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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 10, 2024

  • Summary of Market Participants Positioning in the Derivative Segment for 9th December, 2024.
  • Synopsis:
  • FIIs bought to the tune of 724.27 cr. while DIIs sold to the tune of 1648.07 cr.
  • FIIs' Long short ratio for index futures is at 44.81 as on a net basis, they bought 1747 index futures.
  • On the stock futures front, FIIs have sold to the tune of 1,12,526 contracts, while on the Options Front, FIIs sold 73,058 call contracts and 28,887 Put Option contracts.
  • https://x.com/_sbisecurities/status/1866144718364500285?s=46
  • INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 09-12-2024 :
  • FIIS F & O : RS. CRS. :
  • TOTAL NET SELL : -14158
  • INDEX FUT. : +215
  • INDEX OPT. : -3101
  • STOCK FUT. : -6939
  • STOCK OPT. : -4333
  • SEC. IN BAN FOR, 10-DEC-2024 :
  • 1. GRANULES 2. MANAPPURAM 3. PVRINOX 4. RBLBANK
  • ADDITION : NIL
  • DELETION : NIL
  • INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 09-12-2024 :
  • FIIS : BUY +724 (16,650-15,926)
  • DIIS : SELL -1,648 (10,430-12,078)
  • BSE SENSEX : -201 (81,508)
  • NSE NIFTY : -59 (24,619)
  • BSE MIDCAP. : +152 (47,821)
  • BSE SMLCAP. : +263 (57,313)
  • B. CRUDE : $ 72.23
  • GOLD:$ 2,676=INR 79,650(10gr)
  • SILVER : RS. 90,000 (kg)
  • FOREX : RS. $ 84.73
  • 6.79% NEW '34: 6.7175%(100.5025)
  • 7.10% GOI '34: 6.7547% (102.3475)
  • 7.23% GOI '39: 6.8429% (103.49)
  • News Headlines from Business News Agencies:
  • Business Standard
  • Retail inflation for farm workers eases to 5.96%, rural labourers to 6%
  • Wheat sowing up 2.28% while oilseeds acreage falls 4.34% in ongoing winters
  • Car sales drop by 14% in November, two-wheelers see 16% jump: Fada
  • Blackstone plans to invest up to $5 bn of third Asia-focused fund in India
  • Rajasthan Summit: Vedanta, top industrialists announce major investments
  • Mumbai's infrastructure revamp takes centre stage as new govt takes charge
  • Metropolis Healthcare to acquire Core Diagnostics for Rs 247 crore
  • Insurers urge IRDAI crackdown against OEM-linked motor insurance brokers
  • IT sector to witness 15-20% growth in job opportunities in 2025: Report
  • India's copper demand rises by 13% to hit 1,700 kilo tonnes in FY24
  • China's BYD on track to top 2024 sales goal and outsell Ford, Honda
  • Tata Group-owned Air India places an order with Airbus for 100 planes
  • Economic Times
  • Dezerv surpasses Rs 10,000 cr in AUM; targets Rs 25,000 cr by Dec 2025
  • Waaree Energies bags order to supply 1 GW solar PV module
  • Kia India to hike vehicle prices by up to 2% from January
  • PSB loan write off in H1 FY25 at Rs 42,000 cr
  • IIT Guwahati develops tech to convert methane, carbon dioxide into eco-friendly biofuel
  • Tata Motors to hike passenger vehicle prices by up to 3 pc from January
  • Trident Group plans to invest Rs 3,000 cr in Madhya Pradesh
  • Bank of Baroda launches new MSME offerings-‘Baroda Mahila Swavalamban’ and ‘Baroda Smart OD’
  • Popular US-based weight loss drug maker Eli Lilly plans to launch medicine in India next year
  • Will procure about 2000 mw power from SECI next FY: AP discoms in filing with state regulator
  • Digital agency DEPT appoints David Neal as Global CFO
  • Mint
  • Global investors see India as key market for PE investments: Coller Cap report
  • India appoints Revenue Secretary Sanjay Malhotra as new RBI Governor
  • China eases monetary policy stance, vows more fiscal support
  • Input Tax Credit fraud: ₹35,132 crore evasion detected by GST officers
  • BP and Jera to Invest Up to $5.8 Billion in Offshore Wind
  • India's media and entertainment industry to hit ₹3.65 trillion by 2028
  • India, Australia review Comprehensive Economic Cooperation Agreement
  • MapMyIndia scraps decision to invest in outgoing CEO Rohan Verma’s startup
  • GIC Picks JPMorgan to Advise on $5 Billion Greenko Stake Sale
  • PE fund Wilson & Hughes to pump in ₹1,000 crore to revive Cox & Kings
  • India antitrust body seeks Supreme Court hearing to expedite Amazon, Flipkart cases
  • Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
  • Nifty Consolidates, Trend remains Bullish !!
  • 1. Global Market:
  • On Monday, all three major US indices experienced profit booking. The tech-heavy #Nasdaq declined by 0.84%, the #S&P 500 closed 0.61% lower, and the #Dow slipped by 0.54%.
