Sensex ended the day with the gain of 378 points to 80,802 and Nifty zoomed 126 points to 24,698 in trade on Tuesday (August 20, 2024) amid rally in IT and bank stock. Nifty Bank surged 434 points to 50,803 and Nifty Midcap rose 486 points to 58,247 on August 20. Mazagon Dock Shipbuilders Ltd shares witnessed decline of 8% in trade today to 4345.45 per share on BSE. Mazagon Dock shares fell over 10% in last 1-week. Meanwhile, shares of Angel One gained over 10% in trade today to Rs 2600 on BSE.
Board of Directors of Vedanta Subsidiary Hindustan Zinc Ltd (HZL) today considered and approved the second interim dividend of Rs 19/- per equity share i.e. 950% on the face value of Rs 2/- per equity share for the financial year 2024-25. Current market price of Hindustan Zinc shares on BSE is Rs 509.90 per share with gain of 2.85% on BSE.
Earlier, the benchmark indices opened higher tracking strong global cues. Nifty opened near 24,650 level at 24,648.90 while Sensex added near 300 pts to open at 80,722.54. All sectors were in green with Oil & Gas, pharma and IT sector were the most gainers. In the Nifty pack, the top 5 gainers were BPCL, Hero Motocorp, Eicher Motors, IndusInd Bank and UltraTech Cement while the top 5 losers were ONGC, Bharti Airtel, HCL Tech, JSW Steel and Tata Steel.
As the index stays contained, the market perspective has changed from optimistic to sideways, the Nifty50 index showed hesitancy among the counterparties by staying within a small range of about 110 points.
Notwithstanding the hustles, the Nifty index started the week slightly higher, rising by 0.13 per cent to close over 24570. As Wall Street benchmark indices continued to rise overnight, Asian equities were trading higher on the global market. In the absence of domestic cues, it is crucial to be aware of global trends since they may impact future market circumstances. The market's immediate upward hurdle for the Nifty is between 24650 and 24700, which comes before the rate cut at the FOMC meeting in September.
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Aug 20, 2024, 3:20 pm IST
Yotuh Energy Secures Rs 1.53 Crore in Funding Led by Campus Angels Network
Chennai, India – August 20, 2024 – Yotuh Energy Private Limited, an innovative clean tech startup specializing in electrifying vehicle refrigeration systems for mid-mile and last-mile cold chain logistics, incubated at IIT Madras Incubation Cell, has successfully closed a Rs 1.53 Crore funding round led by Campus Angels Network.
Yotuh Energy, founded in 2022 by IIT Delhi alumni Vivek Mahindrakar, Shaivee Malik, and Dharmik Bapodara, originated from their formula racing team with a vision to build sustainable technologies in India. The company has received grants and awards from the Ministry of Agriculture, DST, MeitY, Acumen, ACIR (US Embassy to India), IIT Madras Incubation Cell, and Daimler India Commercial Vehicles.
Aug 20, 2024, 3:03 pm IST
Granules India Gets USFDA Nod For Generic Glycopyrrolate Oral Solution
Drugmaker Granules India on Tuesday said its arm Granules Pharmaceuticals Inc has received approval from the US health regulator for a generic Glycopyrrolate oral solution indicated for pediatric patients having neurological conditions associated with drooling, according to a PTI report. The approval by the US Food and Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) for Glycopyrrolate Oral Solution of strength 1mg/5mL, Granules India said in a statement.
It is bioequivalent and therapeutically equivalent to the reference listed drug, Cuvposa Oral Solution, 1 mg/5 mL of Merz Pharmaceuticals, LLC, it added. Glycopyrrolate Oral Solution is an anticholinergic medication indicated for pediatric patients aged three to 16 years who have neurological conditions associated with drooling problems, it added.
Aug 20, 2024, 2:30 pm IST
IDBI Bank Hikes Interest Rates On Limited Period Utsav Fixed Deposit Schemes
IDBI Bank announces higher interest rates for a limited time period Utsav Fixed Deposit scheme. With a maximum rate of 7.85% and 7.75% annually, the bank has raised the interest rates on special tenures of 444 days and 375 days. With this update, customers looking for higher interest rates will find the Utsav Fixed Deposit to be an even more appealing alternative.
