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September 06, 2024

India Daybook – Stocks in News
Pidilite Industries: Company enters into exclusive distribution agreement with Colltech group (Positive)
Sumit woods: Company selected as developer to redevelop a project, project offer gross development value of about Rs 500 cr, Market Cap of the Company is Rs 440 cr. (Positive)
Jindal Stainless: Company supplied stainless steel for Vande Bharat sleeper coaches. (Positive)
Wipro: Company gets enlisted by JFK International Air Terminal to meet sustainability targets (Positive)
Sundaram-Clayton: Company has commissioned the commercial production of aluminum die castings situated in the industrial area of the state industries promotion corporation of Tamil Nadu (Positive)
Vivanta Industries: Company has entered into partnership agreement with Marut drone tech for doing business of drones in Gujarat territory. (Positive)
Colgate-Palmolive: Company launches a new product in addition to its visible white range, the visible white purple toothpaste (Positive)
Ashoka Buildcon: Company has been apprised by unit viva highways, that the land owned by it under its real estate portfolio, situated at hinjewadi, pune, has been monetized at a total consideration of Rs 453 crore (Positive)
Shakti Pumps: Company and IIT Delhi secure milestone patent for innovative irrigation technology, Company receives 15 patent for ground breaking sensorless motor drive technology (Positive)
Suven Pharmaceuticals: Company approves merger of Casper Pharma with company (Positive)
Matrimony: Company approves Rs 72 crore share buyback at 27% premium (Positive)
Honeywell Automation: Commissions Microgrid Battery Storge system in India for Solar Energy Corp. (Positive)
KEC International: Company gets orders worth ₹1,423 cr for design, supply & installation of 380 kV transmission lines in Saudi Arabia (Positive)
Apar Ind: Revision in ratings of Long Term Bank Facilities from “A+” to “AA“, Outlook Stable (Positive)
GNA Axles: Memorandum of Family Settlement (MFS) having been entered into amongst the members of the GNA Family (Positive)
NLC India: Vesting order was issued for NLCIL's Second Commercial Coal Block and the Biggest among the NLCIL's Mining Projects, Machhakata (Positive)
VST Ind: Company has received in-principle approval to issue bonus shares in a 10:1 ratio, granting 10 new shares for every 1 existing share. (Positive)
Thangamayil: Chandramogan bought 3,53,353 shares at 2,140.00/sh (Positive)
Dreamfolks: Introduces its latest service, highway dining for travellers. (Positive)
Poonawalla Fincorp: Board approves allotment of NCD aggregating to Rs 425 crore, through private placement. (Neutral)
Finolex Cables: Ratnakar Barve to replace Nikhil Naik as Chairman of Company (Neutral)
Oswal agro mills: Company acquired 4.85% stake of Oswal greentech; deal for Rs 51.07 per share (Neutral)
Rashtriya chemicals and fertilizers: Company approved issue of non-convertible debentures worth Rs 14 billion via private placement basis (Neutral)
Aditya Birla fashion: Company approved allotment of 55.7 million shares to eligible shareholders of TCNS clothing. (Neutral)
Brigade: Company announces closure of its institutional share sale through which it has managed to raise ₹1,500 crore. (Neutral)
Bharat Forge: North America Class 8 truck orders remain below seasonal expectations. (Neutral)
Mrs Bectorfood: Company launches QIP to raise up to ₹400 cr, indicative issue price at ₹1,550/sh. (Neutral)
Indigo Paints: Peak Partners Likely To Sell 11% Stake Of Indigo Paints Via Block Deals (Neutral)
Nucleus Software: Company to buy back up to 4.48 lakh shares (1.67% equity) for ₹72.4 crore at ₹1,615/share. The buyback opens on September 9 & closes on September 13. (Neutral)
Ola Elec: Anchor lock-in period end date for 50% shares (30 Days) is today. (Neutral)
KPIT: Merger of Future Mobility Solutions GmbH with KPIT Technologies GmbH has been approved (Neutral)
