Tag: Hindalco

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Bajaj Finance to Raise Rs 10,000Cr Via QIP, Preferential Issue – Top Indian Market Updates

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

Bajaj Finance approves ₹10,000 crore fundraise via QIP, preferential issue

Bajaj Finance Ltd’s board has approved a fundraise of up to ₹8,800 crore via a Qualified Institutional Placement (QIP). It has also approved raising up to ₹1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv (its promoter company). Post conversion of the preferential warrants into equity, Bajaj FInserv’s share in Bajaj Finance will rise from 52.45% to 52.57%. 

Read more here.

Tata Motors to upskill 50% of employees with new-age auto tech

Tata Motors plans to equip over 50% of its overall workforce with new-age auto tech capabilities within five years. This is part of the automaker’s strategy to develop skilled and future-ready staff focused on electric vehicles (EVs) and other emerging technologies in the auto industry. The company has specially curated training modules to address the requisite developmental needs of shopfloor technicians and line engineers.

Read more here.

NHPC’s Teesta V plant shut after flash flood in Sikkim

NHPC Ltd shut down all units of its 510 megawatt (MW) Teesta V power plant after the flash flood in the Teesta River in Sikkim. A 500 MW project (Teesta VI) under construction has also been affected. Detailed assessment of losses and damages suffered will be carried out after the water level recedes, which may take 4-5 days.

Read more here.

TCS secures order from Georgia state government

The Georgia Department of Labor (GDOL) has selected Tata Consultancy Services (TCS) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. TCS’ latest order win comes after the tech giant already secured multiple orders across sectors in September.

Read more here.

Manappuram Finance’s arm files ₹1,500 crore IPO papers with SEBI

Asirvad Micro Finance (AMF), a subsidiary of listed NBFC Manappuram Finance, filed a Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO). The public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component. AMF has a presence across 22 states and 4 UTs through a network of 1,684 branches as of FY23.

Read more here.

Hindalco to sign pact with Odisha Mining Corporation for long-term supply of Bauxite ore

Hindalco Industries Ltd will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in Odisha.

Read more here.

JLR retail sales rise 21% YoY in Q2

Jaguar Land Rover’s (JLR) retail sales rose 21% year-on-year (YoY) to 106,561 units for the quarter ended September (Q2 FY24). The company had posted retail sales of 88,121 units in Q2 FY23. JLR’s wholesale volumes stood at 96,817 units, up 29% YoY. Wholesale volumes for the first half of FY24 were 1.90 lakh, up 29% YoY. 

Read more here.

Future Consumer defaults on ₹370 crore payment

Future Consumer Ltd (FCL) has defaulted on the payment of ₹369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter (Q2 FY24). The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is ₹115.64 crore for Q2. FCL’s total liabilities stand at ₹468.12 crore, including short-term and long-term debts. 

Read more here.

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Daily Market Feed Post Market Analysis

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!

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

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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!

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BNF Indicates Consolidation This Week. PSU Banks Shine! – Post Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 20,155 with a gap-down of 36 points. After falling to 20,120 levels in the first candle, the index moved up gradually to 20,195 (the day’s high). Post 12 PM, it fell nearly 80 points (making lower lows) to hit 20,115. Nifty closed at 20,133, down by 59 points or 0.29%.

Nifty chart Sept 18 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,100 with a gap-down of 130 points. After trading in a 110-point range initially, the index broke out of the consolidation, and rose to 46,250 levels. Then, similar to Nifty, Bank Nifty fell sharply by 345 points over the remaining part of the day! BNF closed at 45,979, down by 251 points or 0.54%.

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

All indices except Nifty PSU Bank (+3.39%), Nifty Auto (+0.84%), and Nifty FMCG (+0.58%) closed in the red. Nifty Realty (-1.37%) fell the most.

Major Asian markets closed mixed. European markets are currently trading up to 1% in the red.

Today’s Moves

PowerGrid (+3.09%) was NIFTY50’s top gainer.

