Indian Stock Market News | BSE/NSE Sensex Updates | Equity Market Highlights

Market Highlights

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

September 26, 2024

News Headlines from Business News Agencies:
Business Standard
Coal imports rise marginally by 0.9% to 90.51 MT in Apr-Jul of FY25
Fashion retailers may see up to 15% revenue growth in FY25: Report
SBI aims to become first financial firm to cross Rs 1 trn profit: Chairman
Pharmaceutical firm Piramal Pharma eyes to double revenue to $ 2 bn by FY30
Results from Biocon Biologics supports interchangeability of psoriasis cure
Karnataka plans tax waivers for hybrid vehicles, incentives for EVs
State-owned Bank of India raises Rs 2,500 crore at 7.49% via tier-II bonds
Centre asks Tamil Nadu govt to resolve Samsung workers' strike: Report
Trai to discuss OTT apps regulation; expedite Satcom framework: Chairman
Expecting FDI to increase to $100 bn per annum in coming years: DPIIT Secy
Reliance Power's subsidiary Rosa prepays Rs 850 cr debt to Varde Partners
Mt K Kapital raises over Rs 500 cr to invest in realty projects in Mumbai
Economic Times
Infosys signs deals with Polestar to open tech hub in Bengaluru
Chief economists bullish on India, cautious optimism for global recovery: WEF survey
BFSI sector leads in women leadership, reports Avtar & Seramount Study
SaaS startup Whatfix raises $125 million from Warburg, SoftBank, valuation hits $900 million
Vedanta board to meet on October 8 to consider fourth interim dividend
AI global market may touch $990 bn by 2027 with 40-55% annual growth rate: Report
Carlyle Aviation affiliates trim stake in SpiceJet to 2.34% from 3.75%
India's retail has a spring in its step: High-end shopping malls
India's foodgrain production hits record 332.22 mn tonne in 2023-24: Govt
Diamantaires to witness 25-27 pc decline in revenue in FY25: Report
Euler Motors forays into LCV segment; drives in two electric models
Mint
ADB retains FY25 growth forecast for India’s economy at 7%
Foodgrain production to hit record 332.23 MT: agriculture ministry
Positive outlook for India: Goldman Sachs predicts sustained economic growth
HomeLane to buy Design Café, raises ₹255 cr from Hero Enterprise, WestBridge
Aristocrat maker plans to raise ₹300 cr for new single malt, brandy and more
Airtel launches AI-powered spam-detection tool, to be available from Thursday
Rate cuts, govt policies put housing finance sector in a sweet spot, say experts
Google paid $2.7 billion to bring back an AI genius who quit in frustration
Rate cuts, govt policies put housing finance sector in a sweet spot, say experts
Zepto ranks first in LinkedIn's 2024 list of India's top startups
Whatfix secures funding from Warburg Pincus, SoftBank at $900 mn valuation
Kunvarji: India Daybook – Stocks in News
Coromandel International: Company increases shareholding in Senegal based rock phosphate mining company BMCC (Positive)
Uno Minda: Company agreement with Hyundai Mobis for manufacturing of licensed products (Positive)
IDFC Limited: Company has received final approval from NCLT for the amalgamation of IDFC Financial into IDFC Limited and IDFC Limited into IDFC First Bank. (Positive)
TVS Holdings: Company gets CCI approval for acquisition of 80.74% of home credit India finance. (Positive)
JBM Auto: Company has announced the incorporation of a wholly-owned subsidiary, JBM Electric Vehicles International PTE Ltd, in Singapore. (Positive)
Vedanta: board meeting on OCT 8 to consider fourth interim dividend (Positive)
Infosys: Company and Polestar have formed a strategic partnership. (Positive)
Jaykay Enterprises: Company’s subsidiary, JK Defence & Aerospace, received Rs 14.05 Cr loan from Julius Baer Capital (India) Private Limited. (Positive)
Bank of Baroda: Sydney branch concluded borrowing of AUD 200 million via syndicated term loan facility (Positive)
Shriram Finance: Company raised USD 500 million through Social Bonds at 6.15% interest for 3.5 years.limited (Positive)
Power & Instrumentation: Company has been appointed by the AAI as the specialized agency for the power supply system of the new integrated passenger terminal building at Maharana Pratap Airport, Udaipur (Positive)
Prestige Estate: Company has launched exquisite residential project “Prestige Pine Forest” in Whitefield, Bangalore (Positive)
Auto Stocks: Karnataka govt plans new electric vehicle policy with tax exemptions and incentives: sources (Positive)
Reliance Power: Company said its subsidiary, Rosa Power, has prepaid ₹850 crore of its debt to Singapore-based lender Varde Partners (Positive)
Zen Technologies: Company announced partnership with its subsidiary AI Turing Technologies has launched four innovative remote-controlled weapon and surveillance systems (Positive)
Adani Ent: Adani Group explores collaboration with Bombardier to boost Indian aviation (Positive)
Adani Green: Promoter entities Hibiscus Trade & Ardour Investment Holding buys 2.96% equity in the Adani Green Between July 30-September 23, 2024 (Positive)
KPI: Company gets LoA from Sai Bandhan Infinium for development of 66.20 MW Hybrid Power Project. (Positive)
PB Fintech: Company may explore plans to enter the healthcare space & may start its own chain of hospitals, sources to CNBC (Positive)
Emami: Company's arms Emami International FZE & Emami International Personal Care incorporates Emami Neo-Herbals International in Bangladesh. (Neutral)
HUDCO: Company appointed Shri Daljeet Singh Khatri as Chief Financial Officer replacing Smt. Reva Sethi.. (Neutral)
Norris Medicines: Ms. Susmita Mahapatra resigned as an Independent Director of The Company. (Neutral)
Cipla: Company purchase of 6.9124% equity interest of Jiangsu XIDI pharmaceuticals held in Cipla (Jiangsu), deal for RMB 35.8 million. (Neutral)
Sundram Fasteners: Company announces the retirement of Sri B Muthuraman, Non-Executive Independent Director, and effective September 25, 2024. (Neutral)
