Overseas investors turned net buyers of Indian equities on Thursday after three consecutive sessions of selling.
Foreign portfolio investors mopped up stocks worth Rs 3,568.1 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned sellers and offloaded equities worth Rs 230.2 crore, the NSE data showed.
Foreign institutions have been net sellers of Rs 24,205 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The S&P BSE Sensex closed 195.42 points, or 0.27% higher at 72,500.30, while the NSE Nifty 50 advanced 31.65 points, or 0.14% to end at 21,982.80.
Promoter Sagar Cements sells 5% stake via an offer for sale.
The promoter's stake in the company reduced to 90% from 95% earlier.
Source: Exchange Filing
Maintains 'Neutral' on Infosys, with an increase in target price to Rs 1,735 apiece
Target multiple based on broader rerating in the Indian market and sector.
PE is an appropriate measure given the profitability record and higher earnings visibility.
Key downside risks: a prolonged slowdown in the US and European economy; pressure on billing rates; and immigration reform.
Updater Services Ltd had 16.7 lakh shares or 2.5% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
Jaiprakash Associates Ltd has 5.8% equity change hands in multiple large trades.
Source: Bloomberg
IDFC First Bank Ltd had 1.82 crore shares or 0.3% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
Axis Bank had 37.2 lakh shares or 0.1% equity changed hands in a large trade.
Buyers and sellers not known immediately.
Source: Bloomberg
Piramal Enterprises Ltd's 19.8 lakh shares or 1% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
SBI Life Insurance Company had 20.8 lakh shares or 0.2% equity changed hands in a large trade.
Buyers and sellers are not known immediately.
Source: Bloomberg
Platinum Industries Day 3
Qualified Institutional Buyers - 17.60 times.
Non-Institutional Investors - 106.92 times.
Retail Individual Investors - 41.45 times.
Total - 48.66 times.
Exicom Tele-Systems IPO Day 3
Qualified Institutional Buyers - 25.29 times.
Non-Institutional Investors - 117.75 times.
Retail Individual Investors - 96.10 times.
Total - 61.40 times.
Mukka Proteins IPO Day 1
Qualified Institutional Buyers - Nil.
Non-Institutional Investors - 0.65 times or 65%.
Retail Individual Investors - 2.17 times.
Total - 1.23 times. (Fully subscribed on day 1)
U.S. Dollar Index at 103.85
U.S. 10-year bond yield at 4.28%
Brent crude down 0.57% at $83.20 per barrel
Nymex crude down 0.39% at $78.23per barrel
Bitcoin was up 3.82% at $62,865.98
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NBCC (India) Ltd. received an order worth Rs 459.7 crore from the Maharashtra government for hospitals.
Source: Exchange filing
The Adani Group company will acquire a 50.02% stake in Semolina Kitchens for food and beverage and lounge business.
Semolina will become a step-down subsidiary of the company.
Source: Exchange filing
About 35 lakh shares or 0.1% equity of Bank of India Ltd. changed hands at Rs 130.5 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
About 50.4 lakh shares or 0.4% equity of NLC India Ltd. changed hands at Rs 218.5 apiece in a large trade.
Buyers and sellers not known immediately
Source: Bloomberg
Zee's stock fell as much as 4.63% during the day to Rs 154.75 apiece on the NSE. It was trading 3.06% lower at Rs 175.05 apiece, compared to a 0.01% decline in the benchmark Nifty 50 as of 01:02 a.m.
It has fallen 19.71% in the last 12 months. The total traded volume so far in the day stood at two times its 30-day average. The relative strength index was at 36.
Two out of the 22 analysts tracking Zee have a 'buy' rating on the stock, as many as four recommend a 'hold' and 16 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 12.6%.
About 28.6 lakh shares or 4.2% equity of Lumax Auto Technologies Ltd. changed hands in a large trade at Rs 450.25 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
The market regulator's advisory asking mutual funds to protect investor interest amid "froth" building up in small and mid-caps will make investors assess risks and drive more flows into large caps, according to market participants.
