Stock Market Highlights September 30, 2024: Sensex closes 1.5% lower amid global uncertainty and profit-taking 

The Indian stock market witnessed a sharp sell-off on Monday, with the BSE Sensex plummeting 1,272.07 points or 1.49 per cent to close at 84,299.78, while the Nifty 50 tumbled 368.10 points or 1.41 per cent to 25,810.85. The decline marked the worst day for both indices in nearly two months, driven by escalating geopolitical tensions in West Asia the Middle East and profit-booking after recent highs. 

The market opened on a weak note, with the Sensex starting at 85,208.76, down from its previous close of 85,571.85. Similarly, the Nifty opened lower at 26,061.30, compared to its last close of 26,178.95. The negative trend persisted throughout the trading session, with both indices closing near their day’s lows.

The rupee depreciated 11 paise to settle at 83.80 (provisional) against the US dollar on Monday, taking cues from equity markets that saw a steep fall of over 1 per cent amid volatile crude oil prices and outflow of foreign funds.

However, a weak greenback against major currencies supported the local unit, forex traders said, while investors showed muted participation awaiting cues from domestic macroeconomic data to be released this week.

At the same time, they said, monetary and fiscal stimulus announced by China triggered withdrawal of foreign funds as investors preferred better-performing Chinese markets.

Tilaknagar Industries Limited (TI), an Indian-Made Foreign Liquor manufacturer, has unveiled Mansion House Gold Barrel Whisky today. The premium whisky, a blend of Select Scotch Malts and Indian Grain Spirits, has been initially launched in Assam, with plans to expand to other key markets across India.

The shares of Tilaknagar Industries Limited (TI) were trading at ₹300.75 up by ₹9.40 or 3.23 per cent on the NSE today at 3.15 pm. 

Top gainers: JSW Steel (2.93%), NTPC (1.37%), Hindalco (1.14%), Britannia (1.06%), Tata Steel (0.84%) 

Top losers: Hero Motocorp (-4.03%), Axis Bank (-3.29%), Trent (-3.20%), Reliance (-3.13%), BEL(-3.05%)

R Systems International Limited announced the launch of Resilience Engineering model, which combines Chaos Engineering with DRaaS. 

Stock trades flat on the NSE at ₹477.15

Top gainers:

JSW Steel (2.69%), NTPC (1.50%), Hindalco (1.37%), Tata Steel (1.34%), Britannia (1.30%) 

Top losers: 

Hero Motocorp (-4.17%), Trent (-3.28%), Reliance (-3.14%), Axis Bank (-2.94%), M&M (-2.73%)

Stocks advanced on BSE at 3 pm on September 30, 2024, were 1,718 against 2,298 stocks that declined, and 149 remained unchanged. Total stocks traded were 4,165. The number of stocks that recorded a 52-week high was 293, and those that hit a 52-week low was 56. 

A total of 381 stocks traded in the upper circuit, and 297 in the lower circuit.

Indian Oil Corporation Limited announced withdrawal of the proposed right issue of equity share amounting to ₹22,000 crore.

Shares trade flat on the NSE at ₹179.77.

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

Reliance Power (4.98%), JM Financial (4.87%), Whirlpool (4.47%), Welspun Corp (2.82%), JSW Steel (2.63%).

Cummins India Limited launches Retrofit Aftertreatment System, an innovative clean air solution for CPCBII and CPCBI gensets.

Stock trades 2.27% lower on the NSE at ₹3,776.90.

Bharti Airtel has prepaid ₹8,465 crore to the Department of Telecom (Government of India) against spectrum acquired in 2016. These liabilities carried an interest rate of 9.3%. 

Stock trades at ₹1,708.30 on the NSE, down by 1.52%.

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 2005 built Medium Range Product Tanker “Jag Pranav” to the buyers. The vessel was contracted for sale in July 2024.

Shares trade at ₹1,195.10 on the NSE, lower by 1.21%.

Akme Fintrade (India) informed that Poonawalla Fincorp Limited has sanctioned Term Loan of ₹10 crore.

Akme Fintrade (India) stock trades at ₹112.06 on the NSE, down by 1.01%. Shares of Poonawalla Fincorp trade flat at ₹395.

Mahindra Logistics had executed a Joint Venture Agreement (“JVA”) with Seino Holdings Co., Ltd., Japan (“Seino”), to enable the formation of a Joint Venture company (“JVCo.”) in India, for carrying on the business of providing warehousing and trucking services and related services thereto primarily to Japanese automobile companies and Japanese auto ancillary companies and / or their respective automobile and/or auto ancillary Affiliates in India, and such other matters as may be agreed from time to time. The Company would hold 50% in the proposed JVCo. and the balance 50% would be held by Seino.

Shares trade at ₹481 on the NSE, lower by 3.47%.

Tilaknagar Industries Limited (TI) has announced the unveiling of Mansion House Gold Barrel Whisky, its latest offering under the company’s flagship brand, Mansion House.

Shares were up 1.08% to trade at ₹294.50 on the NSE

Shivalik Bimetal Controls Ltd. announced the increase of the Ghumman Family’s stake (the remaining promoters) in the Company from 25.5% to 33.15%.

