Resourceful Automobile’s SME IPO saw remarkable enthusiasm, receiving bids worth Rs 4,768.88 crore for a fixed price issue of Rs 12 crore. The issue was subscribed approximately 400 times between August 22 and August 26.

Resourceful Automobile, which operates under the name “Sawhney Automobile,” sells Yamaha two-wheelers. The company runs two automobile showrooms in New Delhi and employs just 8 permanent staff.

Read More: This Rs 12 cr SME IPO attracts bids worth Rs 4,800 cr – What’s this exuberance around Resourceful Automobile IPO?

Datamatics Global Services’ shares jumped 13.40% on the NSE, trading at Rs 636.15, after the company launched a new partner onboarding co-pilot on the Microsoft Teams store. This co-pilot integrates Azure OpenAI with Datamatics’ Intelligent Automation Platform.

Vedanta has been issued a penalty order by the Office of the Deputy Commissioner Commercial Taxes, totaling Rs 23,75,396, along with a demand for tax and applicable interest. The order relates to the availing and reconciliation of Input Tax Credit for FY 2019-20. Despite the penalty, the company’s stock is trading at Rs 463.95 on the NSE, up 0.18%.

Dee Development Engineers’ shares rose 1.05% on the BSE, trading at Rs 354.50, after the company secured a purchase order from L&T Energy Hydrocarbon. The order, valued at ₹26,58,87,943, is for the MFFK-Module Fabrication Facility in Kattupalli, near Ennore Port, Taluk Ponneri, Distt. Tiruvallur, Tamil Nadu.

Shilpa Medicare’s shares surged 5.11% on the NSE, trading at Rs 768.95, after the company announced that its second NDA [505(b)(2)] injectable product, Bortezomib Injection, received approval from the US FDA. The injection is approved for both subcutaneous and intravenous use.

Alembic Pharmaceuticals’ shares fell 2.35% on the NSE, closing at Rs 1,069.75. This decline came despite the company’s recent approval from the US FDA to market a generic medication for treating moderate-to-severe scalp psoriasis.

The stock of Tata Tech rose 4.4% to an intraday high of Rs 1,095. The stock has a previous close of Rs 1,048.65. The stock hit its 52-week high of Rs 1,400. The upper band for the stock is placed at Rs 1,258.35.

“We expect the rupee to trade between 83.60 and 84.10 in the near term. While the approaching Fed rate cuts may provide support, rising oil prices could put some pressure,” said Mihika Sharma, Associate Economist at CareEdge Ratings.

In the oil and gas sector, Castrol India emerged as the top gainer, surging 5.47%. It was followed by GSPL with a 4.99% increase, Oil India up by 1.70%, and IGL rising 1.49%.

“Raymond has been demonstrating positive actions in the form of selling the FMCG business, de-merging the Lifestyle Business, shaping the Real Estate Business and demerging it, and establishing an engineering unit after the Maini Precision (MPPL) acquisition. These three vectors may create shareholder value for each of the businesses led by professional management, net cash, and optimization of costs and WC. We estimate 6% revenue/EBITDA growth for FY24-26, led by branded apparel and garment segments and cash flow supported by branded textiles. FY24 ROE/ROCE figures stood at 10/32%, as per the company. We ascribe EV/EBITDA of 15x on FY26 (implied PE of 28x) to arrive at a valuation of Rs 1,590 crore (per share price of Rs 2,610),” said Motilal Oswal on Raymond.

Shares of JSW Infra rose 5% to an intraday high of Rs 324.85. The stock has a previous close of Rs 309.15. It touched its 52-week high of Rs 360.95 on July 04, 2024. The upper band for the stock is placed at Rs 340.05.

The stocks of Tata Elxsi rallied 6.9% to an intraday high of Rs 8,212. The stock has a 52-week high of Rs 9,200, which it touched on December 18, 2023. The upper band for the stock is placed at Rs 9,219.65.

Shares of SBI Life Insurance rose 2.2% to a 52-week high of Rs 1,835.90 a day ahead of shareholders meeting. The upper band of the stock is placed at Rs 1,975.85. The stock was the top gainer in the Nifty 50.

Rail Vikas Nigam Ltd (RVNL) has been awarded the contract as the lowest bidder (L1) by Southern Railway for the “Provision of MSDAC with existing DCTC at stations” to serve as dual detection, and for replacing the remaining AFTCs in the MAS-GDR and MSB-TBM automatic block signalling sections of the Chennai Division. The contract is valued at Rs 111.38 crore. Following the announcement, RVNL’s shares increased by 1.47%, trading at Rs 585.70 on the NSE.

The NSE Nifty 50 was up 0.12% at 25,042.25 while the BSE Sensex was up 0.13% at 81,805.55.

