Stock Market Live Updates August 27, 2024: Sensex, Nifty edge up by mid-session; life insurance players make gains

Zinc prices continue to move up more line with our expectation. The Zinc Futures contract on the Multi Commodity Exchange (MCX) has been moving up consistently for more than three weeks now. It has surged over 11 per cent from the low of around ₹242.7 per kg. The contract is currently trading at ₹270 per kg. Read more

National Infrastructure Trust, an infrastructure investment trust sponsored by Gawar Construction Ltd, on Tuesday filed preliminary papers with the capital markets regulator for a Rs 1,600 crore Initial Public Offering (IPO).

The IPO comprises a fresh issue of units aggregating up to Rs 1,200-crore and an Offer For Sale (OFS) of units valued up to Rs 400 crore by the sponsor selling unitholder, according to the Draft Red Herring Prospectus (DRHP).

Datamatics has launched a partner on-boarding co-pilot on the Microsoft Teams store, which integrates Azure OpenAI with Datamatics Intelligent Automation Platform. 

Datamatics Global Services shares jump 13.40% on the NSE, trading at ₹636.15.

Fast-moving consumer goods (FMCG) maker Hindustan Unilever Limited (HUL) has received a tax demand of ₹962.75 crore, which includes a ₹329.33 crore interest from the income tax department.

The company, in a stock exchange filing, informed that the notice pertains to the non-deduction of TDS related to the ₹3,054 crore for payment for on the acquisition of health food drink (HFD) intellectual property rights (IPR) from GlaxoSmithKline ‘GSK’ group entities. Read more

Top gainers: L&T (2.31%), SBI Life (1.93%), HDFC Life (1.58%), Maruti (1.56%), Bajaj Finserv (1.47%)

Top losers: JSW Steel (-1.62%), Tata Motors (-1.44%), NTPC (-1.13%), Hindustan Unilever (-1.13%), Grasim (-1.06%)

Of 3,906 stocks traded on the BSE at 12 noon on August 27, 2024, 2,233 advanced against 1,545 stocks that declined; 128 stocks remained unchanged. While 303 stocks recorded a 52-week high, 18 hit a 52-week low. In addition, 337 stocks traded in the upper circuit and 171 stocks hit the lower circuit.

Rail Vikas Nigam Ltd has emerged the lowest bidder (L1) from Southern Railway for “Provision of MSDAC with existing DCTC at stations (to serve as dual detection) and replacing balance AFTCs in MAS-GDR & MSB-TBM automatic block signalling sections of Chennai Division in Southern Railway.

Contract worth ₹111.38 crore.

RVNL shares rise 1.47% to trade at ₹585.70 on the NSE.

The Spandana Sphoorty Financial board has approved the issuance of up to 5,000 listed, secured NCDs having face value of ₹1,00,000 each at par on private placement basis, aggregating to ₹50 crore.

Shares were up 1.28% on the NSE, trading at ₹629.20.

Medi Assist Healthcare Services stock rallies 8.41% to ₹609 on NSE; the company has acquired fully Paramount Health Services & Insurance TPA for over ₹400 crore. In addition, stock has hit a 52-week high today at ₹639 on the NSE.

Paytm shares rise 2%, track live movement here

Penalty of ₹0.01 crore imposed on HDFC Bank by Deputy Commissioner of State Tax, Maharashtra for alleged delayed reporting of invoices, short payment of Tax and disallowance of input tax credit.

Shares trade at ₹1,638.35 on the NSE, down 0.10%.

Rupee depreciated 8 paise to 83.95 against the US dollar in morning trade on Tuesday, weighed down by elevated crude oil prices and a muted trend in domestic equities. Read more

Adani Power Limited announced today the incorporation of a new wholly-owned subsidiary, Adani Power Middle East Ltd, in Abu Dhabi. The subsidiary, with an authorized capital of 27,000 shares at $1 each, is set up as an investment holding company focused on power, infrastructure, and related fields. Read more

Bank Nifty index has been volatile today since the opening. The index fell to a low of 50,938 and then has bounced back, recovering almost all the loss. It is currently trading at 51,140, down 0.02 per cent. Read more

Emami (2.48%), Cipla (1.53%), Oil India (1.47%), Lupin (1.41%), Ashok Leyland (1.38%), Voltas (1.09%), Bajaj Auto (0.76%)

Nifty 50 is broadly staying flat. It fell to a low of 24,973, but then managed to bounce back from there recovering all the loss. It is currently trading at 25,026, up marginally by 0.05 per cent.

