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Daily Market Feed Post Market Analysis

Muhurat Trading Gains Lost! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,486 with a gap-down of 38 points. After opening, the index further fell nearly 80 points with volatility. Then, it consolidated throughout the day in a 25-point upward channel. Nifty closed at 19,443, down by 82 points or 0.42%.

Nifty chart November 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,915 with a gap-down of 81.5 points. Similar to Nifty, BNF fell more than 200 points with wild moves. Then, the index rebounded 200 points in just 20-25 mins and consolidated for the rest of the day. BNF closed at 43,891, down by 105 points or 0.24%.

All indices except Nifty PSU Bank (+2.64%) and Nifty Metal (+0.37%) closed in the red.

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

Today’s Moves

Coal India (+5.29%) was NIFTY50’s top gainer. Jefferies India and other brokerages have upgraded the stock and raised their target prices on the back of strong Q2 earnings by the state-run miner.

BSE (+9.2%) hit a 52-week high of ₹2,350 after the stock exchange reported a 4x jump in its net profit to ₹118.4 crore in Q2.

Hindustan Copper (+8.07%) surged after the company’s net profit more than doubled in Q2.

SBI Life (-2.2%) was NIFTY50’s top loser. 

Glenmark Pharma (-5.03%) fell sharply after the company posted a loss in Q2 on exceptional legal costs.

Markets Ahead

On the occasion of Muhurat Trading, the Indian markets opened with a gap up (above major resistance levels). However, today’s opening brought the indices back into their original zones, suggesting the presence of selling pressure in the markets.

Nifty: Keep an eye on the resistance levels at 19,460 and 19,500. If there’s a breakout, we might see the index aiming for 19,540 and 19,600. On the other hand, the critical support for Nifty is at 19,400. If it falls below this level, potential targets could be 19,360 and 19,330.

Bank Nifty: The resistance levels to keep an eye on are at 43,900 and 44,000. A breakout might set a target at 44,000 and a larger one at 44,500. On the downside, the key support levels are at 43,800 and 43,700. If there’s a breakdown, potential targets could be 43,500 and 43,300.

Also, watch out for this channel in BNF! 

Bank Nifty chart November 13 - post-market analysis | marketfeed

The Indian market continues to consolidate due to various factors: the sudden slowdown in Industrial Production (IIP) growth in Sept 2023, and the declining manufacturing PMI mirror global patterns influenced by rising interest rates and inflation. The weakness in the Indian Rupee has made FIIs adopt a cautious stance. However, the market’s potential decline is limited by robust Q2 earnings, economic stability, and consistent DII investments.

The markets will be closed tomorrow (Nov 14) on account of Diwali-Balipratipada! marketfeed wishes all our readers a Happy Diwali! 🪔

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IRCTC Posts 30% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

IRCTC Q2 Results: Net profit rises 30% YoY to ₹295 crore

Indian Railway Catering and Tourism Corporation (IRCTC) reported a 30% YoY rise in net profit to ₹295 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 23% YoY to ₹995 crore during the same period. EBITDA stood at ₹366 crore, up 20% YoY in Q2. The company’s board approved a dividend of ₹2.5 per share.

Read more here.

L&T arm secures significant orders in Odisha, MP

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured orders in the range of ₹1000-2500 crore from the Governments of Odisha and Madhya Pradesh. The order from the Water Resources Department, Government of Odisha, is to execute mega lift irrigation projects. L&T will also execute Pressurized Piped Lift Irrigation Projects to irrigate about 34,942 hectares of culturable command area in Dewas, Madhya Pradesh.

Read more here.

Devyani International Q2 Results: Net profit falls 43% YoY to ₹33 crore

Devyani International Ltd reported a 43% YoY fall in consolidated net profit to ₹33.35 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 9.64% YoY to ₹819.47 crore during the same period. EBITDA stood at ₹158.8 crore in Q2. Devyani International operates KFC outlets in India.

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Voltas denies report on considering sale of home appliance biz

Voltas denied reports claiming that the Tata Group is considering selling its home appliance business. Earlier today, Bloomberg reported that Tata Group is considering selling the home appliance operation of Voltas Ltd. Voltas is separately taking up the matter with Bloomberg to issue a necessary clarification.

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Zydus Lifesciences Q2 Results: Net profit rises 53% YoY to ₹801 crore

Zydus Lifesciences Ltd reported a 53% YoY increase in net profit to ₹801 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 9.1% YoY to ₹4,369 crore during the same period. EBITDA stood at ₹1,146 crore, up 40.6% YoY.  The pharma company’s India sales rose 4.8% YoY to ₹1,769 crore in Q2 FY24.

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JSW, Vedanta’s ₹10,000 cr investment in cement plants in Punjab stuck in red tape

JSW Group and Vedanta’s joint investment in Talwandi Sabo Power Plant (TSPL) to set up cement plants in Punjab are awaiting approval from the state government. TSPL plans to set up cement manufacturing plants in Punjab with an overall investment of around ₹10,000 crore. TSPL has plans to set up multiple cement plants next to its existing power plant in the Mansa district of Punjab. One of these plants will be set up by the JSW group.

