Nifty FMCG top gaining sectoral index, up 0.18% this week; gains led by Radico Khaitan, Marico
Most sectoral indices decline this week
Nifty PSU Bank, Nifty Oil & Gas top sectoral laggards; fall 4.7% and 3.2% respectively
Nifty PSU Bank falls second week in a row; Indian Bank, Canara Bank drag
Nifty Oil & Gas snaps three-week gaining streak; Oil India, Aegis Logistics drag
Nifty falls 1.5%, snaps three-week winning streak; Coal India, ONGC top drag
Nifty Midcap 150 falls 1.1% this week; Oil India, Vodafone Idea drag
Nifty Smallcap 250 records four-week gaining streak, up 0.76%; Jai Balaji Ind., Piramal Pharma lead
The market breadth was skewed in the favour of the sellers as 2540 stocks fell, 1407 rose and 87 remained unchanged on the BSE.
Nifty extended fall to third consecutive session and Sensex to a fourth
Nifty ends 1.1% or 275.75 points lower at 24,869.35
Sensex ends 1.24% or 1,017.23 points down at 81,183.93
Intraday, Nifty fell as much as 1.37% to 24,801.3 and Sensex lost as much as 1.48% to hit a high of 80,981.93
Both Nifty and Sensex hit its lowest level since August 26
Broader indices also ended lower; Nifty Midcap 100 ended 1.59% lower while Nifty Smallcap 250 closed 1.25% down.
All sectoral indices ended lower; Nifty PSU Bank fell the most
Asian Paints, JSW Steel and Bajaj Finance were top Nifty gainers
SBI and BPCL were top losers among Nifty stocks
The company approved early closure of NCD issue. The sale will close on Sept. 6 instead of Sept. 17.
Source: Exchange filing
The Nifty has lost over Rs 2.4 lakh crore today as the benchmark declines over 300 points. The Sensex has lost Rs 2 lakh crore in value.
Synergy Green Industries received order of Rs 163.74 crore from Vestas Wind Systems for 2 MW and 4 MW parts, split equally between domestic and export requirements.
Source: Exchange filing
Signs long-term deal with Dynamatic Technologies for Airbus A220 door program
Source: Exchange filing
Substantial growth in fleet count expected with ungrounding of 28 aircraft
Potential expansion of fleet with 147 Boeing 737 Max order
Rs 3,700 crore outstanding to lessor, engineering liabilities
Outstanding statutory dues worth Rs 650 crore
Grounding of aircraft along with surging costs led to outstanding liabilities
Have a code share agreement with Middle Eastern airline, exploring more such options
JV commences commercial production of tiles at Nepal facility
Source: Exchange Filing
Opens new Formaldehyde & Hexamine manufacturing plant in Gujarat
Source: Exchange Filing
August stainless steel sales volume up 91% at 7,060 MT
August aluminium foil sales volume up 23% at 1,561 MT
August carbon steel sales volume up 25% at 1.42 lakh MT
August sponge iron sales volume up 55% at 86, 386 MT
August pellet sales volume down 42% at 43,455 MT
August speciality alloys sales volume up 29% at 17,952 MT
Source: Exchange Filing
Opens 7-screen multiplex at Mohali, Punjab
Source: Exchange Filing
Co and Moebius Medical gets fast track designation for Osteoarthritis treatment
Source: Exchange Filing
Gets nod to set up 12.72 MW Wind-Solar Hybrid Power Project
Source: Exchange Filing
Company keeps exploring business opportunities to expand operations
No material information to disclose
Clarifies on report of company's bid for Ayana Renewable
Source: Exchange Filing
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HDFC MF raises stake in company by 2%
HDFC MF's stake in company now stands at 9%
Source: Exchange Filing
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IPO to include fresh issue of 2.34 crore shares
Source: DRHP
Rama Steel Shares Jump As Company Partners With Onix Renewable For Solar Energy Projects
Ola Electric Stock Declines As Anchor Lock-In Ends For 18 Crore Shares
Baazar Style Retail Shares List Flat At IPO Price On Market Debut
Bajaj Finance Gets Target Price Hike From Jefferies As Credit Costs Seen Falling, Shares Rise
SBI Downgraded To 'Sell' By Goldman Sachs As Headwinds Pick Up
At pre-open, Nifty was 25085.15, down 0.24% or 59.95 points and Sensex was at 82148.64, down 0.06% or 52.52 points.
