Good morning!
Key Events/Data To Watch
Prime Minister Narendra Modi will hold bilateral discussions with his Singapore counterpart Lawrence Wong in New Delhi.
German Foreign Affairs Minister Johann David Wadephul will meet Commerce Minister Piyush Goyal and Foreign Minister S Jaishankar in New Delhi.
The two-day GST Council meeting starts today to discuss the proposed reforms in rate and structure.
S&P Global and HSBC will release India Services PMI and Composite PMI for August at 10:30 am.
Markets At Home
The benchmark equity indices ended in the red on Tuesday. The NSE Nifty 50 settled 45.4 points or 0.18% lower at 24,579.6 and the BSE Sensex closed 206.6 points or 0.26% up at 80,157.8.
The Nifty fell as much as 0.42% during the day to 24,522.35, while the Sensex slipped 0.44% to 80,008.5.
The foreign portfolio investors on Tuesday stayed net sellers of Indian shares for the seventh consecutive session as markets declined after closing with gains in the previous session. The FPIs sold stocks worth approximately Rs 1,171.04 crore, according to provisional data from the National Stock Exchange. The DIIs stayed net buyers for the fifth session and bought stake worth Rs 2,433.82 crore.
Wall Street Recap
US stocks fell on Tuesday, extending losses into a second day as Big Tech names retreated and yields on 10-year Treasuries climbed. The S&P 500 Index pared earlier declines, closing down 0.7% after shedding as much as 1.5%. The Nasdaq 100 Index lost 0.8%.
Asia Market Update
Japanese stocks opened lower in Tokyo amid political jitters after Prime Minister Shigeru Ishiba’s key power broker announced his intention to resign, casting doubt over Ishiba’s position and weakening the yen.
Nikkei down 0.3%
Kospi up 0.1%
S&P/ASX 200 down 0.75%
Hang Seng down 0.5%
Commodities Check
Oil prices steadied after closing at the highest in a month as investors weighed a host of geopolitical risks, including a potential escalation of US sanctions on Russia, in the run-up to an OPEC+ meeting on supply. Global benchmark Brent traded near $69 a barrel, while West Texas Intermediate was near $66.
Gold extended a six-day rally to print a fresh all-time high, as the prospect of US interest-rate cuts boosted the metal’s appeal and traders sought safety following a selloff in equity and bond markets. Bullion rose as much as 0.4% to hit 3,546.96 an ounce as markets opened in Asia on Wednesday, narrowly higher than Tuesday’s record.
Earnings Post Market Hours
JSW Cement (Consolidated, YoY)
Revenue up 7.8% at Rs 1,560 crore versus Rs 1,447 crore.
Margin At 20.7% versus 13.8%
Ebitda up 61.4% at Rs 323 crore versus Rs 200 crore.
Net loss of Rs 1,356 crore versus loss of Rs 15.1 crore.
Cement realisation improved by 5.7% on QoQ basis
During Q1 FY26, the company incurred capex of Rs 456 Crore
Expansion plan to reach 41.85 MTPA of grinding capacity along with 13.04 MTPA of clinker capacity.
Stocks In News
Firstsource Solutions: The company has been recognized as a Horizon 3 Market Leader in HFS Research’s HFS Horizons.
Adani Power: The company has received approval from the Ministry of Coal to begin operations at its Dhirauli Mine in Madhya Pradesh. This is Adani Power's first captive mine to receive government approval to start operations, with a peak production capacity of 6.5 MTPA.
TCS: The company partnered with Tryg on a €550 million deal to propel growth with a comprehensive digital transformation over the next seven years.
UPL: The company’s arm will purchase the Decco Post-Harvest business for an enterprise valuation of $502 million (Rs 4,420 crore).
CMS Info Systems: The company has confirmed that the contract for 1,000 ATMs from IPPB is part of its already announced first quarter order book.
DCM Shriram: The company has entered a long-term partnership for the supply of chlorine with Aarti Industries.
E2E Networks: The company has received an order worth Rs 177 crore from the government for the allocation of GPU resources.
Schneider Electric: The company has appointed Jai Sharma as the new Chief Financial Officer.
Heubach Colorants: Sudarshan Europe B.V. is making an open offer to acquire up to 60.01 lakh equity shares at a price of Rs 602.03 per share, for a total consideration of up to Rs 361.29 crore.
SBI: The Bank has issued a $500 million senior unsecured fixed-rate bond with a five-year maturity and a 4.50% semi-annual coupon. The bonds, issued through the bank's London branch, will be listed on the Singapore Stock Exchange and the NSE-IX Exchange.
Quadrant Future: The company has received a Letter of Award from RailTel worth Rs 129 crore for the supply, installation, and commissioning of KAVACH equipment.
Ugro Capital: The company is raising funds by issuing non-convertible debentures through a private placement.
Hexaware: The company Achieved AWS Premier Tier Status in the Amazon Web Services Partner Network.
Adani Energy Solutions: The company’s arm has cancelled $44.66 million in outstanding debt by repurchasing its 2031 senior notes, a move funded by internal cash flows and incorporated a new wholly owned subsidiary named Adani Energy Solutions Step-Fifteen.
Vedanta: The $100 million loan taken by Vedanta Resources Ltd. from Canara Bank has been fully repaid, leading to the release of encumbrances on company’s shares.
DCX Systems: The company re-appointed Raghavendra Rao as MD & Chairman and appointed Prasanna Kumar as CFO.
Crompton Greaves: The company secured a Rs 4.2 crore order for 159 solar photovoltaic water pumping systems.
YES Bank: CCI approves acquisition of certain share capital and voting rights of the Bank by Sumitomo Mitsui Banking Corporation.
