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 12, 2024

• News Headlines from Business News Agencies:
• Business Standard
• Indian pharmaceutical market registers over 6% growth in October 2024
• LG adds Axis Capital to arrange $1.5 billion for potential IPO listing
• Elon Musk's Starlink moves closer to India licence, accepts data terms
• Amazon Seller Services cuts net loss by 28% in FY24; revenue jumps 14%
• Collective effort required to achieve $2 trn exports target by 2030: Goyal
• Medical tourism revenue takes a hit after govt stops visas for Bangladeshis
• Oil prices steady as US storm threat abates, China stimulus disappoints
• UPL Q2 results: Net loss widens to Rs 433 cr on lower agrochemical prices
• India's online gaming market grew by 23% in FY24 despite GST burden: Report
• China's BYD closing in on Ford deliveries after besting Tesla on revenue
• Flipkart achieves EV deployment target of over 10,000 in delivery fleet
• Zomato, Swiggy deny CCI antitrust violations, say media report 'misleading'
• Economic Times
• Simplify terms and conditions in insurance policies to reduce complaints: IRDA advisory panel member
• Alembic Pharmaceuticals gets USFDA nod for generic hypertension treatment capsules
• Centre approves fire services projects worth Rs 725 cr for three states
• Keystone Realtors expects to surpass Rs 4,000 cr FY25 projects addition guidance
• Daimler India Commercial Vehicles appoints Michael Moebius as President, Chief Procurement & Supply Chain Officer
• BEML Q2 Results: Co reports marginal YoY decline in PAT, revenue falls 57%
• Sterlite Power gets Rs 1,200 cr orders in Q2
• NFO Update: UTI Mutual Fund launches two index funds
• Disney Star's distribution head Gurjeev Kapoor leaves before Reliance-Star India merger: Sources
• TA Associates to acquire majority stake in Vee Healthtek for $250 m
• Clarivate leases 170,000 square feet of space at Embassy Oxygen office park in Noida
• Mint
• Vedanta aims to invest $500 million in display glass subsidiary AvanStrate Inc
• Equity mutual fund inflows skyrocket 21% to ₹41,887 crore in October
• Jet Airways founder Naresh Goyal gets medical bail in money laundering case
• SC dismisses Sebi's plea against Mukesh Ambani in RPL share manipulation case
• Mutual fund industry reported Gross SIP inflows of Rs 25,323 crore in October
• Nvidia’s R2-D2-like robot should focus on developing its AI brain and not body
• Mphasis gives 25,000 stock options, 12,000 RSUs to employees under ESOP 2016
• Maruti Suzuki Swift Dzire 2024 launched in India, price starts at Rs. 6.79 lakh
• Balrampur Chini Mills Q2 results: Net profit falls 60% YoY to ₹67 crore
• Inflation to rise further to 5.81% because of food price surge
• Index options trading swells to record high in Oct amid heightened uncertainty
• DJ MEDIAPRINT Q2 :CONS NET PROFIT UP 331 % AT 1.25 CR (YOY),UP 3 % (QOQ)
• REVENUE UP 99% AT 18.95 CR (YOY) ,UP 26 % (QOQ)
• EBITDA UP 82 % AT 3.45 CR (YOY),DOWN 10 %(QOQ)
• MARGINS AT 18.2 % V 19.97 % (YOY),25.55 % (QOQ)
• SANSERA ENGINEERING Q2 :CONS NET PROFIT UP 8 % AT 50.6 CR (YOY), UP 2 % (QOQ)
• REVENUE UP 10 % AT 763.3 CR (YOY) ,UP 3 % (QOQ)
• EBITDA DOWN 4 % AT 112.2 CR (YOY),DOWN 12 %(QOQ)
• MARGINS AT 14.7 % V 16.97 % (YOY), 17.13 % (QOQ)
• TAMILNADU PETROPRODUCTS: Company Updates - Project Expansion
• Board approved the revision in the Projects Cost for expansion of LAB from ₹ 240 Crore to ₹ 310 Crore and HCD from ₹ 165 Crore to ₹ 214 Crore. The Projects are expected to be completed by the financial year 2025-26.
