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October 24, 2024

23rd Oct -2024 : Prov figs: Rs.crs*
*FIIs: - 5,685Cr
*DIIs: + 6,040Cr
Fiis Selling in Oct
1st Oct: -5579 Cr
3rd Oct: -15,243 Cr
4th Oct: -9897 Cr
7th Oct: -8293 Cr
8th Oct: -5730 Cr
9th Oct: -4562 Cr
10th Oct: -4927 Cr
11th Oct: -4,162 Cr
14th Oct: -3,732 Cr
15th Oct: -1,748 Cr
16th Oct: -3,435 Cr
17th Oct: -7,421 Cr
18th Oct: -5,486 Cr
21st Oct: -2,262 Cr
22nd Oct: -3,978 Cr
23rd Oct: -5,685 Cr
Total Oct= -92,050 Cr
FII SELLING PRESSURE CONTINUES
INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 23-10-2024 :
FIIS F & O : RS. CRS. :
TOTAL NET BUY : +6016
INDEX FUT. : +117
INDEX OPT. : -932
STOCK FUT. : +6524
STOCK OPT. : +307
SEC. IN F&O BAN FOR 24-10-24 :
1. AARTIIND 2. BANDHANBNK 3. BSOFT 4. GNFC 5. IEX 6. INDIAMART 7. MANAPPURAM 8. NMDC 9. PEL 10. RBLBANK
ADDITION : NMDC
DELETION : CHAMBLFERT, LTF, PNB
INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 23-OCT-2024 :
FIIS : SELL -5,684 (14,753-20,437)
DIIS : BUY +6,040 (16,434-10,394)
BSE SENSEX : -139 (80,082)
NSE NIFTY : -37 (24,435)
BSE MIDCAP. : +222 (46,196)
BSE SMLCAP. : +499 (54,030)
B. CRUDE : $ 75.17
GOLD:$ 2,717=INR 79,000 (10gr)
SILVER : RS. 1,02,000 (kg)
FOREX : RS. $ 84.08
6.79% NEW '34: 6.7698%(100.14)
7.10% GOI '34: 6.8197% (101.9250)
7.23% GOI '39: 6.8567% (103.39)
$10 Billion FII Selling: Should Investors Panic?
https://youtu.be/VGC9I4O9Od8
Are FII really selling: A Data backed research
Trivia: Historically FII selling creates a floor for the markets and ends up in double-digit returns post 1 year
Economic Times
India removes export tax on parboiled rice, govt order shows
Adani Energy gets Sebi notice over alleged wrongful categorisation of shareholders
Mahindra Finance Q2 Results: Net profit soars 36% to Rs 390 crore, NII rises 19%
CanFin Homes Q2 Results: Profit zooms 34% to Rs 212 crore
Godavari Biorefineries collects Rs 166 crore from anchor investors ahead of IPO
Power Grid board approves raising up to Rs 5,000 cr via bonds
Bharti Airtel gets CCI nod to increase stake in Indus Tower to over 50 pc
Titan Capital logs final close of new fund at Rs 333 crore
Women wear brand Berrylush partners with GoKwik to expand online presence
NBCC arm HSCC gets Rs 1,322.48cr worth work orders from Employees State Insurance Corporation
Business Standard
Adani's Ambuja to acquire 46.8% stake in Orient Cement for Rs 8,100 cr
Setting the dial to 2030, Bharat 6G Alliance seeks PLI scheme extension
RInfra to invest Rs 10,000 crore in Maharashtra defence project
Paytm gets NPCI nod to onboard new UPI users months after RBI restrictions
Adani Green Energy Q2 results: Net profit up nearly 39% to Rs 515 crore
Zomato Q2 results: Profit rises 5x to Rs 176 crore, revenue up 69%
Royal Enfield announces first manufacturing unit, showroom in Bangladesh
Aakash to invest Rs 100 crore to rebuild Aakash Digital in 2 years
ICICI Prudential Life Q2FY25 results: Net profit rises to Rs 252 crore
CCI publishes detailed order approving merger of RIL, Disney's media assets
Hyundai Motor India confirms plans to launch hybrid vehicles soon
Arkade Developers eyes Rs 4,000 crore topline from ongoing projects
RBI to meet private bank boards on November 18 to discuss governance
IMF retains India's GDP growth forecast at 7% for FY25, 6.5% for FY26
Rs 4 trillion transmission infra required to meet 2027 power demand: CEA
CCPA sends notices to several quick commerce cos over disclosure violations
Financial Express
Persistent Systems reports 6% sequential profit rise driven by AI service
Union Bank credit pipeline at Rs 75K crore: MD
Azure Power looks $150 million-$180 million loan refinancing
