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September 18, 2024

INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 17-09-2024 :
FIIS F & O : RS. CRS. :
TOTAL NET SELL : -39,321
INDEX FUT. : +426
INDEX OPT. : -35878
STOCK FUT. : -1230
STOCK OPT. : -2639
SEC. IN F&O BAN FOR, 18 SEPT, 2024 :
1. AARTIIND 2. BALRAMCHIN 3. BIOCON 4. BSOFT 5. GNFC 6. GRANULES 7. HINDCOPPER 8. LICHSGFIN 9. PNB 10. RBLBANK
ADDITION : BIOCON, PNB
DELETION : BANDHANBNK, CHAMBLFERT
INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 17-SEP-2024 :
FIIS : BUY +483 (13,095-12,612)
DIIS : BUY +874 (10,960-10,086)
BSE SENSEX : +91 (83,079)
NSE NIFTY : +35 (25,418)
BSE MIDCAP. : -41 (49,207)
BSE SMLCAP. : -72 (57,215)
B. CRUDE : $ 73.50
GOLD: $ 2,578=INR 74,100(10gr)
SILVER : RS. 90,000 (kg)
FOREX : RS. $ 83.75
7.10% GOI '34 : 6.7808% (102.2125)
7.18% GOI '33: 6.8004%(102.4950)
7.23% GOI '39: 6.8415% (103.54)
India Daybook – Stocks in News
NTPC: Government approves NPCIL-NTPC JV company to take up Nuclear Power Generation (Positive)
SKF India: Company initiates a separation of its automotive business, separation of automotive business with objective of separate listing on Nasdaq Stockholm (Positive)
Mirza International: Company Launches 100% Wholly Owned Unit, Genesis Brands Pvt Ltd, For Expanding Footwear Retail and E-commerce Operations. (Positive)
Vakrangee: Company partners with star health insurance to offer health insurance products (Positive)
Infosys: Company partners with Metro Bank to accelerate digital transformation. (Positive)
Indo Count: Company unit acquired majority stake in fluvitex USA, entity being acquired belongs to manufacturing of all kinds of textile products like pillows, comforters, and similar filled products (Positive)
Oil upstream stocks: Government scraps windfall tax on petroleum crude as global prices cool. (Positive)
Hindalco: Evaluating solar module production plans for next 5 years (Positive)
Tilaknagar Industries: Company gets Rs 103.6 million as partial subsidy from government of Maharashtra (Positive)
NIBE Ltd: Government of Maharashtra has confer the status of “Mega Project” under package Scheme of Incentives Policy, 2019, its proposed manufacturing facility at MIDC, Shirdi, Ahemdnagar (Positive)
Doms Industries: Company acquires majority stake in Uniclan Healthcare for Rs 54.88 crore (Positive)
Avantel: Company received order worth Rs 93.9 million from Newspace india for supply, installation and commissioning of ground segment hub (Positive)
KCP: High court of judicature at madras has passed an order in favor of Company (Positive)
Torrent Power: Company receives LoI Maharashtra State Electricity Distribution for “Supply of 1,500 MW Energy Storage Capacity from Pumped Hydro Storage Project (Positive)
Indo Tech: Company received letter of award worth Rs 425.6 million for supply of 4 NOS of 192 MVA transformers (Positive)
Kernex/Railtel: Kavach system operationalized on 108 km Kota-Sawai Madhopur section; 54 km/month pace. (Positive)
Rattan India: Company’s unit launches two electric motorcycles— RV1 and its premium variant. (Positive)
REC: Company has signed non-binding MoUs with RE developers aggregating about ₹ 1.12 lakh crore which will be implemented over a period of 5 years. (Positive)
Tata Power: Company’s solar cell unit in Tamil Nadu to be fully functional by October: CEO Praveer Sinha (Positive)
DCM Shriram Industries: Company receives BSE observation letter for composite scheme of arrangement (Neutral)
Tata Motors: TML SecuritiesTrust sells 1.15 crore shares of Tata Motors as part of DVR swap. (Neutral)
Biocon: LIC raises stake in Company to 5.023% from 4.982%. (Neutral)
TVS Holdings: Company unit to acquire additional securities in emerald haven town and country; deal for Rs 25 million, entity being acquired belongs to real estate, construction sector (Neutral)
Hindustan National Glass: Mr. Amal Chandra Saha Appointed as Non-Executive Independent Director of the Company (Neutral)
Dhanuka Agritrch: ICRA Limited has withdrawn the rating of AA (stable) and A1+ assigned for the bank facilities of the Company. (Neutral)
