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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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ZEEL, IndusInd Bank Settle Dispute Over Dues – Top Indian Market Updates

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

ZEEL, IndusInd Bank settle dispute over dues

Zee Entertainment Enterprises Ltd (ZEEL) and IndusInd Bank have informed the National Company Law Appellate Tribunal (NCLAT) that the two companies have reached a settlement in relation to their payment dispute. IndusInd Bank said it would also withdraw its objection to ZEEL’s merger with a local unit of Japan’s Sony. In its plea, IndusInd Bank had claimed a default of Rs 83.08 crore against the media and entertainment firm

Read more here.

Tata Power proposes new 400 KV transmission corridor for Mumbai

Tata Power has shared a proposal to set up a high voltage 400 KV line corridor for Mumbai with the state government and the state regulatory authority. This new transmission corridor will help meet the city’s growing electricity demand and enhance electricity distribution to as high as 15,000MW in future. If approved, this project could take four-five years and may cost around Rs 1,000 crore.

In other news, Tata Power Solar Systems has secured an order worth ₹1,755 crore from NLC India to set up a 300 MW Domestic Content Requirement (DCR) based EPC project.

Read more here.

HFCL bags Rs 283 crore order from Gujarat Metro

HFCL has secured a Rs 282.61 crore contract from Gujarat Metro Rail Corporation to deploy communication systems for Surat Metro Rail Project Phase-1. The company has to deploy the project within 90 days from the date of contract. HFCL has to provide warranty support for 110 weeks for the system that it will deploy.

Read more here.

JB Pharma bets big on chronic therapy for its growth aspirations

JB Chemicals & Pharmaceuticals (JB Pharma) is eyeing possible acquisitions of brands and portfolios to get a foothold in the diabetes segment, said CEO Nikhil Chopra. He added that diabetes aligns with the cardiovascular segment, and building the portfolio organically may not be easy. JB Pharma has been investing in the chronic segment with a sharp focus on the cardiovascular segment through both acquisitions and new launches.

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Granules India gets USFDA approval for generic gabapentin tablets

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its generic gabapentin tablets. The drug is used to manage postherpetic neuralgia (a painful condition that affects the nerve fibers and skin) in adults. It is also used as adjunctive therapy in the treatment of partial-onset seizures. As per IQVIA data, Gabapentin tablets had sales of approx. $145 million in the US for the 12 months ended Jan 2023.

Read more here.

Govt launches 7th round of coal mine auctions

Defence Minister Rajnath Singh launched the seventh round of auctions for the commercial mining of 106 coal blocks. 95 non-coking coal mines, 10 lignite mines, and one coking coal mine are being offered in the latest round of auction. The auction will be held online through a transparent two-stage process on the basis of percentage revenue share.

Read more here.

Netweb Tech files DRHP for IPO worth Rs 257 crore

New Delhi-based server maker Netweb Technologies has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). The company intends to raise Rs 257 crore through a fresh issue of shares. Promoters are also looking to sell about 85 lakh shares. Netweb Tech also provides private cloud, hyper-converged infrastructure, and AI enterprise workstation services.

Read more here.

Maruti Suzuki crosses 25 lakh units milestone of cumulative exports

Maruti Suzuki India Ltd crossed the 25 lakh units milestone of cumulative exports since starting overseas shipments in 1986-87. The automaker currently exports to nearly 100 countries, including markets in Africa, Latin America, Asia, and the Middle East. Maruti Suzuki’s first big consignment of 500 cars was shipped to Hungary in September 1987.

Read more here.

Vedanta, HZL declare dividends 3 times their combined profitability

Vedanta Ltd. and Hindustan Zinc Ltd. (HZL) have together declared dividends worth Rs 69,300 crore for the current financial year (FY23). The dividend announcements have come as the mining major looks to shore up funds to reduce its debt commitments. The dividend declared so far is nearly three times their combined profitability. A sum of the trailing 12-month profitability of Vedanta and HZL comes up to Rs 25,348 crore.

Read more here.

SEBI approves ASBA-like facility for secondary market

The Securities & Exchange Board of India (SEBI) has approved a broad framework of Application Supported by Blocked Amount (ASBA)-like facility to be available to investors for secondary market trading. The facility is based on blocking funds for trading in the secondary market through UPI. The facility will be optional for both investors and stock brokers.

Read more here.

Tilaknagar Industries to buy 10% in Samsara Gin maker

Tilaknagar Industries has agreed to buy a 10% stake in Spaceman Spirits Lab (SSLPL) for Rs 9.75 crore. The investment will be made through a combination of equity shares and compulsory convertible preference shares. Established in 2020, SSLPL owns Samsara gin. It had an annual turnover of Rs 2.7 crore during FY22.

