Market Highlights

---

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

---

September 12, 2024

• Nomura on EMS
• Initiate Buy on Dixon Tech, TP Rs 15567
• Initiate Buy on Kaynes Tech, TP Rs 5969
• Tech boom to create new global leaders
• Ideal landscape for harnessing growing domestic market & export potential
• Est. India’s EMS industry market value of $25bn in FY23 could reach $135bn by FY30F
• Thus, domestic value addition of 20% in mobiles can potentially rise to 35% by FY30F
• Samvardhana Motherson may also benefit from addressing component ecosystem
• MS On PNB Hsg Fin
• Overweight Call, Target Raised To Rs 1,500 From 1,025
• After Balancesheet Repair & Franchise Rebuilding, Assess That Co Can Deliver Loan Growth
• See Re-rating Up To 2.5x FY27 P/B Over 12-18 Months As Loan Growth, RoA & RoE Expand
• Following A Sharp Rally, Profit Taking, Stock Supply & Rate Cuts Could Be Headwinds
• But See Profit Taking, Stock Supply & Rate Cuts As Transient
• Focus More On Structural Re-rating
• Jefferies on MGL
• Buy Call, Target Raised To Rs 2,120
• Volume Growth Outlook Is Improving On Accelerating RO Additions & Healthy I/C Vol Growth
• Falling APM Gas Allocation Is A Structural Headwind For CGDs
• Co’s Margin Defense Is Stronger Compared To Peers On Lower Reliance On Expensive Spot LNG
• Raise Volume Growth Estimate For FY25; Preferred CGD Pick
• Jefferies on Chola Invst
• Buy Call, Target Raised To Rs 1,800
• See Loan Growth Holding Up At 27% In FY25 Despite Softer Trends In Select Auto Segments
• See Multiple Tailwinds To NIMs
• With 43% Of Borrowings Linked To T-Bills, Gains From Easing Rates Should Be More Upfront Vs Peers
• As Operational Leverage Unfolds, New Biz RoA Can Rise 100 bps Lifting Group RoA By 22 bps
• EPS Should Grow At 29% CAGR In FY24-27
• HSBC on Kalyan Jewellers
• Buy Call, Target Raised To Rs 810 From Rs 600
• The Stock Has Risen 8x In Past 2 Yrs & Think It Is Still Midway Into Its Value Creation Journey
• Capital Light Expansion Continues At Pace
• Continued Exponential Growth Will Likely Prevent Any Multiple De-rating
• See Several Long-range Catalysts & Titan’s Journey As A Useful Guide
• HSBC on Ola Electric
• Buy Call, Target Rs 140
• Recent Market Share Loss Is Worrying To Us
• Recent Market Share Loss Could Be Due To The Ramp-Up Of Low Cost Variants From Competition
• If Current Mkt Share Trend Sustains, It Would Mean 15-20% Downside Risk To Vol Est For FY25/26
• MS on BEL
• Overweight Call, Target Rs 364
• Co Has Secured An Order Worth Rs 850 Cr From Cochin Shipyard
• BEL Has Also Secured Orders Worth Rs 300 Cr For Navigational Complex Systems
• Total Order Inflows For BEL In FY25 YTD Stand At Rs 7,070 Cr (28% Of FY25 Guidance)
• MS on Tata Steel
• Underweight Call, Target Rs 135
• Believe Signing Of £500 m Grant Funding Agreement With UK Govt Is A Positive Development
• There Is Limited Clarity On Renewed Discussions With The UK Government
• Await Clarity On Whether There Is Any Additional Financial Support For Affected Employees
• No Additional Project Cost Should Be Viewed As Incrementally Positive
• Antique on IEX
• Buy Call, Target Raised To Rs 262 From 219
• Co’s Double-Digit Volume Increase Has Continued In August’24 And YTD
• Volume Growth Is Supported By Softness In Exchange Prices With DAM Market Price
• Raised EPS By 5%/ 6%/ 7% For FY25/26/27 & Multiples To 45x From 40x
• Coupling Risk Could Fade In Time To Come Given Practical Difficulties In Its Implementation
• No Major Benefits Seen So Far
• Before Coupling Risks Emerged, IEX's Peak PER Valuation Was +50x
• India Daybook – Stocks in News
• NBCC: Company collaborates with MTNL to develop 13.88 acres of land parcel in New Delhi. The project is valued at ₹1,600 cr (Positive)
• GE T&D: Company bags order worth €55 m from Grid Solutions Middle East FZE, Dubai (Positive)
• IndiGo: Company aims to be a global airline player by 2030, says CEO Pieter Elbers (Positive)
• MapmyIndia: Company partners with Zoom car, the collaboration enables users to book a Zoom car while getting their trips planned with the Mappls App (Positive)
• Gujarat Fluoro: Company subsidiary has incorporated its wholly-owned subsidiary co namely GFCL EV products GMBH in HAMBURG, Germany (Positive)
• Indian Energy Exchange: IGX share in overall gas consumption expected to increase to 4-5% by 2030 (Positive)
• Infrastructure stocks: Rural Development Ministry approves construction of roads in three states under various central schemes. (Positive)
• NHPC: Cabinet approves Rs 12,461cr for hydro-projects (Positive)
• Wipro: Company builds AI-enabled data strategy for JFK International Air Terminal (Positive)
• Tata Steel: Company signs £500 million grant funding agreement with UK government for £1.25 billion green steel project in Port Talbot, electric ARC furnace is expected to be operational within three years. (Positive)
• IOC/BPCL: Company’s arm and Indian Oil get production concession in Abu Dhabi for 6,162 square km area. (Positive)