Camlin Fine: Board Meeting to be held on 10-Sep-2024 to consider and approve Increase in authorised capital/Fund raising (Neutral)
Gensol: Company has acquired 99.99% of Gridstor Energy Private Limited's equity shares, making it a wholly-owned subsidiary. (Neutral)
GIC RE: Company got bids for 1345323 shares vs 5951200 shares offered for retail. (Neutral)
PNB Housing Finance: Company to raise nearly ₹2,500 crore via NCDs on September 9. (Neutral)
PayTM: Govt is Likely To Impose 18% GST on Income of PGs for Transactions Below ₹2000. (Neutral)
Mangalam Cement: Company enters into purchase power agreement for Solar Power via SPV Suryadeep RJ1 Projects. (Neutral)
Force Motors: August’24 sales 2299 units vs August’23 units 3018. (Negative)
Venus Pipes: Directorate of Revenue Intelligence has conducted search at registered & corporate office of the company. (Negative)
VENUS PIPES AND TUBES: CO SAYS DIRECTORATE OF REVENUE INTELLIGENCE HAS CONDUCTED SEARCH AT REGISTERED & CORPORATE OFFICE OF THE COMPANY TODAY FOR ALLEGED EVASION OF CUSTOM DUTY OF GOOD IMPORTED
GST COUNCIL TO STUDY ON SUB INR 2000 TRANSACTIONS VIA PAYMENT APPS: CNBC
PRESTIGE ESTATES: CO APPROVED ISSUE OF SHARES WORTH UP TO 50B RUPEES || ISSUE OF EQUITY SHARES TO ELIGIBLE QUALIFIED INSTITUTIONAL BUYERS
#NewsFlash | Peak Partners Likely To Sell 11% Stake Of Indigo Paints Via Block Deals, Sources To @nimeshscnbc
- Offer Price At Rs 1,470/Sh, At A 4.6%Discount To CMP
- Offer Size At Rs 770 Cr
- There Will Be A 90 Days Lock In Period For The Seller
Why Madhabi Puri Buch should resign - https://www.freepressjournal.in/business/why-sebi-chairperson-madhabi-buch-should-resign
Why SEBI Chairperson Madhabi Buch Should Resign
As hundreds of employees of SEBI have protested against Puri Buch allegedly encouraging a “toxic work culture” in the organisation, the head of the Zee media group Subhash Chandra has publicly accused her of bribery and corruption – again, something like…
EPACK Durables Eyeing to Become INR 5000 Crore Company in The Next Five Years: CEO & MD Ajay Singhania
In the last fiscal year alone, the company achieved a revenue of INR 1,500 crore, with expectations to grow by 45-50 per cent in the current fiscal year
Securities in ban period:
Aditya Birla Fashion And Retail,
Balrampur Chini Mills, Bandhan Bank,
Biocon,
Chambel Fertilizers,
Hindustan Copper,
RBL Bank
Who's Meeting Whom
Bharti Airtel: To meet analyst and investors on Sept. 10 and Sept. 11.
ICICI Prudential Life Insurance: To meet analyst and investors on Sept. 12.
Endurance Technologies: To meet analyst and investors on Sept. 10.
Vedant Fashions: To meet analyst and investors on Sept. 10.
Wipro: To meet analyst and investors on Sept. 12.
Trading Tweaks
Price Band change from 20% to 10%: IIFL Securities, SEPC.
Ex dividend: Eclerx Services, Shipping Corporation of India, Shipping Corporation of India Land and Assets, Senco Gold, Sterling Tools, Tatva Chintan Pharma Chem, Triveni Turbine, Vardhman Textiles.
Ex/record dividend: Gujarat Narmada Valley Fertilizers and Chemicals, Gujarat State Petronet, KRBL, Medi Assist Healthcare Services Metro Brands, NBCC, The New India Assurance Company, Protean eGov Technologies, Quess Corp, Responsive Industries, Triveni Engineering and Industries, Zen Technologies.
Ex/ record Bonus: VST Industries.
Moved in short term ASM Framework: Geojit Financials Services
Insider Trades
Sonata Software: Promoter Sujit Mohanty sold 25 thousand shares between July 23 and Sept 4.
CIE Automotive India: Promoter Anil Haridass sold 46 thousand crore shares and promoter Anjali Powar Haridass sold 88 thousand shares on Sept. 3. Promoter Anil Haridass sold 8 thousand shares and promoter Anjali Powar Haridass sold 9 thousand shares on Sept. 4.
NIIT: Promoter Sanjay Mal sold 25 thousand shares on Sept. 3.
Pidilite Industries: Promoter Harish Himatlal Parekh sold 0.15 crore shares on Sept 4.
