Sensex falls 365 points, Stock Market News Aug-25

Sensex falls, closed at 64,886 level: While Nifty at 19,265 level

 Indian Market 

FII AND DII 

 Indian Market News

1. Nifty below 19,300, Sensex down 366 points; all sectors in the red at the close.
2. Asian markets fall: Nikkei, Hang Seng, Taiwan Weighted 1% each
3. Major indices tumble 1% as Jerome Powell speech approaches.
4. Gold for finest week in six, Powell’s speech highlighted
5. Dollar lingers near two-month high before Powell speech
6. On bidding Day 2, the IPO of Vishnu Prakash R Pungulia is booked 7.48 times.
7. Sun TV Network reaches a 21-month high amid Q2 earnings optimism.
8. Tatva Chintan rises after setting a QIP floor price of Rs 1704.74 per share.
9. Syrma sets a new high, while Nuvama gains 40%.
10. The Power Mech Projects board of directors approved raising funds up to Rs 350 crore.
11. Sapphire Foods India’s promoter sells a 2.55% share.
12. Universal Autofoundry has secured the upper circuit when Ashish Kancholia purchases an 8.5% stake.
13. Reliance Industries and Oberoi Hotels will operate three hotels in India and the United Kingdom together.
14. Antifin may sell 3.6% of Paytm via block deal on August 25.
15. On final day, Aeroflex Industries IPO subscribed 97.11 times.
16. Coforge shares fall after mutual funds buy 10.3%.
17. The Defence Acquisition Council orders BEL electronic warfare suites for MI-17 V5 helicopters.
18. PowerMech Projects bags 2 Rs 723.90 crore order
19. Supreme Industries’ PVC Pipes acquisition boosts shares to 52-week high.
20. CNBC-TV18 reported Uno Minda Large Trade | 74.1 lakh shares (2.6 percent equity) worth Rs 447 crore change hands in block sale.
21. DRDO, ISRO, and DPSUs order Rs 158 crore from Astra Microwave Products.
22. KPI Green Energy receives GEDA commissioning certificates for 4.10 MW Gujarat wind-solar hybrid plant.
23. Paytm Large Trade | Block deal window trades 2.27 crore shares (3.6% equity), per CNBC-TV18.
24. Amber Enterprises Large Trade | CNBC-TV18 reported 9.35 lakh shares (2.8 percent equity) worth Rs 262 crore traded on NSE in block deal window.
25. Indiabulls Housing pays ANZ, Barclays, and SBI Rs 2,232 crore.
26. In June, Reliance Jio net adds 22.7 lakh users and Bharti Airtel net 14.1 lakh.
27. CNBC-TV18 reported Uno Minda Large Trade | 74.1 lakh shares (2.6 percent equity) worth Rs 447 crore change hands
28. in block sale.

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• MPC Minutes: Members express caution on near-term pick up in inflation

  The Monetary Policy Committee (MPC) has expressed caution about the near-term increase in retail inflation. RBI Governor Shaktikanta Das warned that headline inflation is expected to harden significantly in July-August due to a spike in tomato and vegetable prices. Rajiv Ranjan noted that the forecast of an uneven monsoon and an El Nino event, along with volatile global food prices, makes the food price outlook uncertain. Ashima Goyal, another member of the MPC panel, emphasized the importance of monitoring factors like the progress of the monsoon and potential supply-side actions when deciding future rate courses.

• Adani group says equity worth Rs 2.36 lakh crore deployed in FY23, more than half of total gross assets

  Adani group, a ports-to-power conglomerate, has increased its total equity deployment to Rs 2.36 lakh crore, more than half of the group’s total gross assets. The equity deployed by the end of FY23 was Rs 2,35,812 crore, much higher than the net debt of Rs 1,87,087 crore. This resulted in the total equity increasing to 55.77 percent of the total assets compared to 40.16 percent at the end of FY19. Adani also closed the June 2023 quarter with the highest-ever cash balance at the portfolio level of Rs 42,115 crore, a Rs 1,764 crore increase from the previous quarter.

• Antfin likely to sell 3.6% stake in Paytm via block deal today: Report

  Paytm promoter Antfin is expected to sell a 3.6% stake in the fintech company Paytm via a block deal on August 25. The deal is expected to be at a discount of Rs 880.10 per share. Paytm shares closed 0.15 percent lower on BSE on August 24. In August, One 97 Communications Limited and Antfin entered into an agreement for Vijay Shekhar Sharma to purchase a 10.3% stake in Paytm. An overseas entity, Resilient Asset Management BV, will acquire the stake from Antfin through an off-market transfer. Sharma’s shareholding in Paytm will increase to 19.42 percent, while Antfin’s will decrease to 13.5%.

