Share Market Highlights September 23, 2024: Sensex gains 384 pts, Nifty settles above 25,900; PSU Bank index lead gains

Domestic equity indices Sensex and Nifty scaled their new record closing high levels on Monday, helped by strong foreign fund inflows and a largely firm trend in Asian markets.

Rallying for the third day running, the 30-share BSE Sensex jumped 384.30 points, or 0.45 per cent, to settle at an all-time high of 84,928.61. During the day, it soared 436.22 points, or 0.51 per cent, to hit a fresh lifetime intra-day peak of 84,980.53.

The NSE Nifty rose 148.10 points, or 0.57 per cent, to close at a record peak of 25,939.05. During the day, it zoomed 165.05 points, or 0.63 per cent, to reach a new intra-day all-time high of 25,956. - PTI

The rupee pared its early gains to close lower by 1 paisa at 83.53 (provisional) against the US currency on Monday, snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices.

A decline in India’s Services PMI also affected the investor sentiment while gains in domestic equity markets capped losses in the local unit, forex traders said.

G R Infraprojects has emerged as Lowest bidder for a tender invited by Maharashtra Metro Rail Corporation Limited, Nagpur (Maha Metro). Bid value ₹903.534 crore.

Stock closed flat on the NSE at ₹1,663.

ITCONS E-Solutions Limited has announced a significant new contract worth ₹45 crore from Proteam Advisory Solutions LLP. The shares of ITCONS E-Solutions Limited were trading at ₹735 up by ₹31 or 4.40 per cent on the BSE today at 2.25 pm.

MTAR Technologies Limited has received a ₹15.4 crore order from the Defence Research & Development Laboratory (DRDL) to manufacture and supply full-scale and sub-scale combustors. Today’s order announced aims to develop cutting-edge air-breathing engine technology for defence programs.

Nifty continued its walk on the upper Bollinger band, showing signs of further upside. On the downside, the support continues to be at the 25500 level in the index. Momentum indicators show signs of continued bullishness, while the ADX DI+ line has started to trend on the upside. The option writer’s data for the present week’s expiry shows increased put writing below the 25900 levels and below strikes, while a strong put writing at 26000 levels in the October expiry, indicating that the index is inching towards the 26000 levels before this week’s expiry.

Bank Nifty is walking on the upper Bollinger band, a sign of continued upside. On the daily chart, momentum indicators are closer to the over-bought zone, which can trigger a caution for new long positions at present levels. The next immediate levels to watch for in Banknifty on the upside are 54500 and 55000. The option writer’s data, for October’s expiry, shows the put strikes below 54000 levels saw an increased writing and short covering in a couple of calls below 54000 levels, indicating bullishness in the index, which corroborates with the view presented above.

Top gainers:

Bajaj Auto (3.66%), M&M (3.26%), ONGC (3.06%), Hero Motocorp (2.94%), SBI Life (2.66%) 

Top losers: 

Eicher Motors (-1.64%), ICICI Bank(-1.23%), Divi’s Lab (-1.19%), Wipro (-1.13%), IndusInd (-1.01%)

Pokarna Ltd informed that the production line at Unit II of Pokarna Engineered Stone Limited (PESL), a wholly owned subsidiary of the Company, located at Mekaguda, Telangana, will undergo a temporary shutdown from 25th September 2024 to 5th October 2024.

Shares rise 2.03% on the NSE, trading at ₹1,106.

Top gainers: 

ONGC (3.23%), Bajaj Auto (3.20%), M&M (3.19%), Hero Motocorp(2.64%), SBI (2.55%)

Top losers:

Eicher Motors (-1.63%), Divi’s Lab (-1.31%), ICICI Bank(-1.24%), Tech Mahindra (-1.06%), IndusInd (-0.99%)

Stocks advanced on BSE at 3 pm on September 23, 2024, were 2,416 against 1,665 stocks that declined, and 120 remained unchanged. Total stocks traded were 4,201. The number of stocks that recorded a 52-week high was 332, and those that hit a 52-week low was 38. 

A total of 437 stocks traded in the upper circuit, and 38 in the lower circuit.

Signet Industries has been allocated 20,000 hectares of land for the installation of micro-irrigation systems on farmers’ fields by the Andhra Pradesh Micro Irrigation Project.

Stock jumped 12.34% on the NSE, trading at ₹83.

Mahindra & Mahindra Financial Services board has approved the offer and issuance of Non-Convertible debentures on private placement basis for ₹1,250 crore.

Stock surges 3.15% on the NSE, trading at ₹330.85.

ITCONS E-Solutions has bagged the new order from Proteam Advisory Solutions LLP for the period of 3 years, aggregate billing for the order is ₹45 Crore and a monthly billing of ₹1.25 crore. 

Stock surges 4.40% on the BSE, trading at ₹735.

Casagrand Premier Builder, the largest developer in the residential sector is a well-known residential brand in Chennai (Tamil Nadu) with a market share of approximately 24% in terms of launches and approximately 20% in terms of demand during the period January 1, 2017 to March 31, 2024, has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,100 crore through an initial public offering (IPO). The IPO with a face value of Rs 2 per equity share is a mix of fresh issue of up to Rs 1,000 crore and an offer for sale of up to Rs 100 crore by Promoter Selling Shareholders.

Bank of Baroda in collaboration with EaseMyTrip.com announced the launch of the Bank of Baroda EaseMyTrip Co-branded Travel Debit Card.

Easy Trip Planners stock trades flat on the NSE at ₹41.91. Bank of Baroda surged 3.76% to ₹244.35.

Advait Energy Holdings AS, a wholly owned subsidiary of Advait Infratech, has made further investment in TECO 2030 AS.

Advait Infratech stock rose 1.81% on the BSE, trading at ₹1,801.

Reliance Industries has extended the deadline for shareholders to pay the call money on partly paid shares to October 7, 2024. Shareholders who do not meet this deadline will be ineligible for the bonus issue.

Shares trade flat on the NSE, trading at ₹2,994.10.

Hind Rectifiers stock locked in upper circuit on the NSE at ₹858.95, higher by 5%. The company has secured order worth over ₹200 crore from Indian Railways.

HSCC (India) Limited, a wholly owned subsidiary company of NBCC (India), recently been awarded the Establishment work of AIIMS Darbhanga, Bihar by Ministry of Health and family Welfare, Government of India, amounting ₹1,261 crore.

