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September 09, 2024

News Headlines from Business News Agencies:
Business Standard
PNB Housing Finance plans to raise up to $125 mn via ECB in Q3, says CEO
VIL's capital-raise unlikely to plug market share erosion: Goldman Sachs
SpiceJet plans to raise over Rs 3,200 cr through debt, equity instruments
Razorpay betting big on omni-channel growth ahead of IPO: Shashank Kumar
Starbucks appoints Brian Niccol as CEO after struggles with mobile orders
Tata Digital's FY24 losses narrow to Rs 1,200 crore, revenue doubles
Gujarat to set up 48 MW capacity solar rooftops on govt buildings in FY25
India may cut petrol, diesel prices as global oil prices reach 2024 lows
India's edtech sector sees 30% drop in funding to $215 mn amid slowdown
TN govt signs investment deals worth Rs 850 crore with 3 US companies
Zepto set to enter buy now, pay later segment with 'Zepto Postpaid'
Maharashtra leads FDI with Rs 70,795 cr in Q1FY25, Karnataka a distant 2nd
378 housing projects with 146,000 units stalled in 5 UP cities: PropEquity
Economic Times
India's forex reserves hit a fresh high of $683.99 bn: RBI data
NLC India aims to start mining of Machhakata coal block in Odisha ahead of schedule
NIIF gets CCI's clearance to acquire additional stake in Ather Energy
Jio Financial forms JV with BlackRock Advisors Singapore; to invest Rs 3 crore towards initial share subscription
GCCs focus more on learning investments in benefits payout: ANSR survey
Shriram Finance plans to raise $1 bn from overseas in next 6 months
Invited steel industry to discuss unfair competition to take appropriate steps: Goyal
Reliance Infra weighs EV push, taps ex-BYD executive
STT GDC to invest $3.2 billion in India to expand data centre capacity
Max Fin Services promoter firm sells 3.19 pc stake to repay debt
Volkswagen factory threat stress-tests Germany's economic model
Hybrid car tax relief may distort market, hurt EVs: Mercedes-Benz CEO
Education loans to remain among fastest-growing segments for NBFCs: Crisil
Mint
Domestic carriers gain as overseas air traffic rises 13% in April-June
SpiceJet's Ajay Singh likely to sell more than 10% stake to raise funds
HUL forms independent panel to review ice cream business
UK antitrust regulator says Google abusing pole position in advertising tech
Suzlon Energy acquires 51% stake in Renom Energy
BofA shared nonpublic information with investors in India, whistleblower says
India-UK FTA talks likely to resume next month, Labour to revisit mobility
Boeing strikes deal with workers' union over fresh offer of salary hike
Jindal Stainless supplies tempered-grade steel for Vande Bharat sleeper coaches
Vedanta to progress from asset manager to asset owners, says chairman Anil Agarw
Nvidia draws antitrust scrutiny as enforcers signal early interest in AI
Oil executives face gloomy reality at APPEC 2023 amid China's economic slowdown
India Daybook – Stocks in News
Suven Pharma: US FDA gets EIR from US FDA for Hyderabad-based manufacturing facility oa Arm Casper Pharma. (Positive)
AMI Organics: Japan medical regulator says Company's Surat manufacturing facility is 'good manufacturing practices' compliant (Positive)
Deep Industries: Company gets letter of award for Rs 1,402 crore project from ONGC (Positive)
Britannia: Company gets all requisite approvals for proposed capacity addition worth Rs 300 crore at its Ranjangaon plant (Positive)
Indigo Paints: HDFC Mutual Fund and Morgan Stanley Asia were among buyers of Indigo Paints shares. (Positive)
IDBI Bank: CARE has upgraded IDBI's rating from "CARE AA-/Stable" to "CARE AA/Stable" for
Basel III Compliant Tier II Bonds. (Positive)
Silver Touch: Infomerics upgraded rating for Long-term and the Short-term bank facilities. (Positive)
SML Isuzu: ICRA Limited upgraded the Long-term rating and the Short-term rating of the Company (Positive)
Metro Brands: Kotak Mahindra Mutual Fund bought 39.7 lakh shares in Metro Brands for Rs 1,260 apiece. (Positive)
Thermax: Company unit first energy has entered into share purchase agreement for acquisition of 100% of the equity share capital of Onix-Two Enersol shall become wholly owned step-down subsidiary of the company, (Positive)
Ward wizard: Company to form JV in Saudi Arabia for setting up two plants in the country (Positive)
Associated alcohol: Company to launch new product HILLFORT - premium blended malt whiskey. (Positive)
Ion Exchange: Company gets order worth Rs 168 crore from Italy-based Technimont for Hail & Ghasha Development Project in UAE (Positive)
Swelect Energy: Company board has given approval for proposed investment by unit to establish solar roof top power generating plants under energy sales model. (Positive)
