Veranda Learning Management Change
The company has elevated Aditya Malik to group chief operating officer.
Source: Exchange Filing
Godrej Agrovet To Adani Wilmar: Customs Duty Hike To Benefit These Edible Oil Firms
In a significant move, the Indian government hiked the basic customs duty on refined palm oil, soybean oil, and sunflower oil from 12.5% to 32.5%. This decision, which came into effect Sept. 14, is expected to have wide-ranging effects across various sectors, especially the edible oil and fast-moving consumer goods companies.
The hike in customs duty is set to benefit domestic edible oil producers, such as Godrej Agrovet Ltd., Adani Wilmar Ltd., and Patanjali Foods, who stand to gain from reduced competition from imported oils.
Godrej Agrovet To Adani Wilmar: Customs Duty Hike To Benefit These Edible Oil Firms
Tolins Tyres Lists At 0.88% Premium On NSE
Tolins Tyres got listed at a premium of 0.88% on NSE at Rs 228 against issue price of Rs 226. On the BSE, it got listed at Rs 227.
Source: Exchange Filing
Tolins Tyres Shares List At Par With Rs 226 Issue Price
Kross Ltd. Lists At Its Issue Price Of Rs 240
Kross Ltd got listed at its issue price of Rs 240 on NSE and BSE both.
Source: Exchange Filing
Kross Shares Debut Flat Over IPO Price
Bajaj Housing Finance Lists At 114.3% Premium
Bajaj Housing Finance got listed at Rs 150 on the NSE as against issue price of Rs 70 , a premium of 114.3%. On BSE too, it was listed at Rs 150.
Source: Exchange Filing
Bajaj Housing Finance No Longer A Wholly Owned Subsidiary Of Bajaj Finance Following Successful IPO
MIC Electronics Locked In Upper Circuit
Share price of MIC Electronics Ltd.’s share price extended gains to fifth day on positive sentiment after the company secured orders worth Rs 1.33 crore from Southern Railway.
Nifty, Sensex At Record Highs
The Nifty hit a new high of 25445 points and the Sensex hit 83184.34, its lifetime high.
JSW Energy Shares Hit Life High As Unit Commissions 300-MW Wind Power Project
JSW Energy Ltd. rose to the record high level on Monday after its step-down unit completed commissioning of 300 megawatt wind power capacity at Tuticorin, Tamil Nadu. The 300 MW is part of 450 MW ISTS-connected wind power project awarded by Solar Energy Corp Tranch X, the company said in an exchange filing on Sunday.
JSW Energy Shares Hit Life High As Unit Commissions 300-MW Wind Power Capacity
Adani Power, Adani Green Rise On Deal Wins
Shares of Gautam Adani owned Adani Green Energy Ltd. and Adani Power Ltd. rose over 4% on Monday as the companies reported major deal wins.
Infosys In Pact With LIC
Infosys has collaborated with LIC Of India to accelerate digital transformation.
Source: Exchange Filing
Sectoral Indices That Hit Life Highs
Systematix Corporate To Raise Funds
The company will raise Rs 103 crore through preferential allotment and has introduced two alternative investment funds.
Source: Exchange filing
Phoenix Mills Approves Bonus Issue
Phoenix Mill’s board has approves issuance of bonus equity shares in the ratio of 1:1.
Source: Exchange Filing
Emkay Maintains ‘Buy’ On Adani Green
Emkay maintains a ‘buy’ rating on Adani Green Energy at a target price of Rs 2550, implying 42.6% Upside. On 5 GW power supply order win, it said that it sees thw development as a key positive and believes order’s flat tariff rate of Rs 2.7/kWh is attractive.
Company’s secured power purchase agreement capacity now at 26 GW and expects bid to have solar capacity utilization factor rate of 24%.
The brokerage also believes company to gain from more traction in hybrid orders and has raises FY25/26/27 EPS estimates by 4%/2%/1%.
Nifty, Sensex Open Higher Tracking Wall Street; RIL, TCS Lead Gains
Benchmark equity indices opened higher tracking the Wall Street as the market expects a rate cut by US Federal Reserve in its meeting to start on Tuesday.
