Sensex Live | Share Market Live Updates: Sensex gains 100 pts, Nifty adds 50; L&T, M&M shine; Bajaj twins lag
Sensex Today Live | Share Market updates: Vishnu Prakash IPO Day 3: Issue subscribed 18 times so far
Vishnu Prakash IPO: The initial public offering (IPO) of Vishnu Prakash R Punglia Limited has received robust response from investors so far. The Vishnu Prakash subscription period ends today, August 28. The bidding process of Vishnu Prakash IPO opened on August 24 and was fully subscribed within hours of opening. (Read More)
Sensex Today Live | Share Market updates: InCred Equities views on India and UAE trading crude oil in INR: A seminal development and economically a Pareto improvement for India
1. An Indian public sector oil company bought 1m barrels of oil in INR. Please read this in conjunction with the fact that the UAE remits US$20bn to India. A full trade in USD will reduce India’s requirement of the greenback by 20bn and the power to print Rs1.65tr without any adverse impact.
2. Just compare the Indian move with the now legendary Henry Kissinger who made Saudi Arabia agree to trade in USD under the shadow of the Yum Kippur war in 1973. That time, it was the fear of the Israelis and not economics which drove the kingdom to give its consent.
3. As of now, the fear of China is more important for USA and Western countries, or else India and the OPEC nations would have become enemy No.1 for USA. India is using the threat of China to its own advantage which, some believe, the country could not have dreamt of doing so in the last 75 years.
Sensex Today Live | Share Market updates: Small-cap stock below ₹5 jumps 5% despite weak markets. Here’s is why
Despite the prevailing bearish sentiments on Dalal Street, the shares of Vikas Ecotech have managed to achieve a notable surge of over 5% during intraday trading. The opening trades on Monday saw Vikas Ecotech’s share price begin on an upward trajectory, reaching a peak of ₹3.05 per share within a few minutes of the stock market’s opening bell. This surge marks an intraday rise of more than 5%.
Recent exchange filings reveal that the board of directors of Vikas Ecotech, a company categorized as small-cap, has received a proposal for a fund infusion of ₹35 crore through a preferential issue. This development likely contributes to the positive momentum in the company’s share price amidst the broader market’s subdued performance. (Read More)
Sensex Today Live | Share Market updates: Mono Pharmacare IPO opens today. GMP, price, review, other details in 10 points
The Mono Pharmacare Limited’s initial public offering (IPO) has commenced today and is scheduled to continue accepting bids until August 30, 2023. The IPO, conducted through a book-building process, offers shares in the price range of ₹26 to ₹28 per equity share. The intent is for the public issue to be listed on the NSE SME exchange. Additionally, the public issue has also made its entrance into the grey market. According to market analysts, Mono Pharmacare Limited’s shares are currently trading at a premium of ₹5 per share in the grey market. (Read More)
Sensex Today Live | Share Market updates: Rupee rises 12 paise to 82.52 against US dollar
The rupee was trading in a narrow range and appreciated by 12 paise to 82.52 against the US dollar in early trade on Monday, tracking positive Asian peers and domestic equities.
Forex traders said the rupee is trading in a range as selling pressure by foreign investors dented sentiments, while easing crude oil prices cushioned the downside.
At the interbank foreign exchange, the domestic unit opened at 82.58, then touched a high of 82.52 against the American currency, registering a rise of 12 paise over its last close. (PTI)
Sensex Today Live | Share Market updates: YES SECURITIES – Cement channel checks: Aggressive volume push, a headwind to prices
For Aug’23, our channel check hints mid to high single digit volume growth y/y, while All-India weighted average price moderated 1% M/M in Aug’23 and 2% as compared to average Q1FY24 prices. In Aug’23, 3-month trailing blended fuel cost corrected to Rs1.5 per kcal/kg vis-à-vis ~Rs2.16 per kcal/kg in Q1FY24. We believe the incremental effect of easing costs to take industry EBITDA towards +Rs1000/te in FY24E, despite muted NSR.
