Share Market Updates: Indian equities came under pressure on Tuesday amidst negative global cues and renewed concerns over inflation. Almost all sectors are trading lower with heavyweights like IT and Finance along with Auto and Energy shedding.
India's factory activity expanded at the slowest pace in five months in September but remained solid, with strong demand driving business confidence to its highest level this year, despite increased inflationary pressures, a private survey showed
Shares of JSW Infrastructure, India's No.2 commercial port operator, climbed as much as 31.4% in their first day of trading on Tuesday, valuing the company at 330.33 billion rupees ($3.97 billion).
Asian shares slid on Tuesday to their lowest this year as worries over higher U.S interest rates for longer period gripped markets, while the yen wobbled near a one-year low, keeping traders on alert for a possible intervention.
Sensex and Nifty shed 300 and 100 pts respectively amidst negative global cues and continued FPI selling; Auto and Energy stocks shed
Indian shares fell on Tuesday, dragged by auto, pvt bank, and energy stocks and tracking a dip in their Asian peers on concerns about elevated U.S. interest rates.
The NSE Nifty 50 index fell 110 pts to close at 19,528, and the S&P BSE Sensex lost 316 pts to close the day at 65,512
Financials, Metal and information technology (IT) ended lower, while auto stocks lost more than a per cent with most sectoral indices ending in the red. PSU Band and Consumer Durable gained in today's trading.
ONGC, Eicher Motors lost more than 3% each with Hindalco and Maruti also dropping more than 2% in today's trading. Titan, L&T, Bajaj twins gained around a per cent each and topped the stock charts.
Asian markets declined Tuesday following a mixed session on Wall Street, where buying was pressured by rising bond yields.
Japan's Nikkei share average slumped to a four-month low as sentiment soured amid higher U.S. yields and the Federal Reserve's pledge of an extended period of tight financial conditions. The Nikkei extended losses in the afternoon closing 1.64% lower. The broader Topix slipped about 1.68%.
Hong Kong shares started the last quarter of 2023 sharply lower as U.S. Treasury yields reached 16-year highs, pressuring global markets. The Hang Seng Index dropped 2.7% to its lowest since November 2022. The Hang Seng China Enterprises Index fell 3.2%, while the Hang Seng Tech Index lost 2.6%. Mainland China markets are closed this week for the Golden Week holiday.
European shares extended losses as a surge in U.S. Treasury yields and the dollar mounted pressure on risky assets like equities and commodities, while downbeat brokerage views weighed on fashion retailers.
UK-listed stocks opened lower weighed down by energy and mining companies as prices of most commodities fell due to a stronger dollar, while Boohoo's shares slumped after the fashion retailer flagged a decline in annual revenue.
Sensex Today: Despite an underwhelming trading day, PSU Bank index jumps 2.5% in today's session with all stocks in the green
Sensex Today Live: Multibagger defence stock jumps 8% despite weak stock market sentiment
Despite the overall weakness observed in Dalal Street, certain stocks have managed to capture the attention of bullish investors during Tuesday's trading session, and Apollo Micro Systems shares fall into this category. This multibagger stock has been on an upward trend since the early morning trading hours.
Apollo Micro Systems opened with a gap to the upside in the opening bell on Tuesday and quickly surged to an intraday high of ₹61.50 per share on the NSE. This marked an impressive intraday gain of over 8% within just a few minutes of the stock market's opening.
As the stock reached its intraday high on Tuesday, it came close to its all-time high of ₹63.80 per share on the NSE. The difference between the intraday high of ₹61.50 and the all-time high of ₹63.80 is just 3.5%, indicating that the defense stock is approaching a potential new peak. (Read More)
APOLLO MICRO SYSTEMS
Sensex Today | Share Market Updates:India's petroleum minister says country will manage if oil price goes over $100
India will manage if the price of oil goes above $100 per barrel even though such a price would not be in "anyone's interest," the country's petroleum minister said on Tuesday at a conference in Abu Dhabi.
