KEY HIGHLIGHTS
FPIs Remain Net Buyers
Overseas investors in Indian equities remained net buyers for the fifth day in a row on Wednesday.
Foreign portfolio investors bought stocks worth Rs 1,165.5 crore, according to data from the National Stock Exchange.
Domestic institutional investors remained net sellers and offloaded stocks worth Rs 2,134.5 crore, the NSE data showed. That's the highest level of selling since July 7.
Foreign institutions have net bought Rs 36,971 crore worth of equities so far in July. They have been net buyers of Rs 1,13,378 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond ended flat at 7.07% on Wednesday. It closed at 7.06% on Tuesday.
Source: Bloomberg
Markets At Close
Benchmark Indices end at record closing high.
Nifty, Sensex advance for 5 days in a row.
RIL top contributor to Sensex, Nifty gains today.
Bajaj Finance, IndusInd Bank & UltraTech Cement top Nifty gainers.
Rupee Weakens Against The U.S. Dollar
The local currency weakened about 6 paise to close at Rs 82.10 against the U.S dollar on Wednesday.
Rupee closed at 82.03 on Tuesday.
Source: Bloomberg
Sensex, Nifty Log Record Gains For The Fifth Day As ITC, Bajaj Finance, RIL Lead: Market Wrap
India's benchmark stock indices logged fresh record highs in early trade before paring gains at midday and advancing to end record closing levels on Wednesday. Intraday, the Sensex rose 0.56% to scale a new high at 67,171.38 points and Nifty 50 jumped 0.52% to hit record high at 19,851.70 points.
Consumer durables and PSU banking sectors advanced the most, while I.T. and auto were under pressure. NTPC Ltd., and Bajaj Finance Ltd. led, whereas ICICI Bank Ltd., and TCS Ltd. were dragging the indices.
Stocks in the U.K. and Europe advanced. Rate-sensitive real estate stocks led gains in Europe’s Stoxx 600 index, with U.K. homebuilders surging the most since 2008 on optimism about less-aggressive hikes. The U.K. Consumer Prices Index was 7.9% higher than a year ago in June, a sharp drop from the 8.7% reading in May.
U.S. futures were flat after Wall Street stocks closed near session highs on Tuesday, as earnings results from Bank of America Corp. and Morgan Stanley bolstered banking shares on Tuesday. In Asia, shares in Hong Kong and mainland China were the worst performers on Wednesday.
The S&P BSE Sensex Index closed up 302 points or 0.45% at 67,097.44 while the NSE Nifty 50 Index was 84 points or 0.42% higher at 19,833.15.
Reliance Industries Ltd., ITC Ltd., HDFC Bank Ltd., Bajaj Finance Ltd., and State Bank of India were the positively adding to the change in the Nifty 50 Index.
Whereas, TCS Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd., and Hindalco Industries Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.63%, whereas S&P BSE SmallCap Index was 0.61% higher.
Nineteen out of the 20 sectors compiled by BSE advanced except S&P BSE Teck. S&P BSE Utilities rose the most.
The market breadth was skewed in the favour of buyers. About 2,003 stocks rose, 1,409 declined, while 125 remained unchanged on the BSE.
Sensex, Nifty Scale Fresh Record High
Nifty 50 jumped 0.48% to hit record high at 19,843.85 points.
Sensex rose 0.53% to scale a new high at 67,151.30 points.
Source: Bloomberg
Stocks At 52-Week High Intraday
Mastek Q1 FY24 (QoQ, Consolidated)
Revenue: Rs 725 crore vs Rs 709 crore (Estimate: Rs 730 crore)
Net Profit: Rs 73.5 crore vs Rs 72.5 crore (Estimate: Rs 77 crore)
EBIT: Rs 107 crore vs Rs 106 crore (Estimate: Rs 109.2 crore)
Margin: 14.75% vs 14.95% (Estimate: 14.95%)
Mastek will also acquire 100% Membership Interest Purchase Agreement in BizAnalytica LLC via subsidiary Mastek Inc.
