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Daily Market Feed Post Market Analysis

Peaceful Nifty Expiry. Markets at Breakout Levels! – Post-Market Analysis

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NIFTY started the day flat at 19,828. After an initial up-move to 19,875 levels, the index fell sharply to the 19,800 support levels and consolidated the rest of the day. Nifty closed at 19,802, down by 9.85 points or 0.05%.

BANK NIFTY (BNF) started the day flat at 43,452. The index had a calm day following yesterday’s volatility. It consolidated within a range of 100 points, roughly between 43,550 and 43,650. It can also be seen as a consolidation between the significant resistance at 43,700 and the support at 43,500. BNF closed at 43,577, up by 127 points or 0.29%.

All indices except Nifty Pharma (-1.57%) and Nifty IT (-0.59%) closed flat-to-green. Nifty Realty (+1.03%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading mixed.

Today’s Moves

Hero MotoCorp (+4.52%) was NIFTY50’s top gainer. The stock has rallied over 15% in nine days after the company reported record festive sales.

Shares of EID Parry (+8.37%) surged after promoters divested a 2.27% stake in the company for ₹190 crore through an open market transaction.

HPCL (+6.94%) moved up with strength as crude oil prices dropped sharply after OPEC+ postponed its meeting to decide on oil output.

Honasa Consumer (Mamaearth) hit a 20% upper circuit after the company reported a 94% YoY growth in Q2 net profit.

Cipla (-7.93%) was NIFTY50’s top loser. The US Food & Drug Administration issued a letter that flagged data issues at the pharma company’s unit in Madhya Pradesh.

Tube Investments (-8.25%) fell sharply today.

Markets Ahead

Being the weekly expiry for Nifty, the index remained stable and maintained its upper levels. Bank Nifty also sustained its upper levels after recovering from yesterday. However, both Nifty and BNF need to overcome their respective major resistances to achieve a clear breakout.

Nifty: The index has immediate support near 19,800. If there’s a breakdown from this level, the index may decline to 19,700 and 19,630 levels. Meanwhile, the resistance to monitor is approximately at 19,860. A breakout from this level might lead to targets of 20,000.

Bank Nifty: A major resistance to watch out for in BNF is 43,700. A breakout from this level could potentially lead to targets of 43,900 and the round level of 44,000. On the other hand, the immediate support lies near 43,500 levels. If there’s a breakdown from there, the index may decline to 43,200 levels.

India VIX remains steady, and the markets are currently stable. Confirmation of a reversal and an uptrend may occur with a further breakout from key resistance levels. In the event of a positive market reversal, you could focus more on Bank Nifty as it’s further away from the all-time high (ATH) compared to Nifty. This suggests that BNF has the potential to move swiftly to cover the gap.

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Daily Market Feed Post Market Analysis

Consolidation Near Resistance! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,449 with a gap-up of 43 points. Throughout the day, the index mostly consolidated in a 50-point range between 19,410 and 19,460 levels. Nifty closed at 19,443, up by 36 points or 0.19%.

BANK NIFTY (BNF) started the day flat at 43,791 with a small gap-up of 55 points. Like Nifty, BNF mostly consolidated in a 150-point range with a bearish bias. BNF closed at 43,658, down by 79 points or 0.18%.

Nifty Realty (+1.52%) and Nifty Pharma (+1.48%) closed well in the green.

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

Today’s Moves

BPCL (+3.06%) was NIFTY50’s top gainer.

Shares of Prince Pipes (+15.2%) recorded its 2nd largest single-day rise after the company returned to profit in Q2 FY24.

HPCL (+7.48%) has surged ~25% in nine days in response to the company’s positive Q2 results. Several domestic brokerages maintained or raised their target prices for the stock and sees potential upside. 

ICICI Bank (-1.3%) was NIFTY50’s top loser on the back of strong volumes.

Easy Trip Planners (-3.17%) fell sharply after the company’s Q2 results triggered volatile moves in the stock price.

Markets Ahead

Major indices are holding the upper levels and respecting key resistances. So a breakout or breakdown from these key levels will decide the upcoming market trend.

Nifty: It’s crucial to keep an eye on the major resistance at 19,470. If the index breaks out from that level, it could potentially move up towards 19,520 and round levels of 19,600. Meanwhile, there’s strong support for the index near 19,400 levels. If it breaks down below this point, we might see a fall towards 19,350 and 19,300. 

Bank Nifty: The resistance to look for in BNF is 43,700. If the index manages to breach this level, it might make its way up to 43,900. On the other hand, the support to watch out for is 43,500. If the index falls below this point, it could potentially fall to 43,300 and 43,000 levels eventually.

All eyes will be on US Federal Reserve Chair Jerome Powell’s speech that might point the way for future interest rate policy.

