Stock Market Live Updates September 27, 2024: Sensex, Nifty make further gains, lifted by global cues, firm IT stocks

Kitex Garments’ board has considered the acquisition of the Kitex Childrenswear Ltd business and would take immediate steps to complete the acquisition subject to applicable regulatory compliances.

Kitex Garments’ stock surged 3.16% to trade at ₹483 on the NSE

RailTel Corporation of India has secured orders worth ₹155.72 crore (excluding taxes) from the Rural Development Department, Maharashtra, for the operationalisation of the ASSK-GP project in the Konkan, Pune, and Nashik regions.

Stock rose 1.71% on the NSE, trading at ₹469.50.

Indian stock markets opened higher on Friday, buoyed by positive global cues and strong performance in the technology sector. The benchmark Sensex opened at 85,893.84, up from its previous close of 85,836.12, while the Nifty 50 index started the day at 26,248.25, building on Thursday’s close of 26,216.05. 

Rupee rises 2 paise to 83.64 against the US dollar in early trade on Friday amid softening crude oil prices and inflow of foreign funds. The Indian currency was, however, weighed down by a subdued domestic equity market and a stronger greenback against major rivals overseas amid increased month-end dollar demand from importers, forex traders said.

Track Reliance Power share price movements live here

Pavna Industries has approved raising of funds up to ₹32,203.85 lakh via preferential issue, and raising ₹500 crore by issuance of securities, convertible instruments including Foreign Currency Convertible Bonds (FCCBs) or other similar security denominated in foreign currency(ies) 

Stock surges 3.07% on the NSE, trading at ₹521.45

Authum Investment and Infrastructure Ltd has signed a Share Purchase Agreement with Mahi Madhusudan Kela, for purchase of 46.85% stake in Prataap Snacks Ltd (PSL) from Peak XV Partners Growth Investment Holdings I, Peak XV Partners Growth Investment II, Sequoia Capital GFIV Mauritius Investments.

Consideration: 846.60 Crore

AIIL shares rose 1.64% on the NSE, trading at ₹1,733.50

HDFC Life Insurance Company said it has received an Income Tax Order aggregating ₹296.76 crore from the Assistant Commissioner of Income Tax, Central Circle 6(2), Mumbai, on September 25, 2024. 

The order for Assessment Year 2022-23 (Financial year 2021-22) comprises tax demand of ₹255.93 crore and interest of ₹40.83 crore, per the company’s regulatory filing.

HDFC Life said: “While calculating the above tax demand there are arithmetical inaccuracies involved. The Company is in the process of filing rectification application before the Tax Authority with respect to the above. 

“In our view post passing of the rectification Order, the rectified tax demand shall be approximately ₹116 crore and interest shall be recomputed accordingly.”

Top gainers: Infosys (3.79%), LTIMindtree (3.79%), Tech Mahindra (3.10%), Wipro (2.73%), HCL Tech (2.20%)

Top losers: Power Grid (-2.45%), L&T (-2.02%), Bharti Airtel (-1.95%), ONGC (-1.46%), Divi’s Lab (-0.85%)

BSE and NSE have imposed a fine of Rs 25,000 each on Muthoot Finance Ltd for non-convening of Annual General Meeting within 5 months from the close of financial year. The fine has been imposed for alleged violation of Regulation 44(5) of SEBI Listing Regulations, the gold loan company said in a regulatory filing. 

“The Company is of the firm view that it is not in violation of Regulation 44(5) and is exploring legal remedies available against the imposition of fine by Stock Exchanges. There are no material impact on financial, operation or other activities of the Company due to the said fines imposed by the Stock Exchanges. The Company remains committed to ensure optimum compliances of all applicable laws in letter and spirit,” the company said in a regulatory filing.

