Closing Bell: Sensex gains 612 pts; Nifty settles above 25,000

Apollo Hospitals (-1.24%), Hero Motocorp (-0.74%), Nestle India (-0.56%), Grasim (-0.50%), Adani Ports (-0.48%)

Hindalco (3.74%), HCL Tech(3.07%), NTPC (3.04%), ONGC (2.87%), Bajaj Finserv (2.74%)

Stocks advanced on BSE at 3 pm on August 26, 2024, were 2,176 against 1,858 stocks that declined; 135 stocks remain unchanged. Total stocks traded were 4,169. The number of stocks that recorded a 52-week high was 391, and those that hit a 52-week low was 22. 

In addition, 475 stocks traded in upper circuit and 257 stocks hit the lower circuit.

SBI Life Insurance has received an order under Section-73 of the WBGST and CGST Act 2017 from the Deputy Commissioner, Large Tax Payer Unit Corporate Division, West Bengal, demand totalling ₹5,68,988.

Stock trades flat on the NSE at ₹1,795.65

GlaxoSmithKline Pharmaceuticals has received an Order from Punjab State GST authorities, dropping proceedings (Tax ₹1,22,37,430; Interest ₹1,02,47,256 and Penalty ₹12,41,829) with respect to Show Cause Notice issued alleging non-payment of Cess amount disclosed in E-way bill.

Stock trades at ₹2,929 on the NSE, down by 0.51%.

Diversification, penetration supportive; alternate liabilities strategies to gain momentum 

Small finance banks (SFBs) are expected to grow their advances by a robust 25-27% this fiscal, though a tad lower than the previous fiscal’s ~28% growth (chart 1 in annexure). Segmental and geographical expansion, underpinned by a strong and increasing presence in semi-urban and rural markets with large unmet demand, will continue to drive growth. 

Amid challenges in mobilizing deposits and their higher cost, SFBs are likely to explore alternative, non-deposit avenues to fund credit growth. That said, capital buffers to support growth remain healthy for SFBs.

The estimated credit growth can be divided into two segments — traditional1 and new, with the latter driving the momentum. The constituents of new asset classes may vary across SFBs depending on their original segment focus, but would typically include mortgage loans, loans to MSMEs2, vehicle loans and unsecured personal loans. 

Says Ajit Velonie, Senior Director, CRISIL Ratings, “Credit growth in new asset classes is seen at ~40% this fiscal, while that in traditional segments will be ~20%. With this, the portfolio mix will continue to shift; the share of new segments would cross ~40% by March 2025, twice the March 2020 level. Most of this diversification is towards secured asset classes, resulting in the share of secured lending rising, albeit at a moderate pace.”

Mangalam Drugs & Organics Limited has secured a grant of $274,800 from The Medicines for Malaria Venture (MMV) for research and development of Pyronaridine, as announced today. The grant will support efforts to improve the production technology and efficiency of pyronaridine, a component in antimalarial combination therapies.

The shares of Mangalam Drugs & Organics Limited were trading at ₹142.05 up by ₹9.65 or 7.29%.

Mini Diamonds India Ltd (MDIL) announced today, a strategic business arrangement with Parasmani Inc., a Toronto-based jewellery company, to enter the Canadian lab-grown diamond jewellery market. This partnership marks MDIL’s latest move in its global expansion strategy.

MDIL is under the Periodic Call Auction System (PCAS), with shares trading at ₹114.88, up by ₹2.25 or 2 per cent.

Bharat Heavy Electricals Limited (BHEL) has signed contracts worth over ₹11,000 crore with Adani Power Limited and its subsidiary Mahan Energen Limited. The agreements involve setting up three supercritical thermal power projects, each with a 2x800 MW capacity, in Rajasthan and Madhya Pradesh.

The shares of Bharat Heavy Electricals Limited (BHEL) were trading at ₹297.05 up by ₹0.90 or 0.30% on the BSE today at noon.

Exicom Tele-Systems Limited has entered into a loan agreement with Exicom Power Solutions B.V., Netherlands, a Wholly-Owned Subsidiary of the Company, for granting an additional unsecured loan of ₹125 Crore to Exicom Power Solutions B.V., Netherlands. The purpose of this loan is for the borrower to infuse the funds in its wholly-owned subsidiaries in the US and Australia, respectively. 

Exicom Tele-Systems stock declined 2.01% on the NSE, trading at ₹393.25.

Emami Paper Mills has received an order from GST Authority disallowing the Input Tax Credit of GST amounting to Rs. 2,89,064 and recovery of the same along with interest and imposing a penalty of Rs.56,760/- for the FY 2019-20.

Shares traded flat at ₹129.55 on the NSE.

Indian stock markets displayed strong momentum in afternoon trading on Monday, August 26, 2024, with both benchmark indices posting significant gains. Read more

MIC Electronics has received a Letter of Acceptance from the Lucknow Division of Northern Railway for the provision of an Integrated Passenger Information System at PRG, PYGS, and PFM Stations in c/w Mahakumbh-2025. 

The order is valued at ₹2.54 crore. MIC Electronics stock trades flat at ₹77.05 on the NSE.