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Tata Motors to Hike CV Prices by 3% in Oct – Top Indian Market Updates

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

Tata Motors to hike commercial vehicles prices by 3% in Oct

Tata Motors will raise the prices of its commercial vehicles (CVs) by up to 3%, its third hike in 2023, to offset the residual impact of past input costs. The price hike, effective Oct. 1, will be applicable across its range of CVs. The automaker previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

Read more here.

SBI launches digital opening of NRE/NRO account setup via YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process.

Read more here.

Petromin Corporation signs 3 agreements with HPCL to invest $700 million

Petromin Corporation KSA will invest $700 million in partnership with Hindustan Petroleum Corporation Ltd (HPCL) in three strategic areas. It will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Petromin will also invest around $100 million to install and operate up to 5,000 electric vehicle charging units at HPCL-operated stations throughout India.

Read more here.

NTPC mining arm to explore battery minerals overseas

According to a Reuters report, NTPC’s mining arm will explore overseas sourcing of battery minerals such as lithium, cobalt and nickel. India has been pursuing pacts with other countries to secure key minerals in resource-rich countries such as Australia, Argentina and Chile. The country aims to be a net zero emitter of greenhouse gases by 2070.

Read more here.

Torrent Pharma looks to partner with CVC Capital to fund Cipla purchase

Torrent Pharmaceuticals Ltd is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-$1.5 billion. The fundraise is for its proposed acquisition of Cipla. Torrent is also engaged with Brookfield to raise $1-1.2 billion in mezzanine debt. The company’s founders, the Sudhir and Samir Mehta family, are seeking to dilute equity and create a non-disposable undertaking (NDU) using their shares as collateral for loans.

Read more here.

India’s net direct tax collections rise over 23% to ₹8.65 lakh crore

According to the Income Tax department, India’s net direct tax collections grew 23.51% to ₹8,65,117 crore till September 16, 2023, in the current financial year (FY24). The provisional figures show net collection figure for the corresponding period in FY23 was ₹7,00,416 crore. This surge can be attributed to a balanced mix of Corporation Tax (CIT) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

Read more here.

India’s trade deficit widens to $24.16 billion in August

India’s trade deficit in August 2023 surged 17% month-on-month to $24.16 billion. The trade deficit in July stood at $20.67 billion. This rise can be attributed to an 11% increase in goods imports, whereas exports only experienced a modest 6.9% growth during the same period. [Trade deficit is the difference that arises when the amount of imports by a country exceeds its exports.] 

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VA Tech WABAG signs pact with Al Jomaih Energy and Water

VA Tech WABAG Ltd signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East. The companies examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

Read more here.

Sona BLW Precision concerns over auto workers’ strike in US

Sona BLW Precision Forgings Ltd informed of a strike at the plants of three of its key clients in the United States. United Auto Workers (UAW) in the US went on strike at some of the plants of three original equipment manufacturers (OEMs) on September 15, 2023. The company added that it supplies to these three OEMs in the US, directly or indirectly.

Read more here.

HFCL secures ₹1,015 crore order from Madhya Pradesh govt

HFCL secured a ₹1,015 crore order from the Madhya Pradesh Jal Nigam for providing engineering, procurement and construction (EPC) services. The order involves a provision for laying optical fibre cables on critical routes and execution of a multi-village drinking water supply network in the Sheopur district of the state. The project will be executed by the company in 24 months in collaboration with Khilari Infrastructure Pvt. Ltd.

Read more here. 

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RIL May Sell 8-10% More in Rel Retail Ventures to Fund Expansion – Top Indian Market Updates

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

RIL may sell 8-10% more in Rel Retail to fund expansion

Reliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt, and prepare for the initial public offering of its retail business. This process will likely happen in over 12-15 months and will be critical for the proposed IPO by the holding company of Reliance’s retail operations.

Read more here.

PFC to provide ₹4,528 crore loan for DVC project in West Bengal

Power Finance Corporation (PFC) has entered into a pact with Damodar Valley Corporation (DVC) to provide ₹4,527.68 crore loan to set up a 1,320 MW project at Raghunathpur, West Bengal. The Raghunathpur Phase-II project will contribute significantly to the power generation capacity in the state. With a combined capacity of 1,320 MW, the project marks a key milestone in the region’s energy landscape.

Read more here.

Suzlon secures 201.6 MW wind energy project order

Suzlon has secured a large order for a 201.6 megawatts (MW) wind energy project from Teq Green Power XI, a part of O2 Power. The company will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. The project is expected to be commissioned in 2025.

Read more here.

NCLT approves Ramkrishna Forgings’ bid to acquire Amtek Group arm

The National Company Law Tribunal (NCLT) has approved Ramkrishna Forgings’ bid to acquire Amtek Group’s listed subsidiary JMT Auto through the corporate insolvency resolution process. Ramkrishna Forgings agreed to offer ₹125 crore to acquire JMT Auto against its admitted financial liabilities of over ₹165 crore. The resolution plan was not objected to by any of the stakeholders.

