Tag: Adani Group

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Daily Market Feed Post Market Analysis

Bullish Weekly Expiry? – Post-Market Analysis

Financial Trading Concept with Green UP Arrow and a Stock Market Chart as a Background. 3D Render

NIFTY started the day at 19,439 with a gap-up of 42 points (near an important resistance zone). It immediately fell to 19,360 support levels after opening. After 10 AM, the index showed strength as banking stocks moved up, gradually crossed the day’s high (19,450 levels), and consolidated. Nifty closed at 19,444, up by 47 points or 0.25% 

Nifty chart August 23 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,064 with a gap-up of 71 points. Initially, the index came down to the round levels of 44,000 and took support. Then, there was no looking back and Bank Nifty showed a lot of strength on the upside— moving nearly 570 points to 44,500 zones! BNF closed at 44,479, up by 485 points or 1.1%. 

Bank Nifty chart August 23 - post-market analysis | marketfeed

All indices except Nifty FMCG (-0.49%), Nifty Metal (-0.13%), and Nifty Pharma (-0.13%) closed flat-to-green. Nifty PSU Bank (+1.7%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

Hindalco (+2.4%) was NIFTY50’s top gainer. The company plans to invest ₹2,000 crore in a copper & e-waste facility and ₹2,000 crore in a project with Indian Railways.

MMTC (+10.13%) jumped on the back of strong volumes.

Adani Enterprises (-6.2%) was NIFTY50’s top loser. 

Shares of Adani Group companies Adani Trans (-7.26%), Adani Power (-7.07%), and Adani Green (-4.3%) fell despite the conglomerate reporting a 42% YoY rise in pre-tax profit to ₹23,532 crore in Q1.

Brightcom Group (-4.9%) fell sharply after SEBI barred the company’s Chairman & CEO Suresh Kumar Reddy and CFO Narayan Raju from holding any directorial positions.

Markets Ahead

Banking stocks displayed notable strength today, which helped Bank Nifty move up with much more strength than Nifty. Adani Enterprises weighed down Nifty’s performance. Markets have given a good closing above the previous resistances of 19,420 in Nifty and 44,100 in Bank Nifty.

Nifty: The index is now out of the descending channel and gave a closing above it. However, Nifty still has a round level resistance near 19,500. To sustain the upward movement, Nifty must achieve a closing above this level. A breakout from 19,500 can give us targets of 19,600 and 19,640. Meanwhile, the immediate support levels to watch out for will be 19,420-400. A breakdown can give us targets of 19,360 and 300 eventually.

A flat opening with consolidation or a gap-up opening can be positive for the markets tomorrow. A gap-down opening might introduce volatility within a certain range for the index.

Bank Nifty: The index closed below the major round level resistance of 44,500. A breakout on the upside can give us targets of 44,750 and 45,000 eventually. The immediate support level to watch out for is near 44,300 level. A breakdown below 44,300 can push the index to 44,100 and 44,000 levels.

On a daily time frame, the index is at the resistance zone of an inverted Head and Shoulder pattern. So watch out if it’s being respected or giving a strong breakout!

What levels are you watching out for weekly expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Post Market Analysis

Bearish Weekly Closing in Nifty! Big Move Incoming? – Post-Market Analysis

NIFTY started the day at 19,301 with a gap-down of 63 points. The index tried moving up initially, but it took rejection from yesterday’s low of 19,330 levels and fell to 19,250 levels. Then, it mostly consolidated in a 50-point range. Post 1:30 PM, good buying kicked in, which took the index all the way up to 19,375 levels. However, the index couldn’t sustain the up-move and fell back below 19,300 zones. Nifty closed at 19,310, down by 55 points or 0.28% 

Nifty chart August 18 - post-market analysis

BANK NIFTY (BNF) started the day at 43,724 with a gap-down of 166 points. The index mostly consolidated throughout the day between 43,770 and 43,960 levels with a negative bias. BNF closed at 43,851, down by 40 points or 0.09%. 

Bank Nifty chart August 18 - post-market analysis

All indices except Nifty Media (+0.65%), Nifty PSU Bank (+0.23%), Nifty FMCG (+0.22%), and Nifty Metal (+0.2%) closed in the red. Nifty IT (-1.47%) fell the most.

Major Asian markets closed up to 2% in the red. European markets are currently trading in the red.

Today’s Moves

Adani Ent (+3.94%) was NIFTY50’s top gainer. Adani Ports (+%), Adani Green (+6.5%), Adani Power (+6.3%), and Adani Trans (+6.04%) rose sharply today.

Adani Group stocks were in focus after reports suggested that the Abu Dhabi National Energy Company PJSC (TAQA) is planning an investment of up to $2.5 billion in the group’s power business. However, both parties have denied all reports.

Vardhman Textiles (+7.9%) surged on the back of strong volumes.

Hero MotoCorp (-2.14%) was NIFTY50’s top loser.

TCS (-2%), Mphasis (-2.09%), INFY (-1.6%), TechM (-1.7%), Wipro (-1.4%), and other IT stocks fell today.

Manappuram Finance (-3.89%) fell the most in over three months after a block trade.

Markets Ahead

Markets are holding the major support levels but are clearly bearish and facing selling pressure in every uptick. On a weekly time frame, both indices have closed in the red for the 4th consecutive week.

If there’s a negative opening on Monday, we can expect the bearishness to continue!

