Tag: tata motors

Categories
Market News Top 10 News

Govt Receives Rs 3,636Cr Dividend from IOCL – Top Indian Market Updates

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

Centre receives ₹3,636Cr dividend from IOCL

According to the secretary of the Department of Investment and Public Asset Management (DIPAM), the Central Government has received ₹3,636 crore from Indian Oil Corporation of India Ltd as a dividend tranche. Additionally, it received received about ₹23 crore from RailTel Corporation of India Ltd. 

Read more here.

IOC corners more than a third of D6 gas in latest Reliance auction

Indian Oil Corporation (IOC) has cornered more than a third of the natural gas that Reliance Industries Ltd and its partner BP offered in the latest auction of the KG-D6 gas. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last week. Reliance and BP last week auctioned 4 mmscmd of gas from the Krishna Godavari basin block starting December 1, 2023.

Read more here.

Jubilant Foodworks to acquire majority stake in DP Eurasia

Jubilant Foodworks Ltd announced plans to acquire an additional 51.1% stake in DP Eurasia NV.  DP Eurasia NV is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia. The acquisition will be carried out through a subsidiary, with a proposed consideration of up to EUR 73.36 million (approximately ₹670 crore).

Read more here.

Tata Motors launches registered vehicle scrapping facility in Punjab

Tata Motors has launched a registered vehicle scrapping facility (RVSF) in Punjab, which will be the company’s fourth such unit. The facility, developed by Tata Motors’ partner Dada Trading Company, can safely disassemble 12,000 end-of-life vehicles annually. The facility, which operates both passenger and commercial vehicles, is part of the company’s commitment to eco-friendly initiatives.

Read more here.

Tata Power Renewable Energy secures 200 MW FDRE project

Tata Power Renewable Energy Ltd (TPREL) secured a 200 MW firm and dispatchable renewable energy (FDRE) project from SJVN Ltd. The project, providing round-the-clock power, aligns with power distribution company’s renewable purchase obligation and energy storage obligation. The financial details of the order haven’t been disclosed yet.

Read more here.

Apollo launches India’s first pediatric health assessment on chronic, lifestyle diseases in children

Apollo Hospitals has launched an industry-first pediatric ProHealth Programme to combat the increasing trend of non-communicable diseases (NCDs) among children and adolescents. The Pediatric ProHealth Programme curates tests to assess the child based on his or her family history and age group and also conducts routine tests. 

Read more here.

PCBL to acquire Aquapharm Chemicals for ₹3,800 crore

Philips Carbon Black (PCBL) approved the acquisition of Aquapharm Chemicals Private Limited for an aggregate of ₹3,800 crore. The proposed transaction shall be financed through a mix of internal accruals and external funds raised by the company and/or its affiliates/associates. The acquisition of ACPL marks the company’s foray into global speciality segments of water treatment chemicals and oil & gas chemicals.

Read more here.

China’s Alipay to sell its 3.4% stake in Zomato for nearly $400 million

According to Reuters, Alipay plans to sell its 3.4% stake in food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. Bank of America and Morgan Stanley are advisers on the deal.

Read more here.

Sale of Aster DM’s GCC business likely to be announced soon

Aster DM Healthcare is on the verge of announcing the sale of its Gulf Cooperation Council (GCC) region business. Fajr Capital, in collaboration with key promoters, is expected to acquire the business in a landmark deal expected to be valued at $1 billion. Aster DM Healthcare has entrusted the task of overseeing the sale of its GCC business to independent directors. This decision is aimed at avoiding any potential conflicts of interest during the sale process.

Read more here.

Amazon signs partnerships with HDFC Securities, TCS and Tech Mahindra 

Amazon Web Services (AWS) has partnered with HDFC Securities, Tata Consultancy Services (TCS) and Tech Mahindra during its annual tech conference, Re: Invent. HDFC Securities Ltd has built its latest trading app, HDFC Sky, on the AWS cloud platform. The TCS partnership includes a generative AI practice with AWS that it hopes will aid businesses in making good on opportunities. Tech Mahindra has partnered with AWS to build a sports cloud platform.

Read more here.

Categories
Market News Top 10 News

Tata Tech to Launch IPO Tomorrow – Top Indian Market Updates

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

Tata Tech to launch ₹3,042Cr IPO tomorrow

The much-awaited initial public offering (IPO) of Tata Technologies (a subsidiary of Tata Motors) will open for subscription tomorrow— Nov 22. The company is planning to raise ₹3,042.51 crore. The price band for the issue has been fixed at Rs 475-500 per share. The issue comprises only an offer-for-sale (OFS) by the promoter and investors. 

Read more here.

KEC International bags new projects worth ₹1,005Cr

KEC International Ltd has secured new projects worth ₹1,005 crore across its various business verticals, including railways and cables. The company has secured projects for transmission, distribution, and cabling in India, the Middle East, Europe, Africa and the Americas.

Read more here.

RIL to invest ₹20,000Cr in West Bengal on 5G, retail, energy

Reliance Jio is set to take the power of 5G to West Bengal even as the telco is on track to conclude the world’s fastest 5G rollout in India by December end. RIL chairman, Mukesh Ambani, said that every home in West Bengal would be converted into smart homes very soon with the rapid rollout of JioFiber (wired broadband) and Jio AirFiber services (the company’s 5G-based fixed wireless access service).

Read more here.

