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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.

November 29, 2024

  • BEAT THE STREET BULLETIN
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  • EXPANSIONS & NEW PROJECTS
  • Mayank Cattle: Adds two oil expeller machines at its Manavadar, Junagadh facility, increasing production capacity by 40%. Installation expected within 3-4 months.
  • Mandeep Auto: Installs 4 new machines (2 CNC units with ring loader automation). Enhances production capabilities to meet rising demand.
  • Vardhman Textile: Approves a ₹350 crore plan to expand processed fabric capacity at its Budhni, MP facility by 31 million meters annually.
  • Electrosteel Casting: Commences commercial production at its Punganur Gasket Plant.
  • PCBL: Commissions the second phase of its Mundra plant specialty chemicals capacity (20,000 MTPA), bringing total capacity to 790,000 MTPA.
  • NTPC: Declares commercial operation of the first 55 MW capacity at its 105 MW Shajapur Solar Project, bringing NTPC Group’s installed capacity to 76,530.68 MW.
  • Spright Agro: Plans land acquisition for contract farming to boost revenue by 10-15%.
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  • JOINT VENTURES & PARTNERSHIPS
  • RateGain: Partners with Vietjet Thailand through AirGain for real-time fare data from 300+ airlines and OTAs.
  • TCS: Teams up with IIT Kharagpur to launch an advanced research center in digital health, robotics, and intelligent systems.
  • John Cockerill & SAIL: Sign MoU for green steel solutions, including hydrogen integration and joint ventures in cold rolling steel.
  • AU Small Finance Bank: Enters a bancassurance partnership with Bharti AXA Life Insurance.
  • Reliance Industries: Subsidiary acquires a 21% stake in Wavetech Helium (USA) for $12M to bolster its low-carbon strategy.
  • ---
  • ORDERS & CONTRACTS
  • BEML: Secures a ₹3,658 crore Chennai Metro contract for manufacturing metro trains and maintenance equipment.
  • Oriental Rail: Bags a ₹2.1 crore order for manufacturing coach seats.
  • Sindhu Valley: Wins a ₹38 crore subcontract for Maharashtra road projects.
  • Servotech Power: Secures a ₹30.2 crore order for a 5.6 MW rooftop solar project from UREDA.
  • Sunita Tool: Receives a ₹1.29 crore contract for mold bases, with ₹11.08 crore work in progress.
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  • PRODUCT LAUNCHES
  • Tilaknagar Industries: Launches Monarch Legacy Edition, its first luxury brandy.
  • Abbott India: Unveils PCV-14 vaccine offering broad protection for children against pneumococcal infections.
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  • CORPORATE MOVES
  • Ajmera Realty: Repays ₹100 crore, accelerating corporate debt reduction.
  • Adani Ports: Vizhinjam port agreement extended by 5 years, set for operational launch in December.
  • Borosil Renewables: Appoints Melwyn Moses as CEO effective Dec 2, 2024.
  • Lemon Tree Hotels: Terminates STOA Hospitality agreement, effective Jan 15, 2025.
  • SJVN: Entrusts CMD role to Shri Raj Kumar Chaudhary, effective Nov 1, 2024.
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  • INFRASTRUCTURE & DEVELOPMENTS
  • Emami Realty: Plans a 22 million sq. ft. project with revenue potential of ₹15,000 crore (19 million residential, 3 million commercial).
  • PFC: Incorporates a subsidiary, Kandla GHA Transmission Limited, to handle preparatory tasks for a transmission project.
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  • FUND-RAISING & INVESTMENTS
  • OneSource Industries: Approves ₹49 crore rights issue.
  • StarlinePS Enterprises: Invests ₹2.5 million in PETMOJO for a non-controlling equity stake.
  • Adani Power: Achieves a score of 67/100 in S&P Global’s CSA, outperforming the sector average of 42.
  • ---
  • ADDITIONAL HIGHLIGHTS
  • Popular Vehicles: Issues a ₹37.5 crore corporate guarantee to its subsidiary, Popular Mega Motors.
  • SBC Exports: Withdraws rights issue, opting for internal accruals and borrowings.
  • Orissa Minerals: Board meeting scheduled for Nov 30 to discuss funding needs.
