Good morning!
Key Events To Watch
RBI Governor Sanjay Malhotra, SBI Chairman C.S. Setty and Emami Managing Director Harsha Vardhan Agarwal will address the annual banking conference FIBAC jointly organised by Indian Banks's Assoaciation and FICCI at Mumbai in the morning.
Markets On Home Turf
The benchmark equity indices ended the week with gains for the second straight week, however it closed below its crucial 25,000 mark on Friday.
The NSE Nifty 50 ended 213.65 points or 0.85% lower at 24,870.10 and the BSE Sensex closed 693.86 points or 0.85% down at 81,306.85.
The FPIs sold stocks worth approximately Rs 1,623 crore, according to provisional data from the National Stock Exchange. The DIIs turned net sellers of equities worth Rs 329.25 crore, breaking its buying streak that ran for 33 sessions straight.
Wall Street Recap
US stocks soared on Friday, pushing the Dow Jones Industrial Average to its first closing record this year, after a speech by Federal Reserve Chair Jerome Powell led traders to boost wagers on an interest-rate cut as soon as next month.
The Dow gained 1.9%, hitting its first record close since December. The S&P 500 Index climbed 1.5% as 10 of 11 sectors advanced. The tech-heavy Nasdaq 100 rose 1.5%.
Asia Market Update
Asian equities gained at the open on Monday, tracking Wall Street’s rally, after Federal Reserve Chairman Jerome Powell opened the door to resuming interest rate cuts. Shares in Japan and South Korea advanced with MSCI’s gauge for the region gaining 0.2%. Australian stocks hit a fresh record.
Nikkei up 0.5%
Kospi up 0.9%
S&P/ASX 200 0.7%
Hang Seng up 1.2%
Commodities Check
Oil prices steadied after a weekly gain as traders tracked tensions over supplies, as well as the wider mood for risk assets after the Federal Reserve signaled a return to interest-rate cuts. Brent traded near $68 a barrel after rising almost 3% last week, while West Texas Intermediate was above $63.
Gold held an advance as the momentum for US interest-rate cuts grew, after Powell opened the door to a reduction in September. Bullion traded near $3,370 an ounce.
Stocks in News
Somany Ceramics: The company's plant in Kassar, Bahadurgarh, Haryana, which was temporarily shut down due to a disruption in the natural gas supply, has partially resumed operations.
Crompton Greaves Consumer Electricals: The company launched a new "Mass Premium Induction" product named Toro 24 for the domestic market.
IDFC First Bank: The company has informed regarding resignation of TV Naarayan as 'Chief Marketing Officer' of the company.
Brigade Enterprises: The company entered into a long-term lease agreement for 7-acres located on Old Mahabalipuram Road, Chennai. The company informed on resignation of Jayant B Manmadkar as CFO and appointed of Pradyumna Krishna Kumar as CFO.
CEAT: The company’s arm CEAT OHT Lanka signed a $171 million investment agreement with the board of Investment of Sri Lanka, formalizing one of the largest Indian investments in the Sri Lanka’s manufacturing sector
Patanjali Foods: The company’s shareholders have approved the issuance of bonus shares.
R M Drip and Sprinklers Systems: The board of directors has approved a 10-for-1 stock split, where each existing equity share with a face value of Rs 10 will be divided into 10 new shares with a face value of Rs 1.
SJVN: The company updates that Prime Minister Narendra Modi virtually inaugurated first unit (1x660 MW) of 1320 MW Buxar Thermal Power Project in Bihar.
GMR Power and Urban: The company's board of directors has approved a proposal to raise up to Rs 3,000 crore through various securities, such as equity shares and non-convertible debentures.
Signpost India: The company awarded the exclusive advertising rights for all the 67 key metro stations operated by BMRCL. The exclusive rights contract is expected to have a revenue potential of Rs 600 crores to Rs 700 crores.
Borosil Renewables: The company’s arm GMB Glasmanufaktur Brandenurg, has filed for insolvency, causing a delay in the submission of financial results from the company. Consequently, the company is unable to finalize and submit its consolidated financial results.
Bajaj Auto: The company announced that supplies of its electric scooter, Chetak, have resumed all dealerships, after successfully overcoming constraints caused by global rare earth magnet availability.
Repco Home Finance: The company approved the proposal for raising funds by issue of NCDs and commercial paper aggregating Rs 1,500 crore and Rs 1,000 crore respectively on private placement.
MedPlus Health: The company’s arm Optival Health Solutions received a four-day suspension order for a drug license at one of its stores in Telangana.
