Stock Market Today: Sensex, Nifty End Volatile Session Off Record High; FPIs Turn Net Buyers

Overseas investors turned net buyers of Indian equities after two days on Thursday.

Foreign portfolio investors mopped up stocks worth Rs 294.69 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors became net sellers and offloaded stocks worth Rs 50.80 crore, after being net buyers for five consecutive days, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,29,830 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed 7 bps lower at 7.13% on Thursday.

Source: Bloomberg

• The local currency weakened 5 paise to close at Rs 83.04 against the U.S dollar on Thursday.

• It closed at 82.99 on Wednesday.

Source: Bloomberg

India's benchmark stock indices fluctuated through Thursday after scaling record highs in early trade. The indices advanced for the second day after being dragged down by the small and mid cap rout on Tuesday.

Sensex rose 0.45% to scale a new high at 67,771.05 points intraday, while Nifty 50 advanced 0.49% to hit record high at 20,167.65 points. Broader markets were outperforming larger peers as Nifty Smallcap 250 rose as much as 1.47% and Nifty Midcap 150 advanced 1.05% intraday.

PSU banks, metal, realty and auto sectors led while fast moving consumer goods, media and consumer durables were under pressure.

The S&P BSE Sensex closed up 52 points, or 0.08%, at 67,519.00 points, while the NSE Nifty 50 was 33 points of 0.16% higher at 20,103.10 points.

European stocks were little changed and the euro edged higher as traders braced for the European Central Bank’s interest-rate decision. The Stoxx 600 was steady, while S&P 500 futures climbed after Wednesday’s U.S. inflation report was in line with estimates, fanning hopes the Federal Reserve will pause rate hikes.

Japan’s Nikkei 225 outperformed the region and equities in South Korea and Australia also gained. Hong Kong and mainland China shares fluctuated as concerns remained in the property sector. Country Garden Holdings Co. fell as the deadline approaches for holders of a yuan bond to vote on the company’s repayment extension request.

Infosys Ltd., Mahindra & Mahindra Ltd., Hindalco Industries Ltd., Axis Bank Ltd., and Tata Steel Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, ITC Ltd., Asian Paints Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and HDFC Bank Ltd. were negatively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 1.02%, whereas S&P BSE SmallCap Index was also 1.15% higher.

All the 20 sectors compiled by BSE advanced. S&P BSE Realty, S&P BSE Metal, S&P BSE Oil & Gas and S&P BSE Commodities rose the most.

The market breadth was skewed in the favour of the buyers. About 2,441 stocks rose, 1,207 declined, while 156 remained unchanged on the BSE.

• 18.5 lakh shares changed hands in a large trade..

• 0.01% equity changed hands at Rs 37.00 apiece

• Buyers and sellers not known immediately.

Source: Bloomberg

Shares of NMDC Ltd. rose over 5% intraday after it increased the price of iron ore lump by Rs 300 to Rs 4,950 per tonne. It also hiked the price of iron ore fines by Rs 300 to Rs 4,210 per tonne.

The scrip rose as much as 4.82% to Rs 149.05 per share as of 2:45 p.m., in comparison with 0.04% advance in the NSE Nifty 50. It rose as much as 5.49% intraday to hit Rs 150 apiece, the highest level since May 14, 2021.

The stock has gained 21% on a year-to-date basis. Total traded volume so far in the day stood at 2.6 times its 30-day average. The relative strength index was at 74, implying that the stock maybe overbought.

Of the 21 analysts tracking the company, 17 maintain a 'buy' rating, two recommend a ‘hold’, and two suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 4.9%.

• 20.6 lakh shares changed hands in a large trade.

• 0.08% equity changed hands at Rs 182.40 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 12.6 lakh shares changed hands in a large trade.

• 0.01% equity changed hands at Rs 73.95 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Oil India Chairman

• Oil India sees crude output at 3.8 million tons FY24, 4 million tons in FY25.

• Oil India says $150 million dividend stuck in Russia.

Source: Bloomberg

• Zee Entertainment Ltd. was served with appeal on behalf of Axis Finance as latter moves NCLAT against the merger nod with Sony Pictures Networks India.

• Served with appeal on behalf of Axis Finance before NCLAT Delhi.

• Axis Finance has challenged August 10 order of NCLT, Mumbai

• Alert: NCLT approved on arrangement scheme among Zee Entertainment, Bangla Entertainment Private and Culver Max Entertainment

• Alert: Culver Max Entertainment Private was formerly Sony Pictures Networks India Private

• 23.5 lakh shares changed hands in a large trade.

