Share Market Highlights 07 Sep 2023: Sensex surges past 66k mark with gains led by HDFC Bank, L&T, SBI; Nifty settles at 19,727

Equity benchmark Sensex climbed over 385 points to reclaim the 66,000 mark on Thursday, propelled by robust buying in index majors HDFC Bank, L&T, and SBI amid a weak trend in global equities.

A decline in crude oil prices in the international market also supported the domestic equities, traders said.

Rising for the fifth straight day, the BSE Sensex recovered all the early lost ground and finally closed with a gain of 385.04 points or 0.58 per cent at 66,265.56. During the day, it hit a low of 65,672.34 and a high of 66,296.90.

The Nifty advanced 116 points or 0.59 per cent to settle at 19,727.05.

NIIT Learning Systems Limited has made a strategic investment in KIC InnoEnergy, SE (EIT InnoEnergy) of over €140 million in private placement round. With this investment, NIIT MTS joins the cap table as one of the new strategic investors in the private placement round that includes major players from industrial, financial, training, and digital sectors to accelerate the clean energy industrial innovation.

Jupiter Life Line Hospitals IPO has been subscribed 2.38 times as of 3:36 pm on September 7, 2023. The QIB portion has been subscribed 0.15 times, NII portion 4.67 times, and retail 2.63 times. The issue closes tomorrow.

​Ramco Systems​ together with Ecosystm, a Singapore-headquartered digital research and advisory company, has released a new eBook, “Can Employee Experience be Seamless in a Global Organisation?”

The Ramco Systems stock has inched up by 0.13% on the NSE, trading at ₹280.10.

The Bandhan Bank Ltd board has approved the allotment of 34,151 equity shares of face value of ₹10 each fully paid-up to eligible employees upon exercise of the options vested with them under the ESOP Series 1. The stock rises by 1.82% on the NSE, trading at ₹238.25.

Major gainers: Coal India (7.06%); LT (4.20%); IndusInd (2.17%); SBI Life Insurance (2.16%); Tech Mahindra (1.69%)

Major losers: Tata Consumers (-2.24%); ONGC (-0.90%); Britannia (-0.90%); Sun Pharma (-0.83%); Hindustan Unilever (-0.63%)

Crompton Greaves Consumer Electricals Limited’s shares were up by 1.33 per cent after the company announced that it had recently clinched an order valued at Rs 25.44 crore.

This order, received from HAREDA (Haryana Renewable Energy Development Agency), encompasses the comprehensive supply, installation, and commissioning of 538 Solar Water Pumping Systems. These systems will be equipped with advanced PV Modules, contributing to sustainable and eco-friendly water solutions. The project is slated for completion within a concise period of 120 days.

The shares were up by 1.33 per cent to Rs. 313.35 at 2.09 p.m. on the BSE.

A total of 2,215 stocks advanced on BSE at 3 pm on September 7 against 1,426 stocks that declined. Total stocks traded were 3,776. The number of stocks that recorded a 52-week high was 283, and 14 hit a 52-week low

UPL Ltd has incorporated a subsidiary in Kenya, namely, ASI Seeds Enterprises Kenya Ltd. The UPL stock has inched up by 0.53 per cent on the NSE, trading at ₹612.60.

Passenger vehicle volumes are responding strongly to the approach of the festive season, according to Acuité Ratings & Research. Apart from the festive factor, the other factors that are driving growth in the segment are increased consumer preference towards the SUV/MPV segment, improvement in semiconductor availability, and the nearing elections both in multiple states and the central level, it said.

The improved volumes for August 2023 raise hopes for a revival in the domestic 2W market. The uptick in dealer-level sales is driven by the start of the festive season and partly by the launch of premium-end bikes by some of the OEMs. However, the sustainability of any consistent volume growth in the 2W segment will depend on the demand in entry-level models which, in turn, is largely linked to rural demand. On the other hand, the overall demand from the international market remains fragile, given the uncertainty and slowdown in the global economy.

While the CV growth trajectory in the current year is not as strong as in the previous year, the underlying drivers for the sector continue to be at work, namely a step-up in public sector expenditure in infrastructure, gradual replacement of older bus fleets by government transport corporations and the continuing penetration of e-commerce services that particularly boost LCV demand.

Power Mech Projects Ltd has received two orders worth ₹625.21 crore for operation and maintenance of a 2x 91.2 MW project, including control room operation of CPP (Captive Power Plant) at Dariba, Udaipur, Rajasthan worth ₹229.20 crore from Hindustan Zinc Ltd.

It has also received an order for erection, testing and commissioning assistance of Boiler, Turbine, Generator for its project site for a 2x600 MW Power Plant in Chattisgarh from Vedanta Ltd for ₹396.01 crore.

The stock has risen by 2.43 per cent on the NSE, and is trading at ₹4,140.

Anupam Rasayan India Ltd, engaged in the custom synthesis and manufacturing of speciality chemicals in India, has appointed Gopal Agrawal as Chief Executive Officer (CEO), effective September 11, 2023.

On the appointment announcement, Gopal Agrawal said, “I am truly excited to be part of a dynamic and innovative organisation that has established itself as a leader in the custom synthesis and manufacturing of speciality chemicals.

