TVS Supply Chain Solutions IPO Listing: Shares have tepid debut on bourses, list at 5% premium

TVS Supply Chain Solutions IPO: TVS Supply Chain Solutions shares listed at 4.72% premium over IPO price on NSE and BSE amid flat domestic market. The share debuted at Rs 206.30 on the BSE, as compared to the issue price of Rs 197. TVS Supply Chain Solutions shares’ grey market premium gained 1.5% on Wednesday, commanding a premium of Rs 3 over upper end of the IPO price, implying a listing price of Rs 200 per share.

TVS Supply Chain Solutions IPO subscription data

TVS Supply Chain Solutions IPO opened for subscription on 10 August and the issue was fully subscribed 2.85 times on the last day of subscription, helped by overwhelming participation from retail investors. The Qualified Institutional Buyers (QIBs) category was subscribed 1.37 times, the portion for non-institutional investors received 2.44 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 7.89 times.

“At the upper price band of Rs 197, TVS SCS is available at a P/E of 209x (FY23), which appears aggressively priced compared to peers. However, favourable factors include the fragmented Indian logistics market, growth potential for organized players, post-GST logistics focus, and outsourcing trends. TVS SCS’s asset-light approach, diverse global services, long-term contracts, and integrated capabilities position it well for growth. We assign a “Subscribe” rating for the issue on a short- to medium-term basis,” said Geojit Research.

About TVS Supply Chain Solutions

TVS Supply Chain Solutions (TVS SCS) is a subsidiary of TVS Mobility Group, is a leading integrated supply chain solutions provider in India. With substantial revenue and growth in Fiscal 2023, TVS SCS operates across 25+ countries. Serving 8778 global and 902 domestic clients in FY23, the company caters to diverse sectors such as automotive, industry, consumer products, technology, rail, utilities, and healthcare.

Share Market Highlights: Nifty under 19300, Sensex sinks 0.6%; JFS ends with gains, Bank Nifty down 300 pts

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices NSE Nifty 50 and BSE Sensex closed in the red on Friday, extending the global rout. Nifty 50 settled under the 19,300 level, lower by over 100 points whereas Sensex closed below the 65,000. The broader markets and sectoral indices closed in the red. Nifty Next 50 sank 1%, while the midcap and small indices ended deep in the red. Sectorally, Bank Nifty was 0.75% lower, while Nifty PSU Bank, Nifty Pharma, Nifty Metal and Nifty FMCG ended lower by 1%.

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15:39 (IST) 25 Aug 2023 Currency outlook

“USDINR CMP- 82.67 (spot) Indian Rupee depreciated on Friday on strong Dollar and weak domestic markets. However, FII inflows cushioned the downside. The dollar rose on mixed to positive economic data from the US. Weekly unemployment claims declined to 230,000 as compared to 240,000 in the previous week.”

– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

15:37 (IST) 25 Aug 2023 Markets at close

Nifty closed at 19,265.8, over a hundred points lower, giving up the 19,300 mark. Sensex closed at 64,886.51, down by 365.83 or 0.56%.

14:57 (IST) 25 Aug 2023 Nifty, Sensex rise 0.1% this week

“Both Nifty and Sensex gained around 0.1% in the past week. Mid-cap and small-cap indices outperformed the large-cap index. Macro sentiments remained volatile as surging bond yields and increasing global crude prices added to pressure. Global markets were broadly week, as (1) global bond yields increased and (2) concerns about Chinese growth amplified, based on weak data prints. Indian mid-cap and small-cap indices outperformed the large-cap index.”

– Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

14:32 (IST) 25 Aug 2023 JFS up 5%

RIL’s demerged financial services arm Jio Financial Services hit its lower circuit for the fifth consecutive session. However, on Friday, the scrip managed to open the circuit and rise almost 5% to Rs 224.10. Since Jio has hit lower circuit for 2 consecutive days i.e., Thursday, August 24, 2023, and Friday, August 25, 2023, the removal of JFSL from all the S&P BSE Indices will be postponed by another 3 days. JFSL will now be removed (adjustment) from all the S&P BSE Indices on August 31, 2023.