NBCC stock rose 2.09% on the NSE, trading at ₹177.70.

MTAR Technologies has received a ₹15.4-crore order for manufacture and supply of full-scale and sub-scale combustors for the development of cutting-edge air-breathing engine technology for defence programme. The company will execute the order by September 2025 as per the contract term.

Shares rises 1.53% to trade at ₹1,766.50 on the NSE.

DOMS Industries Limited, an Indian stationery and art material brand, has acquired a 51.77 per cent equity stake in Uniclan Healthcare Private Limited for ₹54.88 crore. The acquisition announced today makes Uniclan a subsidiary of DOMS and marks the company’s strategic entry into the baby hygiene segment. Read more

PSP Projects Limited announced today that it has received work orders valued at ₹554.92 crore, excluding taxes. The shares were trading at ₹693.90 up by ₹20.50 or 3.04 per cent on the NSE today at noon. Read more

The board of Godfrey Phillips India has discussed issuance of bonus shares, but noted the need to seek clarification from the Reserve Bank of India regarding the distribution of bonus shares to non-resident shareholders, including those under Foreign Direct Investment and Foreign Portfolio Investment.

The Godfrey Phillips India stock trades at ₹7,392.90 on the NSE, lower by 2.70%,

Natural Gas prices have begun the week on a strong note by rising about 2 per cent. Prior to this rise today, the prices were consolidating for more than a week now. The Natural Gas futures contract on the Multi Commodity Exchange (MCX) has been oscillating in a range of ₹186-₹204 per mmBtu. This range has been broken today. The contract has risen breaking above ₹204 and is currently trading at ₹206 per mmBtu. Read more

Gujarat Fluorochemicals Limited (GFL) announced today that corporate guarantees it extended to Inox Wind Limited (IWL) will be vacated, following IWL’s new consortium agreement with banks led by ICICI Bank. This development is expected to significantly reduce GFL’s contingent liabilities, strengthening its financial position. Read more

Top gainers: ONGC (3%), M&M (2.82%), SBI (2.75%), BPCL (1.99%), Bajaj Auto (1.92%)

Top losers: ICICI Bank (-1.96%), Eicher Motors (-1.76%), IndusInd (-1.32%), HCL Tech (-1.32%), Tech Mahindra (-1.18%)

Of 4,085 stocks traded on the BSE at 12 noon on September 23, 2024, 2,332 advanced against 1,592 stocks that declined, and 161 remained unchanged. While 294 stocks recorded a 52-week high, 33 hit a 52-week low. 

A total of 355 stocks traded in the upper circuit, and 225 in the lower circuit.

One Point One Solutions Limited, a Mumbai-based Business Process Management (BPM) company, announced two significant contract wins today marking its expansion into international markets and the healthcare sector. Read more

Bank Nifty index is managing to sustain higher. The index opened higher today and is now trading at 53,910, up 0.21 per cent. The advances/declines ratio is at 8:4. This can keep the bias positive for the day. Read more

Surana Solar receives Letter of Award as Solar Power Developer (SPD) for solar photovoltaic power generating stations of an aggregate capacity of 54 MW (AC) under the Mukhyamanatri Saur Krushi Vahini Yojna 2.0, a scheme launched for implementation of feeder level Solarisation under Component C of the PM-KUSUM Scheme from Maharashtra State Electricity Distribution Co. Ltd (a Maharashtra government undertaking). This project will be located in the state of Maharashtra. 

Estimated cost: ₹189 crore

Stock trades at its upper circuit on the NSE at ₹46.48, higher by 4.99%.

PSP Projects is in receipt of Work Orders worth ₹554.92 crore:

1. Construction of Gold Stone Hotel and Commercial Towers at Bangalore, Karnataka worth ₹389.29 Crore (excl. GST) in Institutional Category. The projects are to be completed within a period of 22 months and 16 months respectively. 

2. Construction Residential Towers in Ahmedabad worth ₹165.04 crore

Shares surge 4.71% on the NSE, trading at ₹705.15.

Top gainers of Nifty PSU Bank stocks:

Canara Bank (3.26%), Indian Bank (3.25%), Bank of Maharashtra (2.59%), Bank of Baroda (2.59%), Central Bank of India (2.51%), SBI (2.16%)

The rupee entered its third week of rally and appreciated 6 paise to 83.46 against the US dollar in early trade on Monday, tracking positive momentum in domestic equity markets amid a massive inflow of foreign funds. Read more

Inox Wind Ltd (IWL) has signed a consortium agreement with a group of 10 banks for facilities worth approximately ₹2,200 crore. The consortium, led by ICICI Bank, includes several private and foreign banks. The agreement, announced today, is primarily for non-fund-based limits such as bank guarantees and letters of credit. Read more

Nifty 50 has begun the week on a positive note. The index opened with a gap-up at 25,872 and has risen from there. It is currently trading at 25,908, up 0.45 per cent. The advance/declines ratio is at 36:14. This is positive. Read more

Ipca Laboratories board to consider integration and consolidation of the generics formulations business in the US market of Bayshore Pharmaceuticals LLC (wholly owned step-down subsidiary) into Unichem Pharmaceuticals (USA) Inc. (wholly owned subsidiary of the company’s subsidiary) so as to consolidate all the Ipca Group’s USA generics formulations business under one entity.

Ipca Laboratories stock trades flat on the NSE at ₹1,444.10.

DOMS Industries Ltd has completion its investment to acquire a 51.77% equity stake in Uniclan Healthcare Pvt Ltd, a producer of baby diapers, wipes, and other baby hygiene products.

DOMS Industries stock rose 1.37% on the NSE at ₹2,736.20.

Spicejet shares rallied 7.26% on the NSE, trading at ₹70.96. The board had approved allotment of 48.7 crore equity shares to qualified institutional buyers at ₹61.60 a share and raised ₹2,999.99 crore.