Karnataka Bank hosted the second edition of KBL – FinOne, ‘A Fintech Growth Program’ on the sidelines of Global Fintech Fest 2023 being held from September 5 to 7 at Jio World Convention Centre, Mumbai.

The stock has risen by 1.51 per cent on the NSE, and is trading at ₹225.40.

Association of Investment Bankers of India (AIBI) has appointed Mahavir Lunawat of Pantomath Capital as Chairman. The AIBI chief represents investment bankers on the Primary Market Advisory Committee (PMAC) of SEBI

Thomas Cook (India) Limited has partnered with NPCI to launch its new product - RuPay Prepaid Forex Card.

The Committee of Creditors meeting was held on 01 September 2023 to consider and approve liquidation of Bombay Rayon Fashions Limited. E-voting on the same was completed by the CoC on 06 September 2023.

In July 2023, outstanding deposit rates increased, while outstanding lending rates remained flat. Meanwhile, rates on fresh business climbed.

The weighted average lending rate (WALR) on fresh rupee loans of scheduled commercial banks (SCBs) increased sequentially by 24 basis points (bps) to 9.44% in July 2023 from 9.19% in June 2023, while the WALR on outstanding rupee loans remained flat sequentially.

The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs increased marginally by 1 bps from 6.34% in June 2023 to 6.35% in July 2023. Meanwhile, WADTDR on outstanding rupee term deposits increased by 8 bps from 6.47% in June 2023 to 6.55% in July 2023.

One-year median Marginal Cost of Fund-based Lending Rate (MCLR) of SCBs decreased from 8.63% in July 2023 to 8.60% in August 2023.

The spread of SCBs between WALR and WADTDR (the net interest rate spread) stood at 3.09% and 3.27% for Fresh and Outstanding rates, respectively, in July 2023.

Hitachi Energy India Ltd (Hitachi Energy) has bagged a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt solar photovoltaic power plant in Bikaner, Rajasthan.

The stock has risen by 3.28% on the NSE, trading at ₹4,494.55.

United Breweries stock surges by 4.80% on the NSE, trading at ₹1,657.45, following the appointment of Vivek Gupta as Managing Director & CEO of the company.

NIIT (Ireland) Ltd, a wholly-owned subsidiary of NIIT Learning Systems Ltd, has invested Euro 3 million in preferred shares of KIC InnoEnergy, SE, according to a stock exchange filing. Shares of NIIT Learning were down 0.66 per cent at Rs 407.25.

RITES Ltd shares have risen by 1.14 per cent on the NSE, trading at ₹510. The company had entered into an MoU with iHUB DivyaSampark, IIT-Roorkee, to jointly explore business opportunities related to innovative technologies.

Global crude oil prices rallied to the highest levels since November 2022 over tightening supply scenario.

The benchmark NYMEX WTI crude oil prices hit $88 per barrel, while ICE Brent crossed $90 per barrel reporting ninth straight days gains. Crude oil prices surged after extended supply cuts from OPEC plus nations majorly from heavyweights Saudi Arabia and Russia.

The large inventory draws in US and depleted US SPR is an additional supply risk factor for oil prices in coming months, says Tapan Patel, Fund Manager - Commodities, Tata Asset Management.

The company had incorporated its wholly owned subsidiary Sesa Iron and Steel Ltd.

The QIB portion has been subscribed 0.01 times, NII portion 3.61 times, and retail 2.21 times. The issue closes tomorrow.

GAIL expects to secure about 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis, its marketing director, Sanjay Kumar, said.

• Coal India (6.14%)
• Tata Power (1.63%)
• NTPC (1.34%)
• Power Grid (0.94%)

Bhati Airtel’s shares dropped 0.34% to trade at Rs 877.30 on NSE.

Rites Limited’s shares were up by 1.24 per cent after the company reported that it had inked a Memorandum of Understanding (MoU) with iHUB DivyaSampark, IIT-Roorkee.

The collaboration between RITES and iHUB DivyaSampark IIT-Roorkee will encompass a range of initiatives, events, and networking endeavours geared towards the exploration of opportunities in cyber-physical systems.

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Aurionpro Solutions Ltd.’s shares were up by 5 per cent after the company announced its acquisition of Interact DX, a digital customer engagement product suite tailored for the Banking, Financial Services, and Insurance (BFSI) industry in Asia.

Interact DX is a platform that integrates various forms of customer communications and interactive marketing, ushering in the next era of digital customer engagement for banks, insurers, and financial institutions. The acquisition, pending shareholder approval, is anticipated to conclude by September 30, 2023.

The shares were up by 5 per cent to Rs. 1236.45 at 12.20 p.m. on the BSE.

Varroc Engineering Ltd stock has surged by 5.56 per cent on the NSE, trading at ₹441.60. The company had entered into a power purchase agreement with special purpose vehicles - AMP Energy C&I Twenty One, AMP Energy C&I Twenty, and AMP Energy C&I Twenty Two. The company will acquire 26 per cent stake in SPVs to establish renewable power plants in Maharashtra with a combined captive capacity of 33.10 MWp / 22.01 MWac.

United Breweries Ltd has appointed Vivek Gupta as Managing Director & CEO with effect from September 25. The stock has risen by 3.95 per cent on the NSE, trading at ₹1,644.05.

