Market Highlights

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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.

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December 03, 2024

• UBS on Real Estate
• Initiate Buy on DLF , TP Rs 1005
• Initiate Buy on Prestige , TP Rs 2175
• Initiate Neutral on Oberoi, TP Rs 2230
• Believe tailwinds will drive further earnings growth & re-rating
• While do not rule out near-term softness due to a broader macro slowdown, would use any dips as buying opportunities.
• Residential—multiple tailwinds to support volume growth
• Commercial—COVID-related uncertainties have eased
• HSBC on Aster DM
• Buy, TP Rs 550
• Aster announced a merger deal with Blackstone-backed Quality Care to create one of India’s Top 3 hospitals chains
• Note gain in terms of a larger scale, though look for better clarity on EBITDA synergies for merged entity
• HSBC on Bajaj Fin
• Buy, TP Rs 7740
• RBL Bank & BAF have stopped sourcing new cobranded credit cards, but will continue to service existing ones
• Cut BAF’s FY25-27e EPS by 1-2% due to a cut in fee & interest income as this book runs down
• Believe offers value at current val
• CITI on Ashok Leyland
• Buy, TP Rs 260
• Overall domestic CV volumes declined 4%YoY and 11%MoM in November’24.
• Within segments, trends were diverse.
• Domestic MHCV trucks vol down 2%YoY & 8%MoM
• However, domestic MHCV buses saw a strong 33%YoY growth in volumes (+6%MoM)
• CITI on M&M
• Buy, TP Rs 3520
• Domestic UV vol 16%YoY (down 15%MoM)
• Do see some slowing in pace of growth sequentially, though at this stage, volatility in volumes could also reflect fluctuations in inventory
• Mgmt noted that healthy reservoir levels & higher MSP augur well
• HSBC On Autos
• PV Retail Fell On The Back Of Shift In Festive Season
• 2-wheeler Retails Maintained Momentum And Grew By 16%
• CV Industry Maintained Pricing Discipline Despite Weak Demand
• Tractor Inventory Normalised With Higher Retails
• Ola Market Share Decreased To 25%, Bajaj Was At 22%, And TVS At 23%
• Jefferies On Global Heath
• Buy Call, Target At Rs1,170/Sh
• Co Continues To Witness Steady Operations In Gurugram
• Sequential Recovery Is Underway In Lucknow & Patna Hospitals Operations Remain Strong
• Over Next 5 Yrs, Co Earmarked Capex Of `2,800 Cr For
• Nearly 2,900 Beds Which Includes Major Projects
• Delay At Indore Is A Disappointment But Co Is Exploring Other Options To Enter Market
• MS on Gujarat Gas
• OW, TP RS 614
• Co's CNG prices of Rs1.5/kg follows its other peers in increasing prices for natural gas
• Current price hike of 2% for CNG, believe, is first of 3/4 price hikes in coming mths
• However, if taxes for natural gas are rationalised at state & federal levels, may not need more than one of price hike of the magnitude of one today.
