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Bank Nifty Holding Down Nifty! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,770 with a gap-up of 77 points (well above the important resistance zone). After initial consolidation, the index moved up to 19,830 levels but faced rejection. It then fell back to the opening levels and consolidated. Nifty closed at 19,783, up by 89 points or 0.45%.

BANK NIFTY (BNF) started the day at 43,790 with a gap-up of 207 points. The index mostly consolidated during the first half, but gave a sharp fall to 53,585 levels after 1 PM. Then, BNF bounced back and later consolidated. BNF closed at 43,689, up by 104 points or 0.24%.

All indices except Nifty PSU Bank (-0.35%), Nifty IT (-0.18%), and Nifty FMCG (-0.16%) closed in the green. Nifty Metal (+1.2%) moved up the most.

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

Today’s Moves

SBI Life Insurance (+2.7%) was NIFTY50’s top gainer. 

RattanIndia Ent (+17.1%) hit a 52-week high after the company’s subsidiary, Neobrands, launched its casual fashion brand.

Coal India (-3.9%) was NIFTY50’s top loser. The drop came after the stock traded ex-dividend.

KPIT Tech (-7.28%) fell sharply after Kotak Institutional Equities downgraded the stock to “Sell”, with a target price of ₹940.

Shares of ONGC (-3.36%) turned ex-dividend today.

Markets Ahead

Bank Nifty is currently holding key resistance levels and is unable to cross them. Meanwhile, Nifty was trying to move up, but Bank Nifty was holding it down. We could expect a directional move soon, depending on whether there is a breakout or breakdown from the current levels.

Nifty: The crucial support level to watch is around 19,750. A breach of this level could lead the index to fall to around 19,700 levels (potentially filling the gap). On the other hand, a breakout from the resistance at 19,800 might push the index upward to 19,860 levels.

Bank Nifty: The major resistance is located near 43,700, coinciding with the highest Open Interest (OI) in weekly contracts. A breakout from that level could potentially trigger a short-covering rally, pushing the index to 44,000 and 44,200. Meanwhile, a breakdown from 43,650 may lead the index down to 43,500 and 43,000 eventually.

Considering tomorrow’s weekly expiry for Bank Nifty and the recent consolidation, we could expect a directional move in BNF. So keep a close watch on breakout and breakdown levels and make trading decisions accordingly!

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ONGC to Invest Rs 1 Lakh Cr to Set Up Petrochem Plants – Top Indian Market Updates

ONGC market updates | marketfeed

ONGC to invest ₹1 lakh crore to set up 2 petrochem plants

Oil & Natural Gas Corporation (ONGC) plans to invest about ₹1 lakh crore to set up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. The company aims to raise its petrochemical capacity to 8.5-9 million tonnes (MT) by 2030. One project is likely to be set up by ONGC on its own and the other in a joint venture.

Read more here.

Suzlon’s wind turbine gets RLMM listing

Suzlon Group’s S144 – 3 MW series of wind turbines received the Revised List of Models & Manufacturers (RLMM) listing from the Ministry of New & Renewable Energy (MNRE). This listing marks an important milestone for the successful commercialisation of the product. Suzlon has already installed a prototype of this series at a hub height of 160m with a hybrid lattice tubular (HLT) tower at the Gondal site in Gujarat.

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RBI asks Bajaj Finance to stop disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect due to non-adherence of lending norms set out by the regulator. The central bank said it will review these supervisory restrictions following the rectification of the deficiencies listed.

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Siemens to buy extra 18% stake in India unit for €2.1 billion

Siemens AG plans to acquire an additional 18% stake in its India unit from Siemens Energy AG for €2.1 billion in cash. This would increase Siemens’ stake in the publicly listed India unit from 51% to 69%, while Siemens Energy’s stake would decline from 24% to 6%. Siemens Energy is looking to shore up its finances to offset losses of its Gamesa wind business.

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IIFL Finance to invest ₹200 crore in subsidiary

IIFL Finance Ltd. will invest ₹200 crore in its material subsidiary, IIFL Samasta Finance, by subscription of equity shares. The company’s Board of Directors approved the investment by subscription of approx. 7.48-crore fully paid-up equity shares of face value ₹10 each at ₹26.74 per share. The subsidiary will use the money to support growth, reduce gearing, and improve capital adequacy.

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TCS forcing employees to transfer to different base locations: NITES

Nascent Information Technology Employees Senate (NITES) has filed a complaint with the labour ministry against Tata Consultancy Services (TCS). The IT sector employee rights organisation alleged that TCS has initiated transfers of employees to different base locations without consulting them. The affected employees are required to relocate to the new location within 14 days or stand to have their salaries deducted.

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Gland Pharma gets tentative USFDA approval for Angiotensin

Gland Pharma Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Angiotensin II Injection. The injection is used to treat low blood pressure. According to IQVIA data, the Angiotensin II Injection had sales of around $38 million for 12 months ended September 2023 in the US.

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Trade deficit widens to record high in October

India’s merchandise exports rose by 6.21% YoY to $33.57 billion in October 2023. Trade deficit rose to a record high of $31.46 billion during the month. Imports increased to $65.03 billion last month, compared to $57.91 billion recorded in October 2022. During the April-October period of FY24, exports contracted by 7% YoY to $244.89 billion.

