Trade Setup for September 1: Nifty 50 may fall another 100-200 points if it slips below this level - CNBCTV18

A new month and a new series - everything is new for the Nifty 50. But the trend? Will that be new as well? Or will the last two weeks of August continue to cast a shadow on the Nifty 50's performance in September as well? We have the next 30 days to find an answer to that.

No amount of MSCI inflows were able to rescue the Nifty 50 from tumbling down towards their support level of 19,250, where it eventually closed on the August F&O expiry. It turned out to be the first negative F&O series since March and the first negative month as well.

For the week, the Nifty 50 is down 12 points. In case it closes below 19,265 in today's session, it will be the sixth straight weekly loss for the index, which will turn out to be the longest weekly losing streak since February-March, 2020. During that period, the Nifty 50 fell seven weeks in a row.

Today's session will have the Nifty 50 react to a slew of economic data. Auto companies will start to report their monthly sales figures, India's GDP grew at 7.8 percent for the June quarter, while the manufacturing PMI data for August will also be reported today.

For traders, 19,220 will act as a sacrosanct support zone and if the Nifty 50 falls below that, the selling pressure may accelerate towards 19,150 - 19,125, said Shrikant Chouhan of Kotak Securities. The index has formed a bearish candle on the daily charts, which is negative. Sustaining above 19,220 can take the index back towards 19,320 - 19,380, he added.

Rupak De of LKP Securities said that the overall sentiment remains pessimistic with any rally being sold into. The initial support for the index is now at 19,200 and below that, the Nifty 50 can fall towards levels of 19,000. The sell-on-rise strategy will be negated only if the Nifty closes above 19,500.

The MSCI flows managed to lead a 100-point recovery in the Nifty Bank from the day's low but that was not enough to prevent a close below the mark of 44,000 for the index. The banking index fell nearly 1,700 points in the August series. Majority of the underperformance is coming from the heavyweights, HDFC Bank and ICICI Bank, both of which were among the top losers in the August series.

In case the Nifty Bank fails to hold the 44,000 mark, the additional selling pressure may push it down towards the mark of 43,000, said Kunal Shah of LKP Securities. Immediate obstacle on the upside is at 44,200, a break above which can take the index back towards 45,000.

Ashwin Ramani of SAMCO Securities said that the Nifty Bank recovered from its 100-DMA at 43,920 and its key downside support lies at 43,800. A break below that an take the index another 500 points lower.

Shares of Gokaldas Exports finally witnessed some profit booking on Thursday after surging nearly 40 percent in two sessions. The stock surged to a record high after its latest acquisition, which the street viewed positively. After a surge of 20 percent and 16 percent respectively over Tuesday and Wednesday, the stock ended 10 percent lower on Thursday.

"I wouldn't recommend selling them because these are great long term stories - buying into them itself requires a lot of research and conviction, which is now there in place," said Dipan Mehta of Elixir Equities. "But from a fresh investing perspective, I think it's better to just wait and watch, have that compression of P/E multiple of even three, four times or so and that will provide some amount of margin of safety," he added.

What are the F&O Cues Indicating?

Nifty 50's September futures added 35 percent or 26 lakh shares in Open Interest on Thursday. They are currently trading at a premium of 160 points. On the other hand, Nifty Bank's September futures added 96 percent or 11.61 lakh shares in Open Interest. Nifty 50's Put-Call Ratio is now at 1.19 from 0.91.

BHEL and Indiabulls Housing Finance are both out of the F&O ban and no stocks are currently in that list at the start of the series.

Nifty 50 on the Call side for September 7 Expiry:

For next Thursday's expiry, the Nifty 50 call strikes between 19,400 and 19,800 have seen significant Open Interest addition. Incidentally, the 19,800 strike call has seen the maximum addition in Open Interest.

Strike	OI Change	Premium
19,800	27.6 Lakh Added	3.55
19,600	26.67 Lakh Added	18.65
19,700	24.93 Lakh Added	8.05
19,400	22.79 Lakh Added	80.75

Nifty 50 on the Put side for September 7 Expiry:

On the downside, the Nifty 50 put strikes between 18,500 and 19,200 have seen Open Interest addition. In a unusual observation, the 18,000 strike put has seen the maximum Open Interest addition for next Thursday's expiry.

Strike	OI Change	Premium
18,000	34.6 Lakh Added	1.95
19,200	26.4 Lakh Added	50.8
18,500	23.5 Lakh Added	2.55
18,900	20.2 Lakh Added	11.75

Lets take a look at the stocks that added fresh long positions on Monday, meaning an increase in price and Open Interest:

Stock	Price Change	OI Change
Manappuram Finance	3.86%	1043.00%
Hindustan Copper	2.51%	623.40%
GMR Infra	2.70%	101.50%
Sun TV	0.88%	82.00%
Oberoi Realty	0.13%	59.34%

Lets take a look at the stocks that added fresh short positions on Monday, meaning a decrease in price but increase in Open Interest:

Stock	Price Change	OI Change
Astral	-2.38%	117.75%
HDFC AMC	-2.99%	81.44%
Escorts	-1.90%	80.91%
Cummins India	-1.23%	74.70%
Torrent Pharma	-5.54%	65.00%

Lets take a look at the stocks to watch out for ahead of today's session:

Torrent Pharma / Cipla: A CNBC-TV18 exclusive says that Torrent Pharma is likely to have submitted a non-binding bid for Cipla. Torrent is believed to have started financial due diligence of Cipla and may decide on a binding bid in the next few weeks. CNBC-TV18 is awaiting comments from both Torrent Pharma and Cipla.

