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moneycontrol.com	https://www.moneycontrol.com/news/business/markets/sonata-software-stock-jumps-over-7-on-multi-million-dollar-deal-with-us-based-healthcare-firm-12809433.html	Sonata Software stock jumps over 7% on multi-million dollar deal with US-based healthcare firm	Related stories.	Shares of Sonata Software rallied over 7 percent to Rs 671 apiece on August 29 following its multi-year, multi-million dollarÂ IT outsourcing contract from a US-based premier healthcare and wellness company. Thecompany'sprimary focus is delivering personalised, high-quality care that addresses the unique needs of vulnerable patients and underserved populations in challenging clinical environments and other behavioral health settings. As part of the collaboration, Sonata Software will support the client in achieving dual objectives: optimising ITbudgets and cost efficiencies through systemic improvements and engineering levers and modernising their technology landscape by leveraging enterprise data, Artificial Intelligence, and hyper-automation across patient-facing systems, and back-office operations. Catch all the market action on our LIVE blog "This significant deal win underscores our commitment to leveraging deep engineering expertise to solve complex business problems for our Healthcare and Lifesciences clients. It also highlights our differentiated capabilities within the Healthcare vertical, enabling us to succeed in a highly competitive landscape," said Samir Dhir, Managing Director and Chief Executive Officer at Sonata Software. Headquartered in Bengaluru, Sonata has a strong global presence, including key regions US, UK, Europe, APAC, and ANZ. Over the past 3 months, Sonata Software shares have jumped over 20 percent, beating benchmark Nifty 50's 15 percent rise. In the recently concluded June quarter,Â the IT firm reported a consolidated profit after tax of Rs 105.60 crore, down 4.3 percent sequentially or 12 percent YoY.Â This is even as revenues for the quarter came in at Rs 2,527.40 crore led byÂ BFSI (retail banking) and TMT verticals (Microsoft Fabric). Sonata SoftwareÂ had won three large deals in the reporting quarter. The large deal pipeline is strong with 49 large deals under pursuit.	2024-08-29 11:58
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/merchant-bankers-may-soon-need-to-earn-a-minimum-amount-from-ipo-related-activities-sebi-suggests-overhaul-of-regulations-12809747.html	Merchant bankers may soon need to earn a minimum amount from IPO-related activities; Sebi suggests overhaul of regulations	In the consultation paper, which has been prepared after discussions with the Association of Investment Bankers (AIBI), the regulator has suggested that capital adequacy be raised by 10x for those who want to handle mainboard issue and by 2x for those who want to engage in the other permitted activities..Related stories.	A merchant banker may be mandated to earn a minimum amount of their revenue, of Rs 5 crore for smaller entities and Rs 25 crore for bigger ones, from public-issue-related activities. The market regulator has suggested this, in a consultation paper released on August 28, because the regulator noted that some merchant bankers are only engaged in activities that were outside of the original intent. In the consultation paper, the Securities and Exchange Board of India (Sebi) stated, "the purpose of obtaining SEBI Registration by merchant bankers is to engage in issue management and its related activities." Also read:Â Sebi pulls up Rana Sugars for diverting funds to related parties, asks co to recover Rs 607 crore It added, "However, it has been observed that some of the merchant bankers are only engaged in activities other than issue management and its related activities. Accordingly, the continuance of such entities as merchant bankers in the securities market is not justified". This is just one of the various suggestions put forth to overhaul the Sebi (Merchant Bankers) Regulations. The other suggestions include restricting permitted activities including valuation exercises, increasing the capital adequacy requirements for registering as a merchant banker and introduction of a minimum liquid net worth, among other things. Restricting activities The regulator has proposed that activities that require a separate regulatory registration or licence not be permitted under the MB Regulations. These include stock broking, portfolio management services and primary dealership of government securities and activities that do not pertain to the securities market such as syndication of rupee term loans and advisory services for projects. The present regulations permit an entity with a merchant banking registration to engage in stock broking, advisory services for projects, syndication of rupee term loans and so on. Market sources have told Moneycontrol that industry players had asked the regulator to increase the capital adequacy criteria of merchant bankers. Networth requirements In the consultation paper, which has been prepared after discussions with the Association of Investment Bankers (AIBI), the regulator has suggested that capital adequacy be raised by 10x for those who want to handle mainboard issues and by 2x for those who want to engage in the other permitted activities. The consultation paper says that currently, an entity needs to have a minimum net worth of Rs 5 crores to register as an MB. The regulator has proposed that there be two categories of MBs for this parameter. Category I would need a net worth of not less than Rs 50 crores at all times and can undertake any of the permitted activities. Category II would need a net worth of not less than Rs 10 crore at all times, and these MBs can undertake all permitted activities except the mainboard issues. Under the present regulations, MBs are not required to have a minimum liquid net worth. But as the consultation paper noted the various requirements for introducing this: it acts as an entry barrier, it can be easily ascertainable at any point of time, it ensures relatively better quality intermediation and it ensures only serious merchant bankers with adequate resources operate in the market. The paper also noted the various regulatory requirements that place financial responsibility on the MB, such as a lead manager having to underwrite 15 percent of an issue and a market participant having to deposit 75 percent of a claim in case of a dispute.	2024-08-29 14:15
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/brokerage-radar-power-financiers-attract-bullish-calls-but-paytm-sees-neutral-ratings-12809398.html	Brokerage Radar: Power Financiers attract bullish calls, but Paytm sees neutral ratings	Stock Market Radar.Related stories.	Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Paytm, HCLTech, Vodafone Idea, AU Small Finance Bank and Aptus Value Housing, along with sectors like power financiers. UBS On Power FinanciersInitiate Buy Call On PFC, Target Rs 670/ShInitiate Buy Call On REC, Target Rs 720/ShStrong Growth Underpinned By Shift To Renewables And InfrastructureKey Growth Support From Energy Transition And Infrastructure FinancingStress Dynamics Different From Previous Cycle Paytm Jefferies On PaytmHold Call, Target Rs 420/ShCo Received Approval From FinMin For Downstream Invst In Payment Gateway BizIf Granted From RBI, CO Will Be Able To Onboard New Online MerchantsImmediate Business Impact Could Be MarginalSee Diminishing Regulatory Concerns As A PositivePost RBI Approval, Key Pending Issue Is NPCI Approval For New User Onboarding MS On PaytmEqual-Weight Call, Target Rs 500/ShCo Receives Govt Approval For Past Downstream Invst In Its Fully Owned ArmBelieve It Reduces Regulatory Overhang IncrementallyWill Track The RBIâ€™s Response To Next Steps HCLTech MS On HCLTechOverweight Call, Target Rs 1,705/ShManagement Sounded A Bit Optimistic On The Near-termManagement Sounded A Bit Optimistic In The Financial Services VerticalMedium-term Outlook For The Industry Is PositiveCo Has Balanced Portfolio And Strong Focus On Driving Wallet Share Gains Jefferies On HCLTechHold Call, Target Rs 1,630/ShCo Articulated Medium-term Strategy, Aim Is To Deliver Ind Leading Organic GrowthDouble-digit Growth In Medium-term Is ExpectedCo Views GenAI As Growth And Margin LeverHCLTech Expects Mid-single Digit Growth In Software As It Focuses On India/Africa Citi On Voda IdeaBuy Call, Target Rs 22/ShSC Finally Agrees To Hear Voda Ideaâ€™s AGR Curative PetitionSee SCâ€™s Move As A Material Development As Matter Has Been Long PendingA Favourable Outcome Could Significantly Reduce Coâ€™s AGR Debt BurdenPotential Benefit Est At Rs 4-5/Sh Or Even Higher (>25% Benefit On Current Stock Price)Current Base Case Target Of Rs 22 Does Not Factor In Any Reduction In Coâ€™s AGR DuesThe Developments With Voda Idea Could Also Indirectly Benefit Indus Towers TooAny Relief Would Benefit Bharti Airtel Too, Though Its Salience Is Far More Limited HSBC On Credit CardsCredit Card Spending Growth Increased To 19% YoY In July 2024Industryâ€™s Net Credit Card Issuance, Ex-One-Off, RecoveredSpend Market Share Improved For ICICI Bank, Axis BankMarket Share Lost By SBICard & HDFC BankHDFC Bank Card Issuance Was Strong Citi On Aptus ValueÂ HousingBuy Call, Target Rs 358/ShCo Expanding Footprints In Maharashtra And OdishaWill Add 20 Branches, Primarily In Andhra Pradesh, Telangana In FY25Management Is Confident Of Sustaining 28-30% AUM GrowthImproved Login Productivity & Vintage Productivity To Further Support GrowthRetention Bonus, Disbursements Linked Incentives To Help Contain AttritionAnnual Outing Program And Referral Incentives To Help Contain Attrition10-15 bps NIM Pressure Expected Due To Increase In Funding Cost For NBFCs Citi On Au Small BkNeutral Call, Target Rs 684/ShRetains Credit Cost Guidance At 110-120 bps For FY25Retains Credit Cost Guidance Despite Higher Industry-Wide MFI ConcernsConfident It Can Double Advances Over 3 YearsDeposits Do Not Act As Constraint To GrowthDeposits Challenge Is Raising Quality Of Deposits At A CostLower NIM Contraction Are Upside Levers With Credit Cost Surprises A Downside Risk CLSA On Adani PortsOutperform Call, Target Rs 1,764/ShCore Ports Growing Traffic 3x Remains A Good Way To Play Indian EconomyReduced Dollar Debt & Maturity Profile Should Make It A Play On Rupee DepreciationIts M&A Strategy Looks To Have Paid OffGangavaram, Krishnapatnum & Karaikal Clocking FY24 EBITDA Margin Above Mundra	2024-08-29 07:48
moneycontrol.com	https://www.moneycontrol.com/news/business/stocks/nlc-india-signs-power-usage-agreement-to-supply-200-mw-green-power-shares-up-3-12809293.html	NLC India signs power usage agreement to supply 200 MW green power; shares up 3%	NLC India.	NLC Indiashares rose more than 3 percent in early trading on August 29 following the companyâ€™s announcement of a new power usage agreement in Hyderabad. At 09:23 am, NLC India was quoting at Rs 286.50, up Rs 10.35, or 3.75 percent, on the BSE. The agreement with Telangana State DISCOMs is for a 200 MW solar power project under the CPSU scheme, set to last 25 years at a competitive and affordable price. The solar project is expected to generate approximately 1,300 crore units of green power and reduce carbon emissions by 90 lakh tons over its lifetime. The company plans to use state-of-the-art equipment, including single-axis trackers and high-efficiency domestic modules, in line with the Atma Nirbhar Bharat (Make in India) initiative. The project is scheduled for commissioning by June 2025. Catch all the market action on our live blog The company posted a 38 percent jump in net profit of Rs 559.42 crore in the quarter ended June 2024.	2024-08-29 09:41
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/citi-maintains-buy-rating-on-vodafone-idea-ahead-of-supreme-court-agr-hearing-12809414.html	Citi maintains buy rating on Vodafone Idea ahead of Supreme Court AGR hearing	Citi maintained its share price target of Rs 22 per share, which indicates an upside of around 38 percent..Related stories.	The Supreme Court of India will hear telecom operator Vodafone Idea's curative petition in the Adjusted Gross Revenue (AGR) case on Friday, August 30.Â This development has prompted international brokerage Citi to reiterate its buy call on the debt-laden telco. Citi noted that the Supreme Court's move could be a material development on the long-pending matter.Â A favourable outcome forVodafone Ideacould significantly reduce the firm's AGR debt burden. The brokerage maintained its share price target of Rs 22 per share, which indicates an upside of around 38 percent. However, Citi added that the current target does not factor in any reduction in the firm's AGR dues. In the case of AGR dues falling, the potential benefit to Vodafone Idea's share price could be around Rs 4-5 per share, or even higher. Ideally, the developments with Vodafone Idea could indirectly benefit Indus Towers too. Since Indus Towers is now a subsidiary of Bharti Airtel, it would have an impact on the telco too, although Citi noted its salience could be far more limited. Also Read\|ÂFresh from fund raising, Vodafone Idea pays off dues for June quarter On July 15, the Supreme Court acknowledged Vodafone Idea's submission challenging its 2019 ruling on payments owed to the government. Vodafone Idea's curative petition in the AGR case seeks three main reliefs: correcting arithmetic and clerical errors in the AGR demand; requesting that the penalty be limited to 50 percent of the shortfall; and revising the interest rate on the penalty to 2 percent above the State Bank of India's prime lending rate.	2024-08-29 08:44
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/resourceful-automobile-shares-list-flat-at-ipo-price-after-400x-subscription-12809442.html	Resourceful Automobile shares list flat at IPO price despite 400x subscription	At least five SME IPOs have seen subscriptions of around 1,000 times this year.Related stories.	Shares of Resourceful Automobile made a muted stock market debut on August 29 after it listed at Rs 117, the same as the issue price of Rs 117 on the BSE SME platform. The Rs 12-crore public offer garnered significant attention, receiving bids for 40.76 crore shares against the 9.76 lakh shares available, resulting in an oversubscription of 419 times during the three-day bidding period. Interestingly, the Delhi-based company operates with only two outlets and has a workforce of just eight people. Follow our LIVE blog for all the latest market upates The listing gains have missedÂ grey market estimates completely where shares were trading at a premium of 89 percent.Â The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Founded in 2018, Resourceful Automobile Limited operates under the brand "Sawhney Automobile," offering a comprehensive range of Yamaha two-wheelers, including commuter bikes, sports bikes, cruisers, and scooters. The company has two conceptual showrooms, each with an attached workshop. The Blue Square showroom in Dwarka, New Delhi, displays the full lineup of Yamaha two-wheelers, along with apparel and accessories. The second showroom is located on Palam Road, New Delhi. This year has been marked by a surge in SME IPOs attracting record subscriptions, followed by impressive listing gainsâ€”a feat often unmatched by main board IPOs with stronger track records, disclosures, and financials. At least five SME IPOs have seen subscriptions of around 1,000 times. On August 28, SEBIÂ issued an advisory cautioning investors regarding SME investing, even as small company IPOs continue to see massive oversubscription. The market regulator advised investors to be aware of the companies painting an unrealistic positive picture, and also not fall for social media tips or rumours.	2024-08-29 10:19
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/world-street-nvidia-plunges-on-weak-guidance-warren-buffetts-berkshire-hits-1-trn-yelp-sues-google-salesforce-cfo-steps-down-and-more-12809407.html	World Street \| Nvidia plunges on weak guidance; Warren Buffett's Berkshire hits $1 trn; Yelp sues Google; Salesforce CFO steps down; and more	World Street offers a sneak peek into the world of business and the economy..Related stories.	Nvidia plunged due to concerns over weak Q3 margins despite strong Q2 results. Warren Buffettâ€™s Berkshire Hathaway hit a $1 trillion market cap, becoming the first non-tech US firm to do so. Yelp sued Google for antitrust violations. Salesforce CFO Amy Weaver will step down. UBS downgraded Chinaâ€™s growth forecast. All this and more on this edition of World Street. AI Anticlimax Shares of Nvidia and other tech giants dropped late Wednesday, with Nvidia falling nearly 7 percent and losing $200 billion in market value. Despite beating Q2 revenue and earnings expectations, Nvidia's forecasted third-quarter margins may miss estimates, disappointing investors who had hoped for stronger growth fueled by AI chip demand. The company's soft outlook overshadowed its $50 billion share buyback announcement. Omaha Oracle Warren Buffettâ€™s Berkshire Hathaway hit a $1 trillion market cap, the first non-tech US firm to achieve the feat. Shares of the Omaha-based conglomerate have surged 28 percent in 2024, outpacing the S&P 500â€™s 18 percent gain. The milestone comes just before Buffettâ€™s 94th birthday. Unlike its trillion-dollar peers (Apple, Nvidia, Microsoft, Alphabet, Amazon, Meta), Berkshire thrives on old-economy staples like BNSF Railway, Geico, and Dairy Queen. Google Gripes Yelp has filed an antitrust lawsuit against the tech giant, just weeks after a federal judge labeled Google an illegal monopolist. Yelp claims Google maintains its local search monopoly by prioritizing its own inferior services, harming competition and degrading local search quality Yelp also claims that the way Google directs users toward its own local search vertical from its general search engine results page should be considered illegal tying of separate products to keep rivals from reaching scale. Weaver Waves Salesforce shares jumped after the company posted strong Q2 results that beat estimates and raised its full-year profit outlook. Amy Weaver, the company's chief financial officer, will step down. Weaver will remain at the company as the CFO until a successor is appointed and, after that, will stay on as an advisor. Salesforce will consider internal and external candidates, said Marc Benioff, the companyâ€™s co-founder, chair and CEO. Optimism Overload New Zealand business confidence soared to a 10-year high in August after interest rate cuts, an ANZ Bank survey revealed. About 50.6 percent of respondents expect the economy to improve in the next year, up from 27.1% in July, ANZ said Thursday in Wellington. Business activity sentiment also hit a seven-year high. Growth Glitch UBS Group AG downgraded Chinaâ€™s growth forecast for 2024 and 2025, citing a deeper-than-expected property market slump. The investment bank now projects a 4.6 percent GDP expansion in 2024, down from 4.9, and 4 percent growth in 2025, down from 4.6 percent, as economic momentum remains subdued amid the real estate downturn and tight fiscal policies. X Ultimatum Brazilâ€™s top judge has given Elon Muskâ€™s X 24 hours to appoint a legal representative in the country, threatening to block the platform if it fails to comply. The ultimatum follows Xâ€™s recent decision to close operations in Brazil while continuing to serve its 20 million active users.	2024-08-29 07:52
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/indigo-block-deal-rakesh-gangwal-likely-exits-6-stake-sold-for-rs-11000-crore-12809409.html	IndiGo block deal: Rakesh Gangwal likely exits, 6% stake sold for Rs 11,000 crore	IndiGo stake sale will also trigger a 150-day lock-in period before Gangwal can execute another tranche of the sale..Related stories.	As much as 6 percent stake in IndiGo parent company, InterGlobe Aviation were sold in a block deal on August 29, with promoter and co-founder Rakesh Gangwal likely seeking a near complete exit. AroundÂ 2.3 crore shares of the airline operatorÂ changed hands at a floor price of RsÂ 4,760 apiece, valuing the deal at RsÂ 11,000 crore. IndiGo shares marginally fell after the stake sale, trading at Rs 4,838 on NSE at 9.22 am, down about 0.45 percent from the previous close. WhileMoneycontrolÂ could not immediately verify theÂ parties involved in the transaction, CNBC-TV18 reported on August 28 that Rakesh Gangwal was looking to further pare his stake in the aviation company by offloading equity worth Rs 10,300 crore. Calculations show that this amounts to about 5.8 percent equity stake at the discounted share price, which is nearly all the stake that GangwalÂ individuallyÂ holds. Meanwhile, this stake sale willÂ also trigger a 150-day lock-inÂ period before Gangwal can execute another tranche of the sale, the CNBC-TV18 report said. Gangwal'sÂ stake sale is aligned with their broaderÂ guidance to gradually reduceÂ his holding in IndiGo. Rakesh Gangwal had stepped down fromInterGlobe Aviation's board of directors back in February 2022, and thereby announced the he will gradually pare down his stake in the low-cost airline over a five-year period. Catch all the market action on our LIVE blog As of the end of the June quarter, the Gangwal-backed promoter group held a 19.38 percent stake in InterGlobe Aviation,Â while Rakesh Gangwal personally ownedÂ 5.89Â percent of the company. The Gangwal-backed promoter groupâ€™s stake inÂ the airline company hasÂ dropped significantly from 36.7Â percent in 2019 to 19.38Â percent by June 2024. This also includes a 13.49Â percent stake held by the Chinkerpoo Family Trust, with Shobha Gangwal and JP Morgan Trust Company of Delaware as trustees, and Rakesh Gangwal's 5.89Â percent personal stake. The first tranche of stake sale took place in September 2022 when the Gangwal family sold 2.8 percent of the airline for Rs 2,000 crore,Â followed by another oneÂ in February 2023, when they sold another 4Â percent for Rs 2,900 crore.Â Lastly, inÂ August 2023, Shobha Gangwal, Rakesh Gangwal's wife, sold her nearly 3Â percent stake in InterGlobe Aviation for Rs 2,801.8 crore.	2024-08-29 09:24
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/domestic-semiconductor-stocks-rally-as-nvidia-posts-strong-june-quarter-earnings-12809405.html	Domestic semiconductor stocks rally as Nvidia posts strong June quarter earnings	Nvidia's shares have surged more than 150 percent this year, adding $1.82 trillion to its market value and lifting the S&P 500 to new highs..Related stories.	Domestic semiconductor stocks gained in the morning session on August 29, as US-based chip major Nvidia reported an earnings beat for the June quarter. On August 28, Nvidia's earnings for the quarter ended June exceeded Wall Street expectations, recording a revenue of $30.0 billion, surpassing the anticipated $28.7 billion. At 9.25 am,Â CG Power, Moschip Technologies, RIR Power Electronics, ASM Technologies, and SPEL Semiconductor, which have some amount of exposure in the domestic semiconductor space, all gained over a percent. Also Read\|ÂNvidia fails to impress growth-hungry investors, shares fall Sunny Agrawal, Head of Fundamental Research at SBI Securities believes that India is fast emerging as a global supply hub for electronics projects and says that the semiconductor space â€śoffers significant growth opportunities across the value chain as India tries to be self-reliant for supply of chipsâ€ť. Despite the positive results, Nvidia's stock dropped 6.6 percent in after-hours trading as Wednesday's earnings call concluded.Â According to market experts, even though Nvidia beat the earnings forecast, the size of the beat was lower than in previous instances. The company also provided a strong outlook, projecting September-quarter revenue at $32.5 billion, above the $31.7 billion consensus.Â Even while the semiconductor giant raised its guidance, it was not in the same quantum as the previous quarters, disappointing the markets. Nvidia's shares have surged more than 150 percent this year, adding $1.82 trillion to its market value and lifting the S&P 500 to new highs.	2024-08-29 09:48
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/pb-fintech-block-deal-1-75-stake-changes-hands-tencent-cloud-europe-likely-sells-for-rs-1328-crore-12809436.html	PB Fintech Block Deal: 2.1% stake changes hands, Tencent Cloud Europe likely sells for Rs 1,610.4 crore	PB Fintech block deal.Related stories.	PB Fintech stock saw as much asÂ 2.1 percent equity stake changing hands in block deals on 29 August ahead of the market open. As many asÂ 97 lakh equity shares were sold,Â withÂ Tencent Cloud Europe being the likely seller. The deal value was not immediately known. Even thoughÂMoneycontrolcould not immediately verify the parties involved in the transaction, CNBC-TV18 reported on August 28 that Tencent Cloud Europe BVÂ was eyeing to sell a 2.1 percent stake in the Policybazaar parent company at a floor price of Rs 1,660.2 per share. At this price,Â 97 lakh shares would be worth about Rs 1,610.40 crore, calculations show. Meanwhile, this stake sale will also trigger a 60-day lock-in period beforeÂ Tencent CloudÂ can executeÂ any other tranche of the sale, the report stated. Catch all the market action on our LIVE blog Previously, Tencent Cloud had offloaded another 1.2 percent stake inPB Fintechback in May this year,Â making RsÂ 677 crore from the equity sale. As of the insurance aggregator's latest shareholding data, Tencent Cloud Europe still owned aÂ 4.26 percent stake in the company. The Policybazaar parent, PB Fintech swung back into profit in the April-June quarter. It reported a net profit of Rs 60 crore in Q1, as against a net loss of RsÂ 11.9 crore in the year ago period. Revenue also grew by nearly 52 percent to Rs 1,010.5 crore compared to Rs 665.6 crore in the same period of the previous fiscal.	2024-08-29 10:20
moneycontrol.com	https://www.moneycontrol.com/news/business/stocks/kec-international-shares-gain-5-on-orders-win-worth-rs-1171-crore-12809294.html	KEC International shares gain 5% on orders win worth Rs 1,171 crore	KEC International.Related stories.	KEC International's share price surged more than 5 percentÂ in early trading on August 29 following the company's announcement of winning new Transmission and Distribution (T&D) orders worth Rs 1,171 crore in the Middle East. The orders include a 400 kV transmission line in the UAE and a 380 kV transmission line in Saudi Arabia. At 09:21am, KEC International was quoting at Rs 916.80, up Rs 49.50, or 5.71 percent, on the BSE. â€śWe are delighted with the ongoing success in our T&D business, highlighted by a series of significant order wins. The sustained inflow of orders in the Middle East has substantially expanded our International T&D order book. With the above orders, our YTD order intake stands at ~ Rs 10,000 crores, a stellar growth of 80 percent compared to last year. These orders, coupled with the orders announced earlier during the year, reaffirm our confidence in achieving the targeted growth going forward," said Vimal Kejriwal, MD & CEO, KEC International. Catch all the market action on our live blog In recent developments, KEC International also secured new orders valued at Rs 1,079 crore last week in its T&D and cables sectors. For the quarter ending in June, the company reported a net profit of Rs 87.6 crore, more than double the Rs 42 crore reported in the same quarter of the previous year.	2024-08-29 09:23
moneycontrol.com	https://www.moneycontrol.com/news/business/morning-scan-all-the-big-stories-to-get-you-started-for-the-day-771-12809408.html	Morning Scan: All the big stories to get you started for the day	A round-up of top newspaper stories to keep you ahead of others..Related stories.	#1. Market regulator warns investors about listing hard sell of small and medium enterprisesÂ The Securities and Exchange Board of India has raised concerns on the rosy picture painted by promoters of small and medium enterprises tapping the market for a public share sale, the Hindu Businessline reported. The recent Rs 12-crore IPO of Resourceful Automobile, a Delhi-based firm with two outlets and eight staff, created a buzz as it received bids worth close to Rs 4,800 crore. Investors should be watchful, exercise caution and not rely on unverified social media posts, tips or rumors, the regulator said. Why itâ€™s important:Public offers of small firms without any track record are getting subscribed many times, driven by retail investors chasing listing gains. Such needless exuberance needs to be restrained. #2. Adani, Vedanta lead in raising money through QIPs, highest in four years so far Fundraising through qualified institutional placements has touched a four-year high in 2024 so far, increasing threefold increase from last year, the Mint reported. Between January to August, 55 companies raised Rs 58,425 crore through QIPs, compared to Rs 17,643 crore in the year-ago period. Vedanta led the way, raising Rs 8,500 crore. Adani Energy was a close second with Rs 8,373 crore. Why itâ€™s important:QIPS are a bull market product, thriving in optimistic markets where firms can issue fresh shares at higher valuations. The buoyant market in India has many more QIPs in the pipeline. #3. Hillhouse Investments emerge as highest bidder for GeBBS Healthcare, offering $870 millionÂ Hillhouse Investment has emerged as the highest bidder to acquire GeBBS Healthcare Solutions, offering about $870 million for the US-based healthcare BPO company majority owned by ChrysCapital, the Economic Times reported. EQT Partners has offered $855-860 million, and a final decision is expected in two weeks as ChrysCapital is doing another round of negotiations. Why itâ€™s important:GeBBS, which offers offshore healthcare administrative services, promises to fetch a fourfold return for ChrysCapital. The global healthcare business process outsourcing market is estimated to rise from $151.9 billion in 2022 to $259.5 billion by 2028 at a compound annual growth rate of 9.7 percent. #4. Godrej Enterprises Group looks to invest Rs 4,000 crore in 14 key business segmentsÂ Godrej Enterprises Group will infuse about Rs 4,000 crore into its businesses as it aims to streamline 14 business verticals besides unlocking value, especially in its real estate holdings, executive director Nyrika Holkar told the Economic Times in an interview after the Godrej group realignment in April. Why itâ€™s important:The Godrej Group was split between two sets of cousins. Godrej Investments Group is run by brothers Adi and Nadir Godrej, and Godrej Enterprises Group now belongs to siblings Jamshyd Godrej and Smitha Crishna-Godrej. Holkar is Smithaâ€™s daughter. Both conglomerates are looking to streamline their businesses after the realignment. #5. Economic growth may have slowed in June quarter because of elections, uneven rainfallÂ Indiaâ€™s economic growth may have slowed to 6.85 percent in fiscal first quarter of 2024-25 from 7.76% in the preceding three months, according to a median estimate from 25 economists polled by Mint. If these projections hold, it will mark the lowest GDP growth in five quarters. The date will be released on August 30. Economists have projected GDP growth in the range of 6-7.3 percent for the quarter. Why itâ€™s important:The slowdown can be attributed to a lack of economic momentum during the general elections, muted government capital spending and an uneven monsoon. #6. Competition watchdog approves merger between Viacom18 and Star India with caveatsÂ The Competition Commission of India has approved the merger between Reliance Industries-promoted Viacom18 and Walt Disney-owned Star India three months after they filed for it, the Economic Times reported. The watchdog has said the approval is subject to compliance with voluntary modifications to the merger scheme. An order detailing these modifications will be released soon. Why itâ€™s important:The nod paving the way for the creation of Indiaâ€™s largest media and entertainment company. The voluntary modifications may set the stage for ongoing oversight to ensure the new entity does not engage in monopolistic practices, particularly in sports broadcasting and content licensing. #7. Defense ministry warns corporate India against using Chinese parts in dronesÂ The defense ministry has warned Indian companies against using Chinese spares and parts to manufacture and sell drones in India, the Hindu Businessline reported. In ministryâ€™s department of defense production has asked industry bodies FICCI, Assocham and CIIâ€™s Society of Indian Defense Manufacturers to sensitise and caution associated makers from procuring items from companies using Chinese spare parts for making drones in India. Why itâ€™s important:India has banned the use of hardware and software for drone systems and subsystems made in China and nations sharing land borders with India. The army has recently put on hold acquisition of 200 logistic drones from Chennai-based Dhaksha Unmanned Systems on such suspicions. #8. Regulatory uncertainty makes renewable energy producers wary of inking power purchase pacts Renewable energy firms and their buyers are hesitant to sign virtual power purchase agreements due to lack of regulatory clarity, the Mint reported. They say these contracts, under which power is sold at a fixed price through an exchange and not a common grid, could run afoul of the Securities Contracts (Regulation) Rules of 1957 that govern derivative contracts. Why itâ€™s important:Indiaâ€™s fast-growing renewable energy sector has ignited a gold rush among conglomerates, private equity funds and startups. But the industry continues to grapple with a regulatory ambiguity which might be limiting the runaway expansion. #9. Adani Ports to build two projects in Madhya Pradesh by investing Rs 3,500 croreÂ Adani Ports and Special Economic Zone will set up a 2-million-ton capacity cement grinding unit in Guna and a propellant production facility at Shivpuri in Madhya Pradesh with a total investment of Rs 3,500 crore, the Business Standard reported. Managing director Karan Adani made the announcement at the Gwalior Regional Industry Conclave. Why itâ€™s important:The Adani Group has already made sizeable investment in the central Indian state and the new projects are expected to boost economic activity in the region and generate local employment. #10. Government provides Rs 35,000 crore push to build 12 smart cities and three rail projects The cabinet committee on economic affairs has cleared a slew of infrastructure projects, including 12 new industrial nodes or cities and three rail projects connecting key industrial locations, with a total investment of around Rs 35,000 crore, the Mint reported. The cabinet in past three months has approved infrastructure projects worth over Rs 2 lakh crore. Why itâ€™s important:The latest approvals add to the central governmentâ€™s focus on building manufacturing and strengthening infrastructure to take India closer to its goal of a developed India by 2047. Capital spending by the private sector continues to lag behind though.	2024-08-29 07:54
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/gold-prices-firm-with-us-inflation-data-in-focus-12809464.html	Gold prices firm with US inflation data in focus	US gold futures rose 0.4 percent to $2,546.80..	Gold prices edged up on Thursday, aided by a weaker dollar and hopes of a Federal Reserve interest rate cut, while focus turned to a key U.S. inflation print. Spot gold was up 0.5 percent to $2,513.77 per ounce, as of 0250 GMT. Bullion hit a record high of $2,531.60 on Aug. 20 and is up nearly 22 percent this year so far. US gold futures rose 0.4 percent to $2,546.80. The dollar dipped 0.1 percent, making gold more appealing for holders of other currency. Benchmark 10-year Treasury yields also ticked lower. In the long-term, gold looks strong, but a short-term pullback is possible, especially if any data dampens rate cut expectations, said Kyle Rodda, a financial market analyst at Capital.com. Bullion, a non-yielding asset, is more appealing in a low-interest-rate environment. Market participants are awaiting U.S. initial jobless claims and GDP data due at 1230 GMT. The Personal Consumption Expenditures (PCE) data is due on Friday, which could offer further clues on the outlook for rates. Traders have fully priced in a Fed easing for next month, with a 65.5 percent chance of a 25-basis-point cut and about 34.5 percent chance of a bigger 50-bp reduction, according to the CME FedWatch tool. Atlanta Fed President Raphael Bostic on Wednesday said that with inflation down and unemployment up, it might be "time to move" on rate cuts, though he remains cautious. "Visible short positions remains near decade-lows. Narratives in gold markets are unanimously bullish. We see significant risks to the near-term outlook tied to positioning, despite the strong fundamental backdrop," said Daniel Ghali, commodity strategist at TD Securities in a note. Among other metals, spot silver rose 0.91 percent to $29.38 per ounce, platinum climbed 0.5 percent to $934.52 and palladium edged 0.3 percent higher to $948.95.	2024-08-29 09:21
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/oil-steady-as-smaller-than-expected-us-stock-draw-counters-libya-supply-disruption-12809389.html	Oil steady as smaller-than-expected US stock draw counters Libya supply disruption	Brent crude futures were down 1 cent, or 0.01%, at $78.64 a barrel at 0043 GMT, while U.S. West Texas Intermediate crude futures were up 8 cents, or 0.1%, to $74.60..	Oil prices held mostly steady on Thursday as a smaller-than-expected draw in U.S. crude inventories and continued worries over China demand countered supply disruptions out of Libya. Brent crude futures were down 1 cent, or 0.01%, at $78.64 a barrel at 0043 GMT, while U.S. West Texas Intermediate crude futures were up 8 cents, or 0.1%, to $74.60. Both contracts lost over 1% on Wednesday, after data showed that U.S. crude inventories dropped by 846,000 barrels to 425.2 million barrels last week, less than analyst expectations in a Reuters poll for a draw of 2.3 million barrels. [EIA/S] Losses were limited, however, by worries over disruption to supplies out of Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC). A number of oil fields in Libya have halted production amid a fight for control of the countryâ€™s central bank, with one consulting firm estimating output disruptions of between 900,000 and 1 million barrels per day (bpd) for several weeks. In July, Libya produced about 1.18 million bpd. "Supply side issues continue to hang over the market. Libyan output has more than halved this week amid a political dispute," ANZ Research said in a note. "Output is at risk of falling further as more fields close". The expectation that the U.S. central bank will start cutting interest rates next month also supported oil prices, with Federal Reserve Bank of Atlanta President Raphael Bostic saying that with inflation down farther and unemployment up more than anticipated, it may be time for cuts. Lower interest rates decrease the cost of borrowing, and that can boost economic activity and increase demand for oil.	2024-08-29 06:53
