Market Highlights

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

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September 25, 2024

• INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 24-09-2024 :
• FIIS F & O : RS. CRS. :
• TOTAL NET SELL : -21620
• INDEX FUT. : -1482
• INDEX OPT. : -26142
• STOCK FUT. : +3232
• STOCK OPT. : +2771
• SEC. IN F&O BAN FOR, 25 SEPT, 2024 :
• 1. ABFRL 2. GRANULES 3. HINDCOPPER 4. IDEA 5. IEX
• ADDITION : HINDCOPPER, IEX
• DELETION : AARTIIND, BIOCON, CHAMBLFERT, GNFC, LICHSGFIN, NATIONALUM, OFSS, PNB, SAIL
• INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 24-SEP-2024 :
• FIIS : SELL -2,784 (20,111-22,895)
• DIIS : BUY +3,868 (15,939-12,071)
• BSE SENSEX : -14 (84,914)
• NSE NIFTY : +01 (25,940)
• BSE MIDCAP. : +102 (49,622)
• BSE SMLCAP. : -22 (57,498)
• B. CRUDE : $ 74.34
• GOLD: $ 2,638=INR 75,850(10gr)
• SILVER : RS. 90,900 (kg)
• FOREX : RS. $ 83.66
• 7.10% GOI '34: 6.76% (102.3575)
• 7.18% GOI '33: 6.7728%(102.6750)
• 7.23% GOI '39: 6.8190% (103.75)
• Business Standard
• L&T wins Rs 10K-15K cr power transmission, distribution orders in West Asia
• NBFCs' loan growth to moderate to 18% in FY25: S&P Global Ratings
• NPCI eyes Africa, South America for digital payment push via UPI: CEO
• Singapore seeks Indian forbearance on Chinese components in projects
• Airlines, hotels make up 70% of India's $53 billion travel market: Deloitte
• Zepto partners with US Polo Assn for 10-minute premium fashion delivery
• M2P Fintech raises Rs 850 crore in series D, valuation at Rs 6,550 crore
• FIEO urges Centre to extend interest subvention scheme for 5 years
• CCI's latest merger overhaul may push deal timelines, increase filings
• Fortifying fundamentals key to navigating global uncertainties: RBI Guv
• IEX tanks 12% on reports of govt's plan to implement market coupling
• India's basmati rice exports surge after decision to remove floor price
• Nippon Steel's Mori asks United Steelworkers leadership to come to table
• Economic Times
• JSW group not withdrawing Rs 40,000 cr EV project from Odisha: Company official
• Pvt capex to pick up, Rs 4 lakh cr credit demand pipeline from India Inc: SBI Chairman
• Sterling and Wilson Renewable Energy gets 2 new orders worth Rs 512 cr
• Cashfree appoints Nitin Pulyani as its head of product
• AI to deliver 50% of automation improvements, unlocking $7 trillion in productivity: NetApp CEO
• FIEO urges govt to extend interest subvention scheme for 5 years
• Design architecture for B2C e-invoicing mostly ready: GSTN CEO
• Sagar Defence joins hands with Liquid Robotics to produce USVs
• India’s first AI unicorn Fractal said to weigh $500 million IPO
• Dassault sets up MRO for Rafale, Mirage fighters in India; Indian national to head venture
• Sebi investigates 6 investment banks over handling of SME IPOs: Report
• OYO estimates EBITDA to cross Rs 2,000 cr in FY26 with Motel 6 acquisition
• Mint
• New airline Shankh Air gets Civil Aviation Ministry nod to start operations
• India's petroleum exports plunge in first five months of FY25
• Spice Jet finalises settlement with Engine Lease Finance Corp
• India teams power our global AI ambitions, says IBM Research AI head
• Investment banks enter startup funding space to diversify revenue streams
• Stonepeak fourth shortlisted bidder to buy O2 Power in $1 billion deal
• M2P builds war chest for acquisitions with ₹850 cr funding from Helios, others
• OTTplay becomes one of the first OTT players in India to join ONDC Network
• Revolut Chairman Among Consortium to Buy Monaco Private Bank
• Tata Nexon iCNG launched in India, starting at ₹8.99 lakhs
• JSW Auto Appoints Rajiv Mehta As Chief Of Business
• India Daybook – Stocks in News
• Max Estates: Company clinches Rs 391cr deal with New York Life Insurance to reshape Delhi-NCR real estate (Positive)
• Mazagon Dock: Company has started production for the first Multipurpose Cargo Vessel for Navi Merchants, Denmark (Positive)
• Delta Corp: Company board approved draft composite scheme of arrangement between co and Delta penland, scheme provides for demerger of Company's hospitality and real estate business (Positive)
• Muthoot/Manappuram: Gold hits all time high at $2645 an oz and hits all time high. (Positive)
• Sarda Energy: Company gets consent to expand production capacity of Gare Palma IV/7 coal mine, Company to expand production capacity of coal mine from 1.44 MTPA to 1.68 MTPA. (Positive)
• BEL: Teaming agreement signed between Company & Reliasat inc. Canada, agreement to partner in area of space products. (Positive)
• LT Foods/KRBL: India's basmati rice exports seen surging after floor price removed: Reuters (Positive)
• Craftsman Automation: India cci approves acquisition of 100% share capital of sunbeam light weighting solutions private limited by craftsman automation limited (Positive)
• MHRIL: Club Mahindra expands its footprint in Mysore with full management of golden landmark resort (Positive)
• Thermax: Company received an assessment order from the Pimpri Chinchwad Municipal Corporation for FY 2013-14 to 2015-16, demanding Rs. 39 Cr in taxes (Positive)
• TVS Holdings: India CCI approves acquisition of shares of home credit by TVS holdings, STPL and PIOF and acquisition of shares of STPL by Mr. K. Gopala Desikan, Mr. Anuraag Agarwal, Mr. V. Ganesh, and GWC family fund investments (Positive)