Reliance Infrastructure to set up facility for explosives, ammunitions
Come FY26, states to be ranked on labour welfare, productivity
Standard Chartered Bank opens branch to cater to HNIs in Mumbai
StockGro to launch services in UAE in partnership with Dubai-based exchanges
Mint
Dollar hits to 2-1/2-month peak as US rates, election eyed
India-US low carbon cooling initiative announced, to mobilize $1 billion
Sebi seeks public feedback on criteria to designate specified digital platforms
Neo fund to pick up Ceigall India equity in Punjab road project for ₹450 crore
Allianz SE in talks to exit both insurance joint ventures with Bajaj Finserv
Zomato to raise ₹8,500 cr via QIP as it braces for intensifying competition
JPM on HUL
OW, TP cut to Rs 2870
Slowing urban casts shadow on NT demand outlook; Pricing & market shares strengthen
Q2 Rev/EBITDA was 1%/1.5% below JPMe on back of miss on volume growth (+3% vs JPMe +4%) even as EBITDA margin was in-line
Lower FY25-26E EPS by 3%
MS on HUL
UW, TP Rs 2110
Headline volume growth was weak at 3%, below MSe, owing to an urban slowdown.
Personal care and F&R categories remain an overhang to growth.
Low single-digit price growth in 3Q likely at current levels of inflation in tea & palm oil.
Jefferies on HUL
Buy, TP Rs 3130
In-line 2Q with UVG at 3% YoY reflecting demand pressures
Rural continued to recover while urban started to moderate
Home care reported strong growth in revenue/Ebit; Beauty & Wellbeing modest but Personal Care & Foods saw declines
CITI on Paytm
Upgrade to Buy from Sell, TP Raised to Rs 900
Regulatory risks now appear largely behind (i.e., FDI + NPCI + PPBL) & Co announced plans to offer Default Loss Guarantees (DLG), compliant with RBI guidelines, to its lending partners in merchant loans distribution biz.
In 2Q, while revenues were in-line (+1% vs Citi), huge reduction in opex led to a significant beat on Adj EBITDA, at -Rs1.8bn (Citi: -Rs2.6bn)
Raise est & multiple to 42x EV/Adj EBITDA
JPM on KPIT Tech
OW, TP cut to Rs 1900
Cut its FY25 CC rev growth to lower end, even as it maintained its 18-22% guidance range
This was driven by delays in deal ramp ups, delays in deal closures and offshoring of deals to provide cost efficiencies to clients
Believe this will likely result in a softer 2H with bigger problem being a weak exit rate that impacts FY26 growth
Expect stock to react negatively
Nomura on AU Small Fin
Neutral. TP Rs 680
Sharp pickup in credit cost led by unsecured retail
Credit cost to stay elevated in 2HFY25F
Sharp pickup in slippages; soft asset quality outlook for 2HFY25F
Strong deposit mobilization in 2Q; sharply lower opex vs est
CITI on AU Small Fin
Neutral, TP Rs 684
Elevated slippages (3.3%) & credit cost (net of recoveries) of 1.4% in 2Q coupled with spill-over of MFI/CC stress in 2H prompted mgmt. to raise credit cost guidance (to 1.3% of GLP)
Offset by NIM guidance being revised upwards to 6%
JPM on AU Small BK
Neutral, TP Rs 700
Operationally solid; Credit uncertainty remains
2Q PAT at Rs5.7bn (+14% q/q; ROE: 14.5%) was 15% ahead of JPMe driven by higher other income & lower opex, offsetting rise in credit costs
Credit costs guidance revised up
MS on AU Small BK
OW, TP Rs 780
F2Q25 saw better-than-expected performance on margins & costs, which helped more than offset higher credit costs
Bank maintained its RoA guidance of 1.6%
-ve was sequential moderation in coverage (ex write-offs) as well as LCR
CITI on Navin Fluor
Buy, TP cut to Rs 3800 from Rs 4350
2Q EBITDA rose 9% yoy / 7% qoq, largely driven by higher ref gas revenues.
EBITDA margin was 20.7% vs 19.2% in 1Q, continuing its sequential improvement from trough of 15.1% in 3QFY24.
