Wipro, Tech Mahindra, Grasim, Tata Motors, Mahindra & Mahindra are the top gainers on NSE Nifty 50 whereas the top laggards include Divis Lab, Dr Reddy’s Lab, SBI Life Insurance.

As of 3: 15 PM on August 16, 2024, the Bombay Stock Exchange (BSE) saw 2,474 stocks advancing, while 1,415 declined, and 120 remained unchanged. A total of 4,009 stocks were traded. Notably, 195 stocks reached a 52-week high, and 43 hit a 52-week low. Additionally, 304 stocks were trading at the upper circuit limit, while 263 stocks hit the lower circuit.

Shares of Hemadri Cements are trading at Rs 89.99 on the BSE, down 0.11%, after the company announced a temporary suspension of production at its factory in Vedari Village, Jaggaiahpet Mandal, Krishna District, Andhra Pradesh. The suspension is part of an evaluation process to assess the feasibility of increasing capacity and reducing production costs.

Zaggle’s shares have risen more than 8% today following the company’s signing of an agreement with the Open Network of Digital Commerce (ONDC) and reporting impressive Q1 financial results. Under the new agreement, Zaggle will facilitate the issuance of Prepaid Payment Instruments for customers and sponsor organizations, aimed at rewarding employees, partners, and consumers.

Geojit Financial Services has been fined Rs 10,000 each by both the NSE and BSE due to a delay in submitting voting results. Despite the penalty, the company’s stock is trading higher, up 1.88% at Rs 102.19 on the NSE.

Paras Defence and Space Technologies has hit the upper circuit at Rs 1,208.35 on the NSE following the announcement of a significant work order from L&T, valued at approximately Rs 305 crore. The order includes the manufacturing and supply of 244 units of the Sight-25HD Electro-Optics (EO) System, along with extended warranty charges and an Integrated Logistics Support (ILS) package for L&T’s CIWS (Close-In Weapon System) program.

Commenting on the Dollar Rupee outlook Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said that We expect Rupee to trade with a slight negative bias on strong US Dollar and geopolitical tension in the Middle East between Israel and Iran. However, positive global markets may support the rupee at lower levels.

Choudhary also added that traders may take cues from US consumer confidence and housing data today. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.25.

The State Bank of India (SBI) has increased its Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points across all tenors, making consumer loans more expensive. This marks the third consecutive MCLR hike by the bank.

Effective August 15, the one-year MCLR, which serves as a benchmark for most consumer loans, including auto and personal loans, has risen from 8.85% to 8.95%. Additionally, the two-year and three-year MCLRs have been adjusted to 9.05% and 9.10%, respectively.

The NSE stock, one of the most-traded in the unlisted space, reached a record high of Rs 6,500 in July, with its market capitalization surpassing Rs 3.2 lakh crore, continuing its strong performance since the Covid pandemic.

If listed, NSE’s market cap would rank as the sixth-largest globally and the largest in Asia. Over the past year, the weighted average price of NSE has surged 54% to Rs 4,453.93 in July, significantly outperforming major indices like the Nifty 50 and Sensex, which have each risen by about 23% during the same period.

CLSA has reaffirmed its ‘outperform’ rating on Hindustan Aeronautics Limited (HAL) with a target price of Rs 4,731 per share. According to CLSA, HAL’s pipeline remains intact, but Q1 performance showed weakness in large engine orders, which have been deferred to Q2 and the remainder to H2FY25.

In Q1FY25, EBITDA declined by 6%, while PAT increased by 14% year-on-year. The slowdown in orders is attributed to delays in Russia-linked programs, which are now expected to impact the second quarter of FY25.

The Nifty IT index saw a significant surge on Friday, climbing over 1,000 points or approximately 2.50% to reach 40,173.5, following a dip in US dollar prices and reduced fears of a US recession. This rally outperformed the broader Indian market indices, reflecting strong enthusiasm in the IT sector. Among the IT majors, Mphasis led the charge with an intraday gain of around 6.60%. Shares of L&T Technology Services also rallied by approximately 5.50%, while Wipro, Tech Mahindra, and Coforge each posted gains of over 3%.

Saraswati Saree Depot is set to finalize its share allotment for the IPO on August 16. The IPO, which opened on August 12 and closed on August 14, successfully raised Rs 160.01 crore through a combination of fresh shares and an offer for sale. Investors can check the allotment status step-by-step following the announcement.

