Oct 09, 2024, 3:35 pm IST
Market Ends Mixed After RBI Policy
Indian equity markets closed marginally lower in a volatile trading session on October 10. Key Nifty laggards included ITC, Nestle, Reliance Industries, ONGC, and HUL, while top gainers were Trent, Cipla, Tata Motors, SBI, and Tech Mahindra.
Oct 09, 2024, 3:12 pm IST
Bharti Airtel Responds to Tata Play Acquisition Reports
Bharti Airtel has issued a clarification following media reports suggesting its potential acquisition of Tata Play from the Tata Group. The telecom operator stated that while it routinely explores opportunities for alliances, acquisitions, and similar ventures as part of its regular business operations, there is currently no material event or information that necessitates disclosure.
Oct 09, 2024, 3:12 pm IST
SKF India Secures Board Approval for Business Segregation
SKF India’s board has granted in-principle approval to separate its automotive and industrial businesses through a scheme of arrangement. Additionally, the company has approved the immediate establishment of a wholly-owned subsidiary to facilitate the proposed demerger.
Oct 09, 2024, 2:19 pm IST
Timken India Receives Rs 25 Crore Income Tax Demand Notice
Timken India has received a demand notice from the Income Tax Department for Rs 25 crore related to the Assessment Year 2021-22. The department recalculated the company’s income, increasing it by Rs 100.3 crore, which may result in an additional tax liability of approximately Rs 25 crore, plus interest, according to the notice.
Oct 09, 2024, 1:44 pm IST
Varun Beverages to raise Rs 7,500 cr for expansion
Varun Beverages, the leading bottler of beverage major PepsiCo, has plans to raise Rs 7,500 crore from the market through Qualified Institutions Placement (QIP) route to fund its growth plans. The board of the company in a meeting held on Wednesday approved the proposal for "raising of funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 7,500 crore" through QIP, according to a regulatory filing by the company. The fund would be raised in "one or more tranches" and would be "subject to receipt of approval of equity shareholders of the company" through postal ballot, as per PTI report.
Oct 09, 2024, 1:07 pm IST
Eraaya Lifespaces Share Price Jumps Following Major Developments In Operations
Shares of Eraaya Lifespaces Limited have appreciably risen with the company stocks getting up by approximately 4.29 per cent today and the share price currently hovering around Rs 2860. This surge has increased the market value of the company to 5250 crores. Within only one year, the company has provided a stunning multibagger upside of over 7200 per cent which has boosted the confidence of the investors.
In the most recent exchange filing Eraaya Lifespaces, informed the exchange about changes related to the Company's subsidiary- Ebix Cash Limited and its current operational activities.
Oct 09, 2024, 12:33 pm IST
MIC Electronics Shares Gain 4% Amid Recent Railway Contracts
Shares of MIC Electronics surged by around 4% on Wednesday, reaching Rs 99.50 per share, contributing to the company's strong market performance. With a market capitalization of Rs 2,200 crore, MIC Electronics has provided an astounding 450% return in 5 years making it a multibagger stock.
In terms of shareholding, 74.59% is controlled by the promoters of the company, and the public or retail investors' share stands at 24.11%. On top of that, for the first time, FIIs have bought an 8.38 per cent stake in the company as well as lasting impressions of heightened foreign investor interest in the organization.
Oct 09, 2024, 12:25 pm IST
Big Drop In Gold Price, Oct 9: 24K/100 Grams Gold Falls By Rs 7,600, Silver Down 2K
Gold prices in India witnessed significant drop today after several days of rally and marginal decline as the Reserve Bank of India kept key interest rates of the country, unchanged for the tenth time in a row today. Meanwhile, US gold prices stayed steady on Wednesday as investors are looking forward to minutes from the Federal Reserve’s latest meeting for more cues on interest rate trajectory.
