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December 17, 2024

India Daybook – Stocks in News
Metropolis Healthcare: Company’s acquisition focuses on strengthening Metropolis' specialized diagnostics, particularly in oncology, a rapidly growing market in India. (Positive)
RVNL: Company gets LoA from Maharashtra Metro Rail Corporation for a project worth ₹270 cr. (Positive)
Vedanta: Ind-Ra upgrades Vedanta’s NCD rating with a rider (Positive)
TCS: Company partners with Landis+Gyr to deliver next-generation energy efficiency solutions. (Positive)
Patanjali Foods: Company Commenced commercial production at its Niglok Palm Oil Processing Mill in Arunachal Pradesh on December 16, 2024. (Positive)
HPCL: Company Board Approved the Lube Modernization and Bottoms Upgradation Project at Mumbai (Positive)
Texmaco Rail: Company gets work order for Rs 187 crore for construction of transmission lines from Chhattisgarh government. (Positive)
GMR Airports: Total airports passenger traffic up 14% at 1.12 crore year-on-year. (Positive)
Waaree Energies: Company bags two module supply orders, aggregating 398 megawatts in the domestic market. (Positive)
Oriana Power: Company commits investments worth Rs 10,000 crore in Rajasthan for development of green energy projects. (Positive)
Anant Raj: Company allotted 1369863 Fully convertible warrents to its promoter and promoter group. (Positive)
NITCO: Company received a Rs 105.4 cr order from Prestige Estates Projects Limited. (Positive)
Speciality Restaurants: Company launched a new restaurant, Bizarre Asia, in Kolkata. (Positive)
Electronics Mart: Company opened a new Bajaj Electronics store in Telangana. (Positive)
GAIL India: Qatar will supply LNG to Gail India from next year under a new five-year pact. (Positive)
Railtel: Company received a ₹38 crore work order from Central Warehousing Corporation for CCTV work. (Positive)
Zomato/ Swiggy: GST Council likely consider lowering tax on food delivery by e-commerce operators on delivery charges from 18% to 5% without ITC: CNBC Sources. (Positive)
HCC: Company opens fund raising through QIP, Floor price Rs 45.24 per share. (Positive)
Hotel Stocks: GST Council relief likely for restaurants at hotels that provides accommodation of more than ₹7500/night room. Hotels upon prior declaration can either opt to charge 5% without ITC on restaurant services or 18% with ITC: CNBC Sources. (Positive)
Indus Tower: Income Tax Appellate Tribunal orders in favour of the company on denial of depreciation of assets received under merger. Order to result in reduction of ₹3,500 crore in contingent liability. (Positive)
Godavari Biorefineries: Ethanol and bio-based chemicals maker announced plans to invest ₹130 crore in a new 200 KLPD corn/grain-based ethanol distillery. (Positive)
Moneyboxx Finance: Company opened a new branch office in Sultanpur, Bihar. (Positive)
Tata Power/JSW Energy: MNRE secretary: Starting with 10%, battery storage capacity is likely to be made mandatory for project developers for solar + wind projects (Positive)
HDFC Bank: Gets administrative warning from Sebi over delayed disclosure of mortgage head's resignation in March (Neutral)
Hitech Corp: Company appoints Mr Jasraj Singh as Chief Operating Officer, effective December 16, 2024. (Neutral)
Mankind Pharma: Company acquired 100% of Bharat Serums and Vaccines. (Neutral)
Allcargo Terminals: November Business Update, CFS volumes down 4% YoY & up 1% QoQ at 47.7 TEUs. (Neutral)
Vedanta: Company Board Approved Rs 8.50/ Share Interim Dividend. (Neutral)
CDSL: Company’s e-voting results are in favour of Shri Nehal Vora’s appointment as Managing Director & CEO is ratified. (Neutral)
Indian Bank: Bank confirms payment of interest on its Debt Securities (AT1 Bonds). Amount paid: Rs.47.26 Cr. (Neutral)
Gravita India: Company announced the approval of its Qualified Institutions Placement (QIP) of equity shares. Floor price of Rs 2206.49 per share. (Neutral)
Happiest Minds: Company announced the merger of its wholly-owned subsidiary, Happiest Minds Inc. (Neutral)
