Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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January 14, 2025

• News Headlines from Business News Agencies:
• Business Standard
• Mutual funds raise Rs 1.18 trn via NFOs in 2024; thematic funds lead
• J&J to acquire drugmaker Intra-Cellular Therapies for $14.6 billion
• China's exports grew 10.7% in Dec amid uncertainty over trade tariffs
• Bank of India seeks its first dollar loan of $400 million in over a decade
• Zepto gets NCLT approval to shift domicile back to India ahead of 2025 IPO
• Okaya EV plans market expansion, to launch 4 electric two-wheelers in 2025
• JVC re-enters Indian TV market through licence pact with Super Plastronics
• Groww in talks to launch IPO, looks to raise $700 mn for $7-8 bn valuation
• India ranks 3rd in global fintech funding despite 33% drop in 2024: Report
• Finished steel imports hit six-year high in April-December, up 20% YoY
• TSMC fourth quarter net profit likely to jump 58% on strong AI chip demand
• BEL secures orders worth Rs 561 crore, total FY25 orders reach Rs 10,362 cr
• Smartphone exports set to hit $20 billion in FY25, driven by surge in iPhone sales
• Economic Times
• Growing complexity widening cyber inequity: WEF report
• Lenovo to double local production in India, aiming for over 12 mn units in FY25
• Travel firm Joy n Crew hires CEO and chief service delivery officer from Cox & Kings
• Optimistic about higher agri growth in FY25 on good monsoon: Principal secy to PM
• NBCC bags Rs 3,500 cr work order in Lucknow to undertake mixed use development
• Aragen secures $100 mn funding from Quadria Capital
• India will face over USD 14.6 bn in additional duties, if US imposes 20 per cent tariff: BCG Report
• WeWork India raises Rs 500 crore via rights issue
• GSK to buy US biotech firm IDRx for up to $1.15 billion
• NBFCs' loan growth to ease to 17% in FY25 from 21% in FY24: Jefferies
• Bank of India seeks its first dollar loan in more than a decade
• EcoBox Industrial Parks acquires 50 acres in Chennai for 1.2 million sq ft development
• Mint
• India’s retail inflation eases to four-month low of 5.22% in December
• Steady GDP growth, likely rate cuts in 2025 to support credit access of corporates in FY26: Fitch
• Ingram Micro appoints Sanjib Sahoo as president of Global Platform Group
• Reduce customs duty slabs to 5; simplify structure to boost mfg, exports:GTRI to Govt
• Base metal miners likely to outshine steel companies in a mixed Q3
• Land deals rise in 2024 to over 2,200 acres, mainly for housing, warehousing projects: CBRE
• FPIs on selling spree: ₹22,000 crore withdrawn from Indian equities in Jan
• AI and GenAI are transforming robotics: ABB robotics global head
• Trademark dispute: HC rejects plea to restrain Mahindra from selling its eZEO EV
• PAG invests $200 million in Pravesha Industries for a majority stake
• Global investors ready to pay for better ESG footprint assets: A&M’s Aversano
• India Daybook – Stocks in News
• ITI: Company bags contracts worth ₹64 cr for Wi-Fi & LAN & integrated security system. (Positive)
• BEL: Company receives orders worth Rs. 561 Crores (Positive)
• JSW Energy: Receives LoI for 3.6 GW KSK Mahanadi Thermal Power Plant. Bid Amount Was ₹15,985 Cr. (Positive)
• HSCL: Net profit up 30.5% at ₹142 cr vs ₹108.8 cr, Revenue up 8.4% at ₹1,140.7 cr vs ₹1,052.5 cr (YoY). (Positive)
• Sterlite Tech: Company announces Self-Certification of its Build America Buy America compliant Optical Products. (Positive)
• HCL Tech: Company and Microsoft expand partnership to revolutionise contact centers with Generative AI. (Positive)
• QuessCorp: Company receives income tax refund of ₹21 crore for FY2018 (Positive)
• Wockhardt: Company expects revenue boost from new drug to combat pneumonia-causing superbugs. (Positive)
• JSW Holding: SEBI approves JSW Cement's Rs 4,000 crore IPO. (Positive)
• Bajel Projects: Company said it has been awarded an EPC contract by Adani Energy Solutions Ltd (AESL) for the construction of a 400kV double-circuit (D/C) transmission line. (Positive)
• Rashi Peripherals: Company approved investment of up to Rs. 14 crores for acquiring equity shares in Satcom Info Tech Private Limited. (Neutral)
• Aarvee Denims: Company approved up to Rs 50 cr fund raising via equity. (Neutral)
• Adani Energy Solutions: Company Maintained system availability of 99.7% in Q3 in transmission business, Q3 FY25 power transformation capacity at 84,286 MVA. (Neutral)
• Torrent Pharmaceuticals: Company announced the record date for interim dividend payment as 1st February 2025. (Neutral)
• Dhunseri ventures: Company invested approximately Rs 30 Cr in its wholly-owned subsidiary, Dhunseri poly Films Pvt. Ltd. (Neutral)
• Bartronics: Promoter Kinex India to sell 6.29% stake (1.91 cr shares) of the company Via offer for sale (OFS) on January 14 & 15, 2025 (Neutral)
• Starlineps Enterprises: Announced the appointment of Mrs. Madhuriben Kishan Chhatrola as Company Secretary & Compliance Officer, effective January 13, 2025. (Neutral)
• Dabur India: Company received an order from the Additional Commissioner, CGST & CX, Kolkata South Commissionerate, demanding Rs. 3.47 Cr. (Neutral)
• HCL Tech: Net profit at Rs 4591 cr vs Rs 4235 cr , Revenue at Rs 29,890 cr vs Rs 28,862 cr. (QoQ). (Neutral)
• Waree Renewables: Company will hold a board meeting on January 16, 2025. The meeting's agenda includes standalone financial results for Q3. (Neutral)
• United Soirits: Diageo India appoints Praveen Someshwar as CEO-Designate. (Neutral)
• Delta Corp: Net profit up 3.5% at ₹35.7 cr vs ₹34.5 cr, Revenue down 7.5% at ₹194.3 cr vs ₹210.1 cr (YoY). (Neutral)
• Marathon Nextgen Realty: Net profit at Rs 47.9 cr vs Rs 50.1 cr , Revenue at Rs 123 cr vs Rs 210 cr. (YoY) (Negative)
• Den Networks: Net profit down 14.6% at ₹40.3 cr vs ₹47.2 cr, Revenue down 4.5% at ₹260.7 cr vs ₹273 cr (YoY) (Negative)
• Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
• Nifty Trades Below 200-Day EMA for Fourth Consecutive Session - Major Support at 22800
• 1. Global Market:
• On Monday, all three major US indices showed a recovery after opening with a gap down, ending on a mixed note. The #Dow gained 0.86%, the S&P 500 edged up by 0.16%, while the #Nasdaq closed lower by 0.30%.
