Bajaj Auto Shares Gain For Third Session To Hit Life High
Shares of Bajaj Auto Ltd. hit an all time high on Wednesday as they rose for the third consecutive session. The stock saw its last record high on Sept. 2, after the company reported healthy sales growth in August.
Jubilant Pharmova Hits Life High As US FDA Gives VAI To Its Unit’s Washington Facility
Shares of Jubilant Pharmova Ltd. rose to the highest level since its listing on Wednesday after its sister arm received voluntary action indicated from the US Food and Drug Administration for its Washington Facility.
CLSA on Infosys
Maintain Hold, target price at Rs 1747, downside 8%
Hosted Infosys in 31st Investor Forum
Outlook for FY25 remains unchanged
Sustainability of demand tailwinds in certain pockets of BFSI
Incremental headwinds emanating for the EU auto vertical
Demand uncertainties among key macro issues is fading away
This creates positive backdrop of discretionary demand revival in FY26
Infosys more geared towards discretionary demand revival than other peers
BFSI: Banking, Financial Services
Nifty FMCG Hits Life For Third Day; ITC, HUL Lead Rally
The NSE Nifty FMCG rose to the highest level since its inception on Sept 22, 1999. ITC Ltd., Hindustan Unilever Ltd. were the top leader in the index. The Nifty FMCG was trading 0.46% higher at 64,883.75 as of 09:48 a.m.
Nifty Pharma Rises To Life High As Sun Pharma, Dr. Reddy’s Lead
The NSE Nifty Pharma rose to the highest level since its incorporation on July 1, 2005. Sun Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories Ltd. were the top leader in the index. The Nifty Pharma was trading 0.75% higher at 23,432.90 as of 09:46 a.m.
Tata Motors Plunge On Price Cuts For Various Models By Up To Rs 3 Lakh
Shares of Tata Motors plunged nearly 5% on Wednesday after UBS maintained its 25% downside call.
Tata Motors stock fell as much as 4.47% in early trade to Rs 989.5 apiece on the NSE. It was trading 3.92% lower at Rs 995.2 apiece, compared to a 0.07% decline in the benchmark Nifty 50 as of 09:34 a.m.
It has risen 56% during the last 12 months and has advanced by 27% on a year-to-date basis. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 33.
Twenty three analysts tracking the company have a ‘buy’ rating on the stock, seven suggest a ‘hold’ and five have a ‘sell’, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18%.
SBI Plans To Raise Rs 7,500 Crore
State Bank of India plans to raise up to Rs 7,500 crore via second tranche of tier-II bond.
SBI may hit the bond market with another tier-II bond issue by next week.
Source: Merchant bankers
OMC Stocks Rise After Oil Prices Falls Below $70 A Barrel For First Time In Two years
Shares of oil marketing companies rose after brent crude fell below crucial $70 a barrel level for the first time in two years on Tuesday. The November future contract of the brent crude was trading 0.56% higher at $69.57 per barrel as of 09:33 a.m.
Indian companies imports substantial amount of crude oil thus, any drop in the price of the commodity aid production costs.
Nifty, Sensex Open Flat; Tata Motors, ICICI Bank Drag: Opening Bell
Benchmarks declined right after opening on a muted note on Wednesday as market participants exercised caution ahead of the US CPI, due later today. A fall in shares of Tata Motors Ltd., ICICI Bank Ltd. dragged the NSE Nifty 50 and BSE Sensex.
As of 09:17 a.m., the Nifty 50 was trading 18.30 points or 0.07% lower at 25,022.80, and Sensex was trading 31.08 points or 0.04% lower at 81,890.21.
Kotak Securities believes the market has completed one leg of the pullback rally, and now 25,000/81,800 is expected to be the crucial support level for traders, said Shrikant Chouhan, head Equity Research. Above 25,000/81,800, it can bounce back to 25,150-25,175/82,200-82500. However, if it falls below 25000/81800, the market may retest 24,900/81,500 or 24,800/81,200 levels. Our strategy should be to reduce long positions at each resistance level.