"If the price goes above $100, this thing is not going to be in the interest of either producing country or anyone’s interest. You will have large organised chaos, Hardeep Singh Puri said without elaborating. (Reuters)
Sensex Today: IRCTC shares jump after announcement of this offer for air passengers
The share price of the Indian Railway Catering and Tourism Corporation (IRCTC) experienced a significant upward movement after the stock market's opening on Tuesday. Initially, there was a gap-down opening in early morning trading, but IRCTC shares attracted strong buying interest at approximately ₹680 per share. As a result, the stock quickly rose to an intraday high of ₹707.40 per share on the NSE, marking an intraday gain of approximately 4% during Tuesday's trading session.
Buying interest in the IRCTC stock has come after the recent exchange filing by the Indian Railways' PSU in which it has reported Indian exchanges about its offer for air passengers. As per the latest offer by IRCTC for air passengers, one can book air ticket on IRCTC app or website without any convenience fee. (Read More)
INDIAN RAILWAY CATERING & TOURISM CORPORATION
Sensex Today | Share Market Updates: Vedanta to sell all its steel assets by March 2024: Anil Agarwal
Vedanta Ltd, an Indian conglomerate, is aiming to finalize the sale of its steel assets by March 2024, as confirmed by the group's chairman, Anil Agarwal, in an interview with CNBC TV 18 on Tuesday. This decision comes after the company initiated a review of its steel and steel raw material business back in June. (Read More)
Sensex Today: Mahanagar Gas shares up 8% as Jefferies upgrades rating to 'buy'; sees solid margin visibility, growth volume in 2HFY24
Mahanagar Gas shares saw a significant surge of over 8% during Tuesday's trading session, driven by positive news. Global brokerage Jefferies upgraded the stock from a 'hold' rating to a 'buy' rating. Jefferies' forecast suggests a potential 31% increase from Mahanagar Gas's closing price of ₹1,010.35 on September 28. Additionally, Jefferies has raised the target price for Mahanagar Gas shares from ₹1,100 to ₹1,320, reflecting a 20% increase.
In its research report, Jefferies cited increased earnings visibility and a favorable risk-reward profile as key factors influencing its decision to upgrade the rating of Mahanagar Gas stock. This upgrade contributed to the significant price surge during the trading session. (Read More)
Sensex Today Live: PFC forays into airport financing, sanctions loan for greenfield airport in AP
The state-run Power Finance Corporation (PFC) has forayed into funding airport projects and sanctioned its maiden financing for a greenfield airport project in Andhra Pradesh. This is part of the power-sector lender’s plan to diversify its loan book and venture into funding other types of infrastructure projects, as Mint reported earlier. The power-sector lender has been diversifying its loans portfolio to areas such as e-mobility, metro rail, irrigation and utility scale energy storage, among others. (Read More)
POWER FINANCE CORP
Sensex Today | Share Market Updates:: ECB May Hike Again If Inflation Persists, Finnish Official Says
The European Central Bank’s pledge to keep borrowing costs at an elevated level for an extended period doesn’t rule out more interest-rate hikes, according to the official representing the Bank of Finland on the Governing Council.
“Based on our current assessment, we in the ECB Governing Council consider that the key policy rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to our target," said Tuomas Valimaki, who stands in for Governor Olli Rehn during his campaign to run for Finland’s president. (Bloomberg)
Sensex Today: Small-cap stock Hardwyn India Ltd jumps after forming new company
Despite a significant sell-off in the Indian stock market, Hardwyn India shares managed to capture the interest of Dalal Street bulls. The stock opened with a gap up and reached an intraday high of ₹38.45 per share on the NSE, marking a roughly 2% increase compared to its closing price of ₹37.70 per share on Friday.
This small-cap stock had undergone a stock split in June 2023, with a subdivision of shares in a 1:10 ratio. Over the past month, it had been in a base-building phase, delivering no returns to its long-term investors. However, the company garnered the attention of bullish investors following an announcement about the formation of a new company. (Read More)
Sensex Today Live: Jindal Steel and Power's Gare Palma IV/6 coal mine starts production
Jindal Steel and Power on Tuesday said it commenced production at the Gare Palma IV/6 coal mine, which is strategically positioned in Chhattisgarh.
In a release on Tuesday, the company said this was a significant development as it marks a vital milestone in its continued journey in advancing its raw material security.