1. Krishna Defence: BUSINESS UPDATE

Company achieved robust revenue growth of 2.8 times in Q1 FY25 compared to Q1 FY24, with revenue reaching INR 45.4 Cr in Q1 FY25, up from INR 16.1 Cr in Q1 FY24. As of June 30, 2024, the company’s open orders, valued at INR 229 Cr, representing 2.15 times its FY24 revenue, reflect a strong pipeline and ongoing revenue opportunities. Additionally, the successful acquisition of certifications from the American Bureau of Shipping (ABS) and Det Norske Veritas (DNV) for steel sections will enable the company to expand its market presence beyond naval applications.

2. ⁠Sathlokhar Synergys: ORDER

Company has successfully bagged an Order worth INR 13.3 Cr from AAA Blue Chip Projects Private Limited, Coimbatory, for Construction of New Warehouse for GE Oil & Gas India private Limited (building area 4.2 Acres). Delivery Completion is April 2025.

3. ⁠Exhicon Events Media: BUSINESS UPDATE

Company has outlined an ambitious 5-year strategic vision focused on expanding its presence in Tier 2 cities across India, with plans to establish over 15 multi-event venues, including significant projects in Pune and Ayodhya. The company is introducing venue management as a service to enhance revenue streams and market positioning. Subsidiaries like Digiglobe and UHPL are expected to contribute around 40% to overall revenue by FY25. Financially, Company aims for a 50% CAGR over the next five years, targeting sustainable PAT margins of 15-20%, and is committed to a debt-free growth model supported by internal financing and strategic investments. 

4. ⁠ Shakti Pumps: ORDER

Company has received an order worth INR 9.4 Cr from Department of Agriculture, Jharkhand for Design, Manufacture, Supply, Transport, Installation, Testing and Commissioning of Solar Water Pumping System, needs to be executed within 4 months. This is their first order from the state of Jharkhand.

Track live updates on the Anil Ambani group shares here. 

Aluminum prices have been rising well over the last few weeks. The Aluminium Futures contract on the Multi Commodity Exchange (MCX) had surged about 5 per cent last week. This rise has taken the contract very well above the ₹223-₹224 resistance zone. The contract has risen further and is now trading at ₹231 per kg. Read more

Major gainers: ONGC (2.41%), Hindalco (2.41%), NTPC (2.38%), Wipro (1.85%), Tata Consumer Products (1.71%)

Major losers: Apollo Hospitals (-0.47%), Ultratech Cement (-0.36%), Eicher Motors (-0.34%), Adani Ports (-0.30%), BPCL (-0.23%)

Of 4,069 stocks traded on the BSE at 12 noon on August 26, 2024, 2,248 advanced against 1,655 stocks that declined; 166 stocks remained unchanged. While 356 stocks recorded a 52-week high, 21 a 52-week low. 

In addition, 380 stocks traded in the upper circuit and 231 stocks hit the lower circuit.

Zen Technologies stock traded at ₹1,876.70, higher by 5%, also its upper circuit. The company had raised ₹1,000 crores through its first-ever Qualified Institutional Placement (QIP) that closed on August 23.

Integro Technologies, an Aurionpro Company ,announced its recognition as a Category Leader in five key Quadrants of Corporate Lending Chartis.

Aurionpro Solutions stock traded flat at ₹1,879 on the NSE.

Raminfo Limited, a technology solutions company, announced the launch of Kisan Drones Private Limited today. The initiative aims to revolutionize agriculture by offering drone services for field mapping and fertilizer spraying.

The shares of Raminfo Limited on the BSE were trading at ₹127.95, up by ₹10.85 or 9.27% at 11 am.

Persistent Systems (2.54%), Wipro (1.99%), Mphasis (1.68%), LTIMindtree (1.60%), Coforge (1.54%)

Mangalam Drugs & Organics Ltd has been awarded a grant by The Medicines for Malaria Venture (“MMV”). The grant amounts to $274,800$ and is designated for the research and development of Pyronaridine.

Mangalam Drugs stock jumps 8.01% on the BSE, trading at ₹143.

Reliance Power, Reliance Home Finance stocks plunge Track live movements here

Bank Nifty index has risen decisively above 51,000 and is trading higher. The index was struggling to breach this psychological 51,000 mark last week. It is now trading at 51,295, up 0.70 per cent. The advances/declines ratio is 9:3. This is positive. Read more

Nifty 50 has begun the week on a positive note. The index opened the day with a gap-up at 24,906 and has risen well from there. It is now currently trading at 24,982, up 0.64 per cent. Read more

At the recent Jackson Hole meeting, Fed Chair Jerome Powell hinted at the possibility of interest rate cuts as early as September, expressing confidence that inflation is on a sustainable path toward 2%. As it stands, CME rate probabilities indicate a 100% chance of a rate cut, with a 76.0% likelihood of a 25 basis point cut in September. 

The market is now pricing in additional cuts—a 50 basis point reduction in November and a further 25 basis point cut in December—bringing three rate cuts back into play for the remainder of the year.

What to expect this week

On Tuesday, attention will be on the USD with the release of the Conference Board’s Consumer Confidence index. Forecasts suggest a slight dip to 100.2 from the previous reading of 100.3. 

While this might seem like a minor adjustment, the implications could be significant if the data surprises in either direction. A stronger-than-expected reading could temporarily bolster the USD, while a weaker print may reinforce the narrative of a cooling economy, pushing the USD lower.