14:02 (IST) 25 Aug 2023 Shoppers Stop down 11%

Shoppers Stop share price slipped 11% in trade on Friday after the MD and CEO of Shoppers Stop Venu Nair resigned, effective from 31 August due to personal reasons. Kavindra Mishra, the Homestop head, has been promoted as executive director and CEO for a period of three years in his stead.

12:55 (IST) 25 Aug 2023 Paytm up 4%

The share price of Paytm’s parent firm One97 Communications jumped 3.7% in trade on Friday as 3.6% of the company changed hands in large deals. Reports suggested that Promoter Antfin (Netherlands) Holding BV was likely to sell a 3.6% stake or nearly 23 million shares in One97 Communication at Rs 880.1 per share, or at a 2.7% discount to the last closing price.

11:54 (IST) 25 Aug 2023 Nifty technical levels

“The index is hovering near the important and crucial support zone of 19270 levels which is also where the significant 50EMA lies, and as we have been mentioning, a decisive breach below the 19250-19270 zone shall weaken the overall bias and can trigger for further slide with next major support zone visible near 18800-18900 levels with 19000 as the psychological landmark in-between.”

– Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher

10:57 (IST) 25 Aug 2023 Fed Chair speech effect on gold

Gold prices are still up around 0.80% so far this week and are on track to register their first weekly gain in the previous four weeks ahead of a key speech by the Federal Reserve Chair at the Jackson Hole symposium in Wyoming, where he’s expected to offer clues on the interest-rate outlook. We expect gold prices to fluctuate in range before the Federal Reserve Chair Powell’s speech at Jackson Hole. Volatility will likely expand post-event. Comex spot gold has support at $1895 and resistance at $1945. The MCX Gold October future is expected to trade in a range of 58450 to 59080.

– Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

10:13 (IST) 25 Aug 2023 Jio Financial Services shares gain

After experiencing the lower circuit for five straight sessions, Jio Financial shares show a positive trend as the circuit reopens after 5 days. The stock price is up 3.5% at Rs 221 apiece.

10:11 (IST) 25 Aug 2023 Nifty outlook

Rejection trades emerged as feared, on reaching the extended target of 19570 yesterday. The surprising depth of the pull back has renewed the prospects of 19060-18900 or even 18600-18300, as the downside objectives, but we pin our hopes on the 19280 region to step in and offer bargain buying support today. A direct fall below 19250 or inability to reclaim 19420 will signal resumption of the 18300 slide.

– Anand James, Chief Market Strategist at Geojit Financial Services.

09:18 (IST) 25 Aug 2023 Markets at open

Nifty 50 and Sensex fell upon open, with Nifty falling to lows of 19,260.75 on open while Sensex fell over 450 points to 64,799.66 in early trade.

09:12 (IST) 25 Aug 2023 Markets at pre-open

Sensex ended the pre-open session at 65,000.67, down 250 points while Nifty ended under the 19300 level, down 90 points.

08:49 (IST) 25 Aug 2023 Fed Chair speech on Friday

Investors are now waiting for a speech by Federal Reserve Chairman Jerome Powell on Friday at a central bank summit in Jackson Hole, Wyoming, for clues on the U.S. interest rates outlook. Data earlier Thursday showed claims for U.S. unemployment benefits pointed to a still-strong jobs market, news that some say could support the Fed’s hawkish message of higher interest rates for longer. Investors also digested comments from Philadelphia Fed President Patrick Harker who said the Fed will need to keep rates restrictive for a while.

08:24 (IST) 25 Aug 2023 F&O ban

The National Stock Exchange has GMR Airports Infrastructure, GMR Airports Infrastructure, RBL Bank, Manappuram Finance, PNB, India Cements, Hindustan Copper, GNFC, BHEL, Delta Corp, GNFC, Metropolis Healthcare and Indiabulls Housing Finance securities on its F&O ban list for 25 August.

07:42 (IST) 25 Aug 2023 FII, DII data

Foreign institutional investors (FII) bought shares worth net Rs 1,524.87 crore, while domestic institutional investors (DII) bought shares worth net Rs 5,796.61 crore on 24 August, according to the provisional data available on the NSE.