GG Engineering: Company will merge with Integra Essentia Limited. (Neutral)
CreditAccess Grameen: Company received an income tax demand of Rs. 46.03 Cr for AY 2022-23. (Neutral)
Abbott India: Company’s Mr.Sridhar Kadangode resigned as CFO, Whole time director and director. (Neutral)
Continental Petroleums: Company approved acquiring 49.58% of Unique Techno Associates. (Neutral)
NDR Auto: Company’s CFO, Mr. Mohit Kumar Jain, and resigned, effective March 31, 2025. (Neutral)
SRF: LIC increases stake in SRF to 5.00% from 4.97%. (Neutral)
Supreme Petro: Long-term bank facilities rating reaffirmed at Crisil AA-/Positive(outlook revised from 'Stable'). Short-term rating remains Crisil A1+. (Neutral)
Uniparts: Company announced the resignation of Abhay Kapoor, Senior Vice President - Head HR. (Neutral)
Varun Beverages Limited: Company announced that it has acquired 39.93% of Lunarmech Technologies Private Limited. (Neutral)
Mankind Pharma: Company to launch QIP to raise up to ₹3,000 cr, issue price likely at ₹2,520/sh. (Neutral)
Mindspace REIT: ADIA is likely to divest a 9.2% stake in Mindspace Business Parks REIT through a block deal valued at ₹1,903 crore. (Neutral)
LIC: Company reports unclaimed maturity amounts of Rs 880.93 crore for fiscal 2024. (Neutral)
Mawana Sugars: Company received notices from Delhi's Anti-Corruption Branch. (Negative)
PNB Gilts: Vikas Goel Resigns as Managing Director and CEO of PNB Gilts w.e.f. December 23, 2024. (Negative)
Stocks To Watch: Patanjali Foods, Mawana Sugars, Allcargo Terminals, HPCL, Vedanta, Happiest Minds Technologies, Gravita India, Mindspace REIT, Nitco, GMR Airports, Adani Enterprises, Texmaco Rail & Engineering, Varun Beverages, Oriana Power, RVNL, Wipro, Raghav Productivity Enhancers, Railtel Corp, NHPC, BEML, HDFC Bank.
Patanjali Foods: Co Says Has Commenced Commercial Production At Niglok Palm Oil Processing Mill Situated In Arunachal Pradesh, With Palm Fruit Crushing Capacity Of 5.00 Mts Per Hour
Mawana Sugars: Co Units Have Received Notices From The Anti Corruption Branch, Govt Of National Capital Territory Of Delhi, Seeking Information Regarding Transactions Done By An Agent Of The Co In The Purchase Of Sugar
Allcargo Terminals: Co's Cfs Volumes In November 2024 Was 47.7 ‘000 Teus, Lower By 4% As Compared To October 2024 And Up By 1% As Compared To November 2023
Hpcl: Co Board Approves Lube Modernization And Bottoms Upgradation Project; Project Estimated Cost Is 46.79b Rupees Project To Increase Lobs Production From 475 Ktpa To 764 Ktpa
Vedanta: Co Board Has Approved Fourth Interim Dividend At 8.5 Rupees/shr Fourth Interim Dividend Amounting To 33.24b Rupees
Happiest Minds Technologies: Co Says Aureus Tech Systems Merged With Happiest Minds Inc
Gravita India: Co Approves Floor Price For Qip At 2,206.49 Rupees/share
Mindspace Reit: Adia Likely To Sell 9.2% Stake Of The Co Worth ₹1,903 Cr Via Block Deals, Floor Price For The Deal Is At ₹350/sh - Cnbctv18, Citing Sources
Nitco: Co Got Order Worth 1.05b Rupees Co Anticipates Receiving Orders Worth 1.04b Rupees From Prestige Estates
Gmr Airports: Co Says Total Aircraft Movements Up 8% (yoy) In Nov Total Passenger Traffic Up 14% (yoy) In Nov
Adani Enterprises: India Foreign Secretary - There Was Not A Detailed Discussions On Adani Investments In Sri Lanka India Foreign Secretary - There Was No Reference To Adani’s Involvement In Colombo Port Project In Sri Lanka During Bilateral Talks
Texmaco Rail & Engineering: Co Receives Order Worth 1.87b Rupees
Varun Beverages: Co Has Acquired 39.93% Of The Issued And Paid-up Equity Share Capital Of Lunarmech
Oriana Power: Co Signed Mou With Rajasthan For Exploring Renewable Energy Projects Mou To Explore Investment Opportunities Worth Upto 100b Rupees
Rvnl: Co Says Letter Of Acceptance Received From Maharashtra Metro Rail Corporation Co Got Order Worth 2.7b Rupees
Wipro: Co To Acquire 100% Shareholding In Applied Value Technologies, Affiliates Deal For $ 40m
Raghav Productivity Enhancers: Co Has Been Granted A Patent Certificate For Invention Titled “a Method Of Production Of Silica Based Ramming Mass Containing Alumina For Refractory Lining Of An Induction Furnance” By The Patent Office, Govt Of India