  • Stay Updated With
  • BEAT THE STREET
  • New F&O Stocks from 29-Nov (NSE Derivatives)
  • Sr No Symbol
  • 1 ADANIENSOL
  • 2 ADANIGREEN
  • 3 ANGELONE
  • 4 APLAPOLLO
  • 5 ATGL
  • 6 BANKINDIA
  • 7 BSE
  • 8 CAMS
  • 9 CDSL
  • 10 CESC
  • 11 CGPOWER
  • 12 CYIENT
  • 13 DELHIVERY
  • 14 DMART
  • 15 HFCL
  • 16 HUDCO
  • 17 INDIANB
  • 18 IRB
  • 19 IRFC
  • 20 JIOFIN
  • 21 JSL
  • 22 JSWENERGY
  • 23 KALYANKJIL
  • 24 KEI
  • 25 KPITTECH
  • 26 LICI
  • 27 LODHA
  • 28 MAXHEALTH
  • 29 NCC
  • 30 NHPC
  • 31 NYKAA
  • 32 OIL
  • 33 PAYTM
  • 34 POLICYBZR
  • 35 POONAWALLA
  • 36 PRESTIGE
  • 37 SJVN
  • 38 SONACOMS
  • 39 SUPREMEIND
  • 40 TATAELXSI
  • 41 TIINDIA
  • 42 UNIONBANK
  • 43 VBL
  • 44 YESBANK
  • 45 ZOMATO
  • Important Alert for Option Traders :
  • Change in Weekly and Monthly Expiry for BSE Indices from 1st Jan 2025.
  • Weekly and Monthly expiry day shifted to Tuesday from Friday.
  • https://x.com/Sudeep_Shah/status/1862134782832111790?t=L8TOebS5kDk_G2XlTBbmOg&s=09
  • India Daybook – Stocks in News
  • Balkrishna Industries: Credit rating upgraded by CRISIL. Long-term rating improved to CRISIL AA+/Stable from CRISIL AA/Positive for Rs 1000 Cr bank loan facilities (Positive)
  • Tiger Logistics: Strengthens Position with Renewed Government Partnerships for International Freight Handling (Positive)
  • Aster DM Healthcare: Deal imminent between Company & Black stone-owned care hospitals, new entity will be the second-biggest hospital chain in the country. (Positive)
  • PC Jeweller: Company sets December 10 as record date for 1:10 stock split (Positive)
  • Narayana Health: In talks to acquire controlling stake in Spire Healthcare (Positive)
  • PCBL: The second and final phase i.e, 20,000 MTPA of 40,000 MTPA specialty chemical capacity at Mundra Plant, Gujarat has been commissioned (Positive)
  • SAIL: Company said it has entered into a partnership with the Indian arm of John Cockerill Group for using green technologies in iron and steelmaking processes. (Positive)
  • BSE: The weekly contracts of Sensex will expiry on Tuesday of every week instead of Fridays. Sensex, Bankex and Sensex 50 monthly expiry would be on last Tuesday on every month. (Neutral)
  • Reliance Ind: Arm Reliance Finance and Investments USA LLC acquires 21% stake in Wavetech Helium for $12 m (Neutral)
  • Jamna Auto: Company received a Show Cause Notice from the Indian government for Rs 7.31 Cr in GST dues for FY21. (Neutral)
  • PFC: PFC Consulting Ltd, a subsidiary of Company, incorporated Kandla GHA Transmission Ltd as a wholly-owned subsidiary. (Neutral)
  • Starlineps Enterprises: Company invested Rs 2.5 million in PETMOJO (Neutral)
  • Autopal Industries: Company appointed Mr. Mandeep Singh as Company Secretary. (Neutral)
  • Phoenix Mills: Company received a show cause notice from GST authorities for Rs 1.44 Cr tax liability for FY2020-21. (Neutral)
  • Adani Power: Company achieves top 80 percentile in global electric utilities for sustainability (Neutral)
  • SBI Life Insurance: Company clarifies on news on regulatory concerns, No regulatory discussions on Bancassurance arrangements (Neutral)
  • Max Financial Services: Company unit max life insurance has not received any IRDAI directive on Bancassurance capping. (Neutral)
  • HDFC Life: Bancassurance regulations by IRDAI & says the news is based on rumours and speculation, and we would like to categorically state that the information mentioned is inaccurate. (Neutral)
  • Bajaj Holdings: Company picks up shares in TCS, hikes stake in Mphasis and Bharti Airtel (Neutral)
  • KEI Industries: Company announced that it has closed its Qualified Institutional Placement (QIP) through which it planned on raising funds (Neutral)
  • Sun Pharma: Company said the Ministry of Corporate Affairs has levied penalties on certain past and present directors and officials. (Neutral)