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nifty-breaks-10-day-winning-streak-as-nvidia-earnings-drag-global-markets-down-12809403.html	Nifty snaps 10-day gaining streak but holds on to 25,000 as Nvidia drags IT pack	Apollo Hospitals, Cipla, Shriram Finance, Hero MotoCorp, and Tech Mahindra were the top gainers on the Nifty..Related stories.	Benchmark Nifty 50 opened marginally lower, tracking the US selloff over Nvidia's outlook, but managed to hold on to the 25,000 level amid mild profit booking on August 28, even as block trades in PB Fintech and IndiGo caught investor's attention. The weakness in sentiment hasÂ rippled across Asian markets too, with tech stocks weighing heavily on South Korean and Taiwanese indices. At about 9:20 am,Â the Sensex was down 67.69 points or 0.08 percent at 81,717.87, and the Nifty was down 21.60 points or 0.09 percent at 25,030.70. About 1563 shares advanced, 987 shares declined, and 123 shares unchanged. Follow our LIVE blog for all the latest updates "Currently, we observe a balancing act, as the ongoing underperformance of major banking stocks weighs on market sentiment, while the strength in select heavyweights from IT, FMCG, metals, and energy on a rotational basis helps maintain a positive tone. The outlook suggests further consolidation in the index, but the bias remains positive. Traders should continue to focus on stock selection," Ajit Mishra, Senior Vice President at Religare Broking said. Read more:ÂPaytmâ€™s regulatory progress seen as key step in easing overhang, brokerages say; stock in focus The midÂ and small-cap indices managed to shrug off weak sentiment to riseÂ 0.2 and 0.3 percent, respectively. Analysts are divided over further gains, with some flagging stretched valuations while some others believe stock-specific movements could support the indices. The broader market indices have gained around 28 percent since the start of the year, comfortably outpacing Nifty's 15 percent rise over the same period. Read:ÂShort call \| NFOs building narratives for stretched valuations, vast playing field for retailers; L&T Tech, LTIMindtree in focus Among stocks, the energy-to-telecom conglomerate Reliance Industries will be in focus after the company and Walt Disney Company received approval from the Competition Commission of India for the Rs 70,350 crore merger of their Indian media assets. Market participants will also track theÂ 47th Annual General Meeting of Reliance Industries on August 29, at 2:00 PM (IST). Payment aggregator Paytm is activeÂ afterÂ receiving government's approval for downstream investment in wholly-owned subsidiary Paytm Payments Services Ltd, a regulatory filing said on Wednesday, sending shares higher by over 3 percent to Rs 565. Among sectors,Â Nifty IT opened lower on profit booking, snapping a three-day gaining streak. Nifty Metal too fell after Hindalco, Tata Steel, and JSW Steel traded in the red. Gainers included Nifty Pharma and Healthcare, rising 0.3 percent each. "Nifty can find support at 25,000 followed by 24,950 and 24,900. On the higher side, 25,100 can be immediate resistance, followed by 25,150 and 25,200," Hardik Matalia, Derivative Analyst Choice Broking, said. "The charts of Bank Nifty indicate that it may get support at 51,000, followed by 50,900 and 50,800. If the index advances further, 51,300 would be the initial key resistance, followed by 51,500 and 51,600," he added. Apollo Hospitals, Cipla, Shriram Finance, Hero MotoCorp, and Tech Mahindra were the top gainers on the Nifty. Hindalco, UltraTech Cement, LTIMindtree, Grasim, and HCL Tech lagged the most.	2024-08-29 09:54
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/short-call-nfos-building-narratives-for-stretched-valuations-vast-playing-field-for-retailers-lt-tech-ltimindtree-in-focus-12809393.html	Short call \| NFOs building narratives for stretched valuations, vast playing field for retailers; L&T Tech, LTIMindtree in focus	There has been a surge in sector specific NFOs by mutual funds in the past year..Related stories.	They say to not judge a book by its cover and this seems to be apt for the narrative built by a spree of thematic NFOs by mutual funds. Jumping from one sector to another, these thematic funds have aimed at building narratives in an attempt to capture the market's attention. "We note that narrative-driven valuation re-rating has been the primary driver of returns over the past 12-18 months. However, a few narratives of the past few months such as ŌĆś400+ seats for NDAŌĆÖ, consumption or rural boost in thebudget, and increase in capex allocations, especially in defence, railways, roads, and privatisation of PSUs have failed to materialise," wrote Kotak Institutional Equities. As fund houses jump on the bandwagon, there's been a wave of sector-specific NFOs flooding the market, pumping loads of cash into these sectors without much thought for price tags. The result? Valuations flying sky-high into la-la land! What's even more worrying is that keeping this loop going and the returns that come with it might hinge on a never-ending cycle of chasing past returns in thematic funds and new liquidity pouring in. It's like a loop that feeds itself, without a thought of how long it can last. Fertile field for retailers to grow International brokerage Bernstein believes that India's retail sector can unlock demand beyond the top 10 percent of the wealth pyramid and the top 40 cities in the coming time. It argues that the spending power of IndiaŌĆÖs middle class isnŌĆÖt stifled by a lack of desire, but by the need for more affordable and accessible productsŌĆöpointing to a supply-side issue, not a demand one. This presents a golden growth opportunity for companies ready to step in and deliver. The real snag in the plan is the hefty debt most retailers have racked up to acquire a diverse lineup of brands. ItŌĆÖs like a bone stuck in the throat, making growth a bit harder to swallow. L&T Tech (Rs 5,678.50, 3.5%) Recently concluded its analyst day, management launched its ŌĆśGo deeper to ScaleŌĆÖ strategy and highlighted the need for LTTS 3.0. Bull case: Based on the leaders' expectations, LTTS will record a revenue of $2 billion in the medium-term. Following this, the IT player wants each of its segments to record $1 billion in revenue each. Bear case: Brokerages commented that expensive valuations make the firm unattractive as an investment opportunity. Rising competition in the ER&D services space, along with the loss of key customers can adversely impact the topline. Additionally, since the firm heavily depends on technology service exports, exchange rate fluctuations can impact the company. Zydus Lifesciences (Rs 1,138 +2.2%) Shares rose after Jefferies upgraded the stock to 'buy' call. Bull case: Strong US pipeline with at least one launch per year along with improved growth prospects in India will help it deliver higher volumes and margins. Bear case: High reliance on US market can pose a risk to the financials of the company in case of a drop in demand or other unforeseen circumstances. LTIMindtree (Rs 7,215, +5.02%) Stock surged as Kotak Securities upgraded it to 'add' from the previous 'reduce' call. Bull case: LTIMindtreeŌĆÖs strong recovery in revenue growth, driven by BFSI and hi-tech sectors, positions it for significant gains. KotakŌĆÖs upgrade to an ŌĆśAddŌĆÖ rating with a target of Rs 6,200 underscores the stockŌĆÖs potential for consistent EPS growth. Bear case: Rapid technological changes, intense IT services competition, and high client concentration pose significant risks for LTIMindtree. Adverse exchange rate fluctuations could further impact profitability, making it challenging to sustain long-term growth. (With inputs from Veer, Harshita and Zoya)	2024-08-29 07:16
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/paytms-regulatory-progress-seen-as-key-step-in-easing-overhang-brokerages-say-stock-in-focus-12809430.html	Paytmâ€™s regulatory progress seen as key step in easing overhang, brokerages say; stock gains	In the past 12 months, the stock has plunged over 36 percent, underperforming benchmark Nifty which rallied nearly 30 percent during this period..Related stories.	Shares of Paytm gained around 3 percent on August 29 following recent brokerage updates, which reflected positive sentiment from the government's approval for investment in Paytm Payment Services Limited (PPSL) and the upcoming RBI decision. The fintech company is set to resubmit its payment aggregator (PA) license application to the Reserve Bank of India (RBI). Jefferies, maintaining a "Hold" rating onPaytmwith a target price of Rs 420, noted that while the immediate business impact may be limited, easing regulatory concerns is a positive development. The next step after the approval of the RBI will be obtaining National Payments Corporation of India (NPCI) approval for new user onboarding, it said. Follow our market blog to catch all the live action 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 existing partners," said Paytm after getting the government approval. UBS views the Finance Ministry's approval as a key step in clearing regulatory hurdles, retaining its "Neutral" rating on Paytm with a Rs 490 target price. The brokerage highlighted that this approval was essential for moving forward with the PA license and allowing Paytm to onboard new online merchants. Morgan Stanley, with an "Equal-Weight" rating and a target price of Rs 500 per share, sees the recent development as a move towards reducing regulatory overhang. The firm will monitor the RBIâ€™s response to the next regulatory steps. It is worth mentioning that Paytm Payment Services remains a significant part of the company's operations, contributing a quarter of consolidated revenue for the financial year ended March 2023. Also Read \|Â Paytm Payments Services gets FinMin nod for 'downstream investment' from One 97 Comm In the previous session, Paytm shares closed 0.7 lower at Rs 541.15 on the National Stock Exchange (NSE). The stock has gained 34 percent in the last six months but on a year-to-date basis, it is trading 16 percent lower. In the past 12 months, the stock has plunged over 36 percent, underperforming benchmark Nifty which rallied nearly 30 percent during this period.	2024-08-29 09:39
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-25-12809010.html	First Tick: Top 10 global cues for todayâ€™s trade	Market Today.Related stories.	Indian benchmark indices Sensex and Nifty 50 are likely to open lower on August 29, tracking cues from GIFT Nifty trading near 25,002.00, a short while ago this morning. Track the latest updates onÂGIFT NiftyÂ right here onÂ Moneycontrol. Indian indices ended higher on August 28 with Nifty crossing its previous record high (25,078.30) and surpassed 25,100 for the first time led by Information Technology and pharma stocks. At close, the Sensex was up 73.80 points or 0.09 percent at 81,785.56, and the Nifty was up 34.50 points or 0.14 percent at 25,052.30. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading lower, indicating a negative start for the day. Nifty futures were trading at 25,002.00 at 07:10 am IST. Asian Equities (Down) Asian markets were trading lower in the early part of Thursday, with tech stocks dragging South Korean and Taiwanese indexes after chipmaker Nvidia reported its second-quarter results.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)Â TopixÂ -0.10Â 0.25Â 12.01Nikkei-0.281.9712.72Hang SengÂ -Â -Â -Taiwan-1.12Â 2.57Â 19.02Kospi-0.78-0.88-2.04US Equities (Fall) US stocks fell on Wednesday ahead of a quarterly report from Nvidia, Wall Street's centerpiece event of the week that could shatter or add fresh fuel to a rally driven by optimism around artificial intelligence. Shares of the dominant seller of AI processors, due to report after the closing bell, dipped 2.1%, trimming their gain so far this year to 154%. The S&P 500 declined 0.60% to end the session at 5,592.18 points. The Nasdaq declined 1.12% to 17,556.03 points, while the Dow Jones Industrial Average declined 0.39% to 41,091.42 points.Â CHANGE FROM PREVIOUS CLOSE (%)MTD (%)Â YTD (%)Dow JonesÂ -0.39Â 0.8910.01S&P500-0.601.5518.30Nasdaq-1.120.0318.01US Bond Yield (Down) The US 10-year Treasury yields were down marginally at 3.83%, while the US 2-year bond yield wasÂ downÂ 5 bps at 3.86%.CURRENT PRICEMTDYTDUS 10-Year TreasuryÂ 3.83Â 4.174.11US 2-Year TreasuryÂ 3.86Â 4.39Â 4.89Dollar Index (Down) The dollar steadied on Thursday as it nursed some of its steep losses from previous sessions, with traders looking ahead to a key US inflation reading at the end of the week that could offer further clues on the outlook for rates there.CURRENT PRICEMTDYTDDollar IndexÂ 100.93Â 104.56Â 103.53Asian currencies (Mixed) Asian currencies were trading mostly higher against the US dollar, with the Indonesian Rupiah gaining the most, followed by the Malaysian Ringgit and Thai Baht, while the Philippines Peso,Â Taiwan Dollar andÂ China Renminbi, traded marginally in the red.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)Indonesian RupiahÂ 0.473Â 5.57Â -0.149Â South Korean Won0.0083.40-3.41Â Japanese Yen0.0976.63-2.35Â Philippines Peso-0.0693.93-1.58Â Thai Baht0.1655.800.694Â Taiwan Dollar-0.0382.82-4.38Â China Renminbi-0.056Â 1.85-0.390Â Malaysian Ringgit0.2156.935.96Â Singapore Dollar0.0773.141.36Gold (Gains) Gold prices were up 0.3 percent at USD 2512.61, whileÂ Silver prices were up 0.5 percent at USD 29.28 in the early trade on Thursday.Â CHANGE FROM PREVIOUS CLOSE (%)MTD (%)Â YTD (%)GoldÂ 0.31Â 2.65Â 21.78Silver0.56Â 0.9823.05Crude (Up) Oil prices held mostly steady on Thursday as a smaller-than-expected draw in U.S. crude inventories and continued worries over China demand countered supply disruptions out of Libya.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)US West TexasÂ 0.23Â -4.17Â 4.24Brent Crude0.13-2.442.22LME Commodities (Down) LME commodities slipped in the early trade on Thursday with Zinc down more than 2Â percent, while Copper and Lead shedÂ nearly 2 percent eachÂ CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)AluminiumÂ -2.10Â 8.97Â 4.70CopperÂ -1.980.388.20NickelÂ -0.632.502.51LeadÂ -1.84Â 0.07Â 0.80Zinc-2.187.688.39Fund Flow Action The foreign institutional investors (FIIs) turned net sellers on August 28 as they sold equities worth Rs 1,347 crore, while domestic institutional investors bought equities worth Rs 439 crore on the same day.28th AugustMTDYTDFII Net FlowsÂ -1,347.53-29,946.21-1,51,113.9DII Net Flows439.3548,785.873,06,110.93Hope you're all set for today's trade, we wish you a profitable day ahead.	2024-08-29 07:23
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/gautam-singhania-raymond-demerged-vertical-lifestyle-listing-12809435.html	Gautam Singhania says Raymond Lifestyle set to list next week, demerged verticals will create value	Raymond group announced the demerger of its apparel business last year to put in place a focused strategy with respect to three clear lines of businesses â€“ real estate, lifestyle and engineering. The real estate vertical is expected to list next year..Related stories.	Raymond Lifestyle, the demerged entity that will house all apparel-related businesses of the group, is expected to make debut on the bourses in the coming week,Â Gautam Singhania, chairman and managing director of Raymond has said. The group announced the demerger of its apparel business last year, putting in place a strategy of three verticals of businesses â€“ real estate, lifestyle and engineering. The real estate vertical is expected to list next year.Â Singhania also confirmed that the group has lined up plans forÂ expansion of its clothing business. â€śWhat we are doing is that we are trying to create shareholder value. We had two businesses â€“ lifestyle and engineering/auto. And in the last five years, we started the real estate business,â€ť Singhania toldMoneycontrolin an exclusive interaction. â€śWe announced the demerger of the lifestyle business last year. The lifestyle company should list hopefully next week, sometime. We have significantly scaled up the real estate business as well. We believe both these businesses will require their own structures to run. So, we have also announced the demerger of the real estate business as well. So, we will have three companies â€“ real estate, lifestyle and engineering,â€ť Gautam Singhania said. Also Read:ÂRaymond board approves plan for real estate business demerger The group is putting in place separate corporate structures for all the three verticals, with Singhania as part of all the boards. â€śEach company will have its own board, CEO and management structure. Going ahead, it would prove to be the best setup for creating shareholder value as each company will have its own strategy. I will be on the boards (of the three companies),â€ť he said. The Raymond Group has an aggressive expansion strategy for the lifestyle business that starts to trade as a separate company on bourses next week. The group currently has a network of over 100 storesÂ and it plans to open another 300 in the current financial year. Raymond as a brand enjoys strong recall and legacy value in the wedding segment, especially suits, though there is increased competition in the ethnic and Indian wear space with brands like Manyavar making inroads. Vedant FashionsÂ - the makers of Manyawar - made its stock market debut in February 2022Â and has gained around 20.5 percent in the last three months, though it is down marginally on one year basis. Shares of Raymond have gained a little over 10 percent in the last six months, though the stock has remained largely flat in the last one year. Over a five-year period, the stock has surged more than 250 percent. Also Read:ÂFree of net debt, Raymond to spin off lifestyle business as separate listed entity Singhania backsÂ Raymond Lifestyle for its end-to-end solution in apparels. â€śWe are the only company that is the sum of all other companies. We have ethnic, garments, wedding segment, sleepwear, and shirting. We are a totally integrated solution hence the value and the brand. We are still the largest in the wedding segment. In the ethnic segment, we were slow to start but we have caught upâ€¦ I have launched sleepwear and the response has been encouraging. I am launching innerwear. They are all different verticals but the mother brand â€“ Raymond -- is also expanding,â€ť he said. â€śThe legacy businesses should grow at 7-10 percent. The new segments are at different stages of maturity. If you take shirting, today it is at 25 million meters, the vision is to take it to 60-70 million. There are many more verticals that we will launch and that is where exponential growth will happen,â€ť Singhania added.	2024-08-29 09:06
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/investec-initiates-buy-on-jana-sfb-12809402.html	Investec initiates a 'Buy' on Jana SFB, sees 20% upside as valuations turn attractive	In the past one month, the stock of this scheduled commercial bank has trailed by 6 percent.Related stories.	Investec has initiated a 'Buy' on Jana Small Finance Bank with a target price at Rs 725 apiece, projecting aÂ potential upside of over 20 percent from current levels.Â Analysts believe the bank has shown resilience during tough times and recent improvements highlight the management's strength. In the past one month, the stock of this lender has fallen by 6 percent as compared to benchmark Nifty 50's modest 0.8 percent move. Earlier, Jana SFB had scaled to 52-week high of Rs 760 apiece on June 19, 2024. Catch all the market action on our LIVE blog Investec analysts, in its recent note, said that Jana SFB's asset reconstruction company (ARC)-led strategy helped keep bad loans under control. Moreover, it used business correspondents to access agricultural loans with safety measures. On liabilities, it added that the lender needs more investments in order to catch up with the top 3 SFBs. However, analysts expect Jana SFB to deliver strong earnings growth over FY24-27 as cost ratios and credit costs improve. "We forecast 21 percent profit-before-tax (PBT) CAGR over FY24-27 with an average return on equity (RoE) of 17 percent. Jana SFB's valuations stand inexpensive at 1.2x FY26 P/B," the brokerage firm highlighted. Jana SFB is the 4th largest SFB in India, launched in 2016 and is serving 12 million customers. It has a national presence across 22 states and 2 union territories, spread across 780 branches.Â From its origin of being a NBFC-MFI, the bank has transformed steadily over the years, leading to 62 percent of its lending book being secured, mostly backed by mortgages. In the recently concluded June quarter, Jana SFB reported 90 percent year-on-year jump in net profit to Rs 171 crore, while net interest income rose 32 percent YoY to Rs 610 crore. The gross non-performing assets (NPAs) stood at 2.62 percent in the June quarter and net NPAs came at 0.99 percent.	2024-08-29 08:44
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/fiis-bought-1-6-billion-in-indian-markets-over-the-last-week-12809448.html	FIIs bought $1.6 billion in Indian markets over the last week	Analysts say recent FII buying was driven by large block and bulk deals last week. Major deals involved companies like Ambuja Cement, Tata Tech, GMR Airports, Zomato, PNB Housing, and Nykaa, worth about Rs22,000 crore..Related stories.	After leading in selling in Indian markets among Asian peers, foreign investors have shifted to buying, acquiring over $1.6 billion in the last seven sessions. Between August 16-27, FIIs poured more than $1.6 billion into Indian equities, as per NSDL data. During this period, FIIs were sellers in only two sessions -- on 19 August and August 21. During this period, benchmark indices Sensex and Nifty rose over 1.4% each, while BSE MidCap and SmallCap gained 1.8% and 2.4%, respectively. Analysts say recent FII buying was driven by large block and bulk deals last week. Major deals involved companies like Ambuja Cement, Tata Tech, GMR Airports, Zomato, PNB Housing, and Nykaa, worth about Rs 22,000 crore. Some believe the buying was sector-specific, indicating no significant shift in FIIs' stance on India. Few suggest following the Jackson Hole meeting, there is speculation that the Fed might cut rates soon, potentially boosting FII confidence. India's strong economic performance and stable macro data have turned it into an attractive market, prompting FIIs to switch from selling to buying in search of liquidity and alpha. However, analysts are divided on whether this trend will continue, with some expecting sustained inflows, while others await further data. According to Dr. Ravi Singh, SVP- Retail Research, Religare Broking, of late, several positive developments have led to renewed buying interest by FIIs. These include improvements in global economic conditions, which have eased inflationary pressures and created a stable outlook for interest rates. Further, strong economic fundamentals in India, along with stable corporate earnings, proved Indian equities an attractive bet. The stabilization of the rupee and positive sentiment about India's growth prospects have further bolstered FII interest in Indian markets. Earlier, between August 1-14, FIIs sold around $2.12 billion, marking the highest outflow among emerging markets. During this period, Sensex and Nifty fell over 1%, and BSE MidCap and SmallCap declined 1% and 1.3%, respectively. In August, FIIs withdrew $1.14 billion from Japan, $1.6 billion from South Korea, $1.17 billion from Taiwan, and smaller amounts from Thailand and Vietnam. Conversely, they invested $1.35 billion in Brazil, $899 million in Indonesia, $278 million in Malaysia, and $121 million in the Philippines. Analysts noted that in early August FIIs continued selling due to uncertainty about a potential Fed rate cut. Global markets experienced significant volatility due to weak US economic data, recession fears, and the Bank of Japan's hawkish stance. Japan's market was particularly impacted by the unwinding of the yen carry trade, causing a 20-yen drop in the dollar-yen pair from July 3 to August 5, following Japan's intervention and a Bank of Japan rate hike. However, markets have since rallied as the Bank of Japan reassured investors and US jobless claims data alleviated slowdown concerns. Souvik Saha, Investment Strategist at DSP Mutual Fund, noted that the recent FII flows into Indian markets are driven by recent stock-specific deals rather than a broad-based sector rally. He mentioned that the Jackson Hole meeting hinted at a possible Fed rate cut, which could benefit emerging markets, with India in a strong position due to consistent domestic economic growth and stable government. Saha expects MSCI India to grow 14-15 percent this year and 15-16 percent next year, supported by stable earnings. While mid and small-cap earnings are volatile, they remain stock-specific. He believes FIIs are shifting focus from finance to new sectors like discretionary, pharma, healthcare and energy, and sees a potential comeback for FIIs into the Indian market. Analysts suggest that going forward, FIIs are expected to adopt a cautious yet opportunistic approach. Continued inflows into India are likely if global conditions remain stable and the countryâ€™s economic outlook stays positive. However, renewed global uncertainties or negative developments could lead to more cautious FII positioning. FIIs are expected to focus primarily on sectors with strong growth potential and companies with solid fundamentals.	2024-08-29 09:02
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/adani-group-madhya-pradesh-investment-12809175.html	Adani Group to invest Rs 3,500 crore in two projects in Madhya Pradesh	Adani Group plans to set up a 2 million tonnes cement grinding unit in Guna..	The Adani Group has announced plans to set up cement grinding and propellant production units in Madhya Pradesh at an investment of Rs 3,500 crore, Karan Adani, CEO of Adani Ports and SEZ said at an event in Gwalior on August 28. "The Adani Group plans to set up a 2 million tonne cement grinding unit in Guna. The Adani Group is also going to develop a state-of-the-art propellant production facility at Shivpuri. This unit in Shivpuri is strategically aligned with the Aatmanirbharta mission of transforming India from a defence importer to a defence exporter. These two projects would result in an investment of Rs 3500 crore and create over 3500 direct and indirect jobs,"Â Karan Adani, CEO - Adani Ports and SEZ said. Adani Group said it hasÂ already invested Rs 18,250 crore in Madhya Pradesh, helping create 12,000 jobs. "Gwalior is soon becoming a tourism hotspot and a pool of high quality talent and also a key transportation and trade hub," AdaniÂ said, adding that these developments are making the city an emerging economic centre attracting investments across sectors. Adani's defence facility in Gwalior is India's largest small arms plant, he said, which has positioned the city on the global map.	2024-08-28 17:58
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/bulk-deals-infinity-partners-buys-9-17-stake-in-gmm-pfaudler-12809239.html	Bulk Deals: Infinity Partners buys 9.17% stake in GMM Pfaudler	representative image.Related stories.	Infinity Partners bought a 9.17 percent stake in GMM Pfaudler at an average price of Rs 1,352 per share via a bulk deal on August 28. It bought 41.22 lakh shares in the company. On the sellers side,Â Atreides Investments BV sold 0.92 percent stake in GMM Pfaudler Limited at an average price of Rs 1,352Â and Geranium Investments Limited sold 8.27 percent stake or 37.1 lakh shares in GMM Pfaudler Limited at an average price of Rs 1,352. As of June 30, Geranium Investments Limited had a 8.25 percent stake in GMM Pfaudler. SG Sundae Holdings LLC sold 28.56 lakh shares or a 0.92 percent stake in Kesoram Industries at an average price of Rs 207.02. As of June 30, SG Sundae Holdings LLC had aÂ 2.82 percent stake in the company. Religare Invesco Mutual Fund bought 6.08 lakh shares, Edelweiss Mutual Fund - Edelweiss Absolute Return bought 5.15 lakh shares, and Invesco Mutual Fund bought 4.84 lakh shares in TCNS Clothing Company. Invesco Mutual Fund sold 7.98 lakh shares in TCNS Clothing Company at an average price of Rs 571.6. Morgan Stanley Asia Singapore PTE sold 3.53 lakh shares in TCNS Clothing Company at an average price of Rs 576.18.Â and Nomura Singapore Limited sold 3.2 lakh shares in TCNS Clothing Company at an average price of Rs 578.13. Morgan Stanley Asia Singapore PTE sold 4.6 lakh shares in TCNS Clothing Company at an average price of Rs 578.75. Motilal Oswal Mutual Fund bought a 1.77 percent stake in Shaily Engineering Plastics. RBA Finance and Investment Company sold a 1.09 percent stake in the company. Legends Global Opportunities (Singapore) PTE LTD bought 12.5 lakh shares in CIL Nova Petrochemicals at an average price of Rs 69.74.Â Albulia Investment Fund bought 12.8 lakh shares in CIL Nova Petrochemicals at an average price of Rs 70.5. On the sellers side, New Leaina Investments Limited sold 12.50 lakh shares in CIL Nova Petrochemicals at an average price of Rs 69.74, while Lotus Global Investments sold 12.8 lakh shares in CIL Nova Petrochemicals at an average price of Rs 70.5.	2024-08-28 20:14
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/technical-view-niftys-upward-journey-likely-to-continue-if-it-gives-strong-close-above-25100-12809106.html	Technical View: Nifty's upward journey likely to continue if it gives strong close above 25,100	Nifty Outlook.Related stories.	The Nifty 50 extended its upward journey for the tenth consecutive session, ending at a fresh record closing high on August 28, a day before the expiry of August Futures & Options contracts on August 29. The index has consistently formed higher highs, and the positive bias in momentum indicators persists. According to experts, the index needs a strong close above 25,100 to enable further upward movement towards 25,200 in the immediate term, with potential to reach 25,400-25,500 levels in the short term. Immediate support lies at 24,800. The Nifty 50 maintained its uptrend from the opening trade, hitting a fresh record high of 25,129.60. The previous all-time high was 25,078.30, recorded on August 1. The index finished the session at 25,052, up 35 points amid consolidation, forming a small-bodied bullish candlestick pattern with upper and lower wicks. This pattern resembles a Doji candlestick (though not a classical one), suggesting indecision among bulls and bears about the market's next direction. "A decisive move above 25,100, or a close above this level, could confirm a further rally in the market. Otherwise, the Nifty may slip lower, as the absence of sustained buying might trigger selling pressure," said Rupak De, Senior Technical Analyst at LKP Securities. Meanwhile, monthly options data indicated that the Nifty 50 may face resistance at 25,100 for a move towards the 25,400-25,500 area, with support at 25,000 and then 24,900. On the Call side, the 25,500 strike holds the maximum open interest, followed by the 25,100, 26,000, and 25,400 strikes, with the most significant writing at the 25,100 strike, followed by the 25,400 and 25,200 strikes. On the Put side, the maximum open interest was seen at the 25,000 strike, followed by the 24,800 and 24,900 strikes, with the most significant writing at the 24,900 strike, followed by the 25,100 and 24,700 strikes. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, also believes the underlying trend of the Nifty remains positive. "Further consolidation or a minor dip from here is likely to create space for a decisive upside breakout of the hurdle at the 25,100 level. Immediate support is placed around 24,800-24,750 levels," he said. Bank Nifty The Bank Nifty underperformed the Nifty 50, falling 135 points to 51,144 on the monthly F&O expiry day and forming a small bearish candlestick pattern on the daily timeframe. The index traded within the previous day's range and remained above the downward sloping resistance trendline. "The Bank Nifty has been underperforming due to subdued price action in the key heavyweights of the index. In terms of levels, 50,950 â€“ 50,850 shall act as a crucial support zone, while 51,500 â€“ 51,600 is the immediate hurdle zone," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas. Volatility increased slightly, but remains at lower levels, below all key moving averages, which is still favourable for bulls. The India VIX rose by 2.33 percent to 13.95, from 13.63 levels.	2024-08-28 16:52
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/baazar-style-retail-ipo-10-key-things-to-know-before-subscribing-to-the-issue-12809211.html	Baazar Style Retail IPO: 10 key things to know before subscribing to the issue	Baazar Style Retail IPO.Related stories.	Investor Rekha Rakesh Jhunjhunwala-backed Baazar Style Retail will be the last initial public offering to launch this month. It will open for subscription on Friday, i.e., August 30. Here are 10 key things to know before subscribing to the issue: 1)IPO Date The bidding for the Baazar Style Retail IPO will start on August 30. The final day for subscription will be September 3, while the anchor book will be opened for a day on August 29. 2)Price Band The price band for the maiden public issue has been fixed at Rs 370-389 per share. 3)IPO Size Baazar Style Retail targets to raise Rs 834.68 crore through its public issue at the upper price band. It is a combination of fresh issuance of equity shares worth Rs 148 crore, and an offer-for-sale (OFS) of 1,76,52,320 equity shares worth Rs 686.68 crore by the existing shareholders including investors Rekha Rakesh Jhunjhunwala and Intensive Softshare. Also read:ÂGrey market premiums skyrocket for upcoming SME IPOs even as experts advise caution Promoters Madhu Surana, Sabita Agarwal, Subroto Trading & Finance Company, Rekha Kedia, and Shakuntala Devi will also be selling shares in the OFS. Other selling shareholders will be Intensive Finance, Chandurkar Investments, Rajnish Gupta, and DK Surana HUF. Further, the company has reserved shares worth Rs 1 crore for its employees who will get them at a discount of Rs 35 per share to the final IPO price. 4)Shareholding Promoters hold 55.03 percent stake in the company and the remaining 44.97 percent shares are owned by public shareholders. Investors Rekha Rakesh Jhunjhunwala and Intensive Softshare are the largest shareholders in the firm with 7.69 percent and 7.11 percent stakes, respectively, followed by promoters Bhagwan Prasad and Rohit Kedia, who have 6.22 percent and 6.16 percentÂ stakes, respectively. 5)Objectives of Issue The Kolkata-based company will utilise Rs 113.8 crore out of the net fresh issue proceeds for repaying debt, and the remaining funds will be used for general corporate purposes. Also read:ÂAF Holdings-backed Concord Enviro Systems files IPO papers with Rs 192-crore fresh issue The company's total outstanding borrowings amounted to Rs 153.5 crore as of June 2024. It already utilised Rs 32.2 crore raised from the pre-IPO placement for debt reduction. Hence, post issue, the debt burden of the company is expected to reduce significantly. The offer-for-sale money will go to the selling shareholders. 6)Lot Size Investors can bid for a minimum of 38 equity shares and in multiples of 38 shares thereafter. Retail investors can invest a minimum of Rs 14,872 for one lot (38 shares) and their maximum investment would be Rs 1,92,166 (13 lots equal to 494 shares) as they can invest up to Rs 2 lakh in IPO. Half of the IPO size has been reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors (i.e. high-networth individuals). 7)Company Profile Baazar Style Retail is a value fashion retailer with a market share of 3.03 percent and 2.22 percent, respectively, in the organised value retail market in West Bengal and Odisha, respectively, offering apparels and general merchandise verticals. As of March 2024, it operates 162 stores in 146 cities and most of them are operated under the brand Style Bazaar. As per The Technopak report, it has the largest retail footprint in Eastern India compared to listed value retailers like V2 Retail and V-Mart Retail in FY24. The company has recorded merchandise sales of 33.69 million units in the fiscal 2024, increasing from 24.95 million units in the previous financial year. It also offers branded products for the Killer brand. Its private label brands contributed Rs 369 crore to revenue from operations in FY24, which is 37.93 percent of revenue, increasing sharply from Rs the 247.65 crore in the previous year (31.43 percent of revenue). 8)Financial Performance The financial performance of the company remained strong in the past years with profit in fiscal 2024 growing 4.3 times to Rs 21.9 crore, compared to Rs 5.1 crore in fiscal 2023. Revenue from operations grew by 23.5 percent to Rs 972.9 crore during the same period. EBITDA (earnings before interest, tax, depreciation and amortisation) in FY24 increased by 40 percent to Rs 142.2 crore with margin expanding by 170 bps to 14.6 percent compared to FY23. Return on capital employed remained strong at 18.39 percent in FY24, up from 13.77 percent in previous year and return on equity during the same period rose to 10.74 percent, from 3.02 percent. However, same-store-sales growth dropped to 9.54 percent in the fiscal 2024, down from 25.73 percent in the previous year. 9)Listing and Allotment Dates The Style Bazaar operator will finalise the basis of allotment of IPO shares by September 4 and the equity shares will be credited to demat accounts of successful investors by September 5. The trading in its equity shares will commence on the BSE and NSE from September 6. 10)Grey Market Premium Baazar Style Retail shares were available at around 35-40 percent premium over the upper price band in the grey market, market observers said. The grey market is an unofficial market for trading in IPO shares till the listing. Axis Capital, Intensive Fiscal Services, and JM Financial are the book running lead managers to the issue, while Link Intime India is the registrar to the offer.	2024-08-28 18:58