Railtel Corp: Co Has Received The Work Order From Central Warehousing Corporation For Works Amounting To 379.9m Rupees
Nhpc: Nhpc, Beml Partner To Develop Desilting And Dredging Solutions For Hydro Power Plants - Et
Beml: Nhpc, Beml Partner To Develop Desilting And Dredging Solutions For Hydro Power Plants - Et
Hdfc Bank: Sebi Issues Administrative Warning Letter To Hdfc Bank || Co Gets Copy Of Sebi Warning Letter Dated Dec 10
Stocks Ban In F&o: Granules, Hindcopper, Manappuram, Nationalum, Rblbank, Sail
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
Nifty Consolidates While Realty Shines Bright
1. Global Market:
On Monday, the tech-heavy #Nasdaq index hit a fresh all-time high, closing above the 22000 mark with a strong gain of 1.45%. The #S&P 500 also ended on a positive note, up by 0.38%. Meanwhile, the #Dow continued its downward trajectory, extending its losing streak to eight consecutive sessions.
The S&P 500 has been consolidating within a narrow range of 6100–6030 over the past 11 trading sessions. A decisive breakout above or below this range could trigger a sharp trending move.
The #BrentOil ended at $73.61 level with a loss of 0.68 percent and formed a small body bearish candle. Going ahead, any sustainable move above the level of $74.40 will lead to a sharp upside rally upto the level of $76, followed by $78 in the short-term.
The U.S. Dollar Index (#DXY) has been oscillating in a narrow range since the last two trading sessions. However, the major trend of the index is bullish as it is quoting above its crucial moving averages. Going ahead, any sustainable move above the level of 107.20 will lead to a sharp upside rally upto the level of 107.50.
2. Nifty View:
After experiencing significant volatility on Friday, the benchmark index Nifty entered a consolidation phase on Monday. It traded within a narrow 179-point range before closing at the 24668 level, down by 0.40%. On the daily chart, a small-bodied bearish candle has emerged, reflecting indecision.
Going ahead, the zone of 24770-24800 will act as an immediate hurdle for the index. Any sustainable move above the level of 24800 will lead to a sharp upside rally upto the level of 24950, followed by 25100 in the short term.
While, on the downside, the zone of 24570-24550 will act as immediate support for the index. If the index slips below the level of 24550, then the next support is placed at the 24370 level.
On the #derivatives front, December #futures ended lower by 0.37 percent, while the combined #OpenInterest for the current, next, and far series surged by 1.39 percent.
Among the constituents of the #Nifty index, 6 stocks have witnessed a long build-up, and 8 stocks have witnessed a short covering rally. While 24 stocks have witnessed a short build-up, and 12 stocks have witnessed a long unwinding.
The 24700 strike has significant call open interest, followed by the 24800 strike. On the put side, 24600 has a substantial open interest, followed by a 24500 strike.
For the weekly series, OI PCR is at 0.77. While, for the December monthly series, OI PCR is at 1.06.
3. Bank Nifty View:
The Bank Nifty showed relative outperformance compared to the frontline indices on Monday. However, it closed nearly flat, forming a small-bodied candle with wicks on both sides, indicating indecision in the market.
Going ahead, the zone of 53750-53800 will act as an immediate hurdle for the index. Any sustainable move above the level of 53800 will lead to a sharp upside rally upto the level of 54300, followed by 54700 in the short term.
While, on the downside, the zone of 53300-53200 will act as a crucial support for the index.
On the #derivative front, December #futures dipped by 0.13 percent, and the cumulative #OpenInterest of current, next, and far series has surged by 0.97 percent.
The 54000 strike has significant call open interest, followed by the 54500 strike. On the put side, 53500 has a substantial open interest, followed by a 53000 strike.
