Post market Report: Dalal Street gains ahead of the Fed’s monetary policy meeting; Bajaj Finance, TCS and Adani Green in news

Benchmark stock indices ended in the green as investors awaited key central banks’ decisions, including the US Fed, due later this week. The Sensex rose 0.51% and the Nifty 50 index gained 0.52%.

Broader markets underperformed headline indices. The Nifty MidCap 100 index was up 0.03% and the BSE SmallCap fell 0.17%.

Top Nifty sectoral index gainers were PSU Bank [2.03%], Media [1.265], FMCG [1.07%], Auto [0.92%] and Financial Services [0.66%]. Top losers were Realty [-0.95%], Energy [-0.51%], Metal [-0.45%]

The Indian rupee fell 4 paise to 79.77 against the US dollar on Monday.

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Stock in News Today

Bajaj Finance: Shares of the company rose more than 3% after global brokerage firm Jefferies raised target price of the company’s stock to Rs 8000 from Rs 7300 per share earlier. Jefferies has reiterated ‘hold’ on the stock. Jefferies believes that Bajaj Finance has the potential to become the first NBFC in India to launch a credit card, subject to approval from India’s central bank. Bajaj Finance can leverage its network, merchant relationships and customers, according to Jefferies.

Tata Consultancy Services (TCS): The IT major said that Israel’s OFEK Credit Union (OFEK) has selected TCS’ Banking Services Bureau (BSB), powered by TCS BaNCS, to achieve its growth and transformation goals. TCS BaNCS’ market-ready banking and securities solution and rich set of APIs delivered on a SaaS model, will help OFEK to build a vibrant and comprehensive digital financial offering for its customers.

Adani Green Energy (AGEL): the company’s subsidiary, Adani Wind Energy MP One Private has commissioned a 324.4 MW Wind Power Plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India of 274.4 MW and 50 MW, at Rs. 2.83/kwh.

Dish TV: In an exchange filing, the company said that its Chairman Jawahar Lal Goel has stepped down from the board. He shall cease to be chairman at close of business hours on September 19. The development comes after Jawahar Goel agreed to step down from the board on September 1.

Welspun Corp: The company said that it has secured an order of Carbon Capture Pipeline projects in the United States. The order pertains to the supply of 785 miles (1,256 km) or 100,000 MT (approximately) of High Frequency Induction Welding (HFIW) pipes, to be used for transporting captured Carbon dioxide. Welspun’s Little Rock plant in the US will manufacture the pipes for this project and it is expected to be executed in FY24.

Logistics companies: Shares of logistics companies such as VRL Logistics, Mahindra Logistics, Container Corp, Aegis Logistics, Snowman Logistics rose in intraday trading after the Indian government introduced National Logistics Policy on Saturday. The policy aims to reduce the cost of logistics from 14-18% of GDP to global best practices of 8% of GDP by 2030. The policy also wants to ensure that logistical issues are minimised, exports grow manifold, and small industries and the people working in them benefit significantly.

Dixon Technologies: The contract manufacture of electronic products has entered into binding term sheet agreement with Ibahn Illumination (Ibahn) for transfer of Ibahn’s cutting edge technologies of smart lighting solutions. The technology pertains to BLE Mesh Smart Lighting that provides consumers with a wide range of combination & control as well as work-in-progress technology pertaining to WiFi based technology solutions for its lighting products.

Indo-National: Shares of the company jumped 20% after its subsidiary, Kineco, bagged a Rs 113 crore order from the Integral Coach Factory (Chennai) for supply and installation of modular interiors for Vande Bharat semi-high speed trains. The current order along with its already strong order book will make Kineco one of India’s largest train interior supplier, according to its exchange filing.

Indoco: The company announced that its Clinical Research Organisation, AnaCipher in Hyderabad, was inspected by the United States Food and Drug Administration from September 12 to September 16, 2022. The clinical phase of inspection covered three BA/BE studies submitted by clients to the USFDA and was successfully concluded with zero 483s. Shares of the company rose over 4% in intraday trading before retreating to end in the red.

DJ Mediaprint & Logistics: The company shares were locked in 5% upper circuit after the company announced that it has been selected by NSDL Database Management for providing various services. The services include designing & variable data processing for investor communications; printing of dividend warrants, ECS intimations letters & communications; dispatch of documents through post/courier; and digitization & record management services.

Gensol Engineering: Shares of the company was locked in 5% upper circuit after the company said that, in normal course of business, it has closed orders from various reputed clients for the development of solar power projects worth over Rs 531 crore. Aggregating to a capacity of over 121 MWp, these projects will be developed in across several states and UTs.

PSP Projects: The civil construction company announced that it has been awarded with work orders worth Rs 167.35 crore in industrial, precast and residential segments. The company said that the work orders include a major order to construct Phase 2 of the Noodle Factory from its repeat client. With receipt of the above orders, the total order inflow for the financial year 2022-23 amounts to Rs 1,511.58 crore, the company stated.