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Key Indices Mimic Previous Movements Ahead of Expiry Day! – Post-Market Analysis

NIFTY started the day at 19,369 with a gap-down of 65 points. The index started moving up after the initial red candles and tried to break the previous day’s high with the help of a 3 PM move. Even though there were no follow-up candles, the index closed in slight green. Nifty closed at 19,465, up by 30 points or 0.16% 

Nifty chart - Aug 16 - post-market analysis

BANK NIFTY (BNF) started the day at 43,726 with a gap-down of 364 points. The index struggled a lot to recover as it faced strong rejection from the 44k zone. BNF closed at 43,946, down by 144 points or 0.33%. 

Bank Nifty chart - Aug 16 - post-market analysis

All other indices except Nifty Metal (-0.94%) closed in green. Nifty Media (+1.2%) and Nifty Realty (+1.1%) moved up the most. 

Major Asian markets closed in the red. European markets are currently trading flat-to-red.

Today’s Moves

Apollo Hospitals (+2.51%) was NIFTY50’s top gainer. The pharma company’s MD gave forward-looking commentary on its business on Monday.

Cochin Shipyard (+17.4%) hit a new 52-week high of ₹822 after posting strong Q1 results.

JBM Auto (+10.13%) jumped after the Union Cabinet approved ‘PM-eBus Sewa’ for boosting city bus operations.

Tata Steel (-1.86%) was NIFTY50’s top loser.

Hindustan Copper (-6.23%) fell sharply after the company posted weak numbers for Q1 FY24.

Markets Ahead

Key indices replicate Monday’s movements! After the opening red candle, both Nifty and Bank Nifty started moving up, similar to Monday.

Try to draw a trendline connecting tomorrow’s first two swing low points, and if this trendline is broken, it might bring a proper movement (if the initial trend is to the upside). You can also use a 200 exponential moving average (EMA) in the 5 mins chart to get more clarity.

Major weakness is being built up as both Nifty and Bank Nifty create lower lows and lower highs for more than a week.

I will be watching Nifty’s 19,500 (resistance), 19,360, 330, 300 (immediate support) and 19,250 (major support) tomorrow.

In Bank Nifty, let’s mark 44,100,44,200 (resistances) and 44,600 and 44,540 as major levels for expiry day.

Inflation (CPI) numbers have been a supporting factor for the Indian market for many months. Now, recently released above-expected inflation numbers are bringing more weakness to our market

What levels are you watching out for 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

Cabinet Approves Rs 19,744Cr for National Green Hydrogen Mission – Top Indian Market Updates

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

Cabinet approves ₹19,744 crore for National Green Hydrogen Mission

The Union Cabinet has approved provisions of the National Green Hydrogen Mission. It has sanctioned ₹19,744 crore for implementation of the project. The mission aims to provide direct incentives for manufacturing green hydrogen and generating hydrogen from green power sources. Incentives will also be given for manufacturing electrolysers in India for five years.

Read more here.

Adani plans to focus on digital expansion in 2023: Report

According to a Times of India report, Adani Group’s chairman Gautam Adani has been planning to roll out enterprise 5G services and consumer apps this year. He will be focusing on building AI-ML (artificial intelligence & machine learning) & industrial cloud capabilities and expanding data centres. Rolling out its 5G services and business-to-consumer (B2C) apps to digitally onboard millions of customers will be the company’s priority in 2023.

Read more here.

Switch Mobility, JBM Auto, PMI Electro Mobility win e-bus contracts from Centre

Ashok Leyland’s Switch Mobility, JBM Auto, and PMI Electro Mobility have emerged as the lowest bidders for a $362.24 million (~₹3,000 crore) tender floated by state-run Convergence Energy Services Ltd (CESL). Switch Mobility will supply 2,600 electric buses in three states, JBM Auto 1,781 e-buses in three states, and PMI Electro quoted the lowest for the supply of 2,080 electric buses in two states.

Read more here.