Five Star Business Finance: Sources say that PE investors are likely to sell up to 8.8 percent stake in the company via block deals. Floor price is likely at Rs 724, which is a 6.25 percent discount to Thursday's closing price for the stock. Total deal size is said to be worth Rs 1,860 crore.

Navneet Education: To merger Genext Students & Demerge the Edtech business of Navneet Futuretech with itself. The scheme is aimed at rationalising the cost and group structure.

Genus Power: Gets orders worth Rs 2,247.35 crore.

Som Distilleries: Board meet on September 5 to consider fund raising through QIP.

ITD Cementation: Secures a marine contract worth nearly Rs 3,300 crore.

India Pesticides: To acquire 11,461 square meters land in Hardoi in Uttar Pradesh to set up a manufacturing unit for pesticides.

What Are Global Cues Indicating?

Asian markets have opened mostly lower amidst the China manufacturing PMI data and a host of other economic data emerging from the region.

The Nikkei 225 has opened 0.2 percent lower, while the Kospi in South Korea is down 0.1 percent.

Hong Kong is bracing for a Super Typhoon Saola and the Hang Seng index will pause trading due to the same.

Overnight, US markets had a pullback after some days of gains. The Dow fell over 150 points, while the S&P 500 fell nearly 0.2 percent. The Nasdaq, though ending higher for the day, had its worst month of 2023.

Foreign investors were net sellers in the cash market on Thursday, while domestic institutions continued to buy. The numbers will be influenced by block deals in MedPlus Health and Sula Vineyards.

Nagaraj Shetti of Nifty 50 believes that the Nifty 50 may form a lower bottom sequence at the levels of 19,229 in the short-term, but the underlying trend remains choppy with a weak bias. He expects further weakness below levels of 19,200 towards 19,000 - 18,900, where there is a strong support, which may result in a bounce.

"The Nifty 50 index has confirmed the first part of the breakdown and the second part will be confirmed once it falls below 19,200," said Mehul Kothari of Anand Rathi. If that happens, Kothari said that the index can retest its 200-DMA close to 18,600. The bearish view is negated above 19,450.

First Published: Sept 1, 2023 5:19 AM IST

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Trade Setup for September 1: Nifty 50 may fall another 100-200 points if it slips below this level - CNBCTV18
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Vedanta lobbied to weaken environmental regulations during pandemic: OCCRP report - The Economic Times

India's Vedanta ran a "covert" lobbying campaign to weaken key environmental regulations during the COVID-19 pandemic, the Organised Crime and Corruption Reporting Project (OCCRP) said in an article on Thursday.
In January 2021, Vedanta Group Chairman Anil Agarwal told former environment minister Prakash Javadekar the government could add "impetus" to India's economic recovery by allowing mining companies to boost production by up to 50% without having to secure new environmental clearances, the OCCRP said.

Vedanta's oil business, Cairn India, also successfully lobbied to have public hearings scrapped for exploratory drilling in oil blocks it won in government auctions, the report said.
Vedanta told OCCRP that as "one of the leading natural resources organizations in India" the company operated "with an objective of import substitution by enhancing domestic production in a sustainable manner."

"In view of the same, continuous representations are submitted for consideration to the Government in the best interest of national development and India's march towards self-reliance in natural resources," a company spokesperson told OCCRP.
Vedanta and Cairn India did not immediately respond to Reuters requests for comment.
OCCRP's report on Vedanta comes a day after the media group published a report on Adani Group that said the group family used "opaque" funds to invest in stocks.

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Vedanta lobbied to weaken environmental regulations during pandemic: OCCRP report - The Economic Times
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Adani shares slide and politicians demand action after reports on hidden investors - Financial Times

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Dunzo further delays salary payments to October as funding talks make little progress - Moneycontrol

Dunzo, the startup that is reeling under severe cash crunch, has told former employees that it will be further delaying salaries to the first week of October as it has not been able to raise the capital it was expecting to get from investors.

The startup was earlier scheduled to clear all dues on September 4, it told former employees in an email on August 30. Moneycontrol has seen a copy of the email.

“We sincerely apologize for this delay. Ensuring that you receive your due compensation as early as possible is our top priority. Please be assured that we are doing everything to make this happen, and we are confident that there will be no further delays after this,” the email read.

The October deadline is Dunzo's second extension now. When it had first decided to cap salaries on July 3, it promised to clear all dues by July 20. After failing to make payments in July, it set a new deadline of September 4 and, as an incentive, it even promised to pay interest on the salary component that was held back.

Dunzo, which is based in Bengaluru, is now asking former staffers to wait for another 30 days to receive the held-back portion salaries.

“Please note that pending salaries for the months of June and July, due to be paid on September 4, will be paid in the first week of October. You will receive the salary dues along with a 12 percent p.a. interest, which will now be calculated for an additional month," the email sent on August 30, added.

Sliver of hope

While Dunzo was buying more time from its former employees, it sent another email to its current employees and gave them something to cheer about. All the employees who are still working with Dunzo will receive their August salaries on September 4, as promised.

"You will receive your salary for the month of August 2023 on time on September 4. The balance salaries for June and July, along with an interest of 12% p.a., will be cleared at the earliest. We will revert with the exact date next week," the email said. Moneycontrol has seen a copy of the email.

The company did not specify a timeline on when the held-back portion of June and July salaries will be cleared in full.

It provided more assurance to them and said "you can also expect salary payments from September month onwards to be regularised. We sincerely apologize for this delay," the email added.

