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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.

September 24, 2024

*News Headlines from Business News Agencies :*
*Business Standard :*
Josler Energy, IGL, Heath Consultants join hands for safe, green gas infra
Tata Power-DDL receives patent for transformer life-enhancing device
NTPC Green Energy's Rs 10,000 cr IPO likely in November first week
India faces growing threat as key antibiotics lose effectiveness, says ICMR
Samsung's Sriperumbudur strike may impact India's manufacturing: GTRI
India's retail derivatives traders lost Rs 1.8 trn in three years: Sebi
Fintech firm BharatPe to offer food ordering with latest ONDC integration
SpiceJet raises Rs 3,000 cr through QIP, to receive additional Rs 736 cr
Indian refiners cancel palm oil contracts on duty hike, price rise
myTVS launches Mobility-as-a-Service for last-mile EV fleet operators
Govt steps up buffer stock sale to control onion prices after duty removal
Domestic med-devices lobby opposes zero-duty imports under EU-FTA
*Economic Times :*
Bank of America to open more than 165 new branches by end of 2026
NTPC Green Energy's Rs 10,000 cr IPO likely in November first week
Export of gems and jewellery drops over 18% in August amid global consumption slowdown
Proxy advisory firm InGovern raises concern over delay in Religare AGM
Axis Finance names Sai Giridhar as MD & CEO
India's biggest oil, gas bid round gets 4 bidders; Reliance-bp-ONGC bid together
Hyundai commences exports of Exter to South Africa
Solar parts manufacturers seek government protection from cheap imports
India's finished steel imports from China hit 7-year high in April-August, data shows
Indian refiners cancel 1,00,000 metric tons of palm oil purchases on duty hike, price rise
Nisus Finance to raise $200m from global investors
India’s August Russian oil imports slip 18% from July, tanker data show
*Mint :*
SC refuses to interfere in Linde India's related-party transactions case
Chip giants TSMC and Samsung discuss building Middle Eastern mega factories
US mulls ban on Chinese tech in connected cars; Beijing slams move
Southwest monsoon begins withdrawing from west Rajasthan, Kutch
Anil Agarwal calls for a boost in domestic mineral production in India
Morgan Stanley reverses stance on Chinese stocks, favours overseas listings
Indian businesses grow at slowest pace in nine months, says HSBC Flash PMI
SpiceJet faces new insolvency case filed by software solution startup Techjockey
AM Green enters biofuels market with acquisition of Chempolis, Fortum 3 BV
Apollo aims to invest $5 billion investment in Intel: Report
Carlyle looks to build $400 million vehicle for auto parts deal in India
India Daybook – Stocks in News*
*G R Infraprojects:* Company emerged as lowest bidder for project with bid value Rs 9.04 billion (Positive)
*Power Grid:* Company has been announced as the successful bidder for project, which involves providing dynamic reactive compensation at khavda pooling station 1 and khavda pooling station 3. (Positive)
*Navkar Corporation:* Company has received no objection from the Ministry of Railways for the change of control of its promoters to JSW Port Logistics Private Limited. (Positive)
*PCBL:* Company Plans To Acquire 100% Of Enersil’s Shareholding for an Amount Equivalent to AUD 2,000,100, Acquisition Aims to Enhance PCBL’S Product Offerings in a Growing Market, Particularly for Electric Vehicles. (Positive)
*Fermenta Biotech:* Company receives EU GMP certification for its Dahej manufacturing facility, Gujarat. (Positive)
*Sam Industries:* Company has entered into a nine-year lease agreement with N. M. Fashion Designs Private Limited for a portion of its premises in Indore (Positive)
*Bank of Baroda:* Company launches co-branded travel debit card with Ease My Trip. (Positive)
*NTPC:* NTPC Green Energy IPO likely in early November. (Positive)
*Reliance Power:* Board of Directors has approved issuance of equity shares and/or warrants of the Company at an Issue Price of Rs. 33/- per share aggregating Rs. 1524.60 crore (Positive)
*Coal India:* Company signs joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam for renewable energy business in Rajasthan (Positive)
*Astra Zeneca:* Company has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Positive)
*Firstsource:* Company's UK arm acquires Ascensos for £42 million (Positive)
*Bharti Airtel:* Company has expanded its network in Gujarat, deploying 8 new cellular towers daily for the past 7 months, reaching over 1,700 new towers. (Positive)
