Stocks To Watch: Adani Enterprises, Power Finance, L&T, Glenmark Pharma, Ambuja Cements, Tata Power, RITES

Stocks in focus: GIFT Nifty was 0.03% lower during Tuesday’s early trading session at 19,382, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Domestic benchmarks NSE Nifty 50 and BSE Sensex broke their two-day slide on Monday. Sensex rose by 0.41% to 65,216.09, and Nifty 50 increased by 83 points, settling nearly at 19,400 at 19,393.6.

“A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes. Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights. Meanwhile, Asian markets displayed a mixed performance, reacting to the smaller-than-anticipated rate cut initiated by the Chinese central bank,” said Vinod Nair, Head of Research at Geojit Financial Services.

Power Finance

State-owned Power Finance Corporation has secured a loan of 1.85 billion Japanese yen (about Rs 105 crore) from JBIC financing.The funds will be used to finance a 11.5 MW waste-to-energy project of KPC Gas Power Corporation in Karnataka.

L&T

Larsen & Toubro’s energy hydrocarbon business has bagged a significant contract from the Saipem & Clough JV (SCJV), Australia for fabrication and supply of process and pipe rack modules for a 2.3 MMTPA urea plant for Perdaman Chemicals and Fertilisers Pty.

Union Bank of India

The board of Union Bank of India has greenlit the raising of up to Rs 5,000 crore via Qualified Institutions Placement. They have established a base price of Rs 91.10 per share for the issue, which commenced on 21 August.

Tata Power

Tata Power Renewable Energy signed a power purchase agreement for a 9MWp solar plant at the Tata Motors Pantnagar plant in Uttarakhand, which will be the largest in a campus solar facility in the state.

Ambuja Cements, Sanghi Industries

The Adani group’s Ambuja Cements will begin its open offer to purchase 26% equity from the public shareholders of Gujarat’s cement manufacturer, Sanghi Industries, starting September 29.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals entered into an agreement with the U.S. Department of Justice, Antitrust Division (DOJ) in order to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015. Glenmark entered into a three-year Deferred Prosecution Agreement, and if it adheres to the terms of the agreement, including the payment of $30 million, payable in six instalments, the DOJ will dismiss the pending superseding Indictment.

RITES

RITES signed a memorandum of understanding (MoU) with NHPC, a hydropower generating company under the Ministry of Power, to collaborate on comprehensive consultancy services for Rail Infrastructure facilities for NHPC’s hydropower projects.

(With agency inputs.)

Vedanta invites Japanese companies to partner in India’s electronics manufacturing revolution

In a strategic move aimed at fostering collaboration and investment prospects between Japan and India, the state government of Gujarat invited Vedanta to the roadshow targeting Japan’s major electronics players, ahead of the 10th Vibrant Gujarat Global Summit. Vedanta, while urging Japanese companies to partner in India’s electronics manufacturing revolution, highlighted the investment opportunities in the country, especially in Gujarat.

Akarsh K Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business, underscored the investor-friendly climate in India, particularly in Gujarat, emphasizing the nation’s commitment to providing Japanese companies with opportunities to engage in India’s flourishing electronics manufacturing industry. He complimented the Government of Gujarat for their policy stability, good governance, excellent infrastructure facilities, and hand-holding for ease of doing business at every step by the state’s proactive and efficient team.

He also outlined Vedanta’s plans to establish semiconductor and display fabs in Dholera SIR, Gujarat, and invited Japanese companies to partner with Vedanta in helping build the country’s first electronics manufacturing hub in the state. He further added that the hub has the potential to attract hundreds of SMEs and create more than one lakh jobs.

Addressing the Japanese industry, he said, “There is a $80-billion opportunity for companies willing to come and invest in this electronics manufacturing hub, and Vedanta will be the anchor for Japanese companies interested in investing in India.”

Vedanta‘s group company AvanStrate Inc. headquartered in Japan. Also, late last year, the company signed agreements with 30 Japanese technology companies to foster the development of India’s semiconductor and glass display manufacturing ecosystem. Vedanta Limited, a subsidiary of Vedanta Resources Limited, is a natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into semiconductors and display glass.

Rupee rises 7 paise against US dollar in early trade

The rupee was trading in a narrow range and appreciated by seven paise against the US dollar in early trade on Wednesday, amid a muted trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as investors remain cautious ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole Symposium this week.

