Closing Bell : Nifty below 19,450, Sensex down 286 points; midcaps and smallcaps underperform. Oct-4

Closing Bell: Sensex falls, closed at 65,226 level : While Nifty at 19,436 level

 Indian Market 

FII AND DII 

 Indian Market News

1. Nifty below 19,450, Sensex down 286 points; midcaps and smallcaps underperform
2. Oil falls $1 due to demand concerns, as Saudi confirms year-end cutbacks.
3. Rail Vikas Nigam is the lowest bidder for the state of HP.
4. A Rs 444 crore project by the Electricity Board
5. After a massive block deal, HDFC Bank gained more than 1%.
6. The Nifty Pharma index fell 1%, led by Aurobindo Pharma, Biocon, and Alkem Laboratories.
7. The biggest quarterly sales volume reported by APL Apollo Tubes is 6,74,761 tonnes.
8. Plaza Wires IPO Day 3: The issue was booked 43 times, with the retail part receiving the largest subscription ever.
9. Niraj Cement JV secures RS 306 crore project
10. Titagarh Rail Systems signs contract with Gujarat Metro Rail Corporation worth Rs 857 crore.
11. The Bank of Maharashtra sees a 23.6% increase in gross advances and a 22.2% increase in deposits year on year.
12. Edelweiss Financial Services has announced that it will raise up to Rs 200 crore through NCDs.
13. Yes Bank’s Q2 deposits increased by 17.2%, while advances increased by 9.5% year on year.
14. V-Mart’s second-quarter revenue increased by 8% year on year to Rs 549 crore.
15. Satin Creditcare Network will consider gathering funds through NCDs on October 6th.
16. Mahindra Finance falls 4% following its Q2 business update; brokerages disagree on the near-term forecast
17. South Indian Bank’s Q2 gross advances increased 10.3% year on year to Rs 74,975 crore; stock trades unchanged.
18. Bandoda Engineering is profit-booking on a new order; the stock is down 4% from the day’s high.
19. Avenue Supermarts’ standalone sales increases 18.5% year on year to Rs 12,308 crore, while the stock advances 3%.
20. Maruti Suzuki falls 2% after receiving a Rs 2,160-crore income-tax notice.
21. IDFC First Bank is down 2% and has launched a QIP to raise Rs 3,000 crore.
22. On October 19, 2023, Nestle India will explore a stock split.
23. Bajaj Finserv shares fall as subsidiary Bajaj Allianz is sent with a Rs 1,000 crore show cause notice.
24. Updater Services falls short of expectations and lists at a 5% discount to the IPO price.
25. HDFC Bank’s gross advances have increased by 57%, while deposits have increased by 30%.
26. L&T receives a power business order around Rs 1,000-2,500 crore.
27. Raymond will invest up to Rs 301 crore in Ten X Realty, a subsidiary.
28. IHC of Abu Dhabi increases its investment in Adani Enterprises to more than 5%.
29. Bajaj Finance AUM is up 33%, while deposits are up 39%:

     

Indian Market Action

     INDIAN MARKET MOVERS 

Global Market 

Gift Nifty

The GIFT Nifty shows a somewhat negative opening for the broader market with a loss of 10. GIFT Nifty futures was at 19,444 points after touching a high of 19,454 points.

US Markets

Stock futures are near flat following a tough session that dragged the Dow Jones Industrial Average into negative territory for 2023. The 30-stock index added three points, while S&P 500 and Nasdaq 100 futures were little changed. The Dow lost 1.3%, its worst session since March, while the S&P 500 tumbled 1.4% and reached its lowest level since June. The Nasdaq Composite ended 1.9% lower. The Dow is now off 0.4% of the year, while the S&P 500 and Nasdaq are up over 10% and 24%, respectively, for 2023.

European markets

European stock markets closed lower on Tuesday due to gloomy economic data from the region. The Stoxx 600 index ended down 1.1%, with all sectors and major bourses in negative territory. The debt-heavy utilities sector dropped 2.7%, while mining stocks were down 2.6%. Stocks have not shaken off their August and September gloom at the start of the new month, with the Stoxx declining Monday due to an outgoing downturn in manufacturing output. Hong Kong stocks fell about 3%, leading wider losses in the Asia-Pacific region. US stocks were lower as traders closely monitored rising Treasury yields, which hit a 16-year high.

Asian markets

Hong Kong stocks closed 2.69 percent lower at 17,331.22, recovering slightly from a 3% drop earlier in the session. The S&P/ASX 200 in Australia traded down 1.28 percent to 6,943.4, while the Nikkei 225 in Japan dropped 1.64 percent to 31,237.94. South Korean and Chinese markets are closed for holidays. In the US, the Dow Jones Industrial Average declined 74.15 points, while the S&P 500 inched higher by 0.01 percent and the Nasdaq Composite added 0.67 percent.

