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Nifty ends higher in the thirteenth consecutive session; Sensex ends higher for ninth consecutive session
Both indices recorded highest close
Nifty ends 0.2% or 49.35 points higher at 25285.25
Sensex ends 0.24% or 194.07 points higher at 82559.84
Intraday
Nifty rose as much as 0.4% to hit a new record high 25,333.60
Sensex rose as much as 0.41% to hit its highest level of 82,725.28
Broader indices underperformed; Nifty Midcap 100 ended 0.21% down and Nifty Smallcap 250 fell 0.08%
Sectoral indices were mixed at close; Nifty FMCG was the top gainer and Nifty Metal fell the most
Bajaj Finance and Bajaj Finserv were top Nifty gainers
Hindalco Industries and Dr.Reddy's Labs were top losers among Nifty stocks
Launches at an introductory starting price of Rs 9.99 lakh, ex-showroom India.
Petrol: Rs 9,99,000
Diesel: Rs 11,49,990
Automatic: 12,49,990
Note: Bookings are now open.
Source: Company
Maithan Alloys Ltd.'s arm switches on arc furnaces at its newly installed plant in West Bengal.
Production is likely to commence by next week.
Source: Exchange filing
Aspires for a "Viksit Bharat" where every part of the country, including rural India, sees the girl child educated, healthy, capable, and smiling.
National resources, including capital, profits, reserves, taxes, people, and technology, are crucial for driving growth.
National resources must also be used to build social infrastructure and sustainability.
Inclusion and active participation of all citizens are vital alongside economic prosperity.
India is already on the path to achieving these goals, not just talking about potential.
National resources are driving growth, social infrastructure, and inclusion.
Industry and SEBI are working to make mutual funds accessible at ₹250.
Aim is to reduce onboarding and servicing costs, leveraging technology.
This allows participation in wealth creation with as little as $3 per month.
The initiative supports inclusive growth toward "Viksit Bharat."
Future market ecosystem and regulations will adapt to these inclusive goals.
Source: Madhabi Puri Buch, SEBI Chairperson, speaking at the Financing 3.0 Summit
Ramkrishna Forgings Ltd. sell wholly-owned subsidiary Globe All India Services to Yatra Online for Rs 128 crore.
The company will set up aluminium forging facility at Jamshedpur at an investment of Rs 57.5 crore.
Source: Exchange filing
Restructuring of crypto balances will take at least six months, WazirX Hack said.
Singapore court will take creditors’ view on whether moratorium should be granted
Under restructuring, remaining assets will be distributed to users on pro-rata basis
WazirX Hack is in talks with white knight for capital
Source: Nischal Shetty at Townhall
Board approves increasing fundraise amount to Rs 250 crore
Board had earlier approved raising up to Rs 205 crore on rights issue basis
Source: Exchange Filing
Airtel, Nokia & MediaTek complete trials combining use of TDD & FDD mid-band spectrum
TDD stands for Time Division Duplex; FDD stands for Frequency Division Duplex
Source: Exchange Filing
Gets contract from RailTel to develop edge data centers in 102 cities across India
Source: Exchange Filing
Gets work orders worth Rs 182.5 crore
Source: Exchange Filing
India has to balance between investor and domestic interests
Financial markets not the best parameter for risk and reward
When market becomes bigger than the economy, it tends to impact public policy and macro outputs
The consequences of such financialisation need be avoided
India can ill afford the impact of financialisation
Source: V Anantha Nageswaran, Chief Economic Advisor
Electricity demand growth declined to 16 month low in August 2024
All India electricity demand growth moderated to negative 4.4% YoY
Full year demand growth remains healthy a 6-6.5% in FY25
Average spot power tariffs reduced to Rs 4.4 per unit in Aug 2024
Coal stock at power plants fell to 13.8 days as on Aug 27
Sluggish global demand in key economies, oversupply putting pressure on companies
New capacity addition, cheaper imports squeezing profitability of petchem manufacturers
Domestic demand expected to grow at steady pace at 6-8%
Expects challenging environment to persist in near to medium term
August coal production down 11.9% at 46.1 MMT
August offtake down 11.8% at 52.1 MMT
Source: Exchange Filing
Maintains 'hold' on Gujarat State Petronet, raises target by 45% to Rs 467, implying 5% upside