Safari Industries: Promoter Safari Commercial Llp sold 1 lakh shares on Sept 4.
Dr. Lal Pathlabs: Promoter, Hony Brig. Dr. Arvind Lal sold 2 lak shares on Sept. 3.
Usha Martin: Promoter Peterhouse Investments India Ltd. sold 0.7 crore shares between Sept. 3 and Sept. 4.
Stocks to Watch
KEC International: The company received new orders worth Rs 1,423 crore for the supply and installation of 380 kV transmission lines in Saudi Arabia.
Rashtriya Chemicals & Fertilizers: The company approved the issue of secured/unsecured, non-convertible debentures aggregating up to Rs 1,400 crore in the period of the next twelve months through a private placement basis.
Aditya Birla Fashion And Retail: The company will raise funds up to Rs 500 crore through non-convertible debentures. The company also approved the allotment of 5.57 crore shares to shareholders of TCNS Holdings. The company will allot 11 ABFRL shares for every six held in TCNS Holding.
Ashoka Buildcon: The company announced that its wholly-owned subsidiary, Viva Highways Ltd, has successfully monetised its
land in Hinjewadi, Pune, for a total value of Rs 453 crore.
L&T Finance: The company has issued 17,500 listed, secured, rated, redeemable non-convertible debentures worth Rs 175 crore to selected investors through a private placement on Sept 5, 2024.
Wipro: The company has been enlisted by JFK International Air Terminal, the operator of JFK’s Terminal 4, to help meet its net zero targets.
JSW Energy The company has received a Rs 55 lakh tax penalty for the financial year 2019-20.
Adani Enterprises: The company approved the early closure of the NCD issue. The issue will now close on Sept. 6 instead of Sept. 17.
Finolex Cables: Nikhil Naik stepped down as Chairman of the Board, and the board appointed Ratnakar Barve as Chairman in his place.
Jindal Stainless: The company has supplied high-strength tempered 301LN grade austenitic stainless steel for this prestigious government project. The coaches are manufactured by Integral Coach Factory and Bharat Earth Movers Ltd.
Sky Gold: The company approved the issuance of 4.17 lakh fully paid equity shares worth Rs 50 crore. These shares were issued as part of a share swap deal in exchange for acquiring 100% ownership of Sparkling Chains Private Ltd
and Starmangalsutra Private Ltd. rather than for cash.
Pidilite Industries: CollTech Group, a company specialising in high-performance adhesives and thermal solutions, has signed an exclusive distribution agreement with
Pidilite Industries. Under this partnership, Pidilite will be the sole distributor of CollTech’s products in India, helping both companies strengthen their market presence, especially in the electronics industry.
MedPlus Health Services: Optival Health Solutions Private Ltd., the subsidiary company, has received two suspension orders for drug licenses for stores situated in Bangalore, Karnataka.
Akzo Nobel India: The company has commenced the commercial production of the powder coating products from its plant at Gwalior with an installed production capacity of 5166 T per annum.
Allcargo Logistics: Ecu Worldwide Korea Co. Ltd., a joint venture company of Allcargo Logistics Ltd, has incorporated a company in the name of Allcargo ULS Terminals Co. Ltd., “Allcargo ULS Terminals.”
Nucleus Software Exports: The company's buyback worth Rs 72 crore is to open on Sept. 9 and close on Sept. 13.
Venus Pipes: The Revenue Intelligence Directorate conducted a search at the company's corporate office over alleged evasion of customs duty on goods imported. The company has deposited Rs 5 crore as duty.
Matrimony.com: The board approved Rs 72 crore buyback at Rs 1,025 per share.
Dow - 219
Nasdaq + 53
Dax - 15
Nikkei - 23
Hangseng Closed
Gift Nifty - 100(25152)
Dowfut + 12
Nasdaqfut - 119
Crude Oil 72.73
Dollar Index 101.01
MRS BECTORS ; Co. LAUNCHED QIP FOR FUND RAISING, FIXES FLOOR PRICE @ ₹ 1,577.85
BRIGADE ENT : UPDATE ON QIP
Co. To Issue Rs 1500 Cr worth shares To QIBs At Rs 1150/Share
Jefferies Raises Tgt on Bajaj Finance
Tgt raised to 8410 vs 7780
Bounce Rates Falling
Earnings Trend to improve from Q3
Moderation in credit costs
Stabilisation of NIMs from Q3
Expect moderation in loan growth from 31% to 25-26%
FED SEEKS FEEDBACK ON EMERGENCY LENDING OPERATIONS
Adani Enterprises announces early closure of public issue
Issue to close on September 6 instead of September 17. Company approves raising Rs 800 crore via bonds.
