Tag: Bajaj Finance

Categories
Daily Market Feed Post Market Analysis

Consolidation in Nifty and Bank Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,731. The index initially rose to 19,750 levels, fell 50 points, and moved up with strength to 19,755 levels (the day’s high). Then, it fell sharply to 19,670 and consolidated in a nearly 45-point range for the rest of the day. Nifty closed at 19,694, down by 37 points or 0.19%.

Nifty chart November 20 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,591. The index initially showed strength by moving up to the 43,700 resistance zone. Then, it made a double-top and fell to 43,500 levels. After all the volatile moves, the index consolidated and BNF closed flat at 43,584, up by 1 point or 0.00%.

Nifty Auto (-0.76%) fell the most, while Nifty IT (+0.6%) moved up the most today.

Major Asian markets closed mixed. UK’s FTSE100 is currently trading in the red, while France’s CAC40 and Germany’s DAX (+2%) are trading in the green.

Today’s Moves

Divi’s Labs (+2.02%) was NIFTY50’s top gainer. The stock extended gains for the fourth day in a row. 

Tata Investment Corp (+15.17%) rallied ahead of Tata Technologies’ IPO on Nov 22.

Latent View (+9.25%) surged on the back of strong volumes.

Adani Enterprises (-2.67%) was NIFTY50’s top loser. As per a Reuters report, Indian investigators aim to resume a probe into Adani Group. The inquiry focuses on suspected coal import overvaluation.

Bajaj Finance (-2.11%) fell after the lender temporarily suspended issuing member ID cards to customers following RBI’s order.

Shares of Balkrishna Industries (-5.51%) fell sharply, extending losses for the second straight session. 

Markets Ahead

The Indian markets are currently holding near crucial resistance levels. However, the rise in India VIX and a PCR of 0.73 suggest a degree of bearish sentiment (especially in Bank Nifty). Given that both indices have been trading in a range, a decisive breakout or breakdown from these levels could lead to significant moves in the respective directions.

Nifty: The critical support level to monitor is around 19,660. If there’s a breakdown from this level, potential targets in the index could be 19,600 and 19,500. On the other, the resistance to keep an eye on is at 19,720. A breakout from this level might lead to targets of 19,760, 19,800, and 19,860.

Bank Nifty: The key resistance level to monitor is at 43,800. A breakout from this level could propel the index to 44,000 and 44,200 levels. Meanwhile, the support level to keep an eye on is around 43,400. A breakdown from this level might lead to targets of 43,000 and 42,500 eventually.

Following today’s consolidation, the upcoming FINNIFTY expiry tomorrow could be volatile. So stay alert for directional movements and trade with caution.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Market News Top 10 News

ONGC to Invest Rs 1 Lakh Cr to Set Up Petrochem Plants – Top Indian Market Updates

ONGC market updates | marketfeed

ONGC to invest ₹1 lakh crore to set up 2 petrochem plants

Oil & Natural Gas Corporation (ONGC) plans to invest about ₹1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. The company aims to raise its petrochemical capacity to 8.5-9 million tonnes (MT) by 2030. One project is likely to be set up by ONGC on its own and the other in a joint venture.

Read more here.

Suzlon’s wind turbine gets RLMM listing

Suzlon Group’s S144 – 3 MW series of wind turbines received the Revised List of Models & Manufacturers (RLMM) listing from the Ministry of New & Renewable Energy (MNRE). This listing marks an important milestone for the successful commercialisation of the product. Suzlon has already installed a prototype of this series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat.

Read more here.

RBI asks Bajaj Finance to stop disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect due to non-adherence of lending norms set out by the regulator. The central bank said it will review these supervisory restrictions following the rectification of the deficiencies listed.

Read more here.

Siemens to buy extra 18% stake in India unit for €2.1 billion

Siemens AG plans to acquire an additional 18% stake in its India unit from Siemens Energy AG for €2.1 billion in cash. This would increase Siemens’ stake in the publicly listed India unit from 51% to 69%, while Siemens Energy’s stake would decline from 24% to 6%. Siemens Energy is looking to shore up its finances to offset losses of its Gamesa wind business.

Read more here.

IIFL Finance to invest ₹200 crore in subsidiary

IIFL Finance Ltd. will invest ₹200 crore in its material subsidiary, IIFL Samasta Finance, by subscription of equity shares. The company’s Board of Directors approved the investment by subscription of approx. 7.48-crore fully paid-up equity shares of face value ₹10 each at ₹26.74 per share. The subsidiary will use the money to support growth, reduce gearing, and improve capital adequacy.

Read more here.

TCS forcing employees to transfer to different base locations: NITES

Nascent Information Technology Employees Senate (NITES) has filed a complaint with the labour ministry against Tata Consultancy Services (TCS). The IT sector employee rights organisation alleged that TCS has initiated transfers of employees to different base locations without consulting them. The affected employees are required to relocate to the new location within 14 days or stand to have their salaries deducted.

Read more here.