• Prefer GAIL & Reliance over Gujarat Gas
• Macquarie on ITC
• O-P, TP Rs 560
• Media articles point to 35% special rate for cig
• Potential replacement for compensation cess
• Current cig attract 28% GST rate & a compensation cess of 5-36% based on length of cigarette with longest cigarette attracting 36%
• If this levy of a special rate is over and above the existing compensation cess, believe ITC will need at least a high single digit price hike to offset this tax increase
• India Daybook – Stocks in News
• Indoco Remedies: Company collaborates with UK-based Clarity Pharma, to launch around 20 products over the next 18 months through Clarity Pharma (Positive)
• Pricol: Company announces Strategic Acquisition of Sundaram Auto Components Limited’s Injection Moulding Business for all-cash deal for an amount of Rs.215.3cr. (Positive)
• Protean eGov Tech: Company bags order worth ₹161 crore from Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) (Positive)
• BPCL/Coal India: BPCL signs MoU with Coal India for setting up a coal to synthetic natural gas project at Western coalfields through surface coal gasification. (Positive)
• Snowman: Gateway Distriparks Ltd. acquired 478557 shares (0.29%) of Snowman Logistics Ltd. (Positive)
• Paramount Communications: ICRA has upgraded the assigned long-term ratings to the unallocated bank limits of the Company from [ICRA] BBB-(Stable) to [ICRA] BBB (Stable). (Positive)
• Chambal Fertilizers: Company partners with TERI to establish center of excellence for advanced & sustainable agriculture solutions (Positive)
• Waaree Energy: Company has received new orders for supply of modules. (Positive)
• Ceinsys Tech: Company received Letter of Award amounting to Rs.331.61 Crores for Appointment of System Integrators (SI’s) for IoT Deployment. (Positive)
• Allied Blenders: Company is expecting a 40% volume growth from its premium segment in second half of the financial year. (Positive)
• Tata Consumer: Company plans to open 1,000 Starbucks cafes in India by FY28, says MD and CEO Sunil D'souza. (Positive)
• Advait Infratech: Advait Energy Transitions has been selected by Gujarat Urja Vikas Nigam as a qualified bidder for a 50MW portion of a 500MW battery energy storage project in Gujarat (Positive)
• Popular Vehicles: Company received approval to establish a new NEXA workshop in Kerala, featuring 4 service and 5 bodyshop bays. (Positive)
• Godavari Biorefineries: Company signed an exclusive license agreement with Catalyxx Inc. to produce up to 30,000 tons of biobutanol annually. (Positive)
• Sterling Tools: Company signed a technical collaboration agreement with Zhejiang Meishuo Electric Technology Co, Ltd., China. (Positive)
• Solar Ind: Company received export orders worth INR 2039 Crores for Supply of Defence Products, to be delivered over a period of 4 years. (Positive)
• E2E Networks: Company has entered into an arrangement with Larsen & Toubro Limited for capacity expansion for its data center facilities. (Positive)
• KPI Green: Company bags order worth ₹1,311 cr from Coal India (Positive)
• MOIL: Company reported record production (1.63 lakh tonnes) and sales (1.33 lakh tonnes) of Manganese Ore in November 2024. (Positive)
• Steel Stocks: Steel Ministry proposes 25% safeguard duty on steel imports: NDTV. (Positive)
• Syngene: Sibaji Biswas resigns as ED & CFO of the Co w.e.f. November 30, 2024. (Neutral)
• Torrent Power: Company opens QIP, sets floor price at ₹1,555.75/sh (Neutral)
• Nazara: Company announces five investments totalling INR 196 Crores to drive growth across Gaming and Entertainment (Neutral)
• AGI Infra: Company approved Sub division/split of each equity share have face of Rs.10 into 2 equity shares having face value of Rs.5 each fully paid up shares. (Neutral)
• Muthoot Capital: Company to consider issuance of NCDs of up to ₹90 cr on private placement basis on December 5. (Neutral)
• Wipro: Shares will trade ex-bonus today with ratio 1:1. (Neutral)
• KEC Int: Bangladesh Tax Tribunal dismisses company’s appeal against VAT demand (Neutral)
• Hindalco: Company received a ₹17.99 cr penalty from the Office of the Commissioner of Central Goods and Services Tax, Jabalpur (Neutral)
