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Balrampur Chini mills, Bandhan Bank, Hindustan Copper, RBL Bank
Stocks to watch:
Automobile stocks will be in focus as auto companies will start announcing monthly sales numbers for September starting from 1 October 2024.
Kalpataru Projects International received orders worth Rs 1,241 crore in the transmission and distribution business from India and the wider overseas market as well as orders regarding commercial building projects in India.
Tata Power Company will invest Rs 1.2 lakh crore in Rajasthan for power distribution, transmission and green transition.
PC Jeweller board approved a proposal to split existing 1 equity share having face value of Rs 10 each, into 10 equity shares having face value of Rs 1 each, fully paid-up.
Aphageo (India) has received an order worth Rs 132 crore from Oil India for data acquisition.
Ultratech Cement will increase its stake in Continum MP Windfarm to 5.46% from 3.28%. It has made a total investment of Rs 24.35 crore for 5.46% equity shareholding.
Piramal Pharma has announced $80 million expansion plan for sterile injectables facility at Kentucky.
Finolex Industries' board has approved the appointment of Chandan Verma as interim chief financial officer (CFO) effective from Monday.
India Glycols has increased its grain-based distillery capacity by 100 KLPD at Kashipur, Uttarakhand and added 180 KLPD to its existing bio-fuel ethanol plant at the same location. Additionally, it has expected its facilities for new value-added chemicals products by 2500 MTPA in Kashipur, Uttarakhand.
Indian Railway Catering and Tourism Corporation (IRCTC)’s Chief financial officer (CFO), Ajit Kumar, retires with effect from the closing hours of 30 September 2024.
Thomas Cook (India) has partnered with Aritarth Technologies to develop generative AI solutions for the travel sector.
IPCA Laboratories’ subsidiary, Bayshore will sell nine ANDAs to US-based Unichem for $2.65million, along with its generic business for $10 million.
At 12:25 IST, the barometer index, the S&P BSE Sensex, advanced 14.11 points or 0.02% to 84,313.89. The Nifty 50 index fell 8.60 points or 0.03% to 25,802.25.
In the broader market, the S&P BSE Mid-Cap index gained 0.02% and the S&P BSE Small-Cap index increased 0.42%.
The market breadth was strong. On the BSE, 2,307 shares rose and 1,514 shares fell. A total of 136 shares were unchanged.
Economy:
India's fiscal deficit remained under control during April-August, reaching 27% of the full-year target. This containment was attributed to muted spending in the early months of the fiscal year. The government's spending has been lower due to general elections. In comparison, the deficit stood at a higher 36% during the same period in FY24.
The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in August to 56.5 in September, highlighting a robust improvement in the health of the sector that was nonetheless the weakest since January.
As a result of rising purchasing prices, as well as greater labour costs and favourable demand conditions, Indian manufacturers lifted their charges in September.
The combination of job creation and slower increases in new business meant that companies were able to stay on top of their workloads.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 4.73% to 12.18. The Nifty 31 October 2024 futures were trading at 26,007.55, at a discount of 205 points as compared with the spot at 25,802.25.
The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 102.5 lakh contracts at the 26,000 strike price. Maximum Put OI of 60.7 lakh contracts were seen at 25,800 strike price.
Buzzing Index:
The Nifty realty index slipped 0.59% to 1,092.50. The index declined 3.43% in three consecutive trading sessions.
Phoenix Mills down 3.16%), Prestige Estates Projects (down 2.34%), Sobha (down 2.08%), Oberoi Realty (down 0.96%), Raymond (down 0.62%), Mahindra Lifespace Developers (down 0.18%) declined.
Stocks in Spotlight :
Karur Vysya Bank shed 0.65%. The company has reported a total business of Rs 1,76,135 crore for the three months ended on 30 September 2024, up by 14.73% from Rs 1,53,516 crore recorded in the same period last year.
Tata Power Co. rose 0.27%. The company said that it has signed memorandum of understanding (MoU) with the Rajasthan government for an investment plan of approximately Rs 1.2 lakh crore in power distribution, transmission, and renewable.
The company will invest Rs 1.2 lakh crore, with Rs 75,000 crore allocated to renewable energy projects, including 10,000 MW of capacity 6,000 MW solar and 4,000 MW hybrid to be developed across Bikaner, Jaisalmer, Barmer, and Jodhpur.
Additionally, the company plans to set up a 2,000 MW solar module manufacturing facility in Jodhpur with an investment of Rs 2,000 crore.
The company will invest in state transmission and distribution area to modernize the grid infrastructure, reduce energy losses, and improve power quality across the state with investments of nearly Rs 20,000 crore for distribution infrastructure and Rs 10,000 crore for transmission systems Exploring opportunities to develop Nuclear power plant.
The company will proposed Rs 1,000 crore investments in setting up 1 lakh EV charging points across Rajasthan to make the state a key player in the country’s transition to e-mobility
The MoU will have a transformative socio-economic impact, creating over 28,000 direct jobs in the State
This agreement involves comprehensive investment across the power value chain, from generation to transmission and distribution (T&D) reforms, as well as cutting-edge renewable energy projects across the state, including solar, wind, hybrid, and battery energy storage systems (BESS) including rooftop solar and EV Charging.
Praveer Sinha, CEO & MD, Tata Power, said, “Our partnership with the Government of Rajasthan is a testament to our shared vision of building a low-carbon, resilient, and integrated energy ecosystem in the State. By using our experience across the entire power sector value chain, we aim to support Rajasthan’s energy goals and create economic opportunities for its people. We compliment the State Government’s visionary leadership in positioning Rajasthan as a future-ready, energy-efficient State that provides secure, reliable, and clean energy for all.”
Tata Power has already established a significant footprint in Rajasthan, with a robust portfolio of energy projects. The company has successfully commissioned 1 GW of solar projects and 185 MW of wind projects in the state, along with 130 MW of rooftop solar installations.
Shares of Tata Power rose 0.73% to Rs 486.20 on the BSE.