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December 04, 2024

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NEW ORDERS & CONTRACTS
- Tata Power Renewable Energy: Commissions 431 MW DC Solar project in Neemuch, MP; offsetting ~7,80,300 tonnes of CO₂ annually.
- Apollo Micro Systems: Wins orders worth ₹21.4 Cr from Bharat Electronics Ltd. and a private company.
- NBCC: Bags ₹213 Cr order for construction activities at Motilal Nehru College, New Delhi.
- RVNL: Receives ₹186.76 Cr order for electric traction system upgradation from East Central Railway.
- Vinyas Innovative: Secures ₹48.03 Cr worth of purchase orders from domestic and international customers.
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CORPORATE UPDATES & ANNOUNCEMENTS
- Gland Pharma: USFDA approves Latanoprost Ophthalmic Solution, bioequivalent to Xalatan for treating high eye pressure.
- ITC: Clarifies no company involvement in the 35% GST proposal for cigarettes and tobacco.
- Varun Beverages: Acknowledges GST proposal reports but awaits Council approval for further comments.
- Vakrangee: CEO Amit Sabarwal resigns due to personal reasons, effective December 3, 2024.
- Fiberweb: Progresses on biodegradable Spunlace fabric project; production to start by January 2026.
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STRATEGIC PARTNERSHIPS & AGREEMENTS
- TCS: Partners with Bank of Bhutan to modernize digital core and improve customer experience.
- Wipro: Teams with Netskope to enhance cybersecurity advisory services.
- Nucleus Software: Collaborates with Bank Muscat to strengthen delinquency management using FinnOne Neo®️.
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INFRASTRUCTURE & EXPANSIONS
- Cochin Shipyard: Government announces plans for 5 green hydrogen/ammonia hubs and 1000+ green vessels by 2029.
- Delta Corp: Develops Mormugao Port in Goa into a cargo and cruise hub with a ₹101.72 Cr project, set to complete by March 2025.
- Artson Engineering: Acquires additional workshop premises in Nashik for operational expansion.
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RESTRUCTURING & OPERATIONAL SHIFTS
- Welspun Living: Approves sale of 100% equity in Welspun Home Solutions for ₹9.4 Cr; becomes a step-down subsidiary.
- Exhicon Event: Achieves zero net debt by fully repaying secured property loans to PNB.
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FUNDRAISING UPDATES
- Vipul: Board meeting scheduled for December 10 to consider fundraising proposals.
- AB Capital: Invests ₹300 Cr in Aditya Birla Housing Finance via rights issue; ownership remains unchanged.
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REGULATORY & LEGAL UPDATES
- Granules India: USFDA classifies Gagillapur facility inspection as "Official Action Indicated"; company initiates improvements.
- 3i Infotech: Saudi Arabia’s ZATCA imposes penalties for overdue taxes; immigration services blocked due to non-compliance.
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STRATEGIC BUSINESS DEVELOPMENTS
- Droneacharya Aerial: Wins 350 km UAV-based Lidar & RGB survey contract for Bengaluru Ring Rail Project.
- ONGC: Increases stake in OPaL to 95.69% with a fresh equity subscription.
- United Breweries: Launches premium beer Amstel Grande in West Bengal, priced competitively.