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Religare did not disclose ₹250Cr ESOPs issued to Rashmi Saluja in subsidiary: InGovern

According to a report by InGovern, Religare Enterprises Ltd failed to disclose employee stock options issued to Chairperson Rashmi Saluja in its subsidiary Care Health Insurance Ltd. Nearly 2.27 crore options, representing 2.5% of the share capital and valued at over ₹250 crore, were granted to Saluja in January 2022. The options were issued at a “deep discount” of an exercise price of ₹45.32 per share

Read more here.

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Retail Inflation Falls to 4-Month Low in October – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation falls to 4-month low of 4.87% in October

India’s retail inflation, measured by the Consumer Price Index (CPI), declined to a four-month low of 4.87% in October. CPI stood at 5.02% in September 2023. The consumer food price index (CFPI) remained stable at 6.61% last month, a marginal decline from 6.62% recorded in September. RBI has projected 5.6% inflation for the October-December quarter.

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Manappuram Finance Q2 Results: Net Profit rises 20% YoY to ₹420 crore

Manappuram Finance Ltd reported a 20% YoY rise in net profit to ₹420 crore in the quarter ended September (Q2 FY24). The company’s total income stood at ₹1,456 crore, up 17% YoY. The interest income stood at ₹1,405 crore, up 13.4%YoY. Its finance costs grew 21% YoY to ₹443 crore. The company’s board declared a dividend of ₹0.85 per equity share.

Read more here.

ONGC to start oil production from $5 billion deep-water project this month

Oil and Natural Gas Corporation (ONGC) is set to commence oil production from its Cluster-2 project in the Krishna Godavari basin in the Bay of Bengal. The floating production unit (FPSO), Armada Sterling-V, is already in the block. ONGC plans to gradually ramp up production, starting with 3 to 4 wells initially. Oil production from Cluster-2 should have begun by November 2021 but was delayed due to the pandemic.

Read more here.

India’s coal import rose 4% in September

India’s coal import increased by 4.3% YoY to 20.61 million tonnes (MT) in September. Non-coking coal imports stood at 13.89 MT, against 12.08 MT imported in September last financial year. Coking coal imports dropped to 4.59 MT from 4.88 MT imported in September FY23.

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GAIL conducts world’s first ship-to-ship LNG transfer

GAIL (India) Ltd has conducted the world’s first ship-to-ship liquefied natural gas (LNG) transfer to reduce shipping costs and cut emissions. The company, which has contracted 5.8 million tonnes per annum (MTPA) of LNG from the US, implemented an innovative contractual arrangement to optimize vessel paths, resulting in a significant reduction in CO2 emissions.

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Patel family to acquire additional 1% stake in GMM Pfaudler

The Patel family, promoter of engineering firm GMM Pfaudler, is set to acquire an additional 1% stake in the company in a strategic transfer. The family will now own a 25.18% stake in GMM Pfaudler. The deal involves the purchase of 4.49 lakh equity shares from Pfaudler Inc. at ₹1,700 per share. The transaction is being done through Millars Machinery, a key entity within the promoter group.

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Tata Steel to scrap 800 jobs in the Netherlands

Tata Steel has revealed plans to eliminate 800 jobs at its plant in the Netherlands, located in IJmuiden near Amsterdam. The decision is aimed at enhancing market conditions and reducing costs for the under-pressure plant. The cuts will affect some 500 full-time workers, mainly in management, staff and support functions, while another 300 temporary jobs are also to disappear.

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Adani Electricity used renewable sources to supply power to Mumbai on Diwali

Adani Electricity relied completely on renewable sources for the supply of power to Mumbai for four hours on Diwali day. The company supplied 1,200 MW of power from renewable sources to its 3 million subscribers between 10 AM and 2 PM, meaning that over 40% of Mumbai’s power needs were derived from renewable energy.

Read more here.

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Asian Paints Posts 53% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

Asian Paints Q2 Results: Net profit rises 53% YoY to ₹1,232 crore

Asian Paints reported a 53.3% year-on-year (YoY) increase in net profit to ₹1,232 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue from operations rose just 0.2% YoY to ₹8,478.6 crore during the same period. EBITDA stood at ₹1,716.2 crore, up 39.8% YoY. The company’s board recommended a dividend of ₹5.15 per share.

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Infosys signs 5-year deal with EV firm smart Europe

Infosys Ltd has entered into a five-year collaboration with smart Europe GmbH to provide services related to sustainable electric mobility to its customers. The deal is to refine the company’s direct-to-customer (D2C) business model in the European market, along with providing enhanced customer experience, engagement and personalisation driven by data.

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Canara Bank Q2 Results: Net profit rises 43% YoY to ₹3,606 crore

Canara Bank reported a 43% YoY increase in net profit to ₹3,606 crore for the quarter ended September 2023 (Q2 FY24). The net interest income (NII) grew 19.76% YoY to ₹8,903 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 6.37% in Q2 FY23 to 4.76% in Q2 FY24. 

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Adani Group seeks to raise $4 billion to fund green hydrogen plans

Adani Enterprises Ltd’s subsidiary, Adani New Industries Ltd, is seeking loans from both domestic and international banks to build plants that would produce low-cost green hydrogen. The company is currently in initial discussions with various lenders. This move comes as India aims to reduce its carbon footprint. Gautam Adani has previously stated that 75% of the group’s projected capital expenditure will be directed towards green businesses.

