KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors remained net sellers of Indian equities on Monday, for the fifth consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 2,333 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up equities worth Rs 1,579 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,23,958 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Rupee Weakens Against The U.S. Dollar
The local currency weakened 21 paise to close at 83.15 against the U.S dollar on Monday.
It closed at 82.94 on Friday
Source: Bloomberg
Sensex Snap Four Day Of Losses: Closing Bell
India's benchmark stock indices closed marginally higher after fourth consecutive day losses, swinging between gains and losses through Monday. The S&P BSE Sensex closed 14.54 points, or 0.02%, higher at 66,023.69, while the NSE Nifty 50 was flat at 19,674.55.
Bajaj Finance, ICICI Bank, Kotak Mahindra Bank, Asian Paints, and Bajaj Finserv were the positively adding to the change in the Nifty 50 Index.
Whereas, Infosys, Reliance Industries, TCS, Larsen & Toubro, and M&M were negatively adding to the change.
The broader market indices ended higher, with the BSE Midcap ending 0.46% higher and the BSE Smallcap rising 0.12% at the close of the market on Monday.
10 out of the 20 sectors compiled by BSE Ltd. advanced, with BSE Realty gaining over 1%
The market breadth was split between the buyers and the sellers. About 1,883 stocks rose, 1,892 declined, and 171 remained unchanged on the BSE.
Shyam Metalics & Energy To Make Aluminum Foil For Lithium-Ion Cell Manufacturing
Shyam Metalics & Energy to manufacture battery-grade aluminum foil for lithium-ion cells.
Source: Exchange filing
NMDC Has 14.6 Lakh Shares Change Hands In A Large Trade
14.6 lakh shares changed hands in a large trade
0.05% equity changed hands at Rs 143.80 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Nifty Bank Recovers From Day's Low
European Markets Open Mostly Lower
Balrampur Chini Mills Has 10 Lakh Shares Change Hands In A Large Trade
10 lakh shares changed hands in a large trade
0.5% equity changed hands at Rs 438.45 apiece
Buyers and sellers not known immediately
Source: Bloomberg
IRB Infrastructure Developers Has 96.2 lakh Shares Change Hands In Four Large Trades
96.2 lakh shares changed hands in four large trades
0.16% equity changed hands at a price band of Rs 31.55 to Rs 31.62 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Market Recovers From Day's Low
Hero MotoCorp Raises Karizma XMR Price To Rs 1,79,900 From Rs 1,72,900
Announces rise in price of Karizma XMR to Rs 1,79,900 w.e.f October 1, 2023
Bookings with introductory price Rs 1,72,900 to close on September 30, 2023
Exchange Filing
Sensex, Nifty Trade Lower As Infosys, RIL, Larsen & Toubro Drag: Midday Market Update
India's benchmark stock indices declined through midday on Monday, dragged by capital goods and teck stocks.
As of 12:07 p.m., the S&P BSE Sensex declined 104.66 points, or 0.16%, to trade at 65,904.49, while the NSE Nifty 50 fell 32.20 points, or 0.16%, to 19,642.05
Bajaj Finance Ltd.,HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Bajaj Finserv Ltd. and Asian Paints Ltd were positively contributing to the change in the Nifty 50.
Infosys Ltd., Reliance Industries Ltd., Larsen & Tourbo Ltd., TCS Ltd., and SBI Co were weighing on the index.
The broader indice traded mixed with the S&P BSE MidCap trading 0.27% lower and S&P BSE SmallCap 0.18% higher by midday trade on Monday.
Sixteen out of the 19 sectors compiled by BSE Ltd. declined. S&P BSE Capital Goods declining the most.
The market breadth was skewed in favour of the bears. About 1,765 stocks advanced, 1,795 declined, and 21 remained unchanged.
Maruti Suzuki India Shares At Record High
Shares of the Maruti Suzuki India Ltd hit an record high on Monday. The rose as much as 1.75% at Rs 10,720. The stock is trading 6.07% higher at Rs 529 per share, compared to a 0.34% advance in the benchmark NSE Nifty 50 as of 11:29 a.m.
The stock has risen 26.84% on a year-to-date basis. The total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 68.94.