Reliance Infra: Plans to make Electric Cars and batteries for electric cars. (Positive)
HUL: Company board discussed prospects for Company’s ice cream business (Positive)
Jio Financial: Company incorporates JV Jio BlackRock Investment Advisers with BlackRock Advisors Singapore (Positive)
RBM Infracon: Company receives order worth ₹3,498 Cr including ₹3,371 Cr for crude and ₹127 cr for gas at Nandej from Oil & Natural Gas Corporation (Positive)
Mazagon Dock: Company bags order worth ₹1,486 cr from Oil & Natural Gas Corporation. (Positive)
Radico Khaitan: Company launches 2 new single malts under Rampur Jugalbandi series (Positive)
Nazara Tech: Company buys 48.42% in Paperboat for ₹300 Cr. (Positive)
KIMS: Company announces lease and operations and Management agreement with Sree Chand Specialty Hospital (Positive)
Spicejet: Company and Carlyle Aviation Management enter debt restructuring agreement. (Positive)
GE T&D: Company resumes operations at its Vadodara plant in Gujarat. (Neutral)
Transport Corporation of India: Buyback to open on September 10, close on September 17 (Neutral)
Poonawala: Dhiraj Saxena tenders resignation as Chief Technology Officer of company (Neutral)
Maruti Suzuki: Company offers discounts of up to ₹50,000 on some models in September (Neutral)
Adani Power: Company completes acquisition of Lanco Amarkantak Power (Neutral)
Suzlon Energy: Company completes acquisition of 51% stake in Renom Energy Services (Neutral)
AU Small Finance Bank: Bank partners with United India Insurance for general insurance solutions. (Neutral)
JSW Energy: Company issues corporate guarantee of up to Rs 450 crore to JSW Energy (Utkal) (JSWEUL), a subsidiary of the company. (Neutral)
Spandana Sphoorty: Company approved issuance of non-convertible debentures worth Rs 1 billion on private placement basis. (Neutral)
Credit Access Grameen: Nilesh Dalvi appointed as CFO effective on 6th, September, 2024 (Neutral)
Mangalore Chemicals: Company has shut down the ammonia and urea plants for replacement reformer catalyst (Neutral)
Atul Auto: Company invested Rs 20.03 cr in subsidiary namely Khushbu auto finance. (Neutral)
Granules : U.S. FDA completes its inspection at Granules’ plant in Hyderabad with six observations. (Neutral)
LIC: Company gets GST demand order worth Rs 114 crore including interest and penalty for FY21. (Neutral)
Repco Home Finance: L Lakshmi tenders resignation as CFO of Repco Home Finance, effective 6th, September, 2024 (Neutral)
Godfrey Phillips: Bina Modi re-appointed as MD of company for 5 years effective November 14. (Neutral)
Gensol: Company amends QIP issue size to Rs 750 crore from Rs 500 crore. (Neutral)
Max Financial: Max Ventures Investment sold 1.10 crore equity shares at Rs 1,107.37 apiece. (Neutral)
Marico: Company to acquire remaining 40% stake in Apcos Naturals for Rs 70 crore. (Neutral)
Muthoot Capital: Company Approved Issue and Allotment of NCDs worth Rs 50 cr (Neutral)
Oil India: Company joins the Oil & Gas Decarbonisation Charter (Neutral)
HDFC Bank: Raised the marginal cost of funds-based lending rate (MCLR) for 3-month tenure by 5 basis points. (Neutral)
Tata Power: Company awards contracts worth ₹11,481 crore to local suppliers. (Neutral)
Shriram Finance: Company plans to raise $1 billion from overseas in the next six months. (Neutral)
Mining Stocks: Iron ore falls below $90/tn for first time since November 2022. (Negative)
MS on Reliance Ind
Overweight Call, Target Rs 3,416
Co’s GRM Outperformance Vs Benchmark Margin To Widen Further As Crude Discounts Rise
Stock Is Pricing In Mid-Cycle Refining Margins; Current Margins Are Below That
Refining Cash Flows Remain Key To Co’s Growth Plans
Global Refining Weakness Does Receive Investor Focus
$1/bbl Lower Refinery Margins Affect Co’s Cash Flow Negatively By $0.4 Bn
JPMorgan on IT
Overweight Call On Mphasis & Coforge
TCS Best Placed
BFS Has Been Standout Vertical With Positive Incremental Commentary Since IT Earnings Season
Commentary Has Highlighted That This Is Particularly Strong For US BFS Firms
A Potential Fed Rate Cut Could Drive A Recovery In Mortgages For US BFS
Fed Rate Cut Could Drive Improvement In Discretionary Tech Spends For The BFSI Vertical
Mphasis Has Highest Exposure (59% BFSI, 46% US BFS) Followed By Coforge (53% BFSI, 26% US BFS)
CLSA on IT
Maintain Cautious Stance With Underperform Call On LTIMindtree
Hold Call On TCS, Infosys & HCLTech
Software Is Growing Much Faster Than IT Services Spend & At Times Cannibalising It
Indian IT’s Global Market Share Has Somewhat Plateaued Lately At Around 16%
