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moneycontrol.com

https://www.moneycontrol.com/news/business/markets/spicejet-says-eyeing-growth-with-aircraft-ungrounding-fleet-expansion-exclusive-destinations-12816162.html

SpiceJet says eyeing growth with aircraft ungrounding, fleet expansion, exclusive destinations

SpiceJet is struggling with heavy financial dues and grounded aircraft, which has slowed down its operations to a snail's pace..Related stories.

Embattled airline operatorSpiceJetsaid on 6 September that it expects a 'promising growth' for its operations, helped by a likely ungrounding of aircraft, impending expansion of the aircraft fleet, exclusive access to regional destinations, and also access to international destinations. The carrier is struggling with heavy financial dues and grounded aircraft, which has slowed down its operations to a snail's pace. However, going ahead, SpiceJet expects 28 of its aircraft to be ungrounded, doubling its operational fleet capacity. SpiceJet's operational fleet has been reduced from 74 aircraft in 2019 to 28 in 2024, with 36 aircraft grounded on account of dues and fund issues, the company said in an investor presentation. The airline was hit by a worldwide grounding of Boeing 737 Max aircraft in March 2019. Further, it also faced another grounding of aircraft due to inability to make lease payments, it said in the presentation. In other woes, a substantial rise in crude oil prices also hit the airline with higher fuel costs. "Brent crude oil reached ~$ 120 per barrel, while ATF price went up to ~ $175 per barrel, breaching the all-time high in June 2022," said the presentation. In the dues to be paid, SpiceJet owes about Rs 3,700 crore in outstanding lessor, engineering & EDC liabilities, which led to grounding of aircraft. It has about Rs 650 crore outstanding statutory dues. SpiceJet share price has moved higher by 1.35 percent on Year-to-date rate. In the last one year, the shares have delivered 54.81 percent returns.

2024-09-06 18:47

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-rebound-after-correction-bank-nifty-sustain-above-50900-12816576.html

Trading Plan: Will Nifty rebound after correction, Bank Nifty sustain above 50,900?

Nifty, Bank Nifty Outlook.Related stories.

The market nosedived sharply with the Nifty recording a Bearish Engulfing candlestick pattern at the high on weekly charts, the bearish reversal pattern on September 6. Experts view this profit booking as a healthy component in a predominantly upward trend. The 25,000 mark now seems to be a critical resistance zone for the index. However, if it breaks below the 24,750 level, it could face selling pressure. As for Bank Nifty, if the index crosses and sustains above the 50,900 level, it could witness buying. However, if the index breaks below the 50350 level, it could face selling pressure, analysts said. On Friday, the Nifty 50 fell 292.95 points or 1.17 percent to 24,852.15. The Bank Nifty dropped 896.20 points to 50,576.85. On the NSE, 1,783 shares declined, while 629 shares advanced. Nifty Outlook and Strategy Osho Krishan, Senior Analyst - Technical & Derivative Research, Angel One Nifty has tested the 20 DEMA and the bullish runaway gap on the daily chart, signifying the strong momentum in the correction. However, it is important to view this profit booking as a healthy component in a predominantly upward trend; this allows for a cooling down of elevated valuations and technical parameters, bringing them to a more comfortable level. On the level-specific front, the 25000 mark now seems to be a critical resistance zone, and an authoritative breakthrough could only bring back the positive momentum in the Nifty. On the other hand, the negative crossover on the technical indicators suggests a potential continuation of profit-taking; 24600-24500 is likely to serve as a positional support level for the benchmark in the upcoming week. On the options front, PE writers have been shifting positions from 24800 to 24500 strike, while significant piling is seen at 25000 CE. Key Support: 24,600-24,500 Key Resistance: 25,000 Strategy: SELL around 25,000 and Book near the 24,650-24,600 with Stop-Loss at 25,150 Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities The chart pattern suggests that if Nifty crosses and sustains above the 25000 level, it could witness buying, leading the index toward 25,250-25,400 levels. However, if the index breaks below the 24,750 level, it could face selling pressure, taking the index toward 24,600-24,400. For the week, we expect Nifty to trade in the range of 25,400-24,400 with a negative bias. The weekly strength indicator RSI has turned negative and is below its respective reference lines. Additionally, it has shown a bearish divergence, indicating potential profit booking. Key Resistance - 25,000-25,250 Key Supports - 24,600-24,450 Strategy - Sell Nifty around 24,900 with Stop loss at 25,000 and target at 24,650-24,500 Nandish Shah, Senior Technical and Derivative Analyst, HDFC securities Nifty formed a long bearish candle on daily charts. Short term Trend of the Nifty turned bearish as it has closed below its 5 and 20 day EMA. On weekly charts, Nifty fell 1.52%, forming a bearish engulfing pattern. RSI has exited from the overbought zone with the negative divergence which Indicates bearish trend reversal. 24472 could be the next support on the downside while 25084 could prove tough to cross the upside in the near term. Key Resistances: 25,084, 25,300 Key Supports: 24600, 24472 Strategy: Sell Nifty at 24852 with a stop loss at 25,084 and targets at 24,600, 24,472(Cash levels) Bank Nifty - Outlook and Positioning Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities On the weekly chart, Bank Nifty has formed a bearish candle that has completely engulfed the previous week's move, creating a "Bearish Engulfing" candlestick formation, which is a bearish pattern. The chart pattern suggests that if Bank Nifty crosses and sustains above the 50,900 level, it could witness buying, leading the index toward 51,250-51,500 levels. However, if the index breaks below the 50,350 level, it could face selling pressure, taking the index toward 50,250-50,000. For the week, we expect Bank Nifty to trade in the range of 51,500-50,000 with a negative bias. The weekly strength indicator RSI is moving downward and is below its respective reference line, indicating a negative bias. Key Resistance - 50,850-51,000 Key Supports - 50,350-50,200 Strategy - Sell Bank Nifty near 50,850 with Stop loss at 51,000 and target at 50,400-50,300 Nandish Shah, Senior Technical and Derivative Analyst, HDFC securities The short-term trend turned bearish as it closed below downward sloping trendline, adjoining the lows of 04-June and 14-August 2024. On the downside, 50,200 level is likely to act as immediate support followed by 49,700 level. On the higher side, 51,000-51,300 is likely to act as a strong resistance. Key Resistances: 50,900, 51,300 Key Supports: 50,200, 49,700 Strategy: Sell BankNifty at 50577 with a Stop loss at 51,000 and target at 50,200, 49,700 Osho Krishan, Senior Analyst - Technical & Derivative Research, Angel One The recent breakdown, marked by a significant down bar on the daily charts, signals a clear departure from the index's recent short-term trading range and confirms a shift in its immediate direction. The index has now decisively broken below the 50,800-50,900 zone, which we highlighted in our previous commentaries as the immediate target following a breach of the 51,300-51,200 zone. Moving forward, a probe of the prior swing lows in the 49,700-49,650 band seems highly likely, and a break below this level could further intensify the prevailing weakness. In terms of levels, the 50,300-50,200 band could offer some immediate support, while the 50,800-50,900 zone would now act as a resistance. On the options front, the highest OI concentration is at 50,000 PE and 51,000 CE, suggesting the intermediate range. Key Support: 50,300-50,200 Key Resistance: 50,800-50,900 Strategy: SELL around 50,900 for a potential target of 50,500-50,300 and a Stop-Loss of 51,250

2024-09-07 16:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/baseless-and-misleading-wockhardt-refutes-congress-charges-of-rent-payment-by-carol-info-connection-with-sebi-orders-12816567.html

'Baseless and misleading': Wockhardt refutes Congress' charges of rent payment by Carol Info, connection with Sebi orders

Mumbai-based Wockhardt was being investigated by Sebi for various cases, including that of insider trading during 2023, Congress said at a press conference at the AICC headquarters in Delhi..Related stories.

Drug firm Wockhardt on September 7 refuted allegations levelled by Congress that it made rental payments to Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch through its affiliate Carol Info Service. The company also denied any connection with the orders passed by the market regulator in relation to the firm. "In this regard, we categorically deny these allegations and state that these allegations are completely baseless and misleading," Wockhardt said in a regulatory filing late Friday. It said the company has acted and continues to act in compliance with all applicable laws. On Friday, the Congress' media and publicity department head, Pawan Khera said that between 2018 and 2024, Madhabi Buch – as a whole-time member and later chairperson of Securities and Exchange Board of India (SEBI) – hadbeen receiving rental income amountingto Rs 2.16 crore from Carol Info Services, a company affiliated to Wockhardt. "Madhabi Puri Buch had become a Whole Time Member of SEBI in 2018. Now, after becoming a whole time member, she gave one of her properties on rent. In the financial year 2018-19, she got a rent of Rs 7 lakh. She received rent of Rs 36 lakh for the same property in 2019-20, which increased to Rs 46 lakh by this year. "The name of the company to which Madhabi Puri Buch gave her property is Carol Info Services Limited, which is a part of Wockhardt Company. Wockhardt is the same company, complaints related to which SEBI is continuously dealing with," party spokesperson Pawan Khera said. Mumbai-based Wockhardt was being investigated by Sebi for various cases, including that of insider trading during 2023, he said at a press conference at the AICC headquarters in Delhi. On Friday, theshares of Wockhardt Ltd fellover 5 percent after Congress accused Sebi chairperson of conflict of interest with the drug firm. With PTI inputs

2024-09-07 11:42

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/godfrey-phillips-to-consider-12-bonus-issue-this-month-it-says-ahead-of-agm-shares-rise-3-12816170.html

Ahead of Friday AGM, Godfrey Phillips says board to consider 1:2 bonus issue; shares zoom to all-time high

Godfrey Phillips is likely to consider a bonus issue to the shareholders in the upcoming board meeting..Related stories.

Godfrey Phillipsis likely to consider a bonus issue to the shareholders in the upcoming board meeting. The announcement was made in an exchange filing before the cigarette maker's 87th annual general meeting (AGM) on September 6, Friday. A meeting of the board of directors is scheduled to be held on Friday, 20th September 2024 to consider and recommend 1:2 bonus issue, the company said in a regulatory filing today. A 1:2 bonus issue means the shareholders will get two free shares for each held, if it is approved by the board. The company's board would consider and recommend to shareholders, for their approval, the issue of bonus shares by capitalization of reserves. "...issue of bonus shares in the ratio of 2:1 i.e. 2 (Two) new fully paid-up Equity Shares of Rs. 2/- each for every 1 (One) existing fully paid-up Equity Share of Rs. 2/- each, to the Equity Shareholders of the Company by capitalization of reserves," the company said. Godfrey Phillips share price hit the new all-time high on 6 September trade to Rs 7095 per share on the NSE, rising 10.65 percent from its previous close. The stock has been gaining for the last two days and has risen 10.15 percent in the period. About 10 lakh shares changed hands today of Godfrey Phillips generating a total turnover of Rs 665.83 crore on the NSE. The large cap company has a market cap of Rs 37,591.60 crore, as per NSE website.

2024-09-06 15:27

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bonds-rally-as-wallers-remarks-fuel-fed-cut-bets-markets-wrap-12816450.html

Bonds rally as Waller’s remarks fuel Fed-cut bets: Markets Wrap

Treasuries rallied across the curve, with two-year yields down 11 basis points to 3.64%..Related stories.

The world’s biggest bond market climbed as remarks from Federal Reserve Governor Christopher Waller bolstered speculation officials will deploy a super-sized rate cut in September. Treasuries rallied across the curve, with two-year yields down 11 basis points to 3.64%. While policy easing tends to bode well for equities, that isn’t usually the case when the Fed has to be aggressive — as it might signal a rush to prevent a recession. To make matters worse, the S&P 500 is under heavy pressure from its most-influential group — technology. Waller said it’s important for the US central bank to begin cutting interest rates this month amid rising risks of further weakening in the labor market. He’s also “open-minded” about the potential for a bigger rate cut and would advocate for one if appropriate. His remarks were made after Friday’s jobs data bolstered speculation on a bigger Fed rate cut in September. “Financial markets have turned attention their attention toward how much the Fed will ease and how fast the economy is slowing,” Scott Wren at Wells Fargo Investment Institute. “Expect the near-term volatility to continue.” US 10-year yields declined seven basis points to 3.66%. The S&P 500 fell 1.5%. The Nasdaq 100 sank 2.4%. The Dow Jones Industrial Average slid 0.8%. Some of the main moves in markets. StocksThe S&P 500 fell 1.5% as of 11:25 a.m. New York timeThe Nasdaq 100 fell 2.4%The Dow Jones Industrial Average fell 0.8%The Stoxx Europe 600 fell 1.1%The MSCI World Index fell 1.2% CurrenciesThe Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1105The British pound fell 0.2% to $1.3150The Japanese yen rose 1% to 142.06 per dollar CryptocurrenciesBitcoin fell 3.4% to $54,153.68Ether fell 3.3% to $2,289.07 BondsThe yield on 10-year Treasuries declined seven basis points to 3.66%Germany’s 10-year yield declined five basis points to 2.16%Britain’s 10-year yield declined three basis points to 3.88% CommoditiesWest Texas Intermediate crude fell 1.6% to $68.05 a barrelSpot gold was little changedThis story was produced with the assistance of Bloomberg Automation.

2024-09-06 21:38

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/marico-shares-gain-4-5-on-heavy-volumes-despite-sour-market-sentiment-12816124.html

Marico shares gain 4.5% on heavy volumes despite sour market sentiment

Over the past year, Marico shares have underperformed the benchmark Nifty 50 index, rising around 13 percent..Related stories.

FMCG giant Marico stood out in a muted market, rising over 4.5 percent in trade on heavy volumes. Over 57 lakh shares exchanged hands in trade on the bourses today, more than double compared to the one-month daily traded average of 23 lakh shares. At 1.50 pm,Marico's stock price quoted Rs 668.75 on the NSE, higher by 3.9 percent compared to the previous session's closing price. Follow our live blog to catch all the market updates "Marico now has strong support at Rs 628 on the daily charts. A daily close above resistance level of Rs 665 could lead to targets of Rs 691-727 in the near term," said A R Ramachandran, Independent Research Analyst. Consumer staples firms face risks with traditional distribution advantages beginning to erode, and the likes of Marico and Hindustan Unilever may face challenges, a CLSA note said. The brokerage reiterated its 'Underperform' on both the FMCG giants, with target prices at Rs 470 per share for Marico and Rs 2,161 apiece for HUL, respectively. The stock is trading above all its key moving averages, indicating a bullish momentum. Marico's promoters hold around 59 percent of its shares, while FIIs hold around 24.6 percent. The public holds around 4.7 percent in Marico. Over the past year, Marico shares have underperformed the benchmark Nifty 50 index, rising around 13 percent as compared to the index's jump of 30 percent during the same time period.

2024-09-06 14:27

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/daily-voice-two-wheeler-segment-to-outperform-cv-and-pv-sectors-positive-on-export-oriented-sectors-says-lic-mfs-nikhil-rungta-12816470.html

Daily Voice: Two-wheeler segment to outperform CV and PV sectors, positive on export-oriented sectors, says LIC MF's Nikhil Rungta

Nikhil Rungta is the Co -Chief Investment Officer – Equity at LIC Mutual Fund Asset Management.Related stories.

The two-wheeler segment is expected to continue outperforming the commercial and passenger vehicle sectors in the near future too, said Nikhil Rungta, Co -Chief Investment Officer – Equity at LIC Mutual Fund Asset Management in an interview toMoneycontrol. According to him, the two-wheeler segment benefits from favourable demand dynamics and market conditions. As far as top bets are concerned, he remains positive on consumer-related stocks. Additionally, he holds a positive view on export-oriented sectors such as IT and pharmaceuticals, said the seasoned investment professional with 16 years of extensive experience managing diverse investment portfolios. Do you see interesting opportunities in banks & lenders space? The financial sector has relatively underperformed compared to the broader market, yet recent quarterly results indicate strong earnings growth across most segments, except for public sector banks. Given the sector's strong fundamentals and reasonable valuation levels, there is a distinct possibility of outperformance in the next 12 months. However, slowing credit growth, relatively weak deposit growth, potential asset-liability mismatches, and a likely increase in non-performing assets may temper earnings growth for banks and other financial institutions. Consequently, expecting most of the financial sector may perform in line with the market over the next year. Our outlook is positive on asset management, insurance, and wealth management firms. Is the two-wheeler space looking relatively better compared to commercial and passenger vehicles? Yes, the two-wheeler segment has significantly outperformed the commercial and passenger vehicle sectors in recent months, both in terms of fundamental performance and price appreciation. This trend is expected to continue in the near future, as the two-wheeler segment benefits from favourable demand dynamics and market conditions. Your top bets among sectors and why? Despite a mixed performance across consumption-driven sectors in the April-June 2024 quarter results (Source: NSE) —with autos and durables showing growth while FMCG and retail underperformed—remaining positive on consumer-related stocks. In contrast, investment-related sectors such as capital goods, construction, real estate, and cement are fundamentally strong but appear to have built-in high expectations in both earnings and valuations. Additionally, holding a positive view on export-oriented sectors such as IT and pharmaceuticals. Should one keep accumulating pharma space? I have a positive outlook on the healthcare sector. However, given the significant differentiation in business models and product lines within the pharma space, a top-down investment approach is challenging. Do you expect SIP inflow to equity market remain unstoppable? While nothing in life or the stock market is unstoppable, there are compelling reasons to believe that SIP inflows into equity mutual funds in India may continue robustly. First, despite market volatility, SIP inflows have been rising steadily since 2016, indicating that Indian households recognize the value of systematic, long-term equity investment as a wealth creation tool. This growing financial literacy is likely to sustain SIP flows in the coming years. Second, while equity allocations have increased, the proportion of equity-linked instruments in Indian household portfolios remains around 15 percent (Source: RBI), just half the global average. As Indian portfolios align more closely with global norms, expect equity allocations to rise, further boosting SIP inflows. Bank deposits still account for more than double the share of equities in household portfolios. With rising financial awareness, anticipate a continued shift toward equities, which may keep SIP flows strong.

2024-09-07 06:25

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/diis-net-buy-shares-worth-rs-2121-crore-today-fiis-sell-rs-620-crore-12816460.html

DIIs net buy shares worth Rs 2,121 crore today, FIIs sell Rs 620 crore

representative image.

On September 6, Domestic Institutional Investors (DIIs) net bought shares worth Rs 2,121.53 crore, while Foreign Institutional Investors (FIIs) net sold shares worth Rs 620.95 crore. DIIs bought shares worth Rs 15,699.2 crore and sold shares worth Rs 13,577.67 crore. On the other hand, FIIs bought shares worth Rs 16,911.35 crore and sold shares worth Rs 17,532.3 crore. "The Nifty started the week on a positive note, but global uncertainty dampened market sentiment, leading the index to close the week negatively at 24,852. The volatility index, INDIA VIX, surged by 12.97% on a weekly basis, settling at 15.13, signaling a rise in market volatility," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates. In the year so far, FIIs have net sold shares worth Rs  1.38 lakh crore, while DIIs have bought shares worth Rs 3.16 lakh crore.

2024-09-06 22:42

moneycontrol.com

https://www.moneycontrol.com/news/india/congress-accuses-sebi-chief-buch-of-getting-rental-income-from-firm-linked-to-wockhardt-alleges-corruption-12816152.html

Congress accuses Sebi chief Buch of getting rental income from firm linked to Wockhardt, alleges corruption

SEBI Chairperson Madhabi Puri Buch.Related stories.

In a fresh set of allegations, Congress accused the Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch for an "out and out corruption" after the main Opposition party revealed that the market regulator was involved in several cases, including charges of insider trading, against two companies linked to the market regulator chairperson. Congress spokesperson Pawan Khera alleged that Buch rented out her properties to Carol Info Services, which is part of Wockhardt, against whom the market regulator is investigating several cases including that of insider trading. "Madhabi Puri Buch ji had become the whole-time member of Sebi in 2018. Now after becoming a whole-time member, she rented out one of his properties. In the financial year 2018-19, she received a rent of Rs 7 lakh on it. She received rent of Rs 36 lakh for the same property in 2019-20, which increased to Rs 46 lakh this year. The name of the company to which Madhabi Puri Buch gave her property is Carol Info Services Limited, which is a part of Wockhardt company," Khera said.2018 SEBI Whole Time Member Whole Time Member 2018-19 7 2019-20 36 ,pic.twitter.com/U4BjMORweVCongress (@INCIndia)September 6, 2024 He further added, "Wockhardt is the same company whose complaints are being continuously dealt with by Sebi. This is completely a case of corruption." Khera alleged that Buch, after assuming the role of whole-time director, rented out her home to a company from which she received Rs 2.16 crore as rent. "So we want to know where did you give this information? Is it right that you rent your property to a company whose cases you are handling? Is this ethically and legally correct?" Khera said the issues related to the Sebi chairperson is very serious and the party is receiving new information every day. Read more:ÂWockhardt stock falls 5% as Congress accuses SEBI chief Buch of corruption "Crores of people of the country trust Sebi. If a question mark is raised on this, then the investment of the public will be put into question. At the same time, the Prime Minister of this country is not worried about the country's reputation - this is our biggest concern." The Congress leader also attacked PM Modi and asked if there was any agreement that the government won't interfere in companies linked to Sebi chief. "What boon did Prime Minister Narendra Modi give to Madhavi Buch ji that whatever she does is forgiven?," he asked. Moneycontrol has reached out to Sebi for a comment and this story will be updated once they respond.

2024-09-06 16:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/markets-fall-to-days-low-amid-sluggish-trend-sensex-nifty-drop-over-1-each-12816189.html

Sensex, Nifty fall over 1% as banks, energy stocks drag; investors eye US jobs report

A weak trend in global peers the highly anticipated US job report due to be released later in the day, kept investors cautious..Related stories.

Sensex and Nifty closed over a percent lower on September 6, weighed down by banking, energy, and IT stocks. A weak trend in global peers the highly anticipated US job report due to be released later in the day, kept investors cautious. The US jobs data is expected to provide key insights into the Federal Reserve's upcoming policy decisions. At close, the Sensex was down 1,017 points or 1.2 percent at 81,183 and the Nifty was down 292 points at 24,852. About 1,359 shares advanced, 2,422 shares declined, and 86 shares were unchanged. Nifty 50 fell 1.5 percent this week, marking its worst performance in three months. "The recent weakness in US markets has stalled the momentum in Indian markets, causing participants to become cautious ahead of the upcoming jobs data," said Ajit Mishra, SVP, Research at Religare Broking. Follow our live blog for all the market action A factor that could be worsening the sell-off is news that the market regulator will tighten derivative rules to increase entry barriers, making it expensive to trade, in an attempt to limit retail investors speculating on risky contracts. SEBI will limit the number of options contract expiries to one per exchange a week and nearly triple the minimum trading amount, four sources with direct knowledge of the matter toldMoneycontrol. The Nifty PSU Bank index emerged as the hardest-hit among sectoral indices, falling 3.6 percent, with SBI leading the decline.SBIfell 4.4 percent becoming the worst-hit stock on Nifty 50 after Goldman downgraded the stock to 'Sell' and cut its target price to Rs 742 from Rs 841.ÂBPCL,ICICI Bank,ÂNTPC, and HCL Tech were some of the other losers on Nifty 50. Also Read |ÂVodafone Idea drops 13%, Indus Towers falls 6% after Goldman Sachs flags concerns In a recent report, Morgan Stanley reviewed domestic IT players and concluded that it's not time for investors to reduce their IT holdings or shift from their 'overweight' stance on IT stocks. The brokerage expects an uptick in BFSI spending to sustain strong growth through FY26. Even this could not the IT index from falling by nearly a percent and dragging Nifty down. The brokerage downgradedHCLTechto 'equal-weight' causing the stock to fall nearly 2 percent. Shares of oil marketing companies (OMCs) - IOCL, HPCL, and BPCL fell 2-3 percent after a news report said citing sources that the government may consider reducing fuel prices, given the recent fall global crude oil prices. The broader market was not spared from the sell-off. The BSE Midcap dropped 1.4 percent and the Smallcap index fell by nearly 1 percent. Meanwhile, India VIX, a key indicator of market volatility, surged 6.5 percent and crossed 15 points. On a positive note, shares ofAsian Paints,Bajaj Finance,ÂJSW Steel,Divis Labs, andLTIMindtreerose 0.3-1 percent, emerging as some of the top gainers on the Nifty 50 index.

2024-09-06 16:18

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nazara-tech-buys-48-stake-in-paper-boat-for-rs-300-crore-turns-it-into-fully-owned-unit-12816518.html

Nazara Tech buys 48% stake in Paper Boat for Rs 300 crore, turns it into fully-owned unit

Nazara said it will also consider merging Paper Boat Apps into the company at the appropriate time..Related stories.

Nazara Tech has acquired 5,157 equity shares, representing 48.42 percent of Paper Boat Apps Private Limited, from its founding shareholders Anupam Dhanuka and Anshu Dhanuka. The total deal is worth Rs 300 crore, with Rs 225 crore paid as the first installment. With this acquisition, Paper Boat is now a fully owned subsidiary of Nazara Tech. Meanwhile, Kiddopia Inc., a subsidiary of Paper Boat, remains a step-down subsidiary. Nazara Technologieson July 19 announced that it is picking up 48.42 percent stake in Paper Boat Apps that owns the gamified learning app Kiddopia for Rs 300 crore. The deal is part of the company's efforts to scale up its gaming business, which founder Nitish Mittersain believes will be the biggest revenue generator for the firm in the coming years. The gaming company first acquired 50.91 percent stake in Paper Boat Apps for Rs 83.5 crore in 2019. Also Read |ÂZepto picks Goldman Sachs, Morgan Stanley and Axis Capital for its IPO Nazara said it will also consider merging Paper Boat Apps into the company at the appropriate time. This is not Nazara Tech's only big acquisition this year. In May, the company announced it is acquiring a 100 percent stake in mobile gaming subsidiary Nextwave Multimedia by buying the remaining 28.12 percent stake from founder shareholders PR Rajendran, R Kalpana, and PR Jayashree. In the previous session, Nazara Tech shares closed 2.5 percent lower at Rs 920 on the National Stock Exchange (NSE). The stock has gained around 7 percent so far this year, underperforming Nifty's returns of 16 percent. In the past 12 months, the counter has risen just around 4 percent. In comparison, Nifty rose 29 percent during this period.

2024-09-07 10:16

moneycontrol.com

https://www.moneycontrol.com/technology/freedom-to-fail-in-rd-is-unfortunately-absent-in-india-says-infosys-cofounder-kris-gopalakrishnan-article-12814403.html

Freedom to fail in R&D is unfortunately absent in India, says Infosys cofounder Kris Gopalakrishnan

Kris Gopalakrishnan.Related stories.

Researchers must get the freedom to fail and unfortunately, that is absent in India, said Senapathy ŌĆśKrisŌĆÖ Gopalakrishnan, Chairman, Axilor Ventures and, Co-founder of Infosys. He reasoned that the primary funding for educational institutions come from the government, which is limited and insufficient to fund high-value research in India. ŌĆ£Why do you assume that every single R&D (research and development) project will succeed,┬Āwhen you know that every startup is not going to succeed?┬Ā In India, unfortunately, the freedom to fail┬Āin research is not there,ŌĆØ Gopalakrishnan said while speaking at NasscomŌĆÖs Design and Engineering Summit 2024. He believes that a focused research initiative┬Āneeds to be created┬Āat academic institutions┬Āwith guaranteed funding for several years. He also gave an example of a human brain-mapping programme at IIT Madras, on which over 100 researchers are working and will continue to do so for many years to come.┬ĀŌĆ£Such programmes will produce world-class research,┬Ātruly breakthrough products, technologies,┬Āresearch in the community. And we need to have that kind of ambition,ŌĆØ Gopalakrishnan added. In May, Infosys founder NR NarayanaMurthy and Gopalkrishnan had called for a revamp of "archaic rules"that hinder the contribution of shares by entrepreneurs to academic institutions. ŌĆ£We have to change some of the archaic rules. For example, even today, an entrepreneur cannot donate shares,ŌĆØ Murthy had said. Co-location of industry┬Ā& academia Additionally, Gopalakrishnan also added that academic institutions and industry should have shared R&D facilities if they want to create an innovation ecosystem. He gave examples of universities such as Stanford and Boston that function┬Āon similar lines. ŌĆ£You can now bring two entities together - industry and academia - and they can walk to their lab. Students can work in apprenticeships, internships. We need to engineer these things,ŌĆØ Gopalakrishnan said. When asked whether enough money is being spent on research by the services industry, he responded by saying that R&D in services firms are very different from that of a product organisation.

2024-09-04 16:13

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/diis-net-buy-shares-worth-rs-97-crore-fiis-net-buy-rs-975-crore-12814535.html

DIIs net buy shares worth Rs 97 crore, FIIs net buy Rs 975 crore

Asian Paints, Grasim Industries, HUL, Apollo Hospitals and Sun Pharma are among the top gainers on the Nifty, while losers are Wipro, Coal India, ONGC, Hindalco Industries and M&M..Related stories.

Domestic institutional investors (DII) net bought shares worth Rs 97.35 crore while Foreign investors (FII) were net buyers of shares worth Rs 975.46 crore, provisional data from NSE showed on September 4. DIIs bought Rs 13,584 crore worth of shares and sold shares worth Rs 13,487 crore. Meanwhile, FIIs purchased Rs 16,585 crore in shares and offloaded equities worth Rs 15,610 crore during the trading session. In the year so far, FIIs have net sold shares worth Rs 1.36 lakh crore, while DIIs have bought shares worth Rs 3.11 lakh crore. Market view At close, the Sensex was down 202.80 points or 0.25 percent at 82,352.64, and the Nifty was down 81.15 points or 0.32 percent at 25,198.70. Also read:ÂTaking Stock: Bears back in action; Nifty below 25,200, Sensex down 203 pts Asian Paints, Grasim Industries, HUL, Apollo Hospitals and Sun Pharma were among the top gainers on the Nifty, while losers were Wipro, Coal India, ONGC, Hindalco Industries and M&M. On the sectoral front, FMCG, realty and pharma gained, while auto, bank, energy, IT, metal were down. On today's market, Siddharth Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services noted that while the Nifty opened gap down amid weak global cues, the index saw a gradual recovery and closed with a minor loss of 81 points at 25199 levels. "Markets after gaining in the last two weeks, saw a decline amid global concerns. However, buying at lower levels indicates the resilience of domestic equities in the face of global volatility. We expect Nifty to consolidate at a higher zone with intermittent volatility as key US economic data are lined up this week. Defensive sectors like FMCG & Pharma are likely to remain in focus," he said.

2024-09-04 18:48

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/tea-producers-face-inflation-driven-high-procurement-costs-shares-gain-12814405.html

Tea companies' shares gain as price hike likely on high procurement costs

Shares of many listed tea companies in India surged in Wednesday's trade seeing a rise in procurement costs..Related stories.

Domestic tea prices are expected to rise as tea producers in India are facing an increasing cost rise in tea procurement. FMCG major Hindustan Unilever is continuously monitoring pricing across the product portfolio of HUL, according to a report on Informist. "The company will continue to invest in branding in the tea segment," the report added. Shares of many listed tea companies in India surged in Wednesday's trade seeing a rise in procurement costs. United Nilgiri Tea Estates share price rose over 6 percent on September 4 to a day's high of Rs 438.95 per share on the NSE. At around 3.30 pm, the share was trading at Rs 420 apiece on the NSE, up 2 percent. Grob Tea zoomed over 7 percent today to quote at Rs 1,064 per share on the NSE, its day's high. The price settled at Rs 1,025 apiece, rising 3.15 percent. Jay Shree Tea and Industries Ltd too endured its northbound journey tracking the peers in the segment. The stock hit an intraday high of Rs 141.3 per share on the NSE, rising 6.74 percent. The stock has been gaining for the last three days and has risen 6.34 percent in the period. Peria Karamalai Tea went up by 2.39 percent intraday to hit Rs 427 while settling flat on the NSE. Tracking the broader rally in the segment, CCL Products (India) share price hit the new 52-week high of Rs 855 per share on the NSE, up 18.47 percent. It settled at Rs 813.30 percent, up 12.69 percent.