07:41 (IST) 25 Aug 2023 Asian markets

MSCI’s broadest index of Asia-Pacific shares outside Japan closed 1.5% higher, also lifted by Nvidia’s bullish outlook. Still, the index is down about 8% so far this month due to weakness in China’s economy and yuan, as well as some gloomy factory readings from Japan, which also left sentiment fragile. China stocks also rebounded on Thursday, however, with the blue-chip CSI300 index advancing 0.7%.

07:41 (IST) 25 Aug 2023 Wall Street overnight

The three major U.S. stock indexes ended down more than 1% each on Thursday, led by a drop in the Nasdaq after this week’s sharp gains and as investors were nervous ahead of Federal Reserve Chair Jerome Powell’s speech Friday, according to Reuters. The Dow Jones Industrial Average fell 1.1%, the S&P 500 decreased by 1.4%, and the Nasdaq Composite dropped 1.9%.

Gold clocks gains as dollar slips, Fed chair speech eyed; traders should buy on dips, go long around Rs 58,000

By Bhavik Patel

Gold scaled $1900 and is trading at two week high thanks to dip in US dollar index and Treasury yields. On Wednesday, we saw a sharp fall in the US dollar after service PMI came disappointing worldwide. The S&P Global Flash U.S. manufacturing PMI data dropped to 47.0%, down from July’s reading of 49. According to consensus estimates, economists were looking for a relatively unchanged reading at 48.9. US manufacturing activity has fallen to two month low while Europe and US’s service PMI has fallen to six month low. A near stalling of business activity in August raises doubts over the strength of U.S. economic growth in the third quarter and many participants think that the US Fed might not raise any rates this year.

Silver meanwhile has outperformed goldthis week on the back of short covering. Silver’s current short squeeze started building last week when the People’s Bank of China intervened in currency markets to support the yuan after it hit a 16-year low against the U.S. dollar. Three weeks ago we saw speculative positions were at net short of 4000 contracts and China’s central bank intervention prompted short covering and provided tail wind as other base metals too rallied.

Technical Outlook

In MCX, 58,000 seems to be strong support while in COMEX, $1870 seems to be strong support. Although gold price will see some volatility post the Fed’s chairman statement in the evening, we believe even if there is a hawkish note, looking at gold rate’s resilience, we would be inclined more towards taking buy on dip approach rather than sell on rise. Momentum indicator does suggest some weakness as RSI_14 is at 46. Any correction around 58,000 would be a good opportunity to go long with a stop loss of 57,600 and expected target of 59,000.

(Bhavik Patel is a commodity and currency analyst at Tradebull Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Petrol and Diesel Rate Today, 24 August: Some cities see revision; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad:Petrol and diesel prices were largely constant on Thursday, 24 August across New Delhi, Kolkata, Mumbai, and Chennai. Petrol rates and diesel rates have been steady over the last few months. However, individual cities see fluctuations in their prices every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel.

Currently in Delhi, the price of petrol stands at Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre. Meanwhile, in Kolkata, the cost of petrol amounts to Rs 106.31 per liter, with diesel priced at Rs 92.76 per liter. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per liter. Here’s a look at fuel prices in other cities:

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Bengaluru:Petrol rate: Rs 101.94 per litre,Diesel rate: Rs 87.89 per litreChandigarh:Petrol rate: Rs 98.65 per litre, Diesel rate: Rs 88.95 per litreChennai:Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litreGurugram:Petrol rate: Rs 97.04 per litre, Diesel rate: Rs 89.91 per litreKolkata:Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litreLucknow:Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litreMumbai:Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litreNew Delhi:Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litreNoida:Petrol rate: Rs 96.65 per litre, Diesel rate: Rs 89.82 per litre

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their petrol price anddiesel pricedaily in line with international benchmark prices and forex rates. Any changes in petrol price anddiesel priceare implemented from 6 am every day. “Oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter,” said Petroleum Minister Hardeep Singh Puri a few months ago.

Uttarakhand government signs MoUs worth Rs 5450 cr with industrial bodies in Dubai

Several MoUs, worth Rs 5,450 crore, were signed between the government of Uttarakhand and various industrial groups in Dubai in the presence of Uttarakhand chief minister Pushkar Singh Dhami. The industrial groups that are part of the agreement belong to tourism, education, infrastructure and real estate sectors.

