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September 23, 2024

Today's Headlines
Economic Times
Finmin asks banks to put in place oversight mechanism for efficient management of pending cases in DRTs
Modi to meet Indian diaspora in New York on September 22, hails community for 'making positive impact'
Indian IPO market boom continues with 10 new issues, 11 listings scheduled next week
Government extends virtual AGM, EGM facility for Companies till September 2025
Horticulture production falls slightly in 2023-24, fruit output rises
CBDT notifies date for direct tax dispute resolution
Chipmaker Qualcomm weighs friendly takeover of Intel
Venture fund MGF-Kavachh closes first deal with Rs 400 crore
UPI transaction value surges to Rs 1,669 lakh crore in first five months of FY 2024-25
India, Germany decide to expand ties in clean energy, mobility sectors
SpiceJet raises Rs 3,000 cr from institutional investors
Blackstone sells US motel chain G6 Hospitality to Oyo in $525 million all-cash deal
Business Standard
Centre notifies appointment of Chief Justices of eight High Courts
Health ministry plans mandatory 'non-skippable' anti-tobacco spots on OTT
Govt to provide one-time financial aid for coastal waste recycling units
New housing supply in Delhi-NCR triples in Q2 to 13,311 units: PropEquity
Financial Express
Adani Total Gas secures funding of $375 million for expansion of CGD business
FM Sitharaman reviews capex plans, urges MoHUA to ensure efficient use of Rs 28,628 crore budget
Flood-like situation in Bihar – Patna, Buxar, 10 other districts affected, 10 lakh people hit
Mint
France unveils a more right-wing government after deadlock
FPIs pump ₹33,691 crore in Indian equities; Sept to log highest inflows YTD
Johnson & Johnson files third bankruptcy case seeking to end talc lawsuits
SEBI refuses to provide data on Madhabi Puri Buch's alleged conflict cases: RTI
Oil logs second weekly gain after US Fed rate cut; Brent, WTI gain 4% in 5 days
NCLAT rejects tax claim against Reliance Communication dues post insolvency plea
Blinkit, Zepto to face CCI scrutiny after complaints from local retailers
The Leela parent Schloss Bangalore files DRHP for ₹5,000 crore IPO
General Motors to recall 4.5 lakh vehicles due to issue with warning lights
IMD predicts more rains in West Bengal, Sikkim; Gangtok registers best AQI
India Daybook – Stocks in News
BHEL: Company bags order worth Rs 6,100 cr from NTPC to set up for 800 MW Sipat Supercritical Thermal Power Project (Positive)
Hind Rectifiers: Company bags order worth more than ₹200 crore from the Indian railways. (Positive)
Bikaji Foods: Ministry of corporate affairs approved incorporation of Bikaji foods retail (Positive)
Jupiter Wagons: Company expects to achieve a revenue of Rs 3,000 to 4,000 cr from its wheelset business by the end of FY27. (Positive)
Tata Steel: Company commissions India’s largest blast furnace at kalinganagar, crude steel capacity at kalinganagar to expand from 3 MTPA to 8 MTPA with an investment of Rs 27,000 crore. (Positive)
Global Health: Company has had its credit rating outlook revised to 'Positive' by CRISIL Ratings (Positive)
IDFC FIRST Bank: The bank has secured approval from the RBI for the reappointment of V. Vaidyanathan as Managing Director and Chief Executive Officer. (Positive)
Dr. Reddy’s: USFDA completed a routine good manufacturing practice inspection at R&D centre in BACHUPALLY, Hyderabad. (Positive)
HDFC Bank: Company unit HDB Finance OKs IPO including Rs 2,500 crore fresh issue, offer for sale. (Positive)
India Glycols: Company Tie-Up with Amrut Distilleries Private Limited (Positive)
Adani Total Gas: Company secures largest global financing in the city gas distribution business, financing will accelerate ATGL’S CGD network infrastructure development program (Positive)
Matrimony: Company plans to launch a new line of business in area of jobs called manyjob, manyjobs will focus exclusively on grey-collar jobs market (Positive)
Asian Energy: Company received an order from ONGC, barring the company from participating in tenders for two years starting 20.9.2024. (Positive)
Piccadily Agro: Company says indri single malt Indian whisky debuts on shelves of premium TESCO stores in England (Positive)
Glenmark Pharma: USFDA has issued form 483 with zero observations after an inspection at the Company’s formulation manufacturing facility. (Positive)
Emerald Finance: Company has partnered with KPS Educational Society to offer its Early-Wage-Access program to the school's employees. (Positive)
Allied Blenders: MD alok gupta says Company is targeting double-digit growth in revenue in the current financial year after clearing out all its debts (Positive)
KEC International: Company has now won nearly 70% of the total orders it received in FY24 (Positive)
BFC Finance: Credit rating of long term fund based term loans upgraded by ICRA to AA- from A+ (Positive)
KEI Industries: Successfully commenced commercial production of LV/MV cables in new plant in Rajasthan (Positive)
HFCL: Company to develop and supply critical sub-systems to General Atomics (Positive)
Som Distilleries: Infomerics ratings upgrades bank loan ratings to ‘A-’ from ‘BBB+’ (Positive)
Artson: Company has received Letter of Award of Rs 33.33 Crores (Positive)
ONGC: Company signs Non-Associated Gas deal in Azeri-Chirag-Deepwater Gunashli (ACG), Azerbaijan (Positive)
VVIP Infratech: Company has recently been awarded two tenders in the Electrical and Sewer Treatment Plant/Sewer Network Segment in the state of Uttarakhand cumulatively amounting to Rs. 188.29 Cr (Positive)
Aster DM Healthcare: Company enters into Lease Agreement with Aparna Constructions and Estates for setting up new Aster Woman and Children Hospital in Hyderabad (Positive)
Avalon Technologies: Company’s CFO, Mr. RM Subramanian, has resigned (Neutral)
Astra Zeneca: Company received a final assessment order for the assessment year 2021-22 with adjustments on legacy transfer pricing and corporate tax issues, totaling Rs. 14.08 Cr. (Neutral)