• Going ahead, for the S&P 500, the zone of 5780-5760 will act as immediate support for the index. While, on the upside, the zone of 5880-5900 will act as a crucial hurdle for the index.
• On Monday, #BrentOil ended above $80 for the first time after October 2024. Going ahead, it is likely to test the level of $82 in the short term.
• U.S. Dollar Index (#DXY) surged above the 110 level for the first time after November 2022. However, it has failed to sustain at higher levels and thereafter witnessed a minor pullback. Going ahead, the zone of 110.10-110.30 will act as a crucial hurdle for the index.
• 2. Nifty View:
• On Monday, the benchmark Nifty index opened with a gap-down and showed a minor recovery in the first half of the trading session. However, it struggled to sustain higher levels and resumed its downward trajectory, ultimately closing below the 23100 mark with a 1.47% loss. The session concluded with the formation of a bearish candle featuring a long upper shadow.
• Most noteworthy, the index has slipped below its prior swing low of 23263 level, which was registered on November 21, 2024. Among the constituents of the Nifty index, only 4 stocks have ended on a positive note.
• The broader market faced significant pressure, with the Nifty Midcap 100 and Nifty Smallcap 100 indices plunging by more than 4%.
• For the fourth consecutive trading session, the Nifty is trading below its 200-day EMA level. The daily RSI has given a breakdown of upward sloping trendline, which is a bearish sign.
• Going ahead, the zone of 23230-23260 will act as a crucial hurdle for the index. As long as the index is trading below the 23260 level, it is likely to test the level of 22900, followed by the 22750 level in the short term.
• While, on the upside, if the index surged above the 23260 level, then it is likely to witness a short covering rally upto the 23400 level.
• On the #derivatives front, January #futures dipped by 1.44 percent, while the combined #OpenInterest for the current, next, and far series surged by 5.39 percent, which indicates an overall short build up.
• Among the constituents of the #Nifty index, only 4 stocks have witnessed a long build-up, and none of the stocks have witnessed a short covering rally. While, 32 stocks have witnessed a short build-up, and 14 stocks have witnessed a long unwinding.
• The 23200 strike has significant call open interest, followed by the 23300 strike. On the put side, 23000 has a substantial open interest, followed by a 22900 strike.
• For the weekly series, OI PCR is at 0.59. For the January monthly series, it is at 0.53.
• Bank Nifty continued its underperformance on Monday also as it has tumbled by 1.43 percent. Going ahead, the zone of 48400-48500 will act as an immediate hurdle for the index. As long as the index is trading below 48500, it is likely to test the level of 47600, followed by 47000 level.
• 3. Sensex View:
• The benchmark indexy #Sensex also slipped below its prior swing low of 76802 level, which was registered on November 21, 2024. Currently, it is trading below its 200-day EMA level for the third consecutive trading session. The daily RSI has also given an upward sloping trendline breakdown.
• Going ahead, the zone of 76800-76900 will act as a crucial hurdle for the index. As long as the index is trading below 76900, it is likely to test the level of 75600, followed by the 75000 level in the short term.
• On the #derivative front, January #futures dipped by 1.18 percent, and the #OpenInterest of the current series has surged by 11.58 percent, which indicates an overall short build up.
• The 76500 strike has significant call open interest, followed by the 77000 strike. On the put side, 76000 has a substantial open interest, followed by a 75500 strike.
• For the weekly series, OI PCR is at 0.63.
• 4. Key Market Indicators:
• The volatility index, India #VIX, surged by over 7 percent on Monday, and it has given the highest closing since November 2024. Going ahead, any sustainable move above the level of 16.30 will lead to an increase in the overall market’s volatility.
• The #Advance/Decline ratio was largely tilted in favor of decliners.
• 5. Key Sectors:
• Technically, Nifty Metal, Media, CPSE, PSE, Auto, Oil & Gas, PSU Bank, Realty, Pharma, Healthcare and Financial Services space are likely to underperform in the short term.
• 6. FII/DII Data:
• #FIIs sold to the tune of 4892.84 cr. while #DIIs bought to the tune of 8066.07 cr.
• FIIs' #Long-short ratio for index futures is at 15.45 as on a net basis, they sold 17400 index futures.
• On the stock #futures front, FIIs have bought to the tune of 40730 contracts, while on the #Options Front, FIIs bought 77109 call contracts and bought 168717 Put Option contracts.
