Stock Market Highlights - 6 September 2024: Sensex tanks 1,017 points to close at 81,183, Nifty drops nearly 300 points in global sell-off

The Indian stock markets witnessed a sharp decline on Friday, with the benchmark indices falling over 1 per cent amid weak global cues and broad-based selling pressure. The BSE Sensex plummeted 1,017.23 points or 1.24 per cent to close at 81,183.93, while the Nifty 50 dropped 292.95 points or 1.17 per cent to end at 24,852.15. 

The day’s trading session began on a flat note, with the Sensex opening at 82,171.08 and the Nifty at 25,093.70. However, selling pressure intensified throughout the day, leading to significant losses across sectors. 

Banking and energy stocks bore the brunt of the sell-off, with State Bank of India (SBI) emerging the top loser on the Nifty, plunging 4.26 per cent. Other major losers included BPCL (-2.34 per cent), ICICI Bank (-2.14 per cent), NTPC (-2.05 per cent), and HCL Tech (-2.04 per cent). 

The rupee gained 2 paise to close at 83.95 (provisional) against the US dollar on Friday amid a weak greenback in overseas markets.

However, negative domestic markets, rise in crude oil prices, and outflow of foreign capital capped sharp gains, forex traders said.

At the interbank currency market, the local unit opened at 83.97 and witnessed an intra-day high of 83.91 against the American currency.

The unit, which traded in the range of 83.91-83.97, finally settled at 83.95 (provisional), registering a gain of 2 paise. It had closed at 83.97 on Tuesday. Read more

“The domestic markets touched record highs at the start of the week and subsequently ended the winning streak as the week progressed. The overheated segments of the markets have seen some profit-booking and may be an indicator that earnings would incrementally dictate price movements. From a global perspective, the focus is now on economic data coming from the US to gauge the direction and quantum of Fed Fund Rate movement in the upcoming FOMC meet.”

Waaree Renewable Technologies Ltd has been awarded a contract to develop a 3.40 MW DC/2.77 MW AC ground-mount solar power project, the company said announced today. The Letter of Award (LOA) covers Engineering, Procurement, and Construction (EPC) works on a turnkey basis. 

Top gainers: Bajaj Finance (0.97%), Asian Paints (0.87%), JSW Steel (0.60%), LTIMindtree (0.36%), Nestle India (0.20%) 

Top losers: SBI (-4.26%), BPCL(-2.34%), ICICI Bank (-2.14%), NTPC (-2.05%), HCL Tech (-2.04%)

Bharti Airtel has launched a six-day “#FestiveOffer” promotion for pre-paid customers beginning today, September 6, 2024. The offer, open until September 11, includes three specially curated packs priced at ₹979, ₹1,029, and ₹3,599. Each pack comes with additional benefits beyond their regular features. 

Bharti Airtel shares of were trading at ₹1,536.25, down by ₹10.95 or 0.71 per cent, on the NSE at 1.45 pm today. Read more

Krishna Institute of Medical Sciences, through its wholly owned subsidiary i.e. KIMS Swastha Private Limited has entered into a lease agreement with Sreechand Specialty Hospitals Private Limited, Payammbalam, Kannur, Kerala along with operations and management agreement of the said Hospital effective from October 1. 2024 .

Stock traded at ₹2,649.55 on the BSE, down by 1.10%.

Snowman Logistics Limited announced a significant reduction in its income tax demand for the assessment year 2018-19. The company received a rectification order from the Income Tax Department, revising the initial demand of ₹16.24 crore to ₹51.93 lakh. This development comes after Snowman Logistics filed an application under section 154 of the Income Tax Act.

The shares of Snowman Logistics Limited were trading at ₹82.08 down by 1.35 or 1.62 per cent on the NSE today at 1.55 pm.

Clean Science and Technology Limited has subscribed to the additional 8,36,121 equity shares of face value of ₹10 each at a premium of ₹588 for cash, aggregating to ₹50 crore by way of subscription to the rights issue of Clean Fino-Chem Limited, a wholly-owned subsidiary of the Company.

Clean Science and Technology shares inched up 0.86% on the NSE, trading at ₹1,515.05

Krishna Appala, Sr. Research Analyst, Capitalmind Research on automobile industry: 

The Indian automobile industry is experiencing a noticeable slowdown, with inventories rising to 77,000 units, equivalent to 75 days of sales, compared to an average of 45 days. Growth in the sector has been modest at just 2.8%, with Tata Motors seeing an 8% dip in sales this quarter compared to the same quarter last year. The cyclical nature of the industry, combined with banks becoming cautious due to stress in the MSME and MFI sectors, has contributed to the slowdown. Additionally, higher interest rates (the repo rate increased from 4% in April 2022 to 6.5%) are making vehicle financing more expensive, impacting demand.

For instance, Maruti Suzuki’s management highlighted that while retail sales remained steady, they had to increase discounts (up to 21,700/- per vehicle) to address softer demand. Capacity utilization stood at around 85%, and the company noted that demand was sluggish due to the heat wave and elections, which kept customers away from showrooms. Despite efforts to boost demand with new launches and increased CNG vehicle offerings, the overall sentiment remains cautious. Inventories rose to 37 days at Maruti, slightly higher than their optimal level. Hero MotoCorp also reported a sequential decline in gross margins, which they attributed to lower parts sales and commodity price fluctuations. However, they saw a rural demand uptick, driven by favourable rainfall and economic movements, though urban demand remains a challenge.

