Share Market Highlights September 3 2024: Market closes flat amid mixed sentiment; Sensex dips, Nifty extends winning streak

The Indian stock market took a breather on Tuesday, ending the day with marginal changes after recent highs. 

Trading activity was subdued, with 4,054 stocks traded on the BSE. 

Advances outnumbered declines, with 2,014 stocks gaining ground compared to 1,926 declining. 114 stocks remained unchanged. The market saw 267 stocks hitting their 52-week highs, while 29 touched their 52-week lows. 

Bajaj Finance (-1.36%), ONGC (-1.33%), Infosys (-1.20%), Adani Ports (-1.08%), HCLTech (-1.02%)

SBI Life (1.72%), Bajaj Finserv (1.40%), ICICI Bank (1.39%), HDFC Life (1.28%), Hero Motocorp (1.24%)

Zydus Lifesciences has received a warning letter from USFDA for the injectable manufacturing facility situated at Jarod, near Vadodara, Gujarat. 

Stock trades flat on the NSE at ₹1,114.65

Texmaco Rail & Engineering has completed the acquisition of Jindal Rail Infrastructure Ltd. Consequently, JRIL has become a wholly owned subsidiary of the Company.

Texmaco shares trade at ₹236.96 on the NSE, up 1.28%.

Avenue Supermarts has received an order from District Consumer Disputes Redressal Commission, Amritsar, directing company to pay ₹8,000 to the Complainant, alleging overcharging for a household item sold in a store located in Amritsar in 2022. 

DMART stock trades at ₹4,968.95 on the NSE, down by 0.62%.

Patel Integrated Logistics Limited plans to go pan-India with ‘FreightPILL’ mobile app, an enterprise information system software.

Patel Integrated Logistics stock traded at ₹23.92 on the NSE, down by 2.92%

Minda Storage Batteries Private Limited, a wholly-owned subsidiary of Uno Minda, has received an Order under Section 73 of GST Act, 2017 from State Tax Officer, Vanagaram Assessment Circle, Chennai, on account of duplicate e-way bill generation for the FY 2019-20. The Company has been demanded to pay the penalty amount of ₹20,000 as mentioned in the aforesaid order.

UNO Minda stock traded at ₹1,173.85 on the NSE, up 0.48%.

Global Education Limited has secured six new clients for its ERP product “Cyber Vidya”. The aggregate annual contract value associated with these new clients is approximately ₹62 lakh.

Global Education stock traded flat at ₹202.01 on the NSE.

Sudarshan Chemical Industries has received an order from the Office of the GST Officer (DGST), Vyapar Bhawan, I.P. Estate, New Delhi, demanding aggregate amount of ₹95,36,662

Stock declined 1.54% on the NSE, trading at ₹1,009.80.

Bajaj Finance (-1.26%), ONGC (-1%), JSW Steel (-0.90%), Infosys (-0.87%), Adani Ports (-0.85%)

SBI Life (2.24%), HDFC Life (1.90%), Shriram Finance (1.67%), Bajaj Finserv (1.57%), Hero Motocorp (1.34%)

Stocks advanced on BSE at 3 pm on September 3, 2024, were 2,055 against 1,870 stocks that declined, and 103 remained unchanged. Total stocks traded were 4,028. The number of stocks that recorded a 52-week high was 264, and those that hit a 52-week low was 27. 

A total of 286 stocks traded in the upper circuit, and 258 in the lower circuit.

Infibeam Avenues Ltd, a leading listed fintech company, is excited to announce that its BBPS Bill Payments processing unit, BillAvenue, is now a NBBL-certified Technology Service Provider (TSP) Partner for both Biller Operating Unit (BOU) and Customer Operating Unit (COU). This prestigious recognition highlights BillAvenue’s position as a trailblazer in the digital payments space.

APAR Industries Limited has renewed the endorsement agreement with Sonu Sood, Actor, for the endorsement of the Company’s Cable and Wire Products as Brand Ambassador and also renewed the agreement with an Agency viz. Everest Brand Solutions Private Limited for availing performance services of the artist.

APAR Industries stock traded at ₹8,770.50 on the NSE, down by 0.71%.

Sify Technologies Limited (NASDAQ: SIFY), India’s leading Digital ICT solutions provider with global service capabilities spanning data center, cloud, networks, security and digital services, today announced it has become an NVIDIA colocation partner with the NVIDIA DGX-Ready Data Center program, certified for liquid cooling.

The certification represents Sify’s data center deployment solution specifications to support 130 KW/rack capacity. The cooling solution also complies with ASHRAE’s

30 years ambient temperature guidelines.

Price band: ₹ 66 to ₹ 70 per equity share of face value of ₹ 10 each (“Equity Share”) of Bajaj Housing Finance Limited.

Bid /Offer Period will open on Monday, September 09, 2024 and close on Wednesday, September 11, 2024. The Anchor Investor Bidding Date shall be Friday, September 06, 2024.

Bids can be made for a minimum of 214 Equity Shares and in multiples of 214 Equity Shares thereafter.

India’s largest non-Hospital Medical Tourism company, “Global Care” – Lavanya Medicare Solutions Pvt Ltd announced a subscription/funding of $3 million as a strategic investment by 35North India Discovery Fund -II (IDF-II) and its affiliates.

This is the first-ever partnership of its kind in this domain.

Ashwani Singh, Managing Director at 35North, commented, “We strongly believe in both the company and the sector. The sector is benefiting from cutting-edge medical care across specialties in India, Turkey, Dubai, Egypt, Germany, and Thailand. This is coupled with the availability of high-end medical equipment and the time and price competitiveness of these destinations. Global Care has been doing remarkable work in this sector, and we are looking forward to supporting their expansion with this investment.”

KFin Technologies has launched the mPower Wealth platform, an advanced, omnichannel wealth management solution designed to address the needs of wealth managers, family offices, banks, and external asset managers. The platform offers integration across front, mid, and back-office operations, multi-asset, multi-currency capabilities, and technology to help wealth managers improve client experiences.