Read more here.

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Manufacturing PMI Weakens to 53.9 in June – Top Indian Market Updates

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

Manufacturing PMI weakens to 53.9 in June

India’s manufacturing activity expanded at the slowest pace in nine months in June as high inflation rates dampened demand and production. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.9 in June 2022, compared to 54.6 in May. Sluggish increases in production, factory orders, and employment dragged down the PMI. 

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

Read more here.

Auto sales data for June 2022: Highlights  

Maruti Suzuki India posted a 5.76% year-on-year (YoY) increase in total sales to 1,55,857 units in June 2022. Sales of its compact vehicle segment rose 6.8% YoY to 92,188 units. Exports rose 40% YoY to 23,833 units.

Tata Motors Ltd registered an 82% YoY jump in total sales to 79,606 units in June. The automaker’s commercial vehicle sales rose 69% YoY to 37,265 units. Overall passenger vehicle wholesales rose 87% YoY to 45,197 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 26,880 units in June, an increase of 59% YoY. M&M’s exports rose 7% YoY to 2,777 units. 

Bajaj Auto posted a 0.25% YoY increase in total sales to 3,47,004 units in June.  

Read more here.

Coal India registers record 29% growth in output in Q1

Coal India Ltd (CIL) registered a 29% YoY growth in output to 159.8 million tonnes (MT) in the April-June quarter (Q1) of FY23. CIL’s supplies to the power sector rose to a record 153.2 MTs during the quarter, registering a growth of 19.8% YoY. Coal output for June 2022 stood at 51.6 MT, an increase of 29% YoY.

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Engineers India signs agreement with CSIR-CSIO

Engineers India Ltd has signed an agreement with CSIR-Central Scientific Instruments Organisation (CSIO) for the joint commercialisation of an earthquake warning system. The “EqWS” system, developed by CSIR-CSIO, is being used by Delhi Metro Rail Corp since August 2015. This agreement will help both entities increase the scope of application areas such as critical infrastructures/installations.

Read more here.

NTPC commissions India’s largest floating solar power project

NTPC Limited has commissioned a 100 megawatt (MW) floating solar photovoltaic (PV) plant in Ramagundam, Telangana. The project’s reservoir spans 500 acres and was built at a cost of Rs 423 crores. One floating platform and an array of 11,200 solar modules make up each block. The presence of floating solar panels also reduces the rate of water evaporation from water bodies, aiding in water conservation.

Read more here.

Import duty on gold hiked to 15% to curb shipments

The Indian government has hiked import duty on gold from 10.75% to 15% in an effort to curb imports as the rupee slumped to a record low. It has also raised the basic import tax on gold from 7.5% to 12.5%. The country is currently staring at higher trade and current account deficits amidst volatile global macroeconomic conditions.

The Centre has also imposed special additional excise duty/cesses on exports of petrol and diesel at Rs 6 per litre and Rs 13 per litre, respectively. A cess of Rs 23,250 per tonne (by way of special additional excise duty) has been imposed on crude.

Read more here.

JB Chemicals acquires pediatric brands from Dr. Reddy’s for Rs 98.3 crore

JB Chemicals & Pharmaceuticals Ltd has acquired four pediatric domestic formulation brands from Dr. Reddy’s Laboratories Ltd for Rs 98.3 crore. The four brands are zinc supplement Z&D, insomnia medication Pedicloryl, antibiotic Pecef, and Ezinapi (used against diaper rashes). The four brands combined had sales of Rs 33 crore in the previous financial year (FY22).

Read more here.

Endurance Tech buys 51% stake in Maxwell Energy to boost foray into EV products

Auto component maker Endurance Technologies Ltd has acquired a 51% stake in Mumbai-based Maxwell Energy Systems Pvt. Ltd for Rs 135 crore. The remaining 49% stake will be purchased in a phased manner in five rounds, spread over the next five financial years. This acquisition will facilitate Endurance Tech’s foray into an electric vehicle (EV)-centric product line as an early participant to offer battery management systems (BMS) to automakers.

Read more here.

Bharat Forge, subsidiary complete acquisition of JS Autocast

Bharat Forge Ltd and its subsidiary BF Industrial Solutions have completed the acquisition of Coimbatore-based JS Autocast Foundry India Pvt. Ltd for Rs 489.63 crore. JS Autocast supplies critical machined ductile castings for wind, hydraulic, off-highways, and automotive applications.

Read more here.

SBI’s gold loan portfolio crosses Rs 1 lakh crore mark

State Bank of India’s gold loan portfolio has crossed the Rs 1 lakh crore mark for the first time. The bank has a 24% market share in gold loans in India. It is bullish on growth in the segment as gold provides investors a safe investment option amid rising inflation.

Read more here.

