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Stock Market | Share Market Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 17 August 2023.
Snapping their two-day winning run, equity benchmarks Sensex and Nifty closed in the negative territory on Thursday, tracking losses in index majors Reliance Industries, ITC, and HDFC bank amid a weak trend in global markets.
The BSE Sensex declined 388.40 points or 0.59 per cent to settle at 65,151.02. During the day, it fell by 493.32 points or 0.75 per cent to 65,046.10.
The NSE Nifty slipped 99.75 points or 0.51 per cent to end at 19,365.25. – PTI
The rupee pared its initial gains and settled for the day lower by 2 paise at an all-time low of 83.10 (provisional) against the US dollar on Thursday, weighed down by a strong greenback overseas and a negative trend in domestic equities.
Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and rising US dollar.
At the interbank foreign exchange, the domestic unit opened at 83.10 against the dollar, and it finally ended the day at the same level 83.10 (provisional), registering a fall of 2 paise from its previous close.
HDFC AMC had announced the set-up of its wholly owned subsidiary HDFC AMC International (IFSC) Limited at International Financial Services Centre (IFSC). This is a strategic move to expand the global outreach and for opening up new markets for the products and services managed / offered by HDFC Asset Management Company Limited. HDFC AMC International (IFSC) Limited is registered with IFSCA as “Fund Management Entity (Retail)” to carry out investment management, investment advisory and portfolio management services activities from GIFT City – IFSC.
HDFC Life, one of India’s leading insurers has announced that the overseas branch of its international subsidiary HDFC International Life and Re, will now offer US Dollar denominated life and health insurance solutions for Non-Resident Indians (NRIs) from GIFT City – IFSC, India under the brand name HDFC Life International.
Tata Consultancy Services (TCS) has been recognised as a Leader in the Everest Group PEAK Matrix for Medical Devices Digital Services. The stock closed at ₹3,425.90, down by 0.94% on the NSE.
Yatharth Hospital & Trauma Care Services reported its standalone net profit for the quarter ended June 2023 at ₹15.6 crore as against ₹13.2 crore. The stock closed at ₹311.05 on the NSE, down by 4.63%.
Zydus Lifesciences has received final approval from the USFDA for Doxepin Tablets, 3 mg and 6 mg. The stock were trading at ₹646 on the NSE, down by 1.73%.
NIIT Ltd has announced the integration of Generative AI in its existing Digital Marketing and Full Stack Software Engineering programs. The stock trades at ₹80.10, higher by 1.33% on the NSE.
Krishna Institute of Medical Sciences informed the exchange that its material subsidiary, KIMS Hospital Enterprises Private Limited, has made an investment by acquiring equity stake of 8.06% in Kondapur Healthcare Limited. The stock of KIMS inches up by 0.19% on the NSE, trading at ₹1,903.25.
Major gainers: Adani Ports (4.07%); Titan (1.76%); Adani Enterprises (1.46%); Bajaj Auto (1.18%); SBI (1.01%)
Major losers: LTI Mindtree (-2%); ITC (-1.95%); Divi’s Laboratories (-1.65%); Power Grid (-1.57%); Nestle India (-1.36%)
Stocks advanced on BSE at 3 pm on August 17 were 1,828 against 1,740 stocks that declined. Total stocks traded were 3,709. The number of stocks that recorded a 52-week high was 225, and those that hit a 52-week low was 31.
Pharma Sector review quote by Purvi Shah, DVP – Fundamental Research – Kotak Securities Ltd
We expect US generic revenues to recover sharply over FY24-25 on the back of new launches by all the major companies. Growth in domestic pharmaceutical revenues of all the major companies will be moderate. Lower RM prices and easing US generic pricing conditions will lead to higher gross and EBIDTA margins. Net profits of the pharmaceuticals companies are likely to grow 14% in FY24 & 18% in FY25.
Healthcare and Pharmaceuticals are among a few sectors that provide comfort on earnings trajectory and valuations. The pharmaceuticals sector has seen a rerating in multiples as investors have sought:
Top Picks – Sun Pharma, Mankind Pharma, Apollo Hospitals & KIMS.
Dilip Buildcon has received the completion certificate from the Airport Authority of India (AAI) stating that the construction of a new greenfield airport at Hirasar, Rajkot, Gujarat, was completed on July 31, 2023.
Standard Chartered Bank’s Wealth Management team has come out with a Report:- 360 perspectives: India: The case for a structural bull market
Equities are best positioned to benefit from India’s structural growth. We expect the current equity cycle to be analogous to the 2003-2008 bull cycle when output growth rose sharply, inflation stayed stable and improvements in productivity drove a rise in investments.
We believe this superior macroeconomic backdrop sets up Indian financial market assets – equities, fixed income and private markets – to perform well on a multiyear horizon.
Siyaram Silk Mills Ltd’s shares were up 1.19 per cent after the company announced that its Board of Directors has granted approval for a buyback proposal involving 16,61,530 fully paid-up equity shares.
These shares, each with a face value of ₹2 will be repurchased at ₹650 per equity share, payable in cash. The total consideration for this buyback will not exceed ₹107.99 crore, exclusive of transaction costs.
Max Life Insurance, a private life insurer, is on anexpansion spree, and is implementing a comprehensive plan predominantly focused around channels, growth, new distribution build-up and product launches, its MD & CEO, Prashant Tripathy, has said.
Read more.
Crane Infrastructure Ltd’s shares were up by 19.97 per cent after it reported a 683 per cent increase in profit for the quarter ending June 30, 2023, at Rs 83.86 lakh, compared to Rs 10.76 lakh during the corresponding quarter last year.
Dilip Buildcon Limited informed the exchange about the receipt of letter of acceptance (LOA) for “construction of Malhargarh pressurized micro lifting major irrigation project, order worth ₹699.03 crore.
The DBL stock rises by 2.50% on the NSE, trading at ₹314.
India’s midcap stocks are again growing in popularity among overseas investors after five years of decline, according to Goldman Sachs Group Inc.
“We are seeing a sharp reversal” in foreigners’ ownership of India midcaps, strategists including Amorita Goel and Sunil Koul wrote in a note Wednesday, citing their analysis of second quarter shareholding data.
Overseas investor holding in midcaps has increased by 175 basis points to 16% of their market capitalization this year, compared with a drop of 250 basis points over the last five years, they added.