  • Zee Entertainment: Punit Goenka fails to get shareholders' nod to be re-appointed as Director of company. (Neutral)
  • Zomato: Company approves allocation of 33.6 crore shares via QIP at issue price of Rs 252.62/share. (Neutral)
  • Goldman Sachs on CreditAccess Grameen
  • Downgrade to SELL from BUY
  • TP cut to Rs564 from Rs1426
  • Earnings visibility clouded amid asset quality concerns
  • De-rating structural in nature
  • Its lender association >=3 at c46% of AUM as of Aug’24
  • Borrower indebtedness >Rs150k at c24%
  • Expect both categories to see a potential impact from new MFIN guardrails & present higher credit risk
  • We have been negatively surprised by the accelerating decline in asset quality in Q2
  • Expect deterioration in asset quality to accelerate further with new guardrails put in place this week
  • Cut EPS by 40%-51% for FY25-27
  • Expect credit costs at 6.6% for FY25 & at 4.5% in FY26
  • Slower loan growth due to high write offs in Q4FY25/FY26 as per company’s policy of 270 day write offs; and lower margins on interest reversal
  • Valuations don’t adequately reflect underlying stress in the portfolio
  • MS on RIL
  • OW, TP Rs 1662
  • RIL made an unexpected acquisition of a stake in helium operations in US.
  • While small, it highlights RIL's strategic initiatives to expand into low-carbon solutions while also developing pillars for AI supply chain.
  • Jefferies on Zomato
  • Buy, TP Rs 335
  • Zomato has unveiled 'District' app, a one-stop destination for going-out, a theme for next decade per mgmt.
  • Starting with dining-out & ticketing, new use cases will emerge
  • Market is supply-constrained, which means opportunity
  • MS on Insurance Cos
  • Unanimous feedback from insurers should give some comfort to investors
  • However, investors we spoke to had a "no smoke without fire" read through
  • FM & IRDAI also commented recently on mis-selling etc.
  • Hence, clarification from IRDAI is important
  • HSBC on Hospitals
  • Apollo Hospitals – BUY, TP Rs 8220
  • KIMS Buy, TP Rs 670
  • Rainbow– Buy, TP Raised to Rs 1800
  • Aster DM– Buy, TP raised to Rs 550
  • CITI on Kalyan Jewellers
  • Buy, TP Rs 810
  • Aspiration is to grow revenue at 30%+ with PBT growth ahead of rev growth in medium term;
  • Expect to become debt free (ex-gold metal loan) in next 3 years
  • Nomura on Auto Sales November 2024
  • Rural demand improving, urban remains weak
  • Expect passenger vehicle (PV) wholesales at ~340k units, +2% y-y
  • Weak demand conditions continue, with high discounts persisting even after the high festive season sales and inventory reduction
  • Two-wheeler (2W) industry wholesales likely to be up 3% y-y
  • Our industry surveys indicate slowing demand trends in 2W as well
  • MHCV wholesales to be up 11% y-y
  • Expect a gradual recovery of MHCVs, as government spending will likely improve in H2
  • For tractors, we expect wholesales to be +10% y-yZOMATO: UPDATE ON QIP
  • CO. APPROVED ALLOTMENT WORTH RS 8500 CR SHARES TO QIBs AT ₹ 252.62/SHARE ( 5 % DISCOUNT TO FLOOR PRICE )
  • Demand will be supported on the back of a good rainfall, good reservoir levels, crop prices and improved rural sentiment
  • Jefferies on Auto Sales November 2024
  • YoY growth in wholesale volumes in the month is likely to be adversely impacted by the earlier timing of the festive season this year
  • Expect wholesale volumes to grow 9-13% YoY for Maruti/M&M
  • 1-5% YoY for TVS/Bajaj Auto and remain flattish for Eicher (RE)/Hero
  • Decline 2-3% YoY for Tata Motors/Ashok Leyland
  • M&M, followed by TVS/Eicher are our preferred picks in autos
  • ZOMATO: UPDATE ON QIP
  • CO. APPROVED ALLOTMENT WORTH RS 8500 CR SHARES TO QIBs AT ₹ 252.62/SHARE ( 5 % DISCOUNT TO FLOOR PRICE )
  • NEWGEN SOFTWARE: WINS RS 32.4 CR ORDER
  • Co. has received a Purchase Order from the Reserve Bank of India (RBI) for the implementation and maintenance of the Regulatory Application Management System (RAMS).
