Shares of HFCL rose 12.25% to an intraday high of Rs 138.80 from its previous close of Rs 123.65. The company touched its 52-week high of Rs 140.50 on August 01, 2024. The upper band for the stock is placed at Rs 148.38 or 20% on the higher side to the previous close.

The Rupee slipped to its record lowest level, due to strong dollar bids in the non-deliverable forwards market and importer hedging. The rupee declined to a record low of 83.9725 against the US dollar, eclipsing its previous lifetime low of 83.96 hit on Tuesday.

The stock of Adani Enterprises rose 3.75% to an intraday high of Rs 3,188 from its previous close of Rs 3,072.70. The shares of the company were among the top gainers in the Nifty 50. The company has a 52-week high of Rs 3,743.90, which it touched on June 03, 2024.

ONGC, Oil India, GAIL, IOC, and BPCL are the major contributors to pulling the sectoral index higher.

Courtesy: NSE

Shares of IndusInd fell 3.75% to hit a fresh 52-week low of Rs 1,329.20 from its previous close of Rs 1,381. The stock was the major loser in the Nifty 50. The lower band for the stock is placed at Rs 1,242.90.

“We expect Rupee to trade with a negative bias on a recovery in the US Dollar and geopolitical tensions in the Middle East. However, positive global equities may support the Rupee at lower levels. Any further intervention by RBI may also support the Rupee. Investors may watch out for RBI’s monetary policy decision. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Nuvama analysts noted that the company’s valuations are lofty at 25 times FY26 PE and 3.4 times FY26 P/BV. They retained a ‘reduce’ rating on Tata Power with a target price of Rs 346.

Looking ahead, analysts suggested that renewable power producers will be key drivers for Tata Power’s future growth. The company’s management has outlined a capital expenditure of Rs 2,000 crore in FY25 for renewables, storage, and transmission & distribution (T&D), which is higher than previous projections.

Shares of Uno Minda traded flat at Rs 975.45 on the NSE after the company reported a consolidated net profit of Rs 210.80 crore for the quarter ended June 2024, compared to Rs 180.17 crore in the same quarter last year.

Commenting on the long-term capital gains (LTCG) tax Atul Parakh, CEO of Bigul said that The recent amendment to the finance bill has been a huge relief for middle-class homeowners who were adversely affected by the removal of indexation benefits, which caused a lot of backlash from political parties, the real estate industry and the general public.

Parakh also added The new amendment lets taxpayers select either a 12.5% LTCG rate without indexation or a 20% with indexation for property acquired before July 23, 2024. This reduction of tax burden will benefit homeowners will be beneficial for realty sales, and investors will infuse more capital into the realty sector due to recent amendments. The real sector as a whole can continue its growing trajectory in the long run.

Shares of Sandur Manganese & Iron Ores rose over 2% after the company announced the appointment of Krishnendu Sanyal as Chief Executive Officer (CEO) and Manjunath Prabhu as Chief Operating Officer (COO). These leadership appointments aim to augment the company’s management bandwidth and drive forward its ambitious plans for integration and sustainability in the metals and mining industry.

Shares of Tata Power Company, the electricity distribution arm of the Tata group, declined in the first hour of trading on Wednesday, August 7. The stock was down around 1%, following the company’s modest 4% year-on-year growth in net profit for the June 2024 quarter.

The shares had opened positively at Rs 444 apiece on the National Stock Exchange (NSE), 1.6% higher than the previous session’s close. However, minutes into the trade, the shares began to slide.

By 1:22 pm, the stock was trading at Rs 427.95 apiece on the NSE, down 2% from the last closing price. On the BSE, the decline was sharper, with Tata Power trading 2% lower at Rs 428 per share.

Ceigall India is among the fastest-growing engineering, procurement, and construction (EPC) companies, based on a three-year compound annual growth rate (CAGR) in revenue as of Fiscal Year 2024. The company has a strong order book spread across various business sectors and geographical regions allowing them to pursue a wider range of project tenders, thereby maximizing their business volume and profit margins. Looking at these factors we recommend “Subscribe – Long Term” rating for the IPO,” said Anand Rathi Stocks and Share Brokers in an IPO note. 

In terms of stock performance, ONGC shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 9.69% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 20.67%, indicating a strong upward trend.

Year-to-date, ONGC shares have surged by 59.90%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 89.88% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.

AIA Engineering stock rose by 1.16% on the NSE, trading at Rs 4,515, after the company’s board approved the buy-back of fully paid-up equity shares with a face value of Rs 2 each at Rs 5,000 per share. This buy-back will be payable in cash for a total consideration not exceeding Rs 500 crore.

Jefferies has maintains a ‘Buy’ call on Oil and Natural Gas Corporation Ltd (ONGC) with a target price of Rs 390. According to their report, Q1 standalone EBITDA was 3% ahead of estimates, while domestic production was broadly in line with expectations.

