Stock Market Today: Nifty Snaps Three-Day Decline As ICICI Bank, ITC Shares Lead

Market breadth was skewed in favour of sellers. Around 2,371 stocks declined, 1,667 stocks declined, and 143 stocks remained unchanged on BSE.

• JSW Infrastructure Ltd. approved investment in Bhoke Railway Project on Konkan Route worth Rs 125 crore.

• Approves capacity expansion at Jaigarh Port and Dharamtar Port for Rs 2,234 crore.

Source: Exchange filing

• ADNOC is in non-binding pact with IOC for 1 million ton per annum LNG for 15 years

Source: Press statement

• Total premium up 22% YoY at Rs 32,644 crore

• Aditya Birla Sun Life total premium up 9% YoY at Rs 650 crore

• Bajaj Allianz Life total premium up 3% YoY at Rs 953 crore

• GoDigit Life total premium up 177% YoY at 69 crore

• HDFC Life total premium up 4% YoY at 2,797 crore

• ICICI Prudential total premium up 12% YoY at Rs 1,509 crore

• Max Life total premium up 17% YoY at Rs 956 crore

• SBI Life total premium down 13% YoY at Rs 2,704 crore

Source: Life Insurance Council

Market breadth was skewed in favour of the buyers. Around 1,467 stocks rose, 2,389 stocks declined, and 153 stocks remained unchanged on the BSE.

• Ather Energy filed DRHP for initial public offer with fresh issue of share worth Rs 3,100 crore.

• Founders, investors will also sell 2.2 crore shares in IPO.

Source: Bloomberg

• Minda Corp Ltd. is likely to consider fund raising via QIP, rights issue & other modes on September 12.

Source: Exchange filing

Mazagon Dock Shipbuilders Shares Soar After Securing Order From ONGC

• Mahindra & Mahindra Ltd.'s Mahindra Last Mile Mobility to launch electric four-wheeler 'e-ZEO' on October 3.

Source: Exchange filing

• Gala Precision Engineering Ltd. listed at Rs 721.1 on NSE vs issue price of Rs 529.

• The company listed at a premium of 36.3% on NSE.

• It listed at Rs 750 on BSE vs issue price of Rs 529.

• The company listed at a premium of 41.8% on BSE.

Market breadth was skewed in favour of sellers. Around 2,224 stocks declined, 1,064 stocks advanced, and 142 stocks remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was trading 0.09% lower at 24,829.30, and the BSE Sensex was trading 0.24% lower at 80,989.41.

• The yield on the 10-year bond opened flat at 6.86%.

• It closed at 6.85% on Friday.

Source: Bloomberg

• Rupee opened flat at 83.96 against the US dollar.

• It closed at 83.95 on Friday.

Source: Bloomberg

• Oriana Power Ltd. received order worth Rs 520 crore from Dalmia Cement

• Contract is for development of solar power plant with 128 megawatt capacity

Alert: Dalmia Cement is a subsidiary of Dalmia Bharat

Source: Exchange filing

• Adani Green Energy Ltd. redeemed $750 million or 4.4% Holdco Notes due September 8, 2024.

Source: Exchange filing

• Domestic steel prices remain range-bound, brokerage expects continued downward pressure

• Morgan Stanley believes lower imports prices will continue to pressure domestic prices

• Domestic inventory de-stocking to be slow in near term

• The brokerage believes underperformance in steel stocks will continue supported by unfavorable valuations

• Steel companies see no material improvement in inventory levels and spreads

• India is at inflection point of growth and policy giving immense opportunities.

• The target of 42 million ton per annum by Sept 2027 and 50 mtpa by financial year 2030-31.

• Energy business has grown from 4.6GW in financial year 2019-20 to 7.3 gigawatt in FY24 with 2.6 gigawatt under construction.

• Thermal continues to be important for India while hydrogen technology is still evolving.

• India's macro story remains strong

• Growth uptick is led by a capex cycle which has headroom to expand

• Strong performance of Indian markets is due to domestic flows

• Domestic investor flows has legs but toppish in near term

• Expect foreign flows to provide cushion to Indian markets

• Cautious on Indian equities in the near term

• Overweight: telecom, banks, staples, 2W and power

• Long term also like Industrials and Real Estate

• Motilal Oswal Financial Services maintained a 'Buy' on Persistent Systems with a target price Rs 6,300, which implied a 21% upside.

• Targeting a revenue of $2 billion by financial year 2026-27.