Shares gained 3.69% to trade at ₹648.45 on the NSE.

Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from EAST CENTRAL RAILWAY for “Design, Supply, Erection, Testing and Commissioning of 2x25KV feeder line along the track with 25KV OHE modification works to meet 3000 MT loading target for UP & DN line of Garwa Road -Mahadiya Section of Dhanbad Division under E.C. Railway

Cost: ₹180 crore

Stock trades flat at ₹521.70 on the NSE

Oriental Rail Infrastructure Limited has secured order worth ₹1.10 crore from Modern Coach Factory (MCF), Raebareli, Indian Railways.

Shares rose 1.09% on the BSE, trading at ₹283.50.

Zen Technologies Limited (Zen) announced the grant of its latest Indian Patent for the “Infantry Virtual Training Simulation System (IVTSS)“

Shares trade flat on the NSE at ₹1,694.20

Moneyboxx Finance Limited announced the opening of 28 branches in September 2024, of which 18 branches were opened in the states of Andhra Pradesh, Karnataka, Tamil Nadu, and Telangana.

Shares trade flat at ₹271.75 on the BSE.

Hero Motocorp (-4.20%), TVS Motor (-3.47%), Bajaj Auto (-2.28%), M&M (-2.12%)

Asian Paints has received order from the Deputy Commissioner (ST)-II, Large Tax Payer Unit, Chennai, Tamil Nadu, for disallowing input tax credit (‘ITC’) of Rs. 3,74,660/- along with a penalty of Rs. 1,87,330.

Shares trade flat at ₹3,342.70 on the NSE.

Mankind Pharma board has approved raising funds up to ₹5,000 crore via NCDs, and issuance of commercial paper aggregating to ₹5,000 crore.

Shares trade at ₹2,561.50 on the NSE, down by 1.18%. **

Coal India Limited (CIL), effective 1st October 2024, will be applying uniform interest rates on delayed amounts of receivables, adjustments and recoverable sums that remain outstanding after the due date. Earlier, the interest rates were skewed with wide variances even for the same generating company that had different Fuel Supply Agreements (FSAs) with CIL. 

Coal India shares trade flat on the NSE at ₹512.65

Temasek Holdings and TPG-backed Dr Agarwal’s Health Care, an eye care services provider, has filed preliminary papers with the capital markets regulator to raise an estimated Rs 3,000-3,500 crore through its initial public offering (IPO).

The IPO is a combination of a fresh issue of up to Rs 300 crore and an Offer For Sale, (OFS) of up to 6.95 crore equity shares by promoters and other selling shareholders. The offer also includes a subscription for eligible employees, according to the draft red herring prospectus (DRHP).

Those selling shares in the OFS include Arvon Investments Pte. Ltd, Claymore Investments (Mauritius) Pte. Ltd, and Hyperion Investments Pte. Ltd.

Merchant banking sources have pegged the IPO size as Rs 3,000-3,500 crore.

Going by the draft papers filed on Friday, proceeds from the fresh issue to the tune of Rs 195 crore will be used for payment of debt and besides, a portion will be used for general corporate purposes, and for unidentified inorganic acquisition.-- PTI

NBCC (India) Limited has recently been awarded ₹101 crore contract from NHAI

Shares trade flat on the NSE at ₹179.10.

Marine Electricals (India) has received order for ₹8.58 Cr from Princeton Digital Group, for Supply, of LT & MV Panel for MU1 DC1 Airoli Navi Mumbai Project. The Delivery shall be over a period of 6-8 Months. 

Shares trade at ₹219.45 on the NSE, down by 1.04%.

Top gainers on the NSE as at 12 noon:

JSW Steel (2.50%), Hindalco (1.68%), Tata Steel (1.65%), Adani Enterprises (1.35%), Asian Paints (1.18%)

Top losers:

Hero Motocorp (-4%), Trent (-2.78%), M&M (-2.57%), Reliance (-2.28%), Bajaj Auto (-2.25%)

Stocks advanced on BSE at 12 noon on September 30, 2024, were 1,562 against 2,325 stocks that declined, and 159 remained unchanged. Total stocks traded were 4,046. The number of stocks that recorded a 52-week high was 258, and those that hit a 52-week low was 48. 

A total of 312 stocks traded in the upper circuit, and 288 in the lower circuit.

Antara Senior Living, a wholly-owned subsidiary of Max India Limited, has entered into an agreement with Max Estates Ltd. for managing the senior living residences and spaces in the successfully launched intergenerational residential community, Estate 360 at Gurgaon, by Max Estates Ltd.

Max India stock trades at ₹263.70 on the NSE, higher by 3.25%

Sensex traded at 84,610.77, lower by 961.08 pts or 1.12% as at 11.39 am, and Nifty 50 traded at 25,901.00, down by 277.95 pts or 1.06%. Nifty realty plummeted 2.07% to 1,094.70

The restructuring aims at enhancing operational efficiency, governance, and global expansion, particularly emphasizing the growth of Ebix Travels in Southeast Asia

​This contract​ is pivotal for MCMIL’s expansion in the European market and is expected to significantly boost the company’s export revenue. 

