KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors remained net sellers of Indian equities on Tuesday for the second consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 1,725 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up equities worth Rs 1,078 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,35,948 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 7.21% on Tuesday.
Source: Bloomberg
Indian Rupee Weakens Against U.S. Dollar
The local currency weakened 29 paise to close at Rs 83.04 against the U.S dollar on Tuesday. This is the weakest close since Aug 21.
It closed at 82.75 on Monday.
Source: Bloomberg
Sensex, Nifty Rise For A Third Day: Market Wrap
India's benchmark stock indices steadily advanced on Tuesday to end higher for the third consecutive session. Sensex was ended above 65,700 mark, while Nifty was beyond 19,500 level.
Media and pharmaceutical sectors advanced, whereas banks and non-banking financial services were under pressure. Nifty IT and Nifty Media hit 17-month high intraday, whereas Nifty metal hit a fresh record. Broader markets outperformed and the larger peers and Nifty Midcap 100 and Nifty Smallcap 100 scaled a record closing high.
The S&P BSE Sensex was closed 152 points, or 0.23%, at 65,780.26, while the NSE Nifty 50 was 46 points, or 0.24%, higher at 19,574.90.
European stocks followed Asian equities lower as disappointing data from China renewed concern over the nation’s fragile economic recovery. The Stoxx 600 dropped 0.7%, edging lower for the fifth day, and futures on U.S. equities declined.
Stocks were little changed in South Korea after inflation accelerated much faster than estimates in August on the back of higher energy costs, reinforcing the case for the central bank to keep the door open to further policy tightening to rein in prices. Shares advanced in Japan and volatile in Australia. Hong Kong’s Hang Seng index declined over 2%.
Indian Tobacco Company Ltd., Infosys Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., and Sun Pharmaceutical Industries Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., UltraTech Cement Ltd., Maruti Suzuki India Ltd., State Bank Of India, and Dr Reddy's Laboratories Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 1.09%, whereas S&P BSE SmallCap Index was also 0.61% higher.
Sixteen the 20 sectors compiled by BSE advanced, while four declined. S&P BSE Energy, S&P BSE Healthcare and S&P BSE Realty rose the most.
The market breadth was skewed in the favour of the buyers. About 2,235 stocks rose, 1,317 declined, while 146 remained unchanged on the BSE.
Jupiter Wagons Approves QIP For Raising Rs 700 Crore
Approves raising Rs 700 crore via QIP.
Source: Exchange filing
Tata Motors JLR U.K. August Sales At 1,479 Units, Down 23.56% YoY
JLR sales at 1,479 units, down 23.56% YoY
Jaguar sales at 348 units, down 42.95% YoY
Land Rover sales at 1,131 units, down 14.64% YoY
Source: Society of Motor Manufacturers and Traders, U.K.
CBI Arrests GAIL Executive Director KB Singh In Alleged Rs 50 Lakh Bribery Case: PTI
CBI arrests Executive Director KB Singh in alleged Rs 50 lakh bribery case.
CBI searching multiple premises of arrested GAIL ED Singh, others.
Source: PTI Citing Officials
Rupee Weakens Against The U.S. Dollar
The local currency weakened 25 paise to trade at Rs 83 against the U.S dollar on Tuesday, as of 2:11 p.m.
It was at the weakest level since Aug. 23, 2023.
It closed at 82.75 on Monday
Source: Bloomberg
European Markets Open Lower
Stocks At 52-Week High Intraday
Nykaa Has 60.2 Lakh Shares Change Hands In A Large Trade
About 60.2 lakh shares changed hands in a large trade.
0.2% equity changed hands at Rs 134.75 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Hinduja Global Solutions U.K. Selected As Partner For U.K. Public Services Transformation
Announced strategic partnership with the Government Digital Service in U.K.
To simplify the access for central U.K. government services.
