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November 28, 2024

WATCH | On the allegations against Adani Group in a US Court, former Attorney General and Senior Counsel Mukul Rohatgi says, "...I have gone through this indictment by the US court. My assessment is that there are 5 charges or 5 counts. Neither in count 1 nor in count 5 is Mr. Adani or his nephew charged. Count number 1 of the indictment is against certain other persons minus the two Adanis. It includes some of their officers and one foreign person...The first allegation is that there is a conspiracy to violate the Foreign Corrupt Practices Act framed by the US Parliament in that the Adanis are not named, their officers may be named. There are 2 or 3 other counts relating to securities and bonds. In those 3 counts, the Adanis and others are named...This is a chargesheet alleging that these people, including Adanis have bribed Indian officials in Indian entities relating to the supply and purchase of power, but I do not find a single name or a single detail in the chargesheet as to who has been bribed, in what manner has he been bribed and the official belongs to such and such department. This charge sheet is completely silent, so I don't know how one can respond to this kind of chargesheets..."
Ola Electric, India’s largest pure-play EV manufacturer with a commanding ~38% market share (FY25 YTD) in the electric two-wheeler segment, has launched its Gig and S1 Z series of scooters, starting at an introductory price of ₹39,999. Designed to democratize electric mobility, the lineup—comprising Ola Gig, Gig+, S1 Z, and S1 Z+—offers innovative features such as removable batteries, robust design, and impressive range to meet diverse personal and commercial needs. Ola also introduced the PowerPod, a portable inverter priced at ₹9,999, which doubles as a power source for essential appliances, making it ideal for semi-urban and rural areas.
Citi’s analysis underscores Ola’s technological edge through its integration of Li-ion cell manufacturing and significant R&D investments, positioning it as a forward-looking EV player. Coupled with large-scale production capabilities and a focus on premium EVs, Ola stands out for its profitability focus and ability to deliver higher margins. Citi further highlights Ola’s upcoming launches, including electric motorcycles and E3Ws, as game-changers in solidifying its market leadership. These factors place Ola ahead of traditional competitors like Bajaj Auto and TVS Motors in India’s growing EV landscape.
BEAT THE STREET BULLETIN
Date: 27-Nov-24
EXPANSIONS & NEW OFFICES
- Pritika Engineering: Commences commercial production of new components.
- Bajaj Steel: Starts operations of a new plant for pre-engineered steel buildings in Nagpur, with an annual capacity of 25,000 MT.
- Him Teknoforge: Establishes
HimForge Rings LLP as a subsidiary to set up a forging plant in Pithampur, Madhya Pradesh, boosting automotive parts production.
- Maan Aluminium: Begins production trials for a new extrusion line, doubling capacity to 24,000 MT annually, enabling wider profile manufacturing for Indian and global markets.
JOINT VENTURES & PARTNERSHIPS
- Suprajit Engineering: Signs MoU with Japan’s Chuo Spring for a 50:50 JV, granting access to advanced transmission cable technology for Indian automotive OEMs.
- South Indian Bank & Fedbank Financial Services: Forge alliance for joint lending initiatives.
- Lloyd Engineering: Collaborates with Italy’s Fincantieri S.p.A. for localized production of equipment and components.
- Thomas Cook: Partners with Indian Oil Corporation and Northeast Indian governments to provide dialysis machines under the Pradhan Mantri National Dialysis Program.
ORDERS & CONTRACTS
- NBCC: Wins a ₹316 crore order for school hostels in Odisha.
- Ashoka Buildcon: Bags a ₹192.69 crore order from MP Poorv Kshetra Vidyut Vitaran Company.
- Surya Roshni: Secures ₹214 crore order.
- Asya Infosoft: Wins a ₹26 crore contract.
- ITCONS: Bags ₹2.08 crore manpower hiring order from the Ministry of Defence for 39 skilled resources on a 1.5-year contract.
