Trade Financial News

Pidilite Industries Ltd. rose 0.15 per cent to Rs 3286.8 in Monday's trade. It hit an intraday high of Rs 3306.2 and low of Rs 3277.4, respectively, during the day. The stock quoted a 52-week high price of Rs 3330.9 and low of Rs 2293.1.

REC Ltd. gained 0.96 per cent to Rs 545.0 at 12:57PM (IST) in Monday's trade. The scrip has hit a high of Rs 548.5 and low of Rs 535.8 so far during the session. The stock had closed at Rs 539.8 in the previous session. The counter has had a total traded volume of 117893 shares so far with a value of Rs 6.39 crore on the NSE. It traded at a price-to-earnings multiple of 9.85 and a price-to-book ratio of 1.73.

European shares started Monday on a subdued note as investors maintained a cautious stance ahead of a slew of key economic data from the region through the week. The pan-European STOXX 600 index held its ground at 514.43, as of 0710 GMT.

SRF Ltd. slipped 0.06 per cent to Rs 2418.45 in Monday's trade as of 12:48PM (IST). The stock hit a high price of Rs 2433.45 and low of Rs 2412.05 during the session. The return on equity (ROE) for the stock stood at 11.63 per cent. Traded volume on the counter stood at 12:48PM shares and turnover at Rs 5.7 crore around that time. The stock of SRF Ltd. quoted a 52-week high price of Rs 2697.45 and 52-week low prices of Rs 2081.25, respectively.

Lupin Ltd. traded 0.09 per cent up in Monday's trade at 12:17PM (IST). Around 15,731 shares changed hands on the counter. The scrip opened at Rs 2164.95 and touched an intraday high and low of Rs 2173.6 and Rs 2141.45, respectively, in the session so far. The stock of Lupin Ltd. quoted a 52-week high of Rs 2312.0 and a 52-week low of Rs 1091.8.

HDFC Asset Management Company Ltd. traded 0.72 per cent up at Rs 4407.95 at 12:12PM (IST) on Monday, even as BSE benchmark Sensex gained 157.78 points to 84702.09. The stock had closed at Rs 4376.15 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 4544.5 and Rs 2565.0, respectively.

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«So, in nickel itself, of course, we still see continued tightness in terms of the Indonesian ore in particular which is a main supplier or main producer on a global scale for the nickel market,» says Jenson Ong, S&P Global Commodity Insights. Now, that the big Fed event is behind us, what is the outlook that you have on the non-ferrous metals because after seeing a significant fall from the May 2024 highs, the non-ferrous metal space has rebounded of late, at least from the September 9 lows that we have seen. Do you think the uptrend is sustainable and from here on, we will see a bigger recovery? Jenson Ong: The non-ferrous metals, of course, looking at the main couple of metals, like let us say nickel, aluminium, copper, for example, in terms of the rebound in prices, of course in the recent months or so, the trend is a lot of supply tightness stemming from the upstream markets of these metals for nickel for example, aluminium, upstream alumina and copper concentrates as well.

Federal Reserve started its rate easing cycle last week. The benchmark 10-year yield is likely to move between 6.75% and 6.78% on Monday, compared with its previous close of 6.7626%, a trader with a primary dealership said.

Oil prices gained slightly during early trade on Monday, boosted by concerns conflict in the Middle East may impact supply in the key producing region and expectations the U.S. interest rate cut last week will support demand. Brent crude futures for November were up 20 cents, or 0.3% at $74.69 a barrel at 0045 GMT. U.S. crude futures for November were up 22 cents, or 0.3%, at $71.22.

Reserve Bank of India to relax some norms for foreign investment in corporate debt to capitalise on surging global interest in local fixed-income instruments following the country's inclusion in a JP Morgan bond index, multiple sources told ET. «Banks, mostly foreign banks, have requested the RBI for some relaxations in norms for foreign portfolio investment (FPI) in corporate bonds such as the rule that allows FPI investment only in corporate bonds with a minimum residual maturity of above one year subject to a 30% cap,» a source aware of the developments said.

Gold prices hovered near record highs on Monday, as traders embraced the momentum generated by the U.S. Federal Reserve's bold interest rate cut and signs that further reductions were on the horizon.

«Only the large companies like NTPC, Tata Power with a strong balance sheet or NHPC, JSW Energy, they can only support this kind of incremental capex which are required beyond 2032, close to 4 lakh, 5 lakh crore kind of opportunity,» says Rupesh D Sankhe, Elara Capital. To begin with, there is debate out on the street whether this IPO of NTPC Renewables is the best thing to do or is it the right time to do or not? What is your take on the same? Rupesh D Sankhe: If you look at their capacity addition target by 2032, it is close to 60 gigawatt capacity. So, current operational capacity is just 3.2 gigawatt and they cannot support more than 2 gigawatt per annum. So, definitely the incremental cash flows will come at around 2,500. It will not add significant growth in their capacity addition for next two to three years.

Afcons Infrastructure — the largest in over two years — is likely to be launched in the first week of October, according to sources. The flagship engineering and construction arm of the Shapoorji Pallonji Group could increase the size of the issue to ₹8,400 crore from ₹7,000 crore planned earlier, including the pre-IPO allotment. This makes it the largest IPO since Life Insurance Corp's (LIC) ₹21,008 crore issue in May 2022. According to the draft red herring prospectus (DRHP), the offering consists of a fresh issue of up to ₹1,250 crore and an offer for sale (OFS) of up to ₹5,750 crore by the promoter, Goswami Infratech. Sources said the promoters are considering selling more shares worth ₹7,150 crore. Afcons did not respond to ET's queries.

Overseas investors bought Indian equities worth ₹32,779 crore across 17 sectors in the first 15 days of September, according to data from NSDL. Financial services received the highest inflows as Foreign Portfolio Investors (FPIs) pumped ₹12,253 crore into the sector in the first-half of September, after selling a similar amount in August. Nifty Bank and Nifty Financial Services indices gained 6.13% and 6.95%, respectively, in the past month. From January to August, overseas investors pulled ₹64,932 crore out of the shares in the sector.

Investors looking to wager on Initial Public Offerings (IPOs) to make a quick buck may be better off selling the newly- acquired shares in the issue soon after the listing. This is because the first-day pop does not ensure that such bets would continue to do well in the subsequent weeks. Of the over 100 mainboard IPOs listed on the exchanges from January 2023 till date, shares of 22 companies were locked in the highest tradable limit (upper circuit) of between 5% and 20% on the listing day, according to Samco Securities. But over half of these stocks have not been able to maintain the bullish momentum over the next one month.

Nifty, with a potential target of 26,250 and immediate support at 25,600. However, caution is advised due to indicators like the FPIs’ long-short ratio reaching 75%, and the monthly RSI crossing 80, according to analysts. Stocks such as HDFC Bank, Kotak Bank, M&M, Maruti, Eicher Motors, L&T, Nestle India, United Spirits, Sobha, Lodha, JSW Steel, Blue Star, and Havells have formed bullish trends on charts. NAGARAJ SHETTI, TECHNICAL ANALYST, HDFC SECURITIES

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...