Ramco Cements: Company’s s Total Cement Grinding Capacity Has Increased By 0.9 MTPA, From 23.14 MTPA to 24.04 MTPA with an Aggregate Investment of Rs.58 Crores (Neutral)
Mankind Pharma: Company board approves fund raise worth Rs 100 billion via issue of non-convertible debentures and commercial papers (Neutral)
GMR Airports: Company has encumbered 66.07% of its promoter shareholding for a total of Rs. 75 crore from SKS Fincap Private Limited. (Neutral)
Bharat Dynamics: Company has appointed Shri D V Srinivas as Director on the Board, effective 20 September 2024. (Neutral)
Reliance Industries: Company has extended the deadline for payment of unpaid call money for holders of partly paid-up equity shares to October 7, 2024. (Neutral)
Brainbees Solutions: Company unit has made further investments of Rs 205 million in JW brands (Neutral)
Godfrey Phillips: Company needs RBI clarification on bonus issue to the non-resident shareholders (Neutral)
SpiceJet: Board greenlights 48.7 crore share QIP allotment at ₹61.60 per share (Neutral)
RITES: Company’s board allots bonus shares in the ratio of 1:1 (Neutral)
Indian Bank: Board to consider proposal for additional fund raising on September 26 (Neutral)
Vodafone Idea: Company has concluded a mega $3.6 billion (Rs 300 billion) deal with Nokia, Ericsson and Samsung (Neutral)
Brainbees: Invests Rs 5.9 cr in a step-down subsidiary for 22.5% stake (Neutral)
Reliance Industries: Company extends the deadline for paying call money on partly paid shares to October 7, 2024 (Neutral)
Aarti Drugs: Company has received 7 observations from the US FDA after an inspection of its API manufacturing facility. None of the observations were related to data integrity. (Negative)
Nomura On Indegene
Initiate Neutral Call, Target Rs 700
Scalable Model With Domain Expertise & Long-Standing Client Relationships
Co Is Well Positioned To Ride Digital Adoption Wave In Life Sciences Cos
Client Roster Impressive, Sales Engine Geared Towards Large & Emerging Pharma
Strong Management & Ind Analyst Rankings, As Well As Balanced M&A Approach
Expect Co To Deliver 12% USD Rev/18% EPS CAGRs Over FY25-27
Key risks Include, Exposure To Only Life Sciences Vertical,
Key Risks Include, High Top-5 Client Revenue Concentration Of 46%,
Key Risks Include, Use Of $100m Cash With No Stated Dividend Policy, & In-Sourcing
Investec on Glenmark pharma
Initiate a FAST long, TP Rs 1900
Expect both earnings momentum & importantly CF generation to continue aiding ongoing re-rating
Aurangabad facility getting ZERO observations does provide a near-term trigger
trades At 23xSep’26E EPS
CLSA on QSR
Competition In Our Sample Small Towns Remains Intense
Domino’s, McDonald’s Have Lower Share In Incremental Ratings Unlike Local Competitors
Pizza Category Growth Has Improved Since Feb 2024 On Zomato Trends Data
Zomato Trends Data Indicates: Even With Better Growth For Domino’s, It Is Still Losing Share
Prices Have Been Largely Stable With Some Small Increases In Some Cities
Believe Competitive Intensity Remains High In Categories Like Pizzas,Burgers
Maintain Underperform Call On Jubilant FoodWorks & Westlife
Maintain Overperform Call On Restaurant Brands
CITI on Indus Towers
Buy Call, Target Rs 500
SC's Dismissal Of AGR Petition Has No Immediate Impact on VI’s Cash Flows
Development Could Weigh On Near-Term Stock Sentiment
Recommend Using The Share Price Weakness As An Enhanced Buying Opportunity
See An Attractive Dividend Yield On Offer Of About6-7%
Key To Monitor: Completion Of Voda Idea’s Pending Debt Raise
Key To Monitor: Reiteration Of VI’s Capex Plans
Key To Monitor: Quantum Of Past Dues That VI Repays To Indus In Q2FY25
GS on L&T Fin
Buy Call, Target Rs 202
Mgmt Acknowledged Stress Is Building Up In Industry On MFI & Unsecured Loans
Mgmt Says Co Was Able To See The Risks Early On
Identifying Risks Early On Helped Mgmt Adopt Prudent Measures In Lending
Co Is Now Seeing Better Asset Quality Relative To Industry
Mgmt Maintained Guidance For Delivering 25% Growth
Mgmt Eyes Growth Guidance Of 25% With ROAs/ROEs of 3%/15% Over Next 24 Mths
Growth Guidance Driven By NIMs + Fee In 10.75%-11.25% Range, Opex + Credit Costs <7%
Mgmt Now Has Term Plan Around Building A Cycle-Resilient Retail Loan Book
Cycle-Resilient Retail Loan Book To Be Built Using Technology As Biggest Lever
Technology To Be Used As Biggest Lever Supplemented By Bureau Data & Alternate Data-Sets
Investec on Chola Fin
Upgrade to buy, TP raised to Rs 1850
Weakening vehicle sales should not impact overall growth significantly
Also see it has levers (margin expansion and operating leverage) to maintain RoA/RoE at 2.6% and 20% despite rising credit costs
Investec on Fusion Micro
Downgrade to sell, TP Cut to Rs 300
Board announced a profit warning for Q2, indicating possibility of a credit cost of Rs5bn-Rs5.5bn vs Rs3.5bn in Q1
In addition, co has initiated search for a new MD & CEO Co also plans to raise upto Rs5.5bn via equity
GS on M&M
Buy Call, Target Rs 3,400
XUV700 More Affordable Variants Supporting Profit Growth
BEV Launches To Be Profitable From Day 1
Improving Validation On Inglo EV Platform
Green shoots becoming more visible in rural markets
Tractor Market Setup Looks Better Heading Into H2FY25
Citi on ICICI BK
Buy Call, Target Rs 1,547
Growth Momentum To Sustain Led By Business Banking, MSME, Corporate
Focus On RaROC Continues
Comfortable LCR/LDR At 123%/85%
Range-Bound NIM With Similar Intensity Moderation In Q2
Expect Catch-Up In Deposit Cost To Be Partially Offset By Lower Drag On Interest Reversal
Jefferies on Interglobe Aviation
Buy Call, Target Rs 5,225
Mgmt Discussed Strong Tailwinds For Aviation Growth In India
Mgmt Reiterated Focus On Cost Leadership & Timely Ordering Of The Fleet
Int’l Segment Is A Key Growth Lever With New Fleet, New Routes
Several Digital Initiatives In Play With Focus On Increased Direct Ticket Booking
Several Digital Initiatives In Play With Focus On Launch Of Hotel Booking On Website
Jefferies on Amber Ent.