Brahmaputra Infrastructure Limited has entered into a Master Restructuring Agreement (MRA) with its lenders, Indian Overseas Bank being a lead Bank. The company’s lenders have agreed and approved the restructuring agreement and executed a Master Restructuring Agreement (MRA) at New Delhi. The stock rises by 2.51% on the BSE, trading at ₹52.22.
Major gainers: Coffee Day (19.05%); DB Realty (10.90%); Cochin Shipyard (9.08%); JM Financial (8.40%); Jammu Kashmir (8.21%)
Major losers: Nava (-5.54%); Globus Spirits (-5.35%); IRFC (-5.18%); Johnson Controls (-4.98%); ISGEC (-4.44%)
Essar Group has signed an agreement with Foulath subsidiary, Bahrain Steel, for supply of high-grade iron-ore pellets for its greenfield steel plant, Green Steel Arabia, being set up in Saudi Arabia.
BF Utilities stock surges by 20% on the NSE, trading at ₹572.10. The company had reported its standalone net loss for the quarter ended June 2023 at ₹3.50 lakh as against ₹19.37 lakh loss in the same quarter previous year.
The Board of Directors of Gujarat Mineral Development Corporation Ltd, in its meeting held on 17th August, 2023, has decided to upwardly revise the dividend for FY 2022-23 to Rs. 11.45 per share having face value of Rs. 2.00 each, as against dividend of Rs. 9.10 recommended earlier on 30.05.2023.
Skipper Ltd stock rises by 1.31% on the NSE, trading at ₹197.60.
The company’s board had approved for the issuance of equity shares worth ₹200 crore via Rights Issue to the eligible equity shareholders as on the record date.
Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, targets to raise up to Rs 2,000 crore through its recently launched sixth real estate fund “India Realty Excellence Fund VI (IREF VI).”
MO Alts, till date, has invested capital in the real estate sector through five real estate funds. The Firm also manages other standalone and proprietary investments. MO Alts is a seasoned real estate manager and has till date undertaken over 140 transactions and funded ~ Rs 7,500 crore across 50 developers in India. They have also successfully exited over 70 transactions and generated an IRR of more than 20 per cent in these exits.
Mahindra Electric Automobiles Limited (MEAL), a subsidiary of Mahindra & Mahindra, has announced collaboration with Padma Bhushan and Academy Award recipient music composer AR Rahman to unveil Mahindra’s sonic identity in its fleet of electric vehicles.
M&M stock inches up by 0.13% on the NSE, trading at ₹1,572.65.
Murugappa Group’s abrasives and industrial ceramics maker Carborundum Universal Ltd (CUMI) has entered into a collaboration with ideaForge Technology, a leading drone maker in the country, to jointly develop what the company calls ‘cutting-edge nanomaterial reinforced composite parts’ for drones.
Vikas Ecotech Limited has announced establishing a world-class research laboratory that meets international standards and achieving the NABL Accreditation. The stock rises by 1.69% on the NSE, trading at ₹3.
Ramkrishna Forgings stock rises by 3.16% on the NSE, trading at ₹614.25, after the company bagged ₹145 crore worth of orders in the European Original Equipment Manufacturer (OEM) sector.
Dr. Agarwal’s Health Care Ltd. has raised $80 million (₹650 crore) in a fresh round of funding from global private equity firm TPG Growth and Singapore-based global investment company, Temasek.
The latest funding comes a year after the two global investors pumped in ₹1,050 crore in the Chennai-based eye-care chain in May 2022.
Meanwhile, shares of Dr. Agarwal’s Eye Hospitals were trading at ₹1,877 on BSE, 4 per cent higher than previous day’s closing price.
Global markets continue to remain under pressure as spike in bond yields and weak China macros dampen sentiment. After being down for 2 days in a row, key indices across Germany, UK, France and Italy have opened in the red trading in the range of -35 to -50 bps.
Fed minutes released yesterday added to further rate hike concerns. Bond yields spiked in the US post release of the Fed minutes.
Navkar Corporation informed the exchange that Anish Maheshwari, Chief Financial Officer and Key Managerial Personnel (KMP) of the company has resigned to pursue his professional interest outside the company.
The stock of Navkar Corp rises by 1.42% on the NSE, trading at ₹60.75.
Strong demand for value-added products (VAP) and stable consumption of liquid milk will lead to a 14-16% revenue growth for India’s organised dairy industry this fiscal, according to CRISIL Ratings. With raw milk supply improving, there will be fewer price hikes and profitability will recover 20-50 basis points.
Last fiscal, disruptions in raw milk supply had led to multiple hikes in retail milk prices, pushing up the topline ~19% but impacting profitability.In this milieu, given healthy balance sheets, the credit profiles of organised dairies rated by CRISIL Ratings will remain strong.
Bandhan Mutual Fund announced the launch of the Bandhan Nifty IT Index Fund, an open-ended equity scheme tracking Nifty IT index, with an aim to capture the growth potential of the Indian Information Technology (IT) sector.
The IT sector is a significant catalyst for the Indian economy, facilitating revolutionary changes across different segments such as Banking, Finance, Education, Healthcare, Communication and Connectivity, Entertainment, Automobile, and E-Commerce.
The Bandhan Nifty IT Index Fund is well-positioned to provide investors with a convenient, cost-effective route to benefit from the vast opportunities in this sector over the long term. The New Fund Offer will open on Friday, August 18, 2023, and close on Monday, August 28, 2023. Investment in the Bandhan Nifty IT Index Fund can be made through licensed mutual fund distributors and online platforms, as well as, directly on https://www.bandhanmutual.com.
Rashtriya Chemicals and Fertilizers Limited informed the exchange that the company received prior Environmental Clearance (EC) from Ministry of Environment, Forest and Climate Change, IA division, for the proposed project -installation of new nano-urea fertilizer plant at RCF Trombay Unit Industrial Area, Chembur, Suburban Mumbai.
RCF stock rises by 4.49% on the NSE, trading at ₹112.75.
State-owned Power Finance Corporation stock rises by 1.76% on the BSE, trading at ₹268.65. The company had appointed Parminder Chopra as its full-time Chairman and Managing Director.
Sansera Engineering Ltd, which makes precision-forged and machined components for auto and non-auto segments, is planning to incur a capex of ₹300 crore in FY24, higher than FY23 capex of ₹244 crore, to support the growing order book.
Shriram Asset Management Company, part of the Shriram Group, will launch the Shriram Multi Asset Allocation Fund on August 18, 2023, to offer long term inflation-adjusted wealth creation through exposure to multiple assets such as equity, debt, and gold/silver ETFs. The New Fund Offer (NFO) will close on September 1 st 2023.
