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moneycontrol.com

https://www.moneycontrol.com/news/business/markets/eraaya-lifespaces-whose-shares-surged-over-6000-in-last-1-year-replaces-ceo-for-being-absent-without-any-explanation-12814921.html

Eraaya Lifespaces, whose shares surged over 6,000% in last 1 year, replaces CEO for being 'absent without any explanation'

Eraaya Lifespaces, whose shares surged over 6,000% in last 1 year, replaces CEO for being 'absent without any explanation'.Related stories.

Eraaya LifeSpaces Limited, a publicly traded company on the Bombay Stock Exchange, said on September 4 announced CS Murty as its new CFO after its previous CFO has been found "absenting from her duties for last 4-5 weeks". "Previous Chief Financial Officer Meenakshi Sharma is absenting from her duties for last 4-5 weeks without any proper explanation and is currently not accessible," saidEraaya Lifespacesin a stock exchange filing. In the last one year, Eraaya Lifespaces' shares soared a whopping 6,300 percent. The 52-week high of the stock is Rs 1,151.55 and the 52-week low is Rs 17.81. The market capitalisation of the company is Rs 2,100 crore. On September 5, Eraaya Lifespaces' shares had hit 5 percent upper circuit at Rs 1,151.55. Eraaya Lifespaces recently acquired Ebix Inc., a prominent player in the On-Demand software and e-commerce sectors for insurance, financial services, healthcare, and e-learning. Ebix will remain a US-based company, continuing its operations under US laws, while integrating its financial results into Eraaya. Ebix exited Chapter 11 bankruptcy and is debt-free worldwide now. Ebix founder Robin Raina will continue as CEO and chairman. Ebix’s operations in India, particularly through EbixCash, will continue as usual. "Since Eraaya has become the holding entity for Ebix Inc. and its worldwide subsidiaries, the board decided to constitute a high-power steering committee, to ensure effective and strategic management of Ebix operations and successful integration, with focus on achieving long-term, pre-defined objectives to drive sustained growth and create substantial value for all stakeholders," said Eraaya in a stock exchange filing. Last month, Eraaya said it completed its QIP to raise Rs 249 crore and that the funds will be utilised towards acquisition of Ebix Inc.

2024-09-05 11:10

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/goldiam-international-hits-52-week-high-new-order-pushes-order-book-over-rs-200-crore-12815088.html

Goldiam International hits 52-week high, new contract pushes order book over Rs 200 crore

Goldiam International is engaged in the manufacturing and export of diamond-studded gold and silver jewellery..Related stories.

Shares ofÂGoldiam Internationalrose as much as 5.7 percent to hit a 52-week high of Rs 355 after the company informed the exchanges that it has secured export orders worth Rs 70 crores from a US retailer for diamond-studded gold jewellery, a majority of which involves lab-grown diamonds. The stock has gained over 82 percent in the past six months, outperforming the Nifty 50 index which gained 12 percent during the same period. This new order represents a significant milestone for the company, pushing its total order book to over Rs 200 crores. "What makes this achievement even more noteworthy is that the majority of these orders are for lab-grown diamonds, reflecting the growing demand for sustainable and innovative jewellery solutions," the company said in a filing. Follow our live blog for all the market action These export orders are expected to be fulfilled by the end of December 2024. The company also emphasised that the Rs 200 crore order book figure does not include online sales, indicating the strength of its traditional business channels. Goldiam International is engaged in the manufacturing and export of diamond-studded gold and silver jewellery. The company is a fully integrated original equipment manufacturer (OEM) partner for retailers. Also Read |ÂGoldiam International: Glittering growth prospects Goldiam International exports its diamond products to the US, Europe, and other countries. Its subsidiaries include Goldiam Jewellery Ltd, Diagold Designs Ltd, Eco-Friendly Diamonds LLP, and Goldiam USA, Inc. The company reported net sales of Rs 165.8 crore for June 2024, marking a 38.4 percent increase compared to Rs 119.8 crore in June 2023. The company's quarterly net profit stood at Rs 22 crore for June, reflecting a 27.6 percent rise from Rs 17.3 crore in the same period last year.

2024-09-05 14:15

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/travels-rentals-shares-debut-37-premium-over-ipo-price-on-bse-sme-12814757.html

Travels & Rentals shares debut at 37% premium over IPO price on BSE SME

Stock market insights.Related stories.

Shares of Travels & Rentals made a solid stock market debut on September 5 after listing at Rs 55, commanding a premium of 37.5 percent over the issue price of Rs 40 per share on the BSE SME platform. The listing gains, however, miss grey market estimates where shares were trading at a premium of about 50 percent. 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 12.24-crore public offer, which is a fresh issue of 30.6 lakh shares, received superb subscription figures after the issue was subscribed a massive 608 times over three days. Non-institutional investors were at the forefront, buying over 750 times their allotted quota. Retail individuals followed thereafter, mopping up 429 times the portion reserved for them. QIBs didn't subscribe to the issue. Also read:ÂIndia becomes largest weight in MSCI EM IMI, overtaking China Founded in 1996, Travels & Rentals Limited offers a varied range of travel-related products and services, providing complete travel solutions. The company’s offerings include airline tickets, hotel bookings, tour packages, and rail tickets, along with additional services such as travel insurance, passport and visa processing, and tickets for activities and attractions. The proceeds from the issue will be earmarked for general corporate purposes and working capital requirements.

2024-09-05 09:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ola-electric-shares-snap-6-day-losing-streak-surge-6-12815017.html

Ola Electric shares snap 6-day losing streak; surge 6%

Ola Electric shares listed at price with their IPO price a month ago..Related stories.

Shares of Ola Electric Mobility are back in the green, surging  around 6 percent on September 5, snapping a six-day losing streak. The stock shed around 14 percent in its six-day fall, which was triggered by sharp profit booking after its bull run post its market debut. At 12.39 pm, shares ofOla Electric Mobilitywere trading at Rs 113.96 on the NSE. Meanwhile, the management's optimistic comments also bolstered sentiment for the stock. In an interaction with CNBC-TV18, the company reiterated its focus on building the next wave of the electric vehicle (EV) journey. Further giving something for investors to rejoice, the company stated that it was very close to 'breakeven' at the EBITDA level. In addition, the management also highlighted that Ola Electric's growth remains one of the highest in the industry as its fundamentals continue to remain strong. Catch all the market action on our LIVE blog Brokerage firm Anand Rathi Stock and Stockbrokers also stands impressed by Ola Electric's focus on investing big in battery cell manufacturing, which makes the backbone of EV infra, along with EV hubs in  Krishnagiri and Dharmapuri in Tamil Nadu and Ola Giga-factory. On that account, the brokerage feels the growth prospects for Ola Electric look promising, with new launches lined up in the EV bike space. On the technical side, analysts at Anand Rathi highlighted that the stock had retraced 61.8 percent of its upmove post listing in its six-day downfall. "Although, we don’t have much price history for the stock but for short term the stock looks oversold. However, the fundamentals suggest that the stock has great potential," the brokerage stated. Accordingly, the brokerage suggests investors to go long on the stock between Rs 107.5 – 112.5 with a stop loss of Rs 95 for the upside target of Rs 140 in the coming months.

2024-09-05 13:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/raymond-lifestyle-shares-list-at-rs-3000-apiece-on-bse-in-ipo-less-debut-after-demerger-12814870.html

Raymond Lifestyle shares list at Rs 3,000 on BSE in IPO-less debut after demerger

Raymond lifestyle shares list directly on the bourses,.Related stories.

Shares of Raymond Lifestyle (RLL), the demerged lifestyle business of Raymond Ltd got listed at Rs 3,000 per share on the BSE, in an IPO-less debut for the stock. On the NSE, the shares were listed at Rs 3,020 apiece. The lifestyle business ofRaymondwill house all apparel-related businesses of the group. The groupannounced the demerger of its apparel business in last year in 2023, putting in place a strategy of three verticals of businesses – real estate, lifestyle and engineering. The listing price was a premium over the base price of Rs 1,563 per share which was derived during a special trading session ahead of the listing. However shortly after listing, the shares witnessed profit-taking and hit the lower circuit limit of 5 percent on both the NSE and BSE. The market cap of the newly demerged company was at Rs 17,363.23 crore on the BSE, as on 5th September. As part of its restructuring, Raymond separated its lifestyle business into a new company, offering four shares of Raymond Lifestyle for every five shares held in Raymond. Motilal Oswal expects Raymond Lifestyle’s wedding business to generate revenue of Rs 350 crore by the financial year 2027, driven by a shift from the unorganised to the organised sector, with 114 stores catering to both occasion and ethnic wear. Shares of the parent company Raymond Ltd dropped nearly 3 percent in today's trading session. At around 10.30 am, the stocks were trading at Rs 2,019.20 per share on the NSE, down 2.86 percent. In anexclusive conversation with Moneycontrol, Gautam Singhania, chairman and managing director of Raymond said that the real estate vertical is expected to list next year. Singhania also confirmed that the group has lined up plans for expansion of its clothing business

2024-09-05 11:00

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/ril-board-to-consider-bonus-issue-set-record-date-today-7-point-guide-for-shareholders-ahead-of-announcement-explained-12814939.html

RIL board to consider bonus issue today: 7-point guide for shareholders ahead of announcement | Explained

Reliance is the most valued company in India with a market capitalization of Rs 20.46 lakh crore..Related stories.

Reliance Industries Ltd will remain in focus on Thursday as its board meets to consider a 1:1 bonus issue to shareholders. Last week, the oil-to-chemicals conglomerate said the company's board would consider and recommend to shareholders, for their approval, the issue of bonus shares by capitalization of reserves. At the time of publishing, the stock was trading little-changed at Rs 3,028 on the NSE. Here are key takeaways onReliance Industriesand the implications of a bonus share issue for investors. Index heavyweight:ÂReliance is the most valuable company in India with a market capitalization of Rs 20.46 lakh crore. Bonus announcement:ÂAccording to the filing, every shareholder will get one free share for each held. RIL bonus history:ÂThis will be the fifth time the company will reward shareholders with a bonus share. Earlier, it distributed bonus shares in 1983, 1997, 2009 and 2017. Impact on shareholders:ÂBonus issues improve stock liquidity, helping reach a broader investor base. However, the company's value remains unchanged, though it may impact the share price in the short term as an issue of additional shares by the company to shareholders will lead to an increase in the number of shares in the market. Impact on promoters:ÂMukesh Ambani and his family are the promoters of Reliance Industries, with a holding of 50.33 percent stake in the company as of June 30. They will also be eligible for the bonus once the board approves at Thursday's meeting. Record date announcement:ÂThe board is also likely to fix the record date to determine the eligibility of the shareholders for the corporate action. RIL stock returns:The shares have delivered impressive returns of 16.9 percent year-to-date and 24.9 percent over the past 12 months, according to BSE data.

2024-09-05 13:49

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/chola-finance-jumps-4-hits-new-record-high-on-goldman-sachs-buy-rating-12814851.html

Chola Finance jumps 4%, hits new record high on Goldman Sachs 'buy' rating

So far this year, shares of Chola Finance surged over 20 percent,.Related stories.

Shares of Cholamandalam Financial Holdings surged 4 percent to hit an all-time high of Rs 1,797 on September 5 after Goldman Sachs initiated 'buy' call on the counter, seeing better earnings growth story. The stock surpassed its target price set at Rs 1,786 apiece. "We expect Chola to deliver an EPS CAGR of 33 percent over FY24-27, seeing an improving RoA profile, robust loan growth driven by market share gains," Goldman Sachs stated in its recent note. So far this year, shares of Chola Finance surged over 20 percent, as compared to benchmark Nifty 50's 16 percent rise. Catch all the market action on our LIVE blog Goldman Sachs analysts said that they see improving RoA profile for Chola Finance, robust loan growth driven by market share gains. The firm believes that the company is in place for new businesses to diversify its loan book and see operating leverage realisation in new businesses. Its secured nature of loan book provides high visibility on earnings growth front, added analysts. In the recently concluded June quarter, Chola Finance's profit-after-tax grew by 29.7 percent year-on-year to Rs 942 crore, while total income increased by 41 percent YoY to Rs 5,828 crore. Disbursements made during the quarter also rose by 22 percent YoY to Rs 24,332 crore in Q1FY25. Following this, analysts at HDFC Securities also maintained an 'add' rating on Chola Finance and shared target price at Rs 1,500 apiece. "Chola’s product diversification beyond vehicle finance (~50 percent by Mar-26E) is likely to drive healthy loan growth (~25 percent) and strong profitability (~20 percent RoE), with efficiency gains to offset normalised credit costs," the firm added.

2024-09-05 10:06

moneycontrol.com

https://www.moneycontrol.com/news/business/premier-energies-stock-zooms-12-days-after-stellar-ipo-gains-12814943.html

Premier Energies stock zooms 17% on Rs 215-crore order win

specializes solar solutions, including the manufacturing of solar cells, monofacial and bifacial modules, and offering EPC and O&M services..Related stories.

Shares of newly listedPremier Energiessurged 17 percent to Rs 985, hovering close to its all-time high in the afternoon on September 5, after bagging an order worth Rs 215 crore from the Uttar Pradesh Department of Agriculture. The development gains significance as it comes just two days from its stellar IPO, where shares doubled in value on September 3. The company's shares listed at Rs 991, a massive premium of 120 percent over the IPO issue price of Rs 450 per share. The order is for the supply, installation, and commissioning with 5-year comprehensive warranty of 8,085 solar water pumping systems across various districts in the state. The order will be executed by March 2025, the firm stated in a regulatory filing on September 5. Follow our LIVE blog for all the latest market updates The Rs 2,830-crore public offer, comprising a fresh issue and an offer-for-sale, garnered significant attention from investors after being subscribed 74.14 times over three days. Qualified institutional buyers led the charge, subscribing 216.67 times their allotted portion. Retail investors subscribed 7.33 times their quota, while employees subscribed 10.84 times their reserved portion. Non-institutional investors subscribed 49.81 times their portion. Read more:ÂRaymond Lifestyle shares list at Rs 3,000 on BSE in IPO-less debut after demerger Founded in April 1995, it specialises in solar solutions, including the manufacturing of solar cells, monofacial and bifacial modules, and offering EPC and O&M services. The company operates five production units in Hyderabad, Telangana. Also read:ÂIT, consumer durable, and financial sectors see strong FII buying in late August On August 26, a day before the issue opened, Premier Energies raised Rs 846.12 crore through its anchor book. The anchor investors included global marquee names such as Nomura Funds, Blackrock Institutional Trust Company, PGGM World Equity, Government Pension Fund Global, Abu Dhabi Investment Authority, Neuberger Berman Investment Funds, Morgan Stanley, BNP Paribas, Pioneer Investment Fund, Eastspring Investments, Carmignac Portfolio, and Allianz Global Investors Fund.

2024-09-05 14:19

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/caplin-point-labs-jump-10-to-fresh-52-week-high-on-heavy-trading-volumes-up-40-in-one-month-12814892.html

Caplin Point Labs stock jumps 10% to fresh 52-week high on heavy trading volumes, up 40% in a month

Over the past 12 months, Caplin Point Laboratories shares have jumped over 90 percent, outperforming the frontline Nifty 50 index..Related stories.

Caplin Point Laboratories shares jumped almost 10 percent in trade on September 5 to a fresh lifetime high, extending its gains. Over the past one month, Caplin Point Labs shares have jumped almost 40 percent. So far in the day, around 14 lakh shares of the company changed hands on BSE and NSE combined, compared to the one-week average of three lakh equity shares. At 10.25 am,Caplin Point Lab'sstock price was quoting Rs 1,248 on the NSE, higher by 9.5 percent as against the previous session's closing price. Follow our market blog to catch all the live updates On August 18, the Brazilian Health Regulatory Agency concluded its inspection on Caplin Point Labs' unit. The regulatory agency or ANVISA conducted an inspection of Caplin Steriles’ injectable and ophthalmic manufacturing facility located at Gummidipoondi. The inspection was conducted between August 12 and 16, 2024 and was concluded with zero observations. The firm's chairman C C Paarthipan said, “It is indeed gratifying to have two back to back audits with zero observations. We remain steadfast in our commitment to maintaining the highest levels of quality compliance at all our sites." Brazil is an important part of our expansion plans in Latin America and this clearance opens the door to the largest market in that geography, he added. Over the past 12 months, Caplin Point Laboratories shares have jumped over 90 percent, outperforming the frontline Nifty 50 index that has gained around 50 percent in trade during the same time period.

2024-09-05 11:06

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sona-blw-stock-soars-4-on-plans-to-launch-rs-2400-crore-qip-12814840.html

Sona BLW stock soars 4% on plans to launch Rs 2,400 crore QIP

Sona BLW has set a floor price at Rs 699.01 per share for the QIP.Related stories.

Shares of Sona BLW Precision Forgings surged over 4 percent in morning trade on September 5 after the company revealed plans to launch a Rs 2,400 crore Qualified Institutional Placement(QIP). The company has set a floor price at Rs 699.01 per share for the QIP fund raise and may offer another 5 percent discount at its own discretion. At 09.42 am, shares ofÂSona BLW Precision Forgings were trading at Rs 737.50 on the NSE, off its high of Rs 752.40. The proceeds will be used to repay or prepay, either fully or partially, certain outstanding debts. A portion will also go towards completing the acquisition of Novelic, supporting strategic investments, and driving both organic and inorganic growth. Additionally, the funds will also be allocated for purchasing fixed assets like equipment and machinery, along with general corporate purposes. Catch all the market action on our LIVE blog Just yesterday, CNBC-TV18 also reported that the company was in talks to acquire the rail engineering business of Escorts Kubota, at a valuation of Rs 2,000 crore. The report also stated plans for a Rs 2,000 crore QIP to fund the acquisition. For FY24, Escorts Kubota's railways business reported revenue of Rs 950 crore, contributing 11 percent to the company's overall topline as of the June quarter. Last year, reports circulated about potential talks between Escorts and Knorr-Bremse, which likely fell through over valuation concerns. In October 2023, CNBC-TV18 had reported that Knorr-Bremse Group was in talks to acquire Escorts Kubota's railway business for over Rs 4,000 crore.

2024-09-05 09:53

moneycontrol.com

https://www.moneycontrol.com/news/business/stocks/railtel-corporation-shares-gain-on-project-win-from-northern-railways-12814774.html

RailTel Corporation shares gain on project win from Northern Railways

RailTel Corporation of India.

RailTel Corporation of India share price rose in early trading on September 5 following the announcement of a new contract worth Rs 10.92 crore. At 09:56am, Railtel Corporation of India was quoting at Rs 497.00, up Rs 2.70, or 0.55 percent, on the BSE. This contract, awarded by Northern Railways, involves a railway telecom project with a completion deadline set for September 5, 2025. Catch all the market action on our live blog Additionally, on August 30, RailTel was granted 'Navratna' status by the Ministry of Finance. This prestigious status is given to government-owned companies with strong financial performance and allows them greater operational autonomy. Specifically, Navratna companies can invest up to Rs 1,000 crore without prior government approval and have more flexibility in project allocation, either up to 15 percent of a specific project or 30 percent of their net worth annually, within the Rs 1,000 crore limit. In August, RailTel also secured a substantial work order valued at Rs 52.66 crore from the Uttar Pradesh Police Recruitment and Promotion Board. This project focuses on enhancing security and efficiency during written exams and other recruitment processes through live CCTV surveillance, Aadhaar-based biometric controls, and advanced digital recognition technologies.

2024-09-05 10:09

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/century-textiles-shares-gains-on-issuing-corporate-guarantee-of-rs-400-crore-to-hindalco-12814797.html

Century Textiles stock gains on issuing corporate guarantee of Rs 400 crore to Hindalco

Over the past one year, shares of Century Textiles and Industries have surged over 100 percent, more than doubling investors' capital..Related stories.