Read more here.

Garden Reach partners with DEMPO Group to build commercial vessels

Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed a Memorandum of Understanding (MoU) with DEMPO Group to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar. This is GRSE’s first attempt to diversify in a big way in commercial shipbuilding to capture a large market share in the construction of commercial vessels, both domestic and international.

Read more here.

HPCL meets up to 23% of oil needs with Russian grades

Hindustan Petroleum Corp Ltd (HPCL) is meeting up to 23% of its oil needs through discounted Russian grades. HPCL’s Russian oil intake is limited by the configuration of its refineries. The company is maximising the use of these cheaper so-called opportunity crudes. HPCL operates a 190,000 barrel per day (bpd) Mumbai refinery in Maharashtra and a 300,000 bpd Vizag refinery in Andhra Pradesh. 

Read more here.

Indian Oil to invest $30 billion to achieve 2046 net-zero target

Indian Oil Corporation Ltd (IOCL) plans to spend $30 billion to achieve its net-zero operational emissions target by 2046. The company also plans to invest over ₹1 lakh crore to expand its refining capacity by a third to 107 million metric tonnes per annum. Indian Oil is partnering with Italy-based Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.

Read more here.

Lupin gets USFDA approval to market Pirfenidone tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) to market Pirfenidone tablets in the American market. The drug is used in the treatment of lung disease. As per IQVIA MAT data, generic versions of Pirfenidone tablets had estimated annual sales of USD 218 million in the US.

Read more here.

L&T, HAL could potentially bid on privatisation of India’s SSLV

According to a Reuters Report, Larsen & Toubro (L&T) and Hindustan Aeronautics (HAL) are among companies expected to potentially bid in India’s efforts to privatise its small satellite launch rocket. The Small Satellite Launch Vehicle (SSLV) was developed by the Indian Space Research Organisation (ISRO) as a low-cost means to launch satellites weighing up to 500 kg into low-earth orbit. They serve a booming market to launch clusters of satellites for communications and data that SpaceX and rivals compete in.

Read more here.

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Daily Market Feed Pre Market Report

Can We Get a Follow-up? – Pre Market Analysis

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

Stocks

LTIMindtree has reported consolidated net profit of Rs 1,151 crore for the quarter ended June, which is higher by 4% year-on-year.

Tata Elxsi has posted a meagre 2% rise in net profit at Rs 189 crore for the first quarter ended June. Revenue from operations during the quarter, however, rose 17%.

HPCL said India’s gasoline demand will likely recover from late August, while diesel consumption is expected to stay weak.

What to Expect Today?

NIFTY opened flat at 19,590 and rallied. There was a huge up-move once BN joined and short covering took Nifty to another all-time high. The index closed at 19,711, up by 147 points or 0.75%.

BANK NIFTY opened with a small gap-up at 44,965 and moved down. The index consolidated in a range for a long time and then gave a quick rally. BN closed at 45,450, up by 630 points or 1.41%.

IT moved up by 0.31%.

The US markets closed higher and the European markets closed in the red.

The Asian markets are trading mixed.

The U.S. Futures and European futures are trading lower.

GIFT NIFTY is trading higher at 19,773.

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

NIFTY has supports at 19,600, 19,500 and 19,450. We can expect resistances at 19,750 and 19,800.

BANK NIFTY has supports at 45,370, 45,230 and 45,000. Resistances are at 45,650, 45,800 and 46,000.

NIFTY has the highest call OI build-up at 20,000. The highest put OI build-up is at 19,600. 

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

Foreign Institutional Investors net-bought shares worth Rs 70 crores. Domestic Institutional Investors also net-bought shares worth 60 crores.

INDIA VIX spiked by 6% to 11.3.

It was a huge rally that happened yesterday and Bank Nifty has covered the entire range of red candles with a single green candle. One day is all it took to kill the bears. Let us see if there is a follow-up.

NF is approaching 20K. As you know, it took a long period for NF to reach 19K from 18K and it seems like NF is compensating for the same.

HDFC has fired up after the results came out better than expected despite a rise in NPA.

Since it is an unexplored terrain, we do not know where resistances in Nifty are. Let us closely watch the resistances in Bank Nifty. 

Looking at the structure, it could be a buy-on-dip day as it is huge buying that is happening.

Traders with bearish view will have to stick to their small SL plan today to avoid extending their losses.

I will watch 19,600 on the downside in NIFTY. 19,800 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!

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L&T Signs Agreement for Submarine Project Worth Rs 43,500Cr – Top Indian Market Updates

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

L&T and Spain’s Navantia sign agreement for submarine project worth Rs 43,500 cr

Larsen & Toubro (L&T) has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine programme. P75 (India) Submarine Project is expected to be valued at €4.8 billion (over Rs 43,500 crore) and is India‘s largest defence acquisition project. L&T and Navantia signed a memorandum of understanding (MOU) for the programme on April 11, 2023, in Madrid.

