KEY HIGHLIGHTS
-
Rupee Weakens Against The U.S. Dollar
-
Sensex, Nifty Log Five-Week Fall After 16 Months: Market Wrap
-
Suzlon Energy Gets One Of The Largest Orders Of Suzlon 3 MW Series Turbine
-
Auto Stocks Drop On Report That Government Is Considering To Lower EV Import Tax
-
Shoppers Stop Shares Fall Over 11%, Most In 32 Months After CEO Resigns For Personal Reasons
FPIs Net Sell Highest Since January
Overseas investors turned net sellers of Indian equities on Friday after a two-day buying streak.
Foreign portfolio investors offloaded stocks worth Rs 4,638.2 crore, according to provisional data from the National Stock Exchange. That's the highest volume of selling since Jan. 31.
Domestic institutional investors remained net buyers and mopped up equities worth Rs 1,414.35 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,33,715 crore worth of Indian equities so far 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 closed flat at 7.20% on Friday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 8 paise to close at Rs 82.66 against the U.S dollar on Friday.
It closed at 82.58 on Thursday.
Source: Bloomberg
Sensex, Nifty Log Five-Week Fall After 16 Months: Market Wrap
India's benchmark stock indices traded lower through Friday following a global selloff. Banks, healthcare and realty sectors dragged the market. Indices slipped for second consecutive session.
Sensex ended below 65,000 level for the first time in a week since Aug. 18, while Nifty closed below 19,300 mark for the first time since June 30, 2023. The indices declined for the fifth straight week, the longest streak since the beginning of the week on April 15, 2022.
The S&P BSE Sensex closed down 366 points, or 0.56%, at 64,886.51, while the NSE Nifty 50 was 121 points, or 0.62%, lower at 19,265.80.
European benchmarks were set to end the week higher, as investors were cautious on taking positions before Federal Reserve Chair Jerome Powell’s speech from Jackson Hole.
Europe’s Stoxx 600 edged up, poised for its first weekly advance in four. Commodity shares led gains as oil and iron ore prices climbed. Asian stocks slumped, tracking overnight Wall Street losses.
Equity markets in Japan, Australia, South Korea and China all slipped with declines prominent in Hong Kong-listed technology stocks, echoing heavy selling in U.S. tech shares.
Bajaj Finserv Ltd., Bajaj Finance Ltd., Asian Paints Ltd., Bharti Airtel Ltd. and Oil and Natural Gas Corporation Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., ITC Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., and State Bank of India were negatively contributing to the change.
The broader market indices closed lower; the S&P BSE MidCap Index was down 0.85%, whereas S&P BSE SmallCap Index was 0.24% lower.
Nineteen out of the 20 sectors compiled by BSE declined while S&P BSE Telecommunication rose. S&P BSE Capital Goods and S&P BSE Realty fell the most.
The market breadth was skewed in the favour of the sellers. About 1489 stocks rose, 2152 declined, while 122 remained unchanged on the BSE.
On a weekly basis, the headline indices declined for the fifth straight week. This was the longest streak of weekly losses since April 2022. Indices fell for five weeks before this from April 15, 2022 to May 13, 2022. The S&P BSE Sensex fell 0.10% and NSE Nifty 50 was lower by 0.23%, this week.
Last week, indices declined for the fourth time in a row, as S&P BSE Sensex fell 0.51% and NSE Nifty 50 was lower by 0.58%, as well.
Nifty Midcap 100, Smallcap 100, IT and Bank gained the most this week, whereas Pharma, Energy and Auto sectors dropped.
Suzlon Energy Gets One Of The Largest Orders Of Suzlon 3 MW Series Turbine
Bags 201.6 MW order from O2 Power Private.
To supply 64 of their largest wind turbines with a rated capacity of 3.15 MW each.
Project to be completed in 2025.
Project will curb 6.55 lakh tonnes of CO2 emissions per year.
Source: Exchange Filing
Auto Stocks Drop On Report That Government Is Considering To Lower EV Import Tax
Shoppers Stop Shares Fall Over 11%, Most In 32 Months After CEO Resigns For Personal Reasons
Shares of Shoppers Stop Ltd. fell the most in over 32 months after its Chief Executive Officer, Venu Nair resigned effective Aug. 31 due to personal reasons.