Source: Exchange Filing
Sensex, Nifty Trade Marginally Higher As Infosys, RIL Lead: Midday Market Update
India's benchmark stock indices were rangebound as they held on to steady gains after a higher open on Tuesday. Sensex was trading above 65,700 mark, while Nifty was trading beyond 19,500 level.
Media and realty sectors advanced, whereas metal and private banks were under pressure. Nifty IT and Nifty Media hit 17-month high intraday.
As of 12:39 p.m., the S&P BSE Sensex was up 47 points, or 0.07%, at 65,675.13, while the NSE Nifty 50 was 12 points, or 0.06%, higher at 19,541.20.
Stocks declined after disappointing China services data added to concern over the nation’s fragile economic recovery. Australia’s dollar extended losses after the central bank kept interest rates unchanged.
Hong Kong shares led the declines after dipping more than 1%. China’s services sector saw the slowest growth this year in August. Futures for European and U.S. stocks fell during Asia trading. South Korean stocks also declined after August inflation accelerated faster than economists forecast on the back of rising energy costs.
Infosys Ltd., Reliance Industries Ltd., TCS Ltd., Larsen & Toubro Ltd., and ITC Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., ICICI Bank Ltd., Tata Steel Ltd., NTPC Ltd., and UltraTech Cement Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.93%, whereas S&P BSE SmallCap Index was also 0.87% higher.
Sixteen the 20 sectors compiled by BSE advanced, while four declined. S&P BSE Information Technology, S&P BSE Realty and S&P BSE Oil & Gas rose the most.
The market breadth was skewed in the favour of the buyers. About 2,235 stocks rose, 1,317 declined, while 157 remained unchanged on the BSE.
MMTC Shares Locked In 20% Upper Circuit
Shares of MMTC Ltd. have risen 49.64% in the last three trading sessions.
Patel Engineering Has 65 Lakh Shares Change Hands In Three Large Trades
65 lakh shares changed hands in three large trades.
0.8% equity changed hands at price range of Rs 58.25 to Rs 58.35 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Jyoti Structures Gets LoA From Apraava Energy
Gets LoA for 400 KV double circuit transmission line in Rajasthan.
Contract valued at Rs 260.85 crore to be executed by November 2024.
Source: Exchange Filing
Dilip Buildcon Gets Order Worth Rs 1,275 Crore From Madhya Pradesh Government
Gets order worth Rs 1,275 crore in joint venture with Patel Engineering.
Order for commissioning, operation and maintenance of drinking water supply scheme.
Project on EPC turnkey basis in Ujjain to be completed in 24 Months.
Source: Exchange Filing
Bikaji Foods Has 1.3% Equity Change Hands In A Large Trade
About 32.4 lakh shares changed hands in a large trade.
1.3% equity changed hands at Rs 480 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Bombay Dyeing Shares Jump Over 10% After Settling Dispute With Axis Bank
Shares of Bombay Dyeing & Manufacturing Co. surged over 10% on Tuesday after settling its dispute with Axis Bank.
The company executed a conveyance deed on Sept. 4 in favour of Axis Bank, effecting the transfer of land admeasuring 11,541 square meter, according to an exchange filing on Monday.
This will enable independent and exclusive access to the bank’s headquarters for an approximate sum of Rs 149 crore, it said.
Shares of the company surged 9.46% to Rs 148.70 per share as of 11:32 a.m., compared with a 0.25% advance in the NSE Nifty 50. It rose as much as 10.42% to Rs 10.42% per share, the most since July 5.
The stock has risen 87.63% on a year-to-date basis .The total traded volume stood at 4.4 times its 30-day average. The relative strength index was at 72, indicating stock may be overbought.
IDBI Bank Shares Hit A Five-Year High After Large Trade
Shares of IDBI Bank Ltd. hit a five-year high after 43 lakh shares or 0.04% equity changed hands in four large trades, as per the Bloomberg data. The trades to place in the price range of Rs 69.65 to Rs 70.95 apiece. The buyers and sellers were not known immediately.