Venus Remedies Ltd has launched its flagship R&D drug, Elores, in the $1.4-billion pharmaceutical market in Oman.
However, the company’s stock declines by 2% on the NSE, trading at ₹260.30.
Major gainers: Adani Ports (1.81%); Titan (1.49%); Axis Bank(0.61%); Adani Enterprises (1.54%); Dr Reddy’s Laboratories (0.32%)
Major losers: Power Grid (-2.30%); ITC (-1.97%); LTI Mindtree (-1.76%); Nestle India (-1.45%); LT (-1.34%)
Stocks advanced on BSE at 12 noon on August 17 were 1,874 against 1,535 stocks that declined. Total stocks traded were 3,564. The number of stocks that recorded a 52-week high was 196, and those that hit a 52-week low was 28.
Revise our FY2024 CAD/GDP estimate to 1.4%
We continue to expect current account pressures to be modest in FY2024 compared to FY2023 amid (1) lower global commodity prices narrowing the goods trade deficit and (2) services surplus remaining steady. However, we see non-oil imports being relatively more stable than non-oil exports and, thereby, revising up our goods trade deficit estimate to US$250 bn. We revise up our FY2024 CAD/GDP estimate to 1.4% (from 1% earlier), resulting in a neutral BOP in FY2024 (Exhibit 9). On the FX front, the INR is likely to remain under pressure in the near term amid uncertainties stemming from (1) global monetary tightening, (2) slowdown in China and (3) rising crude oil prices. However, we expect any significant volatility to be capped by the RBI’s intervention. We expect USD-INR in the range of 82.50 83.50 in the near term.
Infosys Foundation,the CSR arm of Infosys, has announced the launch of a scholarship program called ‘STEM Stars’ to support education in STEM (Science, Technology, Engineering, Mathematics) fields for underprivileged girl students.
The program aims to encourage and provide financial assistance, thereby helping them pursue an undergraduate degree in STEM. Infosys stock slips down by 0.29% on the NSE, trading at ₹1,414.35.
HEC Infra Projects has received another work order from Haryana Vidyut Prasaran Nigam Ltd worth ₹20 crore for supply, erection, civil, testing and commissioning ofor Construction of 66 kV GIS Substation at Sector 10 Gurugram.
The stock of HEC Infra surges by 9.95% on the NSE, trading at ₹40.35.
Bank Nifty index opened today’s session lower at 43,897 versus yesterday’s close of 43,946. While it marked a low of 43,832 immediately after the session opened, it has now recovered to 44,030. Thus, the index is up 0.2 per cent so far today.
Supporting the positive inclination, the advance/decline ratio of the index stands at 9/3. Punjab National Bank, up by 2.4 per cent, is the top gainer. On the other hand, ICICI Bank is the top loser as it is down 0.3 per cent.
So far today, the public sector banks seem to be outperforming their private peers. Thus, Nifty PSU Bank index has advanced 1.2 per cent whereas Nifty Private Bank index has gained 0.25 per cent.
Swarnasarita Jewels India Ltd.’s shares surged by 17 per cent after the company reported a 69 per cent increase in profit for the quarter ended June 30, 2023, at Rs 4.70 crore, compared to Rs 2.77 crore during the corresponding quarter last year.
With weather—unseasonal rains and heatwave—affecting production besides rising demand and fears of El Nino affecting the monsoon, the spices complex has virtually been on fire over the past two months.
Shares of major players such as Dabur, Patanjali Foods, ITC (Aashirvad brand), Tata Consumer Products (Sampann), Emami (Mantra) have surged, barring occasional corrections.
ICICI Prudential Life Insurance Company Limited has allotted 1,600 equity shares of face value of ₹10 each under its employee stock option scheme.
The stock inches up by 0.42% on the NSE, trading at ₹548.20.
Pidilite Industries Ltd., has announced the appointment of Manish Dubey as its Chief Marketing Officer (CMO). In his prior role at ICICI Prudential Life Insurance, Manish held the position of Chief of Marketing & E-Commerce. An alumnus of IIM Bangalore, Manish has also held senior marketing positions across other companies like General Mills and Asian Paints.
Pidilite stock slides down by 0.46% on the NSE, trading at ₹2,528.
Major gainers on the BSE: JM Financial (10.59%); Coffee Day (9.84%); Cochin Shipyard (7.97%); Ashoka (7.86%); SCI (7.55%)
Major losers on the BSE: Nava (-4.94%); Globus Spirits (-4.59%); IRFC (-4.18%); Lloyds Metals and Energy (-3.51%); Motilal Oswal Financial Services (-3.08%)
HEC Infra Projects has received a work order from Haryana Vidyut Prasaran Nigam Ltd aggregating to ₹37 crore for supply, erection, civil, testing and commissioning of equipment for construction of 132 kV & 66 kV composite transmission line in Faridabad, Rohtak and Sirsa area.
The stock of HEC Infra surges by 9.95% on the NSE, trading at ₹40.35.
On NCDEX, the spices complex lost its sting as dhaniya (coriander), jeera (cumin) and turmeric futures declined. Dhaniya October futures dipped by ₹60 to ₹7,342 a quintal. Jeera contracts headed below ₹60,000 with October futures nosediving by ₹1,255 to ₹58,835 a quintal. Turmeric December futures declined by ₹684 to ₹16,454 a quintal.
Yield of the 10-year Government Security has risen almost 5 basis points in Thursday’s trading so far, weighed down by higher retail inflation reading for July and tracking rising US Treasury yields.
The 10-year paper is currently tradng at an yield of 7.2502 per cent (previous close: 7.234 per cent), with its price declining about 32 paise to Rs 100.0625 (Rs 100.38).
In Asian trade, gold dropped below $1,900, a five-month low. after minutes from the FOMC’s latest meeting prolonged the expected period that the Federal Reserve could start cutting interest rates, denting demand for non-interest-bearing bullion assets. At 10.45 am, it was quoted at $1,893,64 an ounce. Silver was a tad lower at $22.48 an ounce.
On MCX, gold October futures declined by ₹187 to ₹58,494 per 10 gm. Silver September futures slipped by ₹146 to ₹69,576 an ounce.
The stock of Brightcom Group rises by 4.75% on the NSE, trading at ₹26.45.
The company reported a consolidated net profit of ₹321.47 crore in the quarter ended June 2023, as against ₹277.23 crore in the same quarter last year.