• Tata Elxsi: Company delivers world’s first RDK-B integration on QUALCOMM 5G fixed wireless access platform (Positive)
• PC Jeweller: Company to consider stock split on September 30 (Positive)
• Zomato: SEBI clears Swiggy’s confidential filing for its IPO (Positive)
• Emerald Finance: Company partnered with GE Info Solutions, Partnership to offer early-wage-access program to employees (Positive)
• Auto Stocks: Hyundai application for IPO gets SEBI nod (Positive)
• KEC International: Company launches QIP to raise up to ₹870 cr, indicative issue price at ₹955/sh: CNBC. (Positive)
• Mukta Arts: Company assignment agreement and term sheet has been executed between the Company and ZEEL for assignment of satellite and media rights of 37 films of the co for a limited period of 6 years. (Positive)
• Maithan Alloys: Company Recommended Dividend of 6 Rupees per Share. (Neutral)
• Fedbank Financial: Company announced the appointment of Mrs. Sonal Dave as an Independent Director for a 5-year term, effective September 24, 2024. (Neutral)
• Mindteck: Company has announced the allotment of 63, 69,611 bonus shares in a 1:4 ratio to existing shareholders as of September 20, 2024. (Neutral)
• *Natco Pharma Ltd: Mr. Sourav Chakraborty announced the resignation from AVP Sales & Marketing, Crop Health Sciences Division, and effective September 24, 2024. (Neutral)
• Tata Power: There was a fire incident in the control room of unit no. 5 (500 mw unit) of trombay plant on sept 23, 2024. (Neutral)
• Solar industries India: Company has announced the approval of the scheme of amalgamation by the NCLT, Mumbai bench. (Neutral)
• Grasim: Subsidiary has issued 2, 50,000 Non-Convertible Debentures on a private placement basis for up to Rs 2,500 Cr. (Neutral)
• Gillette India: Company announced termination of distribution agreement with distributor from Bangladesh, in FY24, net sales under said agreement accounted for 2% of net sales (Neutral)
• Hariom Pipe: Company raising of funds through issuance of shares up to Rs 7 billion (Neutral)
• Vraj Iron: Company has invested Rs 125.9 million in Vraj Metaliks Pvt Ltd (Neutral)
• Nestle India: Board Meeting on Oct 17 to consider Q2 results. (Neutral)
• ICICI Bank: Board Meeting on Oct 26 to consider Q2 results. (Neutral)
• Ease My Trip: Block deal likely tomorrow for 15 crore shares with Rs 38 per share. (Neutral)
• MCX: Company revises transaction fees for futures & options after SEBI directive. (Neutral)
• Hindustan Foods: Company announced the merger of a promoter-owned entity to enhance its manufacturing capabilities in Nashik, Maharashtra. (Negative)
• MS on MCX
• UW, TP Rs 2950
• Ceteris paribus, rise in transaction fees would result in 5% increase in F26e EPS
• Believe that large proprietary traders & high frequency traders will be particularly sensitive to increase in charges & hence, need to see what will be impact on trading vol
• HSBC on HDFC BK
• Buy. TP Raised to Rs 2010 from Rs 1870
• Recent media articles indicate BK likely to sell down up to c3% of its loans in order to rapidly bring down its LDR
• This is important for quicker normalisation of operations & return to steady state loan growth in long term
• Macquarie on BEL
• Key to watch in post 2Q management commentary would be
• updates on pipeline orders especially QR-SAM order (aggregate size of Rs250-300bn across tranches)
• management Post 1Q highlighted it expects a tranche of QRSAM in 1QFY26E (Apr-June 2025)
• Jefferies on Piramal Pharma
• Buy, TP Raised to Rs 260
• Management meet takeaways
• Co aims to grow rev to $2bn+ with 25% Ebitda margin by FY30
• This imples Rev/Ebitda Cagrs of 12.2%/20.3%
• Despite ongoing capex, Co expects 1x net debt/Ebitda by FY30 from 3.4x in FY24
• UBS on Dabur
• Downgrade to Neutral; TP Raised to Rs 700
• With rural demand recovery largely priced in & valuations close to +2SD above five-year mean, think downside risk is rising.
• But Dabur's other segments are doing well & think risk is ltd due to strong demand in festive season
• Bernstein on Financials
• Topic picks - HDFCB & Axis Bank & Muthoot Fin amongst NBFCs
• Also like IndusInd as tactical buy but a surprise in MFI credit costs could create better buying opportunities in near-term
• Maintain Market Perform on ICICI, SBI & Kotak
• U-P on SBI Cards & Bajaj Fin
• Macquarie on Financials
• Unsecured stress is rising
• RBI has also asked many banks to increase their risk-weights on MFI loans from 75% to 125%.
• In our coverage, IIB will be impacted most with CET1 impact of 80bps
• CLSA on Oil & Gas
• A recent drop in crude price & contraction in refining spreads has taken up marketing margin on auto fuels to multi-qtr highs.
• Media reports speculate retail price cut before upcoming elections
• Looking at election calendar, predict a cut soon after 5 Oct
• Believe govt. may also raise excise duty on these fuels along with any retail fuel price cut
• These are likely to bring down breakeven price for diesel & petrol & make IOC/BP/HP vulnerable if crude price rises above $80-85/bbl
• Nifty closed @25,940 (+1.35) and Sensex @ 84,914 (-14.6) on Tuesday. GIFT Nifty was trading at 25,925 (as of 7.30 a.m.)