*Vipul Limited:* Company announced that Mr. Kapil Dutta, an Independent Director, has completed his second five-year term and ceased to be a Director effective September 23, 2024. (Neutral)
*Ujaas Energy:* Company received an arbitration award of INR 8.31 crore with 9% interest from Hindustan Aeronautics Limited for a 15 MW solar power project. (Neutral)
*Mawana Sugars:* Company’s shareholders have approved the appointment of Mr. Rakesh Kumar Gangwar as a Director and Managing Director of the company. (Neutral)
*Linde India:* Company has appointed Subba Rao Amarthaluru and Gobichettipalayam Sreenivasan Krishnan as Non-Executive Independent Directors for a 5-year term, effective September 23, 2024. (Neutral)
*Pondy Oxides:* Company announced plans to raise up to Rs 250 crore through a Qualified Institutional Placement. (Neutral)
*Thangamayil Jewellery:* Company has announced a board meeting on September 26th to consider raising funds through equity shares, convertible bonds, or debentures. (Neutral)
*RateGain:* Company has announced the resignation of Nitin Kumar, Executive Vice President. (Neutral)
*Patanjali Foods:* Company has invested Rs 250 million by way of subscription in the equity share capital of its unit contemporary agro Pvt Ltd, on right basis (Neutral)
*United Breweries:* Board Meeting On Oct 24 to Consider Q2 Results (Neutral)
*Punjab National Bank:* Company approves floor price of QIP at 109.16 rupees/share (Neutral)
*Spandana:* Company has approved the sale of a stressed loan portfolio, including written-off loans with an outstanding value of ₹304.41 crore (Neutral)
*Biocon:* Fitch assigns first time 'BB-' IDR to Biocon Biologics; rates proposed senior secured notes 'BB'. (Neutral)
*Adani Power:* Bangladesh’s interim government pays about $150 million out of $800 million in dues for power supplied by Adani Power's coal-fired plant in Godda. (Neutral)
Proposed govt norms for solar cells will boost domestic manufacturing: Waaree Energies CEO PaithankarCEO Amit Paithankar advocated launching ALMM for solar cells at the earliest, saying similar to solar modules, it would help in developing cell manufacturing ecosystem in the country. Approved List of Models and Manufacturers (ALMM), which is currently limited...
#NewsFlash | One earth, one family one future is commitment for India. Success of humanity lies in our collective strength, says Prime Minister @narendramodi at United Nation’s ‘Summit of the Future’
BharatPe integrates with ONDC to offer food delivery to 15 million users - CNBC TV18
BharatPe has partnered with ONDC, enabling its 15 million users to order food from over 140,000 restaurants through the BharatPe app.
Home loan slump hits retail credit growth in Q1FY25: TransUnion CIBIL - CNBC TV18
Retail credit growth in India slowed during the quarter ending June 2024, driven largely by a sharp drop in home loan originations. The TransUnion CIBIL report cites tightening credit supply and regulatory guidelines as key reasons for the moderation.
Trade Setup for September 24: Nifty set for 26,000 as institutional buying eggs on rally - CNBC TV18
The Nifty has rallied over 1,000 points from the closing levels of September 11, led mainly by banking stocks.
PM Modi pushes for diplomatic solutions to global conflicts - CNBC TV18
Prime Minister Narendra Modi emphasised diplomacy over warfare at the UN Summit for the Future, urging global leaders to resolve conflicts peacefully. He highlighted India's support for Palestine, the two-state solution, and the ongoing threats of terrorism…
Spandana Sphoorty Financial sells ₹304.41 crore stressed loan portfolio for ₹16.74 crore - CNBC TV18
Shares of Spandana Sphoorty Financial Ltd ended at ₹592.35, down by ₹11.20, or 1.86% on the BSE.
Dow Jones, S&P 500 scale new records as Fed cut relief rally continues - CNBC TV18
The Dow Jones, S&P 500 and the Nasdaq ended higher on Monday after adding over 1% each to their gains last week.
Stocks in News post Market closure
G R Infraprojects Ltd : Company has emerged as Lowest bidder in Financial Bid Opening dated 23rd September 2024 for the tender invited by Maharashtra Metro Rail Corporation Limited, Nagpur. bid value 903.534 .
Ujaas Energy Limited : Intimation of arbitration award in the matter of arbitration between the Ujaas Energy limited and the Hindustan Aeronautics Limited.
Bharti Airtel Limited : Airtel rapidly expands its network in Gujarat, deploying 8 new cellular towers every day to bolster coverage across the state’ being issued by the Company.
