Sensex Today | Share Market Live Updates: Sensex, Nifty gain; IT, Pharma climb; mid and small cap tank

Power Grid shares will be under close scrutiny today as the PSU (Public Sector Undertaking) stock is set to trade ex-bonus. The board of directors of Power Grid Corporation of India Limited has made the decision to issue bonus shares in a ratio of 1:3. This translates to one bonus share for every three shares held by a shareholder of the company as of the Power Grid bonus share record date. The board of directors has officially set the record date as September 12, 2023, for the purpose of identifying eligible shareholders who will receive the bonus shares. (Read More)

The dream run of mid and small-caps may be at its end as the BSE Smallcap index plunged almost 4 per cent while the BSE Midcap index cracked nearly 3 per cent in morning trade on Tuesday.

The BSE Midcap index fell to an intraday low of 32,177.91, down 2.68 per cent against the previous close of 33,064.96 while the Smallcap index plunged to its intraday low of 37,005.17, down 3.97 per cent against its previous close of 38,533.40 in Tuesday’s trade so far.

Early morning today, both the mid and smallcap indices hit their fresh record highs of 33,245.85 and 38,769.33 respectively. (Read More)

Jignesh SHIAL and Mayank AGARWAL from InCred Equities express their views on Finance Companies: Spurt in equity inflow but sporadicity remains

Overweight – Maintained

■ After the sluggishness in the past few months, Indian AMCs reported a spurt in inflow in Aug 2023, backed by the rising momentum in capital markets.

■ Equity fund inflow in Aug 2023 was at Rs202bn, but the trend was sporadic as small-mid cap funds saw an inflow whereas large cap funds saw redemption.

■ The consolidation among AMCs continued as a few AMCs continued gaining market share. HDFC AMC (+20.6% yoy), Nippon (+21.6% yoy) are the outliers.

Bangkok-headquartered and Indian majority-owned Indorama Ventures Public Co Ltd is investing USD 150 million in three PET recycling plants in India, aiming to start commercial production in 2026.

“We have obtained basic regulatory approvals and land acquisition is going on nearer to our three existing PET-producing plants at Haldia, Nagpur and Panipat,” Indorama Ventures Group CEO Aloke Lohia told PTI of the investment plans on the sidelines of the 21st Forbes Global CEO Conference on Tuesday.

Recycled PET from the three plants will supplement Indorama Ventures’ current 800,000 tonne/year PET production for the Indian and export markets. (PTI)

Fintech platform Razorpay on Tuesday said it has acquired Mumbai-based digital invoicing and customer engagement startup BillMe.

The partnership aims at empowering businesses with a hybrid model to engage better with end consumers, according to a release.

The company did not disclose the deal value.

“…now with Razorpay’s merchant relations and strong understanding of the market, we will together enable a large base of offline retail brands to enjoy the best of both worlds, grow faster, and get seamless access to omnichannel payment solutions,” Razorpay Managing Director and Co-founder Shashank Kumar said. (PTI)

The rupee appreciated by 10 paise to 82.93 against the US dollar in early trade on Tuesday tracking a positive trend in domestic equities and foreign fund inflows.

Forex traders said the rupee is trading in a narrow range as the soft US dollar and positive domestic markets provided support, while concerns over global economic slowdown and rising expectations of a rate hike by FOMC amid strong economic data from the US may cap sharp gains for the local unit.

At the interbank foreign exchange, the domestic unit opened at 82.93, registering a rise of 10 paise over its last close. (PTI)

Indian companies may soon have the opportunity to list on the London Stock Exchange, according to a joint statement following discussions during the India-UK Economic and Financial Dialogue in the national capital on September 11.

This move comes alongside the launch of the UK-India Infrastructure Financing Bridge, aimed at leveraging expertise to develop major infrastructure projects. Chancellor of the exchequer of the United Kingdom, Jeremy Hunt said, “We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London exchange as an international destination for the direct listing of Indian companies.” (Read More)

Krishan Parwani of JM Financial Institutional Securities views on Deepak Nitrite: Commissioning of polycarbonate capacities lifts phenol demand outlook

