Share Market Highlights 4 September 2024: Markets close mixed as Nifty touches new high amid sector rotations

BSE Sensex ended the day’s trade 202.80 pts or 0.25% lower at 82,352.64, and Nifty 50 fell 81.15 pts or 0.32% to 25,198.70.

Top gainers: 

Asian Paints (2.50%), Grasim (1.91%), Hindustan Unilever (1.71%), Ultratech (1.23%), Sun Pharma (1.19%) 

Top losers: 

Wipro (-3.06%), Coal India (-2.81%), ONGC (-2.27%), Hindalco (-1.90%), LTIMindtree (-1.15%)

Top gainers:

Asian Paints (2.49%), Grasim (1.87%), Hindustan unilever (1.64%), Apollo Hospitals (1.29%), Sun Pharma (1.16%)

Top losers:

Wipro (-3.14%), Coal India (-2.93%), ONGC (-2.44%), Hindalco (-1.90%), M&M (-1.36%)

Stocks advanced on BSE at 3 pm on September 4, 2024, were 1,826 against 2,103 stocks that declined, and 103 remained unchanged. Total stocks traded were 4,032. The number of stocks that recorded a 52-week high was 249, and those that hit a 52-week low was 31. 

A total of 324 stocks traded in the upper circuit, and 254 in the lower circuit.

Unicycive Therapeutics, Inc. announces submission of NDA to USFDA for Oxylanthanum Carbonate for Treatment of Hyperphosphatemia in Patients with Chronic Kidney Disease on Dialysis. 

Unicycive has partnered with Shilpa Medicare Limited (SML) to provide end-to-end CDMO services right from development of APIs & formulation to supply of finished dosage form.

Shilpa Medicare Limited stock jumped 6.33% on the NSE, trading at ₹813.70.

Rane Holdings informed regarding CCI approval for the proposed acquisition of the balance 51% equity stake of NSK Ltd., Japan in the joint venture company viz.; Rane NSK Steering Systems Private Limited.

Rane Holdings stock surged 3.60% on the NSE, trading at ₹2,097.05

The recent decline in Indian equity indices, Sensex and Nifty, is primarily driven by concerns about a potential U.S. economic slowdown. US manufacturing data of ISM reported a rise in its manufacturing PMI to 47.2 in August from 46.8 in July. The PMI has been below the 50 levels for the fifth straight month, raising concerns about a slowdown in the US economy even if the August report indicated some improvement. A decrease in fresh orders and an increase in stockpiles indicated that manufacturing activity would be muted for some time.

This week, a tonne of US economic statistics are scheduled to be released, including figures on job openings, unemployment claims, and the much-anticipated nonfarm payrolls report on Friday. If the data is hawkish there could be a bond market sell-off which has negative implications for equities. On the other hand, dovish data may give fillip to the recession fears again causing an equity sell-off.

RITES Ltd., a prime transport infrastructure consultancy, has signed a Memorandum of Understanding (MoU) with NBCC (India) Ltd., a CPSE under the Ministry of Housing Development, to explore and undertake a comprehensive range of consultancy, fee-based projects, and EPC contracts from concept to commissioning.

RITES stock trades flat on the NSE at ₹653.75, and NBCC declined 1.01% to trade at ₹184.79.

Gold prices on Wednesday declined ₹171 to ₹71,210 per 10 grams in futures trade amid weak global cues.

On the Multi Commodity Exchange, gold contracts for October delivery traded lower by ₹171 or 0.24 per cent to ₹71,210 per 10 grams in a business turnover of 15,466 lots.

South West Pinnacle Exploration Limited (SWPE) has got a Letter of Award from Central Mine Planning and Design Institute Ltd. (CMPDI) ,a subsidiary of Coal India Ltd./ Government of India Public Sector Undertaking , Ranchi, for General Exploration of coal ( G 1 Stage ) with related activities in the states of Madhya Pradesh . The contract has been awarded by going through the tendering process .The aggregate value of contract including GST is ₹1000.84 Lakh.

South West Pinnacle stock trades flat on the BSE at ₹140.30.

Apollo Hospitals Enterprise Limited, has approved the subscription to equity shares, on a preferential basis, issued by Apollo Healthco (AHL), a material wholly owned subsidiary of the Company, for a total purchase consideration of ₹399.99 crore.

Apollo Hospitals Enterprise stock rose 1.02% on the NSE, trading at ₹6,915.

General Insurance Corporation stock slumps 5.15% on the NSE, trading at ₹399.95.