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Power Grid Q2 Results: Net profit rises 5% YoY to ₹3,834 crore

Power Grid Ltd reported a 5% YoY rise in net profit of ₹3,834 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell marginally by 0.5% YoY to ₹10,419.41 crore during the same period. EBITDA stood at ₹9,207.32 crore, up 4% YoY. Its board recommended a dividend of ₹4 per equity share.

Read more here.

Glenmark gets USFDA approval for generic drug used to treat mental disorder

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fluphenazine Hydrochloride tablets. The drug is used to treat certain types of mental disorders. According to IQVIA data, the drug’s equivalent had annual sales of approximately $18.1 million in the 12 months ended September 2023.

Read more here.

Trent Q2 Results: Net profit jumps 3x YoY to ₹228 crore

Trent Ltd reported an 189% YoY jump in consolidated net profit of ₹228.06 crore for the quarter ended September (Q2 FY24). Its total income rose 51.4% YoY to ₹3,062.47 crore during the same period. Total expenses stood at ₹2,773.52 crore in Q2 FY24, compared to 1,899.49 crore in Q2 FY23.

Read more here.

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Bullish Harami Formed! Markets to Reverse? – Post-Market Analysis

NIFTY started the day flat at 19,581 with a gap-up of 58 points. Initially, the index tried moving up, but the 19,600 zone acted as resistance. Nifty consolidated near that resistance and gave a good breakout, followed by a 125-point rally till the important resistance zone of 19,730-40 levels. After 2:30 PM, the index fell sharply to close at 19,638, up by 114 points or 0.59%.

Nifty chart Sept 29 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,445 with a gap-up of 145 points. Right from the beginning, BNF made higher low patterns. The index moved up gradually by 400 points to 44,750 levels and took resistance there. BNF closed at 44,484, up by 287 points or 0.64%.

Bank Nifty chart Sept 29 - post-market analysis | marketfeed

All indices except Nifty IT (-0.3%) closed in the green. Nifty Pharma (+2.6%), Nifty Media (+1.96%), and Nifty Metal (+1.9%) moved up the most!

Major Asian markets closed flat-to-green. European markets are currently trading up to 1% in the green.

Today’s Moves

Hindalco (+5.65%) was NIFTY50’s top gainer. 

Glenmark Pharma (+9.8%) surged after rating agency S&P Global revised the company’s outlook to positive on the back of the proposed stake sale of Glenmark Life Sciences (GLS).

Shares of Vedanta (+6.84%) rose after the company announced the allotment of debentures worth ₹2,500 crore. The company also declared a demerger to split its business into six listed entities.

Adani Enterprises (-2.42%) was NIFTY50’s top loser. Yesterday, Abu Dhabi’s International Holding Company (IHC) decided to exit its investment in Adani Green Energy and Adani Energy Solutions.

Navin Fluorine International (-13.66%) crashed after Radhesh Welling resigned as the company’s Managing Director. 

Markets Ahead

Both Nifty and Bank Nifty showed buying pressure and tried to recover from yesterday’s fall. However, both indices couldn’t cross or close above their respective resistance levels or yesterday’s high. Indices are still under selling zones. So markets can turn bullish only after important levels are breached.

Nifty: The current swing of 19,600 can act as immediate support. And a major support to watch out for in Nifty is 19,500. A breakdown from these levels may give us targets of 19,400 and 19,350. 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 levels. A breach of 19,860 levels can indicate a reversal and markets to turn bullish again. 

Nifty is moving in a flag and pole pattern. So a breakout can confirm the upward movement.

Bank Nifty: The immediate support to look out for is near the round levels of 44,500. A breakdown from these levels may take the index to 44,350 and 44,200 levels. The important resistance is near today’s high of 44,780-800. A breakout could give us targets of 44,900 and 45,000. More importantly, 45,200 has to be crossed for a trend reversal.

Bank Nifty has been moving in a channel, and the channel high may be respected!

How did this week go? Are you in net profit or loss? Let us know in the comments below!

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Adani Ports to Buy Back up to Rs 1,620Cr of 2024 Bond – Top Indian Market Updates

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

Adani Ports to buy back up to ₹1,620Cr of 2024 bond

Adani Ports & Special Economic Zone (SEZ) commenced a cash tender offer for up to $195 million (~₹1,620 crore) to partly prepay its near-term debt maturities. The company started a buyback programme of some debt securities in April to prepay part of its near-term loans due in 2024. The tender offer is to buy the outstanding 3.375% senior notes due in 2024 for up to $195 million in cash. 

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Bank of Maharashtra fails to attract buyers for loans to Asian Hotels

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North) at the auction held on Tuesday. Asian Hotels (North) operates the five-star property Hyatt Regency (Delhi). According to the auction notice from the bank, it had set a reserve price of ₹330 crore as against the outstanding dues of ₹ 324 crore.

Read more here. 

Dixon Tech signs manufacturing agreement with Xiaomi

Dixon Technologies Ltd’s subsidiary, Padget Electronics Pvt Ltd, has entered into an agreement with Xiaomi to manufacture smartphones and other related products. The manufacturing will take place at Padget’s manufacturing facility in Noida. The deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. 

Read more here.

