Sep 03, 2024, 3:27 pm IST
Etihad Airways, Mumbai City FC Join Hands In New Landmark Partnership
Etihad Airways has signed on to be the Official Front of Shirt Sponsor of Mumbai City FC in a multi-year partnership starting from the 2024-25 season. The move demonstrates Etihad's continued commitment to the Indian market and Mumbai City's profile as one of the top-performing professional sports teams in India having won two Indian Super League titles and two Indian Super League Cups.
The deal, which is a record in Indian football in terms of duration, coincides with Etihad celebrating 20 years of flying to India and will see the Etihad Airways logo feature prominently on the front of shirt of Mumbai City FC’s first and youth team match shirts and training kits from the 2024-25 season.
Sep 03, 2024, 3:00 pm IST
Entod Pharmaceuticals Gets DCGI Nod For Eye Drops To Cure Presbyopia
Entod Pharmaceuticals on Tuesday said it has received approval from the Drug Controller General of India (DCGI) to market eye drops for the treatment of presbyopia. The Mumbai-based drugmaker has received a final approval for PresVu eye drops and plans to introduce it in the domestic market in the first week of October. The approval follows an earlier recommendation by the Subject Expert Committee (SEC) of the Central Drugs Standard Control Organisation (CDSCO), according to a PTI report. PresVu is the first eye drop in India specifically developed to reduce dependency on reading glasses for individuals affected by presbyopia, a common age-related vision condition that typically impacts those over 40. "This DCGI approval is a major step forward in our mission to transform eye care in India. PresVu is more than just a product; it's a solution that stands to improve the lives of millions by offering them greater visual independence," Entod Pharmaceuticals CEO Nikkhil K Masurkar said.
Sep 03, 2024, 2:52 pm IST
TCS Partners With Google Cloud to Launch AI-Powered Cybersecurity Solutions
Tata group IT Sector company Tata Consultancy Services (TCS) share today gained 0.53% after the company via its BSE filing declared its partnership with Google Cloud to launch AI-Powered Cybersecurity Solutions to deal with advanced threats.
According to the BSE filing dated September 3, 2024, “this partnership aims to strengthen cyber resilience for enterprises across industries and empower them with domain-focused innovation with cuttingedge technologies from TCS and Google Cloud.”
The TCS Managed Detection and Response (MDR) solution, powered by Google Security Operations platform, will enable security teams to reduce the time required to detect, and respond to threats. It combines the hyperscaler’s advanced threat detection capabilities with TCS’ contextual knowledge to enable continuous security monitoring and round-the-clock response. The TCS Secure Cloud Foundation leverages capabilities from Google Cloud’s security solutions to strengthen cloud security posture and governance across single, multi, and hybrid cloud environments by embedding security and compliance guardrails throughout the DevSecOps lifecycle, added the exchange filing.
Sep 03, 2024, 1:59 pm IST
Bank Of India Launches Star Dhan Vriddhi Fixed Deposit At 7.90% ROI On 333 Days Tenure
One of the top public sector banks in India, Bank of India (BOI), introduced its 333-day "Star Dhan Vriddhi Fixed Deposit" on Tuesday. For super senior citizens, the rate of interest is as high as 7.90% p.a. The rate for the 333-day Trinity Fixed Deposit is 7.75% annually for senior citizens and 7.25% annually for standard investors. There is also an option for premature withdrawal and loans against fixed deposits.
"Customers can visit any Bank of India branch or use the BOI Omni Neo App / internet banking to open 333 Days Star Dhan Vriddhi Fixed Deposit with Bank of India. The revised rates are effective from 1st September 2024, and this offer is for Limited Period," said BOI in a statement.
Sep 03, 2024, 1:35 pm IST
Baazar Style Retail IPO: Rekha Jhunjhunwala-Backed Public Issue Subscribed 9x On Day 2; GMP Rises
The Indian primary market is abuzz with activity as the initial public offering (IPO) of Baazar Style Retail Limited enters its final day of subscription. Backed by the seasoned investor Rekha Jhunjhunwala, this public offer has captured the attention of market participants with its promising growth prospects and attractive valuation.