According to the 2024 Knight Frank Report, the global wealth management industry has grown substantially, with the ultra-high-net-worth individual (UHNWI) population increasing by 4.2% to 626,619 in 2023. 

Projections indicate a 28.1% rise over the next five years, with regions like India and mainland China expected to grow 50% and 47% respectively. The shift towards multi-asset and multi-currency investments, along with a generational wealth transfer that emphasizes purpose-driven investments, presents an opportunity for platforms that can provide a holistic view of client assets, ensure regulatory compliance, and scale with the business. mPower Wealth aims to address the evolving needs of this growing market by providing a comprehensive, scalable, and technologically advanced platform.

Mutual Fund (MF) debt exposure to NBFCs, including Commercial Papers (CPs) and Corporate Debt, remained above the ₹2 lakh crore mark for the fourth consecutive month touching ₹2.33 lakh crore in July 2024. This marks an increase of 28.8% y-o-y and 5.6% sequentially. Aggregate MF exposure to NBFCs is nearing the July 2018 level of ₹2.64 lakh crore. Meanwhile, CPs have consistently remained above the one lakh crore mark for eight consecutive months, standing at ₹1.31 lakh crore. 

The credit exposure of banks to NBFCs stood at ₹15.3 lakh crore in July 2024, indicating a 12.7% y-o-y growth. This growth is despite HDFC’s exposures being reclassified after its merger with HDFC Bank. On a month-on-month (m-o-m) basis, the amount fell by 1.7%. Meanwhile, the proportion of NBFC exposure in relation to aggregate credit has reduced from 9.3% in July 2023 to 9.1% in July 2024. 

In June 2024, mutual funds’ debt exposure to NBFCs increased to 15.2% of “Banks’ advances to NBFCs,” up from 13.1% in July 2023 and 14.2% in June 2024.

Marico Ltd, a leading FMCG company in India, launched its latest product, Saffola Masala Millets today. The new offering is available in two flavours, Masala Delight and Tomato Delight, and is part of Marico’s strategy to expand its millet-based portfolio under the Saffola brand.

Marico shares were trading at ₹643.20 down by ₹7.75 or 1.19 per cent on the NSE today at 2 pm.

Read more here.

Best Agrolife’s wholly owned subsidiary Seedlings India Private Limited has been granted a patent for an invention entitled “SYNERGISTIC PESTICIDAL COMPOSITION COMPRISING PYMETROZINE, ISOPROTHIOLANE AND STROBILURIN FUNGICIDE” for the term of 20 years commencing from December 13, 2021.

Best Agrolife stock trades flat on the NSE at ₹693.65

IREDA stock traded at ₹237.97 on the NSE, down by 0.40%. The Indian Renewable Energy Development Agency (IREDA) plans to raise around ₹25,000 crore from the debt market and around Rs 4,500 crore through equity in the current fiscal, a top company official said on Monday. (PTI)

Yatra Online shares fell 3.88% on the NSE, trading at ₹144, following the agreement to acquire 100% of Globe All India Services Limited (Globe Travels), a premier Corporate Travel Services provider for ₹128 crore in cash.

Raymond Limited has demerged its lifestyle business to Raymond Lifestyle Limited (RLL) through a Composite Scheme of Arrangement and as per the said Scheme shares of RLL are expected to be listed soon. 

Post completion of all formalities for both the Scheme of Arrangement, there will be three listed entities in the Raymond Group i.e. Raymond Limited, Raymond Lifestyle Limited and Raymond Realty Limited. 

Raymond stock surged 6.23% on the NSE, trading at ₹2,132.50.

Top gainers

Aegis Logistics (3.71%)

Castrol India (3.03%)

MGL (1.30%)

Top decliners

IOC (-1.28%)

Oil India (-1.27%)

Petronet (-1.13%)

Medi Assist Healthcare stock traded at ₹625.95 on the NSE, higher by 1.31%. According to media reports, Bessemer India will sell stake in Medi Assist Healthcare through block deal, with a deal size reported to be Rs 540.94 crore.

Nestle (1.81%), Dabur (1.51%), Hindustan Unilever (0.89%), Tata Consumer Products (0.73%)

Adani Wilmar issues clarification on news report to acquire 3 FMCG brands in a billion dollar shopping plan.

“The Company is engaged in Foods & FMCG business and keeps evaluating various strategic opportunities in the ordinary course, for growth and expansion of its business. At this stage, there is no material event / information that requires disclosure,” it said.

AWL stock declined 1.28% on the NSE, trading at ₹371.50

Kaynes Technology shares surge 4.02% on the NSE, trading at ₹4,850. Union Cabinet had approved the proposal of Kaynes Semicon Pvt Ltd to setup a semiconductor unit in Sanand, Gujarat. The proposed unit will be setup with an investment of ₹3,300 crore.]

Regency Ceramics Limited has proposed to acquire 100% stake, by way of purchase of equity shares from its existing shareholders/Promoters of Segno Ceramics Private Limited for a cash consideration.

Regency Ceramics stock hits upper circuit on the NSE at ₹58.06.

Blender support and upcountry buying lifted tea prices at Coonoor auctions last week, and with prices of almost all grades turned dearer.

According to traders, the inclement weather in production centres with continuing rains hit tea arrivals to the auction platform as well.

Global Tea Auctioneers said the quantity offered in CTC leaf was 14,57,651 kg with a sales per cent of 88, while dust category witnessed 97 per cent sales out of the offered quantity of 3,38,025 kg .

Promoters and promoter group of GACM Technologies Limited intend to increase their stake in the company by participation in preferential allotment of Equity shares warrants 

GACM Technologies stock trades at ₹1.66 on the NSE

Top gainers on the NSE as at 12 noon:

Hero Motocorp (1.40%), Nestle India (1.19%), Wipro (1.14%), Hindustan Unilever (1.01%), Sun Pharma (0.97%)

Top losers:

Bajaj Finance (-1.99%), Adani Ports (-0.71%), JSW Steel (-0.70%), Britannia (-0.69%), Bajaj Finserv (-0.68%)

Stocks advanced on BSE at 12 noon on September 3, 2024, were 2,013 against 1,772 stocks that declined, and 123 remained unchanged. Total stocks traded were 3,908. The number of stocks that recorded a 52-week high was 230, and those that hit a 52-week low was 24. 