Nifty: The index closed just above 19,300 zones but is still under heavy selling pressure. The immediate supports to watch out for are 19,300 and 19,250 levels (the lows from today and Wednesday). The immediate resistance will be 19,400 levels.

On a daily time frame, Nifty is moving in a down-trending channel. If there’s a gap-up opening, the markets could take a pause and be volatile. On the other hand, a weak opening can trigger a fall to 19,200 and 18,900 levels.

Bank Nifty: The index is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides as long as it trades in this range. The immediate resistance now will be 44,100 and immediate support will be 43,650 levels.

Do wait for the volatile range to be broken to get better clarity on the upcoming trend.

Meanwhile, Jio Financial Services will list on NSE and BSE on Aug 21. Reliance moved up with strength following the news today.

How did this week go? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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Daily Market Feed Pre Market Report

Trend Setting Day for Next Week of Trading! – Pre-Market Analysis Report

Here are some of the major updates that could move the markets today:

Stocks

PNB, TVS Motors, Shriram Finance, Trent and Zydus Life will be included in Nifty Next 50, with effect from September 29. ACC, FSN E-Commerce Ventures(Nykaa), HDFC AMC, Indus Towers, and Page Industries will be excluded.

NLC India has entered into a long-term power usage agreement with Rajasthan Urja Vikas Nigam for the supply of 300 MW of solar power.

Adani Group is said to have taken a group of local bond arrangers on a site visit last week, getting ready to sell Rs 1,500 crores worth of debt.

Zydus Lifesciences got final approval from the USFDA for Doxepin tablets used to treat insomnia. 

What Happened Yesterday?

NIFTY started the day at 19,450 at Monday’s high. From opening itself, the index was falling, and it fell 120 points. No major supports were broken, and NIFTY closed at 19,365, down by 99 points or 0.51% 

BANK NIFTY started the day flat at 43,897. While Nifty was weaker, Bank Nifty went down and then shot back up to create a new day-high. From there, the day-low was broken and after that consolidation was seen. BANK NIFTY closed at 43,891, down by 55 points or 0.13%. 

U.S. markets closed in the red. The European markets closed in the red.

What to Expect Today?

The Asian markets are trading mostly in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,300.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,360, 19,300 and 19,240 and 19,200. We can expect resistances at 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,840, 43,750 and 43,680 and 43,540. Resistances are at 43,960, 44,100, 44,277 and 44,520.

NIFTY has the highest call OI build-up at 19,400, with decent put OI build-up being seen here as well. The highest put OI build-up is at 19,300. PCR is at 0.83.

BANK NIFTY has the high call OI build-up at 44,000The highest put OI build-up is also at 44,000. PCR is at 0.75.

Foreign Institutional Investors net-sold shares worth Rs -1,510 crores. Domestic Institutional Investors net-bought worth Rs -314 crores.

INDIA VIX is at 12.24, slightly moving up again. 

I am looking eagerly into how the international markets will perform today, and if it will give NIFTY some direction next week. The U.S. market is seeing more and more falls per day along with a rise in volatility.

NIFTY and BANK NIFTY are near crucial supports, and it is important to note that they are at their worst closing levels in more than 40 days.

This does not mean that the market has to fall from here. But the combined factors including India VIX increasing 20% in the last 2 weeks and the markets reaching key supports, indicate that a fall is probable.

If the market shows strength today with FII buying, it would be a positive indication for the upcoming week.

So just like last week, this Friday could turn out to be a trendsetting day for the week ahead. Do watch out for the major supports ahead. If you are a bull in the market, keep watching 19,650 on the upper side to confirm the strength.

Hope you all had a good expiry yesterday. Let’s hope for more weeks of profitability going deeper into August.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Daily Market Feed Post Market Analysis

Supports Respected! Nifty Closes Above 19,400 – Post-Market Analysis

NIFTY started the day at 19,383 with a gap-down of 44 points. Within just 10min of opening, the index fell nearly 130 points to 19,260— breaching the support zones of 19,300. After the fake breakdown, Nifty moved up sharply by nearly 200 points throughout the day to 19,460 levels. Nifty closed at 19,434, up by 6.25 points or 0.03% 

Nifty chart Aug 14 - post-market analysis

BANK NIFTY (BNF) started the day at 44,066 with a small gap-down of 132 points. In the first 10min, the index fell over 300 points to 43,770 levels. It then slowly moved up to 44,200 levels— a rally of more than 430 points from the day’s low. BNF closed at 44,090, down by 108 points or 0.24%. 

Bank Nifty chart Aug 14 - post-market analysis

All other indices except Nifty Media (+0.8%), Nifty IT (+0.68%), and Nifty FMCG (+0.49%) closed in the red. Nifty Metal (-2.1%) fell the most. 

Major Asian markets closed in the red. European markets are currently trading mixed.

Today’s Moves

LTIMindtree (+1.68%) was NIFTY50’s top gainer on the back of strong volumes.

Olectra Greentech (+9.59%) broke its 5-day losing streak, surging up to 10% today.

Mazagon Dock Shipbuilders (+7.6%) jumped after the company’s Chairman Sanjeev Singhal said he anticipates a strong FY25 with major order deliveries.

Adani Ent (-3.29%) was NIFTY50’s top loser. Other Adani Group stocks also fell sharply after Deloitte Haskins & Sells resigned as the statutory auditor of Adani Ports.

Nykaa (-8.14%) crashed after several brokerage firms highlighted challenges in the company’s growth in their post-earnings stock reviews. 

