insights on investors’ attitude and understanding of risks in mutual fund investing.

The survey findings revealed several interesting patterns. Buoyed by the awareness drives by regulators, fund houses, and distributors, investors have recognized the importance of investing their hard-earned money to potentially appreciate it, and one of the increasingly preferred investment avenues is Mutual Funds. However, 59% investors still consider past performance as one of the key benchmarks for investing in mutual funds. Often times, mainly influenced by market noise, investors tend to redeem their investments even though they are aware of the importance of long-term investing and power of compounding. According to data by AMFI, 22.2% equity investors stay invested for 12-24 months and in total 48.7% equity investors redeem their portfolio within two years or less.

Even though 89% investors believe that understanding ‘risk appetite’ plays a role in choosing the right mutual fund, only 27% investors said that they actually took their risk appetite into consideration before investing. In fact, the survey reveals that 53% investors are not very confident of personal risk assessment while choosing a mutual fund. It is imperative to understand that each investor has a different risk appetite based on his/her investment profile, financial goal, and needs. Furthermore, investments are still largely ‘behaviourally’ influenced, making it even more important to shape this attitude into an aware, educated, and well-informed skill set.

Of the 27% respondents who claimed to take risk appetite into account, 64% were not aware of risk profiler as a tool to evaluate risk appetite and of the total survey respondents, only 30% of respondents were aware of Risk Profiler. This indicates that investors know the importance of risk profiling but might not be aware of ‘Risk Profiler’ as a tool for assessing personal risk, leading to a potential mismatch between personal risk and that of the fund. Only 12% of the total respondents who were aware of a ‘Risk Profiler’ claimed that they were either confident or somewhat confident in assessing their risk-taking ability.

As high as 61% of the respondents were not aware of what risk-o-meter indicates. Only 16% of the total respondents who were aware of a ‘Riskometer’ and that it indicated ‘Fund’ risk, claimed to check the ‘Riskometer’ before making an investment. On a slightly brighter side, 66% investors mentioned that they would like to understand more about the risk-o-meter and its importance in making informed decisions.

UTI Mutual Fund (UTI) launches UTI Innovation Fund, an open-ended equity scheme following the innovation theme to bring the next generation edge to investor’s portfolio. The fund would follow a bottom-up approach for investing in innovation-oriented businesses and disruptors with the potential of non-linear growth outcomes. The NFO starts on September 25, 2023 and closes on October 9, 2023.

The investment strategy of the fund focuses on three pillars, namely, Innovation: Companies using innovation to enhance productivity or improve environmental/social impact; Growth: Companies with significant growth potential, demonstrated track record of developing the market and/or gaining market share; Quality: Financially strong companies with market leadership, robust business models, quality management & corporate governance.

The Fund aims to invest in potential investment opportunities such as, but not limited to, ecommerce, software, fintech, specialty chemicals, clean tech, healthcare, food tech, digital ad companies etc. The Fund would have a higher active share due to the focus on innovation, however, follows robust risk-assessment framework that aims to manage portfolio risks – concentration and disruption.

Indian Railway Catering and Tourism Corporation Ltd’s (IRCTC) shares were up by 3.38 per cent after the company, in celebration of its 24th Foundation Day coinciding with World Tourism Day on 27th September, announced a special promotion for air travellers.

The shares were up by 3.17 per cent to ₹684.35 on the BSE.

Deep Industries stock is up by 4.03% on the NSE, trading at ₹267. The company had received Letter of Award from Oil and Natural Gas Corporation Limited for Charter Hiring of HP compressors at GCP Geleki, Assam for a period of 3 years.

Sequent Scientific stock is up by 4.08% on the BSE, trading at ₹92. The company had received a Form 483 with one observation from the USFDA following its inspection at the company’s manufacturing facility situated at Visakhapatnam.

Copper futures on the Multi Commodity Exchange (MCX) has witnessed a sharp fall over the past few sessions. It fell off the resistance at ₹740 more than a week ago and the contract slipped below a support at ₹720 last Friday. Read more.

Tata Consultancy Services has strengthened its collaboration with the Standard Bank Group (SBG) by centralising and standardising custody and securities settlement operations across 15 markets using the TCS BaNCS Global Securities Processing Platform.

This Cloud-ready, SWIFT-certified platform covers the entire capital markets value chain, offering comprehensive functionality for trade processing, clearing, and settlement, custody, portfolio accounting, and corporate actions administration. The integration of this platform empowers SBG to offer its customers consistent, reliable, and efficient services, accelerating innovation and enabling the introduction of personalised digital products. Read more

HDFC Securities today launched an all-in-one mobile app - HDFC SKY. The app is designed to support investors and traders of all experience levels to participate seamlessly in the financial markets and achieve their financial goals. The app will provide access to a range of investment and trading offerings, including Indian stocks, ETFs, mutual funds, futures and options, currencies, commodities, IPOs, and global equities on a single Fintech platform.

The Cosmic CRF stock is up by 5 per cent on the BSE, trading at ₹247.80. The company had bagged an order worth a basic value of ₹17.49 crore, corresponding to a gross amount of ₹20.635 crore (Inclusive of GST) for supply of Cold Rolled Formed Railway Wagon Parts.

India Bulls (8.49%)

Sobha (3.71%)

Godrej Properties (2.05%)

Brigade Enterprises (1.71%)

Major stocks that hit a 52-week high on the NSE at this hour:

K.M.Sugar Mills (13.97%)

Indian Metals & Ferro Alloys (12.04%)

Lokesh Machines (9.78%)

Wonderla Holidays (9.25%)

Mahanagar Telephone Nigam (9.17%)

The Apollo Micro Systems stock is up by 8.13 per cent on the BSE, trading at ₹58.26. The company has entered into agreements with the Defence Research and Development Organisation, including Transfer of Technology (ToT) Agreement for Guidance and Navigation Technology, a ToT Agreement for Weaponisation of Hand-Held Thermal Imager with LRF , a ToT Agreement for Rotary Electro Mechanical Actuator and a ToT Agreement for Unified Avionics Computer.

The Artefact Projects stock has surged by 8.65 per cent on the BSE, trading at ₹53.50. The National Highway Authority of India has awarded the company a ₹5.07-crore project as independent engineer (IE) for operation and maintenance stage of the four laning of the Kashipur-Sitarganj section in Uttarakhand and Uttar Pradesh.

The Asian Paints stock is up by 1.55 per cent on the NSE, trading at ₹3,325.70. The company said the State Expert Appraisal Committee has recommended environment clearance for its Sriperumbudur plant subject to remittance of ₹8.82 crore, in the form of bank guarantee to TNPCB, it said.