A total of 257 stocks traded in the upper circuit, and 227 in the lower circuit.

Orissa Bengal Carrier Limited has entered into contract for transportation of approx. 26,000 MT of materials of Sunflag Iron & Steel Co. Limited.

Orissa Bengal Carrier stock gained 2.47% on the NSE, trading at ₹60.10.

Sun Drops Energia Private Limited, a wholly owned subsidiary of KPI Green Energy Limited, has received Letters of Intent for executing solar power projects with a cumulative capacity of 7 MW under the ‘Captive Power Producer (CPP)’ business segment.

KPI Green Energy stock trades flat on the NSE at ₹890.

Rama Steel Tubes has incorporated a wholly owned subsidiary company in the name of Rama Defence Private Limited.

Rama Steel Tubes stock surged 4.56% on the NSE, trading at ₹11

Tata Consultancy Services (TCS) has expanded its partnership with Google Cloud to offer two new cybersecurity solutions for customers. 

Stock trades flat on the NSE at ₹4,520.85

Globalbees Brands Private Limited, a material subsidiary of Brainbees Solutions Limited (FirstCry), has increased its investments in two step-down subsidiaries. The company invested ₹105.15 crores in Frootle India Private Limited and ₹1.05 crores in Wellspire India Private Limited, raising its stake in both entities from 51 per cent to 74 per cent.

The shares of Brainbees Solutions Limited were trading at ₹623.65 down by ₹8.55 or 1.35 per cent at 11.20 am today on the NSE.

Rama Steel Tubes has incorporated a wholly owned subsidiary company in the name of Rama Defence Private Limited.

Rama Steel Tubes stock surged 4.56% on the NSE, trading at ₹11

Shares of solar cell and module manufacturer Premier Energies Ltd on Tuesday listed with a sharp premium of over 120% against the issue price of ₹450.

The stock made its debut at ₹991, surging 120.22% from the issue price on the BSE. It later soared 120.76% to ₹993.45.

On the NSE, shares of the firm listed at ₹990, a jump of 120%.

The company’s market valuation stood at ₹39,291.75 crore.

The initial public offer of Premier Energies got subscribed 74.09 times on the last day of subscription on Thursday.

Read more here.

Tata Consultancy Services (TCS) has expanded its partnership with Google Cloud to offer two new cybersecurity solutions for customers. 

Stock trades flat on the NSE at ₹4,520.85

Crude oil futures traded lower on Tuesday morning despite concerns over supply disruptions from Libya.

At 9.54 am on Tuesday, November Brent oil futures were at $77.27, down by 0.32 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $73.92, down by 0.16 per cent.

September crude oil futures were trading at ₹6,221 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday, against the previous close of ₹6,222, down by 0.02 per cent, and October futures were trading at ₹6,155, against the previous close of ₹6,157, down by 0.03 per cent.

In a major development, the National Oil Corporation of Libya declared force majeure on El-Feel oil field from September 2. Operated by Mellitah Oil and Gas, this field has a capacity of 70,000 barrels a day.

A Reuters report said the UN Support Mission in Libya held talks on Monday to resolve a dispute over control of the central bank. This dispute triggered a blockade of crude oil production, following which Libya’s oil production went down below half of its usual level. 

Read more here.

Marico announced the launch of Saffola Masala Millets in two new flavours. The new category expands the marque brand Saffola’s millet portfolio.

Marico stock trades flat on the NSE at ₹647.50

Munjal Auto Industries Limited has received today a demand Notice/order from the Haryana GST Authority.The total demand amount is ₹6.76 Crore.

Stock trades at ₹124.52, higher by 2.26% on the NSE

GE Power India Limited (the Company) has entered into a settlement agreement with Navayuga Engineering Company Limited (NECL), pertaining to an arbitration related to the E&M Turnkey Contract between the Company and NECL has been ongoing since 2020. 

NECL has agreed to pay a sum of ₹31.45 crore.

GE Power India stock trades flat on the NSE at ₹425.10

Welspun Corp shares trade flat on the NSE at ₹698. Company had approved an investment of approximately $100 million to enhance the high-frequency induction welding (HFIW) pipe manufacturing and coating capabilities of its wholly-owned subsidiary, Welspun Pipes Inc, in the US.

We hosted Viren Shetty (Executive Chairman) and Anesh Shetty (CEO – HCCI Cayman) of Narayana Hrudayalaya for NDR at Mumbai. The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix. In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be seen from FY28/29. More importantly, capex spend would be mainly towards core and high-performing regions such as Bengaluru, Kolkata and Cayman, to enhance growth visibility.

Track live updates

Buy, TP Rs 1250 

Open 90D +ve catalyst watch based on 

1) likely elevated transactional rev in 2Q 

2) strong momentum in wealth management fresh inflows 

3) revival in AMC flows 

4) any +ve commentary supporting pickup in new HNI segment 

Disc to peers unwarranted

Initiate Buy, TP Rs 184 

Triggers 

Energy assets consolidated 

Thermal assets have shown improved Plant Load Successfully restructured b/sh 

Conversion of $ 275 mn subordinated FCCBs into equity 

Presence in smart metering 

Initiate Buy, TP Rs 550

Large affordable HFC with long track-record, well-diversified geographical presence & customer profile 

Its multipronged expansion & appraisal strategy will drive 21% AUM CAGR(FY2024-27E)with low credit costs

IQVIA indicates +ve US gx trends with stable price erosion

Reiterate Buy- DRL, Aurobindo, BIOS, GLAND 

GLAND partners gain share across drugs 

Cipla in Lanreotide & Albuterol; Eyes on comp impact in Albuterol/ Asacol HD 

SUNP specialty trends mixed

UW, TP Rs 475 

STK was up c.12% after restructuring announcement 

Reorganization, however, significantly increases Co’s exposure to commodity prices, which might currently be viewed favorably as gas prices are expected to remain soft 