• Medicamen Biotech: Company received the final approval from the inspection department, division of production & distribution control, national organization for medicines, Greece for Bhiwadi formulation facility. (Positive)
• Brigade Enterprises: Company launches its premium flexible workspace solution BuzzWorks in Hyderabad (Positive)
• Engineers India: Current order book at 113.5b rupees, Company says expects to complete 1.5 mtpa mongolia refinery by march 2026. (Positive)
• Lupin: Company signed share subscription & shareholders’ agreement with Sunsure Solarpark seventeen, Company to make equity investment (Positive)
• Nazara Technologies: Company acquisition of 15.86% stake in getstan technologies by unit, deal for consideration of up to Rs 182.6 million. (Positive)
• M&M: Embraer and Mahindra announce collaboration on the C-390 Millennium Medium Transport Aircraft in India (Positive)
• Lemon Tree Hotels: Company signs a new property in Pune, Company says the property, which shall be managed by carnation hotels private limited, a wholly-owned subsidiary of Company is expected to open in FY 2026. (Positive)
• Bajaj Finance/Finserve: Bajaj Housing Finance IPO gets bids worth over ₹3 lakh crore for a ₹6,560 crore issue (Positive)
• Vishwaraj Sugar: Company approved floor price for issue, being Rs 17.51 per share ,Company approves QIP issue amounting up to Rs 990 million. (Neutral)
• Castrol India: Company introduces Microfiber Cloth and Shiner Sponge to the existing range of products (Neutral)
• Adani Ports: Company has signed a concession agreement with DPA to develop Multipurpose Berth at Deendayal Port, Kandla, Gujarat. (Neutral)
• HPCL: Company appoints K Vinod as CFO effective from 11th Sep, 2024 (Neutral)
• Route Mobile: Founder to sell 6.03% stake via OFS Sept 12-13; floor price at Rs 1,635 per share (Neutral)
• Honasa Consumers: Company’s 10.8% Equity Worth Rs 1827.0 Cr via block deal At Rs 480/sh floor price (Neutral)
• State Bank of India: Bank KEB Hana Indonesia & Bank SBI Indonesia (BSBII) and SBI signs shareholder agreement. Under the agreement, BSBII will issue preference shares to PT Bank KEB Hana, Indonesia (Neutral)
• SEBI has accepted the urgent request of BHFL for 2 more days for allotment process owing to high subscriptions
• Bajaj Housing Finance IPO has broken all previous records and got more than anticipated subscription.
• Allotment Matrix (provisional) :
• Big HNI : 2 out of 17 will get 2996 shares
• Small HNI : 2 out of 55 will get 2996 shares
• Retail : 1 out of 5 will get 214 shares
• Shareholders ( those who applied for 13 lots application) : 13 out of 18 will get 214 shares
• GMP: ₹ 74/-
• If your UPI Mandate is still not come, then application will be REJECTED.
• Allotment Tomorrow Late Night.
• Nifty closed @24,918 (-123) and Sensex @81,523 (-398) on Wednesday GIFT Nifty was trading at 25,084 (as of 7:30 am)
• FIIs net bought equities in cash to the tune of Rs 1,755 cr whereas DIIs bought equities in cash worth Rs 231 cr on 11 September 2024
• India's consumption loan portfolio grew by 15% y/y to Rs 90 lakh crore as of March 2024 according to the latest credit bureau report
• The Union Cabinet approved two major schemes with a total outlay of Rs 14,335 crore to promote the use of EVs, including buses, ambulances and trucks
• PM Modi sets ambitious $500 billion electronic industry size by 2030 against $150 billion now
• L&T plans to invest more than $300 million to create a chip company, joining other Indian conglomerates in a push to build out a semiconductor industry in India
• Ceat is planning to increase its market share in the domestic market to 12-13% and is targeting Rs 17000 cr revenue over the next two years, according to the CEO and MD Arnab Banerjee
• Tata Steel reached a deal with the UK government over the previously agreed 500 million grant funding for the steel maker's green steel project in Port Talbot
• Strides Pharma Science announced that it has received approval from shareholders and secured creditors for creation of OneSource (a speciality pharma CDMO)
• Route Mobile Promoter, Proximus Opal, plans to sell up to 6 stake in the company, through an offer for sale at a floor price of Rs 1 635 /share
• L&T plans to invest more than 300 million to create a chip company, joining other Indian conglomerates in a push to build out a semiconductor industry in India
• Ceat is planning to increase its market share in the domestic market to 12-13% and is targeting Rs 17000 cr revenue over the next two years, according to the CEO and MD Arnab Banerjee
• Tata Steel reached a deal with the UK government over the previously agreed €500 million grant funding for the steel maker's green steel project in Port Talbot
• Strides Pharma Science announced that it has received approval from shareholders and secured creditors for creation of OneSource (a speciality pharma CDMO)
• Route Mobile Promoter, Proximus Opal, plans to sell up to 6 stake in the company, through an offer for sale at a floor price of Rs 1,635 /share
