Stocks which have moved the most with respect to volumes are YES Bank, Vodafone Idea, GRUH Finance, Tata Motors, Bank of Baroda, SAIL, Vedanta, JSPL, Adani Power, SBI, Tata Steel, DLF and PNB among others

Indian stock market is trading flat with Sensex shedding 45 points at 37,023 marks while the Nifty is down 15 points and is trading at 10,932 level.

The S&P BSE Metal index is up a percent led by Hindalco Industries, Tata Steel, Jindal Steel & Power, NALCO, Hindustan Zinc, JSW Steel and Vedanta.

Nifty FMCG added half a percent, the top gainers include United Spirits, Tata Global Beverage, ITC, Jubilant Foodworks, Colgate Palmolive, Dabur India and Emami.

IT stocks are trading on a negative note led by Tech Mahindra, Mindtree, HCL Tech, Infosys, Birlasoft and Tata Elxsi.

From the media space, the top losers are DEN Networks, Sun Tv Network, Dish TV, UFO Moviez and PVR.

India VIX is up 0.37 percent and is trading at 16.49.

The top Nifty50 gainers include Hindalco, Vedanta, Tata Steel, GAIL India and JSW Steel while the top losers are Indiabulls Housing Finance, YES Bank, Bharti Infratel, Tech Mahindra and HCL Tech.

The top gainers from the BSE include CreditAccess Grameen, Adani Green Energy, Bombay Burmah, NLC India, Delta Corp, NALCO, Hindalco Industries, Jubilant Life, CESC and Adani Enterprises among others.

The most active stocks are YES Bank, Indiabulls Housing Finance, Reliance Industries, HDFC and State Bank of India.

Among the Nifty50 names, 20 stocks advanced while 30 declined.

98 stocks hit new 52- week low on BSE including Godrej Industries among others while Bata India, Petronet LNG and HDFC AMC hit a 52-week high.

Stocks which have moved the most with respect to volumes are YES Bank, Vodafone Idea, GRUH Finance, Tata Motors, Bank of Baroda, SAIL, Vedanta, JSPL, Adani Power, SBI, Tata Steel, DLF and PNB among others.

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The company’s board of directors also stated that they will commence a search for a replacement

After four sessions of gains, shares of rating agency ICRA fell as much as 5 percent on August 30 session, a day after the company announced the immediate termination of its Managing Director and Group CEO.

The board of rating agency ICRA, an affiliate of Moody's, on August 29, terminated the services of its managing director and CEO Naresh Takkar, following the appearance of his name in the IL&FS case.

In the release filed with the exchanges, the company’s board of directors also stated that they will commence a search for a replacement. No reason was mentioned for the termination of Takkar’s employment.

The release also stated that Vipul Agarwal, who was appointed interim COO on July 1, 2019, remains responsible for the day-to-day operation of the company until a new CEO has been appointed.

According to reports, Takkar was sent on forced leave in July following a review by the rating agency pending an enquiry into the "concerns" raised by the capital markets watchdog SEBI.

Takkar's forced to leave in July was seen as an unprecedented step, a first in the industry, which occurred at a time when the rating agencies were under a cloud following the IL&FS debacle.

The infra lender was enjoying top ratings right till the time of its first default in late August last year.

Earlier in May, there were reports that the ICRA brass was being probed for influencing the 'AAA' rating on IL&FS and had hired KPMG to look into the allegations.

Takkar had been at the helm of ICRA for long and was also recently appointed by the Reserve Bank as a member of its committee on the development of housing finance securitisation market, which is chaired by Bain & Co's Harsh Vardhan.

Shares of ICRA traded 2.21 percent down at Rs 2,738 on BSE around 1020 hours.

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The share touched its 52-week high Rs 280.05 and 52-week low Rs 150 on 21 November 2018 and 08 August 2019, respectively

The shares price of Premier Explosives surged 8.5 percent intraday on August 30 after the company received a license from the chief controller of explosives.