Jefferies on Navin Fluor
U-P, TP Rs 2950
Though Q2 weak, commissioning of new agro chem plant in 3QFY25 should revive growth in spec chem while commencement of 2 new contracts in CDMO in 4QFY25 shd jumpstart growth
Cut FY25/26 PAT 9%/8%
Risk reward unfavorable @41x 1-yr fwd PE
Jefferies on IIFL Fin
Buy, TP Rs 595
2Q reported loss of Rs1.6b led by one-off provn related to SR.
Reported PBT fell 35% YoY, but was 30% ahead of est, due to one MTM gains on investments.
AUM fell 4% QoQ (gold AUM fell 27% QoQ).
NIM on AUM rose 23bps QoQ
News Headlines from Business News Agencies:
Business Standard
Nvidia's design flaw with Blackwell AI chips now fixed, says CEO Huang
Heineken's premium beer volume rises 4.5% in Q2, Kingfisher Ultra chips in
Tata AIG eyes 30% CAGR growth in retail health portfolio in next 3 years
SBI Life Insurance Q2 results: Net profit rises 39% to Rs 529 crore
Outbound M&A by Indian firms to rise on back of strong balance sheets: Citi
Muthoot Finance raises $400 million via USD notes, oversubscribed 3.9x
Hilton cuts 2024 revenue growth forecast on low consumer tourism spending
Coca-Cola bets on rising soda demand to forecast surge in its revenue
Uber Auto and Moto services to drive Rs 36k cr in economic activity in 2024
UAE's sovereign wealth fund to invest $750 mn in debt of GMR Group
Diesel consumption to rise 3%-4% in FY25, says Indian Oil chairman
Dulux maker AkzoNobel misses Q3 forecasts as demand weakens in China
Economic Times
Jaguar Land Rover expands global innovation network; launches hub in India
Lower APM gas allocation to raise cost of city gas cos by Rs 2-3/kg: Crisil
Persistent Systems sees healthcare revenue growing to $1 billion in next 3-5 years
India's food inflation likely to ease by end of FY25, highlights RBI MPC minutes
TVS Motor to launch new EVs in current financial year
Road ministry decides to double 'defect liability period' under EPC contracts to 10 years: Gadkari
Garmin aims double-digit growth in India, expansion to e-commerce platforms
Escorts Kubota to sell railway equipment biz to Sona Comstar for Rs 1,600 cr
TVS Industrial & Logistics Parks to set up Rs 200-crore facility in MP
Indian entertainment industry loses Rs 22,400 crore annually due to piracy: EY-IAMAI
FIU slaps Rs 54L fine on Union Bank of India for multiple PMLA violations
Mint
JP Morgan Chase India appoints Pranav Chawda as CEO after RBI approval
Godrej Properties Q2 profit jumps 5-fold to ₹335.21 cr on higher revenue
TVS Motors Q2 results: Net profit rises 41% to ₹588 cr, revenue at ₹11,302 cr
Jinesh Gopani, former Axis MF star, plots comeback with Taksh AIF
Jio aims to export high-speed fixed wireless access internet as managed service
Maruti Suzuki Swift Blitz Edition launched in India with enhanced features
Finance ministry to take call on scrapping windfall tax on oil: Tarun Kapoor
Montecarlo explores sale of nine road assets in $360 million deal
Setback for Byju’s as SC restores insolvency case, raps NCLAT for overreach
Zomato hikes platform fee to ₹10 amid festive season rush
Paytm secures NPCI approval to onboard new UPI users
Botree Software Launches MyDMS to Boost Rurban Market Growth
Equity :
Nifty closed @24,436 (-37) and Sensex @ 80,082 (-139) on Wednesday. GIFT Nifty was trading at 24,527 (as of 7.30 a.m.)