So far, MoUs worth Rs 2,000 crore by Sir Biotech and Hyatt India, Rs 950 crore by Carmilla Nutrition Technology Group for pharma production, Rs 800 crore by GTC Group and Flow Conglomerate Group for investment in real estate, infra and tourism sectors have been singned. An MoU of Rs 500 crore and Rs 700 crore for manufacturing sector with Exley Group and investment an MoU of Rs 500 crore with Sharaf Logistics have been signed. Secretary, industries, Vinay Shankar Pandey signed the MoUs on behalf of the state government. CM Dhami invited all the industrial houses to the Uttarakhand Global Investor Summit 2023, to be held in Dehradun on December 8 and 9.

Jio Financial Services shares recover after hitting lower circuit limits for five days

Shares of Jio Financial Services Ltd, the demerged financial services unit of Reliance Industries, bounced back on Friday to settle in the positive territory on the NSE after unabated selling pressure since its market debut on Monday.

Recovering from a four-day slide, JFSL ended at Rs 214.50, up 0.49 per cent on the NSE. During the day, it had fallen 4.98 per cent to hit the lower circuit limit of Rs 202.80.

During early trade, shares of the firm hit the lower circuit limit of Rs 205.15. The company commands a market valuation of Rs 1,34,848.46 crore.

Shares of JFSL listed on the bourses on Monday, with the stock falling nearly 5 per cent to hit the lower circuit limit.

It fell 5 per cent to hit the lower circuit limits on Tuesday, Wednesday and Thursday.

JFSL demerged from Reliance last month.

On Thursday, BSE said that since the stock has hit lower circuit limit for two consecutive days — Thursday and Friday — the removal of the company from all the S&P BSE indices will be postponed by another three days.

“JFSL will now be removed from all the S&P BSE indices effective prior to the open of trading on Friday, September 1,” the bourse said.

Additionally, should JFSL not hit the lower circuit limit on either of the next two days but hits the lower circuit limit on the third day, the removal of JFSL from all the S&P BSE indices will be postponed, it said in a notice.

Asia Index Private Ltd had earlier announced that effective prior to the opening of trading on Tuesday, August 29, JFSL will be removed from all the S&P BSE indices following its listing on Monday, August 21, due to its spin-off from its parent, Reliance Industries.

Asia Index is a joint venture between BSE and S&P Dow Jones indices.

Reliance Industries demerged its financial services undertaking into Reliance Strategic Investments Ltd, which was renamed as JFSL.

Uttar Pradesh: Heatwave turns fatal, death toll in Ballia rises to 68 – SEE PHOTOS

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A scorching heat wave in the country’s most populous state, Uttar Pradesh, has overloaded hospitals, filled a morgue and disrupted power.In the state, reportedly, 68 people have died from heat-related illnesses over the last several days. In Ballia district in Uttar Pradesh, the largest hospital is unable to accommodate more patients.A two-member team will look into what caused a large number of deaths and investigate how many of them are directly related to heat, said state health minister, Brajesh Pathak, on Sunday, reported AP. Here are some shocking photos.

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An elderly person suffering from heat related ailment lies on a stretcher waiting to get admitted outside the overcrowded government district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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Shiela Mishra wipes the hand of her ailing brother to keep him cool from the heat wave using a wet cloth at the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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A man splashes water on his face to cool himself on a hot summer afternoon in Lalitpur district in northern Uttar Pradesh state, India. (AP Photo)

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People suffering from heat related ailments crowd the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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Elderly men wait in queue for patient registration at the district hospital in Ballia, Uttar Pradesh state, India. (AP Photo)

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A nomadic woman walks eating a fruit on a hot summer afternoon in Lalitpur district in northern Uttar Pradesh state, India. (AP Photo)

Continuity theme at Kotak Bank

In its analysis, ICICI Securities says the decision of Uday Kotak to step down from an executive role around 4 months ahead of the scheduled term has come as a somewhat negative surprise. Important to note is that Kotak would still remain associated with the bank as a non-executive director (thereby ensuring continuity).

The key monitorable for the stock would be the candidature and transition of the new MD & CEO. Considering the culture at the bank, promotion of an insider to the top job (vs a lateral hire) would be preferred by investors, in our view. There is no change in our earnings estimates. Maintain HOLD on the stock with the target price cut to Rs1,850 (earlier: Rs 2,000), valuing it at 2.6x FY25E core bank ABV (earlier: 2.8x).