At pre-open, the Nifty 50 was at 25406.65, up 0.20% or 50.15 points and the Sensex was at 82981.03, up 0.11% or 90.09 points.
According to Vikas Jain, head of research at Reliance Securities, “Sentiment is expected to remain positive due to the anticipated US Fed rate cut, a global market rally, declining oil prices, and continued FIIs buying interest.”
He added that metal stocks are likely to see a rebound due to the falling Dollar Index, rising base metal prices on the London Metal Exchange, and the People’s Bank of China’s decision to cut mortgage rates.
In another note, he said on the higher side the pivot resistance would be at 25,550 levels followed by 25,700 which coincides with highest call OI strikes. “RSI is trending above the average line and other key technical indicators are positively poised from current levels,” he said.
Shares of Reliance Industries Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Hindalco Industries Ltd., and Tata Steel Ltd. contributed the most to the gains.
While those of Hindustan Unilever Ltd., Britannia Industries Ltd., Nestle India Ltd., Hero MotoCorp Ltd., and ICICI Bank Ltd. weighed on the Nifty.
Except Nifty FMCG, all sectoral indices on the NSE opened higher with Nifty Metal leading.
Jindal Steel Signa MoU With Jindal Renewables
Jindal Steel has signed MoU with Jindal Renewables to invest in green hydrogen production for steelmaking in Angul, Odisha. The partnership include supply of ~3 GW renewable energy to JSPL.
Source: Exchange filing
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty 50 was at 25406.65, up 0.20% or 50.15 points and the Sensex was at 82981.03, up 0.11% or 90.09 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.79% after it closed at 6.79% on Friday.
Source: Bloomberg
Rupee Opens Flat Against US Dollar
The rupee opened flat at 83.90 against the US dollar after closing at 83.90 on Friday.
Source: Bloomberg
Nomura Raises Bharat Forge Target Price
Nomura has raised Bharat Forge’s target to Rs 1,789 from Rs 1,431 earlier, with upside of 10% while maintaining ‘neutral’ rating. DAC proposal puts Future Ready Combat Vehicles in focus, said Nomura adding that requirement for FRCV is 1,770 units is worth Rs.12,700 crore/year according to Nomura.
Bharat Forge has capability to garner a substantial portion of this, it said adding that Indian Army also approved the procurement of 707 artillery guns and the company might be key beneficiary since it has 2 lightweight guns to offer.
The brokerage estimates opportunity in towed guns at Rs. 2000 cr/yr and said defense share can rise to 25% by FY30F from 10% in FY24.
The brokerage believes demand is expected to gain traction due to pre-buying before emission changes in 2027 and has raise target EV/EBITDA multiple to 20 times from 16 times earlier.
Emkay Initiates Coverage On Stove Kraft
Emkay has initiated coverage on Stove Kraft with ‘buy rating and target price of Rs. 1350, implying 56% upside. The brokerage likes that the company is growing significantly ahead of peers and enjoys massive cost-leadership, led by deeply-entrenched manufacturing.
The brokerage also likes the company’s strong new product innovation capabilities and strategic value for money positioning as well as improving branding/distribution expansion, including new-age channel.
The company is rapidly improving its exports positioning (largest exporter; supplies to Walmart) and has the potential mass-consumer demand cycle recovering after 2 tough years, according to Emkay. It said that Stove Kraft is sharply enhanced manufacturing edge and expects 15%/33% revenue/EPS CAGR over FY24-27E. Emkay said valuation at 13 times Sep-26E EV/EBITDA (46% discount to TTK Prestige) is attractive.
Aarti Drugs Buyback
Bidding process of buyback to remain open today and close tender offer on September 19.
Source: Exchange filing
Samvardhana Motherson Arm To Acquire REE Automotive
Arm to acquire up to 11% of equity on fully diluted basis & up to 19% on non-diluted basis at REE Automotive. The total investment for acquisition is up to $15 million.