The mine in Chhattisgarh is expected to support the proposed expansion of its Raigarh integrated steel plant to a capacity of 9.6 million tons per annum from the existing 3.6 MTPA. (ANI)
JINDAL STEEL & POWER
Sensex Today | Share Market Updates: World Bank sees India GDP growth for FY24 at 6.3% as economy shows resilience amid challenging environment
World Bank on Tuesday forecast India's GDP growth at 6.3% for FY23-24 despite global headwinds. The World Bank also projected that India's service sector activity will remain strong with growth at 7.4%, and added that investment growth will remain robust at 8.9% in the current fiscal year.
The global financial institution in its India Development Update (IDU) wrote, "...despite significant global challenges, India was one of the fastest-growing major economies in FY 2022-23 at 7.2%. India’s growth rate was the second highest among G20 countries and almost twice the average for emerging market economies". (Read More)
Sensex Today: 31 million Indian users likely to upgrade to 5G smartphones in 2023, survey shows
As many as 31 million users in India are expected to upgrade to 5G phones in 2023, amid an accelerated adoption of the ultra high-speed services in the country, according to a report by Ericsson.
5G users in India outpace global counterparts in daily adoption of apps.
In India, 5G has elevated the overall network satisfaction by an "impressive" 30 per cent compared to 4G, Ericsson Consuner Lab's Global Survey showed. (Read More)
Sensex Today Live: Marico share price hits 52-week high as ICICI Securities upgrades stock, sees 19% upside
Marico's share price experienced a significant surge of nearly 6% during Tuesday's trading session, reaching a 52-week high. This increase came following an upgrade by domestic brokerage ICICI Securities, which raised Marico's stock rating from 'add' to 'buy.' The upgrade came with a projected potential upside of 19% compared to the closing price of ₹562 on Friday.
Marico's share price started the day at ₹570.05 on the BSE, reaching an intraday high of ₹595 and a low of ₹567.30. As of 12:22 IST, Marico shares were trading more than 3% higher at ₹580.65 per share.
Sensex Today | Share Market Updates: Geojit Financial views on Sept auto sales: We expect normal volume growth for the sector and some consolidation in the near term
Saji John, Senior Research analyst at Geojit Financial Services.
September auto sales came with a mixed bag, where cars and SUVs hit an all-time high on festive fervour and continued to surge in demand as the largest players heavily stocked up their dealerships ahead of Navratri and Diwali. The PV industry is set to hit the milestone of 4 million units for the full year, surpassing the 3.8 million units achieved last year. However, the two-wheeler industry continues to see lukewarm growth, though Hero Motor, TVS, and Royal Enfield hope that demand will start picking up as the weeks pass. On the other hand, robust infrastructure push, better replacement demand, and growth in the e-commerce segment continue to benefit the commercial vehicle industry. We expect normal volume growth for the sector and some consolidation in the near term due to a significant rally compared to the broader market.
Tractor underperformance :
The reason for the underperformance was a high base and an uneven monsoon, which has led farmers to be more cautious about buying new tractors. In addition, the postponement of the festive season to Q3 has also contributed to the decline in sales. The outlook for the sector is neutral due to the high base last year, owing to record tractor sales in FY23. However, we believe the onset of the festive season and the monsoon recovering in September to near normal level, to support rabi sowing, especially in the Central, Northern, and Western regions. Meanwhile, the sector is trading in premium on a trailing basis in anticipation of margin expansion due to a price hike and lower input costs.
Sensex Today | Share Market Updates: HCL Tech share price jumps around 1.5% in today's trading and is among the biggest gainers
Sensex Today: PL Sector Report: Agro Chemicals & Fertilizers: Crop acreages marginally up +0.2% YoY; Cumulative rainfall as on 27th Sep’23 down 6% YoY
Swarnendu Bhushan - Co-Head of Research, Prabhudas Lilladher Pvt Ltd views on Agro Chemicals & Fertilizers sector:
Weekly Update – Crop acreages marginally up +0.2% YoY; Cumulative rainfall as on 27th Sep’23 down 6% YoY
§ Crop Acreages as on 29th Sep’23: marginally up +0.2% YoY.