Gland Pharma gets tentative USFDA approval for Angiotensin

Gland Pharma Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Angiotensin II Injection. The injection is used to treat low blood pressure. According to IQVIA data, the Angiotensin II Injection had sales of around $38 million for 12 months ended September 2023 in the US.

Read more here.

Trade deficit widens to record high in October

India’s merchandise exports rose by 6.21% YoY to $33.57 billion in October 2023. Trade deficit rose to a record high of $31.46 billion during the month. Imports increased to $65.03 billion last month, compared to $57.91 billion recorded in October 2022. During the April-October period of FY24, exports contracted by 7% YoY to $244.89 billion.

Read more here.

Religare did not disclose ₹250Cr ESOPs issued to Rashmi Saluja in subsidiary: InGovern

According to a report by InGovern, Religare Enterprises Ltd failed to disclose employee stock options issued to Chairperson Rashmi Saluja in its subsidiary Care Health Insurance Ltd. Nearly 2.27 crore options, representing 2.5% of the share capital and valued at over ₹250 crore, were granted to Saluja in January 2022. The options were issued at a “deep discount” of an exercise price of ₹45.32 per share

Read more here.

Categories
Daily Market Feed Post Market Analysis

Nifty Closes Near 19,700 After Big Gap-Up! – Post-Market Analysis

nifty post-market analysis | marketfeed

NIFTY started the day at 19,651 with a gap-up of 208 points. The index formed a 75-point red candle (5-min chart) at opening. Following this, it consolidated within a nearly 30-point range till 1 PM, gave a breakout of the consolidation, and gradually rose to 19,690 levels amidst some volatility. Nifty closed at 19,675, up by 231 points or 1.19%.

Nifty chart November 15 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,398 with a gap-up of 507 points. The index formed a 205-point red candle at opening! Then, it fell sharply to 44,165 levels and consolidated in a 95-point range for the rest of the day. BNF closed at 44,201, up by 310 points or 0.71%.

All indices closed in green. Nifty Realty (+2.95%) and Nifty IT (+2.59%) moved up the most.

Major Asian markets closed well in the green (Japan’s Nikkei rose 2.5%). European markets are currently trading in the green.

Today’s Moves

Eicher Motors (+5.5%) was NIFTY50’s top gainer. The stock continued its strong up-move after the automaker posted better-than-estimated Q2 results.

Network18 (+10%) surged on the back of strong volumes.

Bajaj Finance (-1.86%) was NIFTY50’s top loser. 

Shares of Rajesh Exports (-8.05%) hit a three-year low after the company’s Q2 profit fell 88% YoY to ₹45.3 crore.

Natco Pharma (-4.48%) fell sharply despite the company reporting a 6x jump in net profit to ₹369 crore in Q2.

Markets Ahead

Both Nifty and Bank Nifty have crossed their important resistance levels, indicating a bullish trend.

Nifty: The crucial resistance to monitor is at 19,700. A breakout from this level might lead Nifty to touch 19,850. On the other hand, the immediate support stands at 19,650. If there’s a breakdown from this point, the index might experience a decline to 19,580 and 19,500 eventually. Given the current bullish trend in the markets, considering buying opportunities during each dip could be a strategic approach.

Bank Nifty: The critical support level to keep an eye on is 44,150. If this level is breached, BNF could potentially decline to the gap-filling zone at 43,900. Meanwhile, a breakout from 44,300 (resistance level) could propel BNF upward, reaching 44,300 initially and eventually climbing to 44,500.

There seems to be more space for Nifty to move on the upside than Bank Nifty. So you could take your trades accordingly!

The big gap-up today was influenced by positive global signals, particularly the softer-than-expected inflation data in the US and the UK. This suggests optimism regarding a potential end to the interest rate cycle (bond yields have also come down). Moreover, the decline in India’s CPI inflation further contributed to the improved market sentiment.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

Nifty Closes Below 19,000 On Monthly Expiry! – Post-Market Analysis

NIFTY started the day at 19,027 with a gap-down of 95 points.  Then, it fell sharply by 195 points to 18,850 levels. Post 11:30 AM, the index mostly consolidated in a nearly 70-point range. Nifty closed at 18,857, down by 264 points or 1.39%.

Nifty chart October 26 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 42,708 with a gap-down of 124 points.  Initially, the index crashed 610 points to 42,105. For the rest of the day, BNF traded in a 270-point zone (with a positive bias) to close at 42,280, down by 551 points or 1.29%.

Bank Nifty chart October 26 - post-market analysis | marketfeed

All major indices closed in the red. Nifty Metal (-1.6%), Nifty Auto (-1.59%), and FIN NIFTY (-1.57%) fell the most.

Major Asian markets closed in the red (Japan’s Nikkei fell 2.1%). European markets are currently trading up to 1% in the red.

Today’s Moves

Axis Bank (+1.7%) was NIFTY50’s top gainer. The lender reported a 10% YoY rise in net profit to ₹5,863 crore in Q2; beating street estimates.

Prism Johnson (+12.02%) jumped on the back of strong volumes.

Sonata Software (+8.2%) hit a 52-week high after the IT services provider announced its Q2 FY24 earnings.

