shiva sharma

The alleged tax deficiency is worth Rs. 6,384 crore. With the most recent tax notification, Delta Corp’s total responsibility for unpaid taxes has increased significantly to Rs 23,206 crore.

In Monday’s trading, Delta Corp Ltd. shares fell 12% and reached their lowest level in a year at Rs 122.60. The gambling and casino company reported that the Directorate General of GST Intelligence, Kolkata, has informed its subsidiary Deltatech gambling of the payment of shortfall tax.

• The company had last week in September received tax notices from the Directorate General of GST Intelligence totaling Rs 16,822 crore. The requested time frame was from July 2017 to March 2022. A single notification was sent to Delta Corp for Rs. 11,140 crore.

Regarding the technical setting, one analyst predicted that the stock may reach the Rs 80 mark soon, while another advised against buying it at the moment.

• On the daily charts, Delta Corp’s stock price is negative but also oversold, with the next support level currently at Rs 120.3. Investors should refrain from purchasing till the daily resistance of Rs. 149 is overcome on a closing basis, advised Tips2trades’ AR Ramachandran.

• The 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs) were all below the stock’s most recent closing price. The 14-day relative strength index (RSI) for the counter was 18.84. Oversold is defined as a value below 30, and overbought as a value beyond 70.

CONCLUSION

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On the daily chart, Tata Power had higher top and higher bottom formations. It is a symbol of power. The stock is currently maintaining its prior increase.

• Prior to the long weekend, domestic equities indices closed Friday’s trading session higher. To end the day at 65,828.41, the BSE Sensex gained 320.09 points, or 0.49 percent. To finish at 19,638.30, the NSE Nifty gained 114.75 points, or 0.59 percent.

• Today’s attention is likely to be focused on a few active counters, including Central Bank of India, Adani Ports & Special Economic Zone, and Tata Power Company.

Before Tuesday’s trading session, Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets, had the following to say about these stocks:

Hold; Target Price: Rs. 284–296; Stop Loss: Rs. 250; Tata Power Company

• On the daily chart for Tata Power, higher top and higher bottom formations were visible. It represents strength. The stock is currently holding steady after its prior increase.

• The stock is performing better than its peer benchmarks. Even the RSI momentum indicator is in a bullish position.

As a result, one can hold the stock at its current price with a stop loss of Rs. 250 in order to reach the target range of Rs. 284–296 in the coming few weeks.

Hold; Target Price: Rs. 858–874; Stop Loss: Rs. 810; Adani Ports and Special Economic Zone

• On the daily chart for Adani Ports, higher top and higher bottom formations indicated strength. The stock is continuing its prior upward trend.

• Benchmark indices are underperforming the stock. Even the MACD momentum indicator is poised positively.

Therefore, with a stop loss of Rs. 810 and a target price of Rs. 858–874 within the next few months, one can “Hold” the stock at current levels.

Hold | Target Price: Rs. 61-66 | Stop Loss: Rs. 46 | Central Bank of India

• On the daily chart, the Central Bank of India noticed higher top and higher bottom patterns. The stock has been moving sideways for nine trading sessions.

• Nevertheless, it outperforms comparison indices. The RSI, a momentum indicator, is trading unchanged.

Therefore, with a stop loss of Rs. 46 and a target price of Rs. 61–66 in the coming months, one can “Hold” the stock at the current market price.

CONCLUSION

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After market regulator SEBI temporarily suspended the scheduled launch of its new tech platform, MCX shares fell 9% to Rs 1914.60 in early trade today.

The scheduled opening of Multi Commodity Exchange of India’s (MCX), the largest commodity derivatives exchange in the nation, was temporarily suspended by market regulator SEBI, which caused shares to decline 9% to Rs 1914.60 in early trade today.

• On Thursday, the price of MCX stock reached an all-time high of Rs 2119.60. Prior to the anticipated launch on October 3, the stock actually increased by 16% over the previous five sessions.

• Technically speaking, the MCX’s relative strength indicator (RSI) is 80.7, indicating that it is trading in overbought zone. The price of MCX shares is greater than the moving averages of five, ten, twenty, thirty, fifty, one hundred, one hundred fifty, and two hundred days.

• The regulator has advised that since the problem involves technical concerns, it will be reviewed at the SEBI Technical Advisory Committee meeting, which will take place soon, according to MCX in an exchange filing.

The new platform was about to go online three months before the December deadline, according to the launch date of October 3. The agreement between MCX and 63 Moons Technologies Ltd, the technology firm in charge of managing its trading activities, expired in September 2022.

