Stock Market Live Updates: Sensex, Nifty in the green, power stocks gain – The Hindu BusinessLine

Nifty prediction today – July 31, 2023: Go long on a break above 19,800

The Nifty 50 and Sensex are trying to bounce back after having fallen towards the end of last week. The benchmark indices are trading marginally higher. The Sensex is trading at 66,243, up 0.13 per cent, and the Nifty is at 19,669, up 0.11 per cent.

Although this bounce has provided a is giving some breather, it is important to see if the indices are getting a strong follow-through rise. Last week, Nifty failed to breach 19,800 decisively. So, only a sustained rise above 19,800 will bring back the bullish momentum, and pave way for a test of 20,000 on the upside. As long as Nifty stays below 19,800, a fall to 19,500 cannot be ruled out before a reversal happens. Read more

HDFC Bank’s shares surge as FPI ownership hits a record

HDFC Bank’s share price went up by 0.05 per cent after the company reported that foreign portfolio investors (FPIs) had increased their shareholding in HDFC Bank, reaching a record high of 54 per cent by the end of the June 2023 quarter.

The latest data indicates a surge, compared to the 32 per cent shareholding recorded in the corresponding quarter of the previous fiscal year. “So, with its relative valuation (compared to other global banks) and growth opportunities in India, HDFC Bank is naturally the top choice for FPIs,” said Kranthi Bathini, Director – Equity Strategy, at WealthMills Securities

Read more.

Jana Small Finance Bank resubmits documents for $70 million IPO

Stock in focus: Venus Remedies

Venus Remedies’ oncology wing product registrations go up to 506 with marketing approvals from four more countries.

However, the stock declines by 1.99% on the NSE, trading at ₹248.95.

Alembic’s shares dip amidst US market product recall

Alembic Ltd.’s share price went down by 0.30 per cent after the company reported a recall of its products in the US market due to manufacturing problems, as written by the US Food and Drug Administration (USFDA).

The recall affects 12,336 bottles of Buprenorphine Sublingual tablets, used for treating opioid use disorder, and 2,844 units of Diclofenac Sodium Topical Solution, used for alleviating pain and arthritis symptoms. The company’s response to the issues is detailed in the most recent Enforcement Report by the USFDA, and the recall aims to protect consumer safety.

Thangamayil Jewellery opens new branch in Tirumangalam

Thangamayil Jewellery has informed the exchanges about the opening of its new branch at Tirumangalam, Madurai District, Tamil Nadu, on August 3, 2023.

The stock jumps 4.55% on the NSE, trading at ₹1,374.95.

Crude oil declines as Chinese data disappoints market

Crude oil futures traded lower on Monday morning as the market was disappointed with data related to manufacturing and business activity from China for July.

At 9.55 am on Monday, October Brent oil futures were at $83.92, down by 0.58 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $80.16, down by 0.52 per cent.

Bandhan Bank: ₹386.12 crore NSE/BSE block trade for~17,602,705 shares, at ₹219.35

Equity markets fall in early trade

Equity benchmark indices declined in early trade on Monday as investors remained cautious amid continuous foreign fund outflows.

Falling for the third day running, the 30-share BSE Sensex went lower by 161.3 points to 65,998.90 in early trade. The NSE Nifty declined 48.45 points to 19,597.60.

Gujarat Fluorochem: ₹81.04 crore NSE Block Trade; for ~3,00,148 shares, at ₹2,700

Stock in focus: Ujjivan Small Finance Bank

Ujjivan Small Finance Bank stock surges by 10.27% on the NSE, trading at ₹48.85.

Walmart buys Tiger Global’s Flipkart stake for $1.4 billion

Walmart Inc. paid $1.4 billion to buy Tiger Global Management’s remaining stake in Flipkart, boosting its bet on the retailer and helping the money manager provide distributions to investors at a time when accessing liquidity is tough.

The transaction, which took place in recent days, valued the Indian e-commerce giant at $35 billion, according to a letter sent by Tiger Global to investors that was obtained by Bloomberg News. That’s down from the nearly $38 billion valuation Flipkart commanded in its 2021 funding round. A spokeswoman for the investment firm declined to comment on the deal, which the Wall Street Journal reported on earlier Sunday.