• This revision is mainly on account of the time taken for obtaining Statutory approvals, escalation in the cost including foreign exchange fluctuations and other incidental factors due to efflux of time.
• JUBILANT FOODWORKS : Domino’s India is now set to deliver your pizza in just 20 minutes!
• Franchise operator Jubilant FoodWorks announces faster delivery times following their post-earnings call.
• WOCKHARDT PHARMA: UPDATE ON QIP FOR FUND RAISING
• CO. ALLOTS WORTH RS 1000 CR SHARES TO QIBs @ ₹ 1105/SHARE
• BEAT THE STREET BULLETIN
• Date: 11-Nov-24 (PART 2)
• t.me/beatthestreet10
• BONUS
• - NMDC: Approved a 2:1 bonus issue, issuing 2 bonus shares for every 1 share held.
• CONTRACTS & PROJECTS
• - AUSOM ENT: Received a Letter of Intent from Gujarat Urja Vikas Nigam Limited for 25-year solar power supply. Ausom will establish a subsidiary as a Special Purpose Vehicle for this project.
• - RVNL: Secured a ₹295 Cr contract as the lowest bidder for a South-Central Railway EPC project involving track doubling, electrification, and signaling work in Telangana.
• - DEE DEVELOPMENT: Approved the establishment of a new manufacturing facility in Anjar, Gujarat.
• EXPANSION & INVESTMENTS
• - MAGADH SUGAR: Approved a 100 KLPD multi-feed distillery at Hasanpur Sugar Unit at a cost of ₹206.87 Cr, aiming for completion by March 2027.
• - CENTURY EXTRUSIONS: Approved a ₹30 Cr investment to install a new extrusion press at its Kharagpur plant, enhancing production capacity by 9,000 tonnes.
• - TAMILNADU PETROPRODUCTS: Project costs revised, increasing LAB expansion budget to ₹310 Cr and HCD expansion to ₹214 Cr. Expected completion by FY2025-26.
• - WELSPUN CORP: Subsidiary Welspun Mauritius Holdings sold a 5% stake in East Pipes Integrated Company (EPIC) in Saudi Arabia, generating proceeds for reinvestment in a new subsidiary for pipe projects in line with "Saudi Vision 2030."
• MERGERS & ACQUISITIONS
• - WINDSOR MACHINES: Acquiring 100% equity in Global CNC Private Limited for ₹343 Cr, expanding its product range in CNC machinery.
• - PARAG MILK: Approved the acquisition of land and assets from Western Hill Foods Ltd. for ₹20 Cr and plans to divest its Sonipat plant.
• NEW PRODUCT LAUNCHES & FACILITY UPDATES
• - CELLO WORLD: Initiated trial runs at its new glassware manufacturing plant in Rajasthan with an annual capacity of 20,000 metric tonnes, aiming to reduce import reliance.
• LEADERSHIP APPOINTMENTS
• - ORIENT TECH: Appointed Mr. Shrihari Bhat as CEO, effective January 1, 2025, bringing extensive experience from his tenure at FIS, NCR, and Fiserv.
• FUND RAISING
• - WINDSOR MACHINES: Board meeting on November 14 to consider fund-raising options.
• - SOFTTECH ENGINEERS: Board meeting on November 14 to consider fund-raising strategies.
• FUND-RAISING & ALLOTMENTS
• - WOCKHARDT PHARMA: Successfully raised ₹1,000 Cr via QIP at ₹1,105 per share.
• OPERATIONAL UPDATES
• - IOC: Fire reported in a benzene storage tank at Gujarat Refinery; firefighting efforts are underway with no impact on refinery operations reported.
• INDUSTRY NEWS
• - JUBILANT FOODWORKS (Domino’s India): Announced a faster 20-minute pizza delivery commitment.