Source: Exchange filing
Premier Explosives Q1FY24 (Consolidated)
Revenues up 19.7% at Rs 61.95 cr vs Rs 51.77 cr YoY
PAT up 539.5% at Rs 8.25 cr vs Rs 1.29 cr YoY
Ebitda up 187.9% at Rs 16.64 cr vs Rs 5.78 cr
Margins at 26.86% vs 11.16% YoY
Source: Exchange filing
Jubilant Pharmova Q1FY24 (Consolidated)
Revenues at Rs 1770.5 cr vs Rs 1552.5 cr, up 14% YoY
PAT at Rs 60 cr vs Rs 468 cr, down 87.2% YoY
EBITDA at Rs 353.2 cr vs Rs 293.2 cr, up 20.5% YoY
Margins at 19.95% vs 18.89% YoY
Source: Exchange filing
European Markets Open Higher
Century Textiles Q1FY24 (Consolidated)
Revenues at Rs 1117.33 crore vs Rs 1189.9 crore, down 6.1% YoY
Loss of Rs 7.06 crore vs PAT of Rs 45.4 crore
EBITDA at Rs 126.31 cr vs Rs 139.31 cr, down 9.3% YoY
Margins at 11.30% vs 11.71% YoY
Source: Exchange filing
Finolex Cables Shares Hit Record High As SBI Securities Initiates Coverage With A 'Buy'
Shares of Finolex Cables Ltd. rose to a record high after SBI Securities initiated coverage on the company with a 'buy' rating and price target of Rs 1,086 per share, implying a potential upside of 15% in the next 12 months.
SBI Securities On Finolex Cables
Initiates coverage with 'buy' rating and price target of Rs 1,086 per share, implying a potential upside of 15%.
Deep industry experience with a wide product range.
Integrated business model with solid infrastructure.
Entered into fast moving electrical goods business.
Expanding capacity; Volume to pick up as restocking intensifies.
Stellar operating performance in FY23.
Key risk factors include, volatile raw material prices and competition from unorganised players.
Shares of Finolex Cables Ltd. rose 8.40% to Rs 972 apiece as of 1:41 p.m., as compared to a 0.17% advance in the NSE Nifty 50. The scrip rose as much as 9.28% intraday to hit a record high at Rs 979.9 a piece.
The scrip has risen nearly 77.33% year-to-date. Total traded volume stood at 10.4 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Out of the nine analysts tracking the company, six maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 5.9%.
Source: Bloomberg, Exchange filing
Network18 Media & Investments Shares Drop
Network18 Media and Investments
Total revenue from operations jumped to Rs 3,238.94 crore vs. Rs 1,339.89 crore.
Ebitda loss stood at Rs 84.42 crore vs. Ebitda of Rs 46.20 crore.
Ebitda loss margin stood at -2.6% vs. 3.4%.
Net Profit declined 26% to Rs 29.17 crore.
Medicamen Biotech Files ANDA For Bortezomib Injection With U.S. FDA
Files ANDA for Bortezomib injection 3.5 mg/vial with U.S. FDA.
Source: Exchange Filing
Stocks In Focus: IndusInd Bank, L&T Tech, Hero Moto, NTPC and More
Talking Point: Nifty Nears 20K; Top Sectors To Bet On For Best Returns
Tata Motors Shares Advance As Parent Plans To Build 40GW EV Battery Gigafactory In U.K.
Shares of Tata Motors Ltd. jumped over 2% intraday after Tata Sons said that it will build a 40GW battery cell gigafactory in the United Kingdom.
The investment, of over £4 billion or approximately Rs 42,480.9 crore will deliver electric mobility and renewable energy storage solutions for customers in U.K. and Europe. JLR and Tata Motors will be the primary customers, with supplies commencing from 2026, as per the company's press release.
Gigafactory is a generic term referring to facilities that produce batteries for electric vehicles on a large scale. Commenting on this U.K. Prime Minister, Rishi Sunak said that "It will not only create thousands of skilled jobs for Britons around the country, but it will also strengthen our lead in the global transition to electric vehicles, helping to grow our economy in clean industries of the future."
"With this strategic investment, the Tata Group further strengthens its commitment to the U.K., alongside our many companies operating here across technology, consumer, hospitality, steel, chemicals, and automotive," added N Chandrasekaran, Chairman, Tata Sons.
Shares of Tata Motors Ltd. rose 1.88% to Rs 623.6 apiece as of 12:02 p.m., as compared to no change in the NSE Nifty 50. The scrip jumped as much as 2.16%, the most in over a week since July 10, 2023.