Tata Motors re-enters Thailand with CVs

Tata Motors has appointed Inchcape Plc as its distributor for commercial vehicles in Thailand, re-entering the market after a three-year break. The company stopped selling its pickup trucks and small commercial vehicles in Thailand after it closed its 100% subsidiary in 2020. However, it has been providing support and services to customers there.

Read more here.

TCS makes provision of $125 million in Q3 for Epic Systems penalty 

The US Supreme Court has rejected an appeal by Tata Consultancy Services (TCS) against a $140-million penalty concerning a trade secret lawsuit filed by US-based Epic Systems. The firm will make a provision of $125 million for the same in the third quarter of this financial year ending December 2023.

Read more here.

OneWeb gets approval to launch satcom services in India

Bharti Airtel-backed low earth orbit (LEO) satellite firm OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. Now, the company needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services.

Read more here.

Jindal Power will not bid to take over Go First

Jindal Power Ltd has decided to not follow through with a bid to take over Go First, pushing the insolvent airline closer to liquidation. It is the only company whose expression of interest to take over Go First was accepted by creditors. According to Reuters, Jindal had decided against bidding after evaluating the airline’s financial statements.

Read more here.

Titan Company plans to hire over 3,000 employees in 5 years

The Titan Company is planning to add over 3,000 employees in the next 5 years across the engineering, design, luxury, digital, data analytics, marketing and sales domains. The company is looking for professionals with specialised skills such as data analytics, cyber security, product management, digital marketing and other new-age skills, amongst others. 

Read more here.

DLF buys office space in Gurgaon for ₹81 crore

DLF group’s subsidiary, DLF Building & Services Pvt Ltd has bought about 31,254 sq. ft. of premium office space at Horizon Centre on Golf Course Road in Gurgaon for ₹81 crore. The building is the costliest office space tower in Gurgaon. The space was owned by Madhur Maini and has been leased to WeWork India.

Read more here.

Strides Pharma gets USFDA approval for oral solution to treat seizures

Strides Pharma Science Ltd’s subsidiary, Strides Pharma Global Pte Ltd, Singapore, has received approval from the US Food & Drug Administration (USFDA) for Levetiracetam Oral Solution. It is an oral drug used to treat seizures. The pharma major will manufacture the product at its facility in Bengaluru. According to IQVIA data, the Levetiracetam Oral Solution had a market size of $55 million in the last 12 months.

Read more here.

Categories
Market News Top 10 News

Adani Enterprises’ Net Profit Falls 51% YoY in Q2 – Top Indian Market Updates

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

Adani Enterprises Q2 Results: Net profit falls 51% YoY to ₹228 crore

Adani Enterprises Ltd reported a 51% YoY fall in consolidated net profit to ₹227.82 crore for the quarter ended September (Q2 FY24). Its revenue fell 41% YoY to ₹22,517 crore during the same period. EBITDA stood at ₹2,430 crore, up 30% YoY. The sharp fall in net profit was despite a 2-fold rise in the other income to ₹549 crore.

Read more here.

Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance

Kotak Mahindra Bank Ltd (KMBL) will sell a majority stake in its subsidiary, Kotak Mahindra General Insurance Company, to Zurich Insurance Company. Zurich Insurance will invest around ₹4,051 crore to obtain a 51% stake in Kotak General Insurance. The deal is likely to be completed by June 30, 2024. Zurich Insurance will buy an additional 19% stake within three years from its initial acquisition.

Read more here.

Tata Motors Q2 Results: Net profit at ₹3,764 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,764 crore for the quarter ended September (Q2 FY24). The automaker posted a net loss of ₹945 crore in the same quarter last year (Q2 FY23). Its consolidated revenue grew 32% YoY to ₹1.05 lakh crore in Q2 FY24. EBITDA stood at ₹21,214 crore, up 93% YoY.

Read more here.

Minda Corp partners with Taiwan firm to produce passenger vehicle sunroofs

Minda Corporation Ltd signed an agreement to form a joint venture (JV) with Taiwan-based HSIN Chong Machinery Works to produce sunroofs for passenger vehicles. The JV will offer a full system solution ranging from design and development to manufacture sunroofs for passenger vehicles. With changing consumer preferences for premiumisation, the market for sunroof in India is expected to reach $500-600 million by 2030.

Read more here.

Adani Power Q2 Results: Net profit jumps 800% YoY to ₹6,594 crore

Adani Power Ltd reported an 800% YoY jump in net profit to ₹6,594 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹696 crore a year ago (Q2 FY23). Its revenue from operations increased 84% YoY to ₹12,991 crore in Q2 FY24. Adani Power and its subsidiaries achieved an average plant load factor (PLF) of 58.3% in Q2 FY24, much higher than 39.2% last year.

Read more here.

Tata Motors partners with JLR to develop premium pure electric series Avinya

Tata Motors has partnered with Jaguar Land Rover (JLR) to develop its premium pure electric series Avinya. Tata Passenger Electric Mobility (TPEM) signed an agreement with JLR for licensing JLR’s platform for a royalty fee for developing Avinya series vehicles. The access to JLR’s EMA platform will help accelerate TPEM’s entry into the high-end EV segment while reducing development cycle time and costs.

Read more here.

Dabur Q2 Results: Net profit rises 5% YoY to ₹515 crore

Dabur Ltd reported a 5% YoY increase in net profit to ₹515 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 7% YoY to ₹3,204 crore during the same period. EBITDA stood at ₹777 crore, up 7% YoY. The company’s board declared a dividend of ₹2.75 per equity share.