Mahindra & Mahindra (-4.06%) was NIFTY50’s top loser. It fell amid huge selling pressure in auto stocks.

Bajaj Finance (-3.54%) and Bajaj Finserv (-3.16%) fell today. Bajaj Finserv Mutual Fund launched its banking and PSU fund today.

Delta Corp (-5.45%) fell sharply after yesterday’s strong up-move. The Bombay High Court provided interim relief to the company by retraining tax notices worth over ₹16,000 crore it received from the Directorate General of GST Intelligence (DGGI).

Markets Ahead

Nifty has fallen for the sixth straight session, its longest losing streak since February 2023! India VIX, a measure of market volatility, jumped by 10% on the monthly F&O  expiry day, signalling a sense of unease in our markets.

As long as Nifty stays below 19,000, we can expect bearish sentiments to continue, possibly reaching levels between 18,800 and 18,725. However, if the index manages to break through the 19,000 mark, there could be a small bounce back, potentially pushing it towards 19,100-19,150.

The Israel-Hamas conflict remains a significant challenge for geopolitical stability, which can impact global stock markets. Elevated US Treasury bond yields are also posing a major threat.

Please join The Stock Market Show at 7 PM on our YouTube channel.

Categories
Daily Market Feed Post Market Analysis

More Profit Booking in Nifty! No Nearby Supports – Post-Market Analysis

Social media icons themed border on a red background vector

NIFTY started the day flat at 19,820. After forming a red candle at opening, the index tried to move up but faced resistance at 19,840 levels. Then it gave a sharp fall of nearly 170 points (forming lower lows along the way) and mostly consolidated after 12 PM. Nifty closed at 19,671, down by 140 points or 0.71%.

Nifty chart October 18 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 44,404. The index fell over 500 points after 10 AM and consolidated in a 135-point range for the rest of the day. BNF closed at 43,888, down by 520 points or 1.17%.

Bank Nifty chart October 18 - post-market analysis | marketfeed

All indices except Nifty Pharma (+0.78%), Nifty Media (+0.27%), and Nifty Auto (+0.08%) closed in the red. Nifty PSU Bank (-1.67%) fell the most.

Major Asian markets closed flat-to-red. European markets are currently trading in the red.

Today’s Moves

Cipla (+3.16%) was NIFTY50’s top gainer.

IRB Infra (+6.6%) surged on the back of strong volumes.

Bajaj Finance (-2.8%) was NIFTY50’s top loser. The company’s Q2 results failed to meet street estimates.

HUDCO (-10.78%) fell sharply after the Indian govt said it would sell up to 7% stake in the company through an offer for sale (OFS).

Biocon (-6.3%) moved down after the US Food & Drug Administration (FDA) classified its Malaysian insulin manufacturing facility as Official Action Indicated (OAI).

Markets Ahead

There is no point in talking about the Israel-Hamas issue again and again. But it has brought a lot of confusion in the global economy.

“Will crude oil price continue to rise?”
“Will inflation rates jump again?”
“Should we expect another rate hike?”
“USD-INR is testing the resistance at 83.2. Will there be more weakness?”

What will investors do at this point? They will simply exit their portfolio with every rise and wait for a dip.

Nifty has fallen below its immediate support at 19,780. But we will see a good inflow of cash if it touches the 19,480 level.

Bank Nifty has made a weak pattern after retracing to 44,660 resistance. HDFC Bank is not giving an indication of a bounce back, as the major support is far away at the 1,470 zone.

What about ICICI Bank? The current chart structure indicates major support near the 929-933 zone ahead of its results on October 21.

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

Categories
Market News Top 10 News

Bajaj Finance’s Net Profit Rises 28% YoY in Q2 – Top Indian Market Updates

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

Bajaj Finance Q2 Results: Net profit rises 28% YoY to ₹3,551 crore

Bajaj Finance Ltd reported a 28% YoY increase in consolidated net profit to ₹3,551 crore for the quarter ended September (Q2 FY24). Total revenue from operations grew 34% YoY to ₹13,378.26 crore during the same period. Net Interest Income (NII) rose 26% YoY to ₹8,059 crore. The gross non-performing assets (NPAs or bad loans) rose from 2.46% in Q2 FY23 to 2.51% in Q2 FY24.

Read more here.

L&T Tech Q2 Results: Net profit rises 5% YoY to ₹315 crore

Larsen & Toubro Tech reported a 5% YoY rise in net profit to ₹315 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹300 crore in Q2 last year. Its revenue from operations rose 5% YoY to ₹2,387 crore during the same period. The company’s board also declared a dividend of ₹17 per equity share. 

Read more here.

Titan to raise ₹2,500 crore via NCDs

Titan Company Ltd’s board has approved the proposal to raise funds through multiple avenues, with a fundraising target of up to ₹2,500 crore. The proposal is to issue rated, listed, redeemable, and unsecured non-convertible debentures (NCDs) on a private placement basis. Additionally, the board has approved availing long-term unsecured loans of ₹1,000 crore.

Read more here.

