Stock Market Highlights September 18, 2024: Sensex, Nifty end lower, weighed down by IT stocks ahead of Fed rate decision

Benchmark equity indices Sensex and Nifty ended lower on Wednesday, after hitting fresh record high levels during morning trade, dragged by IT stocks as investors preferred to book profits ahead of the keenly-awaited US Fed’s decision on interest rates.

The 30-share BSE Sensex dropped 131.43 points or 0.16 per cent to settle at 82,948.23. During the day, it climbed 246.72 points or 0.29 per cent to scale a new all-time intra-day peak of 83,326.38.

The NSE Nifty also declined 41 points or 0.16 per cent to close at 25,377.55. During the day, it advanced 63.65 points or 0.25 per cent to hit a fresh intra-day lifetime high of 25,482.20.

From the 30 Sensex firms, Tata Consultancy Services and HCL Technologies dropped over 3 per cent each. Infosys, Tech Mahindra, Sun Pharma and Tata Motors were the other major laggards.

Bajaj Finance, Bajaj Finserv, Nestle, HDFC Bank, ICICI Bank and State Bank of India were among the biggest gainers. Read more

Aurobindo Pharma has entered into a binding agreement with GLS Pharma Ltd for acquisition of balance 5,90,361 equity shares of ₹10 each (49% of GLS) for a purchase consideration of ₹22.5 crore. The shares are being acquired at a price of ₹381.12 per share. GLS will become a wholly-owned subsidiary of the company post the acquisition.

Aurobindo Pharma shares closed 1.06% lower on the NSE at ₹1,536.

Top gainers: Shriram Finance (4.22%), Bajaj Finance (3.36%), Bajaj Finserv (1.76%), Nestle India (1.72%), HDFC Bank (1.45%) 

Top losers: TCS (-3.50%), Infosys (-3.08%), HCL Tech (-3.07%), Tech Mahindra (-2.83%), Wipro (-2.57%)

TCS (-3.67%), HCL Tech (-3.38%), Infosys (-3.16%), Tech Mahindra (-2.85%), Wipro (-2.59%)

Shriram Finance (4.46%), Bajaj Finance (3.59%), Bajaj Finserv (2.14%), Nestle India (1.73%), ICICI Bank (1.65%)

Stocks advanced on BSE at 3 pm on September 18, 2024, were 1,413 against 2,530 stocks that declined, and 105 remained unchanged. Total stocks traded were 4,048. The number of stocks that recorded a 52-week high was 269, and those that hit a 52-week low was 26. 

A total of 315 stocks traded in the upper circuit, and 242 in the lower circuit.

BSE (16.39%), Torrent Power (9.19%), Bikaji (6.09%), ICRA (5.97%), Shriram Finance (4.53%), MCX (2.79%), IEX (2.47%)

Torrent Power stock jumped 10.33% on the NSE, trading at ₹1,964.

The stock has hit a new high today at ₹1,969.90, following the receipt of Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Ltd for procurement of 1,500 MW Energy Storage Capacity from Pumped Hydro Storage Project.

Read more here. 

State Bank of India (SBI) has raised ₹7,500 crore today at a coupon rate of 7.33% through its second Basel III compliant Tier 2 bond issuance for the current financial year. The bonds are issued for a tenor of 15 years, with call option after 10 years and each anniversary dates thereafter and are rated AAA with stable outlook from CRISIL Ratings Limited and CARE Ratings Limited.

SBI stock rose 1.14% to trade at ₹791.80 on the NSE.

Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd.

“Gold is seen consolidating in a range but is trading close to its all-time high hit a couple of sessions back, as focus remains on the U.S. Fed’s meeting outcome later in the day. Although a rate cut is confirmed, but market remains divided between the quantum i.e. 25bps or 50bps cut.

On chart... momentum looks sideways with support at 72900 and next at 72200, while on the upside resistance is seen at 73800.