In addition, IDBI Bank's Utsav Fixed Deposit plan still offers reasonable rates on many kinds of specific tenures. The 300-day tenure provides 7.55% p.a., while the 700-day tenure delivers a top rate of 7.70% p.a. The interest rate change is a reflection of IDBI Bank's dedication to providing customers with alluring investment solutions that satisfy their financial demands. This exclusive offer is only available till September 30, 2024. Customers may easily open a Utsav Fixed Deposit at any IDBI Bank branch, online, or through the Bank's mobile banking app.
Aug 20, 2024, 1:49 pm IST
1:10 Stock Split Soon: Hazoor Multi Projects Shares In Green On Winning Rs 274 Cr Project Bid
Hazoor Multi Projects Limited recently made headlines by securing a major contract, valued at Rs 273.74 crore plus applicable GST, from the Maharashtra State Infrastructure Development Corporation (MSIDC). The project involves the widening and improvement of the Paldhi Amalner Dondaicha Nandurbar Dhanora to Gujarat State Border Road (SH-6) on an Engineering, Procurement, and Construction (EPC) basis. This contract, which has no related party transactions or conflicts of interest, is a significant achievement for the Mumbai-based construction firm and is set to be executed over the next 2.5 years.
Aug 20, 2024, 1:29 pm IST
Hindustan Zinc Ltd Recommends Interim Dividend, Shares In Green
Board of Directors of Vedanta Subsidiary Hindustan Zinc Ltd (HZL) today considered and approved the second interim dividend of Rs 19/- per equity share i.e. 950% on the face value of Rs 2/- per equity share for the financial year 2024-25. Current market price of Hindustan Zinc shares on BSE is Rs 509.90 per share with gain of 2.85% on BSE. Hindustan Zinc shares witnessed a correction of 12.47% in last 1-week after Vedanta sold 63.6 million shares of HZL in 2-day OFS that ended on August 19. Earlier, Vedanta sought to raise approximately Rs 6,500 crore by divesting stake of 3.17%. Hindustan Zinc has a market capitalisation of Rs 2,16,653.23 crore. Vedanta Ltd. owns 64.92% stake in Hindustan Zinc.
Hindustan Zinc Ltd Approves Interim Dividend: According to the BSE filing of Hindustan Zinc Ltd issued as on August 20, “we wish to inform you that the Board of Directors of Hindustan Zinc Limited (“the Company”), at its meeting held today i.e. Tuesday, August 20, 2024, has considered and approved the Second Interim Dividend of Rs. 19/- per equity share i.e. 950% on face value of Rs. 2/- per equity share for the Financial Year 2024-25 amounting to Rs. 8028.11 Crores.”
Aug 20, 2024, 1:06 pm IST
Hi-Tech Pipes Hit 52W-High On Securing Rs.105 Cr Order & Rs. 600 Cr Fundraising Deals
On Tuesday, the shares of Hi-Tech Pipes opened higher at Rs 185.25 and triggered a buying trend in the shares which caused the stock to mark a fresh 52-week-high of Rs 192.75 in the morning deals. The buying activity was seen in the stock after the company announced 2 major business growth deals.
On Monday, Hi-Tech Pipes Ltd. announced the successful acquisition of orders totalling Rs. 105 (GST included) crores from significant clients in the renewable energy industry for the delivery of ERW steel pipes. Over the course of the following three months, the orders will be fulfilled from its brand-new, cutting-edge production plant in Sanand Unit II Phase I. With its state-of-the-art equipment and productive manufacturing methods, this new plant is prepared to supply premium steel pipes that satisfy the exacting requirements of the renewable energy industry.