JNK India: The company has received a "Significant" order, valued between Rs 0-Rs 50 Crore, from JNK Global.
KINGFA: The company's board of directors approved a preferential issue of up to 14.41 lakh equity shares to a non-promoter group of investors at a price of Rs 3,470 per share, aiming to raise approximately Rs 500 crore.
Varroc Engineering: The company issued and allotted Commercial Paper aggregating to an amount of Rs 50 crore.
Foseco India: The company signs an agreement to acquire a 75% stake in Morganite Crucible India, to strengthen its Foundry business in India.
PNB Housing Finance: The board of directors has been authorized to offer Non-Convertible Debentures for an amount not exceeding Rs 10,000 crore, on private placement basis.
Prime Focus : The company has clarified two points regarding its recent preferential issue: the actual number of equity shares to be issued is 46 crore, which is slightly less than the maximum approved by shareholders; and a valuation report error has been corrected, stating that the asset approach has no weight on the final swap ratio and the incorrect price per share was Rs 338.55 instead of the correct Rs 329.31.
Star Cement: The company’s arm Star Cement Northeast has been declared the 'Preferred Bidder' for a limestone mining lease in Jaisalmer, Rajasthan.
Sri Adhikari Brothers Television: The company has sold its entire 35.68% stake in its subsidiary, Westwind Realtors, to Sri Adhikari Brothers Assets Holding. As a result, WRPL has ceased to be a subsidiary.
Zodiac Energy: The company acquired a majority stake & admitted as partner in Dhwarkesh Solar Projects LLP.
Insolation Energy: The company incorporated arm MGPG Green Infra.
Deccan Gold Mines: The Company informs Hanuma Prasad Modali resigned as Managing Director of the Associate Co.
SPML Infra: The company received approval for voluntary delisting of listed securities from Calcutta Stock Exchange Effective Aug. 25.
Johnson Controls-Hitachi Air: The company informed name change of company to be changed to Bosch Home Comfort India.
Mahanagar Gas: The company informs cessation of Sanjay Shende as deputy managing director.
Welspun Corp: The company sold the remaining 6.1% equity shares of Nauyaan Shipyard to Nauyaan Tradings (arm of Reliance), at the consideration of Rs 45.32 crores.
Samvardhana Motherson International: The company incorporated a subsidiary named Motherson Egtronics Electronics Solutions.
Imagicaaworld Entertainment: The company approved the proposed acquisition of 100% equity shares of Malpani Parks Ahmedabad.
JSW Steel: The company, had ceased mining operations at its Jajang Iron Ore Block in Odisha in December 2024, has received a demand notice from the Government of Odisha for Rs 1,472.69 crore. Additionally, Odisha Govt. issued a demand notice for payment of Rs 1,473 crore as mining dues. The company takes a legal remedy in respect of said demand notice in consultation with legal advisors.
NTPC Green Energy: The company declared a commercial operation of 50 MW solar of Ayana Renewable Power in Bhuj.
Axiscades Tech: Alfonso Martinez Fernandez submits resignation as Managing Director and Chief Executive Officer Fernandez to take over as head of International Business & Global Operations. Fernandez to take over as MD and CEO Of AXISCADES GmbH.
Baazar Style: Company opens new store of Express Baazar at Pandua, West Bengal.
TTK Prestige: Operations at manufacturing unit in Uttarakhand disrupted today due to heavy rain & flooding. Partial production resumed at Uttarakhand facility. Expect to resume normal operations from Aug 25. Currently, the company is assessing any potential damage to assets. Co does not anticipate any material impact on overall operations.
ACME Solar Holdings: Board to meet on Aug. 27 to raise funds via equity.
Yes Bank: SMBC received RBI approval to acquire up to 24.99% stake in Yes Bank. RBI approval for SMBC's stake buy valid for a period of 1 year. RBI clarified that SMBC not to become 'Promoter'.
Brigade Enterprises: The company launched a residential project in Bengaluru with projected revenue potential of over Rs 950 crore.
Carraro India: Company received a cumulative relief from tax demands worth Rs 27.8 crore.
Interarch Building: The company received a Rs 90 crore order from Rungta Mines to design & manufacture pre-engineered steel building system.
CG Power: The company received stay order on Tax Demand worth Rs 468 crore.
JSW Infra: The company appointed J Nagarajan as CFO effective Sept 1.
Orient Electric: The company received a demand order of Rs 51.6 crore including penalty from Tamil Nadu tax body.
Ethos: Incorporates arm Micron Watch Services.
