Stock Market Live: Sensex, Nifty Up As L&T, NTPC Lead; Mazagon Dock Jumps 19% To Record High

Brightcom Group Shares Locked In 5% Upper Circuit After 12 Days Of Losses

Shares of Brightcom Group Ltd. snapped a 12-day losing streak and rose today to hit 5% upper band at Rs 13.85 apiece.

In the previous 12 days, the stock lost 84%.

The stock has been continuously declining since Securities and Exchange Board of India on Aug 22 barred the company’s chairman and managing director, chief financial officer, and 22 others, for alleged breach of its regulations on prohibition of fraudulent and unfair trade practices.

SEBI noted that the company had wrongly claimed to have received the full amount of Rs 868 crore from allottees in four issues of shares and warrants on a preferential basis during 2020-22.

This was followed by the Enforcement Directorate conducting searches at offices of Brightcom

Group and residences of its top officials and auditors. Thereafter, M. Suresh Reddy resigned as the company’s chairman and managing director, while Narayana Raju left the post of chief financial officer.

The scrip rose as much as 4.92% to Rs 13.85 per share as of 11:15 a.m., in comparison with 0.12% advance in the NSE Nifty 50.

The stock has fallen 52.9% on a year-to-date basis. Total traded volume so far in the day stood at 8.2 times its 30-day average. The relative strength index was at 22, implying that the stock maybe oversold. Bloomberg covers no analyst tracking the company.

Nifty Auto, Smallcap 100, Midcap 100 Hit All-Time Highs
Nifty Smallcap 100 advanced 0.86% intraday to a record high at 12,843.10 points.

Nifty Midcap 100 rose 0.57% intraday to all-time high at 40,825.80 points.

Nifty Auto rose 0.56% intraday to all-time high at 16,085.85 points.

Source: Bloomberg

Stocks At Life-Time High IntradayMazagon Dock Shipbuilders Jumps Over 11% To Hit Record High After Inking Deal With U.S. Government
Shares of Mazagon Dock Shipbuilders Ltd. hit an all-time high after it signed a Master Ship Repair Agreement with the U.S. government. The agreement is expected to open up voyage repairs for U.S. Navy ships at MDL.

The scrip rose 16.33% at Rs 2,428.95 apiece, as compared to a 0.28% advance in the NSE Nifty 50. The share price advanced as much as 19% intraday to hit an all-time high at Rs 2,484.7 per share.

The stock has risen 206.78% on a year-to-date basis. The total traded volume stood at 11 times its 30-day average. The relative strength index was at 83, implying that the stock maybe overbought.

Out of the four analysts tracking the company, two maintain a ‘buy’ rating, one recommends a ‘hold,’ while one suggests to ‘sell’ the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 33.5%.

Source: Bloomberg, Exchange filing

Natco Pharma Has Been Named One Of Defendants In An Antitrust Lawsuit By Louisiana In U.S.
Company named one of the defendants in antitrust lawsuit by Louisiana in U.S.

Other defendants are Celgene Corp., Bristol Myers Squibb, Breckenridge Pharmaceutical Inc.

Lawsuit is related to Pomalidomide drug.

Company believes that this matter is without merit.

Source: Exchange Filing

Zomato Has 26 Lakh Shares Change Hands In A Large Trade
About 26 lakh shares changed hands in a large trade.

0.03% equity changed hands at Rs 100.00 apiece.

Buyers and sellers not known immediately.

Source: Bloomberg

L&T Hits Record High After Bagging A Likely Order Worth Rs 32,400 Crore From Saudi Aramco
Larsen & Toubro Ltd. has likely won contracts worth Rs 32,400 crore from Saudi Aramco for Phase II of the Jafurah unconventional gas development, according to media report.

Company’s market cap crossed Rs 4 lakh crore to hit Rs 4,06,26,762.04 lakh as of 9:42 a.m. on Friday. L&T has not commented on the development.

According to a Morgan Stanley Sept. 7 note, the award is for two packages.

Gas processing plant along with main process units ($2.9 billion)

Gas compression units ($1 billion).

This order would account for 13% of L&T’s annual guidance of 10-12% growth in FY24E and 17% of the core order inflows, the research firm said.

L&T’s hydrocarbon prospect list was worth Rs 3.47 lakh crore in the first quarter. Saudi Aramco has guided for capex of $45-55 billion in CY23 versus $37.6 billion in 2022, Morgan Stanley said.

The research firm suggests an ‘overweight’ rating with a price target of Rs 2,935, implying a return potential of 3.09%.

Broader Markets Outperform
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.41%, whereas S&P BSE SmallCap Index was also 0.60% higher.

Eighteen the 20 sectors compiled by BSE advanced, while S&P BSE Information Technology and S&P BSE Bankex declined. S&P BSE Industrials and S&P BSE Capital Goods rose the most.

The market breadth was skewed in the favour of the buyers. About 1,863 stocks rose, 542 declined, while 103 remained unchanged on the BSE.