Aug 20, 2024, 12:22 pm IST
Saraswati Saree Depot Shares Rally 25% In Debut Trade
Shares of Saraswati Saree Depot Ltd on Tuesday listed at a premium of 25 per cent against the issue price of Rs 160. The stock made its debut at Rs 200, registering a jump of 25% from the issue price on the BSE. It later zoomed 31.21 per cent to Rs 209.95. At the NSE, shares of of the firm listed at Rs 194, up 21.25 per cent. The company's market valuation stood at Rs 831.40 crore. The initial public offer of Saraswati Saree Depot, a key player in the saree wholesale segment, got subscribed a whopping 107.39 times on the last day of subscription on Wednesday, according to a PTI report.
The Rs 160-crore initial share sale had price range for the offer at Rs 152-160 per share. The company proposes to utilise the net proceeds from the fresh issue towards funding working capital requirements and general corporate purposes. The Kolhapur-based company, whose origin in the sarees business dates back to the year 1966, is also engaged in the wholesale business of women's apparel such as kurtis, dress materials, blouse pieces, lehengas, and bottoms.
Aug 20, 2024, 12:20 pm IST
IndusInd Bank Gets RBI Approval To Setup A Wholly Owned Subsidiary For MF Business
The shares of IndusInd Bank saw a positive opening on Tuesday at Rs 1360.05 per share. Following the bank's announcement that it will be establishing a wholly-owned subsidiary to handle mutual fund asset management, the shares rose to an intraday high of Rs 1371.75.
"This is to inform that the Reserve Bank of India vide letter dated August 19, 2024, has accorded its approval to the Bank for setting up a wholly owned subsidiary to undertake asset management business of Mutual Fund along with infusing equity capital in the said asset management subsidiary, subject to the additional conditions as set out in the said letter," said IndusInd Bank in a stock exchange filing on Monday.
Aug 20, 2024, 12:11 pm IST
Silver Prices India, Aug 20: Silver Prices Jump
Silver price in India today registered rally. 1kg silver prices today rallied by Rs 1100 to Rs 87,000. 100 grams silver price today in India soared by Rs 110 to Rs 8,700. Cost of 1 gram silver is Rs 87 in India today.
Aug 20, 2024, 12:10 pm IST
Gold Price India, Aug 20: Gold Prices Fall
Gold price in India today witnessed decline after staying steady yesterday as traders continue to look for more cues from US Federal Reserve’s upcoming meeting in September and latest developments in Middle East. 22k gold price today slipped by Rs 100 to settle at Rs 66,600/10 grams and 100 grams of 22 carat yellow metal prices today fell by Rs 1000 to Rs 6,66,000 on August 20, 2024. Cost of 1 gram gold is Rs 6660 and price of 1 gram of 24k gold is Rs 7265
Aug 20, 2024, 12:01 pm IST
evfin Partners With River Mobility Private Ltd.
Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., under its 100% ev-focused lending platform evfin, announced its partnership with River Mobility Private Ltd., a Bengaluru-based startup building stylish, multi-utility electric scooters. This collaboration aims at providing River customers across the nation with access to evfin's competitive financing options, including low-interest loans and leases, making River vehicle ownership more accessible than ever before. With a commitment to revolutionise the electric vehicle ownership experience, evfin will offer River customers a loan starting at a competitive interest rate of just 5.99%*. This collaboration ensures that River products become more accessible, catering to a broader audience of potential EV owners.
Aug 20, 2024, 11:22 am IST
TCS Pace Studio Launches In Stockholm, Expands Innovation In The Nordic Region
Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, launched the latest TCS Pace Studio in Stockholm, Sweden to offer its customers in the Nordic region exclusive access to its innovation ecosystem. The state-of-the-art innovation hub and research center will enable enterprises to explore the latest advancements in technology and deploy them at scale to accelerate their digital transformation journeys. The TCS Pace Studio Stockholm is located in the Epicenter House of Innovation, a hub for over 600 technology companies and entrepreneurs. This location allows TCS to engage with the business problems and goals of the local environment. TCS Pace Studios are tailored for growth markets with vibrant innovation ecosystems.
