S&P Global joins Moody’s in downgrading US regional banks’ ratings

S&P Global followed Moody’s in cutting its credit ratings and outlook on multiple U.S. regional banks, saying higher funding costs and troubles in the commercial real estate sector will likely test the credit strength of lenders.

S&P on Monday cut its ratings on Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and higher reliance on brokered deposits, while UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and KeyCorp (KEY.N) were downgraded, citing large deposit outflows and prevailing higher interest rates

DOMS Industries files prospectus for Rs 1,200 crore IPO

DOMS Industries Limited, a leading holistic creative products player in the Indian stationery and art products market has filed its Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India.

The company may raise Rs 1,200 crore (Rs 350 crore fresh issue and Rs 850 crore offer for sale)

Q1FY24 earning calendar: 23.08.2023

Procter & Gamble Health Ltd

Fund Houses Recommendations

GS on LTIMindtree: Initiate Buy with a target price at Rs 6310

GS on Infosys: Initiate Buy with a target price at Rs 1600

GS on TCS: Initiate Buy with a target price at Rs 3930

CLSA on Crompton: Buy target price at Rs 365

Jefferies on Colgate: Maintain Buy and target price Rs 2180

CLSA on Reliance Ind: Maintain Buy; target price at Rs 3060

Investec on Poly Med: Initiate Buy with a target price at Rs 1690

GS on TechM: Initiate Sell with a target price at Rs 1010

GS on Wipro: Initiate Sell with a target price at Rs 385

GS initiates with Neutral rating on HCLTECH: target price at Rs 1160

Nomura maintains neutral on Crompton: with a target price at Rs 338

JP Morgan on Tata Motors: Maintain Neutral; target price at Rs 635

Investec on Colgate: Hold rating, target price at Rs 2030

UBS on Apollo Tyre: Downgrade to Neutral and,cut target price at Rs 430

Stocks to Watch: NSE, BSE fine on Adani Enterprises

Adani Enterprises has informed the exchanges that BSE and National Stock Exchange of India Limited on August 21, imposed fine (Rs 28,000) on the Company with respect to certain non-compliance / delayed (delayed approval for appointment or continuation of Non-Executive Director) compliance. “The Company wish to clarify that imposition of fine by BSE and NSE is improper, since the shareholders’ approval was obtained by the Company in accordance with applicable laws.”

Stocks to Watch: RITES on right track

RITES has emerged as the lowest bidder in the tender floated by Railway Board. The estimated order value is Rs 65.4 crore.

Stocks to Watch: Adani’s EV deal

Adani Total Gas said that Its subsidiary Adani TotalEnergies E Mobility has partnered with Prakriti E-Mobility to develop electric vehicle charging infrastructure in New Delhi with 200 EV charging point. The partnership will function on a revenue sharing model.

Stocks to Watch: Jio Financial at lower circuit

Jio Financial Services will remain focus, as the stock has been hitting the 5% lower circuit for the second consecutive day. As a result of which the scrip will now be removed from all S&P BSE indices on August 29. Besides, the stock will be reintroduced in the FTSE indices from today.

Stocks to Watch: LIC ups stake in Mphasis

Life Insurance Corporation of India’s shareholding in Mphasis has increased from 4.991 per cent to 5.054 per cent of the paid-up capital of the said Company.

Stock to watch: Brightcom group stock to come under pressure

SEBI on Tuesday issued an interim order against Brightcom Group (BGL), barring Chairman & CEO Suresh Kumar Reddy and CFO Narayan Raju from holding the position of a director or a key managerial personnel in any listed company or its subsidiaries. Reddy is additionally barred from buying, selling or dealing in securities, either directly or indirectly. The regulator has prohibited 23 noticees, including veteran investor Shankar Sharma, from disposing off shares of BGL held by them, directly or indirectly. The regulator ordered BGL to ensure that its statutory auditors P. Murali & Co. and PCN & Associates, as well as their past and present partners, are not engaged with BGL or its subsidiaries until further orders.

