Sensex today ended the day with the decline of 72 points to 82,890 and Nifty slipped 32 points to 25,356 on on Friday (September 13, 2024). Nifty Bank jumped 165 points to 51,938 and Nifty Midcap soared 393 points to 60,034 in afternoon trade on September 13, 2024. Godfrey Phillips shares zoomed 10.34% to 7340.05 per share. Meanwhile, shares of Tata Steel, Wipro, and Indusind Bank gained in trade today. PSU Banks stocks today witnessed rally and FMCG stocks declined in trade on Friday.
Earlier, the domestic market opened at record high levels after the US market soared 4% in the last two days, ECB cut interest rate by 25bps yesterday and the hope of US Fed to cut interest rates nears. In the pre-opening session, Nifty 50 gained 41.60 pts to open at the 25430.45 level while Sensex gained 128.84 pts to open at 83091.60. On the Nifty 50 index Tata Steel, JSW Steel, Hindalco Industries, Tata Motors and Nestle India were the top gainers while Asian Paints, Divi's Laboratories, Bajaj Finance, M&M and Adani Enterprises were the top losers.
Adani group stocks are expected to be the focus of attention on Friday as market observers look to closely monitor price trends following the US short seller Hindenburg's late-Thursday claim that Swiss authorities have frozen more than $310 million in funds across Swiss bank accounts as part of an investigation into Adani which goes back to 2021 for money laundering and securities forgery. The "baseless allegations" presented by the Swiss Publication Gotham City, however, have been officially rejected and repudiated by the Adani Group.
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Sep 13, 2024, 3:07 pm IST
Servotech Power Systems Hits 10% Upper Circuit Amid New Contract And Government's PM E-Drive Scheme
Servotech Power Systems Ltd shares today hit 10% upper circuit, soaring to an all-time high of Rs 173 per share from the previous closing of Rs 157.28. This sharp rise highlights the company's impressive performance, marking a market capitalization of Rs 3,856 crore. Over the last three years, Servotech's stock has delivered multibagger returns of over 6,300%, skyrocketing from Rs 2.70 to its current levels, demonstrating its growing prominence in the renewable energy and electric vehicle (EV) sectors.
The growth of Servotech Power Systems Ltd coincides with the Indian government's push for electric mobility through the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) Scheme. This government initiative aims to accelerate the adoption of electric vehicles (EVs) in India by providing substantial subsidies and incentives totaling Rs 3,679 crore. The scheme covers a wide range of electric vehicles, including electric two-wheelers (e-2Ws), three-wheelers (e-3Ws), ambulances, trucks, and emerging EV technologies. A further Rs 4,391 crore has been allocated to support the deployment of 14,028 electric buses across state transport undertakings (STUs) and public transport agencies.
Sep 13, 2024, 2:30 pm IST
Online Gaming Company Nazara Tech Likely To Invest Rs 982 Crore In PokerBaazi Parent; Stock In Focus
Nazara Technologies has announced a colossal investment of Rs 982 crore in Moonshine Technology, the parent company of the popular online poker platform PokerBaazi. This marks the largest single investment by the diversified gaming and sports media firm to date and signifies a major strategic pivot toward boosting its presence in the online skill-gaming market.
The investment will see Nazara Technologies acquire a 47.7% stake in Moonshine Technology for Rs 831.5 crore. This acquisition will occur through a secondary transaction from existing shareholders, including Moonshine's founder Navkiran Singh and other key stakeholders such as Puneet Singh, Varun Ganjoo, Avneet Rana, Anirudh Chaudhry, Gurjeet Kaur, Bellerive Capital, and Influencers Interactive.
Sep 13, 2024, 2:30 pm IST
LKP Securities Share Price Locked 5% In Upper Circuit, Here Is Why
LKP Securities Ltd shares surged by 5% today, trading at an upper circuit limit of Rs 21.81 per share, up from the previous day's close of Rs 20.78. This increase led the stock to its upper circuit limit, a notable 83.12% rise from its 52-week low of Rs 11.91. The stock's 52-week high stands at Rs 28.50, indicating its substantial upward movement in recent months.
In its recently announced quarterly results for the period ending June 30, 2024, LKP Securities demonstrated impressive financial growth. The company's standalone results for Q1FY25 reflected a significant 68% jump in net sales, reaching Rs 30.47 crore, up from Rs 18.17 crore in the corresponding quarter of the previous year. Net profit surged by a remarkable 189%, climbing to Rs 4.10 crore from Rs 1.42 crore.
Sep 13, 2024, 2:29 pm IST
Gold Price Soars To Record High In India: 24K/100 Grams Gold Prices Rise Rs 13K
Gold prices in India today hit record high amid weakened dollar and soaring prospects of US interest rate cut next week in September. 22k gold prices today surged by Rs 1200 to Rs 68,250/10 grams while 100 grams of 22 carat precious metal prices today rose by Rs 12,000 to settle at Rs 6,82,500 on Friday in the country. 24k gold prices today rallied by Rs 1300 to Rs 74,450/10 grams and 100 grams of 24k yellow metal prices turned dearer by Rs 13,000 to Rs 7,44,500.