Wednesday brings Australia’s CPI data, with the year-on-year figure expected to show a decline to 3.4% from 3.8%. This could weigh on the AUDUSD if the data aligns with expectations, likely leading to a downward consolidation. 

Thursday will be a pivotal day for the EURUSD, as Germany releases its preliminary CPI figures alongside the Eurozone’s preliminary GDP data. Germany’s CPI is forecasted to stagnate at 0.0%, a sharp contrast to the previous 0.3% growth. 

This could add to the pressure on the EURUSD, especially if the Eurozone’s GDP data, expected to hold steady at 2.8% quarter-on-quarter, fails to impress. Traders should be prepared for volatility, as the EURUSD may react strongly to any deviations from these forecasts.

Friday, a day we find to be most important this week, will see the release of the Eurozone’s CPI Flash Estimates, alongside the U.S. Core PCE Price Index—both of which are key indicators of inflationary trends. 

The U.S. Core PCE is something traders should take note of this week. This indicator is closely watched by the Federal Reserve as it reflects the underlying inflation trends in the economy, excluding volatile food and energy prices. The outcome of this data release will heavily influence market expectations regarding the Fed’s future interest rate decisions.

If the Core PCE Index comes in higher than expected, it could trigger a significant market reaction, as it would suggest that inflationary pressures are more persistent than previously thought. This scenario could lead to a stronger USD, a potential sell-off in equities, and increased volatility across global markets as traders anticipate a more hawkish Fed stance.

On the other hand, if the data shows that inflation is continuing to moderate, it would reinforce the case for the Fed to proceed with the anticipated rate cuts in September and beyond.

Traders will need to carefully monitor these developments, as this could support a rally in risk assets, including equities and commodities, while putting downward pressure on the USD.

The shares of Anil Ambani-backed Reliance group companies experienced a sharp decline today following the Securities and Exchange Board of India’s five-year market ban on chairman Anil Ambani and 24 other entities. The regulatory action, which includes a ₹25-crore fine on Ambani, stems from an investigation into alleged fund diversion at Reliance Home Finance Ltd (RHFL). Read more

Exhicon Event Media Solutions Limited has announced its plan to acquire a 76 per cent equity stake in Perfect-Octave Limited (POL) for ₹8.53 crore. Read more

Bharat Heavy Electricals Limited (BHEL) has signed a contract agreement with Adani Power Ltd. and its subsidiary (Mahan Energen Ltd.) for setting up three Supercritical Thermal Power projects (each of 2x800 MW rating) in Kawai, Rajasthan & Mahan, Madhya Pradesh.

Value of 3 orders aggregating to more than 11,000 crore excl. GST

BHEL shares traded at ₹298.30 on the NSE, up 0.71%. Adani Power shares traded at ₹672.40, down by 0.50%.

Raminfo Ltd, a BSE-listed company and a innovation-led technology solutions-providing company, is marking a significant step toward the agricultural sector with the launch of Kisan Drones Pvt Ltd.

Raminfo shares surge 7.77% on the BSE, trading at ₹126.20.

GST Department Tamil Nadu has levied a penalty of ₹20,000 upon Suzlon Global Services Limited, a wholly-owned subsidiary company of Suzlon, due to minor inadvertent error made while filing GSTR-1 for the period 2019-20 and penalty imposed under Section 125 of the CGST and TNGST Act, 2017.

Shares slip 0.76% to trade at ₹78.24 on the NSE.

Crude oil futures traded higher on Monday morning due to fears of escalating tensions in West Asia. Hopes of an interest rate cut in the US in September also boosted the price of the commodity. 

At 9.54 am on Monday, November Brent oil futures were at $78.64, up by 0.63 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $75.36, up by 0.71 per cent. Read more

Rupee appreciated 10 paise to 83.80 against the US dollar in morning trade on Monday, supported by the weakening of the American currency in the overseas market and foreign fund inflows. Read more

Indian equity markets opened higher on Monday, buoyed by Federal Reserve Chair Jerome Powell’s dovish comments at Jackson Hole and positive global cues. Read more

Interarch Building Products Limited (IBPL) made a strong debut on the stock market, listing at Rs. 1299 per share, a significant 44.33% premium over its issue price of Rs. 900. This positive performance is attributed to the company’s established market position, integrated manufacturing capabilities, and consistent financial growth.

The IPO was well-received by investors, with a subscription rate of 93.79 times, indicating strong demand. This strong response reflects investor confidence in IBPL’s continued growth and potential for success.

Interarch Building Products’ strong listing is a positive indicator of its future prospects. So those who want to hold it for the long term are suggested to keep a stoploss at 1200.

SHILPA MEDICARE ANNOUNCES SUCCESSFUL OUTCOME OF PHASE 3 STUDIES OF SMLNUD07 – NORUDCA FOR FATTY LIVER; CO SAYS THERE WAS A SUCCESSFUL REDUCTION IN FAT ACCUMULATION IN LIVER

INTERARCH BUILDING PRODUCTS LTD IPO

ISSUE PRICE: ₹ 900.00

RETAIL LOT : 16 SHARES

LISTING PRICE

BSE: ₹ 1291.20

NSE: ₹ 1299.00

PROFIT PER LOT BSE : ₹ 6,259.20

PROFIT PER LOT NSE : ₹ 6,384.00

Shares of Interarch Building Products will be listed on the exchanges today. The company has fixed the IPO pride at ₹900, at the upper end of the price band ₹850-900 after the issue closed with strong subscriptions. Read more

Mini Diamonds India Ltd (MDIL) has entered into a strategic business arrangement with Parasamani Inc., a jewellery company based in Toronto, Canada. 