• MS On HCL Tech
• Equal-Weight Call, Target At Rs1,970/Sh
• Q3 Services Business In Line
• Lower-than-expected Revenue Guidance Offset By Positive Management Commentary
• EBIT Margin Beat 19.2% Est, Services EBIT Margin Was At 17.5% Vs 17.3% Est
• EBIT Margin Guidance Is Unchanged At 18-19%
• Jefferies On HCL Tech
• Hold Call, Target At Rs2,060/Sh
• Q3 Beat Estimates Due To Higher Margin While Revenue Growth Missed Estimates Slightly
• Mgmt Commentary Was Upbeat On TCV To Revenue Conversions & Discretionary IT Spends
• Revised Growth Guidance Of 4.5-5% For FY25 Points To
• A Weak Q4 Exit
• Cut Revenue/EPS Estimates By 1-2%
• Worsening YoY CC Revenue Growth Trajectory & Rich Valuations Keep Us On Sidelines
• Nomura On HCL Tech
• Buy Call, Target At Rs2,000/Sh
• Co Posted A Mixed Bag In Q3, Revenue Below Consensus Estimate
• Lifts Bottom-End Of FY25 Revenue Growth Guidance Due To HPE’s CTE Acquisition
• Deal Pipeline At Record High, Deal Duration Decreasing
• GenAI To Drive Demand In Legacy Tech Modernisation, Data And Cloud
• CLSA On HCL Tech
• Hold Call, Target At Rs1,882/Sh
• Reported In-line Q3 With A Slight Revision In Its CC Revenue Growth Guidance For FY25
• Management Is Seeing Improved Demand Momentum Across Smaller Deals
• Unchanged Mid-Point FY25 Organic Growth Guidance
• Was Slightly Disappointing Amid Demand Improvement
• ICICI Sec on Power Financiers
• PFC-Initiate Buy, TP 550
• REC-Initiate Buy, TP 600
• Rs 43lk cr generation and transmission pipeline to energize financiers growth story
• Energy transition funding key trigger
• Each have 20% market share in power financing
• Have strong asset quality, balance sheet
• Healthier discoms given various government initiatives
• Jefferies on Hospitals
• Max Healthcare-Maintain Buy, TP 1380 (From 1250)
• Best way to play sector will be through brownfield bed additions
• Max Health has bed capacity expansion plans of more than 50% in 2-3 years
• Average Revenue per bed could have mid-single digit growth in FY26
• Potential to deliver 20% or higher EBIDTA CAGR for FY25-27E
• Top picks Max Health and Fortis
• CITI on Just Dial
• Upgrade to Buy, TP Rs 1270
• While rev decelerated further in 3Q, sustained improvement in user traffic growth for 2nd consecutive Q +ve precursor
• Further, continued cost discipline has resulted in 130bps QoQ EBITDA margin expansion to 30%+
• CO now well positioned to dial up paid campaigns growth & drive up average realizations
• Raise FY26/27E sales est up 1%/3% & EBITDA est. 6%/11%
• Stock has corrected 20% in last 3 months & now implies 12x ex-cash PE
• HSBC On Biocon
• Upgrade To Buy, Target Raised To Rs430/Sh From Rs290/Sh
• Co Is Set For Operational Turnaround Led By Key Biosimilars Launches & Recovery In Generics Sales
• See Multiple Triggers To Support Earnings Growth Ahead
• US FDA Clearance Of Malaysia Plant Removed GMP Overhang
• Launch Of Insulin Aspart From Malaysia Is Next Catalyst
• MS On MGL
• Initiate Overweight Call, Target At Rs1,606/Sh
• Mumbai Is An Ever Expanding City With Rising Travel & Energy Needs.
• Natural Gas Is Mumbai's Fuel Future & Co Is Facilitating Its Adoption
• It Is Both MGL & Mumbai's ‘Tesla-Like Moment’ For Gas Adoption
• Expect Global Gas Market To Remain Balanced In 2025 & Oversupplied By 2027
• MGL Has Fifth Of Its Gas Sourcing Linked To LNG
• Margin Will Be Lower But Volume Growth Will Be Structurally Higher, Key To Re-Rating
• Jefferies On BSE
• Upgrade to Hold from Undeweight, TP Rs5,250 (from Rs3,500)
• Exchanges to see earning upgrades
• Brokers will have to take price hikes
• SEBI's new F&O measures impacted option volumes by ~70% i.e., number of contracts.
• Premiums are down by <10% in Jan MTD vs Jefferies expectations of ~25% decline
• Average ticket size for industry up 3x in 2nd week of Jan'25 vs Nov'24, which saw implementation of higher lot sizes.
• Discount broking volumes can see >40%hit and will need large price hikes
• Macquarie On United Spirits
• Underperform Call, Target At Rs1,175/Sh
• Hina Nagarajan Resigns; Praveen Someshwar To Be New CEO
• Praveen Someshwar Has Been CEO Of HT Media For Last Five Years & He Led Multiple Outlets
• Prior To HT Media, Praveen Someshwar Had A 24-year Career With PepsiCo
• Smooth Transition Is Key To Watch Out For
• BEAT THE STREET BULLETIN
• Date: 14-Jan-2025
• Telegram: [t.me/beatthestreet10]
• NEW ORDERS & CONTRACTS
• - Tera Software: Received an Advance Work Order worth ₹5,049 crore for BharatNet Phase-3 Middle Mile Network in Himachal Pradesh, West Bengal, and Andaman & Nicobar. The project will serve 2.5 lakh Gram Panchayats.
• - Dynamic Services: Won ₹2.35 crore order from Southern Railway, Eastern Railway, East Central Railway, and North Central Railway through its subsidiary, Bharat Battery MFG Co. Pvt. Ltd.
• - Ganesh Infra: Awarded ₹52.2 crore order for sewerage network and pumping stations in Odisha.
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• OPERATIONS & PERFORMANCE UPDATES
• - HCL Tech: Selected by Carrix, the world’s largest independent marine and rail terminal operator, to modernize port operations with AI-driven digital technologies.
• - FY25 Direct Tax Collections (Apr 1-Jan 12):
• - Gross Direct Tax Collection up 19.9% at ₹20.64 lakh crore YoY
• - Net Direct Tax Collection up 15.9% at ₹16.90 lakh crore YoY
• - Net Corporate Tax Collection up 8.1% at ₹7.68 lakh crore YoY
• - Lotus Chocolat Q3: Net profit up 518% YoY at ₹3.71 crore, revenue up 183% YoY at ₹146.7 crore, EBITDA up 607% YoY at ₹5.94 crore, but a 29% QoQ decline in net profit.