Asian Paints Ltd., Infosys Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., and Bharat Petroleum Corp added to the benchmark indices.
Tata Motors Ltd., ICICI Bank Ltd., Oil and Natural Gas Corp, State Bank of India, and HDFC Bank Ltd. weighed on the index.
On NSE, six sectors declined, four advanced, and two remained flat out of 12. The NSE Nifty Auto logged the most loss, while the NSE Nifty FMCG emerged as the top gaining sector.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.04% and 0.34% higher, respectively.
On BSE, 10 sectors declined, nine advanced, and one remained flat out of 20. The BSE Power was the best performing sector, while the BSE Auto declined the most.
Market breadth was skewed in favour of buyers. Around 1,814 stocks advanced, 1,084 declined, and 112 stocks remained unchanged on BSE.
Nifty, Sensex Flat At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.04% lower at 25,034.00, and the BSE Sensex was trading 0.02% higher at 81,935.23.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.84%.
It closed at 6.85% on Tuesday.
Source: Bloomberg
Rupee Opens Flat Against US Dollar
Rupee opened flat at 83.97 against the US dollar.
It closed at 83.98 on Tuesday.
Source: Bloomberg
Gensol Engineering Partners With Matrix Gas & Renewables
Gensol Engineering Ltd. partnered with Matrix Gas & Renewables gets project to setup India’s first Green Hydrogen Valley in Pune, Maharashtra.
Source: Exchange filing
BMW Cuts 2024 Guidance
Expects FY24 EBIT Margin for Automotive segment between 6-7% vs 10.8% reported in 2023
Expects deliveries to slightly decrease this year
Expectation 2024 Group EBT to decrease significantly
Capex ratio to be above 6% vs 5.7% in 2023
Expects R&D Ratio to be greater than 5% vs 5% of 2023 led by tech changes
Expects Free cash flow automotive segment at 4bn euros vs 6.9 billion euros reported in 2023
Share Buyback Program 2, Up to €2 billionn, to be finalized by 12/2025.
Source: Investor Presentation
UBS Research On Tata Motors
The brokerage maintained sell with a target price Rs 825 , which implied 25% downside.
Defender, Range Rover & Range Rover Sport have aided Avg Selling Price & Gross Margins
Extended success of key JLR models have started to moderate with order book below pre-covid
Rising discounts, moderate growth and lack of new launches could result in weaker FY26
Value JLR at Rs 340, Indian CV/PV at Rs 280/ 170 and subsidiaries at Rs 35
Emkay Global On Pricol
Maintain Buy with target price Rs 600, which implied a 24% Upside
Strong multi-year earnings growth visibility
Premiumization and higher wallet share to drive outperformance vs industry
Ramp up in newer clients such as Honda 2Ws over the next 18-24 months
New products under the testing/validation stage
Potentially moving into revenue from FY26 like disc brakes
Improving mix and operating leverage-led margin uptick to 13.5–14%
Strategic inorganic acquisitions expanding the addressable market size
Believe company is attractively valued compared to other 2W ancillaries
Estimate 29% EPS CAGR between FY24-27
Plutus Investments Buys Stakes In Windsor Machines
Plutus Investments acquires 53.9% of Windsor Machines for Rs 350 crore.
Alert: SPA was signed between Plutus Investments and promoter Castle Equipments on June 18.
Source: Exchange filing
IPO Update – Northern Arc Capital
Northern Arc Capital Ltd. set initial public offer price band at Rs 249-263 per share.
Alert: Bid for issue to open on Sept 16 and close on Sept 19
Source: Company Statement
Global Cues
U.S. Dollar Index at 101.45
U.S. 10-year bond yield at 3.63%
Brent crude up 0.52% at $69.55 per barrel
Nymex crude up 0.62% at $66.16 per barrel
Bitcoin was down 1.00% at $56,998.16
The GIFT Nifty was trading 0.09% or 23.50 points lower at 25,090.00 as of 7:58 a.m.