2024-09-04 17:04

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https://www.moneycontrol.com/news/business/markets/gainers-losers-stocks-and-sectors-that-moved-the-most-on-september-4-12814370.html

Gainers & losers: Stocks and sectors that moved the most on September 4

In a weak market, investors gravitated toward defensive stocks, particularly FMCG and pharma names..Related stories.

The Sensex fell by 202.80 points, or 0.25 percent, to 82,352.64, while the Nifty dropped 81.10 points, or 0.32 percent, to 25,198.70. Of the shares traded, 1,852 advanced, 1,935 declined, and 90 remained unchanged. Exicom Tele Systems | CMP: Rs 359.60 | Shares fell 5 percent, a day after the Big Bull Rakesh Jhunjhunwala's RARE Enterprise trimmed its stake in the company. The Rakesh Jhunjhunwala entity sold 15.85 lakh shares, making up a 1.3 percent stake in Exicom Tele Systems for an average price of Rs 348.60, data on the exchanges showed. The total stake sale was valued at Rs 55.25 crore. Sona BLW Precision Forgings | CMP: Rs 721.50 | Shares rose around 2 percent after CNBC-TV18 reported that the auto components maker is in talks to acquire the rail engineering business of Escorts Kubota in a deal valued at Rs 2,000 crore. To fund the acquisition, Sona BLW is soon looking to launch a Rs 2,000 crore Qualified Institutional Placement, the report added. BEML | CMP Rs 4,108 | Shares surged xx percent after the Defence Acquisition Council (DAC) approved major procurements worth Rs 1.4 lakh crore for the Armed Forces. The stock surged amid heavy volumes as 17 lakh shares of the defence PSU changed hands on BSE and NSE combined compared to the one-month average trading volume for 5 lakh shares. Rama Steel Tubes | CMP Rs 11.76 | Shares soared 12 percent after the firm announced a strategic collaboration with Onix Renewable. Over 10 crore shares exchanged hands in trade on the bourses, over 200 percent higher than the one-month daily traded average of four crore shares. Godfrey Phillips | CMP Rs 6,368 | Shares fell over 4 percent as reports suggest the cigarette maker has finalised the sale of its retail business 24Seven. According to CNBC-TV18 reports, Godfrey Phillips signed a term-sheet with the the start-up New Shop, with the aim to close the transaction by September. The shops and assets of 24Seven are already being shifted to New Shop. General Insurance Corporation of India | CMP: Rs 397.50 | Shares slumped 6 percent as the Centre looks to sell a nearly 7 percent stake in the company through the offer for sale (OFS) route. Government will divest 3.39 percent equity with an additional 3.39 percent stake as the green shoe option. The OFS opened today for non-retail investors. Retail investors and GIC Re employees can bid on September 5. The floor price for the OFS would be Rs 395 per equity share. Aether Industries | CMP: Rs 934 | Shares soared 5 percent amid high volumes. Around 5 lakh shares of the company changed hands on BSE and NSE combined, compared to the one-month average of 64,000 equity shares. Oil and Natural Gas Corp | CMP: Rs 314.90 | Shares fell over 2 percent tracking a decline in crude oil prices. The fall in crude prices has a negative bearing on oil drilling companies as it squeezes their profit margins. This is because the price of refined products may not drop as quickly or proportionately and hence, refineries holding inventories bought at higher prices may face inventory losses as the value of their stock decreases. HPCL | CMP: Rs 444.75 | Shares jumped over 4 percent on the back of a fall in oil prices. A decline in crude prices benefits oil marketing companies as that reduces their input costs and gives them more leeway to generate higher margins. In addition to that, OMCs can also capitalise on inventory gains by restocking at reduced prices. Also, lower fuel prices may boost consumer demand, driving higher sales volumes, and lifting revenues for these players. Jubilant Ingrevia | CMP: Rs 741 | Shares soared around 10 percent after Equirus Capital maintained a 'long' rating and raised target price to Rs 900, implying an upside of 25 percent from current levels. The target upgrade came after global specialty maker Vertellus shut Pyridine production in the US, a solvent primarily used for paint, rubber, pharma, and other products.

2024-09-04 15:39

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/beml-stock-soars-7-on-heavy-volumes-after-dac-clears-acquisitions-worth-rs-1-45-lakh-crore-12814334.html

BEML stock soars 7% on heavy volumes after DAC clears acquisitions worth Rs 1.45 lakh crore

BEML manufactures and supplies defence ground support equipment such as Tatra based high mobility trucks, aircraft towing tractors etc..Related stories.

BEML is among the defence stocks that surged around 7 percent on September 4 after the Defence Acquisition Council (DAC) approved major procurements worth Rs 1.4 lakh crore for the Armed Forces. The stock surged amid heavy volumes as 17 lakh shares of the defence PSU changed hands on BSE and NSE combined compared to the one-month average trading volume for 5 lakh shares. BEMLis a public sector undertaking (PSU) that manufactures a variety of heavy equipment, such as that used for earth moving, railways, transport and mining. It manufactures variants of BEML Tatra vehicles for all-terrain operations, and also supplies Engineering Mine Ploughs, Tank Transportation Trailers, Weapon Loading equipment, Armoured Recovery Vehicle, Milrail Coaches and Wagons. Follow our market blog to catch all the live action The company plays a role in the country’s Integrated Guided Missile Development Project by supplying ground support vehicles. The company has also created a test track at its KGF Complex to test defence equipment and vehicles. BEML recently inaugurated the prototype manufacturing of driverless metro trainsets 5RS-DM Project dedicated to fulfilling the Bangalore Metro Rail Corporation's (BMRCL) project for Lines 2 and 6, including the ambitious Banglore Airport Line. The PSU had secured the order for 53 trainsets during August 2023. The project is valued at approximately Rs 3,177 crores and encompasses the design, manufacture, supply, installation, testing, and commissioning of the trainsets, as well as comprehensive maintenance services for up to 15 years under the Bangalore Metro Rail Project Phase 2, 2A, and 2B. At 2:25 pm, BEML shares were trading 5.4 percent higher at Rs 4,072.25 on the National Stock Exchange (NSE). The stock has gained around 43 percent so far this year, outperforming Nifty's returns of 15 percent. In the past 12 months, the counter has risen 62 percent. In comparison, Nifty rose 28 percent during this period.

2024-09-04 14:46

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https://www.moneycontrol.com/news/opinion/sebis-shifting-positions-on-beneficial-ownership-leaves-fpis-in-limbo-12814215.html

SEBI’s shifting positions on beneficial ownership leaves FPIs in limbo

It may also send a negative message to the global investors regarding the stability of the regulatory regime..Related stories.

By Siddharth Shah and Shikhar Kacker Foreign Portfolio Investors (FPIs) find themselves caught in a double bind, grappling with a frequently evolving policy landscape on beneficial ownership (BO) disclosure while racing against a hard deadline to liquidate their holdings in the Indian equity market. In the backdrop are their pending application with the Securities Exchange Board of India (SEBI), seeking exemption from BO disclosure requirements under SEBI's circular dated 24 August 2023 (Circular). The current situation, affecting a significant number of FPIs, is a result of SEBI’s policy regarding granular BO disclosure by certain type of FPIs, i.e., those whose concentration in a single Indian corporate group or overall equity Assets Under Management (AUM) in the Indian markets exceeds the thresholds specified in the Circular. Original deadlines FPIs which were in breach of either of these thresholds, unless exempt, were required to realign their Indian equity holdings below the relevant thresholds, within 90 days from 1 November 2023. Failure to bring down their equity holdings below the thresholds obligated such FPIs to furnish granular details of their BOs within the next 30 days. Non-disclosure rendered their license invalid and mandated the liquidation of their holdings within the next 180 days. Post expiry of the 180-day period, FPIs have an additional window of 180 days to liquidate their holdings, subject to payment of a financial disincentive of 5% of sale proceeds towards SEBI’s Investor Protection and Education Fund. Mid-course policy change The controversy emanates out of SEBI’s mid-way change in its policy to withdraw the exemption allowed to certain type of Pooled Investment Vehicles (PIVs) from furnishing granular BO details. The Circular exempts four category of FPIs that don't pose systemic risks or face genuine constraints in adhering to the specified limits, from having to furnish granular BO details, including regulated PIVs whose India allocation remains below a certain percentage of their global AUM. The specific eligibility criteria to claim exemption was detailed in a subsequently issued Standard Operating Procedure (SOP), jointly issued by Designated Depository Participants (DDPs) in September 2023, reflecting SEBI’s policy on the subject. Another change in February 2024 However, in February 2024, SEBI directed DDPs to place on hold exemption requests of PIVs. In absence of any express amendment to the SOP, FPIs otherwise eligible for exemption were faced with a unique challenge to either make a granular BO disclosure or risk having their license rendered invalid. This was a significant setback for FPIs which were eligible for exemption and did not initiate steps to identify granular BOs details or to pare down their holdings within the stipulated window. It was only in late May 2024 that the SEBI’s directives to DDPs were formally documented in an amended SOP. The Section 43B carve out In the interregnum, lacking a direct platform to engage with the SEBI, FPIs were advised by their DDPs to file applications under Regulation 43B of the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations 2019 (FPI Regulations), that empowers SEBI to exempt FPIs from strict enforcement of the regulations if the non-compliance is caused by factors beyond their control or if the requirement is procedural or technical in nature. Pending applications As things stand today, in the absence of any statutory timeline provided under the FPI Regulations for disposing of applications under Regulation 43(B), FPIs are unsure about the fate of their pending applications in view of the impending September 9, 2024 deadline. It is the case of FPIs that their license should not be rendered invalid, and they ought to be granted exemption, as their right to claim exemption accrued in their favour when they approached DDPs seeking exemption and the same cannot be taken away by way of change in policy apparently communicated only to DDPs without bringing a retrospective amendment. FPIs have also been quick to point out that SEBI has already issued four consultation papers and three circulars concerning this subject matter. Therefore, it would have been ideal if, prior to implementing the policy, an in-depth consultation on this subject matter had been carried out, or at least the deadlines were kept in abeyance pending further clarity on the matter. In view of the impending deadline, one would hope that the pending applications would be disposed of expeditiously in accordance with law, so that FPIs are not handed over aÂfait accompli. Further, there may be FPIs who have realigned their portfolio or met the granular BO disclosure requirements, albeit post the cut-off dates. It would be ideal if SEBI considers taking a more pragmatic approach of allowing such FPIs to continue with their now compliant structure rather than forcing them to close down the existing structures. There are significant costs and hardship involved in winding-down a structure and to recreate a fresh structure. Importantly, it may also send a negative message to the global investors regarding the stability of the regulatory regime, forcing them to rethink their India strategy, especially whether to reinvest the liquidated positions back to Indian market. (Siddharth Shah is a Partner and Shikhar Kacker is a Counsel at Khaitan & Co.) Views are personal and do not represent the stand of this publication.Â

2024-09-04 13:38

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https://www.moneycontrol.com/news/business/markets/taking-stock-bears-back-in-action-nifty-below-25200-sensex-down-203-pts-12814343.html

Taking Stock: Bears back in action; Nifty below 25,200, Sensex down 203 pts

Market Today.Related stories.

Indian benchmark indices followed the global trend and ended on a negative note with Nifty breaking its 14-day winning streak, closing below 25,200 amid selling across the sectors barring realty, FMCG, and pharma. At close, the Sensex was down 202.80 points or 0.25 percent at 82,352.64, and the Nifty was down 81.10 points or 0.32 percent at 25,198.70. On the back of weak global markets, the Indian indices started gap-down and traded in a negative zone throughout the session. However, the afternoon recovery helped to erase some of the intraday losses. Asian Paints, Grasim Industries, HUL, Apollo Hospitals and Sun Pharma are among the top gainers on the Nifty, while losers are Wipro, Coal India, ONGC, Hindalco Industries and M&M. On the sectoral front, FMCG, realty and pharma gained 0.5 percent each, while auto, bank, energy, IT, metal were down 0.4-1 percent. BSE Midcap index ended marginally lower, while Smallcap index ended in the green. More than 250 stocks touched their 52-high on the BSE, including, Alkem Laboratories, Biocon, BLS International, Bombay Burmah, CCL Products, Colgate Palmolive, FDC, HPCL, JM Financial, Jubilant Ingrevia, Lupin, Marksans Pharma, Max Financial, Morepen Lab, NIIT, Piramal Pharma, PNB Housing Finance, among others.Click to view full list Outlook for September 5 Rupak De, Senior Technical Analyst, LKP Securities The Nifty broke its upward trend by falling below the trend line on the hourly chart. However, the index found initial support at the historical swing high. Going forward, the index might consolidate between 25,080 and 25,250. A drop below 25,080 could trigger further correction towards 24800-24750/24500; while a move beyond 25,236 might induce a rally toward higher levels. Ajit Mishra – SVP, Research, Religare Broking The markets ended their gaining streak, losing nearly half a percent due to weak global cues. In line with other Asian markets, the Nifty index opened with a gap down, following a decline in US markets. However, selective buying in heavyweight stocks helped trim the losses as the session progressed, with the index eventually closing at 25,198, down by 0.3%. Sector-wise, the trend was mixed; pharma, realty, and FMCG sectors saw gains, while IT and metal sectors faced profit-taking. This move indicates that the bulls are still holding their ground, though consolidation could occur if global pressures intensify. We recommend maintaining a focus on stock selection and trade management, with the support zone for Nifty remaining strong at 24,850-25,000.

2024-09-04 16:01

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/technical-view-nifty-may-consolidate-further-crucial-support-placed-at-25000-12814457.html

Technical View: Nifty may consolidate further, crucial support placed at 25,000

Nifty Consolidation.Related stories.

The Nifty 50 snapped its winning streak for the first time in the last 15 consecutive sessions, falling by a third of a percent on September 4 due to profit booking. Despite forming a lower high-lower low pattern, the index showed a recovery of more than 100 points from the day's low and defended the 10-day EMA (Exponential Moving Average). The index is likely to consolidate further; as long as it defends the immediate support level of 25,100, it may face resistance in the 25,300-25,350 range on the higher side. However, if it falls below 25,100, 25,000 will be a crucial support level to watch, according to experts. The Nifty 50 opened lower at 25,090 and showed a gradual recovery as the day progressed. The index hit a day's high of 25,216 before closing 81 points lower at 25,199. It formed a bullish candlestick pattern on the daily charts, as the closing was higher than the opening levels, which is a positive sign. "The recent fall could be seen as a breather with no alterations to the ongoing trend. Furthermore, the unwavering strength of the bulls demonstrated throughout the session reflects the positive sentiment in the domestic market," said Osho Krishan, Senior Analyst - Technical & Derivatives at Angel One. According to him, the pullback after the setback represents a positive scenario, with strong support observed around the 25,100-25,080 zone for the Nifty, followed by the critical support of the 25,000 mark in the comparable period. On the higher end, the highs of 25,300-25,350 are now expected to act as resistance, and a decisive breach could open the next leg of the rally towards 25,400-25,500, he noted. Options data also suggested that 25,300 is likely to be an immediate resistance level for the Nifty 50, with immediate support at 25,100 and then 25,000. According to the weekly options data, the maximum Call open interest was observed at the 25,300 strike, followed by the 26,000 and 25,500 strikes, with maximum Call writing at the 25,200 strike, and then the 25,300 and 25,500 strikes. On the Put side, the 25,000 strike holds the maximum open interest, followed by the 25,100 and 24,500 strikes, with maximum writing at the 25,000 strike, and then the 25,100 and 24,700 strikes. Bank Nifty The Bank Nifty was also under pressure, erasing all its previous day's gains and closing 289 points lower at 51,400, forming a Doji-like candlestick pattern on the daily timeframe, indicating indecision among bulls and bears. The index underperformed the benchmark Nifty 50. However, it defended the previous day's low, which coincides with the 10-day EMA and can act as support for the next session. "The index needs to continue holding above the 51,250 level to move towards 51,750 and then 52,000 levels, while on the downside, support is seen at 51,250 and then 51,000 zones," said Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services. Volatility has been gradually increasing but remains in a narrow range on the lower side, below 15-16 levels, which is favorable for bulls. The India VIX rose by 3.86 percent to 14.38, up from 13.84 levels.

2024-09-04 17:05

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https://www.moneycontrol.com/news/business/markets/nifty-pe-surges-past-10-yr-avg-as-liquidity-fuels-rally-macquarie-bets-on-banks-autos-12814193.html

Macquarie bets on banks, autos as Nifty PE persists above 10-yr average following recent rally

Macquarie in a recent note has provided insights on its India strategy, highlighting which sectors appear more promising in the current market landscape..Related stories.

Driven by abundant liquidity, Indian stock markets have surged in recent months, pushing valuations higher. Macquarie, in its latest India strategy report, used forward Price-to-Earnings (P/E) ratios and a composite score of growth, Return on Equity (ROE), and momentum, rather than the traditional Price-to-Earnings Growth (PEG) ratio, to pinpoint promising sectors in the current market. Based on this analysis, Macquarie finds the Financials (particularly banks and diversified financials), Telecom, Autos, and Materials sectors to be attractive. Conversely, it views Staples, Utilities, Healthcare, and Industrials as less appealing. When overlaying sector performance relative to the broader market over the past year, the brokerage remains favourable towards Financials and Materials, while recommending a reduction in exposure to Utilities and Industrials. Follow our market blog to catch all the live action The Nifty 50 index is currently trading at a one-year forward price-to-earnings (PE) ratio of 21.05x. While it is close to the 5-year average of 20x, it is trading significantly above the 10-year average of 18.21x, according to Bloomberg data. India is the most expensive market in the world now. FPIs have opportunities to invest in much cheaper markets and, therefore, their priority is markets other than India, according to V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. India’s inclusion in global bond indices and attractive yields have attracted FII flows. Also, FPIs are buying in the debt market mainly because the Indian Rupee (INR) has been stable this year and this stability is expected to continue, Vijayakumar said.

2024-09-04 15:22

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-nifty-off-days-lows-investors-turn-to-defensives-in-a-weak-market-12814282.html

Sensex, Nifty end with minor losses; investors turn to defensives in a weak market

The volatility gauge, India VIX, rose nearly four percent to 14.5..Related stories.

The Sensex and Nifty managed to recover from the day's lows, closing with minor losses on September 4. By the last hour of trade, five of the 13 major sectoral indices had rebounded. Investors gravitated toward defensive stocks, particularly the FMCG and pharma sectors, driving the Nifty FMCG and Nifty Pharma indices up by 0.4 and 0.7 percent, respectively. However, weakness in the banking and IT sector kept the benchmarks in red. At close, the Sensex was down 202 points or 0.3 percent at 82,353 and the Nifty 50 was down 81 points at 25,198. About 1,852 shares advanced, 1,935 shares declined, and 90 shares were unchanged. The downturn in Indian equity indices today followed a broader decline in global markets, fueled by concerns over a potential slowdown in the US economy. The Institute for Supply Management (ISM) report indicated that the US manufacturing PMI remained below the 50 threshold for the fifth consecutive month and this renewed recession concerns among investors. Follow our live blog for all the market action "This drop, exacerbated by concerns over a potential slowdown in the US economy, is significantly affecting investor sentiment," said Shrey Jain Founder and CEO of SAS Online. IT and semiconductor stocks were in focus today. Nifty IT fell nearly one percent Indian IT companies earn a significant share of their revenues from the US. The Nifty IT index was dragged down by Wipro, Infosys, and TCS. Wipro declined over 3 percent, emerging as the worst-hit stock on Nifty 50. Coal India shares dropped over 3 percent, becoming the second-worst performer on the Nifty 50, following a target price downgrade by brokerage firm Nuvama. Shares of semiconductor stocks - RIR Power Electronics, ASM Technologies, and SPEL Semiconductor - also tumbled after global semiconductor giant Nvidia Corp's share price fell over 9 percent overnight. ONGC, Hindalco, and M&M were some of the other losers on Nifty 50. Also Read |ÂMorgan Stanley sees multiple correction triggers for market but not enough to halt the bull run On a positive note, Asian Paints and Grasim Industries emerged as the top gainers on the Nifty 50, rising by 2.4 percent and 2 percent, respectively. The decline in Brent crude oil prices is anticipated to reduce input costs for these companies, providing them with greater flexibility to expand margins. HUL, Apollo, and Sun Pharma also rose 1.2-1.7 percent. Coming to the broader market, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "In the present stage of the market where there is no valuation comfort in the broader market, quality largecaps offer safety to long-term investors." The broader market exhibited a mixed trend. While the BSE midcap index declined by 0.4 percent, the smallcap index edged up by 0.2 percent. The volatility gauge, India VIX, rose nearly four percent to 14.5.

2024-09-04 15:48

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/the-saga-of-sme-ipos-massive-subscription-here-are-two-conflicting-yet-important-views-12814464.html

The saga of SME IPOs' massive subscription: Here are two conflicting yet important views

The saga of SME IPOs' massive subscription: Here are two conflicting yet important views.Related stories.

Soaring subscription figures and outsized listing gains inÂSME IPOs have ignited a fierce debate over the market’s integrity, pitting renowned investors against each other. Ashish Kacholia and Vijay Kedia are at odds, with Kacholia arguing against a heavy-handed regulatory approach and Kedia warning of potential market manipulation. Kacholia, an advocate for the SME ecosystem, argued that recent scrutiny and regulatory warnings are misguided. He believed that the current approach of penalizing the entire SME market for the actions of a few companies is detrimental. "We shouldn’t throw the baby out with the bathwater," Kacholia asserted. Instead, he advocated for a regulatory framework that promotes transparency and due diligence. He said that investors are smart and they do their homework. "Regulation should be a light touch with adequate disclosures and stringent penalties for wrongdoers." Kacholia recalled the days when small companies like Suven Pharma and Nagarjuna Construction, now industry giants, accessed capital markets with minimal paperwork. He views the SME platform as a crucial avenue for emerging businesses to secure funding and drive innovation. However, he criticised the recent move by the NSE to require positive Free Cash Flow to Equity (FCFE) for at least two of the three previous years, questioning how rapidly growing companies can meet such criteria. In stark contrast, Vijay Kedia has voiced concerns about the potential for manipulation within the SME IPO space. Kedia has claimed that "nine out of ten stocks in the SME space are manipulated". He believes that both promoters and investors may be engaging in dubious practices, a sentiment echoed by SEBI’s recent cautionary notes about unrealistic post-listing projections and manipulative tactics like bonus issues and stock splits. Kedia’s concerns are bolstered by SEBI’s latest warning, which urges investors to be wary of tips and social media hype surrounding SME stocks. The regulator’s recent measures, including a 90 percent cap on opening prices for SME IPOs, aim to curb excessive speculation and maintain market integrity. On August 28, the capital markets regulator issued an advisory cautioning investors regarding SME investing, even as small company IPOs continue to see massive oversubscription. SEBI has advised investors to be wary of the companies painting an unrealistic positive picture and also cautioned investors to not fall for social media tips or rumours. The IPO ofResourceful Automobileis a perfect case in point. Running a modest operation with just two Yamaha showrooms and eight employees, the company attracted bids worth nearly a whopping Rs 5,000 crore — 420 times its Rs 12-crore target, despite its relatively small scale and past financial losses.

2024-09-04 20:26

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sona-blw-in-talks-to-acquire-rail-engineering-biz-of-escorts-kubota-cnbc-tv18-reports-12814315.html

Sona BLW in talks to acquire rail engg biz of Escorts Kubota, likely to launch Rs 2,000-cr QIP: CNBC-TV18

Buoyed by the news, shares of Sona BLW recovered from the day's lows and jumped into the green..Related stories.

Auto components maker Sona BLW Precision Forgings is in talks to acquire the rail engineering business of Escorts Kubota in a deal valued at Rs 2,000 crore, a report from CNBC-TV18 stated. To fund the acquisition, Sona BLW is soon looking to launch a Rs 2,000 crore Qualified Institutional Placement, the report added. Buoyed by the news, shares ofSona BLWrecovered from the day's lows and jumped into the green. At 2.49 pm, shares of Sona BLW were trading 2.2 percent higher at Rs 729 on the NSE, off the day's low of Rs 701.50. For FY24, Escorts Kubota's railways business reported revenue of Rs 950 crore, contributing 11 percent to the company's overall topline as of the June quarter. Reports were also making the rounds last year about talks between Escorts and Knorr-Bremse which are likely to have fallen through due to valuation concerns. Previously, CNBC-TV18 had reported in October 2023 that Knorr-Bremse Group was in talks to acquire Escorts Kubota's railway business for over Rs 4,000 crore. Last month, Nomura raised its price target for Sona BLW to Rs 788, up from Rs 687 while retaining its 'buy' call on the stock. The brokerage believes that Sona BLW, which is expanding its order book and advancing new product development, can chart a growth trajectory above industry averages in the medium-term.

2024-09-04 15:04

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nifty-it-index-slips-into-red-as-us-slowdown-woes-weigh-wipro-mphasis-fall-over-3-12814017.html

Nifty IT index slips into red as US slowdown worries weigh; Wipro, Mphasis stocks fall over 3%

The Nifty IT index fell 1.7 dragged down by Infosys, TCS, and Wipro which were down 1-3 percent..Related stories.

Nifty IT emerged as the biggest loser among all 13 sectoral indices on September 4. The index fell 1.7 dragged down by frontline sectoral stocks likeÂInfosys,TCS, andWipro,Âwhich were down 1-3 percent. The information technology stocks were tracking a drop in Asian shares on resurgent worries of a slowdown in the United States. On September 3, all three major US indices - S&P 500, Nasdaq Composite, and Dow Jones Industrial Average - posted substantial losses and saw their worst day since early August amid fears of a slowdown in the US economy. Tepid US manufacturing data has spurred worries about a potential slowdown in the world's largest economy. The Institute for Supply Management (ISM) reported a rise in its manufacturing PMI to 47.2 in August from 46.8 in July. While August figure showed slight improvement, the PMI has remained below the 50 threshold for the fifth consecutive month, and has renewed concerns about a slowdown in the US economy. A decline in new orders and a rise in inventory also suggested that factory activity could remain subdued for a while. A slew of US economic data is due this week, including readings on job openings, jobless claims and the closely-watched nonfarm payrolls report on Friday. Follow our live blog for all the market action Indian IT companies earn a significant share of their revenues from the US. When asked about the potential impact on the Nifty IT sector, Aishvarya Dadheech, Founder & CIO at Fident Asset Management said that impact on the Indian IT stocks is more of sentiment-driven than anything else. "The sentiment is that if the US is slowing down, IT demand may also slow down. Indian IT primarily serves the US market, so a hard landing in the US could dampen discretionary IT spending. If it's a soft landing with a rate cut, IT should do well." In the US, major tech giants like Alphabet, Apple, and Microsoft saw their shares tumble by 2-4 percent overnight. Back home, mid-cap IT stocks also faced downward pressure.ÂL&T Technology Services,ÂPersistent Systems,ÂCoforge, andÂMphasiswere down 1.3-3.4 percent at around noon. "However, I want to point out that while there will be an initial impact on IT, many institutions have IT on their top list now. With a rate cut and not a very strong landing, IT is expected to do well and could play out as a defensive strategy," Dadheech said. Investors will await the FOMC meeting from September 17-18 and are factoring in a 63 percent chance of a 25-basis point interest rate cut by the Federal Reserve, according to the CME Group's FedWatch Tool.

2024-09-04 11:58

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https://www.moneycontrol.com/news/business/japanese-stocks-tumble-on-tech-selloff-us-recession-worries-12814167.html

Japanese stocks tumble on tech selloff, US recession worries

Japanese stocks plunge amid US recession fears and tech selloff.Related stories.

Japanese stocks had their worst slump since they entered a bear market a month ago, after a poor US manufacturing reading rekindled worries about a US recession, while a selloff in global tech shares and a firmer yen also weighed on sentiment. The blue-chip Nikkei 225 Stock Average declined as much as 4.7% before closing down 4.2%, the biggest drop since the 12% crash on Aug. 5. The loss was led by chipmakers such as Disco Corp. after Nvidia Corp. extended losses in after-hours trading on news it received a subpoena from the US Justice Department. The broader Topix lost 3.7%. Resource-related stocks were pummeled by falling commodity prices, with trading house Mitsui & Co declining 6% while poor US manufacturing data hit shares of machine makers such as Fanuc Corp. “You can see the AI-driven rally is over,” said Tomoichiro Kubota, a senior market analyst at Matsui Securities. “The decline in commodity prices is stoking worries about recession.” Japanese stocks went from one of the world’s top performing market to the epicenter of a global meltdown on Aug. 5, with the Topix posting its worst day since October 1987. The volatility was fueled by a stronger yen, triggered by the Bank of Japan’s surprise rate hike on July 31, and concern over US economy — both also seen as reasons for the selloff Wednesday. “The sharp move in Japanese equities following the US selloff overnight not only highlights the link between these markets, but also the high negative correlation between the yen and local equities,” said Alvin Tan, head of Asian currency strategy at Royal Bank of Canada in Singapore. “It tells you that much of the bull market in Japanese equities has been tied to a depreciating currency, for better or for worse.” Concerns over higher borrowing costs in Japan resurfaced after Governor Kazuo Ueda reiterated the BOJ will continue to raise rates if the economy and prices perform as expected. His comments helped the yen retain a 1% gain against the dollar from Tuesday, keeping alive concerns over exporters’ earnings. Ueda’s comments weighed on Japanese shares, said Rafael Nemet-Nejat, a senior portfolio manager at Jin Investment Management Pte. “Moreover, fears of a recession in the US also re-emerged on the back of the weaker ISM,” he said, referring to a contraction in the Institute for Supply Management’s manufacturing gauge. Some analysts see Wednesday’s drop as a temporary reaction than a start of another meltdown. “Today’s fall is just a reaction to big drop in New York shares overnight,” said Kohei Onishi, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities Co. Equities will likely rally toward the year-end once uncertainties around events including economic data are removed leading up to the next Fed decision, he said. All of the Topix’s 33 subindex slumped, illustrating the breadth of the market’s selloff. Banks including Mitsubishi UFJ Financial Group Inc. dropped as the yield on Japan’s 10-year government bond fell 3.5 basis points to 0.885%. That followed declines in long-term Treasury yields on bets the Federal Reserve will cut rates to avoid a recession.

2024-09-04 12:25

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https://www.moneycontrol.com/news/business/markets/upl-stock-rises-as-firm-to-explore-unlocking-value-in-advanta-by-raising-funds-12814216.html

UPL stock rises as firm to explore unlocking value in Advanta by raising funds

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UPL share price gained on September 4 after in-principle approval from the company's board for unlocking value in Advanta by raising funds. UPLowns 86.7 percent and private equity firm KKR has 13.3 percent stake in Advanta Ent. Sustainable agriculture products and solutions provider will explore multiple options available for unlocking value in Advanta by raising funds through primary or secondary issuances of securities. It may be by way of private placements or public offerings or any other permissible mode, the company said in an exchange filing. "The shareholders of UPL Limited had approved creation of distinct pure play platforms in FY23 and in line with the said approval, a separate platform was created by transferring Seeds business to Advanta Enterprises Limited, subsidiary of the Company. One of the main objectives of creating a separate Advanta platform was to facilitate unlocking value for the shareholders of UPL Limited at an appropriate time," it added. The shares gained 1.28 percent to quote at day's high of Rs 609.95 per share on the NSE. It has been gaining for the last four days and has risen 5.55 percent in the period. In an earlier reporton Moneycontrol, it was reported that UPL is likely to use proceeds of Advanta Ent issue for deleveraging. It is likely targeting a valuation of $4 billion. The company had also planned a rights issue worth over Rs 4,000 crore and in an exchange filing on March 26, it mentioned that it is in the process of completing the necessary formalities and compliances for the same.