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ACC Q2 Results: Net profit at ₹387 crore

ACC Ltd reported a consolidated net profit of ₹387 crore for the quarter ended September (Q2 FY24). The cement company posted a net loss of ₹87.32 crore in the same quarter a year ago. Its revenue from operations fell 11.2% YoY to ₹4,434.73 crore during the same period. Sales volume (cement & clinker) rose 17.4% YoY to 8.1 million tonnes in Q2.

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ONGC hopes to recover over $500 million dividend as sanctions on Venezuela eased

Oil and Natural Gas Corp (ONGC) is hoping to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased. US sanctions had hit Venezuela’s finances and oil output, leading to the accumulation of dividends for foreign companies like ONGC. ONGC Videsh holds a 40% stake in the San Cristobal field in eastern Venezuela’s Orinoco Heavy Oil belt, and 11% in the Carabobo area-1.

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Zen Tech secures ₹100 crore defence ministry order

Zen Technologies secured an order worth ₹100 crore from the Ministry of Defence for its advanced tank training system. The system has been designed, developed, and tested in-house. With this inaugural order for the force-on-force tank training simulators, the company expects strong demand for this product in both domestic and international markets going forward.

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Antony Waste’s subsidiary wins order worth ₹386 crore

Antony Waste Handling Cell Ltd’s subsidiary, AG Enviro Infra Projects Pvt Ltd, secured an order worth ₹386 crore from the Panvel Municipal Corporation in the Mumbai Metropolitan Region (MMR). The contract is for the door-to-door collection and transportation of municipal solid waste by the corporation. The five-year contract has the option of a two-year extension. 

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Kolte-Patil Developers approves issue of NCDs worth ₹113.65 crore

Kolte-Patil Developers Ltd will issue non-convertible debentures (NCDs) worth more than ₹113 crore on a private placement basis. The board approved the issuance of secured, rated, listed, redeemable NCDs with a face value of ₹100,000 each. The debentures will be issued on a private placement basis and will aggregate up to ₹113.65 crore.

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Zomato launches maternity insurance for women delivery partners

Zomato has introduced a  maternity insurance program for its female delivery partners. This insurance coverage caters to a range of pregnancy-related expenses, including childbirth and maternity complications. Operated in collaboration with ACKO, the maternity insurance program is available to female delivery partners who have completed 1,000 deliveries on the Zomato platform.

Read more here.

PNB Q2 Results: Net profit jumps four-fold to ₹1,756.13 crore

Punjab National Bank (PNB) reported a 327% YoY jump in net profit to ₹1,756.13 crore for the quarter ended September 2023 (Q2 FY24). This is the highest profit recorded in the previous 14 quarters. The net interest income (NII) grew 20% YoY to ₹9,923 crore during the same period. The gross non-performing assets (GNPA) ratio fell from 10.48% in Q2 FY23 to 6.96% in Q2 FY24. 

Read more here.

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Disney to Sign Multibillion-Dollar Deal With Reliance – Top Indian Market Updates

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

Disney to sign multibillion-dollar deal with Reliance Industries

Reliance Industries Ltd (RIL) is set to acquire Walt Disney Co’s (WDC) India operations in a cash and stock deal. WDC may sell a controlling stake in the Disney Star business, which it values at around $10 billion (~₹83.1 crore). RIL views the assets at between $7 billion to $ 8 billion. The acquisition could be announced as early as next month as some of Reliance’s media units merged into Disney Star.

Read more here.

Torrent Pharma Q2 Results: Net profit rises 24% YoY to ₹386 crore

Torrent Pharma posted a 24% YoY increase in net profit to ₹386 crore for the quarter ended September (Q2 FY24); beating street estimates. The pharma company posted a net profit of ₹312 crore in Q2 last year. Its total revenue rose 16.1% YoY to ₹2,660 crore in Q2 FY24. EBITDA stood at ₹825 crore, up 36.2% YoY.

Read more here.

Lupin gets USFDA nod to market generic antifungal tablets

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market its generic Fluconazole tablets. The drug is used to treat fungal infections. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh. According to IQVIA MAT July 2023 data, the drug had an estimated annual sales of $43 million in the US.

Read more here.

Mahindra Holidays Q2 Results: Net profit falls 48% YoY to ₹21 crore

Mahindra Holidays & Resorts India Ltd (MHRIL) reported a 48% YoY decline in net profit to ₹21 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹40.9 crore in the same period a year ago. Its total revenue rose 10% YoY to ₹655 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY.

Read more here.

ONGC wins bid to acquire PTC’s wind power unit for ₹925 cr

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for ₹925 crore as part of its renewable energy portfolio expansion. ONGC already has 189 MW of renewable energy capacity and aims to reach 10 GW by 2030. The acquisition, which has a renewable energy portfolio of 288.8 MW, is subject to the approval of PTC’s shareholders.

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Consumer court asks ICICI Bank to pay ₹77,000 for denying reward points

ICICI Bank has been instructed by the District Consumer Disputes Grievance Redressal Commission to pay ₹77,000 to a man from Chennai. The payment is compensation for the denial of reward points by the bank. The bank will pay ₹41,691 in reward points and an additional ₹35,000 for the deficiency in service, compensation for mental agony, and mental agony. 

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Adani Power close to taking over Coastal Energen for ₹3,440 crore

Adani Power won a bid to take over bankrupt power company Coastal Energen for ₹3,440 crore. The interest in Coastal Energen (which is undergoing corporate insolvency) is mainly because it is among a few operational power plants for sale. Jindal Power, who also bid for the company, quit the auction.