Bank of Baroda has announced the inauguration of its new regional office in Ranchi, Jharkhand. It has also opened a new branch in Gurdari Village, its 63rd branch in Ranchi and 122nd in Jharkhand.

Hexaware Technologies has appointed Anton Tomchenko as its Chief Revenue & Solutions Officer for Digital & Software Services.

“Anton will bring to our clients a wealth of experience. Under Anton’s visionary leadership, Hexaware will shape new offerings to modernize and transform traditional enterprise business to build competitive digital businesses and pioneer in digital product innovation.

CMP(₹): 2,356 Fair Value(₹): 3,200

Sector View: Attractive

We reduce FV to Rs3,200 (from Rs3,400), reflecting the impact of a 1X higher multiple (17X) and roll forward by a quarter to September 2025E-based FV. The 1X higher multiple reflects the transitory nature of P&W woes—Indigo received

its last such aircraft in FY2021 (has shifted to CFM engines) and typically Indigo

has a six-year lease period.

CMP implies 13X September 2024E EPS, a base building peak of transitory issues

The stock is attractively priced at CMP. BUY for a 35%+ upside.

Crop Acreage as on September 22, 2023: marginally up +0.3% YoY.

§ Rainfall as on 20th Sep’23 down 7% YoY

§ Water Reservoir levels as on 21st Sep’23- down 19% YoY; South India remains lower

§ Sugar production expected to improve die to good rains in September

§ Paddy acreage up 3% to 411.52 lakh hectares so far this kharif sowing season, pulses area down 5%.

§ Global agri science major FMC corporation set to introduce new wheat herbicide in India.

§ EU discussing approval of Roundup glyphosate for another ten years.

Hero Motocorp has announced the new price of the Karizma XMR at ₹1,79,900 onwards (ex-showroom, Delhi) w.e.f. October 1, 2023. The stock is down by 0.85 per cent on the NSE, trading at ₹2,997.

Bajaj Finance (Bajaj) has announced a board meeting for equity capital raising plans for

October 5. The management believes a capital raise will help fuel long-term growth.

Its AUM growth has recovered from its Covid lows to c.30% currently. In our

recent note, Going strong, we highlighted early festival demand trends were strong

and the company expects to meet its guidance of c.30% growth in FY24. We

incorporate an assumed capital raise of Rs 100 billion and correspondingly increase our

long growth estimates and our target price, from Rs 9,000 to Rs 9,500. At our new

estimates, Bajaj trades at only a 4.9x FY25 PB, much lower than its history. We

maintain our BUY recommendation

PGIM INDIA MF View

We believe that global monetary tightening has entered its last phase with key central banks like the Fed and BOE pausing on rate hikes. RBI will also be on a long pause with government taking fiscal steps to manage inflation. We think that the broad range of the benchmark 10yr bond yield will be between 7.00% to 7.25% over the next couple of months. Given the inclusion of Indian government securities in the JP Morgan EM Index and the recent rise in yields which has pushed back the expectations of rate cuts, yields are entering attractive territory and investors can look to increase allocation to Fixed Income as growth is expected to slow down towards the end of the year.

Investors with medium to long term investment horizon can look at funds having duration of 3-4yrs with predominant sovereign holdings as they offer a better risk reward currently. Investors having an investment horizon of 6-12 months can look at the money market funds as yields are attractive in the 1yr segment of the curve.

Anjani Portland Cement Ltd has appointed Rajesh Kumar Dhoot as Chief Financial Officer with effect from October 1, 2023, following the resignation of R S Ramanjaneyulu. The stock has declined by 0.13 per cent on the BSE, trading at ₹185.70.

TIPS Industries has appointed Hari Nair as Chief Executive Officer (KMP) with effect from October 1. The stock has declined by 1.55% on the NSE, trading at ₹305.

IRCTC offers multi-modal transport ticket booking facilities for customers, including railways, roadways and air. The company has a dedicated IATA certified website for the booking of air tickets. The stock is up by 4.21% on the NSE, trading at ₹691.30.

Major gainers at 12 pm

Bajaj Finance (4.23%); Bajaj Finserv (2.36%); Apollo Hospitals (1.29%); Kotak Bank (1.26%); Tata Consumers (1.20%)

Major losers at 12 noon: SBI Life (-1.71%); LT (-1.45%); Infosys (-1.32%); Hindalco (-1.26%); Hero Motocorp (-1.24%)

A total of 1,733 stocks advanced on the BSE at 12 noon on September 25, against 1,816 stocks that declined, while 214 stocks remain unchanged. A total of 3,763 stocks were traded. While 158 stocks recorded a 52-week high, 29 hit a 52-week low.

DroneAcharya Aerial Innovations Ltd, a Remote Pilot Training Organisation (RPTO) headquartered in Pune, Maharashtra, has claimed that it has become the first private organisation to generate 501 RPC (Remote Pilot Certificates) in India. The training organisation, has achieved this feat in a matter of only 1.5 years, it said in a release. DroneAcharya is among the 58 private players out of a total of 66 RPTOs in India. There have been 6,700 RPCs generated till date, wherein 3,320 have been generated by the private RPTOs. DroneAcharya’s training contributions accounts for 15 per cent of the training conducted by the private RPTOs, as it clocks the fastest 500 trainings the industry has seen till date, the release further added.

Kirloskar Ferrous Industries Ltd has allotted 2,01,685 equity shares of ₹ 5 each upon exercise of stock options pursuant to the ‘KFIL Employee Stock Option Scheme 2017’ and ‘KFIL Employee Stock Option Scheme 2021’. The stock is down by 0.92% on the NSE, trading at ₹458.50.

Raneal Advanced Systems Pvt Ltd, a wholly-owned subsidiary of DCX Systems, with a manufacturing unit at Devanahalli Taluk, Bengaluru Rural, has received all the necessary approvals and is set to commence commercial production of Printed Circuit Board Assembly. The stock has inched up by 0.51 per cent on the BSE, trading at ₹296.95.

Aditya Birla Finance Ltd, a subsidiary of Aditya Birla Capital Ltd, has announced its first public issue of NCDs for an amount up to ₹ 1,000 crore, with an option to retain oversubscription up to ₹1,000 crore, aggregating up to 2,00,00,000 NCDs for an aggregate amount of up to ₹2,000 crore. The stock is down by 0.74 per cent on the BSE trading at ₹173.75.

