PremiumShare Market Updates: Sensex and Nifty ended marginally higher on Monday. The indices shed some of the gains towards the end as Reliance and Jio Finance dragged. Most sectoral indices ended in the green while IT index continued to feel the pressure. PSU Bank, Auto and Realty shine.
Reliance Industries Limited (RIL) 46th Annual General Meeting 2023 was the key highlight of the day. Mukesh Ambani in a video conference said Jio Financial Services will enter the insurance segment.
Moreover, RIL board recommended the appointment of Isha, Akash and Anant Ambani to the Board of Directors, and Nita Ambani to step down. RIL and Jio Finance ended more than a per cent lower with most of the drag coming towards the end.
World shares rallied after China announced measures to support its ailing markets, but Western markets remained cautious ahead of European and U.S. economic data expected later in the week due to determine central bankers' next steps.
Indian shares ended higher on Monday as gains in key sectors outweighed a drop in IT stocks on U.S. rate concerns as Beijing took steps to boost the struggling market and followed steps to support housing raising hopes of a soft landing for the second-largest economy.
The Nifty 50 index climbed 40 pts to end above 19,300, at 19,306. The S&P BSE Sensex rose 110 pts to close just below 65,000, at 64,996. The more domestically focussed mid-caps and small-caps outperformed the blue-chips, rising over 0.4% each.
Reliance Industries Limited (RIL) 46th Annual General Meeting 2023 was the key highlight of the day. Mukesh Ambani in a video conference said Jio Financial Services will enter the insurance segment. Moreover, RIL board recommended the appointment of Isha, Akash and Anant Ambani to the Board of Directors, and Nita Ambani to step down. RIL and Jio Finance ended more than a per cent lower with most of the drag coming towards the end.
Powergrid gained more than 2% followed by M&M, BPCL and L&T which climbed more than 1.5% each. RIL, Jio Finance, Nestle India, Hindalco and Bharti Airtel were among major laggards.
IT sector remained under pressure with most stocks ending in the red. Most indices ended in the green with Bank, Auto, and Pharma leading the rally.
World shares rallied after China announced measures to support its ailing markets, but Western markets remained cautious ahead of European and U.S. economic data expected later in the week due to determine central bankers' next steps.
Japan's Nikkei share average posted its sharpest daily gains in two months as investors bought back stocks after losses at the end of last week, but tourism-related shares fell amid worries about the impact of a ban on the country's seafood by China. The Nikkei jumped 1.73%. The broader Topix climbed 1.47%.
Chinese stocks closed up after authorities announced a package of measures to boost investor confidence, but the market erased most of the strong opening gains amid broader concerns about a stuttering economy.
China's blue-chip CSI 300 Index was up 1.2% at the close, some distance from the 5.5% jump at the market open. Hong Kong's Hang Seng Index ended nearly 1% higher after opening up 3.1%.
European shares advanced on Monday, with technology stocks leading gains following an upbeat close on Wall Street and a rise in China-exposed industrials after Beijing announced measures to aid its ailing stock market.
Jio Financial Services will enter insurance segment, announced Chairman Mukesh Ambani
Reliance Industries Limited (RIL) Chairman Mukesh Ambani, stated that Reliance had created 2.6 lakh new employment in the previous year. Reliance's consolidated revenues were ₹9,74,864 crore, and Mukesh Ambani expressed his joy at yet another year of outstanding overall performance. In FY23, Reliance's EBITDA was ₹1,53,920 crore, and its net profit was ₹73,670 crore.
Reliance Industries has cumulatively invested more than $150 billion in the last 10 years, said Chairman Mukesh Ambani. (Read More)
Reliance Industries Limited (RIL) 46th Annual General Meeting saw some major technology announcements. RIL Chairman Mukesh Ambani called the company ‘New Reliance’ which will be a new age-technology driven company with distinctive capabilities. In the Reliance AGM 2023, key announcements were ranging from Jio True5G to Jio Smart Home Services. (Read More)
India's fashion retail sector is feeling the impact of high food inflation, with foot traffic and sales down and brands offering steeper discounts for longer periods of time. Food inflation in July reached 11.5%, marking a three-year high, due to erratic monsoon rains that damaged crops and disrupted supply chains. The slowdown in fashion spending is raising concerns about the health of consumer spending, which had already been slowing before the rise in food prices. However, spending at cinema chains and sales of premium SUVs remain strong. (Read More)
A fresh wave of coronavirus infections have been reported in the US, Europe and Asia, with cases attributed to the EG.5, "Eris" subvariant, a descendant of the Omicron lineage.