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News Headlines from Business News Agencies:
Business Standard
Rajya Sabha passes bill to boost investment in oil and gas exploration
Festivals lift India's edible oil imports to four-month high in Nov
TCS to modernise Bank of Bhutan's digital system, improve customer service
Japanese firms eager to set up semiconductor units in India: Deloitte
Electronics component manufacturers eye govt support in Budget 2025
Fintech firm MODIFI targets to finance 5,000 SMEs in next 2-3 years
India sees 92,000 patent filings in FY24, IP guidelines set for overhaul
Crisil upgrades rating on Vedanta's long-term debt instruments to 'AA'
China announces ban on Germanium, Gallium exports to US in tit-for-tat move
Tata Power subsidiary commissions 431 MW DC solar project in MP
Canara Bank increases fixed deposit rates, offers up to 7.90% interest
Nomura has room to cut further $187 mn in costs: CEO Kentaro Okuda
Economic Times
Indian airlines may take Rs 2,000-3,000 crore loss this fiscal even as more passengers rush to fly
Lectrix EV looks to raise USD 100 mn to fund future growth
Government not considering PSU bank merger: MoS Finance
BlackRock to buy HPS Investment for $12 bn in major private credit push
Hyundai Motor Group ties up with IITs to advance battery, electrification research
Karman Drones, TCL join hands to co-develop UAVs solutions
Amagi acquires Argoid AI to address streaming industry challenges
Indian tea prices surge 18% amidst decline in production
Warehousing construction cost surges by 6.7% in India
Russia approves $320 mln sale of Carlsberg assets to local businessmen, document shows
Novo Nordisk India execs urge early Wegovy launch as weight-loss rival looms
Mint
Russia's crude oil and LNG shipments to Asia slip slightly in 2024: Russell
Godrej Properties raises ₹6K cr via QIP mainly to acquire land for future development
Swiggy Q2 Results: Net loss narrows to ₹625 crore in first earnings post IPO
Demat accounts reach 179 million even as new additions decline to 3.5 million in October
Voda Idea's revenue market share falls to all-time low in Q2FY25
Quant hires mutual fund industry outsider as next CEO
Captain Fresh in talks to raise up to $100 mn from new and existing investors
Nigeria Raises $2.2 Billion in First Eurobond Issue Since 2022
SpaceX weighs tender offer at roughly $350 billion valuation
2024 Honda Amaze set to launch tomorrow with a bold new look and advanced tech
Microsoft faces $1.27 billion antitrust lawsuit over cloud services in UK
India Daybook – Stocks in News
Defence Stocks: DAC approves 5 capital acquisition proposals worth ₹21,772 crore to augment defence preparedness (Positive)
RVNL: Company has received a contract from east central railway for upgrading the electric traction system in the Gomoh-Patratu section, valued at Rs 186.77 crore. (Positive)
VL Infraprojects: Company secured a ₹15.24 crore work order from Mayfair Supreme Private Limited (Positive)
Nitiraj Engineers: Company authorized as Drone-Remote Pilot Training Organization (RPTO) by DGCA. (Positive)
Artson: Company has taken additional premises adjacent to its existing Nashik facility (Positive)
Rappid Valves: Company received ₹403.90 lakh in purchase orders from various companies for industrial valve supply. (Positive)
Wipro: Company partners with Netskope to offer cybersecurity optimisation advisory services (Positive)
Steelman Telecom: Company receives Rs 147 crore contract from Reliance Jio for maintaining indoor small cell and Wi-Fi networks for three years. (Positive)
Adani Wilmar/Patanjali: India’s November edible oil imports rise 12% m/m to 1.6 million metric tons, highest in four months. (Positive)
Kaynes: Company acquires a 54% stake in Sensonic GmbH. (Positive)
R Power: Solar Energy Corporation lifts Reliance Power debarment notice (Positive)
SPML Infra: credit rating assigned by ICRA for Rs 477 Cr long-term fund-based term loan rated ICRA BBB-(Stable). (Neutral)
Swiggy: Company's INSTAMART business is witnessing heightened degree of competitive action, INSTAMART aims to more than double active dark store area YoY, to 4 MN SQ ft by March-25 (Neutral)
Mphasis: Company received the 2024 AWS Partner Award for Industry Partner of the Year in Travel and Hospitality (Global). (Neutral)
Aditya Birla Capital: Company invested Rs 300 Cr in its wholly-owned subsidiary, Aditya Birla Housing Finance Ltd, through a rights issue. (Neutral)
ONGC: Company increased its stake in subsidiary OPAL from 94.57% to 95.69% by acquiring shares worth Rs 4,906.20 crore. (Neutral)
IEX: Traded 9,689 MU electricity in Nov'24, a 15.7% YoY rise. DAM price was Rs 3.30/unit, down 17.3% YoY. RTM volume increased by 28% YoY to 3,019 MU. (Neutral)
M&M: Company in talks with IndiGo to find an amicable solution. (Neutral)
Heranba Industries: Company announced the resignation of Mr. Ajit Singh Gujral, Head of Strategic Development for Crop Protection (Neutral)
Hikal: Company announced the resignation of Mr. Ketan Karkhanis (Asst. VP-IT) and Mr. Rakesh Ganorkar (VP-R&T-Pharma CDMO) (Neutral)
Wonderla: QIP opens, approves floor price for issue at Rs 829.74/ share. (Neutral)
PB Fintech: Board Approves Incorporation Of Wholly-owned Subsidiary-PB Healthcare. (Neutral)
Honasa Consumer: Promoter Varun Alagh raises stake to 31.93% with ₹4.5-crore investment (Neutral)
3i Infotech: Company’s Saudi subsidiary faces Rs 25.73 Cr tax issue (Negative)
Epack: Bhiwadi facility was searched by Jaipur Customs on Dec 2, 2024. (Negative)
Chavda Infra: Company's registered office and promoters' residences underwent an Income Tax Department search (Negative)
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
Banks Poised for Outperformance
1. Global Market:
On Tuesday, the three major US indices displayed indecisiveness during a choppy trading session. Despite this, the #Nasdaq and #S&P500 managed to hit fresh all-time highs, gaining 0.31% and 0.05%, respectively. Meanwhile, the #Dow slipped by 0.17%.
