Share Market Highlights 25 August 2023: Sensex drops 365 pts, Nifty below 19,300 amid global concerns

Benchmark Sensex declined by 365 points and Nifty settled below the 19,300 level in a volatile trade on Friday as financials, IT and oil shares took a hit amid concerns over potential rate hikes and weak trend in global markets.

Falling for a second day in a row, the BSE Sensex closed lower by 365.83 points or 0.56 per cent at 64,886.51. During the day, it dropped 519.77 points or 0.79 per cent to 64,732.57.

The NSE Nifty declined by 120.90 points or 0.62 per cent to end at 19,265.80.

From the Sensex pack, Larsen & Toubro, JSW Steel, IndusInd Bank, Power Grid, ITC, Mahindra & Mahindra, NTPC, HDFC Bank, ITC, Reliance Industries and Tata Motors were among the major laggards.

Bajaj Finserv, Asian Paints Bajaj Finance, Bharti Airtel and Axis Bank were among the gainers.

The rupee reversed its three-day rally and depreciated by 13 paise to settle at 82.69 (provisional) against the US dollar on Friday, tracking strong American currency and negative equity markets.

Rising crude oil prices also weighed on the domestic unit even as foreign fund inflows restricted losses, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 82.60 and touched the intra-day low of 82.72 against the greenback. It finally settled at 82.69 (provisional) against the dollar, registering a fall of 13 paise over its previous close.

The NCD Tranche II Issue of CreditAccess Grameen Ltd, which opened on August 24, has received a healthy response with total subscriptions surpassing two times the base issue size of ₹400 crore, as of 2.00 pm on August 25.

Considering the strong investor demand, the company is expected to exercise the green shoe option to retain oversubscription up to an additional ₹600 crore.

Jio Financial Services closed in the green for the first time since listing. The stock closed at ₹221.60 on the NSE, up 3.82 per cent over the previous day’s close of ₹213.45.

​Vishnu Prakash R Punglia IPO​ has been subscribed 8.27 times as of 3:39 pm on August 25, 2023. The QIB portion has been subscribed 0.30 times; NII portion 13.35 times; retail 10.69 times; and those reserved for employees are 4.63 times.

BofA Securities - India: Office REITs shows early signs of a favorable external construct

Early signs of a favorable external construct brewing for office REITs given a good hiring outlook for GCCs.

Physical occupancy levels are also on the rise, implying lower WFH concerns vs. developed markets like US.

REITs also switching to asset-wise denotification, amidst overhang created by SEZ policy.

Garden Reach Shipbuilders and Engineers Ltd (GRSE) and the DEMPO Group have signed a Memorandum of Understanding (MoU) to launch a collaboration model to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar.

GRSE stock traded at ₹789, up by 0.47% on the NSE.

Gujarat Gas informed the exchanges that CARE has reiterated its CARE AAA; Stable/CARE A1+ rating for its Long Term/Short Term Bank Facilities ₹4,000 crore (enhanced from ₹3,000 crore)) CARE AAA; Stable / CARE A1+ Reaffirmed

The ratings assigned to the bank facilities of Gujarat Gas Limited (GGL) continue to derive strength from GGL’s leading position in the city gas distribution (CGD) business in India, its well-established and significantly large scale of operations, natural gas sourcing arrangements in place and moderately diversified customer segment mix.

The ratings also continue to draw comfort from improved financial risk profile of the company characterised by healthy profitability, cash accruals and prepayment of the entire term debt during FY23 (refers to the period April 01 to March 31).

Infosys has announced Tennis World No.1 Iga Świątek as its global brand ambassador to promote digital innovation and inspire women around the world. The stock declines by 0.41% on the NSE, trading at ₹1,417.80.

Zydus Lifesciences has announced that the company’s oral small molecule NLRP3 inhibitor, ZYIL1, will be presented at the upcoming International Congress of Parkinson’s Disease and Movement Disorders to be held from August 27th to 31st 2023 in Copenhagen, Denmark.

The stock declines by 1.74% on the NSE, trading at ₹629.70.

Punit Goenka, one of the promoters of Zee Entertainment Enterprises, on Friday moved the Securities and Appellate Tribunal (SAT) against the Securities and Exchange Board of India’s August 14 order barring him from taking a key position in the merged entity with Sony Pictures Network India. SAT has put up his application for hearing to August 30.

Bajaj Finserv (2.43%); Bajaj Finance (1.14%); Asian Paints (1.13%); ONGC (1.07%); Bharti Airtel (0.60%)

Major losers: Dr Reddy’s (-2.15%); IndusInd (-1.66%); LT (-1.66%); Adani Ports (-1.64%); Ultratech Cement (-1.64%)

While 1,474 stocks have advanced on the BSE at 3 pm, 2,135 stocks have declined. The total number of stocks traded is 3,736. The number of stocks that recorded a 52-week high was 187, and 19 hit a 52-week low.

Suzlon Energy has bagged a 201.6 MW order from O2 Power Pvt Ltd, Teq Green Power XI Pvt Ltd. The company will install 64 of its largest wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each for the 201.6 MW wind power project. The project is expected to be commissioned in 2025.

The stock has risen by 2.56% on the NSE, trading at ₹22.05.

The Paradeep Phosphates Ltd board has declared a dividend of ₹0.50 per equity share of ₹10 each for the year ended March 31, 2023. The stock trades at ₹68.59, higher by 0.28% on the BSE.