While India has reported only one case of this variant so far, authorities are concerned and have swung into action. Indian scientists have stepped up genome sequencing.
Mint takes a look at the situation and India's preparedness. (Read More)
Nita Ambani to step down from the Reliance Board – to continue as Chairperson of Reliance Foundation. Reliance Industries Ltd said on Monday it has appointed Isha Ambani, Akash Ambani and Anant Ambani as directors to the board of the oil-to-telecoms.
In a statement issued by the company said,"The Board of Directors of RIL, at its meeting on Monday, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company. Their appointment will take effect from the date they assume office after approval by the shareholders." (Read More)
Hemant Vishnoi, Co-Founder of EnKash: The G20 stands as an important pillar for India's economic development, particularly in fortifying small and medium businesses. This synergy promotes job creation and innovation, vital for sustained growth. The G20's strong commitment on financial inclusion drives equitable progress, strengthening economic stability through increased spending and investment.
Significantly, the G20's emphasis innovation acts as an engine for economic growth. By facilitating international collaboration and knowledge sharing, it promotes India into a prominent global innovation hub. This distinct support from the G20 doesn't merely enhance India's economy—it propels it into an era of unparalleled development and importance on global level.
Ritesh Chopra, Director Sales and Field Marketing, India & SAARC Countries, Norton: The G20's role in India's economic growth transcends borders, encompassing the digital realm of cybersecurity and data transformation. Through the G20, India gains a platform to fortify its digital foundations by collaborating with global leaders in cybersecurity. Through this collaboration, India strengthens its cybersecurity framework, raises consumer awareness about digital threats, and drives collaborative efforts to create a more secure online environment for everybody. The G20's influence over India's economy, cybersecurity, and digital realms highlights the industry's significance as a catalyst for beneficial, multilateral outcomes in our increasingly linked global landscape.
In defiance of the subdued sentiment prevailing on Dalal Street, Vikas Lifecare shares have demonstrated a consistent upward trajectory since the commencement of Monday's trading session. This particular small-cap stock, boasting a market capitalization of ₹546 crore, initiated the day on a positive note and subsequently reached an intraday pinnacle of ₹3.80 per share on the National Stock Exchange (NSE), culminating in an impressive nearly 12 percent surge during Monday's trading activities.
This penny stock, valued at less than ₹5, has communicated to the Indian stock market exchanges that its board of directors have received a noteworthy proposal for raising funds amounting to ₹40 crore. Expanding upon this, the company, still priced below ₹10, elaborated that this capital infusion is envisaged through a preferential issue. The board of directors is poised to convene and deliberate upon this proposal during their upcoming meeting scheduled for the 31st of August, 2023. (Read More)
Bharat Petroleum Corporation Limited (BPCL) on Monday announced an investment of ₹1.5 lakh crore over the next five years towards its transformative initiative, 'Project Aspire'.
During the 70th annual general meeting, BPCL chairman G Krishnakumar emphasized the company's commitment to growth, sustainability, and a net-zero future. (Read More)
India's inflation should be brought within the central bank's 2%-6% tolerance band on a sustainable basis and its trajectory towards 4% must be "visible" before the war on inflation can be slackened, a monetary policy committee (MPC) member said on Monday.
Led by vegetables, food inflation in India soared to an over three-year high of 11.5% in July, pushing headline inflation to 7.44%.
MPC member Jayanth Varma told the Reuters Global Markets Forum (GMF) in an interview that there was much greater urgency to bring inflation to within the Reserve Bank of India's (RBI) comfort band than it was to bring it to the mandated medium-term target of the centre of the band.
"It is when projected inflation drops on a sustained basis below 5% that the real repo rate starts getting excessively high," he added. (Reuters)
European stocks rose on Monday as China’s stimulus to lift its equity market boosted risk sentiment, while investors considered the outlook for interest rates after cautious remarks from Federal Reserve Chair Jerome Powell.