Crude oil futures traded lower on Tuesday morning after seeing an increase on Monday due to fears of production disruption in Libya. Read more

Jefferies: India Ports – Buy the Rise of the Private Sector; Initiate JSWI at Buy

- Believe the trend of Private Sector Ports seeing double-digit volume and EBITDA CAGR between market share gains, acquisitions and expansions should continue. 

- All-India port cargo should rise at 6% CAGR in FY24-30E, slightly higher than the 5% of the last 10 years, and port capacity by 1.3-1.4x. Private sector, incl. Adani Ports, JSW Infra and Dubai Port, are expanding operations. 

- Initiate coverage of JSW Infra (JSWI) PT of Rs375, is based on 32x EV/EBITDA Sept 26E, and remain positive on Adani Ports.

Indian benchmark indices opened flat on Tuesday, with the Nifty hovering near its all-time high, as investors weighed positive global cues against caution ahead of key events later this week. Read more

JSW Neo Energy Ltd, a wholly-owned subsidiary of JSW Energy, has received a letter of award for setting up a 200 MW Wind-Solar Hybrid Power Project from Maharashtra State Electricity Distribution Company Ltd (MSEDCL – Phase III).

Shares were up 1.67% on the NSE, trading at ₹727.50

Info Edge (India) has received a tax demand of ₹2,82,303 with applicable interest (not quantified) and penalty of ₹42,663 from the tax department. Shares traded flat on the NSE at ₹7,497.95

Top gainers: HCL Tech (1.12%), Apollo Hospitals (0.66%), L&T (0.60%), Dr Reddy’s (0.54%), Bajaj Finserv (0.52%)

Top losers: BPCL (-1.58%), Shriram Finance (-1.23%), Kotak (-0.81%), HDFC Life (-0.81%), Asian Paints (-0.59%)

Crude oil futures traded lower on Tuesday morning after seeing an increase on Monday due to fears of production disruption in Libya. At 9.25 am on Tuesday, November Brent oil futures were at $80.09, down by 0.34 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $77.14, down by 0.36 per cent. September crude oil futures were trading at ₹6482 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹6483, down by 0.02 per cent, and October futures were trading at ₹6392 against the previous close of ₹6399, down by 0.11 per cent.

CLSA on Avenue Supermart: Maintain Outperform on Company, raise target price at Rs 5650/Sh (Positive)

JP Morgan on Tata Motors: Maintain Overweight on Company, target price at Rs 1250/Sh (Positive)

BofA on Indus Towers: Maintain Buy on Company, target price at Rs 490/Sh (Positive)

HSBC on Coforge: Maintain Buy on Company, raise target price at Rs 6900/Sh (Positive)

HSBC on MPhasis: Maintain Hold on Company, raise target price at Rs 2900/Sh (Positive)

HSBC on LTTS: Maintain Hold on Company, raise target price at Rs 5560/Sh (Positive)

HSBC on Persistent: Believe company will continue to Grow Strongly in Double-Digits and Outperform Peers (Positive)

Investec on Medi Assist: Initiate Buy on Company, target price at Rs 625/Sh (Positive)

JP Morgan on ONGC: Maintain Neutral on Company, raise target price at Rs 306/Sh (Positive) 

Morgan Stanley on NBFCs and Insurance: There is increased interest in non-bank lenders as investors look to position for rate cuts (Positive)

Investec on Power sector: Generation Increased 8.3% YoY July Led By Healthy Power Demand, Remain Positive On NTPC, CESC, Inox Wind and Kalpataru (Positive)

Morgan Stanley on Real Estate: Investor interest in real estate has waned vs. six months ago despite the stocks’ outperformance YTD (Neutral)

BofA on Pharma: Topline beat driven by higher India, US generic lumpy (Neutral)

Jefferies India Strategy: Tax Data Shows Rising Cap Gains; K-Shaped Recovery (Neutral)