UBS on Pharma

Initiate Sell Call On Zydus, Target Rs 850 & Dr Reddy’s, Target Rs 5,700

Sell Call As Street Is Over Estimating Core Margin

Initiate Sell Call On Aurobindo, Target Rs 1,333 As Valuations Are High Despite Low Growth

Initiate Sell Call On Lupin, Target Rs 2,250 As It Is Already Pricing One-off Benefits In FY25 & FY26

Street Under-appreciating Growth Slowdown In Both India & US

India & US Account For 70-80% Of Sector Profits And Would Imply Lower Growth

Balancesheets Are Healthy To Invest For New Growth Drivers

Growth Normalisation May Take Time

Prefer Sun Pharma, (Buy Call, Target Rs 2,450)

Expect Sun Pharma’s Patented Molecules To Double In Revenues Over Four Years

Sun Pharma’s Margin Expected To Expand By 650 bps For Overall EPS CAGR Of 19%

Like Cipla (Buy Call, Target Rs 2,060)

Cipla’s US Upside From Injectable & Respiratory Portfolio Is Not Yet Fully Factored In

MS on IT Sector

Accenture’s Results & FY25 Guidance Do Not Point To Any Material Change In The Environment

Results & FY25 Guidance Of Accenture Confirm Expectations Of Organic Growth Improving Over Next 12 Mths

There Is A Sign Of Relief For Sector Especially Post The Run-Up In Last 3-4 Months

View Accenture’s Results As Neutral To Slightly Positive For India IT Sentiment

India IT Neutral To Slightly Positive On Commentary On Broad-based Improvement In Growth

Organic Growth In Q4 Became Positive As Per Accenture Which Is Slightly Positive For Indian IT

Nomura on IT Sector

Buy Call On Infosys, Wipro & Cognizant Tech In Large Caps & eClerx Svcs In Midcaps

Reduce Call On LTIMindtree, Mphasis & LTTS

Accenture’s FY24 Organic Growth Guidance At 0-3% Vs -1% Achieved In FY24

FY25 Revenue Growth Guidance For Accenture At 3-6% Includes Over 300 bps Inorganic Contribution

Order Booking Growth Continues To Be Strong Driven By Large Projects

GenAI Opportunity Continues To Mature

Growth Likely To Bottom Out In FY25

MS on SBI Cards

Equal-Weight Call, Target Rs 745

Co’s August Spending Market Share Rose Nearly 18 bps MoM, To 15.7%

On A YoY Basis, Spending Fell 3%, Lower Than +13% For The Industry

Fall In Spending Reflects Continued Impact Of RBI’s Notification On Corporate Card Spending

CLSA on Metals

Chinese stimulus: Indian mills well placed for a demand-driven upcycle 

Assuming strong demand driven upcycle, would see highest upside for Vedanta(+24%), Tata Steel(+19%) & Hindalco(+16%)

Prefer aly plays but see near-term support for ferrous names as well

Jefferies on Real Estate

Residential Market Activity Has Tapered In 2Q

There Should Be Flattish Pre-Sales For Our Coverage, Following Q1’s 70% Sales Growth

Market Activity To Revive In Near-term As Major New Launches Are Likely In Coming Weeks

Low Inventories And Broad-based Price Appreciation Suggest Fundamentals Remain Strong

The Potential For Rate Cuts Could Help Broaden Market Activity

Overall Residential Markets Remain Healthy & 15-35% Growth Guidance Should Be Met

The start of the fresh monthly series at the NSE derivative segment will to begin on a positive note on Friday. According to analysts, global sentiment will continue to keep bulls alive at the bourse on Friday as well.

Asian stocks are up, led by China, as the country is gearing up to increase fiscal support and stabilise the property sector to revive growth. China’s benchmark CSI 300 Index is headed for its biggest weekly gain in almost a decade.

Authum Investment and Infrastructure Ltd. along with Mahi Madhusudan Kela have signed a share purchase agreement to acquire a controlling stake in Indian snacks manufacturer Prataap Snacks Ltd., an exchange filing said in the early hours of Friday, September 27. Authum along with Mahi Madhusudan Kela will acquire 46.85 per cent stake in Prataap Snacks from its private equity promoters, including Peak XV Partners Growth Investment Holdings I, Peak XV Partners Growth Investment II and Sequoia Capital GFIV Mauritius Investments. Read more

ADS DIAGNOSTIC Ltd.

