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Daily Market Feed Post Market Analysis

20,000 Loading for Nifty? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,674. After initially falling to the previous swing levels of 19,630, there was no looking back! The index rallied nearly 250 points, moving from the intraday low of 19,627 to 19,875 levels. Even though the index tried to take resistance at 19,700 and 19,800 along the way, it consistently moved up. In the final 30 mins of trading, there was a notable decline of 150 points— bringing the index down to 19,725 levels. Nifty closed at 19,765, up by 89 points or 0.46%.

BANK NIFTY (BNF) started the day at 44,251 with a gap-up of 50 points. After consolidating within yesterday’s range until 11:00 AM, the index experienced a breakout, surging over 100 points to reach 44,400 levels. However, it faced resistance, leading to a decline. Despite attempting to return to those levels, the index faced rejection for the second time, resulting in a sharp drop of over 350 points in just 30 minutes. BNF closed at 44,161, down by 40 points or 0.09%.

All indices except Nifty PSU Bank (-0.24%) and Nifty FMCG (-0.15%) closed flat-to-green. Nifty IT (+2.69%) moved up the most.

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

Today’s Moves

Hero MotoCorp (+3.2%) was NIFTY50’s top gainer. The two-wheeler maker marked its highest-ever festive retail sales, surpassing the 14 lakh unit mark.

Alok Industries (+9.79%) surged on the back of strong volumes.

Coforge (+6.7%), Mphasis (+4.23%), TCS (+2.7%), TechM (+2.8%), and other IT stocks rallied for the second day in a row, supported by softer-than-expected inflation data in the US. 

PowerGrid (-1.45%) was NIFTY50’s top loser. The stock turned ex-dividend today.

Kalyan Jewellers (-4.94%) fell sharply after brokerage firm ICICI Securities downgraded the stock from ‘Buy’ to ‘Add’.

Markets Ahead

Nifty was on steroids and moved with a lot of strength! As discussed in yesterday’s post-market report, Indian markets have turned bullish and buying on dips would be an ideal strategy. As we highlighted, focusing on long-side trades in Nifty was a wise move, given the index’s potential for upward movement. This strategy has proven to be effective in today’s market session.

Both indices experienced a significant drop in the last half-hour of trading. Whether this is merely profit booking or an indication of more incoming declines remains to be seen.

Nifty: The immediate resistance to watch out for is 19,800. A breakout from there could give us targets of 19,870 (today’s high) and 19,910. Meanwhile, the support can be seen near 19,700 levels (the earlier resistance now acting as support). A breakdown from there may give us targets of 19,635 and 19,500 eventually.

Bank Nifty: There is clear resistance near 44,400 levels. A breakout from there may take the index up to 44,500. The major support to look out for is the 44,000 round levels. A breakdown could give us targets of 43,800 and 43,700.

Bank Nifty is looking weaker than Nifty. If there’s a flat or gap-down opening tomorrow, considering short trades in both indices could be a strategic move. On the other hand, if there’s a minor correction following a big upward rally and the index opens flat and moves upward, planning buy-in-dips trades might be a suitable approach.

Being Nifty expiry today, option sellers would have been in trouble as CE premiums were seeing gamma spikes. Option premiums were very erratic, and the last 150-point fall created panic for PE sellers as well.

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Nifty Consolidates Above 19,520. RBI Announcement Tmrw! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,521 with a gap-up of 85 points. After an initial consolidation, the index fell sharply to hit the day’s low at 19,485 levels. From there, Nifty moved up 90 points with strength to near 19,580. It consolidated in a 60-point range for the remaining part of the day. Nifty closed at 19,545, up by 109 points or 0.56%.

Nifty chart October 5 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,181 with a gap-up of 217 points. After opening, the index fell gradually to hit 44,110 levels. From there, Bank Nifty rose sharply by 285 points to hit 44,390 levels (day’s high). Then, it slowly fell over 205 points from the day’s high, making lower-lows along the way. BNF closed at 44,213, up by 249 points or 0.57%.

Bank Nifty chart October 5 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (-0.51%), Nifty Pharma (-0.3%), Nifty Metal (-0.25%), and Nifty FMCG (-0.1%) closed in the green. Nifty Media (+1.58%) moved up the most.

Major Asian markets closed in the green (Japan’s Nikkei rose 1.7%). European markets are currently trading mixed.

Today’s Moves

L&T (+2.06%) was NIFTY50’s top gainer. The company’s Buildings & Factories segment secured several ‘large’ projects across various business units.

Infibeam Avenues (+13.2%) broke its 2-day losing streak and surged up to 14% on the back of strong volumes.

Shares of Sobha (+6.48%) moved up after the company recorded sales worth ₹1,723.8 crore in Q2 FY24, a growth of 48.1% YoY.

PowerGrid (-1.26%) was NIFTY50’s top loser. 

Marico (-4.9%) fell sharply after the company said its consolidated revenue in Q2 FY24 would be lower due to price correction and forex impact.

Markets Ahead

Continuous net selling from FIIs is causing a lot of pressure in the Indian market. Nifty opened in the green and continued in the green zone. This might be a reflection of weekly expiry and cannot be considered an indication of reversal in the market.

But you can keep your faith in Nifty’s 19,250 zone, which can trigger fresh buying in equities. Also, you can mark the 19,520 level as short-term and intraday support.

Yesterday’s hammer formation in Nifty is slightly invalid now because the index couldn’t form a connecting green candle today.

RBI’s interest rate decision will be announced tomorrow at 10 AM.