FIIs have sold stocks worth Rs 28,671 crore through exchanges but have remained net buyers in the primary market, investing Rs 12,367 crore.

This brings the total net sell-off by FIIs in August to approximately Rs 16,304 crore, according to data from the National Securities Depository Limited (NSDL).

The rupee depreciated by 8 paise to 83.95 against the US dollar in Tuesday’s morning trade, pressured by elevated crude oil prices and a muted trend in domestic equities.

Spandana Sphoorty Financial shares gained 1.28% on the NSE, trading at Rs 629.20, after the company’s board approved the issuance of up to 5,000 listed, secured non-convertible debentures (NCDs). Each NCD will have a face value of R 1,00,000, issued at par on a private placement basis, totaling Rs 50 crore.

“The benchmark index, Bank Nifty, is currently positioned near a major support level at 51,000. The immediate resistance is at 51,500, and a break above this level could lead to a move towards the next resistance at 52,000. The overall technical outlook remains bullish, and a ‘buy on dips’ strategy is advisable, with a stop loss at 50,900 to manage downside risks. This approach aims to leverage the ongoing upward momentum while safeguarding against potential declines,” said Riyank Arora, Technical Analyst, at Mehta equities.

Adani Power Limited announced the incorporation of a new wholly-owned subsidiary, Adani Power Middle East Ltd, in Abu Dhabi. The subsidiary, established as an investment holding company, will focus on power, infrastructure, and related sectors. It has an authorized capital of 27,000 shares, each valued at $1.

Several major stocks reached 52-week highs on the NSE today, including Emami, which surged 2.48%, Cipla up 1.53%, and Oil India gaining 1.47%. Other notable performers were Lupin with a 1.41% rise, Ashok Leyland increasing by 1.38%, Voltas advancing 1.09%, and Bajaj Auto up 0.76%.

Commenting on the Crude Oil outlook Rahul Kalantri, VP Commodities, Mehta Equities said that Crude oil exhibited significant price volatility and continued its upward trajectory following reports of production cuts in Libya due to ongoing protests. Libya’s current output is approximately 1.0 million barrels per day, and the potential halt in production has heightened supply concerns. Additionally, crude oil prices surged due to better-than-expected U.S. durable goods orders data and the possibility of interest rate cuts, as hinted by the U.S. Fed Chairman at the Jackson Hole Symposium.

Kalantri also added that Rising tensions between Russia and Ukraine, along with delays in ceasefire agreements between Israel and Hamas, have also contributed to the support for oil prices. We anticipate crude oil prices to remain volatile in today’s session. The support level for crude oil is between $76.00 and $75.40, with resistance at $77.20 to $77.90. In INR terms, crude oil has support at Rs 6,420 to Rs 6,360, while resistance lies between Rs 6,540 and Rs 6,610.

Info Edge (India) has received a tax demand of Rs 2,82,303 along with a penalty of Rs 42,663 from the tax department, with applicable interest yet to be quantified. Following the news Info Edge shares traded flat on the NSE at Rs 7,497.95.

Shares of JSW Energy rose 1.67% on the NSE, trading at Rs 727.50 after JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has been awarded a contract to develop a 200 MW Wind-Solar Hybrid Power Project by Maharashtra State Electricity Distribution Company Ltd (MSEDCL – Phase III).

Shares of Medi Assist Healthcare, a prominent health-tech and insurance-tech firm, surged by 14% in early morning trading on Tuesday, reaching a new all-time high of Rs 639 per share. This marks the biggest intraday jump for the stock in eight months.

The rally followed the company’s announcement on Monday that its wholly owned subsidiary, Medi Assist Insurance TPA Private Limited, had signed a definitive agreement to acquire 100% of Paramount Health Services & Insurance TPA Pvt. Ltd.

Bharat Heavy Electricals’ shares trade flat at Rs 298.45 on NSE, supported by orders exceeding Rs 11,000 crore from Adani Power and its subsidiary, Mahan Energen.

Shares of HCL Technologies rose 2.2% to an all-time high of Rs 1,756.85 after it extended its strategic AI-driven engineering services and digital process operations (DPO) partnership with Xerox. The company will assist Xerox with its fundamental and structural redesign to position the company for long-term profitable and sustainable growth.

HCL Technologies, Apollo Hospitals, Dr Reddy’s Laboratories, Larsen & Toubro, and Cipla were the top gainer in the Nifty 50. BPCL, Shriram Finance, Kotak Mahindra Bank, JSW Steel, and HDFC Life Insurance were the major losers in the Nifty 50 on August 27.

The NSE Nifty 50 opened 0.09% higher at 25,032.50, while the BSE Sensex opened 0.08% higher at 81,759.70.