For crude oil... momentum remains positive till prices are key supports at 5880/ 5830, while on the upside prices may test 6020/ 6080 levels.”

Jupiter Wagons has declared Interim Dividend of ₹10 per equity share. Record date for the purpose of Dividend is 07-Oct-2024.

JWL stock trades flat on the NSE at ₹534.40

Bharti Airtel has completed the deployment of the additional spectrum it acquired in July 2024. The deployment of additional 5MHz on the 1800 band will give a boost to Airtel’s 5G/4G network capacities.

Stock slips 0.61% on the NSE to ₹1,651.55

Heritage Foods board has approved the proposal for setting up a new ice cream manufacturing facility at Shamirpet, Telangana.

Heritage Foods stock trades flat on the NSE at ₹575.85

Mphasis (-5.41%), LTTS (-3.95%), Persistent Systems (-3.74%), TCS (-3.58%), HCL Tech (-3.31%)

Indian Hume Pipe Company informed that the production capacity of the Company’s factories at Walwa and Dhule, Maharashtra is proposed to be increased.

Stock declined 1.25% on the NSE, trading at ₹524.80.

Tata Consultancy Services (TCS) has secured a two-year contract with Golden Arches Development Corporation (GADC), the master franchise holder of McDonald’s in the Philippines. The deal, announced today, aims to upgrade and digitize IT operations for over 760 McDonald’s restaurants across the country.

The shares of Tata Consultancy Services (TCS) were trading at ₹4,344.65 down by ₹161 or 3.57 per cent on the NSE today at 1.15 pm.

Lupin has entered into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan, a Novel Gastrointestinal Drug in India.

Stock declined 1.58% to trade at ₹2,234.50 on the NSE.

Western Carriers India IPO has been subscribed 11.65 times as of 12.45 pm on September 18, 2024. The QIB portion has been subscribed 0.12 times, NII portion 16.69 times, and retail 15.99 times. The issue closes tomorrow.

Starlineps Enterprises has decided to make an investment of ₹2.4 million in Fusion Klassroom Edutech Private Limited.

ICICI Bank stock rose 1.74% on the NSE, trading at ₹1,290.20. Its market cap stood at ₹9,08,906.06 crore.

Tata Power Renewable Energy Limited (TPREL), one of the leading players in the renewable energy sector and a subsidiary of The Tata Power Company Limited (Tata Power), has successfully secured a Letter of Award (LoA) from the Maharashtra State Electricity Distribution Company Limited (MSEDCL), a wholly owned entity under the Maharashtra Government, for the development of a 400 MW Wind-Solar Hybrid project in Maharashtra.

Tata Power Company stock trades flat on the NSE at ₹445.45

Lead futures on the Multi Commodity Exchange (MCX) found support at ₹180 last week and moved up. However, it was unable to surpass the resistance at ₹186.

On the back of the barrier at ₹186, lead futures started to decline. On Tuesday, it closed at ₹182.95.

Since the contract fell off the resistance at ₹186, the chart shows that the contract has formed a lower high. Also, the price is below both 20- and 50-day moving averages, which coincide at ₹185.

Read more here.

Shelter Pharma Limited has secured order from Al-Saqr Agro For Agricultural And Veterinary Entries of Super Vltamas ( Feed Supplements), Total Order worth $17,700.

Shelter Pharma stock jumped 10.71% to trade at ₹48.70 on the BSE.

Zee Entertainment Enterprises informed the stock exchanges that Star India Private Limited has filed its Statement of Case before the LCIA Arbitral Tribunal, in which it has, inter alia, sought to declare that the Alliance Agreement between Star and the Company has been validly terminated by Star and damages to be determined as of the date of the Tribunal’s award (with such damages quantified, as at 31 August 2024 as proxy date of the award, at $940 million) along with costs, expenses and applicable interest until full payment. 