Medplus Health: The company’s arm got 1 suspension order for drug license for stores in Maharashtra.
Balmer Lawrie: The company appointed Romon Sebastian Louis as Whole time Director, Additional Director.
Reliance Power: Reliance Capital seeks re-classification as public shareholder after resolution plan implementation.
Fiem Industries: The company reported a fire incident at unit-8 in Alwar. No Injury or Loss of human life was reported. The company initiated necessary procedure for insurance claim. The management is set to take measures to resume unit's operations at the earliest.
IDBI Bank: SEBI approved the re-classification of LIC as a 'public shareholder.' The voting rights of LIC do not exceed 10% of the total net effective voting rights of the bank. LIC shall not exercise control over the affairs of the bank, directly or indirectly, and shall not have any special rights with the bank or be represented on the bank’s board of directors. LIC shall bring down the residual stake to 15% within 2 years of the closing date, after the strategic disinvestment transaction. The bank should make requisite applications to the exchanges for reclassification of LIC’s stake.
Reliance Communications: Bank of India classifies loan accounts of the company, Promoter Anil Ambani & Manjari Ashok Kacker as 'fraud' and the loan accounts of arm Reliance Telecom, former Director Grace Thomas as 'fraud'.
Adani Enterprises: Arm Mundra Synenergy incorporated Wholly Owned Subsidiary CG Syngas & Chemicals.
Electronics Mart: The company sold 4 IQ retail stores in Telangana & Andhra Pradesh to Angel Teletech for Rs 8 crore. The company has undertaken retail sales of Apple products under the IQ brand.
RailTel Corp: The company received Rs 13.2 crore order from Rajasthan Skill and Livelihoods Development Corp for PMC work.
Coal India: The company signed an agreement with Madhya Pradesh Government for critical minerals.
Reliance Infra, Reliance Power: The company clarified that CBI and Bank of India’s Action on Reliance Communications has no impact on operations of Reliance Power. The company is a separate & independent listed entity with no business or financial link to RCOM.
IPO Offering
Mangal Electrical Industries: The Company is engaged in manufacturing the transformers that are used for the distribution and transmission of electricity in the power sector. The public issue was subscribed to 9.46 times on day 3. The bids were led by Qualified institutional investors (10.54 times), non-institutional investors (18.79 times), retail investors (4.84 times).
Bulk & Block Deals
Apollo Hospitals: Suneetha Reddy sold 18.97 lakh shares (1.31%) at Rs 7850 apiece, while Emerging Markets Equity Trust bought 4.28 lakh shares (0.29%) at Rs 7850 apiece, T. Rowe Price Emerging Markets Stock Fund bought 3.28 lakh shares (0.22%) at Rs 7850 apiece, Societe Generale bought 3.28 lakh shares (0.22%) and many others at Rs 7850 apiece.
GOCL Corporation: Legends Global Opportunities bought & Hinduja Capital sold 8.78 lakh shares (1.77%) at Rs.386 apiece. Hinduja Capital sold 16.78 lakh shares (3.38%) at Rs. 387.6 apiece. Hinduja Capital sold 8 lakh shares at Rs. 389.58 apiece.
Cropster Agro: Pionex Agricom sold 79.95 lakh shares (0.95%) at Rs. 21 each, Nilratan Suppliers bought 1.2 crore shares (1.42%) at Rs. 21 each.
Nexus Select Trust: Goldman Sachs (Singapore) sold and Goldman Sachs Bank Europer bought 12.3 lakh shares at Rs. 150 apiece.
Trading Tweaks
List of securities shortlisted in Short - Term ASM Framework Stage – I : KIOCL.
List of securities to be excluded from ASM Framework: Paras Defence and Space Technologies.
Price Band change to 5% from 10%: Aditya Infotech.
Price Band change to 10% from 5%: Nil.
Ex-Dividend: Rupa & Company, S. P. Apparels, Lloyds Enterprises.
Shares to exit anchor Lock-In: Syrma SGS Tech (20%).
F&O Cues
Nifty Aug futures is down by 0.93% to 24,890 at a premium of 19.90 points.
Nifty Aug futures open interest down by 5.64%.
Nifty Options 28TH Aug Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 24,000.
Securities in ban period: RBL Bank, PGEL, Titagarh.
Currency/Bond Update
The Indian Rupee closed 27 paise weaker against the US Dollar on Friday at 87.53 a dollar. It closed at 87.26 a dollar on Thursday. The yield on the benchmark 10-year bond settled two basis points higher at 6.55%.
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