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Gensol Engg and Matrix Gas consortium win Rs 164-crore bid; stock rises 3%

Gensol Engg and Matrix Gas consortium win Rs 164-crore bid; stock rises 3%

by | Sep 3, 2024 | Share Market


2 min read Last Updated : Sep 03 2024 | 11:36 AM IST

Gensol Engg shares surge: Shares of Gensol Engineering gained up to 3.19 per cent to hit an intraday high of Rs 972 per share on Tuesday, September 03, 2024. 


The uptick in Gensol Engineering share price came after the company announced that Gensol Engineering and Matrix Gas & Renewables consortium has emerged as lowest bidder for engineering, procurement and construction (EPC) of India’s first biomass to Green Hydrogen project, valued at Rs 164 crore.


The scope of work includes developing the establishment of a 25 tonnes per day (TPD) Bio-waste processing and producing 1 TPD Green Hydrogen Infrastructure from Pre-Gasification Plasma Induced Radiant Energy-Based Gasification System (GH2-PREGS) technology, Gensol Engineering said in a statement.


“We are honoured to emerge as the lowest bidder for EPC of India’s first biomass to green hydrogen project for India’s leading power generation company. Gensol and Matrix consortium highlights our unwavering commitment to innovation and excellence within the renewable energy sector, aligning towards India’s National Green Hydrogen Mission and proliferating to unlock EPC turnkey solution providers. By converting bio-waste into hydrogen, we are addressing critical environmental challenges and making a significant contribution to the nation’s energy transition. We are committed to executing this project with the highest standards of quality and efficiency that defines Gensol,” said Anmol Singh Jaggi, chairman and managing director, Gensol Engineering.


The project is scheduled for completion within 18 months, the company added.


Furthermore, Gensol Engineering has strategically partnered with Westinghouse, USA who has patented technology and has commissioned multiple plants globally. 


Chirag Kotecha, whole-time director, Matrix Gas & Renewables said, “We are proud to be at the forefront of India’s energy transition with the development of the country’s first Biomass to Green Hydrogen project. This project represents a significant leap forward in the nation’s mission. Our team is dedicated to executing this project with the utmost precision and efficiency, ensuring that it serves as a model for future initiatives to create a holistic GH2 ecosystem, by embracing this innovative pathway model for the onset of the plasma waste-to-energy era.”


The market capitalisation of Gensol Engineering is Rs 3,565.73 crore, according to BSE.


At 11:30 AM, shares of Gensol Engineering were trading 0.10 per cent lower at Rs 941 per share. In comparison, BSE Sensex was trading 0.08 per cent at 82,492.16 levels. 

First Published: Sep 03 2024 | 11:36 AM IST



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Brigade Enterprises up 5% after launching Rs 1,500 crore QIP

Brigade Enterprises up 5% after launching Rs 1,500 crore QIP

by | Sep 3, 2024 | Share Market


Brigade Group logo (Credit: www.brigadegroup.com)

2 min read Last Updated : Sep 03 2024 | 10:36 AM IST

Brigade Enterprises shares gained as much as 4.8 per cent on Tuesday (September 3), after the company launched its qualified institutional placement (QIP) post market hours on Monday.


“The Committee of Directors has, at its meeting held on September 2, 2024, passed resolutions for the following: a. Authorising the opening of the Issue today, i.e. September 2, 2024; b. Approving and adopting the preliminary placement document dated September 2, 2024 and format of the application form, in connection with the Issue; and c. Approving the floor price for the Issue, being Rs 1,164.70 per Equity Share, (Floor Price),” the company’s exchange filing stated.


In a filing dated February 6, the company had proposed to raise Rs 1,500 crore without deciding on the mode of fundraising. Later, on March 22, the company had sought the board’s approval to raise funds via a QIP.


Companies raise capital via the QIP route by issuing equity shares or convertible debentures.


As of 9:37 AM, shares of Brigade Enterprises climbed 2.74 per cent or Rs 34, to trade at Rs 1273.8. The market capitalisation of the company at around the same time stood at Rs 29,447.83 crore.


Brigade Enterprises Q1FY25 result


Realty player Brigade Group reported a consolidated net profit of Rs 81 crore in the first quarter of fiscal 2025. The company’s profit increased 285.7 per cent from the corresponding quarter in the previous year. 


Meanwhile, the company’s revenue for the quarter stood at Rs 1,113 crore in Q1FY25, compared to Rs 685 crore in Q1FY24. Pre-sales bookings in the real estate segment for the period stood at 1.15 million square feet, with a sale value of Rs 1,086 crore.


