Stock Market Live: GIFT Nifty Trades Above 25,100; HPCL, SBI, Tata Steel In Focus

Table of Contents

Inox Wind EPC Arm Completes Fund Raise

Inox Wind’s EPC Projects arm Resco Global completes 350 crore equity raise

Source: Exchange filing

Emkay On India Oil & Gas As Brent Crude Corrects

Brent Crude Prices Correct 15% Over 15 Days
Maintains 'add' on Indian Oil at Rs 205 target with 21% upside
Maintains BUY on BPCL/HPCL/ONGC/Oil India
BPCL/HPCL/ONGC/Oil India targets at Rs 405/475/360/700
Believe near-term volatility in oil prices could persist
Brent to de-rate to $70-80/bbl range from $80-90/bbl range earlier
Corrections in ONGC, Oil India seems excessive
Believe OMCs could cut fuel retail prices amid upcoming state elections
Expect Rs 2 per litre cut for petrol and diesel towards Diwali
OMCs could earn supernormal marketing margins next 1 month, covering LPG losses
Expect Q2FY25 marketing margins at Rs9.7/8 per liter for petrol/diesel

Govt. Extends Anti-Subsidy Duty On Welded Stainless Steel Pipes And Tubes

Government extends anti-subsidy duty on imports of 'welded stainless steel pipes and tubes
Duty extended for imports from China and Vietnam for additional 5 years
Duty initially introduced in Sept 2019
Extension comes after Indian industry claimed that Chinese goods are imported into India at very low prices

Potential Beneficiaries of Extension of Anti Subsidy

Tata Steel, JSW Steel, Welspun Corp, Ratnamani Metals & Tubes

Imports from China and Vietnam: Jan-July 2024

China: Up 10% YoY at $60 billion
Vietnam: Up 17% YoY to $5.8 billion

(Source: Ministry of Commerce Data)

Difference Between Domestic Steel vs Landed Chinese Imports

Landed cost of China steel import in Aug at $579 per million tonne
Domestic costs at premium of Rs 2692 per million tonne vs China
Domestic costs at premium of $ 32 per million tonne vs China

(Source: ICRA)

India: A Net Importer of Steel:

India turned net importer of steel in FY25, first time since FY16
FY24 steel trade deficit at 1.1 million tonnes
April-Jul'24 trade deficit at 0.11 million tonne

(Source: Ministry of Commerce Data, Ministry of Steel)

[07:11, 9/12/2024] +91 97695 53176:

Global Cues

U.S. Dollar Index at 101.79
U.S. 10-year bond yield at 3.66%
Brent crude 0.31% higher at $70.83 per barrel
Nymex crude 0.21% higher at $67.45 per barrel
GIFT Nifty flat at 25,076.50 as of 08:07 a.m.

F&O Cues

Nifty Septber futures fell by 0.55% to 24,938.45 at a premium of 20 points.
Nifty September futures open interest grew by 0.19%.
Nifty Bank September futures fell by 0.47% to 51,124 at a premium of 114 points.
Nifty Bank September futures open interest grew by 5.03%.
Nifty Options Sept. 12 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,500.
Bank Nifty Options Sept. 18 Expiry: Maximum call open interest at 51,500 and maximum put open interest at 51,000.
Securities In Ban Period: Aarti Industries, Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Chambel Fertilisers, Hindustan Copper, RBL Bank.

Trading Tweaks

Ex dividend: Bengal & Assam Company Ltd., Bharat Rasayan Ltd., V.S.T. Tillers Tractors Ltd., Skipper Ltd., SJVN Ltd,. Nirlon Ltd., Gulashan Polyols Ltd., Garware Technical Fibres Ltd., Excel Industries Ltd.
Ex/record dividend: Varun Beverages Ltd.

NBCC Signs MoU With MTNL For Rs 1,600-Crore Project

Listing

Shree Tirupati Balajee Agro Trading Company: Shares of the company will list on the stock exchange today. The IPO was subscribed 124.75 times on its third day, led by non-institutional investors. The IPO was subscribed 15.16 times on the second day and 6.36 times on the first day. The issue price for the firm has been set at Rs 83 according to date on the NSE.