FIIs net sold equities in cash to the tune of Rs. 5,685 cr whereas DIIs bought equities in cash worth Rs. 6,040 cr on October 23, 2024
Jio Financial Services is in talks with Germany-based Allianz SE to set up an insurance partnership in India
Bajaj Finserv’s consolidated net profit rose 8% y/y to Rs 2,087 cr in 2QFY25 helped by higher insurance premium and interest income
Hindustan Unilever Limited (HUL) announced decision to separate its ice cream business by December, which currently contributes approximately 3% to the company's turnover
HUL’s Q2 FY25 net profit fell more than expected to Rs 2,591 cr (-2% y/y), while revenue beat estimates to grow to Rs 16,145 crore (+2% y/y) and volume growth stood at 3% in the quarter
Zomato and Swiggy hike platform fee to Rs 10 to make orders more profitable during festive rush
Pidilite reported a rise consolidated net profit by 18% y/y to Rs. 540 cr in 2QFY25 aided by favourable input costs, while revenue grew in mid-single digits to Rs 3,235 cr
Navin Fluorine posted a 3% y/y decline in its net profit in 2QFY25 to Rs 59 cr (in-line with estimates), while revenues climbed 10% y/y to Rs 519 cr led by the HPP segment
MakeMyTrip’s Q2FY25 gross bookings amounted to $2,257m, up 24% y/y from $1,840m, reflecting increased travel demand, while net profit jumped more than 7x to $17.9m
TVS Motor reported 45% y/y increase in consolidated net profit to Rs 560 cr in 2QFY25, primarily driven by the highest-ever overall quarterly 2W and 3W sales
Indian ADRs: Dr. Reddy’s Labs (-2.0%), ICICI Bank (-1.0%), HDFC Bank (+1.6%)
Debt:
10yr G-sec (old) yield closed flat at 6.82% on Wednesday
RBI accepted T-Bills worth Rs 19,000 cr in weekly auction with cut-off yields for 91-364 days ranging between 6.48-6.60%
As per RBI’s MPC minutes, India's food inflation is expected to ease by Q4 FY25 supported by better kharif arrivals and rising prospects of a good rabi season
IMF in its latest World Economic Outlook report highlighted a significant global shift in manufacturing production towards emerging markets like India and China, as advanced economies lose competitiveness
SBI has raised Rs 5,000 cr through issuance of perpetual (AT-1) bonds at a coupon rate of 7.98% and first call date after 10 years
Commodities:
Brent crude was down by 1.09% to $75.21/barrel on Wednesday after data showed U.S. crude inventories rose by more than expected even as refining activity rebounded, though futures remained up about 2% this week as traders factored in continuing conflict in the Middle East
Gold futures settled lower as a stronger dollar and a rise in U.S. Treasury yields countered support from safe-haven demand linked to the Nov. 5 U.S. election and Middle East war. Spot gold was down by 0.98% to $2721.40/oz on Wednesday
India has removed the floor price for the export of non-basmati white rice, the government said in an official order on Wed, to help farmers & exporters sell various grades of rice on the world market
The Committee of Ministers, headed by Home Minister Amit Shah, has reportedly deferred a proposal to raise the minimum selling price (MSP) of sugar for now. The last price revision happened 6 years ago
Currency:
Rupee depreciated by 1 paise and settled at 84.08 against the US dollar on Wednesday, due to outflow of FIIs in Indian equity market
US Dollar Index (DXY) increased by 0.06% to end at 104.07 on Wednesday, as US equities fell on disappointed earnings as markets calibrated the new normal for the Fed interest-rate outlook
USD/JPY increased by 1.19% to end at 152.86 on Wednesday, amid the BoJ rate-hike uncertainty
USD/AUD increased by 0.92% to end at 1.510 on Wednesday, as the RBA is widely expected to continue its hawkish monetary policy
EUR/USD fell by 0.27% to end at 1.076 on Wednesday, as ECB Lagarde said she is hopeful about inflation falling at a faster-than-expected pace
International Markets:
U.S. markets fell on Wednesday with the Dow Jones, S&P 500, and Nasdaq down by 0.96%, 0.90% and 1.60% respectively. All 3 major futures indices are trading between -7 to +55 bps at the time of writing the report
The Bank of Canada, in line with expectations, cut its benchmark interest rate for the fourth consecutive time since June by 50 bps to 3.75% on Wednesday. The previous three cuts were 25bos each
U.S existing home sales drop to a 14-year low in Sep-24 ,falling 1.0% MoM to a seasonally adjusted rate of 3.84 mn units and was below expectations of 3.86 mn units
At its session high, the U.S. benchmark 10-year Treasury note yield topped 4.25%, reaching its highest level since July 26 before closing the day at 4.242%
Tesla shares jumped in after hours trading on Wednesday as third quarter adjusted earnings came in above estimates at US$ 0.72 despite a miss on the topline as gross margins came in above expectations at 19.8%. CEO Elon Musk also guided that volume growth could be 20-30%
next year
More Results after market hours
Nath Bio Gens Avarage
TRF Avarage
Rattanindia Power Poor
Birlasoft Declining.
United Spirit Flat
PNGS Gargi Ok
Nuvoco Vistas Declining
Pidilite Good
Sagar cement very bad
India Daybook – Stocks in News..
