Share Market Highlights 23 August 2023: Nifty settled above 19,400, Sensex up by 213 pts; Hindalco shines

Stock markets close higher on buying in banks, firm trends in European indices

Benchmark Sensex rose by 213 points while Nifty settled above the 19,400 level on Wednesday following buying in banking counters and early gains in European stocks.

The BSE Sensex climbed 213.27 points or 0.33 per cent to settle at 65,433.30. During the day, it jumped 284.68 points or 0.43 per cent to 65,504.71.

The NSE Nifty gained 47.55 points or 0.25 per cent to end at 19,444 as 29 of its components ended in the green while 22 declined.

Star Housing secures loan from State Bank of India; shares down

Star Housing Finance has obtained a term loan of Rs. 50 crore from the State Bank of India.

The funds from this term loan will be utilised to support onward lending within Star HFL’s operational areas, with a specific focus on facilitating credit access for individuals belonging to the Economically Weaker Section (EWS) and Low-Income Group (LIG) segments, enabling them to achieve homeownership.

Read more.

Stock market live update: Aeroflex Industries IPO has been subscribed 18.31 times

Aeroflex Industries IPO has been subscribed 18.31 times as of 3:42 pm on August 23. The QIB portion has been subscribed 7.85 times; NII portion 38.32 times; retail 15.84 times; and reserved portion shareholder at 8.92 times.

Stock market live update: Shares of Gravita up by 0.44%

Gravita India informed the exchange that the company has closed Gravita Mali S.A., a step-down subsidiary situated in Mali, West Africa.

Gravita stock trades at ₹742.40, up by 0.44% on the NSE.

Shares of Creative Newtech up by 1.83%

Creative Newtech Limited has announced that the Company’s subsidiary Secure Connection Limited (SCL) has entered into an agreement with Trigon LLC (Al Ghurair Group) of UAE for distribution of Honeywell products in UAE.

The stock trades at ₹611.50, up by 1.83% on the NSE.

Stock market live update: Shares of Aries Agro surges by 4.20%

Aries Agro Ltd has been awarded the National Business Excellence Awards-2003-Best Agriculture Company, presented by BizspeakBusiness Solutions at the awards function held at The Club, Mumbai.

The company’s stock surges by 4.20% on the BSE, trading at ₹174.85.

JMT Auto receives approval for restoration of Ramkrishna Forgings

JMT Auto Ltd informed the exchange that the NCLT has approved the resolution plan submitted by Ramkrishna Forgings Limited for acquisition of JMT Auto (JMT) under Corporate Insolvency Resolution Process.

Shares of Concord Drugs declines by 0.37%

Concord Drugs Ltd, the then Directors and KMPs of the company have received an adjudication order from SEBI. The regulator has imposed fine of ₹1.07 crore (including ₹15 lakh in the company’s name).

The stock trades at ₹38 on the BSE, down by 0.37%.

Margin Trajectory Sees Strain in Q1 as Deposits Cost Rise Sequentially: CAREEdge

CareEdge has published a report on ‘Net Interest Margin in Q1 FY24’

Net Interest Income (NII) of Scheduled Commercial Banks (SCBs) grew by 26.5% year-on-year (y-o-y) to Rs. 1.84 lakh crore in Q1FY24 due to healthy loan growth and a higher yield on advances over the year-ago period.

The Net Interest Margin (NIM) of SCBs witnessed a year-on-year improvement of 36 basis points (bps), reaching 3.27% in Q1FY24. This enhancement can be attributed to the faster repricing of loans, whereas deposit rates have not yet reflected the increased interest rates. Besides, SCBs witnessed higher-than-expected deposit growth in the quarter. The anticipated rise in deposit costs, which is expected to be a lag effect, is likely to put continued pressure on NIM in Q2FY24.

Other PSBs’ NIM expanded by 41 bps y-o-y at 2.85% in Q1FY24, outperforming large PSBs and PVBs.

SCBs reported a robust rise in advances at 16.7% y-o-y in Q1FY24 mainly driven by personal loans, NBFCs and MSMEs, with similar growth for private sector banks (PVBs) and public sector banks (PSBs). SCBs witnessed a 13.5% y-o-y deposit growth in the quarter, within this PVBs’ deposits rose by 17.4% y-o-y in Q1FY24. Meanwhile, deposit growth lagged in credit growth with sluggish CASA growth.

In terms of sequential performance, SCBs’ NIM contracted by 2 bps to 3.27% due to a drop in the NIM of large PSBs. Though, the NIM of Other PSBs and other PVBs expanded by 8 bps and 6 bps in the quarter.

The Credit and Deposit (C/D) ratio stood at 75.1% as of July 01, 2023, expanding by ~210 bps y-o-y over a year ago due to faster y-oy growth in credit compared to deposits.

Shares of Ujjivan Fin inches up by 0.20%

The board of Ujjivan Financial Services Limited has considered and approved an interim dividend of 35% i.e. ₹3.5 per equity share of ₹10 each.

The stock trades at ₹506.50, up by 0.20% on the NSE.

Stock market live update: Major gainers and losers on the NSE at 3

Major gainers: Hindalco (2.54%); Axis Bank (2.38%); ICICI (1.50%); LT (1.43%); SBI (1.42%)

Major losers: Adani Enterprises (-5.56%); Jio Financial (-4.99%); Adani Ports (-3.39%); Sun Pharma (-1.14%); Bharti Airtel (-0.99%)

Stock market live update: Stocks advanced on BSE at 3 pm

Stocks advanced on BSE at 3 pm on August 23 were 2,156 against 1,439 stocks that declined. Total stocks traded were 3,753. The number of stocks that recorded a 52-week high was 252, and those that hit a 52-week low was 28.

Sakar Healthcare stock jumps 18.39% on the NSE, trading at ₹393.60.

Adani group EBITDA grows 42% in Q1

Gautam Adani’s conglomerate clocked a 42 per cent year-on-year growth in pre-tax profit, as businesses ranging from airports to power and sea ports registered impressive growth, the group said on Wednesday.

The all-time high EBITDA of Rs 23,532 crore in April-June was almost equal to the full-year FY19 (April 2018 to March 2019 fiscal year) EBITDA of Rs 24,780 crore, Adani group said in a statement. Read more

Ashok Kumar Sharma to replace Vinu Balwant Saini as RattanIndia CFO

RattanIndia Enterprises has informed the exchanges that Vinu Balwant Saini has resigned as Chief Financial Officer (CFO) w.e.f. closure of business hours on August 23, 2023.

Ashok Kumar Sharma has been appointed as the CFO with effect from August 24, 2023.

The stock trades at ₹51.70, up by 1.77% on the NSE.