Power Mech has been awarded contracts by Raichur Power Corporation Ltd and Madhya Pradesh State Mining Corporation Ltd. The Raichur Power Corporation contract is for operating and maintaining the 2x800 MW Coal-based Yeramarus Thermal Power Station (YTPS) in Raichur district, Karnataka. It is set to span a period of 36 months.

The company has also secured a contract worth Rs 565.23 crore from Madhya Pradesh State Mining Corporation for mining sand as a Mine Developer and Operator for three years in Narmadapuram-2, Raisen, and Narasingpur in Madhya Pradesh.

The shares were up by 0.25 per cent at Rs 3,966 at 10.48 a.m. on the BSE.

The Government is reported to be planning to lower the EV import tax to as low as 15 per cent, as against 100 per cent on some cars.

The Government is mulling over a new policy to lower EV import taxes for companies manufacturing locally.

Vishnu Prakash R Punglia IPO has been subscribed 7.34 times as of 2:12 pm on August 25, 2023. The QIB portion has been subscribed 0.24 times; NII portion 11.75 times; retail 9.59 times; and those reserved for employees 4.24 times.

The International Conveyors stock jumped 7.16% on the NSE, trading at ₹56.85. The company had acquired 1,08,023 equity shares of BSE Ltd for ₹10 crore.

Dhruv Consultancy Services Ltd and G Eng Advisory Services Pvt Ltd in association with Transtek Engineers and Services Pvt Ltd have received a Letter of Award for providing consultancy services on independent engineering services in Bihar.

The stock rose by 4.70 per cent on the NSE, trading at ₹53.

Syrma SGS Technology stock surges by 7.86% on the NSE, trading at ₹532.90. The company has appointed Satendra Singh as its CEO.

Zepto turns unicorn with $200 million fundraise. The firm is now valued at $1.4 billion

Zomato has conducted a Rs 46.53-crore NSE Block Trade for ~5068906 shares at Rs 91.8

On Friday, the Indian stock market remained in a state of decline, as the BSE Sensex saw a decrease of 267 points, reaching 64,984 by 1:35 pm. Simultaneously, the NSE Nifty also experienced a drop of 87 points, trading at 19,299.

The balance between advances and declines skewed in favour of decliners, with 57.79 percent decliners compared to 38.63 percent advances.

Vedanta stock trades at ₹234.95, down by 1.09% on the NSE. The company had received an arbitration award dated inter alia upholding the contention of the company that additional Profit Petroleum, on account of Director General of Hydrocarbon (DGH) audit exceptions in relation to allocation of common development costs across Development Areas and certain other matters, is not payable as per terms of the Production Sharing Contract for Rajasthan Block.

Astra Microwave Products Limited has informed the exchange about the receipt of order from DRDO, ISRO and DPSUs valued at ₹16.8 crore for supply of Satellite sub-systems and weather data processing system. The stock rises by 3.44% on the NSE, trading at ₹381.90.

Global pharma major Lupin Limited has received approval from USFDA for its Abbreviated New Drug Application for Pirfenidone Tablets, 267 mg and 801 mg, to market a generic equivalent of Esbriet Tablets, 267 mg and 801 mg of Hoffmann La Roche Inc. This product will be manufactured at Lupin’s Pithampur facility in India.

The stock trades at ₹1,079.95, down by 0.88% on the NSE.

Union Bank of India has raised Rs 5,000 crore through QIP by allotting 57.77 crore shares at an issue price of Rs 86.55 a share to qualified institutional investment buyers. Among the allottees were SBI Life Insurance, ICICI Prudential LIC, Life Insurance Corporation of India, BNP Paribas Arbitrage, Bajaj Allianz LIF and Morgan Stanley Singapore. The company closed the QIP issue on August 24

Union Bank of India stock declines by 1.81% on the NSE, trading at ₹89.65.

CRA Analytics Limited (“ICRA Analytics”), a material subsidiary of ICRA Limited (the “Company”), has appointed Mr. Jayanta Chatterjee, as the Managing Director & CEO of ICRA Analytics. The appointment is effective from, September 14

Sushmita Ghatak will be relieved from the services and from the position of Managing Director & CEO oflCRA Analytics, effective from September 14

TRIVENI TURBINE: Rs 39.57cr NSE Block Trade; for ~1017175 shares, at Rs 389

KIRI INDUSTRIES LTD - SINGAPORE INTERNATIONAL COMMERCIAL COURT FINALISED TIMELINES, HEARING OF ALTERNATIVE RELIEF APPLICATION

October 2: Defendants (DyStar/Senda) to file reply affidavit and expert report.

November 13: Plaintiff (Kiri) to file further reply affidavit and reply expert report

(if any).

December 4: Defendants (DyStar/Senda) to file a final reply expert report (if any).

December 8: Parties to write in jointly whether expert is desirable for the

hearing.

Jan 12, 2024: Parties to file and exchange written submissions

Jan 24-26, 2024: Hearing will start

VST Tillers has entered into a Master Service agreement with Solectrac Inc., USA to jointly develop Electric Power tiller and other Agricultural Machineries.

DS Kulkarni Developers Limited has appointed Bhushan Palrehsa as Managing Director of the company.