NMDC’s China exports hindered by logistics

According to a Reuters report, NMDC is unable to export low-grade iron ore to China due to logistics issues. The company did not immediately reply to a Reuters email seeking comments. There is a severe shortage of rakes to move the ore anywhere in the country which is affecting exports. China imports around 80% of India’s overall shipments.

Read more here.

Apollo acquires under-development hospital asset from Future Oncology in Kolkata

Apollo Hospitals has acquired a partially built hospital in Sonarpur, Kolkata, from Future Oncology Hospital and Research Centre for ₹102 crore in an all-cash deal. The acquired hospital has a total capacity of 325 beds. The acquisition is being fully funded through internal accruals by Apollo Multi Speciality Hospitals, a wholly-owned subsidiary of Apollo Hospitals.

Read more here.

ADIA looks to invent $600 million into RIL’s retail business

According to an Economic Times report, Abu Dhabi Investment Authority (ADIA) is looking to buy an additional stake in Reliance Retail. ADIA is seeking to invest $600 million into Reliance Retail at valuations that significantly exceed those during an earlier concluded fundraising round three years ago. 

Read more here.

Tata Power Renewable Energy to set up 41 MW captive solar plant for TP Solar

Tata Power Renewable Energy Ltd (TPREL) will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu. The plant is for TP Solar’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL is a subsidiary of Tata Power.

Read more here.

Glenmark signs agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

Glenmark Specialty SA (GSSA) has signed distribution and licence agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne. The company will market and distribute Winlevi in Europe and South Africa. Glenmark Speciality SA will receive exclusive rights from Cosmo’s subsidiary to commercialise Winlevi in 15 EU countries and South Africa. GSSA is a subsidiary of Glenmark Pharma.

Read more here.

Aditya Birla Capital gets ₹750 crore investment in subsidiary

Aditya Birla Capital Ltd (ABCL) announced investment in its wholly-owned subsidiary. The company is making an investment of around ₹750 crore on a rights basis in the equity shares of Aditya Birla Finance Ltd (ABFL). ABCL is investing in ABFL to meet its growth and funding requirements and improve its leverage ratio.

Read more here.

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Extreme Volatility! Negative Closing for Nifty – Post-Market Analysis

NIFTY started the day flat at 19,744. The index was highly volatile in a 140-point range throughout the day. After opening, the index tried moving up, but faced rejection at the 19,800 level. It then gave a sharp fall of 130 points, recovered back up to the same day’s high, and again fell to the day’s low at 19,650 levels. Nifty closed at 19,742, down by 68 points or 0.34%.

Nifty chart Sept 22 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,707 with a gap-up of 83 points. It initially tried moving up, but took rejection at the 45,000 round levels. Then, the index fell sharply by nearly 400 points to 44,600 levels. It again gave a rebound to the day’s high, but eventually fell again. BNF closed at 44,612, down by 11 points or 0.03%.

Bank Nifty chart Sept 22 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.51%) and Nifty Auto (+0.21%) closed flat-to-red. Nifty Pharma (-1.5%) fell the most.

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

Today’s Moves

IndusInd Bank (+2.95%) was NIFTY50’s top gainer.

Maruti Suzuki (+2.4%) moved up after brokerages Citi and Morgan Stanley maintained their bullish stance on the stock.

HUDCO (+18.84%) hit a 5-year high of ₹85.8 on the back of a positive outlook. The stock has surged nearly 95% since April 2023.

All 12 stocks in NIFTY PSU Bank closed in the green, with Central Bank of India (9%), Union Bank (5.4%) and Canara Bank (4.6%) emerging as top gainers.

Dr Reddy’s Labs (-2.67%) was NIFTY50’s top loser. 

Shares of Wipro (-2.4%) fell following the resignation of Jatin Pravinchandra Dalal as Chief Financial Officer of the company.

Glenmark Pharma (-3.01%) declined up to 6% after the firm received board approval to sell a 75% stake in subsidiary Glenmark Life Sciences to Nirma.

Markets Ahead

Markets are extremely volatile and every uptick is getting sold with a lot of strength. As discussed in yesterday’s post-market report, a sell-on-rise market was expected, and we are seeing it in action.

Nifty: The immediate resistance to watch out for is near 19,720 levels. For a proper uptrend, the index has to cross the resistance at 19,800. The major support is near 19,650. And if this level is breached, we can expect Nifty to hit 19,630 and 19,560.

Bank Nifty: The index is near its round-level support zone of 44,500. A breakdown from this level could give us targets of 44,300 and 44,000. The immediate resistance to look out will be 45,000. Wait for BNF to cross 45,000 if you’re looking for buying opportunities.

On a weekly time frame, the indices are looking weak. But they have taken support from trendlines. So, if those trend lines are breached, we can expect bearishness in the coming months!

PSU bank stocks outperformed today as India’s inclusion in JP Morgan’s Government Bond Index led to a decline in bond yields. 

How did this week go? Are you in net profit or loss? Let us know in the comments section!

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

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Reliance AGM 2023: Highlights – Top Indian Market Updates

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

Reliance AGM 2023: Highlights

Reliance Industries Chairman Mukesh Ambani made a range of important announcements, spanning from Jio True 5G to Jio Smart Home Services and changes in the company’s board structure, during the 46th Annual General Meeting (AGM) of the company.

