Stock Market Live Updates 2 September 2024: Sensex and Nifty hit record highs; IT, FMCG indices lead gains

Jindal Stainless (-5.33%), NMDC (-3.17%), Hindustan Corp (-3.10%), Welspun Corp (-2.71%)

Ramkrishna Forgings Limited has received board approval for setting up an Aluminium Forging Facility at Jamshedpur.

Ramkrishna Forgings stock traded at ₹962.90 on the NSE, down by 0.52%.

Yatra Online Limited has entered into an agreement to acquire 100% of Globe All India Services Limited (Globe Travels), a premier Corporate Travel Services provider for ₹128 crore in cash. 

Stock rises 1.88% on the NSE, trading at ₹150.46

Jai Corp board has approved the proposal to buy-back up to 29,44,415 fully paid up equity shares of face value of ₹ 1 each at a price of ₹400 per Equity Share of the Company.

Jai Corp declined 1.47% on the BSE, trading at ₹364.70.

Hindustan Copper Ltd, in the ensuing 57th Annual General Meeting (AGM) on September 26, 2024 will inter alia consider special resolutions to authorise the board to offer NCD bonds on private placement basis for amount not exceeding ₹500 crore.

Stock declined 2.63% on the NSE, trading at ₹323.80.

JK Tyre & Industries has received an Order from GST Authority aggregating to ₹2.03 Crore and interest as applicable, along with penalty of ₹0.20 Crore.

Stock trades flat on the NSE at ₹401.15

Bharat Forge (-2.48%), Ashok Leyland (-2.03%), Tata Motors (-1.95%), M&M (-1.65%), BOSCH (-1.22%)

The initial public offer of Gala Precision Engineering got fully subscribed within minutes of opening for bidding on Monday.

The initial share sale received bids for 47,77,444 shares against 22,23,830 shares on offer, reflecting 2.15 times subscription, as per NSE data till 11:21 hours.

The portion for Retail Individual Investors (RIIs) garnered 3.15 times subscription while the quota for non institutional investors got subscribed 2.54 times.

The initial share sale will conclude on September 4.

Gala Precision Engineering Ltd has fixed a price band of Rs 503-529 per share for its Rs 168-crore initial public offering (IPO).

The IPO is a combination of a fresh issue of 25.58 lakh equity shares worth Rs 135.34 crore and an offer for sale (OFS) of 6.16 lakh equity shares valued at Rs 32.58 crore by promoter group entities and individual shareholders. This aggregates the transaction size to Rs 168 crore at the upper end of the price band of Rs 529.

Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for manufacturing high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra; payment of debt and general corporate purposes.

Gala Precision Engineering is a precision component manufacturer of technical springs like disc & strip springs (DSS); coil & spiral springs (CSS) and Special Fastening Solution (SFS).

The company supplies its products to original equipment manufacturers (OEMs), Tier 1 and channel partners; used in sectors like renewable energy, including wind turbine and hydropower plants, various industrial sectors such as electrical, off-highway equipment, infrastructure and general engineering, mobility segments such as automotive and railways.

PL Capital Markets Pvt Ltd is the sole book-running lead manager to the issue. The equity shares are proposed to be listed on BSE and NSE.

Hindware Home Innovation board has approved to enhance the quantum of raising of funds through issuance and allotment of equity shares of the Company of face value ₹2 each on rights issue basis, from ₹205 crore to an aggregate amount not exceeding ₹250 crore.

Stock slips 0.31% on the NSE, trading at ₹368.65.

Airtel, MediaTek and Nokia have completed the trials that combine TDD and FDD mid-band spectrum on a time basis utilising the latest generation chipset.

Bharti Airtel stock traded at ₹1,576.15 on the NSE, down by 0.81%.

Top gainers on the NSE as at 12 noon:

Bajaj Finserv (3.99%), HCL Tech (3.04%), Bajaj Finance (2.73%), Hero Motocorp (2.12%), Bajaj Auto (1.57%)

Top losers:

Hindalco (-2.07%), Tata Motors (-1.92%), Dr Reddy’s (-1.73%), M&M (-1.38%), Eicher Motors (-1.30%)

Stocks advanced on the BSE as at 12 noon on September 2, 2024, were 1,843, 2,059 stocks declined, and 158 remained unchanged. Total stocks that were traded stood at 4,060.

About 303 stocks hit the 52-week high, while 24 hit the 52-week low.

In addition, 307 stocks were traded in the upper circuit and 268 in the lower circuit.

NBCC (India) has secured two orders worth ₹182.50 crore.

Stock rises 1.13% to trade at ₹188.48 on the NSE

Thomas Cook (India) Limited has leveraged the new trend of festive tourism through the launch of festive tours for Dussehra, Durga Puja and Diwali.

Stock declined 2.52% on the NSE, trading at ₹224.30.

Techno Electric & Engineering Company Limited (TEECL) has been awarded a contract by RailTel Corporation of India Ltd, a Public Sector Undertaking wholly owned by Indian Railways. 

Techno Electric stock was up 1.72% on the BSE, trading at ₹1,650. RailTel stock surged 2.31% to trade at ₹502.15

Marine Electricals (India) Limited has received an order amounting to ₹4.10 crore from Princeton Digital Group, for Supply, installation testing & commissioning (SITC) of LV Panel. 

Stock trades at ₹259.65 on the NSE, down 0.76%.

Hazoor Multi Projects Limited has received order from Welspun Enterprises Limited for stacking and dewatering works. The value of awarded project is ₹40 crore plus applicable taxes.

Shares rise 2.57% on the BSE, trading at ₹479.

NCC Limited has received orders valuing ₹1,236 crore (Excluding GST) in the month of August 2024.

Stock rises 1.63% on the NSE, trading at ₹324.25.

GACM Technologies Ltd. has been awarded a project valued at ₹10 crore by MSK Technologies (India) Private Limited

Nifty 50 has begun the week on a positive note. The index opened with a gap-up at 25,333.60 and has come down from there slightly. It is currently trading at 25,310, up 0.31 per cent.

The advances/declines ratio is at 35:15. This is positive.

India’s manufacturing activity growth eased to a three-month low in August as demand softened significantly, a private-sector survey showed on Monday, casting another shadow over the otherwise robust economic outlook.

Growth in Asia’s third-largest economy slowed to 6.7% last quarter from 7.8% as government spending fell, official data showed on Friday.

The HSBC final India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, fell for a second month in August, dropping to 57.5 from July’s 58.1 and below a preliminary estimate of 57.9.

Despite falling, the index beat its average and held above the 50-mark that separates growth from contraction, where it has been since July 2021.

It was supported by demand that remained upbeat despite some recent softening. The output and new orders sub-indexes - gauges of demand - both slipped to seven-month lows. International demand grew at its weakest pace since January but stayed strong. - Reuters

Thangamayil (10.85%), Gujarat Gas (9.65%), Indian Hume Pipe (7.86%), Indo Amines (6.56%), Bajaj Finserv (3.46%), Godrej Industries (2.87%)

Union Minister for Railways Ashwini Vaishnaw flagged off Vande Bharat Sleeper trainset at BEML’s Bangalore rail complex. 

BEML stock trades at ₹3,776.50 on the NSE, down by 0.57%

Biocon stock was up 1.17% on the NSE, trading at ₹363.30.

