Hindalco Industries, NTPC, HCL Tech, Bajaj Finserv, and ONGC are the top gainers on NSE Nifty 50 index whereas top laggards include Apollo Hospitals, Hero MotoCorp, Adani Ports and SEZ, Maruti Suzuki India, and Grasim.

At 3:15 PM on August 26, 2024, on the Bombay Stock Exchange (BSE), advancing stocks numbered 2,176, while decliners totaled 1,858. A total of 135 stocks remained unchanged. Out of 4,169 stocks traded, 391 hit a 52-week high, and 22 reached a 52-week low. Additionally, 475 stocks were locked in upper circuit limits, and 257 stocks hit the lower circuit.

GlaxoSmithKline Pharmaceuticals has received a favorable order from Punjab State GST authorities, resulting in the dismissal of proceedings related to a Show Cause Notice. The notice had alleged non-payment of cess amount disclosed in the E-way bill, involving a tax of Rs 1,22,37,430, interest of Rs 1,02,47,256, and a penalty of Rs 12,41,829. Following this development, GlaxoSmithKline Pharmaceuticals’ stock is trading at Rs 2,929 on the NSE, down by 0.51%.

Shares of One97 Communications, the parent company of Paytm, fell by as much as 8% on Monday after a Moneycontrol report revealed new regulatory issues for the company. Following these developments, Paytm shares are currently trading 8% lower at Rs 512.25 on the NSE.

Also Read: Paytm shares fall over 8% after SEBI showcause notice for Vijay Shekhar Sharma over IPO breaches

Top gainers among Nifty Realty stocks included Lodha, which rose by 4.63%, followed by Mahindra Lifespace with a gain of 4.23%. Sobha saw an increase of 2.49%, Oberoi Realty was up by 1.58%, and Prestige gained 1.33%.

Interarch Building Products debuted on the National Stock Exchange at Rs 1,299, marking a 44.3% premium over the IPO issue price. The company had set the IPO price range between Rs 850 and Rs 900 per equity share.

The company has emerged as the lowest bidder for a Rs 478 crore project awarded by the Mumbai Metropolitan Region Development Authority (MMRDA). The project entails the design and construction of an elevated road from Kalyan-Murbad Road to Badlapur Road to Pune Link Road. This road will run parallel to the Waldhuni River, crossing over the Karjat-Kasara railway line, and will include the construction of a slip road.

Commenting on the derivative outlook Anand James, Chief Market Strategist, Geojit Financial Services said that Nifty weekly contract has highest open interest at 26000 for Calls and 24000 for Puts while monthly contracts have highest open interest at 26000 for Calls and 24000 for Puts. Highest new OI addition was seen at 26600 for Calls and 24800 for Puts in weekly and at 26600 for Calls and 24800 for Puts in monthly contracts.

James also added that FIIs increased their future index long position holdings by 2.75%, increased future index shorts by 2.73% and index options by 43.38% in Call longs, 26.52% in Call short, 72.18% in Put longs and 42.11% in Put shorts.

Several stocks hit a 52-week high on the NSE, including Honasa with a gain of 12.25%, Caplin Point up by 9.54%, Motilal Oswal rising by 7.52%, Edelweiss advancing by 6.60%, and Shilpa Medicare up by 6.04%.

Zydus Lifesciences’ stock plunged by 5.23% on the NSE, trading at Rs 1,117, following the announcement that its subsidiary has acquired a 50% stake in Sterling Biotech from Perfect Day.

MIC Electronics has secured a Letter of Acceptance from the Lucknow Division of Northern Railway to provide an Integrated Passenger Information System at PRG, PYGS, and PFM stations in connection with Mahakumbh-2025. The order is valued at Rs 2.54 crore. Despite the announcement, MIC Electronics’ stock traded flat at Rs 77.05 on the NSE.

The major gainers on the NSE were ONGC and Hindalco, both up by 2.41%, followed by NTPC with a 2.38% rise, Wipro at 1.85%, and Tata Consumer Products, which gained 1.71%. On the other hand, the top losers included Apollo Hospitals, down by 0.47%, Ultratech Cement, which declined by 0.36%, Eicher Motors with a 0.34% drop, Adani Ports down by 0.30%, and BPCL, which fell by 0.23%.

The company has secured approval from the US Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Betamethasone Valerate foam, 0.12%. This product is therapeutically equivalent to Luxiq foam, 0.12%, a reference listed drug from Norvium Bioscience, LLC. Betamethasone Valerate foam is used in the treatment of scalp skin conditions, offering a new option for patients.

The company has secured approval from the US Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Betamethasone Valerate foam, 0.12%. This product is therapeutically equivalent to Luxiq foam, 0.12%, a reference listed drug from Norvium Bioscience, LLC. Betamethasone Valerate foam is used in the treatment of scalp skin conditions, offering a new option for patients.