Baazar Style Retail has set its IPO price band between Rs 370 and Rs 389 per equity share, aiming to raise a substantial Rs 834.68 crore. The IPO is a blend of a fresh issue of shares and an Offer for Sale (OFS). Specifically, the company seeks to generate Rs 148 crore through the issuance of fresh shares, which will be utilized for growth and expansion initiatives, including the establishment of new stores and debt repayment. The remaining Rs 686.68 crore is earmarked for the OFS, where existing shareholders, including Rekha Jhunjhunwala, will divest their stakes.
Sep 03, 2024, 12:58 pm IST
Upper Circuit Penny Stock: GACM Technologies Bags Rs 100 Mn Order
GACM Technologies Ltd. has announced a major win with a Rs 100 million project from MSK Technologies, reinforcing its position as a leading player in the IT services sector. The project, aimed at resource augmentation and consulting, is expected to deliver a strong gross profit margin of 55%-60%, equating to Rs 55-60 million in earnings. This significant margin boost underscores GACM's ability to execute high-value projects with impressive financial returns, enhancing its growth potential and profitability.
The award of this project showcases GACM's strategic capabilities and its commitment to expanding its service offerings across both domestic and international markets. The project will be executed at MSK's premises as well as at GACM's offshore development centers, highlighting the company's operational flexibility and global reach.
Sep 03, 2024, 12:57 pm IST
Gensol Engineering Surges 3% On Emerging As Lowest Bidder For India's First Bio-Hydrogen Project
Gensol Engineering Ltd., a key player in the power sector, has announced significant developments following the market's closure on September 2, 2024. The company, in consortium with Matrix Gas & Renewables, has emerged as the lowest bidder for India's first bio-hydrogen project, valued at Rs 164 crore. This major project aims to produce green hydrogen from biomass, aligning with India's National Green Hydrogen Mission.
The collaboration between Gensol and Matrix Gas Consortium represents a strategic move to build a bio-hydrogen project for one of India's leading power generation companies. According to a stock exchange disclosure, the project is to be completed within 18 months and marks a critical step towards advancing India's renewable energy initiatives. The consortium leverages its partnership with Westinghouse, USA, a company known for its patented green hydrogen technology and experience in setting up similar plants globally.
Sep 03, 2024, 12:35 pm IST
Gold Price In India Steady, Sept 3: Check Latest Yellow Metal Prices, Silver Stable
Gold prices in India stayed steady on September 3, 2024 as traders are keenly waiting for US economic date to assess the size of the Federal Reserve’s interest rate cut likely to take place this month. 22k gold prices in India today stood at Rs 66,700/10 grams and 100 grams of 22 carat yellow metal prices today in the country remained unchanged at Rs 6,67,000. 24k gold prices today stayed steady at Rs 72,770/10 grams and 100 grams of 24 carat precious metal prices today recorded at Rs 7,27,700.
18k gold prices today stayed stable at Rs 54,570/10 grams and 100 grams of 18 carat yellow metal price today stood at Rs 5,45,700. 1 gram gold rate today for 22k gold prices remained neutral at Rs 6670 and 1 gram gold price today for 24k gold stood at Rs 7277. 1 gram gold price today for 18k gold is retailing at Rs 5457.
Sep 03, 2024, 12:20 pm IST
Matrimony.com Shares Jump 10% As Board To Meet Soon For Buyback
Matrimony.com Ltd shares on Tuesday surged nearly 10% as Board of Directors will hold meeting on September 5, 2024 to consider the proposal for buyback. Matrimony.com shares also hit fresh 52-week high today with current market price stood at Rs 815.25 per share. If the buyback proposal gets approvel of Board on September, it will be second buyback for Matrimony.com. Earlier, Matrimony.com carried out a buyback in July 2022. Matrimony.com Ltd. shares offered return of more than 10% in last 1-week and soared 54% in last 6-months. The company’s market capitalisation stood at Rs 1817.68 crore.
Sep 03, 2024, 11:35 am IST
Shipyard Stocks Surge on Anticipation of Major Naval Orders
Shares of leading shipyard companies, including Mazagon Dock and Cochin Shipyard, surged by up to 6 percent on September 3, fueled by expectations of significant naval defense orders. According to CNBC-Awaaz reports, the Defence Acquisition Council (DAC) is likely to approve procurement deals worth Rs 1.3 lakh crore, which includes orders for seven new naval warships, estimated at Rs 70,000 crore.