ONGC: Company approved investment in ONGC Petro additions, Company approved investment in equity shares of opal for Rs 105.01 billion. (Neutral)
Bank of India: Bank to accept bids Rs of 25 billion in issue of Basel iii compliant Tier ii bonds. (Neutral)
Lumax Auto: Company acquired a 60% stake in Green fuel Energy Solutions for Rs 133 Cr, marking its entry into the green and alternate fuel segment. (Neutral)
Borosil Renewables: Company to invest Rs 178.3 million in Clean max Prithvi Pvt Ltd (Neutral)
KPR Mill: Company’s promoter KP Ramaswamy sells ₹971.4 crore worth of shares (Neutral)
Five Star: PE Investors to sell 19.22% stake in Five Star Finance. Floor price at ₹768 & deal size $517m (Neutral)
HDFC Bank: BNP Paribas sells 3.07 m shares of the bank at ₹1,768.05/sh. UBS Capital buys 3.07 m shares of the bank at ₹1,768.05/sh (Neutral)
ASK Auto: Kuldip Singh Rathee, one of the promoters of the company, to sell 6.05% stake in ASK Automotive via OFS. (Neutral)
SpiceJet: Ireland-based aircraft lessor Carlyle Aviation Management has sold its 1.42% stake in the airline company. (Neutral)
Zaggle: Company approves acquisition of 98.32% stake in SpanAcross. (Neutral)
Citi On Trent
Initiate Buy Call, Target Rs 9,250
Transformation From Single-format To Multi-format Led To Higher Rev CAGR (36% In FY19- 24)
Multi-Category (Fashion & Lifestyle, Grocery, Personal Care) Player Led To A Higher Rev CAGR
Model For Trent Industry-leading Rev/EBITDA/PAT CAGRs Of 41%/44%/56% In FY24- 27
Leveraging On Supply Chain & Learnings From Westside & Zudio, Co Is Turning Around Star
Trent Can Meaningfully Scale Up Other Pilot Projects (MISBU, Samoh, MAS JV)
Include Trent In Pan-Asia High-Conviction Focus List
Investec on IEX
Initiate long FAST, TP Rs 215
STK plummeted 17% over past 2 days, mainly due to media reports about an upcoming submission of a simulation report by Grid India, post which CERC will decide on market coupling timelines
While we have no insights on timelines for notification, believe process of operational implementation will be lengthy & may not significantly benefit power ecosystem
Expect IEX to deliver healthy overall vol & EBIDTA growth in Q2
Expect additional clarity on coupling during Q2 results; however, operational implementation should take 2yrs, which ensures near-term earnings will be stable
Furthermore, val corrected to 35x P/E for FY26e
Bernstein on PB Fintech
Outperform Call, Target Rs 1,720
Co Talking About Backward Integration With Hospitals
Healthcare Biz Idea Is Not Clear For Now, But Seems To Be Aimed At Revamping Healthcare Mkt
Size Of The Planned Financial Commitment Is Not Clear
Plan Is To Fund This From The $650 m Of Cash On Balancesheet
Investors Bought Into Co Story For High Growth, Strong Business Model, & Its Cash Generation
Some May Look At Backward Integration As Meaningful Shift From Capital-Light Biz Model
Macquarie on HDFC Bank
Outperform Call, Target Rs 1,900
Q2 Loan Growth May Dip Below 10% YoY
Reportedly, Co Is Looking To Sell Rs 60,000-70,000 Cr Loan Assets
Note That Q2FY25 Will Be 1st Quarter Post Merger When YoY Numbers Will Be Comparable
Due To Base Effect & Sell-down As Per Reports, Q2 Loan Growth Could Be Less Than 10% YoY
Expect NIM To Improve A Further 5 bps QoQ In 2QFY25 To 3.52% Vs Most Other Banks
HDFC Bank Peers May Report Flat To Slightly Declining Margin
Nomura on HDFC Bank
Neutral Call, Target Rs 1,720
Sell-down Accelerate LDR Resolution, But Affect Medium-term EPS & RoE
Cut FY26-27 EPS By 2%
Overall Market For Securitisation Of Loans Is Projected To Be `2 Lk Cr In FY25
Planned Loan Sell-Downs Alone Can Potentially Be 30-35% Of Market
It Remains To Be Seen Whether Such Large Volumes Can Be Absorbed
Nomura on Crompton Cons
Buy Call, Target Rs 498
Co Maintained That Its Premiumisation Focus Remains On Track Across Segments
Over Longer-term, In Fans, Co Believes Stricter Govt Regulation On Efficiency Norms Will Drive Mkt
Crompton Believes It Will Benefit From Stronger Premiumisation Push
Focus On Alternate Channels Like Modern Trade/e-Commerce
On Butterfly, Management Stated That Restructuring Is Largely Over
Revenue Growth Should Be Visible In H2, As Per The Co
MS on Crompton Cons
Equal-Weight Call, Target Rs 323
Rev Growth Guidance In Mid-teens (10-12% From Base Biz Plus 2-3% From New Businesses)
EBITDA Margin To Improve Nearly 200 bps With Product Mix And Operating Leverage
Consumer Demand - Near-term Weakness Owing To Inflationary Pressure
Festive Demand In South (Onam) Was Lower YoY
Margin To Improve In H2, In Long Run Expects 10% EBITDA Margin
UBS on Hero MotoCorp
Sell Call, Target Rs 3,350
Wholesale Volumes And Festive Optimism Clouding Retail Underperformance
Festive Strength Has Not Aided In Full-year Performance
Substantial Retail Market Share Loss Despite Launches; Sep'24 Below 24%
Stock Trading At 26x FY26 PE, More Than 3SD Higher Than Its 5-yr Historical Average
HSBC on Tech Mahindra
Hold Call, Target Rs 1,600
There Is Significant Potential For Mining In Co’s Non-telco Client Base
Telecom Outlook Remains Uncertain
Margin Expansion Is Highly Contingent On Pyramid Adjustment
Post Recent Run-up, Expect The Stock To Remain Rangebound
HSBC on Alembic Pharma
Upgrade To Hold, Target Raised To Rs 1,130 From 1,010
Take More Constructive View Of Efforts To Improve Quality Of US Filings
Rising Share Of Differentiated Products To Help De-Risk Its US Sales Growth Long Term
Execution Remains Key For US Sales Pick-up
HSBC on Ola Electric
Buy Call, Target Rs 140
Found Most Ola Service Stations Overwhelmed By Service Requests
Co Is Undergoing Multiple Initiatives To Improve Situation; Positively, Many Issues Seem Transitory
Think An Improvement In Service Quality Is Required Before Critical Launch Of Motorcycles
CITI on GAIL
Buy, TP Rs 260
Identify 3 key catalysts that could play out over next 6-12 months that believe are not yet priced in:
1) Upside to transmission tariffs;
2) Gas being brought under GST;
3) Restructuring of CGD investments
