Stock Market Live Updates: Sensex, Nifty brace for flat opening amid global tensions; FPI flows and economic data to guide sentiment

China: 01.10.2024 to 07.10.2024

India: 02.10.2024

Hong Kong: 02.10.2024

South Korea: 03/10/2024

Initiate Buy, TP Rs 780

VBL has 90% of PepsiCo’s India bottling vol in an underpenetrated soft drink market vs fragmented Coke system

VBL can pick up speed and market share if it adopts these tools ahead of its competitors

The Yen rises, and the Nikkei Index future collapses as Japan’s ruling party elects ‘outsider’ Ishiba as its new leader. 

Ishiba is said to support further rate hikes by the Bank of Japan.

GS on Neuland Labs: Maintain Buy on Company, raise target price at Rs 12975/Sh (Positive) 

GS on Indusind Bank: Maintain Buy on Bank, raise target price at Rs 1635/Sh (Positive) 

Nomura on Federal Bank: Maintain Buy on Bank, raise target price at Rs 240/Sh (Positive) 

HSBC on Varun Beverages: Initiate Buy on Company, target price at Rs 780/Sh (Positive) 

Jefferies on NTPC: Maintain Buy on Company, target price at Rs 485/Sh (Positive) 

NB on Navin Fluorine: Upgrade to Buy on Company, raise target price at Rs 4000/Sh (Positive) 

CLSA on Bajaj Finance: Maintain Outperform on Company, target price at Rs 9200/Sh (Positive) 

Morgan Stanley on Utilities: Turned more constructive on the utilities capex cycle given evidence of supply tightness in F25. Overweight on Tata power, Torrent Power, NTPC and BHEL (Positive) 

Nomura on IT Sector: Buy Call on Infosys, Wipro and Cognizant Tech in large caps and eClerx In Midcaps (Positive) 

Morgan Stanley on OMCs: Prefer HPCL and BPCL (benefits of hardware upgrades/ expansion) over IOCL (Positive) 

GS on Auto: September-3-month vehicle registration data. TVS, M&M and Ashok Leyland gains market share (Positive) 

UBS on Auto: Retain buy rating on TVS Motor and Eicher Motors (Positive) 

Macquarie on Syngene management meet: Company expects strong recovery in H2FY25 (Positive) 

Macquarie on Biocon management meet: Viatris acquisition key-re rating trigger for biosimilars (Positive) 

Morgan Stanley on IT: Investor positioning is overweight, valuations are at a premium to last five-year averages. (Neutral) 

CLSA on Zomato: Maintain Outperform on Company, target price at Rs 283.9/Sh (Neutral) 

MS on Berger Paint: Maintain Underweight on Company, target price at Rs 497/Sh (Neutral) 

MS on Asian Paint: Maintain Underweight on Company, target price at Rs 2522/Sh (Neutral)

Market regulator SEBI has drastically cut the lot size for trading of units of privately placed InvITs on designated stock exchanges to ₹ 25 lakhs from ₹ 1 crore.

This measure is expected to help increase the liquidity of privately placed InvIT units by allowing a broader base of investors to participate in the market and promote diversification of investment portfolios, enabling them to better manage risk, say industry experts.

The latest relaxation is part of slew of changes now implemented by SEBI to its existing SEBI (Infrastructure Investment Trusts) Regulations 2014. 

We zoom in on the prospects of Rajesh Exports, as also the prospects of two other stocks — Mazagon Dock Shipbuilders and Mishtann Foods

The dollar index oscillated up and down within a narrow range all through last week. The index traded in a range of 100.16-101.23. The immediate outlook is unclear. However, the US Personal Consumption Expenditure (PCE) data release on Friday can keep the bias negative. The US 10Yr Treasury yield has declined on Friday following this data release.

Here is what the charts say about the shares of Crest Ventures, Exide Industries and NMDC

At current P/B multiple of 7.2 times, the price has already pulled forward many years of potential growth in net worth and the risk-reward of holding the stock at current levels is not favourable

As record inflows via the SIP route continue and retail investor preference surges for mutual funds as long-term vehicles, asset management companies (AMCs) remain among the key beneficiaries.

Kotak Mahindra Bank (KMB) is the fourth largest private bank in India. Over the years, it has been a good all-round performer in all three key aspects – balance sheet growth, asset quality and margins. However, now a host of challenges such as the embargo on the issue of new credit cards and a resultant drop in NIM, dropping CASA ratio and signs of stress in credit card accounts are stacked up for the management to overcome.