  • Time Period 7 years
  • TATA STEEL: Odisha Govt approves Tata steel subsidiary Neelachal Ispat’s ₹61,769 crore plan to expand Jajpur steel plant to 9.5 MTPA From 0.98 MTPA
  • HINDALCO IND: Odisha approves Hindalco’s ₹10,645 crore plan to expand Sambalpur smelter to 0.68 MTPA.
  • WARREN TEA: Update On Sale Of Rajah Alli Tea Estate
  • The Company has signed a Business Transfer Agreement with Rajah Alli Tea & Industries LLP (the Purchaser) on November 28, 2024, for the sale of Rajah Alli Tea Estate for approximately Rs. 19.00 crores, following due diligence.
  • CHOKSI IMAGING: CO. have signed a Distributor agreement on November 28, 2024 for sale of products used in Non-Destructive Testing industry and related accessories as per the terms and conditions of the said agreement
  • The Company has become distributor for all products sell by Kronix NDT Corporation in Non-Destructive Testing industry and related accessories for the period of one year from November 28, 2024 in India.
  • BEAT THE STREET BULLETIN
  • Date: 28-Nov-24 (Part 2)
  • https://t.me/BeatTheStreet10
  • CORPORATE UPDATES & ANNOUNCEMENTS
  • - Hinduja Global: Board approved a CAD 40 million (₹241 Cr) guarantee to Metrolinx for a contract by HGS Canada Inc. The six-year contract, with extensions, is expected to generate CAD 36 million (₹218 Cr) revenue.
  • - Saptarishi Agro: Terminates lease agreement with Frozen Kitchen Foods due to technical issues regarding space sufficiency for a versatile plant.
  • - Nuvoco Vistas: Incorporates a wholly owned subsidiary, Vanya Corporation Pvt. Ltd., for manufacturing cementitious products.
  • - Shriram Finance: Issues ₹400 Cr CCD equity call option notice to Kotak Mahindra Investments for 40,000 CCDs.
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  • RESTRUCTURING & OPERATIONAL SHIFTS
  • - GOCL Corp: Ceases detonator manufacturing at Hyderabad's Kukatpally plant, consolidating operations at Rourkela under IDL Explosives. Turnover from energetics: ₹92.35 Cr in FY24 and ₹22.13 Cr in H1FY25. Focus shifts to Electronics Manufacturing Services (EMS).
  • ---
  • STRATEGIC PARTNERSHIPS & AGREEMENTS
  • - Cupid Breweries: Signs MoU for “Halal” certified non-alcoholic beer production in UAE, securing exclusivity of equipment and technology supply.
  • - Choksi Imaging: Becomes India distributor for Kronix NDT Corporation's products in the Non-Destructive Testing industry for one year.
  • ---
  • FUNDRAISING UPDATES
  • - KEI Industries: Allots ₹2000 Cr shares to QIBs at ₹3800/share (2.07% discount to floor price).
  • - Zomato: Approves ₹8500 Cr QIP at ₹252.62/share (5% discount to floor price).
  • ---
  • NEW ORDERS & CONTRACTS
  • - Newgen Software: Wins ₹32.4 Cr order from RBI for implementing and maintaining the Regulatory Application Management System (RAMS) over seven years.
  • ---
  • INFRASTRUCTURE & EXPANSIONS
  • - Tata Steel: Odisha government approves ₹61,769 Cr expansion plan for Neelachal Ispat plant to 9.5 MTPA (from 0.98 MTPA).
  • - Hindalco Industries: Odisha government approves ₹10,645 Cr expansion of Sambalpur smelter to 0.68 MTPA.
  • ---
  • REGULATORY & LEGAL UPDATES
  • - Vedanta: SAFEMA Tribunal dismissed Sterlite Industries’ appeal against ₹35 Cr FERA penalty. No expected operational or financial impact.
  • - PB Fintech: Paisabazaar receives Income Tax notices under the Benami Property Transactions Act and IT Act. No immediate financial impact quantifiable.
  • ---
  • ASSET SALES & TRANSFERS
  • - Warren Tea: Sells Rajah Alli Tea Estate for ₹19 Cr to Rajah Alli Tea & Industries LLP via Business Transfer Agreement.