REGULATORY UPDATES & CLARIFICATIONS
- Fedbank: Clarifies that its alliance with South Indian Bank is part of routine operations and does not require SEBI disclosure.
- LIC: Receives GST demand for ₹529.6 crore for FY19-20.
TECHNOLOGY & INNOVATIONS
- Granules India: Net Zero commitment validated by the Science-Based Targets Initiative.
- Sonata Software: Secures a multi-million-dollar modernization deal in Australia to transform business processes for a global access solutions leader.
NEW PRODUCT LAUNCHES
- Fredun Pharmaceuticals: Announces plans for a functional foods plant for pets in Maharashtra by FY26.
- Gopal Snacks: Launches banana wafers as a new snacking option.
INFRASTRUCTURE DEVELOPMENTS
- HUDCO & NBCC: Partner to develop an 8.71 lakh sq ft institutional complex in Noida, including office spaces, studio apartments, and retail areas.
- Welspun Ent.: Launches ₹2,700 crore warehousing and industrial park at JNPA SEZ.
ACQUISITIONS
- Tube Investments: Acquires 67% in Kcaltech System India for ₹62 crore.
- Tulsyan Steel: Sells 3.5 acres of land in Doddaballapur for ₹21.5 crore.
- Nazara Technologies: Allots shares worth ₹854.99 crore via private placement.
CORPORATE MOVES
- SW Solar: Director of Projects resigns, effective Dec 2, 2024.
- Aayush Wellness: Nutraceutical product range now available on Amazon India.
- Ujjivan SFB: Sells stressed loan portfolio worth ₹270.35 crore to ARC for ₹40.55 crore.
CREDIT RATING UPDATES
- Fusion Finance: CRISIL downgrades long-term rating to A/Watch Developing.
FUND-RAISING INITIATIVES
- Godrej Properties: Launches QIP at ₹2,727.44 per share, raising ₹854.99 crore.
- Silverline Technologies: Approves ₹95 crore fundraise via preferential basis.
ADDITIONAL HIGHLIGHTS
- GHCL: Approves additional ₹350 crore CAPEX for the Zara Zumara Salt Field project in Gujarat.
- Padam Cotton: Approves 1:1 bonus issue.
- Shilpa Medicare: Gets USFDA approval for IMKELDI (Imatinib Oral Solution) through its JV Oncosol Limited.
- Rishab Instruments: Expands production capacity for transformers and meters in Poland.
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- Ugar Sugar: Starts sugar crushing operations for the 2024-25 season.
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India Daybook – Stocks in News
Sonata Software: Company wins multi-million dollar modernization deal in Australia (Positive)
Gopal Snacks: Company launched a new product in its wafers category. (Positive)
RCF: Company received approval from the Ministry of Chemicals and Fertilizers to amend its Articles of Association. (Positive)
Ashoka Buildcon: Company bags order worth Rs 192.69 cr from Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company (Positive)
Padam Cotton: Company announced a 1:1 bonus share issue (Positive)
Biocon: Biocon Biologics partners with Diabetes Africa & St. Paul's Hospital to improve diabetes care in Ethiopia. (Positive)
PCBL: Andhra Pradesh government approves allotment of 116.62 acres of land in Naidupeta SEZ for the company (Positive)
Vedanta: Moody's upgrades Vedanta Resources' corporate family rating to B2 (Positive)
Waaree Renewable: Company gets order worth ₹1,233.5 crore for ground mount Solar PV project of 2012.47 MWp DC capacity (Positive)
HUDCO: Company signs Memorandum of Understanding with NBCC for development of 10 acres of land parcel in Noida (Positive)
KEC International: Company bags order worth ₹1,704 crore in transmission & distribution business from Power Grid Corp (Positive)