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-wipro-granules-bharti-airtel-cipla-iex-and-others-on-thursday-12809278.html	Trade Spotlight: How should you trade Wipro, Granules, Bharti Airtel, Cipla, IEX, and others on Thursday?	Trading Ideas.Related stories.	The benchmark indices closed moderately higher after a rangebound trading session on August 28, with 1,398 shares declining and 944 shares advancing on the NSE. The uptrend in the markets is likely to continue in the coming sessions, albeit with consolidation. Below are some trading ideas for the near term: Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas Cipla\| CMP: Rs 1,618 Cipla has broken out of a sideways consolidation on the upside. The breakout has been accompanied by above-average volume, suggesting that the rally is likely to continue. The daily momentum indicator has triggered a positive crossover, which suggests that momentum is also supporting the bullish bias. We expect the stock to target levels of Rs 1,697 in the short term. A stop-loss of Rs 1,570 should be maintained for long positions. Strategy: Buy Target: Rs 1,697 Stop-Loss: Rs 1,570 Indian Energy Exchange\| CMP: Rs 203.51 IEX has retraced 38.2 percent of the previous rise and has started the next leg of its upmove. The daily Bollinger Bands have begun to expand, indicating an expansion of the trading range. With prices moving along the upper band, it suggests that the positive momentum is likely to continue. We expect the stock to target levels of Rs 225â€“232 in the short term. Strategy: Buy Target: Rs 225, Rs 232 Stop-Loss: Rs 196 Vidnyan S Sawant, Head of Research at GEPL Capital Bharti Airtel\| CMP: Rs 1,556.35 Since breaking out in 2020 from a 14-year underperformance zone, Bharti Airtel has consistently formed higher tops and higher bottoms. The stock is currently trading at an all-time high, signaling a robust bullish price structure. This week, the stock also broke through the 61.8 percent extension level, coinciding with the monthly pivot R1 (resistance) level, indicating readiness for an upward trajectory. The MACD (Moving Average Convergence Divergence) study is in buy mode on the daily chart, further reinforcing the bullish momentum. Looking ahead, the stock has potential upside with a target of Rs 1,818, while a stop-loss at Rs 1,430 on a closing basis is recommended for effective risk management.Strategy: Buy Target: Rs 1,818 Stop-Loss: Rs 1,430 Lupin\| CMP: Rs 2,200.75 Lupin has achieved a multi-year breakout above its 2015 swing high. The stock has been in an upward trend since April 2023, consistently holding above its 12-week and 26-week moving averages. In June 2024, it experienced a bullish mean reversion from the 26-week EMA (Exponential Moving Average), after which it continued to climb with strong momentum. The MACD study reveals a higher bottom pattern, indicating that momentum is gaining acceleration. Looking ahead, there is potential upside for the stock with a target of Rs 2,638. To manage risks effectively, it's advisable to set a stop-loss at Rs 2,023 on a closing basis. Strategy: Buy Target: Rs 2,638 Stop-Loss: Rs 2,023 Mphasis\| CMP: Rs 3,089.5 On the weekly scale, Mphasis has shown strong momentum following a breakout from a larger base in July 2024. In recent weeks, the stock has retested the neckline of the chart pattern and continued to move higher. Price stability above Rs 3,100 could further accelerate the momentum. On the daily chart, the stock is holding well above its monthly pivot level. It also remains above the 12-week and 26-week EMAs, with the RSI (Relative Strength Index) above 60 across various timeframes, indicating sustained bullish momentum. Looking ahead, the stock appears poised for further gains, with a target set at Rs 3,690. To manage risks effectively, it's recommended to implement a stop-loss at Rs 2,829 on a closing basis. Strategy: Buy Target: Rs 3,690 Stop-Loss: Rs 2,829 Granules India\| CMP: Rs 706.45 Granules has demonstrated robust price growth, consistently making higher highs and higher lows since 2023, signaling a persistent bullish trend. The stock has consistently found support at the 12-week and 26-week EMAs during minor pullbacks, reinforcing its upward trajectory. Moreover, the RSI staying above 60 across different timeframes indicates strong bullish momentum backing the trend. Looking forward, the stock has potential for further upside with a target of Rs 865, while a stop-loss at Rs 650 on a closing basis is recommended for effective risk management. Strategy: Buy Target: Rs 865 Stop-Loss: Rs 650 Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities Dalmia Bharat Sugar and Industries\| CMP: Rs 445.60 Over the last two months, Dalmia Bharat Sugar has been trading in a bearish channel, forming a lower high and lower bottom pattern on the daily timeframe. However, the stock managed to find support around Rs 380 levels and has risen sharply since then. A fresh breakout has been observed above the falling trendline of the bearish channel, supported by rising volumes. Therefore, one can buy, hold, or accumulate the stock for an expected upside to Rs 525, with downside support in the Rs 440-435 zone. Strategy: Buy Target: Rs 520, Rs 525 Stop-Loss: Rs 400 Wipro\| CMP: Rs 534.6 After making a 52-week high of Rs 579.90 in July 2024, Wipro experienced a heavy sell-off, with prices slipping towards Rs 480 levels to take support at its 200-day EMA on the daily charts. In the past few weeks, the stock has shown a steady recovery, reclaiming momentum above Rs 530. Technically, the stock has given a breakout above the Inverted Head & Shoulders pattern. Therefore, one can buy, hold, or accumulate the stock for an expected upside to Rs 610, with downside support in the Rs 530-525 zone. Strategy: Buy Target: Rs 605, Rs 610 Stop-Loss: Rs 490	2024-08-28 21:13
moneycontrol.com	https://www.moneycontrol.com/news/business/super-micro-delays-annual-filing-to-review-internal-controls-shares-fall-12809272.html	Super Micro delays annual filing to review internal controls, shares fall	Super Micro delays annual filing to review internal controls, shares fall.Related stories.	Super Micro Computer on Wednesday delayed the filing of its annual report and said it needed more time to assess the "effectiveness of internal controls" over its financial reporting, sending shares in the AI server maker down 21%. The move comes a day after Hindenburg Research disclosed a short position in Super Micro and alleged "accounting manipulation" at the company, whose shares have nearly doubled in value this year on the back of the AI boom. It was not immediately clear if the two were related. Super Micro declined to comment beyond its statement on Wednesday when asked about Hindenburg's allegations. Super Micro said it had not made any updates to its results for the fiscal year and quarter ended June 30 that were announced earlier this month. The company had then posted a decline in quarterly margins due to increasing costs of server production and competitive pricing from rivals including Dell. Super Micro has emerged as one of the biggest winners of the generative AI boom as businesses bet on the technology needed to power applications such as ChatGPT, helping its stock more than triple last year. Hindenburg did not immediately respond to a request for comment on the delay. The short seller had on Tuesday pointed to evidence of undisclosed related party transactions, failure to abide by export controls, among other issues. Hindenburg said it had conducted a three-month investigation that included interviews with former senior employees and litigation records. The report made Super Micro the latest target of the short seller that has tussled with billionaire-investor Carl Icahn and India's Gautam Adani. Super Micro was charged by the U.S. securities regulator in 2020 of prematurely recognizing revenue and understating expenses. While the company did not admit or deny the SEC's charges, it had agreed to pay a $17.5 million penalty.	2024-08-28 20:08
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/orient-technologies-shares-close-48-higher-in-market-debut-12809218.html	Orient Technologies shares close 48% higher in market debut	Orient Technologies listing.Related stories.	Shares of Orient Technologies on August 28 ended with a premium of nearly 48 percent against the issue price of Rs 206. The stock made its debut at Rs 290, a jump of 40.77 percent from the issue price on the BSE. It surged 47.79 percent to settle at Rs 304.45 â€” its upper circuit limit. On the NSE, it listed with a premium of 39.80 percent at Rs 288. The stock ended at Rs 302.40, up 46.79 percent. The company's market valuation stood at Rs 1,267.78 crore. The initial public offer ofOrient Technologieswas subscribed 151.71 times on the final day of subscription on Friday. The Rs 215-crore initial share sale had a price range for the offer at Rs 195-206 a share. The initial public offering (IPO) was a combination of a fresh issue of Rs 120 crore and an offer-for-sale of up to 46 lakh equity shares valued at Rs 95 crore at the upper end of the price band, by promoters. Proceeds from the fresh issue to the tune of Rs 79.65 crore will be used for funding capital expenditure requirements, Rs 10.35 crore for the acquisition of office premises at Navi Mumbai, and a portion will also be used for general corporate purposes. Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services. Orient Technologies has a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT) & ITeS, healthcare, and pharmaceuticals.	2024-08-28 19:12
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/gift-city-adb-to-join-hands-to-launch-international-fintech-innovation-hub-12809200.html	GIFT City, ADB to join hands to launch International Fintech Innovation Hub	It was also highlighted during the event that the Clearing Corporation of India has already set up a subsidiary company at GIFT City for providing real-time foreign currency settlement, which will play an important role for fintech companies and capital markets, as fund transfers will be immediately reflected in accounts..Related stories.	GIFT City is set to launch an International Fintech Innovation Hub in partnership with Asian Development Bank (ADB) by next year. While announcing the initiative at the ongoing Global Fintech Fest 2024, Sandip Shah, Head - IFSC Department, Gujarat International Finance Tec-City Company said that the hub will include cutting-edge infrastructure, the smartness of the city, green field etc along with an innovation mindset. The partnership, he added, highlights GIFT City's commitment to nurturing a vibrant fintech ecosystem. In February this year, ADB had approved a $23 million loan to enhance access to quality fintech education, research, and innovation at the GIFT City. Meanwhile, the hub will focus on three key pillars, the first being the International Fintech Institute, which will be created in partnership with a renowned international institute and an Indian partner. â€śWe are in the process of recruiting an institute of international repute together with an Indian partner to come and train people on fintech,â€ť said Shah adding that this initiative aims to address the critical need for skilled talent in the fintech sector. The second pillar will be a fintech incubator & accelerator to support and promote new startups from GIFT City. The third pillar will be a research centre, which will be dedicated to fintech research and development. "By creating talent, supporting new startups, and advancing research, we hope to build a 360-degree ecosystem that addresses financial challenges not just for India but for the global south and the world," said Shah. It was also highlighted during the event that the Clearing Corporation of India has already set up a subsidiary company at GIFT City for providing real-time foreign currency settlement, which will play an important role for fintech companies and capital markets, as fund transfers will be immediately reflected in accounts.	2024-08-28 18:20
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/the-challenge-for-unlisted-fintech-firms-growth-vs-path-to-profitability-12809220.html	The challenge for unlisted fintech firms: Growth vs path to profitability	As businesses transition from private to public markets, the focus often shifts to demonstrating not just growth but also a path to profitability..Related stories.	Fintech firms need to balance both growth and profitability while analysing growth opportunity, said Sailesh Raj Bhan, Chief Investment Officer, Nippon India AMC, while speaking at a panel discussion held at the Global Fintech Fest 2024 on August 28. He was asked if startups are coming to public markets earlier than they ideally should as private funding has dried up? And, if they are compromising on their business models in the process. â€śGrowth, at a cost, will come to any business, but the key is to ensure that your business can exist without capital markets,â€ť said Bhan, adding that when a business is overly dependent on capital for growth, it becomes vulnerable and less attractive to public market investors. He added that many fintech and other new-age companies have demonstrated phenomenal growth, but this often comes at the expense of profitability. â€śThe minute they start looking at profits, the growth rates drop,â€ť he said. Bhan saidÂ there is a big difference in venture capital, private equity money, and public market money. â€śPublic market money has a different set of return expectations and a different set of risk profiles,â€ť he explained, adding that many new-age businesses are now turning to public markets earlier than they ideally should because private equity funding has â€śdried upâ€ť or there is an urgent need for an exit. This early market entry often requires companies to either compromise on their business models or become self-sustaining quickly, he said. From an investor point of view, it is about investing in genuine, sustainable growth or in a business model that prioritises growth at any cost. â€śMany businesses fail because they ramp up growth way ahead of time, and that growth comes at such a high cost that they do not have a sustainable way ahead,â€ť Bhan added. As businesses transition from private to public markets, the focus often shifts to demonstrating not just growth but also a path to profitability. â€śMost businesses that have listed in the last few years have achieved fantastic valuations when they started demonstrating their ability to generate profits,â€ť Bhan said, adding that a companyâ€™s success should be driven by its capabilities, not just by its access to capital. Saurabh Mishra, Executive Director, Morgan Stanley Investment Management also highlighted the concern of whether profitability is a given. â€śâ€¦ the debate is not growth versus profitability, it's basically when profitability will come. You want to tap growth ahead in future and probably become profitable at a certain point of time,â€ť he said. â€śPublic markets distinguish between cutting fat and cutting muscle. The cut should not burn the muscle,â€ť added Mishra.	2024-08-28 19:24
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/pb-fintech-block-deal-tencent-cloud-europe-12809224.html	PB Fintech's block deal likely at Rs 1,660, Tencent Cloud may sell 2% stake	The floor price for the PB Fintech block deal is seen at Rs 1,660.2 per share, a 4.5% discount to CMP..	Tencent Cloud Europe is likely to sell 2.1 percent stake or 9.7 million shares in in PB Fintech via block deals, CNBC-TV18 reported on August 28 citing sources. This is being updated	2024-08-28 18:54
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/daily-voice-indian-stocks-remain-lucrative-with-strong-earnings-future-prospects-divam-sharma-of-green-portfolio-12809380.html	Daily Voice: Indian stocks remain lucrative with strong earnings, future prospects: Divam Sharma of Green Portfolio	Divam Sharma is the Founder and Fund Manager of Green Portfolio.Related stories.	According to Divam Sharma of Green Portfolio, the market is a little overvalued as indexes reached an all-time high after a constant bull run. But he believes strong earnings growth and prospects backed by order books and capacity expansion make Indian stocks still lucrative. After Q1 FY25 earnings, he said the recent correction in the defence sector has pushed it into a lucrative sector, and the telecom sector remains on the top of his list. "We do like the new age and digitisation theme as this showcases the confidence of the companies to go public and raise funds but we still refrain from investing in them due to valuations," said the Founder and Fund Manager at Green Portfolio, who is currently managing an AUM of over Rs 650 crore and AUA of Rs 350 crore with more than 15 years of experience. Are the FIIs worried about valuation? We are witnessing a net outflow position for FIIs worth Rs 30,000 crore and a net inflow position as far as DIIs are concerned i.e., Rs 49,000 crore in the current month. The DIIs have yet again beaten their FII peers in buying Indian Equities. This is fueled by the high SIP inflow which is around Rs 15,000 crore per month. The inflow can be attributed to the massive liquidity that is there in the markets. If we talk about fundamentals, companies have fared well in the first quarter of FY25 and we see the liquidity increasing, if anything else. Coming to the question of FIIs are worried about valuation. We think the market is a little overvalued as indexes reached an all-time high after a constant bull run, but we think that strong earnings growth and prospects backed by order books and capacity expansion make Indian stocks still lucrative. Mainly, the uncertainty around rate cuts in the West which is keeping FIIs on their toes. Where do you see the value (among sectors), although valuations remain high in Indian equities? India Inc just got done with its Quarter 1 results for FY25 and they were a mixed bag. Most of the sectors except a few like Chemicals, saw a rally last year driven by strong economic growth and market expectations but now is the time to see if the growth is sustainable. We feel most of the upsides of any company, be it capex, or be it revenue growth expectations have already been priced in. The recent correction in the Defense Sector has pushed it into a lucrative sector. The telecom sector remains at the top of our list. As a fund house, we do not invest in sectors or themes, we invest in stocks, stocks that have the potential to become stories of tomorrow. Are you bullish on the real estate space, which is important for domestic capital formation? Real Estate runs in cycles. We have seen prices of real estate, especially in Tier 1 cities grow multifold and residential properties becoming unaffordable. If you look at the BSE Realty Index, It has yet not reached 2007 levels of 13,400. We recently interviewed a few infra companies. Everyone thought that the prices had gone up due to high construction costs being one and demand led by consumerism. Easy access to capital is another factor. We all say India is next to China in terms of Infrastructure. But we all know what is happening with China. Right now, growth is fueled by an infrastructure boost but it is not backed by fundamentals, it can lead to oversupply and not enough demand in the future. Do you like the new age & digitisation theme? Yes, we do like the new age and digitisation theme as this showcases the confidence of the companies to go public and raise funds but we still refrain from investing in them due to valuations. The companies simply do not fit our fundamental philosophy. We invest in small and mid-cap stocks that have the potential to become large caps of tomorrow. Are IT stocks at the beginning of a new upward journey? Q1 FY25 results of large IT companies were roughly aligned with the expectations with a few mid-tier companies giving positive commentary. Companies are finally benefitting as they see large deals bagged last year materializing. The Indian IT industry is still highly dependent on the West and it is seen as an outsourcing hub. US Presidential Elections 2024 and rate cuts by the Fed can act as trigger points for the industry.	2024-08-29 06:34
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/aifs-likely-to-become-preferred-investment-vehicle-for-family-offices-study-12809199.html	AIFs likely to become preferred investment vehicle for family offices: Study	representative image.Related stories.	Family offices in India are expected to increase their allocation towards Alternative Investment Funds (AIFs) in the coming years, which will also align them with the global trends wherein such offices have a large exposure towards alternatives. According to a latest study by Sundaram Alternatives, despite the growing appetite for startups and alternative investments among ultra-rich family offices, nearly 50 percent still allocate as much as 20 percent of their portfolios to mutual funds -- making it the largest allocation across asset classes. Further, only around 10 percent of the family offices surveyed as part of the study â€“ the sample included 30 family offices -- said they invest 59 percent in AIFs and 53 percent said they invest in startups. More importantly, however, the study found that in the next three years, family offices want to increase their allocation to AIFs by five percent and take the allocation to 18 percent of total portfolio. This is the highest increase as compared to Portfolio Management Services (PMS), mutual funds, direct equity, and gold, which will increase by one percent in the next three years. â€śThis aligns with a global trend, where family offices allocate more than 50 percent of their assets to alternatives,â€ť said Vikas Sachdeva, Managing Director, Sundaram Alternatives. Family offices, however, are not going big on startups as their allocation is expected to remain at current levels going ahead. Allocation towards real estate and fixed income is expected to fall by three percent and eight percent respectively. â€śAmong AIFs, family offices are more interested towards Category II AIFs which are inclined towards private debt. Category II is followed by Category III AIFs,â€ť Sachdeva told Moneycontrol. Within AIFs, family offices are expected to increase allocation towards venture debt, venture capital, and long short funds by two percent over the next two years, as per the study.	2024-08-28 18:23
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/diis-net-buy-shares-worth-rs-439-crore-fiis-net-sell-shares-worth-rs-1348-crore-12809238.html	DIIs net buy shares worth Rs 439 crore, FIIs net sell shares worth Rs 1,348 crore	Among sectors, IT, Pharma, and Healthcare and Telecom index were up while Media index shed 1.4 percent and FMCG and PSU Bank down..Related stories.	Domestic institutional investors (DII) net boughtÂ shares worth RsÂ 439 crore while Foreign institutional investors (FII)Â were netÂ sellers of shares worth RsÂ 1,348 crore, provisional data from NSE showed on August 28. DIIs boughtÂ Rs 12,747 crore worth of shares and sold shares worth Rs 12,307 crore. Meanwhile, FIIsÂ purchasedÂ Rs 13,536 crore in shares and offloaded equities worth Rs 14,883 crore during the trading session. For the year so far, FIIs have net bought shares worth Rs 1.27 lakh crore, while DIIs have bought shares worth RsÂ 3.13 lakh crore. Also read:Â ÂTaking Stock: Nifty sees profit booking after crossing 25,100 for first time; IT, pharma stocks gain Market viewAt close, the Sensex was up 73.80 points or 0.09 percent at 81,785.56, and the Nifty was up 34.50 points or 0.14 percent at 25,052.30. Biggest Nifty gainers were LTIMindtree, Wipro, Divis Labs, IndusInd Bank and Bharti Airtel, while losers were Maruti Suzuki, Nestle India, Asian Paints, Adani Enterprises and Britannia Industries. Among sectors, IT, Pharma, and Healthcare and Telecom index were up while Media index shed 1.4 percent and FMCG and PSU Bank down. On today's market, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services noted that itÂ was yet another euphoric day for Indian equities as the markets scaled new peaks. "Global markets are witnessing continuous momentum on rising hopes of a Fed rate cut in September. This is having a positive rub-off on several domestic sectors like IT, Metals, and NBFC. Sectors with strong earnings growth like Insurance and pharma are also witnessing buying," he said adding that they expect the gradual uptick in the market to continue, supported by FII inflows and healthy domestic macros. Markets are likely to remain volatile on Thursday on account of monthly derivatives expiry.	2024-08-28 20:00
moneycontrol.com	https://www.moneycontrol.com/news/business/stocks/block-deals-emerald-investments-limited-sells-15-7-lakh-shares-of-kims-12809254.html	Block Deals: Emerald Investments sells 15.7 lakh shares of Krishna Institute of Medical Sciences	Legends Global Opportunities (Singapore) Pte Ltd acquired 8.43 lakh shares or 0.52 percent stake of Shanti Educational Initiatives Ltd at Rs 124.9 each, while New Leaina Investments Limited were sellers..Related stories.	On August 28, 1.9 crore shares were traded via block deals.Â Citigroup Global Markets Singapore Pte Limited bought 3.3 lakh shares or 0.02 percent of Adani Green Energy Ltd at Rs 1855 each, while Citigroup Global Markets Mauritius Private Limited sold an equal number of shares at the same price. Shares of Adani Green Energy were trading 1.4 percent lower at RsÂ 1,860.15 at close on the NSE. Infinity Portfolio Holdings purchased 17.55 lakh shares or 1.6 percent of ADF Foods Limited at Rs 269.24 each, with Infinity Holdings selling the same amount of shares at the same price. Citigroup Global Markets Singapore Pte Limited also acquired 1.63 lakh shares or a 0.03 percent stake in Avenue Supermarts Limited at Rs 4937 each, while Citigroup Global Markets Mauritius Private Limited offloaded the same. Shares of Avenue Supermart were trading 0.17 percent higher at Rs 4,967 at close on the NSE. Infinity Partners bought 41.22 lakh shares or 0.17 percent stake of GMM Pfaudler Limited at Rs 1352 each. Atreides Investments BV sold 4.12 lakh shares, and Geranium Investments Limited sold 37.1 lakh shares of the company at the same price. Infinity Portfolio Holdings also acquired 2.56 lakh shares of Hindustan Foods Limited at Rs 570.6 each, with Infinity Holdings selling an equal number of shares. Infinity Partners purchased 15.7 lakh shares or 1.96 percent ofÂ Krishna Institute of Medical Sciences Ltd at Rs 2497 each, while Emerald Investments Limited sold the same. Citigroup Global Markets Singapore Pte Limited bought 6.69 lakh shares or a 0.07 percent stake in Max Healthcare Institute Ltd at Rs 862 each, while Citigroup Global Markets Mauritius Private Limited sold stake in it.Â Shares forÂ Max Healthcare were trading 1.3 percent higher at Rs 865.40 at close on the NSE. Legends Global Opportunities (Singapore) Pte Ltd acquired 8.43 lakh shares or a 0.52 percent stake in Shanti Educational Initiatives Ltd at Rs 124.9 each, while New Leaina Investments Limited turned seller.	2024-08-28 22:09
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/stock-radar-reliance-industries-vedanta-paytm-kec-international-indigo-pb-fintech-in-focus-on-thursday-12809378.html	Stock Radar: Reliance Industries, Vedanta, Paytm, KEC International, IndiGo, PB Fintech 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, order wins, and fundraising activities, hereâ€™s a quick look at which stocks will be in focus in today's trade: Quarterly Earnings on August 29 Gillette India, and Hindustan Agrigenetics will announce their quarterly earnings on August 29. Stocks To Watch Reliance Industries Reliance Industries and The Walt Disney Company have received approval from the Competition Commission of India for the Rs 70,350 crore merger of their Indian media assets. Additionally, the 47th Annual General Meeting (post-IPO) of the company's members will be held on August 29 at 2:00 PM (IST). PB Fintech Tencent Cloud Europe is likely to sell a 2.1% stake (or 9.7 million shares) in the company via block deals, reports CNBC-TV18, quoting sources. The floor price for the deal is seen at Rs 1,660.2 per share. InterGlobe Aviation Co-founder and promoter Rakesh Gangwal may sell a stake worth up to $850 million in IndiGo via block deals, reports CNBC-TV18, quoting sources. The indicative price for the deal is seen at Rs 4,593 per share. Macrotech Developers The company has executed Share Purchase Agreements for the acquisition of a 100% stake in Opexefi Services for Rs 46.7 crore and One Box Warehouse for Rs 49.09 crore. Post-acquisition, both will become subsidiaries of Lodha. KEC International The RPG Group company has secured new orders in its transmission and distribution business in the United Arab Emirates and Saudi Arabia. National Aluminium Company(NALCO) KABIL (Khanij Bidesh India - the joint venture company of NALCO, Hindustan Copper, and Mineral Exploration & Consultancy) has signed an MoU with Oil India for collaboration in projects and exploration. One 97 Communications(Paytm) Subsidiary Paytm Payments Services (PPSL) has received approval from the Ministry of Finance for downstream investment from the company into PPSL. With this approval, PPSL will proceed to resubmit its application for a payment aggregator license. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners. Vedanta The Board of Directors of the company will meet on September 2 to consider the third interim dividend on equity shares, if any, for the financial year 2024-25. NLC India The company has signed a Power Usage Agreement with Telangana state DISCOMs for 200 MW of solar power at a competitive and affordable price under the CPSU scheme for 25 years. Annapurna Swadisht The company has opened its qualified institutions placement (QIP) issue on August 28 and has approved the floor price at Rs 434.96 per share. Wipro The global IT services provider has announced the liquidation of Capco Consulting Services (Guangzhou), the step-down subsidiary based in China. In addition, the company has completed its subscription in the equity share capital of Huoban Energy 11. Lemon Tree Hotels The company has signed a License Agreement for a 72-room hotel property in Ujjain, Madhya Pradesh. The property will be managed by its subsidiary Carnation Hotels and is expected to open in FY27. Tata Steel The company has acquired 178.34 crore ordinary equity shares worth $280 million (Rs 2,347.81 crore) in T Steel Holdings Pte (TSHP). Post this acquisition, TSHP will continue to be a wholly owned subsidiary of the company. Procter & Gamble Hygiene & Health Care The company recorded a net profit of Rs 81.06 crore for the quarter ended June 2024, a decline of 46.4% compared to Rs 151.24 crore in the year-ago period, impacted by weak operating performance with significantly higher advertising and sales promotion expenses, as well as impairment losses. However, revenue grew by 9.3% year-on-year to Rs 931.8 crore during the quarter. The board recommended a final dividend of Rs 95 per share. Bulk Deals GMM Pfaudler Infinity Partners bought a 9.17% stake in GMM at an average price of Rs 1,352 per share, amounting to Rs 557.3 crore. However, foreign investors Atreides Investments BV sold 0.9% of shares, and Geranium Investments exited the company by selling their entire 8.25% stake at the same price. Gulshan Polyols PGIM India Equity Growth Opportunities Fund Series I purchased a 0.8% stake in the company at an average price of Rs 216.75 per share. Kesoram Industries Foreign portfolio investor SG Sundae Holdings LLC sold 0.92% of shares in the company at an average price of Rs 207.02 per share. TCNS Clothing Company Religare Invesco Mutual Fund, Edelweiss Mutual Fund - Edelweiss Absolute Return Fund, and Invesco Mutual Fund bought a 3.2% stake in the womenâ€™s apparel company. However, Setu Securities, Morgan Stanley Asia Singapore Pte, and Nomura Singapore sold 3% of shares in the company. Shaily Engineering Plastics Motilal Oswal Mutual Fund bought an additional 0.68% stake in the company at an average price of Rs 923.63 per share, and 1.09% of shares at an average price of Rs 940 per share. CIL Nova Petrochemicals Legends Global Opportunities (Singapore) Pte bought a 4.6% stake in the company at an average price of Rs 69.74 per share, from New Leaina Investments. Further, Albula Investment Fund purchased a 4.7% stake in CIL Nova at an average price of Rs 70.5 per share, from Lotus Global Investments. SME Listing on August 29 Resourceful Automobile Stocks Turn Ex-Dividend AMJ Land Holdings, Clean Science and Technology, Honda India Power Products, IG Petrochemicals, Jamna Auto Industries, Multibase India, Pudumjee Paper Products, Radiant Cash Management Services F&O Ban Bandhan Bank, Granules India, Hindustan Copper, India Cements	2024-08-29 01:50
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/chinese-demand-worries-trigger-funds-selloff-in-metals-12809153.html	Chinese demand worries trigger funds selloff in metals	Chinese demand worries trigger funds selloff in metals.Related stories.	A month-long rally in metals paused on Wednesday as concerns over demand from top consumer China and a rebound in the U.S. dollar triggered selloffs from funds and producers. Three-month aluminium on the London Metal Exchange CMAL3 was down 1.7% at $2,507.50 per metric ton by 1043 GMT. It reached a eight-week high of $2,554 on Tuesday, up 12% since the start of August. Systematic buying from funds paused in the metals space, and producers were seen selling into the rallies, Alastair Munro at brokerage Marex said. The senior metals strategist also cited disappointing performances across major metals-consuming industries in China spanning from automakers to developers and internet companies. China's weak factory output and low confidence in the country's struggling property sector could reverse the upward momentum seen in the past month, he said. LME copper CMAL3 fell 1.8% to $9,283 a ton, zinc CMZN3 decreased 2.3% to $2,874, lead CMPB3 shed 1.9% to $2,083.5, nickel CMNI3 declined 0.9% to $16,980, and tin CMSN3 eased 0.8% to $33,000. Also depressing metals prices was a recovery in the dollar from its one-year low, as traders awaited economic data that could set the tone for the Federal Reserve's September policy meeting. The market is also nervous ahead of a crucial quarterly earnings report from AI favourite Nvidia NVDA.O due later today, Munro added. Any disappointment in the chip giant's results would affect not only the equities market but also broader commodities, he said.	2024-08-28 17:29
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/sebi-tells-investors-to-be-cautious-on-sme-investing-warns-about-false-picture-social-media-tips-12809013.html	SEBI tells investors to be cautious on SME investing; warns about false picture, social media tips	SEBI issued an advisory regarding investment in securities of the companies listed on the SME segment on the exchanges..Related stories.	Markets regulator Securities and Exchange Board of India (SEBI) has issued an advisory cautioning investors regarding SME investing, even as small company IPOs continue to see massive oversubscriptions. SEBI has advised investors to be vary of the companies painting an unrealistic positive picture, and also not fall for social media tips or rumours. The regulator said in a statement that post listing, some of the SME companies or their promoters have been resorting to certain means that project an unrealistic picture of their operations. The regulator noted that in the recent past it has passed orders against such entities. It further highlighted the modus-operandi of these entities urging investors to be careful and watchful of these patterns. â€śThese announcements are typically followed up with various corporate actions such as bonus issues, stock splits, preferential allotments, etc. These actions create a positive sentiment amongst investors, which induces them into purchasing such stocks,â€ť said the regulator. The advisory, while not mentioning IPO investments, comes in the wake of massive oversubscriptions seen of late. One such company that made headlines this week itself is Rs 12 crore Resourceful Automobile, which gotÂ oversubscribed 419 times and attracting bid for Rs 4,800 crore. The Small and Medium Enterprises (SME) platform of the stock exchanges was launched in 2012 as an alternative source for raising funds for emerging businesses. Since its inception, the number of SME issues and investor participation has steadily increased. Over the past decade, more than Rs 14,000 crore has been raised through the platform, with approximately Rs 6,000 crore raised during the fiscal year 2024.	2024-08-28 16:20
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/sebi-mulls-mandatory-asba-like-facility-for-secondary-market-transactions-12809363.html	Sebi mulls mandatory ASBA-like facility for secondary market transactions	The Securities and Exchange Board of India (Sebi) has proposed making ASBA-like facility in the secondary market a mandatory offering by Qualified Stock Brokers (QSBs) for their clients.Related stories.	The Securities and Exchange Board of India (Sebi) has proposed making ASBA-like facility in the secondary market a mandatory offering by Qualified Stock Brokers (QSBs) for their clients. In a discussion paper issued on August 28, the capital market watchdog proposed providing the so-called UPI block mechanism in the cash segment for individuals and HUF clients of QSBs in a phased manner. The UPI block mechanism refers to a system wherein investors can trade in the secondary markets by blocking funds in their bank account instead of transferring them upfront to their broking firm. The money would be debited from the bank account only when the shares are credited in the demat account of the investor. The mechanism is already available in the secondary markets on an optional basis. Incidentally, it is similar to the ASBA â€“ Application Supported by Blocked Amount â€“ mechanism that applicants use while bidding for shares in an initial public offer (IPO) and which has helped significantly reduce the overall timeline of an IPO process. The regulator is of the view that the system would help safeguard investors from any possible misuse of their funds by the broking firm. â€śThus, the aforesaid process of trading in secondary market through UPI facility by blocking funds, by design, safeguards clientsâ€™ assets from misuse/ brokersâ€™ default and consequent risk to their assets,â€ť stated the Sebi discussion paper. The other advantage from an investor point of view would be that the blocked funds would continue to earn interest in the savings account of the individual. â€śAnalysis shows that clients held an average daily cash balance of approximately Rs 65,276 crore in the cash segment, with their TMs. Assuming an average interest rate of 4% on these cash balances, the total annual interest accrued would amount to roughly Rs. 2,611 crore, for the collaterals held in the cash segment,â€ť stated the Sebi paper. It, however, also added that such a move would lead to broking firms lose float income from such balances and may have to adjust brokerage rates to cover for such loss of implicit income. The overall result would be a more transparent and efficient ecosystem of transaction costs for investors in a competitive landscape, stated the Sebi paper. As per Sebi, the mechanism would also help mitigate instances of misuse of client cash collateral retained by the members and not passed on to the clearing corporation, risk associated with wrongful withdrawal of clientsâ€™ cash collateral by members from clearing corporations and also the risk of non-settlement of pay out by trading members to clients. The beta version of Trading through Block Mechanism for secondary markets was launched on January 1, 2024, for individuals and HUFs, and was made applicable only to the cash segment. SEBI is of the view that â€śthis mechanism may eventually become a popular method for retail investors, such as individuals and HUFs, to trade in the securities markets, provided that TMs are willing to adopt the system.â€ť	2024-08-28 23:15
