Kaveri Seed Board approves share buyback worth Rs 120 crore at Rs 850 per share: The board of directors of Kaveri Seed Company approved the proposal for the buyback of fully-paid equity shares having a Iace value of Rs 2 each for an aggregate amount excluding any expenses inculrcd or to be incurred for the buyback. The stock was trading at Rs 606.50, up Rs 27.10, or 4.68 percent. It has touched an intraday high of Rs 618.70 and an intraday low of Rs 585.40.
Emkay on ICICI Bank:
Broking house Emkay expect the bank to reclaim its decade-best RoEs of ~ 15%/16% by FY23E/FY24E, led by better growth and strong core profitability. Mr. Bakhshi has brought in long-awaited management credibility/stability. Thus, we believe that his longer association with the bank will be essential for the stock’s rerating hereon.
It believe that consistent strong financial performance and management stability have been the key factors for HDFCB’s successful rein in the Indian banking industry, which has faded a bit in the recent past. On the other hand, ICICI has emerged as a growth leader and with better return ratios and credible management, it will be able to narrow down the valuation gap with peers like HDFC Bank.
Jayaswal Neco Industries to consider issuing equity shares to promoters:
A meeting of the board of directors of Jayaswal Neco Industries is scheduled on 28/08/2021, to consider and approve further issue of equity shares to the promoters and the ACRE Trusts on preferential basis, as per the company release.
Jayaswal Neco Industries was quoting at Rs 18.95, up Rs 0.90, or 4.99 percent on the BSE.
Gaurav Garg, Head of Research, CapitalVia Global Research:
Indian benchmark continues to trade positively, opened 30 points higher at 16,654 as positive comments made by World Health Organization (WHO) chief scientist on the COVID-19 situation in India may result in a relief rally on the bourses. The broader markets also opened higher with small-caps and mid-caps surging almost half a percent. Sentiments in the domestic and the global market remains positive, and metals and banking stocks have been trading with positivity. Our research suggests that if the market breaches the resistance zone of 16500-16550, we can expect the market to achieve the new level of 16700-16750.
Revenue of diagnostics companies to grow 17-20% this fiscal: CRISIL Ratings
Revenue of diagnostics companies are set to rise 17-20% this fiscal as a surge in revenue from regular tests1 will offset a moderation in revenue from Covid-192 tests because of the price caps progressively imposed since last fiscal. That compares with a 13% revenue growth last fiscal.
Market at 1 PMBenchmark indices were trading with marginal gain in the afternoon session.The Sensex was up 45.14 points or 0.08% at 56004.12, and the Nifty was up 29.60 points or 0.18% at 16654.20. About 1913 shares have advanced, 953 shares declined, and 101 shares are unchanged.
More than 100 stocks have touched their 52 week highs during the day; click for more:
Borosil Renewables board approves raising up to Rs 500 crore:
The company board approved resolution for raising of capital for a sum of up to Rs 500 crore, through either of public offer, rights issue, issuance of ADRs or GDRs, issuance of FCCBs, QIP, preferential issue or through a combination thereof.
Borosil Renewables was quoting at Rs 305.95, up Rs 12.25, or 4.17 percent on the BSE.
Allied Digital Services wins 6-year contract worth Rs 650 crore:
Allied Digital Services share price gained 10 percent on August 25 after company won a six-year contract for a global automotive giant.
“… has won a six year contract valued at USD 88 million (Rs 650 crore) pure services business to transform IT operating model and infrastructure landscape across workplace management, for a global automotive giant,” company said in the release.
BSE Oil & Gas index rose 1 percent supported by the Adani Total Gas, HPCL, ONGC
Market at 12 PMBenchmark indices erased most of the early gains and trading flat after hitting fresh record highs.The Sensex was up 60.50 points or 0.11% at 56019.48, and the Nifty was up 37.40 points or 0.22% at 16662. About 1938 shares have advanced, 888 shares declined, and 100 shares are unchanged.
Crude Updates:
Oil prices fell on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico’s production and signs that China, the world’s biggest importer, has curbed a recent coronavirus outbreak.