In August 2024, wholesale production reached 3.2 lakh units, while registrations were at 2.5 lakh units, further highlighting the inventory build-up. The festive season, especially around Diwali, is expected to bring some relief, but overall, the sentiment remains dampened by high interest rates and consumer hesitation. However, there is hope that the situation may improve once the RBI starts cutting rates, which is anticipated to follow any potential rate cuts by the U.S. Federal Reserve. This, combined with the festive season, could help revitalize demand in the coming months.

Top gainers:

Asian Paints (0.83%), JSW Steel (0.62%), LTIMindtree (0.45%), Bajaj Finance (0.42%), Divi’s Lab (0.20%)

Top losers:

SBI (-4.72%), BPCL(-2.50%), Tata Motors (-2.48%), ICICI Bank (-2.35%), Coal India (-2.29%)

Stocks advanced on BSE at 3 pm on September 6, 2024, were 1,262 against 2,655 stocks that declined, and 88 remained unchanged. Total stocks traded were 4,005. The number of stocks that recorded a 52-week high was 280, and those that hit a 52-week low was 32. 

A total of 288 stocks traded in the upper circuit, and 245 in the lower circuit.

Top losers of Nifty Oil & Gas stocks:

Oil India (-4.23%), Petronet (-3.99%), Aegis Logistics (-3.20%), Hindustan Petroleum (-3.13%), IOC (-2.77%), GAIL (-2.54%)

Nifty PSU Bank declined by 3.74% to 6,643.40, and Nifty Oil & Gas dropped 2.19% to 13,020.25. Nifty Bank and Private Bank indices were down by 1.88 and 1.72%, respectively.

Synergy Green Industries has finalised ₹163.74 Crore orders from Vestas Wind Systems to be executed during FY 2025-26. These orders are for both 2 MW & 4 MW parts, split equally between domestic and export requirements. 

Synergy Green Industries stock jumped 10.95% on the NSE, trading at ₹447.35

Godfrey Phillips India’s board will meet on Sept 20 to consider issue of bonus shares in the ratio of 2:1.

Shares rallied 10.22% on the BSE, trading at ₹7,046.35.

BSE Sensex plunged 1019.17 pts or 1.24% to trade at 81,181.99 as at 2.19 pm, and Nifty 50 fell 295.20 pts or 1.17% to 24,849.90.

Reliance Naval and Engineering has received demand orders from the Office of the Assistant Commissioner of State Tax, Unit-82, Bahumali Bhavan, raising demand for Ineligible ITC claimed under section 16(2) during the financial year 2019-20. 

1. ₹1,77,72,739 with applicable interest and penalty of ₹1,63,11,885 u/s 73 of the Central Goods and Services Tax Act, 2017; and 

2. ₹2,00,70,894 with applicable interest and penalty of ₹3,78,37,760 u/s 74 of the Central Goods and Services Tax Act, 2017

Dynamatic Technologies Limited and Sansera Engineering Limited have signed a Memorandum of Understanding (MoU) to supply intricate structural parts for the Airbus A220 Door Program. 

Sansera Engineering shares trade at ₹1,397.45 on the NSE, down by 0.82%.

Waaree Renewable Technologies has received a Letter of Award (LOA) for the execution of Engineering, Procurement and Construction (EPC) works for Ground mount solar power project of 3.40 MW DC/2.77 MW AC capacity (at ₹8,57,95,555) on turnkey basis. 

Waaree Renewable shares were down 2.12% on the NSE, trading at ₹1,436.

RattanIndia Enterprises’ Cargo Drone L15 supplying essentials to flood-hit Andhra Pradesh

RattanIndia Enterprises stock trades at ₹78.99 on the NSE, lower by 1.29%.

The Indian stock market witnessed a significant downturn on Friday, with the benchmark Sensex tumbling over 900 points in afternoon trading. As of 1:12 PM, the 30-share BSE Sensex was down 936.14 points or 1.14% at 81,265.02, after opening at 82,171.08.

Shree Tirupati Balajee Agro Trading Company IPO has been subscribed 12.32 times as at 1.27 pm on September 6, 2024. The QIB portion has been subscribed 4.48 times, NII portion 14.26 times; and retail 15.98 times. The issue closes on September 9, 2024.

Major stocks that hit a 52-week high on the NSE today include

Bharat Rasayan (10.73%), Suven Pharma (3.96%), Marksans (1.36%), Honasa (1.06%)

Bharti Hexacom has been imposed a penalty of ₹151,000 (by Department of Telecommunications, Rajasthan) for violation of subscriber verification norms.

Bharti Hexacom stock slipped 0.85% on the NSE, trading at ₹1,194.45.

Snowman Logistics has received rectification order issued from Income Tax Department for the assessment year 2018-19 where the Company’s contention was found to be correct and subsequently the mistake has been rectified with the initial demand of ₹16,23,81,050 being revised to ₹51,92,615 for assessment year 2018-19.

Snowman Logistics stock fell 2.25% on the NSE, trading at ₹81.55

Airtel has announced the launch of “#FestiveOffer” for its prepaid customers. Valid only for 6 days, from September 6, 2024 - September 11, 2024, 3 curated packs of ₹979, ₹1029 and ₹3599.

Bharti Airtel shares were down 1.01% on the NSE, trading at ₹1,531.65

Kajaria Ramesh Tiles Limited, Nepal, a joint venture of Kajaria Ceramics, has commenced the commercial production of tiles today at its manufacturing facility at Jahada, Bardaghat-12, Nawalparasi, Nepal.

Shares traded flat on the NSE at ₹1,456.60.