Source: Exchange filing
EIH Approves Investment In A Pune Project
The company has approved investment to develop a mixed use project worth Rs 972 crore in Pune.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 100.99
U.S. 10-year bond yield at 3.65%
Brent crude 0.20% higher at $71.75 per barrel
Nymex crude 0.36% higher at $68.90 per barrel
GIFT Nifty was at 25,436.50 up by 19.5 points or 0.1% as of 08:14 a.m.
F&O Cues
Nifty September futures rose by 0.06% to 25,372 at a premium of 16 points while Nifty September futures open interest was down by 1.6%.
Nifty Bank’s September futures were up by 0.32% to 51,929 at a premium of 10 points and open interest rose 0.43%.
In Nifty options of Sept. 19 expiry, maximum call open interest at 26,000 and maximum put open interest at 25,000 and Bank Nifty options expiring Sept. 18 had maximum call open Interest at 52,000 and maximum put open interest at 49,000.
Aarti Industries, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizers, Granules, Hindustan Copper, RBL Bank are in F&O ban period.
Bulk Deals
Through bulk deals, Jai Hanuman Shri Siddhivinayak Trust sold 7.5 lakh shares (0.96%) at Rs 1,227.88 apiece in Senco Gold and Edelweiss Employees Welfare Trust sold 50 lakh shares (0.53%) at Rs 114.12 apiece in Edelweiss Financial Services.
In Godrej Agrovet: V-Sciences Investments sold 27.1 lakh shares (1.4%) at Rs 785.13 apiece, through a bulk deal and in Patanjali Foods, GQG Partners Emerging Markets Equity Fund bought 45.03 lakh shares (1.24%) at Rs 1,854 apiece and Patanjali Ayurved sold 97.92 lakh shares (2.7%) at Rs 1,854.08 apiece.
Medimatter Health Management sold 33.3 lakh shares (4.74%) of Medi Assist Healthcare Services through a bulk deal and HDFC Mutual Fund bought 12.5 lakh shares (1.78%), ICICI Prudential Mutual Fund bought 5 lakh shares (0.71%) and Aditya Birla Sun Life Mutual Fund bought 4 lakh shares (0.57%) at Rs 635 apiece.
Patanjali Foods Shares Fall After 3% Equity Sold In Large Trade
IPO Offering
Western Carriers (India) will open for subscription on second day after The public issue it was subscribed 0.79 times on day 1. There bids were led retail investors (1.41 times), followed by non-institutional investors (0.38 times).
Arkade Developers The company will offer its shares for bidding on Monday. The price band is set from Rs 121 to Rs 128 per share. The company raised 122 crores from anchor investors.
Northern Arc Capital company will also offer its shares for bidding on Monday. The price band is set from Rs 249 to Rs 263 per share. The Rs 777-crore IPO issue is combination of a fresh Issue of Rs 500 crore and rest offer for sale. The company raised 228 crores from anchor investors.
Listing Day
Bajaj Housing Finance, Tolins Tyres and, Kross will debut on the exchanges on Monday.
Bajaj Housing Finance’s Rs 6,560-crore IPO was subscribed 63.61 times on its third and final day. Bids were led by institutional investors (209.36 times), followed by non-institutional investors (41.51 times), reserve for shareholders (17.53 times), retail investors (7.04 times) and portion reserved for employees (2.05 times).
Tolins Tyres’ shares will debut at an issue price of Rs 26 apiece. The Rs 230-crore IPO was subscribed 23.89 times on its third and final day.
Kross will debut at an issue price of Rs 240 apiece. The Rs 500-crore IPO was subscribed 16.81 times on its third and final day.
Block Deals
Edelweiss Employees Welfare Trust sold 98.79 lakh shares (1.04%) at Rs 124 apiece in Edelweiss Financial Services while Abu Dhabi Investment Authority bought 35.68 lakh shares (0.37%) at Rs 124 apiece and Ashoka India Equity Investment Trust Plc bought 6.6 lakh shares (0.06%).
India Acorn Icav also bought 53.73 lakh shares (0.56%) and India Acorn Icav – Ashoka Whiteoak Emerging Markets Equity Fund bought 2.76 lakh shares (0.02%).