The Company categorically refutes all claims and assertions made by Star including its claims for damages. The arbitration is at its initial stage and the LCIA Arbitral Tribunal is yet to determine if the Company is liable in any manner. The Company will, on merits, strongly contest all unfounded claims by Star and reserves all its rights.

Zee Entertainment Enterprises stock slid 0.55% on the NSE to trade at ₹132.25

Tata Consultancy Services (TCS) has signed a two-year partnership with George Yang-led Golden Arches Development Corporation (GADC), the master franchise holder of McDonald’s in the Philippines.

TCS stock trades at ₹4,358.45 on the NSE, lower by 3.27%.

TCS (-3.29%), Tech Mahindra (-3.12%), Infosys (-2.84%), Wipro (-2.73%), HCL tech (-2.22%)

Shriram Finance (3.12%), Bajaj Finance (2.98%), M&M (2.06%), Hero Motocorp (1.86%), HDFC Bank (1.59%)

Stocks advanced on BSE at 12 noon on September 18, 2024, were 1,776 against 2,020 stocks that declined, and 150 remained unchanged. Total stocks traded were 3,946. The number of stocks that recorded a 52-week high was 245, and those that hit a 52-week low was 21. 

A total of 282 stocks traded in the upper circuit, and 186 in the lower circuit.

Suven Life Sciences announced positive topline results from its Phase-2a proof-of-concept signal detection open label fixed-dose study assessing the safety and efficacy of Ropanicant (SUVN-911) for the treatment of moderate to severe Major Depressive Disorder (MDD). 

Suven Life Sciences stock rose 3.75% to trade at ₹163 on the NSE

Awfis announced the launch of its new centre in Gujarat International Finance Tec-City (GIFT City), Gandhinagar. 

Awfis Space Solutions stock declined 1.37% on the NSE to trade at ₹715.10

S.J.S. Enterprises clarified that a small group of the workers of the Company are currently involved in a protest outside the premises.

The management has taken disciplinary action against some of the workers for their serious acts of misconduct under the certified Standing Orders of the Company. The management has terminated 4 workers after following due process of law and suspended 8 workers pending enquiry, and issued show cause notice cum charge sheet to 5 workers. Presently, the disciplinary proceedings are under progress. We would like to inform you that a small group of 174 workers started boycotting food in the fully subsidised canteen of the Company during lunch/dinner breaks since April’2024, to protest against the termination/suspensions of these workers. The management has repeatedly counselled these workers that boycott of food is detrimental to their health and dangerous for safety at the work place,” the company said in a regulatory filing.

“Our operations are running smoothly to full capacity without any disruption. There is no material impact of the captioned media news,” it added.

Stock trades at ₹1,022.75 on the NSE, up 1.12%.

Bhageria Industries has incorporated Wholly Owned Subsidiary Company - Rahuri Cleantech Pvt Ltd.

Stock trades at ₹257.20 on the NSE, lower by 4.45%.

Alok Industries has appointed Biji Chacko as Chief Operating Officer of the Company.

Investors in India are shunning stocks that were expected to benefit from Prime Minister Narendra Modi’s re-election, and instead piling into defensive sectors.

An index of the so-called Modi stocks, a term coined by CLSA, has climbed only 2 per cent as the prime minister completed his first 100 days in office after winning a third term in early June. In contrast, consumer and software stocks have rallied 20 per cent and 34 per cent, respectively.

The shares of G R Infraprojects were trading at ₹1,639.85, down by ₹4.75 or 0.29 per cent on the NSE today at 10.50 am, a day after G R Infraprojects Limited completed the sale of its wholly-owned subsidiary, GR Aligarh Kanpur Highway Private Limited (GAKHPL), to Bharat Highways InvIT.

IntellectAI, the AI-focused business unit of Intellect Design Arena, announced the launch of its wealth platform, WealthForce.AI, for the Middle East market. 

Intellect Design Arena stock trades flat on the NSE at ₹986.95.

