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GMR Power Shares Rise Nearly 10% After Its Unit Wins Rs 2,470 crore OrderShares of GMR Power and Urban Infra Ltd. surged nearly 10% after the company's fully owned subsidiary won a project worth nearly Rs 2,470 crore in Uttar Pradesh.GMR Smart Electricity Distribution Pvt. received a letter of award to implement a smart metering project in the Dakshinanchal—Agra and Aligarh zone—area of Uttar Pradesh.It will install, integrate and maintain 25.52 lakh smart metres in the areas. The total contract value is Rs 2,469.7 crore, and the implementation is expected to be completed in 27 months, according to an exchange filing on Wednesday.Separately, the company said on Tuesday it has acquired 50,000 equity shares of GMR Smart Electricity Distribution Pvt. at a face value of Rs 10 each for Rs 5 lakh from another subsidiary, GMR Generation Assets Ltd.This raised the company's stake in GMR Smart from 82% to 100%, making it a wholly owned subsidiary of the company.Shares of GMR Power were trading 6.16% higher at 35.35 per share, compared with a 0.08% decline in the benchmark NSE Nifty 50 as of 10:40 a.m. It advanced as much as 9.91% to an intraday high of Rs 36.6 per share.The stock has risen 54.23% on a year-to-date basis. The total traded volume stood at 3.7 times its 30-day average. The relative strength index was 67.45.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rHavells India Shares Decline As Jefferies Expects Margin Recovery; Says Triggers Priced In At Current ValuationsShares of Havells India Ltd. fell the most in over seven weeks after Jefferies retained its 'hold' rating on the consumer durable company citing that all the positive triggers have been priced in at the current valuations.India's AC demand currently stands at 8 to 9 million units, which is one-tenth of China, entailing growth potential. However, despite that Jefferies says its flagship air conditioner Lloyd's margins were still under pressure even after a healthy sales growth in the June quarter. Better capacity utilization, softening commodities, and cost rationalization like that of ad spends could help revive margins.Jefferies On Havells India Retains 'hold' rating at a price target of Rs 1,420 apiece, implying 2% downside over the next 12 months.Sales were well-diversified across product types. Brokerage expects traction in the upcoming festive season, says that channel inventories are largely normal ahead of the festive season. The global AC industry utilises approximately 190 million units, of which China accounts for about 90 million units. India consumes only 8-9 million units, with sharp under-penetration of approximately 6%. The AC industry in India has consolidated with only seven to eight key players, which represents higher growth potential for companies engaged in the business as per Jefferies.Lloyd is now amongst top-five AC players in India, with 13-14% market share it has has also launched other durables such as washers and refrigerators. While Lloyd is showcasing healthy sales growth, EBIT margins continue to stay negative.Key upside to brokerage's target price include Lloyd margin revival, softening raw material prices, premium launches; whereas, downside includes demand slowdown and pricing pressures.Factors For Lloyd's Margin Revival: Jefferies Going forward, these factors could help revive Lloyd margins as per Jefferies;Current investment behind capex and branding can yield higher volume growth, entailing better operating leverage.Better utilization of plants can lead to better cost efficiencies.Softening commodities and/or input costs could aid revival.Rationalization of ad spends.The scrip fell 2.12% to 1,386.5 per share as of 11:18 a.m., in comparison with 0.03% advance in the NSE Nifty 50. It declined as much as 3.04% intraday, the most in over seven weeks since July 21, 2023. The stock has risen 26.1% on a year-to-date basis. Total traded volume stood at 1.6 times its 30-day average. The relative strength index was at 56.Out of the 47 analysts tracking the company, 29 maintain a 'buy' rating, 14 recommends a 'hold' and four suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 3%.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rBroader Markets Decline BSE Smallcap and BSE Midcap indices fell over 1% in trade after a rout on Tuesday where the stocks included in the BSE SmallCap index recorded a cumulative fall in market cap by Rs 2.48 lakh crore, according to Cogencis data. Those in the BSE MidCap index fell by a total of Rs 1.79 lakh crore.