Of the 49 analysts tracking the company, 38 maintain a 'buy', six recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.1%
Indian Oil Corporation Plans To Shut Guwahati Refinery For One Month Says Director Of Refineries, Sukla Mistry
Indian Oil Corporation plans to shut Guwahati refinery for one month in October or November
Source: Bloomberg
Strides Pharma Jumps Over 8% After U.S. FDA Approves Drug Application
Shares of Strides Pharma jumps over 8% after company's step‐ down wholly owned subsidiary Strides Pharma Science’s Singapore-based gets U.S. FDA nod for Icosapent Ethyl capsules.
"The Icosapent Ethyl Capsules has a market size of $1.3 billion per IQVIA. The product will be manufactured at the company’s facility in Bengaluru", according to an exchange filing on Sept 23.
Icosapent Ethyl Capsule is a prescription medication used in conjunction with other medicines like statins to reduce the risk of heart attack, stroke and heart issues in those afflicted with cardiovascular disease.
Shares of the pharma company rose as much as 8.07% at Rs 539. The stock is trading 6.07% higher at Rs 529 per share, compared to a 0.34% advance in the benchmark NSE Nifty 50 as of 11:29 a.m.
The stock has risen 51.02% on a year-to-date basis. The total traded volume so far in the day stood at 7.6 times its 30-day average. The relative strength index was at 75 suggesting stock may be overbought.
Of the two analysts tracking the pharma company, one maintain a 'buy' rating on the stock and one suggest a 'hold' according to Bloomberg. The average of 12-month price targets given by analysts implies a potential downside of 0.3%.
Sugar Stocks Rise
Bajaj Finance $1 Billion Fundraising Plan May Lower Its Return Ratio: Jefferies
Bajaj Finance Ltd.'s plans to raise almost $1 billion could lower its return ratios, according to Jefferies.
If Bajaj Finance raises $1 billion, which is almost 15% of its net worth, its return on equity may fall to 22% in FY24E, compared with 23% in FY23, the brokerage said. However, the company's return on assets, or RoA, ratio will remain unchanged at 4.7% for FY24E compared with FY23, it said.
The fundraise will, however, keep Bajaj Finance well capitalised with a Tier-1 capital adequacy ratio of 23%. The planned capital raise is primarily expected to be for "upfronting of capital to support strong AUM growth" of 32% in Q1, Jefferies said.
The raise is also ahead of time, it said. The fundraise would lead to an equity dilution of 2%. The FY24E for earnings per share may rise to 6% and the book value per share (BVPS) may rise to 11%, Jefferies said.
Jefferies continues to maintain a 'buy' for Bajaj Finance with a target price of Rs 8,830 apiece, implying an upside of almost 18%. It also lists it among the top non-banking finance company picks.
Shares of Bajaj Finance rose over 4% to Rs 7,800 per share, compared with a 0.17% rise in the benchmark Nifty 50.
Of the 35 analysts tracking the company, 26 maintain a 'buy', four recommend a 'hold,' and five suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.3%
How Does JPMorgan's Sanjay Mookim See Markets Shaping Post FOMC Decision?
Delta Corp Shares Tumble 20% To Hit Lower Circuit On Rs 16,800 Crore GST Demand
Shares of Delta Corp. tumbled 20% to hit the lower circuit on Monday after the casino operator received a demand notice for goods and service tax of over Rs 16,800 crore.
The company received an intimation for payment of shortfall tax under the Central GST Act and the Goa GST Act from the Directorate General of GST Intelligence on Friday. It was "advised" by the DGGI to pay the demand amount, along with interest and penalties, for the period of July 2017 to March 2022.
Delta Corp. received an intimation to pay an alleged tax liability of Rs 11,140 crore, while three of its subsidiaries, Casino Deltin Denzong, Highstreet Cruises, and Delta Pleasure Cruises, received tax notices totaling Rs 5,682 crore.
The company said the amount claimed in the notice is "based on the gross bet value of all games played at the casinos during the relevant period".
Adding to this, at least 84.9 lakh shares, or 3.2% equity, of the company change hands in three large trades within the price range of Rs 140.35 to Rs 142 apiece, according to Bloomberg. The buyers and sellers were not known immediately.
Shares of Delta tanked 18.07% lower to Rs 143.70 apiece, compared to a 0.23% decline in the benchmark NSE Nifty 50 at 10.37 a.m. The stock had fallen 19.98% to hit a 52-week low of Rs 140.35 apeice.
The stock has declined 32.71% year-to-date. Total traded volume so far in the day stood at 2.9 times its 30-day average. The relative strength index was at 14.45, implying that the stock may be oversold.
The lone analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data.