• - Sarthak Ind Q3: Net profit up 256% YoY at ₹1.03 crore, revenue up 707% YoY at ₹61.48 crore, EBITDA up 70% QoQ at ₹1.65 crore.
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• TECHNOLOGICAL ADVANCEMENTS & STRATEGIC PARTNERSHIPS
• - HCL Tech: Expanded its strategic partnership with Microsoft to transform contact centers using generative AI and cloud-based solutions.
• - Sterlite Tech: Announced self-certification for its Build America Buy America (BABA/BEAD)-compliant optical products, strengthening its position as a supplier for federally-funded broadband infrastructure projects under the BEAD Program.
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• LEADERSHIP CHANGES & APPOINTMENTS
• - Voltas: Appointed Mr. Kishore Chandrasekharan as Head, Commercial Air Conditioning, effective 13th January 2025.
• - MPS: Ms. Geetika Hans will assume the role of Chief People Officer (CPO) effective 13th January 2025.
• - Shree Renuka Sugar: Mr. Rabindra Kumar Sahoo resigned as Senior Vice President (F&A) and CFO of Anamika Sugar Mills Pvt. Ltd. effective 13th January 2025.
• - Lumax Industries: Mr. Todd Christopher Morgan, Chief Technology and Innovation Officer, will resign effective 31st January 2025.
• - United Spirits: Ms. Hina Nagarajan will resign as Director, Managing Director, and CEO, effective 31st March 2025, to take up a new role within the Diageo group.
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• INCIDENTS & CLARIFICATIONS
• - Kamat Hotels: Terminated its luxury hotel project agreement in Puri effective 1st January 2025. The termination will have no adverse impact as the project was still in the approval stage.
• - LIC: Approved an equity capital infusion of ₹58.5 crore (LKR 2,000 million) into Life Insurance Corporation (Lanka) Ltd., subject to IRDAI and Sri Lanka’s Central Bank approval.
• - JSW Energy: Outbid Adani Power by ₹100 crore with an ₹16,000 crore offer for KSK Mahanadi Power, securing the letter of intent from creditors.
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• EXPANSIONS & ACQUISITIONS
• - Indian Hotels: Completed the acquisition of 55% share capital in Rajscape Hotels Pvt. Ltd. for ₹17.66 crore (7,989 shares at ₹22,100 each).
• - Tega Industries: Incorporated Tega Industries Ghana Ltd., a step-down subsidiary for marketing support and installation services.
• - Gufic Bio: Invested AED 200,000 in Veira Life FZE, a wholly-owned subsidiary in Dubai, to focus on the marketing, distribution, and sale of pharmaceutical products.
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• STOCK & EQUITY UPDATES
• - DDEV: NSE approved the listing of DDEV on the exchange, effective 15th January 2025.
• - Piramal Enterprises: Life Healthcare Group plans to sell Life Molecular Imaging, with expected receipt of $140 million in FY26, with potential additional earnings up to $200 million.
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• PROJECT UPDATES
• - Himadri Speciality: Reported an 11% increase in sales volumes to 137,447 MT for Q3FY25. The Singur facility expansion aims to boost carbon black capacity to 250,000 MTPA by Q3 FY26, making it the 4th largest global producer.
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• Stay updated with Beat the Street
• ICICI SECURITIES ON POWER FINANCIERS
• PFC - Initiate Buy, target price ₹550
• REC - Initiate Buy, target price ₹600
• 43 lakh crore generation and transmission pipeline to boost financiers' growth
• Energy transition funding is a key trigger
• Both hold 20% market share in power financing
• Strong asset quality and balance sheets
• Healthier discoms supported by various government Initiate
• Bernstein India's portfolio
• 11 bottom-up ideas
• 5 new stocks introduced, while 4 have been removed
• Additions – IndusInd BK, Coforge, Bharti Airtel, Adani Ports & Jubilant Foodworks
• Deletions – RIL, HDFC BK, REC & Zomato
• NOMURA ON HCL TECH
• Maintain Buy, target price ₹2000
• Mixed bag
• Lifts bottom end of FY25 revenue growth guidance from 3.5-5% YoY to 4.5-5% YoY (Acquisition of CTG assets)
• Organic growth guidance for FY25 remains unchanged
• Deal pipeline at record high, deal duration decreasing
• Gen Al to drive demand
• Morgan Stanley ON Hcl Tech
• Maintain Equal-Weight, target price 1970
• Services business in line
• Lower-than-expected revenue guidance offset by positive management commentary
• Miss on revenue driven by the software en segmented
• EBIT margins guidance for FY25 unchanged at 18-19%
• ANAND RATHI Q3 HIGHLIGHTS
• AUM UP 2 % TO 76,402 CR QOQ
• ACTIVE CLIENT FAMILIES UP 4 % TO 11,426 QOQ
• CLIENT ATTRITION AT 0.14 % V 0.20% QOQ
• NET INFLOW UP 47 % TO RS 3445 CR QOQ
• EQUITY MF INFLOW UP 165 % TO 2715 CR QOQ
• SIP INFLOW DOWN 60 % TO 67 CR (QOQ)
• NO. RM AT 384 V 374 QOQ
• STOCKS MOVED TO SHORT TERM ASM LIST
• Hilltone Software and Gases Ltd
• JJ Finance Corporation Ltd
• Mishka Exim Ltd
• STOCKS MOVED OUT FROM SHORT TERM ASM LIST
• Apollo Micro Systems Ltd
• Bhilwara Technical