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IPCA Labs’ Ratlam facility gets favourable FDA classification

The USFDA has classified IPCA Laboratories Ltd’s’ Ratlam facility as ‘Voluntary Action Indicated’ (VAI) in its Establishment Inspection Report (EIR). A VAI is generally issued when the response from a plant to certain observations appears satisfactory to the regulator. The facility manufactures Active Pharma Ingredients (APIs). VAI is the second-best classification that a plant can get from the USFDA.

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Aurobindo Pharma’s arm gets USFDA nod for testosterone cypionate injection

Aurobindo Pharma’s wholly-owned subsidiary, Eugia Pharma Specialties, has received the final approval from USFDA to manufacture and market the testosterone cypionate injection. This is bioequivalent and therapeutically equivalent to the reference listed drug, depo-testosterone injection. According to IQVIA data, the approved product has an estimated market size of $226.8 million for the 12 months ending August 2023.

Read more here.

BSE revises F&O turnover charges from Nov 1

Bombay Stock Exchange (BSE) has revised transaction charges in the equity derivatives segment, with effect from November 1, 2023. According to a BSE notice, these changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts. The new transaction fee structure is based on the incremental billable monthly turnover (premium value).

Read more here.

Adani Ports incorporates new subsidiary

Adani Ports & Special Economic Zone Ltd (APSEZL) has incorporated a wholly-owned subsidiary company, “Udanvat Leasing IFSC Limited.” It is involved in the business of owning and leasing aircraft. The new company is situated in GIFT City, Gandhinagar, and is yet to commence operations.

Read more here.

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RBI Imposes Rs 2.5Cr Fine on L&T Finance – Top Indian Market Updates

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

RBI imposes ₹2.5 crore fine on L&T Finance

The Reserve Bank of India (RBI) has imposed a penalty of ₹2.5 crore on L&T Finance Ltd for non-compliance with certain norms concerning non-banking financial companies (NBFCs). The RBI reported that the NBFC did not disclose info about the gradation of risk and rationale for charging different interest rates to different categories of borrowers in its loan application forms.

Read more here.

JSW Steel Q2 results: Net profit at ₹2,760 crore

JSW Steel Ltd posted a net profit of ₹2,760 crore for the quarter ended September (Q2 FY24); beating street estimates. The steel company posted a net loss of ₹848 crore in Q2 last year. Its consolidated revenue from operations rose 7% YoY to ₹44,584 crore in Q2 FY24. EBITDA stood at ₹7,886 crore, up 350.11% YoY.

Read more here.

Adani Group refinances $3.5 billion debt taken for ACC-Ambuja buy

The Adani Group is to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement. At least 18 global banks have agreed to join the consortium led by Barclays, Deutsche Bank, and Standard Chartered. The Adani family will prepay around $300 million. This will also be the largest refinancing exercise across the Asia Pacific this financial year.

Read more here.

Paytm Q2 Results: Net loss narrows to ₹290 crore

One97 Communications Ltd (Paytm) reported a net loss of ₹290 crore for the quarter ended September 2023 (Q2 FY24). Net loss stood at ₹357 crore in the same period a year ago. Its revenue from operations rose 32% YoY to ₹2,519 crore in Q2 FY24. EBITDA stood at ₹153 crore, up 82% YoY. 

Read more here.

Godrej Properties’ subsidiary gets ₹260Cr GST demand order

Godrej Properties’ subsidiary, Godrej Landmark Redevelopers, received an order from tax authorities over an alleged non-payment of Goods & Services Tax (GST). The notice is concerning one of the projects developed by the company. The Additional Commissioner, CGST, Navi Mumbai, has issued the order with a GST demand of ₹129.39 crore along with interest and a penalty of ₹129.39 crore.

Read more here.

Hindustan Zinc Q2 Results: Net profit falls 35% YoY to ₹1,729 crore

Hindustan Zinc Ltd reported a 35% YoY decline in consolidated net profit to ₹1,729 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations fell 16% YoY to ₹6,619 crore during the same period. EBITDA stood at ₹3,139 crore, down 24% YoY.

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Titagarh Rail Systems secures ₹350Cr contract from Gujarat Metro

Titagarh Rail Systems Ltd (TRSL) secured a ₹350 crore contract from Gujarat Metro Rail Corporation (GMRC). TRSL will design and manufacture 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The prototype has to be delivered within 70 weeks from the Letter of Acceptance (LOA) and delivery completion will be 94 weeks from the LOA. These metro cars will be manufactured at the company’s facility in Uttarpara, West Bengal.

Read more here.

Kotak Bank gets RBI approval for acquisition of Sonata Finance

Kotak Mahindra Bank has received approval from the Reserve Bank of India (RBI) for its ₹537 crore acquisition of microlender Sonata Finance. The approval is for acquiring 100% of the issued and paid-up capital in Sonata. RBI has allowed Kotak to make Sonata as its business correspondent subsidiary, and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. 

Read more here.

Samvardhana Motherson announces three acquisitions

Samvardhana Motherson International Ltd (SAMIL) has made three acquisitions valued at over ₹380 crore in the aerospace, health and medical sectors to strengthen its non-automotive businesses. The aerospace division of the company is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace original equipment manufacturers (OEMs).

Read more here.