Shares were up 2% on the BSE, trading at ₹114.88

Exhicon Event Media Solutions Ltd has signed a Memorandum of Understanding with Perfect-Octave Ltd for acquisition of 76 per cent of the equity stake of the company.

Shares surge 5.72% on the BSE, trading at ₹330.

Mahindra & Mahindra has received an order from the Deputy Commissioner, Haridwar, Uttarakhand imposing a penalty under the CGST Act, 2017 amounting to ₹7,49,542/- in relation to claim of Input Tax Credit (ITC) against invoices pertaining to FY 2019-20 on which supplier has apparently not discharged GST liability.

Mahindra & Mahindra shares trade flat on the NSE, trading at ₹2,780.

Major gainers: ONGC (2.29%), Wipro (1.65%), LTIMindtree (1.36%), Tech Mahindra (1.29%), TCS (1.13%)

Top losers: Apollo Hospitals (-1.01%), HDFC Life (-0.99%), Grasim (-0.96%), ITC (-0.67%), Hero Motocorp (-0.53%)

Crude oil futures traded higher on Monday morning due to fears of escalating tensions in West Asia. Hopes of interest rate cut in the US in September also boosted the price of the commodity. At 9.18 am on Monday, November Brent oil futures were at $78.67, up by 0.67 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $75.34, up by 0.68 per cent. September crude oil futures were trading at ₹6337 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6293, up by 0.70 per cent, and October futures were trading at ₹6283 against the previous close of ₹6248, up by 0.56 per cent.

Transport Corporation of India has received approval from the Board of Directors for the buyback of up to 13,33,333 equity shares (1.72% of paid-up equity) for a total of Rs 159 crore at a price of Rs 1,200 per share. September 4 has been fixed as the record date.

Dividend

26-Aug-24

MANAPPURAM: Interim Dividend - Rs. - 1.00

DHRUV: Final Dividend - Rs. - 0.25

ZWELCAST: Final Dividend - Rs. - 2.50

27-Aug-24

KSE: Final Dividend - Rs. - 30.00

AMARJOTHI: Dividend - Rs. - 2.20

UNIDT: Final Dividend - Rs. - 1.20

WINDMACHIN: Final Dividend - Rs. - 0.50

KDDL: Final Dividend - Rs. - 4.00

MANORAMA: Final Dividend - Rs. - 0.40

28-Aug-24

HINDZINC: Interim Dividend - Rs. - 19.00

HAZOOR: Interim Dividend - Rs. - 2.00

DMCC: Final Dividend - Rs. - 1.00

INTLCOMBQ: Dividend - Rs. - 5.00

ASAHIINDIA: Final Dividend - Rs. - 2.00

FORCEMOT: Final Dividend - Rs. - 20.00

SIGACHI: Final Dividend - Rs. - 0.10

BAJAJST: Final Dividend - Rs. - 3.00

YUKEN: Final Dividend - Rs. - 1.50

29-Aug-24

RADIANTCMS: Final Dividend - Rs. - 2.50

IGPL: Final Dividend - Rs. - 7.50

JAMNAAUTO: Final Dividend - Rs. - 1.30

MULTIBASE: Final Dividend - Rs. - 3.00

PDMJEPAPER: Dividend - Rs. - 0.60

HONDAPOWER: Final Dividend - Rs. - 17.50

AMJLAND: Dividend - Rs. - 0.20

CLEAN: Final Dividend - Rs. - 3.00

IPO

Premier Energies: 27-Aug-24; Close: 29-Aug-24

ECOS (India) Mobility & Hospitality: 28-Aug-24; Close: 30-Aug-24

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

Buyback

VLS Finance: Ex-Date: 26-Aug-24

KDDL: Ex-Date: 27-Aug-24

Technocraft Industries: Ex-Date: 27-Aug-24

Suprajit Engineering: Ex-Date: 27-Aug-24

Indian Toners & Developers: Ex-Date: 30-Aug-24

Weizmann: Ex-Date: 30-Aug-24

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

Navneet Education: 20-Aug-24; Close: 26-Aug-24

TTK Prestige: 21-Aug-24; Close: 27-Aug-24

Cera Sanitaryware: 22-Aug-24; Close: 28-Aug-24

Savita Oil Technologies: 22-Aug-24; Close: 28-Aug-24

Dhanuka Agritech: 22-Aug-24; Close: 28-Aug-24

Chaman Lal Setia Exports: 23-Aug-24; Close: 29-Aug-24

AIA Engineering: 26-Aug-24; Close: 30-Aug-24

Bonus

VST Industries: Bonus Issue 10:1; Ex-Date: 30-Aug-24

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

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

Stock Split

Aditya Vision: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 27-Aug-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

