Saturday 30 September 2023
Wednesday 27 September 2023
Nifty around 19,550, Sensex down 350 pts
Sensex Today | Stock Market LIVE Updates: HDFC Bank, Cochin Shipyard, Reliance Industries, ICICI Bank, REC are among the most active shares on the NSE. On the sectoral indices, pharma index up 1 percent, while oil & gas, metal, FMCG and bank index down 0.5 percent each. Dr Reddy's Labs, Cipla, Divis Labs, LTIMindtree and Sun Pharma were among major gainers on the Nifty, while losers were Bajaj Finance, Eicher Motors, HDFC Bank, Tata Steel and ICICI Bank.
Silks Kalamandir only lists at a 4% premium over the IPO price, at Rs 231
Sai Silks (Kalamandir) Ltd listed at Rs 231 on the NSE and Rs 230 on the BSE, indicating a 4 percent premium to issue price of Rs 222. The lacklustre debut was on back of warm response from investors during subscription.
The issue was subscribed 4.47 times, with retail portion subscribed only 0.91 times. Qualified institutional buyers had done most of the heavy lifting with their portion subscribed 12.17 times.
With a network of 54 stores in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu, Sai Silks raised Rs 1,201 crore.
The retailer of ethnic apparel, particularly sarees in south India, will be using net fresh issue proceeds for the setting up of 30 new stores at a cost of Rs 125.08 crore, two warehouses with a spend of Rs 25.4 crore and working capital requirements amounting to Rs 280.07 crore. The company will also repay its Rs 50 crore debts via issue proceeds.
The company's return on capital employed (ROCE) stands at 23.5 percent, which is lower than that of its peers, although the numbers are not exactly comparable because of the market segment they cater to.
In terms of financials, revenue increased by 19.7 percent to Rs 1,351.5 crore in FY23, compared to the previous year.
EBITDA (earnings before interest, tax, depreciation and amortisation) in FY23 jumped 60 percent to Rs 212.5 crore, with a margin expansion of 394 bps at 15.72 percent, compared to the previous year. The company's net profit rose 69.1 percent year-on-year in FY23 to Rs 97.6 crore
Tuesday 26 September 2023
Kundan Edifice: NEWS/UPDATES
Kundan Edifice: The light-emitting diode (LED) strip lights manufacturer will debut on the NSE Emerge on September 26. The issue price is Rs 91 per share. Its equity shares will be available for trading in trade-for-trade segment.
Welspun Corp: NEWS/UPDATES
Welspun Corp: Subsidiary Sintex BAPL has entered into an MOU with the Telangana government to set up a manufacturing unit in the state with upto Rs 350 crore investment. The proposed project is under the state government’s incentive scheme and will be manufacturing water tanks and PVC pipes & fittings. The total investment will spread over next three financial years.
RPP Infra Projects: NEWS/UPDATES
RPP Infra Projects: The company has received a letter of acceptance for road and drain works-1 for CBR project of CPCL at Nagapattinam, Tamilnadu at a contract price of Rs 300.44 crore. Further, the contract worth Rs 90.18 crore for provision of civil works and allied services for engine test facility along with ancillary work for GRTE at Rajankute, Bengaluru. It also received contract worth Rs 16.88 crore for construction of stormwater drain from Thoothukudi city Municipal corporation, Tamilnadu.
Ujjivan Small Finance Bank: NEWS/UPDATES
Ujjivan Small Finance Bank: SMC Global Securities announced a strategic partnership with Ujjivan Small Finance Bank to offer online trading services to the bank’s customers. This association will offer services comprising savings, demat and trading accounts, to the bank's customers. The collaboration will enable SMC Global to expand its client base by tapping into Ujjivan SFB’s extensive pan-India presence, serving over 76 lakh customers.
KM Sugar Mills: NEWS/UPDATES
KM Sugar Mills: Shareholders have approved the reappointment of L K Jhunjhunwala as Chairman, Aditya Jhunjhunwala as Managing Director, Sanjay Jhunjhunwala as Joint Managing Director, and SC Agarwal as Executive Director of the sugar firm, with effect from April 1, 2024 for three years.