Jio Bharat Launch: Mukesh Ambani announced the introduction of the affordable Jio Bharat smartphone at just ₹999.

Jio AirFiber Launch: Jio AirFiber will be launched on the occasion of Ganesh Chaturthi, on September 19.

Smart Home: JioHome is a mobile app that enables you to navigate on your television connected to the Jio Set-top Box.

Changes in Reliance Board: Mukesh Ambani confirmed that he will continue as Chairman and Managing Director for the upcoming five years. Nita Ambani has resigned from RIL’s board. Isha, Akash, and Anant Ambani joined the company’s board.

Reliance Retail: Ambani welcomed the Qatar Investment Authority as a valued investor in Reliance Retail, who invested $ 1 billion for a 1% equity stake. This investment values Reliance Retail at ₹8.28 lakh crore.

Jio Financial Services to enter the insurance space.

Read more here.

SEBI’s probe faults Adani group on disclosure rules

An investigation of the Adani Group by the Securities and Exchange Board of India (SEBI) has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds. SEBI launched the inquiry after U.S.-based Hindenburg Research raised governance concerns around the Adani Group. The conglomerate had denied wrongdoing in January. The Supreme Court, which is overseeing SEBI’s investigation of the Adani Group, will hear the matter on Tuesday.

Read more here.

Reliance Retail to take Campa brand global

Reliance Retail will take its Campa brand global, starting with Asia and Africa. Campa, which competes with global cola makers Coca-Cola and PepsiCo in India, will be the first homegrown cola to be taken overseas. In April, Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Ventures, entered into a strategic partnership with beverage can and filling company Ceylon Beverages to co-pack and manufacture Campa soft drinks.

Read more here.

Schaeffler India to fully acquire Koovers for Rs 142.4 crore

Schaeffler India Ltd will fully acquire KRSV Innovative Auto Solutions Pvt Ltd for ₹142.4 crore. Bengaluru-based KRSV Innovative Auto Solutions (which operates under the brand Koovers) offers spare parts solutions to Indian aftermarket workshops via a B2B e-commerce platform. The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. 

Read more here.

BPCL to spend $18.16 bn in oil, green energy over 5 years

Bharat Petroleum Corp plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal. The company has set a planned capex outlay of around $18.16 billion in the next five years, which will enable it to create long-term value for our stakeholders while preserving our planet for future generations.

Read more here.

Sterlite Power bags green energy transmission project in Rajasthan

Sterlite Power has secured a green energy transmission order for Rajasthan Phase-III (20GW). The project includes the construction of a 350km 765Kv electricity transmission corridor. The project has three integral components — a 350 km 765kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar, construction of a 3000 MVA 765/400kV Substation at Beawar and the construction of two LILO lines, covering approximately 120 km.

Read more here.

TVS Motors to invest Rs 3,900 crore to boost green portfolio

TVS Motors will invest ₹3,900 crore over the next four to five years to boost its green portfolio. The company is eyeing a larger share of business from global and electrics. The company counts broadening its relationship with BMW as one of the key pillars of its future vision. It will also aggressively pursue new product launches individually and also through its acquisitions, such as British motorcycle brand Norton Motorcycles, which it purchased in 2020 as well as the Swiss E-Mobility Group (SEMG).

Read more here.

Patel Engineering, JV bag Rs 3,637 crore contract from NHPC

Patel Engineering Ltd (PEL) along with its joint venture (JV) partner have bagged a ₹3,637 crore order from NHPC in Arunachal Pradesh. PEL’s share in the contract is ₹1,818.56 crore. The partnership will be a 50:50 one and the contract includes the construction of headrace tunnels including intake, pressure shafts, penstocks, powerhouse and transformer cavern.

Read more here.

Glenmark recalls 1,200 bottles of generic hypertension drug in the US

According to the US Food & Drug Administration (USFDA), Glenmark Pharmaceuticals is recalling 1,200 bottles of a generic drug, used to treat high blood pressure, in the American market due to a manufacturing issue. The New Jersey-based arm of the drug firm is recalling 1,200 bottles of Trandolapril and Verapamil Hydrochloride extended-release tablets. The affected lot has been manufactured at the pharma company’s Goa plant.

Read more here.

Venus Remedies gets marketing approval for anticoagulant drug in Saudi Arabia

Venus Remedies has received approval to market Enoxaparin in pre-filled syringes in Saudi Arabia. The drug is used to prevent blood clots. The company has received the marketing approval Venus Remedies Ltd has an annual capacity for producing more than 50 lakh units of Enoxaparin. The company sold enoxaparin syringes estimated to be worth USD 7.8 billion in 2021. The market is expected to grow to USD 13.1 billion by 2031 at a 10-year compound annual growth rate (CAGR) of 5.4%.

Read more here.

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Vi Plans to Clear Rs 2,400Cr Dues by Sept – Top Indian Market Updates

Vi marketfeed

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.