MIC Electronics has received an order from Ratlam Division of Western Railways for ₹86.44 lakh. MIC Electronics stock inched up 0.84% on the NSE, trading at ₹81.68

Head of Research at Swastika Investmart Ltd.: 

Indian markets witnessed a surprising decline today after consolidating at all-time highs. One key factor could be weaker job data from the USA, fueling concerns about a potential global economic slowdown. Additionally, India’s weight in the MSCI Emerging Markets index has surpassed China’s, reaching its highest level. This raises the risk of a strategic reduction in weight allocation, especially given India’s relatively high valuations.

From a technical perspective, the 20-day moving average (20-DMA) of 24,850 serves as an immediate and critical support level. A breach below this could trigger further corrections toward 24,500 and 24,000 levels. On the upside, 25,150 presents the first resistance, followed by higher hurdles at 25,330 and 25,500.

Ashok Leyland on Thursday announced partnering with Bandhan Bank to provide vehicle financing solutions to its customers.

Ashok Leyland stock traded at ₹248.35, down by 1.11% on the NSE.

Bandhan Bank shares traded at ₹199.75, down by 1.92%

Baazar Style Retail currently trades at ₹413.50 on the NSE, higher by 6.30%. 

Shares were listed at ₹389 on NSE and BSE today.

Ratnamani Metals (3.05%), Jindal Stainless (1.79%), Jindal Steel (1.32%), JSW Steel (0.98%)

Kanoria Chemicals & Industries Limited (KCI) has inaugurated a new Formaldehyde manufacturing facility at its existing manufacturing site in GIDC, Ankleshwar.

Stock surged 4.14% on the BSE, trading at ₹132.

Harmil D Shah has been appointed as Chief Financial Officer of RBZ Jewellers following the resignation of Harshvardhan Bhardwa

Dr. Lal Path Labs Ltd. informed that NCLT, Allahabad Bench, has sanctioned the scheme of amalgamation of Paliwal Medicare Private Limited with Paliwal Diagnostics Private Limited, subsidiary companies of Dr. Lal PathLabs under Section 230-232 of the Companies Act, 2013.

Dr. Lal Path Labs Ltd. stock trades flat on the NSE at ₹3,410.

Star Cement announced incorporation of a wholly-owned subsidiary RI PNAR CEMENT PRIVATE LIMITED ( RPCPL ) in the State of Meghalaya.

Star Cement stock trades at ₹222.31 on the NSE, down by 0.11%.

PVR Inox announced the opening of 7-screen multiplex at Mohali Walk, Sector 62, Mohali, Punjab.

Shares decline 1.05% on the NSE, trading at ₹1,563.60.

Sun Pharmaceutical Industries Limited and Israel-based Moebius Medical Limited announced that the USFDA has granted Fast Track designation (FTD) to MM-II (Large Liposomes of DPPC and DMPC) for the treatment of osteoarthritis knee pain. Planning for confirmatory Phase 3 clinical trials for MMII is underway. 

Sun Pharmaceutical stock trades flat on the NSE at ₹1,827.45..

KPI Green Energy informed the exchanges about the receipt of approvals from the Chief Electrical Inspector (CEIG) for 12.72 MW of Wind-Solar Hybrid Power Project under our CPP business segment. These projects were executed for clients of KPI Green Energy Limited and Sun Drops Energia Private Limited, a wholly owned subsidiary of the Company. 

KPI Green Energy stock declined 1.03% on the NSE, trading at ₹876.80

Top gainers on the NSE as at 12 noon:

LTIMindtree (1.60%), Bajaj Finance (1.57%), Hindustan Unilever (0.73%), Asian Paints (0.64%), JSW Steel (0.56%)

Top losers:

SBI (-3.82%), HCL Tech (-2.12%), Coal India (-1.98%), NTPC (-1.80%), Tata Motors (-1.75%)

Stocks advanced on BSE at 12 noon on September 6, 2024, were 1,412 against 2,388 stocks that declined, and 103 remained unchanged. Total stocks traded were 3,903. The number of stocks that recorded a 52-week high was 254, and those that hit a 52-week low was 26. 

A total of 248 stocks traded in the upper circuit, and 226 in the lower circuit.

Race Eco Chain, a leading plastic waste management company, has joined hands with Ganesha Ecosphere, the largest PET recycler, to form a joint venture Ganesha Recycling Chain.

The new company aims to launch numerous washing lines across India to transform PET bottles into reusable flakes, thereby significantly reducing plastic waste and fostering a circular economy

Nifty midcap 100 declined by 0.92% to 58,900.90 as at 11.40 am, and Nifty Smallcap 100 slipped 0.63% to 19,397.25

Wherrelz IT Solutions board announced the appointment of Pankaj Saxena as Chief Financial Officer of the company, following the resignation of Ankur Khona.

Davangere Sugar Company has approved fund-raising by way of issuance of equity shares of ₹1 each on rights basis for a value not exceeding ₹400 crore.

Stock trades at ₹7.26 on the NSE.

Ashoka Buildcon stock rose 1.77% on the NSE, trading at ₹272.16. Compay’s subsidiary Viva Highways Ltd (VHL) has monetised land in Hinjewadi, Pune, for Rs 453 crore

India Meteorological Department (IMD) has confirmed the outlook for Thursday’s low-pressure area to intensify into a depression during its prolonged stay over the West-Central and progressively North-West Bay of Bengal waters off the Odisha, West Bengal and Bangladesh coasts over next few days. 

