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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December 24, 2024

• YATHARTH HOSPITAL; UPDATE ON QIP
• CO. ALLOTS RS 625 CR WORTH SHARES TO QIBs AT 595/SHARE ( 5 % DISCOUNT TO FLOOR PRICE )
• BEAT THE STREET BULLETIN
• Date: 24-Dec-2024
• Telegram: [t.me/beatthestreet10]
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• NEW ORDERS & CONTRACTS
• - TRIDENT LIFELINE: To acquire 51% (39,67,800 equity shares) of Trident Mediquip Ltd. for ₹3.96 Cr, entering the medical & surgical equipment market.
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• FUNDRAISING & CAPITAL EXPANSIONS
• - ZAGGLE PREPAID: Allotted shares worth ₹595 Cr at ₹523.20/share to QIBs through QIP.
• - YATHARTH HOSPITAL: Allotted shares worth ₹625 Cr at ₹595/share to QIBs in a QIP, with a 5% discount to the floor price.
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• ACQUISITIONS & STAKE INCREASES
• - Bharat Forge: Approves infusion of $64.50 million (₹548 Cr) into Bharat Forge America Inc., with investments in subsidiaries BFA, Bharat Forge Aluminum USA, Inc., and Bharat Forge PMT Technologie LLC.
• - TRIDENT LIFELINE: To acquire 51% stake in Trident Mediquip Ltd. for ₹3.96 Cr.
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• STRATEGIC PARTNERSHIPS & AGREEMENTS
• - SUPREME FACILITY: Partners with Komorebi Tech Solutions to enhance bus services in the Mumbai Metropolitan Region. Under a five-year agreement, 50 buses will be introduced on the Cityflo platform, generating INR 42 crore.
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• CAPACITY EXPANSION & PRODUCTION
• - VISTAR AMAR: Announces temporary closure of Veraval Plant for repairs of pollution control equipment. Operations are expected to resume in 2-3 weeks.
• - HG INFRA: Acquired 28,40,000 equity shares worth ₹2.84 Cr in its subsidiary, H.G. Jetpur Solar Project Pvt. Ltd.
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• LEGAL & REGULATORY UPDATES
• - ALANKIT: Resolves ₹68.5 Cr arbitration case with Protean eGov Technologies for ₹38.06 Cr. The settlement strengthens Alankit's financial position.
• - VIKAS ECOTECH: Court bars Shamli Steels' ex-shareholders from transferring equity or creating third-party rights on land due to financial irregularities.
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• OTHER UPDATES
• - UFO MOVIEZ: Sells entire stake in Mukta, including 30,59,950 equity shares, 10 nominee shares, and 2,40,000 share warrants. Mukta is no longer an associate of the company as of December 23, 2024.
• - IIFL CAPITAL: Livlong Protection & Wellness Solutions Ltd., a subsidiary, receives Corporate Agent license from IRDAI.
• - AAYUSH WELLNESS: Board approves strategic diversification into Wellness Tourism, with up to ₹30 Cr investment over the next 2 years.
• - DR. REDDY'S: Dr. Reddy's Laboratories SA incorporates a wholly-owned subsidiary in Finland, "Dr. Reddy's Finland Oy."
• - ALCARGO GATI: Approves sale of fuel station in Belagavi, Karnataka for ₹3 Cr.
• - ROYAL ORCHID: Launches upscale resort complex "Regenta Evolife Dome City" in Prayagraj for Mahakumbh 2025.
• - TVS HOLDING: Completes acquisition of Radial (Phase II & III) IT Park, making them wholly owned subsidiaries of TVS Emerald.
• - ESCORTS KUBOTA: Files appeal against transfer pricing adjustment of ₹20.81 Cr for AY 2021-22.
