Sep 04, 2024, 3:13 pm IST
Bajaj Housing Fin IPO To Open Next Week
With Bajaj Housing Finance set to launch its initial public offering (IPO) next week, at least three more 'upper layer' non-banking financial companies (NBFCs) are expected to go public within a year to meet the RBI's mandatory listing requirements. The three NBFCs that are likely to float public issues are Tata Capital Financial Services, HDB Financial Services (NBFC arm of HDFC Bank), and Aditya Birla Finance, investment bankers said. "Given the appetite in the capital market for good quality businesses, and subject to valuations we will definitely see quite a lot of NBFCs going for listing.
Sep 04, 2024, 2:28 pm IST
NHPC Partners with Maharashtra Government
NHPC has entered into a Memorandum of Understanding (MoU) with the Department of Water Resources (WRD) of the Maharashtra Government to develop energy storage systems, including pumped storage systems, and other renewable energy sources like solar, wind, and hybrid projects, with a combined capacity of 7,350 MW. The PSU's stock is currently trading in red, but marginally down.
Sep 04, 2024, 2:20 pm IST
GIC RE OFS
The Indian government has launched an Offer for Sale (OFS) in General Insurance Corporation of India (GIC Re), aiming to raise up to Rs 4,700 crore. The government, which currently holds an 85.78% stake in GIC Re as of the end of the June quarter, plans to divest up to 6.78% of its equity stake in the company. This OFS includes both a base issue and a green shoe option of equal quantum. GIC RE shares fell sharply by 5%.
Sep 04, 2024, 2:19 pm IST
Gala Precision Engineering IPO
The initial public offering (IPO) of Gala Precision Engineering has turned out to be a success, garnering strong interest from investors across the spectrum. The IPO, which opened for subscription on Monday, September 2, and concluded today, Wednesday, September 4, witnessed overwhelming participation, particularly from non-institutional investors and retail investors.
Sep 04, 2024, 1:56 pm IST
Westlife Foodworld Shares In Focus
In order to introduce the revolutionary Multi-Millet Bun, McDonald's India (West & South), run by Westlife Foodworld, has teamed up with CSIR-Central Food Technological Research Institute (CFTRI), which is a division of the government Ministry of Science & Technology. With this unique, first-of-its-kind partnership, McDonald's dedication to creating nutritious food alternatives is combined with the experience of CSIR-CFTRI, ushering in a new era of food invention.
Sep 04, 2024, 1:22 pm IST
Bharti Airtel Shares In Focus
Today, Bharti Airtel declared that the additional spectrum it acquired in July 2024 has been fully deployed. Airtel's 5G/4G network capacity will be boosted by the deployment of an additional 5MHz on the 1800 band and an additional 4MHz on the 900 band. This will increase and enhance data speeds and deliver noticeably better coverage inside houses and buildings in both urban and rural locations. Customers in Jaipur, Udaipur, Jodhpur, Kota, Bikaner, Ajmer, Bhilwara, Alwar, Sikar, and Pali, among other places, will now experience enhanced voice and data quality of service due to the completion of the additional spectrum deployment. Considering the exponential growth in demand for connectivity, the deployment will also enable Airtel to expand its footprint in rural regions and provide greater coverage along roadways and rail routes.
Sep 04, 2024, 12:49 pm IST
Sector Update: Infrastructure | Strong Highways bid pipeline offers hope for pick up in awarding
Vaibhav Shah of JM Financial Institutional Securities said, “Highways bid pipeline continues to remain strong at INR 1.1tn currently (Aug-24: INR 893bn) which is largely dominated by HAM/EPC projects with 47%/36% share. However, highway awarding has been muted with only 95km awarded in 1Q25 (1Q24: 611km) amid general elections and halt in awarding under Bharatmala Pariyojana. Media reports indicate that the government is planning to launch a new long-term highways programme under “Vision 2047” which could replace Bharatmala and ensure multi-year opportunity for highway players. Highway monetization has been on track with NHAI raising INR 402bn in FY24 and targets to further raise INR 540bn in FY25 through ToT, InVIT and securitization modes. Order backlog for highway developers had weakened in FY24 due to weaker order inflows especially in the Highways vertical in preceeding 12-18 months. However, significant order wins from MSRDC (awarded 37 EPC packages worth INR 898bn in 1Q25) has provided a much needed boost for highway companies and improved revenue visibility. While awarding is yet to pick-up, strong bid pipeline offers hope for uptick in awarding in 2H25. PNC Infratech and HG Infra Engineering are our preferred picks in the Highway space.”
Sep 04, 2024, 12:16 pm IST
Company Update: Coal India | A few dips does not change future; maintain BUY
Sudhanshu Bansal of JM Financial Institutional Securities said, “Coal India reported a production of 46.1 MT in August 2024, a 12% YoY decline due to extended monsoon rains, especially in key coal-producing states like Odisha, Jharkhand, and West Bengal. Global coal prices have corrected significantly, driven by oversupply in China, leading to the consolidation of Indonesian coal (5,900 GAR) prices around USD 92-96/t, and Coal India’s e-auction prices too remain range-bound INR 2,300-2,500/t. With a doable production target of 838 MT for FY25 (and a more ambitious MoU target of 908 MT), our confidence in Coal India's long-term growth remains strong, supported by favorable macros, including record power demand, renewed focus on thermal capacity addition, and strategic initiatives like MDO. We maintain our BUY rating with an unchanged target price of INR 601.”