BAJAJ FINSERV: RS 114.53CR NSE BLOCK TRADE; FOR ~773169 SHARES, AT RS 1481.25

The New Fund offer of HDFC Technology Fund opens today and closes on September 5.

The fund aims to provide long-term capital appreciation by investing predominantly in equity and equity related securities of Technology & technology related companies There is no assurance that the investment objective of the Scheme will be realised.

Shoppers Stop stock declines by 10.67% on the NSE, trading at ₹725.60. The company had announced the promotion of Kavindra Mishra, Chief Commercial Officer and CEO Homestop, as its Executive Director & CEO, subsequent to the resignation of its Managing Director & CEO, Mr. Venu Nair.

Nila Infrastructures stock rises by 2.80% on the NSE, trading at ₹5.50. The company had received Letter of Acceptance from Gujarat Housing Board for construction of affordable housing. The project awarded to the Company is for the redevelopment work of Integrated Group Housing Facility.

Western India Plywoods Limited has informed the Exchange that Record date for the purpose of Dividend & Meeting is September 22

U.S. Polo Assn. launches legends campaign with aim of strengthening its leadership position in India. The stock inches up 0.05% on the NSE, trading at ₹300.70.

The Nagarnar Steel Plant (NMDC Steel) has produced its final product of HR (Hot Rolled) Coil, 9 days after the production of Hot Metal.

During mid-day trade, the Indian stock market shows weakness, with the BSE Sensex dropping 315 points to reach 64,926 at 12.20 pm, while the NSE Nifty declines 106 points to trade at 19,280.

Sun TV Networks stands out among individual stocks, gaining 3.74% as the company reports a 19% increase in profits to Rs 592.08 crore for the quarter ending June 30, 2023, compared to Rs 493.99 crore in the same quarter last year.

Additionally, the exclusion of Jio Financial Services from BSE indices has been postponed by three days to September 1.

Jio Financial Services exclusion from Bse indices delayed by 3 days to September 1

ASTRA Microwave Products Ltd.’s shares were up by 3.08 per cent after the company reported securing orders worth Rs. 158 crore for the supply of critical Satellite sub-systems, Airborne Radar, and sub-systems related to Radar and Electronic Warfare (EW) projects.

Vishnu Prakash R Punglia IPO has been subscribed 5.73 times as of 12 noon on August 25, 2023. The QIB portion has been subscribed 0.05 times; NII portion 9.02 times; retail 7.62 times; and those reserved for employees are 3.54 times.

Major gainers on the NSE at 12 noon:

Jio Financial (4.87%); Bajaj Finserv (2.41%); Bajaj Finance (0.96%); ONGC (0.81%); Asian Paints (0.76%)

Major losers: LT (-1.69%); IndusInd (-1.65%); Dr Reddy’s (-1.31%); Hindalco (-1.24%); JSW Steel (-1.13%)

Stocks advanced on BSE at 12 noon on August 25 were 1,416 against 2,040 stocks that declined. Total stocks traded were 3,601. The number of stocks that recorded a 52-week high was 157, and those that hit a 52-week low was 16.

The board of Kirloskar Brothers Limited (KBL) has approved the purchase of vacant and un-utilised land admeasuring 12.30 acres from The Kolhapur Steel Limited, a subsidiary of KBL, situated at Village Shiroli, Dist. Kolhapur, for a total consideration of ₹62.62 crore. The stock declines by 2.84% on the NSE, trading at ₹851.

Shilpa Medicare informed the exchanges that the company’s finished dosage form manufacturing facility, Unit IV, situated at Pharma SEZ, Jadcherla, Telangana state has undergone a GMP inspection by ANVISA, Brazil. The inspection has concluded successfully on 24th Aug 2023 without any observation.

The stock declines by 0.71% on the BSE, trading at ₹363.

RattanIndia Enterprises informed the exchanges that Revolt has paid ₹50.02 crore to Ministry of Heavy Industries, Government of India, against the demand raised for FAME subsidy claimed along with interest. The stock surges by 5.72% on the NSE, trading at ₹56.40.

The crude oil market was set for a second straight week of decline following the weaker demand outlook for the commodity in various economies of the world. However, crude oil futures traded higher in early trade on Friday.

The spices complex was mixed on Friday with mentha oil and turmeric gaining. On MCX, mentha oil October contracts were up by ₹18.10 at ₹1,004.10 a kg. Dhaniya (coriander) October contracts declined by ₹30 to ₹7,360 a quintal. Jeera (cumin) October contracts gained ₹125 at ₹58.100 a quintal. Turmeric December futures were up a tad at ₹16,916 a quintal.

On MCX, gold October futures declined by ₹82 to ₹58,729 per 10 gm. Silver September contracts slipped by ₹275 to ₹73,292 a kg.

In Asian trade, gold ruled below $1,920 an ounce as a strong dollar put pressure on the precious metal with investors looking forward to Federal Reserve Chair Jerome Powell’s Jackson Hole speech for clues on the path for US monetary policy. Prices were down to $1,914.67 an ounce. Silver was quoted at $24.055 an ounce.

Blockbuster run continues for Sun TV at Dalal Street, as the stock hit yet another new year high on Friday.

The stock now trades at Rs 601.80 on the BSE, up 3.36 per cent over previous day’s close. Earlier it hit a peak 610.60

Prior to this, the stock breached the ₹600 levels in November 2021. The stock tested a 52-week low of ₹393.80 on March 28, 2023.