For the December monthly series, OI PCR is at 0.90.
4. Key Market Indicators:
The volatility index, India VIX, surged by over 7 percent on Monday. However, the major trend of the index remains bearish as it is quoting below its short and long-term moving averages.
The #Advance/Decline ratio remains flat on Monday.
5. Key Sectors:
The Nifty Realty has strongly outperformed frontline indices on Monday. As the index is trading near its all-time high, all the moving averages and momentum-based indicators are suggesting strong bullish momentum in the index. Hence, we recommend looking for stock’s specific opportunities in this space.
Apart from this, Nifty IT, Nifty Bank, Nifty Financial Services, and Nifty Consumer Durable is likely to outperform in the short-term.
6. FII/DII Data:
Both #FIIs and #DIIs were net sellers yesterday to the tune of 278.7 cr. and 234.25 cr. respectively.
FIIs' #Long-short ratio for index futures is at 38.69 as on a net basis, they sold 14480 index futures.
On the stock #futures front, FIIs have sold to the tune of 53370 contracts, while on the #Options Front, FIIs sold 148518 call contracts and bought 18299 Put Option contracts.
BEAT THE STREET BULLETIN
Date: 17-Dec-2024
Telegram: [t.me/beatthestreet10]
NEW ORDERS & CONTRACTS
- TEXMACO Rail: Wins ₹187.5 crore order from Chhattisgarh State Power Transmission Co. Ltd. for nine 132KV transmission lines (291 km) on a turnkey basis.
- RVNL: Wins ₹270 crore order from Maharashtra Metro Rail Corporation Limited for the construction of elevated metro stations in Reach 3A and Reach 4A.
- NITCO Tiles: Secures ₹105.5 crore order from Prestige Estates Projects Limited, with additional ₹104 crore expected from ongoing projects.
- ARTEFACT: Wins ₹2.53 crore order for consultancy on the Talaja-Mahua-Kagvadar section of NH-8E in Gujarat.
- RAILTEL: Wins ₹38 crore order from Central Warehousing Corporation.
- WIPRO: To acquire 100% stake in Applied Value Technologies for $40 million (₹339 crore), enhancing IT operations services.
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CORPORATE UPDATES & ANNOUNCEMENTS
- GMR Airports: Handled over 11.2 million passengers in November 2024, up 14% YoY and 5% MoM. Domestic traffic grew 14.3%, while international traffic rose 11.3% YoY.
- Varun Beverages: Acquires 39.93% stake in Lunarmech Technologies, making it a wholly-owned subsidiary.
- EFC(I): Invests ₹140 crore in subsidiary EFC Ltd through Compulsorily Convertible Debentures (CCDs).
- Oriana Power: Signs MoU with Rajasthan government for ₹10,000 crore investment in renewable energy projects, including solar and green hydrogen.
- Wipro: Announces acquisition of Applied Value Technologies for $40 million, boosting application services capabilities.
- Specialty Restaurant: Opens new restaurant “Bizarre Asia” in Kolkata on December 16, 2024.
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STRATEGIC PARTNERSHIPS & AGREEMENTS
- BEML & NHPC: Sign MoU for co-developing advanced desilting and dredging solutions for hydroelectric power plants, using “Make in India” technologies.
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RESIGNATION/APPOINTMENT
- KEI Industries: Appoints Mr. Dhiman Chaudhuri as Vice President - Exports, Senior Management Personnel.
- PNB Gilts: Vikas Goel resigns as MD & CEO, effective December 23, 2024.
- Zomato: Ms. Hemal Jain, Head of Business Finance, resigns to explore new opportunities.
- Tilaknagar Industries: Mr. Yuvraj Singh Som promoted to Vice President – Commercial & Operations, effective December 17, 2024.
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REGULATORY & LEGAL UPDATES
- Religare Enterprises: IRDAI issues Show Cause Notice and Letter of Advice to Care Health Insurance based on 2021 inspection findings.
- Paytm: Sources report GST Council to reconsider tax exemptions for payment aggregators handling transactions via cards below ₹2,000.
- Indus Tower: ITAT rules in favor of the company on the denial of depreciation for assets acquired through a merger, reducing contingent liability by ₹3,500 crore.
- Rallis India: ITAT drops ₹3.09 crore tax adjustment for AY 2020-21, while ₹9.08 crore related to R&D expenses is under review.