UDAY JEWELLERY INDUSTRIES LIMITED : Board approved Raising of funds.
BGR Energy Systems Limited : The Company has received intimation of termination of contract from Chennai Metropolitan Water Supply and Sewage Board (“CMWSSB”) with respect to “Design, Build and Operate for 15 years (DBO) of 45 MLD capacity Tertiary Treatment Reverse Osmosis (TTRO) at Kodungaiyur including supply, laying DI transmission mains for conveyance of product water to various industries in Manali Area, Chennai”.
Ahasolar Technologies Limited : Company has received a Work Order for Engagement of owner’s Engineer-cum- Project Management Consultancy firm for 300 MW Solar Photovoltaic Power Plant of Coal India Limited located at GIPCL’s Solar Park, Khavda, Gujarat from Coal India Limited. The whole Consultancy Service is priced at around ₹ 110 lacs.
Firstsource Solutions Limited : Firstsource Solutions UK Limited (“FSL UK”), wholly owned subsidiary of the company, has executed a share purchase agreement (“SPA”) with the Shareholders of Ascensos Limited, UK (“Ascensos”) for acquisition of 100% ownership in Ascensos for a consideration of GBP 42 million, including upfront payment & earnouts and subject to terms set out in the SPA.
Power Grid Corporation of India Limited : Company has been declared as the successful bidder under Tariff based competitive bidding to establish Inter-State transmission system for “Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3)” on build, own, operate and transfer (BOOT) basis. The Letter of Intent (LoI) has been received by Power Grid Corporation of India Limited.
Thangamayil Jewellery Limited : Board meeting to be held on Sep 26th , to considered raising of fund in various routes.
Sam lndustries Limited : The Company has entered into a lease agreement with M/s. N. M. Fashion Designs Private Limited for providing a portion of premises named Shivaay One, on lease to M/s. N. M. Fashion Designs Private Limited.
Pondy Oxides and Chemicals Limited : Board approved Raising of funds by way of issuance of equity shares and / or any other eligible securities of the Company, in one or more tranches, through Qualified Institutional Placement (QIP) not exceeding 250 crores .& The Record date has been fixed on 16th October 2024 for the purpose of determining the eligible shareholders of the Company for Sub-division 1 Split of the existing equity shares of the Company such that 1 equity share having face value of Rs. 10/- each fully paid-up be sub-divided into 2 equity shares having face value of Rs. 5/-.
Quasar India Limited : Board Approved Recommended Sub-Division of 1 Equity Share of face value of Rs. 10/- each fully paid up into 1 Equity Shares of Rs. 1/- each fully paid up, resulting in issuance 10 (ten) Equity Shares of Rs. 1/-.
Indegene Limited : Board meeting to be held on 26th ,To allot shares under RSU 2020 plan – with bonus element. (2). To allot shares under ESOP 2020 plan – without bonus element.
Exxaro Tiles Limited : Board meeting to be held on 14th October, 2024, to Consider the sub-division/ split of equity shares of the Company.
Supra Pacific Financial Services Limited : Board meeting to be held on 30th SEP , To consider and approve the issuance of secured, unrated, unlisted, Non-convertible Debentures (NCDs) on Private Placement Basis aggregating up to an amount of Rs. 10,00,00,000.
Aban Offshore Ltd : Company has received notice from Hon’ble NCLT Chennai for a hearing on 26th September,2024 in respect of an Application filed by one of the financial creditors under Section 7 of Insolvency & Bankruptcy Code for a default of Rs.366.09 Crores.
Fermenta Biotech Limited : Fermenta Biotech Limited receives EU GMP Certification for its Dahej Manufacturing Facility, Gujarat, India .
PATANJALI FOODS LIMITED : The Company has invested Rs. 25,00,00,000/- by way of subscription in the equity share capital of its wholly owned subsidiary namely Contemporary Agro Private Limited, on right basis.
International Conveyors Limited : The Company has acquired the 41860 equity shares of “Sterling and Wilson Renewable Energy Ltd . aquisition cost -2.88 Crore.
AXISCADES Technologies Limited : Board meetin to be held on the 26th September 2024 to consider, partial prepayment of unlisted unrated secured redeemable Non-Convertible Debentures (NCDs) of the Company.
Pavna Industries Ltd : board meeting to be held on 26th to fund raising .