Tata Consultancy Services (TCS) has expanded its partnership with the Standard Bank Group (SBG), the largest custodian in Africa, to centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform. TCS stock slides down by 0.93% on the NSE, trading at ₹3,570.25.

Bank Nifty began the week flat at 44,615 versus Friday’s close of 44,612. But the index declined soon after the open and is now hovering around 44,485, down 0.3 per cent. The overall trend remains bearish and as such, there are no indications of a bullish reversal at the moment. Read more

Major gainers at 11 am:

Schneider Electric (13.61%); MTNL (9.75%); Dwarikesh Sugar (8.09%); Indiabulls Real Estate (7.63%); Tata Invest (7.16%)

Major losers:

Delta Corp (-17.77%); EKI (-9.99%); Berger Paint (-7.24%); Hindustan Foods (-6.65%); Religare (-5.54%)

Shares of Chavda Infra Ltd were listed on NSE Emerge today. The company is an integrated civil construction company. The public issue was of Rs 43.264 crore at an issue price of Rs 65 per share.

Shares after listing at Rs 91, are currently ruling at Rs 86.45

Nifty 50 and Sensex continue to fall. The strong sell-off witnessed last week is spilling over this week as well. Both the indices are down about 0.28 per cent each.

Nifty has room to test 19,600 and even 19,500 in the coming sessions. The price action thereafter will need a close watch. A bounce from around 19,500 will give a breather. It can trigger a relief rally towards 19,800.

On the other hand, a break below 19,500 will intensify the selling pressure. Such a break can drag the Nifty down to 19,200-19,100 going forward.

In Asia, barring Nikkei 225 (32,666, up 0.8 per cent) other major indices are in red. Hang Seng (17,833) is down the most by 1.2 per cent. Kospi (2,497) and Shanghai Composite (3,120) are down about 0.4 per cent each.

In the US, the Dow Jones Industrial Average (33,963) extended the fall on Friday as well and was down 0.3 per cent. The index looks vulnerable to test 33,700 and even 33,500 as long as it stays below 34,000.

The Nifty 50 September Futures (19,675) is down 0.15 per cent. Resistance is at 19,720 while below which the bias will continue to remain negative for the day. The Nifty 50 September Futures can fall to 19,550 in the coming sessions.

A strong rise past 19,720 is needed to negate the above-mentioned fall to 19,550. Such a rise can take the contract up to 19,820. But that looks less likely for now as fresh sellers can come into the market at higher levels and cap the upside.

Traders can go short now. Add more shorts on a rise at 19,710. Keep the stop-loss at 19,740. Trail the stop-loss down to 19,650 as soon as the contract moves down to 19,615. Move the stop-loss further down to 19,605 when the contract touches 19,590. Exit the short positions at 19,570.

Supports: 19,550, 19,500

Resistances: 19,720, 19,820

The board of Spandana Sphoorty Financial Ltd has inter-alia considered and approved the issuance of senior, secured, rated, listed, redeemable, non-convertible debentures up to ₹30 crore on a private placement basis. The stock has inched up by 0.90% on the NSE, trading at ₹756.90.

Spectrum Foods Ltd has received the necessary permissions from Government Departments to construct a 185-room luxury resort in Pushkar, Rajasthan. The stock is up by 2.71% on the BSE, trading at ₹54.22.

Godrej Properties Ltd.’s shares were up by 1.51 per cent after the company reported selling approximately 670 homes, amounting to over ₹2,000 crore, in its project, Godrej Tropical Isle, located in Sector 146, Noida. The project was initiated in August 2023, nine months after the land acquisition through an e-auction conducted by Noida Authority in November 2022. Read more

Biosergen AB and Alkem Laboratories Ltd. have announced the signing of a co-development and license agreement for BSG005, an innovative polyene macrolide, through phase II and phase III trials for sale in the Indian market.

The stock inches up by 0.23% on the NSE, trading at ₹3,558.70.

S&P Global Ratings on Monday retained India’s growth forecast for FY24 at 6 per cent on the back of good growth in April-June quarter. However, this is lower than all the recent revised forecasts and RBI’s estimate of 6.5 per cent. The agency has upped its inflation forecast for India by 50 basis points.

S&P Global Ratings has estimated that India will at 6.9 per cent, 6.9 per cent and 7 per cent during FY25, FY26 and FY27, respectively.

Notably, S&P Global Market Intelligence, a division of S&P Global, recently upped India’s growth forecast for FY24 to 6.6 per cent due to strong growth in the April-June quarter, up from the 5.9 per cent projected in August.

The Organization for Economic Cooperation and Development (OECD) has raised India’s GDP forecast for 2023-24 to 6.3 per cent from 6 per cent projected earlier.

Read more

Coforge Limited and Newgen Software have elevated their partnership to deliver transformative insurance lifecycle management solutions in Customer Communications Management (CCM) and Document and Content Management (DCM) on the Low Code platform. The stock slips by 0.47% on the NSE, trading at ₹5,268.50.

Flash PMIs for major economies show that services activity in the US slowed unexpectedly, while in UK it continues to weaken further in Sep’23. In Eurozone, while Germany’s activity contracted at a slower pace, it accelerated in France. UK’s retail sales data also confirmed weaker than expected improvement in Aug’23 (-1.4% YoY versus est.: -1.2% and -3.1% in Jul’23). In case of manufacturing, Eurozone (led by Germany and France) and UK, continue to show signs of stress as per flash PMIs for Sep’23. Activity in US also declined, albeit at a slower pace. These data points pose a challenge to Fed’s higher rates for longer period policy. On the domestic front, progress of southwest monsoon has been 6% below LPA and Kharif sowing has been slightly higher by 0.3% compared to last year

Equity benchmark indices declined in early trade on Monday amid a weak trend in global markets and continuous foreign fund outflows.

The 30-share BSE Sensex fell 136.61 points to 65,872.54. The Nifty dipped 39.7 points to 19,634.55.

Among the Sensex firms, Larsen & Toubro, Axis Bank, ITC, Infosys, Tata Consultancy Services, Reliance Industries, Hindustan Unilever and IndusInd Bank were the major laggards.

Bajaj Finance, Bajaj Finserv, Maruti and Asian Paints were the gainers.

In Asian markets, Seoul, Shanghai and Hong Kong were quoting in the negative territory while Tokyo traded in the green.

The US markets ended lower on Friday.

Global oil benchmark Brent crude climbed 0.21 per cent to $93.47 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,326.74 crore on Friday, according to exchange data.