Utkarsh Small Finance Bank: RBI approves variable remuneration to be paid to MD & CEO for fy24 & fixed remuneration for FY25 (Neutral)
Mankind Pharma: Board meeting on September 20 to consider and approve raising of funds. (Neutral)
Satin Creditcare: Company to consider fund raising via NCDs on private placement basis on September 20 (Neutral)
Mphasis: Company appoints Ajay Arya as Head of Mergers & Acquisitions. (Neutral)
Zydus Life: Company to acquire Sterling Biotech's fermentation-based API business for Rs 84 crore. (Neutral)
VST Ind: Ace investor Radhakishan Damani cuts stake in VST Industries. (Negative)
Macquarie On TCS
Outperform Call, Target Rs 5,740
Co Is Growing Faster Than Infosys In Spending Rebounds
Expect More Cloud Migration Deals To Be Bundled Between Applications & Infra Services
See TCS As Better Positioned Than Infosys
Expect TCS To Grow Faster Than Infosys In Both FY26 & FY27
CLSA on Bajaj Auto
Underperform Call, Target Rs 7,000
With An Attractive Price Point Of Rs 2.17 Lk, Believe Speed T4 Hits Right Spot
Bajaj Auto Delivered 60,000 Triumph Motorcycle In FY24
New Launch Looks Promising But Remain Cautious On Increasing Competitive Intensity
Cautious Over Growth Moderation In >250cc Motorcycle Segment
There Is Continued Pressure In Key Export Markets
Jefferies on L&T
Buy Call, Target Rs 4,165
Co Reiterated FY25 Order Flow & Rev Growth Outlook Is Achievable Given The Pipeline & Orderbook
Rev Guidance Factors Execution Delays From Govt Activity Taking 3-6 Mths To Pick Up Post Elections
Believe Budget Gives Confidence On Medium-term Double-digit Capex Growth Being Intact
Jefferies on Adani Ports
Buy Call, Target Rs 1,910
Management Is Confident On Double-digit Volume Growth
Co Retained Its FY25 Volume Guidance With New Port Operations Expected In H2
Capex Prudence And Return Focus Remain
Mkt Sh Gains Continue, With Dedicated Freight Corridor Commissioning At Mundra Also Helping
Jefferies on GMR Airports
Buy, TP Rs 106
Mgmt mentioned
1) Recently expanded capacities position well to capture growth in travel/tourism
2) focus on moving from utility co to consumer retail businesses
3) significant focus on profitability & discipline in capital allocation
Citi On LTIMindtree
Sell Call, Target Rs 5,635
Co Continues To Reiterate That Q2 Revenue Growth Trends Will Likely Be Similar To Q1
Margin May See Continued Pressure As Growth Is Moderate & From Cost Takeout Deals
Valuations At 32x FY26 Consensus EPS
Kotak Inst. on Emcure
Initiate Add, Target Rs 1,655
Emcure Is One Of The Few Indian Pharma Majors With No Direct US Generics Exposure
There Is Greater Earnings Stability With No Direct US Generics Exposure
Co Has Built A Complex Portfolio Across India, Canada, Europe And EMs
Expect Emcure To Report A 14% Overall Sales CAGR Over FY2024-27
On A Low Base, Expect Improved Productivity Post The 20%+ Field Force Addition Since FY22
Higher Capacity Utilisation Of New Facilities To Drive Robust 19%/30% EBITDA/EPS CAGR Over FY24-27
Kotak Inst Eqt on United Breweries
ADD, TP Rs 2050
CEO meet takeaways
Strategic priority: Pivot to consumer-centric model from manufacturing-centric
Management aspires to deliver DD rev growth with EBIT margin expansion to 10-12% (6% in FY2024) over next 2-3 yrs
Jefferies on KEI Ind
Buy, TP Rs 5365
reiterated their outlook of demand trends remaining strong across its 3 key verticals of retail, institutional incl. power cables and exports.
Confidence on FY25E 16-17% YoY revenue growth & double digit medium-term growth was maintained
Macquarie on Carborundum Universal
O-P, TP Rs 1650
TO acquire Silicon Carbide Products Inc at an EV of $7m, implying 1.6x EV/CY23 sales - which is inexpensive
Rationale behind deal includes expanded geographic reach, leveraging SCP's capabilities in India, & raw material-sourcing
While SCP is only a small acquisition, this marks a continuation of CUMI's efforts to grow inorganically and plug portfolio gaps
Nifty closed @25,418.55 (+34.80) and Sensex @ 83,079.66 (+90.88) on Tuesday. GIFT Nifty was trading at 25,464 (as of 7.30 a.m.)