• 0.03% equity changed hands at Rs 92.10 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Gets order of $1.2 million for transit space order in Merida, Mexico.

• To modernize of fare collection system and existing validator equipment in buses.

• To supply SCV500+ onboard validators and GV7 Gate validators.

• Order to be delivered over next six months.

Source: Exchange Filing

• In pact with BAE Systems to bring BvS10 All-Terrain Vehicle to India.

• Pact to offer the BvS10 for an Indian Armed Forces programme.

• BAE Systems and company upgraded BvS10 to meet specific requirements of Indian Armed Forces.

Source: Exchange Filing

India's benchmark stock indices pared some gains during midday after scaling fresh life highs in early trade on Thursday. Sensex rose 0.45% to scale a new high at 67,771.05 points intraday, while Nifty 50 advanced 0.49% to hit record high at 20,167.65 points.

Broader markets were outperforming larger peers as Nifty Smallcap 250 rose as much as 1.47% and Nifty Midcap 150 advanced 1.05% intraday. Metal, PSU banks and realty sectors led and pharmaceutical and fast moving consumer goods shares were under pressure.

As of 12:21 p.m., the S&P BSE Sensex was up 14 points, or 0.02%, at 67,481.10, while the NSE Nifty 50 was 11 points of 0.06% higher at 20,081.30.

Hindalco Industries Ltd., Infosys Ltd., Tata Steel Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Asian Paints Ltd., and Kotak Mahindra Bank Ltd. were negatively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.83%, whereas S&P BSE SmallCap Index was also 1.27% higher.

All the 20 sectors compiled by BSE advanced. S&P BSE Metal, S&P BSE Oil & Gas, S&P BSE Commodities and S&P BSE Realty rose the most.

The market breadth was skewed in the favour of the buyers. About 2,479 stocks rose, 1,045 declined, while 157 remained unchanged on the BSE.

Shares of Grasim Industries Ltd. hit a record high after the Aditya Birla Group, unveiled the brand name of its paints business, ‘Birla Opus’. The market launch of Birla Opus is scheduled for March quarter of fiscal 2024, as per its exchange filing.

Ahead of the launch, Grasim has successfully piloted the painting services in key metros and introduced a range of imported wood finishes. Grasim had previously committed an investment of Rs 10,000 crore towards setting up the paints business. Its manufacturing plants are located in Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra, and West Bengal.

The paints business will have a total capacity of 1,332 million litres per annum, and will serve across the country. "We endeavour to become a profitable No. 2 player in the coming years and announcing our brand name is the first of many steps that will follow in this direction.” said Kumar Mangalam Birla, Chairman, Aditya Birla Group.

He added that “foray into decorative paints is a strategic portfolio choice that enables us to tap into a high-growth market and expand our presence in the vibrant Indian consumer landscape."

Shares rose 0.10% to Rs 1,935 apiece on Thursday, this compared to the 0.07% advance in the NSE Nifty 50 Index as of 11:55 a.m. The stock rose as much as 1.09% intraday to hit a lifetime high at Rs 1,954 apiece.

The stock has risen 12.1% on a year-to-date basis. Total traded volume stood at 2.4 times its 30-day average. The relative strength index was at 75, implying that the stock maybe overbought.

Out of the 10 analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.1%.

• Signs MoU with state government to establish and develop Club Mahindra Resorts in Uttarakhand.

• Estimated investment of nearly Rs. 1,000 crores to be made over few years.

Source: Exchange Filing

• 20.3 lakh shares changed hands in a large trade.

• 0.13% equity changed hands at Rs 238.30 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Tata Motors Passenger Vehicles MD

• Company plans exclusive e-car showrooms.

• To set up e-car outlets from coming quarters in phases.

Source: Cogencis

• 49 lakh shares changed hands in two large trades.

• 1% equity changed hands at price range of Rs 339.15 to Rs 339.30 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• To launch its paints business under brand name 'Birla Opus'.

• Grasim to offer full suite in the decorative paints segment.

• Alert: Grasim Industries is flagship company of the Aditya Birla Group.

Source: Exchange Filing

Shares of Macrotech Developers Ltd. hit a record high after its management highlighted during the Jefferies Asia Forum that the housing market was strong with supply and demand in balance.

The company said that FY24 pre-sales and cash collection targets are on track. Even after cutting debt below the guided levels, management sees excess cash surplus in FY24, as per the Jefferies note.

• Maintains a 'buy' rating with a price target of Rs 860 apiece, implying a 9% upside over the next 12 months.