The stock has rise nearly 61% year-to-date. The relative strength index was at 67.5.
Out of the 36 analysts tracking the company, 29 maintain a 'buy' rating, three recommend a 'hold' and four suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 1%
Source: Bloomberg, Exchange filing
Sensex, Nifty Pare Gains From Record Highs As NTPC Leads; ICICI Bank Drags: Midday Market Update
India's benchmark stock indices opened higher and logged fresh highs before turning volatile and being little change in trade on Wednesday. Intraday, the Sensex rose 0.48% to scale a new high at 67,117.05 points and Nifty 50 jumped 0.47% to hit record high at 19,841.65 points.
Consumer durables and PSU banking sectors advanced the most, while I.T. and fast moving consumer goods were under pressure. NTPC Ltd., and Bajaj Finance Ltd. led, whereas ICICI Bank Ltd., and TCS Ltd. were dragging the indices.
Chinese stocks declined and the equity markets in the rest of Asia climbed, pacing U.S. gains. Shares in Hong Kong and mainland China were the worst performers in the region and forced a gauge of Asian shares enter a third day of losses.
European equity futures advanced while contracts for their
U.S. counterparts were flat. Markets in the U.S. closed near session highs on Tuesday, as results from Bank of America Corp. and Morgan Stanley bolstered bank shares and a rally in equities linked to artificial intelligence resumed.
As of 11:57 a.m., the S&P BSE Sensex Index was down 71 points or 0.11% at 66,724.48 while the NSE Nifty 50 Index was 15 points or 0.07% lower at 19,734.80.
NTPC Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., IndusInd Bank Ltd., and Tata Motors Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., TCS Ltd., ITC Ltd., Infosys Ltd., and Hindustan Unilever Ltd. were negatively contrbuting to the change.
The broader market indices were trading higher; the S&P BSE MidCap Index was up 0.37%, whereas S&P BSE SmallCap Index was 0.44% higher.
Seventeen out of the 20 sectors compiled by BSE advanced. S&P BSE Utilities rose the most.
The market breadth was skewed in the favour of buyers. About 1,840 stocks rose, 1,394 declined, while 137 remained unchanged on the BSE.
Tata Group To Set Up Battery Gigafactory In U.K.
To set up battery gigafactory in U.K.
Announces investment of over £4 bn.
Source: Bloomberg
TCS To Launch New Operating Model For GE HealthCare Technologies
Inks pact for launching a new operating model for GE Healthcare Technologies
Source: Exchange filing
GAIL Enters Into A Strategic Partnership With LanzaTech
GAIL enters into a strategic partnership with LanzaTech to explore innovative technology solutions for Net Zero 2040 goal.
Partnership with LanzaTech will also explore bio-recycling carbon waste into fuels and chemicals.
Source: Exchange Filing
Samvardhana Motherson International Shares Hit 15-Month High
Shares of Samvardhana Motherson International Ltd. hit a 15-month high in trade on Wednesday.
Shares of Samvardhana Motherson International Ltd. rose 0.10% to Rs 96.55 apiece as of 10:33 a.m., as compared to a 0.33% advance in the NSE Nifty 50. The scrip jumped as much as 0.67%, to hit Rs 97.1 apiece, since April 8, 2022.
The stock has rise nearly 30.14% year-to-date. The relative strength index was at 79, implying that the stock maybe overbought.
Out of the 21 analysts tracking the company, 19 maintain a 'buy' rating, one recommends a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 4.7%
Source: Bloomberg, Exchange filing
CIE Automotive India Shares Hit Record High After Q2 Profit Beat Estimates
Shares of CIE Automotive India Ltd. rose to a record high after the company reported 60% rise in the profit at 301.68 crore. Analysts polled by Bloomberg estimated a Rs 226.6 crore net profit for the April–June quarter.
CIE Automotive India Results (Year-On-Year)
Revenue up 5% to Rs 2,320.34 crore vs Rs 2,215.96 crore. (Bloomberg Estimate: Rs 2,396.2 crore)
Net Profit up 60% to Rs 301.68 crore vs Rs 188.85 crore. (Bloomberg Estimate: Rs 226.6 crore)
Ebitda up 21% to Rs 370.43 crore vs Rs 305.76 crore.