• Hindustan Unilever: Company made a partial payment of ₹192.55 Cr (20% of ₹962.75 Cr demand) to the Income Tax authorities. (Neutral)
• Mazagon Dock: Company announces a stock split. Existing ₹10 shares will be split into two ₹5 shares, with December 27, 2024, as the record date. (Neutral)
• Vistar Amar: Company announced a ₹29.95 Cr rights issue of 25,60,000 equity shares at ₹117 each (including ₹107 premium). (Neutral)
• Zomato: Company allotted 47,75,34,845 equity shares (₹1 each) to Foodie Bay Employees ESOP Trust (Neutral)
• Tata Elxsi: Company will participate in Macquarie India Tech Spotlight Day on December 9, 2024. (Neutral)
• Gateway Distriparks: Company launches new service to Kandla port. (Neutral)
• Manaksia Coated Metals: Company plans to raise ₹134.55 crore via a preferential warrant issue. (Neutral)
• Aditya Birla Capital: Company calls for a shareholder meeting on January 7, 2025, to approve the amalgamation of Aditya Birla Finance Ltd. (Neutral)
• AYM Syntex: Company received BSE listing approval for 7767827 equity shares (₹10/- each, ₹172.50 premium) issued preferentially to promoters and non-promoters. (Neutral)
• PAR Drugs: Company announced a slump sale of its establishment for ₹93Cr, representing 99.44% of its revenue. (Neutral)
• Trident Lifeline: Company completed the acquisition of a 50.49% stake in TLL Parentrals Limited on December 2, 2024. (Neutral)
• Perfect Infra: Company bagged large orders totaling ₹1.5 Crore from various clients including Navi Mumbai Municipal Corporation and TE Connectivity (Neutral)
• Bajaj Finserv: Company ends co-branded card partnership with DBS Bank as company seeks to end co-branded partnerships for credit cards (Neutral)
• IKIO Lighting: Company proposes name change to IKIO Technologies Limited (Neutral)
• HCL Tech: Completed its acquisition of Hewlett Packard Enterprise's Communications Technology Group (CTG) assets. (Neutral)
• Health Insurance Stocks: GoM proposes to exempt GST on health insurance premia for non-senior citizens up to a cover of ₹5 lk/annum (Neutral)
• Indegene: Carlyle-backed CA Dawn Investments offers about 69 lakh shares or 2.9% stake in Indegene. (Neutral)
• SEAMEC: SEAMEC International FZE's arrested by order issued by Fujairah Federal Court of First Instance. (Negative)
• Tobacco Products: Government expected to raise GST rates to 35 percent from 28 percent on Tobacco and Tobacco products: CNBC Sources. (Negative)
• VBL: Aerated Beverages GST also expected to rise to 35%: CNBC Sources (Negative)
• BEAT THE STREET BULLETIN
• Date: 02-Dec-24 (part 2)
• NEW ORDERS & CONTRACTS
• - Solar Industries: Bags ₹2039 Cr export order for defense products, to be delivered over four years.
• - KPI Green Energy: Wins ₹13.11 Bn order for a 300 MWAC solar PV plant from Coal India, including 5-year O&M.
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• CORPORATE UPDATES
• - Par Drugs: Approves ₹93 Cr slump sale to Phal-Jig Fine Chemicals; ventures into clean energy and real estate.
• - Zydus Wellness: Acquires 100% ownership in Naturell (India) Pvt. Ltd.
• - OnMobile: Closes its Sri Lanka branch; FY24 revenue was ₹6.7 Lakh.
• - MOIL: Achieves record November manganese ore production (1.63 lakh tonnes) and sales (+32% YoY).
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• STRATEGIC PARTNERSHIPS & ACQUISITIONS
• - HCL Tech: Completes the acquisition of HPE’s Communications Technology Group assets.
• - Valencia Nutrition: Acquires a 50% stake in Zion Beverages for ₹1 Cr to expand into the beverage market.
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• LEADERSHIP MOVES
• - Allcargo Logistics: Appoints Jan Kleine-Lasthues as COO of ECU Worldwide to lead digital transformation.
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• EXPANSIONS & INFRASTRUCTURE
• - E2Network: Partners with L&T to expand data center capacity by 6,000 KW for five years.
• - Lemon Tree Hotels: Announces "Keys Select" property in Kufri, opening in FY26.
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• LEGAL & REGULATORY UPDATES
• - Seamec: Protests wrongful arrest of SEAMEC GALLANT vessel in UAE due to a sub-charterer’s non-payment.