  • ---
  • SECURITY & COMPLIANCE
  • - Wealth First: Reports ₹1.98 Cr cyber fraud by a third party. Legal actions taken; no material business impact reported.
  • Stay Updated With
  • BEAT THE STREET
  • INVESTEC ON VEDAΝΤΑ
  • • Maintain Hold with target price of Rs 510
  • • Recent debt re-fi for $800m to elongate maturity profile and reduce interest cost
  • • Effectively implies a lower pay-out ask and more flexibility
  • • Re-fi is positive, but clear capital allocation framework including stated pay-out policy could aid multiples
  • • Co.'s stated targets on cost are aggressive
  • MORGAN STANLEY ON LIFE INSURANCE
  • • If caps are implemented, this would likely be negative for APE growth
  • • Need to see if regulator will include group credit life business within bancassurance caps
  • • Await details from IRDAI/companies on actual caps if any and glide path etc
  • • Stocks will likely stay under pressure until clarity emerges hu
  • BERNSTEIN ON LIFE INSURANCE
  • • India Life Insurance: Regulatory scrutiny on bank sales intensifying
  • • Negative for SBI Life, HDFC Life, Max Financial
  • • LIC, ICICI Pru and PB Fintech gain
  • • Bank channel is central to the distribution of life insurance policies in India
  • • Private sector players overtly relying on their parent bank's to drive volumes
  • Expect the proposal to be met with fierce pushback from the industry
  • • Likely drag on the stock prices of the private life insurers
  • • If enacted the proposal would prove difficult to implement and detrimental to growth
  • KOTAK SECURITIES ON LIFE INSURANCE
  • • Believe diversification of distribution is anyway a secular and inevitable trend
  • • Can lead to downgrades, only if stringent timelines are imposed
  • Private life insurance stocks look attractive after the correction, ICICI Prudential Life and HDFC Life remain BUYS
  • Believe that listed insurance companies may be well placed to meet the trend, in the absence of stringent timelines
  • BOFA ON PB FINTECH
  • • Maintain Neutral with target price of Rs 1850
  • • Core momentum strong
  • • Downside risks for PB health low; offers upside optionality
  • • The focus of PB's health-care foray is to solve claims & improve insurance penetration.
  • • Given limited investment of <$100 mn from PB Fintech, we expect worse-case impact may be much lower
  • • Think PB Health offers an upside optionality from 3-4 years perspective
  • CITI ON DIVIS LAB
  • Maintain Buy with target price of Rs 6850
  • Entresto API sales can increase rather than street expectations of a decline
  • DIVI's expanding pipeline of contrast media
  • DIVI remains our Top Pick in Indian Pharma
  • Company is v well positioned from a Se tactical as well as a structural point of view
  • Growth in Entresto and Contrast media may drive consensus upgrades
  • JEFFERIES ON ZOMATO
  • Maintain Buy with target price of Rs 335
  • Zomato has unveiled the 'District' app, a one- stop destination for going-out, a theme for the next decade per management
  • Starting with dining-out & ticketing, new use cases will emerge
  • Industry is in its infancy as current TAM may be limited, but that is how food delivery and SPQC were until a while back
  • Market is supply-constrained, which means opportunity-ask the Coldplay and Diljit Dosanjh fans in India who are still trying their luck to get a pass
  • Goldman Sachs on CreditAccess Grameen
  • Downgrade to SELL from BUY
  • TP cut to Rs564 from Rs1426
  • Earnings visibility clouded amid asset quality concerns
  • De-rating structural in nature
  • Its lender association >=3 at c46% of AUM as of Aug’24
  • Borrower indebtedness >Rs150k at c24%
  • Expect both categories to see a potential impact from new MFIN guardrails & present higher credit risk
  • We have been negatively surprised by the accelerating decline in asset quality in Q2
  • Expect deterioration in asset quality to accelerate further with new guardrails put in place this week
  • Cut EPS by 40%-51% for FY25-27
  • Expect credit costs at 6.6% for FY25 & at 4.5% in FY26
  • Slower loan growth due to high write offs in Q4FY25/FY26 as per company’s policy of 270 day write offs; and lower margins on interest reversal
  • Valuations don’t adequately reflect underlying stress in the portfolio
  • ASTER DM Healthcare (Agencies)
  • Nearing an agreement to combine with Quality Care (Blackstone backed)
  • Shareholders of Aster are poised to own around 57% of the combined entity
  • Investors in Hyderabad-based Quality Care would hold the remaining 43%
  • ICICI SECURITIES ON ALLIED BLENDERS
  • Initiate Buy with target price of Rs 400
  • Raising the bar, pouring into premium/prestige category
  • Portfolio enhancement to drive double-digit volume growth in P&A
  • Profitable growth in mass premium
  • Backward integration towards own ΕΝΑ manufacturing, premiumisation and operating leverage may drive operating margin expansion
  • Expect revenue/EBITDA CAGR of 10%/30% over FY24-27
  • NEWGEN SOFTWARE: CO SECURES RUPEES 32.45 CR ORDER FROM RBI FOR IMPLEMENTING REGULATORY APPLICATION MANAGEMENT SYSTEM (RAMS) OVER 7 YEARS
  • YEN SURGES, BREAKING 150 LEVEL AGAINST US DOLLAR
  • ADANI STOCKS ; Japanese banks, including Mizuho and Mitsubishi UFJ, back Adani despite US bribery charges, citing strong cash flow and repayment confidence.-ET REPORT
  • Barclays Plc , Jeffries are reassessing their exposure to the Indian conglomerate.