Housing demand across India rises 19% in Q3

The Magicbricks’ PropIndex report for the quarter ended Dec (Q3 FY22) said the aggregate residential demand (indicated by searches) increased 19% YoY led by major cities such as Mumbai with a 52.1% rise, Noida 35.8%, Gurgaon 34.5%, Delhi 14.8% and Bengaluru with 33% growth. The average property rates increased 13.9% YoY, and the cumulative supply (indicated by listings) grew 2.7% YoY.

Read more here.

Vedanta’s aluminium production falls 2% in Q3

Vedanta Ltd’s total aluminum production declined by 2% YoY to 5.66 lakh tonne in the three months ended December 2022. Alumina production at Lanjigarh refinery in Odisha FELL 6% YoY and 2% from the previous quarter to 4.43 lakh tonne due to maintenance activities in calciners. Total production of finished steel was at 3.06 lakh tonne in Q3, down by 13% YoY.

Read more here.

RailTel to monetise Wi-Fi footfalls in rail stations, eyes ₹250 crore revenue in 5 years

RailTel Corporation of India Ltd has initiated a Wi-Fi monetisation project covering more than 6,100 railway stations across India where a public Wi-Fi network has already been made available by the company. The company has signed a five-year agreement with three partners— 3i Infotech Ltd, Forensics Intelligence Surveillance & Security Technologies Private Ltd, and Yellow Inc for the project. 

Read more here.

RBI lifts restrictions imposed on Mahindra Finance

Reserve Bank of India has lifted restrictions on Mahindra & Mahindra Financial Services Limited on loan recovery via third-party services. On September 22, 2022, RBI directed the company to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders. The company was allowed to carry out recovery or repossession activities through its own employees.

Read more here.

NTPC’s power generation jumps 11% to 254 BU in April-December 2022

NTPC Ltd has reported an 11.6% year-on-year (YoY) growth in power generation during the April-December period in FY23. The state-owned company generated 295.4 billion (BU) of power during the period. The coal-based thermal power plants of the company utilised 73.7 percent of their capacity, a jump from 68.5 percent utilisation in the year-ago period. NTPC also commissioned India’s first green hydrogen blending project on Tuesday.

Read more here.

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L&T Bags Order for Mumbai-Ahmedabad Bullet Train Project – Top Indian Market News

L&T

L&T secures third order for Mumbai-Ahmedabad bullet train project

Larsen & Toubro (L&T) has secured a third order for the Mumbai-Ahmedabad High Speed Rail from the National High Speed Rail Corporation Ltd (NHSRCL). The order includes the design and construction of civil & building works for a double-line high-speed railway of a length of 8.198 km. It also includes the construction of the major station of Vadodara and other key civil structures.

Read more here.

Axis Bank issues first Letter of Credit on dedicated govt-backed platform

Axis Bank issued the banking industry’s first Letter of Credit (LC) on the Secured Logistics Document Exchange (SLDE), a government-backed blockchain-enabled platform. The deal involved ArcelorMittal Nippon and the bank’s client Lalit Pipes & Pipes Ltd (LPPL). Axis Bank released an LC on behalf of LPPL, which required such a non-fund-based credit line for a business transaction with ArcelorMittal Nippon Steel India.

Read more here.

Anupam Rasayan signs LoI worth $95 million with MNC firm

Anupam Rasayan India Ltd (ARIL) has signed a Letter of Intent (LoI) worth $95 million (~Rs 700 crore) with a multinational crop protection firm for the supply of a new life science-related active ingredient. The company will enter into a long-term contract to supply this specialty chemical product for the next five years. This LoI further expands ARIL’s high-value product portfolio with major global players.

Read more here.

Adani Power, Gujarat discom settle dispute

Adani Power Ltd (APL) and Gujarat Urja Vikas Nigam Ltd (GUVNL) have reached an out-of-court settlement on a dispute pertaining to the termination of a power purchase agreement. APL has agreed to forego a compensation claim worth Rs 11,000 crore against the electricity distribution company (discom). The two companies will now work out a new tariff for the generation and supply of the 1,000-MW electricity based on domestic coal.

Read more here.

