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September 19, 2024

MS on Brainbees Solutions
Initiate OW, TP Rs 818
A Quintessential Play on First Cry
Co well placed to capitalize on India's growing childcare market through its FirstCry brand
Multiple levers of growth &profitability improvement in place, with some option value through Globalbees
BoFA Sec on Delhivery
Downgrade to Neutral, TP Rs 460
Express shipments subdued for e-com/slightly lower vs original est; cut shipment vol growth
3PL outsourced shipment volumes lower than original est. on back of Meesho's in-sourcing & rising share of quick-commerce
Jefferies on Bharti Airtel
Buy, TP Rs 1970
CO highlighted opportunity in mid/premium segment of both B2C & B2B markets & articulated Co's strategy to grow in these segments
Sees Rs300 ARPU in mobile segment
& healthy growth & moderation in capex to improve FCF
Jefferies on Adani Energy
Buy Call, Target Rs 1,365
Management Highlighted Smart Metering As A New High-growth Area
B2C Interface Is Rising With Access To 12+ m Consumers In The Mumbai Distribution Biz
Capital Management Program Focus Is On Reducing Volatility In Interest Costs
Reducing Volatility In Interest Costs Will Be Done Via Long-tenure Bonds & Execution-backed Growth
Jefferies on NTPC
Buy Call, Target Rs 485
Renewable Energy Bids Have Enhanced W/Awarding At 37-39 GW In FY24 Vs 8-9 GW YoY
Co Is Moving Towards Its 60 GW 2032 RE Target And Has 24 GW Pipeline In Place
RE Capacity Ramp-Up, Pilot Initiatives On Green Hydrogen Remain Rerating Drivers
Medium-term Double-digit EPS CAGR Remain Rerating Driver
Jefferies on Power Grid
Buy Call, Target Rs 390
Management Maintained Its FY25 Capex Guidance & Remains Confident Of Uptick Until FY27
Rs 1 Lk Cr Bids Are In Tendering Stages, Which Is Up 1.8x YoY, & Gives Visibility On Growth Ahead
Believe Rs 12,700 Cr Order & Is Being Re-Tendered Will See Only Marginal Impact On Guidance
Potential Stock Upside Drivers Ahead Are The Visible Bid Pipeline, Higher Dividend Payout
Jefferies on ONGC
Buy, TP Rs 420
Management reiterated its standalone production growth guidance of 5-6% CAGR over FY25-27E, led by ramp-up in KG basin where higher realizations in both crude and gas and lower cess make economics attractive
Jefferies on Godrej Prop
Buy Call, Target Rs 3,725
Co Highlighted Residential Upcycle To Be Structural In Nature
Residential Upcycle Could Last Over A Decade Hereon
Co Confident Of Delivering Sustainable Growth Over The Years
Continued Focus On Execution And Profitability
MOSL on AU SFB
Buy Call, Target Rs 830
Earnings To Clock Nearly 32% CAGR Over FY25-27
NIM May Contract To 5.5-5.7% Due To Rising Costs
Improvements In Disbursement Yields & Potential Rate Cuts Are Expected To Enhance Margin
Est Operating Leverage To Improve Gradually With A C/I Projection Of 62% For FY25
Estimate RoA To Improve To 1.8% By FY27
Est RoA Improvement Aided By 24% Loan Growth, Resulting In 32% CAGR In Results Over FY25-27
HSBC on ONGC
Downgrade To Reduce, Target Rs 235
Falling Oil Prices Expose Co’s Future Project Viability, Find It Hard To Be Bullish On Oil
Declining Production Rates, Reduced Guidance For KG Field Our Key Concerns
Risk Of Unrelated Capex Is Also One Of The Key Concerns
Capex Intensity To Increase
Weaker Performance Of Subsidiaries Can Impact Dividend
HSBC on Autos
Buy Call On Bajaj Auto, Target Raised To Rs 14,000 From 11,000
Hold Call On TVS, Target Raised To Rs 2,800 From 2,400
Sustained Traction For CNG, e-2W, Africa Exports Drive Preference For Bajaj Over TVS
Potential Launch Of Ericks Drive Preference For Bajaj Over TVS
Valuations Are Rich Now; But, Relative To Its Peers, Earnings Resilience Score Better For Bajaj
MS on AB Capital
EW. TP Rs 262
ABCL has received RBI's approval for reverse merger scheme with its NBFC subsidiary
Remove holdco discount on NBFC subsidiary, lifting PT to Rs263
Think this is partially priced in
Expect stock to open higher, limiting residual upside
India Daybook – Stocks in News
NTPC: NTPC Green Energy files draft papers for Rs 10,000 crore IPO (Positive)