Additionally, the Department of Investment and Public Asset Management has invited bids for asset valuers for the bank. The bids are expected to be submitted by Oct. 9. The asset valuer will work closely with the transaction adviser and legal adviser.
The government is looking to sell 30.48% stake, while Life Insurance Corp. of India is looking to offload 30.24% of its share in IDBI Bank, along with the transfer of management control.
The scrip rose 7.86% at Rs 70 apiece, as compared to a 0.24% advance in the NSE Nifty 50. The share price advanced as much as 9.78% intraday to hit Rs 71.25 per share, the highest level since April 19, 2018.
The stock has risen 29% on a year-to-date basis. Total traded volume stood at 6.7 times its 30-day average. The relative strength index was at 74, implying that the stock maybe overbought.
One analyst tracking the company maintains a 'sell' rating on the stock, as per the Bloomberg data.
Raymond Jumps Over 13% To Hit Record High As Jefferies, Motilal Oswal Initiate Coverage With 'Buy'
Shares of Raymond Ltd. hit an all-time high in trade after Jefferies and Motilal Oswal initiated a coverage on the stock with a 'buy' rating.
Jefferies initiated a 'buy' with a price target of Rs 2,600 apiece, implying an upside of 28% over the next 12 months.
Motilal Oswal launched coverage with on the stock with a 'buy' at Rs 2,600 per share.
The coverage was initiated after the established apparel brand decided to demerge its real estate and lifestyle business and sold its FMCG business operated by Raymond Consumer Care to Godrej Consumer Care. The management decided to restructure the business in a bid to unlock value and have a greater focus on the businesses separately. Raymond also infused cash of Rs 2,200 crore, including the promoter’s stake in Raymond Consumer Care, into the Group. Clearing, its net debt from the peak of Rs 1,600 crore.
Jefferies On Raymond
Expect Raymond to grow its revenue in at 13% compound annual growth rate over FY23-26.
Free cash flow generation improved through better profitability and improvement in the working capital cycle.
Brokerage expect the apparel segment to grow in double digits in the medium term.
With surplus land under its belt, Raymond forayed into the real estate business in 2019. Plans are underway to develop its 100-acre land parcel in Thane in the first phase. Also, engineering business, encompassing tools & hardware, contributes 9% to Ebitda
Brokerage forecasts Raymond to report 13% revenue CAGR, with modest margin expansion. This will likely translate to 16% Ebitda CAGR.
Demand slowdown, sharp rise in key input prices and increase in competition can risk the brokerage's price target.
In the long term, brokerage expects Raymond to deliver healthy earnings growth, which in-turn can drive a re-rating especially post de-merger of lifestyle business.
As per the base case scenario, Jefferies expects Raymond to expand its franchise and assume an 8% revenue CAGR, in the branded textiles category, with a 30 bps margin expansion over FY23-26.
Motilal Oswal On Raymond
With a revenue base of Rs 1,300 crore, brokerage expects 20% revenue CAGR over FY23-27 by adding net 150 exclusive brand outlets annually, with a focus on capex-light franchisee model for Raymond, Park Avenue, ColorPlus, Ethnix, and other product extensions.
Termed by the brokerage as a "cash cow," the branded textile business is expected to register a 7% revenue and 6% Ebitda CAGR at over FY23-27. This as the garment segment holds a strategic advantage with China+1 strategy, as most apparel brands seek to diversify.
Brokerage also forecasts 10% revenue CAGR over FY23-27 to be supported by new capacity expansion.
Motilal Oswal sees large opportunity size in the real estate business with healthy balance sheet, strong cash flow potential, and emphasis on capital allocation to aid in achieving the annual project addition targets of Rs 2,500-3000 crore.
Expect cumulative operating cash flow of Rs 1,300 crore over FY23-25. After adjusting for cumulative capex of Rs 400 crore, it should generate a healthy cumulative free cash flow of Rs 900 crore over FY24-25.
