Stock Market Highlights - 5 September 2024: Sensex, Nifty settle lower on profit-taking

The rupee traded in a narrow range and settled for the day higher by 4 paise at 83.97 (provisional) against the US dollar on Thursday, on weakening of the American currency in the overseas market and an overall drop in crude oil prices.

Today, the benchmark indices witnessed intra-day profit-booking at higher levels. Nifty ends 54 points lower, while the Sensex was down by 151 points. Among the sectors, selective consumer and media stocks witnessed intra-day buying interest, whereas reality and auto stocks registered profit-booking at higher levels. Technically, after a gap-up open, the market has been facing selling pressure at higher levels. A bearish candle on daily charts and lower top formation on intra-day charts indicating weak sentiment, is likely to continue in the near future. We are of the view that the current market texture is non-directional, hence, level based trading would be the ideal strategy for day traders. For the down side, 25100/82000 would be the key support zone. Below the same, the Nifty could slip till 25000-24970/81700-81600. On the flip side, 25275/82600 would be the crucial resistance area for the bulls. Post 25275/82600 range breakout, the market could move up till 25375-25400/82900-83000.

Top gainers: Titan (3.11%), LTIMindtree (1.44%), Wipro (1.16%), BPCL (1.11%), ITC (0.97%) 

Top losers: Cipla (-1.46%), Dr Reddy’s (-1.28%), Coal India (-1.28%), Reliance (-1.26%), Britannia (-1.22%)

Century Textiles and Industries Limited’s wholly-owned subsidiary, Birla Estates Private Limited, has completed the acquisition of a 30.8-acre land parcel in Kalwa, Thane, Maharashtra. The purchase, made through Ekamaya Properties Private Limited, was finalized on September 4, 2024, with definitive agreements signed and registered.

RIL board has approved: 

i. issue of bonus shares in the ratio of 1:1 i.e. 1 new fully paid-up equity share of ₹10/- each for every 1 existing fully paid-up equity share of ₹10 each, to the eligible equity shareholders of the company as on the record date, by capitalisation of securities premium received in cash and / or general reserve and / or retained earnings;

ii. increase in the Authorised Share Capital of the company from ₹15,000 crore to ₹50,000 crore. 

iii. Forfeiture of partly paid-up equity shares of the company on which call money remains unpaid. The forfeiture will be effected in case the payment of call money is not made on or before September 20, 2024.

Anant Raj Ltd has completed the acquisition by purchase of the entire 100% equity shares of Sheetij Properties Private Limited.

Shares up 1.31% to trade at ₹619.75 on the NSE

At 3:05 pm, BSE Sensex declined 0.27% or 220.29 pts to 25,141.65 and NSE Nifty fell 0.23% or 57.05 pts to 25,141.65.

Top gainers:

Titan (3.25%), LTIMindtree (1.23%), BPCL (1.05%), Wipro (1%), Hero Motocorp (0.92%)

Top losers:

Cipla (-1.63%), Dr Reddy’s (-1.46%), Reliance (-1.28%), Britannia (-1.27%), Nestle (-1.27%)

Stocks advanced on BSE at 3 pm on September 5, 2024, were 2,274 against 1,628 stocks that declined, and 117 remained unchanged. Total stocks traded were 4,019. The number of stocks that recorded a 52-week high was 316, and those that hit a 52-week low was 27. 

A total of 381 stocks traded in the upper circuit, and 218 in the lower circuit.

Aerolloy Technologies Limited (a wholly-owned subsidiary of PTC Industries Limited) has received an order from Israel Aerospace Industries (IAI), for supply of Titanium cast components for Aerospace applications.

PTC Industries stock inched up 0.99% on the NSE, trading at ₹14,409.

EaseMyTrip to launch its new subsidiary Easy Green Mobility; ventures into the electric bus manufacturing sector

Easy Trip Planners stock surged 5.86% on the NSE, trading at ₹41.17.

Ekamaya Properties Private Limited (EPPL), a wholly owned subsidiary of Birla Estates Private Limited (BEPL) which is a wholly owned subsidiary of Century Textiles & Industries, has signed and registered the definitive agreements for acquisition of land parcel situated at Kalwa, Thane, Maharashtra from Hindalco Industries Limited (HIL).

Century Textiles & Industries stock surged 3.32% on the NSE, trading at ₹2,402.45.