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

Right Issue

Modern Engineering: Ex-Date: 26-Aug-24

Vardhman Polytex: Ex-Date: 28-Aug-24

Vishvprabha Ventures: 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

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

Power Grid Corporation has received shareholders’ approval to raise the borrowing limit for fiscal yean 2024-25 to ₹15,000 crore. Shareholders approved the resolution to enhance the borrowing limit from ₹12,000 crore to ₹15,000 crore, from the domestic market through the issue of secured/ unsecured, non-convertible, cumulative/ non-cumulative, redeemable, taxable/ tax-free debentures/bonds under private placement for the 2024-25 financial year. ​Read more​

Kotak Inst. On Reliance Ind

Maintain Add, Target Cut To Rs 3,200 From 3,300

50% Decline In Retail Capex A Key Positive Of FY24 Annual Report

Cons Capex Declines Only by 7% In FY24

Telecom Capex Remaining High & Other Segments See 5x Rise

Optimistic Of Further Decline In Capex & Net Debt As Telecom Capex Moderates

Pace Of Invst In New Energy Remained Slow With FY24 Invst Of $1-1.2 Bn

Have Further Moderated Our Retail & O2C Earnings For FY25

CLSA on Reliance Ind

Outperform Call, Target Rs 3,300

Third Year Of New Energy Brought Co’s New Venture Closer To Reality

Co Planning To Launch Its Solar PV Giga-factory By The End Of 2024

FY24 Financials Reveal Capex Of $1 Bn For Solar Mfg Business

Upcoming AGM Should Provide More Granularity

Jefferies on Emcure Pharma

Initiate With A Buy Call, Target At Rs 1,600

Have Strong Chemistry Skills In Developing Complex Molecules

No Exposure To Volatile US Market A Key Differentiator

High Growth In India & Canada, Op Leverage & Debt Reduction Should Benefit

See 11% Rev CAGR From Mkt Share Gains In India & New Launches In Exports

See Profit CAGR Of 29% Over FY24-27.

Investec on Bansal wire

Initiate With A Buy Call, Target Rs 440

Created A Niche For Itself In Commoditised Steel/Stainless Steel Wire Market

Offering The Widest Product Range And Reducing Customer/Industry Concentration

Undertaking Two Initiatives That Are Sharply More Profitable

Foraying Into Steel Cords & Backward Integration In Stainless Steel Rods

See 40%+ EBITDA CAGR Over FY24-27E, With High Teens Post-tax RoCE

Valuations At 24x FY26e PE/ 17x FY27e PE Look Undemanding

Citi on Zydus Life

Sell Call, Target Rs 890

Asacol HD Generic Finally Has A Generic Competition

Teva Receives US FDA Nod For Asacol HD, Gets 180-day Exclusivity

Asacol HD Likely To Have Contributed $140-160 m Of Sales In FY24

With Teva’s Launch, Sales Of The Product May Fall By 40-50% From Current Level

Impact Of Competition In This Product Should Also Reflect In The Valuations

Nomura on Apollo Hospitals

Downgrade To Neutral From Buy, Target Raised To Rs 6,856 From 6,724

Rise In Hospital Profitability To Be Gradual Hereon

Digital Segment Growth Underwhelming

Valuations Are At A Premium To Most Industry Peers

Limited Opportunities To Expand Capacity In Existing Hospitals

Expect The Expansion To Be A Drag On EBITDA Margin In Near Term

Jefferies on IT

Nifty IT Has Outperformed Nifty In CY23/CY24 YTD By 4%/2% Despite EPS Cuts

Large Caps Have Outperformed CYTD Due To Smaller Cuts To EPS Estimates

Recent Upmove In IT May Be Led More By Technical Factors

Like TCS/Infosys Given Lower Risks To EPS Cuts & Valuation Comfort

HSBC on Oil Mktg Cos

Maintain Buy On HPCL, BPCL & IOC

Target For IOC Raised To Rs 200 From 180

Target For BPC Cut To Rs 460 From 470

Target For HPCL Raised To Rs 480 From 440

Downward Orientation Of Global Oil Prices Is Positive

Expect Low Government Interference In Pump Prices

Strong Marketing Margin Offsets Weakness In GRMs

Mumbai, Aug 26: The overall rainfall status across India has been healthy even while spatial divergence persists. Cumulative rainfall as on August 23 was 3 per cent above the long-term average, whereas weekly rainfall (as on August 21) was 7 per cent below LTA, according to Emkay Global Research. 

While the spatial divergence in rainfall has reduced, it persists with central India (8 per cent) and the southern Peninsula (20 per cent) well in surplus. In North and West India (-1 per cent) are at par and East and North East India (-12 per cent) are in deficit so far.

Total area under sowing (103.2mnha) as on August 16 is higher (2 per cent YoY) than last year. This is mainly due to healthy sowing for most major food crops – rice (36.9mn ha; 6 per cent YoY), pulses (12 mn ha; 6 per cent YoY), coarse cereals (18.2 mn ha; 3 per cent YoY), and oilseeds (18.7 m nha; 1 per cent YoY). Among non-food crops cotton sowing (11.1 mn ha; -9 per cent YoY) is lower. Overall area under sowing is at 94 per cent of normal area sown, compared with 93 per cent at the same point in 2023, according to the report.