-The yield on the 10-year bond opened flat at 6.85%.
-It closed at 6.85% on Thursday.
Source: Bloomberg
Rupee strengthened by 2 paise to open 83.96 against the US dollar.
It closed at 83.98 on Thursday.
Source: Bloomberg
Gets Establishment Inspection Report from US FDA after inspection at Andhra Pradesh facility
US FDA classifies Andhra Pradesh facility as 'Voluntary Action Indicated'
Source: Exchange Filing
Downgrades to 'sell', target price Rs 350 as against Rs 434 earlier, downside of 19.4%
Fundamentals have significantly improved, however re rating is overdone
Limited visibility on medium/long term growth outlook
Current share price implies 8-10% Ebitda growth till FY30, which is unlikely
Multiples are at significant premium to Bharti’s or Jio’s
Vodafone’s continued share erosion, reduction Bharti’s tendency roll outs are negative catalysts
Downgrades to 'sell' from 'neutral' with target of Rs 742 and 9% downside
Risk reward profile turning unfavourable
Headwinds to ROA sustainability, expect sub-1% ROA by FY26
Lower loan growth given widening gap between deposits & loans
Increase in credit costs from MSME / Agri / unsecured
Cut EPS by 3-9% and target multiple to 1 time from 1.2 times earlier
August client base up 62.9% at 2.67 crore
August average client funding book up 169.6% at Rs 3,852 crore
August gross client acquisition up 22.9% at 9 lakh
Source: Exchange Filing
Maintains 'hold' with target of Rs 1,100, implying upside of 1.8%
Key argument for further upside is potential shift up in JLR’s valuation versus Porsche
JLRs underperformance between 2017-22 got its valuation to 1.5-2 times EV/EBITDA
Currently trading at 3-4 times EV/EBITDA but still 50% lower than Porsche
Every 1 time expansion in JLRs EV/EBITDA multiple is 10-15% accretive to TaMo stock price
Resale value trends, a proxy for brand-perception remain inferior vs Porsche
JLR catching up on financial metrics to Porsche
Porsche has lead on EVs but JLR scheduled to launch soon
Lowers FY25 GDP growth forecast to 6.7% YoY from 6.9%
Lowers FY25 CPI inflation forecast to 4.1% from 4.4%
Lowers FY25 current account deficit forecast to 1% of GDP from 1.1%
Increases cumulative RBI rate cut expectations from 75bps to 100bp
India’s strong medium-term growth drivers to ensure GDP growth of 7%
Sees rising downside risks for FY26 as well
Downside growth risks: political instability, stalled reforms, sluggish capex, excess monsoons
Upside risks: Resilient consumer demand, pvt capex revival
Oil prices pose two-sided risks for India
Maintains 'buy' with target of Rs 300, upside 25%
Margin expansion to mid-teens on track
Truck volumes could potentially improve from second half
Mid-to-long term outlook driven by economic growth and
Triggering of replacement-led demand as fleet-age remains at record levels
Co gaining share in buses/LCVs
Spares, Defense, and Power Solutions business also faring quite well
Improving mix & cost controls gives confidence on mid-teen margin guidance
One of the least expensive OEMs, with 13% EPS CAGR, net-cash b/s, >25% RoCE
Maintains buy with a target of Rs 8,410
Jefferies met with management of Bajaj Finance
Indicated that bounce rates are falling, Expect credit costs to fall Q3
Tightening credit screens, growth to moderate to 25-26%
Earnings growth should pickup from H2FY25
ONGC remains top pick, followed by HPCL, GAIL (India)
Prefer HPCL and BPCL over IOCL
ONGC: Dividend growth, recovering cash flows, better production outlook to drive re-rating