Read more here.

Nazara Technologies to raise Rs 750 crore via equity issue

Nazara Technologies Ltd’s directors’ board approved fundraising of up to ₹750 crores. The board has approved the fundraising through equity shares having a face value of ₹4/- each of the company or any other equity-linked instruments/securities or any combination thereof.Also, Nazara Technologies has increased authorised share capital from ₹30 crore to ₹50 crore subject to shareholders’ approval.

Read more here.

Sanghvi Movers gets work orders worth Rs 150 crore from independent power producers

Sanghvi Movers Ltd received work orders worth ₹150 crore from eminent independent power producers (IPPs) in the renewable energy sector. It will provide crane rental services along with allied services comprising WTG surface logistics, inter-carting, installation and pre-commissioning of WTGs, and development of wind farm and storage yard. The crane services account for approximately 50% of the total contract value.

Read more here.

GPT Infraprojects secures contract worth Rs 64 Crore

GPT Infraprojects Ltd secured an order worth ₹64 crores. The company received the order from the Principal Materials Manager of South Eastern Railway. The order details include the manufacturing and supply of a Mono-Block Pre-Stressed Concrete Sleeper, which confirms to RDSO Drg No 8746.

Read more here.

HPCL gets bids to lease part of Chhara LNG terminal

Hindustan Petroleum Corp Ltd (HPCL) has received six or seven bids from industries to lease a part of its Chhara liquefied natural gas (LNG) import terminal on the west coast. HPCL aims to commission the terminal with a planned capacity of 5 million metric tons per year (tpy) in the December quarter. HPCL was looking to lease a capacity of 3 million tpy to other companies for a period of more than 10 years.

Read more here.

Tata Communications Singapore arm acquires remaining 41.9% stake in Oasis

Tata Communications Ltd’s Singapore-based subsidiary Tata Communications International Pte Ltd (TCIPL) has acquired the remaining 41.9% equity in Oasis Smart SIM Europe SAS (Oasis). As part of the share purchase agreement, Tata Communications will buy out the remaining stake from the non-controlling shareholders of Oasis. It is expected that the acquisition will be complete within one month, subject to customary legal requirements.

Read more here.

Aurobindo Pharma subsidiary enters pact with BioFactura for biosimilar ustekinumab

Aurobindo Pharma’s subsidiary CuraTeQ Biologics has entered into an exclusive license agreement with the US-based BioFactura to commercialise BFI-751, a proposed biosimilar to Stelara (ustekinumab). Ustekinumab is used for treating Crohn’s disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis. As part of the agreement, BioFactura will receive license fees of a total not exceeding $33.5 million spread across different milestones leading to commercialisation in regulated markets.

Read more here.

India’s power consumption grows by 4.4% to 139.23 billion units in June

India’s power consumption grew by 4.4% to 139.23 billion units in June this year compared to last year. In the year-ago period, power consumption stood at 133.26 billion units (BU), higher than 114.48 BU in June 2021. The peak power demand met, which is the highest supply in a day, rose to 223.23 GW in June 2023. The peak power supply stood at 211.72 GW in June 2022 and 191.24 GW in June 2021.

Read more here.

MICL Real Estate acquires development rights of 10 housing societies in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s (MICL) property development entity MICL Real Estate has acquired development rights for a total of 10 adjoining housing societies in the Ghatkopar suburb of Mumbai. The company has acquired the rights to redevelop these housing societies wherein it holds a 60% partnership interest. The entire project spread over a total of more than 3 acres is estimated to have a total development potential of 1.3 million sq ft and a free-sale component of over 4 lakh sq ft.

Read more here.

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HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

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

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

Read more here.

Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

Read more here.

Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

Read more here.

Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

Read more here.

Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

Read more here.

Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

Read more here.

Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

Read more here.

Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

Read more here.

IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

Read more here.

SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

Read more here.

NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

Read more here.

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Nykaa’s Net Profit Falls 72% YoY to Rs 2.4Cr in Q4 – Top Indian Market Updates

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

Nykaa Q4 Results: Net profit falls 72% YoY to Rs 2.4 crore

Nykaa reported a 71.8% YoY decline in net profit of Rs 2.4 crore for the quarter ended March (Q4 FY23). However, its consolidated revenue rose 33.75% YoY to Rs 1,301 crore during the same quarter. Total tax expense of Rs 4.35 crore during the quarter severely impacted the revenue. EBITDA stood at Rs 70.6 crore, down 84% YoY.

Read more here.