Indo Amines: Company announces NCLT approval for the amalgamation of Pious Engineering Pvt Ltd (Positive)
Tulsyan NEC: Company sold 3.5 acres of land in Bangalore for Rs 21.5 crore to FP Seating Pvt. Ltd. (Positive)
Godrej properties: Company seeks to sell 5.5% equity (1.54 crore shares) of the company via QIP to raise up to ₹4,000 crore, sources to CNBC. (Neutral)
Bank of India: Bank raises Rs 5,000 crore through long-term bonds issue (Neutral)
Max India: Company appointed Ms. Trapti as Company Secretary & Compliance Officer, effective Nov 27, 2024. (Neutral)
JTEKT India: Company received a Show Cause Notice from Haryana tax authorities demanding Rs 44.2 Cr in GST (Neutral)
LIC: Company gets GST demand, interest & penalty order of ₹529.6 crore for FY19-20 (Neutral)
Bajaj Holdings: Company acquired 0.1506% stake in Mphasis Ltd for Rs 66.43 Cr. (Neutral)
Dr. Reddy's: Company received fine notices from German authorities for its subsidiaries' delayed beneficial owner registration. (Neutral)
Samrat Forgings: Company received a show cause notice from GST authorities for Rs 11.44 Cr for FY20-21 (Neutral)
Dhampur Bio: Company acquired 100% of Sonitron Bio Organics Pvt. Ltd. (Neutral)
ZF Commercial Vehicle: ZF Group sold 4.3% stake in its Indian subsidiary, ZF Commercial Vehicle Control Systems India Ltd. (Neutral)
ICICI Bank: Company received revised GST demand orders totaling INR 39.6Cr from Bihar (Rs 25 lakhs and Maharashtra’s 37.8 Cr. (Neutral)
Adani Green energy: Adani Saur Urja incorporates wholly-owned arms AHE2L & AHE3L on November 27. (Neutral)
Jet Airways: NCLT Appoints Satish Kumar Gupta as The Liquidator Of Jet Airways (India) (Neutral)
Axis Bank: Clarifies on SEBI order restraining ACL from taking up any new assignments in capacity of merchant banker, arranger or underwriter. (Neutral)
BEAT THE STREET BULLETIN
Date: 28-Nov-24 (Part 2)
https://t.me/BeatTheStreet10
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LAUNCHES
Hero MotoCorp: Launches "Hero for Startups", a pioneering accelerator program to transform mobility solutions in Bharat and beyond.
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EXPANSIONS & ACQUISITIONS
NATCO Pharma: Sold 14.38 acres (72,358 sq. yards) of marketable land.
Dhampur Bio: Acquires 100% stake in Sonitron Bio Organics for ₹1 lakh to expand into agri and allied markets.
Hathway Cable: Acquired the remaining 61.15% stake in Hathway Nanded for ₹11, making it a wholly-owned subsidiary.
Adani Green: Incorporated subsidiaries AHE2L and AHE3L to drive wind and solar energy projects.
PCBL: Secured 116.62 acres in Andhra Pradesh for new developments, pending SEZ de-notification.
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ORDERS & CONTRACTS
Waaree Renewable: Secures ₹1,233 crore order for EPC works on a 2012.47 MWp DC capacity solar project.
Supreme Power: Bags ₹16 crore order for advanced power transformers; total order book reaches ₹62.25 crore.
KEC International: Wins ₹1,704 crore turnkey order from PGCIL for 765 kV transmission lines and GIS substations.
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REGULATORY UPDATES & LEGAL DEVELOPMENTS
Canara Bank: Exempted by the Ministry of Finance to hold over 30% stake in Canara Robeco Asset Management and Canara HSBC Life Insurance until Oct 2029.
Orient Cement: Appeals ₹24.58 crore tax demand for FY18; anticipates no significant financial impact.
Jet Airways: NCLT appoints Mr. Satish Kumar Gupta as Liquidator for Jet Airways.
