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Nifty snapped its longest ever streak after settling flat on Tuesday
Nifty ends 0.57% or 144.75 points lower at 25135.10
Sensex ends 0.21% or 171.32 points lower at 82384.12
Intraday, Nifty fell as much as 0.78% to 25,083.80 and Sensex declined as much as 0.87% to hit a low of 81,833.69
Broader indices were mixed; Nifty Midcap 100 ended 0.1% lower while Nifty Smallcap 250 outperformed and closed 0.32% up.
Most sectoral indices ended lower; Nifty Pharma was the top gainer and Nifty PSU Bank fell the most
Asian Paints and Grasim Industries were top Nifty gainers
Wipro and Coal India were top losers among Nifty stocks
Introduces Mirabegron extended-release tablets in United States
Mirabegron is a medication used to treat overactive bladder
Source: Exchange filing
Shilpa Medicare Ltd. submitted New Drug Application to the US Food and Drug Administration for Oxylanthanum Carbonate.
Alert: Oxylanthanum Carbonate is used for treatment of hyperphosphatemia with chronic kidney disease
Source: Exchange filing
CCI approved Rane Holdings Ltd.'s acquisition of balance 51% stake in joint venture Rane NSK Steering Systems.
Source: Exchange filing
Star Health & Allied Insurance Co. is expecting a 18% growth this financial year 2024-25.
Retail health market share is at 31%.
Profitable growth has been cornerstone for Star Health & Allied Insurance Co.
This year is well poised for profits to improved led by best in class expense ratio
Star Health & Allied Insurance Company is targeting 100 basis points improvement in combined ratio this year
First quarter and Q2 generally has higher claims ratio
The insurance company is not worried about composite license impacting our business
Source: Star Health & Allied Insurance managing director & CEO Anand Roy
Rites Ltd. tied up with NBCC (India) Ltd. for consultancy works.
Source: Exchange filing
India is likely to to see $1.7 trillion investments in infra till 2030
Government's $24 billion spend on PLIs over next 5 years to boost local manufacturing
Cement players to double capacity over 2016-2028
In the country, 20 million homes to be built in next 4 years under govt rural housing scheme
Players have reduced 1/4th of debt since pre-2020
Optimal demand mix, highest from rural housing and infrastructure
SpiceJet to hold investor roadshows in Mumbai, Singapore and Hong Kong to generate interest for QIP
CMD, Ajay Singh, likely to dilute 10% stake, SpiceJet likely to raise Rs 3,000 crore
ICICI Securities, JM Financials and DAM Capitals appointed as merchant bankers for stake sale
Source: People In The Know
ABB-free@home offers wireless home automation solutions
Source: Exchange Filing
Gets in-principle nod to explore various options of unlocking value at arm Advanta by raising funds
Source: Exchange Filing
[12:32, 9/4/2024] +91 73043 50790:
Canada-based arm invests $8 million in biotechnology company eGenesis
Source: Exchange Filing
In pact with Onix Renewable for green and renewable energy
To provide steel structures for solar projects by Onix Renewable
Source: Exchange Filing
Lists at Rs 390 on NSE vs issue price of Rs 334
Lists at a premium of 16.77% on NSE
Lists at Rs 391.3 on BSE vs issue price of Rs 334
Lists at a premium of 17.16% on BSE
Quant Multi-Asset Fund saw NAV increase of 3.23% on September 3
NAV increase higher than any other Multi-Asset Fund on the day
NAV increase on the back of stellar listing of Premier Energies
Quant Multi-Asset Fund has 3.67% weightage on Premier Energies
Premier Energies listed at a premium of 120% on exchanges on Tuesday
Source: AMFI
At pre-open, Nifty 50 was at 25135.10 down 0.57% or 144.75 points and Sensex was 0.85% or 703.62 points lower at 81851.82.
The yield on the 10-year bond opened flat at 6.86%.
It closed at 6.87% on Tuesday.
Source: Bloomberg
Rupee strengthened by 2 paise to open 83.95 against the US dollar.
It closed at 83.97 on Tuesday.