JP Morgan on Indegene: Initiate Neutral on Company, target price at Rs 570/Sh (Neutral)

JPMorgan on Iron Ore: NMDC remains least preferred (Negative) 

HSBC on KPIT: Downgrade to Hold on Company, cut target price at Rs 2000/Sh (Negative)

Route – Tender 

Buyback Price: 1,200/ 

Current Market Price: 939/-

Market Cap: Rs 13,020 Crores 

Buyback Size: Rs 200 Crores (Representing 9.88% and 9.88% of the total paid up equity share capital and free reserves)\ 

Buyback Size: 16,66,667 shares (Representing 1.20% of O/s. shares)\

Retail Quota: 2,50,000 Shares

Entitlement:

General Category - 1 Equity Shares for every 96 Equity Shares held on the Record Date

Retail Category - 11 Equity Shares for every 120 Equity Shares held on the Record Date

Buyback Record Date: 14 Aug2024

Tender Period:

Start Date - 21 Aug 2024 

Close Date - 27 Aug 2024 (Today)

Obligation Date - 02 Sep 2024 

Settlement Date - 03 Sep 2024

Route – Tender 

Buyback Price: 2,500 

Current Market Price: 1,606/-

Market Cap: Rs 11,073 Crores 

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 (Today)

Close Date - 02 Sep 2024

Obligation Date - 06 Sep 2024 

Settlement Date - 09 Sep 2024

Bharat Heavy Electricals Ltd has secured orders worth more than ₹11,000 crore from Adani Power and its subsidiary, Mahan Energen, for supply of equipment (Boiler, Turbine, Generator) and supervision of erection & commissioning of three power projects at Kawai, Rajasthan and Mahan, Madhya Pradesh. Each of the three projects will be of 2×800 MW rating. Read more

Gift Nifty at 25,030 indicates another soft opening for Nifty, Sensex. According to analysts, market will be volatile ahead of the F&O monthly expiry at the NSE this Thursday. However, analysts expect the market to remain in consolidate mode. Read more

NET LOSS AT 24.1 CR V 543 CR PROFIT (YOY), 352 CR PROFIT (QOQ)

REVENUE DOWN 84 % AT 453 CR (YOY) ,DOWN 75 % (QOQ)

EBITDA DOWN 95 % AT 40.6 CR (YOY),DOWN 93 %(QOQ) 

MARGINS AT 9 % V 28.5 % (YOY),30.4 % (QOQ)

NET PROFIT UP 41 % AT 7 CR (YOY), DOWN 7% (QOQ)

REVENUE UP 52 % AT 151 CR (YOY) ,UP 21 % (QOQ)

EBITDA UP 27 % AT 9.63 CR (YOY),DOWN 41 %(QOQ) 

MARGINS AT 6.36 % V 7.6 % (YOY),12.98 % (QOQ)

Ex-Dividend 28 Aug 2024 (Tomorrow)

Last date for Cum-Dividend Today

Asahi India Glass Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 663.85

Bajaj Steel Industries Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 2003.6

DMCC Speciality Chemicals Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 278.05

Force Motors Ltd.

Dividend Per Share Rs.20

Previous day Closing Price – Rs. 8570.35

Hindustan Zinc Ltd.

Dividend Per Share Rs.19

Previous day Closing Price – Rs. 528.2

International Combustion (India) Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 1354.6

Sigachi Industries Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 60.35

Yuken India Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 1345.6

Hazoor Multi Projects Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 410.55

Supermarket chain Patel Retail Ltd, operating in tier-III cities and nearby suburban areas under the brand “Patel’s R Mart”, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The company had filed its IPO papers with SEBI on April 3, 2024. 

The IPO, with a face value of Rs 10 per equity share, is a mix of fresh issue of shares of up to 90.18 lakh and an offer-for-sale of up to 10.02 lakh equity shares by Promoter Selling Shareholders.

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

Recent Interview...