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INTERNATIONAL MOVES
Aarti Drugs: Subsidiary Pinnacle Chile SpA establishes Pharma Go SpA to market formulation drugs and participate in Chilean tenders and private markets.
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CORPORATE MOVES
Borosil Ltd: Transfers tenancy rights of Worli premises for ₹13.46 crore.
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Jefferies on Colgate
Buy, TP Rs 3570
Investor day takeaway
CEO focus was firmly on growth as aim is to grow ahead of category & FMCG peers.
LY margin was outlier, which should now be range-bound as brand investments will go up
ST concern, however consumption trends weakening
CITI on Colgate
Sell. TP Rs 3000
Mgmt. presentation alluded to softening category growth in urban markets in near-term
Over long-term though, mgmt. reiterated focus on market development in oral care in India
GS on Marico
Buy, TP Rs 720
VAHO remains a weak spot, but no longer constraining overall performance:
Slight margin hit from higher than expected copra inflation
Lower FY25/26/27 EPS est. by 2.4%/1.2%/1%
GS on Amber Ent
Downgrade to N, TP raised to Rs 6300
Electronics segment’s higher growth guidance, buoyed by an anti-dumping duty for PCBs, is a positive, however a delay in government ordering could keep Railway subsystems under pressure in near term
UBS on Paytm
Neutral, TP raised to Rs1000
Says - Significant improvement priced in
Adjusted EBITDA break-even is likely as of 4Q FY25E
UBS on NBFCs
Multiple factors in past few months have driven underperformance
RBI regulatory tightening likely to continue
Festive demand & gov't capex may aid 2H; less optimistic on rate cut benefits
Top picks PFC & Shriram
Sell on Bajaj Finance
HSBC on Real Estate
2Q appeared a bit slow on bookings, not on account of demand but on lack of inventory
Approvals remain key to meet FY25 guidance, & new land acquisitions a necessity to sustain growth momentum
Buy on GPL, DLF, PEPL, SOBHA
Hold on OBEROI
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
Nifty Stuck in Range, Small Caps Shine !!
1. Global Market :
After a strong upside rally in the past few sessions, all three major U.S. indices closed in the red on Wednesday. The #Nasdaq led the decline, dropping 0.85%, while the #Dow slipped 0.31%, and the #S&P 500 ended lower by 0.38%.
Going ahead, for the S&P 500, the zone of 5960-5940 will act as immediate support. While, on the upside, the zone of 6020-6040 will act as a crucial hurdle for the index.
On Wednesday, #BrentOil closed on a flat note, with the overall trend remaining bearish as it continues to trade below its short and long-term moving averages. Going ahead, the zone of $70.40-70 will act as immediate support for Brent Oil. While, on the upside, the zone of $73.80-74 will act as a crucial hurdle.
The U.S. Dollar Index (#DXY) witnessed a sharp correction on Wednesday. It has tumbled by 0.80 percent and ended at 106 level. Going ahead, the 20-day EMA zone of 105.90-105.70 will act as immediate support for DXY.
2. Nifty View:
For the third consecutive session, the benchmark index Nifty traded within a tight range of 208 points, marking its narrowest daily range in the last seven sessions. This price action led to the formation of an NR7 pattern, signifying a period of low volatility and contraction.
Moreover, on the 60-minute timeframe, a similar contraction is evident, with the Bollinger Bands narrowing significantly. The low level of volatility is often followed by a sudden increase in volatility and a directional move. Hence, we may witness a trending move in the next 1-2 trading sessions.
Talking about levels, the 100-day EMA zone of 24320-24350 will act as an immediate hurdle for the index. Any sustainable move above the level of 24350 will lead to an extension of the pullback rally upto the level of 24550 in the short term.
While, on the downside, the zone of 24160-24130 will act as immediate support for the index. If the index slips below the level of 24130, then the next support is placed at the 23980 level.
On the #derivative front, November #futures surged by 0.34 percent, and the cumulative #OpenInterest of current, next, and far series has also surged by 7.65 percent, which indicates an overall long build-up.