Markets Ahead

As mentioned earlier, the markets were weak, and a flat or gap-down opening could take the indices further down. And that’s what happened today. After the gap-down, Nifty went on to hit our target of 19,300, and Bank Nifty was in our volatile zone.

Nifty: There is strong buying from 19,300 levels, but the markets can still be bearish until the 19,500 resistance is breached. In that case, the index may turn bullish and go on to hit targets of 19,630. If today’s swing of 19,350 is breached, the index will test 19,300 again, and if that’s broken, Nifty can fall to bigger targets of 19,200 and 18,900 in the coming weeks.

Bank Nifty: The index is looking weaker than Nifty, and is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides, so wait for this range to be broken.

Finnifty: The index moved in a similar pattern as Bank Nifty today. Being expiry today, it was relatively easy for non-directional option sellers as the IV (which spiked initially) was cooling off gradually.

Meanwhile, India’s retail inflation surged 7.44% on an annual basis in July, compared to 4.81% in June. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

How did FIN NIFTY expiry trading go? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

The markets will remain closed tomorrow on account of Independence Day. marketfeed wishes all our readers a very Happy Independence Day!

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Market News Top 10 News

Adani Lenders Consider $750 Million Loan For Ambuja Cements – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani lenders consider up to $750 million loan for Ambuja debt

Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are in talks to lend between $600 million and $750 million collectively to Adani Group. The loan is part of discussions to refinance the debt taken to fund its purchase of Ambuja Cements Ltd. The loan would be syndicated. If executed, the loan of as much as $750 million would be part of that broader refinancing. The talks haven’t yet concluded, and the amounts could still change. 

Read more here.

Bajaj Finserv Q1 Results: Net profit rises 48% YoY to ₹1,943 crore

Bajaj Finserv reported a 48.4% YoY rise in consolidated net profit to ₹1,943 crore for the quarter ended June (Q1 FY24. The company’s net profit in the same quarter last year was ₹1,309 crore. Its operating revenue also rose 47% YoY to ₹23,280 crore during the same period. Its subsidiary, Bajaj Finance reported the highest-ever quarterly increase in its customer franchise of 3.84 million and the highest-ever new loans booked of 9.94 million in Q1FY24.

Read more here.

Sona BLW Precision Q1 Results: Net profit rises 47% to ₹112 crore

Sona BLW Precision reported a 47% YoY increase in consolidated net profit to ₹112 crores for the June quarter (Q1 FY24). Its revenue from operations rose 25.17% YoY to ₹731 crore during the same period. The company’s board approved an investment of ₹99.7 crores for capacity expansion of its Chennai plant from 4 lakh to 6 lakh electric vehicle traction motors. It also decided to add a new capacity of 5 lakh units of printed circuit board assembly by 2024-2025.

Read more here.

US FDA concerns in Lupin’s Goa, Pithampur facilities are now resolved

Drug Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by Lupin. The actions were in response to the Warning Letter issued by the US FDA on November 6, 2017.

Read more here.

IEX Q1 Results: Net profit rises 10% YoY to ₹76 crore

Indian Energy Exchange Ltd (IEX) reported a 10% YoY increase in consolidated net profit to ₹10 crore for the June quarter (Q1 FY24). Its total income stood at ₹127 crore during the same period, up 12.3% YoY. EBITDA grew marginally to ₹82 crore in Q1FY24 from ₹81 crore in Q1FY23. Recently, IEX witnessed a steep fall in its share price that could be related to the Central Electricity Regulatory Commission’s plan to initiate market coupling.

Read more here.

Cipla promoters in talks to sell part stake to private equity firms

According to a CNBC TV18 report, Cipla’s promoters are in talks with private equity firms to sell a part of their total holding in the company. At present, The promoters own a 33.47% stake in the company. An investment bank has been hired to advise on the deal. Furthermore, Private Equity (PE) firms like Blackstone and Baring Asia are amongst others that are in talks to explore a deal. 

Read more here.

Bharat Forge receives approval to participate in potential defence programs in future

Bharat Forge Ltd has received approval to participate in potential defence programs in future. The license is granted by the Ministry of Home Affairs (MCA) under Arms Rules, 2016. The approval is for small arms and ammunition. Bharat Forge serves several sectors including Automotive, Railways, Aerospace, Marine, Oil & Gas, Power, Construction and Mining. It is among the largest forging companies globally.

Read more here.

L&T says it will pay back to shareholders if the cash surplus is much higher than requirement

Larsen & Toubro will return money to shareholders if the cash surplus is much higher than the company’s requirements. L&T’s CFO, R Shankar Raman’s declaration of the company’s willingness to return surplus cash to shareholders showcases Larsen & Toubro’s commitment to financial prudence and shareholder value. 

Read more here.

Kalpataru Projects International, subsidiaries bag orders worth ₹2,261 crore

Kalpataru Projects International and its subsidiaries have bagged orders worth ₹2,261 crore. These new contracts include orders in the T&D (transmission and distribution) business of ₹2,036 crore in overseas markets. Besides, it also got a cross-country oil & gas pipeline project in India of ₹225 crore. It is currently executing projects in over 30 countries and has a presence in 70 nations.

Read more here.

BPCL still in talks for Russian oil deal, discounts narrow

Bharat Petroleum Corp is still in talks with Russian oil major Rosneft to buy oil under a term deal. According to a Reuters report from last month, BPCL is in talks to buy up to 6 million metric tons of Russian oil under a term deal with Rosneft. Indian refiners have been snapping up discounted Russian oil since many other countries imposed sanctions on Moscow after it invaded Ukraine. The discounts make Russian oil cheaper than similar grades from the Middle East.