Read more here.

Adani Green is in talks for $1.8 billion loan

Adani Green Energy Ltd is in talks with a group of foreign lenders to borrow as much as $1.8 billion. The loan proceeds will be used to build new capacity in solar and wind projects. The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc. The transaction hasn’t been finished yet, and the terms could still change.

Read more here.

Vodafone Idea gets ₹2,000 crore from HDFC Bank

HDFC Bank has extended a loan of ₹2,000 crore to Vodafone Idea (Vi) to assist the telco in addressing its pending license fees and fulfilling its 5G spectrum payment commitments. The loan has a tenure of two years. The funds were disbursed in mid-September, just before the deadlines for some of the company’s loan and statutory payment commitments.

Read more here.

Tata Motors to supply 200 electric buses in Srinagar, Jammu for 12 years

Tata Motors will supply and operate 200 electric buses in Srinagar and Jammu for 12 years for Jammu and Srinagar Smart City projects. The company has supplied the first batch of Ultra EV air-conditioned electric buses to Srinagar Smart City Ltd via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a group company. 

Read more here.

Categories
Market News Top 10 News

Manufacturing PMI Slips to 55.5 in October – Top Indian Market Updates

market updates | marketfeed

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

Manufacturing PMI falls to 8-month low of 55.5 in October

India’s manufacturing activity slipped to the lowest level in eight months in October 2023. The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 55.5 in October, compared to 57.5 in September. There was a slower increase in total new orders, production, exports, buying levels and stocks of purchases last month. Hiring activity and business confidence slipped to a five-month low.

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

Read more here.

Sun Pharma Q2 Results: Net profit rises 5% YoY to ₹2,375.5 crore

Sun Pharmaceutical Industries Ltd reported a 5% year-on-year (YoY) increase in consolidated net profit to ₹2,375.5 crore for the quarter ended September (Q2 FY24).. Its revenue from operations rose 11% YoY to ₹12,192 during the same period. EBITDA stood at ₹3,179.3 crore in Q2, up 8% YoY. The pharma company posted an 11% YoY growth in India formulations sales to ₹3,842.5 crore.

Read more here.

Fino Payments Bank likely to apply for SFB license by year-end: MD

Fino Payments Bank is likely to apply for the small finance bank (SFB) license by the end of this year, managing director Rishi Gupta said. The bank has nearly ₹600 crore of net worth while the minimum capital requirement for small finance banks is pegged at ₹200 crore. Reserve Bank of India allows non-corporate payments banks to apply for a small finance bank license after completing five years of business.

Read more here.

JK Tyre Q2 Results: Net profit jumps 401% YoY to ₹248 crore

 JK Tyre and Industries Ltd reported a 401% YoY jump in net profit to ₹248.6 crore for the quarter ended September (Q2 FY24). Its revenue grew 4% YoY to ₹3,905 crore during the same period. EBITDA stood at ₹597 crore in Q2, up from ₹305 crore during the same period last year. The tyre maker also approved an investment of ₹1,025 crore for expanding its manufacturing capacity.

Read more here.

Q2 GDP number will surprise on the upside: RBI Governor

India’s growth momentum remains strong and the second-quarter gross domestic product (GDP) growth number is expected to surprise on the upside, said Reserve Bank of India Governor Shaktikanta Das. The GDP growth figure for the July-September quarter (Q2) will be released on November 30 by the National Statistical Office (NSO). GDP growth rose to a four-quarter high of 7.8% in April-June.

The RBI has projected GDP growth at 6.5% for FY24 and 6.5% for Q2.

Read more here.

Ambuja Cements Q2 Results: Net profit jumps 9-fold YoY to ₹792.96 crore

Ambuja Cements reported a nine-fold YoY jump in consolidated net profit to ₹792.96 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 4.1% YoY to ₹7,423.95 crore during the same period. EBITDA stood at ₹1,302 crore in Q2 FY24, compared to ₹975 crore in Q2 FY23. 

Read more here.

SpiceJet inducts five Boeing 737 aircraft

SpiceJet has inducted five leased Boeing 737s (including three 737 Max aircraft) into its fleet. The introduction of these aircraft will help the airline launch several exciting new flight routes and services. SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft, including Boeing 737 Max, Boeing 700 and Q400s.

Read more here.

Adani Wilmar Q2 Results: Net loss at ₹131 crore

Adani Wilmar reported a net loss of ₹131 crore for the quarter ended September 2023 (Q2 FY24). This included a one-time loss of ₹53.5 crore. The company had posted a net profit of ₹48.76 crore in Q2 FY23. Its revenue from operations fell 13% YoY to ₹12,267.15 crore in Q2 FY24. EBITDA stood at ₹144 crore, down 43% YoY. 

Read more here.

Tata Motors gets PLI certificate in 4-wheeled goods vehicle category

The Automotive Research Association of India (ARAI) awarded Tata Motors with India’s first auto Production-Linked Incentive (PLI) certificate in the N1 category, specifically on four-wheeled goods vehicles. The primary objective of the PLI scheme is to improve efforts in localising production and stimulate exports within the automotive industry.

Read more here.

Auto sales data for October 2022: Highlights  

Maruti Suzuki India posted a 19% year-on-year (YoY) increase in total sales to 1.99 lakh units in October 2022. Sales of its compact vehicle segment fell 3.4% YoY to 98,621 units. Exports rose 7.4% YoY to 21,951 units.