Indian Overseas Bank (IOB) hit a 20% upper circuit amid a strong rally in PSU bank stocks. UCO Bank (+15.1%) and Central Bank (+9.8%) also closed well in the green.

BEL (+3.1%) went up nearly 7% intraday after the company received multiple orders worth ₹3,000 crore on Friday.

Hindalco (-2.43%) was NIFTY50’s top loser amidst selling pressure in metal stocks.

Vodafone Idea (-6.8%) fell sharply after the telecom company denied reports that US-based Verizon, Amazon, and Starlink are in a race to acquire it.

J B Chemicals (-49.79%) shares have turned ex-split. The company had announced a stock split in the ratio 1:2.

Markets Ahead

Nifty and Bank Nifty have closed without major changes, and our market is witnessing small profit booking. In the upcoming days, we can expect decent selling after every intraday rise. To catch this move, you can use simple trendlines.

The major support to look out for in Nifty will be the 20,100-130 zone. However, Bank Nifty is struggling to trade above 46,000 as the region is close to its all-time high (ATH).

Bank Nifty may not show bullishness at least for this week. Here are the reasons: 

  • ICICI Bank is facing resistance near the ₹1,000 mark. If the stock breaks this level, it will be a strong double-bottom breakout and could be a big move after a small retracement.
  • HDFC Bank failed to break the resistance at ₹1,650. Will be watching how the stock behaves near the ₹1,620 support region.
  • Bank Nifty might trade in a 1000-points range of 45,480-46,330 for a few more days. Even an ATH breakout would be a trap, because Pivot levels are indicating a strong resistance near the 46,680 region.

Reliance is testing its major trendline support, but proper horizontal-level support is only available near ₹2,400.

The markets will remain closed tomorrow (Sept 19) on account of Ganesh Chaturthi.

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

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

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India’s Retail Inflation Eases to 6.83% in August – Top Indian Market Updates

inflation - market updates | marketfeed

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

India’s retail inflation cools to 6.83% in August

According to the National Statistics Office (NSO), India’s annual retail inflation (measured by the Consumer Price Index) eased to 6.83% in August. Inflation came down from a 15-month high of 7.44% in July. The fall was largely led by a decline in vegetable prices. Food inflation fell from 11.51% in July to 9.94% in August.

Read more here.

India’s industrial output grew 5.7% in July

According to data published by the Ministry of Statistics and Programme Implementation, India’s Index of Industrial Production (IIP) expanded at a rate of 5.7% in July 2023. The expansion was at a faster pace in July than a month ago. Mining output grew 10.7% YoY, while manufacturing output and electricity generation expanded at 4.6% and 8% YoY, respectively, in July.

Read more here. 

Govt may impose addl tax to restrict sale of diesel vehicles

Nitin Gadkari, the Minister of Road, Transport & Highways (MoRTH) plans to propose to the Indian govt to consider imposing additional taxes on diesel vehicles. The additional tax is to restrict the sale of diesel vehicles unless automakers voluntarily move away from it. The minister made the statement while speaking at the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM).

Read more here.

NTPC pays final dividend of ₹2,908.99 cr for 2022-23

NTPC announced the payment of ₹2,908.99 crore final dividend for 2022-23. This payment constitutes 30% of the paid-up equity share capital of NTPC. The total dividend disbursed for FY 2022-23 stands at ₹7,030.08 crore, being 41% of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends.

Read more here.

Tata Power Delhi Distribution ties with US-based Utiltyx for cyber security

Tata Power Delhi Distribution has partnered with Utiltyx, the Indian subsidiary of a US-based cyber security and data analytics software company. The partnership aims to enhance the company’s preparedness against future threats and challenges related to cyber security. The association is aimed at augmenting Intelligent Electronic Device (IED) visibility, strengthening Tata Power-DDL’s capabilities to fight cyber threats.

Read more here.

