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 10, 2024

• Jefferies on Axis Bank
• Buy Call, Target Rs 1,500
• Credit Cost To Normalise; Prefer NIMs Over Growth
• Co Reassured That Surge In Credit Costs In Q1 Can Normalise
• Credit Cost To Normalise Even As Conservative Provisioning Policy On Unsecured Loans Upfronts
• Deposit Growth Is Slower But Bank Is Managing Funding-Cost Better That Helps To Holdon To NIMs
• Steps On Premiumisation & Corporate Salary Clients Will Steadily Improve Deposit Franchise
• Valuations Are At Discount To Peers; It Stays Among Top Picks
• CLSA on ICICI Bank
• Outperform Call, Target Rs 1,500
• Bank Well Placed On Deposits And Does Not Expect The Cost Of Deposits To Rise Materially
• NIM Is Likely To Be Stable & Rate Cut Would Only Result In A Temporary NIM Compression
• Bank Is Not Guiding Any Cost-To-Income Ratio Level But It Is Aiming To Deliver Profitable Growth
• Jefferies on GMR Airports
• Buy Call, Target Rs 106
• See The Delhi International Airport Deal As Attractively Priced
• Airports Authority Of India Would Continue To Holds 26% Equity Stake Of DIAL
• We Haven't Reviewed SOTP Valuations For Co As Of Now, Given The Deal Is Amid Closure
• Over 50% Of The Valuation For GMR Airports In Our SOTP Comes From DIAL
• Kotak Inst Eqt on GMR Airports
• Sell, TP raised to Rs 74 to incorporate last 2 big surprises, potentially—GAL winning Delhi Duty-free biz & stake consolidation in DIAL
• However, need to look beyond naïve approach of considering GMR Airports as monopolistic play on non-aero growth
• MOSL on IT
• Top Picks Are
• HCLTech (Target Rs 2,200)
• LTIMindtree (Target Rs 7,400)
• Persistent (Target Rs 6,300)
• Upgrade Coforge To Buy, Target Rs 8,100
• IT Services Sector Could Be On Cusp Of Recovery
• Estimate HCLTech To Lead Revenue Growth Among Large Caps Over Next Three Years
• Positive Outlook On LTIMindtree Is Based On Its Best-in-class Offerings In Data & ERP Modernisation
• Persistent Sys, With Its Strong Product Engineering Background, Remains Fastest-Growing IT Svcs Co
• Persistent Sys Well-Positioned To Benefit From Long-Term GenAI Investments
• Believe Coforge Can Leverage Synergies From Cigniti
• Healthy Growth In Coforge’s Executable Orderbook Bodes Well For Its Core Business
• MS on Dixon Tech
• Equal-Weight Call, Target Rs 8,696
• HP India Is The Third Large Customer That Co Has Onboarded In The IT Hardware Segment
• HP Enjoys 28-30% Market Share In India's Desktop And Notebook Segment
• Lenovo And Acer Have Around 15% Each Market Share
• MS on Suzlon Energy
• Overweight Call, Target Rs 73.4
• NTPC Project Scope Includes Supply Of Turbines, Erection & Commissioning And O&M
• The Large Contract Offers Improved Earnings Visibility For FY26-27
• HSBC on Life Insurance
• Industry’s Individual APE Growth Moderated To 10% Vs 18-19% YoY Run-rate In Previous 3 Months
• Growth Slowdown Was Sharper For Large Insurers Vs Small Insurers
• Growth In Number Of Policies Sold Also Moderated
• ICICI Pru’s Individual APE Growth (29%) Remained Faster Than Industry’s
• HDFCLIFE Continued Its Healthy Growth In NoPs
• Nomura on Life Insurance
• Growth Was Soft In August
• Private Players Continued To Outpace The Overall Industry
• Growth Of The Public Insurance Industry Was Muted
• Private Players’ Market Share Increased To Nearly 70%
• YTD FY25 Growth Came In At 17%/23% YoY For The Overall Industry/Private Players
• GS on Marico
• Buy, TP Rs 715
• NDR takeaways: Growth agenda on track
• Management reiterated their expectation of growing India biz in double digits starting FY25
• CO has scaled up its foods biz 4x over FY20-24 & targets to grow 2x in next 3 yrs