Restructuring to simplify structure, unlock value, enhance synergies
Estimates 39% EPS accretion for Gujarat Gas
Expects Rs 300 cr indirect tax savings per annum for Gujarat Gas
Expects Gujarat Gas' pricing to propane in Morbi to improve by 3.2%
Maintains 'buy' on Gujarat Gas at Rs 715 target, implying 18% upside
On Merger:
Merger to unlock value for Gujarat Gas & Gujarat State Petronet
See 5% upside for Gujarat Gas
Company may not pay taxes for next 4 years due to GSPC's accumulated tax losses
Expects to see improved margins and return ratios post merger
On Overall business:
Expect Q2FY25 volume momentum to be weak
Expect company's volumes to pick up in H2FY25-FY26
Long term volume growth prospects remain robust due to expansion
Reiterates outperform on Persistent
Maintains 'hold' on Infosys, HCL Technologies, Tech Mahindra
Most BPO companies raised annual growth guidance
BPOs seeing shift towards outcome based contracts, improved pricing
Indian IT companies have proactively announced partnerships with Nvidia
They are not far behind Accenture in buildung competencies around Nvidia
Weak 2H demand by retail points to a bleak 2Q-4Q
August manufacturing PMI at 57.5 vs 58.1 in July
Source: Bloomberg
Gets notice of termination of Global Depositary Receipt facilities effective October 28, 2025
Forced sale to start on or after October 29, 2025
Source: Exchange Filing
Rail Minister inaugurated BEML's new 9.2-acre Hangar facility at Bangalore
Source: Exchange Filing
Records highest ever alloy wheel sales in August
August sales decline by 7% YoY
August tractor sales grew by 9% YoY
Source: Exchange Filing
At 10:27 a.m., it was locked in its 5% upper circuit limit at Rs 723.45.
Revises prices for select variants of Alto K10 and S-Presso
Price of S-Presso LXI Petrol variant reduced by Rs 2,000
Price of Alto K10 VXI Petrol variant reduced by Rs 6,500
Source: Exchange Filing
Domestic sales down 8% at 13,347 units
Total sales down 7% at 14,463 units
Domestic M&HCV sales down 14% at 7,790 units
Total M&HCV sales down 11% at 8,663 units
Source: Exchange Filing
Arm Resco Global approves raising up to Rs 350 crore on preferential basis
Source: Exchange Filing
Ola Electric clocks lowest monthly sales in August as rivals TVS Motor and Bajaj Chetak catch up.
E2W sales up 47% YoY to 27,506 units
E2W sales down 34% MoM to 27,506 units
Market share at 31% as on Aug. 31, 2024
TVS iQube sales up 13% YoY to 17,541 units (Market Share: 20%)
Bajaj Chetak sales up 154% YoY to 16,699 units (Market Share: 19%)
Source: VAHAN data
Total sales up 16% YoY at 3.97 lakh units
2-wheeler sales up 18% YoY at 3.35 lakh units
Commercial vehicle sales up 11% YoY at 62,626 units
At pre-open, the Nifty was at 25327.45, up 0.36% or 91.55 points and the Sensex was at 82732.95, up by 0.45% or 367.18 points.
The yield on the 10-year bond opened flat at 6.86%.
It closed at 6.86% on Friday.
Source: Bloomberg
Rupee opened flat at 83.87 against the US dollar.
It closed at 83.87 on Friday.
Source: Bloomberg
Loan growth likely to moderate in FY25E
Elevated CD ratio limiting banks' ability to pursue credit growth
Cut credit growth estimates for Pvt banks/PSBs by 210bp/112bp for FY25
Estimate systemic growth to moderate to 12.5% in FY25
Gap between credit, deposit growth to narrow to <100bp over the year
Pace of PSBs' market share loss to decline significantly
Banks to achieve earnings growth of 15% in FY25E, FY26E
Pvt banks to grow 11% in FY25E and 16% in FY26E
PSBs earnings to grow at 19% in FY25E and 14% in FY26E
Positives: Robust balance sheets, strong contingency buffers, reasonable sector valuations
Headwinds likely to persist in near term
Preferred picks are ICICI Bank, HDFC Bank and SBI
Domestic passenger vehicle sales up 16% YoY at 43,277 units
Total exports up 26% YoY at 3,060 units
Domestic 3-wheeler sales up 32% YoY at 9,326 units
Total tractor sales up YoY 1% at 21,917 units
Source: Exchange Filing
Gets order worth Rs 247.9 crore from BPCL for executing solar power project
Source: Exchange Filing
Completes SPV acquisition of Khavda Phase-IV Part-A project
To commission Khavda project in next 24 months on build, own, operate & transfer basis
To invest Rs 4,091 crore to build 298 km Khavda project
To build 7 GW renewable energy transmission network
Source: Exchange Filing
Gets environmental clearance for manganese & iron ore mines in Ramghad.
