Sensex Today | Share Market Live Updates: Indices at new highs; Auto, PSU Bank shine; Bajaj Auto up 5%

Total could invest about $700 million in Adani Green’s projects, the report said, citing one source.

SpiceJet Ltd said it has paid $1.5 million to Credit Suisse in compliance with the Supreme Court of India order.

“SpiceJet Ltd. has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse,” the beleaguered airline said in an exchange filing.

The payment was executed on Thursday, September 14th, it added. (Read More)

Sameer Bhise of JM Financial Institutional Securities recommendations on Satin Creditcare Network Ltd: Strengthening the core – BUY INR 320 

Satin Creditcare Network Ltd (SCNL or Satin), at its Analyst Day, exuded confidence w.r.t delivering continued growth across asset segments while maintaining strong asset quality. Mgmt indicated that microfinance portfolio originated post Jul’21 continues to exhibit asset quality far better than industry levels (PAR1/ PAR90 at 0.9% /0.5% for Satin vs. 4.4%/ 2.6% for other NBFC MFIs). Mgmt believes its reinvigorated focus on collections, revamped customer selection model (which includes score cards) and diversification have helped them achieve strong qualitative results. As indicated earlier (Satin_IC), Satin’s write-offs have been meaningfully lower than industry through Covid19-impacted period. Magmt has guided for RoAs of c.4.5% over the next 2-3 years (RoE of 18-20% by FY25E) with benefits coming through low credit costs and operating leverage and expects to deliver c.25% growth in AUMs over the medium term. The MSME and Affordable housing subsidiaries are scaling up well and are expected to reach 25% of portfolio (vs. 12% currently) over the medium term. Satin has also recently strengthened its mgmt team with leadership positions across MSME lending, finance by hiring professionals with rich experience across reputed organizations. Satin’s profitability is increasingly becoming consistent, which, in turn should drive rerating of its valuation multiples in our view. We maintain our BUY rating with an unchanged target price of INR 320

Shakti Pumps experienced a significant surge in its share price during Friday’s early trading session, climbing by more than 14% following the announcement of a substantial ₹293 crore order. The value of Shakti Pumps shares surged to ₹902.65 each on the BSE, marking a remarkable 14.65% increase.

This surge was propelled by the company’s recent announcement regarding the acquisition of a substantial order from the Uttar Pradesh government, which involves the supply of 10,000 pumps.

“Shakti Pumps (India) Limited has received Letter of Award under PM- KUSUM III scheme under component-B from Department of Agriculture, Uttar Pradesh for 10,000 pumps,” Shakti Pumps India said in a regulatory filing. (Read More)

The Indian rupee opened 2 paise lower against the US dollar on Friday weighed down by a stronger American currency overseas and rising crude oil prices. The local currency opened at 83.05 a dollar as against previous close of 83.03.

The dollar held steady, edging off slightly from overnight gains against peers, as the yuan strengthened in the wake of some market-beating economic data out of China, Reuters reported.

The US dollar index last stood somewhat lower at 105.32, but still near Thursday’s six-month peak of 105.43. (Read More)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The participation of bluechips like Infosys, RIL, L&T, HDFC Bank and ICICI Bank has imparted resilience to the ongoing rally. Even though the undercurrent of the market is bullish the high valuations and new risks like surging crude and rising dollar index can impact the market negatively. Brent crude at $94 is a major macro worry which the market cannot ignore for long. The rising dollar index which has breached 105 and the attractive US bond yields (10-year at 4.28%) will force the FIIs to sell aggressively soon.

Even while remaining invested in this rally investors can consider some profit booking, particularly in the over-heated mid-and small-cap space. In the micro-cap segment, hope and momentum, not fundamentals are driving the rally.”

Deven Mehata, Equity Research Analyst, Choice Broking: On September 15, the benchmark Sensex and Nifty indices are expected to open with a slight upward bias, as indicated by the GIFT Nifty futures, which suggest a marginal gain of 18 points. GIFT Nifty futures reached 20,232 points after reaching a peak of 20,241 points.