The government will dilute up to 6.78 per cent stake in General Insurance Corporation (GIC Re) at a floor price of Rs 395 per share.

Motilal Oswal Mutual Fund (MOMF) today announced the launch of its latest new fund offer, “Motilal Oswal Nifty 500 Momentum 50 Index Fund”. This is India’s first 500 Momentum 50 Index fund. The new fund by MOAMC is an open-ended fund replicating/tracking the Nifty 500 Momentum 50 Total Return Index. The fund will offer exposure to stocks that are in the highest momentum across the large, mid, and small-cap segments of the Nifty 500 index.

The index has delivered 75.2% returns in the last 1 year & 35.9% in the past 5 years as of July 31, 2024. While Nifty 500 Momentum 50 exhibits strong performance potential, it may also experience higher volatility.

Prateek Agrawal, MD and CEO of Motilal Oswal Asset Management Company Ltd., said, “Factor investing is relatively new in India, within which momentum investing growing rapidly. As of Q1 FY25, out of a total AUM of INR 35,954 crore in factor funds, momentum funds hold the largest share at INR 10,353 crore, highlighting the rapid expansion of momentum investing in the country. This growth can largely be attributed to momentum’s ability to adapt to trending sectors, as the Nifty 500 Momentum 50 TRI captures market trends early through dynamic sector rotation. Consequently, the Nifty 500 Momentum 50 TRI has outperformed the Nifty 50 TRI in 12 of the last 19 calendar years.

The Nifty 500 Momentum 50 has strongly outperformed the Nifty 50 which can be primarily attributed to the recent rally in the mid-cap and small-cap space which show how the Index broadly captures the momentum from all the 3 segments. Overall, the Nifty500 Momentum 50 TRI has significantly outperformed the Nifty 50 TRI over the last 15 years. The index SIP returns for the Nifty 500 Momentum 50 TRI have been 82% over 1 year, 45.6% over 3 years, 41.1% over 5 years, and 27.4% over 10 years. In comparison, the Nifty 50 TRI has delivered returns of 35.8%, 21.6%, 21.5%, and 16.3% respectively, for the same period from August 1, 2014, to July 31, 2024.

Pratik Oswal, Chief of Business - Passive Funds, Motilal Oswal Asset Management Company Ltd., said, “The Nifty 500 Momentum 50 TRI may remain a strong investment option due to its low-cost, rules-based, and transparent approach, its exposure to high-momentum stocks across Large, Mid, and Smallcap segments, and its potential to outperform in upward-trending markets. Since April 2005, the Nifty 500 Momentum 50 TRI has achieved an exceptional 76x growth, focusing on top-performing stocks across these segments.”

Morepaen Lab (12.98%), Geojit Financial (10.19%), IIFL Securities (7.53%), Media Assist (3.32%), Religare (5.69%)

Indian Bank (-2.65%), Canara Bank(-2.50%), Bank of Baroda (-1.93%), PNB (-1.51%), PSB (-1.47%)

Raymond shares rose 1.24% on the NSE, trading at ₹2,137.15. Following demerger, Raymond Lifestyle Ltd will be listed on the stock exchanges on September 5.

McDonald’s India (West & South), operated by Westlife Foodworld, has partnered with CSIR-Central Food Technological Research Institute (CFTRI), under the central Ministry of Science & Technology, to launch Multi-Millet Bun. 

WESTLIFE FOODWORLD stock traded flat on the NSE at ₹824

One of India’s largest makers of auto parts, Samvardhana Motherson International, will launch a share sale of up to $715 million this month, two sources briefed on the matter told Reuters, the latest company to tap a booming stock market.

The fund-raising exercise stands to be one of India’s biggest this year, data from Dealogic shows, lagging only $1-billion share sales by Vedanta and Adani Energy in recent months.

The government has extended the interest equalisation scheme on pre- and post-shipment rupee export credit for one more month till September 30 to promote the country’s outbound shipments.

The scheme, which provides exporters interest benefits, ended on August 31. In June, it was extended for two months.

Wipro (-3.21%), Mphasis (-2.35%), Infosys (-1.90%), LTIMindtree (-1.90%), Coforge (-1.78%)

Board of UPL Ltd has granted its in-principle approval for exploring various options available for unlocking value in Advanta Enterprises Ltd by raising funds through primary or secondary issuances of securities, by way of private placements or public offerings or any other permissible mode(s) or combination thereof. 