(doubt ) Greenlam Industries Limited : The “Company has purchased/repurchased its outstanding secured, rated, listed, redeemable, non-convertible debentures (‘NCDs’) having face value of INR 10,00,000/- each on September 23, 2024, issued by the Company in accordance with the terms of issue of these NCDs
AXITA COTTON LIMITED : Board has approved the Allotment of 8,68,94,493 Equity Shares of Rs. 1 each as fully paid-up Bonus Equity Shares, in the ratio of 1:3
DEV INFORMATION TECHNOLOGY LIMITED : The International Financial Services Centres Authority (IFSCA)’ has taken a significant step towards streamlining and accelerating the process of establishing businesses in India's international financial services centres (IFSCs) with the launch of the Single Window IT System (SWIT)
Reliance Power Limited : Board has approved issuance of upto 46,20,00,000 equity shares and/or warrants convertible into equity shares of the Company at an Issue Price of Rs. 33/- per share aggregating Rs. 1524.60 crore through preferential allotment.
Tejas Networks Limited : Scheme of Amalgamation of Saankhya Labs Private Limited and Saankhya Strategic Electronics Private Limited with Tejas Networks
Limited .
COAL INDIA LTD : Joint Venture Agreement(JVA) between Coal India Limited (CIL) and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) for Renewable Energy Business in Rajasthan .
Rishi Laser Limited : Board meeting to be held on 25th Sep , to fund raising
AstraZeneca Pharma India Limited : Company has received permission to import for sale and distribution of Durvalumab 120 mg/2.4 mL and 500 mg/10 mL solution for infusion (Imfinzi) from the Central Drugs Standard Control Organisation, Directorate General of Health Services, Government of India.
Shrydus Industries Limited : The Company is considering a proposal to acquire 100% stake in an existing company situated in UAE to make it wholly owned subsidiary.
Punjab National Bank: The company plans to raise up to Rs 7,500 crore via QIP at a floor price of Rs 109.16 per share
Mahindra and Mahindra: The company addressed reports about considering a purchase of Skoda Auto VW India, stating that it and the VW Group are actively exploring various opportunities for collaboration
Shriram Properties: An FIR has been filed against a former Tamil Nadu Minister, accusing him of being involved in Rs 28 crore payments made in 2016 related to Shriram Properties and Infra, now known as Gateway Office Parks. The complaint also implicates former director KR Ramesh and several others, but the allegations are not related to the company’s business or its joint ventures
GR InfraProjects: The company was the lowest bidder for Nagpur metro construction work worth Rs 904 crore
Spandana Sphoorty Financial: The company has approved the sale of a stressed loan portfolio, including a pool of written-off loans with an outstanding value of Rs 304.41 crore as of June 30, 2024. This portfolio will be sold to an asset reconstruction company for a consideration of Rs 16.74 crore.
Valor Estate: The company reappointed Shahid Balwa as vice chairman cum managing director w.e.f. Dec. 10, 2024, for a term of three years.
Cyient: The company incorporated its arm, Cyient Project Management Consultancy, as a limited liability company in the UAE
SANOFI CEO STILL CONSIDERING HOW TO SPLIT CONSUMER BIZ, HOPES TO KEEP A STAKE - REUTERS
PNB BANK ; Punjab National Bank: Base size of the QIP is at ₹2,500 cr with green shoe option of ₹2,500 cr, indicative price seen at ₹103.75/sh, at a 6.94% discount to CMP, sources - CNBC-TV18
UNICOMMERCE: Mr. Pranay Kale, Senior Director-Head India Sales (Business Acquisition) and Mr. Vaibhav Mehrotra, Senior Director-Marketing (Corporate) designated as the senior management personnel’s (SMPs) of the Company, with effect from 23rd September, 2024.
Mr. Kale has more than 18 years of experience in the SaaS industry and has worked across BFSI, technology, manufacturing as well as other verticals globally. He has previously headed growth functions for companies like Leadsquared, HighRadius and Realization Technologies
Mr. Mehrotra has a career spanning over 15 years with experience across brand, product, digital and performance marketing. He has held leadership positions at renowned organizations including Cashfree Payments, DLF Limited, Max Group, Cognizant Interactive, and Photon Interactive.
SHREYAS SHIPPING; MCA has approved the change of name of the Company from “Shreyas Shipping and Logistics Limited” to “Transworld Shipping Lines Limited”
MS on ONGC
Top pick tgt 430
ONGC potential reserve accretion in Azerbaijan -- International operations have been a drag to returns for ONGC in the past, but we are seeing improving trends in production and reserve accretion.