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/psu-rally-helps-dividend-yield-equity-funds-outperform-benchmarks-12809160.html	PSU rally helps dividend yield equity funds outperform benchmarks	Fund managers, meanwhile, believe that the growth in the PSU space is one of the key drivers for dividend yield funds..Related stories.	Dividend yield equity funds, which invest in high dividend paying stocks, have registered strong returns over the past year, primarily on the back of a robust surge in PSU stocks. The LIC MF Dividend Yield Fund-Reg(G) has the highest one-year return within the category at 61.11 percent, followed by ICICI Prudential Dividend Yield Equity Fund (G) with a 1-year return of 53.63 percent. As per Moneycontrol data, the average category return for dividend yield funds stood at 48.56 percent for one-year, 24.43 percent for three-year, and 26.11 percent for five-year periods -- outperforming the benchmark average (Nifty 500 and Nifty 50) of 38.03 percent, 19.33 percent, and 22.16 percent, respectively. As per the data from the Association of Mutual Funds in India (AMFI), the cumulative assets under management (AUM) of dividend yield equity funds was pegged at Rs 30,683.98 crore in July, much higher than the July 2023 AUM of Rs 17,368.37 crore. . Incidentally, dividend yield funds have also done well compared to most other categories of funds across different time periods. As per data from Morningstar, as of August 26, 2024, dividend yield funds delivered a cumulative return of 50.99 percent over the past year, outperforming most other categories. Only Contra funds posted a slightly higher cumulative return of 51.02 percent while Value funds registered a return of 49.34 percent. Fund managers, meanwhile, believe that the growth in the PSU space is one of the key drivers for dividend yield funds. Amit Premchandani, Senior Vice President & Fund Manager â€“ Equity, UTI MF, says that a significant portion of high dividend yield companies are in the PSU space, which has seen a sharp revival in the past two to three years. This revival, he adds, is due to an improved profit cycle and undervalued stocks returning to fair value, boosting returns in dividend yield funds, particularly those with high dividend-yielding PSUs. In terms of AUM, the largest fund in the category is from SBI Mutual Fund with assets totalling Rs 9,207 crore, followed by HDFC Mutual Fund at Rs 6,027 crore, ICICI Prudential Mutual Fund at Rs 4,642 crore, and UTI Mutual Fund at Rs 4,371 crore. According to Sailesh Jain, Fund Manager, Tata Asset Management, many of the high dividend paying companies have done well and given large dividends, though it does not mean that they have compromised on growth, as many have performed exceptionally well. â€śCompanies which generate significant cash flows are relatively less volatile and have lower capital expenditure requirements. This provides them the ability to generate cash which can be shared with investors,â€ť he said, adding that while many dividend-paying companies are in the PSU sector, there are also private companies that fit this profile -- such asÂ private railway bogie manufacturers or cable and wireless companies. "The moment government thrust came onto them, everything started moving up. They are still dividend payers and are growing at a phenomenal pace,â€ť Jain said. He added that while high dividend yielding companies are key to their strategy, other factors also guide stock selection, such as management quality, business growth prospects, and financial stability. Similarly, Premchandani believes that companies that pay dividends often have strong cash flows and lower volatility. â€śThese companies typically have lower capital expenditure needs, allowing them to distribute more cash to investors. Sectors like IT and FMCG often include high-quality, high-dividend-paying companies,â€ť he said. In terms of risks, Jain said that the inclusion of smaller companies can lead to fluctuations, though the overall risk profile remains lower due to investments in larger, cash-generating firms. Premchandani added that higher dividend yields provide downside protection in times of market stress. â€śPart of the return comes from dividends or buybacks, which can cushion against market turbulence,â€ť he said.	2024-08-28 18:29
moneycontrol.com	https://www.moneycontrol.com/news/opinion/indian-public-equity-markets-when-in-doubt-stay-away-12809107.html	Indian Public Equity Markets: When in doubt, stay away	The buoyant mood within the Indian public equity markets have been a great positive and they are looking forward to taking their portfolio companies public enthusiastically..Related stories.	ByÂ Nidhi Chawla "Water, water everywhere, nor any drop to drink," as Samuel Taylor Coleridge famously penned. This line truly resonates with late-stage fund managers amidst today's market conditions. The unprecedented IPO rush is supported by abundant liquidity even at soaring valuations. For PE/VC investors looking to harvest returns, the buoyant mood within the Indian public equity markets have been a great positive and they are looking forward to taking their portfolio companies public enthusiastically. On the other hand, as an investor in late-stage companies, fund managers are finding limited opportunities for value in a market. Private companies on the cusp of an IPO are commanding valuations that mirror those of the public markets, without considerable discounts for illiquidity. Finding Value in Late-stage Investing Typically, a late-stage fund managerâ€™s mandate is to invest into unlisted companies zero to 2-3 years away from an IPO where they have to invest and exit in a tight fund tenure of 5-6 years. To make money at late-stage, the fund looks for companies that have the following tenets 1. Clear IPO-ability of the company --> After heady days of 2021, "sustained profitability" is becoming a common question among public market investor 2. Strong earnings growth potential 3. Low ValuationÂ such that there is potential for multiples rerating which adds to your returns. God forbid, if there's multiples derating in the markets, it could significantly diminish your returns even if the company performs well in the first two areas. The third point gains additional significance for late-stage investors at present, particularly when public market multiples are exceedingly high, leaving room for a potential derating when the current exuberance declines. A Frothy Market With High Risk of Multiple Derating A recently released, Kotak Institution Equities (KIE) strategy report detailed persuasive arguments about the market's overvaluation. The Nifty-50 Index's 1-year forward price-to-earnings ratio is nearly 2 standard deviations higher than the historical average. Additionally, the midcap index is trading at a significant premium compared to the Nifty Index. It's worth noting that the companies targeted by late-stage funds are often midcap to smallcap, which are commanding these high multiples as they approach their initial public offerings. Further, at present, the report highlights expectations of modest returns due to high valuations and potential multiples deratings coupled with limited potential for earnings growth. Most of companies under KIE coverage are falling in the potential derating zone including the internet stocks that tend to post lofty earnings growth. Two-track Approach to Valuation The second challenge faced by PE investors pertains to promoters and selling shareholders, often private equity or venture capitalists. These sellers demand a high valuation during pre-IPO rounds, only to yield to the demands for lower valuations by domestic institutions during IPO roadshows. This inevitably results in an immediate decline in returns that takes the late-stage fund a considerable amount of time to recuperate from. Recently, several IPOs have been priced at discounts ranging from 10-25 percent compared to the last funding round. This was observed in multiple sectors like insurance, automotive manufacturing, specialized e-commerce, and financial services infrastructure. FOMO or JOMO? Some fund managers are choosing to invest in growth rather than late-stage companies to steer clear of inflated valuations. This decision involves straying from their fund's mandate, which could be risky for funds with shorter maturities. It demands a different approach, allowing founders more time to test and learn what drives growth. However, for late-stage funds, this strategy could result in needing to extend the fundâ€™s maturityâ€”causing frustration among regulators like SEBI and investorsâ€”and potentially lead to lower returns when adjusted for time. Fund managers are better off today, opting for the 'joy of missing out' (JOMO) than succumbing to the 'fear of missing out' (FOMO) while investing. Facing such a situation in today's exuberant markets, it is better to give back the capital to investors rather than make investments at these elevated valuations. (Nidhi Chawla is Director, Private Equity at Kotak Alternate Asset Managers Limited.) Views are personal and do not represent the stand of this publication.Â	2024-08-28 17:18
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nvidias-earnings-will-test-the-sp-500s-4-trillion-recovery-12809242.html	Nvidiaâ€™s earnings will test the S&P 500â€™s $4 trillion recovery	Going by the options market, Nvidiaâ€™s results are expected to send its shares careening nearly 10% in either direction â€” a move that would shuffle some $300 billion in market cap..Related stories.	The almost $3 trillion rally in Nvidia Corp. shares over the roughly two years since ChatGPTâ€™s unveiling has virtually rewired the US stock market, giving the artificial intelligence chipmaking giant an outsized influence on a bevy of equity indexes. Wall Street witnessed that sway during the equities rout earlier this month and the subsequent rebound, in which the S&P 500 Index recovered $4 trillion in market capitalization between Aug. 5 and Aug. 23 as Nvidiaâ€™s stock price soared more than 28% in just three weeks. Now, with the companyâ€™s earnings scheduled to arrive after the market close Wednesday, traders will be glued to their monitors in preparation for any wild swings. Going by the options market, Nvidiaâ€™s results are expected to send its shares careening nearly 10% in either direction â€” a move that would shuffle some $300 billion in market cap. And thatâ€™s just its own stock. The chipmaker accounts for 6.7% of the S&P 500, making it the second biggest company in the broad equities benchmark after Apple Inc. It also has a more than 8% weighting in the Nasdaq 100, and it makes up 14% of the Philadelphia Semiconductor Index. â€śNvidia is obviously the cleanest sort of pure play way for investors to assess the health of the AI infrastructure space,â€ť said John Belton, portfolio manager at Gabelli Funds. â€śSo Nvidiaâ€™s earnings are watched because they have direct read-throughs for so many companies in the AI value chain.â€ť Seeking Revenue GrowthSales growth will be the focus on Nvidiaâ€™s results after earlier reports from AI darlings like Alphabet Inc. and Amazon.com Inc. showed huge capital outlays producingÂ relatively puny bumps in revenues. For five quarters now, the chipmaker has far outstripped expectations and promised even bigger hauls to come. It has done this by becoming the primary beneficiary of billions in AI spending, so any deviation from that trend would raise questions about the technologyâ€™s promise. That pivotal role has effectively transformed the once obscure semiconductor manufacturer into a key measure of US economic strength. â€śIt shouldnâ€™t be a bellwether for the economy,â€ť said Shana Sissel, founder and president at BanrĂon Capital Management. â€śBut it has become one because of the size and the impact of the stock on the overall market.â€ť Analysts expect Nvidiaâ€™s quarterly revenue to be around $29 billion, more than double what it reported a year ago. And they anticipate another boost in guidance for future sales. But there is one new wrinkle â€” the company has to give an update on its next-generation Blackwell chipÂ amid reportsÂ ofÂ delays and design flaws.Â The company said in early August that production is on track to ramp in the second half of the year. â€śConcerns about the Blackwell chip delay could weigh on the upside to expectations for fiscal 2025, making managementâ€™s comments â€” especially a reassuring 2025 outlook â€” critical,â€ť Bloomberg Intelligence analysts led by Kunjan Sobhani wrote in an Aug. 21 note. Parsing CommentaryAny commentary about Blackwell on the call is going to be dissected like a Federal Reserve announcement, according to Howard Chan, chief executive officer at Kurv Investment Management. â€śEverybodyâ€™s going to be mulling over every single word,â€ť he said. Analysts and investors will also be watching for signs that another Nvidia chip, the H-200, is seeing demand that could offset pushing out revenue from Blackwell. If Nvidia delivers solid results with its current slate of chips, it likely bodes well for the next-generation product. â€śItâ€™s probably a good sign if they put up really good numbers here and those are due to strong demand for H-200,â€ť Gabelliâ€™s Belton said. â€śThat probably paints an encouraging picture for incremental demand for Blackwell into next year.â€ť Of course, Wall Street remains overwhelmingly bullish on shares of Nvidia. The stock has 66 buy ratings, 8 holds and no sells, according to data compiled by Bloomberg. Its 12-month price target of around $145 implies a gain of roughly 13% from where they currently trade. Nvidiaâ€™s valuation has also compressed, with the shares trading at a blended forward price-to-earnings ratio of about 38 times, down from 44 times in June and north of 60 times last year. The S&P 500 trades at roughly 21 times its forward earnings. Concerns about how long heavy spending on AI will continue and worries around the Blackwell chip weighed on the shares in the early August trough. But the rally since shows that investors are still willing to buy dips in the stock as Big Techâ€™s AI mania shows few signs of stopping â€” yet. â€śThe bar has been raised, I think, in the last few quarters,â€ť Belton said. â€śIf you think about what happened with all the megacap stocks throughout this earnings cycle, I think the market definitely wants to see a healthy beat and forward quarter guidance above published estimates. I think this recent run up for near-term trading really matters.â€ť	2024-08-28 19:18
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/trade-setup-for-thursday-top-15-things-to-know-before-the-opening-bell-60-12809337.html	Trade setup for Thursday: Top 15 things to know before the opening bell	Nifty Trade Setup.Related stories.	The market continued to consolidate while maintaining an upward move for the tenth consecutive session, hitting a fresh record high and recording a new closing high on the Nifty 50 on August 28. The key drivers remain the positive bias in momentum indicators. Experts see a gradual upside in the index amid consolidation, targeting 25,200-25,300 in the coming sessions, with immediate support at 24,950 and crucial support at 24,800. 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: 25,112, 25,151, and 25,214 Support based on pivot points: 24,986, 24,947, and 24,884 Special Formation: The Nifty 50 formed a Doji-like candlestick pattern (though not a classical one) for another session, indicating consolidation and indecision among buyers and sellers regarding the future market trend. The momentum indicators RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) maintained a positive bias. 2)Key Levels For TheBank Nifty Resistance based on pivot points: 51,233, 51,286, and 51,373 Support based on pivot points: 51,059, 51,006, and 50,919 Resistance based on Fibonacci retracement: 51,506, 51,936 Support based on Fibonacci retracement: 50,581, 49,713 Special Formation:The Bank Nifty sustained above the downsloping resistance trendline, which connects the record high of July 4 and the high of July 18. The index closed in the red with a 135-point loss at 51,144 and formed a small bearish candlestick pattern on the daily charts. The 10-day EMA (Exponential Moving Average) crossed the 50-day EMA, which is a positive sign. 3)Nifty Call Options Data According to the monthly options data, the maximum open interest was seen at the 25,500 strike (with 91.44 lakh 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 (85.31 lakh contracts) and the 25,100 strike (83.44 lakh contracts). Maximum Call writing was seen at the 25,400 strike, which saw an addition of 31.09 lakh contracts, followed by the 25,100 and 25,200 strikes, which added 27.42 lakh and 20.69 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,000 strike, which shed 23.82 lakh contracts, followed by the 24,800 and 24,700 strikes, which shed 4.19 lakh and 2.05 lakh contracts, respectively. 4)Nifty Put Options Data On the Put side, the 25,000 strike holds the maximum open interest (with 1.04 crore contracts), which can act as a key support level for the Nifty. It was followed by the 24,800 strike (98.85 lakh contracts) and the 24,900 strike (85.13 lakh contracts). The maximum Put writing was observed at the 24,700 strike, which saw an addition of 27.55 lakh contracts, followed by the 24,900 and 24,800 strikes, with 27.32 lakh and 26 lakh contracts added, respectively, while the maximum Put unwinding was seen at the 24,200 strike, which shed 8.32 lakh contracts, followed by the 24,000 and 24,300 strikes, which shed 5.45 lakh and 3.11 lakh contracts, respectively. 5)Bank Nifty Call Options Data According to the monthly options data, the maximum open interest was seen at the 51,200 strike, with 1.06 crore contracts. This can act as a key resistance level for the index in the short term. It was followed by the 51,300 strike (48.04 lakh contracts) and the 51,100 strike (45.08 lakh contracts). Maximum Call writing was visible at the 51,200 strike (with the addition of 91.02 lakh contracts), followed by the 51,100 strike (37.18 lakh contracts) and the 51,300 strike (25.11 lakh contracts), while the maximum Call unwinding was seen at the 52,000 strike, which shed 3.34 lakh contracts, followed by the 50,500 and 50,000 strikes, which shed 1.24 lakh and 1.18 lakh contracts respectively. 6)Bank Nifty Put Options Data On the Put side, the 51,100 strike holds the maximum open interest (with 1.11 crore contracts), which can act as a key support level for the index. This was followed by the 51,000 strike (53.49 lakh contracts) and the 51,200 strike (39.47 lakh contracts). The maximum Put writing was observed at the 51,100 strike (which added 99.58 lakh contracts), followed by the 51,200 strike (25.1 lakh contracts) and the 51,000 strike (21.21 lakh contracts), while the maximum Put unwinding was seen at the 51,300 strike, which shed 5.24 lakh contracts, followed by the 50,000 and 52,000 strikes, which shed 1.39 lakh and 1.21 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, slipped to 1.21 on August 28, from 1.22 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 remained below all key moving averages, although it increased slightly on Wednesday, which remains favourable for bulls. The India VIX, the fear gauge, rose by 2.33 percent to 13.95 from 13.63 levels. 10)Long Build-up (37 Stocks) A long build-up was seen in 37 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11)Long Unwinding (50 Stocks) 50 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12)Short Build-up (56 Stocks) 56 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13)Short-Covering (40 Stocks) 40 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, Granules India Stocks retained in F&O ban: Hindustan Copper, India Cements Stocks removed from F&O ban: Balrampur Chini Mills, Birlasoft Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.	2024-08-28 22:33
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-continue-to-outperform-bank-nifty-on-monthly-fo-expiry-day-12809317.html	Trading Plan: Will Nifty continue to outperform Bank Nifty on monthly F&O expiry day?	Nifty Trading Plan.Related stories.	The benchmark Nifty 50 outperformed Bank Nifty on August 28, recording a new closing high and continuing an upward move for ten days in a row, with a positive trend in the momentum indicators. The northward journey is expected to continue amid consolidation, with the next target at 25,200-25,250, provided the index sustains above 24,950 as support. Meanwhile, 24,800 is likely to act as a strong support for the index. Bank Nifty is likely to face a hurdle at 51,500 on the higher side, with 50,800 being the immediate support, according to experts. On Wednesday, the Nifty 50 was up 35 points at 25,052 ahead of the August derivative contracts expiry scheduled on August 29, while Bank Nifty dropped 135 points to 51,144. On the NSE, 1,398 shares declined, while 944 shares advanced. Nifty Outlook and Strategy Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas The upward movement has been aided by sectoral rotation, helping Nifty stay at elevated levels. Nifty has formed a Doji candle, indicating consolidation. The uptrend can continue, and in case of a dip towards 24,920 â€“ 24,850, where the key hourly moving averages are placed, it is likely to act as a crucial support zone. On the upside, 25,200 â€“ 25,250 is the immediate hurdle zone. Key Resistance: 25,200, 25,250 Key Support: 24950, 24,870 Strategy: Buy Nifty with a stop-loss of 24,870 and a target of 25,250. Vidnyan S Sawant, Head of Research at GEPL Capital On Wednesday, Nifty reached a new all-time high of 25,129, maintaining its strength at elevated levels. On the weekly charts, the index has formed a bullish candle pattern for the past four weeks, showing a consistent pattern of higher highs and higher lows. On the daily charts, the index has closed positively for ten consecutive trading sessions, indicating strong short-term market optimism. The RSI (Relative Strength Index) momentum indicator, currently above 65, further reinforces this positive momentum. Looking ahead, immediate resistance for Nifty is expected at the 25,400 and 25,700 levels, while strong support is observed at 24,800, with additional support at 24,500. Key Resistance: 25,350, 25,700 Key Support: 24,800, 24,500 Strategy: Buy Nifty at CMP for a target of 25,400 and a stop-loss of 24,800. Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities Nifty has formed a major support area in the zone of 24,900-24,800, and the bias is likely to remain in favour of bulls as long as this support zone holds. On the higher side, the index could continue its journey northward, with the immediate hurdle seen at the 25,200 mark. Key Resistance: 25,100, 25,200 Key Support: 24,950, 24,800 Strategy: Buy on dips near 24,950, with a stop-loss below 24,800, and a target of 25,200. Bank Nifty - Outlook and Positioning Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas Bank Nifty traded within the range of the previous trading session and closed in the red. It has been underperforming due to subdued price action in the key heavyweights of the index. In terms of levels, 50,950 â€“ 50,850 shall act as a crucial support zone, while 51,500 â€“ 51,600 is the immediate hurdle zone. Key Resistance: 51,400, 51,500 Key Support: 50,900, 50,800 Strategy: Buy Bank Nifty with a stop-loss of 50,800 and a target of 51,500 - 51,700. Vidnyan S Sawant, Head of Research at GEPL Capital Bank Nifty has been underperforming relative to the benchmark Nifty on the weekly charts, struggling to close above the 51,350 resistance level. On the daily charts, it is forming a rising wedge pattern, signaling a potential contraction in its movement. The RSI is hovering around 50, indicating a lack of strong momentum. For Bank Nifty to potentially move towards its all-time high, it will need to sustain above the 51,350 level. Key Resistance: 51,350, 52,550 Key Support: 50,550, 49,600 Strategy: Buy Bank Nifty if it sustains above 51,350 for a target of 52,550, and a stop-loss of 50,800. Shitij Gandhi, Senior Technical Research Analyst at SMC Global Securities Bank Nifty is trading in a rising channel with the formation of a higher low pattern. The index is also sustaining well above its key psychological level of 50,500. As long as this support zone holds, we can expect a potential rally in Bank Nifty in the upcoming sessions. On the higher side, the index has a major hurdle in the zone of 51,400-51,500, above which we could witness a fresh round of short covering that could take the index towards the 52,000 mark. Key Resistance: 51,400, 51,500 Key Support: 50,800, 50,600 Strategy: Buy Bank Nifty on dips near 50,900, with a stop-loss above 50,600, and a target of 51,400.	2024-08-28 21:22
moneycontrol.com	https://www.moneycontrol.com/news/business/stocks/pnc-infratech-shares-gain-nearly-2-post-project-win-worth-rs-380-crore-12808226.html	PNC Infratech shares gain nearly 2% after securing project worth Rs 380 crore	According to the companyâ€™s announcement, PNC Infratech has been declared L1 (First Lowest) bidder for the highway and bridge project involving the construction of an additional 3-lane bridge over the River Ganga..	PNC Infratechshares rose nearly 2 percentÂ in early trading on August 28 following the company's announcement of being the lowest bidder for a Rs 380-crore project awarded by the National Highways Authority of India (NHAI). At 09:21am,Â PNC Infratech was quoting at Rs 466.60, up Rs 8.25, or 1.80 percent, on the BSE. According to the companyâ€™s announcement, PNC Infratech has been declared L1 (First Lowest) bidder for the highway and bridge project involving the construction of an additional 3-lane bridge over the River Ganga. This bridge will connect Buxar and Bharauli on NH-922 in Uttar Pradesh and Bihar. The project, to be executed on a hybrid annuity mode, has a bid project cost of Rs 380 crore. The project has a construction period of 910 days, with an operational phase extending over 15 years post-construction. Catch all the market action on our live blog For the quarter ended June 2024, PNC Infratech reported a substantial 218% increase in net profit, reaching Rs 575.17 crore.	2024-08-28 09:27
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nifty-sensex-open-flat-as-banks-dampen-sentiment-it-stocks-gain-more-12808386.html	Nifty, Sensex open flat as banks dampen sentiment; IT stocks gain more	FIIs and DIIs have both turned net buyers since the start of the year.Related stories.	Benchmark indices Nifty and Sensex kicked off the day on a subdued note after banking stocks weighed on market sentiment. With US Fed interest rate cuts looming, investors are now keenly awaiting clues on just how deep those cuts will go. At about 9:20 am,Â the Sensex was up 122.70 points or 0.15 percent at 81,834.46, and the Nifty was up 21.20 points or 0.08 percent at 25,039.00. About 1889 shares advanced, 755 shares declined, and 118 shares unchanged. Follow our LIVE market blog for all the latest updates "The market has already factored a rate cut but investors are now waiting for the quantum of the rate and RBI's director of cut in tandem with the US. For now, the market is likely to consolidate above 25,000 with a positive bias as both foreign and domestic investors have turned net buyers," Kranthi Bathini, director of equity strategy at WealthMills Securities, said. Foreign institutional investors have bought shares worth Rs 1.29 lakh crore, whileÂ domestic institutional buyersÂ have bought shares worth RsÂ 3.13 lakh crore since the start of the year. Read:ÂBernstein sees untapped growth in India's retail and restaurant sectors, initiates coverage on 7 companies Continuing the momentum from yesterday, the broader market, particularly the mid and small-cap indices, extended their outperformance, climbing 0.2 and 0.4 percent, respectively. Analysts caution that while some areas within this space may be overvalued, the broader market hasn't yet hit its peak. For the record, the two have beaten the NIfty's year-to-date gains comfortably. "Traders should focus on stock selection and take advantage of dips to add quality stocks to their portfolios. Additionally, it's advisable to closely monitor the performance of the US markets and the participation of major banking stocks for market momentum," Ajit Mishra, senior vice president at Religare Broking, said. Read more:ÂTop healthcare stocks that keep mutual funds in the pink of health Among sectors, Nifty IT and Auto were the top gainers, rising up to 0.5 percent. Stocks such as Infosys, LTIMindtree and Wipro helped the IT index higher. Bank Nifty fell prey to profit taking after aÂ decent start to the week. ICICI Bank, Axis Bank, and SBI were the top losers on the index. "The minor pull back towards close is in respect towards the achievement of the initial objective of 25,075, which also indirectly signals not to chase prices higher. Thus we prefer to be on a wait and watch mode for playing our further objectives of 25,150-365. We will begin however with hopes of an upswing towards 25,075 again as long as 24,870 holds, while a direct fall below 24,919-870 could expose 24,700. Such a fall is less expected today though," Anand James, Chief Market Strategist at Geojit Financial Services, said. LTIMindtree, Wipro, M&M, Tata Motors, and Infosys were among the major gainers on the Nifty, while losers were ONGC, Axis Bank, Shriram Finance, Divis Labs and NTPC. "Nvidiaâ€™s earnings on August 28th will be closely watched, as any disappointment could disrupt AI-related stocks. Meanwhile, expectations of a Federal Reserve rate cut on September 18th are building, with traders pricing in a 68 percent chance of a 25-basis point cut," Prashanth Tapse, Senior Vice President at Mehta Equities, said.	2024-08-28 09:34
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/gold-edges-down-on-stronger-dollar-market-awaits-us-inflation-data-12808454.html	Gold edges down on stronger dollar, market awaits US inflation data	Spot gold fell 0.4% to $2,514.11 per ounce by 0313 GMT..	Gold prices slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut. Spot gold fell 0.4 percent to $2,514.11 per ounce by 0313 GMT. Bullion hit a record high of $2,531.60 on August 20. US gold futures were down 0.2 percent to $2,549.00. The dollar index was up 0.1 percent, diminishing goldâ€™s attractiveness for foreign currency holders. "Market seems to be waiting for a catalyst to ignite the potential bullish breakthrough above that $2,532 level," said Kelvin Wong, OANDAâ€™s senior market analyst for Asia Pacific. The short-term trend for gold remains strong, with the potential to hit new highs. In the longer term, it may face resistance around the $2,585 to $2,595 range, Wong added. Market participants are looking forward to the release of the US personal consumption expenditure (PCE) data, the Federal Reserveâ€™s preferred measure of inflation, on Friday. Traders have fully priced in a Fed easing for next month, with a 67 percent chance of a 25-basis-point cut and about 33 percent chance of a bigger 50-bp reduction, according to the CME FedWatch tool. Non-yielding bullion tends to thrive in a low-interest-rate environment. Fed Chair Jerome Powell last week endorsed an imminent start to rate cuts and expressed confidence that inflation is within reach of the US central bankâ€™s 2 percent target. A report on Tuesday showed that US consumer confidence rose to a six-month high in August but Americans are becoming more anxious about the labour market. Chinaâ€™s net gold imports via Hong Kong in July rose by about 17 percent from the previous month, the first gain since March, data showed on Tuesday. Among other metals, spot silver slipped 0.7 percent to $29.78 per ounce, platinum rose 0.3 percent to $956.00 and palladium fell 0.4 percent to $966.40.	2024-08-28 10:03
moneycontrol.com	https://www.moneycontrol.com/news/business/stocks/ftse-to-realign-ambuja-cements-float-after-adani-offloads-stake-msci-to-adjust-flows-12808476.html	FTSE to realign Ambuja Cements float after Adani offloads stake; MSCI to adjust flows	Gautam Adani sold 6.80 crore shares or 2.75 percent stake in Ambuja Cement earlier this month..Related stories.	This week, Ambuja Cements will see two-way flows, with capital coming in from the FTSE index and exiting from the MSCI index. While MSCI's readjustment was announced earlier this month, FTSE announced its rejig following Gautam Adani's sale of a 2.75 percent stake in Ambuja Cements. FTSE, in its latest announcement, notified participants that it will adjust the float after the promoter entity's stake sale. This adjustment will occur on August 29, leading to an inflow of $17 million (2 million shares), which will have a half-day impact. On the other hand, on August 13, MSCI announcedÂ that it would reduce the float in Ambuja Cements as part of its quarterly adjustments, scheduled for August 30.Â This reduction will result in an outflow of $75 million (9.8 million shares), expected to have a 3.5-day impact. "Whether MSCI will make upward adjustments post the recent stake sale remains subjective; ideally, they should revise it later," said Nuvama Institutional Equities. At 10.15 am,Ambuja CementsÂ shares were trading at RsÂ 622.3 per share, lower by around 0.3 percent on the NSE. Follow our live blog to catch all the updates Holderind Investments, a holding company for Ambuja Cements and ACC owned by Gautam Adani,Â sold 6.80 crore shares or 2.75 percent stakeÂ inÂ Ambuja Cement on August 23. The shares were sold at Rs 625.5 per share via a bulk deal. GQG Partners also picked up 1.09 percent stake via a block deal, of which GQG Partners Emerging Markets Equity Fund purchased 1.71 crore shares, or a 0.69 percent stake. Other entities that bought stake in Ambuja Cement via a block deal on August 23 include Vanguard Emerging Market Shares Index Fund (13.4 lakh), ICICI Prudential Mutual Fund (31.9 lakh) and Mirae Asset Mutual Fund (40.2 lakh), Axis Mutual Fund (12.7 lakh).	2024-08-28 10:52
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/qvc-exports-stages-stellar-debut-lists-at-87-premium-on-nse-sme-12808487.html	QVC Exports stages stellar debut, lists at 87% premium on NSE SME	QVC Exports' IPO was subscribed 535 times, with retail investors bidding 418.64 times their reserved portion..Related stories.	Shares ofÂQVC Exportsmade a stellar debut as it listed at Rs 161 on the NSE SME platform, reflecting a premium of 87 percent over its IPO price of Rs 86. Following the strong debut, the stock quicklyÂ fell prey to profit booking, which dragged it off its day's high to a low of RsÂ 152.95. The grey market premium for the stock early this morning had predicted for an even stronger listing, at a premium of 105 percent.Â The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Catch all the market action on our LIVE blog TheÂ company's public offer, which was a combination of a fresh issue of 20.5 lakh shares worthÂ Rs 17.63 crores and an offer for sale of 7.49 lakh sharesÂ amountingÂ to Rs 6.44 crores recordedÂ equally impressive subscription numbers. The company's IPO was subscribedÂ 535 times, with retail investors bidding 418.64 times their reserved portion while others booked the sharesÂ set aside 596.57 times. Founded in August 2005, QVC Exports Limited specializes in trading various ferroalloys, including high-carbon silico manganese, low-carbon silico manganese, high-carbon ferromanganese, high-carbon ferrochrome, and ferrosilicon. As of March 31, 2024, the company generated 82.95 percent of its revenue from export operations. The company intends to use the proceeds from the public issueÂ to repay unsecured loans, meet working capital requirements, and cover general corporate purposes.	2024-08-28 10:28
moneycontrol.com	https://www.moneycontrol.com/news/business/stocks/nbcc-to-consider-bonus-issue-on-august-31-shares-gain-5-12808228.html	NBCC India climbs 18% to 52-week high on plans to consider bonus issue	In 2024 alone, NBCC India stock has surged by 117.20 percent while over the past year, it has delivered an impressive 261.96 percent returns.Related stories.	NBCC (India)shares surgedÂ 18 percent intraday on August 28, following the announcement that the company will consider a bonus issue. Buoyed by the development, strong buying in theÂ shares ofÂ NBCCÂ lifted the stock to its 52-week high of Rs 209.75 on the BSE. At 12:47am, NBCC (India) was quoting at Rs 207.80, up Rs 30.15, or 16.97 percent. The board of directors is set to meet on August 31, 2024, to evaluate the proposal for issuing bonus shares to equity shareholders. This potential issue will be done through the capitalization of reserves, subject to shareholder approval and the ratio determined by the board. Catch all the market action on our live blog In recent developments, on August 14, NBCCâ€™s subsidiary HSCC (India) secured a work order worth Rs 528.21 crore from the Directorate of Medical Education & Research, Haryana. This order is for procuring biomedical equipment and hospital furniture for the Pt. Deen Dayal Upadhyaya University of Health Sciences in Kutail, Karnal. Additionally, on August 9, the company received a significant Rs 15,000-crore order from the Srinagar Development Authority for developing a Satellite Township spanning 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar (J&K). For financial performance, NBCC reported a 39% increase in net profit for the quarter ended June 2024, totaling Rs 104.62 crore.	2024-08-28 13:08
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/godrej-agrovet-shares-gain-2-on-additional-stake-purchase-of-godrej-tyson-foods-12808396.html	Godrej Agrovet shares gain 2% on additional stake purchase of Godrej Tyson Foods	So far this year, shares of Godrej Agrovet surged over 44 percent.Related stories.	Godrej Agrovet sharesÂ surged 2 percent to Rs 805 apieceÂ on August 28 as the company completed the acquisition of an additional 49 percent stake in subsidiary Godrej Tyson Foods, thereby increasing its shareholding to 100 percent. Consequent to the acquisition, Godrej Tyson Foods has become a wholly-owned subsidiary of Godrej Agrovet with effect from August 27, 2024, the company said in an exchange filing. So far this year, shares of Godrej Agrovet surged over 44 percent, beating benchmark Nifty 50's 15 percent rise. Earlier, the stock had hit Rs 877 apiece on July 15, 2024, and a 52-week low of Rs 447 apiece on October 26, 2023. Catch all the market action on our LIVE blog In the recently concluded June quarter, Godrej Agrovet reported a revenue decrease of 6.4 percent year-on-year to Rs 2,350 crore, marginally above market expectations of Rs 2,305 crore. EBITDA, meanwhile, increased 17.2 percent YoY to Rs 226 crore, while EBITDA margin expanded by 193 basis points YoY to 9.6 percent in Q1FY25. The company continued to demonstrate strong growth in profitability and margin expansion in Q1FY25, said analysts at BP Wealth. They added that the increase was mainly driven by robust volumesÂ and improved realisations in the domesticÂ crop protectionÂ business and margin expansion in animal feed and dairyÂ businesses. On the other hand, Godrej Tyson revenue fell 25 percent YoY in Q1FY25 due to lower volumes in the live bird business as the company continued to focus on branded business and reduced exposure to live bird business. Looking ahead, BP Equities analysts expectÂ further consistency in performance in the upcoming quarters to consider a more constructive stance in FY25. They did not share a rating or target price for the stock. However, currently, around 6 brokerage houses cover the stock, with 3 recommending a 'buy' rating, 2 'hold', and 1 'sell' call.	2024-08-28 10:23