Sensex Today Live | Share Market updates: M&M stock shines as it jumps more than a per cent and is among the biggest gainers
Sensex Today Live | Share Market updates: Zomato share price rallies over 5% amid block deal buzz; Japan’s Softbank likely seller
Zomato’s stock price experienced a notable surge of over 5% during the early trading hours on Monday, prompted by reports of a block deal involving the company’s shares. Zomato’s shares recorded an increase of up to 5.56%, reaching a peak of ₹96.00 per share on the BSE.
According to information from CNBC-TV18, approximately 3.2 crore Zomato shares, valued at ₹288 crore, were traded in a block deal transaction at ₹90.10 per share. The identities of the buyers and sellers in this block deal remain undisclosed.
Earlier reports had indicated that Japan’s SoftBank was considering the possibility of selling shares of the food delivery aggregator Zomato through block deals. This decision came as the lock-in period following the Blinkit deal concluded on Friday, August 25. (Read More)
Sensex Today Live | Share Market updates: Aeroflex Industries IPO: GMP, how to check status on allotment date
Aeroflex Industries Limited’s initial public offering (IPO) has garnered an overwhelming subscription of more than 97 times within a span of three days, from August 22nd to August 24th, 2023. The IPO, which was offered through a book-building process with a price range of ₹102 to ₹108 per equity share, witnessed a highly positive reception from investors across various categories. Concurrently, the sentiment in the grey market pertaining to the Aeroflex Industries IPO has remained consistently positive and stable.
According to market observers, shares of Aeroflex Industries Limited are available at a premium of ₹70 per equity share in grey market today.
Sensex Today Live | Share Market updates: IT index comes under pressure as it trades in the red with most stocks losing in early session
Sensex Today Live | Share Market updates: Brightcom leadership exit: MD Suresh Reddy and CFO Narayana Raju resign from the company
In a significant shift in leadership, Brightcom Group has announced the resignation of its Chairman and Managing Director, Suresh Reddy, along with Chief Financial Officer Naryana Raju, as stated in the company’s stock filing on Sunday.
This pivotal decision was sanctioned during a Board of Directors meeting convened on Sunday. Alongside accepting the resignations, the board has also given the green light for the initiation of a search process to identify a new CEO and CFO. This move is aimed at ensuring the seamless continuity of critical business operations. (Read More)
Sensex Today Live | Share Market updates: Geojit Financial views on today’s market: The market will be keenly watching for signals from the RIL AGM today
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: August has been weak for global equity markets. In the mother market of the US, S&P 500 is down by 4% so far in August. This weakness has impacted all other markets including the Indian market where Nifty is down by around 2% so far in August. The global economic scenario and the growth, inflation and interest rate trends in the US will continue to determine stock market trends globally. The Fed chief Powell’s candid remark at Jackson Hole that “we are navigating by the stars under cloudy skies” is an indicator of the uncertainty surrounding the global economy and markets. However, the Powell commentary was neutral without any market-moving hawkish or dovish tones.
The high US bond yields and the dollar index above 104 are near-term negatives for capital flows to emerging markets like India.
The market will be keenly watching for signals from the RIL AGM today.”
Sensex Today Live | Share Market updates: Indices trade flat the start on Monday with IT sector coming under pressure, while PSU Bank index climbing
Sensex Today Live: China’s Economic Slump Continues to Batter Old Economy Steel and Coal Sectors
China’s slump is battering its commodities sector, with profits from coal mining to metals production continuing to decline as the property crisis worsens and the economy slows.
The steel industry has been hardest hit, with profits at ferrous metals producers dropping 91% over the first seven months of the year, according to data from the National Bureau of Statistics on Sunday. Base metals producers saw profits drop by 37% and coal miners by 26%, outstripping the broader 16% slump in China’s industrial profitability.
The latest earnings reports paint a gloomy picture for companies rooted in the old economy. Sinopec, China’s top oil refiner, said first-half net income fell 19% due to the sluggish recovery. China Shenhua Energy Co., its biggest coal miner, saw net income fall 13% and said prices of the mainstay fuel may fall again in the second half, according to an exchange filing.