• Crestchem Ltd
• Gujarat Toolroom Ltd
• Jumbo Bag Ltd
• Kairosoft AI Solutions
• Kaushalya Infrastructure
• Makers Laboratories
• Manoj Vaibhav Gems
• Mewar Hi-Tech Engineering
• Srestha FinvestSTOCKS MOVED OUT FROM SHORT TERM ASM LIST
• Apollo Micro Systems Ltd
• Bhilwara Technical
• Crestchem Ltd
• Gujarat Toolroom Ltd
• Jumbo Bag Ltd
• Kairosoft AI Solutions
• Kaushalya Infrastructure
• Makers Laboratories
• Manoj Vaibhav Gems
• Mewar Hi-Tech Engineering
• Srestha Finvest
• Jefferies on BSE
• Upgrade to hold, TP Rs 5250
• SEBI's new F&O measures impacted option vol by 70%, however, premiums are down by <10% in Jan MTD (vs JEFe of 25%)
• Exchanges gain with stable top-lines and large margin expansion (5-10pp) on back of improved quality of premiums
• Morgan Stanley On MGL
• Initiate OW, TP Rs 1606
• Expect global gas market to remain balanced in 2025 & oversupplied by 2027
• MGL has fifth of its gas sourcing linked to LNG, so while margins will be lower(returns near regulated utility ROCE of 15%), vol growth will be structurally higher
• HSBC on Biocon
• Upgrade to Buy, TP Raised to Rs 430
• Believe Co is set for operational turnaround led by key biosimilars launches & recovery in generics sales
• See multiple triggers to support earnings growth ahead; FDA clearance of Malaysia plant removed GMP overhang
• NUVAMA ON HCL TECH
• Downgrade to Hold, target price ₹2150 (from 2125)
• Decent growth driven by retail and telecom verticals
• Remains positive on superior growth (versus peers), high FCF generation, and capital allocation
• At 28.5x FY26E PE, valuation appears full
• HSBC ON BIOCON
• Upgrade to Buy from Reduce, TP 430 (From 290)
• Turnaround in sight
• Set for operational turnaround led by key biosimilars launches and recovery in generics sales
• See multiple triggers to support earnings growth ahead
• FDA clearance of Malaysia plant removed GMP overhang
• JEFFERIES ON HOSPITALS
• Max Healthcare - Maintain Buy, target price ₹1380 (from 1250)
• Best sector exposure through brownfield bed additions
• Max Health plans to expand bed capacity by over 50% in 2-3 years
• Average Revenue Per Bed expected to grow mid- single digits in FY26
• Potential to deliver 20%+ EBITDA CAGR for FY25-
• TOP PICKS: MAX HEALTH AND FORTIS
• BROKERAGE ON HCL TECH
• MORGAN STANLEY
• Maintain Equal-Weight TP 1970
• Services business inline
• Lower than expected revenue guidance offset by positive management commentary
• Miss on revenue driven by software segment
• EBIT margins guidance for FY25 unchanged at 18-19%
• NOMURA
• Maintain Buy TP 2000
• Mixed Bag
• Lifts bottom end of FY25 revenue growth guidance from 3.5-5% YoY to 4.5-5% YoY (Acquisition of CTG assets)
• Organic growth guidance for FY25 remains unchanged
• Deal pipeline at record high, deal duration decreasing
• Gen AI to drive demand
• JEFFERIES ON BSE
• Upgrade to Hold from Undeweight, TP 5250 (FROM 3500)
• Exchanges to see earning upgrades
• Brokers will have to take price hikes
• SEBI's new F&O measures impacted option volumes by ~70% i.e., number of contracts.
• Premiums are down by <10% in Jan MTD vs Jefferies expectations of ~25% decline
• Average ticket size for industry up 3x in 2nd week of Jan'25 vs Nov'24, which saw implementation of higher lot sizes.
• Discount broking volumes can see >40%hit and will need large price hikes
• MACQUARIE ON INDIAN SPIRITS
• Maintain Underperform, TP 1175
• Praveen Someshwar to be new CEO
• CEO Hina Nagarajan to take up new role in Diageo group
• Praveen has been CEO of HT Media and 24-year career in PepsiCo
• Await clarity on driving new brand development in prestige segment
• Next steps in certain states where receivables are due
• MACQUARIE ON UNITED SPIRITS
• Maintain Underperform, TP 1175
• Praveen Someshwar to be new CEO
• CEO Hina Nagarajan to take up new role in Diageo group
• Praveen has been CEO of HT Media and 24-year career in PepsiCo
• Await clarity on driving new brand development in prestige segment
• Next steps in certain states where receivables are due
• See 12-13% upside in the market from current levels, from a valuation & growth perspective, large caps look better vs SMID
• Valuations for large caps have moderated to 5 year averages
• Surendra Goyal, Citi to CNBC-TV18
• BERNSTEIN Says For ICICI Bank & HDFC Bk Deterioration In Credit Cost Will Be A Negative
• BERNSTEIN Says Expect PSU Bank Loan Growth To Reduce, Converging With Their Deposit Growth
• BERNSTEIN Says Expect Bank Growth & Profitability To Dip in Q3, Some lenders may see a marginal decline
• HCL TECH CEO Says Q4 Should See Broad-based Growth (Ex Of Retail CPG), Positive About An All-round Growth In Q4 - CNBCTV18
• Expect Q4 Margin To Be Slightly Lower Than Q3
• Discretionary Demand Is Definitely Better Vs 3 Months Back
• Expect A Loss Of $30 Million In Q4 Due Retail CPG Deal Coming To An End
• Senior Level Wage Hikes Will Impact Margin By 50-60 bps In Q4
• Kotak says Indian stocks are overvalued, despite entering a 'correction' zone.
