Nifty closed with moderate gains and formed a small-bodied bearish candle on the daily charts. The index is expected to be directionless in the coming sessions and to trade in a range of 17,350-17,750, experts said.
Indian equity market snapped the five-week gaining streak and erased a little over a percent on the back of mixed global cues. After starting the week on negative note, the market saw rangebound movement for the rest of the week as investors awaited Federal Reserve’s Chairman speech in Jackson Hole. For the week, the BSE Sensex shed 812.28 points (1.32 percent) to end at 58,833.87, while the Nifty50 fell 199.55 points (1.12 percent) to close at 17558.9 levels. However, in this month till now, Sensex and Nifty gained over 2 percent each.
RBL Bank | CMP: Rs 2089.55 | The scrip jumped over 24 percent in the week gone by after a US-based fund acquired Rs 50 crore worth of company’s shares via a block deal disclosed a day prior. As per the available data, College Retirement Equity Fund (CREF) bought 4,584,678 shares of RBL Bank on NSE at an average price of Rs 108.86 per share. As of June 2022 shareholding data, the fund already holds 69,34,488 shares in the company or 1.16 percent. According to information available with Bloomberg, CREF operates as a non-profit organization. The organization offers investment options such as investment, insurance, and annuity products. CREF serves communities in the United States.
Aban Offshore | CMP: Rs 56.75 | The share price gained 20 percent after the firm entered into a settlement agreement on August 24, 2022 with Central Bank of India, one of the financial creditors of the Company. As per the terms of the settlement agreement, the company has agreed to pay and the Bank has agreed to accept the outstanding principal of Rs 121,78,41,258 (Rupees One Hundred and Twenty One Crore Seventy Eight Lakh Forty One Thousand Two Hundred Fifty Eight Only) within 30 days from the date of this agreement being the full and final settlement of all the credit facilities. Upon full payment of the settlement amount in accordance with the agreement, the Bank will release the security, claim, charges, pledge or similar nature in relation to the credit facilities, the firm said.
IDBI Bank | CMP: Rs 45.75 | The stock price jumped over 14 percent last wek after a Bloomberg report said the government is considering selling 51 percent stake in the lender. Life Insurance Corp and the government together hold over 98 percent stake in IDBI Bank. LIC had bought a 51 per cent stake in IDBI Bank in 2019 for Rs 21,624 crore at an average price of Rs 61 per share. The government and LIC will formally seek to gauge buyer interest as soon as the end of September, the Bloomberg report said.
NMDC | CMP: Rs 122.95 | The share added 6 percent in the week gone by. The Supreme Court has raised the cap on iron ore mining in Karnataka to 50 mt from 35 mt which is significant as it could prompt iron ore mining companies such as NMDC to ramp up capacity implies additional iron ore security for JSW Steel’s Vijayanagar expansion, and might pave the way for auction of more iron ore mines in Karnataka. State-owned miner NMDC Ltd targets to achieve 46 million tonnes of Iron ore production in the current fiscal, 10 percent higher than that of last year, Chairman and Managing Director, Sumit Deb said. The company achieved production of 42.19 MT and sales of 40.56 MT in FY22 with a turnover of Rs 25,882 crore.
PB Fintech | CMP: Rs 512.15 | The scrip shed over 7 percent in the week gone by. Dalal Street investors did not appear to resonate with PB Fintech’s hopes of becoming profitable in 3-4 years, which was reflected in its performance in the equity market. “We believe we should be increasing our profitability by Rs 150 crore from here onwards every passing year…I don’t see that slowing down for the next three, four years at least…we believe the profitability could reach over the next four or five years if one breaks even by Q4,” Yashish Dahiya, Chief Executive Officer of Policybazaar, said in an earnings conference call on August 10. Policybazaar operator PB Fintech on August 10 reported a consolidated loss of Rs 204.33 crore for the quarter ended June FY23, widening from Rs 110.84 crore in the corresponding period of the last fiscal due to weak operating performance. The company, which also operates online lending platform Paisabazaar, said in its BSE filing reported a significant increase in employee expenses (up 82 percent YoY), and advertising & promotion expenses (up 173 percent YoY) for the quarter.
Devyani International | CMP: Rs 185.25 | The share slipped over 6 percent last week. The stock saw a huge block deal change hands, Bloomberg reported. However, the details of the buyers and sellers of the deal were not known. Around 26.4 million shares or 2.33 percent stake of the company changed hands, according to a Bloomberg report.
Berger Paints | CMP: Rs 660.15 | The stock was down over 5 percent in the week gone by. The firm reported a strong first quarter performance the first quarter but its volume growth was lower than Asian Paints. “In the profit growth, we were ahead of them actually because we deliberately took the strategy of staying away from pricing, which had a negative effect on the overall volume and value growth. That was one of the reasons,” said Abhijit Roy, MD and CEO in an interview to CNBC-TV18. Berger Paints India is looking to increase prices by 1.5 to 2 percent across product categories by early September to offset the increase in raw material costs. The move, coupled with some softening in raw material cost, will help shore up the company’s EBITDA margins to close to 17 percent from the current levels of around 15 percent by Q3, according to media reports.
Procter & Gamble | CMP: Rs 13977.15 | The scrip fell over 4 percent in the week gone by. The FMCG products maker reported a 13.12 percent decline in Profit After Tax (PAT) at Rs 42.55 crore during the fourth quarter ended June 30, on account of rising commodity costs. The company, which follows July-June financial year, had reported a PAT of Rs 48.98 crore in the corresponding quarter of the previous fiscal. Its revenue from sale of products was down 3.8 percent to Rs 755.65 crore during the quarter under review, as against Rs 785.58 crore of the corresponding quarter, Procter & Gamble Hygiene and Health Care said in a regulatory filing. The decline in profit was due to “commodities inflation which was significantly countered by cost productivity and pricing in the current year,” the company said.
Titan Company | CMP: Rs 2532.90 | The stock price added over 3 percent in the week gone by. The Tata Group‘s jewellery company mulls expansion plan in the US. As per reports, Titan is planning to take its jewellery brand Tanishq to the US and other West Asian markets as part of its long- term strategy to tap into the demand from large Indian diaspora and Non-Indian Resident (NRIs) communities. On the domestic front the company expects the demand to be driven ensuing festive season with consolidated YoY revenue growth of around 15-20 percent. Titan expects its sales to be higher by 15-20 per cent this festive season compared to last year, Venkataraman said during the launch of its initiative “Titan Shaurya”.
APL Apollo Tubes | CMP: Rs 976.15 | The share price shed over 8 percent last week even as the board of directors had recommended a final dividend of Rs 3.50 per equity share of Rs 2 each of the company for approval by the shareholders. The company has fixed Monday, September 5, 2022, as the ‘record date’ for determining the entitlement of members to final dividend for the financial year ended March 31, 2022.
Sandip Das
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