The domestic equity indices ended a volatile session with decent gains on Thursday after hitting fresh record highs, following the US Fed's guidance for more rate cuts after reducing the key rate by 50 basis points. Trading was also volatile due to weekly F&O series expiry today. The Nifty settled above the 25,400 level. Private bank, FMCG and private bank shares advanced while media, oil & gas and metal shares declined. As per provisional closing, the S&P BSE Sensex added 236.57 points or 0.29% to 83,184.80. The Nifty 50 index rose 38.25 points or 0.15% to 25,415.80. The Sensex and Nifty clocked an all-time high of 83,773.61 and 25,611.95 respectively in morning trade. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.53% and the S&P BSE Small-Cap index declined 1.06%. The market breadth was weak. On the BSE, 1,235 shares rose and 2,721 shares fell. A total of 111 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 6.74% to 12.47. Fed Cuts Rates for the First Time in Years, Signaling Policy Shift: The US Federal Reserve made a significant policy shift on Wednesday, reducing interest rates by 50 basis points. This marks the first rate cut in over four years, signaling a potential easing of the restrictive monetary policy implemented to combat inflation. The Federal Open Market Committee (FOMC) justified the decision, citing progress in curbing inflation and a shifting balance of risks. The rate cut is expected to lower borrowing costs for consumers and businesses, stimulating spending and investment. While the 50-basis point cut was at the higher end of market expectations, analysts anticipate further rate reductions in the coming months. The Fed hinted at two more 25-basis point cuts this year, but market sentiment suggests more aggressive easing could be on the horizon. Despite the optimism surrounding rate cuts, Federal Reserve Chair Jerome Powell tempered expectations. He emphasized that the central bank does not intend to return to the era of ultra-low interest rates seen during the COVID-19 pandemic. Powell indicated that the Fed's neutral rate is likely to be higher than in the past, suggesting a less accommodative monetary policy stance going forward. The Fed's rate cut will have global repercussions, particularly in emerging markets like India. Lower interest rates in the US can influence capital flows and exchange rates, affecting these economies' financial conditions. IPO Update : The initial public offer (IPO) of Western Carriers (India) received bids for 54,39,72,024 shares as against 2,08,68,467 shares on offer, according to stock exchange data at 15:15 IST on Thursday (19 September 2024). The issue was subscribed 26.07 times. The issue opened for bidding on Friday (13 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 163 to Rs 172 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof. The initial public offer (IPO) of Northern Arc Capital received bids for 1,55,19,25,206 shares as against 2,14,78,290 shares on offer, according to stock exchange data at 15:15 IST on Thursday (19 September 2024). The issue was subscribed 72.26 times. The issue opened for bidding on Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof. The initial public offer (IPO) of Arkade Developers received bids for 1,63,23,68,760 shares as against 2,37,75,719 shares on offer, according to stock exchange data at 15:15 IST on Thursday (19 September 2024). The issue was subscribed 68.66 times. The issue opened for bidding Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof. Buzzing Index: The Nifty Private Bank index rose 0.56% to 26,650.70. The index advanced 3.95% in six consecutive trading sessions. IDFC First Bank (up 1.84%), Kotak Mahindra Bank (up 1.83%), HDFC Bank (up 0.78%), ICICI Bank (up 0.35%) and Axis Bank (up 0.26%), Federal Bank (up 0.25%), IndusInd Bank (up 0.22%) edged higher. On the other hand, RBL Bank (down 0.9%), Bandhan Bank (down 0.6%) and City Union Bank (down 0.32%) edged lower. Stocks in Spotlight: Garden Reach Shipbuilders & Engineers (GRSE) shed 0.71%. The firm has signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co., KG Germany for construction and delivery of additional 4 multi-purpose vessels. The value of the additional order is approximately $54 million. Indian Renewable Energy Development Agency (IREDA) rose 1.24% after the PSU company informed that it has received approval of the Department of Investment and Public Asset Management (DIPAM) to dilute up to 7% government holding via qualified institutions placement (QIP) for Rs 4,500 crore. Macrotech Developers added 1.06% after the company said that it has executed securities purchase agreements with Ivanhoe Warehousing India Inc. for acquisition of their interest in the digital infrastructure platform entities in Maharashtra for Rs 239.56 crore. It will acquire 10% equity stake and other securities of Bellissimo Digital held by Ivanhoe for Rs 14.77 crore. Post the acquisition, the company's equity stake in Bellissimo Digital will increase from 60% to 70%. DCX Systems gained 1.70% after the company announced that the company received export orders from Elta Systems, Israel for supply electronic modules. The total cost of order is $18,495,779.10, equivalent to Rs 154.80 crore. 360 ONE WAM declined 1.25%. The firm said that its board has approved raising of funds by issue of equity shares, for an aggregate amount not exceeding Rs 2,250 crore, through Qualified Institutions Placement (QIP) route. Tilaknagar Industries advanced 2.77% after the company's board has approved an investment of Rs 8.03 crore in Round the Cocktails Private (Bartisans) through a mix of primary investment and secondary acquisition. The company will hold 36.17% stake in Bartisans on a fully diluted basis, following a combination of primary funding and secondary share acquisition. Power Mech Projects shed 0.36%. The company received an order for operation and maintenance (O&M) of thermal power plant of Talwandi Sabo Power (a subsidiary of Vedanta) worth Rs 865 crore. CESC fell 1.21%. The company said that its subsidiary Purvah Green Power has entered into a binding term sheet with Ecoren Energy India for setting up wind power project of up to 686.85 MW. Ion Exchange (India) advanced 2.61% after the company announced that it has been awarded contracts worth Rs 161.19 crore from Adani Power for comprehensive & complete total water & environment management solution. Global Markets: Dow Jones Futures were up 469 points, indicating a strong opening in the US stock market today. European advanced as investors digested the U.S. Federal Reserve's first interest rate cut in four years and looked ahead to the Bank of England's rate decision later in the session. Asian stocks ended higher on Thursday as investors assessed the Federal Reserve's decision to cut interest rates by a half-percentage point. Japanese shares climbed as the yen weakened ahead of the Bank of Japan's policy meeting on Friday. The Bank of England is also scheduled to announce its monetary policy decision later in the week. While the Fed's rate cut provided a boost to regional markets, gains were tempered by the weak overnight performance on Wall Street. The outsized cut raised concerns about potential economic slowdown, leading to some cautious trading. In China, investors await the central bank's decision on the benchmark loan prime rate on Friday. Analysts generally expect no changes, given Beijing's conservative approach to stimulus measures. US stock market closed with modest losses and the dollar strengthened on Wednesday following the Fed's rate cut. The S&P 500 declined by 0.29%, falling slightly below its all-time high. The Dow Jones Industrial Average and Nasdaq Composite also experienced minor losses. Trading in Tupperware Brands remained suspended after the company filed for Chapter 11 bankruptcy protection, sending its stock plummeting. US retail sales, unadjusted for inflation, increased 0.1% in August after an upwardly revised 1.1% gain, pointing to healthy consumer demand that continues to underpin the economy. Excluding autos and gasoline stations, sales advanced for a fourth month. Powered by Capital Market - Live