Century Textiles and Industries shares gained around 3.5 percent in the morning session on September 5 after the firm issued a corporate guarantee valued at Rs 400 crore in favour of Hindalco Industries. The corporate guarantee is related acquisition of a land parcel situated at Kalwa, Thane from Hindalco Industries by Ekamaya Properties, a wholly owned subsidiary of Birla Estates, which in turn is a wholly owned subsidiary of Century Textiles. At 10 am,ÂCentury Textilesshares were quoting Rs 2,410.3 on the NSE, higher by 3.7 percent compared to the previous session's closing price. Follow our market blog here for all the live updates Century Textiles will pay this amount over a period of time, over multiple tranches. "The Corporate Guarantee issued will be as contingent liability in the books of the company. The amount of Corporate Guarantee shall continue to reduce as and when the amount of consideration is paid in tranches to HIL from time to time," said the firm in a filing with the exchanges. On July 15, Birla Estates acquired a 5-acre land parcel in Gurugram. The land parcel offers a development potential of around 10 lakh square feet and is expected to generate revenue of over Rs 1,400 crore, the company stated. “Gurugram has been a pivotal market for us from the outset. The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region," KT Jithendran, MD and CEO of Birla Estates said in an exchange filing. Over the past one year, shares of Century Textiles and Industries have surged over 100 percent, more than doubling investors' capital. During the same time, the Nifty 50 index gained 30 percent.

2024-09-05 11:09

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/interarch-building-products-jumps-over-7-as-firm-inaugurates-new-mfg-plant-12814976.html

Interarch Building Products jumps over 7% as firm inaugurates new mfg plant

Since its listing, Interarch Building Products witnessed some profit booking and fell nearly 15 percent from its listing price..Related stories.

Shares of Interarch Building Products surged over 7 percent in trade on September 5 after the company inaugurated a new manufacturing plant in Andhra Pradesh. The said plant is the fifth manufacturing unit set up by the company, worth a total investment of Rs 95 crore. At noon, shares ofInterarch Building Productswere trading at Rs 1,210.40 on the NSE. The company inaugurated the first phase of the plant which covers 4 acres of the plot and has been built at an investment of Rs 40 crores. The investment for phase 1 of the manufacturing unit was funded by internal accruals and is aimed at increasing Interarch’s installed capacity by 20,000 MT per annum. Along with that, the unit has also generated employment opportunities for approximately 250 people. The second phase of the plant will span across an area of 6 acres and take the company’s installed capacity by 40,000 MT, increasing the overall capacity to 2 lakh MT per annum. Catch all the market action on our LIVE blog The total plant area of phase 2 is likely to be commissioned over the next 7-8 months, at an approximate cost of 57 crores, funded through IPO proceeds. The company made its stock market debut just last week, when it listed at Rs 1,299 apiece, a premium of over 44 percent over its issue price of Rs 900. Following its listing, the stock witnessed some profit booking as of the previous closing price and fell nearly 15 percent from its listing price. The company raised Rs 2,000 crore from its public offer. It specialises in pre-engineered buildings (PEBs), and offers two key services: turnkey PEB contracts, covering everything from design to on-site installation, and the sale of PEB products like metal ceilings, corrugated roofing, steel structures, and light gauge framing systems.

2024-09-05 12:05

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sensex-nifty-open-higher-led-by-banks-energy-investors-await-economic-data-for-further-cues-12814814.html

Sensex, Nifty turn flat after a positive start; investors await economic data for clarity

Analysts seem to have a divided approach to valuations in the Indian market..Related stories.

Sensex and Nifty opened higher on September 5, rebounding from the previous session's decline. However, they soon turned flat amid mixed signals from global markets. At 9.48 AM, the Sensex was up 31 points or 0.04 percent at 82,384 and the Nifty 50 was up 14 points at 25,212. About 2,229 shares advanced, 757 shares declined, and 117 shares remained unchanged. Telecom and IT stocks dragged Nifty 50 down while FMCG and banks provided support to the index. Amid a lack of major domestic triggers, investors are focusing on upcoming US economic data to gauge the Federal Reserve's next move. "The market is confident about a rate cut in September, but the uncertainty lies in the quantum of the cut and this uncertainty is likely to keep investors cautious," said Kranthi Bathini, Director - Equity strategy at WealthMills Securities. Follow our live blog for all the market action Bathini also said that strong liquidity is what is driving the Indian market currently. "Any dips in the market are being absorbed by this liquidity, which is coming from both domestic and foreign portfolio investors." UltraTech Cement, Shriram Finance, Tata Steel, ITC, and LTIMindtree were the top gainers on Nifty 50, rising 0.6-2 percent. Meanwhile, HDFC Life, Nestle, Britannia, BPCL, and HUL were the biggest losers on the index. Zomatoshares gained over 4 percent after JPMorgan raised its price target to Rs 340 from Rs 208.AU Small Finance BankandCholamandalam Investmentrose 2 percent and 4 percent, respectively, after Goldman Sachs initiated a 'Buy' call on both. On the technical side, Nifty 50 is likely to find support at 25,150 followed by 25,050 and 25,000, said Hardik Matalia, Derivative Analyst at Choice Broking. "On the higher side, 25,350 can be an immediate resistance, followed by 25,400 and 25,500," Matalia said. Analysts seem to have a divided approach to valuations in the Indian market. Some believe that from a long-term perspective, valuations may not be a significant concern given India's high growth trajectory. Others advise investors to refrain from aggressive bets amidst the current elevated valuations. Also Read |ÂIndia becomes largest weight in MSCI EM IMI, overtaking China As per data released on September 4, the US job openings in July dropped to their lowest level since January 2021. This bolstered expectations of a higher magnitude rate cut during the Federal Open Market Committee (FOMC) meeting later this month. Investors are now waiting for additional economic signals. The US services industry data and jobless claims data will be released later in the day. The highly anticipated nonfarm payrolls report, due on September 6, is expected to provide clearer insights into the health of the US economy and the magnitude of any forthcoming rate cut. In the Asia-Pacific region, markets largely rebounded from the previous day's losses. Adding to the global economic developments, China's financial regulators have proposed a reduction in interest rates on up to $5.3 trillion worth of outstanding mortgages to ease pressure on consumers and the banking sector, as reported by Bloomberg. This move is expected to help millions of borrowers.

2024-09-05 09:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/max-estates-raises-rs-800-crore-via-qip-by-marquee-investors-shares-slip-over-6-12815184.html

Max Estates raises Rs 800 crore via QIP by Marquee investors, shares slip over 6%

Max Estates raises Rs 800 crore via QIP by Marquee investors, shares slip over 6%.Related stories.

Max Estates has announced raising Rs 800 crore through a Qualified Institutional Placement (QIP). The QIP was priced at Rs 597.50 per equity share representing a 4.97 percent discount on the floor price of Rs 628.74 per equity share. The company in an exchange filing said, "The issue received overwhelming interest from Leading Domestic Financial Institutions and Foreign Institutional Investors, as investors showed strong confidence in the business fundamentals, project portfolio, and growth prospects of the company." Additionally, the board approved a fundraising of up to Rs 150 crore by way of preferential issue of convertible warrants to Max Ventures Investment Holdings Private Limited and Sunil Vachani, Chairman of Dixon Technologies (India) Limited, the release said. However, it is subject to the approval of the shareholders. The capital raise comes close after recently, New York Life Insurance Company (NYL) invested in Max Estates and bought 49 percent of Max Towers and Max House, two key commercial real estate assets of the company. The capital raised through QIP, the preferential allotment and the investment from NYL will cumulatively provide Rs 1300 crore as fresh equity funding to Max Estates to scale up its business and accelerate its growth plans, the company said. Max Estate's share price dropped 6.15 percent to hit the intraday low of Rs 615.2 per share on the NSE. The stock has been falling for the last two days and has fallen 5.74 percent in the period. At the time of publishing, the stock was trading at Rs 621.95 apiece on the NSE.

2024-09-05 13:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/linde-india-stock-rises-6-hits-fresh-record-high-on-agreement-with-tata-steel-12814890.html

Linde India stock rises 6%, hits fresh record high on agreement with Tata Steel

So far this year, shares of Linde India surged over 33 percent.Related stories.

Shares of Linde India surged over 6 percent to Rs 7,641 on September 5 after the company entered into an agreement with Tata Steel to acquire industrial gas supply assets at their Kalinganagar Phase 2 expansion project. The deal includes two 1800 tpd Air Separation Units (ASUs). Tata Steel had previously selected Linde India as the successful bidder to own and operate the gas supply infrastructure at its Kalinganagar plant for the next 20 years. As part of the agreement, Linde India will take over the two air separation units currently under construction, which will be funded internally. Linde India, a subsidiary of the BOC Group UK with a 75 percent stake, is specialized in producing industrial and medical gases, as well as constructing cryogenic and non-cryogenic air separation plants. The company operates in three key segments: Gas and Related Products, Healthcare, and Project Engineering. Catch all the market action on our LIVE blog Linde India runs 14 manufacturing units across several states including Karnataka, Telangana, Gujarat, Haryana, Rajasthan, Odisha, Jharkhand, West Bengal, Maharashtra, Uttarakhand, and Tamil Nadu. In the June quarter, the company reported a 13.8 percent year-on-year increase in net profit to Rs 113.7 crore, compared to Rs 99.9 crore in Q1FY24. However, sales fell by 9.4 percent year-on-year to Rs 653.2 crore from Rs 721 crore. Currently, two brokerages cover the stock, with one recommending a strong 'buy' and the other suggesting a 'hold' rating. So far this year, shares of Linde India surged over 33 percent, as compared to benchmark Nifty 50's 16 percent surge during the same period.

2024-09-05 11:04

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https://www.moneycontrol.com/news/business/markets/sapphire-foods-stock-soars-8-driven-by-heavy-trading-volumes-12814895.html

Sapphire Foods stock soars 8% driven by heavy trading volumes

As of March 2024 Sapphire Foods India held a debt of Rs 1,160 crore, an increase of Rs 963 crore over one year..Related stories.

Shares of Sapphire zoomed as much as 8 percent and hit a 52-week high of Rs 364.40 on September 5 driven by heavy trading volumes. As much as 18 lakh shares of the company changed hands on the exchanges so far, significantly higher than the one-month daily traded average of three lakh shares. At 10.26 am, shares ofSapphire Foodswere trading around 3 percent higher at Rs 346.40 on the NSE, despite coming off its 52-week high. Meanwhile, the stock is also trading ex stock split, which likely triggered some profit booking in the counter from its day's high. The company had previously announced a one-for-five stock split at its 15th Annual General Meeting (AGM), marking its first ever corporate action, the record date for which was today. Catch all the market action on our LIVE blog Aside from the gains today, the stock has delivered a rather muted performance in the past year, gaining just 18 percent. A major cause of worry about the company among investors is the high level of debt it holds. As of March 2024 Sapphire Foods India held a debt of Rs 1,160 crore, an increase of Rs 963 crore over one year. While  it does have Rs 181 crore in cash that can offset some of this, but despite that the debt remains around Rs 983 crore. Meanwhile, the Pizza Hut and KFC operator's consolidated net profit fell 68 percent year-on-year to Rs 8.52 crore in Q1 FY25. The Yum Brands franchisee's revenue from operations, however, rose 10 percent to Rs 718 crore. The disappointing earnings was also triggered by headwinds faced by the QSR industry which continues to struggle with weakness in unit economics across dine-in and delivery formats.

2024-09-05 10:56

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https://www.moneycontrol.com/news/business/markets/heres-why-this-smallcap-pharma-stock-sprint-9-hit-52-week-high-on-september-5-12814912.html

Here's why this smallcap pharma stock sprint 9%, hit 52-week high on September 5

With today's surge, the stock has skyrocketed over 37 percent.Related stories.

Smallcap pharma stock Kopran leapt 9 percent to touch a 52-week high of Rs 342 apiece on September 5 after credit rating agency CRISIL Ratings reaffirmed its long-term bank facilities with a 'stable' outlook. With today's surge, the stock has skyrocketed over 37 percent, beating benchmark Nifty 50's 16 percent rise. Kopran is an integrated pharma company manufacturing a large range of products. It manufactures both active pharma ingredients, and finished dosage forms, and is focused on improvement in technology and new products duly integrated through its research and development team. The company operates in two distinct business verticals. While pharmaceutical formulation production is managed by Kopran, the manufacturing of API is operated under Kopran Research Laboratories. More than 549 product approvals have been secured by the company in 46 countries, including 10 registrations/product approvals. Catch all the market action on our LIVE blog In the recently concluded June quarter, Kopran's net profit zoomed over four-fold YoY to Rs 11.1 crore from Rs 2.77 crore. Its net sales also surged by 19.1 percent YoY to Rs 139 crore in Q1FY25. Looking ahead, the company remains to initiate new formulation products for the regulated market. The development of new products aims to integrate new molecules that are also manufactured and developed in the API business of the company. "The outlook for the growth of the API of Kopran remains positive. The Company’s API plant at Panoli is anticipated to strategically benefit Kopran in its sustainable growth and is expected to commence production at the End of Q3 FY 2025. Also, it has received Environmental Clearance from the Government of India for the manufacturing of APIs and intermediaries," the company stated in its annual report. However, it highlighted domestic and international economic conditions, as well as changes in government policies, tax laws, and other regulations that could also impact the company's performance.

2024-09-05 13:06

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https://www.moneycontrol.com/news/business/markets/mid-day-mood-sensex-nifty-flat-as-traders-seek-clarity-on-us-economy-broader-indices-outperform-12814935.html

Mid-day Mood | Sensex, Nifty flat as traders seek clarity on US economy; broader indices outperform

The broader market outperformed the benchmarks, with the BSE Midcap rising 0.4 percent and the BSE Smallcap index gaining 0.6 percent..Related stories.

The mixed trend in global markets and caution ahead of upcoming US economic data kept investors on edge on September 5, leading the Sensex and Nifty 50 to trade flat by midday. Analysts view the slight pullback as a breather after a sustained rally and not as a shift in optimism surrounding domestic market sentiment. Weak US labour market data and comments from a key Federal Reserve official bolstered the case for an aggressive interest rate cut on September 18, with the odds of a 50-basis-point reduction rising to 45 percent from 38 percent a day before. Emerging markets such as India see a rise in foreign fund inflows from US interest rate cuts. At 11.45 am, the Sensex was down 80 points or 0.1 percent at 82,272 and the Nifty 50 was down 22 points at 25,176. About 2,076 shares advanced, 1,173 shares declined, and 97 shares were unchanged. The broader market outperformed the benchmarks, with the BSE Midcap rising 0.4 percent and the BSE Smallcap index gaining 0.6 percent. "In a bull market, mid-caps always outperform large caps. However, there is some froth building in certain pockets of the mid-cap space. Despite this, the strong liquidity in both the primary and secondary markets is enough to absorb any selling pressure," said Kranthi Bathini, Director - Equity strategy at WealthMills Securities. Among individual stocks,Titan Companystood out, surging over 3 percent on heavy volumes and emerging as the top gainer on the Nifty 50 index. Investors are now focusing on US services industry data and jobless claims, due to be released later in the day. The highly anticipated nonfarm payrolls report, due on September 6, is expected to provide further insights into the health of the US economy and clues about the Fed's monetary policy. Follow our live blog for all the market action Sectoral Trend Automobile and IT stocks dragged the Nifty 50 index lower, while consumer durables, metals, and mining stocks helped limit the decline. Similar to the previous session's trend, investors turned to defensive sectors like FMCG and pharma in a weak market. Nifty Healthcare and Nifty Pharma rose by 0.7 percent and 0.5 percent, respectively. Fundamental View "In the present context of elevated valuations, investors should refrain from aggressive investment in poor quality stocks," said  V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He advised investors to buy high-quality stocks during any declines and wait patiently. "Banking stocks, whose valuations remain depressed due to the credit-deposit mismatch and the consequent concern over profitability, offer good contrarian buying opportunity for long-term investors," Vijaykumar said. Technical View From a technical perspective, the 25,100–25,080 range is seen as a strong support zone for the Nifty 50, according to Sameet Chavan, Head of Research, Technical and Derivatives at Angel One. "On the higher end, the highs of 25,300-25,350 is now expected to be seen as a resistance and an authoritative breach could only open the next leg of the rally towards 25400-25500," he said. Also Read |ÂIT, consumer durable, and financial sectors see strong FII buying in late August Key Nifty gainers Titan Company, BPCL, Divis Labs, ITC, LTIMindtree Key Nifty losers Britannia, Bajaj Finance, Nestle, Bajaj Finserv, HDFC Life Key Sensex gainers Titan Company, ITC, SBI, Tata Steel, Sun Pharma Key Sensex losers Nestle, Bajaj Finance, Bajaj Finserv, L&T, Kotak Mahindra Stock moves Max Financial Services:A large deal worth Rs 1,637 crore took place on the exchanges on September 5 for shares of Max Financial Services. Shares of the company fell nearly 2 percent after around 1.5 crore shares, making up a 4.3 percent stake in the non-bank finance lender changed hands in the large deal. Uno Minda:Shares fell nearly 3 percent after Kotak Institutional Equities downgraded the stock to 'Sell' from 'Add', while also cutting the target price to Rs 970 from Rs 1,000. The brokerage highlighted concerns over a slowdown in the passenger vehicle segment, which is expected to impact growth.

2024-09-05 12:19

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https://www.moneycontrol.com/news/business/markets/sebi-employees-protest-at-mumbai-headquarters-a-day-after-regulator-says-unprofessional-work-culture-claims-misplaced-12815165.html

SEBI employees protest at Mumbai HQ, seek resignation of Madhabi Puri Buch

SEBI employees protest at Mumbai headquarters a day after regulator says unprofessional work culture claims 'misplaced'.Related stories.

Up to 200 employees of Securities and Exchange Board of India (SEBI) held protest on September 5 at the market regulator's headquarters in Mumbai. They were agitating against arecent press releaseby SEBI calling their earlier letter on unprofessional work culture to Finance Ministry "misguided by external elements". The protest lasted for around a couple of hours and then they dispersed and returned to their office. SEBI said on Wednesday that claims of an unprofessional work culture at its offices were 'misplaced'. "The protest is for the purpose of showing dissent and unity against the arm-twisting exercise done by the top management in the garb of a press release," stated an internal message sent among the employees. "The immediate demand is withdrawal of press release and resigning of SEBI chairperson for spreading lies against SEBI's employees," stated the message. In a letter to the Finance Ministry last month, some SEBI employees said that there was "immense pressure" at the regulator, resulting in a "stressful and toxic work environment". In a press statement, SEBI said the claims stemmed from demand of higher rental allowance and attempts to stop misreporting of targets achieved and delays in taking decisions. Some "outside elements" instigated its employees to believe that they should not be required to have high standards of performance and accountability, SEBI said in the statement, without disclosing any details about the elements. Separately, SEBI Chairperson Madhabi Puri Buch has faced allegations of conflict of interest from US short-seller Hindenburg Research and the opposition political parties, which have demanded her resignation. Hindenburg has alleged that Buch and her husband previously held investments in offshore funds also used by the Adani Group, which is being investigated by the regulator. Buch has denied these allegations. Congress party recently alleged that Buch continued to earn income from a regulated entity - ICICI Bank - where she worked before joining SEBI. ICICI Bank denied this. Buch and SEBI have not commented. In its press release, SEBI said it was "committed to serving the complex market ecosystem to a high level of transparency, and responsiveness".

2024-09-05 14:17

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https://www.moneycontrol.com/news/business/markets/china-manufacturing-shows-signs-of-weakness-heres-why-it-matters-12814946.html

China manufacturing shows signs of weakness, here’s why it matters

Over the past few years, China has shifted its focus to the production of EVs, solar, and overall sustainable goods..Related stories.