Nifty 50 and Sensexare struggling to get a strong follow-through rise. The benchmark indices are trading lower. Sensex is trading at 65,322, down 0.33 per cent and Nifty at 19,397 is down 0.35 per cent.
Nifty has strong resistance at 19,500 and then in the 19,600-19,700 region. The index has to rise past 19,700 to bring back the bullish sentiment. As long as the Nifty stays below 19,500, the chances are high for it to fall to 19,100-19,000 in the coming days.
Read more.
Greaves Finance Limited, a NBFC and a wholly owned subsidiary of Greaves Cotton Ltd, under its brand evfin has announced its partnership with Ather Energy, a electric two-wheeler manufacturer. The stock of Greaves Cotton rises by 1.94% on the NSE, trading at ₹134.10.
Dr. Agarwal’s Health Care Ltd. (DAHCL) has raised US$80 million from existing investors TPG Growth (the middle market and growth equity platform of leading global alternative asset management firm, TPG) and Temasek, (a global investment company headquartered in Singapore).
The fundraise will provide significant capital to fuel the company’s expansion plans. The company has new projects in development in Mumbai, Punjab, central and northern India, among others.
The stock of Dr Agarwal’s Eye Hospital rises by 2.32% on the BSE, trading at ₹1849.95.
IndusInd Bank has launched multi-branded credit card – ‘IndusInd Bank Avios Visa Infinite Credit Card’ for all customers, in partnership with British Airways Executive Club and Qatar Airways Privilege Club.
Shares of IndusInd inches up by 0.38% on the NSE, trading at ₹1,386 per share.
The rupee recovered from its all-time low levels and appreciated by 9 paise to 82.99 against the US dollar in early trade on Thursday as crude oil prices retracted from their elevated levels.
However, a muted trend in domestic equities and the strength of the American currency in the overseas market dented investor sentiments, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 83.10, then touched a high of 82.99 against the American currency, registering a rise of 9 paise over its last close.
Benchmark equity indices began the trade on a muted note on Thursday and fell further in line with weak trend in global markets.
The 30-share BSE Sensex declined 115.41 points to 65,424.01. The NSE Nifty slipped 41.35 points to 19,423.65.
From the Sensex pack, ITC, ICICI Bank, Power Grid, UltraTech Cement, Nestle, Larsen & Toubro, Tech Mahindra and Tata Motors were the major laggards.
Titan, Tata Steel, Axis Bank, Maruti, State Bank of India and NTPC were among the gainers.
Read more.
Cipla shares decline by 1.10% on the NSE, trading at ₹1,229.85.
The company informed the exchange that the Konkan division of the Food and Drugs Administration (FDA) ordered for suspension of license to the company’s Patalganga manufacturing unit for ten days in December 2023.
Shares of Hudco crossed the Rs 70-mark for the first time since 2018. The company has came out with IPO at Rs 56-60 price band in 2017 and hovered below the IPO price for most part of the time post listing.
Aurobindo Pharma is set to launch HIV triple combination product for children living with HIV in low-and middle-income countries under voluntary licence from ViiV Healthcare.
The stock slips by 0.02% on the NSE, trading at ₹873.60.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services says:
“Global cues for markets continue to be weak. There are two negatives weighing on global stock markets now: One, the US Fed minutes indicate that one more rate hike may be needed in this rate hiking cycle to tame inflation. Two, Chinese macro data indicate that the economy is slowing more-than-feared earlier, and this will impact global economic growth. In this scenario the Indian market is unlikely to break out to newer highs on a sustained basis and decouple from the rest of the world. However, a sharp correction appears unlikely.”
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Kamlesh Varshney and Amarjeet Singh as SEBI Whole-Time Members.
While Varshney, a 1990-batch officer of the Indian Revenue Service, is a joint secretary at the revenue department in the Finance Ministry, Singh is an executive director at the Securities and Exchange Board of India (SEBI).
Power Finance Corporation (PFC) has appointed Parminder Chopra as Chairman and Managing Director (CMD); she becomes the first woman to lead India’s largest NBFC.
Chopra assumed the top job at the power sector lender with effect from August 14, 2023. She earlier held additional charge as CMD from June 1, and was Director (Finance) from July 1, 2020, PFC said.
Cochin Shipyard stock surges by 8.78% on the NSE, trading at ₹878.75. The company reported its first-quarter results last Friday.
Its consolidated net profit for the quarter ended June 2023 stood at ₹98.65 crore as against ₹42.18 crore a year ago.
Issue Open – 28-August-23 , Issue Close 15-September-23
Right issue Size: Rs. 230 Crs (23 Crs Shares)
Stock Price – 15.30 /-
Right issue Price: Rs. 10/-
Payment Terms: 100% at the time of the application
Rights Entitlement Ratio: 19 Rights Equity Shares for every 62. (Effectively 0.31 for every 1 share held).
Last Trade date (Cum Right): 17 August 2023 (Today)
Ex-Right Trading date: 18 August 2023
Record Date: 18 August 2023
Right Entitlement (RE) Trading Period:- 28-August-2023 to 11-September-2023
Last day of Renunciation of Rights Entitlements: 11-September-2023
Date of Allotment (on or about): 23-September-2023
Date of listing (on or about): 29-September-2023
Effective Discount Per share – Rs. 1.24
{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}
Rajshree Sugars and Chemicals Ltd.’s shares were up by 7.98 per cent after the company reported a 1.37 per cent increase in revenue for the quarter ending June 30, 2023, at Rs 227.92 crore compared to Rs 224.82 crore during the corresponding quarter last year.
However, the company’s profits were down by 25 per cent to Rs 8.53 crore compared to Rs 11.41 crore last year. Sequentially, the company’s profits were lower by 63 per cent compared to Rs 23.39 crore in the previous quarter.
Major gainers: Adani Ports (1.24%); Titan (1.03%); Tata Steel (0.47%); Adani Enterprises (0.32%); Dr Reddy’s Laboritories (0.27%).
Major losers: LTI Mindtree (-1.38%); ITC (-1.19%); Cipla (-0.85%); Power Grid (-0.75%); SBI Life Insurance (-0.72%).
Ramkrishna Forgings Limited has announced the recent award of a business contract valued at ₹145 crore.
The company said in its regulatory filing, “the contract secured under a long-term agreement spans a duration of 4 years and solidifies the company’s position in the European Original Equipment Manufacturer (OEM) sector.”
Brent crude oil futures traded marginally higher on Thursday morning following the decline in the inventories in the US. However, the economic slowdown in China and the prospects of further rate hikes in the US limited further gains in the price of the commodity.