Asian Stocks Decline As Wall Street Fluctuates Ahead Of CPI Data
Money Market
The Indian rupee closed weaker against the US dollar on Tuesday amid expectations of a continued RBI intervention. Market participants are waiting on the sidelines for the release of US inflation data due Wednesday, for insights on the scale of the Federal Reserve’s anticipated interest rate cut.
The rupee closed three paise weaker at Rs 83.98 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.95 on Monday.
F&O Cues
Nifty September futures rose by 0.45% to 25,083, at a premium of 41.9 points.
Nifty September futures open interest fell by 3.1%.
Nifty Bank September futures rose by 0.19% to 51,371.2, at a premium of 98.9 points.
Nifty Bank September futures open interest fell by 0.65%.
Nifty Options Sept. 12 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,600.
Bank Nifty Options Sept. 11 Expiry: Maximum call open interest at 59,000 and maximum put open interest at 51,000.
Securities in ban period: Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Biocon, Chambel Fertilizers, Hindustan Copper and RBL Bank.
Who’s Meeting Whom?
Aavas Financiers: To meet analysts and investors on Sept. 18 and 19.
Mrs. Bectors Food Specialities: To meet analysts and investors on Sept. 13,14 and 17.
Century Textiles: To meet analysts and investors on Sept. 17.
Varroc Engineering: To meet analysts and investors on Sept. 13.
KFin Tech: To meet analysts and investors on Sept. 19 and 23.
Indian Hotels: To meet analysts and investors on Sept. 26 and 27.
Shriram Finance: To meet analysts and investors on Sept. 13.
VA Tech Wabag: To meet analysts and investors on Sept. 13.
SBI Life Insurance: To meet analysts and investors on Sept. 13,18 and 24.
Matrimony.com: To meet analysts and investors on Sept. 25.
Bajel Projects: To meet analysts and investors on Sept. 13.
Symphony Ltd: To meet analysts and investors on Sept. 13.
Aegis Logistics: To meet analysts and investors on Sept. 13.
Venus Pipes: To meet analysts and investors on Sept. 13.
Five Star Business Finance: To meet analysts and investors on Sept. 12.
Tata Chemicals: To meet analysts and investors on Sept. 16 and 18.
Mankind Pharma: To meet analysts and investors on Sept. 17 and 23.
Oberoi Realty: To meet analysts and investors on Sept. 17, 18 and 23.
Dixon Tech Gets CCI Nod To Acquire Aditya Infotech
Annual General Meeting
Jindal Stainless: Held on Sept. 10.
Goa Carbon: Held on Sept. 10.
5Paisa Digital: Held on Sept. 10.
Equitas Small Finance Bank: Held on Sept. 10.
Trading Tweaks
Price band change from 20% to 5%: Infibeam Avenues Ltd.
Price band change from 5% to 20%: Orient Technologies Ltd.
Ex dividend: Finolex Industries Ltd., General Insurance Corp., Infibeam Avenues Ltd., Insecticides (India) Ltd., Pondy Oxides and Chemicals Ltd.
Ex/record dividend: Andhra Paper Ltd., Uttam Sugar Mills Ltd.
Insider Trades
Dr. Lal PathLabs Ltd.: Promoter Arvind Lal sold 40,000 shares between Sept. 6 and Sept. 10.
Block Deals
Pidilite Industries: Ishijas Chemicals Pvt. bought 4 lakh shares (0.06%) at Rs 3,303 apiece. Neerav Apurva Parekh sold 1 lakh shares (0.01%) and Kalpana Apurva Parekh sold 3 lakh shares (0.05%).
Trent: Siddhartha Yog bought 1.19 lakh shares (0.03%) at Rs 7,080 apiece. Dodona Holdings Ltd. sold 1.19 lakh shares (0.03%).