Oil Prices

Oil prices slightly recovered after a three-week low, driven by a stronger US dollar, global economic signals, and supply tightening. Brent crude oil futures fell to $90.61 a barrel, while US West Texas Intermediate crude gained 37 cents to $89.19 per barrel. The US dollar rose to a 10-month high against major peers after the US government avoided a partial shutdown and economic data fueled expectations of the Federal Reserve keeping rates higher for longer or even hiking them again.

Dollar index

The Dollar index traded 0.20 percent higher in futures at 107.12, whereas the value of one dollar hovered near Rs 83.24.

Gold prices

Gold prices fell near a seven-month low on Tuesday, influenced by a robust dollar and elevated bond yields. Spot gold was down 0.3% at $1,822.42 per ounce, its lowest level since early March. US gold futures fell 0.4% to $1,840.00 per ounce. US job openings increased in August, indicating tight labor market conditions that could prompt the US Federal Reserve to raise interest rates next month. The JOLTS report raised prospects of another hike but also lowered the expectation of a slowdown in the US economy, pressuring precious metals. Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates increase the opportunity cost of holding bullion, which is priced in dollars and does not yield interest. Gold prices briefly ticked up earlier in the session as the dollar weakened against the yen, signaling a possible intervention by the Bank of Japan.

News Updates

MPC likely to hold repo rates at 6.50% in October policy: Economists poll

The Monetary Policy Committee (MPC) is likely to hold the repo rate at 6.50 percent and maintain a ‘Withdrawal of Accommodation’ stance in the upcoming October monetary policy, a Moneycontrol survey of at least 10 economists, bankers and fund managers has revealed.

This is on account of the decline in Consumer Price Index (CPI) Inflation in August and solid economic activity, a majority of the economists who participated in the poll, said.

“The RBI will have little reason to change the current policy settings, and we expect the MPC to keep the repo rate unchanged at 6.5 percent, flagging waning core inflation, steady economic activity, and some risks of more supply-related price shocks, providing a little cue for a change in policy thinking,” said Rahul Bajoria, MD & Head of EM Asia (ex-China) Economics, Barclays.

“The RBI monetary policy committee (MPC) is expected to extend its hawkish pause and keep the ‘withdrawal of accommodation’ stance, at the upcoming policy review on October 6,” said Radhika Rao, Senior Economist, DBS Bank India. The six-member Monetary Policy Committee (MPC) of the RBI will meet from October 4 to 6, to deliberate on the interest rates.

Abu Dhabi-based IHC expands investment in Adani Enterprises to over 5%

Days after selling its investment in two of the Adani Group companies, Abu Dhabi-based conglomerate International Holding Company (IHC) on October 3 claimed it has boosted its stake in the group’s flagship Adani Enterprises Ltd to above 5 percent.

In a filing to the Abu Dhabi stock exchange, IHC claimed, “This strategic increase reflects IHC’s conviction in the world leading incubation model of AEL.”

Stating it has grown its position in AEL to above 5 percent, it said it believes that “the inherent strength of airports, data centres, green hydrogen and various other verticals being incubated under AEL is poised to uniquely capitalise on India’s robust growth journey.”

“IHC continues to explore unique investment opportunities in India with the goal to maximize stakeholders’ return,” the paper added.

Sebi will build unified mechanism for reporting, verifying death of an investor

Market regulator Sebi has announced the introduction of a uniform system for reporting and verifying the death of an investor. This is geared at streamlining the procedure of transferring assets in the securities market.

This circular shall come into force from January 01, 2024. The circular by Sebi specifies out the operational requirements to advise registered intermediaries that have an interface with ‘investors’ or ‘account holders’. It states that if the intermediary receives the information on the demise of an investor, it shall have to first obtain the death certificate along with the PAN from the notifier and perform several other formalities to accelerate the process.

Maruti Suzuki receives Rs 2,160 crore draft income tax assessment order

Maruti Suzuki India Limited received a Draft Assessment Order for Rs 2159.70 crore dated October 3 from the Income Tax Authority, the firm said in a BSE filing. The draft evaluation order is for the financial year 2019-20, it noted.

When the assessing officer detects any discrepancy to the revenue or loss listed in the return filed by the assessee, he offers a Draft Assessment Order to request the assessee’s objection or acceptance.

“The company has received draft Assessment Order for the FY 2019-20 wherein certain additions/ disallowances amounting to Rs 2159.70 crore with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed,” Maruti Suzuki India Ltd said in the statement.