CONCLUSION

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According to the foreign brokerage, Nomura India, RIL benefits from its favourable crude oil procurement, which would keep realised margins at a significant premium to benchmark margins.

Reliance Industries Ltd. (RIL), the most valuable stock in India, has underperformed the BSE benchmark Sensex since Jio Financial Services’ demerger, declining 11% against the 30-pack index’s 3% decline over the same time period.

• The market capitalization (m-cap) of the Mukesh Ambani-led firm dropped by Rs 1,89,463 crore to Rs 15,83,122 crore at its closing price on Thursday from Rs 17,72,585 crore on July 20.

• The oil to telecom company set the ex-date for the demerger of its financial services division on this day (JFS shares later debuted on August 21).

• Nomura India stated this week that it reiterated its “Buy” rating for RIL because it is best-positioned to profit from a strong refining construct and that there are potential upside risks to its conservative refining margin assumptions of $12 per barrel for FY24.

• Morgan Stanley stated in a letter on September 20 that investments in new growth areas are accelerating and that Reliance’s monetisation cycles are getting shorter (2-3 years as opposed to 5-6 years in the past).

“E-commerce has gained momentum, and consumer retail is enjoying good traction with store additions. A $20 billion NAV increase from sustainable energy is what we predict. RIL is on the verge of a monetisation cycle and a capex peak in the upcoming quarters, the report stated.

CONCLUSION

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Manappuram Finance: In response to the most recent development, the stock increased by 5.55% to reach a high of Rs 148.20 on the BSE. The Thrissur District’s Valapad police station is where the FIR was submitted.

• After the Kerala High Court of Kerala dismissed a FIR against Manappuram Finance’s managing director and CEO VP Nandakumar and ordered the Enforcement Directorate to return and release all the original documents of the properties frozen in accordance with an order it issued under Section 17 (1-A) of the Prevention of Money Laundering Act, the company’s shares increased by almost 6% on Wednesday.

• Recall that the ED has charged Manappuram Finance with illegally collecting public deposits of Rs 150 crore without the central bank’s consent. Additionally, it was thought to have engaged in substantial cash transactions without adhering to KYC guidelines.

The stock increased 5.55 percent in response to the recent news to reach a high of Rs 148.20 on the BSE. The Thrissur District’s Valapad police station is where the FIR was submitted.

• “The Hon’ble High Court of Kerala on September 12, 2023, directed the Enforcement Directorate to return and release all original documents of the properties frozen pursuant to order dated May 4, 2022 issued by the Enforcement Directorate under Section 17 (1-A) in light of the quashing of the FIR and ECIR and in the absence of any further FIR being registered.

The organization conducted various searches at locations connected to Manappuram Finance’s registered office in Thrissur, Kerala.

CONCLUSION

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“If I were to set a target, Rs 1,450 is a level at which we should anticipate the stock to be. For the time being, unless Rs 1,600 is successfully handled, it is more of a’sell on rise’ stock, Sharma said BT TV.

• On Wednesday, Federal Bank was chosen by Rahul Sharma, Director & Head of T&D Research at JM Financial, as one of his top stock selections. Sharma told BT TV that despite the Nifty Bank fall, the stock has displayed exceptionally strong resilience.

• “We anticipate Federal Bank Ltd. testing the Rs. 160 mark soon, and one can buy the counter with a stop loss of Rs. 145. Once Nifty Bank gets going, the relative strength the company has shown should convert into momentum, he said.

The market analyst responded to a question concerning HDFC Bank by stating that the stock is currently trading below both the short-term and long-term moving averages.

• The market analyst stated in answer to a question regarding Aditya Birla Fashion and Retail Ltd. that the counter today had an upswing with respectable volumes. Long-term investors may consider holding this stock, and Rs. 174 should serve as support, Sharma noted.

• According to preliminary stock market statistics, domestic institutional investors (DIIs) purchased shares worth Rs 714 crore during the previous session, while foreign institutional investors (FIIs) sold shares worth Rs 693 crore on a net basis.

In terms of individual stocks, ICICI Bank was the worst performer in the Nifty group as the stock fell 1.38 percent to close at Rs 935.6. As much as 1.37 percent was lost by HDFC Bank Ltd., Tata Steel Ltd., Eicher Motors Ltd., and Bajaj Finance Ltd.

CONCLUSION

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Early in the trading day on the BSE, Venus Remedies shares were trading at Rs 243.30, locked in the upper circuit of 5%.

Venus Remedies Ltd. stock increased 5% today after the pharmaceutical company announced it has signed up with the Department of Scientific and Industrial Research (DSIR) of the Union government.