Brigade caters to three major segments, residential properties, offices, retail and hotels. The developer is present across cities such as Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.


Brigade Enterprises’ share price history


In the past one year, shares of Brigade Enterprises have gained 102.6 per cent, compared to BSE Sensex’s rise of 26.2 per cent. 

First Published: Sep 03 2024 | 10:36 AM IST



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F&O Cues: DIIs net long in Nifty highest in 2 months; futures premium sink

F&O Cues: DIIs net long in Nifty highest in 2 months; futures premium sink

by | Sep 3, 2024 | Share Market


4 min read Last Updated : Sep 03 2024 | 9:23 AM IST

F&O Cues for Tuesday, September 03, 2024: Even as the NSE Nifty 50 index extended its winning run to the 13th straight day yesterday, the NSE September futures ended in red, down 0.1 per cent at 25,340. This was primarily on account of a sharp fall in Nifty futures premium from Rs 141 to Rs 61. On Monday, the Nifty September futures open interest (OI) rose by mere 1.3 per cent.


Meanwhile, the Bank Nifty September futures ended almost unmoved, with a slight addition in OI. The Bank Nifty futures premium also took a sharp knock from Rs 312 to Rs 211.


Key Insights from Nifty, Bank Nifty Options data:


The Nifty options market has shown signs of a bearish bias, with a higher volume of calls being written compared to puts. This shift in sentiment marks the end of a one-week bullish streak where puts were more heavily written, said Dhupesh Dhameja, Technical Analyst at SAMCO Securities in a note.


Significant open interest at the 25,000 Put (61.28 lakh contracts) and the 25,300 Call (66.42 lakh contracts) reflects a cautious stance, as call writers adjust to lower levels, creating strong resistance.


The Put-Call Ratio (PCR) has decreased from 1.27 on Friday to 0.96, underscoring the dominance of call writers. The PCR, which had been on an upward streak, has now sustained above 1 throughout the week, signaling a cautionary trend. The Max Pain Point at 25,200 marks a critical level that could influence near-term Nifty movement, said Dhupesh Dhameja.


In case of Bank Nifty, options data shows significant open interest at the 51,500 Call (39.33 lakh contracts) and the 51,000 Put (25.96 lakh contracts), with active trading around the 51,400-51,600 Calls and 51,200-51,100 Puts.


The Put-Call Ratio (PCR) has slightly decreased from 0.88 on Friday to 0.85, indicating a sideways to bearish sentiment. The Bank Nifty has been unable to find direction, remaining muted within the 51,500-51,000-trading range over the past six sessions, leading to dull momentum. The Max Pain Point, concentrated at 51,500, is a critical level to monitor for potential shifts in the index’s direction, the note from SAMCO added.


FII, DII trading activity in F&O – Here’s all you need to know about who bought and who sold in the derivatives market on September 02?


As per data from the NSE, FIIs net sold 10,187 contracts of index futures on Monday for a consideration of Rs 600.18 crore. FIIs net sold 13,256 contracts of Nifty futures and 203 contracts of MidCap Nifty futures, while bought 3,198 contracts of Bank Nifty futures.


FIIs were net sellers in Nifty futures for the first time in the last six trading sessions, indicating possible profit-taking given the continuous rally in the Nifty.


Pursuant to which, FIIs long-short ratio in index futures dipped to 2.3:1 – this ratio implies that foreign investors now hold near about 5 long positions in index futures for every 2 bets on the short side of trade. The FIIs longs in index futures stood at 69.96 per cent as of yesterday.


Meanwhile, domestic institutional investors (DIIs) net bought 18,347 contracts of index futures, mainly absorbing what FIIs sold. In the process, DIIs index futures long-short ratio rose to its highest level since June 19 to 0.77; with net index longs at 43.48 per cent.


On the other hand, retail traders’ trimmed some of their short bets, as the long-short ratio rose to 0.67.


Bullish & Bearish stocks


Gujarat Gas, which was the top gainer among the F&O stocks up 11 per cent on Monday, saw mere 1 per cent rise in open interest (OI). Some long positions were seen added in GNFC as the stock advanced 1.4 per cent backed by a 5.3 per cent rise in OI.


On the other hand, Hindustan Copper and Indraprastha Gas saw some shorts been added as the stocks declined 3.8 per cent and 1 per cent accompanied with a 16.8 per cent and 11.1 per cent increase in OI.


Stocks in F&O ban period


Balrampur Chini is the only stock in futures & options ban period on Tuesday.