Nifty closed @26,004 (+63.75) and Sensex @85,170 (+256) on Wednesday GIFT Nifty was trading at 26,047 (as of 7:30 am)
FIIs net sold equities in cash to the tune of Rs. 974 cr whereas DIIs bought equities in cash worth Rs 1779 cr on September 25, 2024
India's defence production hit a record high of Rs 1.27 lakh crore in 2023-24 with exports to more than 90 friendly countries, according to Defence Minister Rajnath Singh
Zerodha reported a 61.5% y/y jump in profit during FY 24 to Rs 4700 cr while revenues jumped 21% to Rs 8320 cr but anticipates 30-50% drop in revenue next fiscal due to regulatory headwinds
NSE’s valuation in the private markets has doubled to 36 bn in the last four months, backed by investor expectation that an IPO could materialize as early as the first quarter of next year
NCLT approved the merger of IDFC Financial Holdings Company Limited with IDFC Limited, leading to the merger of this combined entity into IDFC FIRST Bank
SpiceJet Ltd which raised Rs 3,000 cr. or $359 m, last week in an institutional share sale, plans to add 75 aircraft to its fleet over the next two years to fuel the carrier’s domestic expansion
SBI is aiming to become the first Indian financial firm to cross a milestone of Rs 1 trn net profit in the next 3-5 years, according to chairman C S Setty
Piramal Pharma is aiming to be an over $2 bn global pharma, health and wellness firm by 2030, as per company Chairperson Nandini Piramal
Coromandel International announced the acquisition of an additional 8.82% equity stake in Senegal based rock phosphate mining company BMCC through its wholly owned subsidiary
Promoter Nishant Pitti sells 14% stake in EaseMyTrip for Rs 920 cr
TVS Holdings Ltd received the Competition Commission of India’s nod for the proposed acquisition of 80.7% of equity stake of Home Credit India Finance Pvt Ltd
Indian ADRs: HDFC Bank (+0.12%), ICICI Bank (+0.1%) and Infosys (-0.1%)
Debt:
10 yr G sec yield fell by 2 bps to 6 74 on Wednesday
Asian Development Bank has retained India’s growth forecast for FY25 at 7% and said economy is expected to accelerate in coming quarters on improved farm output and higher government spending
Facing sluggish deposit growth, banks have issued Rs 1.35 lakh cr worth certificates of deposit (CDs) in Sep' 24 so far, up 65% compared to Aug' 24
India's foodgrain production reached a record 332 mn tonne in 2023-24 crop year ended June, driven by bumper wheat and rice output, as per Agriculture Ministry
As per RBI Governor, coordination between RBI and government has helped reduce tension between controlling inflation and promoting growth
Commodities:
Brent crude was down by 2.71% to $73.13/barrel on Wednesday as worries over supply disruptions in Libya eased and demand concerns continued despite China's latest stimulus plans
Gold futures at record high as expectations for another big rate cut by the US Federal Reserve bolstered bullion's bull rally, and a softer dollar added to the metal's appeal Spot gold was down by 0.01% to $2656.35/oz on Wednesday
The Spices Board of India aims to achieve $25 billion in annual exports of spices and spice based products by 2047 a significant increase from the current $4.4 billion
India imported 2% more thermal coal in April July from a year earlier to boost its power generation, the federal coal ministry said in a statement on Wednesday
Currency:
Rupee appreciated by 7 paise and settled at 83.60 against the US dollar on Wednesday, due to fall in crude oil prices in the global market
US Dollar Index (DXY) increased by 0.70% to end at 100.93 on Wednesday, as recession fears could pick up on Thursday when US GDP would ease further
GBP/USD fell by 0.73% to end at 1.331 on Wednesday, as BoE Governor Andrew Bailey sees a gradual decline in interest rates
USD/JPY increased by 1.05% to 144.71 on Wednesday, buoyed by a rise in the US 10 year Treasury yield
USD/AUD increased by 1.05% to end at 1.466 on Wednesday, as Global economic woes and geopolitical risks benefit the safe haven Greenback
International Markets
Indian Embassy issues advisory for nationals in Beirut amid rising tensions
U S markets were a mixed bag on Wednesday with the Dow Jones and S&P 500 down by 0.70% and 0.19% respectively while the Nasdaq was up by 0.04%. All 3 major futures indices are trading up by 12-52 bps at the time of writing the report
U S new home sales declined by 4.7% to an annual rate of 716,000 in Aug 24 from a revised 751,000 in Jul 24 Economists polled by Reuters had forecasted new home sales to decline to an annualized rate of 700,000 in Aug 24
French consumer confidence index rose to its highest level in two years at 95 in Sep-24 from a revised 93 in Aug-24 Economists had forecasted the consumer confidence to remain unchanged at Aug-24 initially estimated value of 92.0
#CNBCTV18Market (https://twitter.com/hashtag/CNBCTV18Market) | Citi initiates a buy call on Trent. Says transformation from single-format to multi-format led to higher revenue CAGR (36% In FY19-24), adding that #Trent (https://twitter.com/hashtag/Trent) can meaningfully scale up other pilot projects (MISBU, Samoh, MAS JV)
#CNBCTV18Market (https://twitter.com/hashtag/CNBCTV18Market) | Bernstein maintains an outperform call on PB Fintech. Says, as for co's plan for backward integration with hospitals; healthcare biz idea is not clear for now, but seems to be aimed at revamping healthcare market
#CNBCTV18 (https://twitter.com/hashtag/CNBCTV18) Sources say | Group of Ministers remain inconclusive on rate rationalisation
GoM discussed proposal to reduce GST on pencil, exercise books & education items from 12% to 5%; GoM in favour of the decision
#PBFintech (https://twitter.com/hashtag/PBFintech) clarifies on CNBC-TV18 report of co exploring plans to enter healthcare business, says believe if claims were a smoother experience, would increase buying of health insurance
Yashish mentioned we are exploring healthcare space in our last analyst call, adds co ....