The company has received the license from the chief controller of explosives, Nagpur to manufacture solid propellant at its factory situated at Katepally, near Hyderabad, the company said in a BSE release.

This new license will enable the company to manufacture solid propellants of larger size at our greenfield project.

Premier Explosives was quoting at Rs 172.70, up to Rs 9.45, or 5.79 percent on the BSE.

The share touched its 52-week high Rs 280.05 and its 52-week low Rs 150 on 21 November 2018 and 08 August 2019, respectively.

Currently, it is trading 38.33 percent below its 52-week high and 15.13 percent above its 52-week low.

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A Reuters report has said that Hindalco Industries-owned Novelis has agreed to sell its Aleris’ Belgian plant

Shares of Hindalco Industries jumped almost 4 percent on August 30 after media reports said that the company-owned Novelis was set to secure European Union antitrust approval for its $2.6-billion bid for Aleris.

Novelis, which is US-based but owned by India’s Hindalco Industries, agreed to sell Aleris’ Belgian plant to address the European Commission's worries that the deal could reduce competition and lead to higher prices, hitting carmakers, in particular, news agency Reuters quoted sources as saying.

Novelis, a world leader in aluminium rolled products and aluminium recycling, is seeking to diversify into aerospace, automotive, beverage can and construction industries.

For the June quarter, Hindalco Industries reported a 29 percent year-on-year fall in consolidated profit. Novelis adjusted EBITDA (as per US GAAP) increased 11 percent year-on-year (YoY) to $372 million and adjusted EBITDA per ton climbed 7 percent to $448 in Q1.

Novelis' net income excluding special items stood at $145 million, a 26 percent YoY rise.

Shares of Hindalco Industries were trading 3.67 percent higher at Rs 186.40 on BSE  

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The construction of this project is to be completed in 36 months 

Shares of PNC Infratech advanced 4 percent intraday on August 30 after the company bagged an order worth Rs 1,062 crore.

The company has been declared the lowest bidder for NHAI’s project of construction of 31.7 km long four-lane bypass connecting NH-56 and terminating near Behta Village Road under NHDP Phase-VII on EPC mode for a quoted price of Rs 1062 crore, as per BSE filing.

The construction of this project is to be completed in 36 months.

The share touched its 52-week high Rs 214.85 and 52-week low Rs 122.70 on 19 August 2019 and 01 October 2018, respectively.

Currently, it is trading 16.2 percent below its 52-week high and 46.74 percent above its 52-week low. The share price rose 40 percent in the last 6 months.

PNC Infratech was quoting at Rs 180.30, up to Rs 3.55, or 2.01 percent

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GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST)

The share price of HDFC Bank rose more than 1 percent intraday on August 30 as the company plans to sell its entire stake in software company Goods & Services Tax Network.

The company has agreed to sell its entire stake of 10 percent in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories, as per a company release.

The bank’s promoter Housing Development Finance Corporation (HDFC) is also a shareholder in GSTN.

GSTN is a non‐profit organization for facilitating the collection of Goods & Services Tax (GST).

HDFC Bank was quoting at Rs 2,253.50, up to Rs 25.90, or 1.16 percent on the BSE.

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HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger

Shares of Gruh Finance jumped nearly 8 percent in early trade on August 30 after media reports suggested that HDFC is planning to sell 9.2 percent stake in Gruh Finance

The Economic Times, quoting sources, reported that "HDFC will raise Rs 1,678 crore by selling 9.2 percent in Gruh Finance and the sale of 67.4 million shares is expected to happen at a floor price of Rs 243 to Rs 249 per share in the open market on August 30."

HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger. The housing finance company has sold over 10 percent in Gruh Finance.

The RBI had in March granted its approval for the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank.

shares of Gruh were quoting at Rs 262.30, up 5.11 percent while HDFC was up 0.43 percent at Rs 2,137.60 on BSE.

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The closing of the transaction is subject to customary approvals and conditions

Shares of Adani Green Energy added more than 10 percent in the early trade on August 30 after the company said it is going to acquire 205 MW operating solar assets of Essel Green Energy.

