Closing Bell :- Top gainers on the Nifty are BPCL, Coal India, Maruti Suzuki, NTPC and Power Grid Corporation, while losers are Tech Mahindra, Apollo Hospitals, TCS, LTIMindtree and Infosys.
Closing Bell: Sensex falls, closed at 66,408 level : While Nifty at 19,794 level
Indian Market
FII AND DII
| FII Sold | 421.77 Cr |
| DII Purchased | 1,032.02 Cr |
- The Nifty is at 19,800, and the Sensex is down; Infosys and HCL Tech are down ahead of Q2 earnings.
- NALCO, NMDC, and Hindalco Industries boosted the BSE Metal index by 1.5 percent.
- TCS, Tech Mahindra, and LTIMindtree weighed on the Nifty Information Technology index, which lost 0.5 percent.
- Sula Vineyards gains 4% in Q2 on double-digit sales increase.
- The Office of Municipal Corporation, Jaipur Heritage has awarded EMS a contract for Rs 270.8 crore.
- Fortis Healthcare gains 0.7% following a massive block deal.
- Laxmi Organic Industries raises Rs 259 crore through an equity QIP.
- Adani Enterprises raises Rs 700 crore through private placement NCDs.
- TCS would repurchase Rs 17,000 crore in shares at a 15% premium.
- Delta Corp’s second-quarter earnings increased 1.7% year on year to Rs 69.4 crore, despite a weak topline. Anil Malani will be the CFO.
- The RBI permits SBI Mutual Fund to acquire up to 9.99% of IndusInd Bank.
- TCS’s second-quarter operating results exceeded analysts’ expectations. Profit increases 8.7% year on year at Rs 11,342 crore.
- The government may sell 3.5% of its stake in Hindustan Zinc through an initial OFS.
- Rail Vikas Nigam is the lowest bidder for Northeast Frontier Railway’s project for Rs 28.73 crore.
Indian Market Action
| SENSEX | -64.66 | -0.10% |
66,408.39 |
| NIFTY50 | -17.35 | -0.09% | 19,794.00 |
| BANK NIFTY | 82.30 | +0.18% | 44,599.20 |
INDIAN MARKET MOVERS
BPCL |
6.15 1.80% | Tech Mahindra | -32.85 -2.67% |
| Coal India | 5.35 1.77% | Apollo Hospital | -99.00 -1.94% |
| Maruti Suzuki | 168.80 1.62% | Infosys | -28.90 -1.93% |
| NTPC | 2.90 1.21% | TCS | -67.35 -1.87% |
| Power Grid Corp | 2.25 1.13% | HCL Tech | -21.85 -1.75% |
News Updates
India has high debt like China, but risks are moderated: IMF
India has a high debt level similar to China’s, but the risks associated with it are not as severe as those of its northern neighbor. A senior official from the International Monetary Fund has advised India in the medium term to have an ambitious fiscal consolidation plan to reduce deficits. India’s current debt is at 81.9% of GDP, which is similar to China’s 83%. Compared to pre-pandemic levels in 2019, India’s debt was 75%. India’s projected deficit for 2023 is 8.8%, largely due to interest expenditures. The primary deficit is 3.4%, and the debt is projected to fall slightly by 1.5% to 80.4% in 2028. The IMF’s Deputy Director, Fiscal Affairs Department, Ruud de Mooij, stated that India’s debt is not projected to rise like China.
TCS Q2 performance impresses but investors may stay on sidelines, say analysts
Tata Consultancy Services (TCS) reported a 9% YoY growth in consolidated net profit for Q2 2023, reaching Rs 11,342 crore, while consolidated revenue grew nearly 8% YoY to Rs 59,692 crore. However, analysts believe this is not enough to attract new investors to the company. The company’s Q2 earnings met street expectations, and the buyback price was below expectations. US dollar revenue declined for the first time in many quarters, while Q2 EBIT Margin was better than expectations.
Govt may offload 3.5% via initial OFS in Hindustan Zinc
The Indian government may consider offloading 3.5% of its 29.5% stake in Hindustan Zinc Limited (HZL) via the offer for sale (OFS) route in the initial tranche, as investor interest remains grim. Retaining 26% will enable the continuation of some rights as a shareholder. The government will structure the OFS according to investor demand, with some rights remaining with the shareholder until 26.5%, and below 26.5%, the government will have to forego many rights.
SIP inflows scale record high of Rs 16,402 crore, ETF contributions nearly double
Systemic Investment Plans (SIPs) in India reached a record high of Rs 16,402 crore in September, surpassing the previous record of Rs 15,814 crore. Exchange Traded Funds (ETFs) saw the most significant increase in inflows, reaching Rs 3,243 crore from Rs 1,863 crore. Contribution to dividend and ELSS funds also increased to Rs 255 crore and Rs 141 crore, while corporate bond funds lost Rs 2,460 crore and Rs 111 crore respectively. Equity mutual funds continued to see net inflows for the 31st consecutive month, with an inflow of Rs 13,857 crore. Small cap funds received Rs 2,678 crore in September, while midcap funds decreased from Rs 2,512 crore to Rs 2,001 crore.
India set to restrict sugar exports in threat to global supply
India is set to impose restrictions on its sugar exports due to dry weather that has parched cane crops in the world’s second-biggest grower, sugar. Moneycontrol reported that India is likely to ban sugar exports during the upcoming season, with a notification expected in the first week of November. The South Asian nation is likely to curb shipments during the new season that started October 1, and a decision will be made soon. Quotas for some overseas sales can be issued if domestic supply improves. India recorded its weakest monsoon in five years, and any drop in agricultural output will pressure Prime Minister Narendra Modi’s government to control food inflation ahead of elections next month and in 2024.
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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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