Honeywell Automation India has commissioned a microgrid Battery Energy and Storage System (BESS) in India, for the Solar Energy Corporation of India’s (SECI) Lakshadweep Islands project. 

Stock slipped 0.64% on the NSE, trading at ₹49,980.

Nazara Publishing, the publishing arm of publicly listed company Nazara Technologies, revealed the gameplay trailer for made-in-India mobile shooter FAU-G: Domination at the FAU-G: Domination World Premiere Event held in Mumbai.

Nazara Technologies stock trades at ₹949.50 on the NSE, up 0.34%.

PNB Housing Finance stock declined 1.56% on the NSE, trading at ₹1,036.45. 

Company’s board will convene on Monday to deliberate on and potentially approve the issuance of Non-Convertible Debentures (NCDs) up to Rs 2,500 crore.

The Indian stock markets showed a slight downturn in Thursday afternoon trading, with both the Sensex and Nifty registering marginal losses. As of 1.20 pm, the Sensex was trading at 82,250.23, down 102.41 points or 0.12 per cent from its opening value of 82,469.79. Similarly, the Nifty stood at 25,168.75, declining by 29.95 points or 0.12 per cent from its opening of 25,250.50.

NHPC stock slipped 0.49% on the NSE, trading at ₹98.27. 

Company had inked an initial pact to develop pumped hydro storage projects totalling 7,350 MW in Maharashtra.

Vedanta stock rose 1.33% on the NSE, trading at ₹465.45. ICRA has upgraded the company’s long-term credit rating, reflecting the company’s strengthened credit profile. The long-term credit rating has been upgraded to AA from AA-.

Motilal Oswal Financial Services informed the exchanges that CRISIL Ratings Limited has revised the Rating Outlook from “Stable” to “Positive” for Debt instrument(s) of the Company and its Material Subsidiaries.

Stock slipped 0.80% on the NSE, trading at ₹761.05.

SEBI employees held another protest outside their office premises on Thursday.

A person familiar with the matter said the employees are miffed about the five-page rebuttal addressed to the media on Wednesday.

The note said that claims of unprofessional work culture at SEBI were misplaced and that external elements influenced junior employees to demand higher pay despite poor performance.

Fedders Holding has fixed September 20, 2024, as the “Record date” for determining eligibility of members for the purpose of sub-division of the equity shares of the Company from Face Value of Rs. 10/- each fully paid-up to Face Value of Rs. 1/- each fully paid- up.

Alembic Pharmaceuticals receives USFDA Final Approval for Albendazole Tablets USP, 200 mg

Stock surges 4.10% on the NSE, trading at ₹1,162.

Max Estates raises ₹800 crore through a successful Qualified Institutional Placement (QIP) with oversubscription by Marquee Investors

Max Estates stock traded at ₹623.25 on the NSE, lower by 4.92%

Can Fin Homes has announced the resignation of Sikhin Tanu Shaw from the services of the Company as DGM & Chief Information Officer w.e.f August 31, 2024.

Priti International Limited secured order from the Tata Memorial Centre - Advanced Centre for Treatment, Research and Education in Cancer (ACTREC) in Mumbai. 

Stock surges 5.04% on the NSE, trading at ₹153.80.

Prestige Estates Projects Ltd stock declined 3.36% on the NSE, trading at ₹1,805.90. Company had raised ₹5,000 crore via QIP

Welspun Enterprises board has approved resolution enabling to raise funds through issuance of securities, including equity shares, or any other eligible securities, through permissible modes, including by way of a private placement, preferential allotment, qualified institutions placement, for an aggregate amount upto ₹1,000 Crore subject to necessary approvals.

Welspun Enterprises stock rose 1.87% on the NSE trading at ₹571.80

Radico Khaitan Limited debuts the next two whiskies in the Rampur Jugalbandi series of eight Indian Single Malt whiskies, produced at Rampur Distillery in the foothills of the Himalayas in India and matured in casks personally selected by Master Distiller, Anup Barik. 

Radico Khaitan shares trade at ₹2,008.50 on the NSE, up 0.31%.

Nazara Technologies partners Government of Telangana to Launch Nazara AI Center of Excellence

Stock inches up 0.39% to trade at ₹949.95 on the NSE.

Ritco Logistics board has approved the appointment of Man Mohan Pal Singh Chadha as the Interim Chief Financial Officer (CFO) of the Company until the permanent appointment, following the resignation of company’s CFO Gautam Mukherjee.