The company in its press release said that it has signed a securities purchase agreement for the acquisition of 205 MW operating solar assets of Essel Green Energy (EGEPL) and Essel Infraprojects (EIL).

All the assets have long term power purchase agreements (PPAs) with various state electricity distribution companies.

The closing of the transaction is subject to customary approvals and conditions.

The acquisition of these assets is at an enterprise valuation of approximately Rs 1,300 crore.

"This is our first brownfield acquisition of operating assets. It expands our footprint in states where we already have a presence, and with our strong operational expertise, will deliver significant value for our shareholders, said Jayant Parimal, CEO of Adani Green Energy.

Adani Green Energy Limited was quoting at Rs 46.95, up to Rs 3.60, or 8.30 percent on the BSE.

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Glenmark’s current portfolio consists of 160 products authorized for distribution in the US marketplace and 55 ANDA’s pending approval with the US FDA

Shares of Glenmark Pharma rose nearly 2 percent in the early trade on August 30 after the company received an approval from the USFDA.

Glenmark Pharmaceuticals, USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Pimecrolimus Cream, 1%, a generic version of Elidel 1 Cream, 1%, of Bausch Health US, LLC, company said in a press release.

According to IQVIATM sales data for the 12 month period ending July 2019, the Elidel Cream, 1% market achieved annual sales of approximately $198.8 million.

Glenmark’s current portfolio consists of 160 products authorized for distribution in the US marketplace and 55 ANDA’s pending approval with the USFDA.

In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio, the company added.

Glenmark Pharma was quoting at Rs 384.45, up to Rs 0.95, or 0.25 percent on the BSE.

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Power Grid Corp. of India Ltd’s investors shrugged off the adverse tariff ruling on the renewable energy transmission corridor resulting in a gain of 1.8% in the stock from 9 August when the order was issued by the Central Electricity Regulatory Commission

 

The order limits the liability of power distribution companies to the extent of their usage of the green energy corridor, according to JM Financial Institutional Securities Ltd.

Theoretically, the latest order crimps Power Grid’s realizations as it will have to bear the complete project cost from the date of commissioning, irrespective of the utilization levels. The tariff order pertains to the 8,900 megawatts transmission system with an estimated cost of 7,041 crores. Of this, around 2,520 crores have been approved under the regulated tariff mechanism to Power Grid.

To evacuate renewable energy from power plants that are being built in different states, the Centre approved a plan to construct a suitable transmission system, termed as a green energy corridor.

On the positive side, power discoms will not be unfairly charged for the capacities they are not utilizing. This is important against the backdrop of the general slowdown in renewable energy capacity additions.

The regulator balanced the order by allowing Power Grid to delay new transmission capacities to match the renewable energy installations, said analysts at JM Financial. “Hence, we do not find any material impact on Power Grid. The approved capital expenditure will take another 18-24 months to come up and Power Grid will plan capex to match generation and thus ensure no impact to its financials," they said in a note.

Despite this, the episode is a cautionary tale for investors tracking the company’s growth trajectory.

As capital expenditure moderated from recent highs stoking growth concerns, Power Grid cited green energy corridors as a growth avenue. Given the government’s renewable energy capacity addition targets, the opportunity still exists but is not shaping up as expected, as the latest order illustrates.

Similar to NTPC Ltd, Power Grid is allowed to earn a fixed return on equity invested for the projects built under the regulated tariff mechanism. Hence, capacity additions are crucial for growth momentum.

The firm expects to capitalize projects worth ₹20,000-25,000 crore in FY20. This is notably lower than the additions in FY16-FY18. According to Jefferies India Pvt. Ltd, the projects in hand provide enough visibility for ₹18,000-20,000 crore annual capitalization for the next two-three years. Beyond that, Power Grid will be “hit by private sector aggression in a stable to declining transmission projects’ market pie", warn analysts at Jefferies India.