IPO Offering
Kross: The initial share sale of auto parts manufacturer Kross received 2.56 times subscription on the second day of bidding on Tuesday. The company is looking to mop up Rs 500 crore through its maiden share sale. The offering consists of a fresh issue as well as an offer for sale, each worth Rs 250 crore.
Tolin Tyres: The initial public offering of Tolins Tyres Ltd. has been subscribed 5.22 times on the second day of subscription on Tuesday. The IPO was subscribed 1.8 times on the first day of bidding on Monday, led by demand from retail investors.
Bajaj Housing Finance: The IPO was subscribed 7.51 times on its second day of bidding on Tuesday. The issue was subscribed 2.02 times on the first day.
PN Gadgil Jewellers: The IPO was subscribed 2.01 times on the first day of issue on Tuesday, led by bidding from retail investors. The offering consists of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore.
Shriram Finance Top Executive Says Plans Afoot To List Both Insurance Arms In Two Years
Stocks To Watch
Tata Motors: The CCI approved proposed merger of Tata Motors Finance with Tata Capital.
Hindustan Zinc: HZL and Skipper Ltd. partnered for India’s heaviest transmission steel pole structure, weighing around 200 tonnes.
Ceat: India Ratings and Research has revised outlook of the company to positive from stable.
Ramco Systems: The company announces the launch of Aviation Software 6.0 for smarter aircraft management.
Ashoka Buildcon: The company has finalised an agreement to transfer its complete 90% stake in ABL Indira Projects JV LLP for a sum of Rs 5.44 crore to Indira Projects & Development (Tamil Nadu) Pvt.
Happiest Minds Technologies: The company has obtained a certified true copy of the first motion order from the NCLT, Bengaluru bench, concerning the scheme of amalgamation with Sri Mookambika Infosolutions Pvt. This order relates to the merger of the two companies and their respective shareholders and creditors.
Fiem Industries: The company has received an interim insurance payment of Rs 30 crore related to the fire incident in June 2023. The company has estimated the total claim at Rs 112.7 crore on a reinstatement value basis, with the final assessment still in progress.
Reliance Industries: Reliance Retail Ventures, Delta Galil in pact for JV in India Delta Galil to establish apparel innovation platform focused on Indian market via Joint Venture with Reliance Retail.
Jubilant Pharmova: US FDA classifies the company’s Washington facility as voluntary action indicated.
Entero Healthcare Solutions: India Ratings and Research has upgraded the company’s long-term issuer rating to ‘IND A-’ from ‘IND BBB’. The outlook is stable.
PDS: The company has secured a key trade financing facility, backed by HSBC Bank Middle East Ltd., to strengthen its position as a global fashion infrastructure platform. The facility will support the company’s working capital needs and align with measurable sustainable finance objectives.
Steel Strips Wheels: The company has signed a supplementary shareholders agreement with Clean Max Astria, an associate company involved in renewable energy production and distribution. The company will invest Rs 6.93 crore through a rights issue to expand wind and solar capacity. As part of the agreement, the additional power generated will be supplied exclusively to the two companies.
Brigade Enterprises: Brigade Foundation Inaugurates 108-bed Hospital in collaboration with St. John’s Medical College Hospital at Brigade Meadows, Kanakapura Road, Bengaluru.
Ireda: Ireda Global Green Energy Finance IFSC Ltd. has received provisional registration from the International Financial Services Centre Authority.
Tinna Rubber and Infrastructure: The company has entered into a JV agreement with Lionshare Holdings and Mbodla Investments in Johannesburg. The partnership aims to acquire and recycle used tyres, either in India or by setting up a recycling plant in South Africa.
Astra Microwave Products: The company has signed a Memorandum of Understanding with Premier Explosives Ltd., Hyderabad. The strategic alliance aims to jointly develop and market a range of products.