Gold climbs Rs 500 to Rs 74,100 per 10 grams; silver rallies Rs 1,000
Gold prices in the national capital rose by Rs 500 to Rs 74,100 per 10 grams on Thursday, driven by increased demand from jewelers and a positive trend in international markets. Silver also experienced a significant increase, rising by Rs 1,000 to Rs 84,600 per kilogram due to higher demand from industrial users and coin manufacturers.
KEC International
Wins New T&D Orders of Rs. 1,423 crores
Bharat Forge(-VE)
August preliminary North America Class 8 net orders were 16,400 units, up 22% m/m but down 16% y/y.
PIDILITE INDUSTRIES
CollTech Group has signed an exclusive distribution agreement with Pidilite Industries, a leading name in India's industrial adhesives and sealants market.
Promoters sold 3.6LK shares over Sept 2 to Sept 4
MEDIA REPORTS
-ve for Paytm
Govt is Likely To Impose 18% GST on Income of PGs for Transactions Below ₹2000
PG is payment gateway fees
GIC RE
Retail portion gets 22.61% Bids
In total the company got bids for 13,45,323 shares vs 59,51,200 shares offered for retail
ET - 'Unilever will Probably Not Hold Its High Market Share in India’
GLOBAL CEO STALK STRATEGY AND INDIA
Co keen to participate in country’s premiumisation shift amid booming modern trade
Sanlam Eyes India Wealth Management as BlackRock, Jio Join Fray
Insurer wants to tap India’s booming asset-management industry
First-half headline earnings rose 43% as environment improved
Bectors Food
QIP Opens
Floor Price Rs 1577.85 per share , Discount of 2.2% from CMP
Amit Shah to unveil BJP manifesto for J&K polls
Keep an eye for JK Bank and SRM Contractors
They mighy be biggest beneficiaries
ACTION FOR DAY
U.S: nonfarm payrolls, Fed’s balance sheet, Baker Hughes oil rig coun
Gensol Engineering to mull fundraising
VST Industries to mull bonus issue
AGM : Godfrey Phillips, MTAR Tech, Petronet LNG,
Baazar Style Retail to list on D-Street (7-12% premium)
Thangamayil Jewellery Ltd
CHANDRAMOGAN R G Bought 3,53,353 shares @ 2,140.00/sh
(EX-CHAIRMAN OF HATSUN AGRO)
Ecos (India) Mob & Hosp L
PLUTUS WEALTH MANAGEMENT LLP Bought 4,29,425 shares @ 473.1/sh
Max Fin Serv Ltd
MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED sold 1,10,00,000 shares @ 1,107.37/sh
Force Motors-WEAK
Monthly Biz Update
Sales – Domestic + Export –
August’24 2299 units vs August’23 units 3018 (-23.82% yoy)
Bharat Forge/ GNA Axles in Focus
August preliminary North America Class 8 net orders were 16,400 units, up 22% m/m but down 16% y/y
Historically, August is the last month of weak orders before the OEMs open their books to next year’s orders
Matrimony.Com Limited
Board of Directors approved a buyback of 7,02,439 equity shares at ₹1,025 per share, totaling ₹720 million, through a tender offer.
Dreamfolks
Company forays into Highways
Introduces its latest service, highway dining for travellers.
HIGHWAY RETAIL-ONCE LARGE EXPRESSWAYS ARE MADE--WILL BE A BIG OPPORTUNITY....APART FROM DINING OTHER RETAIL OPTIONS WILL OPEN UP.
Nucleus Software
Buyback details
To open on 9th sept and close on 13th September
Entitlement ratio
Reserved Category for Small Shareholders ~ 3 Equity Shares out of every 50 Equity Shares held on the Record Date
Brigade Ent
Company allocates 1,30,43,478 Equity Shares to eligible qualified institutional buyers at an issue price of ₹ 1,150/- per Equity Share ~ Discount of 1.26% on floor price of 1164.7
GNA Axles
Memorandum of Family Settlement (MFS) having been entered into amongst the members of the GNA Family
Mangalam Cement
Company has entered into a PPA for purchase of Solar Power under Captive Open Access through a Special Purpose Vehicle (SPV) i.e Suryadeep RJ1 Projects Private Limited.