On Tuesday, the rupee had recovered from its all-time low levels and settled higher by 14 paise at 82.99 against the US dollar.

“Market awaits with baited breadth the Jackson Hole Symposium between 24th and 26th in which Fed Chairperson’s speech will be keenly watched,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08 to 103.48.

Brent crude futures, the global oil benchmark, rose 0.17 per cent to USD 84.17 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 8.36 points or 0.01 per cent higher at 65,228.39. The broader NSE Nifty advanced 8.20 points or 0.04 per cent to 19,404.65.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 495.17 crore, according to exchange data.

Nifty’s trend non-directional, BFSI stocks witness profit-booking; Hindalco, TVS Motors among stocks to buy

By Shrikant Chouhan

On last Tuesday, the benchmark indices closed higher. Among sectors, buying was seen in auto, FMCG and healthcare stocks whereas banking and financial stocks witnessed intraday profit booking at higher levels. Technically, after an early morning intraday rally, the index took the resistance near 19,500 and reversed, yet once again.

Hindalco

BUY | CMP: Rs 424.3 | TARGET: Rs 445 |  SL: Rs 415

For the past few weeks, Hindalco has been into a range bound mode with a higher low series formation. Meanwhile, on the daily scale, it has formed an ascending triangle chart pattern. The structure indicates breakout from the current levels and the beginning of a new up move in the counter.

TVS Motors

BUY | CMP: Rs 1346.3 | TARGET: Rs 1410 | SL: Rs 1320

On the daily charts, TVS motors has given a breakout of the Symmetrical triangle chart pattern along with decent volume activity. The structure suggests that TVS motors has enough potential for further upside from the current levels.

Grasim Industries

BUY | CMP: Rs 1766.6 | TARGET: Rs 1860 | SL: Rs 1730

After hitting the recent highs of around 1800, Grasim witnessed selloff and dropped to the lower side. However, it has found support near the important retracement zone. As a result, the bullish trend is very likely to continue for further up move in the near term.

Larsen & Toubro

BUY | CMP: Rs 2478.35 | TARGET: Rs 2600 | SL: Rs 2430

After the robust rally from the lower levels, L&T took a breather for a few sessions with a gradual down move. However, the formation of a bullish Marubozu candlestick pattern with a good volume suggests a likely strong up move in the counter in the coming horizon.

(Shrikant chouhan, head of equity research (retail), kotak securities limited. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Stocks To Watch: HCL Tech, Torrent Pharma, Cipla, Jindal Stainless, Punjab National Bank, Jio, CONCOR

Stocks in focus: GIFT Nifty traded 0.13% lower during Friday’s early trading session at 19,403, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. The equity benchmarks snapped a three-day gaining streak on Thursday. Nifty 50 settled lower by 0.43% at 19,253.80, under the 19,300 mark, while Sensex fell 250 points to close at 64,831.41. .

“A slew of weak economic indicators from the US, including a softened GDP figure, have heightened the likelihood of a pause in the Fed’s rate tightening, resulting in a downward trajectory of bond yields. However, this development had a limited impact on domestic sentiment on the day of expiry, with the market experiencing declines ahead of the release of India’s GDP data, scheduled for today. Global markets joined the trend as Eurozone inflation persisted at 5.3% as per preliminary estimates, surpassing the market’s anticipation of 5.1% along with negative cues from Asian economies,” said Vinod Nair, Head of Research at Geojit Financial Services.

Aditya Birla Fashion and Retail

Aditya Birla Fashion and Retail completed the acquisition of 1.87 crore equity shares or 29% of the expanded share capital in TCNS Clothing.

Jindal Stainless

Jindal Stainless announced 15 September as the record date to determine the eligibility of members for payment of final dividend of Rs 1.50 per equity share of face value of Rs 2 each for the financial year ended 31 March 2023.

Jio Financial Services

The BSE announced that Jio Financial Services, the demerged financial business of Reliance Industries, will exit from all BSE Indices, including the blue-chip Sensex, on 1 September. However, the scip will still trade on the NSE Nifty 50 index.

Torrent Pharma, Cipla

Torrent Pharma is intensifying its efforts to secure financing to acquire the promoter family’s stake in Cipla. The pharmaceutical company is turning out to be a key player in the race to acquire the Hamied family’s stake, according to people with knowledge of the matter.