GR Infraprojects NEWS/UPDATES
GR Infraprojects: The bids for 2 ropeway projects won by GR Infraprojects are annulled by National Highways Logistics Management. In February 2023, GR Infraprojects was emerged as L1 bidder for development, operation and maintenance of ropeways contract worth Rs 3,613 crore in Uttarakhand on Hybrid Annuity Mode.
INDIA'S TOP 10 OLDEST MUTUAL FUND
1. UTI Mastershare
Inception date: 15-Oct-1986
The first equity-diversified fund of the Indian mutual fund industry, UTI Mastershare, was initially a closed-ended fund. It was later converted into an open-ended fund in 2003. The fund had a rich track record of paying dividends, bonus issues and rights issues. Currently, it is categorised under large-cap funds.2. SBI Magnum Equity ESG Fund
Inception date: 01-Jan-1991
Launched as Magnum Multiplier Scheme ‘90, the equity-oriented fund got its name changed to Magnum Equity Fund when it was converted as an open-ended fund in 1997. During the re-categorization exercise in 2018, the fund house changed the fund’s attribute and the name to SBI Magnum Equity ESG Fund.
3. LIC MF Aggressive Hybrid Fund
Inception date: 01-Jan-1991
Formerly known as LIC Balanced fund, LIC MF Aggressive Hybrid Fund has been managed with a balanced portfolio of equity and debt since inception. Currently, it is categorised under the Aggressive Hybrid Fund category.
4. UTI Flexi Cap Fund
Inception date: 18-May-1992
Launched as UTI Mastergain '91, the fund was later renamed UTI Equity in 2005, following which it was renamed again as UTI Flexi Cap Fund in 2021 when the market regulator introduced flexicap and multi-cap categories.
5. Canara Robeco Equity Hybrid Fund
Inception date: 01-Feb-1993
Formerly called GIC Balanced, Canara Robeco Equity Hybrid Fund has been one of the better-performing funds since its launch. Currently, it is part of the Aggressive Hybrid Fund category.
6. Tata Large & Mid Cap Fund
Inception date: 25-Feb-1993
It was launched as Ind Sagar and later renamed as Tata Large & Mid Cap Fund. As per the current strategy, it invests about 35 percent each in large and midcap stocks.
7. SBI Large & Midcap Fund
Inception date: 28-Feb-1993
Earlier known as SBI Magnum Multiplier Plus, SBI Large & Midcap Fund invests about 35 percent each in large and midcap stocks.
8. Canara Robeco Equity Tax Saver Fund
Inception date: 31-Mar-1993
Previously called Can Equity Taxsaver, Canara Robeco Equity Tax Saver Fund has been an above-average performer in most of the period since launched.
10. Franklin India Bluechip Fund
Inception date: 01-Dec-1993
The fund was launched as Kothari Pioneer Bluechip fund and renamed later as Franklin India Bluechip fund.
India’s oldest MF schemes
1. UTI Mastershare
Inception date: 15-Oct-1986
The first equity-diversified fund of the Indian mutual fund industry, UTI Mastershare, was initially a closed-ended fund. It was later converted into an open-ended fund in 2003. The fund had a rich track record of paying dividends, bonus issues and rights issues. Currently, it is categorised under large-cap funds.2. SBI Magnum Equity ESG Fund
Inception date: 01-Jan-1991
Launched as Magnum Multiplier Scheme ‘90, the equity-oriented fund got its name changed to Magnum Equity Fund when it was converted as an open-ended fund in 1997. During the re-categorization exercise in 2018, the fund house changed the fund’s attribute and the name to SBI Magnum Equity ESG Fund.
3. LIC MF Aggressive Hybrid Fund
Inception date: 01-Jan-1991
Formerly known as LIC Balanced fund, LIC MF Aggressive Hybrid Fund has been managed with a balanced portfolio of equity and debt since inception. Currently, it is categorised under the Aggressive Hybrid Fund category.
4. UTI Flexi Cap Fund
Inception date: 18-May-1992
Launched as UTI Mastergain '91, the fund was later renamed UTI Equity in 2005, following which it was renamed again as UTI Flexi Cap Fund in 2021 when the market regulator introduced flexicap and multi-cap categories.