This also however brings valuations (c.28x 1yr Fwd P/E and 17.5x Fwd EBITDA prior to the announcement) into sharp contrast, which appear too high for commodity exposure

Buy, TP Rs 1975 

Management meet takeaways 

1) Early days of recovery but uncertainty on 2 of 3 aspects is reducing 

2) Approach to AI is same as for cloud which had seen good market share success 

3) Project Maximus is already at work on margins

Sell Call, Target Rs 1,260 

Growth Is Still Difficult In The Current Environment 

BFSI Is Improving But It Is Slow & Gradual 

There Are 10-15 Actions In Play To Drive Margin 

Focus Is On Costs To Drive Margins Initially Followed By Pyramid Optimisation 

Some Part Of The Margin Improvement Will Be Invested Back 

Wage Hikes To Be Reviewed In October

Buy Call, Target Rs 430

Co Announced 3rd Interim Dividend Of Rs 20/Sh 

Total Outflow On Account Of Dividend Would Be Rs 7,800 Cr (Promoters Own 56.4%) 

Co’s Net Debt Excluding HZL Was Rs 61,000 Cr As Of Jun’24 

Post Jun’24, Vedanta Has Raised Nearly Rs 8,500 Cr On July 20, Issue Of 193.2 m Shrs Via QIP

In Q1FY25, Sector Revenue Growth Moderated To 7% YoY 

Bharti/Jio Revenues In Q1 Up 9-10.5% YoY Respectively 

Bharti/Jio Gained 35 bps/70 bps Market Share In Q1FY25 

Voda Idea’s Market Share Declined To An All-time Low, With Market Share Loss In 16/22 Circles 

Mkt Sh Gains Toward Bharti/Jio Likely To Continue Till Voda Idea Completes Network Invst 

Expect Sector Revenues To Grow At A 15% CAGR To $38 Bn Over FY24-26

ADD, TP Rs 4950 

Receiving approval to set up an OSAT facility paves way for co to enter into semiconductor value chain. 

Near term Focus would be to ramp up execution; however, over medium term, focus would be on shifting rev toward advance packaging sol 

Overweight Call, Target Rs 3,845

Government Approval For Kaynes Semicon Semiconductor Plant In Gujarat Is Positive 

The Pending Government Approval Remained An Area Of Investor Concern 

Co Had Earlier Indicated That Its OSAT Venture Could Garner Incremental Potential Revenue

Reduce Call, Target Rs 251 

Tuning Biz Model To Play On Strengths, A Well Executed Plan Can Bolster Competitive Position 

Planning To Double Domestic CP Market Share 

Co Plans To Seed Revenue Over Next 4-5 Years; Turning Selective On Exports 

Maintain Reduce Given Industry Headwinds 

Jefferies on Alkem Labs

Underperform Call, Target Rs 5,080 

Mgmt Said That Boosting Operational Margin Will Be The Top Priority In Near-term 

Investments In New Areas Will Take 2-3 Years To Bear Results 

Co Aims To Be More Active In M&A And In-Licensing Going Forward 

New Mgmt Plans To Pursue Profitable Growth Which Will Be Realised Via India, EM & CDMO Biz

JPM on Alkem Labs 

Neutral, TP Rs 5870 

Management meet key takeaways: 

a) increased focus on driving profitable growth with re-allocation of resources towards relevant segments 

b) margin improvement likely to be visible from FY27 

c) domestic/EM business continue to be priority markets 

d) Pen G forms 10% of COGS - has seen some firming up of prices 

Buy Call, Target Rs 6,145 

Cabinet Clears Procurement Of Rs 26,000 Cr Order For 240 Aero Engines Of SU-30 MKI Aircraft 

Order Will Further Bolster Cos Already Strong Order Backlog Of Rs 94,000 Cr (FY24 End) To Rs 1.2 Lk Cr 

Strong Order Backlog Will Lead To Strong Revenue Visibility Of 3.8x Its TTM Revenue 

Near-term Financials May Seem A Bit Volatile 

Co Has Been Facing Challenges To Execute The Large Tejas MK I A Orders 

Believe That Stock Is Attractively Valued With Multi-yr Double-digit Earnings Growth Potential 

Stock Looks Attractively Valued With Robust Return Ratio Profile Of +20%

Overweight Call On Zomato, Target Rs 353 

Underperform Call On Marico, Target Rs 470 

Underperform Call On HUL, Target Rs 2,161 

Quick Commerce Is Reshaping India’s Retail Supply Chain By Flattening Distribution 

Quick Commerce Giving New Brands Increased Visibility & Price Competitiveness 

Zomato Will Be Largest Listed Beneficiary 

Staples Marketers Marico & HUL Face Risks As Their Distribution Advantage Erodes 

Unlisted Co Zepto Is An Upand-Comer With Much To Offer Its Customers 

For Blinkit, See EBITDA & Net Profit Turning Positive By FY25 

Blinkit Will Contribute Up To 37% Of Our FY26 EPS For Zomato

Route – Tender 

Buyback Price: 1,200/- 

Current Market Price: 1,100/-

Market Cap: Rs 8,566 Crore

Buyback Size: Rs 160 Crores (Representing 9.11% and 8.24% of the total paid up equity share capital and free reserves) 

Buyback Size: 13,33,333 shares (Representing 1.72% of O/s. shares) 

Retail Quota: 2,00,000 Shares

Last Cum Trading Date: 03 Sep 2024 (Today)

Ex-Date: 04 Sep 2024

Buyback Record Date: 04 Sep 2024

Buyback Schedule: Not Yet Announced

Listing Date : Tuesday, September 03, 2024 (Today) 

ISIN : INE0BS701011

BSE : 544238‘B’ Group

NSE : PREMIERENE

NSE Series : EQ

IPO Price : ₹ 450/-

App. Min. Lot : 33 Shares

Ex/record dividend: Vinati Organics, Karnataka Bank, Ion Exchange (India), Deepak Fertilisers & Petrochemicals Corporation, Fineotex Chemical, Ganesha Ecosphere.