ONGC to acquire PTC India’s power generation subsidiary

PTC India’s board has approved a bid submitted by ONGC Ltd for the acquisition of a 100% stake in its wholly-owned subsidiary, PTC Energy Ltd (PEL), for ₹925 crore. PEL has a renewable energy portfolio of 288.8 MW, consisting of 50 MW wind power projects in Madhya Pradesh, 50 MW wind power projects in Karnataka and 188.8 MW wind power projects in Andhra Pradesh. PEL recorded revenue from operations of ₹296.77 crore during FY23.

Read more here.

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TCS Posts 9% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

TCS Q2 Results: Profit rises 9% YoY to ₹11,342 crore

Tata Consultancy Services (TCS) reported a 9% YoY increase in consolidated net profit to ₹11,342 crore for the quarter ended September 2023 (Q2 FY24). Its consolidated revenue rose 8% YoY to ₹59,692 crore. EBITDA stood at ₹14,483 crores, up 9.1% YoY. The company’s board has recommended an interim dividend of ₹9 per share. The board has also approved buyback of shares worth ₹17,000 crore at ₹4,150 per share.

Read more here.

L&T secures mega contract in Middle East

Larsen & Toubro (L&T) Ltd’s hydrocarbon business (L&T Energy Hydrocarbon) has secured a Letter of Intent (LoI) for a ‘mega onshore project’ from a prestigious client in the Middle East. The project is valued at above ₹7,000 crore and involves engineering, procurement and construction of gas compression plants.

Read more here.

Vedanta incorporates base metals unit

Vedanta Ltd has incorporated its base metals unit Vedanta Base Metals Ltd with an authorised share capital of ₹1 lakh to implement the demerger scheme. The company holds 100% shareholding of the newly incorporated unit. Vedanta Base Metals will have a diversified portfolio of international base metal assets, including Tuticorin, Fujairah Gold, Silvassa and VZL.

Read more here.

Maruti Suzuki signs MoU with IDBI to provide dealer financing solutions

Maruti Suzuki India has signed a Memorandum of Understanding (MoU) with IDBI Bank to offer financing solutions for dealers. The partnership will empower over 4,000 Maruti Suzuki sales outlets across India with comprehensive inventory funding options for their working capital needs. 

Read more here.

GST Authority imposes ₹36,844 penalty on LIC

The Goods & Services Tax (GST) Authority has imposed a fine of ₹36,844 on Life Insurance Corporation Ltd (LIC) for lower payment of taxes. LIC has received a communication or demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state. As per the notice, LIC paid 12% GST instead of 18% on certain invoices. LIC said there is no material impact on financials, operations or other activities.

Read more here.

Aster’s India unit draws suitors valuing business at $1.5 billion

Private equity firm BPEA EQT, Ontario Teachers’ Pension Plan (OTPP) Board, and other firms are considering a deal to acquire Aster DM Healthcare Ltd’s assets, including its India business. Others interested in potential bids for Aster’s India business include Blackstone Inc. and KKR & Co. The deal values Aster’s India business at $1.5 billion.

Read more here.

ONGC Videsh keen on Sri Lankan oil and gas blocks

Oil and Natural Gas Corp is interested in the exploration of oil and gas blocks in Sri Lanka. The company is awaiting an announcement of the oil and gas ‘roadmap’ of the island nation. ONGC Videsh is an overseas investment arm of ONGC. ONGC Videsh is open to having deals through government-to-government negotiations or through competitive bidding depending on Sri Lanka’s yet-to-be-announced exploration policy.

Read more here.

Shakti Pumps to invest ₹114 crore in EV subsidiary Shakti EV Mobility

Shakti Pumps (India) Ltd will make an investment of ₹114 crore in its wholly-owned electric vehicle subsidiary, Shakti EV Mobility Pvt Ltd. The company will make the investment in one or more rounds in the next five years. Shakti Pumps had invested ₹1 crore in its Shakti EV Mobility Pvt Ltd by purchasing 10 lakh equity shares of ₹10 each last year. 

Read more here.

Grasim to consider fundraising on October 16

Grasim Industries will consider fundraising in its meeting scheduled on October 16. The board will consider the proposal for raising funds via equity shares or other securities through rights issues, qualified institutions placement, preferential issues or any other method in the board meeting.

Read more here.

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RBI Keeps Repo Rate Unchanged at 6.5% – Top Indian Market Updates

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

RBI keeps repo rate unchanged at 6.5%

The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% for the fourth consecutive period since May 2023 to control inflation. However, retail inflation stood at 6.83% in August. The GDP growth forecast for FY24 was retained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%. RBI will also consider bond sales via Open Market Operations (OMO) to manage liquidity.

Read more here.

Kalyan Jewellers to launch 33 more showrooms before Diwali

Kalyan Jewellers plans to open 33 new showrooms in India before Diwali. The company will unveil showrooms in Kalyan and Candere formats across the country. It launched 13 showrooms across non-south markets during Q2FY24. Additionally, the company signed six letters of intent (LoIs) for the first set of pilot franchised showrooms in the south region.

Read more here.

Sun Pharma files new drug application with USFDA

The US Food & Drug Administration (USFDA) has accepted Sun Pharma’s drug application for deuruxolitinib. The drug is an investigational oral drug for the treatment of adults with moderate to severe alopecia areata. The application is based on two pivotal Phase III trials which included over 1,200 patients across more than 135 clinical trial sites.

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JK Cement signs agreement with Vakrangee to access rural, semi-urban markets

Vakrangee has formed a strategic partnership with JK Cement for lead generation and facilitation of the sale of grey cement products. The sale of the products will be through Vakrangee’s Kendra network. Vakrangee Kendras represents an exclusive branded format of outlets that offer a wide array of financial products and services.