Tata Motors Ltd registered a 6% YoY increase in total sales to 80,825 units in October. The automaker’s commercial vehicle sales rose 4% YoY to 34,317 units. Overall passenger vehicle sales rose 7% YoY to 48,637 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 43,708 units in October, an increase of 35% YoY. M&M’s tractor sales fell 3% YoY to 50,460 units. 

Bajaj Auto posted a 19% YoY increase in total sales to 4.08 lakh units in October. Meanwhile, TVS Motor Company’s total sales stood at 3.44 lakh units in Oct, up 22% YoY.

Read more here.

Categories
Market News Top 10 News

Adani Green Posts 149% YoY Jump in Net Profit in Q2 – Top Indian Market Updates

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

Adani Green Q2 Results: Net profit jumps 149% YoY to ₹372 crore

Adani Green Energy Ltd (AGEL) reported a 149% year-on-year (YoY) jump in net profit to ₹372 crore for the quarter ended September (Q2 FY24). AGEL’s consolidated net revenue rose 40% YoY to ₹2,220 crore during the same period. EBITDA stood at ₹1,699 crore, up 96.2% YoY.

Read more here.

Sun Pharma to market Zydus’ novel anti-CKD drug Desidustat

Sun Pharmaceutical Industries Ltd has entered into a licensing agreement with Zydus Lifesciences to co-market the latter’s drug Desidustat in India. The drug is used to treat anaemia associated with Chronic Kidney Disease (CKD). Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India. Sun Pharma will market the drug under the brand name RYTSTAT.

Read more here.

Marico Q2 Results: Net profit rises 17% YoY to ₹353 crore

Marico Ltd reported a 17% YoY increase in consolidated net profit to ₹353 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined marginally to ₹2,476 crore during the same period. EBITDA stood at ₹497 crore, up 14.7% YoY. The company’s board declared a dividend of ₹3 per equity share.

Read more here.

Tata Motors wins Singur plant arbitration

Tata Motors Ltd secured an arbitral award amounting to ₹765.78 crores and interest as compensation for their investment in the now-defunct Singur plant. The automaker won the arbitrations against the West Bengal Industrial Development Corporation Ltd (WBIDC), the nodal agency of the West Bengal government’s Industry, Commerce & Enterprises Department. The scrapped Singur plant was initially intended for the production of the Tata Nano. 

Read more here.

DLF Q2 Results: Net profit rises 31% YoY to ₹623 crore

DLF Ltd reported a 31% YoY increase in net profit to ₹623 crore for the quarter ended September (Q2 FY24). Its revenue from operations grew 4% YoY to ₹1,348 crore during the same period. EBITDA stood at ₹462 crore, up 6% YoY. Total expenses for the quarter rose marginally to ₹1,012 crore.

Read more here.

No payments pending for Russian oil imports: BPCL

According to Bharat Petroleum Corp’s (BPCL) head of finance, Ramakrishna Gupta, said the company has cleared all payments for Russian oil purchases. The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan. He also added that BPCL was processing Russian oil at the maximum “potential level” at its three plants, averaging about 30-40% of overall crude intake.

Read more here.

TVS Motor Q2 Results: Net profit rises 32% YoY to ₹537 crore

TVS Motor Company reported a 32% YoY increase in net profit to ₹536.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 13% YoY to ₹8,145 crore during the same period. EBITDA stood at ₹900 crore, up 22% YoY. The overall two-wheeler and three-wheeler sales (including exports) grew by 5% YoY to 10.74 lakh units in Q2.

Read more here.

DGGI probes GCPL’s acquisition of Raymond’s consumer goods business

The Directorate General of GST Intelligence (DGGI) is probing Godrej Consumer Products Ltd’s (GCPL)  acquisition of Raymond’s consumer goods business. GST authorities have asked Raymond Consumer Care Ltd (RCCL) to explain why GST should not be levied on the transaction amount. GCPL acquired the FMCG business, along with the Park Avenue, KS, KamaSutra and Premium trademarks, through a slump sale in April 2023 for ₹2,825 crore.

Read more here.

AU Small Finance Bank to acquire Fincare Small Finance Bank 

AU Small Finance Bank (SFB) is all set to acquire Fincare Small Finance Bank in an all-share deal and merge it with itself, subject to regulatory approvals. As per the agreement between the two, shareholders of Fincare SFB shall receive 579 equity shares of AU SFB for every 2,000 shares held. The merger would be effective from February 1, 2024.

Read more here.

Sri Lankan government renews Lanka IOC’s petroleum licence for 20 years

The Sri Lankan government has renewed the petroleum products licence granted to Lanka IOC for another 20 years. Lanka IOC is a subsidiary of Indian Oil Corporation Ltd (IOCL). The licence originally issued in 2003 was to expire in January 2024. The renewed license will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

Read more here.

Macrotech Developers to launch housing projects worth ₹12,000Cr by March

Macrotech Developers Ltd (Lodha) plans to launch housing projects worth ₹12,000 crore by March 2024 to tap strong consumer demand for quality homes from branded players. The company also said it would easily achieve the ₹14,500 crore sales booking target fixed for the current financial year as against ₹12,070 crore in the previous year. Lodha has already achieved sales bookings of ₹6,890 crore during the first six months of FY24.

Read more here.