Ex/record buyback: Nucleus Software Exports.

Ex/record AGM: Alok Industries, Borosil Scientific, DB Corp., Jai Corp., JK Paper, Manorama, Sanghvi Movers, Schneider.

Price Band : 66-70

Lot : 214

Issue Size : 6560 Cr

Fresh : 3560 Cr

OFS : 3000 Cr

M.cap : 58,297 Cr

Retail : 35%

PB : 3.72×

Industry Average : 2.97×

Promoter Holding :

100%➡️88.75%

Lots :

Retail - 13,69,159

BHNI - 27,942

SHNI - 13,971

The rupee declined 4 paise to 83.95 against the US dollar in early trade on Tuesday due to a stronger greenback in global markets and weak domestic manufacturing data.

A decline in the domestic equity market also contributed to the drop in the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened at 83.94, lower by 3 paise from its previous close before dropping further to 83.95. The unit had settled at 83.91 against the US dollar on Monday.

Sunshine Capital has sanctioned an amount of ₹1964.90 million and signed a term sheet with Man Stainless Steel Tubes Limited (MSSTL) towards their development of a state-of-the-art manufacturing unit-2 for Non-API Electric Resistance Welded (ERW) Carbon Steel Pipes in Kathua, Jammu & Kashmir. The proposed installed capacity of this manufacturing unit is 250,000 MT per annum. 

Shares trade at ₹2.31 on the BSE.

: Vodafone Idea had received nine orders under the Central/ State Goods and Services Tax Act, 2017. 

Shares trade flat on the NSE at ₹15.08

ICICI Bank on Monday clarified that it did not pay any salary to Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch post her retirement from the bank on October 31, 2013.

Shares slip 0.55% on the NSE, trading at ₹1,223.20.

Cabinet Committee on Security has approved the proposal for procurement of 240 aero-engines (AL-31FP) for Su-30 MKI aircraft of the Indian Air Force (IAF) under Buy (Indian) category from Hindustan Aeronautics Limited (HAL) at a cost of over Rs 26,000 crore inclusive of all taxes and duties. The delivery of these aero-engines would start after one year and complete over a period of eight years.

HAL shares rose 2.90% on the NSE, trading at ₹4,824.

Brainbees Solutions subsidiary, Globalbees Brands Private Limited has made further investments of ₹105.15 crore and ₹1.05 crore in Frootle India Private Limited and Wellspire India Private Limited, respectively, step down subsidiaries of the Company.

Brainbees Solutions stock declined 1.43% on the NSE, trading at ₹623.15

DiGiSPICE Technologies informed about an order passed by Additional Commissioner, Dehradun, Uttarakhand against Spice Money Limited, a material subsidiary of the Company. The total demand under the said order is ₹45,74,652.

Shares were up 1.20% on the NSE, trading at ₹36.20

Muthoot Finance subsidiary Belstar Microfinance Limited has received final observations on the Draft Red Herring Prospectus dated May 3, 2024 filed with the Securities and Exchange Board of India, for the proposed Initial Public Offering (IPO).

Stock traded flat on the NSE at ₹1,961.35

L&T Technology Services Limited has earned recognition as a Partner-level supplier for the fourth year in a row in the John Deere Achieving Excellence (AE) Programme.

Shares trade flat on the NSE at ₹5,758.75

KFin Technologies has launched the mPower Wealth platform, an advanced, omnichannel wealth management solution designed to address the needs of wealth managers, family offices, banks, and external asset managers.

Shares slip 0.31% on the NSE, trading at ₹1,020.50

Adani Green Energy Limited (AGEL) and TotalEnergies, have announced a strategic joint venture (JV), equally owned by both entities, aimed at managing a portfolio of solar projects totaling 1,150 MW. The projects are located at the world’s largest renewable energy plant in Khavda, Gujarat. AGEL will contribute its current assets to the new JV, while TotalEnergies plans to inject $444 million to accelerate the development of these projects.

Shares declined 1.23% on the NSE, trading at ₹1,921.70

Top gainers on the NSE as at 9.30 am:

Hindalco (1.07%), Sun Pharma (0.83%), Shriram Finance (0.64%), ITC (0.60%), Divi’s Lab (0.59%)

Top losers:

Bajaj Finance (-1.68%), Bajaj Finserv (-0.79%), Bajaj Auto (-0.77%), Infosys (-0.69%), Titan (-0.57%)

The nearly 100-year-old conglomerate Raymond Ltd. is looking to list its apparel and real estate units by the end of 2025 as the founders look to boost shareholder value.

The group, which oversees a motley mix of businesses ranging from engineering, aerospace to fashion and realty, will have three listed entities by next year, after Raymond Lifestyle Ltd. starts trading in Mumbai on Thursday and the real estate unit gears up for a 2025 listing, Chairman Gautam Hari Singhania said in an interview.

Crude oil futures traded lower on Tuesday morning despite concerns over supply disruptions from Libya. At 9.19 am on Tuesday, November Brent oil futures were at $77.21, down by 0.40 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $73.91, down by 0.18 per cent. September crude oil futures were trading at ₹6217 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹6222, down by 0.08 per cent, and October futures were trading at ₹6152 against the previous close of ₹6157, down by 0.08 per cent.

Indian benchmark indices, Sensex and Nifty, opened flat with a negative bias on Tuesday. At 9:17 am, the 30-share BSE Sensex dropped 15.56 points to 82,544.28, while the NSE Nifty fell 1.60 points to 25,277.10. 

Analysts expect the consolidation phase to continue for benchmarks, though the broader markets will witness some correction. According to them, the lack of domestic cues will keep market participation low. 

At the start of September, Nifty has shown a strong bullish trend with 13 consecutive higher closes, forming higher highs and higher lows. However, technical indicators like RSI at 70 and Stochastic RSI at 100 suggest the market is in the overbought zone, indicating a potential for a small correction or profit booking from its all-time highs, said Mandar Bhojane, Technical analyst, Choice Broking. 