RITES: Company and NMDC collaborate for rail connectivity works (Positive)
KEC International: Company secures new orders worth Rs 11.42 billion (Positive)
Hindustan Unilever: Company Board Decides To Separate Its Ice Cream Business (Positive)
Sona BLW: Company board approves acquisition of 'Railway equipment division' business of Escorts Kubota for Rs 1,600 cr. (Positive)
Rice Stocks: Government lifts curbs on rice exports, removes floor price for non-basmati grain (Positive)
Dr LalPath Labs: Net Profit at Rs 130.8 cr vs Rs 110 cr, Revenue at Rs 660.2 vs Rs 601.3 cr. (YoY) (Positive)
MAS Fin: Net Profit at Rs 78 cr vs Rs 62 cr, Revenue at Rs 385 vs Rs 311 cr. (YoY) (Positive)
Thyrocare Technologies: Net Profit at Rs 26 cr vs Rs 20 cr, Revenue at Rs 177 vs Rs 148 cr. (YoY) (Positive)
Tanfac: Net Profit at Rs 19 cr vs Rs 11 cr, Revenue at Rs 111 vs Rs 81 cr. (YoY) (Positive)
Sona BLW: Net Profit at Rs 144 cr vs Rs 124 cr, Revenue at Rs 922 vs Rs 787 cr. (YoY) (Positive)
Piramal Ent: Net Profit at Rs 163 cr vs Rs 48 cr, Revenue at Rs 775 vs Rs 746 cr. (YoY) (Positive)
Fedbank Financial: Net Profit at Rs 64.5 cr vs Rs 57.8 cr, Revenue at Rs 513 vs Rs 390 cr. (YoY) (Positive)
Manorama Industries: Net Profit at Rs 27 cr vs Rs 9 cr, Revenue at Rs 195 vs Rs 117 cr. (YoY) (Positive)
PNGS: Net Profit at Rs 5.1 cr vs Rs 1.7 cr, Revenue at Rs 23 vs Rs 10.7 cr. (YoY) (Positive)
Krystal Integrated: Net Profit at Rs 15.1 cr vs Rs 11.8 cr, Revenue at Rs 266 vs Rs 234 cr. (YoY) (Positive)
TVS Holdings: Net Profit at Rs 599 cr vs Rs 457 cr, Revenue at Rs 11562 vs Rs 10619 cr. (YoY) (Positive)
Aster DM: Net Profit At ₹96.8 Cr Vs Loss Of ₹30.8 Cr, Revenue At ₹1,086.4 Cr Vs ₹929.4 Cr (YoY) (Positive)
Care Ratings: Net Profit at Rs 47 cr vs Rs 35 cr, Revenue at Rs 117 vs Rs 96 cr. (YoY) (Positive)
Jagsonpal Pharma: Net Profit at Rs 11.4 cr vs Rs 7.4 cr, Revenue at Rs 75 vs Rs 57 cr. (YoY) (Positive)
Piramal Pharma: Net profit at ₹22.6 cr vs ₹5 cr, Revenue up 17.3% at ₹2,241.8 cr vs ₹1,911.4 cr (YoY) (Positive)
Pidilite: Net profit up 17.8 % at ₹540.3 cr vs ₹458.5 cr, Revenue up 5.2% at ₹3,234.9 cr vs ₹3,076 cr (YoY) (Positive)
AU Small Finance Bank: Net Profit at Rs 571.2 cr vs poll of Rs 507.8 cr, NII at Rs 1974.3 vs poll of Rs 1967 cr (Neutral)
Schaeffler India: Net Profit at Rs 236.4 cr vs Rs 232.7 cr, Revenue at Rs 2116.3 vs Rs 1853.6 cr. (YoY) (Neutral)
Syngene International: Net Profit at Rs 106.1 cr vs Rs 116.5 cr, Revenue at Rs 891 vs Rs 910 cr. (YoY) (Neutral)
Karnataka Bank: Net Profit at Rs 336 cr vs Rs 311.2 cr, NII at Rs 834 vs Rs 822 cr. (YoY) (Neutral)
Hindustan Unilever: Net Profit at Rs 2612 cr vs poll of Rs 2675 cr, Revenue at Rs 15508 vs poll of Rs 15665 cr. (Neutral)
Birla Soft: Net Profit at Rs 127.5 cr vs Rs 150.2 cr, Revenue at Rs 1368 vs Rs 1327 cr. (QoQ). (Neutral)
United Spirits: Net Profit at Rs 341 cr vs Rs 339 cr, Revenue at Rs 2844 vs Rs 2869 cr. (YoY). (Neutral)
Coforge: Net Profit at Rs 234 cr vs poll of Rs 246 cr, Revenue at Rs 3062 vs poll of Rs 2713 cr. (Neutral)
SRF: Net Profit at Rs 201 cr vs poll Rs 290 cr, Board approves capacity addition at Dahej with ₹1,100 crore investment, says SRF (Neutral)
Kajaria: Net Profit Down 22.8% At ₹85.5 Cr Vs ₹110.8 Cr, Revenue Up 5.1% At ₹1,179.3 Cr Vs ₹1,121.6 Cr (YoY) (Neutral)
Jubilant Ingrevia: Net Profit Up 12.4% At ₹59 Cr Vs ₹52.5 Cr, Revenue Up 2.5% At ₹1,045.2 Cr Vs ₹1,019.9 Cr (YoY) ) (Neutral)