Dabur gets GST tax demand notice of ₹321 crore

Dabur India Ltd has received a notice to pay Goods and Services Tax (GST) of ₹321 crore along with interest and penalty. The company said that there will be no impact on the financial, operation or other activities of the company due to this intimation of tax being payable. 

Read more here.

TRF signs pact to sell Sri Lankan subsidiary

TRF Ltd is planning to sell its Sri Lankan subsidiary, Dutch Lanka Trailer Manufacturers Ltd, to United Motors Lanka Plc at a valuation of ₹19 crore. TRF Singapore Pte Ltd and a wholly-owned subsidiary of TRF Ltd have signed a share purchase agreement to sell its entire stake in the Sri Lankan subsidiary. 

Read more here.

Indian govt to divest up to 7% in HUDCO

The Department of Investment and Public Asset Management (DIPAM) announced that the Indian government will divest up to 7% equity in Housing and Urban Development Corporation Ltd (HUDCO) through an offer for sale (OFS). The offering includes a base size of 3.5% and an additional 3.5% greenshoe option, providing flexibility to meet investor demand.

Read more here.

Ajmera Realty secures residential redevelopment project in Mumbai

Ajmera Realty secured the redevelopment project of a housing society in Versova, Mumbai. The project will primarily comprise 3 BHK residential apartments and is estimated to generate sales of around ₹360 crore. The emerging area, benefitting from redevelopment efforts and convenient metro access, is poised for substantial growth in both demand and property values.

Read more here.

Bajaj Finance to acquire up to 26% stake in Pennant Technologies

Bajaj Finance Ltd has entered into a binding term sheet to acquire up to 26% stake in Pennant Technologies Pvt. Ltd. The consideration for this acquisition will be ₹267.5 crore and will be paid entirely in cash. Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) of the face value of ₹100 each and another 4,22,738 equity shares from promoters and existing shareholders of Pennant Technologies.

Read more here.

IT Dept moves Bombay High Court against Mahindra & Mahindra

The Income Tax Department (IT) has filed an appeal before the Bombay High Court against an Income Tax Tribunal order that gave relief to Mahindra & Mahindra (M&M) in a ₹194.73 crore tax dispute. M&M received an intimation from the Principal Commissioner of Income Tax-2, informing of the appeal under the provisions of Section 260A of the Income Tax Act, 1961. The appeal is against reliefs provided on various disallowances and additions made by the IT Department.

Read more here.

CCI approves IDFC’s merger plan with IDFC First Bank

The Competition Commission of India (CCI) has approved the merger plan of IDFC with IDFC First Bank. The merger plan is still subject to clearances from the Stock Exchanges, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), and National Company Law Tribunal (NCLT). The proposal also needs approval from shareholders and creditors.

Read more here.

Maruti Suzuki to issue shares worth ₹12,800Cr to Suzuki

Maruti Suzuki has received board approval to acquire 100% equity capital of Suzuki Motor Gujarat (SMG) from parent company Suzuki Motor Corporation (SMC). The acquisition will be executed through a share purchase agreement, with Maruti Suzuki issuing shares to SMC as consideration. Suzuki Motor Gujarat will later become a wholly-owned subsidiary of Maruti Suzuki.

Read more here.

Coal India, partners to invest ₹3,095 crore in fertiliser JV

According to a Reuters report, Coal India, GAIL, and Rashtriya Chemicals & Fertilizers (RCF) will invest ₹3,095 crore in their fertiliser joint venture in Odisha. GAIL and RCF will put in 17.3 billion rupees, while Coal India will invest 13.64 billion rupees in Talcher Fertilizers to maintain their current stakeholding. Each of the three firms holds a 31.85% stake in Talcher Fertilizers.

Read more here.

Categories
Daily Market Feed Post Market Analysis

Markets Holding Key Levels! Bearish Bank Nifty Expiry? – Post-Market Analysis

post-market analysis

NIFTY started the day at 19,622 with a small gap-down of 16 points. Right after opening, the index fell 140 points to 19,480 levels. It later consolidated in a nearly 70-point range throughout the day. Nifty closed at 19,528, down by 109 points or 0.56%.

Nifty chart Oct 3 - post-market analysis

BANK NIFTY (BNF) started the day flat at 44,566. After the flat opening, the index fell sharply by 320 points to 44,240 levels. It later consolidated within a 170-point range. BNF closed at 44,399, down by 185 points or 0.42%.

Bank Nifty chart Oct 3 - post-market analysis

All indices except Nifty PSU Bank (+2.38%), Nifty Media (+1%), and Nifty Realty (+0.46%) closed in the red. Nifty Auto (-1.2%) fell the most. 

Major Asian markets closed flat-to-red. UK’s FTSE100 is currently trading in the green, while Germany’s DAX and France’s CAC40 are in the red.

Today’s Moves

Bajaj Finance (+2.01%) was NIFTY50’s top gainer.

Metro Brands (+12.36%) surged and hit a fresh 52-week high of ₹1,298. The stock is up nearly 160% from its IPO price.

Ujjivan Small Finance Bank (+9.06%) jumped today. The company’s board will convene next month for the proposed scheme of amalgamation with its holding company, Ujjivan Financial Services Ltd.