The commitment was likely because Dunzo was expecting funds to come through sometime in September. "We have made positive progress on funding and aim to close procedural requirements in September. In the meantime, we wanted to clear August salaries as per the committed timeline. We are confident that there will be no further delays..." Dunzo said in the email to current employees.

How it got here

It all started on July 3, when Dunzo deferred salaries and capped pay packages at Rs 75,000 per month per employee affecting over 500 employees. It had, however, assured employees that all dues would be cleared by July 20, a deadline that the startup missed.

After the July deadline, Dunzo’s top management – including co-founder and CTO Mukund Jha – held a call with employees and assured them that the startup “will definitely” clear all dues by September 4 and even pay employees an interest of 12 percent per annum on the portion of salaries that were held back.

For instance, an employee who was earning Rs 1 lakh a month but was paid only Rs 75,000, because of Dunzo’s decision, in June will now receive an interest of 12 percent per annum on the remaining Rs 25,000.

Jha had earlier said the revised deadline provides the company “a more than enough buffer” because talks with investors were looking “positive” but the company seems to have made no progress on that front yet. Jha had earlier told employees in a townhall that Dunzo had not raised an equity round in the past as the valuations were not in the company's favour.

In between all this, Dunzo has also been slapped with legal notices from over seven companies and vendors that amount to over Rs 11 crore, Moneycontrol had reported earlier. In an attempt to cut costs, Dunzo has already undertaken three rounds of layoffs over the past year eliminating over 500 jobs, across three rounds of layoffs in just eight months.

Along with the job cuts, the company has also shut most of its dark stores and has been operating a marketplace model. Under the new arrangement, which was put in place about six months ago, Dunzo picks up products from supermarkets and delivers them to customers directly, instead of fulfilling orders from its own dark stores.

As a result, Dunzo’s dark store count has reduced from 120 to just seven, Moneycontrol had reported. The company had said the unit economics work out better under the marketplace model.

Dunzo has so far raised close to $500 million since 2015 from Reliance, Google, Lightrock, Lightbox, Blume Ventures and several others. Reliance is the largest shareholder with a 25.8 percent stake in the company, and Google was the second-largest with around 19 percent ownership in Dunzo, according to Tracxn, a private markets data provider.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Dunzo further delays salary payments to October as funding talks make little progress - Moneycontrol
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32 Firms Apply To Make Laptops In India: Union Minister - NDTV

Government received 32 applications for production-linked incentive (PLI) scheme 2.0 for IT hardware

New Delhi:

The government has received 32 applications for production-linked incentive (PLI) scheme 2.0 for IT hardware, of which 25 are domestic companies, IT Minister Ashwini Vaishnaw told reporters in Delhi on Wednesday.

The announcement comes days after the government announced restrictions in laptop imports from November.

All of them are driven to gear up manufacturing and bring in supply chains.

Mr Vaishnaw said companies like HP, Dell, Lenovo, Thompson, Acer, and Asus will be manufacturing laptops under the scheme. HP, VVDN, Lenovo will be manufacturing servers.

He said Apple has not applied under the PLI framework, but the company is already manufacturing components.

This move should see a significant reduction in the import of laptops and PCs, Vaishnaw said, adding that "import restrictions are not a worry anymore."

"I spoke to all the applicants, and they didn't raise any concern," he said.

The minister said incremental production expected is around Rs 3.35 lakh crore and the expected direct employment is around 75,000.

"The upcoming Dixon factory in Noida will alone employ 25,000 people," he said.

Manufacturing of laptops will begin by April 2024, officials said, as companies such as Dell are also migrating to PLI scheme.

When asked if India is optimising on big players quitting China with its economy slowing down, Mr Vaishnaw said India is emerging as a trusted value chain partner.

"Many of these companies will use the semiconductors manufactured in India. In fact, they were pleased we are starting with the manufacturing of memory first, which is crucial for laptops. Companies have shared their detailed proposals. We are optimistic more will join," he said.

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WhiteHat Jr CEO Ananya Tripathi leaves in another top-level exit at Byju’s - The Economic Times

WhiteHat Jr chief executive Ananya Tripathi has joined the ranks of top leaders exiting its troubled edtech parent Byju’s. Tripathi has tendered her resignation, which is yet to be accepted by the company, a person directly familiar with the matter told ET.
A Byju’s spokesperson did not respond to ET’s request for comment.

Tripathi was one of at least five business vertical heads who reported to Mrinal Mohit, Byju’s India business head. Four of them, including Tripathi, have quit the firm since June, ET reported on Tuesday.

Tripathi had been on a maternity break since May 2023.

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Other leaders reporting to Mohit who quit in recent months include Mukut Deepak, Pratyusha Agarwal and Himanshu Bajaj.
On Tuesday, Byju’s consolidated four verticals into two, K-10 and exam preparation, as part of moves to restructure its mainstay business. The Bengaluru-based startup’s mainstay in India was divided across four main categories — K3 or Early Learn, 4th to 10th class levels, 11th and 12th class levels, and offline Byju’s Tuition Centres (BTC).
Byju’s had acquired WhiteHat Jr in an all-cash deal worth $300 million in 2020, marking its entry into the computer code learning segment, with a focus on high school and college students. However, since 2022, Byju’s has been winding down the coding platform.

Industry experts told ET that WhiteHat Jr was not doing well as was any business that focussed solely on teaching software coding to children. Schools, which have fully opened up since early 2022, have increasingly started integrating coding into their curriculum.