Buy Call, Target Rs 5,200
Domestic AC Industry Benefited From A Strong Q1 Summer
Domestic AC Industry Likely To Drive +30%YoY Volumes In FY25
In Electronics, ADD Imposition On PCBs Enabled AMBER To Induct New Customers
Mobility Order Book Healthy At `20.7 bn
In FY24-27, Est Margin-Accretive Components CAGR To Outpace That Of AC
Peak Capex Likely Behind Us, And RoCE To Rise To Around 20% By FY26
MS on CONCOR
Equal-Weight Call, Target Rs 1,083
Measures Announced To Boost EXIM Trade, Risks CCRI Margins
Railway board & CCRI: Zerocost Storage For Empty Containers For 90 Days
Railway board & CCRI: 50% Reduction In Charges Beyond 90 Days
Railway board & CCRI: Storage & Handling Rates Will Be Reduced From Rs 9,000 To Rs 2,000
Govt Expects These Measures To Significantly Bring Down Shipping Costs
MS on Telecom
July Trends Highlights: Even With Tariff Hikes; Only A Marginal Decline In Ind Subs
Churn In Key Operators Has Benefited BSNL
Reliance Jio Continues To Accelerate Share In Wireline Broadband Led By FWA
Rev Mkt share for Q1F25 Improved For Reliance Jio & Bharti
Jefferies on Telecom
In July’24, Sector's Active Subs Base Declined By 1.5m MoM
Sector's Active Subs Base Decline Was Due To Sim Consolidation Post Tariff Hikes
In July’24, VIL Lost 3m Subs & BSNL/ MTNL Gaining 2.9 m subs
4G/5G Subs Additions Were Steady At 5 m
In July’24, Suggests Lower Price Elasticity, With Bharti Gaining Market Share
BSNL/MTNL May Gain Some Share Due To Lower Tariffs
BSNL/MTNL Unlikely To Pose Risks To Mkt Share Trajectory of Bharti/Jio In Medium-term
Nifty closed @25,791 (+375) and Sensex @ 84,544 (+1,360) on Friday. GIFT Nifty was trading at 25,912 (as of 7.30 a.m.)
FIIs net bought equities in cash to the tune of Rs. 14,064 cr whereas DIIs sold equities in cash worth Rs.4,427 cr on September 20, 2024
Vodafone Idea Limited (VIL) secured a $3.6bn (approx. Rs 30,000 cr) deal with global telecom equipment suppliers Nokia, Ericsson, and Samsung
HFCL has been selected by General Atomics ASI to develop and supply critical sub-systems for the USbased defence technology firm's advanced unmanned aircraft systems
MNCs are eager to capitalize on the booming Indian stock markets, with over a dozen firms reducing their stakes in local operations over the past year
India and the US sign agreement for new semiconductor fabrication plant to manage high-end military technologies
Axis Finance, IDBI Bank & IDBI Trusteeship Services have withdrawn their petitions before the appellate tribunal NCLAT filed against the NCLT order approving the merger of Zee with Sony
Foreign investors have injected close to Rs 33,700 cr in domestic equities in this month so far primarily due to interest rate cut in the US and resilience of the Indian market
Samvardhana Motherson International successfully raised Rs 6,438 cr through a combination of equity and convertible debt
Allied Blenders & Distillers is targeting double-digit growth in FY25 after clearing out all its debts which were settled from the proceeds of the IPO, according to Managing Director Alok Gupta
Schloss Bangalore, owner and operator of the Leela brand of luxury hotels, filed its preliminary papers with SEBI to raise up to Rs 5,000 cr via an IPO
SpiceJet board approved the issuance of 48.7 cr equity shares at an issue price of Rs 61.6/sh to raise Rs 3,000 cr from QIP which has attracted strong participation from investors
Indian ADRs: ICICI Bank (+1.95%), HDFC Bank (+1.4%) and Infosys (+0.7%)
Debt:
10yr G-sec yield closed flat at 6.76% on Friday
RBI accepted entire notified amount of Rs 31,000 cr in weekly G-sec auction
RBI accepted entire notified amount of Rs 25,000 cr in 14-day variable rate repo (VRR) auction
As per RBI bulletin, household consumption is poised to grow faster in Q2 FY25 with easing headline inflation and revival of rural demand
Retail inflation for farm workers and rural labourers eased to 5.96% and 6.08%, respectively in Aug’24 vs. 6.17% and 6.20% recorded in Jul’24
Commodities:
Brent crude was down by 0.21% to $74.72/barrel on Friday but recorded a second straight week of gains, garnering support from a U.S. interest rate cut and a dip in U.S. supply
Gold futures settled higher boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East. Spot gold was up by 1.37% to $2,621.96/oz on Friday
India's coal import rose by 40.56% to 25.23 million tonne in July as against 17.95 MT in the corresponding month of previous fiscal according to data compiled by B2B e-commerce platform mjunction services
India's palm oil production is likely to triple in six years as the area under oil palm plantations increases and as plantations become mature for harvesting, a senior industry official said on Friday
Currency:
Rupee appreciated by 11 paise and settled at 83.57 against the US dollar on Friday, due to inflow of FIIs in Indian equity market
India's forex reserves jumped by $0.2 bn during the week ended Sept 13, to $689.4 bn from $689.2 bn reported prior week
US Dollar Index (DXY) increased by 0.07% to end at 101.79 on Friday, as Dot Plot suggests a gradual easing cycle that hints at three cuts in 2024
USD/JPY increased by 0.14% to 144.11 on Friday, as Japan’s Consumer Price Index (CPI) data for August came in higher at 3% than 2.8% in July
USD/CAD fell by 0.03% to end at 1.356 on Friday, as BoC may likely continue easing interest rates further
International Markets:
U.S. markets were a mixed bag on Friday with the Dow Jones up by 0.09% while the S&P 500 and Nasdaq were down by 0.19% and 0.39% respectively. All 3 major futures indices are trading up by 13-56 bps at the time of writing the report
The Bank of Japan left its policy rate unchanged at 0.25% in its policy meeting on Friday, which was in line with economists' expectations
U.K. retail sales rose by 1.0% MoM in Aug-24 vs. 0.7% MoM in Jul-24 and was ahead of expectations of a 0.3% MoM increase. On a YoY basis retail sales increased by 2.5% YoY in Aug-24 vs. 1.5% in Jul-24
Matrimony.com Limited : Board approved the launch of a new line of business called Manyjobs. The jobs market in India presents tremendous opportunity, specifically grey-collar jobs. While there are scale players operating in the white-collar jobs space, they see significant opportunity and whitespace in the grey-collar jobs market.