UPL shares inched up 0.72% on the NSE, trading at ₹606.55

Interarch Building Products has inaugurated phase 1 of the 5” State-of-Art PEB manufacturing Plant in Attivaram, Andhra Pradesh.

Interarch Building Products stock declined 1.16% on the NSE, trading at ₹1,127.

ABB India has received an order from Assistant Commissioner of State Goods & Service Tax, Bhubaneswar-Odisha, imposing a penalty under Section 73(9) of OGST/CGST Tax Act, 2017 amounting to ₹3,03,918 in relation to tax ITC Mismatch and Adjustment of GST Advances.

ABB India launches wireless home automation solutions

Stock declined 1.51% to trade at ₹7,650.95

High Energy Batteries has received the intimation from Tamil Nadu State GST Authority to pay a penalty of Rs. 82,800/- due to Stock Difference during their inspection.

High Energy Batteries stock trades at ₹720 on the NSE, higher by 2.48%

HAL informed the stock exchange that Defence Acquisition Council (DAC) accorded approval for Acceptance of Necessity (AON) for procurement of Dornier-228 Aircraft.

HAL stock rises 1.59% on the NSE, trading at ₹4,908.95

Bikaji Foods International has completed the acquisition of 55% of total issued and paid-up equity share capital in Ariba Foods PVt Ltd. 

Bikaji Foods International stock inched up 0.84% on the NSE, trading at ₹878.70

ECOS (India) Mobility & Hospitality shares were up 10.31% on the NSE, trading at ₹430.20. 

Shares were listed on the NSE at ₹390 today, at about 17% premium against issue price of ₹334.

NATCO Pharma Limited announced that its wholly owned Canadian subsidiary, NATCO Pharma (Canada) Inc., has made an investment of US$ 8 million in eGenesis, Inc., a biotechnology company at the forefront of xenotransplantation focused on developing safe and effective humancompatible organs for transplant. 

Shares slid 0.71% on the NSE, trading at ₹1,519.70

Minda Corp has entered into a technology licensing and assistance (TLA) agreement with Sanco Connecting Technology (Guangdong) Co., Ltd. China.

Stock rises 2.22% on the NSE, trading at ₹583.05.

ECOS Mobility & Hospitality made a promising stock market debut, listing at Rs. 390 per share, a 16.77% gain over its issue price of Rs. 334. This positive performance was fueled by the strong investor interest in the IPO’s 64.18 times subscription and a substantial grey market premium.

While the listing was encouraging, investors should remain cautious due to the company’s mixed financial performance. Despite top-line growth, profitability has declined, indicating potential challenges in managing costs and maximizing returns.

The IPO’s valuation appeared higher, based on the P/E ratio, which might have contributed to the relatively modest listing gain compared to the pre-listing hype. Additionally, the company’s status as a complete offer for sale means it won’t receive any new funds from the IPO, potentially limiting its ability to accelerate growth or address challenges.

In conclusion, ECOS Mobility & Hospitality’s strong listing debut is a positive sign, but the mixed financial performance and elevated valuation warrant a cautious approach. Those who want to hold it may keep a stop loss at around 350.

Contrary to manufacturing, the services sector showed better performance in August, as the Purchasing Managers’ Index (PMI) surged to 60.9 as against 60.3 in July. This is the 37th consecutive month of expansion. Also, the August print was the highest since March.

Another positive factor is that job creation continued its momentum in August, albeit at a slower pace.

The services sector contributes more than 53 per cent to GVA (Gross Value Added). The better numbers from the services sector benefit Composite PMI (Services plus manufacturing), which shows how the private sector is doing overall. “

Nupur Recyclers Limited’s share price on the NSE fell by 1.69% to ₹98.02 as of 10.25 AM today.

This decline comes after the company’s announcement yesterday confirming the acquisition of additional shares in its subsidiary, Nupur Polymers Private Limited. The acquisition has increased Nupur Recyclers’ ownership from 98% to 100%, making Nupur Polymers a wholly-owned subsidiary.

Bank Nifty began today’s session with a gap-down at 51,365 versus yesterday’s close of 51,689. The index is currently hovering around 51,370, down 0.6 per cent at the end of the first hour of today’s trade.

Nifty 50 is trading lower taking cues from the sell-off in the global markets. The Dow Jones Industrial Average in the US had declined 1.5 per cent after the US Purchasing Managers Index (PMI) failed to meet the market expectation.

ITCONS E-Solutions Ltd was awarded a new bid from National Institute of Communication Finance, Department of Telecommunications (DOT), Ministry of Communications, to provide employee for the profile of IT EngineerTechnical on a contractual basis for the period of 3 years. The aggregate size of the contact is ₹13.15 lakh.