Aurobindo Pharma: Company in pact to buy remaining 49% stake in GLS Pharma at Rs 381.12 per share (Positive)
Pudumjee Paper: Company has awarded Contract for 15.4 MW Solar Power Project to Prozeal Green Energy Limited. (Positive)
B.L.Kashyap: Company has secured new order aggregating to Rs. 221 Crores approx. (Positive)
Nazara Tech: Company to issue Rs 900 cr of shares to identified investors. (Positive)
Ion Exchange: Company gets Rs 161 crore order from Adani Power for water and environment management solution (Positive)
NDR Auto Components: Company has received in-principle approval from BSE and NSE for issuing bonus shares in a 1:1 ratio. (Positive)
Power Grid: India explores multi-source use of electricity grids to enhance renewable energy capacity. Company declared as successful bidder to establish inter-state transmission system. (Positive)
Reliance Infra/ Reliance Power: Anil Ambani's Reliance Infrastructure and Reliance Power slash debt by a cumulative ₹7,220 crore (Positive)
AB Capital: RBI approves Aditya Birla Capital’s amalgamation of Aditya Birla Finance (Positive)
Praveg: Company has received a Letter of Award from Tourism Corporation of Gujarat Limited for O&M of 30 Bhungas located at Dhordo, Gujarat (Positive)
Liquor stocks: Andhra Pradesh approves new liquor policy, all liquor brands to be made available. (Positive)
SpiceJet: Company's QIP attracts investment from family offices of Madhu Kela, Akash Bhanshali, Sanjay Dangi, and Rohit Kothari. (Positive)
Lupin: Company enters into non-exclusive patent license agreement with Takeda pharmaceutical company. (Positive)
GILETTE: Structural margins have improved in FY24 driven by cost productivity and product innovation (Positive)
Apollo Micro: Company said it has been shortlisted by the Armament Research and Development Establishment related to the production of PRACHAND munition hardware (Positive)
Avenue Supermarts: Company has opened a new store at Narasaraopet, Palnadu, total number of stores as on date stands at 377. (Positive)
Chaman Metallics: Company says commencement of pellet plant of group Company, commencement to benefit company's operations, in production of sponge iron. (Positive)
Garden Reach Shipbuilders: Company gets order for construction, delivery of additional 4 vessels worth $ 54 million. (Positive)
BPCL: Company issues clarification on report “CPCB notice to BPCL for failing to install vapour recovery systems”, Company has installed VRS at ROS within prescribed timelines (Positive)
Aavas financiers: Company to issue non-convertible debentures for upto Rs 6.30 billion (Neutral)
IREDA: DIPAM allows dilution of up to 7% government holding in IREDA via QIP (Neutral)
Allcargo Logistics: August LCL Volume Up 1% MoM & Up 5% YoY (Neutral)
Dish TV: Company appoints Amit Kumar Verma as Chief Financial Officer (CFO) of the company (Neutral)
Nippon Life: Company appoints Parag Joglekar as Chief Financial Officer (CFO) of the company (Neutral)
MTNL: Company’s account gets downgraded to an NPA by PNB. (Neutral)
Macrotech: Company will acquire additional stakes in three Maharashtra-based digital infrastructure firms for Rs 240 crore. (Neutral)
SBI: Bank bags Rs 7,500 crore through its second tranche of tier-II bonds at a coupon of 7.33%. (Neutral)
Ge T&D India: promoters to sell up to 15.6% stake via OFS on September 19 and 20. (Negative)
CVOCA
Business Standard
Cabinet okays Rs 24,475 crore subsidy on P&K fertilisers for rabi season
SBI raises Rs 7,500 crore through issuance Basel III-compliant bonds
Govt mulling lifting ban on non-basmati rice export: Food Secretary
LIC commits Rs 600 crore towards its digital transformation journey
India's home & household market to reach $237 bn by 2030: Deloitte
Anil Ambani group firms R-Infra, Rel Power settle dues with banks, ARCs
Tupperware files for bankruptcy as its colourful containers lose relevance
AM/NS India invests nearly Rs 1,000 crore in new value-added product line
CCI can appoint agencies to monitor implementation of its orders
ZEEL refutes Disney Star's $940 mn damages over failed ICC TV rights deal
Cabinet approves PM-AASHA scheme extension with Rs 35,000 cr outlay.