Brigade Enterprises Ltd stock rises 1.99% trading at ₹1,327.95 on the NSE. Company had announced the closure of its institutional share sale after raising ₹1,500 crore

Continuing its attack on SEBI chairperson Madhabi Puri Buch, the Congress on Thursday demanded an independent inquiry to probe a series of allegations against her. The latest in the Congress’s line of fire was that during her tenure at ICICI Bank, Buch was also employed at Greater Pacific Capital, a private equity fund where NSA Ajit Doval’s son Shaurya Doval is a member of the leadership team.

Track live movement of the stock here

Colin Shah, MD, Kama Jewelry on ‘Gold outlook for remainder of 2024’:

“Gold witnessed a decent rally since the beginning of this calendar year. The price of yellow metal witnessed an upside in the domestic market especially after the outbreak of the geo-political tensions in the middle east, triggering volatility in prices around the mid-year. However, the prices saw some correction soon after the announcement of the customs duty cut in the union budget wherein the prices saw a drop of ~5% and the momentum soon gathered pace after this upside where prices hovered near a new all-time high range. The factors that played a major role in this rally is strong official sector buying coupled with resilient physical demand which provided structural support that lifted gold’s trading range and also has the potential to continue till the rest of the year. Another factor is Fed’s previous rate cut cycles, which gave a support to gold prices wherein it gained as much as ~9% over 2-3 quarters after the first cut. Moreover, strengthening of USD further provided a boost to gold prices. Going forward, the global price and demand of the yellow metal heavily relies on the next move by Fed.

Overall, the outlook for gold looks extremely promising. Apart from the geopolitical risks, this could be driven by the higher macro volatility amid elections in many countries in 2024, especially the US, which will further support diversification and add to the yellow metal’s long term appeal. Also, with the reduced customs duty era, the festive and wedding season in the domestic market, along with increasing purchasing power of buyers due to higher disposable income will play its part in driving the demand for gold. Overall, we expect the remainder of the year to be stellar for gold rally, especially the Dhanteras period where gold may touch a new high.”

Shree Tirupati Balajee Agro Trading Company IPO has been subscribed 8.86 times as at 10.39 am on September 6, 2024. The QIB portion has been subscribed 4.46 times, NII portion 8.35 times; and retail 11.60 times. The issue closes on September 9, 2024.

Pidilite Industries shares trade flat on the NSE at ₹3,229.95. The company had entered into an exclusive distribution agreement with CollTech Group.

Vodafone Idea shares plunged 11.60% to trade at ₹13.34 on the NSE.

Global brokerage Goldman Sachs has maintained a sell call on the stock at a revised target price of ₹2.5.

Top losers of Nifty PSU Bank stocks:

Canara Bank (-2.95%), SBI (-2.87%), IOB (-2.46%), PNB (-2.09%), Bank of Baroda (-1.85%)

Glenmark Pharmaceuticals stock trades flat on the NSE at ₹1,705.50.

The company had agreed to pay $25 million as part of a settlement with the US Department of Justice regarding a case related to the pricing of a generic drug.

Glenmark Pharmaceuticals Inc, USA, a wholly-owned subsidiary of the Mumbai-based drug maker, has agreed to pay the amount in six instalments over five years, with interest on the settlement amount at a rate of 4.25 per cent per annum from May 28, 2024, the company said in a late-night regulatory filing on Wednesday.

(PTI inputs)

Strides Pharma Science Limited (Strides) announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for the generic version of Theophylline Extended-Release Tablets, 300 mg and 450 mg, from the USFDA.

Strides Pharma Science stock rose 1.72% on the NSE, trading at ₹1,367.95.

Sensex plunged 835.78 pts or 1.02% to trade at 81,365.38, as at 10.12 am, and Nifty 50 dropped 217.25 pts or 0.86% to 24,927.85.

BAAZAR STYLE RETAIL LTD IPO

ISSUE PRICE: ₹ 389.00

RETAIL LOT : 38 SHARES

LISTING PRICE

BSE: ₹ 389.00

NSE: ₹ 389.00

PROFIT PER LOT BSE : ₹ 00.00

PROFIT PER LOT NSE : ₹ 00.00

Indian equity markets opened lower on Friday, September 6, 2024, as investors remained cautious ahead of crucial US payroll data that could influence the Federal Reserve’s interest rate decisions. The benchmark Sensex opened at 82,171.08, down from its previous close of 82,201.16, while the Nifty50 started the day at 25,093.70, lower than Thursday’s close of 25,145.10.

Global market uncertainty and mixed Asian cues contributed to the subdued opening. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, noted, “The stock market’s catalysts are shifting rapidly, catching investors by surprise. Optimism over cooling US inflation has quickly turned to concerns about a slowing US economy.”

Bengaluru-based Brigade Enterprises has raised Rs 1,500 crore by selling equity shares to institutional investors as part of its strategy to expand business.

The company on September 2 launched its qualified institutional placement (QIP) issue to raise funds. The issue closed on September 5.

In a regulatory filing on Friday, Brigade Enterprises said a committee of directors approved the allotment of 1,30,43,478 equity shares to eligible qualified institutional buyers.

The shares were allotted at an issue price of Rs 1,150 per equity share.

Hence, the company raised Rs 1,500 crore through the QIP route.

The shares were issued at a discount of 1.26 per cent of the floor price of Rs 1,164.70 per equity share. - PTI

Manav Modi, Senior Analyst, Commodity Research, MOFSL

Gold prices rose to near one-week highs, on the back of a weaker U.S. dollar and lower yields after signs of labour market losing steam increased market participants belief regarding interest cut from Federal Reserve this month. U.S. private employers hired the fewest number of workers in 3-1/2-years in August, potentially hinting at a sharp labour market slowdown. 