KBC International Ltd, Ghana and Liberia Special Economic Zone Authority have entered into an MoU for construction and development of residential building complexes, low-cost housing and commercial space in SEZ at an estimated cost of $12.5 million. The project will commence from Q2,2025 and is expected to be completed in three calendar years. KBC Global stock trades at ₹1.99 on NSE

Bulk Deals

*Concord Biotech Limited: Ubs Principal Capital Asia Limited Sell 740159 Shares @ Rs. 2589.86

*Concord Biotech Limited: The Vanguard Group Inc A/C Vanguard Total International Stock Index Fund Buy 697936 Shares @ Rs. 2596.08

*Five-Star Bus Fin Ltd: The Vanguard Group Inc A/C Vanguard Total International Stock Index Fund Buy 2056090 Shares @ Rs. 806.46

*Concord Biotech Limited: The Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series Of Vanguard Internat Buy 577183 Shares @ Rs. 2596.08

*Five-Star Bus Fin Ltd: The Vanguard Group Inc A/C Vanguard Emerging Markets Stock Index Fund A Series Of Vanguard Internat Buy 1722715 Shares @ Rs. 806.46

*Five-Star Bus Fin Ltd: Ubs Principal Capital Asia Limited Sell 1580163 Shares @ Rs. 804.74

*Marksans Pharma Limited: Ubs Principal Capital Asia Limited Sell 3401630 Shares @ Rs. 317.22

*Marksans Pharma Limited: Vanguard Total International Stock Index Fund Buy 2697280 Shares @ Rs. 316.85

*Marksans Pharma Limited: Vanguard Emerging Markets Stock Index Fund A Series Of Vanguard International Equity Index Funds Buy 2301640 Shares @ Rs. 316.85

*Genus Power Infrastru Ltd: The Vanguard Group Inc Ac Vanguard Total International Stock Index Fund Buy 1519667 Shares @ Rs. 416.31

*Sansera Engineering Ltd: The Vanguard Group Inc Ac Vanguard Total International Stock Index Fund Buy 319169 Shares @ Rs. 1669.38

*Iifl Securities Limited: Ubs Principal Capital Asia Limited Sell 1710992 Shares @ Rs. 309.84

*Va Tech Wabag Ltd: The Vanguard Group Inc Ac Vanguard Total International Stock Index Fund Buy 313144 Shares @ Rs. 1516.23

*Arvind Fashions Limited: The Vanguard Group Inc Ac Vanguard Total International Stock Index Fund Buy 671996 Shares @ Rs. 588.68

*Ssl: Mint Focused Growth Fund Pcc- Cell 1 Sell 62400 Shares @ Rs. 76.09

Ashika

Insider Trade

Acquisition

* Garnet International Ltd.: Kartik Gaggar, Promoter Group, Acquisition 2900 shares on 20-Sep-24

Disposal

* Mahindra & Mahindra Ltd.: Rajesh Jejurikar, Director, Disposal 4400 shares on 20-Sep-24

Pledge

* Lloyds Metals And Energy Ltd.: Thriveni Earthmovers Private Limited, Promoter, Pledge 2550000 shares on 19-Sep-24

Dividend Update

*Akar Auto Industries Ltd.: Final Dividend Rs. 0.60; Ex Date: 23-Sep-2024

*Aarnav Fashions Ltd.: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*Aartech Solonics Ltd.: Final Dividend Rs. 0.25; Ex Date: 23-Sep-2024

*Addi Industries Ltd.: Final Dividend Rs. 1.25; Ex Date: 23-Sep-2024

*Advait Infratech Ltd.: Final Dividend Rs. 1.50; Ex Date: 23-Sep-2024

*Amba Enterprises Ltd.: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*Aksharchem (India) Ltd.: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*Atam Valves Ltd.: Final Dividend Rs. 0.75; Ex Date: 23-Sep-2024

*AVG Logistics Ltd.: Final Dividend Rs. 1.20; Ex Date: 23-Sep-2024

*Bajaj Healthcare Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*B&B Triplewall Containers Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Bharat Dynamics Ltd.: Final Dividend Rs. 0.85; Ex Date: 23-Sep-2024

*Best Agrolife Ltd.: Final Dividend Rs. 3.00; Ex Date: 23-Sep-2024

*Bangalore Fort Farms Ltd.: Final Dividend Rs. 0.20; Ex Date: 23-Sep-2024

*Bhandari Hosiery Exports Ltd.: Final Dividend Rs. 0.01; Ex Date: 23-Sep-2024

*BMW Industries Ltd.: Final Dividend Rs. 0.21; Ex Date: 23-Sep-2024

*Caplin Point Laboratories Ltd.: Final Dividend Rs. 2.50; Ex Date: 23-Sep-2024

*CEIGALL: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*Confidence Futuristic Energetech Ltd.: Final Dividend Rs. 0.38; Ex Date: 23-Sep-2024

*Cochin Shipyard Ltd.: Final Dividend Rs. 2.25; Ex Date: 23-Sep-2024

*Confidence Petroleum India Ltd.: Final Dividend Rs. 0.10; Ex Date: 23-Sep-2024

*Dev Information Technology Ltd.: Final Dividend Rs. 0.25; Ex Date: 23-Sep-2024

*Emerald Finance Ltd.: Final Dividend Rs. 0.10; Ex Date: 23-Sep-2024

*Fredun Pharmaceuticals Ltd.: Final Dividend Rs. 0.70; Ex Date: 23-Sep-2024

*Gallantt Ispat Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*GEM Enviro Management Ltd.: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*Genus Power Infrastructures Ltd.: Final Dividend Rs. 0.60; Ex Date: 23-Sep-2024

*Grovy India Ltd.: Final Dividend Rs. 0.10; Ex Date: 23-Sep-2024

*Gujarat Apollo Industries Ltd.: Final Dividend Rs. 2.00; Ex Date: 23-Sep-2024

*HFCL Ltd.: Dividend Rs. 0.20; Ex Date: 23-Sep-2024

*Him Teknoforge Ltd.: Final Dividend Rs. 0.40; Ex Date: 23-Sep-2024

*HPL Electric & Power Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Inani Marbles & Industries Ltd.: Final Dividend Rs. 0.04; Ex Date: 23-Sep-2024

*Intense Technologies Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Jindal Poly Films Ltd.: Final Dividend Rs. 5.50; Ex Date: 23-Sep-2024

*Jyot International Marketing Ltd.: Dividend Rs. 0.05; Ex Date: 23-Sep-2024

*Jyoti Resins & Adhesives Ltd.: Final Dividend Rs. 9.00; Ex Date: 23-Sep-2024

*Kemistar Corporation Ltd.: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*KMS Medisurgi Ltd.: Final Dividend Rs. 0.05; Ex Date: 23-Sep-2024