Axis Bank, in partnership with GuarantCo, part of the Private Infrastructure Development Group (PIDG), has extended a Rs 100 crore (about USD 12 million equivalent) guarantee to Muthoot Capital to enable the NBFC to on-lend to customers in rural and non-metro regions in India, for purchasing electric two wheelers.

Artson Engineering has bagged contract from Deepak Nitrite for ₹11.50 crore. 

Artson stock trades flat on the BSE at ₹183.

Nitco board has approved the sale, transfer, and assignment of the leasehold 

rights, title, and interest held in leasehold land bearing Plot No. F-6/3 situated at Trans Thane 

Creek Industrial Area, MIDC, Panchpakhadi, Thane along with a factory building for the 

remaining period of the lease.

Shares trade at ₹84.65 on the NSE, down by 1.39%.

Manba Finance, a leading financier specializing in two- and three-wheelers, made a positive debut on the stock market, listing at Rs. 145 per share, a 20.83% premium over its issue price of Rs. 120. The strong listing reflects the company’s robust growth, positive financial metrics, and the overwhelming investor response that saw the IPO subscribed 224.05 times.

While the listing gain is commendable, investors should remain cautious as the IPO was fully priced, and the company operates in a competitive market with inherent risks. However, Manba Finance’s focus on niche segments positions it for potential growth.

Existing investors may hold their shares with a stop loss at around 130, while closely monitoring the company’s performance and market conditions.

Sensex fell 834.99 pts or 0.98% to 84,736.86 as at 11.04 am. Nifty traded at 25,937.80.

Angel One shares rose 1.17% to ₹2,562.05 on the NSE. Company on Friday settled an alleged front-running case with capital markets regulator SEBI by paying Rs 21.64 lakh towards settlement charges.

Apollo Hospitals stock trades flat on the NSE at ₹7,256.40. Its subsidiary Apollo Healthco approved the allotment of Rs 2,475 crore worth of compulsorily convertible non-cumulative participating preference shares (CCPS – Class A and B) with a face value of Rs 100 per share to Rasmeli, an affiliate of Advent, in exchange for a 16.9 per cent stake.

Bank Nifty opened today’s session with a gap-down at 53,557 versus yesterday’s close of 53,834. The index is now hovering around at 53,220, down 1.1 per cent.

Scanpoint Geomatics was shortlisted for a project of the Indian armed forces, specifically under the “MAKE-1I” and IDDM (Indian Design Development and Manufacturing) initiatives. This project aims to promote indigenous design, development, and manufacturing capabilities for the armed forces. 

Scanpoint Geomatics shares climbed 5% on the BSE to ₹9.24.

The Digital Energy Solutions (DES) arm of Larsen & Toubro’s Power Transmission & Distribution (PT&D) business has received the mandate to develop and implement Energy Management Systems in regional and state load dispatch centre in South India.

Shares traded flat on the NSE at ₹3,681.80.

The Calcutta High Court has upheld a ₹780 crore arbitration award in favour of Reliance Infrastructure Ltd in a dispute with West Bengal-based Damodar Valley Corporation, the Anil Ambani group firm said in a stock exchange filing.

Reliance Infra stock surges 5.43% on the BSE to ₹340.50.

MANBA FINANCE LTD IPO

ISSUE PRICE: ₹ 120.00

RETAIL LOT : 125 SHARES

LISTING PRICE

BSE: ₹ 150.00

NSE: ₹ 145.00

---

WOL3D

IPO PRICE: 150

LOT SIZE: 1000

LISTING PRICE: 180.05(+20.03%)

LISTING GAIN: 30,050/-

LISTING TIME: 09:38:00 AM

---

RAPPID VALVES

IPO PRICE: 222

LOT SIZE: 600

LISTING PRICE: 312(+40.54%)

LISTING GAIN: 54,000/-

LISTING TIME: 09:40:36 AM

BSE Sensex plunged 705.21 pts or 0.82% to 84,866.64 as at 10.16 am. Nifty 50 tanked 203.05 pts or 0.78% to 25,975.90.

Gulf Oil International (Mauritius) Inc. sold 22,00,000 equity shares (representing only 4.47% of the total issued and paid-up share capital of Gulf Oil Lubricants India Limited in order to increase the free float and liquidity in the secondary market.

Gulf Oil Lubricants India stock declined 1.40% to ₹1,372.05 on the NSE.

Interarch Building Products has acquired 51,926 sq. mts. of land in Gujarat for its new manufacturing facility.

Shares trade flat on the NSE at ₹1,393.50.

Market Performance So Far:

The USD/JPY pair has been under scrutiny since Shigeru Ishiba’s election as Japan’s new prime minister, with a drop of over 400 pips reflecting the market’s anticipation of potential policy shifts. Currently, the pair appears to be in a period of consolidation after the sharp decline, with traders focusing on the 144.30 level for signs of bearish price action. The market is still digesting Ishiba’s election and its broader implications, and traders may hesitate to make moves until more concrete policy direction is provided by the new government. Meanwhile, the broader USDX is showing mixed signals, having made a new weekly low on Friday, with traders eyeing this as a potential buying opportunity. The 99.00 level is seen as a critical support zone, and if the dollar index dips to this point, it could trigger a bullish reversal, especially if market sentiment turns in favor of the USD amid perceived risks stemming from Japan’s new foreign policy initiatives.

