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HomeMarket AnalysisSensex gains 11 points, Stock Market News Aug-30

Sensex gains 11 points, Stock Market News Aug-30

Sensex gains, closed at 65,087 level: While Nifty at 19,342 level

 Indian Market 

FII AND DII 

FII Purchased  61.51 Cr
DII Purchased  305.09 Cr

 Indian Market News

  1. Sensex and Nifty close flat amid turmoil; real estate gains, banks drag
  2. Oil prices climb due to a reduction in US stockpiles and hurricane fears.
  3. Gold is nearing a three-week high as investors reduce their expectations on a US rate hike.
  4. The S&P 500 finishes significantly higher, while job data fuels interest rate confidence.
  5. The dollar licks its wounds following the jobs shock; the Australian dollar falls as inflation eases.
  6. Asian markets were trading higher, closely matching movements on Wall Street. 
  7. On Tuesday, Wall Street saw an Nvidia-fueled tech rally.
  8. The GIFT Nifty indicates a flat opening for India’s broader market.
  9. Moody’s will reconsider India’s fiscal health when the deficit falls below 4.5%. 
  10. India’s GDP growth is expected to have reached a four-quarter high of 7.7% in April-June. 
  11. The government has reduced the price of LPG by Rs 200 per cylinder, providing significant comfort to customers ahead of the holiday season. 
  12. The board of directors of an Indian bank has approved a QIP raising up to Rs 4,000 crore.
  13. Gujarat Metro Rail Corporation awards Titagarh Rail Systems a Rs 350 crore contract.
  14. The NTPC has approved an investment of Rs 15,530 crore in the Lara Super Thermal Power Project.
  15. GR Infraprojects secures agreement with NHAI for Rs 1,457.2 crore in projects
  16. Ramkrishna Forgings receives a Rs 74 crore order from a European OEM.
  17. Morgan Stanley has acquired a 1.7% stake in Ami Organics.
  18. Rahul Gupta sells his personal stake in APL Apollo Tubes.
  19. Shakti Pumps receives a Rs 358 crore deal from the Haryana government.
  20. To raise cash, Inox India files draft IPO papers with Sebi.
  21. According to CNBC-TV18, 2 lakh shares (0.15 percent equity) worth Rs 10 crore change hands in a block sale window.
  22. SoftBank is expected to sell a 1.17% stake in Zomato for Rs 947 million.
  23. According to CNBC-TV18, Spandana Sphoorty Financial Large Trade | 35.8 lakh shares (5.5 percent equity) worth Rs 275.8 crore change hands in a block deal window.
  24. Shakti Pumps Large Trade | According to CNBC-TV18, 1.7 lakh shares (0.9 percent equity) worth Rs 14.5 crore change hands at an average price of Rs 861.4 per share.

SENSEX 11.43   +0.12% 65,087.25
NIFTY50 +36.60    +0.19% 19,342.65
BANK NIFTY +00.60  +0.00% 44,495.25

     INDIAN MARKET MOVERS 

Tata Steel 

2.55 2.13 %

Power Grid Corp     -4.05 -1.61%
Maruti Suzuki    175.15 1.82 %  BPCL              -4.85 -1.36%
Eicher Motors              50.40 1.50% SBI        -7.45 -1.30% 
M&M               22.35 1.43% Dr Reddys Labs         -74.05 -1.29 %
Infosys    17.50 1.23 % Hero Motocorp      -36.30 -1.21%

MAJOR UPDATES

  • SoftBank to sell 1.17% stake in Zomato for Rs 940 crore via block deal: Sources

    SoftBank Vision Fund (SVF Global) is set to sell a 1.17% stake in food delivery giant Zomato for Rs 940 crore via a block deal, according to sources. The sale will involve the sale of 10 crore shares at a price of Rs 94 per share. Zomato’s stock settled at Rs 94.65 per share on the BSE, a 2.51% increase from the previous day’s close. Kotak Securities will be the broker for the deal. Zomato’s stock opened 5% higher on the exchanges a day earlier after 184 million shares worth a 2.14 percent stake were reported to have changed hands in a block deal.

  • Sebi slaps Rs 45 lakh penalties on 9 entities for non-genuine trades

    Capital market regulator Sebi has imposed penalties totaling Rs 45 lakh on nine entities for non-genuine trades in the illiquid stock options segment on BSE. The regulator imposed fines of Rs 5 lakh each on Vivek Company, Soundlight Projects, S R Realbuild, Srijan Dealers, Manomay Dealmark, Zodiac Vanijya, VKJ Trexim, Hans Homes, and Guruteg Bahadur Rice Mill. The orders came after Sebi observed large-scale reversal trades in the illiquid stock options segment, leading to artificial volumes on the exchange.