Question of the day: Why do you think Trent Limited has two brands (Zudio and Westside) in the same market segment?

How did Nifty expiry go? Are you in net profit or loss? Let us know in the comments below!

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NSE Plans Longer FnO Trading Hours – Top Indian Market Updates

NSE market updates | marketfeed

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

NSE plans longer F&O trading hours

As per an Economic Times report, the National Stock Exchange (NSE) is finalising plans to extend trading hours for equity derivatives. The exchange proposes to launch an evening session, possibly between 6 PM and 9 PM. Market participants can continue trading F&O contracts after the regular session between 9:15 AM and 3:30 PM. NSE might consider extending this session to 11:30 PM at a later stage.

Read more here.

TCS expands partnership with Africa’s Standard Bank Group

Tata Consultancy Services (TCS) has expanded its partnership with Africa’s largest custodian, Standard Bank Group (SBG). SBG would centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform. The platform has already been deployed in seven markets (including South Africa), and the others will be implemented by March 2024.

Read more here.

Serentica Renewables secures ₹3,000 crore in debt funding from REC

Serentica Renewables has raised ₹5,600 crore in funding from REC Ltd and Power Finance Corporation Ltd. It has raised ₹3,000 crore from REC and ₹2,600 crore in debt funding from PFC. This transaction is in line with REC’s expanding role in funding green projects and positioning itself as the focal agency for energy transition.

Read more here.

Strides Pharma to spin off contract development unit

Strides Pharma will spin off its contract development and manufacturing organisation (CDMO) and soft gelatin business into a new entity, OneSource. OneSource will list in the next 12-16 months and will have more than 1,200 employees. The new company is expected to deliver $180-200 million in revenue in the financial year 2024-25.

Read more here.

Godrej Properties sells 670 apartments worth ₹2,000Cr 

Godrej Properties has sold 670 apartments worth over ₹2,000 crore in its project, Godrej Tropical Isle, in Sector 146, Noida. The project was launched in August 2023, nine months after the purchase of a land parcel through an e-auction conducted by the Noida Authority in November 2022. This is Godrej Properties’ most successful launch in terms of the value and volume of sales achieved.

Read more here.

IHCL expands footprint in Sikkim

Indian Hotels Company Ltd (IHCL) is expanding its footprint in Sikkim, with the opening of Taj Guras Kutir Resort & Spa in Gangtok. The 69-key resort is spread over 14 acres. With the addition of this hotel, IHCL will have 11 hotels with three under development in North East India. This includes three hotels across the Taj, Vivanta and Ginger brands in Sikkim.

Read more here.

Indian Oil unveils hydrogen-run bus that emits just water

Indian Oil Corporation Ltd (IOCL) unveiled India’s first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivalled tools to replace fossil fuels. IOCL will produce nearly 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses, which will ply across the National Capital Region (NCR) for trial runs.

Read more here.

IRCON executes contract worth ₹122 crore with Sri Lanka Railways

Ircon International Ltd (IRCON) has secured an order worth ₹122 crore ($14.89 million) from Sri Lanka Railways. The work includes designing, installing, testing, commissioning and certifying of signalling and telecommunication systems from Maho Junction to Anuradhapura, IRCON. This contract for the order was executed under the Indian Line of Credit on September 21.

Read more here.

Grasim Industries temporarily closes Century Rayon plant

A section of Grasim Industries Ltd’s Century Rayon plant at Shahad in Maharashtra has been closed temporarily after a government order. The Department of Industrial Safety and Health’s order came after a fatal explosion at the Century Rayon plant on Saturday, September 23. Two persons died in the explosion, while six others were injured.

Read more here.

Shree Cement board approves proposal to raise up to ₹700 crore via NCDs

Shree Cement Ltd’s board has approved a proposal to raise up to ₹700 crore through an issue of non-convertible debentures (NCD) on a private placement basis. The secured, rated redeemable and taxable NCDs with a base issue size of ₹350 crore and an option to retain oversubscription of up to ₹350 crore will be allotted on September 26, 2023. The issue will be at a face value of ₹1,00,000 each for cash at par.

Read more here.

Alkem Labs, Biosergen AB sign pact for invasive fungal diseases treatment

Alkem Laboratories has signed a co-development and license agreement with Biotech company Biosergen AB for BSG005. It is used for the treatment of severe and difficult-to-treat invasive fungal diseases. The partnership is for Phase II and Phase III trials of the drug. Alkem will be granted an exclusive license to market the drug in India.

Read more here.

Power Grid to raise up to ₹2,250 crore via bonds

Power Grid Corporation of India Ltd has approved raising up to ₹2,250 crore in its second tranche as part of its fundraising plans. The proceeds will be used to part finance the company’s capex requirements, to provide inter-corporate loans to its wholly-owned subsidiaries and joint ventures, and for general corporate purposes.

Read more here.

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Daily Market Feed Post Market Analysis

Nifty Falls Below 20,000! HDFC Bank Down 4% – Post-Market Analysis

NIFTY started the day at 19,980 with a gap-down of 152 points. It initially tried to move up, but 20,050 levels acted as good resistance. The index fell throughout the day to 19,880 levels. Nifty closed at 19,901, down by 231 points or 1.15%.

Nifty chart Sept 20 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 45,493 with a huge gap-down of 486 points. After opening, the index recovered nearly 300 points to 45,750 levels. But selling pressure kicked in, and the index fell nearly 470 points from the day’s high. BNF closed at 45,384, down by 595 points or 1.29%.