• Indian housing space is in a 'Goldilocks' situation, as per the management, wherein the demand and supply are well balanced. The top seven cities in India have seen approximately four lakh units sold per annum, which is under-penetrated as compared to the large and growing populations.

• Company's pricing strategy is to keep the annual appreciation of homes a little lower than salary hikes; which is likely to boost affordability.

• Margin outlook is positive, as per Jefferies as the largest cost of construction labor remains in good supply.

• The company typically enters a joint development agreement with land owners with a target margin of 16-20% for its own, which has worked well with the Mumbai Eastern suburb sales. JDA sales hit 25% share in FY23, and Lodha targets to scale it to 40% in FY24.

• Jefferies says that "Lodha is known for churning and that is helping the company to do deals ahead of competitors."

• Management targets an operating cash flow surplus of Rs 6,000 crore in FY24 and after payment for interest, taxes, dividend and targeted debt reduction. It would still have about Rs 3000 to Rs3500 crore of surplus left, part of which is committed for business development and the remaining can be used for further project acquisition and/or debt reduction. This can potentially accelerate growth according to Jefferies.

• Management also highlighted its digital Infrastructure business where it is leveraging on its large 4,300 acre Mumbai land bank to deliver 20% return on equity.

• Jefferies builds the cyclical property cycle uptick as the main factor in its residential business forecasts. A large land bank and deleveraging could drive market share gains for Lodha, as per Jefferies.

• In a base case scenario, Jefferies assumes pre-sales to rise as the company deploys its balance sheet in new project signings.

Shares rose 1.65% to Rs 806.55 apiece on Thurday, as compared to the 0.13 advance in the NSE Nifty 50 Index as of 11:33 a.m. The stock rose as much as 3.50% intraday to hit a lifetime high at Rs 821.2 apiece.

The stock has risen 48% on a year-to-date basis. Total traded volume stood at 2.7 times its 30-day average. The relative strength index was at 70, implying that the stock maybe overbought.

Out of the 17 analysts tracking the company, 10 maintains a 'buy' rating, five recommend a 'hold' and two suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 5.3%.

• 14 lakh shares changed hands in a large trade.

• 0.12% equity changed hands at Rs 214.20 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 12.7 lakh shares changed hands in a large trade.

• 0.01% equity changed hands at Rs 73.00 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Shares of Bank of India rose to an over four year high after the state-run lender's issue of Basel III-compliant Tier II bonds amounting to Rs 2,000 crore was oversubscribed.

The base size is Rs 1,000 crore, and the green shoe option is Rs 1,000 crore. It received a total bid of Rs 3,770 crore in response from investors, and the issue was oversubscribed by 3.77 times against the base issue size.

The scrip rose 2.85% to Rs 106.5 apiece on Thurday, as compared to the unchanged Nifty 50 Index.

The stock rose as much as 4.10% intraday to Rs 107.8 apiece, highest level since since April 2, 2019.

The stock has risen 21.19% on a year-to-date basis. Total traded volume stood at 4.2 times its 30-day average. The relative strength index was at 80, implying that the stock maybe overbought.

Out of the three analysts tracking the company, two maintaisn a 'buy' rating, one recommends a 'hold' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 2.2%.

A step-down subsidiary of Adani Enterprises Ltd., Adani Global Pte. incorporated a joint venture in Singapore for sales and marketing of green ammonia, green hydrogen, as per its exchange filing.

The conglomerate's unit entered into a joint venture with Kowa Holdings Asia Pte's to form Kowa Green Fuel Pte. on Sept. 13, 2023 in Singapore. The JV will look after the sales and marketing of green ammonia, green hydrogen and its derivatives in territories of Japan, Taiwan and Hawaii

Adani will hold 50% stake in the joint Kowa Green Fuel Pte., which is yet to commence its business operations

Shares of Adani Enterprises Ltd. rose 0.25% to Rs 2,525.15 apiece on Thursday, as compared to 0.10% advanced in the Nifty 50 Index.

The stock rose as much as 1.04% intraday to Rs 22,545 apiece, highest level since since Sept. 12, 2013.

The stock has fallen 34.5% on a year-to-date basis. The relative strength index was at 51.7.

One analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data.

Shares of NBCC (India) Ltd. rose over 12% after the company secured an order worth Rs 180 crore for project management services at SAIL's Bokaro plant.

Further, the builder signed a quadripartite MoU with the Ministry of Steel, Rashtriya Ispat Nigam, and National Land Monetization Corp. for monetisation of RINL's non-core assets at Vishakhapatnam.