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rMining Companies Trade Mixed As Government Grants 25% Incentive For Exploring Critical MineralsTo boost exploration of critical minerals, the government has announced an incentive of 25% of the approved project cost to the exploration agencies."This incentive will be provided through the National Mineral Exploration Trust and will help in the discovery of critical minerals in the country," said Union Minister of Parliamentary Affairs, Coal, and Mines, Pralhad Venkatesh Joshi, in a post on X (formerly known as Twitter).Exploration agencies from both the public and private sectors can avail themselves of this financial incentive for the successful discovery of critical minerals in the projects, Joshi said.Mining companies traded mixed after the development.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rKEC International Jumps Over 12% To Hit All-Time High After Securing Orders Worth Rs 1,012 CroreShares of KEC International Ltd. hit an all-time high after it secured new orders of Rs 1,012 crore across its various businesses in its civil, transmission and distribution, and cables segments.The scrip rose 6.96% to 711.55 per share as of 9:39 a.m., in comparison with 0.18% decline in the NSE Nifty 50. It advanced as much as 12.39% intraday to hit a record high at Rs 747.7 per share. The stock has risen 43.3% on a year-to-date basis. Total traded volume stood at 16 times its 30-day average. The relative strength index was at 65.Out of the 26 analysts tracking the company, 14 maintain a 'buy' rating, five recommends a 'hold' and seven suggest to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 6.9%.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rBroader Markets Open HigherThe broader market indices opened higher after a day of losses; the S&P BSE MidCap Index was up 0.28%, whereas S&P BSE SmallCap Index was also 1.11% higher.Seventeen the 20 sectors compiled by BSE advanced, while three declined. S&P BSE Metal and S&P BSE Utilities rose the most. The market breadth was skewed in the favour of the buyers. About 1,894 stocks rose, 626 declined, while 101 remained unchanged on the BSE.Zomato Has 32.08 Lakh Shares Change Hands In A Large Trade 32.08 lakh shares changed hands in a large trade 0.04% equity changed hands at Rs 100.50 apiece Buyers and sellers not known immediatelySource: BloombergTop Movers On The Nifty 50 Index!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rSensex, Nifty Open Lower: Opening BellIndia's benchmark stock indices opened lower on Wednesday after a mixed closed on Tuesday. India's Consumer Price Index-based inflation stood at 6.83% in August, as compared with 7.44% in July, according to data from the Ministry of Statistics and Programme Implementation released on Tuesday. The July figures were the highest in 15 months.At pre-open, the S&P BSE Sensex was down 33 points, or 0.05%, at 67,188.64, while the NSE Nifty 50 was 4 points of 0.02% lower at 19,989.50.Share indices in the Asian region were mixed in early trade amid caution before the release of the U.S. CPI print for August, due later today. Hong Kong shares opened higher and looked set to end a five-day losing streak, while mainland China’s main stock index was just marginally in the green. Stocks fell in Australia, with tech shares leading declines, and swung to a loss in Japan following earlier gains. US stock futures were little changed in Asia.The Fed fund future traders are pricing in a 93% possibility of a pause in the U.S. central bank's next policy review meeting on Sep 19-20, while the rest expect a 25-basis-point rate hike, showed the CME FedWatch tool. Meanwhile, the tool showed, traders are factoring in a 40% chance for another 25-bps hike in Fed's November meeting.!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;rSensex, Nifty Trade Lower In Pre-Market TradeAt pre-open, the S&P BSE Sensex was down 33 points, or 0.05%, at 67,188.64, while the NSE Nifty 50 was 4 points of 0.02% lower at 19,989.50.Source: BloombergYield On The 10-Year Declines The yield on the 10-year bond opened 2 bps lower at 7.21% on Wednesday.It closed at 7.23% on Tuesday.Source: BloombergRupee Opens Flat Against The U.S. Dollar The local currency opened flat at Rs 82.92 against the U.S dollar on Wednesday.Source: Bloomberg GMR Power And Urban Infra Arm Gets LoA To Maintain 75.69 Lakh Smart Meters GMR Smart Electricity Gets LoA for smart metering project from by GSEDPL from PuVNLGets LoA , to install, integrate and maintain 75.69 lakh smart meters Total contract value is Rs 2469.71 crore The implementation is expected to be completed in 27 monthsNote: GMR Smart Electricity is stepdown subsidiary of GMR Power and Urban InfraSource: Exchange FilingTrade Talk: Markets Break 7-Day Winning Streak, What's Next?Gift Nifty Indicates Positive Start For Indian Markets: Trade Setup Asian Markets Trade MixedGlobal CuesU.S. Dollar