• FIIs net sold equities in cash to the tune of Rs. 2,784 cr whereas DIIs bought equities in cash worth Rs. 3,868 cr on September 24, 2024
• The EBITDA of OYO is expected to cross Rs 2,000 cr in 2025-26 with the American budget hotel chain Motel 6 adding substantially to its topline, according to documents
• Fractal Analytics, India's first AI unicorn, is planning an IPO to raise $500 million, aiming for a valuation of at least $3.5bn
• HDFC bank is looking at selling about Rs 60,000-70,000 crore worth of loan assets to potential investors in a bid to free up liquidity and reduce its credit-deposit ratio
• Multi Commodity Exchange of India (MCX) announced a revision in the transaction fees that are levied on F&O contracts after SEBI mandates uniform charge structure
• SBI Chairman C S Setty said the bank has already got Rs 4 lakh crore strong credit pipeline from India Inc and expressed hope that private capex is expected to pick up in 2H FY25
• Hyundai Motor India has obtained approval from market regulator SEBI for its IPO and plans to raise $3 billion at a roughly $20 billion valuation
• Shares of IEX, which dominates the power trading business, plunged over 12% yesterday, after reports said that the government is looking to implement market coupling for power exchanges
• Swiggy has been given the go-ahead by SEBI for its much-anticipated IPO; launch likely in November
• Telecom operators in a meeting with the Union Minister Jyotiraditya Scindia expressed concerns over TRAI excluding OTT apps like WhatsApp and Telegram in its recommendation on new licensing rules
• Gillette India expects net sales to be affected due to termination of P&G Bangladesh pact; In FY24 the distribution pact accounted for around 2% of net sales
• Indian ADRs: Wipro (+0.5%), Dr. Reddy’s Labs (+0.2%) and HDFC Bank (+0.1%)
• Debt:
• 10yr G-sec yield fell by 1 bps to 6.76% on Tuesday
• Indian states accepted entire notified amount of Rs 34,400 cr in weekly auction
• S&P Global retained India's GDP growth forecast at 6.8% for FY25 and expressed optimism that RBI would start cutting interest rates in its Oct’24 monetary policy review
• Moody’s has revised up India’s GDP growth forecast for CY24 to 7.1% from 6.8% earlier
• As per ICRA, banks’ borrowings through bonds are expected to reach Rs 1.2-1.3 lakh cr in FY25 (Rs 1 lakh cr in FY24) amid tight liquidity conditions and credit outpacing deposit growth
• Commodities:
• Brent crude was up by 1.15% to $74.47/barrel on Tuesday on news of monetary stimulus from China, the world's top crude importer, and amid concerns that growing conflict in the Middle East could hitregional supply
• Gold futures settled higher building on its recent rally as West Asia tensions fed its safe-haven appeal, while investors latched on to fresh cues for more U.S. interest rate cuts. Spot gold was up by 1.13% to$2,658.23/oz on Tuesday
• India's decision to remove the floor price for basmati rice exports is expected to spur a flurry of orders from the Middle East, Europe, and the Americas, leading exporters said, helping New Delhi to increase its share of the global market
• OPEC raised its forecasts for world oil demand for the medium & long term in an annual outlook, citing growth led by India, Africa and the Middle East & a slower shift to electric vehicles and cleaner fuels
• Currency:
• Rupee depreciated by 11 paise and settled at 83.67 against the US dollar on Tuesday, as it was weighed down by surge in crude oil prices and net outflow of FIIs in Indian equity market
• The US dollar index (DXY) fell by 0.69% to end at 100.24 on Tuesday, as Fed speakers are battling the current market’s dovish expectations
• USD/JPY fell by 0.45% to end at 144.51 on Tuesday, as BoJ Governor Ueda may consider raising rates if the economy and inflation align with projections outlined in quarterly outlook report
• CHF/USD increased by 0.72% to end at 1.178 on Tuesday, as the SNB is expected to cut interest rates for the third straight time
• International Markets:
• U.S. markets rallied on Tuesday with the Dow Jones, S&P 500 and Nasdaq up by 0.2%, 0.25% and 0.56% respectively. All 3 major futures indices are trading down by 13-22 bps at the time of writing the report
• German IFO Business Climate Index declined for the fourth month in a row to 85.4 in Sep-24 from 86.6 in Aug-24 and was below expectations of 86.0. The current Economic Assessment Index fell to 84.4. in Sep-24 from 86.4 in Aug-24 while the IFO Expectations Index dropped to 86.3 in Sep-24 from 86.8 in Aug-24
• The S&P Case-Shiller U.S. National Home Price Index rose by 5.0 % YoY in Jul-24 vs. 5.5% YoY in Jun-24. The Ten-City Composite increased by 6.8% YoY in Jul-24 Vs. 7.4% in Jun-24 while the 20 City Composite index increased by 5.9% YoY in Jul-24 as compared to 6.5% YoY increase in Jun-24
• Fire at Tata Power's Trombay plant, no casualties reported
• Tata Power is currently assessing the extent of the damage caused by the fire.
