Share Market Highlights 24th September 2024: Sensex jumps 0.45%, Nifty closes at 25,939.05. Top gainers Tata Steel, Hindalco

In the morning trade, the 30-share BSE Sensex scaled the 85,000 level for the first time, while the NSE Nifty hit the historic 26,000 mark during the fag-end.

After oscillating between highs and lows, the 30-share BSE benchmark dipped 14.57 points or 0.02% to settle at 84,914.04. During the day, it jumped 234.62 points or 0.27% to scale a fresh all-time intra-day peak of 85,163.23.

The Nifty eked out a marginal gain of 1.35 points or 0.01% to 25,940.40. During the day, it climbed 72.5 points or 0.27% to hit a new record intra-day high of 26,011.55.

Foreign Institutional Investors (FIIs) bought equities worth ₹404.42 crore on Monday, according to exchange data.

S&P Global Ratings on Tuesday retained India’s growth forecast at 6.8% for the current fiscal and said it expects the RBI to start cutting interest rates in its October monetary policy review.

Global oil benchmark Brent crude jumped 2.35% to $75.64 a barrel.

Rallying for the third day running on Monday, the BSE benchmark jumped 384.30 points or 0.45% to settle at an all-time high of 84,928.61. The NSE Nifty climbed 148.10 points or 0.57% to close at a record peak of 25,939.05. (PTI)

The rupee depreciated 11 paise to close at 83.65 (provisional) against the American currency, weighed down by a muted trend in domestic equities and rising crude oil prices.

The Indian rupee opened higher on Tuesday as domestic equities touched fresh record highs. However, the rupee lost early gains and closed in the red and domestic equity markets also followed suit and closed in the negative territory.

Forex traders said a surge in crude oil prices weighed on the rupee, while the US Dollar weakened as China announced fresh stimulus to boost its economy.

At the interbank foreign exchange market, the local unit opened at 83.54 against the American currency and finally settled at 83.65 (provisional) against the US dollar, down 11 paise from its previous close. (PTI)

Read more here.

SBI Life (-2.78%), Hindustan Unilever (-2.51%), Grasim (-1.61%), Ultratech Cement (-1.51%), Shriram Finance (-1.39%)

Tata Steel (4.32%), Hindalco (4.12%), Power Grid (2.77%), Tech Mahindra (1.97%), Adani Enterprises (1.86%)

Ceigall India Limited has received the Letter of Acceptance for construction of 4/6 Lane Southern Ayodhya Bypass from km. 5.000 to km. 37.172 (starting near km. 112.540, ending at km. 153.281 of NH27) of total length of 32.172 km. on HAM basis under NHDP Ph-VII in the state of Uttar Pradesh.

(bid cost ₹1299 crore.)

Shares closed flat at ₹388.50 on the NSE.

Hindustan Foods Limited board has approved the Scheme of Arrangement between Avalon Cosmetics Private Limited and Vanity Case India Private Limited and Hindustan Foods Limited involving the following:- 

i. Demerger of the Contract Manufacturing (Nashik) Business of Avalon Cosmetics Private Limited into Hindustan Foods Limited 

ii. Amalgamation of Vanity Case India Private Limited with Hindustan Foods Limited 

iii. Various other matters consequential or otherwise integrally connected herewith. 

Hindustan Foods stock declines 2.20% to trade at ₹648.05 on the NSE.

Goa Carbon informed that the operations at the company’s Paradeep Unit located at Vill. Udayabata, Paradeepgarh, Dist. Jagatsinghpur, Odisha has resumed. 

Shares trade flat on the NSE at ₹807.25

Top gainers:

Tata Steel (4.16%), Hindalco (3.89%), Power Grid (2.59%), Tech Mahindra (1.92%), Adani Enterprises (1.54%)

Top losers:

SBI Life (-2.88%), Hindustan Unilever (-2.48%), Grasim (-1.97%), Ultratech Cement (-1.68%), Shriram Finance (-1.64%)

Stocks advanced on BSE at 3 pm on September 24, 2024, were 1,937 against 2,013 stocks that declined, and 103 remained unchanged. Total stocks traded were 4,053. The number of stocks that recorded a 52-week high was 296, and those that hit a 52-week low was 29. 