China's manufacturing sector is showing signs of strain, as the world’s second-largest economy is currently combatting a slowing growth rate. The country’s focus on manufacturing has increased, especially amid its ongoing trade war with the US and lagging real estate market. China's manufacturing activity dropped to a six-month low in August, with factory gate prices falling and factory owners struggling to secure orders, according to an official survey released on Saturday. The National Bureau of Statistics purchasing managers' index declined to 49.1 from 49.4 in July, marking its sixth consecutive decline and the fourth month when the reading came below the 50 threshold that indicates contraction. Following a disappointing second earnings quarter, the world's second-largest economy continued to lose momentum in July, pushing policymakers to consider shifting away from their usual strategy of heavy infrastructure spending. Instead, they are now signaling plans to direct more stimulus towards households. Also Read|ÂChart of the Day: Is China’s steel output decline the answer to the Indian steel producers’ woes? However, this wasn’t always the case. Foreign inflows into China declined following the US-imposed sanctions, with key reductions seen in the lagging Chinese real estate sector. China has poured money into private manufacturing, focusing on automobiles, telecom, electronics, transport, computers, and electro-mechanic equipment. The US imposed sanctions in 2018 after its trade deficit with China swelled to a massive $415 billion, reflecting US reliance on imports coming in from China. As a result of concerns on China's trade practices, growing economic power and worries of intellectual property theft, the US imposed billions of dollars worth of tariffs on Chinese goods from 2018. . Following the impositions, the US has drastically reduced exports to China by around 50 percent and vice versa, China's exports to the US have also reduced by roughly 50 percent. However, to maintain the trade balance there has been a 10-15 percent increase in China's exports to the rest of the world, added Gupta. The world’s second largest economy started producing and manufacturing a large amount of heavy industrial goods to combat the sanctions. They aimed to increase self-sufficiency and depend less on imports for production, noted Arnav Gupta, a researcher at Bombay Scottish School. Over the past few years, China has shifted its focus to the production of EVs, solar, and overall sustainable goods, turning into one of the biggest producers in this category. The country's exports of solar cells, which the US is raising tariffs on, have more than doubled in the past four years, to $44 billion last year. China also shifted its export strategy, with a higher focus on Asian countries. China exports continue to grow strongly and have increased from $2,494 billion to $3,388 billion, marking a 36 percent increase. Its exports to Russia, Thailand, Australia, Taiwan and Indonesia have risen rapidly. This is why the decline in Chinese manufacturing data, despite efforts to boost self-sufficiency and manufacturing capacity, is raising red flags among experts and will be a key indicator to watch.

2024-09-05 11:20

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https://www.moneycontrol.com/news/business/markets/option-strategy-of-the-day-horizontal-trendline-breakout-in-titan-use-bull-call-spread-for-upside-12815064.html

Option strategy of the day | Horizontal trendline breakout in Titan; use Bull call spread for upside

Stock market trend.Related stories.

Titan Company Ltd stock has given a horizontal trendline breakout on the daily scale, with traders eyeing Rs 4,000 share price target. The breakout is confirmed by volumes climbing above the 50-week average. On 5 September, Titan stock was trading at Rs 3,729.75 on NSE in the afternoon trade, up 3.4 percent from the previous close. According to Sudeep Shah, DVP and Head of Derivatives and Technical Research at SBI Securities, "The stock is trading above its short- and long-term moving averages and is on a bullish trajectory. It is likely to test Rs 3920-level, followed by Rs 4000, in the short term." Titan Option Strategy: Bull Call Spread Sudeep Shah recommends a bull call spread option strategy to capitalise the momentum in the Titan stock: Underlying Stock: TitanStrategy: Bull Call Spread (26 September Expiry)Buy: 3760 CE (call option) at CMP (current market price) Rs 82Sell: 3780 CE at CMP 74Net Outflow: 8 pointsDate of Initiation: 5 SeptemberDate of Expiry: 26 SeptemberMaximum Potential Risk: 8 points (Rs 1,400 per pair)Maximum Potential Gain: 12 points (Rs 2,100)Profitable Zone: Above 3768 Technical View: Shah notes that the stock is currently trading above its short- and long-term moving averages, which are both trending upward, indicating a strong trend. "The daily RSI is in the super bullish zone, while the ADX, a trend strength indicator, is at 28.59 and rising. Additionally, the directional indicators are in buy mode, with +DI above –DI," he added. Derivative Setup: Shah highlights that the current derivative data aligns with the bullish chart structure. For the September expiry, there is a significant concentration of call open interest at the 3800 strike, while substantial open interest on the put side is concentrated at the 3700 strike. "Option chain analysis shows put writing from 3840 to 3560 strikes, and call buying from 3660 to 4120 strikes, indicating bullish momentum in the stock," Shah said.

2024-09-05 13:45

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https://www.moneycontrol.com/news/business/markets/mid-day-mood-sensex-nifty-slide-over-1-all-13-sectoral-indices-in-red-ahead-of-us-jobs-figure-12815913.html

Mid-day Mood | Sensex, Nifty slide over 1%; all 13 sectoral indices in red ahead of US jobs data

In the broader market, the BSE Midcap fell a percent and BSE Smallcap index fell 0.6 percent..Related stories.

IT, energy, and banking stocks weighed on Sensex and Nifty 50 on September 6 causing both benchmarks to fall by over a percent around noon. Investors remained cautious ahead of the US jobs data, set to be released later today, which will offer insights into the magnitude of the Federal Reserve's anticipated rate cut in this month's FOMC meeting. At 12 pm, Sensex was down 822 points or 1 percent at 81,378 and Nifty was down 229 points or 0.9 percent at 24,915. About 1,213 shares advanced, 2,083 shares declined, and 65 shares were unchanged. "The correction was expected due to the market being highly overbought on short-term charts," said Mehul Kothari, Assistant Vice-President of Technical Research at Anand Rathi Share and Stock Brokers. Follow our live blog for all the market action Another factor that could be worsening the sell-off is on news that the market regulator will tighten derivative rules to increase entry barriers and make it more expensive to trade as it tries to limit retail investors speculating on risky contracts. Securities and Exchange Board of India (SEBI) will limit the number of options contract expiries to one per exchange a week and nearly triple the minimum trading amount, four sources with direct knowledge of the matter toldMoneycontrol. Also Read |ÂSEBI to tighten F&O rules despite investor pushback, final rules likely this month: Report In the broader market, the BSE Midcap fell a percent and BSE Smallcap index fell 0.6 percent. Meanwhile, the India VIX index, which indicates the volatility of the domestic market, rose nearly 6 percent to 15. Sectoral Trend All 13 major sectoral indices tumbled, with Nifty PSU Bank experiencing the steepest decline, dropping over 2 percent. This was primarily driven by SBI, which plummeted nearly 4 percent and became the hardest-hit stock on the Nifty 50 following Goldman Sachs' downgrade to 'Sell' and a reduced target price of Rs 742 from Rs 841. Nifty Energy, Nifty Infra, and Nifty Bank also saw declines of more than 1 percent each. Fundamental View "The near-term trend in the market will be influenced by the US jobs data to be published tonight. There is a consensus that the Fed will cut rates in the September meeting but the extent of the cut will be determined by the jobs data," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "If the August jobs numbers come lower than market expectations and the unemployment rises higher than market expectations, the Fed may even cut by 50 bp. But, this may not be taken positively by the market. The market may even react negatively factoring in serious growth concerns and even a hard landing scenario for the US economy may start weighing on the market." Vijayakumar said that the Indian economy continues to do well but the only right now is the elevated valuations. Technical View "Regarding further downside, 24,800 is a critical support level; if breached, more decline could follow. There's only a potential 200 to 300 points downside expected in the short term," said Mehul Kothari toldMoneycontrol. He, however, does not anticipate Nifty 50 to fall below 24,800 in today's session and expects a recovery in the benchmarks in the coming week. Also Read |ÂGST Council to discuss key amendment, retro tax relief likely for online gaming companies Key Nifty gainers Bajaj Finance, LTIMindtree, HUL, Asian Paints, JSW Steel Key Nifty losers SBI, HCL Tech, Coal India, NTPC, Tata Motors Key Sensex gainers Bajaj Finance, HUL, Asian Paints, JSW Steel, Bajaj Finserv Key Sensex losers SBI, HCL Tech, NTPC, Tata Motors, Infosys Stock moves Vodafone Idea:Shares fell over 13 percent and hit a 52-week low of Rs 9.55 after Goldman maintained its 'Sell' rating on the stock but slightly increased the target price to Rs 2.5 from Rs 2.2, which suggested an 83 percent downside in the stock price. SBI Cards and Payment Services: Shares rose nearly 5 percent after the analysts at the global brokerage Goldman Sachs upgraded its recommendation to 'Buy' from 'Sell' with a hike in share price target.

2024-09-06 13:32

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https://www.moneycontrol.com/news/business/markets/gujarat-fluorochemicals-stock-zooms-8-on-heavy-volumes-12816036.html

Gujarat Fluorochemicals stock zooms 8% on heavy volumes

Despite a below average Q1FY25 results, Gujarat Fluorochemicals stock price has seen an almost 19 percent surge over the past 2 sessions.Related stories.

Shares of Gujarat Fluorochemicals surged over 8 percent on September 6 amid heavy volumes. So far in the day, a total of 16 lakh shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of 2 lakh equity shares At 12:33 pm,Gujarat Fluorochemicalsshares were trading 8.3 percent higher at Rs 3,816.80 on the National Stock Exchange (NSE). After the recent rally, the stock has turned positive on a year-to-date basis. In the past 12 months, the counter has risen 27 percent, in line with Nifty's 27 percent gain during this period. Follow our market blog to catch all the live action For the quarter ended June 30, 2024, Gujarat Fluorochemicals a 2.75 percent year-on-year (YoY) decline in net sales to Rs 1,176 crore. The company's net profit also saw a sharp drop of 46.31 percent YoY, falling to Rs 108 crore. Additionally, EBITDA decreased by 25.24 percent to Rs 271 crore in the quarter under review. Despite a below average Q1FY25 results, Gujarat Fluorochemicals stock price has seen an almost 19 percent surge over the past 2 sessions and now looks overbought in terms of RSI on the daily charts, according to said A R Ramachandran of Tips2trades. "Next resistance will be at 4,029. Investors are advised to keep booking profits at current price levels as a daily close below the support of 3,680 could lead to a fall till 3,105 in the near term," he said.

2024-09-06 12:44

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https://www.moneycontrol.com/news/business/ipo/baazar-style-retail-shares-list-flat-at-ipo-price-fall-short-of-gmp-estimate-12815684.html

Baazar Style Retail shares rise 11% after listing flat at IPO price

Baazar Style raised Rs 250.1 crore from 22 anchor investors on August 29..Related stories.

Shares ofÂBaazar Style Retail gained momentum and rallied 11 percent to hit an intra-day high of 431 following a subdued stock market debut on September 6, listing at Rs 389 on the Bombay Stock Exchange, matching its issue price. The listing has missed grey market estimates where shares were trading at a premium of about 8 percent. 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 The Rs 834.6-crore initial public offer (IPO), which was a mix of a fresh issue and an offer for sale, received robust investor interest after the issue was subscribed 40.66 times against 1.5 crore shares on offer. After three days, Qualified institutional buyers were the biggest contributors, subscribing almost 81.83 times their allocated quota. Non-institutional investors, or high net-worth individuals followed with subscriptions amounting to 59.43 times the reserved portion. The retail investors' portion was subscribed 9.12 times, while the employees' portion saw a subscription of 35.36 times. Also read:ÂPrestige Estates stock in focus as realtor raises Rs 5,000 crore via QIP; CLSA raises target priceIncorporated in June 2013, Baazar Style Retail is a fashion retailer operating predominantly in West Bengal and Odisha. The company offers a wide range of apparel for all ages as well as general merchandise including home furnishings. Read more:ÂBuffett's Berkshire offloads more shares in Bank of America The Kolkata-headquartered company raised Rs 250.1 crore from 22 anchor investors on August 29. This fundraising is ahead of the initial public offering. Global marquee investors participated in the anchor book including HSBC Global Investment Funds, Natixis International Funds, Optimix Wholesale Global Emerging Markets Share Trust, Allianz Global Investors Fund, and Societe Generale.

2024-09-06 11:17

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https://www.moneycontrol.com/news/business/markets/baazar-style-margin-private-label-outlook-12816070.html

Baazar Style upbeat on higher margins this year, says private labels key to growth

An assessment by Technopak projects the share of organised retail in the overall pie is expected to rise to nearly 23 percent by FY27, from the current 15 percent..Related stories.

Rekha Jhunjhunwala-backed Baazar Style Retail is confident of sustaining the current CAGR growth rate and hopes to improve on the margin, compared to FY24 levels. Earlier, shares ofBaazar Styleperked up after a quiet debut, notching up a 8 percent gain in early trade. Read More:Shares of Baazar Style rise after a flat debut In a conversation with CNBC-TV18, Pradeep Kumar Agarwal of Baazar Style Retail said they are confident of improving on the margin and working capital cycle. The company is looking to ramp up the private label business where the margins are better than the regular labels, Agarwal said. The company has ten private labels and plans to launch more in the coming quarters. Retail peers have aimed to to increase their share of private labels, with V-Mart registering a share of 45-48% of private labels in overall revenue for FY23, while V2 Retail's private labels clocked a share of 40%. In contrast, Style Baazar’s share of private labels stood at 31% for the same period. The retailer's revenue from private labels have risen at a faster CAGR of 88.76% betwen FY21-23, the company had said. Read More:ÂBaazar Style Retail IPO: Does this retailer offer value to investors? An assessment by Technopak projects the share of organised retail in the overall pie is expected to rise to nearly 23 percent by FY27, from the current 15 percent. In absolute terms, this contribution presently stands at Rs 12 lakh crore, and is likely to reach Rs 26 lakh crore by FY27. The company claims to have a strong control over its retail value chain, which it considers as a key ingredient for the success of the value retail format. Key Organised Brick and Mortar RetailersPlayerFY23 Revenue (Rs Cr)Style Baazar787.9V2 Retail838.9V Mart2464.8Baazar Style said it has been focusing on Tier 3 and 4 cities, to unlock the consumption potential. Currently, approximately 23% of the total demand for apparel comes from these cities, said Baazar Style, adding that roughly 60% of this demand is currently within the value segment. The management has positioned its ability to deliver quality products at affordable prices as an important factor for a wide acceptance of the brand. Baazar Style's key shareholders include investors like Rekha Jhunjhunwala, wife of late Rakesh Jhunjhunwala, Kewal Kiran Clothing, promoter of Haldiram Snacks - Manohar Lal Agarwal, family office of Supreme Industries, among others.

2024-09-06 12:50

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https://www.moneycontrol.com/news/business/markets/sebi-to-tighten-fo-rules-despite-investor-pushback-final-rules-likely-this-month-report-12816025.html

SEBI to tighten F&O rules despite investor pushback, final rules likely this month: Report

SEBI to tighten F&O rules despite investor pushback, final rules likely this month: Report (Photo: Reuters).Related stories.

Markets regulator will tightenderivative rulesto increase entry barriers and make it more expensive to trade as it tries to limit retail investors speculating on risky contracts, said four sources with direct knowledge of the matter. Securities and Exchange Board of India (SEBI) will limit the number of options contract expiries to one per exchange a week and nearly triple the minimum trading amount, the sources said, in rules similar to those proposed in July, despite pushback from traders and brokers. But SEBI will review some of its earlier proposals to increase margin requirements and to monitor intraday trading positions, according to the sources. Authorities have been flagging risks from speculative trading by retail investors, who have been funnelling savings into India's booming options market. The monthly notional value of derivatives traded was Rs 10,923 lakh crore ($130.13 trillion) in August - the highest globally, data from the regulator showed. The largest share of trading is in options contracts linked to stock indices like BSE Sensex and NSE Nifty 50. The share of individual investors in index options has risen to 41% in the financial year ended March 2024 from 2% six years earlier, regulatory data showed. "A key objective was to put an end to the large and rising speculative volumes in index options contracts close to expiry," said the first of the sources, who all declined to be identified as the decisions are not yet public. "The regulator believes that this warrants additional measures both for small investor protection and for ensuring continued systemic stability," the source added. The final rules will be released this month through a circular, the sources said. The details have not been reported previously. SEBI did not respond immediately to a request for comment. The steps follow an increase in tax on derivative transactions in July intended to reduce the participation of retail investors in the options market. India's finance minister flagged concerns in May that any unchecked explosion of retail investor trading in derivatives could create future challenges for the markets, investor sentiment and household finances. SOCIAL MEDIA CAMPAIGN The regulator received nearly 10,000 comments on its July proposals from traders and other market participants after a social media campaign, the first source said, adding a large majority of them were from traders and brokers who argued the regulator's new rules would hit trading profits and liquidity. "There was a social media campaign to overwhelm the regulator with the responses," the source added. The final rules will ask exchanges to reduce the number of contract expiries to one a week per exchange from multiple expiries currently that give traders the opportunity to speculate more, said the four sources. SEBI will also raise the minimum trading amount to nearly Rs 15-20 lakh ($18,000-$24,000) as proposed in the July consultation paper from Rs 5 lakh, the second of the sources said. In its proposals, the regulator had suggested higher margins for contracts expiring on the same day, but feedback from the country's stock exchanges and market participants said this would be difficult to implement. This was a genuine concern and the regulator would tweak the proposed hike in margins, the sources said. Exchanges and depositories also raised concerns over intraday monitoring of positions in index derivatives due to a lack of technical capability and the regulator might not insist on it for now, the third of the sources said.

2024-09-06 12:22

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https://www.moneycontrol.com/news/business/markets/sbi-cards-shares-surge-5-to-hit-11-month-high-over-goldman-sachs-upgrade-12815910.html

SBI Card shares surge 5% to hit 11-month high over Goldman Sachs upgrade

SBI Cards shares surge 5% to hit 11-month high..Related stories.

SBI Cards and Payment Services share price hit the 11-month high on Friday after the analysts at the global brokerage Goldman Sachs upgraded its recommendation to 'Buy' from 'Sell' with a hike in share price target. The SBI-promoted card issuance company (SBI Card) share surged to a day's high of Rs 808.25 per share on the NSE, up 5.28 percent, which is also its nearly 11-month high. Goldman Sachs has a 'Buy' call on SBI Card share with a revised price target of Rs 913 per share, up from its previous recommendation of Rs 652 apiece. The report said the downcycle is nearing its bottom and the company could be nearing its peak of credit costs over the next 2-3 quarters. At the time of publishing, SBI stock was trading at Rs 805.10, up 4.87 percent. The company reported a net profit flat at Rs 594 crore in the first quarter of the current fiscal. It reported a net profit of Rs 593 crore in the April-June period of the previous fiscal. The total income during the quarter rose to Rs 4,483 crore against Rs 4,046 crore a year ago, the company said in a regulatory filing. In another development, Goldman Sachs downgraded state-run lender State Bank of India (SBI) to 'Sell' from its earlier rating of 'Neutral' citing multiple headwinds. The global brokerage has also cut its price target on SBI to Rs 742 from an earlier recommendation of Rs 841.

2024-09-06 13:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/va-tech-wabag-stock-surges-8-on-bagging-order-worth-rs-2700-crore-from-saudi-arabia-12815824.html

VA Tech Wabag stock surges 8% on bagging order worth Rs 2,700 crore from Saudi Arabia

VA Tech Wabag stock: Over the past year, shares of VA Tech Wabag have jumped over 171 percent in trade..Related stories.

VA Tech Wabag shares surged eight percent in early trade on September 6 after bagging an order worth Rs 2,700 crore from the Saudi Water Authority. The order is on a engineering, procurement, construction & commissioning (‘EPCC’) basis, for a 300 million litre per day (MLD) mega sea water reverse osmosis desalination plant in Yanbu, Saudi Arabia. At 10.15 am,VA Tech Wabagshares were quoting Rs 1,338 on the NSE, higher by 4 percent compared to the previous session's closing price. "WABAG's impressive track record and technologically superior proposal were critical in winning this prestigious order," said the firm in a filing with the exchanges. Follow our market blog to catch all the live updates The desalination plant is scheduled to be completed within a 30-month period. "This plant will be built with the state-of-the-art Desalination technologies, designed for superior energy efficiency and will produce stellar quality of water complying with the environmental regulations of Saudi Arabia," added the company. VA Tech Wabag has had a presence in Saudi Arabia, building and operating water and waste-water treatment plants, for over 4 decades. Globally since 1995, the firm has constructed over 60 desalination plants in 17 countries, for various municipalities and industries, thereby significantly contributing to the cause of water security. Rohan Mittal, Head – Strategy & Business Growth - GCC said, “We are extremely honoured and proud to secure this mega order from prestigious customer SWA, which will contribute to the ambitious Saudi Vision 2030. This mega order is a testament to our expertise and commitment to delivering high-quality, sustainable water solutions worldwide." Over the past year, shares of VA Tech Wabag have jumped over 171 percent in trade, as against a 30 percent rise in the NSE Nifty 50 index during the same time period.

2024-09-06 13:22

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/boss-packaging-solutions-lists-at-25-premium-over-ipo-price-on-nse-sme-12815709.html

Boss Packaging Solutions lists at 25% premium over IPO price on NSE SME

The company plans to use the net proceeds from the issue for several purposes, including the purchase of machinery, funding working capital requirements, and general corporate purposes..Related stories.