Index at 104.6U.S. 10-year bond yield at 4.29%Brent crude up 0.20% at $92.24 per barrel Nymex crude up 0.28% at $89.09 per barrel GIFT Nifty up 44 points or 0.22% at 20,073.5 as of 8:10 a.m. Bitcoin down 0.51% at $25,942.69Asia Stocks Are Mixed As Traders Await US CPI Data: Markets WrapTrading TweaksEx-date Dividend: Alicon Castalloy, Gokaldas Exports, Hester Biosciences, and Hinduja Global SolutionsEx-date AGM: India Nippon Electricals, Alicon Castalloy, Gokaldas Exports, Hester Biosciences, Hinduja Global Solutions, SEPC, Sandur Manganese & Iron OresRecord-date Dividend: Vijaya Diagnostic Centre, Sandur Manganese, and Iron OresMove Into Short-Term ASM Framework: Vodafone Idea, Transformers, and RectifiersMove Out Of Short-Term ASM Framework: HLV, Pokarna, and UFLEX.RBI Revises Norms For Bank InvestmentsPledge Share DetailsKuantum Papers: Promoter Kapedome Enterprises revoked a pledge of 2.61 crore shares on Sept. 12.BP CEO Looney Resigns Over Past Relationships With ColleaguesInsider TradesPaisalo Digital: Promoter Equilibrated Venture Cflow bought 1.99 lakh shares on Sept 12.Som Distilleries & Breweries: Promoters Deepak Arora and Jagdish Kumar Arora sold 10,000 shares each on Sept 11.Usha Martin: Promoter Rajeev Jhawar bought one lakh shares on Sept 8.KPI Green Energy: Promoter Farukbhai Gulambhai Patel sold 6,100 shares on Sept 12.Dr. Lal PathLabs: Promoter Dr. Arvind Lal sold 10,000 shares on Sept 8.Ultramarine & Pigments: Promoters Deepa Ajay sold 6,582 shares and S Narayan sold 2,000 shares on Sept 8.Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 1.25 lakh shares between Sept. 8 to Sept. 11.Star Cement: Promoter Laxmi Chamaria sold 30,250 shares on Sept 8.Small, Mid Caps Erase More Than Rs 4 Lakh Crore In Investor Wealth In A DayBulk DealsShyam Metalics and Energy: Setu Securities sold 16 lakh shares (0.63%) at Rs 441.69 apiece.Apple Event 2023: Apple Calls New Smartwatch Its First Carbon Neutral ProductBlock DealsL&T Finance Holdings: BC Investments VI sold 2.37 crore shares (0.95%), and BC Asia Growth Investments sold 4.62 crore shares (1.86%), while BNP Paribas Arbitrage bought 3.63 crore shares (1.46%), SBI Life Insurance bought 1.46 crore (0.6%), DSP Blackrock Mutual Fund bought 1.17 crore (0.5%), Bajaj Allianz Life Insurance bought 31 lakh shares (0.12%), and Axis Mutual Fund bought 19 lakh shares (0.07%) at Rs 130 apiece, among others.Apple Unveils New iPhone With USB-C, Camera ImprovementsStocks To Watch: Infosys, Wipro, NTPC, IRCTC, Tata Power, Dmart, Trent In FocusNTPC: The power company completed the trail operation of Unit 1 of the 800 MW capacity of Stage I of the Telangana Super Thermal Power Project and consequently included it in its installed capacity. With this, the installed capacity of NTPC and the NTPC Group has become 57,838 MW and 73,824 MW, respectively.Infosys: The IT major has tied up with STARK Group, Europe’s largest retailer and distributor of building materials, to establish a state-of-the-art data centre in Denmark, which will serve as the foundation to drive technological advancements with an ‘AI first’ approach powered by Infosys Topaz.Wipro: Wipro Holdings (UK) has transferred 100% of its shareholding in Wipro 4C NV to Wipro IT Services UK Societas, effective Sept.12. Wipro Holdings (UK) and Wipro IT Services UK Societas are wholly-owned subsidiaries of the company, while Wipro 4C NV is the step-down subsidiary. The rationalisation and simplification of the overall group structure is the objective behind the stake transfer.IRCTC: The company signed an MoU with NBCC Services for the planning, designing, and execution of interior works for its upcoming office space in Delhi. The cost of the project is Rs 31.4 crore.Tata Power: Its subsidiary, Tata Power Solar Systems, signed an MoU with the Small Industries Development Bank of India to finance MSMEs for solar adoption.Mahindra and Mahindra: The company has been fined Rs 1,69,949 by the Assistant Commercial Taxes Department, Begumpet Division, Hyderabad, for not reversing VAT ITC as per an exchange filing. It also added that it is hopeful for a favourable outcome at the appellate level.Avenue Supermarts: The retailer has opened a new store in Perungudi, Tamil Nadu, taking the total number of stores to 334.Mining companies: To boost exploration of critical minerals, the government has announced that an incentive of 25% of the approved project cost will be extended to exploration agencies. This incentive will be provided through the National Mineral Exploration Trust and will help in the discovery of critical minerals in the country. Exploration agencies from both the public and private sectors can avail this financial incentive upon successful discovery of critical minerals in the