Tag: piramal enterprises

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Daily Market Feed Pre Market Report

Can Bulls Show Strength Again? – Pre-Market Analysis Report

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

Stocks

Piramal Enterprises has approved the public issuance of non-convertible debentures (NCDs) for up to Rs 3,000 crore. 

Vodafone Idea plans to clear about Rs 2,400 crore of dues to the government by September.

BEML has bagged an order from the Ministry of Defence (Army) for the supply of command post vehicles. The order is worth Rs 101 crore approximately.

What Happened Yesterday?

NIFTY started the day at 19,417 with a small gap-up of 23 points. Throughout the day, the index consolidated within just a 60-point range! The index closed at 19,396, up by 2.85 points or 0.01%.

BANK NIFTY started the day at 44,125 with a gap-up of 123 points. Similar to NIFTY, the bank index also consolidated within a 150+ point range throughout the day with negative bias. BANK NIFTY closed at 43,993, down by 8.75 points or 0.02%. 

U.S. markets closed in the red. The European markets closed in the green.

What to Expect Today?

The Asian markets are trading in the green.

The U.S. Futures are trading in green.

GIFT NIFTY is trading in green at 19,359.

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

NIFTY has supports at 19,360, 19,300 and 19,240. We can expect resistances at 19,400 19,438 and 19,500.

BANK NIFTY has supports at 43,960, 43,830 and 43,680. Resistances are at 44,100, 44,150 and 44,277.

NIFTY has the highest call OI build-up at 19,400. The highest put OI build-up is at 19,300. PCR is at 0.76.

BANK NIFTY has the highest call OI build-up at 44,000. The highest put OI build-up is also at 44,000. PCR is at 0.84.

Foreign Institutional Investors net-sold shares worth Rs -495 crores. Domestic Institutional Investors net-bought worth Rs 533 crores.

INDIA VIX is at 11.74. 

FINNIFTY’s expiry showed that this week’s current trend is consolidation.

Overall, our markets and other global markets are continuing to be weak. BANK NIFTY is in a “sell on rise” trading setup, where big wicks are being created in the day candle. 

Just two more trading days to go for the next weekly expiry, hence the heavy selling at 19,400 should be looked at. NIFTY will have a tendency to give a short-covering move if it crosses 19,450 quickly.

Straddle sellers at 44,000 have a good breathing space before getting in trouble.

A big gap-up in NIFTY can trigger a move in the morning. Keep your trades ready!

Have a safe trading day!

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!

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Daily Market Feed Post Market Analysis

Technicals Indicate Market-Wide Consolidation. SBI to Breakout This Week? – Post-Market Analysis

Post-Market Analysis for July 31, 2023:

NIFTY started the day at 19,666 with a small gap-up of 20 points. The index formed a 75-point red candle at opening (5-min time frame) and took support at 19,597 levels. From there, Nifty gradually moved up to 19,700 zone, consolidated for over 3 ½ hours, and made a sharp up-move at 3 PM to 19,770 levels. Nifty closed at 19,753, up by 107 points or 0.55%.

Nifty chart - July 31, 2023

BANK NIFTY (BNF) started the day at 45,546 with a gap-up of 78 points. The index formed a 190-point red candle at opening and took support at 45,360. Then, it slowly moved up, consolidated between 45,450 and 45,580 levels for nearly 3 ½ hours, and broke out of the consolidation to hit the day’s high at 45,695. BNF closed at 45,651, up by 183 points or 0.4%. 

Bank Nifty chart - July 31, 2023

All indices except Nifty FMCG (-0.6%) closed in the green. Nifty Metal (+1.7%) moved up the most. 

Major Asian markets closed up to 1.3% in the green. European markets are currently trading flat-to-green.

Today’s Moves

NTPC (+3.9%) was NIFTY50’s top gainer. The company’s net profit fell 6% YoY to ₹4,871 crore in Q1 FY24, with revenue up 19%. 

BLS International (+14.2%) surged on the back of strong volumes.

Natural gas distributor GAIL (+1.36%) rose to a near five-year high after UBS double-upgraded the stock.

Maruti Suzuki (+1.56%) posted its Q1 results after market hours today. Net profit jumped 2.5x YoY to ₹2,485 crore; revenue rises 22%.

Apollo Hospital (-3.2%) was NIFTY50’s top loser.

Piramal Enterprises (-5.7%) fell sharply after posting poor financial performance in Q1 FY24. The company has also announced a ₹1,750 crore stock buyback.

Markets Ahead

A smart ending to the month, which indicates stability in the upcoming days. Let’s dive into technical analysis this week.

Nifty will continue its strength till it falls below the 19,560-600 zone, in which Friday’s day low lies. There is a high chance of consolidation this week in the 19,560-860 region.

I will be watching only three levels in Bank Nifty tomorrow, 45,200 (support), 45,750 and 45,920 (resistance). It has been in a stellar rally recently— 13% in 5 months!

Keep an eye on SBI’s ₹620 level as technicals indicate a super breakout.

I will be watching 20,200 as an expiry day support in FIN NIFTY for tomorrow.

Look out for important economic data like India’s manufacturing & services PMI, auto sales data, and others this week!

What levels are you watching out for FIN NIFTY 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

IOCL Reports a Net Profit of Rs 13,750Cr in Q1- Top Indian Market Updates

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

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

IOCL Q1 Results: Net profit at ₹13,750 crore

Indian Oil Corp Ltd (IOCL) reported a standalone net profit of ₹13,750 crore for the quarter ended June (Q1 FY24. The company posted a net loss of ₹1,992 crore in the same quarter last year. However, IOCL’s operating revenue fell 12% YoY to ₹2.21 lakh crore in Q1 FY24. EBITDA stood at ₹22,163 crore for the June quarter, up 44.5% sequentially.