Read more here.

Stock in focus: Rail Vikas Nigam

The stock of Rail Vikas Nigam rises by 2.32% on the NSE, trading at ₹123.75.

Stock in focus: Siemens

The stock of Siemens rises by 2.50% on the NSE, trading at ₹3,954. The company had informed the exchanges that its shareholders have voted against its proposed sale and transfer of the company’s low voltage motors and geared motors businesses to Siemens Large Drives India Private Limited.

DGCA renews Jet Airways’ Airport Operator Certificate bl-premium-article-image

Jet Airways’ Airport Operator Certificate (AOC) has been renewed by the Directorate-General of Civil Aviation (DGCA).

The Jalan-Kalrock consortium, the successful resolution applicant of Jet Airways said, “JKC expresses its gratitude to the aviation regulator, the Ministry of Civil Aviation, and all other stakeholders, in showcasing their faith in JKC and in the revival of Jet Airways.”

Stock in focus: Piramal Enterprises

Piramal Enterprises stock declines by 4.60% on the NSE, trading at ₹1,023.60.

Stock in focus: STEL Holdings

The stock of STEL Holdings, formerly known as Sentinel Tea & Exports Ltd, jumps by 16.68 per cent on the NSE, trading at ₹202.50.

Aluminium prices on MCX may find support from the low inventory in the global market

Aluminium prices on MCX may find support from the low inventory in the global market.

The Chinese domestic aluminium ingot inventory accumulation is lower than expected. The low inventory in the off-season may give support to aluminium prices.

In terms of consumption, it is off-season for domestic downstream demand, said Kedia Commodities.

MCX Aluminium closed at Rs 199.90 on Friday up by 0.83 per cent.

Rupee falls 7 paise to 82.25 against US dollar

The rupee depreciated 7 paise to 82.25 against the US dollar in early trade on Monday, tracking a strong American currency and outflow of foreign funds from domestic equity markets.

Elevated level of crude prices crossing ₹84 a barrel and subdued sentiment in the domestic equity markets also weighed on the Indian currency, forex traders said.

Stock in focus: Tata Consultancy Services

The stock of TCS inches up by 0.95% on the NSE, trading at ₹3,387.30. The company had rolled out a new operating structure based on industry verticals.

RBI data: Aviation sector witnesses 41 per cent increase in gross credit deployment; highest in 21 months

The Reserve Bank of India’s latest report reveals that gross credit deployment by Indian banks in the aviation sector has seen a staggering 41.3 per cent year-on-year jump in May. The total outstanding credit by 40 scheduled banks was over Rs 22,381 crore in May 2022, which rose to Rs 31,628 crore in May 2023. This is the highest monthly credit outstanding in the past 21 months since July FY22, at Rs 32,301 crore.

Credit deployment within the aviation sector, considered a part of the services sector by the RBI, has surpassed the services sector’s average deployment, which grew at 21 per cent for the same period.

Stock market update at 9.30 am: NSE

Major gainers

• NTPC (2.40%)
• Tata Steel (1.41%)
• Power Grid (1.37%)
• JSW Steel (1.15%)
• Hindalco (1.02%)

Major losers

• HDFC Life Insurance (-2.09%)
• Apollo Hospitals (-2.04%)
• Asian Paints (-1.59%)
• Britannia (-1.21%)
• Bajaj Finance (-1.02%)

Crude oil update

Crude oil futures traded lower on Monday morning as market was not happy with the data related to manufacturing and business activities from China for July. At 9.21 am on Monday, October Brent oil futures were at $84.03, down by 0.45 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $80.25, down by 0.41 per cent.

Stocks to watch today: July 31, 2023

TCS, Maruti Suzuki, Adani Green, Adani Transmission, GAIL India, Keynes Tech, Siemens, BPCL, Ather, Tata Communications, Shree Cement, Dhanlaxmi Bank, Piramal Enterprises, JBM Auto, Som Distilleries, Gland Pharma, PowerGrid, Bajaj Hidusthan, Bosch, LMW, Macrotech, MMTC.

Read more here.