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FUNDRAISING
- HCC: Launches QIP for fundraising, fixing floor price at ₹45.27 per share.
- Kalpataru Projects: To allot ₹1,000 crore worth of shares to QIBs at ₹1,201 per share, a 1.15% discount to floor price.
- Mankind Pharma: Launches ₹3,000 crore QIP, fixing floor price at ₹2,616.55 per share.
- Finkurve Financial: Plans to raise ₹160 crore through equity and warrants issue from promoters and investors.
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OTHER UPDATES
- Gabriel Pet: Board meeting on December 23 to consider fundraising via preferential issue.
- India Power Corp: Incorporates wholly-owned subsidiary “DPSC Distribution Ltd.” for energy supply across India.
- BMB Music: Board meeting on December 23 to discuss assignment of copyrights and intellectual property to Shemaroo Entertainment Ltd.
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Stay Updated with Beat the Street
AMFI Semi-Annual Categorization- Potential changes for H1 CY25
The cut-off period spans from July 1, 2024, to December 31, 2024, with the announcement expected in the first week of January. The categorisation will take effect from February 1, 2025.
MANORAMA INDUSTRIES
Cocoa futures reached a fresh record in New York
Cocoa Futures rose as much as 5.5% to $11,925 a ton
Earlier record of $11,722/ton hit in April this year
Ambit on Shivalik Bimetals
Initiate Buy with TP of Rs 757
Metal joining & precision engineering capabilities helped build ~50% export business
End-market growth and new customer/geography expansion drove 6x revenue growth last decade
India/global market share of bimetal & Shunt resistors rose to 80%/15%
Shunts will benefit from global EV transition and local smart meter manufacturing
Bimetals will expand due to domestic switchgear capacity increase and easing competition
See 16%/19% revenue/EBITDA CAGR in FY24-30 with high FCF and RoIC given upfront capex
Reinvestment of FCF and knowledge base will drive new product expansion, extending growth longevity
MS on Wipro
UW. TP Rs 250
Wipro has signed a definitive agreement to acquire a 100% stake in Applied Value Technologies Inc for cash consideration of $40m(including deferred consideration in form of earn-outs)
Given small scale, see this having a ltd impact on financials
CLSA on IT
While INFY is now getting into weak 2H seasonality with Q4 even weaker than 3Q, expect Wipro could see another leg of re-rating if they announce any capital allocation changes.
Coromandel International
40% rise in fertilizer EBITDA margin over the next 2-3 years on
benefits from backward integration and
ramp-up of its new granulation line at Kakinada
Strong growth in non-subsidy business led by new products
See ramp-up in tech-backed agri services and allied opportunities like CDMO etc. over the medium term
Expanding distribution; it targets 10-15% share from north/ central India in 3-5 years
B2B export revenue may grow relatively slow given China-led pricing pressure
Expects 20-25% CAGR in domestic revenue
ESCORTS KUBOTA
Mgt Meet KTA: Escorts Kubota Key highlights
(1) the domestic tractor industry on track to achieve mid-single-digit volume growth whereas export trends remain weak
(2) demand trends in construction equipment segments remain weak
(3) operational integration of EKI (Escorts Kubota) and KAI(Kubota Agri) will happen gradually, leading to margin improvements
(4) focus remains on improving market share in domestic tractor industry (product launch, captive finance arm, distribution reach) and non-tractor mix (spares, implements, engines)
Investec on Paints Sector
Competition intense; demand weak
Demand in Q3 FY25 continues to be subdued but expressed hope for a recovery in Q4
Potential impact of rising competition can be severe, even if Grasim fails to meet its target
Remain cautious.
Asian/ Berger Paints are our FAST SELL ideas; Berger is also our Q-Alpha SELL idea.