Jio Financial Services stock inches up by 0.63% on the NSE, trading at ₹214.80. It is the irst gain post listing.

The Nifty 50 and Sensex are trading lower, down about 0.4 per cent each. Sensex is trading at 64,996 and Nifty at 19,305. However, both the indices are attempting to bounce back from their intraday lows.

The Indian stock market benchmarks, namely the Sensex and Nifty, remain in a state of weakness with both declining by more than 0.70 percent each. As of 11 am, the Nifty recorded a decline of 130 points, reaching 19,255, while the Sensex witnessed a drop of 457 points, landing at 64,794. Every sectoral index is experiencing losses, with the Nifty Banking index taking the lead by falling 1 percent. Among the total of 3,494 stocks traded on the BSE, 1,236 stocks showed gains, while 2,114 faced declines. Regarding individual stocks, Bajaj Finserv stands out as the leader among gainers, whereas IndusInd Bank takes the lead among decliners.

Bank Nifty failed to capitalise on a resistance break at 44,400, ending flat. Today, it opened gap-down and is trading around 44,100, down 0.9%. All sectors are in the red, indicating broad-based selling. August contract is approaching the support band of 43,870-44,000. A fall below this level is unlikely today. Traders can stay away for now and go short if Bank Nifty futures falls below 43,870.

The rupee snapped its three-day rally and depreciated by 12 paise to 82.68 against the US dollar in early trade on Friday amid a firm American currency and subdued equity markets.

Promoter Aziz Yousuf Zaveri bought 2.3 lakh shares of NRB Bearings between Aug 22 and 23

“The market is delicately poised waiting for triggers. The transient role of sentiments was evident yesterday when the market couldn’t sustain the enthusiasm triggered by the successful Chandrayaan-3 mission and its positive impact on stocks related to the mission.

The message from the Fed chief Jerome Powell tonight will be keenly watched for any clues on the future trajectory of interest rates in the US. The Fed chief is unlikely to indicate that the rate hiking cycle is coming to an end.

An unhealthy trend in the market is the sustained rise in the prices of many small-and micro-cap stocks. This is partly aided by the sustained flow of funds into the small-cap segment. Valuations in the segment are approaching risky levels. Safety is now in large-caps.” -- V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Bouncing back from a steep decline, the Sensex and Nifty managed to recover some of their losses but were still trading in negative territory. As of 10.05 am, the BSE Sensex was down by 179 points, reaching 65,072, while the NSE Nifty experienced a drop of 64 points, trading at 19,322.

Ashish Kacholia has picked up a stake in iron casting maker Universal Autofoundry through block deals

Granules India stock rises by 1.19% on the NSE, trading at ₹298.30. The company received the approval from Brazilian Health Regulatory Agency (ANVISA), for compliance with the guidelines of Good Manufacturing Practices for its Bonthapally facility, located at Bonthapally Village, Gummadidala Mandal, Sangareddy District, Hyderabad, Telangana. Bonthapally facility manufactures Active Pharmaceutical Ingredients (API).

Kaynes Technology has entered into MoU on with Karnataka Government for an investment of ₹3,750 crore to setup semiconductor assembly & testing (OSAT) facility and printed circuit board (PCB) manufacturing plant through its step down subsidiaries. The stock surges by 8.11% on the NSE, trading at ₹2,007.40.

KPI Green Energy Ltd.’s shares were up by 7.16 per cent after the company announced the Commissioning Certificate for its 4.10 MW wind-solar hybrid power project, which comprises 2.10 MW of wind and 2 MWdc of solar capacity.

Nifty outlook:

Rejection trades emerged as feared, on reaching the extended target of 19570 yesterday. The surprising depth of the pull back has renewed the prospects of 19060-18900 or even 18600-18300, as the downside objectives, but we pin our hopes on the 19280 region to step in and offer bargain buying support today. A direct fall below 19250 or inability to reclaim 19420 will signal resumption of the 18300 slide. - Read more

Derivative:

Nifty weekly contract has highest open interest at 19400 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19400 for Calls and 18650 for Puts in weekly and at 19500 for Calls and 19500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.25%, increased future index shorts by 1.94% and in index options by -51.92% in Call longs, -37.65% in Call short, -58.00% in Put longs and -53.19% in Put shorts.

-- Daily technical views from Anand James, Chief Market Strategist at Geojit Financial Services.

Indiabulls Housing Fin repays Rs 2232 crore of ECB to ANZ Banking Group, Barclays Bank Plc & SBI

Supreme Ind acquires Parvati Agro Plast’s PVC Pipes Biz For Rs 235 crore

Major gainers on the NSE at 9:30 am

Bajaj Finance (1.83%); Bajaj Finserv (1.47%); ONGC (0.52%); BPCL (0.47%); Asian Paints (0.42%)

Major losers: Jio Financial (-4.99%); Dr Reddy’s (-1.29%); IndusInd (-1.23%); Ultratech Cement (-0.90%); Wipro (-0.85%)

Power Mech Projects informed the receipt of orders worth ₹723.90 crore. Order worth ₹158.69 crore from Raichur Power Corporation Limited for Operation and Maintenance of 2x800 MW Coal based Yeramarus Thermal Power Station (YTPS) at Chikkasugur, Raichur District, Karnataka; and order worth ₹565.23 crore from Madhya Pradesh State Mining Corporation Limited for Sand Mining as Mine Developer Cum Operator for a period of three years in the areas of Narmadapuram -2, Raisen and Narasingpur in the State of Madhya Pradesh.