Biocon Pharma Limited, a wholly owned subsidiary of the Company, has received approval of its ANDA for Sacubitril/Valsartan Tablets, in 24 mg/26 mg, 49 mg/51 mg and 97 mg/103 mg strengths, from the USFDA.

Steel Strips Wheels (SSWL) has recorded Net turnover of ₹363.10 crore in August’24 Vs ₹389.77 crore in August’23 recording a dip of 6.84% y-o-y.

Stock trades flat on the NSE, trading at ₹227.43

Ashok Leyland recorded 7% decline in total vehicles (including exports) sales for the month of August 2024 at 14,463 units as against 15,576 units in Aug 2023.

Stock fell 1.99% on the NSE, trading at ₹251.35

Maruti Suzuki India announced a reduction in prices of select variants of Alto Kl0 and S-Presso w.e.f’ today i.e.2”d September, 2024. 

Price of S-Presso LXI Petrol has been reduced by ₹2,000 and Price of Alto K10 VXI Petrol has been reduced by ₹6,500.

Stock trades flat on the NSE at ₹12,420.60

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Inox Wind’s material wholly-owned subsidiary, Resco Global Wind Services Private Limited (RESCO) has approved a proposal for fund raising by issuing equity shares on a preferential basis through private placement to non-promoter investors, for cash consideration aggregating ₹350 Crore.

Shares declined 1.49% on the NSE, trading at ₹217.81.

Britannia Industries has received an Order from the office of Assistant Commissioner (ST), STU-3, Abids Division, Hyderabad. 

The tax and penalty quantified in the order amounts to ₹74,81,428 and ₹7,48,142 respectively, totalling to a demand of ₹82,29,570. Interest has not been quantified explicitly.

Stock trades flat on the NSE at ₹5,884.75

GTPL Hathway Limited (GTPL) has announced launch of its customer application GTPL Buzz.

Stock inches up 0.97% on the NSE, trading at ₹167.11

Bajaj Auto received total sales (including exports) of 3,97,804 units in August 2024 as against 3,41,648 units in August 2023.

Shares rise 2.16% on the NSE, trading at ₹11,126.30.

Sandur Manganese & Iron Ores has received Environmental Clearance (EC) for the Company’s Ramghad Manganese & Iron Ore Mines for Iron Ore production of 0.216 Million Tonnes Per Annum (MTPA) by retaining the existing Manganese Ore production of 0.05 MTPA.

Stock trades at ₹506.40 on the NSE, up 0.73%.

Godrej Properties Ltd. (GPL) has emerged as the highest bidder and has secured the Letter of Intent to develop two group housing plots at premium locations in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The combined bid value for both the plots is ₹515 crore.

Shares trade flat on the NSE at ₹2,915.80

Adani Ports and Special Economic Zone Limited’s operational performance as under: 

1. APSEZ handles 36.1 MMT of cargo in Aug’24 (+5% YoY), operations at Mundra and Tuna impacted for 4 days equivalent due to inclement weather. 

2. During Aug’24, APSEZ recorded 36.1 MMT of total cargo. 

3. Kattupalli Port handled its highest ever monthly volume of 1.4 MMT in Aug’24. 

4. During the first five months of the financial year, APSEZ clocked 182.4 MMT of total cargo (+7% YoY). 

Shares trade flat on the NSE at ₹1,489.25, up 0.50%.

Mahindra & Mahindra Ltd. (M&M Ltd.) has announced that its overall auto sales for the month of August 2024 stood at 76,755 vehicles, including exports.

Shares slip 0.79% to ₹2,783.10 on the NSE

Rallis India Limited (‘Rallis’) and Bio-Gene Technology Limited (‘Bio-Gene’), an Australian company developing the next generation of novel insecticides derived from nature, have completed pilot-scale production of pre-commercial quantities of Flavocide.

Rallis India stock slips 0.79% to trade at ₹349.60 on the NSE

Top gainers on the NSE as at 9.30 am:

Hero Motocorp (2.71%), Bajaj Auto (1.93%), HDFC Life (1.86%), Tata Consumer Products (1.67%), ITC (1.17%)

Top losers:

Tata Motors (-1.34%), Hindalco(-0.93%), M&M (-0.88%), Dr Reddy’s (-0.76%), ONGC (-0.47%)

Route – Tender 

Buyback Price: 750/- 

Current Market Price: 525/-

Market Cap: Rs 7,270 Crores 

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

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

Retail Quota: 2,25,000 Shares

Entitlement:

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

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

Buyback Record Date: 27 Aug 2024

Tender Period:

Start Date - 02 Sep 2024 (Today)

Close Date - 06 Sep 2024

Obligation Date - 12 Sep 2024 

Settlement Date - 13 Sep 2024

Route – Tender 

Buyback Price: 1,615/- 

Current Market Price: 1,400/-

Market Cap: Rs 3,748 Crore 

Buyback Size: Rs 72.35 Crores (Representing 9.90% and 9.57% of the total paid up equity share capital and free reserve 

Buyback Size: 4,48,018 shares (Representing 1.67% of O/s. shares) 

Retail Quota: 67,203 Shares

Last Cum Trading Date: 02 Sep 2024 (Today)

Ex-Date: 03 Sep 2024

Buyback Record Date: 03 Sep 2024

Buyback Schedule: Not Yet Announced

Route – Tender 

Buyback Price: 3,700/- 

Current Market Price: 3,185/-

Market Cap: Rs 4,056 Crore 

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

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

Retail Quota: 35,676 Shares

Entitlement:

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

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

Buyback Record Date: 27 Aug 2024

Tender Period:

Start Date -02 Sep 2024 (Today)

Close Date - 06 Sep 2024

Obligation Date - 12 Sep 2024 

Settlement Date - 13 Sep 2024

Route – Tender 

Buyback Price: 2,500/- 

Current Market Price: 1,561/-

Market Cap: Rs 10,764 Crore 

Buyback Size: Rs 71.40 Crores (Representing 9.33% and 9.99% of the total paid up equity share capital and free reserves) 

Buyback Size: 2,85,600 shares (Representing 0.41% of O/s. shares) 

Retail Quota: 42,840 Shares

Entitlement:

General Category - 3 Equity Shares for every 830 Equity Shares held on the Record Date

Retail Category - 10 Equity Shares for every 421 Equity Shares held on the Record Date

Buyback Record Date: 21 Aug 2024

Tender Period:

Start Date - 27 Aug 2024 

Close Date - 02 Sep 2024 (Today)

Obligation Date - 06 Sep 2024 

Settlement Date - 09 Sep 2024

Route – Tender 

Buyback Price: 4,500/- 

Current Market Price: 3,474/-

Market Cap: Rs 7,977 Crore 

Buyback Size: Rs 130.00 Crores (Representing 9.71% and 7.75% of the total paid up equity share capital and free reserves) 

Buyback Size: 2,88,889 shares (Representing 1.26% of O/s. shares)

Retail Quota: 43,333 Shares

Entitlement:

General Category - 6 Equity Share for every 553 Equity Shares held on the Record Date

Retail Category - 97 Equity Shares for every 745 Equity Shares held on the Record Date

Buyback Record Date: 27 Aug 2024

Tender Period:

Start Date - 02 Sep 2024 (Today)