Strong response to Aeroflex IPO

The ₹351-crore initial public offering of Aeroflex Industries that opened on Tuesday saw an overwhelming response from all category of investors. It subscribed 6.72 times on Day 1 of issue opening itself. The public issue comes at a price band ₹102-108 and investors can bid for a minimum of 130 equity shares. The issue received bids of 15.60 crore shares against the offered 2.32 crore shares on offer.

F&O BAN

1️⃣ BHEL

2️⃣ DELTACORP

3️⃣ ESCORTS

4️⃣ GNFC

5️⃣ HINDCOPPER

6️⃣ IBULHSGFIN

7️⃣ INDIACEM

8️⃣ MANAPPURAM

9️⃣ METROPOLIS

1️⃣0️⃣ PNB

1️⃣1️⃣ SAIL

1️⃣2️⃣ ZEEL

Move Out Of Short-Term ASM Framework

Dreamfolks Services, Tasty Bite Eatables.

Move Into Short-Term ASM Framework

GMR Power and Urban Infra, MPS, Jai Corp, Pennar Industries.

Record-date Interim Dividend: Manappuram Finance

Record-date Dividend: Capri Global Capital

Ex-date AGM: Astra Microwave Products, Hindustan Construction Company

Ex-date Interim Dividend: Manappuram Finance.

Ex-date Dividend: Astra Microwave Products, Capri Global Capital, Permanent Magnets.

Trading Tweaks

Price Band Revised From 20% To 10%: JBM Auto.

Price Band Revised From 5% To 20%: NIIT Learning Systems.

Pledge Share Details

Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy created a pledge of 1.35 lakh shares on Aug. 21.

Jindal Steel & Power: Promoter Siddeshwari Tradex created a pledge of 2.5 lakh shares on Aug. 18.

Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 6.57 lakh shares on Aug. 16.

Insider Trades

Nava: Promoter AV Dwellings bought 15,000 shares on Aug. 18.

KPI Green Energy: Promoter Farukbhai Gulambhai Patel bought 1,500 shares on Aug. 21.

DB Realty: Promoters Ali Gulamali Morani, Karim Gulamali Morani and Mohammed Gulamali Morani sold 10,026, 50,000 and 37,000 shares respectively on Aug. 17.

Greaves Cotton: Promoter Karun Carpets bought 41,668 shares between Aug. 21 and 22.

Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on Aug. 21.

Ultramarine & Pigments: Promoter S Narayanan sold 14,700 shares on Aug. 21.

Mayur Uniquoters: Promoter Suresh Kumar Poddar sold one lakh shares on Aug. 17. Promoter Arun Kumar Bagaria sold 1.6 lakh shares between Aug. 18 and 21.

Bulk Deals

SJS Enterprises: Evergraph Holdings sold 91.64 lakh shares (29.5%) at an average price of Rs 600.03 apiece and Sanders Consulting sold 1.7 lakh shares (0.5%) at Rs 600.78 apiece. ICICI Prudential MF bought 18.6 lakh shares (6%) at Rs 599.93 apiece while Aditya Birla Sun Life MF bought 17.2 lakh shares (5.5%), Aditya Birla Sun Life

MF bought 17.2 lakh shares (5.5%), Aditya Birla Sun Life Insurance bought four lakh shares (1.3%), Sundaram MF bought 7.6 lakh shares (2.4%), Societe Generale bought 6.7 lakh shares (2.1%), HSBC Global Investment Funds bought five lakh shares (1.6%), Florida Retirement System bought four lakh shares (1.3%), Morgan Stanley bought 2.5 lakh shares (0.8%), Alchemy Emerging Leaders of Tomorrow bought 2.5 lakh shares (0.8%), Alfaccurate Advisors bought 2.4 lakh shares (0.8%) and Quant MF bought 2.3 lakh shares (0.7%) at Rs 600 apiece.