FDI into India falls 16% in FY23

Gross foreign direct investment (FDI) into India has seen a 16% fall in FY23. FDI Inflows stood at $71 billion in FY23, compared to $84.8 billion in FY22. This is the first time India has seen inflows decline in the last 10 years. The drop comes off the back of a very high base in FY22 (nearly $85 billion).

Read more here.

Vedanta raises about $850 million via JPMorgan, Oaktree loan

Vedanta Group has secured a new loan of around $850 million from JPMorgan Chase & Co. and Oaktree. The company is seeking funds amid concerns over its debt load, especially with rising interest rates. This loan comes just before Vedanta Resources Ltd. faces a $500 million bond repayment. The group requires cash after facing obstacles in selling a zinc mining unit to Hindustan Zinc Ltd.

Read more here.

Adani Green to seek board approval to raise up to $1 billion

Adani Green Energy plans to seek board approval to raise between ₹6,150 crore ($750 million) and ₹8,200 crore ($1 billion) through the qualified institutional placement (QIP) route. This move is part of the group’s strategy to build a three-year equity cushion to support expansion. The funds raised will be used to repay a $750 million bond issued in 2021, which is due next year.

In other news, GQG Partners looks to invest an additional $1 Billion in the Adani Group.

Read more here.

Hindalco Q4 Results: Net profit falls 48% YoY to Rs 832 crore

Hindalco Industries reported a 48% YoY decline in standalone net profit to Rs 832 crore in Q4 FY23. However, its operating revenue increased 5% YoY to Rs 19,995 crore during the same quarter. EBITDA stood at Rs 1,775 crore, down by 45.6% YoY. The company’s board has recommended a dividend of Rs 3 per equity share.

Read more here.

Oil Ministry working on proposal to merge MRPL with HPCL

The oil ministry is preparing a proposal to merge Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL). HPCL and MRPL are both subsidiaries of Oil and Natural Gas Corp (ONGC). The ministry is now pushing for a share-swap deal between HPCL and MRPL, with HPCL issuing fresh shares to MRPL shareholders. The transaction will increase ONGC’s stake in HPCL, reducing the free float.

Read more here.

Suzlon Energy wins 300 MW wind energy project from Torrent Power

Suzlon Energy has secured a substantial order from Torrent Power for a 300 MW wind power project. The order involves the installation of 100 3 MW wind turbine generators (WTGs) with Hybrid Lattice Tubular (HLT) towers. The project, located in Karnataka, is set to be commissioned in 2025. This marks the sixth and largest order received by Suzlon for their new 3 MW series within a month.

Read more here.

Cummins Q4 Results: Net profit jumps 68% YoY to Rs 319 crore

Cummins reported a 68.5% YoY jump in standalone net profit to Rs 318.5 crore in Q4 FY23. Its revenue increased 29% YoY to Rs 1,926 crore during the same quarter. EBITDA stood at Rs 326 crore, up by 58% YoY. The company’s board has recommended a final dividend of Rs 13 per equity share.

Read more here.

Deepak Nitrite arm to invest Rs 5,000 cr in Gujarat to manufacture speciality chemicals

Deepak Nitrite’s subsidiary Deepak Chem Tech has signed a Memorandum of Understanding (MoU) with the Gujarat government to invest approximately Rs 5,000 crore over the next four years. The investment aims to establish projects for the production of Speciality Chemicals, Phenol/Acetone, and Bisphenol in Dahej/Nandesari, Gujarat.

Read more here.

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RBI Pauses Interest Rate Hike – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5%. The RBI’s Monetary Policy Committee (MPC) unanimously decided to maintain the repo rate at its current level, with a majority of five out of six members focusing on “withdrawal of accommodation” to align inflation with the target while supporting growth. RBI expects GDP to grow 6.5% in the current financial year. Retail inflation is expected to moderate to 5.2% in FY24. The repo rate has been raised by 250 basis points (bps) in the last 11 months, starting from May 2022.

[The repo rate is the key lending rate through which the RBI lends money to commercial banks against government securities.]

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SP Group looks to raise $1.75 billion against Tata stake

Shapoorji Pallonji (SP) Group is reportedly in talks with lenders to raise $1.75 billion by pledging half of its stake in Tata Sons. The funds raised would be used to repay part of SP Group’s debt obligations and inject cash into its operating companies. The group has already pledged close to 9% of its 18.37% stake in Tata Sons. If the latest transaction goes through, its entire stake (valued at around Rs 94,000 crore) would be pledged to lenders, including foreign banks and overseas hedge and credit funds. 

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HPCL may soon launch ethanol cooking stoves

Hindustan Petroleum Corporation (HPCL), in collaboration with the Indian Institute of Technology (IIT) Guwahati, has developed a cooking stove that runs on bio-ethanol, a green fuel produced by the fermentation of sugar or food grains. HPCL is planning a pilot launch of the ethanol-fueled stove soon and the introduction of ethanol ATMs where users can procure ethanol in canisters for the stove. These ATMs may be positioned at HPCL’s retail outlets, as per industry executives familiar with the development.

