Closing Bell : Nifty nears 19,550, Sensex rises 400 points; auto, IT, and capital goods shine. Oct-5

Closing Bell: Sensex falls, closed at65,631 level : While Nifty at 19,544 level

 Indian Market 

FII AND DII 

 Indian Market News

1. Nifty nears 19,550, Sensex rises 400 points; auto, IT, and capital goods shine
2. The BSE Smallcap index increased by 0.6 percent, led by Infibeam Avenue, Good Luck India, and Entertainment Network India.
3. MoM, the September Services PMI was 61 versus 60.1 and the Composite PMI was 61 versus 60.9.
4. According to CNBC-TV18, JLR sales in the UK in September were up 27.5 percent year on year, at 8,125 cars versus 6,370 units.
5. RITES is the lowest bidder for a USD 111.3 million project from Bangladesh Railway.
6. K&R Rail Engineering gains 5% after receiving a $500 million order.
7. Oriental Rail Infra earns 2% after receiving a Rs 37.64 crore order
8. Rites gains 1.6% after receiving a railway order from Bangladesh.
9. Blue Star would invest 15.10 crore rupees in a completely owned subsidiary.
10. Plaza Wires IPO was purchased 83 times on the last day, and the retail category received the highest-ever offers.
11. Cholamandalam Investment and Finance Company issues 1.69 crore shares through a QIP at Rs 1,180 per share, representing a 1.71% discount to the floor price of Rs 1,200.51 per share.
12. The GST Department issues a show cause notice to Sheela Foam in the sum of Rs 40.52 crore.
13. Suzlon Energy, GMR Airports, and Hindustan Aeronautics boosted the BSE Capital Goods index by roughly 1%:
14. Delta Corporation shares change hands at an average price of Rs 137.9 per share, according to CNBC-TV18.
15. SMFG India and Embassy REIT have announced a collaboration with a lease of 1,94,000 square feet at Embassy 247 in Mumbai.
16. The Gujarat GST Authority issues a show cause notice to Maruti Suzuki India for Rs 1.79 crore.
17. Delta Corp Large Trade | CNBC-TV18 reported that 17.7 lakh shares (0.7 percent) worth Rs 24.3 crore changed hands at an average price of Rs 137.9 per share.
18. Bandhan Bank Q2 loans and advances increased 12.3% year on year to Rs 1.07 lakh crore; stock rises 1%.
19. L&T Construction receives orders for buildings and factories for Rs 2,500-5,000 crore.
20. Nazara Technologies’ stock rose 6% following the acquisition of a 100% stake in a game marketing agency.
21. Jammu and Kashmir Bank’s Q2 deposits increased 9.4% year on year to Rs 1,26,589 crore, while gross advances increased 15.88% to Rs 91,680 crore.
22. Equitas Small Finance Bank advances increased 37% year on year and 6% quarter on quarter to Rs 31,231 crore, while deposits increased 42% year on year and 11% quarter on quarter to Rs 30,839 crore.
23. Punjab National Bank’s Q2 deposits increased 9.7% year on year to Rs 13.08 lakh crore, while global gross advances increased 13.8% to Rs 9.4 lakh crore.
24. RBL Bank’s Q2 deposits increased 13% year on year to Rs 89,774 crore, while gross advances increased 21% year on year to Rs 78,186 crore.
25. According to the Indian Energy Exchange Total electricity volume increased by 13% year on year in September.

Indian Market Action

     INDIAN MARKET MOVERS 

Global Market 

Gift Nifty

The GIFT Nifty suggests a marginally positive start for the broader index with a gain of 15 points. GIFT Nifty futures stood at 19,479 points after making a high of 19,501 points.

US Markets

Stock futures in the US fell by 0.2% on Wednesday, with Dow Jones Industrial Average futures down 0.1% and S&P 500 futures down 0.1%. Clorox shares fell nearly 3% after the bell, following lower-than-consensus guidance for its fiscal first quarter. Analysts predicted earnings of $1.29 per share. However, stocks ended the session higher, with the S&P 500 adding 0.81% and the Dow rising 0.39%. The tech-heavy Nasdaq Composite outperformed the three major averages, jumping 1.35%.