Read more here.

Adani Transmission is now Adani Energy Solutions

Adani Group’s power transmission and distribution arm, Adani Transmission Ltd, has undergone a name change. Adani Transmission Ltd will now be known as Adani Energy Solutions Ltd. The name change is with effect from Thursday. The renaming was warranted by the company’s entry into the power distribution space following the acquisition of the power distribution business of Reliance Infrastructure.

Read more here.

Piramal Enterprises to buy back shares worth Rs 1,750 crore at Rs 1,250 apiece after 12 years

Piramal Enterprises Ltd (PEL) has announced a share buyback scheme worth ₹1,750 crore at ₹1,250 apiece via tender route. The offer represents a premium of 16.5% to the July 28 (Friday) closing price of ₹1,072.80. The company plans to buy back 5.87% of the total shares. The company’s promoter group will not participate in the buyback. The record date for the buyback will be on August 25, 2023.

Read more here.

Vedanta in talks with ‘world class’ tech partner for semiconductor

Vedanta is in talks with a “world-class” technology partner for its semiconductor business. The firm has signed hundreds of memorandum of understanding (MoUs) across the world to build an ecosystem for semiconductor manufacturing. The development comes weeks after Foxconn announced its decision to withdraw from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India.

Read more here.

Marico Q1 Results: Net profit rises 47% to ₹112 crore

Marico reported a 15% YoY increase in consolidated net profit to ₹427 crores for the June quarter (Q1 FY24). However, its revenue from operations fell 3% YoY to ₹2,477 crore during the same period. Additionally, EBITDA rose 9% YoY to ₹574 crore in the June quarter. Domestic revenues came in at Rs 1,827 crore, down 5% YoY.

Read more here.

DGCA slaps ₹30 lakh fine on IndiGo

The Directorate General of Civil Aviation (DGCA) imposed a penalty of ₹30 lakh on IndiGo for four tail strike incidents in six months of 2023. Recently, DGCA had asked airlines to strictly follow rules as well as sensitise pilots and cabin crew to prevent incidents of unauthorised entry of people into the cockpit. The regulator had also warned that any non-compliance with the applicable regulation dealing with unauthorised cockpit entry shall be dealt with strictly and may also invite stringent enforcement action.

Read more here.

SBI Cards Q1 Results: Net profit falls 5% YoY to ₹593 crore

SBI Cards & Payment Services reported a 5% YoY fall in net profit to ₹593 crore for the June quarter (Q1 FY24). Its total income stood at ₹4,046 crore during the same period, up 24% YoY. Total income stood at ₹3,263 crore in Q1 FY23.  Its Gross Non-Performing Assets (GNPA) rose to 2.41% of gross advances against 2.24% last year. Net Non-Performing Assets (NNPA) increased to 0.89% from 0.78% in Q1 FY23. 

Read more here.

Rail Vikas Nigam bags Rs 1,088 crore Haryana Orbital Rail project

Rail Vikas Nigam Ltd (RVNL) has secured a four-year contract from Haryana Rail Infrastructure Development Corporation Ltd. (HRIDC). The new order is in connection with the development of the New Broad-Gauge Railway Line. The contract value of the project is ₹1,088 crore with an estimated time of completion being four years. The project pertains to RVNL carrying out multiple works for the double gauge Haryana Orbital Rail Corporation (HORC) project that will connect Palwal to Sonipat via Sohna, Manesar, and Kharkhouda.

Read more here.

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Daily Market Feed Pre Market Report

U.S. GDP Increases. Will Market Follow F&O Data? – Pre-Market Analysis Report

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

U.S GDP expanded by 2.4% on an annual basis in the April to June quarter, higher than the expected 1.8%. Crude Oil also remains strong.

Stocks

Adani Enterprises’ subsidiary has raised a working capital loan facility of Rs 3,231 crore from two foreign banks, for its integrated solar module manufacturing facility.

Indian Hotels reported 31% YoY jump in net profit to Rs 222.4 crore.

Indus Towers reported a 182% YoY growth in profit at Rs 1,348 crore for the quarter, on the back of good operating performance and the highest quarterly tower additions in company’s history.

Major results today: IOC, M&M Financial, Marico, Equitas Small Finance Bank, Laxmi Organics, SBI Cards

What to Expect Today?

NIFTY started the day at 19,850 with a gap-up of 72 points, and tried to move up. But it gave a continuous fall to 19,600 and recovered post 3 PM. NIFTY closed at 19,659, down by 118 points or 0.6%.

BANK NIFTY started the day at 46,285 with a gap-up of 223 points. The index consolidated even while NIFTY was falling, but eventually fell 750 points from the day high. BANK NIFTY closed at 45,579, down by 383 points or 0.8%.

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

The Asian markets are trading mostly in the red, with Japan’s Nikkei down 1.35%.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,767.

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

NIFTY has supports at 19,600, 19,550 and 19,500. We can expect resistances at 19,670, and 19,750.

BANK NIFTY has supports at 45,600, 45,470 and 45,230. Resistances are at 45,900, 46,000, and 46,240.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is also at 19,800.

BANK NIFTY still has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-sold shares worth Rs 3,979 crores. Domestic Institutional Investors net-bought shares worth Rs 2,528 crores.

INDIA VIX is flat at 10.51.

With yesterday’s monthly expiry, volatility was definitely expected. And as traders and institutions carry forwarded their trades to next month, all of NIFTY’s move were fast.