Foreign Portfolio Investors (FPIs) have pulled out over ₹10,000 crore from Indian equities in the first three weeks of September.

“Sustained FII selling has been a drag on the market in recent days,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark had declined 221.09 points or 0.33 per cent to settle at 66,009.15 on Friday. The Nifty fell 68.10 points or 0.34 per cent to end at 19,674.25.

IndiGo stock slips by 0.13% on the NSE, trading at ₹2,352.55. The company had announced the commencement of operations to Almaty, Kazakhstan, marking its 32nd international and 111th overall destination within the extensive 6E network.

The Shree Cement Ltd board has approved the issuance of secured, rated, redeemable, taxable, non-convertible debentures (NCDs) with a base issue size of ₹350 crore with an option to retain over-subscription up to ₹350 crore aggregating to a total Issue size of up to ₹700 crore on private placement basis to certain eligible investors.

The stock has slipped 0.30 per cent on the NSE, trading at ₹25,862.70.

JSW Steel stock inches up by 0.71 per cent on the NSE, trading at ₹779.55. The company had executed the termination agreement with National Steel Holding (NSHL) for establishing scrap shredding facilities in India and the Securities Purchase Agreement with NSHL to purchase NSHL’s 50 per cent stake held in NSL Green Recycling.

InCred Alternative Investments Pvt Ltd have announced the appointment of Vivek Singla as Managing Partner & Chief Investment Officer (CIO), Private Equity. InCred Alternative Investments is part of InCred Capital (InCred Capital Financial Services Pvt Ltd), the institutional, wealth, and asset management arm of InCred Group

Vivek will spearhead InCred’s maiden Private Equity Fund, which will be the third Alternatives strategy from InCred after Structured Credit Fund and Liquid Quant Fund.

The rupee depreciated by 16 paise to 83.10 against the US dollar in early trade on Monday, taking cues from subdued equity market sentiment and a firm American currency against major rivals overseas.

Withdrawal of foreign funds from domestic equities and upward movement in crude oil prices also weighed on the Indian currency, forex traders said. For more

Alphagrep – a quantitative trading and investment management firm – has announced the appointment of Bhautik Ambani as Chief Executive Officer of AlphaGrep’s Investment Management unit in India. At AlphaGrep, Bhautik will be responsible for driving business growth, strengthening and expanding the firm’s domestic presence, and enhancing customer experience. Under his leadership, the company has launched AlphaGrep’s maiden AlphaMine Absolute Return Fund – Category III AIF (Alternative Investment Fund).

Prior to joining AlphaGrep, Bhautik was associated with Avendus Capital Public Markets Alternate Strategies LLP as Managing Director & Partner. He was also associated with Ambit Capital, Kotak Wealth Management, and Mirae Asset, in various capacities and positions of leadership.

Shreeji Translogistics Ltd (STL) has secured additional business from DHL Express (India) Pvt. Ltd. to handle courier cargo services from Bengaluru. The stock has risen by 2.24 per cent on the BSE, trading at ₹65.85. Read more

SBI: The state-run lender has raised Rs 10,000 crore through long-term infrastructure bonds at a 7.49% coupon rate. The proceeds from bonds will be utilised to enhance long-term resources for funding infrastructure and the affordable housing segment. SBI has outstanding long-term bonds worth Rs 39,718 crore with this issue.

Reliance Industries: Unit Reliance Retail Ventures received the subscription amount of Rs 2,069.50 crore from KKR. It allotted 1.72 crore of equity shares to KKR.

LIC: The company received an order demanding GST along with interest and a penalty worth Rs 290.5 crore from Bihar’s Additional Commissioner of State Tax. The company said it will file an appeal before the GST Appellate Tribunal against the order.

JSW Steel: The company executed the Termination Agreement with New Zealand’s National Steel Holdings for the termination of the JV agreement for establishing scrap shredding facilities in India. It will purchase NSHL’s 50% stake in NSL Green Recycling.

Bajaj Finance: The board will convene on Oct. 5 to consider raising funds via QIP.

Power Finance Corp: The company has allotted 66 crore fully paid-up bonus equity shares of the face value of Rs 10 each in the ratio 1:4.

Mahindra & Mahindra Financial Services: The company has completed the acquisition of Mahindra Insurance Brokers for Rs 206 crore, at a price of Rs 1,001 per share. MIBL is now a wholly owned subsidiary of the company.

Blue Star: The board approved the allocation of 1.29 crore equity shares at an issue price of Rs 770 apiece to 41 qualified institutional buyers. Norges Bank and SBI Large & Midcap Fund each secured over 12% of the issue.

Ircon International: The company has a contract worth $14.89 million, or Rs 122 crore, with Sri Lanka Railways for the design, installation, and commissioning of signalling and telecommunication systems.

Vaibhav Global: U.K. unit Shop TJC to acquire teleshopping brand Ideal World’s IP and broadcasting rights, studio equipment

Zen Technologies: The company has bagged a Rs 227.65 crore order from the Defence Ministry.

Karnataka Bank: The board approved raising Rs 1,500 crore through the issue of equity shares. Of this, Rs 800 crore will be raised via a preferential issue of shares at Rs 239.52 apiece.

Edelweiss Financial Services: The equity shares of Nuvama Wealth Management are to be listed and admitted for dealing on BSE and NSE as of Sept. 26. Nuvama Wealth Management was formerly known as Edelweiss Securites. Edelweiss Securities had previously demerged from Edelweiss Financial Services.

Delta Corp: The company received a Rs 11,139-crore GST demand order from Hyderabad’s Directorate General of GST Intelligence. The company said the tax liability amount claimed is based on the gross bet value of all games played at casinos rather than gross gaming revenue. It will pursue remedies to challenge the tax demand.

Kirloskar Oil Engines: Anurag Bhagania to resign as CFO with effect from Nov. 22.

Swan Energy: The board approved raising up to Rs 1,435 crore via preferential issue of shares. It will issue up to 2.9 crore shares at Rs 495 apiece.

Borosil: The company reported delays in receiving delivery of imported equipment and machinery from Europe required for setting up the furnace for the 25-tonne borosilicate glass factory in Jaipur, Rajasthan. The project is likely to be commissioned on or before Jan. 31, 2024.

Inox Green Energy: The company has entered into a share subscription agreement to acquire a 51% stake in Resowi Energy.

IPO Offerings

Manoj Vaibhav Gems N Jewellers: The IPO has been subscribed 13%, or 0.13 times, on its first day. The bids were led by retail investors, who subscribed 0.25 times, and non-institutional investors, who subscribed 0.05 times. The issue received zero bids from institutional investors.