European markets

European markets closed slightly lower on Wednesday due to a pullback in U.S. bond yields from multiyear highs. The Stoxx 600 index ended 0.1% lower, with oil and gas stocks leading the losses, down 2.1%, while tech stocks closed up 1.2%. The region’s stocks have not recovered from their August and September gloom at the start of the new trading month, with the Stoxx declining at the start of the week due to a downturn in manufacturing output.

Asian markets

Hong Kong stocks closed 2.69% 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% to 6,943.4, while the Nikkei 225 in Japan dropped 1.64% to 31,237.94. South Korean and Chinese markets are closed for holidays. In the U.S., the Dow Jones Industrial Average declined 74.15 points, while the S&P 500 and Nasdaq Composite traded mixed. The S&P 500 inched higher by 0.01% and the Nasdaq Composite added 0.67%.

Oil Prices

Oil prices fell by over $3 a barrel on Wednesday due to macroeconomic headwinds and demand fears. Brent crude oil futures fell by 3.63% to $87.62 a barrel, while U.S. West Texas Intermediate crude fell by 3.69% to $85.94. Brent traded at its lowest since Sept. 1 and WTI’s lowest since Sept. 5. U.S. nationwide crude stocks fell by 2.2 million barrels to 414.1 million barrels in the week to Sept. 29, but stocks at Cushing, Oklahoma rose for the first time in eight weeks.

Dollar index

The Dollar index traded 0.06 percent lower in futures at 106.72, whereas the value of one dollar hovered near Rs 83.27.

Gold prices

Gold prices fell for the eighth consecutive session on Wednesday due to elevated U.S. Treasury yields and expectations of Federal Reserve interest rates remaining higher. Spot gold was down 0.2% at $1,818.99 per ounce, while U.S. gold futures eased 0.4% to $1,834.50. The benchmark U.S. 10-year bond yield reached 16-year highs, making non-yielding assets like gold less attractive. If the Fed maintains these rates, gold prices may fall to $1,750 if they break below $1,800.

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 

Hero MotoCorp: the largest motorcycle and scooter manufacturer in the world, has received 13,688 reservations for its recently released flagship motorcycle, the Karizma XMR. Customer deliveries of the Karizma XMR will start during the holiday season this month after dispatches to Hero MotoCorp outlets have already begun.

Punjab National Bank: For the quarter that ended in September of FY24, the public sector lender reported an increase in total business of 11.3 percent year over year to Rs 22.5 lakh crore, with deposits up 9.7 percent to Rs 13.08 lakh crore and global gross advances up 13.8 percent to Rs 9.4 lakh crore. Domestic advances climbed by 13.9 percent YoY to Rs 9.08 lakh crore, while CASA deposits increased by 2.6 percent YoY to Rs 5.4 lakh crore.

Jammu & Kashmir Bank: The lender reported total business at Rs 2,18,269 crore for the quarter ended September FY24, up 12.03 percent year over year. Gross advances rose 15.88 percent year over year to Rs 91,680 crore, while total deposits increased 9.4 percent to Rs 1,26,589 crore. To Rs 64,068 crore, CASA deposits increased 1.24 percent year over year.

Marico: According to the FMCG giant, domestic volumes increased by low single digits on an annual basis. Parachute Coconut Oil and Saffola Edible Oils saw low single digit volume growth, and Value Added Hair Oils saw low single digit value growth. An increase in constant currency of double digits was produced by the international business. Consolidated revenue decreased somewhat year over year due to pricing adjustments made over the past 12 months to important domestic portfolios. These adjustments will gradually become part of the base moving forward. The company anticipates good operating profit margin expansion and strong YoY gross margin increase, resulting in low double-digit operating profit growth.