• Samsung India to lay off 9-10% of its managerial workforce amid slowing growth as well as a broader effort to reduce costs and improve profitability
• Shyam Metalics foresees 3 x revenue growth to Rs 40000 cr by FY29 with strategic expansion
• Indian ADRs: ICICI Bank (+0.8%), Dr Reddy’s Labs (+0.5%) and HDFC Bank (+0.3%)
• Debt:
• 10 yr G sec yield fell by 2 bps to 6.83% (30 month low) on Wednesday
• RBI accepted T Bills worth Rs 20,000 cr in weekly auction with cut off yields for 91-364 days ranging between 6.65-6.72
• RBI accepted Rs 25 000 cr against notified amount of Rs 1 lakh cr in 2 day variable rate reverse repo(ARRR) auction
• Government has set a target to ramp up its electronics industry size to 500 bn by 2030 from 150 bn currently
• Government has approved 4 th phase of Pradhan Mantri Gram Sadak Yojana (PMGSY) the flagship rural roads programme with an estimated outlay of Rs 70 125 cr spread over next 5 years
• Commodities
• Brent crude was up by 2.21% to $70.72/barrel driven by fears of lengthy production shutdowns in the US offshore oil patch, which Hurricane Francine was barreling through on the way to landfall in Louisiana
• Gold futures settled lower as the dollar and Treasury yields firmed after U S inflation data prompted investors to scale back expectations of an oversized rate cut from the Federal Reserve next week Spot gold was down by 0.16% to $2,512.02/oz on Wednesday
• India will buy soybeans from farmers of the central state of Madhya Pradesh at state set support prices to help growers reeling from a crash in domestic rates for the oilseed, a government statement said on Wednesday
• India will impose tariffs between 12% and 30% on some steel products imported from China and Vietnam in a bid to safeguard and boost local industry, an Indian finance ministry order showed
• Currency:
• Rupee remained flat and settled at 83.98 against the US dollar on Wednesday, despite inflow of FIIs in Indian equity market
• US Dollar Index (DXY) increased by 0.16% to end at 101.79 on Wednesday, as US CPI data came at 2.5% for Aug’ 24 compared to 2.9% for Jul’ 24 and lower than expectation of 2.6%
• USD/NZD increased by 0.32% to end at 1.631 on Wednesday, as lower US Treasury yields put downward pressure on the US Dollar
• USD/JPY increased by 0.15% to 142.65 on Wednesday, as BoJ’s Nakagawa hints that an interest rate hike is in the pipeline
• International Markets:
• US markets rallied on Wednesday with the Dow Jones, S&P 500 and Nasdaq up by 0.31%, 1.07% and 2.17% respectively All 3 major futures indices are down by 5-9 bps at the time of writing the report
• US CPI increased by 0.2% MoM in Aug 24 vs 0.2% MoM in Jul 24 and was in line with expectations of a 0.2% MoM increase On a YoY basis CPI declined to 2.5% in Aug 24 vs 2.9% in Jul 24
• US core CPI increased by 0.3% MoM in Aug 24 vs 0.2% MoM in Jul 24 and came in above expectations of a 0.2% MoM increase On a YoY basis core CPI was unchanged at 3.2% in Aug 24 and was in line with expectations Investment
• Two FPIs withdraw applications from SAT, comply with SEBI’s disclosure regulations - CNBC TV18
• Lotus Investment and LTS Investment Fund, named in the Hindenburg report against the Adani Group, have withdrawn their appeals from the Securities Appellate Tribunal (SAT).
• Tata Steel signs £500 million grant funding pact with the UK govt - 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.
• DCGI suspends manufacturing license of Etod Pharma for PresVu Eye Drops on misleading claims to get rid of reading glasses - CNBC…
• 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.
• Indigo wants to be a global airline player by 2030, says CEO Pieter Elbers | Q&A - CNBC TV18
• Pieter Elbers, CEO of Indigo, discusses with CNBC TV18 the introduction of business class and a new loyalty programme as part of the airline's strategy to elevate its position on the global stage.
• Senior citizens above 70 to receive ₹5 lakh health cover under Ayushman Bharat - CNBC TV18
• The Union Cabinet has approved free health coverage for all senior citizens aged 70 and above under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, benefitting 6 crore individuals across 4.5 crore families.
• Demerger of Vedanta's key businesses likely to happen by end of FY25
• The demerger of mining conglomerate Vedanta Ltd's key businesses, including aluminium, into separate listed companies is expected by the end of FY25, a top official of the company said on Wednesday.
• North Korea launches suspected Ballistic Missile, says South Korea - CNBC TV18
• Pyongyang has fired more than 30 ballistic missiles and one space rocket so far this year, exceeding its total from 2023. The tally is still short of the more than 70 ballistic missiles tested in 2022 — a record for the state.
• Route Mobile promoter Proximus Opal to sell 6.03% stake via OFS on Sept 12-13 - 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.