NLC India
Vesting order was issued for NLCIL's Second Commercial Coal Block and the Biggest among the NLCIL's Mining Projects, Machhakata
APAR Industries Limited
revision in ratings of Long Term Bank Facilities from “A+” to “AA—“, Outlook Stable & Short Term Bank Facilities from “A1” to “A1+, by CARE RATINGS
(RCF) Rashtriya Chemicals and Fertilizers Limited
board has approved the issuance of Secured/Unsecured Non-Convertible Debentures up to ₹1,400 crore in multiple series/tranches over the next 12 months through private placement.
Sundaram-Clayton Limited
company has commenced commercial production of Aluminium Die Castings at its new facility in SIPCOT, Thervoy Kandigai, Tamil Nadu, with an initial annual capacity of 7,750 MT.
CAMLIN FINE SCIENCES LIMITED
has informed the Exchange about Board Meeting to be held on 10-Sep-2024 to consider and approve Increase in authorised capital/Fund raisin
KPIT Technologies Limited
Merger of Future Mobility Solutions GmbH with KPIT Technologies GmbH has been approved & registered with Commercial Register of District Court, Germany
PDS
The Company will further invest in Multinational Textile Group Limited, a wholly owned material subsidiary of the Company incorporated under the laws of Mauritius, by way of subscribing to the ordinary shares for a total amount of approximately ~ ₹ 84 Crore
Honeywell Automation (HWA): Commissions Microgrid Battery
Storge system in India for Solar Energy Corp.
Suven Pharmaceuticals approves merger of Casper Pharma with co
ANGEL ONE FROM AGENCIES
Facts regarding defamation & illegal use of "Angelone" brand name
Come across a website which are unlawfully using our co's name
Goldman Sachs on Vodafone Idea
Gives 50 paise higher TP than Rs 2 ppl set by KRK
Maintain Sell; Hike TP to Rs 2.5 from Rs 2.2 (30 paise hike)
Path to FCF break-even and market share recovery unclear
See another 300 bps share loss for the company over the next 3-4 years
Jefferies Bajaj Finance
Maintain Buy; Hike TP to Rs 8410 from Rs 7780
Mgmt meet highlighted bounce rate is improving
This should help bring down credit costs from Q3 onwards
Jefferies M&M Finance
Maintain Hold; Hike TP to Rs 315 from Rs 305
Mgmt highlighted disbursement trends are steady
Better rural sentiment, festive demand can lift disbursement in H2
DAM Cap on Marksans Pharma
Initiate Buy with TP of Rs 304
Believe Marksans will maintain its earnings momentum going forward
Growth driven by a strong OTC order book, expanding product basket and increased capacities
GS on SBI Cards
Upgrade to Buy from Sell; Hike TP to Rs 913 from Rs 652
Downcycle nearing bottom
Improving PPOP Outlook to support EPS visibility
Could be nearing its peak of credit costs over the next 2-3qtrs
GS on Aavas Financiers
Upgrade to Buy from Neutral; Hike TP to Rs 2160 from Rs 1584
Acceleration in AUM Growth due to multiple growth drivers
Operating leverage kicking in
GS on Indus Towers
Downgrade to Sell from Neutral; Hike TP to Rs 350 from Rs 220
Disconnect between fundamentals and valuations
See Indus’ re-rating as overdone
GS on SBI
Downgrade to Sell from Neutral; Cut TP to RS 742 from Rs 841
Multiple headwinds ahead as ROAs peak; valuation de-rating likely
Profitability has peaked; growth under pressure
Citi India Strategy
Add HUL to India preferred list
Add Bharti Hexacom to mid-cap picks
Key Overweight: Banks/Insurance, Telecom, Healthcare
Key Underweight: Consumer Disc, IT Services, Metals
Big +ve for domestic solar cell manufacturers :
Premier Energies & Websol (listed)
Waaree, Jupiter & Renewsys (Unlisted)
Stocks in News post Market closure
Wipro Limited : Wipro Enlisted by JFK International Air Terminal to Meet Sustainability Targets Wipro delivers a greenhouse gas emissions inventory and carbon reduction roadmap to reduce JFKIAT’s Scope 1 & 2 emissions by 50% by 2030.