  • SEBI should cut IPO timelines, allow brokers as underwriters: Raamdeo Agarwal

    Raamdeo Agarwal, Chairman of Motilal Oswal Financial Services, has suggested that the Securities and Exchange Board of India (SEBI) should simplify the rules surrounding initial public offerings (IPOs), including clearance and underwriting timelines, to ease the supply situation in the equity markets. Agarwal emphasized the need for SEBI to allow banks and brokers to function as underwriters, rather than being confined to lead bankers roles. Currently, the underwriting rule only applies when the minimum threshold of the IPO, excluding the anchor book, remains unsubscribed.

  • CPS Shapers IPO subscribed 15.32 times on debut

    CPS Shapers IPO has seen strong demand on its debut day, with 15.32 subscriptions for 91.9 lakh shares. Retail investors were overwhelmingly enthusiastic, buying 27.34 times the allotted quota, while high-net-worth individuals’ reserved portion was booked 4.97 times. The company plans to raise Rs 11.1 crore through a maiden public issue of 6 lakh shares at a price of Rs 185 per share. The remaining 5,68,800 shares are divided equally between retail investors and high net-worth individuals, with 31,200 equity shares reserved for the market maker.

Global Market Update

GIFT Nifty

The GIFT Nifty index started slightly positively with a 24-point gain, while futures of the broader index stood at 19,532 points.

US Markets

Stock futures traded flat on Tuesday night India time, marking the latest leg in an end-of-month rally as investors try to mitigate August losses.

Futures tied to the Dow Jones Industrial Average gained 28 points, or 0.1 percent, while S&P 500 futures and Nasdaq 100 futures both hovered around 0.1 percent higher.

This follows a third consecutive winning session on Wall Street, with the technology-heavy Nasdaq Composite adding 1.7%, the S&P 500 rising about 1.5 percent, and the Dow climbing nearly 0.9%, equates to a gain of more than 290 points.

Tuesday’s wins come on the back of data signaling the economy could be slowing, with a Conference Board consumer sentiment index coming in at 106.1 and data from the US Bureau of Labor Statistics showing a decline in open job listings in July.

Any indication of a cooling economy can buoy investor hopes that the Federal Reserve could lighten its policy stance.

European Markets

European stock markets closed higher on Tuesday, following global trends, as investors await a fresh round of economic data this week.

The Stoxx 600 index ended 1% higher, with all sectors and major bourses in positive territory.

Mining stocks added 2.1% to lead gains.

Major European indices advanced on Monday, though UK markets were closed for a public holiday.

Shares in Asia-Pacific rose overnight, with Hong Kong and mainland Chinese stocks leading gains.

The momentum came after a winning day on Wall Street and US stocks gained again on Tuesday.

Federal Reserve Chairman Jerome Powell reiterated that the central bank could hike interest rates further if inflation does not return to target.

He stated that the Fed is prepared to raise rates further if appropriate and intends to hold policy at a restrictive level until it is confident that inflation is moving sustainably down toward its objective.

  Asian Markets

Asia-Pacific markets are expected to rise, mirroring Wall Street’s gains following a tech rally in the US.Australia’s inflation numbers for July are expected to be 5.2%, softer than the 5.4 percent seen in June.The Australian S&P/ASX 200 climbed 0.61 percent in early trade.Japan’s Nikkei 225 is on track for its third consecutive day of gains, while the Topix and Kospi lead gains in the region.Hong Kong’s Hang Seng index is on track for its third straight day of gains, with futures at 18,669.

Oil Prices

Oil prices rose on Tuesday as Hurricane Idalia intensified towards Florida’s Gulf Coast, threatening to impact crude oil supplies in a tightening market. Brent crude oil futures rose by 0.4% to $84.76 a barrel, while U.S. West Texas Intermediate futures rose by 0.5% to $80.46 a barrel. The weather system is expected to cause power outages and potentially impact crude production. US oil producer Chevron evacuated staff from three Gulf of Mexico oil production platforms before the hurricane. Supply concerns were heightened by a fire at a Marathon Petroleum refinery last week, which ignited two large storage tanks filled with naphtha.

Dollar Index

The Dollar index closed 0.06 percent lower in futures at 103.59, while the dollar’s value was near Rs 82.60.