• BERNSTEIN Says Worst In Terms Of Credit Cost Largely Priced In For Indusind Bank - CNBCTV18
• BERNSTEIN Says For ICICI Bank & HDFC Bk Deterioration In Credit Cost Will Be A Negative
• BERNSTEIN Says Expect PSU Bank Loan Growth To Reduce, Converging With Their Deposit Growth
• BERNSTEIN Says Expect Bank Growth & Profitability To Dip in Q3, Some lenders may see a marginal decline
• Vasuki India's Omkar Tanksale Says HCL Tech Fall Is More Of A Valuation Concern
• HCL Tech Witnessed Biggest Fall In 10 Years
• MACQUARIE ON REC, PFC
• MAINTAINS OUTPERFORM RATING
• REC : TARGET 700
• PFC ; TARGET 660
• Likely driver of weak PFC/REC stock performance
• Growth outlook stable: REC 15% YoY, PFC 13% YoY
• Kalyan Jewellers in focus
• Kalyan Jewellers denied auditors concern
• Deny concern over the inventory concern, Co said cash flows especially free cash flow has improved
• PTC INDUSTRIES: ICRA has upgraded the credit rating of PTC Industries Limited
• Tenneco India Might Raise Up To $500 Mn In IPO: Sources - Bloomberg
• ICICI SEC ON REC , PFC
• INTIATE COVERAGE WITH BUY RATING
• REC ; TARGET 600
• PFC ; TARGET 550
• ADANI WILMAR TRADES BELOW OFS PRICE OF 275
• TATA COMM : JLR and Tata Communications strengthen partnership to deliver smarter, data-driven connected cars
• JLR will supercharge next-generation vehicle connectivity with Tata Communications MOVE™
• Drivers to remain connected from the remotest locations in 120 countries, with real-time vehicle location services, smarter driving experiences and increased software over-the-air (SOTA) updates
• Partnership is part of JLR's wider innovation strategy to establish universal connectivity for its vehicles and deliver continuously evolving Al-driven digital features and services for its customers
• 2025 to be the year of electric vehicles: 64% of Consumers Likely to Choose EV as Their Next Vehicle, reveals TCS global Study
• The TCS Future-Ready eMobility Study 2025, released at the Detroit Auto Show reveals new insights in the EV ecosystem
• The TCS Future-Ready eMobility Study 2025 reveals that 60% of consumers view charging infrastructure as a key challenge, yet 56% are willing to spend up to $40K on an EV.
• The survey included over 1,300 respondents from North America, Europe, APAC, and stakeholders like manufacturers, fleet adopters, and EV influencers.
• US LNG industry poised to expand as Trump vows to lift restrictions - FT
• MONEYBOXX : Moneyboxx Finance onboards 3 new lending partners, raises INR 1.32 billion in debt capital during Q3FY25
• Moneyboxx Finance secured a ₹500M term loan in Q3 FY25 from Indian Overseas Bank, Bajaj Finserv, and Nabkisan Finance.
• It also raised ₹820M from existing lenders, including HDFC Bank and AU Small Finance Bank. Supported by 30 partners, Moneyboxx has raised over ₹10B in debt to date.
• KALYAN JEWELLERS Says Rumour On I-T Raid, Overvaluation Of Inventories Are Incorrect- NDTV PROFIT
• Kalyan Jeweller Call Takeaways
• Clarified that there are no plans to buy any aircraft
• Always maintained high standard in book keeping and quality of auditors, corporate governance etc
• Rumour on IT Raid, overvaluation of inventories incorrect
• No IT raid on any premise
• Well on track to achieve target
• Some changes have been made to franchise agreement but that would not impact any existing franchisees
• New terms of the contract are also favourable - have started signing new franchisees already
• Kalyan Jewellers Management Says on New Franchise Agreement: Applicable only to new franchisees; franchise now handles both capex and inventory.
• Promoter Pledge: Carefully evaluated; explored other funding sources.
• Lenders: Multiple lenders involved in the transaction.
• Business Intact: No change in operations or promoter intentions.
• Lab-Grown Diamonds: Minimal impact due to low focus on solitaires.
• Gross Margins: Store-level margins remain unchanged.
• Buyback Plan: FCF may be used for buybacks post debt repayment if no investments arise.
• 3-4 breaches out of 100+; others locked for 4 years.
• No FIR received; one legal summon related to franchise dispute, with proceedings ongoing.
• INCRED ON NTPC
• Initiate with ADD Rating, TP 385
• NTPC's 25GW brownfield thermal expansion ensures base-load stability with industry-leading PLF at 77.25%; 8.8 GW to be awarded in FY25F.
• NTPC, along with NGEL, aims to scale renewable capacity 20x to 60GW by FY32F from 3.3GW, with~ 89% EBITDA margin from long-term 25- year PPAs.
• Proxy play on India's 900GW energy transition
• HIND ZINC : Hindustan Zinc receives tax penalty order of ₹41.11 cr and ₹51.45 cr
• ANAND RATHI CEO Says last quarter was not the best in FY25 with respect to flows
• EXIDE IND : 15.3 LKH SHARES EXCHANGED VIA BLOCK DEAL
• UNITED DRILLING : Co. successful securing of its first order from Taiwan worth $ 4,82,444 ( ₹ 4.17 Cr ) by Magitech International Limited.