Power Grid is trying to explore intra-state transmission capex and railways electrification but has had limited success till now. Perhaps the undemanding valuations and healthy dividend pay-outs are limiting the downside for the stock, which trades at 1.5% FY21 estimated book value and offers a 5% dividend yield.

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Shares of InterGlobe Aviation Ltd are not very far from their lifetime highs of 1,716 seen on 28 May. Besides the airline’s stock, at 1,656.25 currently, is nearly 6% above the levels seen before the troubles between its two promoters intensified in July

InterGlobe runs IndiGo, India’s largest airline by market share. Clearly, investor worries about the turbulence at the top appear to have subsided, at least for now.

In fact, Tuesday’s annual general meeting concluded on a good note. “The consensus between promoters on ‘related party transaction’ policy and board composition is sentiment-positive," wrote Ansuman Deb of ICICI Securities Ltd in a report on Thursday. Shareholders have approved the alteration of the company’s Articles of Association to increase the board size to 10 from six earlier.

IndiGo’s operational performance has remained unaffected by the promoter squabbles so far. This is evident from the impressive June quarter numbers. One bright spot has been the better-than-expected yields (a measure of pricing) improvement of 12.7%.

Having said that, June quarter financial performance cannot be expected to be replicated in the September quarter, as the latter is traditionally leaner. The airline has done its bit to lower expectations.

During its June quarter earnings conference call, Ronojoy Dutta, chief executive officer of IndiGo, said, “We are witnessing some lower fares in the 0-15 day booking window and expect this to add some pressure to our unit revenues in the second quarter."

Nonetheless, crude oil prices have behaved and that is comforting for the sector in general. “The fall in aviation turbine fuel prices in the first 2 months of Q2FY20 will help offset weaker (versus Q1FY20) yields," said analysts at SBICAP Securities Ltd in a report on 22 August. “This will help reduce cost and improve RASK-CASK spread." RASK and CASK are revenue and cost unit measurements for airlines.

During the call, Dutta added, “I want to remind our shareholders that in the second quarter last year, we registered a negative 16% PBT margin. We will, of course, do better than that this year but how much better is still an open question." PBT is short for a profit before tax.

Going ahead, incremental benefits from the grounding of Jet Airways (India) Ltd could well be limited. IndiGo has been a key beneficiary of Jet Airways’ downfall. It flew 17% more domestic passengers in July compared to last year. The airline’s domestic market share stood at an envious 47.8%.

The sharp appreciation in IndiGo’s shares over the past year, suggests investors have taken this into cognizance. However, meaningful appreciation hereon could well be limited given the lean September quarter unless, of course, the airline surprises dramatically. Investors should watch the traction from the international market in future.

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United Spirits with stop loss at Rs 605 with targets at Rs 623 and Rs 627 and HDFC Bank with stop loss below Rs 2197 for targets of Rs 2272 and Rs 2286

The volatile market ended lower for the second consecutive session amid the expiry of futures and options contracts on August 29, which was dragged by banking and financial services and auto stocks.

The BSE Sensex was down 382.91 points at 37,068.93, while the Nifty fell below its psychological 11,000 levels down 97.80 points at 10,948.30 and formed a bearish candle on daily charts.

Volatility was remained high today, especially in F&O counters, due to unwinding and rollover of the positions, while the broader indices remained under pressure with the Nifty Midcap index losing 0.4 percent and Smallcap index shedding 0.9 percent.

The market closed in the red for the third consecutive series, with the Nifty losing 2.7 percent in August series amid consistent FII outflows, slowdown worries and fears of a global recession.

According to the pivot charts, the key support level is placed at 10,906.77, followed by 10,865.23. If the index starts moving upward, key resistance levels to watch out for are 11,005.47 and 11,062.63.

The Nifty Bank index closed at 27,305.20, down 1.8 percent on August 29. The important pivot level, which will act as crucial support for the index, is placed at 27,123.7, followed by 26,942.2. On the upside, key resistance levels are placed at 27,602.9 and 27,900.6.