GTPL Hathway partners with Aprecomm to optimize WiFi connections with AI

GTPL Hathway Ltd will remotely optimize its residential Wi-Fi connections using Artificial Intelligence (AI) in partnership with Aprecomm. The partnership would help GTPL bring down customer issue resolution time and enhance the experience of more than 7 lakh connected broadband households. Aprecomm’s AI Engine will allow GTPL to convert its household connections to AI-enabled smart WiFi access points.

Read more here.

Edelweiss partners with Indian Bank for co-lending to priority sector

Edelweiss Financial Services and ECL Finance announced a strategic co-lending partnership with Indian Bank for priority sector lending. The lenders recently signed a Memorandum of Understanding (MoU) to expand the portfolio of lending products available to the target customers, thereby increasing access to credit. Agriculture, micro-enterprises, and advances to weaker sections of society are amongst the categories that form the priority segment of lending.  

Read more here.

Alembic Pharma gets USFDA approval for Dronedarone tablets

Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Dronedarone Tablets. The drug is indicated to reduce the risk of hospitalization for atrial fibrillation in patients in sinus rhythm. According to IQVIA data, Dronedarone tablets had an estimated market size of $500 million (~Rs 3,705 crore) for the twelve months ended September 2021.

Read more here.

RailTel declares interim dividend of Rs 1.75 per share

RailTel Corporation of India has declared an interim dividend of Rs 1.75 per share for the financial year 2021-22. The company has fixed January 21 as the record date for the payment of the interim dividend. The total payout of the dividend is approximately Rs 56 crore. RailTel is one of the largest telecom infrastructure providers in the country, with a pan-India optic fibre network covering several towns, cities, and rural areas.

Read more here.

JBM Auto acquires 51% stake in JBM Green Energy Systems

JBM Auto Ltd has acquired the majority stake (51%) in JBM Green Energy Systems Pvt Ltd (JBM GESPL) and JBM EV Industries Pvt Ltd (JBM EIPL) through a subsidiary, JBM Electric Vehicles Private Ltd. JBM GESPL and JBM EIPL have now become indirect subsidiary companies of JBM Auto. The company has announced plans to commission an end-to-end e-mobility ecosystem completely localised in India.

SJVN gets category ‘I’ licence for inter-state trading of electricity across India

The Central Electricity Regulatory Commission (CERC) has given category ‘I’ licence to SJVN Ltd for inter-state power trading across India. According to the CERC order, no objections were received on the petition of SJVN for grant of a category ‘I’ licence for inter-state trading in electricity. State-owned SJVN Ltd is engaged in hydroelectric power generation and transmission.

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Centre to Buy 1 Crore Shots of Zydus Cadila’s Covid-19 Vaccine – Top Indian Market News

Centre to buy 1 crore shots of Zydus Cadila’s Covid-19 vaccine

The Central government has placed a purchase order of 1 crore doses of Zydus Cadila’s three-dose Covid vaccine ZyCoV-D at Rs 265 per dose. The needle-free vaccine will cost Rs 93 per dose (excluding GST). The complete dose of the vaccine will cost Rs 1,128. ZyCoV-D was approved by India’s drug regulator in August 2021 for emergency use in adults and children aged 12 years and above.

Read more here.

Britannia Industries Q2 Results: Net profit falls 23% YoY to Rs 384 crore

Britannia Industries Ltd reported a 23% YoY decline in consolidated net profit to Rs 384.22 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 5.5% YoY to Rs 3,607.4 crore during the same period. The FMCG company’s raw material cost stood at Rs 1,914.7 crore in Q2, an increase of 8% YoY. Britannia said it is witnessing unprecedented inflation in market prices of key ingredients such as palm oil, industrial fuel, and packaging material.

Read more here.

JBM Auto secures order for 200 low-floor electric buses from Delhi govt

JBM Auto Limited has received an order for 200 electric buses from Delhi Transport Corporation (DTC). The order has been placed under the central government’s FAME II electric vehicle policy. The company will supply, operate and maintain 200 air-conditioned fully built low-floor electric buses of 12-meter length. Gurgaon-based JBM Auto is a leading manufacturer of key auto systems, electric vehicles, and buses.