• Brought To You By
• BEAT THE STREET
• BANK OF INDIA Q2 ; ST NET PROFIT UP 6 % TO 3104 CR YOY,UP 10 % QOQ
• NII UP 4 % TO 5985 CR YOY ,DOWN 5 % QOQ
• MAX HEALTHCARE: Update on revival and turnaround of Jaypee Healthcare Limited
• Company has completed the acquisition of 100% equity stake of JHL on November 11, 2024, upon acquisition of remaining 15,53,90,769 equity shares constituting to 36.35% equity stake for an aggregate consideration of ~₹227 Crore.
• Consequently, JHL has become a wholly-owned subsidiary of the Company.
• INOX WIND : Inox Wind bags a repeat order from Continuum Green Energy for 87 MW
• Receives a repeat turnkey order for 87 MW from Continuum Green Energy for its 3 MW class WTGs
• Project to be executed in Gujarat and Rajasthan
• Post commissioning multi-year O&M services to be part of the contract
• The addition of this order takes the total cumulative orders from Continuum to ~ 700 MW, and IWL’s orderbook to >3.4 GW, the highest ever in its history.
• L&T TECH ; Co. To buy of 100% shares of Intelliswift Software (India) Private Limited by the Company; and Intelliswift Software Inc. by L&T Technology Services LLC, for an aggregate consideration of up to USD 110 million,
• The principal business activity of the Intelliswift Software Entities is to provide offerings across software product development, platform engineering and AI to global companies.
• The acquisition will enhance LTTS' AI and software capabilities
• in the Digital Engineering suite for global clients, through :
• Enhanced software product development, data and platform engineering capabilities
• Addition of Intelliswift’s AI-led automation framework
• Digital enterprise & integration services through agile engineering and next generation technologies
• The proposed acquisition is expected to be completed on or before 28 February 2025
• Morgan Stanley maintains an overweight call on ICICI Bank. Says improved funding/underwriting franchise has driven performance so far
• JPMORGAN ON HINDALCO
• Maintain Overweight with target price of Rs 735
• Q2: India business delivers an all round beat
• Don't see any negatives from the Q2 print
• Expect slight upward revisions to FY25 consensus estimates post Q2 beat
• JPMORGAN ON LIC
• Upgrade to Overweight from Underweight; Hike target price to Rs 1075 from Rs 790
• Double upgrade on strong VNB growth from enhanced product mix
• Growth to likely remain sustainable
• Revise VNB forecasts for FY25/26 by 9%/11% respectively
• Continue to outweigh the negative impact from higher product benefits and lower bond yields
• INVESTEC ON HINDALCO
• Maintain Buy with target price of Rs 860
• Operational beat; await clarity on incremental CapEx
• Its India operation is well- placed on bauxite lease expiries vs. local peers
• GOLDMAN SACHS ON HEALTHCARE GLOBAL
• Maintain Buy; Hike target price to Rs 550 from Rs 500
• Underlying business moving in the right direction
• Growth + margin expansion story to accelerate going forward
• Stock is fairly attractive at 11x FY26 for ~25% EBITDA CAGR over FY24-27
• Jefferies on Jubilant Foodworks
• Buy, TP Rs 880
• Managed to continue with +ve SSSG at time when macro is tough & listed peers have reported a decline.