Reliance Retail Ventures gets ₹2,000 crore from KKR

KKR is investing another ₹2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL). This follow-on investment will translate into an additional equity stake of 0.25% in RRVL. The additional acquisition will take KKR’s total stake in RRVL to 1.42%. The private equity firm acquired the stake at a valuation of ₹8.36 lakh crore.

Read more here.

Hindalco partners with Metra for extrusion tech

Hindalco Industries has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. Hindalco is the world’s largest aluminium rolling and recycling company. 

Read more here.

SpiceJet pays Kal Airways ₹100Cr

SpiceJet paid Kal Airways and its promoter Kalanithi Maran ₹100 crore towards an arbitral award. The payment was made a day after the Delhi High Court ordered it to complete the payment by September 12. On August 24, the court had asked SpiceJet and Singh to pay ₹100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties.

Read more here.

IndiGo plans to lease 22 Airbus A320 aircraft

IndiGo is looking to induct up to 22 aircraft from the secondary lease market as it faces the grounding of several Airbus A320 Neo aircraft powered by Pratt & Whitney engines. Over 1,000 P&W engines will need to be inspected after the manufacturer found that contamination of powder metal defects could lead to the cracking of some engine components. 

Read more here.

Coal India to invest ₹24,000 crore in green transportation

Coal India Ltd (CIL) is planning to invest ₹24,000 crore in green transportation in three phases. This investment is part of CIL’s plan to ensure the eco-friendly transfer of coal from its production point to handling plants. The phases will cover 61 First Mile Connectivity (FMC) projects, which will have a combined capacity of 763.5 million tonnes per annum. Under these green projects, coal will be loaded directly into rail wagons through mechanised piped conveyors with a rapid loading system.

Read more here.

Uno Minda to buy an additional 3.81% stake in European subsidiary

Uno Minda Ltd’s Board of Directors approved the acquisition of the remaining stake in Uno Minda Europe Gmbh. The acquisition will be at a consideration of 1.3 million euros (~₹11.58 crore) to make it a wholly-owned subsidiary. The stake will be purchased by SAM Global Pte Ltd, a wholly-owned subsidiary of Uno Minda Ltd.

Read more here.

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Calm Fin Nifty Expiry! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,374 with a gap-up of 68 points. The index immediately fell below the resistance levels of 19,360 levels and mostly moved in a very small range of 40 points throughout the day between 19,320 and 19,360 levels. Nifty closed at 19,342, up by 36 points or 0.19%.

Nifty chart August 29 - post-market analysis

BANK NIFTY (BNF) started the day at 44,655 with a gap-up of 161 points. Initially, the index fell to 44,500 levels. Then, similar to Nifty, BNF also consolidated within a range of 100-120 points and closed exactly at yesterday’s closing price of 44,495.

Bank Nifty chart August 29 - post-market analysis

All indices except Nifty PSU Bank (-0.49%), Nifty FMCG (-0.33%), and Nifty Pharma (-0.27%) closed flat-to-green. Nifty Realty (+1.69%) and Nifty Metal (+1.28%) moved up the most.

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

Today’s Moves

Hindalco (+2.18%) was NIFTY50’s top gainer. 

Other metal stocks like Jindal Stainless (+3.68%), NALCO (+2.54%), Jindal Steel (+3.12%), Tata Steel (+1.6%), etc., also moved up with strength. 

BEML (+13.17%) surged on the back of a strong order book position of over ₹10,000 crore.

Bharti Airtel (-1.74%) was NIFTY50’s top loser. In a block deal, 1.1 cr shares (0.16% equity) of the telecom company worth ₹922.8 crore changed hands at an average of ₹852.9 per share.

Union Bank (-6.3%) fell sharply today. The bank raised equity capital of ₹5,000 crore through a qualified institutional placement (QIP) on Aug. 25, 2023.

Markets Ahead

Buyers are trying to hold the important support levels of 19,300 in Nifty and 44,500 in Bank Nifty. Both indices haven’t crossed the levels we discussed in yesterday’s post-market analysis, and consolidated today.