In terms of the EUR/USD, there is a strong chance the pair could drop further from its current area, with a possibility of making one final push higher before retreating. Traders looking at bullish price action around the 1.1100 or 1.1040 zones may find opportunities, but the overall sentiment appears to lean towards a decline in the near term. GBP/USD is showing a similar pattern, with the potential for the pair to either come down from its current area or make one more push higher before reversing. If it does rise, the 1.3500 level becomes a key resistance point, and bearish price action around this zone will likely set the tone for the following week. However, if the pair declines sooner, the 1.3300 level could provide a solid area for a bullish reaction, offering some short-term opportunities for traders seeking to capitalize on volatility. Lastly, gold has continued its downward movement after testing resistance at 2670, with a potential consolidation expected, and bullish price action around the 2590 area could set the stage for a rebound.

What’s Happening This Week:

As we head into the first week of October, several key economic data points are expected to drive market movements. On Monday, Germany’s Preliminary CPI data is forecasted to come in at 0.1%, following a previous reading of -0.1%, which could influence the EUR/USD pair. On Tuesday, the focus shifts to high-impact U.S. reports, including the ISM Manufacturing PMI, expected at 47.6, and the JOLTS Jobs Opening report, with 7.64 million jobs forecasted. A weaker-than-expected JOLTS report could fuel speculation that the U.S. job market is softening, adding pressure to the dollar. On Wednesday, the ADP Non-Farm Employment Change takes center stage, with a forecast of 124K jobs added, and traders will be watching closely to see whether the actual data meets expectations. A stronger-than-expected ADP figure could reinforce the view that the U.S. labor market remains resilient, while a weaker figure could lead to dollar weakness.

On Thursday, the ISM Services PMI is forecasted at 51.6, and any data supporting a strong U.S. services sector will likely reinforce dollar strength. The end of the week brings the most closely watched reports: Friday’s Non-Farm Employment Change and the Unemployment Rate. The Non-Farm Payroll (NFP) data is forecasted at 144K, and the unemployment rate is expected to hold steady at 4.2%. A stronger-than-expected NFP report, combined with a stable unemployment rate, could drive the dollar higher, while a weaker NFP could lead to dollar softness. Markets will likely respond with heightened volatility around Friday’s release, making it an important day for traders in dollar-denominated assets.

Welspun Corp announced the receipt of order from the Middle East for supply of Coated LSAW Pipes and Bends for sour service. 

Shares rise 1.77% on the NSE to ₹753.60.

Here is the Live event updates

Market is likely to move into a consolidation phase in the near-term. One significant factor that is influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 % in September. This surge has been triggered by hopes of revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities. 

The cheap valuations of Chinese stocks are keeping the momentum intact. This can prove to be a tactical trade which can sustain for some more time. This means FIIs may continue to sell in India and move some more money to better performing markets. FII selling is unlikely to impact the Indian market significantly since the massive domestic money can easily absorb whatever the FIIs are selling. Investors can use dips to buy quality largecaps which are fairly valued.

Crude oil prices recovered from their lows on Friday but prices fell last week amid demand concerns and higher supply from global oil markets. As per market sources, OPEC+ will increase production by 1,80,000 barrels per day each month starting from December. The Libyan dispute has also settled and its exports could resume soon. Also, the Chinese central bank announced a cut in RRR by 50 basis points and undertook stimulus measures to revive the Chinese economy thus supporting crude oil prices at lower levels. Escalating tensions in the Middle-East are also supporting crude oil prices.

We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $67.55-66.90 and resistance at $69.10-69.80. In INR, crude oil has support at Rs5,630-5,570 while resistance is at Rs 5,775-5,840.

Gold and silver prices rose for the third straight week in the global market after the U.S. Fed undertook big interest rate cuts in September. The dollar also weakened, which helped push prices higher. However, both metals dropped slightly from their record highs as some investors sold to book profits. Gold is nearing $2,700 per troy ounce, and silver recently hit its highest level in 11 years. Gold and silver are gaining strength because of interest rate cuts by central banks around the world, stimulus efforts from China, and rising global tensions.

Gold has support at $2651-2640 while resistance is at $2684-2699. Silver has support at $31.42-31.24 while resistance is at 31.87-32.05. In INR terms, gold has support at Rs 74,750-74,570, while resistance is at Rs 75,190-75,380. Silver has support at Rs90,850-90,150, while resistance at Rs91,990-92,680.

Eraaya Lifespaces Limited announced a comprehensive strategic restructuring initiative following acquisition of Ebix, Inc. and its global subsidiaries. 

Share trades at its upper circuit on the BSE at ₹2,635.65

Persistent Systems announced the intent to acquire Arrka, a Pune-based company.

Stock trades flat on the NSE at ₹5,445.