Mint Charts | Bajaj Housing Finance debuted on 16 September at a 114% premium over its ₹70 issue price, leaving some IPO investors regretting their missed opportunity. However, a Mint analysis reveals that those who waited six months to a year after listing generally achieved better returns.
In 2021, 67% of stocks listed at a premium yielded positive returns a year later, while nearly 80% of 2023's listings have also debuted at a premium.
Nearly 500 people were killed across southern Lebanon after Israel launched its biggest ariel offensive against Iran-backed Shite militant group Hezbollah since the beginning of war in Gaza on October 7.
HSBC on Kalyan Jewellers
Buy Call, Target Rs 810
Think Kalyan Is Midway Into Its Value-Creation Journey Driven By Aggressive Network Rollout
Continued Exponential Growth Will Act As A Key Catalyst In Our View
Cement Channel Check: IIFL
Sept all-India avg cement price up Rs 8/bag or 2.6% Vs Aug
Highest price hike seen in East/West - up Rs20/bag
North seen hike of Rs8/bag
Central - flat vs. Aug-end
Southern markets - down Rs8/bag
Acquires Ascensos for £42 million (Rs 470 cr)
EV/Sales – 0.7x on CY23 basis
Will add retail vertical to Firstsource’s existing domain
Fortifies its multi-lingual capabilities for CX services
Acquisition to be margin dilutive initially
EQUIRUS ON ASTEC LIFE
• Downgrade to Short from Long; Cut target price to Rs 970 from 1500
• CEO departure at a critical turning point
• Enterprise business stagnant, CDMO outlook uncertain
• Roy's exit will severely hurt ASTEC's growth prospects
• His contribution was significant in driving the CDMO business
MORGAN STANLEY ON ONGC
• Maintain Overweight with target price of Rs 430
• Potential reserve accretion in Azerbaijan
• Consortium plans to monetise non- associated gross natural gas reserves of 4tcf
• International operations have been a drag to returns for ONGC in the past
• Seeing improving trends in production and reserve accretion
China 10-year bond yield falls to 2%, first time on record: Bloomberg
JEFFERIES ON IT SECTOR
• Management of HCLTech, TechM and LTIMindtree highlighted that there has been no material change in the demand environment recently
• Deal wins remain steady and continue to be skewed towards cost take out and vendor consolidation programs
• IT firms also see limited scope for margin expansion in FY25 given slow revenue growth
• Commentary is sombre, stock movements have been sharp and valuations appear rich; Stay selective
Fitch assigns first time 'BB-' IDR to Biocon Biologics; rates proposed senior secured notes 'BB'.
BERNSTEIN ON LIFE INSURANCE
• Private life insurers have delivered 20%+ returns over the last 3 months
• This has been a period of relatively silent returns, amidst investor focus on downside risks
• Like the sector for its stronger than expected growth in near-term, long-term growth potential, valuation comfort and potential rotation trade heading into rate cut
• Prefer private life insurers with strong bank distribution and a strong brand driving market share gains (SBI Life, Max Fin, HDFC Life)
Emkay initiates coverage on GMR Power with 'Buy' rating at Rs 180 target price.