Bandhan Bank: The private sector lender Bandhan Bank reported loans and advances of Rs. 1.07 lakh crore for the quarter ended September FY24, up 4.3 percent QoQ and 12.3 percent YoY, and total deposits of Rs. 1.12 lakh crore, up 3.3 percent QoQ and 12.8 percent YoY. Retail deposits surged by 7.4 percent QoQ & 12.6 percent YoY to Rs 82,977 crore, while CASA deposits increased by 10.5 percent QoQ & 6.5 percent YoY to Rs 43,161 crore.

HealthCare Global Enterprises: The Indore-based SRJ CBCC Cancer Hospital has been strategically acquired by the cancer care network. HCG also intends to grow by adding 100 beds and a cutting-edge facility for cancer diagnosis and treatment within an estimated operating timeframe of two years. As a result, HCG has grown into a network of 21 comprehensive cancer centres, 24 hospitals spread throughout Africa and India, and 8 childcare facilities.

Nazara Technologies: For $2 million, the Singapore-based NODWIN Gaming subsidiary, a significant Nazara Technologies subsidiary, purchased the whole shareholding in the game marketing firm PublishME from its previous owners, Nazara Technologies and Ozgur Ozalp.

AXISCADES Technologies: Abidali Neemuchwala has been appointed as the new chairman of AXISCADES Technologies, effective as of October 4. The business has gotten board approval for the appointment. Additionally, he is appointed to the board as an Additional Director under the category of Non-Executive, Non-Independent Director. Abidali started his career with Tata Consulting Services in 1992 and previously held the positions of CEO and Managing Director at Wipro.

RBL Bank: The private sector lender said that total deposits for the quarter ended in September FY24 were Rs 89,774 crore, up 13% YoY and 5% QoQ, while gross advances increased by 21% YoY & 5% QoQ to Rs 78,186 crore. CASA climbed to Rs 32,075 crore for the quarter by 12 percent YoY and 0.5 percent QoQ. For the quarter that ended on September 30, 2023, retail advances increased by 34% YoY and 8% sequentially, while wholesale advances increased by 7% YoY and were unchanged sequentially.

L&T Finance Holdings: The business reported that, compared to 58 percent during the same period last year, the retailization of the portfolio is anticipated to be 88 percent at the end of Q2FY24. Retail loan book at the end of Q2FY24 is anticipated to have increased by 33 percent YoY to Rs 69,400 crore, while retail disbursements for Q2FY24 increased by 32 percent YoY to Rs 13,490 crore.

Indian Energy Exchange: The energy exchange’s total power volume for September increased by 13% YoY to 9,147 million units. Real-time market volume increased by 33% year over year in September to 2,923 million units, while the market clearing price increased by 11% year over year to Rs 6.23 per unit.

Sheela Foam: The Commissioner of GST Intelligence, Greater Noida, has sent the business a show cause cum demand notice, alleging a tax demand of Rs. 20.26 crore and an equivalent penalty of Rs. 20.26 crore.

Axita Cotton: Beginning on October 1, 2023, the board of directors has reappointed Nitinbhai Govindbhai Patel as the company’s chief executive officer. Additionally, the corporation names Utsav Himanshu Trivedi as an Independent Director and Kushal Nitinbhai Patel as a Non-Executive Director.

Maruti Suzuki India: Due to a reconciliation of the firm’s submitted tax returns, the company has received a Show Cause Notice from the Gujarat GST Authority for the period of July 2017 to March 2018 in the sum of Rs 1.79 crore. The business will submit a response to the show cause notice to the deciding authority.

ACC: The cement company has established ACC Concrete South and ACC Concrete West as two fully owned subsidiaries. Both subsidiaries will continue their operations in the production and distribution of cement, RMC, and related goods and byproducts.

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 CClosing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell latest news  fClosing Bell tyClosing Bell above 19,700, Sensex up 385 points; gains in capital goods, real estate, and banks

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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