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<ul><li>Stock markets on Tuesday continued the downward trend amid continuous selling by FIIs.</li><li>Several key events, including the US Fed meeting, elections and China’s standing committee meeting may put pressure on the markets.</li><li>The Nifty 50 index declined by 78 points to open below the 24,000 mark at 23,916.50 points.</li></ul>Stock markets in India continued their downward trend on Tuesday, indicating continuous selling by foreign investors. The Nifty 50 index declined by 78 points to open below the 24,000 mark at 23,916.50 points, while the BSE Sensex also plummeted by 240 points to open at 78,542.16. Experts noted that volatility may continue this week as various events unfold, including the U.S. elections and the <keyword id="20950838" type="General" weightage="20" keywordseo="Federal-Reserve-meeting" source="keywords">Federal Reserve meeting</keyword>. Investors are advised to proceed cautiously, as domestic investors cannot afford another month of FII selling. "Peak event risk and heightened volatility ahead of the last stretch of a very polarising US Election. Still three big events this week: The US Election result, the FOMC rate cut announcement and the China standing committee meeting outcome on Friday. Add on possible Iranian action on Israel and you have a full week of worries and risk off. Stay on the sidelines and wait out the week. DIIs can't absorb another month of ₹1,00,000 crores of FII selling. Don't wade into any market rise in a rush, give the market time",” said Ajay Bagga, Banking and Market Expert to ANI. In the sectoral indices on the National Stock Exchange, all indices opened in the red except Nifty Metal. Nifty Media and Nifty Oil and Gas saw the biggest declines, each down by 0.4% in the opening session. In the Nifty 50 list, 13 shares opened in advance while 32 shares declined at the opening session. HCL Tech, Tata Steel, and Dr. Reddy's emerged as the top gainers in the opening session, while BPCL, Power Grid, Titan, and BEL opened as the top losers in Nifty 50. In today's quarterly results announcements, Titan Company, GAIL India, Mankind Pharma, Dr. Reddy's, Max Healthcare, Mazagon Dock Shipbuilders, PB Fintech, Oil India, JK Tyre, and Berger Paints are some of the major companies set to announce their second-quarter FY25 numbers. In other Asian stock markets on Tuesday, Japan's Nikkei index gained more than 1%, while other markets were flat. The Hang Seng index gained 0.47%, Taiwan's Taiwan Weighted index was up by 0.27%, and South Korea's KOSPI index was down by 0.30%. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms">Realme GT 7 Pro with Snapdragon 8 Elite, 6,500mAh battery to launch in India on November 26</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a> <a href="https://www.businessinsider.in/business/auto/news/october-auto-sales-maruti-suzuki-and-tata-motors-report-a-decline-mahindra-continues-to-grow/articleshow/114931927.cms">October auto sales – Maruti Suzuki and Tata Motors report a decline, Mahindra continues to grow</a>

US elections, Fed meeting, China's meet on stimulus will keep pressure on Indian stocks: Experts

<ul><li>The French defence deal gives a boost to HAL, but the opportunity is yet to be visible for Mazagon Dock.</li><li>HAL’s already-developed products have an order pipeline of around $48 billion over 10 years, says PhillipCapital.</li><li>The deal for submarines which can benefit Mazagon Dock needs more clarity, says ICICI Securities. </li></ul>Indian defence sector stocks have been on a bull run in the last few months with Hindustan Aeronautics (HAL) and Mazagon Dock Shipbuilders turning multibaggers. Both these stocks received another big boost from the defence agreements signed by India and France, as part of Prime Minister Narendra Modi’s two-day visit to the European nation for Bastille Day. Apart from the procurement of Rafale jets, the agreements covered co-operation on the joint development of high-thrust engines for Advanced Medium Combat Aircraft (AMCA) and joint development of turboshaft engines for Indian Multi-Role Helicopter (IMRH). HAL: Up in the air To action the deal, French company Safran and HAL will form a joint venture (JV) company to co-design and produce new generation helicopter engines in India. “The first objective is to build the most adequate solution for the future 13-ton IMRH and its naval version Deck Based Multi-Role Helicopter (DBMRH),” said a report by ICICI Securities. In addition, the French defence deal includes a transfer of technology to HAL, for forging and casting for Shakti engine, which powers almost the entire indigenous helicopter fleet of India including ALH Dhruv, Rudra, light combat helicopters (LCH) and Light Utility Helicopter (LUH). As per ICICI Securities, these developments enable the execution of critical orders of 140 AMCAs, 175 LUHs and 145 LCHs, which the company is expecting to get in the medium term. Thanks to the positive fallouts from the French agreements and a deal signed with GE earlier in June – for F-414 engines and co-development of high-thrust engines for AMCA – HAL’s stock has a long run-up ahead. “We believe there is a possibility of ramp up in manufacturing revenue for HAL beyond FY26. As a result, we raise our manufacturing revenue growth estimates to 12% (from 8% earlier) beyond FY26,” says ICICI Securities. India’s ageing defence fleet also provides the public sector company with many more opportunities ahead. HAL has an order pipeline of $48 billion spread over the next ten years – for products that it has already developed like LCA Tejas, a supersonic combat aircraft. “The company also benefits from the repair and overhaul programme, which heavily depends on the Sukhoi aircraft fleet, the ALH (advanced light helicopter) fleet, and the recently introduced Hawk aircraft, along with upgrades to the Jaguar and Mirage platforms,” said a report by PhillipCapital. PhillipCapital has placed a target price of ₹3,975 on HAL stock with a neutral rating, but ICICI Securities revised its target price upwards to ₹4,350 after factoring in the latest French deal advantage. The stock is currently trading at ₹3,857. Mazagon Dock Shipbuilders: The submarine opportunity not visible yet Investments in Mazagon Dock Shipbuilders (MDSL) shares have shot up 6.5 times in the last one year. Like HAL, this Mumbai-based company has a reason to gain from the France deal as it includes ambitious projects to explore the development of the Indian submarine fleet. The Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, approved the proposal to acquire three French-designed Scorpene-class submarines. These submarines will be constructed by MDSL While the acceptance of necessity (AoN) has been granted, there was no specific mention of three Scorpene submarines in the joint statement issued by PM Modi and French President Emmanuel Macron. An AoN is accorded by the Defence Ministry for a particular weapon system or equipment at the beginning of the procurement process. “Currently, we do not have clarity on the ordering timeline for the new Scorpene submarines. We would keep a tab on further development in this regard. In our view, the actual construction work on the submarine might commence around 18 months after the contract has been signed,” said ICICI Securities. The brokerage has maintained a ‘sell’ rating on the stock with an unchanged target price of ₹600. MDSL is currently trading at ₹1,728. Apart from the possible deal, the company, which has a competitive edge in the sector, has a major overhang. It’s involved in a rent lease disagreement with Mumbai Port Trust, which has raised a demand from the company for four of its plots after finalising its land lease policy. It has sought as much as ₹272 crore plus applicable taxes as upfront payment towards the lease premium and ₹40 crore plus applicable taxes towards the arrears of rent FY06 onwards. MDSL has contested Mumbai Port Trust’s proposal and has recognised an estimated reasonable lease rent in its financial statements. The matter is under discussion at the ministry level between the Department of Defence Production and the Ministry of Ports, Shipping and Waterways. SEE ALSO <a href="https://www.businessinsider.in/india/news/few-indians-are-giving-up-on-tomatoes-despite-red-hot-prices-subsidies-arent-helping-much-shows-survey/articleshow/101920571.cms">Few Indians are giving up on tomatoes despite red hot prices, subsidies aren’t helping much, shows survey</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-first-quarter-show-points-to-multiple-battles-ahead/articleshow/101753530.cms">Wipro's first quarter show points to multiple battles ahead</a>