As of 18:28 PM Monday 26 August 2024

Akums Drugs : Sandeep Jain, MD

CDMO Business Has Been Seeing Margin Of 14-15%: Akums Drugs & Pharma

https://www.youtube.com/watch?v=Nqs9RKoMaRA

City Union Bank: N Kamakodi, MD & CEO

Expect Credit Growth To Be In-line With Industry At Mid-Teens For FY25: City Union Bank

https://www.youtube.com/watch?v=MW84Wlk4lMw

Jupiter Wagons: Vivek Lohia, Managing Director

Jupiter Wagons: ‘Focus Is On Wagons, Capacity Ramp Up’, On Track To Achieve FY25 Sales Target?

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

Electronics Mar: Premchand Devarakonda, CFO

Electronics Mart: ‘There Is Single Digit Growth YoY’, Eye On Same Store Sales Growth In FY25

https://www.youtube.com/watch?v=DwLi-cr6iAo

Finolex Ind: Ajit Venkataraman, CEO

Procure Most Of Our CPVC Locally, Will Not Be Impacted By Anti-Dumping Duty: Finolex Industries

https://www.youtube.com/watch?v=hcJc7Z4No80

Narayana Hruda: Sandhya J, Chief Financial Officer

Narayana Health: Revenue Growth, Expansion In Insurance & More | Sandhya J Share Insights

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

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

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

26 August 2024 (Rs. In Crs.) 

Turnover: (NSE + BSE) 

Cash Volume: 111305.26 + 9171.98 Total: 120477.24 

F&O Volume: 25181834.98 + 14036532.12 Total: 39218367.10 

Provisional Cash 

FII/FPI: NET BUY: +483.36 

(12,749.26 - 12,265.90) 

DII: NET BUY: +1,870.22 

(13,045.47 - 11,175.25)

Bank Of Montreal (Pre market) (Sector- Financial)

Bank of Nova Scotia (The) (Pre market) (Sector- Financial)

Heico Corporation (Pre market) (Sector- Defence)

SentinelOne, Inc. (Post market) (Sector- Technology)

Market regulator SEBI has issued notice to fintech firm One97 Communications, which owns the Paytm brand, in the March 2024 quarter on employee stock options given to its MD and CEO Vijay Shekhar Sharma, according to the company filing on Monday. Read more

Chennai-based Madras Engineering Industries (MEI) Pvt Ltd, an auto parts manufacturer, has said it has devised plans including expansion of its product lines to sustain 15 per cent growth over the next 6-7 years.

Recently, MEI joined the ranks of elite vendors supplying fossil-free auto parts to Swedish automotive giant Volvo Group Trucks. Read more

The inventory level for passenger vehicles across India is around 38 days now, and there should be a minimum inventory of 30-31 days, because as the festival season kicks in, the dealers should have enough capacity so that they don’t lose on sales, a top official at Maruti Suzuki India (MSIL) said. Read more

The short-term outlook is bullish for NTPC. The stock has begun the week on a positive note by rising over 3 per cent on Monday. The stock has strong support in the ₹400-₹395 region. The price action since the first week of June has been in the form of a bullish channel. Read more

UltraTech Cement, an Aditya Birla Group company, has raised $500 million (about ₹4,000 crore) through a sustainability-linked loan with participation from six banks. Read more

Passive funds have suddenly become more active in recent times with the series of new fund launches by large fund houses, particularly before the expected entry of Mukesh Ambani-owned Jio Financial Services and the world’s largest index funds powerhouse, BlackRock Inc. Read more

After the success of UPI in the digital payments space, RBI is now looking at a nationwide launch of a technology platform to enable frictionless credit across various sectors, particularly for agriculture and MSME borrowers. The platform will facilitate consent-based flow of digital information, including land records of various states, from multiple data service providers to lenders. Read more

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. Read more

Zydus Lifesciences Ltd shares dropped 5.90 per cent to ₹1,109.10 on the NSE at close. The company announced a significant joint venture today where it revealed plans to acquire a 50% stake in Sterling Biotech Limited (SBL) from Perfect Day Inc., a Temasek portfolio company. This move marks Zydus’ entry into the fermentation-based protein business. Read more

Infosys CEO Salil Parekh has indicated that the company will honour offers given to freshers and follow them by joining, although there has been some change in dates. Read more

Suryoday Small Finance Bank is planning to stretch the maximum tenor of a Fixed Deposit (FD) to over 20 years vis-a-vis the usual 10 years that banks currently restrict themselves to. Read more