Sep 11, 2024, 3:48 pm IST
Market Ends With Cuts; Nifty Slips Below 25,000
On September 11, Indian markets closed in the red, with the Sensex falling by 398 points (0.49%) to settle at 81,523.16, and the Nifty losing 122.65 points (0.49%) to close at 24,918.45. Market breadth showed 1,619 stocks advancing, 2,345 declining, and 106 remaining unchanged.
Sep 11, 2024, 3:21 pm IST
Kross Limited IPO Subscribed 10x On Final Day
The Kross Limited IPO, which opened for subscription on September 9, 2024, wraps up today after seeing significant interest from various investor categories. As of 3 pm on the final day of bidding, the IPO saw an impressive oversubscription of 10.50 times. Specifically, the retail segment was subscribed 8.74 times, the NII segment 17.16 times, and the QIB segment was booked 9.06 times.
Sep 11, 2024, 2:46 pm IST
Bajaj Auto Hits Record High on Strong Volumes; Rallies 6% in Three Days
Bajaj Auto shares continued their upward momentum for the third consecutive session, climbing 4% on September 11 to reach an all-time high of Rs 11,498 per share. The surge was fueled by heavy trading volumes, with 1 million equity shares changing hands across the NSE and BSE, far surpassing the one-week average of 0.3 million shares. Over the past month, Bajaj Auto's stock has jumped over 17%, outpacing the Nifty 50's modest 2% gain.
Sep 11, 2024, 2:29 pm IST
Aurobindo Pharma's New Eugia Unit Secures First USFDA Product Approval
Aurobindo Pharma Ltd. announced on Wednesday that its new injectable manufacturing facility in Andhra Pradesh, under its Eugia division, has received its first product approval from the US Food and Drug Administration (USFDA).
Sep 11, 2024, 2:29 pm IST
Strides Pharma Rises Over 2% as Shareholders Approve CDMO Initiative
Shares of Strides Pharma Science climbed 2.4% on Wednesday after the company's equity shareholders and secured creditors gave their approval for the establishment of OneSource, India's first speciality pharma Contract Development and Manufacturing Organisation (CDMO).
Sep 11, 2024, 2:29 pm IST
Gravita India to Acquire European Recycling Plant; Stock Drops 3%
Shares of Gravita India declined by over 3% on Wednesday, September 11, after the company revealed that its step-down subsidiary, Gravita Netherlands BV, has signed a Memorandum of Understanding (MoU) to acquire a waste tyre recycling facility in Romania. The plant, currently owned by a Romanian entity, boasts a production capacity of around 17,000 MTPA.
Sep 11, 2024, 2:26 pm IST
Which Sectors To Be Impacted By 33-Month Low Crude Oil?
Crude oil prices have experienced a significant fall, declining 26% from their 52-week highs of per barrel to hover around the mark for Brent Crude, while US West Texas Intermediate (WTI) has slipped below per barrel. This downtrend is expected to benefit various sectors in India, especially Oil Marketing Companies (OMCs), along with paint and tyre manufacturers. The sustained drop in oil prices could result in a golden opportunity for these industries to improve their profit margins and reduce operational costs.
Sep 11, 2024, 2:25 pm IST
Bajaj Housing Finance IPO Day 3
The Initial Public Offering (IPO) of Bajaj Housing Finance, which opened for subscription on September 9, is set to close today, September 11, with overwhelming investor demand. The IPO has garnered attention and has been heavily oversubscribed across various investor categories. Bajaj Housing Finance, a non-deposit-taking housing finance company and a wholly owned subsidiary of Bajaj Finance, has set out to raise Rs 6,560 crore through this public offering.
Sep 11, 2024, 2:24 pm IST
Suzlon Hits Upper Circuit
The shares of Suzlon Energy extended their upward momentum on September 11, gaining 5% to hit the upper circuit, signalling sustained bullish sentiment among investors. The surge comes in the wake of Morgan Stanley's reaffirmation of its 'overweight' rating on the stock, following the company's landmark win of India's largest wind energy order from NTPC Green Energy Ltd, a subsidiary of the state-run NTPC Ltd.
Sep 11, 2024, 2:23 pm IST
Prism Johnson Shares Soar 15%, Reach New High Amid Heavy Trading; BSE Seeks Clarification
On September 11, shares of Prism Johnson skyrocketed over 15% to reach an all-time high of Rs 246 on the National Stock Exchange (NSE), driven by a significant surge in trading volumes. More than 7 crore shares of the company exchanged hands across the NSE and BSE, far surpassing the one-month average trading volume of 36 lakh shares. In response to the unusual spike in volumes, the BSE requested clarification from Prism Johnson regarding the sudden trading activity.