Boss Packaging Solutions shares were off to a good start on its stock exchange debut on September 6 after listing at Rs 82.5, a premium of 25 percent over the issue price of Rs 66 on the NSE SME platform. The listing gains have beaten grey market estimates where shares were trading at a premium of about 8 percent. 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 8.41-crore public offer was massively subscribed over its three-day subscription period after the public offer was bought a staggering 135 times, translating to bids worth Rs 1,073 crore. Retail investors bought 163 times their allotted quota while non-institutional investors purchased 103.64 times the portion reserved for them. Also read:ÂPrestige Estates stock in focus as realtor raises Rs 5,000 crore via QIP; CLSA raises target price Founded in 2012, the company is engaged in manufacturing, supplying, and exporting a diverse range of packaging, capping, and filling machines. Its offerings also include self-adhesive sticker labeling machines, conveyors, turntables, web sealers, and sleeve applicators. Read more:ÂBuffett's Berkshire offloads more shares in Bank of America The Ahmedabad-based company, which operates out of a small 500-square yards facility, has seen a sharp rise in net debt. The official documents show that its net rose 82 percent to Rs 3.06 crore in 2023 from 1.64 crore in the previous year. The company plans to use the net proceeds from the issue for several purposes, including the purchase of machinery, funding working capital requirements, and general corporate purposes.

2024-09-06 10:14

moneycontrol.com

https://www.moneycontrol.com/news/business/ipo/twelve-ipos-will-compete-to-raise-over-1-billion-in-a-single-week-12815780.html

Twelve IPOs will compete to raise over $1 billion next week

Another main board IPO, Western Carriers India, is likely to open soon though the company is yet to announce the details in terms of the issue opening and closing dates..Related stories.

India's primary market is set for a busy next week, with 12 companies—four main board listings and eight SME issuances—aiming to raise more than Rs 8,600 crore ($1 billion) as they seek to take advantage of favourable investor sentiment. Among the main board IPOs, the four firms that will vie for investor attention areBajaj Housing Finance, which will raise around Rs 6,560 crore, Tolins Tyres (Rs 230 crore), Kross Ltd (Rs 500 crore) and P N Gadgil Jewellers (Rs 1,100 crore). Another main board IPO, Western Carriers India, is likely to open soon though the company has yet to disclose a specific timeline for the offering. While Bajaj Housing Finance, Tolins Tyres and Kross Ltd will open for subscription on September 9 and close on September 11, P N Gadgil Jeweller IPO will open on September 10 and close on September 12. Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, highlights several factors driving the positive trend in India's primary market. The current market buoyancy is fueled by broad investor participation with retail investors eager to capitalise on attractive listing gains, spurred by the strong performance of the secondary market -- Nifty is up 15.71 percent in the current calendar year till date. Additionally, robust liquidity among both domestic and foreign institutional investors has significantly bolstered the IPO market pipeline. Incidentally, the grey market premiums (GMP) for these firms are also surging. Bajaj Housing Finance GMP is trading at Rs 51 a share, up 73 percent from its upper end price band of Rs 70 a share, Tolins Tyres GMP is trading 12 percent higher while P N Gadgil Jewellers IPO is trading over 37 percent higher. Among SME IPOs, four companies -- Gajanand International, Share Samadhan, Shubhshree Biofuels Energy and Aditya Ultra Steel -- will open for subscription on September 9 and close on September 11. Two firms -- Trafiksol ITS Technologies, SPP Polymer -- will open on September 10 and close on September 13 while another two -- Innomet Advanced Materials and Excellent Wires & Packaging -- will open on September 11 and close on September 13. These firms will raise between Rs 12-45 crore each through their public issues. The recent past has seen IPOs attracting huge subscriptions. Among main board IPOs in August, the average subscription was over 75 times, while the average for 2024 so far stands at 66 times. For SME IPOs, the average subscription in August reached 290 times, with a year-to-date average of over 259 times. The strong subscription across IPOs has been driven by robust participation from retail, institutional, and foreign investors. Data from NSDL shows that while foreign investors have been net sellers in secondary markets, they have consistently invested in primary markets. In August, FIIs invested around Rs 12,872 crore, and so far in CY24, their investments in primary markets have totalled around Rs54,883 crore. Analysts note that most recent IPO offerings are emerging from high-growth, sunrise sectors, thereby attracting investors anticipating strong growth potential. This trend is expected to continue through the rest of 2024 and may extend into 2025, they say. “With growing retail participation and renewed interest from FIIs, driven largely by evolving global macroeconomic conditions, the market environment seems favorable for several upcoming IPOs to finally make their debut on the bourses. The recent success of multiple listings is likely to generate even greater interest in the next wave of IPOs,” says Nirav Karkera, Head of Research at Fisdom.

2024-09-06 18:02

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/powergrid-stocks-dips-following-block-trade-of-2-09-million-shares-12816102.html

Powergrid stocks dips following block trade of 2.09 million shares

In the past 12 months, Powergrid stock has risen 71 percent, in line with Nifty's 27 percent gain during this period..Related stories.

Powergrid Corporation shares declined over a percent after a large block trade of 2.09 million shares took place, according to Bloomberg. The details of the buyer and seller are not yet known. At 1:08 pm, Powergrid shares were trading 1.4 percent lower at Rs 326.60 on the National Stock Exchange (NSE). So far this year, the stock has risen around 37 percent, beating Nifty's returns of 14 percent. In the past 12 months,Powergridstock has risen 71 percent, in line with Nifty's 27 percent gain during this period. Follow our market blog to catch all the live action The Maharatna CPSU under Ministry of Power recently acquired Bhadla-III & Bikaner-III Transmission Limited, the Project Special Purpose Vehicle (SPV) for the transmission system project for system strengthening for interconnections of Bhadla-III & Bikaner-III Complexon. It was acquired from the PFC Consulting Limited (PFCCL) (Bid Process Coordinator)after competing with various private sector players and emerging as a successful bidder in Tariff Based Competitive Bidding (TBCB) process.

2024-09-06 13:16

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nifty-psu-bank-index-fall-3-as-sbi-canara-bank-among-biggest-losers-12816087.html

Nifty PSU Bank index fall 3% as SBI, Canara Bank among biggest losers

Morgan Stanley suggested investors shift to large private banks over state-owned banks..Related stories.

Shares of public-sector banks remained under pressure as the Nifty PSU Bank index declined almost three percent in trade on September 6. The index was the worst-performing sector, extending its total fall to around 4 percent over the past month. SBI, Canara Bank, Indian Bank, and Indian Overseas Bank were some of the worst hit lenders, falling up to 4.5 percent on the NSE.  Given the index's 2.8 percent fall so far, over Rs 40,000 crore in value has been erased in trade today. September seasonality could be a factor at play, asÂNifty PSU Bankhas given investors negative returns eight out of 13 years in September. Follow our live blog to catch all the updates In a recent note, Morgan Stanley issued a series of updates on Indian banks, suggesting investors to shift to large private banks over state-owned banks. The brokerage emphasised it was 'time to get selective', as the strength of banks' franchises will drive divergence in profitability. For public sector banks, analysts at Morgan Stanley have taken a cautious stance as State Bank of India (SBI) and Bank of Baroda have been maintained at 'Equal-Weight,' with their target prices reduced to Rs 800 per share and Rs 265 per share, respectively. Morgan Stanley believes large private sector banks are better positioned to navigate the current cycle and are likely to see higher relative valuations. They highlight a significant trade-off between growth and profitability at state-owned banks.

2024-09-06 13:43

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/investors-should-hold-onto-it-stocks-rally-not-overdone-says-morgan-stanley-12815959.html

Investors should hold onto IT stocks, rally not overdone, says Morgan Stanley

Targets for L&T Tech, Tata Elxsi, and Mphasis were raised by Morgan Stanley..Related stories.

Large and mid-cap IT stocks have caught the attention of investors once again, with the Nifty IT index surging almost 10 percent in one month. International brokerage Morgan Stanlet took a closer look at domestic technology players in an attempt to decode with the current rally is overdone or not. According to the brokerage, it is not yet time for investors to shed their IT holdings or deviate from their 'overweight' positioning on technology stocks. The uptick in BFSI spends is likely to keep the high growth for FY26 intact. The brokerage reiterated its overweight call on TCS and Infosys, and bumped their target prices up as well, with targets raised to Rs 4,910 and Rs 2,150 per share. HCL was downgraded to equal-weight with a target of Rs 1,840. Morgan Stanley upgraded LTIMindtree to overweight with a target of Rs 7,050, while Wipro remains underweight, though its target was raised to Rs 500. At 12 noon, LTIMindree was the top earner on the Nifty IT index, gaining three percent despite a muted market. LTIMindtree is poised to gain from a stronger deal conversion rate, steadying margins, and increased wallet share, noted the brokerage. On the other hand, HCL Technologies Ltd. faces a more subdued outlook due to fewer deal wins. Follow our live blog to catch all the updates Tech Mahindra holds an equal-weight call, with its target increased to Rs 1,680. Targets for L&T Tech, Tata Elxsi, and Mphasis were raised to Rs 4,730, Rs 6,860, and Rs 3,200, respectively. Cyient and Coforge also saw their targets revised to Rs 1,650 and Rs 7,825.

2024-09-06 12:22

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sbi-stock-falls-nearly-4-to-3-month-low-over-bearish-call-by-goldman-sachs-12815953.html

SBI stock falls nearly 4% to 3-month low over bearish call by Goldman Sachs

SBI shares dropped over Goldman Sachs report which downgraded its rating..Related stories.

State Bank of India (SBI) share price fell to a 3-month low on September 6 after global brokerage firm Goldman Sachs downgraded its rating on the stock to 'Sell'. SBI stock fell to the day's low of Rs 787.1 per share on the NSE, down 3.9 percent from its previous close. At the time of publishing, the stock was trading at Rs 790.95, declining 3.4 percent. The sharp fall in the stock came after analysts at Goldman Sachs downgraded it to 'Sell' from 'Neutral'. The brokerage also cut the SBI share price target to Rs 742 from an earlier call of Rs 841 earlier. The revised target price is more than 6 percent lower from yesterday's closing price. Goldman Sachs expects State Bank of India (SBI) to face several challenges as its Return on Assets (RoA) reaches its peak, leading to a possible reduction in valuation. Due to these challenges, the brokerage has lowered its Earnings Per Share (EPS) forecast for SBI by 3-9 percent for the financial years 2025 to 2027. Shares of SBI have delivered 22.86 percent returns on Year-to-date (YTD) rate. SBI stock rose 82.97 percent in the last three years. However, in another development, Goldman Sachs upgraded rating on SBI unit SBI Cards and Payment Services stock to 'Buy' from 'Sell' with a hike in target price, which led to a jump in its share price

2024-09-06 12:49

moneycontrol.com

https://www.moneycontrol.com/news/business/tata-motors-shares-hsbc-hold-muted-upside-12815740.html

Tata Motors shares down for a sixth day, HSBC assigns 'Hold' with muted upside

Tata Motors shares have rallied 35 percent since the start of the year..Related stories.

Shares of Tata Motors slipped by over a percent to Rs 1,054  in early trade on September 6, marking a sixth consecutive session of decline, as HSBC assigned a 'Hold' rating with a target price suggesting muted upside. With a Rs 1,100 target, HSBC has forecast an upside potential of just 3 percent from the last closing price on the National Stock Exchange. Follow our LIVE blog for all the latest market updates While financial metrics of Jaguar Land Rover (JLR) are improving, HSBC said there is a disconnect between these metrics and brand perception, which needs to align for JLR’s valuation to match that of Porsche. JLR's re-sale value trends remain weaker compared to Porsche, which may continue to weigh on Tata Motors' valuation too. India's largest automobile player Tata Motors' August sales fell 8 percent on year to 71,693 units, with both commercial vehicles (CV) as well as passenger vehicles (PV) sales falling in August. Total CV sales dropped 15 percent to 27,207 units in August, while PV sales fell by 3 percent on year to 44,486 units. Also read:ÂBrigade Enterprises raises Rs 1,500 cr through QIP: ICICI Pru, Goldman Sachs, Nippon, Kotak, Axis among investors Looking ahead, Motilal Oswal Financial Services anticipates a nearly 4 percent rise in Medium and Heavy Commercial Vehicles (M&HCV) volumes for FY25, equating to a residual growth rate of 4 percent or about 17,400 units per month. For Light Commercial Vehicles (LCVs), the brokerage expects volumes to remain largely flat, translating to a 5 percent residual growth or a monthly run rate of 19,300 units. Read more:ÂIndia’s markets defy pressure from increased capital gains tax, could see another hike: Jefferies At about 9:20 am, shares of the company were trading at Rs 1,056, lower by 1 percent from the previous close. Tata Motors shares have rallied 35 percent since the start of the year.

2024-09-06 10:27

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/pharma-healthcare-stocks-rise-as-defensive-plays-shine-amid-market-volatility-12816136.html

Pharma, Healthcare stocks rise as defensive plays shine amid market volatility

Concord Biotech, Eris Lifesciences, Glenmark Life Sciences, Neuland Laboratories, Piramal Pharma, Suven Pharma, RPG Life Sciences were among the stocks that hit 52-week high intraday..Related stories.

Gains in pharmaceutical and healthcare stocks such as Glenmark Lifesciences, Suven Pharma, others helped contain broader market losses on September 6 as investors showed buying interest in the defensive sector amid heightened market volatility. The pharmaceutical industry has seen an upswing in 2024 with the Nifty Pharma Index gaining 36 percent year-to-date, compared to 14 percent gains in benchmark Nifty 50. The pharma industry, known for its defensive nature, is gaining increased investor interest as a preferred diversification option. This growing attention from the broader investor community is further fueling the sector's rally. Midcap companies are leading the gains within the sector, driven by a surge in corporate announcements. Many of the recent approvals for drugs by the US FDA or other regulatory bodies, as well as new market entries, are coming from mid and small-sized firms. Follow our market blog to catch all the live action Domestic brokerage Prabhudas Lilladher expects a shift towards defensive sectors such as pharmaceuticals, consumer goods, durables, building materials, IT services and telecom. "While sectors like capital goods, infrastructure, logistics/ports, EMS, hospitals, tourism, auto, new energy, and e-commerce present attractive opportunities, investors should remain mindful of their valuations," it said. Nifty is expected to consolidate at a higher zone with intermittent volatility as key US economic data are lined up this week. "Defensive sectors like FMCG & Pharma are likely to remain in focus," said Siddharth Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services. Concord Biotech, Eris Lifesciences, Glenmark Life Sciences, Neuland Laboratories, Piramal Pharma, Suven Pharma, RPG Life Sciences were among the stocks that hit 52-week high intraday.

2024-09-06 13:36

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/radhakishan-damani-stock-vst-industries-skyrockets-20-on-ex-bonus-trading-12815812.html

Radhakishan Damani stock VST Industries skyrockets 20% on ex-bonus trading

VST Industries received in-principle approval from BSE and NSE for the issuance and proposed allotment of 15 crore equity shares as bonus shares. The bonus shares will be issued in a 10:1 ratio..Related stories.

Shares of cigarettes & tobacco products maker VST Industries surged 20 percent to hit the upper circuit as the stock traded ex-bonus. The company had announced the issue of 10 bonus shares for every one share held as of the record date (September 6). This is the first issue of bonus shares that VST Industries has announced. The record date is the specific day a company identifies which shareholders are eligible for benefits from corporate actions such as dividends, bonuses, stock splits, or share buybacks. VST Industriesreceived in-principle approval from BSE and NSE for the issuance and proposed allotment of 15 crore equity shares as bonus shares. Radhakishan Damani will be among the top winners of this bonus issue as the ace investor held 34.7 percent equity stake in the company as of June 30, 2024. Damani had sold a 2.26 percent stake in VST Industries via block deals ahead of the Q1FY25 results and the announcement of the bonus issue of shares in July. Follow our market blog to catch all the live action The cigarette maker reported a 3.5 percent on-year drop in its overall topline to Rs 321.33 crore for the quarter ended June 2024. Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell 30.4 percent YoY to Rs 73.28 crore. VST Industries stock was trading 20 percent higher at Rs 486.15 on the National Stock Exchange (NSE) in the previous session. The stock has gained 33 percent so far this year, outperforming Nifty's returns of 15 percent. In the past 12 months, the counter has risen around 30 percent. In comparison, Nifty rose 28 percent during this period.

2024-09-06 09:59

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/delta-corp-shares-rise-nearly-5-amid-likely-relief-at-gst-council-meeting-12815985.html

Delta Corp shares rise nearly 5% amid likely relief at GST Council meeting

Delta Corp shares rise nearly 5% amid likely relief at GST Council meeting.Related stories.

Casino operatorDelta Corp Ltdshares rose nearly 5 percent on September 6 over likely relief at GST Council meeting on September 9. The Goods and Services Tax (GST) Council is set to meet in Delhi on September 9 to discuss the implementation of the newly introduced Section 11A in the GST Act, 2017, Moneycontrol reported on September 6. The meeting will focus on interpreting the amendment of the section in a bid to grant relief to demand for retrospective tax. It will have implications for the real-money gaming (RMG) — online games where players can wager and win real money — industry and other sectors, an official said. Delta Corp owns Adda52, which offers online games like poker and rummy. At 11:55 am on September 6, Delta Corp's shares were trading 4.6 percent higher at Rs 137.52 apiece. The real money gaming (RMG) sub-segment constitutes a substantial part of the online gaming ecosystem, comprising 82.8 percent of the market share in FY23, with more than 400 RMG start-ups6. Industry estimates this sub-segment to contribute around Rs 6,500 crore-Rs 6,800 crore as direct tax revenues (comprising TDS and corporate tax), and Rs 75,000-Rs 76,000 crore as indirect tax revenue (GST) to the exchequer during FY24−28E, said an EY report in December 2023. In its 53rd meeting held in June, the council had recommended the insertion of Section 11A to regularise non-levy or short-levy of GST. Section 11A seeks to provide a legal safeguard against punitive retrospective tax demand and potentially alleviate financial burdens on industries facing outstanding GST dues. The council’s decision may have major implications for the RMG sector, which has been grappling with significant GST retrospective tax demand pertaining to a period between July 1 , 2017 — the day GST was rolled out — and March 31, 2023. Last December, the finance ministry had said that 71 show cause notices were issued to online gaming companies for their alleged GST evasion worth over Rs 1.12 lakh crore.

2024-09-06 12:13

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/phoenix-mills-stock-rises-5-as-mall-developer-fixes-record-date-for-bonus-issue-12815958.html

Phoenix Mills stock rises 5% as mall developer fixes record date for bonus issue

Morgan Stanley in July issued an overweight call on Phoenix Mills with a target price of Rs 3,400 per share..Related stories.

Shares of Phoenix Mills surged by up to 5.6% on September 6 after the company announced the record date for its previously declared bonus issue. The company has set September 21, as the record date for the bonus shares, pending approval from shareholders at the Annual General Meeting (AGM) scheduled for September 13. Phoenix Millsplans to issue one bonus share for each existing share held, marking the first bonus issue in nearly two decades. The last bonus share issuance occurred in December 2005, when the company distributed four free shares for each share held. Currently, Phoenix Mills’ shares have a face value of Rs 2 each. In addition to bonus shares, the retail mall developer and operator has consistently paid annual dividends ranging from Rs 1 to Rs 5 per share, with the most recent dividend of Rs 5 paid in FY24. Follow our market blog  to catch all the live action Phoenix Mills promoters held 47 percent of the company stake as of June 30. Meanwhile, Indian Mutual Funds held a 12.3 percent stake, Foreign Portfolio Investors owned 35.4 percent of the shares. Retail shareholders with authorized share capital of less than Rs 2 lakh held around 2 percent of company's shares. At 11:34 am, Phoenix Mills shares were trading over 1 percent higher at Rs 3,648.75 on the National Stock Exchange (NSE). The stock has gained 62 percent so far this year, outperforming Nifty's returns of 15 percent. In the past 12 months, the counter has zoomed 102 percent, more than doubling investors' capital. In comparison, Nifty rose 28 percent during this period. Morgan Stanley in July issued an overweight call on Phoenix Mills with a target price of Rs 3,400 per share. Despite a slower-than-expected consumption growth in Q1FY25, the company has shown promising signs, the brokerage noted. The sustained performance underscores the company's resilience and potential for continued growth in the retail sector, it added.

2024-09-06 11:44

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/dreamfolks-share-price-soars-over-10-on-expansion-into-highway-dining-12816084.html

Dreamfolks share price soars over 10% on expansion into 'highway dining'

Dreamfolks shares witnessed sharp uptick with the share price rising to the day's high of Rs 522.15 per share on the NSE.Related stories.