Categories
Daily Market Feed Post Market Analysis

Bank Nifty Falls Sharply! What Next? – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day at 19,654 with a gap-down of 140 points (near the 19,650 support levels, which also coincides with the 38% Fibonacci retracement levels). It moved up 100 points and then gave a 70-point fall. After some consolidation, the index rallied nearly 140 points to 19,800 levels and took rejection there. Nifty closed at 19,751, down by 42 points or 0.22%.

Nifty chart October 13 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 44,322 with a gap-down of 276 points. The index consolidated near 44,200 levels and then tried moving up gradually. But at 2 PM, the index gave a strong breakout of the day’s high and moved up to 44,550 levels. Then, BNF fell sharply by 360 points to close near the day’s low. BNF closed at 44,287, down by 311 points or 0.7%.

Bank Nifty chart October 13 - post-market analysis | marketfeed

All indices except Nifty Auto (+0.8%), Nifty Realty (+0.43%), Nifty Pharma (+0.3%), and Nifty FMCG (+0.3%) closed in the red. Nifty PSU Bank (-1.39%) fell the most.

Major Asian markets closed in the red. European markets are currently trading up to 0.9% in the red.

Today’s Moves

Tata Motors (+4.7%) was NIFTY50’s top gainer. The shares hit a fresh 52-week high of ₹669 as investors cheered Jaguar Land Rover’s highest-ever sales performance in H1FY24.

Midcap telecom stock ITI Limited (+19.98%) hit a new 52-week high of ₹271.1 amid high volumes.

Ircon International (+10.23%) surged after the Department of Public Enterprise granted ‘Navratna’ status to the company.

Axis Bank (-2.4%) was NIFTY50’s top loser. UBS has downgraded the stock to ‘Neutral’.

Infosys (-2.34%) fell over 4.4% as several leading brokerages did not support the company’s decision to reduce its revenue guidance for the third consecutive quarter.

Markets Ahead

The Indian markets were dragged by banking and IT stocks today, and inflation concerns in the U.S. also weighed on investor sentiment. While Nifty was trying to move higher, Bank Nifty faced strong selling pressure and is currently at a crucial support zone. If Bank Nifty moves further down, it can pull down Nifty as well.

On a weekly time frame, Nifty has crossed the hammer high from last week’s candle. However, Bank Nifty is looking weak and moving in a zone.

Nifty: The immediate support for the index is near 19,720 levels and there’s a major support near 19,640 levels. A breakdown from 19,720 may give us targets of 19,680, 19,640, and 19,600 eventually. A major resistance to watch out for is near 19,800 levels. A breakout from there could take the index up to 19,840 and 19,880 (gap-filling levels).

Bank Nifty: The immediate support to watch out for is near 44,200 levels. A breakdown from there might take the index down to 44,000 and 43,850 levels. BNF has an immediate resistance near 44,350 levels, and a breakout can be slowed up to 44,500 and 44,750 levels.

How did this week go? Are you in net profit or loss? Let us know in the comments section below!

Please tune in to The Stock Market Show at 7 PM on our YouTube channel.

Categories
Market News Top 10 News

Maruti Suzuki Plans Capex of Rs 1.25 Lakh Cr Till FY31 – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

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

Maruti Suzuki plans total capex of ₹1.25 lakh crore till 2030-31

Maruti Suzuki India is planning capital expenditure (capex) of up to Rs 1.25 lakh crore until 2030-31. The company’s strategy involves expanding its current product lineup from 17 models to 28 while increasing its production capacity. The automaker aims to have a total production capacity of 40 lakh units annually by 2030-31.

Read more here.

Prepared with business continuity plan for Haifa port: Adani Ports

Adani Ports & Special Economic Zone Ltd (APSEZ) said it is closely monitoring the conflict concentrated in south Israel, whereas its Haifa Port is situated in the north. The overall contribution of Haifa in APSEZ’s numbers is relatively small at 3% of the total cargo volume. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” APSEZ’s spokesperson said in a statement.

Read more here.

Inox Green Energy to divest 100% stake in Gujarat wind farm

Inox Green Energy Services (IGESL) has signed a term sheet to sell its 100% stake in Nani Virani Wind Energy Pvt Ltd (NVWEPL) as part of a strategy to become debt-free. NVWEPL owns a 50MW operational wind farm in Gujarat. The wind farm was commissioned in May this year.

Read more here.

ITC Hotels brand ‘Storii’ to set up presence in West Bengal

ITC Hotels announced the signing of its first ‘Storii’ property in Kolkata, West Bengal. The property will be located near the metropolis and is expected to open in early 2024. It will have 30 keys/rooms. ITC Hotels has three ‘Storii’ properties present in Goa and Dharamshala.

Read more here.

Magenta Mobility partners with Tata Motors to deploy EVs

Magenta Mobility has signed a Memorandum of Understanding (MoU) with Tata Motors to deploy 500 Ace EVs for last-mile delivery services. With Tata Motors, Magenta aims to drive sustainability in intra-city logistics in India by reducing the carbon footprint in the last-mile and mid-mile freight segment. 

Read more here.

Paytm introduces guest checkout solution

Paytm Payments Services Ltd (PPSL) has introduced an Alternate ID (ALT ID)-based Guest Checkout solution for merchants, enhancing cardholder safety and streamlining transactions.  With this solution, customers can make purchases as guests without storing sensitive card information on e-commerce/merchant websites. PPSL is a wholly-owned subsidiary of One97 Communications Ltd (which operates Paytm). 