• #CNBCTV18Market | #GIFTNifty higher, trading at a premium of more than 100 pts from Nifty Futures Wednesday close, indicates a gap-up start for the Indian market
• ‌#DowJones recovers nearly 900 points to end with gains; #Nasdaq surges 2% https://www.cnbctv18.com/market/us-markets-wednesday-dow-jones-snp-500-nasdaq-inflation-fed-rate-cut-oil-nvidia-shares-19474893.htm
• Drug regulator suspends #EntodPharma's license over misleading claims for PresVu #Eyedrops https://www.cnbctv18.com/india/healthcare/drug-regulator-suspends-etod-pharmas-license-over-misleading-claims-for-presvu-eye-drops-19474821.htm
• #HonasaConsumers’ 8.1% Equity Worth Rs 1,260.7 Cr Likely to Change Hands Via #BlockDeals At Rs 480/sh floor price
• Peak XV Partners, Sequoia Capital, Redwood Trust Among Sellers In Block Deal
• Sources to @VivekIyer72
• #MapmyIndia partners with #Zoomcar, the collaboration enables users to book a Zoomcar while getting their trips planned with the #Mappls App
• Indian IPO Market is on Fire!
• Out of 100 IPOs happening globally, 27 are from India!
• That’s right.
• And if we zoom in on SME fundraising, we’ve already crossed last year's figures by July 2024!
• The momentum in the SME space is undeniable, and there are even more exciting facts we discussed in our latest Saturday #ChitChat session with
• @JiteshKothari15, @janak_lotwala, @bastionresearch , and Chiragjain1097 on Topic - SME IPO: Opportunity or Scam. https://youtu.be/aW7msej7y8Q?si=Glpsr7bTWUDQO_0a
• SEC. IN F&O BAN FOR, 12 SEPT, 2024 :
• 1. AARTIIND 2. ABFRL 3. BALRAMCHIN 4. BANDHANBNK 5. CHAMBLFERT 6. HINDCOPPER 7. RBLBANK
• ADDITION : AARTIIND
• DELETION : BIOCON
• GIFTNifty higher, trading at a premium of more than 100 pts from Nifty Futures Wednesday close, indicates a gap-up start for the Indian market
• WHAT HAPPENED OVERNIGHT
• -> Astounding recovery saw SPX +1.07%, Nasdaq +2.1%
• -> US equities were -1.6% but then saw late recovery
• -> Nvidia +8%, CEO noted strong demand for chips
• -> Stronger US core CPI (+0.28% MoM vs +0.2% poll)
• -> UST 10y yield +1 bps to 3.66%
• -> Dollar Index +0.15% to 101.79
• -> Brent Oil +2.1% to $70.63/bbl
• Here are some cues to watch out for!
• Honasa Consumer - Block Launch: Block for $150m/ ₹1,207 cr; details
• | Here's a look at how the global equities performed on Wednesday
• Here's how the commodities have fared overnight!
• Investec on OMCs: Could see record profits driven by high marketing margins
• Morgan Stanley on Tata Steel: Maintain Underweight with target price of Rs 135
• *News Headlines from Business News Agencies :*
• *Business Standard :*
• India committed to climate-friendly growth: NITI Aayog CEO Subrahmanyam
• BPCL's joint venture with IOC wins production concession in Abu Dhabi
• NXP Semiconductors to invest over $1 bn in India as it boosts R&D efforts
• JSW MG to move away from conventional vehicles, focus on NEVs: MD Jindal
• Indian cos raise $6 bn from private credit in first-half 2024: EY report
• Microsoft acquires 16.4-acre land parcel for Rs 520 crore in Pune
• Stashfin parent AKARA Capital lists first Rs 10,000 face value NCDs on BSE
• Fada announces appointment of C S Vigneshwar as new president for 2024-26
• CEAT commences commercial production at Tamil Nadu plant
• Bharat Biotech partners with Alopexx to develop anti-microbial vaccine
• Britain's Rightmove rejects $7.3 bn takeover offer from Murdoch's REA Group
• *Economic Times :*
• Nazara acquires 15.8% stake in esports firm Stan for $2.2 million
• Govt aims to boost seafood exports to Rs 1 lakh crore/year; to strengthen foundation of fishery sector
• India 10-year bond yield near 30-month low as US peers, oil prices fall
• Industry credit expected to grow over 12%: FICCI-IBA survey
• Auto industry needs to focus on customer service, after-sales, quality assurance: Nitin Gadkari
• Adani Ports & SEZ to develop multipurpose berth at Gujarat's Kandla Port
• Strides secures shareholders' nod for OneSource specialty CDMO unit
• Samsung plans global job cuts of up to 30% in some divisions
• CESC to award 300MW solar power project to subsidiary Purvah Green
• Consumption loan portfolio expands 15pc to Rs 90 lakh cr in FY24: Report
• FADA seeks legislative safeguards to prevent OEMs exiting abruptly
• *Mint :*
• Govt set to clear ₹10,900 cr for rechristened electric vehicle subsidy scheme
• Prime minister Modi calls for international cooperation on green hydrogen
• Aditya Birla Finance accuses Byju’s insolvency professional of fraud
• Easebuzz Revenue Surges to INR 290 Crore in FY24; Forays into B2B Payments
• Tata Power’s BIG Plans to Produce Solar Cells, Modules
• Uber relaunches premium service Uber Black in India, starting with Mumbai
• India's OVL, OIL, Kabil join hands with UAE's IRH in critical mineral hunt
• FPIs favour Healthcare, IT, Consumer Sectors in August, sell financial stocks
• Bigbasket’s quick commerce order value in small cities matches metro average
• Spain's Zelestra plans $5 bn investment to set up 10 GW green power capacity
• Delhi High Court upholds order to ground SpiceJet planes with leased engines
• After a long time, we have created a video on YouTube with a different format - Chit Chat Session.