• Int biz is steady
• News Headlines from Business News Agencies:
• Business Standard
• Four agreements signed between Indian, UAE entities in energy sector
• JSW Infra okays Rs 2,359 cr capex for expansion at Jaigarh, Dharamtar ports
• Some moderation in PV sales growth 'very natural': Hyundai India COO Garg
• US partners with India Semiconductor Mission to expand global ecosystem
• New safety regulations for machinery, equipment to affect MSMEs: GTRI
• NIIF IFL to tap family offices to issue Rs 1,500 cr preference shares
• Agrochemicals export likely to touch Rs 80,000 cr in 4 yrs: ACFI-EY report
• Honda Power Pack Energy, Bhago Mobility partner for green fleet services
• Govt plans to use LNG for third of truck fleet, in blow to diesel
• Defence ministry, HAL sign Rs 26,000 cr pact for Su-30MKI jets' engines
• Inflation likely held below RBI's target at 3.5% again in Aug, finds survey
• Mahindra & Mahindra unveils commercial electric four-wheeler 'e-ZEO'
• Economic Times
• MeitY approves Mindgrove's proposal to develop second chip under DLI scheme
• Tata Power sets up 50K home chargers for EVs since April'23, says company
• New biz premium of life insurers grows 22 pc to Rs 32,644 crore in August
• Tata Motors slashes entry prices of several models including Nexon, Harrier by up to Rs 2.05 lakh
• GMR Airports to acquire 10% stake in Delhi International Airport at estimated $126 million
• ADNOC to supply Indian Oil with LNG for 15 years
• Niti Aayog invites EoI for research on India Innovation Index
• UDAAN scheme to continue for 10 more years: Civil Aviation Minister Ram Mohan Naidu
• BookMyShow partners with IndiGo to grow footfalls for live events
• NatWest Group appoints former Amex exec Ruchika Panesar as India head
• Azure Power to prepay green bonds worth USD 310 mn maturing in December
• Mint
• Bajaj Electricals MD Anuj Poddar to join Carlyle’s Asia leadership team
• Auto industry contributes nearly 15 per cent to total GST, says SIAM President
• Automakers will have to add EV models as markets are competitive: Gadkari
• Adani Green Energy repays over ₹6,200 crore Holdco Notes ahead of schedule
• Anti-microbial drugs should be sold under prescription: Regulator
• Ahluwalia Contracts India bags two orders worth ₹1,307 crore
• Linde India seeks stay on valuation exercise in related-party transaction case
• Arnya RealEstates hits first close of ₹375 crore for maiden fund
• DirecTV files complaint against Disney with FCC as impasse enters second week
• VentureSoul Partners AIF debt fund announces first close
• French retailer Carrefour set to re-enter India with Dubai's Apparel Group
• INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 09-09-2024 :
• FIIS F & O : RS. CRS. :
• TOTAL NET BUY : +1267
• INDEX FUT. : -372
• INDEX OPT. : +6513
• STOCK FUT. : -2561
• STOCK OPT. : -2311
• SEC. IN F&O BAN FOR, 10 SEP, 2024 :
• 1. ABFRL 2. BALRAMCHIN 3. BANDHANBNK 4. BIOCON 5. CHAMBLFERT 6. HINDCOPPER 7. RBLBANK
• ADDITION : NIL
• DELETION : NIL
• INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 09-SEP-2024 :
• FIIS : BUY +1,177 (14,679-13,502)
• DIIS : BUY +1,757 (12,173-10,416)
• BSE SENSEX : +375 (81,559)
• NSE NIFTY : +84 (24,936)
• BSE MIDCAP. : -137 (48,368)
• BSE SMLCAP. : -364 (55,614)
• B. CRUDE : $ 71.20
• GOLD: $ 2,495=INR 72,290(10gr)
• SILVER : RS. 83,000 (kg)
• FOREX : RS. $ 83.96
• 7.10% GOI '34 : 6.8546% (101.6950)
• 7.18% GOI '33: 6.8814%(101.96)
• 7.23% GOI '39: 6.9093% (102.90)
• Nifty closed @24,936 (+84) and Sensex @ 81,560 (+376) on Monday. GIFT Nifty was trading at 25,039 (as of 7.30 a.m.)