Dilip Buildcon Limited has declared as L-1 bidder for the project Construction of Twin Tube Unidirectional Tunnel (2-Lanes in each Traffic Direction) in the Kozhikode and Wayanad Districts of Kerala State on EPC Basis. (Bid cost ₹1,341 crore)

Dilip Buildcon stock surged 4.06% on the NSE, trading at ₹574.

Top gainers on the NSE as at 12 noon:

Titan (3.50%), BPCL (0.97%), Divi’s Lab (0.91%), ITC (0.91%), Shriram Finance (0.79%)

Top losers:

Nestle India (-1.27%), Britannia (-1.10%), Bajaj Finance (-0.90%), HDFC Life (-0.80%), HCL Tech (-0.73%)

Stocks advanced on BSE at 12 noon on September 5, 2024, were 2,336 against 1,413 stocks that declined, and 150 remained unchanged. Total stocks traded were 3,898. The number of stocks that recorded a 52-week high was 287, and those that hit a 52-week low was 20. 

A total of 290 stocks traded in the upper circuit, and 184 in the lower circuit.

Avenue Supermarts has received order from Legal Metrology Officer, Mansarovar, Jaipur, Compounding fee of Rs.10,500/- paid by the Company. The order has been issued in respect of alleged violation of Rule 11 of Legal Metrology Packaged Commodities Rules, 2011 and Section 30 of the Legal Metrology Act 2009 for non-disclosure of certain mandatory details. 

DMART stock was up 2.14% on the NSE, trading at ₹5,210.

Laurus Labs (4.36%), Mankind Pharma (1.97%), IPCA Lab (1.95%), Biocon (1.58%)

Kaynes Technologies has issued a clarification regarding news item that its “shares in focus as Cabinet approves Rs 3,300 crore semicon plant proposal of Kaynes Semicon.”

“Kaynes Semicon Private Limited, a wholly owned subsidiary of Kaynes Technology India Limited had made an application to the India Semiconductor mission established under the Ministry of Electronics and Information Technology on September 09, 2023. As a response to the application, we have not received any formal / official approval letter from the Ministry. However, we were made aware of the approval only from the sections of media on September 02, 2024,” it said.

Kaynes Technology India Limited stock declined 1.10% on the NSE, trading at ₹4,834.25.

@Strong balance sheets of banks and corporates have created congenial atmosphere to support growth

@RBI’s 7.2 pc GDP growth projection for FY25 does not seem out of place

@It is time for the private corporate sector to consider stepping up capex

@At the current juncture, the balance between inflation and growth is well poised.

EKI Energy Services Limited (EKI) has announced the launch of its new educational division—EKI Academy.

Shares trade flat on the BSE at ₹329.20.

Natural gas futures on the Multi Commodity Exchange (MCX) has been on a downtrend since mid-June. It started the descent after facing resistance at ₹275.

However, the price action since early August shows that the bears have been losing traction. While the recovery has been capped at the resistance level of ₹204, the decline also was stopped as ₹170 provided support.

As it stands, natural gas futures appear rudderless. It should breach either ₹170 or ₹204 to establish the next leg of the trend.

Goldiam International has received purchase orders of ₹70 crore from a large retailers in USA for diamond studded gold jewellery of which includes 80% of orders of lab-grown diamonds jewellery. 

Stock surges 5.19% on the NSE, trading at ₹353.90

Bank Nifty began today’s session with a gap-up at 51,544 versus yesterday’s close of 51,400. But it has moderated back to yesterday’s closing level and is now hovering around 51,400.

The advance/decline ratio of the index stands at 6/6. Bandhan Bank and AU Small Finance Bank, up 2.4 and 2 per cent respectively, are the top gainers. Bank of Baroda and Punjab National Bank are the biggest losers by depreciating 1 and 0.7 per cent respectively.

Allied Blenders and Distillers Limited (ABDL), India’s third-largest spirits company, announced a new business venture with Bollywood actor Ranveer Singh today. The partnership aims to create a portfolio of premium and luxury spirit brands.

The shares of Allied Blenders and Distillers Limited (ABDL) were trading at ₹354 up by ₹4.45 or 1.27 per cent on the NSE today at 10.10 am.