Bank Nifty chart Sept 20 - post-market analysis | marketfeed

All indices closed in red. Nifty Metal (-1.63%) and Nifty Finserv (-1.49%) fell the most.

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

Today’s Moves

PowerGrid (+2.27%) was NIFTY50’s top gainer. The stock hit an all-time high of ₹205.95 today.

Blue Star (+13.4%) surged to hit a record high of ₹946.8 after the company launched a qualified institutional placement (QIP) issue to raise ₹1,000 crore.

SJVN (+6.65%) moved up after the company and Power Finance Corp signed an agreement worth ₹1.18 lakh crore for renewable energy and thermal power projects.

HDFC Bank (-4.01%) was NIFTY50’s top loser. The bank has warned that its merger with HDFC would hit key financial metrics, including margins and bad loan ratios. Several brokerage firms have reduced target prices on the stock.

Heavyweight stock Reliance (–2.23%) fell sharply today. Around 1.9 crore shares (0.3% equity) of RIL changed hands in a block deal.

Public sector banks UCO Bank (-5.7%), IOB (-5.5%), Central Bank (-5.4%), and others closed deep in red.

Markets Ahead

After the huge rally, major indices have come under selling pressure. The Special Session of the Parliament happening this week could also add volatility to the markets.

Markets can be volatile to sideways in the coming days. So traders need to be cautious!

Nifty: The index closed below 20,000. So that level can act as a strong resistance. But the immediate resistance is near 19,950 levels. A breakout on the upside could make the index volatile and sideways. Meanwhile, the important support is near 19,800 levels. A breakdown below today’s low can give us targets of 19,800 and 19,730 as the second target.

Bank Nifty: The index is now currently taking support from 45,300 levels. A breakdown from here can take the index down to 45,150 and 45,000 eventually. On the other hand, a breakout from 45,460 can take the index to the 45,750 levels (with volatility).

Being Bank Nifty expiry, the option premiums and implied volatility (IV) didn’t cool down on the call option (CE) side till even the second half of the day. So option sellers might have been in some confusion there. But spikes on the put option (PE) side were also manageable. So it was a good day for both option buyers and sellers.

The US Federal Reserve will make its interest rate announcement today (11:30 PM IST), with prevailing expectations pointing towards a decision to maintain the current interest rates without any changes.

Nifty’s expiry tomorrow can be tricky. So watch out for the levels mentioned above and manage your risk. 

What levels are you watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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BNF Indicates Consolidation This Week. PSU Banks Shine! – Post Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 20,155 with a gap-down of 36 points. After falling to 20,120 levels in the first candle, the index moved up gradually to 20,195 (the day’s high). Post 12 PM, it fell nearly 80 points (making lower lows) to hit 20,115. Nifty closed at 20,133, down by 59 points or 0.29%.

Nifty chart Sept 18 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 46,100 with a gap-down of 130 points. After trading in a 110-point range initially, the index broke out of the consolidation, and rose to 46,250 levels. Then, similar to Nifty, Bank Nifty fell sharply by 345 points over the remaining part of the day! BNF closed at 45,979, down by 251 points or 0.54%.

Bank Nifty chart Sept 18 - post-market analysis | marketfeed

All indices except Nifty PSU Bank (+3.39%), Nifty Auto (+0.84%), and Nifty FMCG (+0.58%) closed in the red. Nifty Realty (-1.37%) fell the most.

Major Asian markets closed mixed. European markets are currently trading up to 1% in the red.

Today’s Moves

PowerGrid (+3.09%) was NIFTY50’s top gainer.

Indian Overseas Bank (IOB) hit a 20% upper circuit amid a strong rally in PSU bank stocks. UCO Bank (+15.1%) and Central Bank (+9.8%) also closed well in the green.

BEL (+3.1%) went up nearly 7% intraday after the company received multiple orders worth ₹3,000 crore on Friday.

Hindalco (-2.43%) was NIFTY50’s top loser amidst selling pressure in metal stocks.

Vodafone Idea (-6.8%) fell sharply after the telecom company denied reports that US-based Verizon, Amazon, and Starlink are in a race to acquire it.

J B Chemicals (-49.79%) shares have turned ex-split. The company had announced a stock split in the ratio 1:2.

Markets Ahead

Nifty and Bank Nifty have closed without major changes, and our market is witnessing small profit booking. In the upcoming days, we can expect decent selling after every intraday rise. To catch this move, you can use simple trendlines.

The major support to look out for in Nifty will be the 20,100-130 zone. However, Bank Nifty is struggling to trade above 46,000 as the region is close to its all-time high (ATH).

Bank Nifty may not show bullishness at least for this week. Here are the reasons: 

  • ICICI Bank is facing resistance near the ₹1,000 mark. If the stock breaks this level, it will be a strong double-bottom breakout and could be a big move after a small retracement.
  • HDFC Bank failed to break the resistance at ₹1,650. Will be watching how the stock behaves near the ₹1,620 support region.
  • Bank Nifty might trade in a 1000-points range of 45,480-46,330 for a few more days. Even an ATH breakout would be a trap, because Pivot levels are indicating a strong resistance near the 46,680 region.

Reliance is testing its major trendline support, but proper horizontal-level support is only available near ₹2,400.

The markets will remain closed tomorrow (Sept 19) on account of Ganesh Chaturthi.

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Selling from ATH! Small-Cap, Mid-Cap Stocks Fall – Post-Market Analysis

volatility - post-market analysis | marketfeed

NIFTY started the day at 20,110 with a huge gap-up of 113 points. Right after opening, the index fell 195 points to 19,900 in the first 45 mins. It immediately bounced back over 100 points to 20,000 levels. The index was very volatile in this 100-point range throughout the day, making intraday moves of more than 650 points! Nifty closed flat at 19,993, down by 3.15 points or 0.02%.