  • Going ahead, for the S&P 500, the 20-day EMA zone of 6000-5980 will act as immediate support for the index. While, on the upside, the zone of 6060-6090 will act as a crucial hurdle for the index.
  • #BrentOil has found support near the lower trendline of a triangle pattern, resulting in a minor pullback of 1.20%. However, the overall trend remains bearish, as prices continue to trade below their short and long-term moving averages. Looking ahead, a sustained move below the $70 level could trigger a sharp correction, potentially driving prices down to $67 in the short term.
  • Over the last eight trading sessions, the U.S. Dollar Index (#DXY) has been oscillating within the 106.73–105.42 range. A decisive breakout on either side could trigger a trending move in the DXY.
  • 2. Nifty View:
  • For the second straight trading session, the benchmark index Nifty traded within a tight range. On Monday, it moved within a narrow band of just 125 points, marking the smallest daily range since November 1, 2024. Additionally, the index has formed small-bodied candles in both sessions, reflecting a lack of conviction from both bulls and bears.
  • However, the major trend of the index remains bullish as it is quoting above its short and long-term moving averages. The momentum indicators and oscillators have been oscillating in range since the last two trading sessions.
  • Going ahead, the zone of 24500-24480 will act as immediate support for the index. If the index slips below the level of 24480, then the next support is placed at 24330 level.
  • While, on the upside, any sustainable move above the level of 24750 will lead to resume its northward journey. In that case, it is likely to test the level of 24900, followed by 25100 in the short term.
  • On the #derivatives front, December #futures dipped by 0.36 percent, while the combined #OpenInterest for the current, next, and far series also dipped by 0.19 percent.
  • Among the constituents of the #Nifty index, 8 stocks have witnessed a long build-up, and 10 stocks have witnessed a short covering rally. While 21 stocks have witnessed a short build-up and 11 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 0.75. While, for the December monthly series, OI PCR is at 1.20.
  • 3. Bank Nifty View:
  • The Bank Nifty also traded within a narrow range of 448 points, marking the lowest daily range in the past six sessions. Notably, the index remains confined within Thursday's high and low, leading to the formation of a Double Inside Bar pattern on the daily chart, signaling potential consolidation before a breakout.
  • Despite the low volatility over the last two sessions, the major trend remains bullish as the index continues to trade above its short and long-term moving averages.
  • Going ahead, the zone of 53700-53800 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 54200, followed by 54600 in the short term.
  • While, on the downside, the zone of 53100-53000 will act as immediate support for the index.
  • On the #derivative front, December #futures dipped by 0.35 percent, and the cumulative #OpenInterest of current, next, and far series has surged by 1.44 percent
  • The 53500 strike has significant call open interest, followed by the 54000 strike. On the put side, 53000 has a substantial open interest, followed by a 52500 strike.
  • For the December monthly series, OI PCR is at 0.98.
  • 4. Key Market Indicators:
  • The volatility index, India VIX, ended at 14.10 level with a minor loss of 0.23 percent. Going ahead, 15.70-16 will act as an immediate hurdle for the index. While, on the downside, the zone of 13.70-13.50 will act as a crucial support for the index.
  • The #Advance/Decline ratio was slightly tilted in favor of advancers.
  • 5. Key Sectors:
  • Technically, Nifty IT, Nifty Private Banks, Nifty PSU Bank, Nifty Financial Services, Nifty Metal, and Nifty Realty are likely to outperform in the short-term.
  • While, Nifty FMCG and Nifty Auto are likely to underperform in the short term.
  • 6. FII/DII Data:
  • #FIIs bought to the tune of 724.27 cr. while #DIIs sold to the tune of 1648.07 cr.
  • FIIs' #Long-short ratio for index futures is at 44.81 as on a net basis, they bought 1747 index futures.
  • On the stock #futures front, FIIs have sold to the tune of 112526 contracts, while on the #Options Front, FIIs sold 73058 call contracts and 28887 Put Option contracts.
  • Brokerages on New RBI Governor
  • BofA
  • Sanjay Malhotra will be taking chare of the RBI at a tricky period
  • He faces immediate challenge of dealing with sharper than expected slowdown in growth coupled with the near-term volatility in inflation while also ensuring a stable currency
  • He has not had any strong statements except on tax policy in recent months, making his policy bias unclear as things stands
  • With a new governor being selected, the risks of an intermeeting rate cut even if inflation comes off sharply have declined materially
  • Nomura
  • Another Finance Ministry insider takes helm at the RBI
  • Path cleared for more and urgent easing
  • Not a whole lot is known about Mr Malhotra’s views on current economic issues
  • His experience has given him an acute appreciation of government's revenue generation and the importance of growth
  • There are three potential changes that could occur under the new RBI Governor
  • First, a likely shift towards more accommodative monetary policy
  • Second, the RBI Governor and his team also decide on the direction of macroprudential policies
  • Third, the RBI Governor plays an important role in driving the central bank’s currency management strategy
  • Emkay
  • Initial discussions with some senior bankers indicate that Sanjay Malhotra is straightforward in policy communication
  • In his past role at the DFS, he would push banks to adopt and focus on technology
  • Also note he has taken tough taxation decisions relating to capital markets
  • CLSA on Life Insurance
  • Private insurers saw 45% YoY growth in Nov
  • total annualised premium equivalent (APE) but on a -4% base; 8MFY25 total APE growth is at 22%.