Major stocks that hit 52-week high today on the NSE:

SEPC (11.14%), Caplin Point (8.28%), Steelcast (7.13%), Concord Biotech(5.68%), Edelweiss (4.54%), Cholamandalam Financial holdings (4.17%)

Nifty 50 began today’s session higher at 25,251 versus yesterday’s close of 25,199. But it has now moderated to 25,200, remaining flat at the end of the first hour of trade.

Meghna Infracon Infrastructure Limited announced the launch of new residential project named “MANJU VILLA” located at Goregaon (West). 

Stock rises 1.61% on the BSE, trading at ₹550.05

Canara Bank, a public-sector institution, announced that it has successfully priced $300 million in 5-year bonds. These bonds were issued under its USD 3 billion Medium-Term Note (MTN) through its IFSC Banking Unit. The 5-year bond is priced at T+125 basis points, with a semi-annual coupon rate of 4.896 per cent and a maturity date of September 11, 2029.

The proceeds from the bonds will be used by the issuer’s IFSC/GIFT banking unit for general corporate purposes. This includes meeting funding requirements and developing and expanding the issuer’s operations within the IFSC/GIFT banking unit or any other offshore branch of the issuer.

Track live updates

The rupee appreciated by 4 paise to 83.97 against US dollar in early trade on Thursday supported by weakening of the American currency in the overseas market and a positive trend in domestic equities.

Forex traders said an overall drop in crude oil prices and foreign fund inflows aided investor sentiments.

Bank of America Corp. clients were net sellers of US equities for a second consecutive week, recording the biggest net sale of shares since late 2020 and the second-largest in the firm’s data going back to 2008 as uncertainty grows around the economic outlook.

Institutional, hedge fund, and retail clients all offloaded US stocks, with net sales totaling $8 billion in the week ended Aug. 30, quantitative strategists led by Jill Carey Hall say Wednesday in note

Clients sold single stocks and exchange-traded funds, with latter group notching first outflows since June

Sales were pronounced across all size segments: large-, mid-, and small-cap stocks

At sector level, technology led outflows, with largest exit since May following Nvidia Corp.’s earnings results

Energy has longest recent selling streak in past six weeks

Industrials have seen outflows in seven of the last eight weeks

Goldman Sachs

Chola Investment and Finance (CHLA.BO) Initiate with Buy rating with a 12-month TP of Rs1,786/share, and implied upside of 23%.

AU Small Finance Bank Ltd. (AUFI.BO) Initiate at Buy TP of Rs 831/share, with an upside of 32%.

Reduce, TP cut to Rs 26 from Rs 40

Plans to raise Rs30bn through QIP, but it could end up using this money to fund losses & WC given absence of aircraft 

With no visibility on capacity growth and profitability, huge debt & 3% market share, val is too expensive

UPL– Buy, TP Raised to Rs 680 

PI Ind– Buy, TP Raised to Rs 5000 

Both UPL & PI have least exposure to domestic biz (13%-18%) & thus remain less impacted but signs of a recovery in global Ag is +ve 

Dhanuka– Buy, TP raised to Rs 2000 

Bayer Corp– Hold, TP Rs 6300

O-P, TP Rs 8546 

Acquisition of new ASU to increase Linde’s capacity by 37% 

20-year contract with TATA steel boosts market leadership 

Linde’s capacity to double in next 2 years 

Forecast revenue and PAT CAGR of 33% and 34% over FY24-27E

Downgrade to sell, TP Rs 970 

Remain +ve on co’s growth prospects, however, expect growth momentum to moderate given slowdown in PV segment & expect margin to remain rangebound due 

Val expensive at 62X 1-yr fwd consol EPS

Buy, TP Rs 2000

DAC approves Rs450bn defence orders for FRCV 

Believe tanks is a significant long term opportunity 

Defence share to rise significantly by end of decade 

In FY24, defence accounted for c10% of co’s rev & forecast same to rise to 20% by FY27 

OW, TP Raised to Rs 340 from Rs 208 

Scale should help it drive monetization 

With bulk of stores now crossing +ve DS level thresholds, incremental store economics should turn more EBIDTA +ve, giving Blinkit license to scale faster than peers & current targets

Initiate Buy, TP Rs 831 

Ready for next innings; Sector-leading EPS growth beckons 

Forecast EPS growth of 27% CAGR over FY24-27 on an improving ROA profile (+14bps over FY24-27E), & robust loan growth driven by commercial retail portfolios