IPO Offering

Bajaj Housing Finance: The initial public offering was subscribed to 63.61 times on its third and final day on Wednesday, led by institutional investors. The issue was subscribed 7.51 times on its second day and 2.02 times on the first day.The three-day offer entailed a fresh issue of equity shares worth Rs 3,560 crore and an offer for sale worth Rs 3,000 crore from its owner, Bajaj Finance Ltd.
Tolins Tyres: The initial public offering has been subscribed 23.89 times on the third and final day of subscription. The IPO was subscribed 5.22 times on Tuesday and 1.8 times on the first day of bidding on Monday. The company aimed to raise Rs 230 crore via the offering, which consisted of a fresh issue of equity shares worth Rs 200 crore and an offer for sale worth Rs 30 crore.
Kross: The initial public offering has been subscribed 16.81 times on the third and final day on Wednesday. The IPO was subscribed 2.56 times on day two and 88% times on day one.The company is looking to mop up Rs 500 crore through its maiden share sale. The offering consists of a fresh issue as well as an offer for sale, each worth Rs 250 crore.
PN Gadgil Jewellers: The initial public offering entered its second day on Wednesday. The offering was subscribed 6.90 times on the second day, with bids led by retail investors. The offering consists of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore.

Bulk Deals

Arvind Fashions: Plenty Private Equity Fund I Ltd. sold 37.55 lakh shares (2.82%) at Rs 575 apiece, while Plenty CI Fund I Ltd. sold 17.76 lakh shares (1.33%) at Rs 576.1 per share. On the other hand, Goldman Sachs Funds- Goldman Sachs India Equity Portfolio bought 13.11 lakh shares (0.98%) at Rs 574.73 apiece and ICICI Prudential Life Insurance Co. bought 43.48 lakh shares (3.27%) at Rs 574.85 per share.
Jash Engineering: Bellwether Capital Pvt. bought 63 thousand shares (0.53%) at Rs 2,012.27 per share.
Shaily Engineering Plastics: Motilal Oswal Mutual Fund bought 3.14 lakh shares (3.42%) at Rs 950 apiece.

