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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November 25, 2024

• Emkay On Nifty 50
• • Target cut due to poor Q2 earnings season
• • Expect recovery in consumption growth only in FY26
• • State that weakening trends of Q2 earnings season is not alarming
• • Believe markets will mark time in immediate future
• • Brokerage Overweight on IT and Energy, Underweight on Financials and Staples
• JEFFERIES ON AUTO SECTOR
• • M&M - Maintain Buy with target price of Rs 3700
• • Maruti Suzuki - Maintain Hold with target price of Rs 10900
• • Believe M&M is a better investment case than Maruti
• • M&M enjoys stronger industry demand tailwinds
• • M&M is gaining market share across tractors, SUVs and LCVs while Maruti is slipping in PVs
• • M&M has demonstrated better margin sustainability
• • M&M should deliver higher 19% EPS CAGR over FY24-27 vs 10% for Maruti
• • M&M trades at a similar 23x core business FY26 PE vs 21x for Maruti
• • M&M, followed by TVS/Eicher, are top auto picks
• HSBC ON TRACTOR INDUSTRY
• • M&M - Maintain Buy with target price of Rs 3390
• • Escorts - Maintain Reduce with target price of Rs 3180
• • Strong reservoir level; La Niña settling in and a low base mean strong tractor volume growth is likely over FY25-27
• . Regional reservoir level trends are more aligned with M&M's strong state- holds, which is positive for the company
• • Sustainable increase in size of tractors is noteworthy
• • Long-term penetration story is still credible
• • Expect tractors to grow at a 5-6% CAGR over FY24-27
• Global-Market Insights 1/n
• Global cues are positive
• -US markets closed at an all-time high, Dow reached at new highs
• -Dow jumped 1% to 44,296.5, while the S&P500 rose 0.4% to 5,970
• -Industrials were the biggest gainer among sectors
• -All major indices gained almost 2% on weekly basis
• -Main driver for the market was good economic indicator
• -US Composite PMI increased to 55.3 in November 2024 from 54.1 in October, signalling the strongest expansion in private sector activity since April 2022
• =====
• Global-Market Insights 2/n
• -Dow +426, S&P500 +21, Nasdaq +31
• -US 10Y bond yield at 4.411%
• -Dollar Index 107.51
• -Gold at $2718
• -Brent oil $75.17
• =====
• Global-Market Insights 3/3
• -Brent crude oil gained 1.3% to settle at $75.2 bbl, wrapping up the week with an over 5% increase
• -Gold climbed $2718, rising for the fifth straight day, as investors turned to safe-haven assets amid increasing geopolitical risks
• GOLDMAN SACHS ON PIPES
• • Astral: Maintain Buy; Cut target price to Rs 2170 from Rs 2410
• • Prince Pipes: Downgrade to Neutral from Buy; Cut target price to Rs 480 from Rs 705
• • Margins and volume growth bottoming, but recovery likely gradual
• • Channel checks suggest inventory is still relatively stable in November, despite end market demand from RE showing a pick-up
• • China PVC prices remain subdued pointing to a more gradual margin recovery for the Pipes sector
• • Industry leader Astral is exhibiting pricing power and margin discipline
• • Prince is struggling to balance growth and margins; margin pressures could Persist for a few quarters
• JEFFERIES ON SUVEN PHARMA MANAGEMENT MEET
• • Hosted Suven Pharma management in HK and Singapore
• • Company is bullish on the opportunity for Indian CDMOs as innovators look to de-risk their supply chains