The Jupiter Life Line Hospitals IPO has been subscribed 1.52 times as of 12:24 pm on September 7. The QIB portion has been subscribed 0.01 times, NII portion 2.58 times, and retail 1.89 times. The issue closes tomorrow.

Tech major signed a multi-year Managed Public Cloud Services agreement with German technology and high-tech industry company Siemens AG to modernise its IT landscape worldwide and power cloud-led digital transformation.

The board of Nazara Technologies has approved ₹410 crore preferential issue of equity shares of face value ₹4 each to SBI Mutual Fund.

The funds will be invested via three schemes of SBI Mutual Fund namely SBI Multicap Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund.

The stock of Nazara declines by 1.45% on the NSE, trading at ₹871.15.

Aluminium futures on the Multi Commodity Exchange (MCX), which was on a downtrend between February and June, have lost momentum and are moving sideways. The continuous contract has been oscillating in the ₹196-204 range since early July.

In a little over the past one week, aluminium futures have rallied on the back of support at ₹196. The September contract, which marked an intra-week high of ₹204.5 last week, has now moderated to ₹200.

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Major gainers on the NSE at 12 noon:

Coal India (5.30%); LT (2.14%); Tech Mahindra (1.82%); HCL Tech (1.32%); SBI Life Insurance (1.23%)

Major losers:

Tata Consumers (-2.47%); Britannia (-0.94%); M&M (-0.91%); Ultratech Cement (-0.91%); Cipla (-0.86%)

Stocks advanced on BSE at 12 noon on September 7 were 2,123 against 1,336 stocks that declined. Total stocks traded were 3,635. The number of stocks that recorded a 52-week high was 246, and those that hit a 52-week low was 10.

Crompton Greaves Consumer Electricals Ltd has received order froom New & Renewable Energy Department Haryana and HAREDA for 538 Pumps with value of ₹25.44 Crore, which covers supply, installation & commissioning of solar water pumping systems with PV Modules.

The stock rises by 1.42% on the NSE, trading at ₹313.65.

The Securities and Exchange Board of India has formed an Industry Standards Forum on a pilot basis under the aegis of stock exchanges to address the concerns of brokers, said a person familiar with the matter.

SEBI had first proposed the formation of such a forum in July. This was to be formed by industry associations and chaired by an industry leader.

It was proposed that the forum would formulate standards for implementation of specific regulations and circulars, based on feedback from industry and stakeholders, in consultation with the regulator. The priority areas identified in August were requirements for rumour verification, disclosures under sections 30 and 30A of LODR regulations, BRSR Core and ESG assurance, and structured digital database under insider trading norms.

The board of Kirloskar Industries Ltd has allotted 5,016 equity shares of ₹10 each on exercise of Equity Settled Stock Appreciation Rights pursuant to ‘Kirloskar Industries Limited – Employees Stock Appreciation Rights Plan 2019’.

The company plans to sell its API business to Synthimed Labs Pvt Ltd for an enterprise value ₹1,650 crore.

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Fitch Ratings has revised the outlook on IIFL Finance Limited from ‘B+’ Long-Term Issuer Default Rating (IDR) to Positive from Stable, and affirmed the rating.

The rating on IIFL Finance’s medium-term note programme (MTN) has also been affirmed at ‘B+’.

The Positive Outlook reflects Fitch’s assessment of management’s progress in resolving legacy problem assets, and our expectation of more meaningful improvement over the next two years in light of management’s efforts and India’s generally supportive operating conditions, Fitch said.

It also reflects that we do not expect a major deterioration in IIFL Finance’s risk profile or financial metrics, some of which are already consistent with a higher rating, it added.

The stock lost 0.32% to trade at Rs 592.35 on NSE.

Here’s what Motilal Oswal Financial Services (MOFSL) said on outlook for silver:

After experiencing significant gains in the first four months of 2023, silver encountered some volatility at higher price levels. After every major dip, domestic silver price has been seeing a range shift on the higher side and we expect this trend to continue.

MOFSL expects that the momentum in silver is likely to continue, and could add another 15% over the next few quarters.

MOFSL advises continuous accumulation at lower levels with immediate supports at ₹70,500, while strong medium-term support is at ₹68,000.

On higher side MOFSL could see prices targeting ₹82,000, followed by ₹85,000 over the next 12 months.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services:

“The India growth story, which is the best among large economies, is getting wider attention and appreciation with the G20 presidency. India’s highly profitable sectors like banking, IT and pharmaceuticals are already well researched and have attracted significant investments. A segment that has attracted significant attention in recent times is the India Stack and its phenomenal success. India’s digital ecosystem is now accepted as a model worthy of emulation. The explosive growth of fintech companies is attracting a lot of attention. The incredible growth of non-IT services during the last couple of years also on investor’s radar.

There is a global consensus among investors regarding India’s potential as an investment destination. The three Ds underlying the India growth story--Demography, Democracy, Digitalisation and Domestic consumption--will get more visibility due to the G20 presidency.

​Polycab India Ltd​ has allotted 15,560 equity shares of face value of ₹10 each to the eligible employees who had exercised their options under Polycab Employee Stock Option Performance Scheme 2018.

