The NSE Nifty 50 closed 1.03% higher at 24,365, while the BSE Sensex closed 1% higher at 79,675.

Eicher Motors, ONGC, Shriram Finance, Tech Mahindra, and Tata Motors were the top gainers in the Nifty 50. Meanwhile, HDFC Life Insurance, Kotak Mahindra Bank, Sun Pharma, and Britannia were the major losers in the Nifty 50 on August 09.

The stock of MCX rose 5.2% to hit a new 52-week high of Rs 4,433.10 from its previous close of Rs 4,213. The surge in price came after SEBI approved the appointment of Praveena Rai for the role of Managing Director and Chief Executive Officer of Multi Commodity Exchange of India, better known as MCX. Shares of MCX have risen more than 5% in the last five days. The stock has given a return of 15% in the last six months.

“With a 3% on-year consolidated revenue drop and Rs 720 crore EBITDA, Godrej Consumer’s performance was a tad weaker than anticipated. The focus, however, on underpenetrated categories/businesses and greater efficacy drove two launches with huge potential: liquid detergent (Fab) and the anti-mosquito incense stick (GoodKnight agarbatti) and entry into pet care. Management is focused on bettering volumes, international margins and consistently growing cash flow. We slightly tweak our estimates to factor in Q1 figures. We retain a “Buy” with a higher 12-month Rs 1,670 target price (earlier Rs1,360), 60x FY26e EPS (48x FY26e EPS), attributing the higher multiple to potential from launches/ business,” said Anand Rathi Stock and Share Broker in a research report.

“We expect Rupee to trade with a slight negative bias on selling pressure from foreign investors and a positive US Dollar. Ongoing geopolitical tensions in the Middle East may also pressure the Rupee. However, positive global markets after easing worries over the Yen carry trade may support the Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Zydus Lifesciences, previously known as Cadila Healthcare Ltd., reported its first-quarter results on August 9, surpassing estimates across all metrics. The company’s net profit for the April to June period increased to Rs 1,420 crore, up from Rs 1,087 crore in the same period last year.

Shares of Apollo Micro Systems experienced strong buying activity on Friday. The defense and aerospace stock opened with a gap at Rs 113 on the NSE and reached an intraday high of Rs 120.40, marking an 8% rise from Thursday’s closing price of Rs 110.77. The small-cap company drew attention from investors as it scheduled its Q1 results for August 9, 2024.

Info Edge (India) reported a standalone net profit of Rs 232.29 crore for the quarter ended June 2024, up from Rs 199.90 crore in the same quarter last year. The stock is trading flat on the NSE at Rs 6,973.45.

Goldman Sachs has maintained a ‘Buy’ rating while raising the target price to Rs 5,600 from Rs 5,400. The report highlights the upside potential from the recent Guerrilla launch and the upcoming new Classic model. 

Goldman Sachs also notes that export volumes for Royal Enfield are expected to benefit from the Guerrilla launch. Additionally, VECV is entering a period of lower taxes, which is projected to add 2% to the company’s earnings power.

Granules India Limited announced today that the US Food & Drug Administration (FDA) has approved its Abbreviated New Drug Application for Trazodone Hydrochloride Tablets USP in 50 mg, 100 mg, 150 mg, and 300 mg strengths. These tablets are bioequivalent to Pragma Pharmaceuticals’ Desyrel Tablets and are indicated for the treatment of major depressive disorder in adults.

Shares of Bharat Rasayan soared 20% on Friday, August 9, following the company’s announcement of a 515% year-on-year increase in net profit for the June quarter, reaching Rs 43 crore compared to Rs 7 crore in the previous year. The stock was trading at Rs 12,815.15 on the NSE, marking a gain of Rs 2,135.85 over Thursday’s closing price.

Trent reported strong Q1 results, with net profit rising to Rs 391.2 crore, up from Rs 166.7 crore year-on-year. Revenue increased by 56.2% to Rs 4,104.4 crore, compared to Rs 2,628.4 crore in the same period last year. EBITDA grew by 66.7% to Rs 612.6 crore, up from Rs 357.4 crore YoY. The company’s margin improved to 15%, compared to 14% in the previous year.

Shares of CDSL surged 6% to reach a fresh 52-week high of Rs 2,594.85 following the company’s announcement of a 1:1 bonus share issuance. CDSL issued 10,45,00,000 equity shares with a face value of Rs 10 each. After the bonus issue, the company’s total equity share capital will amount to Rs 209 crore.

Tata Chemicals’ stock rose 1.24% on the BSE, trading at ₹1,034.55, after the company’s board approved the terms for issuing non-convertible debentures (NCDs). The board has decided to issue 1,70,000 NCDs with a face value of ₹1,00,000 each, totaling ₹1,700 crore.

Coffee Day Enterprises’ stock dropped 3.93% on the BSE, trading at Rs 47.16, following the company’s announcement that the National Company Law Tribunal (NCLT) in Bengaluru has admitted an application filed by IDBI Trusteeship Services Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application seeks to initiate the Corporate Insolvency Resolution Process (CIRP) for an amount of RS 2,28,45,74,180. Coffee Day Enterprises has indicated that it plans to pursue the necessary legal actions in response to this development.

