Stocks To Watch: Brightcom, Jio Financial Services, TVS Supply Chain Solutions, Mphasis, Aeroflex Industries
Here are the stocks to watch before going into trade today.
Asian equity futures declined as Wall Street’s risk-on mood faded a day after the rally in big tech. Contracts for Japanese shares dropped 0.6%, those for Hong Kong slipped 0.5% and futures for Australia’s benchmark eased 0.2%
On Tuesday, the S&P 500 extended its August slide, with banks dropping as S&P Global Ratings joined Moody’s Investors Service in cutting some U.S. lenders amid a “tough” climate. Macy’s Inc. sank 14% as credit-card delinquencies accelerated, raising a red flag about consumer health. Nvidia fell 2.8% on the eve of its quarterly report.
Meanwhile, Brent crude was trading below $85 a barrel and West Texas Intermediate was below $81-mark. The yield on the 10-year U.S. bond was trading at 4.32% and Bitcoin was below 26,000-level.
At 5:21 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 74 points or 0.38% at 19,310.5.
India's benchmark stock indices swung between gains and losses after being largely steady during midday and ended higher on Tuesday. Media and metal sectors led, whereas PSU banks and I.T. shares were under pressure. The indices rose for the second day in a row. The Nifty Midcap 100 hit a fresh all-time high intraday.
Overseas investors remained net sellers of Indian equities on Tuesday for the fourth session in a row. Foreign portfolio investors offloaded stocks worth Rs 495.17 crore and domestic institutional investors remained net buyers and mopped up equities worth Rs 533.75 crore.
The local currency strengthened 18 paise to close at 82.93 against the U.S dollar on Tuesday.
Stocks To Watch
Brightcom Group: The SEBI has barred Chairman and Chief Executive Officer Suresh Kumar Reddy and its Chief Financial Officer Narayan Raju from company boards for fraud and allegedly misrepresenting financial statements of the company. They are also barred from disposing the shares of the company until further notice, according to an interim order.
Jio Financial Services: The stock hit the 5% lower circuit on Tuesday, as a result of which the scrip will now be removed from all S&P BSE indices on Aug. 29. If JFS continues to hit a lower circuit in the next two days, the removal date will be deferred by another three days.
Mphasis: State-run Life Insurance Corporation of India increased its shareholding in the IT company from 4.99% to 5.05% through open market purchases. The acquisition of shares done on August 21 at an average price of Rs 2,343.58 apiece.
Adani Total Gas: Its unit Adani TotalEnergies E Mobility has partnered with Prakriti E-Mobility to develop electric vehicle charging infrastructure in New Delhi with 200 EV charging point. The partnership will function on a revenue sharing model.
Piramal Enterprises: The company has approved raising up to Rs 3,000 via non-convertible debentures in one or more tranches.
Vodafone Idea: The telecom operator plans to clear about Rs 2,400 crore of dues to the government by September, according to a PTI report. The company will clear dues for the June 2023 quarter and spectrum instalment with applicable interest.
BEML: The company bagged a Rs 101 crore order from Ministry of Defence (Army) for supply of command post vehicles.
RITES: The company emerged as lowest bidder in the tender floated by Railway Board. The order value is Rs 65.4 crore for testing and inspection of 60 lakh MT rails for Indian Railways for a period of five years.
NBCC: The company signed an MoU with Delhi Metro to work together in the field of building and infrastructure development in overseas.
Indiamart: The company recieved shareholders' approval for buyback of 12.5 lakh shares (2.04% stake) at a price of Rs 4,000 (26.9% premium) through a tender offer.
Axiscades Technologies: The company completed the acquisition of GmbH, strengthening its position in the automotive vertical and enhancing its presence in Germany.
Zydus Lifesciences: The drugmaker will complete the acquisition of 6.5% stake in Mylab Discovery Solutions in next 20-30 days.
Somany Ceramics: The company entered into a joint venture to operate Cerapro Nepal and acquire a 30% stake in it. CNPL will establish a tile manufacturing facility in Nepal.
Linde India: The company received an LoA from IOCL for setting-up of Air Separation Unit for production and supply of instrument air, plant air and cryogenic nitrogen to IOCL Panipat Refinery Expansion Project. On completion, it will operate and maintain the facility for a period of 20 years. The company will fund the capital expenditure by using internal accruals.
Bharat Forge: The validity period for the guarantee provided by the company to its wholly owned step-down subsidiary, Bharat Forge Aluminum USA, has been revised from Nov. 27, 2023 to July 31, 2026. The amount is $15.5 million issued in favour of JP Morgan Bank.
Sula Vineyards: Promoter, Managing Director and CEO Rajeev Samant has sold 0.99% stake reducing his total stake to 24.98%.
New Listing
TVS Supply Chain Solutions: The TVS Mobility Group company will make its debut on the stock exchanges on Aug. 23. The IPO was subscribed 55% on day 1, 1.03 times on day two and 2.78 times on day three.