Read more here.

SC to hear Jet Airways lenders’ plea against JKC on Oct 12

The Supreme Court (SC) indicated it would hear the plea by grounded airline Jet Airways’ lenders on October 12. The lenders are challenging the National Company Law Appellate Tribunal’s (NCLAT) order granting Jalan Kalrock Consortium (JKC) more time to make payments to them. JKC is the successful bidder for Jet Airways.

Read more here.

Premium collection falls for life insurers in August

Premiums in the life insurance sector witnessed a drop of 13% year-on-year (YoY) to ₹30,716 crore in September 2023. Life Insurance Corporation’s (LIC) premium collection in September dropped by 27% YoY. The life insurer’s premium collection fell 25% YoY in the first half of FY24. LIC has lost 9.7% market share in the first six months of FY24 over last year.

Read more here.

Fitch upgrades Tata Steel rating to ‘BBB-‘

Tata Steel Ltd’s (TSL) long-term issuer default rating was upgraded to investment grade by Fitch Ratings with a stable outlook, following less uncertainty and financial risk from its UK operations. Fitch Ratings upgraded the issuer default rating from BB+ to BBB -. It also raised the rating on Tata’s $1 billion notes due July 2024 issued by unit ABJA Investment Co. to BBB- from BB+. 

Read more here.

Cipla stake sale plan faces hurdle as promoters differ on valuation: Report

According to an ET report, the stake sale plan of Cipla Ltd has come across a hurdle as the promoters are reportedly not aligned with the common valuation. Differences among founders may lead to a delay in the deal until a common consensus is reached over the valuation. Cipla’s promoter group currently controls around 33% of the company’s shares. Reports have said that the family members could sell some or all of their stakes in Cipla.

Read more here.

Categories
Market News Top 10 News

Bajaj Finance to Raise Rs 10,000Cr Via QIP, Preferential Issue – Top Indian Market Updates

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

Bajaj Finance approves ₹10,000 crore fundraise via QIP, preferential issue

Bajaj Finance Ltd’s board has approved a fundraise of up to ₹8,800 crore via a Qualified Institutional Placement (QIP). It has also approved raising up to ₹1,200 crore through a preferential issue of up to 15.5 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv (its promoter company). Post conversion of the preferential warrants into equity, Bajaj FInserv’s share in Bajaj Finance will rise from 52.45% to 52.57%. 

Read more here.

Tata Motors to upskill 50% of employees with new-age auto tech

Tata Motors plans to equip over 50% of its overall workforce with new-age auto tech capabilities within five years. This is part of the automaker’s strategy to develop skilled and future-ready staff focused on electric vehicles (EVs) and other emerging technologies in the auto industry. The company has specially curated training modules to address the requisite developmental needs of shopfloor technicians and line engineers.

Read more here.

NHPC’s Teesta V plant shut after flash flood in Sikkim

NHPC Ltd shut down all units of its 510 megawatt (MW) Teesta V power plant after the flash flood in the Teesta River in Sikkim. A 500 MW project (Teesta VI) under construction has also been affected. Detailed assessment of losses and damages suffered will be carried out after the water level recedes, which may take 4-5 days.

Read more here.

TCS secures order from Georgia state government

The Georgia Department of Labor (GDOL) has selected Tata Consultancy Services (TCS) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process. TCS’ latest order win comes after the tech giant already secured multiple orders across sectors in September.

Read more here.

Manappuram Finance’s arm files ₹1,500 crore IPO papers with SEBI

Asirvad Micro Finance (AMF), a subsidiary of listed NBFC Manappuram Finance, filed a Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise ₹1,500 crore through an initial public offering (IPO). The public issue is purely a fresh issue of equity shares with no offer-for-sale (OFS) component. AMF has a presence across 22 states and 4 UTs through a network of 1,684 branches as of FY23.

Read more here.

Hindalco to sign pact with Odisha Mining Corporation for long-term supply of Bauxite ore

Hindalco Industries Ltd will enter into a pact with the Odisha Mining Corporation for long-term supply of Bauxite ore. The company plans to secure Bauxite ore for its proposed 2-million tonnes alumina refinery and 150-MW captive power plant at Kansariguda, Rayagada district, in Odisha.

Read more here.

JLR retail sales rise 21% YoY in Q2

Jaguar Land Rover’s (JLR) retail sales rose 21% year-on-year (YoY) to 106,561 units for the quarter ended September (Q2 FY24). The company had posted retail sales of 88,121 units in Q2 FY23. JLR’s wholesale volumes stood at 96,817 units, up 29% YoY. Wholesale volumes for the first half of FY24 were 1.90 lakh, up 29% YoY. 

Read more here.

Future Consumer defaults on ₹370 crore payment

Future Consumer Ltd (FCL) has defaulted on the payment of ₹369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter (Q2 FY24). The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is ₹115.64 crore for Q2. FCL’s total liabilities stand at ₹468.12 crore, including short-term and long-term debts. 

Read more here.

Categories
Market News Top 10 News

Tata Motors to Hike CV Prices by 3% in Oct – Top Indian Market Updates

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

Tata Motors to hike commercial vehicles prices by 3% in Oct

Tata Motors will raise the prices of its commercial vehicles (CVs) by up to 3%, its third hike in 2023, to offset the residual impact of past input costs. The price hike, effective Oct. 1, will be applicable across its range of CVs. The automaker previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms.