Consequently, Homestop chief Kavindra Mishra has been promoted as executive director and CEO for three years, effective Sept. 1, 2023.
The scrip fell 10.06% to 730.5 apiece as of 2:10 p.m., as compared to 0.48% decline in the NSE Nifty 50. The scrip fell as much as 11.48% intra-day, the most since Dec. 24, 2020.
The stock has risen 2.6% on a year-to-date basis. Total traded volume stood at 25 times its 30-day average. The relative strength index at 29, implying that the stock maybe oversold.
Out of the 11 analysts tracking the company, six maintain a 'buy' rating, one recommends 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 14.5%.
Source: Bloomberg, Exchange filing
Jio Financial Services Shares Rise After Snapping Five-Session Lower Circuit Streak
Shares of Jio Financial Services Ltd. rose, snapping five-session lower circuit stream on Friday.
The stock swung between 5% lower and upper circuit. There were about 1.06 crore buyers for the stock and over 1.02 crore shares were sold, according to the NSE order-book data as of 1:58 p.m. The total traded quantity stood at Rs 26.47 crore shares.
The BSE Ltd. in a fresh notice announced that the scrip will removed from the benchmark indices on Sept. 1. However, the removal will be further deferred even if the stock does not hit the lower 5% band on either of the next two days but touches the limit on the third day.
In pre-market trades, JFS had 0.7% equity, or 4.74 crore shares, change hands in a large trade, according to Bloomberg. However, the buyers and sellers not known immediately. It further had 1.02 crore shares change hands at Rs 202.80 per share in a large trade after the markets opened.
JFS was the largest contributor to the decline in market capitalisation of all the Reliance Industries Ltd. group stocks. Intra-day, the total market value of JFS fell by Rs 6,766.25 crore to Rs 1.29 lakh crore on Friday, taking investor losses to over Rs 37,000 crore since listing.
As of 1:58 p.m., the total market capitalisation of Jio Financial Services rose by Rs 3,526.07 crore over the previous day to nearly Rs 1.39 lakh crore.
The stock fell 5% intra-day to hit Rs 202.8 per share and then rose as much as 5% to Rs 224.1. It was trading 3.02% higher at 219.9 apiece as of 1:58 p.m., as compared to 0.45% decline in the NSE Nifty 50.
European Markets Open Higher
Stocks At 52-Week High Intraday
Lupin Gets U.S. FDA Approval For Pirfenidone Tablets
Gets U.S. FDA approval for ANDA for Pirfenidone tablets.
Alert: Pirfenidone Tablets is a generic equivalent of Esbriet tablets.
Source: Exchange filing
Union Bank Of India Raises Rs 5,000 Crore Via QIP
Allotted 57.77 crore shares at Rs 86.55 apiece, representing a discount of 4.99% to the floor price.
More than 5% of equity shares offered were allotted to SBI Life Insurance Co., ICICI Prudential Life Insurance Co., LIC, PNB Paribas Arbitrage, Bajaj Allianz Life Insurance Co., and Morgan Stanley Asia (Singapore).
Source: Exchange filing
Stocks In Focus: Bajaj Finance, JFS, RIL, Astra Microwave & More
Sensex, Nifty Decline As HDFC Bank, L&T Drag: Midday Market Update
India's benchmark stock indices traded lower through midday on Friday following a global selloff. Banks and realty sectors dragged, whereas only media and energy shares were marginally higher.
Sensex traded below 65,000 level for the first time after three sessions since Monday, while Nifty slipped below 19,300 mark intraday.
As of 12:03 p.m., the S&P BSE Sensex was down 237 points, or 0.36%, at 65,015.45, while the NSE Nifty 50 was 77 points, or 0.40%, lower at 19,309.80.
Asian stocks tracked a drop on Wall Street while treasury yields stabilized as traders await Jerome Powell’s speech for clues on the interest-rate outlook.
Equity markets in Japan, Australia, South Korea and China all slipped with declines prominent in Hong Kong-listed technology stocks, echoing heavy selling in U.S. tech shares on Wednesday.
On Thursday, the Nasdaq 100 fell 2.2%, its worst day in three weeks. A drop of more than 1% for the S&P 500 almost wiped out its weekly gain. Futures contracts for the two US benchmarks were little changed in Asian trading.
