Sensex, Nifty end flat; Bajaj Finance, TCS among top gainers

Nifty ended on a flat note with a positive bias Most of the sectoral indices were in red where Nifty Bank outperformed today with gains of 0.30 per cet.

Today, JSW Infrastructure's initial public offering (IPO) received bids for 2.69 crore equity shares, or 20 per cent of its 13.62 crore total size. Regular investors subscribed 83 per cent of the permitted quota of shares and high net worth individuals subscribed 17 per cent, qualified institutional buyers (QIB) subscribed by 0.016 per cent. While 15 per cent of the issue is set aside for high net worth individuals,10 per cent for retail investors and for qualified institutional buyers (QIB) 75 per cent was set aside.

Due to an alleged tax of Rs. 11,139 Cr (market cap Rs. 3829 Cr) plus interest and penalties from July 2017 to March 2022, Delta Corp was down 17 per cent today. As a result of receiving an intimation from the Directorate General of GST Intelligence, Hyderabad. The show cause notice will also be sent to the corporation if it doesn't comply. The sum asserted in the DG Notice is calculated using the total gross bet value of all games played at the casinos during the applicable time.

Bajaj Finance, Tata Consumer Products, Apollo Hospitals, Bajaj Finserv and Coal India were among the top gainers on the Nifty, while losers were Hindalco Industries, SBI Life Insurance, Hero MotoCorp, Infosys and Dr Reddy's Laboratories.

At close, BSE Sensex was trading 0.022 per cent higher at 66,023.69 and Nifty50 was trading 0.0015 per cent higher at 19,674.55.

Godrej Industries has accepted bids worth Rs 400 crores for bonds maturing in three years and five months, Reuters reported quoting three bankers on Monday. The company will pay an annual coupon of 8.29 per cent and had invited coupon and commitment bids for the issue earlier in the day, the report added.

The monetary policy committee of the Reserve Bank of India (RBI) is expected to yet again pause the key repo rate at its next bi-monthly review scheduled in the first week of October, according to SBI Research. The meeting is scheduled for October 4-6.

“We believe JSW Infra IPO gives investors an opportunity to invest in the fastest-growing port-related infrastructure company and second largest port operator in terms of cargo handling in India. Being part of the reputable JSW Group, grants JSW Infra vital support and synergies with the group's growing businesses. We think with its strong track record of profitability and growth, JSW Infra is well-positioned to benefit from the continued growth of the Indian economy. We think the company has diversified its cargo profile and geographical spread which have helped them to minimize the risk and ensure stability."

"We like the way the company is strategically focusing on expanding its footprint in Non-Major Ports which would help them to broaden their operations to provide fully integrated logistics solutions. We believe two strategic acquisition companies have significantly increased their operational capacity and broadened their customer base. By looking at the financials, the company has shown robust growth in FY 2021 to FY 2023 in Revenue/EBITDA/PAT at a CAGR of 41.15 per cent, 42.06 per cent and 62.28 with EBITDA Margin/ PAT margin for FY 2023 remaining at 53.32 per cent/22.22 per cent."

"On Valuation per se at upper price band of Rs.119/-, the issue is asking for a Market Cap of Rs 24990 Cr. Based on annualized FY24 earnings and fully diluted post-IPO paid-up capital, JSW Infra is asking price a P/E of 19x on the consolidated basis which seems the valuations are reasonably priced when compared to peers which are trading in the range of 28-30x. Given that JSW Infra is committed to expansion in India's port and logistics infrastructure market by targeting 300 MTPA capacity across its ports and terminals by 2030e, we recommend investors “SUBSCRIBE FOR LONG TERM” to JSW Infra IPO offer with a long term perspective.”

Tata Consultancy Services expanded its partnership with the Standard Bank Group (SBG), the largest custodian in Africa, to centralize and standardize its custody and securities settlement operations in over 15 markets with the TCS BaNCS™
Global Securities Processing Platform, according to an exchange filing by TCS.

The Committee of Directors for Bonds, Power Grid Corporation of India, approved the raising of up to Rs. 2,250 crore in FY 23-24 in the second tranche, the company said in an exchange filing.

According to the statement, money will be directed to part finance its capex requirement, for providing Inter Corporate Loan(s) to wholly owned subsidiaries/JVs and for general corporate purposes by securitization of cash flows of 4 operational Special Purpose Vehicles.

Shreeji Translogistics Limited (STL) one of the large integrated national logistical solution providers in India, has entered into contract with DHL Express (India) Pvt. Ltd. (DHL) for providing courier cargo under bonded trucking services, the company said in an exchange filing.

Shares of Indian casino operator Delta Corp were down as much as 14.99 per cent on Monday, after the company said that it received a government notice to pay a tax of Rs 11,139 crore ($1.34 billion) for the period between July 2017 and March 2022.

SoftBank Corp will likely decide as early as Monday to raise up to 120 billion yen ($808.79 million) via Japan's first public offering of bond-type class shares, Bloomberg News reported, citing people familiar with the matter.

Ami Organics, Avalon Technologies, Barbeque-Nation Hospitality, Bigbloc Construction, DCX Systems, Ddev Plastiks Industries, Deep Industries, Dish TV, Eris Lifesciences, Fino Payments Bank, Gokul Agro Resources, Indiabulls Housing Finance, Imagicaaworld Entertainment, KFin Technologies, Krsnaa Diagnostics, LG Balakrishna & Bros, OnMobile Global, Unichem Labs, Texmaco Rail & Engineering.

The Burman family, which holds a controlling stake in Dabur, made an open offer on Monday for an additional 26 per cent stake in financial services company Religare Enterprises for upto 21.16 billion rupees ($255.03 million), according to a stock exchange filing.