2024-09-04 13:28

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https://www.moneycontrol.com/news/business/markets/how-a-22-year-old-defrauded-investors-to-the-tune-of-rs-2200-crore-12814429.html

How a 22-year-old defrauded investors to the tune of Rs 2,200 crore

A high-profile influencer on social media, BishalŌĆÖs lavish lifestyle was once the talk of the town, luring people to invest in his stock firm without doubting his credentials..Related stories.

Bishal Phukan, all of 22 years and currently behind bars, has been charged with swindling investors in Assam and Arunachal Pradesh to the tune of around Rs 2,200 crore in the garb of guaranteed returns. A high-profile influencer on social media, BishalŌĆÖs lavish lifestyle was once the talk of the town, luring people to invest in his stock firm without doubting his credentials. The Rise of Bishal Phukan At age 18, Bishal Phukan stepped into the world of stock market for the first time, after graduating in commerce from Salt Brook Academy, Dibrugarh. Though Bishal had a basic understanding of business and finance, he picked up the nuance of making quick money. Bishal used his easy demeanour to lure investors with a promise of 30% return in 60 days, which clicked, and funds started pouring in. As promised, Bishal did deliver the assured returns to investors on time, but only for a while. With his new-found wealth, Bishal soon floated four companies in the business of pharmaceuticals, video production and construction. He invested in production of web series, music videos and in the Assamese film business, along with purchasing land and apartments in Guwahati and Dibrugarh. Bishal moved in swanky cars and frequently travelled to the Middle East. Skydiving in Dubai and hosting large, open-air parties came easily for someone who rose from humble beginnings and had lost his father just a couple of years ago. Bishal Phukan has been charged with defrauding investors in Assam and Arunachal Pradesh to the tune of around Rs 2,200 crore in the garb of guaranteed returns. He also funded a destination wedding for his sister in Udaipur, Rajasthan, and paid for her┬Āextravagant Dubai trip with hotel stay and more, hiring rooms worth 12 lakh. What Went Wrong? Another Con Game All was fine until another pan-India stock fraud was unearthed, and people associated with an investment company called DB Stock Broking were arrested for allegedly defrauding thousands of investors to the tune of nearly Rs 7,000 crore. As many as 23,000 investors filed police complaints against DB Stock Broking once┬Āreturns┬Ābecame irregular. It emerged that people associated with the company had offices in Guwahati, Nalbari, Rangia, Hyderabad, Bengaluru and Mumbai. Dipankar Barman, the alleged mastermind behind this scam, is still at large and reported to be in Australia, though there have been arrests of people who have had connections with him. The ire of some investors has even led to an assault on Barman's father. DB Stocks allegedly used to invest client's money through Angel One, a marquee online trading platform. Angel One has distanced itself from DB Stock Broking scam, stating that Dipankar BurmanŌĆÖs company was not on their list of associates. Circling Back to BishalŌĆÖs Trading Game Investigation in this scam pointed the needle of suspicion towards Bishal Phukhan and his company, which had been receiving money through notary, an unlawful activity as per capital market regulator SEBI. As the noose tightened, the young trader responded with a statement on his Facebook account, and said, ŌĆ£I have returned all the money to the persons with whom I have entered. Under the Indian law, taking money by way of valid agreement under the Indian contract Act is no offence. Investing the money in buying stocks using my demat account is no offence under the law. Furthermore, I assure every person from whom via agreement I received money in my bank accounts that their money is safe and would be returned, if at all they want it back within discussed period as per agreement.ŌĆØ On September 2, Dibrugarh Police investigated Phukan at his residence for over four hours, and later arrested him along with manager, Biplab, under a non-bailable offense. A security personnel from BishalŌĆÖs apartment too has been arrested, and Guwahati police is on the lookout for BishalŌĆÖs┬Āsister Sumi Bora, a choreographer by profession, who had managed to spend several hundred times more than her disclosed income. Dirhams and high-end phones were recovered during the search on Bishal Phukan and cousin Sumi BoraŌĆÖs residences, along with what is being described by police as incriminating documents. Taking cognizance of the massive fraud, Assam Chief Minister Himanta Biswa Sarma has ordered state police to initiate a campaign against stock trading fraud and assured to investigate complaints.

2024-09-04 16:25

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https://www.moneycontrol.com/news/business/markets/global-cues-drag-indices-lower-bank-nifty-could-expire-range-bound-if-51250-level-holds-12814154.html

Global cues drag indices lower; Bank Nifty could expire range bound if 51,250 level holds

Stock market trend.Related stories.

Indian benchmark indices are trading lower, weighed down by negative global cues. At noon, Nifty was down 139.50 points, or 0.55 percent, at 25,140.30. Experts suggest that, considering the gap-down opening, the zone of 25,100-25,080 is likely to act as immediate support for the index. If the index slips below the 25,080 level, the next support is positioned at the 25,000-24,980 range. Bars in red indicate the change in open interest (OI) of call writers, while the green bars show the change in OI of put writers Options data shows the highest put writing at 25,000, with 24,900 levels acting as a crucial support zone. According to Tejas Shah, Vice President of Technical Research at JM Financial, "The short-term moving averages are below the price action and should continue to support the indices on any decline. Supports for the Nifty are now seen at 25,000 and 24,950 levels. On the upside, immediate resistance for Nifty is at 25,300-25,325 levels, with the next crucial resistance zone at 25,450-25,500 levels." Bank Nifty On expiry day, Bank Nifty is trading down 250 points, or 0.50 percent, at 51,450 at noon. The 51,500 call option (with 13 lakh OI) is showing strong resistance, while support is at 51,300 (with 10.4 lakh OI). According to Akshay Bhagtwat, Vice President of Derivative Research at JM Financial, "51,250 support level has held for Bank Nifty (BN) up to noon. As advised in the morning update, caution was suggested if the 51,250 level breaks. "Based on current options data, it appears to be a range-bound expiry between 51,250 and 51,550 for the spot Bank Nifty. For any significant momentum to emerge, either end of this range (51,250-51,550) needs to be breached to shake out the option writers. Overall, the intraday trading view remains positive as long as the 51,250 level holds, " added Bhagwat. Preeti K Chabra, Founder of Trade Delta, stated, "With today's gap-down, the market appears paused. The market looks poised for an upside as Bank Nifty seems strong. As long as Nifty’s low for today is not broken, position yourself long in the market." The ITM premiums are very low, with no premiums in the ITM CE or PE sides, suggesting that momentum could be missing. A recommended strategy is: Strategy by Chabra: Weekly short 25,200 CE (September 12)Weekly short 25,400 CE (September 12)Long monthly 25,000 CE (September)Net Debit: 430 - 62 - 140Outflow: 225Breakeven Point: 25,228

2024-09-04 14:08

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https://www.moneycontrol.com/news/business/markets/select-set-of-institutional-investors-gobble-up-anchor-portion-of-sme-ipos-12814420.html

Select set of institutional investors gobble up anchor portion of SME IPOs

The anchor allocation in SME IPOs appears to have become a club of select set of institutional investors as data shows that a few handful of investors are being allocated shares in most of the public issues in the segment dedicated for small and medium enterprises (SMEs)..Related stories.

The SME IPO segment has been grabbing headlines for the unusually high levels of subscription and listing gains but there is another set of data that is equally intriguing and, at the same time, recurring in most public issues in the SME segment. The anchor allocation in SME IPOs appears to have become a club of select set of institutional investors, as data shows that a few handful of investors are being allocated shares in most of the public issues in the segment dedicated for small and medium enterprises (SMEs). Data from Prime Database shows that there are just 4-5 foreign portfolio investors (FPIs) whose names feature in the list of anchor investors in more than two dozen SME IPOs. Further, there are just a couple of domestic funds and companies who have been allotted shares in over 30 SME IPOs in the current calendar year. Take for instance, Rajasthan Global Securities, which has been an anchor investor in as many as 35 SME IPOs in the current calendar year with the cumulative investment value pegged at nearly Rs 89 crore, as per data from Prime Database. Similarly, Varsu India Growth Story Scheme I (Persistent Growth Fund) has invested in 28 SME IPOs through the anchor portion, with the total money poured in pegged at nearly Rs 80 crore. Among FPIs, Mauritius-based Saint Capital Fund leads the pack with investments in 25 SME IPOs this year as an anchor investor, putting in Rs 61.51 crore. Then there is Vikasa India EIF I Fund whose name appears as an anchor investor in 25 SME IPOs though the Mauritius-based FPI invests in SME IPOs through more than one fund. Foreign portfolio investors like NAV Capital VCC - NAV Capital Emerging Star Fund, Craft Emerging Market Fund PCC - Citadel Capital Fund and Astorne Capital VCC – Arven are also among the top FPIs in the SME IPO segment, having participated in more than 20 IPOs as anchor investors in the current calendar year. Market experts believe that a trend of select set of investors cornering the anchor book of all SME IPOs is not a healthy one and the regulator should review the framework for the segment. “The typical size of an SME IPO is in the range of just Rs 15-30 crore and a dedicated portion for QIBs, including the anchor book, creates very small size buckets for other investors,” says Arun Kejriwal of Kejriwal Research & Investment Services. “Mutual funds also hardly participate in the SME IPO segment due to size constraints and so it would be best to just have two broad categories for HNIs and retail,” he added. Indeed, as data shows that while FPIs along with venture capital players and even a few Alternative Investment Funds (AIFs) do invest in SME IPOs through the anchor book, there is hardly any interest from the mutual fund industry. Incidentally, most of the SME IPOs that were launched this year saw the anchor book getting allocated amongst 5-6 institutional investors. On a different note, the SME IPO segment is already under the scanner of the Securities and Exchange Board of India and of the stock exchanges as well who also act as first level regulators – BSE and NSE launched their separate dedicated platforms for SME IPOs in 2012. In July, NSE announced that it would place an overall capping of 90 percent over the issue price for SME IPOs during special pre-open session on the day of listing. In March, SEBI chairperson Madhabi Puri Buchhad said that the market regulator has noticed “signs of manipulation in the SME segment”. However, there is also a section of market participants that believes that an increasing number of institutional investors are participating in the SME IPO arena, which is enhancing the credibility of the segment as well. “The growing involvement of institutional investors in SME IPOs is a promising development for the sector. With increased participation from well-known funds and banks, the SME market is gaining credibility and attracting significant interest,” says Kresha Gupta, Director & Fund Manager, Chanakya Opportunities Fund, a SEBI-registered Cat II AIF that invests in SME IPOs. “As of today, there have been more than 125 institutions who have participated in the SME IPOs through anchor investments. And this showcases a strong interest. We are not aware of the exact number of institutions participating under the QIB quota but judging by the oversubscription under QIB allocations, the participation from institutional investors is very high,” adds Gupta. Interestingly, HDFC Bank has participated as an anchor investor in four SME IPOs this year. The private sector lender has put in a little over Rs 12 crore in total in ABS Marine Services, Ganesh Green Bharat, Afcom Holdings, Sathlokhar Synergys E&C Global.

2024-09-04 16:22

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https://www.moneycontrol.com/news/business/ipo/ecos-india-mobility-shares-close-with-32-gains-in-market-debut-12814500.html

ECOS India Mobility shares close with 32% gains in market debut

ECOS India Mobility and Hospitality.

Shares of chauffeur-driven mobility provider ECOS India Mobility and Hospitality ended with a premium of 32 percent against the issue price of Rs 334 on September 4. The stock made its debut at Rs 391.30, a jump of 17.15 percent from the issue price on the BSE. During the day, it zoomed 36.52 percent to Rs 456. Shares of the firm finally ended at Rs 441.05, up 32.05 percent. At the NSE, shares of the firm listed at Rs 390, a premium of 16.76 percent. The stock ended at Rs 441.05, reflecting a surge of 32.05 percent. The company's market valuation stood at Rs 2,646.30 crore. In traded volume terms, 22.82 lakh shares of the firm were traded at the BSE and 327.63 lakh shares at the NSE during the day. The initial share sale of Ecos (India) Mobility & Hospitality got subscribed 64.18 times on the closing day of bidding on Friday. The Rs 601 crore share sale was entirely an offer-for-sale (OFS) of up to 1,80,00,000 equity shares. The IPO had a price range of Rs 318-334 a share. The Delhi-based company has been providing chauffeured car rentals (CCR) and Employee Transportation Services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles from economy to luxury cars. It also provides speciality vehicles like luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.

2024-09-04 17:56

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https://www.moneycontrol.com/news/business/markets/minda-corp-stock-gains-on-signing-technology-licensing-agreement-with-chinas-sanco-12814110.html

Minda Corp stock gains on signing technology licensing agreement with China’s Sanco

Minda Corporation is an automotive component manufacturing company in India with a pan-India presence and a significant international footprint..Related stories.

Shares of Minda Corporation gained over 2 percent after the flagship company of Spark Minda announced the signing of a technology licensing agreement with China's Sanco Connecting Technology, a leader in Electric Vehicle (EV) connection systems. This agreement will enhance the product portfolio offering of Minda Corporation in the growing EV industry in the areas of Electrical Distribution Systems (EDS), the company said in a regulatory filing. Under this agreement,Minda Corporation& Sanco will locally develop EV connecting systems, charging gun assemblies with sockets and accessories, bus bars, cell contact systems, Power Distribution Units (PDU) and Battery Distribution Units (BDU). "The partnership is a significant step enabling us to design, develop and manufacture advanced EDS solutions locally for the EV customers in India. This will also strengthen the vertical integration capabilities of Minda Corporation’s Wiring Harness Division, reinforcing its position as a key player in the EV Supply chain ecosystem," Minda Corp said. Follow our market blog to catch all the live action Minda Corporation is an automotive component manufacturing company in India with a pan-India presence and a significant international footprint. The company has a product portfolio that encompasses mechatronics; information and connected systems and plastic and interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. It has a customer base including Indian and global original equipment manufacturers and Tier-1 customers. At 11:32 am, Minda Corporation shares were trading 2 percent higher at Rs 585.35 on the National Stock Exchange (NSE). The stock has gained around 52 percent so far this year, underperforming Nifty's returns of 15 percent. In the past 12 months, the counter has risen 66 percent. In comparison, Nifty rose 28 percent during this period.

2024-09-04 12:05

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https://www.moneycontrol.com/news/business/personal-finance/should-you-invest-in-debt-funds-as-interest-rate-cut-inches-closer-simply-save-12814406.html

Should you invest in debt funds as interest rate cut inches closer? | Simply Save

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To listen to the podcast, click above. To read the podcast conversation, scroll down. The US Federal Reserve has indicated that interest rates in the US might start to fall starting September 2024. Following suit, The Reserve Bank of India could begin rate action earliest by December 24 as there will be more clarity on any underlying information. These are among the few key indicators thatdebt marketsand fixed-income mutual fund managers are watching closely. Amidst global monetary easing, Indian bonds continue to be appealing, supported by robust and stable macroeconomic fundamentals and favourable demand-supply dynamics. In another development, Indian bond markets remained stable and rangebound in the absence of any major triggers even as the newUnified Pension Scheme. UPS was announced last month, which can have a potential negative impact on both the central and the state’s fiscal deficit. Bond yields usually often move in anticipation of rate changes. Therefore, investors might consider increasing their allocation to fixed income with each rise in yields. Experts anticipate that long-term bond yields will gradually decline over the next couple of quarters. Also read |ÂAdani Enterprises’ NCD issue sees good demand from retail investors; should you invest? Moneycontrolspoke with Siddharth Chaudhary- Senior Fund Manager-Fixed income at Bajaj Finserv Mutual Fund on the strategy to benefit from the rate-cutting cycle, debt fund categories that look ideal at this point and how to create a robust fixed-income portfolio. Here's a highlight of what Chaudhary said: • Domestic policy rates have peaked, leading to a favourable demand-supply dynamics and a downward shift in the yield curve by around 30-35 basis points across maturities. • Despite global growth slowdown, India's growth remains resilient, allowing the Monetary Policy Committee to maintain the status quo. • The demand-supply equation is favourable for bond prices, with a minimal spread between repo rates and the 10-year G-sec yield. • Expect a 25 basis point rate cut from the Fed in September, with a clear direction for rate cuts if data continues to indicate strong growth. Also read |ÂWhy debt funds score over equity, hybrid schemes for systematic withdrawals • Inflation in the US is near 2 percent, and India's inflation remains well-controlled, making a rate cut unnecessary here. • The potential for future rate cuts depends on global developments and the INR-USD exchange rate. • The Reserve Bank of India is more concerned with food inflation and potential growth rate shifts due to regulatory changes. • A shallow rate cut cycle is expected in India, with around 50 basis points of rate cuts if growth slows down. • Invest in long-term funds for retirement plans and medium-term funds for specific targets like buying a car or a home. • Short-term funds and corporate bonds are also good options, with a focus on credit risk and asset allocation. • The overall situation remains bond-positive, with a clear expectation of rate cuts and a favourable demand-supply situation. Also read |ÂSIPs work in debt mutual funds too. Here’s why this is the right time to invest • Fixed income funds should still find a part in strategic asset allocation, despite the taxation changes. • The current environment offers a tactical allocation opportunity for those looking to take profits from other asset classes.

2024-09-04 17:02

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https://www.moneycontrol.com/news/business/ipo/gala-precision-engineering-ipo-sees-robust-demand-on-final-day-with-200x-subscription-12814431.html

Gala Precision Engineering IPO sees robust demand on final day with over 201x subscription

Gala Precision Engineering IPO sees robust demand on final day with 200x subscription.Related stories.

Gala Precision Engineering's Rs 168-crore initial public offering has attracted robust demand on the final day of bidding, i.e. September 4 as investors bought 44.79 crore equity shares, higher by 201.41 times compared to the offer size of 22.23 lakh equity shares. The Maharashtra-based precision components maker aims to raise Rs 135.34 crore through fresh issue component, and Rs 32.59 crore via offer-for-sale. The price band for the issue is Rs 503-529 per share. Non-institutional investors took the lead with their portion recording a massive 414.62 times subscription, followed by qualified institutional buyers who bought 232.54 times the allotted quota. Retail investors also seem to be positive on the issue, picking 91.95 times the portion set aside for them, while employees bid 258.94 times the reserved portion. Gala Precision has already mobilised Rs 50.3 crore from 8 institutional investors including Negen Undiscovered Value Fund, NAV Capital Emerging Star Fund, Cognizant Capital Dynamic Opportunities Fund, India Emerging Giants Fund, and Finavenue Growth Fund, on August 30. Also read:ÂBoss Packaging SME IPO: 64 employees, one dilapidated office and 135x subscription The company is going to spend fresh issue proceeds for setting up a new facility at Vallam-Vadagal, Tamil Nadu for manufacturing high tensile fasteners and hex bolts; and purchase of equipment, plant and machinery at Palghar facility, Maharashtra. In addition, the IPO funds will be utilised for repaying debt, and general corporate purposes. Gala manufactures disc & strip springs, coil & spiral springs, and special fastening solution, supplying to original equipment manufacturers, and Tier 1 and channel partners. Its products are used in sectors like renewable energy, electrical, off highway equipment, infrastructure and general engineering, automotive and railways. With the offer closing, it will finalise the basis of allotment of IPO shares by September 5, while IPO shares will be credited to the demat accounts of successful investors by September 6. The trading in Gala Precision shares will commence on the bourses effective September 9. Its IPO shares were trading at 43 percent premium over the issue price in the grey market, the market observers said.

2024-09-04 17:57

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/mid-day-mood-sensex-nifty-remain-in-red-on-us-growth-worries-pharma-healthcare-indices-recover-12814139.html

Mid-day Mood | Sensex, Nifty remain in red on US growth worries; pharma, healthcare indices recover

Indian benchmark indices have been under pressure since the open, following weak U.S. economic data that sparked a massive global sell-off..Related stories.

Sensex andNifty 50remained in negative territory around noon after opening sharply lower on September 4 as tepid US manufacturing data spurred worries about a potential slowdown in the world's largest economy. Unlike the morning trade where all 13 sectoral indices were in the red, Nifty Healthcare and Nifty Pharma managed to recover some losses by mid-day as investors turned to defensive sectors amid a weak market. At 12 PM, the Sensex was down 391 points, or 0.5 percent, at 82,163, while the Nifty had declined 144 points, or 0.6 percent, to 25,135. About 1,448 shares advanced, 1,745 shares declined, and 106 shares were unchanged. Indian benchmark indices have been under pressure since the open, following weak US economic data that sparked a massive global sell-off. The broader market showed a mixed trend, with the midcap index down 0.5 percent, while the smallcap index edged up 0.2 percent. Later today, markets will closely monitor the release of US job openings data. The jobless claims report, on September 5, will also be closely monitored. The US payrolls report, due to be released on September 6, is also awaited as it will impact the Federal Reserve's decision on the magnitude of an interest rate cut. Sectoral Trend 11 out of 13 sectoral indices were in the red. While Nifty Healthcare and Nifty Pharma rose over 2 percent each, Nifty Metal, Nifty PSU Bank, and Nifty IT fell 1-1.6 percent, emerging as the worst hit indices. Fundamental View "Historically September has been a weak month for global markets. This has been true for the last four years. Going by early trends, this might again turnout to be true this year, too," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Regarding the selloff in US markets on September 2, Vijayakumar said, "There are indications of US manufacturing moving into contraction thereby threatening the soft landing expectation, which has been the pillar of support for the mother market US and consequently for other markets, too. Now there is a small question mark about this scenario." He is of the view that presently there is no valuation comfort in the broader market and advised to long-term investors to opt for quality largecaps which offer safety. Technical View Nifty 50 is expected to find support at 25,050 followed by 25,000 and 24,950, according to Hardik Matalia, Derivative Analyst at Choice Broking. "On the higher side, 25,300 can be an immediate resistance, followed by 25,350 and 25,400," he said. Key Nifty gainers Asian Paints, HUL, Grasim, Apollo Hospital, UltraTechCement Key Nifty losers Wipro, ONGC, Coal India, Hindalco, LTIMindtree Key Sensex gainers Asian Paints, HUL, UltraTechCement, Sun Pharma, Nestle Key Sensex losers Wipro, Infosys, M&M, Axis Bank, L&T Stock moves Exicom Tele Systems:Shares dropped 4.5 percent a day after the Big Bull Rakesh Jhunjhunwala's RARE Enterprise trimmed its stake in the company. The Rakesh Jhunjhunwala entity sold 15.85 lakh shares, making up a 1.3 percent stake in Exicom Tele Systems for an average price of Rs 348.60, data on the exchanges showed. The total stake sale was valued at Rs 55.25 crore. Rama Steel Tubes: Shares surged 13 percent after the firm announced a strategic collaboration with Onix Renewable.

2024-09-04 13:10

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https://www.moneycontrol.com/news/business/markets/morgan-stanley-sees-multiple-correction-triggers-for-market-but-not-enough-to-halt-the-bull-run-12814200.html

Morgan Stanley sees multiple correction triggers for market but not enough to halt the bull run

Morgan Stanley sees two fundamental and two technical risks for the market..Related stories.

Brokerage firm Morgan Stanley sees several potential triggers for a market correction, but it doesn't view them as significant enough to derail the ongoing bull run. For the brokerage firm, the bull run has only crossed the halfway mark, with a few more miles left to go. Although the brokerage doesn't expect a correction to hinder the ongoing bull run, it does believe that such a scenario can test those invested in the market and also potentially excite those sitting with cash. Morgan Stanley also identified two fundamental and two technical downside risks for the market. Fundamentally, the brokerage pointed to a potential growth slowdown, the first since COVID-19, and changes in government spending as major concerns. On the technical side, the shift from the primary market to the secondary market and the possibility of a global sell-off, especially in US equities, are viewed as key risks. Catch all the market action on our LIVE blog As for valuations, Morgan Stanley believes that while high valuations alone aren't typically the cause for a market correction, they can act as a catalyst when faced with shifts in fundamentals or market sentiment. Meanwhile, the brokerage also highlighted that the market discounting worries, largely due to the resilience of retail participants, has left professional investors perplexed. Seeing the increased participation of retail investors, Morgan Stanley also predicts a structural rise in equity holdings on household balancesheets. As for stock selection, Morgan Stanley prefers to look at cyclicals over defensives and large-caps over small and midcaps. In terms of sectors, the brokerage is overweight on financials, technology, consumer discretionary, and industrials and underweight on others.

2024-09-04 13:39

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https://www.moneycontrol.com/news/business/markets/short-call-learning-to-live-with-lofty-valuations-azad-engineering-coal-india-and-hpcl-in-focus-12814772.html

Short Call | Learning to live with lofty valuations; Azad Engineering, Coal India and HPCL in focus

Stock market insights.Related stories.

In a market where retail investors seem to be chasing the next big thrill, warning signs are mere background noise. It has lifted valuations in the secondary market to uncomfortable levels and waved off SEBI's constant red flags about froth in the risky SME segment, retail investors are back for more. While the market, whether primary or secondary-- seems to have lost touch with valuations, professional investors are also slowly learning to make peace with it. Take Morgan Stanley for example, the brokerage highlighted that even professional investors are just as stunned as anyone else by the market's ability to bulldoze through worry after worry in its relentless bull run. As for valuations, Morgan Stanley believes that while high valuations alone aren't typically the cause for a market correction, they can act as a catalyst when faced with shifts in fundamentals or market sentiment. Despite that, Morgan Stanley isn't calling it quits on this bull run just yet. In fact, they think the rally is only halfway through its journey. However, with global markets sending out some pretty clear distress signals, driven by concerns of a growth slowdown, the dream run might hit a speed bump as India too is feeling the same dilemma. A potential slowdown in growth for the first time since COVID and the change in the pace of government spending are spreading jitters across investors. While there’s no guarantee that these concerns will trigger a much-needed market correction, Morgan Stanley is already gearing up for the possibility. The firm sees any potential correction as a golden ticket for those waiting on the sidelines—because who knows what turn the story will take after the interval? Azad Engineering (Rs 1,573, +4.3%) Investec initiated coverage with a 'buy' call, sees a 23% upside. Bull Case: Azad Engineering is likely to record 40 percent PAT CAGR over FY24 to FY27, while its working capital moderates and RoICs will improve. The aerospace component manufacturer's business model, along with its growth prospects, are giving investors the chance to invest in multiple attractive macro themes, said the brokerage. Bear Case: The firm has over 75 percent of its revenue from exports. In case of export tariffs or volatility in foreign markets, it can seriously impact the firm's revenues. Coal India (Rs 505, -3%) Nuvama cut the target price of stock to Rs 542 from Rs 567. Bull Case: Despite short-term challenges, JM Financial's outlook on the company remains positive due to record-high power demand and a renewed focus on thermal capacity addition. Company has committed to a production target of 908 MT in its MoU with the Ministry of Coal, higher than 838 MT target set by the Government of India for Coal India for FY25. Bear Case: Company reported production of 46.1 MT in August, a 12 percent decline year-on-year due to extended monsoon rains affecting key coal-producing states like Odisha, Jharkhand, and West Bengal. Average e-auction prices fell to Rs 2,336 per ton in August and are likely to remain under pressure. Global coal prices have fallen significantly due to oversupply in China. Hindustan Petroleum Corp (Rs 444.75, +4.4%) Scaled a fresh 52-week high on the back of a continuous decline in Brent crude prices. Bull Case: Downward orientation of Brent crude prices and expectations of muted prices through FY25 remains a positive. HSBC also expects low government interference in pump prices, ensuring strong margins. Demerger of lubricant business and its consequent listing can further unlock value, MOFSL wrote. Bear Case: An uptick in oil prices due to any geopolitical upheaval may derail growth trajectory. Despite strong growth prospects, RoE continues to remain poor, MOFSL highlighted. Inputs from Zoya, Neeshita, and Vaibhavi

2024-09-05 08:43

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https://www.moneycontrol.com/news/business/stocks/indigo-stock-extends-gains-as-jefferies-maintains-buy-sees-8-upside-12814728.html

IndiGo stock extends gains as Jefferies maintains 'buy', sees 8% upside

IngiGo shares of the company have rallied a massive 12 percent in the past month..Related stories.

Shares ofInterglobe Aviation, the operator of IndiGo Airlines, rose almost a percent to Rs 4,850, extending gains on September 5 after Jefferies maintained its 'buy' recommendation on the counter and raised the target price on positive levers for growth. With a new target price of Rs 5,225, the international brokerage sees an upside potential of 8.5 percent from the previous closing price on the National Stock Exchange. Follow our LIVE blog for all the latest market updates The brokerage highlights that supply constraints are helping keep aircraft demand and supply balanced, while the contracting operations of select peers and IndiGo’s superior cost structure provide an edge. A sustained decline in crude oil prices could further positively surprise profit estimates. However, Jefferies points out key concerns, including potential headwinds from a slowdown in global travel, ex-fuel cost pressures, and the increasing value of promoter stake sales. Also read:ÂDownside to equity market limited, RBI unlikely to cut rates in 2024, says Kotak's Nilesh Shah The low-cost carrier and India's largest airline by market share has been in the news of late. In late August, promoter Rakesh Gangwal's family trust sold a 5.24 percent stake in the airline for Rs 9,549 crore through open market transactions. Despite this, a host of other analysts are also bullish on the counter. Chokkalingam G, founder of Equinomics Research suggested a strong 'buy' for IndiGo, saying that the market is not much concerned about the promoters' stake sale since it is not the first time Gangwal and his family have offloaded their stake. He expects another seven percent upside from current levels, given that other peers like GoFirst and Jet Airways stand defunct, while SpiceJet has significantly trimmed its fleet network. Read more:ÂPN Gadgil Jewellers sets price band of Rs 456-480 a share for its IPO At about 9:20 am, shares of the company were trading at Rs 4,837, about 0.5 percent higher from the last close. IngiGo shares of the company have rallied a massive 12 percent in the past month.

2024-09-05 09:34

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https://www.moneycontrol.com/news/business/markets/jp-morgan-sees-40-upside-on-zomato-bets-on-blinkits-disruption-of-modern-trade-12814762.html

JP Morgan sees 40% upside on Zomato, bets on Blinkit's disruption of 'modern trade'; shares jump 8%

Zomato is now taking Blinkit deeper across all metro cities after having proved the model's effectiveness in NCR..Related stories.

Joining in the wave of brokerages rushing to upgrade their price targets on Zomato, JP Morgan pushed up its fair value assumption on the food aggregator , with its quick commerce arm driving bullishness. JP Morgan hiked its target price onZomatoto 340 per share, up from Rs 208 earlier, indicating a whopping 40 percent upside from current levels. At 10.10 am, Zomato shares were quoting Rs 261.60 on the NSE, higher by 6.6 percent compared to the previous session's close. The key reason for the optimism stems from Blinkit, which is spearheading rapid retail consumer transformation via convenience and selection- focused Quick Commerce. Follow our live blog to catch all the updates Zomato is now taking Blinkit deeper across all metro cities after having proved the model's effectiveness in NCR. The scale of Blinkit should help it drive monetization from channel margins and ad spending. Additionally, the incremental store economics will help the firm turn more positive on the EBITDA-front. JP Morgan expects Blinkit to lead the disruption of modern trade and e-commerce.  As a result, the brokerage raised its forecast over FY25-27 by 15-41 percent. Also, the brokerage built a bigger "Going Out" business, combining core dining along with its newly acquired ticketing business. Earlier this week, international brokerage CLSA also said Zomato was its top bet amid rapidly evolving consumer preferences. Quick commerce is having a significant impact on India's retail supply chain, finds top brokerage CLSA, and adds that the trend is flattening the retail distribution channel and offering brands greater visibility and competitive pricing, a game changer for the space. CLSA finds that Zomato has the most potential as the largest listed beneficiary of this evolving market trend, and the brokerage has retained its Overweight call with a price target of Rs 353 per share.