The domestic equity benchmarks traded with decent gains in morning trade. The Nifty traded above the 25,500 level. FMCG shares advanced after the declining in the previous trading session. At 10:30 ST, the barometer index, the S&P BSE Sensex was advanced 514.67 points or 0.63% to 83,474.66. The Nifty 50 index added 192.45 points or 0.76% to 25,570.00. The Sensex and Nifty clocked an all-time high of 83,773.61 and 25,611.95 respectively in morning trade. In the broader market, the S&P BSE Mid-Cap index fell 0.55% and the S&P BSE Small-Cap index declined 0.98%. The market breadth was weak. On the BSE, 1,318 shares rose and 2,295 shares fell. A total of 167 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 8.02% to 12.30. Economy: Fed Cuts Rates for the First Time in Years, Signaling Policy Shift: The US Federal Reserve made a significant policy shift on Wednesday, reducing interest rates by 50 basis points. This marks the first rate cut in over four years, signaling a potential easing of the restrictive monetary policy implemented to combat inflation. The Federal Open Market Committee (FOMC) justified the decision, citing progress in curbing inflation and a shifting balance of risks. The rate cut is expected to lower borrowing costs for consumers and businesses, stimulating spending and investment. While the 50-basis point cut was at the higher end of market expectations, analysts anticipate further rate reductions in the coming months. The Fed hinted at two more 25-basis point cuts this year, but market sentiment suggests more aggressive easing could be on the horizon. Despite the optimism surrounding rate cuts, Federal Reserve Chair Jerome Powell tempered expectations. He emphasized that the central bank does not intend to return to the era of ultra-low interest rates seen during the COVID-19 pandemic. Powell indicated that the Fed's neutral rate is likely to be higher than in the past, suggesting a less accommodative monetary policy stance going forward. The Fed's rate cut will have global repercussions, particularly in emerging markets like India. Lower interest rates in the US can influence capital flows and exchange rates, affecting these economies' financial conditions. Buzzing Index: The Nifty FMCG index rose 1.04% to 65,288.60. The index shed 0.11 % in the past trading session. United Breweries (up 3.35%), Balrampur Chini Mills (up 2.4%), Tata Consumer Products (up 1.8%), ITC (up 1.3%) and Britannia Industries (up 0.94%), Radico Khaitan (up 0.79%), Nestle India (up 0.79%), Hindustan Unilever (up 0.79%), Godrej Consumer Products (up 0.76%) and Dabur India (up 0.73%) edged higher. On the other hand, Marico (down 0.36%), Colgate-Palmolive (India) (down 0.15%) and Varun Beverages (down 0.05%) edged lower. Stocks in Spotlight: Garden Reach Shipbuilders & Engineers (GRSE) added 1.61% after the firm has signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co., KG Germany for construction and delivery of additional 4 multi-purpose vessels. Nazara Technologies declined 3.51%. The company raised up to Rs 900 crore via preferential issue of shares at an issue price set at Rs 954.27 per share. Meanwhile, the company will acquire an additional 19.35% stake in Absolute Sports (Sportskeeda) for Rs 145.5 crore. With this, the company now holds a 91% ownership stake in Abosulte Sports (Sportskeeda). Powered by Capital Market - Live