Bajaj Finserv Ltd., Bajaj Finance Ltd., Asian Paints Ltd., Oil and Natural Gas Corporation Ltd. and Kotak Mahindra Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., Larsen & Toubro Ltd., ITC Ltd., Infosys Ltd., State Bank of India and IndusInd Bank Ltd. were negatively contributing to the change.
The broader market indices were lower in trade; the S&P BSE MidCap Index was down 0.55%, whereas S&P BSE SmallCap Index was 0.19% lower.
Sixteen out of the 20 sectors compiled by BSE declined. S&P BSE Utilities, S&P BSE Consumer Durables and S&P BSE Power fell the most.
The market breadth was skewed in the favour of the sellers. About 1,418 stocks rose, 2,036 declined, while 147 remained unchanged on the BSE.
Max Financial Services Promoter Sold 3.62% Equity
Promoter group Max Investment Holdings Private sold 3.62% equity.
Total shareholding of promoter group reduced to 6.4%.
Source: Exchange filing
V.S.T Tillers Tractors Signs Master Service Agreement With Solectrac Inc
To jointly develop Electric Power tiller and other Agricultural Machineries.
Source: Exchange filing
Bharat Electronics Shares Hit Record High After Bagging Defence Order
Shares of Bharat Electronics Ltd. hit a record on Friday after the Ministry of Defence has granted 'Acceptance of Necessity' for procurement and installation of Electronic Warfare (EW) Suite on Mi-17 V5 Helicopters
The accorded 'Acceptance of Necessity' for capital acquisition proposals is worth approximately Rs 7,800 crore
The company also has 45.86 lakh shares change hands in two large trade, according to the Bloomberg data. While buyers and sellers not known immediately
Shares of the company jumped over 2% to hit a record high before paring gains to trade 0.45% higher at Rs 135 per share at 11:08 a.m. This compares to a 0.66% decline in the NSE Nifty 50.
The stock has risen 34.48% on a year-to-date basis. The total traded volume stood at 4.7 times its 30-day average. The relative strength index was at 62.53.
Of the 30 analysts tracking the company, 26 maintain 'buy', three suggest 'hold' and one recommends 'sell', according to Bloomberg data. The return potential of the stock implies an upside of 8.3%.
Jio Financial Services Breaks Five-Session Lower Circuit Streak, Removal Deferred To Sept. 1
Shares of Jio Financial Services Ltd. were trading lower after hitting a lower and an upper circuit of 5% intra-day on Friday. The scrip hit the lower circuit for the fifth consecutive day, whereas it rose for the first time in trade on Friday to hit the upper band of the circuit.
There were about 76.77 lakh buyers for the stock and over 1.51 crore shares were sold, according to the NSE order-book data on the fifth day of trade as of 11:11 a.m. The total traded quantity stood at Rs 20.41 crore shares, according to the NSE data.
The BSE in a fresh notice announced that the scrip will removed from the benchmark indices on Sept. 1, 2023. Additionally, the removal will be further postponed if the stock does not hit the lower circuit limit on either of the next two days, but hits the lower circuit limit on the third day, as per the notice.
In pre-market trades, JFS had 0.7% equity, or 4.74 crore shares, change hands in a large trade, according to Bloomberg. However, the buyers and sellers not known immediately. It further had 1.02 crore shares change hands at Rs 202.80 per share in a large trade after the markets opened.
JFS was the largest contributor to the decline in market capitalisation of all the Reliance Industries Ltd. group stocks. Intra-day, the total market value of JFS fell by Rs 6,766.25 crore to Rs 1.29 lakh crore on Friday, taking investor losses to over Rs 37,000 crore since listing.
As of 11:15 a.m., the total market capitalisation of Jio Financial Services rose by Rs 1,302.42 crore to nearly Rs 1.37 lakh crore.
The scrip fell 0.21% to 213 apiece as of 11:15 a.m., as compared to 0.64% decline in the NSE Nifty 50. The scrip rose as much as 5% intra-day to hit Rs 224.1 per share and it fell 5% intra-day to hit Rs 202.8 per share.
GMR Airports Falls After Hitting 13-Year High As Kotak Downgrades To Sell On Limited Cashflow Reinvestment
Shares of GMR Airports Infrastructure Ltd. fell over 2% after hitting an over 13-year high in trade on Friday following a downgrade from Kotak Institutional Equities.