*La Opala RG Ltd.: Dividend Rs. 10.00; Ex Date: 23-Sep-2024

*Om Infra Ltd.: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*One Global Service Provider Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Orient Ceratech Ltd.: Final Dividend Rs. 0.25; Ex Date: 23-Sep-2024

*Panchsheel Organics Ltd.: Final Dividend Rs. 0.80; Ex Date: 23-Sep-2024

*Panorama Studios International Ltd.: Final Dividend Rs. 0.20; Ex Date: 23-Sep-2024

*PG Electroplast Ltd.: Final Dividend Rs. 0.20; Ex Date: 23-Sep-2024

*Power & Instrumentation (Gujarat) Ltd.: Final Dividend Rs. 0.20; Ex Date: 23-Sep-2024

*Pokarna Ltd.: Final Dividend Rs. 0.60; Ex Date: 23-Sep-2024

*Praveg Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Radhika Jeweltech Ltd.: Final Dividend Rs. 0.20; Ex Date: 23-Sep-2024

*Rashtriya Chemicals and Fertilizers Ltd.: Final Dividend Rs. 1.24; Ex Date: 23-Sep-2024

*RIR Power Electronics Ltd.: Final Dividend Rs. 2.00; Ex Date: 23-Sep-2024

*Rose Merc. Ltd.: Final Dividend Rs. 0.10; Ex Date: 23-Sep-2024

*Rail Vikas Nigam Ltd.: Final Dividend Rs. 2.11; Ex Date: 23-Sep-2024

*Shalibhadra Finance Ltd.: Dividend Rs. 1.20; Ex Date: 23-Sep-2024

*SBC Exports Ltd.: Final Dividend Rs. 0.05; Ex Date: 23-Sep-2024

*Sera Investments & Finance India Ltd.: Final Dividend Rs. 0.10; Ex Date: 23-Sep-2024

*Shakti Pumps (India) Ltd.: Final Dividend Rs. 4.00; Ex Date: 23-Sep-2024

*Shelter Pharma Ltd.: Final Dividend Rs. 0.33; Ex Date: 23-Sep-2024

*Signpost India Ltd.: Final Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*SMS Lifesciences India Ltd.: Dividend Rs. 1.50; Ex Date: 23-Sep-2024

*SMS Pharmaceuticals Ltd.: Final Dividend Rs. 0.40; Ex Date: 23-Sep-2024

*Silicon Rental Solutions Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Steel Strips Wheels Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Starteck Finance Ltd.: Final Dividend Rs. 0.25; Ex Date: 23-Sep-2024

*Shreeji Translogistics Ltd.: Final Dividend Rs. 0.10; Ex Date: 23-Sep-2024

*Sunteck Realty Ltd.: Final Dividend Rs. 1.50; Ex Date: 23-Sep-2024

*Shri Venkatesh Refineries Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Talbros Engineering Ltd.: Final Dividend Rs. 2.50; Ex Date: 23-Sep-2024

*Vedavaag Systems Ltd.: Final Dividend Rs. 0.75; Ex Date: 23-Sep-2024

*Vikram Thermo (India) Ltd.: Final Dividend Rs. 0.75; Ex Date: 23-Sep-2024

*Vipul Organics Ltd.: Final Dividend Rs. 1.00; Ex Date: 23-Sep-2024

*Vishvprabha Ventures Ltd.: Dividend Rs. 0.50; Ex Date: 23-Sep-2024

*Vasundhara Rasayans Ltd.: Final Dividend Rs. 2.00; Ex Date: 23-Sep-2024

*Zodiac Ventures Ltd.: Final Dividend Rs. 0.25; Ex Date: 23-Sep-2024

Aarnav Fashions Ltd

23 Sep 2024

Final Dividend - Rs. - 0.5000

Aartech Solonics Ltd

23 Sep 2024

Final Dividend - Rs. - 0.2500

ADDI INDUSTRIES LTD

Final Dividend - Rs. - 1.2500

Advait Infratech Ltd

Final Dividend - Rs. - 1.5000

Amba Enterprises Ltd

Final Dividend - Rs. - 0.5000 

Today’s Key Results/Board Meetings

23-Sep-24

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Quarterly Results\u0009 \u0009 

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Stock under F&O ban on NSE

23-Sep-24 

1 AARTIIND

2 BIOCON

3 CHAMBLFERT

4 GNFC

5 GRANULES

6 LICHSGFIN

7 NATIONALUM

8 OFSS

9 PNB

10 RBLBANK

11 SAIL

Track the Vodafone Idea share price movement live here

Gujarat Fluorochemicals Ltd (GFL) has received an intimation from Inox Wind Ltd. (IWL) on signing a consortium agreement for its banking facilities, between IWL and a group of banks led by ICICI Bank.

GFL stock rose 1.61% to trade at ₹4,308.90

Top gainers: M&M (2.10%), Bharti Airtel (1.89%), Shriram Finance (1.85%), Divi’s Lab (1.59%), Bajaj Auto (1.41%)

Top losers: ICICI bank (-1%), Hindalco (-0.76%), HCL Tech (-0.37%), LTIMindtree (-0.28%), JSW Steel (-0.25%)

Initiate Neutral Call, Target Rs 700

Scalable Model With Domain Expertise & Long-Standing Client Relationships

Co Is Well Positioned To Ride Digital Adoption Wave In Life Sciences Cos

Client Roster Impressive, Sales Engine Geared Towards Large & Emerging Pharma

Strong Management & Ind Analyst Rankings, As Well As Balanced M&A Approach

Expect Co To Deliver 12% USD Rev/18% EPS CAGRs Over FY25-27

Key risks Include, Exposure To Only Life Sciences Vertical,

Key Risks Include, High Top-5 Client Revenue Concentration Of 46%,

Key Risks Include, Use Of $100m Cash With No Stated Dividend Policy, & In-Sourcing

Investec on Glenmark pharma

Initiate a FAST long, TP Rs 1900

Expect both earnings momentum & importantly CF generation to continue aiding ongoing re-rating

