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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.

December 19, 2024

  • U.S MARKET TRADES IN GREEN AHEAD FED RATE DECISION
  • FED CUTS RATES BY 25 BPS V EST 25 BPS CUT
  • FOMC MEDIAN FORECAST SHOWS 50 BPS OF RATE CUTS IN 2025 TO 3.9%
  • FED’S MEDIAN RATE FORECAST END-’24 AT 4.4%; PREV. 4.4%
  • FED’S MEDIAN RATE FORECAST END-’25 AT 3.9%; PREV. 3.4%
  • FED’S MEDIAN RATE FORECAST END-’26 AT 3.4%; PREV. 2.9%
  • FED’S MEDIAN RATE FORECAST END-’27 AT 3.1%; PREV. 2.9%
  • FED’S MEDIAN RATE FORECAST LONGER-RUN AT 3%; PREV. 2.9%
  • FED POLICYMAKERS SEE END-2025 PCE INFLATION AT 2.5% VERSUS 2.1% IN SEPTEMBER; CORE SEEN AT 2.5% VERSUS 2.2%.
  • FED PROJECTIONS IMPLY 50 BASIS POINTS OF RATE CUTS IN 2025, ANOTHER 50 BPS IN 2026.
  • FED PROJECTIONS SHOW LONGER-RUN POLICY RATE AT 3.0% VS 2.9% IN SEPTEMBER PROJECTIONS.
  • FED: WE SEE RISKS TO INFLATION AND EMPLOYMENT GOALS ROUGHLY IN BALANCE, THE SAME AS IN THE NOVEMBER STATEMENT.
  • FED OFFICIALS' MEDIAN VIEW OF THE FED FUNDS RATE AT END-2024 4.4% (PREV 4.4%).
  • FED OFFICIALS' MEDIAN VIEW OF THE FED FUNDS RATE AT END-2025 3.9% (PREV 3.4%).
  • FED OFFICIALS' MEDIAN VIEW OF THE FED FUNDS RATE AT END-2026 3.4% (PREV +2.9%).
  • HAWKISH CUT FROM FED
  • US RATE FUTURES PRICE IN JUST TWO RATE CUTS IN 2025 AFTER FED EASES BY 25 BPS.
  • FED OFFICIALS' MEDIAN VIEW OF THE FED FUNDS RATE AT END-2027 3.1% (PREV +2.9%).
  • FED LOWERS REVERSE REPO RATE BY 30 BASIS POINTS TO 4.25% VERSUS 25 BPS CUT TO THE FED FUNDS RATE.
  • THE FED POLICY STATEMENT LITTLE CHANGED FROM THE NOVEMBER MEETING STATEMENT, WITH THE DESCRIPTIONS OF THE ECONOMY GROWING AT SOLID PACE ARE IDENTICAL.
  • DOLLAR RISES TO HIGHEST SINCE NOV. 2022 AFTER FED DECISION
  • FED: FOUR OFFICIALS PENCILLED IN 25 BPS OR LESS OF CUTS FOR 2025.
  • SAUDI CENTRAL BANK CUTS RATES BY 25 BPS
  • POWELL: POLICYMAKER PROJECTIONS FOR POLICY RATE ARE HIGHER FOR NEXT YEAR, CONSISTENT WITH HIGHER INFLATION
  • SEC. IN BAN FOR, 19-DEC-2024 :
  • 1.  GRANULES  2 . HINDCOPPER  3.  MANAPPURAM  4.  NATIONALUM  5.  RBLBANK  6.  SAIL  7. BANDHANBNK  8. CHAMBLFERT  9.  PVRINOX  10.  NMDC
  • ADDITION : NMDC
  • DELETION : NIL
  • BEAT THE STREET BULLETIN
  • Date: 19-Dec-2024
  • Telegram: [t.me/beatthestreet10]
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  • NEW ORDERS & CONTRACTS
  • - ALFA Transformers: Wins ₹1.1 crore order from Tata Power Northern Odisha Distribution Ltd. (TPNODL) for Bhubaneswar plant.
  • - KHFM Hospitality and Facility Management: Receives orders worth ₹5.31 crore and ₹6.58 crore for catering & housekeeping from ONGC Ankleshwar and Brihanmumbai Municipal Corporation Mumbai Fire Brigade, respectively.