Nifty 50 (26,179), the benchmark index, advanced 1.5 per cent last week. But Bank Nifty (53,834) ended the week flat as it declined on Friday, giving away the weekly gains made until then.

Precious metals continued their upward march last week as well. In terms of dollars, gold and silver appreciated 1.4 per cent and 1.6 per cent last week and closed at $2,658 per ounce and $31.6 an ounce respectively.

Crude oil prices dropped sharply last week. The Brent crude oil futures on the Intercontinental Exchange (ICE) was down 4.3 per cent and ended the week at $71.5 per barrel. Similarly, the crude oil futures on the MCX lost 4.7 per cent as it closed the week at ₹5,694 a barrel.

Effective September 30, there will be changes in the constituents of Nifty 50, Nifty Bank and Nifty Next 50. Below is the list of the stocks that come in and the ones that are being replaced.

Stock to move with positive bias in the short term and will try to breach the key resistance levels

SEBI F&O report reveals a grim story of gigantic wealth transfer of $22 billion from mostly middle-class Indians to primarily a few FPIs and proprietary traders, in last three years

All eyes will be on the SEBI Board when it meets on Monday as this is the first meeting after Hindenburg Research’s allegations against Chairperson Madhabi Puri Buch.

While insiders say that the Board is likely to take stock of the allegations, other issues that are likely to be addressed are proposed measures to restrict retail participation in the Futures and Options (F&O) segment, regulations for a ‘mutual fund lite’ aimed at passively managed funds, introduction of a new asset class bridging Portfolio Management Services (PMS) and mutual funds, and extension of the definition of ‘connected persons’ under insider trading norms to include certain relatives.

K.P. Energy: ORDER

Company has received the order from the Hon’ble Gujarat Electricity Regulatory Commission (GERC) approving the Power Purchase Agreement (‘PPA’) signed between the Company and Gujarat Urja Vikas Nigam Limited (GUVNL). Company shall develop the 30MW wind power project under its IPP segment and sell the energy to GUVNL as per the terms of the PPA. This order marks a significant milestone for the Company, as the execution of this project will expand Company’s existing IPP capacity to approximately 50 MW, needs to be completed in Q4 FY25.

Kay Cee Energy: ORDER

Company has been awarded a work contract worth INR 2.3 Cr from Rajasthan Rajya Vidyut Prasaran Nigam Limited, Jaipur, for work of Construction of LILO work of 132 KV S/C Deolimanjhi - Sangod Line for 132 KV GSS Kanwas (line Length 15 KM Approx.), needs to be completed within 6 months.

Ceinsys Tech: ORDER

Company has received letter of acceptance (LoA) worth INR 29.2 Cr from City And Industrial Development Corporation of Maharashtra Limited (CIDCO) for Selection of Service Provider for Implementation of Integrated GIS Enterprises, needs to be completed by 36 months including Operation and Maintenance.

Firstview Trading Private Limited (Promoter) bought 25k shares at INR 413/share, aggregating to INR 1 Cr.

Zaggle Prepaid Ocean: ACQUISITION

Company approved the Investment of INR 15.6 Cr for 26% ownership capital of Mobileware Technologies Private Limited on a post issue and fully diluted basis. Mobileware is at the forefront of the digital payments innovation in India and they offer integrated product suite of NPCI certified switch solutions across UPI, IMPS, AEPS & BBPS, along with an API & Agency banking platform called Transxt. Zaggle would be able to leverage their expertise and infrastructure to make our solutions and embedded payment experiences best-in-class for our esteemed clientele.

Welspun Enterprises: Company emerges as L1 bidder for a Brihanmumbai Municipal Corporation contract worth ₹1,989.9 cr (Positive) 

Elgi Rubber: Company approved to sell certain immovable properties of Company, Company approved sale of non-current investments of co in open market. (Positive) 

Kansai Nerolac: Company has opened a new sales depot in Salem, Tamil Nadu, increasing its total network to 114 depots across India. (Positive) 

Everest Kanto: Company received upgraded ratings from CARE Ratings. Long-term bank facilities retained CARE BBB+; outlook revised from stable to positive. (Positive) 

LTI Mindtree: Company strengthens partnership with Curry’s, a leading UK retailer of technology products and services, by enabling transformation of its Omni-channel retail customer experiences leveraging salesforce service cloud, commerce cloud and Mulesoft. (Positive) 

Mangalore Chemicals: Company’s Ammonia and Urea plants have now resumed the production (Positive) 