The company has also been awarded of new bid from Office of the Chief Administrative Officer SER, South Eastern Railway, Ministry of Railways to provide 21 skilled Computer Operator employees on a contractual basis for a period of 12 months. The aggregate size of the contact is ₹87.55 lakh. 

ITCONS shares trade at the upper circuit on the BSE at ₹497.70, higher by 5%.

Major defence stocks outlook on the NSE

• Mazagon Dock (+6.30%)
• Garden Reach (+3.70%)
• Cochin Shipyard (+4.72%)
• Bharat Dynamics (+1.87%)
• Paras Defence (+1.76%)
• BEL (+0.77%)
• Bharat Forge (-0.63%)

Top gainers:

BEML (6.83%), Jubilant Ingrevia (6.25%), Mazagon (5.23%), GMR Power (4.99%), Alkyl Amines (4.97%)

Top losers:

General Insurance (-4.83%), Sanghvi Movers (-4.24%), VRL Logistics (-4.07%), KSB (-3.65%), Fortis (-3.63%)

ECOS MOBILITY LTD IPO

ISSUE PRICE: ₹ 334.00

RETAIL LOT : 44 SHARES

LISTING PRICE

BSE: ₹ 391.30

NSE: ₹ 390.00

PROFIT PER LOT BSE : ₹ 2,521.20

PROFIT PER LOT NSE : ₹ 2,464.00

Rama Steel Tubes Limited (RSTL) announced collaboration with Onix Renewable Ltd. This partnership will focus on leveraging the expertise of RAMA Steel Tubes Ltd to provide steel structures along with single-axis trackers, and will also focus on dual-axis trackers to be expanded in the future essential for solar projects undertaken by Onix Renewable Ltd. 

Rama Steel Tubes stock jumps 7.59% on the NSE, trading at ₹11.34.

MOIL stock rose 1.84% on the NSE to trade at ₹395. The company on Tuesday said its manganese ore production rose 7 per cent to 7.24 lakh tonnes during April-August period of this fiscal.

The rupee rose 2 paise to 83.96 against the US dollar in early trade on Wednesday aided by a weakening dollar against major currencies overseas and a drop in crude oil prices.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.14 per cent to 101.67.

Morgan Stanley Downgrade Aarti to Underweight (with a revised PT of Rs568/sh (Rs613 earlier); upgrade PI Industries to Equal-weight with a revised PT of Rs4,300/sh (from Rs3,350). Prefer Deepak Nitrite revised PT is Rs3,295 (Rs2,957 earlier).

The #NSEBell has rung in the celebration of the listing of Ecos (India) Mobility & Hospitality Limited on NSE today at our exchange 

Zee Entertainment stock trades flat on the NSE at ₹137, following the approval from the Ministry of Corporate Affairs, through the Office of the Registrar of Companies (ROC) in Mumbai, for an extension to hold its 42nd Annual General Meeting (AGM) for the financial year ended March 31, 2024.

Premier Energies Share Price Today Live, Premier Energies IPO listing for September 4, 2024: On September 3, 2024, Shares of Premier Energies were listed at ₹990 and ₹991 on the NSE and BSE, respectively. However, the stock closed 15% lower after listing at a 120% premium on Tuesday. 

Net profit 198Crs Vs 31.3Crs (YOY)

Revenue 1657Crs Vs 611Crs (YOY)

EBITDA 358Crs Vs 71.5Crs(YOY)

Buy, TP Rs 5200 

Management meet takeaways 

On Time Performance & Cancellation Rates remain key parameters for measuring service offering 

Business Class Product & Loyalty Program should augment IndiGo’s traffic growth

Management meet takeaways 

Management is confident of delivering 

(a) 60-80bps EBIT margin expansion in wires and cables segment in FY25E; 

(b) 25-30% YoY growth for FMEG in FY25E, breakeven in next 3-4 qtrs; 

(c) 20% YoY growth in export in FY25E.