• Go check it out and share your review!
• Vedanta Resources gets $900 mn via first dollar bond issue to prepay loans
• Vedanta Resources, the parent firm of mining conglomerate Vedanta Ltd, on Wednesday raised $900 million in its first dollar bond issue in more than two years to prepay existing bonds.
• In a statement, the firm said it has raised $900 million at a coupon rate of 10.875 per cent in the five-year US dollar-denominated bond.
• Stocks in News post Market closure
• GE T&D India Limited : the Company has received of order from Grid Solutions SAS, France for Broad consideration of 100 Million Euros, also received order from GRID SOLUTIONS Middle East FZE, Dubai for a consideration of 55 Million Euros
• Sonalis Consumer Products Ltd: the Board of Directors of the Company is scheduled to be held on 17th September, 2024 to consider and approve To raise funds by way of Preferential Allotment or Private Placement or Qualified Institutional Placement
• Ganesh Echosphere: The company on Sept. 10 incorporated a joint venture company in the name of Ganesha Recycling Chain Pvt. in collaboration with Race Eco Chain Ltd.
• Canara Bank: the Bank has raised US$300 million Senior Unsecured Fixed Rate Notes
• SBI: Bank SBI Indonesia, the overseas banking subsidiary of the State Bank of India, for regulatory compliance with meeting a minimum 1% of the local shareholding requirement, has proposed to issue preference shares to PT Bank KEB Hana, Indonesia. As part of the arrangement, SBI, PT Bank KEB Hana Indonesia, and Bank SBI Indonesia signed a shareholders’ agreement on Sept. 10, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares.
• Ramakrishna Forgings: The company has provided a corporate guarantee up to an amount of $6.65 million to Ramkrishna Forgings Mexico S.A. de C.V. Mexico, a wholly owned subsidiary company, for taking rented space on lease from Operadora Stiva S.A. de C.V., Mexico
• Nazara Tech: The company's arms acquire a 15.86% stake in Singapore-based Getstan Technologies for Rs 18.4 crore in an all-cash secondary transaction.
• Wipro: The company has built an AI-enabled data strategy for JFK International Air Terminal.
• Castrol India: The company has expanded its auto care product range with new additions. It has introduced microfiber cloth and shiner sponges to the existing range of products.
• SMIFS Capital Markets Limited : Board approved Raising of funds .
• Lupin: The company will acquire a 42.6% stake in Sunsure Solarpark for Rs 10.6 crore
• Brigade Enterprises: Brigade Group has announced the launch of its premium flexible and managed workspace solution, BuzzWorks, in Hyderabad. This expansion aligns with Brigade Group’s strategic vision to reach 1 million sq. ft. of flexible office space by the financial year 2026
• Adani Ports and Special Economic Zone: The company has signed a concession agreement with DPA to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat. Berth No. 13 is 300 m long and offers 5.7 MMT capacity annually. It is likely to be commissioned in the financial year 2027
• Nippon Life India Asset Management Limited : Nippon India Mutual Fund had launched ‘Nippon India Nifty 500 Momentum 50 Index Fund’.
• HINDUSTAN PETROLEUM CORPORATION LTD : Approval of Visakh Raipur Pipeline Project Investment & Visakh Refinery Modernization Project (VRMP) revision in Cost and completion schedule .
• Route Mobile Ltd : The proposed offer for sale of equity shares of face value of INR 10 each of Route Mobile Limited by Proximus Opal through the stock exchange mechanism .
• Tata Steel Ltd : Company signs £500 million Grant Funding Agreement with UK Government for £1.25 billion green steel project in Port Talbot.
• Rajkamal Synthetics Limited : Board meeting to be held on September 16 2024, to consider the proposal for raising of funds by way of a rights issue, warrants, preferential issue/private placement .
• BLS International Services Limited : The BLS International FZE, subsidiary of the Company has subscribed 99 % share capital of BLS Solutions Pvt. Ltd., Bangladesh a company incorporated under the law of Bangladesh, consequent to the subscription, BLS Solutions Pvt. Ltd. will become a Step Down Subsidiary of the Company (“SDS”). Cost of acquisition USD 830/- .
• Ester Industries Limited : Board meeting to be held on 14th September2024, to consider the proposal for raising of funds by way of issuance of one or more instruments including equity shares/convertible securities either by way of Preferential Issue/Rights Issue.