FIIs net bought equities in cash to the tune of Rs 483 cr whereas DIIs bought equities in cash worth Rs 874 cr on September 17, 2024
Spicejet discloses that it has not paid GST, TDS and PF dues of Rs. 427 cr since 2020 as airline files for Rs. 3,000 cr QIP
Goldman backd Aragen (formerly GVK Life sciences) eyes Rs. 12,000 cr as pre-IPO does, Novo Nordisk keen
JBM auto secures $100 mn funding to expand e-bus operations
Direct tax receipts up 16% on year till Sept 15
India to be big semicon player in 10 years: Amit Shah
Torrent Power bags 1,500-MW pumped hydro storage project in Maharashtra
BSE halts listing of Trafiksol ITS Technologies’ IPO after it received certain queries; The Rs. 45 cr IPO had received bids of Rs. 10,000 cr
Indo National sells 51% stake in Kineco for Rs 220 crore, shifts focus to Aerospace and FMCG
Government slashes windfall tax on petroleum crude to nil effective from Sept 18
Government approves NPCIL-NTPC joint venture for building nuclear plants in Rajasthan
Jupiter Wagons expanding production capacity of subsidiary in Odisha with Rs 2,500 cr investment
TML Securities trust offloads Tata Motors Shares as part of DVR Swap
HPL Electric eyes 25% revenue growth by 2027 on strong smart metre business
Tata power plans to invest $9 bn to quadruple renewable capacity
DCX Systems shares gain as unit gets licence to make defence electronic equipment
Mahanagar Gas, Indraprastha Gas shares jump as UBS sees strong volume growth
Panacea Biotec hits highest level in over three years as company settles patent dispute with Sanofi
Indian ADRs: Wipro (-1.2%), Infosys (-0.9%) and HDFC Bank (+0.2%)
Debt:
10yr G-sec yield rose by 2 bps to 6.78% on Tuesday
Indian states accepted entire notified amount of Rs 13,500 cr in weekly auction
RBI accepted Rs 82,630 cr against notified amount of Rs 1 lakh cr in 3-day variable rate reverse repo (VRRR) auction
India’s WPI inflation fell to a 4-month low of 1.31% YoY in Aug’24 from 2.04% in Jul’24
India’s trade deficit widened to a 10-month high of $29.7 bn in Aug’24 from $23.5 bn in Jul’24
Commodities:
Brent crude was up by 1.37% to $73.75/barrel as supply disruptions mounted and traders bet that demand will grow if the U.S. Federal Reserve lowers borrowing costs this week, as is widely expected
Gold futures held steady after hitting a record high in the previous session, while focus shifted to the U.S. interest rate verdict, with many investors leaning towards a bigger-than-expected rate reduction. Spot gold was down by 0.33% to $2,574.10/oz on Tuesday
India's merchandise trade deficit in August widened to a ten-month high of $29.65 billion after gold imports surged while exports fell, dragged down by climbing shipping costs and sluggish global demand
Goldman Sachs on Monday cut its iron ore price forecast for the fourth quarter of 2024 by $15, to $85 per metric ton, citing market oversupply even though demand from top consumer China is stabilizing.
Currency:
Rupee appreciates by 13 paise and settles at 83.76 against the US dollar on Tuesday, as India’s Wholesale Price Index (WPI) Inflation eased to 1.31% YoY in Aug from 2.04% in July, weaker than the 1.80% expected
US Dollar Index (DXY) increased by 0.20% to end at 100.92 on Tuesday, as Market prices in high odds of a 50 bps cut at Wednesday's FOMC meeting
EUD/USD fell by 0.09% to end at 1.112 on Tuesday, as ECB policymakers push back against market October rate cut prospects
CHF/USD fell by 0.19% to 1.182 on Tuesday, as the SNB is expected to cut its key borrowing rates for the third time in a row
International Markets:
U.S. markets were a mixed bag on Tuesday with the Dow Jones down by 0.04% while the and S&P 500 up and Nasdaq were up by 0.03% and 0.2%. All 3 major futures indices are trading up by 10-14 bps at the time of writing the report
CNN says that Israel was behind pager explosions that targeted Hezbollah members in Lebanon; Around 9 killed, 2800 injured as pagers belonging to Hezbollah exploded simultaneously
U.S. retail sales increased by 0.1% MoM in Aug-24 vs. 1.1% MoM in Jul-24. Economists polled by Reuters had expected retail sales to decline by 0.2%MoM
U.S industrial production increased by 0.8% MoM in Aug-24 vs. a decline of 0.9% MoM in Jul-24. Economists polled by Reuters had expected industrial production to increase by 0.2% MoM
German ZEW Economic Sentiment Index declined to 3.6 in Sep-24 from 19.2 in Aug-24 and came in below economists expectations of 17.1
WELSPUN LIVING: CO UNIT HAS APPROVED ACQUISITION OF, AND INVESTMENT OF USD 300,000 IN, A NEWLY INCORPORATED CO VIZ. CHRISTY HOME INC.