5. Canara Robeco Equity Hybrid Fund
Inception date: 01-Feb-1993
Formerly called GIC Balanced, Canara Robeco Equity Hybrid Fund has been one of the better-performing funds since its launch. Currently, it is part of the Aggressive Hybrid Fund category.
6. Tata Large & Mid Cap Fund
Inception date: 25-Feb-1993
It was launched as Ind Sagar and later renamed as Tata Large & Mid Cap Fund. As per the current strategy, it invests about 35 percent each in large and midcap stocks.
7. SBI Large & Midcap Fund
Inception date: 28-Feb-1993
Earlier known as SBI Magnum Multiplier Plus, SBI Large & Midcap Fund invests about 35 percent each in large and midcap stocks.
8. Canara Robeco Equity Tax Saver Fund
Inception date: 31-Mar-1993
Previously called Can Equity Taxsaver, Canara Robeco Equity Tax Saver Fund has been an above-average performer in most of the period since launched.
10. Franklin India Bluechip Fund
Inception date: 01-Dec-1993
The fund was launched as Kothari Pioneer Bluechip fund and renamed later as Franklin India Bluechip fund.
11. Franklin India Prima Fund
Inception date: 01-Dec-1993
Formerly called Kothari Pioneer Prima Fund, Franklin India Prima Fund has been investing mainly in mid and smallcap companies. Currently, it is categorised as a midcap fund.
12. Taurus Flexi Cap Fund
Inception date: 29-Jan-1994
Formerly known as Taurus Starshare, Taurus Flexi Cap Fund is currently allocating to the stocks across market capitalisation and sectors.
13. HDFC Capital Builder Value Fund
Inception date: 01-Feb-1994
The fund was launched as Zurich India Capital Builder. Now it is categorised under value funds.
14. HDFC Large and Mid Cap Fund
Inception date: 18-Feb-1994
Earlier known as Morgan Stanley Growth Fund, it was a flagship fund of the Morgan Stanley mutual fund. Being close-ended, the funds were listed and traded in the various stock exchanges in India. It became an open-ended fund in 2009. It was later renamed as HDFC Large Cap Fund in 2014. Currently, it is categorised under the large and midcap fund categories.
15. Tata Mid Cap Growth Fund
Inception date: 01-July-1994
Earlier called Tata Ind Navratna Fund, Tata Mid Cap Growth Fund managed to deliver better returns since its launch.
Bajaj Finance's $1 billion fund raise plan
Bajaj Finance, which is said to be gearing up to raise as much as $1 billion, may be acquiring “growth capital ammunition” to deal with mounting competition, some analysts said, adding that they remain bullish on the stock.
For Jefferies, Bajaj Finance continues to be its pick among non-banking financial companies. Jefferies said in a note that “while it is well-capitalised with a tier-1 CAR (capital adequacy ratio) of 23 percent, this raise may be upfronting of capital to support strong AUM (assets under management) growth (32 percent in Q1) and is reasonably ahead of time.”
Assuming Bajaj Finance raises 10-15 percent of its net worth, the issue size may be around Rs 80 billion/$1bn, Jefferies analysts said. However, they added that this could dilute return on equity to about 22 percent from 23 percent, whereas FY24 earnings per share and book value per share may rise 6 percent and 11 percent, respectively.
The key risks to the valuation, the analysts said, would be a slowdown in growth, higher-than-expected net interest margin compression, or asset quality deterioration.
“Upside can arise from stronger-than-expected growth in consumer durables and rural financing business, and further improvement in operating efficiencies and reduction in cost ratio,” they added.
Monday 25 September 2023
Stocks to buy today: Monday: 25th Sep: Stocks Recommodation
1] RVNL: Buy at 166.85, target 180, stop loss 158;
Intraday trading strategy for Monday
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dalal Street sentiments have further weakened after Nifty 50 index closed below 19,700 levels on Friday. Prabhudas Lilladher expert went on to add that Nifty today has now crucil support placed at 19,600 levels and on breaching this support, there can be more correction expected in the Indian stock market. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those three day trading stocks are RVNL, Bank of Baroda (BoB) and Schneider Electric.