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India’s Manufacturing PMI Falls to 57.7 in July – Top Indian Market Updates

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

India’s manufacturing PMI falls to 57.7 in July

India’s manufacturing activity maintained its growth momentum as order growth remained high in July. The IHS Markit India Manufacturing Purchasing Managers’ Index came in at 57.7 in July compared to 57.8 in June. New export business growth picked up to the fastest since last November.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for July 2023: Highlights  

Maruti Suzuki India posted a 3% year-on-year (YoY) increase in total sales to 1.82 lakh units in July 2023. Sales of its mini & compact vehicle segment fell 27% YoY to 76,692 units. Exports rose 9.2% YoY to 22,199 units.

Tata Motors Ltd’s total passenger vehicle sales were flat at 47,689 units in July. The automaker’s commercial vehicle sales declined by 4% YoY to 32,944 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 36,205 units in July, an increase of 29% YoY. M&M’s exports fell 9% YoY to 2,540 units.

TVS Motor Company’s total sales stood at 3.26 lakh units in July, up 4% YoY. Meanwhile, Bajaj Auto’s sales fell 15% YoY to 2.69 lakh units.

Read more here.

Adani Total Gas Q1 Results: Net profit rises 9% YoY to ₹150 crore

Adani Total Gas reported a 9% YoY increase in consolidated net profit to ₹150 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose by 2% YoY to ₹1,135 crore during the same period. EBITDA stood at ₹225 crore, up 12% YoY on account of higher volume and cost optimisation. CNG volumes increased by 18% YoY while PNG volume decreased by 6% YoY.

Read more here.

Arvind SmartSpaces signs two golf-themed projects in Ahmedabad

Arvind SmartSpaces Ltd (ASL) has signed two large horizontal (plots and Villas) multiuse, golf-themed development projects in Ahmedabad. The projects have a total estimated area of 704 acres and a top-line potential of ₹2,300 crore. These projects are located in South Ahmedabad and would be ASL’s 17th and 18th projects in Ahmedabad. Both projects are signed under the joint development model enabling low capital intensity and higher returns.

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L&T’s Construction unit wins multiple orders for heavy civil infrastructure business

Larsen and Toubro’s subsidiary L&T Construction has won multiple orders for its heavy civil infrastructure business. The order is from Rail Vikas Nigam Ltd. (RVNL) for the design and construction of an underground metro project in connection with the Joka – Esplanade Metro Corridor in the city of Kolkata. The company didn’t disclose the exact value of the orders but defined them as ‘large’ orders. All orders between ₹2,500 crore and ₹5,000 crore are classified under the ‘large’ category by L&T.

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PVR Inox Q1 Results: Net loss at ₹82 crore

PVR Inox reported a consolidated net loss of ₹82 crores for the June quarter (Q1 FY24). However, its revenue from operations rose 32% YoY to ₹1,304 crore during the same period. The loss was primarily due to an over 56% rise in company expenses. The movie exhibition cost jumped to ₹298 crore in Q1FY24, which was up both sequentially and on a YoY basis.

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Kolte-Patil acquires 2 society redevelopment projects in Mumbai suburb

Kolte-Patil Developers has agreed to redevelop two housing societies in the micro-market of Bangur Nagar in Goregaon, western suburbs of Mumbai. The projects with a total saleable area of around 4.8 lakh sq ft are estimated to have a revenue potential of ₹950 crore. The company has already executed a residential redevelopment project spread over 2.77 lakh sq ft in this micro-market and the project has already been sold out with a sales value of ₹495 crore.

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Glenmark gets USFDA nod to market generic diabetes drug

Glenmark Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market a generic diabetes drug in the American market. The company has received final approval from the USFDA for Saxagliptin Tablets, the generic version of AstraZeneca’s Onglyza1 tablets. According to IQVIATM sales data, for the 12 months ending June 2023, the Onglyza tablets achieved annual sales of around USD 100.7 million.

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Oberoi Realty Q1 Results: Net profit falls 20% YoY to ₹322 crore

Oberoi Realty reported a 20% YoY fall in consolidated net profit to ₹321.64 crores for the June quarter (Q1 FY24). Its total income fell slightly to ₹933.56 crore during the same period. Total income stood at ₹934.81 crore in Q1 FY23. Expenditure grew to ₹509.07 crore in the quarter from ₹463.32 crore in the year-ago period.

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Bharti Airtel launches self-service digital marketing product Airtel IQ Reach

Bharti Airtel has launched an enterprise communications platform, Airtel IQ Reach. It will enable brands/ companies to drive targeted customer engagements through personalised communications. Airtel IQ Reach is aimed at small and medium businesses and is currently available using WhatsApp as a messaging platform, with SMS and voice to be added in the future. Additionally, businesses will get access to customer information only if the customer chooses to respond to the communication sent out.

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Maruti Suzuki Posts 2.5x Jump in Net Profit in Q1 – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

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

Maruti Suzuki Q1 Results: Net profit jumps 2.5x to ₹2,485 crore

Maruti Suzuki India reported a 2.5x YoY jump in consolidated net profit to ₹2,485 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 22% YoY to ₹32,327 crore during the same period. The automaker sold 498,030 units during the quarter, registering a growth of 6.4% YoY.