At 9.18 am on Thursday, October Brent oil futures were at $83.50, up by 0.06 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $79.36, down by 0.03 per cent. August crude oil futures were trading at ₹6595 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6646, down by 0.77 per cent; and September futures were trading at ₹6577 as against the previous close of ₹6624, down by 0.71 per cent.
Glenmark Pharmaceuticals Ltd. (Glenmark), a research‐led, integrated, global pharmaceutical company has received final approval by the United States Food & Drug Administration (U.S. FDA) for Tacrolimus Ointment, 0.03%, the generic version of Protopic1 Ointment, 0.03%, of Leo Pharma AS. Glenmark’s Tacrolimus Ointment, 0.03%, will be distributed in the U.S. by Glenmark Pharmaceuticals Inc., USA.
According to IQVIATM sales data for the 12‐month period ending June 2023, the Protopic® Ointment, 0.03% market2 achieved annual sales of approximately $15.4 million.
Shares of Sangani Hospitals will be listed at NSE-SME platform. The IPO total issue size is Rs 15.17 Cr. The Sangani Hospitals IPO price is ₹37 to ₹40 per share. The issue price has been fixed at the upper end.
Sellers
Buyers
Shares of Yudiz Solutions will be listed at the NSE-SME IPO. The IPO total issue size is Rs 44.84 Cr. The Yudiz Solutions IPO price is ₹162 to ₹165 per share.
SEPC Ltd has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 21/08/2023 ,inter alia, to consider a proposal to issue equity shares to the existing shareholders of the Company on Rights Basis.
The recent market sessions have showcased a commendable display of tenacity as bulls manage to counteract initial downward gaps and secure positive closes. The forthcoming scenario suggests a cautious outlook as Asian indices brace for potential declines due to the ripple effects of hawkish sentiments from the U.S. Federal Reserve. While the Nifty’s fate hinges on maintaining support above the critical level of 19234 and achieving a higher close beyond 16625, the IT sector’s robustness remains a highlight, bolstered by the continuous depreciation of the Indian Rupee. In order to capitalize on new opportunities cautious and smart positioning will be crucial.
Om Mehra
Equity Research Analyst
Choice Broking
Most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy, minutes from the latest meeting showed. However, some participants cited the risks to the economy of pushing rates too far. Policymakers agreed that the level of uncertainty remained high and that future rate decisions would depend on data arriving in the coming months to help clarify the extent to which the disinflation process was continuing, said Kedia Commodities report. The Fed raised the fed funds rate by 25bps to 5.25%-5.5% in July, the highest since January 2001.
Life insurance tax exemption limit: The Central Board of Direct Taxes (CBDT) has unveiled new tax exemption norms on life insurance policies. According to the latest guidelines, the exemption on policy maturity benefits under Section 10(10D) will only apply if the total premium that an individual has paid towards life insurance policy is below Rs 5 lakh a year.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
“A weaker opening is likely on the cards due to a bearish trend across the global equities, as economic challenges in key economies continue to hurt investors’ sentiment. Growing pessimism due to China’s slowdown and more interest rate hikes going ahead will make investors risk-averse towards equity markets. Besides, rising US bond yields and its impact on currencies across the globe will push foreign investors towards safe haven US dollar. On the technical front, until benchmark Nifty is unable to cross the 19757 mark, caution will persist. For Bank Nifty, intra-day resistance is at 45100 mark, while crucial support is at 43365 mark.”
Inox Wind Limited (IWL), India’s leading wind energy solutions provider, today announced the infusion of ~ Rs. 500 Crores (before taxes and other charges) by its promoter and promoter group entities. This strategic move marks a significant milestone in IWL’s journey towards financial sustainability. The funds were raised by way of equity share sale of IWL by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilized for the repayment of IWL’s existing debt.
Ramkrishna Forgings Limited said it has recently been awarded a significant business contract valued at 16 Million Euros (approx. Rs. 1,450 Million).
The contract,
secured under a long-term agreement, spans a duration of 4 (four) years, per the company’s exchange filing.
The company said this contract solidifies its
position in the European Original Equipment Manufacturer (OEM) sector.
“Having successfully served the same OEM for the past 5 years by supplying Front Axle
Components, the Company has now been entrusted with the production and delivery of Differential
components,” the company said.
Jefferies on ICICI Bank: Maintain Buy on Bank, target price at Rs 1240
GS on Tata Motors: Maintain Buy on Company, target price at Rs 710
GS on Ashok Ley: Maintain Buy on Company, target price at Rs 230
Jefferies on GDL: Maintain Buy on Company, target price at Rs 100
Bernstein on NTPC: Initiate Outperform on Company, target price at Rs 274
UBS on Shriram Fin: Initiate Buy on Company, target price at Rs 2185
MS on Bajaj Fin: Maintain Overweight on Company, target price at Rs 9500/sh
MS on Can Fin Home: Maintain Overweight on Company, target price at Rs 1000
MS on SBI Cards: Maintain Overweight on Company, target price at Rs 1155
MS on Aptus: Maintain Overweight on Company, target price at Rs 268/sh (Positive)
MS on Shriram Fin: Maintain Overweight on Company, target price at Rs 2200
MS on Home First: Maintain Overweight on Company, target price at Rs 1050
Jefferies on JK Cement: Maintain Hold on Company, target price at Rs 3310
CLSA on Vodafone: Maintain Sell on Company, target price at Rs 7
Citi on Bajaj Auto: Maintain Sell on Company, target price at Rs 4000
MS on LIC Housing: Maintain Equal weight on Company, target price at Rs 450
MS on M&M Fin: Maintain Equal weight on Company, target price at Rs 300
MS on Chola Invest: Maintain Equal weight on Company, target price at Rs 1000
MS on L&T Fin: Maintain Underweight on Company, target price at Rs 110
CLSA on Vodafone: Maintain Reduce on Company, target price at Rs 5
Gold settled down by 0.5 per cent at Rs 58681 per 10 grams on Wednesday as the US housing market construction numbers look to stabilize. Housing starts dropped by 3.9 per cent to a seasonally adjusted annual rate of 1.45 million units last month, the Commerce Department said.