Route – Tender 

Buyback Price: 1,200 

Current Market Price: 1,144 

Market Cap: Rs 8,912 Crores 

Buyback Size: Rs 160 Crores (Representing 9.11% and 8.24% of the total paid up equity share capital and free reserves) 

Buyback Size: 13,33,333 shares (Representing 1.72% of O/s. shares 

Retail Quota: 2,00,000 Shares

Last Cum Trading Date: 03 Sep 2024

Ex-Date: 04 Sep 2024

Buyback Record Date: 04 Sep 2024

Buyback Schedule: Not Yet Announced

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

Recent Interview...

As of 18:32 PM Friday 23 August 2024

Aarti Pharmalab: Rashesh Gogri, Chairman

Aarti Pharma: Mixed Q1 Recorded, What’s Growth Outlook For FY25? | Rashesh Gogri

https://www.youtube.com/watch?v=yjtdH7F6vSk

Capacite Infra: Rohit Katyal, ED & CFO

Margin Could Increase By Another 50 Bps Going Forward: Capacite Infraprojects

https://www.youtube.com/watch?v=TNTc9HYz_lA

GMR Infra: Saurabh Chawla, ED-Finance

GMR Airports: Soaring Into The Future, Ambitious Growth Plans Unveiled & Focus Areas

https://www.youtube.com/watch?v=lMjUCHkM-3s

IREDA: Pradip Kumar Das, CMD

IREDA: ‘Confident Of Maintaining Assets Quality Going Ahead’, What’s The Expansion Plan For FY25?

https://www.youtube.com/watch?v=ac3oms9CKoI

Jana Small Fin: Ajay Kanwal, MD

Jana Small Finance Bank: Outlook On NPAs, Strategy For Universal Bank Status & Growth

https://www.youtube.com/watch?v=7IKqm689VFk

Metro Brands: Kaushal Parekh, CFO

Target Is To Touch Or Exceed 100 Stores In FY25, Expect H2FY25 To Be Very Strong: Metro Brands

https://www.youtube.com/watch?v=UKOWupIERy8

Muthoot Finance: George Muthoot Alexander, MD

Loan To Value Is At 54% Of Gold Loans, Which Turned Into NPAs: Muthoot Finance

https://www.youtube.com/watch?v=utQhN8AvLrk

Shyam Metalics And Energy: Brij Bhushan Agarwal, MD

Expect To Achieve More Than Double Our Revenue In Next Three Years: Shyam Metalics & Energy

https://www.youtube.com/watch?v=VRyTQG5G8Hs

Titan Company: CK Venkataraman, MD

Zoya Will Grow At CAGR Of 40% Over The Next 5 Years: Titan Company

https://www.youtube.com/watch?v=gqMl2746Cus

V-Mart Retail: Anand Agarwal, CFO

Mid-To-High Single Digit Same Sales Growth Should Be Possible: V-Mart Retail

https://www.youtube.com/watch?v=ZfMivmK3w3o

Events today…

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

Results today…

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

Replays available at www.researchbytes.com

BofA on Larsen: Maintain Buy on Company, target price at Rs 4043/Sh (Positive) 

Jefferies on Emcure: Initiate Buy on Company, target price at Rs 1600/Sh (Positive) 

Investec on Bansal Wire: Initiate Buy on Company, target price at Rs 440/Sh (Positive) 

CLSA on Reliance: Maintain Outperform on Company, target price at Rs 3300/Sh (Positive) 

Jefferies on IT Sector: Nifty IT has outperformed Nifty in CY23/YTDCY24 by 4%/2% despite EPS cuts, due to P/E re-rating (Neutral) 

BofA on Autos: August- Seasonal softness lingers, early festive in Sep key (Neutral) 

CLSA on Insurance: Rising cases of hospital-insurer conflicts during contract renewal (Neutral) 

Citi on Zydus Life: Maintain Sell on Company, target price at Rs 890/Sh (Neutral) 

Nomura on Apollo Hospitals: Downgrade to Neutral on Company, raise target price at Rs 6856/Sh (Neutral) 

Kotak on Reliance Ind: Maintain Add on Company, target price at Rs 3200/Sh (Neutral) 

Nuvama on Coal India: Maintain Hold on Company, target price at Rs 567/Sh (Neutral)

Silver rose as the dollar index fell to 100.5, its lowest level since July 2023, as Federal Reserve Chair Jerome Powell fuelled expectations of an interest rate cut in September. Powell said in his Jackson Hole lecture on Friday that the time has come to change policy in response to increased labour market uncertainties, while still expressing confidence that inflation will return to the central bank’s 2% target. Markets now expect a 25 basis point rate drop next month, with a one-third possibility of a greater 50 basis point reduction.

Key economic data slated for release includes German ifo Business Climate from Euro Zone and Core Durable Goods Orders m/m, Durable Goods Orders m/m from US Zone.

Gold hovered around $2,515, near to record levels, as Federal Reserve Chair Jerome Powell confirmed expectations of a rate drop in September. Powell said in his Jackson Hole speech last week that the Fed is willing to change its policy, with the timing and magnitude of rate drops determined by future economic data. He also mentioned that employment market risks have risen, while inflation risks have lessened. The FOMC is now more optimistic that price growth will near the 2% target, which strengthens the case for lower borrowing costs. Markets are split on whether the Fed will drop rates by 25 basis points or 50 basis points at its September meeting, but they are pricing in a total of 100 basis points in rate reduction for the remainder of the year, lowering the opportunity cost of holding non-interest-bearing assets.