The order includes design, build and construct additional four multipurpose vessels of 7,500 DWT each, totaling to eight vessels. The value of the additional order is approximately $54 million. The total value would be approximately $ 108 million for eight vessels. Meanwhile, the company has been upgraded from 'Schedule B' to 'Schedule A' CPSE by the Government of India. This upgradation of the frim to 'Schedule A' status will enable to enhance its senior management capacity, allowing it to more effectively oversee and manage its business. State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 30 June 2024, the Government of India holds 74.50% in the company. On standalone basis, Garden Reach Shipbuilders & Engineers (GRSE) reported 13.71% increase in net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24. Revenue from operations jumped 33.58% year on year (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.Powered by Capital Market - Live

Garden Reach Shipbuilders & Engineers has signed a contract with M/s Carsten Rehder Schiffsmakler and Reederei GmbH & Co., KG Germany, on 22 June 2024, for construction and delivery of four (04) multi-purpose vessels of 7,500 DWT each, with an option of building another four (04) ships in near future. The order is valued at USD 54 million for four vessels and a total of USD 108 million for eight vessels. Powered by Capital Market - Live

Garden Reach Shipbuilders & Engineers (GRSE) has been upgraded from 'Schedule S' to 'Schedule A' CPSE by the Government of India. This is a significant milestone for GRSE, reflecting its robust financial performance, operational efficiency, and contribution to national security. The Department of Public Enterprises, Ministry of Finance, Government of India, officially notified this upgradation on its website on 17 September 2024. This upgradation of GRSE to 'Schedule A' status will enable GRSE to enhance its senior management capacity, allowing it to more effectively oversee and manage its business.Powered by Capital Market - Live