Initiate buy, TP Rs 1786 

Market share gains amidst commercial retail up-cycle 

Scaling up of non-vehicle fin biz should help reduce cyclicality & improve earnings visibility along with better return ratios 

Expect to deliver EPS CAGR of 33% over FY24-FY27E

O-P, TP Rs 575 

Additional VIdea tenancies & potential merger with Nxtra’s datacentres could further boost Indus’ growth & val 

Trading at 7x FY26CL Ebitda, a 25/50% disc. to India utilities & global peers, despite 140% rally in past 12 mths 

KPI Green Energy: The company’s long-term rating has been upgraded by ICRA from [ICRA]A- with a stable outlook to [ICRA]A with a positive outlook (Supportive for stock prices)

RailTel Corporation of India Ltd. has received the work order from Northern Railways for Railway Telecom Project amounting to ₹10,92,47,304.

RailTel stock inches up by 0.64% on the NSE, trading at ₹497.45.

RateGain Travel Technologies Limited (RateGain) announced that TAAG Angola Airlines E.P., Africa’s premier airline with 70 years of operation, has chosen AirGain, an airline revenue management product by RateGain, to gain real-time competitive insights. 

Stock trades flat on the NSE at ₹766.60

Allied Blenders and Distillers Limited (ABDL) informed that actor Ranveer Singh will be an equity partner with the market leading the company, in a new business venture to offer a portfolio of premium brands.

ABDL stock is up 1.47% on the NSE, trading at ₹354.70

L&T has received an order from the Assistant Commissioner of State Tax, Investigation, Mumbai, levying penalties totalling to ₹75,98,687.

The Company does not agree with this levy and would be filing an appeal against this order.

L&T stock trades flat on the NSE at ₹3,649.70.

Major gainers on the NSE as at 9.30 am: 

Ultratech Cement (1.64%), Shriram Finance (1.40%), Tata Steel (0.87%), Titan (0.78%), ITC (0.76%)

Top losers: 

HDFC Life (-0.78%), Britannia (-0.63%), Nestle India (-0.63%), SBI Life (-0.51%), Bharti Airtel (-0.50%)

Indian benchmark indices, Sensex and Nifty, opened on a flat note on Thursday amid volatile global market conditions and a lack of domestic triggers. The Sensex rose by 144.72 points to 82,497.36, while the Nifty gained 45.80 points to 25,244.50 in early trade. 

Crude oil futures traded higher on Thursday morning as the industry data showed decline in inventories in the US for the week ending August 30. At 9.13 am on Thursday, November Brent oil futures were at $72.84, up by 0.19 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $69.31, up by 0.16 per cent. September crude oil futures were trading at ₹5848 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5851, down by 0.05 per cent, and October futures were trading at ₹5823 against the previous close of ₹5825, down by 0.03 per cent.

Shrikant Chouhan, Head Equity Research, Kotak Securities:

On Wednesday, the benchmark indices opened lower with significant losses due to weak global sentiment. By the end of the day, the Nifty closed 81 points lower while the Sensex was down by 203 points. In terms of sectors, there was buying interest in selective Pharma, Healthcare, and Reality stocks, while PSU Banks and IT indices experienced the most losses, with PSU Banks falling by 1.6% and IT dropping by nearly 1%.

Technically, after the gap-down opening, the market saw a pullback rally, with a recovery of over 130/550 points from the lowest point. For day traders, the support zone of 25100/82000 is important. As long as the market is trading above this level, the pullback formation is likely to continue. On the higher side, the immediate resistance would be 25300-25350/82500-82800. However, breaking the level of 25350/82750 could lead to short-covering pressure. Below 25100/82000, the market could retest the level of 25000/81700. The strategy should be to reduce long positions between 25300-25350 levels.

Bank-Nifty is currently showing lacklustre activity, but crossing 51800 could enable the index to move beyond 52000 levels

Vedanta: ICRA upgrades Vedanta long-term rating to AA from AA- 

Century Textiles: Company’s arm to buy Hindalco land in Kalwa, Thane. 

Suzlon Energy: Company executes conveyance deed with OE Business Park for sale of One Earth Property for Rs 440 crore. 

Reliance Industries: Ministry of Heavy Industry awards 10 GWh capacity to Company under PLI ACC scheme.

Hatsun Agro Product: Board meeting on sept 12 to consider proposal of investment into Huoban energy 11. 