Muthoot Finance: Company approves settlement of $ 400 million Senior secured notes under $ 2 billion GMTN Programme (Neutral)
Devyani International: Company appoints Shivashish Pandey as CEO - Yum Brands (Neutral)
Power Grid Corp: Company gets investment approval for project at a cost of Rs 2.84 billion (Neutral)
State Bank of India: Company will be signing a euro 150 million line of credit with KFW (german development bank) for financing climate friendly energy generation projects (Neutral)
Prestige Estate: Company is acquiring 49% stake in arm Prestige Acres for a consideration of Rs 331 crore. (Neutral)
Infosys: Company collaborates with University Of Cambridge to establish an AI lab in London. (Neutral)
Adani Power: Company to consider fund raising up to ₹5,000 crore via Non-Convertible Debentures (NCDs) on October 28, 2024 (Neutral)
Vedanta: Company's new issuance received final orders of over $500 million, an oversubscription from existing and new investors. (Neutral)
Skipper Company to hold board meeting on Oct 28 to consider fund raising (Neutral)
Kalpataru Company to hold board meeting on Oct 28 to consider fund raising (Neutral)
TVS Motors: Expects 7–8% growth in Q3FY25, supported by better rural demand. (Neutral)
VIP Ind: Net loss at Rs 33.05 cr vs Net Profit Rs 13.28 cr, Revenue at Rs 546.91 vs Rs 548.66 cr. (YoY) (Negative)
Birla Corp: Net loss at Rs 25.2 cr vs Net Profit Rs 58.4 cr, Revenue at Rs 1970 vs Rs 2312 cr. (YoY) (Negative)
Andhra Cement: Net loss at Rs 34.8 cr vs Rs 1.00 cr, Revenue at Rs 54.9 vs Rs 65.2 cr. (YoY) (Negative)
Bajaj Holding: Net Profit at Rs 1051 cr vs Rs 1571 cr, Revenue at Rs 1130 vs Rs 1666 cr. (YoY) (Negative)
Nuvoco: Net loss at ₹85.2 cr vs profit of 1.5 cr, Revenue down 11.8% at ₹2,268.6 cr vs ₹2,573 cr (YoY) (Negative)
BEAT THE STREET BULLETIN
Date: 23-Oct-2024 (PART 2)
t.me/beatthestreet10
ORDER WIN
NLC INDIA: Company has announced a joint venture agreement for the establishment of a 3x125 MW lignite-based thermal power station in Rajasthan.
MARBLE CITY INDIA: Company has received an order from Larson &Turbo Limited (Realty Division) and Kalpataru Urbanscape LLP for supply of Imported Natural Marble/sanitary ware worth Rs 15 Crore (mcap 215)
FUND RAISING
ADANI POWER: fund raising up to ₹5,000 crore via Non-Convertible Debentures (NCDs) on October 28, 2024
ACQUISITION
MANKIND PHARMA: Company Completes Landmark Acquisition of BSV Expands high entry barrier portfolio; Leadership in Women’s Health
ERIS LIFESCIENCES: Company has acquired 100% stake in Eris Pharmaceuticals Private Limited, a step-down subsidiary
PRESTIGE ESTATES PROJECTS: Company has executed agreements for Acquiring Subsidiaries
COLLABORATION
INFOSYS: Company Collaborates with University of Cambridge to Establish an AI Lab in London. Unveils New and Expanded Living Lab to Accelerate Innovation for Enterprises
PLANT COMMENCEMENT
LEMON TREE HOTEL: Company Signs new property in Aurangabad, Maharashtra. The property, which shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited, is expected to open in FY 2028.
DALMIA CEMENT: Company to set up a new Rs 3k cr plant in MP, Will be the first cement plant in the country to run entirely on renewable energy says group MD
Brought To You By
BEAT THE STREET
GS on DR Lal
Sell, TP Rs 2675
2QFY25 sales/ adj. EBITDA grew 10%/14% yoy, driven by a combination of bundling (leading to higher testing per patient) & change in product mix.