Ebitda margins stood at 16% vs 13.8%
Shares of the auto component company rose 3.18% to Rs 547.25 apiece as of 10:10 a.m., compared with a 0.37% gain in the benchmark NSE Nifty 50. The stock rose as much as 9.31% to hit a new lifetime high at Rs 579.74 apiece intraday.
The scrip has risen 58.33% on a year-to-date basis. Total traded volume stood at 13.1 times its 30-day average. The relative strength index was at 65, implying that the stock maybe overbought.
All the seven analysts tracking the company, maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 6%.
Ramkrishna Forgings Hits Record High On Commencement Of Jharkhand Plant Operations
Shares of Ramkrishna Forgings Ltd. hit a record high before paring gains on Wednesday on the commencement of commercial operations at their Jharkhand Plant.
The company started commercial production of 13,700 TPA of RA shaft-press line and 10,100 TPA of five-inch upsetter at its plant in Kharswan from July 18, according to an exchange filing.
This will enhance the output of the company by 23,800 tonne per year, which will result in a total production capacity of 2,10,900 tonne per year, it said.
Shares of Ramkrishna Forgings rose 1.20% to Rs 494.6 apiece as of 9:53 a.m., compared to a 0.33% gains in the benchmark NSE Nifty 50. The stock gained as much as 1.88% intraday, to trade at a record-high price of Rs 497.95.
The relative strength index was 71, implying that the stock might be overbought.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one suggests a 'sell' on the stock, according to Bloomberg data.
The return potential, as calculated by the consensus of analyst estimates, stands at an downside of 15.7% over the next 12 months.
Nifty Pharma, Nifty Midcap 100 Hit Fresh Highs
Nifty Pharma jumped 0.95% intraday to an 18-month high at 14,150.80 points. (Since Jan. 5 , 2022)
Nifty Midcap 100 advanced 0.52% intraday to a record high at 36,781.05 points.
Source: Bloomberg
Sensex, Nifty Scale Fresh Record Highs
Nifty 50 jumped 0.47% to hit record high at 19,841.65 points
Sensex rose 0.48% to scale a new high at 67,117.05 points
Source: Bloomberg
Bikaji Foods International Buys 49% Stake In Bhujialalji For Rs 5.1 Crore
Buys 49% stake in Bhujialalji Pvt. for Rs 5.1 crore
Source: Exchange filing
IndusInd Bank Hits A 42-Month High After Q1 Profit Beats Estimates
Shares of IndusInd Bank Ltd. hit an over three-month high after its June quarter profit beat analyst estimates.
Profit jumped to Rs 2,124.5 crore, as compared to the consensus of the analyst estimates at Rs 2,056 crore, pooled by Bloomberg.
IndusInd Bank Q1FY24 (Consolidated, YoY)
Net Profit: Rs 2124.5 crore vs. Rs 1631 crore. (Bloomberg estimate: Rs 2,056 crore.)
NII: Rs 4876 crore vs. Rs 4125.26 crore.
GNPA: 1.94% vs. 1.98% (QoQ)
NNPA: 0.58% vs. 0.59% (QoQ)
The scrip rose 3.82% to Rs 1,443.4 apiece, the most in 42 months or 3.5 years since Jan. 16, 2020.
The scrip has risen 17.15% on a year-to-date basis. Total traded volume stood at 17 times its 30-day average. The relative strength index was at 73, implying that the stock maybe overbought.
Of the 49 analysts tracking the company, 42 maintain a 'buy' rating, six recommend a 'hold' and one suggests to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 8.4%.
Broader Markets Open Higher
The broader market indices opened higher; the S&P BSE MidCap Index was up 0.41%, whereas S&P BSE SmallCap Index was 0.51% higher.
All 19 sectors compiled by BSE advanced except S&P BSE Auto.
The market breadth was skewed in the favour of buyers. About 1,879 stocks rose, 612 declined, while 114 remained unchanged on the BSE.
Source: BSE
Sensex, Nifty Hit Fresh Highs As Infosys Lead
Top Movers On The Nifty 50 Index
Sensex, Nifty Scale Fresh Record Highs At Open
Nifty 50 jumped 0.40% to hit record high at 19,828.90 points
Sensex rose 0.43% to scale a new high at 67,083.42 points
Source: Bloomberg
Sensex, Nifty Open Higher
Sensex, Nifty Rise In Pre-Market Trades
At pre-open, the S&P BSE Sensex Index was up 110 points or 0.16% at 66,904.60 while the NSE Nifty 50 Index was 54 points or 0.27% higher at 19,802.95.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.06% on Wednesday
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 8 paise to open at Rs 82.11 against the U.S dollar on Wednesday.