§ Rainfall deficit narrowed down to 6% YoY as on 27th Sep’23
§ Water Reservoir levels as on 29st Sep’23- down 15% YoY; South India remains lower
§ Rallis India launches new insecticide “Benzilla" to target BPH, help protect paddy yields.
§ Monsoon ends with below normal rainfall, positive IOD overtakes EL Nino’s impact in September
§ Godrej Agrovet to invest Rs300 Crore on palm oil complex in Telangana
Sensex Today | Share Market Updates: NCC bags 3 orders worth ₹4,206 cr
NCC Ltd on Tuesday said it has bagged three orders worth ₹4,205.94 crore in September from both Central and State government agencies.
Of the said contracts, one order of ₹819.20 crore is related to the water division, another order of ₹173.19 crore is related to the electrical division and third order of ₹3,213.55 crore is related to the transportation division, the company said in a regulatory filing.
The ₹3,213.55-crore order is the share of NCC out of the ₹6,301.08-crore order received by J Kumar-NCC Joint Venture from Brihanmumbai Municipal Corporation, the filing added.
NCC has a 51 per cent shareholding in the J Kumar-NCC Joint Venture. (PTI)
Sensex Today Live: Indices shed 0.5% in today's trading as Auto, Bank, and IT indices drag Sensex by around 350 pts and Nifty by 100 pts
Sensex Today Live: Japan's Nikkei slumps to 4-month low as US yield spike crushes sentiment
Japan's Nikkei share average slumped to a four-month low on Tuesday as sentiment soured amid higher U.S. yields and the Federal Reserve's pledge of an extended period of tight financial conditions.
The Nikkei extended losses in the afternoon, dipping as low as 31,157.40 for the first time since June 1 before closing 1.64% lower at 31,237.94.
Of the index's 225 components, 211 fell, with 11 gaining and three flat.
The broader Topix slipped about 1.68%. (Reuters)
Sensex Today: India urges WTO members to start text-based talks on finding permanent solution to public food stockholding
India has urged WTO members to start text-based negotiations from this month on finding a permanent solution to the issue of public stockholding for food security purposes, an official has said.
The official added that the European Union (EU) is ready for talks with India on the stockholding issue.
The issue came up for discussion at an agriculture negotiations meeting on October 2 in Geneva. It was chaired by Ambassador Alparslan Acarsoy of Turkiye.
At that meeting, the EU offered a positive response to the chair's textual suggestions related to the safeguards mechanism aimed at preventing illegitimate exports stemming from excessive food stocks, the official said. (PTI)
Sensex Today | Share Market Updates: Metal index comes under pressure despite Vedanta shares shining with most stocks in the index trading lower in today's session
Sensex Today Live: JM Financial views on Bharti Airtel: Premiumisation strategy makes it best play on structural ARPU growth story
Dayanand Mittal of JM Financial Institutional Securities views on Bharti Airtel: Deep Dive | Premiumisation strategy makes it best play on structural ARPU growth story -
Company Update BUY INR 1,125
We continue to believe India wireless ARPU is on a structural uptrend given the consolidated industry structure and future investment needs; the industry requires an ARPU of INR 270-300 in the next 3-5 years for a pre-tax RoCE of 12-15%. Further, near-term delay in tariff hike is likely to only strengthen Bharti/Jio’s pricing power and market share as it is likely to expedite the transition to a duopoly market (by further deterring VIL’s fund-raise plan). We expect Bharti’s premiumisation strategy to drive 9% ARPU CAGR (to ~INR 300 in FY28) – 3-4% due to upgrades/data usage and 5-6% due to regular tariff hike; this is likely to drive 13% EBITDA CAGR over FY23-28. We have raised Bharti’s 1-year DCF-based TP to INR 1,125, implying 8.8x FY25 EV/EBITDA and 30x FY25 PE, due to roll-forward, moderation in our aggressive capex estimate and 2% increase in ARPU. Further, given the attractive long growth runway, we see Bharti delivering a 3-year IRR of 21% based on our 3-year TP of INR 1,625 (Exhibit 28), implying 7.7x FY28 EV/EBITDA and 18x FY28 PE. We reiterate the high conviction we have on our BUY rating as we believe India wireless business tariff hikes are likely to be more frequent, going forward, given the consolidated industry structure and higher ARPU requirement for Jio also to justify significant 5G capex. Bharti is the biggest beneficiary of higher tariffs given the sticky and premium quality of its subscriber (subs). ARPU growth aided by likely moderation in capex will drive Bharti’s FCF from FY25, enabling it to get to net cash by FY29 (vs. net debt of INR 2,077bn at end-1QFY24); this will also aid in accretion in equity value.
