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Market Highlights

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

December 05, 2024

  • BEAT THE STREET BULLETIN
  • Date: 04-Dec-24
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  • NEW ORDERS & CONTRACTS
  • - Pritika Auto: Starts commercial production of components (Intermediate Housing and Axle Housing) for a leading multinational tractor manufacturer in India. The business value is ₹11 Cr annually, with long-term visibility of 4-5 years.
  • - L&T Tech: Secures a $50 Mn multi-year agreement from a global network provider for product integration services in North America, focusing on secure LTE and 5G private networks.
  • - Alphalogic Ind: Wins ₹25.3 Cr order for storage racking systems for NTEx Transportation Services across Maharashtra.
  • - Sunrise Efficient: Secures its largest order for 800 SynchroPlus motors, with a strict 8-week supply timeline.
  • - DroneAcharya Aerial Innovations: Bags ₹70.8 lakh work orders from AgroCast Analytics Pvt. Ltd.
  • - Tembo Global: Wins a ₹44 Cr order.
  • - Rulka Electrical: Secures ₹3.84 Cr order.
  • - Killburn Eng: Wins ₹19 Cr order.
  • ---
  • CORPORATE UPDATES & ANNOUNCEMENTS
  • - AstraZeneca Pharma: ITAT grants relief on corporate tax for FY17-18 and FY18-19, with a favorable impact of ₹35.01 Cr.
  • - Aurobindo Pharma: Clarifies it has no connection with Kakinada Seaports Ltd or Kakinada SEZ Ltd.
  • - Star Cement: Denies speculation of Adani Group's acquisition for NE expansion.
  • - Infosys: Partners with Kardex to transform business operations using SAP S/4HANA.
  • - Alembic Pharma: Receives tentative USFDA approval for Olopatadine Hydrochloride Ophthalmic Solution with a market size of $22 Mn.
  • - Eicher Motors (Royal Enfield): Opens its first overseas motorcycle assembly plant in Thailand.
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  • STRATEGIC PARTNERSHIPS & AGREEMENTS
  • - Cyient DLM: Signs MoU with Arcedo Systems to establish a 500 kWp solar power plant at its Mysore facility.
  • - Lancer Container: Collaborates with Ocean Voyage Shipping Line LLC for chartering vessels and allied operations.
  • - Nazara Tech: Partners with Lysto to launch “The Growth Protocol,” a purpose-built L1 blockchain platform.
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  • INFRASTRUCTURE & EXPANSIONS
  • - Dynamic Services: Receives a "Mega Project" offer to set up an 1800 MW Solar PV Panel manufacturing unit in Raigad with an investment of ₹1080 Cr.
  • - RRP Infraprojects: Reaches an agreement with Wills Realtors for the "96 Legends" Project in Sri Lanka.
  • - Royal Orchid Hotels: Launches Regenta Inn Downtown Raipur, its first property in Chhattisgarh’s capital.
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  • FUNDRAISING UPDATES
  • - Bharat Forge: Launches QIP for fund-raising; fixes floor price at ₹1,323.54/share.
  • - Eco Hotels and Resorts: Approves raising ₹45 Cr via a rights issue.
  • - South West Pinnacle Exploration: To raise funds via a preferential basis; board meeting on December 10.
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  • REGULATORY & LEGAL UPDATES
  • - AIA Engineering: U.S. Department of Commerce imposes a 4.30% anti-dumping duty on certain high chrome cast iron grinding media imported from India.
  • - Mazagon Dock: Clarifies that commercial negotiations for additional submarines under Project 75 are still in process.
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  • SECURITY & COMPLIANCE
  • - Quick Heal: Launches Malware Analysis Platform and Threat Intel Solution, along with the 'India Cyber Threat Report 2025' in collaboration with DSCI.
  • - Mphasis: Launches Cyber Fusion Center in Bangalore to strengthen global cybersecurity capabilities.
  • Cement Price Hike Alert
  • Cement companies across India are mulling a price hike of ₹30-₹50 per 50 kg bag.
  • Key players like Dalmia Bharat, Shree Cement, and Orient Cement set to increase prices.