BANK NIFTY (BNF) started the day at 45,893 with a gap-up of 323 points. Similar to Nifty, BNF fell 500 points to 45,400 levels initially and immediately bounced back another 200 points to 45,600 levels. The index was volatile in this range— making intraday moves of 1,700 points. BNF closed at 45,511, down by 59 points or 0.13%.

All indices except Nifty IT (+1.03%) and Nifty Pharma (+0.12%) closed flat-to-red. Nifty Media (-4.3%) fell the most. Nifty Smallcap 100 (-4.1%) and Nifty Midcap 100 (-3.05%) closed deep in the red.

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

Today’s Moves

TCS (+2.8%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹3,589.90 today after the IT major partnered with Dassault Systems as part of the Living Heart Project.

ITI (+12%) continued its strong up-move after the company said it has developed a laptop and micro PC in association with Intel Corporation. 

Brightcom Group (+4.8%) gained after the troubled company announced a reduction in its pledged shares.

PowerGrid shares turned ex-bonus today. The company had declared the issuance of bonus shares in a 1:3 ratio, which means 1 bonus share for every 3 shares held by shareholders as on the record date (Sept 12).

Sugar stocks Shree Renuka Sugars (-5.3%), Dalmia Bharat Sugar (-6.4%), EID Parry India (-5.1%), Balrampur Chini Mills (-4.5%), Bajaj Hindustan Sugar (-10.5%), and others fell sharply after the govt asked sugar mills to provide details of sales between May and August by today.

Markets Ahead

The Indian markets have faced rejection after the gap-up opening— exactly like how we discussed in yesterday’s post-market report. This is just a retracement, and markets can still be bullish till important support zones are breached.

Nifty: Now, the immediate support to watch out for is 19,900 levels. A breakdown from 19,975 levels (the previous swing) could take the index down to 19,900 and 19,820 levels. Meanwhile, immediate resistance is at 20,000 round levels, and the next important resistance is today’s high or all-time high (ATH) of 20,100 levels. A breakout from 20,000 may take the index to 20,100 and above (the targets can be trailed).

Bank Nifty: The immediate support in Bank Nifty is near 45,300 levels. A breakdown from there could give us a target of 45,000. The immediate resistance is near 45,600; a breakout from this level can give us a target of 45,850 again.

FIN NIFTY: Being Fin Nifty expiry today, the index was also volatile. It created spikes on the put sides initially, but the premiums cooled down later. The index was trading in a 100-point range with volatile moves after the initial fall of 200 points from the opening.

Make sure directional trades are taken only after confirmation and re-test of the levels.

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

Don’t forget to tune in to The Stock Market Show at 7 PM on our YouTube channel!

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Zomato’s Net Loss Narrows to Rs 188Cr in Q4 – Top Indian Market Updates

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

Zomato Q4 Results: Net loss narrows to Rs 188 crore

Zomato reported a narrowed consolidated net loss of Rs 188 crore for the quarter ended March (Q4 FY23). The company had posted a net loss of Rs 360 crore in the year-ago period. Its consolidated revenue rose 70% YoY to Rs 2,056 crore during the same quarter. EBITDA stood at Rs 1,257 crore, up 75% YoY. The food delivery business reported a revenue of Rs 1,530 crore in Q4 FY23, compared with Rs 1,284 crore a year ago.

Read more here.

RBI to transfer Rs 87,416 crore as dividend to Centre for FY23

The Reserve Bank of India’s board has approved the transfer of Rs 87,416 crore as surplus to the Central government. In FY22, the RBI transferred Rs 30,307 crore to the government. Dividends from public sector enterprises and other investments have been estimated at Rs 43,000 crore for FY24.

In other news, RBI said it will withdraw Rs 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. 

Read more here.

Infibeam looks to raise up to $50 million by listing UAE step-down arm

Infibeam Avenues plans to raise $25-50 million by listing its subsidiary Avenues World FZ LLC on NASDAQ Dubai and Dubai Financial Market. The fintech company acquired Vavian International Ltd. in 2018 and Avenues World FZ LLC operates as a subsidiary of Vavian. The listing may involve offering up to 25% of equity stake in Avenues World FZ LLC.

Read more here.

JSW Steel Q4 Results: Net profit rises 13% YoY to Rs 3,664 crore

JSW Steel reported a 13% YoY increase in consolidated net profit to Rs 3,664 crore in Q4 FY23. Its operating revenue stood at Rs 46,962 crore in the quarter, compared to Rs 46,895 crore in Q4 FY22.  EBITDA stood at Rs 7,939 crore in the quarter. The company’s board has recommended a final dividend of Rs 3.4 per equity share.

Read more here.

Strides Pharma passes USFDA’s inspection of Puducherry plant

Strides Pharma announced that the US Food & Drug Administration (USFDA) inspection at its Puducherry plant was successful. The facility’s classification has been changed from Official Action Indicated (OAI) to Voluntary Action Indicated (VAI) by the USFDA. This reclassification enables the facility to receive approvals for its filed abbreviated new drug applications (ANDAs).

Read more here.

Delhivery Q4 Results: Net loss widens to Rs 159 crore

Delhivery reported a widened net loss at Rs 159 crore for the quarter ended March (Q4 FY23). The company had reported a loss of Rs 120 crore in the year-ago period. Its operating revenue fell 10% YoY to Rs 1,860 crore in Q4. Adjusted EBITDA for the quarter turned positive to Rs 6 crore in Q4 FY23, compared to a loss of Rs 67 crore in Q3 FY23.