Shares jumped as much as 10.66% at Rs 62.30 apiece, this compared to 0.35% advanced in the Nifty 50 Index as of 10:07 a.m.

The stock hit an intraday high of 12.79% the most since March 29 at Rs 63.50 apiece.

The stock has risen 60.44% on a year-to-date basis. Total traded volume stood at 6.6 times its 30-day average. The relative strength index was at 71, suggesting stock may be overbought.

Out of the four analysts tracking the company, two recommend a 'hold' and two suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 33.1%.

• Nifty 50 advanced 0.49% to hit record high at 20,167.65 points.

• Sensex rose 0.45% to scale a new high at 67,771.05 points.

Source: Bloomberg

The stock Bombay Dyeing & Manufacturing Co. rose to a near five-year high on Thursday after it announced the sale of its Worli land to Sumitomo Realty's unit.

Wadia Group-owned Bombay Dyeing agreed to sell 22 acres of land to Goisu Realty Pvt., a subsidiary of Japan-based developer Sumitomo Realty & Development Co. for Rs 5,200 crore in one of India's biggest land deals to repay debt and fund future projects.

Upon shareholders' approval, Bombay Dyeing will receive about Rs 4,675 crore from the buyer for Phase I, the retail-to-real estate company said in an exchange filing. The balance amount of about Rs 525 crore will be received upon completion of certain conditions by Bombay Dyeing and execution and consummation of the definitive agreements for Phase II.

Shares jumped as much as 20% to a nearly five year high at Rs 168.6 apiece since Sept. 28, 2018, before paring gains to trade 16.05% higher at Rs 163.05 per share. This compared to 0.35% advanced in the Nifty 50 Index.

The stock has risen 106% on a year-to-date basis. Total traded volume stood at 23 times its 30-day average. The relative strength index was at 67.6.

Out of the 35 analysts tracking the company, 23 maintaisn a 'buy' rating, eight recommend a 'hold' and four suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 2.9%.

• Nifty 50 advanced 0.45% to hit record high at 20,159.60 points.

• Sensex rose 0.42% to scale a new high at 67,748.46 points.

Source: Bloomberg

• 10.8lakh shares changed hands in a large trade.

• 0.5% equity changed hands at Rs 168.60 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Adani Global Pte incorporated a joint venture company Kowa Green Fuel Pte on September 13

• Incorporated JV company Kowa Green Fuel Pte with Kowa Holdings Asia Pte

• Incorporation for sales and marketing of green ammonia, green hydrogen and its derivatives in territories of Japan, Taiwan and Hawaii

• Kowa Green Fuel Pte is yet to commence its business operations

• Company to hold 50% stake in the joint venture

• Note: Adani Global Pte is a step-down subsidiary of the company

Source: Exchange Filing

The broader market indices opened higher; the S&P BSE MidCap Index was up 0.72%, whereas S&P BSE SmallCap Index was also 0.97% higher.

All the 20 sectors compiled by BSE advanced. S&P BSE Metal, S&P BSE Realty rose the most.

The market breadth was skewed in the favour of the buyers. About 1,787 stocks rose, 360 declined, while 108 remained unchanged on the BSE.

India's benchmark stock indices opened higher and hit fresh lifetime highs in pre-market trades on Thursday after a higher close on Wednesday.

At pre-open, the S&P BSE Sensex was up 160 points, or 0.25%, at 67,627.03, while the NSE Nifty 50 was 58 points of 0.29% higher at 20,127.95.

Asian stocks rose on cautious optimism the Federal Reserve may pause rate hikes following the U.S. inflation report that was in line with estimates.

Equities in Hong Kong, Japan and South Korea gained while those in mainland China and Australia edged higher, as a benchmark index for the region snapped a two-day loss. Futures contracts for U.S. equities also rose during Asian trading.

The core consumer price index in U.S., which excludes food and energy costs, advanced 0.3% from July, the first acceleration in six months. From a year ago, it increased 4.3% — in line with estimates and marking the smallest advance in nearly two years. It’s still above the Fed’s 2% goal.

On Wednesday, the S&P 500 was little changed while the Dow Jones Industrial Average underperformed. American Airlines Group Inc. led US stock losses after cutting its earnings outlook amid a jump in jet fuel prices.