Read more here.

ONGC approves strategies to enhance OPaL’s financial position

Oil & Natural Gas Corporation Ltd’s (ONGC) board of directors has approved a series of strategic measures aimed at strengthening the financial position of ONGC Petro additions Ltd (OPaL). The company has extended its support for compulsorily convertible debentures (CCDs) issued by OPaL, amounting to ₹5,615 crore. The extension ensures the continuity of CCDs beyond their current maturity period. OPaL is a joint venture (JV) of ONGC, GAIL and GSPC.

Read more here.

Angel One’s client base grew 47% YoY in September

Angel One Ltd reported a 47% YoY growth in its total client base in September and Q2FY24. The growth was aided by a significant rise in new customer acquisition. The company’s client base rose from 1.63 crore in August to 1.7 crore in September, up 4.4% month-on-month (MoM). Its gross client acquisition jumped 98% YoY during the quarter.

Read more here.

TCS to consider share buyback on October 11

Tata Consultancy Services Ltd (TCS) will consider a proposal for the buyback of equity shares on October 11. The company will consider its September quarter earnings and an interim dividend (if any) on the same day. TCS had carried out a share buyback worth ₹18,000 crore in 2022, when it repurchased 4 crore shares at ₹4,500 per share.

Read more here.

Som Distilleries launches QIP to raise funds

Som Distilleries and Breweries Ltd is planning to raise funds through a qualified institutional placement (QIP). It will raise up to ₹350 crore through public or private offerings or the QIP route. The company set the floor price for its QIP at ₹349.24 per share, a 9% discount to Thursday’s closing price of ₹381.55. QIP is a mode of resource raising available for listed firms to mobilise funds from the domestic market.

Read more here.

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Daily Market Feed Post Market Analysis

Markets Holding Key Levels! Bearish Bank Nifty Expiry? – Post-Market Analysis

post-market analysis

NIFTY started the day at 19,622 with a small gap-down of 16 points. Right after opening, the index fell 140 points to 19,480 levels. It later consolidated in a nearly 70-point range throughout the day. Nifty closed at 19,528, down by 109 points or 0.56%.

Nifty chart Oct 3 - post-market analysis

BANK NIFTY (BNF) started the day flat at 44,566. After the flat opening, the index fell sharply by 320 points to 44,240 levels. It later consolidated within a 170-point range. BNF closed at 44,399, down by 185 points or 0.42%.

Bank Nifty chart Oct 3 - post-market analysis

All indices except Nifty PSU Bank (+2.38%), Nifty Media (+1%), and Nifty Realty (+0.46%) closed in the red. Nifty Auto (-1.2%) fell the most. 

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

Today’s Moves

Bajaj Finance (+2.01%) was NIFTY50’s top gainer.

Metro Brands (+12.36%) surged and hit a fresh 52-week high of ₹1,298. The stock is up nearly 160% from its IPO price.

Ujjivan Small Finance Bank (+9.06%) jumped today. The company’s board will convene next month for the proposed scheme of amalgamation with its holding company, Ujjivan Financial Services Ltd.

ONGC (-3.78%) was NIFTY50’s top loser. Stocks of oil companies were under pressure after the Ministry of Petroleum & Natural Gas hiked domestic natural gas prices by 7% as of Sept. 30.

Delta Corp (-4.1%) fell sharply after the 28% Goods & Service Tax (GST) on online gaming came into effect on October 1. 

Markets Ahead

Markets moved in the same channel as discussed in our previous post-market report. Nifty and Bank Nifty are holding their important support zones. But clearly, there’s selling pressure in the markets, and we can see that every uptick is being sold into.

Nifty: The next important support for Nifty is 19,480. A breakdown from this level may give us targets of 19,400 and 19,350. The immediate resistance will be 19,560-600 levels. Meanwhile, a major hurdle on the upside is 19,740 levels. A breakout from there could give us targets of 19,800 and 19,860.

Bank Nifty: The immediate support in Bank Nifty is near the low of the channel near 44,300 levels. A breakdown from there could give us targets of 44,240, 44,180, and 44,000 eventually. The immediate resistance to watch out for is the round level of 44,500.

Being Bank Nifty expiry tomorrow, the index may give a directional movement after today’s consolidation. So watch out for the key support and resistance levels to trade accordingly.

As per market experts, rising U.S. bond yields and strength in the U.S. Dollar are prompting FIIs to pull funds from the market! 

What levels are you watching out for BNF expiry tomorrow? Let us know in the comments below!

Do tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Market News Top 10 News

Adani Green & TotalEnergy to Form Rs 2,500Cr JV – Top Indian Market Updates

adani

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

Adani Green and TotalEnergy to form Rs 2,490Cr JV

Adani Green Energy’s board approved the execution of a binding term sheet between Adani Green Energy Twenty Three Ltd and TotalEnergies. Total will make a further investment of $300 million (~₹2,490 crore) to form a new 50:50 Joint Venture (JV) company. The new JV will house a 1,050 MWac portfolio, comprising a mix of already operational, under construction, and under development assets with a blend of both, solar and wind power.

Read more here.

ONGC willing to wait to regain oil from Russian project

According to ONGC Videsh’s Head of Investment, ONGC wants to eventually receive a share of crude from a Russian project it partly owns. However, the company is willing to wait because Russian oil is hard to ship now. ONGC has a 20% stake in Russia’s Sakhalin-1 oil & gas project. The company is also in talks with the Russian government and company shareholders to resume taking oil under a production-sharing arrangement.