Saraswati Saree Depot IPO allotment finalised today: Here’s how you can check status

Intellect Design Arena stock traded 1.81% higher at Rs 959.90 on the NSE after the company announced the opening of a new Global Partnership Office in Bengaluru.

Electronics Mart India Limited has commenced commercial operations of a new multi-brand store under the brand name ‘Bajaj Electronics’ in Andhra Pradesh. Following the announcement, the company’s stock traded higher by 2.66%, reaching ₹236.30 on the NSE.

Jefferies has issued a ‘buy’ recommendation for Hindustan Aeronautics Limited (HAL), setting a target price of Rs 5,725 per share. The brokerage highlights that HAL’s Q1 revenue exceeded expectations by 3%. However, EBITDA was lower as margins contracted by 440 basis points to 22.8%. A notable factor in the profit beat was a 27% year-on-year decrease in depreciation.

Jefferies is optimistic about HAL’s future, citing a strong order book that provides confidence in achieving double-digit growth over the next 3-5 years. Despite current margin volatility, the brokerage expects margins to improve in the second half of the year with enhanced revenue delivery.

Saraswati Saree Depot IPO will finalise its share allotment on August 16. The issue was opened on August 12 and stopped taking bids on August 14. The issue raised Rs 160.01 crore through a combination of fresh shares and an offer for sale.

The stock L&T Technology Services rose 6.3% to sn intraday high of Rs 5,224.50 from its previous close of Rs 4,916.85. The stock touched its 52-week high of Rs 5,873.35 on April 08, 2024.

Shares of Mphasis 6.8% to an intraday high of Rs 2,904 from its previous close of Rs 2,718.85. The stock touched its 52-week high of Rs 3,080.95 on July 26, 2024. The upper band for the stock is placed at Rs 2,990.70.

“We raise FY25E-27E core EPS by 4-12%. Apollo Hospitals trades at 70.5x FY25E and 62.8x FY26E core P/E. We raise our target price from Rs 6,183 to Rs 6,457, which is 62x FY26E core EPS plus cash per share. But post the 11% run-up in the past three months, we see limited upside to the stock from these levels – downgrade to “Reduce” from “Accumulate.” Faster-than-projected ramp-up in occupancy in the new facilities is key upside risk,” said Elara Securities on Apollo Hospitals in a research report.

Tech Mahindra, M&M, TCS, Tata Motors, and HCLTech were the top contributors pulling the index higher.

Courtesy: BSE

The Nifty 50’s bigwigs ICICI Bank, HDFC Bank, Infosys, TCS, and Reliance Industries were pulling the index higher.

Courtesy: NSE

The Nifty 50 was up 230 points or 0.97% at 24,378 while the Sensex was up 818 points or 1.03% at 79,924.

Mphasis shares are trading more than 5% higher today, making it the top gainer among Nifty Midcap stocks. The stock has seen a significant increase of 23.57% over the past year.

The 24-carat gold rate in India was Rs 70,150 per 10 grams on August 16. The rate for 24-carat gold per gram is Rs 7,015. The rate of 22-carat gold was Rs 64,304 per 10 grams.

The rate of 24-carat gold has risen by 0.4% in the last one week, and the yellow metal has risen by 0.45% in the last ten days. The silver currently quotes at Rs 802.8 per 10 grams.

MTNL’s shares fell 3.14% to Rs 60.16 on the NSE following the board’s approval of a ten-year service agreement with BSNL. The board also approved several proposals, including a share sale in the overseas subsidiary Mahanagar Telephone (Mauritius).

NIBE’s stock surged 2.15% on the BSE, trading at ₹1,886.30, following the company’s announcement of receiving two purchase orders from a leading infrastructure and defense firm. The orders are for the supply of FCR trailers and shelters, including surface treatment and air conditioning, with a total value of ₹79.63 crore.

Aurobindo Pharma’s shares fell 6% after the Hyderabad-based drug manufacturer disclosed on Friday that its Unit-III, a formulations manufacturing facility of Eugia Pharma Specialties, has received a warning letter from the United States Food and Drug Administration (USFDA).

Swan Energy’s shares rose 1.22% on the NSE, trading at Rs 681.50, after the company announced plans to sell its stake in a floating LNG receipt terminal to Turkey’s state-run Botas for $399 million.