The French connection: HAL has most to gain; submarines yet to surface for Mazagon Dock

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> tumbled in morning trade on Wednesday amidst negative cues in global markets. </li><li>Amongst the top losers on Wednesday morning were HDFC twins, State Bank of India and ONGC. </li><li>While the 30-stock Sensex was down 0.7% to 62,516 points, the 50-stock Nifty50 was down 0.6% to 18,516 points.</li></ul>India’s benchmark indices Sensex and Nifty50 tumbled in morning trade on Wednesday amidst negative cues in global markets. Amongst the top losers on Wednesday morning were HDFC twins, State Bank of India and ONGC. While the 30-stock Sensex was down 0.7% to 62,516 points, the 50-stock Nifty50 was down 0.6% to 18,516 points. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.85% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.05% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.81% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.59% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Petroleum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.35% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.60% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.33% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.59% </td></tr></tbody></table> Source: NSE, as on May 31, 2023 Earlier on Tuesday, markets closed the day 0.2% in the green, led by gains in FMCG, media and financial services stocks. Gold prices edged up to ₹60,000 per 10 grams while silver was hovering at ₹71,100 per kilogram. Crude oil prices cooled down, with Brent crude hovering at $73 per barrel. <cmsannotation type="cmsannotation" annotationid="Asian markets tumble amidst disappointing China data" comment="subhead" text="Asian markets tumble amidst disappointing China data">Asian markets tumble amidst disappointing China data</cmsannotation> Markets around the world, and particularly those in Asia tumbled on weak economic data from China. While Dow Jones closed 0.15% lower on Tuesday, S&amp;P 500 closed flat. The tech-heavy Nasdaq gained 0.32%. On the other hand, trends were decisively negative in Asia, with Hang Seng falling 2.19%, followed by Nikkei 225 which was down 1.14%. Shanghai Composite was down 0.56%, followed by Taiwan Weighted which fell 0.5%. KOSPI was down 0.13%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="895682" type="General" weightage="20" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> &amp; SEZ: The Adani group company reported a 5% YoY rise in net profit to ₹1,159 crore in Q4, missing analyst estimates. Its revenue rose 40% to ₹5,797 crore. The company reported an impairment of ₹1,273 crore on account of the sale of its Myanmar assets. It announced a dividend of ₹5 per share. <keyword id="45383" type="General" weightage="20" keywordseo="coal-india" source="Orion">Coal India</keyword>: It has announced an increase in prices of high-grade coal by 8%. The company said this will boost revenue by ₹2,703 crore during FY24. <keyword id="486436" type="General" weightage="20" keywordseo="mazagon-dock" source="Orion">Mazagon Dock</keyword>: The state-owned ship maker reported a 105% YoY rise in net profit to ₹326 crore, while its revenue rose 49% to ₹2,079 crore. The company announced a dividend of ₹6.86 per share for FY23. HDFC Life: Media reports suggest that Abrdn (Mauritius Holdings) 2006 is expected to sell its 1.66% stake in the company. Axis Bank: The lender’s board has appointed former RBI deputy governor NS Vishwanathan as an additional director for a period of four years. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/these-midcaps-smallcaps-and-financial-stocks-are-likely-to-outperform-in-june-as-per-analysts/articleshow/100619640.cms">Nifty headed for lifetime high in June, analysts recommend capitalising on dips</a> <a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-now-at-reasonable-valuations-but-midcaps-small-caps-and-financials-still-have-some-juice-left/articleshow/100611412.cms">Nifty, Sensex now at 'reasonable valuations' but midcaps, small caps and financials still have some juice left</a> <a href="https://www.businessinsider.in/business/auto/news/mm-q4-standalone-net-profit-rises-22-yoy-to-1549-crore-misses-estimates/articleshow/100528645.cms">M&amp;M Q4 standalone net profit rises 22% YoY to ₹1,549 crore, misses estimates</a>