Get set for India's biggest ever IPO as SEBI greenlights Hyundai Motor India Co's issue of around $3 bn; launch likely in October.
IPO Size : 25,000 Crore
Retail : 35%
Morning market News and updates:-
Pharma Companies: India's apex drug regulatory body, the Central Drugs Standard Control Organisation, has flagged 53 drug samples for failing to meet quality standards. Major pharmaceutical companies, including Sun Pharma Laboratories Ltd., Glenmark Pharmaceuticals Ltd., and Alkem Health Science Ltd., are implicated in this quality lapse, according to the CDSCO’s August report.
Five-Star Business: Holders of the company are looking to offload a 19.2% stake comprising 5.6 crore shares worth Rs 4,317 crore via a block deal at Rs 768 apiece. The deal has a lock-up period of 12 months for selling shareholders.
ASK Automotive: The promoter plans to sell up to 6.05% stake via OFS, which will have a base offer of 5.5% and an oversubscription option of 0.5% at a floor price of offer set at Rs 433 per share. The offer will be open on Sept. 26-27.
ONGC: The board approved Rs 10,501 crore investment in ONGC Petro additions.
Vedanta: The board will consider the fourth interim dividend on Oct. 8.
Hindustan Copper: The company approved the sale of the Malanjkhand copper ore tailing plant in Madhya Pradesh.
Infosys: The company to establish Tech Hub for Sweden-based Polestar in Bengaluru.
UNO Minda: The company arm is in a pact with Korea-based Hyundai Mobis to manufacture licensed products like speakers.
Cipla: The company's UK-based arm has signed a pact to acquire a 6.9% stake held by Jiangsu Xidi Pharma in a China-based unit. Post-acquisition Jiangsu to become a wholly owned step-down subsidiary of the company.
Zen Technologies: The company launched remote-controlled weapon and surveillance systems to strengthen India’s defence capabilities.
IDFC: NCLT approved the merger of IDFC financial holdings with IDFC and the resulting entity's merger into IDFC First Bank.
Adani Green Energy: Hibiscus Trade & Investment acquired a 1.27% stake in the company. Ardour Investment acquired a 1.69% stake in the company. Both acquirers belong to the promoter group.
SpiceJet: Carlyle Aviation offloaded a 1.42% stake via open market deals this month.
JBM Auto: The company incorporated unit JBM Electric Vehicles in Singapore to carry on the business in the automotive sector for electric vehicles internationally.
IPO Offering:-
Manba Finance: The public issue was subscribed to 224.10 times on final day. There bids were led non-institutional investors (511.65 times), qualified institutional investors (148.55 times) and retail investors (144.03 times).
KRN Heat Exchanger and Refrigeration: The public issue was subscribed to 24.09 times on day 1. There bids were led non-institutional investors (53.88 times), retail investors(53.88 times), retail investors (23.96 times), and qualified institutional investors (1.44 times).
Diffusion Engineers: The company will offer its shares for bidding on Thursday. The price band is set from Rs 159 to Rs 168 per share. The Rs 158-crore IPO issue entirely a fresh Issue. The company raised 47 crores from anchor investors.
Trading Tweaks:-
Price band change from 10% to 5%: Fusion Finance.
Moved into short-term ASM: Reliance Power.
Money Market Update:-
The Indian rupee closed stronger against the US dollar on Wednesday on steady foreign inflows. Global investors poured in Rs 10,291 crore in the cash market over the past week, marking this September the best month in terms of inflows in the last six months.
The rupee appreciated by seven paise to close at 83.60 against the US dollar, according to Bloomberg data.
Tata Power
Tata Power reported a fire incident at its Trombay plant in Maharashtra. The cause of the fire is currently under investigation, and no injuries or loss of life have been reported, the company informed via an exchange filing.
UBS on Dabur
Downgrade to Neutral from Buy; Hike TP to Rs 700 from Rs 650
Key concerns—rich valuation and possible risk to beverage sales growth
Rising cola drink and coconut oil competition poses risk to sales
Remain optimistic on sales growth over next five years
GREENLAM INDUSTRIES has incorporated a subsidiary in Bangladesh on September 25, 2024 under the name and style of “Greenlam Overseas Bengal Limited” (“Bangladesh Subsidiary”), to carry out, the business of distributor and wholesaler of high pressure laminates and other paper/wood based products.
The Company holds 99.9% shareholding in Bangladesh Subsidiary
BOROSIL RENEWABLES CO TO INVEST 178.3M RUPEES IN CLEAN MAX PRITHVI PVT LTD || CMPPL WOULD DEVELOP AND MAINTAIN A HYBRID SOLAR - WIND POWER PLANT OF 16.50 MW, FROM WHICH THE POWER GENERATED WILL BE SUPPLIED EXCLUSIVELY TO THE CO
Airtel launches India's first Al-powered network solution for spam detection
Bharti Airtel said it has launched India's first network-based Al-powered spam detection solution that will significantly solve the issue of spam calls and messages for its customers.