22k gold prices today slipped by Rs 700 to Rs 70,300/10 grams and 100 grams of 22 carat yellow metal prices today declined by Rs 7000 to Rs 7,03,000. 24k gold prices today fell by Rs 760 to Rs 76,690/10 grams and 100 grams of 24 carat precious metal prices edged lower by Rs 7600 to Rs 7,66,900.
18k gold prices today declined by Rs 570 to Rs 57,520/10 grams and 100 grams of 18 carat yellow metal prices today declined by Rs 5700 to Rs 5,75,200.
According to Reuters, ““Gold prices seem to be seeing a much-needed retracement lower. But I suspect buyers are lurking and keen to snap up a bargain – so I’m not expecting a significant sell-off,” said Matt Simpson, senior analyst at City Index.
Oct 09, 2024, 11:58 am IST
Mamaearth Partners With Meesho To Amplify Reach In Tier 3 And Beyond
Mamaearth has partnered with Meesho. This collaboration is set to make high-quality personal care products more accessible to deep penetrated regions and drive growth in emerging regions. As Tier 3 and beyond markets emerge as key drivers for e-commerce, Mamaearth aims to tap into the growing demand for premium, natural, and toxin-free personal care products through Meesho's vast network, particularly in smaller towns and semi-urban areas. It also aligns with Mamaearth’s strategy to explore untapped markets and drive revenue growth from regional areas and will further solidify Mamaearth's position as a trusted leader in the beauty and personal care category. The brand experienced a fivefold growth during the Meesho sale period. Mamaearth now aims to reach 100 crore ARR in the coming 12 months on Meesho.
Oct 09, 2024, 11:43 am IST
Ecofy and TVS Motor Company Announces Collaboration
Ecofy, India's pioneering green-only NBFC backed by Eversource Capital and dedicated to bridging the climate finance gap in the Indian retail sector, has announced a partnership with TVS Motor Company, a leading global automaker that operates in the two and three-wheeler segments. In the rapidly growing electric 3W sector, this strategic collaboration aims to boost electric three-wheeler adoption and promote sustainable mobility nationwide. Commenting on this alliance, Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, said, "This partnership with TVS Motor Company aligns perfectly with our commitment to a clean energy future and will enable us to offer comprehensive financing solutions for both passenger and cargo electric three-wheelers. By leveraging TVS Motor’s extensive industry experience, robust distribution network, and established brand reputation, Ecofy is poised to make a substantial impact in the EV financing space. We anticipate substantial growth in fiscal year 2025, marking a significant milestone in our expansion journey as we scale our financing operations.
Oct 09, 2024, 11:13 am IST
SpiceJet and Babcock & Brown Aircraft Management Settle 1.85 Million Dispute
SpiceJet has achieved a significant financial milestone with the amicable settlement of its dispute with its the lessors, Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd., which are the lessors under the management of Babcock & Brown Aircraft Management (BBAM). The dispute, valued in aggregate at 1.85 million (approximately ₹1,107 crore) with aforesaid lessors has been resolved for .5 million. This settlement represents one of the largest financial agreements reached by SpiceJet, marking a substantial step towards strengthening the airline’s balance sheet and reducing its overall liabilities. By resolving this major dispute, SpiceJet has cleared a significant hurdle, paving the way for improved financial stability and operational efficiency.
Oct 09, 2024, 10:53 am IST
Ajmera Realty Reports INR 254cr In Sales, Records 20% YoY Rise In Collections
Ajmera Realty & Infra India Ltd, a leading real estate company with a pan India presence, announced its operational numbers for Q2FY25. Ajmera Realty's performance remained stable during Q2FY25, with sales value recorded at INR 254 crore, reflecting a sustained market demand. Sales contribution came from across the portfolio, reaffirming the enduring demand for the existing projects. Notably, our luxury offerings, Ajmera Manhattan and Ajmera Prive, received a robust response, highlighting a strong interest in premium properties. Ajmera Vihara at Bhandup, launched last quarter, is already 49% sold, showcasing its success in the first phase at a new micro market. Collections rose significantly by 20% YoY to INR 133 crore, indicating improved operational efficiency and strong customer demand.