First Published: Sep 03 2024 | 9:23 AM IST



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Buy Macrotech & Sunteck; Hold Oberoi Realty & Godrej Prop, suggests Nuvama

Buy Macrotech & Sunteck; Hold Oberoi Realty & Godrej Prop, suggests Nuvama

by | Sep 3, 2024 | Share Market


3 min read Last Updated : Sep 03 2024 | 8:29 AM IST


Nuvama on Real Estate players: Domestic brokerage Nuvama maintains a positive outlook on the real estate sector, particularly for Mumbai-based developers. Analysts are recommending a ‘Buy’ on Macrotech Developers and Sunteck Realty, citing their expected benefits from strong housing sales in Mumbai. 


“All in all, we argue Mumbai-based developers such as Macrotech Developers (Buy), Oberoi Realty (Hold), Godrej Properties (Hold), Sunteck Realty (Buy) and Rustomjee (not rated) would benefit from strong housing sales in Mumbai,” Parvez Qazi and Vasudev Ganatra of Nuvama said in a note.


The analysts believe that factors like healthy leverage, an increased focus on business development, and the potential for interest rate cuts will boost sales in the city. They also said that favourable valuations will support these Mumbai-based players.


What do numbers suggest?


In August 2024, the Mumbai housing market saw a 7 per cent year-over-year increase in registered units, to 11,631. This was the highest number of registrations for August in the past 12 years, despite a 6 per cent month-over-month decrease. 


The overall value of these units reached approximately Rs 17,700 crore, reflecting a 31 per cent year-over-year increase. The average ticket size also rose 23 per cent year-over-year and 6 per cent quarter-over-quarter to Rs 1.52 crore


Year-to-date, registrations have totaled about 96,496 units, up 15 per cent from the previous year, with a sales value increasing 10 per cent year-over-year to roughly Rs 1.3 trillion. 


Additionally, the majority of properties registered in August were in the western and central suburbs (55 per cent and 28 per cent, respectively), with South Mumbai and Central Mumbai making up the remainder.


Homes between 500 and 1,000 square feet are the most popular, accounting for about 49 per cent of registrations, said Nuvama in a note. Apartments up to 500 square feet represent 33 per cent of the total, while those larger than 1,000 square feet make up 18 per cent, it added.


Outlook


Analysts at Nuvama expect continued buoyancy in the market, supported by robust business development goals, increased launches due to improved cash flows, interest rate stabilisation, diversification, and market share expansion. 


Rising wages, more employment opportunities, and a return-to-office trend, analysts opined, are likely to sustain strong home-buying activity.


Stock performance


On the stock front, Macrotech Developers has seen a 7 per cent rise, while Oberoi Realty and Godrej Properties have gained over 3 per cent and 1.8 per cent, respectively in the past month, as opposed to a nearly 6 per cent gain in Nifty Realty index.


However, on Monday, September 2, Macrotech Developers settled 0.05 per cent lower at Rs 1,253.90, Oberoi Realty at Rs 1,761.15 (down 0.62 per cent), and Sunteck Realty at Rs 561.90 (down 1.30 per cent).

First Published: Sep 03 2024 | 8:20 AM IST



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Stock Market LIVE Updates: Subdued GIFT Nifty, mixed Asian markets signal slow start for India

Stock Market LIVE Updates: Subdued GIFT Nifty, mixed Asian markets signal slow start for India

by | Sep 3, 2024 | Share Market



Stock Market LIVE Updates, Tuesday, September 3, 2024: Indian benchmark indices BSE Sensex and Nifty 50 are likely to open on a subdued note as indicated by the GIFT Nifty futures that were trading marginally ahead of Nifty futures last close. 




At 7:05 AM, GIFT Nifty futures were at 25,344.50, slightly ahead of Nifty futures’ last close of 25,340.




Meanwhile, share markets around the world fell slightly on Monday as investors braced for a data-packed week culminating in a US jobs report that could decide whether a rate cut expected this month will be regular or super-sized.




Survey data released on Saturday showed Chinese manufacturing activity sank to a six-month low in August, and data on Monday showed euro zone factories are also still struggling.




Wins for the populist parties in German state elections added a fresh layer of political uncertainty in European markets, while a holiday in the United States and Canada made for thin liquidity.




Europe’s STOXX 600 index fell 0.21 per cent, after hitting a record high on Friday. Germany’s DAX and Britain’s FTSE 100 were down 0.1 per cent and 0.2 per cent, respectively.




Chinese stocks lost 1.7 per cent, led by losses in real estate after a survey showed home prices growth had slowed. 



Futures for the US S&P 500 index were down 0.1 per cent, while those for the tech-laden Nasdaq 100 were flat. 


