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The NSE Nifty 50 and BSE Sensex snapped a two-day winning streak on Wednesday.
The Nifty 50 moved in the range of 228.55 points, and the Sensex moved in the range of 711.81 points throughout the session.
Bajaj Auto scaled a fresh high in Wednesday's session, and was the top contributor to the benchmark Nifty 50. Asian Paints Ltd., and Bajaj Finance Ltd. were other top contributor.
Tata Motors Ltd. emerged as the top dragger in the Nifty 50 index as the UBS Global Research kept 'Sell' rating on worries over weak outlook for fiscal 2026.
The NSE Nifty Oil & Gas and Nifty PSU Bank declined the most among sectoral indices.
The NSE FMCG was the only sector end Wednesday's session in positive. The sector was also the best performing sector.
The NSE Nifty FMCG extended its record rally to a third session. Varun Beverages Ltd., Hindustan Unilever Ltd. were the top leader in the index.
The NSE Nifty Pharma scaled a high of 23,463.10 as Sun Pharmaceutical Industries Ltd. lead.
The NSE Nifty Midcap 150 ended 0.25% down at 21,798.95.
The NSE Nifty Smallcap 250 ended 0.78% lower at 18,238.80.
Mphasis Silverline is in pact with AgentSync for insurance compliance solutions.
Source: Exchange filing
Adani Ports & Special Economic Zone Ltd. is to develop multipurpose berth at Gujarat's Kandla Port.
Kandla Port berth to handle multipurpose cargo, expected to be commissioned in financial year 2026–27.
Source: Press Release
Order worth Rs 850 crore from Cochin Shipyard for supply of multifunction radar
Additional orders worth Rs 305 crore for defence equipment
Source: Exchange filing
Market breadth was skewed in favour of the buyers. Around 2,052 stocks rose, 1,714 stocks declined, and 130 stocks remained unchanged on the BSE.
Tata Motors Ltd. set for longest losing streak in 16 years.
The stock fell for 9th straight day, set for longest run of losses since October 2008.
The stock has fallen over 8% in one month, while benchmark Nifty 50 has risen 2.7%.
Stock is the worst performer on Nifty 50 today.
JSW Infrastructure Ltd. clarified on media reports of company to raise in excess Rs 5,000 crore via QIP
The company is currently not in any discussions to raise Rs 5,000 crore via QIP.
Source: Exchange filing
US Food and Drug Administration's inspection at stepdown unit of Aurobindo Pharma Ltd. got first approval for Lidocaine Hydrochloride injection.
Alert: Lidocaine Hydrochloride is a local anesthetic
Source: Exchange filing
Probability of 25-basis-point cut is higher compared to a 50 bps cut in September.
They will look at higher rate cut in the next six months.
Pace 360 doesn't see negative GDP reading in the next two quarters.
Pace 360 is expecting about 4 rate cuts by March 2025.
The US could get into recession by mid 2025.
Source: Amit Goel, co-Founder and chief global strategist, Pace 360
Ravindra Energy Ltd. approved raising of funds up to Rs 180 crore via issue of shares on preferential basis.
Source: Exchange filing
Strides Pharma Sciences Ltd. shareholders and secured creditors approval to create specialty pharma CDMO OneSource.
Source: Exchange filing
Green Hydrogen to help de-carbonize industries that are difficult to electrify
Refineries, fertilizers, steel, heavy duty transportation sectors to benefit from green hydrogen
Green hydrogen to also act as energy storage for surplus renewable energy
Aim to make India global hub for green hydrogen
India has a great potential for development of a green job ecosystem
International partnership critical for growth of green hydrogen
There is a need to invest in research for technology in green energy sector
Brigade Enterprises Ltd. will use proceeds from initial public for land acquisition.
Brigade Enterprises sees solid demand despite price increases so far.
The company will continue to maintain a stable growth, see single digit price growth.
Inventory levels are at all-time low levels especially in Bangalore. Inventory levels are at four quarter low.
Brigade Enterprises expects cash flows to remain well balanced, have zero debt on residential segment.
The real-estate company has nine million square feet currently operational in annuity portfolio.
Brigade Enterprises is looking to build out another 6 million square feet in across key markets.
Source: Pavitra Shankar, managing director, Brigade Enterprises to NDTV Profit
Maintain Hold, target price at Rs 1747, downside 8%
Hosted Infosys in 31st Investor Forum
Outlook for FY25 remains unchanged
Sustainability of demand tailwinds in certain pockets of BFSI
Incremental headwinds emanating for the EU auto vertical
Demand uncertainties among key macro issues is fading away
This creates positive backdrop of discretionary demand revival in FY26
Infosys more geared towards discretionary demand revival than other peers
BFSI: Banking, Financial Services
State Bank of India plans to raise up to Rs 7,500 crore via second tranche of tier-II bond.