Religare Enterprises Declines Over 6%
Shares of Religare Enterprises Ltd declined over 6% after the Burman family, the owner of the Dabur India Ltd., on Monday announced an open offer to buy 26% stake in Religare Enterprises Ltd. for up to Rs 2,116 crore as it looks to build a financial services business.
The Burman family, the owner of the Dabur India Ltd., on Monday announced an open offer to buy 26% stake in Religare Enterprises Ltd. for up to Rs 2,116 crore as it looks to build a financial services business.
M.B. Finmart Pvt., Puran Associates Pvt., VIC Enterprises Pvt., and Milky Investment & Trading Co. announced an open offer to buy over 9 crore fully paid-up equity shares at Rs 235 apiece, according to an exchange filing. The shares represent 26% of the expanded voting share capital.
The four companies acquired 5.27% of the issued and outstanding equity share capital and 5.00% of the expanded voting share, triggering the open offer, according to the filing. That took the Burman family's holding in the financial services firm above 25% of the expanded voting share threshold.
Prior to the transaction, the four companies held 21.25% of the equity capital and 20.15% of the expanded voting share.
“The proposed transaction is in line with our vision to create a leading financial services platform that encompasses lending, broking and health insurance services," Anand Burman, chairman emeritus at Dabur India Ltd., said in a statement. "We are convinced that REL is the right platform and positioned for sustained success. With our guidance, REL will continue its journey to being one of India’s distinguished financial services platforms.”
Shares of the company declined as much as 6.90 intraday, the most since Sept 12. The scrip is trading at 3.04% lower at 263.30 apiece., as compared with a 0.24% decline in the NSE Nifty 50 as of 10:20 a.m.
The stock has gained 51.54% on a year-to-date basis. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 65.62.
Delta Corp Has 84.9 Lakh Shares Change Hands In Three Large Trades
84.9 lakh shares changed hands in three large trades
3.2% equity changed hands at price range of Rs 140.35 to Rs 142.00 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Federal Bank Has 11 Lakh Shares Change Hands In A Large Trade
11 lakh shares changed hands in a large trade
0.05% equity changed hands at Rs 145.05 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Sensex, Nifty Open Mixed: Opening Bell
India's benchmark stock indices opened higher on Monday after the market eroded over Rs 5.6 lakh crore from investor wealth this week as the domestic equities recorded worst weekly losses in nearly seven months on Friday.
At pre-open, the S&P BSE Sensex was up 75.80 points, or 0.11%, at 66,084.96 while the NSE Nifty 50 was 4 points or 0.02% higher at 19,687.20
Bajaj Finance Ltd., Bajaj Finserv Ltd., Maruti Suzuki Ltd., Kotak Mahindra Bank, and Asian Paints were the positively adding to the change in the Nifty 50 Index.
Whereas, Larsen & Toubro Ltd., Reliance Industries Ltd., Infosys Ltd., Axis Bank, and TCS were negatively adding to the change.
Sensex, Nifty Advance At Pre-Open
At pre-open, the S&P BSE Sensex was up 75.80 points, or 0.11%, at 66,084.96 while the NSE Nifty 50 was 4 points or 0.02% higher at 19,687.20
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakens 11 paise to open at 83.05 against the U.S dollar on Monday.
It closed at 82.94 on Friday
Source: Bloomberg
Yield On The 10-Year Declines
The yield on the 10-year bond opened 4 bps lower at l7.14% on Monday.
It closed at 7.18% on Friday
Source: Bloomberg
MB Finmart, Others Announces Open Offer For 26% In Religare Enterprises
MB Finmart, Puran Associates Private, VIC Enterprises Private, Milky Investment & Trading Co announce open offer.
Open offer for acquisition of 26% from Public Shareholder.
Offer price at Rs 235 per share.
Exchange Filing
Asian Markets Trade Mixed
Global Cues
U.S. Dollar Index at 105.55
U.S. 10-year bond yield at 4.43%
Brent crude up 0.51% at $93.75 per barrel
Nymex crude up 0.50% at $90.48 per barrel
GIFT Nifty up 0.24% at 19,690.5 as of 8 a.m.
Bitcoin down 0.95% at 26,254
Trading Tweaks
Ex-date AGM: BF Investment, Indiabulls Real Estate, Natco Pharma
Ex-date EGM: Techindia Nirman
Ex/Record date Spin-off: National Peroxide.
Pledge Share Details
Jubilant FoodWorks: Promoter Jubilant Consumer created a pledge of 22 lakh shares on Sept. 21.