Sensex Today Live: Ashok Leyland September sales up 9% at 19,202 units
Commercial vehicles maker Ashok Leyland on Tuesday reported 9 per cent increase in total sales at 19,202 units in September 2023 as compared to the same month last year.
The company had sold a total of 17,549 units in September 2022, Ashok Leyland said in a statement.
Domestic sales grew 10 per cent at 18,193 units as against 16,499 units in the year-ago month, it added. (PTI)
Sensex Today | Share Market Updates: Bajaj Auto September sales fall 1% YoY to 3.92 lakh units
Bajaj Auto Ltd, a manufacturer of two- and three-wheelers, reported a 1% decrease in its total sales for September 2023, with 3,92,558 units sold compared to 3,94,747 units in the same month the previous year.
The company's domestic sales also saw a decline, dropping to 2,53,193 units in September 2023 from 2,54,664 units in September 2022. Additionally, exports declined by 1% year-on-year (YoY) to 1,39,365 units.
In the two-wheeler segment, Bajaj Auto reported a 6% decrease in sales for the last month, with 3,27,712 units sold compared to 3,48,355 units in the same period of the previous year. This information is based on a regulatory filing by Bajaj Auto. (Read More)
Sensex Today Live: India's factory growth eased in September but remained strong -PMI
India's factory activity expanded at the slowest pace in five months in September but remained solid, with strong demand driving business confidence to its highest level this year, despite increased inflationary pressures, a private survey showed.
The Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 57.5 last month from 58.6 in August, missing the Reuters poll forecast for 58.1.
That marked the 27th straight month of the index being above the 50-mark separating expansion from contraction.
"India's manufacturing industry showed mild signs of a slowdown in September, primarily due to a softer increase in new orders which tempered production growth," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. (Reuters)
Sensex Today | Share Market Updates: Maruti Suzuki, Hero Moto, Eicher Motors, among other auto stocks fall; Nifty Auto down over 1%
On Tuesday, several prominent auto stocks, including Maruti Suzuki India, Hero MotoCorp, Eicher Motors, and Tata Motors, experienced declines in their stock prices following the release of their September automobile sales data.
Eicher Motors saw a significant drop of over 4% in its share price, while shares of Maruti Suzuki, Hero MotoCorp, Tata Motors, and Bajaj Auto registered declines ranging from 1% to 3%.
This decline in the auto stocks had a notable impact on the Nifty Auto index, which fell by over 1% on the day. In fact, the Nifty Auto index emerged as the top sectoral loser on the NSE, reflecting the overall negative sentiment in the automobile sector for the day. (Read More)
Sensex Today: Veer Mishra of Plus views on Gold: The key factors that will drive gold and silver prices in India include global trends, the rupee-dollar movement, and domestic demand and supply
Veer Mishra, Co-Founder of Plus: Gold and silver prices in India today:
Gold: ₹5,320 per gram for 22k, ₹5,804 per gram for 24k
Silver: ₹73.50 per gram, ₹73,500 per kilogram
Gold and silver prices in India remained flat on Tuesday, October 3, 2023, tracking global trends. Gold was trading at ₹5,320 per gram for 22k and ₹5,804 per gram for 24k, while silver was trading at ₹73.50 per gram and ₹73,500 per kilogram.
Domestic factors affecting gold and silver prices in India:
Demand and supply: India is the world's second-largest consumer of gold and silver. Demand for precious metals in India is typically driven by festivals, weddings, and investment purposes.
Rupee-dollar movement: The Indian rupee has been depreciating against the US dollar in recent months. This has made gold and silver imports more expensive, which has put upward pressure on domestic prices.
Inflation: Inflation in India has been rising in recent months. This has led to increased demand for gold and silver as a hedge against inflation.