Aurobindo Pharma has received Establishment Inspection Report from the USFDA classifying the facility at Bachupally Village, Medchal Malkajgiri District, Telangana, as “Voluntary Action Indicated” (VAI).

The company’s stock trades at ₹862.55,down by 0.08% on the NSE.

The company denied rumours of buying stake in Haldirams.

The stock inches up by 0.65% on the NSE, trading at ₹452.10.

• Responsive Industries (18.63%)
• Cochin Shipyard (17.18%)
• TVS Supply Chain Solutions (15.10%)
• Garden Reach Shipbuilders & Engineers (11.51%)
• IOL Chemicals and Pharmaceuticals (9.39%)

The QIB portion has been subscribed 0.01 times, NII portion 2.24 times, and retail 1.66 times. The issue closes tomorrow.

Major gainers on the BSE at 11 am:

Cochin Shipyard (17.47%); GRSE (11.93%); Jaiprakash Power Ventures (10.63%); IOC Chemicals (9.58%); Camlin Fine Sciences (8.45%)

Major losers:

APL Apollo Tubes (-3.16%); Kajaria Ceramiccs (-2.81%); Tata Consumer (-2.61%); Jindal Saw (-2.37%); Bajaj Hindustan SUgar (-2.30%)

The Nifty 50 September Futures (19,645) is down marginally by 0.07 per cent. The contract has strong supports at 19,610 and 19,570. As long as the contract stays above these supports, the outlook is bullish.

Nifty 50 September Futures contract can rise to 19,700 and 19,750 in the coming sessions.

Click here to read trade strategy for today.

The stock trades flat at Rs 997 apiece. Agrawal was previously MD and Head of the investment banking business at Edelweiss.

The board of Strides Pharma Science approved acquisition of 100% shareholding in Strides Pharma Services Private Limited (SPSPL). SPSPL is currently a wholly owned subsidiary of Arco Lab Private Limited.

Electric vehicle maker Ather Energy has raised Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue.

Ather plans to use the funds for new product launches and the expansion of its charging infrastructure and retail network.

Hereo MotoCorp gained 0.3% to trade at Rs 2,946.60 on NSE.

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Domestic equity benchmark indices fell in initial trade on Thursday tracking weak global markets and foreign fund outflows.

After a weak beginning, the BSE Sensex further fell by 187.11 points to 65,693.41. The Nifty declined 55.35 points to 19,555.70.

From the Sensex pack, Mahindra & Mahindra, Bajaj Finance, Nestle, UltraTech Cement, JSW Steel, Hindustan Unilever, Infosys and Power Grid were the major laggards.

Maruti, State Bank of India, Larsen & Toubro and Bharti Airtel were among the gainers.

The indices are trading flat at 10.35 am.

The stock trades at ₹431.20, up by 0.44% on the NSE.

Global rice prices surge towards $700 a tonne on Indian export curbs. Thailand is quoting its white and parboiled rice at $670-690 a tonne. India’s parboiled rice is quoted at $500 a tonne f.o.b., including the 20% export duty.

The World Gold Council reported that central banks throughout the world kept increasing their gold holdings in July and were net buyers throughout the month. China, Poland, and Turkey were the main buyers during the month, adding 55 tonnes to central banks, according to WGC data.

Around 23 tonnes were added by the People’s Bank of China and the National Bank of Poland, while 17 tonnes were purchased by the Central Bank of Turkey.

Additional gold purchasing countries include Qatar (3 tonnes), Singapore (2 tonnes), and the Czech Republic (2 tonnes).

During the month, the National Bank of Kazakhstan (4 tonnes) and the Central Bank of Uzbekistan (11 tonnes) were among the sellers.

According to WGC data, central banks added 1,136 tonnes of gold worth almost $70 billion to their inventories last year, by far the largest since records began in 1950.

The company reported a large trade involving about 12 lakh shares, say reports.

PepsiCo plans to invest Rs 770-crore in a new plant in Assam. The move will benefit the company’s bottler Varun Beverages. The stock gained around 0.5% to trade at Rs 930.40 on NSE.

The stock gained 2.55% to trade at Rs 154.70 on NSE.

Shares of Mastek Ltd rise by 1.32% on the NSE, trading at ₹2,511.80, following the announcement of its partnership with Restek Corporation, a leading player in the analytical industry.

The company has bagged a contract for the Garib Rath initiative from Indian Railways.

PVR INOX shares hit a fresh 52-week high of Rs 1,856 on NSE amid positive early response and strong advance bookings of Shah Rukh Khan’s latest film Jawan. The film had a worldwide release on Thursday.

The stock gained 1.34% to trade at Rs 204.05 on NSE.

The company had announced paying a dividend of ₹2.50 per share on October 28.

The stock lost 2.26% to trade at Rs 864 on NSE.

The stock gained 0.15% to trade at Rs 514.70 on NSE.

The stock gained 1.96% to trade at Rs 1,826 on BSE.

NRB Bearings lost 0.3% to trade at Rs 268.95 on NSE.

