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Rupee strengthened by 12 paise to open 83.57 against the US dollar after it closed at 83.69 on Thursday.
Source: Bloomberg
Nifty, Sensex record highest closing
Nifty ends at 25818.70, up 1.59% or 402.90 points
Sensex ends at 84574.06, 1.67% or 1389.26 points higher
Intraday, both Nifty and Sensex rose around 1.7% to hit their new record highs of 25,849.25 and 84,694.46 respectively
Both Nifty and Sensex hit new lifetime highs in four out of five sessions this week
Broader indices also rose; Nifty Midcap 100 ended 1.6% up while Nifty Smallcap 250 closed 1.06% higher.
All sectoral indices ended lower
Nifty Bank, Nifty Financial Services, and Nifty FMCG hit new record highs on Friday
M&M and ICICI Bank were top Nifty gainers
Grasim Industries and SBI fell the most
ITD Cementation India Ltd. shares hit the 20% upper circuit on Friday after reports said that Adani Group has become the top contender to acquire stake in the company. The share price rose to the highest level since Aug 29.
Patel Engineering has become lowest bidder for a Rs 240-crore hydro power project from NHPC. The work involve modification of diversion tunnel into tunnel spillway arrangement – Civil & Hydro Mechanical works for Package 6 - TEESTA-V Power Station in Sikkim.
Source: Exchange filing
US FDA has issued form 483 for Pithampur plant in Madhya Pradesh and has closed the inspection with one observation. "We will respond to the USFDA within the prescribed time-frame and will work in close collaboration with the agency to address the observation at the earliest possible time," the company said.
Source: Exchange filing
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The brokerage maintains a 'sell' on Vodafone with higher target of Rs 2.5, implying downside of 76%. The company has annual dues of $3.3 billion from FY26, rising to $5 billion from FY27, it said adding that AGR dues event increases probability of more tariff hikes for Vodafone. It expects cashflow to be negative for Vodafone Idea until FY31 and estimates ARPU to rise to Rs270 by 150% to be cashflow neutral
On Bharti Airtel, it maintains 'buy' with a target of Rs 1,700, implying upside of 1.7%. It has estimates elevated investments to translate into share gains and said this would be aided by tariff hikes in 2HCY25.
The brokerage has also maintained 'sell' on Indus Towers with target of Rs 350, implying downside of 11%. It said near term looks strong, limited visibility to long term growth. This is because of estimated share loss of Vodafone idea, it said.
Nomura has upgraded Vodafone to 'buy', keeping target unchanged at Rs 15, implying upside of 44.5%. Th company is likely to use the option of converting debt to equity, it said adding that it has total dues of Rs 430 billion to government starting FY26/27. It said that company will be able to convert Rs 120 billion of dues into equity.
Investec has rated Mankind Pharma as "buy" with target price of Rs 3,300 per share and upside 37.7%. The stock is the brokerage's top Pick as it outperforms IPM, supported by over 16,000 sales force and popular brands like Manforce and PregaNews.
Recently acquired Bharat Serums and Vaccines adds R&D strength in women's health and IVF, enhancing MNKI's specialty offerings, it said adding that it believes BSV has potential to drive growth for longer periods.
Citi Research has maintained a 'buy' rating on Airtel and has raised its target price to Rs 1950 from Rs 1750, implying upside of 16%. The target price upgrade is driven by solid execution driving market share gains, favourable industry outlook, robust earnings growth, solid FCF generation, deleveraging, and prudent capital allocation.
At pre-open, the Nifty was at 25525.9, up 0.58% or 148.40 points and the Sensex was at 83602.61, up 0.79% or 654.38 points.
The yield on the 10-year bond opened flat at 6.76% after closing at 6.76% on Thursday, according to Bloomberg.
Rupee strengthened by 6 paise to open 83.63 against the US dollar after it closed at 83.69 on Thursday, according to Bloomberg.
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Citi has maintained 'sell' on Lupin with target price of Rs 1,700 implying downside of 21.7% and Zydus Lifescience with target price of Rs 900 implying downside of 14.7%. It said that the US appeals vacates district court judgement in gMyrbetriq. Myrbetriq had contributed meaningfully in 1QFY25 numbers for both companies.
Axis Bank has clarified that its unit Axis Capital's activities were 'Bona Fide' and in compliance and that the arm will have no material impact due to SEBI Order
SEBI has barred Axis Capital from managing new debt offerings.
Source: Exchange filing
KRN Heat Exchangers has set IPO price band at Rs 209-220/share. The bid for issue will open on September 25 & close on September 27.
Source: Company Statement
Nuvama has maintained 'hold' with a lower target of Rs 11.5, implying upside of 10.2% as against Rs 16.5 earlier. It sees Supreme Court verdict as a big problem, even after its FPO and tariff hikes, is highly stretched balance sheet. It added that the company needed capital infusion, tariff hikes and liabilities waiver to survive and while the first two conditions have been met, liabilities waiver now appears to be off the table.
Citi Research, which maintain 'buy' has reduced target to Rs 17 from Rs 22 , upside. The new target implies 63% upside. It said it does not believe this impacts the ability to continue with planned network investments
Board has approved acquisition of further 9.56% in arm Elica PB for Rs 167 crore and post acquisition, company to hold 96.81% shares of arm.
Source: Exchange filing
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Damani Radhakishan also sold 1 lakh shares or 0.64% in VST Industries through a bulk deal at Rs 439.05 apiece. Among the buyers were Reliance Mutual Fund bought 0.85 lakh shares or 0.55% stake in the company at Rs 439.96 apiece and Thrift Savings Plan bought 0.83 lakh shares or 0.54% stake at Rs 440.74 apiece.
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