Better news may be on the horizon for metals firms linked to the energy transition. Goldman Sachs Group Inc. has flagged significant strength in China’s green copper consumption, with demand from electric vehicles and renewable power rising 74% over the year through July, according to a note from the bank. Jiangxi Copper Co. also said prices are likely to rise in its earnings release. (Bloomberg)
Share Market Updates Live: Sensex starts flat at the preopen session; RIL, Adani Enterprises, Zee Entertainment, IDFC Bank will be in focus today
Stock Market Live: China Evergrande records $4.5 billion loss in first half of the year
China Evergrande Group is poised to resume trading its stocks on Monday, marking the end of a 17-month trading suspension. The reinstatement follows a tumultuous period during which the world’s most heavily indebted real estate developer reported a substantial loss of $4.5 billion within the initial six months of this year.
According to Bloomberg’s report, the company, currently navigating an extensive debt restructuring process, disclosed a shareholder loss of 33 billion yuan ($4.5 billion) for the timeframe spanning January 1 to June 30. This financial data was formally submitted to the Hong Kong Stock Exchange on Sunday. This loss compounds the already staggering aggregate losses of more than 582 billion yuan incurred over the past two years. Notably, these losses mark the company’s first consecutive annual financial declines since its listing in 2009. (Read More)
Share Market Live: Stocks to Watch: RIL, Adani Ent, IDFC First, Zee Entertainment, Tata Motors, Grasim Industries, JSW Steel, Aurobindo Pharma, HAL, L&T, and Suzlon Energy
Top stocks in focus today:
1. Reliance Industries – Expected to make announcements regarding Future Retail IPO and Reliance Jio IPO.
2. Adani Enterprises – A participant took a ₹600 crore derivatives position before Adani probe report.
3. IDFC First Bank – Wins title sponsorship rights for BCCI matches for the next three years.
4. Zee Entertainment – Former CEO challenges recent order by SEBI.
5. Tata Motors – Pledges to achieve net-zero greenhouse gas emissions by 2045.
6. Grasim Industries – Focuses on paint and building materials business with largest-ever capex.
7. JSW Steel – Planning to acquire stake in Elk Valley Resources for $8 billion.
8. Aurobindo Pharma – Committee to evaluate options for restructuring subsidiary.
9. HAL/L&T – Likely bidders for privatization of small satellite launch rocket.
10. Suzlon Energy – Bags 201.6 MW wind energy project order. (Read More)
Sensex Today Live updates: IDFC First Bank wins BCCI title rights
IDFC First Bank has won the title sponsorship rights for all BCCI matches for domestic and international cricket for the next three years for ₹4.2 crore per match, two people aware of the matter said.
The Board of Control for Cricket in India had issued its invitation to tender for the rights earlier this month after Mastercard Inc. exited in March as title sponsor for team India. The base price was kept at ₹2.4 crore per match. The only other bidder was OTT service SonyLIV, which bid for ₹2.7 crore per match, one of the two persons said on the condition of anonymity. (Read More)
Stock Market Live: MSCI may remove ZEEL from Global Small-cap Index. Nuvama sees $22 million outflow
In the aftermath of the merger between Zee and Sony, Zee Entertainment Enterprises Limited (ZEEL) faces the possibility of being removed from the MSCI Global Small-cap Index. While the exact date for the Zee-Sony merger’s implementation remains undisclosed, the National Company Law Tribunal has granted its consent for the amalgamation of Zee Entertainment Enterprises Ltd and Sony Pictures.
Although the precise date for the Zee-Sony merger has not been established, the MSCI has yet to announce the final trading session date for ZEEL shares. It is worth noting that both Zee and Sony are currently in the advanced stages of finalizing the merger process. (Read More)
Share Market Live: Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher has these recommendations:
1] Schneider Electric: Buy at ₹339, target ₹353, stop loss ₹332;
2] IOL Chemicals and Pharmaceuticals: Buy at ₹376, target ₹390, stop loss ₹370; and
3] Olectra Greentech: Buy at ₹1211.50, target ₹1265, stop loss ₹1190. (Read More)
Sensex Today Live: Seeing green shoots of pickup on volumes as inflation moderates: ITC CMD Sanjiv Puri
As inflation is moderating, diversified group ITC is seeing green shoots of volume growth and expects the momentum to continue sequentially, its Chairman and Managing Director Sanjiv Puri said on Sunday.