2024-09-05 10:12

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https://www.moneycontrol.com/news/business/markets/brokerage-radar-jpmorgan-raises-zomatos-target-price-hsbc-cuts-spicejets-price-aim-12814745.html

Brokerage Radar: JPMorgan raises Zomato's target price, HSBC cuts SpiceJet's price aim

Brokerage Radar.Related stories.

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Zomato, IndiGo, SpiceJet and more. Goldman Sachs On Cholamandalam Investment and Fin CoInitiate Buy, Target `1,786/ShMarket Share Gains Amidst Commercial Retail Up-cycleScaling Up Of The Non-vehicle Finance Businesses Should Help Reduce CyclicalityScaling Up Of Non-vehicle Finance Biz Should Improve Visibility Of Earnings GrowthExpect Co To Deliver An EPS CAGR Of 33% Over FY24-FY27Expect Co To Deliver An Improving RoA Profile (+24bps)Believe Co Wil Deliver Robust Loan Growth Driven By Market Share Gains Across Product SegmentsCapacity Is In Place For New Businesses To Diversify Its Loan Book Goldman Sachs On AU Small Finance BankInitiate Buy, Target `831/ShReady For The Next Innings; Sector-leading EPS Growth BeckonsForecast EPS Growth Of 27% CAGR Over FY24-27 On An Improving RoA ProfileForecast Robust Loan Growth Driven By Commercial Retail PortfoliosCo Is Relatively Better Placed This Cycle On Improving Deposit Market ShareImproving Deposit Market Share Should Sustain On Its Multi-pronged Strategy JPMorgan On ZomatoOverweight Call, Target Raised To `340/Sh From `208/ShCo Is Spearheading A Rapid Retail Consumer Transformation Via Quick Commerce BusinessThere Are Ambitious Rollout PlansThe Plans Are Going Deeper Across All Metros Having Proven The Model In NCRScale Should Help It Drive Monetisation From Channel Margin And Ad SpendingIncremental Store Economics Should Turn More Positive On EBITDABlinkit Will Have A Way To Scale Faster Than Peers & Current Targets HSBC On Agri InputsBuy Call On UPL, Target Raised To `680/ShBuy Call On PI Ind, Target Raised To `5,000/ShBuy Call On Dhanuka Agri, Target Raised To `2,000/ShHold Call On Bayer Corp, Target Cut To `6,300/ShReduce Call On Rallis, Target `251/ShBoth UPL & PI Ind Have Least Exposure To Domestic Business (13-18%)Signs Of A Recovery For UPL & PI Ind In Global Agriculture Is PositiveHigher Area Under Crop Sowing A Definite PositiveStrong Rains Likely To Moderate Growth In Q2 For Agriculture PlayersGood Rainfall To Boost Water Storage Supporting H2FY25 Domestic Sales GrowthExpect A Healthy FY25 Overall HSBC On Power SectorReduce Call On BHEL, Target `72/ShReduce Call On Tata Power & Power Grid, Target `300/Sh & `270/Sh RespectivelyHold Call On NTPC, Target `355/ShTenders To Address Peak Demand Are Fast-evolving On Feedback Loop Of Requirement10 GW Of Battery Energy Storage Systems-based RE Awarded; 15 GW To Be Awarded2.1 GWh Of Pure BESS Awarded; 9 GWh To Be Awarded Jefferies On IndiGoBuy Call, Target `5,200/ShContracting Operations Of Select Peers & Superior Cost Curve For Co (Key Tailwind)Slipping Crude If Sustains May Spring Positive Surprise On Profit EstimatesKey Pushback Includes Any Ruboff Of Slowdown In Global Travel, Ex-fuel Cost HeadwindsIncreasing Value Of Stake Sale By Promoter Is Also A Key Pushback HSBC On SpiceJetReduce Call, Target Cut To `26/Sh From `40/ShCo Could Use `3,000 Cr QIP Money To Fund Losses & WC Given Absence Of AircraftThere Is No Visibility On Capacity Growth And ProfitabilityWith Huge Debt & 3% Market Share, Valuation Is Too ExpensiveKey Question Is Whether Co Can Revive Its Business From Such Low Levels

2024-09-05 08:06

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https://www.moneycontrol.com/news/business/markets/max-financial-shares-slip-2-after-large-trade-worth-rs-1637-crore-12814810.html

Max Financial shares slip 2% after large trade worth Rs 1,637 crore

Max Financial large trade.Related stories.

A large deal worth Rs 1,637 crore shares of Max Financial Services took place on the exchanges on September 5. Around 1.5 crore shares, making up a 4.3 percent stake in the non-bank finance lender changed hands in the large deal. Moneycontrolcould not immediately identify the parties involved in the transaction. After the large deal, shares ofMax Financial Servicesfell around 2 percent to a low of Rs 1,105 on the NSE just after the market opened for trade. The large trade also fuelled a spike in trading volumes in the counter as nine crore shares changed hands on the exchanges so far, a meteoric rise from the one-month daily traded average of 11 lakh shares. Catch all the market action on our LIVE blog For the June quarter, Max Financial saw a 470 basis points on-year drop in margins, but its Annualised Premium Equivalent (APE) jumped 31 percent, beating rivals like SBI Life (20 percent) and HDFC Life (23 percent). New retail policies grew by 27 percent, and the renewal premium rose 10 percent to Rs 3,323 crore, bringing the total gross written premium to Rs 5,399 crore. It is on account of the sharp margin contraction that brokerages like Nomura and Motilal Oswal took a 'neutral' stance on the stock, cautioning that although the management remain confident of offsetting margin pressure with higher premium growth, the outlook appears far-fetched. Nomura also believes that Max's life insurance business would need to deliver much higher Value of New Business (VNB) growth to meet its margin guidance of 25-26 percent in FY25. The brokerage also downgraded the stock to 'neutral' from 'buy' last month.

2024-09-05 09:40

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https://www.moneycontrol.com/news/business/markets/pnb-housing-finance-to-consider-proposal-of-fund-raising-up-to-rs-2500-crore-via-ncds-12814574.html

PNB Housing Finance to consider proposal of fund raising up to Rs 2,500 crore via NCDs

PNB Housing Finance has seen quite a few major stake sales in recent months, with big names like The Carlyle Group, General Atlantic Singapore and Asia Opportunities V (Mauritius) being sellers in the those deals..Related stories.

PNB Housing Finance in a regulatory filing on September 4 said that the board of directors is scheduled to meet on September 9 to consider and approve the issuance of Non-Convertible Debentures (NCDs) up to Rs 2,500 crore on a private placement basis, in tranches over the next six months. PNB Housing Finance has seen quite a few major stake sales in recent months, with big names like The Carlyle Group, General Atlantic Singapore and Asia Opportunities V (Mauritius) being sellers in those deals. With PNB Housing Finance seeing a flurry of big stake sales which has resulted in the exit and entry of several institutional investors, the company's revised shareholding is likely to witness an upheaval. PNB Housing has reported a 25 percent jump in net profit forfiscal first quarterat Rs 433 crore, helped by a steady growth in home loans. The company’s gross non-performing assets (GNPA) declined by 241 basis points (bps) to 1.35 percent from 3.76 percent last year. Net NPA declined to 0.92 percent versus 2.59 percent last year. Disbursement grew 19 percent YoY to Rs 4,398 crore. Retail disbursement constituted 99 percent with emerging markets and affordable segments contributing 33 percent of the retail disbursement in the quarter. On September 4, the lender's shares settled at Rs 1052.90 apiece on the BSE, which was up Rs 50 or 4.99 percent higher than the previous day's close.

2024-09-04 20:54

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https://www.moneycontrol.com/news/business/markets/kotak-downgrades-uno-minda-to-sell-over-growth-margin-concerns-12814726.html

Kotak downgrades Uno Minda to 'Sell' over growth, margin concerns

Over the past six months, Uno Minda shares have surged over 84 percent, significantly outperforming the Nifty 50, which gained 13 percent during the same period..Related stories.

Kotak Institutional Equities has downgradedUno Mindato 'Sell' from 'Add', while also cutting the target price to Rs 970 from Rs 1,000. The brokerage highlighted concerns over a slowdown in the passenger vehicle segment, which is expected to impact growth. Additionally, new product launches and capacity expansions are likely to put pressure on margins. Kotak also believes that the risk-reward has turned unfavourable for Uno Minda. However, Uno Minda's multiple partnerships are set to drive content growth over the medium term, said Kotak. In the previous session, Uno Minda's shares closed 0.4 percent lower at Rs 1,167.5. Kotak's new target price of Rs 970, set for Uno Minda, suggests a potential downside of nearly 17 percent from the current level. Follow our live blog for all the market action Over the past six months, Uno Minda shares have surged over 84 percent, significantly outperforming the Nifty 50, which gained 13 percent during the same period. In August, the auto components maker, in partnership with Japan's Tokai Rika Co Ltd, announced the opening of a new manufacturing facility under their joint venture, Tokai Rika Minda India Pvt Ltd. This facility is set to produce a range of automotive components, including smart keys, shift levers, seat belts, and other products that may be required for future business expansions. Uno Minda reported net sales of Rs 3,817.5 crore in the June quarter, marking a 23.4 percent increase from Rs 3,092.66 crore the year ago period. The company's quarterly net profit stood at Rs 199 crore, reflecting a 15.2 percent rise from Rs 172.8 crore recorded in the same period last year. Incorporated in 1958, Uno Minda is a manufacturer and supplier of automotive solutions and systems to original equipment manufacturers.

2024-09-05 08:05

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https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-bank-nifty-rebound-after-a-day-of-correction-12814578.html

Trading Plan: Will Nifty, Bank Nifty rebound after a day of correction?

Nifty, Bank Nifty Trend.Related stories.

The Nifty 50 showed a healthy recovery from the day's low, although it closed lower and formed a lower top-lower bottom formation on September 4. Hence, most experts believe the uptrend is still intact. According to them, if the index manages to close above the 25,300 level, then 25,400-25,500 can't be ruled out in the coming sessions, while the 25,073, the previous swing high (August 1), is expected to be immediate support, with 25,000 being sacrosanct support. As long as the Bank Nifty stays above all key moving averages, the upward journey towards the 51,800-52,000 zone can't be ruled out amid consolidation. On Wednesday, the Nifty 50 was down 81 points at 25,199, snapping a 14-day winning streak. The Bank Nifty dropped 289 points to 51,400. On the NSE, 1,312 shares declined, while 1,116 shares advanced. Nifty Outlook and Strategy Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Sharekhan On the daily charts, we can observe that the Nifty has retested the breakout above 25,078, which was the previous swing high. There may be some consolidation over the next few trading sessions; however, the uptrend is still intact. The crucial support zone on the downside is placed at 24,900 – 24,850, and until this zone is not breached on the downside, we expect the Nifty to target levels of 25,500 from a short-term perspective. Key Resistance: 25,300, 25,350 Key Support: 25,100, 25,000 Strategy: Buy Nifty with a stop-loss of 25,120 and a target of 25,300. Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities Selective buying in heavyweight stocks helped trim some losses during the day. This move indicates that the bulls are still keeping control over the markets. From here on, we might see some consolidation in the prices. Technically, the Nifty has a key psychological support at the 25,000 level, and the bias is likely to remain in favor of bulls as long as this level holds. We recommend maintaining a focus on stock selection. Key Resistance: 25,350, 25,450 Key Support: 25,150, 25,000 Strategy: Buy on dips near 25,200, with a stop-loss below 25,050, and a target of 25,450. Vidnyan S Sawant, Head of Research at GEPL Capital The RSI (Relative Strength Index) momentum indicator shows negative divergence on both the weekly and daily charts, signaling a cautious outlook for the short to medium term. The Nifty has immediate support at the 25,000 level, followed by 24,800. If the index closes below 24,800, a correction could lead the market down to 24,400, and potentially 23,900. On the upside, resistance is seen at the all-time high of 25,333, followed by the 25,700 level. Key Resistance: 25,333, 25,700 Key Support: 24,800, 24,500 Strategy: Buy Nifty on a dip near 25,000 for a target of 25,400, with a stop-loss of 24,800. Bank Nifty - Outlook and Positioning Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Sharekhan The Bank Nifty traded within the range of the previous trading session and formed an Inside Bar pattern on the daily charts, making the extremes of the range 51,750 – 51,240 crucial levels to watch out for during the upcoming trading session. We believe that the Bank Nifty is in a pullback mode and we expect it to continue over the next few trading sessions. On the upside, 51,900 – 52,000 is the immediate hurdle, and crucial support is placed at 51,000 – 50,900. Key Resistance: 51,900, 52,000 Key Support: 51,000, 50,900 Strategy: Buy Bank Nifty with a stop-loss of 51,000, and a target of 51,900 - 52,000. Vidnyan S Sawant, Head of Research at GEPL Capital The Bank Nifty is outperforming the benchmark Nifty this week, maintaining a higher high, higher low formation on the weekly charts after finding strong support at its 20-week SMA (Simple Moving Average). On the daily charts, the index has been forming a rising wedge pattern over the past few days. The weekly RSI is trending upward and remains above the 60 level, indicating positive momentum for the short to medium term. On the upside, Bank Nifty faces immediate resistance at 51,800, followed by 52,600 and 53,357 levels. On the downside, support is placed at 50,900, followed by 50,300. Key Resistance: 51,800, 52,600 Key Support: 50,900, 50,300 Strategy: Buy Bank Nifty if it sustains above 51,800 for a target of 52,600, with a stop-loss of 50,450. Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities The Bank Nifty also witnessed a decline and could not manage to break its crucial hurdle of 52,000 once again. A dip was seen coming towards its critical support level of 51,500, where the index witnessed renewed buying interest. For Bank Nifty, as long as the 51,000 level holds, we can expect a potential rally in the Bank Nifty in the upcoming sessions. On the higher side, the Bank Nifty faces a major hurdle in the zone of 51,900-52,000. Key Resistance: 51,800, 52,000 Key Support: 51,400, 51,200 Strategy: Buy Bank Nifty on dips near 51,400, with a stop-loss below 51,000, and a target of 52,000.

2024-09-04 20:18

moneycontrol.com

https://www.moneycontrol.com/news/business/spicejet-share-price-rallies-3-despite-hsbcs-reduce-call-12814788.html

SpiceJet share price rallies 3% despite HSBC's 'reduce' call

SpiceJet shares have rallied over 14 percent in the past month..Related stories.

Shares oflow-cost carrier SpiceJet Limited rallied over 3 percent to Rs 64 in early trade on September 5 even as HSBC maintained its reduce call on the counter and assigned a price target of Rs 26, way lower than the current market price Rs 62. Follow our LIVE blog for all the latest market updates The analysts at HSBC note that the company could use the Rs 23,000 crore from its QIP to fund losses and working capital, given the absence of aircraft. However, there is no visibility on capacity growth and profitability. With significant debt and just a 3 percent market share, HSBC believes SpiceJet’s valuation is too expensive. The key question remains whether the company can revive its business from such low levels. Read:ÂQuant Mutual Fund underperforms over the past three months, says portfolio skewed towards risk-off sentiment The cash-strapped airline has been in the headlines of late. Last week, the aviation watchdog Directorate General of Civil Aviation (DGCA) decided to place crisis-hit airline under enhanced surveillance. DGCA said it conducted a special audit of the airline's engineering facilities on August 7 and 8 and certain deficiencies were found during the audit. The enhanced surveillance will entail increased spot checks and night surveillance to ensure the safety of the airline's operations. The company reported a 20 percent decline in its consolidated net profit for the first quarter ending June 2024, at Rs 158 crore, compared to Rs 198 crore in the same period of the previous financial year. At about 9:20 am, shares of the company were trading at Rs 63, about 1 percent higher from the last close on the NSE. SpiceJet shares have rallied over 14 percent in the past month.

2024-09-05 09:31

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-dmart-apollo-tyres-indoco-remedies-piramal-pharma-hpcl-and-others-on-thursday-12814620.html

Trade Spotlight: How should you trade DMart, Apollo Tyres, Indoco Remedies, Piramal Pharma, HPCL and others on Thursday?

Top Buy Ideas.Related stories.

The benchmark Nifty 50 snapped a 14-day winning streak and ended the session 81 points lower on September 4, though it found support at the 10-day EMA. Of the shares on the NSE, 1,116 advanced while 1,312 declined. The index may rebound after this minor correction, although consolidation appears to be ongoing. Below are some trading ideas for the near term: Vidnyan S Sawant, Head of Research at GEPL Capital Hindustan Petroleum Corporation| CMP: Rs 445.1 Since breaking out of a Cup and Handle pattern on the monthly scale in December 2023, HPCL has maintained its upward trend. On the weekly scale, it recently broke out of a six-month congestion zone and has continued to form higher highs and higher lows, indicating a sustained upward trajectory. Momentum indicators, such as the MACD (Moving Average Convergence Divergence), are in buy mode on both the weekly and daily scales. Additionally, the ratio chart of HPCL against the Nifty has shown a breakout from a double bottom formation, suggesting robust performance ahead. Looking forward, the stock has potential upside with a target of Rs 520, while a stop-loss at Rs 409 on a closing basis is recommended for effective risk management. Strategy: Buy Target: Rs 520 Stop-Loss: Rs 409 Deepak Nitrite| CMP: Rs 2,988.7 On the monthly scale, Deepak Nitrite displayed a strong price structure from 2019 to 2021, followed by a healthy consolidation phase lasting 2.5 years. In July 2024, the stock broke out of this consolidation zone, suggesting a likely continuation of its upward momentum. On the weekly scale, the stock formed a bottom near the 12-week EMA (Exponential Moving Average), while the daily chart shows a breakout from a falling channel, indicating a bullish alignment across multiple timeframes. The MACD study reveals a higher bottom pattern, signaling that momentum is gaining strength. Looking ahead, the stock has potential upside with a target of Rs 3,432, while a stop-loss at Rs 2,745 on a closing basis is recommended for effective risk management. Strategy: Buy Target: Rs 3,432 Stop-Loss: Rs 2,745 Piramal Pharma| CMP: Rs 213 Piramal Pharma's chart structure looks compelling, as the stock recently broke out above its listing day high, signaling its readiness to enter new territory. On the weekly scale, after the breakout, the stock entered a tight consolidation phase. This week, it broke out of that zone with strong volume participation. The stock is well-positioned above its 12-week and 26-week EMAs, indicating a positive trend, while the MACD study shows waves in positive territory, confirming that bullish momentum remains intact. Looking ahead, the stock appears poised for further gains, with a target of Rs 260. To manage risks effectively, a stop-loss at Rs 194 on a closing basis is recommended. Strategy: Buy Target: Rs 260 Stop-Loss: Rs 194 Caplin Point Laboratories| CMP: Rs 1,967 Caplin Point Laboratories exhibits a strong price structure on the monthly scale, with a higher top and higher bottom formation. A similar pattern is observed on the weekly scale, where recent volume activity has surged above the 20-week average, indicating significant participation in the rising price. The MACD momentum indicator is also in buy mode, moving higher in positive territory. Looking ahead, the stock has potential for further upside, with a target of Rs 2,360. To manage risks effectively, a stop-loss at Rs 1,809 on a closing basis is recommended. Strategy: Buy Target: Rs 2,360 Stop-Loss: Rs 1,809 Jatin Gedia, Technical Research Analyst, Capital Market Strategy at Sharekhan Avenue Supermarts| CMP: Rs 5,100.9 Avenue Supermarts (DMart) has formed a Symmetrical Triangle pattern on the daily charts. We expect this consolidation to break out on the upside. The daily momentum indicator has started a new cycle from the equilibrium line, suggesting that the stock is poised for a sharp run-up over the next few trading sessions. We anticipate the stock to target levels of Rs 5,300 – 5,500. A stop-loss of Rs 4,950 should be maintained for long positions. Strategy: Buy Target: Rs 5,300, Rs 5,500 Stop-Loss: Rs 4,950 Apollo Tyres| CMP: Rs 508.7 Apollo Tyres has completed a five-wave decline on the daily charts and is currently in the process of retracing that fall. The daily momentum indicator has shown a positive crossover, which is a buy signal. We expect the stock to retrace the decline and target levels of Rs 533 – 548 in the short term. A stop-loss of Rs 497 should be maintained for long positions. Strategy: Buy Target: Rs 533, Rs 548 Stop-Loss: Rs 497 Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities Prism Johnson| CMP: Rs 182.3 Over the past few weeks, Prism Johnson has been trading within a broader range of Rs 155 to Rs 175, with prices fluctuating around its 200-day EMA on daily charts. At this juncture, the stock has given a fresh breakout after a prolonged consolidation phase. The price action is accompanied by increased volumes, suggesting potential upside. Therefore, one can buy, hold, or accumulate the stock with an expected upside target of Rs 210–215, and a downside support zone of Rs 175–170. Strategy: Buy Target: Rs 210, Rs 215 Stop-Loss: Rs 160 Indoco Remedies| CMP: Rs 374.6 After hitting a 52-week low of Rs 286.60, Indoco Remedies has experienced a steady recovery, with prices rising from Rs 286 to Rs 360 over the past few months, forming a pattern of higher highs and higher lows on the daily chart. Currently, the stock has given a fresh breakout above a symmetrical triangle pattern on short-term charts, while a trendline breakout has been observed on broader charts. Therefore, one can buy, hold, or accumulate the stock with an expected upside of Rs 425–430, and a downside support zone of Rs 365–360. Strategy: Buy Target: Rs 425, Rs 430 Stop-Loss; Rs 340 Asahi India Glass| CMP: Rs 678.3 Asahi India Glass experienced a significant decline recently, dropping from Rs 720 to Rs 600 as part of a corrective phase. However, it found support around its 200-day EMA on the daily time frame and has since bounced back. The stock has been trading in a pattern of higher lows, indicating a potential reversal and continuation of its previous trend, as it has also broken out above a symmetrical triangle pattern. Therefore, one can buy, hold, or accumulate the stock with an expected upside of Rs 790–795, and a downside support zone of Rs 670–660. Strategy: Buy Target: Rs Rs 790, Rs 795 Stop-Loss: Rs 610

2024-09-04 21:42

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/suzlon-shares-gain-on-finalizing-the-sale-of-its-corporate-office-to-360-one-12814780.html

Suzlon shares gain on finalising sale of corporate office to 360 ONE

Over the past year, the stock has surged more than 200 percent, tripling investors' capital..Related stories.

Suzlon Energy shares rose in early trade on September 5 after the wind energy player signed a conveyance deed with OE Business Park for the sale of "One Earth Property," its corporate office. The total consideration for the sale is Rs 440 crore. The sale was approved by the shareholders at the extraordinary general meeting of the company held on March 25, 2022. At 9.20 am, shares ofSuzlon Energywere quoting Rs 75.29 on the NSE, higher by 1.5 percent compared to the previous session's closing price. Follow our market blog to catch all the updates OE Business Parks is a special-purpose vehicle, shares of which are held by funds managed by 360 ONE Alternates Asset Management. Upon completion of the sale, the One Earth Property will be leased back to Suzlon for five years with sub-leasing and licensing rights. Over the past year, the stock has surged more than 200 percent, tripling investors' capital. This impressive rise has been fueled by strong quarterly financial results, strategic debt reduction, and substantial order wins. Analysts are bullish on Suzlon's future, highlighting the company's strong position to compete for PSU tenders, including those from NTPC. They anticipate Suzlon will secure significant orders in FY25 and beyond, benefiting from reduced competitive pressure. By the end of Q1FY25, Suzlon Energy's order book hit a record high of 3.8 GW, the largest in its history. The current orders are slated for execution through FY26, with a significant portion expected to be fulfilled in FY25. Suzlon Energy expects to commission 5.0 to 5.5 GW of projects in FY25, with plans to increase this to 6.5-7.0 GW in FY26 and further to 8.0-9.0 GW by FY27. Following a robust operational turnaround, both domestic and international brokerage firms have repeatedly raised their target prices on Suzlon with the stock breaching them ahead of time.

2024-09-05 09:36

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/pn-gadgil-jewellers-sets-price-band-of-rs-456-480-a-share-for-its-ipo-12814720.html

PN Gadgil Jewellers sets price band of Rs 456-480 a share for its IPO

The issue size will comprise a fresh issue of Rs 850 crore and an offer for sale of upto Rs 250 crore by SVG Business Trust..Related stories.

PN Gadgil Jewellers Ltd has set a price band of Rs 456-480 a share for its Rs 1,100-crore initial public offering that will open for subscription on September 10. The anchor bidding will start on September 9 and the issue will close on September 12. Allotment will be on September 13, refunds will be on September 17 and the stock will list on exchanges on September 18. The issue size will comprise a fresh issue of Rs 850 crore and an offer for sale of up to Rs 250 crore by SVG Business Trust. The jewellery company intends to spend Rs 387 crore of the fresh issue proceeds to set up 12 stores in Maharashtra by FY26 and will use Rs 300 crore to repay debt. The remaining funds will be utilised for general corporate purposes. The company had a debt of Rs 377.45 crore as of February 29. PN Gadgil claims to be the second largest organised jewellery player in Maharashtra in terms of number of stores. It had 33 stores as of December —32 in Maharashtra and Goa. It has one store in the US. While 23 stores are operated and managed by the company, 10 are franchisee stores (franchisee owned and operated by the firm). PN Gadgil Jewellers, which competes with Kalyan Jewellers India, Senco Gold, and Thangamayil Jewellery, recorded a 34.8 percent on-year growth in net profit at Rs 93.7 crore for FY23, driven by healthy topline but the operating margin was under pressure due to elevated input cost. For FY23, revenue was at Rs 4,507.5 crore, growing 76.4 percent over the previous year, while EBITDA (earnings before interest, tax, depreciation and amortisation) increased 10.3 percent to Rs 122.7 crore but margin dropped 163 bps to 2.72 percent during the same period. For the six months period ended September FY24, net profit stood at Rs 43.75 crore on revenue of Rs 2,627.8 crore. Motilal Oswal Investment Advisors, Nuvama Wealth Management and BOB Capital Markets are the merchant bankers to the issue.

2024-09-05 07:21

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/block-deals-infinity-direct-holdings-sells-13-39-lakh-shares-of-camlin-fine-sciences-12814548.html

Block Deals: Infinity Direct Holdings sells 13.39 lakh shares of Camlin Fine Sciences

Representational image.

On September 4, 19.6 lakh shares were traded via three block deals. Camlin Fine Sciences Infinity Direct Holdings sold 13.39 lakh shares (0.7 percent stake) of Camlin Fine Sciences Ltd at Rs 102.98 per share. The buyer was Infinity Portfolio Holdings. The stock was trading at Rs 106.85, around 2.71 percent higher at close. Sastasundar Ventures Microsec Vision Trust One sold 5 lakh shares (1.57 percent stake)of Sastasundar Ventures Ltd at Rs 307 per share. Ravi Kant Sharma was the buyer. The stock was trading at Rs 310, around 0.24 percent higher at close. Trent Dodona Holdings Limited sold 1.21 lakh shares (0.03 percent stake) of Trent Ltd at Rs 6,966 per share. Siddhartha Yog was the buyer. Yog, who is the founding partner of Xander Group Inc, an emerging markets focused investment firm, had also picked up 0.3 per cent stake in Trent on September 2. Shares of Trent were trading at Rs 7,120 at close, around 1.1 percent higher.

2024-09-04 19:22

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-30-12814366.html

First Tick: Top 10 global cues for today’s trade

Market Today.Related stories.

Indian benchmark indices Sensex and Nifty 50 are likely to open higher on September 5, tracking cues from GIFT Nifty trading near 25,365, a short while ago this morning. Track the latest updates onÂGIFT Nifty right here on Moneycontrol. Indian benchmark indices followed the global trend and ended on a negative note with Nifty breaking its 14-day winning streak, closing below 25,200 amid selling across the sectors barring realty, FMCG, and pharma. At close, the Sensex was down 202.8 points or 0.25 percent at 82,352.64, and the Nifty was down 81.10 points or 0.32 percent at 25,198.7. Here is how financial markets across the globe fared overnight: GIFT Nifty (Gains) The GIFT Nifty is trading higher, indicating a positive start for the day. Nifty futures were trading at 25,365 at 07:00 am IST. Asian Equities (Gain) Asian markets mostly rebounded on Thursday from the sell-off a day ago, except markets in Japan.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Topix 0.17 -0.85 10.54Nikkei-0.44 -2.719.28Hang Seng- - -Taiwan 1.15 -4.31 14.50Kospi1.11 -1.94-3.93US Equities (Down) US stocks finished slightly lower in choppy trading on Wednesday following labor market data and comments from a Federal Reserve official that bolster the case for an interest rate cut. The Dow Jones Industrial Average rose 38.04 points, or 0.09%, to 40,974.97, the S&P 500 lost 8.86 points, or 0.16%, to 5,520.07 and the Nasdaq Composite lost 52.00 points, or 0.30%, to 17,084.30. CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%) Dow Jones 0.09 -1.30 9.72S&P500-0.16- 2.1516.79Nasdaq-0.30 -3.4414.86US Bond Yield (Gains) The US 10-year Treasury yields were up 20 basis points at 3.76 percent and US 2-year bond yield was up 33 bps to 3.76 percent.CURRENT PRICEMTDYTDUS 10-Year Treasury 3.763.784.25US 2-Year Treasury 3.76 3.924.95Dollar Index (Down) The dollar dipped on Thursday as traders ramped up bets for a supersized rate cut from the Federal Reserve later this month, with the yen a notable outperformer on safe-haven demand as concerns over the US economy's growth outlook resurfaced.CURRENT PRICEMTDYTDDollar Index 101.30 102.68104.80Asian currencies (Gain) Asian currencies were trading higher against the US dollar in early trade on Thursday. While, on year on basis, except Thai Baht has outperform, all other currencies, with a gain of 1 percent.CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%) Indonesian Rupiah 0.297 4.58 -0.522 South Korean Won0.1622.70-3.15 Japanese Yen0.1880.467-1.68 Philippines Peso0.2212.55-1.88 Thai Baht0.4224.671.15 Taiwan Dollar0.337 1.70-4.89 China Renminbi0.1200.377-0.180 Malaysian Ringgit0.4732.166.02 Singapore Dollar0.1381.761.89Gold (Flat) Gold prices were trading flat around USD 2496.64, while Silver prices also trading flat at USD 28.27.CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%)Gold 0.04 -0.20 21.03Silver-0.03 -1.9718.78Crude (Gains) Oil was attempting to hold its line in early trade on Thursday after an overnight sell-off, as players grappled with weak demand alongside a possible delay to more supply entering the market next month. CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%)US West Texas 0.55 -5.44 -2.89Brent Crude0.48 -7.31-5.17LME Commodities (Down) LME commodities prices were trading lower in the early trade on Thursday with Nickel, Lead and Zinc down 1 percent each. CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%)Aluminium -0.40 -2.06 0.52Copper0.06 -2.984.69Nickel-1.51 -3.29-2.34Lead -1.44 -1.01 -2.34Zinc -1.77 -3.505.17Fund Flow Action The foreign institutional investors (FIIs) continued their buying on the fifth consecutive session on September 4 as they bought equities worth Rs 975 crore, while domestic institutional investors bought equities worth Rs 97 crore on the same day.4th SeptMTDYTDFII Net Flows 975.463,740.17-1,38,796.03DII Net Flows 97.35 2,349.933,07,953.64Hope you're all set for today's trade, we wish you a profitable day ahead.