Rupee closed at 82.03 on Tuesday.
Source: Bloomberg
Be Cautious About Investing In Lesser Known Midcaps: Trade Setup
Trade Talk: JFS Gets Temporary Nifty 50 Ticket: All You Need To Know
Federal Bank Board To Mull Issuance Of Preference Shares To IFC
Federal Bank looks to issue 7.26 crore preference shares to International Finance Corporation, IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund.
Preference shares to be issued at a maximum price of Rs 131.91 per share.
Board to also decide on issuance of debt securities including AT-1 bonds, Tier II bonds, long term bonds, Masala bonds, ESG bonds, etc.
Source: Exchange notice
Global Cues
U.S. Dollar Index at 100
U.S. 10-year bond yield at 3.78%
Brent crude unchanged at $79.63 per barrel
Nymex crude down 0.112% at $75.67 per barrel
GIFT Nifty down 0.01% or 1.5 points at 19,802 as of 8:10 a.m.
Bitcoin up 0.73% at $30,002.63
Trading Tweaks
Ex-date Dividend: Blue Dart Express, Mahindra Life space Developers, MAS Financial Services, Praj Industries.
Ex-date AGM: Blue Dart Express, Mahindra Life space Developers, MAS Financial Services, Praj Industries, Avadh Sugar & Energy.
Move Into Short-Term ASM Framework: Bliss GVS Pharma
Move Out Of Short-Term ASM Framework: Zee Media Corporation, Reliance Home Finance.
Block Deals
Rallis India: Rekha Jhunjhunwala sold 97 lakh shares (5%) and Tata Chemicals bought 97 lakh shares (5%) at Rs 215.05 apiece.
Bulk Deals
Eris Lifesciences: Rakesh Shah sold nine lakh shares (0.7%) at Rs 728.5 apiece, and HDFC Mutual Fund bought 8.30 lakh shares (0.6%) at Rs 728.49.
Rallis India: Rekha Jhunjhunwala sold 10 lakh shares (0.5%) at Rs 220.35 apiece, and Ratnabali Investment bought 10 lakh shares (0.5%) at Rs 223.29 apiece.
Amara Raja Batteries: Clarios ARBL Holding sold 2.4 crore shares (14%) at Rs 652.97 apiece, while Societe Generale bought 42 lakh shares (2.5%), BNP Paribas Arbitrage bought 25 lakh shares (1.5%), Tata AIA Life Insurance bought 20 lakh shares (1.2%), Nippon India Mutual Fund bought 14.6 lakh shares (0.8%) at Rs 652 apiece, and Pinebridge India Eqfund bought 10 lakh shares (0.5%) at Rs 651.98 apiece.
Sportking India: Anil Kumar Goel bought 1.3 lakh shares (1%) at Rs 842 apiece.
Rama Steel: Jainam Share Consultancy sold 53.9 lakh shares (1%) at Rs 38.15, and Societe Generale bought 60 lakh shares (1.2%) at Rs 38.17 apiece.
Pledge Share Details:
Kauntum Papers: Promoter Kapedome Enterprises revoked a pledge of 24.27 lakh shares on July 18.
Also Read: India Opportunity Summit: 'China Plus One' To Be Big Job Creator For India, Says Nilesh Shah
Insider Trades:
Sandur Manganese and Iron Ores: Promoter S.Y. Ghorpade sold 1,900 shares on July 14.
Results After Market Hours
IndusInd Bank Q1FY24 (Consolidated, YoY)
Net Profit: Rs 2124.5 crore vs. Rs 1631 crore. (Bloomberg estimate: Rs 2,056 crore.)
NII: Rs 4876 crore vs. Rs 4125.26 crore.
GNPA: 1.94% vs. 1.98% (QoQ)
NNPA: 0.58% vs. 0.59% (QoQ)
L&T Technology Q1FY24 (Consolidated, QoQ)
Revenue down 2.1% at Rs 2,301.4 crore. (Bloomberg Estimate: Rs 2,327.9 crore).
EBIT fell 6.8% to Rs 394.6 crore. (Bloomberg Estimate: Rs 394.1 crore).