Major gainers on the NSE at 9:30 am:

Coal India (0.94%); Dr Reddy’s (0.80%); Maruti (0.74%); UPL (0.44%); BPCL (0.44%)

Major losers:

Tata Consumers (-2.21%); JSW Steel (-1.03%); Bajaj Finance (-0.82%); LTI Mindtree (-0.78%); Ultratech Cement (-0.75%)

07 September

Foods & Inns, Gujarat Cotex, Veranda Learning Solutions, Patel Integrated Logistics, Nazara Technologies will consider fund raising

21 September

Atal Realtech to consider stock split

23 September

M K Proteins to consider stock split

Meanwhile, the data from the American Petroleum Institute showed a decline in the crude oil inventories in that country for the week ending September 1. At 9.17 am on Thursday, November Brent oil futures were at $90.41, down by 0.21 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $87.32, down by 0.25 per cent. September crude oil futures were trading at ₹7256 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹7305, down by 0.67 per cent; and October futures were trading at ₹7193 as against the previous close of ₹7243, down by 0.69 per cent.

Click here to read our complete report.

Tata Motors has supplied 400 Starbus electric buses to the Delhi Transport Corporation via its subsidiary TML CV Mobility Solutions.

This is part of its larger order from DTC to supply, maintain and operate 1,500 low-floor, air-conditioned electric buses for a period 12-years.

The stock is trading flat at Rs 609.80 on NSE.

Aditya Birla Capital Ltd has approved the allotment of 42242 Equity Shares of the face value of ₹10 each pursuant to exercise of Stock Option /Restricted Stock Units under ABCL Scheme 2017.

China imports declined by 7.3 per cent yoy in August, compared with market estimates of a 9 per cent drop and after a 12.4 per cent plunge a month earlier. This was the seventh time of decrease in inbound shipments so far this year, due to persistently weak domestic demand.

Overall, China’s August 2023 trade surplus was pegged at $68.36 billion, down from $78.65 billion YoY due to shrinking exports (-8.8%) and imports (-7.3%).

Aluminum futures are above $2,200 per tonne, close to the one-month high of $2,237. Supply pressures are escalating due to China’s halting of production capacity beyond the current limit of 45 million tons and Indonesia’s ban on bauxite exports.

The rising demand for solar panels and electric vehicles in China is expected to offset the decline in aluminum usage in lower construction, indicating a rebound in purchasing activity.

Spot silver is currently trading at $23.5 per ounce, down from a one-month high due to economic concerns and weak PMIs for Europe and China.

The metal is also influenced by a stronger dollar and higher Treasury yields. However, soft US data and cooling inflation suggest the end of monetary tightening by the Fed. Solid industrial demand and tight supply support the commodity, while efforts to curb carbon emissions accelerate solar panel technology development.

WTI crude futures on Thursday increased towards $88 a barrel, holding near the highest levels in over 10 months, supported by further production cuts from OPEC+ leaders and a report from the business community indicating a further decline in US petroleum stockpiles.

According to API statistics, US oil stockpiles decreased by roughly 5.5 million barrels last week, marking the fourth consecutive week of declines. This outperformed expectations for a 1.429 million barrel fall. To balance and stabilise the oil markets, Saudi Arabia said that it would extend its voluntary output cut of 1 million barrels per day for a further three months, until the end of December.

Additionally, Russia prolonged until the end of the year its voluntary reduction in oil exports by 300,000 bpd, said a Kedia Commodities report.

The stock closed flat at Rs 664 on NSE on Wednesday.

Domestic fertilizer stocks such as FACT, RCF, GSFC, NFL, GNFC are in focus as China’s major fertilizer maker curbs exports. Indian makers are likely to benefit on account of hike in the prices of fertilisers in global markets.

Morgan Stanley (MS) on ICICI Bank: Maintain Overweight on Bank, target price at Rs 1350

MS on Bank Baroda: Maintain Overweight on Bank, target price at Rs 235

MS on AU Small Bank: Maintain Overweight on Bank, target price at Rs 925

MS on Shriram Fin: Maintain Overweight on Bank, target price at Rs 2200

Macquarie on HDFC Bank: Maintain Outperform on Bank, target price at Rs 2110

CLSA on Amber: Initiate Buy on Company, target price at Rs 3650

CLSA on Dixon: Initiate Outperform on Company, target price at Rs 5675

CLSA on Kaynes: Initiate Outperform on Company, target price at Rs 2230

CLSA on Adani Ports: Maintain Buy on Company, target price at Rs 878

Nomura on Infosys: Upgrade to Neutral on Company, raise target price at Rs 1410

Nomura on TCS: Maintain Reduce on Company, raise target price at Rs 3040

Nomura on Wipro: Maintain Neutral on Company, target price at Rs 420

Nomura on HCL Tech: Maintain Neutral on Company, target price at Rs 1220

Nomura on Tech M: Maintain Buy on Company, target price at Rs 1470

Nomura on LTI Mindtree: Maintain Reduce on Company, target price at Rs 4585

Nomura on LTTS: Maintain Reduce on Company, raise target price at Rs 3480

Nomura on Coforge: Maintain Buy on Company, raise target price at Rs 6480

Nomura on Birlasoft: Maintain Buy on Company, target price at Rs 610

Nomura on Persistent: Maintain Neutral on Company, raise target price at Rs 5650

Nomura on MPhasis: Maintain Neutral on Company, raise target price at Rs 2120

Jefferies on Indian Hotels: Maintain Buy on Company, target price at Rs 445

Morgan Stanley on Kotak Bank: Maintain Equal weight on Bank, target price at Rs 2250