TORRENT POWER: CO HAS RECEIVED LETTER OF INTENT (LOI) FROM MAHARASHTRA STATE ELECTRICITY DISTRIBUTION CO. LTD FOR PROCUREMENT OF 1,500 MW ENERGY STORAGE CAPACITY FROM PUMPED HYDRO STORAGE PROJECT
FII BUY NET RUPEES 482.69 CR OF INDIA SHARES TODAY || DII BUY NET RUPEES 874.15 CR
MPHASIS: CO APPOINTS AJAY ARYA AS HEAD OF MERGERS & ACQUISITIONS
CEIGALL INDIA: CO EMERGED AS L1 BIDDER FOR PROJECT WORTH 11.99B RUPEES
RELIANCE POWER: CO SAYS ENTIRE OBLIGATIONS OF CO UNDER CORPORATE GUARANTEES AND UNDERTAKINGS FOR AN AMOUNT OF 38.72B RUPEES STAND FULLY SETTLED AND RELEASED
REC: CO SAYS NON-BINDING COMMITMENT TO INCREASE RENEWABLES LOAN BOOK TO OVER 3 TRLN RUPEES BY 2030 || CO SAYS SIGNED PACT WITH RE DEVELOPERS AGGREGATING 1.12 TRLN RUPEES; CO SAYS OPEN TO CONSIDER RENEWABLE PROJECTS BY DEVELOPERS FOR C&I SEGMENT
RATTANINDIA ENTERPRISES: REVOLT MOTORS LAUNCHES INDIA’S FIRST ELECTRIC MOTORCYCLE IN THE COMMUTER SEGMENT THE REVOLT RV1 || RV1 AND ITS PREMIUM VARIANT, RV1+, ARE OFFERED IN FOUR STRIKING COLOURS, PRICED AT AN INTRODUCTORY ₹84,990 FOR THE RV1 AND ₹99,990 FOR THE RV1+
AVANTEL: CO GOT ORDER WORTH 93.9M RUPEES FROM NEWSPACE INDIA FOR SUPPLY, INSTALLATION AND COMMISSIONING OF GROUND SEGMENT HUB
MANKIND PHARMA: BOARD MEETING ON SEPT 20 TO CONSIDER AND APPROVE RAISING OF FUNDS
AYM SYNTEX: CO APPROVED PREFERENTIAL SHARE ISSUE WORTH UP TO 1.42B RUPEES
DONALD TRUMP: I WILL BE MEETING WITH INDIA'S MODI NEXT WEEK
BlackRock, Microsoft to raise $30 billion for AI investments - CNBC TV18
The infrastructure investments — including energy projects — will be mostly in the US, with a portion of the funds being deployed in US partner countries, according to the statement.
Dow Jones, S&P 500 hit record highs but remain on the edge ahead of Fed rate decision - CNBC TV18
Both Dow and the S&P 500 have hit record highs in a month that is historically known for being the worst month in the calendar year over the last 10 years, averaging a monthly loss of 1.3%.
GOLDMAN SACHS ON L&T
Maintain Buy with target price of Rs 3,700
Management remains constructive on the capex outlook in India, as well as Middle East
On capex-intensive private investments, management is seeing a revival in metals and mining sector
Highlighted data centers, semiconductors, green hydrogen, and potentially nuclear, as large long-term opportunities
MACQUARIE ON CARBORUNDUM UNIVERSAL
Maintain Outperform; Hike target price to Rs 1650 from Rs 1570
SCP: Small acquisition, inexpensive flu valuations
While small, this acquisition marks continued efforts to grow inorganically all
Rationale behind the deal includes expanded geographic reach, leveraging SCP's capabilities in India, and raw material-sourcing synergies
KOTAK ON EMCURE PHARMA
Initiate Add with target price of Rs 1655
Emcure is one of the few Indian pharma majors with no direct US generics exposure
This thereby lends greater earnings stability
Emcure has built a complex portfolio across India, Canada, Europe and Ems
Expect improved productivity post the 20%+ field force addition and higher capacity utilization
Rising PCPM, higher utilization and lower interest costs to drive 30% EPS CAGR
CLSA ON BAJAJ AUTO
• Maintain Underperform with target price of Rs 7,000
• Bajaj and Triumph launched two motorcycles positioned as entry-level motorcycles
• Believe the Speed T4 hits the right spot in terms of price and performance
• Launch looks promising but remain cautious on increasing competitive intensity in the premium motorcycle segment
• Growth moderation in the >250cc motorcycle segment and continued pressure in the key export markets
UNITED BREWERIES-KOTAK SECURITIES MANAGEMENT MEET
Aspires to deliver double digit revenue growth with EBIT margin expansion to 10-12% Vs 6% in FY24 over the next 2-3 years
Macquarie on Carborundum Universal
O-P, TP Rs 1650
TO acquire Silicon Carbide Products Inc at an EV of $7m, implying 1.6x EV/CY23 sales - which is inexpensive
Rationale behind deal includes expanded geographic reach, leveraging SCP's capabilities in India, & raw material-sourcing
Macquarie on TCS
O-P, TP Rs 5740
Growing faster than INFO in spending rebounds
Expect more Cloud migration deals to be bundled between applications & infra services when spending picks up & see TCS as better positioned
Expect TCS to grow faster than INFO in both FY26E & FY27E
Jefferies on KEI Ind
Buy, TP Rs 5365
reiterated their outlook of demand trends remaining strong across its 3 key verticals of retail, institutional incl. power cables and exports.
