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Stocks across Asia are set to mirror the rise seen on Wall Street. This comes after economic indicators in the U.S. hinted at a deceleration in growth. This has further fueled expectations that the Federal Reserve is approaching the conclusion of its period of monetary tightening. Futures for Japan, Australia, and Hong Kong all showed an upward trend. On Wednesday, the S&P 500 continued its upward trajectory for the fourth consecutive day, contributing to a total gain of 2.5% for the week. Notably, the Nasdaq 100, which is weighted towards technology companies, has surged by 3.5% over the course of this week.
In China, investor attention is directed towards the upcoming release of official purchasing managers index data on Thursday. This data is anticipated to reveal a continued weakening in manufacturing and a slowdown in the growth of services. Shifting to U.S. corporate developments, Apple is presently experimenting with the utilization of 3D printers to manufacture components for their smartwatches.
Meanwhile, Brent crude oil was trading above the $85 per barrel threshold, while West Texas Intermediate oil remained above the $81 mark. The yield on the 10-year U.S. bond was reported at 4.11%, and the value of Bitcoin was situated below the 28,000 level.
As of 5:30 a.m., the GIFT Nifty, which serves as an early gauge for the performance of India’s Nifty 50 Index, had risen by 30 points or 0.15%, reaching 19,479.
In India, the main stock indices relinquished earlier gains to conclude slightly higher, as profit-taking emerged during the final hour of trading after a steady climb throughout Wednesday. The Sensex managed to maintain a position above the 65,000 milestone, while the Nifty slipped below the 19,400 threshold.
The realty and metal sectors experienced the most notable gains, while banks reversed their upward trajectory to become the foremost decliners. Both the Nifty Midcap 100 and Smallcap 100 achieved intraday record highs.
On Wednesday, foreign investors reversed their position as net buyers of Indian equities. Foreign portfolio investors divested stocks amounting to Rs 494.68 crore, whereas domestic institutional investors maintained their status as net buyers, acquiring equities worth Rs 1,323.24 crore.
On Wednesday, the domestic currency depreciated by 2 paise to conclude at Rs 82.73 in relation to the U.S. dollar.
Stocks To Watch: BHEL, Ajanta Pharma, Rail Vikas Nigam, Gland Pharma In Focus
Bharat Heavy Electricals: The company has successfully secured an order via international competitive bidding for the establishment of a 2×800 MW Supercritical Thermal Power Project Stage-II in Lara, Chhattisgarh. This agreement encompasses the complete scope of design, engineering, manufacturing, supply, construction, erection, testing, and commissioning, including civil and structural components, for the EPC project.
Rail Vikas Nigam: Emerging as the most economical bidder, the company has been selected for several projects by Maharashtra Metro Rail Corporation. The combined project cost amounts to Rs 256.19 crore.
Ajanta Pharma: The pharmaceutical manufacturer has gained final approval from the U.S. Food and Drug Administration to introduce and market Topiramate Extended-Release Capsules in doses of 25 mg, 50 mg, 100 mg, and 200 mg. This medication is the generic counterpart of Supernus Pharmaceuticals Inc’s Trokendi XR. Ajanta is permitted to launch Topiramate on February 1, 2026, or earlier under specific conditions.
DreamFolks Services: The airport service aggregator has established a partnership with a prominent Visa service provider, enabling the provision of premium lounges at Visa centers and Doorstep Visa services.
Gensol Engineering: The company has been granted preliminary approval by the NSE to issue 4.05 lakh equity shares at a price not less than Rs 1,480.08 to non-promoters, following a share swap basis.
Andhra Paper: The Andhra Pradesh Pollution Control Board has granted approval for Consent to Operate (CTO) and Hazardous Waste Authorization (HWA), incorporating the Precipitated Calcium Carbonate process. This integration facilitates effective carbon capture and reuse, leading to reduced carbon emissions. The process contributes to lower paper production costs and enhances paper opacity, bulk, and brightness. Importantly, no additional paper and pulp production capacity will be increased.
Mahindra Logistics: Saurabh Taneja has been appointed as the Chief Financial Officer of the company, effective from September 1st.
IPO Offerings
Rishabh Instruments: On August 30th, the provider of energy-efficient solutions commenced its initial public offering (IPO) aimed at raising Rs 490.8 crore. The first day of subscription witnessed a 73% subscription rate, primarily propelled by strong demand from non-institutional investors, resulting in a subscription of 1.24 times. Following this, retail investors displayed a subscription rate of 0.92 times or 92%, while institutional investors exhibited a subscription rate of 0.01 times or 1%. The IPO consists of a fresh issue comprising 17 lakh equity shares, totaling Rs 75 crore, and an offer for sale (OFS) encompassing 94,28,178 shares, aggregating to Rs 415.8 crore. The IPO’s price band has been set within the range of Rs 418 to Rs 441 per share.
