Sensex gains 138 points, Stock Market News Aug-16

Sensex gains, closed at 65,540 level: While Nifty at 19,465 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Sensex up 138 points, Nifty above 19,450; power, real estate shine, metals lag
2. Wall Street closes down; solid retail sales fuel interest rate concerns
3. Oil prices remain stable as markets assess disappointing China data and tighter crude supplies.
4. Asian markets are trading down, with the Nikkei, Hang Seng, and Kospi all losing 1%. 
5. July retail inflation reached a 15-month high of 7.44%, according to the ITC Board of Directors.
6. Gold is trading at recent lows as traders expect further US rate hikes.
7. The Indian currency market was closed today in observance of Parsi New Year.
8. The government raises the windfall tax on domestic crude, diesel exports, and ATF.
9. Interglobe Aviation Large Trade | According to CNBC-TV18, 2 crore shares (5.1% equity) worth Rs 4,837 crore change hands.
10. According to CNBC-TV18, 1.2 lakh shares (3.9% equity) worth Rs 79 crore change hands in a block trade at IIFL Securities.
11. Adani Power Large Transaction | 72.7 million shares change hands in numerous transactions: Bloomberg
12. Nazara invests in Snax Games, an Israeli game company.
    The Cabinet has approved seven railway projects totaling Rs 20,000 crore.
13. Bloomberg stated that Infosys saw a massive block sale in which 1.1 million shares changed hands. However, the identities of the purchasers and sellers were unknown.
14. Uno Minda gains 7% as a result of new EV supply plants and significant orders.
15.  Liberty Global awards Infosys a $1.6 billion contract. 
16. TCS places a purchase order for Tejas Networks worth Rs 7,492 crore.
17. On the first day, the TVS Supply Chain Solutions IPO was subscribed to 2.78 times.
18. GPT Infraprojects receives a Rs 32 crore order.
19. The Orient Green Power subsidiary refinances an existing term loan and working capital facility for Rs 703.6 crore.
20. Investors abandon Balaji Amines following a delay in Q1 reports; the price declines.
21. The share price of Hindustan Copper has dropped 6% as a result of poor first-quarter earnings.
22. Aeroflex Industries is planning an initial public offering (IPO) on August 22 to generate Rs 351 crore.
23. Coffee Day Enterprises provides information. Profit for the first quarter was Rs 21 crore.
24. Senco Gold’s first-quarter profit increased by 22.7% year on year to Rs 27.7 crore, while revenue increased by 30%.
25. Pennar Industries receives orders totaling Rs 702 crore from several industry verticals.
26. Ashok Leyland receives board clearance to purchase OHM India from OHM International Mobility. 
27. Tejas Networks’ stock rose 4% on a Rs 7,492 crore purchase order from TCS.
28. Vodafone Idea’s Q1 loss rises to Rs 7,840 crore, as ARPU rises 2.96% year on year to Rs 139.
29. ITC’s first-quarter profit rises 17.6% year on year to Rs 4,903 crore; board approves hotel business demerger
30.  

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Gangwal family launches mega $450mn block deal in Interglobe Aviation, biggest yet

  The Gangwal family, led by Rakesh Gangwal, is planning to raise $450 million or around Rs 3,735 crore through a block trade at Interglobe Aviation. The family has previously sold a 2.8% stake worth Rs 2,000 crore and a 4.9% stake for Rs 2,900 crore. Rakesh Gangwal stepped down from the board of Interglobe Aviation in February 2022, holding a 29.72 percent stake. The family plans to dilute its stake in a phased manner after he quit the board. The offer floor price is Rs 2,400 per share, representing a 5.8% discount from the last close price of Rs 2,549 per share.

• Foxconn sees opportunity to invest several billions of dollars in India

  Foxconn, a Taiwanese electronics manufacturing company, has the potential to invest several billions of dollars in India if it fully implements its plan. The company’s Indian arm has an annual turnover of close to $10 billion, and the potential market size in India is significant. Foxconn operates nine campuses in India, with a total size equivalent to over 500 football fields. With over 30 factories and a turnover of roughly $10 billion annually, the company has over 20 dormitories housing employees. The company’s capex in India is expected to grow this year, according to CEO Young Liu.

• SBFC Finance IPO grey market premium falls. Will it still debut on a strong note?

  SBFC Finance is expected to debut with a 35-40% premium over its issue price of Rs 57 per share when listed today. Experts believe the shift is due to the correction in equity markets, which has been around 3% since July 20 when the Nifty reached a record high of 19,992. The runaway rally since the end of March is unlikely in the coming weeks. SBFC traded consistently with a 70% premium in the grey market, but the premium dropped to 40-45% since the start of the current week.