Nifty: The immediate support for Nifty will be 19,300, and immediate resistance will be 19,360 levels. A breakout from here could give us a target of 19,420, and a breakdown can give us targets of 19,240 and 19,100, eventually.

Bank Nifty: The make-or-break level will be 44,500 as the index closed exactly there. A gap down could take the index to 44,430 and 44,350 on the downside. Meanwhile, 44,670 and 44,750 levels can be watched on the upside.

Fin Nifty: The index had a very calm day as the index consolidated throughout the day within the 50-point range (near 19,800). So it was an easy day for option sellers today.

Heavyweight stock Reliance Industries has fallen for the fourth consecutive trading session, exerting downward pressure on Nifty! This marks the first time in three months that RIL has experienced such sustained losses.

How did FIN NIFTY expiry go? Are you in net profit or loss today? Let us know in the comments section of the marketfeed app.

marketfeed wishes all our readers a VERY HAPPY ONAM! 🌼

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Daily Market Feed Post Market Analysis

Bullish Weekly Expiry? – Post-Market Analysis

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

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

Nifty chart August 23 - post-market analysis | marketfeed

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

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

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

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

Today’s Moves

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

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

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

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

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

Markets Ahead

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

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

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

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

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

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

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

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Market News Top 10 News

NCLT Approves ZEEL’s Merger With Sony – Top Indian Market Updates

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

NCLT approves ZEEL’s merger with Sony

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the merger scheme between Zee Entertainment Enterprises Ltd (ZEEL) with Culver Max Entertainment (Sony). The tribunal has also dismissed all objections regarding the merger.  This is a key regulatory approval for the mega-merger, aimed at creating a $10-billion media giant.

Read more here.

RBI keeps repo rate unchanged at 6.5%

Reserve Bank of India (RBI) left the repo rate (key policy rate) unchanged at 6.5%. The central bank’s Monetary Policy Committee (MPC) also retained its withdrawal of accommodation stance to ensure that the retail inflation remains within the target of 4%. The RBI retained the GDP growth projection for the current financial year (FY24) at 6.5% and raised the inflation projection marginally to 5.4%

Read more here.

Grasim Q1 Results: Net profit falls 18% YoY to ₹1,576 crore

Grasim Industries reported an 18% YoY fall in consolidated net profit to ₹1,576 crore for the quarter ended June (Q1 FY24). Its consolidated revenue for the quarter stood at ₹31,065 crore, up 10.7% YoY. The decline in net profit could be attributed to an over 14% YoY jump in its total expenses for Q1 at ₹27,923.38 crore. 

Read more here.

SBI Card enables RuPay credit cards on UPI

SBI Card and National Payments Corporation of India (NPCI) announced the linking of SBI credit cards on the RuPay platform with UPI. The company’s customers will now be able to make UPI transactions through credit cards issued on RuPay. The facility can be availed of by registering the credit card with third-party UPI apps.

Read more here.

Samvardhana Motherson Q1 Results: Net profit jumps four-fold to ₹601 crore

Samvardhana Motherson reported a four-fold rise in consolidated net profit to ₹601 crore for the June quarter (Q1 FY24). Its consolidated revenue from operations rose 27% YoY to ₹22,462 crore during the same period. EBITDA stood at ₹1,940 crore, up 69% YoY, driven by operating efficiency, and softening of material and energy prices. 

Read more here.

Pidilite Q1 Results: Net profit rises 32% YoY to ₹474 crore

Pidilite Industries reported a 31.5% YoY jump in net profit to ₹473.7 crore for Q1 FY24. Its consolidated revenue rose 5.6% YoY to ₹3,275.1 crore during the same period. EBITDA rose 33.5% YoY ₹706.8 crore from ₹529.5 crore in the same quarter last year. EBITDA margin also expanded by 450 basis points (bps) from 17.1%, YoY to 21.6%.