Historic price comparison:
Gold and silver prices have been volatile in recent years. In 2020, gold prices in India reached a record high of ₹56,379 per gram for 24k. Silver prices also reached a record high of ₹73,733 per kilogram in 2020.
However, gold and silver prices have corrected significantly since then. In October 2022, gold prices were trading at ₹50,000 per gram for 24k, while silver prices were trading at ₹65,000 per kilogram.
Analysts expect gold and silver prices in India to remain volatile in the near term. The key factors that will drive gold and silver prices in India include global trends, the rupee-dollar movement, and domestic demand and supply
Sensex Today Live: HUL stock shines despite an overall lacklustre market as it jumps a per cent in early trading
Sensex Today | Share Market Updates: JSW Infrastructure share price debuts at 20% premium at ₹143 on NSE and BSE
The listing date for the JSW Infrastructure IPO saw its share price trading at a premium on Tuesday. On both the NSE and BSE, the JSW Infrastructure share price was listed at ₹143 per share, representing a significant increase of 20.2% compared to the issue price of ₹119.
The JSW Infrastructure IPO subscription period opened on Monday, September 25, and concluded on Wednesday, September 27. The public offering had a price band set within the range of ₹113 to ₹119. (Read More)
Sensex Today Live: Bank Nifty sheds around half a per cent with SBI and HDFC Bank dropping more than a per cent each
Choice Broking Morning Outlook: Traders should be cautious and trade with proper stop losses around 19500 on Nifty
Deven Mehata, Equity Research Analyst, Choice Broking: The benchmark Sensex and Nifty indices are expected to open lower on October 3 as trends in the GIFT Nifty indicate a negative start for the broader index.
The charts indicate that the Nifty may get support at 19,550, followed by 19,500 and 19,450. If the index advances, 19,675 would be the initial key resistance level to watch out for, followed by 19,720 and 19,750.
Foreign institutional investors (FII) sold shares worth ₹1,685.70 crore, while domestic institutional investors (DII) bought ₹2,751.49 crore worth of stocks on September 29, provisional data from the National Stock Exchange (NSE) showed.
After a long weekend, Indian markets are ready to open with a gap down with negative global markets. The rising Dollar index and increase in the US bond yield has put pressure on Equity markets globally. Traders should be cautious and trade with proper stop losses around 19500 on Nifty.
Sensex Today: Vedanta share price jumps over 4% on demerger plan; analysts positive for long-term, caution on high debt
On Tuesday, Vedanta's stock price saw an early morning surge of over 4%. This gain came after the company's approval of a restructuring plan, which involves dividing its diverse business into six separate listed companies. On the BSE, Vedanta shares rose by as much as 4.42% to reach ₹232.35 per share.
In an effort to create more value for its shareholders, the Vedanta Group, led by billionaire Anil Agarwal, announced a comprehensive overhaul of its Indian metals, mining, and energy conglomerate, Vedanta Ltd. (Read More)
Sensex Today | Share Market Updates: Rupee falls 17 paise to open at 83.21 against the US dollar
The Indian rupee opened 17 paise lower against the US dollar on Tuesday weighed down by a stronger greenback and spike in US treasury yields that rose to fresh multi-year highs after the US averted a partial government shutdown. The local currency opened at 83.21 a dollar as against previous close of 83.04.
The US dollar index climbed to 107.13 in Asia, its highest level since November 2022. The 10-year US treasury yield rose to 4.70% on Monday, its highest level since October 2007, and was hovering close to that level in Asia. (Read More)
Sensex Today Live: Sensex and Nifty fall by half a per cent at open on Tuesday with IT, Bank and Auto sector falling at the start
Sensex Today: Geojit Financial Services comments on today's market: The major negative for the near term will continue to be the sustained FII selling
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are mixed cues for the October series, which historically has been a good month for markets. The major negative for the near term will continue to be the sustained FII selling, which touched ₹26689 crores in the cash market in September. The dollar index rising above 107 and the US 10-year bond yield at a 16-year high of 4.68 % are major headwinds for the market since FIIs are likely to continue selling in response to the rising dollar and US bond yields. But, on the positive side, the bulls will be emboldened to buy on the back of the tailwind of the 5% crash in Brent crude prices. Bullish DIIs and retail investors will lend support to the market. In the near-term, these negative and positive factors can be expected to swing the market to and fro.