• India’s imports from Russia doubled to $20.45 billion in April-July period

  India’s imports from Russia doubled to $20.45 billion in April-July 2022, making it India’s second-largest import source during the first four months of the fiscal. This growth is due to increased inbound crude oil and fertilizer shipments from Russia. India, the world’s third-largest crude importer, has been buying Russian oil at a discount due to Western sanctions against Moscow for the Ukraine invasion. China’s imports also decreased, with China’s imports dropping to $32.7 billion during the same period.

• JPMorgan among US banks facing risk of rating cut as Fitch mulls downgrade

  Fitch Ratings is considering an industry-wide downgrade for the US banking industry, with JPMorgan Chase among the lenders at risk of a reduction in their assessment scores. The agency had previously slashed the industry’s rating to AA- in June, but another downgrade could reduce it to A+. This would force Fitch to reevaluate its assessment of each US lender, as moving to A+ would likely result in negative rating actions.

Global Market Update

• GIFT Nifty

• The GIFT Nifty experienced a 101 point loss after closing 6 points higher at 19,434 points on August 14, while GIFT Nifty futures were at 19,369 points.

• US Markets

  Stock futures are near flat after a losing session in August, marking the latest leg down in the slump.

  The Dow Jones Industrial Average added 2 points, while the S&P 500 and Nasdaq 100 futures were little changed.

  Tax preparer H&R Block and Mediterranean food chain Cava advanced more than 6% and 9%, respectively, after stronger-than-expected quarterly reports.

  The Dow snapped a three-day winning streak, while the S&P 500 ended the session below its 50-day moving average, potentially signaling a downturn ahead.

  Financial stocks like JPMorgan, Wells Fargo, and Bank of America slid after Fitch warned it may be forced to downgrade the credit ratings of dozens of banks.

  This comes as the sector faces challenges, following Moody’s decision to downgrade the ratings of 10 banks and put other institutions on a watchlist.

• European Markets

  European markets fell on Tuesday due to UK wage growth figures and China’s disappointing data.

  The Stoxx 600 index closed 0.9 percent lower, with most sectors in negative territory.

  Basic resources slid 1.5 percent, while banks and utilities fell 1.2 percent.

  Retail stocks were 0.5 percent higher, with Marks & Spencer’s shares rising 7.5%.

  FTSE closed 1.57% lower at 7,389 points and DAX 0.86% lower at 15,767 points.

•   Asian Markets

  Asia-Pacific markets experienced a decline on Wednesday, mirroring Wall Street’s actions due to a decline in US banks.

  Shares of JPMorgan Chase and Wells Fargo dropped 2%, while Bank of America dropped 3%.

  Fitch warned it may have to downgrade credit ratings for dozens of banks, including JPMorgan Chase.

  Moody’s lowered its rating on 10 US banks last week, while putting other big institutions on a watchlist for potential downgrades.

  In Asia, Japan’s Nikkei 225 and Topix fell 0.8%, while South Korea’s Kospi and Kosdaq saw losses of 1.3% and 1.18%, respectively.

  In Australia, the S&P/ASX 200 slipped 1.2%, and Hong Kong’s Hang Seng index closed weaker than the HSI’s close of 18,581.

  China’s house prices for July are expected to be released, which investors will monitor.

• Oil Prices

  Oil prices fell over 1% on Tuesday due to sluggish Chinese economic data and concerns that Beijing’s policy rate cut was not enough to revive the country’s post-pandemic recovery. Brent crude futures fell by 1.5 percent to $84.90, while US West Texas Intermediate crude fell by 1.8% to $81.07. Supply cuts by Saudi Arabia and Russia have boosted price rally in the past seven weeks. However, China’s industrial output and retail sales data showed a further slowdown last month, intensifying pressure on faltering growth and prompting authorities to cut key policy rates to boost economic activity.

• Dollar Index

  Dollar index traded 0.04 percent higher in futures at 103.25, while one dollar’s value hovered near Rs 83.39

• Gold Prices

  Gold prices remained stable on Tuesday due to a retreat in bond yields and the dollar. Expectations that the Federal Reserve will keep interest rates higher for longer were a concern. Spot gold was flat at $1,907.60 per ounce, its lowest level since June 29. US gold futures eased 0.2% to $1,940.20. The Commerce Department reported a 0.7 percent increase in US retail sales last month, indicating continued expansion in the third quarter.

STOCK IN NEWS

• ITC: For the June quarter of FY24, the FMCG business posted a standalone profit of Rs. 4,902.74 crore, up 17.6% from the corresponding quarter in the prior year. Lower agro, paper & packaging, and excise tax revenue caused an 8.5 percent YoY decline in revenue to Rs 15,828.2 crore. ITC gained board clearance for the demerger of the hotel industry.