projects.Trent: Booker India, a subsidiary of the company, has acquired approximately 4.95% of the equity share capital of its subsidiary, Fiora Online, from a shareholder. The cost of acquisition is Rs 4.1 crore.KEC International: The company secured new orders of Rs 1,012 crore across its various businesses in its civil, transmission and distribution, and cables segments.The Phoenix Mills: The company has incorporated a wholly owned subsidiary, Orcus Logistics and Industrial Parks.RITES: The company signed an MoU with CFM Angola for cooperation in the development of railways and related infrastructure, including the supply of rolling stock.CRISIL: The company has entered into a definitive agreement to acquire renewable energy consulting and knowledge services provider Bridge to India Energy for a consideration of Rs 6 crore. The acquisition is expected to close in the next three months.GMR Power and Urban Infra: The company increased its stake from 82% to 100% in GMR Smart Electricity Distribution from its subsidiary, GMR Generation Asset, for Rs 5 lakh. Also, its step-down arm gets Rs 2,470 crore order for 7.57 million smart meters.GE Power: The company received a purchase order from Vedanta for the combustion modification of a boiler. The base value of the order is Rs 25 crore, and the time period for execution is 14 months.Vakrangee: The company will acquire an 8.8% equity stake in Vortex Engineering from the International Finance Corporation. Through this acquisition, Vakrangee will have a cumulative shareholding of 57.3%.Waaree Renewable Technologies: The company received a letter of intent for engineering, procurement, and construction services for setting up a solar power project of 52.6 MWp capacity. The project is expected to be completed in FY24.India's CPI Inflation Eases, But Stays Elevated At 6.83% In August IPO OfferingsRR Kabel: The company will launch its initial public offering on Wednesday, and the offer will be open till Friday. The Mumbai-based wire and cable manufacturer plans to raise Rs 180 crore via a fresh issue and Rs 1,784 crore through an offer for sale. The price band is fixed at Rs 983 to Rs 1,035 apiece.Apple Event 2023 Live Updates: iPhone 15 Price In India Starts At Rs 79,900GIFT Nifty Signals Higher Opening For BenchmarksAsian equities were mixed before the release of U.S. inflation data for August, which may give a better guide on the future path of Federal Reserve interest rates.Stocks climbed in South Korea and Japan but fell in Australia. Japanese equities were boosted by August producer price data that came in only slightly below economists’ estimates. Hong Kong stock futures advanced, while those for the US were little changed.A rout in technology companies dragged down the U.S. stock market, with the Nasdaq 100 falling 1.1%. Apple Inc., which unveiled the iPhone 15 and other products, dropped almost 2%. The S&P 500 slid 0.6%.Brent crude prices were above $92 a barrel. It rose as much as $92.40 a barrel intraday on Tuesday, the most in nearly 10 months since Nov. 17, 2022. WTI crude was above the $88 mark. The yield on the 10-year U.S. bond was trading at 4.28%, and Bitcoin was below the $26,000 level.At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 44 points, or 0.22%, at 20,073.5.India's Consumer Price Index-based inflation stood at 6.83% in August, as compared with 7.44% in July, according to data from the Ministry of Statistics and Programme Implementation released on Tuesday. The July figures were the highest in 15 months.The country's benchmark stock indices swung between gains and losses on Tuesday after the Nifty scaled a fresh all-time high of 20,110.35 points during early trade. The indices closed mixed, with the Sensex just shy of its all-time high by over 300 points, despite its peers scaling fresh highs for the second day.The market snapped seven sessions of gains, which was the best stretch of gains in over 11 weeks since June 26, 2023. While the media, real estate, energy, and metal sectors were under pressure, I.T. stocks rose, and the pharma sector was marginally higher. Broader market indices, on the other hand, fell the most in a single day after eight months of record highs.Overseas investors turned net sellers of Indian equities after a day on Tuesday. Foreign portfolio investors offloaded stocks worth Rs 1,047.19 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors remained net buyers and bought equities worth Rs 259.48 crore, the NSE data showed.The local currency strengthened 11 paise to close at 82.92 against the U.S. dollar on Tuesday.Stock Market Today: All You Need To Know Going Into Trade On Sept. 13. Read more on Markets by BloombergQuint.
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