Sensex Today | Share Market Live Updates: Sensex tanks 400 pts, Nifty down 100 pts; Axis, IndusInd shed

A new report by PwC India on how compliant Indian companies are with the Digital Personal Data Protection Act, which came into effect on 11 August, reveals some startling facts. Only 41 of the 100 websites of Indian enterprises PwC India analysed for it study mentioned data principals’ (users’) rights to access, correct and erase their personal data, while only 9 sought consent from users that was free, specific and informed.

The report said 90% of the organisations showed users a privacy notice when collecting data through their websites, but since such a notice is the first step for any organisation entering the digital world, the high level of compliance did not indicate the presence of a robust data privacy framework. On the matter of third-party data transfers, 43% of organisations did not provide a clear reason for which personal data was shared with third-party data processors. (Read More)

Roche Diagnostics India on Wednesday said it has appointed Rishubh Gupta as its new Managing Director for India and neighbouring markets.

Gupta will lead and oversee the company’s operations, strategy, and growth initiatives in India, Bangladesh, Bhutan, Nepal and Sri Lanka.

“His proven track record in healthcare leadership, coupled with his passion for innovation, aligns perfectly with our commitment to advancing diagnostics for better patient care in India,” Roche APAC Sub-Region 1 Head Thilo Brenner said in a statement. (PTI)

UK’s struggling fashion retailer Superdry has announced a joint venture with Mukesh Ambani’s Reliance Retail. Superdry will sell its intellectual property assets to Reliance Retail for $48.27 million, Reuters news agency reported.

With this deal, Superdry and Reliance Retail, whose more than 18,000 stores, will own 24% and 76%, respectively, of the joint venture vehicle.

Reliance Retail will continue to oversee brand operations in India, Sri Lanka, and Bangladesh, the report added. (Read More)

India’s government has assured domestic steelmakers that it is looking at ways to address their concerns about the EU’s planned tariffs on imports of high-carbon goods and is discussing the issue with its European counterparts, a government official said.

“We are discussing with stakeholders and continuing to look at ways in which India’s trade interests in steel could be safeguarded,” Nagendra Nath Sinha, the most senior civil servant at the federal Ministry of Steel, told Reuters in an interview on Tuesday.

“(India’s) government has raised its concerns at both bilateral and multilateral levels with the EU,” he said, adding the tariffs would impact India’s steel exports.

The European Union this year approved the world’s first plan to impose tariffs on imports of high-carbon goods including steel and cement as part of its aim to reach net zero greenhouse emissions by 2050. (Reuters)

Suzlon Energy’s share price experienced a significant surge, reaching a 52-week high during Wednesday’s trading session. This increase was in response to the news that Suzlon Energy’s promoter had released a pledge on 97.10 crore shares, equivalent to 7.13% of the company’s equity, on September 28, as reported by CNBC-TV18.

The trading day began with Suzlon’s share price opening at ₹27.30 apiece on the BSE. Throughout the session, the share price reached an intraday high of ₹28.39 and a low of ₹27.11. Notably, Suzlon Energy’s share price remained in positive territory for the second consecutive session and witnessed a rise of over 3.3%. During Wednesday’s morning trade, it even hit the upper circuit limit of 5%. (Read More)

Fintech unicorn Slice is merging with Guwahati-based North East Small Finance Bank (NESFB) after receiving approval from the Reserve Bank of India, the fintech company said in a statement.

Slice, a Bengaluru-based credit and payments startup, which also has an NBFC licence, said the merger with the small finance bank will allow the combined entity “to better serve their shared mission and reach more consumers who currently lack access to basic banking services.” (Read More)

Global bond yields got pulled higher by their Treasury peers to the greatest extent since the pandemic hit in 2020, as the US-led selloff spilled over to other markets.

Traders are bracing for 10-year US yields to top 5% for the first time since 2007 after they jumped to 4.85% this week. The correlation between Bloomberg’s gauge of global securities and an index of Treasuries has reached the highest since March 2020.

A relentless selloff in US government bonds is sparking tumult across major bond markets, as traders come to grips with the realization that interest rates are likely to remain higher for longer. Australia’s 10-year yields rose faster than their US peers over the past week despite the local central bank remaining on hold, and the volatility has also spilled over into equities. (Bloomberg)

Hindustan Aeronautics Limited (HAL) on Wednesday handed over the first LCA Tejas twin-seater aircraft to the Indian Air Force.

The Bengaluru-headquartered company said the twin-seater variant has all the capabilities to support the training requirements of the IAF and augments itself to the role of a fighter as well in case of necessity.