ECOFINITY ATOMIX LIMITED : Board Approved raising of funds.
Shoppers Stop Limited : The Company has commenced operations from the new store: (1) Intune S Mall Shankar mall, Sira Road, Sira gate tumkur, Karnataka, (2) Intune Vega Circle Mall Vega circle Mall, Sevok road, 3rd mile, PO – bhaktinagar, SILIGURI,(3) Intune Kengeri Satellite Town Kengeri Upanagar, Satellite town, Ward no. 159, Bangalore.
TORRENT PHARMACEUTICALS LIMITED : The Company has issued Commercial Papers for an amount of ₹ 200 Crores .
Bharat Heavy Electricals Limited : BHEL has received a Notification of Award from NTPC Limited for 1x800 MW Sipat Supercritical Thermal Power Project Stage-III.
Whirlpool of India Limited : Continuation to our intimation dated 19th September, 2024 regarding acquisition of additional462,317 equity shares in Elica PB Whirlpool Kitchen Appliances Private Limited , pursuant to the definitive agreements, Whirlpool of India Ltd completed the acquisition of additional equity shares of 9.56% of the issued and paid up share capital of Elica India, taking its total shareholding in Elica India to 96.81%.
Utkarsh Small Finance Bank Limited : Board approved the scheme of amalgamation of Utkarsh Core Invest Limited with Utkarsh Small Finance Bank Limited.
Megasoft Limited : The Company is in receipt of Intimation pursuant from M/s. Ramanagaram Enterprises Private Limited , promoter of the Company, intimating sale of 4,00,000 equity shares of the Company, in the open market.an amount of 2,58,20,000/-.
NDR AUTO COMPONENTS LIMITED : Board meeting to be held on 27 th September 2024,to consider and approve the allotment of bonus shares.
YOGI Ltd : Board meeting to be held on 25th Sep 2024, To Issue convertible warrants on preferential basis.
Bharat Forge Limited : Update on internal restructuring - Transfer of 50% equity stake held by the Company in Refu Drive GmbH to Kalyani Powertrain Limited.
Tata Steel Limited : Company has successfully commissioned India’s largest blast furnace at Kalinganagar, Odisha. With a total investment of Rs 27,000 crore, the Phase II expansion at Kalinganagar will take the total capacity at the site from 3 million tonnes per annum (MTPA) to 8 MTPA.
Baazar Style Retail Limited : The Company has opened a new store of Style Baazar at Dhubri, Assam.
Constronics Infra Limited : Board Approved Issuance of Preferential issue of up to 30,09,901 warrants.
Anupam Finserv Limited : Board meeting to be held on September 27, 2024 to finalize the issue price and other related terms of the proposed rights issue, including but not limited to determination of issue size, rights entitlement ratio, record date and other related matters in connection with the Rights Issue of Equity Shares.
Orient Green Power Company Limited : Board Approved the allotment of 19,23,07,692 fully paid-up Equity Shares of face value of ₹ 10/- each on a rights basis, at an issue price of ₹ 13/- per Equity Share to the eligible applicants.
Bikaji Foods International Limited : Ministry of Corporate Affairs (MCA) has approved the incorporation of Wholly Owned Subsidiary of the Company in the name and style of Bikaji Foods Retail Limited.
Kamdhenu Limited : Company has invested an amount of Rs. 11,71,80,000 towards the subscription of 1,80,000 Equity Shares of face value of Rs. 10 each of Maa Kudargarhi Power and Ispat Private Limited at an issue price of Rs. 651 per share, on preferential basis.
GOLDMAN SACHS ON L&T FINANCE
• Maintain Buy with target price of Rs 202
• MFI business in control; Levers in place to improve profitability
• Tractor business picking up (16% of Loans as of Q1)
• Rate Cuts to benefit - 77% of loan book at fixed rate while 23% is floating in nature
• Mgmt maintained guidance for delivering 25% growth along with ROAS/ROEs of 3%/15% over next 24 months
Securities in Ban For Trade Date 23-SEP-2024 : F&O Segment
1)AARTIIND
2)BIOCON
3)CHAMBLFERT
4)GNFC
5)GRANULES
6)LICHSGFIN
7)NATIONALUM
8)OFSS
9)PNB
10)RBLBANK
11)SAIL
GS on L&T Finance
Maintain Buy with TP of Rs 202
MFI business in control; Levers in place to improve profitability
Tractor business picking up (16% of Loans as of Q1)
Rate Cuts to benefit - 77% of loan book at fixed rate while 23% is floating in nature
Stocks in News post Market closure:
PICCADILY AGRO INDUSTRIES LTD. : Globally acclaimed Indian single malt whisky brand, Indri, is now listed and available at premium Tesco supermarkets facilitated by independent spirits distributor, Mangrove Global. And also the Board meeting be held on 30th September, 2024 , to consider the proposal for raising .
RITES Limited : Board allotted 24,03,01,887 fully paid-up Bonus Equity Shares of face value of Rs. 10/- each in the ratio of 1:1 One fully paid-up
Equity Share of Rs. 10/- each for every One existing Equity Share of Rs. 10/- each, held by the shareholders of the Company as on the record date i.e., , September 20, 2024.
KEI INDUSTRIES LTD : The Company has successfully commenced commercial production of LV/MV Cables from its Pathredi Plant-2 located at RIICO Industrial Area, Pathredi, Alwar District, Rajasthan.
Godawari Power And Ispat Limited : The Company has fixed 4th October,2024 as the Record Date for the purpose of Sub-division of I Equity Share of the face value of Rs. 5/-each fully paid-up into 5 Equity Shares of Re. 1/-each fully paid-up.
Midwest Gold Limited : The Acquisition of 100% of the Share Capital of Midwest Energy Private Limited . The Board has approved the execution of a Share Purchase and Share Subscription Agreement . & raising of funds .
Hind Rectifiers Limited : Company has secured orders from Indian Railways. Order value More than 200 crores .
Vodafone Idea Limited : Vodafone Idea concludes mega $3.6 bn deal with three global network partners” of even date being issued to media.
UGRO Capital Limited : Board meeting to be held on 23rd September 2024, to consider and approve raising of funds by way of issuance of Non-Convertible Debentures through private placement basis and through public issue, hereby notify that the meeting has been postponed to 24th September 2024 for the same purpose due to inevitable reasons.