Dreamfolks Services share price surged over 10 percent on September 6 as the travel and lifestyle experiences company plans to launch the highway dining for travellers. Dreamfolks shares witnessed sharp uptick with the share price rising to day's high of Rs 522.15┬Āapiece on the NSE, rising 10.63 percent from its previous close. The stock had opened with a gain of 4.67 percent in today's session. The uptrend in the stock was witnessed after the share fell for two days consecutively. In the last one month, the share price┬Ārose 11.33 percent on the BSE. Commenting on the launch, Liberatha Kallat, Founder and CMD of DreamFolks, said: " As we continue to identify opportunities to┬Āenhance the travel experience across multiple touchpoints, expanding our offerings to highways is a natural progression. This new service reflects our vision of creating seamless and elevated travel experiences at every mode of the journey." The new offering marksDreamFolksŌĆÖ expansion beyond airports and railway stations to provide enhanced convenience for highway travellers. The new service will be available at over 600 outlets along key highways across the country. The company, in an exchange filing, said: "DreamFolks members can now enjoy specially designed meals at popular restaurants on more than 60 key highway routes emanating from major cities, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Kolkata. The service offers travellers a seamless, hassleŌĆÉfree dining experience while on the road." The business model of Dreamfolks Services is asset-light and integrates global card players, credit card and debit card issuers with airlines and various airport lounge operators. It also manages airlines' loyalty programmes. Dreamfolks has also bagged contracts from Indian Railways to offer similar services at stations.

2024-09-06 13:35

moneycontrol.com

https://www.moneycontrol.com/news/business/premier-energies-stock-soars-18-on-new-order-win-surges-164-above-ipo-price-12815885.html

Premier Energies stock soars 18% on new order win, surges 164% above IPO price

Premier Energies is the second-largest integrated manufacturer of solar cells and modules in India, with an annual installed capacity of 2 GW for solar cells and 3.36 GW for solar modules.Related stories.

Premier Energies  stock was on a stellar streak as well on September 6 following its explosive market debut of 120 percent surge over IPO price on September 3. The stock is showing no signs of slowing, as it climbed over 18 percent to a new high of Rs 1,188 a day after securing a Rs 215-crore order. Notably, the stock has soared over 30 percent in just two days, marking a blazing start for investors. The order is for the supply, installation, and commissioning with 5-year comprehensive warranty of 8,085 solar water pumping systems across various districts in Uttar Pradesh. The order will be executed by March 2025, the firm stated in a regulatory filing on September 5. Follow our LIVE blog for all the latest market updates This initiative is part of Component B of the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme. It is designed to enhance energy security for farmers in India while supporting the country's commitment to increase the share of installed electric power capacity from non-fossil-fuel sources to 40 percent by 2030, in line with its Intended Nationally Determined Contributions (INDCs). Premier Energies is the second-largest integrated manufacturer of solar cells and modules in India, with an annual installed capacity of 2 GW for solar cells and 3.36 GW for solar modules as of March 31, 2024. Read:ÂVodafone Idea drops 13%, Indus Towers falls 6% after Goldman Sachs flags concerns On August 26, a day before the issue opened, Premier Energies raised Rs 846.12 crore through its anchor book. The anchor investors included global marquee names such as Nomura Funds, Blackrock Institutional Trust Company, PGGM World Equity, Government Pension Fund Global, Abu Dhabi Investment Authority, Neuberger Berman Investment Funds, Morgan Stanley, BNP Paribas, Pioneer Investment Fund, Eastspring Investments, Carmignac Portfolio, and Allianz Global Investors Fund.  Â

2024-09-06 12:10

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/indigo-paints-peak-xv-partners-block-deal-upsized-to-around-rs-1550-cr-sells-22-stake-12815843.html

Indigo Paints: Peak XV Partners block deal upsized to around Rs 1,550 cr; sells 22% stake

Indigo Paints: Peak XV Partners block deal upsized to around Rs 1,550 cr; sells 22% stake.Related stories.

Peak XV Partners Investments (formerly Sequoia India) has upsized itsIndigo Paints'block deal launched late on September 5 from the earlier size of Rs 750-Rs 800 crore to Rs 1,550 crore, multiple industrysources in the know told Moneycontrolon the condition of anonymity. "On the back of strong demand, the deal size has been increased, and now Peak XV Partners has sold 22 per cent instead of the earlier proposed 11 percent dilution," said one of the persons above. As per exchange data, Peak XV Partners Investments currently holds 25.23 per cent stake in Indigo Paints. Post the upsized block deal, Peak XV Partners will hold onto the balance stake of around 3.23 percent, sources added. Moneycontrol was the first to report the block trade launch on September 5. The report said that the floor price of the block deal is Rs 1,470 per share, a discount of 4.6 percent to the closing price of Indigo Paints on September 5. It added that investment bank Jefferies is acting as the advisor on the deal. Peak XV Partners Investments declined to comment and Jefferies couldn't be reached for an immediate response. In the past 12-18 months, Peak XV has also been monetising stake in other firms like Go Fashion, Five Star Business Finance and Aptus Value Housing. "Given the relatively small scale of Indigo Paints in the large paints industry, the company has been able to grow much faster than the industry. Rising brand acceptance by consumers and the expansion of its distribution network have been driving the outperformance. However, the changing competitive landscape will be a key monitorable," said brokerage Motilal Oswal in a report on the firm released in August.

2024-09-06 10:40

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/rama-steel-tubes-surges-over-50-in-three-sessions-whats-triggering-the-upmove-12815961.html

Rama Steel Tubes surges over 50% in three sessions, what's triggering the upmove?

This partnership will focus on leveraging the expertise of Rama Steel Tubes to provide steel structures along with single-axis trackers to Onix Renewables..Related stories.

Rama Steel Tubes extended its winning streak for the third consecutive session, surging over 55 percent over three session, after the firm announced a strategic collaboration with Onix Renewable. At 12.15 pm, shares ofÂRama Steel Tubeswere quoting Rs 16.37 on the BSE, higher by 18 percent compared to the previous session's closing price. Over 36 crore shares exchanged hands in trade on the bourses, over 500 percent higher than the one-month daily traded average of seven crore shares. Follow our blog to catch all the live updates The trigger that kickstarted this record-breaking rally is Rama Steel Tubes' strategic collaboration with Onix Renewable. "This partnership will focus on leveraging the expertise of Rama Steel Tubes to provide steel structures along with single-axis trackers, and will also focus on dual-axis trackers to be expanded in the future essential for solar projects undertaken by Onix Renewable," said the firm in a filing with the exchanges. Rama Steel Tubes has expanded its expertise and developed specialised steel structures and tracker tubes which will serve as the backbone for Greenfield Solar Projects. This marks the firm's entry into the Green Energy segment. The steel player also added that it is determined to deliver products that ensure the highest standards of reliability, durability, and performance, which are critical to the long-term success of solar greenfield projects. Over the past year, shares of Rama Steel Tubes have gained around 24 percent, as against a 30 percent jump in the Nifty 50 index.

2024-09-06 12:49

moneycontrol.com

https://www.moneycontrol.com/news/currency/dollar-wallows-at-one-week-low-as-payrolls-test-looms-large-12815680.html

Dollar wallows at one-week low as payrolls test looms large

A report on Thursday showed the number of Americans filing new applications for jobless benefits declined last week as layoffs remained low. That helped allay fears that the labor market was deteriorating rapidly, after figures released the previous day showed private jobs growth slumped to a 3-1/2-year low in August..Related stories.

The US dollar sagged near a one-week low versus major peers on Friday with job market indicators sending mixed signals ahead of crucial monthly payrolls data later in the day that is almost certain to set the pace for Federal Reserve policy easing. The dollar index, which gauges the currency against a basket of six key counterparts, was steady at 101.03 as of 0015 GMT, after slipping about 0.2% overnight and touching 100.96 for the first time since Aug. 29. For the week, it has dropped close to 0.7%. A report on Thursday showed the number of Americans filing new applications for jobless benefits declined last week as layoffs remained low. That helped allay fears that the labor market was deteriorating rapidly, after figures released the previous day showed private jobs growth slumped to a 3-1/2-year low in August. The mixed data leaves traders guessing before Friday's payrolls print, with economists surveyed by Reuters predicting an increase of 165,000 jobs in August, up from a 114,000 rise in July. What the Fed makes of the numbers will be almost immediately obvious, with both Governor Christopher Waller and New York Fed President John Williams separately taking to the podium in the final Fedspeak before the blackout period begins ahead of this month's policy gathering. Traders currently see 40% odds for a super-sized 50-basis point (bp) Fed interest rate cut on Sept. 18, versus 60% probability of a quarter-point reduction, according to the CME Group's FedWatch Tool. A day earlier, wagers on the larger cut stood at 44%, but a week ago it was 34%. Fed Chair Jerome Powell signaled the central bank's focus was shifting from fighting inflation to preventing deterioration in the jobs market when he strongly endorsed an imminent start to the monetary easing cycle at the annual economic conference in Jackson Hole last month. "Recent labor data has fanned fears of labor market softening (and) the August payroll report could be a 'make or break' moment," TD Securities analysts including head of global strategy Rich Kelly wrote in a report. However, TD expects 205,000 jobs were added in August, setting up a quarter point cut this month, and triggering a dollar rebound. "There is simply lots of bad news priced into the USD, increasing the risks that a string of good news will kick-start a sizeable correction." The dollar was steady at 143.25 yen, after dipping to 142.855 overnight for the first time since Aug. 5, pressured by a slide in U.S. Treasury yields, with that on the 10-year note dipping to a one-month trough of 3.721%. The euro held its ground at $1.1112, just below Thursday's one-week high of $1.11195. Sterling was little changed at $1.31755, sticking close to the overnight top at $1.31855, the strongest level since Aug. 30. The risk-sensitive Australian dollar edged down slightly to $0.6739. Leading cryptocurrency bitcoin rose 0.2% to $56,167, attempting to recover from its slump to a nearly one-month low of $55,575.78 this week.

2024-09-06 06:52

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/indias-markets-defy-pressure-from-increased-capital-gains-tax-could-see-another-hike-jefferies-12815736.html

India's resilience despite capital gains tax surprised Jefferies, Chris Wood says another hike on cards

Is still way too premature to call an end to the real-estate cycle, said Jefferies..Related stories.

Indian market's resilience to the increase in capital gains tax has surprised many market participants, including Chris Wood of Jefferies, who shared his astonishment in the latest edition of Greed and Fear note, on September 6, admitting that he was expecting somewhat negative impact. Another hike in capital gains could be on the card, the Jefferies note said, adding that the increase contributes to higher nervousness, especially since investors in many other Asian economies face no capital gains tax at all. Equities now attract a long-term capital gains tax (LTCG) of 12.5 percent, up from from 10 percent, while short-term capital gains tax (STCG) would be 20 percent, up from 15 percent earlier, as announced by Finance Minister Nirmala Sitharaman in theUnion Budgetin July. As a result of the changing capital gains tax structure, it is still way too premature to call an end to the real estate cycle, though a pause to refresh is both healthy and to be expected. Also Read |ÂHike in capital gains tax only a temporary concern, say MF players The government’s decision to hike tax on both, long-term capital gains and short-term capital gains had taken the mutual fund industry by surprise, though participants are unanimous that this is will not have any serious impact on the sentiment. Venkat Chalasani, Chief Executive, Association of Mutual Funds too sounded confident that the tax hike will not deter investors. “While the changes in rates for Long Term Capital Gain and Short Term Capital Gain were not anticipated, the markets will take them in their stride," Chalasani had said.

2024-09-06 08:56

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/short-call-why-ai-will-be-crude-oils-biggest-wildcard-uno-minda-suzlon-energy-in-focus-12815705.html

Short Call | Why AI will be crude oil’s biggest wildcard; Uno Minda, Suzlon Energy in focus

In a recent update, Google-parent Alphabet gave up its ‘carbon-zero’ claim..Related stories.

Sure, we can give retail investors and DIIs the credit for this breakneck rally we’ve seen over the past 18 months. But over the short-term, a key trigger buoying the markets is falling crude prices. This time around falling oil prices aren’t indicative of sluggish demand, but heightened supply. Non-OPEC oil producers are chipping away at the stalwart’s market-share, flooding the markets with cheaper fuel. While oil has exited the stage to give renewable energy its share of the limelight, we all know who is running the show behind the scenes. Experts estimate that demand for crude oil is likely to surge, as the burgeoning AI-sector will only expand, and with it, the need for fuel. In a recent update, Google-parent Alphabet gave up its ‘carbon-zero’ claim as its bet on artificial intelligence led to emissions soaring by around 50 percent, while other tech giants have doubled down on purchasing carbon offsets. However, Goldman Sachs shares a contrarian view to most oil experts: AI will actually weigh on oil prices. Artificial intelligence could improve logistics capabilities and boost oil production, leading to higher supply which will push oil prices down. Regardless, it seems like oil isn’t going away anytime soon, and the AI revolution could be a make-or-break moment, driving (or curtailing) demand in unprecedented manners. The markets, as always, are watching closely. Uno Minda (Rs 1,132, -3%) Kotak Institutional Equities downgraded the stock to a 'sell' rating. Bear case:Growth momentum to moderate amid slowdown in passenger vehicle segment and new porduct addition coupled with capacity expansion to drag margins lower. KIE also sees risk reward for the stock as unfavourable due to expensive valuations. Bull case:Despite moderation, the company is likely to continue to outperform industry growth driven by the premiumization trend across 2W and 4W, strong order wins and market share expansion. Suzlon Energy (Rs 76.25, +2.8%) The company sold and leased back its prime real estate in Pune for five years, raising Rs 4.4 billion. Bull Case:The capital will be used to enhance execution capabilities. Company is expected to secure over 2GW of additional orders in FY25 and FY26. Government plans to tender 10GW of wind capacity annually from FY23-27 which might create opportunities for Suzlon. Company is net cash positive with a cash reserve of Rs 13 billion as of June 2024. Bear Case:Negative surprises in Wind Turbine Generator (WTG) execution and order inflows could pose risks to the company. Stock has been trading within a narrow range of Rs 75-80, indicating uncertainty among traders. (With inputs from Vaibhavi and Neeshita)

2024-09-06 08:05

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/vodafone-idea-drops-13-indus-towers-falls-6-after-goldman-flags-concerns-12815692.html

Vodafone Idea drops 13%, Indus Towers falls 6% after Goldman Sachs flags concerns

Vodafone Idea Ltd.Related stories.

Shares of Vodafone Idea and Indus Towers took a massive dive on September 6 after Goldman Sachs, in its latest research report, expressed concerns over the telecom companies.ÂVodafone Idea'sshares fell over 13 percent and hit a 52-week low of Rs 9.55 after Goldman maintained its 'Sell' rating on the stock but slightly increased the target price to Rs 2.5 from Rs 2.2, which suggested an 83 percent downside in the stock price.  Goldman, in its report, said that the company faces difficulties in achieving free cash flow break-even and recovering market share. The outlook for Vodafone Idea seemed bleak with Goldman anticipating Vodafone Idea to lose another 300 basis points in market share over the next 3-4 years. Even in an optimistic scenario - where the company's adjusted gross revenue (AGR) dues are slashed by 65 percent, tariffs consistently increase, and no near-term government repayments are required - Goldman still sees a best-case implied value per share of just Rs 19 Follow our live blog for all the market action Here are the other brokerage recommendations for Vodafone Idea: Source: Bloomberg Indus Towers'shares fell over 6 perent after Goldman downgraded the stock to 'Sell' from 'Neutral' rating, although it hiked the target price to Rs 350 from Rs 220. Goldman noted a disconnect between the company's fundamentals and its current valuations while also saying that the recent re-rating of Indus Towers is overdone. The firm sees limited visibility on medium- and long-term growth prospects. Goldman Sachs would adopt a more constructive stance only if Vodafone Idea, one of Indus's key clients, can successfully repair its balance sheet. Notably, Indus Towers' stock has surged over 75 percent in the past six months and is currently trading at Rs 443, which is 26 percent above Goldman Sachs' target price of Rs 350. Also Read |ÂGovt won't interfere in Vodafone Idea's affairs, says telecom minister Scindia However, forBharti Airtel, Goldman Sachs significantly raised its target price to Rs 1,700 from the previous Rs 900, indicating an upside of 10 percent from the stock's current market price. The firm has also maintained its 'Buy' rating. The global brokerage said that strong growth and a turning point in free cash flow (FCF) and returns profile, warrant the stock's premium valuation. Goldman believes Bharti Airtel's growth momentum will continue, driven by market share gains, organic growth levers, and potential future tariff hikes. The company's India revenue and EBITDA are expected to grow at 16 percent and 21 percent CAGR over FY24-27. Additionally, Goldman foresees Bharti Airtel achieving improvements in its balance sheet. The brokerage firm expects the company's net debt to approach zero by FY28.

2024-09-06 14:04

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/oil-steadies-on-us-crude-stock-drawdown-opec-output-hikes-delay-12815681.html

Oil steadies on US crude stock drawdown, OPEC+ output hikes delay

Brent settled down 1 cent at its lowest close since June 2023 on Thursday and WTI was down 5 cents to the lowest close since December 2023 after data showed that U.S. crude stockpiles fell to a one-year low last week..Related stories.

Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from US crude inventories and a delay to production hikes by OPEC+ producers against mixed US employment data. Brent crude futures rose 19 cents, or 0.26%, to $72.88 at 0010 GMT, and U.S. West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37. "Crude oil edged higher as bullish signals offset the bearish sentiment that has gripped the market in recent days," ANZ analyst Daniel Hynes said, adding that a weaker dollar was also supporting commodities prices. Brent settled down 1 cent at its lowest close since June 2023 on Thursday and WTI was down 5 cents to the lowest close since December 2023 after data showed that U.S. crude stockpiles fell to a one-year low last week. Crude stockpiles fell by 6.9 million barrels to 418.3 million barrels last week compared with analysts' expectations in a Reuters poll for a 993,000-barrel draw. Also lifting prices, OPEC+ agreed to delay a planned oil production increase for October and November, the producers group said on Thursday, adding that it could further pause or reverse the hikes if needed. The latest US economic data offered some relief about the health of the economy to a market looking for clues about the path of Federal Reserve interest rate cuts. US services sector activity was steady in August, but employment gains slowed, remaining consistent with an easing labor market. The mixed signals from job market indicators weighed on the dollar, which sagged near a one-week low ahead of crucial monthly payrolls data due later on Friday. A weaker dollar makes oil cheaper for buyers using other currencies.

2024-09-06 06:56

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/indigo-paints-block-deal-25-stake-changes-hands-for-rs-1792-crore-peak-xv-likely-seller-12815730.html

Indigo Paints block deal: 25% stake sold for Rs 1,750 crore, Peak XV sells part equity; stock falls

Peak XV Partners has likely sold partial stake in Indigo Paints in block deals..Related stories.

Indigo Paints stock saw as much as 25 percent equity stake being sold for about Rs 1,750 in block deals on 6 September, with Peak XV Partners offloading part of their shareholding. The deal is much larger than expected  per an earlier report. A total of 1.17 crore shares ofIndigo Paintswere sold, with Peak XV offering up to 52 lakh shares (which aggregates to about 11 percent stake in the company), reported Bloomberg citing terms. The sale was at Rs 1,493 per share, reported CNBC TV18. The floor price for the block deals was set at Rs 1,470 per share, representing a 4.6 percent discount to Indigo Paints closing price of Rs 1,534 on 5 September. Another news report said that equity stake worth Rs 2,329 crore was sold. Indigo Paints stock fell. It was trading at Rs 1,485 on NSE on 6 September, down 3.6 percent from the previous close. Earlier yesterday, Moneycontrol reported that venture capital and growth investing firm Peak XV Partners (formerly known as Sequoia India) was looking to offload an 11 percent stake in Indigo Paints for about Rs 780 crore, with Jefferies acting as the advisor on the transaction. LIVE |Follow Moneycontrol Stock Market Live Blog For Real-Time Updates Peak XV Partners held a 25.23 percent equity stake in Indigo Paints, as of the last update shared with the stock exchanges. The investment firm partnered with Indigo Paints in the year 2014, according to its website. Indigo Paints, which was founded in the year 2000, had its IPO in 2021. The stock has fallen as much as 42 percent since its debut. It has also underperformed this year, rising less than 3 percent since January, far slower than the Nifty’s 15 percent gain. Analysts are optimistic about Indigo Paints’ growth due to brand acceptance and a wider distribution network but warn of competitive risks. The share sale in Indigo Paints marks another significant monetisation move by Peak XV in recent months. The firm has been actively reducing its stakes in portfolio companies such as Go Fashion, Five Star Business Finance, and Aptus Value Housing. Peak XV Partners is the India and Southeast Asia arm of Sequoia Capital, a global venture capital firm that was originally founded in 1972. Peak XV Partners underwent a rebranding in 2023, changing its name from Sequoia India to Peak XV Partners as part of a broader restructuring of Sequoia Capital's global operations.