  • ADANI GREEN; Adani Green's mega project under scrutiny trips up on deadline; supplies zero power to Andhra Pradesh - ET
  • DIXON , AMBER, OPTIMUS INFRA ,EPACK ,CENTUM , KAYNES , SYRMA , PG ELECTROPLAST ; IT Ministry likely to seek Cabinet's nod for Rs 40,000 crore package to boost electronic components' manufacturing - ET
  • MORGAN STANLEY ON RELIANCE
  • OVERWEIGHT , TARGET: 1,662
  • Co Has Made An Unexpected Acquisition Of A Stake In Helium Operations In US
  • Acquisition In US Is Small However It Highlights Co's Strategic Initiatives
  • Co's Strategic Initiative Is To Expand Into Low Carbon Solutions & Also Developing Al Supply Chain
  • EMS COMPANIES IN FOCUS
  • IT Ministry likely to seek Cabinet’s nod for Rs 40,000 crore package to boost electronic components' manufacturing
  • Bernstein gives outperform call on JubilantFoodworks, says co needs to hit 3 critical things for Rs 80,000 cr market cap by FY30
  • - Turkey Biz needs to deliver nearly 12% rev CAGR & 15% profit
  • - 70 Dominos store adds/yr required to get to almost 3,100 stores by 2030
  • - Sum of Dominos India LFL & pre-Ind AS Corp EBITDA should be 19%
  • Jefferies gives buy call on Zomato, says co has unveiled 'District' app, a one-stop destination for going-out- theme for next decade per mgmt. Starting with dining-out & ticketing, new use cases will emerge. Mkt is supply-constrained, which means opportunity
  • NARAYANA HRUDAYALAYA ; Co. In talks to acquire controlling stake in Spire Healthcare - ET
  • Co is UK's largest private hospital player in terms of revenue-Mkt value at $1.12bn
  • Banks tapped for $500-600mn funding
  • TYRE STOCKS ; INT RUBBER PRICES DOWN 12 % FROM RECENT HIGHS IN OCT MONTH
  • MS on Insurance Cos
  • Unanimous feedback from insurers should give some comfort to investors
  • However, investors we spoke to had a "no smoke without fire" read through
  • FM & IRDAI also commented recently on mis-selling etc.