ONGC (-3.78%) was NIFTY50’s top loser. Stocks of oil companies were under pressure after the Ministry of Petroleum & Natural Gas hiked domestic natural gas prices by 7% as of Sept. 30.

Delta Corp (-4.1%) fell sharply after the 28% Goods & Service Tax (GST) on online gaming came into effect on October 1. 

Markets Ahead

Markets moved in the same channel as discussed in our previous post-market report. Nifty and Bank Nifty are holding their important support zones. But clearly, there’s selling pressure in the markets, and we can see that every uptick is being sold into.

Nifty: The next important support for Nifty is 19,480. A breakdown from this level may give us targets of 19,400 and 19,350. The immediate resistance will be 19,560-600 levels. Meanwhile, a major hurdle on the upside is 19,740 levels. A breakout from there could give us targets of 19,800 and 19,860.

Bank Nifty: The immediate support in Bank Nifty is near the low of the channel near 44,300 levels. A breakdown from there could give us targets of 44,240, 44,180, and 44,000 eventually. The immediate resistance to watch out for is the round level of 44,500.

Being Bank Nifty expiry tomorrow, the index may give a directional movement after today’s consolidation. So watch out for the key support and resistance levels to trade accordingly.

As per market experts, rising U.S. bond yields and strength in the U.S. Dollar are prompting FIIs to pull funds from the market! 

What levels are you watching out for BNF expiry tomorrow? Let us know in the comments below!

Do tune in to The Stock Market Show at 7 PM on our YouTube channel!

Categories
Daily Market Feed Post Market Analysis

Insane Moves in Nifty Ahead of Monthly Expiry! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,678. After opening, the index fell sharply to 19,600 and took support there. It then moved up by 130 points to 19,730 levels to make a double top. The index fell again by 100 points till 19,630 levels. Nifty closed at 19,674, up by 0.3 points or 0.00%.

Nifty chart Sept 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 44,615. The index gave multiple swings of more than 300 points initially between 44,700 to 44,400, then 44,400 to 44,950, and finally 44,950-44580. BNF closed at 44,766, up by 154 points or 0.35%.

Bank Nifty chart Sept 25 - post-market analysis | marketfeed

Nifty Realty (+1.52%) closed well in the green, while Nifty IT (-0.78%) fell the most.

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

Today’s Moves

Bajaj Finance (+4.6%) was NIFTY50’s top gainer. The company is reportedly planning a mega fundraise to the tune of $800 million-$1 billion. 

Indiabulls Real Estate (+9.32%) surged on the back of strong volumes.

MCX (+6.6%) rose up to 9% to hit a one-year high of ₹1,952.2 amid reports of the launch of a new trading platform.

Hindalco Industries (-1.98%) was NIFTY50’s top loser. 

Delta Corp (-18.59%) crashed to a 33-month low after the company received tax notices totalling ₹16,822 crore from the Directorate General of GST Intelligence on Friday.

Markets Ahead

The indices have become extremely volatile ahead of monthly expiry— making wild moves on the upside and downside. The resistance levels were respected, and the indices have come down. This indicates that the selling pressure in the markets could continue.

Nifty: The immediate resistance to watch out for is near 19,730 levels. A breakout from this level can give us a target of 19,800 on the upside. The immediate support is near today’s low (19,600 levels). A breakdown from there can make the index fall to 19,500.

Bank Nifty: The immediate support to look out for is near 44,600. A breakdown from this level can give us a target of 44,300. On the other hand, a major resistance for BNF is near 45,000. A breakout from this round level can give us a target of 45,200.

As per reports, investors are confused as major central banks are sending mixed signals. Last week, the U.S. Federal Reserve said it’s not raising interest rates for now but might do so later this year. Meanwhile, the European Central Bank (ECB) and the Bank of England (BoE) suggested they might not raise rates further.

If the US Fed keeps rates high for too long, it could harm the US economy’s chances of a soft landing (a gradual, relatively painless economic slowdown). And that could affect economies worldwide.

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

Categories
Daily Market Feed Post Market Analysis

Markets at Resistance Zones! Jio Financial Gets Listed – Post-Market Analysis

Nifty - post-market analysis | marketfeed

Post-Market Analysis for August 21, 2023:

NIFTY started the day at 19,320 with a small gap-up of 10 points (above the support zone of 19,300). Initially, the index tested the 19,300 round level, and then there was a steady up-move of 120 points to 19,420 levels (which is also a major resistance zone). Nifty closed at 19,393, up by 83 points or 0.43% 

Nifty chart Aug 21 - post-market analysis

BANK NIFTY (BNF) started the day at 43,952 with a gap-down of 101 points. The index moved in the range of the first 5min candle initially, and then gradually went up to 44,100 levels to make a triple-top near that zone. It took rejection there and fell nearly 150 pts after 3 PM. BNF closed at 44,002, up by 150 points or 0.34%. 

Bank Nifty chart Aug 21 - post-market analysis

All indices except Nifty PSU Bank (-0.6%) and Nifty Media (-0.29%) closed in green. Nifty Metal (+1.3%) moved up the most. 