• • ADCs and Oligonucleotides are key emerging modalities
• • CDMOs are looking to invest and Suven has a strong presence
• • Akin to peers, Suven too guides for growth to improve in H2
• • Targets to double the business organically in five years, with additional upside from potential M&A
• S&P ON INDIA'S GDP GROWTH OUTLOOK
• • FY25 GDP growth outlook retained at 6.8%
• • FY26 lowered by 20 bps to 6.7%
• • FY27 lowered by 20 bps to 6.8%
• • FY28 GDP growth seen at 7%
• KOTAK SECURITIES ON INDIA STRATEGY
• • BJP's impressive victory in Maharashtra in the recent elections, following its win in Haryana in October 2024, is likely to result in continuity of the central government's development agenda
• • See limited overall fiscal consolidation, ramp-up of central government capex in H2FY25 and near-term sentiment boost for the market
• • Focus more on execution, instead of any new reforms or stimulus
• • Valuations of the broader Indian market continue to remain at elevated levels
• • Do not rule out further cuts to earnings estimates, given recent growth challenges, weakening consumption profile, elevated inflation and continued disruption risks
• • Markets may continue to be tested in the coming weeks, post the likely sentiment- related near-term bump
• CITI ON RELIANCE IND
• (CMP: 1,265.4)
• UPGRADE OUTPERFORM
• TARGET: 1,530
• After A Period Of Underperformance, Believe Risk/Reward Has Turned Favourable
• Expect An Improvement In Refining Margin Given China's Reduced Export Competitiveness
• Jio Remains Well Positioned To Benefit From Future Tariff Hikes
• Jio Remains Well Positioned To Benefit From Any Moves To Improve Data Pricing & Monetise 5G
• Retail Softness May Continue For Another Couple Of Quarters
• Retail Softness May Lead To 1% Average Consolidated EBITDA Cuts Over FY25-27
• MS on DLF
• EW, TP Rs 910
• Pre-sales expected to grow at 10-12% CAGR in an upcycle
• EBITDA margin expansion to 36-38% (1H: 20%; FY24: 33%)
• At present, ROE is 7.5% (was 2.5% in FY21) & should be double digit in 3-4 yrs without any change in biz strategy
• Dividend payout (45%) to growth
• MS on Oberoi
• EW, TP Rs 2060
• Management is seeing strong demand momentum on favorable macro and upgrade demand.
• ASP escalation should add to pre-sales growth.
• Oberoi projects have seen 30-40% ASP growth over 3-4 yrs
• Luxury remainstarget segment, helping strong margins (2Q at 58%)
• MS on SBI Cards
• EW. TP Rs 650
• SBIC's October spending market share was largely stable MoM, at 15.8%.
• On a YoY basis, spending fell 10% (+11% in Sept), lower than +13% for industry, reflecting continued impact (beginning Feb ) of RBI's notification on corporate card spending
• Bernstein on NTPC
• O-P, TP Rs 440
• core thesis driven by
• i) Accelerating power demand
• ii) Evening shortages
• iii) Cost of debt advantage
• iv) Receivable advantage
• There might not be many levers for upside beyond this, also don’t see a reason for significant downside
• CITI ON RIL
• Upgrade to Buy, TP raised to Rs 1530
• After a period of significant underperformance (20% vs. broader Indian market over last 6M), believe risk/reward has turned favourable
• Expect an improvement in refining margins given China’s reduced export competitiveness
• Jio remains well positioned to benefit not just from future tariff hikes but also from any moves to improve data pricing &/or better monetise 5G.