A total of 365 stocks traded in the upper circuit, and 233 in the lower circuit.

Urgo Capital board has approved the public issuance of secured, rated, listed redeemable, nonconvertible debentures for an amount of ₹10,000 lakh with an option to retain oversubscription up to ₹10,000 lakh, cumulatively aggregating up to ₹20,000 lakh.

Ugro Capital stock trades flat on the NSE at ₹265.

TVS Motor Company has unveiled new addition to its TVS RONIN series

Shares trade at ₹2,862.40 on the NSE, up 0.60%

KIOCL has informed that Brickwork Ratings India Pvt. Ltd. has downgraded the ratings for Bank Loan Facilities aggregating to ₹1,608.00 Crore for Fund-based and non-fund-based facilities.

KIOCL stock trades flat on the NSE at ₹392.70.

Vaishali Pharma Limited plans strategic merger and acquisition to deepen roots, expand product portfolio, and strengthen position in global pharmaceutical market.

Vaishali Pharma stock climbed 4.07% on the NSE, trading at ₹202.59

The metal and mining sector has surged today following China’s announcement of measures to boost the property market. The Chinese government is expected to lower the outstanding mortgage rate and reduce the down payment required for second home purchases. Additionally, there may be opportunities to renegotiate or refinance existing mortgages among banks, and the government plans to enhance its re-lending program for state-owned firms to help absorb unsold property inventories.

Historically, while a rebound in metal prices is anticipated in the short term, it has often fallen short of expectations.

We believe that the Chinese housing market has been struggling for the past four years, and unless there is stabilization in prices and a reduction in unsold inventory, any government initiatives will likely be inadequate.

Western Carriers (India) Ltd made a subdued debut on the stock market, listing at Rs 171 per share, exactly matching its issue price. Western Carriers (India) Limited is a Multi-modal, rail-focused, 4PL asset-light logistics company. The company has exhibited slow but consistent financial growth with a positive trajectory. The company faces a long payment cycle and is exposed to several operational risks.

Despite a good subscription of 31 times, the listing’s lack of premium indicates a cautious approach from investors. Investors who participated in the IPO may consider holding their shares while closely monitoring the company’s performance and market conditions. Short-term traders may hold with the stop loss of 155-160 and others may hold for the long term.

Aluminium futures (September series) on the Multi Commodity Exchange (MCX) has been charting a sideways trend over the past few sessions

Balu Forge Industries Ltd (BFIL) has announced the recent acquisition of CNC Machines capable of 7 Axis machining, which is suitable for more critical offerings in a spectrum of industries with specific focus areas of Aerospace, Defence & Railways. 

Shares climb 5.34% to trade at ₹843 on the NSE.

Puravankara Ltd has announced the ‘Purva NRI Home Fest,’ a special event designed to showcase its projects to Non-Resident Indians (NRIs) in Dubai. The two-day event will take place at the Shangri-La Dubai, September 28-29.

Stock trades at ₹430 on the NSE, down by 2.22%

Top gainers: Tata Steel (3.31%), Power Grid (2.37%), Hindalco (1.29%), BPCL (0.98%), L&T (0.85%)

Top losers: Hindustan Unilever (-1.83%), Nestle India (-1.67%), SBI Life (-1.36%), Ultratech (-1.29%), LTIMindtree (-1.27%)

Of a total of 3,951 stocks traded on the BSE at 12 noon on September 24, 2024, 1,884 advanced, against 1,936 stocks that declined, and 131 remained unchanged. While 275 stocks recorded a 52-week high, 26 hit a 52-week low. 

A total of 321 stocks traded in the upper circuit, and 194 in the lower circuit.

A study by Motilal Oswal AMC, BSE TECk index has shown resurgence in recent times, giving a 25.3% return during the first 8 months of CY 2024. In the last one year, the BSE TECk has given returns of 42.12% from 30th August 2023 to 30th August 2024. During the same period, the Nifty 50, Nifty 500, and Nifty IT provided returns of 31.07%, 40.24%, and 37.29%, respectively.