HFCL Limited : The Company’s strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI). In a significant development that underscores HFCL’s technical prowess and commitment, the Company has been selected to develop and supply critical sub-systems for GA-ASI’s advanced Unmanned Aircraft Systems (UAS)
Artson Engineering Limited : The Company has received Letter of Award of Rs 33.33 Crores from Hindalco Industries Limited
Asian Energy Services Limited : The Company has received an order from Oil & Natural Gas Corporation (ONGC) putting the Company on holiday for a period of two years from 20.9.2024 during which period the Company shall not participate in any tender with ONGC. This, however, has no bearing on any ongoing contracts which the company is executing.
AARTI DRUGS LIMITED : USFDA has inspected the API manufacturing facility of Company MIDC, Tarapur, Maharashtra from 12th to 20th of September 2024. On conclusion of the inspection, the company has received 7 inspectional observations in Form 483, where none of the observations are related to Data Integrity. The company will work closely with US FDA in resolving all points.
India Glycols Limited : The Company has tied up with Amrut Distilleries Private Limited, Bengaluru, for manufacturing, bottling, marketing and selling of Amrut’s few premium brands on royalty basis.
AION-TECH SOLUTIONS LIMITED :Board meeting to be to be held on 26th Sep 2024. To consider incorporation of a wholly owned subsidiary for providing digital solutions for meeting the needs of zero-emission fleets in EV and Hydrogen mobility.
Oil and Natural Gas Corporation Ltd : ONGC Videsh, together with the State Oil Company of the Azerbaijan (SOCAR), bp, MOL, INPEX, Equinor, ExxonMobil, TPAO, and ITOCHU, have signed an addendum to the existing Production Sharing Agreement (PSA) for ACG Field in the Azerbaijan sector of the Caspian Sea.
Glenmark Pharmaceuticals Limited : USFDA completed a Good Manufacturing Practice (GMP) inspection at the Company’s formulation manufacturing facility based out of Chhatrapati Sambhaji Nagar (Aurangabad), India. The inspection was conducted from 9th September to 20th September, 2024. The inspection closed with no observation.
Baazar Style Retail Limited : The Company has opened two new stores of Style Baazar one at Badarpur, Assam and another at Jalpaiguri, West Bengal
ITD Cementation India Limited : Company has received an arbitration award dated 18th September, 2024 received by us on 19th September, 2024 in respect of contractual disputes relating to one project awarded in the name of ITD Cementation India Limited (JV). The value of award is ₹ 10.22 Crore approximately plus GST thereon.
Websol Energy Systems Limited : Board allotted 12,10,000 convertible warrants at a price of Rs. 530/- each warrant (convertible at a ratio 1:1 into equity shares of face value of Rs. 10/- each at a premium of Rs. Rs. 520/- per equity share) to M/s Websol Green Projects Private Limited.
Popular Vehicles and Services Limited : The Company is extending corporate guarantee for Popular Autoworks Private Limited (Wholly Owned Subsidiary) in relation to the Cash Credit under Electronic Dealer Funding Scheme from State Bank of India up to an amount of Rs. 18,50,00,000/-.
Indo Amines Limited : The Company has executed a Sales, Marketing and Technology Agreement with M/s. Indo Europe Additive SL, a Company incorporated in Spain, the agreement is designed to facilitate growth and profitability of performance chemical at global market.
Interactive Financial Services Limited : Board Approved raising of funds.
Indian Bank : Board meeting to be held on Thursday, the 26th September 2024, to consider a proposal regarding additional Fund Raising plan of the Bank.
Vaibhav Global Limited : Company announce that VGL received the “Excellence in Sustainability / Climate Action Award” by the Indo-American Chamber of Commerce (IACC) during 20th Indo American Corporate Excellence’ conclave.
Mankind Pharma Limited : Board Approved raising of funds by way of issuance of Non-Convertible Debentures and Commercial Papers on private placement basis for an amount aggregating up to INR 10,000 crores .
Godfrey Phillips India Limited : Board considered the matter of issuance of Bonus Shares. After detailed discussions, it was decided that the Company needs to seek appropriate clarification/ RBI in respect of issue of Bonus Shares to the Non Resident shareholders , having regard to the fact that the Company is engaged in manufacture of cigarette.
VST INDUSTRIES LIMITED : The Company has received approval for trading of 15,44,19,200 Bonus Equity Shares of Rs.10/- each from the Exchanges on 20th September, 2024.
AJR Infra And Tolling Limited : Board approved the divestment of the Company’s stake in its wholly owned subsidiary M/s. Sikkim Hydro Power Ventures Limited (‘SHPVL”) by way of sale / transfer of 6,27,35,942 equity shares of Rs.10/- each to M/s. Last Mile Enterprises Limited for a consideration of Rs.35 Crores.
Aditya Birla Capital Limited : The Company has made an investment of Rs. 60 Crore on rights basis, in the equity shares of Aditya Birla Capital Digital Limited .
Adani Total Gas (ATGL) : Adani Total Gas Secures Largest Global Financing in the City Gas Distribution Business. The financing will accelerate ATGL’s CGD Network Infrastructure Development program Expansion to cater to over 200 million people covering 14% of India’s population.
Elpro International Limited : The Company has acquired equity shares of IIFL Finance Limited. Size of the acquisition INR 10.01 Crores .
Evexia Lifecare Limited : Board approved the Preferential issue of Convertible warrant aggregating to not more than Rs.86,40,00,000 /-.
Matrimony.com Limited : Board approved the launch of a new line of business called Manyjobs. The jobs market in India presents tremendous opportunity, specifically grey-collar jobs. While there are scale players operating in the white-collar jobs space, they see significant opportunity and whitespace in the grey-collar jobs market.
ECOFINITY ATOMIX LIMITED : Board Approved raising of funds.
Shoppers Stop Limited : The Company has commenced operations from the new store: (1) Intune S Mall Shankar mall, Sira Road, Sira gate tumkur, Karnataka, (2) Intune Vega Circle Mall Vega circle Mall, Sevok road, 3rd mile, PO – bhaktinagar, SILIGURI,(3) Intune Kengeri Satellite Town Kengeri Upanagar, Satellite town, Ward no. 159, Bangalore.
TORRENT PHARMACEUTICALS LIMITED : The Company has issued Commercial Papers for an amount of ₹ 200 Crores .
Bharat Heavy Electricals Limited : BHEL has received a Notification of Award from NTPC Limited for 1x800 MW Sipat Supercritical Thermal Power Project Stage-III.