The brokerage downgraded the company from 'add' to 'sell' while increasing its fair value by one rupee to Rs 54 apiece. The marginal rise in its fair value factored the reinvestment of the free cash flow over the next 15 years at two times its price to book ratio, as per the brokerage.
The company is at the end of its $2.5 billion capital expenditure cycle, which is likely to affect free cash flows over the next few years, as per the brokerage. These constraints on cash flows to reinvest for GMR limit the brokerage's optimism.
Kotak Institutional Equities On GMR Airports Infrastructure
Downgrades to 'sell' on limited cash flows to reinvest with a fair value of Rs 54 per share.
Brokerage highlights healthy prospects of reinvestment in airports for able airport operators such as GMR Airports both inside and outside India.
Brokerage expects value creation from re-invetsment to factor the present value of equity growth capital at two times its price to book ratio, similar to $1.4 billion or 16% share of its price target at Rs 54 appiece.
The company's implied value of new asset wins at $4.4 billion does not meet the brokerage's growth capital estimate of $1.4 billion.
The stock is expensive after the recent 40% rally in the stock price over the past month, according to Kotak.
Key Upside Risks To Fair Value Include;
Meaningful investment by new or existing equity investors in GMR Airports.
Meaningful uptick in retail spending at the airports developed and operated by the company.
Regulatory boost from the overruling of AERA’s judgment on Hyderabad Airport
Full implementation of TDSAT’s ruling for Delhi Airport.
Higher commercial property development value.
The scrip fell 2.23% to 63.45 apiece as of 10:48 a.m., as compared to 0.65% decline in the NSE Nifty 50. The scrip rose as much as 2.85% intra-day to hit Rs 66.75 per share, the highest level since Oct. 20, 2009.
Total traded volume stood at 5.9 times its 30-day average. The relative strength index at 82, implying that the stock maybe overbought.
Two analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 14%.
Zomato Has 51 Lakh Shares Change Hands In A Large Trade
51 lakh shares changed hands in a large trade at Rs Rs 91.80 per share.
Buyers and sellers not known immediately.
Source: Bloomberg
Jio Financial Services Breaks Five-Session Lower Circuit Streak
Shares of Jio Financial Services Ltd. rose for the first time since listing after hitting a 5% lower circuit for the fifth consecutive day in early trade on Friday.
The total traded quantity stood at Rs 20.22 crore shares, according to the NSE data on the fifth day of trade as of 10:10 a.m.
The BSE had earlier announced the removal of the scrip from the benchmark on Aug. 29. However, the stock hit a lower circuit for two more sessions after Tuesday, resulting in further deferral in the removal of stock from the index.
In pre-market trades, JFS had 0.7% equity, or 4.74 crore shares, change hands in a large trade, according to Bloomberg. However, the buyers and sellers not known immediately. It further had 1.02 crore shares change hands at Rs 202.80 per share in a large trade after the markets opened.
JFS was the largest contributor to the decline in market capitalisation of all the Reliance Industries Ltd. group stocks. Intra-day, the total market value of JFS fell by Rs 6,766.25 crore to Rs 1.29 lakh crore on Friday, taking investor losses to over Rs 37,000 crore since listing.
As of 10:10 a.m., the total market capitalisation of the scrip rose by Rs 4,224.93 to nearly Rs 1.40 lakh crore.
Shares of JFS rose 4.03% to 222.05 apiece as of 10:10 a.m., as compared to 0.33% decline in the NSE Nifty 50. The scrip hit 5% lower at Rs 202.8 apiece in early trade .
Bharat Electronics Has 32.8 Lakh Shares Change Hands In A Large Trade
32.8 lakh shares change hands in a large trade.
Buyers and sellers not known immediately.
Source: Bloomberg
Power Mech Received Two Orders Worth Rs 723.9 Crore
Rs 158.67 crore order from Raichur Power Corp for operation and maintenance of 2x800 mw thermal power station.
Rs 565.23 crore order from Madhya Pradesh state mining corp for sand mining as mine developer cum operator.
Source: Exchange Filing
Kaynes Technology Shares Jump Over 15% To Hit Record After Bagging Rs 3,750 Crore Project
Shares of Kaynes Technology India Ltd. hit an all-time high after it entered into an MoU with the Karnataka government for Rs 3,750 crore to set up a semiconductor assembly and testing facility and a printed circuit board manufacturing plant through its step-down subsidiaries.