• Increases price of iron ore lump by Rs 300 to Rs 4,950 per tonne

• Increases price of iron ore fines by Rs 300 to Rs 4,210 per tonne

Source: Exchange Filing

• At pre-open, the S&P BSE Sensex was up 160 points, or 0.25%, at 67,627.03, while the NSE Nifty 50 was 58 points of 0.29% higher at 20,127.95.

Source: Bloomberg

• The yield on the 10-year bond opened 3 bps lower at 7.17% on Thursday.

• It closed at 7.20% on Wednesday.

Source: Bloomberg

• The local currency opened flat at Rs 82.97 against the U.S dollar on Thursday.

Source: Bloomberg

• Commences commercial production of clinker at Ametha in Madhya Pradesh.

• Facility has clinker capacity of 3.3 MTPA and cement capacity of 1 MTPA.

• Facility is ESG compliant with 16.3 MW of WHRS capacity and up to 15% of AFR potential.

• Alert: WHRS stands for Waste Heat Recovery System.

• Alert: AFR stands for Alternative Fuels and Raw Material.

Source: Exchange Filing

• U.S. Dollar Index at 104.7

• U.S. 10-year bond yield at 4.23%

• Brent crude up 0.50% at $92.34 per barrel

• Nymex crude up 0.46% at $88.94 per barrel

• GIFT Nifty up 32.5 points or 0.16% at 20,178.5 as of 8:05 a.m.

• Bitcoin down 0.08% at $26,205.79

• Price Band Revised From 20% To 10%: ITI, NIIT

• Price Band Revised From 20% To 5%: Bajaj Electricals

• Ex-date Dividend: Refex Industries, J. Kumar Infraprojects, Amrutanjan Health Care, Prestige Estates Projects, TV Today Network, Vadilal Industries, Radico Khaitan, Caplin Point Laboratories, Ganesha Ecosphere, Paisalo Digital, BLS International Services, RHI Magnesita India, GOCL Corp., Sandhar Technologies

• Ex-date AGM: Refex Industries, India Cements, J. Kumar Infraprojects, Amrutanjan Health Care, Radico Khaitan, Vadilal Industries, Jai Balaji Industries, Man Industries (India), Caplin Point Laboratories, Ganesha Ecosphere, Paisalo Digital, BLS International Services, Shyam Metalics and Energy, RHI Magnesita India, Prince Pipes and Fittings, GOCL Corp., Sandhar Technologies, Capacite Infraprojects.

• Record-date Dividend: J. Kumar Infraprojects, Amrutanjan Health Care, Prestige Estates Projects, TV Today Network, Vadilal Industries, and Sandhar Technologies

• Ex/Record Date Demerger: Bajaj Electricals

• Ex/Record Date Buyback: BSE.

• Move Out Of Short-Term ASM Framework: MPS, Pearl Global Industries, and Shakti Pumps (India)

Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy revoked a pledge of 1,55 lakh shares on Sept. 11.

Stove Kraft: Promoter Rajendra Gandhi revoked a pledge of five lakh shares on Sept. 12.

ADF Foods: Promoter Krish Bhavesh Thakkar sold 26,470 shares between Sept. 8 and 11.

Safari Industries (India): Promoter Safari Commercial sold 10,000 shares on Sept. 11.

Star Cement: Promoter Vinay and Company sold 9,500 shares between Sept. 7 and 8.

Ultramarine & Pigments: Promoter Deepa Ajay sold 8,337 shares on Sept. 12.

Jaiprakash Power Ventures: Jainam Broking bought 5.87 crore shares (0.85%) at Rs 9.7 apiece.

JTL Industries: SBI General Insurance bought six lakh shares (0.35%) at Rs 201 apiece.

NIIT: Mansi Share and Stock Advisors sold five lakh shares (0.37%) at Rs 140.75 apiece.

RattanIndia Power: Abarc-Ast-002-Trust sold three crore shares (0.55%) at Rs 6.5 apiece.

• Adani Enterprises: Adani Wind's 5.2 MW wind turbine generator, which is India's largest turbine, has received type certification from WindGuard GmbH. The certification enables Adani Wind to start series production for global markets.

• Wipro: The IT major has launched a cyber defence centre in Dusseldorf, Germany, that will use Microsoft’s portfolio of cybersecurity products for IOT solutions.

• Bank of India: The state-run lender has come out with an issue of Basel III-compliant Tier II bonds amounting to Rs 2,000 crore. The base size is Rs 1,000 crore, and the green shoe option is Rs 1,000 crore. It received a total bid of Rs 3,770 crore in response from investors, and the issue was oversubscribed by 3.77 times against the base issue size.