WhiteHat Jr has been restructuring since 2022. The process began in May when 800 employees resigned after being asked to work from the office. In June, the code-teaching startup for kids laid off around 300 full-time employees.

In November, the company reportedly let go of more employees without severance pay in another new round of layoffs. It was then in the news for considering a complete shuttering down of the business.

Byju’s, India’s largest edtech as well as the country’s most valued startup, has been embroiled in multiple issues from corporate governance and financials to legal tussles surrounding a $1.2-billion loan and incessant firings across the organisation to save capital.

The company recently appointed former State Bank of India chairman Rajnish Kumar and former Infosys chief financial officer Mohandas Pai to its board advisory committee (BAC).

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Buzzing Stocks: Lupin, Zomato, GR Infra, Central Bank, Ami Organics, others in news - Moneycontrol

Lupin: Subsidiary Lupin Pharma Canada has launched Propranolol LA (long-acting) capsules in the 60 mg, 80 mg, 120 mg and 160 mg strengths in Canada. Propranolol LA is a generic equivalent of Inderal LA, which is used to treat heart problems, anxiety, and migraines.

Zomato: SoftBank Vision Fund (SVF Global) is likely to offload a 1.17% stake it holds in food delivery giant Zomato for Rs 940 crore through a block deal, CNBC TV-18 reported, citing sources. A total of 10 crore shares will be sold by SVF Growth Fund, at a price of Rs 94 apiece, the sources added. Svf Growth (Singapore) Pte Ltd holds 3.35% stake in Zomato as of June 2023.

Ami Organics: Morgan Stanley Asia Singapore Pte non-ODI has bought 6,21,898 equity shares in the pharma company through open market transactions at an average price of Rs 1,250 per share, amounting to Rs 77.7 crore. However, high net-worth individual (HNI) Girishkumar Limbabhai Chovatia was the seller in a block deal, offloading 6.25 lakh shares at an average price of Rs 1,250.39 per share. Girishkumar held 7.12% or 25.95 lakh shares in the company as of June 2023.

APL Apollo Tubes: Promoter Rahul Gupta has exited the structural steel tubes company by selling his personal shareholding of 15.01 lakh shares or 0.54% stake via open market transactions at an average price of Rs 1,621.46 per share. The stake sale was worth Rs 243.38 crore.

Thermax: Shekhar Kashalikar, Executive Vice President and Chief Executive Officer - Thermax Babcock & Wilcox (TBWES), has resigned from the company with effect from September 30, due to personal reasons. Accordingly, Shekhar will also cease to be a member of senior management of the company.

Suzlon Energy: In May 2018, the wind and solar energy solutions company had win 285 MW wind power project under SECI 4 bid in Kutch, Gujarat from Avikiran Solar India. Due to devastating impact of the Covid-19 global pandemic and the resultant disruption of the global supply chain, the parties have decided to downsize the project limiting to 168 MW.

Mahindra Lifespace Developers: Krity Sharma has resigned as Chief People Officer, Human Resources (senior management personnel) of the company, to pursue her personal interests outside the organisation. Krity Sharma resigned with effect from October 26.

Central Bank of India: The public sector lender has entered into a strategic co-lending partnership with IKF Home Finance to offer MSME and home loans. IKF Home Finance manages assets totaling to Rs 696.10 crore via operations in 6 states. Also, Central Bank of India entered into a strategic co-lending partnership with Samunnati Financial Intermediation & Services to offer agriculture and MSME loans. Samunnati is functioning in 22 states, with an AUM of Rs 1,150 crore.

GR Infraprojects: Subsidiaries GR Belgaum Raichur (Package-5) Highway Private Limited and GR Belgaum Raichur (package-6) Highway Private Limited, have executed the concession agreement, for road projects worth Rs 1,457.24 crore, with the National Highways Authority of India.

State Bank of India: The Competent Authority has given approval to set up a wholly owned subsidiary by SBI Funds Management, at IFSC Gift City, Gandhinagar subject to receipt of all regulatory approvals.

Ramky Infrastructure: The board has appointed Chivukula Vasudev as Chief Financial Officer and key managerial personnel of the company with effect from August 30. However, Ajay Masand has resigned as Chief Financial Officer of the company with effect from August 29.

Minda Corporation: Minda Europe BV, Netherlands, a non-operative wholly owned subsidiary, has been closed voluntarily. Minda Europe BV is not a material subsidiary of Minda Corporation and therefore it will not impact consolidated financials of the company.

MPS: Subsidiary MPS Interactive Systems has agreed to acquire 65% stake in Liberate Group (comprising Liberate Learning Pty Ltd (Australia), Liberate eLearning Pty Ltd (Australia), App-eLearn Pty Ltd (Australia), and Liberate Learning (New Zealand)). The remaining 35% shareholding of each of the entities of the Liberate Group will be acquired by MPSi in subsequent tranches.

SBFC Finance: The non-banking finance company has recorded standalone net profit at Rs 47 crore for quarter ended June FY24, rising 46.5% over Rs 32 crore profit in year-ago period. Net interest income grew by 40.6% on-year to Rs 141 crore during the same quarter.

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Buzzing Stocks: Lupin, Zomato, GR Infra, Central Bank, Ami Organics, others in news - Moneycontrol
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Byju’s chief business officer Prathyusha Agarwal, 2 senior executives resign - India Today

Byju’s Chief Business Officer (CBO) Prathyusha Agarwal and two other senior executives have resigned from the struggling ed-tech firm, confirmed a company spokesperson on Tuesday. Alongside her, Himanshu Bajaj and Mukut Deepak, two other business heads, have also exited the company.