Electronics sector to discuss tariff, reforms with PMO, finance ministry
Economic Times
CAMS, CareEdge, KFintech set up dedicated platforms for REIT information
Volkswagen and JV partner SAIC plan to close China plant, Bloomberg reports
Google urges tribunal to throw out $9.3 billion UK lawsuit over search 'dominance'
Telecom dept redefines mobile tower, eases property tax burden on telecom firms
Godrej Capital to enter affordable housing loan segment, eyes AUM of Rs 17,000 cr by Dec-end
Nearly 50pc of public infrastructure unprepared for disaster management: CBRE survey
Oswal Pumps files IPO papers with Sebi; aims Rs 1,000-cr via fresh issue
Govt raises refund cap for Sahara Group depositors to Rs 50,000 from Rs 10,000
India permits fresh areca nut imports without MIP condition from Bhutan
India largest market by volume, 2nd largest by value for French spirit maker Pernod Ricard
MSME segment will continue to grow by 15%; expect lower NPA by year-end, says Capri Global MD
Mint
Banking system low-cost deposits could decline further, says SBI chairman Setty
Wheat supplies restored for PMGKAY beneficiaries, 3.5 mn tonnes allocated
Centre to 'tweak' localization rules under new EV subsidy scheme: Govt official
Coal India inks pact with dept of pharma to open 12 Jan Aushadhi stores
Tata group, Analog Devices in alliance for semiconductor manufacturing
Xiaomi surpasses Apple in global smartphone sales for August 2024
Emami’s D2C push, premium acquisitions can drive FY25 goals
REC signs ₹1.12 trillion worth MoUs to finance green energy projects
ReNew to monetize its solar manufacturing business, says chairman
Craigslist founder pledges $100 million to boost U.S. cybersecurity
CBDT revises tax appeal limits to ₹60lk, ₹2cr, ₹5 cr to streamline dispute
SUMMARY OF FED DECISION (9/18/24):
1. Fed cuts interest rates by 50 bps for first time since 2020
2. Fed sees 2 more 25 basis point rate cuts in 2024
3. One Fed governor dissented for the first time since 2005 in favor of a 25 bps rate cut
4. Fed gained "greater confidence" that inflation is moving to 2%
5. Fed will "carefully asses incoming data" and evolve outlook
6. Fed sees 100 bps of rate cuts in 2025 and 50 bps of cuts in 2026
The long awaited "Fed pivot" has officially begun.
Fed cuts rates for first time since 2020 as rate-cut cycle kicks off
The Federal Reserve cut interest rates by 50 basis points on Wednesday, and lifted forecasts for further rate cuts this year, as the era of higher of longer rates moves into central bank’s rearview mirror following a prolonged battle against surging inflation.
The Federal Open Market Committee, the FOMC, cut its benchmark rate by 50 bps to a range of 4.75% to 5%.
Nifty closed @25,377.55 (-41.00) and Sensex @82,948.23 (-131.43) on Wednesday GIFT Nifty was trading at 25,410 (as of 7:30 am)
FIIs net bought equities in cash to the tune of Rs 1,154 cr whereas DIIs bought equities in cash worth Rs.152 cr on September 18, 2024
Advance taxes up 20% in Q2 from a year ago personal income tax grows faster
Aster DM, Quality Care set to announce merger via a share swap
Shapoorji Pallonji Co seeks 3 months to make bond payment
Bhartias ink exclusivity pact to acquire 40% stake in Coke bottler for $1.4 bn
Star India seeks $940 mn in damages from Zee Enterprises over ICC rights deal
Sharp cuts in subsidy per electric two wheeler in PM E Drive
RBI gives approval for Aditya Birla Finance's merger with parent
IREDA gets nod to raise Rs 4,500 crore via QIP, govt to dilute up to 7% stake
Maruti plans 25 k charging points ahead of its 1st EV to be launched in Jan 2025
India pips China in yet another global benchmark
Godrej Capital to enter affordable housing loan segment, eyes AUM of Rs 17,000 cr by Dec end
Reliance Infra pares debt to Rs 475 crore after settlement with ARCs, LIC
Lupin signs patent licence pact with Takeda for novel gastrointestinal drug in Indian market
Macrotech Developers to acquire stake in three digital infra firms for Rs 240 crore
Hindalco Industries to invest Rs 2,450 crore in Gujarat Copper Projects
Jindal India renewable energy to enter battery energy storage systems field
Aurobindo to acquire remaining 49% stake in GLS Pharma for Rs 22.5 crore
Indian ADRs: ICICI Bank (-1.7%), Infosys (-2.1%) and Wipro (-2.0%)
Debt:
10 yr G sec yield rose by 2 bps to 6.78% on Tuesday Debt market remained closed on Wednesday
Net direct tax collection grew by 16.1% YoY to Rs 10 lakh cr till 17 th Sep in FY25 led by higher advance tax collection
Union Cabinet has approved subsidy worth Rs 24 475 cr for nutrient based fertilizer to support farmers during upcoming rabi season
Prices of all major agricultural commodities will not see any sharp rise during upcoming festive season, as per Food Ministry
FY26 pre budget meetings will start in 2nd week of Oct’ 24 as per Finance Ministry
Commodities
Brent crude was down by 1.21% to $72.81 /barrel as a rate cut announcement from the Federal Reserve raised worries about the health of the U S economy, while investors largely shrugged off a crude oil inventory decline that they attributed to the impact of short lived weather
Gold futures settled lower as the dollar and Treasury yields rose on the back of comments from Federal Reserve Chair Jerome Powell after the U S central bank delivered a bumper 50 basis points (bps) rate cut Spot gold was down by 0.40% to $2,559.31 oz on Wednesday
India would consider easing curbs on non basmati rice exports, the country's food secretary said on Wednesday, as rice inventories in India have jumped
Russian insurers are playing a growing role facilitating the country's oil shipments to India, its biggest buyer, helping to protect Moscow's export revenue despite western sanctions, data obtained from trade and shipping sources shows.