Aurangabad facility getting ZERO observations does provide a near-term trigger 

trades At 23xSep’26E EPS

CLSA on QSR

Competition In Our Sample Small Towns Remains Intense

Domino’s, McDonald’s Have Lower Share In Incremental Ratings Unlike Local Competitors

Pizza Category Growth Has Improved Since Feb 2024 On Zomato Trends Data

Zomato Trends Data Indicates: Even With Better Growth For Domino’s, It Is Still Losing Share

Prices Have Been Largely Stable With Some Small Increases In Some Cities

Believe Competitive Intensity Remains High In Categories Like Pizzas,Burgers

Maintain Underperform Call On Jubilant FoodWorks & Westlife

Maintain Overperform Call On Restaurant Brands

CITI on Indus Towers

Buy Call, Target Rs 500

SC’s Dismissal Of AGR Petition Has No Immediate Impact on VI’s Cash Flows

Development Could Weigh On Near-Term Stock Sentiment

Recommend Using The Share Price Weakness As An Enhanced Buying Opportunity

See An Attractive Dividend Yield On Offer Of About6-7%

Key To Monitor: Completion Of Voda Idea’s Pending Debt Raise

Key To Monitor: Reiteration Of VI’s Capex Plans

Key To Monitor: Quantum Of Past Dues That VI Repays To Indus In Q2FY25

GS on L&T Fin

Buy Call, Target Rs 202

Mgmt Acknowledged Stress Is Building Up In Industry On MFI & Unsecured Loans

Mgmt Says Co Was Able To See The Risks Early On

Identifying Risks Early On Helped Mgmt Adopt Prudent Measures In Lending

Co Is Now Seeing Better Asset Quality Relative To Industry

Mgmt Maintained Guidance For Delivering 25% Growth

Mgmt Eyes Growth Guidance Of 25% With ROAs/ROEs of 3%/15% Over Next 24 Mths

Growth Guidance Driven By NIMs + Fee In 10.75%-11.25% Range, Opex + Credit Costs <7%

Mgmt Now Has Term Plan Around Building A Cycle-Resilient Retail Loan Book

Cycle-Resilient Retail Loan Book To Be Built Using Technology As Biggest Lever

Technology To Be Used As Biggest Lever Supplemented By Bureau Data & Alternate Data-Sets

Investec on Chola Fin

Upgrade to buy, TP raised to Rs 1850

Weakening vehicle sales should not impact overall growth significantly

Also see it has levers (margin expansion and operating leverage) to maintain RoA/RoE at 2.6% and 20% despite rising credit costs

Investec on Fusion Micro

Downgrade to sell, TP Cut to Rs 300

Board announced a profit warning for Q2, indicating possibility of a credit cost of Rs5bn-Rs5.5bn vs Rs3.5bn in Q1

In addition, co has initiated search for a new MD & CEO Co also plans to raise upto Rs5.5bn via equity

GS on M&M

Buy Call, Target Rs 3,400

XUV700 More Affordable Variants Supporting Profit Growth

BEV Launches To Be Profitable From Day 1

Improving Validation On Inglo EV Platform

Green shoots becoming more visible in rural markets

Tractor Market Setup Looks Better Heading Into H2FY25

Citi on ICICI BK

Buy Call, Target Rs 1,547

Growth Momentum To Sustain Led By Business Banking, MSME, Corporate

Focus On RaROC Continues

Comfortable LCR/LDR At 123%/85%

Range-Bound NIM With Similar Intensity Moderation In Q2

Expect Catch-Up In Deposit Cost To Be Partially Offset By Lower Drag On Interest Reversal

Jefferies on Interglobe Aviation

Buy Call, Target Rs 5,225

Mgmt Discussed Strong Tailwinds For Aviation Growth In India

Mgmt Reiterated Focus On Cost Leadership & Timely Ordering Of The Fleet

Int’l Segment Is A Key Growth Lever With New Fleet, New Routes

Several Digital Initiatives In Play With Focus On Increased Direct Ticket Booking

Several Digital Initiatives In Play With Focus On Launch Of Hotel Booking On Website

Jefferies on Amber Ent.

Buy Call, Target Rs 5,200

Domestic AC Industry Benefited From A Strong Q1 Summer

Domestic AC Industry Likely To Drive +30%YoY Volumes In FY25

In Electronics, ADD Imposition On PCBs Enabled AMBER To Induct New Customers

Mobility Order Book Healthy At `20.7 bn

In FY24-27, Est Margin-Accretive Components CAGR To Outpace That Of AC

Peak Capex Likely Behind Us, And RoCE To Rise To Around 20% By FY26

MS on CONCOR

Equal-Weight Call, Target Rs 1,083

Measures Announced To Boost EXIM Trade, Risks CCRI Margins

Railway board & CCRI: Zerocost Storage For Empty Containers For 90 Days

Railway board & CCRI: 50% Reduction In Charges Beyond 90 Days

Railway board & CCRI: Storage & Handling Rates Will Be Reduced From Rs 9,000 To Rs 2,000

Govt Expects These Measures To Significantly Bring Down Shipping Costs

MS on Telecom

July Trends Highlights: Even With Tariff Hikes; Only A Marginal Decline In Ind Subs

Churn In Key Operators Has Benefited BSNL

Reliance Jio Continues To Accelerate Share In Wireline Broadband Led By FWA

Rev Mkt share for Q1F25 Improved For Reliance Jio & Bharti

Jefferies on Telecom

In July’24, Sector’s Active Subs Base Declined By 1.5m MoM

Sector’s Active Subs Base Decline Was Due To Sim Consolidation Post Tariff Hikes

In July’24, VIL Lost 3m Subs & BSNL/ MTNL Gaining 2.9 m subs

4G/5G Subs Additions Were Steady At 5 m

In July’24, Suggests Lower Price Elasticity, With Bharti Gaining Market Share

BSNL/MTNL May Gain Some Share Due To Lower Tariffs

BSNL/MTNL Unlikely To Pose Risks To Mkt Share Trajectory of Bharti/Jio In Medium-term

Treasury yields are mildly higher (as against same time Friday), in absence of fresh cues. India rates were steady on Friday, with uncertainty around FOMC meeting outcome behind us. 

Domestic liquidity conditions have tightened after monthly GST and quarterly advance tax payments. Conditions should ease this week with no Tbill supply as well as ahead of month end GOI spends. 

