The NSE Nifty 50 gained 99.60 points or 0.40% to settle at 25,151.95, while the BSE Sensex jumped 349.05 points or 0.43% to 82,134.61.

Top Movers on NSE Nifty 50 include : Tata Motors, Bajaj Finserv, Britannia Industries, Bajaj Finance, and BPCL are the top gainers on NSE Nifty 5o index whereas the top laggards include Grasim, Mahindra & Mahindra, Dr Reddy’s Lab, JSW Streel, and HDFC Life Insurance.

Motilal Oswal Asset Management Company (MOAMC) has announced listing of Motilal Oswal Nifty India Defence ETF with a trading symbol MODEFENCE. This is India’s first ETF offering exposure to the growth potential of Defence stocks listed in India. The index comprises 15 companies which also form a part of the Nifty total market. The ETF is listing on the NSE on 27th August 2024.

Tata Motors, Bajaj Finserv, Britannia Industries, Bajaj Finance, and BPCL are the top gainers on NSE Nifty 5o index whereas the top laggards include Grasim, Mahindra & Mahindra, Dr Reddy’s Lab, JSW Streel, and HDFC Life Insurance.

Reliance Jio Infocomm, the telecom arm of Reliance Industries Ltd., aims to double its revenue and Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) over the next three to four years, Chairman and Managing Director Mukesh Ambani announced at the company’s Annual General Meeting (AGM) in Mumbai on Thursday, August 29.

Sonata Software, a modernization engineering firm, has secured a multi-year, multimillion-dollar IT outsourcing contract with a prominent US-based healthcare and wellness company. The deal, finalized in June 2024, was initially disclosed during Sonata’s Q1FY25 earnings call on July 31.

Shares of NLC India Limited (NLCIL) were trading at Rs 278.30, up by Rs 2 or 0.72%, on the NSE at 10:50 AM. This gain follows the announcement that the Navratna government enterprise signed a power usage agreement with Telangana State distribution companies (DISCOMs) to supply 200 MW of solar power for 25 years under the Central Public Sector Undertaking (CPSU) Scheme.

Paytm shares surged by 5% in early trade on Thursday on the BSE, reaching a high of Rs 565. The rally followed the finance ministry’s approval for the company to invest in its payment services business. With this approval, Paytm Payments Services Limited (PPSL) is set to resubmit its application for a payment aggregator license.

HCLTech shares rose by 1.55% to Rs 1,746.10 on the NSE, driven by positive analyst reports. Morgan Stanley maintained an Overweight rating with a target price of Rs 1,705, highlighting the management’s optimistic near-term outlook, especially in the financial services sector.

The Rs 2,830.40 crore initial public offering (IPO) of Premier Energies, a leading solar cell and module manufacturer, opened for subscription on August 27, 2024, and will remain open until August 29, 2024. The IPO is priced between Rs 427 and Rs 450 per share. Ahead of the launch, Premier Energies secured Rs 846 crore from anchor investors, indicating strong interest in the offering.

Baazar Style Retail’s initial public offering (IPO) is set to open for subscription on Friday, August 30, and will remain open until Tuesday, September 3. The company aims to raise Rs 834.68 crore through this book-built issue, which includes a fresh issue of 38 lakh shares valued at Rs 148 crore and an offer for sale (OFS) of 1.8 crore shares amounting to Rs 686.68 crore.

TCS has extended its partnership with international fashion retailer Primark to enhance the company’s technology operations over the next five years. The expanded collaboration, announced today, is designed to support Primark’s global growth ambitions.

Commenting on the Reliance Industries share Prashanth Tapse, Senior VP (Research), Mehta Equities said that Markets always eye big hopes from Mukesh Ambani as we have seen historically known for making big announcements at Reliance AGM. High focus on a clear blueprint value unlocking from the Jio IPO along with Retail IPO demerger and followed by a concrete roadmap on the progress of new energy projects will also be in focus during the AGM. On the oil and chemical segment markets are also expecting updates on stake sale prospects.

Tapse also added If we see stock performance pre and post AGM in the last 3 years, based on high hopes pre AGM moves are always positive like the way we are witnessing it from the last 15 days while post AGM historically we have seen negative trends due to fall in hopes. Overall we expect no big bang price action announcement from the AGM due today.

“Technically the stock is trading on a neutral make or break level, any close above 3060 we can see price raising towards 3100 and any close below 2990 we can see breakdown towards 2930 levels. We are on wait and watch strategy,” Tapse further said.

Reliance Industries shares gained over 2% after the company announced it would consider a 1:1 bonus issue on September 5. Mukesh Ambani’s speech is set to begin shortly.

Reliance Industries to consider 1:1 bonus shares on September 5, 2024.

UBS has initiated coverage on PFC with a ‘Buy’ rating and a target price of Rs 670 per share. Similarly, REC also receives a ‘Buy’ recommendation with a target price of Rs 720 per share.

UBS notes that while both REC and PFC share similar growth drivers and trajectories, REC is expected to grow slightly faster.

However, REC is currently trading at a nearly 35% premium to PFC’s standalone multiple, compared to a historical premium of 25%. As a result, UBS has a relative preference for PFC over REC.

“Gold futures have recovered most of the previous session’s dip, on bargain buying at lower levels after reports of renewed buying from China and addition by ETF’s investors, while safe-haven demand and chart-based buying kept sentiments upbeat. The focus for the day will be on the U.S. GDP numbers, weekly jobless claims, and housing data. On the chart, prices are holding above their 100-day SMA around 71600, and the 50-day SMA around 71200, while on the higher side resistance is seen at 72300,” said Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services.