The Stoxx 600 Index was up 0.7% as of 8:02 a.m. in London, tracking a rally in Asian peers as China cut stamp duty on stock trades for the first time since 2008 and pledged to slow the pace of initial public offerings. Technology and construction stocks led the gains in Europe as all industry sub-indexes advanced.
Stock markets in the UK are closed for a local holiday. Among individual movers, Valneva SE rallied as it reported positive initial Phase-3 safety data in adolescents for its single-dose chikungunya virus vaccine candidate.
A rally in Europe’s benchmark index has stalled this month as worries about persistently hawkish central banks lifted bond yields. With technical indicators flashing bearish signals — such as the failed break-out in July and the current short-term downtrend — the momentum for stocks now looks negative. (Bloomberg)
India is poised not only to achieve its ambitious target of 500-gigawatts renewable energy capacity by 2030 but also surpass it, driven by an anticipated decline in battery prices by 2025, according to Ajay Mathur, Director General of the International Solar Alliance (ISA).
In an interview with PTI, Mathur, who has also been a member of the Indian Prime Minister's Council on Climate Change, said global climate finance distribution remains skewed and that reforming multilateral development banks and facilitating renewable energy investments have been priority areas of India's G20 presidency.
India, as the G20 presidency, has invited ISA as one of the guest international organisations. Mathur said a fall in battery prices by 2025 could drive the widespread adoption of solar plus battery solutions, leading to the realisation of India's ambitious target of installing 500 GW of renewable energy capacity by 2030 -- one of the five commitments Prime Minister Narendra Modi made during the 2021 Glasgow climate talks. (PTI)
Ministry of Electronics and IT (MeiTY) Secretary Alkesh Kumar Sharma on Monday expressed his happiness with the response to the PLI 2.0 scheme that was tweaked for semiconductor making in June this year. His remarks came while addressing the ICEA report launch here.
Speaking at the event today, the MeiTY Secretary said, “I am happy with the response to the scheme. We have also received responses from global and domestic players. PLI 2.0 scheme for IT hardware gets 58 registrations, all major players have registered." (Read More)
Oil prices ticked higher on Monday after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.
Brent crude rose 19 cents, or 0.2%, to $84.67 a barrel by 0627 GMT, while U.S. West Texas Intermediate crude was at $80.09 a barrel, up 26 cents, or 0.3%.
Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise rates further to cool still-too-high inflation.
Oil benefited from a better tone on the opening, IG market analyst Tony Sycamore said, after China halved stamp duty on stock trading effective Monday in the latest attempt to boost struggling markets. (Reuters)
Beaten-down US Treasuries are proving irresistible to some investors even after Federal Reserve Chair Jerome Powell said he’s ready to raise interest rates again to choke off inflation.
Western Asset Management says bonds are set to outperform due to attractive yields, while JPMorgan Chase & Co. is keeping its bullish bets on fixed income despite Powell’s warning at Jackson Hole Friday. Even fresh Fed hikes won’t deliver bond losses steep enough to outweigh the income from the highest yields since 2007, the bulls argue.
“There may be considerable value in the bond market at current yields," John Bellows, a fund manager at Western Asset in Pasadena, California, wrote in a client note. “Further declines in the inflation rate will eventually allow the Fed to return real interest rates to more normal levels." (Bloomberg)
Vishnu Prakash IPO: The initial public offering (IPO) of Vishnu Prakash R Punglia Limited has received robust response from investors so far. The Vishnu Prakash subscription period ends today, August 28. The bidding process of Vishnu Prakash IPO opened on August 24 and was fully subscribed within hours of opening. (Read More)
1. An Indian public sector oil company bought 1m barrels of oil in INR. Please read this in conjunction with the fact that the UAE remits US$20bn to India. A full trade in USD will reduce India’s requirement of the greenback by 20bn and the power to print Rs1.65tr without any adverse impact.
2. Just compare the Indian move with the now legendary Henry Kissinger who made Saudi Arabia agree to trade in USD under the shadow of the Yum Kippur war in 1973. That time, it was the fear of the Israelis and not economics which drove the kingdom to give its consent.