Sep 04, 2024, 11:36 am IST
KPI Green Shares Gain Amid Approval for 16 MW Solar Project
KPI Green Energy received approval from the Chief Electrical Inspector (CEIG) for a 16 MW solar power project under its Captive Power Producer (CPP) business segment.
Sep 04, 2024, 11:02 am IST
Aeron Composite Shares Surge 20% Above IPO Price in NSE SME Debut
Aeron Composite shares made a solid market debut on September 4, listing at Rs 150 on the NSE SME platform, reflecting a 20% premium over the issue price of Rs 125 per share.
Sep 04, 2024, 10:57 am IST
GIC Re Shares Dip 4% as Government Plans 6.8% Stake Sale via OFS
Shares of General Insurance Corporation of India (GIC Re) dropped by 4% on September 4, following the government's announcement to sell nearly 7% of its stake in the company through an offer for sale (OFS). The government plans to divest 3.39% of its equity, with an additional 3.39% available as a green shoe option.
Sep 04, 2024, 9:30 am IST
Nifty Opening Price
This benchmark opened below 25,100 mark to 25,089.95, and further slipped to hit an intraday low of 25,083.80. Asian Paint, BPCL, Hero MotoCorp, Grasim and HUL are top gainers. While ONGC, Wipro, LTIMindtree, JSW Steel, and Infosys are laggards.
Sep 04, 2024, 9:29 am IST
Sensex Opening Bell
Sensex erased 82,000 mark in the opening bell. The benchmark opened at 81,845.50, and fell further to an intraday low of 81,833.69 compared to the previous day's print of 82,555.44. Stocks like Asian Paint, Bajaj Finserv, and Sun Pharma are top bulls, while stocks like JSW Steel, Infosys, L&T, SBI, and Bharti Airtel are top bears.
Sep 04, 2024, 9:16 am IST
Derivatives Market Outlook
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 1.56%, increased future index shorts by 0.66% and in index options by 0.94% decrease in Call longs, 7.71% increase in Call short, 1.19% decrease in Put longs and 10.05% increase in Put shorts.
Sep 04, 2024, 9:15 am IST
Technical Outlook
Hardik Matalia, Derivative Analyst, at Choice Broking said: The Index needs to sustain above the 25,350 level to push further towards the 25,450 to 25,500 range. On the downside, 25,000 will act as immediate support. Traders holding long positions should maintain a trailing stop loss at 24,950 on a closing basis.
Sep 04, 2024, 9:14 am IST
What Will Drive Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: Historically September has been a weak month for global markets. This has been true for the last four years. Going by early trends, this might again turnout to be true this year, too. The selloff in US markets yesterday was triggered by growth concerns. There are indications of US manufacturing moving into contraction thereby threatening the soft landing expectation, which has been the pillar of support for the mother market US and consequently for other markets, too. Now there is a small question mark about this scenario. More data is needed to confirm this trend. The buy on dips strategy that has been working well in this bull run may play out this time, too. Retail investors waiting for a correction are likely to jump in on dips. Will the trend sustain remains to be seen. In the present stage of the market where there is no valuation comfort in the broader market, quality largecaps offer safety to long-term investors.
Sep 04, 2024, 8:52 am IST
Day Trade Guide
Prashanth Tapse, Senior VP (Research), Mehta Equities: This Wednesday morning, markets are sending mixed signals. Wall Street traded with a negative bias due to renewed recession fears following weak US manufacturing data. On the positive side, WTI oil prices dropped below a barrel, an eight-month low, and FIIs purchased Rs. 1029 crores in stocks yesterday. For Nifty and Sensex to bounce, they must break their all-time highs, with strength confirmed only above Nifty 25334. In stocks, bearish trends are noted for Jindal Steel & Power, DLF, and BHEL on intraday strength, while SBI Life is a buy with targets up to 2029. Investors are also eyeing the upcoming US jobs report, which may pause Nifty’s 14-day winning streak.
Sep 04, 2024, 8:23 am IST
Nifty, Bank Nifty Support And Resistance
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher is expecting Nifty to find support at 25,150 and resist at 25,400 on September 4, 2024. Also, Bank Nifty's support and resistance levels are seen at 51,300 and 52,200 respectively.
Sep 04, 2024, 8:23 am IST
Stocks to Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying in three stocks on Wednesday. These are - BUY MHRIL cmp 427.45 Stop Loss 418 Target 447; BUY LIC HSG FIN cmp 694 Stop Loss 680 Target 725; BUY TRIVENI TURBINE cmp 762.25 Stop Loss 747 Target 795
Sep 04, 2024, 8:04 am IST
Raymond Lifestyle Listing
Raymond Lifestyle Ltd. (“RLL”), whose shares will be listed on the bourses on September 5, 2024, is on its way to towards the largest-ever retail expansion by adding 900 new outlets over three years.
Sep 04, 2024, 8:03 am IST
Market Previous Session
Sensex ended the day with marginal decline of 4 points to 82,555 and Nifty surged 1 point to 25,279 on September 3, 2024. Nifty Bank surged 249 points to 51,689 and Nifty Midcap ralied 142 points to 59,297 on Tuesday.
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