Read more here.

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Market News Top 10 News

GQG Partners, Others Invest Nearly $1 Billion in Adani Group – Top Indian Market Updates

Here are some of the major updates that could move the markets on Friday:

GQG Partners, others invest nearly $1 billion in Adani Group stocks

US-based investment firm GQG Partners and other investors have bought close to $1 billion (₹8,200 crore) of additional stakes in Adani Group companies. GQG increased its holding in Adani Enterprises from 3.39% to 4.96%, valued at $1.65 billion (₹13,600 crore). The firm raised its stake in Adani Green from 3.50% to 6.32%, which is valued at $1.17 billion (₹9,600 crore).

Read more here.

BPCL to raise Rs 18,000 crore via rights issue

The board of Bharat Petroleum Corporation Ltd (BPCL) has approved a proposal to raise up to Rs 18,000 crore through a rights issue. The company will raise the capital by issuing equity shares to eligible shareholders on a rights basis. The record date for the issue will be notified later. The capital infusion is for achieving energy transition, net zero, and energy security objectives.

Read more here.

BEML wins orders worth Rs 385 crore

BEML has secured an order from Bharat Dynamics and Bharat Electronics Ltd for the supply of High Mobility Vehicles (HMV). The total contract value is ₹385 crore. BEML manufactures a wide range of heavy earthmoving equipment, with 50% sales from the mining and construction industry, 23% revenues from vehicles supply for defence forces, and 27% sales contributed by the rail and metro segments.

Read more here.

Power Grid board approves 3 investment proposals worth Rs 389 crore

Power Grid Corporation of India Ltd’s (PGCIL) board has approved three investment proposals worth ₹389 crore. The first proposal is for a change in scope for the establishment of a dedicated telecom network for the National Transmission Asset Management Centre at a cost of ₹164.38 crore. The second proposal is for the western region expansion scheme at an estimated cost of ₹115.09 crore. The third is for the Information & Communications Technology augmentation at Navsari at an estimated cost of ₹109.47 crore.

Read more here.

Adani Power’s Jharkhand plant commences supply to Bangladesh

Adani Power has started exporting power to Bangladesh from its 1,600 megawatts (MW) plant in Godda, Jharkhand. The company’s subsidiary, Adani Power Jharkhand Ltd (APJL), has achieved the commercial operations date of its second unit of 2×800 MW Godda ultra-supercritical thermal power plant. It completed the reliability run test, including commercial operation tests of the second unit of Godda power plant, on June 25.

Read more here.

HDFC, Tomorrow Capital makes strategic investment in Bonito Designs

Housing Development Finance Corporation (HDFC), Tomorrow Capital, and a few high-net-worth individuals (HNIs) have invested ₹40 crore in interior design firm Bonito Designs. Bonito Designs is backed by Lodha Ventures and has a valuation of ₹650 crore. This strategic alliance with HDFC is expected to help the company deepen its presence in Mumbai and Bengaluru.

Read more here.

Thermax plans entry into renewable power, electrolyser production

Thermax Ltd is planning to make a full-fledged entry into renewable power generation, electrolyzer manufacturing, and green hydrogen generation projects over the coming years. The move comes as the company seeks to meet the needs of customers transitioning to cleaner fuels. Thermax has set up open access-based renewable energy projects for commercial and industrial corporates in Gujarat, Tamil Nadu, and Maharashtra. It has around 250 MW of renewable projects at various stages of development.

Read more here.

Reliance Jio acquires 30.4 lakh new subscribers in April

Reliance Jio continued its dominance over the Indian telecom space as it added 30.4 lakh subscribers in April 2023, as per data released by the Telecom Regulatory Authority of India (TRAI). Bharti Airtel saw an addition of 76,328 users in April, compared with 10.4 lakh in March. Meanwhile, Vodafone Idea lost 29.9 lakh in April 2023, compared to 12.1 lakh in March.

Read more here.

Tata Sons challenge Rs 1,500cr tax claim on Docomo settlement

According to an ET report, Tata Sons has disputed a ₹1,500-crore ($183 million) tax demand on its $1.27-billion settlement in 2017 with NTT Docomo over a now-defunct telecom joint venture. The Directorate General of GST Intelligence (DGGI), which had raised the tax claim, has now moved the Bombay High Court seeking a three-month extension for the next hearing on a petition filed by Tata Sons challenging the tax demand.

Read more here.

Bandhan Bank triples number of branches to 1,500 in <8 years

Bandhan Bank has tripled the number of its branches in nearly eight years of operations, totalling 1,500 at present. The lender has a network of 6,000 banking outlets across the country. The Kolkata-based bank started operations with 501 branches on August 2015. Presently, it is spread across 34 states and UTs.

Read more here.

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Market News Top 10 News

RVNL Secures 3 Orders Worth Rs 11,256Cr – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

RVNL secures 3 orders worth ₹11,256 crore from Chennai Metro Rail

Rail Vikas Nigam Ltd (RVNL) has secured three contracts worth ₹11,256 crore from Chennai Metro Rail Ltd (CMRL). The contract is for the construction of underground stations in the CMRL’s Phase-2 project. The first contract involves building five underground stations, including KMC, Sterling Road Jn, Nungambakkam, Gemini, and Thousand Lights. The contract duration is 1,725 days.