The S&P 500 has recently given a cup pattern breakout on a daily scale. Hence, we believe it is likely to continue its northward journey and test the level of 6100, followed by 6180 in the short term.
The #BrentOil surged by over 2 percent on Tuesday and ended at $73.57 level. It has also surged above its 20-day EMA level. Going ahead, the 50-day EMA zone of $73.80-74 will act as an immediate hurdle for Brent Oil. While, on the downside, the zone of $71.50-71.30 will act as crucial support.
On Tuesday, the U.S. Dollar Index (#DXY) ended on a flat note at 106.34 level. Going forward, the 105.70–105.60 zone is expected to act as immediate support. On the upside, a sustained move above 106.80 could signal the continuation of its northward trajectory.
2. Nifty View:
On Tuesday, the benchmark index Nifty opened with an upside gap, reaching a high of 24481. On the daily chart, it formed a bullish candle for the third consecutive session. Notably, the index has surged above its 50 and 100-day EMA levels. Additionally, the daily RSI has risen above its recent swing high, reinforcing the bullish outlook.
Going ahead, the zone of 24530-24550 will act as an immediate hurdle for the index. Any sustainable move above the level of 24550 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 24330-24300 level.
On the #derivative front, December #futures surged by 0.49 percent, and the cumulative #OpenInterest of current, next, and far series has dipped by 0.85 percent.
Among the constituents of the #Nifty index, 12 stocks have witnessed a long build-up, and 24 stocks have witnessed a short covering rally. While 9 stocks have witnessed a short build-up and 5 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 1.28. While, for the December monthly series, OI PCR is at 1.28.
3. Bank Nifty View:
On Tuesday, the banking benchmark index, Bank Nifty, significantly outperformed the frontline indices, rallying over 1%. Notably, it closed above its previous swing highs. The ratio chart of Bank Nifty relative to Nifty is exhibiting a pattern of higher highs and higher lows, indicating a strong bullish trend.
The index is currently trading above both its short and long-term moving averages, which have started to edge higher in the desired sequence, reinforcing the strength of the trend. Furthermore, the daily RSI is approaching the 60 mark and continues to rise, signaling positive momentum.
These technical factors indicate strong bullish momentum in the index. Hence, we believe it is likely to test the level of 53100, followed by 53500 in the short term.
While, on the downside, the zone of 52400-52300 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 dipped by 2.18 percent, which indicates an overall short-covering rally.
The 53000 strike has significant call open interest, followed by the 53500 strike. On the put side, 52500 has a substantial open interest, followed by a 52000 strike.
For the December monthly series, OI PCR is at 1.04.
4. Key Market Indicators:
On Tuesday, the volatility index, India VIX, ended at 14.37 level with a loss of 2.23 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 largely tilted in favor of advancers.
5. Key Sectors:
Nifty PSU Bank is on the verge of giving a neckline breakout of the Adam & Adam Double bottom pattern on a daily scale. Hence, we believe it is likely to outperform in the short term.
Nifty Midcap and Nifty Small Cap space are likely to continue their upward journey in the next couple of trading sessions. Apart from this, Banking, Financial Services, IT, Media and Realty space are likely to outperform in the short-term.
6. FII/DII Data:
#FIIs were buyers to the tune of 3665 cr. while #DIIs turned sellers to the tune of 251 cr.
FIIs' #Long-short ratio for index futures has slightly improved to 36% as on a net basis, they bought 6900 index future contracts and covered 20000 short contracts.