• While delivery continued to show respectable growth, dine-in suffered
• Mgmt is unapologetically focusing on growth
• Jefferies on Shree Cement
• Buy, TP cut to Rs 28400
• Slight EBITDA beat on back of better realisation, as Co moved to (rather confusing) value over vol strategy in 2Q, just after vol focus strategy in 1Q
• Reported highest unit EBITDA amongst peers
• Nevertheless, 2Q EBITDA still weak
• HSBC on KIMS
• Buy, TP Rs 680
• 2Q healthy qtr with notable performance across clusters; KIMS added 635 beds during 2Q
• Believe has visible drivers to sustain earnings growth; entry into Kerala market is long-term driver
• Scale-up of new hospitals in Mumbai & Bengaluru key to watch
• NUVAMA ON AARTI INDUSTRIES
• Maintain Buy, cut target price to Rs 600 vs Rs 903 earlier
• Posted disappointing Q2FY25 results
• Sharp dip in margins of its key product
• Lower utilization amid higher channel inventory
• Adverse industry dynamics coupled with margin pressure in its key product
• In light of its recent correction, retain Buy as the stock offers valuation comfort
• Jefferies on Devyani International
• HOLD
• TP Rs180 from Rs170
• SSS Decline for Key Brands in India
• The impact of tough macro showed-up in SSSG for key brands i.e. KFC as well as Pizza Hut which declined at 6-7% YoY in India
• This weighed on brand contribution as well as India Ebitda margins which contracted sharply, YoY
• Store adds were strong and the company is set to bring three new brands to India, with small store formats (limited capex).
• Newly acquired Thai business reported strong growth as well as margins
• Copied from stockaajorkal telegram channel
• We slightly tweak estimates and retain HOLD.
• Jefferies on Data Patterns
• BUY
• TP Rs3465 from Rs4135
• Weak Quarter Should be Largely Made Up in 2H
• 2QFY25 sales was a big 33% miss as management highlighted that its customers delayed taking deliveries of manufactured goods
• Revenue deferment meant guidance was maintained at 20-25%
• However, in the presentation margin outlook has been toned down to 35-40% vs 40% earlier, given which we lower FY25E-30E estimates lower by 6-9%. In-house technology in a growing defence pie should reflect in revenues and profits rising 5x in FY24-30E.
• TODAY'S Q2 RESULT
• 3M India Ltd.
• Ashoka Buildcon Ltd.
• Aditya Vision Ltd.
• BASF India Ltd.
• Bosch Ltd.
• Cera Sanitaryware Ltd.
• CESC Ltd.
• Cupid Ltd.
• EIH Ltd.
• Finolex Cables Ltd.
• Greaves Cotton Ltd.
• Gujarat State Fertilizers & Chemicals Ltd.
• Ingersoll-Rand (India) Ltd.
• Ion Exchange (India) Ltd.
• Jyothy Labs Ltd.
• Kirloskar Oil Engines Ltd.
• KNR Constructions Ltd.
• Lux Industries Ltd.
• Marksans Pharma Ltd.
• Medplus Health Services Ltd.
• Minda Corporation Ltd.
• Samvardhana Motherson International Ltd.
• Natco Pharma Ltd.
• Nucleus Software Exports Ltd.
• Fsn E-Commerce Ventures Ltd.
• PNC Infratech Ltd.
• Polyplex Corp Ltd.
• PTC India Ltd.
• Repco Home Finance (Standalone) Ltd.
• Sula Vineyards Ltd.
• Sundaram-Clayton Ltd.
• Sunflag Iron and Steel Co Ltd.
• Suven Pharmaceuticals Ltd.
• Techno Electric & Engineering Company Ltd.
• Technocraft Industries (India) Ltd.
• Zydus Lifesciences Ltd.
• BANK OF INDIA Q2 HIGHLIGHTS
• Core operating profits (ex-treasury) at Rs3417.4cr, down & 2.7%QOQ
• Provisions Up 17 % To 1427 Cr QOQ
• GROSS NPA At 4.41% V 4.62% QOQ
• NET NPA At 0.94% V 0.99% QOQ
• Asset quality, best in 10 years or more
• Actaul Gross NPA Down 1 % To 27455 Cr QOQ
• Net Npa down 1 % To 5647 Cr QOQ
• NIM at 2.82% vs 3.07%QOQ
• Stopped giving restructured outstanding details
• QOQdeposit growth, weakest in 3 qtrs YOY: loan growth, weakest in 3 qtrs