The stock inches up by 0.09% on the NSE, trading at ₹3,961.

The index of mineral production of mining and quarrying sector for the month of June, 2023 (Base: 2011-12=100) at 122.3, is 7.6% higher as compared to the level in the month of June, 2022. The cumulative growth for the period April-June, 2023-24 over the corresponding period of previous year is 6.3% percent.

Production level of important minerals in June, 2023 were: Coal 739 lakh tonne, Lignite 33 lakh tonne, Natural gas (utilized) 2845 million cu. m., Petroleum (crude) 24 lakh tonne, Bauxite 1991 thousand tonne, Chromite 399 thousand tonne, Copper conc. 9 thousand tonne, Gold 101 kg, Iron ore 229 lakh tonne, Lead conc. 33 thousand tonne, Manganese ore 303 thousand tonne, Zinc conc. 140 thousand tonne, Limestone 373 lakh tonne, Phosphorite 126 thousand tonne, and Magnesite 10 thousand tonne.

Important minerals showing positive growth during June, 2023 over June, 2022 include: Manganese Ore (27%), Magnesite (21.6%), Gold (18.8%), Chromite (16.6%), Iron Ore (14%), Limestone (10.7%), Coal (9.7%), Lead Conc. (7.6%), Natural gas (U) (3.6%) and Bauxite (1.9%). Other important minerals showing negative growth include: Petroleum(crude) (-0.5%), Zinc Conc.(-1.5%), Copper Conc.(-3.5%), Lignite(-29.6%) and Phosphorite (-33.3%).

Mahadhan AgriTech Limited (MAL), a wholly owned material subsidiary of the company, has extended corporate guarantee in favour of Security Trustee acting on behalf of Canara Bank who have sanctioned credit facilities to the tune of ₹1,200 crore to Performance Chemiserve Limited, a wholly owned subsidiary of MAL and a step-down subsidiary of the company.

Amid weak global cues, the domestic indices, namely Sensex and Nifty, started the day with significant declines. The BSE Sensex, comprising 30 shares, experienced a 425-point drop to reach 64,826 in early trading breaching 65000-mark, while the NSE Nifty fell by 118 points to settle at 19,268.

Notable gainers from the Sensex pack included Bajaj Finserve, Asian Paints, PowerGrid, ONGC, Hero Motocorp. On the other hand, Jio Financial, Hindalco, UltraTech Cement, Wipro and M&M were among the decliners.

Overnight, US stocks saw a sharp decline driven by favorable job data. The Nasdaq led major indices with a nearly 2% drop, and the S&P 500 and Dow Jones Industrial Average both lost more than 1%. The Asia-Pacific region also witnessed a predominance of red in most equities.

Analysts highlight the anticipation of signals from the Jackson Hole summit by global investors. Thursday’s institutional activity indicated robust buying from both domestic and foreign portfolio investors, primarily due to various block deals involving stocks such as Coforge, Max Financial Sapphire, and Manappuram.

Given the prevailing global headwinds, analysts expect Foreign Portfolio Investors (FPIs) to maintain a cautious approach in the coming weeks.

“Pessimism across global equities could dampen the local market sentiment and a rough intra-day session could be on the cards for investors. Traders will continue to maintain caution and may trim their equity exposure in case the global mood worsens ahead of the key Federal Reserve Chairman Jereme Powell’s speech at annual Fed Jackson Hole symposium later today. Traders would gauge from the Fed’s speech whether inflation continues to remain a challenge and more rate hikes could be in the offing going ahead.” - Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

Market Sources Say: Promoters may sell up to 2% stake in Uno Minda, floor price at ₹602, 0.5% discount to CMP of ₹605

The public issue of Vishnu Prakash R Punglia Ltd that opened on Thursday, has received a strong response from HNIs and retail investors. The issue, which will close on August 28, was subscribed 3.8 times on Day 1. The company plans to raise about ₹309 crore from the IPO and has fixed the price band at ₹94-99. Investors can bid for a minimum of 150 equity shares

BRICS group has invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE to join the group.

1. 25-Aug-23 - Syrma SGS Tech - 4.2crs shares

2. 11-Sep-23 - Ikio Lighting - 30 lakh shares

3. 11-Sep-23 - Divgi TorqTransfer - 64 lakh shares

4. 15-Sep-23 - Happiest Minds - 2.8crs shares

5. 16-Sep-23 - Route Mobile - 1.1crs shares

6. 27-Sep-23 - HMA Agro - 12 lakh shares

7. 29-Sep-23 - Chemcon Speciality - 70 lakh shares

8. 29-Sep-23 - CAMS - 1 crs shares

The recent-entrant to MF space, Helios Asset Management has filed SID with SEBI for HELIOS OVERNIGHT FUND(An open-ended debt scheme investing in overnight securities. Relatively low interest rate risk and low credit risk)

“The changes to reinsurance regulations shows the regulator’s commitment to strengthening the insurance ecosystem in India and is in direct alignment with its vision of Insurance for all by 2047.

The emphasis on streamlining of existing regulations demonstrates the commitment to create an attractive business environment for insurers and reinsurers alike. Steps like lowering the capital requirement for foreign reinsurance branches, rationalising the order of preference, etc. will bring in ease of business for reinsurers and therefore will make India an attractive business destination.