The scrip rose 8.58% to Rs 2,016.15 apiece as of 9:47 a.m., as compared to a 0.36% decline in the NSE Nifty 50. The stock rose as much as 15.79% intra-day to hit a record high at Rs 2,149.95 apiece.
It has risen 168.7% on a year-to-date basis. The total traded volume stood at 12 times its 30-day average. The relative strength index was at 76, implying that the stock maybe overbought.
Seven analysts tracking the company maintain a buy rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 5.5%
Virescent Renewable Energy Trust Has 44% Equity Change Hands In A Large Trade
19.2 crore shares or 44% equity change hands in a large trade.
Buyers and sellers not known immediately.
Source: Bloomberg
UNO Minda Has 1.3% Equity Change Hands In Two Large Trades
1.3% equity change hands in two large trades.
Buyers and sellers not known immediately.
Source: Bloomberg
Amber Enterprises India Has 3.5% Equity Change Hands In Three Large Trades
About 11.76 lakh shares or 3.5% equity change hands in three large pre-market trades.
Buyers and sellers not known immediately.
Source: Bloomberg
Top Movers On The Nifty 50 Index
Broader Markets Open Lower
The broader market indices opened lower; the S&P BSE MidCap Index was down 0.34%, whereas S&P BSE SmallCap Index was 0.02% lower.
All the 20 sectors compiled by BSE declined. S&P BSE Information Technology and S&P BSE Teck fell the most.
The market breadth was skewed in the favour of the sellers. About 1,284 stocks rose, 999 declined, while 94 remained unchanged on the BSE.
Source: BSE
Sensex, Nifty Open Lower: Opening Bell
India's benchmark stock indices opened lower following a global selloff on Friday after snapping three days of gain on Thursday. Sensex slipped below 65,000 level for the first time since Monday, Aug. 21.
At pre-open, the S&P BSE Sensex was down 249 points, or 0.38%, at 65,003.36, while the NSE Nifty 50 was 89 points, or 0.46%, lower at 19,297.40.
Asian stocks fell after a selloff on Wall Street while Treasury yields stabilized after further upward pressure as traders await Jerome Powell’s speech for clues on the interest-rate outlook.
Equity markets in Japan, Australia, South Korea and China all slipped with declines prominent in Hong Kong-listed technology stocks, echoing heavy selling in U.S. tech shares on Wednesday. The Nasdaq 100 fell 2.2%, its worst day in three weeks. A drop of more than 1% for the S&P 500 almost wiped out its weekly gain. Futures contracts for the two U.S. benchmarks were little changed in Asian trading.
One 97 Communications Has 3.6% Equity Change Hands In A Large Trade
2.28 crore shares or 3.6% equity change hands in a large pre-market trade.
Buyers and sellers not known immediately.
Source: Bloomberg
Sensex, Nifty Decline In Pre-Market Trades
At pre-open, the S&P BSE Sensex was down 249 points, or 0.38%, at 65,003.36, while the NSE Nifty 50 was 89 points, or 0.46%, lower at 19,297.40.
Source: Bloomberg
Asian Markets Trade Lower
Yield On The 10-Year Flat
The yield on the 10-year bond opened flat at 7.20% on Friday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 2 paise to open at Rs 82.60 against the U.S dollar on Friday.
It closed at 82.58 on Thursday.
Source: Bloomberg
Indiabulls Housing Finance Repays $275 Million External Commercial Borrowings
Repays $275 million external commercial borrowings to dealer banks.
Source: Exchange filing
Union Bank Of India Approves Issue Price Of Rs 86.55 For Rs 5,000 Crore QIP
Approved August 24, 2023 as closing date for issue period of Rs 5,000 crore QIP
Approves Rs 86.55 per equity share QIP issue price
Issue price is at a discount of 4.99% to the floor price of Rs 91.10 per share
Source: Exchange filing
Trade Talk: What's In Store For OMCs For FY24
Smallcap Pockets Of Paper, Textiles Finding Favour: Trade Setup
Tatva Chintan Pharma Chem Approves QIP
Fundraising committee approves raising Rs 200 crore via QIP.
Fundraising committee approves floor price of Rs 1,704.74 per share.
