The NSE Nifty 50 gained 83.95 points or 0.33% to settle at 25,235.90, while the BSE Sensex soared 231.17 points or 0.28% to 82,365.78.

Cipla, Bajaj Finance, Bajaj Finserv, Divis Labs, and Hero MotoCorp are the top movers on NSE Nifty 50 index whereas the top laggards include Reliance Industries, Tata Motors, ITC, Tech Mahindra, and Coal India.

RPP Infra Projects Limited announced today that it has secured a new contract valued at Rs 55.50 crore from the Avadi City Municipal Corporation in Tamil Nadu. The project, under the Tamil Nadu Climate Resilient Urban Development Plan (TNCRUDP) “Amrut 2.0” initiative, aims to provide 24×7 water supply to pilot zones in Avadi City and enhance the existing water supply distribution system.

Shares of Bharti Hexacom, the newly listed entity of the Bharti Group, surged by up to 4% on Friday following a “buy” recommendation from brokerage firm Citi, which recently initiated coverage on the stock.

Shares of SpiceJet fell by up to 6% in intraday trading, trading 5.48% lower at Rs 62.60 on the BSE. This decline adds to the woes of the cash-strapped airline, which has faced multiple challenges. Despite these setbacks, the stock has delivered a return of over 98% in the past year, significantly outperforming the Nifty 50, which rose 30% during the same period. The latest downturn follows three key issues that the airline encountered the previous day.

Shares of Greenply Industries Limited were trading at Rs 383.70, down by Rs 0.55 or 0.14% on the NSE today at 2:10 PM. The company has received a tax demand of approximately Rs 75.5 lakh from the Sales Tax Officer in Delhi. The order, dated August 29, 2024, relates to the financial year 2019-20 and includes a tax demand of Rs 38.97 lakh, interest of Rs 32.62 lakh, and a penalty of Rs 3.90 lakh.

Aurionpro Payments, a subsidiary of Aurionpro Solutions Limited, officially launched as an online payment aggregator at the Global Fintech Fest 2024 in Mumbai today, following authorization from the Reserve Bank of India. The company also introduced two new platforms: AuroPay, a payment receivable solution for businesses, and AuroCheck, a digital onboarding platform for KYC/KYB checks. Despite the announcement, shares of Aurionpro Solutions Limited were trading at Rs 1,922.80, down by Rs 29.15 or 1.49% at 1 PM today on the NSE.

Promoters of Ajmera Realty & Infra India Ltd (ARIIL) unpledges 17,00,000 shares i.e. 4.7% of the total outstanding shares. Buoyant to achieve the goal of 5x growth by 2025, Ajmera Realty & Infra India Ltd is taking major strides towards the same direction. The company achieved a debt reduction of Rs 58 crore during Q1FY25 that has showcased a significant yet sustained growth momentum. This move to unpledge the shares will further strengthen the brand’s perception among existing and potential stakeholders.

The Indian stock market saw modest gains in mid-day trading on Friday, with the Nifty 50 index rising 0.36% to 25,241.80 and the Sensex up 0.32% at 82,401.20 as of 12:45 PM. The market’s upward momentum is supported by Foreign Institutional Investors’ (FIIs) net long positions reaching 70%, aligning with analyst expectations. The Nifty is now eyeing the key resistance level of 25,200.

“We expect the overall trend in gold to remain bullish due to lower rates and geopolitical tensions, and traders have fully priced in a U.S. rate cut next month, with a 66% chance of a 25-basis-point reduction and a 34% chance of a 50-bps cut. However, the size of a potential September Fed cut could well be influenced by how tame or otherwise the core PCE Price Index comes in for July. Consensus for core PCE stands unchanged at 0.2% MoM but slightly higher on a YoY basis at 2.7% from 2.6% in June. However, with the Fed having hinted at rate cuts clearly, a print close to 0.4% MoM may be needed in the core measure to derail that. The PCE is also unlikely to prompt the market to price in a larger rate cut for September in case of softening, so a bigger focus remains on labour market indicators,” said Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas.

“Baazar Style Retail Limited has already secured a share of 2.15% in the organized value retail market in Eastern India and North-Eastern India for Fiscal 2024. They further intend to expand profit margins and increase revenue contribution from its private labels while focusing on creating differentiation and achieving greater control over the product quality of private labels. The company also plans to strengthen its market position by increasing penetration in existing clusters, expanding its footprint in the Focus Markets, increasing focus on customer retention, and garnering brand loyalty. Investors looking to invest can invest in the IPO for the medium to long term,” said Master Capital in an IPO note.

“Baazar style retail is one of the leading players in the value retail market in West Bengal and Odisha. The company is well-focused in catering to the needs of aspirational Indians with affordable pricing only in Tier II and Tier III cities. It has shown resilience and growth following a challenging fiscal year 2022, impacted by the pandemic. On the valuation front, we believe that the company is richly priced. However, considering all its business prospects and stable financial performance we recommend a “Subscribe” rating to the IPO with a higher risk appetite,” said Anand Rathi Research in an IPO note. Come from Sports betting site

“We cut our estimates for earnings per share in the range of 3-4% during FY24-27, given the cut in volume growth (we expect flat domestic volume growth in FY25E for RE). While margin performance has been robust in the past four quarters, due to the improving model mix within exports, it is likely to come in the base from Q2FY25. Hence EPS growth is likely to be muted at 8% YoY during Q2-Q4 FY25. We retain our negative stance, given the high prices of the mid-size MC segment restricting demand, and RE’s new model launches largely cannibalizing one another. We do not expect these factors to change materially; we believe the launches are necessary to guard RE’s current market share and may not result in increasing its share,” said JM Financial Services in a research report on Eicher Motors. The brokerage has maintained “Sell” with a decreased target price of Rs 4,283 from Rs 4,417.