GAIL India: Higher transmission volumes & tarrifs, new pipelines to drive return on capital employe
Gujarat Gas: Simpler group structure to offer more than 70% upside
RIL: Expect 11% EPS CAGR over F23-F26 with multiple triggers
Expects next leg of re-rating for Deepak Nitrite
Well-supplied markets, strong domestic demand, project monetisation to benefit India's energy value chain
Approves allocation of 1.3 cr shares to QIBs at Issue price of Rs 1,150/share
Source: Exchange Filing
Enters into purchase power agreement for Solar Power via special purpose vehicle Suryadeep RJ1 Projects
Suryadeep RJ1 Projects is setting up solar power plant at Barmer, Rajasthan
Source: Exchange Filing
FII inflows effect on commencement of US rate cut cycle
Net negative in 3/4 instances in immediate 1months/3months
Global risk-off scenarios key driver of short-term outflows
Remains positive over 12 months in most cases
Healthcare and Staples do well over 12 months following rate cute cycle
Global peers believe India remains relatively better placed vs overall EMs
Remove Industrials & Utilities from sector preferences
Add HUL to preferred list seeing improvement on rural side
Add Bharti Hexacom to mid-cap list post initiation
Key Overweight Sectors: Banks/Insurance, Telecom, Healthcare
Key Underweight Sectors: Consumer Discretionary, IT Services, Metals
Changes to Preferred Picks:
Board approves allotment of NCD aggregating to Rs 425 crore, through private placement
Source: Exchange Filing
Acquires first tranche of 1.2 lk shares of Helios on September 5
Company's stake in Helios increases to 94.24% from 50.40%
Company on August 30 announced approval for acquisition of remaining 49.6% stake in Helios Lifestyles
Helios Lifestyles is a subsidiary of the company
Source: Exchange Filing
Rama Steel Tubes: Hrti Private Limited bought 87.2 lakh shares (1.72%) at Rs 13.07 apiece.
Oswal GreenTech: Oswal Agro Mills Ltd. bought 124.61 lakh shares (4.85%) at Rs 51 apiece. Bhavani Techno Projects Limited sold 48.54 lakh shares (1.89%), Appu Impex Ltd. sold 36.86 lakh shares (1.43%), Alliance Techno Projects Limited sold 26 lakh shares (1.01%) and Luckystar Entertainments Limited sold 13.2 lakh shares (0.51%) at Rs 51 apiece.
Max Financial Services: Max Ventures Investment Holdings Private Limited sold 110 lakh shares (3.18%) at Rs 1107.37 apiece.
RattanIndia Enterprises: Lgof Global Opportunities Ltd sold 117.92 lakh shares (0.85%) at Rs 81.94 apiece and Connecor Investment Enterprise Ltd sold 82.61 lakh shares (0.59%) at Rs 83.45 apiece.
Thangamayil Jewellery: Chandramogan R G bought 3.53 lakh shares (1.28%) at Rs 2140 apiece.
Ashoka Buildcon’s Arm Viva Highways Monetises Pune Land
Shanti Educational Initiatives: New Leaina Investments Limited sold 18 lakh shares (1.11%) at Rs 119.32 apiece and LGOF Global Opportunities Ltd. sold 22.77 lakh shares (1.41%) at Rs 119 per share. On the other hand, Legends Global Opportunities (Singapore) Pte. Ltd. bought 22.77 lakh shares (1.41%) at Rs 118.85 apiece.
Shree Tirupati Balajee Agro: The IPO has been subscribed 6.36 times on the first day. The bids were led by retail investors (7.93 times), non-institutional investors (5.25 times), and institutional investors (4.46 times).
Aditya Birla Fashion To Raise Rs 500 Crore Via NCDs
Fresh Saudi Projects Bump Up KEC International's Order Book By Rs 1,423 Crore
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