Motilal Oswal predicts an improvement in overall Ebitda margin, projecting a 40 basis points increase to 15% over FY23-27.
The combine value of real estate, engineering and lifestyle business works out to be Rs 2,600/share.
The scrip rose 10.89% at Rs 2,193.05 apiece, as compared to a 0.24% advance in the NSE Nifty 50. The share price advanced as much as 13.26% intraday to hit a record high at Rs 2,240 per share.
The stock has risen 49.15% on a year-to-date basis. Total traded volume stood at 24 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, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 10.7%.
Zen Technologies Shares Advance Over 3% On Bagging Order From Ministry Of Defence
Shares of the company was trading 0.87% higher at Rs 825.30 apiece as of 10:26 a.m., compared to a 0.22% advance in the NSE Nifty 50. The stock rose as much as 3.23%.
It has risen 349.39% on a year-to-date basis. The relative strength index was at 63.29.
The one analysts tracking the company on the stock, according to Bloomberg data. The average of 12-month price targets given by analysts implies a potential downside of 41.4%.
Zen Technologies Ltd. shares jumped over 3% after getting an order worth Rs 123.3 crore from Ministry of Defence.
In the current quarter, the company has secured new orders worth Rs 733 crores, raising the total order book to Rs 1,275 crores (excluding tax), company said in the exchange filing on Tuesday.
NHPC Shares Hit Record High In Large Trades
Shares of NHPC Ltd. hit an all-time high after 2.91 crore shares or 0.3% equity worth Rs 154.18 crore changed hands in multiple large trades, as per Bloomberg data. The price range for the trades stood between Rs 52.05 to Rs 53.5 apiece. The buyers and sellers were not known immediately.
The scrip rose 1.56% to Rs 52.1 apiece as of 10:30 a.m., as compared to a 0.16% advance in the NSE Nifty 50. The stock rose as much as 4.68% intra-day to hit a record high at Rs 53.7 per share.
It has risen 31% on a year-to-date basis. The total traded volume stood at 9.4 times its 30-day average. The relative strength index was at 66.
Ten 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 7.7%.
Trident Has 21.6 Lakh Shares Change Hands In Two Large Trades
About 21.6 lakh shares changed hands in two large trades.
0.04% equity changed hands at price range of Rs 42.10 to Rs 42.15 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Vishnu Prakash R Punglia Lists At A Premium Of 66.66% To IPO Price On NSE
Vishnu Prakash R Punglia lists at Rs 165 apiece on the NSE, 66.66% premium to IPO price.
Vishnu Prakash R Punglia lists at Rs 163.30 apiece on the BSE, 64.95% premium to IPO price.
Source: Exchanges
IDBI Bank Has 41.3 Lakh Shares Change Hands In Multiple Large Trades
41.3 lakh shares changed hands in multiple large trades.
0.04% equity changed hands in a price range of Rs 68.10 to Rs 68.25 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
NHPC Has 2.91 Crore Shares Change Hands In Multiple Trades
2.91 crore shares worth Rs 154.18 crore changed hands in multiple large trades.
0.3% equity changed hands at price band of Rs 52.05 to Rs 53.5 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Nifty Media, IT Hit Fresh Highs
Nifty Media advanced 2.64% intraday to a 17-month high at 2,394.30 points.
Nifty IT jumped 0.48% intraday to a 17-month high at 32,319.35 points.
Source: Bloomberg
IRFC Shares Jump Over 13% To Hit Record High After Large Trades
Shares of Indian Railway Finance Corporation Ltd. hit a record high after 7.3 crore shares change hands in multiple large trades, as per the Bloomberg data. The buyers and sellers were not known immediately.
The scrip rose 6.45% to Rs 71 apiece as of 9:45 a.m., as compared to a 0.2% advance in the NSE Nifty 50. The stock rose as much as 13.49% to hit a record high at Rs 75.7 apiece.
