Closing Bell: Sensex falls, closed at 65512 level : While Nifty at 19,528 level
Indian Market
FII AND DII
| FII Sold | 1,685.70 Cr |
| DII Purchased | 2,751.49 Cr |
Indian Market News
- The Nifty is below 19,550, and the Sensex is down 316 points; capital goods and PSU banks outperform.
- The Nifty PSU Bank index rose 1%, led by Union Bank of India, Bank of Maharashtra, and PNB.
- Most industries are losing money; autos and energy are the most impacted, while public sector banks and media prosper.
- Plaza Wires IPO receives 21.52 times subscription, with retail investors purchasing 96 times on day two.
- Hindustan Zinc Q2 mined metal production is down 1% year on year to 252kt.
- The September Manufacturing PMI in India was 57.5, down from 58.6 the previous month.
- The manufacturing PMI in India fell to 57.5 in September, the lowest level in five months.
- ATF Price Increase | In Delhi, oil marketing companies have raised the price of Jet Fuel (ATF) by 5% to Rs 1.18 lakh/Kl.
- Authum Investment has increased by 40% in the last two sessions.
- KPI Green Energy has received additional orders for solar energy projects.
- In their NSE SME debut, Saakshi Medtech and Panels jump 50% above their IPO price.
- Hindustan Zinc trades slightly lower on profit booking and a drop in Q2 production.
- On the back of an 18.1% increase in September sales, Atul Auto shares are trading in the green.
- In September 2023, Steel Strips Wheels reaches its greatest monthly net turnover of Rs 401.88 crore.
- HDFC MF increases its position in Sula Vineyards by 2.01%. The total holding is currently at 8.56 percent.
- Man Industries has received new orders of Rs 400 crore.
- Escorts Kubota September Auto Sales | Total sales were down 11.2% year on year at 10,861 vehicles versus 12,232 units.
- In September, NCC received three orders totaling Rs 4,205.9 crore.
- MCGM orders L&T Construction sacks
- TVS Motor’s September sales increased 6% year on year to 4.02 lakh units.
- Royal Enfield sales fell 4% year on year in September to 78,580 units.
- Tata Motors’ domestic sales increased by 2% in September to 82,023 units. YoY
- Bhageria Industries benefits from a Rs 27.7-crore solar installation.
- M&M’s September sales increased 17% year on year to 75,604 automobiles, while tractor sales decreased 11% to 43,210 units.
- Maruti Suzuki’s total sales increased 2.85% year on year to 1.81 lakh units in September.
- Cipla sells its 51% ownership in Saba Investment in the UAE for $6 million.
- Kalpataru Projects International has received fresh orders totaling Rs 1,016 crore.
- September Bajaj Auto Sales | Total sales down 1% year on year to 3.92 lakh units from 3.94 lakh units.
- Eicher Motors September Auto Sales | Total sales were down 4% year on year at 78,580 units compared to 82,097 units.
- Rail Vikas Nigam is the lowest bidder for the Rs 1,098 crore project of the HP State Electricity Board.
- September Bajaj Auto Sales | Total sales down 1% year on year to 3.92 lakh units from 3.94 lakh units.
- September cargo volumes at Adani Ports increased by 26% year on year to 32.8 million tonnes.
- Ashok Leyland September Auto Sales | Total sales increased by 9% to 19,202 units from 17,549 units in the previous month.
Indian Market Action
| SENSEX | -316.31 | -0.48% |
65,512.10 |
| NIFTY50 | -109.55 | -0.56% | 19,528.75 |
| BANK NIFTY | -185.50 | -0.42% | 44,399.05 |
INDIAN MARKET MOVERS
| Bajaj Finance | 156.85 2.01 | ONGC | -7.25 -3.78% |
| Larsen | 49.70 1.64% | Eicher Motors | -95.55 -2.77% |
| Titan Company | 47.45 1.51% | Hindalco | -12.70 -2.58% |
| Bajaj Finserv | 20.80 1.35% | Maruti Suzuki | -263.70 -2.49% |
| Adani Ports | 6.25 0.76% | Dr Reddys Labs | -125.30 -2.24% |
News Updates
Will JSW Infra meet the premium in the grey market following a successful IPO?
Given the strong subscription numbers reported by the IPO, the healthy performance in the previous financial years, and the strong parentage support with a diversified customer base, experts predicted that JSW Infrastructure, the second-largest commercial port operator in India, would make its market debut on October 3 with gains of between 15 and 20 percent.
Instead of using the T+3 or T+6 timeline, the stock will list within the T+2 timeline (issue closing date plus two working days) when the allotment, share transfer, and reimbursements processes are finished. Companies starting their IPOs on September 1 are free to choose the new T+3 timeline, which will be required for all IPOs starting on December 1. After RR Kabel, this firm will be the second to list in the T+2 timeline.
During the week of September 25–27, the JSW Group’s Rs 2,800–crore public offering was subscribed 37.37 times, mostly thanks to qualified institutional investors who purchased 57.09 times the permitted quota. Retail investors subscribed for 10.32 times as much as high net worth individuals subscribed for 15.99 times.
HP and Google will start producing Chromebooks in India next month.