  • Others like UltraTech, ACC, Ambuja Cements, and India Cements may follow suit.
  • Price hike aims to ease pressure on margins & rising operational costs.
  • News Headlines from Business News Agencies :
  • Business Standard :
  • Indian arms makers in Top 100 log $6.7-bn 2023 revenue, up 6%: Sipri
  • Akash Systems wins $27 mn contract from NxtGen to provide cooling servers
  • Suzlon, Jindal Renewables expand partnership with new wind power project
  • Kotak AMC set to enter AIF space; to launch Rs 2,000 cr private credit fund
  • Reserve Bank likely conducting dollar-rupee swaps to support currency
  • Oil prices edge higher on imminent Opec+ decision, geopolitical turmoil
  • Price 'not only game' in paints industry; brand important: Berger CEO
  • Moglix signs initial pact with DPIIT for manufacturing incubation programme
  • Oyo's premiuim hotel brand 'SUNDAY' launches first international hotel
  • About Rs 15 trn required for adding power generation capacity in 2022-27
  • Alembic Pharma gets tentative USFDA nod for Olopatadine drug
  • Indian steel mills struggle as cheap Chinese imports flood the market
  • Economic Times :
  • India's external debt rises by $31 bn to $647 bn in 2023: World Bank report
  • OECD raises India’s FY25 growth forecast to 6.8%
  • Axis Securities pays Rs 14.62 lakh to settle front-running case
  • General Atlantic to buy UK's Learning Technologies for $1 billion
  • Indraprastha Gas to consider bonus share issuance in December board meeting
  • Meja Urja Nigam board approves first dividend of Rs 350 cr for FY25
  • LTTS bags $50 million deal from US telecom operator
  • Star Cement denies reports of acquisition talks with Adani Group
  • Century real estate targets Rs 2,000 crore sales in FY25, reports record growth
  • Royal Enfield commences operations at Thailand-based CKD plant
  • Focus on adding general coaches not AC coaches to railways' fleet: Ashwini Vaishnaw
  • DGCA to streamline norms for Indian airlines' wet-leased plane operations
  • Mint :
  • Bharti Airtel extends multi-year 4G and 5G network extension deal to Ericsson for India operations
  • India has seen limited success so far in capturing China Plus One strategy: NITI Aayog Report
  • Greenzo Energy, EODev partner to market hydrogen fuel cell power generators in India and Nepal
  • Vodafone UK Vodafone to sell 3 pc stake in Indus Towers for ₹2,841 cr to clear debt, part payment of VI dues
  • Honda Amaze 2024 facelift debuts in India, price begins at ₹8 lakh
  • India’s services sector growth falls marginally in November
  • Medusa Beverages looks to raise ₹120 crore for new beer plant in FY26
  • NTPC in talks with EDF, Rosatom, Westinghouse to develop small modular reactors
  • Cyient DLM & Arcedo Systems sign MoU to establish 500 kWp solar power plant at Mysore facility
  • Govt to launch portal to ease regulatory burden on traders, protect consumers
  • Citigroup Faces $26 Million in Losses on Australian Block Trade
  • Kunvarji Equity Research:
  • Kunvarji: India Daybook – Stocks in News
  • Suraj Estate: Company has purchased through a Conveyance Deed a vacant parcel of land admeasuring ~ 1,464 square meters. (Positive)
  • RPP Infra Projects: Company has agreed to develop the 96 Legends project in Sri Lanka with Wills Realtors Pvt Ltd. (Positive)
  • Dynamic Services: Company gets offer letter for “Mega Project” from the Government of Maharashtra to set up a new project for manufacturing of solar PV panels 1800 MW (Positive)
  • Gallantt Ispat: Company receives ₹80.45-crore SGST reimbursement from Gujarat, Uttar Pradesh governments. (Positive)
  • Indraprastha Gas: Company to consider bonus shares on December 10. (Positive)