Confidence on FY25E 16-17% YoY revenue growth & double digit medium-term growth was maintained
Jefferies on L&T
Buy, TP Rs 4165
Management meet takeaways
Reiterated FY25E 10% YoY order flow & 15% YoY rev growth guidance is achievable
Revenue guidance factors execution delays from govt activity taking 3-6 mths to pick up post elections & some global geo-political impact
CLSA on Bajaj Auto
U-P, TP Rs 7000
Bajaj & Triumph launched Speed T4 & MY25 Speed 400At an attractive price point of Rs217k, believe Speed T4 hits right spot
Remain cautious on increasing competitive intensity, growth moderation in >250cc & continued pressure in key exports
Macquarie on TCS
O-P, TP Rs 5740
Growing faster than INFO in spending rebounds
Expect more Cloud migration deals to be bundled between applications & infra services when spending picks up & see TCS as better positioned
Expect TCS to grow faster than INFO in both FY26E & FY27E
Macquarie on Carborundum Universal
O-P, TP Rs 1650
TO acquire Silicon Carbide Products Inc at an EV of $7m, implying 1.6x EV/CY23 sales - which is inexpensive
Rationale behind deal includes expanded geographic reach, leveraging SCP's capabilities in India, & raw material-sourcing
While SCP is only a small acquisition, this marks a continuation of CUMI's efforts to grow inorganically and plug portfolio gaps
Private Capex - Tata Power plans to invest up to ₹75,000 crore by 2030
Tata Power plans to invest up to ₹75,000 crore to quadruple its renewable energy capacity to over 20 GW by 2030.
It will add 5 GW in the next two years, funded through internal accruals and debt.
The company aims to become a major player in renewable energy for the next few decades.
Tata Group targets 100% clean power generation by 2045, using solar, wind, battery storage, and pumped storage solutions.
JEFFERIES ON L&T
Buy, TP Rs 4165
Management meet takeaways
Reiterated FY25E 10% YoY order flow & 15% YoY rev growth guidance is achievable
Revenue guidance factors execution delays from govt activity taking 3-6 mths to pick up post elections & some global geo-political impact
JEFFERIES ON KEI IND
Buy, TP Rs 5365
reiterated their outlook of demand trends remaining strong across its 3 key verticals of retail, institutional incl. power cables and exports.
Confidence on FY25E 16-17% YoY revenue growth & double digit medium-term growth was maintained
JEFFERIES ON ADANI PORTS
Buy, TP Rs 1910
Management confident on double-digit vol growth &retained its FY25E vol guidance of 460-480 mnt
Capex prudence & return focus remain
Plans are on for Ports EBITDA to rise 2.2x in 5-yrs & will remain at 85%+ of co’s EBITDA
AVANTEL: CO GOT ORDER WORTH 93.9M RUPEES FROM NEWSPACE INDIA FOR SUPPLY, INSTALLATION AND COMMISSIONING OF GROUND SEGMENT HUB
JPMORGAN ON INSURANCE
• The distribution landscape in the life industry is now diversifying
• Alleviating concerns on growth from potential saturation in banca channel
• Insurers are investing in tech/analytical capabilities to improve channel productivity
• This will offset higher commission expenses, implying a lower operating cost ratio outlook
• Higher margin products are gaining traction to neutralise the impact of surrender value regulations
• Expect H2 new business margins to be better than H1
• Slowing top-line growth among non-lifers will shift focus towards earnings growth
• Entering a period of weaker share price seasonality (Sep-Dec)
• Prefer more diversified players such as SBI Life/ ICICI PRU Life
• Reiterate Overweight on New India Assurance on improving fundamentals
• Underweight on LIC on potential margin pressure
Kotak Inst Eqt on United Breweries
ADD, TP Rs 2050
CEO meet takeaways
Strategic priority: Pivot to consumer-centric model from manufacturing-centric
Management aspires to deliver DD rev growth with EBIT margin expansion to 10-12% (6% in FY2024) over next 2-3 yrs
HINDALCO (Reports)
Evaluating solar module production plans for next 5 years 4
NTPC
Govt approves NPCIL-NTPC JV company to take up Nuclear Power Generation
Co also gets exemption to invest more than Rs 5000cr in a single JV/subsidiary
RELIANCE, ONGC, OMCs (+ve)
Govt scraps windfall tax on petroleum crude as global prices cool
Earlier price was at Rs 1850/tonnes
TORRENT POWER
Receives LoI Maharashtra State Electricity Distribution for “Supply of 1,500 MW Energy Storage Capacity from Pumped Hydro Storage Project
BIOCON
LIC added 5lk shares on Sept 13, LIC stake goes past 5%
HINDALCO
To invest Rs 2450cr in copper projects in Gujarat and e-waste recycling plant at Dahej
REC
Has signed non-binding Memorandum of Understandings (MoUs) with RE developers aggregating about ₹ 1.12 lakh crore which will be implemented over a period of 5 years.