APL Apollo Tubes has appointed Pankaj Sharma as the Chief Human Resource Officer (CHRO), w.e.f today

Aurobindo Pharma informed that USFDA had conducted a Pre-Approval Inspection (PAI) of the new injectable facility of Eugia Steriles Private Limited (a 100% subsidiary of Eugia Pharma Specialities Limited and a stepdown subsidiary of the Company), situated at Parawada Mandal, Anakapalli District, Andhra Pradesh, from March 28, 2024 to April 05, 2024. The Unit has now received the Establishment Inspection Report (EIR) and the inspection is closed.

Aurobindo Pharma stock slid 0.92% on the NSE, trading at ₹1,538.20.

MOIL is looking at joint ventures with the states of Gujarat and Madhya Pradesh to mine manganese ore, Chairman Ajit Kumar Saxena said at an event on Wednesday.

The miner is also eyeing critical minerals domestically and overseas, Saxena said. 

Bajaj Finance (2.66%), PFC (2.61%), REC (1.74%), Shriram Finance (1.53%)

REC Limited, one of India’s infrastructure financing companies, signed non-binding Memorandums of Understandings (MoUs) with renewable energy developers for projects worth approximately ₹1.12 lakh crore.

The MoUs were signed on the sidelines of the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gujarat. The company stated that these projects, slated for implementation over the next five years, cover a broad range of renewable energy initiatives, including solar and wind hybrid systems, Round the Clock (RTC) power, floating solar plants, ultra-mega renewable energy parks, hydroelectric power, and advanced energy storage solutions like Battery Energy Storage Systems (BESS) and pumped storage.”

Nifty 50 began today’s session at 25,402 versus yesterday’s close of 25,419. The index is now hovering around 25,430.

The advance/decline ratio stands at 33/17, giving the index a bullish bias. Hero MotoCorp, up 2.6 per cent, is the top gainer whereas Tech Mahindra, down 3.1 per cent, is the top loser.

Mid- and small-cap indices appear mixed. Nifty Financial Services, up 0.8 per cent, is the top performing sectoral index whereas Nifty IT, down 0.6 per cent, has lost the most.

The Finance Ministry issued a budget circular to kick off the budget exercise for fiscal year 2025-26. The budget is likely to be presented on February 1 next year.

This will be Finance Minister Nirmala Sitharaman’s eighth successive budget, and she has already surpassed Former Prime Minister Morarji Desai’s record of presenting six successive budgets. Overall, Desai presented 10 budgets, and Sitharaman is expected to surpass that record, too, during the third term of the Modi Government.

Garden Reach Shipbuilders & Engineers Limited (GRSE) has been upgraded from ‘Schedule S’ to ‘Schedule A’ CPSE by the Government of India. 

Shares trade flat on the NSE at ₹1,729.75

Heinz India Private Limited (“HIPL”) merged with Zydus Wellness Products Limited (“ZWPL”), a wholly owned subsidiary company, has received an Order in Form DRC-07 from the Office of Assistant Commissioner of State Tax, Jurisdiction - Patna Special, Bihar under section 73 of the Central Goods and Services Tax Act, 2017 (“the Act”) alleging short payment of tax for FY 2019-20 amounting to ₹ 10.51 million (including penalty of ₹ 0.55 million), on account of alleged availment of excess input tax credit.

Zydus Wellness stock slips 0.85% to trade at ₹2,151.60 on the NSE

Adani Energy Solutions informed regarding claims filed by Reliance Infrastructure that the parties have mutually agreed to settle all disputes and withdraw all claims filed in connection with the share purchase agreement dated 21st December 2017.

Adani Energy Solutions stock trades flat on the NSE at ₹989.85

Inox Green Energy Services announced that its privately held renewable power generation platform, IGREL Renewables Ltd., has raised Rs 300 crore equity capital, eventually resulting into a single digit dilution.