Manaksia Coated Metals & Industries Limited wins landmark ₹200 cr European Contract, signalling major global growth.

Shares climb 4.93% to trade at ₹69.60 on the NSE

Max Estates Limited launched its first Residential development in Gurugram – Estate 360 recently. Within 30 days of the launch, Estate 360 has garnered a pre-sales booking value of ₹4,100 Crore.

Shares surge 3.15% to ₹626.35 on the NSE.

Top gainers on the NSE as at 9.30 am:

Hindalco (1.65%), Tata Steel (1.27%), NTPC (1.12%), JSW Steel (1.04%), Titan (1.01%)

Top losers:

Hero Motocorp (-2.99%), Coal India (-2.06%), M&M (-1.98%), BEL (-1.74%), Tech Mahindra (-1.55%)

Rupee depreciated 6 paise to 83.75 against the US dollar in early trade on Monday amid negative equity market sentiment and outflow of foreign funds.

Forex traders said an upward movement in crude oil prices and a strong greenback against major overseas rivals due to its increased demand from importers at the month end put pressure on the local unit. - PTI

Crude oil futures traded higher on Monday morning following apprehensions over supply concerns due to escalating tensions in West Asia. At 9.18 am on Monday, December Brent oil futures were at $71.98, up by 0.62 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $68.57, up by 0.57 per cent. October crude oil futures were trading at ₹5759 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5694, up by 1.14 per cent, and November futures were trading at ₹5744 against the previous close of ₹5679, up by 1.14 per cent.

Indian stock markets opened on a mixed note Monday, with the Sensex starting at 85,208.76, down from its previous close of 85,571.85, while the Nifty opened at 26,061.30, lower than Friday’s close of 26,178.95. The markets are navigating a complex landscape of global economic signals and domestic factors.

Treasury yields edged lower with U.S. PCE inflation missing expectations (came lower than anticipated). However, core PCE inflation was higher than last month. 

Domestic liquidity conditions are in surplus, with the latest print showing INR 443bn surplus (without adjusting for daily CRR imbalances). 

Important data to watch this week: 

Monday - India Q2 balance of payments (imp from INR perspective). 

Tuesday - India, and U.S. Manufacturing PMI (both ISM and S&P for the latter). In addition, U.S. JOLTS job openings and quits rates are also watched. 

Wednesday - U.S. ADP payrolls and Fed commentary - setting the tone for payrolls data this week. 

Thursday - U.S. weekly jobless claims, ISM services PMI and factory orders. 

Friday - U.S. nonfarm payrolls, average hourly earnings and underemployment rate are watched.

China: 01.10.2024 to 07.10.2024

India: 02.10.2024

Hong Kong: 02.10.2024

South Korea: 03/10/2024

Initiate Buy, TP Rs 780

VBL has 90% of PepsiCo’s India bottling vol in an underpenetrated soft drink market vs fragmented Coke system

VBL can pick up speed and market share if it adopts these tools ahead of its competitors

The Yen rises, and the Nikkei Index future collapses as Japan’s ruling party elects ‘outsider’ Ishiba as its new leader. 

Ishiba is said to support further rate hikes by the Bank of Japan.

GS on Neuland Labs: Maintain Buy on Company, raise target price at Rs 12975/Sh (Positive) 

GS on Indusind Bank: Maintain Buy on Bank, raise target price at Rs 1635/Sh (Positive) 

Nomura on Federal Bank: Maintain Buy on Bank, raise target price at Rs 240/Sh (Positive) 

HSBC on Varun Beverages: Initiate Buy on Company, target price at Rs 780/Sh (Positive) 

Jefferies on NTPC: Maintain Buy on Company, target price at Rs 485/Sh (Positive) 

NB on Navin Fluorine: Upgrade to Buy on Company, raise target price at Rs 4000/Sh (Positive) 

CLSA on Bajaj Finance: Maintain Outperform on Company, target price at Rs 9200/Sh (Positive) 

Morgan Stanley on Utilities: Turned more constructive on the utilities capex cycle given evidence of supply tightness in F25. Overweight on Tata power, Torrent Power, NTPC and BHEL (Positive) 

Nomura on IT Sector: Buy Call on Infosys, Wipro and Cognizant Tech in large caps and eClerx In Midcaps (Positive) 

Morgan Stanley on OMCs: Prefer HPCL and BPCL (benefits of hardware upgrades/ expansion) over IOCL (Positive) 

GS on Auto: September-3-month vehicle registration data. TVS, M&M and Ashok Leyland gains market share (Positive) 

UBS on Auto: Retain buy rating on TVS Motor and Eicher Motors (Positive) 

Macquarie on Syngene management meet: Company expects strong recovery in H2FY25 (Positive) 

Macquarie on Biocon management meet: Viatris acquisition key-re rating trigger for biosimilars (Positive) 

Morgan Stanley on IT: Investor positioning is overweight, valuations are at a premium to last five-year averages. (Neutral) 

CLSA on Zomato: Maintain Outperform on Company, target price at Rs 283.9/Sh (Neutral) 

MS on Berger Paint: Maintain Underweight on Company, target price at Rs 497/Sh (Neutral) 

MS on Asian Paint: Maintain Underweight on Company, target price at Rs 2522/Sh (Neutral)

Market regulator SEBI has drastically cut the lot size for trading of units of privately placed InvITs on designated stock exchanges to ₹ 25 lakhs from ₹ 1 crore.