  • Infosys: Company partners with Kardex to transform its business operations using SAP S/4HANA and Infosys Cobalt. (Positive)
  • Quick Heal Technologies: Company launched Seqrite Malware Analysis Platform (SMAP) and Threat Intel solution. (Positive)
  • Torrent Pharma: Company acquires 3 anti-diabetes brands from Boehringer Ingelheim for an undisclosed sum. (Positive)
  • Techno pack: Company approves bonus share in the ratio 1:1. (Positive)
  • Hero MotoCorp: Company launched VIDA V2 electric scooters in 3 variants (Positive)
  • E2E Networks: L&T invested ₹1079.28 Cr for 29,79,579 equity shares, increasing the paid-up equity share capital to ₹19.86 Cr. (Positive)
  • Royal Orchid: Company opened Regenta Inn in Raipur, Chhattisgarh - its first property in the state. (Positive)
  • Sonata Software: Company achieved AWS Generative AI Competency. (Positive)
  • Cyient DLM: Company signs a MoU with Arcedo Systems to establish a 500 kWp solar power plant at its Mysore facility. (Positive)
  • Swiggy: Company mulls increasing Instamart delivery charges to boost profit margins. (Positive)
  • GOCL Corp: Company announces further monetization of 11 acres of land for ₹142.15 crore. (Positive)
  • Kross: Approved acquisition of 6.56 acres for future expansion. (Positive)
  • RailTel: Company secures Rs. 10.64 crore order from Gail. (Positive)
  • Unicommerce: Hummel partners with Unicommerce for e-commerce operations. (Positive)
  • Bondada Engineering: Company bags order worth ₹108.9 crore from Bihar Renewable Energy Development Agency. (Positive)
  • Sikko Industries: Company board approved the Letter of Offer for its rights issue (Neutral)
  • Rane (Madras) Ltd: Company’s credit rating remains unchanged. (Neutral)
  • Adani Power: Company’s subsidiary, Mahan Energen Limited, has successfully amalgamated with Stratatech Mineral Resources Private Limited. (Neutral)
  • Mastek: Company's Global CFO, Mr. Arun Agarwal, resigned on Dec 3, 2024. (Neutral)
  • Muthoot Microfin: Company reduces lending rates by 25 bps for IGL, by 125 bps for TPP. (Neutral)
  • Bharat Forge: Company opens QIP, sets floor price at ₹1,323.54/sh. (Neutral)
  • Indus Tower: Omega Telecom Holding and Usha Martin Telematics to sell stake in Indus Towers, offer size is at ₹2,716.9 cr to ₹2,835.8 cr: CNBC Sources (Neutral)
  • Eicher Motors: Royal Enfield opens new assembly plant in Thailand (Neutral)
  • Indian Bank: Received RBI approval to exercise the call option on ₹1500 crore of its Tier 2 Bonds. (Neutral)
  • Mahindra Lifespace: Company received five GST tax orders totaling ₹10.7Cr from Tamil Nadu. (Neutral)
  • EPACK Durable: Company announced the resignation of its Company Secretary and Compliance Officer, Mr. Arjit Gupta (Neutral)
  • KPIT Technologies: Company completed the acquisition of Technica Group for €80 million and KPIT engineering SUARL for €5 million. (Neutral)
  • Home First: Orange Clove Investments B.V. sold 9,442,236 equity shares (10.59%) of Home First Finance Company India Ltd. (Neutral)
  • Force Motors: November Total Sales 1,885 Units Vs 1,884 Units YoY. (Neutral)
  • PG Electroplast: Company opens QIP, sets floor price at ₹705.18/sh (Neutral)
  • Kirloskar Pneumatic: Company acquired 55.26% equity shares of Systems and Components. (Neutral)
  • ICICI Bank: Offices searched by Maharashtra GST authorities.
  • (Neutral)
  • Vodafone Idea: Board to meet on December 9 to discuss Rs 2,000 crore fund raise. (Neutral)
  • Bharat Forge/RK Forge: North America Class 8 Truck Orders Down 9% YoY & Up 18% MoM. (Neutral)
  • Genus Power: Company’s corporate office and chairman's residence were searched by the Directorate of Enforcement (Negative)
  • Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
  • Nifty Forms Doji Ahead of Weekly Expiry, RBI Policy - Broader Markets Outperform !!