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Bharti Airtel Opts to Defer AGR Dues by 4 Years – Top Indian Market Updates

airtel

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

Bharti Airtel opts to defer Rs 3,000 crore AGR dues for FY18, FY19 by 4 years

Bharti Airtel Ltd has opted for the four-year moratorium on adjusted gross revenue (AGR) dues for FY18 and FY19, amounting to ~Rs 3,000 crore. The company will not avail of the option to convert accrued interest on such statutory dues into government equity. The Department of Telecommunications (DoT) had recently offered the two options to all telcos as part of its support package for the industry.

Read more here.

Manappuram Finance to raise up to Rs 770 crore via NCDs

Manappuram Finance Ltd’s board has approved a proposal to raise up to Rs 770 crore via non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, unrated, and redeemable NCDs of the face value of Rs 10 lakh for a principal amount of ~Rs 770 crore. Kerala-based Manappuram Finance is one of India’s leading gold loan non-banking financial companies (NBFCs).

Read more here.

JB Chemical’s board approves acquisition of Dr Reddy’s 4 brands

JB Chemicals & Pharmaceuticals’ board has approved a proposal to acquire four pediatric brands (Z&D, Pedicloryl, Pecef, and Ezinapi) from Dr. Reddy’s Laboratories Ltd for ~Rs 98 crore. All four brands are focused on the pediatric segment in India. The combined sales of these brands stood at around Rs 33 crore for FY 2021-22. The acquisition will be funded primarily through long-term debt.

Read more here.

Vodafone Idea boosts 4G experience in Uttarakhand, UP West

Vodafone Idea (Vi) has enhanced its 4G experience in Uttarakhand & Uttar Pradesh West, enabling a better network experience and faster speeds. It has deployed the 900MHz spectrum on 3100+ sites and the 1800 MHz band on 10,295 sites in Uttarakhand & UP West, providing 97.5% of the population in the circle with stronger network indoors.

Read more here.

Zydus Lifesciences gets USFDA approval for Lacosamide injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Lacosamide injection. The drug is used to treat partial-onset seizures. It acts on the central nervous system to reduce the number and severity of seizures. The pharma company will manufacture the drug at its injectables facility in Jarod, Gujarat. 

Read more here.

SBI Cards partners with Aditya Birla Finance to launch credit cards

SBI Cards and Payment Services Ltd has entered into a strategic partnership with Aditya Birla Finance Ltd (ABFL) to launch the ‘Aditya Birla SBI Card’. The card will offer customers significant reward points on their telecom, fashion, travel, dining, entertainment, and hotel payments. The credit card is available in two variants— Aditya Birla SBI Card SELECT and Aditya Birla SBI Card— on the Visa platform.

Read more here.

Devyani International launches its 1000th outlet in Mumbai

Devyani International Ltd (DIL) has announced the milestone opening of its 1,000th outlet. Its newest Pizza Hut outlet in Mumbai marks DIL’s commitment to business growth across geographies. DIL is the largest quick-service restaurant (QSR) operator franchisee (or operator) of popular fast-food chains such as Pizza Hut, KFC, and Costa Coffee in India. 

CCI approves Google International’s acquisition of 1.28% stake in Bharti Airtel

The Competition Commission of India (CCI) has approved Google International’s buy of a 1.28% stake in Bharti Airtel. According to the agreement signed between the two firms, Google will acquire a 1.28% stake in Bharti Airtel for $700 million. It will also invest $300 million over the next five years in commercial arrangements in the areas of affordable mobile devices, 5G networks, and cloud technologies.

Read more here.

ABB partners with THINK Gas to automate operations

ABB India Ltd has partnered with THINK Gas for automating operations across its gas network, which includes many remote terminals spread across multiple locations. THINK Gas has licenses to distribute compressed natural gas (CNG) across Punjab, Madhya Pradesh, Bihar, and Uttar Pradesh. ABB has created a system to integrate, monitor, and control the day-to-day operations of the company. It will help automate workflows to support operators and improve safety.

Read more here.

UPL partners with Bungle to establish ‘Origeo’ in Brazil

UPL has partnered with US-based Bunge to increase productivity, profitability, and sustainability for farmers in Brazil. The two entities will establish Origeo, a company that will provide end-to-end solutions to farmers, in Brazil’s MAPITOBAPA macro-region. Origeo will combine Bunge’s expertise in financing, trading, and logistics with UPL’s sustainable agricultural inputs, solutions, and services portfolio.

Read more here.