This measure is expected to help increase the liquidity of privately placed InvIT units by allowing a broader base of investors to participate in the market and promote diversification of investment portfolios, enabling them to better manage risk, say industry experts.

The latest relaxation is part of slew of changes now implemented by SEBI to its existing SEBI (Infrastructure Investment Trusts) Regulations 2014. 

We zoom in on the prospects of Rajesh Exports, as also the prospects of two other stocks — Mazagon Dock Shipbuilders and Mishtann Foods

The dollar index oscillated up and down within a narrow range all through last week. The index traded in a range of 100.16-101.23. The immediate outlook is unclear. However, the US Personal Consumption Expenditure (PCE) data release on Friday can keep the bias negative. The US 10Yr Treasury yield has declined on Friday following this data release.

Here is what the charts say about the shares of Crest Ventures, Exide Industries and NMDC

At current P/B multiple of 7.2 times, the price has already pulled forward many years of potential growth in net worth and the risk-reward of holding the stock at current levels is not favourable

As record inflows via the SIP route continue and retail investor preference surges for mutual funds as long-term vehicles, asset management companies (AMCs) remain among the key beneficiaries.

Kotak Mahindra Bank (KMB) is the fourth largest private bank in India. Over the years, it has been a good all-round performer in all three key aspects – balance sheet growth, asset quality and margins. However, now a host of challenges such as the embargo on the issue of new credit cards and a resultant drop in NIM, dropping CASA ratio and signs of stress in credit card accounts are stacked up for the management to overcome.

Nifty 50 (26,179), the benchmark index, advanced 1.5 per cent last week. But Bank Nifty (53,834) ended the week flat as it declined on Friday, giving away the weekly gains made until then.

Precious metals continued their upward march last week as well. In terms of dollars, gold and silver appreciated 1.4 per cent and 1.6 per cent last week and closed at $2,658 per ounce and $31.6 an ounce respectively.

Crude oil prices dropped sharply last week. The Brent crude oil futures on the Intercontinental Exchange (ICE) was down 4.3 per cent and ended the week at $71.5 per barrel. Similarly, the crude oil futures on the MCX lost 4.7 per cent as it closed the week at ₹5,694 a barrel.

Effective September 30, there will be changes in the constituents of Nifty 50, Nifty Bank and Nifty Next 50. Below is the list of the stocks that come in and the ones that are being replaced.

Stock to move with positive bias in the short term and will try to breach the key resistance levels

SEBI F&O report reveals a grim story of gigantic wealth transfer of $22 billion from mostly middle-class Indians to primarily a few FPIs and proprietary traders, in last three years

All eyes will be on the SEBI Board when it meets on Monday as this is the first meeting after Hindenburg Research’s allegations against Chairperson Madhabi Puri Buch.

While insiders say that the Board is likely to take stock of the allegations, other issues that are likely to be addressed are proposed measures to restrict retail participation in the Futures and Options (F&O) segment, regulations for a ‘mutual fund lite’ aimed at passively managed funds, introduction of a new asset class bridging Portfolio Management Services (PMS) and mutual funds, and extension of the definition of ‘connected persons’ under insider trading norms to include certain relatives.

K.P. Energy: ORDER

Company has received the order from the Hon’ble Gujarat Electricity Regulatory Commission (GERC) approving the Power Purchase Agreement (‘PPA’) signed between the Company and Gujarat Urja Vikas Nigam Limited (GUVNL). Company shall develop the 30MW wind power project under its IPP segment and sell the energy to GUVNL as per the terms of the PPA. This order marks a significant milestone for the Company, as the execution of this project will expand Company’s existing IPP capacity to approximately 50 MW, needs to be completed in Q4 FY25.

Kay Cee Energy: ORDER

Company has been awarded a work contract worth INR 2.3 Cr from Rajasthan Rajya Vidyut Prasaran Nigam Limited, Jaipur, for work of Construction of LILO work of 132 KV S/C Deolimanjhi - Sangod Line for 132 KV GSS Kanwas (line Length 15 KM Approx.), needs to be completed within 6 months.

Ceinsys Tech: ORDER

Company has received letter of acceptance (LoA) worth INR 29.2 Cr from City And Industrial Development Corporation of Maharashtra Limited (CIDCO) for Selection of Service Provider for Implementation of Integrated GIS Enterprises, needs to be completed by 36 months including Operation and Maintenance.

Firstview Trading Private Limited (Promoter) bought 25k shares at INR 413/share, aggregating to INR 1 Cr.

Zaggle Prepaid Ocean: ACQUISITION

Company approved the Investment of INR 15.6 Cr for 26% ownership capital of Mobileware Technologies Private Limited on a post issue and fully diluted basis. Mobileware is at the forefront of the digital payments innovation in India and they offer integrated product suite of NPCI certified switch solutions across UPI, IMPS, AEPS & BBPS, along with an API & Agency banking platform called Transxt. Zaggle would be able to leverage their expertise and infrastructure to make our solutions and embedded payment experiences best-in-class for our esteemed clientele.