Oct 09, 2024, 10:31 am IST
RBI Monetary Policy: Tenth Time A Charmer? Repo Rate Stays At 6.5% Amid Middle East War, Stance To Neutral
The Reserve Bank of India kept key interest rates of the country, unchanged for the tenth time in a row, on Wednesday, October 9, 2024. The decision received majority votes from six-member MPC, with 5:1. However, RBI turned dovish, by changing monetary policy stance to 'Neutral' from earlier hawkish outlook of 'Withdrawal Of Accommodation'. Accordingly, the policy repo rate under the liquidity adjustment facility (LAF) is unchanged at 6.50 per cent. Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. MPC's decision to turn Neutral in policy stance is to ensure that inflation progressively aligns with the target, while supporting growth.
Oct 09, 2024, 10:22 am IST
RITES & Etihad Rail Signs MoU For Rail Infra Works In UAE
RITES Ltd., a prime transport infrastructure consultancy, today signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network, to explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region. The MoU was signed by Mr. Shadi Malak, CEO of Etihad Rail, and Mr. Rahul Mithal, Chairman and Managing Director of RITES Ltd., during the Global Rail Transport Infrastructure Exhibition & Conference held in Abu Dhabi. The partnership aims at leveraging strengths of both the entities to explore collaborative opportunities for supply/leasing of rolling stock, consultancy and project management for railway projects, services such repairing of rolling stock and operation & maintenance of railway infrastructure to ensure more efficient and modernized rail services in the UAE and across the region.
Oct 09, 2024, 9:53 am IST
Nifty Technical Outlook
“On the technical front, a Bullish Harami formation is being seen on the daily time frame, and a follow-up buying emergence would likely confirm the same. Considering the recent historical trends, consolidation followed by buying activity is very likely to be seen, though staying vigilant about development is of the utmost importance. On the level-specific front, 24800 withholds significant support, and a decisive breakdown could only trigger a fresh round of sell-off in the market towards 24700, followed by the 24500 zone in the comparable period. On the higher end, a series of resilience is seen around the 25100-25300 subzone, and an authoritative move beyond the same could only bring the mojo back into the markets,” said Sameet Chavan, Head Research, Technical and Derivative - Angel One.
Oct 09, 2024, 9:40 am IST
Opening Bell
The Indian benchmark indices opened on a higher note amid RBI rate cut expectation is coming to an end today. Nifty was seen trading 42 pts higher above the 25,000 mark while Sensex was trading 134 pts higher at 81,769 level in the early trade on Wednesday.
Oct 09, 2024, 9:28 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The ‘Sell India, Buy China’ strategy pursued by the FIIs recently appears to be coming to an end as indicated by the declining FII sell numbers and the profit booking in Chinese stocks, particularly those listed in Hong Kong. An important takeaway from the FIIs vs DIIs tug-of-war that has happened anytime in the ongoing bull rally is that the fight ended in the victory of the DIIs each time. FIIs are selling on valuation concerns; DIIs are buying because they have deep pockets to buy and the pockets are getting deeper. This trend is likely to continue.
BJP’s victory in Haryana has come as a morale booster for the party and confidence booster for markets. The sentiments will get a further boost if the MPC decides to change the monetary stance from accommodative to neutral and sound a bit dovish today. A rate cut, however, is unlikely since food inflation continues to be a worry.
Oct 09, 2024, 9:11 am IST
Rupee Vs Dollar
In comparison to Tuesday's wrap-up of 83.96, the Indian rupee started slightly higher on Wednesday at 83.92 per dollar.
Oct 09, 2024, 8:47 am IST
Nifty Bank Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
Nifty Bank has formed a bullish Harami pattern, which typically signals that the prevailing bearish trend may be taking a temporary pause. However, Nifty Bank hovers near the support of its rising trendline in the daily chart. A complete reversal is yet to be confirmed unless the index closes decisively above the 52,000 mark. In the coming days, the index may move unevenly or remain undecisive, with the short-term resistance at 51,500 and 51,800 levels and support at 50,400.