Close Date - 06 Sep 2024

Obligation Date - 11 Sep 2024 

Settlement Date - 12 Sep 2024

TCNS Clothing Co.: Ex-Date: 03-Sep-24

Srivari Spices And Foods: Ex-Date: 04-Sep-24

Patel Integrated Logistics: Ex-Date: 06-Sep-24

Swiss Military Consumer Goods: 23-Aug-24; Close: 06-Sep-24

Vinny Overseas: 27-Aug-24; Close: 10-Sep-24

Jaykay Enterprises: 27-Aug-24; Close: 04-Sep-24

Orient Green Power Company: 27-Aug-24; Close: 13-Sep-24

Modern Engineering: 05-Sep-24; Close: 17-Sep-24

Patel Integrated Logistics: 19-Sep-24; Close: 01-Oct-24

Srivari Spices And Foods: 24-Sep-24; Close: 03-Oct-24

Bondada Engineering: Stock Split From Rs.10/- to Rs.2/-; Ex-Date: 02-Sep-24

Sapphire Foods India: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 05-Sep-24

Andhra Paper: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 11-Sep-24

Onesource Ideas Venture: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 13-Sep-24

Sportking India: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 13-Sep-24

Garment Mantra Lifestyle: Bonus Issue 1:1; Ex-Date: 03-Sep-24

VST Industries: Bonus Issue 10:1; Ex-Date: 06-Sep-24

Power Mech Projects: Bonus Issue 1:1; Ex-Date: 28-Sep-24

Nucleus Exports: Ex-Date: 03-Sep-24

Transport Corporation of India: Ex-Date: 04-Sep-24

Aarti Drugs: Ex-Date: 05-Sep-24

Ladderup Finance: Ex-Date: 06-Sep-24

Arex Industries: Ex-Date: 06-Sep-24

Jai Corp: Ex-Date: 10-Sep-24

Insecticides (India): Ex-Date: 11-Sep-24

Symphony: 27-Aug-24; Close: 02-Sep-24

Mayur Uniquoters: 29-Aug-24; Close: 04-Sep-24

VLS Finance: 30-Aug-24; Close: 05-Sep-24

KDDL: 02-Sep-24; Close: 06-Sep-24

Technocraft Industries: 02-Sep-24; Close: 06-Sep-24

Suprajit Engineering: 02-Sep-24; Close: 06-Sep-24

Baazar Style Retail: 30-Aug-24; Close: 03-Sep-24

Gala Precision Engineering: 02-Sep-24; Close: 04-Sep-24

02-Sep-24

KOPRAN: Final Dividend - Rs. - 3.00

KLRFM: Final Dividend - Rs. - 1.25

DYNAMIND: Final Dividend - Rs. - 0.50

LANCORHOL: Final Dividend - Rs. - 0.20

CGVAK: Dividend - Rs. - 1.00

SANCTRN: Final Dividend - Rs. - 1.50

KRYSTAL: Final Dividend - Rs. - 1.50

03-Sep-24

KTKBANK: Final Dividend - Rs. - 5.50

SAVERA: Final Dividend - Rs. - 3.00

GOACARBON: Final Dividend - Rs. - 10.00

SAKTHIFIN: Final Dividend - Rs. - 0.80

TBZ: Final Dividend - Rs. - 1.75

DEEPAKFERT: Dividend - Rs. - 8.50

TAMBOLIIN: Final Dividend - Rs. - 1.00

ZFSTEERING: Final Dividend - Rs. - 8.00

LXMIATO: Final Dividend - Rs. - 12.00

VINATIORGA: Final Dividend - Rs. - 7.00

IWP: Final Dividend - Rs. - 0.10

IONEXCHANG: Final Dividend - Rs. - 1.50

GANECOS: Final Dividend - Rs. - 3.00

LEHAR: Final Dividend - Rs. - 0.30

FCL: Final Dividend - Rs. - 0.40

04-Sep-24

SPCAPIT: Interim Dividend - Rs. - 1.00

UNIABEXAL: Final Dividend - Rs. - 25.00

GEECEE: Final Dividend - Rs. - 2.00

RELCHEMQ: Final Dividend - Rs. - 1.00

PARAGMILK: Dividend - Rs. - 0.50

HIKAL: Final Dividend - Rs. - 0.60

MASFIN: Final Dividend - Rs. - 0.51

PRINCEPIPE: Final Dividend - Rs. - 1.00

RACLGEAR: Final Dividend - Rs. - 1.50

NBCC India has approved a bonus issue of one share for every two equity shares held. The record date for the bonus issue is October 7.

Insecticides India has approved a buyback of 500,000 shares (1.69% of equity) for up to Rs 50 crore at Rs 1,000 per share. The record date for the buyback is September 11.

Update On Scheme of Amalgamation (by way of Merger by Absorption) among TCNS Clothing Co. Limited and Aditya Birla Fashion and Retail Limited 

Scheme has become effective today i.e., September 1, 2024 and consequently TCNS stands amalgamated into and with ABFRL and dissolved without being wound up.

NBCC

The Board of Director has recommended the issuance of the Bonus Shares to the Shareholders of the Company in the ratio of 1:2 i.e. 1 (One) new fully paid-up equity Share of Rs. 1 each for every 2 (two) existing fully paid up equity shares of Rs. 1 each to the eligible members of the Company as on Record Date, subject to the shareholders in the forthcoming Annual General Meeting. 

The Board has fixed Monday October 07, 2024 as record date

Crude oil futures traded lower on Monday morning as the OPEC+ (Organization of the Petroleum Exporting Countries and its allies) is expected to increase production output from October. At 9.26 am on Monday, November Brent oil futures were at $76.29, down by 0.83 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $73, down by 0.75 per cent. September crude oil futures were trading at ₹6138 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6203, down by 1.05 per cent, and October futures were trading at ₹6082 against the previous close of ₹6143, down by 0.99 per cent.

Indian benchmark indices, Sensex and Nifty, opened at record highs on Monday, buoyed by data showing the country’s economic growth outpaced major economies, despite a slowdown. Investors are also eyeing auto stocks following weekend sales data. The BSE Sensex traded at 82,572.73, higher by 206.96 pts or 0.25% as at 9.16 am, and Nifty 50 traded at 25,299.60, up 63.70 pts or 0.25%.

The Nifty extended its rally for the twelfth consecutive session on Friday, marking its longest-ever streak and reaching new highs amid expectations of a potential U.S. interest rate cut this month.

Attention now turns to auto stocks, with Tata Motors reporting an 8% drop in August domestic vehicle sales and Maruti Suzuki seeing a nearly 4% decline. In contrast, TVS Motor’s August domestic two-wheeler sales grew 13%, and Hero MotoCorp’s sales rose nearly 5%.

India’s economic growth for the April-June quarter was 6.7% year-on-year, down from 7.8% in the previous quarter but still the fastest among major economies.

Broader Asian markets had a subdued start as investors awaited a busy week of data, including the U.S. jobs report, which could influence the anticipated rate cut.

Prashanth Tapse of Mehta Equities Ltd. forecasts solid gains for the Nifty today, driven by Wall Street’s rally and the potential for a Fed rate cut in September. Optimism is further supported by a drop in WTI crude prices and strong FII buying of ₹9,217 crore last week. The US jobs report on September 6th will be closely watched. Recommended trades include buying Nifty and Bank Nifty at current market prices, with target levels of 25,350/25,551 and 51,357/51,750, respectively. NTPC is also highlighted as a top stock pick with a buy recommendation at the current price of ₹416 and targets of ₹427/435.