Ganesh Benzoplast: Indresh Bhupendra Shah sold 3.5 lakh shares (0.5%) at Rs 175.01 apiece.

JTL Industries: Mohinder Pal sold 10 lakh shares (1.2%) at Rs 380.83 apiece.

RattanIndia Power: Aditya Birla ARC sold 4.8 crore shares (0.9%) at Rs 4.94 apiece and Altius Finserv bought three crore shares (0.6%) at Rs 4.91 apiece.

Shriram Properties: Omega TC Sabre Holdings sold 39 lakh shares (2.3%) at Rs 78.44 apiece.

IPO Offerings: Aeroflex Industries

Aeroflex Industries: The IPO was subscribed 6.71 times on the first day. The bids were led by non-institutional investors, subscribed 14.10 times, retail investors, subscribed 6.71 times, reserved portion shareholders, subscribed 3.63 times and institutional investors, subscribed 1.17 times.

New Listing: TVS Supply Chain Solutions

TVS Supply Chain Solutions: Shares of TVS Supply Chain Solutions, part of TVS Mobility Group, will be listed at the bourses today., The IPO was 2.78 times, thanks mainly to retail investors. The company has fixed the price at Rs 197, at the upper end of the price band Rs 187-197. The company had raised Rs 880 crore through the issue.

Technicals: Day trading guide for August 23, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Stock to buy today: KPR Mill (₹731.20)

The outlook is bullish for KPR Mill. The stock surged over 4 per cent on Tuesday. The rise has taken the stock well above a key resistance level of ₹688. Strong support is now in the ₹700-688 region. The moving averages on the daily charts are giving out positive signals and strengthens the bullish case. As such a fall beyond ₹688 is unlikely.

Stocks to Watch: Sula Vineyards

Sula Vineyards: Promoter Managing Director and CEO Rajeev Samant has sold 0.99% stake reducing his total stake to 24.98%.

Stocks to Watch: Bharat Forge

Bharat Forge: The validity period for the guarantee provided by the company to its wholly owned step-down subsidiary, Bharat Forge Aluminum USA, has been revised from Nov. 27, 2023 to July 31, 2026. The amount is $15.5 million issued in favour of JP Morgan Bank.

Stocks to Watch: Linde India

Linde India: The company received an LoA from IOCL for setting-up of Air Separation Unit for production and supply of instrument air, plant air and cryogenic nitrogen to IOCL Panipat Refinery Expansion Project. On completion, it will operate and maintain the facility for a period of 20 years. The company will fund the capital expenditure by using internal accruals.

Stocks to Watch: Somany Ceramics

Somany Ceramics: The company entered into a joint venture to operate Cerapro Nepal and acquire a 30% stake in it. CNPL will establish a tile manufacturing facility in Nepal.

Stocks that will see action today: August 23, 2023

Buzzing stocks: Brightcom group, BEML, Adani Total Gas, Jio Financial, Adani Enterprises, Line India, Axiscades, Info, Mphasis, RITES, Bharat Forge, Vodafone Idea, Piramal Enterprises

Stocks to Watch: Zydus Lifesciences

Zydus Lifesciences: The drugmaker will complete the acquisition of 6.5% stake in Mylab Discovery Solutions in next 20-30 days.

Stocks to Watch: Axiscades Technologies

Axiscades Technologies: The company completed the acquisition of GmbH, strengthening its position in the automotive vertical and enhancing its presence in Germany.

Stocks to Watch: Indiamart

Indiamart: The company recieved shareholders’ approval for buyback of 12.5 lakh shares (2.04% stake) at a price of Rs 4,000 (26.9% premium) through a tender offer.

Stocks to Watch: NBCC

NBCC: The company signed an MoU with Delhi Metro to work together in the field of building and infrastructure development in overseas.

Stocks to watch: RITES

RITES: The company emerged as lowest bidder in the tender floated by Railway Board. The order value is Rs 65.4 crore for testing and inspection of 60 lakh MT rails for Indian Railways for a period of five years.

