Sensex gains 80 points, Stock Market News Aug-29

Sensex gains, closed at 65,075 level: While Nifty at 19,340 level

 Indian Market 

FII AND DII 

 Indian Market News

1. The Sensex is up 100 points andThe Nifty is around 19,350 led by power, real estate, and metals.
2. Wall Street closes higher as investors anticipate US inflation and employment statistics.
3. Oil prices remain stable as supply fears outweigh demand concerns.
4. The dollar is weakening as markets prepare for a data dump; the yen is under pressure.
5. The GIFT Nifty indicates a flat opening for India’s broader market.
6. Asian markets rose across the board after Wall Street had a positive day on Monday. The Nikkei 225 in Japan rose 0.2%, the Kospi in South Korea rose 0.3%, and the Hang Seng index in Hong Kong rose 0.8%.
7. SJVN subsidiary to build 320 MW of solar electricity in Assam
8. The REC board of directors has approved the sale of the full shareholding in Beawar Transmission to Sterlite Grid 27.
9. Saroja Pharma will go public on August 31 with an IPO aiming to collect Rs 9.11 crore.
10. The PG Electroplast board of directors agreed a floor price of Rs 1641.09 per equity share for the QIP (qualified institutions placement) to raise Rs 500 crore.
11. On the final day of bidding, Vishnu Prakash R Punglia IPO was booked 87.82 times.
12. Bharti Airtel Large Trade | According to CNBC-TV18, 1.07 crore shares (0.16% equity) worth Rs 922.8 crore change hands in a block deal window.
13. Union Bank of India lost 6% following a massive block deal.
14. Bulk deals | Tiger Global Management offloads Rs 1,123.85 cr shares in Zomato, exits startup
15. Jio Financial Services benefits from the block deal; 49 million shares are exchanged.
16. Indiabulls Housing Finance repays bonds of Rs 1,112.5 crore.
17. Bharat Forge earns 2% after receiving a Rs 287.50 crore order
18. The Indian Medical Association awards NBCC a work order valued at Rs 66.3 crore.
19. Gokaldas Exports will pay $55 million to acquire Dubai-based Atraco Group.

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Jio Financial Services to enter insurance sector, to offer life, health, general cover; may partner global firms

  Jio Financial Services is set to enter the insurance sector, offering life, health, and general insurance products. Reliance Industries Chairman Mukesh Ambani announced the move at the annual general meeting, stating that the company will offer simple yet smart insurance products through a seamless digital interface. JFS plans to use predictive data analytics to co-create contextual products with partners.

• Bulk deals | Tiger Global Management offloads Rs 1,123.85 cr shares in Zomato, exits startup

  Tiger Global Management’s Internet Fund III Pte Ltd has sold its entire stake in Zomato for Rs 1,123.85 crore via open market transactions on 

  August 28. The fund sold 12.34 crore shares or 1.44 percent stake in Zomato, with an average price of Rs 91.01 per share. The stock rose 1.5% to Rs 92.35 at the day’s closure. Meanwhile, Star Health and Allied Insurance Company’s stock rose 0.16 percent to Rs 611.15, as over three percent of shares exchanged hands via block deals.

• Sahaj Fashions IPO subscribed 3.44 times on second day

  Sahaj Fashions’ IPO has received a strong response from investors, with the issue subscribed 3.44 times on the second day of bidding. Retail investors bought 6.03 times the allotted quota, while high-net-worth individuals’ portion was subscribed 1.2 times. The company has reserved 2.36 lakh shares for the market maker, resulting in a net issue of 44.16 lakh shares, divided equally between retail and high net-worth individuals. Sahaj Fashions plans to raise Rs 13.96 crore equity shares via its fixed price issue at a price of Rs 30 per share.