This follows data on Wednesday showing a sharp decline in U.S. job openings in July. The initial claims data also didn’t paint much of a rosy picture for the employment. Dollar index fell towards 101 , while US 10Y Yield is marked below 3.8%, supporting bullions. 

The Fed needs to cut interest rates to keep the labour market healthy, but it is now down to incoming economic data to determine by how much, San Francisco Fed President Mary Daly said. 

Data from CME Fed watch tool suggests that, market participants currently see a 59% chance of a 25 bps reduction by the U.S central bank this month and a 41% chance of a 50-bps cut. After lower jobs data this entire week focus now turns to all important US Non-farm payroll and unemployment rate data scheduled later today.

KEC International stock surges 3.09% on the NSE, trading at ₹1,018.25 on receiving new orders worth Rs 1,423 crore for the design, supply and installation of 380 kV transmission lines in Saudi Arabia.

The Indian rupee rose on Friday after disappointing U.S. private payrolls data fuelled expectations of a weaker jobs report, prompting traders to avoid the U.S. dollar.

The rupee was at 83.9350 to the U.S. dollar at 9:30 a.m., up from 83.9825 in the previous session. - Reuters

Iron ore steadied to remain on track for its worst week since March, with few signs of a recovery for China’s beleaguered steel market.

“There is no significant improvement in demand for steel products, so there’s little room for steel mills to resume production,” Zhang Shaoda, an analyst with China Futures Co, said by email. “The downward trend for iron ore is expected to continue.”

CRISIL has re-affirmed the rating for Sundram Fasteners’ short term debt and commercial paper as A1+

Stock rises 2.20% on the NSE, trading at ₹1,407.40

Adani Enterprises stock trades flat on the NSE, trading at ₹3,010.95. It had announced an early closure of ₹800 crore secured NCD issue.

RITES is the lowest bidder (L-1) in the tender floated by UP State Bridge Corporation Limited for Consultancy Services for Construction of Civil works (CSC) for ₹60.03 crore.

RITES shares were up 1.42% on the NSE, trading at ₹673.95

Top gainers on the NSE as at 9.30 am:

LTIMindtree (2.45%), Bajaj Finance (1.85%), Bajaj Finserv (1.45%), Wipro (0.89%), TCS (0.86%)

Top losers:

SBI (-1.22%), Coal India (-1.07%), Ultratech Cement (-0.61%), ONGC (-0.50%), NTPC (-0.43%)

The USFDA has classified the inspection of Dr Reddy’s manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh as voluntary Action Indicated (VAI) and concluded that the inspection is “closed”

Stock trades flat on the NSE at ₹6,694.50

Crude oil futures traded flat on Friday morning despite some members of OPEC+ (Organization of the Petroleum Exporting Countries and its allies) delaying the production output increase by two months. At 9.22 am on Friday, November Brent oil futures were at $72.72, up by 0.04 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $69.17, up by 0.03 per cent. September crude oil futures were trading at ₹5825 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5810, up by 0.26 per cent, and October futures were trading at ₹5796 against the previous close of ₹5784, up by 0.21 per cent.

Global Index Performance

GIFT Nifty 25182 -55 Nifty F

Hang Sang 17444 -13

Dow Jones 40756 -219

Dow Jones F 40863 +34

NASDAQ 17128 +43

NASDAQ F 18884 -80

Nikkei 36568 -89

Shanghai 2797 +8

India Vix 14.21 -1.2%

Commodity Market 

Brent 72.7 +0.01%

WTI 69.2 +0.05%

Gold 2523.8 +0.17%

Silver 28.7 +1.97%

Copper 9087 -0.05%

Aluminium 2380 +0.06%

Iron Ore 98.7 -0.05%

Zinc 2724.5 -0.53%

Sugar 9.28 -0.21%

Sovereign Yield (10-year benchmark) 

India 6.97 +0.11

US 3.72 Unch

Currency Market 

USD 84.0 -0.01%

EUR 93.2 -0.38%

GBP 110.5 -0.33%

Listing Date : Friday, September 06, 2024 (Today) 

ISIN : INE01FR01028

BSE : 544243‘B’ Group

NSE : STYLEBAAZA

NSE Series : EQ

IPO Price : ₹ 389/-

App. Min. Lot : 38 Shares

Franklin Industries Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 3.71

Ex Bonus 09 Sept 2024 (Monday)

Last date Trade for Before Bonus Today

Route – Tender 

Buyback Price: 1,025/- 

Current Market Price: 804/-

Market Cap: Rs 1,790 Crores 

Buyback Size: Rs 72 Crores ((Representing 24.85% and 24.98% of the total paid up equity share capital and free reserves) 

Buyback Size: 7,02,439 shares (Representing 3.15% of O/s. shares)

Retail Quota: 1,05,366 Shares

Buyback Record Date: Not Yet Announced

Buyback Schedule: Not Yet Announced

Route – Tender

Buyback Price: 750/- Current Market Price: 524/-

Market Cap: Rs 7,259 Crore 

Buyback Size: Rs 112.50 Crores (Representing 8.63% of the total paid up equity share capital and free reserves) 

Buyback Size: 15,00,000 shares (Representing 1.08% of O/s. shares) 

Retail Quota: 2,25,000 Shares

Entitlement:

General Category - 1 Equity Share for every 105 Equity Shares held on the Record Date

Retail Category - 3 Equity Shares for every 62 Equity Shares held on the Record Date

Buyback Record Date: 27 Aug 2024

Tender Period:

Start Date - 02 Sep 2024 

Close Date - 06 Sep 2024 (Today)