It may be noted that Agarwal joined the edtech firm in February 2022 from Zee Entertainment Enterprises, where she was the chief consumer and data officer. She held several senior positions in Zee for over five years, reported moneycontrol.com.

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Deepak was with the company for almost two years, and Bajaj joined in November 2021 to head Byju’s Tuition Centers vertical from management consulting company Kearney.

"As Byju’s continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals - K-10 and Exam Prep," a company spokesperson said on the recent exits.

“At present, two very seasoned and senior leaders lead both verticals- Ramesh Karra leads the K-10 vertical while Jitesh Shah leads the exam prep business. And as a part of this reorganisation of businesses, Mukut Deepak, Prathyusha Agarwal, and Himanshu Bajaj will be moving on,” the spokesperson added.

In addition, Byju's witnessed the departure of Cherian Thomas, the Senior Vice President for international business, in the previous week.

Byju's, amidst grappling with numerous legal and financial challenges, has parted ways with thousands of employees this year.

Investor Prosus NV highlighted management concerns, noting that advice was often disregarded. Moreover, Deloitte, the appointed auditor until 2025, resigned due to delayed financial statements, impacting its auditing capabilities.

Byju's plans to submit audited 2022 earnings by September and 2023 results by December.

To address governance issues, an advisory council was formed in early July, comprising investor Mohandas Pai and former State Bank of India chairman Rajnish Kumar.

Edited By:

Koustav Das

Published On:

Aug 29, 2023

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Byju’s chief business officer Prathyusha Agarwal, 2 senior executives resign - India Today
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2023 Hero Karizma XMR launched: Top things to know about this Bajaj Pulsar rival - IndiaTimes

Indian two-wheeler manufacturer Hero MotoCorp today launched the Hero Karizma XMR to the Indian market. The Karizma is returning to the market after more than four years, It was first launched in 2003 under the collaboration with Honda and was discontinued in 2019. The bookings for the bike have been opened and the deliveries are expected to begin from September first week. In this article let’s take a look at the top five things you need to know.

Design
The new Karizma features aggressive styling with attractive graphics and multiple cuts and creases. It gets sleek projector LED headlamps with DRLs. It also gets LED treatment for the taillamps and indicators. It gets a sculpted fuel tank covered with side faring which gives it a sporty look.

Hero Karizma XMR walkaround: New breed of 210 cc sports motorcycle | TOI Auto

The bike also features a split seat setup with an upswept exhaust and split grab handles at the rear. The bike gets three colour options– yellow, red and matte black.
Features
The new Karizma gets a segment-first adjustable windscreen, an LCD digital cluster with Bluetooth connectivity, turn-by-turn navigation, all LED lighting and dual-channel ABS.

Suspension and braking
The new Karizma XMR gets telescopic front forks and a preload-adjustable mono-shock setup at the rear. Braking duties are taken care of by a 300mm disc at the front and a 230mm disc at the rear. The bike also gets dual-channel ABS which makes this the first Hero motorcycle to get dual-channel ABS.

Engine and gearbox
The new Hero Karizma XMR is powered by a newly developed liquid-cooled, 210cc, single-cylinder engine that sits on a steel trellis frame. The engine puts out 25.5hp at 9,250rpm and 20.4Nm at 7,250rpm. The engine comes paired with a 6-speed gearbox and a slip-and-assist clutch.

Pricing and rivals
The new Hero Karizma is priced at Rs 1.72 lakh (ex-showroom). The price is introductory and the company might increase the prices by up to Rs 15,000. The bike competes with the Yamaha R15 V4, Suzuki Gixxer SF 250, Bajaj Pulsar RS 200 and KTM RC 200.

TVS X walkaround: Most expensive Indian e-scooter at Rs 2.5 lakh | TOI Auto

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2023 Hero Karizma XMR launched: Top things to know about this Bajaj Pulsar rival - IndiaTimes
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Ambani succession plan picks up pace, children appointed to RIL board - IndiaTimes

MUMBAI: Reliance Industries, India’s largest company in terms of market value, has appointed chairman and managing director Mukesh Ambani’s three children — Isha, Akash and Anant — to the board, an indication that they will eventually helm the oil-to-telecom conglomerate.
Ambani will be chairman for five more years even as his wife, Nita, has stepped down from the board to focus on philanthropic activities. He said his children have “earned their stripes”. Ambani said Nita will continue to attend RIL board meetings as a permanent invitee in her capacity as the chairperson of Reliance Foundation.
At present, the three Ambani children are on the boards of operating business companies.
‘I see both my father & me in Isha, Akash and Anant’
This is truly an emotional moment for me because it reminds me of that day in 1977 when my father inducted me into the board of Reliance… Today, I see both my father and me in Isha, Akash and Anant. I see the flame of Dhirubhai shine in all of them,” Ambani said. He said he would mentor them for leadership roles, preparing them for challenges and opportunities. “I shall continue to perform my duties and responsibilities as chairman and managing director for five more years with greater vigour,” he added.
In recent years, Ambani has been outlining succession plans for various businesses under RIL. Akash (31) is the chairman of Reliance Jio Infocomm, Isha (31) drives the retail business and is on the board of Jio Financial Services — the newest business from RIL — while Anant (28) is involved with the energy unit. RIL said their appointment as non-executive directors will take effect from the date they assume office after shareholder approval.
Ambani joined the board of RIL in 1977 — the year the company got listed — at the age of 20 and became its CMD after his father and RIL founder Dhirubhai Ambani died in July 2002. The 66-year-old CMD has secured a term till 2029 after his current tenure expires in April 2024. According to company law, if an individual crosses the age of 70 for the CMD position, then it requires a special resolution by shareholders for him to be appointed beyond that limit.
Monday’s announcement is a clear indication that Ambani, who was in an inheritance dispute with his younger sibling Anil Ambani, is preparing to hand over the reins to his three children. While Ambani got the flagship RIL, Anil secured telecommunications, power and financial services. The two warring brothers subsequently called it a truce, which then allowed Ambani to re-enter telecom and now financial services businesses.