Gainers and losers on the BSE at 2 pm

Major gainers on the BSE at 2 pm: Gabrial India (11.08%); GMDC (10.88%); RattanIndia (9.86%); MMTC (8.59%); SCI (8.03%)

Major losers: DCW (-5.72%); Adani Enterprises (-4.13%); Railtel (-3.67%); IIFL (-3.59%); Rainbow Children Medicare (-3.18%)

Stock Market Live Today @ 2 pm: BSE Sensex up 256 points, NSE rises 63 points; banking sector leads positive movement

Indian equities trade firmer in afternoon trade. The BSE Sensex exhibited a positive trend, gaining 256 points to reach 65,440, while the NSE sustained firm gains of 63 points at 19,460.

Among the individual stocks, notable gainers at 2 pm included Hindalco, Axis Bank, L&T, Divis Lab, and ICICI Bank, whereas Jio Financial, Adani Enterprises, Adani Ports, Sun Pharma, and Tata Motors faced a decline.

Regarding sectoral indices, aside from Nifty FMCG and Oil & Gas, which showed marginal losses, the rest displayed positive movement, with the banking sector leading the way.

Share Market Today: UCO Bank stock surges by 5.32% on the NSE, trading at ₹32.65.

Constructive on Indian equities, says HSBC Global Research

HSBC Global Research remains constructive on the India market, which it believes is going through a bullish phase. Given the valuation levels (slightly above the 5-year mean), market breadth of 85% and some emerging concerns like inflation, earnings resilience and earnings growth outlook will likely remain the key catalysts for the rest of 2023. Q1 results on average still point to a strong earnings growth outlook for FY24 that should stand out amidst the general global slowdown narrative.

Aeroflex Industries IPO subscription details at 1.30 pm

Aeroflex Industries IPO has been subscribed 13.03 times as of 1:27 pm on August 23. The QIB portion has been subscribed 1.2.08 times; NII portion 27.97 times; retail 12.94 times; and reserved portion shareholder at 6.78 times.

Stocks to Watch: Data Patterns poised for growth in India’s shift towards domestic sourcing

​According to a report by JM Financial​, the Indian defence industry is shifting towards domestic sourcing and export growth (FY23: ₹16,000 crore). ​Data Patterns ​anticipates repeat orders worth ₹2,000-3,000 crore.

Nitin Spinners sees Rs 5.21 crore NSE block trade for 185,682 shares at Rs 280.5

NITIN SPINNERS: Rs 5.21cr NSE Block Trade; for ~185682 shares, at Rs 280.5

Stock in Focus: Tata Communications launches 5G roaming lab; shares up

​Tata Communications​’ shares were up by 1.96 per cent after the company unveiled its global ​cloud-based 5G Roaming Laboratory​ (Lab). This facility is designed to empower Mobile Network Operators (MNOs) by offering them a platform to conduct Proof of Concepts (PoCs) before rolling out 5G services to their customers.

Power Grid Corp sets 7.50% coupon for 10-year bonds; accepts bids worth ₹1250 crore

Power Grid Corp has set 7.50% coupon for bonds maturing in 10 years with equal redemption at the end of every year, three merchant bankers said on Wednesday. The state-run company had invited bids from bankers and investors for the same earlier in the day and has accepted bids worth ₹12.50 billion rupees (₹1250 crore). – Reuters

NBCC achieves ₹821 crore sales value from 1.98 lakh sq. ft. area aold

NBCC has successfully sold approximately 1.98 lakh sq. ft. of area, amounting to a sales value of ₹821 crore.

Stock in Focus: GRM Overseas surges 10.92% on NSE following launch of ‘10X Shakti’ packaged food line

GRM Overseas stock surges by 10.92% on the NSE, trading at ₹192, after the company announced line of packaged products – Besan, Daliya, Maida, Poha and Sooji under the “10X Shakti” brand under its subsidiary GRM Foodkraft Pvt. Ltd. (GFK).

Stock in Focus: JB Pharma Gains USFDA Approval for Doxepin Hydrochloride Capsules, Stock Surges

JB Pharma has receuved Abbreviated New Drug Application (ANDA) from the USFDA for Doxepin Hydrochloride Capsules USP, 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg, the generic version of Sinequan (Pfizer), which is indicated for the treatment of anxiety, depression, and other target symptoms of psychoneurosis. The drug will be manufactured at JB Pharma’s formulation manufacturing facility in Panoli, Gujarat. Doxepin Hydrochloride Capsules had an estimated annual sales of US $23.90 million in the US.

The stock of JB Chemicals & Pharmaceuticals surges by 4.22% on the NSE, trading at ₹2,762.

Stocks to Watch: Cosmo Films to showcase innovations at trade shows globally, stock gains 0.49%

Cosmo Films to participate in four trade shows and showcase new and innovative products. The company will exhibit at Label Expo, Brussels from September 11 to 14; Pack Expo, Las Vegas from September 11 to 13; ANUTEC, Mumbai from September 7 to 9; and IICE, Kolkata from September 13 to 15 highlighting its latest product offerings and industry-leading innovations, it said in a regulatory filing.

The stock trades at ₹640.60, up by 0.49% on the NSE.

Stock in Focus: Centum Electronics surges 13.59% on NSE

Centum Electronics stock jumps 13.59% on the NSE, trading at ₹1,634.75. The company had received intimation from Tanya Mallavarapu, immediate relative of the promoter group of the company for acquisition of 5% equity shares of the company by way of inter-se transfer of shares from Apparao V Mallavarapu by way of gift.

Share Market Today: Rajnish Wellness opens New Dava Discount Medical Store in Bhawani Patna, Odisha

Rajnish Wellness Ltd has announced the opening of new medical store, Dava Discount a brand of the company, has started a new franchisee in Bhawani Patna, Odisha. The stock trades at ₹12.98, up by 0.62% on the NSE.

Share Market Today: Adani Enterprises stock dips 1.08% on NSE following fine imposition clarification

Adani Enterprises stock declines by 1.08% on the NSE, trading at ₹2,669. The company had informed the exchanges about the imposed fine of ₹28,000 on the company with respect to certain non-compliance / delayed (delayed approval for appointment or continuation of Non-Executive Director) compliance. “The Company wish to clarify that imposition of fine by BSE and NSE is improper, since the shareholders’ approval was obtained by the Company in accordance with applicable laws.”

Share Market Today: Bharat Forge shares rise 2.78% on NSE after guarantee validity extension

Shares of Bharat Forge trade at ₹1,034.65, higher by 2.78% on the NSE. The company had informed the exchanges that the validity period for the guarantee provided by the company to its wholly owned step-down subsidiary, Bharat Forge Aluminum USA, Inc, has been revised. The amount of $15.5 million issued in favour of JP Morgan Bank was earlier valid till November 27, 2023. The said guarantee is amended and the revised validity period is till July 31, 2026.