  • Hence, clarification from IRDAI is important
  • On Auto Sales November 2024
  • Nomura
  • Rural demand improving, urban remains weak
  • Expect passenger vehicle (PV) wholesales at ~340k units, +2% y-y
  • Weak demand conditions continue, with high discounts persisting even after the high festive season sales and inventory reduction
  • Two-wheeler (2W) industry wholesales likely to be up 3% y-y
  • Our industry surveys indicate slowing demand trends in 2W as well
  • MHCV wholesales to be up 11% y-y
  • Expect a gradual recovery of MHCVs, as government spending will likely improve in H2
  • For tractors, we expect wholesales to be +10% y-y
  • Demand will be supported on the back of a good rainfall, good reservoir levels, crop prices and improved rural sentiment
  • Jefferies
  • YoY growth in wholesale volumes in the month is likely to be adversely impacted by the earlier timing of the festive season this year
  • Expect wholesale volumes to grow 9-13% YoY for Maruti/M&M
  • 1-5% YoY for TVS/Bajaj Auto and remain flattish for Eicher (RE)/Hero
  • Decline 2-3% YoY for Tata Motors/Ashok Leyland
  • M&M, followed by TVS/Eicher are our preferred picks in autos
  • HSBC on Hospitals
  • Apollo Hospitals – BUY, TP Rs 8220
  • KIMS Buy, TP Rs 670
  • Rainbow– Buy, TP Raised to Rs 1800
  • Aster DM– Buy, TP raised to Rs 550
  • CITI on Kalyan Jewellers
  • Buy, TP Rs 810
  • Aspiration is to grow revenue at 30%+ with PBT growth ahead of rev growth in medium term;
  • Expect to become debt free (ex-gold metal loan) in next 3 years
  • GAS STOCKS: December meeting of GST Council likely to consider GST on natural gas - BL
  • GST MEETING ON 21 DEC
  • MotilalOswal retains 'Buy' rating on Dixon, Amber, Kaynes, Syrma, CyientDLM and Avalon.
  • Supreme Court raps authorities for unsatisfactory implementation of GRAP-IV regulations in the National Capital; measures to continue till Monday
  • December F&O series begins from Friday's trading session. #Nifty shed 300 points in the November series, in what was its second straight negative F&O series
  • BERNSTEIN ON JUBILANT FOODWORKS
  • MAINTAIN OUTPERFORM , TARGET 700
  • Co Needs To Hit 3 Critical Things For ₹80,000 Cr Market Cap By FY30
  • Co's Turkey Biz Needs To Deliver Nearly 12% Revenue CAGR & Nearly 15% Profit
  • The Sum Of CAGR And Profit For Turkey Business Should Be 27%
  • Expect Dominos India Store Adds To Be A Key Revenue Driver
  • 170 Dominos Store Adds/ Year Are Required To Get To Almost 3,100 Stores By 2030
  • Sum Of Dominos India LFL And Pre-Ind AS Corp EBITDA Should Be 19%
  • ENVIRO INFRA TO LIST TODAY, GMP + 30 %
  • SUDARSHAN PHARMA ; LARGE TRADE BSE
  • CENTURY INDIA OPPORTUNITY FUND PC BUYS 1.6 LKH SHARES ( 0.66 % STAKE )@ ₹ 41.97
  • Motilal Oswal on EMS
  • Takeaways from CII Electronics Summit
  • Retain Buy on Dixon, Amber, Kaynes, Syrma, Cyient DLM and Avalon
  • Various companies already working on component manufacturing
  • Companies expect support from government via favorable policies on components
  • Investment climate is quite positive & sector is in for long-term sustainable growth
  • AdaniGreenEnergy subsidiary AdaniSaurUrja incorporates wholly-owned arm AHE1L.
  • LUDLOW JUTE ; LARGE TRADE BSE
  • NISHTHA INVESTMENT & SONSULTANCY SERVICES PRIVATE LIMITED BUYS 61 K SHARES ( 0.56 % STAKE ) @ ₹ 169.58/SHARE
  • NIFTY TO OPEN FLAT
  • Rupee Opens At 84.48/$ Vs Thursday’s Close Of 84.49/$
  • NCC ; WINS RS 3389 CR ORDER
  • Company has received Letter of Acceptance dated 28th November 2024 from Ken-Betwa Link Project Authority regarding selection of the Company as the successful bidder for the EPC execution of Daudhan Dam under Ken-Betwa Link Project.
  • ICICI Sec on Bharti Airtel
  • Upgrade to Buy from Add; TP at Rs 1875
  • Bharti’s EV/EBITDA valuation multiples have rerated supported by solid fundamentals
  • Five key parameters, which influence telcos’ valuations, have shown remarkable recovery, and may either sustain or improve further
  • Bharti offers much higher EBITDA CAGR of 14.8% over the next two years vs APAC peers at just 4.5%
  • Life Insurance stocks in focus, HDFCLife & SBILife amongst top Nifty gainers, rise more than 1% each
  • First Global mngmt Says Stress In The Bottom End Of Market Was Discovered Only After It Has Corrected
  • For Bottom 60% Of Indians, Incomes Have Fallen Since 2016
  • KV Kamath Recently Pointed Out That F&O Losses Over Yrs Could Be Funded Via Unsecured Loans
  • Need To Worry If Losses In F&O Space Has Been Funded By Unsecured Credit
  • I Am Always A Nervous Investor In Banks & Financials
  • We are Overweight in Pharma and healthcare
  • Market extends gains,Nifty rises above 24,000
  • Sectoral Performance This Week.