Emkay Global raises its Nifty target to 26,000 for September 2025, up from 22,000 for June 2025, with a target PER of 22x. The broader market is expected to remain range-bound with sector rotations. After a strong 1H FY25 with 13.02% returns, key themes for the second half include rate cuts and a potential boost in rural and mass consumption. The updated model portfolio includes Varun Beverages, ONGC, Larsen & Toubro, Ambuja Cements, HCL Tech, Delhivery, and ITC, while Maruti Suzuki, Shree Cement, Wipro, Nestlé, and ICICI Pru Life are dropped.

Enhanced compliance enabled the Centre and States to collect ₹1.75 lakh crore in Goods & Services Tax (GST) revenue in August. This brings the average monthly collection for the current fiscal year to ₹1.82 lakh crore.

The August collection reflects goods consumed and services availed in July.

Though it shows a growth of 10 per cent over August last year, but on a sequential basis, it is around 4 per cent lower.

Intel CEO, executives will present plans at mid-September board meeting - Bloomberg

Buy Call, Target Rs 9,000 

Prefer Bajaj Fin Amid Superior Growth, Conservative Underwriting & Top Notch Return Ratios 

Believe Asset Quality Concerns Over Rural Distress For Co Are Overdone 

Expect A Positive Surprise With A Better-than-expected Revival In Rural India 

Listing Of Housing Arm & Comfortable Valuation, Have Added Co To High-Conviction List

Buy, Target Rs 13,000

Current Downturn In Demand Was Expected Owing To Elections Followed By Monsoons 

More Hikes Are Needed As Spot Prices Remain Below Q1 Average 

Industry Consolidation Should Continue With Inorganic Opportunities

Neutral Call, Target Rs 3,018

Both Indrad & Dahej Now Cleared By US FDA With VAI Classification 

Co Now Expects 5-10 New Product Approvals In FY25 And More In FY26 

Have Factored Recovery In US Revenues For Torrent Pharma Into Estimates 

Factor In $133 m/$153 m/$184 m In Sales For FY25/26/27 Vs Current Annualised Run-rate

Overweight Call, Target Rs 3,416

CMD Laid Out A Clear Path To Monetisation Across Verticals 

Focus Will Be Keeping Balance Sheet Gearing Conservative 

New Energy EBIDTA Targets, New Chemicals Invst & AI Datacenter Rollout Positive Surprises

Neutral Call, Target Rs 1,250 

Sectoral Headwinds And Weak Q1 Has Led To The Recent Underperformance 

Structural Changes To Protect Metrics, However Weakness Likely In Near-term 

Re-rating Requires Stable Credit Quality And Growth 

Valuations Discount To Peers Has Increased And Appear Reasonable Currently 

Due To Sectoral Headwinds, A Sharp Re-rating Is Less Likely In Near-term

Jefferies on Guj Gas

Underperform Call, Target Rs 450

Integration Of GSPC’s Gas Trading Biz Will Improve Co’s Margin Profile

Earnings Volatility Will Rise, Implying A Lower Valuation Multiple

Once Scheme Takes Effect, Fair Value For Gujarat Gas Is Rs 513 (15% Downside)

CLSA on Gujarat Gas

Elimination of holdco disc., rerating of a portion of trading income & full use of tax shield from unabsorbed losses makes this a highly accretive merger.

Est. equity value to rise by 65% & FY26 PBT/PAT to jump by a bigger 76%/125%

Antique on Guj Gas

Buy Call, Target Raised To Rs 726 From Rs 690

Believe Merger Of GSPL & GSPL Into Guj Gas Is Value Accretive

Merger Will Enable Co To Make Quick Use Of The Rs 7,200 Cr Carry Forward Losses In GSPC

Trading Margin Charged By GSPC From Co Will Now Be Valued At Higher Multiple Of CGD Biz

There Is A Higher Intrinsic Value Of Both GSPC & GSPL’s Biz (As Per Est) Than Being Assigned

Some Small Synergy Benefits Are Also Expected From Cost Savings & Lower Indirect Taxes

Equirus on Guj Gas

Upgrade To Add, Target Rs 667

Merger, Demerger Plan Involving GSPC & GSPL Well Thought

Co Will Benefit From Its Position As 2nd Largest Gas Trading Company In India

Benefit Will Be From Rising Gas Consumption, Presence Across Value Chain

Its CGD/Trading Segment Will Benefit From Potential Entry Of Gas Into GST

Merger Is EPS Accretive With FY25E/26 Proforma EPS At Rs 32/36 Due To Carried Losses

Proforma EPS Will Normalise To Rs29 In FY27

“Valuations in the Indian equity market have risen to relatively high levels, leading FIIs to exercise caution when investing in India. They have been selectively investing in defensive market segments, focusing on sectors such as healthcare and FMCG.

On the debt market front, the strong buying trend among FIIs can be traced back to India’s addition to JP Morgan’s Emerging Market government bond indices earlier this June.

Outlook: The US Fed is expected to start its rate cut cycle in September. Historically, rate cut cycles in the US market have not been favorable for their equity markets. We anticipate that FIIs will shift their focus to emerging markets, deploying capital where valuations are more appealing. However, India may not be a significant beneficiary of these flows.”

Adani Energy Solutions has completed SPV acquisition of Khavda Phase-IV Part-A transmission project after receiving a letter of intent from REC Power Development and Consultancy. Khavda IVA Power Transmission, set up by RECPDCL for evacuating 7 GW of Renewable Energy from Khavda RE park, under Phase IV Part A package, has been acquired by AESL to execute the project. The Khavda IVA transmission line, part of National Grid, will help evacuate 7 GW of RE by connecting 765 kV double circuit lines from Khavda to Lakadia and Khavda to Bhuj (both in Gujarat) and setting up transformation capacity of 4,500 MVA.

Stock inches up 0.41% on the NSE, trading at ₹1,011.55

When we last wrote on Amara Raja in early June 2023, the company was still Amara Raja Batteries, and we recommended a ‘buy’ on the stock due to its very reasonable valuation of 15 times its trailing 12-month earnings as well as plans to remain relevant in the era of electric vehicles (EV).

Here is a lowdown on how to use key banking metrics to identify good-quality banking stocks

With nearly 10 months having passed since its IPO, the stock of Protean eGov Technologies (Protean), has had a good run, with the stock up by 175 per cent from its IPO price of ₹792. At bl.portfolio we had recommended that investors subscribe to the issue. Now, with stock up significantly, we recommend that investors book profits for the reasons explained below.

At the time of IPO, Protean was priced at PE of around 30 times. After the recent upside, and factoring FY24 earnings, the stock is now trading at a very pricey PE of 91 times. Our earlier positive view on Protean last year was predicated on its reasonable IPO valuation when factoring for growth prospects in core businesses, and potential for new emerging initiatives.

We raise our Nifty target to 26,000 for Sep-25, up from 22,000 for Jun-25 earlier, with a generous target PER of 22x. We see the broader market range-bound with speedy sector rotation. Indian equities steamrolled through a rocky 1HFY25, with the Nifty delivering 13.02% returns since 31-Mar-24. The key themes for a relatively serene 2H are rate cuts and a possible revival in rural and mass consumption. We add Varun Beverages, ONGC, Larsen & Toubro, Ambuja Cements, HCL Tech, Delhivery, and ITC to our model portfolio, and drop Maruti Suzuki, Shree Cement, Wipro, Nestlé, and ICICI Pru Life.