• Retail softness may continue for another couple of qtrs & pare ests
• BSE In Focus
• SEBI has proposed ownership diversification of clearing corporations through pro-rata distribution of shares to existing shareholders of parent exchange
• Clearing Corp’s (CC) can be profit making & dividend paying public utilities, they will remain prohibited from listing
• SEBI wants CCs to evolve a fee structure to be self-sufficient for SGF funding & capex
• Indian Clearing Corporation is a wholly owned subsidiary of BSE
• ICCL's net profit was 19% of BSE’s H1FY25 consolidated net profit
• BSE's FY26/27 consol EPS can reduce by 12-15% and exchanges product level margins can be at risk, as per Jefferies
• Antique Stock Broking On State Assembly Elections
• BJP-led NDA won convincingly in Maharashtra and Uttar Pradesh
• Jharkhand Mukti Morcha (JMM), key partner INDI alliance retained
• power in Jharkhand
• Believes recent market correction good opportunity to accumulate stocks
• Stocks within investment linked themes given receding political risk
• Sees minimal scope of earnings downgrade in 2HFY25 among reasonable valuation
• MACQUARIE INDIA STRATEGY
• BJP+: A resounding victory; populism is back
• • The government gives Rs 1.5k cash directly into the accounts of women per month
• The government has promised to increase this to Rs2.1k after getting elected again
• As a result, the voter turnout among women increased from 59.3% in the 2019
• state elections to 65.2% in 2024
• The result of this fiscal policy is that Maharashtra's fiscal deficit will exceed targets set for the state at 3%
• The state will have to cut capex to meet the targets
• Overall, capex will need to increase by a significant -52% at the central government level and -40% at the state level in H2FY25
• ELARA ON MAHARASHTRA ELECTIONS
• • Markets will take solace from policy continuity especially shrugging the fear of NDA's waning popularity
• • Expect market strategy to turn aggressive on Monday despite global headwinds like stronger Dollar and geopolitical concerns
• Jefferies on M&M
• Maintain Buy with TP of Rs 3700
• Believe M&M is a better investment case than Maruti
• M&M enjoys stronger industry demand tailwinds
• M&M is gaining market share across tractors, SUVs and LCVs while Maruti is slipping in PVs
• GS on Pipes
• Astral: Maintain Buy; Cut TP to Rs 2170 from Rs 2410
• Prince Pipes: Downgrade to Neutral from Buy; Cut TP to Rs 480 from Rs 705
• Margins and volume growth bottoming, but recovery likely gradual
• Emkay On Nifty 50
• • Target cut due to poor Q2 earnings season
• • Expect recovery in consumption growth only in FY26
• • State that weakening trends of Q2 earnings season is not alarming
• • Believe markets will mark time in immediate future
• • Brokerage Overweight on IT and Energy, Underweight on Financials and Staples
• JEFFERIES ON AUTO SECTOR
• • M&M - Maintain Buy with target price of Rs 3700
• • Maruti Suzuki - Maintain Hold with target price of Rs 10900
• • Believe M&M is a better investment case than Maruti
• • M&M enjoys stronger industry demand tailwinds
• • M&M is gaining market share across tractors, SUVs and LCVs while Maruti is slipping in PVs
• • M&M has demonstrated better margin sustainability
• • M&M should deliver higher 19% EPS CAGR over FY24-27 vs 10% for Maruti
• • M&M trades at a similar 23x core business FY26 PE vs 21x for Maruti
• • M&M, followed by TVS/Eicher, are top auto picks
• HSBC ON TRACTOR INDUSTRY
• • M&M - Maintain Buy with target price of Rs 3390
• • Escorts - Maintain Reduce with target price of Rs 3180
• • Strong reservoir level; La Niña settling in and a low base mean strong tractor volume growth is likely over FY25-27
• . Regional reservoir level trends are more aligned with M&M's strong state- holds, which is positive for the company
• • Sustainable increase in size of tractors is noteworthy
• • Long-term penetration story is still credible
• • Expect tractors to grow at a 5-6% CAGR over FY24-27
• Global-Market Insights 1/n
• Global cues are positive
• -US markets closed at an all-time high, Dow reached at new highs
• -Dow jumped 1% to 44,296.5, while the S&P500 rose 0.4% to 5,970