The National Stock Exchange (NSE) has reached a significant milestone, with its registered investor base surpassing the 10 crore mark as of August 8, 2024. This growth is notable, as the NSE’s investor base expanded from 4 crore in March 2021 to 10 crore in just over three years. Remarkably, the last 1 crore additions occurred in just over five months, highlighting a sharp increase in investor registrations. The total number of client codes (accounts) registered with the Exchange now stands at 19 crore.

Spandana Sphoorty shares rose 1.24% on the NSE, trading at Rs 602.65, following the company’s announcement that its board has approved the issuance of non-convertible debentures (NCDs) with a face value of Rs 1 lakh each, totaling Rs 50 crore, on a private placement basis.

In July, the mutual fund industry recorded net equity inflows of Rs 37,082.4 crore, a decline from Rs 40,573 crore in the previous month, according to data from the Association of Mutual Funds in India (AMFI).

Large-cap funds attracted inflows of Rs 670 crore, down from Rs 970.5 crore in June. Similarly, small-cap funds saw reduced inflows, with Rs 2,109.2 crore compared to Rs 2,263 crore in the prior month.

On the NSE, the top gainers included Eicher Motors with a rise of 4.78%, Grasim up by 3.35%, Shriram Finance increasing by 2.95%, Tata Motors advancing 2.82%, and HCL Tech gaining 2.60%.

In contrast, the top losers were Hindustan Unilever, which fell by 0.32%, Asian Paints down by 0.30%, HDFC Life decreasing by 0.22%, Bajaj Auto slipping 0.07%, and Titan dropping 0.01%.

The allotment of shares in the initial public offering (IPO) of Unicommerce eSolutions is scheduled to be finalised today. The public issue was open for subscription from Tuesday, August 6, to Thursday, August 8.

The mainboard IPO received strong interest during its three-day bidding period, being oversubscribed 168.35 times. The company garnered bids for 237.11 crore shares, compared to the 1.4 crore shares available.

The BSE saw 2,429 stocks advance, while 1,312 declined and 137 remained unchanged, out of a total of 3,878 stocks traded. Among these, 212 stocks reached a 52-week high, and 20 hit a 52-week low. Additionally, 237 stocks were trading in the upper circuit, and 202 stocks hit the lower circuit.

Investec has maintained a ‘Sell’ rating while raising the target price to Rs 3,910 from Rs 3,850. The report highlights an operational beat, with margins benefiting from a favorable product mix and soft commodity prices. 

However, Investec cautions that with competition intensifying in the premium two-wheeler segment, Royal Enfield’s growth is expected to slow down. The valuation appears rich, and Eicher Motors has been identified as Investec’s quarterly Alpha sell idea.

Commenting on the Gold and Silver outlook Renisha Chainani, Head Research – Augmont – Gold For All said that Thursday’s positive US labour market report reduced fears of a recession and increased investor confidence, leading to a risk-on sentiment. However, investors are still concerned about the risk of escalating geopolitical tensions in the Middle East, which could dampen market optimism. The markets have fully priced in the Federal Reserve’s September rate cut.

Chainani also added that the markets have fully priced in a 25-basis-point rate drop by the Federal Reserve in September and are betting on a 50-bps rate decrease, which would bolster the gold and silver prices. Silver prices have traded in a downward-slopping channel for the last three months after hitting a record high in May. $26.5 (~Rs 78000) is very strong support, which Silver prices is maintaining, which is required to maintain an uptrend.

Godrej Properties’ stock rose 2.21% on the NSE, trading at ₹2,940, following the company’s emergence as the highest bidder in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA). Godrej Properties Ltd. secured two residential group housing plots with a combined bid value of ₹842 crore, according to the e-tendering portal of SBI.

The Nifty 50 was up 250 points or 1.04% at 24,367.80, while the Sensex was up 846 points or 1.07% at 79,732.

Shares of NBCC rose more than 11% to an intraday high of Rs 188.40 after the company won an order worth Rs 15,000 crore. The company order is for the development of a satellite township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar ( J&K). The company got the order from the Srinagar Development Authority.

All the constituents of the sectoral index Bank Nifty were trading in the green.

Courtesy: NSE

“Despite receiving demand well below street expectation, OLA listed well above street expectations can be attributed to market mood. Post-listing, the short-term view remains the same due to weak financials and the risk of negative cash flows in future and allotted investors should understand the risk before holding which could adversely impact its consolidated financial condition post-listing. Considering all the factors, we advise only risk-taking investors to continue to hold with a minimum holding period of 2-3 years. What if the stock is available well below its issue price, we recommend risk-taking investors accumulate on every dip to be part of 2-3 years of journey. The long-term story is intact but we may see a lot of ups and downs in the short term,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Shares of state-owned Cochin Shipyard surged by up to 6.5% on Friday following the company’s strong performance report for the April-June quarter. After market hours on Thursday, August 8, Cochin Shipyard announced a 76.5% year-on-year increase in net profit, reaching ₹174.2 crore for the quarter ending June 30, 2024.

OLA Electric made a subdued debut on the National Stock Exchange, listing at Rs 76. The company’s initial public offering (IPO) was open to investors from August 2 and closed on August 6. Despite a full subscription by the second day, the issue received relatively muted demand compared to other recent IPOs.

Read More OLA Electric sees lacklustre debut on NSE, lists at Rs 76; Read to know more