  • - Zaggle Prepaid: Enters into an agreement with Narayana Hrudayalaya Ltd. for providing employee expense management & benefits via Zaggle Save.
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  • CORPORATE UPDATES & ANNOUNCEMENTS
  • - ITC: Acquires 2.44% stake in EIH Ltd. for ₹111.22 crore and 0.53% stake in HLV for ₹10.93 crore.
  • - ABB India: To acquire the power electronics business of Gamesa Electric to complement its renewable energy portfolio.
  • - VAKRANGEE: Partners with Canara Bank to offer banking services, enhancing reach in underserved regions.
  • - Yatharth Hospital: Launches QIP for fundraising, fixing floor price at ₹626.18/share.
  • - Anuh Pharma: Receives NSE approval for listing equity shares; trading to begin on December 20, 2024.
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  • STRATEGIC PARTNERSHIPS & AGREEMENTS
  • - Sanghvi Movers: Incorporates wholly owned subsidiary in Saudi Arabia, Sanghvi Movers Middle East Ltd., to provide crane rental and allied services.
  • - Zaggle Prepaid: Launches QIP to raise funds, floor price set at ₹550.73/share.
  • - TBO Tek: Incorporates wholly owned subsidiary, TBO Tek Israel Ltd., as part of its expansion plans.
  • - Adani Enterprise: Adani Airport Holdings Ltd. (AAHL) incorporates a wholly owned subsidiary, World Plate Collective Cuisines Pvt. Ltd. (WPCCPL), for operating lounges, hotels, and food services at airports.
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  • RESIGNATIONS & APPOINTMENTS
  • - Asian Paints: Vishu Goel and Shyam Swamy resign from their respective roles as Associate Vice President and Vice President, effective December 17, 2024.
  • - DHAMPUR BIO: Mr. Himanshu Kumar Manglam, Vice President – Operations, tenders resignation effective March 31, 2025.
  • - Franklin India: Appoints Mr. Maheshkumar Jethabhai Patel as Managing Director and CFO.
  • - Cummins India: Appoints Mr. Prasad Kulkarni as Interim CFO effective January 10, 2025.
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  • REGULATORY & LEGAL UPDATES
  • - Religare Enterprises: Subsidiary Religare Broking receives SEBI approval as Registrar to an Issue and Share Transfer Agent.
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  • FUNDRAISING
  • - Yatharth Hospital: Plans to raise ₹450 crore through QIP, with an upsized option of ₹700 crore.
  • - Heera Ispat: Approves ₹49.9 crore fundraising via rights issue.
  • - Steel Exchange: Board approves ₹600 crore fundraising via equity shares.
  • - Vardhman Polytex: Board approves ₹120 crore fundraising via rights issue and convertible warrants, raising ₹90.92 crore from promoters.
  • - Thomas Scott: Board meeting scheduled for December 21, 2024, to consider fundraising.
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  • INVESTMENT & MERGER
  • - Ratnamani Metals: Subscribes €600,000 to Ratnamani Trade EU AG, making it a subsidiary.
  • - Honda Motor & Nissan Motor: Set to initiate merger discussions as soon as Monday, according to Nikkei.
  • - Suprajit Engineering: Invests ₹88.2 lakh in Solarcraft Power India 26 Pvt. Ltd. for solar power sourcing from Karnataka plant.
  • - Kovalam Investment: Approves investment in the PM KUSUM ‘A’ Scheme of Madhya Pradesh Urja Vikas Nigam Ltd. for setting up a solar power project.