EMKAY ON PAYTM
• Upgrade to Add from Reduce; Hike target price to Rs 750 from Rs 375
• Easing regulatory drag, optimizing opex to restore profitability
• Management expects the loan distribution business to gradually re-accelerate
• Broking and insurance distribution business is gaining scale and has already turned profitable
• Sold its operationally heavy entertainment business in Q2, which should boost cash buffers
• Remains open to offload any other non- core business
• Expect Paytm to again turn operating EBITDA (ex-ESOP and UPI incentive) positive by Q4FY25
EMKAY ON PAYTM
• Upgrade to Add from Reduce; Hike target price to Rs 750 from Rs 375
• Easing regulatory drag, optimizing opex to restore profitability
• Management expects the loan distribution business to gradually re-accelerate
• Broking and insurance distribution business is gaining scale and has already turned profitable
• Sold its operationally heavy entertainment business in Q2, which should boost cash buffers
• Remains open to offload any other non- core business
• Expect Paytm to again turn operating EBITDA (ex-ESOP and UPI incentive) positive by Q4FY25
China to allow funds, brokers to tap PBOC funding to buy stocks: Bloomberg
CLSA on Fusion Fin
Downgrade To Underperform From Outperform, Target Cut To 260 From 550
Recently Disclosed Higher Credit Costs For Q2 Indicates That Collection Efficiency Has Not Improved
Collection Efficiency Had Dipped At End Of Q1 & Indicates It Has Not Improved In Past 2 Months
Co Undergoing Multiple Process & Leadership Changes
Citi on Voda Idea
Buy Call, Target 17 From 22
Network Equipment Deal Of Rs 30,000 Cr Underscores That Investment Plans Remain Unaffected
Co Highlighted That It Is Now Engaging Directly With Gov’t To Find Resolution To AGR Issue
VI Also Expects To Complete Its Pending Bank Debt Raise In The Next 7-8 Weeks
Co Is Hopeful Of Another Tariff Hike In 15 Months
Macquarie on Voda Idea
U-P, TP Rs 10
Further, VI management's comments of similar ARPU hike (10-25% across different plans in Jul-24) in 15 months is at least 3 months behind consensus view
Equity dilution is part of VI's biz plan per management comments, confirming concerns
MOSL on Voda Idea
Neutral Call, Target Rs 12
Co Expects Subscriber Churn To Reduce From Q4 Onwards
Subscriber Churn To Reduce Since Capex Rollout Is Expected To Commence From Q3
Debt Fundraising Of Rs 35,000 Cr To Conclude In 7-8 Weeks
Another Tariff Hike Of 20% Is Expected Next Year
Co Expects Equity Conversion To Commence Once Moratorium Ends
HSBC on IIFL Fin
Upgrade To Hold, Target Raised To Rs 540 From 350
RBI Lifted Gold Loan Business Restrictions, Normalisation Of Biz Is A Strong Tailwind
Upgrade FY25-27 EPS Estimates By 6-16%
Stock Is Up 65-70% From March 2024 Lows
Current Valuations Price In Most Positives
HSBC on Kalyan Jewellers
Buy Call, Target Rs 810
Think Kalyan Is Midway Into Its Value-Creation Journey Driven By Aggressive Network Rollout
Continued Exponential Growth Will Act As A Key Catalyst In Our View
Emkay on GMR Power
Initiate Buy, Target Rs 180
Numerous Optionality Prop Up Bull Case Target To Rs 205
Core Thermal Assets (1,650 MW) Are Nearing Optimal Performance On Coal Tie-Ups
PPAS Of 90% Capacity, Improving Debt Metrics
Incremental Smart Meter Contracts, Monetisation, & Disputes Settlement Provide Optional Value
Kotak Inst Eqt on CONCOR
Sell, TP Rs 710
Industry data for rail transportation rates from Oct 1 suggests static pricing (for long) for key rail container routes
Same suggests weak demand trends continuing in contrast to Co’s expectation of sharp vol recovery from 2Q
Declining crude may be an add-on negative for rail operators versus road operators
Read less into recent handling & storage charges, assuming same to impact a small proportion of volumes & potentially being a temporary one
MOSL on Utilities
Initiate with BUY on Power Grid, JSW Energy, Tata Power
Initiate Neutral on NTPC & IEX
See colossal multi-decade investment opportunity of Rs 40t & more
Power demand growth accelerating at 7% CAGR (vs. 5% earlier)
Power Grid- Buy, TP TRs 425
JSW Energy - Buy, TP Rs 917
Tata Power - Buy, TP Rs 530
NTPC - Neutral, TP Rs 450
IEX - Neutral, TP Rs 226
Nomura on IPCA Labs
Buy, TP raised to Rs 1750
Growth ahead of broader market in India, & scope for EBITDA margin expansion to drive val
+ve view based on
1) consistent outperformance in domestic formulation market &believe it will contribute 50% of FY26/27F EBITDA
2) scope for improvement in other biz segmentsparticularly in generics & API
3) cost & rev synergies at sub (Unichem)
Est 30% earnings CAGR over FY25-27F & growth momentum may remain strong post-FY27F as well