Listings
Aeroflex Industries: The initial public offering (IPO) worth 351 crores by Aeroflex Industries garnered complete subscription on its debut day. The subscription rate stood at 6.71 times on the first day, followed by a surge to 21.10 times on the second day, and a remarkable 97.11 times on the third day. This IPO, associated with the manufacturer of stainless-steel hoses, comprised a fresh issue amounting to Rs 162 crore, coupled with an offer for sale of Rs 189 crore by the promoter group. The offering was presented within a price band of Rs 102 to Rs 108 per share.
Bulk Deals
Zee Entertainment: Quant Mutual Fund divested 390,000 shares (0.5%) at a price of Rs 437.59 per share.
Hindustan Construction: HRTI Private acquired 124,000,000 shares (0.82%) and also offloaded 129,000,000 shares (0.86%) at rates of Rs 28.77 and Rs 28.72 per share respectively.
Rattan India Power: ABARC-AST-002-Trust (Aditya Birla ARC) sold 41,000,000 shares (0.75%) at a value of Rs 6.25 per share.
Shakti Pumps: NK Securities Research, QE Securities, and Graviton Research Capital collectively divested 156,000 shares (0.85%), 108,000 shares (0.59%), and 203,000 shares (1.11%) at prices of Rs 821.04, Rs 817.02, and Rs 801.74 per share respectively.
Spandana Sphoorty Financial: Valient’s Mauritius and India Fund in combination sold 3,499,000 shares (4.93%) within the price range of Rs 765.00 to Rs 765.38 per share. Max Life Insurance Company funds jointly acquired 1,353,000 shares (1.90%) at a cost of Rs 765 per share. Additionally, Kotak Mahindra Life Insurance Company fund procured 925,000 shares (1.30%) at a rate of Rs 765 each.
Block Deals
Zomato: SVF Growth (Singapore) divested 100 million shares (1.17%) at a value of Rs 94.7 per share. Meanwhile, Morgan Stanley Asia and Societe Generale acquired 222,000 shares (0.26%) and 227,000 shares (0.27%) respectively, both at the price of Rs 94.7 per share. Additionally, Axis Mutual Fund procured 5.24 million shares at the same rate. Noteworthy purchasers encompass Goldmach Sachs, Franklin Templeton Mutual Fund, Kotak Mahindra AMC, BNP Paribas, Invesco Mutual Fund, and several others.
Pledge Share Details
Shilpa Medicare: On August 25th, Promoter Group member Deepak Kumar Innani established a pledge on 400,000 shares.
Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy lifted a pledge on 230,000 shares on August 29th.
Insider Trades
Steel Strips Wheels: On August 28th, Promoter Sunena Garg offloaded 646,000 shares.
Trading Tweaks
Revised Price Bands:
- Electronics Mart India, JBM Auto, Centum Electronics: Price bands have been adjusted from 10% to 5%.
- Gokaldas Exports: The price band has been revised from 20% to 10%.
Important Dates:
- Ex-Date AGM: eClerx Services, NMDC Steel, Baid Finserv, Jain Irrigation Systems, NMDC.
- Ex-Date Dividend: eClerx Services, Baid Finserv, UNO Minda, NMDC.
Short-Term ASM Framework Updates:
- Move Into: Filatex India, Gokaldas Exports, Optiemus Infracom, BF Utilities.
- Move Out Of: GMR Power and Urban Infra, Heubach Colorants India, Jai Corp, Pennar Industries.
AGMs Today
Here is a list of companies:
- 5paisa Capital
- Agi Greenpac
- Aster DM Healthcare
- Gland Pharma
- Hindustan Aeronautics
- HEG
- IDFC First Bank
- IIFL Securities
- Indus Towers
- Jubilant Ingrevia
- Monte Carlo Fashions
- National Standard
- NHPC
- RailTel Corporation of India
- Saregama India
Who’s Meeting Whom
Housing & Urban Development Corporation: Scheduled investor meetings are planned from August 31 to September 1.
eMudhra: Investor meetings are set to take place from September 4 to September 19.
F&O Cues
- Closing at 19,340.00, Nifty August futures displayed a premium of 2.90 points.
- Experiencing a decline of 27.88%, Nifty August futures observed a total open interest of 41,407 shares.
- Settling at 44,189.90, Nifty Bank August futures demonstrated a discount of 310.60 points.
- Nifty Bank August futures underwent a decrease of 18.85% and were associated with an open interest of 15,804 shares.
- The stocks under the ban period include Bharat Heavy Electricals and Indiabulls Housing Finance.
Money Market Update
On Wednesday, the Indian rupee concluded the day 0.03% stronger against the U.S. dollar, closing at 82.73.