• Dollar hits nine-month high against yen

  The dollar reached a nine-month high against the Japanese yen on Monday, but dipped against other currencies after Federal Reserve Chair Jerome Powell suggested further rate hikes. The greenback reached 146.685 Japanese yen, the highest since November 9. Traders are monitoring Japanese authorities’ intervention in the currency market as the yen weakens. Bank of Japan Governor Kazuo Ueda stated that the bank will maintain its current monetary policy approach due to underlying inflation below its 2 percent target.

• SEBI’s probe faults Adani group on disclosure rules: Report

  The Securities and Exchange Board of India (SEBI) has launched an investigation into India’s Adani group, which has been accused of violating disclosure rules and limits on offshore fund holdings. The inquiry was launched after US-based Hindenburg Research raised governance concerns about the Gautam Adani-led group, which has cut over $100 billion from its company value. The sources, who sought anonymity, described the violations as technical and would only result in a monetary penalty once the investigation is complete.

Global Market Update

GIFT Nifty

The GIFT Nifty experienced a 6 point loss after closing 40 points higher on August 28, with futures at 19,366 points, indicating a slightly negative start for the broader index.

US Markets

Stock futures were near flat on Monday night as investors viewed the final days of a challenging August for the market.

The Dow Jones Industrial Average gained 15 points, or 0.04%, while S&P 500 and Nasdaq 100 futures wavered near the flat line.

The Dow finished more than 200 points higher, a gain of about 0.6 percent.

3M helped the blue-chip average rally more than 5% a day after Bloomberg News cited sources saying the conglomerate was ready to settle lawsuits alleged some of its earplugs were faulty.

However, Monday’s leg up can be seen as a respite from a tough month for stocks, with just three sessions left in August’s trading month.

The Dow is on pace to finish 2.8% lower, while the S&P 500 and Nasdaq are poised for losses of 3.4% and 4.5%, respectively.

Investors will watch for earnings from companies like Best Buy and Nio before the bell, followed by HP after the close.

European Markets

European shares rose in the final trading week of August, with Germany’s DAX 30 up 1%, France’s CAC 40 up 1.4%, and the Italian FTSE MIB up 1.3%.

Markets were closed in the UK for a public holiday.

Investors reflected on the Kansas City Federal Reserve’s annual retreat, where Fed Chair Jerome Powell said that inflation remains too high and the Fed is ready to continue hiking interest rates to tame persistently high prices.

Powell said the Fed could be flexible, but still has further to go to fight inflation.

He said 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 saw gains on Wall Street, with companies like Meta and Apple trading slightly higher, while Nvidia added 1.8%.

Tesla shares also increased by 0.1%.

Japan’s Nikkei 225 climbed 0.28 percent, while the Topix was up 0.15 percent.

The country’s unemployment rate for July was higher than expected at 2.7%.

Australia’s S&P/ASX 200 rose 0.11 percent, while South Korea’s Kospi gained 0.27 percent and the Kosdaq was 0.17 percent higher.

Hong Kong’s Hang Seng index futures stood at 18,300, indicating a stronger open compared to the HSI’s close of 18,130.74.

In the US, all three major indices gained ground, with the Dow Jones Industrial Average climbing 0.62 percent and the S&P 500 cup limbed 0.63 percent.

Oil Prices

Oil prices rose on Monday after China bolstered its economy, but investors remained concerned about growth pace and potential US interest rate hikes. China halved stamp duty on stock trading to boost struggling markets. Brent crude rose by 0.8% to $85.13 a barrel, breaking above the $85 mark. US West Texas Intermediate crude gained 0.6% to $80.28. The focus is on China’s actions to support its economy, Tropical Storm Idalia heading for Florida, and whether Brent can regain momentum on a break above $85. Idalia is intensifying as it approaches Cuba.

Dollar Index

The Dollar index closed 0.02 percent lower in futures at 104.05, while the dollar’s value was near Rs 83.09.

Gold Prices

Gold prices rose on Monday due to a retreat in the dollar and bond yields. Investors are awaiting US economic data this week for more insight on interest rate outlook. Spot gold rose 0.4% to $1,921.86 per ounce, while US gold futures gained 0.6% to $1,952. The benchmark 10-year Treasury yields remain below their recent peak. Focus will be on the US personal consumption expenditures price index report and August nonfarm payrolls data.