O-P, TP Rs 1800 

Management roadshow takeaways 

Opex will remain high in near term & improve only next year 

On promoter’s stake increase, RBI has not yet granted approval for an increase to 26%

Buy, TP Rs 570 

Management meet takeaways 

Co gearing up for journey of 20%+structural growth over several yrs &consistent margin expansion 

Through its house of brands strategy, aims to garner larger share in several high-growth personal care categories

Buy Call On Supreme Ind, Target Rs 6,520 

Hold Call On Astral, Target Rs 2,115 

In 6 Months, Supreme Ind Has Rallied By +26%, Whereas Astral Declined By 7% 

Supreme Ind’s Pipe Volume Growth Has Outpaced Astral For Last 10 Quarters 

Supreme Ind’s 2-Yr Volume CAGR At +33% Vs 24% For Astral 

Supreme Ind’s Pipe SKU Count At Nearly 14,000 Is Double That Of Astral 

In FY24-27e, Est Astral’s EPS CAGR At +26-27%, Broadly Similar To Supreme Ind, At 24-25%

Top Picks – Siemens, HAL And L&T 

Q1 Order Flow Declined 3% YoY Led By Defence Cos Bharat Electronics & Data Patterns 

Bharat Electronics & Data Patterns Saw Sharp Declines In Order Flow 

May’24 National Elections Did Have An Impact On Order Flow 

Believe Order Flow Should Recover Ahead As Power & Defence Capex In Particular Pick-up 

Operating Leverage Was Seen For Most Companies 

Remain Constructive On Infra+Industrial Capex

Equal-Weight Call, Target Raised To Rs 452 

Restructuring Of GPSC Grp Removes Co’s Holdco Discount From Its Ownership In Gujarat Gas 

Move Rating & Price Target In-line With Guj Gas As Restructuring Is Expected To Be Done By Aug’25

Reduce Call, Target Rs 2,400 

Underlying Demand Remains Strong But Growth Tapering Down 

Difficult To Justify Valuation At Current Level 

Current Share Price Factoring In 8.5% Terminal Growth, But Not Cyclical Risks 

Stock Currently Trades At 48x 12 m Fwd Consensus Earnings

Maintain Buy Call On HAL, BEL, Bharat Dynamics, Mazagaon Dock & Garden Reach 

Approval To Proposals Worth Rs 1.44 Lk Cr Should Be Feasible 

Most Of The Announced Proposals Are To Be Sourced From Domestic Industry 

This Is A Tremendous Opportunity For Indian Defence Manufacturers

Downgrade Aarti Ind To Underweight Call, Target Cut To Rs 568 From 613

Upgrade PI Ind To Equal-Weight Call, Target Raised To Rs 4,300 From 3,350 

Prefer Deepak Nitrite With Overweight Call, Target Raised To Rs 3,295 From 2,975 

Monetisation Remains In Play, Albeit At Significantly Lower Margins 

Earnings Not Fully De-risked, With Upgrades Still Some Time Away

Reiterate Underweight Call On RBL Bank, Target Cut To Rs 210 From 260

ICICI, Kotak, & Axis Remain Key Pick With Marginal Target Cut 

Equal-Weight Call On SBI, Target Cut To Rs 800 

Equal-Weight Call On Bank Of Baroda, Target Cut Rs 265 

Underweight Call On PNB, Target Cut To Rs 73 

Underweight Call On Bk Of India, Target Cut To Rs 110 

Underweight Call On Canara Bank, Target Cut To Rs 83

It Is Time To Get Selective

Margin & Asset Quality Set To Normalize In Next Few Years 

Margin & Asset Quality Set To Drive Divergence In Profitability Based On Franchise Strength 

Large Private To Do Better & See Higher Relative Valuations 

Shift Further Away From SoE Banks/Mid-sized Private Banks Toward Large Private Banks 

At State-Owned Enterprise (SoE) Banks, See A Big Trade Off Between Growth & Profitability 

Mid-sized Pvt Bks Are Structurally More Challenged In This Cycle, Given High Competitive Intensity

Nupur Recyclers Limited has acquired additional shares in Nupur Polymers Private Limited, resulting in an increase in shareholding from 98% to 100%. 

Stock declined 1.02% on the NSE, trading at ₹98.69

Max Estates approved the issue and allotment of 1,33,89,121 Equity Shares to 25 eligible qualified institutional buyers at the issue price of ₹ 597.50 per Equity Share, i.e. at a premium of ₹ 587.50 per Equity Share, which included a discount of 4.97% to the floor price aggregating to approximate ₹80,000 Lakh.

Stock inches up 0.63% on the NSE, trading at ₹662.35

KPI Green Energy has received approvals from the Chief Electrical Inspector (CEIG) for 16 MW of solar power projects under CPP business segment. These projects were executed through wholly owned subsidiaries, KPIG Energia Private Limited and Sun Drops Energia Private Limited.