EBITDA margins came in at 30.7%, (+110bps yoy), driven by better mix & operating leverage
CITI on DR Lal
Sell, TP Rs 2850
2Q revenues (9.8% YoY) were largely in-line but EBITDA was ahead (+100bps YoY) with improvement in suburban margins, higher SwasthFit (24%, c300bps YoY), & cost optimization measures.
Patient volume growth at 4% YoY was a bit muted
UBS on DR Lal
Buy, TP Rs 3500
Q2 robust with revenue growth of 9.8%, inline to expectations & strong beat on EBITDA margins at 30.7%.
Co's ability to report continued revenue growth on back of increasing volumes & no price increase, is quite commendable
HSBC on Bajaj Fin
Upgrade to Buy, TP raised to Rs 7740
Believe Co's earnings are nearing end of their weak phase & there could be gradual recovery in profit growth
A recovery in consumer loan growth & credit costs, aided by stable NIM & controlled expenses could support profits
HSBC on Godrej Properties
Buy, TP Rs 3700
Godrej believes upcoming fund raise will accelerate growth beyond 20%yoy medium-term; 2Q sustained momentum
Expect upcycle driven by strong margins and higher-than expected bookings; completions to generate reported profits
MS on Godrej Properties
OW, TP Rs 3100
Q2 – Strong cash flow & margins
Godrej is confident it can grow pre-sales faster than 20% per annum despite a high base
Are seeing even faster growth in collections & cash flow
Stock preferred pick in developer space
Jefferies on SRF
Maintain Underperform; Cut TP to Rs 1970 from Rs 2070
Q2 Review: Withdraws Guidance After Weak Print
Refgas export markets challenging in FY25
Packaging Films muted
Lower FY25/26E PAT 20%/15% on a more gradual recovery in specialty chemicals
RATEGAIN: Flight Centre Travel Group Elevates Pricing Strategy with AirGain’s Price Intelligence Solution
HCL TECH: Company have extended their ongoing partnership to enable world-class transport services and experience for customers
HCL Tech will focus on scaling and future proofing Transport for NSW's technology by building a resilient, reliable, secure application and platform landscape.
Govt imposes anti-dumping duty on five Chinese products for 5 years
These duties were imposed as these products -- were exported to India from China at below normal prices.
isopropyl alcohol,
sulphur black,
cellophane transparent film,
thermoplastic polyurethane,
unframed glass mirror -
GOLDMAN SACHS DOWNGRADES INDIA
*Goldman Sachs on India - Downgrade to Neutral from Overweight*
Structural appeal remains, but economic growth and corporate profits are decelerating.
•High starting valuations and a less favorable backdrop could limit near-term upside.
•A significant ‘price correction’ seems unlikely, given strong support from domestic flows.
•Markets may experience a ‘time correction’ over the next 3 to 6 months.
•Strategically reduce Indian equities from Overweight to Neutral in Asia/EM allocations.
•Revised 12-month NIFTY target to 27,000 (from 27,500), suggesting a 9% upside.
•3-month/6-month NIFTY targets are 24,500 (-1%) and 25,500 (+3%), respectively.
•Overweight on Autos, Telecoms, Insurance, Realty (upgraded), and Internet (upgraded).
•Downgrade cyclical sectors like Industrials, Cement/Chemicals, and Financials.
•Prioritize quality, earnings visibility, and targeted alpha strategies.
Summary of Market Participants Positioning in the Derivative Segment for 22nd October, 2024.
Synopsis:
FIIs sold to the tune of 3978.61 cr. while DIIs bought to the tune of 5869.06 cr.
FIIs' Long short ratio for index futures is at 32.33 as on a net basis, they sold 3102 index futures.
On the stock futures front, FIIs have bought to the tune of 10890 contracts, while on the Options Front, FIIs sold 52277 call contracts and bought 23079 Put Option contracts.
https://x.com/_sbisecurities/status/1848721918058475841?s=46
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
1. Global Market :
On Tuesday, after facing pressure in the first half of the session, all three major U.S. indices rebounded in the second half, finishing the day with minimal changes. The Nasdaq edged up by 0.11%, while the Dow dipped by 0.02%, and the S&P slipped by 0.05%.
Going ahead, for S&P 500 the zone of 5790-5770 will act as immediate support. While, on the upside, the zone of 5870-5890 will act as a crucial hurdle.