Whirlpool of India Limited : Continuation to our intimation dated 19th September, 2024 regarding acquisition of additional462,317 equity shares in Elica PB Whirlpool Kitchen Appliances Private Limited , pursuant to the definitive agreements, Whirlpool of India Ltd completed the acquisition of additional equity shares of 9.56% of the issued and paid up share capital of Elica India, taking its total shareholding in Elica India to 96.81%.
Utkarsh Small Finance Bank Limited : Board approved the scheme of amalgamation of Utkarsh Core Invest Limited with Utkarsh Small Finance Bank Limited.
Megasoft Limited : The Company is in receipt of Intimation pursuant from M/s. Ramanagaram Enterprises Private Limited , promoter of the Company, intimating sale of 4,00,000 equity shares of the Company, in the open market.an amount of 2,58,20,000/-.
NDR AUTO COMPONENTS LIMITED : Board meeting to be held on 27 th September 2024,to consider and approve the allotment of bonus shares.
YOGI Ltd : Board meeting to be held on 25th Sep 2024, To Issue convertible warrants on preferential basis.
Bharat Forge Limited : Update on internal restructuring - Transfer of 50% equity stake held by the Company in Refu Drive GmbH to Kalyani Powertrain Limited.
Tata Steel Limited : Company has successfully commissioned India’s largest blast furnace at Kalinganagar, Odisha. With a total investment of Rs 27,000 crore, the Phase II expansion at Kalinganagar will take the total capacity at the site from 3 million tonnes per annum (MTPA) to 8 MTPA.
Baazar Style Retail Limited : The Company has opened a new store of Style Baazar at Dhubri, Assam.
Constronics Infra Limited : Board Approved Issuance of Preferential issue of up to 30,09,901 warrants.
Anupam Finserv Limited : Board meeting to be held on September 27, 2024 to finalize the issue price and other related terms of the proposed rights issue, including but not limited to determination of issue size, rights entitlement ratio, record date and other related matters in connection with the Rights Issue of Equity Shares.
Orient Green Power Company Limited : Board Approved the allotment of 19,23,07,692 fully paid-up Equity Shares of face value of ₹ 10/- each on a rights basis, at an issue price of ₹ 13/- per Equity Share to the eligible applicants.
Bikaji Foods International Limited : Ministry of Corporate Affairs (MCA) has approved the incorporation of Wholly Owned Subsidiary of the Company in the name and style of Bikaji Foods Retail Limited.
Kamdhenu Limited : Company has invested an amount of Rs. 11,71,80,000 towards the subscription of 1,80,000 Equity Shares of face value of Rs. 10 each of Maa Kudargarhi Power and Ispat Private Limited at an issue price of Rs. 651 per share, on preferential basis.
VVIP Infratech Limited : Company has received the tender awarded by Superintending Engineer, Construction Circle Uttarakhand Peyjal Nigam. The order value is approximately Rs. 32,49,68,694.56/- & also received the tender awarded by Uttarakhand Power Corporation Limited. The order value is approximately Rs. 1,55,79,72,925/-
Family Care Hospitals Limited : The Company has received an intimation from M/s. Dealmoney Distribution and E-Marketing Private Limited ("DDEPL") for sales return of the discount coupons sold to them in the last few years totaling to approx. Rs. 69.00 Crores due to non-availability of hospital for servicing customers of DDEPL as and when they approach FCHL for services.
IFL Enterprises Limited : Board meeting to be held on 25th sep 2024, to raising of funds.
Windsor Machines Limited : Company has launched KL3200, India’s largest two-platen injection moulding machine, entirely Made in India.
Byke Hospitality Limited : The Company has signed Lease Agreement viz The Byke Shanti Villa located Mahabaleshwar, Devali, Maharashtra . & signed Lease Agreement viz The Byke Suresh Plaza located Nashik, Maharashtra. & - The Company has signed Conducting Agreement viz The Byke Embassy located at Railway Station Circle Opp. Surat, Gujarat . & The Company has signed Memorandum of Understanding (MOU) viz The Byke Majestic located at Mumbai Ahmedabad . & signed Lease Agreement viz The Byke Gokuldham located at Prayagraj.
Dr Reddy's: USFDA inspected the Hyderabad R&D centre and closed with zero observations
Ramco Cements: The capacity of the company's cement grinding debottlenecking operations at its Andhra and Tamil Nadu plants has increased from 1.5 MTPA to 2 MTPA and 1.6 MTPA to 2 MTPA, respectively.
AstraZeneca Pharma: The company will launch Tremelimubab (Imjudo) concentrate in India in October
Samvardhana Motherson: The company raised Rs 4,938 crore via QIP
Who Makes the Data Center 2024
Global data center capex in 2023: $215 bn
Servers, networking, and storage: $160 bn
Data center infrastructure: $55 bn
Src: BofA
INVESTEC ON CHOLA FINANCE
• Upgrade to Buy from Hold; Hike target price to Rs 1850 from Rs 1125
• Loan growth not a concern
• Levers to maintain RoA at current levels
• Limited buffers on balance sheet a concern
• Valuations expensive for a reason; expect it to outperform sector
INVESTEC ON GLENMARK PHARMA
• Maintain Buy with target price of Rs 1900
• Initiate a FAST LONG
• Expect both earnings momentum and importantly cash flow generation to continue
• Aurangabad facility getting ZERO observations does provide a near-term trigger as this is a critical facility
• See Glenmark as more of an India / RoW play as these two contribute >70% of its EBITDA
INCRED ON UGRO
• Initiate Add with target price of Rs 350
• Well positioned to enter the next phase of its growth
• Rising market share in the growing landscape of MSME lending
• Expect strong AUM growth with a stable margin
• Operating leverage to drive ~4% RoA and ~14% RoE by FY27
NOMURA ON INDEGENE
• Initiate Neutral with target price of Rs 700
• Niche play on digitalisation of life sciences industry
• Scalable model with domain expertise and long-standing client relationships
• Well positioned to ride the digital adoption wave in life sciences companies
• Client roster is impressive, sales engine geared towards both large and emerging pharma
• Strong management and industry analyst rankings, as well as balanced M&A approach
CITI ON ICICI BANK MGMT MEET