Dividend Dates

Ex-Dividend August 1, 2023 (Tomorrow)

Last date for Cum-Dividend Today

1. D B Corp Ltd

• Dividend Per Share ₹3
• Previous day Closing Price – ₹219.95

2. Exide Industries Ltd.

• Dividend Per Share ₹2
• Previous day Closing Price – ₹251.15

3. J.K.Cement Ltd.

• Dividend Per Share ₹15
• Previous day Closing Price – ₹3248.55

4. Orient Paper & Industries Ltd.

• Dividend Per Share ₹1
• Previous day Closing Price – ₹43.86

5. Resonance Specialties Ltd

• Dividend Per Share ₹1
• Previous day Closing Price – ₹98.26

6. Rupa & Company Ltd.

• Dividend Per Share ₹3
• Previous day Closing Price – ₹292.9

7. Sharda Cropchem Ltd

• Dividend Per Share ₹3
• Previous day Closing Price – ₹449.9

8. Shetron Ltd.

• Dividend Per Share ₹0.5
• Previous day Closing Price – ₹74.67

9. SRF Ltd.

• Dividend Per Share ₹3.6
• Previous day Closing Price – ₹2169.75

Fund Houses recommendations

UBS on Gail: Maintain Buy on Company, target price at ₹150/share (Positive)CLSA on Indus Tower: Maintain Buy on Company, target price at ₹210/share (Positive)CLSA on NTPC: Maintain Buy on Company, target price at ₹240/share (Positive)MS on ICICI Bank: Maintain Overweight on Bank, target price at ₹1350/share (Positive)MS on HDFC Bank: Maintain Overweight on Bank, target price at ₹2110/share (Positive)MS on Bank India: Maintain Overweight on Bank, target price at ₹120/share (Positive)MS on IOC: Maintain Overweight on Company, target price at ₹110/share (Positive)Citi on M&M Fin: Maintain Buy on Company, target price at ₹355/share (Positive)CLSA on M&M Fin: Maintain Buy on Company, target price at ₹360/share (Positive)Macquarie on Marico: Maintain Outperform on Company, target price at ₹625/share (Positive)Nomura on Motherson wiring: Maintain Buy on Company, target price at ₹69/share (Positive)Axis on Siemens: Upgrade to Add on Company, target price at ₹4211/share (Positive)MS on SBI Cards: Maintain Overweight on Company, target price at ₹1155/share (Positive)Jefferies on Home First: Maintain Buy on Company, target price at ₹1020/share (Positive)HSBC on SBI Cards: Maintain Buy on Company, target price at (Neutral) ₹990/shareKotak on SBI Cards: Maintain Buy on Company, target price at ₹960/share (Neutral)Macquarie on M&M Fin: Maintain Neutral on Company, target price at ₹215/share (Neutral)MS on M&M Fin: Maintain Equal weight on Company, target price at ₹300/share (Neutral)Jefferies on Siemens: Maintain Buy on Company, target price at ₹4520/share (Neutral)MS on MCX: Maintain Underweight on Company, target price at ₹1270/share (Neutral)Nomura on IOC: Maintain Neutral on Company, target price at ₹105/share (Neutral)Citi on Exide: Maintain Buy on Company, target price at ₹270/share (Neutral)CLSA on Apollo Hospitals: Initiate Underperform on Company, target price at ₹4,200/share (Neutral)CLSA on Max Helath: Initiate Underperform on Company, target price at ₹465/share (Neutral)CLSA on IDFC First: Maintain Underperform on Company, target price at ₹85/share(Neutral)MS on IDFC First: Maintain Equal weight on Company, target price at ₹80/share (Neutral)CLSA on PEL: Downgrade to Underperform on Company, target price at ₹1150/share (Negative)Jefferies on IEX: Maintain Underperform on Company, cut target price at ₹105/share (Negative)Bernstain on IEX: Maintain Underperform on Company, cut target price at ₹95/share (Negative)

Power Mech bags mine development project from SAIL

Power Mech bags mine development and operation project for an estimated value of ₹30,438 cr from SAIL. The duration of the contract is 28 years (including 2 years of development period).

NTPC coal produced from Captive Mines-Commercial up 52%

NTPC coal produced from Captive Mines-Commercial jumps 52 per cent at 6.24 mt against 4.10 mt y-o-y.