Read more here.

HDFC divests stake in HDFC Credila to Baring PE & ChrysCapital for ₹9,060 crore

Housing Development Finance Corp Ltd (HDFC) has announced the sale of 90% of its stake in its subsidiary HDFC Credila Financial Services Ltd. Baring PE and ChrysCapital will buy the stake for ₹9,060 crore. The transaction involves divesting approximately 90% of HDFC Credila’s issued and paid-up share capital, totalling around 13,29,49,207 equity shares. Following the deal, HDFC Credila will no longer be a subsidiary of HDFC.

Read more here.

Pidilite in JVs with 2 Italian firms for cutting-edge stone fixing solutions

Pidilite Industries has inaugurated its advanced manufacturing facilities in Amod, Gujarat. These facilities are established under the joint ventures (JV) of Pidilite Litokol and Tenax Pidilite. The technology for these ventures has been transferred by Italy-based Litokol SpA and Tenax SpA. This marks a significant milestone in the technology transfer within India’s stone and ceramic solutions industry.

Read more here.

IIFL Securities to appeal against SEBI order on taking up new clients

IIFL Securities has announced its intention to appeal against the Securities and Exchange Board of India’s (SEBI) order prohibiting the broking house from taking on new clients for two years. However, the ban does not impact the company’s ongoing business with existing clients. The move follows SEBI’s decision to impose the two-year ban on IIFL Securities due to alleged mis-utilisation of client funds.

Read more here.

Wipro share buyback to open on June 22

Wipro has confirmed that its Rs 12,000 crore share buyback program will commence on June 22 and close on June 29. The company plans to repurchase 26.96 crore shares (~ 4.91%) of its total paid-up equity share capital through a tender offer. The buyback was announced on April 27 at a price of Rs 445 per share, offering a premium to the previous day’s closing price. The current buyback price remains at a 17.4% premium.

Read more here.

CCI approves HDFC’s acquisition of more shares in HDFC ERGO

The Competition Commission of India (CCI) approved the acquisition of the additional shareholding of HDFC Life Insurance Company Ltd by HDFC. The proposed combination involves HDFC acquiring additional shares of HDFC Life through on-market purchases. HDFC & HDFC Bank will hold over 50% of HDFC Life’s shareholding to comply with Indian banking laws following the amalgamation.

Read more here.

Piramal Enterprises to sell distressed loan portfolio worth Rs 2,600 crore

According to a CNBC-TV18 report, Piramal Enterprises has attracted interest from two bidders for its distressed loan portfolio with an estimated value of Rs 2,600 crore. The first bidder is Phoenix ARC, backed by Kotak Mahindra Bank and Cerberus Capital. The second bidder is Ares SSG with ACRE. This transaction is significant in the distressed asset space and involves high-value real estate projects. The loans will be sourced from Piramal Capital’s housing book.

Read more here.

Adani Group looking for more lenders to refinance $3.8 billion loans

The Adani Group is currently in talks with at least five new international banks to refinance $3.8 billion of loans taken for the acquisition of ACC Limited and Ambuja Cement. Most of the existing lenders, including Standard Chartered, Barclays and Deutsche Bank, are expected to participate in the refinancing. In addition, the group is in discussions with two Taiwanese banks and a Malaysian bank to expand the consortium of lenders for syndicating the loan. The refinancing may involve extending the payment tenor by three years.

Read more here.

Abrdn sells 10.2% stake in HDFC AMC via block deal

UK-based asset management company Abrdn plc has sold its entire 10.2% stake in HDFC Asset Management Co Ltd for about ₹3,547 crore, or about $432 million. Abrdn, a part of HDFC AMC’s promoter group, had proposed to sell the stake in a range of ₹1,800 to ₹1,892.45, according to a term sheet reviewed by Reuters.

Read more here.

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Market News Top 10 News

PV Wholesales Rise 13.54% in May – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

Read more here.

MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

Read more here.

Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

Read more here.

India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

Read more here.

Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

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L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

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Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

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Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

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HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

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Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

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IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

Read more here.

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Asian Paints’ Profit Rises 45% YoY to Rs 1,234Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Asian Paints Q4 Results: Net profit jumps 45% YoY to Rs 1,234 crore

Asian Paints reported a 45% YoY increase in consolidated net profit to Rs 1,234 crore for Q4 FY23. Its operating revenue rose 11% YoY to Rs 8,787 crore during the same quarter. EBITDA also rose 29% YoY to Rs 1,865 crore. The company’s board has recommended a final dividend of Rs 21.25 per equity share.

Read more here.

IT dept conducts raids at Mankind Pharma’s office in New Delhi

According to a CNBC-TV18 report, India’s Income Tax department has conducted searches at Mankind Pharma’s office in New Delhi over allegations of tax evasion. Company premises and plants in Delhi and nearby locations are being covered and documents are being checked apart from the questioning of company executives as part of the searches launched early in the morning. 

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Eicher Motors Q4 Results: Net profit jumps 48% YoY to Rs 905 crore

Eicher Motors reported a 48% YoY increase in consolidated net profit to Rs 905 crore for Q4 FY23. Its operating revenue rose 19% YoY to Rs 3,804 crore during the same quarter. EBITDA stood at Rs 934 crore, up 235 YoY from Q4 FY22. The company’s board has recommended a final dividend of Rs 37 per equity share.

Read more here.

