Titagarh Rail plans Rs 700 Cr fundraise through QIP - Daily Market Update - Equity 09 Nov 2023 | Globe Capital Market LTD.
Titagarh Rail plans Rs 700 Cr fundraise through QIP – Daily Market Update – Equity 09 Nov 2023

Titagarh Rail Systems Ltd. will raise up to Rs 700 crore through qualified institutional placement, following board approval. The fundraising will be done in one or more tranches, subject to regulatory and statutory approvals, the company said in an exchange filing on Wednesday.

Overview and Outlook

Global Stock Market Today

  • Barring S&P500, US equity markets ended on negative note.
  • European markets ended on a flat to positive note.
  • Asian equity markets are trading mix.
  • GIFT Nifty is little changed, Nifty futures likely to open around 19527 levels (as on 8:30AM).


News highlights from across the globe

  • Stocks in Asia opened higher after U.S. shares hit their hottest winning streak in two years, as investors cling to hopes that interest rates have peaked.
  • Those moves followed a 0.1% gain for the S&P 500 on Wednesday, it’s eighth consecutive advance and the best run for the index since November 2021. Fed Chair Jerome Powell will appear on a panel discussing monetary policy challenges later Thursday.
  • Brent crude was trading at $80 a barrel and the yield on the 10-year US bond was trading at 4.49%.


Important news updates from the domestic front

  • Pidilite Industries will set up a lending business for providing small-value retail loans via the acquisition of Pargro Investments for Rs 10 crore. It plans to invest up to Rs 100 crore in the lending business over the next two years.
  • Biocon: Unit Biocon Biologics to sell non-core branded business in India to Eris Lifesciences. Dermatology and nephrology branded formulations businesses are to be divested for Rs 366 crore, with divestiture expected to close by the end of Nov. 2023.
  • Titagarh Rail Systems board approved fundraising of up to Rs 700 crore via qualified institutional placements.
  • HDFC Life received a Rs 20 crore demand notice from the Central Tax Commissionerate of Hyderabad for alleged irregular availment of input tax credit.
  • IRB Infrastructure Developers reported a 30% YoY rise in October toll collection at Rs 447.7 crore.
  • Gujarat Narmada Valley Fertilisers & Chemicals announced a buyback of 84 lakh equity shares, or 5.46% stake, at Rs 770 apiece. The buyback price is at a premium of 11.2% to the stock’s previous close of Rs 692.4 apiece.


Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the higher side and settled at 19443 levels after adding 36 points to its previous closing values after a lackluster trading session.

Broader markets outperformed the benchmark as Midcap & Small cap were up nearly 1% each against 0.19% gains of the frontline index.

Performance on the sectoral front was mix. Amongst them, Nifty Pharma and Realty were at the top of the tally, gained nearly 1.5% each followed by Healthcare & Metal index that rose 1% and 0.75% respectively. On the other hand, Nifty Bank, Financial Services and IT index ended on a flat to negative note.

Technically, Nifty index is well placed on multiple chart frames. Going ahead, we change our sideways view to bullish with cautious approach on Nifty index and suggest traders to maintain buy on dips trading approach till it is trading above 19200 levels.


Derivatives Overview & Outlook

Yesterday, no major change was seen in Nifty futures on price as well as on open interest front whereas Banknifty and Finnifty futures added 11.7% and 12.6% of open interest respectively as short buildup.

On sectoral front, long buildup was seen in Oil & Gas, FMCG and Chemicals stocks whereas long unwinding was seen in Telecom and Finance stocks.

On options front, call writing along with put writing was seen at multiple strikes and maximum positions are at 19300 PE and 19500 CE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 85 Cr in the cash segment, sold stocks futures and index futures worth Rs 998 Cr and Rs 308 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 524 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19570-19650; Supports 19340-19260

Banknifty – Resistances 44250-44500; Supports 43400-43150

Finnifty – Resistances 19750-19860; Supports 19450-19340






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