Day trading guide for stock market today: Monday: 25th September
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be weak. Having placed near the crucial lower supports, there is a possibility of minor upside bounce from near 19,550 levels by next week. The anticipated upside bounce could be short lived and the market is expected to reverse down from the lower highs. Immediate resistance for Nifty 50 index is placed around 19,800 to 19,850 levels."
STOCKS TO BUY/SELL TODAY 25th SEPTEMBER
1] Granules India: Buy at 336.80, target 365, stop loss 323.
2] Persistent Systems: Buy at 5850, target 6100, stop loss 5705.
3] State Bank of India or SBI: Buy at 598, target 610, stop loss 592.
4] ITC: Buy at 443, target 455, stop loss 435.
5] Quickheal: Buy at 244.75 to 243, target 270, stop loss 232.
Bank Nifty: September 25th
The selling pressure in Bank Nifty seems to have eased as the index fell 12 points to end at 44,612 on September 22.
Toady September 25th: Nifty 50
Nifty 50 witnessed consistent selling throughout the week, resulting in a decline of 2.80% from its all-time high.
What to expect from stock market indices in trade on September 25: Back Nifty 50, Sensex today
The Indian stock market indices, Nifty 50 and Sensex, are likely to open on a tepid note Monday following weak global cues.
The trends on Gift Nifty also indicate a flat-to-negative start for the Indian benchmark index. The Gift Nifty was trading around 19,694 level as compared to the Nifty 50 futures’ previous close of 19,705.
NSE plans to extend trading hours for derivatives segment
National Stock Exchange (NSE), is finalizing its plans to extend the equity derivatives trading hours in a phased manner, with an aim to offer an opportunity to domestic traders to react to global events, a report said.
Tuesday 19 September 2023
Gratuity Limit Hiked to ₹5 L for LIC Agents
The finance ministry on September 18 unveiled a series of welfare measures for agents and employees of the Life Insurance Corporation of India (LIC).
According to an official statement, the government said that the welfare measures are related to the amendments to LIC (Agents) Regulations, 2017, enhancement of gratuity limit, and uniform rate of family pension among others.
The government has enhanced the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents. "It will bring substantial improvements to the working conditions and benefits of the LIC agents," the ministry said in the statement.
Monday 18 September 2023
RBI Imposes Monetary Penalties on Four Cooperative Banks
The Reserve Bank of India (RBI) recently took action against four cooperative banks, imposing monetary penalties due to various rule violations. Below, we provide a breakdown of the penalties and the reasons behind them.
1. Baramati Sahakari Bank – Rs 2 Lakh Penalty
Violation: Failure to Credit Interest to Inoperative Savings Accounts
Baramati Sahakari Bank faced a penalty of Rs 2 lakh for failing to credit interest to inoperative savings bank accounts, a breach that prompted the RBI’s intervention.
2. Becharaji Nagarik Sahakari Bank – Rs 2 Lakh Penalty
Violation: Breach of Prudential Inter-Bank Counter-Party Exposure Limits
Becharaji Nagarik Sahakari Bank incurred a penalty of Rs 2 lakh for exceeding prudential inter-bank counter-party exposure limits, a violation of banking regulations.
3. Waghodia Urban Co-operative Bank – Rs 5 Lakh Penalty
Violations:
- Breach of Prudential Inter-Bank Counter-Party Exposure Limits
- Non-Payment of Interest on Recurring Deposits and Term Deposits
The Waghodia Urban Co-operative Bank faced a substantial penalty of Rs 5 lakh for several infractions. This includes sanctioning credit facilities to individuals where relatives of its directors acted as guarantors, leading to a breach of prudential inter-bank counter-party exposure limits.
Furthermore, the bank failed to pay interest on matured recurring deposits from the date of maturity until the date of repayment, at the rate applicable to savings deposits or at the contracted rate of interest, whichever was lower. It also neglected to pay interest on term deposits for Sundays, holidays, or non-business working days, repaying them on the succeeding working days.