• V2RETAIL : MOTILAL OSWAL BUYS ADDITIONAL 0.13 % STAKE ON 8 JAN VIA OPEN MARKET
• STAKE INCREASED TO 5.05 % FROM 4.92 % EARLIER
• SOURCES Says Parent Entities Like HDFC Bk, Bajaj Finserv, SBI, To Submit Listing Plans Of Insurance Arms - CNBCTV18
• IRDAI Last Week Had Met Parent Entities Of Large Insurers To Discuss The Roadmap For Public Listing
• Alert: HDFC Bank's unlisted insurance subsidiary is HDFC Ergo, SBI's Is SBI General
• Alert: Bajaj Finserv's Unlisted Insurance Subsidiaries Include Bajaj Allianz General & Bajaj Allianz Life
• Alert: Tata Capital's Unlisted Insurance Subsidiary Is Tata AIA Life
• Parent Entities Of Large Insurers Likely To Consider Milestone, Size, Performance Targets Before Submitting Public Listing Plans With IRDAI
• Dec WPI inflation rate at 2.37% V Est 2.3 % vs 1.89% in Nov
• India WPI Manufacturing Inflation (YoY) At 2.14% V 2.00% In Nov
• ANGEL ONE Q3 CONCALL
• Impact from new norms - True-to-label + F&O norms Is higher than earlier expected
• Expect one-time hit of 18-20% to topline
• Will monitor impact from new norms for 1-2 qtrs, before deciding on price hike
• True-To-Label impact should not be more than 2%
• Do not see any long-term impact on life-time value of customer
• Demand for IMD data to increase domestically, globally : Pm
• FISHER MEDICAL : Time Medical International Ventures (India) Private Limited (Wholly Owned Subsidiary of Fischer Medical Ventures Limited), Receives India’s First CDSCO License for Manufacturing and Distribution of MRI Systems
• 5 PAISA : Appointment Of Mr. Gaurav Seth As Chief Executive Officer (CEO)
• Before joining 5paisa, he was Chief Product Officer at Syfe, focusing on establishing it as a top digital wealth platform in Southeast Asia. Previously, as Chief Business Officer at Paytm Money, he helped position it as a leading brokerage and mutual fund distributor in India.
• At Morgan Stanley, he led the digital transformation of its wealth management business in New York.
• OMC : Sources Says Don't See Any Major Impact On India Due To US Oil Sanctions On Russia - NDTV PROFIT
• GOA CARBON : Company's Bilaspur Unit located at 34-40, Sector B,
• Sirgitti Industrial Area, Bilaspur (Chhattisgarh) has been temporarily shut down for urgent maintenance work from today, 14th January 2025.
• NALCO : Sharp Fall In Alumina Futures Prices, Down 3%
• CONCOR Q3 VOLUME UP 11.64 % TO 12,84,794 Yoy
• EXIM Volume Up 8 % To 9,75,243 YOY
• DOM Volume Up 24.7 % To 3,09,551 YOY
• SWASHTHIK PLASCON : The company used IPO proceeds to build a new plant and install machinery, increasing production capacity from 1,300 to 1,420 tons/month for PET bottles in various applications (pharma, liquor, FMCG, household).
• All government approvals, except from the State Electricity Board, are in place.
• Currently operating at 70-75% capacity, efforts are underway to expand distribution and secure more B2B and B2C clients.
• China's GDP growth for 2025 is projected at 4.5%, unchanged from the November forecast, with 2026 growth expected at 4.2%. - Reuters Poll
• NEPHRO CARE : Vivacity Multispeciality Hospital inaugurates advanced Cardiothoracic and Vascular Surgery unit to provide comprehensive cardiac and vascular care
• India accounts for nearly one-fifth of the estimated 17.7 million deaths caused globally due to CVDs such as ischaemic heart disease and cerebrovascular disease such as stroke. CVD death rate of 272 per 100000 populations in India much higher than global average of 235
• The CTVS unit to be equipped with state-of-art technology and a team of experts to offer advanced diagnostic, therapeutic, and surgical interventions.
• 9MFY25 Volume Growth Remains Much Below FY25 Guidance
• EXIM 9MFY25 Volume Growth At 5% Vs FY25 Guidance Of 15%
• GREAVES COTTON: Ampere Launches Magnus Neo: The Enhanced Variant of the Magnus EX
• Starting at just INR 79,999 (ex-showroom), the Magnus Neo brings premium features, comfort, safety, and savings to every rider.
• The Magnus Neo will be available across Ampere dealerships nationwide starting January 2025
• VODA IDEA : Vodafone Idea In Pact With HCLSoftware To Automate 4G & 5G - Bloomberg
• Vi adopts HCL ANA, an AI-driven MV-SON platform, to optimize its Ericsson and Samsung networks.
• This future-proof solution enhances network performance, reduces costs through energy efficiency, and improves customer experience with faster, reliable service.
• HCL ANA's open architecture enables Vi to manage and automate its network independently.
• RUPEE WEAKNESS CONTINUE .. HIT RECORD LOW OF 86.6/$
• LKP FINANCE : A prior approval letter from the RBI, Mumbai, dated January 13, 2025, has been received for changes in the Company's control, shareholding, and management.
• ADANI WILMAR: Co. Says Promoter Adani Commodities LLP sold 13.52% of the Company's equity (39,54,18,121 shares) via OFS on January 10 and 13, 2025, reducing Promoter Group holding to 74.36%.
• The Company now complies with the 25% Minimum Public Shareholding (MPS) requirement.
• Awfis Brings Integrated Workspace Solutions to Lucknow’s Vibrant Business Community
• Awfis Space Solutions, opens its first Lucknow centre in Gomti Nagar, spanning 47,694 sq. ft.
• The area is a key IT and business hub, supporting Uttar Pradesh's $1-trillion economy goal.
• NAZARA : Board approved a cash payment of ₹72.73 Crores to Porush Jain and Srinivas Cuddapah for acquiring 9.09% equity in Absolute Sports Pvt. Ltd., raising its stake to 91.03%.
• The earlier plan to issue equity shares worth ₹72.73 Crores as consideration is withdrawn. Absolute remains a material subsidiary.
• MS on Axis Bank
• Maintain Overweight with TP of Rs 1445
• Believe the share price will rise relative over the next 30 days
• Axis bank stock has underperformed and is now trading at 1.4x F26e P/BV
• Loan growth gap between Axis and system has now narrowed
• Bank has managed capital and margins well, and as asset quality stabilizes, the stock should do well
• Earnings would be muted but that is largely priced in
• See an attractive risk reward on the stock following the underperformance
• TEMBO GLOBAL: Tembo Defence Products to Sign MOU with Maharashtra Government at World Economic Forum in Davos to establish a state-of-the-art
• defence manufacturing facility in the state.