This initiative will prompt individuals to contemplate the risks associated with this sector, according to Balasubramanian, managing director and chief executive officer at Aditya Birla Sun Life AMC Ltd. "SEBI is actively monitoring and endeavouring to enhance the risk management practices."
Read more here.
About 10.3 lakh shares or 0.02% equity changed hands in a large trade at Rs 83.95 apiece.
Buyers and sellers were not known immediately.
About 12.2 lakh shares or 0.2% equity changed hands in a large trade
Buyers and sellers not known immediately
Source: Bloomberg
Platinum Industries Day 3
Qualified Institutional Buyers - 1.01 times.
Non-Institutional Investors - 74.35 times.
Retail Individual Investors - 34.49 times.
Total - 33.47 times.
Exicom Tele-Systems IPO Day 3
Qualified Institutional Buyers - 4.58.
Non-Institutional Investors - 84.66 times.
Retail Individual Investors - 80.81 times.
Total - 38.43 times.
Mukka Proteins IPO Day 1
Qualified Institutional Buyers - Nil.
Non-Institutional Investors - 0.33 times.
Retail Individual Investors - 1.07 times.
Total - 0.61 times.
Bajaj Auto stock fell as much as 3.16% during the day to Rs 7,930 apiece on the NSE. It was trading 2.92% lower at Rs 7,949.25 apiece, compared to a 0.01% advance in the benchmark Nifty 50 as of 11:37 a.m.
It has risen 117.12% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 50.
21 out of the 45 analysts tracking Bajaj Auto have a 'buy' rating on the stock, as many as 12 recommend a 'hold' and another 12 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.8%.
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U.S. Dollar Index at 103.86
U.S. 10-year bond yield at 4.28%
Brent crude down 0.07% at $83.62 per barrel
Nymex crude down 0.08% at $78.48 per barrel
Bitcoin was up 2.36% at $61,978.25
IndusInd Bank Ltd. expects slippages to normalise in the next one or two quarters, according to Macquarie. The bank is showing improvement on the net interest margin front in the quality of the liability franchise, it said after meeting with the lender's management.
The management expects the liquidity pressure that is hampering resource mobilisation to ease after a rate cut that is expected in the second half of the next fiscal. This, in turn, will help narrow the gap between loan and deposit growth, the brokerage said.
Read more here.
Shares of Jio Financial Services rose as much as 4.44%, the highest level since Feb. 28, before paring gains to trade 3.32% higher at 10:04 a.m. This compares to a 0.26% advance in the NSE Nifty 50.
The stock has risen 27.88% in six months. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 66.38.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month analysts' price target implies a downside of 8.9%.
The scrip rose as much as 8.83% to Rs 1,889 apiece, its highest level. It pared gains to trade 5.6% higher at Rs 1,883.20 apiece, as of 10:41 a.m. This compares to a 0.33% decline in the NSE Nifty 50 Index.
It has risen 154.17% in the last twelve months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 75.24, indicating that the stock may be overbought.
Six analysts tracking the company have a buy rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.5%.
Suzlon Energy Ltd. received 30 MW order for 3 MW series from EDF Renewables.
The company will supply 10 wind turbines with a rated capacity of 3 MW each.
Electricity generated to be supplied to Gujarat Urja Vikas Nigam.
Source: Exchange filing
JSW Infrastructure's stock rose as much as 4.03% during the day to Rs 256.85 apiece on the NSE. It was trading 1.86% higher at Rs 251.5 apiece, compared to a 0.27% decline in the benchmark Nifty 50 as of 10:23 a.m.
It has risen 59.2% in the last 12 months. The total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 65.
Three out of the six analysts tracking xxx have a 'buy' rating on the stock, as many as one recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 13.5%.
GPT Healthcare listed at Rs 216.15 apiece on the BSE, a premium of 16.2%% over their IPO price of Rs 186 apiece.
On the National Stock Exchange, the stock debuted at Rs 215, a 15.6%% premium.
Source: NSE and BSE
Shriram Finance to be included in Nifty 50 index from March 28.
Key Levels To Watch
Support: Rs 2,240 (2-week low)
Resistance: Rs 2,535 (Life high)
Read more here.