Sensex Today Live: Sensex starts flat the preopen session on Tuesday; JSW Infra to debut at the bourses today
Sensex Today: Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends:
1] GNFC: Buy at ₹612, target ₹640, stop loss ₹600;
2] IGL: Buy at ₹456.50, target ₹475, stop loss ₹448; and
Sensex Today | Share Market Updates: China Evergrande Shares Soar as Trade Resumes Amid Police Probe
China Evergrande Group soared as it returned from a trading halt, driven by what appears to be bets on a penny stock even as the developer’s fate hangs in the balance amid an official probe into its billionaire founder.
The property group’s shares jumped as much as 42% in early Tuesday trade before paring much of the gains. Unit Evergrande Property Services Group Ltd. rose nearly 14% earlier but has since lost over 8%.
Evergrande requested trading resumption from the Hong Kong stock exchange Monday, saying there’s no other pertinent information that needs to be disclosed. Shares in the company and its property services unit were suspended on Thursday, a day after people familiar with the matter said the firm’s founder had been taken away by police. (Bloomberg)
Sensex Today Live: Ramkrishna Forgings gets board nod for raising up to ₹1,000 crore via QIP
The board of Ramkrishna Forgings, country's second-largest forging company, has given the nod to raise up to ₹1,000 crore through a qualified institutional placement (QIP) issue, a regulatory filing stated on September 30.
The board, in its meeting held today, approved the “raising of funds up to ₹1,000 crore by way of issuance of equity shares through qualified institutional placement", the company said.
The total number of securities proposed to be issued through QIP “shall be determined after fixation of issue price" at the time of issuance of securities, it informed the stock exchanges. (Read More)
Sensex Today: Stocks to Watch: JSW Infra, Maruti Suzuki, TCS, Vedanta, Ultratech Cement, ONGC, Torrent Pharma, VIP Industries, Ramkrishna Forgings, and Coal India
JSW Infrastructure IPO to debut, Maruti Suzuki reports highest-ever monthly sales, TCS ends hybrid work policy, Vedanta approves demerger, UltraTech Cement reports growth in sales, ONGC considers $20 billion investment in petrochemical projects, Novo Nordisk in talks with Torrent Pharma for manufacturing partnership, VIP Industries promoters consider stake sale, Ramkrishna Forgings to raise up to ₹1,000 crore through QIP, Coal India reports rise in production and offtake. (Read More)
Sensex Today Live: Oil falls 1% on strong US dollar, mixed supply cues
Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals.
Brent futures for December delivery declined 92 cents, or 1.01%, to $89.79 a barrel by 0225 GMT.
U.S. West Texas Intermediate crude (WTI), fell 92 cents, or 1.04%, to $87.90 per barrel.
"(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment," ANZ analysts said in a client note.
"While supply remains tight, higher interest rates means expensive storage of inventories. This could lead to further destocking of oil inventories while increasing spot availability." (Reuters)
Sensex Today | Share Market Updates: Manoj Vaibhav Gems IPO listing date today. GMP, experts predict positive debut of shares
The initial public offering (IPO) of Manoj Vaibhav Gems 'N' Jewellers Limited is set to be listed on October 3, 2023. According to the notification issued by BSE, commencing from Tuesday, October 3, 2023, the equity shares of Manoj Vaibhav Gems 'N' Jewellers Limited will be officially listed and admitted for trading on the Exchange under the 'B' group of securities. The share price of Manoj Vaibhav Gems will be listed on both BSE and NSE, with trading commencing at approximately 9:45 AM during the special pre-open session on Tuesday. Additionally, Manoj Vaibhav Gems shares will be available for trading starting from 10:00 AM on Tuesday. (Read More)
Sensex Today: India raises concerns over high oil prices, urges for more production by Opec+
Ahead of the biggest energy conference in the Middle East--Adipec summit in Abu Dhabi--India has raised concerns regarding the skyrocketing crude oil prices that are heading toward $100 a barrel.