3. As of now, the fear of China is more important for USA and Western countries, or else India and the OPEC nations would have become enemy No.1 for USA. India is using the threat of China to its own advantage which, some believe, the country could not have dreamt of doing so in the last 75 years.
Despite the prevailing bearish sentiments on Dalal Street, the shares of Vikas Ecotech have managed to achieve a notable surge of over 5% during intraday trading. The opening trades on Monday saw Vikas Ecotech's share price begin on an upward trajectory, reaching a peak of ₹3.05 per share within a few minutes of the stock market's opening bell. This surge marks an intraday rise of more than 5%.
Recent exchange filings reveal that the board of directors of Vikas Ecotech, a company categorized as small-cap, has received a proposal for a fund infusion of ₹35 crore through a preferential issue. This development likely contributes to the positive momentum in the company's share price amidst the broader market's subdued performance. (Read More)
The Mono Pharmacare Limited's initial public offering (IPO) has commenced today and is scheduled to continue accepting bids until August 30, 2023. The IPO, conducted through a book-building process, offers shares in the price range of ₹26 to ₹28 per equity share. The intent is for the public issue to be listed on the NSE SME exchange. Additionally, the public issue has also made its entrance into the grey market. According to market analysts, Mono Pharmacare Limited's shares are currently trading at a premium of ₹5 per share in the grey market. (Read More)
The rupee was trading in a narrow range and appreciated by 12 paise to 82.52 against the US dollar in early trade on Monday, tracking positive Asian peers and domestic equities.
Forex traders said the rupee is trading in a range as selling pressure by foreign investors dented sentiments, while easing crude oil prices cushioned the downside.
At the interbank foreign exchange, the domestic unit opened at 82.58, then touched a high of 82.52 against the American currency, registering a rise of 12 paise over its last close. (PTI)
For Aug’23, our channel check hints mid to high single digit volume growth y/y, while All-India weighted average price moderated 1% M/M in Aug’23 and 2% as compared to average Q1FY24 prices. In Aug’23, 3-month trailing blended fuel cost corrected to Rs1.5 per kcal/kg vis-à-vis ~Rs2.16 per kcal/kg in Q1FY24. We believe the incremental effect of easing costs to take industry EBITDA towards +Rs1000/te in FY24E, despite muted NSR.
Zomato's stock price experienced a notable surge of over 5% during the early trading hours on Monday, prompted by reports of a block deal involving the company's shares. Zomato's shares recorded an increase of up to 5.56%, reaching a peak of ₹96.00 per share on the BSE.
According to information from CNBC-TV18, approximately 3.2 crore Zomato shares, valued at ₹288 crore, were traded in a block deal transaction at ₹90.10 per share. The identities of the buyers and sellers in this block deal remain undisclosed.
Earlier reports had indicated that Japan's SoftBank was considering the possibility of selling shares of the food delivery aggregator Zomato through block deals. This decision came as the lock-in period following the Blinkit deal concluded on Friday, August 25. (Read More)
Aeroflex Industries Limited's initial public offering (IPO) has garnered an overwhelming subscription of more than 97 times within a span of three days, from August 22nd to August 24th, 2023. The IPO, which was offered through a book-building process with a price range of ₹102 to ₹108 per equity share, witnessed a highly positive reception from investors across various categories. Concurrently, the sentiment in the grey market pertaining to the Aeroflex Industries IPO has remained consistently positive and stable.
According to market observers, shares of Aeroflex Industries Limited are available at a premium of ₹70 per equity share in grey market today.
In a significant shift in leadership, Brightcom Group has announced the resignation of its Chairman and Managing Director, Suresh Reddy, along with Chief Financial Officer Naryana Raju, as stated in the company's stock filing on Sunday.
This pivotal decision was sanctioned during a Board of Directors meeting convened on Sunday. Alongside accepting the resignations, the board has also given the green light for the initiation of a search process to identify a new CEO and CFO. This move is aimed at ensuring the seamless continuity of critical business operations. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: August has been weak for global equity markets. In the mother market of the US, S&P 500 is down by 4% so far in August. This weakness has impacted all other markets including the Indian market where Nifty is down by around 2% so far in August. The global economic scenario and the growth, inflation and interest rate trends in the US will continue to determine stock market trends globally. The Fed chief Powell’s candid remark at Jackson Hole that “we are navigating by the stars under cloudy skies" is an indicator of the uncertainty surrounding the global economy and markets. However, the Powell commentary was neutral without any market-moving hawkish or dovish tones.