• Early in the trading day on the BSE, Venus Remedies shares were trading at Rs 243.30, locked in the upper circuit of 5%. Later, when investors booked profits, the Venus Remedies stock dropped to an intraday low of Rs 232.50 from its previous closing of Rs 231.75.

• Technically speaking, Venus Remedies’ stock’s relative strength index (RSI) is 47.5, indicating that it is neither overbought nor oversold. Shares of Venus Remedies are trading above the 5 day, 10 day, 20 day, 100 day, 150 day, and 200 day moving averages but below the 30 and 50 day moving averages.

• This exemption would not only enable us to lower production costs but also to increase our investment in R&D, boosting our competitiveness and broadening our market reach, according to Saransh Chaudhary, Venus Remedies’ chief of research.

The company recorded a decrease in operating revenue of 33.49 percent YoY (year over year), or Rs 95.15 crore. To Rs 1.18 crore, net profit fell 82.87 percent YoY in the first quarter.

CONCLUSION

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Shares of JTL Industries have become multibagger stocks over the past three years. In three years, the stock generated returns of 1618.14 percent.

After SBI General Insurance Company purchased 6 lakh shares of the company that manufactures electric resistance welded (ERW) steel pipes through open market transactions on Wednesday, JTL Industries’ stock increased by more than 5% today.

• On the BSE, shares of TL Industries increased 5.20% to Rs 211.30. The company’s market value increased to Rs 3539.60 crore. A total of 0.22 lakh shares of the company were traded, resulting in a turnover on the BSE of Rs. 45.18 crore.

• The last three years have seen JTL Industries shares become multibaggers. In three years, the stock generated returns of 1618.14 percent. The stock increased 146% and 99% over the course of two years and one year, respectively.

• Technically speaking, the relative strength index (RSI) of the JTL Industries stock is 49.4, indicating that it is neither overbought nor oversold. The price of JTL Industries’ stock is above the 20-day, 50-day, 100-day, 150-day, and 200-day moving averages but below the 5-day and 10-day moving averages.

Compared to a profit of Rs 11 crore during the same period last year, the company posted a profit of Rs 25.4 crore in the quarter ending June 2023.

CONCLUSION

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Avanti Feeds: Compared to a two-week average volume of 22,000 shares, 4.03 shares have changed hands on the BSE thus far. Additionally, Apex Frozen shares increased 9% to a high of Rs 247.55.

The counter experienced high trading activity, with 4.03 shares having been traded on the BSE thus far, compared to 22,000 shares on average over the previous two weeks.

• An earlier press release from the Ministry of Fisheries, Animal Husbandry & Dairy claimed that an MoU would be inked between CIBA and NFDB; CIBA and FFPO of Gujarat for the implementation of crop insurance for aquaculture, including premium subsidies and technology support.

• Technical session on “the current shrimp export scenario and immediate prospects, disease prevention and management with particular reference to Hepatopancreatic Microsporidiosis (HPM) caused by a Microsporidian (Enterocytozoon Hepatopenaei (EHP), crop insurance for shrimp farming, and development of genetically improved shrimp”

• “A special session on aquaculture crop insurance and a panel discussion with the participation of inter-departmental officials to discuss about the requirements, especially on shrimp seed quality, shrimp price, diversification and electricity tariff etc. are scheduled in the conclave,” the press release continued.

The outlook for the current year appears to be dim as far as the improvement in the performance of the shrimp cultivation sector, Avanti Feeds had earlier stated in its Q1 Investor call.

CONCLUSION

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Adani Group intends to refinance loans totaling up to $3.8 billion; Adani is anticipated to pay back at least $300 million of the first Ambuja facility.

Reportedly, Adani Group is in discussions to restructure a loan it took out to pay for the acquisition of Ambuja Cements. One of Asia’s largest syndicated loans this year, totaling $3.5 billion, is said to have been distributed among the lenders into three categories.

Adani is anticipated to return at least $300 million on the initial Ambuja facility, according to sources in the know, according to Bloomberg, which covered this event.

• DBS Group Holdings, First Abu Dhabi Bank, Mizuho Financial Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Banking Corp. would each provide about $400 million, according to the article, while other banks would finance smaller banks.

• Adani Enterprises Ltd, Adani Ports, Adani Green Energy Ltd, Adani Transmission Ltd, and Ambuja Cements are the five Adani stocks in which it has a combined stake, and their combined market value is now close to Rs 26,000 crore.

• Subsequently, on August 16, GQG Partners paid $1.1 billion in block agreements for an 8.1% share in India’s Adani Power. On August 17, it increased its holding in Adani Ports And Special Economic Zone Ltd. to 5.03 percent.

CONCLUSION

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