The futures OI data indicate that the August Futures were not heavily sold as yesterday’s fall. Options also indicate that 19,800 has a huge straddle buildup already for next week with a combined premium of 237 points.

There is enough space for the indices to swing throughout the week, with the premiums of the straddle.

The technicals still indicate that there is bullishness in the market. But today’s gap-down will decide if this view stays relevant. The U.S. GDP numbers and crude oil movements are indicating that the general economy is also in decent shape, for now.

As we get to the end of the week, the expectation is an initial gap-down opening with a recovery towards the middle of the day.

We will be entering new positions on our 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!

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Daily Market Feed Pre Market Report

Fed Interest Hike as Expected. Who Will be the Villain for Monthly Expiry? – Pre-Market Analysis Report

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

US Fed hikes interest rates to highest level since 2001 to a range between 5.25-5.5%, which is in line with expectations.

Stocks

Axis Bank reported profit lower than expected profits at Rs 5,797.1 crore for the quarter, but still jumping 40.5% YoY.

Dr Reddy’s recorded an 18% YoY growth in consolidated profit at Rs 1,402.5 crore, but profit margins fell.

Tech Mahindra had a disappointing result announcement as profit fell 39% YoY to Rs 692.5 crore.

Netweb Technologies will get listed today. The final offer price has been fixed at Rs ₹500/share.

Tata Consumer Products registered 22% YoY growth in consolidated profit at Rs 338 crore with growth under all verticals.

The Government of India is going to sell up to 7.09 crore equity shares (3.4%) of RVNL via offer for sale today and tomorrow. Floor price has been fixed at Rs 119 per share, down 14% from current price

Cipla Q1 Results showed profit increasing 45% YoY to Rs 996 crore, beating estimates..

Major results today: Nestle India, ACC, Bajaj Finserv, Indian Hotels, IEX, JK Cement

What Happened Yesterday?

Yesterday, NIFTY started at 19,733 with a gap-up of 52 points above a resistance zone. With help from Reliance, it quickly moved up but later consolidated. A sharp fall was seen at 2:35 PM. Nifty closed at 19,788, up by 97 points or 0.5%.

BANK NIFTY (BNF) started the day at 45,935 and moved up slowly. It continued trading in an upward channel with 46,000 acting as a good resistance. BANK NIFTY closed at 46,062, up by 217 points or 0.47%. 

US markets closed slightly in the green. The European markets closed in the red.

What to Expect Today?

The Asian markets are trading mostly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,867, in the green.

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

NIFTY has supports at 19747, 19,630 and 19,550. We can expect resistances at 19,846, and 19,920 then at 20,000.

BANK NIFTY has supports at 45,900, 45,635 and 45,470. Resistances are at 46,253, 46,400, and 46,500.

NIFTY has the highest call OI build-up at 20,000 and 19,800. The highest put OI build-up is at 19,700.

BANK NIFTY still has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-bought shares worth Rs 922 crores. Domestic Institutional Investors also net-bough shares worth Rs 470 crores.

INDIA VIX increased 12% to 10.45.

The market is still indicating technical bullishness, including yesterday’s up-move. Both foreign and domestic institutional investors also continued buying.

Even with the hike in Federal Reserve’s interest rates in the U.S, global markets are looking okay as it was expected. But do not rule out volatility in the Indian market as FII selling may attract big movements.

The straddle buildup at 46,000 has continued throughout the week. The chance of a strong short-covering rally is also less on the upper side as most players are enjoying good decay.

Do not look at OI made on the last many days to take active trades today, as they are already in good profits. Only look at the intraday change in OI to determine your positions.

This being the monthly expiry, there is a high chance of volatility in the second half. But I am not expecting any record highs to be created or the support levels of 45,230 on BNF and 19,500 on NIFTY to be broken. If the respective levels are broken with at least 1 hour to go, market may turn trending.

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

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Daily Market Feed Pre Market Report

Consolidation for Monthly Expiry? – Pre-Market Analysis Report

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

Stocks

Tata Motors said it will cancel DVR shares and issue ordinary shares which will take shareholding of the promoter group down by 3.16%. Reported a consolidated net profit of Rs 3,203 crore for Q1, back to profits due to good sales from Jaguar Land Rover.

Union Bank of India has entered into a strategic partnership with IBM to act as a system integrator in its digital push. The bank has embarked on Project Sambhav to create a Digital bank.

Piramal Enterprises said it will consider a share buyback proposal on July 28.

Larsen & Toubro agreed to buy back 2.4% of equity capital, at a max price of Rs 3,000 per share, for a total of Rs 10,000 crore. Net profit of the company jumped 46.5% YoY to Rs 2,493 crore, and beating estimates.

SBI Life reported a 46.2% YoY increase in net profit at Rs 380 crore for Q1.

Major results today: Axis Bank, BPCL, Cipla, Dr Reddy’s Laboratories, Punjab National Bank, Shree Cement, Tech Mahindra, Bajaj Finance.

What to Expect Today?

NIFTY started the day with a gap-up at 19,729. It was volatile for the FINNIFTY expiry and kept on making sharp moves but ended flat. Nifty closed at 19,680, up by 8.25 points or 0.04%.

BANK NIFTY (BNF) started the day at 46,154 with a gap-up of 231 points. But from the first candle, it could not sustain and started falling. The index had a 300-point fall in 30 minutes at 1 PM but recovered. BANK NIFTY closed at 45,845, down by 78 points or 0.17%. 

US markets closed slightly in the green. The European markets closed slightly in green also.

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,711.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,630, 19,550, and 19,440. We can expect resistances at 19,750 and 19,800.