Garden Reach Shipbuilders& Engineers announced that the Annual General Meeting (AGM) of the company will be held on 20 September 2024.Powered by Capital Market - Live

The said agreement entails the construction and delivery of Class 70R double lane bridges, designed exclusively by the company, to enhance connectivity in critical forward areas along India's borders, facilitating seamless troop and equipment deployment. Unparalleled in its innovation, the double-lane Steel Bridge developed by the company stands as the sole indigenous solution of its kind, in line with India's Aatmanirbhar Bharat Abhiyan. Under similar MoU signed with border roads organization (BRO), the company has already supplied 44 nos. Bridges Pan 'India. State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 30 June 2024, the Government of India holds 74.50% in the company. On standalone basis, Garden Reach Shipbuilders & Engineers (GRSE) reported 13.71% increase in net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24. Revenue from operations jumped 33.58% year on year (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.Powered by Capital Market - Live

Garden Reach Shipbuilders & Engineers (GRSE) achieved yet another momentous milestone by securing a groundbreaking deal with the National Highway Infrastructure Development Corporation (NHIDCL) for the fabrication, supply and launching of Double-Lane Class 70 modular steel & Bailey bridges. This landmark agreement entails the construction and delivery of Class 70R DoubleLane Bridges, designed exclusively by GRSE, to enhance connectivity in critical forward areas along India's borders, facilitating seamless troop and equipment deployment. Under similar MoU signed with Border Roads Organization (BRO), GRSE has already supplied 44 nos. Bridges Pan -India. The first bridge of this kind, was constructed at Flaghill, Dokalam, Sikkim at an altitude of 11,000 feet under Project Swastik of the BRO, inaugurated by Hon'ble Defence Minister Rajnath Singh on 28 December 2021. Powered by Capital Market - Live

The stock slipped 9.63% in the past two trading sessions to end at Rs 1,777.25 on yesterday, from its recent closing high of Rs 1966.70 recorded on 16 August 2024. On the BSE, 1.99 lakh shares were traded in the counter so far compared with average daily volumes of 1.13 lakh shares in the past two weeks. The stock hit a high of Rs 1,865.10 and a low of Rs 1,726.10 so far during the day. The stock hit a 52-week high of Rs 2,834.60 on 5 July 2024. The stock hit a 52-week low of Rs 648.05 on 26 October 2023. The stock had underperformed the market over the past one month, declining 29.51% compared with 0.3% increase in the Sensex. The scrip had outperformed the market in past three months, advancing 49.97% as against Sensex's 9.18% jump. The counter had outperformed the market in past one year, soaring 138.9% as against 23.81% rise in Sensex. On the technical front, the stock's daily RSI (relative strength index) stood at 34.097. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading below its 50-day simple moving average (SMA) placed at 2,147.35, respectively. Such level will act as resistance in the near term. State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. As on 30 June 2024, the Government of India holds 74.50% in the company. The company reported 13.71% increase in sandalone net profit to Rs 87.19 crore in Q1 FY25 as against Rs 76.68 crore posted in Q1 FY24. Revenue from operations jumped 33.58% year on year (YoY) to Rs 1,009.72 crore in the quarter ended 30 June 2024.Powered by Capital Market - Live

Net profit of Garden Reach Shipbuilders & Engineers rose 13.71% to Rs 87.19 crore in the quarter ended June 2024 as against Rs 76.68 crore during the previous quarter ended June 2023. Sales rose 33.58% to Rs 1009.72 crore in the quarter ended June 2024 as against Rs 755.90 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales1009.72755.90 34 OPM %5.576.09 - PBDT125.88112.07 12 PBT115.44101.94 13 NP87.1976.68 14 Powered by Capital Market - Live