GOODLUCK INDIA LIMITED : New facility is scheduled to be inaugurated on 15th day of September, 2024. And company hopeful to start the commercial production very soon which will be a game changer for the Company.
Race Eco Chain Limited : Company and Ganesha Ecosphere Limited had reached an agreement to establish a 51:49 joint venture company for setting up the washing plants for producing pet flakes.
SACHETA METALS LIMITED : Company announce that the Company has received additional new Export Order worth of Rs. 56 million for Export of Aluminium Utensils. Shipment time: 120 days.
CENTURY TEXTILES AND INDUSTRIES LIMITED : Intimation regarding acquisition of ownership rights of its leasehold land parcel situated at Worli, Mumbai by Century Textiles and Industries Limited .
Jindal Stainless Limited : Jindal Stainless supplies stainless steel for Vande Bharat sleeper train .The high-strength tempered 301LN grade austenitic stainless steel used enhances the safety, durability, and sustainability of the train coaches .
Rashtriya Chemicals and Fertilizers Limited : Board approved the Issue of Secured/Unsecured, Non-Convertible Debentures in one or more series/tranches, aggregating up to to -Rs 1400 crore in the period of next twelve months through private placement basis.
Colgate-Palmolive (India) Limited : Colgate’s all-new Visible White Purple toothpaste — a stunning new launch in the Oral Beauty world issued on September 5, 2024 .
Sundaram-Clayton Limited : Company has commissioned the commercial production of Aluminium Die Castings effective today situated in the industrial area of the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) in Thervoy Kandigai, Tiruvallur District, Tamil Nadu.The new facility has installed an annual capacity of manufacturing 7,750 MT of Aluminium Die Castings in the initial phase, and further progress on the completion will be intimated in due course.
Vivanta Industries Limited : M/s Vivanta Industries Limited has entered into Partnership Agreement with M/s Marut Drone Tech Private Limited effective from 5th September, 2024 for doing business of Drones in Gujarat Territory with an objective of entering into seller and buyer relationship.
Gensol Engineering Limited : The company has subscribed 9,999 Equity Shares which is 99.99 % of total share capital of the Company by investing Rs. 99,990.00 in Gridstor Energy Private Limited by virtue of this transaction, the target Company will become the wholly-owned subsidiary company of the Gensol Engineering Limited.
CONTAINE TECHNOLOGIES LIMITED : Board approved Raising of funds.
Pidilite ltd : CollTech Group, a Company dedicated to the manufacture and sale of high-performance adhesives, has an exclusive Distribution Agreement with the Company.
Ashoka Buildcon Limited : The Company has been apprised by Viva Highways Limited , a wholly owned subsidiary, that the land owned by it under its Real Estate Portfolio, situated at Hinjewadi, Pune, has been monetized at a total consideration of Rs.453 Crore.
Shakti Pumps (India) Limited : The Company has received 15th Patent for "Starting Direction Control Based Position Sensor less PMBLDC Motor Drive for Irrigation” from the Patent Office, Government of India .
BN HOLDINGS LIMITED : The USD 40 Million (US DOLLAR FORTY MILLION) Foreign Currency Convertible Bonds issued by the Company has been listed on Afrinex Exchange Limited, Mauritius on September 04, 2024.
Oswal Agro Mills Limited : The company has acquired 4.85% [1,24,61,658 Equity Shares] of the total shareholding of M/s Oswal Greentech Limited, an associate company of the Company .
Akzo Nobel India Limited : The Company has commenced the commercial production of the powder coating products from its plant at Gwalior, Madhya Pradesh, India with an installed production capacity of 5166 T per annum which can be expanded basis future demand.
SPML Infra Limited : Company has further entered into Settlement Agreement with Power Grid Corporation of India Ltd under Vivad se Viswas II Scheme for Rs. 25.06 Crore. With the aforesaid settlement the total settlement under the aforesaid Scheme will stand to Rs. 268.26 Crore.
Tilak Ventures Limited : Board meeting to be held on 9th sep 2024, to discuss rights issue.
The Phoenix Mills Limited : The Company has fixed September 21, 2024 as the ‘Record Date’ for the purpose of ascertaining the eligibility of Shareholders entitled for issuance of Bonus Equity Shares of the Company in the proportion of 1 new fully paid up Equity Share having face value of Rs. 2/each for every 1 existing fully paid up Equity Share having face value of Rs. 2/- each.