  • Individual APE growth for private insurers was at 16% YoY, slightly better than 13% growth seen in Oct
  • IPRU Life was strongest at 55% YoY in November 2024 on a -4% base, followed by Max Life with 25% YoY growth on a 9% base.
  • SBI Life reported 10% YoY growth while HDFC Life reported 3% YoY growth during month
  • Jefferies on Godrej Properties
  • Maintain Buy; target price at Rs 3750
  • Pivot to owned land and recent equity raise extend growth and cash flow jump
  • Expect company to post 35% pre-sales growth in FY25 to Rs 30000cr+
  • H2 launches to be bigger than H1
  • 17x PE to FY25 pre-sales stock can see multiples rise
  • Remains top property pick
  • CITI on Divis Labs
  • Buy, TP Rs 6850
  • Biosecure Act Appears Delayed but Thesis Intact
  • Legislation may be passed next year-Bio pharma will keep adding partners
  • Any sharp correction may be enhanced buying opportunity
  • Divi's pipeline appears strong with multiple catalysts like contrast media, GLP-1 etc
  • Entresto sales may not come down against street estimates of a sharp decline
  • Believe geopolitical situations continue to remain fluid & Bio-pharma cos will continue to look for diversification & keep adding partners/suppliers
  • Jefferoes on Pharma/Healthcare Tour
  • Generic names are adopting different strategies to mitigate price erosion
  • Generic firms-non price metrcis are being given due importance for supplier selection unlike past
  • CDMO names said that they do not bank solely on on China+1 but are bullish on outlook
  • Hospitals are looking to add new geographies once home turf is protected enough
  • Concentrated product portfolio expected for Zydus, DRL, Lupin
  • Except Sun Pharma, no other co plans to pursue specialty strategy for US in near term
  • Nearly all CDMO co the outlook is strong medium-term
  • CLSA on Swiggy
  • Initiate Buy, TP Rs 708
  • Riding quick commerce highway
  • Large & growing TAM with a clear early-mover advantage
  • Also see Swiggy’s execution improving with accelerating growth & improving profitability
  • Expect Indian quick commerce to grow 6x in FY24- 27 & Swiggy to be one of largest beneficiaries
  • Swiggy will likely continue to lag Zomato, but we believe this gap is in the price.
  • JPM on RIL
  • OW, TP Rs 1468
  • After recent large cuts, consensus forecasts build in a c.14% consolidated EBITDA growth for RIL in FY26
  • This appears achievable, building in:
  • a) c.$2/bbl increase in GRM
  • b) stable Jio tariffs & 4-5% increase in subs,
  • c) retail back at c.15% YoY EBITDA
  • There should be little risk of further EPS cuts, in our view.
  • Better commodity recovery/tariff hikes can surprise positively.
  • Relative valuations are supportive
  • HSBC on ONGC
  • Maintain reduce with target price at Rs 215 (from 230)
  • Declining production key concern
  • Target price cut on lower oil price assumption
  • Removal of windfall tax/new gas pricing has limited impact Both support
  • Unrelated capex and weaker subsidiary performance could dilute returns
  • IGC IND ; The Board approved a share swap and equity investment with CNX Corporation to enhance shareholder value and leverage synergies. Terms, including the swap ratio, will be evaluated.
  • BAJAJ HEALTHCARE: Company entering into a definitive CDMO contract with UK/EU based companies for 15 new APIs.
  • This is in addition to 15 molecules for which Co. entered the contract with UK/EU based clients on 27th February 2024.
  • The new CDMO pipeline has a mix of, off Patent Generic APIs as well as APIs which are still under patent.
  • Management Says "We are pleased to enhance our R&D and manufacturing capabilities, now approved by TGA Australia at our Vadodara site. The company expects CDMO deals with clients in Australia, New Zealand, and South Africa post-approval."
  • ITD CEMENTATION : The company filed an Execution Petition in the Delhi High Court on December 8, 2024, to enforce a Rs. 4.71 crore arbitration award dated August 25, 2023, against Baya Weaver Ltd. and Saya Cementation Ltd.
  • JAI KAILASH NAMKEEN ; The company will transfer its manufacturing unit from R.K. Industrial Zone-7 to its facility at Kuvadava Road, Magharvada, Rajkot, on December 12, 2024.
  • PANACEA BIOTECH ; Mr. Rajesh Kumar, VP - Manufacturing Excellence, resigned on December 2, 2024, citing personal reasons, requesting relief by December 31, 2024.