U.S. stocks ended higher Friday, with the Dow Jones Industrial Average notching a fresh record peak ahead of Labor Day weekend. Stocks climbed in the final stretch of the month, with traders preparing for what’s historically known as the worst month for equities. For the month, the Dow finished up 1.8%, S&P 500 added 2.3%, and the Nasdaq gained 0.6%.

Global stocks edged higher in choppy trading on Friday, making it the fourth consecutive month of gains despite a bout of heavy selling in early August, buoyed by U.S. economic data that has helped the dollar snap a weeks-long losing streak.

The US personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, rose 0.2% on a monthly basis in July and 2.5% from a year ago. The result was in line with estimates from economists polled by Dow Jones. Excluding food and energy, it also rose 0.2% from the prior month. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.5% last month, the report showed.

The Union government has slashed windfall tax on domestically produced crude oil by 11.9 percent to Rs 1,850 per tonne from previous Rs 2,100 per tonne, effective from August 31.

The latest estimates put out by the national statistical office (NSO) showed that India’s real or inflation-adjusted gross domestic product (GDP) grew 6.7 per cent in the April-June quarter, slower than the previous quarter’s 7.8 per cent and 8.2 per cent growth in the same quarter of the previous year. India’s gross domestic product grew at the slowest pace in five quarters, even as GVA growth saw a pickup. After growing at a scorching 8 per cent plus growth on an average the previous four years quarters, the Indian economy’s expansion has moderated, but still sharply higher to dwarf the expansion pace in the rest of the global economic powers.

India’s foreign exchange reserves swelled to a record high of $681.7 billion for the week ended Aug. 23, the Reserve Bank of India’s data showed on Friday. The country’s forex kitty rose by $7.02 billion over the previous reporting week.

The index of eight core industries grew by 6.1% in July, as compared to 4% in June, on an annual basis, according to data released by the government on Friday. Cement, steel, Fertiliser and Refinery products showed a faster growth while crude oil and Coal were laggards.

The Union government’s fiscal deficit expanded to 17.2% of the budgetary target at the end of the first four months for the financial year ending March 2025.

China’s manufacturing slowed to a six-month low in August, an official factory survey showed on Saturday, raising expectations policymakers will unveil fresh plans to direct more stimulus to households and less to infrastructure projects. The official purchasing managers’ index (PMI) declined for a fourth month to 49.1 in August from 49.4 in July, below the 50-mark separating growth from contraction and missing a median forecast of 49.5 in a Reuters poll. In contrast, the non-manufacturing PMI, which includes services and construction, quickened to 50.3 from 50.2. The Caixin survey of manufacturing showed a pick up to 50.4 in August, topping forecasts of 50.0. 

Crucial for the US Fed will be the payrolls report on Friday where analysts look for a rise of 165,000 in jobs and a dip in the unemployment rate to 4.2%.

India’s goods and services tax (GST) collections were a tad lower at Rs 1.75 lakh crore in August compared with Rs 1.82 lakh crore in the previous month, according to data released on September 1. The pace of growth of GST remained around 10 percent in August, as the country had recorded Rs 1.59 lakh crore in GST revenue in August 2023.

Amid surging inventory levels at dealership outlets, Passenger Vehicle (PV) wholesales saw a drop of 2.38 percent at 3,52,500 units last month. 

Asian stocks were mixed Monday as signs mounted that China’s efforts to support its ailing economy have yet to take hold.

Nifty ended higher on Aug 30 - for the twelfth consecutive session, its best winning streak since its launch in 1996. At close, Nifty was up 0.33% or 83.9 points at 25235.9. Nifty rose on Aug 30 with an upgap and closed at record highs. In the process it formed a doji like pattern. On weekly charts, Nifty rose 1.66%, while on monthly charts it rose 1.14%. On monthly charts, Nifty has formed a hanging man type pattern, suggesting possibility of a reversal in the coming month. Nifty could take support from 24971 while 25400 on the upside could prove to be a resistance in the near term. April-June India GDP number due this evening could minorly influence sentiments either way on Monday.

This Monday morning, the stage is set for solid gains in the benchmark Nifty, bolstered by Wall Street’s surge following the Fed’s preferred inflation gauge, which signals potential rate cuts in September. Optimism on Dalal Street is further fueled by a 3.1% drop in WTI crude futures and strong FII buying of Rs 9,217 crore last week. Investors are now eyeing the August US jobs report, set to be released on September 6th, which could shape the Fed’s next move. Meanwhile, Bajaj Housing Finance’s IPO is set to open on September 9th, aiming to raise Rs 6,560 crore. The recommended trades: Buy Nifty and Bank Nifty at CMP, with targets of 25350/25551 and 51357/51750, respectively. NTPC is the top stock pick, with a buy at CMP of 416 and targets of 427/435.

pCiti on Ultratech Cem: Maintain Buy on Company, raise target price at Rs 13000/Sh (Positive)

MS on Reliance Ind: Maintain Overweight on Company, raise target price at Rs 3416/Sh (Positive)

Antique on Gujarat Gas: Maintain Buy on Company, raise target price at Rs 726/Sh (Positive)

Equirus on Gujarat Gas: Upgrade to Add on Company, raise target price at Rs 667/Sh (Positive)

Emkay on Gujarat Gas: Upgrade to Reduce on Company, raise target price at Rs 600/Sh (Positive)

Macquarie on Dalmia Bharat: Maintain Outperform on Company, raise target price at Rs 2176/Sh (Positive) 

Macquarie on Ambuja: Maintain Neutral on Company, hike target price at Rs 620/Sh (Positive)

UBS on Axis Bank: Maintain Buy on Bank, raise target price at Rs 1250/Sh (Neutral) 

Systematix on Gulf Oil: Initiate Buy on Company, raise target price at Rs 1700/Sh (Positive)

Incred on Bajaj Finance: Maintain Buy on Company, raise target price at Rs 9000/Sh (Positive) 

Jefferies on GujGas: Maintain Underperform on Company, target price at Rs 450/Sh (Neutral) 

Macquarie on Ramco Cement: Maintain Neutral on Company, cut target price at Rs 802/Sh (Neutral)

Macquarie on ACC: Maintain Neutral on Company, cut target price at Rs 2508/Sh (Neutral)

Macquarie on Shree Cement: Maintain Neutral on Company, cut target price at Rs 25243/Sh (Neutral)

Macquarie on Ultratech: Maintain Neutral on Company, target price at Rs 11106/Sh (Neutral)

BALRAMCHIN

Godrej Properties: Co emerges as the highest bidder for two luxury group housing plots in Gurugram.

Godrej Properties: Co says the land parcels measuring approximately 3.6 acres and 2 acres will have a combined revenue potential in excess of ₹ 3,400 crore.

1)The U.S. economy grew last quarter at a healthy 3% annual pace, fuelled by strong consumer spending and business investment, the government said Thursday in an upgrade of its initial assessment. Consumer spending, which accounts for about 70% of U.S. economic activity, rose at a 2.9% annual rate last quarter. That was up from 2.3% in the government’s initial estimate. Business investment expanded at a 7.5% rate, led by a 10.8% jump in investment in equipment.

