Stock Market Live: GIFT Nifty Near 24,800; Zomato, Adani Power, Ambuja Cements, Nykaa In Focus

UBS Global Research Hikes TVS Motor's Target Price

• UBS Global Research retained a 'Buy' with a target price Rs 3,200 up from 3,000 earlier which implied a 18% upside.

• New Jupiter is a significant upgrade from older models and peers at similar price

• Launched back in 2013 and led to significant turnaround for TVS

• Believe many of the features cannot be replicated by the competitors in near to medium term

• New model can aid 15-20K additional volumes growth

• Raise Domestic volume forecast at 14% vs 11% earlier

• Model in 80 bps positive PLI impact on margins

• Brand new EV and foray in E-3W over next few months further catalyst

IPO Update: Ecos India Mobility & Hospitality

• Ecos India Mobility And Hospitality Ltd. set IPO price band at Rs 318-334 per share.

Source: Company statement

Jefferies On India Autos

• Ola's market share slipped from 49% in June quarter to 33%

• While it still remains 1 player, TVS and Bajaj gained 4-7% market share

• Current market share for TVS at 19% vs 15% in Q125, while Bajaj now has 18% share vs 12%

• Electric bike launch positive, currently motorcycles form 63% of volumes

• TVS I-Qube now available in 5 variants, looking to launch another scooter in next 6 months

• Hero plans to launch affordable electric scooters in FY25

• Expect E2W market share to rise to 13% by FY27 vs 5.4% now

• Within autos, TVS Motors and M&M remain top picks

Citi Research On Zomato

• The Citi Research retained a 'Buy' raised the target price to Rs 300 from Rs 280, which implied a 16% upside.

• Acquisition of Paytm ticketing business is moderately positive

• Zomato is likely to benefit from the over 1 crore users of Paytm ticketing business

• The company will focus on gaining segment market share

• Zomato has strong track record

Citi Research On Paytm

• Citi Research retained a 'sell', and hiked target price to Rs 440, which implied a 23% downside. The early target price was Rs 410.

• Sale of business to Zomato valued at Rs 30 per share in cash as positive

• Shift to pure distribution business for payments and financial services is a positive

• Watch for resolution of regulatory bottlenecks

• Value Co at an unchanged 30x FY26E EV to Adj. EBITDA

Citi Research on Dr Lal Path Labs

• Citi Research maintained a 'sell' with a target price Rs 2,700, which implied a 18% downside.

Management Meet:

• Improvement in mix to drive realisations

• Deeper penetration, geographical expansion to drive volume growth

• Competition remains high, irrationality has come down

• Margins may remain stable

• Renewed focus on international markets

Nuvama On Pharma Q1FY25 Review

• Pharma index is up 11% since May

• Pharma index at 44% premium to Nifty, avg us 31% premium

• Strong Q1FY25 performance

• Strong commentary by Lupin and Zydus on the back of launches

• Forecasts raised for Lupin, Natco Pharma, Zydus, Glenmark Pharma; Biocon earning cut

Global Cues

• U.S. Dollar Index at 101.32

• U.S. 10-year bond yield at 3.84%

• Brent crude up 0.05% at $77.26 per barrel

• Nymex crude up 0.08% at $73.07 per barrel

• Bitcoin was up 0.18% at $60,729.16

• The GIFT Nifty was trading 25.50 points or 0.10% higher at 24,842.50 as of 07:39 a.m.

Money Market

The Indian rupee weakened against the US dollar on Thursday, amid continued demand for the greenback from importers, even as US Fed meeting minutes increased bids for a rate cut in September.

The local currency depreciated 2 paise at Rs 83.95 after opening at Rs 83.94 per dollar, according to Bloomberg data. It had closed at Rs 83.93 on Wednesday.

Rupee Weakens Against The Dollar On Importers Demand For Greenback

F&O Cues

• Nifty August futures up by 0.17% to 24,840 at a premium of 29 points.