The stock of Apollo Hospitals surged almost 2% to hit a fresh 52-week high of Rs 6,990. The upper band for the stock is placed at Rs 7,542.90. The total market capitalization for the stock is Rs 99,714.66 crore.

Shares of Garden Reach shipbuilders rose over 6% to an intraday high of Rs 1,877.95. The surge came after the company signed an MoU with National Highway Infrastructure Development Corporation Ltd. (NHIDCL) for the fabrication, supply and launching of Double-Lane Class 70 Modular steel & Bailey bridges.

Bharti Airtel, ICICI Bank, M&M, HDFC Bank, and Power Grid Corp were the top contributors to the Nifty 50.

Courtesy: NSE

Shares of Rail Vikas Nigam rose 3.5% to an intraday high of Rs 599.85. The upsurge in the price came after the company signed an MoU with Patel Engineering. The upper band for the stock is placed at Rs 695.75.

The NSE Nifty 50 was up 0.38% at 25,246.50 while the BSE Sensex was up 0.36% at 82,429.68.

Zydus Lifesciences Ltd announced today that its wholly-owned subsidiary, Zydus Animal Health and Investments Ltd, has successfully acquired a 50% equity stake in Sterling Biotech Ltd (SBL) from Perfect Day Inc. Following the announcement, shares of Zydus Lifesciences Limited were trading at ₹1,153.55, up by ₹21.50 or 1.90%.

Torrent Pharma’s Indrad facility has received a USFDA Establishment Inspection Report (EIR) with a Voluntary Action Indicated (VAI) classification, successfully concluding the inspection.

Commenting on the gold outlook Renisha Chainani, Research Head at Augmont Gold for All said that The U.S. economy continues to defy expectations, with GDP growing strongly in the second quarter. Despite this favourable economic news, gold prices remain unchanged, with the market consolidating at record levels. The Bureau of Economic Analysis said that the preliminary reading of second-quarter GDP indicated the economy expanded by 3.0% between April and June, up from the earlier estimate of 2.8%. This rises above the 1.4% growth reported in the first quarter.

Chainani also added that In addition to strong economic growth, the report includes mixed inflation figures. The GDP Price Index increased 2.5% in the second quarter, above the earlier projection of 2.3%. Geopolitical concerns, political instability and strong physical buying are the supporting factors for the gold price rise.

Several sugar stocks rose by up to 13% including, Dalmia Bharat Sugar and Industries led the surge, increasing by 13% to Rs 497.40. Shree Renuka Sugars and Avadh Sugar & Energy both saw a 10% rise, reaching Rs 52.01 and Rs 774.15, respectively.

Triveni Engineering & Industries gained 9%, trading at Rs 479, while Dhampur Sugar Mills also rose 9% to Rs 228.85. Balrampur Chini Mills and Dwarikesh Sugar Industries saw increases of 8%, reaching R 625.85 and Rs 79.40, respectively. EID Parry (India) experienced a 7.5% increase, closing at R 875.45.

Schaeffler India has relaunched its REPXPERT Mobile Training Van, which is set to resume its nationwide journey to enhance the skills of mechanics. This program is specifically designed for the commercial vehicle segment and aims to provide advanced training and upskilling opportunities to mechanics across the country.

Bazaar Style Retail IPO opened on August 30 to investors. The company wants to raise a total of Rs 834.68 crore, through a combination of fresh shares and an offer for sale. The issue will close on September 3. 

“We reiterate “Buy” given its industry leading capabilities across businesses and expectation of robust 16-17% EPS CAGR over the next 3-5 years. At CMP, the stock is trading at FY26E P/E of 22.2x (3 yr avg: 24.4x) and FY26E EV/EBITDA of 11.4x (3 yr avg: 12.8,” said JM Financial in its research report. “Our target price for Reliance Industries of Rs 3,500/share (and 3 year target price of Rs 4,600) is computed on a sum-of-the-parts (SOTP) valuation method.”

Shares of Divi’s Laboratories rose 2.24% to hit a fresh 52-week high of Rs 5,125. The upper band for the stock is placed at Rs 5,513.80. The company has a market capitalisation of Rs 1.36 trillionCome from Sports betting site VPbet.

Bazaar Style Retail IPO opened on August 30 to investors. The company wants to raise a total of Rs 834.68 crore, through a combination of fresh shares and an offer for sale. The issue will close on September 3. The company kept the price band in a range of Rs 370 to Rs 389 per equity share. The company is expected to hit the secondary market on September 06, as per the tentative schedule. A retail buyer needs to buy at least one lot of 38 shares, which amounts to Rs 14,782.

HFCL Limited has successfully completed one of the world’s largest Control and User Plane Separation (CUPS) architecture-based Broadband Network Gateway (BNG) deployments for Bharat Sanchar Nigam Limited (BSNL). The project, valued at approximately Rs 390 crore, was initiated in October 2022.

GIFT Nifty, the emerging benchmark for India’s equity market, reached a new milestone by recording its highest-ever open interest of $18.29 billion on August 27, 2024. This surpasses its previous record of $18.22 billion set on June 26, 2024. The continuous rise in open interest underscores broader participation and reflects the growing trust of global investors in GIFT Nifty.

Sugar stocks surged by up to 8% following the government’s decision to remove the cap on sugar diversion for ethanol production for the ESY 2024-FY. This policy change has fueled optimism in the sector, leading to a significant rise in stock prices.