Nifty closed @25,939 (+148) and Sensex @84,929 (+384) on Monday GIFT Nifty was trading at 25,978 (as of 7:30 am)
FIIs net bought equities in cash to the tune of Rs 404 cr whereas DIIs bought equities in cash worth Rs. 1,023 cr on September 23, 2024
SEBI's study revealed that individual traders in the F&O market suffered Rs 1.8 lakh crore in aggregate losses over the past 3 years, with nearly 93% of >1 cr investors, or 9 out of 10 traders, incurring average losses of Rs 2 lakh each
PNB launches QIP to raise up to Rs 5,000 crore at Rs 103.75/sh The base deal size is Rs 2500 cr with the potential to be upsized to Rs 5000 cr depending on demand
Bangladesh’s interim government paid about 150 m out of 800 m in dues owed to Adani Power
Vodafone Idea (Vi) has begun a “fresh dialogue” with Centre to resolve the Adjusted Gross Revenue(AGR) dues issue, according to CEO Akshaya Moondra
NTPC Green Energy, is likely to bring its initial public offering (IPO) to raise Rs 10,000 cr in first week of November
The trend of investors choosing MFs over bank deposits continued as the share of assets managed by MFs grew to over 31% of the size of bank deposits, according to a Franklin Templeton report for August
Waaree Energies gets Sebi nod for IPO, fresh issue worth Rs 3,000 cr and an offer for sale up to Rs.32 lakh equity shares having face value of Rs.10 each
Indian solar component producers are seeking trade protections against a surge of imports from countries like China and Vietnam
NHPC paid a final dividend of Rs 338.5 cr to the Government of India for 2023-24
Indian ADRs: Dr Reddy’s Labs (+1.3%), HDFC Bank (+0.4%) and Wipro (-0.7%)
Debt:
10 yr G sec yield rose by 1 bps to 6.77% on Monday
RBI accepted Rs.29,360 cr against notified amount of Rs 30,000 cr in G-sec switch/conversion auction
FPIs have infused Rs. 1.5 lakh cr ($18 bn) in Indian debt market since the announcement of inclusion of Indian G secs in JP Morgan global bond index in Sep’ 23
India’s flash composite PMI declined to 59.3 in Sep’ 24 from 60.7 in Aug’ 24
Net formal job creation under EPFO stood at ~20 lakh in Jul’ 24 (highest ever monthly addition), led by huge capex push and production linked incentive scheme, as per Labour Ministry
Commodities
Brent crude was down by 1.47% to $73.62/barrel on Monday as worries about demand were compounded by disappointing euro zone business activity and a weak Chinese economy
Gold futures settled higher driven by the momentum generated by the Federal Reserve’s interest rate cut and safe haven demand due to geopolitical risks in the Middle East Spot gold was up by 0.23% to $2,626.44/oz on Monday
India's overall finished steel imports reached a 6-year high at 3.7 mn MT in the April August period of this year, and the country was a net importer, provisional government data reviewed by Reuters showed
Gem and jewellery exports fell 19% in August to $2.01 billion (Rs.16,884 crore) compared with $2.48 (Rs.20,525 crore) in the same period last year, largely due to lower demand amid geopolitical tensions according to data released by the Gem Jewellery Export Promotion Council (GJEPC)
Currency:
Rupee appreciated by 2 paise and settled at 83.55 against the US dollar on Monday, due to inflow of FIIs in Indian equity market
US Dollar Index (DXY) increased by 0.20% to end at 100.92 on Monday, as Fed's Goolsbee pledged for “many cuts” will be needed next year
GBP/USD increased by 0.27% to end at 1.335 on Monday, as Traders expect the BoE to deliver one more interest rate cut this year
USD/JPY fell by 0.30% to 143.63 on Monday, as BoJ Governor Ueda stated that the central bank will continue to adjust the level of monetary easing as needed
USD/AUD fell by 0.34% to end at 1.463 on Monday, as RBA is expected to leave interest rates unchanged on Tuesday.
International Markets
U S markets rallied on Monday with the Dow Jones, S&P 500 and Nasdaq up by 0.15%, 0.28% and 0.14% respectively. All 3 major futures indices are trading between +3 to -8 bps at the time of writing the report
The HCOB Preliminary German Composite Output Index declined to 47.2 in Sep 24 vs 48.4 in Aug-24. Decline was led by the manufacturing PMI which dropped to 40.3 in Sep-24 from 42.4 in Aug-24 while services PMI declined to 50.6 from 51.2
The People's Bank of China cut its 14 day reverse repurchase rate by 10 bps to 1.85% on Monday The PBOC also injected 74 5 bn yuan of liquidity into the banking system
The preliminary U S manufacturing PMI index fell to a 15-month low of 47 in Sep-24 from 47.9 in Aug-24 The preliminary S&P U.S. services PMI index also fell to a two month low of 54.4 in Sep-24 from 55.7 in Aug-24
CHINA'S CENTRAL BANK REDUCES BANKS' RESERVE REQUIREMENT RATIO BY 50 BASIS POINTS.
