Share indices in Asia-Pacific rose on Tuesday, taking cues from the overnight rise in US stocks. Investors in the region will monitor the rare briefing by the People's Bank of China, along with the Reserve Bank of Australia's policy decision, due to be published later today.
The Nikkei 225 was trading 548.79 points or 1.45% higher at 38,272.70, and the KOSPI was 9.71 points or 0.37% higher at 2,611.72 as of 06:27 a.m.
On Friday, the S&P 500 and Nadaq Composite ended 0.28% and 0.14% higher, respectively.
The November contract of the brent crude was trading 0.26% higher at $74.09 per barrel on Intercontinental Exchange as of 06:31 a.m. The Bloomberg spot Gold was 0.10% lower at $2,626.16 as of 06:33 a.m.
The NSE Nifty 50 and BSE Sensex settled at the highest closing level for the third consecutive session in a row, as Bharti Airtel Ltd. and HDFC Bank Ltd. led gains. The indices rose to new intraday highs for four days in a row.
The Nifty 50 ended 148.10 points, or 0.57% higher, at 25,939.05. The Sensex ended 384.30 points, or 0.45%, up at 84,928.61.
Overseas investors stayed net buyers of Indian equities on Monday for a second day.
Foreign portfolio investors mopped up stocks worth Rs 404.42 crore, domestic institutional investors turned net buyers after a day of selling and purchased equities worth approximately Rs 1,022.64 crore, the NSE data showed.
The Indian rupee ended flat against the US dollar at 83.54 on Monday, according to Cogencis.
Trade Setup For Sept. 24: Nifty Looks Bullish With Key Support At 25,850
Stocks To Watch
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Punjab National Bank: The company plans to raise up to Rs 7,500 crore via QIP at a floor price of Rs 109.16 per share.
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Power Grid Corp.: The company emerged as a successful bidder for the Khavda project to establish an interstate transmission system.
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Mahindra & Mahindra: The company addressed reports about considering a purchase of Skoda Auto VW India, stating that it and the VW Group are actively exploring various opportunities for collaboration.
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Coal India: The company entered into a 74-26 JV pact with Rajasthan Rajya Vidyut Utpadan Nigam for a 2×800 MW brownfield thermal project.
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Reliance Power: The company approved raising Rs 1,525 crore via preferential issue of shares and warrants.
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Shriram Properties: An FIR has been filed against a former Tamil Nadu Minister, accusing him of being involved in Rs 28 crore payments made in 2016 related to Shriram Properties and Infra, now known as Gateway Office Parks. The complaint also implicates former director KR Ramesh and several others, but the allegations are not related to the company’s business or its joint ventures.
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GR InfraProjects: The company was the lowest bidder for Nagpur metro construction work worth Rs 904 crore.
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actively exploring various opportunities for collaboration.
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BGR Energy Systems: The Chennai water board terminated the Rs 440 crore construction order given to the company.
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Bharti Airtel: The company rapidly expanded its network in Gujarat and deployed eight new cellular towers every day to bolster coverage across the state.
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Spandana Sphoorty Financial: The company has approved the sale of a stressed loan portfolio, including a pool of written-off loans with an outstanding value of Rs 304.41 crore as of June 30, 2024. This portfolio will be sold to an asset reconstruction company for a consideration of Rs 16.74 crore.
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AstraZeneca Pharma: The company has received Central Drugs Standard Control Organisations approval to import and distribute Durvalumab.
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Thangamayil Jewellery: The company will consider raising funds on Sept. 26.
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Pondy Oxides and Chemicals: The company approved raising up to Rs 250 crore via QIP.
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Valor Estate: The company reappointed Shahid Balwa as vice chairman cum managing director w.e.f. Dec. 10, 2024, for a term of three years.
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Cyient: The company incorporated its arm, Cyient Project Management Consultancy, as a limited liability company in the UAE.
Punjab National Bank Launches QIP To Raise Up To Rs 7,500 Crore
IPO Offering
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Manba Finance: The public issue was subscribed to 23.79 times on day 1. The bids were led by non-institutional investors (43.18 times), qualified institutional investors (2.36 times), and retail investors (27.71 times).
New Listing
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WesternCarriers (India): The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 172 apiece. The Rs 492.88-crore IPO was subscribed 30.57 times on its third and final day. Bids were led by non-institutional investors (44.71 times), institutional investors (27.99 times), and retail investors (25.95 times).
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Arkade Developers: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 128 apiece. The Rs 410 crore IPO was subscribed 106.83 times on its third and final day. Bids were led by institutional investors (163.16 times), non-institutional investors (163 times), retail investors (51.39 times), and employee reserved (50.49 times).
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Northern Arc Capital: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 263 apiece. The Rs 777 crore IPO was subscribed 110.91 times on its third and final day. Bids were led by institutional investors (240.79 times), non-institutional investors (142.41 times), retail investors (31.08 times), and employee reserved (7.33 times).