Two Shareholders Offload Stake Worth Rs 318 Crore In Arvind Fashions

Stocks to Watch

HPCL: The company approves the construction of the Visakhapatman-Raipur pipeline project worth Rs 2,212 crore. It has revised the cost of the Visakhapatnam refinery modernisation project to Rs 30,609 cr.
NBCC: The company signs a MoU worth Rs 1,600 crore with MTNL to develop a 13.88-acre land parcel in New Delhi.
Shriram Finance: The company approved and allotted senior, secured, rated, listed, redeemable, taxable, and non-convertible debentures on a private placement basis for an issue size of Rs 1000 crore plus a green shoe option of Rs 500 crore.
Tata Steel: The company has signed a £500 million Grant Funding Agreement with the UK Government for a £1.25 billion green steel project in Port Talbot. The agreement is to allow the installation of an electric arc furnace at Port Talbot. The grant will help preserve 5,000 jobs.
Adani Ports and Special Economic Zone: The company has signed a concession agreement with DPA to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat. Berth No. 13 is 300 m long and offers 5.7 MMT capacity annually. It is likely to be commissioned in the financial year 2027.
BPCL: The company’s arm, Indian Oil, has received a production concession in Abu Dhabi for a 6,162 sq km area.
Route Mobile: The company’s promoter Proximus Opal will sell up to a 6.03% stake via OFS at Rs 1,635 per share. Proximus is to sell stakes on Sept. 12 and Sept. 13 to achieve minimum public shareholding.
Lemon Tree Hotels: The hotel chain has signed a pact for a 117-room hotel in Pune, Maharashtra.
Medplus Health: The company’s arm, Optival Health, gets two drug license suspension orders for stores in Bangalore and Karnataka.
SBI: Bank SBI Indonesia, the overseas banking subsidiary of the State Bank of India, for regulatory compliance with meeting a minimum 1% of the local shareholding requirement, has proposed to issue preference shares to PT Bank KEB Hana, Indonesia. As part of the arrangement, SBI, PT Bank KEB Hana Indonesia, and Bank SBI Indonesia signed a shareholders’ agreement on Sept. 10, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares.
Mafatlal Industries: The company has proposed incorporating a subsidiary company called Pieflowtech Solutions Pvt. Ltd. to deal in information technology.
Ganesh Ecosphere: The company on Sept. 10 incorporated a joint venture company in the name of Ganesha Recycling Chain Pvt. in collaboration with Race Eco Chain Ltd.
Ramakrishna Forgings: The company has provided a corporate guarantee up to an amount of $6.65 million to Ramkrishna Forgings Mexico S.A. de C.V. Mexico, a wholly owned subsidiary company, for taking rented space on lease from Operadora Stiva S.A. de C.V., Mexico.
Infosys: The tech giant has collaborated with Clearstream, part of Deutsche Börse, to enhance the digital issuance platform.
Nazara Tech: The company’s arms acquire a 15.86% stake in Singapore-based Getstan Technologies for Rs 18.4 crore in an all-cash secondary transaction.
Wipro: The company has built an AI-enabled data strategy for JFK International Air Terminal.
Castrol India: The company has expanded its auto care product range with new additions. It has introduced microfiber cloth and shiner sponges to the existing range of products.
Brigade Enterprises: Brigade Group has announced the launch of its premium flexible and managed workspace solution, BuzzWorks, in Hyderabad. This expansion aligns with Brigade Group’s strategic vision to reach 1 million sq. ft. of flexible office space by the financial year 2026.
Lupin: The company will acquire a 42.6% stake in Sunsure Solarpark for Rs 10.6 crore.
Jaykay Enterprises: The company has approved the allotment of 5.84 lakh equity shares on a rights basis at an issue price of Rs. 25 per equity share.
Gujarat Flurochem: GFCL EV Products Ltd., a wholly-owned subsidiary of the company, incorporated ‘GFCL EV Products GmbH’ its wholly-owned subsidiary in Hamburg, Germany, on Sept. 10.
GMR Airports Infrastructure: The company has changed its name to GMR Airports following the merger of GMR Airports and GMR Infra Developers.
Systematix Corporate Services: The company is scheduled to be held on Sept. 14 to approve fundraising by way of issue of equity shares on a preferential basis, subject to approval from the shareholders.

HPCL Approves Visakh-Raipur Pipeline Project Worth Rs 2,212 Crore

GIFT Nifty Trades Above 25,100

The GIFT Nifty was trading 0.06%, or 16 points lower at 25,064.00 as of 06:41 a.m.

Markets in Asia-Pacific region rose on Thursday morning, tracking overnight gains on Wall Street after data showed core US inflation rose slightly more than expectation in August.

The Nikkei 225 was trading 1,180.76 points, or 3.31% higher at 36,800.53, and the Kospi was up 32.51 points, or 1.29% at 2,54.5.88 as of 06:38 a.m.

Core US consumer price index, which excludes food and volatile energy prices rose 0.3% on sequential basis, compared to a 0.2% rise expected. CPI increased 2.5% on annualised basis during August.

On Thursday, the S&P 500 and Nasdaq Composite settled 1.07% and 2.17% higher, respectively. The Dow Jones Industrial Average advanced 0.31%.

Brent crude was trading 0.34% higher at $70.85 per barrel. Gold was trading 0.08% higher at $2,513.73.

The benchmark equity indices snapped two-day gains to close lower on Wednesday, dragged by Tata Motors Ltd. and HDFC Bank Ltd., as the markets await US inflation data set that will be released later in the day.

The NSE Nifty 50 ended 122.65 points, or 0.49% lower at 24,918.45, while the S&P BSE Sensex was 398.13 points or 0.49% down at 81,523.16.

Overseas investors remained net buyers of Indian equities for the third consecutive day on Wednesday. Foreign portfolio investors mopped up equities worth Rs 1,755 crore, while domestic institutional investors turned net buyers after a day of selling and bought equities worth Rs 230.9 crore, according to provisional data from the National Stock Exchange.

The local currency settled flat against the US dollar at 83.97 on Wednesday.

Nifty, Sensex Fall As Tata Motors, RIL, L&T Weigh: Market Wrap. Read more on Markets by NDTV Profit.