Goldman Sachs on Indigo: Maintain Buy on Company, target price at Rs 2600

Macquarie on Jubilant Food: Maintain Underperform on Company, target price at Rs 330

Sunrise Efficient Marketing Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 225.25

Ex Bonus 08 September 2023 (Tomorrow)

Last date Trade for Before Bonus Today

Price Band Revised From 5% To 20%: TVS Holdings

Price Band Revised From 20% To 10%: HLV

Ex-date Dividend: Kopran, Repco Home Finance, Gujarat State Fertilisers & Chemicals, Banco Products (India), Excel Industries,

Ex-date AGM: Kopran, Repco Home Finance, Schneider Electric Infrastructure, Suryoday Small Finance Bank, Gujarat State Fertilisers & Chemicals, IKIO Lighting, and Banco Products (India).

Ex/Record-date Bonus issue: JTL Industries

Record-date Dividend: Excel Industries.

Move Into Short-Term ASM Framework: Cyient DLM, Garware Hi-Tech Films, Dr Agarwal’s Eye Hospital.

Move Out Of Short-Term ASM Framework: GMR Power and Urban Infra, Himadri Speciality Chemical, Birla Cable

Steel Strips Wheels

Promoter Dheeraj Garg released a pledge of 25 lakh shares on Sept. 5.

Apollo Hospitals Enterprise

Promoter K Visweshwar Reddy created a pledge of 1.6 lakh shares on Sept. 4.

WPIL

Promoter Hindusthan Udyog released a pledge of 2.9 lakh shares on Sept. 5.

Adani Power

Promoter Fortitude Trade and Investment bought 36 lakh shares on Sept 5

Choice International

Promoter NS Technical Consultancy bought 2 lakh shares on Sept. 6.

Minda Corp

Promoter Ashok Minda bought 2.75 lakh shares on Sept. 4.

Usha Martin

Promoter Usha Martin Ventures sold 2 lakh shares on Sept. 4.

NGL Fine Chem Ltd

Promoter Sunita Potdar sold 9,348 shares on Sept. 5.

Natco Pharma

Promoters Ananda Babu T and Anila T sold 60,000 and 30,000 shares, respectively, on Sept. 4.

JM Financial

Valiant Mauritius Partners Offshore sold 76.5 lakh shares (0.8%) at Rs 91.02 apiece, and Quant Mutual Fund bought 94.6 lakh shares (0.99%) at Rs 91 apiece.

NRB Bearings

Acacia Institutional Partners sold seven lakh shares (0.7%) at Rs 270.19 apiece.

PG Electroplast

Baring Private Equity India AIF sold 1.95 lakh shares (0.7%) at Rs 1,775.20 apiece.

Shriram Finance

The Small Cap World Fund sold 20.26 lakh shares (0.5%) and the New World Fund sold 26.78 lakh shares (0.7%) at Rs 1,880.28 apiece.

Solara Active Pharma Sciences

Karuna Business Solutions sold 7.36 lakh shares (2%) and Spiracca Ventures bought 7.36 lakh shares (2%) at Rs 367.46 apiece.

Tatva Chintan Pharma Chem

Darshana Nitinkumar Shah sold 2.34 lakh shares (0.99%) at Rs 1,639.60 apiece; Shekhar Rasiklal Somani sold 2.34 lakh shares (0.99%) at Rs 1,647.83 apiece; Ajay Mansukhlal Patel sold 2 lakh shares (0.88%) at Rs 1,642.12 apiece; and Daksha Dushyant Patel bought 1.24 lakh shares (0.5%) at Rs 1,646.03 apiece.

ABARC-AST-002-Trust sold 5 crore shares (0.9%) at Rs 6.65 apiece.

Motilal Oswal Mutual Fund sold 2 lakh shares (0.7%) at Rs 918.25 apiece.

Aavas Financiers

Small Cap World Fund bought 4.5 lakh shares (0.6%) at Rs 1,654 apiece.

Dreamfolks Services

Small Cap World Fund sold 13 lakh shares (2.46%) at Rs 507.55 apiece, and Jainam Broking bought 4.9 lakh shares (0.9%) at Rs 514.13 apiece.

The IPO has been subscribed to 87%, or 0.87 times, on its first day. The bids were led by non-institutional investors, who subscribed 1.43 times, retail investors, who subscribed 1.11 times, and institutional investors, who subscribed 0.1% or 0.01 times.

PNC Infratech’s unit, PNC Raebareli Highways, will settle the NHAI dispute with a one-time settlement of Rs 107.17 crore. The settlement amount represents 65% of the total ‘eligible disputes’ amount.

The stock closed flat at Rs 719 on NSE on Wednesday.

The asset management company has launched its global platform, 360 ONE Global, for offshore wealth and investment advisory. The group has roped in industry veteran Vikram Malhotra as its co-founder and CEO.

The stock gained 1.62% to trade at Rs 514.95 on NSE.

The company clarified it is not in negotiations with Haldiram’s to acquire a 51% stake in the company, responding to media reports.