• Aeroflex Industries IPO subscribed 97.11 times on final day

  Aeroflex Industries’ initial public offering (IPO) received a strong response on the final day of bidding, with 97.11 shares subscribed. Investors bid for 225.46 crore equity shares, boosting investor confidence due to the company’s first-mover advantage in the flexible flow solutions industry. High net worth individuals bought 126.13 times their reserved portion, while qualified institutional buyers bid 194.73 times their quota. Retail investors subscribed 34.41 times their allotted quota, with 35% of the shares set aside for retail investors.

Global Market Update

GIFT Nifty

The GIFT Nifty showed a slight positive start, gaining 29 points after closing 57 points lower on August 24, while futures of the broader index stood at 19,323 points.

US Markets

Stocks fell sharply on Thursday, with the Dow Jones Industrial Average closing 373.56 points lower, or 1.08 percent, at 34,099.42.

The S&P 500 lost 1.35 percent to end the day at 4,376.31, while the tech-heavy Nasdaq Composite shed 1.87 percent to 13,463.97.

The Dow Jones Industrial Average and the S&P 500 and Nasdaq had their biggest one-day loss since August 2.

Nvidia shares reached an all-time high after reporting quarterly earnings and revenue exceeding analyst expectations.

The information technology sector was the S&P 500’s biggest loser, ending Thursday down 2.15 percent.

Major tech companies saw declines, with Amazon losing 2.7%, Apple declining 2.6%, and Netflix dropping 4.8%.

Dollar Tree was the worst-performing stock in the S&P 500, losing 12.9% on disappointing third-quarter guidance.

Nike shed 1.1%, extending their record losing streak.

Boeing dragged down the Dow, losing nearly 5%.

European Markets

European markets experienced a decline on Thursday due to a decline in bond yields and an early boost from Nvidia’s earnings report. The pan-European Stoxx 600 index closed 0.4% lower, while financial services added 0.5%. Tech stocks retreated from a recent rally to fall 2.3%. The European blue-chip index gained Wednesday, but purchasing managers’ index figures fell below expectations. Asia-Pacific shares rose, with Hong Kong’s Hang Seng index leading gains due to Nvidia’s earnings report.

  Asian Markets

Asia-Pacific markets experienced a decline as investors awaited U.S. monetary policy signals from central bankers’ comments at the Jackson Hole meeting, including a speech by Federal Reserve chair Jerome Powell.

Tokyo’s core inflation rate for August was 2.8%, slightly below the expected 2.9%.

The Nikkei 225 in Japan, Topix in South Korea, and Kosdaq in Australia all fell.

The S&P/ASX 200 opened lower in Australia, dropping 1.19%.

Hong Kong’s Hang Seng index futures were at 18,053, indicating a weaker open compared to the HSI’s close of 18,212.17.

Oil Prices

Oil prices fell due to disappointing economic data from key economies, with Brent crude falling 1.2% to $82.22 a barrel and US West Texas Intermediate crude falling 1.4% to $77.81 a barrel. Analysts are awaiting a speech by US Federal Reserve Chair Jerome Powell on Friday for interest rate moves. Manufacturing data from purchasing managers’ index surveys raised demand concerns.

Dollar Index

The Dollar index rose by 0.42 percent in futures to reach 103.86, while the dollar’s value was near Rs 82.59.

Gold Prices

Gold fell slightly on Thursday due to a tight U.S. labor market, pushing the dollar and yields higher. Spot gold was down 0.02 percent at $1,913.99 per ounce, while U.S. gold futures fell 0.3% to $1,941.60. The number of Americans filing new claims for unemployment benefits fell last week, as labor market conditions remained tight despite the Federal Reserve’s aggressive rate hikes. David Meger, director of metals trading at High Ridge Futures, said the strong jobs market suggests a Fed that would need to remain higher for longer.

                                                                                 Stock in News

• One 97 Communications: According to Bloomberg, promoter Antfin is expected to sell 2.3 crore shares, or 3.6 percent of the fintech business Paytm, in a block deal on August 25. The floor price for the transaction is anticipated to be Rs 880.10 per share, or a 2.7 percent decrease from the closing price of August 24.

• Astra Microwave Products: DRDO, ISRO, and DPSUs have placed orders worth Rs 158 crore with Astra Microwave Products, a manufacturer of sub-systems for radio frequency and microwave systems, for the provision of satellite sub-systems, airborne radar, and sub-systems of radar and EW projects.

• Bharat Electronics: The Defence Acquisition Council has approved the purchase and installation of electronic warfare (EW) suite on Mi-17 V5 helicopters under the buy (Indian-IDDM) category, which will improve better survivability of helicopters, in order to increase the effectiveness of the Indian Air Force. Bharat Electronics (BEL) will be used to purchase the EW Suite.