Read more here.

Sobha Q2 Results: Net profit jumps 198% YoY to Rs 48 crore

Sobha Ltd reported a 198% YoY jump in consolidated net profit to Rs 48.3 crore for the quarter ended September (Q2 FY22). Net profit jumped 347% compared to the previous quarter. Its total income rose 52% YoY to Rs 832.3 crore during the same period. The realty firm’s board has approved the issue of unlisted, secured, non-convertible debentures (NCDs) worth up to Rs 140 crore on a private placement basis.

Read more here.

L&T’s construction arm secures orders worth up to Rs 2,500 crore

Larsen & Toubro’s (L&T) construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) from the metal industry and Defence Research & Development Organisation (DRDO). The order from DRDO consists of constructing a flight control system facility at Aeronautical Development Establishment, Bengaluru. L&T has also received an engineering, procurement, and construction (EPC) order for a 12 million ton per annum (MTPA) dry circuit system for a screening plant (SP-III) from NMDC Limited in Chhattisgarh.

Read more here.

Shyam Metalics Q2 Results: Net profit jumps 159% YoY to Rs 414 crore

Shyam Metalics & Energy Ltd (SMEL) reported a 159.22% YoY jump in consolidated net profit to Rs 414.18 crore for the quarter ended September (Q2 FY22). Net profit fell 9% compared to the previous quarter. Its revenue from operations rose 87% YoY to Rs 2,494.34 crore during the same period. EBITDA stood at Rs 689 crore in Q2, an increase of 96% YoY. SMEL is a leading integrated metal producing company in India.

Exchanges to launch T+1 settlement cycle from Feb 25

The National Stock Exchange (NSE) and other Market Infrastructure Institutions (MIIs) are bracing to launch T+1 trading settlement cycle from February 25, 2022. All listed stocks across stock exchanges (BSE, NSE & MSEI) will be ranked in descending order based on daily market capitalization averaged for the month of October 2021.

Currently, if an investor buys or sells a stock on Monday, they receive the money or shares on Wednesday (T+2 working days). With T+1 settlement, the transfer will be completed on Tuesday itself. You can learn more about T+1 settlement cycle here.

Read more here.

Balrampur Chini Mills Q2 Results: Net profit rises 6% YoY to Rs 83 crore

Balrampur Chini Mills Ltd reported a 6.1% YoY increase in consolidated net profit to Rs 83.1 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 5.9% YoY to Rs 1,213.8 crore during the same period. EBITDA stood at Rs 134.8 crore in Q2, an increase of 5.6% YoY.

Read more here.

DCM Shriram to invest over Rs 350 crore on expansion of sugar business

DCM Shriram Ltd has announced an investment of over Rs 350 crore to expand the capacity of its sugar mills. The company approved three investment proposals for its sugar business to capitalise on the increase in sugarcane availability in its catchment area. These investments will help enhance production capacity for refined sugar production and build flexibility of feedstock for its distilleries.

Read more here.

Paytm IPO subscribed 18% on first day of bidding

The Rs 18,300 crore initial public offering (IPO) of One97 Communications Ltd (Paytm) was subscribed 18% on the first day of bidding. The IPO has received bids for 88.23 lakh equity shares against the issue size of 4.83 crore shares. Retail investors have subscribed 78% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2% and 6%, respectively, against their reserved portions. 

To learn more about the IPO, click here.

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Jio Adds 65 lakh Subscribers, Vi Loses 14 lakh in July – Top Indian Market News

Reliance Jio adds 65 lakh subscribers in July, Vodafone Idea loses 14 lakh

Reliance Jio Infocomm added 65.1 lakh wireless subscribers in July 2021, taking its gross user base to 44.32 crore. Bharti Airtel gained 19.4 lakh subscribers, while Vodafone Idea (Vi) lost 14.3 lakh subscribers in July. Jio consolidated its leadership in rural India by adding 34.8 lakh subscribers in rural markets. Vodafone Idea and Bharti Airtel lost 9.9 lakh and 4.1 lakh subscribers, respectively, in rural markets. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Jio and Airtel have widened customer market shares to 37.34% and 29.83%, respectively, in July. 