  • Stay Updated with Beat the Street
  • STOCKS UNDER F&O BAN FOR 20 DEC
  • BANDHANBNK
  • GRANULES
  • HINDCOPPER
  • MANAPPURAM
  • NMDC
  • PVRINOX
  • SAIL
  • EXIT
  • CHAMBLFERT
  • NALCO
  • NEW ENTRY NIL
  • GOLDMAN SACHS ON ACCENTURE
  • See Accenture's results as having a positive read-across for our India IT coverage
  • Recent checks suggest the demand environment for India IT has continued to get better, particularly in the US
  • Expect gradually improving trends even in other verticals
  • Near-term quarterly revenue trends may be volatile due to deal/client-specific factors
  • While revenue visibility for next year is still relatively low, directionally this has been getting better
  • Infosys and LTIM beneficiaries of a discretionary demand revival
  • CITI ON ACCENTURE
  • The demand environment remains more of the same
  • Accenture does not currently see an improvement in overall spending by clients
  • Our view remains that a gradual and uneven recovery is underway
  • Remain cautious as NSEIT is trading at ~31x FY26 consensus EPS
  • Relative preference for Infosys/HCLT (Neutral rated) over other stocks
  • JEFFERIES ON AUTO SECTOR
  • EV penetration in 2Ws has stagnated in 4-7% range for last two years
  • This is despite launch of lower-priced vehicles by OEMs
  • Indicates that attractive cost of ownership alone is insufficient for widespread adoption
  • Build-up of consumer confidence in product reliability, longevity and resale value is key
  • Ola is losing market share in E2Ws, slipping to #3 in Dec (MTD); Bajaj is leading, followed by TVS
  • M&M, followed by TVS Motor and Eicher are preferred picks in auto sector
  • CLSA ON AUTO SECTOR
  • Bajaj Auto gained market share in e- 2Ws led by affordable Chetak launch
  • E-2W sales picking up after subsidyo cuts, led by affordable model launches
  • Adoption rates rising in states with lower adoption and in rural markets
  • New cheaper model launches drive share for OEMs
  • New launches should drive growth and adoption for e-2Ws
  • Motilal Oswal ON ANANT RAJ
  • Initiate Buy with target price of Rs 1100
  • Riding India's data center localization wave
  • Beneficiary of NCR recovery, with a strong presence in Gurugram
  • JV with Birla Estates is a testimony of strong legacy & asset-light growth
  • Pre-sales/collections to clock 23%/87% CAGR over FY24-27
  • Strong OCF and net cash flow generation on the cards
  • Early mover advantage in catering to the emerging DC demand
  • JEFFERIES ON SAGILITY
  • Initiate Buy with target price of Rs 52
  • Leading BPM firm focused on US Healthcare
  • Well positioned to deliver double-digit revenue growth
  • Normalization of D&A and deleveraging to spur EPS growth
  • Over FY25-27, expect Sagility to deliveroo 12%/40% CAGR in revenue/PAT
  • See normalization of D&A costs and deleveraging
  • Superior earnings growth outlook is likely to sustain current PE multiples
  • Antique on Birla Corp
  • Buy, TP Rs 1500
  • Investments in AB Real Estate & Ultratech has risen to >Rs 7.5 bn (8% of mcap) & is still not netted off by us/ consensus while calculating net debt
  • Accordingly, net debt, would come down to Rs 23 bn with net debt/EBITDA of 1.5x in FY27E
  • Nuvama on SRF
  • Buy, TP Rs 2628
  • Management meet
  • Q3FY25 may still not be particularly exhilarating, but Q4FY25 continues to look promising
  • Pervasive theme of China+1 has structural merit despite episodes of weakness; in all
  • Expect Specialty Chemicals to expand @20–25% CAGR over 5yrs
  • POLY MEDICURE Says Medical Device Import Were At Approx $8 bn Last Yr Will Come Down To $4-5 Bn In Next 4 Yr - CNBCTV18
  • Will Retain FY25 Revenue Guidance Of 22-24%
  • Contract Mfg Looks Bullish, & Expect Good Traction From US In The Next Few Months
  • RBA BOARD MEET TODAY ON FUND RAISING VIA EQUITY
  • NOTE : LAST 3 FY INTEREST COST & LOSSES
  • FY22 : INTEREST COST 95 CR , LOSS 235 CR
  • FY23 : INTEREST COST 105 CR , LOSS 242 CR
  • FY24 : INTEREST COST 141 CR , LOSS 237 CR
  • AIMTRON ELECTRONICS: Company has entered into manufacturing agreement with Vanix Technologies Private Limited for collaboration on the development of IIoT and AI appliances by manufacturing of 0.25 – 2 million IoT Devices over the next 5 years
  • The company is expected to generate revenue by manufacturing of products mentioned in the agreement at a price to be determined mutually.
