Stocks To Watch: L&T, Bharat Electronics, BEML, Linde India, IndoStar Finance Capital, India Grid Trust
Here are the stocks to watch before going into trade today.
Asian markets were likely to follow U.S. equities with modest gains on Monday after Jerome Powell said the Federal Reserve would “proceed carefully” on whether to raise interest rates again, while signaling policy will remain tighter for longer on Friday.
Powell cautioned that the process of bringing inflation back to its target “still has a long way to go.” He also suggested officials could hold rates steady in September, as investors expect.
Equity futures for Japan, Hong Kong and Australia all pointed to small gains of less than 1% following the S&P 500’s 0.7% advance Friday, when it capped its best week since July. Contracts for U.S. benchmarks opened higher Monday.
Meanwhile, Brent crude was trading above $84 a barrel and West Texas Intermediate was above $80-mark. The yield on the 10-year U.S. bond was trading at 4.24% and Bitcoin was above 26,000-level.
At 5:18 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 11 points or 0.05% at 19,388.5.
India's benchmark stock indices traded lower through Friday following a global selloff. Banks, healthcare, and real estate sectors dragged the market. Indices slipped for the second consecutive session.
The Sensex ended below the 65,000 level for the first time in a week since Aug. 18, while the Nifty closed below the 19,300 mark for the first time since June 30. The indices declined for the fifth straight week, the longest streak since the beginning of the week on April 15, 2022.
Overseas investors turned net sellers of Indian equities on Friday after a two-day buying streak. Foreign portfolio investors offloaded stocks worth Rs 4,638.2 crore. That's the highest volume of sales since Jan. 31. Domestic institutional investors remained net buyers and mopped up equities worth Rs 1,414.35 crore.
The local currency weakened 8 paise to close at Rs 82.66 against the U.S. dollar on Friday.
Stocks To Watch
Bharat Electronics: The company received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023. It includes a Rs 1,075 crore order from Hindustan Shipyards for supply of CMS, communication systems, electronic warfare systems and other sensors for fleet support ships.
Linde India: The company received a letter of acceptance from SAIL for installation of 1000 tonnes per day cryogenic oxygen plant at Rourkela to construct, operate and maintain the plant for a period of 20 years.
BEML: The company bagged an export order worth $19.71 million from Russia-based KAMSS for its Dozer BD355. The contract will be executed in different phases starting this month.
IndoStar Finance Capital: The company has sold part of its legacy corporate loan book to Phoenix ARC which consists of certain accounts tagged in Stage 2, aggregating to outstanding dues of Rs 915 crore. Phoenix ARC will set-up a trust to monitor progress of real-estate projects and will also consider funding certain amounts towards financing the completion of these projects. Post sale, retail lending in AUM increased to 95% from 85%.
L&T: The company has received shareholder approval for proposal to buyback shares of up to Rs 10,000 crore.
Garden Reach Shipbuilders & Engineers: An MoU was signed with DEMPO Group to launch a collaboration model to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar.
India Grid Trust: The company completed acquisition of 100% of units in Virescent Renewable Energy Trust for Rs 4,000 crore. The acquisition adds 16 operating solar projects held by 15 SPVs with a capacity of 538 MWp.
NMDC Steel: The company's Nagarnar steel plant achieved the feat of producing hot-rolled coil in nine days from hot metal. The plant has a capacity of three million tonnes.
Karur Vysya Bank: The bank inaugurated 10 new branches, increasing branch network to 822. The ATM network of the bank will increase to 1,640 and cash recyclers to 611.
HDFC Bank: Reappointed Sanmoy Chakrabarti as Chief Risk Officer for a period of five years with effect from Dec. 14, 2023.
Crompton Greaves Consumer Electricals: The company has launched its mass premium induction products -- HighSpeed Java and HighSpeed TORO for the domestic market.
Somany Ceramics: The company will invest Rs 33 crore in its subsidiary Sudha Somany Ceramics and divest its entire 51% stake in unit Somany Fine Vitrified.
Waaree Renewable Technologies: The company's CFO Hitesh Pranjivan Mehta has resigned and will continue to be an Executive Director. The board has nominated Dilip Panjwani as CFO.
NDTV: The news broadcaster will launch its new regional channel NDTV Rajasthan on Sept. 5.