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 11.34

Ex-Dividend 30 Sept 2024 (Monday)

Last date for Cum-Dividend Today

Issue Period:- 26- September-24 to 27- September-24

For Non- Retail ( QIB +HNI ) open & close date - 26- September-24 

For Retail open & close date – 27- September-24 (Today)

Floor Price: INR “433.00”

Closing Price on date of announcement: Rs. 467.65\u0009

Current Market Price: 468.75

Base Issue size: 1.08 Crs Shares – 5.50% of O/S Capital

Green Shoe Issue size: 0.11 Crs Shares – 0.55% of O/S Capital

Total Issue Size:1.19 Crs equity shares (INR 516.00 Cr) – 6.05% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 26-September -24 

Total Issue Size: 1.07 Crs shares (INR 464.80 Cr)

Clearing Price: Rs. 450.00

Retail Portion - 10% of Offer Size - Bidding on 27- September-24 (Today)

Total Issue Size: 0.12 Crs equity shares (INR 51.64 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs. 450.00.

Silver surged to its highest level in over 12 years as global central banks slashed interest rates. The industrial sector has been the primary source of silver demand. Silver’s use in photovoltaic devices, such as solar panels, has nearly doubled over the previous year. The Fed delivered a sharper-than-expected 50bps rate decrease in its September meeting, and FOMC members have subsequently noted that the rapid deterioration of the labour market’s resilience and softening inflation are likely to merit further relaxing in future decisions. Meanwhile, silver benefited from recent announcements of significant fiscal and monetary stimulus measures to help the world’s second-largest economy. The surge was consistent with improvements in industrial metals, which improved the outlook for silver-intensive manufacturing processes such as electrification technology and solar panels.

Key economic data slated for release includes Spanish Flash CPI y/y, German Unemployment Change from Euro Zone and Core PCE Price Index m/m, Revised UoM Consumer Sentiment, Goods Trade Balance from US Zone.

Gold held steady amid rising predictions of another significant interest rate cut in the United States this year, while market players waited for further guidance from a crucial inflation data. Bullion prices have increased by more than 29% this year, with numerous new highs set on prospects of rate cuts in the United States, safe-haven demand, and strong central bank purchases. Weekly jobless claims in the United States decreased by 4,000 to 218,000, a four-month low. The Federal Reserve dropped interest rates by 50 basis points at its most recent policy meeting, and traders expect another half-point reduction in November, according to the CME FedWatch Tool. According to data, China’s monthly net gold imports via Hong Kong fell 76% in August, reaching their lowest level in more than two years.

Key economic data slated for release includes Spanish Flash CPI y/y, German Unemployment Change from Euro Zone and Core PCE Price Index m/m, Revised UoM Consumer Sentiment, Goods Trade Balance from US Zone.

Railtel Corp: Company gets work order Rs 1.56 billion from rural development department, Mantralaya, Maharashtra 

RITES: Consortium emerges lowest bidder in a Delhi Metro project worth ₹87.58 cr.

Netweb Technologies: Company received an Intel Partner Award for Outstanding Growth in the Data Center & AI Group.

Biocon: Company partners with Tabuk pharmaceuticals to commercialize its glucagon-like Peptide-1 (GLP -1) products in the Middle East region.

Anuh Pharma: Company has received approval from EDQM for CEP of Allopurinol API which is used to treat Gout and High Uric Acid Levels. 

Infosys: Company announces strategic collaboration with Sally Beauty 

Sobha: Credit ratings of the company has upgraded by ICRA Limited. 

Jubilant Pharmova: Company announced that the USFDA completed an audit of its Allergy Immunotherapy and Contract manufacturing facilities in Spokane, Washington, with no observations.

Krsnaa Diagnostics: Company Got LOI to Commission Radiology Services. 

Yatharth Hospital: Company receives mega target price on expectations of exponential boost in topline. 

