Market-Report-August 23

       Global

• Bond bull market ending; higher yields expected.

• Recent 10-year yield rise due to cyclical factors.

• Factors: Economic strength, fiscal health decline, debt supply increase, inflation threats.

• Dow and S&P 500 were slightly lower due to high-interest rate worries.

• Nasdaq gains marginally; financial sector drops 0.9%, affecting S&P 500.

• Credit downgrade impacts bank shares; 10-year yield hits 16-year high.

• Macy’s drops 14.1% on weak consumer spending warning.

• Await Powell’s speech for rate clarity.

• Nvidia shares hit an all-time high but dropped 2.8%.

• UK manufacturing PMI at 42.5 (forecast: 45).

• UK services PMI at 48.7 (forecast: 51).

       India

• BEML shares surge to a 52-week high on securing Rs 101 crore defense order for Command Post Vehicles from the Ministry of Defence, amidst ongoing contracts and narrowed Q2 losses.

• L&T shares hit record high on winning a Rs 2,500-crore urea plant contract in Australia and securing orders for substations and transmission lines in Kuwait, alongside ongoing Middle East projects.

• Reliance Industrial Investments acquires a 3.56% stake in Reliance Industries through an off-market transaction.

• SEBI proposes the establishment of a Research Analyst Administration and Supervisory Body (RAASB) to oversee and regulate Research Analysts (RAs) in line with IAASB for Investment Advisers, seeking public input on the initiative.

• RITES emerges as the lowest bidder for Railway Board tender, securing the contract for rail testing and inspection from Indian Railways, driving shares up by over 1%.

• Piramal Enterprises to raise Rs 3,000 crore through NCDs as board approval leads to stock gains; despite a decline in pre-provisioning operating profit, net profit shows significant growth, alongside a previously announced share buyback scheme.

• Linde India achieves record stock high following IOCL contract wins for air separation unit; the stock has surged over 20% in recent days and has seen remarkable growth since its Covid-19 low, with expectations of growth in healthcare and steel sectors driving gas demand.

• Nava: Promoter AV Dwellings bought 15,000 shares on Aug. 18.

• KPI Green Energy: Promoter Farukbhai Gulambhai Patel bought 1,500 shares on Aug. 21.
  DB Realty: Promoters Ali Gulamali Morani, Karim Gulamali Morani, and Mohammed Gulamali Morani sold 10,026, 50,000, and 37,000 shares respectively on Aug. 17.

• Greaves Cotton: Promoter Karun Carpets bought 41,668 shares between Aug. 21 and 22.

• Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on Aug. 21.

• Ultramarine & Pigments: Promoter S Narayanan sold 14,700 shares on Aug. 21.

• Mayur Uniquoters: Promoter Suresh Kumar Poddar sold one lakh shares on Aug. 17. Promoter Arun Kumar Bagaria sold 1.6 lakh shares between Aug. 18 and 21.

• SJS Enterprises: Evergraph Holdings and Sanders Consulting sell a total of 30% stake, while mutual funds buy shares.

• Ganesh Benzoplast: Indresh Bhupendra Shah sells a 0.5% stake (3.5 lakh shares) in Ganesh Benzoplast.

• JTL Industries: Mohinder Pal sells a 1.2% stake (10 lakh shares) in JTL Industries.

• RattanIndia Power: Aditya Birla ARC sells a 0.9% stake (4.8 crore shares), and Altius Finserv buys a 0.6% stake (three crore shares) in RattanIndia Power.

• Shriram Properties: Omega TC Sabre Holdings sells a 2.3% stake (39 lakh shares) in Shriram Properties.

      Gail

• Exploring ethane sourcing for petrochemical plants.

• Targeting 20,000 km national gas grid completion next year.

• Planning Rs 30,000 crore capex over 3 years.

• Interested in developing compressed bio gas plants across India.

• Considering organic or inorganic expansion of renewable portfolio.

• Exploring long-term LNG sourcing with global players.

• Planning to establish an ethane cracker.