Major Asian markets closed mixed. European markets are currently trading up to 1.1% in the green.

Today’s Moves

Bajaj Finance (+2.7%) was NIFTY50’s top gainer.

Tamilnad Mercantile Bank (+18.19%) hit a 52-week high of ₹581 amid buying action in banking and financial sector stocks. 

NMDC Steel (+12.49%) surged after reports stated that the company’s disinvestment process could pick up after its new plant gets commissioned.

Reliance (-1.4%) was NIFTY50’s top loser. Shares of Jio Financial Services got listed at ₹265 on BSE and ₹262 on NSE today. The stock hit a 5% lower circuit after listing.

Tanla Platforms (-5.76%) fell sharply after the company said it will be ending its partnership with Vodafone Idea in November.

Brightcom Group (-4.9%) shares were locked in lower circuit despite the company claiming it posted strong Q1 FY24 results.

Markets Ahead

Major indices are currently trading near resistance zones, but good support was taken from important levels in both Nifty and Bank Nifty. The indices are still in a downtrend over the past 4 weeks. And if there’s a gap down or down move after a flat opening tomorrow, the indices can turn bearish again. If there’s a gap up above the resistance zone or a flat opening with upside movement, we can expect the indices to turn bullish. 

Nifty: The index is at the top of the down-trending channel. The important resistance to watch out for is clearly 19,420 levels, and the important support zone is 19,300 and 19,350 levels (which is also the previous swing). A breakout on the upside will clear the down-trending channel resistance and horizontal resistance to give an up-move till 19,500-520 levels.

Bank Nifty: The index is currently trading within a range, consistently encountering resistance around the 44,100 mark and finding support near the 43,750 level. A potential upward breakout could lead to targets of 44,300 and even 44,500, while a breakdown may set targets at 43,400.

Fin Nifty: Being Fin Nifty expiry tomorrow, it’s crucial to monitor key levels. The significant support level to observe is today’s low of 19,500. On the other hand, the imp resistance point is at 19,620, where the index has faced repeated rejections. A successful breakout above this could lead to targets of 19,700 and 19,770. On the other hand, if there’s a breakdown, targets could be at 19,440 and 19,340 levels.

What levels are you watching out for FIN NIFTY 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!

Categories
Market News Top 10 News

Axis Bank Posts 40% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

Axis Bank Q1 Results: Net profit rises 40% YoY to ₹5,797 crore

Axis Bank reported a 40% year-on-year (YoY) increase in consolidated net profit of ₹5,797 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 27% YoY to ₹11,959 crore during the same period. The bank’s operating profit grew 50% YoY to ₹8,814 crore. The gross non-performing assets (GNPA) ratio declined by 80 basis points to 1.96% in Q1 FY24.

Read more here.

M&M acquires 3.53% stake in RBL Bank for ₹417 crore

Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank Ltd for ₹417 crore. The automaker said it will consider further investment subject to regulatory approval and required procedures, but won’t acquire more than a 9.9% stake. While the exact date of the transaction remains unclear, RBL Bank had not mentioned M&M in its June shareholding data.

Read more here.

Tech Mahindra Q1 Results: Net profit falls 39% YoY to ₹693 crore

Tech Mahindra reported a 39% YoY decline in consolidated net profit to ₹693 crore for the quarter ended June (Q1 FY24); missing street estimates. Its consolidated revenue rose 4% YoY to ₹13,159 crore during the same period. EBITDA fell 29% YoY to ₹1,338 crore in Q1. The new deal wins in the June quarter more than halved to $359 million.

Read more here.

Embassy Office Parks REIT expects to lease 6 million sq ft of office space in FY24

Embassy Office Parks REIT expects to lease 6 million sq. ft. of office space in FY24, despite global financial turmoil and corporates reassessing their real estate portfolio. The company leased 1.1 million sq. ft. across 22 deals, encompassing 4 lakh sq. ft. of new leases and pre-leasing of 4.48 lakh sq. ft., at premium rates to market rents. In Q1 FY24, Embassy REIT achieved a net operating income (NOI) of ₹738 crores, marking a 9% YoY growth.

Read more here.

Cipla Q1 Results: Net profit rises 45% YoY to ₹996 crore

Cipla Ltd reported a 45% YoY increase in consolidated net profit to ₹996 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations stood at ₹6,329 crore during the same period, up 18% YoY. EBITDA grew 31% YoY to ₹1,494.02 crore in Q1. The 12% growth in its Indian business was led by growth across branded prescription, trade generics, and consumer health.

Read more here.

BHEL synchronises 660 MW Unit-2 of Maitree thermal power project

Bharat Heavy Electricals Ltd has synchronised 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters. Maitree STPP is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL).

Read more here.

Dr Reddy’s Labs Q1 Results: Net profit rises 18% to ₹1,405 crore

Dr Reddy’s Labs reported an 18.2% YoY increase in consolidated net profit to ₹1,405 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations rose 29% YoY to ₹6,758 crore during the same period. The growth in the consolidated revenue of Dr Reddy’s was primarily on account of new product launches, continued momentum in existing products, and favourable forex rates movement.