The reducing of compliance burden is also a pragmatic move. It will not only ease the operational complexities but will also enhance the sector’s overall efficiency. These changes, along with the adoption of international standards, will boost India’s reinsurance industry’s technical know-how and innovation potential.

MS on Power grid: Maintain Overweight ; target price at Rs 278

Nomura on Bajaj Finance: Maintain Buy ; target price at Rs 8,700

Nomura on Bajaj Finserve: Upgrade to Buy ; target price at Rs 1815

MS on Reliance Ind: Maintain Overweight ; target price at Rs 2821

Nomura on Birlasoft: Initiate Buy ;, target price at Rs 610

Citi on PB Fintech: Maintain Buy; target price at Rs 1000

Citi on Aptus Wealth: Maintain Buy ; target price at Rs 350

Citi on MPhasis: Maintain Sell, target price at Rs 2120

MS on LTTS: Maintain Underweight, target price at Rs 2900

Bharti gains market share across all circle categories; RJio loses market share in B/C circle, but retains overall pole position.: Motilal OSwal

Vedanta has received an arbitration award inter alia upholding the contention of the Company that additional Profit Petroleum, on account of Director General of Hydrocarbon (DGH) audit exceptions in relation to allocation of common development costs across Development Areas and certain other matters, is not payable as per terms of the Production Sharing Contract for Rajasthan Block .The Company is in the process of reviewing the award in detail and evaluating its financial impact.

1️⃣ BHEL

2️⃣ DELTACORP

3️⃣ GMRINFRA

4️⃣ GNFC

5️⃣ HINDCOPPER

6️⃣ IBULHSGFIN

7️⃣ INDIACEM

8️⃣ MANAPPURAM

9️⃣ METROPOLIS

1️⃣0️⃣ PNB

1️⃣1️⃣ RBLBANK

SJS Enterprises: Promoter Evergraph Holdings sold 91.6 lakh shares on Aug. 22.

NRB Bearings: Promoter Aziz Yousuf Zaveri bought 2.3 lakh shares between Aug. 22 and 23.

Pennar Industries: Promoter Aditya Narsing Rao bought 50,000 shares on Aug. 23.

Man Infraconstruction: Promoter Mansi P. Shah bought 1.25 lakh shares between Aug. 23 and 24.

Pidilite Industries: Promoters Malay Rashmikant Parekh and Kamalini Rashmikant Parekh sold 8,100 shares each on Aug. 22.

Star Cement: Promoter Laxmi Chamaria sold 1.76 lakh shares between Aug. 21 and 22.

DB Realty: Promoter Mohammed Gulamali Morani sold 30,000 shares on Aug. 21.

Sandur Manganese & Iron Ores: Promoter SY Ghorpade sold 10,000 shares on Aug. 23.

ADF Foods: Promoter Krish Bhavesh Thakkar sold 7,975 shares between Aug

Usha Martin: Promoter Peterhouse Investments sold five lakh shares between Aug. 21 and 22. Dr.

Lal Path Labs: Promoter Arvind Lal sold 31,671 shares between Aug. 22 and 24.

Ultramarine & Pigments: Promoter S Narayanan sold 17,500 shares on Aug. 22.

Pledge Share Details

Ajanta Pharma: Promoter Ravi Agrawal released a pledge of 5.18 lakh shares on Aug. 23.

Ex-date Dividend: Surya Roshni, NCC, Oil India, Neogen Chemicals, KRBL, C.E. Info Systems, Gulf Oil Lubricants India, Gujarat Ambuja Exports, Engineers India, GATI, Central Depository Services (India).

Ex-date Interim Dividend: Seamec

Ex-date Special Dividend: ABB India

Ex-date AGM: Oil India, Neogen Chemicals, KEI Industries, C.E. Info Systems, Gujarat Ambuja Exports

Ex-date Buyback: Indiamart Intermesh, Piramal Enterprises, KRBL, FDC

Record-date Dividend: Surya Roshni, NCC, KRBL, Gulf Oil Lubricants India, Engineers India, Central Depository Services (India).

Record-date Interim Dividend: Seamec.

Record-date Special Dividend: ABB India

Record-date Buyback: Indiamart Intermesh, Piramal Enterprises, KRBL, FDC

Move Into Short-Term ASM Framework: Dredging Corporation of India, Media Matrix Worldwide

Move Out Of Short-Term ASM Framework: Hindustan Construction Company, OnMobile Global.

Max Financial Services: Max Ventures Investment Holdings sold 1.1 crore shares (3.3%), UBS (US) Group Trust bought 47.5 lakh shares (1.4%), Plutus Wealth Management bought 25 lakh shares (0.7%), and Morgan Stanley Non-ODI bought 12.6 lakh shares (0.4%), among others, at Rs 873 apiece.

Sapphire Foods India: Sapphire Foods Mauritius sold 16.2 lakh shares (2.6%), while Wtcnam Common Trust Funds Trust EM Opportunities Portfolio bought 11.1 lakh shares (1.8%), WMP Dublin EM Opportunities Portfolio bought 2.64 lakh shares (0.4%), and Sprugos Investments VIII bought two lakh shares (0.3%) at Rs 1,355 apiece.