Sensex, Nifty50 tumble in morning trade: HDFC twins, SBI, ONGC amongst top losers

<ul><li>The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the Asian markets, the Indian stock market is likely to open in green. The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a positive start for Nifty50. Other Asian markets were also trading in green— Hang Seng Index was up 1.34%, Australian Securities Exchange, ASX 200 was also up 0.17%. These are the stocks to watch out for during the trading session on October 12: Vedanta Vedanta on Sunday informed stock-exchanges that its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm. The shares of Vedanta closed 2% higher on Friday. Glenmark Pharmaceuticals Glenmark Pharmaceuticals on Friday said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. The shares of Glenmark Pharmaceuticals closed 2% lower on Friday. Indiabulls Housing Finance The Gurugram-headquartered mortgage lender, Indiabulls Housing Finance has raised about ₹441 crore by further selling a portion of its stake in OakNorth Holding to a US-based Riva Capital Partners V LP. The shares of Indiabulls Housing Finance closed 5% higher on Friday. Dr Lal PathLabs Dr Lal PathLabs clarified that the data breach of its patients occurred after a misconfiguration in one of its minor web applications where temporary records were stored for operational purposes, and took place at a facility managed by a third party. “It involved less than 0.5% of our records and has been successfully resolved since,” the company said. The shares of Dr Lal PathLabs closed 5% lower on Friday. RITES The engineering consultancy company, RITES has secured ₹103 crore order from project management consultancies for the construction of various buildings at IIT Delhi and for study of Multi Modal Integration Planning for Surat Metro, among others. The shares of RITES closed 0.22% higher on Friday. Premier Explosives The explosives manufacturing company, Premier Explosives said it has bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. The shares of Premier Explosives closed 5% higher on Friday. Karnataka Bank The state-owned Karnataka Bank on Friday declared its exposure of ₹107.99 crore to Sintex Industries (SIL) as fraud. The shares of Karnataka Bank closed 2.4% higher on Friday. Mazagon Dock Shipbuilders and UTI AMC The shares of Mazagon Dock Shipbuilders and UTI AMC will list on the bourses today at 10:00 am. Mazagon Dock Shipbuilders is expected to witness a bumper listing, with grey market premium floating around ₹95-₹100. Meanwhile, UTI AMC may not see much excitement from investors, as per the current grey market premium. UTI AMC is likely to list at a <a href="https://www.ipowatch.in/2019/12/uti-amc-ipo-gmp-grey-market-premium-kostak-rates-subject-to-sauda-today.html">‘discounted’ </a>price. Wipro Watch out for Wipro ahead of its earnings and buyback announcement due tomorrow. Shalby and GNA Axles Shalby and GNA Axles are slated to report their second quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/gst-council-to-discuss-compensation-issue-for-third-time-in-a-row-on-monday/articleshow/78605574.cms" data-type="tilCustomLink">GST Council meet yet again — to discuss compensation issue for the third time today</a> <a href="https://www.businessinsider.in/business/auto/news/delhi-government-exempts-road-tax-on-battery-operated-vehicles-under-its-ev-policy/articleshow/78605311.cms" data-type="tilCustomLink">Delhi government exempts road tax on battery-operated vehicles under its EV policy</a>

Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others

<ul><li>At 7:49 am, the SGX Nifty was trading 0.19% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the mixed cues from the global market, the Indian stock market is likely to open on a cautious note. At 7:49 am, the SGX Nifty was trading up 0.31%, indicating a green start for Nifty50. The US stocks ended the Tuesday lower as investors awaited further stimulus. The Dow Jones Industrial Average closed 0.48% lower; whereas the S&amp;P 500 was down 16 points on Tuesday. The picture across Asia this morning is positive on the back of encouraging PMI data. These are the stocks to watch out for during the trading session on September 30: HDFC National Company Law Tribunal, Mumbai, has sanctioned the scheme of amalgamation for the merger of HDFC ERGO Health Insurance into HDFC ERGO. The shares of HDFC ended 2% higher yesterday. Future Enterprises Kishore Biyani-led Future Group company, Future Enterprises, reported a fresh default on interest payment of non-convertible debentures (NCDs) on Tuesday. In a stock-exchange filing, the company said it had defaulted on interest payment of ₹16.11 crore for a gross principal amount of ₹332 crore. This is the third default in at least one month. This may also move other Future Group stocks such as— Future Retail, Future Lifestyle Fashion, Future Consumer Limited, among others. The shares of Future Enterprises ended 5% higher yesterday. Indiabulls Housing Finance One of the leading private sector mortgage lenders, Indiabulls Housing Finance, raised another ₹630 crore by selling a part of its stake in UK-based bank Oak North to Toscafund Asset Management. The shares of Indiabulls Housing Finance ended 2.2% lower yesterday. PVR Limited The board of cinema giant PVR will meet on October 5 to consider the proposal of raising funds via non-convertible debentures. The shares of PVR Limited ended 2.2% lower yesterday. Vodafone Idea Vodafone Idea will seek shareholders’ approval to raise the borrowing limit to ₹1 lakh crore at the annual general meeting (AGM) today. The shares of Vodafone Idea ended 6% lower yesterday. Welspun Corp Welspun Corp has received multiple orders worth nearly ₹1,400 crore. Currently, the company’s total order book is valued at approximately ₹6,300 crore. The shares of Welspun Corp ended 2% higher yesterday. VA Tech Wabag VA Tech Wabag has approved the allotment of 75 lakh equity shares at ₹160 per equity share aggregating to ₹120 crore by way of the preferential issue to Rekha Rakesh Jhunjhunwala, Basera Home Finance, Sushma Anand Jain, and Anand Jaikumar Jain. The shares of VA Tech Wabag ended 0.16% higher yesterday. Mazagon Dock, UTI AMC and Likhitha Infrastructure IPO Today will be day two for Mazagon Dock, UTI AMC and Likhitha Infrastructure IPO. The bid for IPO will remain open until October 1. SEE ALSO: <a href="https://www.businessinsider.in/india/news/amnesty-international-shuts-down-its-india-operations-citing-constant-harassment-from-the-indian-government/articleshow/78380428.cms" data-type="tilCustomLink">Amnesty International shuts down its India operations citing ‘constant harassment’ from the Indian government</a> <a href="https://www.businessinsider.in/science/space/news/after-the-moon-mars-is-getting-laser-reflecting-mirror-to-help-future-landings-on-the-red-planet/articleshow/78385935.cms" data-type="tilCustomLink">After the Moon, Mars is getting laser-reflecting mirror to help future landings on the Red Planet</a>

Top stocks to watch— Future Retail, HDFC, Indiabulls Housing, Vodafone Idea, PVR, Welspun Corp and others

<ul><li>Sensex plunged over 1,100 points, while the NSE Nifty crashed 326.30 points to close at 10,805 points on Thursday</li><li>Analysts explain the reasons behind Sensex losing over 2500 points in one week— and here’s why this may continue in the next session.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The blood-bath in the Indian stock-market continued with markets ending lower for the sixth straight session today. The 30-share BSE index, Sensex plunged over 1,100 points, while the NSE Nifty crashed 326.30 points to close at 10,805.55 points. The selloff was led by banking, IT and metal stocks. The sell-off today eroded nearly ₹4 lakh crore from investors’ wealth in a single trading session. Fears of fresh lockdown in Europe and heavy FII outflows weighed on investor sentiment leading to a 7% fall this week in the Indian stock market. This is the second-worst fall this year after the recent <keyword id="560410" type="PERSON" weightage="20" keywordseo="Market-crash">market crash</keyword> in March. These were the top losers and gainers in the Nifty pack at the end of the trade: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Infratel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZEE Entertainment </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td></tr></tbody></table> These are the reasons behind Sensex losing over 2500 points in one week, according to top analysts — and here’s why they believe more weakness is in store. What led to the sharp fall? <ul><li>Weak global cues</li></ul>Global indices across Asia felt the pain in trade today as concerns over the rising coronavirus cases across the world keps investors jittery. Indian indices fell the most amongst emerging Asian markets today. According to Arun Kumar, Market Strategist at Reliance Securities, the current deterioration in the Indian equities is due to negative global cues followed by relatively heavy selling by FIIs on the cash segment. “The Information Technology sector, led by TCS &amp; Infosys lost almost eight days gains in just one trading session. Additionally, the bellwether sector Banks also failed to garner any buying interest and collapsed as bears pressed ahead with their selling pressure. The Nifty 50 has edged closer to its long-term average of 10,760 (200 DMA). Any fresh selling below this point would damage the medium-term sentiments of the market,” he said. <ul><li>Resurgence of coronavirus cases </li></ul>Analysts believe the looming COVID-19 uncertainty in the US and Europe also contributed to the downfall in the global market. "Given the uncertainty to economic outlook from the second wave of covid, US presidential elections and the US stimulus package, investors are shunning risky assets. Commodities and equities have sold off," said Abhishek Goenka, Founder and CEO, IFA Global. <ul><li>Strong dollar and FII outflows</li></ul>“The ‘Dollar Index’ which we had recently highlighted for its breakout has moved higher which too is not good for the equity markets. The immediate support for Nifty is placed in the range of 10800-10750 followed by 10670, whereas 11000-11100 will be seen as resistance on pullback moves. Thus, we continue with our advice for traders to stay light and avoid overnight positions,” Ruchit Jain Senior Analyst — Technical and Derivatives at Angel Broking said. <ul><li>F&amp;O expiry jitters</li></ul>Calling it one of the “worst expiry days” for Indian markets in the recent past, Jain from Angel Broking said “There was no respite for any of the indexes as all the sectors, including the recent outperformers took a sharp knock.” And, according to Vinod Nair, <a href="https://www.livemint.com/market/stock-market-news/sensex-slumps-nearly-2-500-points-in-6-days-key-reasons-for-this-selloff-11600931500520.html">Head of Research at Geojit Financial Services</a>, “The uncertainty regarding an economic recovery, the unabated rise in virus infections, and today being derivatives expiry day, all contributed to the negativity.” Analysts see further weakness in the market Sachin Jain, an analyst at ICICI Securities, said the year so far has been a tale of two halves with the first half in February and March witnessing a sharp unprecedented fall, while the second half since then witnessed a sharp recovery. “The correction in the range of 10-15%, particularly in mid-and small-caps, should not be construed as negative”. But Jain remained positive on the overall outlook of the market and recommended the buy on dips investment strategy. According to Jain at the moment, investors should avoid any aggressive contra trades, “as there are no positive signs and hence, we continue with our cautious approach on the markets. There could be some pullback from here as we have approached the ‘200 DMA’ which coincides with some important retracement levels as well. However, markets are likely to face selling pressure on pullback moves.” The Axis Direct daily <a href="https://simplehai.axisdirect.in/research/reports/fundamental">market note </a>also highlighted “Nifty is trading below 20 and 50 days SMA, which indicates negative bias in the short term. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.” SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-in-india-mazagon-dock-shipbuilders-uti-amc-and-likhitha-infrastructure/articleshow/78293918.cms" data-type="tilCustomLink">Three more IPOs to hit the Indian market next week — Mazagon Dock Shipbuilders, UTI AMC and Likhitha Infrastructure</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-and-sbi-customers-are-facing-upi-payment-glitches/articleshow/78293815.cms" data-type="tilCustomLink">HDFC Bank and SBI customers are facing UPI payment glitches</a>