Read more here.

Gail initiates legal proceedings against Gazprom for non-supply of LNG

Gail (India) Ltd has initiated legal proceedings against Gazprom for non-delivery of LNG. The company is seeking damages from Gazprom and has filed for arbitration in London. The central government had previously opposed pursuing arbitration or seeking damages, preferring a bilateral approach. The specific amount being sought by Gail has not been disclosed.

In other news, Gail plans to borrow up to Rs 7,000 crore in FY24 to fund its Rs 10,000 crore capital expenditure plan.

Read more here.

Power Grid Q4 Results: Net profit rises 4% YoY to Rs 4,320 crore

Power Grid Corporation of India reported a 4% YoY increase in consolidated net profit to Rs 4,320 crore in Q4 FY23. Its consolidated revenue increased by 15% YoY to Rs 12,264 crore during the same quarter. EBITDA stood at Rs 10,909.6 crore, up 16.8% YoY in Q4. The company’s board has recommended a final dividend of Rs 4.75 per equity share.

Read more here.

NCLT dismisses IDBI Bank’s insolvency plea against Zee Entertainment

The National Company Law Tribunal (NCLT) dismissed IDBI Bank’s insolvency plea against Zee Entertainment Enterprises Ltd (ZEEL). IDBI Bank had filed the petition for defaulting on over Rs 149 crore. Zee Entertainment argued that the suspension period barred any insolvency petition, under Section 10A of the Insolvency & Bankruptcy Code, 2016.

Read more here.

Siemens sells low voltage motors arm to Siemens AG for Rs 2,000 crore

Siemens has announced the sale and transfer of its low voltage motors and geared motors businesses to Siemens Large Drives India, effective from October 1, 2023. The deal is valued at Rs 2,200 crore. The company plans to distribute 100% of the sale proceeds as a special dividend after the transaction is completed.

Read more here.

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Market News Top 10 News

Lok Sabha Passes Finance Bill – Top Indian Market Updates

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

Lok Sabha passes Finance Bill

The Finance Bill, 2023 was passed in the Lok Sabha on Friday with over 64 amendments. The securities transaction tax (STT) on the sale of options has been increased to ₹2,100 on a turnover of ₹1 crore, compared to ₹1,700 earlier. The tax on royalty or technical fees earned by foreign (non-resident) companies hiked from 10% to 20%. Meanwhile, pension fund investments will be exempt from taxation under infrastructure investment trusts (InvITs).

Read more here.

Govt proposes to withdraw long-term capital gain benefits

The Central Government has proposed to withdraw the benefit of long-term capital gain tax for debt mutual funds. The Finance Bill 2023 was passed in Parliament to classify long-term capital gains from debt mutual funds as only short-term capital gains. As per the amendment, debt funds that have not more than 35% invested in equity shares are proposed to be taxed as per the income tax slab level and considered as a short-term capital gain.

Read more here.

RITES secures order worth Rs 122 crore from Assam government

RITES Ltd has secured a Project Management Consultancy work under Assam Health System Strengthening Project. The cost of the consultancy project comes to around Rs 122 crore. RITES’ fees in the work order are around Rs 77 crore. RITES is involved in mega transportation projects like dedicated freight corridors, metros, high-speed rail studies, logistics parks, and rail infrastructure.

Read more here.

Vedanta deducts $91 million from govt’s profit to make up for tax paid

To protest against the 9-month-old windfall tax, Vedanta Ltd has reportedly withheld about $91 million from the share of profit due to the government from its oil and gas fields, to make up for the additional tax outgo. India first imposed windfall profit tax on July 1, 2022, joining a growing number of nations that tax super normal profits of energy companies.

Read more here.

Alembic Pharma gets 2 observations for Gujarat facility from USFDA

The US Food & Drug Administration (USFDA) has issued a Form-483 with two minor procedural observations following the inspection of Alembic Pharmaceuticals Ltd’s injectable and ophthalmic facility (F-3) located at Karkhadi in Gujarat. The USFDA inspected the plant from March 16-24, 2023. Form 483 is issued to a firm’s management when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

Read more here.

Five executives at Nykaa resign: Report

A spokesperson for Nykaa said five executives have resigned, the latest resignation at the beauty brand comes amid rising competitors and a crashing stock price. Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of the Fashion Division Gopal Asthana, and Chief Executive Officer of the Wholesale Business Vikas Gupta are among those who have left Nykaa. The company’s shares have fallen ~35% in the past six months.

Read more here.

PowerGrid to raise up to Rs 600 crore via bonds

Power Grid Corporation of India Ltd. is planning to raise up to Rs 600 crore through the issuance of bonds on a private placement basis. The company’s board has approved the issuance of unsecured, non-convertible, redeemable bonds aggregating to Rs 600 crore. This includes a base issue size of Rs 100 crore and a greenshoe option of Rs 500 crore. The bonds will be listed on BSE and/or NSE. 

Read more here.

CIL making efforts to supply higher quantities of coal to non-regulated sector

Coal India Ltd (CIL) said it is making all efforts to supply higher quantities of coal to the non-regulated sector (NRS) without affecting supplies to the power sector through increased production. The statement comes days after the company stated that it is gearing up to meet the demand for coal from the power sector amid the early onset of summer and a pick-up in the industrial demand for electricity.

Read more here.