• E2E Networks
• Ashish Kacholia Name appears with 1% shareholding
• Fund Raising Alert
• JHS Svendgaard Retail Ventures Limited to consider fund raising on 27th Sept-24
• #KECInternational (https://twitter.com/hashtag/KECInternational) launches #QIP (https://twitter.com/hashtag/QIP) to raise up to ₹870 cr, indicative issue price at ₹955/sh. To use QIP proceeds for debt repayment, general corporate purposes: Sources to @VivekIyer72 (https://twitter.com/VivekIyer72)
• Ministry of Statistics receives stakeholder suggestions in the open house conducted in Mumbai on September 24
• The suggestions include-
• - Reduce lag in #GDP (https://twitter.com/hashtag/GDP) data releases
• - Reduce discrepancy in GDP estimates between GVA, expenditure approach
• #CNBCTV18Market (https://twitter.com/hashtag/CNBCTV18Market) | Spot #Gold (https://twitter.com/hashtag/Gold) Hits All Time High $2,664/Oz, India Gold Hits All Time High, Above Rs 75,000/10 gm
• #CNBCTV18Market (https://twitter.com/hashtag/CNBCTV18Market) | HSBC maintains a buy call on HDFC Bank. Says target price raised to factor in a higher multiple for bank & for its NBFC subsidiary
• #CNBCTV18Market (https://twitter.com/hashtag/CNBCTV18Market) | #GIFTNifty (https://twitter.com/hashtag/GIFTNifty) trading with a discount of nearly 20 points from Nifty Futures' Tuesday close, indicates a start in the Red for Indian market
• KPIT TECH: CO INVESTED EURO 10M (93.5CR RUPEES) IN UNIT KPIT TECHNOLOGIES GMBH TO SUPPORT AUTOMOTIVE ENGINEERING SERVICES EXPANSION
• MAX ESTATES: CO RECEIVES RUPEES 391 CR FROM NEW YORK LIFE INSURANCE CO FOR STRATEGIC INVESTMENTS IN MAX TOWERS AND MAX HOUSE (PHASE I & II)
• Fire at Tata Power's Trombay plant, no casualties reported
• Tata Power is currently assessing the extent of the damage caused by the fire.
• SG MART INVESTOR PRESENTATION
• TTM REVENUE : 3669 CR
• FY27 REVENUE GUIDANCE : 18000 CR
• WHAT HAPPENED OVERNIGHT
• -> US equities rose modestly
• -> SPX +0.25%, Nasdaq +0.57%
• -> Nvidia +4% (Baron’s article – “Nvidia CEO Jensen Huang Sold $713 Million of Stock. He’s Done—for Now”)
• -> UST 10y yield lost 2 bps to 3.73%
• -> Oil up 1.7% to $75.13
• -> Dollar Index flat around 100.29
• -> CNH continued to strengthen towards 7.02
• -> Sept consumer confidence index decreased to 98.7 vs expected increase to 104
• -> Richmond Fed Manuf index also printed on the softer side at -21 (vs -12 cons)
• Global-Market Insights
• -The market will once again fly due to liquidity
• -The US markets hitting new highs every day after Fed rate cut but now thanks to China
• -China's new support measures appeared more aggressive than expected
• -Entire metal pack including gold & silver touching record highs
• -Dow +84, S&P500 +14, Nasdaq +100
• -After China unveiled a slew of policy support measures, the Shanghai Composite shot up 4.1%, the most one-day gain in the previous four years
• -Golden Dragon index of US-listed Chinese companies rallied 9.1% in New York trading
• What China did
• -A 50 bp reserve requirement rate cut, Additional 20 bp cut in the 7-day RRR, a 50 bp rate cut on existing mortgages and a reduction in down payment ratio of second-home purchases from 25% to 15% nationwide
• -Another 25-50 bp reserve requirement rate cut in the pipeline this year
• -Lowering this copy from companyupdate ratio allows banks to lend more
• -PBOC backed 500bn yuan borrowing facility for non-bank financials and a relending program to support share buybacks
• BROKERAGE RADAR
• MORGAN STANLEY ON MCX
• • Maintain Underweight with target price of Rs 2,950
• • Revision in transaction fees to comply with SEBI's true-to-label
• norms
• • Transaction fees for futures contracts have now been fixed at Rs 2.1 per Rs 0.1mn of turnover
• • For options contracts at Rs41.8 per Rs0.1mn of premium turnover
• • Per unit transaction fees for MCX will accordingly be higher
• Source ETNOW
• BROKERAGE RADAR
• MORGAN STANLEY ON MCX
• • 1.5% higher vs. Q1 of Rs 2.07 for futures and Rs 41.2 for options
• • Rise in transaction fees would result in 5% increase in FY26 EPS
• • Believe that large proprietary traders and high frequency traders will be particularly sensitive to the increase in charges
• • Need to see what will be the impact on trading volumes
• Source : ETNOW
• BROKERAGE RADAR
• JEFFERIES INDIA STRATEGY
• • Corporate sentiment at Jefferies 3rd India Forum seemed strong with private investments rising
• • Valuation is a key concern for FPIs but willingness to explore new ideas from industrial and capex segment was visible
• • Govt. tone was a little more welfare focused, even as senior ministers addressed investor concerns
• • India remains one of the best long term equity market opportunities
• • Though near-term can be volatile due to unsustainably high domestic flows
• Source ETNOW
• BROKERAGE RADAR
• MACQUARIE ON BEL
• • Maintain Outperform with target price of Rs 350
• • On track for FY25E guidance; all eyes on H2 order inflow
• • Order Inflows YTD Lagging So Far - But Not a Cause of Concern
• • Backlog to Support Growth Trends;
• Supply Chains Remain a Monitorable
• • 70-80% of BEL's FY25 pipeline orders are single tender orders given specific R&D efforts undertaken for these projects by BEL over the past 7-8 years
• Source ETNOW