Currency:
Rupee appreciates by 7 paise and settles at 83.69 against the US dollar on Wednesday, due to inflow of FIIs in Indian equity market
US Dollar Index (DXY) increased by 0.20% to end at 100.92 on Wednesday, as Federal Reserve cut rates for the first time in last 4 years by 50 basis points to 4 75 5 00
EUR/USD increased by 0.01% to end at 1.112 on Wednesday, as ECB’s Villeroy sees the policy easing cycle continuing further
USD/JPY increased by 0.21% to 142.71 on Wednesday, as the BoJ is anticipated to stand pat at its policy meeting on Friday
USD/AUD fell by 0.12% to end at 1.478 on Wednesday, as Federal policymakers foresee lower GDP development, higher unemployment, and easing inflation in the coming years
International Markets
US markets fell on Wednesday with the Dow Jones, S&P 500 and Nasdaq down by 0.25%, 0.29% and 0.31% All 3 major futures indices are trading up by 25-70 bps at the time of writing the report
The U S Federal Reserve lowered its key benchmark rate by 50 bps in its FOMC meeting on Wednesday Policymakers voted 11 to 1 in favor of lowering the benchmark lending rate to between 4.75-5.0% Fed also indicated that more cuts are likely before the end of the year
U S housing starts increased by 9.6% MoM to an annualized rate of 1.36 mn in Aug 24 the fastest since April, according to government figures released Wednesday The median estimate of economists surveyed by Bloomberg called for a 1.31 million rate
Eurozone CPI increased by 2.2% yoy in Aug 24 down from July’s 2.6% yoy and in line with expectations of 2.2% Core CPI increased by 2.8% yoy in Aug 24 down from prior month’s 2.9% yoy and was in line with expectations
SUMMARY OF FED DECISION (9/18/24):
1. Fed cuts interest rates by 50 bps for first time since 2020
2. Fed sees 2 more 25 basis point rate cuts in 2024
3. One Fed governor dissented for the first time since 2005 in favor of a 25 bps rate cut
4. Fed gained "greater confidence" that inflation is moving to 2%
5. Fed will "carefully asses incoming data" and evolve outlook
6. Fed sees 100 bps of rate cuts in 2025 and 50 bps of cuts in 2026
The long awaited "Fed pivot" has officially begun.
NTPC Green Energy files draft papers for Rs 10,000 crore IPO - CNBC TV18
Business News: Get the latest Business News, Live Share & Stock Market Updates, Top News from India and across world. Read Top Business News and updates on financial, economic and banking news on CNBCTV18.
EXICOM TELE-SYSTEMS: CO ENTERED INTO LOAN AGREEMENT WITH EXICOM POWER SOLUTIONS B.V. NETHERLANDS || UNSECURED LOAN OF UPTO 200M RUPEES TO BE PROVIDED TO UNIT
B.L.KASHYAP AND SONS LTD recieve an order worth Rs. 121 Crore Approx from SSS Realty & co.
ARTEFACT PROJECTS LTD recieve an order worth Rs. 1.09 Crore from Ministry of Road Transport and Highways.
MSCI'S ALL-COUNTRY WORLD SHARE INDEX RISES TO RECORD HIGH AT 833.95 AFTER FED CUTS RATES
US FED CUT RATES BY 50 BPS
U.S. (SEP) FED INTEREST RATE DECISION ACTUAL: 5.00% VS 5.50% PREVIOUS; EST 5.25%
US RATE FUTURES IMPLY 76 BPS OF CUTS BY END-2024; 196 BPS IN EASING THROUGH OCTOBER 2025
Hong Kong cuts interest rates for the first time in four years after Fed easing - CNBC TV18
The cut in Hong Kong will be welcome relief for businesses and consumers, who have faced years of steep borrowing costs.
Global-Market Insights
-The US market did not rejoice over the 50 bps rate drop, why? It might be a sell on the news, a lack of a predictable future, or something else entirely.anyone's estimation
-Dow -103, S&P500 -17, Nasdaq -55
-S&P500 briefly rallied 0.98% but closed 0.29% lower
-Experts believe a lot of good news was priced in
-However, US futures and Asia opening in green
-US central bank Federal Reserve lowered interest rate by 50bps to 4.75%-5%
-It is the first rate cut since March 2020
-Fed sees 2 more 25 basis point rate cuts in 2024
-Fed gained greater confidence that inflation is moving to 2%
-Fed sees 100 bps of rate cuts in 2025
-Fed chair believes size of the cut does not signal that the economy is weak or weakening at a significant pace
-"I don't see anything in the economy that suggests that the likelihood of a recession, of a downturn is elevated ... "You see growth at a solid rate. You see inflation coming down and see a labour market that is still at very solid levels."