Open Interest (OI) data shows the highest OI on the call side at the 25,500 and 25,700 strike prices and on the put side at the 25,000 strike price. This data, coupled with the overbought conditions, hints at a possible correction in the September series. Investors and traders can hold their positions and trail their stop loss (SL) for potential upside movement, he further said.

According to Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One Ltd, the gravity-defying winning streak of the bulls looks enticing, but the trading range and market breadth certainly showcase exhaustion. Additionally, the technical parameters are very much compliant with over-bought parameters, and hence, a cautious stance with regular profit booking is advisable at the current juncture, he said. “Going forward, it is advisable to take a pragmatic approach and refrain from getting carried away by the Nifty’s winning streak. Maintaining exclusivity while stock selection and staying light on positions is recommended. Furthermore, closely monitoring the global markets, which have significantly impacted our market’s initial tone, is essential,” he added.

Meanwhile, most Asian stocks are up in early deals on Tuesday.

HAL: Cabinet Committee on Security approves procurement of 240 aero-engines for IAF’s Su-30 MKI aircraft from HAL worth ₹26,000 crore 

Matrimony .com: Company to consider proposal for buy back on September 5 

G R Infraprojects: Company to divest 100% equity stake/investment held in unit GE Aligarh Kanpur Highway, co approved acquisition of 100% stake in unit tumkur-ii rez power transmission 

Adani Green: Board approved the joint venture agreement subsidiary and Total Energies pursuant to which, Total Energies will make further investment of approx. USD 444 Mn to form a new 50:50 JV to house a 1,150 MWac portfolio.

Welspun Corp: Company’s board approves investment of $100 million by arm Welspun Pipes. 

Vedanta: Company declares dividend of Rs 20 per share. 

Lemon Tree: Company signs license pact for 80-room hotel in Gir, Gujarat. 

CIE Automotive: Company to subscribe up to 27% of equity of IJYA renewables India and invest an amount up to Rs 25.5 million towards subscription of its equity shares

GPT Infra: Company declared lowest bidder for a project worth Rs 204 cr from South East Railways Kolkata.

Maruti: August production at 168,953 vs 165,402 (YoY) 

Kanoria Chemicals: Company completed expansion of formaldehyde production capacity at ankleshwar, production of additional capacity of 345 MT per day to start SEPT 6.

Triveni Engineering: Company eyes margin expansion after govt revises ethanol production norms 

Muthoot Finance: Company’s Microfinance arm Belstar Microfinance gets SEBI’s approval to launch its IPO 

Gensol Engineering: Consortium emerges lowest bidder for green hydrogen project worth ₹164 crore 

IEX: Subsidiary has entered into an “issuer agreement” with the International Tracking Standard Foundation and Evident EV Ltd 

Bajaj Finance/Finserve: Bajaj Housing FInance sets IPO price band at Rs 66-70/share. 

Medi Assist: Bessemer India likely to sell stock worth up to $64 m of Medi Assist at ₹570/sh (7.7% discount to CMP).

Hindustan Composites: Company to buy 1.5 lakh Swiggy shares for Rs 5 crore. 

Zee Entertainment: Shiva chinnasamy appointed as chief technology & product officer. 

Piramal enterprises: Company approved issue of non-convertible debentures up to Rs 1 billion. 

MIRC Electronics: Company approved raising of funds via issuance of shares worth Rs 500 million, Company says raising of funds through right issue basis. 

Concord Control: Company approved preferential issue of shares worth up to Rs 500 million

Adani Power: Supreme Court seeks response from Himachal Pradesh on Adani Power’s ₹280 crore refund claim. 

RITES: Company received an order from the SGST with a tax demand totalling ₹38.3 crore. 

IREDA: Company aims to complete fundraise process within two-three months.

Vodafone Idea: Company receives Rs 73 crore demand orders from GST offices for tax dues, penalties, and interest. 

Brigade Enterprises: Company approves floor price of QIP at Rs 1,164.7/share. 

Brainbees: Approves further invests Rs 105 crore in Frootle India & Rs 1.05 crore in Wellspire India. 

HDFC Bank: Copthall Mauritius Investment offloaded 10.2 lakh shares at Rs 1,636.9 each.

Sterlite Tech: Company settles Singapore dispute with Data Management Centre for $467,400. 

NMDC: Production Down 10% At 3.07 mt Vs 3.41 mt (YoY) 

MOIL: Company cuts prices of Ferro-Grade Manganese Ores with Manganese content of Mn-44% and above by 20%.

⁠Dynacons: ORDER

Company secures strategic Data Centre Project worth INR 143 Cr to be completed in 5 years, for Hyper Converged Infrastructure (HCI) Solution for Nakshatra-2, Private Cloud initiative from Bank of Maharashtra. The scope of work includes Supply, Installation and Maintenance of Hyper Converged Infrastructure (HCI) Server and Storage Equipment at Bank’s Data Center (DC), Near DR (NDR) and Disaster Recovery Site (DR) and establishing the private cloud to accommodate new application requirements as well as existing application growth and Implementation & maintenance with 5 years of support.

⁠Oriana: ORDER

Company has received an order worth INR 248 Cr for executing solar power project of capacity 52 MW in Prayagraj, Uttar Pradesh, needs to be completed within 6 months.

Premier Roadlines: ORDER

Company has received an Order worth INR 5 Cr from a leading Company in Defense Sector for transportation of goods, marking the company’s entry into this critical industry, to be executed in 1 year.

Gensol Engineering: L1 BIDDER

Company and Matrix Gas & Renewables Limited consortium has emerged as the lowest bidder for EPC of India’s first Biomass to Green Hydrogen project valued at INR 164 Cr, scheduled for completion within 18 months, marks a significant milestone on aligning with the National Green Hydrogen Mission for biomass to green hydrogen generation. In this project, they will convert 25 tons of bio-waste into 1 ton of hydrogen per day. The company has strategically partnered with Westinghouse, USA who has patented technology and has commissioned multiple plants globally. The scope of work includes developing the establishment of a 25 Tons per day (TPD) Bio-waste processing and producing 1 TPD Green Hydrogen Infrastructure from Pre-Gasification Plasma Induced Radiant Energy-Based Gasification System (GH2-PREGS) technology.