India has “a constant dialogue with all producing countries where we keep raising this point" that crude prices are too high, Pankaj Jain, secretary at the Ministry of Petroleum and Natural Gas, said in an interview.
His country isn’t comfortable with current oil prices, which are near $93 a barrel in London, and “we need more production now," Jain said. While India acknowledges OPEC’s right to decide how much it produces, the group’s cuts have increased prices. (Read More)
Sensex Today Live: ONGC may invest $20 bn to set up 2 petchem plants
Oil & Natural Gas Corp. Ltd (ONGC) is considering investing around $20 billion to set up two petrochemical projects in India, either independently or in partnerships with other companies, chairman and chief executive officer Arun Kumar Singh said.
Establishing a large petrochemical plant is likely to cost around $10 billion, Singh said. “We may do it on our own or in a JV (joint venture). It depends on economics and what happens in respective states," he said in an interview on 25 August. (Read More)
OIL & NATURAL GAS CORPORATION
Sensex Today | Share Market Updates: VIP Industries promoters explore stake sale
The promoters of VIP Industries Ltd are considering selling their stake in India’s largest luggage and travel accessories maker, two people familiar with the development said.
The deal, including a potential open offer, could be worth as much as $1 billion and see the promoters completely exit the business, one of the people said. The promoters have hired the investment banking team of InCred Capital to manage the sale, the people cited above said, requesting anonymity. (Read More)
Sensex Today | Share Market Updates: Air India eyes hub in south, to augment operations in Mumbai
Air India Ltd is planning its second hub in the country at an airport in south India as it works to strengthen international and domestic operations and maximize network utilization, two executives aware of the plans said. Currently, the airline’s only hub in India is in New Delhi.
“The airline is augmenting its presence in Mumbai and exploring the development of one more hub in southern India," one of the two executives cited above said on condition of anonymity. (Read More)
Sensex Today Live: Satya Nadella hits out at ‘dominant’ Google during US antitrust case
Microsoft CEO Satya Nadella said Monday that unfair tactics used by Google led to its dominance as a search engine, tactics that in turn have thwarted his company's rival program, Bing.
Nadella testified in a packed Washington, D.C., courtroom as part of the government's landmark antitrust trial against Google's parent company, Alphabet. The Justice Department alleges Google has abused the dominance of its ubiquitous search engine to throttle competition and innovation at the expense of consumers, allegations that echo a similar case brought against Microsoft in the late 1990s. (Read More)
Sensex Today: JSW Infrastructure IPO listing date today. GMP, experts predict strong debut of shares
The listing of JSW Infrastructure Limited is scheduled to take place today, on October 3, 2023. According to the notification from BSE, starting from Tuesday, October 3, 2023, the equity shares of JSW Infrastructure Limited will be officially listed and allowed for trading on the Exchange under the 'B' group of securities. The JSW Infrastructure share price will be listed on both BSE and NSE, with trading commencing at approximately 9:45 AM during the special pre-open session on Tuesday. Furthermore, JSW Infrastructure shares will be available for trading on Indian stock exchanges from 10:00 AM today. (Read More)
Sensex Today | Share Market Updates: Most of Wall Street slips as the bond market cranks up the pressure
Stocks mostly slipped in mixed trading Monday as the constrictor of higher interest rates tightened its coils around Wall Street.
The S&P 500 edged up by 0.34, or less than 0.1%, to 4,288.39, coming off its worst month of the year. The Dow Jones Industrial Average dropped 74.15 points, or 0.2%, to 33,433.35, and the Nasdaq composite rose 88.45, or 0.7%, to 13,307.77.
Slumps for oil and gas stocks weighed on the market after crude prices gave back some of the sharp gains made since the summer. The majority of stocks fell alongside them, with more than three-quarters of those within the S&P 500 sinking, but gains for Apple and other influential Big Tech stocks helped support indexes.
Stocks have broadly given back 40% of their strong gains for the year since the end of July. The main reason is Wall Street’s growing acceptance that high interest rates are here to stay a while as the Federal Reserve tries to knock high inflation lower. That in turn has pushed Treasury yields to their highest levels in more than a decade. (AP)
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