Sensex down 7% this week, sees the second-worst fall this year— these are the reasons behind the sell-off

<ul><li><keyword id="158950" type="General" weightage="20" keywordseo="jyothy-labs" source="Orion">Jyothy Labs</keyword> is modernising its retail strategy, by expanding its sales force, selling directly via e-commerce and more.</li><li>It also increased its geographic footprint, bringing in the Low Unit Pack (LUP) strategy, which helped clock growth in times of rural slowdown.</li><li>The stock is currently trading at a discount in spite of showing better growth than its peers, say analysts. </li></ul>Mumbai-based FMCG company Jyothy Labs (JLL) is on a firm footing and that’s reflecting in the stock’s performance – it has given 48.7% returns in the last one year. The maker of household brands like Pril, Henko, Margo and Ujala has been modernising at a rapid pace and spreading its wings fast and wide. It’s sending its sales force directly to over 1.1 million outlets compared with 8.5 lakh before Covid. Moreover, it has plans to expand this to 1.2 million by the end of the current financial year. “Product innovation and availability of relevant product assortment for general trade, e-commerce, modern trade and distribution expansion will help JLL to continue to gain market share in key categories,” says Sharekhan. It has also doubled its sales force to 3,000 compared with pre-Covid levels. It’s also implementing sales forces automation – app-based order-taking by sales staff vs manual order-taking earlier. “This increases productivity of sales staff, and ensures that orders taken are fulfilled as the sales staff has visibility of distributor stock while taking orders. Consequently, salience of wholesale has been reduced from around 40% to 35% in recent years,” says a report by IIFL Securities. Moreover, the volatility it has been seeing in sales growth since FY18 has steadied in the last seven quarters with top line growth staying steadfastly above 10%. The fast-moving consumer goods (FMCG) company has been able to achieve growth despite input price inflation and slowdown in volume growth, especially in rural India. Apart from its changed quality and quantity of distribution strategy, it has also increased its geographic footprint and adopted a LUP strategy – selling in small packets to counter the stress on buyers due to inflation – which has helped grow its dishwasher category in particular. Sales growth has been steady over the past two years, and should continue to drive growth in future as well, opines IIFL. The blockbuster brands The company, which was set up in 1983, has charted an impressive growth path over the past few decades, evolving from a South-centric, single-product – Ujala – company, to a pan-India player with multiple products across categories. It was able to retain its leadership position in the fabric whitener category, and occupies the second rank in the dishwasher bar category. Mr. White, Morelight and Ujala IDD are already ₹100 crore-plus brands each. And the company is now looking to build scale in the fabric care category. “It expects to achieve double-digit growth in dishwashing in FY24 and gain market share in the fast-growing category. The company aims to strengthen the Margo franchise, which will help increase share of personal care in the company’s portfolio,” says a report by Sharekhan. Margo is a soap brand that the company acquired in 2011. The company’s overall revenue is expected to grow at a compounded annual growth rate (CAGR) of 13-14% over FY23-FY25, Sharekhan says. Where’s the growth? Like most of its peers, the mid-cap stock will also improve its operating margins in the coming quarters. However, stock analysts believe that its margin recovery will be better than its peers, and so will the growth in its top line and bottomline. What’s also different about this FMCG company is that it’s trading at a discount, unlike its peers. “The stock trades at 23 time FY25 PE (price to earnings ratio), nearly half that of other FMCG companies with similar performance. As consistent performance continues, we believe that this discount will narrow,” said IIFL Securities, which maintains its ‘buy’ rating on the stock with a target price of ₹280. The stock is currently trading at ₹246 apiece. Moreover, JLL’s net cash position has swung from negative ₹253 crore in FY20 to ₹283 crore in FY23. Working capital days have reduced from 42 days in FY20 to 29 days in FY23 and have also remained consistent at 27-29 in the last three years. “With stable working capital management and expected improvement in the profitability, the company is likely to generate high cash in the coming years. With limited capex plan, the company will invest behind improving brand prospects and rewarding shareholders with higher dividend payout,” says Sharekhan. The brokerage too has maintained a ‘buy’ rating on the stock with a target price of ₹275. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/the-french-connection-hal-has-most-to-gain-submarines-yet-to-surface-for-mazagon-dock/articleshow/101952765.cms">The French connection: HAL has most to gain; submarines yet to surface for Mazagon Dock</a> <a href="https://www.businessinsider.in/india/news/few-indians-are-giving-up-on-tomatoes-despite-red-hot-prices-subsidies-arent-helping-much-shows-survey/articleshow/101920571.cms">Few Indians are giving up on tomatoes despite red hot prices, subsidies aren’t helping much, shows survey</a>