2)Inflation in the US, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, remained unchanged at 2.5% on a yearly basis in July, the US Bureau of Economic Analysis (BEA) reported on Friday. This reading came in below the market expectation of 2.6%. On a monthly basis, the PCE Price Index rose 0.2%, matching analysts’ estimate. The core PCE Price Index, which excludes volatile food and energy prices, rose 2.6% in the same period, matching June’s increase and coming in below the market forecast of 2.7%. The core PCE Price Index rose 0.2% on a monthly basis, as anticipated.

3)Initial claims for US unemployment benefits declined by 2,000 to 231,000 applications in the week ended Aug. 24. This missed forecasts for a larger drop to 230,000 in initial jobless claims, compared to the previous week’s reading, which was revised upwards by 1,000 to 233,000 applications.

4)The US Conference Board Consumer Confidence Index rose in August to 103.3, from an upwardly revised 101.9 in July.

5)The U.S. trade deficit in goods widened to $102.66 billion in July, surpassing both the previous month’s deficit of $96.56 billion and market expectations of $97.70 billion. Imports expanded by 2.3% from the earlier month to $275.6 billion, amid higher purchases of industrial supplies (4.9%), capital goods (4%), and consumer goods (0.9%). On the other hand, exports were loosely unchanged at $172.9 billion, as sharp declines in exports of automotive vehicles (-11.3%) and consumer goods (-3.6%) offset sales of capital goods (3.8%), industrial supplies (0.3%), and foods, feeds, and beverages (1.2%)

6)The U.S. Federal Reserve’s balance sheet declined to $7.123 billion in the latest reporting period from $7.194 billion in the previous period.

7)U.S. reserve balances with Federal Reserve Banks decreased to $3.245 trillion in the latest reporting period from $3.359 trillion in the previous period.

8)Inflation in the 20 European Union countries that use the euro fell sharply to 2.2 per cent in August, opening the door for the European Central Bank to cut interest rates as the ECB and the US Federal Reserve prepare to lower borrowing costs to support growth and jobs.

9)Data released by the Federal Statistics Office of Germany showed on Tuesday that the German Gross Domestic Product (GDP) for the second quarter (Q2) was in line with expectations. The economy contracted 0.1% QoQ in Q2, compared to the previous reading of -0.1%. On an annual basis, the GDP remained unchanged compared to the same quarter in 2023.

10)Germany’s seasonally adjusted jobless rate remained at an over 3-year high of 6.0% in August 2024, unchanged from the previous month and in line with market expectations.

11)Canada’s real Gross Domestic Product (GDP) expanded at an annual rate of 2.1% in the second quarter, Statistics Canada reported on Friday. This reading followed the 1.8% growth recorded in the first quarter and came in better than the market expectation of 1.6%. On a quarterly basis, Canada’s real GDP expanded 0.5% after growing 0.4% in Q1.

12)Retail sales in Japan increased by 2.6% year-on-year in July 2024, slowing from a 3.8% growth in June and missing market expectations for a 2.9% gain. Still, retail spending remained in positive territory for the 28th consecutive month as rising wages continued to support consumption. Sales increased the most for non-store retailers (9.6%), automobiles (6.3%), pharmaceutical & cosmetics (5.1%), machinery & equipment (4.6%) and other retail industries (4.1%). On a monthly basis, retail sales rose 0.2% in July, slowing from a 0.6% gain in June.

13)Japan’s unemployment rate rose to 2.7 percent in July, up from 2.5 percent in the previous month in the first deterioration in five months, as more workers left their jobs in search of improved working conditions, government data

1)India’s gross domestic product grew at 6.7 per cent for Q1FY25. Experts were anticipating moderate growth for this quarter, attributing their expectations to the general elections of 2024, a slump in urban consumption and a previously sluggish rural growth. The Reserve Bank of India had in August projected India’s GDP to grow at 7.1 per cent for the first quarter of fiscal year 2024-25.

2)The central government’s fiscal deficit in the first four months of FY25 touched 17.2% of the annual target, against 33.9% a year before, government data showed on Friday. India’s fiscal deficit for April-July was 2.77 trillion rupees ($33.05 billion), or 17.2% of the estimate for the financial year.

3)The Government of India has received ₹10,23,406 crore (31.9% of corresponding BE 2024-25 of Total Receipts) up to July 2024 comprising ₹7,15,224 crore Tax Revenue (Net to Centre), ₹3,01,796 crore of Non-Tax Revenue and ₹6,386 crore of Non-Debt Capital Receipts.

4)Growth in India’s eight core sector industries slowed to 6.1 per cent in July compared to 8.5 per cent in the same month last year, according to government data released. It picked up compared to 5.1 per cent last month, helped by business activity and road construction.

5)India’s forex reserves jumped by $7.023 billion to touch a new high of $681.688 billion in the week ended August 23, the RBI said on Friday. The overall reserves had jumped by $4.546 billion to $674.664 billion in the previous week reporting.

6)Moody’s has raised India’s growth projections for 2024 and 2025, citing improving rural demand, while Fitch affirmed the country’s sovereign credit rating. Moody’s now expects India’s economy to grow by 7.2% in 2024, up from 6.8% and 6.6% in 2025, compared to 6.4% earlier.

7)According to data with the depositories, Foreign Portfolio Investors (FPIs) injected Rs 11,366 crore into the debt market this month (till August 24). This inflow came following a net investment of Rs 22,363 crore into the Indian debt market in July, Rs 14,955 crore in June and Rs 8,760 crore in May.

8)The Asset Under Management (AUM) of the microfinance industry (MFI) has increased by 22.8 per cent compared to June 30, 2023, and decreased slightly by 0.8 per cent compared to March 31, 2024, according to the data shared by Microfinance Industry Network (MFIN), a microfinance industry association and an RBI-recognised self-regulatory organisation, in its 50th edition of Micrometer for Q1 FY24-25. The report further added that the AUM of MFIs is Rs 1,44,797 crore as on June 30, 2024, including an owned portfolio of Rs 1,16,478 crore and a managed portfolio (off-balance sheet) of Rs 28,319 crore. The owned portfolio of MFIN members is 69 per cent of the NBFC-MFI universe portfolio of Rs 1,68,747 crore.

9)In June 2024, the Reserve Bank of India reported that bank deposits grew by 11.7 percent year-on-year (12.2 percent including mergers), down from 13.1 percent (13.7 percent) the previous quarter. The share of savings deposits fell to 29.8 percent from 30.1 percent last quarter and 31.8 percent a year ago, as more funds shifted to term deposits, which saw 66.9 percent of deposits earning 7 percent or more, up from 45.4 percent a year ago. Current account deposits dropped to 9.1 percent of total deposits, and the share of females in household deposits increased to 20.6 percent from 20.3 percent a year earlier.

10)In June 2024, the Reserve Bank of India reported that bank credit growth slowed slightly to 15.0 percent year-on-year, down from 15.6 percent the previous year. The private corporate sector’s share of total bank credit increased to 26.4 percent from 25.7 percent, while individuals accounted for 46.5 percent, with female borrowers rising to 10.9 percent. Public sector entities saw their share in total credit fall to 13.5 percent from 16.4 percent. Metropolitan branches, though still holding the majority of loans, saw their share decrease to 60.6 percent as urban and semi-urban branches grew. Public sector banks’ share of credit declined to 53.1 percent, with a corresponding rise for private sector banks, as the weighted average lending rate (WALR) increased to 10.23 percent from 10.18 percent last quarter.