The report adds realisations also slightly exceeded projections and Q1 PAT was in line with both estimates and consensus, despite being offset by higher depreciation, amortization, and interest expenses.

Jefferies emphasized that growth guidance for production, particularly from the Krishna Godavari Basin, is crucial to monitor. They also noted that premium price realizations from new wells in nomination fields will be key factors to watch.

Cochin Shipyard’s shares slumped over 7% to an intraday low of Rs 2,121 from their previous close of ₹2,290.45, before rising 2% to Rs 2,338 during intraday trading.

Over the past five days, the stock has declined by around 14% and nearly 19% over the past month. However, it has delivered a return of more than 161% in the past six months and increased investors’ wealth by over 590% in the last year. In the long term, the stock has surged 13 times in the past five years.

Read More: Cochin Shipyard slides 7%; Find out why the stock is down 19% in 1 month

Shares of Shilpa Medicare Limited surged 6.36% to trade at Rs 709 on the NSE after the company announced the completion of Phase 1 clinical trials for recombinant human albumin 20% (rHA).

Top gainers on the NSE included ONGC, which surged 7.11%, Coal India up 5.16%, Adani Enterprises rising 3.11%, Adani Ports gaining 2.90%, and JSW Steel advancing 2.75%. Conversely, the top losers were IndusInd Bank, which fell 2.46%, Bharti Airtel down 0.59%, Asian Paints decreasing 0.40%, Kotak Mahindra slipping 0.19%, and Titan down 0.17%.

As of noon on August 7, 2024, on the BSE, 2,808 stocks advanced while 945 declined, and 125 remained unchanged. A total of 3,878 stocks were traded. Of these, 151 reached a 52-week high, while 19 hit a 52-week low.

Shares of Oil and Natural Gas Corporation Ltd (ONGC) surged over 7% to an intraday high of Rs 329.65 on the NSE on Wednesday, August 7, following positive reviews from multiple brokerages after the company’s first-quarter earnings report.

Read More: ONGC shares jump over 7%; brokerages maintain ‘buy’ call on stock

The stock of Coal India rallied 5% to an intraday high of Rs 524.40 from its previous close of Rs 499.60. The surge in price came after it signed a pact to form a joint venture with GAIL India to set up a coal-to-synthetic natural gas plant using surface coal gasification technology.

Shares of Suzlon Energy rose 5% to hit an upper band of Rs 69.58 after it signed a definitive agreement to acquire a 76% stake in Renom Energy Services in two tranches. The stock touched its 52-week high of Rs 71.64 on August 05, 2024.

HDFC Bank, Infosys, ONGC, L&T, and ITC were the top gainers in the Nifty 50.

Courtesy: NSE

The FirstCry IPO has been subscribed 14% as of 10:15 am on Wednesday, the second day of the bidding process. The public issue has received bids for 67.30 lakh equity shares out of the 4.96 crore shares on offer, according to NSE data.

The IPO has seen a 58% subscription in the retail category and the employee portion has been subscribed 2.28 times. The Non-Institutional Investors (NII) category has been subscribed 10% so far, while the Qualified Institutional Buyers (QIBs) have yet to place their bids.

Commenting on the Gold and Silver outlook Renisha Chainani, Head Research – Augmont – Gold For All said that Gold and Silver prices have rebounded modestly after a sharp selloff seen at the start of the week. The manufacturing sector’s economic activity shrank more than anticipated in July, according to US macro data released last week, while the expansion of jobs slowed down more than predicted in the same month.

Chainani also added that this gives rise to concerns about a potential US recession and the likelihood of a more aggressive policy easing by the Federal Reserve, which precipitated the sharp decrease in US Treasury bond rates that has occurred recently.

Shares of Cummins India trade marginally higher at Rs 2575.50 on NSE after the Power solutions technology provider reported a 33% year-on-year jump in standalone net profit, reaching Rs 419.8 crore for the first quarter that ended June 30, 2024. This marks a significant rise from the Rs 315.7 crore net profit posted in the corresponding quarter of the previous year.

Emkay Global reported that Oil and Natural Gas Corporation (ONGC) posted a 10% beat on Q1FY25 standalone EBITDA, driven by lower-than-expected operating expenses and levies. The reported profit of ₹8,940 crore also exceeded expectations.

Total crude production fell 1.4% year-on-year to 5.2 million metric tons, aligning with forecasts, while gas output declined 4.1% year-on-year to 5.0 billion cubic meters, which was 1% above estimates. The management reaffirmed its commitment to ramping up peak oil and gas output at KG-98/2 by Q4FY25.

Oil and Natural Gas Corporation is currently trading at ₹328.1, up by 7.19% today. The 7-day Simple Moving Average is ₹330.58, showing a slight deviation from the current price.

TVS Motor, a leading manufacturer of two-wheelers and three-wheelers in the country, saw its shares spike by 5.6% in early morning trade, reaching an all-time high of Rs 2,618 per share. The rise follows the company’s report of robust financial results for the quarter ending in June.