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SAIL awards ₹30,483 crore mine development project to Power Mech

Power Mech Projects has secured a mine development and operation (MDO) project of ₹30,438 crore by state-owned steel maker SAIL. The duration of the contract is 28 years, which includes two years of development period. The contract will primarily comprise mine infrastructure development, removal of overburden and extraction of coking coal, crushing, transportation, and setting up of coal washery of 3.5 MTPA capacity.

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UPL Q1 Results: Net profit falls 81% to ₹166 crore

UPL Limited reported an 81% YoY decline in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 17% YoY to ₹8,963 crore during the same period. UPL has significantly cut its earnings guidance for FY24. The company now sees revenue growing 1-5% in FY24, compared to 6-10% earlier.

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Nirma closes in on Glenmark’s API subsidiary

The Nirma Group is the frontrunner to acquire Glenmark Life Sciences (GLS), an 82.84% subsidiary of Glenmark Pharmaceuticals. The conglomerate emerged as the sole bidder late last week. Nirma is using healthcare subsidiary Aculife Healthcare as the likely vehicle for the acquisition. GLS is a leading active pharmaceutical ingredient (API) platform.

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Adani Green Q1 Results: Net profit rises 51% YoY to ₹323 crore

Adani Green Energy Ltd reported a 51% YoY increase in consolidated net profit to ₹166 crores for the quarter ended June (Q1 FY24). Its revenue from operations rose 33% YoY to ₹2,176 crore during the same period. Revenue from power supply was up 55% YoY to ₹2,059 crore in Q1. The sale of energy has increased by 70% YoY to 6,023 million units.

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DGCA renews Jet Airways flying permit

The Directorate General of Civil Aviation (DGCA) has renewed Jet Airways’ flying permit till September as the fate of the airline still remains uncertain. The company’s air operator’s certificate (AOC) lapsed after it shut operations in April 2019. The airline has been undergoing insolvency proceedings in India’s bankruptcy court (NCLT).

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GAIL Q1 Results: Net profit falls 51% YoY to ₹1,412 crore

GAIL (India) Ltd reported a 51.5% YoY decline in net profit to ₹1,412 crores for the quarter ended June (Q1 FY24). Its revenue from operations fell 14% YoY to ₹32,227.47 crore during the same period. The company’s board has approved a proposal to increase the cost of its new petrochemical plant in the Raigad district of Maharashtra from ₹7,823 crore to ₹11,256 crore.

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Laxmi Organic board approves ₹710 crore capex to set up manufacturing site

Laxmi Organic Industries Ltd’s board has approved a capital expenditure of ₹710 crore for setting up a manufacturing site in Dahej, Gujarat. The proposed capacity addition of the site in Dahej will be more than 1 lakh tonnes every year. The first phase of the product portfolio at this new site will include speciality items like Diketene and Ketene derivatives.

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Vi partners with TSSC to launch IoT Centre of Excellence

Vodafone Idea Foundation has partnered with the Telecom Sector Skill Council (TSSC) to launch the IoT Centre of Excellence at Indira Gandhi Delhi Technical University for Women (IGDTUW) in Delhi. The centre will provide hands-on training in new age and emerging technologies such as 5G, artificial intelligence/machine learning (AI/ML), IoT (internet of things), security, and surveillance to build a skilled workforce for the future.

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India’s core sector growth output at 5-month high of 8.2% in June

Growth of eight key infrastructure sectors slowed down to 8.2% YoY in June 2023 due to a decline in the production of crude oil, natural gas, and electricity, as against 5% in May. The coal sector saw a growth of 9.8% YoY in June after growing 32.1% in the same month a year ago. Natural gas grew 3.6% YoY, while crude oil saw a dip of 0.6% YoY.

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HAL, GE Aerospace to Produce Fighter Jet Engines for IAF – Top Indian Market Updates

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

GE Aerospace signs pact with HAL to produce F414 fighter jet engines for IAF

Hindustan Aeronautics Ltd (HAL) has signed a Memorandum of Association (MoU) with GE Aerospace to manufacture fighter jet engines for the Indian Air Force (IAF). The agreement aims to bolster defence collaboration between the two nations. It encompasses the possibility of joint production in India of GE Aerospace’s F414 engines, pending export authorization from the US government.

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Fortis Healthcare sells hospital to Kauvery for Rs 152 crore

Fortis Healthcare Ltd has announced the sale of its hospital operations in Vadapalani, Chennai. Sri Kauvery Medical Care (India) Ltd will acquire the business for a sum of ₹152 crore in an all-cash deal. The transaction is expected to be finalised by the end of July 2023, pending the fulfilment of specific conditions outlined in the agreement. The hospital became operational in October 2020.

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Thermax subsidiary commissions wind-solar hybrid captive power plant in Gujarat

Thermax Ltd’s subsidiary First Energy Private Limited (FEPL) has successfully inaugurated a cutting-edge wind-solar hybrid captive power plant in Gujarat, India. The facility has a total capacity of 45.80 MW. It harnesses 24.3 MW from wind energy and 21.50 MW from solar energy, enabling a significant reduction of approximately 1,11,700 tonnes of carbon emissions each year.

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MM Forgings to spend upto ₹750 crore in EV business

MM Forgings plans to invest between ₹500-750 crore in the next five years in its EV business. The company’s foray into the EV sector aligns with its commitment to innovation and adaptability. MM Forgings plans to leverage its existing expertise in forging and machining to manufacture components for electric vehicles. This strategic expansion will not only enable the company to diversify its product portfolio but also contribute to the ongoing sustainability efforts within the automotive industry.