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/jio-retail-ipos-to-new-energy-updates-5-key-things-to-watch-at-the-ril-agm-12808506.html	Jio, retail IPOs to new energy updates: 5 key things to watch out for at RIL AGM	Reliance (RIL) shares have seen a significant rally in the three months after eight out of the last 12 annual general meetings (AGMs) since 2013..Related stories.	Reliance Industries Ltdâ€™s 47th annual general meeting on August 29 is set to draw close investor attention, with shareholders awaiting insights into how Indiaâ€™s largest conglomerate plans to capitalise on emerging opportunities and fuel growth. Chairman Mukesh Ambani will address 3.5 million shareholders at the meeting at 2 pm on Thursday. JM Financial pointed out that shareholders will closely monitor timelines for potential public listings ofRelianceâ€™s digital and retail units and updates on the progress of new energy projects. Here are five key things that investors will be looking out for this year: 1. Reliance Retail and Reliance Jio IPOs Investors will keenly watch for any concrete plans or dates for initial public offerings of Reliance Jio or Reliance Retail. During the 2019 AGM, the management announced plans to list both businesses within five years. Since then, investors have been anticipating a timeline for the announcement of these listings. Jefferies analysts predict Jio could go public in 2025 with an estimated valuation of around $112 billion. 2. Strategic Stake Sale in O2C Business Investors will also watch for any potential strategic stake sales in Relianceâ€™s oil-to-chemicals (O2C) segment, said JM Financial Services in a report. Details on possible buyers, transaction value, and strategic benefits of such a sale will be closely monitored. Also Read \|ÂBrokerages remain bullish on Reliance Industries, highlight Jioâ€™s growth potential 3. Progress on New Energy Projects There will be significant interest in updates regarding ongoing projects in the new energy sector. Investors will look for specific timelines for project commissioning and assessments of potential earnings from these ventures. For FY24, RIL has allocated $1 billion in capital expenditures for its solar manufacturing business. The AGM is expected to provide more detailed insights into these developments. Reliance is building a large green energy complex in Jamnagar, featuring giga factories for solar PV, energy storage, electrolysers, fuel cells, and power electronics. However, progress appears slow, according to analysts. Compared to the initial $10 billion investment plan for the first three years, only $2 billion has been invested. 4. 5G Monetization Plans The AGM is expected to provide insights into Reliance Jioâ€™s strategies for monetising its 5G network. This includes plans for leveraging 5G technology to drive revenue growth, potential partnerships, and how the rollout might impact overall financial performance. Reliance Jioâ€™s 5G rollout is accelerating, and analysts expect updates on subscriber growth, revenue strategies, and international expansion plans in the AGM to boost RIL stockâ€™s attractiveness. Also Read \|ÂRIL Q1 Results Highlights: Revenue up 11.5% YoY; Jio sees record PAT at Rs 5,698 crore 5. Succession Plan Further details on Reliance Industriesâ€™ succession plans are of interest. Investors will look for updates on leadership transitions, key appointments, and how the succession strategy aligns with the companyâ€™s long-term vision. Chairman Mukesh Ambani revealed a succession blueprint in 2022, with Isha Ambani leading retail, Akash leading Jio, and Anant overseeing the energy business. At last yearâ€™s AGM, Mukesh Ambani announced that he would retain the position of the companyâ€™s chairman and managing director for the next five years. This year, investors will be keeping a close eye on further updates around the leadership transition. Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.	2024-08-28 11:36
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/short-call-sme-ipos-grab-headlines-even-as-many-advise-caution-medi-assist-healthcare-cesc-indegen-in-focus-12808418.html	Short Call: SME IPOs grab headlines even as many advise caution; Medi Assist Healthcare, CESC, Indegen in focus	Representative image.Related stories.	ŌĆśFear of Missing OutŌĆÖ may well be a term coined around two decades back but its relevance has never been higher than now as investors seem to be falling over one another to grab a pie of the SME segment of India. The SME IPO segment was launched way back in 2012 but it has never grabbed more headlines as every other public issue seems to be creating a record in its own unique way. Most recently, the IPO of Resourceful Automobile, which operates a mere two Yamaha showrooms in Delhi and has just eight employees, was subscribed more than 400 times. The current calendar year is galore with instances of SME IPOs attracting record subscription and then following it up with strong listing gains as well ŌĆō a feat not many main board IPOs with better track record, disclosures and financials have been able to achieve. There have been at least five SME IPOs this year that saw subscription of around 1000 times with the highest interest level shown by retail investors ŌĆō there have been half a dozen SME IPOs this year with retail subscription in excess of 100o times. This brings us to the most important question? And, perhaps the right time to remember a famous quote of former US Federal Reserve Chairman Alan Greenspan: ŌĆ£But how do we know when irrational exuberance has unduly escalated asset valuesŌĆ”ŌĆØMarket experts are divided on their views on the SME IPO segment with some saying that one cannot paint the entire arena with the same brush as there are good quality companies as well though the recent subscription and listing trend is perplexing to say the least. Regulators, policy makers and exchanges ŌĆō NSE recently imposed a cap of 90% on listing day gains -- are closely monitoring the situation and one could expect some action in the coming days. Medi Assist Healthcare (Rs 606.90, +8%) The subsidiary announced the acquisition of a 100% stake in Paramount Health Services & Insurance TPA of Rs 311.8 crore. Bull case: Acquisition is earnings accretive and will help consolidate leadership position and extract higher margins for Medi Assist, Nuvama writes. Bear case: Near-term margin dilution in FY26 due to the acquisition before full recovery in FY27. Disruptions in information technology systems data breaches, changes in laws and regulations may dent profitability. CESC (Rs 207.77, +10.1%) The stock surged as multiple brokerages including Investec, Elara Capital and Axis Securities put a 'buy' call on the stock Bull Case: CESCŌĆÖs aggressive renewable energy expansion, with 3.2GW of solar-wind projects and a green hydrogen facility, aims to boost return on equity from 12 to 15 percent, enhancing cash flow and long-term growth potential. Bear Case: CESCŌĆÖs heavy investment in renewable energy and green hydrogen projects may strain financials and execution capabilities. Delays or cost overruns could impact returns, particularly if regulatory changes affect the profitability of its planned capacity additions. Indegen Limited (Rs 562, -0.1%) JPMorgan initiated coverage on the counter. Bull Case: The company stands out among mid-sized IT services and BPO companies with industry-leading per capita revenue and profits. This reflects the company's strong value addition and effective use of technology in service delivery, despite its predominantly offshore operations. Bear Case: The growth story faces key risks, including high client concentration, insourcing by top clients, shifts in the drug launch pipeline, regulatory challenges in the pharma sector, and potential market risk from more aggressive adoption of generative AI. (With inputs from Veer, Harshita and Vaibhavi)	2024-08-28 10:04
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/gensol-engineering-extends-rally-up-5-in-2-days-as-it-makes-an-entry-into-us-market-12808478.html	Gensol Engineering extends rally, up 5% in 2 days as it makes an entry into US market	So far this year, the stock jumped over 12 percent.Related stories.	Shares of Gensol Engineering extended its uptrend, up 5 percent in 2 days to Rs 970 apiece on August 28. The rally extension came as the company entered the US market with the launch of its subsidiary Scorpius Trackers Inc in Delware. So far this year, the stock jumped over 12 percent, underperforming benchmark Nifty 50's 15 percent rise. Earlier, it had hit 52-week high of Rs 1,377 apiece on February 20, 2024. Catch all the market action on our LIVE blog Scorpius Trackers' first US office will be strategically located in California, as the company will be at the heart of one of the most dynamic renewable energy markets globally.Â The move will help the firm leverage the vast potential of the US solar tracker market, which is reportedly the largest in the world and deploys trackers aggregating close to 25,000 megawatts annually. â€śThe US market is pivotal to our global strategy, and the launch of Scorpius Trackers Inc. marks a significant milestone in our growth journey. With the USA leading the world in solar tracker adoption, our entry into this market aligns perfectly with our vision to provide designed in India and made in India high technology products to the world," said Anmol Singh Jaggi, chairman and managing director of Gensol Engineering. Apart from this, the company recently bagged Rs 40 crore order from a leading textile company for execution ofÂ 16 MWp turnkey EPC rooftop solar project.Â This is a repeat order for Gensol, which will be installed in Madhya Pradesh and Gensol will commission the project in six months In the recently concluded June quarter, Gensol Engineering reported a two-fold jump in profit to Rs 32.5 crore, while revenues surged to 275 crore. Gensol is expanding its presence in current and new business segments like Solar, BESS (battery energy storage systems) & EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability, the management said following strong Q1 results.	2024-08-28 10:20
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nbfcs-appear-more-favorable-in-a-rate-cut-scenario-over-banks-say-bernstein-analysts-12808382.html	NBFCs appear more favorable in a rate cut scenario over banks, say Bernstein analysts	Among the banks, Kotak Mahindra Bank is seen as the least favorably positioned compared to its peers.Related stories.	US Fed Chair Jerome Powell's speech at Jackson Hole hinted at a shift towards cutting interest rates, with the first cut expected in September 2024. However, Bernstein, a US-based brokerage firm, doesn't expect India to see a dramatic cycle of rate cuts. When the rate cuts do happen, analysts predict that Non-Banking Financial Companies (NBFCs) will benefit because of fixed-rate loans. On the other hand, banks could face challenges due to the slow adjustment of deposit rates. Among the banks, Kotak Mahindra Bank is seen as the least favorably positioned compared to its peers, earning it a "market perform" rating from Bernstein. IndusInd Bank and HDFC Bank, however, are considered to be in the best position and have been rated as "outperform." "We anticipate an approximate 50 basis points reduction in the current cycle, with real interest rate stabilising between 1-1.5 percent. A 50Â bps rate cut could potentially cause a short-term reduction in net interest margin by 10-15 bps," the brokerage firm highlighted. ALSO READ:ÂBernstein sees untapped growth in India's retail and restaurant sectors, initiates coverage on 7 companies Meanwhile, NBFCs like SBI Cards and Bajaj Finance could benefit from their significant share of fixed-rate borrowings, meaning rate cuts won't hurt their margins. Despite this, Bernstein has rated both as "underperform." In the recently concluded June quarter, earnings across banks, NBFCs, and insuranceÂ were stable and less worrisome, pointed out analysts at Kotak Institutional Equities. They believe thatÂ Â banks loan growth was stable at ~15 percentÂ year-on-year (adjusted for merger),Â margins was stableÂ sequentially with cost of funds peaking for most players, and slippages showed no worrisome trends barring in unsecured loans such as personal, credit cards and MFI. "Banks under coverage delivered ~15 percentÂ YoY earnings growth led by ~10 percentÂ YoY growth in operating profits and a similar growth in revenues.Â Some early signs of rising stress in unsecured loans (personal loans, credit cards and microfinance) appear to be the only key headwind in an otherwise stable lending period as deposits remain a key focus area for private banks. Meanwhile, NBFCs asset quality trends were nearly stable albeit some rise in delinquencies, which may be in line with seasonal trends," they added.	2024-08-28 08:52
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/orient-technologies-shares-list-at-40-premium-over-ipo-price-12808368.html	Orient Technologies shares list at 40% premium over IPO price	The Rs 214.7-crore public offer, comprising both fresh issues and an offer for sale, was subscribed 151.7 times.Related stories.	Orient Technologies Ltd shares made a robust stock market debut on 28 August, listing at Rs 288Â with a premium of 40 percent over the IPO allotment price of Rs 206 per share. The listing gains marginally missed grey market estimates where shares of the company were trading at a premium of about 46 percent.Â The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest market updates Orient Tech's Rs 214.7-crore public offer, comprising both fresh issue and an offer for sale, saw strong demand on the final day of bidding, reaching 151.71 times subscription, stock exchange data showed. Investors submitted bids for 113.02 crore equity shares, far surpassing the offer size of 74.5 lakh shares. Non-Institutional Investors (NIIs) dominated the scene, with their segment subscribed 300.59 times. Retail Individual Investors (RIIs) also demonstrated strong interest, subscribing 66.87 times their allotted quota. Meanwhile, Qualified Institutional Buyers (QIBs) subscribed 189.9 times the shares reserved for them. Read:ÂTop healthcare stocks that keep mutual funds in the pink of health The company plans to utilise the Net Proceeds for several objectives, including acquiring office premises at Navi Mumbai. Additionally, the funds will support capital expenditure requirements, including the purchase of equipment for establishing a Network Operating Centre (NOC) and Security Operation Centre (SOC) at the Navi Mumbai Property, as well as acquiring equipment and devices for offering Device-as-a-Service (DaaS) and general corporate purposes.	2024-08-28 10:09
moneycontrol.com	https://www.moneycontrol.com/news/business/kims-sees-2-equity-change-hands-in-rs-392-10-cr-block-deal-12808411.html	KIMS sees 2% equity change hands in Rs 392.10 cr block deal	Among the 173 SME IPOs launched in 2024, as many as 29 firms listed with premiums exceeding 100 percent, with another 49 firms registering gains between 50-99 percent. Further, 73 firms recorded gains between 1-50 percent..Related stories.	Shares worth as much as Rs 392.10 crore ofKrishna Institute of Medical SciencesÂ were involvedÂ in a block deal on August 28. Around 15.7 lakh shares, representing a 2 percentÂ stake in the company changed hands at a floor price of RsÂ 2,497 apiece, implying a little over 1 percent discount to the previous closing price. Moneycontrolcould not immediately verify the buyers and sellers in the transaction. Following the block deal, the stock witnessed a knee jerk reaction and fell marginally. At 09.16 am, it was trading with minor cuts at RsÂ 2,511.95 on the NSE. Just yesterday, brokerage firm Axis Securities chose KIMSÂ Krishna Institute of Medical Sciences as one of its preferred bets with a four-week perspective. The firm has a 'buy' call on the stock with a target price of Rs 2,587-2,700 and a stop loss at Rs 2,300. "The stock has broken out above the 'rounded bottom' pattern at Rs 2,356 on the weekly chart, signaling a continuation of its medium-term uptrend," the firm noted. Axis further suggested that KIMS is forming higher highs and higher lows on the technical charts, maintaining its position above the upward-sloping trendline, and is trading above key short and medium-term moving averages (20, 50, 100, and 200 days), all of which indicate a positive bias. "The Weekly RSI strength indicator also supports this outlook, suggesting an upside potential to Rs 2,587-2,700," the brokerage added.	2024-08-28 11:11
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/ideal-technoplast-industries-lists-at-9-premium-over-ipo-price-on-nse-sme-12808448.html	Ideal Technoplast Industries shares list at 9% premium over IPO price on NSE SME	Stock market.Related stories.	Shares ofÂ Ideal Technoplast Industries made a decentÂ debut on stock market on August 28 after listing at Rs 132, a premium of 9.2 percent over the issue price of Rs 121 on the NSE SME platform. The listing gains, however, miss grey market estimates where shares were trading at a premium of 16 percent.Â The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Follow our LIVE blog for all the latest updates The Rs 16-crore public offer received robust investor interest after the fresh issue was subscribed nearly 117 times over three days. Retail investors were the most active, purchasing 115.57 times their allotted quota while non-institutional investors roped in 108 times the portion reserved for them. Qualified Institutional Buyers or QIBs didn't subscribe to the issue. Founded in 2012, Ideal Technoplast Industries manufactures rigid plastic packaging for domestic and international markets. The company provides industrial packaging solutions, including round and square containers, twist containers, and bottles, serving industries such as paints, agro, chemicals, cosmetics, adhesives, lubricants, food, and edible oil. The proceeds from the fresh issue will be utilized for meeting capital expenditure and general corporate purposes.	2024-08-28 10:18
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/bernstein-sees-untapped-growth-in-indias-retail-and-restaurant-sectors-initiates-coverage-on-7-companies-12808380.html	Bernstein sees untapped growth in India's retail and restaurant sectors, initiates coverage on 7 companies	Bernstein is bullish on DMart and Trent, which lead in revenue generation and inventory management..Related stories.	International brokerage Bernstein initiated coverage on India's retail and restaurant sector, believing that demand beyond the top 10 percent of the wealth pyramid and the top 40 cities can be unlocked. According to Bernstein, the spending power of the Indian middle class is not being held back by a lack of demand, but rather by the need for more affordable and accessible products - meaning, this is a supply-side issue, not one of demand.Â This offers companies a major growth opportunity thatÂ can be tapped into right away. Follow our live blog to catch all the updates As a result, the brokerage initiated coverage on seven such key stocks, favouring retail players over restaurant/QSR names. Bernstein is bullish onÂ DMart and Trent, which lead to revenue generation and inventory management. Both are expected to outperform, with target prices of Rs 6,300 for DMart and Rs 8,100 for Trent. However, on the retail side, Bernstein initiated coverage with an 'underperform' callÂ on Aditya Birla Fashion and Retail, as the high levels of debt undertaken to acquire a wide range of brands are an area of concern. On the other hand, theÂ restaurant sector has a mixed picture. Bernstein is positive about the growth prospects for Jubilant FoodWorks and Devyani International, as a result of theÂ under-penetration in the chicken market and tight cost structures.Â Both the counters are rated as overperform, with target prices of Rs 800 for Jubilant and Rs 210 for Devyani. Westlife FoodWorld,Â the McDonald's operator in West and South India, is seen as constrained by its high capex store-opening strategy. Bernstein has rated it underperform, with a target price of Rs 700. Pizza Hut operator Sapphire Foods faces a "long and tough" recovery process, said the brokerage, giving it a market-perform rating, with a target price of Rs 1,700.	2024-08-28 08:41
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/ubs-hikes-target-prices-on-bharti-airtel-vodafone-indus-towers-amid-govt-relief-hopes-12808398.html	UBS hikes target prices on Bharti Airtel, Vodafone Idea, Indus Towers amid govt relief hopes	The government has no immediate plan to divest its stake in Vodafone Idea, as per sources..Related stories.	Foreign brokerage UBS raised its target prices on telecom majors as theÂ government might offer the beleaguered telcos some relief measures. As telecom majors undertake a tariff hiking cycle, UBS expects aroundÂ 60-75 percent of the total tariff hikes toÂ flow through to revenues over three quarters. Additionally, the churn is expected to be lower during this cycle, as the incidence of double SIMS has come down substantially. The brokerage maintained its neutral rating on Bharti Airtel and Indus Towers, with an increased target price of Rs 1,595 and Rs 440 respectively. The brokerage also reiterated its buy call on Vodafone Idea, bumping its target price up from Rs 18 to Rs 19 per share. At 9.35 am, Indus Tower shares were higher by 0.8 percent on the NSE at RsÂ 441.5 apiece, while Bharti Airtel's stock price was absolutely flat at RsÂ 1,523 per share. On the other hand, Vodafone Idea shares slipped around a percent to Rs 15.9 each. UBS added that it sees someÂ downside risk to consensus estimates for the telecom players. Follow our live blog to catch all the updates Vodafone Idea was in focus after the government cleared the air on its divestment plans in the telecom firm.Â The government has no immediate plan to divest its stake in Vodafone Idea (Vi) and a decision will be taken once signs of a turnaround in the telco are visible, sources told Moneycontrol, requesting anonymity. The government is also evaluating the request for a potential waiver of bank guarantees on upcoming regulatory dues of Rs 24,747 crore, they said. â€śVi will have to inform the DoT about their internal accruals and how much of that has gone up. And, what sort of financial burden they can take. As of now, they havenâ€™t really shared any substantial update on their operations post the fundraising,â€ť a senior telecom ministry official told Moneycontrol, adding that the telco is still in the early days of implementing its turnaround strategy.	2024-08-28 09:54
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/grey-market-premiums-skyrocket-for-upcoming-sme-ipos-even-as-experts-advise-caution-12808395.html	Grey market premiums skyrocket for upcoming SME IPOs even as experts advise caution	In 2024 so far, SME IPOs have set a record with 173 listings raising over Rs 5,965 crore. In 2023, a total of 182 SME IPOs were launched cumulatively raising Rs 4,684 crore..Related stories.	The momentum of SME IPOs shows no signs of slowing down, despite concerns raised by various market participants and even the regulator about potential overvaluation in the segment. Currently, 13 SME IPOs are set to list soon, with many showing a robust grey market premium (GMP). Notably, four of these IPOs boast a GMP exceeding 100%, while another four are trading with a GMP between 25% and 60%. Additionally, there are five SME IPOs for which grey market trading has not yet begun, but analysts are anticipating a strong premium once it does. Market experts attribute the high investor interest in the SME IPO segment to the impressive performance of some recently-listed companies. However, they caution that investors should remain vigilant and exercise due diligence. â€śThe demand for SME IPOs has become absurd. In anticipation of listing gain, inflow is showering despite the quality of the paper. Oversubscription is leading to huge listing appreciation, which continues to rock the stock price as demand remains elevated post-listing. We can expect such a type of overenthusiasm to vanish over the medium term as the stock market rally consolidates,â€ť said Vinod Nair, Head of Research, at Geojit Financial Services. In terms of the grey market premiums, OVC Exports, which is set to list on NSE Emerge on August 28, has a GMP of Rs 91 per share, up from its price band of Rs 86. Resourceful Automobile, listing on BSE SME on August 29, shows a GMP of Rs 105 per share from its price band of Rs 117. Indian Phosphate, listing on NSE SME Emerge on September 3, has a GMP of Rs 125 per share, up from its price band of Rs 99. Archit Nuwood Industries, listing on BSE SME on September 6, is trading at a GMP of Rs 270 per share, matching its price band. Other SMEs with GMPs ranging between 10-90 percent include Ideal Technoplast Industries, Vdeal System, Jay Bee Laminations, and Travels & Rentals. Meanwhile, the GMPs for Jeyyam Global Foods, Boss Packaging Solutions, Aeron Composite, Paramatrix Technologies, and Rapid Multimodal Logistics have yet to open. In 2024, SME IPOs have set a record with 173 listings raising over Rs 5,965 crore. In 2023, 182 SME IPOs were launched cumulatively raising Rs 4,684 crore. Ajay Bagga, an independent analyst, explained that the SME segment poses minimal market risk since the amounts raised are small relative to overall market size and liquidity. The oversubscription trend is driven by ASBAâ€™s â€śsafe modeâ€ť investment process, where funds are only deducted upon actual subscription. Investors are leveraging idle bank funds to buy a synthetic option, with the minimum return being their savings interest and the maximum being the potential 100 percent GMP gains, he says. The combination of FOMO, liquidity, and a risk-reward scenario with potential 100 percent gains is attracting attention, but Bagga warns that investors should avoid chasing post-listing prices at inflated levels, which could lead to significant losses.	2024-08-28 09:07
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/world-street-barnes-nvidia-creates-multimillionaires-hybe-rises-after-ador-ceo-steps-down-bitcoin-drops-sharply-and-more-12808381.html	World Street \| Barnes & Noble founder passes away; Nvidia creates multimillionaires; HBBE rises after ADOR CEO steps down; Bitcoin drops sharply; and more	World Street offers a sneak peek into the world of business and the economy..Related stories.	Leonard Riggio, founder of Barnes & Noble, passed away at 83 on August 27 after battling Alzheimerâ€™s. Nvidia's stock surge has created many multimillionaires. Hybeâ€™s shares surged after ADOR CEO Min Hee-jin's resignation. Eli Lilly cut Zepbound prices to target uninsured patients. Bitcoin and Ether drop sharply. All this and more on this edition of World Street. Final Edition Leonard Riggio, founder and former chairman of Barnes & Noble, passed away at 83 on August 27 in New York, following a battle with Alzheimerâ€™s disease. Surrounded by his family, Riggio's death was confirmed by a representative. Riggio founded Barnes & Noble in 1971, expanding it into a nationwide retail giant. In addition to Barnes and Noble, Riggio founded Barnes & Noble College Booksellers, MBS Textbook and video game company GameStop. Millionaire Maker Nvidia has created numerous new multimillionaires as its stock skyrocketed 3,776% since 2019, driven by its key AI chip sales. The 31-year-old chipmaker has amassed a market cap faster than any company in history. Despite its demanding work environment, Nvidia has managed to contain its employee churn rate through generous compensation. Riches to Rags John Foley, former CEO of Peloton, has revealed that his wealth has evaporated just two years after leaving the luxury fitness brand he co-founded. "I'm an open book," Foley told The New York Post in an interview, adding, "There was a time when I had a lot of money on paper, but sadly, not in the bank. I've lost it all and had to sell nearly everything I owned." HYBE Hype Kospi listed HYBE's shares surged nearly 5 percent, adding about 376.02 billion won ($282.05 million) in market value, following Min Hee-jin's resignation as CEO of sublabel ADOR. The departure marks the latest twist in the ongoing management dispute at HYBE, which oversees the extremely popular boy band BTS. Lillyâ€™s Leap Eli Lilly has released a new version of its weight-loss drug Zepbound at about half the usual monthly price, targeting uninsured patients like those on Medicare. This move aims to boost Zepboundâ€™s supply amid rising demand and combat the rise of cheaper copycat versions. The company now offers 2.5 mg and 5 mg single-dose vials for $399 and $549 per month, respectively, through its direct-to-consumer site. Bitcoin Blues Cryptocurrencies dropped Tuesday evening, sparking liquidations on the Bybit exchange. Bitcoin fell 6.2 percent to $59,504.68, while Ether plunged over 8 percent to $2,457.61. Analysts noted that a significant drop in Ethereum, which has lagged behind Bitcoin all year, triggered the sharp decline and leverage-driven sell-off. Xpeng Xtra Chinese electric car company Xpeng has announced that its mass-market brand Mona will sell some models for under $17,000. The Mona M03 electric coupe will start at 119,800 yuan ($16,812) with a 515-kilometer (320-mile) range and parking assist. The "Max" version, featuring advanced driver assist and a 580-kilometer range, will sell for 155,800 yuan. For comparison, Teslaâ€™s Model 3, even after an April price cut, starts at 231,900 yuan in China. Trading Halt The Philippines cancelled currency trading on Wednesday after heavy rain led to a suspension of government work in the capital and nearby areas. The Bangko Sentral ng Pilipinas announced a halt to monetary operations for the day via Facebook, though stock and fixed-income markets continue to trade. Acquisition Alert Bank of America Corp. will finance a $1.83 billion leveraged loan for Lone Star Funds' acquisition of Carrier Global Corp.â€™s fire unit, reported Bloomberg. The proposed buyout worth $3 billion on an enterprise value basis announced two weeks ago is expected to close by year-end.	2024-08-28 08:03
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/indusind-bank-clsa-outperform-12808499.html	IndusInd Bank top Nifty gainer after CLSA rates 'Outperform' with 28% upside	So far this year, the stock of this private sector lender has underperformed benchmark Nifty 50.Related stories.	Shares of IndusInd Bank are higher by nearly 2 percent to become the top Nifty 50 gainer on August 28 after CLSA reiterated an 'Outperform' and noted aÂ potential upside of 28 percent from current levels, setting a target of Rs 1,800. So far this year, the stock of IndusInd has underperformed benchmark Nifty 50, down 12 percent as compared to the latter's 15 percent rise. The last time the lender touched 52-week high of Rs 1,694 apiece was on January 15, 2024, while its 52-week low of Rs 1,328 was on August 7, 2024. Catch all the market action on our LIVE blog Analysts at CLSA believe IndusInd Bank is well-placed to thrive in a climate of interest rate reductions, and the shares are trading at 20-40 percent discount compared to its peers. Moreover, its asset quality picture looked favourable with no significant changes expected. Nomura too hasÂ called the Reserve Bank of India'snod forÂ setting up an asset management subsidiaryÂ a positive step for the lender. As the bank enters para banking - services undertaken by banks in addition to routine activities - itÂpotentiallyÂ paves the way for smaller banks to follow suit, said Nomura.Â The brokerage has maintained a 'Neutral' on IndusInd Bank and kept the target unchanged at Rs 1,580 per share, which reflects a potential upside of 12 percent from current levels. The RBIâ€™s approval marks a rare instance of a bank being permitted to set up a new AMC business (excluding legacy businesses), said Nomura. In the recently concluded June quarter,IndusInd Bankhad clocked a 2.2 percent on year growth in net profit at Rs 2,171 crore, while net interest income grew by 11 percent YoY to Rs 5,408 crore. IndusInd Bank is confident of achieving over 18 percent on-year growth guidance of 88-90 percent loan-to-deposit ratio as against the current 87 percent.	2024-08-28 10:54
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/brokerages-mixed-after-zee-settles-merger-disputes-with-sony-flag-other-issues-12808394.html	Brokerages mixed after Zee settles merger disputes with Sony, flag other issues	So far this year, Zee Entertainment stock has plunged 47 percent, underperforming benchmark Nifty which has gained around 14 percent during this period..Related stories.	Shares of Zee Entertainment gained on August 28 asÂ 1.29 million shares of Zee Entertainment were traded in a single block in opening deals, Bloomberg data showed. Additionally, several brokerages shared their outlook on the stock following the media company's agreement with Sony India to settle all merger-related disputes. The agreement releases both Zee and Sony from all document claims. It also includes the withdrawal of all claims for the $90 million termination fee, along with litigation and other related costs. According to analysts at Emkay, this settlement brings an end to a tumultuous journey of nearly three years. However, they caution that other legal risks remain, including Disney's proceedings for non-compliance related to cricket rights purchases and Punit Goenka's ongoing SEBI case. Citi has issued a sell call onZee Entertainment with a target price of Rs 137 per share. The focus is now on the company's business fundamentals following the recent dispute settlement with Sony India, the foreign broking form said, adding that the settlement is expected to alleviate some investor concerns. Follo our market blog to catch all the live action Meanwhile, UBS has maintained a neutral stance on Zee Entertainment stock, setting a target price of Rs 180 per share. The settlement with Sony India is viewed positively by UBS as it removes a significant overhang, potentially benefiting the company's stock performance. To recall,Â Sony Pictures Networks India (SPNI) terminated a proposed $10 billion merger deal with Zee Entertainment earlier this year, calling off a December 2021 agreement. Sony sought a $90 million termination fee on account of alleged breaches by Zee Entertainment of the terms of the merger agreement. Zee had also sought a termination fee of $90 million ( Rs 750 crore) from SPNI and its entity Bangla Entertainment Pvt. Ltd. (BEPL) in May. "While this settlement does remove a key overhang, we believe that a meaningful re-rating should happen in case of a new partner/buyer comes in. Lack of any major strategic investor during the recent fund-raise does not inspire confidence either," said Emkay Global as it maintained a 'reduce' rating on the stock with a target price of Rs 150 per share. Also Read \|ÂZee Entertainment stock jumps 15% as co settles merger termination disputes with Sony Since the development came in during market hours on August 27, Zee Entertainment shares surged over 11 percent to close at Rs 150.90 on the National Stock Exchange (NSE). So far this year, the stock has plunged 47 percent, underperforming benchmark Nifty which has gained around 14 percent during this period.	2024-08-28 09:31
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/jefferies-upgrades-zydus-life-to-buy-sees-buying-opportunity-after-recent-correction-12808388.html	Jefferies upgrades Zydus Life to 'buy', sees buying opportunity after recent correction	Shares of Zydus Life have fell nearly 8 percent in the past week..Related stories.	Brokerage firm Jefferies has upgraded its rating for drugmaker Zydus Lifesciences to a 'buy' from the previous 'hold' call as it sees a buying opportunity in the stock after its recent correction of nearly 8 percent in the past week. Along with that, Jefferies also raised its price target for the stock, for the second time this month to RsÂ 1,450, implying an over 30 percent upside potential. Earlier this month, Jefferies raised its price target forZydus Lifeto Rs 1,210. The brokerage firm's investment rationale rests on Zydus Life's strong US pipeline with at least one big launch worth $80-100 million every year. This strong US pipelineÂ along withÂ improved growth prospects in India should lead to elevated sales and margin for Zydus Life, believes Jefferies. However, the firm also noted that a high reliance on the US generics market makes the company a high-risk, high-reward call due to the nature ofÂ its target market. Follow our market blog to catch all the live action The drugmaker had delivered a strong set of numbers for the April-June quarter, with EBITDA margin coming at an all time high of 34 percent. Moreover, reflecting expectations of strong growth, the management further guided for a 100-150 basis point EBITDA margin expansion for FY25. Alongside, US revenue grew 23 percent on year to $373 million, driven by strong contributions from blockbuster cancer drug Revlimid andÂ overactive bladder medication Mirabegron. FY25 EBITDA margins would see 100â€“150 basis points expansion, the company guided. Impressed by the strong quarterly performance, JefferiesÂ had also raised its FY25-27 EPS estimates by 2-5 percent, citing improved sales and margins. The brokerage also noted the potential for an upside surprise from Zydus Life if key products see further growth. On August 28, shares of Zydus Life closed with marginal gains at RsÂ 1,113 on the NSE.	2024-08-28 09:04