Shree Cement starts production in West Bengal unit

Shree Cement starts commercial production at its Clinker Grinding Unit at West Bengal

Piramal Enterprises board approves share buyback

Piramal Enterprises board approves share buyback up to ₹1,750 crore at ₹1,250/share via tender route

CRISIL Ratings has upgraded and reaffirmed its outlook for Long Term Rating of Nelco

ICRA has upgraded the Long Term Rating of Indigo

CRISIL has upgraded the Long Term Rating of NACL

eSync Alliance strengthens membership with Tata Elxsi

Power Grid board approves fund raise

Power Grid board approves fund raise of upto ₹5,700 crore in FY24 in multiple tranches via NCDs, bonds

Godrej Properties board meeting to approve fundraising/businesses

Hero MotoCorp to close Harley-Davidson online booking window on August 3

Siemens shareholders reject sale of low voltage motors businesses to Siemens Large Drives India

Tata Communications completes acquisition of Oasis SIMTM Europe SAS

Tata Communications completes full acquisition of Oasis Smart SIMTM Europe SAS, a leading eSIM technology provider

Shri Techtex IPO oversubscribed 144.23 times, receives 72.91 lakh bids

Shri Techtex Limited, a leading Ahmedabad-based manufacturer and exporter of technical textiles, has witnessed an overwhelming response to the initial public offering (IPO) as NSE Emerge. The IPO, which closed July 28, was oversubscribed 144.23 times and had received 72.91 lakh bids amounting to ₹4,447.51 crore.

The public issue, which comprised 74 lakh equity shares, garnered tremendous interest across all investor categories. In the retail category, the company has received bids for 38.46 lakh shares amounting to ₹2,346.39 crore. In the non-institutional segment, the company has received bids for 26.46 lakh shares amounting to ₹1,614.35 crore while in the qualified institutional segment, it has bids for 8.18 lakh shares amounting to ₹499.14 crore.

The company had set a floor price range of ₹54 to ₹61 per share for book-building. The shares of the company will list on NSE Emerge. The proceeds from the IPO will be utilised for various purposes, including construction at the manufacturing site, procuring machinery, and rationalising energy and working capital costs.

Emkay Global on Piramal Enterprises

“In Q1FY24, PIEL continued to add more building blocks for creating a sustainably-profitable retail, SME and corporate mid-market lender, what we call as Piramal 2.0. In this pursuit, Company continued to aggressively sell down its legacy large ticket (Wholesale 1.0) loans, has sold its investments in Shriram Finance, taken a ₹2.8 billion goodwill impairment, and approved share buyback of ₹17.5billion.

The buyback (5.9% of outstanding capital, at ₹1,250 per share), and the decision of the promoter group to not participate in the buyback, gives investors comfort around capital allocation and the promoter’s long-term commitment to the franchise. As PIEL continues to move out of non-focused activities and its investment in growth areas start delivering results, sustained profitable growth will emerge from FY25. We retain BUY, with Jun-24E TP of ₹1,230/share.”

IDBI Capital on M&M Financial

“MMFS’s asset quality surprised positively as asset quality improved during Q1FY24 vs historically deterioration by increase in GS3 by 400 – 500bps sequentially. During Q1FY24, GS3 declined to 4.3% vs 4.5% QoQ led by higher write-offs. AUM growth improved to 28% YoY vs 27% YoY (FY24) led by strong disbursement growth (up 28% YoY) during Q1FY24. NII grew by 5% YoY led by decline in NIMs. PPoP grew by 6% YoY as other opex declined by 4% YoY.

However, PAT grew by 58% YoY led by decline in provisions (down 18% YoY). MMFS on track to achieve vision 2025 of ~2.5% return on assets (achieved 2.3% FY23). We maintain ‘BUY’ on MMFS with target price of ₹350 (earlier ₹310), valuing it at 2.1x (earlier 1.9x) P/ABV FY25E ABV as asset quality concerns seems to be stabilising.”