Updater Services: The IPO will open for public subscription on Monday. The integrated facilities management company plans to raise up to Rs 640 crore via a fresh issue and an offer for sale. The price band is fixed in the range of Rs 280–300 apiece.

JSW Infrastructure: The company will launch its IPO on Monday. The port-related infrastructure company plans to raise up to Rs 2,800 crore via a fresh issue. The issue will comprise a fresh issue of 23.53 crore equity shares, and the price band is fixed in the range of Rs 113–119 apiece. The company has raised Rs 1,260 crore from anchor investors.

Block deals

Shyam Metalics and Energy: Shyam Metalics Employees Welfare Trust bought and Narantak Dealcomm sold 1.93 lakh shares (0.42%) at Rs 430 apiece.

Bulk Deals

Cholamandalam Financial Holdings: Ambadi Enterprises sold 10.58 lakh shares (0.56%) for Rs 1,151.02 apiece, and Nomura India Investment Fund bought 14.51 lakh shares (0.77%) for Rs 1,145.30 apiece.

Hinduja Global Solutions: Aviator Global Investment Fund bought 2.8 lakh shares, and Legends (Cayman) sold 2.8 lakh shares (0.6%) for Rs 1,005 apiece.

Samhi Hotels: Morgan Stanley, through its funds, sold 64.67 lakh shares (2.9%). BofA Securities Europe bought 47.74 lakh shares (2.18%) for Rs 139.37 apiece.

Zaggle Prepaid Ocean Services: ACM Global Fund bought 8 lakh shares (0.65%) at Rs 164.83 apiece. Valuequest Investment Advisors bought 33.03 lakh shares (2.7%) for Rs 165.96 crore. Goldman Sachs Investments Mauritius sold 6.1 lakh shares (0.5%) at Rs 165.39 apiece.

Insider Trades

DB Realty: Promoter Shanita Deepak Jain sold 30,000 shares on Sept. 18.

Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 33,870 shares between Sept. 20 and 21.

Usha Martin: Promoter Peterhouse sold 1.5 lakh shares between Sept. 20 and 21.

Star Cement: Promoter Kamakhya Chamaria sold 35,152 shares on Sept. 20.

Som Distilleries and Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on Sept. 22.

Pledge Share Details

Jubilant FoodWorks: Promoter Jubilant Consumer created a pledge of 22 lakh shares on Sept. 21.

Trading Tweaks

Ex-date AGM: BF Investment, Indiabulls Real Estate, Natco Pharma

Ex-date EGM: Techindia Nirman

Ex/Record date Spin-off: National Peroxide.

F&O BAN

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Godrej Properties stock has risen by 1.43 per cent on the NSE after it announced that it has sold 670 homes worth over ₹2,000 crore under its project, Godrej Tropical Isle, located in Sector 146, Noida.

Over the past few days, the cement industry has witnessed an improving price scenario. East India has been the flag bearer, while North and Central India have recently attempted hikes of Rs 10-15/bag. Expectations are running high for a sharp spike by South and West India for October 23. Given the industry’s poor track record to withstand sharp price hikes beyond a few months, sustainability of the recent hikes (in the face of the upcoming festive season) remains key. Even as our fundamental sector concerns remain intact, the hikes may improve sector sentiment in the near term, according to a report by ICICI Secuirities.

Anand James, Chief Market Strategist at Geojit Financial Services.

Nifty outlook:

We will begin this week looking for 19956, expecting the 50day SMA, close to which we are now, to hold and prompt a reversal. However, if 19727-43 region resists and lead to slippage past 19550, the 18600 objective may have to be brought into play. An outright collapse is less expected though.

Derivative outlook:

Nifty weekly contract has highest open interest at 19800 for Calls and 19000 for Puts while monthly contracts have highest open interest at 19800 for Calls and 19000 for Puts. Highest new OI addition was seen at 19800 for Calls and 18500 for Puts in weekly and at 19800 for Calls and 18500 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 1.32%, increased future index shorts by 12.05% and in index options by 25.67% in Call longs, 15.27% in Call short, 42.79% in Put longs and 31.12% in Put shorts.

•Fixed Income

The New 10 Year Benchmark GOI 7.18 2033 traded between 7.07% - 7.18% during this week

Old 10 Year Benchmark GOI 7.26 2033 traded between 7.08% – 7.21% during this week, tracking movement in Crude Oil, Currency, US Treasury Yields and IGB inclusion in JP Morgan’s GBI EM Global diversified index.

•Auction Highlights:

RBI conducted the Auction for G-sec, SDL and T-Bill for the aggregated amount of INR 33,000 Crore, INR 12,723 Crore and INR 24,000 Crore respectively.

G-sec:

7.06% GS 2028 (99.54/7.1792%)

7.18% GS 2033 (100.31/7.1342%)

7.30% GS 2053 (99.55/7.3360%)

SDL Cutoff:

04 Years: GJ 7.40%

07 Years: CS 7.47%, TS 7.46%

08 Years: BI 7.49%

10 Years: GA 7.46%, SI 7.46%, HR 7.45%

…

Major gainers on the NSE:

Bajaj Finance (3.25%); Bajaj Finserv (2.31%); Maruti (0.95%); JSW Steel (0.61%); ONGC (0.54%)

Major losers: LT (-1.44%); SBI Life (-1.16%); Hero Motocorp (-1.07%); LTI Mindtree (-0.93%); Axis Bank (-0.85%)

Dabur’s Burman family controlled entities have made an open offer to acquire upto 26 per cent stake in Religare Enterprises Ltd (REL) at ₹ 235 per share.

The open offer would involve total consideration of ₹ 2116 crore (assuming full acceptance).

Currently, the Burman family holds 21.54 per cent stake in REL. The aggregate holding is expected to increase to 26.81 per cent post today’s planned additional stake buy of 5.27 per cent at maximum price of ₹ 235 per share. Since their holding will go beyond 25 per cent, the open offer is being made for additional 26 percent.

The Burman Family controlled entities that are now making the open offer and looking to take control of REL are M.B. Finmart Private Limited, Puran Associates Private Limited, VIC Enterprises Private Limited and Milky Investment & Trading Company.

Burman family has been steadily increasing their stake in REL in recent years.

Recently, the Burman family had acquired an additional 7.5 per cent stake in REL through multiple block deals worth ₹ 534 crore.

Prior to this transaction, the Burman family —who are promoters of Dabur — held 14 pe rcent stake in REL.