BUY INR 2,535 – 

We believe that investor concerns around a phenol supply glut (on account of large phenol capacity additions in China) are unwarranted. We believe that these new additional phenol capacities will get almost fully absorbed by the polycarbonate capacity additions in China. The recent commercialisation of SABIC’s polycarbonate plant (~3.6% of global polycarbonate capacity) will alone be able to capture 10% of China’s phenol capacity additions. In our view, due to the commercialisation of these capacities and China’s recent push in the construction sector, prices of polycarbonate have rebounded (polycarbonate pricing acts as a lead indicator for phenol pricing). This, in turn, is likely to have improved the demand outlook for phenol. Owing to better demand outlook and a possible ~30% EPS CAGR over FY24E-26E (19% over FY23-26E), we raise our target multiple to 26x Sep’25E EPS (from 25x Sep’25E EPS) and maintain BUY with a Sep’24 TP of INR 2,535/share (from INR 2,420/share earlier).

Arm Ltd. Chief Executive Officer Rene Haas, gearing up for the biggest initial public offering of the year, is pitching investors on a pivot.

His message to potential shareholders is that Arm is poised to become a bigger and more profitable business — not just because of the industrywide boom in cloud computing and artificial intelligence, but also due to a major change in how it operates.

“We made a significant shift in our strategy,” Haas said in a video presentation for prospective inventors seen by Bloomberg. (Bloomberg)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Optimism regarding India’s growth prospects in a low-growth world and a fast decelerating China has triggered this rally enabling the Nifty to cross the psychological 20000 mark. FIIs, too, have joined the party with a buy figure of ₹1473 crores after five days of continuous selling in the cash market. The fact that FIIs have made this purchase when the US 10-year yield is at 4.29 percent indicates that the FOMO (Fear Of Missing Out) factor is driving their decision.

The participation of the fairly valued large banking stocks and RIL make this rally healthy even when the overall market valuation is turning expensive. Investors should avoid the frothy segments of the mid-and small-caps. In the near-term the market is likely to consolidate around the present levels.”

JPMorgan Chase CEO Jamie Dimon warned against over-optimism over the economy. As reported by CNBC, Dimon said while the current situation of the US economy is good, it would be a “huge mistake” to believe that it will last for years.

“Healthy consumer balance sheets and rising wages are supporting the economy for now, but there are risks ahead. To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake,” CNBC reported Dimon saying so. (Read More)

NTPC Green Energy Limited (NGEL) has entered into an agreement with Nayara Energy to explore opportunities in the green hydrogen space.

The memorandum of understanding (MoU) was signed between NGEL CEO Mohit Bhargava and Nayara Energy Head-Technical Amar Kumar on Monday in the presence of other senior officials of both sides, NTPC said in a statement.

“NGEL and Nayara Energy have entered into an MoU today to explore opportunities in the green hydrogen and green energy space,” it said.

NTPC Green Energy Limited is a subsidiary of energy major NTPC. (PTI)

TVS Supply Chain Solutions on Monday posted a consolidated net loss of ₹65.3 crore for the June quarter.

The company, which got listed recently, had reported a loss of ₹1.8 crore in the same period a year ago.

The revenue from operations during the first quarter of the current fiscal declined 12.4 per cent to ₹2,342.4 crore as against ₹2,675.5 crore in the year-ago period, the company said in a statement.

The company’s revenue from the Integrated Supply Chain Solutions Segment (ISCS) vertical was ₹1,318.9 crore during the quarter, up 20.1 per cent year-on-year from ₹1,097.7 crore. (PTI)

Following the conclusion of a three-day bidding process, both investors and market spectators are anxiously awaiting the allotment date for the Jupiter Hospital IPO, which is most likely scheduled for September 13, 2023, falling on a Wednesday. Subsequently, once the share allocation details are officially disclosed, bidders will have the opportunity to check their Jupiter Hospital IPO allotment status online. This can be done by logging in either on the BSE website or on the website of the official registrar responsible for managing the book-building issue.

Furthermore, in the run-up to the Jupiter Hospital IPO allotment date, the grey market has exhibited a significant bullish sentiment. Market observers have noted that shares of Jupiter Life Line Hospitals Limited are currently trading at a premium of ₹250 in the grey market. (Read More)

Reliance Industries receives investment from KKR, L&T increases offer price for share buyback, ICICI Bank reappoints Sandeep Bakshi as MD & CEO, TCS collaborates with Dassault Systems, Tata Steel reappoints TV Narendran as CEO, SpiceJet pays dues to Kalanithi Maran, Marico announces top-level changes, NTPC and Nayara Energy to explore green hydrogen opportunities, TVS Supply Chain Solutions reports net loss, Tata Power receives financial aid for solar project. (Read More)

Tata Steel Limited shareholders on Monday approved the re-appointment of TV Narendran as the global Managing Director and Chief Executive Officer (CEO) for the next five years, the company said in an exchange filing.