• Nifty August futures open interest down by 1.5%.

• Nifty Bank August futures up by 0.45% to 51,037 at a premium of 52 points.

• Nifty Bank August futures open interest down by 2.85%.

• Nifty Options Aug. 29 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,000.

• Bank Nifty Options Aug. 28 Expiry: Maximum call open interest at 51,000 and maximum put open interest at 51,000.

• Securities in ban period: Aarti Industries, Aditya Birla Fashion, Balrampur Chini Mills, Birlasoft, Gujarat Narmada Valley Fertilizers & Chemicals, Granules India, Hindustan copper, India Cements, LIC Housing Finance, National Aluminium, PEL and Sun TV Network.

India’s GDP Growth Momentum Remains Strong At 6.5–7%: Report

Trading Tweaks

• Ex/record dividend: Godfrey Phillips India, IRCTC, Kfin Technologies, LIC Housing Finance, Vedant Fashions, Max Healthcare Institute, Mayur Uniquoters, Natco Pharma, ONGC, The Federal Bank, ABB India, Astra Microwave Products, Bhageria Industries, Gandhar Oil Refinery (India), Dynacons Systems & Solutions, Kuantum Papers.

• Ex/record AGM: Godfrey Phillips India, IRCTC, LIC Housing Finance, Vedant Fashions, Mayur Uniquoters, Ramkrishna Forgings, Federal Bank, Venky’s (India), IRFC, Astra Microwave Products, Bhageria Industries, Kuantum Papers.

• Ex/record Bonus Issue: CDSL (1:1).

• Ex/record Buy Back: Mayur Uniquoters.

• Moved into short term ASM Framework: Nelco,Nucleus Software Exports,Ola Electric Mobility andRane (Madras).

• Moved out of short term ASM Framework: Heranba Industries, PC Jeweller, Supriya Lifescience and Venky’s (India).

Emerald Investments Exits Eris Lifesciences Via Bulk Deal For Rs 1,187.4 Crore

Insider Trade

• Usha Martin: Promoter Rajeev Jhawar bought 30,000 shares on Aug. 20. Promoter Peterhouse Investments India Ltd. sold 2 lakh shares on Aug. 20.

Bulk Deals

• PNB Housing Finance: Asia Opportunities V (Mauritius) Ltd. sold 78 lakh shares (3%) at Rs 866.7 apiece, while Government of Singapore bought 16.59 lakh shares (0.63%) at Rs 866.05 apiece.

• Ethos: Mahen Distribution Ltd. sold 1.31 lakh shares (0.56%) at Rs 3,151.04 apiece

• Shriram Properties: BNP Paribas Financial Markets bought 8.53 lakh shares (0.5%) at Rs 126.85 apiece

Block Deals

• Alkem Laboratories: Samprada & Nanhamati Singh Family Trust sold 8.5 lakh shares (0.71%) at Rs 5,732.15 apiece, while ICICI Prudential Life Insurance Co. bought 1.97 lakh shares (0.16%) at Rs 5,732.15 apiece. Morgan Stanley Asia Singapore Pte-Odi bought 0.98 lakh shares (0.08%) at Rs 5,732.15 apiece, while Tata Mutual Fund bought 0.87 lakh shares (0.07%) at Rs 5,732.15 apiece, among others.

• Eris Lifesciences: Emerald Investments Ltd. sold 98.86 lakh shares (7.26%) at Rs 1,201 apiece. Infinity Partners bought 98.86 lakh shares (7.26%) at Rs 1,201 apiece.

• Kalyan Jewellers India: Highdell Investment sold 6.64 crore shares (6.45%) at Rs 539.1 apiece, while Nomura India, through its various funds, bought 2.06 crore shares (2%) at Rs 539.1 apiece. Motilal Oswal Mutual Fund bought 92.74 lakh shares (0.9%) at Rs 539.1 apiece, while TCSL As Truste For Global New Generation Stock Fund bought 74.19 lakh shares (0.72%) at Rs 539.1 apiece. Government Of Singapore bought 72.51 lakh shares (0.7%) at Rs 539.1 apiece, among others.