Read more here.

SBI launches digital opening of NRE/NRO account setup via YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or ‘new to bank’ customers, providing them with ease and efficiency in the account opening process.

Read more here.

Petromin Corporation signs 3 agreements with HPCL to invest $700 million

Petromin Corporation KSA will invest $700 million in partnership with Hindustan Petroleum Corporation Ltd (HPCL) in three strategic areas. It will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Petromin will also invest around $100 million to install and operate up to 5,000 electric vehicle charging units at HPCL-operated stations throughout India.

Read more here.

NTPC mining arm to explore battery minerals overseas

According to a Reuters report, NTPC’s mining arm will explore overseas sourcing of battery minerals such as lithium, cobalt and nickel. India has been pursuing pacts with other countries to secure key minerals in resource-rich countries such as Australia, Argentina and Chile. The country aims to be a net zero emitter of greenhouse gases by 2070.

Read more here.

Torrent Pharma looks to partner with CVC Capital to fund Cipla purchase

Torrent Pharmaceuticals Ltd is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-$1.5 billion. The fundraise is for its proposed acquisition of Cipla. Torrent is also engaged with Brookfield to raise $1-1.2 billion in mezzanine debt. The company’s founders, the Sudhir and Samir Mehta family, are seeking to dilute equity and create a non-disposable undertaking (NDU) using their shares as collateral for loans.

Read more here.

India’s net direct tax collections rise over 23% to ₹8.65 lakh crore

According to the Income Tax department, India’s net direct tax collections grew 23.51% to ₹8,65,117 crore till September 16, 2023, in the current financial year (FY24). The provisional figures show net collection figure for the corresponding period in FY23 was ₹7,00,416 crore. This surge can be attributed to a balanced mix of Corporation Tax (CIT) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

Read more here.

India’s trade deficit widens to $24.16 billion in August

India’s trade deficit in August 2023 surged 17% month-on-month to $24.16 billion. The trade deficit in July stood at $20.67 billion. This rise can be attributed to an 11% increase in goods imports, whereas exports only experienced a modest 6.9% growth during the same period. [Trade deficit is the difference that arises when the amount of imports by a country exceeds its exports.] 

Read more here.

VA Tech WABAG signs pact with Al Jomaih Energy and Water

VA Tech WABAG Ltd signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East. The companies examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.

Read more here.

Sona BLW Precision concerns over auto workers’ strike in US

Sona BLW Precision Forgings Ltd informed of a strike at the plants of three of its key clients in the United States. United Auto Workers (UAW) in the US went on strike at some of the plants of three original equipment manufacturers (OEMs) on September 15, 2023. The company added that it supplies to these three OEMs in the US, directly or indirectly.

Read more here.

HFCL secures ₹1,015 crore order from Madhya Pradesh govt

HFCL secured a ₹1,015 crore order from the Madhya Pradesh Jal Nigam for providing engineering, procurement and construction (EPC) services. The order involves a provision for laying optical fibre cables on critical routes and execution of a multi-village drinking water supply network in the Sheopur district of the state. The project will be executed by the company in 24 months in collaboration with Khilari Infrastructure Pvt. Ltd.

Read more here. 

Categories
Market News Top 10 News

WPI Inflation Rises to -0.52% in August – Top Indian Market Updates

market updates | marketfeed

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

WPI inflation rises to -0.52% in August

India’s wholesale inflation remained in the negative territory for the fifth month in a row in August. The wholesale price index (WPI)-based inflation increased slightly to -0.52% in August, compared to -1.36% in July. This continued decline in wholesale prices can be attributed to the comparison with a higher base period. It is also mainly due to a fall in prices of mineral oils, basic metals, chemicals, textiles, and food products compared to the same month last year

Read more here.

Oil India to invest ₹25,000 crore for net zero by 2040

Oil India Ltd plans to invest ₹25,000 crore in clean energy projects that will help it achieve a net zero carbon emission goal by 2040. The company’s net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas. It also consists of setting up renewable electricity generation capacity, building green hydrogen plants, and constructing biogas & ethanol plants.

Read more here.

Tata Motors to set up separate sales network for EVs

Tata Motors is planning to create a distinct sales network for its electric passenger vehicles (EVs) in the current financial year (FY24). The move aims to offer a specialised experience to customers opting for eco-friendly models. Tata Motors recently unveiled updated versions of its Nexon EV and Nexon with an internal combustion engine.

Read more here.

Maruti Suzuki partners with Indian Bank to provide financing solutions

Maruti Suzuki India Ltd has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements.

Read more here.

DGCA raises concerns with P&W about issues in IndiGo plane engines

Following engine failure incidents with IndiGo aircraft, the Directorate General of Civil Aviation (DGCA) has asked Pratt & Whitney (P&W) to issue a service bulletin in the next 60 days with the fleet management action plan. IndiGo’s fleet of A320 planes is powered by P&W engines. A total of 11 engines were impacted due to the high-pressure turbine (HPT) hub issues, which were flagged by the engine maker in July.

Read more here.

Hamleys opens first store in Italy

Reliance Brands-owned Hamleys has opened its first exclusive retail store in Italy, in collaboration with franchisee GIOCHI PREZIOSI S.P.A (GP). GP holds the exclusive rights to operate Hamleys outlets throughout Italy. In 2019, Reliance Brands (a subsidiary of Reliance Industries) acquired the British toy retailer for approx. ₹620 crore then.