BANK NIFTY has supports at 45,635, 45,470 and 45,230. Resistances are at 46,253, 46,300, and 46,500.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,500 and 19,700. 

BANK NIFTY has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000, indicating expectation of consolidation around that zone.

Foreign Institutional Investors net-bought shares worth Rs 1,088 crores. Domestic Institutional Investors net-sold shares worth Rs 333 crores.

INDIA VIX fell 12% to 10.23.

BANK NIFTY is forming similar candles to the 4th July week. Even with intraday weakness, the index is still in the breakout zone and bullish. The question is how many days of consolidation will we see.

The same goes for NIFTY as well. The moves without news or reason, which I believe are the best moves, have been paused just temporarily.

Options data is also indicating consolidation coming up for the market, and the BNF straddle buildup at 46,000 continues. 

Have an eye on Punjab National Bank and Axis Bank results for today. Otherwise, the next results announcement I will be looking forward to is SBI in August.

I expect some consolidation with selling ahead of the monthly expiry tomorrow.

And as long as 45,230 on BNF and 19,500 on NIFTY are defended, I will not be overly bearish on the market.

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

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Market News Top 10 News

IT Dept Conducts Survey Action at 5 Locations of Shree Cement – Top Indian Market Updates

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

IT department conducts survey action at five locations of Shree Cement in Rajasthan

According to a CNBC-TV18 report, the Income Tax department has conducted survey action at five locations of Shree Cement Ltd. in Rajasthan. A survey action of the Income Tax department is an investigative procedure carried out to ascertain the actual income earned by a taxpayer for a financial year. Shree Cement’s shares fell as much as 2.7% on the news, posting its biggest intraday percentage decline since May 24.

Read more here.

PNB Housing Finance plans a comeback in corporate lending business

PNB Housing Finance is planning a cautious comeback in the corporate lending segment after consciously reducing its portfolio over the last few years. The mortgage lender is planning to resume business in construction finance for residential projects in the second half of the financial year, returning with lessons from past experience. The lender wishes to be selective in corporate lending with a restricted loan size of up to Rs 125 crore.

Read more here.

Reliance gets RBI nod to retain extra $2 billion from lenders

Reliance Industries Ltd (RIL) has received the Reserve Bank of India’s (RBI) permission to retain $2 billion over and above the $3 billion it had raised last financial year (FY23) in what was the largest syndicated loan facility in years. RIL had sought RBI’s permission to retain the amount as it was collected above the limits mandated by the central bank. With more than 30 banks participating, the loan syndication was completed at the end of March.

Read more here.

RIL expands ‘Independence’ FMCG brand to North India

Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Ventures Ltd (RRVL), announced the expansion of its consumer packaged goods brand ‘Independence’ to North India. RRVL will sell its FMCG products ranging from staples to processed foods and other daily essentials to Punjab, Haryana, Delhi NCR, Uttar Pradesh, Uttarakhand, and Bihar. The company said it provides locally developed, quality products at affordable prices to Indian consumers.

Read more here.

Lupin receives US FDA approval for generic drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for Tiotropium Bromide inhalation powder. The drug prevents wheezing, shortness of breath, coughing, and chest tightness in chronic obstructive pulmonary disease patients. As per IQVIA MAT March 2023, the drug had an estimated annual sales of $1,264 million (~₹10,400 crore) in the US. 

Read more here.

SpiceJet finalises settlement with lessor Nordic Aviation Capital

According to a Reuters report, SpiceJet has entered into a settlement agreement with Nordic Aviation Capital (NAC), a major lessor for its Q400 aircraft. The settlement agreement between the two entities settles all past liabilities for the Q400s leased by NAC to SpiceJet. The airline presently operates five Q400 aircraft from NAC in its fleet. After this agreement, Spicejet will be inducting three additional Q400 aircraft from NAC back into its fleet.

Read more here.

LIC reduces stake in NMDC to 9.6%

Life Insurance Corporation of India (LIC)  reduced its stake in NMDC Ltd by 2% between March 14, 2023, and June 20, 2023. The state-owned insurer sold over 6.06 crore shares or 2.07% in NMDC at an average price of Rs 107.59 a share via open market sale. LIC currently holds a 9.6% stake in the iron ore producer.

Read more here.

Piramal Enterprises sells entire 8.34% stake in Shriram Finance

Piramal Enterprises has sold its entire 8.34% stake in Shriram Finance Ltd to third-party investors via a block deal. At least 3.12 crore shares of Shriram Finance changed hands in a large trade. The shares offloaded by the NBFC company are worth Rs 3.1 crore. Share prices of both Piramal Enterprises and Shriram Finance rallied higher today.

Read more here.

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Market News Top 10 News

RVNL Secures 3 Orders Worth Rs 11,256Cr – Top Indian Market Updates

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

RVNL secures 3 orders worth ₹11,256 crore from Chennai Metro Rail

Rail Vikas Nigam Ltd (RVNL) has secured three contracts worth ₹11,256 crore from Chennai Metro Rail Ltd (CMRL). The contract is for the construction of underground stations in the CMRL’s Phase-2 project. The first contract involves building five underground stations, including KMC, Sterling Road Jn, Nungambakkam, Gemini, and Thousand Lights. The contract duration is 1,725 days.

Read more here.

HDFC divests stake in HDFC Credila to Baring PE & ChrysCapital for ₹9,060 crore

Housing Development Finance Corp Ltd (HDFC) has announced the sale of 90% of its stake in its subsidiary HDFC Credila Financial Services Ltd. Baring PE and ChrysCapital will buy the stake for ₹9,060 crore. The transaction involves divesting approximately 90% of HDFC Credila’s issued and paid-up share capital, totalling around 13,29,49,207 equity shares. Following the deal, HDFC Credila will no longer be a subsidiary of HDFC.