SpiceJet to revive grounded fleet with $50 million ECLGS funds

SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals. The company is actively engaging with investors to raise funds and put itself back on track. In April, Credit Suisse moved the Supreme Court, filing a contempt petition against SpiceJet over allegations that the airline had failed to pay dues that were part of a settlement.

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South Indian Bank Q4 Results: Net profit jumps 22.7% YoY to Rs 333.9 crore

South Indian Bank reported a 22.7% YoY increase in net profit to Rs 333.9 crore for Q4 FY23. The bank’s Net Interest Income (NII) stood at Rs 857 crore, up 43.4% YoY. Its gross NPA stood at 5.14%, while net NPA is at 1.86%. The bank’s board has recommended a final dividend of Rs 0.3 per equity share.

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L&T plans to exit asset-heavy businesses

Larsen & Toubro Ltd plans to exit asset-heavy businesses to eliminate losses. The company sees opportunities in renewable power, particularly in Saudi Arabia, where solar projects are gaining momentum. This will generate cash and improve working capital efficiency. The Middle East as a whole is investing in renewable energy, providing further potential for growth.

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Dr Lal Pathabs Q4 Results: Net profit falls 7.5% YoY to Rs 56.7 crore

Dr Lal Pathlabs reported a 7.5% YoY decline in consolidated net profit to Rs 56.7 crore for Q4 FY23. However, its operating revenue rose 1.13% YoY to Rs 491 crore during the same quarter. EBITDA was also down 4.5% YoY to Rs 116 crore. The company’s board has approved a final dividend of Rs 6 per equity share.

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ABB India expands production footprint of drives portfolio in India

​​ABB India is expanding its production capacity at the Peenya factory in Bengaluru to include a new line for variable speed drive modules. This expansion will enable the production of drives ranging from 75 kW to 250 kW, serving various industrial sectors. ABB’s variable speed drives are used to optimize energy efficiency and performance by controlling the speed of electric motors.

Read more here.

Hindustan Copper to consider raising funds via QIP, NCD issue

Hindustan Copper Ltd plans to raise funds through a qualified institutional placement (QIP) issue. The board of directors will meet on May 19 to consider issuing equity shares through QIP, with a total value of 97 million shares. They will also seek approval to offer non-convertible debentures or bonds worth Rs 500 crore through private placement. 

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Aditya Birla Capital to raise Rs 3,000 crore via equity, debt funding

Aditya Birla Capital’s board has approved plans to raise Rs 3,000 crore through a combination of equity and debt routes in one or multiple tranches. The funds will be raised through public or private offerings (including qualified institutional placements) as permitted by applicable laws. The funds will be utilised for meeting funding requirements and growth objectives of the company.

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Three Adani firms to consider raising up to Rs 40,000 crore: Report

As per a Bloomberg report, three Adani Group companies are considering fundraising of up to $5 billion (~Rs 40,000 crore). Adani Enterprises Ltd, Adani Green Energy Ltd, and Adani Transmission Ltd may raise between $3 billion and $5 billion to boost their businesses. The boards of the three firms are meeting on Saturday to consider raising funds via the sale of shares or other securities.

Read more here.

ONGC discovers oil, gas in Arabian Sea blocks

ONGC has announced the discovery of two oil and gas reserves, named ‘Amrit’ and ‘Moonga,’ in the Mumbai offshore region. The company had acquired the blocks under the Open Acreage Licensing Policy (OALP). Based on the available data, ONGC will determine if additional wells need to be drilled for further exploration and appraisal.

Read more here.

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Apollo Tyres Net Profit Jumps 277% YoY to Rs 427Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Apollo Tyres Q4 Results: Net profit jumps 277% YoY to Rs 427 crore

Apollo Tyres reported a 277% YoY jump in consolidated net profit to Rs 427 crore for Q4 FY23. Its operating revenue rose 12% YoY to Rs 6,247 crore during the same quarter. The company’s board has recommended a final dividend of Rs 4 and a special dividend of Rs 0.5 per equity share on the occasion of the company’s  50th annual general meeting.

Read more here.

Adani Ports to prepay $130 million debt

Adani Ports & Special Economic Zone (APSEZ) will prepay $130 million of debt to regain investor confidence. The company had floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four. APSEZ has received an aggregate principal amount of $412.7 million.

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Nazara Tech Q4 Results: Net profit rises 18% YoY to Rs 2.6 crore

Nazara Tech reported an 18% YoY rise in consolidated net profit to Rs 2.6 crore for Q4 FY23. Its operating revenue increased 65.2% YoY to Rs 289 crore during the quarter. The total expenses for the quarter rose to Rs 281 crore from Rs 174 crore a year ago. In FY23, gaming made for 37% of Nazara Tech’s total revenue, while 49% came from eSports, and the rest from AdTech.

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Dalmia Cement signs MoU to invest Rs 4,600 crore in Assam

Dalmia Cement Bharat has signed a Memorandum of Understanding (MoU) with the Assam government to invest about Rs 4,600 crore and create 2500 jobs in the state. The company aims to promote industrial activity and support the overall development of the region, with the government’s assistance. 

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India Bulls Real Estate merger with Nam Estates and Embassy One withheld by NCLT

The merger of Nam Estates Private Limited and Embassy One into India Bulls Real Estate has been withheld by the Chandigarh Bench of the National Company Law Tribunal (NCLT) despite already being sanctioned by the NCLT Bengaluru Bench. The Chandigarh Bench raised concerns based on objections cited by the Income Tax department to the merger.