This FMCG stock is trading at a discount to peers despite growth outpacing rivals

The initial public offering of DCX Systems saw strong participation from investors as its issue was subscribed 2.11 times at the end of Day 1. The three-day subscription window will close on Wednesday. Market data showed that the shares reserved for retail investors were subscribed 8.7 times on Day 1. Started in 2011, DCX Systems Ltd is among the leading Indian players for the manufacture of electronic sub-systems and cable harnesses in terms of manufacturing capability and revenue in Fiscal 2022 in the defence and aerospace sector. The company's customers include domestic and international OEMs, and private companies and public sector undertakings in India across different sectors, ranging from defence and aerospace to space ventures and railways. The company is bringing the public issue at a price band of Rs 197-207 per share. "Company being among the preferred Indian Offset Players for the defence and aerospace industry with global accreditations has technology-enabled and scalable end-to-end capabilities. Company's business model with visibility of cash flows and ability to mitigate operational and technology risk is strategically located in Special Aerospace Economic Zone with an advanced and modern manufacturing facility," said brokerage Hem Securities in a report. While recommending "subscribe" ratings for the issue, Hem Securities said the company is well-positioned to capitalize on industry tailwinds. The Bengaluru-headquartered firm is offering fresh shares worth Rs 400 crore and is selling Rs 100 crore shares through the offer-for-sale. Allotment of shares will be done on November 7 and the listing of the stock on the exchanges is likely to take place on November 11, 2022. For the record, the shares of defence stocks had been rallying recently as the government had taken the decision to increase the sourcing of defence raw materials locally under the Atmanirbhar initiative. There had been a lot of development and agreement between foreign companies and local companies in the field of drones, artificial intelligence and machine learning. Stocks like Mazagon Dock Shipbuilders, Zen Technologies, BEL and Paras Defence had been strengthening for 2-3 months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-opens-above-61000-while-nifty50-climbs-over-18100-mark/articleshow/95220907.cms">Sensex opens above 61,000 while Nifty50 climbs over 18,100 mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a>

DCX Systems' IPO subscribed by 8.7 times on day 1

<ul><li>The IPO will remain open for subscribers until October 1. </li><li>The 17-year old company is backed by some marquee shareholders such as— SBI, LIC, Punjab National Bank, Bank of Baroda, and the US-based T Rowe Price. </li><li>Here's what brokerage firms have to say about <keyword id="7036233" type="UNKNOWN" weightage="20" keywordseo="UTI-AMC-IPO">UTI AMC IPO</keyword>.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The Mutual Fund manager, UTI Asset Management Company, is set to float its ₹2,160 crore IPO in the market today (September 29). And, the grey market is already pegging a premium of ₹55-60 over the issue price of ₹552-554 per equity share. UTI AMC garnered ₹644.64 crore from several anchor investors including Morgan Stanley, Invesco Trustee, Avendus, Tara Emerging Asia Liquid Fund, Goldman Sachs, Nomura Singapore, HSBC, Kotak Funds among others to name a few. The IPO will remain open for subscribers until October 1. The shares of the UTI AMC will list on both the stock exchanges, BSE and NSE. The 17-year old company is backed by some marquee shareholders such as— SBI, LIC, Punjab National Bank, Bank of Baroda, and the US-based T Rowe Price. The company is the second-largest Asset Management Company in India in terms of total assets under management and the eighth largest asset management company in India in terms of mutual funds as of June 30. It manages 153 domestic mutual fund schemes comprising equity, hybrid, income, liquid and money market funds. The initial public offering aims to achieve the benefits of listing the equity shares on stock exchanges. It is worthy to note that the selling shareholders will get a part of the proceeds, and UTI will not. <div type="image" title="UTI AMC" msid="78376824" hostid="261"></div> Here's what brokerage firms have to say about UTI AMC IPO: Sector poised to grow According to HDFC Securities, the Indian mutual fund industry is expected to continue to grow due to supportive industry dynamics and long-term structural drivers, including the increasing financialisation of household savings, market penetration of mutual fund products, and favourable population and urbanisation trends. The UTI Asset Management Company will compete against its likes — Nippon Life India Asset Management and HDFC AMC on the stock exchanges. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock change since March 31 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Life India Asset Management </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> HDFC AMC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr></tbody></table> Widespread customer reach and diverse portfolio The brand is widely recognised across the country for its strength and more than 55 years of heritage as a leading and pioneering, a participant in the mutual fund industry. The company also offers a diverse portfolio of domestic funds, including equity, hybrid, income, liquid and money market funds, as well as portfolio management services, retirement solutions, and offshore and alternative investment funds, which serves as its strength, according to ICICI Direct Research. Client wise distribution of AUM as on June 2020 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Clients </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Live Folios </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closing AUM </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of Domestic Mutual Fund Closing AUM </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Individual investors (other than NR Is) </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">109 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 62910 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43.80% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Corporate and other institutional investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹65110 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45.40% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banks and other financial institutions </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4960 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trusts </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8140 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.70% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NRIs </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2430 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.70% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">111 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹143550 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </td></tr></tbody></table>Source: ICICI Direct Report Key concerns highlighted by brokers The IPO pricing At the upper price band of ₹554 per share, the company is being valued at ₹7000 crore and according to Nirmal Bang, the IPO pricing is undemanding given the valuation HDFC AMC and Nippon AMC are currently commanding. “From a more near-to-medium term perspective, we currently have a cautious view on the overall AMC sector. Even though we are positive on the industry prospects from a long-term perspective, we take cognizance of some of the near-to-medium term headwinds,” the Nirmal Bang report said. The growing uncertainty in the market Investment performance is one of the important factors for retaining existing customers and attracting new ones and, therefore, for maintaining and growing the company's AUM. The performance of UTI funds depends not only on its investment strategies but also on a number of factors including market, economic and other conditions. Poor investment performance could have a negative effect on business and growth as it could lead to loss of clients, ability to attract funds and negative investment performance will directly impact income from management fees, ICICI Direct report said. A huge reliance on big clients As of June 30, 2020, UTI AMCs top six active equity funds constituted 75.3% of total Quarterly Average Assets Under Management (QAAUM) of active equity funds while top five passive equity funds constituted 98.7% of total QAAUM of passive equity funds. UTI AMC has only four liquid and money market funds. And, according to brokerages, underperformance by any of these funds may have a disproportionate adverse impact on AUM and thereby income. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/indian-naval-ship-maker-mazagon-docks-444-crore-ipo-opens-tomorrow/articleshow/78360565.cms" data-type="tilCustomLink">Indian Naval Ship maker Mazagon Dock’s ₹444 crore IPO opens today— Here’s what works for it and what doesn’t</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-the-share-allotment-status-of-angel-broking-ipo/articleshow/78357386.cms" data-type="tilCustomLink">Angel Broking IPO allotment: Here’s how to check share allotment status</a>