Aug 20, 2024, 11:11 am IST
India Gold Rates Decline Slightly on August 20th
Gold prices in India experienced a modest decline in value across all varieties today. The benchmark 24-carat gold is currently trading at Rs. 72,650/- per 10 grams, marking a 0.1% decrease from yesterday's prices.
Aug 20, 2024, 10:48 am IST
Trade Setup On Tuesday: Sensex, Nifty Outlook As Q1 Earnings Season Overs; What Will Drive Market?
Indian stock market is likely to be influenced by global trends as the Q1 earnings season is over. Global stocks trended higher overnight as the dollar slid down with MSCI's broadest index of world stocks climbing by 1%. In India, the larger prospect of the market is positive however fresh rallies are expected only after the dismissal of 24,650 and 80,725 in Nifty and Sensex. The key major event is the Jackson Hole Economic Policy Symposium.
Coforge Collaborates With Salesforce to Launch Innovative Sustainability Solution
Coforge, a global digital services and solutions provider, today announced its teaming up with Salesforce, the #1 AI CRM, to launch Coforge ENZO, an environmental and net zero offering. With this offering, Coforge and Salesforce will help customers address decarbonization challenges and accurately measure and report on greenhouse gas (GHG) emissions via sustainability consulting and diagnostic assessment services. “Embarking on a sustainability journey for a business demands a multifaceted approach that includes meticulous tracking and reduction of emissions, insightful ESG analysis, and driving sustainable practices. Coforge ENZO combines the knowledge and expertise of Salesforce’s Net Zero Cloud with Coforge’s project execution expertise. We are excited to expand our work with Salesforce to empower businesses in achieving their Net Zero commitment,” said Sudhir Singh, CEO, Coforge.
Aug 20, 2024, 10:16 am IST
Hi-Tech Pipes Secures Rs.105 Cr. Worth Order From Renewable Energy Sector
Hi-Tech Pipes Ltd., one of the leading steel tubes and pipes manufacturers in India, is excited to announce the successful procurement of orders for supplying ERW Steel Pipes, totaling Rs.105 (Inclusive of GST) crores from key customers in the renewable energy sector. These significant contracts reflect the growing demand for sustainable energy solutions and underscore our commitment to supporting this vital industry. The orders will be executed from our New state-of-the-art manufacturing facility located in Sanand Unit II Phase I, over the next three months. This new facility, equipped with cutting-edge technology and efficient production processes, is poised to deliver high-quality steel pipes that meet the rigorous standards of the renewable energy sector.
Aug 20, 2024, 9:55 am IST
Ashoka Buildcon | 1QFY25: Asset monetization to deleverage the balance sheet
Vaibhav Shah of JM Financial Institutional Securities said Ashoka Buildcon’s (ABL) 1Q25 adjusted PAT at INR 408mn missed JMFe of INR 544mn (consensus: INR 650mn) due to lower margins despite beat in execution. EBITDA margins contracted sharply by 170bps YoY on adjusted base to 6.5% (JMFe: 8.3%) due to certain one-offs. Gross debt increased sharply QoQ from INR 14.4bn in Mar-24 to INR 19.6bn in June-24 due to increase in working capital levels. Order inflows have been strong in YTD at INR 36bn. Order backlog stands at INR 125bn (1.5x TTM revenue) as on June-24. ABL remains bullish on prospects across verticals and has guided for order inflows of INR 100-120bn for FY25E. It has guided for revenue growth of 15-20% in FY25E to INR 89-93bn which in our view is optimistic and we have factored 4%/7% growth in FY25/26E. We have cut FY25 EPS by 10% factoring lower margins in 1Q25 and expected softness in 2Q25. We have increased FY26 EPS by 7% factoring higher revenues. Asset monetization remains work in progress as ABL targets to monetize 11 HAMs and 5 BOT assets in FY25E while that for Chennai ORR and Jaora Nayagaon remains delayed. Timely monetization of assets would help in deleveraging. We maintain BUY with revised SOTP based price target of INR 280.