• -Industrials were the biggest gainer among sectors
• -All major indices gained almost 2% on weekly basis
• -Main driver for the market was good economic indicator
• -US Composite PMI increased to 55.3 in November 2024 from 54.1 in October, signalling the strongest expansion in private sector activity since April 2022
• =====
• Global-Market Insights 2/n
• -Dow +426, S&P500 +21, Nasdaq +31
• -US 10Y bond yield at 4.411%
• -Dollar Index 107.51
• -Gold at $2718
• -Brent oil $75.17
• =====
• Global-Market Insights 3/3
• -Brent crude oil gained 1.3% to settle at $75.2 bbl, wrapping up the week with an over 5% increase
• -Gold climbed $2718, rising for the fifth straight day, as investors turned to safe-haven assets amid increasing geopolitical risks
• GOLDMAN SACHS ON PIPES
• • Astral: Maintain Buy; Cut target price to Rs 2170 from Rs 2410
• • Prince Pipes: Downgrade to Neutral from Buy; Cut target price to Rs 480 from Rs 705
• • Margins and volume growth bottoming, but recovery likely gradual
• • Channel checks suggest inventory is still relatively stable in November, despite end market demand from RE showing a pick-up
• • China PVC prices remain subdued pointing to a more gradual margin recovery for the Pipes sector
• • Industry leader Astral is exhibiting pricing power and margin discipline
• • Prince is struggling to balance growth and margins; margin pressures could Persist for a few quarters
• JEFFERIES ON SUVEN PHARMA MANAGEMENT MEET
• • Hosted Suven Pharma management in HK and Singapore
• • Company is bullish on the opportunity for Indian CDMOs as innovators look to de-risk their supply chains
• • ADCs and Oligonucleotides are key emerging modalities
• • CDMOs are looking to invest and Suven has a strong presence
• • Akin to peers, Suven too guides for growth to improve in H2
• • Targets to double the business organically in five years, with additional upside from potential M&A
• S&P ON INDIA'S GDP GROWTH OUTLOOK
• • FY25 GDP growth outlook retained at 6.8%
• • FY26 lowered by 20 bps to 6.7%
• • FY27 lowered by 20 bps to 6.8%
• • FY28 GDP growth seen at 7%
• KOTAK SECURITIES ON INDIA STRATEGY
• • BJP's impressive victory in Maharashtra in the recent elections, following its win in Haryana in October 2024, is likely to result in continuity of the central government's development agenda
• • See limited overall fiscal consolidation, ramp-up of central government capex in H2FY25 and near-term sentiment boost for the market
• • Focus more on execution, instead of any new reforms or stimulus
• • Valuations of the broader Indian market continue to remain at elevated levels
• • Do not rule out further cuts to earnings estimates, given recent growth challenges, weakening consumption profile, elevated inflation and continued disruption risks
• • Markets may continue to be tested in the coming weeks, post the likely sentiment- related near-term bump
• CITI ON RELIANCE IND
• (CMP: 1,265.4)
• UPGRADE OUTPERFORM
• TARGET: 1,530
• After A Period Of Underperformance, Believe Risk/Reward Has Turned Favourable
• Expect An Improvement In Refining Margin Given China's Reduced Export Competitiveness
• Jio Remains Well Positioned To Benefit From Future Tariff Hikes
• Jio Remains Well Positioned To Benefit From Any Moves To Improve Data Pricing & Monetise 5G
• Retail Softness May Continue For Another Couple Of Quarters
• Retail Softness May Lead To 1% Average Consolidated EBITDA Cuts Over FY25-27
• MS on DLF
• EW, TP Rs 910
• Pre-sales expected to grow at 10-12% CAGR in an upcycle
• EBITDA margin expansion to 36-38% (1H: 20%; FY24: 33%)
• At present, ROE is 7.5% (was 2.5% in FY21) & should be double digit in 3-4 yrs without any change in biz strategy
• Dividend payout (45%) to growth
• MS on Oberoi
• EW, TP Rs 2060
• Management is seeing strong demand momentum on favorable macro and upgrade demand.
• ASP escalation should add to pre-sales growth.
• Oberoi projects have seen 30-40% ASP growth over 3-4 yrs
• Luxury remainstarget segment, helping strong margins (2Q at 58%)
• MS on SBI Cards
• EW. TP Rs 650
• SBIC's October spending market share was largely stable MoM, at 15.8%.