• RAPID INVESTMENTS LIMITED : Board approved right issue. right issue size Up to 8,39,744 fully paid-up Equity Shares of face value of 10/- each. issue price -100rs . Record date Sep 18th 2024.Rights Issue Opening Date: September 26, 2024,Rights Issue Closing Date: October 10, 2024 .Rights Entitlement Ratio - 25:39.
• Gujarat Fluorochemicals Limited : GFCL EV Products Limited, Wholly-owned Subsidiary of the Company, has incorporated its Wholly-owned Subsidiary Company in Hamburg, Germany namely GFCL EV Products GmbH on 10th September,2024.
• Lemon Tree Hotels Limited : The Company has signed a License Agreement viz Lemon Tree Hotel, Pune, Maharashtra. 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. This Hotel will feature 117 well-appointed rooms, a restaurant, a bar, a meeting room, banquet facilities, a swimming pool and a spa.
• Medplus Health: The company's arm, Optival Health, gets two drug license suspension orders for stores in Bangalore and Karnataka
• Indian Infotech & Software Limited : Board meeting to be held on Sep 14th 2024,To consider and evaluate proposal for raising of funds.
• National Aluminium Co. Ltd. : UAE-India Business Forum: Indian entities signs MoU with UAE for Global Cooperation in Critical Mineral Supply Chain
• SUDARSHAN CHEMICAL INDUSTRIES LIMITED : CRISIL (An S&P Global Company) has reaffirmed its “CRISIL A1+” rating to Rs. 50 Crore Commercial Paper Programme of the Company.
• Systematix Corporate Services: The company is scheduled to be held on Sept. 14 to approve fundraising by way of issue of equity shares on a preferential basis, subject to approval from the shareholders
• Mafatlal Industries Limited : Board approved in principle a proposal to incorporate a subsidiary Company.
• Hazoor Multi Projects Limited : Work order has been awarded to M/s Hazoor Multi Projects Limited, received from National Highways Authority of India for acting as user fee collection agency at Mulawad FP for widening to 2 lanes with paved shoulders from Km. 4.40 to 56.00 of NH 218 Bijapur Hubli section in the state of Karnataka. The value of awarded project is Rs.2.59 crores.
• HPCL: The company approves the construction of the Visakhapatman-Raipur pipeline project worth Rs 2,212 crore. It has revised the cost of the Visakhapatnam refinery modernisation project to Rs 30,609 cr.
• NBCC: The company signs a MoU worth Rs 1,600 crore with MTNL to develop a 13.88-acre land parcel in New Delhi.
• Shriram Finance: The company approved and allotted senior, secured, rated, listed, redeemable, taxable, and non-convertible debentures on a private placement basis for an issue size of Rs 1000 crore plus a green shoe option of Rs 500 crore
• BPCL: The company's arm, Indian Oil, has received a production concession in Abu Dhabi for a 6,162 sq km area
• Infosys: The tech giant has collaborated with Clearstream, part of Deutsche Börse, to enhance the digital issuance platform.
• Jaykay Enterprises: The company has approved the allotment of 5.84 lakh equity shares on a rights basis at an issue price of Rs. 25 per equity share.
• Gujarat Flurochem: GFCL EV Products Ltd., a wholly-owned subsidiary of the company, incorporated 'GFCL EV Products GmbH' its wholly-owned subsidiary in Hamburg, Germany, on Sept. 10
• GMR Airports Infrastructure: The company has changed its name to GMR Airports following the merger of GMR Airports and GMR Infra Developers.
• JEFFERIES ON CHOLAMANDALAM INVESTMENT
• Maintain Buy; Hike target price to Rs 1800 from Rs 1685
• Strong auto loan franchise; building strong network in non autos biz
• NIM tailwind; rate cycle beneficiary
• Stable credit costs; RoA can expand by 20-30 bps
• EPS should grow at 29% CAGR in FY24-27; Stays among top picks
• CLSA ON JSPL
• Maintain Hold with target price of Rs 940 Management highlighted a rapid shift in product and margin profile for the company
• Ongoing capex likely to generate high teens ROCE
• Angul facility can house 25 MT steel sou capacity; company intends to raise further capacity there
• Despite the targeted capex, leverage would not exceed 1.5x (peak)
• JEFFERIES ON MGL
• Maintain Buy; Hike target price to Rs 2120 from Rs 1990
• Remains on the Growth Path
• Volume growth outlook is improving on accelerating outlet additions and healthy industrial vol growth
• Falling APM gas allocation is a structural headwind for CGDs
• MGL margin defense is stronger compared to peers on lower reliance on expensive spot LNG
• MGL is our preferred CGD pick
• JEFFERIES ON ENTERO HEALTHCARE
• Maintain Buy with target price of Rs 1510
• Reiterated FY25 revenue growth guidance of 35-40%
• Recent acquisitions should reflect from Q3
• Confident of improving Ebitda margins beyond 5% through scale benefit and operating leverage
• CLSA ON INSURANCE
• PB Fintech indicated strong growth; momentum in health insurance sector continues
• Now has mid-teen to 20% market share in retail health and standalone health insurers
• Expects 30% Cagr in premiums over next 3- 5 years
• Gains in the health segment should support strong growth in the near term
• ICICI Pru Life's healthy growth in APE was Polen strong in
• Next couple of months could see some disturbances as the industry rolls-out new products under revised guidelines
• ICICI Pru focused on keeping the end customers the least impacted
• CLSA ON NEW EV LAUNCH
• JSW MG launched the Windsor EV at an introductory price of Rs999k