2024-09-06 09:48

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/daily-voice-unmesh-sharma-of-hdfc-securities-explains-why-he-is-underweight-on-it-space-adds-exposure-to-fmcg-12815662.html

Daily Voice: Unmesh Sharma of HDFC Securities explains why he's underweight on IT space, added exposure to FMCG

Unmesh Sharma is the Head of Institutional Equities at HDFC Securities.Related stories.

HDFC Securities continues to be underweight on the IT sector, says Head of Institutional Equities, Unmesh Sharma. "We would await more convincing data before turning decisively positive on the sector." According to him, valuations have already moved up and now Nifty IT is trading at +2standard deviation above mean levels leaving little room for further appreciation. The Nifty IT rallied more than 35 percent since June lows. In case of FMCG space, HDFC Securities has become constructive on the sector and increased allocation in HSIE model portfolio, said Sharma who has over 20 years of experience in the capital markets. What is your earnings forecast for Q2FY25 after reading Q1FY25 numbers? Earnings growth for our coverage universe of 229 stocks got benefited by low input costs and hence far outperformed revenue growth in FY24. In our view, the advantages of soft input costs have largely been consumed and hereon earnings growth must be demand led. So, earnings growth is expected to be closer to revenue growth in FY25, as base effect also catches up. Signs of the earnings growth moderation was visible in Q1FY25 itself when we witnessed 0 percent YoY earnings growth for coverage universe (ex-OMCs, 13 percent YoY growth). It contrasted with 20 percent and 22 percent YoY growth in Q3FY24 and Q4FY24, respectively. We believe YoY earnings growth for Q2FY25 will be in high single digits and for FY25E, it is expected to be 6 percent (ex-energy 13 percent). Have you increased exposure to FMCG and IT space? FMCG FMCG stocks have undergone a moderation in valuations in last couple of years before a recent pickup. Further, there have been a gradual volume growth recovery, which makes us have a close relook at the sector. We expect consumption demand to witness a slight pickup in FY25 driven by normal monsoon, gradual rural recovery, and transmission of input cost benefits to consumers by FMCG companies. Hence, we have become constructive on the sector and increased allocation, as reflected in HSIE model portfolio. IT Led by BFSI clients, green shoots are visible in the demand environment for IT services sector but macro uncertainty and subdued discretionary spendings continue. Furthermore, deal conversions to revenue transmission has improved marginally which reflects early signs of recovery. In view of the short-term uncertainty but bright long-term prospects for the sector, we have built in a gradual recovery in next two years. While sector is awaiting a convincing growth environment, valuations have already moved up and now Nifty IT is trading at +2 standard deviation above mean levels leaving little room for further appreciation. Hence, we continue to be underweight on the sector. We would await more convincing data before turning decisively positive on the sector. Are you considering fresh entry into defence and railway stocks? We don’t have any coverage on defence/railway stocks, nonetheless we have keenly tracked valuations of stocks in these sectors. In our view, the defence and railway themes are potent, and these will continue fueling earnings growth of the involved companies for several more quarters, however many stocks have run ahead of their fundamentals meaningfully. Hence, we wouldn’t recommend a fresh entry until valuation softens to more palatable levels. Do you see better opportunities in new IPOs? In our view, investors are able to identify the nuances to attribute high PEs to profitability and sustainability of delivery. We think the best way to look at IPO situations is on a case-by-case basis; the individual business models are different and so are the markets and customers they service. It’s not prudent to club them together because the key drivers for these companies especially mortality are different. We take a bottom-up approach to evaluating these companies and focus on the sustainability of their respective business models. It’s important to have a degree of embedded scrutiny when looking at these new-age tech companies in order to evaluate which of them will have successfully disrupted and changed their industries in the next decade. Your take on consumer staples? Consumer staples segment has been witnessing gradual demand growth revival led by summer portfolio and varied degrees of rural recovery observed by the companies. Hot beverages and refreshment portfolios which remained subdued due to heatwaves in Q1FY25 are expected to show decent growth as summer recedes. Further, normal monsoon and moderate inflation bodes well for rural consumption. Additionally, soft input costs regime has continued which has helped staple companies invest towards A&P and pass on benefits to consumers. In view of all these factors supporting the segment, we have turned constructive on the sector. It can be noted that given our positive view on the sector, we have been reducing our extent of being underweight on the sector in last two quarters and now we have turned marginally overweight, as reflected in the HSIE model portfolio. Do you think Fed may not be aggressive in interest rate cuts, and the RBI may go for one rate cut in 2024? The market is building in a rate cut - also confirmed by recent comments by the Fed Chairperson in recent Jackson Hole Summit. The question is what’s the quantum? Based on bond market, 30 percent of the market thinks we can get a 50-bps rate cut in September FOMC meet while the majority thinks it is going to be 25bps. Economic data on growth and inflation in the US put us in the second camp. Further, if we consider FED’s stance for CY24, we expect Fed to cut rate 2-3 times (50-75 bps in total) by December-end. Accordingly, RBI is expected to take a cue from this and begin rate cut cycle with a 25bps cut in CY24.

2024-09-06 09:13

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/buffetts-berkshire-offloads-more-shares-in-bank-of-america-12815677.html

Buffett's Berkshire offloads more shares in Bank of America

Berkshire's share of cash holding has more than doubled in just two years, and are now rapidly moving towards the $300 billion mark..Related stories.

Warren Buffett's Berkshire Hathaway has offloaded $760 million worth of shares in Bank of America - one of its biggest holdings - during last three sessions, regulatory filings showed on September 6. The sale of 18.7 million BofA shares has added to Berkshire's rising cash pile, now at $277 billion, with a total of $6.97 billion coming fromtrimming stake in the bank since July. Even then, Berkshire remains Bank of America’s biggest shareholder with a 11% stake which is valued at $34.7 billion. It is possible that Berkshire's stake in America's second-largest bank may slip below the 10% threshold going forward, that requires regulatory disclosures within a few days of the transaction. Berkshire's share of cash holding has more than doubled in just two years, and are now rapidly moving towards the $300 billion mark. One of factors that could explain Buffett's sustained trimming of positions in key stocks could be that he is expecting higher corporate taxes going forward. “With present fiscal policies, I think something has to give. And I think higher taxes are quite likely,” Buffett had said during the Berkshire AGM in May 2024. Berkshire has struggled to deploy its cash pile as deals have been hard to come by. At the annual shareholder meeting in May, Buffett had said that he was not in a a rush to spend unless the opportunity has 'very little risk and can make us a lot of money.' Berkshire's June quarter shareholding had also revealed small stakes in cosmetics chain Ulta Beauty and aerospace company Heico. Just recently, Berkshire Hathaway's market capitalisationcrossed the $1 trillion mark, reflecting strong investor confidence behind the company. Berkshire is now in the league of only six other companies of this size, all of them Big Tech: Apple, Nvidia, Microsoft, Alphabet, Amazon and Meta Platforms. Earlier this year, Berkshire sold more than half of itsshareholding in Apple. The sustained selling in the shares of Bank of America has prompted many market participants to explore the purpose to holding so much cash at this time in the economy, and the broad message that it may be conveying.

2024-09-06 06:44

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/brokerage-radar-morgan-stanley-raises-price-aim-for-tcs-infosys-goldman-sachs-downgrades-sbi-12815734.html

Brokerage Radar: Morgan Stanley raises price aim for TCS, Infosys; Goldman Sachs downgrades SBI

Brokerage Radar.Related stories.

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes telecom stocks, IT stocks, SBI and more. Goldman Sachs On Vodafone IdeaSell Call, Target `2.5/ShRecent Capital Raise Is Unlikely To Be Adequate To Stop Co’s Market Share ErosionForecast Another 300 bps Share Loss For Co Over Next 3-4 YearsCo Has Large AGR/Spectrum Related Payments Starting In FY26Est ARPUs Would Have To Rise By `200-270 Vs Dec‘24 Lvls To Be Sustainably Free Cash Flow NeutralWe Expect FCF To Be Negative At Least Until FY31 Goldman Sachs On Bharti AirtelBuy Call, Target `1,700/ShStrong Growth With Inflecting FCF/Returns Profile Warrants Premium ValuationSee Growth Tailwinds To Sustain, Driven By Continued Share Gains (200 bps Over Next 3 Yrs)Growth Tailwinds To Sustain, Driven By Organic Growth Levers & Future Tariff HikesForecast India Revenues To Grow At A 16% FY24-27 CAGR (14% At Consolidated Level)Forecast EBITDA Growing At A 21% CAGR During FY24-27 (17% At Consolidated Level) Goldman Sachs On Indus TowersDowngrade To Sell, Target Raised To `350/Sh From `220/ShBelieve There Has Been An Improvement In Fundamentals; Raise EBITDA Est By Up To 17%There Is Merit For Higher Multiple Vs Recent History But See Indus’ Re-rating As OverdoneBelieve Voda Idea’s Market Share Erosion & Pressure On FCF Will ContinueSee Limited Visibility On Medium/Long Term Growth OutlookCurrent Share Price Implies Sustained 8-10% EBITDA Growth Until FY30, Which See As Unlikely Goldman Sachs On SBIDowngrade To Sell, Target Cut To `742/Sh From `841/ShMultiple Headwinds Ahead As RoAs Peak; Valuation De-rating LikelyBelieve Risk-reward Profile Is Turning Unfavorable On Growing Headwinds To Sustainability Of RoAExpect RoaA To Moderate From Peak Levels Of 1% In FY24 To Sub-1% In FY26Lower Loan Growth Going Forward Given The Widening Gap With Deposit GrowthExpected Increase In Credit Costs On Rising Slippages In MSME / Agri / Unsecured PortfoliosCut FY25-27 EPS By 3-9% & Target Multiple To 1.X From 1.2x Previously Goldman Sachs On Aavas FinUpgrade To Buy, Target `2,160/ShSee Value Emerging As Co Improved Its Growth OutlookBelieve Expanded RoAs Not Adequately Reflected In Its Below-Mean P/E MultiplesForecast PpOP CAGR Of 25% & PAT CAGR Of 25% Over FY24-27 Morgan Stanley On IT SectorOverweight Call On TCS & Infosys, Target Raised To `4,910/Sh & `2,150/Sh RespectivelyDowngrade HCL To Equal-Weight, Target `1,840/ShUpgrade LTIMindtree To Overweight, Target Raised To `7,050/ShUnderweight Call On Wipro, Target Raised To `500/ShEqual-Weight Call On Tech Mahindra, Target Raised to `1,680/ShTarget Raised to `4,730/Sh, `6,860/Sh, `3,200/Sh For L&T Tech, Tata Elxsi, Mphasis RespectivelyTarget Raised `1,650/Sh & `7,825/Sh For Cyient & Coforge RespectivelyKey Sector Debate Is Whether Current Rally Is OverdoneThink It Is Not Time For Investors To Lighten Their Overweight PositioningBelieve Revenue Upgrade Cycle Will Continue, Which Should Keep Multiples HighUptick In BFSI Spend Is Likely To Keep High Growth Expectations For FY26 IntactLimited Deal Wins Keeps Outlook Relatively Soft For HCLTech Morgan Stanley On Oil & GasWell-supplied Energy Markets, SOE Reforms Should Benefit The Energy Value Chain In IndiaStrong Domestic Demand & Monetisation Of Key Proj Should Benefit Energy Value ChainONGC Is Top Pick, Followed By HPCL & GAIL, Upstream Are Key Overweights HSBC On Tata MotorsHold Call, Target `1,100/ShFinancial Metrics & Brand Perception Have To Converge For JLR’s Valn To Converge With Porsche’sFinancial Metrics Of JLR Are Improving But Resale Value Trends Remain Inferior Vs PorscheValuation May Continue To Lag Porsche’s CLSA On Prestige EstatesOutperform Call, Target Raised To `2,380/ShRecent Equity Fundraise Is Well Poised To Scale Up Both Its Residential & Annuity BizBelieve The Street’s Concerns On Growth Visibility Is Now Allayed With This FundraiseWorries On Rise In Debt Levels Is Now Allayed & Thus The Stock Warrants A Re-rating

2024-09-06 08:28

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/coal-india-stock-gets-mixed-ratings-after-output-dips-12-yoy-psu-stock-rises-94-in-a-year-12815713.html

Coal India gets mixed ratings after output dips 12%; PSU stock rises 94% in a year

In the past 12 months, Coal India stock has zoomed 94 percent, nearly doubling investors' capital. In comparison, Nifty rose 28 percent during this period..Related stories.

Coal India shares are in focus on September 6 after the PSU reported a 12 percent year-on-year drop in output, attributed to prolonged monsoon rains in key coal-producing states such as Odisha, Jharkhand, and West Bengal. Analysts pointed to the erratic monsoon as the main reason for the slowdown in volume growth. Brokerages have a divided view on the stock, with Motilal Oswal and JM Financial reiterating their 'buy' ratings, while Nuvama maintained its 'sell on rise' recommendation. According to analysts, as India moves toward a $5 trillion economy, its dependency on thermal power plants will rise to ensure 24x7 uninterrupted power supply, which is expected to benefit Coal India. The company aims to reach a production target of 838 MT in FY25, with e-auction dispatches comprising about 15 percent of total volumes. Supported by strong volume projections, healthy e-auction premiums, and reduced costs, Motilal Oswal maintains a positive outlook on Coal India, keeping it as their top pick in the metals and mining sector. "We reiterate our BUY rating with a TP of Rs 600/share, valuing the stock at 6x FY26E EV/EBITDA," it said. Follow our market blog to catch all the live action Meanwhile, JM Financial highlighted that global coal prices have dropped significantly due to an oversupply in China, with Indonesian coal consolidating around $92-96/t, and Coal India's e-auction prices stabilizing at Rs 2,300-2,500/t. With a realistic production target of 838 MT for FY25, the firm remains confident inCoal India's long-term growth, driven by record power demand, increased focus on thermal capacity expansion, and strategic initiatives like MDO. The brokerage maintained a 'buy' rating on Coal India with an unchanged target price of Rs 601. Nuvama emphasised that the globe is not yet prepared to transition to renewable energy. So for the foreseeable future, coal will continue to be the most popular fuel. Additionally, as a result of the disruption in Russia's natural gas supply, demand has switched to coal. However, the brokerage emphasized several key risks for Coal India, including a decline in international coal prices, a significant drop in e-auction prices, lower-than-anticipated volume growth, and the potential sale of the Government of India's stake through Offer for Sale (OFS). Coal India stock ended 1.2 percent lower at Rs 497.20 on the National Stock Exchange (NSE) in the previous session. The stock has gained around 30 percent so far this year, outperforming Nifty's returns of 15 percent. In the past 12 months, the counter has zoomed 94 percent, nearly doubling investors' capital. In comparison, Nifty rose 28 percent during this period.

2024-09-06 08:53

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https://www.moneycontrol.com/news/business/markets/sensex-nifty-fall-sharply-ahead-of-us-jobs-data-bank-stocks-decline-12815741.html

Nifty below 25,000, Sensex down over 800 points ahead of US jobs data, banks lead the decline

The broader market also saw selling pressure with BSE Midcap and Smallcap indices falling 0.8 and 0.3 percent, respectively..Related stories.

The Sensex and Nifty opened slightly lower on September 6 but fell sharply thereafter ahead of a crucial US jobs report that could determine the size and speed of the Federal Reserve's interest rate cuts later this month. Energy and banking stocks witnessed selling pressure in early trade while the Nifty IT index gained 0.8 percent. At 10.00 AM, the Sensex was down 561 points or 0.7 percent at 81,639. Nifty fell below its crucial support of 25,000 and was down 161 points or 0.6 percent at 24,983. About 1,286 shares advanced, 1,778 shares declined, and 119 shares remained unchanged. "In the past couple of sessions, the markets have been consolidating within a range on the index front. Despite this, the broader markets, particularly small-cap and mid-cap indices, have continued to make new record highs, indicating strong stock-specific buying interest. In the short term, the market may experience time-wise consolidation rather than price-wise corrections," Ruchit Jain, Lead Research Analyst at 5paisa told Moneycontrol. Follow our live blog for all the market action Coming to sectoral performance, Nifty Private Bank, Nifty Bank, and Nifty PSU Bank declined 0.7-1.7 percent.SBIfell over 3 percent and was the worst-hit stock on Nifty 50 after Goldman downgraded the stock to 'Sell' and cut the target price to Rs 742 from Rs 841. Coal India, ONGC, and UltraTech Cement were some of the other losers on Nifty 50. Nifty IT which has risen nearly a percent in early trade, gave up its gains and fell 0.2 percent.LTIMindtree, however continued to top the Nifty 50 gainers lists, rising 1.5 percent, after Morgan Stanley upgraded the stock to 'overweight' and raised its target price to Rs 7,050 per share. Bajaj Finance, Britannia, Bajaj Finserv, and TCS were some of the other gainers on Nifty 50. The broader market also saw selling pressure with BSE Midcap and Smallcap indices falling 0.8 and 0.3 percent, respectively. The volatility index, India VIX, rose over 7 percent to 15.3. Also Read |ÂTwelve IPOs will compete to raise over $1 billion next week Overnight, the US benchmark indices S&P 500 and Dow closed lower after the boost from a series of economic reports faded, with investors shifting their focus to key US jobs data due later in the day. Traders currently see a 59 percent chance of a quarter-point rate cut, according to CME's FedWatch tool. In Asia-Pacific, markets mostly declined in early trade as investors digested Japan's July household spending data which fell short of expectations and rose just 0.1 percent year-over-year. The weak spending figures may limit the Bank of Japan's options for raising interest rates.

2024-09-06 11:08

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https://www.moneycontrol.com/news/business/stocks/pidilite-industries-shares-gain-on-distribution-agreement-with-colltech-group-12815559.html

Pidilite Industries shares gain on distribution agreement with CollTech Group

Pidilite Industries.

Pidilite Industriesshares gained in early trading on September 6, following the announcement of a new distribution agreement with CollTech Group. At 09:23am, Pidilite Industries was quoting at Rs 3,237.35, up Rs 31.15, or 0.97 percent, on the BSE. Under this agreement, Pidilite will become the exclusive distributor of CollTech's comprehensive product range in India. The partnership aims to boost CollTech’s market presence while strengthening Pidilite’s footprint in the electronics industry within the country. Catch all the market action on our live blog The company had reported a consolidated net profit of Rs 571 crore for the June quarter, marking a 21% increase year-on-year. Net sales also saw a 4% rise, reaching Rs 3,384 crore. The share touched a 52-week high of Rs 3,277.80 and a 52-week low of Rs 2,293.10 on 08 August, 2024 and 26 October, 2023, respectively. Currently, the stock is trading 1.23 percent below its 52-week high and 41.18 percent above its 52-week low.

2024-09-06 09:24

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https://www.moneycontrol.com/news/business/markets/prestige-estates-stock-in-focus-as-realtor-raises-rs-5000-crore-via-qip-12815694.html

Prestige Estates stock rises as realtor raises Rs 5,000 crore via QIP; CLSA raises target price

Prestige Estates is one of the leading real estate developers in the country with a presence across six major cities and other urban centres..Related stories.