Union Minister of State for Defence Ajay Bhatt was the chief guest during the function wherein the unveiling of the LCA twin seater, handing over of Release to Service (RSD), Signalling out Certificate (SOC) were conducted in the presence of Chief of Air Staff Air Chief Marshal V R Chaudhari, among others.

The LCA Tejas twin seater is a lightweight, all-weather multi-role 4.5 generation aircraft. (PTI)

Fitch Ratings has confirmed Glenmark Pharmaceuticals Ltd’s Long-Term Issuer Default Rating (IDR) at ‘BB,’ and the outlook is deemed ‘Stable.’ This rating affirmation comes after Glenmark Pharmaceuticals disclosed its intention to divest a 75% stake in its active pharmaceutical ingredient (API) business, which is held under its subsidiary, Glenmark Life Sciences Ltd.

Glenmark Pharmaceuticals had announced its plan to sell a 75% ownership in Glenmark Life Sciences to Nirma at a price of ₹615 per share, with a total valuation of ₹5,651.75 crore. (Read More)

Despite the prevailing anticipation for the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) to keep interest rates and policy stance unchanged, rate-sensitive sectors, including banking, automobile, and real estate, witnessed notable losses in intraday trading on Wednesday, October 4th.

The RBI MPC commenced its three-day meeting on Wednesday, with the outcome set to be announced on Friday, October 6th. Investors and market participants are closely monitoring the central bank’s decision, which has a significant impact on various sectors of the economy. (Read More)

Avdhut Bagkar, Derivatives & Technical Analyst, Stoxbox on strategy to trade post-QIP launch of IDFC First Bank: Bullish over 90| Breakout over 100

Unless and until the support of 90 is resolutely negated, the upward bias in IDFC First Bank continue to dominate the banking space. Furthermore, a bold move above 101 shall set off fresh rally towards 115-level.

The underlying momentum is highly optimistic, as the counter has recently witnessed accumulation in the overbought category of RSI in recent months. The medium-term support stays at 85-level.

We recommend opting for a LONG IRON CONDOR strategy with a bias tilt on the upward side

B: 1 lot of 26OCT2023 92CE at 1.9

S: 1 lot of 26OCT2023 101CE at 0.5

S: 1 lot of 26OCT2023 82PE at 0.4

B: 1 lot of 26OCT2023 88PE at 1.7

MAX PROFIT: 94,500

MAX LOSS: 40,500

BREAKEVEN: 85.3 – 94.70

MARGIN: 96,338

Housing sales grew by 12 per cent year-on-year in July-September to 82,612 units — six-year high in quarterly sales volume, across eight major cities on strong demand, according to Knight Frank.

Housing sales stood at 73,691 units in the year-ago period across eight major cities.

In its report released on Wednesday, Knight Frank India said, the growth in sales is noteworthy considering that it constitutes an almost six-year high in quarterly sales volumes.

As per the data, housing sales in Mumbai rose 4 per cent to 22,308 units during the July-September quarter, from 21,450 units in the year-ago period.

In Delhi-NCR, housing sales grew 27 per cent to 13,981 units, from 11,014 units during the period under review. (PTI)

HDFC Bank, India’s largest private sector lender, has announced impressive financial figures. As of September 30, 2023, the bank reported a substantial 57.7% growth in its gross advances, which reached ₹23.54 lakh crore. This is a significant increase from the ₹14.93 lakh crore reported in the same period the previous year.

Additionally, HDFC Bank’s deposits saw substantial growth, totaling approximately ₹21.73 lakh crore as of September 30, 2023. This represents a growth rate of around 29.9% compared to the ₹16.73 lakh crore reported as of September 30, 2022. (Read More)

An Abu Dhabi firm controlled by a key member of the emirate’s royal family increased its shareholding in Gautam Adani’s flagship conglomerate to a little over 5%, days after selling stakes in two other companies owned by the Indian billionaire as part of a portfolio rejig.

International Holding Co., through its units, bought an additional 0.06% stake in Adani Enterprises Ltd. to take its total shareholding to 5.04%, according to an exchange filing. IHC’s Green Vitality Rsc Ltd. and Green Enterprises Investment Holding Rsc Ltd. owned 4.55% of Adani Enterprises for the quarter ending June.

