Sensex extends winning run into 11th day, gains 320 pts; Nifty nears 20,200

CLOSING BELL ON SEPTEMBER 15, 2023: The BSE Sensex hit a new life-time high at 67,927, and the Nifty registered a peak at 20,222 on Friday

12:01 PM

ALERT :: Patel Engg hits 5% upper circuit as JV wins Rs 202-crore order

>> Patel Engineering Limited, along with its Joint Venture partner, has been declared as the lowest bidder (L1) for an irrigation project of Rs 202.30 crore from Maharashtra Krishna Valley Development Corporation.

>> Patel Engineering share in the contract is Rs. 80.92 crore

11:49 AM

ALERT :: Update on Adani-Hindenburg case

11:37 AM

Chart check :: Nifty faces next resistance at 20,300

>> NIFTY-50 consistently moved higher for 8 days in a row and we expect some consolidation in range of 18,900-19,200 over the next few days.

 

>> The index supports have moved to 19,800 levels after a strong rally while India VIX has gained by 6% ahead of the FOMC meeting next week.

>> On the higher side, resistances will near to 20,300-20,400 levels as sharp addition in 20,300 strike CE for the weekly expiry.

Source: Reliance Securities

11:25 AM

Midcap stocks have room to correct; buy the dips: Chris Wood

The midcap index, Wood said, now trades at 24.1x 12-month forward earnings compared with 18.7x for the Nifty. Rising crude oil prices, he believes, are another worry for India, which imports nearly 80 per cent of its annual crude oil requirement. READ MORE

11:09 AM

Full list: These are the top-performing equity mutual funds in August 2023

"At the current levels, the industry is nearly halfway through its targeted aim of achieving an AUM of Rs 100 lakh crore over the next few years. The growth in AUM is supported by a sense of optimism among investors against the backdrop of the G20 summit successfully hosted by India, the country’s strong growth prospects moving forward and positive global cues," Icra said in a note. READ MORE

10:56 AM

Sebi tells Brickwork to appoint professional CEO, strengthen board

While affirming some of the violations, the tribunal had remitted the matter to Sebi for a fresh order on the quantum of penalty.

 

Sebi also directed the rating agency to increase the number of directors to nine from the current five. The regulator also said that all new members will have to be unrelated to the founding members. READ MORE

10:42 AM

Restaurant Brands Asia rallies 13%, hits 52-week high on large block deal

Restaurant Brands Asia is one of the fastest growing international Quick Service Restaurant (QSR) chain in India during the first five years of its operations based on the number of restaurants.

 

As the national master franchisee of the BURGER KING brand in India, it has exclusive rights to develop, establish, operate and franchise BURGER KING branded restaurants in India. READ MORE

10:24 AM

BS Exclusive :: We see signs of buoyancy in the economy, says FM Nirmala Sitharaman

My expenditure going up or down doesn't matter. The economy's buoyancy gets reflected in revenue collections. We are closely monitoring capital expenditure, both at the central and state levels. In the Centre's expenditure, the big-ticket ones like the Railways and defence are all moving fast. READ FULL INTERVIEW HERE

10:09 AM

ALERT :: Shakti Pumps wins order worth Rs 293 crore; stock leaps 12%

>> Shakti Pumps (India) has received Letter of Award under PM- KUSUM III scheme from Department of Agriculture, Uttar Pradesh, for 10,000

pumps.

>> The total amount of the work order is for around Rs 293 crore (inclusive of GST)
 

9:56 AM

Comment :: 'Investors can consider some profit booking'

>> The participation of bluechips like Infosys, RIL, L&T, HDFC Bank, and ICICI Bank has imparted resilience to the ongoing rally.

>> Even though the undercurrent of the market is bullish, the high valuations and new risks like surging crude (at $94/bbl) and rising dollar index (at 105) can impact the market negatively.

>> Even while remaining invested in this rally, investors can consider some profit booking, particularly in the over-heated mid-and small-cap space.

>> In the micro-cap segment, hope and momentum, not fundamentals are driving the rally.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:45 AM

Strides Pharma zooms 9% as arm receives tentative approval for Dolutegravir

>> Strides Pharma Science announced that its stepdown wholly owned subsidiary, Strides Pharma Global Pte has received tentative approval for Dolutegravir 50mg tablets from USFDA.

 

9:42 AM

Alkem Labs sharply off lows; Co confirms IT survey at premises

>> Alkem Labs said the income tax department has conducted a survey at some of its offices and subsidiaries. The company said it is fully cooperating with the officials of the IT department and are responding to the queries raised by them.

 

9:39 AM

Gufic Biosciences wins patent for a period of 20 years; stock rallies 2.6%

>> Company has won patent for "A Freeze Dried Parenteral Composition of Omadacycline Tosylate and Process for preparation thereon’ for a period of 20 years, effective from April 19, 2021.

 

9:37 AM

Sequent Scientific gains over 3.5% on plan to transfer API facilities

>>  Board approved sale/ transfer of various API facilities situated at Thane, Maharashtra.

9:34 AM

Bank of Maharashtra rises 3% as it raises Rs 515 cr via Tier-II bonds

>> The bank has raised Rs 515 crore via Basel III Compliant Tier 2 Bonds on private placement basis, at coupon rate of 7.98 per cent.