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Buy or sell: Vaishali Parekh recommends three stocks to buy today — 29th August | Mint - Mint

Buy or sell stocks for today: Following strong global market sentiments, Indian stock market snapped its two days losing streak and ended higher on Monday. NSE Nifty gained 40 points and closed at 19,306 levels, BSE Sensex went up 110 points and closed at 64,996 mark whereas Bank Nifty index shot up 263 points and ended at 44,494 levels. Broad market indices rose more than the Nifty even as the advance decline ratio stayed above 1:1.

Intraday trading strategy for Tuesday

Vaishali Parekh, Vice President — Research at Prabhudas Lilladher believes that Nifty has consolidated in 19,200 to 19,400 zone. After pull back from near 19,230 levels, Prabhudas Lilladher expert believes that a decisive move past the 19,400 levels would once again strengthen the trend. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today and those day trading stocks are GHCL, Navin Fluorine and Confidence Petroleum.

On outlook for Nifty today, Vaishali Parekh said, "Nifty, witnessing a decent pullback near the previous day's low level, which is around the 19,230 zone, closed above the 19,300 zone for the day and has now consolidated in the range of the 19,200 to 19,400 zone for quite some time. As said earlier, a decisive move past the 19,400 levels would once again strengthen the trend and carry on the momentum to the upside. On the downside, support is at around 19,200 to 19,230, and a decisive breach below that would turn the bias weak."

"Bank Nifty also maintained the levels above the 44,500 zone after the decent recovery from 44200 to keep the bias intact, and with some of the banks like HDFC Bank, PSU Banks, and Kotak Bank showing improvement in their bias, it is expected to do well further in the coming sessions," Parekh said adding, "The support for the day is seen at 64,500/19,200, while the resistance is seen at 65,450/19,380. The Bank Nifty would have a daily range of 44,000 to 45,000 levels."

Stocks to buy today

As mentioned above, Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:

1] GHCL: Buy at ₹539, target ₹580 to ₹600, stop loss ₹519;

2] Navin Fluorine: Buy at ₹4509, target ₹5000, stop loss ₹4200; and

3] Confidence Petroleum: Buy at ₹92.40, target ₹120, stop loss ₹80.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Updated: 29 Aug 2023, 07:20 AM IST

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Appointed to Reliance board, who are Ambani siblings Akash, Isha and Anant? - Hindustan Times

ByHT News Desk, New Delhi

Aug 29, 2023 08:15 AM IST

Though they have been on the board of RIL's operating companies, this marks their first time on the parent firm's board.

Setting a succession plan in motion, Mukesh Ambani announced on Monday, at the 46th Annual General Meeting (AGM) of his Reliance Industries Limited (RIL), that his children, twins Akash and Isha, and the youngest, Anant, are being appointed to the conglomerate's board of directors.

From left to right: Akash, Anant, Isha, Nita, and Mukesh Ambani (File Photo/PTI)

Also Read | Mukesh Ambani appoints children Akash, Anant & Isha on Reliance board; wife Nita steps down

While the siblings have been on the board of RIL's operating companies, this is their first time on the parent firm's board.

Here is all you need to know about Akash, Isha, and Anant Ambani:

Akash: Last year, the Ambani couple's first-born succeeded his father as the chairman of Reliance Jio Infocomm Limited, the country's largest mobile operator. Born on October 23, 1991, in Mumbai, he married Shloka Mehta, the daughter of industrialist Russell Mehta, in March 2019.

They are parents to a son, Prithvi (born in December 2020), and a daughter, Veda (born in May 2023).

Isha: The younger twin, meanwhile, heads Reliance Retail, the group's retail arm. In 2016, she launched online fashion brand Ajio, a subsidiary of Reliance Retail. In August last year, Isha was appointed by her father as the CEO of Reliance Retail.

In December 2018, she married Anand, the son of businessman Ajay Piramal. In November last year, Isha and Anand welcomed twins, a daughter, and a son. The twins were named Aadiya and Krishna, respectively.

Anant: The youngest among Ambani sibling is a regular presence at the matches of the Mumbai Indians (MI), an Indian Premier League (IPL) franchise, one of several MI teams owned by the group. He heads the new energy sector at Reliance.

Born on April 28, 1995, also in Mumbai, he got engaged to Radhika Merchant earlier this year. Her father is businessman Viren Merchant.

• ABOUT THE AUTHOR

  

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  Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

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Appointed to Reliance board, who are Ambani siblings Akash, Isha and Anant? - Hindustan Times
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Ex-COO Dhruv Dhanraj Bahl latest to exit BharatPe - The Economic Times

Former chief operating officer (COO) of BharatPe Dhruv Dhanraj Bahl who was recently redesignated as the chief business officer of the merchant lending division of BharatPe is exiting the company in September, as per sources.
Merchant lending has been one of the biggest revenue drivers and most important vertical for the company. In May, BharatPe also announced the acquisition of a majority stake in Mumbai-based non-banking financial company (NBFC) Trillion Loans with an aim to boost its lending business.