Source: Exchange filing
Indian Stocks To Consolidate Before Next Leg Up, Says Chris Wood Of Jefferies
The base case is for more consolidation for Indian stocks before the next leg up. Still the positive point, and a major reason to add on any pronounced pullback, is mounting bottom-up evidence of a capex cycle. One data point worth citing is that cement companies are showing strong volume growth. While the chart on gross fixed capital formation as a percentage of nominal GDP continues to look encouraging.Christopher Wood, Jefferies
Global Cues
U.S. Dollar index at 104.2
U.S. 10-year bond yield at 4.25%
Brent crude up 0.37% at $83.67 per barrel
Nymex crude up 0.40% at $79.37 per barrel
GIFT Nifty up 3 points or 0.01% at 19,295.5 as of 7:47 a.m.
Bitcoin up 0.50% at $26,145.63
Trading Tweaks
Ex-date Dividend: Surya Roshni, NCC, Oil India, Neogen Chemicals, KRBL, CE Info Systems, Gulf Oil Lubricants India, Gujarat Ambuja Exports, Engineers India, Gati, Central Depository Services (India).
Ex-date Interim Dividend: Seamec
Ex-date Special Dividend: ABB India
Ex-date AGM: Oil India, Neogen Chemicals, KEI Industries, CE Info Systems, Gujarat Ambuja Exports
Ex-date Buyback: Indiamart Intermesh, Piramal Enterprises, KRBL, FDC
Record-date Dividend: Surya Roshni, NCC, KRBL, Gulf Oil Lubricants India, Engineers India, Central Depository Services (India).
Record-date Interim Dividend: Seamec.
Record-date Special Dividend: ABB India
Record-date Buyback: Indiamart Intermesh, Piramal Enterprises, KRBL, FDC
Move Into Short-Term ASM Framework: Dredging Corp., Media Matrix Worldwide
Move Out Of Short-Term ASM Framework: Hindustan Construction Co., OnMobile Global.
Pledge Share Details
Ajanta Pharma: Promoter Ravi Agrawal released a pledge of 5.18 lakh shares on Aug. 23.
Insider Trades
SJS Enterprises: Promoter Evergraph Holdings sold 91.6 lakh shares on Aug. 22.
NRB Bearings: Promoter Aziz Yousuf Zaveri bought 2.3 lakh shares between Aug. 22 and 23.
Pennar Industries: Promoter Aditya Narsing Rao bought 50,000 shares on Aug. 23.
Man Infraconstruction: Promoter Mansi Shah bought 1.25 lakh shares between Aug. 23 and 24.
Pidilite Industries: Promoters Malay Parekh and Kamalini Parekh sold 8,100 shares each on Aug. 22.
Star Cement: Promoter Laxmi Chamaria sold 1.76 lakh shares between Aug. 21 and 22.
DB Realty: Promoter Mohammed Morani sold 30,000 shares on Aug. 21.
Sandur Manganese & Iron Ores: Promoter SY Ghorpade sold 10,000 shares on Aug. 23.
ADF Foods: Promoter Krish Thakkar sold 7,975 shares between Aug. 21 and 22.
Usha Martin: Promoter Peterhouse Investments sold five lakh shares between Aug. 21 and 22.
Dr. Lal Path Labs: Promoter Arvind Lal sold 31,671 shares between Aug. 22 and 24.
Ultramarine & Pigments: Promoter S Narayanan sold 17,500 shares on Aug. 22.
Bulk Deals
Coforge: Hulst B. V. sold 1.63 crore shares (26.6%) at Rs 4,722.15 apiece. SBI Mutual Fund bought 25.8 lakh shares (4.2%) at Rs 4,703 apiece, Kotak Funds bought 8.65 lakh shares (1.4%) at Rs 4,703 apiece, Smallcap World Fund bought 6.6 lakh shares (1.4%) at Rs 4,703 apiece, HDFC Mutual Fund bought 6.5 lakh shares (1.1%) at Rs 4,703 apiece, Societe Generale bought 4.3 lakh shares (0.7%) at Rs 4,950 apiece, ICICI Prudential bought 4.2 lakh shares (0.7%) at Rs 4,703 apiece, Morgan Stanley bought 3.5 lakh shares (0.6%) at Rs 4,879.43 apiece, and Aditya Birla Sun Life MF bought 3.2 lakh shares (0.5%) at Rs 4,703 apiece.