At the same time, June’s data was revised lower to a rate of 1.398 million units from the previously reported 1.40 million units. Worries about persistently high inflation in Britain grew as key measures of price growth monitored by the Bank of England failed to ease in July, despite a sharp drop in the headline inflation rate. The annual consumer price inflation rate cooled to 6.8 per cent from June’s 7.9 per cent, the Office for National Statistics said. The drop in the headline rate reflected falling energy prices and will be welcomed by British consumers who have faced higher inflation than in most other industrialised countries. But fresh signs of stickiness in core inflation and consumer service prices echoed warnings by BoE policymakers this month that the risks of long-lasting high inflation were beginning to crystallise. Gold is getting support at Rs 58,595 and resistance is now likely to be seen at Rs 58835, a move above could see prices testing Rs 58990, said Kedia Commodities.
LANCOR HOLDINGS LTD.
Bonus issue 1:2
Previous day Closing Price – Rs. 57.24
Ex Bonus 18 August 2023 (Tomorrow)
Last date Trade for Before Bonus Today
Media reports suggests Globus Spirits may see a block deal of about 5 lakh shares (8.5% equity) today.
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9:30 AM Black Box
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Ex-Dividend 18 August 2023 (Tomorrow)
Last date for Cum-Dividend Today
A.K. Capital Services Ltd.
Dividend Per Share Rs.6
Previous day Closing Price – Rs. 529.8
Apollo Hospitals Enterprise Ltd.
Dividend Per Share Rs.9
Previous day Closing Price – Rs. 4940.7
Avt Natural Products Ltd.
Dividend Per Share Rs.0.6
Previous day Closing Price – Rs. 78.78
Coal India Ltd.
Dividend Per Share Rs.4
Previous day Closing Price – Rs. 233.15
Container Corporation Of India Ltd.
Dividend Per Share Rs.2
Previous day Closing Price – Rs. 657.75
Crest Ventures Limited
Dividend Per Share Rs.1
Previous day Closing Price – Rs. 231.2
D-Link (India) Ltd
Special Dividend Per Share Rs.5
Dividend Per Share Rs. 5
Previous day Closing Price – Rs. 337.5
Elixir Capital Ltd
Dividend Per Share Rs.1.25
Previous day Closing Price – Rs. 45.8
Godawari Power & Ispat Ltd.
Dividend Per Share Rs.4
Previous day Closing Price – Rs. 575.2
Greenply Industries Ltd.
Dividend Per Share Rs.0.5
Previous day Closing Price – Rs. 161.15
IFGL Refractories Ltd
Dividend Per Share Rs.7
Previous day Closing Price – Rs. 478.15
Indian Railway Catering And Tourism Corporation Ltd
Dividend Per Share Rs.2
Previous day Closing Price – Rs. 641.25
Jindal Steel & Power Ltd.
Dividend Per Share Rs.2
Previous day Closing Price – Rs. 647.75
JK Paper Ltd.
Dividend Per Share Rs.4
Previous day Closing Price – Rs. 352.5
KSE Ltd
Dividend Per Share Rs.20
Previous day Closing Price – Rs. 1658.75
Lehar Footwears Ltd
Dividend Per Share Rs.0.2
Previous day Closing Price – Rs. 146.1
LIC Housing Finance Ltd.
Dividend Per Share Rs.8.5
Previous day Closing Price – Rs. 422
Magna Electro Castings Ltd.
Dividend Per Share Rs.3
Previous day Closing Price – Rs. 478.5
NGL Fine-Chem Ltd.
Dividend Per Share Rs.1.75
Previous day Closing Price – Rs. 1970.25
Oil And Natural Gas Corporation Ltd
Dividend Per Share Rs.0.5
Previous day Closing Price – Rs. 179.05
Page Industries Ltd.
Dividend Per Share Rs.75
Previous day Closing Price – Rs. 41311.15
Petronet Lng Ltd.
Dividend Per Share Rs.3
Previous day Closing Price – Rs. 225.1
Prudent Corporate Advisory Services Ltd
Dividend Per Share Rs.1.5
Previous day Closing Price – Rs. 1205.2
Qgo Finance Ltd
Dividend Per Share Rs.0.1
Previous day Closing Price – Rs. 45.18
RBL Bank Ltd
Dividend Per Share Rs.1.5
Previous day Closing Price – Rs. 218.05
Shilp Gravures Ltd
Dividend Per Share Rs.2.1
Previous day Closing Price – Rs. 125.4
Sirca Paints India Ltd
Dividend Per Share Rs.1.5
Previous day Closing Price – Rs. 399.75
Somany Ceramics Ltd.
Dividend Per Share Rs.3
Previous day Closing Price – Rs. 671.15
Sutlej Textiles & Industries Ltd.
Dividend Per Share Rs.1
Previous day Closing Price – Rs. 46.34
TATA Metaliks Ltd.
Dividend Per Share Rs.5
Previous day Closing Price – Rs. 867.15
Tega Industries Ltd
Dividend Per Share Rs.2
Previous day Closing Price – Rs. 954.7
Vidli Restaurants Ltd
Dividend Per Share Rs.0.5
Previous day Closing Price – Rs. 76.18
Whirlpool Of India Ltd.
Dividend Per Share Rs.5
Previous day Closing Price – Rs. 1557.7
Knight Frank India in its proprietary Affordability Index cited that higher home loan rates have reduced affordability across all markets so far in 2023. As per the assessment of the affordability index, despite the change, Ahmedabad is the most affordable housing market amongst the top eight cities, with a ratio of 23% followed by Pune and Kolkata at 26% each.
The July meeting minutes show a majority of senior officials on the Federal Open Market Committee said “further tightening of monetary policy” may be necessary to bring down inflation as they saw “significant upside risks” to it.
Meanwhile, there was a camp that was concerned about the outlook for the economy. Many officials seemed more worried about an economic downturn even as the economy looked resilient, according to the minutes.
UBS: Shriram Finance: Stronger post merger—initiate at Buy
Leader in the organised high-yield used-CV financing and 2W segments
We like Shriram Finance’s (SHFL) changed narrative (lower cyclicality, higher-yielding product mix, better growth visibility) and revamped post-merger business model. We think these are structural changes but on the back of its large balance sheet (AUM of Rs1.93trn), we think investors are worried about its ability to accelerate its commercial vehicle (CV) book growth, which may be subsidised by stronger growth in new segments (MSME/micro, small & medium enterprises; 2W/two-wheeler; gold and personal loans) by leveraging its branch network (not fully priced in, in our view). We expect 16.9%/16.0% AUM/disbursement CAGRs in FY23-25E, led by 12% growth in vehicle financing and more than 25% growth in new segments over FY24E/25E (Figure 3). SHFL has already re-rated since big investors’ exited (adjusted to factor in this exit, SHFL’s re-rating is ~13% less than peers’ average re-rating). We think the market underappreciates SHFL’s medium-term EPS growth potential (a 15.4% CAGR in FY23-30E versus 12.5% implied growth (Figure 24) at current valuations), which may support a further re-rating on inexpensive valuations (Figure 26). We initiate at Buy.