Zydus life: Company receives final approval from USFDA for Enzalutamide Capsules, 40 mg. (Positive) 

IDFC: IDFC First Board Approves amalgamation of IDFC FHCL with IDFC Limited w.e.f Sep 30 and approves amalgamation of IDFC Limited with IDFC FIRST Bank w.e.f Oct 1. (Positive) 

P N Gadgil Jewellers: Company received upgraded ratings from CRISIL Ratings from A-/Stable to A/Stable. (Positive) 

BEL: Ministry Of Corporate Affairs approves incorporation of JV company ‘BEL IAI AeroSystems’ with Israel Aerospace Industries. (Positive) 

Adani Energy: Company signs business transfer agreement with arm North Maharashtra Power Limited to carve out Adani Dahanu Thermal Power Station. (Positive) 

Saksoft Ltd: Company has executed a Share Purchase Agreement to acquire 100% equity interest in Ceptes Software Private Limited (Positive) 

Avantel: Company wins order worth Rs 444.9 million from Larsen & Toubro for supply of Satcom systems (Positive) 

RailTel: Company receives work order of Rs 134.5 cr from Adani Connex Private Limited (Positive) 

Thermax: Company plans to start manufacturing of solid oxide electrolysers in India in next two years. (Positive) 

Alembic Pharma: Company gets U.S. FDA establishment inspection report for Panelav facility. (Positive) 

Gensol Engineering: Company announces its promoter and MD Anmol Jaggi has hiked its stake in the company through open market acquisition. (Positive) 

Hindustan Adhesives: Commenced commercial production of company’s new unit situated at Mauza Majukshetra, West Bengal. (Positive) 

Bajel Projects: Company Secures First Data Center Order from an upcoming private service provider (Positive) 

Rossari: Company have approved to purchase a plot of land allotted by GIDC adjoining to the existing Dahej Facility of the Company (Positive) 

KRBL/LT Foods: Govt allows white rice export with $490/ ton MEP. (Positive) 

Spice Jet: Singularity Holdings bought 65 lakh shares at Rs 61.61/sh (Positive) 

Reliance Infrastructure: Calcutta High Court rules in favor, upholding the ₹780 crore arbitration award against Damodar Valley Corporation (DVC). (Positive) 

Mining Stocks: Iron ore surges almost 8% as Chinese cities ease home curbs. (Positive) 

Dalmia Bharat: High Court of Calcutta dismissed the review petition filed against Dalmia Bharat (Positive) 

LIC: Company has reduced its shareholding in Mahanagar Gas Ltd. from 9.030% to 6.939%. (Neutral) 

Tata Motors: Company conducts groundbreaking ceremony of its new vehicle manufacturing facility in Tamil Nadu. (Neutral) 

Lupin: US FDA issues 3 observations to co’s Pithampur facility. (Neutral) 

PNB: Bank raises ₹5,000 crore via QIP to strengthen capital base (Neutral) 

Dr. Reddy’s: Company completes investment $640 m in Switzerland Unit. (Neutral) 

Zomato: Akriti Chopra resigns as Co-Founder & Chief People Officer of the company w.e.f. September 27, 2024. (Neutral) 

Adani Enterprises: Arm’s JV unit April Moon retail buys 74% stake in Cococart ventures for ₹200 cr. (Neutral) 

Pidilite Industries: Company unit Pidilite ventures invests Rs 50 million in Wify, a leading home improvement and maintenance platform. (Neutral) 

D B Realty Limited: Company announces the appointment of Mr. Rajeev RA as an Independent Director effective September 27, 2024. (Neutral) 

Capacite Infraprojects: Company has appointed Mr. RK Jain as Director- Operation & CEO, effective October 1, 2024. (Neutral) 

Gandhar Oil: USFDA inspected manufacturing facility located at taloja, Company received 2 observations in form 483. (Neutral) 

ICICI Lombard: Company gets income tax demand of Rs 1,388 crore for April 2021 to March 2022 period (Neutral) 

ICICI Prudential Life: Company receives income tax order worth Rs 361 crore, including interest from authorities in Mumbai. (Neutral) 

IndusInd Bank: Company approves the reappointment of Sumant Kathpalia as MD and CEO. (Neutral) 

OLA: Bhavish Aggarwal announces Ola Electric’s Hyper Service for customers amid mounting after-sales and services complaints. (Neutral) 

SpiceJet: Company plans to expand its fleet from 25 to 100 aircraft by the end of 2026, says CMD Ajay Singh. (Neutral) 

Biocon: US FDA issues 4 observations to co’s Bengaluru facility (Neutral) 

Bharat Agri: Company reports completion of Plinth work for Majiwada Project (Neutral) 

Eicher Motors: Company to recall a batch of Royal Enfield (Neutral) 

Craftsman: Company has invested EUR 13,500,000 in German Holdco towards subscription of equity shares of the German Holdco (Neutral) 

Reliance -Disney merger: I&B Ministry’s nod to RIL for transfer of channels (Neutral)

The SEBI board may take up a host of proposals for its upcoming meeting on September 30.