Among the constituents of the #Nifty index, 14 stocks have witnessed a long build-up, and 9 stocks have witnessed a short covering rally. While 20 stocks have witnessed a short build-up, and 7 stocks have witnessed a long unwinding.
The 24300 strike has significant call open interest, followed by the 24400 strike. On the put side, 24200 has a substantial open interest, followed by a 24100 strike.
For the November monthly series, OI PCR is at 1.04, and the max pain is at 24200 strike.
3. Bank Nifty View:
On the monthly expiry day, the Bank Nifty ended above the 52300 mark with a gain of 0.21 percent. It has formed a small body bullish candle with shadows on either side.
Going ahead, the zone of 52500-52550 will act as an immediate hurdle for the index as prior swing highs are placed in that region. Any sustainable move above the level of 52550 will lead to a sharp upside rally in the index upto the level of 52900, followed by 53400 in the short term.
While on the downside, the zone of 52000-51900 will act as immediate support for the index. If the index slips below the level of 51900, then the next support is placed at the 51500 level.
On the #derivative front, December #futures ended higher by 0.20 percent, and the cumulative #OpenInterest of current, next, and far series has dipped by 21.91 percent
The 52500 strike has significant call open interest, followed by the 53000 strike. On the put side, 52000 has a substantial open interest, followed by a 51500 strike.
For the December monthly series, OI PCR is at 1.16.
4. Key Market Indicators:
The volatility index, India VIX, declined by over 4% to close at 14.62 on Wednesday. From its recent high of 18.67, it has dropped nearly 22% in just four trading sessions, reflecting a significant reduction in overall market volatility. Going ahead, the zone of 16-16.20 will act as an immediate hurdle for the index. While, on the downside, the zone of 14-13.80 will act as immediate support for the index.
The #Advance/Decline ratio was tilted in favor of advancers for the third consecutive trading session.
5. Key Sectors:
The Nifty Small Cap 100 has been strongly outperforming the frontline indices over the past few sessions. Notably, it has surged above its short and long-term moving averages, signaling strength. This momentum suggests that the index is likely to extend its upward trajectory in the coming sessions
Apart from this, Nifty IT, PSU Bank, Realty, and Financial Services are likely to outperform in the short-term.
6. FII/DII Data:
Both #FIIs and #DIIs were net buyers yesterday to the tune of 7.78 cr. and 1301.97 cr. respectively.
FIIs' #Long-short ratio for index futures is at 34.89 as on a net basis, they sold 12859 index futures.
On the stock #futures front, FIIs have bought to the tune of 15246 contracts, while on the #Options Front, FIIs bought 52825 call contracts and bought 8020 Put Option contracts.
Summary of Market Participants Positioning in the Derivative Segment for 27th November, 2024.
Synopsis:
Both FIIs and DIIs were net buyers yesterday to the tune of 7.78 cr. and 1301.97 cr. respectively.
FIIs' Long short ratio for index futures is at 34.89 as on a net basis, they sold 12859 index futures.
On the stock futures front, FIIs have bought to the tune of 15246 contracts, while on the Options Front, FIIs bought 52825 call contracts and bought 8020 Put Option contracts.
https://x.com/_sbisecurities/status/1861960989148668039?s=46
GodrejProperties is seeking to launch a QIP to sell up to 5.5% of its equity, or approximately 1.54 crore shares, at an indicative price of ₹2,595 per share, source told CNBC-TV18
RATTANINDIA ENT ; Revolt Motors Kickstarts Operations in Sri Lanka with the launch of its flagship models, the RV400 and RV400 BRZ.
With the first dealership already operational at Maradana Road, Colombo, Revolt Motors plans to establish a robust presence across the country by opening additional dealerships in 11 strategic locations, including
Kurunegala, Madurankuliya, Matara, Embilipitiya, Elpitiya, Batticaloa, Kirindiwela, Horana, Kelaniya, and Tangalle.