4. Viramgam Mercantile Co-operative Bank – Rs 5 Lakh Penalty
Violation: Not Specified in the Release
While the RBI imposed a penalty of Rs 5 lakh on the Viramgam Mercantile Co-operative Bank, the specific violation leading to this penalty was not detailed in the release.
Dhanlaxmi Bank independent director resigns from board
Dhanlaxmi Bank independent director Sridhar Kalyanasundaram resigns from board
Dhanlaxmi Bank Ltd.’s independent director Sridhar Kalyanasundaram has resigned from the board with effect Sept. 16., citing “factionalism” to “unethical” business conduct. Kalyanasundaram, appointed on Dec. 5, 2022, also referred to whistle-blower issues, rights issue of the bank and the “belligerent attitude” of Shivan JK, managing director and chief executive officer, among other reasons for his exit, according to the company’s exchange filing.
PM Vishwakarma Scheme: Benefits
Benefits of the Vishwakarma Yojana
Training and Skill Enhancement: Under the PM Vishwakarma Scheme, traditional artisans will receive an invaluable opportunity to enhance their skills through a comprehensive 6-day training program. This training is tailored to the specific needs of carpenters, tailors, basket weavers, barbers, goldsmiths, blacksmiths, potters, confectioners, cobblers, and others, empowering them with advanced techniques and knowledge.
Financial Support: The PM Vishwakarma scheme goes beyond training by offering substantial financial assistance ranging from Rs 10,000 to Rs 10 lakh. This monetary aid enables beneficiaries to kickstart their endeavors and expand their businesses, resulting in improved livelihoods.
Employment Opportunities: The PM Vishwakarma Scheme is a catalyst for creating employment avenues. It aims to generate employment for approximately 15,000 individuals annually, fostering economic growth and stability.
Online Application Process: Aspiring beneficiaries can easily access the scheme by applying online. This user-friendly approach simplifies the application process and ensures that deserving candidates can readily avail themselves of the scheme’s benefits.
Full Cost Coverage: The state government takes on the responsibility of covering the entire cost of various training programs under the Vishwakarma Scheme. This ensures that artisans can receive high-quality training without any financial burden.
PM Vishwakarma Yojana
PM Vishwakarma Yojana
The Pradhan Mantri Vishwakarma Kaushal Samman Yojana (PM Vishwakarma Scheme) is a new Central Sector Scheme launched by the Government of India on September 17, 2023.
The Pradhan Mantri Vishwakarma Kaushal Samman Yojana (PM Vishwakarma Scheme) is a new Central Sector Scheme launched by the Prime Minister Narendra Modi on September 17, 2023, on the occasion of Vishwakarma Jayanti. The scheme aims to strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools.
18th to 30th September STOCK Analysis | Top 10 trading ideas for next 3-4 weeks
1. Mahindra & Mahindra: Buy | LTP: Rs 1,601 | Stop-Loss: Rs 1,520 | Target: Rs 1,800 | Return: 12.4 percent
2. Union Bank of India: Buy | LTP: Rs 96 | Stop-Loss: Rs 86 | Target: Rs 120 | Return: 25 percent
3. Coforge: Buy | LTP: Rs 5,619 | Stop-Loss: Rs 5,350 | Target: Rs 6,300 | Return: 12 percent
4. Canara Bank: Buy | LTP: Rs 365 | Stop-Loss: Rs 350 | Target: Rs 399 | Return: 9 percent
5. UPL: Buy | LTP: Rs 634.65 | Stop-Loss: Rs 602 | Targets: Rs 680-720 | Return: 13 percent
6. Triveni Turbine: Buy | LTP: Rs 433.35 | Stop-Loss: Rs 410 | Targets: Rs 480-520 | Return: 20 percent
7. Zydus Lifesciences: Buy | LTP: Rs 645 | Stop-Loss: Rs 620 | Targets: Rs 675-700 | Return: 8.5 percent
8. DCW: Buy | LTP: Rs 58.5 | Stop-Loss: Rs 53 | Targets: Rs 66-75 | Return: 28 percent
9. Tata Steel: Buy | LTP: Rs 132 | Stop-Loss: Rs 126 | Targets: Rs 140-145 | Return: 10 percent
10. ICICI Prudential Life Insurance: Buy | LTP: Rs 595 | Stop-Loss: 560 | Target: Rs 654 | Return: 10 percent
Dhanlaxmi Bank | CMP Rs 30
Shares soared nearly 5 percent. The surge comes after the stock price tanked nearly 7 percent on the news of an independent director resigning from the post. Sridhar Kalyanasundaram, one of the independent directors of Kerala-based Dhanlaxmi Bank, resigned on September 16, citing multiple issues in the bank's operations and an internal battle within the Board, according to a communication from the bank to exchanges on September 17.