Rajesh Exports executes NSE block trade worth Rs 28.37 crore

Rajesh Exports: Rs 28.37cr NSE Block Trade; for ~551915 shares, at Rs 514 (MULTIPLE BLOCKS)

Share Market Today: Sun TV shares reach 52-week high of Rs 570 on NSE intraday

Shares of Sun TV has hit a 52-week high of Rs 570 on Intraday on NSE. The shares are trading at Rs 568, 5 per cent higher than the previous day’s closing price

Chandrayaan landing to showcase India’s technological prowess and boost investor confidence

“The forthcoming Chandrayaan landing represents a significant milestone for India, underscoring its escalating technological expertise and its ascent in the space sector. A triumphant landing would not only be a testament to India’s capabilities but could also significantly enhance investor confidence. This, in turn, could magnetize a greater influx of international investments into the country. Beyond the immediate prestige, the mission holds the promise of unlocking novel commercial avenues in the space domain.

Sectors such as telecommunications, remote sensing, and satellite navigation stand to benefit, potentially catalyzing job generation and spurring economic growth. The national pride and euphoria accompanying a successful landing could positively influence market sentiment, potentially giving a boost to stock prices. However, it’s crucial for investors and market watchers to be pragmatic.” – Sonam Srivastava, smallcase manager & Founder of Wright Research.

Vodafone Idea stock gains nearly 2% as it aims to settle ₹2,400 crore dues by September

Vodafone Idea stock rises by 1.95% on the NSE, trading at ₹7.85 as the telecom operator plans to clear about ₹2,400 crore dues to the Government by September.

Saraf group to exercise option to acquire Hyatt Regency, Mumbai

The promoters of Robust Hotels, who are infusing funds to revive the five-star bankrupt hotel Hyatt Regency in Mumbai, plan to take over the hotel, according to an agreement with the former promoters.

Stocks to Watch: BHEL produces first set of catalysts for NOx emission control; Stock trades lower

Bharat Heavy Electricals Limited (BHEL) informed the exchange that it has successfully manufactured the country’s first set of Catalysts for Selective Catalyst Reactors (SCR) for limiting NOx emissions from thermal power plants. The stock trades at ₹110.40, down by 0.59% on the NSE.

Mid-day trade at Nifty today: Major gainers and losers at noon

Major gainers on the NSE at 12:

Hindalco (2.76%); Divi’s Lab (1.80%); Axis Bank (1.63%); LT (1.27%); Tata Steel (1.19%)

Major losers: Jio Financial (-4.99%); Sun Pharma (-1.05%); ITC (-0.98%); Tata Motors (-0.89%); Adani Enterprises (-0.88%)

Mid-day trade: BSE advance-decline ratio at noon

Stocks advanced on BSE at 12 noon on August 23 were 2,145 against 1.275 stocks that declined. Total stocks traded were 3,587. The number of stocks that recorded a 52-week high was 221, and those that hit a 52-week low was 26.

Prashanth Tapse of Mehta Equities on Jio Financial

“Jio Financial counter is a highly watched post listing. JFS’ listing was somewhat subdued compared to market expectations of Rs 300 plus. Short-term selling pressure would continue looking at seller mood in the exchange which has increased multifold in the last 3 days. There are talks that selling by index passive funds is putting pressure on the counter. Jio Financials will be in the Trade-To-Trade (T2T) segment for 10 trading days. Under the T2T segment, stocks have to be bought only under the delivery method and are not eligible to be traded on an intraday basis. The stock will have a 5% circuit filter for the next ten trading sessions. Only after the AGM on 28th August, we can expect some development in the JFS’ business plan. We stand neutral on the counter and wait for the AGM development, which can give a clear picture on the future outlook.”

Share market today: Ecoboard Industries shares surge after it bags multiple orders

Ecoboard Industries Ltd.’s shares were up by 16.36 per cent after the company announced that it had secured multiple orders from various customers, amounting to a cumulative Rs 24 crore.

India launches Bharat NCAP car crash test ratings, promoting vehicle safety

India has become the fifth country globally to introduce its own car crash test rating system with the launch of Bharat NCAP facility on October 1.

A single car testing will cost Rs 60 lakh compared to Rs 2.5 crore if done overseas.

The ratings range from 1 to 5 stars based on three key tests.

The frontal-crash test will be conducted at a speed of 64 kilometres per hour (kmph). The side-crash and pole-side impact tests will be done at 50 kmph and 29 kmph, respectively.

Cars rated 3 stars or above must possess electronic stability control and front seat belt reminders.

Rating points for 5-star will be AOP (Adult Occupant Protection) 27, COP (Children Occupant Protection) 41; Maximum scores: AOP 32, COP 49.

Vehicles in the “M1 category” that can carry up to eight passengers plus the driver, weigh under 3.5 tonnes will be tested at the centre. This includes combustion engines, CNG, and electric vehicles.

Himanshu Singh, Research Analyst, Prabhudas Lilladher said the new Bharat NCAP provides a localised, cost-effective testing system, potentially boosting the appeal to Indian OEMs to get the vehicle tested. This is entirely voluntary and will be slow in adoption. However, there would be emphasis on manufacturing safer vehicles by the OEMs and increased awareness in customers’ minds due to localisation of the testing process over the years, he said.

Share Market Today: Godha Cabcon bags ₹56.6 crore order; stock surges 5.88% on NSE

Godha Cabcon & Insulation Ltd has secured a significant order from Overseas Metal & Alloys Pvt. Ltd valued at ₹56.6 crore. Godha stock rises by 5.88% on the NSE, trading at ₹0.90.

Snap Inc. appoints former Google executive Pulkit Trivedi as India Managing Director

Snap Inc., the owner and operator of Snapchat, has announced the appointment of former Google executive Pulkit Trivedi as its India managing director, as the company overhauls its organisational structure in India to make it more localised. Trivedi will now report to Snap’s APAC President, Ajit Mohan, who resigned from Meta last November to join Snap.

Stock in Focus: Shriram Properties and ASK Property Fund to invest Rs 206 crore in ongoing Chennai project; stock surges over 6%

Shriram Properties Limited (SPL) and ASK Property Fund (ASKPF) have announced a joint investment of Rs. 206 crores towards 100% of development rights in an ongoing project in Chennai, through SPL’s wholly owned subsidiary, Shrivision Elevations Private Limited. The Project acquisition formalities were completed and is being launched as “Shriram 122 West” shortly, SPL said in a regulatory filing. The Project is located in Mangadu, in close proximity to the Porur – Manapakkam IT cluster and the upcoming metro corridor. With a total saleable area of 1.9 million square feet spread across two phases, the Project has an aggregate revenue potential of Rs.1,200 crores in next 5 years, SPLsaid. The Project comprises of ~1,900 residential units, predominantly targeting the mid-income group.