It has risen 118% on a year-to-date basis. The total traded volume stood at 6.1 times its 30-day average. The relative strength index was at 91, implying that the stock maybe overbought.
One analyst tracking the company suggest to hold the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 55.3%.
Nucleus Software Exports Gets Deal From Mahindra Rural Housing Finance For FinnOne Neo
Bags deal from Mahindra Rural Housing finance for Nucleus Software’s FinnOne Neo.
Deal to enable paperless operations from sourcing, loan disbursement to servicing.
Note: Mahindra Rural Housing finance is a subsidiary of Mahindra & Mahindra Financial Services.
Source: Exchange Filing
Broader Markets Outperform
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.62%, whereas S&P BSE SmallCap Index was also 0.66% higher.
Seventeen the 20 sectors compiled by BSE advanced, while three declined. S&P BSE Consumer Durables rose the most.
The market breadth was skewed in the favour of the buyers. About 1,897 stocks rose, 557 declined, while 106 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices opened marginally higher in trade on Tuesday after advancing for the second day on Monday.
At pre-open, the S&P BSE Sensex was up 44 points, or 0.07%, at 65,671.60, while the NSE Nifty 50 was 36 points, or 0.18%, higher at 19,564.65.
Stocks in Asia were under pressure after the rally in Chinese equities hit a wall on disappointing services activity, which raised further concerns on the nation’s economic malaise.
Hong Kong shares fell more than 1%, underperforming the region, with shares in mainland China shares also slipping. Stocks traded lower in South Korea, where inflation accelerated much faster than estimates in August on the back of higher energy costs. Equities also declined in Japan and Australia, where the Reserve Bank of Australia is set to keep rate unchanged for the third straight month in a meeting later Tuesday.
Sensex, Nifty Rise In Pre-Market Trade
At pre-open, the S&P BSE Sensex was up 44 points, or 0.07%, at 65,671.60, while the NSE Nifty 50 was 36 points, or 0.18%, higher at 19,564.65.
Source: Bloomberg
Fada Releases Vehicle Retail Data For August 2023
August Fada Data
Passenger vehicle sales rise 6.5% to 3,15,153 units
Two-wheeler sales rise 6.3% to 12,54,444 units
Commercial vehicle sales grow 3.2% to 75,294 units
Tractor sales rise 13.6% to 73,849 units
Three-wheeler sales rise 66% to 99,907 units
Source: Cogencis
Dr Reddy's Laboratories Issues Clarification On Bain Capital Considering Joint Cipla Bid
Company does not comment on market speculations.
Alert: Dr Reddy's Laboratories issues clarification on report of co, Bain Capital mulling joint Cipla bid.
Source: Exchange Filing
Yield On The 10-Year Flat
The yield on the 10-year bond opened flat at 7.21% on Tuesday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 3 paise to open at Rs 82.78 against the U.S dollar on Tuesday.
It closed at 82.75 on Monday.
Source: Bloomberg
Paytm Average Monthly Transacting Users Registers Growth Of 20% YoY
Average Monthly Transacting Users registers growth of 20% YoY.
Average MTU at 9.4 crore for quarter to date (average for July & August 2023).
Merchant Payment Volumes in Q2 so far grew by 43% year-on-year to Rs 3 lakh crore.
Loans worth Rs 88 lakh disbursed in Q2 so far via Paytm platform, up 47% year-on-year.
Source: Exchange Filing
Zen Technologies Gets Order Worth Rs 123 Crore From Defense Ministry
Bags order from Defence Ministry valued at Rs 123.3 crore.
Company successfully secured new orders worth Rs 733 crore.
Order book amounted to nearly Rs 542 crore as of June 30, 2023.
Company's our total order book to Rs 1,275 crore.