Aug 20, 2024, 9:46 am IST
Nifty/Sensex Opens On A Positive Note
On Tuesday, the key benchmark indices Nifty and Sensex opened higher gaining 0.20% respectively.
Aug 20, 2024, 9:40 am IST
Balrampur Chini | Deep dive: Investing in a greener tomorrow
Krishan Parwani of JM Financial Institutional Securities said, we believe Balrampur’s investment of INR 20bn in polylactic Acid (PLA) will create significant value for the company. We highlight that PLA’s physical properties, manufacturing process, bio-degradability and pricing makes it the best alternative to fossil-based polymers. In our view, domestic demand for PLA will outpace global demand on account of a possible regulatory push for bio-plastics (similar to China). India’s Net Zero commitment also means the project could get subsidies from both the Centre and the UP government. Balrampur’s partnership with Sulzer, Alpine, and Jacob for this project will make it a leading global bio-plastics player. Companies like Zhejiang Hisun (in China) have seen full off-take of their incremental PLA capacities within 1 year of commercialisation (and 58% revenue CAGR over the last 4 years) on account of the promotion and implementation of single use plastics (SUP) ban in China. We have built in a gradual ramp-up of Balrampur’s PLA plant. The improvement in EBIT mix of the non-sugar business (ethanol and PLA) from existing 45% to 65-67% by FY30E is making the company a more structural play. Zhejiang Hisun currently trades at ~20-23x Dec’23 EBITDA. We have ascribed a 10x FY30 EBITDA multiple to Balrampur’s PLA business and discount it to Mar’27. We maintain BUY with a Mar’26 TP of INR 640 (SoTP based).
Aug 20, 2024, 9:33 am IST
Bharat Forge (BHFC IN) | Defence momentum to accelerate further
Vivek Kumar of JM Financial Institutional Securities said, Indian Armed Forces has issued a tender to procure 400 155-mm 52-calibre towed artillery gun systems (TAGS) worth INR 65bn. Bharat Forge (BHCF) is expected to be one of the participants for this order amongst others. The company has a current defence order book of INR 54bn (excl. order for TAGS/ATAGS). Given the large opportunity size of TAGS/ATAGS in India (refer exhibit below) and globally, we expect strong revenue momentum to continue for BHFC and expect defence segment (CAGR of 45% over FY24-27E) to contribute 20%+ to its consol. revenue by FY27E. Maintain BUY with Sept’25 TP of INR 1,700 (35x forward earnings). Deferment / delay in defence order execution remains a key risk.
Aug 20, 2024, 9:14 am IST
Rupee Vs Dollar
Description: Tuesday sees the rupee open at 83.87 against the US dollar after wrapping up Monday at 83.86.
Aug 20, 2024, 9:13 am IST
Voltas | Q1FY25: Market share gain in RAC & Beko, positive outlook ahead
Deepak Agarwal of JM Financial Institutional Securities said, In Q1FY25, Voltas reported rev at INR 49bn up 46% YoY. UCP revenue was at INR 38bn up 51% YoY on back of strong summer (5years CAGR c. +17%, Blue Star UP +14%, Lloyd +24%). EMP revenue was at INR 9.5bn up 40% YoY and EPS at INR 1.6bn up 13% YoY. EBITDA was at INR 4.2bn up 129% YoY. OPM was at 8.6% vs 5.5% YoY (JMFe OPM 8.1%). PAT was at INR 3.4bn up 159%.
Aug 20, 2024, 9:01 am IST
Suprajit Engineering Shares In Focus After Announcement of Buyback
The Company's Board of Directors has authorised the tender offer route for the buyback of up to 15,00,000 fully paid-up equity shares of the company with a face value of Rs 1/-each, at a price of Rs 750 per Equity Share, payable in cash. The maximum amount that can be acquired through this route is Rs 1,12,50,00,000.