It maybe recalled that the Burman family controlled entities were among the significant investors who participated in the REL’s preferential allotment in June 2021 when the company raised ₹ 570 crore from both existing and new investors. For more

Indian stock indices, the Sensex and Nifty, opened with little change on Monday amid mixed global signals. At 9.15 am, the BSE Sensex, with 30 components, rose by 73.84 points to reach 66,082.99, while the NSE Nifty gained 13.35 points, reaching 19,687.60.

Among the Nifty gainers were Bajaj Finance, Bajaj Finserve, Cipla, NTPC, and LTIMindtree. Meanwhile, Axis Bank, Tata Consumer, Hindalco, IndusInd Bank, and Titan were among the decliners.

The upcoming Monthly F&O settlement on the NSE this Thursday is expected to increase market volatility.

According to Prashanth Tapse, Senior VP (Research) at Mehta Equities, market volatility is likely due to global uncertainty surrounding potential interest rate hikes by major economies. The performance of the Gift Nifty index during the day could impact sentiment. Additionally, factors like the Dollar index, US Treasury yields, rupee movement, and crude oil prices could influence market dynamics. Investors are also closely monitoring HDFC Bank’s statement regarding bad loan ratios and margins after its merger with HDFC. Technically, Nifty has significant support at the 19,607 level for today’s trading.

Grasim Industries informed the exchange that Century Rayon plant, Shahad, is in receipt of order from Department of Industrial Safety & Health, Kalyan (DISH) under the Factories Act, 1948 , following which the Carbon Di Sulphide (CS2) refining section of the plant has been closed temporarily.

Proxy advisory firms InGovern Research and Institutional Investor Advisory Services have taken opposing views in their recommendations to Finolex Cables shareholders ahead of the upcoming AGM

Nuvama Institutional Equities

We value Metro at 50x Q1FY26E PE with a TP of INR1,062; maintain ‘HOLD’. Re-rating triggers ahead are outperformance on productivity and/or visibility of profitable scalability in Walkway and Fila.

Our ‘HOLD’ recommendation is mainly driven by the 30% run-up since our initiation, which caps upside. We do not see a case for higher multiples or upgrades. In fact, the current demand slowdown stays a headwind.

Centrum

The Nifty50 has decisively broken its crucial support of around 19,850-19,900 levels and closed at 19,674 for the last week. For the week The Sensex fell 2.70% to 66,009, while the Nifty50 tanked 2.57% . The correction was also seen in broader markets, as the Nifty Midcap 100 and Smallcap 100 indices fell 1.7% and 2.5% The hawkish tone of the Federal Reserve hinting higher rates next year, aggressive sell-off by foreign institutions, correction in index heavyweights like HDFC Bank, and weak global cues dented the market sentiment, though JPMorgan’s decision to include Indian government bonds in its bond index turned out to be good news on the last day of the week, leading to rise in PSU Banks. FIIs remained negative on Friday upto Rs 13.5bn. MTD FIIs have sold Indian stocks worth Rs 183bn

Deepak Jasani, Head of Retail Research, HDFC securities.

Indian markets could open flat to mildly lower, in line with mixed Asian markets today and lower US markets on Sept 22

U.S. stocks ended modestly lower Friday, with the Dow Jones Industrial Average falling for a fourth consecutive day in its longest daily losing streak since June. The S&P 500 and Nasdaq each logged a third-straight weekly decline as rising bond yields rocked equities in the wake of the Federal Reserve meeting on Wednesday. For the week, the Dow fell 1.9%, the S&P 500 dropped 2.9% and the Nasdaq Composite slumped 3.6%.

The US benchmark 10-year note slid to 4.30% from 16-year highs of more than 4.5% late Thursday.Central banks in Sweden and Norway announced 25 bp hikes with the prospect of more to come.

Economic data on Friday showed some weakness in the U.S. services sector, while manufacturing activity recovered slightly but remained in contraction, according to S&P U.S. purchasing managers indexes. The S&P flash U.S. services-sector index slipped to an eight-month low of 50.2 from 50.5 in the prior month. The S&P U.S. manufacturing-sector index, meanwhile, rose slightly to 48.9 from 47.9, leaving it in negative territory.

Investors sold stocks at the fastest weekly rate this year in the week to Wednesday, Bank of America Global Research said in a report on Friday.The BofA data captures flows from the run-up to this week’s key central bank meetings from the Federal Reserve and the Bank of England, where both held rates steady. Equities recorded a weekly outflow of $16.9 billion, while investors bought $2.5 billion of bonds, which recorded a 26th straight week of inflows, BofA said, citing EPFR data. Investors also pulled $300 million from gold and $4.3 billion from cash. Year-to-date, however, investors have ploughed $1 trillion into cash. BofA described the mindset as “cautious & “paid to wait”.

The Asian Development Bank (ADB) has reduced its GDP forecast for India for the fiscal year 2023-2024 by 10 basis points bringing it down from 6.4 percent to 6.3 percent. This downward revision is attributed to a slowdown in exports and potential disruptions in agricultural output due to unpredictable rainfall patterns.

Asian shares were hesitant on Monday after central banks last week reinforced the message that interest rates will stay higher for longer, while investors braced for inflation data from the U.S. and Europe.

Nifty declined to end lower on Sept 22 for the fourth consecutive day after swinging between gains and losses. At close, Nifty was down 0.34% or 68.1 points at 19674.3. Nifty fell on Sept 22 but showed signs of near term bottom formation. On weekly charts, Nifty fell 2.57%, the sharpest fall since the week ended Feb 20, 2023. A fall below 19645 could take the Nifty to 19460-19480 band while on rises, Nifty could face resistance at 19849 for the near term.

Last week, Indian equities corrected sharply after a rather hawkish pause by the US Federal Reserve. However, PSU banks were the notable outperformers in a market where private banks underperformed sharply and rate-sensitive realty and commodities were notable underperformers. The global markets were mostly risk-off after the US Fed comments. Asia-Pacific markets are mixed today as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region. It is interesting to note starting today, Rs 4,095 crore worth of IPOs by 18 companies will be opening for subscription, including four in the mainboard segment. There are also five ongoing issues. On the commodity front, oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high-interest rates. Taking cues from the GIFT Nifty, the Indian markets are set to open marginally higher in today’s session.

On the technical front, the 50 index nosedived 518 points in the week gone by and plunged back into the base immediately following a frail breakout. This connotes the move from the lows of 19235 to 20222 was potentially a manipulative one and hence the uptrend remains under pressure. The strike of 19800 saw the addition of the highest call open interest and is anticipated to act as immediate resistance going forward.