Stock rose 1.10% on the NSE, trading at ₹898

Top gainers on the NSE as at 9.30 am:

Asian Paints (1.52%), BPCL (0.73%), Apollo Hospitals (0.18%), Grasim (0.11%), Hindustan Unilever (0.03%)

Top losers:

ONGC (-2.61%), Wipro (-2.29%), LTIMindtree (-1.95%), Infosys (-1.82%), JSW Steel (-1.68%)

Crude oil futures traded lower on Wednesday morning due to concerns over increasing supply in the market. At 9.23 am on Wednesday, November Brent oil futures were at $73.31, down by 0.60 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $69.81, down by 0.75 per cent. September crude oil futures were trading at ₹5886 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5919, down by 0.56 per cent, and October futures were trading at ₹5857 against the previous close of ₹5887, down by 0.51 per cent.

Reflecting global market trends, India’s benchmark indices, Sensex and Nifty, opened weakly on Wednesday. The 30-share BSE Sensex dropped 529.30 points to 82,026.13 in early trading. The NSE Nifty dropped 177.25 points to 25,102.60. Nifty finally end its 14-day-long rally due to global pressure, said analysts. However, buying from foreign portfolio investors and domestic institutions could minimise the loss, they added. 

Equities across Asia plunged in early deals on Wednesday, led by tech firms. This followed a sharp slide in Nvidia shares and disappointing data on US factory activity that revived recession fears. Tokyo and Taipei slumped three per cent each, while Korea’s Kospi was down over two per cent. Others in the region are down more than one per cent.

However, analysts expect domestic markets to stay resilient.

According to them, the market is in a consolidation phase, and this is likely to continue. 

Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said Markets consolidated at a higher zone after making a fresh high above 25300 levels in the previous session. “Although intermittent volatility cannot be ruled out, we expect the market to see a gradual up move with sectorial rotation, supported by rising hope of the US rate cut and FIIs turning buyers,” he added. 

Deepak Jasani, Head of Retail Research, HDFC Securities, said: Nifty rose for the fourteenth consecutive session on Sept 03. According to him, Global stocks were largely muted on Tuesday as traders prepared for data releases that will offer insight about the health of the US economy and the Federal Reserve’s interest-rate path. India’s GDP growth is expected to remain strong at 7% in fiscal 2025, according to the latest forecasts by the World Bank.

Gold prices remained stable as investors awaited the monthly U.S. payrolls report, which could affect the extent of an interest rate drop this month. According to the CME Group’s FedWatch Tool, traders expect the US Federal Reserve to lower interest rates by 50 basis points (bp) on September 18 and by 25 bp. Data showed that US manufacturing contracted at a moderate rate in August, despite some improvement in employment, but a further decline in new orders and an increase in inventory signalled that industrial activity could stay weak for some time. Fed Chair Jerome Powell stated that “the time has come” to lower borrowing costs, noting that price pressures have eased significantly and the labour market has cooled.

The initial public offering of Bajaj Housing Finance will be open to public on September 9 and close on September 11. The total offer size is ₹6,560 crore — a fresh issue of ₹3,560 crore and an offer for sale of ₹3,000 crore by Bajaj Finance (promoter selling shareholder). The company has fixed the price band as ₹66-70 a share.

Citi on Bajaj Finance: Maintain Buy on Company, target price at Rs 8257/Sh (Positive) 

HSBC on Honasa Consumer: Maintain Buy on Company, raise target price at Rs 570/Sh (Positive) 

Macquarie on Westlife: Maintain Buy on Company, target price at Rs 940/Sh (Positive) 

Citi on RR Kabel: Maintain Buy on Company, target price at Rs 2300/Sh (Positive) 

MS on GSPL: Upgrade to Equal weight on Company, raise target price at Rs 452/Sh (Positive) 

MS on PI Ind: Upgrade to Equal weight on Company, raise target price at Rs 4300/Sh (Positive) 

MS on Deepak NTR: Maintain Overweight on Company, raise target price at Rs 3295/Sh (Positive) 

Jefferies on Supreme Ind: Maintain Buy on Company, target price at Rs 6520/Sh (Positive) 

Equirus on Jubilant Ingrevia: Maintain Buy on Company, raise target price at Rs 900/Sh (Positive) 

Emkay on KEC Int: Maintain Add on Company, raise target price at Rs 1050/Sh (Positive) 

Investec on Azad Eng: Initiate Buy on Company, target price at Rs 1850/Sh (Positive) 

Antique maintains a Buy on HAL, BEL, Bharat Dynamics, Mazagaon Dock & Garden Reach. (Positive) 