IPO Offerings
Vishnu Prakash R Punglia: The IPO subscribed to 10.63 times on its second day. The bids were led by non-institutional investors, subscribed 19.39 times, retail individual investors, subscribed 12.88 times, portion reserved for employee, subscribed 5.69 times and institutional investors, subscribed 0.35 times or 35%. The IPO was subscribed 3.77 times on day one.
Block Deals
Paytm: Antfin Holdings sold 2.3 crore shares (3.6%) while Societe Generale bought 60 lakh shares (0.9%), Morgan Stanley bought 40 lakh shares (0.6%), Citigroup Global Markets Mauritius bought 35.7 lakh shares (0.6%), Goldman Sachs (Singapore) bought 18.6 lakh shares (0.3%), among others at Rs 895.2 apiece.
Amber Enterprises: Ascent Investment Holdings sold 12.6 lakh shares (3.7%) while Government of Singapore bought 7.25 lakh shares (2.15%), Wtcnamc Asian Opportunities Portfolio bought 1.5 lakh shares (0.4%), Monetary Authority of Singapore bought 1.5 lakh shares (0.4%), among others at Rs 2800 apiece.
Bulk Deals
Jio Financial Services: Motilal Oswal Mutual Fund bought 3.72 crore shares (0.6%) for Rs 202.8 apiece.
Virescent Renewable Energy: India Grid Trust bought 20.1 crore shares (100%) while Terra Asia Holdings II sold 15.5 crore shares (77.1%), PIP7 Mahseer Sarl sold 2.74 crore shares (13.6%), Larsen & Toubro along with L&T Welfare Company and L&T Employees Welfare Foundation sold a total 96 lakh shares (4.8%), Utilico Emerging Markets Trust sold 34 lakh shares (1.7%), among others at Rs 114.4 apiece.
UNO Minda: Nirmal Kumar Minda sold 74.5 lakh shares (1.3%) at Rs 602.02 apiece.
Insider Trades
Greaves Cotton: Promoter Karun Carpets bought 2.1 lakh shares between Aug. 24 and 25.
Infibeam Avenues: Promoter Anoli Mehta sold 38.7 lakh shares between Aug. 23 and 24.
DB Realty: Promoter Karim Gulamali Morani sold 50,000 shares between Aug. 23 and 24.
Pidilite Industries: Promoter AB Parekh sold two lakh shares between Aug. 23 and 24.
Pledge Share Details
Emami: Promoter Diwakar Finvest released a pledge of 38 lakh shares between Aug. 21 and 22 and Suraj Finvest released a pledge of 8 lakh shares on Aug. 21 and created a pledge of 10 lakh shares on Aug. 23.
Ajanta Pharma: Promoter Ravi Agrawal released a pledge of 83,304 shares on Aug. 24.
AGMs Today
Apollo Hospitals Enterprise, Bharat Electronics, BPCL, Britannia, Divi’s Laboratories, Finolex Industries, ITD Cementation India, Jindal Steel, Jindal Drilling & Industries, LIC Housing Finance, Maharashtra Seamless, Reliance Industries, Marksans Pharma, Samvardhana Motherson International, RBL Bank, Strides Pharma Science, Sun Pharma, Tinplate Company of India, Whirlpool of India.
Trading Tweaks
Price Band Revised From 20% To 10%: Centum Electronics.
Price Band Revised From 5% To 20%: Redtape.
Ex-date Dividend: Bannari Amman Sugars, Precision Wires India.
Ex-date AGM: Bannari Amman Sugars, Indian Energy Exchange, Precision Wires India.
Move Into Short-Term ASM Framework: Bajaj Hindusthan Sugar, Prakash Industries, Vascon Engineers, Yatharth Hospital.
Move Out Of Short-Term ASM Framework: LT Foods, Johnson Controls - Hitachi Air Conditioning India, JSW Energy.
F&O Cues
Nifty August futures ended at 19,223.60, a discount of 172 points.
Nifty August futures rose 2.74%, with 5,225 shares in open interest.
Nifty Bank August futures ended at 44,170.00, a discount of 389.10 points.
Nifty Bank August futures fell 4.08% with 4,289 shares in open interest.
Securities in the ban period: Bharat Heavy Electricals, Escorts Kubota, GMR Airports Infrastructure, India Cements, Hindustan Copper, RBL Bank, Manappuram Finance, Sun TV.