Read more here.

Pidilite in JVs with 2 Italian firms for cutting-edge stone fixing solutions

Pidilite Industries has inaugurated its advanced manufacturing facilities in Amod, Gujarat. These facilities are established under the joint ventures (JV) of Pidilite Litokol and Tenax Pidilite. The technology for these ventures has been transferred by Italy-based Litokol SpA and Tenax SpA. This marks a significant milestone in the technology transfer within India’s stone and ceramic solutions industry.

Read more here.

IIFL Securities to appeal against SEBI order on taking up new clients

IIFL Securities has announced its intention to appeal against the Securities and Exchange Board of India’s (SEBI) order prohibiting the broking house from taking on new clients for two years. However, the ban does not impact the company’s ongoing business with existing clients. The move follows SEBI’s decision to impose the two-year ban on IIFL Securities due to alleged mis-utilisation of client funds.

Read more here.

Wipro share buyback to open on June 22

Wipro has confirmed that its Rs 12,000 crore share buyback program will commence on June 22 and close on June 29. The company plans to repurchase 26.96 crore shares (~ 4.91%) of its total paid-up equity share capital through a tender offer. The buyback was announced on April 27 at a price of Rs 445 per share, offering a premium to the previous day’s closing price. The current buyback price remains at a 17.4% premium.

Read more here.

CCI approves HDFC’s acquisition of more shares in HDFC ERGO

The Competition Commission of India (CCI) approved the acquisition of the additional shareholding of HDFC Life Insurance Company Ltd by HDFC. The proposed combination involves HDFC acquiring additional shares of HDFC Life through on-market purchases. HDFC & HDFC Bank will hold over 50% of HDFC Life’s shareholding to comply with Indian banking laws following the amalgamation.

Read more here.

Piramal Enterprises to sell distressed loan portfolio worth Rs 2,600 crore

According to a CNBC-TV18 report, Piramal Enterprises has attracted interest from two bidders for its distressed loan portfolio with an estimated value of Rs 2,600 crore. The first bidder is Phoenix ARC, backed by Kotak Mahindra Bank and Cerberus Capital. The second bidder is Ares SSG with ACRE. This transaction is significant in the distressed asset space and involves high-value real estate projects. The loans will be sourced from Piramal Capital’s housing book.

Read more here.

Adani Group looking for more lenders to refinance $3.8 billion loans

The Adani Group is currently in talks with at least five new international banks to refinance $3.8 billion of loans taken for the acquisition of ACC Limited and Ambuja Cement. Most of the existing lenders, including Standard Chartered, Barclays and Deutsche Bank, are expected to participate in the refinancing. In addition, the group is in discussions with two Taiwanese banks and a Malaysian bank to expand the consortium of lenders for syndicating the loan. The refinancing may involve extending the payment tenor by three years.

Read more here.

Abrdn sells 10.2% stake in HDFC AMC via block deal

UK-based asset management company Abrdn plc has sold its entire 10.2% stake in HDFC Asset Management Co Ltd for about ₹3,547 crore, or about $432 million. Abrdn, a part of HDFC AMC’s promoter group, had proposed to sell the stake in a range of ₹1,800 to ₹1,892.45, according to a term sheet reviewed by Reuters.

Read more here.

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Market News Top 10 News

SpiceJet to Send 80 Pilots on Leave Without Pay – Top Indian Market Updates

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

SpiceJet to send 80 pilots on leave without pay

SpiceJet Ltd will send around 80 pilots on Leave Without Pay (LWP) as the airline finds itself with excess pilots. Around 40 pilots from the Boeing 737 fleet and 40 from the Q400 fleet have been asked to go on LWP for three months. The airline will call them back gradually as it deploys new aircraft into its fleet. SpiceJet plans to add seven new Boeing 737 Max starting from December 2022.

Read more here.

Hero MotoCorp, HPCL to set up charging infrastructure for EVs

Hero MotoCorp Ltd has partnered with Hindustan Petroleum Corporation Ltd (HPCL) to set up charging infrastructure for electric vehicles across India. The companies will first set up charging stations in select cities and expand to other key markets to establish a high-density of EV charging station network. They will initially establish charging infrastructure at HPCL’s existing network of energy stations.

Read more here.

Piramal Enterprises to raise ₹750 crores via NCDs

Piramal Enterprises Ltd’s board has approved a proposal to raise ₹750 crore through the issuance of non-convertible debentures (NCDs). It will raise market-linked NCDs on a private placement basis up to ₹100 crore along with an option to retain oversubscription of up to ₹650 crore. The debentures will be listed on the debt segment and capital market segment of NSE and BSE, respectively.

Read more here.

C E Info Systems acquires 26% stake in KOGO

C E Info Systems Ltd (CEISL) has completed the acquisition of a 26.37% stake in Kogo Tech Labs Pvt. Ltd for ₹10 crore. This acquisition would help automotive OEMs deliver a premium and engaging user-first approach to travel experiences for their vehicle owners. Kogo is a gamified social travel commerce platform. Users earn KOGOCOIN as they step out and can spend it on hotels, experiences, and stores on the KOGO Marketplace.

Zydus Lifesciences launches cancer drug in the US

Zydus Lifesciences Ltd has announced the launch of Lenalidomide capsules in the US. The drug is used to treat various types of cancer. It works by slowing or stopping the growth of cancer cells. Lenalidomide can also treat anemia in patients with certain blood/bone marrow disorders. Zydus will maufacture the drug at its manufacturing facility at the Special Economic Zone (SEZ) in Ahmedabad.