Source: Exchange Filing
PSUs & Holding Company Shares Seeing Strong Traction: Trade Setup
Asian Markets Trade Lower
Fitch Ratings Releases Rating Action Repots On Some NBFCs
Fitch Ratings
Affirms Muthoot Finance at 'BB'; Outlook Stable
Affirms Shriram Finance at 'BB'; Outlook Stable
Affirms Manappuram Finance at 'BB-'; Outlook Stable
Source: Fitch Ratings Website
Global Cues
U.S. Dollar Index at 104.2
U.S. 10-year bond yield at 4.20%
Brent crude down 0.29% at $88.74 per barrel
Nymex crude up 0.23% at $85.75 per barrel
GIFT Nifty down 4 points or 0.02% at 19,595 as of 8:05 a.m.
Bitcoin down 0.29% at $25,753.70
Trading Tweaks
Price Band Revised From 10% To 5%: D. P. Abhushan
Price Band Revised From 20% To 10%: GMR Power and Urban Infra, Jaiprakash Associates
Ex-date Dividend: PTC India Financial Services, India Glycols, Kajaria Ceramics, Ircon International, Bengal & Assam Company
Ex-date AGM: India Glycols, Dhampur Sugar Mills, Kajaria Ceramics, and Ircon International
Record-date Dividend: PTC India Financial Services
Move Into Short-Term ASM Framework: Dredging Corporation of India, GMR Power and Urban Infra, HLV, Pokarna, and Uflex
Move Out Of Short-Term ASM Framework: Kopran, Prakash Industries, Yatharth Hospital
Insider Trades
Indoco Remedies: Promoter Aditi M. Panandikar bought 12,336 shares between Sept. 1 and 4.
DB Realty: Promoter Shravan Kumar Bali sold 70,000 shares on Aug. 31.
Ramky Infrastructure: Promoter Modugula Vasudeva Reddy sold 14,699 shares between Aug. 30 and Sept. 1.
Safari Industries (India): Promoter Safari Commercial sold 20,000 shares between Aug. 31 and Sept. 1.
Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 1,645 shares on Aug. 31.
Bulk Deals
TCNS Clothing: Nalanda India Equity Fund sold 8.9 lakh shares (1.4%) at Rs 370.03 apiece.
Delta Corp: Zerodha Broking sold 25.5 lakh shares (0.95%) at Rs 182.12 apiece, and Societe Generale bought 23.4 lakh shares (0.9%) at Rs 182 apiece.
GHCL: Dharampal Satyapal sold 8 lakh shares (0.8%) at Rs 611.98 apiece.
IPO Listings
Vishnu Prakash R Punglia: The shares are scheduled to be listed on stock exchanges on Sept. 5. The IPO was subscribed to 87.82 times on the last day of its subscription. The bids were led by institutional investors, who subscribed 171.69 times; non-institutional investors, who subscribed 111.03 times; retail individual investors, who subscribed 32.02 times; and employee-reserved, subscribed 12.97 times.
Stocks To Watch: Hero Moto, Cipla, M&M, Yes Bank, RVNL, Tata Power, Oil India In Focus
Hero MotoCorp: The automaker will invest Rs 550 crore in Ather Energy Private's rights issue. The Splendor-maker, which currently holds 33.1% stake in Ather, will see its shareholding rise in the company. The transaction is expected to be completed before the end of September.
Cipla: The drugmaker's South African subsidiary entered into a binding term sheet to acquire a 100% stake in Actor Holdings (Pty), a privately owned pharmaceutical company specialising in consumer health and generic medicine. The consideration has been fixed at ZAR 900 million (approx. $48.6 million, or around Rs 400 crore) in cash for 920 equity shares, representing a 100% equity stake.
Mahindra and Mahindra: Volkswagen is in advanced discussions with the automaker on the use of central MEB components such as e-drive and unified cells.