Supporst: 19600-19545-19500

Resistances: 19800-19840-19900

-- Pre-market views by Avdhut Bagkar Technical and Derivatives Analyst, StoxBox.

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

“Volatility will remain the theme given the current uncertainty in global markets amid renewed concerns over the likely interest rate hike by key global economies in the near term. While markets may start flat to negative, recovery in the Gift Nifty index could aid the sentiment in intra-day trades. If both the Dollar index and US treasury yields continue their ascent, the rupee may come under pressure and we may witness further global fund outflows from domestic equities. Caution will also prevail due to spiking global crude oil prices around $90 a barrel, while investors will closely watch the statement from HDFC Bank which had last week warned about widening bad loan ratios and narrowing margins after the merger with HDFC. Technically, Nifty’s biggest support for today’s trade is placed at the 19607 mark.”

Religare Enterprises: Burman Family makes an open offer to acquire up to 26% stake at ₹235/share

Ratnaveer Precision Engineering Ltd 1

Vishnu Prakash R Punglia Ltd 1

LIC gets order demanding Rs 290.50 crore GST with interest & penalty from BGST & CGST

Godrej Properties Ltd has sold about 670 homes worth over rs 2,000 crore in its project, Godrej Tropical Isle, located in Sector 146, Noida. This is Godrej Properties’ most successful ever launch in terms of the value and volume of sales achieved. The project was launched in August 2023 within nine months of the purchase of land through an e-auction conducted by Noida Authority in November 2022.

CLSA on Bajaj Finance: Maintain Buy, target price at Rs 9500

Jefferies on Bajaj Finance: Maintain Buy, target price at Rs 8830

BofA on Bajaj Finance: Maintain Buy, target price at Rs 8750

Emkay on Emami: Initiate Buy on Company, target price at Rs 625

Antique on Ircon: Initiate Buy on Company, target price at Rs 176

MOSL on NALCO: Maintain Neutral on Company, target price at Rs 95

Investec on Bajaj Finance: Maintain Hold on Company, target price at Rs 7000

Domestic markets are likely to open on a flat note on Monday amid mixed global cues. Monthly F&O settlement on the NSE this Thursday will add to volatility in the market said. Analysts expect large-caps remain somewhat stable, while mid- and small-caps to see heightened volatility.

Asian stocks trading in a narrow range while Chinese markets remained weak due to property stocks. U.S. stock futures were trading with marginal gains after a negative week for major benchmark averages as investors retreated in the face of rising long term bond yields, following hawkish rhetoric from Federal Reserve policymakers.

Avendus Capital in a report said that ESG is set to become a key decision-making parameter for Indian Equity Capital Markets, contributing to about 34 per cent of the total domestic AUM by 2051. This growth is expected to be driven by ESG focused sectors such as Renewable Energy, Electric Vehicles, Green Hydrogen and Climate Tech among others.

According to the report, India’s growth in New-ESG AUM is expected to be similar to APAC’s ESG growth of about 30% in the next 5-10 years, stabilising to a range of 15-20% by 2051. India will also see reclassification of existing assets under ESG, especially among those firms that are highly focused on integrating ESG within their business. A majority of this reclassification is expected to be driven by three key sectors that contribute to about 35-40% of India’s market share - BFSI, IT and Healthcare.

The initial public offering of Updater Serivices will open for subscription today. The company has fixed market lot of ₹280-300 and the market lot is 50 shares.

The Chennai-based company IPO consists of ₹400 crore fresh issue and an offer for sale of up to 80 lakh shares (worth ₹240 crore). Promoter Tangi Facility Solutions Private Ltd will offload 40 lakh shares and two private equity funds - India Business Excellence Fund-II and India Business Excellence Fund–IIA, will sell 8 lakh and 32 lakh shares, respectively.

The ₹270.20-crore initial public offering of Manoj Vaibhav Gems ‘N’ Jewellers Limited enters day 2 on Monday. The issue has so far been subscribed just 14 per cent on Day 1 (Friday).

The public issue will close on September 26 (Tuesday) and the market lot is 69 shares.

The ₹2,800-crore initial public offering of JSW Infrastructure opens for subscription today. The company has fixed the price band as ₹113 to ₹119 and the market lot is 126 shares.

The Issue is entirely a fresh issue of equity shares.

Strides Pharma Science Limited (Strides) has announced that its step down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Icosapent Ethyl Capsules 0.5 gram and 1 gram, from the United States Food & Drug Administration (USFDA). he product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Vascepa of Amarin®. The Icosapent Ethyl Capsules has a market size of $1.3 billion per IQVIA. The product will be manufactured at the Company’s facility in Bengaluru.

Suzlon Energy has informed the exchanges State-owned REC has withdrawn its nominee, Ajay Mathur, from the board of Suzlon Energy as the financial assistance granted by the REC-led consortium in terms of the rupee term loan agreement has been paid in full. Ajay Mathur has ceased to be the Nominee Director of Suzlon with effect from September 21.

Deep Industries Limited has received Letter of Award from Oil and Natural Gas Corporation Limited for Charter Hiring of HP compressors at GCP Geleki, Assam for a period of 3 years. The total estimated value of the said award is approximately ₹108 crore.

Interglobe Aviation that operates IndiGo has announced the commencement of operations to Almaty, Kazakhstan, marking its 32nd international and 111th overall destination within the extensive 6E network. Effective September 23, IndiGo will operate thrice-weekly flights between Delhi and Almaty.

3:30 EURO German ifo Business Climate (Expected: 85.1 versus Previous: 85.7)

18:30 EURO ECB President Lagarde Speaks

The L&T’s offer closes today. Floor price set at ₹3,200, buyback ratio 9:38 for small shareholders, 11:574 for general category. L&T aims to buy 3.125 crore shares, 2.4% of total equity, via tender route. Read more

Buzzing Stocks: Delta Corp, SBI, JSW Steel, Indigo, Hindustan Oil, Reliance Industries, Suzlon, Asian Paints, Kintech Renewables, Artefact, Apollo Micro, Indraprastha Apollo, Cosmic CRF, Sequent Scientific, Deep Industries, Vaibhav Global, Muthoot Capital, Strides Pharma, Shree Renuka Sugars, DMR Hydroengineering, Zuari Agro, INOX Green

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The United States Food and Drug Administration (USFDA) had an inspection of Sequent Scientific Limited’s manufacturing facility situated at Visakhapatnam, Andhra Pradesh, from September 18, to September 22. At the end of the inspection, it has been issued a Form 483 with one observation. The observation is procedural in nature. We will respond to the USFDA within the stipulated timeline and work closely with them to address the observation at the earliest. The Company remains committed to maintaining the highest standards of quality, safety and compliance.