Key economic data slated for release includes German ifo Business Climate from Euro Zone and Core Durable Goods Orders m/m, Durable Goods Orders m/m from US Zone.

FDC: US FDA Inspection for Baddi, Himachal Pradesh Unit Completed With Zero Observations

JSW Energy: Arm JSW Neo Energy gets LoA for 250 mw grid-connected wind power project from Adani Electricity Mumbai. 

Kec International: Company wins new orders of Rs. 1,079 cr in transmission & distribution and cables businesses.

Lemon Tree Hotels: Company signs license pact for 175-room property in Surat, Gujarat 

Cyient: Company incorporates subsidiary, Cyient Semi-conductors. 

Uno Minda: Sets up new manufacturing plant at Neemrana, Rajasthan 

Alstone textiles: Company approved issuance of 5 billion shares, issuance of shares to non-promoters on preferential basis; approved raising of fund up to Rs 10 billion

Symphony: Company arm incorporates China-based unit Dongguan GSK Appliances.

FDC: US FDA Inspection for Baddi, Himachal Pradesh Unit Completed With Zero Observations

JSW Energy: Arm JSW Neo Energy gets LoA for 250 mw grid-connected wind power project from Adani Electricity Mumbai. 

Kec International: Company wins new orders of Rs. 1,079 cr in transmission & distribution and cables businesses.

Lemon Tree Hotels: Company signs license pact for 175-room property in Surat, Gujarat 

Cyient: Company incorporates subsidiary, Cyient Semi-conductors. 

Uno Minda: Sets up new manufacturing plant at Neemrana, Rajasthan 

Alstone textiles: Company approved issuance of 5 billion shares, issuance of shares to non-promoters on preferential basis; approved raising of fund up to Rs 10 billion

Symphony: Company arm incorporates China-based unit Dongguan GSK Appliances.

Shyam metalics: Company says acquisition of 100% stake in SMEL steel structural Pvt Ltd by unit Shyam sel and power ltd, entity being acquired belongs to manufacturing of various metal and metal products.

Ambuja Cements: GQG Partners Emerging Markets Equity Fund bought 2.68 crore shares of Ambuja Cements (1.08%) at Rs 625.5 apiece.

Zydus Life: Company to acquire 50% stake in Sterling Biotech from Perfect Day

Ashoka Buildcon: Company emerges lowest bidder for MMRDA project worth Rs 478 cr

IDFC: Gets Income tax Refund of ₹202.55 crore for assessment year 2023 – 2024 

Karur Vysya Bank: RBI approves SBI Mutual Fund’s proposal to acquire 9.99% stake in Bank 

ONGC: Company started production from its 5th Oil Well in Block KG-DWN-98/2 Cluster-2 Asset Of Deepwater Block in Krishna River 

Hero MotoCorp: Hero Motors, the flagship auto components company of the group has filed its IPO papers with SEBI 

Trent, Bharat Electronics: NSE to add Trent, Bharat Electronics to Nifty 50 Index effective Sept 30

Alembic Pharma: Company gets U.S. FDA final approval for ANDA of Betamethasone Valerate Foam. 

REC: Company has inked an initial pact to provide up to Rs 45,000 crore financing to various Jawaharlal Nehru Port Authority projects. 

Vascon Engineers: Company plans to boost its real-estate business over the next two years. 

Jio Fin: Company received approval for foreign investment limit of 49% of the paid-up capital of the Company. 

PTC India: Company acquires Hot rolled mill to boost Titanium Alloy plates manufacturing. 

FTSE announces changes to FTSE all cap and all world indices. Bank Of Maharashtra, Bharat Dynamics, Central Bank Of India, Cochin Shipyard, Escorts, Endurance, GE T&D, HUDCO, IRB Infra, KEI, Hitachi and Llyod metals added to the list

Varroc Engineering: Company issued commercial paper for up to Rs. 500 Million 

Elpro international: Company acquired equity shares of central depository services, cost of acquisition Rs 142.2 Million 

IDFC: Company gets Income Tax Refund of ₹202.55 crores (comprising Tax of Rs. 189.25 crores and Interest of ₹13.30 crores) for Assessment Year 2023-24.

TCC Infotech: Company has completed acquisition of natural environment solutions private industry to which the entity being acquired belongs to data centre 

Vardhman textiles: Company issues clarification regarding winning of textile contract of Rs 30 Billion, Company doesn’t have JV with manomay tex india in relation to said contract 

Dr Reddy’s Lab: USFDA completed a product-specific Pre-Approval Inspection at formulations manufacturing facility in Srikakulam, Andhra Pradesh. USFDA issued a form 483 with three observations 

Zen Technologies: Company closes QIP, sets issue price at Rs 1,601/share:

SBI: Bank plans to raise up to Rs 7,500 crore by issuing tier-II bonds by the end of August.

Reliance Infra and Reliance Power: Anil Ambani had resigned from the board of directors of Reliance Infrastructure and Reliance Power.

Transport Corporation of India: Company to repurchase shares up to Rs 159 cr at Rs 1,200/Sh 

Infosys: CEO Salil Parekh does not foresee any layoffs in his company on account of these new-age technologies. 

Divi’s Labroatories, LTIMindtree: NSE to exclud from the Nifty 50 index from September 30, 2024. 