  • SENSEX (2.63%)
  • BSE MIDCAP (3.32%)
  • BSE SMALLCAP (5.3%)
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  • BSE Cap Goods (6.6%)
  • S&P BSE Shariah 50 (6.3%)
  • BSE GREENEX (6.3%)
  • BSE CARBONEX (6.3%)
  • BSE PSU (6.28%)
  • BSE Oil & Gas (5.52%)
  • BSE Realty (4.52%)
  • BSE FMCG (3.9%)
  • BSE Power(3.55%)
  • BSE BANKEX (3.26%)
  • UNION Bank Mngmt Says Gross NPA Ratio Will Be At Same Level In FY25 As H1FY25
  • Deposit Growth Has Been Behind Loan Growth
  • Not Seeing Broad-based Deterioration In Asset Qualit
  • Expect Credit Growth Of 10-11% For FY25
  • Gross NPA Will Be Contained Around Present Levels Of 4.3-4.4% Level By End Of FY25
  • Rate Cuts Have Been Postponed, Liquidity Continues To Remain Tight
  • Slippages Rose In Q2 Due To Stress In A Large Corporate Account
  • From HUL Presentation
  • Strategy Going Forward:-
  • 2-4x Opportunity Potential Across Categories
  • See >100 bps margin savings
  • 6 Long Term Bets: Premium Face, Hair, Body Wash, Homecare, Condiments & Wellbeing – See high double digit growth
  • Dixon Tech mngmt Says Component Share Will Increase From 18% To 35% In Next 24-35 Months
  • Mobile Segment Contribution Will Come Down From 70% Το 60-65% By FY26
  • Will Start Making Mobile Displays By Q2FY26, Margin Will Start Improving
  • As Mobile Components Mfg Goes Up, Margin Will Go Up 100-120 Bps In Next 24-28 Mths
  • In Talks With A Few More Android Mobile Players To Make Phone
  • IT Hardware Manufacturing To Kick Off From Q4FY25-Q1FY26
  • SIGACHI INDUSTRIES: Company announced that Trimax Biosciences Pvt Ltd, A Sigachi Group Company has received a communication from European Directorate for the Quality of Medicines & Health Care (“EDQM”) on its latest CEP Filing submission of “Propafenone Hydrochloride”.
  • Achieving the Certificate of Suitability for this API will enable the company to export this product in Europe and other CEP accepting countries.
  • Propafenone Hydrochlride, widely used in the treatment of cardiac arrhythmias, is a high-demand API with a current global market size of USD 1.2 billion.
  • Enviro Infra Lists At ₹220/sh Vs Issue Price Of ₹148/sh
  • Enviro Infra makes strong debut, lists at a premium of 48.7%.
  • NAZARA TECH: Nazara TechArm Signs Share Purchase Agmt To Acquire Trinity Gaming For ₹24 Cr
  • INSURANCE SECTOR IN FOCUS
  • Govt asks for feedback and comments to increase FDI limit from 74% to 100% in insurance sector
  • Government proposes amendments to Insurance Act, LIC Act & IRDAI Act
  • IRDAI empowered to reduce minimum capital (as low as 150 cr) for underserved segments
  • Foreign re-insurers' requirement reduced from 75,000 crte ₹1,000 cr
  • Focus on policyholder interests and expanding Insurance reach
  • Targeting "Insurance for All by 2047 and creating jobs
  • Insurers may be allowed multiple operational activities
  • India September equity FDI inflow at $4 billion vs $6.4 billion in August: Bloomberg
  • Iron Ore remains strong, rises to a 1-month high. SGX IronOre up 10% from the recent lows
  • Nifty corrects over 100 points off day's high but trades in green
  • Nifty Bank at day's low, falls over 300 points off day's high
  • Nifty Pharma top sectoral gainer - up over 1% led by Laurus Labs & Divi's Lab
  • Few sectoral indices turn red
  • Nifty Realty top sectoral loser - down 0.4%, Oberoi Realty & Prestige Estate fall most
Panchkarma