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/tata-elxsi-tumbles-4-as-kotak-securities-reiterates-sell-rating-flags-valuation-12808482.html	Tata Elxsi tumbles 4% as Kotak Securities reiterates 'sell' rating, flags valuation	Challenges in the rest of Tata Elxsi's portfolio are likely to continue at least over the foreseeable future, said Kotak Securities..Related stories.	Shares of Tata Elxsi fell nearly 5 percent on August 28 as Kotak Securities reiterated a 'sell' call on the stock citing expensive valuations. Tata Elxsi at 61 times one-year forward earnings is more than adequately factoring in all positives, the brokerage noted. Describing Tata Elxsi as an "excellent company" but with inflated valuations, Kotak in its latest note said near-term headwinds for the Tata Group firm have been ignored by investors so far, resulting in a significant valuation premium. This comes despite a slowdown in growth over the past two years and ongoing issues related to high client concentration. Tata Elxsistock has been on a stellar run lately, surging 26 percent in the past two days. However, analysts at Kotak believe that the stock was expensive even before the rally. The brokerage noted that valuations are inflated, factoring in over 20 percent annual compounded dollar revenue growth from FY24 to FY34. It maintained a 'Sell' rating on the stock, setting a fair value at Rs 5,500. Follow our market blog to catch all the live action "We believe that Tata Elxsi's revenue growth would improve through the rest of FY2025E, as large OEM engagements ramp up. However, challenges in the rest of the portfolio persist: (1) weak spending in the media and communications vertical and (2) middling presence in healthcare, along with deferrals by large clients," Kotak said. The company has benefited from aggressive R&D spending by JLR in FY2024, with the account contributing 75 percent of the incremental revenues or 18.1 percent of overall revenues. Analysts at Kotak believe that growth for Tata Elxsi in FY25 would be more concentrated, with JLR contributing entirely to incremental revenues. "Apart from JLR, the company needs to deepen relationships with other OEMs. There has been some progress on this aspect, with wins in SDV from a global top 5 OEM. Tata Elxsi has 34 percent of revenues from the impacted tier-1 suppliers, which remain under pressure and would partly offset revenue growth," Kotak said. Challenges in the rest of Tata Elxsi's portfolio are likely to continue at least over the foreseeable future, according to the brokerage note. The company runs a tight ship, optimising cost structure with industry-leading profitability, according to analysts but achieving a revenue scale of $2.6 billion is a daunting task. It is a high-quality business, but Kotak disagrees with the magnitude of the valuation premium. Also Read \|ÂNBCC India climbs 8% on plans to consider bonus issue on August 31 At 9:56 am, Tata Elxsi shares were trading over 4 percent lower at Rs 8,601.80 on the National Stock Exchange (NSE). The stock has rallied 24 percent in the last one month but on a year-to-date basis, it is trading marginally in the red after today's decline. In the past 12 months, the stock has gained over 17 percent, underperforming benchmark Nifty which rallied 30 percent during this period.	2024-08-28 10:13
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/grm-overseas-acquires-44-stake-in-virat-kohli-backed-rage-coffees-parent-firm-12808615.html	GRM Overseas acquires 44% stake in Virat Kohli-backed Rage Coffee's parent firm	Rage Coffee is co-owned by Bharat Sethi, Sixth Sense Ventures, and others such as cricketer Virat Kohli and actor Rannvijay Singha. The brand has gained traction among new-age consumers, the company statement said..Related stories.	GRM Overseas has acquired a 44 percent stake in Swmabhan Commerce, the parent company of Rage Coffee, the exporter of basmati rice said in an exchange filing on August 28. GRM Overseas acquired the stake in the cricketer Virat Kohli-backed firm through a combination of primary infusion and secondary buyouts, marking a major step forward in its expansion into the fast-growing Indian coffee market. The company didnâ€™t share the financial details of the deal. Rage Coffee is co-owned by Bharat Sethi, Sixth Sense Ventures, Kohli and actor Rannvijay Singha among others. The acquisition aligns withGRM Overseas' broader strategy under its newly launched platform, 10X Ventures, which aims to invest Rs 200 crore in digital-first, new-age D2C brands, the filing said. "With GRM, we have found a partner that not only understands our mission but also complements our strengths with their extensive distribution network, corporate capabilities, and deep industry expertise,â€ť Sethi, who is also the CEO, said. GRM Overseas sees enormous potential in expanding Rage Coffeeâ€™s presence in the domestic market and leveraging synergies with its established export markets, GRM Overseas managing director of Atul Garg said. The acquisition will strengthen GRM Overseas' position in India's packaged foodmarket, catering to the evolving preferences of new-age consumers. The company, which reported Rs 1,345 crore in revenue and Rs 105 crore in profits for FY24, aims to derive 20 percent of its future revenue from new-age companies like Rage Coffee whilemaintaining its leadership in the rice, atta, and edible oil sectors, the company said. At 11.56 am, the GRM Overseas stock was trading at RsÂ 269.36, on the National Stock Exchange, down 0.04 percent from the previous close.	2024-08-28 12:16
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/dcx-systems-stock-jumps-4-on-securing-order-worth-rs-187-crore-12808639.html	DCX Systems stock jumps 4% on securing order worth Rs 187 crore	Over the past 3 months, the stock of this electronic subsystems and cable maker has surged over 8 percent.Related stories.	Shares of DCX Systems rallied up to 4 percent to Rs 344 apiece on August 28 after it secured Rs 187 crore order from overseas customer for supply of electronic kits. The order isÂ said to be executed within 12 months. Over the past 3 months, the stock of this electronic subsystems and cable maker has surged over 8 percent, undeperforming benchmark Nifty's 9 percent rise. Earlier, DCX Systems had hit 451 apiece on July 3, 2024. Catch all the market action on our LIVE blog DCX Systems is engaged in the manufacturing and distribution of electronic sub-systems and cable harnesses, catering primarily to the aerospace and defense sectors both domestically in India and internationally. Earlier this month, DCX Systems secured an order worth Rs 107 crore from domestic and overseas customers for the supply of electronic kits, cables, and wire harness assemblies. The order is expected to be executed within 12 months. Analysts at KR Choksey issued a 'buy' call for DCX Systems, setting a target price of Rs 519, implying an upside of 50 percent from current levels.Â The report highlighted that the companyâ€™s first quarter typically experiences slower growth, and this year was no exception.Â With a strong order book, the brokerage firmÂ recommended investing in the stock. In theÂ recently concluded JuneÂ quarter, the companyâ€™s revenue fell 19 percent year-on-year, and its net profit dropped by 69 percent YoY.Â The company also reported an operating loss of Rs 4.8 crore for the quarter, largely due to increased costs. Despite this negative news, KR Choksey remained optimistic about the company's long-term growth potential. "We believe Q2 should add more visibility in terms of the quantum of acceleration on the growth given the strong order pipeline. We maintain our earnings estimates for FY25E and FY26E aided by strong order book, higher focus on cable & wire harnessing and commercial production of Raneal Advanced Systems," the brokerage firm added.	2024-08-28 12:19
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nifty-hits-new-record-high-crucial-support-now-shifts-to-25000-12808546.html	Nifty hits new record high; crucial support now shifts to 25,000	Stock market trend.Related stories.	Indian benchmark indices are trading positive amid volatility. After multiple attempts, theNifty 50 indextouched a new record high of 25,114. According to experts, the index needs to sustain itself above 25,200 to enter the next breakout phase, which will set a positive bias for next monthly expiry. At 11:35 hrs IST, the Sensex was up 244.02 points or 0.30 percent at 81,955.78, and the Nifty was up 78.30 points or 0.31 percent at 25,096.10. About 1,869 shares advanced, 1,392 shares declined, and 100 shares unchanged. 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 suggests strong support at the 25,000 level, followed by 24,950 and 24,800, where significant put writing is observed. Sudeep Shah, DVP and Head of Derivative and Technical Research at SBI Securities, stated, "The index is likely to continue its upward trajectory, testing levels of 25,130 followed by 25,250 in the short term. On the downside, the zone between 24,950 and 24,930 will act as immediate support. If the index slips below 24,930, the next support is expected in the 24,850â€“24,820 zone." Avdhut Bagkar , Technical and Derivative analyst at Stoxbox said, "The Nifty 50 index set a new all-time high, with 25,000 serving as a key support level. The underlying bias remains optimistic as long as this support is defended." "While another new all-time high will add strength, the index needs to sustain itself above 25,200 to trigger the next breakout phase. A close above 25,000 in tomorrow's expiry could set a bullish tone for the next expiry, " added Bagkar. Bagkar also highlighted that a move toward 25,700 cannot be ruled out. "A breakdown below 24,700 could lead the index to retest the 24,000 support level. At the current momentum, the 50-day moving average (DMA), positioned at 24,355, also acts as a support," he concluded.	2024-08-28 12:29
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nifty-rises-for-10-days-in-a-row-but-sees-profit-booking-from-record-high-it-stocks-roar-psu-banks-suffer-12808914.html	Nifty rises for 10 days in a row, but sees profit booking from record high; IT stocks roar, PSU banks suffer	The biggest Nifty gainers were LTIMindtree, Wipro, Divis Labs, IndusInd Bank and Bharti Airtel.Related stories.	Benchmark indices ended the session off the day's highs amid profit booking after Nifty scaled a fresh all-time high. A massive rally in IT and healthcare stocks helped the NSE Nifty to gain for the tenth trading session in a row on August 28. Sensex also gained, albeit marginally. Market experts suggest that a host of factors, such as FIIs turning net buyers and an imminent rate cut by the US Fed next month, are helping the indices trade with a positive bias. At close,Â the Sensex was up 67.50 points or 0.08 percent at 81,779.26, and the Nifty was up 27.50 points or 0.11 percent at 25,045.30. About 1,726 shares advanced, 2,049 shares declined, and 85 shares remained unchanged. In a turn of events, the broader marketâ€”especially mid and small-cap indicesâ€”underperformed the Nifty and Sensex. While the midcap index ended flat, the small-cap index fell 0.2 percent due to profit taking. Analysts warn of potential overvaluation in some sectors and suggest that movement in the space is largely stock-specific. Notably, these indices have comfortably outpaced Niftyâ€™s year-to-date performance. Read:ÂFed rate cut optimism, revival in discretionary demand ignites party among IT stocks Among stocks, LTIMindtree stock advanced almost 7 percent to top the Nifty index after domestic brokerage firm Kotak Institutional Equities upgraded the stock to 'add' and raised the target price to Rs 6,200. IndusInd Bank also rose sharply, ending almost 3 percent higher after CLSA reiterated an 'outperform' rating and noted a potential upside of 28 percent from current levels, setting a target of Rs 1,800. So far this year, the stock of IndusInd has underperformed the benchmark Nifty 50, down 12 percent as compared to the latter's 15 percent rise. Read more:ÂReady to mass produce flex fuel vehicles, two-wheeler makers tell Gadkari Among sectors, the IT index was the best performer on the bourses after LTIMindtree, TCS, Wipro, and Infosys were widely cheered by investors. Analysts also suggest that following the index's correction, valuations in the IT space now seem attractive. Nifty Healthcare followed closely, ending over a percent higher after Sun Pharma, Divi's Labs, and Cipla rose. To be sure, the Healthcare index has risen 35 percent since the start of 2024. PSU Banks bucked the trend after SBI, Punjab National Bank, and Union Bank closed in the red. The biggest Nifty gainers were LTIMindtree, Wipro, Divis Labs, IndusInd Bank and Bharti Airtel, while losers were Maruti Suzuki, Nestle India, Asian Paints, Adani Enterprises and Britannia Industries.	2024-08-28 15:47
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/sme-ipos-2024-is-setting-new-benchmarks-in-oversubscription-listing-gains-12808882.html	SME IPOs: 2024 is setting new benchmarks in¬†oversubscription, listing gains	The list of top 20 SME IPOs in terms of oversubscription is heavily dominated by public issues that have come to the market in 2024.Related stories.	The SME IPO segment, launched more than a decade ago in 2012, has garnered unprecedented attention this year, with several public offerings drawing massive subscriptions and posting significant listing gains. Data from Prime Database shows that the list of top 20 SME IPOs in terms of oversubscription is heavily dominated by public issues that have come to the market in 2024. As many as 16 of the top 20 were launched in 2024, with two of the IPOs seeing subscriptions in excess of 1,000 times each ‚Äď HOAC Foods India, which tops the list, was subscribed nearly 1,963 times when the issue was launched in May 2024. It was followed by Magenta Lifecare, which¬†was launched in June 2024, and was subscribed nearly 1,003 times. If the top 10 SME IPOs in terms of subscriptions are taken into account, then eight of those were launched in 2024. It rises to nine if the IPO closing date of Kay Cee Energy & Infra Ltd is considered ‚Äď it opened on December 28, 2023, and closed on January 2, 2024. Further, IPOs of SMEs like Green Hitech Ventures (771 times), Koura Fine Diamond Jewellery (727 times), Maxposure Ltd (697 times), Medicamen Organics (688 times), Slone Infosystems (642 times) and Brace Port Logistics (634 times) all came in CY24 and were subscribed more than 500 times each. If the top 10 SME IPOs in terms of oversubscription are taken into account, then eight of those were launched in 2024 This assumes significance as the trend is being witnessed at a time when a section of market participants -- along with the regulator -- have expressed concerns related to the creation of artificial demand and unsustainable valuations in the SME segment. Also Read:¬†Grey market premiums skyrocket for upcoming SME IPOs even as experts advise caution ‚ÄúThe stability in the SME market depends on regulatory measures. Until the exchange imposes limits or caps on these IPOs and their subscriptions, investor enthusiasm will continue to drive high levels of oversubscription. The demand will persist, maintaining the current trend of excessive applications,‚ÄĚ says Kresha Gupta, Director and Fund Manager, Chanakya Opportunities Fund, a Sebi-registered AIF that invests in SME IPOs. ‚ÄúThe current trend of SME IPOs is not going to stop any time soon. The continuous rise in the market and active participation from domestic and foreign institutional investors are fuelling this trend. Retail investors, driven by optimism and FOMO are applying to numerous IPOs,‚ÄĚ adds Gupta. In an interaction with CNBC TV18, Nilesh Shah, MD of Kotak Mahindra Asset Management, said that the intense investor interest in the BSE SME index reflects the ‚Äúpower of money‚ÄĚ. Also Read:¬†SME IPO frenzy disconnected with fundamentals and reflects the 'power of money', says Nilesh Shah He believes that once the liquidity surge fades, fundamentals will take over. Drawing parallels to market booms in the 1990s and 2000s, Shah noted that while some SME IPOs might succeed, most are unlikely to meet investor expectations at current valuations. He also pointed out that the BSE SME IPO index, which has grown 1.4x this year, may not be justified by fundamentals despite its impressive 66% CAGR over the past decade. However, Deepak Shenoy, Founder of Capital Mind, believes that one should not give too much importance to subscription numbers as the money stays in the applicant‚Äôs bank account and is debited only if the applicant gets an allotment. Meanwhile, in terms of listing gains as well, 2024 occupies the top five slots with SMEs like Winsol Engineers (411 percent), Kay Cee Energy & Infra (343 percent), Medicamen Organics (326 percent), GP Eco Solutions India (319 percent) and Maxposure Ltd (317 percent) delivering the best returns on the day of listing when compared to their respective offer prices. SME IPOs of Divine Power Energy, Purv Flexipack, and Indian Emulsifiers also came in the current calendar year and feature among the top 10 in terms of the returns given on the day of listing. Incidentally, the National Stock Exchange (NSE) announced in July that it has decided to put an overall cap of 90 percent over the issue price for SME IPOs during special pre-open session on the day of debut. Earlier this year, Sebi chairperson Madhabi Puri Buch had also raised concerns of manipulation and froth in the segment. Also Read:¬†'We see signs of manipulation in the SME segment,' says SEBI chairperson ‚ÄúWe do see signs of manipulation in the SME (small and medium enterprises) segment‚Ä¶ We are able to see certain patterns. However, as per our regulation, the way that we need to construct the entire case, we do need to take some time to do that in a robust manner,‚ÄĚ Buch had said in March. Gupta of Chanakya Opportunities Fund, however, believes that SME exchange has given robust performance and the new investors participating in the capital market have seen the market only go up. Retail investors feel that the potential to make money in the SME market is easier and hence everyone wants to get a share in these companies resulting into oversubscription against the allotment size, says Gupta.	2024-08-28 18:34
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nifty-record-high-quality-over-momentum-nilesh-shah-kotak-12808643.html	Temper return expectations, choose quality over momentum, says Nilesh Shah of Kotak AMC	For investors who can take some correction in their stride, there is no need to worry as the India growth story continues, said Nilesh Shah of Kotak AMC..Related stories.	Kotak AMC's Nilesh Shah is calling on investors to temper down expectations of return from market and look to stay with quality stocks over momentum, while encouraging to take some correction in the stride. His comments assume significance as the benchmark index Nifty 50hit the 25,100 level for the first time ever, on intra-day basis. For the year so far, Nifty 50 has risen by over 15 percent. "For traders, lots to worry about, but for investors who can take some correction in their stride, there is no need to worry as the India growth story continues to march on, albeit one will have to moderate the return expectations," Nilesh Shah said in a conversation with CNBC-TV18. Nilesh Shah shared three key mantra for investing in these times - starting with moderation of return expectation, choosing quality above all else, and not overpaying for value. "Investors believe 20, 30, 40 percent return is their birth right and I doubt market will be able to deliver that. Moderate expectations, go for quality over momentum stocks, high-floating stocks at market-discovered prices rather than concentrate holding in low floats. And, go for reasonable valuation over what is expensive," Nilesh Shah summarised his thesis with markets are record highs and valuation is select pockets seeming over-stretched. The disappointment of below-expectation returns in the stock market can be a factor at play that he says may trigger some pullback, said Nilesh. "In the past, we were getting hammered for delivering negative returns, my fear this time is that we will get hammered because we delivered below expectation returns." Nilesh Shah believes there could be many reasons for a correction to set in, ranging from US economy to the situation in Bangladesh, or may be unwinding of carry trade in Yen, or even Yuan. However, based on the fundamentals behind India's economy, corrections are unlikely to be deeper, Nilesh said. The pullback if any can be a combination of time and price-wise correction, and those can be a great opportunity to invest, he added.	2024-08-28 12:03
moneycontrol.com	https://www.moneycontrol.com/technology/does-cognizant-have-the-upper-hand-in-legal-battle-against-infosys-article-12808790.html	Does Cognizant have the upper hand in legal battle against Infosys?	Representative image.Related stories.	Teaneck-based information technologyÂ firm Cognizantâ€™s subsidiary, Cognizant TriZetto on August 23Â alleged that Infosys has stolenÂ trade secrets related to its healthcare insurance software. The allegation was made in the Texas federal court. Infosys soon rebutted this, saying it wouldvigorously defend the lawsuitin court. Cognizant completed the acquisition of TriZetto in November 2014, forming Cognizant TriZetto Software Group, Inc. Theallegedly stolen softwareÂapplies TriZettoâ€™s proprietary medical claims processing to a proprietary database structure, which reduces the administrative expenses associated with claims processing. Additionally, the complaint documentÂ Â says that TriZettoâ€™s products and services provide solutions to the highly complex medical claims and payments processing problem in healthcare and improve healthcare operations. Moneycontrolhas reviewed a copy of the complaint filed by Cognizant. The complaint states that a similar case was filed earlier against a company named Syntel Sterling Best Shores Mauritius. According to the document, this case went in favour of TriZetto. The outcome of court cases like these depends on the facts and circumstances of each case, however, Cognizant can rely on earlier cases, a subject matter expert said, requesting anonymity. The rivalry between Cognizant and Infosys is well known. Infosys hadsent a letter to Cognizantlate last year lodging its protest against the poaching of its key executives. Ravi Kumar S, an Infosys veteran, who took charge as Cognizant's Chief Executive Officer, in January 2023, hired overÂ 20 executive vice presidents and four senior vice presidents, many of whom were from Wipro and Infosys,Moneycontrolhad then reported. Let's take a look at some of the claims made by Cognizant, in the trade secrets case. Employees stole data Cognizant, in the document, said it made certain Infosys employees sign Non-Disclosures and Access Agreements (NDAA), that â€śnarrowly and strictlyâ€ť defined the details of Infosysâ€™s authorised access to TriZettoâ€™s proprietary information and trade secrets for specified reasons. â€śYet, in contravention of those agreements, Infosys has misappropriated TriZettoâ€™s trade secrets and stolen its confidential information to develop or enhance its own competing software and service offerings for its own financial gain, thus causing severe and irreparable harm to TriZetto,â€ť the document read. The competing software being spoken here is called Helix, a platform-powered and artificial intelligence-first suite offered by Infosys. Moneycontrol has reached out to Cognizant and Infosys for comment on the story, which will be updated as and when they respond. What is Cognizant guarding? TriZetto offers healthcare industry customers a suite of software products as well as consulting, IT, and business process services. These products and services are used by hospitals, physicians, and insurance companies. TriZettoâ€™s healthcare products include its â€śFacetsâ€ť and â€śQNXTTMâ€ť software, among others, to automate claims processing, billing, etc. By maintaining the secrecy of its various offerings, TriZetto ensures competitors would need to make â€śinvestments of time and money to develop a competing versionâ€ť of the said software. What does Cognizant do to protect confidentiality? Cognizantâ€™s TriZetto goes to lengths to protect confidential information from public disclosure. These include requiring TriZetto employees who have access to such information to sign confidentiality agreements, and restricting physical and digital access to only authorised users. These are followed by other standard security layers such as computer and server passwords, security access cards, confidentiality agreements, letters notifying departing employees to return all property belonging to TriZetto, distribution of information on a need-to-know basis, and non-compete and non-solicitation agreements with its high-level employees. When is confidential data disclosed to third parties? TriZetto discloses confidential information to customers or vendors for specific business purposes, such as enabling a vendor to provide services to companies that are mutual clients of TriZetto and the vendor. However, recipients of technical confidential information shouldÂ not be involved in the development, testing, or marketing of competitive software. Who had access to the confidentialÂ information? TriZetto said, relevant to the case, five customers entered into an NDAA with the company who were also clients of Infosys. In connection with the relationship that TriZetto and Infosys had with each of them, TriZetto entered into separate NDAAs which gave certain Infosys employees access to certain TriZetto confidential information. â€śâ€¦Infosys abused its access to TriZetto Confidential Information and Trade Secret Information and exceeded the scope of its permissible access pursuant to the NDAAs, and then engaged in an illicit schemeâ€¦ for improper purposes,â€ť Cognizant said in the complaint. How many times did Infosys-Cognizant sign agreements? In the last decade, the two companies haveÂ signed at least seven NDAAs, TriZettoÂ claimed. TriZettoâ€™s said this confidential information is not readily available from public sources and the company derives economic value from its secrecy. â€śDespite its promises to TriZetto, Infosys necessarily and intentionally exceeded the limits of access permitted in the NDAAs and created its own repository of Test Cases, thus allowing Infosys to obtain economic advantages through the misappropriation,â€ť the document read. A test case is a dedicated set of instructions for executing a particular capability within a software program. How exactlyÂ did Infosys the contract? TriZetto entered into an NDAA with Infosys twice in 2018, and once each in 2020 and 2022. All these contracts had similar confidentiality provisions and restrictions that limit Infosysâ€™ access and use of TriZettoâ€™s confidential information and trade secrets. The company alleged that Infosys created one or more connector tools to extract data from TriZetto software and create a massive repository of test cases, â€śwhich Infosys now deceptively touts as its own.â€ť Cognizant said Infosys has gained an unfair advantage in competing against TriZetto, and such an amount should be determined at trial. The company said the development of a test case requires access to that specific product and also requires a significant amount of time and money, without which Infosys could not have created these test cases. Cognizant said that a jury and Court of Appeal have already confirmed that the test cases are trade secrets. Did Cognizant inform Infosys earlier? Yes, TriZetto said it wrote a letter to Infosys terming the latterâ€™s conduct as misuse and misappropriation. However, â€śInfosys refused to stop its misuse and misappropriation.â€ť Therefore, the threat of continued â€śmisappropriation and misuseâ€ť continues, TriZetto said. Moreover, TriZetto also said it does not know the full scope of Infosysâ€™s misuse and misappropriation of confidential information and trade secrets. Has Infosys marketed the products/services? Cognizant said Infosys advertised the â€śInfosys Business Assurance Storeâ€ť as a â€śrepository . . . of 1 million test casesâ€ť that was developed by Infosys Validation Solutions (IVS), which is Infosysâ€™ testing unit. Cognizant said Infosys would not have been able to develop this repository without access to and use of TriZettoâ€™s confidential and trade secret information.Â â€śInfosys is now utilising, offering, selling and distributing to third parties, including TriZettoâ€™s current and potential FacetsÂ® and QNXTTM customers,â€ť Cognizant alleged. The company further said that while Infosys removed the said advertisement from its website, it refused to confirm the pausing of test cases. First notice by Cognizant On May 31, 2024, TriZetto provided Infosys with a written notice of an audit that was previously agreed upon, but had not been conducted because the latter refused to cooperate with TriZetto. In particular, TriZetto sought information from Infosys for emails since November 19, 2018 which relate to TriZetto. In addition, it also asked for a list of all Infosys-affiliated individuals who have had access to Cognizantâ€™s confidential information and the identity of all central locations within Infosys containing the confidential information. â€śThe requested information would have allowed TriZetto to determine who at Infosys had access to TriZetto Confidential Information and whether the access and use of such information by Infosys was consistent with the NDAAs,â€ť the company said. Infosysâ€™ response Responding to the requests, Infosys said it had complied with the NDAAs and ignored TriZettoâ€™s specific questions, and failed to provide any of the requested information. This is despite the fact that Infosys was required to do so under the NDAAs, Cognizant TriZetto said in the document. Cognizantâ€™s subsidiary further said that money damages alone will not fully correct the harm done byÂ Infosysâ€™ misappropriation. Therefore, TriZetto now seeks injunctive relief from Infosys, its agents, employees, and all related persons having such confidential information. Precedents In a similar case involving TriZetto earlier, the company said a federal jury concluded that TriZettoâ€™s test cases are trade secrets despite arguments otherwise from trade secret defendant Syntel Sterling Best Shores Mauritius Ltd. Like Infosys, Syntel was a third-party vendor who was granted limited access to TriZettoâ€™s confidential information. It is said that Syntel gained access to TriZettoâ€™s confidential information the same way that Infosys did - by way of a confidentiality agreement. The evidence at trial showed that Syntel had breached the contract and created its own repository of test cases that were TriZettoâ€™s proprietary software. The jury also found that TriZettoâ€™s test cases were protectable trade secrets and Syntelâ€™s creation of a repository test cases were trade secret misappropriation On appeal, even the Second Circuit affirmed the juryâ€™s finding that TriZettoâ€™s test cases are trade secrets, the company said in the document. A Second Circuit is one of the 13 Courts of Appeal in the US. The matter is in court and it remains to be seen whether the Cognizantâ€™s subsidiary is able to prove its allegations.	2024-08-28 14:05
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/agro-tech-foods-retains-act-ii-license-as-conagra-foods-exits-promoter-entity-shares-up-6-12808768.html	Agro Tech Foods retains ACT II license as Conagra Foods exits promoter entity, shares up 6%	Agro Tech Foods, which is listed on Indian stock exchanges, has marquee investors as its shareholders, including Rakesh Jhunjunwala family..Related stories.	Packaged snack foods player Agro Tech Foods saw its shares jump over six percent in trade on August 28 after the firm announced Conagra Brands,Â one of North America's leading branded food companies, has ceased to be part of the promoter entity. Conagra Brands has fully exited its stake in the company, leaving funds managed by Convergent Finance and private equity firm Samara Capital as the sole shareholders of Agro Tech Foods' promoter entity. At 1 pm,ÂAgro Tech Foods'Â stock price was quoting RsÂ 880.3 on the NSE, higher by 5.8 percent compared to the previous close. Follow our blog to catch all the market updates Conagra became a controlling shareholder of Agro Tech Foods in 2011, after which Agro Tech Foods accelerated the growth of its food portfolio, including ACT II popcorn and Sundrop foods. These two iconic brands are leaders in their respective categories, and offer a basket of products for both in-home and out-of-home consumption. However, Agro Tech Foods will continue to useÂ Conagra Foods' ACT II branding. "Conagra has agreed to continue the perpetual and exclusive license for the ACT II brand in India with ATFL and ATFL will exclusively continue to use the ACT II brand in India," said the firm in an exchange filing. On February 29, it was announced that Convergent Finance and Samara Capital will acquire a 51.8 percent stake in the firm. Conagra Brands said that this transaction is the latest step in Conagra's strategy to continuously reshape its portfolio to maximize shareholder value. Agro Tech Foods, which is listed on Indian stock exchanges, has marquee investors as its shareholders, including Rakesh Jhunjunwala family. The firmÂ sells consumer products including ready to cook, ready to eat, spreads, breakfast cereals, chocolate confectionery and staples such as edible oils. Their popular brands include Act II popcorn, Sundrop, Popz and Duo.	2024-08-28 13:09
moneycontrol.com	https://www.moneycontrol.com/technology/ansr-acquires-talent-management-platform-hrentries-in-all-stock-deal-article-12808906.html	ANSR acquires talent management platform hrEntries in all-stock deal	Representative image.	Global capability centre (GCC) consultancy firm ANSRÂ on August 28 announced an all-stock acquisition of the human capital management (HCM) system platform hrEntries. This acquisition will integrate ANSRâ€™s core business strategy and provide clients with a comprehensive end-to-end platform for global team management, the company said. HrEntries will be an addition to ANSRâ€™s â€śGCC SuperAppâ€ť stack, a platform providing talent, workspace, HR operations and payroll solutions to enable the businesses to build and manage GCCs efficiently. "AsÂ GCCs rapidly emerge as a key strategic priority for global businesses, we are excited to expand our GCC SuperApp stack and focus on delivering exceptional experiences for our customers and GCC employees," ANSR co-founder Vikram Ahuja was quoted as saying in the company release. The strategic move reinforces ANSRâ€™s commitment to delivering innovative solutions that enable organisations to scale and run a global centre rapidly and effectively. hrEntries will be rebranded as Rise, joining ANSRâ€™s platform of AI-led talent solutions, including Talent500, Leap, and Loop. hrEntries offers unified solution for digital onboarding and offboarding, payroll management, benefits administration, expense tracking, and contract management. Talent500 is a 2.5-million-strongÂ community of GCC professionals, while Leap is an AI-powered sourcing, screening and workflow management tool.	2024-08-28 15:11
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/mid-day-mood-nifty-hits-all-time-high-tops-25100-sensex-rises-as-it-healthcare-counters-rally-realty-stocks-slump-12808604.html	Mid-day Mood \| Nifty hits all-time high, tops 25100; Sensex rises as IT, healthcare counters rally, realty stocks slump	Nifty, Sensex.Related stories.	Following a sharp rally in IT and healthcare stocks, NSE Nifty 50 hit a fresh all-time high, topping 25,100 for the first time ever, while BSE Sensex also gained after a flat start on August 28. This bullish momentum comes on the back of expectations of an interest rate cut by the US Fed next month. At noon, the Sensex was upÂ 265Â points or 0.32 percent at 81,977, and the Nifty was up 87 points or 0.35 percent at 25,105. As many as 1885 shares advanced, 1397 shares declined, andÂ 92 shares unchanged. Follow our LIVE blog for all the latest market updates Building on yesterdayâ€™s gains, the broader marketâ€”especially mid and small-cap indicesâ€”continued to shine, rising 0.2 percent and 0.4 percent respectively. Analysts warn of potential overvaluation in some sectors, yet the broader market still seems to have room to grow. Notably, these indices have comfortably outpaced Niftyâ€™s year-to-date performance. Sectoral Trend The IT index rose a massive 2 percent backed by gains in LTIMindtree, Infosys, TCS, and Wipro. LTIMindtree was the top gainer on the Nifty afterÂ domestic brokerage firm Kotak Institutional Equities upgraded the stock to an 'add' rating and raised the target price to Rs 6,200. The Healthcare index was in second position, gaining almost 1 percent. The Nifty Pharma, Energy and Auto were the other gainers. Nifty FMCG and Realty were the top losers after both fell 0.4 percent. Consumer majors such as Varun Beverages, ITC, and HUL spoiled the party. India VIX, an index to gauge market anxiety, rose slightly above 1 percent to hover close to 14 levels. Fundamental View V K Vijaykumar of Geojit Financial Services said that theÂ market has entered a consolidation phase with low volatility, a trend expected to continue in the near term. Falling U.S. bond yields have curtailed FII selling, with foreign investors even becoming marginal buyers. Historically, domestic institutional investors (DIIs) tend to sell when FIIs buy, which could keep the market range-bound with a slight upward bias. This is considered a healthy trend given the marketâ€™s elevated valuations. Technical View Vaishali Parekh of Prabhudas Lilladher anticipates that the index could target 25,600 next, with key stocks like L&T, Infosys, ICICI Bank, and Maruti supporting this upward move. Sensex is now targeting its all-time high of 82,130, with a strong bias. As sentiment improves, the index is advancing with crucial support at the 20 DMA level of 80,350. A decisive break above 82,130 could push the index towards 83,000 in the near term. Daily support is at 81,300 and 24,900, while resistance is at 82,300 and 25,200. Key Nifty Gainers LTIMindtree, Wipro, IndusInd Bank, Infosys, and Eicher Motors Key Nifty Losers Hero MotoCorp, Asian Paints, Axis Bank, Maruti Suzuki, and Britannia Industries Key Sensex Gainers Wipro, IndusInd Bank, Infosys, Bharti Airtel, and Tech Mahindra Key Sensex Losers Asian Paints, Axis Bank, Maruti Suzuki, Nestle, and Bajaj Finserv Stock Moves IndusInd Bank: Shares roseÂ 2 percent to become one of the top Nifty 50 gainers after CLSA reiterated an 'Outperform' and noted aÂ potential upside of 28 percent from current levels, setting a target of Rs 1,800. So far this year, the stock of IndusInd has underperformed the benchmark Nifty 50, down 12 percent as compared to the latter's 15 percent rise. Tata Elxsi:Â Shares tanked nearly 5 percent as Kotak Securities reiterated a 'sell' call on the stock citing expensive valuations. Tata Elxsi at 61 times one-year forward earnings is more than adequately factoring in all positives. It describedÂ Tata Elxsi as an "excellent company" but with inflated valuations.	2024-08-28 12:23