SBI may hit the bond market with another tier-II bond issue by next week.
Source: Merchant bankers
Market breadth was skewed in favour of buyers. Around 1,814 stocks advanced, 1,084 declined, and 112 stocks remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was trading 0.04% lower at 25,034.00, and the BSE Sensex was trading 0.02% higher at 81,935.23.
The yield on the 10-year bond opened flat at 6.84%.
It closed at 6.85% on Tuesday.
Source: Bloomberg
Rupee opened flat at 83.97 against the US dollar.
It closed at 83.98 on Tuesday.
Source: Bloomberg
Gensol Engineering Ltd. partnered with Matrix Gas & Renewables gets project to setup India’s first Green Hydrogen Valley in Pune, Maharashtra.
Source: Exchange filing
Expects FY24 EBIT Margin for Automotive segment between 6-7% vs 10.8% reported in 2023
Expects deliveries to slightly decrease this year
Expectation 2024 Group EBT to decrease significantly
Capex ratio to be above 6% vs 5.7% in 2023
Expects R&D Ratio to be greater than 5% vs 5% of 2023 led by tech changes
Expects Free cash flow automotive segment at 4bn euros vs 6.9 billion euros reported in 2023
Share Buyback Program 2, Up to €2 billionn, to be finalized by 12/2025.
Source: Investor Presentation
The brokerage maintained sell with a target price Rs 825 , which implied 25% downside.
Defender, Range Rover & Range Rover Sport have aided Avg Selling Price & Gross Margins
Extended success of key JLR models have started to moderate with order book below pre-covid
Rising discounts, moderate growth and lack of new launches could result in weaker FY26
Value JLR at Rs 340, Indian CV/PV at Rs 280/ 170 and subsidiaries at Rs 35
Maintain Buy with target price Rs 600, which implied a 24% Upside
Strong multi-year earnings growth visibility
Premiumization and higher wallet share to drive outperformance vs industry
Ramp up in newer clients such as Honda 2Ws over the next 18-24 months
New products under the testing/validation stage
Potentially moving into revenue from FY26 like disc brakes
Improving mix and operating leverage-led margin uptick to 13.5–14%
Strategic inorganic acquisitions expanding the addressable market size
Believe company is attractively valued compared to other 2W ancillaries
Estimate 29% EPS CAGR between FY24-27
Plutus Investments acquires 53.9% of Windsor Machines for Rs 350 crore.
Alert: SPA was signed between Plutus Investments and promoter Castle Equipments on June 18.
Source: Exchange filing
Northern Arc Capital Ltd. set initial public offer price band at Rs 249-263 per share.
Alert: Bid for issue to open on Sept 16 and close on Sept 19
Source: Company Statement
Asian Stocks Decline As Wall Street Fluctuates Ahead Of CPI Data
The Indian rupee closed weaker against the US dollar on Tuesday amid expectations of a continued RBI intervention. Market participants are waiting on the sidelines for the release of US inflation data due Wednesday, for insights on the scale of the Federal Reserve’s anticipated interest rate cut.
The rupee closed three paise weaker at Rs 83.98 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.95 on Monday.
Dixon Tech Gets CCI Nod To Acquire Aditya Infotech
Jindal Stainless: Held on Sept. 10.
Goa Carbon: Held on Sept. 10.
5Paisa Digital: Held on Sept. 10.
Equitas Small Finance Bank: Held on Sept. 10.
Price band change from 20% to 5%: Infibeam Avenues Ltd.
Price band change from 5% to 20%: Orient Technologies Ltd.
Ex dividend: Finolex Industries Ltd., General Insurance Corp., Infibeam Avenues Ltd., Insecticides (India) Ltd., Pondy Oxides and Chemicals Ltd.
Ex/record dividend: Andhra Paper Ltd., Uttam Sugar Mills Ltd.
Dr. Lal PathLabs Ltd.: Promoter Arvind Lal sold 40,000 shares between Sept. 6 and Sept. 10.
Pidilite Industries: Ishijas Chemicals Pvt. bought 4 lakh shares (0.06%) at Rs 3,303 apiece. Neerav Apurva Parekh sold 1 lakh shares (0.01%) and Kalpana Apurva Parekh sold 3 lakh shares (0.05%).
Trent: Siddhartha Yog bought 1.19 lakh shares (0.03%) at Rs 7,080 apiece. Dodona Holdings Ltd. sold 1.19 lakh shares (0.03%).
Shriram Finance Top Executive Says Plans Afoot To List Both Insurance Arms In Two Years
Tata Motors: The CCI approved proposed merger of Tata Motors Finance with Tata Capital.
