Market Highlights

---

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

---

November 08, 2024

• BEAT THE STREET BULLETIN
• Date: 07-Nov-2024
• t.me/beatthestreet10
• ACQUISITION
• JUBILANT FOODWORKS: Company approved making investments upto Rs. 40 Crores in Jubilant Foodworks Netherlands B.V., wholly owned subsidiary of the Company in Netherlands.
• MACROTECH DEVELOPERS: Company will acquire 30% equity stake and other securities of the Bellissimo Digital Infrastructure Development Management Private Limited held by Bain Capital For Rs 22 Cr
• AGREEMENT/CONTRACT
• TATA POWER: Company and Noida International Airport partner for Solar and Wind Power
• RUSHIL DECOR: Company Makes Strategic Leap with a New Wholly Owned Subsidiary in Singapore, Enhancing Its Presence in Southeast Asia
• GO DIGIT INSURANCE: Company wins General Insurance Company of the Year Award at Asia Insurance Industry Awards 2024
• UCAL: Company has executed the sale agreement towards sale of an idle property of the Company for a total consideration of Rs.24.50 Crores
• BONUS
• SURYA ROSHNI: Company To Consider Bonus On Nov 14
• CAPACITY EXPANSION
• SUBROS: Board has given approval for setting Haryana Co. To add 4.5 lakhs p.a. parts for air-conditioning system. Company to invest 150 Cr.
• WEBSOL ENERGY: Company Approved Capacity Addition of 600 MW Cell Line Mono PERC at Falta Location Co. To Invest Rs 220 Cr
• ULTRAMARINE PIGMENTS: Board has approved debottlenecking and capacity enhancement of the Pigments plant, increasing the capacity by 1200 MT with an investment of Rs. 2,5 Cr
• COLLABORATION
• EASY TRIP: Company Partners with Hyperface to Enhance Customer Experience Through Comprehensive Card Solutions
• TCS: Company Signs Multi-Year Deal with Air France-KLM to Accelerate Data Driven Aviation
• CREDIT RATING
• BOROSIL LTD: ICRA upgraded the long-term rating and reaffirmed the short-term rating for the Company's facilities.
• FUND RAISING
• VALIANT ORGANIC: Board Meet On 13 Nov For Raising Of Fund
• CARGOTRANS MARITIME: Board Meet On 11 Nov For Raising Of Fund
• YATHARTH HOSPITAL: Company Approved Rs 700Cr Fund Raising Via QIP
• ORDER WIN
• GR INFRA: Company has emerged as L-1 bidder for establishing “Transmission Scheme for integration of Bijapur REZ” through tariff based competitive bidding process on Build, Operate.
• VEDANTA: Vedanta Group has won four blocks while state-owned Oil India Ltd (OIL) bagged one in the fourth round of critical mineral blocks auction, the government said on Thursday.
• OIL INDIA: Company has bagged graphite and vanadium block in Arunachal Pradesh, the government said.
• PARAS DEFENCE: Company Wins Order 61 Cr Company has received an order from Ministry of Defence India.
• BL KASHYAP: Co Wins Order 250 Cr
• Order from anant Raj ltd.
• AURIONPRO SOLUTIONS: Company Secures Landmark Contract for Chennai Metro Phase II Automated Fare Collection System
• BHARAT GLOBAL: Company has been awarded an Infrastructure Engineering Order valued at ₹ 120 Crores from Reliance Industries Ltd.
• BRIGADE ENT: Brigade Signs JDA to Develop 1 Million Sft Residential Apartments in West Chennai
• OTHER UPDATE
• GUJARAT THEMIS: Clarification regarding market rumour concerning an alleged fire incident at the premises of Gujarat Themis Biosyn Limited
• Co. Says this rumour is not true. The reported fire incident occurred at Company So co, Confirm that the Company’s production facilities and operations are not impacted.
• INDIA PESTICIDES: Company has received TEQ (Technical Equivalence) in European Union (EU) for one of our technical grade Insecticides.
• LIC HOUSING: UC Housing Finance Limited announced on October 19, 2024, that it was selling a stressed loan exposure through an auction using the Swiss Challenge Method, following RBI guidelines.
• PLANT COMMENCEMENT
• UNITED BREWERIES: Update on new launch Co. Says ‘Amstel Grande’ in the Premium Strong category, will be available in the State of Maharashtra.