The BSE TECk Index has been offering consistent returns over the past five years. The index only underperformed in CY 2022, when the global-economical recovery post COVID, drop in GDP numbers of US in first quarter, Tech sector shares underperformance, impacted the index. In 2023, the index has given 18.8% return. While in 2020 it offered 43.8% return and 49.7% return in 2021.

The study also reveals that from March 2024 to August 2024, the BSE TECk delivered a return of 23.91%, followed by the Nifty IT at 22.61%. The Nifty 50 and Nifty 500 had returns of 13.03% and 17.18%, respectively.

In the three months from June to August 2024, the BSE TECk recorded returns of 27.37%. In comparison, the Nifty 50, Nifty 500, and Nifty IT provided returns of 12.01%, 12.47%, and 32.12%, respectively.

In the last 1 month (August 1, 2024, to August 30, 2024), the BSE TECk showed growth of 4.58%. The Nifty IT achieved growth of 4.74% during the same period. The Nifty 50 and Nifty 500 recorded returns of 1.14% and 0.87%, respectively, in August 2024.

Gold prices may scale $3000/oz globally in the medium to long term

“Gold prices have scaled a fresh high of USD 2,660 in early trade today. The key drivers behind this rally can be attributed to the positive global cues followed by strong anticipation for further rate cuts by the US Fed in the upcoming meetings. The geopolitical tensions between Israel and Lebanon are also pushing gold prices up. 

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Back in domestic market, the sentiment is upbeat as the festive season has already begun. However, presently due to Shradh period, the demand may witness some softness but is expected to gain momentum at the onset of Navratri till Dhanteras. Gold prices have managed to cross the critical resistance level of $2630 comfortably. This indicates a strong support towards $3000 levels in the medium to long-term. The prices in the domestic market is expected to cross INR 78,000 domestically.”

Advik Capital enters Supply Chain Financing with MOU signed with Leading Agri‐Product FMCG Company, aiming to expand into diverse Industries ahead

Advik Capital shares trade at ₹3 on the BSE.

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

AstraZeneca (11.49%), Sapphire (9.69%), Balu Forge (5.91%), TVS Holdings (5.58%), Reliance Power (4.98%), Senco Gold (4.71%)

Coal India stock trades flat on the NSE at ₹503.55. Company entered into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) to undertake renewable energy business in Rajasthan.

Ceinsys Tech Ltd. has allotted equity shares on a preferential allotment basis and share warrants to raise ₹235 crore (US $ 28 mn).

Shares trade flat on the BSE at ₹735.

L&T has secured mega orders worth ₹10,000-15,000 crore in the Middle East for expanding and strengthening the electricity grids at high voltage levels.

Shares trade flat on the NSE at ₹3,823.85.

SpiceJet has resolved its dispute with Engine Lease Finance Corporation (ELFC), which had previously claimed $16.7 million. It has agreed to settle for an undisclosed amount, which is lower than the initial claim.

Spicejet stock trades at₹69.37 on the NSE, lower by 1.29%.

Sealmatic has bagged an order for engineered mechanical seals for a super critical power plant through BHEL for the DVC Raghunathpur Thermal Power Station Phase - II 660 MW X 2 = 1320 MW

Sealmatic stock surged 5.06% to trade at ₹634.15 on the BSE.

Zydus Wellness Sikkim, a wholly-owned subsidiary of Zydus Wellness, has received an Assessment Order from the Excise and Taxation Officer cum notified authority, U.T, Chandigarh, under Section 29(2) of The Punjab VAT Act, 2005 and The CST Act, 1956 alleging demand of ₹0.31 million towards VAT (including penalty of ₹ 0.16 million) and ₹ 2.78 million towards CST, aggregating to ₹3.09 million for FY 2014-15. 