Punjab National Bank

Punjab National Bank has increased the marginal cost of funds-based lending rate (MCLR) by 5 basis points. The overnight MCLR has been adjusted upward by 5 basis points, moving from 8.1% to 8.15%.

CONCOR

CONCOR announced that Sanjay Swarup would take over as the chairman and managing director of the institution. Previously, Sanjay Swarup served as the director of international marketing and operations at the Container Corporation of India.

(With agency inputs.)

Share Market Highlights: Nifty pares gains, ends under 19400, Sensex sinks 650 pts from day’s high; JFS hits lower circuit

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices NSE Nifty 50 and BSE Sensex closed in the red on Thursday, erasing all morning gains. After touching an intraday high of 19,584.45, the NSE index crashed over 1% or 200 points to settle at 19,386.70. Sensex settled lower by 180 points at 65,252.34. In the broader markets, while Nifty Midcap 100 outperformed, Nifty Smallcap slipped 0.35%. Sectorally, after opening in the green, the indices ended mixed. Nifty IT gained 0.6% on favourable Nvidia earnings, while Bank Nifty closed flat. Metals, pharma and PSU banking counters ended lower, while FMCG and media stocks fared better.

Live Updates

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates

15:54 (IST) 24 Aug 2023 Gold outlook

“Given the ongoing trend of global central banks acquiring gold and the uncertain global economic landscape, gold prices are anticipated to remain steady, if not rise significantly due to the impact of a stronger dollar and elevated interest rates. However, the trajectory could swiftly change. The moment the Federal Reserve hints at a potential pause in its rate hikes or even the possibility of an interest rate cut, gold prices are likely to surge.”

– Jateen Trivedi, VP Research analyst at LKP Securities.

15:51 (IST) 24 Aug 2023 Mid- and small-cap shares demonstrate resilience

“The US market exhibited a positive trend as declining US PMI ignited hopes of a prolonged rate pause, calming US bond yields. Optimism in the domestic market was more visible in the IT sector, though sentiments were reversed in other major sectors, likely influenced by the prevailing global uncertainties. Despite this, mid- and small-cap stocks demonstrated resilience, and the decline in bond yields facilitated a resurgence in foreign investor buying momentum.”

– Vinod Nair, Head of Research at Geojit Financial Services.

15:43 (IST) 24 Aug 2023 Gold outlook

” The Comex Gold price has been advancing for four sessions in a row and is now trading over the $1920 mark. whereas the price of the MCX Gold future is 58830. After the release of the Flash Manufacturing and Service indices, which were lower than expected, the price of gold skewed in the previous session. The 50-DMA level around 59050 stands for a resistance for the gold price, and if it is broken, further gains toward 59300 – 59500 this week may be expected. Nevertheless, traders need to pay attention to the 58550-58300 support level.”

– Choice Broking

15:38 (IST) 24 Aug 2023 Markets at close

Domestic indices NSE Nifty 50 and BSE Sensex closed in the red on Thursday, erasing all morning gains. After touching an intraday high of 19,584.45, the NSE index crashed over 1% or 200 points to settle at 19,386.70. Sensex settled lower by 180 points at 65,252.34.

14:53 (IST) 24 Aug 2023 INR Outlook

“USDINR CMP- 82.52 (spot) Indian Rupee gained for the third consecutive day on weakening US Dollar and easing crude oil prices. The rupee also gained on reports that the Reserve Bank of India asked banks not to indulge in short-term trading in the offshore markets. The dollar rose briefly yesterday on disappointing PMI data from the Eurozone and the UK but lost its initial gains on weaker-than-expected manufacturing and services PMI from the US.”

– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

13:51 (IST) 24 Aug 2023 Market check

Nifty 50 and Sensex dipped mildly in the red on Thursday. Sensex traded lower by 0.06% at 65,395.12 while Nifty declined 12 points to 19,431.80.

13:46 (IST) 24 Aug 2023 Chandrayaan-3 effect

Shares of companies related to aerospace and defence sectors continued to remain in the limelight on Thursday, with firms such as Centum Electronics rallying nearly 20 per cent, after the successful touchdown of Chandrayaan-3 mission’s Vikram lander on the Moon.

13:05 (IST) 24 Aug 2023 Nifty falls 150 points

Nifty sank 147 points from the intraday high of 19,584.45 to lows of 19,437.15.