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PNB Housing Finance to consider fundraise upto Rs 5,000 cr via NCDs

PNB Housing Finance’s board has arranged a meeting on June 22 to discuss and finalize the issuance of Non-Convertible Debentures (NCDs) worth up to Rs 5,000 crore through private placement. The company specialises in providing various loans to retail customers, such as individual home loans, loans against property, non-resident property loans, and more. 

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Venus Remedies gets approval for marketing meropenem drug in Spain

Venus Remedies Ltd has obtained regulatory approval to market its popular generic product, Meropenem, in Spain. Meropenem is used to treat skin and abdominal infections. The company received clearance to sell Meropenem through its German subsidiary. Venus Remedies aims to capture a 10% market share in Spain’s meropenem market, which is valued at approximately $6.34 million in Europe.

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RVNL emerges lowest bidder for two orders worth ₹280 crore

Rail Vikas Nigam Ltd. (RVNL) has emerged as the lowest (L1) bidder for two packages offered by the Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Ltd. (MPPKVVCL) in Jabalpur. The combined value of these two orders amounts to ₹280 crore. The first order entails the supply, installation, testing, and commissioning of new 11 KV lines and LT lines on AB cable in the Chhatarpur circle of MPPKVVCL.

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L&T partners with DRDO for AIP systems for Indian Navy submarines

Larsen & Toubro (L&T) has entered into a contract with the Defense Research and Development Organization (DRDO) to develop two Air Independent Propulsion (AIP) system modules for the Indian Navy’s Kalvari class submarines. AIP technology enables non-nuclear submarines to operate without relying on atmospheric oxygen. L&T’s involvement in the realisation of AIP modules will enhance the capabilities of these submarines in terms of extended underwater endurance and stealth operations.

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Glenmark Pharma’s manufacturing facility in North Carolina gets USFDA warning letter

Glenmark Pharmaceuticals’ manufacturing facility in Monroe, North Carolina, USA, has received a warning letter from the US Food & Drug Administration (USFDA). However, this development will not affect the current revenue generated from the plant as the company has not been selling any products from the site since August 2021. As a result, the warning letter will not have any impact on the company’s existing revenues.

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LTIMindtree launches generative AI platform

LTIMindtree has launched Canvas.ai, a powerful generative AI platform tailored for enterprises. Canvas.ai expedites the journey from concept to value for businesses. The platform enables organizations to quickly initiate and expand their generative AI capabilities. It incorporates a well-structured framework and robust governance measures, ensuring the proper management of proprietary and industry-specific data while prioritizing ethical use, sustainability, privacy, and security.

Read more here.

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IMF Cuts India’s FY24 GDP Forecast to 5.9% – Top Indian Market Updates

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

IMF cuts India’s FY24 GDP forecast to 5.9%

The International Monetary Fund (IMF) has revised its growth forecast for India’s current financial year (FY24) from 6.1% to 5.9%, citing tightening financing conditions and ongoing challenges from the Russia-Ukraine war and the lingering pandemic. Despite the downward revision, India is expected to remain the fastest-growing economy over the next two years. The IMF also projects a slowdown in India’s inflation with an expected rate of 4.9% in the current fiscal year and further decreasing to 4.4% in the next year.

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NSE Indices rolls out India’s first REITs, InvITs index

NSE Indices Ltd (NSE’s index services subsidiary) launched India’s first-ever Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) Index – Nifty REITs & InvITs Index. The Nifty REITs & InvITs index aims at tracking the performance of REITs and InvITs that are publicly listed and traded on the National Stock Exchange. The index will be reviewed and rebalanced every quarter.

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Glenmark Pharma plans to sell stake in Glenmark Life to reduce debt

Glenmark Pharmaceuticals Ltd is considering selling a majority of its 82% stake in unit Glenmark Life Sciences in a bid to reduce the overall debt burden. Kotak Mahindra Capital has reportedly been hired to oversee the sale. Glenmark Life had a market valuation of Rs 5,013 crore as of the stock’s closing price on Monday, which values Glenmark Pharma’s stake at Rs 4,110 crore. 

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HDFC Bank to raise $6 billion in debt over next 1 year

HDFC Bank will consider raising debt of $6 billion (~Rs 50,000 crore) over the next year. The bank will discuss the fundraise at its board meeting on Saturday (April 15). The proposed fund raise would be by issuing perpetual debt instruments, Additional Tier-1 (AT-1) bonds, Tier-II capital bonds or long-term bonds. The bank will report its earnings for the January-March quarter on Sat.

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Lemon Tree signs franchise agreements to set up two hotels in Nepal

Lemon Tree Hotels (LTH) has signed two franchised agreements for two hotels, Lemon Tree Premier & Lemon Tree Resort, in Budhanilkantha and Lumbini in Nepal, respectively. The company claims to now have five properties in Nepal under different brands of Lemon Tree. Last week, LTH signed a licence agreement for an 88-room property in Whitefield, Bengaluru. The property is expected to be operational by October 2023.