-Gold spiked 1.2% to $2,600 but closed 0.4% lower at $2554
-Dollar index above 101
-Dollar Yen at 143.55
-US 10Y at 3.728
BROKERAGE RADAR
MORGAN STANLEY ON
BRAINBEES SOLUTIONS
• Initiate Overweight with target price of Rs 818
• A Quintessential Play on the First Cry
• Brainbees is well placed to capitalize on India's growing childcare market
• Multiple levers of growth and profitability improvement are in place
• See some option value through Globalbees Brands
• Despite strong share-price performance since listing believe current valuations indicate further upside
• Benchmark Brainbees stock against Indian consumer discretionary stocks given similarities in growth and steady-state EBITDA margin profiles
RISE
BROKERAGE RADAR
JPMORGAN ON WESTLIFE FOOD
• Maintain Overweight with target price of Rs 925
• Value efforts helping traffic and comps will follow
• 'Chicken' and 'Coffee' could be significant AUV enhancers; Desserts is another key lever to play
• Growing salience of digital assets widens consumer accessibility
• Stores to incrementally skew towards South/smaller towns/Drive-Thru stores
News Headlines from Business News Agencies:*
*Business Standard*
Cabinet okays Rs 24,475 crore subsidy on P&K fertilisers for rabi season
SBI raises Rs 7,500 crore through issuance Basel III-compliant bonds
Govt mulling lifting ban on non-basmati rice export: Food Secretary
LIC commits Rs 600 crore towards its digital transformation journey
India's home & household market to reach $237 bn by 2030: Deloitte
Anil Ambani group firms R-Infra, Rel Power settle dues with banks, ARCs
Tupperware files for bankruptcy as its colourful containers lose relevance
AM/NS India invests nearly Rs 1,000 crore in new value-added product line
CCI can appoint agencies to monitor implementation of its orders
ZEEL refutes Disney Star's $940 mn damages over failed ICC TV rights deal
Cabinet approves PM-AASHA scheme extension with Rs 35,000 cr outlay
Electronics sector to discuss tariff, reforms with PMO, finance ministry
*Economic Times*
CAMS, CareEdge, KFintech set up dedicated platforms for REIT information
Volkswagen and JV partner SAIC plan to close China plant, Bloomberg reports
Google urges tribunal to throw out $9.3 billion UK lawsuit over search 'dominance'
Telecom dept redefines mobile tower, eases property tax burden on telecom firms
Godrej Capital to enter affordable housing loan segment, eyes AUM of Rs 17,000 cr by Dec-end
Nearly 50pc of public infrastructure unprepared for disaster management: CBRE survey
Oswal Pumps files IPO papers with Sebi; aims Rs 1,000-cr via fresh issue
Govt raises refund cap for Sahara Group depositors to Rs 50,000 from Rs 10,000
India permits fresh areca nut imports without MIP condition from Bhutan
India largest market by volume, 2nd largest by value for French spirit maker Pernod Ricard
MSME segment will continue to grow by 15%; expect lower NPA by year-end, says Capri Global MD
*Mint*
Banking system low-cost deposits could decline further, says SBI chairman Setty
Wheat supplies restored for PMGKAY beneficiaries, 3.5 mn tonnes allocated
Centre to 'tweak' localization rules under new EV subsidy scheme: Govt official
Coal India inks pact with dept of pharma to open 12 Jan Aushadhi stores
Tata group, Analog Devices in alliance for semiconductor manufacturing
Xiaomi surpasses Apple in global smartphone sales for August 2024
Emami’s D2C push, premium acquisitions can drive FY25 goals
REC signs ₹1.12 trillion worth MoUs to finance green energy projects
ReNew to monetize its solar manufacturing business, says chairman
Craigslist founder pledges $100 million to boost U.S. cybersecurity
CBDT revises tax appeal limits to ₹60lk, ₹2cr, ₹5 cr to streamline dispute
Stocks in News post Market closure
Pudumjee Paper: The company awards contract for 15.4 MW solar power project to Prozeal Green Energy.
BL Kashyap: The company secured a new order worth Rs 221 crore from SSS Realty & Co. for construction work in Bangalore. The total order book as of date stands at Rs 3,546 crores.
Macrotech Developers: The company to acquire Ivanhoe's stake in digital infrastructure platform entities in Maharashtra for Rs 240 crore
MFS Intercorp Limited : Board Meeting to be on 23rd September 2024, to consider and approve the proposal for raising funds.
