Stock Market Today: ICICI Bank, L&T Help Sensex To Close At Record High

1. Sensex records its highest closing and Nifty ended 6 points below its highest close

2. Nifty ends 0.08% or 21.30 points higher at 25377.80

3. Sensex ends 0.12% or 97.84 points higher at 82988.78

4. Intraday, both Nifty and Sensex rose as much as 0.35% to hit their record highs of 25,445.70 and 83,184.34 respectively

5. Broader indices also ended higher; Nifty Midcap 100 ended 0.38% up while Nifty Smallcap 250 closed 0.16% higher.

6. Among sectoral indices, Nifty FMCG fell the most and Nifty Media was the top gainer. During the session Nifty Pharma, Nifty Financial Services, and Nifty IT hit their lifetime highs.

7. NTPC and JSW Steel were top Nifty gainers

8. Bajaj Finance and Hindustan Unilever fell the most

PVR Inox Gains 3% As Anand Rathi Says Kalki, Stree 2 To Drive Strong Q2 Revenue Growth

The company has inaugurated new R&D facility at IKP Knowledge Park, Telangana. Key highlights of the facility include total investment incurred for setting up the new R&D is Rs 250 crore, 2,00,000 square foot facility equipped with modern laboratories and infrastructure, an R&D center to support the CDMO business of Laurus Labs and that it will provide job opportunities to over 800 people.

Source: Exchange Filing

"We feel to proud to inform that the Insolation Green Energy Private Limited a Wholly Owned Subsidiary Company of the Insolation Energy Ltd., performed the Bhoomi Poojan Ceremony for 3GW PV Module Facility and 12,000 MTA Aluminium frame Plant at Village – Sawarda, Ajmer Road, Jaipur - Rajasthan," a press release said. "This in line with our planned capex in Insolation Green Energy Private Limited."

Stock Market Live: Nifty, Sensex Trade Flat After Hitting All-Time Highs As HUL, Bajaj Finance Weigh

The company has commenced Phase-I of greenfield cold rolling mill at West Bengal plant.

Source: Exchange filing

Mahindra has unveiled Veero range of light commercial vehicles at a starting price of Rs 7.99 lakh to solve intracity cargo transport at a media event in Pune.

The company said LCVs of less than 1.5 tonne is 68% of the light-commercial-vehicle market and Veero has got its first-in-segment driver airbag, 1,500 kg as payload cap along with 8-10 feet of cargo bay, averages 18.5 litre/diesel, 500 km range.

M&M seeks to grow market share in Southern India, which accounts for nearly 40% of all LCV sales, the company said adding that the platform is EV ready, for when M&M’s rolls out its “born electric” range.

The company committed investments of over Rs 64,000 crore at 'RE-Invest 2024' with potential employment of 26,000. The company has also submitted affidavit for installing 10 GW of RE projects by 2030, with investment of Rs 57,000 crore and to set up 1 lakh KTPA green ammonia production facility with investment of Rs 7,200 crore.

It has also inked MoU for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka, Gujarat.

Source: Exchange Filing

Boosts ATM security for more than 26,000 machines with GMV’s enhanced solutions, according to an exchange filing.

Nazara Tech Shares Hit Highest Level Since Feb 2022 As Board To Consider Fundraise

The company has elevated Aditya Malik to group chief operating officer.

Source: Exchange Filing

Godrej Agrovet To Adani Wilmar: Customs Duty Hike To Benefit These Edible Oil Firms

Tolins Tyres Shares List At Par With Rs 226 Issue Price

Kross Shares Debut Flat Over IPO Price

Bajaj Housing Finance No Longer A Wholly Owned Subsidiary Of Bajaj Finance Following Successful IPO

JSW Energy Shares Hit Life High As Unit Commissions 300-MW Wind Power Capacity

Infosys has collaborated with LIC Of India to accelerate digital transformation.

Source: Exchange Filing

The company will raise Rs 103 crore through preferential allotment and has introduced two alternative investment funds.

Source: Exchange filing

Phoenix Mill's board has approves issuance of bonus equity shares in the ratio of 1:1.

Source: Exchange Filing

Emkay maintains a 'buy' rating on Adani Green Energy at a target price of Rs 2550, implying 42.6% Upside. On 5 GW power supply order win, it said that it sees thw development as a key positive and believes order's flat tariff rate of Rs 2.7/kWh is attractive.

Company's secured power purchase agreement capacity now at 26 GW and expects bid to have solar capacity utilization factor rate of 24%.

The brokerage also believes company to gain from more traction in hybrid orders and has raises FY25/26/27 EPS estimates by 4%/2%/1%.

Jindal Steel has signed MoU with Jindal Renewables to invest in green hydrogen production for steelmaking in Angul, Odisha. The partnership include supply of ~3 GW renewable energy to JSPL.

Source: Exchange filing

At pre-open, the Nifty 50 was at 25406.65, up 0.20% or 50.15 points and the Sensex was at 82981.03, up 0.11% or 90.09 points.

The yield on the 10-year bond opened flat at 6.79% after it closed at 6.79% on Friday.

Source: Bloomberg

The rupee opened flat at 83.90 against the US dollar after closing at 83.90 on Friday.

Source: Bloomberg

Nomura has raised Bharat Forge's target to Rs 1,789 from Rs 1,431 earlier, with upside of 10% while maintaining 'neutral' rating. DAC proposal puts Future Ready Combat Vehicles in focus, said Nomura adding that requirement for FRCV is 1,770 units is worth Rs.12,700 crore/year according to Nomura.

Bharat Forge has capability to garner a substantial portion of this, it said adding that Indian Army also approved the procurement of 707 artillery guns and the company might be key beneficiary since it has 2 lightweight guns to offer.

The brokerage estimates opportunity in towed guns at Rs. 2000 cr/yr and said defense share can rise to 25% by FY30F from 10% in FY24.

The brokerage believes demand is expected to gain traction due to pre-buying before emission changes in 2027 and has raise target EV/EBITDA multiple to 20 times from 16 times earlier.

The brokerage also likes the company's strong new product innovation capabilities and strategic value for money positioning as well as improving branding/distribution expansion, including new-age channel.

The company is rapidly improving its exports positioning (largest exporter; supplies to Walmart) and has the potential mass-consumer demand cycle recovering after 2 tough years, according to Emkay. It said that Stove Kraft is sharply enhanced manufacturing edge and expects 15%/33% revenue/EPS CAGR over FY24-27E. Emkay said valuation at 13 times Sep-26E EV/EBITDA (46% discount to TTK Prestige) is attractive.

Bidding process of buyback to remain open today and close tender offer on September 19.

Source: Exchange filing

Arm to acquire up to 11% of equity on fully diluted basis & up to 19% on non-diluted basis at REE Automotive. The total investment for acquisition is up to $15 million.

Source: Exchange filing

The company has approved investment to develop a mixed use project worth Rs 972 crore in Pune.

Source: Exchange filing

Western Carriers (India) will open for subscription on second day after The public issue it was subscribed 0.79 times on day 1. There bids were led retail investors (1.41 times), followed by non-institutional investors (0.38 times).

Arkade Developers The company will offer its shares for bidding on Monday. The price band is set from Rs 121 to Rs 128 per share. The company raised 122 crores from anchor investors.

Northern Arc Capital company will also offer its shares for bidding on Monday. The price band is set from Rs 249 to Rs 263 per share. The Rs 777-crore IPO issue is combination of a fresh Issue of Rs 500 crore and rest offer for sale. The company raised 228 crores from anchor investors.