Aug 20, 2024, 8:39 am IST
DCM Shriram Shares In Focus
On August 19, 2024, the company officially opened its state-of-the-art 52,500 TPA hydrogen peroxide (H2O2) facility at its chemical complex in Jhagadia, Bharuch Dist., Gujarat. H2O2 is a downstream product of hydrogen produced at the Chemicals complex and will be added to the portfolio of products for the chemicals sector. It should be mentioned that hydrogen peroxide has a wide range of uses, including as a bleaching agent, in chemical synthesis, food processing, mining and metallurgy, water and wastewater treatment, and environmental applications.
Aug 20, 2024, 8:20 am IST
Tata Consumer Products Rights Issue Update
The terms and conditions of the issuing of equity shares of the firm with a face value of Rs 1 each through a rights issue for a total sum up to Rs 2,997.77 crore were authorised at a meeting of the Capital Raising Committee of the Board of the company on July 23, 2024. Taking this into consideration, Tata Consumer Products informed stock exchanges on Monday that the issue was opened on Monday, August 5, 2024 at 9:00 a.m. IST and ended on Monday, August 19, 2024 at 5:00 p.m. IST.
Aug 20, 2024, 8:04 am IST
Power Grid Shares In News
In accordance with its selection as the winning bidder in Tariff-based competitive bidding, Power Grid Corporation of India Limited acquired Rajasthan IV E Power Transmission Limited on August 19, 2024, from the Bid Process Coordinator, REC Power Development and Consultancy Limited. The Project SPV was created to establish a "Transmission System for evacuation of power from Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer Complex): Part E." The project entails building a new 765 kV substation in Rishabhdeo, Rajasthan, as well as extending related bays at other current substations in the states of Madhya Pradesh and Rajasthan. It also involves building 765 kV D/C transmission lines.
Aug 20, 2024, 7:52 am IST
Tata Motors Shares In Focus
According to a Monday announcement, Tata Motors Limited has set September 1 as the record date for identifying stockholders who are eligible for a share capital reduction.
Aug 20, 2024, 7:46 am IST
Stock Market Outlook Today By Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One Ltd
The market breadth clearly favoured the Bulls, with their dominant performance in the Advance-Decline ratio reflecting a robust market undertone. However, the benchmark index stayed in a slender range, hovering within the bearish gap on the daily time frame chart. A decisive breakthrough is expected to have a significant impact on the momentum, providing a clearer picture of potential future market movements. It is anticipated that 24700 will serve as the next important resistance for Nifty, followed by 24800-24850. Additionally, the 20-day EMA positioned around the 24390 zone is projected to act as a supportive barrier, helping to mitigate any minor blips in the comparable period. Going forward, it will be crucial to closely monitor the Banking index, as momentum in this sector could significantly boost market sentiments. In the absence of domestic triggers, it is important to be mindful of global developments as they are likely to influence market conditions. It is advisable to stay informed about global trends to understand the overall market dynamics better.
Aug 20, 2024, 7:42 am IST
Market Outlook
The market outlook has shifted from bullish to sideways as the index remains confined within a range of 50,800 to 49,700 over the past week, trading below its 20-day DEMA. To reignite positive momentum, the index needs to break and sustain above 50,900. Currently, it’s squeezed between the 100-day and 20-day DEMA, creating pressure for a directional move. Until a breakout occurs, range-bound trading between 49,700 and 50,800 is expected, said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Aug 20, 2024, 7:41 am IST
Options Market Insights
The options market reflects a sideways sentiment, with nearly equal writing of call and put options. A sustained move above 24,650 is needed for the bulls to take control; otherwise, the index may continue to experience sideways momentum. Significant open interest is observed at the 25,000 call (91.82 lakh contracts) and the 24,000 put (59.03 lakh contracts), with notable activity around the 24,500 puts and 24,600 calls. The Put-Call Ratio (PCR) slightly declined from 1.18 on Friday to 0.99, but the positive outlook remains as the PCR sustains near 1, indicating a positive sentiment in the index. The Max Pain Point, the strike price with the most open options contracts, remains at 24,500, serving as a crucial level influencing the index’s movement, said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
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