Govt extends deadline for eighth oil and gas exploration licensing round

The Central govt has once again extended the deadline for accepting bids in the eighth oil and gas exploration licensing round to May 16. Oil ministry officials said that investors had been demanding an extension. The eighth round under the open acreage licensing policy (OALP) was launched on July 7, 2022, with a bid submission deadline of Sept 6.

Read more here.

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Adani Group Pre-Pays Over Rs 7,350cr Worth Share-backed Financing – Top Indian Market Updates

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

Adani Group pre-pays over Rs 7,350cr worth share-backed financing

Adani Group said it prepaid share-backed financing of ₹7,378 Crores ($901.16 mn) as part of its promoters’ commitment to cut overall leverage backed by shares of its listed companies. The group has been looking to ease concerns about its credit profile after US-based short seller Hindenburg Research noted high debt and alleged improper use of offshore tax havens and stock manipulation.

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Dr Reddy’s Labs recalls over 4,000 bottles of generic drug in US

Dr Reddy’s Laboratories is recalling over 4,000 bottles of a generic drug in the US due to a packaging error. The company is recalling 4,320 bottles of Tacrolimus Capsules, which are used to prevent the body from rejecting a transplanted organ. The affected lot was produced at the company’s Bachupally-based manufacturing plant and marketed in the US by its American subsidiary.

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IGL, Genesis, to invest Rs 110 cr to set up meter manufacturing plant

Indraprastha Gas Ltd (IGL) has signed an agreement with Genesis, an arm of Vikas Lifecare Ltd (VLF), to set up a meter manufacturing plant at an estimated cost of Rs 110 crore. The unit will be set up through a joint venture company. In the joint venture, IGL and Genesis will have equity participation in the ratio of 51:49. The unit is expected to be operational by April 2024 and will have a production capacity of one million meters per annum initially.

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PowerGrid’s board approves investments of Rs 4,071 crore

Power Grid Corporation’s Board of Directors has approved investments of nearly Rs 4,071 crore for two transmission projects in India. The board has approved the transmission system for Kurnool Wind Energy Zone/ Solar Energy Zone (AP) at an estimated cost of Rs 3,546.94 crore and the Eastern Region Expansion Scheme at a cost of Rs 524.04 crore. These projects are scheduled to be commissioned by November 2024 and Nov 2025, respectively.

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NCLT approves Suraksha plan for Jaypee Infratech

The Delhi bench of the National Company Law Tribunal (NCLT) has approved Suraksha Asset Reconstruction Company’s (ARC) takeover of the debt-laden Jaypee Infratech. A two-member principal bench of NCLT headed by president Ramalingam Sudhakar approved the resolution plan, more than three months after concluding the hearing and reserving the order in Nov 2022.

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Credit card outstanding rises 29.6% to reach record high level in Jan

The credit card outstanding in January rose 29.6% to an all-time high of Rs 1.87 lakh crore on back of increased digitisation and rising consumer confidence in the post-Covid period. As per the latest data of the Reserve Bank of India (RBI), the credit card outstanding has recorded a growth of over 20% in the 10 months of the current fiscal. June recorded the highest growth of 30.7%.

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Blue Star to take up expansion at Dadra, Sri City manufacturing facilities

Blue Star Ltd will undertake capacity expansion plans at its facilities in Dadra and Sri City. In Jan, the company commenced production at its unit in Sri City in Andhra Pradesh, which was set up at an investment of Rs 350 crore. Blue Star has manufacturing plants in Himachal Pradesh, Ahmedabad, Dadra, Wada (Maharashtra) and Sri City.

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Jindal Stainless to invest Rs 120 crore to set up two rooftop solar projects

Jindal Stainless Ltd (JSL) will invest Rs 120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities. While a project of 21-megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at the company’s unit in Hisar. Both projects are scheduled to be completed by March 2024.

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HAL and L&T sign deal with India defence for 70 HTT-40 trainer aircraft and cadet training ships

The Ministry of Defence signed a contract with Hindustan Aeronautics Ltd (HAL) for the procurement of 70 HTT-40 trainer aircraft worth over Rs 6,800 crore. It has also entered into agreements with Larsen & Toubro Ltd (L&T) for the acquisition of three Cadet Training Ships worth more than Rs 3,100 crore. These deals come as a big boost to India’s efforts to achieve ‘Aatmanirbharta’ in the defense sector.

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Vedanta to buy 6% more stake in Hindustan Zinc for Rs 7,900 crore: Report

Vedanta, which currently owns 64.9% stake in Hindustan Zinc Ltd (HZL), is reportedly planning to acquire an additional 6% stake in the company as and when the government sells its holdings. The Indian govt is planning to sell its 15% stake in HZL by March-end. Sources say Vedanta is looking to raise about $1 billion from three foreign banks to fund the acquisition.

Read more here.

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India’s Services PMI Surges to 12-Year High in Feb – Top Indian Market Updates

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

India’s services PMI surges to 12-year high in Feb

Services activity in India expanded at the fastest pace in 12 years in February 2023 as input cost pressures eased. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 59.4 in Feb, compared to 57.2 in Jan. New orders placed with service providers rose further in February. However, the rate of job creation was minimal.

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

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RIL, Adani Group plan to build 25 GW of clean energy in Andhra Pradesh

Reliance Industries Ltd (RIL) and Adani Group will develop a combined 25 gigawatts of renewable power in Andhra Pradesh, as both business houses continue to go ahead with their green energy goals. Both groups already have a significant presence in the state, with RIL operating its offshore deep-sea gas fields in the Krishna-Godavari basin and Adani Group overseeing two large ports.