The stock of Shriram Properties surges by 6.45% on the NSE, trading at ₹85.

Stocks to Watch: IndiGo to lease 10 A320 NEOs from BOC Aviation

IndiGo and BOC Aviation Limited have entered into a finance lease transaction for ten Airbus A320NEO aircraft.

The aircraft will be powered by CFM LEAP-1A engines and are scheduled for delivery in 2023.

Bank Nifty prediction today — August 23, 2023: Index continues to chart sideways

Bank Nifty index began today’s session slightly higher at 44,065 versus yesterday’s close at 43,993. After marking a high of 44,151, the index has fallen to 43,990 — that is, it is hovering near yesterday’s closing level. Thus, the sideways range continues.

Stock Market Live Updates: Nifty Metal index gain 0.78%

Top Nifty Metal indices

Hindalco (2.52%)

APL Apollo Tubes (2.40%)

National Aluminium Company (1.86%)

NMDC (1.61%)

V K Vijayakumar of Geojit Financial Services on Jio Financial

“When a stock is expected to move to high volatility, it is put under trade-to-trade. The volatility in JFSL was expected since institutional selling was on the cards and interested buying too was expected. The volatility seen in the stock after listing justifies the decision to move the stock to the T segment.

Investors who are optimistic about the stock can buy from the market for delivery without any restrictions.”

Share Market Today: Autl Auto stock jumps by 14.08% on the NSE, trading at ₹433.55.

Share Market Today: GI Engineering diversifies into film production; stock jumps 4.76% on NSE

​GI Engineering Solutions Ltd​ has ventured into business of film production, distribution and allied services, in addition to the existing businesses. The company has announced the signing of the 1st project under its new division, with well-known director and writer Farhad Samji. The stock surges by 4.76% on the NSE, trading at ₹12.10.

Stock in Focus: BEML shares up 2.10% on NSE after winning ₹101 crore defence order

​BEML ​stock rises by 2.10% on the NSE, trading at ₹2,126. The company had bagged order from Ministry of Defence (Army) for supply of Command Post Vehicles with contract value of ₹101 crore approximately.

Sectoral Watch: YES Securities on ‘Pharma – US approvals watch’

We take a look at US approvals data between June to August 2023 to better assess traction in US business amidst a generally positive and benign pricing environment. Overall, companies have netted about 8-9 good approvals mostly shared between Alembic, Aurobindo and Zydus. Alkem and Ajanta do have a decent approval each in last few months which should support their US growth QoQ. More broadly, FDA approvals continue to be of fairly commoditized variety for many companies as has been the trend. Some players like Torrent continue to struggle due to lack of any major approvals on back of facility issue. Alembic, despite large R&D programs of past few years and good quantity of approvals, has at best one decent ophthalmic approval in 3 months. Highlighted approvals data would support assessment of US business on back of new launches over and above the swings in existing market shares. Continue to prefer Ajanta, Indoco and a cautious stance on Alembic is warranted given the lack of quality in injectables approvals.

Sensex Live Today: Major gainers, losers at 11 am:

Major gainers on the BSE at 11 am:

Easy Trip (8.38%); SCI (8.37%); DB Realty (8.06%); MMTC (7.32%); Hitachi Energy (7.28%)

Major losers: DCM (-6.49%); Welspun (-3.26%); Rainbow Children Medicare (-2.88%); Repco (-2.37%); IIFL (-2.33%)

Stock Market Live Updates: Sensex and Nifty stay flat at 11 am

Experiencing lackluster trading at 11 am, the Sensex has declined by 28 points to 65,191, and the Nifty has seen a marginal drop of 2 points, maintaining its position around 19,390. Notable gainers encompass Hindalco, Divis Lab, Tata Steel, Apollo Hospitals, and L&T. Conversely, Jio Financial, Sun Pharma, ITC, Adani Enterprises, and Adani Ports showed weaker performance.

Stock in focus: Brightcom Group stock drops 4.94% amid SEBI’s interim order

Brightcom Group stock tumbles by 4.94% on the NSE, trading at ₹23.10. SEBI had earlier issued an interim order against the company, barring Chairman & CEO Suresh Kumar Reddy and CFO Narayan Raju from holding the position of a director or a key managerial personnel in any listed company or its subsidiaries.

Technicals: Nifty prediction today — August 23, 2023: Bearish. Go short.

Nifty 50 and Sensex are trading flat. Sensex is trading at 65,208 and Nifty at 19,395. The price action over the last few days indicates that the benchmark indices are lacking strong follow-through buyers.

Share Market Today: Tata Steel stock rises by 1.11% on the NSE, trading at ₹118.85.

Commodities Market Live Updates: Mixed movement in spice complex as mentha oil rises above ₹1,000; coriander and cumin Decline

In the spice complex, barring mentha oil which topped ₹1,000, other commodities declined. On MCX, mentha oil October futures increased to ₹1,040 a quintal. On NCDEX, Dhania (coriander) October contracts declined by ₹84 to ₹7,438 a quintal. Jeera (cumin) prices continued to plunge on NCDEX with October futures nosediving by ₹2,785 a quintal to ₹56,600. Turmeric December contracts declined by ₹308 to ₹16,600 a quintal.

Stock in Focus: Larsen & Toubro wins multiple power transmission orders in Middle East; stock rises

Larsen & Toubro bags orders for its power transmission & distribution business in the Middle East. In the United Arab Emirates, the business has received an order to establish a 220kV Gas Insulated Substation and associated Transmission Lines from a well-established service provider to the energy industry. Further, orders to establish 2 New 132kV Substations have been received from a public services infrastructure company in Dubai and another order to build a 220kV overhead Transmission Line has been secured in the region. In Kuwait, an order has been secured for turnkey construction of 4 new 132kV Substations in the Al Sabah Medical District. The scope also includes associated Control, Protection, Automation and Communication systems and related Civil & Mechanical works. Additional orders have been received in the ongoing jobs in Qatar and Saudi Arabia, the company informed the exchange in its regulatory filing.

The stock rises by 1.09% on the NSE, trading at ₹2,708.

Stock in focus: Suzlon Energy stock rises by 4.80% on the NSE, trading at ₹21.85.

Share Market Today: Chandrayaan3 stocks in focus

AS Chandrayaan3 is scheduled for soft landing on Moon at 6.04pm, market men are focussing on

▪️𝐓𝐚𝐭𝐚 𝐄𝐥𝐱𝐬𝐢 𝐋𝐭𝐝: Development Of Spacecraft, Avionics And Software.