Source: BSE

Top Movers On The Nifty 50 IndexSensex, Nifty Open Higher: Opening Bell
India’s benchmark stock indices opened higher on Friday after advancing for the fifth day on Thursday.

At pre-open, the S&P BSE Sensex was up 116 points, or 0.17%, at 66,381.10, while the NSE Nifty 50 was 48 points of 0.24% higher at 19,774.80.

Shares in Asia echoed U.S. declines and a rally in the dollar stalled as the greenback weakened against major currencies. Stocks in Japan, China, Australia and South Korea all slipped while the morning trading session in Hong Kong was scrapped due to weather, according to the exchange operator.

The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures edged lower early Friday. The hit to sentiment for tech stocks flowed onto the Golden Dragon index of Chinese companies, which fell 4% – one of its worst days this year.

RBI Approves Appointment Of Dipak Gupta As Interim MD & CEO
RBI approves appointment of Dipak Gupta as interim MD & CEO.

Appointment for a period two months from Sept. 2, 2023.

RBI approval is till November 2, even as board had proposed interim CEO tenure till December 31 for Gupta.

Source: Exchange Filing

Sensex, Nifty Rise In Pre-Market Trade
Source: Bloomberg

Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened at 7.17% on Friday. It closed at 7.18% on Thursday.

Source: Bloomberg

Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 7 paise to open at Rs 83.14 against the U.S dollar on Friday.

Rupee closed at its weakest-ever level of 83.21 against the U.S dollar on Thursday.

It opened above Rs 83 against the U.S. dollar for the third day today.

Source: Bloomberg

Trade Talk: What’s In Store For The Pharma Pack Global Cues
U.S. Dollar Index at 104.9

U.S. 10-year bond yield at 4.22%

Brent crude down 0.48% at $89.49 per barrel

Nymex crude down 0.53% at $86.41 per barrel

GIFT Nifty up 27 points or 0.14% at 19,794.5 as of 8:05 a.m.

Bitcoin up 0.97% at $26,254.98

Asia Stocks Fall After Apple Weighs On US Equities: Markets WrapTrading Tweaks
Ex-date Dividend: Venky’s (India), Taj GVK Hotels & Resorts, Polyplex Corp, Gujarat Industries Power Co, GMR Airports Infrastructure, Jay Bharat Maruti, JBM Auto, Sarda Energy & Minerals, Responsive Industries, MOIL, Agarwal Industrial Corp, Fineotex Chemical, General Insurance Corp of India, NACL Industries, Zen Technologies, Housing & Urban Development Corp, RITES, New India Assurance Co, Max Healthcare Institute, Tatva Chintan Pharma Chem, and Macrotech Developers.

Ex-date AGM: Taj GVK Hotels & Resorts, Polyplex Corp, Ramkrishna Forgings, Jay Bharat Maruti, JBM Auto, Responsive Industries, SML Isuzu, V-Mart Retail, Sunflag Iron And Steel Co, Fineotex Chemical, NACL Industries, Zen Technologies, RITES, Solara Active Pharma Sciences, Sportking India, Gateway Distriparks, Kaynes Technology India, Tatva Chintan Pharma Chem, GMR Power and Urban Infra, Hindustan Foods, Macrotech Developers.

Record-date Dividend: Venky’s (India), Taj GVK Hotels & Resorts, Sarda Energy & Minerals, MOIL, Fineotex Chemical, General Insurance Corp of India, Zen Technologies, Housing & Urban Development Corp, New India Assurance Co, Max Healthcare Institute, Tatva Chintan Pharma Chem, Macrotech Developers.

Move Into Short-Term ASM Framework: Kopran, National Peroxide.

Move Out Of Short-Term ASM Framework: BF Utilities, D. P. Abhushan, Filatex India, Gokaldas Exports.

CCI Will Soon Be Down To One Member-Chair. Here’s What That MeansInsider Trades
DB Realty: Promoter Shravan Kumar Bali sold 20,000 shares on Sept. 6.

Usha Martin: Promoter Usha Martin Ventures sold 3 lakh shares between Sept. 5 and 6.

Sapphire Foods: Promoter Sagista Realty Advisors sold 1.1 lakh shares between Sept. 5 and 7.

Info Edge (India): Promoter Endeavour Holding sold 41,000 shares between Sept. 5 and 6.

Tatva Chintan Pharma Chem: Promoters Ajay Mansukhlal Patel sold 2.1 lakh shares, Shekhar Rasiklal Somani and Darshana Nitinkumar Shah each sold 2.33 lakh shares, and Priti Ajay Patel sold 20,211 shares on Sept. 6.

Indian Life Insurers’ August Revenue Falls As LIC DragsIPO Listings
Rishabh Instruments: The company’s shares will debut on the stock exchanges on Monday, Sept. 11, 2023. The IPO was subscribed to 31.65 times on its third and final day. The bids were led by non-institutional investors, who subscribed 4.65 times, followed by retail investors (2.79 times) and institutional investors (0.22 times, or 22%). The energy-efficiency solutions provider plans to raise Rs 490.8 crore via a fresh issue and an offer for sale. The price band is fixed in the range of Rs 418-441 per share.