Sep 11, 2024, 2:23 pm IST
SBI Cards and Payment Services Share Rises
SBI Cards and Payment Services Ltd. (SBI Card) has seen a notable surge in its stock price, rising approximately 10% in September. This rally is driven by growing optimism within the non-banking financial companies (NBFCs) space, particularly as wholesale funding costs appear to have peaked. Adding to the momentum, global brokerage firm Goldman Sachs upgraded SBI Card's rating from 'sell' to 'buy,' further fueling investor interest. The firm also raised its target price for the stock from Rs 652 to Rs 913, pointing to potential improvements in loan growth starting in FY26 and a decrease in credit costs anticipated in the upcoming September quarter (Q2FY25).
Sep 11, 2024, 11:54 am IST
Listing Of Equity Shares Of Eureka Forbes Ltd On The National Stock Exchange of India Limited
Eureka Forbes Limited, one of India’s largest health and hygiene companies, today announced the listing of its shares on the National Stock Exchange (NSE). The scrip code of the Company has also undergone a change. The shares were previously listed only on the Bombay Stock Exchange (BSE) under the scrip code EUREKAFORBE. With the listing on NSE, the scrip code is now EUREKAFORB on both the stock exchanges. Eureka Forbes Limited has undertaken a transformation journey “Udaan” and has made significant progress over the last 2 years. It has reported sustained volume growth for 4 successive quarters, EBITDA margins improved by 401 bps to 10.3% in FY24 and the Company has now become cash surplus.
Sep 11, 2024, 11:19 am IST
Gensol Engineering Ltd. and Matrix Gas & Renewables Ltd. Secures The Project To Setup India’s First Green Hydrogen Valley In Pune
Gensol Engineering Limited, a leading player in the renewable energy sector specializing in solar engineering, procurement, and construction (EPC) and electric mobility solutions, in collaboration with Matrix Gas & Renewables Ltd., a fast growing green hydrogen infrastructure developer and natural gas aggregator, announced that Gensol and Matrix have won the project to setup India’s first Green Hydrogen Valley project in Pune. Gensol – Matrix will set up a Green Hydrogen production plant on Build Own and Operate (BOO) basis to supply Green Hydrogen to the Specialty Chemical sector with the firm offtake for 20 years.
Anmol Jaggi, Managing Director, Gensol Engineering Ltd., said, “We feel immense pride to develop India’s first Green Hydrogen Valley project. The Government of India has taken a great step in promoting these Hydrogen Valleys through the Department of Science & Technology (DST). We are going to supply Green Hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India.
Sep 11, 2024, 10:46 am IST
Gold rates In India Observes A Surge On 11th September
India gold prices surged to ₹ 73,250/- and ₹ 67,150 for 10 grams of 24-carat gold on the 11th Sept. Today's rates in India for pure gold and standard gold have increased by Rs. 410/- and Rs. 340/- per 10 grams, respectively.
Sep 11, 2024, 10:26 am IST
Aurionpro Secures Landmark Order From One Of India's Largest Municipal Corporations
Aurionpro announced a significant order win from the Municipal Corporation of Panvel, located in the state of Maharashtra, India. As part of this prestigious project, Aurionpro has been appointed as the Technology Partner for the Panvel Safe City initiative. This landmark project will involve the installation of advanced surveillance and smart city technologies, transforming the city's safety and security infrastructure. The scope of the project includes the establishment of Data Centers, a state-of-the-art Control Command Center, and Video Analytics capabilities to enable real-time monitoring and faster response times. Additionally, cutting-edge AI-powered technologies such as Facial Recognition systems, an IP-based Public Announcement system, Automatic Number Plate Recognition (ANPR), and an e-Challan mechanism will be integrated, providing a robust framework for crime prevention, with a special focus on enhancing security measures for women. The Panvel Municipal Corporation (PMC), which governs 29 revenue villages and key CIDCO colonies, now oversees an expanded jurisdiction of 110 square kilometers following the transfer of civic infrastructure by CIDCO. In a significant move to enhance public safety, PMC has initiated the "Safe Panvel Project," aimed at modernizing the city's security infrastructure. The contract is a five-year deal valued at over INR 200 crores. The initial phase of project implementation will be executed over the next 12 months, followed by a long-term maintenance and support phase.
Sep 11, 2024, 10:11 am IST
Reliance Retail Ventures And Delta Galil Announce Strategic Partnership In India
Reliance Retail Ventures Limited (Reliance Retail), India’s foremost retailer, and Delta Galil Industries, Ltd., the global manufacturer and marketer of branded and private label intimate, activewear, loungewear and denim apparel for ladies, men and children, today announced a strategic partnership in India. This collaboration, marked by a 50/50 joint venture, aims to redefine the apparel landscape in the Indian market. The partnership intends to establish an apparel innovation platform dedicated to meeting the unique demands of Indian consumers. Delta Galil, renowned for its innovation and product excellence, will leverage this venture to expand its footprint in the rapidly growing Indian market, offering its acclaimed portfolio of intimate apparel and activewear brands across retail, wholesale and digital channels. Through the collaboration, Delta Galil will also support the joint venture, which will design and manufacture products for Reliance’s own well-established brands.