Stocks to Watch: BEML

BEML: The company bagged a Rs 101 crore order from Ministry of Defence (Army) for supply of command post vehicles.

Stocks to Watch: Vodafone Idea

Vodafone Idea: The telecom operator plans to clear about Rs 2,400 crore of dues to the government by September, according to a PTI report. The company will clear dues for the June 2023 quarter and spectrum instalment with applicable interest.

Stocks to watch: Piramal Enterprises:

Piramal Enterprises: The company has approved raising up to Rs 3,000 via non-convertible debentures in one or more tranches.

Stocks to watch: Adani Total Gas

Adani Total Gas: Its unit Adani TotalEnergies E Mobility has partnered with Prakriti E-Mobility to develop electric vehicle charging infrastructure in New Delhi with 200 EV charging point. The partnership will function on a revenue sharing model.

Stocks to Watch: Mphasis

Mphasis: State-run Life Insurance Corporation of India increased its shareholding in the IT company from 4.99% to 5.05% through open market purchases. The acquisition of shares done on August 21 at an average price of Rs 2,343.58 apiece.

Stocks to Watch: Jio Financial Services

Jio Financial Services: The stock hit the 5% lower circuit on Tuesday, as a result of which the scrip will now be removed from all S&P BSE indices on Aug. 29. If JFS continues to hit a lower circuit in the next two days, the removal date will be deferred by another three days.

Stocks To Watch: Brightcom Group

Brightcom Group: SEBI has barred Chairman and Chief Executive Officer Suresh Kumar Reddy and its Chief Financial Officer Narayan Raju from company boards for fraud and allegedly misrepresenting financial statements of the company. They are also barred from disposing off shares of the company until further notice, according to an interim order.

Market pessimism looms amid global uncertainty; Asia-Pacific stocks hold steady

The domestic markets are anticipated to open with a negative bias due to mixed global cues. Despite a varied performance in US markets overnight, Asia-Pacific stocks are generally flat and positive early on Wednesday. The continuous sell-off in US government debt has driven yields on benchmark Treasuries to 16-year highs, notably the 10-year note reaching 4.35%, the highest since November 2007. The increasing bond yields and concerns about potential US rate hikes are causing foreign institutional investors (FIIs) to withdraw funds from the Indian market, contributing to market volatility. While India has seen significant net FII flows and positive returns, challenges lie ahead due to factors like EL Nino’s impact on crops, rising food inflation, and uncertain rainfall outlook. Political risks are also expected to come into play as state and national elections approach. The economy is receiving government-induced capital expenditure, but high inflation could pose challenges in an election year. Market focus remains on specific sectors with strong fundamentals.

Asian equities stagnate amid ebbing Wall Street optimism

Asian stocks traded within narrow ranges as the previous day’s optimism in the Wall Street market waned, particularly following the surge in major technology company shares.

At the beginning of the trading day, there were minimal fluctuations in stock values in Japan and South Korea. Similarly, equities in Australia exhibited little change, and the futures indicating the expected performance of Hong Kong stocks indicated a 0.5% decline.

Investors continue to closely monitor China’s economic and financial challenges, making any indications of additional fiscal or monetary stimulus from Beijing highly appreciated.

In the previous trading session, the S&P 500 experienced a decline of 0.28%, the Dow Jones Industrial Average saw a decrease of 0.51%, and the Nasdaq Composite Index remained relatively stable.

Japanese PMI shrinks

Concurrently, a private sector survey revealed that Japan’s manufacturing activity had contracted for the third consecutive month in August due to elevated oil prices and uncertainty surrounding the global economic landscape. However, the pace of this contraction had eased, as indicated by the au Jibun Bank flash Japan Manufacturing Purchasing Managers’ Index (PMI), which inched up slightly to 49.7 in August from July’s figure of 49.6. It’s noteworthy that the index persisted below the crucial threshold of 50.0, signifying the border between economic contraction and expansion. – Agencies