Shares of Bengaluru-based Prestige Estates Projects gained on September 6 after the real estate developer informed that it has raised Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company launched the Qualified Institutional Placement (QIP) last week on August 29. CLSA has given an "outperform" call on Prestige Estates, raising the target price to Rs 2,380 per share. The recent equity fundraising by the company is expected to significantly scale up both its residential and annuity businesses. CLSA believes that this move addresses the market's concerns regarding growth visibility, while also easing worries about rising debt levels, warranting a re-rating of the stock. In July, the realtor had taken approval of its shareholders to raise capital by way of public or private offerings including through a QIP to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs 5,000 crore. APrestige Estatesboard fundraising committee approved the allocation of 2.98 crore equity shares at an issue price of Rs 1,674 apiece to eligible institutional investors. The issue price was at a discount of 4.62 percent on the floor price of Rs 1,755.09 per share fixed by the panel. Prestige Estates is one of the leading real estate developers in the country. It has a presence across six major cities and other urban centres. The company has an ongoing and upcoming project portfolio comprising 108 projects across various segments. Also Read |ÂStock Radar: KEC, Ashoka Buildcon, NLC India, Baazar Style Retail in focus According to the FY24 business portfolio, the company has completed 150 residential projects. Currently, it has 37 ongoing projects and 30 projects under the planning stage. The company's portfolio is balanced across different assets. In Q1FY25, its sales amounted to Rs 3,030 crore, supported by healthy collections of Rs 2,916 crore. Average realisations increased to Rs 11,934 per square foot for apartments, villas, and commercial spaces, and Rs 7,285 per square foot for plots. Prestige Estates stock ended 4 percent lower at Rs 1,785 on the National Stock Exchange (NSE) in the previous session. The stock has gained around 50 percent so far this year, outperforming Nifty's returns of 15 percent. In the past 12 months, the counter has zoomed 181 percent, more than doubling investors' capital. In comparison, Nifty rose 28 percent during this period.

2024-09-06 09:17

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https://www.moneycontrol.com/news/business/stocks/kec-international-shares-hit-52-week-on-orders-win-worth-rs-1423-crore-12815558.html

KEC International shares hit 52-week on order win worth Rs 1,423 crore

KEC International.Related stories.

KEC Internationalshares gained more than 3 percent to hit 52-week high of Rs 1,039 apiece in early trading on September 6, following the announcement that the company has secured new orders worth Rs 1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia. At 9:18am, KEC International was quoting at Rs 1,022.95, up Rs 33.95, or 3.43 percent on the Bombay Stock Exchange (BSE). Vimal Kejriwal, MD & CEO of KEC International, said he's happy with the continuous inflow of orders, especially in the T&D business. "These orders in Saudi Arabia along with the earlier orders in UAE and Oman have further reinforced our leadership in the Middle East and substantially enhanced our international T&D order book," he said. "With these orders, our YTD order intake stands at over Rs 11,300 crores, an impressive growth of ~75% compared to last year," Kejriwal said. Catch all the market action on our live blog In addition to the recent win, KEC International secured new T&D and cables orders worth Rs 1,171 crore last month, including a 400 kV transmission line in the UAE and a 380 kV transmission line in Saudi Arabia. The company also received new orders totaling Rs 1,079 crore in its T&D and cables businesses. For the quarter ending in June, KEC International reported a net profit of Rs 87.6 crore, more than double the Rs 42 crore recorded in the same quarter of the previous year.

2024-09-06 09:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/china-creates-its-largest-brokerage-to-take-on-wall-street-12815696.html

China creates its largest brokerage to take on Wall Street

Guotai Junan Securities Co. will merge with smaller rival Haitong Securities Co. through a share swap, according to statements from both companies.Related stories.

China is combining two of its largest state-backed brokerages to create a new behemoth as it seeks to consolidate the $1.7 trillion sector and build stronger investment banks to compete with overseas financial firms. Guotai Junan Securities Co. will merge with smaller rival Haitong Securities Co. through a share swap, according to statements from both companies on Thursday. The combination of the firms, both partly owned by ShanghaiŌĆÖs state assets administrator, will create a new entity with assets of 1.6 trillion yuan ($230 billion), topping Citic Securities Co. as the largest brokerage. The merger is pending approval from the companiesŌĆÖ boards and shareholders, as well as regulatory authorities. The deal comes a year after President Xi Jinping urged regulators at a finance conference to cultivate a few top-ranked investment banks to compete with Wall Street firms expanding in China. The nationŌĆÖs securities watchdog has also voiced its support consolidation, with a goal of having two to three investment banks that can compete globally by┬Ā2035. China had about 145 securities firms at the end of 2023, with combined assets of 11.8 trillion yuan, according to official┬Ādata. ŌĆ£The combination is conducive to building a first-class investment bank and promoting the high-quality development of the industry,ŌĆØ according to the statements. Profits DeclineThe sector has been hampered by a deals slump and sluggish capital markets as stocks flounder on weak economic growth. Profits have declined in the past few years, and the outlook for earnings remains bleak after industry heavyweights China International Capital Corp. and Citic Securities posted drops in first-half results. Haitong, valued at HK$106 billion ($13.6 billion) in Hong Kong, reported a 75% decrease in profit for the first half, while its shares are down 12% on the year. ŌĆ£The merger will potentially resolveŌĆØ HaitongŌĆÖs business concerns, Hua Chuang Securities said in a report. ŌĆ£The overall quality of the underlying assets is not very healthy, which also leads to the low valuation.ŌĆØ Under the agreement, Guotai Junan will issue shares to be listed on the Shanghai Stock Exchange to holders of HaitongŌĆÖs A shares, and do the same in Hong Kong with H shares. The company also plans a placement of new A shares for ancillary fundraising. They didnŌĆÖt disclose any financial terms. Both companies will suspend trading in Shanghai and Hong Kong starting Friday. The trading halt in the China A shares is expected to last no more than 25 trading days. Brokerages have also become targets of XiŌĆÖs signature ŌĆ£common prosperityŌĆØ campaign, resorting to┬Āpay cuts┬Āand┬Ālayoffs┬Āto consolidate businesses and comply with tighter scrutiny. The deal would mark a big step in ChinaŌĆÖs years-long ambition to create an ŌĆ£aircraft carrier-sizedŌĆØ brokerage to take on Wall Street banks after it gradually opened up the financial markets to allow full foreign ownership in 2020. China had mulled┬Ācombining┬Ātwo of its largest investment banks four years ago, but progress has stalled. An earlier proposal was for Citic Group, parent of Citic Securities, to buy a stake in CSC Financial Co. from Central Huijin, Bloomberg reported. The Shanghai State-owned Assets Supervision and Management Commission indirectly holds about a┬Āthird┬Āof Guotai Junan and┬Āalmost 20%┬Āof Haitong, according to their official websites.

2024-09-06 07:40

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nlc-india-gmdc-stocks-surge-after-coal-ministry-allocates-three-commercial-coal-mines-12815763.html

NLC India, GMDC stocks surge after Coal Ministry allocates three commercial coal mines

The combined Peak Rated Capacity (PRC) of the three coal mines stand at approximately 30 million tonnes per annum (MTPA)..Related stories.

NLC India and Gujarat Mineral Development Corporation (GMDC) saw their share prices surge in early trade after being allocated three coal mines from the Union Coal Ministry. At 9.20 am,NLC Indiashares were up 1.8 percent in trade at Rs 286.3 per share, whileGMDCwas quoting Rs 376 apice, up 3.25 percent on the NSE. Follow our live blog to catch all the updates The three mines - Machhakata (Revised), Kudanali Lubri and Sakhigopal-B Kakurhi - are expected to generate an annual revenue of Rs 2,991.2 crore and will attract a capital investment of Rs 4,500 crore, according to the statement issued by the ministry on September 5. Of these three coal mines, one is fully explored and two are partially explored coal mines, according to the statement. While Machhakata (Revised) coal mine was allocated to NLC India Limited, Kudanali Lubri went to Gujarat Mineral Development Corporation, and Sakhigopal-B Kakurhi was allocated to TANGEDCO, the release added. The combined Peak Rated Capacity (PRC) of the three coal mines, for which Vesting Orders have been issued, stands at approximately 30 million tonnes per annum (MTPA), with Geological Reserves estimated at around 2,194.10 million tonnes (MT), the ministry said in a statement on September 5.  It will provide employment to approximately 40,560 people both directly and indirectly.

2024-09-06 09:21

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https://www.moneycontrol.com/news/business/markets/first-tick-top-10-global-cues-for-todays-trade-31-12815259.html

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

Asian markets were trading in the red on Friday ahead of key jobs data due on Friday.Related stories.

Indian benchmark indices Sensex and Nifty 50 are likely to open weak on September 6, tracking cues from GIFT Nifty trading near 25,143.50, a short while ago this morning. Track the latest updates onÂGIFT Nifty right here on Moneycontrol. Indian benchmark indices followed the global trend and ended on a negative note with Nifty breaking its 14-day winning streak, closing below 25,200 amid selling across the sectors barring realty, FMCG, and pharma. At close, the Sensex was down 202.8 points or 0.25 percent at 82,352.64, and the Nifty was down 81.10 points or 0.32 percent at 25,198.7. Here is how financial markets across the globe fared overnight: GIFT Nifty (Down) The GIFT Nifty is trading lower, indicating a weak start for the day. Nifty futures were trading at 25,143.50 at 07:00 am IST. Asian Equities (Down) Asian markets were trading in the red on Friday ahead of key jobs data due on Friday.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Topix -0.79 -2.13 9.12Nikkei -0.38 -3.528.35Hang Seng - - -Taiwan -0.13 -5.1113.73Kospi-1.31 -4.29-6.37US Equities (Mixed) The benchmark S&P 500 index and the Dow ended lower in choppy trading on Thursday after a short-lived boost from a string of economic reports faded and investors eyed key jobs data due on Friday. The Nasdaq finished slightly higher. Markets were edgy ahead of the release of the comprehensive nonfarm payrolls data - which will likely set the stage for the Federal Reserve to begin cutting rates later this month. The Dow Jones Industrial Average fell 219.22 points, or 0.54%, to 40,755.75, the S&P 500 lost 16.66 points, or 0.30%, to 5,503.41 and the Nasdaq Composite gained 43.37 points, or 0.25%, to 17,127.66. CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Dow Jones -0.54 -1.82 9.14S&P500 -0.30 -2.4116.45Nasdaq 0.23 -3.1815.10US Bond Yield (Down) The US 10-year Treasury yields was flat at 3.72 percent and US 2-year bond yield was down 17 bps to 3.73 percent.CURRENT PRICEMTDYTDUS 10-Year Treasury 3.72 3.894.27US 2-Year Treasury 3.73 3.975.01Dollar Index (Down) The US dollar sagged near a one-week low versus major peers on Friday with job market indicators sending mixed signals ahead of crucial monthly payrolls data later in the day that is almost certain to set the pace for Federal Reserve policy easing.CURRENT PRICEMTDYTDDollar Index 101.25 102.96104.86Asian currencies (Gain) Asian currencies were trading higher against the US dollar in early trade on Friday. On month to date basis, all currencies posted solid gains with Taiwan Dollar and Indonesian Rupiah rose 5 percent each, while South Korean Won, Philippines Peso, Thai Baht, Malaysian Ringgit added more than 3 percent each.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Indonesian Rupiah0.513 5.11-0.013South Korean Won-0.0013.92-3.21Japanese Yen0.168 0.789-1.51Philippines Peso0.343 3.16-1.17Thai Baht0.113 3.161.92Taiwan Dollar0.1785.56-4.49China Renminbi0.34010.15Malaysian Ringgit0.0463.205.95Singapore Dollar0.023 1.971.57Gold (Flat) Gold prices were trading flat around USD 2415, while Silver prices down marginally at USD 28.74.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Gold -0.01 0.47 21.92Silver-0.20-0.4420.78Crude (Gains) Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)US West Texas 0.14 -5.85 -3.34Brent Crude0.14 -7.65 -5.50LME Commodities (Down) Among commodities, except Copper (up 1.5 percent), all other commodities were trading lower on Friday with Zinc down 2 percent and Lead down 1 percent.CHANGE FROM PREVIOUS CLOSE (%)MTD (%)YTD (%)Aluminium -0.75 -2.80 -0.21Copper1.47 -1.556.23Nickel-0.84 -4.30 -3.10Lead -1.24 -2.83 -3.55Zinc-2.07 -5.512.99Fund Flow Action The foreign institutional investors (FIIs) turned net sellers on September 5 as they sold equities worth Rs 688 crore, while domestic institutional investors bought equities worth Rs 2970 crore on the same day.5th SeptMTDYTDFII Net Flows -688.693,051.48-1,39,484.72DII Net Flows 2,970.745,320.67-3,10,924.4Hope you're all set for today's trade, we wish you a profitable day ahead.

2024-09-06 07:27

moneycontrol.com

https://www.moneycontrol.com/news/business/morning-scan-all-the-big-stories-to-get-you-started-for-the-day-777-12815739.html

Morning Scan: All the big stories to get you started for the day

Morning Scan.Related stories.

#1. Brokerage Jefferies estimates that Reliance Jio could list in 2025 at $115 billion Reliance’s telecom arm Jio could list on the stock exchanges in 2025 calendar year with a likely valuation of $112 billion, global brokerage Jefferies has said in a report, the Business Standard reported. Reliance Industries could look to spin off Jio Platforms and list it after a price discovery. Why it’s important:Any move by Reliance to publicly list Jio will be sure to meet with enthusiasm by both retail and institutional investors. Local and foreign investors typically prefer spinoffs in India as holding company discounts are much cheaper in the country then elsewhere in Asia. #2. Hyundai Motors’ $3-3.5 IPO could see MNCs rushing to publicly list India businesses South Korean automaker Hyundai Motor Company’s plans for a $3–3.5 billion listing of its Indian subsidiary could spur a revival in international companies looking to list their subsidiaries in India. Hyundai Motor India Ltd is expected to reach a valuation of close to $20 billion post the public listing of its shares. Why it’s important:The share sale is expected to be India’s second biggest, which will offer cues to other MNCs on the benefits of resilient stock markets, robust economic prospects and a growing consumer base. #3. Canada’s Brookfield makes equity investment of $200 million in Leap Green Energy Canadian asset management firm Brookfield has made an equity investment of over $200 million in Tamil Nadu-based renewable energy company Leap Green Energy, with an option to infuse an additional $350 million in the future, the Mint reported. Why it’s important:Brookfield’s investment is another instance of the strong investor interest in India green energy transition. The deal activity in this space is expected to accelerate further in the near term. #4. Government may raise threshold for cost audit bookkeeping for small and medium enterprises A government committee has suggested an increase in the turnover limit of firms mandated to keep and audit cost accounts of inputs, the Economic Times reported. The turnover limit could be raised to Rs 75 crore in any of the past three years to maintain and audit cost records from Rs 25 crore for firms in six regulated sectors and Rs 35 crore for those in 33 unregulated sectors for mandatory cost audits. Why it’s important:The move to raise the threshold for such bookkeeping will effectively free all small and most medium enterprises from the compliance burden and will be welcomed by the SME sector. #5. Small manufacturers take biggest big in India’s struggling informal economy Small manufacturers in the informal sector have been particularly hit between 2015-16 and 2021-22, showing a sharp fall, according to an analysis by Hindu Businessline based on National Sample Survey Office’s unincorporated enterprises surveys. The number of unincorporated non-farm enterprises in 2015-16 was 6.34 crore, which rose to just 6.5 crore in 2022-23. The fall was the sharpest in manufacturing, with a decline of 24 lakh firms. The share of small manufacturers fell from 31 percent in 2015-16 to 27.4 percent in 2022-23. Why it’s important:The slow growth in manufacturing has been for long a pain point for the Indian economy. A string of events such as demonetization, GST implementation and the pandemic were the main factors behind the big drop. #6. Indian government readies plan to double number of airports to 300 by 2047 India plans to more than double its airport count to 300 by 2047 due to an anticipated eightfold increase in passenger traffic, a draft plan made by the Airport Authority of India showed the Mint reported. It will involve developing existing airstrips to full-scale airports and building new ones from scratch. Why it’s important:Annual air passenger traffic is expected to grow from 376 million to 3-3.5 billion by 2047, out of which 10-12 percent may be international traffic. The under-penetration of air travel, rising income levels and improving connectivity to new destinations will be key growth drivers for the industry. #7. FMCG companies pin hopes on rising rural demand to spur sales this summer Consumer goods firms are launching low-unit packs and stepping up distribution and stocking of grocery stores in the countryside as they shift attention back to rural India, the Economic Times reported, citing industry executives. This is in sharp contrast to the past two years, when FMCGs like ITC, Dabur, Marico, Britannia, Parle Products, Emami and Hindustan Unilever focused on premiumization. Why it’s important:Besides expectations of a good monsoon season that will bolster farm incomes, FMCG companies are expecting policy measures in thebudgetto strengthen the revival of demand in rural India. #8. Top 100 property developers see 70 percent leap in valuation in just one year The cumulative valuation of the top 100 real estate companies in India rose by 70 percent in the 12 months ending May, the Business Standard reported. According to the 2024 GROHE-Hurun India Real Estate 100 report, 86 of these companies saw an increase in value, contributing a total of Rs 6.2 lakh crore. The total valuation of the top 100 realty firms in India currently stands at Rs 14.2 lakh crore. Why it’s important:After some years of sluggish growth, India’s real estate sector is outpacing China in the rate of expansion. This is also seen in the strong performance of the S&P BSE Realty Index, which expanded by 110 per cent in he past 12 months. #9. Anomalous job surge during the pandemic throws curve ball to economists India is estimated to have created 108.9 million jobs between financial years 2019-20 and 2023-24, significantly higher than the 76.8 million jobs added between 2005-06 and 2029-20, the Mint reported, citing provisional data released by the Reserve Bank. In 2023-24 alone, India is estimated to have added 46.7 million jobs. Why it’s important:The dataset on jobs has thrown a curveball at economists tracking India’s economy, baffling many on how the country managed to add a large number of jobs over the past few years despite the Covid-19 shock. #10. Hybrid carmakers in tizzy after slowing June sales and sops by Uttar Pradesh Uttar Pradesh’s decision to provide incentives for hybrid vehicles has puzzled electric vehicle manufacturers, especially as it comes on the heels of a plunge in June sales, the Economic Times reported. It has also divided the industry, pitting those betting on pure electrics such as Tata Motors against those that prefer the hybrid route like Toyota and Maruti Suzuki. Why it’s important:The Indian market for electric vehicles could be following a global trend of slowing sales after a euphoric 2023. Hybrid sales in India could pick up though if other states follow Uttar Pradesh cue on waiving off registration charges, substantially reducing initial purchase costs.

2024-09-06 08:26

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/mrs-bectors-to-launch-qip-to-raise-up-to-rs-400-cr-at-rs-1550-per-share-cnbc-tv18-12815789.html

Mrs Bectors to launch QIP to raise up to Rs 400 cr at Rs 1,550 per share: CNBC-TV18

Mrs Bectors to launch QIP to raise up to Rs 400 cr at Rs 1,550 per share: CNBC-TV18.Related stories.

Mrs Bectors will launch a Qualified Institutional Placement to raise up to Rs 400 crore at Rs 1,550 per share, reported CNBC-TV18 citing sources on September 6. The indicative issue price is Rs 1,550 per share, the channel reported. The price is at a discount of nearly 6 percent to current market price of Mrs Bectors shares. At 9:20 am on September, Mrs Bectorsshares were trading nearly 2 percent higher at Rs 1,645 apiece. The FMCG firm will utilise QIP proceeds for repayment of borrowings, investment in their subsidiary, financing the project cost towards Madhya Pradesh project, reported CNBC-TV18. ICICI Securities and others are likely to be book running lead managers. Mrs. Bectors Food Specialities shares have delivered multibagger returns to its shareholders in the last two years rising 346.05 percent in the last two years, as per data available on the BSE. In the last three years, it was up 324.22 percent. Mrs Bectors has a wide spread and established distribution network with presence across multiple states. It is one of the leading biscuits and bakery products manufacturers in North India. It manufactures biscuits under the flagship brand 'Mrs. Bector's Cremica' and bakery products under the brand 'English Oven'. Biscuits and bakery products maker shares were listed on the bourses in December 2020.

2024-09-06 10:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/metro-brands-block-deal-2-2-equity-stake-sold-for-rs-750-crore-in-large-trades-12815767.html

Metro Brands block deal: 2.2% equity stake sold for Rs 750 crore in large trades

Metro Brands Equity Stake Sold in Block Deals.