• Stay Updated with Beat the Street
• JEFFERIES ON TELECOM
• Impact of tariff hike normalizes
• In October 2024, the sector's active subscriber base jumped sharply by 6.8 million MoM
• Bharti/ Jio/BSNL/MTNL gaining share
• 4G/5G subscriber base fell in Oct, led by Jio, suggesting Jio weeding out inactive 4G customers
• Bharti led the data subscriber additions in Seth October implying better and premium customer mix of Bharti
• Vodaphone Idea's subscriber losses continued
• Continue to expect Bharti and Jio to gain market share in the near term
• MORGAN STANLEY ON SBI CARDS
• Maintain Equal-weight with target price of Rs 650
• SBI Card's November spending market share fell MoM to 14.9% vs. 15.8% in October 2024
• Spending fell 20% YoY industry +5% YoY, reflecting ongoing impact (starting February) of RBI notification on corporate card spending
• Market share in number of credit cards in force stood at 18.7% as of November 2024
• Aggregate daily spending was up 8% YoY so far in December, Vs 4% in November
• PHILLIPCAPITAL ON DEFENCE
• The defence sector stands out as a compelling investment theme, offering multiple growth levers and strong visibility for long-term execution
• Key drivers include:
• 1. Robust order books and a healthy pipeline supporting sustained growth visibility
• 2. Timely execution enabled by localization and sub-contracting
• 3. Strategic moats driven by government preference and domain expertise
• 4. Cash-rich balance sheets with minimal working 399 capital challenges, supported by stage payments
• 5. In-house R&D initiatives bolstered by DRDO collaboration
• 6. Favourable government policies prioritizing local manufacturing, strategic partnerships, and import restrictions
• Margins from core defence products are expected to expand
• Maintain a positive outlook on the sector
• BEL - Initiate Buy with target price of Rs 390
• Hindustan Aeronautics - Initiate Buy with target price of Rs 5500
• Data Patterns - Initiate Buy with target price of Rs 3400
• Solar Industries - Initiate Buy with target price of Rs 12000
• Bharat Dynamics - Initiate Neutral with target price of Rs 1400
• Nuvama on Defence
• Stay optimistic on with key catalysts at play:
• i)Huge localisation push to reduce dependence on disrupted global supply chains
• ii)Continued modernisation efforts with larger programs coming ahead of expected timelines
• Top picks: BEL, DATA PATTERN
• Antique on ITC
• Buy, TP Rs 563
• Expect cig biz to deliver vol/value growth of 3%/6% in 3Q.
• FMCG biz expected to outperform peers
• However, sharp raw material inflation should affect profit margins of both cig & FMCG
• Agri biz expected to report healthy rev growth
• ITC is better placed in current challenging environment backed by it’s
• a) Broad-based cigarette portfolio,
• b) Premium FMCG portfolio,
• c) Buoyancy in Hotels,
• d) Improvement in the Agri business
• MS on Telecom
• Airtel's increased MoM; it has been a key beneficiary in last four months post tariff hike.
• Airtel's market share in wireless data subscribers was 31.1% (+37bp) vs. Rjio 51.3% (-19bp), VIL 14% (-4bp) and "Others inluding BSNL" 3.6% (-14bp)
• Industry subs fell for fourth month to 1,150mn (-3.3mn); Airtel's increased MoM & its market share gap vs. Rjio has fallen 100bp in last 4 mths
• RJio & VIL's shares were 40% (-21bp) & 18.3% (-12bp), respectively, vs. Bharti Airtel 33.5% (+26bp)
• MS on Telecom
• Airtel's increased MoM; it has been a key beneficiary in last four months post tariff hike.
• Airtel's market share in wireless data subscribers was 31.1% (+37bp) vs. Rjio 51.3% (-19bp), VIL 14% (-4bp) and "Others inluding BSNL" 3.6% (-14bp)
• Industry subs fell for fourth month to 1,150mn (-3.3mn); Airtel's increased MoM & its market share gap vs. Rjio has fallen 100bp in last 4 mths
• RJio & VIL's shares were 40% (-21bp) & 18.3% (-12bp), respectively, vs. Bharti Airtel 33.5% (+26bp)
• AVENDUS PARK ON PVR INOX
• MAINTAIN BUY ,TARGET: 1,910
• CY25 Release Calendar Shows Hollywood Movie lineup & Bollywood Capitalising Sequels Standout
• Hollywood Studios Lining up 25 Mega Budget Movies, Well Spread Across Next 12 Months
• Bollywood Capitalising Sequels To Already Successful Franchises & Proven Genres
• Strong Content Creates Room For Price Hikes
• There Is Continued Focus On Correcting Cost Structure With Help Of favourable Ind Structure
• MTNL: MTNL Board approves Voluntary Retirement Scheme
• VRS offered to employees of age 45 years and above
• EMKAY'S INDIA STRATEGY
• Share of equities in household savings has doubled since FY16
• Indian market will continue to be more resilient to FPI selling
• Issuances CAGR is 20% since FY21
• Absorbtive capacity of markets has risen versus issuances
• Lower fixed income yield to push
• savers to equity
• Domestic MFs more exposed to SMIDs ( Small & Mid Caps)
• ISMIDs to continue to outperform
• Heavyweights like financials and staples to underperform
• EMKAY'S INDIA STRATEGY
• Share of equities in household savings has doubled since FY16
• Indian market will continue to be more resilient to FPI selling
• Issuances CAGR is 20% since FY21
• Absorbtive capacity of markets has risen versus issuances
• Lower fixed income yield to push
• savers to equity
• Domestic MFs more exposed to SMIDs ( Small & Mid Caps)
• ISMIDs to continue to outperform
• Heavyweights like financials and staples to underperform
• HISAR METAL: LARGE TRADE ON NSE
• SHAH SHARAD KANAYALAL DISPOSED OF 59K SHARES AT ₹216.33.
• PVR INOX revamps media business with focus on data analytics - BL
• Chief Sales Officer Shalu Sabharwal to lead the ₹600 crore advertising biz of PVR INOX