Insider Trades
DB Realty: Promoter Shanita Deepak Jain sold 30,000 shares on Sept. 18.
Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 33,870 shares between Sept. 20 and 21.
Usha Martin: Promoter Peterhouse sold 1.5 lakh shares between Sept. 20 and 21.
Star Cement: Promoter Kamakhya Chamaria sold 35,152 shares on Sept. 20.
Som Distilleries and Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on Sept. 22.
Block deals
Shyam Metalics and Energy: Shyam Metalics Employees Welfare Trust bought and Narantak Dealcomm sold 1.93 lakh shares (0.42%) at Rs 430 apiece.
Bulk Deals
Cholamandalam Financial Holdings: Ambadi Enterprises sold 10.58 lakh shares (0.56%) for Rs 1,151.02 apiece, and Nomura India Investment Fund bought 14.51 lakh shares (0.77%) for Rs 1,145.30 apiece.
Hinduja Global Solutions: Aviator Global Investment Fund bought 2.8 lakh shares, and Legends (Cayman) sold 2.8 lakh shares (0.6%) for Rs 1,005 apiece.
Samhi Hotels: Morgan Stanley, through its funds, sold 64.67 lakh shares (2.9%). BofA Securities Europe bought 47.74 lakh shares (2.18%) for Rs 139.37 apiece.
Zaggle Prepaid Ocean Services: ACM Global Fund bought 8 lakh shares (0.65%) at Rs 164.83 apiece. Valuequest Investment Advisors bought 33.03 lakh shares (2.7%) for Rs 165.96 crore. Goldman Sachs Investments Mauritius sold 6.1 lakh shares (0.5%) at Rs 165.39 apiece.
Block deals
Shyam Metalics and Energy: Shyam Metalics Employees Welfare Trust bought and Narantak Dealcomm sold 1.93 lakh shares (0.42%) at Rs 430 apiece.
Bulk Deals
Cholamandalam Financial Holdings: Ambadi Enterprises sold 10.58 lakh shares (0.56%) for Rs 1,151.02 apiece, and Nomura India Investment Fund bought 14.51 lakh shares (0.77%) for Rs 1,145.30 apiece.
Hinduja Global Solutions: Aviator Global Investment Fund bought 2.8 lakh shares, and Legends (Cayman) sold 2.8 lakh shares (0.6%) for Rs 1,005 apiece.
Samhi Hotels: Morgan Stanley, through its funds, sold 64.67 lakh shares (2.9%). BofA Securities Europe bought 47.74 lakh shares (2.18%) for Rs 139.37 apiece.
Zaggle Prepaid Ocean Services: ACM Global Fund bought 8 lakh shares (0.65%) at Rs 164.83 apiece. Valuequest Investment Advisors bought 33.03 lakh shares (2.7%) for Rs 165.96 crore. Goldman Sachs Investments Mauritius sold 6.1 lakh shares (0.5%) at Rs 165.39 apiece.
Stocks To Watch: SBI, Reliance Industries, LIC, JSW Steel, Bajaj Finance, Delta Corp
SBI: The state-run lender has raised Rs 10,000 crore through long-term infrastructure bonds at a 7.49% coupon rate. The proceeds from bonds will be utilised to enhance long-term resources for funding infrastructure and the affordable housing segment. SBI has outstanding long-term bonds worth Rs 39,718 crore with this issue.
Reliance Industries: Unit Reliance Retail Ventures received the subscription amount of Rs 2,069.50 crore from KKR. It allotted 1.72 crore of equity shares to KKR.
LIC: The company received an order demanding GST along with interest and a penalty worth Rs 290.5 crore from Bihar's Additional Commissioner of State Tax. The company said it will file an appeal before the GST Appellate Tribunal against the order.
JSW Steel: The company executed the termination agreement with New Zealand's National Steel Holdings for the termination of the JV agreement for establishing scrap shredding facilities in India. It will purchase NSHL's 50% stake in NSL Green Recycling.
Bajaj Finance: The board will convene on Oct. 5 to consider raising funds via QIP.
Power Finance Corp.: The company has allotted 66 crore fully paid-up bonus equity shares of the face value of Rs 10 each in the ratio 1:4.
Mahindra & Mahindra Financial Services: The company has completed the acquisition of Mahindra Insurance Brokers for Rs 206 crore, at a price of Rs 1,001 per share. MIBL is now a wholly owned subsidiary of the company.