Cues to look out for this week: 

Monday - US (S&P global) and India (HSBC) 

flash manufacturing and services PMIs. 

Tuesday - US house price index and Conference board consumer confidence. 

Wednesday- US new home sales. 

Thursday - US durable goods orders, final estimate of GDP and weekly jobless claims. Fed chair Powell is scheduled to speak. 

Friday - US personal income, spending, PCE and core PCE inflation (for Aug) as well as inflation expectations from the University of Michigan.

All PSU stocks can be part of LT-ASM, ST-ASM, ESM, GSM. They were excluded till now as per exchange surveillance criteria. Seven Companies added in ASM list and 100 percent margin applicable in MTF. 

1) HUDCO 

2) IFCI 

3) IREDA 

4) NBCC 

5) OILIND 

6) RVNL 

7) COCHINSHIP

Jefferies on Amber Ent: Maintain Buy on Company, target price at Rs 5200/Sh (Positive)

Jefferies on Indigo: Maintain Buy on Company, target price at Rs 5225/Sh (Positive)

GS on M&M: Maintain Buy on Company, target price at Rs 3400/Sh (Positive)

Citi on ICICI Bank: Maintain Buy on Bank, raise target price at Rs 1547/Sh from Rs 1464/Sh (Positive)

Citi on Indus Tower: Maintain Buy on Company, target price at Rs 500/Sh (Positive)

Investec on Glenmark: Maintain Buy on Company, target price at Rs 1900/Sh (Positive)

Incred on Ugro: Initiate Add on Company, target price at Rs 350/Sh (Positive)

Investec on Chola Fin: Upgrade to Buy on Company, raise target price at Rs 1850/Sh (Positive)

GS on L&T FH: Maintain Buy on Company, target price at Rs 202/Sh (Neutral)

Nomura on Indegene: Imitate Neutral on Company, target price at Rs 700/Sh (Neutral)

MS on Concor: Maintain Equal weight on Company, target price at Rs 1083/Sh (Neutral)

MS on Telecom: July Trends Highlights: Even With Tariff Hikes; Only A Marginal Decline In Ind Subs (Neutral) 

Jefferies on Telecom: In July’24, Sector’s Active Subs Base Declined By 1.5m MoM (Neutral)

CLSA on Urban Consumption: A cursory look at sales of QSRs and FMCG companies suggests tepid consumption patterns (Neutral)

JPMorgan India Strategy: Time for tactical caution in Small and Mid-Caps (Neutral)

Investec on Fusion Micro: Downgrade to Sell on Company, cut target price at Rs 300/Sh (Negative)

Buoyed by US Federal Reserve’s half a percentage point cut in benchmark interest rates, Foreign Portfolio Investors (FPIs) turned aggressive buyers this past week, pumping in about ₹11, 500 crore in Indian equities in five trading sessions. 

This took the net inflows for this month to ₹33,691 crore as of September 20. This was higher than the net monthly flows in six out of eight previous months in the current calendar year. Read more

Stock markets are expected to open on a positive note on Monday, signals from trading at Gift City suggest. Domestic markets are expected to maintain the momentum, as foreign portfolio investors stepped up their investments post the US Fed Reserve rate cut. Nifty futures at Gift City are ruling at 25,905, as against the Nifty (Sept) futures value of 25,790 and October futures value of 25,900. Read more

Vodafone Idea has concluded a ₹30,000-crore ($3.6 billion) deal with Nokia, Ericsson, and Samsung for the supply of network equipment over three years. The deal marks the first step towards the roll-out of the company’s three-year capex plan of $6.6 billion. Read more

BHEL: Company bags order worth Rs 6,100 cr from NTPC to set up for 800 MW Sipat Supercritical Thermal Power Project (Positive) 

Hind Rectifiers: Company bags order worth more than ₹200 crore from the Indian railways. (Positive) 

Bikaji Foods: Ministry of corporate affairs approved incorporation of Bikaji foods retail (Positive) 

Jupiter Wagons: Company expects to achieve a revenue of Rs 3,000 to 4,000 cr from its wheelset business by the end of FY27. (Positive) 

Tata Steel: Company commissions India’s largest blast furnace at kalinganagar, crude steel capacity at kalinganagar to expand from 3 MTPA to 8 MTPA with an investment of Rs 27,000 crore. (Positive) 

Global Health: Company has had its credit rating outlook revised to ‘Positive’ by CRISIL Ratings (Positive) 

IDFC FIRST Bank: The bank has secured approval from the RBI for the reappointment of V. Vaidyanathan as Managing Director and Chief Executive Officer. (Positive) 

Dr. Reddy’s: USFDA completed a routine good manufacturing practice inspection at R&D centre in BACHUPALLY, Hyderabad. (Positive) 

HDFC Bank: Company unit HDB Finance OKs IPO including Rs 2,500 crore fresh issue, offer for sale. (Positive) 

India Glycols: Company Tie-Up with Amrut Distilleries Private Limited (Positive) 

Adani Total Gas: Company secures largest global financing in the city gas distribution business, financing will accelerate ATGL’S CGD network infrastructure development program (Positive) 

Matrimony: Company plans to launch a new line of business in area of jobs called manyjob, manyjobs will focus exclusively on grey-collar jobs market (Positive) 

Asian Energy: Company received an order from ONGC, barring the company from participating in tenders for two years starting 20.9.2024. (Positive) 

Piccadily Agro: Company says indri single malt Indian whisky debuts on shelves of premium TESCO stores in England (Positive) 

Glenmark Pharma: USFDA has issued form 483 with zero observations after an inspection at the Company’s formulation manufacturing facility. (Positive) 

Emerald Finance: Company has partnered with KPS Educational Society to offer its Early-Wage-Access program to the school’s employees. (Positive) 

Allied Blenders: MD alok gupta says Company is targeting double-digit growth in revenue in the current financial year after clearing out all its debts (Positive) 

KEC International: Company has now won nearly 70% of the total orders it received in FY24 (Positive) 

BFC Finance: Credit rating of long term fund based term loans upgraded by ICRA to AA- from A+ (Positive) 

KEI Industries: Successfully commenced commercial production of LV/MV cables in new plant in Rajasthan (Positive) 

HFCL: Company to develop and supply critical sub-systems to General Atomics (Positive) 