Yes Bank: The private lender has clarified and denied any role in settlement or negotiation after the sale of the loan portfolio to JC Flowers ARC. The association of the bank with JC Flowers ARC remains limited to the extent of its current shareholding, at 9.9%.
Tata Power: The company's unit, Tata Power Renewable Energy, signed a 26 MW solar power delivery agreement with Neosym Industry, to be set at Jamkhed, Maharashtra, and generate 59 MU of power per annum.
Oil India: The state-run oil company approved a Rs 1,738 crore contribution for North East Gas Distribution Co., a joint venture in which it holds a 49% stake.
BHEL: The company bagged an order for electro-mechanical (E&M) works for the country’s largest capacity hydropower project, the 2,880 MW Dibang Multipurpose Project in Arunachal Pradesh.
Bombay Dyeing: The company settled a dispute with Axis Bank over disputed land for Rs 149 crore and handed over 11,541 square metres of land to the lender. The settlement will enable independent and exclusive access to the bank's headquarters.
Gland Pharma: Ankit Gupta has been appointed as Vice President (Strategy and Investments) with effect from Sept. 4.
Rail Vikas Nigam: The RVNL-MPCC JV emerged as the lowest bidder for all civil engineering works in the Varodara Division of the Western Railway. The project cost is Rs 174.27 crore, and the contract is to be executed in two years. The company's share in the JV stands at 74%, while MPCC's share is 26%.
Dabur: The FMCG major's unit, Dabur International, has decided to convert its existing branch, Dabur International Dubai, into a wholly owned subsidiary under the name of Dabur International FZE.
LIC Housing Finance: The company infused Rs 21.61 crore of incremental capital in LIC Mutual Fund Asset Management Company in a rights issue.
Bectors Food and Specialties: The company appointed Arnav Jain as Chief Financial Officer.
Escorts Kubota: The company will raise tractor prices effective Sept. 16. The increase in prices will vary across models and geographies.
Dhanuka Agritech: The company launched an herbicide for sugarcane crops that has effective control of broad and narrow leaf weeds for the domestic market.
Ramco Cements: The company commissioned the balance of the 3 MW capacity of the Waste Heat Recovery System out of the 12 MW capacity in its Kolimigundla plant. With this, total operating capacity has gone up to 43 MW.
GIFT Nifty Signals Cautious Opening For Benchmarks
Asian stocks edged lower as traders returned their focus to China’s efforts to halt its economic malaise after markets in the U.S. were shut for Labour Day.
Stocks opened lower in South Korea after inflation accelerated much faster than estimates in August on the back of higher energy costs, reinforcing the case for the central bank to keep the door open to further policy tightening to rein in prices.
Shares also declined in Japan and Australia, where the Reserve Bank of Australia is set to keep rates unchanged for the third straight month in a meeting later Tuesday. Futures for Hong Kong’s Hang Seng index, which jumped almost 3% Monday before paring gains, declined.
Brent crude was trading below $89 a barrel, and West Texas Intermediate was below the $86 mark. Expectations of crude supply cuts from the OPEC+ group kept oil futures near nine-month highs. The yield on the 10-year U.S. bond was trading at 4.20%, and Bitcoin was below the $26,000 level.
At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 4 points, or 0.02%, at 19,595.
India's benchmark stock indices opened higher and held on to steady gains through Monday. Indices advanced for the second day as the Sensex closed above the 65,600 level and the Nifty rose beyond the 19,500 mark.
Metals led, along with advances in PSU banks, I.T., realty, and the media sectors. Consumer durables and fast-moving consumer goods, on the other hand, were under pressure. Nifty IT scaled a fresh 16-month high, whereas Nifty Auto and Nifty Metal hit record highs intraday.
Overseas investors became net sellers of Indian equities on Monday. Foreign portfolio investors offloaded stocks worth Rs 3,367.7 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 2,563.5 crore, according to provisional data from the NSE.
The local currency weakened 3 paise to close at Rs 82.75 against the U.S. dollar.
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