In its AGM, the state-run company announced its commitment to increase its loan portfolio for green projects by more than 10 times by 2030 to Rs 3 lakh crore. Further, it has signed a loan deal for $100 million with EXIM Bank to refinance its borrowers in the power, infrastructure, and logistics sectors for importing capital equipment.

Ex-Dividend 08 September 2023 (Tomorrow)

Last date for Cum-Dividend Today

AAA Technologies Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 64.77

Agarwal Industrial Corporation Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 1019.85

Allcargo Terminals Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 35.53

Bajaj Steel Industries Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1089.25

Bright Brothers Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 170.4

Ceinsys Tech Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 228.4

Cochin Minerals & Rutile Ltd.

Dividend Per Share Rs.8

Previous day Closing Price – Rs. 271.65

Fineotex Chemical Ltd.

Dividend Per Share Rs.0.8

Previous day Closing Price – Rs. 345

General Insurance Corporation Of India

Dividend Per Share Rs.7.2

Previous day Closing Price – Rs. 230.25

Gujarat Industries Power Co. Ltd.

Dividend Per Share Rs.3.75

Previous day Closing Price – Rs. 130

Gujarat Craft Industries Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 85.18

Haryana Leather Chemicals Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 47.11

Jay Bharat Maruti Ltd.

Dividend Per Share Rs.1.75

Previous day Closing Price – Rs. 289.35

Jaysynth Dyestuff (India) Ltd.

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 81.89

JBM Auto Ltd.

Dividend Per Share Rs.1.3

Previous day Closing Price – Rs. 1487.55

Kanpur Plastipack Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 125.7

KPT Industries Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 434.15

Macrotech Developers Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 722.05

Max Healthcare Institute Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 588.15

MOIL Ltd.

Dividend Per Share Rs.0.6899

Previous day Closing Price – Rs. 238.25

NACL Industries Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 81.77

Nahar Capital & Financial Services Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 291.2

Nahar Spinning Mills Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 278.2

The New India Assurance Company Ltd

Dividend Per Share Rs.1.93

Previous day Closing Price – Rs. 134.6

Polyplex Corporation Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1203.35

PPAP Automotive Limited

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 247

Responsive Industries Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 255.85

Rites Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 504.05

RSWM Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 212.55

Sarda Energy & Minerals Ltd.

Dividend Per Share Rs.0.75

Special Dividend Per Share Rs. 0.75

Previous day Closing Price – Rs. 232.9

Swiss Military Consumer Goods Ltd

Dividend Per Share Rs.0.16

Previous day Closing Price – Rs. 21.15

TajGVK Hotels & Resorts Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 242.25

Tatva Chintan Pharma Chem Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 1644.65

Venky’S (India) Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1968.15

Zen Technologies Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 834.15

Z.F.Steering Gear (India) Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 829.3

Lupin Limited has forged a collaboration with Mark Cuban Cost Plus Drug Company (Cost Plus Drugs), a pioneer in affordable medicines, and the COPD Foundation, dedicated to enhancing the lives of COPD patients, per the company.

This collaboration aims to bolster access to healthcare by expanding the availability of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, to COPD patients in the US.

The share closed flat at Rs 1,139.40 on NSE on Wednesday.

Read our complete report here.

Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd, has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada) effective September 1.

To further strengthen its leadership position in the global biosimilars industry and provide complete end-to-end capabilities to patients and customers, Biocon Biologics recently acquired the global biosimilars business of its long-term partner Viatris. Since the agreement closed in November 2022, Biocon Biologics has executed a robust integration plan to ensure a seamless transition of partners, people, systems, and processes.

The stock lost 0.67% to trade at Rs 267.60 on NSE.

Click here to read the complete report.

• BALRAMPUR
• BHEL
• DELTACORP
• HINDCOPPER
• IBULHSGFIN
• INDIACEM
• MANAPPURAM
• SAIL

RITES Limited has signed a Memorandum of Understanding (MoU) with iHUB DivyaSampark, IIT-Roorkee, to jointly explore business opportunities related to innovative technologies.

Sharmila joins Sonata with more than three decades of industry experience in change management and corporate development programs.

TVS Motor Company gained 1.13% to close at Rs 1,474.40 on NSE on Wednesday.

The stock gained 0.31% to close at Rs 635.35 on NSE on Wednesday.

The stock lost 1.73% to close at Rs 250.65 on NSE on Wednesday.

Lemon Tree Hotels announced its latest signing--Lemon Tree Hotel, Mashobra. The property is expected to be operational by Q1 of FY26 and will be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.

Continuing its commitment to accelerated value creation growth plan since 2019, Epigral has been steadily working on internal transformation and enhancing its core performance benchmark, per the company.

Steel Strips Wheels Limited has announced that the promoters along with the persons acting in concert holds 97457601 equity shares in the company, which is 62.27 per cent of the total paid up share capital of the company and out of which 7295000 equity shares were pledged which is 4.66 per cent of total paid up capital of the company and 7.48 per cent of total promoter shareholding.

On September 5, 25,00,000 shares were released from pledge. Accordingly, now the total number of equity shares pledged has reduced to 3.06 per cent.

Varroc Engineering has entered into power purchase agreement with special purpose vehicles - AMP Energy C&I Twenty One, AMP Energy C&I Twenty, and AMP Energy C&I Twenty Two.