  • IND SWIFT : Company has completed the acquisition of land admeasuring 17 Bigha, 02 Biswa and 13 Biswasi (approx. 4.25 acres) situated at Village Rampur Sainian, Derabassi, Punjab for a total consideration of Rs. 1.93 Crores for setting up of a new state-of-the-art Research and Development (R&D) Centre.
  • Torrent Power QIP oversubscribed 4x against issue size of Rs 3,500 Crores
  • Receives overwhelming response from marquee global and domestic investors
  • This marks the maiden equity raise by the Company and first equity raise in last three decades by Torrent Group
  • Citi revises its forecast, now expecting the Fed to cut rates by 25 bps in December instead of 50 bps.
  • BALU FORGE ; Co. Gives Additinal Details Of Capacity Addition
  • The company has a rated Machining Capacity of 32,000 Tons.
  • The machining capacity utilization was at 70% when the said machinery was imported.
  • The machining capacity has not been defined yet by the company as the allied machinery additions is still to be completed. This is primarily an introduction of a new technology in the company for high precision machining.
  • The company aspires to complete the proposed machining capacity expansion within FY 2025-2026.
  • The company has invested Rs. 21 Lkh only for the 1st machine which is an introducing of the technology. Several machines in this machining domain are still pending to acquired. The total investment will be informed to the exchange as the process has been completed
  • The company plans to expand into high-precision components for aerospace, defense, railways, and oil & gas sectors.
  • The new technology will enhance precision, flexibility, material efficiency, and enable single-setup machining of complex geometries.
  • ISGEC HEAVY ; Co.s non-material subsidiary, Isgec Investments Pte. Ltd., Singapore to sell its entire stake in Bioeq Energy Holdings One, Cayman Islands, to Triumph Excel Limited For $ 10 Mn ( Rs 84.4 Cr )
  • HMA AGRO ; The company has partnered with AL RAIYAN EXPORT for slaughtering, processing, and packaging frozen Halal boneless buffalo meat.
  • Term of Agreement is Three Years w.e.f 01.12.2024.
  • AL RAIYAN EXPORT shall arrange all the require certificates for processing of goods.
  • AL RAIYAN EXPORT would arrange necessary Insurance for manufacturing facility at their own cost.
  • Issue price at ₹274-276/sh, a discount of 5.4-6.1% on CMP & discount of 4-4.7% on SEBI floor price. Base issue size is at ₹2,800 crore (21.3% of total pre-issue units), sources to kothariabhishek
  • Biocon likely to sell 2% stake of the Syngene International via block deals, indicative price is at ₹825/sh, 0.0-4.9% discount to CMP of ₹867.90/sh, sources to kothariabhishek
  • NHPC board to review ₹2,600 crore borrowing plan; stock set for 38% upside
  • PG ELECTROPLAST; UPDATE ON QIP
  • CO. TO ALLOT RS 1500 CR WORTH SHARES TO QIBs @ ₹ 699/SHARE ( 0.88 % DISCOUNT TO FLOOR PRICE )
  • KARUR VYSA ; BANK OPENS 4 BRANCHES IN TAMILNADU
  • POONAWALLA FINCORP; Resignation of Mr. Ashish Mehta has become effective on his last working day from the services of the Company at the close of business hours of December 09, 2024 Due To Personal Reason
  • PRIME URBAN ; Update On Disinvestment in foreign subsidiary
  • Company has completed transaction relating to divestment of its entire stake and received the full consideration and consequently PUNA ceases to be the subsidiary of the Company w.e.f. December 9, 2024
  • NACL IND ; BOARD MEET ON 12 DEC TO CONSIDER FUND RAISING VIA EQUITY SHARES
  • Allowing transactions in unlisted shares is a violation of SEBI regulations, SEBI said in a circular.
  • Debt-ridden Vodafone Idea to raise Rs 1,980 crore through share issue
  • Vodafone Idea said it will issue shares to Vodafone Group entities Omega Telecom Holdings and Usha Martin Telematics worth up to Rs 1,280 crore and Rs 700 crore, respectively
  • PRITIKA AUTO ; PROMOTER SOLD 0.30 % STAKE ON 6 DEC VIA OPEN MARKET
  • BERGER PAINTS ; NALANDA INDIA FUND SOLD 0.17 % STAKE ON 2 DEC VIA OPEN MARKET
  • STAKE REDUCED TO 3.50 % FROM 3.67 %
  • WARREN TEA ; Update On Sale of Dhoedaam Tea Estate
  • The Company has signed an agreement on December 9, 2024, with Rossell India Limited for the sale of Dhoedaam Tea Estate, Tinsukia, Assam For Rs 64.2 Cr
  • Completion Expected by January 1, 2025.