Som Distilleries: Infomerics ratings upgrades bank loan ratings to ‘A-’ from ‘BBB+’ (Positive) 

Artson: Company has received Letter of Award of Rs 33.33 Crores (Positive) 

ONGC: Company signs Non-Associated Gas deal in Azeri-Chirag-Deepwater Gunashli (ACG), Azerbaijan (Positive) 

VVIP Infratech: Company has recently been awarded two tenders in the Electrical and Sewer Treatment Plant/Sewer Network Segment in the state of Uttarakhand cumulatively amounting to Rs. 188.29 Cr (Positive) 

Aster DM Healthcare: Company enters into Lease Agreement with Aparna Constructions and Estates for setting up new Aster Woman and Children Hospital in Hyderabad (Positive) 

Avalon Technologies: Company’s CFO, Mr. RM Subramanian, has resigned (Neutral) 

Astra Zeneca: Company received a final assessment order for the assessment year 2021-22 with adjustments on legacy transfer pricing and corporate tax issues, totaling Rs. 14.08 Cr. (Neutral) 

Ramco Cements: Company’s s Total Cement Grinding Capacity Has Increased By 0.9 MTPA, From 23.14 MTPA to 24.04 MTPA with an Aggregate Investment of Rs.58 Crores (Neutral) 

Mankind Pharma: Company board approves fund raise worth Rs 100 billion via issue of non-convertible debentures and commercial papers (Neutral) 

GMR Airports: Company has encumbered 66.07% of its promoter shareholding for a total of Rs. 75 crore from SKS Fincap Private Limited. (Neutral) 

Bharat Dynamics: Company has appointed Shri D V Srinivas as Director on the Board, effective 20 September 2024. (Neutral) 

Reliance Industries: Company has extended the deadline for payment of unpaid call money for holders of partly paid-up equity shares to October 7, 2024. (Neutral) 

Brainbees Solutions: Company unit has made further investments of Rs 205 million in JW brands (Neutral) 

Godfrey Phillips: Company needs RBI clarification on bonus issue to the non-resident shareholders (Neutral) 

SpiceJet: Board greenlights 48.7 crore share QIP allotment at ₹61.60 per share (Neutral) 

RITES: Company’s board allots bonus shares in the ratio of 1:1 (Neutral) 

Indian Bank: Board to consider proposal for additional fund raising on September 26 (Neutral) 

Vodafone Idea: Company has concluded a mega $3.6 billion (Rs 300 billion) deal with Nokia, Ericsson and Samsung (Neutral) 

Brainbees: Invests Rs 5.9 cr in a step-down subsidiary for 22.5% stake (Neutral) 

Reliance Industries: Company extends the deadline for paying call money on partly paid shares to October 7, 2024 (Neutral) 

Aarti Drugs: Company has received 7 observations from the US FDA after an inspection of its API manufacturing facility. None of the observations were related to data integrity. (Negative)

BSE Sensex-30 (P/E 24 80) + 1,360 (84,544) ↗️😊

BSEmidcap-150 (P/E 44 10) + 211 (17,005) ↗️😊

BSE small cap-250 (P/E 34.73) + 61 (7,460) 🔼🙂

Nifty-50 (P/E - 23.98) + 375 (25,791) ↗️😊

Bank Nifty (P/E - 15.61) + 756 (53,793) ↗️😊

India VIX + 0.32 (12.79) 🔼🙁

Fii Cash + 14,064 Crs 😀

Dii Cash - 4,427 Crs ☹️

New 10 Yrs G’Sec. Benchmark 7.10 GS-2034 (Rs. 102.36) YTM 6.7597 % 🔼😑

Call 6.69 % (6.65 %) 🔼😕

TREP 6.59 % (6.46 %) ↗️☹️

REPO 6.68 % (6.68 %) ↔️😶

BrntCrude 74.34 $/brl ₹. 5,937 🔽

Gold Comex 2,614 $/oz ₹/10 gms 73,941 🔼

Silver Comex 31.30 $/oz 90,158 ₹/kg 🔼

$/₹ 83.501 🔼🫤

€/₹ 93.093 🔼😐

£/₹ 110.97 🔽😑

Data Compiled by: - Hitesh R. Pujara

(Not Responsible for Any Error)

Baltic Dry Fright index (Previous Day) + 86 (1,976) ↗️

DJIA Future - 51 (41,975) 🔽😕

US Tech 100 Future - 64 (19,773) 🔽🙁

GIFT Nifty - 14 (25,827) 🔽

* AARTIIND

* BIOCON

* CHAMBLFERT

* GNFC

* GRANULES

* LICHSGFIN

* NATIONALUM

* OFSS

* PNB

* RBLBANK

* SAIL

Japan @ Market Holiday

10:30 INDIA Manufacturing PMI (Expected: 57.7 versus Previous: 57.5) 

13:30 EURO Flash Manufacturing PMI (Expected: 45.7 versus Previous: 45.8)

14:30 U.K. Flash Manufacturing PMI (Expected: 52.3 versus Previous: 52.5) 

17:30 U.S. FOMC Member Bostic Speaks

19:15 U.S. Flash Manufacturing PMI (Expected: 48.6 versus Previous: 47.9) 

22:30 U.S. FOMC Member Kashkari Speaks

Upcoming/on-going IPO for the week (Mainboard)

➡️Manna Finance Ltd

Date - 23 to 25 September

IPO Price - ₹114 to ₹120

Lot size - 125

Issue Size - ₹150.84 crore

Fresh issue : 100%, Offer for sale : Nil

Listing date - 30 September

GMP - ₹69

➡️KNR Heat Exchanger

Date - 25 to 27 September

IPO Price - ₹209 to ₹220

Lot size - 65

Issue Size - ₹341.95 crore

Fresh issue : 100%, Offer for sale : Nil

Listing date - 30 September

GMP - ₹223

Listings this week - 

Norther Arc Capital - 24 September, Tuesday

Arkade Developers LtD - 24 September, Tuesday

Western Carriers - 24 September, Tuesday

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 18:36 PM Friday 20 September 2024