Read more here.

Tejas Networks secures optical network expansion deal from Bharti Airtel

Bharti Airtel has selected Tejas Networks to enhance its optical network capacity in key metropolitan markets. The telecom gear maker will supply, install, and support its optical transmission products for extending Bharti Airtel’s optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services, and broadband applications. The order given to Tejas Networks will enable Bharti Airtel to deliver a world-class experience to its customers.

Read more here.

BPCL, SBI Card launch co-branded RuPay contactless credit card

Bharat Petroleum Corp Ltd (BPCL) and SBI Cards and Payment Services have launched a co-branded RuPay contactless credit card. The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps. It will also offer a 1% fuel surcharge waiver on every transaction up to Rs 4,000, translating to a 4.25% value back. Cardholders will also get accelerated savings on other categories of spends, including groceries, departmental stores, dining, and movies.

Read more here.

JBM Auto gets orders for 500 CNG, electric buses from various states

JBM Auto Ltd has secured orders for supplying 500 compressed natural gas (CNG) and electric buses from various state governments. The company has received orders for BS-VI CNG buses from Delhi Integrated Multi-Modal Transit System Ltd. It will also supply electric buses to Bengaluru Metropolitan Transport Corp (BMTC). These orders will be executed in the current financial year (FY22).  

Read more here.

CAMS, KFin Tech launches new platform for mutual fund transactions

Computer Age Management Services (CAMS) and KFin Technologies have launched MFCentral, a one-stop platform for all mutual fund investors. The platform minimises the need to visit the websites of multiple mutual fund houses to access your portfolio, statements, service requests, and investments. MFCentral will offer digital access to investor lifecycle engagement with the entire mutual fund industry under one roof. 

Read more here.

Adani Airports signs pact with Flamingo, Mumbai Travel Retail to operate duty-free outlets in airports and seaports

Adani Airport Holdings Ltd (AAHL) has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd. and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports. AAHL is a wholly-owned subsidiary of Adani Enterprises Ltd. Under this partnership, AAHL will subscribe to 28.49 lakh equity shares (of the face value of Rs 10 each), constituting 74% of the total share capital of MTRPL, for an aggregate investment of Rs 2.85 crore.

Read more here.

G R Infra secures road project worth Rs 927 crore in Punjab

G R Infraprojects Ltd has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Punjab. The order consists of the development of the six-lane Amritsar-Bathinda Greenfield section of NH-7S4A as part of the Amritsar-Jamnagar Economic Corridor in Punjab. The bid project cost is Rs 927 crore, while the first-year operation and maintenance cost is Rs 3.87 crore.

RIL denies reports of JBF Industries acquisition

Reliance Industries Ltd (RIL) has denied reports of a takeover of stressed polyester manufacturer JBF Industries in consortium with CFM Asset Reconstruction Company (ARC). RIL clarified that no negotiations are taking place for the takeover of JBF Industries and its assets. A news site had reported earlier that RIL is likely to acquire JBF and that bankers had sought takeover bids in July. The report further stated that CFM ARC is believed to have put in a Rs 825 crore bid for the company that owes Rs 2,116 crore to its lenders.

Read more here.

Ahluwalia Contracts secures order worth Rs 58.8 crore

Ahluwalia Contracts (India) Ltd has secured an order for the construction of Infosys Regional Office Building for Software Development Block (SDB) at Kolkata. The order is worth Rs 58.8 crore. The company’s total order inflow in the current financial year (FY22) stands at Rs 1,198.66 crore.

HCL Tech selects RISE with SAP to modernise digital estate

HCL Technologies Ltd has selected RISE with SAP offering to further modernise its enterprise digital landscape. As an SAP strategic partner, HCL will help its clients by leveraging their combined experience in the industry cloud transformation space. Germany-based SAP and HCL will deploy the full stack framework for RISE with SAP along with HCLCloudSmart suite of industry cloud solutions to drive cost-effective modernization of business processes for enterprises worldwide. 

Read more here.