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.
Jyoti Roy – DVP- Equity Strategist, Angel Broking:
Aptus Value Housing Finance made a tepid listing on the bourses and closed below the issue price on the first day of trading largely due to negative market sentiments. However, the issue received good response and was subscribed by 17.2x due to strong demand from QIB and NIB investors. We had given a subscribe rating to the IPO from a long term perspective and expect the company to do well in the long run given consistent strong financial performance, industry leading return ratios and good asset quality.
Despite the tepid listing we would recommend investors to hold on the positions from a long term perspective as we believe that the company has got strong fundamentals and should do well once the volatility in the market subsides.
Gold Updates:
Gold prices fell on Wednesday as an uptick in the dollar and buoyant risk appetite dimmed the safe-haven metal’s appeal, while investors awaited Federal Reserve Chairman Jerome Powell’s speech this week for guidance on the central bank’s taper plans.
Nifty hits fresh record high
Benchmark indices were trading higher with Nifty5o index hitting fresh record high. At 11:30 IST, the Sensex was up 208.06 points or 0.37% at 56167.04, and the Nifty was up 80.60 points or 0.48% at 16705.20. About 2003 shares have advanced, 801 shares declined, and 93 shares are unchanged.
Jyoti Roy – DVP- Equity Strategist, Angel Broking:
Chemplast Sanmar made a tepid listing on the bourses and closed below the issue price on the first day of trading. This was mostly in line with our expectations given the lukewarm response to the IPO which was subscribed by just 2.17x.
We had given a neutral rating to the IPO given our concerns due to high debt on books and negative net worth despite having a positive outlook on the chemicals. Given that the stock is trading below the issue price we would recommend investors who had been allotted shares in the IPO to exit the stock closer to the issue price.
DAILY VOICE | Valuations Ahead Of Long-term Averages But Not In Bubble Zone: Gaurav Misra Of Mirae Asset Investment Managers
In an interview with Moneycontrol’s Kshitij Anand, Misra said that he prefers to invest in companies that have a strong well-run business model, with good growth prospects, and are available at the…
Kshitij Purohit, Lead International & Commodities at CapitalVia Global Research: USD-INR fell strongly to 74.10 at the open and plummeted 11 paisa / US dollar overnight due to decreasing uncertainty ahead of the Fed meeting in Jackson Hole last Friday. The trend remains bearish, and support in the range of 74.12-74.10 might be tested at any time.
If prices close below 74.10 on the 15-minute chart, we may see a drop to the 74.00-73.98 zone, which is the next immediate support zone, as there is a gap between 74.00 and 74.10, and prices move extremely quickly in these gaps. On the upside, 74.29-74.31, which had previously served as a support zone, may now serve as resistance in the coming sessions.