The board may discuss the introduction of a new asset class with a minimum ticket size of ₹10 lakh. The threshold will deter retail investors from investing in the product, while attracting investors with investible funds of ₹10-50 lakh, who are currently being drawn to unregistered portfolio management service providers.

This may be offered under the MF structure, with a new branding and relevant relaxations in existing MF norms, to begin with

Buzzing stocks: BSE, Zomato, Reliance Industries, RInfra, Adani Enterprises, Adani Energy, PNB, Apollo Hospitals, Angel One, Future Lifestyle, Lupin, Biocon, Zydus Lifesciences, Dr Reddy’s Lab, BEL, ICICI Prudential, REC, SW Solar, Welspun Enterprises, KRBL, Kohinoor Foods, Chaman Lal Setia, Pidilite, NHPC, Mahanagar Gas

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 172476.29 + 10351.58 Total: 182827.87

F&O Volume: 514826.68 + 43927222.17 Total: 44442048.85

Provisional Cash

FII/FPI: NET SELL: -1209.1 

(26135.9 - 27345) 

DII: NET BUY: +6886.65 

(50042.69 - 43156.04)

Gandhar Oil Refinery: USFDA inspects manufacturing facility located at Taloja; company receives 2 observations in Form 483

Fratelli Wines, a key player in the Indian wine industry, aims to double its production of 5,00,000 cases to become a million-case-a-year business. The company’s managing director, Gaurav Sekhri, also announced its plans to increase its focus on the hospitality segment by building a luxury property on its vineyard by the end of 2026.

Amid concerns of rising investor trading in the F&O segment, the new securities transaction tax (STT) levied on sale of futures and options contracts will kick in from October 1. Experts say that this could rein in excessive speculative F&O trading.

NLC India share price has been consolidating sideways for almost two months now. The price action on the charts indicate that this consolidation could come to an end soon.

The combined market valuation of eight of the top-10 most valued firms surged ₹1,21,270.83 crore last week, with Reliance Industries becoming the biggest gainer, in line with an outstanding rally in benchmark equity indices.

Last week, the BSE benchmark jumped 1,027.54 points or 1.21 per cent. The BSE Sensex hit its record high of 85,978.25 on Friday.

The initial public offer (IPO) of Afcons Infrastructure, the flagship firm of Shapoorji Pallonji group, may be revised, likely upwards, with overwhelming interest coming in from institutional investors, but a decision on this is yet to be taken.

While the fresh issue amounting to ₹1,250 crore that the company is raising, will remain the same, the offer for sale portion may see a revision. 

Foreign portfolio investors (FPIs) have put in more money than any other category of investors in initial public offerings (IPOs) this year.

FPI investments amount to ₹17,477 crore, which is 27 per cent of the ₹63,860 crore raised via IPOs this year. In comparison, domestic institutional investors (DII)-- comprising mutual funds, insurance firms, financial institutions and banks -- have invested ₹17,277 crore.

Here’s an interesting stock idea: The stock idea that we have for you today is NLC India. The stock has been consolidating sideways now. The price action on the charts indicate that a bullish breakout is possible this week. That breakout can boost the momentum and take the share price higher in the coming days. Check out the latest episode of bl.Today’s Pick to learn more.

The rise to 26,200 on the #Nifty happened last week in line with our expectation. The overall picture is still positive. #Nifty can continue to rise from here in the coming weeks. Supports are there to limit the downside. Any dip from here will be limited as fresh buyers are likely to come into the market at lower levels.

Global trends, trading activity of foreign investors and domestic macroeconomic data announcements would dictate terms in the equity market in a holiday-shortened week ahead, analysts said. Equity markets would remain closed on Wednesday for Mahatma Gandhi Jayanti.

“Looking ahead, it will be interesting to monitor Foreign Institutional Investors (FIIs) and their flow into India. September saw the highest FII inflows into Indian equities this year. Movements in commodity prices, the US dollar index, and key macroeconomic data from the US will also be pivotal in shaping the market’s direction.