Valuation: Initiate with a Buy rating and price target of Rs2,185.00
We value SHFL at 1.6x one-year forward P/BV, using residual income methodology. We think SHFL may narrow the valuation gap with peers (27%/70% versus MMFS/CIFC) based on it trading at 1.3x one-year forward P/BV with improving financial performance
China Equities Brace for Further Headwinds With the Nasdaq Golden Dragon China Index falling for eight of the past nine days, Hong Kong and China stocks may continue to struggle to find a positive narrative into the end of the week.
A drip-feed of bad news — the latest being contagion spreading to the shadow banking industry — coming out of the region has overwhelmed the Chinese government’s efforts at stimulus. While back in the property sector, there’s been a CSRC probe into Evergrande’s mainland China unit and other companies.
All that is likely to mean further headwinds for stock investors, particularly those watching the Hang Seng Index which has fallen every session this week.
China’s central bank moved to boost fragile sentiment with a stronger-than-expected reference rate for the yuan and the largest injection of short term cash to the financial system since February. So far the steps have failed to restore optimism
Nava Limited has announced that there has been an accidental damage in the raw material handling system, thereby affecting the raw material feeding system and other supporting infrastructure. There were no human injuries or casualties due to this accident. The company has insurance coverage in place for material damage and business interruption.
Cipla has said that it has received an order for suspension of FDA license (from Office of the Joint Commissioner-Konkan Division, Food and Drugs Administration) for company’s manufacturing unit at Patalganga (Unit II) for a period of 10 days in December 2023 for non-conformance of good manufacturing practices under Drugs and Cosmetics Act, 1940 and rules made thereunder. The company said it is not in agreement with the FDA rulings and is in the process of appealing the said order to the State Government.
Shareholders of Wockhardt Ltd have rejected a resolution on a related party transaction that seeks to allow the company to raise up to ₹1,600 crore from its promoter group firm Khorakiwala Holdings and Investments Pvt Ltd. At the company’s AGM held on August 14, the company had put 10 resolutions, including the adoption of audited financial statements and the re-appointment of Murtaza Khorakiwala as Managing Director, for approval by the shareholders, all of which were approved except the related party transaction.
The government is planning to sell a part of its holding in the state-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current fiscal, a PTI report quoting an official said on Wednesday. The government currently holds an 86.36 per cent stake in the financing arm of the Indian Railways. The official said that an inter-ministerial group (IMG) comprising senior officers from the Department of Investment and Public Asset Management (DIPAM) and the Railways Ministry has started consultations to decide on the quantum of stake dilution
Aurobindo Pharma Limited, along with its subsidiaries, has announced a tentative approval from the USFDA under the PEPFAR program for the first generic dispersible tablet formulation of the fixed dose combination Abacavir 60mg + Lamivudine 30 mg + Dolutegravir 5 mg (pALD), for the treatment of children living with HIV weighing 6 kg to <25 kg and aged at least 3 months. Aurobindo has a paediatric dolutegravir voluntary licence with ViiV Healthcare, enabling development and supply of this product in 123 Low and Middle-Income Countries (LMIC), including India. This is one of the fastest approvals for a generic combination product following approval of the innovator formulation, with ViiV having secured USFDA approval in March 2022. Aurobindo’s product is already filed with the Drugs Controller General of India (DCGI) and is expected to be approved soon.
Global pharma major Lupin Limited (Lupin) today announced the launch of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, for the treatment of chronic obstructive pulmonary disease (COPD) in the US. Tiotropium Bromide Inhalation Powder, 18 mcg/capsule is a generic equivalent of Spiriva® HandiHaler® (Tiotropium Bromide Inhalation Powder), 18 mcg/capsule of Boehringer Ingelheim Pharmaceuticals, Inc.
113.96 crore shares of Rs.2/ each allotted to QIBs pursuant to Qualified Institutional Placement pursuant Shares allotted at a Issue Price of Rs 17.55
Listing of new securities of HDFC Bank of 88,02,466 Equity shares of Rs 1 each allotted to QIBs pursuant to conversion of warrants issued on QIP basis
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Kamlesh Varshney and Amarjeet Singh as SEBI Whole Time Members.
BALRAMCHIN
CHAMBLFERT
DELTACORP
GNFC
GRANULES
HINDCOPPER
IBULHSGFIN
INDIACEM
MANAPPURAM
SAIL
ZEEL
Domestic markets are likely to see a downward bias on Thursday at the opening session. The US Federal’s Reserve’s hawkish stance and weak global markets to keep domestic benchmarks under pressure.
Shaily Engineering Plastics Limited : Company meting to held on , September 2, to consider a proposal for sub-division of the Equity shares of the Company in such manner as may be determined by the Board of Directors.
Manaksia Coated Metals & Industries Limited : Board meeting to be held on 19 Aug 2023 to consider and evaluate proposal forraising of funds by the Company in one or more tranches through one or more permissible mechanisms as may be deemed appropriate by the Board, by way of issuance of equity shares and / or other securities including share warrants convertible into Equity shares of the Company
LUPIN LTD : The drugmaker announced the launch of ‘Jeet’, its patient support program dedicated to heart-health. It also launched Tiotropium Dry Powder for inhaler for the treatment of chronic obstructive pulmonary disease in the U.S.