• ZF STEERING: Company inform that the manufacturing facility of Metacast Auto Private Limited, Subsidiary and Joint Venture , has commenced its commercial production from today
• STOCK SPLIT
• MAZDA: Board Meet On 13 Nov To Consider Stock Split
• JEFFERIES ON TBO TEK
• • Initiate Buy with target price of Rs 2000
• • Conquering Global Horizons
• A B2B platform focused on outbound travel
• • Growth driven by margin-accretive Hotels biz
• Consolidating the fragmented market
• TBO's growth may be relatively immune to the recent growth moderation in global travel market
• See 31% PAT CAGR over FY24-27
• JEFFERIES ON JB PHARMA
• • Maintain Buy; Hike target price to Rs 2330 from Rs 2230
• • In-line Q2, growth drivers intact
• • CDMO business had a muted Q2, but mgt expects strong H2FY25
• • Domestic business should sustain its growth momentum
• • Maintained its EBITDA margin guidance towards the upper end of 26-28% range
• BOFA ON M&M
• • Maintain Buy with target price of Rs 3600
• • Small beat: Tractor cycle well on recovery path
• • SUV momentum to sustain. EV launches coming soon
• • Growth gems in build-up phase
• MACQUARIE ON M&M
• • Maintain Outperform with target price of Rs 3441
• • Q2: Good quarter; bullish outlook
• • Raises tractor guidance; retains solid SUV growth guidance
• • With current demand momentum, it could face capacity constraint for ICE SUVs in FY26
• MACQUARIE ON TCS
• Maintain Outperform with target price of Rs 5710
• Air France-KLM deal suggests data modernisation efforts are gathering pace
• • TCS aims to deliver data accessibility on the new cloud within the first year suggesting this is an undertaking where speed is seen as important
• Data modernisation efforts will be significant incremental demand driver as enterprises prepare for Al adoption
• Data modernisation effort is a one-time effort and speed is critical, it is better outsourced and IT services firms are likely to benefit
• • Think the TCS-Air France-KLM deal contours validate these views
• GOLDMAN SACHS ON M&M
• • Maintain Buy with target price of Rs 3600
• • Q2 Beat: Raises Tractor Guidance + Upside potential on SUVs
• • As introductory price schemes roll away, see more margin potential in the Automotive segment going forward
• • M&M is on our APAC Conviction List
• GOLDMAN SACHS ON ASTRAL
• • Maintain Buy with target price of Rs 2410
• Q2: largely in-line Plumbing results, weaker 'paints & adhesives' performance
• Pipe realizations improved 4% QoQ, and margins were better than expected
• • Miss was largely driven by weaker 'Paints & Adhesives' division
• JEFFERIES ON BLUE STAR
• • Maintain Buy; Hike target price to Rs 2040 from Rs 1815
• • EMP Drives Growth; RAC Volumes +27%YoY
• • RAC: Strong Growth; Commercial Refrigeration: Interim Hiccups
• CITI ON GO DIGIT
• Maintain Buy with target price of Rs 450
• Open 90-day Positive Catalyst Watch
• Growth and Combined Ratio to Improve
• See pickup inmotor premium growth
• Favourable base and uptick in direct premium fetching at select OEM counters to aid
• Traction in group health insurance sales owing to gradual reduction in competitive pressure
• See improvement in net incurred claims ratio on YoY basis owing to lower group health claims ratio post pricing correction from Q3
• Robust earnings trajectory supported by higher investment yields
• Go Digit remains our preferred pick within non- lifers
• BERNSTEIN ON TRENT
• Maintain Outperform with target price of Rs 8100
• Q2FY25 results: A miss, but story stays intact
• Slower Store Adds, But Recovery Underway
• Positive Surprise on EBITDA Margin
• Star: SSSG, measured expansion are positives
• Company highlighted its new growth avenues Westside Pome, Zudio Beauty, Zudio International
• INVESTEC ON INDIAN HOTELS
• • Maintain Hold; Hike target price to Rs 742 from Rs 630
• • Comprehensive performance aided by healthy ARR growth
• • Broadening Horizons and leveraging structural tailwinds for growth
• Expect margins to sustain at 32%/32.5% FY26/27 with PAT growing at a CAGR of 24% over FY24-27
• UBS ON CUMMINS
• • Maintain Sell with target price of Rs 2380
• • Q2FY25-12% and 14% beat on consensus topline and EBITDA
• • Strong beat could drive consensus upgrades
• Management commentary on growth and mix in H2 will be critical
• • Post pre-buy, demand and margins to normalise
• NOMURA ON GUJARAT GAS
• • Maintain Reduce with target price of Rs 470