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Raymond Q4 Results: Net profit falls 26% YoY to Rs 196.5 crore

Raymond Ltd reported a 26% YoY fall in consolidated net profit to Rs 196.5 crore for Q4 FY23. Its operating revenue rose 9.8% YoY to Rs 2,150 crore during the same quarter. The total income during the quarter was up 7.89% to Rs 2,192 crore. Total expenses of the company stood at Rs 1,939.27 crore, up 17.34% YoY.

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Venus Remedies gets marketing approval for cancer drugs in Philippines, Iraq

Venus Remedies has obtained marketing authorization for two additional cancer drugs, Bleomycin and Gemcitabine, from the Philippines and Iraq, respectively. Bleomycin is used to treat various types of cancer, while Gemcitabine is used to treat a type of lung cancer. The company has secured marketing approval for 37 products in the Philippines.

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Anupam Rasayan renews long-term contract worth Rs 436 crore

Anupam Rasayan India Ltd has renewed a long-term contract with a German multinational firm worth around Rs 436 crore for the supply of patented life science specialty chemicals exclusively for the next three years. The renewal is in accordance with the automatic clause agreed upon by the parties in the long-term agreement signed three years ago.

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Castrol Q4 Results: Net profit falls 11.3% YoY to Rs 202 crore

Castrol reported an 11.3% YoY decline in net profit to Rs 202.5 crore for Q4 FY23. Its operating revenue rose 4.7% YoY to Rs 1,293 crore during the quarter. EBITDA stood at Rs 295 crore, down 7% from Q4 FY22.  According to the company, the fall in profit is due to a rise in input costs.

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Kansai Nerolac declares 1:2 bonus issue

Kansai Nerolac Paints Ltd. announced a bonus share issue of 1:2. This means that two shares will be issued for every equity share held by eligible shareholders as of the record date. The record date has not yet been determined. The board of Kansai Nerolac also recommended a dividend of Rs 2.70 per share for the financial year 2023. 

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Three Adani firms lose endorsement of UN-backed climate group

Adani Green, Adani Transmission Ltd. and Adani Ports & Special Economic Zone Ltd. were removed from the list of “companies taking action” published by the Science Based Targets initiative (SBTi) in late April 2023. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement’s target of limiting global warming. The SBTi found that the companies are not in conformity with the initiative’s standards and policy requirements.

Read more here.

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UltraTech Cement’s Profit Falls 36% YoY to Rs 1,666 crore – Top Indian Market Updates

Here are some of the major updates that could move the markets on Tuesday:

UltraTech Cement Q4 Results: Profit falls 36% YoY to Rs 1,666 crore

UltraTech Cement reported a 36% YoY fall in net profit to Rs 1,666 crore for Q4 FY23. However, its revenue from operations rose 18% YoY to 18,562 crore during the same period. The company’s  EBITDA for the quarter stood at Rs 3,444 crore, up 9% YoY. The company’s board has recommended a dividend of Rs 38 per equity share.

Read more here.

India’s core sector output grows 3.6% in March

India’s core sector output grew 3.6% YoY in March 2023, down from 6% growth in the previous month. The production of coal, fertilizers, steel, natural gas, and refinery products increased during the month. The Eight Core Industries account for 40.27% of the weight of items included in the Index of Industrial Production (IIP).

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Laurus Labs Q4 Results: Profit falls 56% YoY to Rs 103 crore

Laurus Labs reported a 56% YoY fall in net profit at Rs 103 crore for Q4 FY23. Total revenue stood at Rs 1,381 crore, a 3.1% decline from Q4 FY22. EBITDA fell 28% YoY to Rs 285.6 crore, and EBITDA margin stood at 20.7% in Q4 FY23. The company’s board approved a second interim dividend of Rs 1.20 per equity share of Rs 2 each.

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Adani pays back $200 million Holcim debt, seeks loan extension

Adani Cement Industries has pre-paid $200 million from the $1 billion mezzanine loan it took from global banks to fund the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. The pre-payment will help Adani seek an extension of the debt taken to fund the acquisition by three years.

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DLF Cyber City Developers buys 26.43% stake in Suncloud Solar

DLF Cyber City Developers Ltd (DCCDL) has acquired a 26.43% stake in Suncloud Solar Private Ltd for Rs 8.41 crore. The acquisition was made through one of its wholly-owned subsidiaries, DLF Info City Chennai Ltd. Suncloud Solar is a special-purpose vehicle of Cleantech Solar India OA 2 Pte. Ltd., and it is responsible for the construction, operation, and maintenance of a captive generating plant.

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Star Health Q4 Results: Net profit at Rs 619 crore

Star Health and Allied Insurance reported a net profit of Rs 619 crore for Q4 FY23, in contrast to a loss of Rs 1,041 crore in Q4 FY22. The gross written premium (GWP) for Q4 FY23 was Rs 12,952 crore, a 13% YoY increase. The operating expense to GWP ratio was 15.9% in FY23, and the company’s solvency ratio was 2.14x, higher than the minimum regulatory requirement of 1.5x.

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Thermax bags Rs 271 crore order for mechanical balance of plant works

Thermax has received an order worth Rs 271.50 crore from India’s largest private sector oil refinery for mechanical balance of plant (MBoP) works for the captive power plant at their new oil-to-chemical (O2C) facility in western India. The captive power plant is expected to meet the incremental power demand of upcoming projects at the customer’s premise as part of the O2C expansion and the establishment of a mega factory.