Zydus Wellness stock slipped 1.49% on the NSE, trading at ₹2,049.35

The Nifty 50 is managing to hold higher. The index is trading marginally up by 0.05 per cent today. It is currently at 25,952. The advances/ declines ratio is at 25:25. This gives a mixed picture. It also indicates that the index can go either way during the day. Read more

The rupee witnessed range-bound trade in the morning session on Tuesday and depreciated 3 paise to 83.57 against the US dollar, amid a muted trend in domestic equities and rising crude oil prices. Read more

Track the Arkade Developers stock price movements live here

NORTHARC 

NSE: ₹350

BSE: ₹351

ISSUE PRICE: ₹263

LOT: 57 SHARES

NET CHANGE: ₹87

%CHANGE: 33.08%

PROFIT (57): ₹4959

PROFIT ( 798 SHNI): ₹69426

ARKADE 

NSE: ₹175

BSE: ₹175.90

ISSUE PRICE: ₹128

LOT: 110 SHARES

NET CHANGE: ₹47

%CHANGE: 36.72%

PROFIT (110): ₹5170

PROFIT ( 1650 SHNI): ₹77550

WCIL 

NSE: ₹171

BSE: ₹170

ISSUE PRICE: ₹172

LOT: 87 SHARES

NET CHANGE: ₹-1

%CHANGE: -0.58%

LOSS (87): ₹87

LOSS ( 1218 SHNI): ₹1218

CLSA on Fusion Fin

Downgrade To Underperform From Outperform, Target Cut To 260 From 550

Recently Disclosed Higher Credit Costs For Q2 Indicates That Collection Efficiency Has Not Improved

Collection Efficiency Had Dipped At End Of Q1 & Indicates It Has Not Improved In Past 2 Months

Co Undergoing Multiple Process & Leadership Changes

Citi on Voda Idea

Buy Call, Target 17 From 22

Network Equipment Deal Of Rs 30,000 Cr Underscores That Investment Plans Remain Unaffected

Co Highlighted That It Is Now Engaging Directly With Gov’t To Find Resolution To AGR Issue

VI Also Expects To Complete Its Pending Bank Debt Raise In The Next 7-8 Weeks

Co Is Hopeful Of Another Tariff Hike In 15 Months

Macquarie on Voda Idea

U-P, TP Rs 10

Further, VI management’s comments of similar ARPU hike (10-25% across different plans in Jul-24) in 15 months is at least 3 months behind consensus view

Equity dilution is part of VI’s biz plan per management comments, confirming concerns

MOSL on Voda Idea

Neutral Call, Target Rs 12

Co Expects Subscriber Churn To Reduce From Q4 Onwards

Subscriber Churn To Reduce Since Capex Rollout Is Expected To Commence From Q3

Debt Fundraising Of Rs 35,000 Cr To Conclude In 7-8 Weeks

Another Tariff Hike Of 20% Is Expected Next Year

Co Expects Equity Conversion To Commence Once Moratorium Ends

HSBC on IIFL Fin

Upgrade To Hold, Target Raised To Rs 540 From 350

RBI Lifted Gold Loan Business Restrictions, Normalisation Of Biz Is A Strong Tailwind

Upgrade FY25-27 EPS Estimates By 6-16%

Stock Is Up 65-70% From March 2024 Lows

Current Valuations Price In Most Positives

HSBC on Kalyan Jewellers

Buy Call, Target Rs 810

Think Kalyan Is Midway Into Its Value-Creation Journey Driven By Aggressive Network Rollout

Continued Exponential Growth Will Act As A Key Catalyst In Our View

Emkay on GMR Power

Initiate Buy, Target Rs 180

Numerous Optionality Prop Up Bull Case Target To Rs 205

Core Thermal Assets (1,650 MW) Are Nearing Optimal Performance On Coal Tie-Ups

PPAS Of 90% Capacity, Improving Debt Metrics

Incremental Smart Meter Contracts, Monetisation, & Disputes Settlement Provide Optional Value

Kotak Inst Eqt on CONCOR

Sell, TP Rs 710

Industry data for rail transportation rates from Oct 1 suggests static pricing (for long) for key rail container routes

Same suggests weak demand trends continuing in contrast to Co’s expectation of sharp vol recovery from 2Q

Declining crude may be an add-on negative for rail operators versus road operators

Read less into recent handling & storage charges, assuming same to impact a small proportion of volumes & potentially being a temporary one