  • 1. Global Market:
  • On Wednesday, all three major US indices experienced robust bullish momentum. The #Dow surpassed the 45000 mark for the first time, while the Nasdaq and S&P 500 reached fresh all-time highs. Leading the charge, the tech-focused #Nasdaq jumped 1.30 percent, followed by the Dow's 0.70 percent gain, and the S&P 500's 0.60 percent rise.
  • Considering the current chart structure, the S&P 500 is likely to continue its northward journey and test the level of 6140, followed by 6200 in the short term.
  • On Wednesday, the #BrentOil failed to sustain above the 50-day EMA level and thereafter witnessed a correction. It has ended at $72.39 level with a loss of 1.61 percent. Going ahead, any sustainable move below the level of $71 will lead to a sharp correction in Brent Oil. In that case, it is likely to test the level of $69 in the short term.
  • Over the past two trading sessions, the U.S. Dollar Index (#DXY) has been consolidating within a narrow range of 106.72–106.09, forming a high-wave-like candle on the daily chart, reflecting indecision at current levels. Looking ahead, the 105.70–105.60 zone is likely to serve as immediate support. On the upside, a sustained move above 106.80 could indicate a resumption of its upward trend.
  • 2. Nifty View:
  • On Wednesday, the benchmark index Nifty traded within a 206-point range, forming a Doji candlestick pattern, reflecting trader indecisiveness ahead of the weekly expiry and RBI monetary policy announcement. Despite this, the broader trend remains bullish, with the index trading above both its short and long-term moving averages. Additionally, the daily RSI is above 55 and trending upward, signaling continued positive momentum.
  • Going ahead, the zone of 24550-24580 will act as an immediate hurdle for the index. Any sustainable move above the level of 24580 will lead to a sharp upside rally upto the level of 24750, followed by 24900 in the short term.
  • While, on the downside, the support has shifted higher in the zone of 24370-24350 level.
  • On the #derivatives front, December #futures closed flat, while the combined #OpenInterest for the current, next, and far series recorded a minor decline.
  • Among the constituents of the #Nifty index, 4 stocks have witnessed a long build-up, and 18 stocks have witnessed a short covering rally. While 19 stocks have witnessed a short build-up and 9 stocks have witnessed a long unwinding.
  • The 24500 strike has significant call open interest, followed by the 24600 strike. On the put side, 24400 has a substantial open interest, followed by a 24300 strike.
  • For the current weekly series, OI PCR is at 1.11, and the max pain is at 24400 strike. While, for the December monthly series, OI PCR is at 1.24.
  • 3. Bank Nifty View:
  • After the consolidation breakout, the banking benchmark index, Bank Nifty, has continued its northward journey. It ended the session at 53266.90 level with a gain of over 1 percent. For the second straight session, the index has formed a sizable bullish candle, reflecting strong bullish momentum.
  • Most noteworthy, the daily RSI has surged above the 60 mark for the first time after September 27, 2024. Further, the daily MACD histogram suggests a pickup in upside momentum.
  • These technical factors indicate strong bullish momentum in the index. Hence, we believe it is likely to test the level of 53600, followed by 54000 in the short term.
  • While, on the downside, the zone of 52900-52800 will act as immediate support for the index.
  • On the #derivative front, December #futures surged by nearly 1 percent, and the cumulative #OpenInterest of current, next, and far series has also surged by 4.74 percent, which indicates an overall long build-up.
  • 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 1.15.
  • 4. Key Market Indicators:
  • The volatility index, India VIX, has been consolidating in a narrow range since the last three trading sessions. 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 largely tilted in favor of advancers.
  • 5. Key Sectors:
  • On Wednesday, Nifty PSU Bank gave a double bottom pattern breakout. In addition, it has formed a sizeable bullish candle on a breakout day, which adds strength to the breakout. The momentum indicators and oscillators also support the overall bullish chart structure. Hence, we believe it is likely to continue its northward journey and test the level of 7300, followed by 7500 in the short term.
  • Nifty Realty is also witnessing strong bullish momentum. The daily RSI surges above the 60 mark, and it is in rising mode. Hence, we believe it is likely to continue its upward momentum in the short term.