Coforge: Hulst B. V. sold 1.63 crore shares (26.6%) at Rs 4722.15 apiece. SBI Mutual Fund bought 25.8 lakh shares (4.2%) at Rs 4,703 apiece, Kotak Funds bought 8.65 lakh shares (1.4%) at Rs 4,703 apiece, Smallcap World Fund bought 6.6 lakh shares (1.4%) at Rs 4,703 apiece, HDFC Mutual Fund bought 6.5 lakh shares (1.1%) at Rs 4,703 apiece, Societe Generale bought 4.3 lakh shares (0.7%) at Rs 4,950 apiece, ICICI Prudential bought 4.2 lakh shares (0.7%) at Rs 4,703 apiece, Morgan Stanley bought 3.5 lakh shares (0.6%) at Rs 4879.43 apiece, and Aditya Birla Sun Life MF bought 3.2 lakh shares (0.5%) at Rs 4,703 apiece.

RBL Bank: CDC Group sold 99 lakh shares (1.6%) at Rs 230.02 apiece.

Manappuram Finance: Quinag Acquisition sold 8.4 crore shares (9.9%) at Rs 140.50 apiece, Mansi Share and Stock Advisors bought 63.3 lakh shares (0.7%) at Rs 140.29 apiece, BOFA Securities bought 62.6 lakh shares (0.7%) at Rs 140.17 apiece, Chartered Finance and Leasing bought 50 lakh shares (0.6%), and F3 Advisors bought 47.7 lakh shares (0.6%) at Rs 140.53.

Amber Enterprises India: The Government of Singapore bought four lakh shares (1.2%) at Rs 2,800 apiece.

Aeroflex Industries: The IPO has been subscribed 97.11 times on its third and final day. The bids were led by institutional investors, who subscribed 194.73 times; non-institutional investors, 126.13 times; retail investors, 34.41 times; and the portion reserved for shareholders, 28.52 times. It was subscribed 6.71 times on day 1 and 21.10 times on day 2.

Vishnu Prakash R Punglia: The IPO has been subscribed to 3.77 times on day one. The bids were led by non-institutional investors, who subscribed 6.26 times; retail investors subscribed 4.88 times; portions reserved for employees subscribed 1.91 times; and institutional investors subscribed 0.05 times, or 5%.

Granules India: The drugmaker received approval from the Brazilian Health Regulatory Agency (ANVISA) for compliance with the guidelines of Good Manufacturing Practices for its Bonthapally API facility, Hyderabad, and an Accreditation Certificate of Foreign Drug Manufacturer from the Pharmaceuticals and Medical Devices Agency (PMDA), Japan, for its Jeedimetla API facility, Hyderabad.

Astra Microwave Products: The company got orders worth Rs 158 crore from ISRO, DRDO, and DPSU for the supply of satellite sub-systems, airborne radar, sub-systems of radar, and EW projects.

Hero MotoCorp: launches New Glamour in two variants drum & disc at ₹82,348 & ₹86,348 respectively

ADF Foods: The company set Sept. 11 as the record date for the stock split in the ratio of 5:1

Monte Carlo Fashions: The company increased its investment in wholly owned subsidiary Monte Carlo Home Textiles by Rs 2 crore to Rs 15.7 crore.

eMudhra: The board has approved raising Rs 250 crore via any instrument

Syrma SGS Technology: The company has appointed Satendra Singh as CEO with immediate effect.

GlaxoSmithKline Pharmaceuticals: The drugmaker has reported contingent liabilities of Rs 350 crore on account of ongoing litigation

Kaynes Technology: The company entered into an MoU with the Government of Karnataka for Rs 3,750 crore to setup a semiconductor assembly and testing facility and a printed circuit board manufacturing plant through its step-down subsidiaries.

Coforge: Promoter HULST B.V. sold its entire stake, i.e., 26.63%, on Thursday.

SKF India: The company has acquired a 26% stake in Cleanmax Taiyo.

Prakash Industries: Prakash Industries stock rises by 1.50% on the NSE, trading at ₹118.80. The company informed that the Ministry of Environment, Forest and Climate Change, Government of India had granted in-principle stage-I approval under the Forest (Conservation) Act, 1980, for its Bhaskarpara Commercial Coal Mine in Chhattisgarh.

Aditya Birla Capital: Aditya Birla Sun Life AMC has ceased to be the material subsidiary of the company after dilution of its stake to less than 50%

KPI Green Energy: The company received commissioning certificates from the Gujarat Energy Development Agency for a 4.10 MW wind-solar hybrid power project at the Samoj site in Jambusar, Gujarat.

PL Industries: Bromine leakage from a bromine storage tank at the Jambusar site in Gujarat was quickly contained, and all employees are safe. It reported an insignificant loss on account of the minor leakage.

Mankind Pharma: The board approved the incorporation of a wholly owned subsidiary, Mankind Medicare, with an authorised capital of Rs 5 crore. The subsidiary will manufacture and produce various types of pharmaceutical dosage forms and consumer healthcare products.

Garden Reach: The company signed an MoU with DEMPO Group, Goa, to launch a collaboration model to build commercial vessels in their shipyards in Goa and Bhavnagar, Gujarat.