2024-09-05 07:28

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/stock-radar-ril-suzlon-exide-sona-blw-general-insurance-sicagen-india-in-focus-on-thursday-12814681.html

Stock Radar: RIL, Suzlon, Exide, Sona BLW, General Insurance, Sicagen India in focus on Thursday

Stocks in News.Related stories.

Let's catch up on the latest news from the stock market. From significant investments to major deals, fund raising and appointments, here’s a quick look at which stocks will be in focus in today's trade: Stocks To Watch Sona BLW Precision Forgings The automotive components maker opened its Qualified Institutions Placement (QIP) on September 4. The floor price has been fixed at Rs 699.01 per share. According to CNBC-TV18 sources, the company is likely to raise Rs 2,400 crore via QIP. Additionally, it has received certification for another product—the Hub Wheel Motor for electric two-wheelers—under the Production-Linked Incentive (PLI) Scheme from the Ministry of Heavy Industries, for availing the benefits/incentives under the PLI scheme. Matrimony.com The Board of Directors of the company will meet on September 5 to consider a proposal for the buyback of equity shares of the company. Reliance Industries(RIL) The Board of Directors of the company will meet on September 5 to consider the issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company. Additionally, Reliance won the award to build a 10 GWh battery storage project under the government's Production-Linked Incentive Scheme. PNB Housing Finance The Board of the housing finance company will meet on September 9 to consider the issuance of non-convertible debentures (NCDs) up to Rs 2,500 crore on a private placement basis, in tranches over the next six months. General Insurance Corporation of India The Government of India has decided to exercise the oversubscription option in the offer for sale on September 5. The offer for sale was subscribed 1.08 times the base size by non-retail investors on September 4. Ritco Logistics Gautam Mukherjee has resigned as CFO of the company, effective August 29. The board has appointed Man Mohan Pal Singh Chadha as Whole-Time Director for five years, effective September 4, who will also be the Interim Chief Financial Officer (CFO) of the company. Additionally, Sanjeev Kumar Elwadhi has been appointed as Managing Director for five years, effective September 4. Vedanta ICRA has upgraded the rating on the company's long-term instruments from ‘AA-’ to ‘AA’ and reaffirmed the rating on short-term instruments at ‘A1+’. The ratings remain on ‘watch with developing implications’. Century Textiles and Industries The company has issued a corporate guarantee in favour of Hindalco Industries (HIL) for the acquisition of a land parcel in Thane from HIL by Ekamaya Properties. Ekamaya Properties is a wholly-owned subsidiary of Birla Estates (BEPL), which is a wholly-owned subsidiary of Century Textiles. Suzlon Energy The company has executed a Conveyance Deed with OE Business Park (OEBPPL) for the sale of the One Earth Property, its corporate office, for Rs 440 crore. OEBPPL is a special purpose vehicle, shares of which are held by funds managed by 360 ONE Alternates Asset Management. Upon completion of the sale, the One Earth Property will be leased back to Suzlon for five years with sub-leasing and licensing rights. Kalpataru Projects International The board has approved the conversion of the outstanding loan granted to the company's subsidiary Kalpataru Power Do Brasil Participações S A (KPBPSA), Brazil, into equity shares of KPBPSA. The equity shares will be subscribed at a price of BRL 2.10 per share. Exide Industries Arun Mittal has resigned as the Managing Director & CEO of the company's subsidiary Exide Energy Solutions due to personal reasons, effective October 31. Mandar V Deo has been elevated and appointed as MD & CEO of Exide Energy Solutions, effective November 1. Mandar V Deo was the Joint Managing Director of Exide Energy Solutions at the time of his elevation. Bulk Deals DCW Baron Emerging Markets Fund bought a 0.52% stake in the company at an average price of Rs 88.66 per share, amounting to Rs 13.6 crore. Ecos India Mobility and Hospitality TNTBC, as the Trustee of Nomura India Stock Mother Fund, purchased a 3.8% stake in Ecos at an average price of Rs 439.11 per share. Matthews India Fund picked up a 2.4% stake at an average price of Rs 400.28 per share, and Plutus Wealth Management LLP acquired a 1.78% stake at an average price of Rs 443.33 per share, totaling Rs 205.6 crore. Hinduja Global Solutions Foreign portfolio investor Aviator Global Investment Fund sold a 0.64% stake in the company at an average price of Rs 887.56 per share, valued at Rs 26.62 crore. Mastek ICICI Prudential Mutual Fund and Ghisallo Master Fund LP bought a 2.36% stake in the IT company at an average price of Rs 2,751 per share, amounting to Rs 200.2 crore. However, Europacific Growth Fund sold a 5.57% stake in Mastek at an average price of Rs 2,766.36 per share, valued at Rs 475.6 crore. Sicagen India Promoter AMI Holdings bought an additional 0.97% stake in the company at an average price of Rs 107.25 per share. SME Listing on September 5 Travels & Rentals Stocks Turn Ex-Dividend BLS International Services, Gulf Oil Lubricants India, Heranba Industries, IRCON International, Jay Bharat Maruti, JBM Auto, Jupiter Wagons, NIIT, NIIT Learning Systems, Prithvi Exchange, Rhi Magnesita India, Shetron, Silver Touch Technologies Stock Trades Ex-Date for Buyback Aarti Drugs Stock Trades Ex-Date for Rights Oriental Trimex Stock Trades Ex-Date for Split Sapphire Foods India F&O Ban RBL Bank, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Hindustan Copper

2024-09-05 01:24

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hsbc-spots-green-shoots-of-recovery-for-agri-inputs-players-issues-flurry-of-target-price-hikes-12814790.html

HSBC spots green shoots of recovery for agri-inputs players; issues flurry of target price hikes

HSBC raised price targets for UPL, PI Industries and Dhanuka Agritech..Related stories.

Brokerage firm HSBC is seeing green shoots of recovery for the agri-inputs industry on account of which it has raised price target for several players like UPL, PI Industries and Dhanuka Agritech. The firm feels that signs of recovery in global demand for major players likeUPLandPI Industriessit well for the overall sector. In addition, the brokerage believes higher area under crop sowing and strong rains are likely to moderate growth for agriculture players in Q2. Further, good rainfall will boost water storage, in turn supporting domestic sales for agri-input players in the second half of FY25, HSBC wrote in a note. Accordingly, the firm expects an overall healthy performance from the sector in FY225. Catch all the market action on our LIVE blog Taking it further, HSBC raised the price target for UPL to Rs 600 and for PI Industries to Rs 5,000, while retaining a 'buy' call on both the stocks. It also noted that these two companies have the least exposure to the domestic market, which makes up only 13-18 percent of their total revenue. Just yesterday, even Morgan Stanley upgraded shares of PI Industries to an 'equal-weight' rating and also raised the price target for the stock by 28 percent to Rs 4,300. On the other hand, HSBC also raised the price target forDhanuka Agritechto Rs 2,000 and maintained its 'buy' call on the stock. However, on the flipside, it cut the target price forBayer Cropscienceto Rs 6,300 with a 'hold' call. HSBC is much more bearish onRallis Indiaas it retained its 'reduce' call on the stock with a price target of Rs 251.

2024-09-05 09:02

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/morgan-stanley-india-china-msci-em-imi-weight-12814725.html

India becomes largest weight in MSCI EM IMI, overtaking China

India remains Morgan Stanley's top preference in the EM context, and its number 2 choice in the Asia-Pacific context..Related stories.

India has overtaken China in the MSCI EM Investable Market Index (IMI) on September 4 to become the largest weight, and is now nearing the threshold to surpass China as the top weight in the broader MSCI Emerging Markets index as well. The MSCI Emerging Markets Investable Market Index (IMI) includes large, mid and small-cap counters from 24 Emerging Markets economies. International brokerage Morgan Stanley in a note has explored if this is good or bad news for Indian equities. Currently, foreign investors are being outbid for the same equity by domestic market participants. Hence, the growing issuance pipeline is important to increase foreign participants, the note observed. Follow our market blog to catch all the live updates The rising index weight could be a sign of exuberance, the Morgan Stanley note explores, and alternatively, it could also be due to fundamental factors such as improving free-float and rising relative earnings of India Inc. "Fundamental factors definitely apply to India and, to that extent, India's new found position in EM is not a worry," the brokerage note said. India remains Morgan Stanley's top preference in the EM region, and its number 2 choice in the Asia-Pacific geography. Any correction could drive all the money waiting on the sidelines into the markets, therefore, making any such pullback relatively shallow, the note said. The brokerage also noted that there are several potential triggers for a market correction, but it doesn't view them as significant enough to derail the ongoing bull run in Indian equities. For the brokerage firm, the bull run has only crossed the halfway mark, it said. A bull market peak could possibly still be in the future, the note added, and India's weight in the EM index could have some more distance to travel before it peaks.

2024-09-05 08:07

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bulk-deals-europacific-growth-fund-sells-17-19-lakh-shares-in-mastek-12814591.html

Bulk Deals: Europacific Growth Fund sells 17.19 lakh shares in Mastek

representative image.Related stories.

Baron Emerging Markets Fund bought 15.39 lakh shares in DCW for an average price of Rs 88.66 via bulk deals on September 4. NTNBC, as the trustee of Nomura India Stock Mother Fund, bought 22.8 lakh shares in Ecos (India) Mobility & Hospitality at an average price of Rs 439.11. Matthews India Fund bought 14.50 lakh shares in Ecos (India) Mobility & Hospitality at an average price of Rs 400.28. Plutus Wealth Management LLP bought 10.70 lakh shares in Ecos (India) Mobility & Hospitality at an average price of Rs 443.33. Aviator Global Investment Fund sold 3 lakh shares in Hinduja Global Solutions at an average price of Rs 887.56. The Great International Tusker Fund sold 82.05 lakh shares in RattanIndia Enterprises at an average price of Rs 81.52. Patronus Tradetech LLP bought 5.06 lakh shares in Mastek at an average price of Rs 2,767.51. ICICI Prudential Mutual Fund bought 5 lakh shares in Mastek at an average price of Rs 2,751.00. Ghislalo Master Fund LP bought 2.27 lakh shares in Mastek at an average price of Rs 2,751.00. Europacific Growth Fund sold 17.19 lakh shares in Mastek at an average price of Rs 2,766.36. AMI Holdings Private Limited bought 3.84 lakh shares in Sicagen India at an average price of Rs 107.25.

2024-09-04 20:54

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-setup-for-thursday-top-15-things-to-know-before-the-opening-bell-61-12814640.html

Trade setup for Thursday: Top 15 things to know before the opening bell

Nifty Trend.Related stories.

The market closed off the day's low, halting its upward journey of the previous 14 consecutive days, on September 4. The Nifty 50 ended just below 25,200, down 81 points. Despite profit booking, the uptrend seems to be intact, and the index may march towards the 25,300-25,350 levels if it holds above 25,200 in the coming sessions, with immediate support at 25,100, experts said. Below are 15 data points we have collated to help you spot profitable trades: Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50 Resistance based on pivot points: 25,217, 25,248, and 25,298 Support based on pivot points: 25,116, 25,085, and 25,034 Special Formation: Despite the downtrend, the Nifty 50 formed a bullish candlestick pattern on the daily charts, as the closing price was above the opening levels. Additionally, the index defended the 10-day EMA (Exponential Moving Average), which coincides with the previous swing high of August 1. This is a positive sign. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 51,481, 51,539, and 51,632 Support based on pivot points: 51,295, 51,237, and 51,144 Resistance based on Fibonacci retracement: 51,956, 52,585 Support based on Fibonacci retracement: 50,621, 49,747 Special Formation: Despite the downtick, the Bank Nifty has formed a small bullish candlestick pattern with upper and lower shadows on the daily timeframe, indicating volatility. The index defended the previous day's low and sustained above all key moving averages, which is a positive sign. It fell 289 points to 51,400. 3)Nifty Call Options Data According to the weekly options data, the maximum open interest was seen at the 25,300 strike (with 1.01 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 26,000 strike (98.96 lakh contracts) and the 25,500 strike (97.64 lakh contracts). Maximum Call writing was seen at the 25,200 strike, which saw an addition of 40.8 lakh contracts, followed by the 25,500 and 25,300 strikes, which added 35.2 lakh and 30.93 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,900 strike, which shed 7.74 lakh contracts, followed by the 25,700 and 24,800 strikes, which shed 2.57 lakh and 1.21 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the 25,000 strike holds the maximum open interest (with 97.09 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 25,100 strike (67.71 lakh contracts) and the 24,500 strike (64.34 lakh contracts). The maximum Put writing was observed at the 25,000 strike, which saw an addition of 32.68 lakh contracts, followed by the 25,100 and 24,700 strikes, with 29.59 lakh and 21.78 lakh contracts added, respectively, while the Put unwinding was seen at the 25,300 strike, which shed 19.88 lakh contracts, followed by the 24,000 and 25,200 strikes, which shed 7.19 lakh and 4.86 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the weekly options data, the maximum open interest was observed at the 51,400 strike, with 1.18 crore contracts. This can act as a key level for the index in the short term. It was followed by the 51,500 strike (81.29 lakh contracts) and the 51,600 strike (37.08 lakh contracts). Maximum Call writing was visible at the 51,400 strike (with the addition of 1.08 crore contracts), followed by the 51,500 strike (57.12 lakh contracts) and the 51,600 strike (25.71 lakh contracts), while the maximum Call unwinding was seen at the 52,000 strike, which shed 2.5 lakh contracts, followed by the 50,500 and 50,400 strikes, which shed 28,920 and 7,050 contracts respectively. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 51,400 strike (with 1.3 crore contracts), which can act as a key level for the index. This was followed by the 51,300 strike (83.51 lakh contracts) and the 51,000 strike (36.33 lakh contracts). The maximum Put writing was observed at the 51,400 strike (which added 1.07 crore contracts), followed by the 51,300 strike (65.09 lakh contracts) and the 51,100 strike (12.21 lakh contracts), while the maximum Put unwinding was seen at the 51,500 strike, which shed 12.97 lakh contracts, followed by the 51,700 and 51,600 strikes, which shed 6.36 lakh and 5.74 lakh contracts, respectively. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 1.08 on September 4, from 1.2 levels in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. 9)India VIX The volatility climbed above the 14 mark after a day of correction but remains within the lower range and still below the 15 mark, which is a comfortable position for bulls. The India VIX rose by 3.86 percent to 14.38, up from 13.84. 10)Long Build-up (45 Stocks) A long build-up was seen in 45 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (35 Stocks) 35 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12) Short Build-up (68 Stocks) 68 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (37 Stocks) 37 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14)High Delivery Trades Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock. 15)Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: RBL Bank Stocks retained in F&O ban: Aditya Birla Fashion and Retail, Balrampur Chini Mills, Hindustan Copper Stocks removed from F&O ban: Nil Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

2024-09-05 07:54

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/shree-tirupati-balajee-agro-raises-rs-51-crore-via-anchor-book-ipo-opens-september-5-12814606.html

Shree Tirupati Balajee Agro raises Rs 51 crore via anchor book, IPO opens September 5

Shree Tirupati Balajee Agro Trading Company IPO.Related stories.

Shree Tirupati Balajee Agro Trading Company raised Rs 50.9 crore from six institutional investors via anchor book on September 4. The fund raising was ahead of the IPO, which will open on September 5 and close on September 9. Investors NAV Capital Emerging Star Fund, Chanakaya Opportunities Fund I, and Next Orbit Growth Fund III invested Rs 10 crore each in the Madhya Pradesh-based company. Other investors that participated in the anchor book were Saint Capital Fund, Steptrade Revolution Fund, and Astrone Capital VCC - Arven, who bought Rs 20.9 crore worth of shares. The company in its filing to exchanges said it has finalised allocation of 61.32 lakh equity shares to anchor investors at a price of Rs 83 per equity share. Also read:ÂShree Tirupati Balajee Agro IPO: 10 key things to know before subscribing to issue The flexible intermediate bulk containers maker intends to mop up Rs 169.65 crore through initial share sale of 2.04 crore equity shares at the upper end of price band of Rs 78-83 per share. The IPO is a combination of fresh issue of Rs 122.42 crore and an offer-for-sale (OFS) of Rs 47.23 crore worth of shares. Binod Kumar Agarwal will be selling shares in the OFS. The net fresh issue proceeds will be utilised for repaying debt, working capital requirements, and general corporate purposes, while the OFS funds will be received by promoter Binod Kumar Agarwal. Shree Tirupati Balajee Agro Trading Companymanufactures large flexible bags and other industrial packaging products through its five manufacturing units. These packaging products are used by several industries such as chemicals, agrochemicals, food mining, waste disposal, agriculture, lubricants and edible oil.

2024-09-04 21:31

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/quant-mutual-fund-underperforms-over-the-past-three-months-says-portfolio-skewed-towards-risk-off-sentiment-12813097.html

Quant Mutual Fund underperforms over the past three months, says portfolio skewed towards risk-off sentiment

Since 2020, Quant has launched 16 mutual fund schemes in less than four years..Related stories.

Quant Mutual Fund, which has emerged as the fastest growing AMC in the country backed by strong outperformance, has seen its performance slip in recent months, even as it faced search and seizure operations by the capital market regulator as part of its investigation. Over the last three months, 19 out of 27 of Quant's mutual fund schemes underperformed their respective benchmarks. In comparison, only two of Quant's 22 funds failed to beat the benchmark (five funds were added over the past 12 months), over the past one year. "One can’t really read too much into short-term returns. Returns would depend on the stocks and sectors held in the portfolio. Quant Mutual actively shuffles stocks based on their investment process. Sometimes the stock bets may take longer to fructify and sometimes those may not even work," said Amol Joshi, Founder, PlanRupee Investment Services. In the September fund update, the fund noted that it is taking a defensive posture. "In light of perceived risks (USD Index rally) and unknown risks (geopolitical risk), since the past three months the construct of our quant MF portfolios are more skewed towards a mild risk-off environment and liquid and defensive stocks as the impact cost is rising," explained the fund house. As of August 30, Quant’s Small-cap Fund, the largest in its kitty with assets under management of Rs 25,535 crore had about 16% in cash and money markets instruments. 84% of the corpus was deployed in equities, and 66% in small-caps. However, the fund’s top holdings were Reliance Industries (9.73%) and Jio Financial Services (4.59%). "Quant MF could be cautious on the market. Maybe they are in that risk off mode right now, which is why they have increased their large-cap exposure across their portfolios. Other small-cap fund managers are also keeping an increased cash level in their portfolios," said Shweta Rajani, Head of Mutual Funds, Anand Rathi Wealth. She added that if somebody was at an average 6 percent cash earlier, now they are possibly holding around 8 or 9 percent cash, waiting for an opportunity to deploy. There is a general expectation that there could be an correction soon, which would give them the chance to deploy. Quant’s September note also said that market corrections will offer excellent long term wealth building opportunities supported by strong fundamentals and improving corporate performance. "Our medium term outlook is constructive and sector rotation will play a key role while our long term outlook is bullish with a buy-on-dips strategy," it added. In a stark deviation from most traditional fund managers' long-term approach, the Sandeep Tandon-led fund house believes in a high churn rate. "Portfolio turnover ratio is an irrelevant measure because whether the portfolio turnover is high or low does not inherently provide meaningful information about the portfolio's ability to generate returns or manage risk," said Quant MF's September factsheet. On June 23,Moneycontrol exclusively reportedthat the capital market regulator Sebi conducted search and seizure operations on Sandeep Tandon-owned Quant Mutual Fund, as part of a probe by the regulator. From 1996 to 2008, the fund house launched 11 funds. However, since 2020, Quant has followed up, launching 16 mutual fund schemes in less than four years. Out of 27 funds, ITC features in the top three spot for 15 of the funds, while Reliance Industries makes the podium spot for 13 of the funds. On the debt side, Quant has three funds, of which two - the Quant Liquid Fund and the Quant Gilt Fund - have consistently underperformed their benchmarks. On the other hand, the third fund, Quant Overnight Fund, has grown in tandem with its benchmark, outperforming it over five years.

2024-09-05 12:41

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/au-small-finance-bank-bags-buy-tag-from-goldman-sachs-sees-20-potential-upside-12814795.html

AU Small Finance Bank bags 'buy' tag from Goldman Sachs, sees 20% potential upside

So far this year, shares of AU SFB dropped over 12 percent.Related stories.

A day after AU Small Finance Bank submitted its application to the Reserve Bank of India to transition from a small finance bank to a universal bank, analysts at Goldman Sachs have initiated a 'buy' rating on the counter and set the target price at Rs 831 per share. The target price implies a potential upside of over 20 percent from current levels. Goldman Sachs said that AU SFB was ready for its next innings and further drivers are in place for the stock's re-rating going ahead. "The stock's de-rating is largely done, sector lending EPS growth beckons," they stated. So far this year, shares of AU SFB dropped over 12 percent, underperforming benchmark Nifty 50's 16 percent surge during the same period. Earlier this year, AU SFB had hit a 52-week high of Rs 813 apiece on January 8. Catch all the market action on our LIVE blog Despite the slump, analysts believe that the valuations' de-rating is an opportunity to improve earnings dynamics. Goldman Sachs forecasts EPS growth of 27 percent CAGR over FY24-27 on an improved RoA profile. "We see improving deposit market share to sustain on its multi-pronged strategy. Better asset quality control and operating efficiency gains is likely, including merger synergies. AU SFB is relatively better placed in this cycle," the brokerage firm pointed out. AU SFB's application for a universal bank license is in-line with the RBI's mandate of applicants having a minimum net worth of Rs 1,000 crore, scheduled status, and a satisfactory track record of at least five years. In the recently concluded June quarter, AU SFB reported a 30 percent year-on-year increase in net profit to Rs 502 crore, while net interest income rose 54 percent YoY to Rs 1,920 crore.

2024-09-05 09:05

moneycontrol.com

https://www.moneycontrol.com/news/business/ptc-industries-stock-price-jumps-2-after-arm-bags-order-from-israel-12815265.html

PTC Industries stock price jumps 2% after arm bags order from Israel

PTC Industries share price has gained 7 percent in one month..Related stories.

Shares of PTC Industries rose over two percent to Rs 14,500 in the afternoon on September 5 after the company's wholly-owned subsidiary Aerolloy Technologies received an order from Israel Aerospace Industries (IAI) for the supply of Titanium cast components for Aerospace applications. "This is the first time that IAI is sourcing such cast components from India,"PTC Industriessaid in a regulatory filing. Aerolloy is a manufacturer of strategic and critical materials andhigh-integrity metal components, for various critical and super-critical applications in aerospace. Follow our LIVE blog for all the latest market updates "This is a significant achievement for the company, and we will now be working with one of Israel's leading organisations and a global leader. This new order has opened new opportunities for the company for exports to Israel in the defence and aerospace sectors," Sachin Agarwal, Chairman and Managing Director of PTC Industries, said. PTC Industries Limited is a leading global supplier of high-precision metal components for critical and super-critical operations across various segments, including Aerospace, Defence, and Industrial. The company has invested in well-integrated manufacturing units with facilities located in Uttar Pradesh and Gujarat. At about 3:05 pm, shares were trading at Rs 14,327, up 0.5 percent from the last close on the NSE. PTC Industries share price has gained 7 percent in one month.

2024-09-05 15:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sebi-staff-profile-nearly-60-between-21-40-years-old-mbas-leading-in-qualifications-12815200.html

SEBI staff profile: Nearly 60% between 21-40 years old; MBAs leading in qualifications

In its own words, SEBI is a “young and dynamic organization” with the average age of the staff pegged around 39 years.Related stories.

The Securities and Exchange Board of India (SEBI) is witnessing an unprecedented revolt from its staffers with the recent past seeing protests along with letters being shot off, highlighting issues related to the allegedly deteriorating work culture at the capital market watchdog though the regulator has strongly rebutted the allegations. While employee protests are common at workplaces especially when a large number of blue-collar jobs are involved, SEBI has a predominant white-collar staff strength with people with qualifications related to management degree or diploma forming the largest chunk. Interestingly, in its own words, SEBI is a “young and dynamic organization” with the average age of the staff pegged around 39 years. The total staff strength of the watchdog is a little over 1,000 – 1,067 to be precise, as on March 31, 2024 – and the largest chunk falls in the age bracket of 31-40 years with 34 percent share. Another 25 percent fall in the 21-30 years category, as per data disclosed in Sebi’s annual report for the year 2023-24. In other words, a high 59 percent of the total staff strength – 630 in absolute terms -- of SEBI is in the age bracket of 21-40 years. A total of only 18 percent of the total staff strength of Sebi is in the 51-60 years with another 23 percent in the 41-50 years age bracket. Also Read:ÂJunior officers misguided by external elements on HRA issues, says SEBI In terms of qualifications, nearly 350 staffers or 34.6 percent of the total workforce has a degree or post-graduate diploma in management (MBA/PGDM/PGDBA). The second-biggest chunk of 18.6 percent comes with an engineering background (BE/BTech/ME/MTech), followed by individuals with a law degree (LLB/LLM) that constitute 17.7 percent. Meanwhile, if one takes into account the grades of the employees, then as many as 729 belong to the Assistant General Manager, Manager, and Assistant Manager grades, followed by 151 Deputy General Managers, which is a rank above. As on March 31, 2024, SEBI had 63 General Managers and 42 Chief General Managers, which is just one rank below that of Executive Directors who directly report to the Whole Time Members, who, in turn, report to the chairperson of SEBI. Incidentally, data from the SEBI Annual Report for 2023-24 shows that the quantum of promotions fell significantly in FY24 when compared to the previous fiscal. In FY23, as many as 38 employees were promoted from Assistant General Manager rank to Deputy General Manager while this number fell to a mere five in FY24. Also Read:ÂSEBI employees protest at Mumbai headquarters a day after regulator says unprofessional work culture claims 'misplaced' Though the promotions in the Secretary grade saw a spike in FY24 with 35 such promotions compared to nil in the previous fiscal. In terms of job rotations, a total of 263 officers were rotated or assigned among different departments and regional or local offices in FY24. “In order to meet the organisational needs and to provide wider exposure to employees for gaining an all-round experience, officers in various grades are posted/transferred as part of inter-departmental and inter-office job rotation measures… Reallocation of departments amongst the Whole Time Members and Executive Directors was also undertaken during the year,” stated the SEBI annual report.

2024-09-05 14:32

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/pvr-inox-shares-extend-uptrend-to-third-day-surge-4-12815203.html

PVR Inox shares extend uptrend to third day, surge 4%

With today's gains, the stock also hit its highest level in 8 months..Related stories.

Shares of PVR Inox surged close to 4 percent on September 5, extending gains to the third session in a row. The upmove in the stock was triggered by upbeat sentiment around the company's prospects following strong box office collections of recently released movies. At 2.02 pm, shares ofPVR Inoxwere trading at Rs 1,575.25 on  the NSE, slightly off its day's high of Rs 1,582.40, which also happens to be the highest level in eight months. A slew of recent big blockbuster movies like Deadpool versus Wolverine, Stree 2 and Kalki 2898 AD have attracted huge box office sales, which are expected to aid PVR Inox's earnings. Additionally, the multiplex operator has found success by re-releasing past critically acclaimed films. The recent re-release of Sajid Ali's Laila Majnu even surpassed its original lifetime box office earnings. Earlier, films like Imtiaz Ali's Jab We Met and Rockstar were brought back to theaters, while Anurag Kashyap's highly popular Gangs of Wasseypur 1 and 2 is the latest addition to the list. Follow our market blog to catch all the live action The company also plans to close 70 underperforming screens in FY25 and explore potential monetisation of non-core real estate in key locations like Mumbai, Pune, and Vadodara, in a chase for more profitable growth. Alongside, it also aims to add 120 new screens in FY25, with around 40 percent of those additions in South India, where the company has a strategic focus on this underpenetrated market as part of its medium- to long-term plans. Additionally, PVR Inox is also moving towards a capital-light growth model, aiming to reduce its capex on new screen additions by 25-30 percent in the current fiscal year. Also Read |ÂPVR Inox stock dances to Stree 2's tunes; rises 4%

2024-09-05 14:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/adani-group-said-to-plan-to-sell-1-5-billion-of-dollar-bonds-12815222.html

Adani Group said to plan to sell $1.5 billion of dollar bonds

Indian companies have priced the highest amount of dollar debt in three years in 2024, raising almost $10 billion, data compiled by Bloomberg shows..Related stories.

Billionaire Gautam Adani’s conglomerate is in talks with global banks to raise at least $1.5 billion through dollar bond sales, a further indicator of the group’s rebound from a short seller attack. Proceeds would be used to refinance project debt, according to people familiar with the plans, who requested anonymity to discuss private details. Adani Group aims to complete the sales in multiple tranches by the end of February, two of the people said. Bonds would mainly be issued under theAdani Green Energy Ltd. andAdani Energy Solutions Ltd.units and through special purpose vehicles, according to the people. The plans include sales of green or sustainability-linked instruments, and discussions are ongoing with more than 10 banks, including in Japan, Europe and the Middle East, they said. Adani Group didn’t immediately respond to a request for comment. Moneycontrol Report:ÂAdani Group eyes $1 billion in foreign currency bonds for expansion The conglomerate returned to the dollar bond market in March for the first time since a report by short seller Hindenburg Research in early 2023 which made accusations of fraud and stock manipulation. Adani has repeatedly denied the claims. Since then, executives have attempted to rebuild investor confidence by trimming debt, advancing major projects and offering new details on the conglomerate’s future, including tycoon Adani’s retirement plans. Prices of the 18-year notes Adani sold earlier this year have steadily declined in the secondary market since issuance, trading at around 96 cents on the dollar on Thursday. Indian companies have priced the highest amount of dollar debt in three years in 2024, raising almost $10 billion, data compiled by Bloomberg shows. Firms are likely to raise at least $4 billion more through the rest of this year, according to JPMorgan Chase & Co.

2024-09-05 14:22

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/raymond-lifestyle-extended-wedding-season-this-year-12815323.html

Raymond Lifestyle bets an 'extended wedding season' this year will fashion a demand surge

An extended wedding season this year, lasting up to 45 days and spread across 4-5 months, is giving Raymond Lifestyle hopes of strong demand..Related stories.