▪️𝐓𝐚𝐭𝐚 𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐒𝐲𝐬𝐭𝐞𝐦: Manufacturing Of Chandrayan 3’s Lander.

▪️𝐋𝐚𝐫𝐬𝐞𝐧 & 𝐓𝐨𝐮𝐛𝐫𝐨 𝐋𝐭𝐝 Launch Pad And Another Infra For ISRO.

▪️𝐌𝐓𝐀𝐑 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐋𝐭𝐝: Manufacturing Rocket Engines And Core Pumps for ISRO since a long.

▪️𝐁𝐡𝐚𝐫𝐚𝐭 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐋𝐭𝐝: Manufacturing chandryan3’s Payloads.

▪️𝐇𝐢𝐧𝐝𝐮𝐬𝐭𝐚𝐧 𝐀𝐞𝐫𝐨𝐧𝐚𝐮𝐭𝐢𝐜𝐬 𝐋𝐭𝐝: Development Of Lander Along with Mechanical Support Equipment.

▪️𝐂𝐞𝐧𝐭𝐮𝐦 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐋𝐭𝐝: Design Development And Manufacturing of Electronics System For Space Applications.

Share Market Live Updates: TVS Supply Chain Solutions debuts on stock markets at Rs 207/share, 5% premium to IPO price

TVS Supply Chain Solutions made its debut on the stock markets today, listing at Rs 207 per share, a 5% premium to its IPO price of Rs 197. The company’s IPO was subscribed to 2.85 times.

Gold tops $1,900 an ounce on short-covering

In Asian trade, gold topped $1,900 an ounce on short-covering by traders. At 10.30 am IST, gold ruled at $1,903.44 an ounce. Silver followed suit to quote at $23.59 an ounce.

On MCX, October gold contracts gained ₹56 at ₹58,630 per 10 gm. Silver September futures were up by ₹387 at ₹72,369 a kg.

Commodity market live updates: Crude oil up as industry data shows decline in US inventories

​Crude oil​ futures traded higher on Wednesday morning as data from an industry body showed a decline in US crude oil inventories. However, Chinese demand concerns and the prospects of interest rate hikes in the US limited gains in the market. ​Read more​

Share Market Today: InterGlobe Aviation (IndiGo) stock rises by 1.08 per cent on the NSE, trading at ₹2,500

Share Market Today: The South Indian Bank stock rises by 5.31 per cent on the NSE, trading at ₹24.80.

Stock in Focus: Revolt Motors launches limited edition Stealth RV400 electric motorcycle; RattanIndia Enterprises stock rises

​RattanIndia Enterprises Ltd ​has informed the exchange that the electric motorcycle company Revolt Motors has introduced the limited edition Stealth RV400 Electric Motorcycle. The stock rises by 2.36% on the NSE, trading at ₹52.

Share Market Today: The stock of CarTrade Tech is up by 1% on the NSE, trading at ₹513.50.

Stock in focus: HGS arm, ONEOTT iNTERTAINMENT enters Indian enterprise solutions market with CelerityX Brand

Internet service provider ONEOTT iNTERTAINMENT Limited (OIL), the broadband subsidiary of Hinduja Global Solutions (HGS), has announced that it is foraying into enterprise solutions segment in India, leveraging its expertise in technology and domain knowledge gained through its B2C business. The new brand – CelerityX offers a portfolio of bespoke digital solutions for enterprise customers of any scale or strength. HGS stock rises by 1.33% on the NSE, trading at ₹1,024.

Stock to Watch: Prashanth Tapse at Mehta Equities on TVS Supply Chain listing

“Today marks the listing of TVS Supply Chain’s IPO. Despite aggressive pricing in a tepid market, the subscription reached 2.85 times, driven by a robust retail segment (7.89x). With slightly lower demand, we anticipate a listing near 5% +/- the issue price of 197 per share. Our advice: consider selling allotted shares on listing day. Risk-takers might find value in TVS Supply Chain’s asset-light strategy, global services, and post-GST growth potential for organized logistics.”

Stock Market Today Live: At 10 am, the Sensex is trading down by 82 points at 65,137, while the Nifty has dropped 26 points, hovering around 19,370.

Share Market Today: From Paytm to Zomato, FPIs bet big on new-age stocks

What were once dubbed as overvalued and loss-making companies are turning to be the new favourite of foreign investors. From Paytm to Zomato, foreign portfolio investors (FPIs) have raised their stake in many new-age listed companies. Foreign investors appear to have been quick to smell the turnaround in these companies, which have shown material growth in revenue and improvement in profitability. This seems to have been achieved by reducing cash burns, improving operational efficiency and exploring newer revenue models.

Share Market Today: Tata Communications board approves Rs 1750 crore NCD issue

The board of ​Tata Communications​ aproved to raise Rs 1750 crore via three-year non-convertible debentures.

Stock in focus: Fidelity invests in KPR Mill; stock gains 1.51% on NSE

KPR Mill Ltd has announced that Fidelity, the U.S. based FIl, has invested by acquiring more than 1% equity shares of KPR Mill Limited during last week. The stock rises by 1.51% on the NSE, trading at ₹739.90.

Nifty today: Major gainers, losers on NSE at 9.30 am

Major gainers on the NSE at 9:30 am:

Hindalco (2.10%); LTI Mindtree (1.54%); Axis Bank (1.14%); Tata Steel (1.11%); Cipla (0.90%)

Major losers: Jio Financial (-4.99%); Sun Pharma (-1.47%); Tata Consumer (-0.74%); Bharti Airtel (-0.73%); ITC (-0.64%)

Share Market Today: Jio Financial hits lower circuit for third straight day

Jio Financial Services, the demerged financial services unit of Reliance Industries, hit the lower circuit for the third straight day on Wednesday amid sustained selling by passive funds.

The company’s shares were locked at Rs 224.65 on the NSE after hitting the 5% lower limit. On the BSE, the stock slid to Rs 227.25 apiece.

Index funds were expected to offload shares worth $465 million ahead of its exit from key indices post listing.

Jii Financial Services may now be removed from all relevant exchange indices from August 28 instead of August 23.

However, if Jio Financial hits lower circuit on Thursday, the removal date will be deferred by another 3 days. Additionally, if JFSL does not hit the lower circuit limit on either Wednesday or Thursday, but hits the lower circuit limit on the 3rd day, the removal of JFSL from all NSE and BSE Indices will be deferred by another 3 days, an exchange note said on Tuesday.

The stock has a 5% circuit filter for 10 trading days from the date of listing. There will be no intraday trading during this period.