MOSL on Utilities

Initiate with BUY on Power Grid, JSW Energy, Tata Power

Initiate Neutral on NTPC & IEX

See colossal multi-decade investment opportunity of Rs 40t & more

Power demand growth accelerating at 7% CAGR (vs. 5% earlier)

Power Grid- Buy, TP TRs 425

JSW Energy - Buy, TP Rs 917

Tata Power - Buy, TP Rs 530

NTPC - Neutral, TP Rs 450

IEX - Neutral, TP Rs 226

Nomura on IPCA Labs

Buy, TP raised to Rs 1750

Growth ahead of broader market in India, & scope for EBITDA margin expansion to drive val

+ve view based on

1) consistent outperformance in domestic formulation market &believe it will contribute 50% of FY26/27F EBITDA

2) scope for improvement in other biz segmentsparticularly in generics & API

3) cost & rev synergies at sub (Unichem)

Est 30% earnings CAGR over FY25-27F & growth momentum may remain strong post-FY27F as well

Biocon Biologics Global plc (the “Issuer”), incorporated under the laws of the UK and being a subsidiary of Biocon Biologics UK Ltd, which is a subsidiary of Biocon Biologics Ltd (“Biocon Biologics”) and a step-down subsidiary of Biocon Ltd (the “Company”), is proposing to offer senior secured notes (the “Notes”). A preliminary offering memorandum dated September 23, 2024 (the “Offering Memorandum”) has been prepared which shall be made available to the prospective investors and shall be submitted with the Singapore Exchange Limited (“SGX”). The notes shall not be offered or sold in India.

Biocon stock trades flat on the NSE at ₹371.75

Top gainers: Tata Steel (1.82%), Hindalco (1.74%), JSW Steel (1.62%), Nestle India (1.30%), Tata Motors (1.20%)

Top losers: Bajaj Finance (-1.09%), Infosys (-0.95%), HDFC Life (-0.92%), SBI Life (-0.84%), Hindustan Unilever (-0.70%)

Shares of Chennai-based Northern Arc Capital Ltd will be listed at the bourses today. The company, formerly known as IFMR Capital, Finance has fixed the IPO price at ₹263, at the upper ed of the price band ₹249-263. Read more

Shares of Arkade Developers will be listed at the bourses today. The IPO was subscribed 106.40 times, attracting all categories of investors. The company has fixed the issue price as ₹128, at the upper end of the price band of ₹121-128. Read more

NIFTY 50: SPOT SUPPORT AT 25800 BELOW THIS 25700, RESISTANCE AT 26000 ABOVE THIS 26100

BANKNIFTY: SPOT SUPPORT AT 53800 BELOW THIS 53500, RESISTANCE AT 54300 ABOVE THIS 54500

NIFTY FIN SERVICE: SPOT SUPPORT AT 24800 BELOW THIS 24700, RESISTANCE AT 25000 ABOVE THIS 25100\

BSE SENSEX: SPOT SUPPORT AT 84600 BELOW THIS 84300, RESISTANCE AT 85000 ABOVE THIS 85300

Securities in Ban For Trade Date 24-SEP-2024:\ 

1 AARTIIND

2 ABFRL

3 BIOCON

4 CHAMBLFERT

5 GNFC

6 GRANULES

7 IDEA

8 LICHSGFIN

9 NATIONALUM

10 OFSS

11 PNB

12 SAIL

G R Infraprojects: Company emerged as lowest bidder for project with bid value Rs 9.04 billion (Positive)

Power Grid: Company has been announced as the successful bidder for project, which involves providing dynamic reactive compensation at khavda pooling station 1 and khavda pooling station 3. (Positive)

Navkar Corporation: Company has received no objection from the Ministry of Railways for the change of control of its promoters to JSW Port Logistics Private Limited. (Positive)

PCBL: Company Plans To Acquire 100% Of Enersil’s Shareholding for an Amount Equivalent to AUD 2,000,100, Acquisition Aims to Enhance PCBL’S Product Offerings in a Growing Market, Particularly for Electric Vehicles. (Positive)

Fermenta Biotech: Company receives EU GMP certification for its Dahej manufacturing facility, Gujarat. (Positive)