Raymond Lifestyle is anticipating high demand during an extended wedding season this year, which should result in strong sales in the second half of this fiscal, Chairman Gautam Singhania said on the day the demerged entity listed on stock exchanges. "The wedding season is strong, and the coming 6-9 months should drive strong growth," Chairman Gautam Singhania told media persons on the sidelines of the listing event. "Post the listing of Raymond Lifestyle, we have ambitious plans as we aim to expand our retail presence & unlock further shareholder value," Chairman Gautam Singhania had posted on social media handle X, a day before to thelisting of the demerged entity. Shares ofRaymond Lifestyleended the debut session on September 5 with mild losses, down nearly 2.5 percent. Raymond's lifestyle business clocked a revenue of Rs 1,249 crore during the June quarter, down by 8 percent compared to a year ago. However, the management is confident that second half will see good sales, and the apparel company is preparing to ramp up portfolio as well as expand retail presence to capture demand this festive and wedding season. Raymond Lifestyle has set out a revenue growth target of 12-15 percent over next 3-5 years with a targetted EBITDA of Rs 2,000 crore by FY28. What's giving Raymond Lifestyle confidence is an extended wedding season this year, lasting for up to 45 days and spread across 4-5 months. "this is one of the largest number of wedding days to come together", Sunil Kataria, CEO of the Lifestyle Business had said during the earnings call, indicating that the business promises to be 'very, very positive.' "The weddings that did not happen in the first half are likely to come back together with a backlog towards the second part of the season," Kataria had said in August. The company said this year there were 'negligible' weddings during the April-May season, a factor that may have dampened the quarterly footfalls. An intense spell of heatwave during starting April and continuing all through June, as well as election-related restrictions too played a role. Keeping these in mind, Raymond Lifestyle is now betting on a strong rebound during the second quarter of the fiscal. "With the festive season starting on towards end of second quarter and with very, very strong wedding dates in place, the second half of the year would be very, very good," said Sunil Kataria. Kataria added that around 45 days or so before the wedding season, the business starts to see traction, so signs of a demand may be visible from the second quarter itself. "We would expect a gradual recovery happening in this quarter, and momentum picking up towards the second half itself." Raymond Lifestyle houses brands like Raymond Ready to Wear, Park Avenue, ColorPlus, Parx, Made to Measure and Ethnix by Raymond. The menswear company plans to add 900 more stores to increase presence across cities.

2024-09-05 16:01

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ril-board-approves-11-bonus-issue-for-shareholders-12814996.html

RIL board approves 1:1 bonus issue for shareholders

Reliance Industries (RIL) fixed the record date for the bonus issue in its September 5 board meeting..Related stories.

Reliance Industries Ltd's (RIL) board on August 5 approved a 1:1 bonus issue, marking the company's first bonus offering after September 2017. Shareholders will get one free share for each held. Reliance Industries, India's most valuable company, will share details about the record date at a later date. In a regulatory filing, the company said, "the record date will be intimated separately". The RIL board also approved a proposal to increase the authorized share capital of the company to Rs 50,000 crore from Rs 15,000 crore. This is the fifth time the company has announced plans to reward shareholders with bonus shares. It offered bonus shares in 1983, 1997, 2009 and 2017. Year to date, the RIL stock has delivered 15.3 percent returns. It gained 23.3 percent in the past year. At the company’s 47th annual general meeting, Reliance Industries chairman Mukesh Ambani unveiled an ambitious vision to transform India’s largest conglomerate into a deep-tech and new energy powerhouse to drive growth and expansion. Ambani outlined his strategy to harness cutting-edge technologies, including artificial intelligence (AI), 5G, and high-tech manufacturing, to propel RIL into a new hyper-growth orbit. He emphasised Reliance Industries dedication to investing in new technologies, including artificial intelligence (AI), Internet of Things (IoT), machine learning, and robotics, to create a world-class manufacturing ecosystem. The company aims to invest up to Rs 75,000 crore to set up the Dhirubhai Ambani Green Energy Giga Manufacturing Complex, which will be the largest, most advanced, modular, and integrated ecosystem in the world at a single site. Ambani told shareholdersthat the ongoing technology-driven transformation will push the company into a new phase of rapid growth and significantly increase its value in the years ahead.

2024-09-05 15:48

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/stock-radar-udayshivakumar-infra-kec-ashoka-buildcon-nlc-india-baazar-style-retail-in-focus-on-friday-12815661.html

Stock Radar: Udayshivakumar Infra, KEC, Ashoka Buildcon, NLC India, Baazar Style Retail in focus on Friday

Stocks in Focus.Related stories.

Let's catch up on the latest news from the stock market. From significant investments to major deals, fund raising and appointments, here’s a quick look at which stocks will be in focus in today's trade: Stocks To Watch Prestige Estates Projects The south-based real estate company has raised Rs 5,000 crore via Qualified Institutions Placement (QIP) at an issue price of Rs 1,674 per share. ICICI Prudential Mutual Fund, HDFC Life Insurance Company, Aditya Birla Sun Life Trustee, New World Fund Inc, NPS Trust, Max Life Insurance Company, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund were the largest investors among participants. Aptus Value Housing Finance India The board has approved the allotment of 10,000 non-convertible debentures (NCDs) of Rs 1 lakh each, amounting to Rs 100 crore, through private placement. Udayshivakumar Infra The company has entered into three joint ventures with KMC Construction (KMCCL) for bidding on national highways project works under the EPC mode in Karnataka. All three joint ventures have won the bidding and become the lowest bidders for projects worth Rs 1,057.3 crore. KEC International The RPG Group company has secured new orders worth Rs 1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia. With these orders, its year-to-date order intake stands at over Rs 11,300 crore. Ashoka Buildcon The company's subsidiary, Viva Highways, has monetized its land under its real estate portfolio in Hinjewadi, Pune, for Rs 453 crore. NLC India The Coal Ministry has allocated the Machhakata Coal mine to NLC India. This coal mine has reserves of 1.4 billion tonnes, with an average grade of G10 - G11, and a capacity of 30 MTPA. It is NLC's second commercial coal mine. Gujarat Mineral Development Corporation The Coal Ministry has allocated the Kudanali Lubri Coal mine to the company. Pidilite Industries The company has entered into an exclusive distribution agreement with CollTech Group, which manufactures adhesives and thermal management solutions. Pidilite will serve as the exclusive distributor of CollTech’s products in India. Camlin Fine Sciences The board will meet on September 10 to consider raising funds via a rights issue of equity shares. Shreyas Shipping and Logistics The Ministry of Corporate Affairs has approved the incorporation of the company's wholly owned subsidiary, Transworld Sea-Connect IFSC Private Limited. PDS The company will further invest Rs 84 crore ($9.9 million) in its subsidiary, Multinational Textile Group, which is incorporated under the laws of Mauritius, in one or more tranches. Sundaram-Clayton The company has commissioned the commercial production of aluminum die castings effective September 5. The new facility, located in the industrial area of the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), has an initial annual capacity of 7,750 MT of aluminum die castings. Venus Pipes The Directorate of Revenue Intelligence conducted a search at the registered and corporate offices of Venus Pipes & Tubes on September 5, for alleged evasion of customs duty on imported goods. The company had deposited Rs 5 crore as duty under protest. The action is not expected to have any material impact on the company's financial operations or other activities. Finolex Cables Nikhil Naik has stepped down as Chairman of the board of the company. The Board appointed Ratnakar Barve as Chairman. Godfrey Phillips Amid the ongoing promoter dispute at Godfrey Phillips, the Delhi High Court denied Ruchir Modi's plea to block his grandmother, Bina Modi, from voting at the 87th annual general meeting (AGM) on September 6. The court refused to restrain Bina Modi from voting on behalf of KK Modi's Family Trust for her own reappointment. The court's decision comes as a relief for Bina Modi, who holds a pivotal role in the company's leadership and controls 48% of the shareholding through the trust. Additionally, Justice Naveen Chawla directed Bina Modi to provide semi-annual disclosures regarding the remuneration and benefits she receives as MD of the company, as reported by CNBC-TV18. Bulk Deals Ecos India Mobility & Hospitality Plutus Wealth Management LLP bought a 0.7% stake in Ecos at an average price of Rs 473.1 per share, valued at Rs 20.3 crore. Max Financial Services Promoter entity Max Ventures Investment Holdings sold a 3.18% stake in the company at an average price of Rs 1,107.37 per share, amounting to Rs 1,218.1 crore. Hilton Metal Forging Investor Nexia International sold a 1.2% stake in the company at an average price of Rs 86 per share, valued at Rs 2.18 crore. Forbes & Company Foreign portfolio investor India Discovery Fund sold over a 1% stake in the company at an average price of Rs 631.09 per share, amounting to Rs 8.3 crore. Gokak Textiles India Discovery Fund exited Gokak Textiles by selling its entire shareholding of 3.09% to Bridge India Fund at an average price of Rs 199 per share, valued at Rs 3.99 crore. Forbes Precision Tools and Machine Parts Foreign portfolio investor Antara India Evergreen Fund bought a 1.12% stake in Forbes Precision at an average price of Rs 340.5 per share, valued at Rs 19.7 crore. However, India Discovery Fund sold 1.62% of its shares at an average price of Rs 340.88 per share, amounting to Rs 28.5 crore. Mainboard Listing on September 6 Baazar Style Retail SME Listing on September 6 Boss Packaging Solutions Stocks Turn Ex-Dividend eClerx Services, GNA Axles, Medi Assist Healthcare Services, Metro Brands, NBCC India, The New India Assurance Company, Protean eGov Technologies, Quess Corp, Gujarat Narmada Valley Fertilizers & Chemicals, Gujarat State Petronet, AAA Technologies, Agarwal Industrial Corporation, Asian Hotels (East), Alfred Herbert (India), Alufluoride, Aztec Fluids & Machinery, Brisk Technovision, Chemcrux Enterprises, Gujarat Intrux, Hindprakash Industries, Jagsonpal Pharmaceuticals, KRBL, Krishanveer Forge, Nahar Capital & Financial Services, Nahar Polyfilms, Nahar Spinning Mills, NDL Ventures, Perfectpac, Phoenix Township, PPAP Automotive, Responsive Industries, Shipping Corporation of India, Shipping Corporation of India Land and Assets, Senco Gold, Sika Interplant Systems, SML Isuzu, Smruthi Organics, Sterling Tools, Tatva Chintan Pharma Chem, Triton Valves, Triveni Turbine, Triveni Engineering & Industries, Uniphos Enterprises, Vardhman Holdings, Vardhman Special Steels, Vardhman Textiles, Zen Technologies Stocks Trade Ex-Date for Buyback Arex Industries, Ladderup Finance Stock Trades Ex-Date for Rights Patel Integrated Logistics Stock Trades Ex-Date for Bonus VST Industries F&O Ban Bandhan Bank, Biocon, Chambal Fertilisers and Chemicals, Aditya Birla Fashion and Retail, Balrampur Chini Mills, Hindustan Copper, RBL Bank

2024-09-06 03:23

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-bank-nifty-defend-10-day-ema-on-last-day-of-week-12815587.html

Trading Plan: Will Nifty, Bank Nifty defend 10-day EMA on last day of week?

Nifty Trading Plan.Related stories.

The Nifty 50 remained in a consolidative mode, closing with a moderate loss on September 5. The index stayed above all key moving averages and recorded a higher high-higher low formation, although there was a bearish candlestick pattern resembling a Dark Cloud Cover-like pattern (not a classical one). According to experts, as long as the index holds above the 10-day EMA (25,087), the consolidation is likely to continue in the coming sessions, with resistance at 25,300-25,350. The Bank Nifty is also expected to be rangebound, with support at 51,281 (10-day EMA) and a hurdle at 51,750 on the higher side. On Thursday, the Nifty 50 fell by 54 points to 25,145, continuing the downtrend for another session. The Bank Nifty rose by 73 points to 51,473. On the NSE, 1,437 shares advanced, while 997 shares declined. Nifty Outlook and Strategy Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management at MOFSL The Nifty index has been making higher highs and higher lows on a weekly scale for the last four weeks and recently rallied by more than 1,400 points from 23,893 to 25,333. It has remained consolidative between 25,080 and 25,333 for the last five sessions. However, the major trend of the market is positive, and some sort of consolidative move could be seen with a buy-on-decline stance. The index needs to continue holding above the 25,000 level for an upward move towards 25,500 and 25,750, with key support existing at the 24,850 level. India VIX is hovering near 13-14, and the overall lower base supports the bullish stance for buying on declines. Key Resistance: 25,500, 25,750 Key Support: 25,000, 24,850 Strategy: Buy on declines with support at 24,850 for a target towards 25,500-25,750 levels. Hardik Matalia, Derivative Analyst at Choice Broking The 25,000 mark is expected to act as a crucial support. The overall trend remains positive as long as it holds above the 24,950 level on a closing basis. On the upside, resistance can be seen near the 25,330 level, which is close to Nifty's record high. Investors should closely monitor these support and resistance levels for further market cues. If the Nifty surpasses its all-time high, there is potential for continued upward movement in the near term. Key Resistance: 25,250, 25,350 Key Support: 25,050, 24,950 Strategy: Buy on dips near the 25,050 level for a target of 25,250 and 25,350 levels, with a stop-loss of 24,950 on a closing basis. Virat Jagad, Technical Research Analyst at Bonanza The Nifty started on a positive note, but there was some profit-taking observed in the previous session, where a "Dark Cloud Cover" pattern appeared on the daily chart. This pattern suggests that sellers are stepping in at higher price levels. Despite this, the index is approaching its 21-day EMA, which could act as a support level. Additionally, the RSI (Relative Strength Index) hit resistance near the overbought region and is now trending downwards. Overall, the market seems to be shifting from neutral to slightly negative. Key Resistance: 25,300, 25,500 Key Support: 25,000, 24,800 Strategy: Sell near 25,200 with a stop-loss of 25,300 for a target of 25,000. Bank Nifty - Outlook and Positioning Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management at MOFSL The Bank Nifty has been gradually making higher highs and higher lows for the last three weeks but has been underperforming the broader market. It has been stuck between 51,250 and 51,750 for the last five trading sessions, but supports are intact, attracting declines to be bought. The index needs to continue holding above the 51,250 level for an upward move towards 52,000, while support is seen at 51,250 and then 51,000. Key Resistance: 51,750, 52,000 Key Support: 51,250, 51,000 Strategy: Buy on declines with support at 51,000 for a target towards the 52,000 zone. Hardik Matalia, Derivative Analyst at Choice Broking On the downside, strong support is seen around the 51,300-51,000 levels, while resistance is expected around the 51,700-51,900 levels. If the Bank Nifty sustains above the 51,900 level, we may see a strong upward move towards the 52,300-52,500 range. The overall chart structure appears sideways to positive, with the index trading within the 51,000-51,700 range. However, if the Bank Nifty closes below the mentioned support levels, further correction could be witnessed. Traders are advised to maintain a strict stop-loss to manage risk effectively and to book quick profits during trades. Key Resistance: 51,700, 51,900 Key Support: 51,300, 51,000 Strategy: Buy on dips near the 51,300 level for a target of 51,700-51,900 levels, with a stop-loss of 51,000 on a closing basis. Virat Jagad, Technical Research Analyst at Bonanza The Bank Nifty has been consolidating for the past 30 sessions, stuck in a wide range between 49,700 and 51,700. To move higher, it needs to stay above the upper end of this range. On the daily chart, a small negative candle with short shadows on both ends indicates indecision among traders. The RSI is also near the midline, which supports the sideways movement. For the Bank Nifty to resume its upward trend, it needs to break above the 51,700 level. Key Resistance: 51,700, 52,000 Key Support: 51,100, 50,800 Strategy: Sell 51,700 strike Call and 51,100 strike Put for the current series expiry.

2024-09-05 22:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/technical-view-nifty-fails-to-hold-gains-slips-below-25150-recommends-buy-on-dips-12815290.html

Technical View: Nifty fails to hold gains, slips below 25,150; recommends buy on dips

Market Today.Related stories.

The Nifty 50 index extended its losing streak on the second consecutive session on September 5 with Nifty falling below 25,150 ahead of upcoming US economic data. The index opened on a positive note, but as the day progressed, it erased all the gains and turned red, closing near to day's low. At close, Nifty was down 53.60 points or 0.21 percent at 25,145.10. Top Nifty gainers included Titan Company, LTIMindtree, Wipro, BPCL, and ITC, while losers were Coal India, Britannia Industries, Cipla, Dr Reddy's Labs, and Reliance Industries. On the sectoral front, selling was seen in auto, energy, and realty, while buying was seen in the bank, metal, IT, and media. The broader indices outperformed and hit record high in today's session. Nifty midcap 100 index rose 0.4 percent, and Nifty smallcap 100 index added 1 percent. "Nifty opened gap up today, but witnessed profit booking during the course of the day to close in the red, down 50 points. On the daily charts we can observe that after the gap down in the previous trading session the price structure has weakened," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. "The uptrend is still intact. However, there is high probability of a consolidation within the range of 25000 – 25350 over the next few trading sessions. Dips towards the support zone 25100- 25050 should be used as a buying opportunity. On the upside, immediate hurdle is placed at 25300 – 25350," he added. The Bank Nifty index also opened higher and touched a high of 51,636.75 during the day. However, selling at higher level erased some of the intraday gains to close with marginal gains at 51,473.05. "The Bank Nifty outperformed today and closed in the green today. The Banking sector stood out after underperforming in the recent days. We expect the Bank Nifty to take the lead going ahead and expect levels of 51900 – 52000 from short term perspective. The crucial support zone is placed in the range 51100 – 51000," Gedia said.

2024-09-05 16:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-hero-motocorp-titan-coforge-irctc-indian-hotels-and-others-on-friday-12815639.html

Trade Spotlight: How should you trade Hero MotoCorp, Titan, Coforge, IRCTC, Indian Hotels and others on Friday?

Stocks in News.Related stories.

The benchmark Nifty 50 continued its southward journey for another session, falling by 54 points to 25,145. However, the market breadth was positive on September 5, with 1,437 shares advancing and 997 shares declining on the NSE. While the index may consolidate further, the overall trend remains in favour of the bulls. Below are some trading ideas for the near term: Amol Athawale, VP- Technical Research at Kotak Securities Indian Hotels Company| CMP: Rs 670.45 Indian Hotels is in a rising channel chart formation with a higher high and higher low series pattern on the weekly charts. Additionally, technical indicators like the ADX (Average Directional Index) and RSI (Relative Strength Index) are indicating a further uptrend from current levels, which could boost the bullish momentum in the near future. Strategy: Buy Target: Rs 710 Stop-Loss: Rs 645 PVR INOX| CMP: Rs 1,580 PVR INOX has shown a robust rally from lower levels in recent weeks. Moreover, there has been a fresh breakout along with decent volume from the ascending triangle chart formation on the daily scale. As a result, the comfortable close above its breakout zone suggests that upward momentum is likely to persist in the coming horizon. Strategy: Buy Target: Rs 1,690 Stop-Loss: Rs 1,525 IRCTC| CMP: Rs 945 Indian Railway Catering & Tourism Corporation (IRCTC) is in the accumulation zone, trading in a range-bound mode for the past many sessions. The chart formation and technical indicator RSI (Relative Strength Index) indicate that the counter is likely to break out from its rectangle formation for a new leg of the up move in the near term. Strategy: Buy Target: Rs 1,010 Stop-Loss: Rs 910 Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management at MOFSL Coforge| CMP: Rs 6,551 Coforge is in an overall uptrend and holding gains at higher zones. It has been forming higher tops and higher bottoms for the past three weeks, with its base shifting higher. A bullish candle has formed on the daily chart, and the momentum indicator RSI is positively placed, which may support the ongoing up move. Strategy: Buy Target: Rs 7,000 Stop-Loss: Rs 6,350 Hero MotoCorp| CMP: Rs 5,734 Hero MotoCorp has given a falling channel breakout on the weekly chart and managed to close above it. On the daily chart, it has given a trendline breakout and is continuously outperforming within the auto space. The ADX (Average Directional Index) indicator is in a strong uptrend, suggesting that the up move has strength. Strategy: Buy Target: Rs 6,000 Stop-Loss: Rs 5,600 Virat Jagad, Technical Research Analyst at Bonanza Titan Company| CMP: Rs 3,722.85 Titan Company has broken out of an ascending triangle pattern on the daily chart, indicating a potential uptrend. The sharp increase in trading volume suggests strong buying interest, supporting a bullish outlook. The stock is trading above key EMAs (Exponential Moving Averages), adding to the positive momentum, with the RSI also moving higher, confirming the bullish trend. The stock might face resistance around Rs 3,725, and if it breaks above this level, it could rise further towards Rs 4,050. On the downside, immediate support is at Rs 3,560. Strategy: Buy Target: Rs 4,050 Stop-Loss: Rs 3,560 Alkyl Amines Chemicals| CMP: Rs 2,222 Alkyl Amines Chemicals has broken out from a Double Bottom pattern on the daily chart, a strong bullish signal suggesting the potential for continued price gains. The rise in trading volume during the last session shows growing buying interest, reinforcing the positive outlook. The stock is trading above key EMAs, aligning with the bullish trend. The DMI+ (Directional Movement Index) has crossed above the DMI-, indicating a favourable trend shift, while the ADX is moving up, signaling a strengthening trend. Overall, these indicators point to a bullish scenario with potential for further gains in the near term. Strategy: Buy Target: Rs 2,360 Stop-Loss: Rs 2,150 Hardik Matalia, Derivative Analyst at Choice Broking Gujarat Fluorochemicals| CMP: Rs 3,524 Gujarat Fluorochemicals presents a promising buying opportunity. The stock has broken out of a consolidation range on the daily chart, supported by high trading volumes, indicating strength in the upward move. If the price holds above the Rs 3,550 level, it is likely to continue its advance toward the target of Rs 4,020. The RSI stands at 66.50 and is trending upward, signaling increased buying momentum. Furthermore, it has surpassed its key moving averages, including the short-term (20-day) EMA, medium-term (50-day) EMA, and long-term (200-day) EMA, reinforcing a bullish outlook. Based on these technical indicators, we recommend taking a long position in Gujarat Fluorochemicals at Rs 3,524. Strategy: Buy Target: Rs 4,020 Stop-Loss: Rs 3,270 Metropolis Healthcare| CMP: Rs 2,144.9 The daily chart of Metropolis indicates a long-term uptrend, characterized by higher highs and higher lows. The stock has formed a strong bullish candle, supported by significant trading volumes, reflecting robust buying interest. The recent breakout from a consolidation pattern enhances the bullish outlook, and maintaining levels above previous resistance will be crucial for sustaining upward momentum. If Metropolis holds above Rs 2,170, it is likely to target Rs 2,350, continuing the current uptrend. The RSI is at 58.68 and trending upward, signaling increasing buying momentum. Furthermore, Metropolis is trading above key moving averages, including the short-term (20-day) and medium-term (50-day) EMAs, which confirms the strength of the bullish trend. Based on these positive technical indicators, Metropolis appears poised for additional upside. A buy recommendation is suggested at the current market price of Rs 2,144.90, with the opportunity to buy on dips down to Rs 2,100. Strategy: Buy Target: Rs 2,350 Stop-Loss: Rs 2,050 BLS International Services| CMP: Rs 455 BLS International has recently broken out of a small consolidation range, as well as a Cup and Handle pattern on the daily chart. The stock has rebounded from its support zone, suggesting that the bullish trend is likely to continue. If BLS holds above the Rs 465 level on a closing basis, it is poised to move toward an upward target of Rs 515. The RSI is at 72.80 and trending upward, indicating increased buying momentum. Additionally, BLS is trading above key moving averages, including the short-term (20-day) and medium-term (50-day) EMAs, which reinforces the bullish outlook. Based on the technical setup and indicators such as the RSI and moving averages, buying BLS International at Rs 455 presents a compelling opportunity for potential gains. Strategy: Buy Target: Rs 515 Stop-Loss: Rs 425

2024-09-06 04:02

moneycontrol.com

https://www.moneycontrol.com/news/business/moneycontrol-pro-panorama-time-for-a-reality-check-in-equity-markets-12815219.html

Moneycontrol Pro Panorama | Time for a reality check in equity markets?

In equity markets across countries, stock prices have crashed leaving investors in financial distress..Related stories.

Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. This week saw the backlash of stock prices of two mega companies on the US bourses. One, the chip maker Nvidia, whose shares plunged by about 9.5 percent on Tuesday wiping out about $300 billion in a single day! Two, in a completely different industry segment, US Steel shares too tanked 25 percent, with trading briefly halted after news reports alleging that its $14.1 billion deal with Japan's Nippon Steel may be at risk. These are two of the most recent and glaring examples where mere whispers in investor circles -- not confirmed at times -- are sufficient to erase a lifetime of gains made in equity markets. There are numerous such instances in equity markets across countries, developed and emerging, where stock prices have crashed leaving investors in financial distress. And it is not always stock-specific debacles that investors have witnessed. At times, there is a market rout that put investors in a quandary (Japanese Yen carry trade, Middle-East conflict). In this context, it is perhaps time for a reality check in Indian equities, given the unabated rally. Driven by liquidity and unfettered by rising valuations, the Nifty 50 is holding up beyond 25,000 and the BSE Sensex above 82,000. Valuations are not reasonable. On the contrary, the price-to-earnings multiples are at a slight premium to the 10-year averages across segments -- large-cap, mid-cap and small-caps. This article highlights thatÂall is not well in mid-caps. “A significant portion of the rally in mid-caps can be attributed to the substantial inflows of mid-cap, small-cap, and sectoral/thematic funds,” it states. Besides, recent macroeconomic data have not been flattering. Q1 FY2025 gross domestic growth (GDP) faltered, so did the Purchasing Managers’ Index for August, which slowed. At a micro level, the earnings growth for the quarter moderated on the back of a revenue slowdown. Several sectors such as auto, cement and conspicuous goods consumption portray moderation in growth. Indeed, the silver lining is softening inflation which is raising hopes of an interest rate cut sooner than later. For investors, the dilemma would be whether to opt for a paltry 6-7 percent return from secure fixed income or continue riding the bullish sentiment in equity markets till it lasts. Investing insights from our research team Fedbank Financial – The stock weakness prices in the concerns Concord Biotech: Strong hold on fermentation APIs stays Indian Energy Exchange: Is it still a good pick for the portfolio? What else are we reading? Bajaj Housing Finance needs more than a successful IPO to become the next HDFC Start-up Street: Does India have true-blue startupreneurs or only start-up founders? J&K Assembly elections: tough challenge for BJP Banks are left nearly bald after IBC haircuts; what's the cure? Chart of the Day | How India’s fintech revolution powered digital transactions Rising US sales are boosting profit margins of large pharma companies Gaps in climate finance framework may provide access to new breed of predators Commodities and the soft landing (republished from the FT) Agentic AI, a game-changer in task management Election predictions are too noisy to tell if Harris or Trump wins Inflation: To target or not to target, the question rises again The billion dollar question: What to do in the markets now? SEBI’s shifting positions on beneficial ownership leaves FPIs in limbo Personal Finance Top 20 mutual fund distributors earn 53% of total commission payout in FY24 Markets India’s family offices boom: 7x growth in six years Technical Picks:ÂBank Nifty, PVR Inox, Tata Motors-DVR, Zomato, RECÂ(These are published every trading day before markets open and can be read on the app). Vatsala KamatMoneycontrol Pro Â

2024-09-06 15:44

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nifty-ends-in-red-on-weekly-expiry-day-auto-energy-sectors-top-laggards-12815166.html

Nifty closes in red as investors await US economic data; auto, energy sectors top laggards

The broader market outperformed the benchmarks, with the BSE Midcap rising 0.3 percent and the BSE Smallcap index gaining 0.6 percent..Related stories.

The Sensex and Nifty closed in red on September 5, the day of the weekly expiry of Nifty derivative contracts. Investors also remained cautious ahead of a slew of US economic data scheduled to be released, which would provide insights into the potential magnitude of the Federal Reserve's anticipated rate cut in its September meeting. At close,┬Ā the Sensex was down 151 points or 0.2 percent at 82,201 and the Nifty 50 was down 54 points at 25,145. About 2,185 shares advanced, 1,585 shares declined, and 99 shares remained unchanged. Automobile, and oil and gas stocks dragged the Nifty 50 down.┬ĀOn the positive side, Nifty IT and Nifty Media were the top sectoral gainers, rising 0.8 percent and 0.5 percent, respectively.Coforge,Infosys, Wipro, and LTIMindtree contributed to the Nifty IT index's performance.LTIMindtreeandWiprowere also among the top gainers on the Nifty 50, with both stocks rising over a percent. Follow our live blog for all the market action In a research report, SBI Funds Management said that despite the strength observed in the Indian market, the market breadth has narrowed and there's been a shift towards more defensive sectors like consumer, technology, and healthcare.┬ĀThese sectors┬Āhave started to outperform cyclical sectors such as capital goods, real estate, and PSUs. "Quality stocks, which have strong business models and long-term growth potential, are also starting to outperform lower-quality stocks," the report said. Amongst individual stocks,Coal India,Dr Reddy's, andCiplawere among the major laggards on the Nifty 50, falling between 1.3-1.5 percent. Titan Companyshares closed over 3 percent higher and stood out as the top gainer on Nifty 50, with heavy trading volumes. Over 34 lakh shares of the company changed hands on the exchanges, higher than its one-month daily average of 12 lakh shares. Also Read |┬ĀThis Radhakishan Damani owned stock is up 20% in five days, here's why The broader market outperformed the benchmarks, with the BSE Midcap rising 0.3 percent and the BSE Smallcap index gaining 0.6 percent. Investors now await the US services industry data and jobless claims, due to be released later in the day. The highly anticipated nonfarm payrolls report is due on September 6.

2024-09-05 15:57

moneycontrol.com

https://www.moneycontrol.com/news/business/gainers-losers-top-stocks-that-moved-the-most-on-september-5-12815264.html

Gainers & Losers: Top stocks that moved the most on September 5

Indian equity markets continued their losing streak for second straight day..Related stories.

Indian equity markets continued their losing streak for second straight day. At close, the Sensex fell 0.18 percent, while Nifty 50 was down 0.21 percent. Interglobe Aviation | CMP: Rs 4,827 per share | The stock rose almost a percent on September 5 after Jefferies maintained its 'buy' recommendation on the counter and raised the target price on positive levers for growth. With a new target price of Rs 5,225, the international brokerage sees an upside potential of 8.5 percent from the previous closing price on the National Stock Exchange. PVR Inox | CMP: Rs 1,581 per share | The stock surged close to 4 percent on September 5, extending gains to the third session in a row. The upmove in the stock was triggered by upbeat sentiment around the company's prospects following strong box office collections of recently released movies. Century Textiles | CMP: Rs 2,360 per share | The stock gained around 1.5 percent in the morning session on September 5 after the firm issued a corporate guarantee valued at Rs 400 crore in favour of Hindalco Industries. The corporate guarantee is related acquisition of a land parcel situated at Kalwa, Thane from Hindalco Industries by Ekamaya Properties, a wholly owned subsidiary of Birla Estates, which in turn is a wholly owned subsidiary of Century Textiles. AU Small Finance Bank | CMP: Rs 702 per share | Shares ended 2 percent higher a day after AU Small Finance Bank submitted its application to the Reserve Bank of India to transition from a small finance bank to a universal bank, analysts at Goldman Sachs have initiated a 'buy' rating on the counter and set the target price at Rs 831 per share. The target price implies a potential upside of over 20 percent from current levels. Chola Finance | CMP: Rs 1,821 per share | The stock surged over 5 percent to hit an all-time high of Rs 1,797 on September 5 after Goldman Sachs initiated 'buy' call on the counter, seeing better earnings growth story. The stock surpassed its target price set at Rs 1,786 apiece. Linde India | CMP: Rs 7,439 per share | The stock surged over 3 percent on September 5 after the company entered into an agreement with Tata Steel to acquire industrial gas supply assets at their Kalinganagar Phase 2 expansion project. The deal includes two 1800 tpd Air Separation Units (ASUs). Goldiam International | CMP: Rs 388 per share | The stock rose 1 percent percent to hit a 52-week high of Rs 355 after the company informed the exchanges that it has secured export orders worth Rs 70 crores from a US retailer for diamond-studded gold jewellery, a majority of which involves lab-grown diamonds. Sona BLW | CMP: Rs 735 per share | The stock surged over 4 percent on September 5 after the company revealed plans to launch a Rs 2,400 crore Qualified Institutional Placement (QIP). The company has set a floor price at Rs 699.01 per share for the QIP fund raise and may offer another 5 percent discount at its own discretion. Suzlon  | CMP: Rs 76 per share | The stock surged over 4 percent after it sold its headquarters building, located in Pune, to 360 ONE for a total consideration of Rs 440 crore. Interarch Building | CMP: Rs 1,185 per share | The stock surged over 7 percent in trade on September 5 after the company inaugurated a new manufacturing plant in Andhra Pradesh. The said plant is the fifth manufacturing unit set up by the company, worth a total investment of Rs 95 crore.