Mphasis Ltd. launched gen-AI powered document processor DeepInsights Doc AI.
Product will help enterprise clients extract context-specific information from documents & integrate it with downstream IT systems.
Source: Exchange filing
JG Chemicals Ltd. set the IPO priceband at Rs 210-221 per share.
Bids to open on March 5, close on March 7, for retail investors
Source: Company statement
The scrip rose as much as 1.59% to Rs 2,957.45 apiece, the highest level since Feb 28. It was trading 1.38% higher at Rs 2,951.45 apiece, as of 9:32 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.
It has risen 37.59% 12 months. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 59.76.
Out of 33 analysts tracking the company, 27 maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.9%.
The broader markets underperformed larger peers; the S&P BSE MidCap Index was down 0.63%, and S&P BSE SmallCap Index was 0.86% lower.
Only one out of 20 sectors compiled by BSE advanced, with S&P BSE Utilities and S&P BSE Power declining the most.
The market breadth was skewed in the favour of the sellers. About 1757 stocks fell, 1081 advanced, while 98 remained unchanged on the BSE.
At pre-open, the S&P BSE Sensex Index was down 84.3 points, or 0.12%, at 72,220.57 while the NSE Nifty 50 was 15.05 points or 0.07% lower at 21,935.2.
The yield on the 10-year bond opened flat at 7.06%.
Source: Bloomberg
The local currency strengthened by 4 paise to open at 82.89 against the U.S. Dollar.
It closed at 82.93 on Wednesday.
Source: Bloomberg
Maintains 'Buy' on Reliance Industries at Rs 3,210 apiece target.
Deal to give Reliance larger pie in the media and entertainment business.
The JV to exclusive rights to distribute Disney films and productions in India.
Deal values JV at Rs 70,350 crore on post-money basis.
Tall task to fulfil the annual obligation from FY26.
New entity may alter the paradigm of the industry being the single-largest player in broadcasting and digital space.
RIL can also exploit its large user base in the telecom segment, with bundling of packs.
This dominant position can attract CCI’s scrutiny, which could be a speed breaker.
Does not anticipate major value accretion for RIL from this deal immediately.
The deal would hurt other industry players like Zee.
Maintains 'Hold' rating on Tata Motors with price target of Rs 920 per share.
Global demand in Europe, USA, and China grew by 14%, 12%, and 6%, respectively.
Share from top-4 premium OEMs (Audi, BMW,Mercedes, and JLR) in the UK still low at 22% in 2023 vs 25-26% in 2020-21.
JLR gained back some share among premium OEMs with sales increasing 24% and 17% in Europe and USA.
JLR discounts/incentives in U.S. have significantly increased but are still lower than competition.
Electrification globally reached 11% Vs 9% in 2023/2022, China leading with 24% share in 2023.
Motilal Oswal initiates 'Buy' on JSW Infrastructure
Price target of Rs 300 per share, implying 22% upside.
Fastest growing port-related infrastructure company in last 5 years.
Cargo volumes increased by 42.7% CAGR to 92.8 MMT over FY21-23.
Strengthening market presence to lead 19% volume CAGR over FY23-36.
Expect overall Ebitda margin at 53-55% vs 50% over past three years.
Sees cash flow generation to remain strong despite acquisitions.
SEBI asks mutual funds to protect investors in small and mid-cap funds as valuations skyrocket.
Airtel will take the lead in hiking telecom tariffs, says Sunil Mittal in an exclusive interview with NDTV profit.
Global markets fall ahead of U.S. inflation data, and crude oil markets await extension of production cuts by OPEC.
NSE revises methodology for inclusion of stocks in indices, shriram finance will replace upl in the Nifty 50 index.
India’s GDP expected to grow at 7% in FY24, the third quarter data will be released today.
Reliance and Disney to merge media businesses to create Rs 70,000 crore JV.
Swan Energy Ltd. raised Rs 3,320 crore via qualified institutional placement.
The issue price was set at Rs 670 per share, indicating a discount of 4.7% to the floor price.
Source: Bloomberg
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