18k gold prices today surged by Rs 980 to Rs 55,840/10 grams and 100 grams of 18 carat gold price today stood at Rs 5,58,400 after rising by Rs 9,800 on September 13, 2024. 1 gram gold rate today for 22k gold prices is retailing at Rs 6,825 after gain of Rs 120 and 1 gram gold price today for 24k gold prices jumped by Rs 130 to Rs 7,445. 1 gram gold prices today for 18k gold stood at Rs 5,584 after rise of Rs 98 in India.
Sep 13, 2024, 1:32 pm IST
Nazara Tech To Invest Rs 982 Crore In Moonshine Technology
Nazara Technologies has unveiled a landmark investment of Rs 982 crore in Moonshine Technology, the parent firm of the widely recognized online poker platform PokerBaazi. This substantial investment represents the largest single infusion by the diversified gaming and sports media giant to date, signaling a significant strategic move to enhance its foothold in the online skill-gaming sector. Under the deal, Nazara Technologies will acquire a 47.7% stake in Moonshine Technology for Rs 831.5 crore. This acquisition will be executed through a secondary transaction involving existing shareholders, including Moonshine's founder Navkiran Singh and key figures such as Puneet Singh, Varun Ganjoo, Avneet Rana, Anirudh Chaudhry, Gurjeet Kaur, Bellerive Capital, and Influencers Interactive.
Tech Mahindra has approved the merger of its wholly-owned step-down subsidiary, Zen3 Infosolutions (America) Inc., with its parent entity, Tech Mahindra (Americas) Inc. The merger plan received the go-ahead from the board of directors of both companies on Friday, September 13, 2024.
Sep 13, 2024, 12:51 pm IST
HAL Likely To Get Maharatna Status Upgrade By Year-End: Reports
Hindustan Aeronautics Limited (HAL), a leading public sector undertaking (PSU) in India, is set to achieve the prestigious "Maharatna" status. As reported by CNBC-TV18, based on government sources, HAL is expected to be elevated from its current "Navratna" status by the close of the year.
Sep 13, 2024, 12:21 pm IST
RailTel Corp Bags Rs 19.69 Crore Project From Northern Railways
RailTel Corporation of India has been awarded a work order from Northern Railways for a railway project valued at Rs 19.69 crore.
Sep 13, 2024, 11:32 am IST
ZEEL Share Price
Zee Entertainment Enterprises Ltd (ZEEL) saw its share price surge by over 3% on Friday following the announcement of a legal development. The National Company Law Tribunal (NCLT) granted regulatory approval for the recall of Zee's merger with Culver Max Entertainment Pvt Ltd (formerly Sony Pictures Networks India) and Bangla Entertainment Pvt Ltd (BEPL). This ruling effectively puts an end to the months-long legal battle surrounding the merger. Zee's shares jumped as high as 3.30% to Rs 139.15 apiece on the Bombay Stock Exchange (BSE).
Sep 13, 2024, 10:40 am IST
Adani Stocks Trade Mixed
The Adani-Hindenburg saga has no bounds currently, and this time the US short seller has taken a jibe at Indian billionaire Gautam Adani-backed power-to-port conglomerate with claims that about 0 million funds in various Swiss bank accounts have been frozen by the Swiss authorities. Adani Group has denied the latest allegations. On Friday, September 13, Adani Group stocks showed mixed reaction to the new development. Adani Enterprises, Adani Ports, Adani Power, Adani Green, Adani Energy were in red, while Adani Total Gas, Adani Wilmar, NDTV, ACC, and Ambuja Cement stocks were in green.
Sep 13, 2024, 10:00 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Yesterday’s sharp up move which saw the Nifty spurt by 1.9% was a purely technical move triggered by short covering on the expiry day. It is important to understand that the 400 point rally in the Nifty happened after 2pm. Call writers trapped by the unexpected up move resorted to frenzied covering, pushing up prices sharply. Since the bears were badly mauled, the market is in bull grip now. The situation can change in a few days.
A significant trend in the market is FIIs turning buyers for the fourth day in succession with yesterday’s buying figure at an impressive Rs 7695 crores. DIIs who bought when FIIs sold are now selling back to FIIs at a higher price the same shares which they sold earlier. In the tug-of-war between FIIs and DIIs which has been happening over the last more than two years. DIIs have been winning consistently.
Fundamentally strong largecaps like Bharti Airtel, HDFC Bank, ICICI Bank, ITC, HCL Tech, Infosys and TCS have the potential to take the market forward. But higher levels can attract selling by DIIs and profit booking by individual investors.
Sep 13, 2024, 9:40 am IST
Nifty.Sensex Open On A Green Note Amid Positive Global Cues
India's benchmark indices opened higher on Friday, tracking Asian markets today, which are primarily trading in green. Yesterday, US markets picked up 0.5–1%, as the latest inflation data enhanced expectations for a 25 basis point rate cut by the Federal Reserve.