  • STOCKS IN SHORT TERM ASM LIST
  • Agi Greenpac
  • Ashnoor Textile Mills
  • Conart Engineers
  • Dhanvantri Jeevan RekhA
  • Dishman Carbogen Amcis
  • Goldiam International
  • GSS Infotech
  • Gujarat Raffia Industries
  • Ind-Swift
  • Kush Industries
  • Mkventures Capital
  • Northern Spirit
  • OM Infra
  • Paisalo Digital
  • Rajasthan Tube Manufacturing
  • Rajdarshan Industries
  • Sea TV Network
  • Setco Automotive
  • Shradha AI Technologies
  • Shree Hari Chemicals Export
  • Shree Precoated Steels
  • Srestha Finvest
  • Xpro India
  • STOCKS OUT FROM ASM LIST
  • Adani Total Gas Ltd
  • Dhampure Specialty Sugars Ltd
  • Dhruv Consultancy Services Ltd
  • Gala Precision Engineering Ltd
  • Inditrade Capital Ltd
  • Kisan Mouldings Ltd
  • Kronox Lab Sciences Ltd
  • Ola Electric Mobility Ltd
  • Organic Recycling Systems Ltd
  • Technopack Polymers Ltd *
  • Windsor Machines Ltd *
  • Copied from stockaajorkal telegram channel
  • BHARAT FORGE ; UPDATE ON QIP
  • CO. TO ALLOT RS 1650 CR WORTH SHARES TO QIBs @ % 1324 ( 0.27 % DISCOUNT TO FLOOR PRICE )
  • RENEWABLE STOCKS ; Amid solar power row, centre plans to review bidding process - ET
  • India is considering shifting from SECI-led to state-led bidding for renewable energy projects to address power purchase challenges and impact targets.
  • Currently Central Bidding Process
  • Mishtann Foods: A Sweet Facade Turns Sour!
  • On Dec 5, SEBI dropped an Interim Order cum Show Cause Notice against Mishtann Foods.
  • An Analysis by Beat The Street!
  • https://x.com/beatthestreet10/status/1866169817444864402?s=46&t=lxGNq4katlPW1-fr1vEp1Q
  • BEAT THE STREET BULLETIN
  • Date: 09-Dec-24 (Part 2)
  • [https://t.me/BeatTheStreet10]
  • NEW ORDERS & CONTRACTS
  • BAJAJ Healthcare: Enters into a definitive CDMO contract with UK/EU-based companies for 15 new APIs. This adds to its previous contract signed in February 2024 for 15 molecules, including off-patent generics and patented APIs. Company also expands R&D and manufacturing capabilities at its Vadodara site, approved by TGA Australia, with future deals expected in Australia, New Zealand, and South Africa.
  • HMA Agro: Partners with AL RAIYAN EXPORT for slaughtering, processing, and packaging frozen Halal boneless buffalo meat under a 3-year agreement starting from December 1, 2024.
  • CORPORATE UPDATES & ANNOUNCEMENTS
  • IGC IND: Board approves share swap and equity investment with CNX Corporation to enhance shareholder value and leverage synergies, with swap ratio and terms to be evaluated.
  • ITD Cementation: Files an Execution Petition in the Delhi High Court to enforce a ₹4.71 Cr arbitration award against Baya Weaver Ltd. and Saya Cementation Ltd.
  • Jai Kailash Namkeen: To transfer its manufacturing unit to a new facility in Rajkot, operational from December 12, 2024.
  • Panacea Biotech: VP of Manufacturing Excellence, Mr. Rajesh Kumar, resigns effective December 31, 2024.
  • Ind Swift: Completes acquisition of 4.25 acres of land in Derabassi, Punjab, to set up a new state-of-the-art R&D Centre.
  • STRATEGIC PARTNERSHIPS & AGREEMENTS
  • Isgec Heavy: Its subsidiary Isgec Investments Pte. Ltd., Singapore, to sell its stake in Bioeq Energy Holdings One, Cayman Islands, to Triumph Excel Limited for $10 Mn (₹84.4 Cr).
  • Warren Tea: Signs an agreement for the sale of Dhoedaam Tea Estate, Tinsukia, Assam, to Rossell India Limited for ₹64.2 Cr, with expected completion by January 1, 2025.
  • INFRASTRUCTURE & EXPANSIONS
  • Balu Forge: Expanding machining capacity for high-precision components aimed at aerospace, defense, railways, and oil & gas sectors, with a planned completion of expansion by FY 2025-2026. The company has invested ₹21 Lakh for the first machine.
  • Karur Vysa Bank: Opens 4 new branches in Tamil Nadu.
  • FUNDRAISING UPDATES
  • Torrent Power: QIP oversubscribed 4x with a ₹3,500 Cr issue, marking the company's first equity raise in three decades.
  • PG Electroplast: To allot ₹1,500 Cr worth shares at ₹699/share (0.88% discount to floor price) under QIP.
  • Biocon: Likely to sell a 2% stake in Syngene International via block deals at ₹825/share, with a 0-4.9% discount to CMP.
  • Vodafone Idea: Plans to raise ₹1,980 Cr through share issue to Vodafone Group entities and Usha Martin Telematics, totaling ₹1,280 Cr and ₹700 Cr, respectively.
  • NACL Ind: Board to meet on December 12, 2024, to consider fundraising via equity shares.