• NIIT: Hornbill Orchid India Fund sold 35.38 lakh shares (2.62%) at Rs 118 apiece,whilePawar Family Trust bought 17.69 lakh shares (1.31%) at Rs 118 apiece. Thadani Family Trust bought 17.69 lakh shares (1.31%) at Rs 118 apiece.

Alkem Laboratories Shareholder Trims Stake For Rs 487 Crore

IPO Offering

• Orient Technologies: The public issue was subscribed to 16.96 times on day 2. The bids were led by qualified institutional investors (0.16 times), non-institutional investors (20.97 times) and retail investors (24.49 times).

Orient Technologies IPO Subscribed 16.96 Times On Day 2

Stocks To Watch

• Zomato: The company will shut down its ‘Zomato Legends’, as it was unable to find product market fit.

• Adani Power: NCLT has approved company’s resolution plan to buy Lanco Amarkantak Power for Rs 4,101 crore.

• Ambuja Cements: Adani’s family plans to divest $500 million worth of shares or 2.84% stake in company. The value of the deal is Rs 4,197.8 crore at the floor price of Rs 600 per share, according to the terms of deal viewed by NDTV Profit.

• FSN E-Commerce Ventures: Harindarpal Singh Banga and Indra Banga offered to sell as much as 4.09 crore shares, or 1.4% stake in the company via block deal. The floor price was set at Rs 198.

• Shriram Finance: The company has approved the sale of its entire stake in Shriram Housing Finance to Mango Crest Investment, an affiliate of Warburg Pincus.

• Wipro: The company extended its pact with John Lewis Partnership to complete their cloud transformation project.

• Jain Irrigation Systems: The company has signed an MoU with Indian coffee board for commercial release of disease-resistant coffee plants to growers.

• Bharat Forge: The company will invest an additional Rs 105 crore in unit Kalyani Power Train via share subscription.

• Power Mech Projects: The company will issue bonus shares in the ratio of 1:1. It has set Sept. 28 as the record date for determining the eligible shareholders.

Nykaa Investors To Sell Up To 1.4% Stake In Block Deal, Bloomberg Reports Citing Terms

GIFT Nifty Trades Above 24,800

Asian indices were mixed in early trade. Japan's Nikkei was 0.11% higher after the country's headline inflation was unchanged in July. South Korea's Kospi and S&P ASX 200 were trading 0.4% lower each as of 6:30 a.m.

Investors now await the Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole summit.

In the US, stocks declined and bond yields increased as traders anticipated Jerome Powell’s speech on Friday. There are expectations that he may suggest a potential rate cut, though likely at a slow and steady pace, reported Bloomberg.

The S&P 500 Index closed 0.89% lower, Nasdaq Composite fell by 1.67%, and Dow Jones Industrial Average ended 0.4% lower.

Brent crude was trading 0.13% higher at $77.32 a barrel as of 6:34 a.m. Gold was up by 0.2% at $2,489.45 an ounce.

The GIFT Nifty traded flat at 24,824.00 as of 6:34 a.m.

The benchmark equity indices pared some of their morning gains but still managed to close higher on Thursday, with the NSE Nifty 50 recording its best streak since the six sessions that ended on May 23.

The NSE Nifty 50 closed 41.30 points, or 0.17%, higher at 24,811.50, while the S&P BSE Sensex ended 147.89 points, or 0.18%, up at 81,053.19. Both indices recorded their highest closing since Aug. 1.

Overseas investors turned net buyers of Indian equities on Thursday after three straight sessions of selling. Foreign portfolio investors bought stocks worth Rs 1,371.8 crore, domestic institutional investors stayed net buyers for the 14th session and bought equities worth Rs 2,971.8 crore, the NSE data showed.

Rupee weakened by 2 paise to close at 83.95 against the US dollar.

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