UNITED BREWERIES-KOTAK SECURITIES MANAGEMENT MEET
Aspires to deliver double digit revenue growth with EBIT margin expansion to 10-12% Vs 6% in FY24 over the next 2-3 years
GS on L&T Mgmt Meet
Maintain Buy with TP of Rs 3700
Management remains constructive on the capex outlook in India, as well as Middle East
On capex-intensive private investments, management is seeing a revival in metals and mining sector
Citi on LTIMindtree
Maintain Sell with TP of Rs 5635
Continues to reiterate that Q2 revenue growth trends will likely be similar to Q1
Margins will likely see continued pressure as growth is moderate and from cost takeout deals
CLSA on Bajaj Auto
Maintain Underperform with TP of Rs 7000
Launch looks promising but remain cautious on increasing competitive intensity in the premium motorcycle segment
Growth moderation in the >250cc motorcycle segment and continued pressure in the key export markets
IT Stocks (-ve readthrough)
Accenture to Delay Bulk of Promotions by Six Months on Outlook Technology consultant to announce staff elevations in June
The industry has been cutting jobs to weather a demand slump
*News Headlines from Business News Agencies:*
*Business Standard*
ArcelorMittal's India joint venture seeks duty-free LNG imports: Report
EaseMyTrip enters medical tourism; board approves Rs 90 crore acquisitions
India's exports contract 9.3% in Aug to $34.7 bn amid weak global demand
33% of sepsis deaths in India linked to antibiotic resistance crisis
Tata Motors, JLR to make EVs in India for the world: Chandrasekaran
British fintech Revolut set to enter India in 2025, eyes premium market
Amazon asks employees to return to office five days a week starting next yr
Road projects awarding declines, competition to remain elevated: ICRA
Enhanced credit guarantee coverage to profit 2.7 mn women-led MSMEs: Manjhi
Dental products firm Laxmi Dental files draft papers with Sebi for IPO
Air India launches $400 million upgrade to transform flying experience
*Economic Times*
Gold imports doubled to record high of USD 10.06 bn in August
eBikeGo appoints Iftekhar Ahmed as CEO of GreenPioneer Mobility
Infosys collaborates with UK's Metro Bank for digital transformation
Noida International Airport ties up with Statiq for EV charging infra
Nippo’s manufacturer divests its entire 51% stake in Kineco for Rs 220 crores
Frendy to open 300 marts and network of 10,000 micro kiranas by 2026, expect Rs 500 crore recenue.
Airfare hike not linked to rise in airport charges: Airports Council International
Laxmi Dental files draft papers to raise funds via IPO
Realty developer CRC group ties up with Dubai’s Killa design for Noida project
HSBC India provides Rs 300 crore green loan to Neovantage Innovation Parks
Industry body sees domestic zinc consumption doubling in less than decade
*Mint*
Aavishkaar Capital said to lead D2C fashion brand Zouk's new funding round
Electric bus maker JBM Auto secures $100 million from ADB, AIIB
Urban Company’s early backers Steadview, Elevation, Accel to sell partial stake
India’s merchandise trade deficit widens to $29.65 billion in August
Boeing considering temporary layoffs in response to strike by machinists
Mobikwik’s Zaakpay partners with Meta to offer payments on WhatsApp
Microsoft approves new $60 billion share buyback program
Intel CEO lays out new steps to cut costs and bolster chip-making division
Samsung plans rollable phone, could rival Huawei’s triple-folding design: Report
Govt asks platform aggregators to register workers on e-Shram portal
India's wholesale inflation cooled to a four-month low of 1.31% in August
TATA MOTORS CO. AND JAGUAR LAND ROVER (JLR) WILL NOW MANUFACTURE ELECTRIC VEHICLES IN INDIA FOR GLOBAL MARKETS, TATA SONS CHAIRMAN N CHANDRASEKARAN SAID IN A RECENT INTERVIEW - BS
RMC Switchgears Co has received an order for the development of a 41 MW (AC) solar photovoltaic power project in Maharashtra
BHARTI AIRTEL CO. PLANS TO AWARD $ 1 BN WORTH ORDER TO ERICSON, SAMSUNG AND NOKIA FOR 4G NETWORK GEAR FOR NEXT 3 YEAR - ET REPORT
Stocks in News post Market closure
Infosys Limited : Metro Bank Forges Strategic Collaboration with Infosys to Accelerate Digital Transformation .To enhance digital capabilities, improve automation, refine data, and embed further AI capabilities.