• MG Windsor EV is direct a competitor for the Tata Punch, Nexon
• Battery is available on a rental basis (BaaS) at Rs3.5/km, reducing the initial cost, but running cost will be higher
• MG addressed most customer apprehension about adopting EVs with new initiatives
• Should help MG gain some market share from Tata Motors in the electric passenger vehicle segment
• GOLDMAN SACHS ON ADANI PORTS
• • Maintain Buy with target price of Rs 1630
• • Emerged incrementally positive on Adani Ports post visit to Mundra port
• • See port capacity expansion potential at Mundra
• • Increasing capacity of group ventures likely to increase longer-term imports/exports at Mundra port
• • Large land bank at Mundra SEZ, provides growth visibility
• • See new capacities can be built to support port handling capacity expansions for the foreseeable future
• List of sellers in HONASA CONSUMER block deal includes
• Peak XV Partners Investments VI
• Redwood Trust
• Sequoia Capital Global Growth Fund III - U.S./India Annex Fund
• Fireside Ventures Investment Fund
• Stellaris Venture Partners India
• Sofina Ventures
• *Disclose usage of IPO proceeds in detail, NSE tells SMEs*
• At a time when concerns have been raised about the genuineness of demand for public issues by small and medium enterprises (SMEs) and also the general quality of companies coming to the SME platform, the National Stock Exchange (NSE) has further tightened the framework for such firms as part of its attempts to enhance the disclosure requirements.
• NSE, which has nearly 500 SME companies listed on its Emerge platform with a cumulative market capitalisation of nearly Rs 1.5 lakh core, has said that all SMEs that listed on the dedicated segment after April 1, 2023 will have to disclose details regarding the utilisation of the issue proceeds.
• More importantly, NSE has sought detailed object-wise disclosures, which would be recurring in nature till the time the issue proceeds have been fully utilised or the purpose for which the funds were raised has been fulfilled
• “The listed entity on NSE EMERGE platform w.e.f. April 01, 2023 onwards, shall submit to the Stock Exchange along with the financial results, a certificate indicating the utilisation of the issue proceeds certified by Statutory Auditor (post approval by the Audit Committee of listed entity) specifying the object wise amount as disclosed in the Offer Document(s) and the actual utilization of funds, along with any variation(s), if any,” stated a recent circular issued by NSE.
• “The aforesaid certificate shall be submitted until the issue proceeds have been fully utilised or the purpose for which the proceeds were raised has been fulfilled. This circular shall be applicable with immediate effect,” it added.
• This requirement, however, will not apply to those listed entities wherein a monitoring agency has already been appointed.
• This assumes significance as the recent past has seen many market participants raising concerns over the SME IPO segment as most of the public issues have seen subscription in multiple of hundred times.
• Incidentally, the list of top SME IPOs in terms of oversubscription is heavily dominated by issues that were launched in the current calendar year. Earlier this year, two issues -- HOAC Foods India and Magenta Lifecare – were subscribed more than 1,000 times each even as the issue size was a mere Rs 5-6 crore.
• Further, there have been more than a dozen other SME IPOs that were subscribed more than 500 times each.
• The latest move by NSE comes a couple of months after it introduced a cap of 90 percent on the price movement of SME entities on the day of listing.
• “To standardise the opening price discovery/ equilibrium price across exchanges during special pre-open session for initial public offer (IPO) for the SME platform, it has been decided to put an overall capping up to 90 percent over the issue price for SME IPOs,” NSE had said in a circular issued on July 4 and was implemented with immediate effect.
• Thereafter in August, it announced that only those companies that have positive Free Cash Flow to Equity (FCFE) for at least two out of three financial years preceding the application will be allowed to list on the SME segment. This was made applicable on all SME IPO draft documents filed on or after September 1.
• NDTV Profit
• Cabinet Approves Health Coverage For Senior Citizens Aged 70 And Above Under Ayushman Bharat Scheme
• All other senior citizens of the age 70 years and above will get a cover upto Rs 5 lakh per year on a family basis. https://bit.ly/47oRZMz
• NIPPON LIFE Co announces the launch of Nippon India Nifty 500 Momentum 50 Index Fund. An open-ended scheme replicating/tracking Nifty 500 Momentum 50 Index^.
• Nippon India Nifty 500 Momentum 50 Index Fund - Unlocking India's Growth Potential - This innovative fund aims to capture the potential of India's growth story by investing in a basket of top 50 momentum-driven stocks from the Nifty 500 index universe.
• NOVA AGRITECH has entered into an agreement with Koneru Lakshmaiah Education Foundation renowned as Koneru
• Lakshmaiah (KL) University (“KLEF”), on 9th September, 2024, to develop a formal institutional relationship and appropriate linkages between NATL & KLEF, for cooperation and collaboration through industrial linkages, R&D programs, skill development programs and employment/placements, etc.