Sam Industries: Company has entered into a nine-year lease agreement with N. M. Fashion Designs Private Limited for a portion of its premises in Indore (Positive)

Bank of Baroda: Company launches co-branded travel debit card with Ease My Trip. (Positive)

NTPC: NTPC Green Energy IPO likely in early November. (Positive)

Reliance Power: Board of Directors has approved issuance of equity shares and/or warrants of the Company at an Issue Price of Rs. 33/- per share aggregating Rs. 1524.60 crore (Positive)

Coal India: Company signs joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam for renewable energy business in Rajasthan (Positive)

Astra Zeneca: Company has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Positive)

Firstsource: Company’s UK arm acquires Ascensos for £42 million (Positive)

Bharti Airtel: Company has expanded its network in Gujarat, deploying 8 new cellular towers daily for the past 7 months, reaching over 1,700 new towers. (Positive)

Vipul Limited: Company announced that Mr. Kapil Dutta, an Independent Director, has completed his second five-year term and ceased to be a Director effective September 23, 2024. (Neutral)

Ujaas Energy: Company received an arbitration award of INR 8.31 crore with 9% interest from Hindustan Aeronautics Limited for a 15 MW solar power project. (Neutral)

Mawana Sugars: Company’s shareholders have approved the appointment of Mr. Rakesh Kumar Gangwar as a Director and Managing Director of the company. (Neutral)

Linde India: Company has appointed Subba Rao Amarthaluru and Gobichettipalayam Sreenivasan Krishnan as Non-Executive Independent Directors for a 5-year term, effective September 23, 2024. (Neutral)

Pondy Oxides: Company announced plans to raise up to Rs 250 crore through a Qualified Institutional Placement. (Neutral)

Thangamayil Jewellery: Company has announced a board meeting on September 26th to consider raising funds through equity shares, convertible bonds, or debentures. (Neutral)

RateGain: Company has announced the resignation of Nitin Kumar, Executive Vice President. (Neutral)

Patanjali Foods: Company has invested Rs 250 million by way of subscription in the equity share capital of its unit contemporary agro Pvt Ltd, on right basis (Neutral)

United Breweries: Board Meeting On Oct 24 to Consider Q2 Results (Neutral)

Punjab National Bank: Company approves floor price of QIP at 109.16 rupees/share (Neutral)

Spandana: Company has approved the sale of a stressed loan portfolio, including written-off loans with an outstanding value of ₹304.41 crore (Neutral)

Biocon: Fitch assigns first time ‘BB-’ IDR to Biocon Biologics; rates proposed senior secured notes ‘BB’. (Neutral)

Adani Power: Bangladesh’s interim government pays about $150 million out of $800 million in dues for power supplied by Adani Power’s coal-fired plant in Godda. (Neutral)

BGR Energy: Company said it has received a notice of contract termination from the Chennai Metropolitan Water Supply and Sewage Board for project for a 45 MLD capacity tertiary treatment reverse osmosis (TTRO) plant in Kodungaiyur. (Negative)

Shriram Prop: FIR filed against former Tamil Nadu Minister mentions former JV of Shriram Properties. (Negative)

Domestic markets are expected to remain buoyant on Tuesday as well, though analysts advise caution ahead of F&O monthly expiry. Gift Nifty at 25,970 signals a flat to positive opening for Nifty. Individual stocks may see heightened volatility due to rollover of open interest positions, they said. Read more

SEBI conducted an examination in the matter of Brightcom Group Ltd (BGL) for the alleged violation of LODR (Listing Obligations and Disclosure Requirements) rules. It initiated proceedings against BGL in the matter and issued show-cause notice on May 31, 2024. Read more

Symbol: NORTHARC 

Series: Equity “B Group” 

BSE Code: 544260 

ISIN: INE850M01015 

Face Value: Rs 10/- 

Issued Price: Rs 263/- per share

Symbol: WCIL 

Series: Equity “B Group” 

BSE Code: 544258 

ISIN: INE0CJF01024 

Face Value: Rs 5/- 

Issued Price: Rs 172/- per share

Symbol: ARKADE 

Series: Equity “B Group” 