Asset quality remains steady, and the strong CASA ratio will limit pressure on margins and enable a 15% PAT CAGR over FY23-25E. We retain our Neutral rating with a TP of `2,000 (2.7x FY25E ABV and Rs 560 for subs), the analysts said.

Kotak resigned from the MD & CEO position of the bank, effective September 1, ’23. A founding member of the bank, he has been part of the institution for the past 38 years. His contribution was thus pivotal in guiding the bank through its transition from being an NBFC to obtaining a banking license in 2003 and evolving as one of the most successful and reputed financial organisations in the country. Under Kotak’s leadership, the bank has become the fourth-largest private bank and has established a prominent presence across the financial services spectrum, including asset management, broking, investment banking, life insurance, etc.

Kotak has cited significant personal and other family commitments, besides a sequenced leadership transition at the bank, as the key reasons behind his resignation from executive responsibilities. The terms for Prakash Apte (Chairman) and Dipak Gupta (Joint MD) will also end on December 31, ’23.

Rupee rises 7 paise to 82.73 against US dollar in early trade

The rupee rose by 7 paise to 82.73 against the US dollar on Wednesday amid a positive sentiment in equity markets. Rising crude oil prices and strengthening dollar, however, weighed on the Indian currency, according to forex traders. At the interbank foreign exchange, the domestic unit opened stronger at 82.67 and hit the level of 82.74 against the greenback.

Later, the rupee was trading at 82.73 against the dollar, registering a gain of 7 paise from its previous close. On Tuesday, the rupee closed at 82.80 against the US dollar.

On the domestic front, GDP numbers will be important to watch and better-than-expected numbers could support the rupee, he said. GDP numbers are scheduled to be released on Thursday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.08 per cent to 103.61. Brent crude futures, the global oil benchmark, rose 0.33 per cent to USD 85.77 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 291.53 points or 0.45 per cent higher at 65,367.35 points. The broader NSE Nifty advanced 78.20 points or 0.40 per cent to 19,420.85 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they bought equities worth Rs 61.51 crore, according to exchange data.

Nifty, Sensex may remain range-bound in near term; Cipla, India Cements among stocks to buy

By Shrikant Chouhan

On last Tuesday, the benchmark indices NSE Nifty 50 and BSE Sensex witnessed range bound activity. Among Sectors, IT continued the positive momentum, rallied over 1 percent whereas profit booking were seen in Media and PSU Banks stocks, as a result, both the indices shed over 1 percent. Technically, after a strong uptrend rally, the indices witnessed range bound activity.

Oberoi Realty Ltd

BUY | CMP: Rs 1054 | TARGET: Rs 1110 | SL: Rs 1030

The counter is trading in a rising channel constantly on the weekly scale. The higher high and higher low chart formations are apparent in the counter. Additionally, trend indicators such as MACD and ADX are showing bullish strength. Therefore, upward movement from the current level is very likely to remain in the near future.

CIPLA

BUY | CMP: Rs 1030 | TARGET: Rs 1080 | SL: Rs 1010

The stock has shown a remarkable rally from the lows in the last few weeks and the trend of the stock is still in the rising direction. The higher high and higher low series on weekly chart formation is evident in the stock. Hence, the formation is indicating a bullish continuation pattern to continue in the coming horizon.

India Cements Ltd

BUY | CMP: Rs 210.25 | TARGET: Rs 222 | SL: Rs 205

The stock has underperformed in the past few weeks and it has witnessed a downtrend. After the sharp correction from higher levels, the stock is currently trading in a range bound mode, which indicates accumulation at these levels. Therefore, upward movement from the current level is expected to resume in the coming sessions.

Siemens Ltd

BUY | CMP: Rs 3708 | TARGET: Rs 3890 | SL: Rs 3630

After a robust rally of the past few weeks, the stock went into a consolidation mode. At present, the structure is indicating a likely breakout of the consolidation phase. Hence, the formation indicates a further bullish trend  to resume from the current levels.

(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. Views expressed are the author’s own. Please consult your financial advisor before investing.)