• BROKERAGE RADAR
• GOLDMAN SACHS ON POWER GRID
• • Maintain Buy with target price of Rs
• 370
• • Government upgrades transmission capex estimate to $110 bn
• • 8%+ transformation capacity CAGR estimated; GH2, PSPs' integration
• ab also factored
• • Expected Power Grid to be largest beneficiary of $500bn+ grid TAM estimate between FY24-50
• Source ETNOW
• BROKERAGE RADAR
• GOLDMAN SACHS ON NTPC
• • Maintain Buy with target price of Rs
• 430
• • NTPC Green profits inline with estimates
• • Value NTPC at Rs 4,173bn in SOTP based 12-month target price; within ato this, value NTPC Green at Rs784bn
• • Rs100bn primary issuance would represent 13% dilution in NTPC's
• stake
• Source ETNOW
• BROKERAGE RADAR
• UBS ON DABUR
• • Downgrade to Neutral from Buy; Hike target price to Rs 700 from Rs 650
• • Key concerns-rich valuation and possible risk to beverage sales sk to be growth
• • Rising cola drink and coconut oil competition poses risk to sales
• • Remain optimistic on sales growth over next five years
• Source ETNOW
• BROKERAGE RADAR
• BOFA INDIA STRATEGY
• • Policy shift = pivot for sector rotation
• • State govts: a recent trend of rising welfare spends
• • Welfare: cash transfers to household income
• •Considering profile of key beneficiaries, such welfare schemes may benefit consumption sectors, such as Staples, General retail, Footwear, Apparel, Luggage, etc
• • See downgrade risk for capex linked
• sectors
• • Strategy skew now favors Staples, Healthcare, Financials, Telecom & Autos
• • Downgraded strategic views on Metals, Energy & Cement to underweight and cut weights for Industrials
• •See sector rotation as key for returns & remain cautious on most PSUs & IT sector and stocks with low float
• Source ETNOW
• BROKERAGE RADAR
• GOLDMAN SACHS INDIA STRATEGY
• • India is likely to be among the fastest growing economies in the medium-term
• • After a decade-long downcycle, India's earnings have stabilised in recent years
• • Mid-teen profit growth momentum may sustain towards 2030
• • Profit pool likely to shift towards Investment Cyclicals
• • Investment Cyclicals, which include Autos, Real Estate, Chemicals along with Industrials, could seethe largest rise in profit share
• • Consumer Cyclicals could see the
• highest absolute growth
• • There may be rotation in growth leadership towards Power and New Energy
• • 20 Goldman Sachs Buy-rated stocks - RIL, L&T, NTPC, M&M, UltraTech, Power Grid, Adani Ports, IndiGo, Eicher Motors, Havells, Polycab, Ashok Leyland, Phoenix Mills, Uno Minda, Hitachi Energy, Astral, Embassy REIT, Kajaria, Blue Dart, Amber
• Source ETNOW
• BROKERAGE RADAR
• ANTIQUE ON PIRAMAL PHARMA
• • Attended the analyst meet hosted by
• Piramal Pharma
• • Company highlighted its ambitious growth plans
• • Aims to achieve a revenue of $2 bn by CY30
• • Believes its CDMO segment would be the key catalyst for growth driven by its ADC platform
• • Company also believes its Complex
• hospitals portfolio and India consumer
• health are likely to grow at 12% and 9%
• CAGR
• • Enhanced productivity and cost
• • Optimization initiatives are likely to drive its EBITDA margin expansion to ~25% from the current ~15%
• • Doubling down on the PSS (CDMO) segment
• • Differentiated portfolio to drive Complex hospital segment
• • Aim is to reduce net debt/EBITDA to under 1x from ~3x in FY24
• KPIT TECH: CO INVESTED EURO 10M (93.5CR RUPEES) IN UNIT KPIT TECHNOLOGIES GMBH TO SUPPORT AUTOMOTIVE ENGINEERING SERVICES EXPANSION
• MAX ESTATES: CO RECEIVES RUPEES 391 CR FROM NEW YORK LIFE INSURANCE CO FOR STRATEGIC INVESTMENTS IN MAX TOWERS AND MAX HOUSE (PHASE I & II)
• CLSA on Oil & Gas
• A recent drop in crude price & contraction in refining spreads has taken up marketing margin on auto fuels to multi-qtr highs.
• Media reports speculate retail price cut before upcoming elections
• Looking at election calendar, predict a cut soon after 5 Oct
• Believe govt. may also raise excise duty on these fuels along with any retail fuel price cut
• These are likely to bring down breakeven price for diesel & petrol & make IOC/BP/HP vulnerable if crude price rises above $80-85/bbl
• CLSA on Materials
• Upgrade Astral to Hold, TP Raised to Rs 2025 (on roll fwd)
• Raise FY25-27CL EPS 1%-3%, mainly on slightly better volumes (partly helped by capacity addition)/profitability
• Supreme Ind – U-P, TP Raised to Rs 4750
• Pipes: strong demand & stable prices to limit U-P
• Bernstein on Financials
• Topic picks - HDFCB & Axis Bank & Muthoot Fin amongst NBFCs
• Also like IndusInd as tactical buy but a surprise in MFI credit costs could create better buying opportunities in near-term
• Maintain MarketPerform on ICICI, SBI & Kotak
• U-P on SBI Cards &Bajaj Fin
• Macquarie on Financials
• Unsecured stress is rising
• RBI has also asked many banks to increase their risk-weights on MFI loans from 75% to 125%.
• In our coverage, IIB will be impacted most with CET1 impact of 80bps
• HSBC on HDFC BK
• Buy. TP Raised to Rs 2010 from Rs 1870
• Recent media articles indicate BK likely to sell down up to c3% of its loans in order to rapidly bring down its LDR
• This is important for quicker normalisation of operations & return to steady state loan growth in long term
• LARGE IPO APPROVALS IN FOCUS!