#BrentOil has witnessed a pullback for the second consecutive trading session. Along with this pullback, it has surged above its 20-day EMA level. Going ahead, the 50-day EMA zone of $75.80-76 will act as an immediate hurdle for Brent Oil. Any sustainable move above the level of 76 will lead to an extension of the pullback rally upto the level of $78 in the short-term.
The U.S. Dollar Index (#DXY) has continued its northward journey and ended above 104 level for the first time after 57 trading sessions. Going ahead, it is likely to continue its northward journey and test the level of 104.50 in the short-term.
2. Nifty View :
On Tuesday, the Nifty index came under selling pressure, closing below its 100-day EMA for the first time since election result day. It also finished the session below the key psychological level of 25,000, posting a 1.25% loss.
On the daily chart, a sizeable bearish candle has emerged, while the daily RSI has slipped below the 40 mark and continues to decline, signalling further bearish momentum.
Going ahead, the index is likely to continue its southward journey and test the level of 24340, followed by the 24190 level in the short-term.
While, on the upside, the zone of 24600-24620 will act as an immediate hurdle for the index.
On the #derivative front, October #futures dipped by 1.01 percent, and the cumulative #OpenInterest of current, next, and far series has surged by 2.26 percent. This indicates an overall short build-up.
Among the constituents of the #Nifty index, only 2 stocks have witnessed a long build-up, and 2 stocks have witnessed a short covering rally. While 28 stocks have witnessed a short build-up and 18 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 weekly series, OI PCR is at 0.50. While, for the October monthly series, OI PCR is at 0.90.
3. Bank Nifty View:
The Bank Nifty also witnessed a selling pressure on Tuesday. It has ended at the 51257 level with a loss of 1.36 percent. On a daily scale, it has formed a sizeable bearish candle.
Going ahead, the zone of 51050-51000 will act as immediate support for the index. Any sustainable move below the level of 51000 will lead to further selling pressure in the index upto the level of 50400.
While, on the upside, the zone of 51600-51700 will act as an immediate hurdle for the index.
On the #derivative front, October #futures ended lower by 1.16 percent, and the cumulative #OpenInterest of current, next, and far series has surged by 4.51 percent, which indicates an overall short build-up.
The 51500 strike has significant call open interest, followed by the 51700 strike. On the put side, 51000 has a substantial open interest, followed by a 50500 strike.
For the weekly series, OI PCR is at 0.55 and max pain is at 51500 strike. While, for the October monthly series, OI PCR is at 0.76.
4. Key Market Indicators :
On Tuesday, the volatility index #INDIAVIX jumped by 4.21%, breaking above both its short and long-term moving averages. Going ahead, the zone of 14.40-14.60 will act as an immediate hurdle for the index. Any sustainable move above the level of 14.60 will lead to a sharp upside rally upto the level of 15.70 in the short-term.
The #Advance/Decline ratio was largely tilted in favour of decliners.
5. Key Sectors :
On Tuesday, Nifty CPSE, Nifty PSE, Nifty PSU Bank, Nifty Realty, Nifty Energy and Nifty Media gave a fresh consolidation breakdown. Hence, these sectors are likely to underperform in the short-term.
The Nifty Midcap 100 has closed below its 100-day EMA for the first time since April 2023, accompanied by a fresh breakdown of a horizontal trendline. Similarly, the Nifty Small Cap 100 has also experienced a horizontal trendline breakdown, signalling strong bearish momentum across the broader market. Hence, we recommend to avoid building a fresh position for the next couple of trading sessions.
Apart from this, Nifty Auto, Nifty FMCG, Nifty Metal and Nifty Oil & Gas are likely to continue their underperformance in the next couple of trading sessions.
6. FII/DII Data:
#FIIs sold to the tune of 3978.61 cr. while #DIIs bought to the tune of 5869.06 cr.
FIIs' #Long-short ratio for index futures is at 32.33 as on a net basis, they sold 3102 index futures.
On the stock #futures front, FIIs have bought to the tune of 10890 contracts, while on the #Options Front, FIIs sold 52277 call contracts and bought 23079 Put Option contracts.
ALERT: 97% RESULTS ARE FLAT OR BELOW EXPECTATIONS AMONG RESULTS DECLARED TILL YESTERDAY, SO AT EVERY RISE PROFIT BOOKIN WILL CONTINUE IN MOST OF CASH STOCKS. SO MUST DO DEEP STUDY OF Q2 RESULTS BEFORE BUYING ANY CASH STOCKS.

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