RBL Bank: CDC Group sold 99 lakh shares (1.6%) at Rs 230.02 apiece.
Manappuram Finance: Quinag Acquisition sold 8.4 crore shares (9.9%) at Rs 140.50 apiece, Mansi Share and Stock Advisors bought 63.3 lakh shares (0.7%) at Rs 140.29 apiece, BofA Securities bought 62.6 lakh shares (0.7%) at Rs 140.17 apiece, Chartered Finance and Leasing bought 50 lakh shares (0.6%), and F3 Advisors bought 47.7 lakh shares (0.6%) at Rs 140.53.
Amber Enterprises India: The Singapore government bought four lakh shares (1.2%) at Rs 2,800 apiece.
Block Deals
Max Financial Services: Max Ventures Investment Holdings sold 1.1 crore shares (3.3%), UBS (US) Group Trust bought 47.5 lakh shares (1.4%), Plutus Wealth Management bought 25 lakh shares (0.7%), and Morgan Stanley Non-ODI bought 12.6 lakh shares (0.4%), among others, at Rs 873 apiece.
Sapphire Foods India: Sapphire Foods Mauritius sold 16.2 lakh shares (2.6%), while Wtcnam Common Trust Funds Trust EM Opportunities Portfolio bought 11.1 lakh shares (1.8%), WMP Dublin EM Opportunities Portfolio bought 2.64 lakh shares (0.4%), and Sprugos Investments VIII bought two lakh shares (0.3%) at Rs 1,355 apiece.
Stocks To Watch: Reliance, Shoppers Stop, Airtel, Granules, BEL In Focus
Bharat Electronics: The Ministry of Defence has granted 'acceptance of necessity' for the procurement and installation of an electronic warfare suite on Mi-17 V5 helicopters. The EW suite will be procured from BEL.
Bharti Airtel: The telecom giant gained 14.1 lakh mobile users during June and ended the month with a wireless subscriber base of 37.4 crore, according to TRAI data.
Vodafone Idea: The company lost 12.9 lakh subscribers in the wireless category as its mobile subscriber base shrank to 22.9 crore, according to TRAI data.
Reliance Industries, EIH: RIL and Oberoi Hotels and Resorts will jointly manage three properties across India and the UK. Properties include Anant Vilas in Mumbai, Stoke Park in the UK, and a new project in Gujarat. Reliance Jio added the maximum number of mobile subscribers at about 22.7 lakh, taking its wireless subscriber tally to 43.9 crore users in June, according to TRAI data.
Shoppers Stop: Chief Executive Officer Venu Nair has resigned effective Aug. 31 due to personal reasons. Homestop chief Kavindra Mishra has been promoted as executive director and CEO for three years, effective Sept. 1.
DB Realty: The company sold its entire stake in unit Royal Netra Constructions for Rs 2.55 crore to Man Infraconstruction and Platinumcorp Constructions.
Garden Reach: The company signed an MoU with DEMPO Group, Goa, to launch a collaboration model to build commercial vessels in their shipyards in Goa and Gujarat's Bhavnagar.
Astra Microwave Products: The company got orders worth Rs 158 crore from ISRO, DRDO and DPSU for the supply of satellite sub-systems, airborne radar, sub-systems of radar, and EW projects.
Granules India: The drugmaker received approval from the Brazilian Health Regulatory Agency for compliance with the guidelines of good manufacturing practices for its Bonthapally API facility, Hyderabad, and an accreditation certificate of foreign drug manufacturer from the Pharmaceuticals and Medical Devices Agency, Japan, for its Jeedimetla API facility, Hyderabad.
Mankind Pharma: The board approved the incorporation of a wholly owned subsidiary, Mankind Medicare, with an authorised capital of Rs 5 crore. The subsidiary will manufacture and produce various types of pharmaceutical dosage forms and consumer healthcare products.
PL Industries: Bromine leakage from a bromine storage tank at the Jambusar site in Gujarat was quickly contained, and all employees are safe. It reported an insignificant loss on account of the minor leakage.
KPI Green Energy: The company received commissioning certificates from the Gujarat Energy Development Agency for a 4.10 MW wind-solar hybrid power project at the Samoj site in Jambusar, Gujarat.