UTI AMC’s ₹2,160 crore IPO opens today — Here’s all you need to know

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Shailesh AndradeThe Indian Navy's Scorpene submarine INS Kalvari escorted by tugs as it arrives at Mazagon Docks, a naval-vessel ship-building yard, in Mumbai, October 29, 2015.</div></div></div>India has contacted six foreign shipyards with a formal request for information about building six nonnuclear submarines.The request comes as part of Project 75I, a program worth over $12 billion, <a href="http://www.defensenews.com/naval/2017/07/26/indian-navy-formally-launches-submarine-acquisition-program/" target="_blank" rel="noopener noreferrer">according</a> to <keyword id="6354810" type="ORGANIZATION" weightage="100" keywordseo="Defense">Defense</keyword> News.New Delhi asked shipyards in Russia, France, Japan, and Germany, among others, for information about six submarines equipped with air-independent-propulsion systems, which allow nonnuclear subs to operate without access to atmospheric oxygen, replacing or augmenting diesel-electric systems.New Delhi is seeking "a proven, effective, state-of-the-art, electric heavyweight torpedo; a land attack missile, and perhaps even an underwater-to-air missile against enemy helicopters and mines," Anil Jai Singh, a retired Indian navy commodore and defense analyst, <a href="http://www.defensenews.com/naval/2017/07/26/indian-navy-formally-launches-submarine-acquisition-program" target="_blank" rel="noopener noreferrer">told</a> Defense News.Once a response is received from interested shipyards, India will issue a formal request for proposal, then put three or four of the shipyards on a shortlist.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Shailesh Andrade/FileEmployees stand in front of the Indian navy's first Scorpene submarine before being undocked from Mazagon Docks, a naval-vessel ship-building yard, in Mumbai, April 6, 2015.</div></div></div>It will be a multiyear process, in part because of New Delhi's Strategic Partner policy, under which a foreign shipyard will be paired with a domestic one in order to compete for the contract.One contractor <a href="http://www.defensenews.com/naval/2017/07/26/indian-navy-formally-launches-submarine-acquisition-program" target="_blank" rel="noopener noreferrer">told</a> Defense News that the strategic-partner selection should be done by 2019. Another analyst and retired Indian navy officer said it could be "a good seven to eight years after a deal is signed" before the first sub build under the P75I program hits the water.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">RNGS REUTERSThe Indian and Chinese submarine fleets, as of December 2014.</div></div></div>India's interest in submarines comes as China's growth has increased traffic in the Indian Ocean and through the narrow Malacca Strait connecting it to the waters of East Asia, both above and below the water.India has been <a href="http://www.businessinsider.com/china-troops-to-overseas-base-operational-security-concerns-for-us-2017-7" target="_blank" rel="noopener noreferrer">tracking Chinese submarines</a> entering the Indian Ocean since 2013, and a 2015 US Defense Department report confirmed that Chinese attack and missile submarines were operating there.China has framed its activity in the Indian Ocean and along the African coast as focused on non-military operations, including humanitarian aid, emergency missions, and anti-piracy patrols.Indeed, the 550-mile-long Malacca Strait, bordered by Indonesia's and Malaysia's jungle shorelines, has <a href="https://www.pri.org/stories/2014-03-27/world-has-new-piracy-hotspot" target="_blank" rel="noopener noreferrer">become a hotspot</a> for pirates eyeing the 50,000 ships that pass through it each year.But that activity - coupled with Beijing's growing economic activity in the Africa as well as the <a href="http://www.businessinsider.com/china-troops-to-overseas-base-operational-security-concerns-for-us-2017-7" target="_blank" rel="noopener noreferrer">numerous facilities and alliances</a> it has established along the coast of South Asia - have made India and others wary."The pretext is anti-piracy patrols in the Gulf of Aden," an Indian defense source <a href="http://www.businessinsider.com/pentagon-report-on-china-military-base-expansion-2017-6" target="_blank" rel="noopener noreferrer">told The Times of India</a> in May. "But what role can submarines play against pirates and their dhows?"India has already posted warships near the Malacca Strait to monitor maritime activity and has US-made P-8I Poseidon surveillance planes stationed on the Andaman and Nicobar Islands, an archipelago northwest of the Malacca Strait where India <a href="http://www.businessinsider.com/malabar-2017-photos-of-us-india-and-japan-war-games-in-indian-ocean-2017-7/#while-indias-navy-is-smaller-than-chinas-new-delhis-control-of-the-andaman-and-nicobar-islands-give-it-advantageous-position-relative-to-the-malacca-strait-which-connects-east-and-southeast-asia-to-the-indian-ocean-in-june-indian-warships-were-assigned-247-patrols-at-the-western-edge-of-the-malacca-strait-to-monitor-maritime-movement-in-the-area-3" target="_blank" rel="noopener noreferrer">plans to expand</a> its security presence.