Jefferies On Supreme Ind
Buy Call, Target At Rs6,450/Sh
Co’s Healthy Volume Recovery Expectation In H2FY25 Is Higher Than Peers
Volume Recovery Can Help Further Market Share Gains
View Co As A Good Play On Plumbing, Agri, Infra
Estimate FY24-27 EPS CAGR At +22%
Investec On JSW Infra
Initiate Buy Call, Target At Rs370/Sh
Co Is On Track To Deliver More Than 20% Rev/ EBITDA CAGR Over FY24-30
20% Rev/ EBITDA CAGR Is Based Only On Announced Projects
There Is Significant Optionality Of New Concessions Given
Government’s Aggressive Port Privatisation Targets Can Lead To Higher Rev/ EBITDA CAGR
Management Is Also Opportunistic Approach, And Co Has Robust Balance Sheet
JSW Infra’s Prem Valuations Look Justified
CLSA On Zomato
Outperform Call, Target At Rs370/Sh
Swiggy Q2 Results With Overall B2C Gross Order Value Up 30% YoY, Up 23% In Q1FY25
Quick Commerce GOV Grew 76% YoY Vs 122% For Zomato (Blinkit)
Swiggy Quick Commerce QoQ Growth Of 24% Was Similar To Blinkit At 25%
Swiggy’s Food Delivery GOV Grew 15% YoY Vs 21% For Zomato
Sequential Improvement Was Similar At 6% For Swiggy Vs 5% For Zomato
Overall, Key Conclusion From Swiggy’s Result Is That Gap With Zomato Has Stopped Widening
In Quick Commerce Segment There Is A Gap Where Zomato Is 81% Larger On GOV
Jefferies On GAIL
Buy Call, Target At Rs235/Sh
India's Gas Demand Outlook Remains Robust, Driven By New Production/LNG Contracts
Co Should Gain Share In Transmission On The Back Of Two Major Pipelines Commissioning In FY26
See Likelihood Of A Re-rating Of The Transmission
Business If A Tariff Hike Ensues By March
Outlook On Trading Profitability Is Constructive In H2FY25
Project 9% EBITDA CAGR Over FY24-27
Valuation Is Undemanding
Nomura On Oberoi Realty
Initiate Buy, Target At Rs2,500/Sh
Expect Solid Pre-sales And Cash Generation; Co Poised For Aggressive Biz Development
Pre-sales To Witness A 40% CAGR Over FY24-27 With +50% Embedded EBITDA Margin
Cumulative Hotel And Annuity Revenue To Record 35% CAGR Over FY24- 27
Expect Rs3,000-4,000 Cr/annum Operating Cash Flow Until FY27 (Before New BD/Annuity Asset Invst)
GS On Cement
Buy Call On Ultratech
Neutral On Shree Cement, Dalmia Bharat & Ambuja Cement
Sell Call On ACC
FY25 Will Be One Of Weakest Years For Cement Sector Profitability In Recent Past
Expect FY26 To Be Slightly Better
Consolidation Of Mkt Share, Capacity & Resources Will Sustain Premium Valuations For Large Players
Citi Macro Call
25-50 bps CRR Cut Could Provide Modest NIM Support Of 2-3 bps
As Proportion Of NII/PpOP, Adjustment Will Be Favorable For Lenders With Lower NIM Profile
Sentimentally CRR & Repo Rate Cut Would Be Positive For Banks With Lower LCR/Stretched LDR
CRR Can Be Viewed Favorable For HDFC Bank, Axis Bank, Federal Bank & Bank Of Baroda
50 bps Repo Rate Cut NII Sensitivity Suggests Relatively Higher Impact For Federal Bk & BoB
50 bps Repo Rate Cut Adverse Impact Is Low At <1% For IndusInd Bank & AU Small Fin Bank
Rate Cut Benefit Will Manifest Sooner For LIC Hsg Fin, Bajaj Fin, L&T Fin, M&M Fin
An AI summary of the above article below.
Here is a summary of the key points in the image:
1. The image discusses the dominance of the US stock market, which has far outperformed the rest of the world in recent years. This is referred to as the "mother of all bubbles" by the author, Ruchir Sharma.
2. Valuations of the US stock market are at a peak, with the US accounts for nearly 70% of the leading global stock index. This is seen as an exceptional and unsustainable situation.
3. The article argues that the overvaluation of the US market is justified by the strong performance and global reach of US companies. However, it suggests that the definition of a "bubble" may have gone too far.
4. The US market's outperformance of other global markets is described as "sucking money out of them." This is in contrast to the past, when a rising US market would lift other markets as well.
5. The article discusses the US economy's faster growth compared to other developed nations, and suggests the US has become increasingly dominant and unipolar in global markets.
6. The author provides a cautionary note, stating that when the current "bubble" eventually deflates, it is unclear what will trigger its decline, but there may be some possible negative scenarios.
In summary, the image presents a critical perspective on the current dominance and overvaluation of the US stock market, which the author sees as an unsustainable "bubble" situation.
This kind of IPOs getting subscribed 2/3 hundred times ( 345.7 times to be specific) inspite of being vetted by the renowned SME IPO analysts. God only save the investors .

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