  • REGULATORY & LEGAL UPDATES
  • SEBI: Issues circular warning that allowing transactions in unlisted shares violates regulations.
  • Citi: Revises forecast, now expecting the Fed to cut rates by 25 bps in December, instead of the previously expected 50 bps.
  • STRATEGIC BUSINESS DEVELOPMENTS
  • Prime Urban: Completes divestment of its entire stake in foreign subsidiary PUNA, ceasing to be a subsidiary effective December 9, 2024.
  • Pritika Auto: Promoter sells a 0.30% stake on December 6, 2024, via open market.
  • Berger Paints: Nalanda India Fund sold 0.17% stake on December 2, 2024, reducing its holding to 3.50% from 3.67%.
  • SECURITY & COMPLIANCE
  • Poonawalla Fincorp: Announces resignation of Mr. Ashish Mehta as of December 9, 2024, due to personal reasons.
  • RENEWABLE ENERGY & POLICY UPDATES
  • Renewable Stocks: Amid the solar power row, the Indian government is considering shifting from a SECI-led to a state-led bidding process for renewable energy projects, to address power purchase challenges and meet targets.
  • Stay Updated With
  • BEAT THE STREET
  • JEFFERIES ON PHARMA/HEALTHCARE TOUR
  • • Generic names are adopting different strategies to mitigate price erosion
  • Generic firms-non price metrcis are being given due importance for supplier selection unlike past
  • • CDMO names said that they do not bank solely on on China+1 but are bullish on outlook
  • • Hospitals are looking to add new geographies once home turf is protected enough
  • • Concentrated product portfolio expected for Zydus, DRL, Lupin
  • • Except Sun Pharma, no other co plans to pursue specialty strategy for US in near term
  • • Nearly all CDMO co the outlook is strong medium-term
  • HSBC ON INDIAN IT SERVICES
  • Expect Industry growth to pick up to 6- 7% in FY25 from 3-4% in past two years
  • Recovery expected in US markets.
  • Weaker cutlook for Europe, Gen Al uncertainty and headwinds from global capability centres to restrict upside
  • Upgrade Infosys, osys, at target price of Rs 2120 & LTIMindtree at target price of Rs 6970 to Buy, Wipro to Hold target price at Rs 263
  • Downgrade TCS to Hold with target price at Rs 4540; TechM to Reduce target price at Rs 1510
  • Downgrade Coforge to Hold with target price at Rs 8200 & Upgrade Mphasis to Buy at Rs 3600
  • HCL Tech- Maintain Hold; target price at Rs 2015
  • Preferred picks- Infosys, LTIMindtree, HCLT & Mphasis
  • Brokerages on New RBI Governor
  • BofA
  • Sanjay Malhotra will be taking chare of the RBI at a tricky period
  • He faces immediate challenge of dealing with sharper than expected slowdown in growth coupled with the near-term volatility in inflation while also ensuring a stable currency
  • He has not had any strong statements except on tax policy in recent months, making his policy bias unclear as things stands
  • With a new governor being selected, the risks of an intermeeting rate cut even if inflation comes off sharply have declined materially
  • Nomura
  • Another Finance Ministry insider takes helm at the RBI Path cleared for more and urgent easing
  • Not a whole lot is known about Mr Malhotra’s views on current economic issues
  • His experience has given him an acute appreciation of government's revenue generation and the importance of growth
  • There are three potential changes that could occur under the new RBI Governor
  • First, a likely shift towards more accommodative monetary policy
  • Second, the RBI Governor and his team also decide on the direction of macroprudential policies
  • Third, the RBI Governor plays an important role in driving the central bank’s currency management strategy
  • Emkay
  • Initial discussions with some senior bankers indicate that Sanjay Malhotra is straightforward in policy communication
  • In his past role at the DFS, he would push banks to adopt and focus on technology
  • Also note he has taken tough taxation decisions relating to capital markets
  • HSBC ON ONGC
  • • Maintain reduce with target price at Rs 215 (from 230)
  • • Declining production key concern
  • • Target price cut on lower oil price assumption
  • • Removal of windfall tax/new gas pricing has limited impact Both support
  • • Unrelated capex and weaker subsidiary performance could dilute returns
  • CITI ON DIVIS LABS
  • • Maintain Buy with target price at Rs 6850
  • • Biosecure Act appears delayed but the thesis is intact
  • • Legislation may be passed next year-Bio pharma will keep adding partners
  • • Any sharp correction may be enhanced buying opportunity
  • . Divi's pipeline appears strong with multiple catalysts like contrast media, GLP-1 etc
  • • Entresto sales may not come down against street estimates of a sharp decline
  • JEFFERIES ON GODREJ PROPERTIES
  • • Maintain Buy; target price at Rs 3750
  • • Pivot to owned land and recent equity raise extend growth and cash flow jump
  • • Expect company to post 35% pre-sales growth in FY25 to Rs 30000cr+
  • • H2 launches to be bigger than H1
  • • 17x PE to FY25 pre-sales stock can see multiples rise
  • • Remains top property pick
  • Barclays On New RBI Governor
  • • Expect the transition to be smooth and seamless
  • • Anticipate fiscal-monetary policy coordination to continue in the new regime
  • • See Malhotra continue the practical approach that has served the RBI MPC rather well in turbulent times
  • CLSA ON SWIGGY
  • • Initiate Outperform with target price of Rs 708
  • • Swiggy has significant growth potential as it addresses a very large TAM for food delivery and quick commerce
  • • See Swiggy's execution improving with accelerating growth and improving profitability
  • • Expect Indian quick commerce to grow 6x in FY24-27
  • • Swiggy will likely continue to lag Zomato, but we believe this gap is in the price
  • Citi Research On New RBI Governor
  • • Strong fiscal and monetary policy coordination is likely to be continued
  • • Market focus to be on MPC's assessment of growth- inflation balance, if it will undergo any significant change
  • • Maintain view of a 25 bps rate cut
  • GLENMARK PHARMA ; Ichnos Glenmark Innovation (IGI) Presents First Clinical Data from Phase 1 Study of Trispecific TREAT™™ Antibody, ISB 2001, Showing High Overall Response Rate (ORR) with Durable Responses and Favorable Safety Profile in Patients with Heavily Pretreated Multiple Myeloma
  • No dose-limiting toxicities were observed up to weekly subcutaneous doses of 1.2 mg/kg, with mostly mild Cytokine Release Syndrome, no cases of neurotoxicity, and no discontinuations due to adverse events.