Premier Energies IPO will close on August 29, it was subscribed to a total of 6.72 times more than the offered shares as of the second day, August 28. The retail category was booked 4.37 times during the same period. The NII category was booked 19.35 times, the highest among other segments. It was followed by Employees, 7.11 times.  The company’s shares were commanding a premium of 87% in the grey market. It is an unofficial place where shares trade illegally ahead of listing. 

Read the full story: Premier Energies IPO last day: Check subscription status, GMP, and other key details

Shares of NBCC rose more than 5% to an intraday high of Rs 205.68 after it sold commercial inventory worth Rs 1,342 crore in Delhi. The company touched its 52-week high of Rs 209.75 on August 28, 2024. The upper band for the stock is placed at Rs 234.85.

Nifty 50 hits new record highs of up by over 110 points at 25,174 led by Reliance Industries, ITC, ICICI Bank, Bajaj Finance and Hindustan Unilever

Shares of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) gained over 2% on Thursday following the initiation of coverage by UBS. The foreign brokerage firm has a bullish view on these dividend stocks, citing strong growth prospects driven by the shift towards renewable energy and infrastructure financing.

Commenting on the gold outlook Renisha Chainani, Research Head at Augmont Gold for All said that The US Dollar Index’s modest resurgence has led to a short-term fall in gold prices, despite an overall rising trend. Increased buying activity in North America and Europe would boost worldwide demand, and silver is projected to climb with gold.

Chainani also added that the current political uncertainties in the United States, geopolitical tensions in the Middle East, and global economic concerns all add to the precious metal’s upward trend. Preliminary US Q2 annualized GDP and PCE figures will be released today and tomorrow, providing more insights.

Jefferies has issued a positive report on TVS Motors, maintaining a “Buy” rating with a revised target price of Rs 3,400, up from the earlier target of Rs 3,000, representing a 24% upside from the current market price of Rs 2,737.

The report highlights that TVS Motors is expected to be a major beneficiary of the revival in two-wheeler (2W) demand in both domestic and export markets. Jefferies anticipates continued margin expansion driven by an improving franchise. The company’s earnings per share (EPS) have more than tripled over the past three years, and it is projected to more than double over the next three years.

Although TVS Motors’ price-to-earnings (PE) ratios of 48x for FY25E and 36x for FY26E appear high compared to the CY15-23 average of 28x, Jefferies believes that these premium multiples will be sustained due to a strong growth outlook. The target price of ₹3,400 is based on a 40x PE multiple for September 2026 earnings, rolled over from March 2026 estimates.

EaseMyTrip, an Indian online travel platform, has been recognized as the ‘Best Online Travel Portal of India’ at the Prestigious Brands of India 2024 awards. The award was presented during the Goal Fest Conclave 2024. Shares of Easy Trip trade 1.31% lower at Rs 40.04 on NSE.

Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd, has obtained market entry approval for its proposed biosimilar to Stelara across Europe, the UK, Canada, and Japan. The company announced today that it has signed a settlement and license agreement with Janssen, resolving patent disputes related to its product, Bmab 1200 (bUstekinumab). At 10:30 AM on the NSE, shares of Biocon Ltd were trading at ₹355.40, down by Rs 1.30 or 0.36%.

Commenting on the Technical outlook of Nifty Anand James, Chief Market Strategist, Geojit Financial Services, said that While a minor penetration of 24970 unfolded in the early hours, it did not stop Nifty from swinging higher to 25075 on expected lines. The push above the same could not sustain though, with the intraday peaks crumbling under the weight of profit booking towards close.

“This forces Nifty to ask support from 24970 again, but favoured view expects penetration of the same, aiming for 24870, which should slow down the pace of declines, but 24770/700 also stands exposed. However, a direct push above 25060 early in the day would signal regrouping of bulls, and an attempt to scale 25150,” James added.

JSW Energy has received a Letter of Award for a 400 MW wind-solar hybrid power project from the Maharashtra government. Despite the positive development, the company’s stock was trading 1.44% lower at Rs 726 on the NSE.

Citi has reiterated its “buy” recommendation on Vodafone Idea Ltd., setting a price target of Rs 22 per share. The brokerage firm is optimistic about the Supreme Court’s decision to hear Vodafone Idea’s AGR curative petition, suggesting that a favorable outcome could significantly alleviate the company’s AGR debt burden. Citi estimates potential benefits of Rs 4 to Rs 5 per share, or over 25% upside from the current market price.

Shares of PB Fintech, the parent company of Policybazaar, gained 2% on Thursday following a significant trade during a pre-market block window. Approximately 97 lakh shares, representing 2.1% of the company’s total equity, changed hands in the block deal, as per data available on the stock exchanges.

In its latest report on Adani Ports and Special Economic Zone (ADSEZ), CLSA has maintained an “Outperform” rating with a target price of Rs 1,764. The report highlights that Adani Ports’ core ports have shown traffic growth at three times the national average over FY19-24, along with a year-on-year market share gain of 300 basis points.

CLSA also notes that ADSEZ has formalized its 2030 aspirations, projecting a compound annual growth rate (CAGR) of 15%. Additionally, the report forecasts five-year revenue and port EBITDA CAGRs of 16% year-on-year over FY24-29.