Dodla Dairy: Sunil Reddy Dodla, MD

Value-Added Products As A Percentage Of Our Revenue Will Increase: Dodla Dairy

https://www.youtube.com/watch?v=2IgHqPoJ4jE

HUDCO: Sanjay Kulshrestha, CMD

Lot Of Demand For PM Awas Yojana, Potential Capex Under The Scheme Is Rs 13 Lk Cr: HUDCO

https://www.youtube.com/watch?v=7aHzecsdixI

Jana Small Fin: Ajay Kanwal, MD

New Deposit Drive Launch Aims At Plugging All Gaps In Short-Term Deposits: Jana SFB

https://www.youtube.com/watch?v=7NnS6MzsEeY

Muthoot Finance: George Muthoot Alexander, MD

Muthoot Finance: RBI Lifts Restrictions On Gold Loan Biz, What’s The Future Plan?

https://www.youtube.com/watch?v=Jh5tbUiutDI

Bajaj Auto: Rajiv Bajaj, MD

Freedom And Chetak Have Gained Enormous Traction: Bajaj Auto

https://www.youtube.com/watch?v=st_Mi1E1lbE

Ceat: Arnab Banerjee, ED

Understanding Tyre Industry Trends With CEAT: Rubber Price Analysis, Price Hikes?

https://www.youtube.com/watch?v=E_wU7a6xmuM

Firstsource Sol: Sanjiv Goenka, Chairman

After US & UK, Australia Will Be The Third Largest Market For FirstSource: Sanjiv Goenka

https://www.youtube.com/watch?v=O15H7HcNrkc

Heritage Foods : Srideep M Kesavan, CEO

Ice Cream Biz Is Currently ?100 Cr, Can Be ?600-700 Cr In 4-5 Years: Heritage Foods

https://www.youtube.com/watch?v=nr7yjjlTTfw

Capri Global: Rajesh Sharma, MD

Capri Global Capital: Strategies For MSME Segment, Factor Driving AUM Growth & FY25 Business Outlook

https://www.youtube.com/watch?v=PWE-2emTU-I

Nazara Techno: Nitish Mittersain, Jt. MD

Nazara Tech: Raises ?900 Cr Via Preferential Issue, Synergies From ‘Absolute Sports’ Space

https://www.youtube.com/watch?v=rYIogmmv1ec

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

RBI BULLETIN - HOUSEHOLD CONSUMPTION POISED TO GROW FASTER IN Q2 AS HEADLINE INFLATION EASES || RBI BULLETIN: REVIVAL OF RURAL DEMAND ALREADY TAKING HOLD

RBI BULLETIN: FOOD PRICE VOLATILITY REMAINS A CONTINGENT RISK || RBI BULLETIN: DEEP, WELL-FUNCTIONING CAPITAL & INSURANCE MARKETS ESSENTIAL FOR LONG-TERM GREEN FUNDING

RBI BULLETIN: GAP BETWEEN CREDIT AND DEPOSIT GROWTH BEGINNING TO NARROW || RBI BULLETIN: MICROFINANCE FIRMS FACING SOME ASSET QUALITY ISSUES, WARRANTS SLOWING DOWN LOAN GROWTH PACE

RBI BULLETIN: NON-BANK LENDERS NEED TO REMAIN MINDFUL OF EVOLVING FINANCIAL LANDSCAPE, CYBER-SECURITY, CLIMATE RISKS || RBI BULLETIN: NON-BANK LENDERS NEED TO PROACTIVELY IDENTIFY & MANAGE RISKS, BOLSTER ASSURANCE FUNCTIONS

20 September 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 191597.71 + 11400.64 Total: 202998.35

F&O Volume: 1045447.51 + 56416758.43 Total: 57462205.94

Provisional Cash

FII/FPI: NET BUY: +14064.05 

(59452.33 - 45388.28) 

DII: NET SELL: -4427.08 

(16987.42 - 21414.5)

InGovern, a proxy advisory firm, has raised concern over Religare Enterprises’ decision to postpone AGM to December without a clear rationale.

The postponement of Religare’s Annual General Meeting raises significant concerns around governance, shareholder rights, and the overall stability of the company. The decision has left shareholders feeling uneasy, prompting discussions about potential actions they may take in response, it said. Read more

FMCG major Marico is looking to scale up its presence in existing categories and also leveraging innovations as it aims to double its food business by FY27. The company expects to grow the food business at 20-25 per cent CAGR. Read more

Axis Finance, IDBI Bank and IDBI Trusteeship Services have withdrawn their petitions before the appellate tribunal NCLAT filed against the NCLT order approving the merger of Zee Entertainment with Sony Pictures Networks India. Read more

The upmove in the stock of Aptus Value Housing Finance India is gaining momentum. The stock surged over 15 per cent last week, taking the share price well above the ₹350-₹355 resistance zone. This ₹355-₹350 region will now act as a good support zone. Moving average cross-overs on both the daily and weekly charts strengthens the bullish case. It indicates that the downside could be limited. Aptus Value Housing Finance India’s share price can rise to ₹385 in the next few weeks. Read more

The ministerial panel on GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates.

“The meeting of the GoM on rate rationalisation is scheduled for September 25 in Goa,” an official told PTI. The six-member Group of Minister (GoM) under Bihar Deputy Chief Minister Samrat Chaudhary, last met on August 22 and had submitted a status report to the GST Council on September 9.

India continues to be a bright spot in an otherwise gloomy global outlook and the country could clock a 7 per cent growth in the current fiscal despite the headwinds, Deloitte South Asia CEO Romal Shetty has said. Read more

Vodafone Idea has concluded a mega $3.6 billion (~₹30,000 crore) deal with Nokia, Ericsson and Samsung, for the supply of network equipment over three years. The deal marks the first step towards the rollout of the company’s transformative three-year capex plan of $6.6 billion. The moves come just days after the Supreme Court rejected a plea to review the order on AGR payments. Read more

The GST Council is discussing is seriously discussing rationalisation, going through GST rates “item by item”, the Union Finance Minister, Nirmala Sitharaman, said in an interaction with the journalists of The Hindu group of publications, on Saturday. Read more

Sensex and Nifty 50 remained stable almost all through last week before the surge gathered momentum on Friday. The Nifty Bank index, on the other hand, remained strong and moved up consistently all through the week. The index surged over 3 per cent last week and outperforming the Sensex and Nifty. The strong rise last week indicates the strength in the market. That leaves the overall bullish outlook intact. Read more