• Bombay Dyeing: The Wadia Group-owned company has agreed to sell 22 acres in Mumbai's Worli to Goisu Realty for Rs 5,200 crore in a bid to repay debt and fund future projects. Upon shareholders' approval, the transaction will happen in two phases. Goisu Realty is a subsidiary of Japan-based developer Sumitomo Realty & Development Co.

• IRCTC: The company signed an MoU with Maharashtra State Road Transport Corp. to enable MSRTC's online bus booking services via its bus booking portal.

• Aditya Birla Fashion and Retail: Premium fashion brand Louis Philippe announced its foray in the Middle East with the opening of the brand’s newest outlet in the UAE. The company plans to increase its retail footprint by launching several additional outlets for its brands throughout the Middle East in the near future.

• Suven Pharmaceuticals: The government has approved up to Rs 9,589 crore in foreign investment in the drugmaker. The approval is for the acquisition of up to 76.1% of the company by Cyprus-based Berhyanda. The aggregate foreign investment in the company will increase by 90.1%.

• NBCC: The company secured an order worth Rs 180 crore for project management services at SAIL's Bokaro plant. Further, the builder signed a quadripartite MoU with the Ministry of Steel, Rashtriya Ispat Nigam, and National Land Monetization Corp. for monetisation of RINL's non-core assets at Vishakhapatnam.

• Lloyds Steels Industries: The company signed a deal with Bhabha Atomic Research Centre for the transfer of technology for multi-effect distillation with thermovapor compression desalination. The licence will aid the company in executing orders related to desalination and will be valid for five years.

• KPI Green Energy: The company has commissioned the 7.80 MW wind-solar hybrid power project, comprising 4.20 MW of wind and 3.60 MWdc solar capacity, through its wholly owned subsidiary KPIG Energia for Mono Steel India.

• Bajaj Healthcare: The company has received the Establishment Inspection Report from the U.S. FDA for pre-approval inspection at its Vadodara plant with zero 483 observations.

RR Kabel: The IPO has been subscribed 0.25 times, or 25%, on its first day. The bids were led by the portion reserved for employees, which was subscribed 0.58 times, or 58%; retail investors, which subscribed 0.36 times, or 36%; and non-institutional investors, which subscribed 0.29 times, or 29%. The IPO saw no bids from institutional investors.

Samhi Hotels: The company's IPO opens for subscription on Thursday. The hotelier and asset management platform is looking to raise a total of Rs 1,370 crore, out of which Rs 1,200 crore will be raised through a fresh issue. The price band is fixed in the range of Rs 119–126 per share. It has raised Rs 616.5 crore from anchor investors ahead of the IPO.

Zaggle Prepaid Ocean Services: The company's IPO opens for subscription on Thursday. The fintech product and solution provider plans to raise Rs 392 crore via a fresh issue. The price band is fixed in the range of Rs 156–164 per share. Ahead of its IPO, the company has raised Rs 253.5 crore from anchor investors.

Asian stocks rose on cautious optimism after Wall Street largely looked through a U.S. inflation report that was in line with estimates, reinforcing bets that the Federal Reserve may pause rate hikes but signal it’s not over yet.

Equities in Japan and South Korea gained slightly, while those in Australia edged higher ahead of an August jobs report.

The core consumer price index in the U.S., which excludes food and energy costs, advanced 0.3% from July, the first acceleration in six months. From a year ago, it increased 4.3%, in line with estimates and marking the smallest advance in nearly two years. It’s still above the Fed’s 2% goal.

On Wednesday, the S&P 500 was little changed, while the Dow Jones Industrial Average underperformed. American Airlines Group Inc. led US stock losses after cutting its earnings outlook amid a jump in jet fuel prices.

Brent crude prices were trading above $92 a barrel, whereas WTI crude was above the $88 mark. The yield on the 10-year U.S. bond was trading at 4.23%, and Bitcoin was below the $27,000 level.

At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 32.5 points, or 0.16%, at 20,178.5. U.S. Dollar Index at 104.7

India's benchmark stock indices recovered to rise through Wednesday after a volatile start. The Nifty was trading above the 20,000 level, whereas the Sensex was above the 67,500 mark. PSU banks, energy, and media sectors rose while I.T. and non-banking financial companies shares were under pressure.

Overseas investors remained net sellers of Indian equities on Wednesday for the second consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,631.6 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors remained net buyers and mopped up equities worth Rs 849.8 crore, the NSE data showed.

The local currency weakened about 7 paise to close at Rs 82.99 against the U.S. dollar on Wednesday.