Zen Technologies’ stock traded at Rs 1,876.70, marking a 5% increase and hitting its upper circuit limit. This surge follows the company’s successful completion of its first-ever Qualified Institutional Placement (QIP), through which it raised Rs 1,000 crore. The QIP concluded on August 23.

Shares of NIIT Ltd. hit a 20% upper circuit after veteran investor Ramesh Damani was revealed as one of the buyers in a block deal that took place on Friday.

Mangalam Drugs & Organics Ltd has been awarded a $274,800 grant by The Medicines for Malaria Venture (MMV) to support the research and development of Pyronaridine. Following the announcement, Mangalam Drugs’ stock surged 8.01% on the BSE, trading at Rs 143.

Exhicon Event Media Solutions Limited has announced plans to acquire a 76% equity stake in Perfect-Octave Limited (POL) for Rs 8.53 crore.

Raminfo, a BSE-listed technology solutions provider, has made a significant move into the agricultural sector with the launch of Kisan Drones Pvt Ltd. Following the announcement, Raminfo shares surged 7.77% on the BSE, trading at Rs 126.20.

Bharat Heavy Electricals Limited (BHEL) has signed a contract agreement with Adani Power Ltd. and its subsidiary, Mahan Energen Ltd., to set up three Supercritical Thermal Power projects, each with a 2×800 MW capacity, in Kawai, Rajasthan, and Mahan, Madhya Pradesh. The combined value of these three orders exceeds ₹11,000 crore, excluding GST.

Following the announcement, BHEL shares traded at Rs 298.30 on the NSE, up 0.71%, while Adani Power shares traded at Rs 672.40, down by 0.50%.

Anil Dhirubhai Ambani Group (ADAG) stocks, including Reliance Home Finance and Reliance Power, continued to decline on Monday following regulatory action against Anil Ambani and several officials of Reliance Home Finance.

Reliance Home Finance shares were locked at a 5% lower circuit, while Reliance Power shares also hit the 5% lower circuit limit. Additionally, Reliance Infrastructure shares fell by over 1%, and Reliance Communication shares declined by 5%.

Crude oil futures traded higher on Monday morning, driven by concerns over escalating tensions in West Asia and optimism about a potential interest rate cut in the US in September. As of 9:54 am, November Brent oil futures were trading at $78.64, up 0.63%, while October WTI (West Texas Intermediate) crude oil futures were at $75.36, up 0.71%.

ONGC shares trade 2% higher after the company has commenced production from its fifth oil well in the KG-DWN-98/2 Cluster-2 asset, marking a significant milestone in its operations. In addition, the company has successfully commissioned its gas export line, connecting the offshore site to the onshore terminal. 

Mini Diamonds India Ltd (MDIL) has announced a strategic business arrangement with Parasamani Inc., a jewelry company based in Toronto, Canada. Following the news, MDIL’s shares rose by 2% on the BSE, trading at Rs 114.88.

Mahindra & Mahindra has been issued a penalty of Rs 7,49,542 by the Deputy Commissioner of Haridwar, Uttarakhand, under the CGST Act, 2017. The penalty pertains to the claim of Input Tax Credit (ITC) for FY 2019-20 on invoices for which the supplier allegedly failed to discharge GST liability. Following the news, Mahindra & Mahindra shares are trading flat on the NSE, at Rs 2,780.

KEC International’s share price surged over 9% in morning trades on Monday following the announcement of a significant order win valued at Rs 1,079 crore in its Transmission & Distribution (T&D) and Cables businesses. The stock opened at Rs 889.65 on the BSE, nearly 6% higher than the previous close, and subsequently climbed to Rs 916.95, reflecting gains of more than 9%.

Power Grid Corporation has received shareholder approval to increase its borrowing limit for the fiscal year 2024-25 to ₹15,000 crore. The resolution, approved by shareholders, raises the borrowing cap from ₹12,000 crore to ₹15,000 crore. The additional funds will be raised from the domestic market through the issuance of secured or unsecured, non-convertible, cumulative or non-cumulative, redeemable, taxable or tax-free debentures and bonds under private placement for the 2024-25 financial year.

“The Bank Nifty also witnessed rangebound price action and closed marginally in the red. The Bank Nifty can resume its upmove after couple of days of consolidation. On the upside, we expect can now witness a upmove towards 51500 – 51900 from short term perspective. A stoploss of 50400 should be maintained for the long positions,” said  Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Kotak Institutional on Reliance Industries has maintained its “Add” rating but reduced its target price to Rs 3,200 from Rs 3,300. The firm’s FY24 annual report highlights a key positive development: a 50% decline in retail capital expenditure. In contrast, consumer sector capital expenditure has only decreased by 7% for FY24. The telecom segment continues to see high capital expenditure, with other segments experiencing a fivefold increase.

Kotak Institutional remains optimistic about further reductions in both capital expenditure and net debt as telecom capital expenditure moderates. Investment in new energy has been slow, with FY24 investment ranging between $1 billion and $1.2 billion. The firm has also further moderated its earnings projections for retail and O2C (Oil, Gas & Chemicals) sectors for FY25.