Sep 03, 2024, 10:56 am IST
SEBI Greenlights IPO For Muthoot Finance's Belstar Microfinance
Belstar Microfinance, a subsidiary of Muthoot Finance, has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its IPO. The company plans to raise Rs 1,000 crore through a fresh issue and an additional Rs 300 crore via an offer-for-sale.
Sep 03, 2024, 10:55 am IST
Premier Energies Shares Debut At 120% Premium From IPO Price
Premier Energies made an impressive entry into the stock market on September 3, with its shares opening at Rs 991, a 120% premium over the IPO issue price of Rs 450 per share. This strong performance exceeded grey market predictions, where shares were trading at a 108% premium. The grey market, an unofficial platform for pre-listing IPO share trading, had anticipated strong gains, but the actual listing far surpassed these expectations.
Sep 03, 2024, 9:56 am IST
Hindustan Aeronautics Limited (HAL) Shares In Green On Order Win
The acquisition of 240 aero-engines for the IAF's Su-30 MKI aircraft from HAL, valued at Rs 26,000 crore, has been approved by the Cabinet Committee on Security on Tuesday post which the shares of HAL were trading 3% higher in the early trade.
Sep 03, 2024, 9:53 am IST
Adani Green Shares In Focus
A strategic joint venture (JV), equally owned by Adani Green Energy Limited (AGEL) and TotalEnergies, has been formed today with the goal of managing a portfolio of solar projects totalling 1,150 MW. The projects are situated at Khavda, Gujarat, at the largest renewable energy facility in the world. AGEL intends to provide its present assets to the newly formed joint venture, while TotalEnergies intends to provide USD 444 million to expedite the advancement of these projects. Through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) and through sales on the wholesale market, the 1,150 MW of solar projects' generated power would be marketed.
Sep 03, 2024, 9:41 am IST
Market Opens With Mild Cuts; Nifty Hold 25,250, Sensex At 82,500
On September 3, Indian indices opened with little change, with the Nifty hovering around 25,300. The Sensex fell by 18.15 points, or 0.02%, to 82,541.69, while the Nifty decreased by 2 points, or 0.01%, to 25,276.70. Of the shares, 1,672 advanced, 808 declined, and 116 remained unchanged. Among the top gainers on the Nifty were Hindalco Industries, Coal India, Shriram Finance, Cipla, and ONGC. Conversely, Grasim Industries, Kotak Mahindra Bank, Dr Reddy's Labs, Coal India, and Asian Paints were among the main decliners.
Sep 03, 2024, 9:15 am IST
Derivative Technical Views From Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 25000 for Calls and 25000 for Puts while monthly contracts have highest open interest at 25200 for Calls and 25150 for Puts. Highest new OI addition was seen at 24500 for Calls and 25000 for Puts in weekly and at 25200 for Calls and 25000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.42%, increased future index shorts by 12.74% and in index options by 11.29% increase in Call longs, 2.49% increase in Call short, 22.79% increase in Put longs and 2.65% increase in Put shorts.
Sep 03, 2024, 9:15 am IST
Nifty Technical Views From Anand James, Chief Market Strategist, Geojit Financial Services
We will need an hour’s close above 25280 to get back on to the 25365-800 trajectory. Else expect similar pattern as yesterday, with systematic slippage taking Nifty closer to our downside marker of 25200. While we will nurture upside hopes as long as above 25200, a direct fall below 25070 could usher in downsides aiming for 24440 as the first downside objective, with 24800 offering to slow down proceedings. Momentum is missing though.
Sep 03, 2024, 9:13 am IST
Rupee Vs Dollar
After closing at 83.92 VS USD on Monday, the rupee opens at 83.94 VS USD on Tuesday.
Sep 03, 2024, 8:58 am IST
Morning Market Outlook By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
There are two distinct trends in the market now which can be observed In the secondary and primary markets. In the secondary market, recently, there is a positive trend with high quality stocks being accumulated and moving up. Bajaj Finance, ITC, Bajaj Auto and Maruti are examples of this healthy trend. At the same time there is froth in segments of mid and small caps where valuations are hard to justify.