Source: Bloomberg
Upgrades to equalweight at Rs 452 target with 2% upside
Group restructuring removes GSPL's holding company discount
Gujarat State Petronet holds 54.17% stake in Gujarat Gas
Restructuring allows GSPL to unlock historical holding company discount of 45% in Gujarat Gas
Lower EPS by 48% and 59% to factor in PNGRB tariff cut
Bull case price target for GSPL Rs 692 per share
Maintains 'buy'; target Rs 8,257 with 13% upside
Bajaj Finance to hold 88.7% in Bajaj Housing which contributes 8% to market cap
Earnings growth of 22-25% expected being 12-13% of consol earnings and 16-18% of consol Net Worth
Valued at 3.3 times FY25E PBV and 2.9x FY26E PBV pre-issue
Basis a 30% discount, BAF trades at 5.4 times / 4.3 times FY25/26E standalone Net Worth
Upgrades PI Industries to Equal-weight with revised target of Rs 4,300/share; downside 6%
Strong volume growth and new product traction in PI
Downgrades Aarti to Under weight; downside 9%
Pricing pressures in Aarti Industries may limit earnings
Rated Over weight to Deepak nitrite; upside potential 13%
Revised target price of Deepak nitrite reflects upside risk with clarity on new investments
Sets IPO price band at Rs 228-240/share
Bid for issue to open on September 9 & close on September 11
Source: Company Statement
Arm Dalmia Cement in pact to acquire 26% stake in Truere Surya for Rs 44.8 crore
Source: Exchange Filing
Starts commercial production of cable at Karnataka facility
To expand cable manufacturing capacity in Karnataka facility to 4.6 lakh kms/year
To expand capacity in Karnataka facility with additional investment of around Rs 450 crore
Source: Exchange Filing
Merger of Encore Software Services with Sonata Software North America completed
Encore Software Services is an arm of Sonata Software North America
Sonata Software North America is an arm of company
Source: Exchange Filing
There are many sources of correction for this strong bull market
This does not mean that the bull market is over,
Thinks India is only past the halfway mark
But a correction will test money in the market
Valuation, on its own, is never a reason for stocks to correct
But elevated valuations become a catalyst when other fundamental and sentiment events unfold.
Two fundamental events to keep an eye are:
A potential growth slowdown as for the first time since COVID-19
State-level profligacy causes the mix of state-level spending to shift adversely towards redistribution with concomitant risks to inflation
Two technical risks to monitor are:
Possibility that the retail bid on equities shifts to the primary market as equity issuances surge
Even though India remains poorly correlated to global markets, such correlations can change quickly if there is a sharp sell-off outside India, especially in the US.
Ex/Record Dividend: Hikal, Parag Milk Foods.
Ex/Record Buyback: Transport Corporation Of India.
Ex Dividend: MAS Financial Services, Prince Pipes and Fittings.
AU Small Finance Bank: Westbridge AIF I sold 108.95 lakh shares (1.46%) at Rs 676.06 apiece.
Signature Global: DKL Broking & Infra Llp sold 23 lakh shares (1.63%) at Rs 1444.27 apiece and Credible Nivesh Limited sold 17 lakh shares (1.2%) at Rs 1432.2 apiece.
Exicom Tele Systems: Rare Enterprise sold 15.85 lakh shares (1.31%) at Rs 348.6 apiece.
Orient Cement: Parth Infin Brokers Pvt Ltd bought 13.47 lakh shares (0.65%) at Rs 307.15 apiece.
Goldiam International: Rashesh Bhansali sold 10 lakh shares (0.91%) at Rs 340 apiece.
Rama Steel Tubes: SKSE Securities Ltd bought 141.12 lakh shares (0.9%) at Rs 10.51 apiece.
Matrimony.Com: NK Securities Research Private Limited bought 1.12 lakh shares (0.5%) at Rs 820.68 apiece.
ECOS (India) Mobility & Hospitality: Shares of the company will be listed on National Stock Exchange and BSE on Sept. 4. The public issue was subscribed to 64.26 times, with QIB portion subscribed 136.85 times), NII portion 71.23 times and retail portion 19.79 times.
Gala Precision Engineering: The IPO has been subscribed 52.21 times on the second day. The bids were led by non-institutional investors (132.93 times), employee reserved (117.89 times), retail investors (44.21 times) and institutional investors (5.06 times).
Baazar Style Retail: The public issue was subscribed 40.66 times on day three. The bids were led by institutional investors (81.83 times), non-institutional investors (59.43 times), employee reserved (35.36 times) and retail investors (9.12 times).
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