Stock Market Live: GIFT Nifty Indicates Muted Open For Nifty, Sensex; Brent Crude Holds Above $93 A Barrel

Tega Industries’ board approved a preferential issue of shares worth Rs 95.4 crore to AP Jupiter Holdings, an Apollo Global entity.

The company will issue shares at Rs 1,994 each, representing a 14% premium to the current market price.

Sigachi Industries’ board approved a Rs 290.4 crore fund raise through the issue of 11 crore warrants to promoters and other investors.

The warrants will be issued at Rs 26.4 each, representing a 12.3% discount to the current market price.

Jefferies expects private power companies to outpace public sector peers as renewable capacity drives the next phase of India's power expansion.

Jefferies

• Expects the private sector to report a higher earnings CAGR than PSUs over the next decade.

• Estimates 63% of India's incremental power capacity addition over FY26–FY30E will come from the private sector.

• Expects the capacity addition to be largely renewable energy-driven.

• Estimates power demand CAGR of 6% over FY26–FY30E.

• Expects private sector generation to rise 9%.

• Remains constructive on the sector.

• Names Adani Energy and JSW Energy as its top private-sector picks.

Bank of Baroda raised an additional US$400 million through five-year senior unsecured fixed-rate notes under its medium-term note programme.

The notes were priced at a yield of 5.389% and carry a coupon of 5.318%.

Kotak Securities said cement pricing has remained relatively stable across most regions despite marginal price declines in some markets.

Kotak Securities

• Channel checks suggest cement prices have softened marginally.

• The decline has been lower than prior-year trends.

• Price weakness has largely remained restricted to select regions, particularly the East.

• Cement demand growth has remained robust.

• Expects margin pressures to peak in Q2 before improving thereafter.

• Maintains a cautious view on the sector because of demanding valuations.

Kotak Securities said the proposed mobile phone manufacturing scheme could support Dixon through a potential margin improvement.

Kotak Securities

• Said the scheme introduces a two-track framework.

• Target Scheme 1 focuses on scaling manufacturing and localisation through a 15% moving baseline revenue target.

• Target Scheme 2 aims to foster Indian smartphone brands.

• Said exports will be critical for consistently exceeding Scheme 1 growth hurdles.

• Said mobile production growth has been predominantly export-led.

• Scenario analysis suggests a 14-22 basis point Ebitda margin uplift for Dixon.

Federal Bank’s board approved raising up to US$500 million through foreign currency bonds via its GIFT City International Banking Unit.

The bonds can have a tenor of up to five years.

Kotak Securities said the proposed mobile phone manufacturing scheme could support Dixon Technologies through higher production and localisation.

Kotak Securities said the scheme introduces a two-track framework.

• Target Scheme 1 focuses on scaling manufacturing and localisation through a 15% moving baseline revenue target.

• Target Scheme 2 aims to foster Indian smartphone brands.

• Kotak said exports will be critical for brands to consistently exceed the growth hurdles under Target Scheme 1, given flat domestic smartphone sales in India.

• It said mobile production growth has been predominantly export-led.

• Kotak's scenario analysis suggests a 14–22 bps Ebitda margin uplift for Dixon from the mobile phone manufacturing scheme.

Axis Bank allotted US$300 million of senior notes under its US$5 billion global medium-term note programme.

The notes carry a coupon of 5.179% and will be listed on the India INX and NSE IFSC debt markets.

Kotak Securities upgraded Narayana Hrudayalaya after highlighting improving prospects across its insurance operations and continued growth in the India hospital business.

Kotak Securities

• Upgraded to Buy from Add.

• Raised target price to Rs 2,350 from Rs 2,220.

• Said concerns around Indian insurance are overdone.

• Expects losses in Indian integrated care to gradually reduce.

• Said the Cayman insurance outlook is improving.

• Expects Cayman insurance losses to decline faster following high acceptance of recent price hikes.

• Expects Cayman insurance to achieve Ebitda breakeven by the end of FY28.

• Said UK margins are poised to expand.

• Said the core India hospital segment continues to deliver with 39% YoY Ebitda growth.

• Said the India hospital business is trading at attractive valuations.

NTPC Green secured 500 MW of contracted capacity at a discovered tariff of Rs 6 per kWh.

The award adds contracted renewable capacity to the company’s portfolio.

Morgan Stanley said the reappointment of Vishal Mega Mart's managing director and chief executive officer for five years could address concerns around management succession.

Morgan Stanley

• Maintains Overweight.

• Target price: Rs 146.

• Said uncertainty around management succession has been a key overhang.

• Said the five-year reappointment could help allay market concerns to some extent.

• The stock has declined 14% in the past three months.

• Morgan Stanley said the stock trades at a relatively cheap valuation compared with discretionary peers despite consistent execution.

Zee Entertainment allotted 20.9 crore fully convertible warrants to its promoter group at Rs 126 each.

The company received 25% of the total Rs 660 crore upfront. The warrants can be converted into shares within 18 months, and the promoter group’s stake will increase to 17.9% after conversion.

UBS turned constructive on Apollo Tyres, citing an improving outlook for its India operations and a potential recovery in earnings.

UBS

• Upgraded to Buy from Neutral.

• Raised target price to Rs 590 from Rs 580.

• Said India operations are nearing an inflection point.

• Expects a better outlook for Europe.

• Said the stock continues to trade at a valuation discount to peers.

• Said management is taking concrete steps to strengthen the India business.

• Expects Q2FY27 to face further pressure as natural rubber prices increased.

• Expects a meaningful improvement in earnings thereafter.

• Projects Ebitda to rise 21% YoY in FY28.

• Said the market may be underestimating Apollo Tyres' medium-term earnings recovery potential.

Power Grid Corporation of India emerged as the successful bidder for a Gujarat renewable energy transmission project, adding a new transmission project to its portfolio.

The company received a letter of intent for the BOOT project under tariff-based competitive bidding, with a discovered tariff of Rs 822.91 crore per annum.

FTSE’s confirmed quarterly review changes will take effect on September 21, with adjustments scheduled for September 18, according to JPMorgan.

Meesho could receive inflows of $75.9 million, followed by Lenskart at $71.1 million, Infosys at $57.4 million, Groww at $56.2 million and Bharti Airtel at $55.2 million.

The Persian Gulf Strait Authority said vessels that breach Iranian transit rules could face fines, detention or confiscation during future passages through the Strait of Hormuz.

It added that vessels cooperating with ships on its Non-Compliant Vessels list would also be added to the list.

The US plans to use government agencies and legal powers to cut Iran’s economic links, according to a statement that described the action as an “economic D-Day”.

The statement also claimed that US forces had damaged Iran’s military factories and nuclear programme.

Iran’s parliamentary National Security and Foreign Policy Commission approved a provision to levy service fees on ships permitted to pass through the Strait of Hormuz, Al Jazeera reported.

The proposed fees cover maritime, environmental, fuelling, insurance and safety services. Payments would be collected in Iranian rials or another currency designated by Tehran.

Brent crude declined 1% to $93.45 a barrel. The oil benchmark remains more than 50% higher this year following supply disruptions caused by the US-Iran war.

The Nifty 50 gained 20.15 points, or 0.08%, to close at 24,252 on Friday. The Sensex rose 3.11 points to finish at 77,540.83.

Both benchmarks declined 0.7% over the week.

GIFT Nifty traded 30 points higher at 24,320, indicating a positive start for the Nifty 50.