FTSE CHINA A50 INDEX FUTURES SURGE 1% IN EARLY TRADING. -CNBCTV18
NOMURA ON IPCA LABS
• Maintain Buy; Hike target price to Rs 1750 from Rs 1502
• Growth ahead of the broader market in India
• See scope for EBITDA margin expansion to drive valuation
• Estimate 30% earnings CAGR over FY25-27
• Growth momentum may remain strong sed post-FY27 as well
• Company expects EBITDA margin to reach 25-26%
CLSA ON FUSION FIN
(CMP: 276)
DOWNGRADE
UNDERPERFORM TARGET: 260
Recently Disclosed Higher Credit Costs For Q2 Indicates That Collection Efficiency Has Not Improved
Collection Efficiency Had Dipped At End Of Q1 & Indicates It Has Not Improved In Past 2 Months
Co Undergoing Multiple Process & Leadership Changes
MOSL on Utilities
Initiate with BUY on Power Grid, JSW Energy, Tata Power
Initiate Neutral on NTPC & IEX See colossal multi-decade investment opportunity of Rs 40t & more
Power demand growth accelerating at 7% CAGR (vs. 5% earlier)
KOTAK INST EQT ON CONCOR
Sell, TP Rs 710
Industry data for rail transportation rates from Oct 1 suggests static pricing (for long) for key rail container routes
Same suggests weak demand trends continuing in contrast to Co’s expectation of sharp vol recovery from 2Q
Declining crude may be an add-on negative for rail operators versus road operators
Read less into recent handling & storage charges, assuming same to impact a small proportion of volumes & potentially being a temporary one
CITI ON VODA IDEA
(CMP: 11) MAINTAIN BUY TARGET: 17
Network Equipment Deal Of `30,000 Cr Underscores That Investment Plans Remain Unaffected
Co Highlighted That It Is Now Engaging Directly With Gov't To Find Resolution To AGR Issue
VI Also Expects To Complete Its Pending Bank Debt Raise In The Next 7-8 Weeks
Co Is Hopeful Of Another Tariff Hike In 15 Months
Emkay on GMR Power
Initiate Buy with TP of Rs 180
Healthy earnings visibility led by strong core generating assets; to support deleveraging efforts
Conscious shift to asset-light business models amid improving balance sheet
AUROBINDO PHARMA-NUVAMA (MANAGEMENT MEET)
Nuvama Retain ‘BUY’ ; Raise TP to Rs.1730 vs Rs.1686 earlier
New opportunities on the horizon
Co expects to commercialize its biosimilars within the next two years
Macquarie on Voda Idea
U-P, TP Rs 10
Further, VI management's comments of similar ARPU hike (10-25% across different plans in Jul-24) in 15 months is at least 3 months behind consensus view
Equity dilution is part of VI's biz plan per management comments, confirming concerns
MOSL on Voda Idea
Neutral, TP Rs 12
Conf call takeaways
a)subscriber churn to reduce from 4Q onwards, since capex rollout is expected to commence from 3Q
b)debt fundraising of Rs350b to conclude in 7-8 weeks,
c) another tariff hike of 20% next year
India is an innovation superpower and a major force in shaping the global economy:
• Fastest growing large economy, 3rd in the world by 2030 (+6.8% GDP 2024)
• Youngest population and fast rising middle class (65% of 1.4B population < age 35) - 31% of population is middle class in 2024.
• Largest supplier of talent in the world - 25% of incremental workforce in next 10 years.
• By 2030, India’s working age population will exceed 1 billion.
• Nearly all of India’s population has a digital biometric identity - Aadhaar (US SSN equivalent but with full biometric verification - retinal scans and fingerprints)
• India has the 2nd largest base of mobile phone users. The internet population in India, 627 million, is nearly double the entire population of the United States.
• India is the leader by far in Digital Payments, with 46% of all digital transactions worldwide happening in India
• 90+% of India is covered by 5G
• India is the largest consumer of data: reaching nearly 20GB of data per mobile every month (expected to grow to 62GB every month in 2028).
• Big companies are investing in India. More than 1,500 multi-national companies have set up Global Capability Centres employing 1.66 million people. This is expected to witness substantial growth in the next two years, with India poised to have over 1,900 GCCs by 2025 employing over 2 million people.
• India has the 3rd largest Startup Ecosystem: India is also home to the 3rd largest startup ecosystem in the world, contributing to 1 out of 10 unicorns - a total of 111 with total valuation of ~USD 350 Bn

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