The other trend is the totally irrational moves in the SME IPO market where many SMEs of doubtful credentials are getting their IPOs oversubscribed many times and the stocks on listing are manipulated and driven to upper circuits for days. Due diligence is conspicuous by its absence. Many retail investors, driven by greed, are rushing into this gambling game. This will end in tears for the newbies who have no understanding of market fundamentals.
The record breaking winning streak of the Nifty is likely to end soon and the market needs to correct. But there are no signals of a major breakdown or triggers for a breakout.
Sep 03, 2024, 8:33 am IST
Company Update: Saregama India | Wynk shut down: Near-term pain, long-term gain
Swapnil Potdukhe of JM Financial Institutional Securities said, Bharti Airtel’s decision to shut down Wynk Music (Wynk), India’s third-largest music OTT platform in terms of active users, could accelerate the movement of Spotify (market leader) and JioSaavn (second largest) to a paid-subscription business model. Currently, the three market leaders are the only pure-play music OTT platforms offering free streaming services, as the rest of the players have already moved to a completely paywall-driven business model. While these developments could have an adverse impact on music labels like Saregama in the near term due to loss of minimum guarantee revenue, from a medium- to long-term perspective they could immensely benefit from a sharp improvement in monetisation of end-consumers. This is because music labels on average earn significantly higher yields per stream from paid music streaming consumers compared to free streaming consumers. To better factor in the development we lower our near-term music licensing revenue estimates for Saregama by ~1.5% and marginally raise revenue estimates over the medium to long term. We maintain ‘BUY’ with a revised DCF-driven TP of INR 580 (implied Sep’26 PER of 40x).
Sep 03, 2024, 8:03 am IST
Nifty Bank Prediction
The outlook for the Nifty Bank index remains sideways to bullish. The index is currently trading in a range of 51,000 to 51,500, where aggressive put and call writers have established significant positions, creating a tug of war between buyers and sellers. Additionally, the 1-hour chart shows the index trading above the 50-period EMA, reinforcing a shorter-term positive outlook. Immediate support is at 51,200, while immediate resistance is at 51,500. A break of either level will likely determine the index's further momentum. A "Buy on Dips" strategy remains valid, with 51,500 being the crucial level to watch. Sustained trading above this level could trigger further upside momentum; otherwise, the index may continue to trade within the 51,000 to 51,500 range, commented Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Sep 03, 2024, 8:02 am IST
Bank Nifty Outlook Today
Although Bank Nifty breached the 50% Fibonacci retracement level at 51,500, it struggled to hold this key level. The index is inching higher, although I with waning momentum, making the support at 50,940 crucial to watch. Bank Nifty is currently positioned above the 40 DMA but remains below the 50 DMA, signaling a cautious outlook. If Bank Nifty breaks above the 51,620 level, the upward momentum might remain intact. Conversely, a decline below 51,250 might signal a weakening of the short-term trend, leading to potential downside risks, Om Mehra, Technical Analyst, SAMCO Securities predicted.
Sep 03, 2024, 8:02 am IST
Nifty Outlook Today
Nifty formed an open-high candle on the daily time frame. On the hourly chart, the Nifty continues to move higher within a parallel rising channel. The next significant hurdle is placed at 25,500, while protecting the lower level of 24,100 is crucial; otherwise Nifty could slide lower. The daily Bollinger Bands have started expanding, with the upper band rising and the lower band falling, indicating that volatility could surge, leading to large swings in the coming sessions, said Om Mehra, Technical Analyst, SAMCO Securities.
Sep 03, 2024, 8:02 am IST
Options Market Insights
Dhupesh Dhameja, Technical Analyst, SAMCO Securities said, “The options market has shown signs of a bearish bias, with a higher volume of calls being written compared to puts. This shift in sentiment marks the end of a one-week bullish streak where puts were more heavily written. Significant open interest at the 25,000 Put (61.28 lakh contracts) and the 25,300 Call (66.42 lakh contracts) reflects a cautious stance, as call writers adjust to lower levels, creating strong resistance. The Put-Call Ratio (PCR) has decreased from 1.27 on Friday to 0.96, underscoring the dominance of call writers. The PCR, which had been on an upward streak, has now sustained above 1 throughout the week, signaling a cautionary trend. The Max Pain Point at 25,200 marks a critical level that could influence near-term index movements.”
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