  • Apart from this, Bank Nifty, Nifty Financial Services, Nifty Consumer Durable, and Nifty IT are likely to continue their outperformance for the next couple of trading sessions.
  • 6. FII/DII Data:
  • #FIIs bought to the tune of 1797.6 cr. while #DIIs sold to the tune of 900.62 cr.
  • FIIs' #Long-short ratio for index futures is at 38.14 as on a net basis, they bought 14824 index futures.
  • On the stock #futures front, FIIs have sold to the tune of 77582 contracts, while on the #Options Front, FIIs bought 75910 call contracts and bought 42983 Put Option contracts.
  • CITI on Indus Tower
  • Buy Call, Target At Rs485/Sh
  • Vodafone Group Plc To Sell Its Balance 3% Stake In Co, Est Total Sale Proceeds At Rs2,700-2,800 Cr
  • After Repaying Outstanding Borrowings Of $101 m, Est Residual Proceeds At Rs1,900-2,000 Cr
  • Residual Proceeds Would Then Be Infused As Equity By Vodafone Plc Into Voda Idea
  • Voda Idea Will Use Proceeds For Clearing Its Past Dues To Indus
  • The Amount Adds Up To Rs7/Sh For Indus, Which Believe Can Then Be Paid Out As Dividend
  • Co Could Be In A Position To Pay Out Rs11-12/Sh Of Dividend For H2FY25
  • Dividend Could Rise To More Than Rs20/Sh/annum In FY26 & FY27
  • There Can Be A Compelling Dividend Yield Of 6% Over FY26-27 At Current Levels
  • JPM on Indus Tower
  • OW, TP Rs 520
  • Voda Plc to sell remaining 3% stake
  • Proceeds $233mn (Rs19.7bn) to partly clear IDEA’s past dues
  • Clearing past dues could result in a special dividend of Rs7.5/sh
  • CLSA on Persistent
  • Outperform Call, Target Raised To Rs8,462/Sh
  • Multiple Growth Drivers &Margin Levers Leading To Higher Estimates
  • Operating In A Different League On The Back Of A Unique Set Of Capabilities
  • Increase Both Near-term & Longer-term Revenue Growth Forecasts
  • Forecast A 21% US Dollar Sales CAGR Over FY25-27
  • Increase EBIT Margin Assumption For FY27 To 16.2% From A Prior 15.5%
  • CLSA on Juniper Hotels
  • Initiate Buy Call, Target At Rs430/Sh
  • Co Is Largest Owner Of Hyatt Keys In India
  • A Strong Track Record Of Building Assets With High Entry Barriers
  • Asset-Owners Like Co Positioned To Benefit From Current Upcycle With Hotel Ind Demand Growth
  • Hotel Ind Demand Growth May Surpass Supply Growth Over FY24-29
  • Est 16% EBITDA CAGR Over FY25-27 Led By Improvement In Occupancy & ARR At Grand Hyatt Mumbai
  • Nomura on Cement
  • Dealers check
  • Northern region: Trade prices increase by INR13/bag m-m in Dec; up INR10/bag q-q
  • Southern region: Trade prices remain flat m-m in Dec; down INR8/bag q-q
  • Western region: Trade prices remain flat m-m in Dec, up INR11/bag q-q
  • MS On Hero MotoCorp
  • Underweight Call, Target At Rs4,110/Sh
  • Co Launches Electric Scooter, Vida V2 Across Segments
  • Think Sustained Market Share Gains Are Key To Re-rating
  • e2-wheeler Share Was 6% In Nov-24, & Vida Variants Are Well Priced
  • Jefferies on Shriram Finance
  • Maintain Buy with target price of Rs 3670
  • Steady growth outlook
  • Asset quality holding up
  • AUM should grow at 18% in FY25
  • Stays among top picks
  • JPM on HDFC Bank
  • Maintain Neutral with target price of Rs 1750
  • "Safe haven" - Bad macro is good for stock micro
  • Conversely an improving macro in FY26 may lead to the stock giving up gains
  • Think growth will be the main constraint to solve
  • Hence within large cap privates we prefer ICICI Bank/Kotak Mahindra Bank
Panchkarma