Inox Green Energy Services stock rose 1.61% on the NSE, trading at ₹209.79

Click here to read live updates

Inox Wind Limited (IWL) has received a Letter of Intent (LoI) from IGREL Renewables Ltd (IGREL) for execution of 550 MW wind capacity on turnkey basis.

Shares trade flat on the NSE at ₹244.98.

Vaibhav Global Limited (VGL) announced that CARE Ratings Limited has upgraded its long-term bank facilities rating from “CARE A” to “CARE A+” with stable outlook.

Vaibhav Global stock inched up 0.16% on the NSE, trading at ₹309.90

G R Infraprojects informed the receipt of consideration from Bharat Highways InvIT, a wholly owned subsidiary namely GR Aligarh Kanpur Highway Private Limited (“GAKHPL”) transferred to Bharat Highways InvIT.

GR Infraprojects stock declined 1.86% on the NSE, trading at ₹1,614.

Vidarbha Industries Power Limited (VIPL) ceases to be a subsidiary of Reliance Power and the entire obligations of the Company as a Guarantor on behalf of VIPL stands fully settled resulting in release and discharge of Corporate Guarantee, Undertakings and all obligations and claims thereunder in relation to the outstanding debt of VIPL amounting to Rs 3872.04 Crore.

Reliance Power stock trades at its upper circuit on the NSE at ₹32.97, higher by 5%

Reliance Infrastructure has settled and paid its entire obligations with Edelweiss Asset Reconstruction Company Limited (Edelweiss) with respect to the Non Convertible Debentures issued by the Company, in consideration of an amount of ₹235 crore.

Reliance Infra stock surges 4.75% to trade at ₹246.80 on the NSE.

Honasa Consumer’s Mamaearth announced its presence in Canteen Stores Department (CSD) under the Ministry of Defence, across India. 

Honasa Consumer stock slips 0.98% on the NSE, trading at ₹475.

Bajaj Finance (2.13%), Shriram Finance (1.94%), Hero Motocorp (1.76%), Bajaj Finserv (0.96%), ITC (0.67%)

Top losers:

Tech Mahindra (-2.39%), Wipro (-2.26%), Infosys (-2.16%), LTIMindtree (-2.01%), TCS (-1.88%)

India’s Hindalco Industries plans to start solar modules manufacturing and set up a plant in the western state of Gujarat, two people familiar with the matter told Reuters on Tuesday.

The company, owned by cement to fashion retail conglomerate Aditya Birla Group, is evaluating a five-year plan in the competitive sector, one of the sources said.

Hindalco has identified land in port town Mundra in Gujarat, the second person said.

India’s No.2 aluminium maker, Hindalco Industries, is yet to get board approval and finalise its capital expenditure plans, both sources said. - Reuters

Crude oil futures traded lower on Wednesday morning as an industry report showed an increase in inventories in the US. At 9.22 am on Wednesday, November Brent oil futures were at $73.37, down by 0.45 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $69.61, down by 0.50 per cent. September crude oil futures were trading at ₹5941 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5989, down by 0.80 per cent, and October futures were trading at ₹5856 against the previous close of ₹5902, down by 0.78 per cent.

The Indian stock market opened on a mixed note Wednesday as investors eagerly awaited the U.S. Federal Reserve’s interest rate decision later in the day. The Sensex opened slightly lower at 83,037.13, while the Nifty50 started the day at 25,402.40, both marginally down from their previous closes.

Global markets showed cautious optimism ahead of the Fed’s announcement, with most Asian stocks rising in early trade. However, U.S. stocks closed nearly flat on Tuesday, giving up earlier gains that had pushed the S&P 500 and Dow Industrial Average to record highs.

The market size of logistics grew at a CAGR of 11 per cent from FY19 till FY24 and it is projected to reach a market size of ₹35.3 trillion by FY29. While expenditure on logistics as a % of GDP is at a relatively higher 13 per cent, it is expected to drop to high-single-digits on improving connectivity and efficiencies through formalisation of the economy. 