Narendran got 99.47% of the total shareholders’ votes in his favour during the meeting to approve the decision to re-appoint him for the next five years, the company added. (Read More)

According to an official government notice, India has recently implemented a five-year anti-dumping duty aimed at specific categories of Chinese steel. This measure, reported by Reuters, has been introduced in response to a notable surge in steel imports from China to India, which saw a 62% increase between April and July compared to the corresponding period the previous year. China managed to outpace South Korea, becoming the leading steel exporter to India, with sales reaching 0.6 million metric tons.

During this period, India’s steel imports reached an all-time high in 2020, experiencing a 23% growth to reach 2 million metric tons. In this context, China emerged as the second-largest steel exporter to India, trailing behind only South Korea. (Read More)

On Monday, Tata Consultancy Services (TCS) unveiled a strategic partnership with Dassault Systems as part of the Living Heart Project. This collaboration aims to spearhead the Digital Transformation of Cardiovascular Science by leveraging Bio-Physical Simulation. The initiative brings together a diverse community of cardiovascular researchers, educators, medical device innovators, regulatory bodies like the US FDA, and practising cardiologists. Their collective goal is to create and authenticate highly realistic digital simulations of the human heart. (Read More)

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

1] Manappauramm Finance: Buy at ₹148.50, target ₹157, stop loss ₹146.

2] RailTel: Buy at ₹248, target ₹270, stop loss ₹244.

3] Power Grid Corporation: Buy at ₹264.50, target ₹277, stop loss ₹261. (Read More)

The Reserve Bank of India has approved the re-appointment of Sandeep Bakshi as ICICI Bank MD & CEO for a period of three more years and he will remain at the post till 3 October 2026.

Sandeep Bakhshi has been with the ICICI Group for 36 years and has handled various assignments across the group in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance. (Read More)

Engineering and construction giant Larsen and Toubro Ltd (L&T) on Monday evening increased its offer price to ₹3,200 apiece from ₹3,000 per share, for its proposed upcoming ₹10,000 crore share buyback, as the stock rallied and the premium to market price narrowed since the original announcement in July.

On 26 July, L&T had announced the buyback—the first such offer in its eight-decade-long history.

L&T had said it may offer to buy back a 2.4% stake, or 33.33 million of shares, held by public shareholders through a book-building process on the stock exchange. (Read More)

Reliance Retail Ventures Limited announced today that global investment firm KKR, through an affiliate, will invest ₹ 2,069.50 crore into RRVL, a subsidiary of Reliance Industries Limited. This investment values RRVL at a pre-money equity value of ₹ 8.361 lakh crore, which makes it among the top four companies by equity value in the country.

KKR’s follow-on investment will translate into an additional equity stake of 0.25% in RRVL on a fully diluted basis. This, combined with its stake from its investment of ₹ 5,550 crore in RRVL in 2020, will take its total equity stake in RRVL to 1.42% on a fully diluted basis. (Read More)

A rally for Big Tech stocks on Monday helped Wall Street claw back about half its loss from last week.

The S&P 500 rose 29.97, or 0.7%, to 4,487.46, coming off its first losing week in the last three. The Dow Jones Industrial Average gained 87.13 points, or 0.3%, to 34,663.72, and the Nasdaq composite climbed 156.37, or 1.1%, to 13,917.89.

Like last week, some big technology-oriented stocks led the way. Tesla jumped 10.1%, Amazon climbed 3.5% and Meta Platforms rose 3.2%.

Tech stocks were at the head of the line leading the market lower last week as yields climbed. Higher yields hurt all kinds of stocks, but high-growth stocks tend to be among the hardest hit. Yields rose last week after reports showed the U.S. economy remains stronger than expected, which could be adding more fuel to pressures keeping inflation high.

This upcoming week will offer a huge data point for the Federal Reserve, which is weighing whether to keep raising interest rates in its effort to get inflation back to 2%. On Wednesday, the U.S. government will offer the latest monthly update on prices consumers are paying across the economy, and the forecast is they were 3.6% higher in August than a year earlier. (AP)