Read more here.

Godrej Cons to build manufacturing facility in Tamil Nadu

Godrej Consumer Products Ltd (GCPL) announced that it has signed a Memorandum of Understanding (MoU) with the state government of Tamil Nadu. The MoU is for building a manufacturing facility near Chennai. The company will make an investment of ₹515 crore over the next five years. It will serve as a manufacturing hub for brands such as Cinthol, Godrej Expert Rich Crème, Godrej Selfie Shampoo Hair Colour, and Goodknight.

Read more here.

Hero MotoCorp Q1 Results: Net profit rises 32% YoY to ₹825 crore

Hero MotoCorp reported a 32% YoY increase in net profit to ₹825 crore for Q1 FY24. Its consolidated revenue rose 4.5% YoY to ₹8,767.3 crore during the same period. EBITDA grew 28% YoY ₹1,206 crore in Q1. The company incurred a one-time cost of ₹160 crore towards the voluntary retirement scheme (VRS) offered to certain employees.

Read more here.

NHPC plans to build pumped hydro storage projects of 22,000 MW

NHPC Ltd is planning to develop around 20,000-22,000 MW of pumped hydro energy storage projects in the coming years. The capacities are being explored in Odisha, Maharashtra, Madhya Pradesh and Andhra Pradesh. However, the detailed project report and the approvals are likely to take a couple of years for at least some of these capacities to start building.

Read more here.

Vi seeks time till Dec to clear its statutory dues

Vodafone Idea has sought time till the end of December 2023 to clear its remaining statutory dues. The company hopes to close its fundraising from banks and third-party investors in the “near future” and is reiterating that its promoters are “committed” to supporting the company. Replying to a Department of Telecommunications (DoT) show cause notice, the company cited continuing liquidity challenges due to its delayed fundraising.

Read more here.

LIC Q1 Results: Net profit jumps 14x to ₹9,544 crore

Life Insurance Corporation of India (LIC) reported a 14x YoY increase in net profit to ₹9,544 crore for Q1 FY24. Its net premium income was flat at ₹98,363 crore during the same period. Income from investments rose 30% YoY to ₹90,309 crore in Q1.

Read more here.

Hindalco, Texmaco to make aluminium rail wagons, coaches

Hindalco Industries and Texmaco Rail & Engineering have entered into a strategic alliance and announced a ₹200 crore investment to develop and manufacture aluminium rail wagons and coaches that will help the Indian Railways achieve emission goals and boost operating efficiency. Texmaco is the flagship of the Adventz Group.

Read more here.

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Adani Ports’ Net Profit Rises 83% YoY to Rs 2,115Cr in Q1- Top Indian Market Updates

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

Adani Ports Q1 Results: Net profit rises 83% YoY to ₹2,115 crore

Adani Ports & Special Economic Zone Ltd reported an 83% YoY jump in consolidated net profit to ₹2,115 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹6,248 crore, up 24% YoY. EBITDA increased 80% YoY to ₹3,765 crore in Q1. The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in the first quarter, reflecting a 12% YoY jump.

Read more here.

Tata Power to develop 2,800 MW hydro storage projects

Tata Power Ltd has entered into an agreement with the Government of Maharashtra. The agreement is for developing pumped hydro storage projects having a total capacity of 2800 MW. The company signed a Memorandum of Understanding (MoU) with the Maharashtra Government proposing a total investment worth approximately ₹13,000 crore. The pumped hydro storage projects are targeted to aid not just Maharashtra but also the country’s clean energy landscape.

Read more here.

Coal India Q1 Results: Net profit falls 10% YoY to ₹7,941 crore

Coal India reported a 10% YoY fall in consolidated net profit to ₹7,941 crore for the June quarter (Q1 FY24). Revenue from operations rose 3% YoY to ₹35,983 crore during the same period. On a sequential basis, net profit rose 44% from ₹5,528 crore reported in the preceding March quarter, while revenue dropped 6% QoQ. EBITDA stood at ₹10,513 crore, down 14.5% YoY.

