Closing Bell : The Nifty is at 19,800, and the Sensex is up 380 points; all sectors are up except for PSU banks. Oct-11

Closing Bell :- The Nifty’s biggest gainers are Hero MotoCorp, Wipro, Grasim Industries, UltraTech Cement, and Dr Reddy’s Laboratories, while the Nifty’s biggest losses are HCL Technologies, Adani Ports, SBI, Coal India, and TCS. Except for PSU Bank, all other sectoral indexes are in the green, with auto, FMCG, metal, pharma, power, oil & gas, and real estate all up 0.5-1 percent.

Closing Bell: Sensex falls, closed at  66,473 level : While Nifty at 19,811 level

 Indian Market 

FII AND DII 

 Indian Market News

1. The BSE Auto index increased by 1%, driven by Hero MotoCorp, Cummins India, and Samvardhana Motherson International.
2. Moody’s expects crude to reach $85, but sees no big concern as long as margins remain strong.
3. Oil prices rise as supply interruptions remain a concern.
4. Advent’s open offer to buy 26% of Suven Pharma
5. Satia Industries receives an order for Rs 340 crore.
6. The government may sell 3.5% of its stake in Hindustan Zinc through an initial OFS.
7. Sunita Tools shares are listed on the BSE SME at a 7% premium to the issue price.
8. Northern Railway awards Dynamic Cables a Letter of Acceptance for Rs 95 crore.
9. Keystone Realtors extends its surge, rising 4%, and announces strong collections in the second quarter.
10. The board of directors of Bank of Baroda has approved a fund raise of up to Rs 10,000 crore:
11. Ugro Capital is up 4% after increasing its AUM in the second quarter.
12. DAM Capital lifts its target price for TVS Motor by 62%, causing the stock to rise 2%.
13. Northern Railway awards Dynamic Cables a Letter of Acceptance for Rs 95 crore.
14. Swelect Energy’s board of directors has approved a stock sale in AMEX Alloys.
15. The government may sell 3.5% of its stake in Hindustan Zinc through an initial OFS.
16.  According to IN-SPACe Chairman Pawan Goenka, India’s space industry would reach $44 billion by 2033.
17. With 8% growth, India’s contribution to global GDP will be nearly equal to China’s by 2028: Barclay
18. Direct tax revenues exceeded Rs 11 lakh crore in October, rising 18% year on year, according to the Finance Ministry.
19. Knorr-Bremse Group is expected to pay more than Rs 4,000 crore for Escorts Kubota’s railway business. According to
20. CNBC-TV18, the deal is expected to be revealed in a few days, citing sources.
21.  IRM Energy’s IPO price band is Rs 480-505, with a target of Rs 545 crore.
22. MCX will launch a new commodity derivatives platform on October 16th.

Indian Market Action

     INDIAN MARKET MOVERS 

News Updates

TCS Earnings Preview Q2FY24: Moderate growth will continue despite large contract wins

India’s top IT services company TCS is projected to announce sluggish increase in its fiscal second quarter earnings, mostly due to lacklustre discretionary spending in the IT sector. Tata Consultancy Services is slated to declare its Q2FY24 financial results on October 11.

TCS’ profit after tax (PAT) for the July-September quarter is likely to climb 3.12 percent quarter-on-quarter to Rs 11,420 crore, according to an average of five brokerages’ projections. The firm is projected to announce a quarter-on-quarter gain of 1.5 percent in revenue to Rs 60,270crore for the period.BNP Paribas attributed the projected weak revenue growth trend to “the continued impact of a slowdown related to a cut in discretionary tech spending, partially offset by large deal ramp-ups”.

RBI asks Bank of Baroda to halt onboarding new clients through BoB World app

The Reserve Bank of India (RBI), on October 10 told state lender Bank of Baroda to suspend onboarding new customers through BoB World, the lender’s digital banking platform.

“Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application. This action is predicated on certain substantial supervisory concerns noticed in the manner of onboarding of their consumers onto this mobile application,” the central bank said in a press release.

Following the RBI order, Bank of Baroda filed a statement indicating it has already put out corrective procedures to address the issues noted by the RBI and is taking further steps to plug any remaining gaps. The statement read: “While the Bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps identified and we will work closely with the RBI to address their concerns at the earliest to their satisfaction.”

The RBI further noted that any future onboarding of clients of the bank on the application will be subject to rectification of the shortcomings discovered and strengthening of the corresponding processes by the bank to the satisfaction of the RBI.

India’s space industry to surpass $44 billion by 2033, says IN-SPACe Chairman Pawan Goenka

In what could be a shot in the arm for prospective investors and private players in India’s space tech ecosystem, the Indian Space Promotion and Authorisation Centre (IN-SPACe), the country’s space regulator, estimates the size of the Indian space economy to be around $44 billion, including $11 billion of exports over the next 10 years.

India’s space economy as of now makes up 2 percent when compared to the global space market size. However, by 2023, IN-SPACe predicts the $44 billion market size to make up for 8 percent of the global market. The agency also predicts $22 billion of investments in the sector over the next 10 years.

Till now, India’s space tech firms, who have been raising adequate funding since last year, often have had to face queries from investors regarding the market size of India’s space ecosystem. These numbers by India’s national space regulator show the potential of the space tech ecosystem, and could help investors in gaining an idea of the market size.

With 8% growth, India’s contribution to global GDP would virtually be on level with China by 2028: Barclays

In order for India to become the main driver for global growth, even exceeding China, it would need to seek an 8 percent growth, Barclay’s stated in its study. According to Barclay’s analysts, India’s growth has outpaced the rest of the globe, delivering robust expansion with relatively low inflation and it is on the way to attaining at least 6 percent GDP growth, while maintaining broad macro stability intact.

But a significant challenge, the research adds is whether authorities can “encourage more rapid growth without compromising India’s hard-won macro stability that has dominated India’s growth ambitions since the start of the Ukraine-Russia war”.

“Amid considerable economic turbulence in rest of the world, India has been an island of relatively better macro outcomes in the past two years. On the surface, India is once again poised to be the fastest-growing major economy in the medium future, since global growth is likely to be weaker through 2023-2024 (relative to historical levels),” the report says.

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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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