Welspun Enterprises: Company emerges as L1 bidder for a Brihanmumbai Municipal Corporation contract worth ₹1,989.9 cr (Positive) 

Elgi Rubber: Company approved to sell certain immovable properties of Company, Company approved sale of non-current investments of co in open market. (Positive) 

Kansai Nerolac: Company has opened a new sales depot in Salem, Tamil Nadu, increasing its total network to 114 depots across India. (Positive) 

Everest Kanto: Company received upgraded ratings from CARE Ratings. Long-term bank facilities retained CARE BBB+; outlook revised from stable to positive. (Positive) 

LTI Mindtree: Company strengthens partnership with Curry’s, a leading UK retailer of technology products and services, by enabling transformation of its Omni-channel retail customer experiences leveraging salesforce service cloud, commerce cloud and Mulesoft. (Positive) 

Mangalore Chemicals: Company’s Ammonia and Urea plants have now resumed the production (Positive) 

Zydus life: Company receives final approval from USFDA for Enzalutamide Capsules, 40 mg. (Positive) 

IDFC: IDFC First Board Approves amalgamation of IDFC FHCL with IDFC Limited w.e.f Sep 30 and approves amalgamation of IDFC Limited with IDFC FIRST Bank w.e.f Oct 1. (Positive) 

P N Gadgil Jewellers: Company received upgraded ratings from CRISIL Ratings from A-/Stable to A/Stable. (Positive) 

BEL: Ministry Of Corporate Affairs approves incorporation of JV company ‘BEL IAI AeroSystems’ with Israel Aerospace Industries. (Positive) 

Adani Energy: Company signs business transfer agreement with arm North Maharashtra Power Limited to carve out Adani Dahanu Thermal Power Station. (Positive) 

Saksoft Ltd: Company has executed a Share Purchase Agreement to acquire 100% equity interest in Ceptes Software Private Limited (Positive) 

Avantel: Company wins order worth Rs 444.9 million from Larsen & Toubro for supply of Satcom systems (Positive) 

RailTel: Company receives work order of Rs 134.5 cr from Adani Connex Private Limited (Positive) 

Thermax: Company plans to start manufacturing of solid oxide electrolysers in India in next two years. (Positive) 

Alembic Pharma: Company gets U.S. FDA establishment inspection report for Panelav facility. (Positive) 

Gensol Engineering: Company announces its promoter and MD Anmol Jaggi has hiked its stake in the company through open market acquisition. (Positive) 

Hindustan Adhesives: Commenced commercial production of company’s new unit situated at Mauza Majukshetra, West Bengal. (Positive) 

Bajel Projects: Company Secures First Data Center Order from an upcoming private service provider (Positive) 

Rossari: Company have approved to purchase a plot of land allotted by GIDC adjoining to the existing Dahej Facility of the Company (Positive) 

KRBL/LT Foods: Govt allows white rice export with $490/ ton MEP. (Positive) 

Spice Jet: Singularity Holdings bought 65 lakh shares at Rs 61.61/sh (Positive) 

Reliance Infrastructure: Calcutta High Court rules in favor, upholding the ₹780 crore arbitration award against Damodar Valley Corporation (DVC). (Positive) 

Mining Stocks: Iron ore surges almost 8% as Chinese cities ease home curbs. (Positive) 

Dalmia Bharat: High Court of Calcutta dismissed the review petition filed against Dalmia Bharat (Positive) 

LIC: Company has reduced its shareholding in Mahanagar Gas Ltd. from 9.030% to 6.939%. (Neutral) 

Tata Motors: Company conducts groundbreaking ceremony of its new vehicle manufacturing facility in Tamil Nadu. (Neutral) 

Lupin: US FDA issues 3 observations to co’s Pithampur facility. (Neutral) 

PNB: Bank raises ₹5,000 crore via QIP to strengthen capital base (Neutral) 

Dr. Reddy’s: Company completes investment $640 m in Switzerland Unit. (Neutral) 

Zomato: Akriti Chopra resigns as Co-Founder & Chief People Officer of the company w.e.f. September 27, 2024. (Neutral) 

Adani Enterprises: Arm’s JV unit April Moon retail buys 74% stake in Cococart ventures for ₹200 cr. (Neutral) 

Pidilite Industries: Company unit Pidilite ventures invests Rs 50 million in Wify, a leading home improvement and maintenance platform. (Neutral) 

D B Realty Limited: Company announces the appointment of Mr. Rajeev RA as an Independent Director effective September 27, 2024. (Neutral) 

Capacite Infraprojects: Company has appointed Mr. RK Jain as Director- Operation & CEO, effective October 1, 2024. (Neutral) 

Gandhar Oil: USFDA inspected manufacturing facility located at taloja, Company received 2 observations in form 483. (Neutral) 

ICICI Lombard: Company gets income tax demand of Rs 1,388 crore for April 2021 to March 2022 period (Neutral) 