Read more here.

Shree Cement to invest ₹7,000 crore on capacity expansion

Shree Cement said it will invest ₹7,000 crore for capacity expansion in the next phase of capacity augmentation. The company will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. It will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh.

Read more here.

Tata Consumer Q1 Results: Net profit rises 30% YoY to ₹359 crore

Tata Consumer Products Ltd reported a 30% YoY increase in consolidated net profit to ₹359  crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 12% YoY to ₹3,741 crore during the same period.  The revenue growth is mainly driven by a strong 16% uptick in India Business, 3% in international business, and 5% in non-branded business. EBITDA stood at ₹547 crore in Q1, up 19% YoY.

Read more here.

Tata Motors to convert DVR shares to ordinary shares

The board of Tata Motors approved the cancellation of its entire DVR or ‘A’ ordinary shares. Holders of the DVR will get seven ordinary shares for every 10 DVRs held. This marks a premium of 23% over the previous day’s close of the DVR shares and a 30% discount to Tata Motors’ ordinary shares. The proposed scheme to cancel DVR shares will lead to a reduction in Tata Motor’s outstanding equity shares by 4.2%.

To learn more about DVR shares, click here.

Read more here.

Bajaj Finance Q1 Results: Net profit rises 32% YoY to ₹3,437 crore

Bajaj Finance reported a 32.4% YoY increase in consolidated net profit to ₹3,437 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 35% YoY to ₹12,498 crore during the same period. Net interest income (NII) for the quarter increased by 26% YoY to ₹8,398 crore. The company’s assets under management (AUM) as of June 30 stood at ₹2.70 lakh crore, up 32% from the year-ago period.

Read more here.

Categories
Market News Top 10 News

Maruti Suzuki’s Net Profit Jumps 43% YoY to Rs 2,624cr – Top Indian Market Updates

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

Maruti Suzuki Q4 Results: Net profit jumps 43% YoY to Rs 2,624 crore

Maruti Suzuki reported a 43% YoY increase in net profit to Rs 2,624 crore and an operating revenue of Rs 32,048 crore, up 20% YoY, for Q4 FY23. The company sold a total of 514,927 vehicles in Q4 and sales in the domestic market stood at 4,50,208 units, up 7.1% over Q4FY22. The company’s board has approved a dividend of Rs 90 per share.

Read more here.

Patel Engineering JV bags irrigation projects worth Rs 841 crores

Patel Engineering Joint Venture (JV) has secured irrigation projects worth Rs 841 crore in Maharashtra. The JV received a Letter of Award (LoA) for the Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 and 02 from the Water Resources Department. The EPC contracts are valued at Rs 841 crore and are to be executed within 36 months. Patel Engineering’s share in the projects is Rs 451.28 crore.

Read more here.

Bajaj Finance Q4 Results: PAT jumps 30% YoY to Rs 3,158 

Bajaj Finance reported a 30% YoY increase in consolidated net profit to Rs 3,158 crore for Q4 FY23. The company’s net interest income (NII) rose 28% YoY to Rs 7,771 crore. New loans grew by 20% to 7.56 million and assets under management rose 29% to Rs 2.47 lakh crore. The gross non-performing assets (NPAs) and net NPAs declined during the quarter at 0.94% and 0.34%, respectively. The board has recommended a dividend of Rs 30 per share.

Read more here.

KPI Green commissions 26.1-MW wind-solar hybrid power project in Gujarat

KPI Green Energy has commissioned a 26.1 MW wind-solar hybrid power project in Bhavnagar, Gujarat. The project comprises 16.1 MW wind and 10 MW solar capacity. It was established under the Gujarat Wind-Solar Hybrid Power Policy 2018, and power purchase agreements have been made with commercial and industrial clients.

Read more here.

KEC International bags orders worth  ₹ 1,017 crore

KEC International won new orders worth Rs 1,017 crore in various segments. The transmission and distribution (T&D) business secured an order for a 765 kV transmission line from a private developer in India, while the civil business received orders for industrial and residential projects. The company’s cable business secured orders for the supply of various types of cables in India and overseas.

Read more here.

ONGC plans to invest Rs 1 lakh crore by 2030 to boost petchem capacity

Oil & Natural Gas Corp (ONGC) plans to invest Rs 1 lakh crore by 2030 to double the combined petrochemicals capacity of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and joint venture ONGC Petro additions Ltd (OPaL) to 8 million metric tonnes per annum. The plan will involve the construction of two mega projects on the east and west coast that will either directly use crude to produce chemicals or take other feedstocks.

Read more here.

Dalmia Bharat executes definitive agreements with JAL to acquire cement assets

Dalmia Bharat has executed definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire JAL’s cement assets for an enterprise value of Rs 1,500 crore and costs and expenses of up to Rs 190 crore. The acquisition will be subject to various clearances and approvals related to JP Super plant and mines. Dalmia Cement (Bharat) Ltd (DCBL), a subsidiary of Dalmia Bharat, will acquire JP Super Cement Plant in Uttar Pradesh.