BoD approved the issuance of 3.2L equity shares at INR 1,570/share, aggregating to INR 50 Cr. Subscribers include Ashish Kacholia, Asha Mukul Agrawal and Everest Finance and Investment Company.

Symbol: PREMIERENE 

Series: Equity “B Group” 

BSE Code: 544238 

ISIN: INE0BS701011 

Face Value: Rs 1/- 

Issued Price: Rs 450/- per share

* BALRAMCHIN

* HINDCOPPER

19.15 U.S. final Manufacturing PMI (Expected: 48.1 versus Previous: 48.0)

19.30 U.S. ISM Manufacturing PMI (Expected: 47.5 versus Previous: 46.8)

MIRC Electronics: Co approved raising of funds via issuance of shares worth 500m rupees; Co says funds will be raised through a rights issue basis.

Kanoria Chemicals and Industries: Co completed expansion of formaldehyde production capacity at Ankleshwar; production of additional capacity of 345 MT per day to start Sept 6.

It also said, the capacity expansion of hexamine plants at Ankleshwar plant; added 18 MTPD production capacity to existing hexamine plant; expansion cost of 127m rupees at hexamine plant.

CIE Automotive India: Co to subscribe up to 27% of equity of Ijya Renewables India and invest an amount up to 25.5m rupees towards subscription of its equity shares; Co to source green energy from captive solar power generating plant to be set up by Ijya Renewables.

G R Infraprojects: Co to divest 100% equity stake/investment held in unit GR Aligarh Kanpur Highway; Co approved acquisition of 100% stake in unit Tumkur-II REZ Power Transmission.

★ Orders and Agreements

1. Atmastco Ltd has secured an order worth ₹3.37 crore from MM Forgings Ltd for critical special equipment, with completion expected by October 2024. #ATMASTCO 

2. Premier Roadlines Ltd secured a ₹5 Crore order in the defense sector for transporting goods over a period of 1 year, marking its entry into defense logistics. #PRLIND 

3. Slone Infosystems Ltd received an order valued at ₹2.01 Crores plus GST to supply 600 units of Lenovo ThinkCentre Neo 50t to JBA Infosolutions Pvt Ltd, with execution expected within 1-2 working days. #SLONE 

4. PARIN FURNITURE LTD has secured multiple contracts from the Ministry of Civil Aviation, Airports Authority of India, totaling ₹1.82 crores for the supply of airport furniture in different states. #PARIN 

5. Abhishek Integrations Ltd received an LOA for a ₹178.77 Lacs contract for operation and maintenance services at BARC, Mumbai. #AILIMITED 

6. Oriana Power Ltd received an order valued at ₹247.88 Cr for constructing a 52 MW solar power plant in Prayagraj, Uttar Pradesh, for Bharat Petroleum Corporation Ltd. The project will be completed within 6 months. #ORIANA 

★ Agreement / MoU / LoI 

7. Kataria Industries Ltd received ₹299.07 lakh in Investment Promotion Assistance from Madhya Pradesh Industrial Development Corporation, with the funds allocated for investment in Plant & Machinery. Total assistance of ₹2,093.79 lakh was sanctioned, with ₹873.15 lakh still pending. #KATARIA 

★ News / Events / Announcements 

8. Aurangabad Distillery Ltd. received a notice from NSE for non-compliance with SEBI rules for the quarter ended June 30, 2024, due to the delayed appointment of a Company Secretary. The fine imposed is ₹63,720. #AURDIS 

9. Three M Paper Boards Ltd has completed the installation of a ₹315.40 lakhs Hot Nip Calender for quality improvement and expanded its factory. Additionally, ₹631.83 lakhs of borrowings were prepaid to Kotak Bank. #THREEMPAPE 

10. RNFI Services Ltd has received a demand order of ₹17,00,819 from the GST Authority in Delhi, comprising GST, interest, and penalty. The order was issued due to wrongful availment of input tax credit for FY 2019-20. #RNFI 

11. V-Marc India Ltd has launched its new Flexi Tough HFFR wires and Eb+ Power Cables with Electron Beam Cross-Linked technology at an event in Lucknow. The launch was attended by over 250 dealers from seven states, marking a significant advancement in cable technology. #VMARCIND 

12. Drone Destination Ltd launched an e-commerce Drone Hub platform to provide drones, parts, avionics, and BIS-approved batteries, enhancing supply-chain support and after-sales service for the Indian drone ecosystem. #DRONE 

13. Comrade Appliances Ltd reported sales of ₹161.9 million for the period April 2024 to August 2024, reflecting a 61.6% increase from the previous period. The company expects over 200% revenue growth for FY25 and anticipates order inflows exceeding ₹700 million from September 2024 to March 2025. #COMRADE 

14. Sunlite Recycling Industries Ltd has issued a statement on a provisional GST order, highlighting its preliminary nature and the company’s plan to appeal. The financial impact is expected to be minimal. #SUNLITE 

★ Board Meeting / EGM / AGM 

15. ALPEX SOLAR LIMITED scheduled a board meeting on 03-Sep-2024 to consider Fund raising. #ALPEXSOLAR 

16. SHARP CHUCKS AND MACHINES LIMITED scheduled a board meeting on 06-Sep-2024 to consider and approve Fund raising/Other business. #SCML 

17. Containe Technologies Ltd has scheduled a Board Meeting on 5th September 2024 to explore various fund-raising options such as private placement, rights issue, or qualified institutions placement. The meeting will also address the date and notice for the 16th AGM. #CONTAINE 

18. Teerth Gopicon Ltd. approved an increase in authorised share capital from ₹12 crore to ₹50 crore, new borrowing limits, and loans or investments beyond prescribed limits, pending shareholder approval. Other routine business was addressed. #TGL 