CENTRUM ON PHARMA & HEALTHCARE (NITI AYOG POLICY)
GOI has allotted Rs10bn for Bulk drug parks to manufacture KSM, Drug Intermediates (DI) and API. The parks are established in Gujarat, Andhra Pradesh (AP) and Himachal Pradesh (HP)
Established Centres of Excellence (COE) at National Institute of Pharmaceutical Education and Research (NIPER) for R&D support in six key areas - Anti Viral, Bacterial Drugs, Medical Devices, Bulk Drugs, Phyto Pharma, and Biological Therapeutics
PLI for pharma, KSMs/DIs/ APIs and medical devices sector
Increased focus on promoting AYUSH in domestic and export market
Top picks Sun Pharma, JB Chemicals, Medanta, Dr Lal Pathlabs
Investec on Birla Opus (GRASIM)
Birla Opus is steadily gaining traction amongst customers (positive feedback on product quality/ customer inquiries due to marketing initiatives)
Grasim’s progress encouraging
Co is also making inroads into the dealer network >10% of Paint dealers in MMR region giving some shelf space to Birla Opus
JM FINANCIAL ON PIRAMAL PHARMA
Initiate Buy-Target price of INR 340 (36% upside)
Topline is expected to grow ~15% over FY24-27, margin is likely to expand ~360bps
See 23%+ EBITDA CAGR, which will result in steady cash generation and better net debt position – a key concern for investors.
Everest Industries CFO Resigned
India’s trade deficit ballooned to a record high of USD37.8bn in November from USD27.1 in October, worse than consensus expectations (USD23bn). The surprise widening was driven by a combination of weaker than expected export growth (-4.9% y-oy in November from 17.3% in October) and a surge in import growth (27% versus 3.9%).
JEFFERIES ON AIRLINES
IndiGo's Pace Of New Aircraft Deliveries Has Picked Up In Past Few Months
Air India's New Aircraft Deliveries Has Slowed Down In Last Few Months
Deliveries Could Sharply Slow Further In 2025 For Air India
Slower Delivery Will Cap Overall Supply Growth For Sector
Both IndiGo & Air India Seem To Be Adding Higher Flights On International Routes
International Routes Addition Is Aiding Domestic Loads/Yields
Normalising Cost Curve, Scale Up Of New Digital Initiatives Are Key Drivers For IndiGo In Next Yr
Maintain Buy Call On IndiGo
IREDA , PFC , REC ; The government is easing loan applications for rooftop solar under the PM Suryaghar Muft Bijli Yojana. - ET
Plans include simpler documentation and fewer bank inspections, targeting 10 million installations by 2026-27 with 7% subsidized loans.
AXIS CAP ON COROMANDEL INTERNATIONAL
MAINTAIN ADD , TARGET 1950
Co Expects 40% Rise In Fertiliser EBITDA Margin Over Next 2-3 Years
Strong Growth Is Seen In Non-subsidy Business Led By New Products
Raise FY27 EPS Estimate By 5% Factoring Higher Fertiliser Margin
Focus Will Remain On Increasing Share Of Margin-accretive Unique Grades
Co Expects 20-25% CAGR In Domestic Revenue
Target Is To Double Retail Stores Via Expansion In Non-South Market
Kotak Inst Eqt on Cipla
Upgrade to Buy from ADD, TP Rs 1725
Stock bogged down by various factors including increasing possibility of a PAI for
gabraxane, anticipation of a slightly subdued 3Q & recent promoter stake sale.
Apart from slew of US launches, expect domestic recovery & healthy growth in SA to drive 9.5% reported EPS CAGR over FY2024-27E
With val at a reasonable 24X ex-gRevlimid FY2027E P-E, believe most concerns already baked in
JASH ENGINEERING: LARGE TRADE NSE
AXEL SCHUTTE SOLD 4.75LKH SHARES @ ₹ 576.06
BPL LTD: LARGE TRADE NSE
ASSET RECONSTRUCTION COMPANY INDIA LIMITED SOLD 4LKH SHARES (0.81% STAKE) @ ₹ 131.18
HAPPIEST MIND: US-based Arm Happiest Minds Inc Merges With Aureus Tech Systems
SUN PHARMA: SPARC Announces Signing of Binding Letter of Intent with UCSF and Tiller Therapeutics for Pre-clinical Oncology Asset
and Associated Intellectual Property
• Asset developed in three-year partnership between SPARC and UCSF
• SPARC to receive 55% equity in Tiller Therapeutics
SENCO GOLD Management Says Will Use QIP Proceeds For Reducing Debt, Increasing Inventory & Opening Stores - CNBCTV18
Have ₹1,000 Cr Of Gold Metal Loan On Books, Total Debt At ₹1,500 Cr
Estimating 200-250 Cr PAT Potentially
Q3 Saw Best-ever Sales On Dhanteras, Nov Started Slow But Picked Up Later
Targetting 16-18% Growth In FY25, Lower Vs Earlier 18-20% Band

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