Source: Exchange Filing
Emerges as highest bidder for 2 luxury group housing plots in Gurugram
Gurugram land parcels to have combined revenue potential of over Rs 3,400 crore
Source: Exchange Filing
Maintains Buy, Revised target of Rs 1,600, implying 17% upside, as against Rs 1,475 earlier
Management suggests worst behind, sees proper rebound post few quarters
Diversification away from Glass Lined Equipment yielding results with access to larger market
Global mixing total addressable market size of $6 billion, co current capabilities offers access to $3 billion
Targets revenue of $100 million in mixing over the next 3-4 years
Jefferies
Maintains 'underperform' rating
Integration of gas trading business to improve Gujarat Gas' margin profile
Merger to increase earnings volatility for Gujarat Gas
Fair value of Gujarat Gas at Rs 513 post scheme implies 15% downside
Maintains 'buy', target of Rs 13,000, with 15.9% upside)
Management expects to outpace 7-8% long-term industry demand growth
Expects price hikes post monsoon/festive season as demand picks up
Management targeting Rs300/t of cost savings over the next 3 years
Capacity expansion to 183.5 mtpa remains on track for FY27 vs current 149.5mtpa
Estimates 12% volume CAGR through FY24-27
August 2-wheeler sales at 5.12 lakh units
August domestic sales at 4.92 lakh units
EV, global business and 125cc segments continue upward trend
Source: Exchange Filing
Approves allotment of 35.6 crore shares to TML Securities Trust
TML Securities is an independent trust of which Axis Trustee Services is an Independent Trustee
Paid-up ordinary share capital of company stands increased to Rs 736 crore divided into 368 crore shares
Source: Exchange Filing
Gets GST demand worth Rs 289 crore including interest & penalty for FY20
Source: Exchange Filing
Reiterates 'buy' with a target of Rs 4,300, implying 15% upside
Well positioned to benefit from revised CPCB 4+ norms
Demand remained strong despite price hikes of 15-35% across nodes
Exports seem bottomed out, expect improvement in coming quarters
Expect distribution segment to report 25% annual growth over FY24-27
Expect revenue/PAT annual growth of 18%/21% over FY24-27
Ex/record dividend: Kopran, Vinati Organics, Tribhovandas Bhimji Zaveri, Fineotex Chemical, Karnataka Bank.
Ex/record AGM: Allcargo Gati, Kopran,
Moved out of short-term ASM Framework: Godfrey Phillips India, Nucleus Software Exports, Ola Electric Mobility, Rane Brake Lining.
ECOS (India) Mobility & Hospitality: The public issue was subscribed to 64.26 times on day 3. The bids were led by qualified institutional investors (136.85 times), non-institutional investors (71.23 times) and retail investors (19.79 times).
Baazar Style Retail: The public issue was subscribed to 0.72 times on day 1. The bids were led by retail investors (0.82 times), non-institutional investors (0.47 times), and qualified institutional investors (0.7 times).
Gala Precision Engineering: The company will offer its shares for bidding on Monday. The price band is set from Rs 503 to Rs 529 per share. The Rs 167.93 crore IPO issue is a combination of a of a fresh issue for Rs 135.34 crore and a rest offer for sale. The company raised 50.28 crores from anchor investors.
Nirlon: Albula Investment Fund Ltd sold 25.29 lakh shares (2.8%), Arial Holdings 1 sold 16.62 lakh shares (1.8%), Ares Diversified sold 15.83 lakh shares (1.75%), Resonance Opportunities Fund sold 6.28 lakh shares (0.69%), while BSREP IV FPI Two Holdings (DIFC) bought 68.45 lakh shares (7.59%) at Rs 440 apiece.
Shanti Educational Initiatives: Legends Global Opportunities (Singapore) PTE Ltd. bought 9 lakh shares (0.55%) at Rs 120.85 apiece, and New Leaina Investments sold 9 lakh shares (0.55%) at Rs 120.85 apiece.
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