The company claims to be facilitating loans of over Rs 500 crore every month to its merchant partners.

Bahl’s exit is followed by a slew of senior level exits that the fin-tech witnessed in the last year and a half.

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"We would like to confirm that Mr. Bahl is moving on from BharatPe to pursue his entrepreneurial passions. He has been an integral part of the organisation and contributed to the growth of the company," the company spokesperson told ET Prime.
Bahl played a crucial role in the restructuring of the organisation post the exit of Grover. He had joined the company in 2020 as the head of operations Before joining BharatPe, he worked across organizations such as Airtel Payments Bank, Paytm Bank and Fortis Healthcare.
Bahl is likely to set up an early stage investment firm thus joining the league of his former colleagues Suhail Sameer and Bhavik Koladiya, one of the sources quoted above said requesting anonymity. However he declined to divulge further details.

The year 2022 at BharatPe began with the controversial exit of its mercurial founder Ashneer Grover played out in full public glare. Then another co-founder, Bhavik Koladiya, who was the tech backbone of the company, left BharatPe.

The rest of the year saw over a dozen exits with most of them working in the tech and product segments.

Senior executives, including chief technology officer, Vijay Aggarwal; head of consumer product-PostPe, Nehul Malhotra; the chief product officer of lending and consumer products, Rajat Jain; and vice-president technology, Geetanshu Singla, exited to start their own ventures.

The last to join the queue was chief executive Suhail Sameer who exited in January this year.

Interestingly, Koladiya, Sameer and co-founder Shashvat Nakrani are all backing the BharatPe alumni who are starting up with angel cheques.

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Tiger Global exits Zomato by selling its remaining stake | Mint - Mint

Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, has sold its remaining stake in Zomato Ltd on Monday via bulk deal on Bombay Stock Exchange (BSE), data on the bourse said today.

The US-based venture capital fund offloaded 123,486,408 equity shares or 1.44% at an average price of ₹91.01 per share. 

As on June 30, Internet Fund III Pte Ltd  held 1.44% in Zomato Ltd. 

In the past year, between July 25 and August 2, the New York-based hedge fund sold more than 18.4 crore shares, or 2.34%, of Zomato in the open market.

According to data available on the bourses, DST Global through its investment firm Apoletto Asia Ltd sold 3,19,80,447 shares at ₹90.10 apiece.

Among those that bought Zomato shares were Axis Mutual Fund, SBI Life Insurance Company, ICICI Prudential Life Insurance Company, Founders Collective Fund, Morgan Stanley Asia Singapore, and Societe Generale.

On Monday, Zomato share price closed 1.53% higher at ₹92.33 apiece on BSE.

Also Read: Tiger Global joins Zomato sellers; sheds 2.34% stake in food delivery company

On the other hand, Star Health and Allied Insurance Company Ltd had a few bulk deal transactions on Monday.

Mio IV Star sold 3,401,639 shares of the Star Health and Allied Insurance Company Ltd at ₹610.20 apiece on BSE on Monday. As of June 30, the foreign investor held 3.66% stake in the company.

Another foregin investor, University of Notre Dame Du LAC, sold 16,658,092 shares of Rekha Jhunjhunwala backed company for ₹610.22 apiece. As of June 30, the foreign investor held 3.17% stake in the company.

On the other side, Fidelity Investment Trust Fidelity Series Emerging Markets Fund, FGTFEBP:Fiam Emerging Markets Opportunities Commingled Pool, and ICICI Prudential Life Insurance Company Ltd bought shares of Star Health and Allied Insurance Company via bulk deal. 

Fidelity Investment Trust Fidelity Series Emerging Markets Fund bought 12,376,100 shares of the company at ₹610.20 apiece.

Fiam Emerging Markets Opportunities Commingled Pool bought 3,245,300 shares of the company at ₹610.20 apiece.

ICICI Prudential Life Insurance Company Ltd bought 3,900,000 shares of the company at ₹610.20 apiece.

Star Health share price closed flat at ₹611.55 apiece on BSE.

A bulk deal is a transaction in which at least 5% of a company's total equity shares are traded all at once. These transactions can take place throughout the regular trading session, unlike block deals. Bulk transactions don't require the opening of a special window. Additionally, it is possible in the block deal window.

Block deals refer to single trades with a 5 lakh share minimum or a value of ₹10 crore. When two parties agree to buy and sell at least this many shares at the same price, it occurs

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Updated: 28 Aug 2023, 07:57 PM IST

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Adani's bid to remake Mumbai slum spurs residents' doubts, favouritism claims - Reuters India

• Summary
• Companies

• Adani aims to redevelop large Indian slum in 'colossal' test
• Hindenburg fallout, political uproar, residents' worries weigh
• Court battle between Dubai consortium, Adani adds new twist
• Adani argues SecLink case should be thrown out

MUMBAI, Aug 28 (Reuters) - Indian billionaire Gautam Adani's plan to rehouse a million people living in one of Asia's biggest slums is fuelling worries among residents about his capacity to deliver amid high-profile financial setbacks and allegations that Prime Minister Narendra Modi's allies afforded him favourable treatment.

The Dharavi slum, about three-quarters the size of New York's Central Park, featured in Danny Boyle's Oscar-winning 2008 movie "Slumdog Millionaire". Its open sewers and shared toilets, close to Mumbai's international airport and high-rises housing foreign companies, stand in contrast to India's development boom.

Adani is at the helm of plans to redevelop Dharavi after the Maharashtra state government in July approved his $614 million contract bid to overhaul the slum, which is known for producing leather goods, following years of failed attempts.