Read more here.

HDFC Life Q4 Results: Profit growth flat at Rs 359 crore

HDFC Life Insurance reported a net profit of Rs 359 crore for Q4 FY23, which is flat compared with the same period last year. However, net profit for the quarter rose 14% from Q3 FY23. The net premium income stood at Rs 19,426 crore, up 36% YoY. The first-year premium income for the quarter rose 73% to Rs 4,467 crore. The company’s board has recommended a final dividend of Rs 1.90 per equity share.

Read more here.

Union Bank to raise funds up to Rs 10,100 crore via QIPs and Bonds

Union Bank of India is planning to raise up to Rs 10,100 crore in capital via public issue, Basel III compliant Additional Tier 1 (AT1) bonds, and Tier 2 bonds. The capital will be raised in tranches of up to Rs 8,000 crore through public issue, rights issue, and private placements, including Qualified Institutions Placements (QIPs). The remaining Rs 2,100 crore will be raised through Basel III compliant AT1 and/or Tier 2 bonds, including foreign currency-denominated bonds.

Read more here.

Categories
Market News Top 10 News

Bajaj Finance Posts 40% YoY Rise in Q3 Net Profit – Top Indian Market Updates

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

Bajaj Finance Q3 Results: Net profit rises 40% YoY to ₹2,973 crore

Bajaj Finance Ltd reported a 40% YoY increase in consolidated net profit to ₹2,973 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 26.3% YoY to ₹10,784.3 crore during the same period. The asset under management (AUM) of the company was up 27% YoY to Rs 2.30 lakh crore in Q3. Net interest income (NII) for the quarter rose 24% YoY to ₹7,435 crore.

Read more here.

Reliance Jio, Bharti Airtel gained subscribers in Nov 2022

Reliance Jio gained 14.2 lakh wireless subscribers in November 2022, while Bharti Airtel added 10.5 lakh subscribers. Vi lost nearly 18.2 lakh mobile users in Nov, further shrinking its user base to 24.37 crore. Jio and Bharti Airtel’s user bases expanded to 42.28 crore and 36.6 crore, respectively. TRAI data showed Jio and Airtel have widened their customer market shares to 36.99% and 32.03% (31.92%), respectively, while Vi’s has narrowed further to 21.33%.

Read more here.

Vedanta Q3 Results: Net profit falls 42% YoY to ₹3,092 crore

Vedanta Ltd reported a 42% YoY decline in net profit to ₹3,092 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 7% YoY to ₹33,691 crore during the same period. EBITDA stood at ₹7,100 crore in Q3, down 35% YoY. The company declared a dividend of ₹12.5 per share. 

Read more here.

DLF plans to launch ₹7,500 crore premium housing project in Gurugram

DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around ₹7,500 crore as it seeks to tap strong demand for high-end apartments. The company will develop about 1,100 apartments in this residential project. DLF has launched residential projects in Delhi, Gurugram, Panchkula (Haryana), and Chennai this fiscal.

Read more here.

Dixon Tech Q3 Results: Net profit rises 12% YoY to ₹52 crore

Dixon Technologies (India) Ltd reported a 12% YoY increase in consolidated net profit to ₹52 crore for the quarter ended December (Q3 FY23). Its revenue from operations fell 22% YoY to ₹2,405 crore during the same period. Expenses declined by 23% YoY to ₹2,294 crore in Q3. EBITDA stood at ₹114 crore in Q3, up 10% YoY. 

Read more here.

Tata Motors hikes prices of passenger vehicles

Tata Motors Ltd will hike the prices of its passenger vehicles by 1.2% on a weighted average basis from February 1 due to the rise in overall input costs. The vehicle maker said it has been “absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike.” 

Read more here.

Tata Elxsi Q3 Results: Net profit rises 29% YoY to ₹195 crore

Tata Elxsi reported a 29% YoY increase in net profit to ₹194.68 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 28.7% YoY to ₹817.74  crore during the same period. EBITDA stood at ₹246.9 crore in Q3, up 17.1% YoY. The company’s media & communications segment grew 14.7% YoY in a challenging quarter for the industry, aided by new wins in Android TV and ad tech.

Read more here.

Dr. Reddy’s Lbas launches generic version of Durezol eye drops in US

Dr. Reddy’s Laboratories Ltd. has launched the generic version of Durezol eye drops in the United States following approval by the US Food and Drug Administration (USFDA). The product is used to treat eye swelling and pain after eye surgery. According to IQVIA data, the Durezol brand and its generic version had total sales of approximately $40 million in the US market for the 12 months ended November 2022.

Read more here.

Samvardhana Motherson to acquire 51% stake in Saddles International Automotive for ₹207 crore

Samvardhana Motherson International Ltd will acquire a majority stake (51%) in Saddles International Automotive and Aviation Interiors Pvt. Ltd. (SIAAIPL) for ₹207 crore. SIAAIPL manufactures premium upholstery for applications, including seat covers for passenger vehicles, wrapping of door panels, and gear knob covers. The deal will allow Samvardhana Motherson to enter the upholstery space.

Read more here.