BSE Code: 544261 

ISIN: INE0QRL01017 

Face Value: Rs 10/- 

Issued Price: Rs 128/- per share

MS on ONGC: Maintain Overweight on Company, target price at Rs 430/Sh (Positive)

Nomura on IPCA Labs: Maintain Buy on Company, raise target price at Rs 1750/Sh (Positive)

Emkay on GMR Power: Initiate Buy on Company, target price at Rs 180/Sh (Positive)

MOSL on Power Grid: Maintain Buy on Company, target price at Rs 425/Sh (Positive)

MOSL on JSW Energy: Maintain Buy on Company, target price at Rs 917/Sh (Positive)

MOSL on Tata Power: Maintain Buy on Company, target price at Rs 530/Sh (Positive)

Citi on Vodafone Idea: Maintain Buy on Company, target price at Rs 17/Sh (Positive)

Emkay on PayTM: Upgrade to Add on Company, raise target price at Rs 750/Sh (Positive)

HSBC on IIFL FIn: Upgrade to Hold on Company, target price at Rs 540.0/Sh (Positive)

Nuvama on Auro Pharma: Maintain Buy on Company, raise target price at Rs 1730/Sh (Positive)

Bernstein on Life Insurance: Private life insurers have delivered 20%+ returns over the last 3 months (Positive)

IIFL on Cement Stocks: All-India average cement price up by Rs 8/bag or 2.6% in sept (MoM) (Positive)

Jefferies on IT Sector: Management of HCLTech, TechM and LTIMindtree highlighted that there has been no material change in the demand environment recently (Neutral)

MOSL on NTPC: Maintain Neutral on Company, target price at Rs 450/Sh (Neutral)

MOSL on IEX: Maintain Neutral on Company, target price at Rs 226/Sh (Neutral)

Equirus on Astec Life: Downgrade to Sell on Company, cut target price at Rs 970/Sh (Negative)

* AARTIIND

* ABFRL

* BIOCON

* CHAMBLFERT

* GNFC

* GRANULES

* IDEA

* LICHSGFIN

* NATIONALUM

* OFSS

* PNB

* SAIL

G-Sec Closing lvl

7.38 Jun 2027 101.6875 6.6893

7.06 Apr 2028 101.1350 6.6935

7.04 Jun 2029 101.4100 6.6815

7.32 Nov 2030 102.9075 6.7313

7.02 Jun 2031 101.5200 6.7328

7.18 Aug 2033 102.5600 6.7812

7.10 Apr 2034 102.3000 6.7682

7.18 July 2037 103.9825 6.8258

7.23 Apr 2039 103.6900 6.8254

7.30 Jun 2053 104.7200 6.9183

7.09 Aug 2054 101.8625 6.9404

7.34 Apr 2064 105.1200 6.9577

7.46 Nov 2073 106.9600 6.9575

NDS OM : 50700.00 crs

SDL Lvl

10 yr 7.11-7.10

15 yr 7.12-7.10

20 yr 7.11-7.10

Tbill Lvl

091 DTB 6.52-6.50

182 DTB 6.57-6.55

364 DTB 6.57-6.55

OIS

1Y 6.39/6.38

3Y 6.02/6.01

5Y 6.01/6.00

1Year fwds 198.50/199.50

Spot 83.55

US 10Y 3.75

Brent 74.68

Individuals continue to lose money in derivatives trading, a fresh study by market watchdog SEBI has shown. Aggregate losses of individual traders exceeded ₹1.8-lakh crore between FY22 and FY24. Ninety three per cent of over 1 crore individual F&O traders incurred average losses of around ₹2 lakh per trader, inclusive of transaction costs. Top 3.5 per cent of loss-makers, about 4 lakh traders, lost ₹28 lakh per person, on average. Read more

Foreign portfolio investors (FPIs) have raised their net long positions on index futures in the past week. 

