Good Morning!
Stock Market
The Indian benchmark indices, BSE Sensex and NSE Nifty 50, snapped their two-day winning streak on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate and changed its monetary policy stance, as was widely expected by the Street.
That said, the Sensex ended 0.59%, or 429.11 points, lower at 72,638.70 levels, while the Nifty 50 ended 173.05 points, or 0.76%, lower at 22,603.05 levels.
US Market Recap
US stock market opened in red on Wednesday, October 7 after the S&P 500 hit a fresh all-time high in the previous session as oil prices and Treasury yields jumped.
Nasdaq Composite dropped 0.54% to 27,451.32, S&P 500 declined 0.40% to 7,787.71, while Dow Jones Industrial Average traded 0.67% or 347 points lower at 51,173.8 at 7 pm IST.
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Business Updates
Fino Payments Bank: September business update — Deposits accounts up 9% YoY to 2.44 lakh; loan disbursals up 223% YoY to Rs 278 crore versus Rs 60 crore; throughput transaction business up 10% YoY to Rs 6,918 crore; average total deposits up 13% YoY to Rs 2,794 crore.
Matrimony.com: Consolidated billings up 10.7% YoY to Rs 131 crore in Q2.
Jubilant FoodWorks: Consolidated revenue up 11.9% YoY to Rs 2,609 crore; standalone revenue up 11.6% YoY to Rs 1,886 crore; Domino’s India LFL growth at 4.1% YoY; added 108 stores across group network, including 88 Domino’s India stores; total store count at 3,820.
Gujarat Pipavav: Container volumes up 17% YoY to 1.92 lakh TEUs; dry bulk volumes up 10.5% YoY to 9.4 lakh MT in Q2.
Senco Gold: Achieved highest-ever topline of over Rs 5,000 crore in H1; retail revenue growth at 29% YoY; total revenue growth at 31% YoY; same-store sales growth at 19% YoY; launched six showrooms in Q2.
PC Jeweller: Consolidated revenue up 28% YoY; received remittances of Rs 142 crore in Q2; achieves debt-free status after repayment of outstanding debt.
Tata Steel: India production volume up 10% YoY to 6.21 Mn tonnes; India deliveries up 8% YoY to 5.97 Mn tonnes in Q2.
Stocks In News
- HCLTech: Opens South Africa headquarters with an AI Centre of Excellence.
- Midwest: DGMS issues prohibitory order on Chimakurthy granite mine following slope-collapse incident; mineral extraction and employment prohibited at mine.
- 63 Moons Technologies: Arm 63SATS allots 8.1 crore shares on ZOFCD conversion.
- IRFC: Sets Oct. 23 as record date for interim dividend.
- Bharat Forge: Delhi HC dismisses Tarsem Jain’s appeal; HC upholds May 2025 order setting aside arbitral award.
- Voltamp Transformers: Commences commercial production at Vadodara unit for manufacturing power transformers.
- Maharashtra Seamless: To demerge businesses into two subsidiaries, MSL Seamless Tubes and United Seamless; to allot one MSTL share for every five MSL shares held and one USL share for every five MSL shares held.
- One Point One: Gets in-principle nod to issue 15 lakh warrants convertible into shares.
- Tata Power: Partners with Norway’s Ocean Sun to bring membrane-based floating solar technology to India; to pilot 300 kWp floating solar project in Maharashtra.
- Godrej Properties: BMC partners with company and RC Group to develop promenade at Bandra Bay.
- ASK Automotive: Rajasthan GST officials inspect Bhiwadi manufacturing unit on Oct. 6.
- Jain Resource: Approves reallocation of Rs 3.66 crore to general corporate purposes.
- Bhagyanagar India: Surendra Bhutoria ceases to be CFO.
- Sky Gold: Completes acquisition of Purvi Gems & Jewellery.
- MRF: Kerala tax body cuts tax demand to Rs 36 crore from Rs 91.5 crore.
- Torrent Power: Step-down arm Torrent Saurya Urja 2 terminates 300 MW wind PPA with SECI; to pay Rs 40 crore for termination.
- Ola Electric: Approves rights issue of 37 crore shares for Rs 1,000 crore at Rs 27 per share; sets Oct. 13 as record date for rights entitlement; rights issue to open from Oct. 22-30.
- TD Power: QIP issue opens; sets Rs 775.35 per share as floor price; may offer up to 5% QIP discount to floor price.
- Silver Touch: Gets Rs 50 crore order from ITI for supply of 80 enterprise servers for a defence project, with Indian Army as end customer; includes AMC for eight years; aggregate value over 11 years at Rs 49.67 crore.
- SJS Enterprises: To invest Rs 45 crore for capacity addition at Bengaluru unit, adding 20% to existing capacity; to be funded through internal accruals; current capacity utilisation at 75%.
- Jubilant Pharmova: Board to meet on Oct. 12 to consider raising funds via NCDs.
- Polyplex Corp: Arm Polyplex (Thailand) Public Co to set up project to add 12,000 MT/year capacity by installing 6.6-metre film line; current capacity at 98,045 MT/year and utilisation at 80%; project to be completed by Q4FY28 at an investment of nearly Rs 147 crore.
- Sun Pharma: Board to meet on Oct. 12 to consider raising Rs 15,000 crore.
- Alivus Life: Acquires 9.21% stake in Urja 19 SPV for Rs 14 crore.