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Tata Steel saw record operational performance in FY23

Tata Steel achieved a record operational performance in the last financial year, producing 19.87 million tonnes (MT) of steel compared to 19.06 MT in the previous year. Sales also increased to 18.87 MT from 18.27 MT. Despite facing challenges, the company’s CEO & MD, T V Narendran, attributed the success to a strong marketing network and agile business model. In the January-March period, Tata Steel India’s production rose to 5.15 million tonnes from 4.90 million tonnes in the same period the previous year.

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General insurance industry premium grows 16% in FY23

The general insurance industry in India grew at a healthy pace of 16% in FY23, with total premiums reaching Rs 2,56,920 crore. The standalone health insurance sector also showed robust growth with premium growth of 26% to reach Rs 26,242 crore. ICICI Lombard’s premium grew by 17% for FY23, while New India Assurance’s growth was 6% due to sluggish performance in the first half of the year. Star Health Insurance reported premium growth of 11% in March and 13% for the year.

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Promoter group companies fully repaid loan against shares: Jindal Steel & Power

Jindal Steel and Power Ltd’s (JSPL) promoter group companies have fully repaid all outstanding loans against shares of the company. The promoter group companies, namely OPJ Trading Pvt Ltd, Opelina Sustainable Services Pvt Ltd, and Gagan Infraenergy Ltd, have paid off the loan liabilities, resulting in the loan against share (LAS) for the Naveen Jindal group now standing at Nil. This repayment is part of JSPL’s deleveraging strategy.

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Rail Vikas Nigam Ltd emerges as lowest bidder for Mumbai Metro project worth Rs 380 crore

Rail Vikas Nigam Limited (RVNL) has emerged as the lowest bidder (L1) for a Mumbai Metro project worth Rs 378.2 crore. RVNL has been selected for the design, manufacture, supply, installation, testing, and commissioning of various systems including substations, cabling, and overhead catenary system for Mumbai Metro line 2B of MMRDA (Mumbai Metropolitan Region Development Authority).

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Mazagon Dock Shipbuilders’ turnover jumps 32% in 2022-23

Mazagon Dock Shipbuilders has reported a 32% increase in revenue from operations in the financial year 2022-23, reaching Rs 7,547 crore. It is one of the few shipyards in India capable of building Destroyers and Conventional Submarines. The company’s primary customers are the Indian Navy and the Indian Coast Guard, and it has delivered several major warships in the past.

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Religare Enterprises to acquire MyInsuranceClub to expand offerings

Religare Enterprises Limited (REL) has signed a Share Purchase Agreement to acquire MyInsuranceClub (MIC), an insurance web aggregator, from iGear Holdings Private Ltd. This acquisition is part of REL’s strategy to democratize the insurance business in India and expand its offerings in the insurance distribution space. MyInsuranceClub is the first IRDAI-approved web insurance distribution and comparison platform.

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India Set to Unveil New Foreign Trade Policy – Top Indian Market Updates

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

India set to unveil new foreign trade policy 2023-28

The Indian government is set to unveil a new Foreign Trade Policy 2023-28 tomorrow to boost exports amid slowing global trade. Minister for Commerce and Industry Piyush Goyal will announce the policy, which is expected to outline the vision statement for taking India’s goods and services exports to $2 trillion by 2030. The country is likely to end this financial year with total exports of $760 billion, up from $676bn in 2021-22. The new policy is likely to incorporate WTO-compliant export promotion measures and is expected to boost India’s position in the global trade arena.

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Adani Group aims 20% earnings growth every year to repay $23 billion in debt

The Adani Group plans to achieve a 20% growth in earnings across its various businesses to repay its debt of about $23 billion over the next 3-4 years. The business group, which has been severely impacted by US short-seller Hindenburg Research’s report that wiped off $135 billion in market value of its listed companies, has been meeting with stakeholders to address their concerns. Adani’s businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres.

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Axis Bank, Shriram Housing Finance announce partnership for co-lending

Axis Bank and Shriram Housing Finance Ltd (SHFL) have partnered under the co-lending model through the Yubi Co.Lend platform to offer secured micro, small & medium enterprise (MSME) and home loans to middle and low-income borrowers in rural and semi-urban regions. The partnership will use the loan processing technology of SHFL and the financial expertise of Axis Bank to assess the credit profiles of borrowers and offer them loans at competitive interest rates.

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HDFC Bank opens 500th branch in Tamil Nadu

HDFC Bank has announced the launch of its 500th branch in Tamil Nadu’s Madurai district, with plans to expand further in semi-urban and rural areas of the state. The bank opened its first branch in Tamil Nadu in 1995 in Anna Salai, and it now has a nationwide distribution network of 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities/towns as of December 31, 2022. The new branch at Arasaradi was inaugurated by the state Finance Minister Palanivel Thiaga Rajan.