ICICI Prudential Life: Company receives income tax order worth Rs 361 crore, including interest from authorities in Mumbai. (Neutral) 

IndusInd Bank: Company approves the reappointment of Sumant Kathpalia as MD and CEO. (Neutral) 

OLA: Bhavish Aggarwal announces Ola Electric’s Hyper Service for customers amid mounting after-sales and services complaints. (Neutral) 

SpiceJet: Company plans to expand its fleet from 25 to 100 aircraft by the end of 2026, says CMD Ajay Singh. (Neutral) 

Biocon: US FDA issues 4 observations to co’s Bengaluru facility (Neutral) 

Bharat Agri: Company reports completion of Plinth work for Majiwada Project (Neutral) 

Eicher Motors: Company to recall a batch of Royal Enfield (Neutral) 

Craftsman: Company has invested EUR 13,500,000 in German Holdco towards subscription of equity shares of the German Holdco (Neutral) 

Reliance -Disney merger: I&B Ministry’s nod to RIL for transfer of channels (Neutral)

The SEBI board may take up a host of proposals for its upcoming meeting on September 30.

The board may discuss the introduction of a new asset class with a minimum ticket size of ₹10 lakh. The threshold will deter retail investors from investing in the product, while attracting investors with investible funds of ₹10-50 lakh, who are currently being drawn to unregistered portfolio management service providers.

This may be offered under the MF structure, with a new branding and relevant relaxations in existing MF norms, to begin with

Buzzing stocks: BSE, Zomato, Reliance Industries, RInfra, Adani Enterprises, Adani Energy, PNB, Apollo Hospitals, Angel One, Future Lifestyle, Lupin, Biocon, Zydus Lifesciences, Dr Reddy’s Lab, BEL, ICICI Prudential, REC, SW Solar, Welspun Enterprises, KRBL, Kohinoor Foods, Chaman Lal Setia, Pidilite, NHPC, Mahanagar Gas

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 172476.29 + 10351.58 Total: 182827.87

F&O Volume: 514826.68 + 43927222.17 Total: 44442048.85

Provisional Cash

FII/FPI: NET SELL: -1209.1 

(26135.9 - 27345) 

DII: NET BUY: +6886.65 

(50042.69 - 43156.04)

Gandhar Oil Refinery: USFDA inspects manufacturing facility located at Taloja; company receives 2 observations in Form 483

Fratelli Wines, a key player in the Indian wine industry, aims to double its production of 5,00,000 cases to become a million-case-a-year business. The company’s managing director, Gaurav Sekhri, also announced its plans to increase its focus on the hospitality segment by building a luxury property on its vineyard by the end of 2026.

Amid concerns of rising investor trading in the F&O segment, the new securities transaction tax (STT) levied on sale of futures and options contracts will kick in from October 1. Experts say that this could rein in excessive speculative F&O trading.

NLC India share price has been consolidating sideways for almost two months now. The price action on the charts indicate that this consolidation could come to an end soon.

The combined market valuation of eight of the top-10 most valued firms surged ₹1,21,270.83 crore last week, with Reliance Industries becoming the biggest gainer, in line with an outstanding rally in benchmark equity indices.

Last week, the BSE benchmark jumped 1,027.54 points or 1.21 per cent. The BSE Sensex hit its record high of 85,978.25 on Friday.

The initial public offer (IPO) of Afcons Infrastructure, the flagship firm of Shapoorji Pallonji group, may be revised, likely upwards, with overwhelming interest coming in from institutional investors, but a decision on this is yet to be taken.

While the fresh issue amounting to ₹1,250 crore that the company is raising, will remain the same, the offer for sale portion may see a revision. 

Foreign portfolio investors (FPIs) have put in more money than any other category of investors in initial public offerings (IPOs) this year.

FPI investments amount to ₹17,477 crore, which is 27 per cent of the ₹63,860 crore raised via IPOs this year. In comparison, domestic institutional investors (DII)-- comprising mutual funds, insurance firms, financial institutions and banks -- have invested ₹17,277 crore.

Here’s an interesting stock idea: The stock idea that we have for you today is NLC India. The stock has been consolidating sideways now. The price action on the charts indicate that a bullish breakout is possible this week. That breakout can boost the momentum and take the share price higher in the coming days. Check out the latest episode of bl.Today’s Pick to learn more.

The rise to 26,200 on the #Nifty happened last week in line with our expectation. The overall picture is still positive. #Nifty can continue to rise from here in the coming weeks. Supports are there to limit the downside. Any dip from here will be limited as fresh buyers are likely to come into the market at lower levels.

Global trends, trading activity of foreign investors and domestic macroeconomic data announcements would dictate terms in the equity market in a holiday-shortened week ahead, analysts said. Equity markets would remain closed on Wednesday for Mahatma Gandhi Jayanti.

“Looking ahead, it will be interesting to monitor Foreign Institutional Investors (FIIs) and their flow into India. September saw the highest FII inflows into Indian equities this year. Movements in commodity prices, the US dollar index, and key macroeconomic data from the US will also be pivotal in shaping the market’s direction.