The daily candlestick pattern formed on the Nifty charts resembled a Spinning Top, with minor upper and lower wicks. This pattern suggests indecision among market participants, with both bulls and bears uncertain about the future direction of the market.

Currently, it’s advisable to buy when there are price declines, as long as the Nifty index remains above the 19,900 level. On the upper side, there is expected to be a level of resistance at 20,200, if the Nifty manages to consistently trade above 20,200, it has the potential to initiate a substantial upward rally in the short term.

In terms of institutional activity, foreign institutional investors (FIIs) were net buyers, purchasing shares worth ₹294.69 crore, while domestic institutional investors (DIIs) sold stocks worth ₹50.80 crore on September 14, according to provisional data from the National Stock Exchange (NSE).

Support levels for the Nifty are anticipated at 20,000, followed by 19,900. On the higher side, immediate resistance levels are at 20,200, followed by 20,250.

JPMorgan Chase & Co. has expressed its intention to provide financial support to the burgeoning community of startups in India, as revealed by one of its senior executives in a conversation with Bloomberg.

The bank’s strategy involves collaborating with businesses that are trailblazers within their respective industries, actively engaged in creating innovative products or services. Kaustubh Kulkarni, JPMorgan’s senior country officer for India, explained that their focus extends to enterprises with a substantial consumer-oriented presence in both the Indian market and international markets. (Read More)

As online travel agency Yatra Online Ltd’s IPO will open for subscriptions this Friday, its co-founder and CEO, Dhruv Shringi, in an exclusive conversation with Mint, said there are strong tailwinds behind the business, and this is the right time to list. The company plans to use ₹150 crore from the IPO proceeds for strategic investments, acquisitions, and inorganic growth, while ₹392 crore could be used for investments in customer acquisition and retention, technology, and organic growth initiatives.

The company’s IPO will be priced at ₹135-142 per share. Mint earlier reported that this is a big reduction from the shares it issued to a promoter THCL Travel Holding Cyprus Ltd. last year. (Read More)

Reliance Industries faces gas dispute challenge, Cipla stake sale in jeopardy, Tata Motors plans separate EV sales network, L&T brings AATV to India, Axis Finance appeals Zee Entertainment merger, LIC sells 2% of Sun Pharma, Vedanta appoints new CEO, exemption sought for sugar packaging, paper manufacturers’ revenue to decline, Strides Pharma receives USFDA approval for generic HIV treatment. (Read More)

Heena Naik, Research Analyst, Currency, Angel One Ltd: Euro falls post the ECB policy, committee hints at fewer rate hikes

The ECB has hiked interest rates by 25 basis points after the Governing Council’s assessment of the inflation outlook in light of the incoming economic and financial data.

According to the policy statement, the inflation has continued to decline but is still expected to remain high for too long.The Governing Council is determined to ensure that inflation returns to its 2 percent medium-term target in a timely manner.

The September ECB staff macroeconomic projections for the Euro Area see average inflation at 5.6% in 2023, 3.2% in 2024 and 2.1% in 2025.This is an upward revision for 2023 and 2024 and a downward revision for 2025.The upward revision for 2023 and 2024 mainly reflects a higher path for energy prices.

Based on its current assessment, the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.

The Governing Council’s future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary.

Post the policy release, the Euro currency took a hit and dived south as markets now speculate that the committee is likely done with tightening policy. There could be a long pause in ECB rate hikes for the coming months with plausible rate cuts in the second half of 2024.

Please find attached the media kit from Angel One Ltd. (Formerly known as Angel Broking) for your reference.

The Securities Appellate Tribunal has raised concerns about the credibility of Securities and Exchange Board of India (Sebi) regarding the time taken to complete investigations, particularly in relation to Zee promoter Punit Goenka’s case.

“Your credibility to complete investigations within a stipulated period is not there,” said the SAT bench led by Justice Tarun Agarwala. “There is no certainty that these eight months won’t be extended…Past record of Sebi is that they have always extended it. This has happened in several cases. The recent one being the Adani-Hindenburg case.” (Read More)

Maruti Suzuki India Ltd, which dominates India’s small car segment, is urging dealers to stock up on hatchbacks, as the country’s largest carmaker anticipates a positive impact from its expanding sport utility vehicles (SUVs) portfolio.