Read more here.

Aurobindo Pharma’s Andhra plant receives observation from USFDA 

The US Food & Drug Administration (USFDA) has issued a Form 483 with one observation after inspecting a formulation production facility of Aurobindo Pharma’s unit in Andhra Pradesh. USFDA inspected the Unit IV of APL Healthcare Ltd in Tirupati district of Andhra Pradesh from September 13-19, 2023. APL Healthcare Ltd is a wholly-owned subsidiary of Aurobindo Pharma.

Read more here.

Verizon denies Vi acquisition rumours

Verizon Consumer Group has categorically denied claims of it considering the acquisition of Vodafone Idea (Vi). Vodafone Idea also refuted any discussions regarding a potential acquisition with Verizon, Amazon, or Elon Musk-owned Starlink. The company emphasised India’s significance in its global growth strategy, citing the country’s unique capabilities and access to talent pools.

Read more here.

Viacom18 to showcase ISL on 8 TV channels, Jio Cinema

Viacom18 will showcase the upcoming Indian Super League (ISL) 2023–24 season across eight linear channels in four different languages. The tournament will also be streamed live for free on Jio Cinema. The matches will be aired on Sports18 Khel (Hindi), Sports18 1 SD & HD (English), VH1 SD & HD (English), Surya Movies (Malayalam), DD Bangla, and Colors Bangla Cinema (Bengali).

Read more here.

Apollo Tyres halts tyre production in Gujarat plant

Apollo Tyres has temporarily ceased bias off-the-road (OTR) tyre production at its manufacturing facility located in Limda, Gujarat. The decision was prompted by concerns raised among shop floor employees regarding the renewal of a long-term settlement agreement. The company has started discussions and negotiations with labour union representatives to address the employees’ concerns.

Read more here.

Culver Max to replace Zee Entertainment in FTSE indices post-merger

FTSE has announced that Culver Max Entertainment (Sony) will replace Zee Entertainment in all FTSE indices post-merger. For every 100 shares of Zee Entertainment held, shareholders will receive 85 shares in Culver Max Entertainment (Sony). This transition is not only significant but also removes a major uncertainty that has been looming over the stock. The timelines and final date of the merger are yet to be announced.

Read more here.

PFC may fund 70% of SJVN’s ₹1.19 lakh crore RE projects

SJVN has signed a Memorandum of Understanding (MoU) with Power Finance Corporation Ltd. (PFC) for financial assistance for projects. The MoU pertains to various diversified project portfolios, including renewable energy (RE) and thermal generation projects. The overall cost of the projects is nearly ₹1.19 lakh crore. The term loan financial assistance is proposed tentatively at 70% of the project cost.

Read more here.

Central trade unions of Coal India to observe a 3-day strike

Coal India Ltd (CIL) has received a three-day strike notice from central trade unions. The notice prompts concerns about the potential impact on the nation’s coal supply and electricity generation. The joint strike notice was issued jointly by prominent labour organisations BMS, INTUC, HMS, AITUC, and CITU. The three-day strike will be from October 5 to October 7, 2023. 

Read more here.

Delhi HC upholds SBI’s eligibility criteria for ATM caretaker services

The Delhi High Court has upheld SBI’s eligibility criteria for selecting caretaker agencies for its automated teller machines (ATM) in Delhi. The High Court stated that SBI is best equipped to gauge the practicalities involved. Recently, a startup alleged that the eligibility criteria barred start-ups from participating in the tenders due to strict requirements. Only bidders with a minimum average annual turnover of ₹150 crore in the past three years and prior experience in providing similar services for at least five years were eligible.

Read more here.

India to mandate annual audit of pharma suppliers by drugmakers

According to a government document, India will make it mandatory for drugmakers to audit their raw material suppliers at least once a year. The govt is tightening rules after India-made cough syrups were linked to 141 children’s deaths worldwide. The new mandate, along with additional testing rules for cough syrup exports implemented in June, shows that India is seeking to reassure buyers about the safety of its $42 billion pharmaceuticals industry.

Read more here.

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Market News Top 10 News

L&T Wins Multibillion-Dollar Order From Saudi Aramco – Top Indian Market Updates

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

L&T wins multi-billion-dollar order from Saudi Aramco

Larsen & Toubro (L&T) has secured a multi-billion dollar worth contract from Saudi Aramco. The combined value of the order win is estimated at $3.9 billion. According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion worth expansion at its Jafurah unconventional gas production project in Saudi Arabia. L&T is the selected contractor for package one worth $ 2.9 billion and package three worth $1 billion of the project.

Read more here.

PM Modi to lay foundation stone for expansion project of BPCL refinery

Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery. The expansion is at an estimated cost of ₹50,000 crore in the Sagar district of Madhya Pradesh on September 14. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and the expansion aims to take this figure to 11 MMTPA.

Read more here.

ONGC to infuse Rs 15,000 cr in OPaL

Oil & Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in OPaL as part of a financial restructuring exercise. This will result in GAIL (India) Ltd being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in ONGC Petro-additions Ltd (OPaL). OPaL operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.

Read more here.

Hitachi Energy bags order from Ayana Renewable Power

Hitachi Energy India has secured a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system. The project is scheduled to be commissioned in March 2024.

Read more here.