Obligation Date - 12 Sep 2024 

Settlement Date - 13 Sep 2024

Route – Tender 

Buyback Price: 3,700/- 

Current Market Price: 3,196/-

Market Cap: Rs 4,070 Crores 

Buyback Size: Rs 88 Crores (Representing 22.35% and 12.06% of the total paid up equity share capital and free reserves) 

Buyback Size: 2,37,837 shares (Representing 1.90% of O/s. shares)\ 

Retail Quota: 35,676 Shares

Entitlement:

General Category - 9 Equity Shares for every 540 Equity Shares held on the Record Date

Retail Category - 5 Equity Shares for every 58 Equity Shares held on the Record Date

Buyback Record Date: 27 Aug 2024

Tender Period:

Start Date -02 Sep 2024 

Close Date - 06 Sep 2024 (Today)

Obligation Date - 12 Sep 2024 

Settlement Date - 13 Sep 2024

key sector debate is whether current rally is overdone & should investors lighten their OW positioning

Think not yet 

Believe revenue upgrade cycle will continue, which should keep multiples high 

Uptick in BFSI spend likely to keep high growth expectations for F26 intact 

HCL– Downgrade to EW, TP 1840 

LTMINdtree– Upgrade to OW, TP raised to Rs 7050 

TCS– TP Rs 4910 

Infy– TP Rs 2150 

Wipro - TP Rs 500 

Tech M– TP Rs 1680 

L&T Tech–TP 4730 

Tata Elxsi– TP Rs 6860 

Mphasis– TP Rs 3200 

Cyient– TP Rs 1650 

Coforge TP Rs 7825

Buy, TP Rs 1700

Strong growth with inflecting FCF/returns profile warrants premium val 

See growth tailwinds to sustain, driven by continued share gains (200 bps over next 3 years), organic growth levers (4G, postpaid, etc.) & future tariff hikes (next in FY26)

Downgrade to Sell, TP raised to Rs 350 from Rs 220

Believe there has been significant improvement in Indus Towers’ fundamentals; raise EBITDA est by up to 17% 

However, while there is merit for a higher multiple vs recent history, see Indus’ re-rating as overdone

Sell, TP Rs 2.5

VI’s recent capital raise, while incrementally +ve, is unlikely to be adequate to stop co ’s market share erosion 

Forecast another 300 bps share loss over next 3-4 yrs. 

VI has large AGR/spectrum related payments starting in FY26; while govt. has option of converting some dues into equity, est. ARPUs would have to rise by Rs200-270 (120%-150% under different scenarios) for VI to be sustainably free cash flow neutral 

On Voda Idea - Sell, TP Rs 2.5 

On Bharti Airtel - Buy, TP Rs 1700 

On Indus Tower - Downgrade to Sell, TP raised to Rs 350 from Rs 220

Upgrade to buy, TP Rs 2160

See value emerging as co improved its growth outlook & expands ROAs which believe is not adequately reflected in its below-mean P/E multiples 

Forecast PPOP CAGR of 25% & PAT CAGR of 25% over FY24-27E

Downgrade to Sell, TP cut to Rs 742 from Rs 841 

Multiple headwinds ahead as ROAs peak; val de-rating likely 

Believe risk-reward profile is turning unfavorable on 

1) Growing headwinds to sustainability of ROA; expect ROAs to moderate to sub-1% in FY26E 

2) Lower loan growth going fwd 

3) Expected increase in credit costs on rising slippages in MSME / Agri / unsecured portfolios. 

Cut FY25-27 EPS by 3-9% & target multiple to 1.x from 1.2x previously 

On SBI - Downgrade to sell, TP cut to Rs 742 from Rs 841 

On Aavas Fin - Upgrade to buy, TP Rs 2160 

On SBI Cards - Upgrade to Buy from Sell, TP raised to Rs 913 from Rs 652

1. ABFRL 2. BALRAMCHIN 3. BANDHANBNK 4. BIOCON 5. CHAMBLFERT 6. HINDCOPPER 7. RBLBANK 

Nifty 50: Spot support at 25000 below this 24900, resistance at 25200 above this 25300.

BankNifty: Spot support at 51300 below this 51000, resistance at 51800 above this 52000. 

Nifty Fin Service: Spot support at 23700 below this 23600, resistance at 23900 above this 24000. 

BSE Sensex: Spot support at 82000 below this 81700, resistance at 82600 above this 82800. 

India’s benchmark indices, Sensex and Nifty, opened flat on Friday as traders awaited a critical U.S. jobs report to assess the Federal Reserve’s potential interest rate cuts.BSE Sensex declined 119.94 pts or 0.15% to trade at 82,081.22 as at 9.15 am, and Nifty 50 slipped 28.80 pts or 0.11% to trade at 25,116.30Concerns over a U.S. labor market slowdown have resurfaced following data indicating weaker job openings and fewer private sector job gains, heightening expectations for an aggressive 50-basis-point rate cut when the Fed meets on September 17-18.

VA Tech Wabag Ltd has won a $317 million order from the Saudi Water Authority for a 300 million liters per day (MLD) mega seawater desalination plant. - Reuters

Gold held below a one-week high on Friday and was on track for a weekly gain, as market participants focussed on U.S. jobs data that could shape the size of an expected rate cut this month.

Spot gold was little changed at $2,516.00 per ounce as of 0221 GMT, after hitting a one-week high of $2,523.29 in the previous session. Bullion has climbed 0.5% for the week and 22% for the year so far.