Read more here.

TCS partners with govt to transform GeM platform

Tata Consultancy Services (TCS) has been selected as a strategic partner by the Indian Government to transform the Government e-Marketplace (GeM) into a state-of-the-art public procurement platform with enhanced transparency, efficiency, and inclusivity. The GeM platform provides an end-to-end online marketplace for central and state government bodies, including public sector undertakings, for the procurement of common-use goods and services transparently and efficiently. TCS will design and build a new modern solution leveraging new technologies while maintaining the current platform.

Read more here.

Hindalco Q1 Results: Net profit falls 40% YoY to ₹2,454 crore

Hindalco reported a 40.4% YoY fall in consolidated net profit to ₹2,454 crore for Q1 FY24. Its revenue from operations fell 9% YoY to ₹52,991 crore during the same period. Consolidated EBITDA stood at ₹5,714 crore, down 32% YoY. The operating profit margin contracted by 375 basis points to 10.78%.

Read more here.

Hero MotoCorp halts booking for India-made Harley Davidson

Hero MotoCorp Ltd halted bookings for its India-made Harley-Davidson motorcycle. The company has received 25,597 bookings for the Harley-Davidson X440 to date. The booking window, which opened on July 4, has now been closed, and the new booking window will be announced soon. Hero MotoCorp said it will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.

Read more here.

Torrent Pharma Q1 Results: Net profit rises 7% YoY to ₹378 crore

Torrent Pharma reported a 7% YoY rise in net profit to ₹378 crore for the June quarter (Q1 FY24). Net profit stood at ₹354 crore in Q1 FY23. Revenue also rose 10% YoY to ₹2,591 crore during the same period. EBITDA stood at ₹791 crore, up 11% YoY. The R&D spend rose 6% YoY to ₹129 crore in the second quarter. 

Read more here.

Godrej Consumer to invest ₹900 crore to set up manufacturing plants

Godrej Consumer Products Ltd (GCPL) on Monday announced that its board has approved a capital expenditure of ₹900 crore. The capital expenditure is for setting up new manufacturing sites in Tamil Nadu and Madhya Pradesh. This is being done to cater to the growing customer demand as well as consolidate the manufacturing footprint. GCPL’s board took the decision at a board meeting held on August 7. The company will fund the project through a mix of internal accruals and debt.

Read more here.

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Daily Market Feed Pre Market Report

NIFTY Back to Consolidation Zone. SBI Results Out Today – Pre-Market Analysis Report

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

Stocks

Bharti Airtel registered a profit of Rs 1,612.5 crore for Q1, falling 46.4% QoQ impacted by a one-time foreign exchange loss of Rs 3,416 crore.

Eicher Motors has registered its highest-ever quarterly revenue, EBITDA and profit. Profit shot up 50.4% year-on-year to Rs 918.3 crore

Paytm has recorded merchant payment volumes at Rs 1.47 lakh crore for July 2023, growing 39% YoY. The loan distribution business is growing at 148% YoY.

LIC Housing Finance registered a 43% YoY growth in profit at Rs 1,323.7 crore for the quarter, beating estimates.

Hindalco Industries has won the bid to mine the Meenakshi West coal mine in Odisha.

Titan reported a 4% fall in net profit at Rs 753 crores. Margins of the company fell.

Indigo reported a net profit of Rs 3,090 crore, beating street estimates. Revenue jumped up 30% YoY.

HPCL reported a net profit of Rs 6,765.5 crore for Q1, v/s net loss of Rs 8,557.12 crore last year. It is still lower than expected as margins fell.

Major results today: State Bank of India, M&M, Britannia Industries, Shipping Corp, IDFC, Devyani International

What Happened Yesterday?

NIFTY started the day at 19,463 with a gap-down of 62 points. Initially, the index tried moving up, but 19,500 now turned into resistance. Failing to break the level, a crash without a retracement to 19,300 was seen. NIFTY closed at 19,381, down by 144 points or 0.74%. 