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Adani pledges stake worth $13 billion in newly acquired Holcim cement units

The Adani Group has pledged shares valued at around $13 billion (~₹1.03 lakh crore) in two cement firms days after it completed the acquisition from Holcim Ltd. Stakes in two companies (57% of ACC and 63% in Ambuja Cements Ltd.) have been pledged for “the benefit of certain lenders and other finance parties”. The buyouts from Holcim earlier this year marked the group’s entry into the cement business.

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Adani Transmission to invest over ₹5,000 crore in FY24-25

Adani Transmission Ltd. is planning to invest over ₹5,000 crore to add more capacity in each of the next two financial years. The company aims to increase the share of its renewable energy capacity to 60% by FY26-27. Currently, Adani Trans holds a portfolio of 18,795 circuit kilometers (ckm) of transmission lines and 40,001 megavolt-amperes (MVA) of power transformation capacity across 13 states.

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Mindtree secures multi-year engagement with UK-based Currys

UK’s leading retailer of technology products and services, Currys, has selected Mindtree Ltd. to deliver a highly personalised shopping experience to its customers across multiple markets. Mindtree will design and implement an omnichannel solution that provides a unified customer experience across online, mobile, and in-store shopping while driving cross-channel fulfillment and inventory optimisation for Currys. 

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NPCI in talks with govt as Zomato, Swiggy plans entry into UPI space

The National Payments Corporation of India (NPCI) is worried over the delay in implementing its mandate requiring payment apps to hold no more than 30% market share in the UPI ecosystem. NPCI is in talks with the govt. and industry stakeholders over the effect of late implementation. The recent action comes at a time when Zomato and Swiggy are reportedly planning an entry into the UPI payments platform as third-party payments apps.

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Wipro, Finastra to power digital transformation for corporate banks

Wipro Ltd has partnered with UK-based Finastra to help corporate banks accelerate digital transformation. This partnership combines Wipro’s expertise in consulting and digital infrastructure with Finastra’s cutting-edge solutions to deliver modern API-enabled platforms for banks. The solution will help banks streamline and digitize core trade finance processes and reduce cost overheads.

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India to grow at over 7% in FY23: CEA

Chief Economic Advisor V Anantha Nageswaran said the Indian economy will grow at 7% in FY23, down from the 8-8.5% growth rate projected in January. The aftereffects of the COVID-19 pandemic and Russia’s invasion of Ukraine are hurting economic growth. India can sustain the 7% growth rate for the rest of the decade, he added.

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CPI Inflation Falls to 6.71% in July – Top Indian Market Updates

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

CPI inflation falls to 5-month low of 6.71% in July

India’s retail inflation (measured by the Consumer Price Index) fell to a five-month low of 6.71% in July. CPI stood at 7.01% in June. Inflation in the food basket also showed a month-on-month fall from 7.75% in June to 6.75% in July. Meanwhile, inflation in the fuel and light segment rose 11.76%.

India’s factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 12.3% YoY to 137.9 during June.

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LIC Q1 Results: Net profit jumps multifold to Rs 683 crore

Life Insurance Corporation of India (LIC) reported a multifold increase in net profit to Rs 682.89 crore for the quarter ended June (Q1 FY23). The life insurer had reported a net profit of Rs 2.94 crore in the corresponding quarter last year (Q1 FY22). Its total premium income rose 20.35% YoY to Rs 98,351.76 crore in Q1 FY23. LIC sold 36.81 lakh policies in the individual segment, registering a growth of 59.56%.

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Kolte-Patil Developers eyes Rs 1,400 crore sales from housing project in Pune

Kolte-Patil Developers Ltd (KPDL) has acquired 25 acres of land in Pune to develop a housing project with an estimated sales revenue of Rs 1,400 crore. The realty firm has acquired Sampada Realities Pvt Ltd, which owns this land parcel. This acquisition is in line with KPDL’s business development target of Rs 7,000 crore for this year.

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Hero MotoCorp Q1 Results: Net profit rises 71% YoY to Rs 625 crore

Hero MotoCorp Ltd reported a 71% YoY increase in consolidated net profit to Rs 625 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 53% YoY to Rs 8,393 crore during the same period. EBITDA stood at Rs 941 crore in Q1, up 82.7% YoY. The two-wheeler manufacturer registered a 36% YoY increase in sales to 13.9 lakh units. 

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Passenger vehicle dispatches rise 11% in July: SIAM

Passenger vehicle dispatches to dealers rose 11% to 2.64 lakh units in July 2022. An improvement in semiconductor supplies helped automakers ramp up production ahead of the festive season. Dispatches of passenger cars increased by 10% YoY to 1,43,522 units in July. Wholesales of motorcycles grew 4% YoY to Rs 8,70,028 units last month. The data was released by the Society of Indian Automobile Manufactures (SIAM).

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Divi’s Labs Q1 Results: Net profit rises 26% YoY to Rs 702 crore

Divi’s Laboratories Ltd reported a 26% YoY increase in consolidated net profit to Rs 702 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 2,254 crore during the same period. However, EBITDA fell 0.6% YoY to Rs 846.7 crore. Total expenses stood at Rs 1,491.61 crore in Q1, up 26.18% YoY.

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Tata Elxsi brings new age solutions for driverless cars, connected vehicles: CMO

Tech service provider Tata Elxsi is helping customers reimagine products and services in the three key verticals of transportation, media & telecom, and healthcare, said Nitin Pai, Chief Marketing Officer. It has delivered platforms like AUTONOMAI for driverless cars, TETHER for connected cars, and TE Play for OTT services. Tata Motors has adopted TETHER Auto to power connectivity and data-led services for nearly 500,000 on-road vehicles.