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Christopher Woody/Google Maps</div></div></div>The US has <a href="http://www.businessinsider.com/malabar-2017-photos-of-us-india-and-japan-war-games-in-indian-ocean-2017-7/#indian-air-and-naval-forces-were-already-posted-at-the-andaman-and-nicobar-islands-and-new-dehli-is-looking-to-expand-security-infrastructure-there-the-us-has-also-agreed-to-sell-surveillance-drones-to-india-which-may-also-be-deployed-to-the-area-4" target="_blank" rel="noopener noreferrer">agreed to sell</a> New Delhi surveillance drones that could be paired with the Poseidons and used to track Chinese maritime movements in the area - including those of submarines. It is also working to build radar stations on islands in the Indian Ocean and an "undersea wall" of sensors between southern India and northern Indonesia.China, which is heavily reliant on imported fuel, got about 80% of its oil imports and 11% of natural-gas imports from ships transiting the Malacca Strait. The Tribune of India <a href="http://www.tribuneindia.com/news/nation/indian-navy-looks-to-dominate-malacca-straits/421162.html" target="_blank" rel="noopener noreferrer">reported</a> in June that India's activity around the strait was "part of the target given to the Navy to ensure its dominance in the Indian Ocean by 2020."India's growing focus on submarines and submarine warfare was underscored during <a href="http://www.businessinsider.com/malabar-2017-photos-of-us-india-and-japan-war-games-in-indian-ocean-2017-7" target="_blank" rel="noopener noreferrer">the Malabar 2017 naval exercises</a>, conducted with the US and Japan in mid-July. Anti-submarine warfare was one of the exercise's components.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/China DailyChinese sailors on top of a submarine during a China-Russia joint naval exercise in the Yellow Sea, April 26, 2012.</div></div></div>New Delhi's increasing focus on its southern approaches and the broader Indian Ocean come in contrast to centuries of attention paid to security threats at and around its northern boundaries (India and China are currently embroiled in a <a href="https://www.nytimes.com/2017/07/26/world/asia/dolam-plateau-china-india-bhutan.html?_r=1" target="_blank" rel="noopener noreferrer">dispute</a> over territory on the China-Bhutan border.)"This is a tectonic shift in India's security calculus, that it has to protect its southern flank," Brahma Chellaney, a professor of strategic studies at the Center for Policy Research, <a href="https://www.nytimes.com/2017/07/10/world/asia/india-us-japan-war-games-china.html?smid=tw-nytimesworld&amp;smtyp=cur&amp;_r=0" target="_blank" rel="noopener noreferrer">told</a> The New York Times.China - which recently <a href="http://www.businessinsider.com/china-troops-to-overseas-base-operational-security-concerns-for-us-2017-7" target="_blank" rel="noopener noreferrer">dispatched troops</a> to its first overseas base in Djibouti, sent warships to naval exercises with Russia in the Baltic Sea, and <a href="http://www.businessinsider.com/chinese-spy-ship-seen-near-us-australia-talisman-saber-war-games-2017-7" target="_blank" rel="noopener noreferrer">deployed a surveillance ship</a> to observe US-Australia naval drills - has reacted to developments in the region with dismay. An editorial published this month in the state-run newspaper China Daily <a href="http://www.businessinsider.com/malabar-2017-photos-of-us-india-and-japan-war-games-in-indian-ocean-2017-7/#china-for-which-the-malacca-strait-provides-the-main-channel-for-maritime-trade-and-energy-shipments-has-reacted-with-disquiet-an-editorial-this-month-in-government-run-english-language-newspaper-china-daily-said-it-was-beijing-that-should-feel-security-concerns-6" target="_blank" rel="noopener noreferrer">said Beijing is the one</a> "that should feel 'security concerns,' given the importance of the Indian Ocean for its trade and oil imports." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/pakistan-tested-submarine-launched-nuclear-capable-missile-india-babur-2017-1">Pakistan says it has fired its first submarine-launched nuclear-capable missile</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="c5MmV0ODE6uTXkkvOWEys-k6Djxmr5kT" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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