IDBI Capital on DCB Bank

“DCB Bank’s asset quality deteriorated slightly with GNPA at 3.3% vs 3.2% QoQ and NNPA at 1.2% vs 1.0% QoQ. Net restructured standard book further declined to Rs.14.1bn vs 15.5bn QoQ; remains high among the industry. Banks deposits growth remained strong at 23% YoY vs 19% YoY (FY23); credit growth too witnessed strong growth at 19% YoY vs 18% YoY (FY23). NII declined by 3% QoQ led by decline in margins (down 35bps QoQ).

PAT declined by 11% QoQ led by higher employee expenses (up 5% QoQ). C/I ratio increased to 64% vs 60% QoQ led by lower non-interest income (down 13% QoQ). Bank reported collection efficiency for key portfolios (June’23) – LAP/Home loans/CV loans at 97.2%/97.5%/88.6% vs 97.9%/97.7%/93.6% (March’23) respectively.

We maintain ‘BUY’ rating with TP of Rs.150 valuing it at 0.9x P/ABV FY25E.”

IDBI Capital on Supreme Industries Ltd

“Supreme Industries Ltd.’s (SIL) Q1FY24 result was in-line with our estimates on net sales and EBITDA front, while net profit was beat. Strong volume off-take in pipes segment aided net sales, however inferior product mix (higher contribution of agri and infra pipes) eroded operating margin.

After a sharp run up in the stock price, potential upside from current level is limited. Hence, we maintain HOLD with a TP of ₹3,575 (earlier ₹2,810), assigning 35x PER on FY25E.”

Emkay Global Financial initiates coverage on Marico with a HOLD and Jun-24E TP of Rs 565/sh, based on 42x PER

“We build-in revenue/earnings CAGR of 10%/14% over FY23-26E. Marico’s India business (75%/72% of revenue/EBITDA) thrust is on diversification from commodity oil (entails 3/5ths of revenue concentration), while its international focus is on replicating the Bangladesh model (high-growth, high-margin business). We believe Management aspiration of 13-15% domestic growth will require stable performance in core segments and strong execution in the built-up foods and premium personal-care portfolios (to contribute 20% to FY24E domestic revenue). Marico’s patchy past regarding innovation remains a worry, though management remains optimist, given the turnaround in the business with new initiatives.”

Walmart buys out $1.4 billion Tiger Global stake in Flipkart: report

Jhunjhunwala-backed Concord Biotech to hit capital market on August 4 with ₹1550 crore IPO

• Price : ₹705 – ₹741
• Market: 20
• App Amt: ₹14,820
• Size : ₹1,550.52 crore
• EMP : 0.67 crore
• Retail Form: 366,024
• HNI Small Form: 3,735
• HNI Big Form: 7,470
• QIB : 50%
• NII : 15%
• Retail : 35%

Antony Waste completes Integrated Waste to Energy Project

Antony Waste has announced the successful completion of the 14MW/1,000 TPD Integrated Waste to Energy Project at Moshi, Pimpri. This cutting-edge initiative exemplifies the Company’s unwavering commitment to circularity and aligns with global sustainability goals, positioning Antony Waste at the forefront of environmental leadership in the G20 community.

Brightcom Group: Update on Audit Committee Review

“Brightcom Group’s audit committee is thoroughly reviewing relevant matters, as previously announced. To ensure a comprehensive assessment, the committee requested an extension of 45 additional days, further to the original 90 days, to complete the review. We want to assure our investors that the audit committee is actively engaged in this process, and we are confident that the additional time will allow for a comprehensive and well-informed conclusion.”

Brightcom Group Promoter Holding Update

“In light of recent discussions about promoter holding, Brightcom Group would like to clarify that there was a minor reduction of approximately 0.3% compared to the prior holding. This reduction was solely due to a pledge trigger and was not indicative of any loss of confidence from the promoters. We want to reassure our investors that the promoters are taking the necessary actions to cover the lost ownership percentage soon.”

Share Sales by Foreign Portfolio Investors (FPIs): “We would like to address recent share sales by some FPIs. It is essential to note that FPIs often undertake portfolio adjustments for various reasons, including rebalancing and risk management. Such decisions do not indicate any negative sentiment towards the company’s prospects.” Share Sales by Prominent Holder: “A prominent shareholder’s recent share sale, although a very small fraction of the holding, should not be misinterpreted as a lack of confidence in Brightcom Group’s potential. Shareholders have diverse investment objectives and may opt for periodic portfolio adjustments.”