Zomato: Swiggy files ₹3,750 crore IPO to expand quick commerce, pay off debt 

Adani Green: Company and Total Energies finalise $444-million JV for Gujarat solar projects 

PEL: Arm Piramal Capital & Housing Finance sells immoveable property comprising of land & building situated at Santacruz East, Mumbai Property for ₹187 crore 

Elgi Equipments: Company’s subsidiary, Elgi USA, is divesting its entire stake in its joint venture 

Marsons: Company gets LOI worth Rs 6.75 billion from Nacof Oorja to develop a 150 mw (ac) grid-interactive ground-mounted solar PV Power generation plant in Rajasthan 

Sun pharma: Company presents new clinical efficacy and safety data in severe dermatological conditions at the 2024 EADV congress, new data demonstrate improved hair satisfaction in more than 95% of patients taking DEURUXOLITINIB 

Thangamayil Jewellery: Company announced a proposed rights issue of up to Rs 600 Crores to raise funds. 

Lemon Tree: Company announced a new hotel in Sasan Gir, Gujarat, expected to open in FY 2026

PC Jeweller: Bank of India approved to one-time settlement proposal submitted by Company 

Akme Fintrade: Company partners with Mas financial services for Co-lending in MSME sector. 

RVNL: Company has signed a MoU with Engineers India Limited to explore global business opportunities, share information, and collaborate on infrastructure projects 

Max Healthcare: Company executes share purchase agreement with Jaypee Infratech & Lakshadweep Group for Rs 398 crore. 

SJVN: Company inks two initial pacts with #Maharashtra government for developing pumped storage and floating solar projects with investment of Rs 48,000 crore. 

Shivalik Bimetal: Company targeting 30% market share in North America, Western Europe 

Union Bank: Joint Forum of AIUBEF, AIUBSF, UBSA and UBIEU, Delhi, consisting of Customer Service Associates and Office Assistants propose to go on Strike On September 27, 2024. 

Nuvama: Edel Finance & Ecap Equities to sell 6.4% equity in Nuvama Wealth Management via block deals, floor price for the deal is at ₹6,455/sh

Pricol Ltd: Company has appointed Mrs. Manoharan Malavika Thothala as an Independent Director for a 5-year term starting October 1, 2024. 

Ask Automotive: Company to exercise oversubscription option up to 0.55% for offer for sale by promoter. 

Ola Electric: Company launches ‘Network Partner Program’, Onboards over 600 partners to accelerate EV adoption and Endiceage pan India. 

KNR Constructions: Company Board Meeting on 26th September 2024 appointed Shri W R Reddy as Chairman, effective 1st October 2024. 

Indian Bank: Bank’s Board approved raising an additional Rs.5000 crore in Long Term Infrastructure Bonds, bringing the total to Rs.10,000 crore for FY 2024-25.

Escorts Kubota: Escorts Kubota finance limited, a wholly-owned subsidiary of Company, has received a certificate of registration from the RBI to operate as a non-banking financial institution. 

IndiGo: Company appoints Isidro Porqueras as COO, effective November 1, 2024 

Torrent Pharma: Company refutes claims of Shelcal 500 allegedly failing CDSCO quality test 

LIC: S Sunder Krishnan resigns as Chief Risk Officer of Life Insurance Corporation of India. 

Uno Minda: Company acquired 49% stake of Minda Nabtesco automotive from Nabtesco automotive corporation for Rs 13 million 

ADF Foods: Company approved acquisition of remaining 30% stake from minority members of vibrant foods, entity being acquired belongs to food sector

HDFC Bank: Sells a housing loan portfolio of about $717 million to reduce credit book.

KEC International: Company raises Rs 870 crore through a qualified institutional placement offer.

PNB: Bank closes QIP, sets floor price at Rs 103.75/share.

Godrej Properties: Company’ board will meet on October 1 to consider a proposal to raise funds through the issue of securities 

AB Capital: Company invests Rs 500 crore in AB Finance via rights subscription

Tyre Stocks: CRISIL report: Rising natural rubber prices to hit tyre maker margins, supply deficit may triple.