Indraprastha Apollo Hospitals, a renowned hospital chain in India, has entered into a momentous collaboration with the MotoGP Bharat Grand Prix that is set to be held at the Buddh International Circuit in Greater Noida, Uttar Pradesh. This is the first-ever MotoGP event in India and Indraprastha Apollo Hospitals will provide extensive medical support for the event which will be held between September 22-24.

The Board of Directors of Kintech Renewables Limited has approved the Issue and allotment of up to 15,77,000 shares of face value of ₹10 each to persons belonging to Non-Promoter Category, on preferential basis, at an issue price of ₹5000 per share, aggregating to ₹788.50 crore for cash and 7,23,000 fully convertible warrants carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant, to persons belonging to Non-Promoter Category, on preferential basis, at ₹5000 per warrant worth ₹361.50 crore.

State Bank of India has raised ₹10,000 crore at a coupon rate of 7.49 percent through its fourth infrastructure bond issuance. The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates, etc. The proceeds of bonds will be utilised to enhance long-term resources for funding infrastructure and the affordable housing segment.

Delta Corp Limited has received an intimation for payment of shortfall tax under Section 74(5) of the CGST Act, 2017 and Goa SGST Act, 2017, from the Directorate General of GST Intelligence, Hyderabad. The DG Notice advises the Company to pay an alleged tax liability of ₹11,139.61 crore with interest and penalty for the period from July 2017 to March 2022.

China Evergrande extends fall to 24% as the group said it was unable to meet the qualifications for issuing new bonds in the current circumstances and reassessing the restructuring plan

Shradha Industries Ltd

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

Previous day Closing Price – Rs. 65.19

Ex - Stock Split 26 September 2023 (Tomorrow)

Last day trade for before split Today

The Shoppers Stop has been under pressure since mid-August this year. However, there is a crucial trendline support for Shoppers Stop at ₹665 and a moving average support is at ₹625. Read more

Since the Easy Trip Planners stock has got listed in 2021 only, we have limited price data to do a detailed technical analysis. As seen from the chart ... Read More

I have shares of ITC bought at ₹410. Can I accumulate at this juncture? What is the outlook?

The week gone by was eventful for India’s bond market as the much-awaited inclusion in JP Morgan’s Emerging Market Index finally happened. Investors in India’s government bonds cheered, but not the investors in developed markets bonds. The week gone by saw a lot of tumult in bond markets in the US, France, Italy, Germany and Japan as a hawkish US Fed added fuel to fire resulting in bond yields spiking by about five per cent in these countries... Read more

“When in Rome, do what the Romans do,” goes the adage. Yet, when it comes to gold investment, following the Romans anywhere may just make sense. After all, Romans were the ones who knew the intrinsic worth of gold 2500 years ago. They placed a high value on it, not just as a commodity but as a storage of wealth. They were the first to use and mint gold coins as currency, starting a trend that would define the course of modern-day economies. ... Read more

The domestic sales of two-wheelers in August witnessed a one-year high at 15,66,594 units. According to the Society of Indian Automobile Manufacturers (SIAM) figures, the domestic sales of two-wheelers in August 2022 were 15,57,429 units. The sales of two-wheelers had witnessed a dip in July 2023 with 12,82,054 units after seeing a pickup in June with 13,30,826 units.

The National Company Law Tribunal (NCLT) has approved the acquisiton of the insolvent Gujarat Hydrocarbons and Power SEZ Ltdby to Zaveri & Co on September 19,2023.

Gujarat Hydrocarbons and Power SEZ Ltd was established on August 17, 2007, with the objective of managing SEZs. It had an authorised share capital of ₹20 crore and a paid-up share capital of ₹9.8 crore.

India’s exports of refined petroleum products rose by almost 9 per cent m-o-m to 5.83 million tonnes (mt) in August largely supported by outbound shipments of diesel, aviation turbine fuel (ATF) and fuel oil.

The Menon family, promoters of real estate giant, Sobha, known for its expansive ventures in both domestic and Middle East (primarily Dubai) markets, is charting a new course towards diversification which will see it establish hotels, an investment arm and enter the US market.

Manoj Vaibhav Gems ‘N’ Jewellers, operating primarily as Vaibhav Jewellers, is raising ₹270.2 crore, consisting of ₹210 crore in fresh issue and ₹60.2 crore in Offer for Sale (OFS) by the promoter. Post the issue, the promoter’s stake will stand at 74.3 per cent.

PSU stocks have been the flavour of the season with the BSE PSU index being one of the best performers in the last one year. While there are many reasons to be optimistic on the sector, there are also pockets where the run-up in shares may have gone too far. Read more

It was a sea of red across the global equity markets last week. The Indian benchmark indices, the Sensex and Nifty 50 tumbled over 2.5 per cent each, thereby snapping the strong three-week rally. The Nifty Bank index fell much more about 3.5 per cent last week. The US Federal Reserve indicating that their interest rates would continue to remain higher for a long time caused jitters in the risky assets such as the equities. Read more

Last week, Sensex & Nifty 50 fell 2.4%. BSE Realty, Metals & Healthcare lost most. Blue Star, Berger Paints & REC gained on QIP, bonus & SPV monetisation. Blue Star trades at 42x P/E, Berger Paints at 68x & REC at 6x P/E & 1.85x P/B. Read more

Asian markets traded within narrow ranges on Monday, and oil prices increased, while Treasury yields saw a slight uptick, all as investors assessed the Federal Reserve’s commitment to maintaining higher interest rates for an extended period.

Japanese stocks saw an opening rise as investors sought bargains following last week’s declines. The Nikkei 225 index gained 0.29%, or 95.22 points, reaching 32,497.65 at 6:55 am IST, while the broader Topix index added 0.21%, or 5.34 points, reaching 2,381.61.

Oil prices climbed for a second consecutive day as hedge funds increased their bets on tightening supplies, anticipating a resumption of the recent rally.

In Australia, stocks declined broadly on Monday as investors grappled with the likelihood of prolonged global interest rate increases. The S&P/ASX 200 index fell 0.35% to 7,044.3, with mining and gold stocks leading the decline.

Federal Reserve officials expressed uncertainty on Friday regarding the resolution of the inflationary challenge and indicated that tight monetary policy might persist longer than previously anticipated