U.S. gold futures edged 0.1% higher to $2,545.70. - Reuters

Nuvama Research after meeting the management of Polycab has revised target price to Rs 8340 while retaining ‘Buy’: We recently met management of Polycab Gandharv Tongia, CFO, and Chirayu Upadhyaya, Head-IR. While Q1FY25 was hurt by channel destocking and export weakness (distribution rejig in the key market), the longer-term growth drivers remain intact. Moreover, management remains confident of maintaining the company’s industry-leading position and is currently in the process of formulating an updated version of LEAP.

Management reiterated their guidance of maintaining EBITDA margins in the range of 12–14%. We reckon revenue/EBITDA/PAT shall grow at a CAGR of 17%/19%/17% over FY24-27E; yielding a revised target price of Rs 8,340, rolling forward to Q2FY27E EPS; retain ‘BUY’.

Pidilite Industries: Company enters into exclusive distribution agreement with Colltech group (Positive) 

Sumit woods: Company selected as developer to redevelop a project, project offer gross development value of about Rs 500 cr, Market Cap of the Company is Rs 440 cr. (Positive) 

Jindal Stainless: Company supplied stainless steel for Vande Bharat sleeper coaches. (Positive) 

Wipro: Company gets enlisted by JFK International Air Terminal to meet sustainability targets (Positive) 

Sundaram-Clayton: Company has commissioned the commercial production of aluminum die castings situated in the industrial area of the state industries promotion corporation of Tamil Nadu (Positive) 

Vivanta Industries: Company has entered into partnership agreement with Marut drone tech for doing business of drones in Gujarat territory. (Positive) 

Colgate-Palmolive: Company launches a new product in addition to its visible white range, the visible white purple toothpaste (Positive) 

Ashoka Buildcon: Company has been apprised by unit viva highways, that the land owned by it under its real estate portfolio, situated at hinjewadi, pune, has been monetized at a total consideration of Rs 453 crore (Positive) 

Shakti Pumps: Company and IIT Delhi secure milestone patent for innovative irrigation technology, Company receives 15 patent for ground breaking sensorless motor drive technology (Positive) 

Suven Pharmaceuticals: Company approves merger of Casper Pharma with company (Positive) 

Matrimony: Company approves Rs 72 crore share buyback at 27% premium (Positive) 

Honeywell Automation: Commissions Microgrid Battery Storge system in India for Solar Energy Corp. (Positive) 

KEC International: Company gets orders worth ₹1,423 cr for design, supply & installation of 380 kV transmission lines in Saudi Arabia (Positive) 

Apar Ind: Revision in ratings of Long Term Bank Facilities from “A+” to “AA“, Outlook Stable (Positive) 

GNA Axles: Memorandum of Family Settlement (MFS) having been entered into amongst the members of the GNA Family (Positive) 

NLC India: Vesting order was issued for NLCIL’s Second Commercial Coal Block and the Biggest among the NLCIL’s Mining Projects, Machhakata (Positive) 

VST Ind: Company has received in-principle approval to issue bonus shares in a 10:1 ratio, granting 10 new shares for every 1 existing share. (Positive) 

Thangamayil: Chandramogan bought 3,53,353 shares at 2,140.00/sh (Positive) 

Dreamfolks: Introduces its latest service, highway dining for travellers. (Positive) 

Poonawalla Fincorp: Board approves allotment of NCD aggregating to Rs 425 crore, through private placement. (Neutral) 

Finolex Cables: Ratnakar Barve to replace Nikhil Naik as Chairman of Company (Neutral) 

Oswal agro mills: Company acquired 4.85% stake of Oswal greentech; deal for Rs 51.07 per share (Neutral) 

Rashtriya chemicals and fertilizers: Company approved issue of non-convertible debentures worth Rs 14 billion via private placement basis (Neutral) 

Aditya Birla fashion: Company approved allotment of 55.7 million shares to eligible shareholders of TCNS clothing. (Neutral) 

Brigade: Company announces closure of its institutional share sale through which it has managed to raise ₹1,500 crore. (Neutral) 

Bharat Forge: North America Class 8 truck orders remain below seasonal expectations. (Neutral) 

Mrs Bectorfood: Company launches QIP to raise up to ₹400 cr, indicative issue price at ₹1,550/sh. (Neutral) 

Indigo Paints: Peak Partners Likely To Sell 11% Stake Of Indigo Paints Via Block Deals (Neutral) 

Nucleus Software: Company to buy back up to 4.48 lakh shares (1.67% equity) for ₹72.4 crore at ₹1,615/share. The buyback opens on September 9 & closes on September 13. (Neutral) 

Ola Elec: Anchor lock-in period end date for 50% shares (30 Days) is today. (Neutral) 

KPIT: Merger of Future Mobility Solutions GmbH with KPIT Technologies GmbH has been approved (Neutral) 

Camlin Fine: Board Meeting to be held on 10-Sep-2024 to consider and approve Increase in authorised capital/Fund raising (Neutral) 

Gensol: Company has acquired 99.99% of Gridstor Energy Private Limited’s equity shares, making it a wholly-owned subsidiary. (Neutral) 

GIC RE: Company got bids for 1345323 shares vs 5951200 shares offered for retail. (Neutral) 

PNB Housing Finance: Company to raise nearly ₹2,500 crore via NCDs on September 9. (Neutral) 

PayTM: Govt is Likely To Impose 18% GST on Income of PGs for Transactions Below ₹2000. (Neutral) 

Mangalam Cement: Company enters into purchase power agreement for Solar Power via SPV Suryadeep RJ1 Projects. (Neutral) 

Force Motors: August’24 sales 2299 units vs August’23 units 3018. (Negative) 

Venus Pipes: Directorate of Revenue Intelligence has conducted search at registered & corporate office of the company. (Negative)