The move comes amid muted demand for hatchbacks, which has led to ballooning inventory and tied-up working capital at small car dealerships, two people aware of the matter said on condition of anonymity. Simultaneously, it has also started streamlining production of small cars, as supply chain challenges, which had hindered production of its feature-rich SUVs, are gradually easing, they added. (Read More)

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends these stocks for day trading:

1] BHEL: Buy at ₹129.90, target ₹140, stop loss ₹127;

2] Bank of Maharashtra: Buy at ₹43.95, target ₹50, stop loss ₹42; and

3] VIP Industries: Buy at ₹693.40, target ₹730, stop loss ₹682. (Read More)

EbixCash Ltd, payment services company that plans to go public, is yet to disclose in its draft share sale documents an adverse arbitration order passed by a Singapore court in June that could cost it ₹100-200 crore.

The firm, a unit of Nasdaq-listed Ebix Inc., received the markets regulator’s approval for a ₹6,000 crore IPO in April.

EbixCash purchased gift card provider ITZCash in 2017 and rebranded it to Ebix Payment Services (EPS), which now forms a big chunk of its business. Vyoman Tradelink Ltd—the original promoter of ITZCash—continues to hold a 20% stake in the business and took Ebix to an arbitration court in 2019 over its failure to make some earn-out payments. (Read More)

Tata Motors Ltd. is designing new dealerships tailored to electric vehicles in India as part of efforts to expand its lead in the rapidly growing segment.

“We felt the need to create a different brand philosophy and personality for EVs,” said Shailesh Chandra, managing director of the company’s passenger vehicle and electric mobility business. “We will start going for exclusive EV dealerships in the coming quarters.”

Tata will initially set up a handful of retail stores for electric models under the Tata.ev brand, launched in August, Chandra said at a roundtable with journalists in New Delhi. It is also finalizing an international strategy, which may include exporting battery-powered cars, he said, without naming specific markets. (BLoomberg)

The Centre on Thursday filed a petition challenging a Delhi high court order in favour of Reliance Industries Ltd (RIL) regarding a gas dispute in the Krishna Godavari Basin.

The court has asked RIL to file a response, a counsel aware of the matter said. A division bench of the Delhi High Court has agreed to hear the matter on 12 February.

The dispute began in 2013, when state-owned Oil and Natural Gas Corp. (ONGC) Ltd wrote to the director general of hydrocarbons, alleging there was evidence of ‘lateral continuity’ of gas pools between the Reliance block and the adjacent blocks allocated to ONGC. This meant that the gas pools of the Reliance block and the ONGC blocks appeared to be connected with possible migration of gas between the two blocks. (Read More)

SoftBank’s Arm Holdings made a decent debut on the Nasdaq Thursday. Chip designer Arm’s American Depositary Shares opened at $56.10 apiece compared with the initial public offering price of $51.

After the stellar listing, Arm share price surged 24.68% to close at $63.59 on the first day of the trading, giving the British chip designer a valuation of $65 billion in its return to public markets following a seven-year absence, Reuters reported. (Reuters)

Wall Street rose Thursday after a blizzard of reports suggested the U.S. economy is still humming, though inflation may be too.

The S&P 500 climbed 0.8% for its best day in two weeks. The Dow Jones Industrial Average rallied 331 points, or 1%, and the Nasdaq composite added 0.8%.

Some of the strongest action was in the bond market, where Treasury yields swung up and down several times. While the reports bolstered hopes the U.S. economy will avoid a deep recession, the strength underlying them could also add upward pressure on inflation.

One report said U.S. shoppers spent more at retailers last month than economists expected. Such spending has been a linchpin for the economy, but it could also encourage retailers to keep trying to raise prices further.

The strong spending is a result of a remarkably resilient job market, which has withstood a steep jump in interest rates. A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected, which implies the number of layoffs remains low. (AP)