AstraZeneca: The company has surrendered its manufacturing license, which was valid until December 2027, to the Drugs Controller and Licensing Authority for cancellation.
Karnataka Bank:Chandra Shekar has been appointed as the Chief Business Officer of the bank.
5PAISA: The company approved the appointment of Sudhendoo Ganddhi as the Chief Compliance Office.
CE Info: The company has completed the acquisition of 43,759 shares of Gtropy Systems for Rs 24.9 crore.
NDTV: The Board has approved a rights issue of fully paid-up equity shares, valued at up to Rs 400 crore.
BHEL: The company has received a favourable order from the Commissioner CGST, which dropped a previous demand of over Rs 31 crore and has announced the dissolution of its joint venture company with Siemens AG Germany, following an order from the National Company Law Tribunal.
Cupid: The company’s current B2B export order book exceeds Rs 100 crore, primarily from international tenders in South Africa, Tanzania, Kenya, and agencies like the WHO/UNFPA. The company also expects future orders from Brazil (a potential Rs 40 crore deal for 6.25 million female condoms) and Tanzania in Q2 and Q3 of FY26.
PNC Infratech: The company has emerged as the L-1 bidder for a Rs 297 crore Varanasi Airport development project.
Kirloskar Ferrous: The company’s arm has been delisted from the Luxembourg Trade Registry and is no longer a subsidiary of the company.
Antony Waste: The company has incorporated a step-down arm, Kadapa Renew Energy, for a 15 MW waste-to-energy project in Andhra Pradesh.
Aditya Birla Capital: The company has allotted secured listed NCDs worth Rs 100 crore on a private placement basis.
Afcom Holdings: The board has approved a plan to raise up to Rs 200 crore via a QIP.
Waaree Energies: The company will acquire a 64% stake in Kotsons Private for Rs 192 crore and has also approved the acquisition of a 100% stake in Impact Grid Renewables from Waaree Forever Energies.
Rupa & Company: The company has re-appointed Kunj Bihari Agarwal as its Managing Director for a five-year term, effective from April 1, 2026.
Indus Towers: The company has approved a strategic expansion into select international markets; board has approved foray into Nigeria, Uganda, and Zambia to anchor its customer relationship with Bharti Airtel.
Lemon Tree Hotels: The company has signed three new properties, adding a total of 205 rooms to its portfolio.
KPIT Technologies: The company through its USA arm, has paid a $10 million subscription towards a 'SAFE Instrument, which gives the company the right to certain shares of Helm.ai's capital stock.
MOIL: The company has registered its best-ever August production of 1.45 lakh tonnes, reflected a 17% year-on-year growth, and delivered strong sales of 1.13 lakh tonnes, marking a 25.6% year-on-year increase.
Indian Bank: The bank has announced a revision in its Marginal Cost of Funds Based Lending Rate and Treasury Bills Linked Lending Rates, effective from Sept. 3, 2025.
IPO Offering
Amanta Healthcare: Amanta Healthcare is a pharmaceutical company that specializes in the development, manufacturing, and marketing of a diverse array of sterile liquid products. The company is also a manufacturer of medical devices. The price band is set from Rs 120 to Rs 126 per share. The Rs 126-crore IPO is entirely a fresh issue. The public issue was subscribed to 19.62 times on day 2. The bids were led by Qualified institutional investors (0.53 times), non-institutional investors (36.40 times), retail investors (23.33 times).
Listing Day
Vikran Engineering: Vikran Engineering is an Engineering, Procurement, and Construction (EPC) company. The company's projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks. The company's shares will debut on the stock exchange on Wednesday at an issue price of Rs 97 apiece. The Rs 772 crore IPO was subscribed 2.59 times on its third and final day. The bids were led by Qualified institutional investors (19.45 times), non-institutional investors (58.58 times), retail investors (10.97 times).
Anlon Healthcare: Anlon Healthcare is a chemical manufacturing company engaged in manufacturing Pharma Intermediates and active pharmaceutical ingredients (APIs). The company's shares will debut on the stock exchange on Wednesday at an issue price of Rs 91 apiece. The Rs 121 crore IPO was subscribed 7.13 times on its third and final day. The bids were led by Qualified institutional investors (1.07 times), non-institutional investors (10.61 times), retail investors (47.3 times).
Insider Trade
Tips Music: Promoter Shyam Lakhani sold 25,000 shares on Sept. 1,2025
Trading Tweaks
Ex-Dividend: Asahi India Glass, Prestige Estates, Pokarna, VST Tillers, Concord Biotech, Patanjali Foods, Carraro India.
Price band change from 20% to 10%: Apollo Micro Systems, Kaushalya Infrastructure
Price band change from 10% to 5%: Bharat Seats Ltd.
List of securities shortlisted in Short -Term ASM Framework: CL Educate Limited, Denta Water, Divine Hira Jewellers, HBL Engineering, Jindal Photo, Jindal Poly Investment, R.P.P. Infra
List of securities shortlisted in Long - Term ASM Framework: Balaji Phosphates, Gabriel India, Zenith Exports.
F&O Cues
Nifty September Futures down by 0.27% to 24,692 at a premium of 112 points.
Nifty September futures open interest down by 0.75%
Nifty Options Sept. 2 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 24,500.
Securities in Ban Period: Nil.
Currency/Bond Update
The rupee on Tuesday recovered to close 4 paise higher at 88.16 against the US dollar, amid Indo-US trade deal uncertainty and weak domestic equity markets pressurised the local unit. The yield on the 10-year bond, went down one basis points to close at 6.57%.
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