Infinity Holdings sold 22 lakh shares (8.39%) at Rs 400 apiece in Jagsonpal Pharma while Infinity Portfolio Holdings bought 22 lakh shares (8.39%).
Edelweiss Financial Services: Abu Dhabi Investment Authority Buys Stake
Stocks To Watch
Shares of Dixon Technologies (India) will react to the news of company’s arm Padget signing an MoU with Asus for manufacturing IT products and Zaggle Prepaid Ocean Services has entered into an agreement with Founderlink Tech to provide business loans to Zaggle Corporate customers.
RPG Life Sciences’s stock will be in focus after company has assigned the surplus leasehold of a Navi Mumbai land parcel to KRSNA Dynasty for Rs 145 crore and CDSL‘s board has approved the appointment of Nehal Vora as managing director and chief executive officer for five years.
GMR Airports Infrastructure will react to its August passenger traffic, which stood at 1.06 crore, up 9% year-over-year, and August aircraft movement up 8% year-on-year.
Exide Industries invested Rs 100 crore in a wholly owned subsidiary on Friday by way of subscription in the equity share capital on a rights basis and Trident incorporated a unit in Singapore to expand business in the global market.
HEG has sanctioned an increase in the investment to Rs 250 crore from the previous limit of Rs 200 crore to facilitate portfolio expansion and Nazara Technologies will conduct a board meeting on Sept. 18 to consider and approve fund raising and other business.
Laurus Labs’ Hyderabad API facility was inspected by the US FDA and closed with zero observations and Thermax is likely to rise on as its arm received an international order worth Rs 516 crore for the supply of two industrial boilers.
For more stocks to look for in Monday’s session. Click here.
Exide Industries Invests Rs 100 Crore In Subsidiary
GIFT Nifty Trades Above 25,400
GIFT Nifty was trading at 25,433.00, up 16 points, or 0.1% as of 06:54 a.m.
Markets in Australia gained on Monday while traders parsed economic data that came from China over the weekend. They also await the Federal Reserve’s policy outcome this week.
The S&P ASX 200 was trading 0.50% higher at 8,139.40 as of 06:19 a.m. Markets in Japan, South Korea, and Mainland China are closed on Monday.
China’s factory output, consumption, and investment slowed more than expected in August, highlighting a further slowdown in the world’s second largest economy, Bloomberg reported. Moreover, unemployment rate hit a six-month high in China.
The Federal Reserve is expected to deliver a 25 basis-point rate cut after its two-day policy meeting on Sept. 18. Market participants will be assessing comments from the Fed Chair Jerome Powell to get clues about the future course of monetary policy.
The S&P 500 and Nasdaq Composite ended 0.54% and 0.65% higher, respectively. The Dow Jones Industrial Average ended 0.72% on Friday.
Brent crude was trading 0.06% higher at $71.65 a barrel. Gold rose 0.16% to $2,581.88 an ounce as of 06:25 a.m.
The NSE Nifty 50 and the S&P BSE Sensex ended Friday’s session in loss as Reliance Industries Ltd. and ITC Ltd. dragged. However, the Indian benchmark stock indices recorded the most weekly gains since June end.
Nifty ended 32.40 points, or 0.13% lower at 25,356.50 and Sensex settled 71.77 points, or 0.09% down at 82,890.94.
Overseas investors remained net buyers of Indian equities for the fifth consecutive day on Friday. Foreign portfolio investors mopped up equities worth Rs 2,364.8 crore, while domestic institutional investors turned net buyers after a day of selling and bought equities worth Rs 2,532.2 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by 7 paise to close at 83.90 against the US dollar.
Stock Market Today: All You Need To Know Before Going Into Trade On Sept. 16. Read more on Markets by NDTV Profit.The Nifty hit a new high of 25445 points and the Sensex hit 83184.34, its lifetime high. However, they were off their respective records at 10:49 a.m. as shares of Bajaj Finance and HUL weighed. Read MoreMarkets, Business, Notifications
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