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Stock Market Today: All You Need To Know Going Into Trade On Aug. 24

Stocks in the news, big brokerage calls of the day, complete trade setup and much more!

<div class="paragraphs"><p>(Source: <a href="https://unsplash.com/@lamaroscu">Lama Roscu</a>/Unsplash)</p></div>
(Source: Lama Roscu/Unsplash)

Asian equities and US futures stabilized Wednesday amid concerns over economic slowdown due to Federal Reserve's commitment to hike rates to tackle inflation.

South Korea led modest early gains among Asian markets, while S&P 500 remained volatile after the gauge logged losses on Tuesday.

At 6:30 am, the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 0.12% lower at 17,586.5 points.

Elsewhere, crude oil pared a rally.

Stock Market Today: All You Need To Know Going Into Trade On Aug. 24

Stocks To Watch

  • Adani Enterprises/NDTV: Adani Media Networks, a wholly owned subsidiary of Adani Enterprises acquired indirect stake in NDTV. AMNL acquired stake in NDTV through acquisition of 100% stake in Vishvapradhan Commercial for an enterprise value of Rs 113.74 crore. Vishvapradhan Commercial exercised its right to convert 10 crore warrants into equity in RRPR Holding, the holding company of promoters Pranoy and Radhika Roy controls 29.18% stake in NDTV. Moreover, Vishvapradhan Commercial along with AMG Media and Adani Enterprises to make open offer for 26% stake or 1.62 crore shares at Rs 294 apiece.

  • Chennai Petroleum: The company approved the proposal for a joint venture with Indian Oil and other seed equity investors including Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company for implementing 9 MMTPA refinery project at Cauvery Basin refinery Nagapattinam District. The project cost is Rs 31,580 crore. The board also approved investment of Rs 2,570 crore in the joint venture as company’s contribution of 25%.

  • Nava: The company has discontinued production of High Carbon Ferro Chrome in its Odisha Works for Tata Steel Mining company at the end of October 2022. The agreement for production of HCFC for TATA Steel Mining was up to March 2025.The company will undertake a scheduled maintenance of the Odisha smelters in November 2022 and switch over to production of Manganese alloys in Odisha Works. The Company has geared up for this additional production in Odisha, besides that in Telangana, aggregating to a rated capacity of 1,80,000 MT of Manganese Alloys per annum. The switchover would provide the company better economies of scale and improved market share in the Manganese alloys segment.

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Pledge Share Details

  • Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 9 lakh shares on Aug. 19.

  • Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge of 40 lakh shares on Aug. 19.

  • Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company created a pledge if 45.08 lakh shares on Aug. 18.

Insider Trades

  • LG Balakrishnan & Bros: Promoter Nithin Karivardhan sold 2,017 shares on August 22.

  • Vaibhav Global: Promoter Group Brett Enterprises bought 4,000 shares on August 22.

  • Nuvoco Vistas Corporation: Promoter Group Niyogi Enterprise bought 55,000 shares between August 18 and August 19.

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Bulk Deals

  • Cigniti Technologies: PMK Holdings Private Limited Holdings Private bought 1.5 lakh shares (0.55%) at Rs 597 apiece.

  • Gokaldas Exports: Pathik Gandotra sold 4.05 lakh shares (0.66%) at Rs 352.19 apiece.

  • Aditya Vision: Rashi Vardhan sold 2.10 lakh shares (1.74%) at Rs 1,213.83 apiece.

  • Devyani International: Dunearn Investments (Mauritius) sold 2.63 crore shares (2.18%) at Rs 183.11 apiece.

Who’s Meeting Whom

  • Meghmani Finechem: To meet investors and analysts on Aug. 24.

  • Tech Mahindra: To meet investors and analysts on Aug. 26.

  • UltraTech Cement: To meet investors and analysts on Aug. 24.

  • Shilpa Medicare: To meet investors and analysts on Aug. 24.

  • Persistent Systems: To meet investors and analysts on Aug. 24.

  • Aptus Value Housing Finance India: To meet investors and analysts on Aug. 24.

  • PI Industries: To meet investors and analysts on Aug. 24 and Aug. 26.

  • Marksans Pharma: To meet investors and analysts on Aug. 24.

  • Jindal Stainless: To meet investors and analysts on Aug. 24 and August 25.

  • Aarti Drugs: To meet investors and analysts on Aug. 24.

AGMs today

  • AVT Natural Products

  • Coforge

  • Eicher Motors

  • Endurance Technologies

  • Fiem Industries

  • ISGEC Heavy Engineering

  • Jammu & Kashmir Bank

  • J.B.Chemicals & Pharmaceuticals

  • KPIT Technologies

  • MAS Financial Services

  • Mahanagar Gas

  • Nahar Spinning Mills

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Trading Tweaks

  • Price Band Revised From 10% To 5%: Indo Amines

  • Price Band Revised From 20% To 5%: Gallantt Metal

  • Ex-Date Annual General Meeting: HEG, HLE Glascoat, Indian Energy Exchange, Gufic BioSciences

  • Ex-Date Dividend: HEG, HLE Glascoat, Gufic BioSciences

  • Ex-Date Interim Dividend: Hinduja Global Solutions

  • Ex-Date Special Dividend: Forbes & Company

  • Record-Date Interim Dividend: Sun TV Network

  • Record-Date Dividend: Jubilant Ingrevia, Jyoti Resins and Adhesives

  • Move Into Short-Term ASM Framework: Brightcom Group

  • Move Out Of Short-Term ASM Framework: Capacit'e Infraprojects, Jagran Prakashan, Star Health and Allied Insurance Company, Bajaj Healthcare

Money Market Update

The rupee ended at Rs 79.865 against the U.S. Dollar on Tuesday as compared to Monday's closing of Rs 79.868.

F&O Cues

  • Nifty August futures ended at 17,641.6, a premium of 64.1 points.

  • Nifty August futures shed 17.69% and 31,346 shares in Open Interest.

  • Nifty Bank August futures ended at 38,903.5, a premium of 205.85 Points.

  • Nifty Bank August futures shed 11.88%, 9,108 shares in Open Interest.

  • Securities removed from the ban list: Tata Chemicals

Stock Market Today: All You Need To Know Going Into Trade On Aug. 24

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