Padam Cotton Yarns Limited : Board Meeting to be held on 21st Sep 2024,To consider and evaluate for raising of funds through various routes.
Mirza International Limited : Company has incorporated a new 100% Wholly Owned Subsidiary with the name "Genesis Brands Private Limited" .
MAFIA TRENDS LIMITED : Board meeting to be held on Sep 21st 2024 , to consider raising of funds in various Routes.
Emerald Finance Limited : The company has partnered with R.R. Enterprises to offer its Early-Wage-Access program to the employees of Municipal Corporation, Chandigarh and Delhi Urban Shelter Improvement Board, New Delhi.
Tilaknagar Industries Ltd. : The Company has received Rs 10.36 crores as partial subsidy from the Government of Maharashtra, relating to our past investments.
Vakrangee Limited : VAKRANGEE PARTNERS WITH STAR HEALTH INSURANCE TO OFFER HEALTH INSURANCE PRODUCTS ACROSS ITS NETWORK.
Everest Kanto Cylinder Limited : The Company and pursuant to agreement between EKC International FZE, Dubai (a wholly owned subsidiary of the Company) and EKC Hungary KFT, a stepdown subsidiary of the Company through EKC International FZE, EKC Hungary KFT has transferred its whole shareholding in its wholly owned subsidiary CP Industries Inc., USA to EKC International FZE, Dubai.
DCM SHRIRAM INDUSTRIES LTD : The company has received observation letter from the BSE Ltd. regarding the Composite scheme of Arrangement involving amalgamation of Lily Commercial Pvt. Ltd. with DCM Shriram Industries Ltd. and subsequent demerger of demerged undertakings of DCMSR into two separate companies, namely, DCM Shriram Fine Chemicals Limited and DCM Shriram International Limited .
QGO Finance Limited : Board Meeting to be held on 20th Sep 2024, To consider raising of funds.
Life Insurance Corporation of India : The Corporation has increased its shareholding in equity shares of Biocon Ltd. from 5,98,14,429 to 6,03,14,429 i.e., 4.982% to 5.023% of the paid-up capital of the said Company.
SKF India Limited : The Board of Directors of SKF has decided to initiate a separation of its Automotive business with the objective of a separate listing on Nasdaq Stockholm through a Lex Asea distribution to its shareholders. The intention is to list the Automotive business on Nasdaq Stockholm during first half of 2026.
TVS Holdings Limited : Emerald Haven Realty Limited , a wholly owned subsidiary of the Company, has agreed to acquire additional securities in Emerald Haven Town and Country Private Limited, a subsidiary of EHRL, by way of purchase of 22,85,061 Optionally Convertible Redeemable Preference Shares of Rs. 10/- each and 19,46,265 Equity Shares of Rs. 10/- each from ASK Real Estate Special Opp.Fund II .
Indo-Tech Transformers Limited : The Company has received Letter of Award for supply of 4 Nos of 192 MVA transformers. The aggregate value of the order under the said LOAs is INR 42.56 Crores plus applicable taxes.
CANARA BANK : BASEL III compliant Tier I /Tier II Bonds and Long-Term Bonds issued by Canara Bank on various dates are listed with National Stock Exchange of India Limited for trading under Debt Market segment. Issue size Rs 2000,00,00,000, Interest Amount Rs 159,80,00,000/-.
Hindustan Construction Company Ltd : Board approved raising of funds in various matters including QIP.
AYM Syntex Limited : Board Approved Issuance of 77,67,828 equity shares of the face value of Rs. 10 each for cash at a price of Rs. 182.50/- per equity share aggregating to Rs.141,76,28,610/- on Preferential basis to Promoter & Promoter Group and Non-Promoter Group.
Purple Finance Limited : Board meeting to be held on Sep 20th 2024, to discuss Rights issue.
DC Infotech & Communication Limited : Board Approved Conversion of Convertible Warrant into equity shares .
Rishi Laser Ltd : Company has entered into a Technical Collaboration and Sales arrangement, with two Robot Manufacturing Companies, to provide advanced Robotic Systems and solutions tailored for the Steel Fabrication Industry. Through this partnership, Rishi Laser Ltd. will provide cutting-edge automation solutions to the steel processing sector.