SEBI Approves IPOs Of Waaree Energies, One Mobikwik Systems
Block Deals
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Capacite Infraproject: Rahul Ramnath Katyal sold 3.75 lakh shares (0.44%) and Subir Malhotra bought 3.75 lakh shares (0.44%) at Rs 396 apiece.
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V2 Retail: India 2020 Fund LI sold 7.34 lakh shares (2.12%) and Motilal Oswal Mutual Fund bought 7.34 lakh shares (2.12%) at Rs 1,160 apiece.
Bulk Deals
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Senco Gold: Oman India Joint Investment Fund sold 5.89 lakh shares (0.75%) at Rs 1,280.16 apiece and ICICI Prudential Life Insurance bought 4.9 lakh shares (0.63%) at Rs 1,280 apiece.
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Alicon Castalloy: SBI Mutual Fund bought 3.72 lakh shares (2.29%), Rajeev Sikand sold 2 lakh shares (1.22%) and Pamela Trading LLP sold 1.59 lakh shares (0.97%) at Rs 1,300 apiece.
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Wardwizard Innovations & Mobility: Yatin Sanjay Gupte sold 20 lakh shares (0.76%) at Rs 49.32 apiece and Hitendrakumar Babaldas Shah sold 6.63 lakh shares (0.25%) at Rs 49.22 apiece. Hitendrakumar Babaldas Shah bought 16.63 lakh shares (0.63%) at Rs 49.29 apiece.
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BCL Industries: Sunita Mittal sold 25 lakh shares (0.84%) at Rs 65.01 apiece.
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BLS E-Services: Umesh Parasmal Pagariya sold 5.79 lakh shares (0.63%) at Rs 242.48 apiece.
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HLV: VRA Finance and Investment sold 38.16 lakh shares (0.57%) at Rs 19.64 apiece.
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Kamdhenu Ventures: Niraj Rajnikant Shah sold 16 lakh shares (0.5%) at Rs 56.51 apiece.
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Sky Gold: Ashish Kacholia sold 0.76 lakh shares (0.57%) at Rs 2,602.93 apiece.
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VIP Industries: Kedia Securities bought 7.25 lakh shares (0.51%) at Rs 545.97 apiece.
Power Grid Wins Bid For Khavda Transmission System
Trading Tweaks
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Price Band change from 20% to 10%: E-Pack Durable.
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Price Band change from 10% to 5%: Nectar Lifesciences.
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Ex/record AGM: Kaveri Seed.
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Moved into short term ASM: Concord Biotech,Crest Ventures, Dhanuka Realty.
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Moved out of short term ASM: NELCO, Rane (Madras).
Who’s Meeting Whom
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Parag Milk Foods: To meet analysts and investors on Sept. 27.
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Puravankara: To meet analysts and investors on Sept. 25.
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Care Ratings: To meet analysts and investors on Sept. 27.
F&O Cues
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Nifty September futures up by 0.57% to 25,915 at a discount of 24 points.
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Nifty September futures open interest up by 0.4%.
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Nifty Bank September futures up by 0.95% to 54,058 at a discount of 47 points.
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Nifty Bank September futures open interest down 4.47%.
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Securities in ban period: Aarti Industries, Aditya Birla Fashion, Biocon, Chambal Fertilizer, GNFC, Granules, IDEA, LIC Housing Finance, National Aluminium, Oracle Financial Services, PNB, RBL Bank, Sail.
Money Market Update
The Indian rupee recorded its highest closing against the US dollar since July 12 as the dollar index struggled near the 101.00 level after the US Federal Reserve guided for more rate cuts by the end of 2024.
The local currency ended flat against the US dollar at 83.54 on Monday, according to Cogencis.
Reliance Power To Raise Rs 1,525 Crore Via Preferential Issue
Research Reports
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Manba Finance IPO – Issue Details, Financials, Strengths, Risks, Peer Comparison, Valuation: Anand Rathi
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Skipper – Riding On The T&D Capex Wave; Axis Securities Initiates Coverage With A ‘Buy’ Rating
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Bharat Heavy Electricals – Holding All The Aces: ICICI Securities
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Birla Corp – Long Term Outlook Remains Positive; Retain Buy: Axis Securities
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ICICI Bank – Focus On Micro Market, Ecosystem Strategy For Deposits Growth: Nirmal Bang
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NTPC – A Lot Riding On Renewable Energy; Key Takeaways From NGEL’s DRHP: ICICI Securities
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GAIL India – Fueled By Gas: HDFC Securities
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Dr. Lal Pathlabs – Status Quo On Volumes Implies No Change In Stance: Yes Securities
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Aavas Financiers – Positive Growth Outlook; Focus On Granularity Intact: Nirmal Bang
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JK Cement – Strategic Expansions Aiding Growth: Motilal Oswal
Aster DM Healthcare To Launch Largest Women, Children Hospital In Hyderabad. Read more on Markets by NDTV Profit.