The high US bond yields and the dollar index above 104 are near-term negatives for capital flows to emerging markets like India.
The market will be keenly watching for signals from the RIL AGM today."
China’s slump is battering its commodities sector, with profits from coal mining to metals production continuing to decline as the property crisis worsens and the economy slows.
The steel industry has been hardest hit, with profits at ferrous metals producers dropping 91% over the first seven months of the year, according to data from the National Bureau of Statistics on Sunday. Base metals producers saw profits drop by 37% and coal miners by 26%, outstripping the broader 16% slump in China’s industrial profitability.
The latest earnings reports paint a gloomy picture for companies rooted in the old economy. Sinopec, China’s top oil refiner, said first-half net income fell 19% due to the sluggish recovery. China Shenhua Energy Co., its biggest coal miner, saw net income fall 13% and said prices of the mainstay fuel may fall again in the second half, according to an exchange filing.
Better news may be on the horizon for metals firms linked to the energy transition. Goldman Sachs Group Inc. has flagged significant strength in China’s green copper consumption, with demand from electric vehicles and renewable power rising 74% over the year through July, according to a note from the bank. Jiangxi Copper Co. also said prices are likely to rise in its earnings release. (Bloomberg)
China Evergrande Group is poised to resume trading its stocks on Monday, marking the end of a 17-month trading suspension. The reinstatement follows a tumultuous period during which the world's most heavily indebted real estate developer reported a substantial loss of $4.5 billion within the initial six months of this year.
According to Bloomberg's report, the company, currently navigating an extensive debt restructuring process, disclosed a shareholder loss of 33 billion yuan ($4.5 billion) for the timeframe spanning January 1 to June 30. This financial data was formally submitted to the Hong Kong Stock Exchange on Sunday. This loss compounds the already staggering aggregate losses of more than 582 billion yuan incurred over the past two years. Notably, these losses mark the company's first consecutive annual financial declines since its listing in 2009. (Read More)
Top stocks in focus today:
1. Reliance Industries - Expected to make announcements regarding Future Retail IPO and Reliance Jio IPO.
2. Adani Enterprises - A participant took a ₹600 crore derivatives position before Adani probe report.
3. IDFC First Bank - Wins title sponsorship rights for BCCI matches for the next three years.
4. Zee Entertainment - Former CEO challenges recent order by SEBI.
5. Tata Motors - Pledges to achieve net-zero greenhouse gas emissions by 2045.
6. Grasim Industries - Focuses on paint and building materials business with largest-ever capex.
7. JSW Steel - Planning to acquire stake in Elk Valley Resources for $8 billion.
8. Aurobindo Pharma - Committee to evaluate options for restructuring subsidiary.
9. HAL/L&T - Likely bidders for privatization of small satellite launch rocket.
10. Suzlon Energy - Bags 201.6 MW wind energy project order. (Read More)
IDFC First Bank has won the title sponsorship rights for all BCCI matches for domestic and international cricket for the next three years for ₹4.2 crore per match, two people aware of the matter said.
The Board of Control for Cricket in India had issued its invitation to tender for the rights earlier this month after Mastercard Inc. exited in March as title sponsor for team India. The base price was kept at ₹2.4 crore per match. The only other bidder was OTT service SonyLIV, which bid for ₹2.7 crore per match, one of the two persons said on the condition of anonymity. (Read More)
In the aftermath of the merger between Zee and Sony, Zee Entertainment Enterprises Limited (ZEEL) faces the possibility of being removed from the MSCI Global Small-cap Index. While the exact date for the Zee-Sony merger's implementation remains undisclosed, the National Company Law Tribunal has granted its consent for the amalgamation of Zee Entertainment Enterprises Ltd and Sony Pictures.