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PI Industries announces twin acquisitions in Pharma API, CDMO space

PI Industries Ltd has acquired Therachem Research Medilab LLC’s Indian subsidiaries and assets in the US for $50 million. Its subsidiary, PI Health Sciences Ltd, signed the definitive documents, and up to $25 million has been committed in performance-linked pay-outs over the next six years. The acquisition will allow PI Industries to enter the pharma API and CDMO spaces.

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CarTrade Tech Q4 Results: Profit at Rs 17.5 crore, revenue grows 19% YoY

CarTrade Tech reported a consolidated net profit of Rs 17.49 crore for Q4 FY23 compared to a net loss of Rs 21.39 crore in Q4 FY22. The revenue for the quarter grew by 19% YoY to Rs 116.6 crore. The adjusted EBITDA for Q4 FY23 was Rs 39.83 crore. CarTrade Tech received 34 million average monthly unique visitors for Q4 FY23, of which 86% were organic.

Read more here.

India’s forex reserves fall $2.17 billion to $584.25 billion

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves decreased by $2.165 billion to $584.248 billion as of April 21, 2023. The country’s forex reserves had risen to a nine-month high of $586.412 billion the previous week. The dip was largely attributed to a decrease in foreign currency assets, which fell by $2.146 billion to $514.489 billion.

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Mankind Pharma IPO subscribed 15.32 times

The ₹4,326-crore initial public offering (IPO) of Mankind Pharma was subscribed 15.32 times on the final day of bidding. The shares of the Delhi-based pharmaceutical and healthcare products maker are expected to list on the leading stock exchanges BSE and NSE on May 9, 2023.

Read more here.

NOTE: The Indian markets will be closed on Monday (May 1) on account of Maharashtra Day.

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ONGC to Invest USD 7 Billion to Boost Output – Top Indian Market Updates

ONGC market updates | marketfeed

Here are some of the major updates that could move the markets tomorrow:

ONGC to invest $7 billion to boost output

Oil & Natural Gas Corp (ONGC) will invest $7 billion (~Rs 57,500 crore) over the next 3-4 years to reverse the decline in oil and gas production. The majority of ONGC’s fields are old and have experienced a natural decline, but the company is heavily investing in technology to raise recovery and tap isolated reservoirs. Up to 24 field development, enhanced oil recovery (EOR), and improved oil recovery (IOR) projects are currently in progress that will help to reverse the declining trend in oil and gas production. 

Read more here.

WagonR, Alto K10 score low safety rating in Global NCAP crash test

Maruti Suzuki’s popular models, WagonR and Alto K10, have received one- and two-star safety ratings for adult occupant protection, respectively, from vehicle safety group Global NCAP after conducting crash tests. Both models scored zero stars for child occupant protection. The automaker claimed that its vehicles meet India’s crash safety regulations, which are almost similar to the standards in Europe and are duly tested and certified by the Indian govt.

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HDFC Bank records loan growth of 17% at end of March

HDFC Bank reported a 16.9% increase in credit growth at Rs 16 lakh crore at the end of the March quarter. The bank’s outstanding credit was Rs 13.6 lakh crore at the end of March 31, 2022. The bank’s deposits grew around 20.8% YoY to Rs 18.83 lakh crore as of March 31, 2023. Domestic retail loans grew by around 21%, while commercial and rural banking loans grew 30% YoY.

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Vedanta produces record aluminium, high refined metal in FY23

Vedanta Ltd’s aluminium production reached its highest-ever level of 22.91 lakh tonnes in 2022-23, up slightly from 22.68 lakh tonnes in FY22. Meanwhile, its high refined metal production increased by 7% to 10.32 lakh tonnes in FY23. The company also recorded a 22% YoY increase in zinc production from its international business to 2.73 lakh tonnes.

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Adani Group JV in talks for first offshore loan since Hindenburg

An Adani Group joint venture (JV) with EdgeConneX is in talks with several banks for a loan of about $220 million. This would be the group’s first offshore borrowing since it was targeted by short-seller Hindenburg Research. The loan would be used by data center provider AdaniConneX Private Ltd. for capital expenditure. The loan may be signed in the coming weeks.

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Bank of Baroda stops clearing payment for above-cap Russian oil: Report

As per an Economic Times report, Bank of Baroda has stopped clearing payments for Russian oil sold above the $60 per barrel price cap set by the West, which could accelerate the shift to a rupee trade mechanism. Some Indian refiners have been paying in United Arab Emirates dirham currency for Russian low-sulphur crude priced above the $60 a barrel cap using Bank of Baroda. 

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India’s GDP growth to slow down to 6.3 % in FY24: World Bank

The World Bank has revised its forecast for India’s GDP growth in FY24 to 6.3 %, down from its earlier forecast of 6.6 % in December 2022. The slower consumption growth and challenging external conditions are expected to constrain India’s GDP growth. The Indian government’s consumption is also projected to grow slower due to the withdrawal of pandemic-related fiscal support measures. 

The World Bank’s latest India Development Update notes that the Indian economy continues to show strong resilience to external shocks.

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India cuts windfall tax on crude production to nil

The Indian govt has cut all windfall tax on crude oil from 3,500 rupees ($42.56) per tonne effective from Tuesday. The windfall tax on diesel was cut to Rs 0.50 per litre from Rs 1 previously. As of April 4, only diesel carries a windfall tax while crude. Aviation Turbine Fuel (ATF) and petrol will not attract any such levies.

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