Adani Group aims to demolish what it describes in legal documents as an area of "unhygienic, deplorable" conditions and build new towers on state-owned land to accommodate residents and their businesses. Consultancy Liases Foras estimates Adani may invest up to $12 billion on remaking Dharavi and in return get development rights that could yield revenue of up to $24 billion.

Only those who already lived in Dharavi before 2000, mostly ground-floor residents, will get free homes within the redevelopment. About 700,000 inhabitants of mezzanine and upper floors are considered ineligible by the government and will be offered units up to 10 kilometers away, which they say could require them to pay upfront costs or higher rents.

The overhaul, poised to start around September, comes at a tumultuous time for Adani. The tycoon was the world's third-richest person until January, when - despite his denials - allegations by U.S. short seller Hindenburg of improper dealings wiped $150 billion off his group's market valuations.

In interviews with Reuters, some Dharavi residents cited the billionaire's financial troubles as contributing to their concerns.

A fresh threat to Adani's plans is a legal challenge from rival bidder SecLink Technologies Corporation. The Dubai-based consortium, which says it is backed by Bahrain's royal family, alleges Maharashtra improperly cancelled an original 2018 tender, for which SecLink bid highest, and restarted the process with new terms in 2022 so that Adani could win, according to court papers reviewed by Reuters.

The current state government, ruled by Modi's Bharatiya Janata Party (BJP) and its allies, is contesting the case. Last month, a Mumbai court allowed SecLink to add Adani to its lawsuit, forcing the conglomerate to defend its position before judges.

In an 809-page filing last month challenging Adani and the state, reported by Reuters for the first time, the eight-member consortium said Maharashtra's modified bidding process was "politically motivated" and "tailor made to suit" Adani Group.

Those changes, according to SecLink, included doubling a bidder's required net worth to $2.4 billion and capping consortium members at two instead of eight previously.

Adani, in a non-public submission to judges before an Aug. 31 hearing, denied SecLink's allegations and argued the case should be thrown out in the interest of development.

Maharashtra said in a submission that SecLink's claims were "baseless" and that officials had followed "proper process" in cancelling the earlier tender, according to a Reuters review of non-public filings related to the case. It said it restarted the process because it added another land parcel to the project after the 2018 tender had closed.

Adani Group, SecLink, Maharashtra's Chief Minister Eknath Shinde and Modi's office did not respond to questions from Reuters for this report.

HINDENBURG FALLOUT

Modi and Adani both hail from the western state of Gujarat. Their opponents and critics often allege the meteoric rise of Adani's ports-to-energy empire was partly due to his close relations with, and favourable treatment by, administrations run by Modi's BJP and its allies. The duo have repeatedly denied impropriety.

The opposition Congress party has seized on the Dharavi dispute to put pressure on Modi and the BJP ahead of 2024 national elections, accusing Maharashtra's government of handing Adani an advantage.

"The fact that it is associated with Adani will automatically result in snowballing into a political controversy," said Sandeep Shastri, director of academics at India's NITTE Education Trust.

Hindenburg's report and ensuing regulatory scrutiny of Adani have sowed mistrust among some in Dharavi, according to representatives of thousands of local families, and 25 other residents and business owners interviewed by Reuters.

"People have doubts regarding Adani's image after the Hindenburg incident. There are issues of trustworthiness," said Rajendra Korde, president of Dharavi Redevelopment Committee, which is calling for public consultation.

In early August, about 300 opposition supporters and residents gathered in Dharavi to object to Adani's involvement. Some bore banners showing Adani's face with a red cross, shouting, "Remove Adani, Save Dharavi".

Many told Reuters they were troubled by Adani Group's financial setbacks, including the collapse in its valuations.

"If something like that happens again, and if he is not able to complete the project, where will people like us go," said Radha Pawar, a 50-year-old airport cleaner.

'COLOSSAL' CHALLENGE

Adani, 61, in a July video address said the group had raised funds since Hindenburg's report and that investors supported its governance and capital allocation practices.

Still, in a blog post last month, Adani acknowledged that rebuilding Dharavi presented "colossal" challenges - though he hoped the area in future would produce "millionaires without the slumdog prefix".

Under the plan, the tycoon will need to create larger apartments of 300-350 square feet, with the state recommending fittings of foreign glass brands like France's Saint-Gobain.

SVR Srinivas, who heads the Dharavi Redevelopment Authority, said efforts would be made to minimize disruption.

But residents remain jittery.

Mohammad Hasmat Ullah has lived in Dharavi since 1995 but runs an embroidery business from a rented upper floor, making his place ineligible for a free replacement. He earns $145 a month to support his family, including seven children.

"We are worried that Adani will throw us out of here," said Ullah, 44, sitting inside his workshop accessed by a narrow, steep staircase.

"If Adani gives us a place to work and stay, it's good. Otherwise, we will be forced to go back to our village."

Reporting by Dhwani Pandya and Aditya Kalra; Additional reporting by Arpan Chaturvedi and Francis Mascarenhas; Editing by David Crawshaw

Our Standards: The Thomson Reuters Trust Principles.

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Aditya Kalra

Thomson Reuters

Aditya Kalra is the Company News Editor for Reuters in India, overseeing business coverage and reporting stories on some of the world's biggest companies. He joined Reuters in 2008 and has in recent years written stories on challenges and strategies of a wide array of companies -- from Amazon, Google and Walmart to Xiaomi, Starbucks and Reliance. He also extensively works on deeply-reported and investigative business stories.

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