The firm had previously invested almost $2 billion in three Adani companies in 2022. Last week, IHC said it would sell its investment in Adani Green Energy Ltd. and Adani Transmission Ltd. — now renamed as Adani Energy Solutions Ltd. — but added that its “partnership with Adani and dedication to the Indian market remain steadfast.” (Bloomberg)

Maruti Suzuki’s share price experienced a nearly 2% decline during Wednesday’s trading session. This drop followed the company’s disclosure that it had received a draft assessment notice from the Income Tax department, indicating unpaid dues amounting to ₹2,160 crore for the financial year 2019-20, as reported in the company’s exchange filing.

The day’s trading began with Maruti Suzuki shares opening at ₹10,298.95 apiece on the BSE. Throughout the trading session, the share price reached an intraday high of ₹10,298.95 and a low of ₹10,092.90. (Read More)

Achal Lohade of JM Financial Institutional Securities views on TVS Supply Chain Solutions | At an inflection point

BUY INR 265 

TVS Supply Chain Solutions (TSCS), one of those who pioneered 3PL in India in early 2000, is today the largest and among the fastest-growing integrated supply chain solutions companies in India. TSCS has acquired over 20 companies in the last 16 years to achieve its 3C objective (capability, customer, country) and today enjoys one of the widest sectoral presences globally (across industrial, auto, consumer, healthcare, IT and tech infra). In FY23, TSCS served over 8,700 customers (top 5/10/20 customers constitute 18%/28%/39% respectively), including 72 ‘Fortune 500-2022’ companies. Given the integration with customer operations, customer relationships are usually sticky in nature (average relationship of 12/10 years respectively for the top 10 customers in ISCS and NS segments respectively), thus providing significant revenue/margin visibility. Integration of TSCS’ large acquisitions (acquired in 2018/19) – which was hampered by several global headwinds such as US-China trade war, Brexit, Covid-19 pandemic, Russia-Ukraine conflict, etc. ¬– is now complete and it is now on a firm footing, ready for a giant leap. Given the ultra-fragmented market and increasing outsourcing requirements of customers, we see TSCS in a sweet spot with a unique global presence and capabilities, and poised for significant operating profit growth over the medium term. We estimate TSCS to post 9%/21% CAGR in revenue and EBITDA respectively in FY23-26. We initiate coverage with BUY and a Sep’24TP of INR 265, a potential upside of 23%; CMP offers 24% CAGR over the next 3 years.

IDFC First Bank, a private sector lender, has established the floor price for its qualified institutional placement (QIP), which commenced on October 3rd, at ₹94.95 per share. This move comes after the bank’s board had previously approved raising up to ₹3,000 crore by issuing equity shares and/or other equity-linked securities in one or more tranches, utilizing various permissible modes, including private placement and QIP.

The floor price of ₹94.95 per share represents a slight premium over the closing price of ₹94.15 per share on the National Stock Exchange as of the previous trading day. (Read More)

Updater Services Limited had its IPO listed on Wednesday, and it did so at a discount to the issue price. On the NSE (National Stock Exchange), the share price of Updater Services Limited was listed at ₹285 per share, which is 5% lower than the IPO issue price of ₹300. On the BSE (Bombay Stock Exchange), the listing price was slightly higher at ₹299.90 per share.

The IPO of Updater Services had a price band ranging from ₹280 to ₹300 per equity share, with a face value of ₹10. The IPO subscription period was open from Monday, September 25, to Wednesday, September 27. (Read More)

Mangalam Alloys had a muted stock market debut on Wednesday. The shares of the stainless steel-based products manufacturer were listed on NSE SME at ₹80 apiece, which was the same as the issue price of ₹80 per share. This means that the stock debuted without any premium or discount to the IPO price.

During its initial public offering (IPO) period, which ran from September 21 to September 25, Mangalam Alloys Ltd had garnered decent demand from investors. However, its listing day performance saw no immediate price movement. (Read More)

Oil steadied ahead of an OPEC review of the global crude market and a weekly update of US stockpiles.

West Texas Intermediate was little changed near $89 a barrel, after the US benchmark swung by more than $2.50 a barrel on Tuesday before ending modestly higher. The alliance’s Joint Ministerial Monitoring Committee convenes online later Wednesday, but delegates don’t expect the body to recommend any change in policy as Saudi Arabia and Russia lead output curbs.