Sep 11, 2024, 9:50 am IST
Nifty Support & Resistance Levels Today
According to Sameet Chavan, Head Research, Technical and Derivative - Angel One the last two sessions suggest bulls are attempting a comeback, supported by broad-based buying across sectors. However, markets remain cautious, facing stiff overhead resistance and the looming "Bearish Engulfing" pattern from last week. The current upward move, marked by small candles, signals traders should avoid complacency. Nifty appears to have entered a consolidation phase with immediate support around 24900-24800 and resistance at 25200-25300. Traders should adopt a buy-on-dip, sell-on-rise strategy, while focusing on stock-specific moves for better opportunities.
Sep 11, 2024, 9:27 am IST
Market Outlook Today From Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"A significant trend in the global commodity markets now is the sharp decline in the crude price and softening of base metal prices. This has implications for stock markets. The sharp dip in Brent crude to below signals weakening demand globally, which in turn, indicates weakening growth prospects for the global economy. Therefore, rate cuts by the leading central banks of the world is now a foregone conclusion. The Fed will kick off its rate cutting cycle this month. In India, too, we can expect two rate cuts by the MPC in FY25. Banking stocks, which are attractively valued, are good buys now for medium to long-term investors. The investor preference of defensives like Pharma and FMCG is likely to continue. Industries using crude and crude derived inputs as raw material, like paints, adhesives, tyres and aviation will be on strong wicket."
Sep 11, 2024, 9:05 am IST
Stocks / Sectors To Focus Today As Guided By Aditya Gaggar, Director of Progressive Shares
A strong uptick across the board helped the Index reclaim the psychological level of 25,000. As mentioned earlier, the Index has tested the higher end of the resistance zone i.e. 25,100, a firm close above the same is a must to confirm a trend continuation while on the downside, a level of 24,850 will act as an immediate support. The stand on BankNifty remains the same i.e. awaiting a breakout from an Inverted Head and Shoulder breakout. OMCs, Paints, and Tyre stocks will stay focused as a correction in crude oil is positive for such Industries. Bullish Flag and Pole formation breakout can be expected in the IT sector, and after the breakout, one can expect to lead the Index rally (FSL- Rounding Bottom Breakout, HGS- Flag and Pole Breakout, and HCL Tech- On the verge of Flag and Pole Breakout). Range breakout in the Pharma sector is imminent. From the FMCG sector, we will stick with the stocks recommended earlier i.e. Balrampur Chini, Dabur, ITC, HUL, and Jubilant Foodworks.
Sep 11, 2024, 8:35 am IST
Oil India Shares In Focus
In order to work together globally on the Critical Mineral supply chain, ONGC Videsh, a Schedule “A” Navaratna Central Public Sector Enterprise, Oil India Ltd. (OIL), and Khanij Bidesh India Ltd. (KABIL) agreed upon a Memorandum of Understanding (MOU) with International Resources Holding RSC Ltd. (IRH), UAE. This MOU's main objectives are to identify, acquire, and develop critical mineral projects around the globe, including India.
Sep 11, 2024, 8:20 am IST
Nifty Prediction Today By Rupak De, Senior Technical Analyst at LKP Securities
The RSI remained in a bearish crossover on the daily timeframe, indicating continued weakness. Sentiment is expected to stay weak in the near term unless Nifty manages a close above 25100. On the lower side, support is seen at 24900; if breached, the index may decline further towards 24750.
Sep 11, 2024, 8:06 am IST
Bank Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Bank Nifty too witnessed continuation of the pullback however is facing resistance in the zone 51400 – 51500. Thus, it shall be a crucial level to surpass from short term perspective. On the downside, 50900 – 50800 shall be a crucial support zone from short term perspective.
Sep 11, 2024, 8:06 am IST
Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily charts we can observe that the Nifty has witnessed a recovery from the support cluster of the 24800 – 24850. On the upside it has now reached the zone of 25100 – 25150 where resistance in the form of 61.82% Fibonacci retracement level is placed. The divergent signal from the daily and hourly momentum indicators is also pointing towards a near-term consolidation. Thus, price and momentum indicator suggests a consolidation and the range is likely to be 24800 – 25200.
Sep 11, 2024, 8:04 am IST
Bulls attempt a comeback, Nifty reclaims 25000 mark
Rajesh Bhosale, Equity Technical Analyst, Angel One said, “The last two sessions suggest bulls are attempting a comeback, supported by broad-based buying across sectors. However, markets remain cautious, facing stiff overhead resistance and the looming "Bearish Engulfing" pattern from last week. The current upward move, marked by small candles, signals traders should avoid complacency. Nifty appears to have entered a consolidation phase with immediate support around 24900-24800 and resistance at 25200-25300. Traders should adopt a buy-on-dip, sell-on-rise strategy, while focusing on stock-specific moves for better opportunities. Global market recovery, after last week’s selloff, also plays a vital role in guiding our market's direction, so it's essential to track developments there closely.”
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