A first-of-its-kind solution by a telecom service provider in the country, the tool will alert customers in real-time to all suspected spam calls and SMSs.
#ONGC board approves Rs 10,501 crore investment in #ONGCPetro additions: Exchange filing
#JustIn | #Vedanta to consider fourth interim #dividend on equity shares for FY25 on October 8
#ASKAutomative promoter to sell up to 6.05% stake via OFS.
#Equity Segment Flow: September 25
#NewsFlash | #PE Investors to sell 19.22% stake in Five Star Finance. Floor price at ₹768 & deal size $517m
#FiveStarBusiness holders look to offload 19.2% stake worth Rs 4,317 crore via block deal.
Several top-selling medications have failed quality checks by #CDSCO.
Pharma companies claim batches in question are counterfeit, not manufactured by them.
#PBFintech clarifies on media reports of being in discussion for entering healthcare space.
BROKERAGE RADAR
CITI ON M&M FINANCE
• Maintain Neutral with target price of Rs 310
• Conducted channel checks at Mahindra Finance branches/dealership in Maharashtra
• See modest underlying personal and CV demand in H1; expected uptick in H2
• Product profile has skewed more in favor of personal vehicle segment
• Dedicated field-force at dealership, smooth functioning through smart branches, and active trade advances are key differentiators to command higher share
• Financing space is too competitive with aggressive LTVs as well as on-road financing by few players
• Decentralized credit decisions support quick TAT; structure of branch head is implemented
• Offers 8.99% lending rate for newly launched vehicles
• Avg lending yield threshold of 12.5% required
• ABMs encouraged to have optimal mix of personal and commercial vehicles
• See improved sourcing quality and collection intensity helping structurally bring down stress pool
BROKERAGE RADAR MORGAN STANLEY ON PAINT CHANNEL CHECK
• Grasim saw limited sequential pickup in Q2
• Q2 paint demand remained slow, while overall competitive intensity remained high
• Project business and infrastructure demand started to improve sequentially
• There was a price hike of 2-2.5% across players in the months of July and Aug
• Dealer competitive intensity remains high among urban dealers
• Competition from local paint brands remains high in rural markets
• Discounting remains high, though at similar levels sequentially
BROKERAGE RADAR
MORGAN STANLEY ON INDIA CHEMICALS
• Investor questions centered around if we are near the last leg of negative earnings surprises
• Investors debated pricing risks offsetting volume traction from new projects
• Deepak Nitrite and Aarti received most traction
• Deepak Nitrite remains only preferred name
SOURCE ETNOW
JEFFERIES NBFC CHANNEL CHECK
• Visited branches of Shriram Finance, M&M Finance, Aavas and Manappuram near Gurugram
• Branch mgmts report decent demand, stable asset quality
• Shriram Finannce branch sees better truck operator cashflows and higher used vehicle prices aiding asset quality
• At M&M Finance, new model launches are buoying demand in M&M vertical
• At Aavas branch, TAT has decreased, and there are now yield-linked incentives for sales
• Manappuram branch saw higher footfalls post IIFL ban
Source : ETNOW
MACQUARIE ON HDFC BANK
• Maintain Outperform with target price of Rs 1,900
• Q2 loan growth may dip below 10% YoY
• Pressure to reduce LDRs and focus on margins
• Our banking top pick on easing liquidity conditions
• Expect HDFC Bank to report a ~16% EPS CAGR over the next three years
Source ETNOW
Citi on Trent
Initiate Buy with TP of Rs 9250
Outpacing peers, driving Street upgrades
Adding organic growth engines
See rev/EBITDA/PAT CAGRs of 41/44/56% in FY24-27
Leveraging on its supply chain, as well as learnings from Westside and Zudio
Source ETNOW
HSBC on Ola Electric
Buy, TP Rs 140
Visited multiple OLA service stations & admittedly found most of them overwhelmed by service requests
Co undergoing multiple initiatives to improve situation; +vely, many issues seem transitory
Source CNBCTV18
HSBC on Alembic Pharma
Upgrade to Hold, TP raised to Rs 1130 from Rs 1010
Take a more constructive view of efforts to improve quality of US filings – 54% of developmental pipeline is non-OSDs
Rising share of differentiated products to help de-risk its US sales growth long term
Source CNBCTV18
HSBC on Tech Mahindra
Hold, TP Rs 1600
While there is significant potential for mining in TechM’s non-telco client base, telecom outlook remains uncertain
Margin expansion is highly contingent on pyramid adjustment, which won’t be easy to execute due to risk of RPH dilution
Source CNBCTV18
Indian bourse BSE said to push for tighter scrutiny of SME listings (Agencies)
CITI on GAIL
Buy, TP Rs 260
Identify 3 key catalysts that could play out over next 6-12 months that believe are not yet priced in:
1) Upside to transmission tariffs;
2) Gas being brought under GST;
3) Restructuring of CGD investments
Source CNBCTV18Live
NSE plans to triple colocation rack capacity to 4,000 at Mumbai HQ in 3 years
Indian Semi-Conductor Stocks
Micron technology +14% in extended trading after issuing strong guidance for the current quarter
Micron projected first quarter revenues of $8.5 billion to $8.9 billion, above the $8.3 billion analysts anticipated.
Gold Loan NBFC Stocks
Gold loans not impacted cash diktat; book set to cross Rs 10 lakh cr by FY25-end: Icra
Other Triggers
Regulatary issues coming down+higher gold prices+festive season+ government lowered the customs levy to 6% from 15%
TRAI-Consultation paper on pricing for satellite spectrum will be issues in next few days-Keep an eye for Teleco stocks/satellite related stocks
IDFC/IDFC First Bank
NCLT approves merger of IDFC and IDFC First Bank
Under the reverse merger plan, IDFC shareholders will receive 155 shares for every 100 shares they hold in the bank.