BANK NIFTY started the day at 44,862 with a gap-down of 132 points. It tried moving above 45,000 but found resistance. A fall of 750 points was seen after which BANK NIFTY closed at 44,513, down by 482 points or 1.07%. 

What to Expect Today?

US markets closed in the red. The European markets also closed in the red.

The Asian markets are trading mixed.

The U.S. Futures are trading slightly in the green.

GIFT NIFTY is trading slightly in the green at 19,486.

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

NIFTY has supports at 19,300, 19,240 and 19,200. We can expect resistances at 19,438, 19,513, and 19,566.

BANK NIFTY has supports at 44,280, 44,150 and 44,000. Resistances are at 44,600, 44,900 and 45,229.

NIFTY has the highest call OI build-up at 19,500 and 20,000. The highest put OI build-up is at 19,400 and 19,200. 

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is at 45,500. 

Foreign Institutional Investors net-sold shares worth Rs -317 crores. Domestic Institutional Investors net-bough worth Rs 1729 crores.

INDIA VIX cooled 9% to 11.18.

The international markets did not show strength or a bounce back yesterday, even though NIFTY held on strong till noon. But just after noon, the 19,400 level was broken and another quick 100-point fall was seen. A bounce is what we expected but breaking important levels meant more fall.

NIFTY has now fallen 3% from its all-time high.

Support was taken at the level of 19,300 which was the level from early July in NIFTY. Bank NIFTY has reached back to early June consolidation levels.

You can expect consolidation from these zones with a very low chance of falling below 19,000. A quick rally back to all-time highs is not expected unless triggered by huge FII buying.

Otherwise, expecting a trading range of 19,100-19,650 for this week which will change according to market conditions.

Watch out for SBI volatility around the results, this may create some buzz!

We will be entering our new Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

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

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Daily Market Feed Post Market Analysis

Volatile Monthy Expiry! Metal Stocks Shine – Post-Market Analysis

NIFTY started the day flat at 19,729 with a gap-up of 57 points. The index immediately fell, taking rejection from the earlier support zone of 19,700. It moved down till yesterday’s low of 19,660 zones (making lower lows), gave a strong pull-back to the 19,700 zone, and took rejection there. Then, Nifty gave a good fall to 19,620 levels and took support from there to move again sharply to the rejection zone of 19,700. Nifty closed at 19,680, up by 8.25 points or 0.04%.

NIFTY chart - July 25

BANK NIFTY (BNF) started the day at 46,154 with a gap-up of 231 points. The index fell to the 45,900-600 support zones but couldn’t sustain. After the breakdown and re-test of those levels, Bank Nifty further fell to 45,600 levels to take support and gave a huge recovery till the rejection zone of 45,900 zones. BNF closed at 45,845, down by 78 points or 0.17%. 

Bank Nifty chart - July 25

Nifty Metal (+2.94%) and Nifty Media (+1.5%) moved up the most, while Nifty PSU Bank (-1.4%) fell sharply. 

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

Today’s Moves

Hindalco (+3.82%) was NIFTY50’s top gainer. 

Metal stocks Tata Steel (+3.25%), JSW Steel (+3.2%), NTPC (+2.4%), NALCO (+2.9%), Hindustan Copper (+5.4%), and others surged today.

Jyothy Labs (+19.9%) rallied after its net profit jumped 102% to ₹96.25 crore on the back of moderating input costs and a stable demand environment in Q1 FY24.

Asian Paints (-4.04%) was NIFTY50’s top loser. The company’s consolidated net profit rose 53% YoY to Rs 1,550 crore; beating street estimates.

ITC (-1.9%) continued its fall after announcing the demerger of its hotel business.

Olectra Greentech (-9%) shares have fallen 21% in 7 days. BSE and NSE have placed the stock under the long-term ASM framework.