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ONGC Q1 Results: Net profit jumps 3.5x to Rs 15,206 crore

ONGC Ltd reported a 251% YoY jump in net profit to Rs 15,205.85 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 84% YoY to Rs 42,320.72 crore during the same period. The company’s operating margin improved to 49.7% in Q1 FY23, compared to 32.01% in Q1 FY22.

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NCLT approves demerger of pharma business from Piramal Enterprises

The National Company Law Tribunal (NCLT) has approved the demerger of Piramal Enterprises Ltd’s (PEL) pharma business and the simplification of the company’s corporate structure. The order paves the way for the creation of two separate listed entities— PEL and Piramal Pharma Ltd (PPL). PEL said the demerged entities will have greater focus and ability to pursue accelerated growth.

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Apollo Tyres Q1 Results: Net profit rises 49% YoY to Rs 191 crore

Apollo Tyres Ltd reported a 49.21% YoY jump in net profit to Rs 190.68 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 29.6% YoY to Rs 5,942 crore during the same period. Both Indian and European operations performed well, with their revenues from operations increasing 38% and 14%, respectively.

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Grasim Q1 Results: Net profit rises 13% YoY to Rs 2,759 crore

Grasim Industries Ltd reported a 12.7% YoY increase in consolidated net profit to Rs 2,758.75 crore for the quarter ended June (Q4 FY22). Its revenue from operations rose 40.7% YoY to Rs 28,041.54 crore during the same period. Grasim’s viscose (fibre and yarn) business generated a revenue of Rs 4,299.88 crore in Q1 FY23, compared to Rs 2,102.76 crore in Q1 FY22.

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India’s GDP Grows 5.4% in Q3 – Top Indian Market News

India’s GDP grows 5.4% in Q3

India’s gross domestic product (GDP) grew by 5.4% in the December quarter (Q3 FY22), lower than 8.4% growth in the previous quarter (Q2 FY22). The agricultural sector grew at 2.6% in Q3 FY22, compared to 3.7% in Q2. The mining sector grew 8.8% in the October-December quarter of FY22, compared to 14.2% growth in the last quarter. India’s construction sector witnessed a -2.8% growth in Q3, compared to 8.2% in Q2. 

According to the latest estimates from the Ministry of Statistics and Programme Implementation, the economy is likely to grow at 8.9% in FY 2021-22. There are rising risks from higher prices of crude oil and commodities after Russia’s invasion of Ukraine.

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Biocon Biologics acquires Viatris’ biosimilar business for $3.34 billion 

Biocon Biologics Ltd (BBL) has entered into a definitive agreement with its partner Viatris Inc to acquire its biosimilar business for $3.34 billion. The deal will enable BBL to secure a robust commercial engine in the developed markets of the US and Europe. Viatris would receive cash of $2 billion upon closing the deal and up to $335 million as additional payments in 2024. BBL will also issue Compulsorily Convertible Preference Shares (CCPS) worth $1 billion to Viatris. BBL is a subsidiary of Biocon Ltd.

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Mahindra Logistics acquires Hyderabad-based Whizzard

Mahindra Logistics Ltd (MLL) has acquired a majority stake in Hyderabad-based last-mile delivery services provider Whizzard. This acquisition will complement MLL’s existing last-mile delivery business and its electric vehicle (EV)-based delivery services. Whizzard offers seamless handling of 60-million packages per year across diverse segments.

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Zen Technologies secures export order worth Rs 13.5 crore

Zen Technologies Ltd has secured an export contract worth Rs 13.50 crores for the supply of training equipment. The company’s total order book currently stands at Rs 428.56 crore. Hyderabad-based Zen Tech designs, develops, and manufactures state-of-the-art training simulators. It also offers drones and anti-drone solutions.

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Piramal Enterprises to raise up to Rs 500 crore via NCDs

The Administrative Committee of Piramal Enterprises Ltd’s board has approved a proposal to raise up to Rs 500 crore by issuing non-convertible debentures (NCDs) on a private placement basis. It has approved the issue of NCDs of up to Rs 100 crore, along with an option to retain an oversubscription of up to Rs 400 crore (greenshoe option). The NCDs will have a tenure of 30 months with a coupon rate of 8% per annum.

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IndiGo, SpiceJet to operates special flights to evacuate Indians stranded in Ukraine

SpiceJet Ltd and IndiGo will operate special flights from Budapest (Hungary) and Bucharest (Romania) on Monday and Tuesday to evacuate Indians stranded in Ukraine due to Russia’s military offensive. Around 14,000 Indians, mainly college students, are currently stranded in Ukraine. Tata Group-owned Air India has evacuated a total of 1,156 Indian nationals in five evacuation flights till now.

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HPCL, SECI to work together in electric mobility, alternative fuels

Hindustan Petroleum Corp Ltd (HPCL) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) for collaboration in the field of renewable energy, electric mobility, and alternative fuels. The two entities will also develop environmental, social, and governance (ESG) projects. The partnership is in line with the Indian government’s vision of a carbon-neutral economy by 2070.

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DLF expects Rs 700 crore sales revenue from housing project in Chennai

DLF Limited has launched a new housing project in Chennai and expects a sales revenue of Rs 700 crore over the next 18 months. The realty company will invest ~Rs 100 crore to develop infrastructure at the 85-acre housing project (termed ‘Parc Estate’). DLF will develop 1,500 plots, having a 2.15 million sq. ft. area. It will sell 750 plots in the first phase in a price bracket of Rs 20 lakh to Rs 1.25 crore.