  • ISB 2001 demonstrated an ORR of 83% in heavily pretreated patients treated at active doses (0.05 mg/kg and higher).
  • Preliminary half-life of over 10 days supports planned evaluation of less-frequent dosing schedule.
  • Data suggest ISB 2001 could compare favorably with approved bispecific options.
  • JP MORGAN on RIL
  • OW, TP Rs 1468
  • There should be little risk of further EPS cuts, in our view.
  • Better commodity recovery/tariff hikes can surprise positively.
  • Relative valuations are supportive
  • After recent large cuts, consensus forecasts build in a c.14% consolidated EBITDA growth for RIL in FY26
  • This appears achievable, building in:
  • a) c.$2/bbl increase in GRM
  • b) stable Jio tariffs & 4-5% increase in subs,
  • c) retail back at c.15% YoY EBITDA
  • TEJAS NETWORK: Vodafone Idea selects Tejas Networks to scale its backhaul capacity for 4G and 5G rollouts
  • company signed a three-year deal with Vodafone Idea (VIL) to supply its TJ1400 and TJ1600 transmission products. These products will boost VIL’s network capacity and performance across India.
  • CLSA on Life Insurance
  • Private insurers saw 45% YoY growth in Nov
  • total annualised premium equivalent (APE) but on a -4% base; 8MFY25 total APE growth is at 22%.
  • Individual APE growth for private insurers was at 16% YoY, slightly better than 13% growth seen in Oct
  • IPRU Life was strongest at 55% YoY in November 2024 on a -4% base, followed by Max Life with 25% YoY growth on a 9% base.
  • SBI Life reported 10% YoY growth while HDFC Life reported 3% YoY growth during month
  • PENNAR IND: Board Meet On 12 Dec To consider and approve entering into a joint venture to expand the company’s business.
  • Citi
  • *India Economics | RBI Gets a New Governor*
  • The government has appointed Mr. Sanjay Malhotra as the new RBI Governor. He is a seasoned bureaucrat and currently Revenue Secretary in MoF. Since Mr. Malhotra has a somewhat similar background to outgoing RBI Governor Mr. Das, strong fiscal and monetary policy coordination, which was a hallmark of Mr. Das’s tenure, is likely to be continued, in our view. Market focus would be on whether the MPC’s assessment of the relative balance between growth and inflation will undergo any significant change under the new-look MPC at the Feb meeting. We maintain our view of a 25bp rate cut and will reassess the terminal repo rate view of 6% based on the outcome of the February MPC. Markets would watch for the new governor’s view on managing macro prudential policies and FX & Rates markets. At least in the near term, we expect broad continuity on these fronts.
  • JOSTS ENGINEERING: Kay Cee Energy & Josts Engineering formed a 50;50 joint venture, Suryavayu Renewable and Energy Solutions Pvt. Ltd., incorporated on December 9, 2024.
  • The Joint Venture Company is being incorporated as a joint venture of the Company to execute EPC Projects in Power sector and to do business in Renewable energy sector, and such other matters as may be agreed from time to time.
  • "Solar energy prices have dropped from ₹10 per unit to ₹2.5 per unit, making it half the cost of coal-based power" -Etnow
  • CELLECOR GADGETS: Company announced partnerships with TCI Express Limited, DTDC Express Limited, OM Logistics Limited, and Express Roadways Private Limited to enhance its supply chain operations
  • TCI Express brings 40,000+ locations, 28 sorting centers, GPS-enabled vehicles, and 3,500+ staff for time-definite deliveries. DTDC adds a vast network of 16,000+ partners, operations in 14,300+ pin codes, handling 170M parcels yearly, with presence in seven countries.