Jefferies on Industrials: Siemens, HAL And L&T are top picks (Positive) 

Macquarie on Bajaj Finance: Maintain Underperform on Company, target price at Rs 6300/Sh (Neutral) 

Jefferies on Astral: Maintain Hold on Company, target price at Rs 2115/Sh (Neutral) 

HSBC on Thermax: Maintain Buy on Company, target price at Rs 2400/Sh (Neutral) 

MS on Banks: Large Private to Do Better and See Higher Relative Valuations. ICICI, Kotak, & Axis Remain Key Pick With Marginal Target Cut (Neutral) 

MS on Bank Baroda: Maintain Equal Weight on Bank, cut target price at Rs 265/Sh (Neutral) 

MS on SBI: Maintain Equal Weight on Bank, cut target price at Rs 800/Sh (Neutral) 

MS on Federal Bank: Downgrade to Underweight on Bank, cut target price at Rs 185/Sh (Negative) 

MS on RBL Bank: Maintain Underweight on Bank, cut target price at Rs 210/Sh (Negative) 

MS on PNB: Maintain Underweight on Bank, cut target price at Rs 73/Sh (Negative) 

MS on Bank India: Maintain Underweight on Bank, cut target price at Rs 110/Sh (Negative) 

MS on Canara Bank: Maintain Underweight on Bank, cut target price at Rs 83/Sh (Negative) 

MS on Aarti Ind: Downgrade to Underweight on Company, cut target price at Rs 568/Sh (Negative)

World Bank raises India’s FY25 GDP growth forecast to 7% from 6.6% earlier

The World Bank on Thursday raised its India’s growth forecast for the current financial year to 7 per cent, from an earlier estimate to 6.6 per cent, helped by government spending on infrastructure. Auguste Kouame, World Bank’s country director for India, said the country is becoming more dynamic in a challenging environment and it does not face the risk of falling in the middle income trap if it continues its policies and reforms.

Finance ministry to sell 6.78% stake in GIC Re for Rs 4,700 crore

The Union Ministry of Finance will dilute a 6.78 per cent stake in public-sector reinsurance company General Insurance Corporation of India (GIC) Re to garner around Rs 4,700 crore. The stake sale, for the first time since the listing of the reinsurance company in 2017 through the offer-for-sale (OFS) route, will begin on Wednesday for non-retail investors.The government currently owns an 85.78 per cent share in GIC Re. 

China retaliates against Canadian tariffs with anti-dumping probe on canola

In a statement released online on Tuesday, China’s commerce ministry declared that it would “launch an anti-dumping investigation into Canadian canola imports, following legal procedures.” The ministry noted that Canadian canola exports to China had “increased significantly,” totalling $ 3.47 billion in 2023, while prices had steadily decreased, the report claimed.

UK halts 30 out of 350 arms export licences to Israel amid Gaza conflict

United Kingdom says it will suspend 30 out of 350 arms export licences to Israel, citing a “clear risk” that the weapons could be used in serious breaches of international humanitarian law in the ongoing Gaza conflict, Al Jazeera reported. 

US manufacturing mired in weakness; construction spending falls

The ISM said its manufacturing PMI rose to 47.2 last month from 46.8 in July, which was the lowest reading since November. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.3% of the economy.The survey from the Institute for Supply Management (ISM) on Tuesday also showed manufacturers continuing to pay higher prices for inputs last month.

S.Korea inflation slows to 3-1/2-year low, backs case for imminent rate cut

The consumer price index (CPI) rose 2.0% from a year earlier, after gaining 2.6% the previous month, marking the slowest annual rise since March 2021.Core CPI, excluding volatile food and energy items, rose 2.1% from a year earlier, slowing from the previous month’s 2.2% rise and marking the weakest since November 2021.

Asia market

Asia market opened lower today , led by Japan’s Nikkei 225 after U.S. tech stocks sold off and weak U.S. economic data sparked recession fears.

Brent: 73.36, DXY: 101.71, USD10Y: 3.83%, Gift Nifty: -0.81%

Domestic markets are expected to open weak on Wednesday. Nifty may finally end its 14-day-long rally due to global pressure, said analysts. Gift Nifty at 25,170 against Nifty futures value of 25,340 signals a gap-down opening of 170 points in the opening session. However, buying from foreign portfolio investors and domestic institutions could minimise the loss, they added. 

