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SEBI Board Meeting: New Mutual Funds Lite Framework Introduced For Passively Managed Schemes
At 6:48 a.m., November futures Contract of WTI Crude Oil was trading at $68.23, a barrel, up 0.09%.
According to Bloomberg, the global crude benchmark plunged almost 17% last quarter, and is now lower year-to-date. Expectations that OPEC+ will make good on plans to bring back production, as well as a slowdown in China — even after massive stimulus was unveiled last week — have weighed on prices.
On Monday, it ended lower after recording their best quarter since 2020 driven by U.S. monetary easing and heightened Middle East tensions. As of 6:55 a.m., the December futures contract of Gold was trading at $2,658.00, down 0.05%.
Bernstein said that it is positive for established gold lenders like Muthoot Finance as have refined processes through decades of RBI audit. It maintains its constructive view on Muthoot Finance and believes it will add to lender’s growth momentum. Bernstein has an 'overweight' rating on Muthoot and target of Rs 2000 implying 1.5% doownside.
Indian Stocks Remain In 'Sweet Spot' With More Upside Likely, Says Morgan Stanley
The Securities and Exchange Board of India on Monday approved a slew of changes to ease regulatory compliance, introduce a new asset class and make it easier for mutual funds to offer passively managed schemes. However, there were no developments to deal with F&O trading frenzy.
Click here for the key highlights from SEBI's board meeting.
JP Morgan has rated rated FSN E-Commerce Ventures as 'underweight' with target of Rs165 implying 21% downside. To drive gross merchandise value growth, the company has to move to mainstream categories with lesser differentiators which could slow the margin progression. Nykaa is yet to establish a right to win and it could face significant challenges pertaining to more aggressive competition, significantly higher SKU count, and high cost of returns and inventory risk, the brokerage said.
It noted that Nykaa's intent to keep the burn rate low would likely cap GMV growth and that it finds current valuation at more than 60 times FY25E EV/EBITDA expensive.
Citi Research has retained its 'sell' rating on Samvardhana Motherson shares but has increased to target price to Rs 125 vs 105 earlier implying downside of 40%. It said that the change in estimates is to reflect prevailing demand environment for Motherson. It has also increased earnings estimates by 14-15%. Interest burden is expected to go down post the recent QIP, it said.
Auto Sales In September 2024 Live: Bajaj Auto, M&M Grow Sales By Nearly A Quarter
Dealer checks suggest weak demand trends across paints and adhesives in Q2, according to Macquarie, which noted that erratic monsoons weigh on paint demand, especially in September. It expects Berger to lead sales growth among paint companies and Pidilite to see higher EBITDA on benign input costs leading to a sector-leading 12% EBITDA growth on a YoY basis.
The brokerage also sees lower crude costs reflected in H2 paint margins and no material change yet from Grasim's entry. Dealers expect demand pull for Grasim's products to improve once marketing intensity improves from October.
Asian paints is the brokerage's preferred pick followed by Kansai nerolac paints.
Rupee opened flat at 83.81 against the US dollar. after it closed at 83.80 on Monday, according to Bloomberg. Amit Pabari, MD at CR Forex Advisors said that as the RBI continues to play an active role in managing the currency’s fluctuations, it seems likely that the rupee will settle into a trading range between 83.50 and 84.00.
The yield on the 10-year bond opened flat at 6.74% after it closed at 6.75% on Monday, according to Bloomberg.
At pre-open, Nifty 50 was at 25788.45, down 0.09% or 22.40 points and the Sensex was at 84260.72, down 0.05% or 39.06 points. It is believed that the current market structure is weak and volatile for traders, as long as it continues to trade below 26000/85000, according to Shrikant Chouhan, head of equity research at Kotak Securities and below this level, the market may decline towards 25700-25500/84000-82400. "Conversely, above 25850/84400, a quick pullback rally could be observed until 25900-26000/84600-84900,"he said.
Tata Steel has ceased operations of iron and steelmaking assets at Blast Furnace 4 at Port Talbot. The said assets are located at UK’s largest steel plant and the operations has been ceased as assets have reached end of operational life, said a press release dated Sept 30.