Alkem Labs, Sun Pharma, Glenmark Pharma (-VE)
Central Drugs Standard Control Organisation, has flagged 53 drug samples for failing to meet quality standards
KPR Mills
SBI MF acquired 2.85% stake for Rs 900cr
Stake increase to 7.7%
Promoter was seller
BLOCK TODAY
FIVE STAR BUSINESS-FINANCE
PE Investors-Sequoia, Peak XV, TPG Asia etc to sell 19.2% stake worth Rs 4317cr
Floor price-Rs 768 at 5% discount
India becomes 3rd Most Powerful Nation in Asia, Surpasses Japan in Asia Power Index
IndiGo issues travel advisory amid heavy Mumbai rains
Passengers are advised to check their flight status and allow extra travel time to the airport due to weather-related delays
Stocks in News post Market closure
Uno Minda Limited :Minda Onkyo India Private Limited, Subsidiary of the Company has entered into a Technical License Agreement (TLA) with Hyundai Mobis Co. Ltd. Korea on September 25, 2024 for manufacturing of Licensed products i.e. Speakers.
Cipla Limited : Cipla (EU) Limited, wholly owned subsidiary of the Company in UK, has entered into a definitive agreement on 25th September 2024 for purchase of entire 6.9124% equity interest of Jiangsu Xidi Pharmaceuticals Co., Ltd. held in Cipla Pharmaceuticals Co., Ltd., China , subsidiary. Upon completion of the transaction, Cipla Jiangsu will become a wholly owned step-down subsidiary of the Company.
Infosys Limited : Company announced a strategic collaboration with Polestar the Swedish electric performance car brand. This engagement aims to create a base for Polestar’s development of in-car infotainment, Software and Electrical / Electronics (SW&EE) engineering, user experience (UX), and cloud-powered digital services. Infosys will also leverage in-tech, its latest acquisition in the R&D space, to complement the engagement.
ZEN TECHNOLOGIES LTD : Zen Technologies Launches Groundbreaking Remote-Controlled Weapon and Surveillance Systems to Strengthen India’s Defense Capabilities.
Jaykay Enterprises Limited : Disbursement of loan on September 24, 2024, amounting to INR 14,05,00,000/- by Julius Baer Capital (India) Private Limited to JK Defence & Aerospace Limited, a wholly owned subsidiary of the Company in terms of Loan Agreement executed earlier
CRESSANDA RAILWAY SOLUTIONS LIMITED : Board has approved the conversion of 70,45,058 Partly Paid-Up Equity Shares on receipt of First and Final call money aggregating to Rs. 7,04,50,580/- .
Shalimar Productions Ltd : The launch of the NJOYMAX OTT platform, on the 17th November, 2024. After years of meticulous planning, content curation, and technical development, NJOYMAX is set to bring a fresh and exciting entertainment experience to audiences across the country.
UMIYA TUBES LIMITED : Board meeting to be held on 30th sep 2024, to raising of funds.
BANK OF BARODA : Company Sydney, Australia Branch has concluded borrowing of AUD 200 Mn through Syndicated Term Loan Facility for tenure of 3 years.
Sellwin Traders Limited : Board Approved Sub-division of 1 Equity share of face value of Rs.10/- each fully paid-up to 5 Equity shares of the face value of Rs.2/- each fully paid-up. & The Board has approved the issue of Bonus shares out of Free Reserves and Security Premium Account to the existing equity shareholders at the ratio 01:08 new fully paid-up Equity Share of Rs.2/- each for every 8 existing fully paid-up Equity Share of Rs.2/- each.
TVS Holdings Limited : Receipt of approval of the Competition Commission of India (“CCI”) for the proposed acquisition of 80.74% of the issued, subscribed and paid-up share capital of Home Credit India Finance Private Limited.
IDFC: NCLT approved the merger of IDFC financial holdings with IDFC and the resulting entity's merger into IDFC First Bank
Vedanta: The board will consider the fourth interim dividend on Oct. 8.
Bharat Forge Limited : The Company has issued Corporate Guarantees on behalf of Bharat Forge Aluminum USA, Inc., a step-down wholly-owned subsidiary of the Company.
Baazar Style Retail Limited : The Company has opened a new store of Style Baazar at Hatibagan, West Bengal .
Shraddha Prime Projects Limited : The receipt of Commencement Certificate (CC) from Maharashtra Housing and Area Development Authority (MHADA) for its project “Shraddha Pratham” in eastern suburbs – Borivali West.
JBM Auto Limited : JBM Ecolife Mobility Private Limited a JV/subsidiary of the Company, has incorporated a wholly owned Subsidiary Company in the name of “Ecolife Mobility Odisha Private Limited” . Further, the EMOPL has received the Certificate of Incorporation from Ministry of Corporate Affairs.
Evans Electric Limited : Company has received a material order of Rs.10.75 Crore from Mahagenco Ghatghar for “Work of Complete Re-insulation of Unit 2 stator and repair of stator core stampings at Ghatghar Hydro Power Station.
Coromandel International Limited : Coromandel International Increases Shareholding in Senegal-based Rock Phosphate Mining Company BMCC Coromandel will acquire additional 8.82% stake in BMCC, taking its overall shareholding to 53.8% .
ONGC ltd : the Board of Directors has approved the investment in equity shares of OPaL for ₹10,501 Crore, in one or more tranche(s), as and when offered by OPaL.
DHRUV CONSULTANCY SERVICES LIMITED : The Company has been shortlisted along with RODIC Consultants Private Limited and in association with Schema Konsult Inc. to submit the Request for Proposal(RFP) as Consultant towards consultancy services for Project Management Consultant of the Bataan-Cavite Interlink Bridge (BCIB) Project by the office of Department of Public Works and Highways – Republic of Philippines vide letter reference number ADB LOAN 4432-PHI AND AIIB LOAN L0724A dated September 25, 2024 as received by the Company.