The shares are still trading at a price which is above the Rs 179-224 value that some analysts had earlier ascribed to the company. Analysts believe that the current price to book value is on the higher side when compared to a lot of existing NBFCs and banks but that reflects the potential that investors see in it to disrupt the fintech space.

Jefferies on Colgate

Colgate has seen 7-8 percentage points gross margin and Ebitda margin expansion over the past 10 years. During the same period, ad spend has gone up by 2 percentage points. Management believes that habit change will be gradual, but we still see a case for aggressive investments to drive growth. Colgate shares are up 1.6% at Rs 1968.05 on the NSE.

Commodity Markets Today: Gold prices resume uptrend amid weak US housing sales data and bank rating downgrades

Gold prices resumed its bullish trend following disappointing US housing sales data.

S&P Global followed Moody’s in cutting its credit ratings and outlook on multiple US regional banks, saying higher funding costs and troubles in the commercial real estate sector will test the credit strength of lenders.

Existing home sales declined by 2.2 per cent to 4.07 million units last month, compared to June’s annualized rate of 4.16 million homes, the National Association of Realtors said.

On MCX, gold for October 5 delivery remained flat at Rs 58,491 per 10 grams against the previous close of Rs 58,490.

Stock in Focus: Jio Financial Services enters 3rd consecutive lower circuit post listing

JioFinancialServices hits lower circuit for 3rd consecutive session after listing on exchanges.

Now at Rs 227.25 on the BSE

Opening Bell: Stock Market Live Today: Sensex and Nifty begin the day with mild gains amid global influences

On Wednesday, the Indian domestic stock benchmarks, namely the BSE Sensex and NSE Nifty, began the trading day midly positive. The market’s fluctuations are expected to persist, influenced by a combination of global cues.

As of 9:15 am, the BSE Sensex experienced a gain of 25 points, reaching a level of 65,245. Similarly, the NSE Nifty showed a modest advancement of 13 points, reaching 19,410.

Among the gainers within the Nifty group were Cipla, Hindalco, LTIM, HCL Tech, and Neslte.

Conversely, Jio Financial, Sun Pharma, Bharti Airtel, IndusInd Bank and HDFC Bank were among the companies showing weaker performance.

Amnish Aggarwal, the Head of Research at Prabhudas Lilladher Pvt Ltd, noted that the Nifty has delivered a return of over 14% in the fiscal year 2024 Year-to-Date, with India attracting more than $16.5 billion in net foreign institutional investment flows. While India appears well-positioned for long-term growth, challenges loom in the coming months due to factors such as the impact of EL Nino on crops, elevated food inflation of over 7.4%, subdued rainfall forecasts, and limited potential for further interest rate cuts, possibly even indicating a future increase in the second half of the year.

Stocks to Watch: Hindalco plans Rs 2,000 irore investment in copper and e-waste recycling plant

Hindalco to invest Rs 2,000 crore for first-ever copper and e-waste recycling facility

Stocks to Watch: Marksans Pharma gets USFDA nod to sell flu drug

Union Bank QIP issue price fixed at Rs 86.55 a piece

Stocks to Watch: Evergraph Holdings has sold partial stake in SJS Enterprises through multiple bulk deals

Bondada Engineering SME IPO subscribed 106.65 times on final subscription day

The SME IPO of Bondada Engineering Limited, which provides engineering, procurement and construction (EPC) services and operations and maintenance (O&M) services to the telecom and solar energy industry, was subscribed by 106.65 times on the last day of subscription on Tuesday.

The issue received bids for 60.74 crore shares against 56.96 lakh equity shares that are on offer. The qualified institutional buyer segment recorded a subscription of 2.45 crore shares, with foreign institutional investors (FIIs) accounting for 40.62 lakh shares and domestic financial institutions contributing the remaining shares.

Commodities: Swiss gold exports dip on lower shipments to China and India, boosted by Turkey demand

Swiss gold exports declined in July due to fall in shipments to China and India.

According to Swiss customs data, a substantial increase in supply to Turkey caused a 2 per cent decline in Swiss gold exports in July month-on-month.

According to the report, shipments to India decreased by 60 per cent to their lowest level since April while supplies to China dropped by 19 per cent in July to their lowest level since last May.

Shipments went up more than twice in July and reached their highest level since February to Turkey, where demand has been high despite high inflation.

Stocks to Watch: Indresh Bhupendra Shah sold 3.5 lakh shares of Ganesh Benzoplast at Rs 175.01 a piece

Stocks to Watch: Mohinder Pal sold 10 lakh shares (1.2%) of JTL Industries at Rs 380.83 a piece

S&P Global joins Moody’s in downgrading US regional banks’ ratings

S&P Global followed Moody’s in cutting its credit ratings and outlook on multiple U.S. regional banks, saying higher funding costs and troubles in the commercial real estate sector will likely test the credit strength of lenders.

S&P on Monday cut its ratings on Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and higher reliance on brokered deposits, while UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and KeyCorp (KEY.N) were downgraded, citing large deposit outflows and prevailing higher interest rates

DOMS Industries files prospectus for Rs 1,200 crore IPO

DOMS Industries Limited, a leading holistic creative products player in the Indian stationery and art products market has filed its Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India.

The company may raise Rs 1,200 crore (Rs 350 crore fresh issue and Rs 850 crore offer for sale)

Q1FY24 earning calendar: 23.08.2023

Procter & Gamble Health Ltd

Fund Houses Recommendations

GS on LTIMindtree: Initiate Buy with a target price at Rs 6310

GS on Infosys: Initiate Buy with a target price at Rs 1600

GS on TCS: Initiate Buy with a target price at Rs 3930

CLSA on Crompton: Buy target price at Rs 365

Jefferies on Colgate: Maintain Buy and target price Rs 2180

CLSA on Reliance Ind: Maintain Buy; target price at Rs 3060

Investec on Poly Med: Initiate Buy with a target price at Rs 1690

GS on TechM: Initiate Sell with a target price at Rs 1010

GS on Wipro: Initiate Sell with a target price at Rs 385

GS initiates with Neutral rating on HCLTECH: target price at Rs 1160

Nomura maintains neutral on Crompton: with a target price at Rs 338

JP Morgan on Tata Motors: Maintain Neutral; target price at Rs 635

Investec on Colgate: Hold rating, target price at Rs 2030

UBS on Apollo Tyre: Downgrade to Neutral and,cut target price at Rs 430

Stocks to Watch: NSE, BSE fine on Adani Enterprises

Adani Enterprises has informed the exchanges that BSE and National Stock Exchange of India Limited on August 21, imposed fine (Rs 28,000) on the Company with respect to certain non-compliance / delayed (delayed approval for appointment or continuation of Non-Executive Director) compliance. “The Company wish to clarify that imposition of fine by BSE and NSE is improper, since the shareholders’ approval was obtained by the Company in accordance with applicable laws.”