HDFC Bank revamps top management after mega merger

HDFC Bank Ltd. is altering key elements of its management as the Indian bank aims to strengthen its mortgages business, three months after it purchased another lender. The bank revealed the adjustments in a memo to personnel late Sunday, according to people familiar with the issue, who sought not to be identified discussing private data.

It has brought information technology and digital functions, managed by Ramesh Lakshminarayanan directly under Chief Executive Officer Sashidhar Jagdishan as the bank depends on technology to supply more goods and services across its branches, the people said. Ashish Parthasarthy a bank veteran who has supervised treasury since 2009, would acquire responsibility for the key retail branch business, which controls deposits and product distribution, they added.

The lender’s shares have come under pressure since the merger with Housing Development Finance Corp. in July, which made HDFC one of the world’s largest banks. It also received a rare downgrade last month from Nomura Holdings Inc., which voiced concerns on HDFC’s return on assets and issues on loan growth.

Vedanta has financing lined up for clearing debts due in CY24, says Anil Agarwal; sale of steel, iron companies eyed

Vedanta Group has developed measures to pay the group’s financial commitments falling due in the following year 2024, said Anil Agarwal, Chairman of Vedanta Resources. In an interview with CNBC-TV18, Agarwal outlined out Vedanta’s plan for debt repayment, including the sale of firms to acquire cash. The conglomerate has announced the demerger of its company on September 29.

“We have payment coming due in January (2024) and August. We are completely lined up. We have a 1 billion dollar payment in January and a 500-600 million dollar payoff in August. Both are completely lined up. We are looking for strategies to lower debt,” said Agarwal, in an interaction days after announcing a mega demerger plan to split the group’s businesses into six independent entities.

Agarwal said the sale of the steel and iron ore business might help lessen the debt. “We had a phenomenal response for our steel and iron ore sale. This can help take care of our debt. We believe that by March, we will be able to finish the sale transaction.”

Stock in news 

Updater Services: The property management services company will list its equity shares on the BSE and NSE, in the T+3 timeline, on October 4. The issue price has been set at Rs 300 per share. The allocation date was September 30.

Maruti Suzuki India: The country’s biggest car manufacturing company has received a draft Assessment Order for FY20. In the said order, certain additions or disallowances amounting to Rs 2,159.7 crore with respect to returned income (the income disclosed by the company in its income tax return) have been suggested. The company will make its objections before the Dispute Resolution Panel.

HDFC Bank: Arvind Kapil, the Group Head will now lead the mortgage business, and Arvind Vohra, the Group Head will move as Group Head of retail assets. Parag Rao, Group Head, will be additionally responsible for marketing, and risk product group, while Smita Bhagat & Sampath Kumar will be the two new retail branch banking heads. Ramesh Lakshminarayanan, currently the CIO, would lead the IT & digital function, while Rakesh Singh, the Group Head would spearhead the creation of banking as a service (BaaS), says CNBC-TV18.

Raymond: The company said the board members have agreed to invest up to Rs 301 crore in one or more tranches in Ten X Realty, a step-down wholly owned subsidiary of the company. Out of the said investment, the company will invest up to Rs 125 crore in the form of redeemable preference shares, and the balance amount of Rs 176 crore will be invested by giving an inter-corporate deposit (ICD) to Ten X Realty.

Adani Enterprises: Green Vitality RSC, the 100 percent subsidiary of Abu Dhabi’s International Holding Company (IHC), has bought 6.43 lakh shares, which is equal to 0.06 percent of paid-up equity, in Adani Enterprises via open market transactions on October 3. With this, IHC’s shareholding in the company grew from 4.98 percent, to 5.04 percent.

Avenue Supermarts: The D-Mart operator has reported standalone income from operations at Rs 12,308 crore for the quarter ended September FY24, up 18.5 percent over Rs 10,385 crore in same period last year. The total number of stores as of September 2023 stayed at 336.

South Indian Bank: The private sector lender has reported gross advances at Rs 74,975 crore for the quarter ended September FY24, up 10.3 percent over a year-ago period, and total deposits rose by 9.8 percent to Rs 97,146 crore during the same period, as per provisional data. CASA grew by 2.01 percent YoY to Rs 31,162 crore in Q2FY24.

Hero MotoCorp: The world’s biggest two-wheeler maker is set to commence deliveries of its first co-developed premium motorcycle Harley-Davidson X440 on October 15. It has been planning test rides for pre-booked customers since September 1, and the new booking window will open on October 16.

Rail Vikas Nigam Limited: RVNL appeared as the lowest bidder for the development of distribution infrastructure at north zone of Himachal Pradesh under the the Revamped Reformsbased and Results-linked, Distribution Sector Scheme (loss reduction works). This project from Himachal Pradesh State Electricity Board is worth Rs 444.26 crore and is expected to be finished within 24 months.