• This collaboration is in line with the Government of India’s “Make in India” initiative, aimed at boosting indigenous manufacturing and strengthening the nation’s defence capabilities.
• METAL STOCKS EXTENDS GAINS
• MACQUARIE ON SUN PHARMA
• Maintains Outperform' Rating With Target Price of ₹2,100
• Ilumetri Peak Sales Revised Upwards, Bodes Well For The Co
• Co Receives Royalties & Milestone Payments On lumetri
• Guidance Revision Represents Cumulative Upside Of $40-45 Mn.
• DEC SIAM DATA
• Domestic passenger vehicle sales rise 10% to 3.14 Lk units (YoY) in December
• Total 2-wheeler sales declined 8.8% to 11.05 Lk units (YoY) in December
• KABRA EXTRUSION: Company has claimed Rs. 30.40 crore, plus interest, from Hero Electric Vehicles Pvt. Ltd. (HEVPL) following HEVPL's initiation of the Corporate Insolvency Resolution Process.
• The company is evaluating the impact and legal options.
• PREMIER ROADLINE Q3 BIZ UPDATE
• In Q3 FY25, revenue stood at Rs 80 crore, bringing the cumulative revenue for 9MFY25 to Rs 193 crore, compared to Rs 229 crore for the entire FY24, reflecting robust growth
• The number of orders executed in Q3 FY25 was 9,618, with cumulative orders for 9MFY25 at 25,352, compared to 26,460 in FY24
• Added 4 new pullers and 46 axles in Q3 FY25 at a cost of Rs 12.37 crore. These were funded through internal accruals and bank financing. This acquisition increases fleet size to 6 Pullers and 64 Axles
• Acquired PRL Supply Chain Solutions as a wholly owned subsidiary. It expands services to Ocean Freight, Air Freight, Project Logistics, and Warehousing & Distribution
• The growth in Q3 for Project Logistics and ODC services was driven by the approval of multiple large-scale projects and increased demand for specialized transportation solutions.
• With these positive t enhanced capabilities, we are well-positioned to achieve good growth in FY25.
• SUGAR STOCKS : Sources Says Export Restrictions On Sugar May Be Relaxed Soon by Govt
• Approval For Export Of 10 Lk Tonnes Of Sugar Likely
• Decision Was Taken In A Meeting With Home Min Amit Shah
• Decision On Partial Export Nod Likely Soon - ETNOW
• FMCG STOCKS AT DAY'S LOW , HUL DOWN 3 %
• RBI Governor Did Not Express Objections To Rupee Slump In Meetings - Bloomberg
• Sources Says Announcement of renewable energy park plan is possible in the budget - REUTERS
• Fiscal deficit in FY25 likely to be 0.10-0.20% lower than estimated - REUTERS
• Earlier the government had set a fiscal deficit target of 4.9% of GDP
• MAN IND : Release of pledge on 16,30,000 equity shares ( 2.5 % Stake ) of Man Industries (India) By Promoter
• SAYAJI HOTEL Q3 : NET PROFIT AT 5.45 CR V 4.94CR PROFIT YOY
• REVENUE AT 21.4 CR V 18.78 CR
• EBITDA AT 7.72 CR V 6.87 CR YOY
• MARGINS AT 36.5 % V 36.5%
• HYUNDAI MOTORS: Progress for Humanity Hyundai Motor India Limited to showcase futuristic mobility solutions at Bharat Mobility Global Expo 2025
• Hyundai CRETA Electric launch on 17th January’2025
• RAIL STOCKS ; Sources Says Up to 18% more allocation possible for railways in the budget
• Govt Plan to armour 10,000 locos in 2 years
• Plan to build cover on 15 thousand kilometer railway line , A budget of around ₹12,000 Cr is possible for this - ZEE BUSINESS
• PSU BANK : Sources says Govt may allow stake sale in 5 PSU banks - Etnow
• Five PSU banka also allowed to do QIP Bloomberg
• UCO , IDBI , IOB , CENTRAL BANK , IN FOCUS
• BANK OF MAHA , PUNJAB & SINDH BANK
• PSU Banks include Central Bank, IOB, Bank of Maha, UCO Bank
• Sources Says DIPAM Also Gets Mandate To Sell Stake In 5 PSBs Via OFS
• Punjab & Sind Bank, IOB, UCO Bank, Central Bank, Bk Of Mah Get Nod For Fund Raise
• Other Than Bank Of Mah, 4 PSBS To Raise Funds In Small Tranches Starting Q4FY25 - CNBCTV18
• HDFC AMC Q3 : NET PROFIT AT 641 CR V 576 CR QOQ
• REVENUE AT 934 CR V 887 CR
• EBITDA AT 764 CR V 703 CR QOQ
• MARGINS AT 81.7 % V 79.3 %
• ATISHAY Q3 : NET PROFIT AT 2.11 CR V 1.88 CR YOY
• REVENUE AT 15.22 CR V 11.76 CR
• EBITDA AT 2.91 CR V 2.69 CR YOY
• MARGINS AT 19.11 % V 22.87 %
• Govt approves ₹2,000 cr QIP plan for each of 5 PSBs, other than BoM 4 PSBs to raise funds in small tranches starting Q4 FY25.
• Europe's Car Sector Struggles Could Impact Central Europe’s Economy and Banks - Reuters
• MAZAGON DOCK: Dealing Room Check Says Street expects a large order win soon - CNBCTV18
• CENTRAL BANK, UNION BANK, IOB LOCKED IN 20 % UPPER CIRCUIT
• LARGE TRADE IN THESE STOCKS
• UCO + 18 %
• BANK OF MAHA + 16 %
• HDFC AMC Q3 HIGHLIGHTS
• Quarterly Average AUM UP 4 % To 7,874 Bn QOQ , Market Share At 11.5 % V 11.5 % In Q2
• Total AUM (Ex Etf ) UP 4 % To 7,721 Bn QOQ, Market Share At 12.8 % V 12.8 % In Q2