Stocks to Watch: RITES on right track

RITES has emerged as the lowest bidder in the tender floated by Railway Board. The estimated order value is Rs 65.4 crore.

Stocks to Watch: Adani’s EV deal

Adani Total Gas said that Its subsidiary Adani TotalEnergies E Mobility has partnered with Prakriti E-Mobility to develop electric vehicle charging infrastructure in New Delhi with 200 EV charging point. The partnership will function on a revenue sharing model.

Stocks to Watch: Jio Financial at lower circuit

Jio Financial Services will remain focus, as the stock has been hitting the 5% lower circuit for the second consecutive day. As a result of which the scrip will now be removed from all S&P BSE indices on August 29. Besides, the stock will be reintroduced in the FTSE indices from today.

Stocks to Watch: LIC ups stake in Mphasis

Life Insurance Corporation of India’s shareholding in Mphasis has increased from 4.991 per cent to 5.054 per cent of the paid-up capital of the said Company.

Stock to watch: Brightcom group stock to come under pressure

SEBI on Tuesday issued an interim order against Brightcom Group (BGL), barring Chairman & CEO Suresh Kumar Reddy and CFO Narayan Raju from holding the position of a director or a key managerial personnel in any listed company or its subsidiaries. Reddy is additionally barred from buying, selling or dealing in securities, either directly or indirectly. The regulator has prohibited 23 noticees, including veteran investor Shankar Sharma, from disposing off shares of BGL held by them, directly or indirectly. The regulator ordered BGL to ensure that its statutory auditors P. Murali & Co. and PCN & Associates, as well as their past and present partners, are not engaged with BGL or its subsidiaries until further orders.

Strong response to Aeroflex IPO

The ₹351-crore initial public offering of Aeroflex Industries that opened on Tuesday saw an overwhelming response from all category of investors. It subscribed 6.72 times on Day 1 of issue opening itself. The public issue comes at a price band ₹102-108 and investors can bid for a minimum of 130 equity shares. The issue received bids of 15.60 crore shares against the offered 2.32 crore shares on offer.

F&O BAN

1️⃣ BHEL

2️⃣ DELTACORP

3️⃣ ESCORTS

4️⃣ GNFC

5️⃣ HINDCOPPER

6️⃣ IBULHSGFIN

7️⃣ INDIACEM

8️⃣ MANAPPURAM

9️⃣ METROPOLIS

1️⃣0️⃣ PNB

1️⃣1️⃣ SAIL

1️⃣2️⃣ ZEEL

Move Out Of Short-Term ASM Framework

Dreamfolks Services, Tasty Bite Eatables.

Move Into Short-Term ASM Framework

GMR Power and Urban Infra, MPS, Jai Corp, Pennar Industries.

Record-date Interim Dividend: Manappuram Finance

Record-date Dividend: Capri Global Capital

Ex-date AGM: Astra Microwave Products, Hindustan Construction Company

Ex-date Interim Dividend: Manappuram Finance.

Ex-date Dividend: Astra Microwave Products, Capri Global Capital, Permanent Magnets.

Trading Tweaks

Price Band Revised From 20% To 10%: JBM Auto.

Price Band Revised From 5% To 20%: NIIT Learning Systems.

Pledge Share Details

Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy created a pledge of 1.35 lakh shares on Aug. 21.

Jindal Steel & Power: Promoter Siddeshwari Tradex created a pledge of 2.5 lakh shares on Aug. 18.

Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 6.57 lakh shares on Aug. 16.

Insider Trades

Nava: Promoter AV Dwellings bought 15,000 shares on Aug. 18.

KPI Green Energy: Promoter Farukbhai Gulambhai Patel bought 1,500 shares on Aug. 21.

DB Realty: Promoters Ali Gulamali Morani, Karim Gulamali Morani and Mohammed Gulamali Morani sold 10,026, 50,000 and 37,000 shares respectively on Aug. 17.

Greaves Cotton: Promoter Karun Carpets bought 41,668 shares between Aug. 21 and 22.

Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on Aug. 21.

Ultramarine & Pigments: Promoter S Narayanan sold 14,700 shares on Aug. 21.

Mayur Uniquoters: Promoter Suresh Kumar Poddar sold one lakh shares on Aug. 17. Promoter Arun Kumar Bagaria sold 1.6 lakh shares between Aug. 18 and 21.

Bulk Deals

SJS Enterprises: Evergraph Holdings sold 91.64 lakh shares (29.5%) at an average price of Rs 600.03 apiece and Sanders Consulting sold 1.7 lakh shares (0.5%) at Rs 600.78 apiece. ICICI Prudential MF bought 18.6 lakh shares (6%) at Rs 599.93 apiece while Aditya Birla Sun Life MF bought 17.2 lakh shares (5.5%), Aditya Birla Sun Life

MF bought 17.2 lakh shares (5.5%), Aditya Birla Sun Life Insurance bought four lakh shares (1.3%), Sundaram MF bought 7.6 lakh shares (2.4%), Societe Generale bought 6.7 lakh shares (2.1%), HSBC Global Investment Funds bought five lakh shares (1.6%), Florida Retirement System bought four lakh shares (1.3%), Morgan Stanley bought 2.5 lakh shares (0.8%), Alchemy Emerging Leaders of Tomorrow bought 2.5 lakh shares (0.8%), Alfaccurate Advisors bought 2.4 lakh shares (0.8%) and Quant MF bought 2.3 lakh shares (0.7%) at Rs 600 apiece.

Ganesh Benzoplast: Indresh Bhupendra Shah sold 3.5 lakh shares (0.5%) at Rs 175.01 apiece.

JTL Industries: Mohinder Pal sold 10 lakh shares (1.2%) at Rs 380.83 apiece.

RattanIndia Power: Aditya Birla ARC sold 4.8 crore shares (0.9%) at Rs 4.94 apiece and Altius Finserv bought three crore shares (0.6%) at Rs 4.91 apiece.

Shriram Properties: Omega TC Sabre Holdings sold 39 lakh shares (2.3%) at Rs 78.44 apiece.

IPO Offerings: Aeroflex Industries

Aeroflex Industries: The IPO was subscribed 6.71 times on the first day. The bids were led by non-institutional investors, subscribed 14.10 times, retail investors, subscribed 6.71 times, reserved portion shareholders, subscribed 3.63 times and institutional investors, subscribed 1.17 times.

New Listing: TVS Supply Chain Solutions

TVS Supply Chain Solutions: Shares of TVS Supply Chain Solutions, part of TVS Mobility Group, will be listed at the bourses today., The IPO was 2.78 times, thanks mainly to retail investors. The company has fixed the price at Rs 197, at the upper end of the price band Rs 187-197. The company had raised Rs 880 crore through the issue.