IPO Offerings
Aeroflex Industries: The IPO was subscribed 6.71 times on the first day. The bids were led by non-institutional investors, subscribed 14.10 times, retail investors, subscribed 6.71 times, reserved portion shareholders, subscribed 3.63 times and institutional investors, subscribed 1.17 times.
Bulk Deals
SJS Enterprises: Evergraph Holdings sold 91.64 lakh shares (29.5%) at an average price of Rs 600.03 apiece and Sanders Consulting sold 1.7 lakh shares (0.5%) at Rs 600.78 apiece. ICICI Prudential MF bought 18.6 lakh shares (6%) at Rs 599.93 apiece while Aditya Birla Sun Life MF bought 17.2 lakh shares (5.5%), Aditya Birla Sun Life Insurance bought four lakh shares (1.3%), Sundaram MF bought 7.6 lakh shares (2.4%), Societe Generale bought 6.7 lakh shares (2.1%), HSBC Global Investment Funds bought five lakh shares (1.6%), Florida Retirement System bought four lakh shares (1.3%), Morgan Stanley bought 2.5 lakh shares (0.8%), Alchemy Emerging Leaders of Tomorrow bought 2.5 lakh shares (0.8%), Alfaccurate Advisors bought 2.4 lakh shares (0.8%) and Quant MF bought 2.3 lakh shares (0.7%) at Rs 600 apiece.
Ganesh Benzoplast: Indresh Bhupendra Shah sold 3.5 lakh shares (0.5%) at Rs 175.01 apiece.
JTL Industries: Mohinder Pal sold 10 lakh shares (1.2%) at Rs 380.83 apiece.
RattanIndia Power: Aditya Birla ARC sold 4.8 crore shares (0.9%) at Rs 4.94 apiece and Altius Finserv bought three crore shares (0.6%) at Rs 4.91 apiece.
Shriram Properties: Omega TC Sabre Holdings sold 39 lakh shares (2.3%) at Rs 78.44 apiece.
Insider Trades
Nava: Promoter AV Dwellings bought 15,000 shares on Aug. 18.
KPI Green Energy: Promoter Farukbhai Gulambhai Patel bought 1,500 shares on Aug. 21.
DB Realty: Promoters Ali Gulamali Morani, Karim Gulamali Morani and Mohammed Gulamali Morani sold 10,026, 50,000 and 37,000 shares respectively on Aug. 17.
Greaves Cotton: Promoter Karun Carpets bought 41,668 shares between Aug. 21 and 22.
Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on Aug. 21.
Ultramarine & Pigments: Promoter S Narayanan sold 14,700 shares on Aug. 21.
Mayur Uniquoters: Promoter Suresh Kumar Poddar sold one lakh shares on Aug. 17. Promoter Arun Kumar Bagaria sold 1.6 lakh shares between Aug. 18 and 21.
Pledge Share Details
Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy created a pledge of 1.35 lakh shares on Aug. 21.
Jindal Steel & Power: Promoter Siddeshwari Tradex created a pledge of 2.5 lakh shares on Aug. 18.
Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 6.57 lakh shares on Aug. 16.
AGMs Today
Coal India, City Union Bank, Eicher Motors, Emami, Electronics Mart India, Endurance Technologies, Federal-Mogul Goetze (India), GAIL, ISGEC Heavy Engineering, Kamdhenu Ventures, Karur Vysya Bank, Steel Strips Wheels, Thomas Cook (India), Tide Water Oil (India), Timex Group India, Uflex.
Who's Meeting Whom
PG Electroplast: To meet investors and analysts from Aug 23. to Aug. 25.
Sterling and Wilson Renewable Energy: To meet investors and analysts on Aug. 25.
Trading Tweaks
Price Band Revised From 20% To 10%: JBM Auto.
Price Band Revised From 5% To 20%: NIIT Learning Systems.
Ex-date Dividend: Astra Microwave Products, Capri Global Capital, Permanent Magnets.
Ex-date Interim Dividend: Manappuram Finance.
Ex-date AGM: Astra Microwave Products, Hindustan Construction Company.
Record-date Dividend: Capri Global Capital.
Record-date Interim Dividend: Manappuram Finance.
Move Into Short-Term ASM Framework: GMR Power and Urban Infra, MPS, Jai Corp, Pennar Industries.
Move Out Of Short-Term ASM Framework: Dreamfolks Services, Tasty Bite Eatables.
F&O Cues
Nifty August futures ended at 19,388.75, a discount of 10.80 points.
Nifty August futures fell 1.57%, with 3,208 shares in open interest.
Nifty Bank August futures ended at 44,077.00, a discount of 37.30 points.
Nifty Bank August futures fell 0.30% with 366 shares in open interest.
Securities in the ban period: Bharat Heavy Electricals, Indiabulls Housing Finance, Delta Corp, Zee Entertainment Enterprises, India Cements, Gujarat Narmada Valley Fertilizers and Chemicals, Hindustan Copper, Steel Authority of India, Punjab National Bank, Manappuram Finance, Metropolis Healthcare, Escorts Kubota.
Research Reports
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