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Tata Power approves re-appointment of Praveer Sinha as CEO and MD

Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years starting May 1, 2023. Sinha currently chairs the CII Western Region council and co-chairs the CII National Committee on Power. He has held several leadership positions across the power sector value chain and was instrumental in driving the turnaround of Tata Power Delhi Distribution Limited. He has also contributed towards promoting innovations in the clean energy space by setting up the first international incubator in India.

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HPCL, BPCL signs pact for Hydrogen Synergy

Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to purchase and sell hydrogen at their refineries. The partnership aims to minimize valuable hydrogen flaring, improve environmental impact and promote cooperation and collaboration in hydrogen exchange between both refineries to sustain operations and ensure uninterrupted product availability.

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Indian pharma firm Granules opens packaging facility in US 

Granules India Ltd has opened a new packaging facility in Virginia, US, to expand its capacity for essential drugs and strengthen the biopharma supply chain. The pharma company has invested more than $100 million in the US and was one of the first Indian pharmaceutical firms to receive FDA authorisation to export to the US. The company employs nearly 200 people in Virginia, a majority of whom are first-generation Indians.

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Alembic Pharma gets USFDA nod for Glaucoma drug

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution in the US. The solution is used to treat high fluid pressure in the eye. According to IQVIA data, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.

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Govt to Sell Up to 3.5% Stake in HAL – Top Indian Market Updates

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

Govt to sell up to 3.5% stake in Hindustan Aeronautics

The Indian government is planning to sell up to 3.5% stake in Hindustan Aeronautics Ltd (HAL). The stake sale would be valued at ₹28.6 lakh crore, based on a floor price of Rs 2,450 per share. According to the latest shareholding pattern, the govt holds a 75.15% stake in the public sector aerospace and defence company. HAL’s current market cap stands at Rs 87,800 crore.

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IOC to invest Rs 61,077 crore in petrochemical complex at Paradip

Indian Oil Corporation Ltd (IOCL) will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha. This mega project will be the largest-ever investment of Indian Oil at a single location. This is part of IOCL’s transition plan, including boosting petrochemical intensity to help protect against volatility.

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India’s 2022/23 iron ore exports to hit 5-year low

India’s iron ore exports are set to fall 24% to a five-year low in the current financial year (FY23) as an export tax imposed last May stalled shipments. The country is likely to export about 20 million tonnes (MT) of iron ore in 2022/23, down from 26.3 MT last year. In May 2022, the government imposed a 50% export tax on low-grade iron ore lumps and fines and a 45% export duty on pellets to meet rising local demand.

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Hero MotoCorp to hike prices by up to 2% from April

Hero MotoCorp Ltd will increase prices of its model range by around 2% from next month to offset the impact of rising production costs in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. The Indian automobile industry is currently working to make its products meet the second phase of Bharat Stage Emission Standards 4 (BS-VI).

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KEC International bags orders worth Rs 1,560 crore from PowerGrid

KEC International has secured new orders worth Rs 1,560 crore from Power Grid Corporation of India Ltd (PGCIL). This includes a 765 kV transmission line, a 765/400 kV AIS substation, and 765 kV GIS substations. With this order, the company’s year-to-date (YTD) order intake stands at an all-time high of over Rs 21,000 crore, a substantial growth of 30% YoY.

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RailTel wins order worth Rs 35 crore to establish data centres

RailTel Corporation of India has secured a Rs 34.91 crore contract from Madhya Pradesh State Electronics Development Corporation for the expansion and setting up of data centres. The work order includes the expansion of the existing State Data Centre (SOC) and the establishment of a Disaster Recovery (DR) Center. The contract will be executed over five years.

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HPCL plans to set up its third LPG cavern in Gujarat

Hindustan Petroleum Corporation (HPCL) is planning to set up its third Liquefied Petroleum Gas (LPG) underground storage facility (or cavern) in India. The facility will be set up in Vadodara, Gujarat, with a capacity to store 60,000 tonnes of LPG. HPCL plans to spend up to Rs 1000 crore to set up the cavern.

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Power Finance Corporation to get Rs 165 cr loan from JBIC

Power Finance Corporation (PFC) has signed a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY 2.65 billion (~Rs 165 crore). Under this facility, JBIC has proposed to finance some of PFC’s projects that ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.

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IFC invests Rs 240 crore in JK Tyre for 5.6% stake

International Finance Corporation (IFC) will invest around Rs 240 crore in JK Tyre & Industries Ltd. As part of the deal, IFC will receive a 5.6% stake in JK Tyres through the issue of compulsorily convertible debentures (CCDs) on a preferential basis. The investment will help JK Tyres become a “green company” with sustainable use of energy & natural resources.