11)In August 2024, the Reserve Bank reported that the weighted average lending rate (WALR) on fresh rupee loans rose to 9.40 percent in July 2024, up from 9.32 percent in June, while the WALR on outstanding loans remained at 9.91 percent. The 1-year median Marginal Cost of fund-based Lending Rate (MCLR) increased to 8.90 percent in August, up from 8.85 percent in July. On the deposit side, the weighted average domestic term deposit rate (WADTDR) on fresh deposits increased slightly to 6.48 percent in July 2024, while the rate on outstanding deposits edged up to 6.92 percent.

12)All-India HPI increased by 3.3 per cent (y-o-y) in Q1:2024-25 as compared to 4.1 per cent growth in the previous quarter and 5.1 per cent a year ago; annual HPI growth varied widely across the cities. On a sequential (q-o-q) basis, all-India HPI increased by 1.8 per cent in Q1:2024-25.

13)In July 2024, international trade in services saw exports rise to $30,580 million, up 16.6 percent year-on-year, while imports increased to $15,903 million, up 15.7 percent. This compares to June 2024, with exports at $28,818 million and imports at $15,021 million; May 2024, with exports at $29,764 million and imports at $16,744 million; and April 2024, with exports at $30,332 million and imports at $16,631 million.

14)The Union government on August 30 reduced the windfall tax on domestically produced crude oil to ₹1,850 per tonne from ₹2,100 per tonne, as per a new notification. The new rate will be in effect from August 31, according to an official notification.

15)The Reserve Bank released data on the performance of the private corporate sector for Q1:2024-25, covering 2,934 listed non-government non-financial companies, with comparisons to Q1:2023-24 and Q4:2023-24.

Sales: Aggregate sales growth for listed private non-financial companies was 6.9 percent year-on-year, up from 2.1 percent a year ago. Manufacturing led with 67.5 percent of total sales, though sales in cement, iron and steel, and other sectors declined.

Expenditure: Manufacturing raw material costs rose 6.4 percent, with staff costs up 10.7 percent. IT and non-IT services saw staff cost increases of 2.4 percent and 12.8 percent, respectively. Staff cost to sales ratios were 5.8 percent for manufacturing, 49.1 percent for IT, and 11.0 percent for non-IT services.

Pricing Power: Operating profit grew 9.6 percent and net profit 14.2 percent year-on-year. Manufacturing, IT, and non-IT services saw operating profit increases of 9.3 percent, 5.1 percent, and 6.0 percent, with margins at 14.6 percent, 22.5 percent, and 21.4 percent. Electricity and construction sectors reported higher profit growth of 28.6 percent and 28.4 percent.

Interest Expenses: Interest coverage ratios improved slightly to 7.9 percent for manufacturing and 1.8 percent for non-IT companies, while IT companies maintained a high ICR of 42.9 percent.

16)In July 2024, data from 41 select scheduled commercial banks, covering about 95 percent of total non-food credit, revealed a year-on-year growth of 15.1 percent, up from 14.7 percent last year. Credit to agriculture rose by 18.1 percent, while industry credit strengthened to 10.2 percent from 4.6 percent. Services sector credit growth slowed to 15.4 percent from 19.7 percent, with notable acceleration in commercial real estate, tourism, and software. Personal loan growth decreased to 17.8 percent from 18.4 percent, due to slower growth in other personal and vehicle loans, although housing loans accelerated.

AAA 3 Years Bond traded between 7.58%-7.62% this week.

AAA 5 Years Bond traded between 7.48%-7.52% this week.

AAA 10 Years Bond traded between 7.40%-7.45% this week.

•New Issuances:

BANK OF BARODA

Ratings: AAA/Stable by CRISIL & INDIA; Issue Size: 2000 + 3000 Crs; Maturity Date: 27/08/2034; Allocated 5000 Crs at 7.30%

HINDUSTAN PETROLEUM CORPORATION LIMITED\u0009

Ratings: AAA/Stable by IND & CRISIL; Issue Size: 500 + 2500 Crs; Maturity Date: 28/08/2029. 

Allocated 2500 Crs at 7.22%

ICICI SECURITIES PRIMARY DEALERSHIP LIMITED

Ratings: AAA/Stable by CARE & CRISIL; Issue Size: 300 + 100 Crs; Maturity Date: 26/04/2035. 

Allocated 300 Crs at 8.30%

STATE BANK OF INDIA T2

Ratings: AAA/Stable by ICRA & IND; Issue Size: 5000 + 2500 Crs; Maturity Date: 29/08/2039. 

Allocated 7500 Crs at 7.42%

BAJAJ FINANCE LIMITED

Ratings: AAA/Stable by & CRISIL & IND; Issue Size: 500 + 2500 Crs; Maturity Date: 31/07/2029.

Allocated 1290 Crs at 7.93%

INDIAN RAILWAY FINANCE CORPORATION LIMITED

Ratings: AAA/ by CRISIL & ICRA; Issue Size: 500 + 2500 Crs; Maturity Date: 29/08/2034.

Allocated 2900 Crs at 7.25%

CENTURY TEXTILES AND INDUSTRIES LIMITED

Ratings: AA/ by CRISIL & CARE; Issue Size: 500 + 0 Crs; Maturity Date: 30/08/2029.

Allocated 400 Crs at 8.55%

Ratings: AA/ by CRISIL & CARE; Issue Size: 400 + 100 Crs; Maturity Date: 30/08/2027.

Allocated 500 Crs at 8.35%

DATA INFRASTRUCTURE TRUST

Ratings: AAA/ by CRISIL & CARE; Issue Size: 1850 + 0 Crs; Maturity Date: 31/03/2028.

Allocated 1850 Crs at 8.00%

INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED

Ratings: AAA/ by INDIA & CARE; Issue Size: 500 + 460 Crs; Maturity Date: 02/09/2034.

Allocated 960 Crs at 7.37%

THDC INDIA LIMITED

Ratings: AA/ Positive by INDIA & CARE; Issue Size: 200 + 400 Crs; Maturity Date: 03/09/2034.

Allocated 600 Crs at 7.72%

CANARA BANK PERP

Ratings: AA+/ by INDIA & ICRA; Issue Size: 1000 + 2000 Crs; Call Date: 29/08/2029.

Allocated 3000 Crs at 8.27%

JSW STEEL LIMITED

Ratings: AA/ Stable by ICRA; Issue Size: 1750 + 0 Crs; Call Date: 30/08/2029.

Allocated 1750 Crs at 8.35%

Ratings: AA/Stable by ICRA; Issue Size: 250 + 250 Crs; Call Date: 29/08/2031.

Allocated 500 Crs at 8.43%

•Fixed Income

The New 10-Year Benchmark GOI 7.10 2034 traded between 6.84% - 6.87% during this week.

The Old 10-Year Benchmark GOI 7.18 2033 traded between 6.87% - 6.90% during this week, tracking movement involved around US Treasury Yields and economic data release. 

•Auction Highlights

RBI conducted the Auction for G-sec, SDL, and T-Bill for the aggregated amount of INR 30,000 Crore, INR 36,250 Crore, and INR 20,000 Crore, respectively. 