                                                                                 Stock in News

• Sun Pharmaceutical Industries: The pharmaceutical giant anticipates consolidated topline growth in the upper single digits for FY24. While research and development (R&D) spending is anticipated to be roughly 7-8 percent of revenues in FY24 with an increasing percentage of investment in specialised R&D, the company’s worldwide specialty business is anticipated to continue expanding.

• NBCC India: The Indian Medical Association has awarded a work order of Rs 66.32 crore to the state-owned construction firm. The IMA House at Indraprastha, New Delhi, was planned, designed, and built as part of the aforementioned work order. Within 30 months, the order is anticipated to be carried out.

• SJVN: Assam Power Development Corporation (APDCL) has awarded a letter of award to SJVN: Subsidiary SJVN Green Energy for three solar power projects totaling 320 MW. The cumulative energy output from these three solar power plants, which will be built on a build-own-and-operate (BOO) basis, is anticipated to total 628 MUs in the first year and about 14,591 MUs over a 25-year period.

• LTIMindtree: provider of technology consulting and digital solutions, has established a strategic partnership with SaaS firm CAST AI, which focuses in automating cost optimisation for clients using Google Cloud, AWS, and Microsoft Azure to host their cloud-native apps.

• HFCL: To raise money, the company’s Fund Raising Committee of Directors has decided to start a qualified institutional placement (QIP) issue on 28 August. The issue’s floor price has been set at Rs. 68.61 per share.

• Zomato: Tiger Global Management, a US-based investment management firm, managed venture capital fund Internet Fund III Pte Ltd, which sold its whole stake in the meal delivery industry leader for Rs 1,123.85 crore. Through open market transactions, the fund sold 12.34 crore shares, or 1.44% of Zomato, at an average price of Rs 91.01 per share.

• Star Health and Allied Insurance Company: ICICI Prudential Life and Fidelity together purchased 3.35% of the stock in the health insurance firm sponsored by the late large bull Rakesh Jhunjhunwala. Through open market transactions, at an average price of Rs 610.20 per share, ICICI Prudential Life Insurance Company purchased 39 lakh shares, Fidelity Investment Trust Fidelity Series Emerging Markets Fund acquired 1.23 crore shares, and FGTFEBP:FIAM Emerging Markets Opportunities Commingled Pool acquired 32.45 lakh shares in Star Health. The University of Notre Dame DU LAC sold 1.66 crore shares at an average price of Rs. 610.22 per share, while foreign investors Mio IV Star sold 34.02 lakh shares in Star Health at an average price of Rs. 610.20 per share.

• Visa Steel: Promoter Visa Industries purchased 22 lakh shares, or 1.89% of Visa Steel, through open market transactions at an average price of Rs 14.3 per share. Visa Steel is a manufacturer of high carbon ferro chrome. But at the same average price, M Prasad & Co. sold 16.05 lakh shares, or 1.38% of the firm.

• Gokaldas Exports: The business, through its subsidiaries, has agreed to purchase Atraco Group (Atraco), a prominent garment manufacturer with operations in Dubai and significant client contacts in the US and Europe. The transaction’s $55 million equity value will be financed by a combination of internal accruals and debt. By Q3 of FY24, the acquisition is anticipated to be completed.

• Indiabulls Housing financing: Since August 2013, the housing financing firm has redeemed bonds totaling Rs. 1,112.5 crore. repayment of debt for the five-year ECBs that were repaid last week and the 10-year funds that were reimbursed on Monday.

• Vasudhagama Enterprises: The business bought 13,26,538 equity shares of Digigames from its shareholders on a share swap basis at a price of Rs 265 per share. In exchange for the shares it purchased from the shareholders of Digigames, the business issued 1,32,65,380 equity shares on a preferential allocation basis to them at a price of Rs 26.50 per share. Digigames then becomes a completely owned subsidiary of the business.

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