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Kalpataru Power, subsidiaries gets orders worth Rs 3,079 crore

Kalpataru Power Transmission Ltd (KPTL) and its subsidiaries have secured orders worth Rs 3,079 crore in March and April 2023. The orders include civil works for a data centre and buildings of Rs 1,234 crore, an engineering procurement construction (EPC) order of Rs 754 crore in the railway business, and water supply projects of Rs 708 crore in India. It also received residential and institutional building projects worth Rs 233 crore in Africa.

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SBI to consider raising funds via unsecured notes worth up to $2B

SBI plans to raise up to $2 billion through a public offer or private placement of senior unsecured notes in US dollars during the current financial year. The bank’s Executive Committee of the Central Board will meet on April 18 to consider the proposal. The funds will be raised in single or multiple rounds, and the bank will examine the status and decide on long-term fundraising through a public offer and/or private placement of senior unsecured notes in US dollars during the financial year 2023-24.

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Indian companies will face higher interest burden in FY24: India Ratings

Ind-Ra expects the interest burden on corporates to surpass pre-Covid levels, with interest outflows projected to increase by 30% in FY24 compared to FY22, reaching Rs 3.38 lakh crore. According to a report by India Ratings & Research (Ind-Ra), the advantages enjoyed by Indian companies due to lower interest rates and reduced debt in the past are likely to be reversed in the current fiscal year. This is attributed to the sharp rise in interest rates and higher working capital financing needs.

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Maruti Suzuki to Hike Prices in April – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

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

Maruti Suzuki to hike prices in April

Maruti Suzuki India Ltd will hike prices in April 2023 due to increased cost pressure which will be passed on through the price increase. The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements. India is also implementing Bharat Stage 6 regulations from next month that require automakers to fit their vehicles with a device to check emissions, leading to extra costs.

Read more here.

Glenmark gets USFDA nod for generic drug with 180-day exclusivity

Glenmark Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for Calcipotriene & Betamethasone Dipropionate Foam (CBDF). The medication is used to treat plaque psoriasis (a condition in which skin cells build up and form scales and itchy, dry patches). with this approval, Glenmark is eligible for 180 days of generic drug exclusivity for CBDF.

Read more here.

Jio-bp to install EV charging stations at Piramal’s residential projects in Mumbai

Jio-bp, a joint venture between Reliance Industries and bp, is set to install EV charging stations in all of Piramal Realty’s residential projects in Mumbai. Customers and visitors to Piramal’s residential projects will be able to charge their electric vehicles seamlessly at Jio-bp pulse EV charging stations at sites with the Jio-bp pulse mobile app. The company will provide battery-swapping services through its extensive network of stations.

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Vedanta denies media reports of Agarwal planning stake sale worth $630 million

News agency Bloomberg reported that chairman Anil Agarwal is weighing a stake sale in Vedanta as a last-resort option and is studying the possibility of selling less than 5% of the company. However, representatives of the company have denied it. Shares of Vedanta fell as much as 6.3% on Thursday after the report to their lowest since early March.

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TotalEnergies says investments in Adani entities comply with Indian laws

French oil major TotalEnergies said its investments in three subsidiaries of Indian conglomerate Adani were undertaken in full compliance with Indian laws and with TotalEnergies’ own governance processes. It was responding to a Le Monde report detailing allegations of financial irregularities that short-seller Hindenburg Research has levelled against Adani. TotalEnergies said that at current market prices, its interests in Adani entities would be worth $5.1 billion.

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TVS Motor’s social arm allocates ₹10 crore investments towards water conservation

Srinivasan Services Trust, the social arm of automobile major TVS Motor Company, has invested more than Rs 21 crore over the last six years towards water conservation efforts in Tamil Nadu and Maharashtra. It has also planned to invest over Rs 10 crore in the next three years in water conservation initiatives. 

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ITC to go for climate risk modelling for food business: Chairman

ITC Limited’s Chairman Sanjiv Puri said the conglomerate is going for climate-risk modelling to identify the hotspots owing to extreme weather conditions. Puri said that a team of experts is engaged in this job of modelling comprising big data analytics. This practice will also reduce the emission of greenhouse gases (GHGs).

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NSE, BSE to put Adani Power under short-term additional surveillance measure again

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday. The move comes after the two exchanges moved Adani group stocks Adani Green Energy and NDTV from the second stage of the long-term ASM framework to Stage I on Monday.

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Udayshivakumar Infra IPO subscribed 32.49 times on final day

The ₹66 crore initial public offering (IPO) of Udayshivakumar Infra was subscribed 32.49 times on final day of bidding. The portion reserved for retail investors was subscribed 14.95 times. Non-institutional Investors (NIIs) bid 64.08 times against their reserved portion, while Qualified Institutional Buyers (QIBs) subscribed 42.92 times.

Reliance Jio announces pre-paid plans for Indian Premier League

Reliance Jio has introduced new prepaid packs with a 3GB daily data allowance ahead of the start of this year’s Indian Premier League (IPL). In addition to the high data allowance base packs, it also launched data add-on packs with up to 90-day validity and a data allowance of 150 GB. Competitors Bharti Airtel and Vodafone Idea are yet to announce offers around the IPL.

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