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Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173% shareholding in associate company Mahindra CIE Automotive. The sale has been executed through a bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427% to 9.254%.
Bharat Heavy Electrical: The company has received order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement, and construction) basis from NTPC.
IFCI: The company said the board has approved the preferential issue of equity shares up to Rs 100 crore for FY23 to the Government of India. This is subject to the approval of the shareholders.
HG Infra Engineering: Subsidiary HG Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.

Power Grid Corporation of India: The company has received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).

Harsha Engineers makes a bumper listing with 36% premium

Harsha Engineers International clocked gains on listing as expected before rising further but most analysts advise booking profits amid market turmoil. The stock started off the first day's trade with a whopping 36 percent premium over issue price despite nervousness in equity markets. It climbed further six percent as the day progressed to take total gains to 43 percent over issue price.

Analysts said high premium at listing is justified with the IPO generating stronger than expected demand as qualified institutional investors' portion got subscribed over 178 times. Also, the ask price is fairly valued compared to industry peers.

"We recommend booking partial profits while remaining can be kept for the long term as the company is a comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries and has long-standing relationships with leading clientele," said Astha Jain, senior research analyst at Hem Securities.

Rajnath Yadav, research analyst at Choice Broking, urged investors to exit given the market volatility. Although Prashanth Tapse, senior vice president of research at Mehta Equities, sounded "very optimistic" on Harsha Engineers with its dominant position, he too advised booking profits in the current market scenario. "Risk takers can hold with a long-term perspective," he added.

Santosh Meena, head of research at Swastika Investmart, termed the company as a proxy play on India becoming a global manufacturing hub: "Those who applied for listing gains can maintain a stop loss at Rs 400. Our recommendation for investors is to hold the allotted shares and long-term investors can accumulate the stock on dips."

Harsha Engineers, which is the largest manufacturer of precision bearing cages in India, raised Rs 755 crore from the public issue with a strong 74.70 times subscription during September 14-16. Of the total issue size, Rs 455 crore was raised through fresh issuance which will be used in repayment of debts, capital expenditure towards the purchase of machinery, and existing production facilities.

Sensex was down 860.62 points or 1.48 percent at 57,238.30, and the Nifty down 285.50 points or 1.65 percent at 17041.80 following weak global cues. This is the fourth straight day of selling on Dalal Street.

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Nifty fall for third straight session: Key factors weighing on the market

On the BSE, capital goods, power, realty, bank, auto, metal and oil & gas were down 1-3 percent each.
The broader indices BSE midcap and smallcap shed 2 percent each.
A short build-up was seen in Mahindra & Mahindra Financial Services, Power Grid Corporation and Indiabulls Housing Finance, while a long build-up was witnessed in Dr Lal PathLabs, ITC and Sun Pharma.
Among individual stocks, a volume spike of more than 600 percent was seen in Escorts, PVR and Mahindra & Mahindra Financial Services.
Matrimony.com, Biocon, Indian Energy Exchange, IOC, Hindustan Oil Exploration, Hester Biosciences, Gland Pharma were among the stocks which touched their 52-week low on the BSE.
However, more than 100 stocks hit 52-week high, including PC Jeweller, Page Industries, Omax Autos, Maruti Suzuki, ITC, Escorts Kubota, Hercules Hoists, Aditya Birla Fashion and Butterfly Gandhimathi Appliances.
The Indian market witnessed a sharp fall due to weak global cues. The level of 112 on the dollar index and the level of 82 in USDINR spooked the market.
FIIs have started selling again, therefore we are seeing selling pressure in large-cap stocks. Global markets are nervous after the recent 75 basis rate hike and hawkish commentary by the US Fed.
Technically, Nifty closed below the 50-DMA with a breakdown of a bearish head and shoulder formation that may lead to further weakness.

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Third straight day of losses, market squanders 2022 gains

 The Indian market extended losses to the third day on September 23 on weak global cues as the US Federal Reserve’s hawkish stance continued to roil sentiment and added to worries about global economy outlook.
Intensive selling across sectors and rupee plunging to a new low saw the market erase all the gains made this year.
At close, the Sensex was down 1,020.80 points, or 1.73 percent, at 58,098.92, and the Nifty was down 302.50 points, or 1.72 percent, at 17,327.30.
For the week, the Sensex and Nifty shed more than a percent each.
"A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term," said Vinod Nair, Head of Research at Geojit Financial Services.
"With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection."
The volatility may persist for a while. Investors are advised to wait and watch until the dust settles, he added.
Power Grid Corporation, Apollo Hospitals, Hindalco Industries, Adani Ports and SBI were among the top losers on the Nifty. Gainers included Divis Laboratories, Sun Pharma, Tata Steel, Cipla and ITC.

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