In the US, meanwhile, the government will release figures on crude inventories against a backdrop of fast-declining holdings, including at the storage hub at Cushing. Estimates from the industry-funded American Petroleum Institute released Tuesday showed a modest increase at the Oklahoma site last week, but a draw on a nationwide basis, according to people familiar with the figures. (Bloomberg)

Tata Motors subsidiary Tata Technologies filed an addendum today with SEBI to its DRHP. One of the most-awaited IPOs on the Street, Tata Tech said it will offer 9.57 crore shares in its planned initial public offering (IPO) with a face value of ₹2 per share, according to the addendum filed with SEBI. As part of the Tata Tech IPO, Tata Motors will sell up to 8.11 crore shares via offer for sale, Alpha TC will sell up to 9.71 crore shares, and Tata Capital Growth Fund I will offer up to 48.58 lakh shares. (Read More)

Fast-moving consumer goods company Nestle India will declare its second interim dividend for 2023, if any, while also considering a stock split at its board meeting later this month. In a filing with the exchanges on Tuesday, the company said a meeting of the board of directors is scheduled for Thursday, 19 October, to consider the financial results of the company for the third quarter and the nine months to 30 September.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Global cues are negative for markets in the near term. The sustained rise in the US bond yields, which has triggered continuous FII selling, is showing no signs of abating. The dollar index is now clearly above 107 and the US 10-year bond yield is at 4.83%. This means FIIs will continue to sell and the bulls will be on the back foot. On the positive side, valuations in some segments are becoming attractive and this may push DIIs and retail investors to buy stocks in such segments. An inevitable consequence of this complex situation is heightened volatility.

Investors should watch out for stocks which look strong even in a weak market. Stocks like Bajaj Finance, L&T and Zomato have been exhibiting strength even in a weak market.

A significant trend in the market is that fundamentally strong stocks like large-cap private sector banks have turned weak on FII selling. For long-term investors, this is an opportunity.”

The allotment status for the NewJaisa Technologies IPO has been determined and is now available for investors to check. To access the NewJaisa IPO allotment status, investors can visit the registrar’s portal, which is managed by Bigshare Services Pvt Ltd.

By checking the basis of allotment, investors can determine if they have been allocated shares and the quantity of shares allocated to them. If an investor has not been allotted any shares, the company will initiate the refund process for their application. On the other hand, those who have been allotted shares will receive them in their demat accounts. (Read More)

Deven Mehata, Equity Research Analyst, Choice Broking: The benchmark Sensex and Nifty indices are likely to open lower on October 4 as trends in the GIFT Nifty indicate a negative start for the broader index with a loss of 120 points.

If the Nifty breaks below the low of the Thursday mother candle and sustains this break, it is likely to experience further declines, potentially reaching levels around 19350-19300. This area is considered a strong demand zone. Until the Nifty shows signs of a bullish reversal, it appears to be in a bearish trend.

Foreign institutional investors (FII) offloaded shares worth ₹2,034.14 crore, while domestic institutional investors (DII) purchased ₹1,361.02 crore worth of stocks on October 3, provisional data from the National Stock Exchange (NSE) showed.

In such a scenario where clear trends are lacking in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments.

Vedanta Resources Plc, headed by billionaire Anil Agarwal, is currently engaged in advanced negotiations with JPMorgan Chase and Standard Chartered Bank (StanChart) to secure a refinancing facility of $3 billion. This initiative aims to prevent a potential default situation, as reported by sources familiar with the matter.

In recent weeks, the senior leadership of this mining and metals conglomerate has conducted meetings with various prominent banks in both Europe and the United States. The sources providing this information have requested anonymity. (Read More)

Japanese policymakers are grappling with renewed challenges as they confront the prolonged weakening of the yen. This predicament arises from investors’ anticipation of the US maintaining higher interest rates for an extended period, while Japan’s central bank continues its commitment to ultra-low interest rates.

On Tuesday, the yen exhibited a significant surge in strength against the US dollar. This abrupt movement has triggered speculation among market observers that Japanese authorities may have taken action to bolster their currency. (Read More)

In today’s trade, several prominent stocks are likely to be in focus:

HDFC Bank: The bank is restructuring its top management to boost its mortgage business.

Maruti Suzuki: The company has received a draft assessment order for pending dues of ₹2,160 crore from the Income Tax department.

Bajaj Finserv: Bajaj Allianz, a subsidiary of Bajaj Finserv, received a GST demand notice for ₹1,010 crore for non-payment of GST.

Vedanta: Vedanta Resources Plc is in advanced talks with banks, including JPMorgan Chase and Standard Chartered.

ICICI Bank: The bank has raised ₹4,000 crore via bonds to support its business growth.

Tata Motors: Tata Technologies, a subsidiary of Tata Motors, filed an addendum to its DRHP, indicating details about its planned IPO.