• Vodafone Idea: The telecom operator’s loss increased from Rs 6,418.9 crore to Rs 7,840 crore in the June quarter of FY24. During the same time, revenue increased by 1.2 percent sequentially to Rs 10,655.5 crore, helped by a better subscriber mix and 4G subscriber additions.

• Ashok Leyland: The Hinduja Group’s Indian flagship firm received board clearance to buy OHM Global Mobility (OHM India) in its entirety from OHM International Mobility for Rs 1 lakh. To start OHM India up, Ashok Leyland would contribute up to Rs 300 crore in equity.

• Senco Gold: The Kolkata-based jewellery firm saw its consolidated profit increase by 22.7 percent year over year to Rs 27.7 crore in the June quarter, while its operating revenue increased by 29.6 percent YoY to Rs 1,305.4 crore.

• SBFC financing: On August 16, the non-banking financing firm will list on the stock exchange for the first time. The set offer price for each share is Rs 57.

   

• Infosys: To develop and build Liberty Global’s cutting-edge digital entertainment and connectivity platforms, the converged video, broadband, and communications business Liberty Global and IT services provider Infosys have increased their relationship. The parties have agreed to a five-year first deal with the possibility of an additional eight or more years. For the first five years of the deal, Infosys will offer Liberty Global with services valued at 1.5 billion euros (or $1.6 billion), and at 2.3 billion euros (or $2.5 billion) if the agreement is extended to eight years.

• Mahindra & Mahindra: In Cape Town, South Africa, Mahindra Tractors unveiled its compact tractor platform, the Mahindra Oja. Over the following three years, The Mahindra Group’s tractor export volumes might quadruple thanks to the Oja platform, which will be the company’s first light-weight tractor. The lightweight Oja series will be introduced in North America, ASEAN, Brazil, Australia, South Africa, Europe, and the SAARC area after making its debut in India. Beginning with Thailand in 2024, Mahindra will also make its debut in the ASEAN area.

• Pennar Industries: The provider of engineering equipment and services has received orders totaling Rs. 702 crore from a variety of industry sectors. The directives should be carried out during the next two quarters.

• Coffee Day Enterprises: With stronger topline and operating results, the operator of the coffee shop chain Cafe Coffee Day reported a profit of Rs 21 crore for the quarter ended June FY24, compared to a loss of Rs 17 crore in the same period of the previous fiscal. EBITDA climbed by 97% to Rs 63 crore over the same time, while revenue from operations increased by 18% year over year to Rs 247 crore.

• InterGlobe Aviation: As part of the continuing share reduction process of the co-founder of IndiGo Airlines, the Gangwal family, lead by Rakesh Gangwal, aims to earn $450 million, or around Rs 3,735 crore, through a block trade, according to several industry sources. In comparison to Monday’s end price of Rs 2,549 per share, the offer floor price of Rs 2,400 per share represents a 5.8% reduction.

• JSW Energy: At an average price of Rs 345 per share, the US-based GQG Partners Emerging Markets Equity Fund, which is supported by Rajiv Jain’s GQG Partners, purchased 1.19 crore equity shares, or 0.72% of the power producer. But in this transaction, Authum Investment & Infrastructure was the seller, selling 1.6 crore equity shares, or 0.97% of the company, for the same sum. Authum Investment owned 2.01% of the business as of June 2023.

• GMR Airports Infrastructure: The business, helped by strong topline and operating performance, reduced its consolidated loss to Rs 29.8 crore for the quarter ended June FY24, from Rs 137 crore in the same time previous year. Consolidated operating revenue increased by 40.2% year over year to Rs 2,017.6 crore during

• Ujjivan Financial Services: A foreign investor named Newquest Asia Investments II sold 30 lakh equity shares, or 2.46% of the financial services firm, in open market transactions for a total of Rs 148.55 crore, or an average price of Rs 495.19 per share. In Ujjivan, Newquest owned 5.17% of the company as of June 2023. But part of those shares were bought by BNP Paribas Arbitrage and the Abakkus Emerging Opportunities Fund-1, which is run by renowned investor Sunil Singhania. They bought 6.79 lakh shares at an average price of Rs. 495.15 per share and 11.5 lakh shares at an average price of Rs. 495 per share, respectively.

• Indiabulls home financing: For the first quarter of FY24, the home financing firm reported consolidated profit of Rs 296.2 crore, up 3.3% from the same time the previous year. However, over the same time period, net interest income decreased by 5.8% to Rs 546.5 crore.

Must read book about investing – check here 

Read more Check the latest news

Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains  Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains  Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains  Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains Sensex Gains