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World Bank commits $1 billion to India for public healthcare infra

The World Bank and the Indian govt. signed two complementary loans of $500 million each to support and enhance the country’s healthcare infrastructure. The bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) to improve the public healthcare infrastructure. One of the loans will prioritize health service delivery in seven states— Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh.

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JSPL to invest ₹10,000 crore to set up 3 MT steel plant in AP

Jindal Steel & Power Ltd (JSPL) will invest Rs 10,000 crore to set up a 3 million tonne per annum (MTPA) steel plant in Andhra Pradesh. This will lead to the creation of 10,000 jobs. The group will also sign an agreement with the AP Government to invest in renewable energy across solar, wind and hydro as well expanding the capacity of its existing cement plant.

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Lemon Tree Hotels signs licence agreement for two new hotels in Maharashtra

Lemon Tree Hotels has signed a License Agreement for two new properties in Maharashtra under its brands ‘Lemon Tree Hotel’ and ‘Keys Lite by Lemon Tree Hotel’. The two new hotels are located in the popular beach destination Dapoli in the South Konkan region of Maharashtra. They will become operational by October 2023. 

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Tata Motors crosses 50 lakh passenger vehicle production milestone

Tata Motors has crossed the 50 lakh cumulative passenger vehicle production milestone. To celebrate the milestone, the automaker will roll out a celebratory campaign for customers and employees across India. Tata Motors achieved the 10 lakh production mark in 2004 and the 20 lakh milestone in 2010. It crossed 30 lakh units in 2015 and 40 lakh units in 2020.

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PowerGrid wins bid for two projects in Chhattisgarh

Power Grid Corporation of India Ltd (PGCIL) has won the bid under tariff-based competitive bidding to establish an inter-state transmission system for two projects in Chhattisgarh. The first project comprises the establishment of a 400kV transmission line passing through the state and bays extension works at two existing substations. The second project comprises bays extension works, including the creation of 220kV voltage at two existing substations

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Adani Green has India’s largest operating renewable portfolio at 8,024 MW

Adani Green Energy Ltd. has become the company with the largest operating renewable portfolio in India with a capacity of 8,024 megawatts (MW). The company achieved this feat after its fourth wind-solar hybrid power plant became fully operational at Jaisalmer, Rajasthan. The combined operational generation capacity of this hybrid power plant was 700 MW. It has a power purchase agreement (PPA) at ₹3.24/kwh for 25 years.

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Mahanagar Gas to acquire 100% stake of Unison Enviro

Mahanagar Gas Ltd (MGL) has signed a Share Purchase Agreement to acquire a 100% stake in Unison Enviro Pvt Ltd (UEPL). This acquisition will enable MGL to expand to newer geographical areas in Maharashtra and Karnataka, thereby providing new avenues for long-term growth. It would help MGL scale its future business development activities across a larger network and customer base.

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Union Budget 2023-24 Presented in Parliament – Top Indian Market Updates

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

Union Budget 2023-24 presented in Parliament

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today. She announced that there will be no tax on income of up to ₹7 lakh a year (up from ₹5 lakh earlier). The Central government will spend ₹10 lakh crore on long-term capital expenditure (capex) in FY2023-24 to enhance growth potential & job creation and boost private investments. The Finance Ministry allocated ₹2.40 lakh crore to Indian Railways, the largest capital outlay for railways to date. 

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India’s manufacturing PMI rises to 3-month low in Jan

India’s manufacturing sector fell to a three-month low in January 2023 as production slowed and total output fell. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.4 in Jan, compared to 57.8 in December. The domestic market was the main source of new business growth as international sales rose only slightly in January. 

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

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Total investment by power PSUs to rise nearly 15% to ₹60,805 crore in FY24

The Indian government has proposed to increase total investment by its eight state-owned power companies by about 15%, taking the total investment to ₹60,805 crore for FY24. NHPC witnessed the highest increase in investment to ₹10,857 crore in 2023-24, from a revised estimate of ₹7,128 crore for FY23. Investment by SJVN has been hiked to ₹10,000 crore for FY24, from the revised budget estimates of ₹8,000 crore in FY23.

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Powergrid Q3 Results: Net profit rises 10% YoY to ₹3,702 crore

Power Grid Corporation of India reported a 10.5% YoY increase in net profit to ₹3,701.72 crore for the quarter ended December (Q3 FY23). The power company’s revenue from operations grew 7.4% YoY to ₹10,746.4 crore during the same period. EBITDA stood at ₹9,380 crores in Q3, up 9% YoY. The company’s board has declared an interim dividend of ₹5 per share for the current financial year (FY23).

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Govt receives bids for 32 mines in 6th round of commercial coal auction

The government has received bids for 32 mines in the technical round of the sixth round of commercial coal auction that had offered 133 coal and lignite mines. A total of 86 bids were received against the 32 coal mines. NTPC Ltd, Jindal Power Ltd, Jindal Steel & Power Ltd, Vedanta Ltd, JSW Steel Ltd, NLC India Ltd, Dalmia Cement, Shree Cement, Ultratech Cement, and Ambuja Cement were among the 56 companies that submitted the bids.

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Jubilant FoodWorks Q3 Results: Net profit falls 36% YoY to ₹88 crore

Jubilant FoodWorks reported a 36% YoY decline in net profit to ₹88 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 10% YoY to ₹1,316 crore during the same period. ​​The company opened 64 new stores in Q3, resulting in a network of 1,814 stores across all brands (Dominos India, Dunkin Donuts). The performance decline was mainly due to high inflation.