Technicals: Day trading guide for August 23, 2023: Intraday supports, resistances for Nifty50 stocks

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

Stock to buy today: KPR Mill (₹731.20)

The outlook is bullish for KPR Mill. The stock surged over 4 per cent on Tuesday. The rise has taken the stock well above a key resistance level of ₹688. Strong support is now in the ₹700-688 region. The moving averages on the daily charts are giving out positive signals and strengthens the bullish case. As such a fall beyond ₹688 is unlikely.

Stocks to Watch: Sula Vineyards

Sula Vineyards: Promoter Managing Director and CEO Rajeev Samant has sold 0.99% stake reducing his total stake to 24.98%.

Stocks to Watch: Bharat Forge

Bharat Forge: The validity period for the guarantee provided by the company to its wholly owned step-down subsidiary, Bharat Forge Aluminum USA, has been revised from Nov. 27, 2023 to July 31, 2026. The amount is $15.5 million issued in favour of JP Morgan Bank.

Stocks to Watch: Linde India

Linde India: The company received an LoA from IOCL for setting-up of Air Separation Unit for production and supply of instrument air, plant air and cryogenic nitrogen to IOCL Panipat Refinery Expansion Project. On completion, it will operate and maintain the facility for a period of 20 years. The company will fund the capital expenditure by using internal accruals.

Stocks to Watch: Somany Ceramics

Somany Ceramics: The company entered into a joint venture to operate Cerapro Nepal and acquire a 30% stake in it. CNPL will establish a tile manufacturing facility in Nepal.

Stocks that will see action today: August 23, 2023

Buzzing stocks: Brightcom group, BEML, Adani Total Gas, Jio Financial, Adani Enterprises, Line India, Axiscades, Info, Mphasis, RITES, Bharat Forge, Vodafone Idea, Piramal Enterprises

Stocks to Watch: Zydus Lifesciences

Zydus Lifesciences: The drugmaker will complete the acquisition of 6.5% stake in Mylab Discovery Solutions in next 20-30 days.

Stocks to Watch: Axiscades Technologies

Axiscades Technologies: The company completed the acquisition of GmbH, strengthening its position in the automotive vertical and enhancing its presence in Germany.

Stocks to Watch: Indiamart

Indiamart: The company recieved shareholders’ approval for buyback of 12.5 lakh shares (2.04% stake) at a price of Rs 4,000 (26.9% premium) through a tender offer.

Stocks to Watch: NBCC

NBCC: The company signed an MoU with Delhi Metro to work together in the field of building and infrastructure development in overseas.

Stocks to watch: RITES

RITES: The company emerged as lowest bidder in the tender floated by Railway Board. The order value is Rs 65.4 crore for testing and inspection of 60 lakh MT rails for Indian Railways for a period of five years.

Stocks to Watch: BEML

BEML: The company bagged a Rs 101 crore order from Ministry of Defence (Army) for supply of command post vehicles.

Stocks to Watch: Vodafone Idea

Vodafone Idea: The telecom operator plans to clear about Rs 2,400 crore of dues to the government by September, according to a PTI report. The company will clear dues for the June 2023 quarter and spectrum instalment with applicable interest.

Stocks to watch: Piramal Enterprises:

Piramal Enterprises: The company has approved raising up to Rs 3,000 via non-convertible debentures in one or more tranches.

Stocks to watch: Adani Total Gas

Adani Total Gas: Its unit Adani TotalEnergies E Mobility has partnered with Prakriti E-Mobility to develop electric vehicle charging infrastructure in New Delhi with 200 EV charging point. The partnership will function on a revenue sharing model.

Stocks to Watch: Mphasis

Mphasis: State-run Life Insurance Corporation of India increased its shareholding in the IT company from 4.99% to 5.05% through open market purchases. The acquisition of shares done on August 21 at an average price of Rs 2,343.58 apiece.

Stocks to Watch: Jio Financial Services

Jio Financial Services: The stock hit the 5% lower circuit on Tuesday, as a result of which the scrip will now be removed from all S&P BSE indices on Aug. 29. If JFS continues to hit a lower circuit in the next two days, the removal date will be deferred by another three days.

Stocks To Watch: Brightcom Group

Brightcom Group: SEBI has barred Chairman and Chief Executive Officer Suresh Kumar Reddy and its Chief Financial Officer Narayan Raju from company boards for fraud and allegedly misrepresenting financial statements of the company. They are also barred from disposing off shares of the company until further notice, according to an interim order.

Market pessimism looms amid global uncertainty; Asia-Pacific stocks hold steady

The domestic markets are anticipated to open with a negative bias due to mixed global cues. Despite a varied performance in US markets overnight, Asia-Pacific stocks are generally flat and positive early on Wednesday. The continuous sell-off in US government debt has driven yields on benchmark Treasuries to 16-year highs, notably the 10-year note reaching 4.35%, the highest since November 2007. The increasing bond yields and concerns about potential US rate hikes are causing foreign institutional investors (FIIs) to withdraw funds from the Indian market, contributing to market volatility. While India has seen significant net FII flows and positive returns, challenges lie ahead due to factors like EL Nino’s impact on crops, rising food inflation, and uncertain rainfall outlook. Political risks are also expected to come into play as state and national elections approach. The economy is receiving government-induced capital expenditure, but high inflation could pose challenges in an election year. Market focus remains on specific sectors with strong fundamentals.

Asian equities stagnate amid ebbing Wall Street optimism

Asian stocks traded within narrow ranges as the previous day’s optimism in the Wall Street market waned, particularly following the surge in major technology company shares.

At the beginning of the trading day, there were minimal fluctuations in stock values in Japan and South Korea. Similarly, equities in Australia exhibited little change, and the futures indicating the expected performance of Hong Kong stocks indicated a 0.5% decline.

Investors continue to closely monitor China’s economic and financial challenges, making any indications of additional fiscal or monetary stimulus from Beijing highly appreciated.

In the previous trading session, the S&P 500 experienced a decline of 0.28%, the Dow Jones Industrial Average saw a decrease of 0.51%, and the Nasdaq Composite Index remained relatively stable.

Japanese PMI shrinks

Concurrently, a private sector survey revealed that Japan’s manufacturing activity had contracted for the third consecutive month in August due to elevated oil prices and uncertainty surrounding the global economic landscape. However, the pace of this contraction had eased, as indicated by the au Jibun Bank flash Japan Manufacturing Purchasing Managers’ Index (PMI), which inched up slightly to 49.7 in August from July’s figure of 49.6. It’s noteworthy that the index persisted below the crucial threshold of 50.0, signifying the border between economic contraction and expansion. – Agencies