• HYUNDAI INDIA-Largest IPO in India+First Auto IPO In 2 Decades
• SWIGGY-2ND biggest Startup IPO After Paytm
• IPO-BIGGEST (RS CR)
• Hyundai         25k
• LIC                    21k
• Paytm             18.3k
• Coal India      15.2k
• Swiggy             11.7k
• #TOP10 (https://t.me/+eGyBIduPgNY4OWE1) #StocksInFocus (https://t.me/+eGyBIduPgNY4OWE1)
• 1-VEDANTA/HINDALCO/NMDC/HIND COPPER ETC.
• China booster
• 2-TATA MOTORS
• China booster
• 3-DEEPAK NITRITE/UPL/DHANUKA/SHARDA CROP
• China booster
• 4-MCX
• Revises Transaction fees
• 5-KEC INTL.
• Launches QIP, Floor Price At Rs 976.64/Sh
• 6-BEL
• Agreement has been signed between BEL & Reliasat Inc. Canada to collaborate in the area of space products
• 7-VARUN BEV./DABUR
• Indian Beverage Association (IBA) has approached govt. urging a re-examination of high GST rates
• 8-GILLETTE INDIA
• P&G Bangladesh terminates distribution agreement with the company, effective December 31, 2024
• 9-PIRAMAL PHARMA
• Jefferies report, Buy Call, Target Raised To Rs 260
• 10-MARUTI/ZOMATO
• Hyundai and Swiggy preparing to hit the IPO market
• MCX
• MCX revised transaction fees for futures and options contracts, effective October 1, 2024. The new fees are Rs 2.10 per lakh for futures and Rs 41.80 per lakh for options.
• Easy Trip Planners (EaseMyTrip)
• EaseMyTrip's promoter Nishant Pitti is likely to sell up to 8.5 per cent stake in the company through block deals, according to reports
• PC Jeweller
• PC Jeweller is set to hold a meeting of the board of directors on Monday, September 30, to deliberate on key matters, including a possible stock split
• 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.
• NBCC
• The state-owned NBCC has moved the Supreme Court seeking to develop and complete embattled realty major Supertech Limited's 17 stalled or partially built projects where around 27,000 hassled home buyers are stuck for years.
• Gillette India
• One of Gillette India's distributor - Procter & Gamble Bangladesh - has terminated the distribution agreement with the company, effective December 2024.
• REC - Walk the Talk - Foreign Borrowings cost below 7%
• REC has issued bonds at a rate lower than 7% including forward prmeium
• Company started adopting Green Energy Finance framework
• Good boost to NIM’s at 3.6 - 3.7%
• Interest rate expected to fall further
• #RECLTD (https://t.me/+eGyBIduPgNY4OWE1)
• Source Sandeep via x
• Stocks in News post Market closure
• Ceigall India Ltd : Update On Confirmation Of Bid For Establishing 'Construction Of 4/6 Lane Southern Ayodhya Bypass From Km. 5.000 To Km. 37.172 (Starting Near Km. 112.540, Ending At Km. 153.281 Of NH27) Of Total Length Of 32.172 Km. On HAM Basis Under NHDP Ph-VII In The State Of Uttar Pradesh'
• Hindustan Foods Limited : Hindustan Initiates Merger of Soups, Spices & Seasoning Manufacturing Facility in Nashik, maharastra.
• Mukta Arts Limited : Assignment Agreement and Term Sheet has been executed between the Company and Zee Entertainment Enterprises Limited (“Zee”) for Assignment of Satellite and Media Rights of 37 Films of the Company for a limited period of 6 years commencing from 25th August, 2027 for a total consideration of 25% more as compared to previous Agreement and as per the terms and conditions entered between the Company and Zee.
• Emerald Finance Limited : The company has partnered with GE Info Solutions having S.A.S. Nagar, Mohali to offer its Early-Wage-Access program to the employees of the firm. Ge Info Solutions specializes in advanced fire systems and electronics installations for large hotels and corporate clients.
• Asit C. Mehta Financial Services Limited : Board has Approved an Investment upto ₹6.50 Crores in 10.50% Fully Compulsorily and Mandatorily Convertible Debentures of Material Subsidiary Company Asit C. Mehta Financial Investment Interrmediates Limited.
• Tata Elxsi Limited : Tata Elxsi Delivers World’s First RDK-B Integration on Qualcomm 5G Fixed Wireless Access Platform .
• H.G. Infra Engineering Limited : Company received a letter dated September 16, 2024, from the National Highways Authority of India on September 24, 2024, regarding the declaration of appointed date for the project .Construction of 4 lane Elevated corridor of Kalimandir- Dimna Chowk- Baliguma (Jamshedpur) Section of NH-33 (New NH-18) (from km 241.940 to km 251.961) (Length 10.021 km) under NH(O) on EPC mode in the state of Jharkhand. Order value 610.11 crores.
• HDFC Life Insurance: The company approved the raising of Rs 2,000 crore through NCDs. Delta Corp: The company approved the demerger and listing of hospitality and real estate businesses into
• Grasim Industries Limited : Aditya Birla Renewables Limited (ABReL), a wholly owned subsidiary of the Company has made an allotment of Non-Convertible Debentures on private placement basis.
• Mahindra Holidays & Resorts India Limited : company has expanded its footprint in Mysuru by assuming complete management of the Club Mahindra Golden Landmark resort in Mysuru, Karnataka.