Zydus Life: Over the weekend, Teva received US FDA approval for gAsacol HD

Domestic markets are expected to open on a flat to positive note on Monday, thanks to the US Fed chief signalling an imminent rate cut. The US Fed Chair Jerome Powell on Friday signalled that the central bank would cut its interest rate in the September meeting. ​Read more​

Symbol: INTERARCH 

Series: Equity “B Group” 

BSE Code: 544232 

ISIN: INE00M901018 

Face Value: Rs 10/- 

Issued Price: Rs 900/- per share

Vardhman Textiles: Co Issues Clarification Regarding Winning Of Textile Contract Of 30B Rupees || Co Says Doesn’t Have JV With Manomay Tex India In Relation To Said Contract

KEC International: Co Wins New Orders Of Rs. 1,079 Crores In Transmission & Distribution (T&D) And Cables Businesses

Lemon Tree Hotels: Co Signs A New Property In Surat, Gujarat Under The Aurika Hotels & Resorts Brand || Property Will Expand The Footprint Of The Company’s Upscale Brand – Aurika Hotels & Resorts

Alstone Textiles (India): Co Approved Issuance Of 5B Shares || Issuance Of Shares To Non-Promoters On Preferential Basis; Approved Raising Of Fund Up To 10B Rupees

TAC Infosec: TAC Security To Acquire American Cybersecurity Firm Cyber Sandia, Strengthening U.S. Public Sector Business

Techknowgreen Solutions: Co To Set Up Unit In USA || Co To Set Up Unit In Singapore

Almost every investor aspires to outperform the market and peers by a significant margin. When asked how they plan to achieve this, they often vaguely reference the strategy of picking big winners in the stock market, aiming at substantial returns. In theory, this approach is hard to refute — after all, selecting large winners should, all else being equal, set one’s portfolio apart from the market. ​Read more​

* AARTIIND

* ABFRL

* BALRAMCHIN

* BSOFT

* CHAMBLFERT

* GNFC

* GRANULES

* HINDCOPPER

* IEX

* INDIACEM

* NATIONALUM

* RBLBANK

* SUNTV

NIFTY (+12, 24823) 

Sensex (+33, 81086)

Bank Nifty (-52, 50933)

.

# BUZZING STOCKS FOR THE DAY:

Top Index Gainers: 

BAJAJ AUTO (+4.74%)

COALINDIA (+1.70%)

BHARTIARTL (+1.59%)

TATAMOTORS (+1.58%)

SUNPHARMA (+1.39%)

Top Index Losers:

LTIM (-1.27%) 

WIPRO (-1.16%)

ONGC (-1.01%)

ASIANPAINTS (-1.21%)

TITAN (-0.93%)

# Adv-Dec 22—28

# INDIA VIX 13.55 (+4.23%)

# NIFTY PCR (29th Aug) 1.20

# Nifty MidCap 50 (-0.68%, 16463)

# NiftySmallC (-0.11%, 19079)

# BANK Nifty (-0.10%, 50933)

# Nifty IT (-1.00%, 41090)

# USD/INR (-0.06%, 83.90)

FIIS : BUY +1,914 (16,775-14,831)

DIIS : BUY +2,896 (13,341-10,445)

U.K.. Market Holiday

13.30 EURO German ifo Business Climate (Expected: 87.0 versus Previous: 87.0)

18.00 U.S. Durable Goods Orders m/m (Expected: 4.0% versus Previous: -6.7%)

The Japanese yen was in the news recently for creating a short-lived panic sell-off in the global equity markets. The trigger came after the Bank of Japan increased their interest rates to 0.25 per cent on July 31 from its earlier 0-0.1 per cent range. ​Read more​

The combined market valuation of nine of the top 10 most valued firms jumped by ₹95,522.81 crore last week, with Reliance Industries, TCS and HUL emerging as the biggest gainers. ​Read more​

This week, Indian stock indices accumulated 0.7-1.0 per cent gains on a cumulative basis. The indices rose for a seventh straight session on Friday, reportedly their longest rally in 2024. However, on the last trading session of the week, Friday, the indices treaded with caution ahead of Federal Reserve Chair Jerome Powell’s much-awaited Jackson Hole Symposium speech, which had global repercussions. ​Read more​

Bengaluru-based ​Royal Orchid Hotels Ltd​ is targeting an expansion of its hotel network to 200 properties by FY27. The company plans to achieve this by capitalising on the growing demand for domestic travel and increasing its presence in tier-two and tier-three cities across India. With this, the company is set on reaching a profit after tax (PAT) of ₹100 crore by 2026. ​Read more​

Anil Ambani is taking legal advice on the order passed by ​SEBI​ which ​barred him from accessing the securities market for five years​ for alleged diversion of funds. ​Read more​

Private sector lender Bandhan Bank is confident that it will receive full amount of claims made under two credit guarantee schemes, interim MD & CEO Ratan Kesh told businessline. Read more

Foreign Portfolio Investors (FPIs) continued to be net sellers in Indian equities this past week, although the aggressive selling seen in recent weeks may have abated. Read more

The short-term outlook is bullish for Cholamandalam Financial Holdings. The stock had surged about 7 per cent last week and has closed on a strong note. That rise has taken the share price well above the key resistance level of ₹1,635. The broad region between ₹1,635 and ₹1,590 will be a very good support zone for the stock. Read more