2024-09-05 15:41

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/broking-firms-sail-on-higher-trading-volumes-jm-financial-edelweiss-iifl-securities-soar-up-to-9-12815076.html

Broking firms see higher trading volumes; JM Financial, Edelweiss, IIFL Securities stocks soar up to 9%

The rising investor activity in broking firms comes at a time when markets are sitting at all-time highs.Related stories.

Shares of broking companiesJM Financial,Edelweiss Financial Services, IIFL Securities, and Nahar Capital Financial Services surged up to 9 percent on September 5 amid spurt in volumes. With today's surge, these stocks have risen up to 25 percent in just a week, beating benchmark Nifty 50's flat move during the same period. The rising investor activity in broking firms comes at a time when markets are sitting at all-time highs, with Nifty reclaiming 25,100-mark and Sensex recovering to 82,000 levels, said Chokkalingam G, Founder of Equinomics Research. "Higher trading volumes always improves financial metrics of broking firms, hence we are seeing a strong buying activity in these counters," he added. The overall trading volumes on the NSE exchange also grew to 40,091 lakh on September 4, up from 33,437 lakh on September 3. Earlier, Geojit Financial Services was also the talking point of Dalal Street as it hit lifetime high of Rs 155 apiece on September 3 due to heavy volumes. Geojit Financial is engaged in the business of retail and institutional broking and distribution of financial products. Catch all the market action on our LIVE blog Amid the raging bull market, another broking firm - DAM Capital Advisors has also filed its draft red herring prospectus (DRHP) with Sebi to raise funds. DAM Capital provides a wide range of financial solutions in areas of investment banking, comprising equity capital markets, mergers and acquisitions, private equity, and structured finance advisory; and institutional equities, comprising broking and research. DAM Capital said that its IPO will have an offer for sale of up to Rs 3,206 crore shares. Through the IPO -  investor selling shareholders - Multiples Alternate Asset Management is selling up to 8,800,000 shares, RBL Bank is offloading 6,831,000 shares, Easyaccess Financial Services is selling up to 5,123,250 shares, and Narotam Sekhsaria is offloading up to 7,068,600 shares. Nuvama Wealth Management is the Book Running Lead Manager to the IPO, while Link Intime India is the registrar of the issue.

2024-09-05 14:44

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/baazar-style-retail-shares-likely-to-list-at-15-premium-over-ipo-price-on-september-6-12815460.html

Baazar Style Retail shares likely to list at 15% premium over IPO price on September 6

IPO of Baazar Style Retail garnered 40.63 times subscription on the closing day..Related stories.

Baazar Style Retail shares are likely to be listed at a 10-15 percent premium on the bourses on Friday, experts believe. The initial public offer of Rekha Jhunjhunwala-backed value fashion retailer garnered 40.63 times subscription on the closing day of bidding. The Rs 835-crore initial share sale had a price band for the offer is Rs 370-389 per share. Akriti Mehrotra, Research Analyst at Stoxbox said the stock is poised for a decent market debut and expected to list at a 15 percent premium. The IPO was a combination of a fresh issue of equity shares worth Rs 148 crore and an offer for sale (OFS) of up to 1.76 crore shares valued at Rs 687 crore (at the upper end of the price band) by promoter group entities and other selling shareholders. Baazar style retail is one of the leading players in the value retail market in West Bengal and Odisha. Additionally, its other core and focus markets include Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh and Chhattisgarh. Narendra Solanki, Head Fundamental Research - Investment Services, Anand Rathi Shares and Stock Brokers noted the company is well focused on catering to the needs of aspirational Indians with affordable pricing only in Tier II and Tier III cities. "We believe that the company may list above issue price based on the subscription data and market sentiments," he added. Prashanth Tapse, Sr VP Research – Research Analyst at Mehta Equities Ltd said despite the expensive valuation and higher OFS offer, Baazar Style Retail received a decent 40x subscription demand considering the market optimism and ongoing IPO demand & listing performances. "Considering markets' muted mood and decent subscription demand, we expect a decent listing gain around 10-15% against the issue price of Rs 389 per share in the best-case scenario," Tapse stated. Proceeds from the fresh issue, to the extent of Rs 146 crore will be used for payment of debt and the remaining funds will be used for general corporate purposes.

2024-09-06 01:42

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/diis-net-buy-shares-worth-rs-2970-crore-fiis-net-sell-shares-worth-rs-689-crore-12815520.html

DIIs net buy shares worth Rs 2970 crore, FIIs net sell shares worth Rs 689 crore

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Domestic institutional investors (DII) net bought shares worth Rs 2970 crore while Foreign investors (FII) turned net sellers on September 5 and offloaded shares worth Rs 689 crore, provisional data from NSE showed. DIIs bought shares worth Rs 14,803 crore and sold shares worth Rs 11,832 crore. Meanwhile, FIIs purchased Rs 17,447 crore in shares and offloaded equities worth Rs 18,136 crore during the trading session. In the year so far, FIIs have net sold shares worth Rs 1.37 lakh crore, while DIIs have bought shares worth Rs 3.14 lakh crore. "Sector-wise, selling pressure was observed in auto, energy, and realty sectors, while buying interest was noted in the bank, metal, IT, and media sectors. The broader indices saw some gains, with the Nifty Midcap 100 index rising by 0.4 percent and the Nifty Small Cap 100 index increasing by 1 percent," said Hardik Matalia, Derivative Analyst at Choice Broking. He added that the India VIX declined by 1.18 percent to 14.2075, indicating reduced market volatility and increased investor confidence, which could support further market gains.

2024-09-05 20:24

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https://www.moneycontrol.com/news/business/markets/trade-setup-for-friday-top-15-things-to-know-before-the-opening-bell-61-12815604.html

Trade setup for Friday: Top 15 things to know before the opening bell

Stock Market Trend.Related stories.

The market failed to sustain higher levels and finished moderately lower for the second consecutive session but still held above all key moving averages as of September 5. Overall, the trend remains positive. The Nifty 50 is likely to remain range-bound, with immediate support at 25,080 (the low of the previous day's low, which coincides with the previous swing high of August 1 as well as the 10-day EMA), while resistance remains in the 25,300-25,350 area, according to experts. Below are 15 data points we have collated to help you spot profitable trades: Here are 15 data points we have collated to help you spot profitable trades: 1)Key Levels For TheNifty 50 Resistance based on pivot points: 25,239, 25,274, and 25,330 Support based on pivot points: 25,126, 25,092, and 25,035 Special Formation: The Nifty 50 formed a bearish candlestick pattern resembling a Dark Cloud Cover-like pattern (not a classical one) on the daily timeframe. There was a negative crossover in the momentum indicator RSI (Relative Strength Index), but it remains above the 60 level. The index is still well above all key moving averages, which is a positive sign. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 51,594, 51,653, and 51,747 Support based on pivot points: 51,405, 51,347, and 51,252 Resistance based on Fibonacci retracement: 51,972, 52,592 Support based on Fibonacci retracement: 50,615, 49,761 Special Formation: The Bank Nifty remained within Tuesday's trading range for the second consecutive session, forming a small bearish candlestick pattern with upper and lower shadows, indicating volatility. The index has sustained above all key moving averages, with a positive bias in the momentum indicators RSI and MACD (Moving Average Convergence Divergence). 3)Nifty Call Options Data According to the weekly options data, the 25,200 strike holds the maximum open interest (with 3.24 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,300 strike (1.21 crore contracts) and the 25,600 strike (1.16 crore contracts). Maximum Call writing was seen at the 25,200 strike, which saw an addition of 2.57 crore contracts, followed by the 25,600 and 25,700 strikes, which added 38.95 lakh and 26.6 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,500 strike, which shed 17.86 lakh contracts, followed by the 26,000 and 25,000 strikes, which shed 10.6 lakh and 4.16 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the maximum open interest was seen at the 25,100 strike (with 1.4 crore contracts), which can act as a key support level for the Nifty. It was followed by the 25,000 strike (1.02 crore contracts) and the 24,800 strike (1.02 crore contracts). The maximum Put writing was observed at the 25,100 strike, which saw an addition of 72.79 lakh contracts, followed by the 24,800 and 24,900 strikes, with 42.21 lakh and 19.44 lakh contracts added, respectively, while the Put unwinding was seen at the 24,500 strike, which shed 23.8 lakh contracts, followed by the 24,600 and 24,400 strikes, which shed 14.45 lakh and 13.72 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the weekly options data, the 51,500 strike holds the maximum open interest, with 26.81 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 52,000 strike (18.09 lakh contracts) and the 52,500 strike (13.57 lakh contracts). Maximum Call writing was visible at the 51,500 strike (with the addition of 9.01 lakh contracts), followed by the 51,600 strike (8.53 lakh contracts) and the 52,000 strike (6.85 lakh contracts), while there was hardly any unwinding seen. 6)Bank Nifty Put Options Data On the Put side, the maximum open interest was seen at the 51,500 strike (with 20.13 lakh contracts), which can act as a key level for the index. This was followed by the 51,000 strike (15.23 lakh contracts) and the 51,400 strike (10.39 lakh contracts). The maximum Put writing was observed at the 51,500 strike (which added 7.97 lakh contracts), followed by the 50,700 strike (4.87 lakh contracts) and the 51,000 strike (4.6 lakh contracts), while there was hardly any Put unwinding seen. 7)Funds Flow (Rs crore) 8)Put-Call Ratio The Nifty Put-Call ratio (PCR), which indicates the mood of the market, jumped to 1.33 on September 5, from 1.08 levels in the previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. 9)India VIX Volatility declined after a day of increase and remained within the lower range, which continues to provide comfort for bulls. The India VIX fell by 1.18 percent to 14.2, down from 14.38 levels. 10)Long Build-up (48 Stocks) A long build-up was seen in 48 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (30 Stocks) 30 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (50 Stocks) 50 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (56 Stocks) 56 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14)High Delivery Trades Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock. 15)Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Bandhan Bank, Biocon, Chambal Fertilisers and Chemicals Stocks retained in F&O ban: Aditya Birla Fashion and Retail, Balrampur Chini Mills, Hindustan Copper, RBL Bank Stocks removed from F&O ban: Nil Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

2024-09-06 06:25

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https://www.moneycontrol.com/news/business/markets/bulk-deals-plutus-wealth-management-buys-4-29-lakh-shares-in-ecos-india-mobility-12815548.html

Bulk deals: Plutus Wealth Management buys 4.29 lakh shares in Ecos India Mobility

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Plutus Wealth Management LLP bought 4.29 lakh shares of Ecos (India) Mobility and Hospitality for an average price of Rs 473.1 via a bulk deal on September 5. Saint Capital Fund bought 1.49 lakh shares of Mos Utility for an average price of Rs 285. Minerva Ventures Fund bought 1.29 lakh shares of Mos Utility for an average price of Rs 285.94. Aviator Global Investment Fund sold 1.55 crore shares of Dudigital Global for an average price of Rs 71.9. Legends Global Opportunities (Singapore) PTE bought 32 lakh shares of Steel Exchange of India for an average price of Rs 119.16. Meanwhile LGOF Global Opportunities Limited sold 22 lakh shares in the company for an average price of Rs 118.85. Bridge India Fund bought 2 lakh shares in Gokak Textiles for an average price of Rs 199. In the meantime, India Discovery Fund Limited sold 2 lakh shares in the same company for an average price of Rs 199. India Discovery Fund bought 1.2 lakh shares in Forbes and Company for an average price of Rs 631.09. Block deals Legends Global Opportunities (Singapore) PTE. bought 22 lakh shares in the Steel Exchange of India for an average price of Rs 118.85, while LGOF Global Opportunities Limited sold 22 lakh shares in the same for an average price of Rs 118.85.

2024-09-05 20:45

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https://www.moneycontrol.com/news/business/markets/this-radhakishan-damani-owned-stock-is-up-20-in-five-days-heres-why-12815276.html

This Radhakishan Damani owned stock is up 20% in five days, here's why

The stock has sharply rebounded from its record lows that it touched back in March this year..Related stories.

Ace investor  Radhakishan Damani owned stock--Mangalam Organics is going up the staircase as it was locked in its 5 percent upper circuit for the third straight session. With this upmove, the stock has climbed nearly 20 percent in the past five sessions. Even though the rebound in the stock began after it hit a record low in March this year, the latest trigger for a rally in the counter has been a stake increase by its promoter. The stock has moved from one upper circuit to another since data on exchanges showed that its promoter Kamalkumar Ramgopal Dujodwala lapped up 3.2 lakh shares, representing nearly 4 percent stake in Mangalam Organics valued at 17.82 crore. Also Read |ÂThis Radhakishan Damani owned stock is making a comeback; Here's what's driving the upmove in Mangalam Organics The recent stake increase by the promoter triggered a fresh wave of confidence among investors, signaling a potential rebound for the company in the coming quarters. Despite industry headwinds, the company consistently delivered improved net profits quarter-on-quarter last fiscal. With signs of recovery emerging in the chemicals sector, Mangalam Organics' earnings are expected to strengthen in the upcoming quarters, as the worst now appears to be over." Also, with the consistent rise in the share price ofMangalam Organics, the stock has more than tripled in value from its record lows of around Rs 200 that was touched in March. On September 5, the stock closed at Rs 629.80. The stock has also kept its place intact in ace investor Radhakishan Damani's portfolio as he owns a 2.2 percent stake in the commodity chemicals company that he bought in the June quarter of FY21.

2024-09-05 15:30

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/gmr-airport-shares-rise-over-2-after-rs-566-crore-large-trade-12815268.html

GMR Airport shares rise over 2% after large trade worth Rs 566 crore

GMR Airport shares rise over 2% after 1% equity changes hand in Rs 566 crore large trade.

Shares of GMR Airports zoomed over 2 percent on September 5 after a large trade deal worth Rs 566 crore took place on the exchanges. Around 6 crore equity shares changed hands, as per sources cited by CNBCTV18. Moneycontrol could not immediately verify the buyers and sellers in the transaction. At the time of publishing,GMR Airports' shares were trading at Rs 95.75 apiece, up 2.49 percent.

2024-09-05 17:03

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https://www.moneycontrol.com/news/business/ipo/bajaj-housing-finance-ipo-hdfc-mf-icici-pru-mf-sbi-mf-gic-singapore-likely-to-get-anchor-book-allocation-12815062.html

Bajaj Housing Finance IPO: HDFC MF, ICICI Pru, GIC Singapore, Morgan Stanley likely to get anchor book allocation

The IPO will close for subscription on September 11.Related stories.

The Rs 6,560-crore initial public offer (IPO) ofBajaj Housing Financeis likely to see marquee names like HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Singapore sovereign wealth firm - GIC, Goldman Sachs Asset Management and Morgan Stanley Asia among others participate as anchor investors, said sources familiar with the development to Moneycontrol. The public issue, which will open for subscription on September 9, comprises of a fresh issue of shares worth Rs 3,560 crore, while its parent company, Bajaj Finance, will sell shares worth Rs 3,000 crore through an Offer for Sale (OFS) component. The price band of the offering has been fixed between Rs 66 and Rs 70 per share. At the upper end of the price band, the company's post-issue market capitalisation is expected to be around Rs 58,300 crore. The IPO will close for subscription on September 11. Here are the key details of the IPO: Price Band:The price range for the IPO is Rs 66 to Rs 70 per share. Investors can apply for a minimum of 214 equity shares and multiples thereafter. Listing Date:The IPO will be listed on September 16. Early trends in the grey market indicate a strong debut for the shares. Offer Structure:50% of the offer (approximately Rs 2,930 crore) is reserved for Qualified Institutional Buyers (QIBs); 15% (around Rs 879 crore) will be allocated to Non-Institutional Investors (NIIs); 35% (approximately Rs 2,051 crore) is reserved for retail investors. Utilisation of Proceeds:The proceeds from the OFS component will go to Bajaj Finance, the parent company. According to the draft document, the fresh issue proceeds will be used to augment Bajaj Housing Finance’s capital base to support future business growth, particularly for onward lending. About the Company:Bajaj Housing Finance, a non-deposit-taking housing finance company registered with the National Housing Bank since September 2015, began mortgage lending in FY18. With an AUM of Rs 97,100 crore as of June 30, Bajaj Housing Finance is the second-largest housing finance company in India and is wholly owned by Bajaj Finance. As of June 30, the company had nearly 3.24 lakh active customers, with 83.2 percent being home loan customers. Its loan disbursements were Rs 12,003.51 crore for the quarter ended June 30, 2024. Financial Performance:Bajaj Housing Finance reported total revenue from operations of Rs 22,086.5 crore for the quarter ended June 30, 2024. For FY24, the company's total revenue stood at Rs 76,173.1 crore, compared to Rs 56,647.3 crore in FY23. Profit after tax (PAT) for FY24 was Rs 1,731 crore, up from Rs 1,257.8 crore in FY23. Lead Managers:The book-running lead managers for the IPO are Kotak Mahindra Capital, BofA Securities India,  Goldman Sachs (India), SBI Capital Markets, JM Financial, Axis Capital and IIFL Securities. KFin Technologies has been appointed as the IPO registrar.

2024-09-05 16:32

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https://www.moneycontrol.com/news/business/markets/easemytrip-shares-zoom-14-as-board-approves-incorporating-subsidiary-to-make-electric-buses-12815243.html

EaseMyTrip shares zoom 14% as company ventures into electric bus manufacturing, announces new subsidiary Easy Green Mobility

EaseMyTrip stock gained 14.2 percent to hit the day's high of Rs 44.38 per share on the NSE..

EasyMyTrip.com has announced venturing into the electric bus manufacturing market through its new subsidiary, Easy Green Mobility. Easy Green Mobility will manufacture EV buses, with YoloBus (another subsidiary of EaseMyTrip) serving as its operating arm. With the latest announcement, the company aims to tap into the sustainable mobility segment. In an exchange filing, the company said "EaseMyTrip is investing INR 200 crore for extensive R&D, Product Development, and setting up Manufacturing Plant over the span of 2-3 years." The company's shares gained 14 percent in Thursday's trade after the announcement by online travel company. EaseMyTripstock gained 14.2 percent to hit the day's high of Rs 44.38 per share on the NSE. The company was in the news in January this year, after it suspended flight bookings to Maldives amid the boycott trend following derogatory remarks by some Maldives ministers against PM Narendra Modi over his visit to Lakshadweep.

2024-09-05 16:34

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https://www.moneycontrol.com/news/business/markets/dr-reddys-shares-sink-after-chinese-authority-suspends-import-sale-use-of-its-atomoxetine-hydrochloride-capsule-12811945.html

Dr Reddy's shares sink after Chinese authority suspends import, sale, use of its Atomoxetine Hydrochloride capsule

On August 30, Dr Reddy's received an order from GST Authority towards tax demand of Rs 13.54 crore..Related stories.

Dr Reddy's shares sank into the red after the Chinese drug regulator National Medical Products Administration of China (NMPA) decided suspended the import, sale, and use of the pharma giant's Atomoxetine Hydrochloride capsules. At 10.30 am,Dr Reddy'sshares sank 1.4 percent in trade to Rs 6,937 on the NSE. Follow our live blog for more In a filing with the exchanges, Dr Reddy's Laboratories said that the NMPA China recently conducted a remote inspection of the firm's formulations manufacturing facility for Atomoxetine Hydrochloride capsules. Atomoxetine Hydrochloride is a capsule which is used for treating attention deficit hyperactivity disorder (ADHD) in adults and children. The NMPA concluded that the production quality management of Atomoxetine Hydrochloride capsules does not meet the requirements of China's "Good Manufacturing Practice for Drugs (Revised in 2010)". Therefore, it decided to suspended the import, sale, and use ofthe DRL's Atomoxetine Hydrochloride capsules effective August 30, 2024. The  National Drug Joint Procurement Office, China, after considering the order of the NMPA, decided to cancel Dr. Reddy's Laboratories' Atomoxetine Hydrochloride capsules “won” status. It also decided to list the Dr Reddy's on the "Violation List", which suspends the pharma major's  eligibility to participate in China's national centralized drug procurement activities from August 30, 2024 to February 28, 2026. On August 30, Dr Reddy's received an order from GST Authority towards tax demand of Rs 13.54 crore. "The authority has passed the order for the year 2019-20 and 2020-21 on the contention that the Company has excess availed of ITC," said the pharma firm in an exchange filing. Dr Reddy's will evaluate filing necessary appeal with the appellate authority in this regard.

2024-09-02 10:41

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https://www.moneycontrol.com/news/business/markets/ethanol-policy-shift-to-boost-sugar-companies-earnings-trigger-sector-re-rating-report-12811859.html

Ethanol policy shift to boost sugar companies' earnings, trigger sector re-rating: Report

The current sugar inventory in India is projected to exceed 8 million tonnes as of October 1, well above the minimum requirement of 5 million tonnes, said DAM Capital..Related stories.

The clarity on ethanol blending policies and the full utilisation of distillery capacities by sugar mills are expected to drive strong earnings growth for sugar companies from Q3FY25 and also result in sector re-rating,┬ĀDAM Capital said in a report. The brokerage maintained its "Buy" recommendation for larger sugar companies such asBalrampur Chini Mills,Triveni Engineering, andDalmia Bharat Sugar. The government's recent decision to lift restrictions on ethanol production from sugarcane juice and B-heavy molasses routes is likely to drive up ethanol prices before the new season begins, DAM Capital said. In a notification, issued by the Ministry of Consumer Affairs on August 29, the government announced that ethanol can now be produced from all available feedstocks, including sugarcane juice, B-heavy, C-heavy molasses, and grains. Additionally, sugar mills and standalone distilleries are now permitted to procure up to 2.3 million tonnes of rice from the Food Corporation of India (FCI) for ethanol production. This move marked a reversal of policies imposed in December 2023, which had restricted ethanol production from these routes due to rising sugar prices in the lead-up to the 2024 general election.┬ĀThese changes, according to DAM Capital, are expected to reinvigorate the ethanol blending program for the 2024-25 season. Also Read |Balrampur Chini, Praj Ind, other sugar stocks surge after govt allows ethanol production from cane juice The current sugar inventory in India is projected to exceed 8 million tonnes as of October 1, well above the minimum requirement of 5 million tonnes. With gross sugar production expected to remain at 32 million tonnes, surpassing the consumption rate of 29 million tonnes, there will be a surplus of over 5 million tonnes available for ethanol production. DAM Capital estimates that approximately 4-5 million tonnes of sugar will be diverted towards ethanol production, sufficient for the production of 4.5 to 5 billion litres of ethanol. This development is expected to allow sugar companies to fully utilise their distillery capacities, which have been underutilised at around 60-70 percent due to feedstock restrictions last season. The report also said that it will improve the economies of grain-based ethanol. The availability of FCI rice for ethanol production, coupled with sufficient molasses supply, is expected to enhance operating margins for grain ethanol, projected to reach 10-12 percent.┬Ā"We believe grain ethanol economies would improve significantly from 2024-25 procurement year," the report said. Given the current inventory levels and the anticipated increase in distillery utilisation rates, DAM Capital is optimistic about larger sugar companies. The brokerage identified Balrampur Chini Mills as a strong performer, estimating that it will produce 320 million litres of ethanol/ENA (Extra Neutral Alcohol) by FY26 through its distillery operations. Follow our live blog for all the market action Triveni Engineering is also expected to benefit from higher sugarcane crushing following the acquisition of a new plant in western Uttar Pradesh last year. The report estimates Triveni Engineering's distillery volume to reach 220 million litres by FY26. Meanwhile, Dalmia Bharat Sugar is expected to fully utilise its grain distillery, producing an estimated 220 million litres of ethanol by FY26. However,Dwarikesh Sugaris likely to face challenges due to a lack of sugarcane availability in its catchment area, attributed to red-rot disease. This caused DAM Capital to┬Āmaintain a "Sell" recommendation for the stock. At 10 AM, Dalmia Bharat shares traded 2 percent higher. Meanwhile, shares of┬ĀBalrampur Chini Mills,┬ĀTriveni Engineering, and┬ĀDwarikesh Sugar were down 0.7-1.0 percent.

2024-09-02 10:19

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https://www.moneycontrol.com/news/business/markets/ecos-mobility-ipo-allotment-likely-today-how-to-check-status-online-and-what-gmp-suggests-12812000.html

ECOS Mobility IPO allotment status: Here's step-by-step guide to check your bidding status and what GMP indicates

ECOS Mobility IPO allotment will likely be announced today..Related stories.

Ecos (India) Mobility & Hospitality allotment status is likely to be declared on September 2 after the three-day bidding closed on August 30. The bidders for the Rs 601-crore share sale can check their allotment status on the official website of the registrar, Link Intime and the BSE. ECOS Mobility IPO had a high subscription of 64.18 times on the closing day of bidding on Friday. ECOS Mobility IPO allotment status check on Link Intime Step 1:Open the direct link to the registrar by clickinghere. Step 2:Select the company from the dropdown menu. Step 3:You check your allotment status by filling in details like PAN, Application number or DP client ID. Step 4:Press the Submit button Step 5:Your allotment status will be shown in the window. ECOS Mobility IPO allotment status check on BSE Step 1: Open the website of Bombay Stock Exchange (BSE). Step 2:Click on 'Investors' option. Step 3:On the 'Investor Services' dropdown, click on 'Status of Issue Application'. Step 4:Click on 'Application Status Check'. Step 5:Select Equity in the issue type. Step 6:Fill in the required details including the 'Issue Name'. Step 7:Enter your PAN number and click on Search to view the status ECOS Mobility IPO GMP As per multiple websites that track the grey market premium activities, the shares of ECOS Mobility are commanding a GMP in the price range of Rs 153 - 160 in the unlisted market.The IPO had a price range of Rs 318-334 a share. ECOS Mobility IPO listing date The company's shares will be listed on BSE and NSE on 4th September. The Delhi-based company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles from economy to luxury cars. It also provides speciality vehicles like luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.

2024-09-02 12:13

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/paytm-profit-booking-recent-gains-12811930.html

Paytm stock drops over 3 percent on profit booking after recent gains

Following restrictions imposed by the Reserve Bank of India on Paytm Payments Bank, Paytm Payments Services has become one of the largest remaining segments of the fintech firm's business..Related stories.

Shares of One 97 Communications, Paytm parent, fell as much as 3.5 percent in early trade on September 2 as investors booked profits after the recent rise that had taken the stock higher by over 15 percent in two sessions. At 10.37 am, shares ofPaytmwere trading at Rs 598.65 on the NSE, down from a high of Rs 631.45 touched intraday in the previous session. Much of the gains are courtesy a 12 percent surge on Friday, after last week's go ahead on downstream investment in Paytm Payments Services. On August 28, Paytm Payments Services received a nod from the Finance Ministry for 'downstream investment' from its parent company, One 97 Communications, as per the company's exchange filing. Catch all the market action on our LIVE blog Following the approval, Paytm Payments Services Limited (PPSL), a wholly-owned subsidiary of One 97 Communications, will move forward by resubmitting its payment aggregator (PA) application. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to its existing partners," stated One 97 Communications. This approval is seen as a positive step towards normalising business operations for Paytm Payments Services, particularly in light of previous regulatory concerns linked to the company's connections with China. Paytm's payment aggregator license application was rejected by the RBI in November 2022, and the company was instructed to reapply in compliance with Press Note 3, which requires government approval for investments from countries sharing land borders with India. At the time of the rejection, China's Alibaba Group was the largest stakeholder in Paytm. Following restrictions imposed by the Reserve Bank of India on Paytm Payments Bank, Paytm Payments Services has become one of the largest remaining segments of the fintech firm's business, contributing to a quarter of its consolidated revenue for FY23. Also Read |ÂPaytm secures nod for downstream investment in Paytm Payments Services

2024-09-02 11:47

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https://www.moneycontrol.com/news/business/markets/moil-shares-dip-over-3-after-price-revisions-for-manganese-ore-12811974.html

MOIL shares dip over 3% after price revisions for manganese ore

MOIL Ltd.Related stories.

Shares ofMOILÂLtdÂfell over 3 percent on September 2 after the company announced a revision in the prices of manganese ore and other products, effective from September 1. At 11.10 AM, shares of MOIL traded nearly 3 percent lower at Rs 389 per share. The stock has gained 30 percent in the past six months, outperforming the Nifty 50 which gained 13 percent during the same period. For September 2024, prices for all Ferro grades of manganese ore with a manganese content of 44 percent and above have been decreased by 20 percent from their levels as of August 1. Similarly, Ferro grades of manganese ore with manganese content below 44 percent have seen a price decrease of 15 percent. Follow our live blog for all the market action Price reductions were also applied to other categories of manganese ore and products. Prices for SMGR (Manganese content of 30 percent and 25 percent), fines, and chemical grades were decreased by 15 percent. Additionally, the basic price of Electrolytic Manganese Dioxide (EMD), which was set at Rs 2.1 lakh per metric ton, was reduced by Rs 5,000 per metric ton, bringing the new price to Rs 2.05 lakh per metric ton. Manganese is used in various industrial applications, particularly in stainless steel for its strength, workability, and wear resistance. Manganese oxide serves as an oxidising agent and finds uses in rubber additives, glassmaking, fertilisers, and ceramics. MOIL is primarily engaged in the mining of manganese ore and is the largest manganese ore producer in the country. The company had three segments: mining, manufacturing, and power generation. It operates in underground and opencast mines in Nagpur and Bhandara in Maharashtra and Balaghat, Madhya Pradesh.

2024-09-02 11:42

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https://www.moneycontrol.com/news/business/stocks/option-strategy-united-spirits-shares-witness-volume-breakout-covered-call-recommended-12812264.html

Option strategy | United Spirits shares witness volume breakout; covered call recommended

Stock market trend.Related stories.

United Spirits Ltd shares have achieved a price-volume breakout on the daily charts and are currently trading above the breakout zones in recent market movements. "The stock is in a higher highs and higher lows cycle and is on the verge of breaking above recent resistance levels on the daily charts," said Arun Kumar Mantri, Founder of Mantri Finmart. To capitalise on the upside momentum, Arun Kumar Mantri suggests a covered call strategy: Trade Setup: Buy one lot of United Spirits September futures at Rs 1,485Sell one lot of United Spirits September 1520 call at Rs 25BEP: Rs 1,460Max Loss: Unlimited below BEPMax Profit: Rs 42,000 Technical View TheUnited Spiritsstock has shown a strong price-volume breakout on the daily charts and continues to trade above breakout zones in recent market movements. It is trading well above its major moving averages, and the Bollinger Band (20,2) suggests further price appreciation. Support is found in the Rs 1,440-Rs 1,450 range, while near-term resistances are at Rs 1,520 and Rs 1,540. The stock is in a higher highs and higher lows cycle and is nearing a breakout above recent resistance levels on the daily charts. The recent price performance indicates strength, suggesting the positive momentum will continue in the coming days. The counter is comfortably trading above its 21, 50, 100, and 200 DEMA on both daily and weekly charts, underscoring its strength. Leading indicators such as Parabolic SAR and MACD also point to a positive trend in the near term.

2024-09-02 14:13

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https://www.moneycontrol.com/news/business/markets/single-filing-with-exchanges-sebi-madhabi-puri-buch-12811988.html

Single filing with exchanges to be a reality soon, says Sebi's Madhabi Puri Buch

Buch also made a case for simplifying the language in the regulation, and inclusion of other Indian languages too, through the use of AI..Related stories.