★ Corporate Action 

19. Cell Point (India) Ltd held its Board meeting, where it approved a final dividend of ₹0.25 per share, with a record date of September 19, 2024 and scheduled its 11th AGM for September 27, 2024. Amendments to the Articles of Association were also approved. #CELLPOINT 

20. Solex Energy Ltd. will issue bonus shares in the ratio of 1:4, with a record date of September 13, 2024. Shareholders will receive one new share for every four shares they hold, subject to necessary approvals. #SOLEX 

21. Annapurna Swadisht Ltd closed its Qualified Institutions Placement of 36,30,000 equity shares, priced at ₹413.21 per share. This price reflects a 5% discount to the floor price of ₹434.96. #ANNAPURNA 

22. Concord Control Systems Ltd has approved a preferential issue of 3,18,472 equity shares at ₹1,570 each, totaling ₹50,00,01,040. Notable investor Ashish Kacholia is set to receive 76,433 shares. The issuance requires shareholder approval at the AGM on September 30, 2024. #CNCRD 

23. Northern Spirits Ltd has scheduled its 12th Annual General Meeting for September 28, 2024. The record date for dividend is September 21, 2024 and eligible shareholders will receive a dividend of ₹0.25 per equity share (2.5%) for the financial year 2023-2024. #NSL 

24. Vivaa Tradecom Ltd. will hold a Board Meeting on 5th September 2024. The agenda includes (1) Approving an alteration to the Object Clause of the Memorandum of Association to reflect the company’s expanded business activities. (2) Evaluating proposals for raising funds through various methods, such as private placement or preferential issues. 3) Alteration of the Capital Clause to increase the company’s Authorised Share Capital. #VIVAA 

25. AccelerateBS India Ltd. set 12th September 2024 as the record date for the allotment of 12,89,280 bonus equity shares in a 3:5 ratio, valued at ₹1,28,92,800. The bonus shares will be distributed in a 3:5 ratio at ₹10 per share, as approved in the recent shareholders’ meeting on August 30, 2024. #ACCELERATE 

26. Aurangabad Distillery Ltd. announced a ₹2 crore increase in authorised share capital and a 1:4 bonus issue, utilising ₹2.05 crore from reserves. The bonus shares will be credited within two months of shareholder approval. #AURDIS 

Analysts/Institutional Investor Meet/Con. Call 

1. Phantom Digital Effects Limited will hold a virtual meeting with analysts and institutional investors on September 5, 2024, at 3:30 PM. #PHANTOMFX 

2. UniHealth Consultancy Ltd. scheduled an Analyst/Institutional Investor Meeting for 10th September 2024 at 2:00 p.m. in Mumbai, to be conducted virtually. #UNIHEALTH

Turnover: (NSE + BSE)

Cash Volume: 110146.86 + 8274.16 Total: 118421.02

F&O Volume: 461787.17 + 19201199.26 Total: 19662986.43

Provisional Cash

FII/FPI: NET BUY: +1735.46 

(13772.63 - 12037.17) 

DII: NET BUY: +356.37 

(12538.52 - 12182.15)

Gold prices slipped in early Asian hours on Tuesday, as investors awaited a slew of U.S. economic data to gauge the size of the Federal Reserve’s expected interest rate cut this month.

FUNDAMENTALS

* Spot gold was down 0.1% at $2,495.79 per ounce, as of 0031 GMT, after hitting a more than one-week low in the previous session.

* U.S. gold futures was little changed at $2,527.70. - Reuters

SEBI Chief Madhabi Puri Buch said on Monday that there would soon be a mechanism to automatically populate a single filing made by companies onto other exchanges. “If you file disclosure with one exchange, it will automatically go on all exchanges. It is a work in progress,” Buch said at an event organised by the Confederation of Indian Industry.

We recently met Kamesh Goyal (Founder and Chairman), Jasleen Kohli (CEO), and Ravi Khetan (CFO) of Go Digit for an update on the company’s strategy and recent developments in the general insurance sector.

KTAs: Profitable growth remains central to the company’s strategy; the company has adopted an agile and opportunity-based approach to growth, focusing on the not-so-overly competitive segments; it maintains a channel-agnostic stance, with clear aim of not becoming too contingent on, or to have excessive concentration in, any single distributor; and technology and Data Analytics continue to be the key differentiators and enablers of the execution of its agile and opportunity-based strategy, which includes acceleration or deceleration in any product or channel.

Tata Consultancy Services (TCS) has been consistently delivering resilient performance for past several quarters despite the challenging environment.

TCS has reported a solid performance in Q1, with sequential growth returning in some of the lagging verticals, especially BFSI. Further spends in BFSI towards mitigating the risk associated with legacy systems, strengthening security practices, addressing data governance, and potential rate cut tailwinds augur well for the company. EBIT margin has also seen a steady uptick on a y-o-y basis since the last few quarters.

SEBI’s whole-time member Ashwani Bhatia, on Monday, urged investment bankers and chartered accountants to give the right advice to small and medium enterprises (SME), that are looking to raise money through initial public offers (IPOs).

“Instead of going straight to an IPO, a better route might be to approach an angel fund or a venture fund first,” said Bhatia, speaking at the CII’s Financing 3.0 Summit.

“Nobody is actually saying no. I am a banker, and we were taught to say no when necessary,” Bhatia added.

Individual investors sold over 50 per cent of shares allotted to them by value within a week of listing, and 70 per cent of shares by value within a year, a regulatory study has found. This has buttressed the fact that investors in initial public offerings (IPOs) are a fickle lot who come in mostly to make quick gains.

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

The stock idea that we have for you today is Aditya Birla Capital .The stock showing signs of a trend reversal. The price action over the last few weeks indicates that the downtrend that was in place since June has ended. The outlook is now bullish, and the stock has potential to rise more from here.

The outlook for Aditya Birla Capital is bullish. The downtrend that was in place since mid-June this year seems to have ended. The price action over the last few weeks signals a trend reversal. Immediate support is around ₹224.