UGRO Capital Limited : Board meeting to be held on 23rd September 2024, in addition to the stated agenda items the Committee may also consider raising of funds by way of issuance of Non-Convertible Debentures through public issue.
Pondy Oxides & Chemicals Limited : Board meeting to be held on 23rd Sep ,to raising of funds in the way of preferential issue & QIP .
Nazara Technologies: The company raised up to Rs 900 crore via preferential issue of shares at an issue price set at Rs 954.27 per share and to acquire 19.35% stake in subsidiary Absolute Sport (Sportskeeda) for Rs 145 crore. With this, the company now holds a 91% ownership stake in Absolute Sports (Sportskeeda)
NARBADA GEMS & JEWELLERY INDUSTRIES : The amount of the Ad-Hoc working capital limits sanctioned by Kotak Mahindra Bank Ltd should be read as Rs. 5.25 Crores instead of Rs. 4.5 Crores.
FLUIDOMAT LIMITED : Central Bank of India, Mill Area Branch Indore has enhanced the performance/financial bank guarantee limit by Rs. 120.00 Lakhs in addition to the existing limit of Rs. 380.00 Lakhs, aggregating to Rs. 500.00 Lakhs against 100% Fixed Deposits (FD) margin.
ION Exchange: The company received Rs 161 crore order from Adani Power for a water and environment management solution.
Aditya Birla Capital: The company received ‘no objection’ from the RBI for the proposed amalgamation of Aditya Birla Finance Ltd. with itself; it will create a large unified operating NBFC
NDR Auto Components Limited : Company has received the in-principle approval from BSE Limited and NSE ,respectively for the issue of Bonus Shares (Equity) in the ratio of 1 Bonus Share for every 1 Equity Share to the shareholders of the Company as on the record date.
Indian Renewable Energy Development Agency: Department of Investment and Public Asset Management has allowed dilution of up to 7% government holding via QIP.
Garden Reach Shipbuilders & Engineers: The company received an additional $54 million contract from Germany's Carsten Rehder for 4 multi-purpose vessels
AAA TECHNOLOGIES LIMITED : Company has been empaneied as IT/Cyber Security Auditors for a period of three years by Karnataka Gramin Bank and Kerala Gramin Bank.
Trident Limited : Trident Global B.V, Netherlands, Wholly owned Step-Down Subsidiary, has applied for voluntary dissolution effective from September 17, 2024. Trident Global B.V, Netherlands, Wholly Owned Step-Down Subsidiary was inoperative and this dissolution will not affect performance or revenue of the Trident Limited .
Avenue Supermarts Limited : The Company has opened a new store at Narasaraopet, Palnadu (Andhra Pradesh) . The total number of stores as on date stands at 377.
Lemon Tree Hotels Limited : Company has signed a License Agreement viz Keys Lite by Lemon Tree Hotels, Metropolitan, Vijayawada, Andhra Pradesh. The property shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited and is expected to open in FY 2026.
DMR Hydroengineering & Infrastructures Limited : Company has signed a Memorandum of Understanding (MOU) with Photonics Watertech Private Limited.The MOU pertains to engaging in trade, services, engineering, execution, solutions, and research activities, which will be conducted mutually on a consortium-basis.
Chandrima Mercantiles Limited : Board approved Conversion of 2,00,00,000 Convertible warrant to the Equal number of Equity Shares and allotted to the Warrant holders in the equal number of warrants held by them.
Reliance Power Limited : Board meeting to be held on September 23, 2024, to consider and approve raising of long term resources from domestic and/or global markets.
Zomato Limited : The Company has received an order for the period April 2021 to March 2022 passed by Assistant Commissioner of Revenue, Government of West Bengal confirming demand of GST of INR 11,12,79,712/- with interest of INR 5,46,81,021/- and penalty of INR 1,11,27,971/.
Exicom Tele-Systems Limited : The Company entered into a Loan Agreement with Exicom Power Solutions B.V., Netherlands, a Wholly Owned Subsidiary of the Company. Under this Agreement, an unsecured loan of upto Rs. 20,00,00,000 will be provided to Exicom Power Solutions B.V., Netherlands (“Borrower”), in one or more tranches.
Pulsar International Limited : Company has fixed September 28, 2024 as the ‘Record Date’ for the purpose of ascertaining the eligibility of Shareholders entitled for issuance of Bonus Equity Shares of the Company in the proportion of 1 new fully paid up Equity Share having face value of Rs.1/- each for every 10 existing fully paid up Equity Share having face value of Rs.1/- each.
Cropster Agro Ltd : Board meeting to be held on 23/09/2024 ,to consider 1. To consider the proposal for sub-division/split of Equity Shares of face value of Rs. 10/- each of the Company in such manner as the Board may determine. 2. To Consider the proposal for declaration of Bonus Shares.
