brigade enterprises Archives

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

Vodafone Idea plans to clear about ₹2,400Cr dues by Sept

As per an Economic Times report, Vodafone Idea plans to clear about ₹2,400 crore of dues to the government by September. The company recently cleared pending dues of licence fees and spectrum usage charges of about ₹450 crore for Q4 FY23. Vi had to pay a licence fee of around ₹770 crore by July and ₹1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Read more here.

Vedanta seeks minimum $9.5 for Rajasthan gas

Vedanta Ltd is seeking a minimum of $9.5 for the natural gas it produces from its Rajasthan block, according to a tender floated by the firm. The company sought bids from users for 0.6 million standard cubic meters per day of gas it plans to produce from the RJ-ON-90/1 block in the Barmer basin of Rajasthan in three months beginning October 1.

Read more here.

Radico Khaitan underpaid ₹1,078 crore excise duty to UP govt: CAG

As per reports, the Comptroller & Auditor General (CAG) of India has claimed that Radico Khaitan avoided paying taxes worth ₹1,078.09 crore to the Uttar Pradesh government. However, the liquor manufacturing company said that there was a lack of accuracy in the information. Radico Khaitan refuted the media reports, adding that the company has complied with all legal requirements, including revenue laws of India.

Read more here.

Glenmark settles drug pricing case with US Department of Justice

US-based Glenmark Pharmaceuticals Inc (a subsidiary of Glenmark Pharma) has entered into a 3-year deferred prosecution agreement with the US Department of Justice involving historical pricing practices by former employees relating to the generic drug Pravastatin between 2013 and 2015. If the company adheres to the terms of the agreement, including the payment of $30 million, the DOJ will dismiss the pending Superseding Indictment.

Read more here.

India’s banking system liquidity slips into deficit first time in FY24

Indian banking system liquidity slipped into a deficit for the first time since March-end, as the Reserve Bank of India’s (RBI) temporary liquidity withdrawal and tax outflows impacted banks’ funding. According to RBI data, the banking system’s liquidity stood at a deficit of $2.84 billion as of August 2. Earlier this month, RBI told banks to hold an incremental cash reserve ratio (CRR) of 10% on the increase in deposits between May 19-July 28, which has led to the withdrawal of over ₹1 lakh crore.

Read more here.

Minister Nitin Gadkari launches Bharat NCAP crash test ratings

Union Minister of Road Transport & Highways Nitin Gadkari launched the Bharat New Car Assessment Programme (Bharat NCAP). It’s been created in line with Global NCAP standards under the Safer Cars for India initiative. The government expects the program to increase the demand for safer cars and encourage manufacturers to comply with customer needs.

Read more here.

Promoter firm buys 2.2% stake in Adani Enterprises

Promoter firm Kempas Trade and Investment bought 2.53 crore shares or a 2.22% stake in Adani Enterprises Ltd from the open market between Aug 7-18. Post-acquisition, the total promoter holding in the company increased from 67.65% to 69.87%.

In other news, Adani Enterprises has incorporated a wholly-owned subsidiary, Sirius Digitech International, to provide digital solutions and services.

Read more here.

Brigade Enterprises acquires 6.54-acre land parcel in Chennai

Brigade Enterprises Ltd has acquired a 6.54-acre land parcel in Chennai from Pfizer Healthcare India for nearly ₹139 crore. The real-estate company will develop a residential project on this land parcel with an overall development potential of over 1 million sq. ft. The land parcel is located at Rajiv Gandhi Salai (Old Mahabalipuram Road), Sholinganallur, Chennai.

Read more here.

TRAI recommends scrapping of DTH licence fee after FY27

The Telecom Regulatory Authority of India (TRAI) has recommended to the Ministry of Information and Broadcasting (MIB) that the govt should discontinue charging direct-to-home (DTH) operators a licence fee after the financial year 2026–2027 to ensure the sector remains viable in the long-term. TRAI argued that DTH platforms should be treated equally with other regulated & unregulated distribution platforms such as multi-system operators (MSOs), DD Free Dish, and OTT services, which are not required to pay any license fee.

Read more here.

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

Stocks

Lemon Tree Hotels has signed license agreements for two properties in Bhubaneswar and Kasauli under Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively.

Brigade Enterprises has bought 6.54 acres of land in Chennai. The company will develop a residential project on the said land.

Paytm’s 23rd Annual General Meeting (AGM) is scheduled to be held on September 12.

Adani Enterprises’ promoter firm Kempas Trade and Investment bought 2.53 crore shares (2.22%) in the last 2 weeks.

Adani Power has targeted a total capacity of 21,110 MW by FY29, with net senior debt expected to increase next year.

What Happened Yesterday?

NIFTY started the day flat at 19,320 and kept taking 19,300 as support. After 2 rounds of bounces from the support, the index gave a good up move to 19,420. NIFTY closed at 19,393, up by 83 points or 0.43%

BANK NIFTY started the day at 43,952 with a 100-point gap-down. The index was overall bullish after 10 AM, and respected 43,960 zones. A breakout above 44,100 was not formed and BANK NIFTY closed at 44,002, up by 150 points or 0.34%.

U.S. markets closed flat to green. The European markets closed mixed.

What to Expect Today?

The Asian markets are slightly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,389.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,360, 19,300 and 19,240. We can expect resistances at 19,400 19,438 and 19,500.

BANK NIFTY has supports at 43,960, 43,830 and 43,680. Resistances are at 44,100, 44,150 and 44,277.

FINNIFTY has supports at 19,500, 19,450 and 19,400. Resistances are at 19,623, 19,700 and 19,735.

NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300. PCR is at 0.96.

BANK NIFTY has the highest call OI build-up at 44,000. The highest put OI build-up is also at 44,000. PCR is at 1.00.

FINNIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,500. PCR is at 0.96.

Foreign Institutional Investors net-sold shares worth Rs -1,901 crores. Domestic Institutional Investors net-bought worth Rs 626 crores.

INDIA VIX is at 11.96.

The current expectation of the week remains consolidation with NIFTY moving up by just 0.4% yesterday.

Even though the market did not fall till 19,240 yesterday, DIIs supported it and kept it “stable”. FIIs continue to sell for thousands of crores.

FINNIFTY’s expiry is expected to be consolidation, going by the current market trend. You can look for trades using the levels we talked about above as an indication.

While the general market is consolidating, midcap and smallcap indices are near their all-time highs. Usually what happens in markets like these is, NIFTY consolidates while smaller stocks rally.

Both NIFTY and BANK NIFTY are trapped in a consolidation range in the daily charts, as well. So you can easily trade with these limits as an option seller! Have a safe trading day!

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!