• On a YoY basis, spending fell 10% (+11% in Sept), lower than +13% for industry, reflecting continued impact (beginning Feb ) of RBI's notification on corporate card spending
• Bernstein on NTPC
• O-P, TP Rs 440
• core thesis driven by
• i) Accelerating power demand
• ii) Evening shortages
• iii) Cost of debt advantage
• iv) Receivable advantage
• There might not be many levers for upside beyond this, also don’t see a reason for significant downside
• CITI ON RIL
• Upgrade to Buy, TP raised to Rs 1530
• After a period of significant underperformance (20% vs. broader Indian market over last 6M), believe risk/reward has turned favourable
• Expect an improvement in refining margins given China’s reduced export competitiveness
• Jio remains well positioned to benefit not just from future tariff hikes but also from any moves to improve data pricing &/or better monetise 5G.
• Retail softness may continue for another couple of qtrs & pare ests
• BSE In Focus
• SEBI has proposed ownership diversification of clearing corporations through pro-rata distribution of shares to existing shareholders of parent exchange
• Clearing Corp’s (CC) can be profit making & dividend paying public utilities, they will remain prohibited from listing
• SEBI wants CCs to evolve a fee structure to be self-sufficient for SGF funding & capex
• Indian Clearing Corporation is a wholly owned subsidiary of BSE
• ICCL's net profit was 19% of BSE’s H1FY25 consolidated net profit
• BSE's FY26/27 consol EPS can reduce by 12-15% and exchanges product level margins can be at risk, as per Jefferies
• Antique Stock Broking On State Assembly Elections
• BJP-led NDA won convincingly in Maharashtra and Uttar Pradesh
• Jharkhand Mukti Morcha (JMM), key partner INDI alliance retained
• power in Jharkhand
• Believes recent market correction good opportunity to accumulate stocks
• Stocks within investment linked themes given receding political risk
• Sees minimal scope of earnings downgrade in 2HFY25 among reasonable valuation
• MACQUARIE INDIA STRATEGY
• BJP+: A resounding victory; populism is back
• • The government gives Rs 1.5k cash directly into the accounts of women per month
• The government has promised to increase this to Rs2.1k after getting elected again
• As a result, the voter turnout among women increased from 59.3% in the 2019
• state elections to 65.2% in 2024
• The result of this fiscal policy is that Maharashtra's fiscal deficit will exceed targets set for the state at 3%
• The state will have to cut capex to meet the targets
• Overall, capex will need to increase by a significant -52% at the central government level and -40% at the state level in H2FY25
• ELARA ON MAHARASHTRA ELECTIONS
• • Markets will take solace from policy continuity especially shrugging the fear of NDA's waning popularity
• • Expect market strategy to turn aggressive on Monday despite global headwinds like stronger Dollar and geopolitical concerns
• Jefferies on M&M
• Maintain Buy with TP of Rs 3700
• Believe M&M is a better investment case than Maruti
• M&M enjoys stronger industry demand tailwinds
• M&M is gaining market share across tractors, SUVs and LCVs while Maruti is slipping in PVs
• GS on Pipes
• Astral: Maintain Buy; Cut TP to Rs 2170 from Rs 2410
• Prince Pipes: Downgrade to Neutral from Buy; Cut TP to Rs 480 from Rs 705
• Margins and volume growth bottoming, but recovery likely gradual
• *News Headlines from Business News Agencies:*
• *Business Standard*
• Major port cargo contracts by 3.2% to 68.22 mmt in October, shows data
• Bank of India plans to raise Rs 5,000 crore via 10-year infra bonds
• Urban demand needs an upward spiral: ITC Executive Director Bhargavan
• FMCG distributors write to Finance Ministry on quick-commerce practices
• India-dedicated fund outflows hit largest since June 2022: Elara Capital
• Govt should add coking coal to critical minerals list: Niti report
• NGEL to invest Rs 2 trillion in Andhra for renewable energy projects