moneycontrol.com	https://www.moneycontrol.com/banking/us-banks-could-connect-with-indias-upi-system-to-expand-fast-payments-fed-governor-waller-article-12808637.html	US banks could link with Indiaâ€™s UPI to expand fast payments: Fed's Waller	US banks may connect with India's UPI.Related stories.	The United States may explore the option of connecting some of its private banks with India's Unified Payments Interface (UPI) to accelerate the development of a fast payments network, said Christopher Waller, member of the Federal Reserve Board of Governors of the United States, on 28 August. Waller said at the Global Fintech Fest in Mumbai that the US does not currently have enough banks connected to create a full-service fast payments system due to risk management and compliance requirements in order to prevent frauds or money laundering. However,Â he said that linking with the UPI could be a potential solution. "We don't have enough banks connected to make a full service product. But we have some private banks which can connect to the UPI," said Waller. "We first need to build a compelling value proposition for such an integration," he said, adding that this process would still take some time to develop. Also readÂ \|ÂNifty hits all-time high, tops 25,100; IT, healthcare stocks rally Certain frictions are purposely built into the global payment system for compliance and risk-management reasons. "Slowing down the speed at which payments are cleared and settled helps banks prevent money laundering and counter the financing of terrorism, detect fraud, and recover fraudulent or misdirected cross-border payments," said Waller. Sorting out the legal, regulatory, governance, and cross-border payment systems will be more challenging than the technology itself, he said, noting that "linking technology is the easiest part." Waller praised India's tech-driven payments revolution, which he attributed to a successful public-private partnership that built a digital payments infrastructure, promoting financial inclusion at a low cost. "I spent 3-4 hours yesterday at the NPCI (National Payments Corporation of Indiaâ€”the founder and manager of UPI), learned a lot about UPI and how it is done," he said at the event. The UPI, developed by NPCI, is a real-time payment system that allows instant money transfers between bank accounts via mobile devices. Since its launch in 2016, UPI has grown rapidly, integrating over 300 banks and facilitating a seamless, low-cost digital payment experience. As of 2024, it processes over 10 billion transactions each month, with a total monthly transaction value exceeding Rs 15 trillion. Also read \|ÂQuick commerce on Govt radarÂ to assess impact on kirana stores Waller highlighted how private sector innovators have leveraged the foundation built by the public sector to enhance payment systems, introducing new capabilities while adhering to regulatory requirements. "Building on the foundation led by the public sector, innovators in the private sector seize the opportunity to enhance payments through the introduction of new capabilities that will alleviate frictions, while remaining within regulatory guardrails," said Waller. Looking forward, Waller suggested that the interplay between the public and private sectors could be crucial in advancing cross-border payments. "Interlinking arrangements would allow banks in different countries, who are users of domestic fast payment systems, to send payments to each other through technical connections between their respective domestic payment systems," he noted. He also pointed out that the G20's roadmap aims to address challenges in cross-border payments and enhance global payment systems beyond local capabilities, acknowledging that while technical connections are feasible, the real challenge lies in addressing legal, compliance, and operational considerations.	2024-08-28 12:58
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/narrative-nfo-unrealistic-valuation-kotak-institutional-12808621.html	Kotak's note finds narrative-focused NFOs led to ‚Äòprice-insensitive‚Äô bids, unreal valuations	Net SIP flows have sputtered over the past few months, but NFOs have become an increasingly large proportion of overall inflows..Related stories.	A Kotak Institutional note has underlined a series of 'short-lived, narrative-driven' stock themes in the market in recent years - PSUs, defence, railways, or capex plays to name a few - that have sustained fresh inflows and higher returns. Money in these ideas has jumped from one narrative to another, helping the stock market scale fresh highs and offer investors higher returns, the note has said. In its note to investors, Kotak Institutional mentions how narratives have tried to capture the market's attention.¬Ý"We note that narrative-driven valuation re-rating has been the primary driver of returns over the past 12-18 months. However, a few narratives of the past¬Ýfew months such as ‚Äò400+ seats for NDA‚Äô, consumption or rural boost in thebudget, increase in capex allocations, especially in defense, railways, roads, and privatization of PSUs have failed to materialize." The Kotak Institutional note has observed a rise in thematic NFOs by mutual funds, focused on a particular sector, in order to attract greater flows. This forced deployment of NFO collections irrespective of price and underlying valuations has resulted in ‚Äòprice-insensitive‚Äô bidding for stocks, taking them to unrealistic levels in several such ‚Äònarrative‚Äô sectors, Kotak said. Between May and July this year, sectoral¬Ýor thematic funds have accounted for nearly half ofthe Rs 1.12 lakh crore raised by domestic mutual funds. Also Read\|¬ÝNifty hits all-time high, tops 25100; IT, healthcare counters rally, realty stocks slump Since the COVID-19 lows in 2020, domestic mutual funds have recorded a sharp expansion in¬Ýunique investors, folios and flows. However, the retail money into MFs appear to be ‚Äòchasing‚Äô market movements, the Kotak note observed.¬Ý Retail inflows into domestic MFs have moved from flexi-cap funds in CY22 to mid- and small-cap funds in CY23, and finally to thematic funds in the first seven months of 2024. Though the net SIP flow has sputtered in recent months, NFOs are¬Ýincreasingly contributing to a large proportion of overall flows into domestic MFs this year. "As a result, AUMs of sectoral funds/thematic funds are now larger than AUMs of most other fund categories," said Kotak. Thin liquidity in several of these 'narrative-driven' stocks has resulted in exaggerated trades, the Kotak note finds.¬ÝThe sustainability of these flows and the subsequent returns may depend on a circular loop of trailing returns in thematic funds and¬Ýcontinued inflows into them.	2024-08-28 13:19
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/daily-voice-valuations-reasonable-for-private-banks-strong-consumer-demand-shows-signs-of-rural-growth-recovery-says-anil-rego-of-right-horizons-12808216.html	Daily Voice: Valuations reasonable for private banks, strong consumer demand shows signs of rural growth recovery, says Anil Rego of Right Horizons	Anil Rego is the Founder and Fund Manager of Right Horizons.Related stories.	Right Horizonsâ€™ primary investment focuses are on the building materials segment, consumer discretionary, wealth management, and financial services, Anil Rego, the founder and fund manager. said in an interview toMoneycontrol. He believes valuations are reasonable for private banks and consumer demand remains strong with signs of recovery in rural growth. According to him, valuations are reasonable for large caps and certain smallcaps, while midcaps mostly appear to be overvalued. Factors likely to lead to a correction in the equity market are mostly exogenous in nature and domestic macro is favourable, said Rego, a seasoned investor who for over three decades has been making contrarian bets. Edited excerpts from an interview: Do you rule out the possibility of major correction in Indian equity markets given the consistent domestic inflows? While consistent domestic inflows can provide a supportive backdrop for equity markets, Indiaâ€™s valuations are fairly valued across dimensions after pricing in a relatively stable economy, healthier corporate and household balance sheets and conducive environment. Valuations are reasonable for large caps and certain smallcaps, while midcaps mostly appear to be overvalued. We believe factors likely to lead to a correction are mostly exogenous in nature and domestic macro is favourable. Do you think the interest rate will remain on the higher side for a longer period, although the US Fed signals first interest rate cut possibly in September policy meeting? The Federal Reserve last increased interest rates in July 2023 and has kept the Fed Funds Rate at 5.25-5.50 per cent since then, aiming to reduce inflation to its 2 per cent target. Although inflation is still above 2 per cent, there are noticeable signs of substantial relief. For the fourth month in a row, the US consumer price index (CPI) slowed down to 2.9 per cent in July, which is the slowest increase of the inflation rate since March 2021. At the Federal Reserve's annual economic conference, Chair Jerome Powell indicated that the central bank is prepared to shift its policy approach. We believe rates will be cut gradually in order to balance between growth & inflation. Do you think the US economy will remain stronger than expected and there won't be any possibility of deep slowdown in the economy? In early August, concerns about a slowdown in economic growth temporarily disrupted the bull market in the US. The downturn occurred despite the US economy gaining momentum in the second quarter. Although inflation is somewhat higher than anticipated, the overall trend shows inflation is moderating. The economy has now navigated through its cyclical peak and is expected to maintain a trajectory of gradual moderation in both growth and inflation, barring any unforeseen significant disruptions. Which are the sectors that can't be missed from the portfolio? Our primary investment focuses are on the building materials segment, consumer discretionary, wealth management, and financial services. The overall earnings growth continued to be driven by banking, financial services and insurance (BFSI) and auto with healthcare, realty and capital goods contributing. We believe valuations are reasonable for private banks and consumer demand remains strong with signs of recovery in rural growth. Will the valuations remain elevated in the midcap and smallcap space? Valuations in the midcap and smallcap space were primarily driven by macroeconomic stability and growth prospects where strong structural tailwinds for robust earnings growth potential was an opportunity for the SMID (Small-Midcap) segment. While broader market valuations are frothy businesses with fading tailwinds that go through a cool-down in earnings growth will likely witness some bit of correction and quality names within the SMID segments that are able to sustain the future earnings growth is expected to do relatively better.	2024-08-28 15:30
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/fo-losses-brokerage-launches-tools-for-disciplined-trading-curbing-excessive-speculation-12808898.html	F&O losses: Brokerage launches tools for disciplined trading, curbing excessive speculation	F&O losses: Brokerage launches tools for disciplined trading, curbing excessive speculation.	Amid widespread concerns over investors facing losses on derivative bets, a domestic brokerage on Tuesday launched a tool to promote "disciplined trading" to curb "excessive speculation". The features introduced include a 'safeguard' tool wherein a futures and options account will get stopped for 30 days if an investor is not able to provide additional information to prove suitability, the platform Groww said. It can be noted that according to data collated by markets regulator Sebi, nine out of ten F&O bets result in losses for investors, and concerns are being raised over household savings ending up for speculative purposes. "With India's F&O market experiencing significant growth in recent years, the need for robust risk management tools has become increasingly apparent," Groww said. The safeguard feature is aimed at risk management by deterring traders from experiencing losses consistently, while the pause feature allows traders to temporarily pause their F&O account during periods of market volatility or when they need to take a break from trading. Apart from these, there is also the 'safe exit' option, wherein a safety net is provided to limit losses on F&O positions, it said. As per RBI's financial stability report, the equity derivatives segment witnessed a 42.8 per cent jump in volume terms to touch 95.7 lakh in FY24 from 65 lakh in FY23.	2024-08-28 14:37
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/fed-rate-cut-optimism-revival-in-discretionary-demand-ignites-party-among-it-stocks-12808618.html	Fed rate cut optimism, revival in discretionary demand ignites party among IT stocks	The Nifty IT index surged over 2 percent to a new peak of 42,712.50 on August 28..Related stories.	The sentiment for information technology stocksÂ has been growing stronger by the day as hopes of a revival in discretionary demand grow, spurred by expectations of imminent rate cuts from the Federal Reserve. This increasing bullishness has led to another wave of buying in IT stocks, pushing the Nifty IT index up by over 2 percent to a new peak of 42,712.50 on August 28. The optimism extends beyond this recent rally, with the sectoral index outperforming the benchmark Nifty 50 over the past week. While the Nifty IT index surged nearly 3 percent during this period, the Nifty 50 gained around 1.3 percent. Several analysts also anticipateÂ a rebound in information technology stocks, citing their recent underperformance, which has kept valuations in the sector relatively reasonable compared to the inflated levels seen in much of the market. Alongside that, the positive management commentary by most IT majors post the Q1 results, hinting that the worst for the sector is behind, has ushered further confidence among investors. Axis Securities noted in a report, "Most IT companies demonstrated improved performance in Q1FY25, suggesting a revision in demand and a stabilization of uncertainties in key global economies."Â This positive outlook isÂ echoed across the industry, with deal wins and the adoption of emerging technologies such as AI (Artificial Intelligence) and IoT (Internet of Things) fueling the sector's resurgence. Also Read \|ÂTurning point for IT: Green shoots in Q1 hint at recovery in FY25 Meanwhile, Fed Chair Jerome Powell, in his speech at the Jackson Hole Symposium, also indicated that the time has come for monetary policy to adjust, opening doors for expectations of a rate cut in the central bank's upcoming September meeting. This imminent rate cutÂ could further boost discretionary spending and deal flow for IT companies. SinceÂ Indian IT companies generate the majority of their revenues from outsourcing deals with US companies, improvement in macroeconomic conditions in the world's largest economy can place the sector well into a path for a strong V-shaped recovery, Axis Securities believes. Sectoral gainers IT stocks dominated the list of top five gainers on the Nifty 50, with LTIMindtree leading the pack. The shares of LTIMindtree surged 7 percent afterKotak Institutional Equities upgraded the stockfrom 'reduce' to 'add' and raised its target price to Rs 6,200. This upgrade followed a Karnataka High Court stay on a Rs 378-crore tax order against the company related to alleged non-payment of integrated goods and services tax. KotakÂ also believes that LTIMindtree is on the path to a healthy recovery in revenue growth in the next couple of years from the trough of FY24, aided by a recovery in spending sentiments in the BFS vertical. Other IT stocks like Infosys, Wipro, and TCS also jumped 2.5-4 percent amid improving sentiment for the sector. Also Read \|ÂThis mid-cap IT party is getting lit; NIIT, Datamatics, KPIT Tech, eClerx Srvcs surge 6-20%	2024-08-28 13:07
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/insecticides-india-surges-to-all-time-high-on-strong-q1-earnings-show-12808542.html	Insecticides India surges to all-time high on strong Q1 earnings show	The strong Q1 earnings also also tipped off a spike in trading volumes in the counter as nine lakh shares changed hands so far, significantly higher than the one-month daily traded average..Related stories.	Shares of Insecticides IndiaÂ flew 17 percent intraday to hit a record high of RsÂ 1,084.25 on August 28, a day after the company deliveredÂ healthy all-around earnings for the April-June quarter. The company's net profit for the first quarter of FY25 surged 68 percent on year to Rs 49 crore, up from Rs 29 crore recorded in the same period last fiscal. Revenue also grew 3 percent on year to Rs 657 crore backed by 18 percent growth in premium Products which now constitutes 60 percent of total B2C sales as compared to 57 percent in the base period. Total B2C revenue also rose 11 percent in the quarter gone by which offset weak B2B and exports sales that were adverselyÂ impacted by lower pricing and unfavorable market conditions. In addition, premiumisation of products also helped the agrochem company expand its EBITDA margins by 380 basis points on year toÂ 10.9Â percent in Q1FY25 as compared to 7.1Â percent in Q1FY24. The company's performance in Q1 seems all the more remarkable when compared with the overall agrochemical industry which is currently reeling under the pressure of excess Chinese inventory and weak pricing. Catch all the market action on our LIVE blog "We witnessed steady demand for our products across regions, leading to our optimism for FY25, with improved market conditions and stable input costs. As the strategic thrust remains on Premiumisation, we remain committed to gain significant market share in these product lines. We are gearing up to launch pathbreaking new products, with one product launched in Q1FY25," Rajesh Aggarwal, MD ofInsecticides IndiaÂ said in an exchange filing. "Our sturdy working capital management has seen inventory levels to Rs 698 crores as on 30 June 2024, an improvement over last year. Our focus in FY25 will remain on higher growth in Premium Products with more extensive demand generation and brand-building efforts. We also plan to continue follow disciplined approach towards margins and working capital," Aggarwal added. At 11.21 am, shares of Insecticides India, were trading at Rs 1,031.40 on the NSE, despite coming slightly off its day's highs. The strong Q1 earnings also tipped off a spike in trading volumes in the counter as nineÂ lakh shares changed hands so far, significantly higher than the one-month daily traded average of two lakh shares.	2024-08-28 11:33
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/ltimindtree-stock-jumps-6-following-kotak-upgrade-gst-relief-12808540.html	LTIMindtree stock jumps 6% following Kotak upgrade, GST relief	LTIMindtree stock has gained 5 percent in the last one month but on a year-to-date basis, it is trading 3 percent lower..Related stories.	Shares of LTIMindtree rose over 6 percent after Kotak Institutional Equities upgraded the stock. This increase also follows the Karnataka High Courtâ€™s stay on a Rs 378-crore tax order against the company for alleged non-payment of integrated goods and services tax. Kotak has raised its rating to 'Add' from 'Reduce' and increased the target price to Rs 6,200. LTIMindtree is on the path to a healthy recovery in revenue growth in the next couple of years from the trough of FY24, aided by a recovery in spending sentiments in the BFS vertical, according to the brokerage. "We increase FY25-27E dollar revenue by 0.5-1 percent, leading to a similar increase in earnings per share (EPS) estimates. We value the stock at 28x September 2026E earnings (26x earlier), resulting in a fair value (FV) of Rs 6,200 (Rs 5,500 earlier)," Kotak said in a note, adding that it expects the IT firm to be a good compounding play with a strong and consistent EPS growth trajectory.â€ť Follow our market blog to catch all the live action Recovery expected in key sectors Kotak analysts forecast LTIMindtreeâ€™s dollar revenue growth will rise to 6.5 percent in FY25 and 11 percent in FY26, up from 4.4 percent in FY24, driven by a rebound in key sectors like BFSI and hi-tech. They noted that the company is poised to gain significantly from this recovery, especially in the US, where tech spending is expected to increase. According to the brokerage noted, LTIMindtree is well-positioned in growing areas such as capital markets, risk and compliance, and core modernization, and stands to benefit from consolidation deals in the banking sector, including partnerships with ABSA. Despite challenges in retail and manufacturing, analysts expect these to be manageable. High-quality client base and strategic position The companyâ€™s high-quality, scalable client base spans various sectors, with expertise in cloud computing, ERP modernization, data analytics, AI, SaaS, and IT operations, allowing it to tap into diverse ITbudgets. Kotak noted that LTIMindtree's lack of a BPO segment, which is vulnerable to disruptions from generative AI, could be advantageous, and its role as a challenger vendor aligns with the increasing acceptance of niche providers. Management stability and Margin outlook Recent senior management attrition has slowed, although high demand for talent means departures could continue. Maintaining a stable leadership team is crucial for achieving revenue synergies from the merger, though the current team remains strong, highlighted Kotak. The brokerage forecast limited EBIT margin expansion in FY25 due to upfront costs from large deals and investments, with EBIT margins expected at 15.4 percent in FY25 and 16 percent in FY26. Despite anticipated revenue growth mitigating margin pressures, the scope for margin improvement is considered limited, with the companyâ€™s deferred wage hikes also impacting margins. Also Read \|GQG Partners increases stake in GMR Airports to 5.17 percent At 11:21 am, LTIMindtree shares were trading over 5.6 percent higher at Rs 6,075.65 on the National Stock Exchange (NSE). The stock has gained 5 percent in the last one month but on a year-to-date basis, it is trading 3 percent lower. In the past 12 months, the stock has gained over 18 percent, underperforming benchmark Nifty which rallied 30 percent during this period.	2024-08-28 11:38
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/taking-stock-nifty-sees-profit-booking-after-crossing-25100-for-first-time-it-pharma-stocks-gain-12808922.html	Taking Stock: Nifty sees profit booking after crossing 25,100 for first time; IT, pharma stocks gain	Market Today.Related stories.	Indian indices ended higher on August 28 with Nifty crossing its previous record high (25,078.30) and surpassed 25,100 for the first time led by Information Technology and pharma stocks they saw profit booking by end of the session. At close, the Sensex was up 73.80 points or 0.09 percent at 81,785.56, and the Nifty was up 34.50 points or 0.14 percent at 25,052.30. Biggest Nifty gainers were LTIMindtree, Wipro, Divis Labs, IndusInd Bank and Bharti Airtel, while losers were Maruti Suzuki, Nestle India, Asian Paints, Adani Enterprises and Britannia Industries. Among sectors, IT, Pharma, and Healthcare were up more than 1 percent each, and Telecom index was up 0.5 percent, while Media index shed 1.4 percent and FMCG and PSU Bank down 0.4 percent each. Broader indices including BSE Midcap and Smallcap touched record high but ended on a flat note. Outlook for August 29 Aditya Gaggar Director of Progressive Shares Indian equities commenced the session on a flat note but under the influence of the IT and Pharma counters, the Index moved towards the north, registering a fresh high of 25,130, although profit booking in the last session dragged the Index lower to settle at 25,052.35 with gains of 34.60 points. As earlier indicated, IT was the top performer with gains of 1.64% followed by Pharma while the Media segment corrected the most. At record levels, Long-Legged DOJI candlestick pattern with a probable bearish divergence in the RSI suggests loosening of the positive momentum. The same was spotted on the lower timeframe (hourly chart) as well. A break below 24,970 will drag the Index further lower towards 24,840; while on the flip side, a firm close with a bullish candle above 25,100 is a must to continue its northward journey. Rupak De, Senior Technical Analyst, LKP Securities The Nifty continues to exhibit confusion at higher levels, as the index closed flat with wicks on both the upper and lower sides, indicating extended indecisiveness. This is highlighted by two consecutive doji-like candles following the recent rally on the daily timeframe. A decisive move above 25,100, or a close above this level, could confirm a further rally in the market. Otherwise, Nifty may slip lower, as the absence of sustained buying might trigger selling pressure. The immediate support is placed at 24,800.	2024-08-28 16:01
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/premier-energies-ipo-subscribed-4-times-on-day-2-niis-in-pole-position-12808793.html	Premier Energies IPO subscribed 6.61 times on day 2; NIIs in pole position	The trading in its equity shares will commence on the BSE and NSE, effective September 3..Related stories.	Premier Energies' Rs 2,830-crore initial public offering (IPO) saw strong demand on August 28, the second day of bidding, with subscriptions reachingÂ 6.61 times the offer size. Investors placed bids forÂ 29.48 crore shares, compared to the 4.46 crore shares available. The IPO aims to raise Rs 1,291.4 crore through a fresh issue and Rs 1,539 crore via an offer-for-sale (OFS), based on the upper end of the price range of Rs 427-450 per share. Stay tuned to our LIVE blog for the latest updates Non-institutional investors led the charge, subscribing toÂ 18.83 times their allotted portion. Retail investors followed, subscribing toÂ 4.21 times their quota, while employees took upÂ 6.62 times their reserved portion. The segment for qualified institutional buyers (QIBs) saw a 1.4 times subscription. Established in April 1995, Premier Energies specializes in integrated solar cells and panels, offering products like solar cells, monofacial and bifacial modules, and EPC and O&M solutions. The company operates five manufacturing facilities in Hyderabad, Telangana, India. Also read:ÂThis Tata Group stock is on a tear; here's why Proceeds from the fresh issue, after deducting related expenses, will primarily be used to invest in Premier Energies Global Environment Private Limited, a subsidiary, to help fund a 4 GW Solar PV TOPCon Cell and Module manufacturing facility in Hyderabad, and for general corporate purposes. Trading of its shares on the BSE and NSE will begin on September 3. Ahead of the listing, Premier Energies' IPO shares were trading at an 87 percent premium over the upper price band in the grey market, an unofficial platform for IPO share trading before the official listing.	2024-08-28 17:28
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/shoppers-stop-shares-rise-nearly-5-after-tie-up-with-hollywood-makeup-brand-max-factor-12808788.html	Shoppers Stop shares rise nearly 5% after tie up with Hollywood makeup brand Max Factor	Shoppers Stop stock has delivered multibagger returns of 235.08 percent in the last three years, compared to Sensex which rose 46.04 percent in the same period..Related stories.	Shoppers Stop share price gained nearly 5 per cent in August 28 trade after it announced a strategic collaboration with Hollywood makeup brand Max Factor. The stock gained after four days of consecutive fall, touching an intraday high of Rs 819 per share on the NSE, rising 4.23 percent. The uptrend was seen in the share price after the makeup brand Max Factor announced the entry into brick-and-mortar retail sector in India through a strategic collaboration between House of Beauty andShoppers Stop. A collaboration between House of Beauty & Shoppers Stop marks a significant milestone leveraging Shoppers Stopâ€™s extensive retail infrastructure and customer base, said the retail firm in a stock exchange filing. House of Beauty is a new age, specialty beauty company in India bringing international & cult beauty brands to the modern Indian consumer. Max Factor will expand its presence in India to 70 Shoppers Stop outlets by the end of the year, ensuring broader reach and greater accessibility in key cities like Delhi, Mumbai, Bengaluru, and Chennai. "We believe this partnership will not only elevate the beauty retail landscape in India but also foster a loyal community of beauty enthusiasts, driving long-term growth and success," said Biju Kassim, CEO Beauty, Shoppers Stop. Shoppers Stop stock has delivered multibagger returns of 235.08 percent in the last three years, compared to Sensex which rose 46.04 percent in the same period. The company reported a consolidated net loss of Rs 22.72 crore in the June 2024 quarter. It posed a consolidated net profit of Rs 14.49 crore in the corresponding period last fiscal, Shoppers Stop said in a regulatory filing while the consolidated revenue from operations in the quarter under review stood at Rs 1,069.31 crore as against Rs 993.61 crore in the year-ago period.	2024-08-28 13:21
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/adani-enterprises-launches-rs-800-crore-ncd-issue-with-coupon-rates-up-to-9-9-12808527.html	Adani Enterprises launches Rs 800 crore NCD issue with coupon rates up to 9.9%	The issue will open for subscription on September 4, and end on September 17..Related stories.	Adani Enterprises announced a public issue ofÂ secured, rated, listed, redeemable, nonâ€“convertible debentures (NCDs), with the aim of raising Rs 800 crore on August 28. The flagship Adani Enterprises firm will launch 80,00,000 NCDs with a value of Rs 1,000 each. Initially, the firm will seek to raise Rs 400 crore but has also included a green-shoe option, which, if exercised, will allow the firm to raise a further Rs 400 crore. This takes the total issue size to Rs 800. The NCDs will be listed on the BSE and NSE, both. The NCDs have been rated "CARE A+; Positive" by CARE Ratings. At 1.50 pm on August 29,Adani Enterprisesshares were down 0.75 percent at RsÂ 3,005 on the NSE. Follow our live blog to catch all the updates The issue will open for subscription on September 4, and end on September 17. Investors can select debentures with terms between 24 and 60 months. Interest will be paid annually, quarterly, or cumulatively, depending on the NCD series selected. Adani Enterprises has provided different coupon yields for NCD holders based on the tenor and interest payment frequency:For a 24-month tenor, the annual coupon rate is 9.25 percent.For a 36-month tenor, the coupon rate is 9.32 percent for quarterly payments and 9.65 percent for annual payments.For a 60-month tenor, investors can earn 9.56 percent quarterly or 9.9 percent annually.In the case of a default or delay, the firm will pay an interest fee which is over and above the coupon rate as Adani Enterprises said will pay the NCD Holder an additional 2 percent per annum on top of the agreed coupon rate. However, if applicable laws prescribe a different rate, the firm will pay the lower of the two rates. The principal and interest of the NCDs will be secured by a first ranking,pari passucharge on the companyâ€™s current and future non-current loans and advances. This security will cover at least 110 percent of the outstanding principal and interest until the NCDs are redeemed.	2024-08-29 13:48
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/ecos-india-mobility-and-hospitality-ipo-fully-subscribed-on-day-1-nii-retail-take-lead-12808963.html	Ecos India Mobility and Hospitality IPO subscribed 3.36 times on day 1; NII, retail take lead	Ecos India Mobility and Hospitality IPO.Related stories.	Chauffeur driven car rental service provider Ecos India Mobility and Hospitality's initial public offering saw strong response from investors, subscribingÂ 3.36 times on the first day of bidding, i.e. August 28. Participants boughtÂ 4.23 crore equity shares against the offer size of 1.26 crore shares, the subscription data available on the exchanges showed. The New Delhi-based company intends to raise Rs 601.2 crore through its maiden public issue, which comprises of solely an offer-for-sale (OFS) of 1.8 crore equity shares by Loomba family. The price band for the issue, which closes on August 30, has been fixed at Rs 318-334 per share. Non-institutional investors (high networth individuals) took the lead, subscribingÂ 6.65 times the portion set aside for them. Retail investors reached to the second position in terms of subscription, buyingÂ 3.85 times the allotted quota. The qualified institutional buyers also started participating in the issue, pickingÂ 4 percent shares of their reserved portion. The company that chauffeured car rentals and employee transportation services to corporate customers has alreadyraised Rs 180.4 crore from 14 anchor investorson August 27, including Acacia Banyan Partners, Nomura Trust, Whiteoak Capital, Aditya Birla Sun Life Trustee, Troo Capital, ICICI Prudential Mutual Fund, Invesco India, Franklin India, Tata Mutual Fund, and Motilal Oswal Mutual Fund. Also read:ÂGrey market premiums skyrocket for upcoming SME IPOs even as experts advise caution The entire net issue proceeds will go to promoters, the selling shareholders. Hence, the company will not receive any money from the IPO. Ecos India Mobility and Hospitality has a pan-India presence in 109 cities through its own vehicles and vendors, operating a fleet of more than 12,000 economy to luxury cars, mini vans and luxury coaches.	2024-08-28 17:30
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/tata-investment-shares-zoom-25-in-2-sessions-to-5-month-high-amid-buzz-over-debt-repayment-by-tata-sons-12808612.html	Tata Investment shares zoom 25% in 2 sessions to 5-month high amid buzz over debt repayment by Tata Sons	Tata Group iconic headquarters, the â€˜Bombay House.â€™.Related stories.	Tata Investment Corporation share price skyrocketed over 25 percent in two sessions in a row to hit a 5-month high after Tata Sons reportedly repaid more than Rs 20,000-crore debt. Tata Investmentstock zoomed to the day's high of Rs 8,074.25 on the National Stock Exchange (NSE) on August 28, rising 9.33 percent. At about 12 PM, the stock was quoting at Rs 7,686 on the NSE, rising 4.07 percent. The counter is trading higher than 5 - 200 day moving averages. The scrip delivered multibagger returns in the last 365 days, rising a whopping 224.52 percent on the BSE. The stock has given stellar returns in the last three years, zooming 519.36 percent, as per BSE data. The company is primarily engaged in the business of investment in listed and unlisted equity shares, debt instruments and mutual funds of Tata companies in a wide range of industries. The company is a NBFC registered with the RBI under the category of Investment Company. The Reserve Bank of India (RBI) classified Tata Sons as an NBFC-Upper Layer (NBFC-UL) in September 2022. An NBFC-UL must be publicly listed within three years of being classified in this category, following RBI requirements. Tata Sons raises capital from banks and markets to invest in its group companies, including flagship Tata Consultancy Services (TCS), Tata Motors, and Tata Steel. However, after significantly reducing its promoter risk profile through debt repayment, Tata Sons is no longer required to list its shares and has applied to surrender its registration certificate to the RBI, as per report onEconomic Times. The broader rally was seen in other group companies as well with TCS share price rising nearly 1 percent. However, the broader IT rally was also supported by the Nvidia quarter results announcement after the bell in US markets today evening. Tata-backed multibagger apparel stock Trent Ltd is also trading over Rs 7,000 mark, rising 3.24 percent.	2024-08-28 12:44
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/hindenburg-research-nasdaq-listed-super-micro-computer-12808187.html	Hindenburg targets Nasdaq-listed Super Micro over 'accounting manipulation'	Hindenburg Research alleges accounting manipulation, self-dealing and sanctions evasion by AI play and Nasdaq-listed Super Micro Computer.Related stories.	Hindenburg Research has come out with a new report - this time targeting Silicon Valley-based Super Micro Computer Inc - over alleged accounting manipulation and sanctions evasion, sending shares of the Nasdaq-listed company down by nearly 8 percent on August 27,Â though it trimmed much of the loss toÂ close down 2.6Â percent. The reportÂ is based on a three-monthÂ investigation byÂ Hindenburg, which it says has revealed 'accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues'. A spokesperson for Super Micro said the company â€śdoes not comment on rumours and speculation.â€ť Accounting Violations? The company was temporarily delisted from Nasdaq for failing to file financial statements in 2018, and later charged by the SEC for â€świdespread accounting violations,â€ť the Hindenburg note said, which were relating to "$200+ million in improperly recognized revenue and understated expenses", resulting in inflated sales, earnings and profit margins. The Hindenburg Research note also cites litigation records and interviews with ex-employees to suggest that the company re-hired executives 'directly involved in the accounting scandal', just three months after a $17.5 million SEC settlement. A former CFO of Super Micro - Howard Hideshima - was charged by the SEC with accounting violations after having left the company was hired again by a key related party owned by Super Micro CEOâ€™s brother, said the note. Related Party Transactions Two related party suppliers controlled by Super Micro CEO Charles Liangâ€™s brothers have been paid $983 million in the last three years, with one of them also partly owned by Super Micro CEO Charles Liang and his wife, said Hindenburg. Super Micro provides components to these entities which assemble and sell them back to Super Micro, and also rent warehousing and factory space to Super Micro - even though it has its own factory. Evading US Sanctions? The Hindenburg note also said that in 2006, Super Micro had pleaded guilty to a felony count of exporting banned components to Iran, which the CEO said was because the company was in its infancy and has since learned from its mistakes. The note also mentions about 45,000 transactions and alleges that Super Micro has exported high-tech components to Russia, which have risen roughly 3x since Ukraine war, 'apparently violating U.S. export bans', according to our review of more than 45,000 import/export transactions. Nvidia is a key partner and chip supplier to Super Micro, according to Hindenburg, and Tesla too had been sourcing its servers exclusively from Super Micro in 2023. However,Â accounting issues and quality concerns have resulted in major companies dropping Super Micro entirely or reducing their share of business with them, said the note. Short Position by Hindenburg Hindenburg has caveated this note with a disclosure that they have taken a short position in shares of Super Micro Computer. "This report represents our opinion, and we encourage every reader to do their own due diligence," it said. Wild Swings in Share Price Earlier in August,Â Super Micro Computer reported revenue and profit below analystsâ€™ estimates, but its annual sales outlook was above Wall Street projections.Â Super Micro also announced a 10-for-1 stock splitÂ which are to start trading from October 1. The shares of Nasdaq-listed, $35 billion IT infrastructure haveÂ more than doubled this year on strong demand for servers. Still, the shares are downÂ about 48% from its peak in March.Â Super Micro's share had more than quadrupled in market value during early 2024, before collapsing almost 60% as investors began to question the pace of upmove. Hindenburg Research recently targeted Axos Financial for its exposure to risky real estate loans. In addition, Hindenburg's previous investigative report on Icahn Enterprises led to Carl Icahn and his firm agreeing to pay a $2 million settlement in connection with a probe by the U.S. Securities and Exchange Commission (SEC).	2024-08-28 06:52