Offshoring Tailwinds Seen Post COVID Reversing In Few Instances
Captives Of G2000s In India With Annual Revenues $50 Bn Have Reached A Threshold
Nifty IT Now Just 7% Away From Peak Valuation Seen Post COVID Recovery
Growth For Indian IT Would At Best Be High-single Digits In FY26/27 Vs Mid-teens In FY22
Citi on Lupin
Sell Call, Target Rs 1,700
Otsuka (Innovator) Files Notice Of Appeal Against District Court’s Verdict On Generic Jynarque
There Is A Probability That Lupin May Still Prevail In The Higher Court
Co’s Generic Launch In April 2025 (If It Wants To Go Ahead) May Now Be An ‘At Risk’ Launch
There May Be Delay Around Injunctions/Restraining Orders
Co May Delay The Launch As It May Not Realise Full Potential Of Sole FTF With An “At Risk” Launch
Jynarque Contributes 30% Of Our FY26 EPS & There Is A Possibility Of Downside In This Number
Jefferies on Petronet LNG
Underperform Call, Target Rs 240
Volumes At Dahej Terminal Are Down 30% Since The May Peak
Volumes At Dahej Terminal Are Down As Gas Demand From Power Cooled Off
Earnings Momentum Is Negative
Capital Allocation Concerns On PDH-PP + East Coast Terminal Projects Are A Medium-term Drag
Valuations Are Unfavorable After 90% Rally Since November
MOSL on Persistent
Buy Call, Target Rs 6,300
Revenue Target Bt FY27 Is $2 Bn & Management Is Optimistic About Achieving This Target
There Is A Challenging Business Environment
Co Implementing Strict Cost Management Strategies
Focusing On High-Demand Areas Like Data, Cloud, Digital Engineering
Co Aims To Diversify Geographically To Increase Its European Rev Share From 7-8% To 12%
Jefferies on JSW Group
Group Believes India Is At An Upward Inflection, Offering Immense Growth Opportunities
Execution And Prudent Capital Allocation Is Strong & It Remain Key Focus Areas
It Is Rapidly Expanding Capacity In Steel, Energy, Ports & Paints
Developing Capabilities In Autos, And Actively Promoting Sports In India
UBS on Shriram Fin
Buy Call, Target Raised To Rs 3,850 From 2,915
Synergies From Merger To Keep Aiding Growth
NIM Compression Transitory; Accomplishing New Segments Further Is The Key
Asset Quality To Remain Stable; Credit Costs Guidance Maintained
Management Expects The C/I Ratio To Improve And Remain In The Guided Range Of 26- 27%
Nomura on Banks
Deposit growth & CASA could see +ve fillip from a potential easing cycle
Benefits from a potential CRR cut will get offset by tighter draft LCR norms
Rate cuts a sector dampener; will not jump the gun based on NIM alone
Top picks – Kotak, ICICI, SBI & Federal
Nuvama on Banks
Believe risks pertaining to CEO reappointment at AXIS & IndusInd fading, +ve for both
For AXIS, Board already approved incumbent CEO’s reappointment
Believe if RBI has to reject, should happen latest by this weekend so that there is enough time to find a replacement
Nifty closed @24,852 (-293) and Sensex @81,184 (-1,017 on Friday GIFT Nifty was trading at 24 846 (as of 7:30 am)
FIIs net sold equities in cash to the tune of Rs 621 cr whereas DIIs bought equities in cash worth Rs 2,122 cr on 6th September 2024
Jio Financial, BlackRock Advisors enter JV for investment advisory services
Adani Group has formed a subsidiary in China to carry out business of providing supply chain solutions and project management services
Solar panel exports stagnate in Q1 after post FY22 surge largely due to the steps taken by the US to curb imports of the solar panels though none of these measures were directly aimed at India
The Indian hospitality industry is expected to recover significantly in 2 QFY 25 after a weak 1Q with RevPAR projected to rise 9.11 y/y
Top IT firms return to engineering campuses after most of the major IT companies had scaled back their campus hiring in FY24 leading to the placement rate falling to 40 50
Glenmark Pharma expects the drug formulations market in India to grow at 9 10 CAGR over the next decade, with Jan Aushadhi outlets anticipated to emerge as a much stronger player in the country
Yatra Online is targeting to become a market leader in the meetings, incentives, conferences, and exhibitions ( business following its acquisition of Globe Travels from Ramkrishna Forgings, in a cash deal worth Rs 128 cr.
NBFC Shriram Finance Ltd plans to raise 1 billion (about Rs 8 300 cr from overseas in the next six months, to fund its business growth
Tata Digital, saw its losses narrow for FY24 to Rs 1,200 cr from Rs 1,370 cr in the previous year, while the revenue more than doubled to Rs 420 cr from Rs 204 cr in FY23
US elections Trump pledges 100 tariff for countries that shun dollar
Indian ADRs: ICICI Bank (-1.9%), Infosys (-1.6%) and Wipro (-0.8%)

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