Capital market regulator chairperson Madhabi Puri Buch, while speaking at a CII Summit, said that single corporate filings on stock exchanges are going to be a reality soon, and disclosures filed with one exchange it will reflect all all other exchanges. "Single filing with exchanges is going to become a reality soon. If you file your disclosure with one exchange it will be filled at the other exchanges," Madhabi Puri Buch said. Buch also made a case for simplifying the language in the regulation, and inclusion of other Indian languages too, through the use of AI. "We are on the cusp where language barriers should be a thing of past," Buch said. "There should be no barrier for people to be informed investors." The Bombay Stock Exchange (BSE) has been making efforts to improve the turnaround time in disseminating information received from listed companies to the shareholders on its website in the fastest possible mode. The exchange said in the past that it aims to do so without compromising on quality and timeliness of the information. In 2017, BSE had introduced the CAFS mode, which provided for disclosures by listed companies directly on the Exchange website without any pre-verification by BSE. A Two Factor Authentication (“TFA”) has been deployed for this, and BSE says it has ensured 'almost instantaneous' dissemination of price sensitive information to the investors. Filing via the CAFS - initially only for listed companies- was extended in FY24 to other segments like, debt, mutual funds, and commercial papers. In FY24, the Exchange received over 16.83 lakh filings by companies using the CAFS system. BSE is now working on a format with other MIIs, to introduce a way to receive filing under various regulations in the XBRL (eXtensible Business Reporting Language) format.

2024-09-02 13:13

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https://www.moneycontrol.com/news/business/markets/suzlon-energy-stock-extends-losses-for-3rd-straight-session-multibagger-up-800-in-2-years-12812164.html

Suzlon Energy stock extends losses for 3rd straight session; multibagger up 800% in 2 years

Analysts are bullish on Suzlon's future, highlighting the company's strong position to compete for PSU tenders, including those from NTPC..Related stories.

Shares of Suzlon Energy extended their losing streak for a third straight session on September 2, dropping over 4 percent and pushing the company’s market capitalization below Rs 1 lakh crore. This decline comes after a strong rally between May and August 2024, during which the multibagger stock soared 81 percent. Over the past year, the stock has surged more than 200 percent, quadrupling investors' capital. This impressive rise has been fueled by strong quarterly financial results, strategic debt reduction, and substantial order wins. Analysts are bullish on Suzlon's future, highlighting the company's strong position to compete for PSU tenders, including those from NTPC. They anticipate Suzlon will secure significant orders in FY25 and beyond, benefiting from reduced competitive pressure. By the end of Q1FY25,Suzlon Energy's order book hit a record high of 3.8 GW, the largest in its history. The current orders are slated for execution through FY26, with a significant portion expected to be fulfilled in FY25. Follow our market blog to catch all the live action Suzlon Energy expects to commission 5.0 to 5.5 GW of projects in FY25, with plans to increase this to 6.5-7.0 GW in FY26 and further to 8.0-9.0 GW by FY27. Following a robust operational turnaround, both domestic and international brokerage firms have repeatedly raised their target prices on Suzlon with the stock breaching them ahead of time. In terms of technical, Suzlon has been trading thinly at 36 percent above the mean. The relative strength index shows a negative slope from within the overbought zone, suggesting a waning of price momentum, according to Kushal Gandhi, Technical Analyst, StoxBox. The stock finds immediate support at its 20-day moving average, currently around 76.20. If it drops below this level, further profit booking could follow, he said. At 1:07 pm, Suzlon shares were trading 3.8 percent lower at Rs 72.95 on the National Stock Exchange (NSE). The stock has gained around 89 percent so far this year, beating Nifty's returns of 16 percent. In the past 24 months, the counter has delivered astronomical returns of around 800 percent. In comparison, Nifty rose 44 percent during this period.

2024-09-02 13:22

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https://www.moneycontrol.com/news/business/markets/aegis-logistics-stock-surges-on-heavy-volumes-up-10-in-a-month-12812285.html

Aegis Logistics stock surges on heavy volumes, up 10% in a month

In the past 1 month, the counter has risen nearly 10 percent. In comparison, Nifty rose 2.2 percent during this period..Related stories.

Shares ofAegis Logisticssurged around 8 percent on September 2 due to heavy volumes. A total of 9 lakh shares of the company changed hands on BSE and NSE combined so far in the day, compared to one-month average trading volume of 5 lakh shares. Recently, Aegis Vopak Terminals Limited (AVTL), a subsidiary of the company, issued 95.37 crore fully paid-up equity shares as a bonus. These shares are valued at Rs 953.7 crore in total. The Board of Directors of AVTL approved the allocation of these bonus shares through a resolution passed on August 28, 2024. Aegis Vopak Terminals operates network of terminals located in five strategic ports in the country. It is one of the largest independent tank storage companies for LPG and chemicals with a capacity of nearly 9.6 lakh cubic metres. Last month, it was reported that AVTL is looking to file its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO). Follow our market blog to catch all the live action The subsidiary ofAegis Logisticsis looking to raise nearly Rs 4,500 crore through a fresh issue, reported CNBC-TV18 citing sources. Since the company's IPO will be a fresh issue entirely, the entire proceeds of Rs 4,500 crore will come into the company and is expected to be used for expansion purposes. The IPO is expected to value Aegis Vopak Terminals at around Rs 35,000 to Rs 37,500 crore. The IPO DRHP is expected to be filed by September 2024 and the issue is expected to be launched towards the end of the current calendar year, the report said. At 2:20 pm, Aegis Logistics shares were trading 6 percent higher at Rs 798.85 on the National Stock Exchange (NSE). The stock has gained around 4 percent so far this year, underperforming Nifty's returns of 16 percent. In the past 1 month, the counter has risen nearly 10 percent. In comparison, Nifty rose 2.2 percent during this period.

2024-09-02 14:20

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https://www.moneycontrol.com/news/business/stocks/nifty-sensex-maintain-firm-gains-as-fmcg-it-stocks-lead-rally-vix-up-3-12811942.html

Nifty, Sensex off day's high as metal, pharma stocks spoil party; VIX rockets 5%

Tata Motors, M&M, Wipro, Airtel, and NTPC were the top Sensex losers.Related stories.

Benchmark indices Nifty 50 and Sensex pared most gains while still being in the green, albeit marginally after after a sharp downturn in metal and pharma stocks dampened sentiment in the market. This comes after the Nifty gained for a massive 13th consecutive session. To be sure, the benchmark indices climbed to a fresh record high in the morning. At 1 pm,  the Sensex was up 93.46 points or 0.11 percent at 82,459.23, and the Nifty was up 8.60 points or 0.03 percent at 25,244.50. About 1422 shares advanced, 2025 shares declined, and 111 shares unchanged. Follow our LIVE blog for all the latest updates However, the broader market sentiment took a downturn in the afternoon session, resulting in a mixed performance across indices. The two fell 0.3 and 0.7 percent, respectively. Despite worries over lofty valuations, especially with some stocks in the space showing exponential growth, the broader market has still managed to outshine the Nifty’s year-to-date gains. The India VIX, the barometer to assess market anxiety, rebounded 5 percent to inch just above 14 levels. Also read:ÂPremier Energies shares poised for stellar market debut with over 100% IPO gains Sectoral Trend Nifty FMCG index was the biggest gainer, rising almost a percent higher after gains in ITC, HUL and Varun Beverages uplifted the sentiment. The index has been on a robust run in the past months, rising nearly 18 percent in 3 months. Nifty IT also gained 0.5 percent, extending its rally to a fifth consecutive session after on hopes of a US Fed rate cut in just over two weeks. Among laggards were Nifty Metal, Auto and Pharma indices. Among laggards, Nifty Pharma, Auto, and Metal stocks plunged up to 1.2 percent. Fundamental View The market has entered a phase of steady but mild gains, driven by the accumulation of quality large-cap stocks. Foreign Institutional Investors (FIIs) turning buyers last week, primarily due to some large bulk deals, have also boosted market sentiment. A positive close today would mark a historic 13-day winning streak for the Nifty, setting a new record for the Indian stock market. Sentiment-wise, this is a positive development, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He also added that IT stocks have made a comeback on hopes of increased tech spending in the US, supported by the anticipated soft landing of the US economy. Read more:ÂMarkets are neither cheap nor expensive, investors need to keep return expectations low: Vikas Khemani Technical View The Nifty surged for the 12th straight session, breaking past 25,078 to a new high, with a target of 25,600 and support at 24,900. Sensex also broke out above 22,800, closing over 82,000, and is eyeing 83,000-83,500, with support at 80,500. Key levels to watch: support at 81,300/24,900 and resistance at 83,500/25,600, says Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher. Key Nifty Gainers Bajaj Finserv, Bajaj Finance, HCL Tech, Hero MotoCorp, and ITC Key Nifty Losers Adani Enterprises, Kotak Mahindra Bank, Nestle India, Grasim, and Coal India Key Sensex Gainers Bajaj Finserv, Bajaj Finance, HCL Tech, ITC, and UltraTech Cement Key Sensex Losers Tata Motors, M&M, Wipro, Airtel, and NTPC Stock Moves Paytm: The share price fell as much as 3.5 percent in early trade on September 2 as investors booked profits after the recent rise that had taken the stock higher by over 15 percent in two sessions. Much of the gains are courtesy of a 12 percent surge on Friday after last week's go-ahead on downstream investment in Paytm Payments Services. Dr Reddy's: Shares slipped nearly 2 percent after the Chinese drug regulator National Medical Products Administration of China (NMPA) decided to suspend the import, sale, and use of the pharma giant's Atomoxetine Hydrochloride capsules.  Â

2024-09-02 13:04

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https://www.moneycontrol.com/news/business/markets/larsen-toubro-carves-renewable-epc-segment-into-separate-vertical-shares-fall-12812166.html

L&T shares fall as company carves renewable EPC segment into separate vertical

L&T wrote that the transition towards clean energy has increased significantly over the recent years..Related stories.

Infrastructure and capital goods major Larsen and Toubro announced it was carving out a separate business vertical for its renewable EPC segment out of its power, transmission & distribution business, which is within its infrastructure projects segment. At 1.30 pm, L&T shares were in the red, down over a percent at Rs 3,673 per share on the NSE. In a filing with the exchanges,L&Twrote that the transition towards clean energy has increased significantly over the recent years,  with decarbonized electricity being central to the fight against climate change. As a result, the penetration of renewable energy in the global mix, particularly solar and wind generation, is set to increase. Follow our live blog to catch all the updates "There is a strong momentum in India’s pursuit of promoting renewable energy especially towards increasing the share of non-fossil fuels-based electricity. Renewable Energy Implementing Agencies have chalked out clear capacity addition trajectories and several schemes including Green Energy Corridors are being implemented," said the firm in a release. L&T wrote that the firm is already associated with a series of renewable energy projects across the globe. "L&T is already a leading player globally with a vast portfolio of 22 GWp of renewable EPC experience," said the company. In this backdrop, to enhance management visibility and to ensure seamless integration of resources and capabilities, L&T has created the Renewable EPC business, an addition to its construction verticals. SN Subrahmanyan, CMD, Larsen & Toubro said: “This space is promising. Multiple opportunities are visible. We want to capitalize on our success and wish to remain a preferred partner of choice for our customers. Creation of this vertical will give increased autonomy, customer proximity and leadership oversight to the business and enable us to excel in this space.”

2024-09-02 13:39

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/bajaj-finance-bajaj-finserv-stocks-gain-upto-5-as-bajaj-housing-finance-sets-mega-ipo-date-12812127.html

Bajaj Finance, Bajaj Finserv stocks gain up to 5% as Bajaj Housing Finance sets mega-IPO date

The bidding for anchor investors will open for a day on September 6 for the maiden share sale of Bajaj Housing Finance..Related stories.

Shares of Bajaj Finance and Bajaj Finserv gained as much as 5 percent on 2nd September as the group's unit Bajaj Housing Finance set the opening date for its much-awaited Rs 6,500-crore IPO. Bajaj Housing Finance initial public offer will open for public subscription next Monday (September 9). Bajaj Finservshare price rose 4.43 percent to Rs 1,862 per share on NSE. The stock has been gaining for the last three days, and has risen over 8 percent in the period. Bajaj Financeshares also jumped on the buzz of upcoming group IPO. It gained to an intraday high of Rs 7,439.4 per share on the NSE, rising 3.32 percent. This stock too has been gaining for the last six days, up 9.73 percent during the period. The IPO will have a special quota for shareholders of Bajaj Finserv and Bajaj Finance, both of whom are classified as ‘promoters’,reported Moneycontrolearlier. Bajaj Finance has a 100 percent stake in Bajaj Housing, while Bajaj Finserv holds 51.34 percent in Bajaj Finance. The bidding for anchor investors will open for one day on September 6 for the maiden share sale of Bajaj Housing Finance; the IPO will conclude on September 11. On August 16,Moneycontrol was the first to report that Bajaj Housing Finance was targeting a valuation of Rs 56,000-59,000 for the IPO. The upcoming initial share sale comprises a fresh issue of equity shares of up to Rs 3,560 crore and an offer for sale (OFS) of equity shares to the tune of Rs 3,000 crore by parent Bajaj Finance. The share sale is being carried out to comply with the Reserve Bank of India's (RBI) guidelines, which mandate that upper layer non-banking financial companies (NBFCs) must be listed on stock exchanges by September 2025. The proceeds from the fresh issue will be utilised to strengthen the company’s capital base to meet future capital needs. Bajaj Housing Finance is a non-deposit taking housing finance company, registered with the National Housing Bank since September 2015. It provides financial solutions for buying and renovating residential and commercial properties. The RBI has identified and classified it as an "upper layer" NBFC in India. Its wide range of mortgage products includes home loans, loans against property, lease rental discounting, and developer financing. For the entire fiscal year 2023-24, the housing finance firm recorded a net profit of Rs 1,731 crore, reflecting a 38 per cent increase from Rs 1,258 crore in FY23. In June, Bajaj Housing Finance submitted initial documents to Sebi for a Rs 7,000-crore IPO, consisting of fresh shares worth Rs 4,000 crore and an OFS component of Rs 3,000 crore from its parent. The market regulator gave its approval to the company’s first public issue earlier this month.

2024-09-02 13:54

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https://www.moneycontrol.com/news/business/markets/globus-spirits-hits-new-record-high-on-motilal-oswal-mfs-stake-buy-stock-up-28-in-2-days-12812151.html

Globus Spirits hits new record high on Motilal Oswal MF's stake buy; stock up 28% in 2 days

With Monday's rise, Globus Spirits has leapt a staggering 28 percent in the past 2 days.Related stories.

Shares of Globus Spirits extended its bull run for second straight day, rising over 7 percent to hit a lifetime high of Rs 1,153 on September 2. The uptick came after Motilal Oswal Mutual Fund bought 2 lakh equity shares, representing 0.69 percent stake of Globus Spirits' total equity via block deal on NSE. With this rise, the stock has leapt a staggering 28 percent in the past 2 days, beating benchmark Nifty 50's modest 0.7 percent surge. Over the past 3 months, the stock of this distilleries company has jumped over 54 percent as compared to Nifty 50's 12 percent rise. Catch all the market action on our LIVE blog On August 30, Motilal Oswal MF bought Globus Spirits shares at an average price of Rs 1,071.49. It held nil or below 1 percent stake in the company, showed June 2024 shareholding data. Globus Spirits is engaged in making, marketing, and selling of branded Indian made foreign liquor and bulk alcohol comprising rectified spirit and ENA. The company is also involved in franchisee bottling for reknowned brand owners. It operates five fully integrated grain-based distilleries at Behror (Rajasthan), Samalkha (Haryana), Panagarh (West Bengal), Vaishali (Bihar), and Baharagora (Jharkhand), with a combined capacity of around 268 million litres per annum. The company has also forayed into the Ready-to-Drink (RTD) segment with the formation of a subsidiary, called Bored Beverages. Two months ago, analysts at Care Ratings assigned a stable outlook to Globus Spirits’ long-term bank facilities, citing a turnaround in its imported foreign liquor segment and its ability to consistently maintain operating margins above 20 percent. Care Ratings noted that the 'Stable' outlook for the long-term rating reflects Globus Spirits’ capacity to uphold its market position in the country liquor (CL) and bulk alcohol (ENA and ethanol) segments. The outlook also takes into account the company's steady financial risk profile, characterised by a growing scale of operations while maintaining its capital structure and debt protection metrics at current levels.

2024-09-02 13:26

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/baazar-style-retail-ipo-subscribed-over-3x-so-far-on-day-2-niis-lead-12812289.html

Baazar Style Retail IPO subscribed 4.64 times on day 2, NIIs lead

Incorporated in June 2013, Baazar Style Retail is a fashion retailer operating predominantly in West Bengal and Odisha..Related stories.

Baazar Style Retail's initial public offering (IPO) was subscribed 4.64 times on its second day of subscription with investors submitting bids for 6.97 crore shares, against the 1.5 crore shares offered. Non-institutional investors (NIIs) showed maximum interest, with their portion of the IPO being subscribed 11.62 times. Retail investors subscribed 3.75 times their allocated quota and the Qualified Institutional Buyers (QIB) category saw a subscription rate of 0.84 times. The employee portion saw a subscription rate of 20.48 times. The public issue opened for subscription on August 30. Follow our live blog for all the market action The Rs 834.68 crore IPO comprises a fresh issue of 38 lakh shares worth Rs 148 crore and an offer for sale of 1.77 crore shares totalling Rs 686.7 crore. The price band for the IPO is set between Rs 370 and Rs 389 per share. The IPO will finalise allotments on September 4 and is scheduled to list on the BSE and NSE on September 6. Axis Capital Ltd, Intensive Fiscal Services Pvt Ltd, and JM Financial Ltd are the book-running lead managers for the issue and Link Intime India Pvt Ltd serves as the registrar. Also Read |ÂJhunjhunwala-backed Baazar Style Retail IPO sees 0.72 times subscription on day 1, retail book bought 0.66x Incorporated in June 2013, Baazar Style Retail is a fashion retailer operating predominantly in West Bengal and Odisha. The company offers a wide range of apparel for all ages as well as general merchandise including home furnishings. The funds raised through the IPO will be used primarily to prepay or repay certain outstanding borrowings and for general corporate purposes. Earlier, the IPO had secured Rs 250.1 crore from anchor investors on August 29.

2024-09-02 17:40

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https://www.moneycontrol.com/news/business/ipo/gala-precision-engineering-ipo-sees-strong-start-with-0-9x-subscription-on-day-1-12811821.html

Gala Precision Engineering IPO sees strong start with 10.84 times subscription on day 1

Gala Precision Engineering, a manufacturer of precision components, is set to debut on the Indian stock market with an IPO of Rs 167.9 crore..Related stories.

The initial public offering (IPO) of Gala Precision Engineering saw a strong response from investors on its first day of bidding, which opened on September 2. The IPO recorded a subscription of 10.84 times, with investors bidding for 2.41 crore equity shares against the total offer size of 22.2 lakh equity shares. Non-institutional investors (high net-worth individuals) led the way, subscribing to 20.72 times their allotted quota, followed by retail investors who subscribed to 12.17 times their reserved portion. The qualified institutional buyers(QIBs) portion was subscribed 0.86 times and employees subscribed 38.33 times the reserved portion. Follow our live blog for all the market action Gala Precision Engineering, a manufacturer of precision components, is set to debut on the bourses with an IPO of Rs 167.9 crore. The IPO, which is a book-built issue, combines a fresh issuance of 26 lakh shares aggregating to Rs 135.3 crore and an offer for sale (OFS) of 6 lakh shares, amounting to Rs 32.6 crore. The Gala Precision Engineering IPO subscription window will close on September 4. The finalisation of the allotment is expected to occur on September 5, with the company set to be listed on both the BSE and NSE on September 9. The price band for the IPO has been set between Rs 503 and Rs 529 per share. PL Capital Markets Pvt Ltd is the book-running lead manager for the issue, and Link Intime India Pvt Ltd is the registrar. Also Read |ÂGala Precision Engineering IPO: 10 things to know before subscribing to the Rs 167-cr offer On August 30, the IPO had already raised Rs 50.3 crore from anchor investors. Founded in February 2009, Gala Precision Engineering specialises in disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). The company's offerings are used by Original Equipment Manufacturers (OEMs) across various industries, including electrical, off-highway equipment, infrastructure, general engineering, automotive, and railways. The company supplies to several countries, including Germany, Denmark, China, Italy, Brazil, the USA, Sweden, and Switzerland. For the financial year ending March 31, 2024, the company reported a 22 percent increase in revenue to Rs 204 crore but its profit after tax (PAT) declined by 8 percent to Rs 22 crore compared to the previous fiscal year.

2024-09-02 17:39

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hpcl-bpcl-hit-52-week-highs-as-brent-crude-prices-cool-down-12812080.html

HPCL, BPCL shares hit 52-week highs as Brent crude prices cool down

Brent crude prices have fallen from over $80 per barrel last week to now near $76 per barrel..Related stories.

Shares of oil marketing companies Hindustan Petroleum Corp and Bharat Petroleum Corp hit their highest levels in 52 weeks on September 2 on the back of a decline in Brent crude prices, which is likely to aid their margins. At 12.26 pm on September 2, shares ofHPCLwere trading 4 percent higher at Rs 435.60 on the NSE, after hitting a 52-week high of Rs 438 intraday. Similarly,BPCLshares were up 1 percent at Rs 367.20 on the NSE, off the 52-week high of Rs 367.20 that was hit intraday. Shares ofIndian Oil Corpwere also trading with gains of 1.5 percent at Rs 179.63. Brent crude prices have fallen close to 7 percent in five sessions amid a decline in demand from China, the world's largest oil importer. Furthermore, expectations of an increase in OPEC+ production starting in October to make up for a significant decline in output from Libya, have added pressure on oil prices. According to aReutersreport, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, plan to move forward with an oil output hike in October. Specifically, eight OPEC+ members are slated to boost production by 180,000 barrels per day (bpd)as part of a strategy to gradually unwind their recent 2.2 million bpd cuts while keeping other reductions in place until the end of 2025. Catch all the market action on our LIVE blog On account of this, Brent crude prices have slipped from a high of over $80 per barrel to now near $76 per barrel. Meanwhile, Goldman Sachs also predicted that Brent crude prices might slip to $68 per barrel by late 2025 if China oil demand remains flat through end of next year. A decline in crude prices benefit oil marketing companies (OMCs) in several ways. Firstly, it reduces their input costs and give then more leeway to make higher margins as they can maintain or even increase the prices of refined products like petrol and diesel. Additionally, OMCs can also enjoy the benefit of inventory gains as they replenish stocks at lower prices. In addition, lower fuel prices may also boost consumer demand, driving higher sales volumes, lifting revenues for these players.

2024-09-02 13:01

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/indian-hume-pipe-stock-hits-all-time-high-on-securing-rs828-crore-work-order-12812108.html

Indian Hume Pipe stock hits all-time high on securing Rs828-crore work order

The stock has surged by 150 percent so far in 2024.Related stories.

Shares of Indian Hume Pipe soared by an impressive 14 percent to reach a record high of Rs 613 on September 2, following the announcement of a significant Rs 828 crore work order from the Tapi Irrigation Development Corporation in Jalgaon, Maharashtra. Indian Hume Pipe specialises in the manufacturing, laying, and jointing of pipelines. The company is also involved in infrastructure development projects, executing turnkey water supply initiatives. Additionally, it produces and supplies concrete railway sleepers to Indian Railways. The newly secured order encompasses engineering, procurement, and construction (EPC) services, along with trial runs, testing, and commissioning of a gravity-piped distribution network. This network is designed to irrigate a 26,907-hectare area under the Jamphal Dam as part of the Sulwade Jamphal Kanoli lift irrigation project in the Shindkheda taluka of the Dhule district. ALSO READ:ÂIndian Hume Standalone June 2024 Net Sales at Rs 364.14 crore, up 4.94% Y-o-Y The scope of the order also includes operation and maintenance of the system for a period of five years, with a project execution timeline of 24 months. In its Q1 FY25 results, Indian Hume Pipe reported a net profit of Rs 31.16 crore, a substantial increase from the Rs 8.51 crore recorded in Q1 FY24. Net sales also grew by 5 percent year-on-year, reaching 364.14 crore rupees for the quarter. The stock has now gained for the second consecutive day and has surged by 150 percent so far in 2024. This marks the best annual performance for Indian Hume Pipe since 2014, when the stock rose by 162 percent.

2024-09-02 12:35

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/oriana-power-shares-hit-5-upper-circuit-limit-on-securing-rs-248-crore-order-12812165.html

Oriana Power shares hit 5% upper circuit limit on securing Rs 248 crore order

Incorporated in 2013, Oriana Power is engaged in two main business verticals - providing EPC and operations of solar power projects, and offering solar energy solutions on a BOOT (build, own, operate, transfer) basis..

Shares ofÂOriana Power hit a 5 percent upper circuit at Rs 2,193.15 on NSE SME on September 2 platform after the company announced that it received a Rs 247.88 crore order for a 52 MW solar power plant. The contract was awarded byBharat Petroleum Corporation Ltd. The new project will be developed in Prayagraj, Uttar Pradesh. It falls under the company's Engineering, Procurement, and Construction (EPC) segment. Under the contract, Oriana Power will ensure the development of the solar power plant, which includes obtaining approval from the Central Transmission Utility (CTU), setting up necessary transmission lines, and managing operations and maintenance for five years. This contract is expected to be executed within six months by Oriana Power. Follow our live blog for all the market action Incorporated in 2013, Oriana Power is engaged in two main business verticals - providing EPC and operations of solar power projects, and offering solar energy solutions on a BOOT (build, own, operate, transfer) basis. In August, the company announced plans to establish a gigawatt-scale facility dedicated to producing alkaline electrolysers and Balance of Plant (BOP) modules. This factory is set to launch in two phases, with the first phase, featuring a 500 megawatt (MW) annual capacity for electrolyser production, slated to commence operations by 2026. Earlier in July, Oriana Power secured a new contract valued at Rs 155 crore for the development of a 40 MWp solar power plant in Rajasthan. At 1:45 pm, shares of the company were trading 5 percent higher at Rs 2,193.15 apiece.

2024-09-02 13:45

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/fresh-allegations-on-madhabi-puri-buch-congress-says-sebi-chief-drew-salary-from-icici-bank-eased-norms-12812087.html

Fresh allegations against Madhabi Puri Buch: Congress says SEBI chief drew income from ICICI Bank, eased norms

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Congress spokesperson Pawan Khera alleged that SEBI Chairperson Madhabi Puri Buch received income from ICICI Bank Ltd during her tenure as capital markets regulator, raising fresh scrutiny about potential conflict of interest. Madhabi Puri Buch took an income of Rs 16.8 crore from ICICI Bank group during 2017-2024, Pawan Khera told reporters at a press briefing. Khera said that Buch received income from the group unit ICICI Prudential as well. Khera said that several probes on ICICI Bank were being adjudicated while Madhabi Puri Buch was receiving the income from the group. He cited unnamed reports that suggest that SEBI chief relaxed norms for ICICI Bank. However, ICICI Bank has dismissed all the allegations against Buch stating that neither the bank nor its group companies have paid any salary or granted any employee stock options plans (ESOPs) to her. “ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms. Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013,” the bank said in a statement to the media. Live Updates |Check latest SEBI, markets and business breaking news The fresh allegations on SEBI boss follow a recent report by US short seller Hindenburg, which claimed that Madhabi Puri Buch may not have conducted a proper investigation into the Adani group due to a conflict of interest, as she was invested in the same complex funds used for money laundering. “The role of SEBI is to regulate the share market where we all invest our money. It has a very important role to play,” said Khera in his attack on Madhabi Puri Buch, questioning why she drew income from ICICI Bank while being a full-time SEBI member. He then targeted Prime Minister Narendra Modi and Home Minister Amit Shah, for appointing Buch. “Who appoints the chairperson of SEBI? This is the Appointments Committee of the Cabinet, Prime Minister and Union HM Amit Shah. There are two members in this committee for appointing the chairperson of SEBI,” he said. Senior Congress leader Jairam Ramesh also posted a series of questions attacking PM Modi. "Has the ACC, headed by the PM, gone through these shocking facts about the SEBI Chairperson or is the ACC completely outsourced to the PMO," Ramesh asked in his post on X. In another question, he asked, "Who is protecting the SEBI Chairperson and why?"

2024-09-02 19:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/the-big-shift-to-big-stocks-india-mid-cap-funds-see-eight-week-of-outflows-show-epfr-data-12812130.html

The big shift to big stocks: India Mid-cap funds see eight week of outflows, show EPFR data

This week’s redemptions from Midcap India funds stood at $60mn..Related stories.

Indian markets continue to attract investment, though at a slower pace, with $317 million in inflows last week. Overall flows into India over the past five weeks have slowed to one-third of the rate seen since January 2024, according to EPFR fund flow data analyzed by Elara Capital Quantitative and Alternates. "Pressure has started building on India Midcap funds, which saw their 8th consecutive week of outflows totaling $270 million. Last week’s redemptions amounted to $60 million," the report stated. Elara Capital highlights a shifting trend in the momentum of flows from Japan into India, with a gradual shift from India Midcap to Largecap funds. "Until now, we haven’t seen significant pressure from yen carry trade unwinding in both the U.S. and India. The primary impact has been a slowdown in momentum of flows from Japan into India, along with a gradual shift from India Midcap to Largecap funds," the report said. Japan's allocations to Indian capital goods stocks have risen sharply, reaching 2015 highs. The JPY-denominated allocations increased from 4.3 percent in January 2021 to 10 percent in August 2024, according to the report. "The INR/JPY exchange rate is now approaching a key support zone, which corresponds to the weighted average rate at which these flows have entered India."

2024-09-02 12:58

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sky-gold-board-approves-rs-270-crore-fundraise-via-qip-12812322.html

Sky Gold board approves Rs 270 crore fundraise via QIP

The stock gained an intraday high of 2660 per share on the NSE, rising 2.04 percent..Related stories.

Sky Goldboard on September 2 has approved a fundraise of up to Rs 270 crore through a Qualified Institutions Placement (QIP). The manufacturer of lightweight jewellery informed the shareholders through an exchange filing "the Board at its meeting held on 9th August 2024 and Extra-ordinary General Meeting held on 2nd September 2024, has considered and approved the raising of additional capital by way of one or more public or private offerings including through a Qualified Institutions Placement (‘QIP’) of Equity Shares or other eligible securities to eligible investors for an amount not exceeding Rs 270 Crore." The stock gained an intraday high of 2660 per share on the NSE, rising 2.04 percent. At the time of publishing, the counter quoted at Rs 2,610 apiece on the NSE, up marginally 0.12 percent. "In December 2023, the company transitioned to a significantly larger facility located in Navi Mumbai, boasting a production capacity of 750 kg per month/year. This move has been instrumental in driving substantial growth," PTI quoted Sky Gold Managing Director and CFO Mangesh Chauhan in an earlier report. Moneycontrol earlier reportedthat apart from the domestic market, SGL is also tapping consumers in the export market, such as Dubai, Malaysia as well as the United States. A lot of Indian jewellery chains, such as Kalyan Jewellers and Malabar Gold & Diamonds (existing customers of SGL), have a good overseas presence and that would enable SGL to grow the export business. In the last three months, the stock has delivered multibagger returns to its shareholders, rising 123.68 percent as per BSE data. It rose 822.16 percent in the last 365 days and a whopping 2743.24 percent in the last three years, helping investors reap rich benefits.

2024-09-02 14:33