• SBI launches low-cost tailored vehicle loan for Uber's fleet partners
• Raymond receives NOC from exchanges for demerger of its realty business
• Flipkart's Binny Bansal steps down from fintech major PhonePe board
• Govt extends deadline for electric construction equipment safety compliance
• Advent agrees to sell Manjushree Technopack to PAG for nearly $1 billion
• After Mercedes, BMW India announces price hike of up to 3% from January
• *Economic Times*
• India's 26 major listed realty firms sell Rs 35,000 crore worth properties in Q2; Godrej Properties at top
• India Inc’s interest cover weakens in Q2 amid slowing revenue, profit growth
• FSIB recommends Binod Kumar for post of Indian Bank MD & CEO
• CCI rejects Apple request to put antitrust report on hold
• Central Bank of India gets RBI nod to enter insurance biz through JV with Generali group
• AkzoNobel India approves selling company's immovable properties
• Sony bags Asian Cricket Council media rights till 2031
• Centre readies Technology Collaboration Portal to bridge chemical makers and research institutions
• Trai asks telcos to publish coverage maps on websites
• German GDP downgraded in new blow for struggling economy
• Hyundai recalls over 145,000 electrified US vehicles on loss of drive power
• Centre releases 15th Finance Commission grant for rural local bodies in Karnataka
• *Mint*
• India's food processing industry spurs FMCG fresher jobs hiring; rising to 32% in H2FY24
• Finance COP fails to offer adequate finance to developing countries for climate
• India announces $5 billion incentive to boost electronics manufacturing
• Demand from Europe fuels recovery in Indian textile exports
• IIFCL seeks infra tag for space sector; keen to finance satellite vehicles manufacturing: MD
• Auto Sector Q2 Review: OEMs struggle, 2W demand supports ancillaries
• Mumbai, Delhi lead surge in demand for luxury residential properties in APAC
• Services sector boosts business activity as manufacturing growth slows in Nov
• India at CoP-29: Push for climate finance and strengthen domestic sources
• Zepto raises another $350 million in third fundraise in six months
• Bulk drug makers to benefit from price stability but need to improve efficiency
• SBI CARD: SBI Cards mkt share in Oct
• Cards at 18.53% vs 19.08%YOY & vs 18.46%MOM
• Spends at 15.78% vs 19.81%YOY & vs 15.72%MOM
• MH based stocks in focus-NDA Win
• INFRA-PNC INFRA, HG INFRA, ASHOKA BUILDCON, JK INFRA, IRB INFRA
• REALTY -KOLTE PATIL DEVEOPERS, OBEROI REALTY, SUNTECK RELATY, LODHA, RAYMOND
• ENERGY-TATA POWER, ADANI POWER
• AGRICULTURE-SHAKTI PUMPS, KAVERI SEEDS, JAIN IRRIGATION, VA TECH WABAG
• SOURCES SAYS GOVT CONSIDERING MECHANISMS INCLUDING ARBITRATION TO EFFECTIVELY MANAGE TAX LITIGATION - CNBC-TV18
• • Govt May Introduce Arbitration As An Alternative To Tax Disputes In Budget 2025
• • Govt In Talks To Create A Spl Team Dedicated To Arbitration Of Tax Disputes
• • Govt Eyes Tax Arbitration As A Measure To Improve Ease Of Doing Biz
• • Govt Eyes Tax Arbitration As A Measure To Reduce Burden Of Tax Lawsuit Backlog
• • Alert: Countries Like Canada, Australia Already Have Tax Arbitration Mechanisms In Place
• • Alert: OECD Advocates For Arbitration As The Preferred Method For Resolving Tax Disputes
• PAYTM: Paytm Launches UPI LITE Auto Top-up for Recurring Daily Payments Under ₹500 with No PIN
• Simplifies everyday small payments like chai, food, and auto, metro, bus rides and others
• Provides the option for automatic recharge when the balance falls below a set limit,ensuring fast PIN-less transactions
• Maintains clutter-free bank statements as routine payments are processed through an on-device wallet
• Enables users to create UPI handle and add money to Paytm UPI Lite balance from linked bank accounts
• Amazon India plans to launch its quick delivery service, Tez, by late December, aiming to compete in the $6 billion market led by Blinkit, Zepto, and Swiggy Instamart.