HFCL | CMP Rs 74
Shares darted up 2 percent after the company won an order from Madhya Pradesh Jal Nigam. The order value aggregates to Rs 1,015 crore and entails providing EPC Services including provision for laying of optical fiber cables on critical and important routes, for the execution of a multi-village drinking water supply network in the Sheopur district of Madhya Pradesh. The said project will be executed by the company in collaboration with Khilari Infrastructure Private Limited as a consortium partner. The project is to be executed within 24 months from the date of order. The stock erased gains as it was trading 6 percent higher today.
Bharat Electronics | CMP Rs 140
Shares traded over 3 percent higher after the company bagged orders worth Rs 3,000 crore. Cochin Shipyard Limited has awarded a Rs 2,118.57-crore contract for the supply of various equipment consisting of sensors, weapon equipment, fire control systems, and communication equipment for six next-generation missile vessels (NGMV), class of anti-surface warfare corvettes for the Indian Navy.
Five Star Business Finance | CMP Rs 700
Shares jumped nearly 2 percent after SmallCap World Fund raised its stake in the company. Foreign company SCHF PV Mauritius sold 30.19 lakh shares or 1.03 percent stake in the non-banking finance company at an average price of Rs 700.15 per share, amounting to Rs 211.35 crore. It held 1.2 percent shares in the company as of June 2023. However, foreign portfolio investor Smallcap World Fund Inc. was the buyer for entire Five-Star shares in this deal, in addition to its current holding of 1.64 percent or 47.78 lakh shares as of June 2023.
Zomato | CMP Rs 102
Shares traded nearly 1 percent lower. This comes despite investors' growing confidence in the company, driven by Zomato demonstrating visibility in revenue growth and margin expansion. According to a Jefferies report, most investors complimented CFO Akshant Goyal during the company’s US roadshow, for delivering on promises made a year ago. “Scepticism was high back then, while the exact opposite is true now,” Jefferies said in the note.
Capcite Infraprojects | CMP Rs 219
Shares soared 2 percent after the infra-company announced a repeat order-win of Rs 280 crore from Raymond for its realty project codename Xception in Thane. "We are delighted that Raymond’s realty division has once again reinforced their trust and confidence in our company. The order inflow for the current financial year, along with our existing orders book gives us confidence to deliver good growth in the coming quarters,” said Rahul Katyal, managing director of the infra-company.
RateGain | CMP Rs 569
Shares were down 1.5 percent on September 18 after Kotak Institutional Equities downgraded the stock to ‘add’ from ‘buy’ following a recent rally in the scrip. However, the brokerage firm has raised its target price on the stock to Rs 610 from Rs 550 earlier. The company’s improved growth and profitability over the past few quarters were driven by the broader recovery in travel and wallet share gains, aided by enhanced capabilities and focus on cost optimization, the brokerage firm highlighted.
Vodafone | CMP Rs 11
Shares tumbled 7 percent as investors took the recent surge in the counter as an opportunity to book partial profits. The scrip has soared around 50 percent in the past month. The stock had jumped around 7 percent and hit a 52-week high of Rs 12.50 earlier in the session after the company announced making a payment of Rs 1,701 crore to the Department of Telecommunications (DoT).
18-SEP-2023 INDIAN STOCK MARKET
The Sensex was down 241.79 points or 0.36 percent at 67,596.84, and the Nifty was down 59 points or 0.29 percent at 20,133.30. About 1,641 shares advanced, 2,005 shares declined, and 167 shares were unchanged.
Subscribe to:
Posts (Atom)