• Vedanta: In the Rajasthan block dispute, the mining company’s claims were upheld by an arbitration ruling. The corporation claims that the increased petroleum profit is not receivable in accordance with the terms of the production-sharing agreement for the Rajasthan block. Petroleum profits are due to Director General of Hydrocarbon (DGH) audit exceptions regarding the distribution of common development expenditures among Development Areas

• Bharti Airtel and Reliance Industries: Both saw net user growth of 14.09 lakh in June compared to 13.28 lakh in May. Reliance Jio, a subsidiary of Reliance Industries, saw net user growth of 22.7 lakh in June compared to 30.38 lakh in May. Meanwhile, Vodafone Idea saw net user loss of 12.85 lakh in June compared to loss of 28.15 lakh in May.

• Shoppers Stop:Venugopal G Nair has resigned from his position as the chain’s managing director and CEO, effective August 31, 2023, according to Shoppers Stop. With effect from September 1, the board of directors has appointed Kavindra Mishra as an additional director of the business. Kavindra has also been promoted from Executive Director & Chief Executive Officer of Shoppers Stop for three years from his role as Chief Commercial Officer and CEO of Homestop.

•  Coforge: For a total of Rs 2,976.5 crore,SBI Mutual Fund, Societe Generale – ODI, Smallcap World Fund Inc, Morgan Stanley Asia Singapore Pte, Kotak Funds – India Midcap Fund, ICICI Prudential Life Insurance Company, HDFC Mutual Fund, and Aditya Birla Sun Life Mutual Fund purchased 62.93 lakh equity shares, or 10.3% of the midsized IT company. Promoters Hulst B V, owned by Baring Private Equity Asia, sold all 1.62 crore equity shares, or 26.63% of the firm, for a total of Rs 7,683.53 crore, or an average price of Rs 4,722.15 per share.

• Amber Enterprises India: In open market transactions, the Singaporean government purchased 4.05 lakh equity shares of this company, which offers solutions to the air conditioner OEM and ODM business, at an average cost of Rs 2,800 per share. Rs 113.48 crore was spent on the stake purchase.

• Max Financial Services: At an average price of Rs 873 per share, Plutus Wealth Management LLP purchased 25 lakh shares in the Max Group company, and UBS (US) Group Trust purchased 47.5 lakh shares. Together, they invested Rs. 632.92 crore in a 2.1% stake. However, at the same price, promoter Max Ventures Investment Holdings sold 1.12 million shares, or 3.26% of the firm, for a total of Rs 982.12 crore.

• Promoter Sapphire Foods: Mauritius has sold 16.25 lakh equity shares, or 2.55% of the Yum! Brands Inc. franchisee, in the open market for an average price of Rs. 1,355 per share, according to Sapphire Foods India. However, at the same price, 11.14 lakh shares—or 1.75% of the total—were purchased by Wtcnam Common Trust Funds Trust Emerging Markets Opportunities Portfolio.

• Universal Autofoundry: Ashish Rameshchandra Kacholia, a renowned investor, acquired 8.54% of Universal Autofoundry, or 10.34 lakh equity shares, through open market transactions for an average price of Rs 161.59 per share. Additionally, 10.34 lakh shares were purchased by Himalaya Finance & Investment Company at an average cost of Rs 168.49 per share. However, promoter group members Kishan Lal Gupta sold 1.77 lakh shares at an average price of Rs 193.4 per share, Urmila Gupta sold 1.17 lakh shares at an average of Rs 193.4 per share, Payal Gupta offloaded 9.85 lakh shares at an average of Rs 160 per share, and Amit Gupta offloaded 7.71 lakh shares at an average of Rs 160 per share. These individuals sold all of their personal shareholdings.

• Manappuram Finance: Quinag Acquisition, a foreign portfolio investor, sold all 8.38 crore equity shares, or 9.9% of the company, in open market transactions at an average price of Rs 140.5 per share, to exit the gold loan financing business. At an average price of Rs 140.17 per share, BofA Securities Europe SA purchased an additional 62.6 lakh shares, representing 0.74% of the firm; Chartered Finance and Leasing purchased 50 lakh shares at an average price of Rs 140.3 per share. F3 Advisors net purchased 35.83 lakh shares at an average price of Rs 140.53 per share, and Mansi Share & Stock Advisors net purchased 36 lakh shares in Manappuram at an average price of Rs 140.29 per share.

• GI Engineering Solutions: For the fourth session in a row, GG Engineering continues to sell stakes in the engineering design firm. 11.8 lakh shares were sold for an average price of Rs. 12.14, and 25.84 lakh shares were sold for an average price of Rs. 12.15. With the sale of its 4.37% interest on Thursday, GG Engineering sold 1.23 crore shares, or 14.38% of GI Engineering, over the course of four sessions, compared to its 24.47% holdings as of June 2023.

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