Birla Corp aims to double Mukutban cement plant output

Birla Corporation aims to double the production rate at its Mukutban cement plant in Maharashtra. The move will improve its profitability by as much as a third by the end of the year. The Mukutban cement plant produced 1,00,000 tonnes per month last year. The company plans to produce 2,00,000 tonnes per month this year. The plant has the capacity to produce 3.9 million tonnes per year and is currently operating at about 45-50% of its capacity.

Read more here.

Vedanta plans to meet investors as it faces $2 billion debt bill

Representatives of Vedanta Resources Ltd are travelling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year. JPMorgan Chase & Co. and Standard Chartered Plc are organising the non-deal roadshow . Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

Read more here.

Nazara Tech raises Rs 410 crore from SBI Mutual Fund

Nazara Technologies is raising ₹410 crore from SBI Mutual Fund. This comes just days after a ₹100 crore infusion by Zerodha cofounder Nikhil Kamath. The company’s board approved the issue of 5.7 million equity shares at ₹714 per share to SBI Mutual Fund. The funds will be invested via three schemes of SBI Mutual Fund — SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

Read more here.

Samvardhana Motherson expands operations in UAE

Samvardhana Motherson International Ltd (SAMIL) has expanded its operations in UAE with a new unit in Ras Al Khaimah (RAK). RAK is one of the seven emirates that make up the UAE. UAE Supreme Council Member Sheikh Saud bin Saqr Al Qasimi inaugurated the company’s wiring harness facility in RAK. The facility is located in the Ras Al Khaimah Economic Zone (RAKEZ).  

Read more here.

Crompton Greaves bags order from Haryana govt for solar pumps

Crompton Greaves Consumer Electricals Ltd has secured a ₹25.44 crore order under the PM Kusum Scheme from the Haryana government for solar pumps. The company will execute the order within 120 days. It has been granted the inaugural work order of supplying, installing, and commissioning 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

Read more here.

HCL Tech secures multi-year deal from Siemens

HCL Technologies Ltd has signed a multiyear managed public cloud services agreement with Germany’s Siemens AG to modernise its IT landscape worldwide. The company will power cloud-led digital transformation for Siemens. As part of the agreement, HCL Tech will migrate and operate the IT infrastructure of Siemens on AWS and Azure, while ensuring that its cloud resources are optimised, scalable and secure.

Read more here.

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Daily Market Feed Pre Market Report

Bearish Opening for NIFTY! – Pre-Market Analysis Report

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

Stocks

Adani Ports auditor Deloitte resigned from their duties on Friday, without giving any specific reasons. Adani appointed MSKA & Associates as a replacement.

ONGC reported a standalone profit of Rs 10,015 crore for the quarter, falling 34.1% YoY.

Nykaa reported a consolidated profit of Rs 5.4 crore for the quarter, up 8% YoY. This came with a good jump in revenue numbers.

Lupin’s manufacturing facility in Mandideep has been inspected by the USFDA without any observations.

Voltas registered a consolidated profit of Rs 129.4 crore for the quarter, up 18% YoY. However, margins fell.

RVNL reported a 15.3% YoY increase in profits to Rs 343 crore, driven by healthy operating income and topline.

Muthoot Finance reported a standalone profit of Rs 975 crore, up 22% YoY.

Major results today: ITC, Divis Laboratories, Vodafone Idea, Aster DM Healthcare, Easy Trip Planners, Indiabulls Housing.

What Happened on Friday?

NIFTY started last week at 19,517 with a gap-up on Monday. There was an attempt to push the index down on Wednesday, but then NIFTY bounced back to the week’s high at 19,650 levels. The last 2 days were heavy selling days. NIFTY closed the week at 19,428, down by 89 points or 0.45% 

BANK NIFTY started last week at 44,993 and had 4 red candles. The index gave a proper breakdown by Friday and touched the 44,100 mark. BANK NIFTY closed the week at 44,199, down by 342 points or 0.77%. 

US markets closed in slight green on Friday. The European markets closed in deep red.

What to Expect Today?

The Asian markets are trading in deep red.

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

GIFT NIFTY is trading in the red at 19,429.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,400, 19,300 19,240 and 19,100. We can expect resistances at 19,438, 19,560 and 19,620 and 19,720.

BANK NIFTY has supports at 44,100, 44,000, 43,840 and 43,750. Resistances are at 44,277,  44,520, and 44,800.

FIN NIFTY has supports at 19,730, 19,620, and 19,500. We can expect resistances at 19,730, 19,900, 20,000.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400. PCR is at 0.63.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is also at 44,000. PCR is at 0.64.

FIN NIFTY has OI buildup between 19,500-20,000. PCR is 0.52 [overly bearish].

In the week, Foreign Institutional Investors net-sold shares worth Rs 3,073.28 crores. Domestic Institutional Investors net-bought worth Rs 500.35 crores.

INDIA VIX is at 11.55.

All global markets are trading in the red to start the week. As we had discussed, Friday was a trendsetter day for this week, and now we can see early signs of bearishness.

Bank Nifty has a crucial support at 44,100 from where bounce is important. NIFTY has similarly important support at 19,300.

FIIs sold heavily in the market on Friday, will be interesting to see what they do today.

The heavy call OI buildups across the market indicates bearishness for now. But these short-sellers might get in trouble in case of heavy buying because even though some supports have been broken, the movement range has not been high.

Do remember that tomorrow is a market holiday on account of Independence Day, and the premiums will move accordingly. That means the FINNIFTY expiry will be today, trade accordingly!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or on our website for trades!

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