That apart, Asia-Pacific markets were mostly higher on Tuesday as investors digested South Korea’s inflation numbers for August that were at its lowest on a year-on-year (YoY) basis since March 2021.




The country’s consumer price index recorded a 2 per cent rise YoY, coming down from July’s 2.6 per cent, and in line with expectations from a Reuters poll of economists.




South Korea’s Kospi was trading 0.17 per cent higher, and the small cap Kosdaq was marginally ahead by 0.02 per cent.


Meanwhile, elsewhere, Japan’s Nikkei 225 was trading 0.18 per cent higher in early trades, and the broader Topix was up 0.38 per cent.




However, Australia’s S&P/ASX 200 was down 0.39 per cent, and futures for mainland China’s CSI 300 was mostly flat at 3,267.5, compared to its previous close of 3,265. 




Hong Kong Hang Seng index futures were at 17,671, lower than the HSI’s last close of 17,691.97.




The big event of the week will be the US non-farm payrolls report on Friday, which is expected to show the economy added 165,000 jobs in August, up from 114,000 in July.




Traders currently think a September Federal Reserve rate cut is nailed on and see a 33 per cent chance that it could be an outsized 50-basis point reduction, but that could shift on Friday.




Oil prices were little changed after falling in recent days. Brent crude held steady at $76.91 a barrel, down more than 5 per cent from a week earlier.



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Jigar S Patel of Anand Rathi suggests buying these three stocks today

Jigar S Patel of Anand Rathi suggests buying these three stocks today

by | Sep 3, 2024 | Share Market


4 min read Last Updated : Sep 03 2024 | 6:26 AM IST

Allcargo Logistics

Recently, Allcargo Logistics has formed a bullish Bat pattern, which is a harmonic chart pattern known for indicating potential reversals. This pattern emerged after the stock created a triple bottom structure near its historical low of Rs 61, which is a strong sign of price support.

The triple bottom pattern typically signifies that the stock has tested a key support level multiple times, failing to break below it, which suggests that the downward momentum is weakening. Additionally, a bullish divergence was observed just before the stock reversed from the 61 level, where the price made a lower low, but the momentum indicator (such as the RSI ) showed a higher low.

This divergence is a classic signal that the downtrend might be losing steam, hinting at a potential upward reversal. Based on these technical indicators, it was advised to buy the stock on dips in the range of Rs 66-70, with an upside target of Rs 80. To manage risk, a stop-loss is suggested at Rs 62, based on a daily closing price, which would limit potential losses if the stock breaks below this key support level.      


Adani Power

 


In June 2024, Adani Power reached a significant peak of Rs 895, representing a high point in its trading performance. However, since reaching this peak, the stock has undergone a substantial decline, losing approximately 275 points, which translates to a sharp 31 per cent drop in price. This steep decline has brought the stock down to a crucial support level, where it has formed a triple bottom pattern within the Rs 630-Rs 650 range. The triple bottom pattern, especially when occurring at a previous demand zone, is often viewed as a bullish signal, indicating that the stock has found strong support at these levels and may be on the verge of a reversal.

 

In the most recent trading sessions, Adani Power experienced a surge in trading volume, suggesting renewed investor interest, and adding further weight to the bullish outlook. Additionally, the Relative Strength Index (RSI) on the daily chart has developed a complex W-shaped structure around the oversold zone, which is another indicator of potential bullish momentum in the coming sessions.

These technical signals together make Adani Power an attractive buy candidate at current levels. Based on this analysis, entering a long position within the Rs 660-Rs 670 price range is recommended, with an upside target of Rs 750. To manage risk effectively, it is advised to place a stop-loss at Rs 625 on a daily closing basis to protect against any further downside potential.


Asian Granito

 

Asain Granito has recently confirmed a significant breakout from a long-standing falling trend line, surpassing the Rs 86 mark. This trend line breakout indicates a potential shift in the stock’s price trajectory, signaling the end of a downtrend and the possible beginning of an upward move. In addition to this technical signal, the stock has formed a pattern resembling a bullish head and shoulders.

This pattern is typically considered a reliable indicator of a reversal from a downtrend to an uptrend. The breakout and pattern formation are supported by increased trading volumes, suggesting strong buying interest, and the positive alignment of momentum oscillators, which reflect increasing bullish momentum.




Given these positive technical indicators, traders are advised to buy Asain Granito within the price range of Rs 88 to Rs 87. To manage risk, a stop loss should be placed at Rs 80 on a closing basis. The anticipated price targets for this trade are Rs 101.


(Disclaimer: Jigar S Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own.)

 

First Published: Sep 03 2024 | 6:22 AM IST



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