  • Maruti Suzuki teases its first eBorn Electric SUV; Signals robust EV ecosystem for seamless ownership experience
  • Maruti Suzuki to introduce its first eBorn - e VITARA, in India at Bharat Mobility Global Expo 2025.
  • The e Vitara is built on the HEARTECT-e platform specially designed for Battery Electric Vehicles (BEV).
  • Equipped with state-of-the-art technology and advanced safety featurese VITARA to offer a superior driving experience.
  • THERMAX: Company has completed the acquisition of 100% equity share capital of Buildtech
  • Syrma Sgs Management Says Exports Are At 25% Of Biz, Targetting 30-33% In Exports- CNBCTV18
  • Target 5,200-5,500 Cr Revenue In FY26 With 27% Export Contribution & 7% Margin
  • Stand By Guidance Of 310-320 Cr EBITDA
  • Change In Product Mix May Cause Some Shift In Revenues
  • ITCONS: WINS RS 3.61 CR ORDER
  • Company secured new work order from Central Warehousing Corporation (CWC) Kochi, Kerala, Department of Food and Public Distribution, Ministry of Consumer Affairs Food and Public Distribution to provide manpower services on a contractual basis for the period of 2 years.
  • KOTHARI PRODUCTS: BOARD MEET ON 27 DEC TO CONSIDER BONUS
  • ACC , AMBUJA: Adani Group Says To Invest Rs 2500 Cr In Bihar In Cement Manufacturing Unit
  • ADANI ENT: The Bombay HighCourt has dismissed petition by Seclink Technologies Corporation challenging Maharashtra govt decision to award Dharavi Redevelopment Project to Adani reality.
  • Seclink had been a successful bidder in 2019 for the project.
  • AI SILKS: Company opened its 65th store under the format of Kanchipuram Varamahalakshmi Silks at Anna salai Road, Pondicherry, on December 20, 2024.
  • LMW: LMW Completes Subsidiary Restructuring
  • LMW has transferred its equity in LMW Textile Machinery (Suzhou) Co. Ltd., China, to LMW Holding Limited, UAE. Suzhou now becomes a wholly owned subsidiary of LMW Holding and a step-down subsidiary of LMW Limited.
  • WANBURY: ANVISA Inspection (Agenica National De Vigilancia Sanitaria)") received from Brazil Health Regulatory Agency at Wanbury Limited's manufacturing facility located at Tanuku, Andhra Pradesh.
  • WANBURY Says Wanbury is one of the largest manufacturer of Metformin HCI & Sertraline API in addition to other API' s with few more are under final stage of development & set to be produced shortly in the said facility.
  • This inspection validates management continued commitment to Quality of the APis as per international regulations.
  • Wanbury's Tanuku Plant Passes ANVISA Inspection
  • Wanbury's Tanuku plant in Andhra Pradesh completed a 4-day ANVISA (Brazil Health Regulatory Agency) inspection with zero observations, confirming strict cGMP compliance for 5 APIs.
  • This achievement, following a similar US FDA inspection at its Patalganga plant in June 2024, boosts global business prospects.
  • AION TECH: Company has incorporated a wholly owned subsidiary, ROQIT Greenfleet Digital Solutions Pvt. Ltd., on December 19, 2024, focused on technology for zero-emission EV and hydrogen fleets.
  • BAJAJ AUTO: Bajaj Auto launches new Chetak e-scooter '35 Series'
  • New Chetak e-scooter to offer range of 153 km on single charge
  • RUDRABHISHEK: BAGS RS 73 CR ORDER
  • SYRMA SGS SAYS Smart Metering biz could do 2 million units this year worth 250 Cr
  • Target 300 Cr in Smart Meter Revenue next year
  • SHOPPERS STOP: SSBeauty by Shoppers Stop Announces the Launch of Glamfluencer 2025 – India’s First Beauty Reality Show
  • POKARNA Says Quartz Biz Will Do More Than 30% In FY25 Revenue Growth
  • Granite Biz Will Remain Muted
  • Will See An Improvement In The US Market Over Next One Year
  • US Accounts For Over 90% Of Co's Revenue
  • NBCC : BAGS RS 98 CR ORDER
  • HSCC (India) Ltd, a subsidiary of NBCC, has won an order worth Rs. 98.17 crore to set up an e-library platform for students and faculty at 22 government medical colleges and 3 dental colleges in Maharashtra.