• - KEC International: Plans to challenge VAT tribunal decision in Bangladesh High Court.
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• FUNDRAISING
• - Godrej Properties: To raise ₹6,000 Cr via QIP at ₹2595/share.
• - QMS Medical: Approves equity fundraising of up to ₹49 Cr.
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• MARKET TRENDS & DEVELOPMENTS
• - Steel Stocks: Ministry proposes a 25% safeguard duty on steel imports.
• - CG Power: Diversifies into semiconductors and expands its asset base for growth.
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• STRATEGIC BUSINESS SHIFTS
• - Bajaj Finance: Ends co-branded partnership with DBS Bank India after RBL Bank.
• - Jeena Sikho: Empanels two Panchkarma hospitals in Gurugram and Safdarjung for cashless treatment services.
• - AGS Transact: Pilots "Ongo Ride," an NCMC solution for Mumbai’s public transport system.
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• Stay tuned for the next update from BEAT THE STREET
• News Headlines from Business News Agencies:
• Business Standard
• India's power consumption rises 5% to 125.44 billion units in Nov
• Coal India's total production up by 2% to 471 million tonnes in Apr-Nov
• Block deal activity hits 6-month low at Rs 25,669 crore as markets wobble
• India's potential GDP growth is in range of 6.5-7%, says CEA Nageswaran
• SBI planning to open 500 new branches across India in FY25: MoS Finance
• Tripura demands Rs 135 cr power dues from Bangladesh amid rising tensions
• Skoda targets sales surge in 2024 with new compact SUV Kylaq launch
• Commerce ministry reviewing India-US trade relations amid Trump statements
• Govt deploys advanced tech to enhance oversight over retail fuel outlets
• CBDT extends deadline to Dec 15 for taxpayers with overseas transactions
• Zepto CEO sees clear path to IPO in 2025 with profitability in focus
• Insurance premiums may drop if GST Council decides to reduce taxes: FM
• Economic Times
• O2 Power inks pact to supply 100 MW electricity to East Central Railways
• India exports organic food products worth nearly $450 million till November 25 of FY2025
• RBI lifts its supervisory restrictions on Sachin Bansal-led Navi Finserv Limited
• AIFF signs commercial rights agreement with Shrachi Sports, Sony Sports to telecast I-League matches
• RBI moves, asset quality to push NBFCs slow down asset growth to 15 pc in FY25, FY26: Crisil
• Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance
• Indian SMEs see sustainability as a key driver for commercial success: DHL Express Global Sustainability Survey 2024
• India's wheat planting up 6.6%, rapeseed sowing drops
• Rupee remains one of the best-performing Asian currencies: MoS Finance
• MapMyIndia to spin off B2C unit; CEO Rohan Verma to head new venture
• MG to launch Cyberster electric convertible in January, to be priced around Rs 65-70 lakh
• Prosus invests $80 million in supply chain finance startup Mintifi for 10.6% stake
• Mint
• Indian real estate attracts ₹75,500 cr investment from AIFs; highest among all sectors: Anarock
• Byju's insolvency: Riju Raveendran approaches NCLT to seek inclusion in case
• Swiggy to take 10-minute food delivery to tier 2 and 3 cities
• India rates market signals easing, likely via liquidity, after weak growth data
• Global South not responsible for environmental damage: Piyush Goyal
• GreenLine partners with Flipkart to power greener supply chains
• KEC International has tailwinds of order wins, financial leverage
• ₹200 cr recovered from realtors to compensate homebuyers, ₹500 cr more payable: MahaRERA
• Avg housing prices up 11pc in Jul-Sep in 8 cities, highest 32pc rise in Delhi-NCR: Report
• Ambuja Cements partners with Coolbrook for cement manufacturing with zero-carbon heating technology
• Building Apple products has become a side hustle for China’s biggest EV maker