• The company is implementing strict cost management strategies

• Persistent Suystems is benefitting from vendor consolidation and high demand areas

• Aims to increase European share from 7-8% to 12%

• Expect 18% dollar revenue growth upto financial year 206-27 and 21% EPS CAGR

• Citi Research maintained 'Sell' on Lupin Ltd. with a target price Rs 1,700

• The company’s generic launch in April 2025 may now be an “At Risk” launch

• Generic share generally remains low in "At Risk" launch vs a normal launch

• Lupin may also decide to delay the launch of generic

• gJynarque contributes c30% of our FY26E EPS

Nazara Tech Acquires 48.42% Stake In Paper Boat Apps

• Indigo Paints: Peak XV Partners Investments V sold 54.48 lakh shares (11.44%) at Rs 1,489.35 apiece and 50.51 lakh shares (10.61%) at Rs 1,475.96 apiece. Arisaig Asia Fund Ltd. bought 8.06 lakh shares (1.69%) at Rs 1,475.51 apiece and HDFC Mutual Fund bought 10.04 lakh shares (2.11%) at Rs 1,470 apiece. Mercer QIF Fund Plc-Mercer Investment Fund bought 3.18 lakh shares (0.66%) at Rs 1,475.51 apiece, while Morgan Stanley Asia (Singapore) Pte.-Odi bought 3.08 lakh shares (0.64%) at Rs 1,491.88 apiece.

• Shriram Pistons & Rings: Theleme India Master Fund Ltd. bought 4.84 lakh shares (1.10%) at Rs 2,176 apiece and DSP Mutual Fund bought 4.40 lakh shares (1%) at Rs 2,197.6 per share. Luv D. Shriram sold 6.60 lakh shares (1.50%) at Rs 2,181.77 apiece and Meenakshi Dass sold 6.60 lakh shares (1.50%) at Rs 2,197.60 apiece.

• VST Industries: Maithan Alloys Ltd. bought 1.12 lakh shares (0.72%) at Rs 485.57 apiece, SBI Mutual Fund sold 4.46 lakh shares (2.89%) at Rs 485.35 apiece and Derive Trading & Resorts Pvt. sold 1.29 lakh shares (0.83%) at Rs 480.57 apiece.

• Max Financial Services: Promoter Max Ventures Investment Holdings Pvt. sold 1.1 crore shares on Sept. 5.

• Ambuja Cement: Promoter Anubhuti Value Fund 1 (Ameet Desai, independent director, is also partner of Anubhuti Advisors LLP, investment manager of the fund) sold 2.62 lakh shares between Sept. 2 and Sept. 3.

• Vascon Engineers: Promoter Navin Hari Singh Thakur sold 20,000 shares between Aug. 21 and Sept. 4.

• Usha Martin: Promoter Peterhouse Investments India Ltd. sold 4 lakh shares on Sept. 5.

• Shalimar Paints: Promoter Veera Gupta sold 1.95 lakh shares between Sept. 3 and Sept. 6.

• Infosys: Promoter Anand Swaminathan sold 25 lakh shares on Sept. 3.

Mazagon Dock Bags Order Worth Over Rs 1,486 Crore From ONGC

• Price band change from 10% to 20%: Balu Forge Industries.

• Price band change from 20% to 10%: Nectar Lifesciences, Rama Steel Tubes, Refex Industries.

• Price band change from 10% to 5%: Kitex Garments, Pondy Oxides & Chemicals.

• Ex dividend: Harsha Engineers International, Jindal Worldwide, Lumax Industries, Nitin Spinners, Waaree Renewable Technologies.

• Ex/record dividend: Capri Global Capital, Gujarat State Fertilizers & Chemicals, Gujarat Gas, Lumax Auto Technologies, Strides Pharma Science.

• Moved in short-term ASM Framework: Nectar Lifesciences, Rama Steel Tubes, SEPC, Swelect Energy Systems.

SpiceJet And Carlyle Aviation Enter Agreement For Aircraft Lease Restructuring

• Gala Precision Engineering: Shares of the company will list on stock exchange today. The issue price for the listing has been set at Rs 529 per share.

Busy Week Ahead On India's Primary Market — 13 IPOs To Open And Eight Listings

Metro Brands Promoters Offload Stake Worth Rs 750 Crore

RBM Infracon Secures Service Order Worth Rs 3,498 crore From ONGC

Nifty, Sensex Log Worst Selloff Since August Ahead Of Key US Jobs Data: Market Wrap