• FIIs net bought equities in cash to the tune of Rs. 1,177 cr whereas DIIs bought equities in cash worth Rs. 1,757 cr on September 9, 2024
• GMR Airports to acquire 10% stake in Delhi International Airport for an aggregate consideration of $126 million from Fraport AG
• IndiGo is set to expand its international network and bolster its cargo operations over the next few years as part of a broader goal to establish itself as a major global airline by 2030
• Warren Harris, CEO of Tata Tech, said that the company aims to achieve 20-21% margin in the next two to three years
• The Ministry of Defence has signed a Rs 26,000-crore contract with HAL for 240 AL-31FP Aero Engines for Su-30MKI aircraft
• GST Council reached a broad consensus on reducing the life and health insurance premiums from the current 18%
• Tata Motors Ltd. has cut by up to Rs 2 lakh prices of its passenger vehicles to propel festive sales amid waning demand
• The Centre is planning to tighten the mandate on domestic procurement in solar power project development to further push indigenous products
• Tyre makers, including the likes of Ceat and MRF, are likely to raise prices next week up to 2%, according to tyre dealers in Mumbai, New Delhi, and Ahmedabad
• JSW Infrastructure approved a capital expenditure of ₹2,359 cr for capacity expansion at its Jaigarh and Dharamtar ports along the west coast of India
• Indian ADRs: ICICI Bank (+2.0%), HDFC Bank (+1.7%), Dr. Reddy’s Labs (+0.5%)
• Debt:
• 10yr G-sec yield closed flat at 6.85% on Monday
• India’s CPI inflation likely stood at 3.50% YoY in Aug’24, little changed from a 5-year low of 3.54% in Jul’24, as per Reuters poll of 53 economists
• GST Council has postponed the decision on reducing GST rate for health and life insurance premiums (currently at 18%)
• Bank of Baroda raised Rs 5,000 cr through a 10-year infrastructure bond issuance at a coupon rate of 7.26%
• India's agrochemical exports could exceed Rs 80,000 cr in 4 years if the industry is supported with a conducive environment, according to a report by ACFI and EY
• Commodities:
• Brent crude was up by 0.31% to $71.91/barrel on concerns that a hurricane forecast to hit Louisiana on Wednesday will disrupt production and refining along the U.S. Gulf Coast
• Gold futures settled higher as investors awaited the U.S. inflation report for further clues on the potential size of the Federal Reserve's interest-rate cut. Spot gold was up by 0.39% to $2,506.78/oz on Monday.
• According to Coal ministry data, coal production and despatch in India declined significantly in August 2024 due to heavy rainfall. Production fell by 7.5% y/y to 62.76 mn tonne, the lowest since March 2023, despatch also decreased by 6.35% y/y to 70.39 MT, the lowest in over 18 months
• India plans to have a third of its heavy duty long-haul trucking fleet fuelled by liquefied natural gas (LNG) instead of diesel in 5 to 7 years to cut pollution, according to a draft policy from the federal oil ministry
• Currency:
• Rupee depreciated by 1 paise and settled at 83.96 against the US dollar on Monday, despite inflow of FIIs in Indian equity market
• US Dollar Index (DXY) increased by 0.44% to end at 101.65 on Monday, as Fed easing expectations have steadied with market pricing in less aggressive cuts
• USD/AUD increased by 0.22% to end at 1.502 on Monday, as a sharp deflation in China’s PPI weighs on the Australian Dollar
• GBP/USD fell by 0.46% to end at 1.307 on Monday, as reviving BoE rate cut bets contribute the upside for the GBP
• International Markets:
• U.S. markets rallied on Monday as the Dow Jones was up by 1.20% while the S&P 500 and the Nasdaq were up by 1.16% each. All 3 major futures indices are trading between +4 to -5 bps at the time of writing the report
• Japanese GDP grew by 0.7% QoQ for Q2CY24 vs. expectations of 0.8% QoQ and as compared to a degrowth of 0.6% QoQ in Q1CY24. On a YoY basis Japanese economy grew by 2.9% QoQ in Q1CY24 and was below expectations of a 3.1% YoY growth
• Chinese PPI declined by 1.8% YoY in Aug-24 vs a decline of 0.8% YoY in Jul-24 and was below expectations of a 1.5% YoY decline