CITI on BEL

• Buy, TP raised to ₹146
• Strong start to FY24E with 1Q PAT at ₹5.3 billion, up 23% y-o-y
• Core performance healthy; other income boosted by higher interest income
• Management guided for 17% y-o-y revenue growth in FY23E & 21-23% EBITDA margin with ₹200 billion+ order inflows

Brokerages on Exide

• Investec: raise price target to ₹300 from ₹230
• InCred: Increases price target to ₹294 from ₹225
• JPM: Remain OW with PT ₹275; Bull case fair value at ₹372/share
• Citi: Buy Rating, Target At ₹270/share

Pre-market: Nifty to see gap-up opening of 50 points

The new week is set to begin on a positive note for the domestic markets. SGX Nifty at 19,800 indicates a gap-up opening of about 50 points for Nifty. Analysts expect the consolidation phase and stock-specific action to continue in the domestic markets. As foreign portfolio investors and mutual funds indulge in sector rotations in their portfolios, one can expect the market to move in a broader range.

As most companies have announced their first quarter results for the current fiscal, the focus would be on institutional behaviour, said analysts.

Read more.

Macquarie on Max Healthcare

• U-P, TP ₹465
• Believe significant capacity expansion coupled with weak demand could drag down utilisation & profitability in the medium term
• Stock trades at a 50% premium to its peers

BPCL, Ather Energy enter partnership to expand India’s largest EV charging network

Bharat Petroleum Corporation Limited (BPCL) has forged a strategic partnership with Ather Energy to further strengthen and expand India’s largest EV charging network. Through this collaboration, Ather Energy gains access to BPCL’s extensive network of over 21,000 fuel stations across the country, enabling the installation of Ather’s fast-charging Grid.

Raymond Realty expands presence in Thane market

Raymond Realty, the real estate arm of Raymond, has expanded its presence in the Thane market with the launch of its fourth project Address by GS 2.0.

Virinchi enters into agreement with US micro lending company

Virinchi Ltd has entered into a Multi-Year Agreement with one of the leading Micro Lending companies in the US that will add $2-2.5 million per annum to the top line of the company going forward. The initial Term of the agreement is for 5 Years from July 28.

The contract is for the implementation, hosting, support, and maintenance of the Base QFund Applications by the company for use by the customer.

USFDA conducts inspection in Gland Pharma’s facility

Gland Pharma said the United States Food and Drug Administration (US FDA) has conducted Good Manufacturing Practice (GMP) Inspection at the Company’s VSEZ Sterile Oncology Facility at Visakhapatnam between July, 20 and 28. The inspection was concluded with Zero 483 observations and a classification of No Action Indicated (NAI).

Stocks in F&O Ban today

Indiabulls Housing Finance Ltd

Results Calendar

• Adani Green
• Adani Transmission
• Allied Digital Services
• Asahi India
• Auro Labs
• Bajaj Hindusthan
• Best Agrolife
• Bosch
• Butterfly Gandhimathi
• Castrol
• CFF Fluid
• Control Print (also for buyback)
• Continental Chemicals
• Cupid
• Dhanlaxmi Bank
• Dharmaj Crop
• Dynamic Cables
• GAIL (India)
• Go Fashion
• HDIL
• Heritage Foods
• HG Infra
• HIL
• HMA Agro
• Infobeans Tech
• India Pesticides
• IRB Infrastructure
• JBM Auto (also Preferential issue)
• JIK Industries
• Kamdhenu
• Keynes Technology
• KEI Industries
• LMW
• Linc
• Maruti Suzuki
• Mold-Tek Tech
• Navin Fluorine
• NOCIL
• Oberoi Realty
• Petronet LNG
• Phospate Company
• Power Grid Corporation (also for bonus issue)
• Prakash Industries
• R Systems
• Som Distilleries
• Shivalik Bimetal
• Shree Ganesh Remedies
• Sumitomo Chemicals
• Transport Corporation of India
• Teesta Agro Industries
• UFO Moviez
• UPL
• Valecha Engineering
• Welspun India