EBIT Margins at 17.14% vs. 17.86%
Net profit down 8.5% at Rs 311.1 crore. (Bloomberg Estimate of Rs 309.8 crore).
ICICI Lombard General Insurance Q1FY2023 (YoY)
Revenue up 14% at Rs 4,538 crore. (Bloomberg Estimate: Rs 2,464 crore).
Ebitda at Rs 331 crore vs. Rs 317 crore, up 5% (Bloomberg Estimate: Rs 302 crore)
Margins at 7.3% vs. 8% (Bloomberg Estimate: 12.3%)
Net profit up 12% to Rs 390 crore. (Bloomberg Estimate: Rs 463 crore Profit).
CIE Automotive India
Revenue up 5% to Rs 2,320.34 crore. (Bloomberg Estimate: Rs 2,396.2 crore)
Ebitda is up 21% to Rs 370.43 crore.
Ebitda margins stood at 16% vs. 13.8%.
Net Profit rose 60% to Rs 301.68 crore. (Bloomberg Estimate: Rs 226.6 crore)
Himadri Specialty Chemical
Total revenue fell 9% to Rs 950.91 crore.
Ebitda surged 87% to Rs 134.01 crore vs. Rs 71.6 crore.
Ebitda margins rose to 14.1% vs. 6.8%.
Net profit more than doubled to Rs 86.1 crore vs. Rs 38.56 crore.
Network18 Media and Investments
Total revenue from operations jumped to Rs 3238.94 crore vs. Rs 1339.89 crore.
Ebitda loss stood at Rs 84.42 crore vs. Ebitda of Rs 46.20 crore.
Ebitda loss margin stood at -2.6% vs. 3.4%.
Net Profit declined 26% to Rs 29.17 crore.
TV18 Broadcast
Total revenue from operations jumped to Rs 3176.03 crore vs. Rs 1,265.05 crore.
Ebitda loss stood at Rs 54.40 crore vs. gain of Rs 57.75 crore.
Ebitda loss margin stood at -1.7% vs. +4.6%.
Net Profit advanced 52% to Rs 91.20 crore
JSW Ispat Special Products Q1 Results (Consolidated, YoY)
Revenues up 0.69% at Rs 1676.15 crore
Ebitda up 492.44% at Rs 101.9 crore
Margins at 6.07% vs 1.03%
Net loss narrows to Rs 40.42 crore vs Rs 92.37 crore
Earnings In Focus
Alok Industries, Can Fin Homes, Century Textiles & Industries, Finolex Industries, Goodluck India, Hatsun Agro Product, Jubilant Pharmova, L&T Finance Holdings, Bank of Maharashtra, Mastek, Newgen Software Technologies, Tata Coffee, and Tata Communications
Stocks To Watch: Adani Transmission, Vedanta, L&T, SBI, Ramkrishna Forgings, ONGC In Focus
Adani Transmission Q1 Update
Maintained system availability at over 99.8% in Q1.
Added 550 km to the operational network during the quarter.
The total network stands at 19,778 km.
received an LOA for three smart metering projects in Andhra Pradesh.
The total smart metre contract value in Q1 stood at Rs 3700 crore.
Near-term transmission and the smart metering pipeline remain very robust.
Vedanta: The company’s Semiconductors and Display's Global Managing Director, Akarsh K. Hebbar, said that substantial progress has been made to tie up technology and equity partners in semiconductors. Vedanta will make an announcement soon.
Bank of India: The lender has appointed Yusuf H. Roopwalla as Chief Technology Officer for a period of three years. Roopwalla was earlier associated with Standard Chartered Bank.
L&T Technology Services: The company won a $50 million contract from a global technology company to enable new opportunities for digital media platforms. This agreement has a term of five years.
State Bank of India: The lender has agreed to set up a new trustee company as a wholly-owned subsidiary of the bank for managing corporate debt market development funds, for which SBI Funds Management Ltd. is identified as the Investment Manager and Sponsor of the Fund.
Ramkrishna Forgings: The company has started commercial production of 13,700 TPA of R A Shaft-Press Line and 10,100 TPA of 5" Upsetter at its plant in Kharswan from July 18. This will enhance the output of the company by 23,800 tonne per year, which will result in a total production capacity of 2,10,900 tonne per year.