Although the precise date for the Zee-Sony merger has not been established, the MSCI has yet to announce the final trading session date for ZEEL shares. It is worth noting that both Zee and Sony are currently in the advanced stages of finalizing the merger process. (Read More)
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher has these recommendations:
1] Schneider Electric: Buy at ₹339, target ₹353, stop loss ₹332;
2] IOL Chemicals and Pharmaceuticals: Buy at ₹376, target ₹390, stop loss ₹370; and
3] Olectra Greentech: Buy at ₹1211.50, target ₹1265, stop loss ₹1190. (Read More)
As inflation is moderating, diversified group ITC is seeing green shoots of volume growth and expects the momentum to continue sequentially, its Chairman and Managing Director Sanjiv Puri said on Sunday.
This will certainly lead to improvement in volume, but it will not happen overnight, said Puri here on the sidelines of the B20 Summit organised by the CII.
Over the ITC's plan for the demerger of its hotel business, Puri said it is going to benefit the existing shareholders by incorporating a wholly-owned new subsidiary ITC Hotels Ltd.
"It will be a pure-play, focused on hospitality, which can leverage the institutional strengths of ITC. And ITC in turn will be able to leverage the synergy on its hospitality business, or its FMCG businesses," Puri told PTI. (PTI)
JSW Steel Ltd is in the process of considering an acquisition of a stake ranging from 20 percent to 40 percent in Elk Valley Resources Ltd, a metallurgical coal division belonging to Teck Resources. Sajjan Jindal, the Chairman of JSW Steel, shared this information during an interview on Bloomberg TV. Jindal, a prominent figure in the Indian business landscape, revealed that the steel giant from India is preparing to participate in the bidding process for a significant share in the Canadian company's coal unit.
Jindal further elaborated that JSW Steel, in collaboration with certain mills from Japan and South Korea, is actively exploring the possibility of acquiring shares in the aforementioned coal unit. The collective offer being contemplated could potentially have a total value of approximately $8 billion. According to Jindal, it is anticipated that the agreement will be finalized and signed within the span of a month. (Read More)
A single market participant took a derivatives position worth an estimated ₹600 crore in Adani Enterprises Ltd (AEL), flagship of the Adani Group and a Nifty 50 stock, just days before India’s markets regulator submitted its status report on the Adani probe to the Supreme Court on 25 August.
While it’s not known whether the position is a hedge or a punt, market experts said such positions are normally taken in anticipation of a sharp price move based on an event. (Read More)
Both Indian stock market analysts and investors are eagerly anticipating the 46th Annual General Meeting of Reliance Industries Ltd (RIL). This is because RIL, a significant component of the Sensex, is anticipated to unveil its strategic roadmap for the future during this event.
Market experts are particularly intrigued by the event following the demerger of Jio Financial Services Ltd (JFSL) from RIL. They anticipate substantial announcements related to the Future Retail IPO and the Reliance Jio IPO. Moreover, there is anticipation surrounding the introduction of reasonably priced 5G devices, as well as possible insights into the company's succession plans.
Additionally, the upcoming Reliance AGM 2023 is expected to provide insights into the fundamental aspects of Jio Financial Services Ltd. Overall, there is considerable excitement and curiosity surrounding the information that will be revealed during this event. (Read More)
Stocks rose Friday to send Wall Street to its first winning week since July after the head of the Federal Reserve said it will “proceed carefully" as it decides what to do with interest rates.
The S&P 500 climbed 29.40, or 0.7%, to 4,405.71 after flipping between small gains and losses a few times through the day. The Dow Jones Industrial Average rose 247.48 points, or 0.7%, to 34,348.90, and the Nasdaq composite gained 126.67, or 0.9%, to 13,590.65.
In a highly anticipated speech, Fed Chair Jerome Powell said again that it will make upcoming decisions on interest rates based on what incoming data reports say about inflation and the economy, and he made no promises about what's coming next.
Wall Street had the speech circled on calendars because it was hoping Powell would say the Fed was done with its hikes to interest rates, which grind down inflation at the cost of slowing the economy and hurting prices for investments.
Powell instead said the Fed may raise interest rates again, if needed. Even though inflation has come down from its peak last summer, Powell said it’s still too high.
But he also took care to say he’s aware of the risks of going too far on interest rates and doing “unnecessary harm to the economy." Altogether, the comments weren't very different from what Powell said before, analysts said. (AP)
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