SWIGGY IPO: FRESH SHARE ISSUE WORTH UP TO 37.5B RUPEES 

OFFER FOR SALE OF UP TO 185.3 MLN SHARES

SWIGGY IPO: FY 2024 REV 112.47 BLN RUPEES|

FY 24 LOSS 23.5 BLN RUPEES 

KOTAK MAHINDRA CAPITAL, CITIGROUP, JEFFRIES INDIA AMONG BOOK RUNNING LEAD MANAGERS

18.00 U.S. Core PCE Price Index m/m (Expected: 0.2% versus Previous: 0.2%)

19.30 U.S. Revised UoM Consumer Sentiment (Expected: 69.4 versus Previous: 69.0)

19.30 U.S. Revised UoM Inflation Expectations (Previous: 2.7%)

22.45 U.S. FOMC Member Bowman Speaks

Onward Technologies Limited has allotted 10,000 equity shares at INR 20/- each to employees exercising options under its Employee Stock Option Scheme (ESOP 2019). The total issued shares after this allotment are 2,26,27,170, with a total issued share capital of INR 22,62,71,700. The shares rank pari-passu with existing shares

Nifty 50 26,216 🔼 0.81%

Sensex 85,836 🔼 0.78%

Nifty Midcap 22,367 🔼 0.05%

Nifty Smallcap 18,434 🔻 0.45%

📊 Market Volatility

India VIX 12 🔻 5.81%

Sectoral Highlights

Nifty Auto 🔼 2.26%

Nifty Metal 🔼 2.13%

Nifty Consumer Durables🔻 0.9%

📈 Top Gainers

Easy Trip Planners ₹36.58 🔼 6.59%

Elecon Engineering Company ₹702 🔼 5.83%

📉 Top Losers

Kalyan Jewellers India Ltd ₹716.70 🔻 5.47%

Crompton Greaves Consumer Electricals Ltd ₹419.25 🔻 5.05% 

📰 In the News 

Linc has formed a joint venture with Japan’s Mitsubishi Pencil Co. to introduce advanced Japanese technology to Indian markets at affordable prices. The stock surged 5.9% during the day and closed at +3.7%

Krsnaa Diagnostics acquired a stake in Apulki Healthcare to provide diagnostic services and become its exclusive partner for cancer and cardiac hospitals. The stock surged 4.4% following the announcement and closed at +0.22%

PB Fintech Shares Falls by 10% After Clarifying It’s Not Entering Healthcare Space, stock closed at -2.10%

Tata Communications has brought Tata Communications UK under its direct ownership to simplify the group’s structure. The stock rose 1.4% following the announcement. Stock closed at +0.82%

Turnover: (NSE + BSE)

Cash Volume: 126554.83 + 11514.99 Total: 138069.82

F&O Volume: 574938.92 + 1817531.49 Total: 2392470.41

Provisional Cash

FII/FPI: NET BUY: +629.96 

(26421.21 - 25791.25) 

DII: NET BUY: +2405.12 

(15461.3 - 13056.18)

FPI in 2024

* Jan : Rs -25,744 crore 

* ⁠Feb : Rs +1,359 crore

* ⁠Mar : Rs +35,098 crore

* ⁠Apr : Rs -8,671 crore

* May : Rs -25,586 crore

* ⁠June : Rs +26,565 crore

* ⁠July : Rs +32,365 crore

* ⁠Aug : Rs +7,320 crore

* ⁠Sept : Rs +49,459 crore

The upmove in Hindalco Industries has gained momentum. The stock has made a bullish breakout above the key resistance level of ₹712 this week. On the charts, the momentum is strong. The region around ₹710 will now act as a good support and limit the downside. Fresh buyers are likely to come in to the market around ₹710.

Drugmaker Novartis India (NIL) has said it is not a party to and is not involved in any negotiations or discussions between its Swiss parent and Mumbai-based Alkem Labs.

Bank of India (BoI) said it will launch a 400-day retail term deposit (TD), offering 7.30 per cent on callable deposits and 7.45 per cent on non-callable deposits. Read more

Reliance Foundation Chairperson Nita Ambani and Reliance Jio Infocomm Chairman Akash Ambani have joined the board of Viacom18 ahead of its merger with the India business of global media giant Walt Disney, industry sources said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems.

Krsnaa Diagnostics Ltd has announced a strategic investment in Apulki Healthcare Private Limited, that runs cancer and cardiac care hospitals.

Krsnaa Diagnostics Ltd has announced a strategic investment in Apulki Healthcare Private Limited, that runs cancer and cardiac care hospitals.