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Sterlite Tech partners with Analog Devices to develop O-RAN 5G radio units

Sterlite Technologies Ltd (STL) has partnered with US-based Analog Devices, Inc. to develop 5G Open RAN radio units (O-RU). The two firms will build 5G-ready solutions to expand the diversity of commercially available O-RUs. STL and Analog Devices will work closely with other ecosystem providers, including leading power amplifier (PA) vendors.

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IndiaMART acquires stake in Realbooks

IndiaMART InterMESH Ltd has announced an investment of ~Rs 13.75 crore in Adansa Solutions Private Ltd. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases. Its final shareholding in Adansa will stand at 26.01%. Adansa Solutions, under the brand name Realbooks, offers a cloud-based accounting software product for businesses.

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Tanla Platforms partners with Truecaller

Tanla Platforms Ltd has entered into an exclusive partnership with Truecaller, a global platform that verifies contacts and blocks unwanted communication. Under the partnership, Truecaller Business Messaging will be exclusively powered by Tanla’s Wisely CPaaS platform. Wisely is one of the world’s largest blockchain-enabled communications platform as a service (CPaaS) platforms. The collaboration aims to help businesses reach out to more than 300 million active users of Truecaller with relevant messages.

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Indian Oil Acquires 4.93% Stake in IGX – Top Indian Market News

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

Indian Oil Corp acquires 4.93% stake in IGX

Indian Oil Corporation (IOC) has acquired a 4.93% stake in Indian Gas Exchange (IGX). At face value, the acquisition will cost IOC Rs 3.7 crore. IGX is India’s first automated national-level gas exchange. It ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India’s energy basket.

In other news, the Board of Directors of IOC has approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity to transport 17.5 million tonnes (MT) of imported crude oil per annum from the Gujarat port to IOC’s refinery in Haryana.

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NTPC plans to have 35 GW of renewable energy capacity by 2027

NTPC Ltd has announced plans to have total renewable energy (RE) capacity of 35 gigawatts (GW) by 2027. The company expects to generate 10 billion units of green energy by 2022-23. The state-owned power giant has 2,095.5 megawatts (MW) of RE capacity, including solar, wind, and hydro energy. Its RE generation in April-November 2021 stands at 4,089.64 million units.

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Piramal Pharma invests Rs 102 crore for minority stake in Yapan Bio

Piramal Pharma Ltd (PPL) has invested Rs 101.77 crore in Hyderabad-based Yapan Bio to augment the capabilities of its contract development and manufacturing organisation (CDMO) business. PPL will hold a 27.78% stake in Yapan Bio. The investment will allow Piramal Pharma to strengthen its CDMO business by broadening its service offerings.

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Exide Industries to set up li-ion cell manufacturing plant

Exide Industries Ltd has announced plans to set up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The company also plans to apply for the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries. This scheme will facilitate the reduction of import dependence of ACC batteries. It will also reduce the prices of batteries used in electric vehicles.

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Yes Bank board approves raising up to Rs 10,000 crore

The Board of Directors of Yes Bank has approved raising funds up to Rs 10,000 crore through various instruments. The funds would be raised via the issue of equity shares, depository receipts, convertible bonds, debentures, or warrants. The fundraising is subject to necessary approvals from shareholders and regulators.

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Inox Wind secures 150 MW wind project from NTPC Renewable Energy

Inox Wind Ltd has secured a 150 megawatt (MW) wind power project from NTPC Renewable Energy Ltd. The project will help NTPC achieve its target of having over 60 GW renewable energy capacity, constituting ~50% of the company’s overall power generation capacity by 2032. The project will be executed on a turnkey basis at Dayapar site in Kutch district, Gujarat. It is scheduled to be commissioned by April 2023.

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RBI appoints CSB Bank to undertake banking business of central, state governments

The Reserve Bank of India (RBI) has empanelled CSB Bank as an ‘agency bank’ to undertake the general banking business of central and state governments. CSB Bank is now authorised to enter into agreements with central and state government departments for handling tax collections, pension payments, collection of stamp duty, etc. It will also enable the bank to handle a broad range of transactions related to goods & services tax (GST), property tax, and value-added tax.

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Shilpa Medica launches chronic constipation drug

Shilpa Medicare Ltd has announced the launch of ‘Prucalshil’ (Prucalopride), a chronic constipation drug for adults. Prucalopride is used for symptomatic treatment of chronic constipation in adults at times when laxatives fail to provide adequate relief. The launch of Prucalshil will help Shilpa Medicare to build its gastro portfolio. Going forward, the pharma company aims to add more products to its gastro basket.

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SBI acquires minority stake in JSW Cement for Rs 100 crore

State Bank of India (SBI) has acquired a minority stake in JSW Cement Ltd at an investment of Rs 100 crore via compulsorily convertible preference shares (CCPS). The conversion of such CCPS into common equity will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering. This capital infusion will support the JSW Cement’s capacity expansion from the current 14 million tonnes per annum (MTPA) to 25 MTPA

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Jio adds 17.6 lakh mobile users in October; Airtel, Vi lose subscribers: TRAI

Reliance Jio Infocomm gained 17.6 lakh mobile subscribers in October. Jio’s total subscriber base rose to 42.65 crore during the same month. Bharti Airtel lost 4.89 lakh users, taking its overall mobile user base to 35.39 crore at the end of October. Vodafone Idea (Vi) lost 9.64 lakh subscribers in October and its user base shrunk to 26.9 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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