Best Agro life: Company has been granted a patent by the Indian patent office for Synergistic Pesticidal composition comprising plant growth regulator with Neonicotinoid insecticide.

Linde india: Company has entered into the plant sale agreement with Tata steel for acquiring their industrial gas supply assets - 2x1800 TPD air separation units 

TARC: Company received RERA registration for housing project at Gurugram 

Ganesha Ecosphere: Company approved incorporation of JV in Collaboration with Race Eco Chain 

Aarti Drugs: Company’s board meeting today to mull share buyback

Matrimony: Company’s board meeting today to mull share buyback

Borosil Renewables: Company says acquisition of 49% Stake in Clean Max Prithvi.

Glenmark: Settles Rs 210 cr settlement dispute with US Department of Justice 

Zaggle: Enters 1-year contract for employee expense management solutions with Blue Star 

Britannia: In talks to acquire a controlling stake in Kishlay Foods, a Guwahati-based snack manufacturer, valued at Rs 600-700 crore. 

Raymond: Lifestyle business to be listed today 

GICRE: Non-retail portion of Company’s OFS gets demand for 108.5% of shares.

HDFC Bank: HDB Financial aiming for $9–10 billion listing latest by March

Exide Industries: Arun Mittal tenders resignation from the position of MD & CEO of Company arm EESL effective October 3 

Kalpataru Projects: Company board approved conversion of loan granted to Brazil unit into equity shares, equity shares will be subscribed at price of BRL 2.10 per share 

Rane Holdings: CCI approves Rane Holdings’ acquisition of balance 51% stake in JV Rane NSK Steering Systems. 

Sona BLW: Floor price for Qualified Institutions Placement at 699.01 rupees/share. 

Maithan Alloys: Company announced closure of manufacturing operations at Byrnihat Unit. 

Allied Blenders: Company appoints Anil Somani as CFO and Key Managerial personnel effective September 5.

Remedium Lifecare: Company to Raise Funds Up to $25m

Ritco Logistics: Gautam Mukherjee resigns as CFO w.e.f August 29, 2024.

Adani Enterprises: Company’s Retail Bond Base Issue Of 4b Rupees Fully Subscribed On Day 1.

Satin Creditcare: Company completes first PTC transaction with HSBC India.

RailTel Corporation: Company has received the work order from Northern Railways for Railway Telecom Project amounting to Rs 10 cr.

PNB Housing Finance: Company to raise nearly ₹2,500 crore via NCDs on September 9. 

Reliance Ind: Board meet today to consider 1:1 issue of free shares. 

Godrej Properties: Company approved key Information Document for Issuance of 6,460 NCDs Worth 646m Rupees. 

Canara Bank: Says Issuance Of Us $300m Unsecured Notes Of MTN Bonds.

Oil refining companies: Singapore GRM at negative $0.3/bbl.

Gold prices were slightly changed as investors avoided placing large wagers ahead of U.S. payrolls data, which could provide additional hints on the amount of an expected rate decrease this month. Data indicated that U.S. job vacancies fell to a three-and-a-half-year low in July, indicating that the labour market was losing momentum, but the dip alone is unlikely to support a half-point rate cut by the Federal Reserve this month. According to the CME FedWatch Tool, traders upped the probability of a 50-basis-point rate drop at the Fed’s meeting on September 17-18 to 44% from 38%. The US central bank must not keep interest rates too high for too long or risk harming employment, Atlanta Fed President Raphael Bostic warned.

JP Morgan on Zomato: Maintain Overweight on Company, raise target price at Rs 304/Sh (Positive) 

Jefferies on Indigo: Maintain Buy on Company, target price at Rs 5225/Sh (Positive) 

Investec on Max Financial: Maintain Buy on Company, target price at Rs 1400/Sh (Positive) 

GS on AU SFB: Initiate Buy on Company, target price at Rs 831/Sh (Positive) 

GS on Chola Invest: Initiate Buy on Company, target price at Rs 1786/Sh (Positive) 

HSBC on UPL: Maintain Buy on Company, raise target price at Rs 680/Sh (Positive) 

HSBC on PI Ind: Maintain Buy on Company, raise target price at Rs 5000/Sh (Positive) 

HSBC on Dhanuka: Maintain Buy on Company, raise target price at Rs 2000/Sh (Positive) 