Aditya Birla Capital: Aditya Birla Sun Life AMC has ceased to be the material subsidiary of the company after dilution of its stake to less than 50%.
Prakash Industries: The company received the Environment Ministry's approval for the Bhaskarpara coal mine in Chhattisgarh, which will reduce costs and boost revenue through the open market sale of coal.
SKF India: The company has acquired a 26% stake in Cleanmax Taiyo.
Coforge: Promoter HULST B.V. sold its entire stake or 26.63% on Thursday.
Kaynes Technology: The company entered into an MoU with the Karnataka government for Rs 3,750 crore to set up a semiconductor assembly and testing facility and a printed circuit board manufacturing plant through its step-down subsidiaries.
GlaxoSmithKline Pharmaceuticals: The drugmaker has reported contingent liabilities of Rs 350 crore on account of ongoing litigation.
Syrma SGS Technology: The company has appointed Satendra Singh as CEO with immediate effect.
EMudhra: The board has approved raising Rs 250 crore via any instrument.
Monte Carlo Fashions: The company increased its investment in wholly owned subsidiary Monte Carlo Home Textiles by Rs 2 crore to Rs 15.7 crore.
ADF Foods: The company set Sept. 11 as the record date for the stock split in the ratio of 5:1.
IPO Offerings
Aeroflex Industries: The IPO has been subscribed 97.11 times on its third and final day. The bids were led by institutional investors, who subscribed 194.73 times. Non-institutional investors subscribed 126.13 times, retail investors 34.41 times and the portion reserved for shareholders 28.52 times. It was subscribed 6.71 times on day 1 and 21.10 times on day 2.
Vishnu Prakash R Punglia: The IPO has been subscribed to 3.77 times on day one. The bids were led by non-institutional investors, who subscribed 6.26 times; retail investors subscribed 4.88 times; portions reserved for employees subscribed 1.91 times and institutional investors subscribed 0.05 times, or 5%.
GIFT Nifty Signals Lower Opening For Benchmarks
Asian stocks fell after a selloff on Wall Street, while Treasury yields stabilised after further upward pressure as traders await Jerome Powell’s speech for clues on the interest-rate outlook.
Equity markets in Japan, Australia, South Korea and China slipped with declines prominent in Hong Kong-listed technology stocks, echoing heavy selling in U.S. tech shares on Wednesday. The Nasdaq 100 fell 2.2%, its worst day in three weeks. A drop of more than 1% for the S&P 500 almost wiped out its weekly gain. Futures contracts for the two U.S. benchmarks were little changed in Asian trading.
Brent crude was trading below $84 a barrel and West Texas Intermediate was below $79 mark. The yield on the 10-year U.S. bond was trading at 4.25% and Bitcoin was above the 26,000 level.
At 7:47 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was up 3 points or 0.01% at 19,295.
India's benchmark stock indices opened higher and declined after midday to snap three days of gains on Thursday. The healthcare sector dragged, whereas I.T. shares advanced in trade.
The Sensex slipped below the 65,300 level, while the Nifty dropped below the 19,400 mark. Shares of Reliance Industries Ltd. slipped after a positive move in early trade. It was the top drag on both indices as the markets were not enthused by the fund infusion by Qatar Investment Authority into the company's retail arm.
Overseas investors remained net buyers of Indian equities on Thursday for the second day in a row. Foreign portfolio investors bought stocks worth Rs 1,524.9 crore, according to provisional data from the National Stock Exchange. That's the highest volume of buying since July 18. Domestic institutional investors also remained net buyers and mopped up equities worth Rs 5,796.6 crore.
The local currency strengthened 10 paise to close at Rs 82.58 against the U.S. dollar on Thursday. This is the strongest close since Aug. 2, when the rupee closed at 82.59.
RECOMMENDED FOR YOU
Stock Market Today: Nifty, Sensex Decline For Second Week; HUL, ITC Top Draggers
Nov 14, 2024
Stock Market Today: Nifty, Sensex End Over 1% Down HDFC Bank & SBI Share Prices Drag
Nov 12, 2024
Stock Market Today: Sensex Closes Below 80,000 After Two-Day Rally; Nifty Settles At 24,350
Oct 30, 2024
Stock Market Today: Nifty, Sensex Post Three–Week Losing Streak; ICICI Bank, Axis Bank Top Gainers
Oct 18, 2024
POPULAR