• • Modestly lower-than-anticipated results
• • Overall volume growth guidance reiterated at ~7% and unit EBITDA at Rs 5-6/scm
• INVESTEC ON ASTRAL
• Maintain Buy; Cut target price to Rs 2485 from Rs 2550
• EBITDA missed estiamtes by 11%
• Vol decline looks worse-off vs. larger peer, its spread improvement stands-out and reflects mgmt.'s focus on profitable growth
• • Mgmt. walking the talk on cost containment yielding sharp gains is a positive
• Trims vol guidance but retains margin profile
• Basis regulatory tailwinds and expected resin price increases, expect uptick in H2 to aid margin/volume recovery
• JEFFERIES ON M&M
• (CMP: 2,891)
• MAINTAIN BUY TARGET: 3,700
• Tractor Demand Is Improving After 1.5 Years
• An Expanding Portfolio Is Driving Strong SUV Volume Growth
• Consistently Gaining Market Share Across Segments
• Upgrade FY24-27 EPS By 3-4%, Expect 19% EPS CAGR Over FY24-27
• CITI ON M&M
• (CMP: 2,891)
• MAINTAIN BUY TARGET: 3,590 (PREVIOUS TARGET: 3,520)
• Q2 Results Ahead Of Estimates, Both Farm & Auto Segments Surprised Positively
• Post Strong Retail Volume Growth In The Festive Season, Demand Outlook Is Positive
• There Could Be Some Near-term Margin Pressures Associated With BEV Launch
• JEFFERIES ON INDIAN HOTELS
• (CMP: 684)
• MAINTAIN BUY TARGET: 785
• Reported A Strong Set Of Earnings For Q2
• Further Acceleration In Growth is Possible In H2FY25
• Hotel Biz Continues To Benefit From Cyclical Tailwinds On Demand-supply Mismatch
• International Biz Also Improved in QZ
• New Businesses & Expanding Brandscape Are Adding To Gains
• Raise LFL EBITDA/PAT Estimates By 2-4%
• Factoring in Stronger RevPAR Growth At 10% For FY25 Vs 8% Earlier
• CITI ON PAGE IND (CMP: 45,064)
• MAINTAIN SELL
• TARGET: 35,800 (PREVIOUS TARGET: 33,100)
• 2
• Cost Control Measure Led to EBITDA/PAT Growth Of 21%/30% YoY
• Volume Growth Of 6.7% YoY Below Dur
• Estimate Of 8%
• No Significant Improvement In Consumer Sentiment
• Remain Cautious Given Lack Of Near-term Catalyst
• Increase FY25-27e EPS Estimate By 4-7%
• SAIL Q2FY25
• Reported numbers way ahead of analyst estimates...
• EBITDA at Rs 2900 crore Vs est of Rs 1803 cr
• Numbers ahead of est owing to Railway price provisions
• PhillipCapital Says, the railway price revision on upside will translate to actual cash inflows and therefore positive for the company
• Global-Market Insights 1/n
• The global cues are neutral
• -S&P500 closed at fresh record highs, as the post-election rally continued after the Fed delivered a widely expected rate cut
• -The US Fed and Bank of England both cut rate 25 bps
• -Fed cut rates by 25 bps, taking rate to a range of 4.5% to 4.75%
• -Trump's victory attracted substantial US ETF inflows
• -ETF inflows hit $18bn or 16 times the daily avg. inflow this year
• ===
• Global-Market Insights 2/n
• -S&P500 +44, Nasdaq +286, Dow no change
• -US 10Y bond yield at 4.326%
• -Dollar Index 104.23
• -Gold at $2712
• -Brent oil $75.57
• ===
• Global-Market Insights 3/3
• -Goldman Sachs sees big risks to best ever post-US election market rally
• -Bond investors also cautious on Trump win, saying euphoria could be short-lived
• -Chinese regulators tell banks to cut interbank deposit rates to free up funds
• TODAY'S Q2 RESULT
• Aarti Industries Ltd
• Action Construction Equipment Ltd
• Alembic Ltd
• Ashok Leyland Ltd
• Bajaj Hindusthan Sugar Limited
• Mrs. Bectors Food Specialities Ltd
• Cholamandalam Financial Holdings Ltd
• Dreamfolks Services Ltd
• Equitas Small Finance Bank Ltd
• ESAB India Ltd
• Ethos Ltd
• Fine Organic Industries Ltd
• Fortis Healthcare Ltd
• GE Vernova T&D India Ltd
• India Cements Ltd
• Inox India Ltd
• Jupiter Life Line Hospitals Ltd
• Jupiter Wagons Ltd
• Latent View Analytics Ltd
• Life Insurance Corporation of India
• C.E. Info Systems Ltd
• Mayur Uniquoters Ltd
• Metropolis Healthcare Ltd
• MRF Ltd
• Motherson Sumi Wiring India Ltd
• Info Edge (India) Ltd
• Orient Cement Ltd
• Piccadily Agro Industries Ltd
• Premier Energies Ltd
• Puravankara Ltd
• Relaxo Footwears Ltd
• R Systems International Limited
• Safari Industries (India) Ltd
• Samhi Hotels Ltd
• Satin Creditcare Network Ltd
• State Bank of India
• Shipping Corporation of India Ltd
• Signatureglobal (India) Ltd
• SMS Pharmaceuticals Ltd
• Star Cement Ltd
• Tata Motors Ltd
• Welspun Corp Limited
• ZF Commercial Vehicle Control Systems India Ltd
• SUGAR STOCKS +VE