• SWAMINATHAN AIYAR
• CONSULTING EDITOR -ETNOW
• Markets will be happy; markets are for BJP, markets like continuity
• Don't think markets will believe that election has been won on the back of populism
• Fadnavis has upper hand at becoming the Chief Minister; Believe Fadnavis to be the CM
• BJP's ethos is to strengthen policies and propel corporate growth; markets will be happy to see execution over the ethos
• BJP will be happy; people see BJP now having much more to offer than Modi
• BJP priority remains strengthening the fiscal policy and capex
• MISHTANN FOODS: Mishtann Foods Limited welcomes “Rashmika Mandanna” as Brand Ambassador
• Co. announces the signing of an agreement with the Famous Pan India Actress Rashmika Mandanna as its brand ambassador.
• Under this agreement, the Company’s promotional content will make use of artists’ endorsement through product packaging, external display, newspaper advertisement, FM, Cinema Hall Commercial, TV Commercial (National & Regional), as well as digital marketing to augment the Company’s footprint across the country.
• Market starts Monday's session with huge gains as BJP-led alliance registers a big win Maharashtra elections
• MSCI NOVEMBER REVIEW HDFC Bank
• Will see 2nd tranche of weight increase
• Stock likely to see inflows of $1.7 bn
• MS on IGL
• Maintain Overweight; Cut TP to Rs 373 from Rs 575
• Price hike has been taken in areas that contribute only 30% to the total volumes
• Given the less volume contribution, effective increase is around Rs 0.5-1.2/kg Vs requirement of atleast Rs 9/Kg
• Price hike to support margins by only Rs 0.1-0.5/scm Vs Rs 5.5 required post APM gas allocation cut Vs Rs 6.9 earned in H1, as per analysts
• Brokerages Bullish on M&M
• Jefferies - Believe M&M is a better investment case than Maruti; Maintain Buy with TP of Rs 3700
• BofA – Like M&M in 4Ws, on tractors recovery & earnings visibility; Maintain Buy withTP of Rs 3500
• HSBC - Regional reservoir level trends are more aligned with M&M’s strong state-holds; Maintain Buy with TP of Rs 3390
• HDFC Bank: - Hits over 1 month high
• intraday
• - Trades above key DMA levels
• - Advances for 4th consecutive month
• UPL: UPL and CH4 Global sign strategic partnership agreement that aims to bring methane- reducing feed supplement to millions of cattle
• Under the multi-phase, multi-year agreement, UPL and CH4 Global will develop a comprehensive roadmap targeting key livestock markets in India, Brazil, Argentina, Uruguay and Paraguay, which together represent more than 40% of the world’s cattle population.
• The collaboration will establish
• specific business models to distribute CH4 Global’s Methane Tamer™ cattle feed additive in each of these markets. The program aims to enable the livestock sector to significantly lower its emission footprint through the use of eco-friendly animal feed solutions.
• DHANUKA AGRITECH: Dhanuka Agritech Ltd. has signed an Agreement with Bayer AG, Germany for the acquisition of the crop protection active ingredients named “Iprovalicarb” and “Triadimenol” along with the trademark Melody for Iprovalicarb.