Aurobindo Pharma: The drugmaker will launch HIV triple combination product for children living with HIV in low-and middle-income countries under voluntary license from ViiV Healthcare
Syschem (India) Limited : company has received sales order of an amount of Rs. 57, 82,000 /- only from its Customers towards Supply of Products (Suppy of Cephalexin Monohydrate IP Comp; 1000 KGS , 25 Packings ) manufactured by the Company. with in Within 15 Days
POWER GRID CORPORATION OF INDIA LTD : “North Eastern Region Strengthening Scheme-VI” have been commissioned with effect from 23 rd May, 2021 vide CERC order dated 28th June, 2023 for which Notification for Commercial Operation (DOCO) has been received on 16th August, 2023
AUROBINDO PHARMA LIMITED : Company to launch HIV triple combination product for children living with HIV in low- and middle-income countries under voluntary licence from ViiV Healthcare; first generic to get USFDA tentative approval for a dispersible tablet formulation of the fixed dose combination of abacavir, dolutegravir and lamivudine
DHRUV CONSULTANCY SERVICES LIMITED : Company along with M/S Hexa Co. and in association with M/S kaius Consulting Private Limited has received the Letter of Award for providing Consultancy Services for Independent Engineer Services for Supervision of Development of Six Lane Access Controlled Greenfield Highway from Chandrasekharapuram (Ch. 228+000) to Muppavaram (Ch.343+240) of Bengaluru-Vijayawada Economic Corridor on HAM Mode under Bharatmala Pariyojana Phase – 1 in the State of Andhra Pradesh (Package IV), from National Highways Authority of India. The contract price for the said Project will be Rs. 9,36,23,500/- excluding GST. The Contract period will be of 48 months.
IKIO Lighting Limited : Royalux Exports Private Limited (Step-down Material Subsidiary of IKIO Lighting Limited) has opened a New Branch Office at “INDIANAPOLIS IN 46240”. Royalux Exports Private Limited has opened this office to give boost to our export business and outside reach.
Essar Shipping Limited : Company Considered Disinvestment in Overseas Direct Investments (ODI) and sale of shares of wholly owned subsidiary Companies (herein referred as “WOS”) namely
a. Energy II Limited, Bermuda;
b. Essar Shipping DMCC, Dubai; and
c. OGD Services Holdings Limited, Mauritius
Upon completion of said transaction, the said WOS’s will cease to be the subsidiary of the Company
IndoStar Capital Finance Limited : Board meeting to be held on 21 Aug 2023 to seek approval of shareholders inter-alia for issue of Non-Convertible Debentures for an amount not exceeding INR 7,500 crore on private placement basis, during a year from the date of the approval of the shareholder.
Wheels India Limited : the Scheme of Amalgamation of Sundaram Hydraulics Limited (“Transferor Company” or “SHL”) with Wheels India Limited (“Transferee Company” or “WIL” or “the Company”) and their respective Shareholders under Sections 230 to 232 of the Companies Act, 2013 (“Scheme”) by Hon’ble National Company Law Tribunal, Chennai Bench (“NCLT”) on July 26, 2023. In this regard, we would like to inform that certified copy of Order of NCLT sanctioning the Scheme has since been received on August 14, 2023.
Cipla : Food & Drugs Administration (FDA), Konkan Division, suspend FDA licence of company’s Patalganga manufacturing unit for 10 days in December 2023 for non-conformance of good manufacturing practices
Adani Power: GQG was a buyer in Adani Power Block Deal Promoters sell 31.1 cr shares at average ₹279.17/sh & GQG Funds buy 15.2 cr shares at ₹279.15/sh
Patanjali Foods: The company looking at sourcing 70% palm oil from own plantation in 6-7 years, says CEO
Nava: The company suspended silico manganese production at its Odisha plant after failure of raw material feeding infrastructure
One97 Communications: Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3% stake to the fintech firm’s founder and CEO Vijay Shekhar Sharma. The deal turns Paytm into a majorly Indian-owned company from being majorly owned by Chinese entities.
The stock market is witnessing a time-wise correction, as the valuation of the indices is much ahead of the earnings, according to Deepak Ramaraju, Senior Fund Manager, Shriram Asset Management Company Ltd.
Buzzing stocks: IRFC, Lupin, Aurobindo Pharma, Aditya Vision, PFC, Wockhardt, JSW Energy, Adani Power, Wipro, Cipla, Syschem, Paytm, Skipper, Essar Shipping, Yatharth Hospital and Trauma Care
Vodafone Idea will commence vendor payments from Q3 of FY24, according to the management commentary. At the investor call for Q1 of FY24 on Wednesday, interim CFO, Murthy GVAS, averred that the amount of payment liabilities will ease after Q2, when cash flows of the telco will be enough to pay debts and payments maturing in the “upcoming three quarters”.
Steel Authority of India’s (SAIL) Q1-FY24 EBITDA at ₹1,650 crore was 38 per cent ahead of our estimate mainly due to better- than-expected realisation. Key highlights: EBITDA/te at ₹4,250 was ahead of our estimate of ₹3,074; coking coal price was up a mere $10/te QoQ; borrowings increased by ₹3,750 crore mainly due to working capital accretion; and next round of 15 mtpa brownfield capex to gather pace.
The operational performance of Divi’s Laboratories (DIVI) missed our estimates marginally in 1QFY24, due to lower sales in generics and custom synthesis. However, EBITDA margin expanded sequentially owing to lower raw material/logistics costs.
Rane Group and NSK of Japan have agreed to do more design and technology development in India for their joint venture Rane NSK Steering Systems’ products as they gear up to drive future growth.
In a mega boost to mobility, the Union Cabinet on Wednesday approved eBus and railway projects worth over ₹90,000 crore. Also, in order to push the digital ecosystem, another project of around ₹15,000 crore got approval.
IndiGo airline’s co-founder Rakesh Gangwal’s wife Shobha Gangwal, who is part of the promoter group, sold her entire near 3 per cent stake in the airline for ₹2,801.7 crore, exchange data showed. She sold over one crore shares, at prices ranging from ₹2,426.21 to ₹2,440.92 on the BSE.
Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC
HP Adhesives’ stock bottomed out in March this year after taking support at ₹310. Since then, it has been steadily appreciating. Notably, it broke out of the key ₹500 resistance on Monday, opening the door for further upside. But the stock saw a decline on Wednesday.
Equity markets in Japan and South Korea initiated the trading day with downward momentum, and futures agreements for key benchmarks in Hong Kong experienced a decline. Meanwhile, a measurement of regional stock performance indicated a continuation of losses for the fifth consecutive session. On Wednesday, the S&P 500 recorded a decrease of 0.76%, the Dow Jones index saw a decline of 0.52%, and the Nasdaq 100 registered a substantial drop of 1.15%.
Wall Street ended lower on Wednesday after the Federal Reserve’s minutes showed central bank officials were divided over the need for more interest rate hikes at their last meeting.
The minutes of the Fed’s July monetary policy meeting showed most policymakers continue to prioritize the battle against inflation, adding to uncertainty among investors about the outlook for interest rates.
The Nasdaq Composite dropped 156.42 points, or 1.15%, to 13,474.63, while the Dow Jones Industrial Average fell 180.65 points, or 0.52%, to 34,765.74 points.
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