Akzo Nobel India Commences Commercial Production of Powder Coating Products at Gwalior Plant with an Installed Capacity of 5166 Tons Per Annum, Invests 105 Cr Rupees

UdayShivakumar Infra: Company Joint Venture Secured Order of 1.2B Rupees Company Says Joint Ventures Become L1 Bidders for Project Worth 10.57B Rupees Company Gets LOA for Order Worth 295.3M Rupees

DreamFolks Services: Company Introduces Latest Service, Catering to Travelers on Highways Across India Company Says This Service Will Be Available at Over 600 Outlets Along Key Highways Across the Country New Offering Marks Company’s Expansion Beyond Airports and Railway Stations

HDFC Bank may offload about 10–15% stake through HDB Financial IPO, which will likely be a combination of secondary sale + fresh capital.

HDB Financial aiming for $9 billion IPO in next 6 months.

Buzzing stocks: Adani Enterprises, Infosys, KEC International, Ashok Buildcon, NLC India, Pidilite Industries, Venus Pipesk Brigade Enterprises

i1) Some Primary CP deals are

a) NABARD ₹2325 cr @7.24% (91D)

b) M&M Fin svcs ₹1500 cr @7.65% (91D)

c) Tata Power ₹500 cr @7.29% (86D)

d) L&T Fin ₹1975 cr @@7.40% (21-25D)

e) Tata Steel ₹1000 cr @7.30% (90D)

f) Bajaj Fin ₹350 cr @7.77% (91D)

2) The 10Y US treasury yields have fallen a total of 16 bps in last 3 days and currently trading @3.76%

3) Indian Gsecs continue trade in a narrow range with volumes worth 36,000 cr.. One more day of flattish close for the yields

Closing Gsecs

710GS29@6.77% flat

710GS34@6.85%🔽1bp

718GS33@6.88% flat

3) Actually, these 11-12 days till Lord Ganesha stays at our hearts and homes, the Gsecs will continue to trade like this only in a Tight Rope-Stable bcz most of them will be at their homes celebrating the Biggest Festive of India Ganesha Chaturthi .. 

4) Then post the festive, we believe ; when most of the Debt participants crowd comes back THE ACTUAL rally WILL TAKE PLACE

5) The 1Y OIS stood @6.46%.🔽🔽5/6 bps & 5Y @6.05% 🔽🔽5/6 bps

6) We keep re-iterating; as a treasury or a surplus cash manager; one has to stay ahead of the curve and manage things tactically to earn Risk-Adjusted Alpha. 

14:30 EURO Revised GDP q/q (Expected: 0.3% versus Previous: 0.3%)

18:00 U.S. Non-Farm Employment Change (Expected: 164K versus Previous: 114K)

18:00 U.S. Unemployment Rate (Expected: 4.2% versus Previous: 4.3%)

18:15 U.S. FOMC Member Williams Speaks

20:30 U.S. FOMC Member Waller Speaks

Maharashtra has achieved 102 per cent sowing for the Kharif season, thanks to 121 per cent of the average rainfall recorded across the state. The Agriculture Department shared this update during the state Cabinet meeting in Mumbai on Thursday. From June 1 to September 2, the state received 1002 mm of rainfall. In comparison, during the same period last year, the state received only 81.4 per cent of the average rainfall.

The balance between inflation and growth is well-poised, with there being greater optimism that food inflation outlook could become more favourable over the course of the year and the India growth story continuing to be intact, said RBI Governor Shaktikanta Das.

This observation comes amid calls from certain quarters to revisit the current retail inflation target of 4 per cent even as two external members of the six-member monetary policy committee (MPC) have made a case for a 25-basis points repo rate cut coupled with a change in the monetary policy stance to “neutral” from “withdrawal of accommodation”.

Adani Enterprises on Thursday announced an early closure of ₹800 crore secured non-convertible debentures (NCD) issue. The company launched the issue on September 4 (Wednesday) with a base issue size of ₹400 crore and an option to retain over-subscription of another ₹400 crore, aggregating up to ₹800 crore.

The NCD issue was slated to close on September 17. AEL’s offering included up to 80 lakh NCDs with a face value of ₹1,000. The NCDs were available in tenors of 24 months, 36 months and 60 months with quarterly, cumulative, and annual interest payment options across eight series. The instruments carried an effective annual yield ranging from 9.25 per cent to 9.90 per cent.

Havells India has informed the exchange about the commissioning of its new cable manufacturing facility located in Vasanthnarasapura Industrial Area, Tumakuru, Karnataka. This new facility, operational as of September 3, has a capacity of 3.48 lakh Kms with investment of ₹300 crore. 

The company further plans to increase its Tumakuru capacity to 4.626 lakh Kms annually from 3.48 lakh Kms, which commissioned on September 3. This expansion is expected to be completed by Sep-2026, with a projected capex of ₹450 crore. The higher capex is due to the investment being directed towards enhancing capacity for higher size cables, specifically HT cables.

In its FY24 annual report, Medplus Health Services has highlighted key levers of growth such as deeper penetration in its core markets with a focus on tier-2 and beyond locations ( about 50 per cent of stores in these markets) to optimise operational processes and inventory management and plans to add 600+ stores in FY25.

Increasing private label share by capitalising its scale and expanding its product range and looking to scale-up its own branded generics under “Medplus” brand.

The stock that we have today is Alembic Ltd. Recently, the stock was in a downtrend. But it rebounded in the last two sessions on the back of a support. Notably, the long-term trend is bullish. We expect the price to go up further from here.

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