Markets Ahead

Markets have turned bearish, and the levels mentioned in yesterday’s post-market analysis acted as planned. Our targets of 19,560 in Nifty and 45,500 in Bank Nifty are still intact. So if there’s a follow-up tomorrow, those targets could be hit!

Nifty: Now, the important resistance is clearly 19,700 and the important support is near 19,560 (which also coincides with the falling channel pattern low). If there’s a flat opening tomorrow below 19,700, Nifty can have another round of sell-off tomorrow. On the other hand, if there’s a breakout from the 19,700 level, the index can move to the 19,770 resistance level.

Bank Nifty: The index is now below the support zone of 45,900 and has turned bearish. But on a 5 min chart, there’s a bullish head and shoulder pattern that’s been formed. So if the index crosses 45,800 tomorrow, we can expect it to fall to today’s low and eventually till the 45,500 level. If there’s a breakout from 46,000 levels, Bank Nifty can move to 46,250 as the first target.

FIN NIFTY was super volatile like Nifty and Bank Nifty on expiry day. The index made some crazy moves, creating trouble for both option buyers and sellers. But if you were a safe/conservative option seller, you would have made money!

Meanwhile, business activity in the U.S. slowed to a five-month low in July, dragged down by decelerating service-sector growth. The Federal Open Market Committee’s (FOMC) meeting will begin today. Investors are expecting the group to raise interest rates by 25 basis points to their highest level since 2001.

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

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Daily Market Feed Post Market Analysis

Will Nifty Hit 20,000 Soon?- Post-Market Analysis

NIFTY started the day at 19,802 with a gap-up of 53 points. Initially, the index started moving higher to 19,840 levels (which was a pivot level resistance). Then, profit booking kicked in, and Nifty fell till the support zones of 19,730 levels. Then, it gave a huge recovery to hit a fresh all-time at 19,851. Nifty closed at 19,833, up by 83 points or 0.42%.

Nifty chart July 19

BANK NIFTY (BNF) started the day at 45,622 with a gap-up of 211 points. Unlike Nifty, Bank Nifty consolidated today within a 200 point-range between 45,700 and 45,500. BNF closed at 45,669, up by 258 points or 0.57%.

Bank Nifty chart July 19

All indices closed flat-to-green today. Nifty PSU Bank (+1.95%) and Nifty Media (+1.1%) moved up the most.

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

Today’s Moves

NTPC (+2.7%) was NIFTY50’s top gainer. Goldman Sachs has initiated coverage on the stock with a ‘Buy’ rating.

Tata Teleservices (+10.4%) surged on the back of strong volumes.

TV18 Broadcast (+9.16%) jumped after the company reported a 52% YoY increase in its consolidated net profit at Rs 91.20 crore for Q1.

Hindalco (-1.19%) was NIFTY50’s top loser. 

Network18 (-7.54%) fell after the company said its net loss widened to ₹38.73 crore in Q1 FY24.

Markets Ahead

Nifty is looking more bullish when compared to Bank Nifty. A lot of positive Q1 results have been boosting the index.

Nifty: Now, the important support level for Nifty will be 19,730, and the major resistance will be 19,880 (which is a pivot point resistance). If there’s a flat opening and Nifty moves higher, the index can move higher till the resistance zone. If the index falls below 19,830 levels, it can come down to the support levels mentioned above.

Bank Nifty: The index has moved in a range. So if there is a range breakout or breakdown from 45,700 levels and 45,500 levels, respectively, BNF can fall to 45,335 levels. On the upside, it could move to 45,890 levels.

Being weekly expiry tomorrow, both indices can be volatile. So watch out for all important levels and plan your trades accordingly.

In other news, UK’s inflation stood at 7.9% for June 2023, below the 8.2% that economists predicted. Euro Area’s June consumer prices rose 5.5% YoY in June vs an estimate of 5.5% growth.

FIIs have net bought for ₹1,165.47 crore today, while DIIs have net sold for ₹2,134.54 crore.

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

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