Conart Engineers Limited : Board Approved Sub-division of equity shares of the Company for Rs.10/- each to Rs.5/- each.( ratio 1:2)
Gujarat Natural Resources Limited : Board Approved the Draft Letter of Offer for raising of funds through issuance and allotment of fully paid up equity shares of Rs. 10 each to the eligible equity shareholders of the Company on a Rights basis.
Mankind Pharma Limited : Board meeting to be held on September 20, 2024, inter-alia to consider and approve the raising of funds by way of issue of non-convertible debentures, commercial papers, other debt securities or any other security or any combination thereof for an amount as may be decided by the Board.
Avantel Limited : The Company has received a Purchase Order worth of Rs.9.39 Crores vide mail dated September 17, 2024, from M/s. NewSpace India Limited.
Vakrangee Limited : Board meeting to be held on September 24, 2024, To consider the proposal for raising of funds by way of rights issue, warrants, preferential issue including a qualified institutions placement or through any other permissible mode .
Ahasolar Technologies Limited : Company has received a Work Order for feasibility study, prepare an implementation model of Solar panel based energy supply in 04 Material recovery from Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. The whole Consultancy Service is priced at around ₹ 18 lacs.
Satin Creditcare Network Limited : Board meeting to be held on September 20, 2024 to consider the fund raising proposal by way of issuance of listed, secured, non-convertible bonds on private placement basis.
Resgen Limited : Company has entered into a new partnership with Goneutral Technologies Private Limited. This partnership will enable Resgen to provide comprehensive EPR compliance solutions to some of the most prominent global and Indian brands, including Microsoft India R&D, Lenovo Global Technology, Parle Agro, Marico, and Britannia Industries.
RattanIndia Enterprises : Revolt Motors Launches India’s First Electric Motorcycle in the Commuter Segment.
Ceigall India Limited : Company has emerged as LI bidder for establishing Construction of 4/6 Lane Northern Ayodhya Bypass tot length 35.40 kms Part1 north of NH27 from 0.000 to 30.400 (Starting near 112.540 ending at 139.928 of NH27) and Part2 south of NH27 from 0.000 to 5.000 on HAM under NHDP Ph7 in Uttar Pradesh.
RELIANCE POWER LIMITED : THE COMPANY SETTLES ITS OBLIGATION OF INR 3872.04 CRORE TOWARDS CORPORATE GUARANTEE TO THE LENDERS OF VIDARBHA INDUSTRIES POWER LIMITED
Torrent Power : the Company has received Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Ltd for procurement of 1,500 MW Energy Storage Capacity from Pumped Hydro Storage Project.
Welspun: Welspun USA Inc, Subsidiary of the Company has approved acquisition of, and investment of USD 300,000 in, a newly incorporated Company viz. Christy Home Inc. (‘CHI’), on September 17, 2024
Marico Limited : Company has entered into a definitive agreement to acquire the balance 40% of equity capital in Apcos Naturals Private Limited, an entity that owns the brand “Just Herbs” (“Apcos Naturals”)
Oil Companies: ONGC, Oil India, Vedanta and Reliance Industries will be in focus after the government reduced the windfall tax on domestic crude production to zero.
REC: The company will undertake non-binding financial commitment to increase renewable book by over Rs 3 lakh crore by 2030. The commitment is to increase the renewable share to 30% by 2030 from 8% at present. The loan book was projected at Rs 10 lakh crore by then.
*SEC. IN F&O BAN FOR, 18-SEP-24
1 AARTIIND
2 BALRAMCHIN
3 BIOCON
4 BSOFT
5 GNFC
6 GRANULES
7 HINDCOPPER
8 LICHSGFIN
9 PNB
10 RBLBANK
*ADDITION : BIOCON,PNB*
*DELETION : BANDHANBNK,CHAMBLFERT*
RELIANCE INFRASTRUCTURE: CO SETTLES DISPUTES WITH ADANI ELECTRICITY AND ADANI ENERGY SOLUTIONS, ARBITRATION CLAIMS WITHDRAWN WITHOUT MONETARY CONSIDERATION
INOX WIND: IGREL RENEWABLES LTD. ENTERS INTO LOI WITH CO FOR EXECUTION OF 550 MW OF WIND CAPACITY ON TURNKEY BASIS
RELIANCE INFRA: CO RECEIVES COMMUNICATION FROM INVENT ARC, FUND-BASED OUTSTANDING NOW ZERO FOLLOWING NOVATION OF CHARGED SECURITY
RELIANCE INFRASTRUCTURE: CO SETTLES DISPUTES WITH ADANI ELECTRICITY AND ADANI ENERGY SOLUTIONS, ARBITRATION CLAIMS WITHDRAWN WITHOUT MONETARY CONSIDERATION

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