Silver was trading at $30.50 as traders braced for a key policy decision from the Federal Reserve, which is expected to decrease interest rates for the first time in four years. Markets remain divided on the extent of the decrease, with odds for a massive 50 basis point cut now at 65%, up from 25% a month ago. Meanwhile, the dollar gained ground as a surprisingly high retail sales reading indicated that consumer spending remains reasonably strong. Retail sales in the United States unexpectedly rose 0.1% in August from the previous month, confounding estimates of a 0.2% fall and following an upwardly revised 1.1% increase in July.

Gold prices remained stable as market investors braced for the Federal Reserve’s expected decision to cut interest rates for the first time in more than four years. Retail sales in the United States unexpectedly increased by 0.1% in August, implying that the economy remained stable throughout the third quarter. The Fed will announce its interest rate decision later in the day, following which Chair Jerome Powell will conduct a press conference. The Fed’s last rate drop occurred in March 2020, amid the COVID-19 pandemic. Markets are currently putting in a 64% chance of a 50 basis point relaxation at the end of the two-day meeting, compared to 43% on Friday. The likelihood of a 25 basis point rate drop have shrunk dramatically after reports rekindled the prospect of further aggressive easing.

NTPC: Government approves NPCIL-NTPC JV company to take up Nuclear Power Generation 

SKF India: Company initiates a separation of its automotive business, separation of automotive business with objective of separate listing on Nasdaq Stockholm

Mirza International: Company Launches 100% Wholly Owned Unit, Genesis Brands Pvt Ltd, For Expanding Footwear Retail and E-commerce Operations. 

Vakrangee: Company partners with star health insurance to offer health insurance products 

Infosys: Company partners with Metro Bank to accelerate digital transformation. 

Indo Count: Company unit acquired majority stake in fluvitex USA, entity being acquired belongs to manufacturing of all kinds of textile products like pillows, comforters, and similar filled products 

Oil upstream stocks: Government scraps windfall tax on petroleum crude as global prices cool.

Hindalco: Evaluating solar module production plans for next 5 years 

Tilaknagar Industries: Company gets Rs 103.6 million as partial subsidy from government of Maharashtra 

NIBE Ltd: Government of Maharashtra has confer the status of “Mega Project” under package Scheme of Incentives Policy, 2019, its proposed manufacturing facility at MIDC, Shirdi, Ahemdnagar 

Doms Industries: Company acquires majority stake in Uniclan Healthcare for Rs 54.88 crore 

Avantel: Company received order worth Rs 93.9 million from Newspace india for supply, installation and commissioning of ground segment hub 

KCP: High court of judicature at madras has passed an order in favor of Company

Torrent Power: Company receives LoI Maharashtra State Electricity Distribution for “Supply of 1,500 MW Energy Storage Capacity from Pumped Hydro Storage Project 

Indo Tech: Company received letter of award worth Rs 425.6 million for supply of 4 NOS of 192 MVA transformers 

Kernex/Railtel: Kavach system operationalized on 108 km Kota-Sawai Madhopur section; 54 km/month pace. 

Rattan India: Company’s unit launches two electric motorcycles— RV1 and its premium variant. 

REC: Company has signed non-binding MoUs with RE developers aggregating about ₹ 1.12 lakh crore which will be implemented over a period of 5 years. 

Tata Power: Company’s solar cell unit in Tamil Nadu to be fully functional by October: CEO Praveer Sinha 

DCM Shriram Industries: Company receives BSE observation letter for composite scheme of arrangement 

Tata Motors: TML SecuritiesTrust sells 1.15 crore shares of Tata Motors as part of DVR swap. 

Biocon: LIC raises stake in Company to 5.023% from 4.982%. 