Jindal Saw Limited : The Company has entered into share purchase agreement in respect of disposal off entire shareholding of Green Ray Holdings Limited (GHL), United Kingdom, a subsidiary of the Company along with its step down subsidiary, namely, Derwent Sand SARL, Algeria.
Power Grid: The company was declared a successful bidder for the Rajasthan-Madhya Pradesh transmission project
Artefact Projects Limited : The Company bags Projects assignment with Consultancy services of Rs. 1.09 crores/- with JV Partner Manglam Infra & Engineering Limited .
Royal Sense Limited : Board meeting to be held on SEP 23rd to raising of funds.
Rose Merc Limited : The Company is excited to announce that our products are now available on major e-commerce platforms, Amazon and Flipkart.
Dalmia Bharat : Dalmia Cement (Bharat) Limited (‘DCBL’), wholly owned subsidiary of the Company, has entered into Share Subscription and Shareholders agreement (‘SSSHA’) on September 18, 2024, to acquire 26.00% of equity share capital of Solsolis Solar Energy Solutions Private Limited, consisting of 30,24,000 equity shares aggregating to Rs.3,02,40,000/- in one or more tranches to source solar power as a captive consumer for a capacity upto 11.2 MW located in the State of Odisha.
GE T&D India: Promoters to sell up to 15.6% stake via OFS on September 19 and 20. OFS comprises a base offer of 11.7% stake and an oversubscription offer of an additional 3.9% stake. The floor price of the offer set at Rs 1,400 per share, which is a discount of nearly 21% from the current market price
ICICI Securities: Another shareholder filed an appeal before the NCLAT in the delisting case.
BROKERAGE RADAR
CLSA ON CONSUMER
• QC narrows price gap vs. DMart, with Zepto being the key aggressor
• Zepto pass offers consumers more value than DMart Ready
• Jiomart discount significantly higher than quick commerce.
• Positive view on quick-commerce makes Zomato our top pick in the Indian consumer space
BROKERAGE RADAR
EMKAY ON TATA MOTORS
• Upgrade to Buy from Add; target price at Rs 1175
• China relatively smaller for JLR; profitability, deleveraging story largely intact
• Demand and margin outlook improving for domestic CV business
• PVs: Relatively better placed than industry on new launches, lower inventory
• Healthy profitability outlook, undemanding valuation
MACQUARIE ON RATE CUT BENEFICIARIES
• Apart from a potential long in non-bank financials, we find no obvious Fed rate cut trade in India
• Performance of Banks has been mixed; 12-months post the first rate cut has been negative
• No clear inference here as aspects like NPL cycles and liquidity conditions matter
• Insurance companies don't have sufficient listing history to conclude
• NBFCs should be potential beneficiaries due to easing environment
• But there weren't many large NBFCs pre-2008; can't make general conclusion based on past track
• Unlike 2001, 2007 and 2019, this time IT spending has already been very constrained
• Expect services demand to pick up about 3-6 months after the first-rate cut
CITI ON EXIDE
• Maintain Buy; Cut target price to Rs 560 from Rs 610.
• Sluggishness in Auto OEM Volumes Likely to Impact Revenue Growth, but not significantly
• Exide cannot remain unscathed from this moderation in CV/PV volumes
• However, the company is expected to benefit from the replacement demand
• Growth in OEM sales (sold in FY22/23) enter their first battery-replacement cycle in FY25
• Lead prices have seen some moderation in recent months
BIG NEWS FOR BALRAMPUR AND RENUKA
INDIA FOOD SECY SAYS CONSIDERING RAISING LOCAL SUGAR SALE PRICE AND ETHANOL PRICES
Nazara Tech
Raises Rs 900cr via pref issue at Rs `954.27/share
Key investors include Madhu Kela entity, Carat Lane promoters, Plutus Wealth associate
Increases stake to 91% in SportsKeeda
UNITED SPIRITES-ALCOBEV STOCKS
Andra Pradesh govt approves new liquor policy facilitating retail sales by private player
Effective from 1st Oct
GILETTE-MANAGEMENT MEET
Structural margins have improved in FY24 driven by cost productivity and product innovation
Over last 3 years distribution has increased 1.5x
P&G-MANEGEMENT MEET
Initial feedback from new product launches have been positive
FMCG volume growth is expected to be in mid-single digit for FY25
MS on Brainbees Solutions
Initiate Overweight with TP of Rs 818