• 3C IT Solutions & Telecoms (India) Limited : Company have received significant purchase orders of Rs.3,36,30,000/- from the Cerebral Tech Ventures Private Limited.
• Bharat electronics ltd : Teaming Agreement has been signed between BEL & Reliasat Inc. Canada to "Collaborate in thearea of space products". The Teaming Agreement aims at leveraging BEL and Reliasat's capabilities in the domain of space.
• Career Point Limited : Composite Scheme of Arrangement between Srajan Capital Limited, Career Point Limited and Career Point Edutech Limited and their respective shareholders has been approved by the Hon’ble National Company Law Tribunal (“NCLT”), Chandigarh Bench.
• Delta corp ltd : Board approved the draft Composite Scheme of Arrangement between the Company and Delta Penland Private Limited
• Sam lndustries Limited :The Company has entered into a lease agreement with M/s. Delhivery Limited for providing a warehouse situated at Village: Dakachiya, Tlndore MadhyaPradesh on lease to M/s. Delhivery Limited.
• Vantage Knowledge Academy Ltd. : Board approved the conversion of 50,00,000 Convertible warrants into 50,00,000 equity shares of face value of Rs. 1/- each, upon receipt of balance amount aggregating to Rs. 9,37,50,000/-
• JHS Svendgaard Retail Ventures Limited : Board meeting be held on September 27, 2024, to consider and approve the proposal of raising of funds.
• HEG Limited : The Company has fixed Friday, October 18, 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division / split of existing Equity Shares of the Company, such that 1 Equity Share of the Company of the face value of Rs. 10/- each fully paid up be sub-divided/split into 5 Equity Shares of the Company of face value of Rs.2/-.
• Compucom Software Limited : The Company has invested an amount of Rs 12,60,00,000/- in the equity shares of CSL Infomedia Private Limited, a wholly owned subsidiary of the Company by way of preferential allotment on private placement basis.
• DEV IT ltd : Hon. PM Modi Launches IFSC Single Window System Developed By DEV IT.
• Sudarshan Pharma Industries Limited : Board meeting to be held on 30 sep 2024 ,to the proposal for sub-division / split of Equity Shares of the Company presently having a face value of Rs. 10/- each.
• Shoppers Stop Limited : Company completed the approved investment aggregating to Rs. 5 Crores in the preference share capital of GSBBL, by way of subscription to Rights Issue of 500 {0.01% Non-Cumulative Optionally Convertible Preference Shares (‘NOCPS’) of Rs. 1,00,000/- (Rupees One Lakh Only)} of GSBBL. With the above subscription, the overall subscription to Preference Shares of GSBBL is enhanced to Rs. 55 Crores.
• PC Jeweller: The board is to consider a stock split on Sept. 30.
• KEC International: The company opened QIP and set the floor price at Rs 976.64 per share.
• Solar Industries: The company received NCLT's nod for the merger of Rajasthan Explosives with unit Emul Tek Pvt
• HARSHIL AGROTECH LIMITED : Board Approved the conversion of 4,00,00,000 Convertible warrants into 4,00,00,000 equity shares of face value of Rs. 10/- each, upon receipt of an amount aggregating to Rs. 33,00,00,000/- at the rate of Rs. 8.25 per warrant.
• Adani Enterprises Limited : Sirius Digitech Limited , a joint venture company of Adani Global Limited, Mauritius , which is a wholly owned subsidiary of the Company, has completed the contemplated acquisition of the Target entities.
• Zodiac Ventures Limited : Board approved Issue of Equity Shares of face value of Re. 1/- each for cash at Share aggregating up to Rs. 40,00,00,000/- on Rights basis.
• Zee Media Corporation Limited : Board meeting to be held on September 27, 2024, to consider and approve the raising of the funds through the issuance of permissible instruments / securities, in one or more tranches, by way of private placement, qualified institutions placement, preferential issue.
• Motilal Oswal Financial Services Limited : Board approved the proposal for acquisition of 5,00,000 fully paid-up Equity Shares having face value of Rs. 10/- each of Gleiten Tech Private Limited for a consideration of Rs. 50,00,000/-representing to 100% of the issued and paid-up capital of the Target Company.
• Hariom Pipes: The company approved raising up to Rs 700 crore via equity or other securities.
• Vraj Iron & Steel : the Company has invested Rs. 12,5g ,72,500/- towards purchase of 4195750 equity shares of Rs. 10/- each at a price of Rs. 30/- per st*e oiV*; Metaliks Private Limited and the said transfer has been registered in the name of Viaj Iron and Steel Limited dated 23'd September, 2024.
• MCX: The company revised transaction fees on futures and options contracts effective Oct. 1. Futures contracts to see a transaction fee of Rs 2.10 per lakh of turnover value and for options contracts Rs 41.80 per lakh of premium turnover value.
• Tata Power: A fire incident occurred in the control room at the Trombay plant. No injuries or loss of life have been reported. The company is in the process of assessing the actual damage caused by the fire
• Gillette India: P&G Bangladesh terminated the distribution agreement effective Dec. 31. The company will have the impact of the proportionate drop in net sales. Net sales under the agreement accounted for 2% of total net sales.
• Mazagon Dock Shipbuilders: The company commenced the production activity for the first multipurpose cargo vessel for Navi Merchants, Denmark
• KEC Intl
• Reports: Approved 4500cr worth QIP
• Approved  QIP floor price at 976.64-5% discount
• MCX
• Revision in Transaction Fees on Futures and Options contracts
• Earlier it was slab wise. Now it's flat charges.