DB Realty: The company sold its entire stake in unit Royal Netra Constructions for Rs 2.55 crore to Man Infraconstruction and Platinumcorp Constructions

Shoppers Stop: The company’s MD and CEO, Venu Nair, has resigned effective Aug. 31 due to personal reasons. Homestop chief Kavindra Mishra has been promoted as executive director and CEO for a period of three years, effective Sept. 1.

Vodafone Idea: The company lost 12.9 lakh subscribers in the wireless category as its mobile subscriber base shrank to 22.9 crore, according to TRAI data.

Bharti Airtel: The telecom giant gained 14.1 lakh mobile users during June and ended the month with a wireless subscriber base of 37.4 crore, according to TRAI data

The Board and management of Syrma SGS Technology Limited has announced Satendra Singh as CEO of the Company. He will report directly to Managing Director, Jasbir Singh Gujral, as he joins the management team at Syrma SGS to contribute and further enhance the growth journey.

The Defence Acquisition Council has granted Acceptance of Necessity for procurement and installation of electronic warfare (EW) suite on Mi-17 V5 helicopters under buy (Indian-IDDM) category which will enhance better survivability of helicopters. The EW Suite will be procured from Bharat Electronics (BEL).

Reliance Industries has entered into an understanding with The Oberoi Hotels and Resorts (Oberoi) to jointly manage three properties across India and the UK. These include the upcoming Anant Vilas Hotel in Mumbai’s Bandra Kurla Complex (BKC), the iconic Stoke Park in the UK, and another planned project in Gujarat. Oberoi Hotels was voted the World’s Best Hotel Brand at the Travel + Leisure, USA World’s Best Awards, 2022.

Reliance Retail, an arm of RIL, has launched new retail format Yousta

International Conveyors Limited has acquired 1,08,023 equity shares of BSE Limited for a consideration of Rs.10 Crore.

Elpro International has also acquired 1,07,664 Equity Shares of BSE Limited for investment purpose.

Block deals continue to galore at the exchanges. If media reports are to believed, Antfin is likely to sell another 3.6 per cent stake or 2.3 crore shares of fintech company Paytm, owned by ​One 97 Communications​, via block deal today The floor price for the deal is likely to be at a discount of Rs 880.10 per share.

Ex-Dividend 28 August 2023 (Monday)

Last date for Cum-Dividend Today

Bannari Amman Sugars Ltd.

Dividend Per Share Rs.12.5

Previous day Closing Price – Rs. 2801.3

Precision Wires India Ltd.

Dividend Per Share Rs.0.36

Previous day Closing Price – Rs. 90.78

Wardwizard Innovations & Mobility Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 44.58

Domestic markets are likely to see a strong gap-down opening on Friday amid weak global cues. The US Stocks overnight slumped sharply on healthy job data. Major US indices crashed led by Nasdaq that slumped nearly 2 per cent. S&P 500 and the Dow Jones Industrial Average lost over one per cent.

Gift Nifty at 19.300 signals, a gap down opening of over 100 points for Nifty, as focus now shifts to Fed meet. Most equities across Asia-Pacific region are also in deep red.

Financial services platform Muthoot Fincorp One is expected to contribute roughly 10 per cent to Muthoot Pappachan Group’s revenue in the next three years, according to platform CEO Chandan Khaitan.

SEBI on Thursday laid down timelines for providing additional disclosures by foreign portfolio investors (FPIs) that meet certain criteria.

FPIs holding more than 50 per cent of their Indian equity AUM in a single Indian corporate group have 10 trading days within which they can bring down their holdings. After this, they need to make additional disclosures regarding persons having any ownership, economic interest, or control.

India’s electricity demand grew by 21 per cent y-o-y in August 2023 as the world’s third largest energy guzzler’s power consumption rose during the month aided by rising heat and humidity levels, which led to an increase in the number of cooling hours.

Reliance Industries Limited (RIL) and Oberoi Hotels and Resorts will jointly manage three hotel properties in India and the UK, RIL said in a statement.

RIL holds 18.53 per cent stake in EIH Limited that operates the Oberoi brand of hotels and resorts.

BUZZING STOCKS: Paytm, Reliance Industries, BSE, International Conveyors, Elpro International, Syrma SGS, Granules, Vedanta, KPI Green Energy, TT, PNB, Bharat Electronics, Prakash Industries, Garden Reach, Astra Microwave, Nila, GI Engineering, Shoppers Stop

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

The share price of​ JK Paper​ has been in a strong uptrend since July this year. The stock rose about 4.3 per cent on Thursday breaking above the 200-Day Moving Average (MA) resistance level at ₹374. ​Read more​

Following a sell-off in Wall Street on Thursday, Asian stocks began the day with weaker performance. The decline was primarily driven by a drop in the Nasdaq, which saw a decrease after experiencing significant gains earlier in the week. Investor apprehension was also evident due to the anticipation of a speech by Federal Reserve Chair Jerome Powell on Friday. The S&P 500 experienced a decline of 1.35%, reaching 4,376 points, while the Nasdaq exhibited a more pronounced drop of 1.87%, settling at 13,463 points.

The prevailing sentiment in the Asian market is one of caution. The recent sharp sell-off in Wall Street, coupled with the considerable strengthening of the dollar—experiencing its most significant monthly increase in a span of ten weeks—has left investors wary. There is a reluctance to adopt an overly optimistic approach in light of the impending remarks by Powell.

Notably, equity markets in Japan and Australia, along with Hong Kong stock futures, have all experienced declines.- Agencies