Evexia Lifecare Limited : Board approved conversion of 100 bonds into equity shares as per the terms and conditions of the issue of FCCB.
Ambo Agritec Limited : Board Approved the conversion of 19,00,000 warrants convertible into 19,00,000 equity shares of face value of ₹ 10/- each, upon receipt of an amount aggregating to ₹ 4,27,50,000.
POCL Enterprises Limited : Company convened on September 23, 2024, had approved the sub-division of the existing one (1) Equity Share of face value of Rs. 10/- each, fully paid up, into five (5) Equity Shares of face value of Rs. 2/- each, fully paid up .
Shriram Finance ltd : Company raises USD 500mn through Social Bonds from International Bond Market.
Borosil Renewables Limited : The acquisition of aforesaid 49% stake in CMPPL for an aggregate consideration of Rs. 49,000/-, has been completed. Consequently, CMPPL has become an associate company of theCompany.Subsequent to the aforesaid acquisition, the Shareholders’ Agreement has been entered into amongst the Company, CMPPL and CMEESPL, in terms of which, the Company has agreed to invest about Rs. 17.83 crores in CMPPL, in one or more tranches.
Rishi Laser Limited : Board Approved Raising of funds.
Power and Instrumentation (Gujarat) Ltd : Company has been appointed by the Airports Authority of India (AAI) as the specialized agency responsible for the power supply system of the new Integrated Passenger Terminal Building at Maharana Pratap Airport, Udaipur. This appointment is part of a broader contract awarded to Nyati Engineers & Consultants Private Limited, the main contractor for the airport's modernization project.
AARTI DRUGS LTD. : United States Food and Drug Administration (US FDA) had conducted an inspection at API manufacturing facility of the Company at Plot No. E-22, MIDC,Tarapur, Maharashtra from 12th to 20th of September 2024. the company has received 7 inspectional observations in Form 483, where none of the observations are related to Data Integrity.
HINDUSTAN COPPER LTD : Board Approved the proposal for sate / disposal of the entire assets of Copper Ore Tailing (COT) Beneficiation Plant located at MaLanjkhand Copper Project, a unit of HCL for seeking shareholders' approval and Government of India approval.
Euphoria Infotech (India) Limited : Company bagged order from Webel Technology Limited worth gross value of Rs. 462.65 lakh
HBL Power Systems Limited : CARE Ratings Limited has upgraded the companies longterm credit Rating
KPI Green Energy Limited : The company has received the Letter of Award for the development of a 66.20 MW Hybrid Power Project under the Captive Power Producer (CPP) segment of the Company
Bigbloc Construction: the Company has received approval for trading of its 7,07,87,875 Bonus Equity Shares of Rs. 2/- each from the Bombay Stock Exchange Limited ("Exchange") on September 25, 2024. The said Bonus Equity Shares are listed and admitted to dealings on the Exchange from September 26, 2024, as per the letter annexed herewith.
Hindware: the Board of Directors at its meeting held today, i.e. 25th September, 2024, has considered and approved the Draft Letter of Offer for the proposed Rights Issue of the Company on Fast Track basis.
International Conveyors Limited : the Company has acquired the Equity shares of “IIFL Finance Ltd.
Standard Capital: The company Expands Green Energy Funding: Zero-Cost EMI for Projects in Schools and Residential Societies
Pharma Companies: India's apex drug regulatory body, the Central Drugs Standard Control Organisation, has flagged 53 drug samples for failing to meet quality standards. Major pharmaceutical companies, including Sun Pharma Laboratories Ltd., Glenmark Pharmaceuticals Ltd., and Alkem Health Science Ltd., are implicated in this quality lapse, according to the CDSCO’s August report
Five-Star Business: Holders of the company are looking to offload a 19.2% stake comprising 5.6 crore shares worth Rs 4,317 crore via a block deal at Rs 768 apiece. The deal has a lock-up period of 12 months for selling shareholders.
ASK Automotive: The promoter plans to sell up to 6.05% stake via OFS, which will have a base offer of 5.5% and an oversubscription option of 0.5% at a floor price of offer set at Rs 433 per share. The offer will be open on Sept. 26-27
Adani Green Energy: Hibiscus Trade & Investment acquired a 1.27% stake in the company. Ardour Investment acquired a 1.69% stake in the company. Both acquirers belong to the promoter group.
SpiceJet: Carlyle Aviation offloaded a 1.42% stake via open market deals this month.
PB Fintech: The company clarified that it has not made a decision yet on entering the healthcare space.
Gillette India: The board approved the appointment of Anjuly Duggal as chairperson effective Sept. 29
Everybody is talking about positive on Bajaj Housing IPO.
Are Bajaj Housing Finance Numbers Hiding Something BIG?
Check out our latest video disclosing risk on Bajaj Housing IPO
https://youtu.be/wFu5xkk8z74
- There is 60% rise of Developer Finance in last 3 years, which is the most riskiest Loans.
- Lease Rental Discounting also increasing with 60% CAGR vs Home Loan 24% and LAP 14% CAGR.
- Ticket Size of these loans are 50-100Cr, in case of default of even one client can dent the balance sheet.
*National Electricity Plan — 2032 finalized, outlay pegged at over Rs.9 trillion*
*Power Grid is the key beneficiary*. Some of these projects are already underway but this does boost up the medium to long term capex outlook for PWGR IN.
Few key highlights of NEP 2032:
** Transmission network will be expanded from 4.85 lakh ckm in 2024 to 6.48 lakh ckm in 2032.
** Transformation (or substation) capacity will be enhanced from 1,251 GVA to 2,342 GVA
** Nine HVDC transmission systems with aggregate transfer capacity of 33.25 GW will be added by 2032, which will be nearly twice the 33.50 GW currently in operation.