• MS- Rise in transaction fees would result in 5% increase in FY26 EPS
• Zomato (Sources to @ETNOWlive )
• SEBI has approved Swiggy's confidential IPO filing, with a likely launch in November. The IPO size is expected to exceed ₹11,000 cr, and an updated DRHP will be made public for feedback before the offering.
• IRCTC & Indigo (Agencies)
• Indigo and IRCTC partners to offer airfares discounts
• IRCTC is offering up to 12% discount on Indigo domestic and international flights booked through its platform
• Maruti Suzuki (From Agencies)
• SEBI approves Hyundai Motor India IPO
• Company plans to raise $3bn at roughly $20bn valuation
• DIXON TECH (+VE)
• India extends policy to monitor laptop imports till December 31
• TELECOM STOCKS +VE (SOURCES TO @ETNOWlive )
• Telcos met telecom minister Scindia
• Discussion on AGR dues calculation part of agenda of meeting
• GS on Power Grid
• Maintain Buy with TP of Rs 370
• Government upgrades transmission capex estimate to $110 bn
• 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.
• *Securities in F&O Ban For Trade Date 25-September-2024*
• * ABFRL
• * GRANULES
• * HINDCOPPER
• * IDEA
• * IEX
• Goldman Sachs On India Equity
• • India's earnings have stabilised after a decade long downcycle
• • Mid-teen profit growth momentum may sustain towards 2030
• • Estimate MSCI India's profits to grow at 14% CAGR in next 6 years
• • Profit pool likely to shift towards Investment Cyclicals
• • Investment Cyclicals includes Autos, Real Estate, Chemicals, Industrials
• • It could see the largest rise in profit share, to become second largest profit pool with 25% profit share
• Source NDTV Profit
• SWIGGY IPO
• Now that SEBI has cleared the decks
• Important to track a couple of things from here on
• Reduction in losses from Food Delivery business and operating leverage as industry moves towards maturity.
• Performance of Qcomm
• So far, Instamart has lagged behind Blinkit and even Zepto. That’ll be the main valuation driver, as we saw in case of Zomato.
• Here are two business charts from a Lighthouse Canton deck that explain the difference b/w Swiggy & Zomato.
• *MS on MCX*
• UW, TP Rs 2950
• Ceteris paribus, rise in transaction fees would result in 5% increase in F26e EPS
• Believe that large proprietary traders & high frequency traders will be particularly sensitive to increase in charges & hence, need to see what will be impact on trading vol
• *HSBC on HDFC BK*
• Buy. TP Raised to Rs 2010 from Rs 1870
• Recent media articles indicate BK likely to sell down up to c3% of its loans in order to rapidly bring down its LDR
• This is important for quicker normalisation of operations & return to steady state loan growth in long term
• *Macquarie on BEL*
• Key to watch in post 2Q management commentary would be
• updates on pipeline orders especially QR-SAM order (aggregate size of Rs250-300bn across tranches)
• management Post 1Q highlighted it expects a tranche of QRSAM in 1QFY26E (Apr-June 2025)
• *Jefferies on Piramal Pharma*
• Buy, TP Raised to Rs 260
• Management meet takeaways
• Co aims to grow rev to $2bn+ with 25% Ebitda margin by FY30
• This imples Rev/Ebitda Cagrs of 12.2%/20.3%
• Despite ongoing capex, Co expects 1x net debt/Ebitda by FY30 from 3.4x in FY24
• *UBS on Dabur*
• Downgrade to Neutral; TP Raised to Rs 700
• With rural demand recovery largely priced in & valuations close to +2SD above five-year mean, think downside risk is rising.
• But Dabur's other segments are doing well & think risk is ltd due to strong demand in festive season
• *Bernstein on Financials*
• Topic picks - HDFCB & Axis Bank & Muthoot Fin amongst NBFCs
• Also like IndusInd as tactical buy but a surprise in MFI credit costs could create better buying opportunities in near-term
• Maintain Market Perform on ICICI, SBI & Kotak
• U-P on SBI Cards & Bajaj Fin
• *Macquarie on Financials*
• Unsecured stress is rising
• RBI has also asked many banks to increase their risk-weights on MFI loans from 75% to 125%.
• In our coverage, IIB will be impacted most with CET1 impact of 80bps
• *CLSA on Oil & Gas*
• A recent drop in crude price & contraction in refining spreads has taken up marketing margin on auto fuels to multi-qtr highs.
• Media reports speculate retail price cut before upcoming elections
• Looking at election calendar, predict a cut soon after 5 Oct
• Believe govt. may also raise excise duty on these fuels along with any retail fuel price cut
• These are likely to bring down breakeven price for diesel & petrol & make IOC/BP/HP vulnerable if crude price rises above $80-85/bbl
• IMAGICA IN FOCUS
• IMAGICAAWORLD: CO FORAYING INTO NEW GEOGRAPHIES || EXPAND OPERATIONS AND FURTHER STRENGTHEN ERAND IMAGICAD' BY SETTING UP NEW PARKS PAN INDIA
• POSITIVE FOR POWER GRID
• BIG RE-RATING TRIGGER
• GOVERNMENT HAS APPROVED ENHANCED NATIONAL ELECTRICITY PLAN
• EXPECT MULTIPLE AS WELL & BIG EPS UPGRADE
• TARGETS ARE WELL ABOVE ESTIMATES
• Ministry Of Power Finalises National Electricity Plan 2023 - 2032 *National Electricity Plan For Central & State Transmission Systems Has Been Finalised *Total Cost Of The National Electricity Plan Is ₹9.15 Lakh Cr *National Electricity Plan Is Aimed At Meeting A Peak Demand Of 458 GW By 2032