G20 Summit 2023 Agenda To Key Deliverables: Here’s What To ExpectIPO Offerings
Jupiter Life Line Hospitals: The IPO has been subscribed to 3.30 times on its second day. The bids were led by non-institutional investors, who subscribed 6.63 times; retail investors, who subscribed 3.08 times; and institutional investors, who subscribed 1.12 times. The IPO was subscribed 87% on day 1.

EMS: The water and sewerage infra player’s IPO opens on Friday. It comprises a fresh issue of equity shares worth Rs 146.24 crore and an offer for sale of 82.94 lakh shares by promoter and founder Ramveer Singh. It has raised Rs 96.37 crore from anchor investors.

Apple’s 2-Day Slide Nears $200 Billion On China iPhone CurbsStocks To Watch: Tata Steel, LTIMindtree, Exide , Bajaj Finserv, Mazagon Dock In Focus
Larsen & Toubro: It has won a contract worth Rs 32,400 crore for Phase II of Saudi Aramco’s Jafura unconventional gas development project, as per a Morgan Stanley note. The order entails two packages, including the development of a gas processing plant with main processing units and the construction of gas compression units.

Tata Steel: The steelmaker’s unit, Tata Steel Special Economic Zone, has tied up with AVAADA Group to set up a green hydrogen and ammonia manufacturing unit in Odisha.

LTIMindtree: The IT company has launched two industry solutions-AdSpark and Smart Service Operations-to accelerate the time-to-market for businesses on the Salesforce platform.

Mazagon Dock Shipbuilders: The company has signed a Master Ship Repair Agreement with the U.S. government. The agreement is expected to open up voyage repairs for US Navy ships at MDL.

Exide Industries: The company plans to invest Rs 100 crore in subsidiary Exide Energy Solutions via a rights issue. The unit is involved in the manufacturing of advanced-chemistry battery cells.

JB Chemicals & Pharmaceuticals: Lakshay Kataria to resign as CFO effective Nov. 30.

Bajaj Finserv: Subsidiary Bajaj Allianz General Insurance reported the gross direct premium underwritten for August at Rs 1,677.87 crore and the premium in the current financial year up to August at Rs 9,228.81 crore. Bajaj Allianz Life Insurance’s total premium for August stood at Rs 926.41 crore, and the premium in the current financial year up to August was Rs 3,828.06 crore.

Shemaroo Entertainment: The company’s MD, CEO, and CFO were granted bail on Thursday after tax authorities carried out a search operation and detained them earlier this week. The company said it is contesting the allegations in accordance with the law.

Campus Activewear: Piyush Singh resigned as COO with effect from Dec. 2.

Sterlite Technologies: The company has partnered with TruVista, a provider of broadband services and applications, to drive the growth and enhancement of South Carolina’s rural connectivity infrastructure. TruVista is investing over $12 million in rural broadband, a significant portion of which will be dedicated to South Carolina

G20 Summit: PM Modi Scheduled To Hold Talks With Biden On FridayGIFT Nifty Signals Higher Opening For Benchmarks
Shares in Asia echoed U.S. declines, and a rally in the dollar stalled as the greenback weakened against major currencies.

Stocks in Japan, Australia, and South Korea dropped along with Hong Kong equity futures. The declines followed selling on Wall Street that weighed on tech stocks, partly driven by concerns about Apple Inc.’s iPhone sales in China. Hong Kong’s stock market trading will be delayed because of a rainstorm warning, the local exchange operator said.

The S&P 500 fell 0.3%, while the Nasdaq 100 dropped 0.7%. Apple shares slumped 2.9%. US equity futures edged lower early Friday. The hit to sentiment for tech stocks flowed onto the Golden Dragon index of Chinese companies, which fell 4%-one of its worst days this year.

Brent crude prices slipped below $90 a barrel, and WTI crude was below the $87 mark. The yield on the 10-year U.S. bond was trading at 4.22%, and Bitcoin was below the $27,000 level.

At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 27 points, or 0.14%, at 19,794.5.

India’s benchmark stock indices reversed losses to end higher for the fifth session on Thursday. The Nifty ended above 19,700, and the Sensex closed beyond the 66,000 mark for the first time since Aug. 1. Five days of advance were the longest in eight weeks since the July 13-July 19 period.

The real estate and PSU banking sectors led, whereas fast-moving consumer goods and pharmaceutical shares were under pressure.

Overseas investors remained net sellers of Indian equities on Thursday for the fourth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 758.55 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors turned net buyers and mopped up equities worth Rs 28.11 crore, the NSE data showed.

The local currency depreciated 7 paise to close at a record low of Rs 83.21 against the U.S. dollar on Thursday.

Stock Market Today: All You Need To Know Going Into Trade On Sept. 8. Markets by BQ Prime.