Read more here.

Paper industry revenue may dip 8-10% in FY24: Crisil

As per rating agency Crisil, Indian paper manufacturers’ revenue may decline 8-10% in FY24 despite gains in volume, as the average realisations are likely to soften on lower raw material prices and intense competition. The industry’s total volume is expected to rise 5-7% in FY24, similar to the last financial year. The operating margin will remain healthy at 18-19%, ensuring a stable cash flow generation.

Read more here.

Axis Finance approaches NCLAT against NCLT approval of Zee-Sony merger

Axis Finance has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) approval of the Zee-Sony merger. This comes just over a month after the NCLT’s Mumbai bench approved the merger on August 10 by dismissing all applications against it.

Read more here.

India’s air traffic rose 22% in August

According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 124.23 lakh passengers in August, a rise of 22.8% compared to July. IndiGo continued to hold the largest market share at 63.3%, followed by Air India and Vistara with a 9.8% share each. 

Read more here.

Categories
Market News Top 10 News

JFSL Shares Hit Lower Circuit on Listing Day – Top Indian Market Updates

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

Jio Financial Services shares hit 5% lower circuit on listing day

Jio Financial Services Ltd. closed at a 5% lower circuit at ₹248.50 per share after a muted listing on the Indian exchanges. The shares were listed at ₹262 per share on the National Stock Exchange over the discovered price of ₹261.85. On the BSE, the stock listed at ₹265 over the derived price of Rs 251. This is against the expectation of a listing premium widely expected by market analysts.

Read more here.

Wockhardt shareholders reject proposal to raise ₹1,600 crore from promotor

Shareholders of Wockhardt have rejected a proposal to raise ₹1,600 crore from a promoter entity. The board of the Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings & Investments Pvt Ltd (KHIPL) to raise up to ₹1,600 crore for five years. KHIPL is an RBI-registered non-banking financial company.

Read more here.

Tata Technologies joins AUTOSAR as premium partner

Tata Technologies has joined AUTOSAR, a worldwide development partnership of car manufacturers, suppliers, and other firms, as a premium partner. AUTOSAR aims to standardise the software architecture of vehicle electronic control units (ECUs) to improve the overall efficiency of automotive system software development and integration.

Read more here.

TPREL to supply 9 MW green energy to Tata Motors plant

Tata Power Renewable Energy Ltd (TPREL) will supply 9 megawatts (MW) of green energy to Tata Motors’ plant in Pantnagar as part of an agreement. The project will be commissioned within six months from the PPA execution date. It will utilise rooftop and ground-mounted units for installation. It is estimated to make a carbon emission reduction of 25 tonnes annually.

Read more here.

Alembic, Aurobindo Pharma recall drugs in US market

According to the US Food & Drug Administration (USFDA), Alembic Pharmaceuticals and Aurobindo Pharma are recalling different products in the US market due to manufacturing lapses. The US-based subsidiary of Alembic Pharma is recalling 82,400 bottles of Tobramycin Ophthalmic Solution (used to treat bacterial infections of the eye). Aurobindo Pharma’s US arm is recalling 48 bottles of Rufinamide Tablets (used to treat seizure disorders).

Read more here.

Telecom sector AGR up 2.53% QoQ in Q4: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), the telecom industry recorded a 2.53% sequential growth in adjusted gross revenue (AGR) in the fourth quarter of FY23. Reliance Jio’s quarterly AGR (or revenue from licensed services) grew 1.7% sequentially to ₹22,985 crore in Q4, while Bharti Airtel’s rose 1.15% quarter-on-quarter (QoQ) to ₹18,500 crore. Vi’s AGR fell 1.61% QoQ to ₹7,210.63 crore in Q4.

Read more here.

Indian Oil Corp begins digitalisation drive

Indian Oil Corporation Ltd (IOCL) has embarked on a major data-driven digitalisation drive to optimise its crude purchase, refinery operations and financial management, which has helped boost its efficiency and revenues. IOCL generates data daily from its refineries, pipelines, petrol pumps, aviation fuel stations, natural gas networks and petrochemical operations.

Read more here.

Vipul Organics enters into paper segment

Specialty chemicals maker Vipul Organics has entered into the paper segment with products like colourants, dispersions and dyes. The company is in the process of setting up a paper lab that will be fully functional shortly. It has already launched products under two categories in the segment. One range of pigment dispersions is developed exclusively for paper application, while the other one is ‘direct dyes’ for paper coating application.

Read more here.

Tanla Platforms ends pact with Vodafone Idea

Tanla Platforms has decided to discontinue its agreement with Vodafone Idea. The company had entered into a term sheet with Vodafone Idea for the provision of platform and firewall services for international A2P (application-to-person messaging) services in November 2021, which was valid for 2 years. The ending of the partnership would have a revenue impact of ₹17 crore and a net profit impact of ₹9 crore on a full-quarter basis after November 2023.

Read more here.

Inox Green Energy secures ₹40 crore order from NLC India

I-Fox Windtechnik India Pvt Ltd (a subsidiary of Inox Green Energy) has secured an order from NLC India for the Operation and Maintenance (O&M) of 51MW wind turbine generators located in Tamil Nadu. The scope of the contract comprises comprehensive O&M (including a power evacuation system) for 5 years with a revenue realisation of ₹40 crore (inclusive of taxes) during the contract period.

Read more here.

Categories
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!