As of Friday, these investors were 76 per cent long in index futures. On Monday, this figure moved up further to nearly 80 per cent. The number of long contracts formed by FPIs stood at 5.25 lakh as on Friday, a record, beating the previous high of 5.13 lakh contracts as on July 18 this year. In value terms, the investors have added net longs to the tune of $1,366 million in the five days to Friday, data from Nuvama Alternative & Quantitative Research showed. Read more

23 September 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 112766.26 + 8286 Total: 121052.26

F&O Volume: 826736.76 + 18673537.92 Total: 19500274.68

Provisional Cash

FII/FPI: NET BUY: +404.42 

(12094.89 - 11690.47) 

DII: NET BUY: +1022.64 

(11666.36 - 10643.72)

BREAKING: China is cutting its reserve requirement ratio for banks by 50 basis points.

As China’s economy slows, their central bank is attempting to stimulate demand.

AutoZone, Inc (Pre market) (Sector- Retailer)

Thor Industries, Inc. (Pre market) (Sector- Miscellaneous)

KB Home (Post market) (Sector- Construction)

13.30 Euro German ifo Business Climate (Expected: 86.1 versus Previous: 86.6)

19.30 U.S. CB Consumer Confidence (Expected: 103.5 versus Previous: 103.3)

Aster DM Healthcare has announced the launch of a hospital for women and children in Hyderabad, at an outlay of ₹220 crore, to address the growing healthcare needs of an expanding middle class with a greater disposable income. Phase 1 of the project is expected to go live by mid-FY26, according to the company. Read more

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Published on September 23, 2024

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Signet Industries Limited announced today has been allocated 20,000 hectares of land for installing micro-irrigation systems on farmers’ fields by the Andhra Pradesh Micro Irrigation Project (APMIP). Read more

Arvind Fashions Ltd is looking to aggressively expand casual lifestyle wear brand US Polo Assn. in the country with a strong focus on store expansion and marketing-led investment. India is the fastest growing market for the brand globally. The company believes the brand has potential to scale up to ₹5,000 crore in terms of sales over the next few years. Read more

Mahadhan Agritech, a fully owned subsidiary of Deepak Fertilisers and Petrochemicals Corporation, has come up with two crop-specific solutions to take care of all “pain points” of farmers, its Chief Operating Office (COO) Naresh Deshmukh said. “At Mahadhan Agritech Limited, we have strategised ourselves to move from commodity to crop-specific solution,” he told businessline in an online interaction. Read more

Cognizant and Aston Martin F1 Team celebrate partnership with Chennai visit by two-time champion Fernando Alonso Cognizant and Aston Martin Aramco Formula One Team celebrated the success of their three-year partnership on Monday at a special event held at Cognizant’s MEPZ campus in Chennai. Aston Martin Aramco driver and two-time Formula One World Champion Fernando Alonso attended the event alongside Cognizant’s leadership team and hundreds of associates. Read more

Vodafone Idea is expected to complete its debt raising exercise in the next 7-8 weeks, Vi management informed investors in a call on Monday. Last week, the Supreme Court dismissed the curative petition filed by Vodafone Idea along with Bharti Airtel concerning their dues related to Adjusted Gross Revenue (AGR). Read more

Capital market regulator SEBI has cleared the initial public offering plans of One Mobikwik Systems and Waaree Energies, the largest manufacturer of solar PV modules. Read more

Rupa Gurunath, Whole-Time Director of India Cements, chaired the company’s 78th Annual General Meeting (AGM) on Monday, addressing shareholder queries about a potential merger with UltraTech Cement Read more

Himadri Speciality Chemical, India’s largest speciality carbon black maker, is aiming to increase its market share to around 18 per cent in the country’s carbon black industry by the end of FY26 from the current 13 per cent in terms of volume. Read more

Retail credit growth moderated in the first quarter as lenders tightened personal loan supply even as the share of loan originations for new-to-credit (NTC) consumers hit a record low, according to a TransUnion CIBIL report. Read more

The board of Reliance Power Ltd on Monday approved raising ₹1,525 crore through a preferential issue where promoters will pour ₹600 crore into the company to advance its business. Read more

The outlook for Mankind Pharma is bullish. The stock has begun the week on a strong note by making a bullish breakout above the resistance level of ₹2,575. That marks the end of the consolidation that was in place since the last week of August this year. It also indicates that a new leg of the upmove has begun. Read more