Genus Power Infrastructures: Genus Power Infrastructure has established two wholly owned step-down subsidiaries namely Genus Shekhawati Smart Metering Solutions SPV Pvt. and Genus Marwar Smart Metering Solutions SPV Pvt.
Goa Carbon: The company has resumed operations at its Goa unit, with the kiln being lit. After the preliminary heat-up and the start of raw material feeding, normal production is expected to resume shortly.
Premier Explosives: The company has signed an MoU with Astra Microwave for joint development and sale of products.
IRB Infrastructure Developers: Transport Ministry said that no toll would be charged for travelling up to 20 km on highways and expressways per day. Toll collection for over 20 km to be based on distance covered by vehicle as per satellite data.
Oil India: The company, ONGC Videsh and Kabil have signed an MoU with UAE-based International Resources Holding.
Adani Ports-Rorix Pact: International Holding Co.’s subsidiary Rorix has entered into an agreement with Adani Ports and Special Economic Zone Ltd. This pact focuses on the integration of advanced technologies into India’s infrastructure.
Lemon Tree Hotels: The company has signed a new property featuring 108 rooms in Mumbai.
Yes Bank: The company has proposed the name of Manish Jain, the head of wholesale banking, for the position of executive director for a term of three years.
UCO Bank: The bank will hike MCLR by 5 bps in most tenures
InterGlobe Aviation: The Bureau of Civil Aviation Security has reduced the penalty imposed on the company from Rs 1.2 crore to Rs 70 lakh.
Inox India: The company has been granted a patent for a ‘cryogenic liquid-based variable temperature cold storage unit and method’.
Hindustan Foods: Further investment in wholly owned subsidiary company.
HDFC Bank: The Reserve Bank of India has imposed a penalty of Rs 1 crore on the bank for non-compliance with its directions on ‘Interest Rate on Deposits’ and the engagement of ‘Recovery Agents’ by the bank.
Zee Media Corp.: Announcement of changes in the company’s senior management personnel.
Dixon Technologies (India): The Competition Commission of India has approved the proposed acquisition of a minority stake in Aditya Infotech Ltd.
GIFT Nifty Trades Above 25,000
Asia-Pacific benchmarks declined on Wednesday before the release of US CPI for August, which investors will parse to get a sense about the quantum of rate cuts the Federal Reserve will opt for in its policy meeting next week.
Market participants will also assessed presidential debate between candidates Donald Trump and Kamala Harris.
The Nikkei 225 was trading 214.24 points, or 0.59 lower at 35,944.92, and the Kospi was trading 2.10 points, or 0.08% down at 2,521.33 as of 06:29 a.m.
US stocks struggle to gain traction as Wall Street’s biggest banks strike cautious chord. Meanwhile, Brent oil prices fell below $70 a barrel due to growing concerns about oversupply.
On Tuesday, the S&P 500 and Nasdaq Composite settled 0.45% and 0.84% higher, respectively. The Dow Jones Industrial Average ended 0.23% lower.
Brent crude was trading 0.55% higher at $69.57 a barrel. Gold was flat at $2,516.46 an ounce.
The GIFT Nifty was trading 0.16%, or 40 points lower at 25,073.50 as of 06:32 a.m.
The Indian benchmark indices closed higher for the second session in a row on Tuesday, led by gains in the IT sector. The NSE Nifty 50 closed 104.70 points, or 0.42% higher at 25,041.10, while the S&P BSE Sensex ended up 361.75 points, or 0.44% at 81,921.29.
Overseas investors remained net buyers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors mopped up equities worth Rs 2,208.2 crore, while domestic institutional investors turned net sellers after six sessions and offloaded equities worth Rs 275.4 crore, the NSE data showed.
The Indian currency weakened by 3 paise to end at 83.98 against the US dollar.
Reserve Bank Of India Imposes Penalty On HDFC Bank, Axis Bank. Read more on Markets by NDTV Profit.The NSE Nifty FMCG and Pharma rose to the highest level since its listing. Read MoreMarkets, Business, Notifications
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