Blue Star: The board approved the allocation of 1.29 crore equity shares at an issue price of Rs 770 apiece to 41 qualified institutional buyers. Norges Bank and SBI Large & Midcap Fund each secured over 12% of the issue.
Ircon International: The company has a contract worth $14.89 million, or Rs 122 crore, with Sri Lanka Railways for the design, installation, and commissioning of signalling and telecommunication systems.
Vaibhav Global: U.K. unit Shop TJC to acquire teleshopping brand Ideal World’s IP and broadcasting rights, studio equipment
Zen Technologies: The company has bagged a Rs 227.65 crore order from the Defence Ministry.
Karnataka Bank: The board approved raising Rs 1,500 crore through the issue of equity shares. Of this, Rs 800 crore will be raised via a preferential issue of shares at Rs 239.52 apiece.
Edelweiss Financial Services: The equity shares of Nuvama Wealth Management are to be listed and admitted for dealing on BSE and NSE as of Sept. 26. Nuvama Wealth Management was formerly known as Edelweiss Securites. Edelweiss Securities had previously demerged from Edelweiss Financial Services.
Delta Corp: The company received a Rs 11,139-crore GST demand order from Hyderabad's Directorate General of GST Intelligence. The company said the tax liability amount claimed is based on the gross bet value of all games played at casinos rather than gross gaming revenue. It will pursue remedies to challenge the tax demand.
Kirloskar Oil Engines: Anurag Bhagania to resign as CFO with effect from Nov. 22.
Swan Energy: The board approved raising up to Rs 1,435 crore via a preferential issue of shares. It will issue up to 2.9 crore shares at Rs 495 apiece.
Borosil: The company reported delays in receiving delivery of imported equipment and machinery from Europe required for setting up the furnace for the 25-tonne borosilicate glass factory in Jaipur, Rajasthan. The project is likely to be commissioned on or before Jan. 31, 2024.
Inox Green Energy: The company has entered into a share subscription agreement to acquire a 51% stake in Resowi Energy.
IPO Offerings
Manoj Vaibhav Gems N Jewellers: The IPO has been subscribed 13%, or 0.13 times, on its first day. The bids were led by retail investors, who subscribed 0.25 times, and non-institutional investors, who subscribed 0.05 times. The issue received zero bids from institutional investors.
Updater Services: The IPO will open for public subscription on Monday. The integrated facilities management company plans to raise up to Rs 640 crore via a fresh issue and an offer for sale. The price band is fixed in the range of Rs 280–300 apiece.
JSW Infrastructure: The company will launch its IPO on Monday. The port-related infrastructure company plans to raise up to Rs 2,800 crore via a fresh issue. The issue will comprise a fresh issue of 23.53 crore equity shares, and the price band is fixed in the range of Rs 113–119 apiece. The company has raised Rs 1,260 crore from anchor investors.
GIFT Nifty Signals Higher Opening For Benchmarks
Asian equities were poised for a cautious open while the dollar traded in narrow ranges versus its major peers early Monday, according to a Bloomberg report.
S&P 500 futures were up 0.2% in early Asian trading after the index fell Friday to cap its worst week since March. Nasdaq 100 futures advanced 0.2% after the underlying gauge ended little changed Friday, supported by gains in Apple Inc. as its latest iPhones and watches went on sale.
Brent crude rose to $93.69 a barrel, and West Texas Intermediate was trading around the $90 mark. The yield on the 10-year U.S. bond was trading at 4.43%, whereas Bitcoin was above the $26,000 level.
At 8 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.24% or 48 points trading at 19,690.5.
India's benchmark stock indices closed lower for the fourth consecutive day after swinging between gains and losses through Friday. Auto and public-sector banking rose in trade, while the pharma and healthcare sectors declined.
On a weekly basis, the headline indices snapped three weeks in advance. The Sensex fell 2.57%, and the Nifty was lower by 2.70% this week. This was the steepest fall in a five-day period in nearly seven months since the week ending Feb. 24.
The S&P BSE Sensex closed 221 points, or 0.33%, lower at 66,009.15, while the NSE Nifty 50 declined 68 points, or 0.34%, to end at 19,674.25.
Overseas investors remained net sellers of Indian equities on Friday for the fourth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,326.74 crore, according to provisional data from the NSE. Domestic institutional investors remained net buyers and mopped up equities worth Rs 801.27 crore.
The Indian rupee strengthened 15 paise to close at 82.94 against the U.S. dollar on Friday.
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