Oct 09, 2024, 8:24 am IST
Nifty Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
A relief rally from the 61.8% Fibonacci retracement leads to a close above 25,000, but the index remains below the 20 and 50 DMA. The daily RSI has rebounded from the oversold zone and now stands at 42. In the coming days, the Nifty may move unevenly or remain undecisive, with resistance at 25,180 and 25,260 levels, and support at 24,800.
Oct 09, 2024, 7:59 am IST
Bank Nifty Outlook Today
“Nifty Bank's potential reversal is supported by its close above 51,000 and the formation of a Bullish Harami pattern. With solid support at the 0.50% Fibonacci retracement level of 50,270, the index has shown a promising recovery. A confirmed reversal is anticipated if the index sustains above 51,300. While holding above 50,250, any dips may provide buying opportunities. Further weakness is likely only below 50,250, while a sustained move above 51,300 could propel the index towards the 52,000 level,” said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Oct 09, 2024, 7:59 am IST
Bank Nifty Options Market Insights By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Notable open interest is concentrated at the 53,000 calls (34.01 lakh contracts) and 50,000 puts (25.60 lakh contracts), with trading activity focused between 51,100-51,200 calls and 50,800-50,900 puts, indicating a mildly bullish sentiment. Resistance is expected around 51,100-51,200. Increased put activity at 50,800-50,900 indicates a shift in positioning, while call unwinding suggests strengthening bullish momentum. The put-call ratio (PCR) has risen to 0.67 from 0.53, reflecting a cautious market outlook. Max pain is currently positioned at 51,200, a pivotal level for future moves.
Oct 09, 2024, 7:59 am IST
Nifty Banks Hints Bullish Reversal Signal
“The index formed a Bullish Harami candlestick pattern on the daily chart. The index found solid support at its 0.50% Fibonacci retracement level of 50,270, signalling a potential pause in its recent downtrend. Closing above the key psychological level of 51,000, where strong call writing positions were noted, suggests a potential breakout. The RSI has also recovered above 40, indicating building momentum on the upside,” said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Oct 09, 2024, 7:58 am IST
Nifty Outlook Today
“Nifty's potential reversal is reinforced by its close above 25,000 and the formation of a Bullish Harami pattern. The index’s support at the 0.618 Fibonacci retracement level of 24,810 indicates a solid recovery. A confirmed reversal will be seen if the index sustains above 25,100. As long as the index holds above 24,750, dips could offer buying opportunities. Weakness is expected only below 24,750, while a sustained move above 25,100 could drive a rally toward the 25,400 level,” said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Oct 09, 2024, 7:58 am IST
Nifty Options Market Insights By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Despite Nifty's recovery, bearish sentiment remains in the options market, with call writing outpacing put writing ahead of the upcoming Monetary Policy. Significant open interest is seen at the 26,000 calls (98.12 lakh contracts) and 24,000 puts (71.41 lakh contracts), with active trading between 25,000-25,100 calls and 24,800-24,900 puts, suggesting resistance around the 25,050-25,100 zone. Increased put activity between 24,700-24,900 indicates a shift to higher positioning, while call unwinding points to rising bullish momentum. The put-call ratio (PCR) rose to 0.68 from 0.45, maintaining a bearish tone. The max pain level is currently at 25,100, acting as a key pivot for future moves.
Oct 09, 2024, 7:58 am IST
Nifty Rebounds from Support; Bullish Reversal Signals Recovery Going Ahead
As per Dhupesh Dhameja, Technical Analyst, SAMCO Securities, the index found solid support at its 0.618% Fibonacci retracement level of 24,810, suggesting a potential halt to its downward trend. Closing above the key psychological level of 25,000, where strong call writing positions were observed, hints at a possible breakout. The RSI has also recovered above 40, indicating building momentum on the upside.
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