Steelmaking at the port will resume in 2027-28 and the company will invest 1.25 billion euros to set up Electric Arc Furnace based steelmaking, using UK-sourced scrap steel.
PC Jeweller To Split Each Share Into 10, Raise Rs 646 Crore From Promoters
New MF Lite Framework To Bring More Entrants On Relaxed Regulations: Deepak Shenoy Of Capitalmind
Sun Pharma has signed a global exclusive commercialization, license, & supply agreement with Philogen for commercialising specialty product Fibromun, according to an exchange filing. Fibromun is anti-cancer immunotherapy and is being investigated in registration trials by Philogen for treatment of soft tissue Sarcoma & Glioblastoma.
LPG Price Hike: BPCL, HPCL Share Prices Rise While Indian Oil Falls
Bajaj Auto sales were up 13.71% month on month at 18,933 units with market share at 21.47% and TVS Motor sales up 2.43% MoM at 17,865 units (Market Share: 20.26%). Ather Energy sales were up 15.20% MoM at 12,579 units (Market Share: 14%).
Source: VAHAN website
Blue Dart Express Share Price Jumps After Announcing Price Hike
Godrej Properties' board has approved fund raise for aggregate amount of Rs 6,000 crore via debt and equity, an exchange filing said.
Muthoot Finance, Manappuram Shares Fall As RBI Flags Irregular Practices Among Gold Loan Lenders
Swiggy Trails Zomato In Gross Order Value, Profitability: Morgan Stanley's DRHP Analysis
Stock Market Live: Nifty, Sensex Trade Flat As M&M, ICICI Bank Lead Gains But IndusInd Bank, HUL Weigh
South Korea, Hong Kong and mainland China are closed for a public holiday Tuesday. Indices in mainland China will be closed for the rest of the week, due to the Golden Week holiday.
The prices of all Ferro grades of manganese ore with Manganese content of Mn- 44% and above have been decreased by 20% on the prevailing prices since 01.09.2024 effective midnight of Sept 30 for the month of October, 2024.
The prices of all other Ferro grades of manganese ore with Manganese content below Mn-44% have been increased by 5% on the prevailing prices.
Source: Exchange filing
At 3:06 p.m., it had pared losses and traded 2.2% lower at $70.11 a barrel.
Sebi top official told NDTV Profit exclusively that proceedings on Hindenburg show cause notice underway as there was no response by Hindenburg on show cause notice. It will pass order on matter after probe gets completed, we are seeking response from all parties involved in the matter.
Nifty and Sensex ended lower in the third consecutive session
Nifty ends 0.05% or 13 points lower at 25796.90
Sensex ends 0.04% or 33.49 points down at 84266.29
Markets will remain close on Wednesday on account of Gandhi Jayanti
Broader indices outperformed; Nifty Midcap 100 ended 0.34% up and Nifty Smallcap 250 closed 0.66% higher.
Sectoral indices were mixed at close; Nifty Media rose the most
Tech Mahindra and M&M were top Nifty gainers
IndusInd Bank and ONGC fell the most
Rupee weakened by 2 paise to close at 83.82 against the US dollar after it closed at 83.80 on Monday.
Source: Bloomberg
US: Johnson Redbook retail sales index for the week ended Sep 28
US: Manufacturing PMI for September
US: Sept. ISM report on business manufacturing PMI
US: Aug. construction spending data
US: Aug. job openings and labor turnover survey
US: Sept. global manufacturing PMI
US: Sept domestic auto industry sales
Japan: Sep consumer confidence survey
EU: Aug unemployment rate
US: EIA weekly petroleum status report
December future contracts of US indices were flat at open. Dow Jones futures contract were trading 0.3% lower at 42,499.00 as of 3:50 p.m., S&P 500 futures contract was down 0.1% at 5,809.00, and Nasdaq 100's contract was up 0.1% at 20,283.75. Investors will now look for September’s nonfarm payrolls report to be released on Friday.
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