• JSW MG Motor unveils Windsor EV, launched at Rs 9.99 lakh
• JSW MG Motor India has officially launched the Windsor EV, an electric Crossover Utility Vehicle (e-CUV), marking the first vehicle to be introduced under the partnership between JSW and MG Motor.
• The battery-powered Windsor EV is available at a starting price of Rs 9.99 lakh (ex-showroom, introductory). Additionally, customers will incur a cost of Rs 3.50 per km for the battery rental module.
• Kotak Securities on Nykaa
• Downgrade to Sell from Add; Cut TP to Rs 190 from Rs 195
• Jefferies on Cholamandalam Investment
• Maintain Buy; Hike TP to Rs 1800 from Rs 1685
• Strong auto loan franchise; building strong network in non autos biz
• NIM tailwind; rate cycle beneficiary
• BLOCK-DEAL-HONASA CONSUMER
• Size – 2.63 cr shares or 8.1% of equity or Rs 1261 cr
• Price – Rs 480 – 8% discount
• Sellers - Multiple PE including Sequoia Capital
• 2/3 WHELER EV, TATA POWER (+VE)
• PM e Drive Scheme announced by Cabinet
• Scheme has a budgetary outlay of Rs 10,900 cr for 2 years
• Nothing announced for 4-wheeler EVs
• New FAME III schemes to be announced by month end
• NHPC
• Cabinet approves Rs 12,461cr for hydro-projects
• ASHOKA BUILDCON/ROAD INFRA STOCKS
• Cabinet approves Gram Sadak Yojna for remotest villages worth Rs 70k cr
• PHARMA/DIAGNOSTICS/HOSPITAL STOCKS
• Cabinet allots Rs 3437cr under Ayushman Bharat PM-Jay scheme
• Coverage extended
• ASHOK LEYLAND, TATA MOTORS/ BUS EV PLAYERS
• PM eBus Payment Security Mechanism Launched worth Rs 3345cr
• HPCL
• Board Approval for construction of Pipeline from Visakh to Raipur and allied facilities including Depot at Kantabanji at an estimated cost of Rs.2212 Crore
• NBCC
• Signs MoU with MTNL to develop its land parcel in New Delhi for Rs 1600cr projects
• MS on PNB Hsg
• OW, TP raised to Rs 1500 from Rs 1025
• After b/s repair & franchise rebuilding, Co can deliver loan growth, diversification & ROA expansion in next 3 yrs, transforming into a potentially unique HFC
• As loan growth, ROA & ROE expand see re-rating up to 2.5x F27 P/B
• Following a sharp rally, profit taking, stock supply & rate cuts could be headwinds; but see these as transient
• Especially like margin of safety in valuation & fundamentals
• Nomura on EMS
• Initiate Buy on Dixon Tech, TP Rs 15567
• Initiate Buy on Kaynes Tech, TP Rs 5969
• Tech boom to create new global leaders
• Ideal landscape for harnessing growing domestic market & export potential
• Est. India’s EMS industry market value of $25bn in FY23 could reach $135bn by FY30F
• Thus, domestic value addition of 20% in mobiles can potentially rise to 35% by FY30F
• Samvardhana Motherson may also benefit from addressing component ecosystem
• Indian IPO Market is on Fire!
• Out of 100 IPOs happening globally, 27 are from India!
• That’s right.
• And if we zoom in on SME fundraising, we’ve already crossed last year's figures by July 2024!
• The momentum in the SME space is undeniable, and there are even more exciting facts we discussed in our latest Saturday #ChitChat session with
• @JiteshKothari15, @janak_lotwala, @bastionresearch , and Chiragjain1097 on Topic - SME IPO: Opportunity or Scam.
• https://youtu.be/aW7msej7y8Q?si=Glpsr7bTWUDQO_0a
• A joint venture company named 'Ganesha Recycling Chain Private Limited' has been incorporated on September 10, 2024.
• The joint venture is in collaboration with Ganesha Ecosphere Limited.
• The company is established to set up washing plants for producing PET flakes.
• Inox Wind’s EPC Projects arm Resco Global completes Rs 350 crore equity raise
• #CNBCTV18Market | Jefferies maintains a buy call on MGL. Says volume growth outlook is improving on accelerating RO additions & healthy I/C Vol growth
• #CNBCTV18Market | Jefferies maintains a buy call on Cholamandalam Investment. Says loan growth seems to be holding up at 27% in FY25 despite softer trends in select auto segments
• #StocksToWatch | Here's a list of stocks that will be in focus, going into trade today
• #HonasaCons #BlockDeal Upsized
• --10.8% Eq (3.5 Cr Shrs) Worth Rs 1,670 Cr To Now Change Hands Via Block Deals, Rs 480/sh Floor Price
• Sources say https://twitter.com/CNBCTV18Live/status/1834028902588502018#m
• #CNBCTV18Market | HSBC maintains a buy call on Ola Electric. Says recent market share loss is worrisome, adding that this could be due to the ramp-up of low cost variants from competition
• #CNBCTV18Market | HSBC maintains a buy call on Kalyan Jewellers. Says, stock has risen 8x in past 2 years, adding that it is still midway into its value creation journey