  • NBCC : WINS ANOTHER RS 200 CR ORDER
  • Co. Got Order For Construction of New OIL Hospital, Duliajan on Trunkey basis under Depository works mode From Oil India
  • STEEL STRIPE : WINS RS EURO 15 MN ORDER (132 CR)
  • Company has received nomination for Steel wheel business from a leading European OEM.
  • The Business value is close to Euro 15 Million which will be executed over a span of 6 years. Series supplies are expected to commence from end CY2026.
  • The Company expects more businesses from Global OEMs in coming months which complements its strategy to grow its presence in the EU and US OEM space.
  • SABOO SODIUM: Company to issue up to 21,99,726 fully paid-up equity shares at ₹28 each to acquire shares of Villashare Tech Private Limited from Mr. Girdhar Saboo via preferential allotment, subject to shareholder approval.
  • Additionally, it will acquire 19,857 equity shares (19.86% of Villashare's capital) from Mr. Saboo at ₹3,101.86 per share, in exchange for its own equity shares.
  • GACM TECH: Board has considered to Withdrawal and Cancellation of the Allotment of Convertible Equity Warrants on Preferential basis
  • Shriram Finance consolidates its Green Finance business under Shriram Green Finance, focusing on EVs, renewable energy, energy-efficient machinery, and more.
  • Aiming for an AUM of ₹5,000 crores in 3-4 years.
  • Uflex management expects margins to reach 14% by FY26, with lower India revenues being offset by a stronger export market.
  • New investments and improvements in the flexible packaging film segment are expected to help boost margins.
  • While urban markets were sluggish in H1 FY25, the company has a healthy mix of Indian and export business and believes it is well-placed for volume growth.
  • SPICEJET: Sources Says Lessors Send Legal Notice To SpiceJet Over Aircraft Component Theft
  • 3 Aircraft Leasing Entities Filed Legal Notice Against SpiceJet - NDTV PROFIT
  • AXIS Sec Says Q3 Results Will Be Bad; See More Earnings Cut - Etnow
  • See Earnings Momentum In Financials, Industrials
  • Carraro India sees a huge opportunity in India, functioning at 80% utilization levels.
  • The company reports asset turnover is typically at 2x.
  • It has also clarified details regarding royalty payments.
  • STARLITE POWER: Co. has set January 3, 2025, as the record date for share allotment to shareholders of Starlit Power Systems Limited (Corporate Debtor) following the approved Resolution Plan and merger with the Company.
  • SPECTRUM FOODS: The Company will issue up to 12,54,253 fully paid-up equity shares at INR 33 each in one or more tranches, for consideration other than cash, in exchange for shares of Villashare Tech Private Limited from Mr. Girdhar Saboo.
  • The Company will also acquire 13,344 equity shares of Villashare Tech at INR 3,101.86 per share from Mr. Saboo in exchange for its own equity shares via a preferential issue.
  • JTEKT India: Board Re-designated Mr. Minoru Sugisawa from Wholetime Director to Chairman & Managing Director, effective January 1, 2025, for the remainder of his tenure until May 31, 2026.
  • SpiceJet: partners with StandardAero Inc. to return its 737-8 MAX to service, marking a key milestone in fleet restoration.
  • This collaboration strengthens our commitment to expanding the network and enhancing passenger experience.
  • Sources Says Meeting In Connection With US Sanctions For Exporting Critical Dual Use Tech To Russia
  • US Officials Said, Exporting Items On Sanctions List Even For Civilian Use Will Be A Violation
  • More Indian Cos Could Be Under Scrutiny For Exporting US Sanctioned Goods To Russia
  • Meeting Held In Connection With US Sanctions On 19 Indian Cos & 2 Individuals - CNBCTV18 CITING Sources
  • BREAKING
  • GMP halted due to sharp secondary market correction and huge loss to GM traders in IGI IPO.
  • Volumes dried up. Only Sellers.
Panchkarma