63 Moons Technologies: The company’s unit, Ticker Ltd., has incorporated its wholly-owned subsidiary, Ticker Data Ltd. Ticker will subscribe to the share capital of Rs 10 lakh of Ticker Data.
Hero MotoCorp: The automaker introduced the Xtreme 200S 4-Valve, to be priced at Rs 1,41,250 ex-showroom Delhi.
DB Realty: The company’s subsidiaries have inked share purchase agreements to acquire a stake in Siddhivinayak Realties. The company’s unit Horizontal Ventures will buy a 9.32% stake for Rs 62.09 crore, N.A. Estates will purchase a 10.45% stake for Rs 69.59 crore, and Vanita Infrastructure will acquire a 10.22% stake for Rs 68.07 crore.
Oil and Natural Gas Corporation: The company bought an additional 0.0035% stake in subsidiary Petronet MHB Ltd. for Rs 2.09 lakh, increasing its overall stake to 49.999%.
HealthCare Global Enterprises: The company has signed a partnership transfer agreement to acquire the entire stake of Ajay Mehta, partner of HCG NCHRI LLP, in accordance with the acquisition of the entire equity share capital of Nagpur Cancer Hospital and Research Institute.
CIE Automotive: Shriprakash Shukla resigned as director of the company after M&M withdrew his nomination since the company ceased to be an associate of M&M.
Hinduja Global Solutions: HGS Colombia will ramp up to more than 300 employees by the end of 2023 from the current number of more than 150. Hinduja has inaugurated its multilingual customer experience (CX) hub in Barranquilla, Colombia.
Himadri Speciality Chemicals: The company agreed to acquire 100% equity shares of Combe Projects for about Rs 3 lakh.
B.L. Kashyap and Sons: The company won a new order of Rs 369 crore from DLF Home Developers for civil structure and waterproofing works for DLF The Arbour, Sector 63 in Gurugram. The contract includes a free supply of steel. The company's order book stands at Rs 3,086 crore.
IPO Offerings
Netweb Technologies India: The company launched its initial public offering on July 17. The supercomputer systems manufacturer plans to raise Rs 631 crore via a fresh issue and an offer for sale. It was subscribed 2.33 times on day 1 and 9.14 times on day 2. Institutional investors subscribed 2.66 times. The portion of non-institutional investors was subscribed 18.09 times, and retail investors were subscribed 8.77 times. The portion reserved for employees was subscribed to 16.58 times.
GIFT Nifty Signals Cautious Open For Benchmarks
Equity markets advanced in Asia as stocks extended their rally in the U.S. while the New Zealand dollar climbed on easing inflation. Stocks rose at the open in Japan, South Korea, and Australia. Contracts for stocks in Hong Kong declined, while those for the US were little changed.
The Kiwi jumped in early trading, and yields bounced after inflation slowed less than forecast. Australian bonds were mixed, with the 10-year yield down four basis points at 3.93%.
Markets in the U.S. closed near session highs on Tuesday, as results from Bank of America Corp. and Morgan Stanley bolstered bank shares and a rally in equities linked to artificial intelligence resumed. Both the S&P 500 and the tech-heavy Nasdaq 100 rose for a second day, while the blue-chip Dow Jones Industrial Average outperformed, up more than 1% for a seventh day of gains, its longest winning streak in more than two years.
Meanwhile, Brent crude was below $80 a barrel, and West Texas Intermediate was around the $76 mark. The yield on the 10-year U.S. bond was trading at 3.78%, whereas Bitcoin was below the $30,000 level.
At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.01%, or 1.5 points, at 19,802.
Intraday, the Sensex jumped 0.63% to scale a new high of 67,007.02 points, while the Nifty 50 jumped 0.55% to hit a record high of 19,819.45 points. The S&P BSE Sensex Index closed up 205 points, or 0.31%, at 66,795.14, while the NSE Nifty 50 Index was 38 points, or 0.19%, higher at 19,749.25. The local currency strengthened 2 paise to close at Rs 82.03 against the U.S. dollar on Tuesday.
Overseas investors in Indian equities remained net buyers for the fourth session in a row on Tuesday. Foreign portfolio investors bought stocks worth Rs 2,115.8 crore, while domestic institutional investors turned net sellers and offloaded stocks worth Rs 1,317.6 crore.
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