12:52 (IST) 24 Aug 2023 BCG down 5%

Brightcom Group shares extended their rout, hitting its 5% lower circuit in trade for the second consecutive session after SEBI banned seasoned investor Shankar Sharma, and 23 other individuals, from selling or offloading Brightcom Group shares they possess, either directly or indirectly on beliefs of manipulation. 

12:26 (IST) 24 Aug 2023 Gold outlook

“The US dollar’s recovery has been ongoing and impressive, gaining strength over the past month, fluctuating within the range of 103.60 to 104.15. Notably, during the session on August 23rd, substantial resistance was encountered, creating a zone for profit booking for long dollar positions due to the resistance.”

– Tejas Anil Shigrekar, Commodities and Currencies Senior Technical Analyst, Angel One

09:45 (IST) 24 Aug 2023 Derivative view

Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19700 for Calls and 19000 for Puts. Highest new OI addition was seen at 19500 for Calls and 19400 for Puts in weekly and at 19650 for Calls and 19400 for Puts in monthly contracts.

09:25 (IST) 24 Aug 2023 Factors contributing to gains

“Weakening US economic data, particularly the decline in US manufacturing PMI from 49 to 47 has led to sharp decline in the US 10-year bond yield by 14 bp to 4.19%. This might turn the short-term cycle of capital flows again in favour of EMs like India. The sudden reversal in the declining trend of INR also is indicative of this shift in global macros favouring India in the near-term.”

– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:21 (IST) 24 Aug 2023 Markets at open

The domestic indices, NSE Nifty 50 and BSE Sensex, saw gains at the opening. Nifty 50 began above the 19,500 mark, at 19,535.15, and Sensex rose by approximately 300 points, commencing the session at 65,722.5.

09:12 (IST) 24 Aug 2023 Factors to drive markets

“We believe that Indian markets will celebrate the historic feat of India becoming the first country in the world to land a spacecraft (Chandrayaan-3) successfully on the Moon’s South Pole, lauding the Indian Space Research Organization (ISRO) for this momentous achievement. Moreover, IT stocks would be in focus following strong Nvidia quarterly results.”

–  Riches Vanara, Technical and Derivatives Analyst, Stoxbox.

09:09 (IST) 24 Aug 2023 FII, DII data

Foreign institutional investors (FII) bought shares worth net Rs 614.32 crore, while domestic institutional investors (DII) bought shares worth net Rs 125.03 crore on 23 August.

09:09 (IST) 24 Aug 2023 F&O Ban

The National Stock Exchange has Sun TV, Manappuram Finance, PNB, India Cements, Hindustan Copper, GNFC, BHEL, Delta Corp, Escorts Kubota and Indiabulls Housing Finance securities on its F&O ban list for 24 August.

08:07 (IST) 24 Aug 2023 RIL shares in focus

Reliance Retail Ventures announced that it will receive a funding of Rs 8,278 crore by Qatar Investment Authority (QIA) through a wholly-owned subsidiary. This investment values RRVL at a pre-money equity value of Rs 8.278 lakh crore

08:06 (IST) 24 Aug 2023 Crude oil

Oil prices slipped in early Asian trade on Thursday as weak manufacturing data in major economies outweighed optimism around a larger-than-expected drop in U.S. crude stocks.

08:06 (IST) 24 Aug 2023 Wall Street closes higher

U.S. stocks ended sharply higher on Wednesday as shares of Nvidia gained ahead of quarterly results from the company whose chips are widely used for artificial intelligence (AI) computing, according to Reuters. The Dow Jones Industrial Average rose 0.5%, the S&P 500 increased by 1.1%, and the Nasdaq Composite surged 1.6%.

Stocks To Watch: Cipla, Oil India, Escorts Kubota, Ramco Cements, Tata Power, Hero MotoCorp

Stocks in focus: GIFT Nifty traded 0.03% lower during Tuesday’s early trading session at 19,593.5, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the Sensex closed above the 65,500 mark, while the Nifty topped 19,500. Sectors like metals took the lead, along with gains in PSU banks, I.T., real estate, and media. However, consumer durables and fast-moving consumer goods stocks faced challenges.

“Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks. The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.

Tata Power

Tata Power Renewable Energy inked a deal with Neosym Industry for the delivery of 26 MW solar power, situated in Jamkhed, Maharashtra, with an annual generation capacity of 59 MU.