Life Insurance Corporation of India: The life insurance major has got an order from the Income Tax Authority, demanding a penalty of Rs 84.02 crore. The Corporation has gotten notice for the assessment years 2012-13, 2018-19 & 2019-20.

APL Apollo Tubes: The structural steel tube company has recorded sales volume at 6,74,761 tonnes in Q2FY24, growing 12 percent from over a year-ago period. This is the highest quarterly sales volume revealed by the company. For H1FY24, the company recorded sales volume of 13,36,262 tonnes, an increase of 30 percent YoY.

Titagarh Rail Systems: The company has signed a deal worth Rs 857 crore with the Gujarat Metro Rail Corporation. The company will produce 72 numbers of standard gauge cars for the first phase of Surat Metro Rail. The execution of the contract is slated to begin 76 weeks after the signing of the contract and is expected to be completed in 132 weeks thereafter.

Bank of Maharashtra: The public sector lender has announced deposit growth of 22.2 percent year-on-year at Rs 2.39 lakh crore for the quarter ended September FY24, while gross advance grew by 23.55 percent YoY to Rs 1.83 lakh crore during the same time.

Bajaj Finserv: Bajaj Allianz General Insurance Company (BAGIC), an unlisted material subsidiary of the company, has got a show cause cum demand notice from the Directorate General of GST Intelligence, Pune, alleging a tax demand of Rs 1,010 crore. The alleged demand and the impugned show cause cum demand notice pertains to non-payment of GST on the co-insurance premium accepted as follower in case of coinsurance transactions and non-payment of GST on re-insurance commission accepted on the reinsurance premium ceded to various Indian and Foreign reinsurance companies during the period July 2017 to March 2022.

Vedanta: The company has revealed total aluminium production at 594 kt for the quarter ended September FY24, up 2 percent, but mined metal production was down by 1 percent to 252 kt YoY. Overall power sales grew by 12 percent to 4,048 million units.

VST Tillers Tractors: The company has set up a joint business VST ZETOR in collaboration with HTC Investments. The joint venture company will be originally launching three tractors in the 40-50 HP range. These products are jointly developed by VST and ZETOR after getting valuable feedback from the farming community in India for almost 1 year.

Trident: The company has commissioned their new rooftop solar power project of 9.50 MWp output at Budhni, Madhya Pradesh. The power generated from this new solar power project will be consumed captively for manufacturing facilities at Budhni, Madhya Pradesh, resulting in great reduction of the carbon footprint.

Pidilite Industries: Subsidiary Pidilite MEA Chemicals LLC and Spain’s Corporacion Empresarial Grupo Puma SL have established a joint venture company in the UAE namely PidilitePuma MEA Chemicals LLC. The joint venture company will carry on the business of making construction chemicals. Pidilite MEA and Grupo Puma, Spain will hold 50 percent shares each in the joint venture company.

Oracle Financial Services Software: The board members have approved the appointment of Makarand Padalkar as the Managing Director and Chief Executive Officer of the company, Avadhut Ketkar as Chief Financial Officer, and Gopala Ramanan Balasubramaniam as an Additional Director of the company, with effect from October 5.

Yes Bank: The private sector lender has reported deposits growth of 17.2 percent YoY and 6.8 percent QoQ at Rs 2.34 lakh crore, while its advances grew by 9.5 percent YoY and 5.2 percent QoQ to Rs 2.10 lakh crore.

V-Mart Retail: The company has announced total revenue of Rs 549 crore for the quarter ended September FY24, up 8% compared to Rs 506 crore in the corresponding period last year, due to the shift in the Hindu calendar that has seen the festive sales period (leading to Durga Puja, Dusshehra) moving from Q2 to Q3 in the current year.

Sasken Technologies: The company has revealed collaboration with Qualcomm Technologies, Inc., a pioneer in wireless technologies, through the Qualcomm IoT Accelerator Program. This collaboration marks a major milestone in the realm of Internet of Things (IoT) innovation and underscores both companies’ commitment to shaping the future of connected devices and services.

Varroc Engineering: Subsidiary Varroc Polymers (VPL) has entered into a power purchase deal with AMP Energy C&I Six & AMP Energy C&I Five (special purpose vehicles – SPVs), for establishing renewable power plants in Karnataka and Tamil Nadu. These plants would be having the captive capacity of 30 MWp and 21 MWp respectively, under the captive power system. The subsidiary is in the process of getting 1 percent and 3 percent stake in the said SPVs, for Rs 40 lakh and Rs 80 lakh, respectively.

Digikore Studios: The visual effects services company is set to debut on the NSE Emerge on October 4. The asking price is Rs 171 per share. Its equity shares will be offered for trading in trade-for-trade segment

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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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