Hindustan Zinc: HZL and Skipper Ltd. partnered for India's heaviest transmission steel pole structure, weighing around 200 tonnes.
Ceat: India Ratings and Research has revised outlook of the company to positive from stable.
Ramco Systems: The company announces the launch of Aviation Software 6.0 for smarter aircraft management.
Ashoka Buildcon: The company has finalised an agreement to transfer its complete 90% stake in ABL Indira Projects JV LLP for a sum of Rs 5.44 crore to Indira Projects & Development (Tamil Nadu) Pvt.
Happiest Minds Technologies: The company has obtained a certified true copy of the first motion order from the NCLT, Bengaluru bench, concerning the scheme of amalgamation with Sri Mookambika Infosolutions Pvt. This order relates to the merger of the two companies and their respective shareholders and creditors.
Fiem Industries: The company has received an interim insurance payment of Rs 30 crore related to the fire incident in June 2023. The company has estimated the total claim at Rs 112.7 crore on a reinstatement value basis, with the final assessment still in progress.
Reliance Industries: Reliance Retail Ventures, Delta Galil in pact for JV in India Delta Galil to establish apparel innovation platform focused on Indian market via Joint Venture with Reliance Retail.
Jubilant Pharmova: US FDA classifies the company's Washington facility as voluntary action indicated.
Entero Healthcare Solutions: India Ratings and Research has upgraded the company’s long-term issuer rating to ‘IND A-’ from ‘IND BBB’. The outlook is stable.
PDS: The company has secured a key trade financing facility, backed by HSBC Bank Middle East Ltd., to strengthen its position as a global fashion infrastructure platform. The facility will support the company's working capital needs and align with measurable sustainable finance objectives.
Steel Strips Wheels: The company has signed a supplementary shareholders agreement with Clean Max Astria, an associate company involved in renewable energy production and distribution. The company will invest Rs 6.93 crore through a rights issue to expand wind and solar capacity. As part of the agreement, the additional power generated will be supplied exclusively to the two companies.
Brigade Enterprises: Brigade Foundation Inaugurates 108-bed Hospital in collaboration with St. John’s Medical College Hospital at Brigade Meadows, Kanakapura Road, Bengaluru.
Ireda: Ireda Global Green Energy Finance IFSC Ltd. has received provisional registration from the International Financial Services Centre Authority.
Tinna Rubber and Infrastructure: The company has entered into a JV agreement with Lionshare Holdings and Mbodla Investments in Johannesburg. The partnership aims to acquire and recycle used tyres, either in India or by setting up a recycling plant in South Africa.
Astra Microwave Products: The company has signed a Memorandum of Understanding with Premier Explosives Ltd., Hyderabad. The strategic alliance aims to jointly develop and market a range of products.
Genus Power Infrastructures: Genus Power Infrastructure has established two wholly owned step-down subsidiaries namely Genus Shekhawati Smart Metering Solutions SPV Pvt. and Genus Marwar Smart Metering Solutions SPV Pvt.
Goa Carbon: The company has resumed operations at its Goa unit, with the kiln being lit. After the preliminary heat-up and the start of raw material feeding, normal production is expected to resume shortly.
Premier Explosives: The company has signed an MoU with Astra Microwave for joint development and sale of products.
IRB Infrastructure Developers: Transport Ministry said that no toll would be charged for travelling up to 20 km on highways and expressways per day. Toll collection for over 20 km to be based on distance covered by vehicle as per satellite data.
Oil India: The company, ONGC Videsh and Kabil have signed an MoU with UAE-based International Resources Holding.
Adani Ports-Rorix Pact: International Holding Co.'s subsidiary Rorix has entered into an agreement with Adani Ports and Special Economic Zone Ltd. This pact focuses on the integration of advanced technologies into India's infrastructure.
Lemon Tree Hotels: The company has signed a new property featuring 108 rooms in Mumbai.
Yes Bank: The company has proposed the name of Manish Jain, the head of wholesale banking, for the position of executive director for a term of three years.
UCO Bank: The bank will hike MCLR by 5 bps in most tenures
InterGlobe Aviation: The Bureau of Civil Aviation Security has reduced the penalty imposed on the company from Rs 1.2 crore to Rs 70 lakh.
Inox India: The company has been granted a patent for a 'cryogenic liquid-based variable temperature cold storage unit and method'.
Hindustan Foods: Further investment in wholly owned subsidiary company.
HDFC Bank: The Reserve Bank of India has imposed a penalty of Rs 1 crore on the bank for non-compliance with its directions on 'Interest Rate on Deposits' and the engagement of 'Recovery Agents' by the bank.
Zee Media Corp.: Announcement of changes in the company's senior management personnel.
Dixon Technologies (India): The Competition Commission of India has approved the proposed acquisition of a minority stake in Aditya Infotech Ltd.
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