Nestle India: The company will consider declaring its second interim dividend for 2023.

Adani Enterprises: An Abu Dhabi firm increased its stake in Adani Enterprises to over 5% after recent divestments in other Adani group companies.

IDFC First Bank: The bank is reportedly planning to raise ₹3,000 crore via a qualified institutional placement (QIP).

Titagarh Rail Systems: The company signed a contract worth ₹857 crore with Gujarat Metro Rail Corporation for manufacturing 72 standard gauge cars for the Surat Metro Rail’s first phase. (Read More)

Titagarh Rail Systems Ltd (TRSL), formerly known as Titagarh Wagons Ltd, on Tuesday inked a pact worth ₹857 crore with Gujarat Metro Rail Corporation.

The contract is for the manufacturing of 72 standard gauge cars for the first phase of Surat Metro Rail.

The order value for this project is approximately ₹857 crores.

The execution of the project is slated to begin 76 weeks after the signing the contract and is likely to be completed in 132 weeks thereafter.

The Surat Metro Rail Project includes two corridors spanning a total of 40.45 kilometres with 38 stations and an estimated cost of ₹12,020 crore. (PTI)

Abu Dhabi’s International Holding Company (IHC) has raised its ownership stake in Adani Enterprises Ltd (AEL) by 0.06%, bringing it to a total of 5.04%, as reported in an exchange filing on Tuesday. This development follows IHC’s recent divestment of its holdings in Adani Green Energy and Adani Transmission.

The estimated value of this additional 0.06% stake is approximately ₹153.6 crore, calculated based on the volume-weighted average price of Adani Enterprises on Tuesday. (Read More)

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends: 

1] Titan Company: Buy at ₹3196, target ₹3350, stop loss ₹3130;

2] EIH: Buy at ₹232, target ₹250, stop loss ₹228; and

3] TV18 Broadcast: Buy at ₹45.90, target ₹50, stop loss ₹44.50. (Read More)

Private sector lender ICICI Bank on Tuesday said it has raised ₹4,000 crore via bonds to fund business growth.

The bank has allotted 4,00,000 senior unsecured redeemable long-term bonds in the nature of non-convertible debentures aggregating to ₹4,000 crore on private placement basis and the date of allotment being October 3, 2023, ICICI Bank said in a regulatory filing.

The bonds are redeemable at the end of 10 years (redemption date being October 3, 2033), it said.

There are no special rights or privileges attached to the bonds, it said. (PTI)

On October 3, Maruti Suzuki India, a prominent automobile company, disclosed to the stock exchanges that it has received a draft assessment order from the Income Tax department, indicating pending dues amounting to ₹2,160 crore. This case is related to the financial year 2019-20.

In response to the order, the company has stated its intention to file objections before the Dispute Resolution Panel as part of the due process. (Read More)

On Tuesday, Bajaj Allianz received a GST demand notice totalling ₹1,010 crore. The notice was issued by the Directorate of GST Intelligence due to alleged non-payment of GST on co-insurance and re-insurance premiums. This information was disclosed by Bajaj Finserv in its stock exchange filing on the same day.

Bajaj Allianz is anticipated to submit a suitable response to this Show Cause Cum Demand Notice within the specified timeframes, as per regulatory requirements. (Read More)

HDFC Bank Ltd. is undergoing a restructuring of its top management in a bid to boost its mortgage business, following its acquisition of another lender three months ago.

According to insiders who preferred to remain anonymous due to the sensitive nature of the information, the bank has communicated these changes to its employees in a memo issued late on a Sunday.

As part of these changes, the bank is realigning its information technology and digital functions, placing them directly under the leadership of Chief Executive Officer Sashidhar Jagdishan. This move signifies the bank’s commitment to leveraging technology to expand its range of products and services available through its branch network. (Read More)

Wall Street fell sharply Tuesday as it focused on the downside of a surprisingly strong job market.

The S&P 500 dropped 1.4% to its lowest point in four months. The Dow Jones Industrial Average tumbled 430 points, or 1.3% and wiped out the last of its gains made for the year so far. Some of the heaviest losses came from Big Tech stocks, which sent the Nasdaq composite to a market-leading loss of 1.9%.

Stocks fell as the pressure on them cranked even higher from rising Treasury yields in the bond market. Such weight has been the main reason the S&P 500 has lost more than 40% of its value since the end of July, after charging higher for much of the year.

The 10-year Treasury yield climbed again Tuesday, up to 4.79% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007 and rose after a report showed U.S. employers have many more job openings than expected. (AP)