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/vodafone-idea-stocks-rises-2-as-govt-says-no-immediate-plan-to-sell-stake-in-telco-12808075.html	Vodafone Idea stocks rises 2% as govt says no immediate plan to sell stake in telco	Vodafone Idea share price settled higher by nearly 2 percent in Tuesday's trade after the government cleared the air on its divestment plans in the telecom giant..Related stories.	Vodafone Idea share price settled higher by nearly 2 percent inÂ August 27 trade after the government cleared the air on its divestment plans in the telecom firm. Shortly after Moneycontrol reported that thegovernment has no immediate plans to divest its stake in Vi, the scrip rose 2.46 percent to the day's high of Rs 16.18 per share on the NSE. â€śThey (Vi) will have to inform the DoT about their internal accruals and how much of that has gone up. And, what sort of financial burden they can take. As of now, they havenâ€™t really shared any substantial update on their operations post the fundraising,â€ť a senior telecom ministry official told Moneycontrol, adding that the telco is still in the early days of implementing its turnaround strategy. The government is also evaluating the request for a potential waiver of bank guarantees on upcoming regulatory dues of Rs 24,747 crore, sources told Moneycontrol The counter settled at Rs 16.09 apiece, up 1.90 percent. The uptrend in the stock was seen after two days of consecutive fall in the share price. As per the data available on the BSE, Vodafone Idea stock has delivered multibagger returns of 165.34 percent in the last three years. In the last two years, it moved higher by 75.05 percent. The government holds over 33 per cent equity stake in Vodafone Idea, which has been fighting a desperate battle for survival. It has a debt of Rs 2.1 lakh crore and has been reporting quarterly losses. In February 2024, the company's board had approved raising up to Rs 20,000 crore in equity from promoters and other investors by June, as it looked to shore up finances for the much-delayed 5G rollout and strengthening 4G services.	2024-08-27 17:19
moneycontrol.com	https://www.moneycontrol.com/news/business/airtel-shuts-down-streaming-service-wynk-music-to-absorb-all-employees-12808172.html	Airtel shuts down streaming service Wynk Music, to absorb all employees; to offer Apple Music at discounted rates	Airtel plans to shift its Wynk users to Apple Music. Airtel customers will get exclusive deals for Apple Music, which will be not available elsewhere.Related stories.	Bharti Airtel will be shutting down its streaming music service - Wynk Music - ten years after launch, and absorb all its employees in the Airtel ecosystem, a company spokesperson toldMoneycontrolon August 27. "We can confirm that we will sunset Wynk Music and all Wynk music employees will be absorbed within the Airtel ecosystem," the spokesperson said, soon afterBharti Airtel announced a tie up with Apple Incto bring exclusive offers for OTT video and music streaming services, Apple TV+ and Apple Music for Indian users. "Airtel users will have access to Apple Music. Additionally, Wynk Premium users will receive exclusive offers from Airtel for Apple Music,"Bharti Airtelspokesperson said in a statement toMoneycontrol. Streaming service Wynk Music was launched in 2014 and allows users to download music for offline listening,Â set caller tunes, listen to podcasts, and stream music in multiple regional languages, among other features. â€śAfter launching and operating the music platform for ten years and serving 100+ million customers, Wynk will cease to exist as a standalone entity,â€ť Airtel said in an internal mass mailer to Wynk customers. Wynk is part of Airtelâ€™s digital services business and generates approximately Rs 250 to Rs 300 crore in annual revenue for the telecom company. Airtel announced on August 27 that it has entered into a strategic partnership with Apple to bring exclusive offers for its OTT video and music streaming services, Apple TV+ and Apple Music, in India. The partnership will allow Airtel Xstream customers to access content from Apple TV+ with premium Airtel WiFi and Postpaid plans. Airtel said the addition of Apple TV+ would sweeten the Airtel Xstream fibre offering. These Apple Music and Apple TV+ offers will be available exclusively to Airtel customers in India later this year. Sources said that Airtel decided to shut down Wynk's service because it did not make commercial sense to continue running itÂ without a clear monetisation plan. "In India, music streaming monetization is already low. Secondly, Airtel wanted to offer a betterÂ service in the music streaming space. Apple is an established player in the global music streaming space," a person familiar with the matter told Moneycontrol. The person said that not just Airtel, the partnership will also help Apple acquire quality subscribers through this strategic partnership. "Under the deal, Airtel will offer Apple Music subscription at a much better and discounted rate than Appleâ€™s pricing. Such plans will remain exclusive to Airtel customers and unavailable through any other telco." The person added that Apple and Airtel are working on a carrier billing alliance as part of the partnership, which will help Apple monetize its OTT and music streaming services. In 2023, music streaming apps had a base of approximately 185 million active users. However, only around 7.5 million paid for a subscription, representing just 4 percent, according to an EY-FICCI report released in March 2024. The EY-FICCI report suggests converting to paid subscribers will be challenging because of numerous free options on major streaming platforms, all music accessible on YouTube, and FM radio in cars and mobile phones. This raises concerns about the low profitability of audio streaming platforms, which may lead to consolidation or platform shutdowns in the medium term. Airtel had previously discussed acquiring and merging Wynk with Times Internet and Tencent-backed Gaana, but the talks fizzled. Later, Gaana was acquired by Times Groupâ€™s subsidiary Entertainment Network India Limited (ENIL) in December 2023 for Rs 25 lakh.	2024-08-28 09:38
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/nbcc-board-to-consider-issue-of-bonus-shares-on-august-31-12808113.html	NBCC board to consider issue of bonus shares on August 31	PSU NBCC has delivered multibagger returns to its shareholders tracking the broader rally in the PSU segment..Related stories.	NBCC LTd, a Navratna Central Public Sector Enterprise, is likely to distribute bonus shares to the shareholders after approval from the board at its upcoming board meet. NBCC informed the shareholders, through an exchange filing, that a meeting of the board of directors of the company is scheduled to be held on Saturday, August 31. "Board will consider the proposal for issue of Bonus Shares to the equity shareholders of the company in the ratio, as it may deem fit by way of capitalisation of reserves, subject to the shareholders approval," it said in an exchange filing. The state-owned construction firmNBCC Ltdhas delivered multi-bagger returns to its shareholders tracking the broader rally in the PSU segment. The shareholders have witnessed mega rally in the counter in the year so far with the stock rising 117.20 percent in 2024. In just 365 days, the scrip endured the northbound journey to deliver 261.96 percent returns. In the last two years, it rose higher by a whopping 425.59 percent, making investors richer with massive gains, compared to Sensex which rose 38.89 percent in the same period. In Tuesday's trade, NBCC share price settled in green to quote at Rs 177.45 on the NSE, up nearly 1 percent. In an earlier meeting last week, the company fixed the record date for determining the eligibility of shareholders to receive final dividend of Rs 0.63 per equity share of Re 1 for the FY 2023-24. It fixed the record date on Friday, September 6, 2024. The company in September 2023 last distributed a final dividend to its shareholders. Earlier in August, the company received Rs 15,000-crore order from Srinagar Development Authority to develop Satellite Township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar ( J&K).	2024-08-27 17:34
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-grasim-syngene-birlasoft-adf-foods-kfin-technologies-and-others-on-wednesday-12808240.html	Trade Spotlight: How should you trade Grasim, Syngene, Birlasoft, ADF Foods, KFin Technologies, and others on Wednesday?	Stock Ideas.Related stories.	The benchmark indices closed the volatile session with moderate gains on August 27, with 1,292 shares advancing and 1,075 shares declining on the NSE. The consolidation is expected to continue, although the bulls remain in control. Below are some trading ideas for the near term: Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors Century Textiles and Industries\| CMP: Rs 2,511.80 In the previous session, Century Textiles gained 5.7 percent with a spike in volumes, which supports the positive momentum. On the daily chart, prices found support near Rs 2,075 levels and bounced back to the upside. Since then, not a single candle has closed below its previous dayâ€™s low, indicating increasing bullishness in the stock. Currently trading at lifetime high levels, one should avoid trying to catch tops and instead use dips as a buying opportunity. In summary, the trend for Century Textiles is positive. Use dips towards the Rs 2,450 level as a buying opportunity with targets of Rs 2,650-2,700, as long as Rs 2,390 holds on the downside. Strategy: Buy Target: Rs 2,650, Rs 2,700 Stop-Loss: Rs 2,390 KFin Technologies\| CMP: Rs 1,148 In the previous session, KFin Technologies witnessed a sharp rally of 13.75 percent. The stock made a lifetime high near the Rs 1,189 level. On the daily chart, prices showed a breakout after 10 sessions of consolidation and have been trading above mid Bollinger Bands since July 26, suggesting strength and affirming the bullish stance. Additionally, the ADX (Average Directional Index) is currently trading above 25, around 52, which indicates that good momentum is expected to continue. In summary, the trend for KFin Technologies is bullish. One can adopt a buy-on-dips approach with a target of Rs 1,200 followed by Rs 1,240, as long as Rs 1,090 remains protected on the downside. Strategy: Buy Target: Rs 1,200, Rs 1,240 Stop-Loss: Rs 1,090 ADF Foods\| CMP: Rs 269.25 ADF Foods has been moving higher, closing with a massive gain of 7.76 percent in the previous session. The price closed above the Rs 260 level, confirming a breakout from a rounding bottom pattern. The ADX, showing a reading of 25.65, supports the trend, indicating a trending market. The closest support is placed at Rs 255. In summary, the trend for this stock is positive. Use dips towards Rs 265-267 as a buying opportunity for a move towards Rs 290-295, as long as Rs 255 holds on the downside. Strategy: Buy Target: Rs 290, Rs 295 Stop-Loss: Rs 255 Om Mehra, Technical Analyst at Samco Securities Castrol India\| CMP: Rs 274.85 On the daily chart, Castrol India formed a bullish candle with higher volumes, signaling strong momentum. The price action has been confined within a rectangular range in recent sessions, and a close above this range suggests continued strength. The stock is trading above its 20 DMA (Days Moving Average), with a bullish crossover in the daily MACD (Moving Average Convergence Divergence), further underlining the positive outlook. Based on this technical structure, one can initiate a long position at the current market price (CMP) of Rs 274.85, targeting Rs 305. A stop-loss can be kept at Rs 260. Strategy: Rs 305 Stop-Loss: Rs 260 Birlasoft\| CMP: Rs 646.35 Birlasoft, which was in a consolidation phase, is now showing a gradual upward trend with a strong base and the formation of a double bottom. A minor resistance around Rs 650 presents a key level to watch; breaking this level could trigger further gains. The strong volume participation and the stock sustaining above its 20 DMA confirm the bullish trend. Based on this technical structure, one can initiate a long position at the CMP of Rs 646.35, targeting Rs 700. Strategy: Buy Target: Rs 700 Stop-Loss: Rs 610 ICICI Prudential Life Insurance Company\| CMP: Rs 744.15 ICICI Prudential Life Insurance Company stock is forming higher highs and higher lows, indicating a sustained uptrend. It is positioned well above its short-term (20-day) moving average, with the RSI (Relative Strength Index) comfortably holding at the 60 level. Moreover, a noticeable increase in volume accompanies the stock's upward movement, further confirming the bullish outlook. The recent formation of a Bullish Engulfing pattern on the daily chart reaffirms this positive setup. Based on this technical structure, one can initiate a long position at a CMP of Rs 744.15, targeting Rs 790. Strategy: Buy Target: Rs 790 Stop-Loss: Rs 715 Riyank Arora, Technical Analyst at Mehta Equities Syngene International\| CMP: Rs 826.30 Syngene is exhibiting robust momentum, bolstered by a recent uptick in trading volumes, with an RSI (14) of 55 indicating strength. The stock is likely to extend its upward trajectory towards targets of Rs 880 to Rs 900. However, it has witnessed some profit booking at higher levels and is now approaching a major support zone, making the current level a strategic buying opportunity. A stringent stop-loss at Rs 810 is advised to mitigate risk while leveraging the ongoing positive trend. Strategy: Buy Target: Rs 880, Rs 900 Stop-Loss: Rs 810 Jindal Steel & Power\| CMP: Rs 968.8 Jindal Steel is demonstrating a solid upward trend, with momentum underpinned by increasing volumes and an RSI (14) of 52, reflecting a balanced yet bullish outlook. The stock is strategically positioned to advance towards targets of Rs 1,010 and Rs 1,026. A strict stop-loss at Rs 940 is recommended to manage downside risk while optimizing potential returns. Strategy: Buy Target: Rs 1,010, Rs 1,026 Stop-Loss: Rs 940 Grasim Industries\| CMP: Rs 2,699.9 Grasim is showing encouraging momentum, supported by a recent rise in volumes, with an RSI (14) of 53, suggesting steady upward movement. The stock is approaching its AVWAP (anchored volume-weighted average price) support zone, making it well-positioned for an upward movement towards targets of Rs 2,800 and Rs 2,825. It is advisable to consider entry around Rs 2,675, with a strict stop-loss at Rs 2,625 to safeguard against potential downside, ensuring a balanced approach to capitalize on the anticipated gains. Strategy: Buy Target: Rs 2,800, Rs 2,825 Stop-Loss: Rs 2,625 Dixon Technologies\| CMP: Rs 13,227.55 Dixon Technologies has recently broken out above the Rs 12,879 mark, with an RSI (14) near 67, reflecting strong momentum. The stock is currently experiencing a pullback towards its support zone, presenting a promising buying opportunity. It is advisable to buy on declines, with a strict stop-loss at Rs 12,750 to manage risk, aiming for a target of Rs 14,000. Strategy: Buy Target: Rs 14,000 Stop-Loss: Rs 12,750	2024-08-27 20:59
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/mauritius-based-af-holdings-backed-concord-enviro-systems-files-ipo-papers-with-rs-192-crore-fresh-issue-12808147.html	AF Holdings-backed Concord Enviro Systems files IPO papers with Rs 192-crore fresh issue	Concord Enviro Systems.Related stories.	Water and wastewater treatment solutions provider Concord Enviro Systems, which is backed by the Mauritius-based AF Holdings, has filed preliminary papers with the capital markets regulator SEBI to raise funds via initial public offering. The IPO comprises of a fresh issuance of equity shares worth Rs 192.3 crore, and an offer-for-sale (OFS) of 51,94,520 equity shares by the existing shareholders. AF Holdings, the only investor in the company with 39.07 percent stake, will be selling 47.4 lakh equity shares via OFS, and the remaining 4,54,520 equity shares will be offloaded by the Goel family. Promoter Goel family holds 60.93 percent shareholding in the Mumbai-based company. The wastewater treatment and zero liquid discharge (ZLD) solutions provider serviced over 353 domestic and 24 international customers in several industries such as pharmaceuticals, chemicals, food and beverage, defence and energy, automotive and auto ancillaries, steel and textiles, in fiscal 2024. Also read:ÂIndia's biggest solar panel maker Waaree Energiesâ€™ IPO delayed over deemed public offer non-compliance Diageo Mexico Operaciones, S A De C V, Grasim Industries, AB Mauri, Anthem Biosciences, Bhopal Glues and Chemicals, Kasyap Sweetners, LANXESS India, Puja Spintex, SFC Environmental Technologies, SMS, and Tagros Chemicals India are some of the customers it provided services. With two manufacturing facilities in India and UAE, and inhouse R&D team of 21 employees, Concord Enviro Systems had received four patents in India and had filed nine additional patent applications as of fiscal 2024. Also read:ÂMadhuri Dixit, Amrita Rao invest in Rs 11.5 crore Pre-IPO round of Hive Hostels The Goel family-owned company, which competes with listed peers like VA Tech Wabag, Triveni Engineering, Ion Exchange, Praj Industries, and Thermax recorded robust financial performance in the past year ended March 2024 with profit growing 7.5 times to Rs 41.4 crore and revenue rising 44.8 percent to Rs 496.8 crore compared to previous year, but the profit in FY23 at Rs 5.5 crore was lower compared to Rs 16.5 crore in FY22 and revenue during the same period increased just 4.2 percent to Rs 343.2 crore. EBITDA (earnings before interest, tax, depreciation, and amortisation) for fiscal 2024 surged 57.4 percent to Rs 68.2 crore with margin expansion of 110 bps at 13.7 percent, compared to previous fiscal, but EBITDA in FY23 was down by 20.2 percent to Rs 43.4 crore compared to previous year. Motilal Oswal Investment Advisors, and Equirus Capital Private are acting as book running lead managers to the issue, while Link Intime India is the registrar to the offer.	2024-08-27 18:22
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/ecos-india-mobility-hospitality-mobilises-over-rs-180-crore-from-anchor-investors-ipo-to-open-on-aug-28-12808230.html	Ecos India Mobility & Hospitality mobilises over Rs 180 crore from anchor investors, IPO to open on Aug 28	Ecos India Mobility & Hospitality IPO.Related stories.	Ecos India Mobility & Hospitality, the chauffeur driven car rental service provider, has raised Rs 180.36 crore through its anchor book on August 27. This fund raising, the part of IPO, was a day before the issue opens on August 28. The New Delhi-based company in its filing to exchanges said it has finalised allocation of 54 lakh equity shares to anchor investors at a price of Rs 334 per equity share. Its Rs 601-crore initial public offering will open for subscription during August 28-30, with a price band at Rs 318-334 per share. The IPO comprises solely an offer-for-sale (OFS) of 1.8 crore equity shares by the existing shareholders, with no fresh issue component. Hence, the entire issue proceeds will be received by promoters Rajesh Loomba, and Aditya Loomba. The company will not get any IPO funds. Also read:ÂAF Holdings-backed Concord Enviro Systems files IPO papers with Rs 192-crore fresh issue Total 14 institutional investors participated in the anchor book including Whiteoak Capital, ICICI Prudential Mutual Fund, Nomura Trust, Aditya Birla Sun Life Trustee and Nippon Life India. Troo Capital, Acacia Banyan Partners, Invesco India, Motilal Oswal Mutual Fund, Franklin India, Optimix Wholesale Global Emerging Markets Share Trust, Tata Mutual Fund, Bandhan Mutual Fund, and Edelweiss Trusteeship also invested in the company via anchor book. Also read:ÂIndia's biggest solar panel maker Waaree Energiesâ€™ IPO delayed over deemed public offer non-compliance "Out of the total allocation of 54 lakh equity shares to anchor investors, 35,13,500 equity shares were allocated to 10 domestic mutual funds which have applied through their 15 schemes," Ecos India Mobility & Hospitality said. Equirus Capital, and IIFL Securities are the merchant bankers to the issue, while Link Intime India is the registrar to the offer. Ecos India claimed to be the largest chauffeur driven mobility provider to corporates in India, in terms of revenue and profit for fiscal 2023. It provides chauffeured car rentals (CCR) and employee transportation services (ETS to corporate customers, for more than 25 years. Also read:ÂMadhuri Dixit, Amrita Rao invest in Rs 11.5 crore Pre-IPO round of Hive Hostels With a pan-India presence in 109 cities through own vehicles and vendors, it serviced the CCR and ETS requirements of more than 1,100 organisations in India in FY24. It operates a fleet of more than 12,000 economy to luxury cars, mini vans and luxury coaches. It also provides specialty vehicles such as luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.	2024-08-27 20:42
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/trading-plan-will-nifty-hold-25000-amid-consolidation-bank-nifty-surpass-51500-12808298.html	Trading Plan: Will Nifty hold 25,000 amid consolidation, Bank Nifty surpass 51,500?	Nifty likely to be rangebound.Related stories.	The Nifty 50 remained higher amid consolidation on August 27, underperforming the Bank Nifty but sustaining its northward journey for the ninth consecutive day, with momentum indicators showing a positive bias. Experts predict further consolidation in the index. As long as it stays above the 25,000 mark, levels of 25,100-25,200 can't be ruled out, with immediate support at 24,950 and crucial support at 24,700. The Bank Nifty is likely to march towards 51,500 soon, with support at 51,000. On Tuesday, the Nifty 50 rose by 7 points to 25,018, while the Bank Nifty gained 131 points to reach 51,279. On the NSE, 1,292 shares advanced, while 1,075 shares declined. Nifty Outlook and Strategy Dhupesh Dhameja, Derivatives Analyst at Samco Securities The Nifty 50 benchmark index has rebounded from its recent correction, closing above the 25,000 mark and trading just below its all-time high of 25,078. The index exhibits a strong bullish structure, with no single day's closing below the previous day's low in the last eight trading sessions, indicating sustained upward momentum. Trading above its 10- and 20-day Exponential Moving Averages (DEMA) and holding above its previous three-week highs, the index further solidifies its bullish stance. The RSI (Relative Strength Index) on the daily charts is firmly above 60, reinforcing the bullish momentum. Additionally, the rising window around the 24,850-24,900 levels provides crucial support. Given this robust bullish setup, a "buy on dips" strategy remains favourable as long as the index stays above 24,700. Key Resistance: 25,100, 25,300, 25,500 Key Support: 24,800, 24,700, 24,500. Strategy: Traders are advised to adopt a Bull Put Spread, buying the 25,000 strike Put for the September 5 expiry (1 lot) at Rs 141 and selling the 25,500 strike Put (1 lot) at Rs 468. The expected breakeven is 25,173, with a maximum profit of Rs 8,180. The target is to hold the strategy until expiry, with a stop-loss set to exit the strategy if the overall profit & loss falls below Rs 2,500. Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors The Nifty managed to break above the 25,050 level in the previous trading session but did not generate the necessary momentum, retesting the psychological level of 25,000. Both Nifty and Bank Nifty showed profit booking in the final 30 minutes, making Wednesday's opening hourly close by 10:15 AM crucial. Sustainability above the 25,070 - 25,100 range will resume the positive trend towards the Gann levels of 25,361, as long as support near 24,890 remains intact. In summary, Nifty is at a crucial juncture, with a break above the 25,070 â€“ 25,100 range potentially resuming the positive move to lifetime highs, with important support at 24,890. Key Resistance: 25,360 Key Support: 24,890 Strategy: Long positions can be created on a break above 25,080 (Nifty Futures) with a stop-loss of 24,980 and a target of 25,200, followed by 25,360 levels. Riyank Arora, Technical Analyst at Mehta Equities Nifty is approaching a crucial resistance level at 25,100, with the next significant hurdle at 25,500. The overall risk-reward ratio currently favours short positions, given the minimal upside potential as the index nears its previous all-time high resistance around the 25,100 mark. This suggests that a sell-off could be imminent. The anchor VWAP (Volume Weighted Average Price) indicates strong support near the 24,500 zone, where buying interest is likely to resume. Key Resistance: 25,100, 25,500 Key Support: 24,900, 24,500 Strategy: Short at the CMP of 25,017, with a stop-loss of 25,125 and a target of 24,750 and 24,500. Bank Nifty - Outlook and Positioning Dhupesh Dhameja, Derivatives Analyst at Samco Securities The Nifty Bank index has broken out of its downward-sloping parallel channel and is now consolidating above its previous trading range, signaling that itâ€™s gearing up for the next upside move. The index has established a solid base around the 50,700-50,800 levels, where the key 50-day Exponential Moving Average (DEMA) is positioned. Additionally, the index is trading above its short-term 10- and 20-day DEMAs, highlighting the bullish momentum. On the weekly chart, Nifty Bank has reclaimed and is trading above its 10-week Exponential Moving Average (WEMA), further strengthening momentum and providing support at lower levels. Given this confluence of positive signals, a "buy on dips" strategy remains favourable as long as the index stays above 50,700. Key Resistance: 51,600, 52,000, 52,500 Key Support: 50,900, 50,700,50,500 Strategy: Traders are advised to adopt a Bull Put Spread, buying the 51,100 Put for the September 4 expiry (1 lot) at Rs 309, and selling the 52,300 Put (1 lot) at Rs 1,043. The target is to hold the strategy until expiry, with a stop-loss set to exit the strategy if the overall profit & loss drops below Rs 4,000. The maximum profit can be Rs 11,019, and the expected breakeven is 51,565. Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors In the previous session, Bank Nifty made an intraday high near the 51,404 level. In the second half, profit booking was observed, which led the index to close at 51,278. Since August 16, not a single daily candle has closed below the previous dayâ€™s low, which keeps the overall outlook positive as long as prices manage to protect the previous dayâ€™s low on a closing basis. Key Resistance: 51,950 Key Support: 50,850 Strategy: Any break above 51,400 (Bank Nifty Futures) can lift the price higher towards 51,950, followed by 52,200, as long as 50,850 (Futures) holds on the downside. Riyank Arora, Technical Analyst at Mehta Equities Bank Nifty faced major resistance at 51,400, with the next hurdle at 52,000. The risk-reward scenario also favours short positions due to the limited upside, especially as the index approaches the 51,400 resistance mark. A sell-off could occur if this level holds. The anchor VWAP shows support around 50,600 and 50,450, making these levels critical for maintaining bullish momentum. Key Resistance: 51,400, 52,000 Key Support: 50,850, 50,900, 50,500, 50,000 Strategy: Short at the CMP of 51,278, with a stop-loss of 51,500, and a target of 50,600 and 50,450.	2024-08-27 22:53
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/asian-stocks-cautious-as-market-traders-await-nvidia-earnings-12808342.html	Asian stocks cautious as market traders await Nvidia earnings	Equity benchmarks in Japan and Australia edged down Wednesday, while contracts for US shares were also lower. Bloomberg.Related stories.	Stocks in Asia opened lower following a sluggish day on Wall Street, as traders look to Nvidia Corp.â€™s results for clues on whether the artificial-intelligence euphoria thatâ€™s powered the bull market has more room to run. Equity benchmarks in Japan and Australia edged down Wednesday, while contracts for US shares were also lower. With the AI giant set to report earnings after Wednesdayâ€™s session, weak sentiment toward the tech sector, triggered by disappointing results earlier this week from Chinese e-commerce firm PDD, may linger. Investors are gearing up for big swings in Nvidiaâ€™s shares after the $3.2 trillion company reports. Trading in the options market implies a nearly 10% move in either direction on the day following the results. The stock has rallied about 160% this year and 1,000% from its October 2022 bear-market low. â€śWe remain bullish, but risks are now skewed to the downside over the very near-term,â€ť Chris Senyek at Wolfe Research said of markets before a key US payrolls report on Sept. 6. â€śFrom a seasonal perspective, we enter a weaker period that is even more amplified in election years.â€ť In other markets, Bitcoin fell below the $60,000 level early Wednesday as part of a broad crypto market retreat that included a sharp drop in second-largest token Ether. Oil rose after sliding on Tuesday to end a three-day rally. The S&P 500 edged higher to around 5,625 on Tuesday while the Nasdaq 100 rose 0.3%. A closely watched gauge of chipmakers added 1.1%. Nvidia climbed 1.5%. Treasuries opened higher in early Asian trading after 10-year yields rose one basis point on Tuesday to 3.82% and a $69 billion US sale of two-year notes was well-received. Australian bond yields were steady ahead of the nationâ€™s monthly inflation data. With questions swirling around Federal Reserve policy, the state of the economy and the US presidential race, at least one thing seems clear on Wall Street: spending on AI is still key. Concerns about the returns of those investments recently contributed to a tech selloff, although that dip was readily bought. AI hardware and chip companies have led the bounce in the Nasdaq 100 from its August low, with Nvidia up about 30%. Nvidia accounts for more than 6% of the S&P 500â€™s market cap in terms of its index weight, so â€śitâ€™s increasingly a bigger component of where the trend and momentum of the market goes,â€ť Matt Stucky of Northwestern Mutual Wealth Management told Bloomberg Surveillance. If the giant chipmaker fails to deliver, or even just meets expectations, â€śI think itâ€™s more of a risk-off environment,â€ť he said, â€śnot necessarily fuel for rotation.â€ť Analysts, on average, are predicting that the giant chipmaker will project revenue growth of more than 70% for the current quarter. Some are estimating an even larger surge. Nvidiaâ€™s results and forecast also will serve as a barometer for AI spending across much of the technology industry. On the economic front, data showed US consumer confidence rose to a six-month high in August as more upbeat views of the economy and inflation offset waning optimism about the labor market. While the S&P 500 is now nearly back to its all-time high in the wake of Powellâ€™s recent dovish message, underlying risk premia are still somewhat larger than before the July correction began and the previously all-conquering â€śAIâ€ť narrative still is yet to fully recover, according to Jonas Goltermann at Capital Economics. â€śProvided that the US economy manages a soft landing, as we continue to anticipate, and enthusiasm around AI rebounds further, we forecast the S&P 500 will hit 6,000 by the end of the year,â€ť he said.	2024-08-28 06:37
moneycontrol.com	https://www.moneycontrol.com/news/business/ipo/orient-technologies-likely-to-debut-with-strong-double-digit-premium-on-august-28-12808329.html	Orient Technologies likely to debut with strong double-digit premium on August 28	Orient Technologies Listing.Related stories.	IT solutions providerOrient Technologiesshares are expected to start on a strong note on August 26 as analysts expect double-digit listing gains, citing the strong subscription numbers, revival in IT space, and positive market conditions. The Rs 215-crore public issue received robust response from investors,subscribing 151.71 timesduring August 21-23. Non-institutional investors were at the forefront to boost the IPO subscription, buying 300.6 times the allotted quota. Qualified institutional buyers picked 189.9 times the portion set aside for them, while retail investors subscribed 66.87 times the reserved portion. The IPO was a combination of fresh issuance of equity shares worth Rs 120 crore, and an offer-for-sale of 46 lakh equity shares worth Rs 94.76 crore at the upper end of price band of Rs 195-206 per share. "It is expected to list at a premium of 38 percent above its upper band price," Prathamesh Masdekar, Research Analyst at StoxBox said. Also read:ÂNSE IPO: Exchange seeks Sebi NOC for public issue Orient Technologies provides IT infrastructure, IT-enabled services, and cloud & data management services to diverse customer industries such as banking, financial services, and insurance (BFSI), IT, IteS, and healthcare or pharmaceutical. The (Indian) IT services industry is predominantly export-oriented, with exports accounting for 85 percent of the total revenue, with North America and Europe being key geographies. The company has experienced sustained growth in financial performance commensurate with the broadening of its product range and increased customer base. Profit in the fiscal 2024 grew by 8.2 percent to Rs 41.4 crore and revenue increased by 12.7 percent to Rs 602.9 crore compared to previous year. Orient Technologies will spend net fresh issue proceeds for the acquisition of office premises at Navi Mumbai, purchase of equipment for setting up of network operating center (NOC) and security operation center (SOC) at Navi Mumbai property, and purchase of equipment and devices to offer Devise-as-a-Service (DaaS) offering. The remaining funds will be used for general corporate purposes. Also read:ÂEcos India MobilityÂ and Hospitality mobilises over Rs 180 crore from anchor investors, IPO to open on Aug 28 Even in the grey market, Orient shares garnered great interest from participants, trading at around 40 percent premium over the issue price of Rs 206 per share, the market observers said. Shivani Nyati, Head of Wealth at Swastika Investmart also believes Orient Technologies is well-positioned for a successful listing, while Narendra Solanki, Head Fundamental Research - Investment Services at Anand Rathi Shares and Stock Brokers sees the stock listing at a decent appreciation. Narendra believes that listing price is justified because of the significant headroom for growth in coming years through their business efficiency and reputed technology partners like Dell International Services India, Fortinet Inc and Nutanix Netherlands B V).	2024-08-28 15:27
moneycontrol.com	https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-24-12807955.html	First Tick: Top 10 global cues for todayâ€™s trade	Market Today.Related stories.	Indian benchmark indices Sensex and Nifty 50 are likely to open flat on August 28, tracking cues from GIFT Nifty trading near 25,003.5, a short while ago this morning. Track the latest updates onÂGIFT NiftyÂ right here onÂ Moneycontrol. Indian benchmarks--the Nifty 50 and the 30-stock Sensex failed to hold on to early gains and ended the session on August 27 on a flat note. At close, the Sensex was up 13.65 points or 0.02 percent at 81,711.76, and the Nifty was up 7.20 points or 0.03 percent at 25,017.80. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading lower, indicating a flat start for the day. Nifty futures were trading at 25,003.5 at 07:10 am IST. Asian Equities (Down) Asian markets were trading lower in the early trade on Wednesday, ahead of Australia's July inflation numbers.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)TopixÂ -0.15Â -0.16Â 11.57Nikkei-0.191.8512.63Hang SengÂ -0.153.30Â 5.57TaiwanÂ 0.13Â 3.0619.58Kospi-0.49Â -0.40-1.53US Equities (Gain) The S&P 500 ended higher on Tuesday and the Dow Jones notched a record-high close ahead of a much-anticipated quarterly report from Nvidia on Wednesday and economic data expected later in the week that could give clues about the path of interest rate cuts. The S&P 500 climbed 0.16% to end the session at 5,625.80 points. The Nasdaq gained 0.16% to 17,754.82 points, while the Dow Jones Industrial Average rose 0.02% to 41,250.50 points, closing for the second day in a row at a record high.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)Dow JonesÂ 0.02Â 1.23Â 10.39S&P5000.162.1118.96Nasdaq0.16Â 1.1219.29US Bond Yield (Down) The US 10-year Treasury yields were down ten basis points to 3.81%, while US 2-year bond yield was upÂ 1 percentÂ to 3.85%.CURRENT PRICEMTDYTDUS 10-Year TreasuryÂ 3.81Â 4.174.20US 2-Year TreasuryÂ 3.85Â 4.395.04Dollar Index (Gains) The US dollar held near its lowest in more than a year against a basket of peers on Wednesday, with sterling trading just off multi-year highs, as markets focussed on clues to the size of a widely expected US interest rate cut next month.CURRENT PRICEMTDYTDDollar IndexÂ 100.59Â 104.56104.05Asian currencies (Mixed) Asian currencies were trading mixed against the US dollar, with the Taiwan Dollar, Philippines Peso and Malaysian Ringgit trading on the green, whileÂ all other currencies were trading in the red.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)Â Indonesian RupiahÂ -0.361Â 5.07Â -0.620Â South Korean Won-0.0203.81-3.03Â Japanese Yen-0.153Â 6.82-2.17Â Philippines Peso0.012Â 3.96-1.59Â Thai Baht-0.0836.030.949Â Taiwan Dollar0.085Â 3.07-4.18Â China Renminbi-0.027Â 1.91-0.334Â Malaysian Ringgit0.0816.715.74Â Singapore Dollar-0.0693.16Â -1.39Gold (Down) Gold prices were trading marginally lower, whileÂ Silver prices were marginally higher in the early trade on Wednesday.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)GoldÂ -0.11Â 3.03Â 22.25Silver0.083.4426.08Crude (Up) After a 2 percent fall in the previous session, the crude oil prices gained 0.5 percent in theÂ early trade on Wednesday.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)US West TexasÂ 0.50Â 2.50Â 5.97Brent Crude0.500.903.83LME Commodities (Gain) LME commodities were trading higher in the early trade on Wednesday with Nickel jumpedÂ more than 2Â percent and Copper prices were up nearly 2 percent.Â CHANGE FROM PREVIOUS CLOSE (%)Â MTD (%)Â YTD (%)Â AluminiumÂ 0.30Â 11.31Â 6.94Copper1.722.4210.39Nickel2.283.203.21LeadÂ 0.33Â 1.94Â 2.68Zinc1.0610.0010.72Fund Flow Action The foreign institutional investors (FIIs) bought equities worth Rs 1,503 crore on August 27, while domestic institutional investors turned net sellers as they sold equities worth Rs 604 crore on the same day.27th AugustMTDYTDFII Net FlowsÂ 1,503.7628,598.681,49,766.37DII Net FlowsÂ -604.0848,346.523,05,671.58Hope you're all set for today's trade, we wish you a profitable day ahead.	2024-08-28 07:38