The company will acquire 26 per cent stake in SPVs for establishing renewable power plants in Maharashtra with combined captive capacity of 33.10 MWp / 22.01 MWac, under captive power scheme.

The Competition Commission of India (CCI) has cleared Rhone Capital’s proposed acquisition of a 29.9 per cent stake in RHI Magnesita NV. Ignite Luxembourg Holdings is owned and controlled by US-based private equity firm Rhone Capital, which is an affiliate of Rhone Group. Rhone Holdings in July accepted to buy 94 lakh shares, a 19.95 per cent stake instead of its original proposal of buying 1.41 crore shares (29.9 per cent stake) at GBP28.5 per share in cash.

Reliance Industries’ Reliance Retail Ventures Ltd. (RRVL) has signed a joint venture with Alia Bhatt’s conscious clothing brand of kids and maternity-wear, Ed-a-Mamma for a 51 per cent majority stake.

“RRVL aims to take the brand on a dynamic growth trajectory by closely collaborating with founder Alia Bhatt and leveraging the management strength of its subsidiary Reliance Brands Limited to spearhead the business. This partnership also marks a significant step forward in promoting sustainable fashion for the younger generation,” said a press statement.

Ed-a-Mamma was founded by Alia Bhatt in 2020 as an apparel brand for 2–12 year-olds.

Tata Consultancy Services has entered into a strategic partnership with the Digital unit of JLR to transform, simplify, and help manage its digital estate, and build a new future-ready, strategic technology architecture that will support the latter’s Reimagine strategy.

As a part of the new partnership, TCS will deliver a broad range of services spanning application development and maintenance, enterprise infrastructure management, cloud migration, cybersecurity and data services.

The stock closed flat at Rs 3,428 on NSE on Wednesday.

Click here to read our complete report here.

Reliance Industries, TCS, Lupin, TVS Motor, RITES, Biocon, Lemon Tree, Streel Strips, Mastek, Sonata Software, RHI Magnesita and Varroc Engineering are some of the stocks that will be in focus today.

Asian equity futures drifted lower as US shares fell following economic data that exceeded forecasts, bolstering the case for the Federal Reserve to keep interest rates elevated for longer, per a Bloomberg report.

Contracts for stock benchmarks in Japan and Australia dropped, while those for Hong Kong equities were mostly flat. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest rate expectations, declined 0.9%. US futures were little changed in early Asian trading.

Treasuries also retreated, pushing yields higher. Two-year yields rose around six basis points to climb above 5%, while the 10-year rate rose two basis points. Australian bond yields followed Thursday, edging higher.

The Institute for Supply Management’s US services index for August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth.

China’s share of US goods imports fell to the lowest level since 2006 in the 12 months through July, according to a new report by the US Census Bureau.

The share of imported merchandise coming from China was 14.6% on average over that period, the data published Wednesday showed.

That’s down from a peak of 21.8% in the 12 months through March 2018, just before former US President Donald Trump ramped up a trade war with the Asian country.

American companies have been reorganizing supply chains in recent years amid the US government’s attempts to reduce the economy’s dependence on China, as well as fragilities exposed by the pandemic, per a Bloomberg report.

Countries like Mexico and Vietnam have benefited from the shift, with Chinese exports to and foreign direct investment in those places also on the rise. Mexico’s share of US goods imports rose to 15% on average in the 12 months through July, the highest on record in 30 years of data.

The rally in Indian equities that has swelled the market’s total valuation by $775 billion in a little more than five months has been accompanied by a notable shift in investor preference to smaller stocks, per a Bloomberg report.

That poses risks as gauges of small and mid-cap shares show signs of overheating, and as the domestic economic outlook becomes more clouded ahead of national elections next year.

Smaller companies are seen benefiting more from the ongoing recovery in India’s capital expenditure. Larger stocks, in contrast, have been relatively restrained by worry over the impact of a possible global recession on the nation’s major IT firms, as well as fallout from a short-seller campaign against the sprawling group controlled by billionaire Gautam Adani.

The trend is the opposite to what has been seen in the US stock market, which has been driven by a handful of technology megacaps surging on the boom in artificial intelligence, leaving small caps in the dust.

The stock of BLS International Services has been in a steady uptrend since April. It bounced off the support at ₹150 and established a rally. While there have been minor corrections, the broader bull trend has stayed intact. That said, over the past two weeks, the price action was sluggish. That is, the stock was largely oscillating between ₹276 and ₹290.

Click here to read our complete report.

Intraday supports, resistances for Nifty50 stocks:

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

Wall Street’s three major averages closed lower on Wednesday with the Nasdaq’s 1% loss leading declines after stronger-than-expected services sector data fuelled concerns that still sticky inflation would mean that interest rates stay higher for longer, per a Reuters report.

The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing Purchasing Managers’ Index rose to 54.5 last month against expectations of 52.5, while a gauge of prices paid by service-sector businesses for inputs increased.

Traders were betting on a 93% chance that the Federal Reserve would leave interest rates unchanged after its meeting on Sept. 20, while bets on another pause in November were around 57%, CME Group’s FedWatch Tool showed.

“The stronger-than-expected ISM services data shows that investors are still not very skilled at reading the post-pandemic tea leaves,” said Carol Schleif, chief investment officer at BMO’s family office in Minneapolis.