Morgan Stanley on India Strategy: India has become the largest weighting in the MSCI EM IMI, overtaking China yesterday (Positive) 

UBS on Gas companies: Gas-based power plants back to low utilisation (Neutral) 

HSBC on Bayer: Maintain Hold on Company, cut target price at Rs 6300/Sh (Neutral) 

HSBC on Rallis: Maintain Reduce on Company, target price at Rs 251/Sh (Neutral) 

HSBC on BHEL: Maintain Reduce on Company, target price at Rs 72/Sh (Neutral) 

HSBC on Tata Power: Maintain Reduce on Company, target price at Rs 300/Sh (Neutral) 

HSBC on Power Grid: Maintain Reduce on Company, target price at Rs 270/Sh (Neutral) 

HSBC on NTPC: Maintain Reduce on Company, target price at Rs 355/Sh (Neutral) 

HSBC on Spice Jet: Maintain Reduce on Company, target price at Rs 26/Sh (Neutral) 

Kotak on Uno Minda: Downgrade to Sell on company, cut target price at Rs 970/Sh (Negative)

* ABFRL

* BALRAMCHIN

* HINDCOPPER

* RBLBANK

Toro Company (Pre market) (Sector- Capital Goods)

NIO Inc. (Pre market) (Sector- Automobiles)

Broadcom Inc. (Post market) (Sector- Technology)

Samsara Inc (Post market) (Sector- Technology)

Guidewire Software, Inc. (Post market) (Sector- Technology)

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

14:00 U.K. Construction PMI (Expected: 54.6 versus Previous: 55.3)

14:30 EURO Retail Sales m/m (Expected: 0.1% versus Previous: -0.3%)

17:45 U.S. ADP Non-Farm Employment Change (Expected: 143K versus Previous: 122K)

18:00 U.S. Unemployment Claims (Expected: 231K versus Previous: 213K)

19:30 U.S. ISM Service PMI (Expected: 51.2 versus Previous: 51.4)

Ashok Leyland: Sanjeev Kumar, President & Head-MHCV

Not Too Worried About Decline In M&HCV Sales In July & August: Ashok Leyland

Blue Star: B Thiagarajan, MD

Not Seeing Any Supply Demand Mismatch In Room AC Segment: Blue Star

BLS International Services : Shikhar Aggarwal, Joint Managing Director

Have Invested ?81 Lk For SLW Media Acquisition, Objective Was To Enhance Co’s Brand Equity: BLS Intl

Fortis Health: Ashutosh Raghuvanshi, MD&CEO

Profitability For Diagnostics Is Improving & Expect Improvement From Q1 Levels: Fortis Healthcare

RailTel Corp: Sanjay Kumar, CMD

Kavach Tender Is Of Around ?7,000 Cr & Will Open On Sep 19: RailTel Corporation of India

RailTel Corp: Sanjay Kumar, CMD

Railtel: FY25 Revenue And Margin Guidance | Navratna Boost For Railtel: Growth Prospects

Raymond: Sunil Kataria, CEO

Gunning For Double-Digit Growth In Branded Apparel Biz Led By Store Expansion: Raymond Lifestyle

Unicommerce Eso: Kapil Makhija, MD & CEO

Unicommerce eSolutions Ltd’s Growth Strategy: Navigating E-Commerce Slowdown with Innovation

Bajaj Auto: Rakesh Sharma, ED

Aim To Cover 80% Of The Addressable Market For Freedom 125 Bike By September: Bajaj Auto

Emami: NH Bhansali, CFO

See Healthy Growth In International Biz Despite Challenges: Emami

Events today…

Results today…

Hatsun Agro Product: Board meeting on Sept 12 to consider proposal of investment into Huoban Energy 11

Reliance Industries: India Govt - Co announced successful bidder for 10 GWH Advanced Chemistry Cell (ACC) battery storage || India Govt - Reliance wins bid for govt incentives for 10GWH of battery production

NBCC: Co says memorandum of understanding signed between Co and RITES || MoU to explore combined business interest in projects across India, overseas 

Best AgroLife: Co has been granted a patent by the Indian Patent Office-Govt of India for an invention entitled “Synergistic pesticidal composition comprising plant growth regulator with neonicotinoid insecticide” for the term of 20 years 

#JustIn | #ExideIndustries: Arun Mittal resigns as MD & CEO of the EESL w.e.f. October 31, 2024 and Mandar V Deo elevated & appointed MD & CEO of EESL w.e.f. November 1, 2024. 