- Federal Bank: Launches Verto Resident Savings Account.
- Fractal Analytics: Incorporates arm FRACTAL AI in Qatar.
- Sudarshan Chemical: Maharashtra GST body inspects company’s offices and manufacturing units from Oct. 1-6; company says it extended full cooperation and assistance and sees no impact on financials or business operations.
- Standard Engineering: Clarifies disclosures related to arm GScale; says 4 lakh sq ft of data-centre infrastructure is held on lease and sub-lease signed for 2.73 lakh sq ft facility; to formalise remaining lease by Feb. 2027; says 486 MW and 1 GW+ track record belongs to leadership team and not the company.
Insurance
Niva Bupa Health: September premium at Rs 789 crore, up 33.1% YoY.
Star Health: September premium at Rs 1,763 crore, up 19.6% YoY.
Go Digit General: September premium at Rs 778 crore, up 2.3% YoY.
ICICI Lombard General: September premium at Rs 2,196 crore, up 13.7% YoY.
Bajaj General: September premium at Rs 2,363 crore, up 6.5% YoY.
New India Assurance: September premium at Rs 3,305 crore, up 1.6% YoY.
Non-Life Insurers: April-September premium at Rs 1.80 lakh crore, up 8.9% YoY.
Novelis: Produces first coil at greenfield aluminium rolling and recycling plant in Bay Minette, Alabama; $5 billion facility to add 600 kilotonnes of annual rolled aluminium capacity; first fully integrated aluminium recycling and rolling plant in the US in 40 years; recycling centre will process over 15 billion used beverage cans annually.
IPO Listings
Vishal Nirmiti: Civil engineering, manufacturing and construction company engaged in manufacturing and dealing of pre-stressed concrete sleepers for railways, pre-cast and pre-stressed concrete products, and fabrication and erection of mild steel pipes, liners and penstock pipes for pumped storage projects.
- QIB: 1.33x
- NII: 1.89x
- Retail: 1.75x
- Total: 1.79x
Nityas Gems & Jewellery: Designs, manufactures and sells lab-grown diamond-studded gold jewellery through B2B manufacturing and distribution, as well as D2C omnichannel retail operations through subsidiary Ayaani Diamonds and Jewellery.
- QIB: 1.06x
- NII: 2.05x
- Retail: 4.07x
- Employees: 2.82x
- Total: 2.26x
IPO To Open: NA
Bulk & Block Deals
- JTL Industries: Goldman Sachs Investments Mauritius bought 19.71 lakh shares at Rs 82.03 per share.
- Jeena Sikho Lifecare: Oregano Life sold 6.9 lakh shares at Rs 420 per share.
- Ratnaveer Precision Engineering: Thakkar Nileshkumar Farshuram HUF sold 8 lakh shares at Rs 340 per share.
Corporate Actions
Bhagyanagar India: Demerger.
Shankara Buildpro: Stock split from Rs 10 face value to Rs 2 face value.
Board Meeting: NA
Lock-In: NA
Insider Trades
Paradeep Phosphates: Zuari Maroc Phosphates, promoter, bought 2.87 lakh shares.
Confidence Petroleum India: Confidence LPG Bottling, promoter group, bought 28 lakh shares.
Aurum PropTech: Aurum RealEstate Developers, promoter, bought 30,000 shares.
KCP: VRK Grandsons Investment, promoter group, bought 35,000 shares.
ASM
Short-Term ASM Framework: Jaykay Enterprises, Krishna Defence & Allied Industries.
Excluded From ASM Framework: Optiemus Infracom, Shanti Gold International, Whirlpool of India.
Price Band
Price band changed from 10% to 20%: Aegis Logistics, Aeroflex Industries, Alok Industries, Avadh Sugar & Energy, BluSpring Enterprises, Dolphin Offshore Enterprises (India), GNG Electronics, Elpro International, Embassy Developments, Fredun Pharmaceuticals, Gallantt Ispat, Genesys International Corporation, Glass Wall Systems (India), Indokem, Jindal Poly Films, Just Dial, MSP Steel & Power, MSTC, MV Electrosystems, Nibe, Novartis India, Oriental Aromatics, Panacea Biotec, Paramount Communications, Paras Defence and Space Technologies, RPSG Ventures, Silver Touch Technologies, Sun Pharma Advanced Research Company.
Price band changed from 10% to 5%: Advit Jewels, Zeal Global Services.
Price band changed from 20% to 10%: Jaykay Enterprises.
Price band changed from 5% to 10%: Amir Chand Jagdish Kumar (Exports), BN Agrochem, Cemindia Projects, Waterways Leisure Tourism, Aditya Infotech, Valor Estate, Dee Development, Grand Oak Canyons Distillery, Happy Forgings, Ideaforge Technology, Indo-MIM, Indo Tech Transformers, Jai Balaji Industries, Media Matrix Worldwide, Quality Power Electrical Equipments, Ramco Systems, Sasken Technologies, SML Mahindra, Baazar Style Retail, Sudeep Pharma, Thangamayil Jewellery, Ujaas Energy, Vidya Wires.
Price band changed from 5% to 20%: GE Power India, Indiabulls Limited.
F&O Cues
Nifty October Futures: Down 0.78% at 22,618.40; premium at 15 points.
Nifty Options, Feb. 3 Expiry: Maximum call open interest at 22,800; maximum put open interest at 22,200.
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