Emkay on Tata Motors
Upgrade to Buy from Add; TP at Rs 1175
China relatively smaller for JLR; profitability, deleveraging story largely intact
Demand and margin outlook improving for domestic CV business
*SEC. IN F&O BAN FOR, 19-SEP-24
1 AARTIIND
2 BALRAMCHIN
3 BIOCON
4 BSOFT
5 GNFC
6 GRANULES
7 LICHSGFIN
8 OFSS
9 PNB
10 RBLBANK
*ADDITION : OFSS*
*DELETION : HINDCOPPER *
*MS on Brainbees Solutions*
Initiate OW, TP Rs 818
A Quintessential Play on First Cry
Co well placed to capitalize on India's growing childcare market through its FirstCry brand
Multiple levers of growth &profitability improvement in place, with some option value through Globalbees
*BoFA Sec on Delhivery*
Downgrade to Neutral, TP Rs 460
Express shipments subdued for e-com/slightly lower vs original est; cut shipment vol growth
3PL outsourced shipment volumes lower than original est. on back of Meesho's in-sourcing & rising share of quick-commerce
*Jefferies on Bharti Airtel*
Buy, TP Rs 1970
CO highlighted opportunity in mid/premium segment of both B2C & B2B markets & articulated Co's strategy to grow in these segments
Sees Rs300 ARPU in mobile segment
& healthy growth & moderation in capex to improve FCF
*Jefferies on Adani Energy*
Buy Call, Target Rs 1,365
Management Highlighted Smart Metering As A New High-growth Area
B2C Interface Is Rising With Access To 12+ m Consumers In The Mumbai Distribution Biz
Capital Management Program Focus Is On Reducing Volatility In Interest Costs
Reducing Volatility In Interest Costs Will Be Done Via Long-tenure Bonds & Execution-backed Growth
*Jefferies on NTPC*
Buy Call, Target Rs 485
Renewable Energy Bids Have Enhanced W/Awarding At 37-39 GW In FY24 Vs 8-9 GW YoY
Co Is Moving Towards Its 60 GW 2032 RE Target And Has 24 GW Pipeline In Place
RE Capacity Ramp-Up, Pilot Initiatives On Green Hydrogen Remain Rerating Drivers
Medium-term Double-digit EPS CAGR Remain Rerating Driver
*Jefferies on Power Grid*
Buy Call, Target Rs 390
Management Maintained Its FY25 Capex Guidance & Remains Confident Of Uptick Until FY27
Rs 1 Lk Cr Bids Are In Tendering Stages, Which Is Up 1.8x YoY, & Gives Visibility On Growth Ahead
Believe Rs 12,700 Cr Order & Is Being Re-Tendered Will See Only Marginal Impact On Guidance
Potential Stock Upside Drivers Ahead Are The Visible Bid Pipeline, Higher Dividend Payout
*Jefferies on ONGC*
Buy, TP Rs 420
Management reiterated its standalone production growth guidance of 5-6% CAGR over FY25-27E, led by ramp-up in KG basin where higher realizations in both crude and gas and lower cess make economics attractive
*Jefferies on Godrej Prop*
Buy Call, Target Rs 3,725
Co Highlighted Residential Upcycle To Be Structural In Nature
Residential Upcycle Could Last Over A Decade Hereon
Co Confident Of Delivering Sustainable Growth Over The Years
Continued Focus On Execution And Profitability
*MOSL on AU SFB*
Buy Call, Target Rs 830
Earnings To Clock Nearly 32% CAGR Over FY25-27
NIM May Contract To 5.5-5.7% Due To Rising Costs
Improvements In Disbursement Yields & Potential Rate Cuts Are Expected To Enhance Margin
Est Operating Leverage To Improve Gradually With A C/I Projection Of 62% For FY25
Estimate RoA To Improve To 1.8% By FY27
Est RoA Improvement Aided By 24% Loan Growth, Resulting In 32% CAGR In Results Over FY25-27
*HSBC on ONGC*
Downgrade To Reduce, Target Rs 235
Falling Oil Prices Expose Co’s Future Project Viability, Find It Hard To Be Bullish On Oil
Declining Production Rates, Reduced Guidance For KG Field Our Key Concerns
Risk Of Unrelated Capex Is Also One Of The Key Concerns
Capex Intensity To Increase
Weaker Performance Of Subsidiaries Can Impact Dividend
*HSBC on Autos*
Buy Call On Bajaj Auto, Target Raised To Rs 14,000 From 11,000
Hold Call On TVS, Target Raised To Rs 2,800 From 2,400
Sustained Traction For CNG, e-2W, Africa Exports Drive Preference For Bajaj Over TVS
Potential Launch Of Ericks Drive Preference For Bajaj Over TVS
Valuations Are Rich Now; But, Relative To Its Peers, Earnings Resilience Score Better For Bajaj
*MS on AB Capital*
EW. TP Rs 262
ABCL has received RBI's approval for reverse merger scheme with its NBFC subsidiary
Remove holdco discount on NBFC subsidiary, lifting PT to Rs263
Think this is partially priced in
Expect stock to open higher, limiting residual upstairs

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