• Consumer Affairs Ministry-Sufficient qty of sugar availability in country to meet domestic demand throughout year
• Weekly updation of stock to be stopped immediately
• *News Headlines from Business News Agencies:*
• *Business Standard*
• Mitsubishi Electric Group firm to invest Rs 400 cr in Karnataka plant
• M&M Q2FY25 results: PAT up 35% at Rs 3,171 crore on strong auto sales
• India should be part of RCEP, CPTPP: Niti Aayog CEO BVR Subrahmanyam
• Rajasthan sees boost in rabi crop sowing after favourable monsoon rains
• Asian tea producers eyeing 'untapped' African mkt for exports: ATA chairman
• ULI will be for lending what UPI is for payments: RBI Dy Guv at BFSI Summit
• Brookfield India REIT to raise up to Rs 3,500 cr via issue of unitholders
• Mercedes improved pollution management at plant: Maharashtra govt
• Most urban Indians aspire to own homes, prefer home loans: Report
• Swiggy confident of growth, emphasises strength in consumer insight
• Amazon to invest $1.3 bn in Italy data centre biz to boost cloud services
• Rural demand grew twice as fast as urban in July-September quarter: NielsenIQ
• *Economic Times*
• Tata Power, Noida International Airport sign Rs 550 crore deal for renewable energy
• Nippon Steel says expects to close US Steel takeover by end of 2024
• India's goods, services exports to cross USD 800 bn this fiscal: Sakthivel
• Singapore's Changi Airport to invest $2.3 bn to improve services
• Kochi Biennale Foundation names Thomas Varghese new CEO
• Trent Ltd deepens, expands store footprint during Q2; now in 184 cities
• Rupee hits record low on equity outflows, strong dollar outlook
• Tata's Croma names Shibashish Roy as chief executive officer
• EaseMyTrip partners with Hyperface to boost card management, customer experience
• High-street dominates retail leasing with 68% share in Q32024
• Profectus Capital secures $25 million investment from IFC to accelerate India’s climate goals
• Visa appoints Rishi Chhabra as country manager for India
• *Mint*
• Trent Q2 Results: Profit grows 47% YoY to ₹355 crore, revenue rises 39%
• Japanese carmaker Nissan cuts 9,000 jobs, reduces sales forecast for this fiscal
• Public sector banks outperform private banks by net profits in Q2
• Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling
• Samsung to roll out personalised AI features in Galaxy devices
• ISB Executive Education and Emeritus Launch Product Management Programmes
• Solar Energy Corp bars Reliance Power for 3 years over fake tender document
• Amazon, Flipkart sellers raided by ED across India in money laundering probe
• ICICI Lombard buys stake worth ₹563 crore in ITC and Axis Bank
• Kotak PE to tap domestic investors for new lifesciences fund
• PhysicsWallah's FY24 revenue nearly triples; losses zoom on higher expenses
• BPS CUT, POWELL SAYS HE IS NOT LEAVING !
• 10 Points.
• 1. FOMC cut its target rate by 25 bps, as expected, to 4.5-4.75%
• 2. The decision to cut rates was unanimous
• 3. The post-meeting statement had no real meaningful changes.
• 4. FOMC statement continues to note that the risks to inflation & employment are roughly in balance, and most importantly continues to provide the same noncommittal guidance that “in considering additional adjustments” to the funds rate the FOMC will be data dependent
• 5. Chair Powell’s comments at today’s FOMC meeting were on balance dovish: he expressed confidence that inflation & inflationary drivers were well-behaved, saw further cooling in the labor market as unwelcome, and endorsed a plan to gradually ease back toward neutral
• 6. Chair Powell said a pick-up in inflation could cause the Fed to slow rate cuts as policy rates approach neutral. But that is not the scenario that Powell sees as likely. Instead, he rhetorically asked “Where is the inflation coming from?” and stated 'the economy is not tight'
• 7. Chair Powell was asked multiple times about his interpretation of the rise in treasury yields & whether it might affect Fed policy. He responded that the move has not been sustained long enough for officials to react to
• 8. When questioned if he would resign if asked by Trump, he said 'No'
• 9. When asked if he’d be legally required to leave, he had another simple one-word answer 'No'
• 10. In addition to being asked whether he would leave, Powell fielded several questions about the election and potential policies of the incoming administration, all of which he avoided giving direct answers