Gold Prices

Gold reached a three-week peak on Tuesday due to weaker labor market readings and doubts over the Federal Reserve’s chances of another rate hike. Spot gold was up 0.9% at $1,935.95 per ounce, while US gold futures rose 0.9% to $1,964.20. The dollar fell against rivals due to falling US job openings in July, while the 10-year Treasury yields also fell. The Job Openings and Labor Turnover Survey and consumer confidence reports suggest the Fed may not raise rates as much as anticipated.

                                                                                 Stock in News

  • Lupin: In Canada, the subsidiary Lupin Pharma Canada has introduced Propranolol LA (long-acting) capsules in strengths of 60 mg, 80 mg, 120 mg, and 160 mg. The generic version of Inderal LA, which is used to treat migraines, anxiety, and heart issues, is propranolol LA.

  • Zomato: According to sources cited by CNBC TV-18, SoftBank Vision Fund (SVF Global) is expected to sell its 1.17 percent share in food delivery company Zomato for Rs 940 crore through a block sale. The sources stated that SVF Growth Fund will sell 10 crore shares at a price of Rs 94 each. As of June 2023, Svf Growth (Singapore) Pte Ltd owned 3.35 percent of Zomato.

  • Central Bank of India: To provide MSME and housing loans, the public sector lender has partnered strategically with IKF housing Finance. IKF Home Finance operates in 6 states and handles assets worth a total of Rs 696.10 crore. Additionally, Samunnati Financial Intermediation & Services and the Central Bank of India formed a strategic co-lending relationship to provide loans for agricultural and MSME. Samunnati has an AUM of Rs 1,150 crore and operates in 22 states.

  • GR Infrastructure Projects: Filial Both GR Belgaum Raichur (Package-5) Highway Private Limited and GR Belgaum Raichur (Package-6) Highway Private Limited have signed the concession agreement with the National Highways Authority of India for road projects totaling Rs. 1,457.24 crore.

  • MPS Interactive Systems: A subsidiary of MPS has agreed to purchase a 65 percent ownership in the Liberate Group, which consists of the Australian companies Liberate Learning Pty Ltd, Liberate eLearning Pty Ltd, App-eLearn Pty Ltd, and Liberate Learning (New Zealand). In following payments, MPSi will purchase the remaining 35 percent of the shares in each of the Liberate Group’s subsidiaries.

  • SBFC financing: For the quarter that ended in June of FY24, the non-banking financing firm reported a standalone net profit of Rs. 47 crore, up 46.5 percent from the profit of Rs. 32 crore in the same quarter last year. During the same quarter, net interest income increased by 40.6 percent year over year to Rs 141 crore.

  • Ami Organics: Morgan Stanley Asia Singapore Pte non-ODI purchased 6,21,898 equity shares in Ami Organics through open market transactions for a total of Rs 77.7 crore at an average price of Rs 1,250 per share. Girishkumar Limbabhai Chovatia, a high-net-worth person (HNI), sold 6.25 lakh shares in a block transaction at an average cost of Rs 1,250.39 per share. As of June 2023, Girishkumar owned 7.12%, or 25.95 lakh shares, of the firm.

  • APL Apollo Tubes: Promoter Rahul Gupta of APL Apollo Tubes left the firm by selling 15.01 lakh shares, or 0.54% of the company, in open market transactions at an average price of Rs 1,621.46 per share. The sale of the share brought in Rs. 243.38 crore.

  • Suzlon Energy: In May 2018, the firm that provides wind and solar energy solutions outbid Avikiran Solar India for a 285 MW wind power project in Kutch, Gujarat. The partners have opted to scale back the project to 168 MW due to the disastrous effects of the Covid-19 worldwide epidemic and the ensuing disruption of the global supply chain.

  • MPS: A subsidiary of MPS Interactive Systems has agreed to purchase a 65% ownership in the Liberate Group, which includes the Australian companies Liberate Learning Pty Ltd, Liberate eLearning Pty Ltd, App-eLearn Pty Ltd, and Liberate Learning (New Zealand). In further tranches, MPSi will purchase the remaining 35% of the shares in each of the Liberate Group’s subsidiaries.

  • SBFC Finance: The non-banking financial firm reported a standalone net profit of Rs 47 crore for the quarter ended June FY24, up 46.5% from the profit of Rs 32 crore in the same quarter last year. During the same quarter, net interest income increased by 40.6% year over year to Rs 141 crore.

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