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Reliance Consumer expands FMCG portfolio

Reliance Consumer Products (RCP) announced the expansion of its packaged goods portfolio, including soaps, hygiene, laundry and home care products. It has set up direct competition with established players such as Hindustan Unilever (HUL), Reckitt Benckiser and Procter & Gamble (P&G). RCP is the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL).

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WPI Falls to Over Two-Year Low of 3.85% in Feb – Top Indian Market Updates

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

Wholesale inflation falls to over two-year low of 3.85% in Feb

India’s Wholesale Price Index (WPI)-based inflation fell to a 25-month low of 3.85% in February 2023. WPI stood at 4.73% in Jan. The government has attributed the decline in inflation rate to a fall in prices of crude petroleum & natural gas, food products, minerals, computers, electronic and optical products, chemicals and chemical products, electrical equipment & motor vehicles, trailers and semi-trailers. 

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Mahindra unit in Bangladesh winds up operations, ceases to exist

Mahindra & Mahindra has shut down its wholly-owned unit Mahindra Bangladesh Pvt Ltd (MBPL). MBPL convened the final extraordinary general meeting of its shareholders on March 14, 2023, and approved the final voluntary winding up. It had zero income from operations as on March 31, 2022. The net worth of MBPL stood at Rs 3.18 crore as of March 31, 2022.

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Coal India ready to meet dry fuel demand from power sector

Amidst a rise in industrial demand for electricity, state-owned Coal India Ltd (CIL) has geared up to meet the demand for dry fuel from the power sector. CIL is hoping to supply 156 million tonnes of coal to the power sector during the April-June quarter of FY24. This would be 25.6% of the enhanced annual dispatch target of 610 million tonnes (MT) slated for the sector in 2023-24.

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Jaguar Land Rover partners with Tata Technologies to accelerate its digital transformation

Jaguar Land Rover is partnering with Tata Technologies to accelerate the digital transformation of its industrial strategy. The first phase will include UK core production facilities, with solutions subsequently deployed to other global locations. Tata Technologies will deliver end-to-end integrated Enterprise Resource Planning (ERP) to transform Jaguar Land Rover’s manufacturing, logistics, supply chain, finance and purchasing modules.

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L&T Finance invites bids for ₹880 crore Xrbia loans

L&T Finance is seeking buyers for a distressed real estate portfolio comprising loans given to the Pune-based Xrbia Group. The company has invited offers for a loan book of ₹880 crore given to five Xrbia Group companies. The five accounts comprise Xrbia Developers with a debt of ₹435 crore, Xrbia Chakan Developers with ₹164 crore, Xrbia Warai Developers with ₹156 crore, Xrbia Ambience Realty LLP with ₹107 crore, and Eiffel Lifespaces with ₹18 crore.

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HPCL signs pact to manufacture Chevron’s lubricants

Hindustan Petroleum Corporation Ltd (HPCL) has entered into a long-term licensing agreement to manufacture, distribute and market lubricants of global supermajor Chevron in India. This collaboration encompasses the licensing, production, distribution, and marketing of Chevron’s lubricant products under the Caltex brand, including Chevron’s proprietary Havoline and Delo branded lubricant product.

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Jindal Stainless plans sale of green bonds to repay debt: Report

Jindal Stainless (JSL) is planning a sale of green bonds to repay existing debt of around ₹2,800 crore. The stainless steel producer has initiated discussions with consultants to arrive at sustainability-oriented targets that could make it eligible for availing cheaper financing through the green bond route. However, it has not mandated banks or started investor roadshows.

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Glenmark Pharma receives USFDA approval for generic antibiotic drug

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clindamycin Hydrochloride Capsules. The product will be distributed by its subsidiary, Glenmark Pharmaceuticals Inc, in the US. According to IQVIA sales data for the 12 months ended Jan 2023, Cleocin Hydrochloride Capsules achieved annual sales of around $33.6 million.

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Suzuki Motor increases stake in Maruti Suzuki via open market transactions

Japanese auto major Suzuki Motor Corporation (SMC) has increased its stake in Indian subsidiary Maruti Suzuki India Ltd (MSIL) to 56.48% by purchasing shares from the open market. Suzuki purchased 3.45 lakh equity shares during March 10-13. Currently, MSIL has a cumulative production capacity of 15 lakh units per annum.

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PNC Infratech bags new highway project worth Rs 1,260 crore from NHAI

The National Highways Authority of India (NHAI) has declared PNC Infratech Ltd as the lowest bidder for a highway project worth Rs 1,260 crore. The project includes the construction of the 6-lane Varanasi-Ranchi-Kolkata Highway from Pachmon village to Anarbansalea village under the Central govt’s Bharatmala Pariyojana project. The project is to be constructed in 24 months and operated for 15 years.

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