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TCS Q3 Net Profit Rises 7% YoY – Top Indian Market News

TCS Q3 Results: Net profit rises 7% YoY to Rs 8,701 crore

Tata Consultancy Services (TCS) reported a 7.18% YoY increase in net profit to Rs 8,701 crore for the quarter ended December (Q3). The IT major had posted a profit of Rs 8,118 crore in Q3 of the previous financial year. Its revenue rose 5% YoY to Rs 42,015 crore in Q3 FY21. The company said it has benefited from greater demand for its cloud services during the Covid-19 pandemic. TCS has announced an interim dividend of Rs 6 per share, for which the record date is January 16 and the payment date is February 3.

Read more here.

SAIL reports 9% growth in crude steel production

Steel Authority of India Ltd (SAIL) reported a 9% YoY growth in crude steel production for the December quarter (Q3) of FY21 at 4.37 million tonnes (mt), as against a production of 4 mt during the same period last year. The state-owned company’s sales volume registered a growth of 5.6% YoY during the Q3 of FY 21, at 4.32 million tonnes. SAIL stated that it had reduced net debt from a peak of Rs 52,290 crore as of April 30, 2020, to Rs 44,308 crore on December 31, 2020.

Read more here.

Phoenix Mills sees healthy demand recovery in Q3

Phoenix Mills reported a 192% quarter-on-quarter (QoQ) growth in consumption across its retail portfolio in Q3 FY21, which came to around Rs 1,370 crore. The company’s retail collections saw an improvement to approximately Rs 260 crore in Q3. In the residential category, the developer sold 14 units with an aggregate sales value of approximately Rs 74 crore.

Read more here.

Empowered Group of Secretaries recommends cabinet note on 5 PLI sectors: Report

According to a report from CNBC-TV18, the Empowered Group of Secretaries (EGoS) has recommended a cabinet note on five production linked incentive (PLI) sectors. The sectors include Advanced Chemistry Cell Battery, Telecom & Networking Goods, Pharmaceutical Drugs, Technical Textiles, and Automobiles & Auto components.

EGoS has suggested that ministries should be careful in the identification of the base year and examination of incremental production and incentive. It has further recommended to bring in a uniform approval process for choosing a beneficiary company under the PLI scheme.

Read more here.

Om Metals Infra emerges lowest bidder for Punjab-based project

Om Metals Infraprojects Ltd was declared the lowest bidder in competitive bidding for a tender value of about Rs 621 crore, floated by the Punjab Government. The tender is for constructing two powerhouses and part of the hydel channel of Shahpurkandi Dam Project on EPC mode. Om Metals is an engineering, procurement, and construction (EPC) company that focuses on water, irrigation, and hydroelectric projects.

Read more here. 

Shalby Q3 Results: Net profit rises 106% YoY to Rs 16 crore

Shalby Ltd reported a 106.38% YoY increase in consolidated net profit to Rs 16.82 crore for the quarter ended December (Q3). The company had reported a net profit of Rs 8.15 crore in Q3 of the previous financial year. Shalby’s revenue increased by 9.11% YoY to Rs 131.80 crore in Q3 FY21. Shalby Ltd operates a chain of multispeciality hospitals in India.

Mahindra & Mahindra hikes prices of personal, commercial vehicles by 1.9%

Mahindra & Mahindra (M&M) Ltd announced a hike in prices of its range of personal and commercial vehicles by around 1.9%. The automaker stated that it will raise prices by Rs 4,500-Rs 40,000, depending on the model and variant. M&M said the price increase was necessitated due to an unprecedented increase in commodity prices and various other input costs over the past many months.

Read more here.

Himatsingka Seide enters into licensing agreement with Disney for European region

Himatsingka Seide Ltd has entered into a licensing agreement with The Walt Disney Company for the European region. The license will give Himatsingka the rights to design, develop, manufacture, and distribute a broad range of home textile products inspired by Disney’s archives and characters from all its franchises including Disney, Marvel, Pixar, and Lucas. Himatsingka will distribute an extensive range of licensed home textile products across the United Kingdom, Germany, France, Italy, Spain, and South Africa.

Read more here.

SBI, IOCL launch contactless RuPay debit card

State Bank of India (SBI) and Indian Oil Corporation Ltd (IOCL) announced the launch of a co-branded contactless Rupay debit card. The features of the card include 6 reward points for Rs 200 spent at an Indian Oil fuel station every time and loyalty points worth 0.75% against the purchase of fuel. Customers can earn and redeem reward points by spending on dining, movies, grocery, and utility bills. Transactions up to Rs 5,000 can be paid for with a tap through the contactless card.

Read more here.

J B Chemicals receives USFDA approval for generic antihistamine

J B Chemicals & Pharmaceuticals Ltd announced that it has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Loratadine tablets. The tablets are used for treating allergic rhinitis caused by pollen and upper respiratory tract allergy. The company said it expects to commercialize this product by Q1 of the next financial year (FY 2021-2022).

Read more here.