Revolt’s flagship model, the RV400, is a game-changer in the electric motorcycle landscape.
Designed to meet the needs of Sri Lankan riders, it offers a range of up to 160 km on a single charge and a top speed of 85 km/h, making it perfect for both urban commuting and longer journeys.
With features such as customizable riding modes (Eco, City, and Sport), AI-enabled connectivity, and mobile app integration, the RV400 combines performance, innovation, and affordability.
RESERVE BANK OF INDIA TO CUT REPO RATE BY TOTAL OF 50 BPS TO 6.00% BY MID-2025 (SAME AS OCTOBER POLL)
**RESERVE BANK OF INDIA TO KEEP REPO RATE ON HOLD AT 6.50% ON DEC 6, SAID 62 OF 67 ECONOMISTS; REST SAID 25 BPS CUT - REUTERS POLL
TATA CONSUMER/CCL PRODUCTS
ARABICA COFFEE FUTURES EXTEND RALLY, HITTING HIGHEST SINCE 1977
RATTANINDIA ENTERPRISES: REVOLT MOTORS MADE ITS HIGHLY ANTICIPATED DEBUT IN SRI LANKA WITH THE LAUNCH OF ITS FLAGSHIP MODELS, THE RV400 AND RV400 BRZ
INDIA
FII net buyers for 3rd straight day
India to see over INR9T spending on power transmission infra by 2032: PTI
Steel Ministry-Dumping of steel will adversely impact the capacity creation objective of the country
VEDANTA
Vedanta Resources raises $800 mn from global investors via new bond issue
S&P Global Upgrades Vedanta Resources to 'B-' from ‘CCC+’ , outlook stable
ZOMATO , SWIGGY ; CCI unlikely to act against Quick Commerce players - BL citing Sources
No case for predatory pricing allegations in absence of dominance in evolving market segment
ADANI PORTS ; Tanzania to keep agreement with Adani for container terminal, official says
With liquidity and a booming private equity /unlisted market the investments horizons of 8-9 year cycles are coming down to 2-3 years for VCs as well.
Expect lot of listing in SME/Startups as well. There will be a mix more players coming into ecosystem with objective of IPO.
ADANI GREEN ; Andhra Pradesh gives extension till December 25 to Adani Green Energy for supplying RE power - BUSINESS LINE
APOLLO HOSPITALS ; SCHRODAR INVESTMENT BUYS ADDITIONAL 0.03 % STAKE ON 25 NOV VIA OPEN MARKET
STAKE INCREASED TO 5.01 % FROM 4.97 % EARLIER
RATEGAIN: Vietjet Thailand Partners with AirGain to Enhance Fare Precision and Market Leadership
Through its partnership with AirGain, Vietjet Thailand will gain access to real-time competitive pricing data from over 300 airlines and 50+ OTAs.
These insights will empower the airline to refine its dynamic pricing strategies and enhance promotional efforts to remain competitive in a rapidly evolving market.
Nuvama on Wipro
Upgrade to Buy from Hold; Hike TP to Rs 700 from Rs 520
Portfolio mix favourable with higher exposure to discretionary
CEO this time is an internal lifer, looking to take the old guard along on the path of achieving growth on a par with peers
Inexpensive valuations make for an attractive risk-reward profile
Valuations at a discount to almost all peers, and yielding a dividend of 3%
Wipro has highly efficient capital allocation policy
Prestige Estates mngmt Says Confident Of Achieving 18,000 Cr In Pre-sales In FY25
Have More Than ₹50,000 Cr Inventory In Pipeline At Different Stages Of Approval
Expect To Launch 2-3 Projects That Are In The Pipeline In Last Month Of Q3
Chennai Plans Are Also Close To Getting An Approval
Maintain The ₹24,000 Cr Pre-sales Target For FY25

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