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The Index maintenance sub-committee of NSE indices decided to include Nestle India in the Nifty as a part of its periodic review

Shares of Indiabulls Housing Finance cracked almost 8 percent, while those of Nestle India climbed 3 percent on the NSE on August 29.

The food and beverage giant is to replace Indiabulls Housing Finance on the Nifty50 index from September 27, the NSE said in its circulars on August 28.

The index maintenance sub-committee of NSE indices decided to include Nestle India in the Nifty 50 as a part of its periodic review.

Nestle has increased investor wealth nearly 23-fold over the last 10 years, while Indiabulls Housing Finance has lost 64 percent in the last year.

Shares of Indiabulls Housing Finance were trading 5.72 percent down at Rs 431.10 at 1045 IST, while those of Nestle India was 1.63 percent up at Rs 12,721.70 on the NSE.

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Analysts believe the government's move was the need of the hour and will help build an efficient and competitive market, while it may reduce coal imports as well

Shares of Coal India opened lower but quickly climbed over 2 percent on the BSE on August 29, a day after the Union Cabinet approved 100 percent foreign direct investment (FDI) under the automatic route in coal mining and also in the creation of associated infrastructure

Analysts believe the FDI push was much needed and will help build an efficient and competitive market while bringing down coal imports as well.

"The move would attract international players to create an efficient and competitive market and also help in reducing coal imports," the brokerage Sharekhan said.

However, the move was slightly negative for Coal India in the long term, the brokerage said.

"Coal India would continue to supply the majority of coal requirements of India with its target to produce 1 billion tonnes of coal by FY25 (from 607 million tonnes in FY19) but the likely entry of new players may impact coal realisations in the long term," it added.

As the development of coal mines will take time, there is no major near-term risk for the state-run miner.

"The initiative is a welcome move but we are still some time away from merchant coal mining, given the overarching presence of Coal India, shortage of rakes, time taken for land acquisition and various approvals from local, state and central governments. 

We do not see any near-term risks to Coal India because of this decision," brokerage Emkay Global Financial Services said.

The brokerage has a buy recommendation on the stock, with a 12-month target price of Rs 296.

The scrip opened at Rs 182.90 against the previous close of Rs 185.20 and touched the intraday high and low of Rs 189.15 and 182, respectively.

The stock was trading Rs 2.30, or 1.24 percent, higher at Rs 187.50.

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Shares of private sector lender RBL Bank Ltd covered some losses in early trade on Thursday after buying at lower levels. At present, the stock is trading at 324.20, up more than 3% on the NSE

The stock took a beating on Wednesday, following speculation of insider trading. However, the bank later clarified that market transactions of shares by employees was a "routine activity". In a statement to the exchanges, RBL Bank said market transactions by employees was a routine activity with regular exercise of ESOPs (employee stock ownership plans) and sale of equity shares thereafter.

According to some analysts, while one is seeing investor interest in the stock at these levels, shares of the bank are unlikely to regain their lost charm in a hurry. It should be noted that the RBL Bank stock hit a 52-week high of 716.40 on the NSE in May this year. But its fall from glory was swift with the stock tanking to a 52-week low of 286.10 on 28 August.

The cut got steeper after the bank’s management recently indicated that its asset quality could be under pressure in the coming quarters. In the June quarter, RBL Bank reported a 41% jump in net profit against the year-ago, aided by a healthy 48% growth in core income. Although its gross bad loan ratio for the June quarter was steady, slippages increased. What also soured investors’ sentiment towards the stock was the lender’s exposure to Coffee Day Enterprise, whose founder V.G. Siddhartha recently passed away.

Meanwhile, post-June-quarter earnings, a slew of brokerages expressed concerns on the bank's exposure to a few stressed corporate accounts. Worried over higher slippages and consequent provisions, some of them reduced their earnings estimates for fiscal years 2020 and 2021.

In a report published on 27 August, brokerage house Emkay Global Financial Services Ltd said that expected the stock to remain under pressure until the bank recognized its corporate stress pool, and resumed its otherwise high return on assets trajectory.

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