TVS Holdings: Company unit to acquire additional securities in emerald haven town and country; deal for Rs 25 million, entity being acquired belongs to real estate, construction sector 

Hindustan National Glass: Mr. Amal Chandra Saha Appointed as Non-Executive Independent Director of the Company

Dhanuka Agritrch: ICRA Limited has withdrawn the rating of AA (stable) and A1+ assigned for the bank facilities of the Company.

Utkarsh Small Finance Bank: RBI approves variable remuneration to be paid to MD & CEO for fy24 & fixed remuneration for FY25

Mankind Pharma: Board meeting on September 20 to consider and approve raising of funds. 

Satin Creditcare: Company to consider fund raising via NCDs on private placement basis on September 20 

Mphasis: Company appoints Ajay Arya as Head of Mergers & Acquisitions.

Zydus Life: Company to acquire Sterling Biotech’s fermentation-based API business for Rs 84 crore.

VST Ind: Ace investor Radhakishan Damani cuts stake in VST Industries.

Market pundits do not seem to be too enthused about the impending rate cuts by the US Federal Reserve, the first in over four years.

For one, a 25-basis point (bp) rate cut is already baked into the prices and may not move the needle much for the benchmark indices which are trading at or near historically-high valuations. A 50-bp rate cut may jolt the markets into action but the effects are likely to be temporary, as participants digest the reasons for the larger cut and reflect on the health of the global economy. Lastly, rates cuts in India are likely to happen with a lag, most likely in the last quarter of CY24.

The Reserve Bank of India’s clampdown on unsecured lending has forced banks and non-banking financial companies (NBFCs) to focus on secured lending products such as gold loans. With gold prices surging almost 25 per cent in the last one year, and lenders ramping up digital on-boarding steps, gold loans have surged in the 12 months ending June 2024.

Data from RBI and from quarterly reports of NBFCs shows that outstanding gold loans have grown 20-30 per cent in the last one year. Even as NBFCs dominate this segment, scheduled commercial banks alone have seen a 30 per cent YoY growth in gold loan outstanding as of June 2024 at ₹1,23,776 crore.

In a significant regulatory overhaul, the Competition Commission of India (CCI) issued a sweeping notification late last night, announcing comprehensive amendments to its General Regulations. These changes mark a significant step in refining the enforcement of competition law in India, aimed at making the implementation of CCI’s orders more robust, transparent, and accountable.

Among the most noteworthy provisions is the introduction of a formal framework for monitoring the implementation of orders issued by the Commission. This crucial addition underscores CCI’s intent to ensure strict compliance with its directives, especially in matters relating to mergers, commitments and settlements in the context of anti-competitive practices and other significant competition law cases.

A drop in food and fuel prices saw wholesale inflation based on the Wholesale Price Index (WPI) drop to a four-month low of 1.31 per cent in August, data released by the Commerce & Industry Ministry on Tuesday showed. This is in contrast to retail inflation, based on Consumer Price Index, which rose a tad to 3.7 per cent in the month.

India’s trade deficit widened to nearly $30 billion in August as gold-led merchandise imports surged to over $64 billion while merchandise exports declined to around $35 billion, data released by Commerce & Industry Ministry showed. Ballooning trade deficit has an impact on the rupee which closed at 83.75 against a dollar on Tuesday.

“Exports are facing huge challenges on current global circumstances,” Commerce Secretary Sunil Barthwal said in a monthly briefing told reporters, in regard to the monthly trade data. Rising shipping costs and a slowdown in China coupled with recessionary trends in Europe and the US were also impacting exports, he said. 

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

The share price of Lloyds Metals and Energy has moved up sharply over the last few days. The outlook is bullish. Strong support is around ₹800. Immediate resistance is at ₹825. If this holds on its first test, a dip to ₹810-₹800 is a possibility in the next few days.

Here’s an interesting stock idea: The stock idea that we have for you today is Lloyds Metals & Energy. The stock has moved up very well over the last few days and is looking strong on the charts. The outlook is bullish and the share price can go up further in the coming days.