** Interregional transfer capacity will increase from the present 119 GW to 168 GW by 2032
_Will send a detailed email / note later today_
https://www.tndindia.com/national-electricity-plan-2032-finalized-outlay-pegged-at-over-rs-9-trillion/
Your Gateway to Power Transmission & Distribution (https://www.tndindia.com/national-electricity-plan-2032-finalized-outlay-pegged-at-over-rs-9-trillion/)
National Electricity Plan - 2032 finaliz
*MNCL Research: Godawari Power & Ispat (GPIL): Pellet price hike in Raipur market solidifies our thesis and estimates, Re-iterate BUY*
*_MCap: Rs139bn; CMP: Rs1041; TP: Rs1240; Upside: 19%; Rating: BUY_*
*What happened:* Steelmint has reported that Raipur based pellet manufacturers have raised their offers for Fe 63% (+/-0.5%) by Rs300-400/tonne to Rs8900-9000/tonne with deals of around 25,000tonnes concluded at the revised price following OMC's auction and improved market sentiment in the DRI and finished steel segments.
*Implications:*
1. This price hike has come along with supporting hikes of 1-2% in DRI, billet, Rebar and wire rod prices due to positive demand sentiments in Raipur market. As an effect of China's easing monetary policy, billet prices in China have also risen by US$14/tonne to US$417/tonne.
2. Assuming pellet price at Rs8900-9000/tonne for the rest of the the year, leads to Rs10,200/tonne of avg. pellet price in FY25 for GPIL. This matches our current assumption and leads to ebitda/tonne of Rs5000-5100/tonne for pellet. We expect pellet prices to largely sustain on current level due to support from infrastructure projects post completion of monsoon in India.
*We expect no change to our estimates until prices witness meaningful correction from current levels. Therefore, we reiterate our BUY rating on GPIL as stock trades at very attractive valuations of 4.8x Sept'26 EV/EBITDA at Rs1040 and the company has strong volume growth triggers post commissioning of its new pellet plant securing revenue growth.*
Via Monarch Networth Capital Ltd.
Zaggle acquires 98.32% stake in Span Across IT Solutions for 38 crore having 5 crore revenue in FY24
Will help in increasing employee related business
Upgrade To Hold, Target Raised To Rs 1,130 From 1,010
Take More Constructive View Of Efforts To Improve Quality Of US Filings
Rising Share Of Differentiated Products To Help De-Risk Its US Sales Growth Long Term
Execution Remains Key For US Sales Pick-up
*HSBC on Ola Electric*
Buy Call, Target Rs 140
Found Most Ola Service Stations Overwhelmed By Service Requests
Co Is Undergoing Multiple Initiatives To Improve Situation; Positively, Many Issues Seem Transitory
Think An Improvement In Service Quality Is Required Before Critical Launch Of Motorcycles
*CITI on GAIL*
Buy, TP Rs 260
Identify 3 key catalysts that could play out over next 6-12 months that believe are not yet priced in:
1) Upside to transmission tariffs;
2) Gas being brought under GST;
3) Restructuring of CGD investments
TV 18 BROADCAST: Ahead of merger with Disney's Star India, Nita and Akash Ambani join Viacom18 board - ET
A Company targeting to deliver 25x of current year sales in the next 6 years!
India’s Most Hyped IPO- Bajaj Housing IPO
Bio secure Act - What does it means to Indian Companies? (By Parth Agrawal)
Gold is at all time high- What should an investor do? (By Ali Azar)
Iron Ore - Bottoming Out??
New EV Subsidy Scheme by Govt.
To understand all these check out our latest video on #2 Market Chit-Chat Session!
https://youtu.be/kboOv8zh91U?si=8dM-f5csnkV8Ci-a (https://www.linkedin.com/safety/go?url=https%3A%2F%2Fyoutu.be%2FkboOv8zh91U%3Fsi%3D8dM-f5csnkV8Ci-a%26trk%3Dfeed-detail_comments-list_comment-text)
YouTube (https://youtu.be/kboOv8zh91U?si=8dM-f5csnkV8Ci-a)
IIFL Finance
Alert: RBI lifted ban on co's gold loan business on Sep 19
Now: ICRA has reaffirmed it’s rating as well as outlook as [ICRA] AA/ Stable
Removed from rating watch with negative implication
BSE has told bankers to increase their oversight of the initial public offering applications of small companies, after the exchange found discrepancies in the filing documents of some recent deals, according to people familiar with the matter-Source Bloomberg
Alkem Labs, Sun Pharma, Glenmark Pharma (-VE)
Central Drugs Standard Control Organisation, has flagged 53 drug samples for failing to meet quality standards
Zaggle Prepaid Ocean Services Limited held a meeting on Wednesday, September 25, 2024, where the following decisions were made:
1. The acquisition of 10,66,314 equity shares of Span Across IT Solutions Private Limited (Span Across) was approved.
2. The face value of each equity share is ₹10/-.
3. The acquisition price is ₹300.80/- per share, which includes a premium of ₹290.80/- per share.
4. This acquisition constitutes a 98.32% stake in Span Across.
5. Upon completion of procedural requirements, Span Across will become a subsidiary of Zaggle Prepaid Ocean Services Limited.
Allcargo Gati Limited (formerly Gati Limited), one of India's leading Express Distribution and Supply Chain Management companies, announces a 10.2% General Price Increase (GPI), effective from January 1, 2025, for its Express Distribution services.
This marks the first price revision since Allcargo Logistics Limited's strategic acquisition of Gati in 2019.
The price adjustment is driven by the need to align with ongoing operational investments and to maintain high standards of service quality.
The GPI is aimed at offsetting the significant increase in costs over the years, including inflation and administrative costs associated with regulatory and security measures.
It will also enable further investments in infrastructure and technological advancements.
New customers signing up between October 1 and December 31, 2024, will be exempt from the GPI.

218