Alert: Mandar V Deo was the joint Managing Director of EESL at the time of elevation 

Kalpataru Projects: Co board approved conversion of loan granted to Brazil unit into equity shares || Equity shares will be subscribed at price of BRL 2.10 per share 

Linde India: Co has entered into the plant sale agreement with Tata Steel for acquiring their industrial gas supply assets - 2X1800 TPD Air Separation Units (ASUs) at their Kalinganagar Phase 2 Expansion Project 

Suzlon Energy: Co executed conveyance deed with OE Business Park for sale of one EAH property || Consideration received from sale at 4.4B Rupees 

#USEconomicData | U.S. July exports at $266.6 bn vs $265.9 bn (MoM) vs est of $266 bn 

👉 U.S. July imports at $345.4 bn vs $339 bn (MoM) vs est of $344.5 bn 

👉 U.S. July trade deficit at $78.8 bn vs $73 bn (MoM) vs est of $78.5 bn 

Sona BLW Precision Forgings: Co says floor price for qualified institutions placement at 699.01 Rupees/shr

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 114786.42 + 8314.33 Total: 123100.75

F&O Volume: 403931.66 + 390982.59 Total: 794914.25

Provisional Cash

FII/FPI: NET BUY: +975.46 

(16585.13 - 15609.67) 

DII: NET BUY: +97.35 

(13583.92 - 13486.57)

* Adj EPS: $0.67 (est $1.05)

* Revenue: $4.07B (est $4.16B)

* Gross Profit Margin 30% (est 29.9%)

* Sees 3Q Sales $7.4B-$7.6B

* Sees FY EPS $5.20-EPS $5.60

(Numbers seen lower than estimates, Dollar tree is retail company of U.S.)

We recently met the senior management of VIP industries to understand demand trends and various initiatives taken to lift business performance including new product launches.

Management alluded subdued Apr/May led by heatwave impacting travel and lower wedding dates it saw encouraging trends in Jul/Aug. With an attempt for ‘honest pricing’, though E-com channel continue to drive growth, the channel discounting has come down as VIP is strengthening its presence on Amazon. 

We initiate coverage on Aadhar Housig Finance with a Buy rating and RGM-based FV of ₹550/share. Aadhar stands out versus most affordable peers due to a larger balance sheet, longer vintage and superior RoEs. On the other hand, its loan growth (21 per cent CAGR during FY2024-27E) is comparable more to mature housing finance companies than fast-growing smaller affordable HFCs.

Aadhar (AUM ₹21,100 crore in FY2024), the largest among compared affordable HFCs with 7 per cent market share in FY2024, leverages its diversified customer (57 per cent salaried, 43 per cent self-employed AUMs) and geographic profile (15 per cent of AUM from Uttar Pradesh). 

Indian benchmark indices, Sensex and Nifty, are expected to open on a flat note on Wednesday amid volatile global markets. With no domestic triggers, analysts expect the market to align with global sentiment. Overnight, US stocks were volatile after opening on a high note. Major US indices closed with marginal gains.

Kelvin Wong, Senior Market Analyst, OANDA, said that major US bench stock indices (S&P 500, Nasdaq 100, Dow Jones Industrial Average & Russell 2000) started on a weak footing in September. “The Nasdaq 100 was the worst performer (-3.15%) on Tuesday, 3 September dragged down by the higher-beta technology sector (Nvidia & other semiconductor stocks). Recent weak performance of Nvidia (ex-post Q2 earnings) may trigger a negative liquidity cascading effect, in turn, a potential jump in the VIX.”

Buzzing stocks: Reliance Ind, Prestige Estates, Suzlon, Canara Bank, NBCC (I), RITES, GIC (RE), NHPC, Vedanta, Sona BLW, PNB Housing, Matrimony.com, Century Textiles

The stock idea that we have for you today is Biocon.The upmove in this stock is gaining momentum. The 5 per cent rise on Wednesday has taken the share price well above an important resistance. That leaves the outlook bullish. The share price can go up further in the coming days.. Check out the latest episode of bl.Today’s Pick to learn more.

The upmove in this stock has gained momentum. The stock had surged about 5 per cent on Wednesday and has closed on a strong note. This rise has taken the share price well above the key intermediate resistance level of ₹371. 

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