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Britannia Q3 Results: Net profit jumps 151% YoY to ₹932 crore

Britannia Ltd reported a 151% YoY jump in consolidated net profit to ₹932 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹4,101 crore during the same period. The net profit included an exceptional gain of ₹359 crore due to a joint venture with Bel SA and the consequent sale of a 49% equity stake in its subsidiary (Britannia Dairy).

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Auto sales data for Jan 2022: Highlights  

Maruti Suzuki India posted a 12% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Jan 2023. Sales of its mini and compact vehicle segment rose 10.2% YoY to 99,286 units. Exports fell 3% YoY to 17,393 units.

Tata Motors Ltd registered an 18% YoY increase in passenger vehicle sales to 48,289 units in Jan. The automaker’s commercial vehicle sales fell 7% YoY to 32,780 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 33,040 units in Jan, an increase of 65% YoY. M&M’s tractor sales rose 28% YoY to 28,926 units. 

TVS Motor Company’s total sales stood at 2.75 lakh units in Jan, up 3% YoY. Meanwhile, Bajaj Auto’s sales fell 21% YoY to 2.85 lakh units.

Read more here.

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Jio-bp to Set Up Charging Network for M&M – Top Indian Market Updates

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

Jio-bp to set up charging network for M&M’s upcoming e-SUVs launches

Jio-bp said it will set up a charging network for Mahindra & Mahindra’s upcoming electric SUV launches. Starting with 16 cities, Jio-bp will install DC fast chargers at M&M’s dealership network and workshops across India. M&M launched its first all-electric SUV, the XUV400, at Mahindra Research Valley in Chennai earlier this month. Jio-bp is a fuels & mobility joint venture between Reliance Industries Ltd (RIL) and UK-based bp.

Sobha achieves highest-ever quarterly sales value in Q2

Sobha Ltd achieved its highest-ever quarterly sales value of ₹1,164 crore during the Sept quarter (Q2 FY23), up 13% YoY. In terms of volume, total sales fell 0.89% YoY to 1.35 million sq. ft. during the same period. Total average price realization improved to ₹8,709 per square feet in Q2, registering a growth of 14% YoY. 

Sobha has launched three new residential projects— two in Bangalore and one in Thiruvananthapuram with a total saleable area of 880,893 sq. ft.

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India to offer 26 blocks for producing oil, gas in mega offshore bid round

The Directorate General of Hydrocarbons said the Indian government will offer 26 blocks or areas for finding and producing oil & gas in a mega offshore bid round. Out of the 26 blocks, 15 areas are in ultra-deepwater, 8 in the shallow sea, and 3 blocks are onland. Around 16 areas for prospecting for coal-bed methane (CBM) are also being offered in a separate round. 

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Power Grid acquires SPV to build transmission project

Power Grid Corporation of India has acquired 100% equity in a special purpose vehicle (SPV) to build an inter-state transmission project for eastern and northeastern regions. The consideration paid for the acquisition was ₹7.04 crore, including 50,000 equity shares and assets & liabilities of the company. The SPV is yet to start commercial operations.

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JSW Neo Energy to develop 126 MW Chhatru hydel project in Himachal Pradesh

JSW Neo Energy (a subsidiary of JSW Energy Ltd) has received a Letter of Intent from the Himachal Pradesh government for developing the 126 megawatts (MW) Chhatru hydro-power plant. JSW Energy has set an ambitious target for a 50% reduction in its carbon footprint by 2030 and to achieve carbon neutrality by 2050. It has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85%.

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Marksans Pharma to acquire Teva’s manufacturing site in Goa

Marksans Pharma has entered into an agreement with Israeli drugmaker Teva to acquire its manufacturing site in Goa on a slump sale basis. The Mumbai-based company has agreed to retain the site employees with existing terms of employment. Marksans Pharma has also entered into a business transfer agreement with Tevapharm India to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations.

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L&T Construction wins order under its water and effluent treatment business

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the Government of Odisha to execute irrigation projects.  The scope of work includes the execution of 23 lift irrigation schemes consisting of intake points spread across Anandapur Left Main Canal, Bidydharpur Barrage, Hadagarh Reservoir, Anandapur Barrage & Kharsua, Kani & Baitarani Rivers. 

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NMDC signs pact with RailTel for ICT and digital solutions

NMDC and RailTel Corporation of India have entered into an agreement covering the information & communications technology (ICT) and digital transformation services of NMDC at its corporate offices and mining complexes. This partnership will focus on the optimal utilization of resources and build mineral accountability. RailTel will provide consultancy, project management, and execution services to enhance NMDC’s efficiency and transparency.

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G M Breweries Q2 Results: Net profit rises 4% YoY to ₹22 crore

G M Breweries Ltd reported a 3.8% YoY (or 40.4% QoQ) increase in net profit to ₹22.69 crore for the quarter ended September (Q2 FY23). The company’s revenue from operations rose 22.35% YoY to ₹141.86 crore during the same period. Total expenses stood at ₹532.60 crore in Q2, up 26.11% YoY. G M Breweries manufactures country liquor (CL) and Indian-made foreign liquor (IMFL).  

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Dr Reddy’s Labs’ plant gets World Economic Forum recognition

The World Economic Forum has recognised Dr. Reddy’s Laboratories Ltd’s largest manufacturing facility in Bachupally, Hyderabad, as part of its Global Lighthouse Network. Lighthouses are factories leading the way in Fourth Industrial Revolution technologies to drive impact in productivity, workforce engagement, sustainability, and supply chain resilience.

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