  • Cellecor Gadgets strengthens its nationwide distribution network with advanced logistics partnerships, ensuring faster deliveries, better inventory management, and improved supply chain efficiency.
  • CHINA TRADE DATA
  • • Nov exports rise 6.7% YoY in Dollar terms; est of 8.7% rise
  • • Nov imports fall 3.9% YoY in Dollar terms; est of 0.9% rise
  • GCPL (ET)-Co to increase the total addressable market, enter new categories and focus on fast-growth segments.
  • Dabur Management (ET)-Retail and wholesale trade are cash-strapped, which is weighing on the overall growth of the FMCG industry+Urban demand to remain subdued in the December qtr
  • Philip Capital on JTL Industries
  • Buy Rating with TP at Rs.152/sh
  • Reasons
  • Capacity expansion to aid volume growth
  • Current capacity at 686Kt
  • Plans to expand its capacity to 1 mntpa by the end of FY25 & 2.0mn tonnes by FY27
  • Volume/EBITDA/PAT CAGR of 28%/33%/34% over FY24-27:
  • See EBITDA margins rising 80bps over the next 3 year
  • Expect Rs. 5000/t EBITDA by FY27 on 45% sale of value-added products
  • Balance sheet to remain strong
  • As of 1HFY25, JTL has a net cash balance of Rs.130cr
  • Additionally Rs.500cr pending from the warrant money
  • Karur Vysya Bank Cuts Lending Rates By 5-10 bps
  • NIFTY BANK FLAT TO OPEN FLAT AFTER NEW RBI GOVERNER APPOINTMENT
  • BOROSIL RENEWABLE Management Says German Operations Remain In Distress, With Markets Still In Disarray
  • Demand For Solar Glass Escalated Rapidly
  • Domestic Production Was Meeting 30-40% Of Demand
  • Haven't Yet Decided On The Price Increase
  • Indian Solar Glass Prices Will Be Below Cost Of Imported Glass
  • Liquidation Of Inventory Is Not A Problem - CNBCTV18
  • Shaktikanta Das has served as the RBI Governor since December 2018, initially facing doubts about his capabilities, especially after the dramatic exits of his predecessors.
  • Two terms later, he has successfully steered the economy through multiple challenges:
  • - Monetary Policy: Das focused on controlling inflation and supporting growth through interest rate cuts and liquidity measures, especially during the COVID-19 crisis.
  • - Pandemic Response: He introduced loan moratoriums, rate cuts, and liquidity support to help the economy recover.
  • - Banking & NPA Reforms: Oversaw significant banking sector reforms, including public sector bank mergers and tackling NPAs.
  • - Digital & Financial Inclusion: Championed digital payments (especially UPI) and expanded banking access to underserved areas.
  • - Crisis Management: Strengthened India's foreign exchange reserves, providing stability amid global volatility.
  • Though his tenure has been mostly praised, there were occasional frictions over RBI’s autonomy. The effort behind his success is immense, and I hope he writes a memoir someday.
  • Salute, Mr. Das! A true servant of the RBI and our nation.
  • BEST AGRO ; Company has
  • entered a Memorandum of Understanding (MOU) with Shanghai E-Tong Chemical Co. Ltd, a Company having office at 37 Floor, No. 3, Lane 6000, Shenzhuan Road, Dongjing Town, Songhiang District, Shanghai.
  • The purpose of entering this MOU by the both parties in undertaking a collaboration in the research and development of Agrochemicals and market development.
  • Syngene: 82.2 lakh shares (2% equity) worth ₹706 cr change hands at ₹858.5/sh
  • Swiggy rises more than 4% after CLSA initiates buy call on company
  • IN SHAKTIKANTA DAS TENURE
  • RBI TAKEN ACTION AGAINST PAYTM , MANAPPURAM FINANCE SUBSIDIARY, IIFL FINANCE
  • NOW NEW RBI GOVERNOR APPOINTED
  • YOGESH PATIL LIC MF
  • • Capex, infrastructure & consumption are key drivers for the Indian economy
  • • Expect PSU capex to be very high
  • • Consumption is slow due to structural changes, informal sector seeing lot of disruption
  • • See government support to the rural economy
  • • I.T. Sector looks good, corporate commentaries have turned positive
  • BHARAT FORGE: Bharat Forge Limited successfully raises Rs 1,650 Crores through QIP
  • The issue witnessed significant interest across Domestic & Foreign Qualified Institutional investors resulting in more than 10X demand of the issue size.
  • The QIP proceeds will be utilized for debt repayment and funding of earlier announced inorganic growth initiatives.
  • SBFC Finance mngmt says Enough Time Has Been Given To Lenders To Move To ECL-based Provision
  • RBI's Focus On Customer Awareness Has Been Very Good
  • Inflation Is Being Persistent
  • Standing Ovation To The Way Shaktikanta Das Has Ended His Term
Panchkarma