Cipla

Cipla’s subsidiary in South Africa has inked a definitive term sheet to purchase a 100% share in Actor Holdings (Pty), a private pharmaceutical firm with expertise in consumer health and generic drugs. The agreed-upon payment stands at approximately Rs 400 crore in cash for 920 equity shares, which represents the entire equity stake.

Oil India

Oil India has gained the green light from its board to make an equity investment of up to Rs 1,738 crore in the North East Gas Distribution Company, a joint venture with Assam Gas Company.

LIC Housing Finance

LIC Housing Finance invested an additional Rs 21.61 crore in LIC Mutual Fund Asset Management Company through a rights issue.

Ramco Cements

Ramco Cements commissioned the balance capacity of 3 MW of waste heat recovery system out of the 12 MW capacity at Kolimigundla plant. With this, the total operating capacity of the waste heat recovery system for the company has gone up to 43 MW.

Hero MotoCorp

Hero MotoCorp received the green light from its board to invest an additional Rs 550 crore in Ather Energy, an electric two-wheeler company in which it already holds a stake.

(With agency inputs.)

NSE, BSE impose Rs 5.36 lakh fine each on Power Grid Corporation

BSE and National Stock Exchange have imposed a fine of Rs 5.36 lakh each on state-owned Power Grid Corporation for not having the required number of independent directors including one woman on their board in the June quarter.

“Company has received notices from National Stock Exchange of India (NSE) and BSE on August 21, 2023, regarding non-compliance with the provision…. for not having requisite number of Independent Directors (including one woman Independent Director) on the Board of the Company during the quarter ended 30th June 2023 and has imposed a fine of Rs 5,36,900 each by NSE & BSE for such non-compliance,” a BSE filing said.

“The Power Grid, being a Government Company within the meaning of Section 2(45) of the Companies Act, 2013, the power to appoint functional/ Official Part-time Directors/ non-Official Part-time Directors (Independent Directors) vests with the President of India,” it stated.

The said non-compliance of the regulation for the quarter ended 30th June 2023 was not a lapse on the part of the Company, it explained.

The matter has been regularly taken up with Administrative Ministry i.e. Ministry of Power for filling up the vacant posts of Independent Directors (including one woman Independent Director), it stated.

Larsen and Toubro fixes September 12 as record date for share buyback

Larsen and Toubro (L&T) has fixed September 12, 2023 as the record date for determining the entitlement and eligibility of equity shareholders for participation in the company’s share buyback plan.

On July 25, the board of directors of the company approved a proposal to buy back shares worth up to Rs 10,000 crore, excluding tax on buyback.

In a public notice on Monday, the company said the equity shares proposed to be bought back shall be divided into two categories — reserved category for small shareholders and the general category for other eligible shareholders.

On the objectives behind the move, the company said it had formulated its “Lakshya 26 strategic plan in FY22. One of the key strategic objectives in Lakshya 26 is to improve return on equity and maximize shareholder value. Increased profitability, release of working capital, higher dividends apart, return of extra capital to shareholders in the form of buyback of shares is one such initiative which can help in meeting these objectives.”

Jupiter Hospital to mop up Rs 869 crore via IPO; sets price band at Rs 695-735 per share

Multispecialty hospital chain Jupiter Life Line Hospitals on Friday said it has fixed a price band of Rs 695-735 a share for its Rs 869-crore initial public offering (IPO). The initial share sale will open for public subscription during September 6-8 and the bidding for anchor investors will open on September 5, the company said. The IPO comprises a fresh issue of equity shares worth Rs 542 crore and an offer for sale (OFS) of 44.5 lakh equity shares by promoter group entities and other shareholders.

Last month, Jupiter Hospital mobilised Rs 123 crore from institutional investors in the pre-IPO round thereby reducing fresh issue size. Proceeds of the fresh issue will be utilised to retire debt. Besides, funds will be used for general corporate purposes. The IPO is expected to fetch Rs 851.28 crore and Rs 869.08 crore at the lower and upper price bands, respectively.

Jupiter Hospital, which has a strategic focus on the western India healthcare market, is in the process of developing a multispecialty hospital in Dombivli, Maharashtra, which is being designed to accommodate over 500 beds. The construction of the hospital began in April this year. ICICI Securities, Edelweiss Financial Services, and JM Financial are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.