G-sec Cutoff: 

7.10% GS 2034: 101.58/6.8711%\u0009\u0009\u0009\u0009

7.09% GS 2054: 100.78/7.0266%\u0009

SDL Cutoff: 

05 Years: TN 7.05%

09 Years: BH 7.25%, RJ 7.23%

10 Years: HR 7.23%, MH 7.20%, RJ 7.22%

12 Years: AP 7.24%, HR 7.24%, MN 7.27%, PN 7.26%

13 Years: PN 7.26%

14 Years: MP 7.26%

15 Years: AS 7.26%, KL 7.26%, MH 7.24%

17 Years: AP 7.27%

18 Years: RJ 7.27%

20 Years: MH 7.25%

21 Years: MP 7.22%

22 Years: AP 7.23%, RJ 7.23%

25 Years: MH 7.22%, WB 7.23%

30 Years: JK 7.23%, TN 7.22%

35 Years: KL 7.22%

T-Bill Cutoff:

091 Days: INR 8000 Crore 98.3729/6.6342%

182 Days: INR 6000 Crore 96.7574/6.7210%

364 Days: INR 6000 Crore 93.7215/6.7175%\u0009

•Commodities:

1)Brent Crude Oil: $76.70-$80.53 (Per barrel)

2)Gold: INR 7,304-INR 7,325 24 Carat (1 Gram)

3)Silver: INR 87,900-INR 88,500 (1 KG)

•US Treasury Yield: 

1)US 2 Years Treasury: 3.84%-3.96%

2)US 5 Years Treasury: 3.61%-3.72%

3)US 10 Years Treasury: 3.77%-3.92%

The uptrend in Comex gold witnessed in July spilled over to August as well. The price of Comex gold scaled a new all-time high and settled above the psychological $2,500-level.

The weakness in the U.S. Dollar along with the expectations of an interest rate cut in the U.S. played a key role in bolstering sentiment towards the precious metals.

There is a tendency among several individuals to invest in companies they work for. The argument is they understand the company’s business well enough to ‘know’ the stock is a good investment. In this article, we discuss the risks associated with such investment. We also discuss why individuals make such investments and how to moderate the risk.

Buzzing stocks: Auto stocks, 63 moons, Bajaj HF, PVR Inox, NBCC, NTPC, Hero MotoCorp, BLS International, Powergrid, Oil India, Biocon, Insecticides, energy stocks, Emami, Century Textiles, GPT Infra

Actual: 50.4 

Expected: 50.0

Previous: 49.8

U.S. Market @ Holiday

07.15 CHINA Caixin Manufacturing PMI (Expected: 50.0 versus Previous: 49.8)

10.30 INDIA HSBC Manufacturing PMI (Expected: 57.9 versus Previous: 58.1)

13.30 EURO Final Manufacturing PMI (Expected: 45.7 versus Previous: 45.6)

14.00 U.K. Final Manufacturing PMI (Expected: 52.5 versus Previous: 52.1)

Relaxo Footwears (RLXF), a Fortune 500 (India) company, has established itself as a pioneer in the mass segment (50 per cent+ share of total footwear industry), open footwear category, offering quality products at affordable prices. The company’s product portfolio includes rubber-based hawai slippers, EVA slippers, PU slippers, casual shoes, sports shoes, sandals, and school shoes across all customer segments in the mass & economy price categories. 

In Q1-FY25, Ugro Capital reported a 38 per cent growth in its total income on a y-o-y basis, amounting to ₹301.60 crore, driven by a 44 per cent growth in Interest Income. The company’s PPOP grew to ₹76 crore, showcasing a growth of about 44 per cent on a y-o-y basis. PAT increased by 20 per cent to ₹30.40 crore.

Turnover: (NSE + BSE)

Cash Volume: 224107.98 + 8944 Total: 233051.98

F&O Volume: 466830.38 + 38890930.15 Total: 39357760.53

Provisional Cash

FII/FPI: NET BUY: +5318.14 

(89967.84 - 84649.7) 

DII: NET SELL: -3198.07 

(18357.37 - 21555.44)

Here is what the charts say about the shares of Finolex Industries, Radico Khaitan and UPL

Here’s an interesting stock idea: The stock idea that we have for you today is Laurus Labs. This stock has been moving up well over the last couple of weeks. Last week the stock has risen well breaking above a key resistance and has closed on a strong note. ​

#Nifty has risen breaking above the resistance level of 24,850 as expected last week. After the initial rise, #Nifty was bought every time it dipped below 25,000 last week. That indicates the presence of strong buyers at lower levels.

Reliance Industries remained the most valued firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, SBI, LIC, Hindustan Unilever and ITC.

Eighteen companies have filed their draft offer documents for initial public offerings (IPOs) in August, the most number of filings in a month this year and the third highest in a decade.

Top filings this month include JSW Cement, International Gemmological Institute, Hero Fincorp, and Manjushree Technopack. Each of these firms may raise ₹3,000-4,000 crore.

The IPO market has seen an upswing in the past few weeks, driven by strong market sentiment, liquidity, and stable macro-economic factors, said experts.

Long-term investors with about two years can buy Hatsun Agro Product (₹1,309.70) at current levels. The stock has been moving up since July after forming a strong base around ₹1,000

We zoom in on the prospects of Castrol India, as also the prospects of two other stocks — Ujjivan Small Finance Bank and Goa Carbon

The list of malpractices by company promoters is ever-growing. Promoters of Rana Sugars and Debock Industries have now joined the infamous list of Manpasand Beverages and Add Shop-E Retail, among others.

The regulator’s findings against Debock Industries reveal how some promoters list their businesses for the sole purpose of milking public investors. According to SEBI findings, the intention of Debock Industries at the time of listing itself was to defraud investors. “It also appears that the very purpose behind listing this company was to defraud investors, and make huge gains for personal benefit,” the SEBI order said.

Bajaj Housing Finance is set to float its much-awaited ₹6,560-crore initial share-sale for public subscription on September 9.

The initial public offering (IPO) will conclude on September 11 and the bidding for anchor investors will open for a day on September 6, according to the red herring prospectus (RHP).

The proposed IPO comprises a fresh issue of equity shares of up to ₹3,560 crore and an offer for sale (OFS) of equity shares to the tune of ₹3,000 crore by parent Bajaj Finance.

NBCC (India) board has recommended the issuance of bonus shares to the shareholders of the company in the ratio of 1:2.

The last bonus that NBCC (India) announced was in 2017.

The meeting held on Saturday recommended the issuance of bonus shares in ratio of 1:2 i.e. one new fully paid-up equity share of ₹1 each for every 2 existing fully paid-up equity share of ₹1 each to the eligible shareholders of the company as on record date.

NBCC stock trades flat on the NSE, trading at ₹186.50. 

Nifty 50 and Sensex continued to rise for the third consecutive week. The benchmark indices made a new high last week and have closed on a strong note. Continuous buying at lower levels indicates the presence of strong buyers in the market. That leaves the broader bullish view intact. On the charts, both the Sensex and Nifty 50 are looking strong. 

After a strong performance in recent months, PSU stocks are now tumbling across the board due to concerns about overvaluation, slowing earnings growth, and mandatory dividend payouts.

In the last one year, PSU stocks have witnessed a sharp rally riding on bullish sentiments and monopoly business.