• This acquisition will help Dhanuka to expand its business in India and in overseas markets and with this Dhanuka will make its global presence
• CAMS Mngmt Says
• Revenue Growth Seen Across The Board In Quarter Gone By
• Revenue Growth Of High 20% In H2FY25 Vs Earlier Guidance Of 20%
• Absolute EBITDA Growth To Be Approx 30% For FY25
• Growth In Asset Base Outweighs Impact From Telescopic Pricing
• Both MF & Non-MF Biz Seeing Strong Growth
• TIPS MUSIC: TIPS Music Announces Direct Partnership with TikTok to Expand its Music Reach
• Direct Partnership allows TikTok to Host Tips Music’s Full Extensive Catalogue Globally
• • Edelweiss Fin is said to hire Nomura for mutual fund unit stake sale
• • Edelweiss Fin may seek to sell up to 35% in mutual fund business -Etnow
• MAHAYUTI CLINCHES MAHARASHTRA Experts Say
• • Will help sectors like realty, infrastructure and manufacturing
• • Maharashtra election result to provide policy support
• Keystone Realtors Mngmt Says Pace Of Growth Seen In The Past Should Continue In Maharashtra
• Look Forward To More Interactions With Govt To Ensure Better Development
• Looking At Stable Infrastructure-led Growth Taking Place In MMR
• Policy Continuity Should Ensure Stable Development
• We Are Paying 28-32% Of The Value Of Homes To The Government
• Knight Frank Mngmt Says This Is A Crystal Clear Mandate, Should See Steady Performance From A Policy Perspective
• Govt Should Ensure More 0 Development In Commercial Segment
• Industrial Focus Should Come Back To Maharashtra
• ITC: TARGETS TO OWN/MANAGE MORE THAN 200 HOTELS BY 2030
• L&T Finance Mngmt Says
• Elections & Heatwave Impacted Asset Quality In The MFI Portfolio For The Sector
• Looking At 25% Growth Rate In AUM On A Steady State Basis
• SME Loans, Two-wheelers & Others In The Urban Consumption Space Will Grow Faster
• 50:50 Urban-Rural Mix To Shift To 60:40 Going Forward
• Nifty PSU Bank up around 4.5%; registers biggest single session gain in over 5 months
• Nifty corrects 60 points off day's high; holds above 24,200 mark
• Santanu Sengupta India Economist Goldman Sachs Says
• Don't Expect Much Of A Pick-up In H2
• Capex Has Been Really Low In H1, Some Of It May Come Back
• 6.3% Growth In FY26 Is Very Solid Amidst Current Uncertainties
• Difficult For Private Capex To Pick-up In H2 FY25
• Don't Think There Will Be A Departure From The Fiscal Consolidation Path
• MCX Gold December Futures
• • MCX Gold December futures down 1.3% at Rs 76,630/10 gms
• • MCX Silver December futures down 1.4% at Rs 89,482/kg
• Wardwizard Innovations & Mobility Limited: Company Partners with Ampvolts Limited to Develop Advanced EV Charging Infrastructure in India and Abroad
• As part of the agreement, Wardwizard Innovations & Mobility Limited will play a pivotal role in identifying strategic locations for setting up EV charging stations and serving as the front-end partner for key projects.
• The company will also ensure the provision of necessary resources, including financial support, to bolster the development of a comprehensive EV ecosystem
• L&T Finance says
• Lakshya strategy target is to grow AUM +25% CAGR
• Some stress in rural economy w.r.t. microfinance portfolio but should improve in next few quarters
• NIM+fees will be in the range of 10.5%-11%
• SHREE KRISHNA INFRASTRUCTURE: Company inform About an open offer by Prashant Lakhani to acquire up to 28,60,000 equity shares of the company, representing 26% of its voting share capital, at ₹12 per share.
• The Detailed Public Statement was published on November 25, 2024. Navigant Corporate Advisors Limited is the manager to the offer
• SIS: Company approved the proposal to raise funds through the issuance of Non-Convertible Debentures (“NCDs”) on a private placement basis for an amount of up to INR 190 Crores.
• and Company approved the proposal to raise additional funds through the issuance of NCDs on a private placement basis for an amount of up to INR 60 Crores, aggregating the issuance of NCDs to INR 250 Crores.
• IRDAI-APPOINTED COMMITTEE LIKELY TO SUBMIT SUGGESTIONS ON ROLE OF INTERMEDIARIES
• CNBC-TV18 EXCLUSIVE: SOURCES SAY
• IRDAI Committee's Recommendations
• Increase free look period beyond 1 month
• Alert: Free look period is a window in which a holder can opt out of policy post purchase
• Allow agents to tie up with more life, general & health insurance companies
• No complex products to be sold through bancassurance channel
• Video records of insurance sales by bank employees
• Removal of sales target & action on violation
• Alert: Intermediaries include distributors of insurance products like banks, agents