This will certainly lead to improvement in volume, but it will not happen overnight, said Puri here on the sidelines of the B20 Summit organised by the CII.
Over the ITC’s plan for the demerger of its hotel business, Puri said it is going to benefit the existing shareholders by incorporating a wholly-owned new subsidiary ITC Hotels Ltd.
“It will be a pure-play, focused on hospitality, which can leverage the institutional strengths of ITC. And ITC in turn will be able to leverage the synergy on its hospitality business, or its FMCG businesses,” Puri told PTI. (PTI)
Stock Market Updates Live: JSW Steel may buy up to 40% stake in Canada’s Teck Resources’ coal unit: Report
JSW Steel Ltd is in the process of considering an acquisition of a stake ranging from 20 percent to 40 percent in Elk Valley Resources Ltd, a metallurgical coal division belonging to Teck Resources. Sajjan Jindal, the Chairman of JSW Steel, shared this information during an interview on Bloomberg TV. Jindal, a prominent figure in the Indian business landscape, revealed that the steel giant from India is preparing to participate in the bidding process for a significant share in the Canadian company’s coal unit.
Jindal further elaborated that JSW Steel, in collaboration with certain mills from Japan and South Korea, is actively exploring the possibility of acquiring shares in the aforementioned coal unit. The collective offer being contemplated could potentially have a total value of approximately $8 billion. According to Jindal, it is anticipated that the agreement will be finalized and signed within the span of a month. (Read More)
Share Market Live: Before Sebi report, entity takes ₹600 crore Adani Enterprises position
A single market participant took a derivatives position worth an estimated ₹600 crore in Adani Enterprises Ltd (AEL), flagship of the Adani Group and a Nifty 50 stock, just days before India’s markets regulator submitted its status report on the Adani probe to the Supreme Court on 25 August.
While it’s not known whether the position is a hedge or a punt, market experts said such positions are normally taken in anticipation of a sharp price move based on an event. (Read More)
Sensex Today Live: Reliance AGM 2023: Reliance Jio IPO to 5G pricing — top 5 market expectations
Both Indian stock market analysts and investors are eagerly anticipating the 46th Annual General Meeting of Reliance Industries Ltd (RIL). This is because RIL, a significant component of the Sensex, is anticipated to unveil its strategic roadmap for the future during this event.
Market experts are particularly intrigued by the event following the demerger of Jio Financial Services Ltd (JFSL) from RIL. They anticipate substantial announcements related to the Future Retail IPO and the Reliance Jio IPO. Moreover, there is anticipation surrounding the introduction of reasonably priced 5G devices, as well as possible insights into the company’s succession plans.
Additionally, the upcoming Reliance AGM 2023 is expected to provide insights into the fundamental aspects of Jio Financial Services Ltd. Overall, there is considerable excitement and curiosity surrounding the information that will be revealed during this event. (Read More)
Stock market today: Wall Street climbs to clinch its first winning week in a month
Stocks rose Friday to send Wall Street to its first winning week since July after the head of the Federal Reserve said it will “proceed carefully” as it decides what to do with interest rates.
The S&P 500 climbed 29.40, or 0.7%, to 4,405.71 after flipping between small gains and losses a few times through the day. The Dow Jones Industrial Average rose 247.48 points, or 0.7%, to 34,348.90, and the Nasdaq composite gained 126.67, or 0.9%, to 13,590.65.
In a highly anticipated speech, Fed Chair Jerome Powell said again that it will make upcoming decisions on interest rates based on what incoming data reports say about inflation and the economy, and he made no promises about what’s coming next.
Wall Street had the speech circled on calendars because it was hoping Powell would say the Fed was done with its hikes to interest rates, which grind down inflation at the cost of slowing the economy and hurting prices for investments.
Powell instead said the Fed may raise interest rates again, if needed. Even though inflation has come down from its peak last summer, Powell said it’s still too high.
But he also took care to say he’s aware of the risks of going too far on interest rates and doing “unnecessary harm to the economy.” Altogether, the comments weren’t very different from what Powell said before, analysts said. (AP)