• Maintain Buy; Hike target price to Rs 1547 from Rs 1464
• Growth momentum to sustain in mid-teens led by Business banking, MSME, Corporate
• Comfortable LCR/LDR at 123%/85%
• Range-bound NIM with similar intensity (single-digit) moderation in Q2
• Comfortable asset sset quality; constructive on better rated CRE/NBFC/HFC
• Focused on cost efficiency; opex to grow slower than asset growth
CITI ON INDUS TOWERS
• Maintain Buy with target price of Rs 500
• Business As Usual - Buy The Dip
• Quantum of past dues that VI repays to Indus in Q2FY25 should ideally rise qoq given the tariff hikes
• Recommend using share price weakness as an enhanced buying opportunity given the attractive ~6- 7% dividend yield
JPMORGAN INDIA STRATEGY
• Time for tactical caution in Small and Mid Caps
• Crowding out by IPOs and additional issuances
• Earnings downgrades, despite better Q1
• Trading at a record premium; Higher volatility than large caps
• Not bearish on mid-cap/small-cap in the longer term
• Mid/small indices provide higher exposure to favorable themes like electronic manufacturing, power, infrastructure, EV and digital transformation
GOLDMAN SACHS ON L&T FINANCE
• Maintain Buy with target price of Rs 202
• MFI business in control; Levers in place to improve profitability
• Tractor business picking up (16% of Loans as of Q1)
• Rate Cuts to benefit - 77% of loan book at fixed rate while 23% is floating in nature
• Mgmt maintained guidance for delivering 25% growth along with ROAS/ROEs of 3%/15% over next 24 months
M&M MANAGEMENT MEET: GOLDMAN SACHS AND BOFA
XUV700 more affordable variants. supporting profit growth vs. recent strategy of focusing only on high-end trims
BEV launches to be profitable from Day 1
Improving validation on Inglo EV platform in some cases from other OEMS too
Green shoots becoming more visible in rural markets: though not back to rosy levels of previous cycles yet
Tractor market setup looks better heading Into H2FY25
Thar Roxx test drives opened in mid September and are off to good interest levels
Export plans starting with Australia, South Africa, Chile + Global Pick up Truck
- Fairly positive on growth outlook going into H2
Management reaffirmed FY25 guidance of 5% YoY growth for tractors and mid to high teen growth for SUV business
ASTER DM HEALTHCARE: CO UNIT HAS ENTERED INTO LEASE AGREEMENT WITH APARNA CONSTRUCTIONS AND ESTATES PVT LTD FOR SETTING UP NEW ASTER WOMAN AND CHILDREN HOSPITAL IN HYDERABAD
CLSA ON URBAN CONSUMPTION
• A cursory look at sales of QSRs and FMCG companies suggests tepid consumption patterns
• Have argued consumption, especially for young Indians, is changing with new avenues to spend
• Events, travel, eating out, luxury and premium goods, cheap fashion, cosmetics and consumer appliances and electronics are emerging as preferred areas to spend
Well over 100,000 people ahead in ticket queue for $50-$400 tickets
• Three shows sellng out fast each with over 50,000 tickets and an average price of about $75
• Resale tickets are available for at least 5x for now
• Diljit sold out over 250,000 tickets at an average price of $90
• Concerts for Dua Lipa and Bryan Adams also sold out rapidly
• Analysis suggests these four concerts alone saw ticket sales of over Rs 350 cr-Rs 400 cr over 40% of the incremental quarterly sales of listed QSRsCopied from stockaajorkal telegram channel
• The World Cup and IPL cricket tickets saw a similar frenzy in sales
Adani Total Gas
Secures$375mn-largest global financing in city gas distribution
Lenders who participate include DBS, MUFG Bank etc
Dr. Reddy's Laboratories
Received 0 observations by USFDA at R&D centre in Hyderabad
Glenmark
Received 0 observation-form 483 by USFDA at Aurangabad formulation facility
Biocon
Receives 3 observations form USFDA for API plant in Benguluru
Artson Engineering Receives LOI from Hindalco Industries, order worth ₹33.33 Cr
Hind Rectifiers Secures Order from Indian Railways worth more than ₹200 Cr
BHEL Secures Major EPC Contract from NTPC worth ₹6,100 Cr
HFCL Partners with General Atomics for Defence Tech Development!
#HFCL announced a strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI) to develop and supply critical sub-systems for GA-ASI's advanced Unmanned Aircraft Systems (UAS).
This partnership highlights India's growing investment in cutting-edge #defence technologies.
Key focus areas include UAV systems, radar technologies, and advanced subsystems like surveillance radars, threat emulators, and modern drone detection systems.
KEC International Secures New Orders Worth ₹1,003 Crores!
ONGC Videsh Signs Major Non-Associated Gas Deal in Azerbaijan
BHEL bags order worth Rs 6,100 cr from NTPC to set up for 800 MW Sipat Supercritical Thermal Power Project.
Tata Steel: Commissions India’s largest blast furnace at Kalinganagar. Crude steel capacity at Kalinganagar to expand from 3 MTPA to 8 MTPA with an investment of Rs 27,000 crore.
KBC GLOBAL: CO UNIT SIGNS USD 12.5M (104 CR RUPEES) MOU WITH LIBERIA SEZ AUTHORITY FOR RESIDENTIAL & COMMERCIAL PROJECTS
GLOBAL
Wall Street indexes had rallied to record highs last week-on account of rate cuts
European indices impacted by guidance cuts from auto majors
Prices have recovered after Brent fell below $69 for the first time in nearly three years on Sept. 10
INOX WIND: CO SIGNS A CONSORTIUM AGREEMENT WITH BANKS FOR RUPEES 2,200 CR FACILITIES || CONSORTIUM OF 10 BANKS LED BY ICICI BANK ALONG WITH A HOST OF MARQUEE PRIVATE AND FOREIGN BANKS
TRANSMISSION
5.5 GW of TBCB projects awarded in Rajasthan. Implementation time frame 2 year.
Estimated cost of the project is well over 20k Cr.
Power Grid wins majority of it.
Can expect good order inflow for contractor/Subcontractors.
Source: T&D India
Stocks To Watch
Vodafone Idea: The company has signed a $3.6 billion deal with Nokia, Ericsson and Samsung for the supply of network equipment over a period of three years. ⁠This is the first step in the company's Rs 55,000-crore capex plan.
SpiceJet: The airline's board approved issuance of 48.7 crore equity shares at an issue price of Rs 61.60 per share to raise Rs 3,000 crore via QIP.
Adani Total Gas: The company secured funding of $375 million from international lenders to expand its city gas distribution network.