Sep 13, 2024, 9:31 am IST
Sectors/Stocks To Focus Today As Guided By Aditya Gaggar, Director of Progressive Shares
A late sharp uptick propelled the Index to end the weekly expiry trade at a fresh high of 25,389. On the daily chart, Index has made a strong bullish candle which defines the tight grip of bulls and now the next hurdle is placed at 25,670 while on the downside, 25,250 will be considered as the support. BankNifty has given breakout from an Inverted Head & Shoulder formation but we will wait for a confirmation (AXIS Bank- Ascending Triangle Formation Breakout, ICICI Bank- On the verge of a Rounding Bottom Formation Breakout, and Kotak Bank- Symmetrical Triangle Formation Breakout). From the FMCG space, Sugar counters gained strong momentum and we have technical coverage on Balrampur Chini and Dalmia Bharat Sugar. We continue to hold a positive stance on ITC, HUL, and Jubilant Foodworks. Continuation of a strong outperformance can be expected from the IT space as it has given a breakout from a bullish continuation pattern i.e. Flag and Pole Formation (Under technical coverage- Accelya Solutions, Cyient, HCL Tech, and Tech Mahindra). Not only the Metal sector but couple of stocks are also pointing towards a consolidation breakout (Jindal Steel- Symmetrical Triangle Breakout). Stock-specific buying can be expected in the Pharma segment.
Sep 13, 2024, 9:23 am IST
Rupee Vs Dollar
The rupee began trading at 83.94 against the US dollar, down from 83.9650 on Thursday, as investors worried that the US Federal Reserve may lower interest rates by 50 basis points next week.
Sep 13, 2024, 8:52 am IST
Nifty Outlook Today
Nifty's breakout above its previous ATH, coupled with call writers shifting to higher levels and a Put Call Ratio above 1, signals the onset of a bullish phase. With the RSI surpassing 60, the bullish momentum is expected to continue. Immediate support levels for the index are seen at 25,250 and 25,200, providing a strong base for upcoming sessions, said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.
Sep 13, 2024, 8:38 am IST
Nifty Options Market Insights
Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities said, a bullish bias has emerged in the options market, marked by increased put writing over call writing, breaking the 10-day streak of call writer dominance. Significant open interest is noted at the 25,000 Put (1.37 crore contracts) and 25,400 Call (2.04 crore contracts), reflecting a strong bullish sentiment. Call writers unwound positions at lower levels, while active trading is now centred around the 25,450-25,500 Calls and 25,300-25,350 Puts. The Put-Call Ratio (PCR) surged to 1.08 from 0.60, indicating a bullish market environment, as put writers took control.
Sep 13, 2024, 8:19 am IST
Puravankara Share Price In Focus
Puravankara Limited acquired the rights to renovate Miami Apartments at Breach Candy. The developer has ventured into the ultra-luxury South Mumbai sector, where prices are projected to be between Rs 1,25,000 and Rs 1,40,000 per square foot, with a land area of little over 2,000 square meters. The company in Bengaluru has agreed to a Joint Development Agreement (JDA) for a 1.95-acre plot of land in the Electronics City. Furthermore, Puravankara has increased its presence in Lokhandwala, Andheri West.
Sep 13, 2024, 8:09 am IST
Power Grid Corporation of India Shares In Focus
In the tariff-based competitive bidding process to develop an interstate transmission system for the "Augmentation of transformation capacity at Jam Khambhaliya PS (GIS)" on a build, own operate and transfer (BOOT) basis, Power Grid Corporation of India Limited was named the victorious bidder on September 12, 2024.
Sep 13, 2024, 8:05 am IST
Nazara To Invest Rs 982 Cr In Moonshine Technology To Boost India’s Dominant Gaming Platform
On Thursday, Nazara Technologies Limited said that it has acquired, through a secondary transaction, a 47.7% stake in Moonshine Technology Private Limited (MTPL), the parent company of PokerBaazi, the leading online poker gaming platform in India. The deal was made for Rs 832 crores. Nazara would additionally employ compulsory convertible preference shares to contribute Rs 150 crores in the primary capital to Moonshine.
Sep 13, 2024, 7:54 am IST
Bank Nifty Technical Prediction Today
On the daily chart, the index formed a large green candle, reflecting strength. Moreover, it broke through the 51,400-51,420-resistance zone, indicating a fresh breakout that could drive the index towards 52,000 levels. On the downside, 51,400 serves as key support. Therefore, a "buy on dips" strategy is recommended for Bank Nifty as long as it stays above 51,400, said Hrishikesh Yedve.
Sep 13, 2024, 7:54 am IST
Nifty Technical Prediction Today
Technically, the index formed a large green candle on the daily chart, indicating strength. Moreover, the index has witnessed a breakout from the short-term consolidation zone of 24,750-25,330. As per this breakout, if the index holds above 25,300, it could potentially test 25,600-25,800 in the short term. Hence, a "buy on dips" strategy is recommended as long as Nifty remains above 25,300, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
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