HP, a manufacturer of personal computers, has partnered with Google to begin producing Chromebooks in India on October 2. Sundar Pichai, the CEO of Alphabet and Google, announced on the microblogging service X (formerly known as Twitter) that the companies were collaborating with HP to produce Chromebooks in India. The first Chromebooks produced in India, these devices will make it simpler for Indian students to access cost-effective and safe computing.
According to a statement from HP, the Chromebook devices will be produced at the Flex Facility outside of Chennai, where HP has been making a variety of laptops and desktops since August 2020.
“Chromebook laptops made in India will make it simple for Indian students to obtain low-cost PCs. We continue to assist the government’s Make in India plan by growing our manufacturing operations, said Vickram Bedi, senior director of personal systems at HP India.
Supply of coal to the power industry increased by 3.4% to 294.8 MT in H1.
State-owned Coal India reported on October 2 that despite energy demand reaching record highs in the previous two months, supply of coal to the power industry grew 3.4% to 294.8 million tonnes in the first half of the current fiscal year.
According to a statement from Coal India Ltd (CIL), the total volume of coal delivered was 1.8 MT more than the 293 MT demand anticipated for this time period.
“The volume rise was 9.7 MT, or 3.4 percent, as compared to the high base of the same period last year. This could have been greater if the logistics had been simplified and intake not controlled by a small number of users, according to a statement from CIL.
14 initial public offerings (IPOs) closed, and 7 new stocks will trade this week.
This week appears to be a quiet one for the primary market in terms of new public issue launches after a big flurry of IPOs in the previous quarter, since there won’t be any new initial public offerings.
Seven companies will make their debut on the stock exchanges this week, while 14 companies will close their IPOs. On October 3, pharmaceutical company Valiant Laboratories will conclude its Rs 152 crore public offering, and on October 5, Delhi-based wire producer Plaza Wires’s Rs 71 crore IPO subscription period would come to an end.
Weak demand and macro challenges could hurt IT earnings in Q2; Nomura is still concerned
The brokerage company Nomura predicts that ongoing macrouncertainty and persistent demand weakening would have a negative impact on the financials of information technology businesses as they prepare for the forthcoming July-September earnings season.
Given the “sticky” nature of costs, the firm predicted that the gap left by the decline in small-sized and discretionary projects, along with delays in client decision-making and the ramp-up of won projects in some cases, would result in revenue and margin disappointments in the near term.
The range of -1 to +2 percent on-quarter revenue increase is what Nomura anticipates from large cap IT players, while 0.7 to +3.3 percent sequential growth in constant currency is predicted for midcaps.
Sangam India expects its income to reach close to Rs 4,000 crore by the end of the year.
Following capacity development at its seven production sites in Bhilwara, Rajasthan, Sangam India, a maker of cotton, PV-dyed yarn, and ready-to-stitch fabrics, anticipates sales of almost Rs 4,000 crore by 2024–25. This is according to a key company executive. “We had income of Rs 2,730 crore in FY23, and we intend to reach Rs 3,000 crore this fiscal year. By 2024–2025, Sangam India managing director and chief executive SN Modani stated, “We are targeting close to Rs 4,000 crore revenue with our capacity development in several product categories.
Production of mined metal from Hindustan Zinc fell slightly in Q2 to 2.52 lakh tonnes.
Hindustan Zinc Ltd., a member of the Vedanta group, said on October 2 that its production of mined metal decreased slightly by 1% to 2,52,000 tonnes in the second quarter of the current fiscal. In the second quarter of the preceding fiscal year, 2,55,000 tonnes of mined metal were produced by Hindustan Zinc Ltd. (HZL).
“Mined metal production in the second quarter at 252kt, marginally down YoY and two percent down sequentially, mainly due to lower ore production at Rampura Agucha & Kayad mine, partly offset by better overall metal grades,” HZL stated in a filing to BSE. At 2,41,000 tonnes, the company’s second quarter refined metal output was 2% lower than the same period in the prior fiscal year.
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Force Motors announces August production of 3,032 automobiles.
Power Mech Projects climbs more than 2% after receiving a Rs 625 crore order.
Hitachi Energy India rises nearly 4% after receiving an order.
Quant Mutual Fund invests Rs 86 crore in JM Financial, while Valiant Mauritius Partners sells 0.8% of its holding.
Baring Private Equity sells Rs 34.7 crore in PG Electroplast shares.
Small Cap World Fund and New World Fund sell Rs 884.43 crore in Shriram Finance shares.
Nazara Technologies will offer 57.42 lakh preferential shares to SBI Funds at Rs 714 per share.
Cochin Shipyard Large Trade | According to CNBC-TV18, 8.6 lakh shares (0.7 percent e
Data from China | Exports were down 8.8% in August, while imports were down 7.3% year on year.
Indian Railways awards Responsive Industries a contract for the Garib Rath Initiative.
CNBC-TV18 reported that Bikaji Foods International Large Trade | 14.1 lakh shares (0.6 percent equity) worth Rs 71.3 crore change hands at Rs 507 per share.
PVR INOX stock rises as SRK’s ‘Jawan’ hits theaters, and the industry anticipates a blockbuster opening.
L&T rises on rumours of a possible order from Saudi Aramco for a gas project.
Varroc Engineering to acquire a 26% share in AMP Energy SPVs TCS forms strategic cooperation with JLR’s digital unit
Tata Motors August Auto Sales | JLR UK sales are down 23.6% year on year at 1,479 units versus 1,935 units.
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