Metro Brands saw as much as 2.2 percent of its equity stake being sold for Rs 750 crore in large trades on 6th September, in the block deal window ahead of the market open. A total of 59.5 lakh shares ofMetro Brandswere sold for Rs 1,260 per share, reported CNBC TV18. At the time of publishing, the stock dropped to Rs 1,244.95 per share on the NSE, down 2.15 percent. In the last one year, the shares have delivered 15.67 percent returns. Share price moved higher by 53.66 percent in the last two years. the footwear retail chain Metro Brands reported a 1 percent decline YoY in the net profit for the June as compared to same quarter previous year. The company reported a net profit of Rs 92.27 crore for the first quarter of the current fiscal. It had reported Rs 93.50 crore in the same quarter of the previous fiscal. Revenue was down 1.1 percent YoY for the three months ended June, reaching Rs 576.08 crore.

2024-09-06 10:53

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/world-street-berkshire-trims-bofa-stake-opec-pauses-output-hike-jpmorgan-downgrades-chinese-stocks-and-more-12815690.html

World Street | Berkshire trims BoFA stake, OPEC pauses output hike, JPMorgan downgrades Chinese stocks and more

World Street offers a sneak peek into the world of business and economy..Related stories.

Warren Buffet' Berkshire Hathaway  pares stake in Bank of America. OPEC delays plans to output hike. JPMorgan has pulled back its buy call on Chinese stocks. Merger to two state-backed Chinese brokerages. Another roadblock in Nippon Steel's takeover of US Steel. All this and much more in today's edition of World Street. Cashing out Warren Buffett's Berkshire Hathaway has sold $760 million worth of Bank of America shares—one of its largest holdings—over the past three sessions, according to regulatory filings on Friday. The sale of 18.7 million shares has further bolstered Berkshire’s cash reserves, now standing at $277 billion, with a total of $6.97 billion raised from trimming its stake in the bank since July. Despite these sales, Berkshire remains Bank of America's largest shareholder, holding  an 11 percent stake valued at $34.7 billion. Change of plans OPEC+ has decided to delay its planned oil output increase for two months after prices tumbled due to weak demand and abundant supply. Key coalition members opted not to proceed with the scheduled hike of 180,000 barrels per day in October, according to a Bloomberg report. As news of the pause broke, oil prices rose by over 1 percent. The shift follows disappointing economic data from China and the US, the world’s largest oil consumers, which had pushed crude prices below $73 a barrel earlier in the week, hitting their lowest point since late 2023. While the dip in prices offers some relief to consumers grappling with inflation, it remains too low for countries like Saudi Arabia and other OPEC members to meet their fiscal needs. Relentless delays According to Reuters on Wednesday, the White House is reportedly close to announcing that President Joe Biden will block the Japanese company's $15 billion bid for US Steel, citing national security concerns. The deal is facing growing bipartisan opposition ahead of the US presidential elections, with a powerful labor union also opposing the takeover of Pennsylvania-based US Steel, a key player in a swing state crucial for both Democrats and Republicans. While both companies aim to finalize the deal by year-end, its sensitivity is heightened by the close US-Japan alliance and Japan's position as the largest foreign investor in the US. Fear unlocked JPMorgan has snapped its buy recommendation on Chinese stocks, citing concerns over potential risks of a second tariff war after the US elections in November and growing unease about the country's economic outlook. The brokerage downgraded China's rating to "neutral" from "overweight" and suggested investors shift focus to markets like India, Mexico, and Saudi Arabia. China's economic growth is faltering—by its own high standards—and the country is struggling to draw in global investors, who are increasingly favoring other emerging markets like India. Coming Together The merger of two state-backed Chinese brokerages to form a sector leader with $230 billion in assets marks a significant step in Beijing's effort to consolidate the $1.7 trillion brokerage industry amid tough market conditions, according to analysts. Shanghai-based Guotai Junan Securities is set to acquire its rival, Haitong Securities, through a share swap, as announced by both firms on Thursday. The deal is pending regulatory and shareholder approvals. Once finalised, the merged entity—boasting total assets of 1.6 trillion yuan ($225.6 billion)—will surpass Citi Securities to become China's largest brokerage.

2024-09-06 07:56

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/udayshivakumar-infra-bags-national-highway-projects-worth-rs-1057-crore-shares-in-focus-12815735.html

Udayshivakumar Infra bags National Highway projects worth Rs 1,057 crore, shares hit upper circuit

Udayshivakumar Infra faced the worst listing in 2023, dropping 10 percent on its debut..Related stories.

Udayshivakumar Infra shares hit their five percent upper circuit for the second straight session on September 6 after the firm's JV bagged three order wins, totalling Rs 1,057.3 crore. The infrastructure player entered into three joint ventures with KMC Construction (KMCCL) for bidding on national highways project works under the EPC mode in Karnataka. All three joint ventures have won the bidding and become the lowest bidders for projects worth Rs 1,057.3 crore. The largest project deals with widening a portion of the NH-548B highway. Of this JV,Udayshivakumar Infra will take 51 percent of the revenue, while KMCCL will take the other 49 percent. The other two projects have a value of Rs 366.19 crore and Rs 299.19 crore each. In both the respective JVs, Udayshivakumar Infra's share is 97.75 percent, with KMCCL taking 2.25 percent. "The Joint Venture is awaiting for Letter of Acceptance (LOA  and agreement is to be executed with National Highways," said the firm in a filing with the exchanges. Follow our market blog to catch all the updates Since its listing in April 2023, shares have jumped around 70 percent. However, Udayshivakumar Infra faced the worst listing in 2023, dropping 10 percent on its debut. Its IPO opened on March 20, closed on March 23, priced at Rs 33-35/share, raising about Rs 66 crore. Over the past 12 months, Udayshivakumar Infra shares jumped 53 percent as against a 30 percent rise in the Nifty 50 index during the same time.

2024-09-06 10:35

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/brigade-enterprises-raises-rs-1500-cr-through-qip-icici-pru-goldman-sachs-nippon-kotak-axis-among-investors-12815710.html

Brigade Enterprises raises Rs 1,500 cr through QIP: ICICI Pru, Goldman Sachs, Nippon, Kotak, Axis among investors

Brigade Enterprises Closes QIP Funding Round..

Real estate firm Brigade Enterprises has raised Rs 1,500 crore through a qualified institutional placement (QIP) share sale, with investors including ICICI Prudential, Kotak AMC, Nippon Life, Goldman Sachs, and others, investing up to Rs 86 crore each. Bengaluru-basedBrigade Enterprisesallotted 1.3 crore equity shares to investors at Rs 1,150 per share -- a discount of 1.26 percent to the floor price. The allotment price is nearly 12 percent lower than the stock’s previous closing price of Rs 1,303 on 5 September. Brigade Enterprises QIP: List of allottees with more than 5% of the issueNameNo. of Shares% of IssueICICI Prudential Bharat Consumption Fund7,43,4795.7Kotak Small Cap Fund7,43,4795.7Nippon India Small Cap Fund7,43,4795.7Franklin India Multicap Fund7,43,4795.7Smallcap World Fund7,43,4795.7SBI Infrastructure Fund7,43,4795.7Axis Flexi Cap Fund7,43,4795.7Goldman Sachs India Equity Portfolio7,22,4745.5Brigade Enterprises' stock has risen over 45 percent so far this year (since January), far outpacing the NSE Nifty 50, which has gained over 15 percent. The issue opened on 2 September 2024 and closed on 5 September 2024, Brigade Enterprises said in a stock exchange filing. Following the allotment of these shares, Brigade Enterprises' paid-up equity share capital rises to Rs 244.2 crore, consisting of 24.42 crore shares with a face value of Rs 10 each. As of the end of the April-June quarter, the promoters held a 43.72 percent stake in the company.

2024-09-06 08:08

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/sanlam-eyes-india-wealth-management-foray-with-shriram-capital-group-12816383.html

Sanlam eyes India wealth management foray with Shriram Capital Group

Sanlam plans to build its partnership with Shriram Capital Group in India by adding an equal JV covering wealth and advice services..

Sanlam Ltd. is joining the race to enter India’s burgeoning asset- and wealth-management industry as Africa’s biggest insurer by market value seeks to tap opportunities in the world’s fastest-growing major economy. The insurer plans to build out its partnership with Shriram Capital Group in the South Asian nation by adding an equal joint venture covering wealth and advice services, doubling down on an initial 2005 investment that has already delivered results in the credit and insurance spaces. “A large number of people are breaking out of the real poverty trap, so they’re able to start focusing on providing for the future,” Sanlam Chief Executive Officer Paul Hanratty said in an interview Thursday. “India is really at that point where a huge chunk of the population are now able to save and invest for the future.” The International Monetary Fund expects India’s $3.9 trillion economy to expand 6.8% this year. That compares with a forecast for 0.9% growth for South Africa, Sanlam’s home market. The South Asian nation is expected to generate $730 billion of wealth through 2028, according to Boston Consulting Group, and that’s enticing firms including HSBC Holdings Plc and Barclays Plc to expand. State Bank of India, which has more than 22,500 branches in the country, is deploying 2,000 bankers to woo the rich. Blackrock Inc., the world’s biggest fund manager, in April signed an equal joint venture with billionaire Mukesh Ambani’s Jio Financial Services Ltd. to set up a wealth-management business and also form a brokerage company in India. The two entities formed a joint venture to set up an Indian asset-management business in July 2023. “That’s a very hot area in India — everybody’s trying to get into it and we are very well positioned to start up,” Hanratty said. “We’ve got a huge distribution footprint, so we’ve just got to get the business and the proposition right, and then just gradually start growing it into our existing basis of branches and customers.” For the six months ended June 30, Sanlam’s India business generated about 16% of profit, up from 10% in 2021. The insurer said headline earnings climbed 43% in the period from a year earlier, buoyed by gains in life and health insurance, a surge in general insurance, and a recovery in investment management. The so-called net result from financial services — the company’s preferred profit measure — rose 19% per share. “The operating environment has been a little bit better in the first half of 2024,” Hanratty said, citing the successful conclusion of South Africa’s elections in May, where the inability to produce an outright winner saw the African National Congress — which has ruled the country since 1994 — establish a multiparty government with nine other entities. A turnaround at general-insurance unit Santam Ltd., and a strong performance in its African operations that include a joint venture with Germany’s Allianz SE, also boosted earnings.” Sanlam took a 910 million-rand impairment on AfroCentric Investment Corp., a South African health-administration company in which it holds a majority stake.

2024-09-06 18:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/dnp-moneycontrol-pro-weekender-12816357.html

Moneycontrol Pro Weekender: Fairy Tale Economics

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

Dear Reader, The September issue of the IMF‚Äôs Finance and Development magazine has an article titled, intriguingly, ‚ÄėFairy Dust‚Äôs Economic Possibilities‚Äô¬†by Zachary Carter, a scholar with the Carnegie Endowment for International Peace. The reference to fairies comes from Lord Keynes‚Äô speech at the inaugural meeting of the World Bank and IMF, at Savannah in the US, in March 1946. Keynes, fresh from a performance of Tchaikovsky‚Äôs ballet ‚ÄėSleeping Beauty‚Äô, said he hoped the Bretton Woods twins, Master Fund and Miss Bank, would receive three gifts from their fairy godmothers: first, a many-coloured coat ‚Äúas a perpetual reminder that they belong to the whole world‚ÄĚ; second, vitamins for ‚Äúenergy and a fearless spirit, which does not shelve and avoid difficult issues, but welcomes them and is determined to solve them‚ÄĚ; third, ‚Äúa spirit of wisdom‚Ķ so that their approach to every problem is absolutely objective‚ÄĚ. Carter writes that Keynes celebrated the co-operation among nations at Bretton Woods as a ‚Äė‚Äôvictory for the human spirit‚Äô‚Äô. He quotes Keynes, who told the conference that, ‚ÄúWe have been learning to work together. ‚ĶIf we can so continue, this nightmare, in which most of us here present have spent too much of our lives, will be over. The brotherhood of man will have become more than a phrase.‚ÄĚ After the horrors of the Second World War, a longing for the brotherhood of man was inevitable. But the Soviet Union did not sign the Bretton Woods agreement and within a few years, the Korean War had broken out, putting an end to such fond hopes. To be honest, though, Keynes also¬†warned the delegates that ‚Äúthere is scarcely any enduringly successful experience yet of an international body which has fulfilled the hopes of its progenitors‚ÄĚ. And he went on to say, again referring to the Sleeping Beauty tale, that he hoped ‚Äúthere is no malicious fairy, no Carabosse, whom he has overlooked and forgotten to ask to the party. For if so the curses which that bad fairy will pronounce will, I feel sure, run as follows: ‚ÄúYou two brats shall grow up politicians; your every thought and act should have anarri√®re-pens√©e; everything you determine shall not be for its own sake or on its own merits but because of something else.‚Äô‚Äô Keynes had tasted defeat at the Bretton Woods conference, where all his proposals were shot down by the Americans, who were intent on ensuring US hegemony through the almighty dollar. Indeed, Robert Skidelsky, in his book on Keynes, wrote, ‚ÄúFrederic Vinson, the US Secretary of the Treasury, took it personally. ‚ÄėI don‚Äôt mind being called malicious, but I do mind being called a fairy,‚Äô he growled.‚ÄĚ Why bring up Bretton Woods now? The answer perhaps lies inanother article¬†in this month‚Äôs ‚ÄėFinance & Development‚Äô magazine, by former British prime minister Gordon Brown. He writes, ‚ÄúGlobal challenges that require global solutions are ever present, whether a changing climate or rising cyber threats. And just as we are facing these challenges, the three pillars of the post‚ÄďCold War era anchoring the global system‚ÄĒunipolarity, hyperglobalisation, and neoliberal economics‚ÄĒare collapsing around us. These seismic shifts are sowing the seeds of a new wave of populist nationalism exemplified by the ‚ÄúAmerica First‚ÄĚ, ‚ÄúRussia First‚ÄĚ, ‚ÄúIndia First‚ÄĚ, ‚ÄúChina First‚ÄĚ, and often ‚Äúmy country first and only‚ÄĚ movements springing up round the world.‚Äô‚Äô We have moved a long way from the spirit of the Bretton Woods conference and are back to the beggar-thy-neighbour protectionist policies of the period between the World Wars. But many would question the assumption that the Bretton Woods institutions were anything other than an extension of US power. The IMF‚Äôs forcing of austerity down the throats of nations in trouble has come in for much criticism. Indeed, as Carter writes, ‚ÄúKeynes‚Äôs greatest fear for the Fund and the Bank‚Ķ was that the ‚Äútwins‚ÄĚ would become instruments of US power rather than truly independent international bodies‚Äô‚Äô. As US economist Benn Steil shows in his book, ‚ÄėThe Battle of Bretton Woods‚Äô, far from being an embodiment of the human spirit, the Bretton Woods conference was full of intrigue, acrimony and rivalry, and it contains a wealth of anecdotes and quotes, some of which have been reproducedhere. For example, Keynes had remarked to British economist Richard Kahn at the Savannah meeting: ‚ÄúThe Americans have no idea how to make these institutions into operating international concerns,‚Ķ ¬†and in almost every direction their ideas are bad. Yet. they plainly intend to force their own conceptions on the rest of us. The result is that the institutions look like becoming American concerns, run by gigantic American staffs, with the rest of us very much on the side-lines.‚ÄĚ In a lecture delivered at the London School of Economics, Paul Bareau, a member of the British Treasury delegation to Washington, asserted that Keynes said, ‚ÄúI went to Savannah to meet the world, and all I met was a tyrant.‚ÄĚ And in a letter to the Foreign Office, Keynes said they had to sign the Bretton Woods agreement without reading it because their hosts had made arrangements to throw them out of the hotel. Brotherhood of man, indeed! Keynes also detested Harry Dexter White, the leader of the US team at Bretton Woods and most of the other Americans there. Perhaps most scathing was this remark about Mariner Eccles, the Fed chairman: ‚ÄúNo wonder that man is a Mormon. No single woman could stand him.‚ÄĚ Nope, Bretton Woods was not about idealism or the spirit of brotherhood. The twin institutions were to be the instruments of US power and the US view was bulldozed through. Paul Bareau said, ‚ÄúWe [the British] lost on every issue, not by the process of rational argument in debate but by the solid massing of the cohorts which voted automatically with America, [particularly the Latin Americans,] whose representatives could be depended on to read sometimes with considerable difficulty the speeches prepared for them by the Secretariat of the United States delegation.‚ÄĚ The simple fact is that in Bretton Woods, the US prepared the ground to take over Britain‚Äôs role as the world‚Äôs greatest power. US historian John Morton Blum wrote: ‚ÄúCongress was spontaneously more generous towards China than towards England, perhaps because no one envisaged China as a postwar rival for power or commerce.‚ÄĚ The wheel has turned full circle and China is now America‚Äôs bete noire, just as Japan had become in the eighties. Keynes died within a month of the Savannah meeting, at the early age of 62. The irony was that his American rival at Bretton Woods, Harry Dexter White, was later accused of being a Soviet agent. In August 1948, two days after testifying before the House Un-American Activities Committee, where he denied being a Communist, he died of a heart attack, aged 55. It is time for soberly facing up to reality, to realise that the world has become a far more dangerous place, to acknowledge that the rules of the game have changed. Instead, the markets are ignoring the increase in risks, preferring to believe in fairy dust. Asthis FT story¬†tells us, ‚ÄúThe medium-term future for globalisation seems set: a struggle between Washington and Beijing for pre-eminence, or at least resilience, which continually threatens to override economic efficiency with national security.‚Äô‚Äô Gordon Brown, in his Finance and Development article, says ‚Äúa power-based order is replacing a rules-based order‚Äô‚Äô. This is not a time for fairy tales. Cheers,Manas Chakravarty Here, in case you missed them, are some of the stories and insights we published this week, apart from our technical picks in the equity, commodity and forex markets: Stocks Yes Bank,Fiem Industries,Martin Wolf,KIMS,Landmark Cars,Concord Biotech,India Energy Exchange,Metro Brands,Petronet LNG,Gala Precision Engineering IPO,Kaynes Technology, Why thischemical stock¬†warrants attention, post consolidation? Markets What‚Äôsdragging PSU stocks¬†down? Something feels not quite right inthe mid-cap rally What‚Äôs next for theyellow metal? More easing in store for bond yields¬†in medium term SEBI's neweligibility criteria for the derivative segment¬†will reduce market manipulation IPO investors¬†seek quick returns India‚Äôs family offices boom: 7x growth in six years Can a Trump presidency bring back a'Reflationary Rally'? Motilal Oswal AMC looks at'high conviction investing'¬†to generate alpha Financial Times We areall capitalists now Index rejects find favour¬†with stock market bargain hunters IsJay Powell lucky¬†or good? Commodities¬†and the soft landing What we can and can‚Äôt say aboutwhat we do and don‚Äôt know Martin Wolf: Lessons from the great inflation EUplan for buying key commodities centrally is over-reach, warn tech groups Companies and sectors Bajaj Housing Finance¬†needs more than a successful IPO to become the next HDFC The policy twists that lie in wait forinvestors in sugar mills Indian component makers¬†stare at risks from slowing global auto sales August Auto sales numbers¬†indicate mixed trend Home loans the slowest growing segment¬†for lenders in FY24 Is China‚Äôs steel output decline the answer to theIndian steel producers‚Äô woes? How power sector revival alteredplans of CESC, Adani Power Gujarat Gas Howprivate lenders¬†are winning the margin game For India‚Äôs big banks, small is not beautiful in theNBFC lending market India to seebiggest rise in coal demand¬†among major countries in 2024 Banks are left nearly bald¬†after IBC haircuts; what's the cure? Rising US sales are boosting profit margins oflarge pharma companies Economy and policy Puzzlingdivergence between private consumption growth and facts¬†on the ground Decoding Economics:Will China‚Äôs 'overcapacity' lead to a flood of exports, hurting other countries? World Bank calls upon India tolower tariff barriers to boost exports Monsoon Watch Capex to GDP ratio in April-June 2024highest since September 2012 quarter What GVA data tell us about thestructural change in the Indian economy The government needs totread a fine line on Chinese investments How to plug thetarget-reality gap in manufacturing¬†march? The political will needed toreform GST¬†is missing ProEconomic Tracker Isoil‚Äôs long-term role¬†in the energy mix unavoidable? Semiconductor success¬†‚ÄĒ The key is to make the system bug-free Gaps in climate finance framework¬†may provide access to new breed of predators Tech & Startups Start-up Street:Does India have true-blue startupreneurs¬†or only start-up founders? Personal Finance Time diversification: How retail investors can navigate market peaks TheNFO delugeBank-backed AMCstop commission payments to distributors in FY24 Politics J&K Assembly elections: tough challenge for BJP

2024-09-07 10:01