Bharat Heavy Electricals: The company received an order worth Rs 6,100 crore from NTPC for an EPC package for the 1x800 MW Sipat Supercritical Thermal Power Project.
Dr Reddy's: USFDA inspected the Hyderabad R&D centre and closed with zero observations.
Tata Steel: The company successfully commissioned a blast furnace at Kalinganagar, Odisha. The company would invest Rs 27,000 crore in Kalinganagar's Phase II expansion, increasing the site's overall capacity from 3 MTPA to 8 MTPA.
Ramco Cements: The capacity of the company's cement grinding debottlenecking operations at its Andhra and Tamil Nadu plants has increased from 1.5 MTPA to 2 MTPA and 1.6 MTPA to 2 MTPA, respectively.
Samvardhana Motherson: The company raised Rs 4,938 crore via QIP.
Style Baazar: The company has opened a new store of the company in Dhubri, Assam.
Matrimony: The company will launch a new job business called 'ManyJobs' to focus exclusively on the grey-collar jobs market. The company is planning an initial launch for the Tamil Nadu market in both English and Tamil.
Glenmark Pharmaceuticals: USFDA inspected the Aurangabad facility and closed with zero observations.
Signature Global: Gaurav Malik resigned as CFO.
Piccadily Agro: The company’s Indri single malt whisky made available at Tesco stores across England.
Mankind Pharma: The company approved raising up to Rs 10,000 crore via NCDs and commercial papers.
Godfrey Phillips India: The company will seek appropriate clarification from RBI regarding the issue of bonus shares to non-resident shareholders. FDI is currently prohibited to invest in the cigarettes and tobacco products industry.
AstraZeneca Pharma: The company will launch Tremelimubab (Imjudo) concentrate in India in October.
JM Financial: The board approved appointment of Vishal Kampani as MD for 5 years effective Oct. 1 and approved re-appointment of Adi Patel as MD for 3 years effective Oct. 1.
*News Headlines from Business News Agencies :*
*Business Standard :*
FM reviews housing and urban affairs ministry capex with focus on PMAY
New housing supply in Delhi-NCR triples in Q2 to 13,311 units: PropEquity
Indian steel firms under pressure from rising imports, drop in exports
Greenfield boom: Hotel investments in India return to pre-pandemic high
Intel shares climb on report that Qualcomm made takeover approach
Finance Ministry urges DRTs, banks to expedite loan recovery processes
NBFC Aye Finance raises $30 million in series G round led by ABC Impact
Moglix to invest $50 million in Credlix for expansion in USA, Mexico
NCLAT rejects tax claim against RCom after initiation of insolvency
India, Germany conclude development policy negotiations successfully
Cement makers may end H1FY25 with higher raw material costs, weak pricing
GM recalls 449K SUVs, pickups over faulty low brake fluid warning light
India, Korea discuss upgrading of trade pact, promoting investments
Leela hotels owner Schloss files IPO papers to raise for $599 million
*Economic Times :*
Garuda Aerospace to set up dedicated defence drone facility near Chennai
AAHL reports lounge access issues at multiple airports after DreamFolks suspension
Plan to open offices abroad to assist foreign investors looking to invest in India: Piyush Goyal
NCLT rejects Philips India’s plea to buy out minority shareholders’ stake, again
SEC approves BlackRock's spot bitcoin ETF options listing
NCLT directs IRP to respond to 26,000 homebuyers of Supertech
India can become $10 tn economy by 2032; beat US, China in manufacturing: Report
Bombay HC grants temporary relief to CEATin case against Apollo Tyres’s ads
UPI transaction value surges to Rs 1669 lakh crore in first five months of FY 2024-25
Uco Bank IMPS issue: Slim chance of full recovery this fiscal, says bank MD
RBI extend tenure of IDFC First Bank MD V Vaidyanathan for another 3 years
Top bankers urge govt to initiate disinvestment process in banks
Government seeks explanation from edible oil companies on rising prices
Nirala World to invest Rs 400 cr to build luxury housing project in Greater Noida
*Mint :*
Oil logs second weekly gain after US Fed rate cut; Brent, WTI gain 4% in 5 days
IGREL Renewables eyes fresh ₹300 crore equity fundraise next fiscal
Linde India moves SC against SAT order in related-party transactions case
BSNL gains 2.9 million customers in July after private telcos raised tariffs
Blinkit, Zepto to face CCI scrutiny after complaints from local retailers
US CFTC issues first guidelines for carbon credit markets
OYO to acquire Motel 6, Studio 6 from Blackstone paying $525 million cash
SEBI permits mutual funds to buy, sell credit default swaps.
Govt pushes for indigenous technologies in animal husbandry, dairy sectors
Crude oil sizzles after US Fed rate cut: Brent nears $74 on demand optimism
Seci plans to launch IPO within next two years: CMD RP Gupta
HDB Financial IPO: HDFC Bank clears subsidiary's ₹2,500-crore IPO plan
Food price volatility remains ‘contingent risk’ for CPI inflation: RBI
JSA expands projects, real estate practices with new leadership team
Securities in ban period:
Aarti Industries,
Biocon,
Chambal Fertilizer,
GNFC,
Granules,
LIC Housing Finance,
National Aluminium,
Oracle Financial Services,
PNB,
RBL Bank,
Sail.
Money Market Update
The Indian rupee closed twelve paise stronger at 83.57 against the US dollar on Friday, up from its previous close of 83.69. The currency gained early momentum following the release of US jobless claims data on Thursday, which showed a decline to 2.19 lakh in September, the lowest since May and below the estimated 2.3 lakh claims.
Who’s Meeting Whom
Maharashtra Seamless: To meet analysts and investors on Sept. 25.
S.J.S. Enterprises: To meet analysts and investors on Sept. 25.
Nuvoco Vistas Corporation: To meet analysts and investors on Sept. 24.
Sula Vineyards: To meet analysts and investors on Sept. 26.
Trading Tweaks
Ex/record AGM: Caplin Point Laboratories.
Ex/record dividend: Caplin Point Laboratories.
Moved into short term ASM: BSE, Reliance Infrastructure.
Moved out of short term ASM: Sterling Tools, Stove Kraft.
Pledge Share Details
Lloyds Metals and Energy: Promoter Thriveni Earthmovers created a pledge for 25.5 lakh shares on Sept. 19.
360 ONE WAM: Promoter Karan Bhagat created a pledge for 96,716 shares and promoter Shilpa Bhagat created a pledge for 11.03 lakh shares on Sept. 16.

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