Equities across Asia plunged in early deals on Wednesday, led by tech firms. This followed a sharp slide in Nvidia shares and disappointing data on US factory activity that revived recession fears. Tokyo and Taipei slumped three per cent each, while Korea’s Kospi was down over two per cent. Others in the region are down more than one per cent.

Four weeks after US stocks buckled amid a global flight from risk assets, chipmakers touched off another bout of equities selling when a pair of industry analysts rekindled worries that the mania surrounding artificial intelligence had gone too far.

Nvidia Corp. shares got zapped by 9.5%, wiping out $278.9 billion in the biggest loss of value ever for a US stock. It is now down 14% in the three sessions since it reported earnings that failed to live up to lofty expectations. All 30 members of the Philadelphia Semiconductor Index sank at least 5.4%, with On Semiconductor, KLA Corp. and Monolithic Power Systems Inc. down more than 9%. The Nasdaq 100 sank almost 3.2%.

Buzzing stocks: Raymond, IEX, GIC-RE, Utkarsha SFB, AU SFB, Rane Holdings, Finolex Cables, Cipla, Godrej Phillips, Zee Entertainment, NHPC, GSK Pharma

Prov figs: Rs.crs

FIIs: + 1,029.25(19,444.04- 18,414.79)

DIIs: + 1,896.21(11,867.28- 9,971.07)

Kotak Institutional Securities initiates coverage on Aadhar Housing Finance, recommending BUY call with an upside of 41%; stock price up nearly 8% Tuesday

10:30 INDIA HSBC Service PMI (Expected: 60.4 versus Previous: 60.3)

13:30 EURO Final Services PMI (Expected: 53.3 versus Previous: 51.9)

14:00 U.K. Final Services PMI (Expected: 53.3 versus Previous: 52.5)

14:30 EURO PPI m/m (Expected: 0.3% versus Previous: 0.5%)

19:30 U.S. JOLTS Job Openings (Expected: 8.09M versus Previous: 8.18M)

Dick’s Sporting Goods Inc (Pre market) (Sector- Retailer)

Dollar Tree, Inc. (Pre market) (Sector- Retailer)

Hormel Foods Corporation (Pre market) (Sector- FMCG)

Core & Main, Inc. (Pre market) (Sector- Capital Goods)

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

Hewlett Packard Enterprise Company (Post market) (Sector- Technology)

Caseys General Stores, Inc. (Post market) (Sector- Retailer)

India Inc has reaped rich dividends by investing in equity and hybrid of mutual fund schemes, even as its revenue growth hit the lowest levels in last 3.7 years during the June quarter.

The average asset of corporates in hybrid mutual fund schemes doubled year-on-year to ₹1.39 lakh crore in the June quarter, while that of equity schemes jumped 53 per cent to ₹2.39 lakh crore.

The stock idea that we have for you today is Akzo Nobel India.

The stock has been in a strong uptrend since March this year. The rise over 2 per cent on Tuesday indicates that the uptrend has resumed after a short correction. We can expect the share price to go up in the coming days.

The outlook for Akzo Nobel India is bullish. The stock has been in a strong uptrend since mid-March this year with intermediate corrections. On Tuesday the stock has risen over 2 per cent. This indicates that the uptrend has resumed after a short correction.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence the size of a likely interest rate cut this month.

FUNDAMENTALS: Spot gold held its ground at $2,493.62 per ounce, as of 0025 GMT. U.S. gold futures edged 0.1% higher to $2,524.90.

Asian stocks weakened on Wednesday following Wall Street’s steepest drop since the August 5 market selloff, with tech shares mirroring losses in the U.S. 

Japan’s Nikkei 225 fell by up to 3.87% to 37,188.08, while the broader Topix index declined over 3.21% to 2,645.41. South Korea’s KOSPI index also dropped 2.56% to 2,596.41.

U.S. stocks tumbled on Tuesday at the start of a historically challenging month for markets, ahead of data that could influence the Federal Reserve’s rate-cutting plans. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average saw their largest single-day percentage drops since early August. Nine out of the 11 S&P 500 sectors fell, led by technology, energy, communication services, and materials.

Investor sentiment deteriorated after the Institute for Supply Management reported on Tuesday that U.S. manufacturing remained weak, despite a slight improvement in August from an eight-month low in July.

Oil prices remained near multi-month lows amid signs of a resolution to the dispute that has halted Libyan crude production and exports. Brent crude futures were last down 0.05% at $73.71 a barrel, while U.S. crude futures slipped 0.13% to $70.25 per barrel, following their lowest levels since December in the previous session. - Agencies