Allcargo Logistics Limited : Ecu Worldwide Korea Co. Ltd., Joint Venture Company of Allcargo Logistics Limited, has incorporated a Company in the name of Allcargo ULS Terminals Co. Ltd Allcargo ULS Terminals” on August 29, 2024. Company received the communication with respect to incorporation of Company on September 04, 2024.
KEC International: The company received new orders worth Rs 1,423 crore for the supply and installation of 380 kV transmission lines in Saudi Arabia
Aditya Birla Fashion And Retail: The company will raise funds up to Rs 500 crore through non-convertible debentures. The company also approved the allotment of 5.57 crore shares to shareholders of TCNS Holdings. The company will allot 11 ABFRL shares for every six held in TCNS Holding
L&T Finance: The company has issued 17,500 listed, secured, rated, redeemable non-convertible debentures worth Rs 175 crore to selected investors through a private placement on Sept 5, 2024
JSW Energy: The company has received a Rs 55 lakh tax penalty for the financial year 2019-20
Adani Enterprises: The company approved the early closure of the NCD issue. The issue will now close on Sept. 6 instead of Sept. 17.
Finolex Cables: Nikhil Naik stepped down as Chairman of the Board, and the board appointed Ratnakar Barve as Chairman in his place
Sky Gold: The company approved the issuance of 4.17 lakh fully paid equity shares worth Rs 50 crore. These shares were issued as part of a share swap deal in exchange for acquiring 100% ownership of Sparkling Chains Private Ltd. and Starmangalsutra Private Ltd. rather than for cash
MedPlus Health Services: Optival Health Solutions Private Ltd., the subsidiary company, has received two suspension orders for drug licenses for stores situated in Bangalore, Karnataka
Nucleus Software Exports: The company's buyback worth Rs 72 crore is to open on Sept. 9 and close on Sept. 13.
Venus Pipes: The Revenue Intelligence Directorate conducted a search at the company's corporate office over alleged evasion of customs duty on goods imported. The company has deposited Rs 5 crore as duty.
Matrimony.com: The board approved Rs 72 crore buyback at Rs 1,025 per share
Govt is Likely To Impose 18% GST on Income of PGs for Transactions Below ₹2000
FinTech Like Razorpay, Pine Labs, Paytm May Be Impacted, Currently Exempted Till ₹2000
Another Badly Designed Taxation Imposition, This Will Hurt Many Small Merchants
SHAKTI PUMPS: CO AND IIT DELHI SECURE MILESTONE PATENT FOR INNOVATIVE IRRIGATION TECHNOLOGY || CO RECEIVES 15 PATENT FOR GROUND BREAKING SENSORLESS MOTOR DRIVE TECHNOLOGY
MANGALAM CEMENT: CO INVESTS RUPEES 7 CR IN SOLAR POWER PLANT, SECURES 26% STAKE IN SURYADEEP RJ1 FOR CAPTIVE POWER
MRS. BECTORS FOOD: CO OPENS QIP, SETS FLOOR PRICE AT RUPEES 1,577.85 PER SHARE
BRIGADE ENTERPRISES: CO ALLOTS 1.3 CRORE EQUITY SHARES AT RUPEES 1,150 PER SHARE || RAISING RUPEES 1,500 CR THROUGH QIP
DR. REDDY’S LABS: CO RECEIVES USFDA EIR FOR SRIKAKULAM FACILITY, INSPECTION CLASSIFIED AS VOLUNTARY ACTION INDICATED (VAI)
ANGEL ONE: CO'S AUGUST AVG CLIENT FUNDING BOOK AT RUPEES 38.5B, +169.6% (YOY) || CO'S AUGUST CLIENT BASE AT 26.65M, UP 3.3% (MOM)
PDS LTD: CO WILL FURTHER INVEST IN MULTINATIONAL TEXTILE GROUP LTD, A UNIT INCORPORATED UNDER THE LAWS OF MAURITIUS, BY WAY OF SUBSCRIBING TO THE ORDINARY SHARES FOR A TOTAL AMOUNT OF RUPEES 84 CR
KPIT TECH: CO SAYS MERGER OF FUTURE MOBILITY SOLUTIONS GMBH WITH KPIT TECHNOLOGIES GMBH HAS BEEN APPROVED & REGISTERED WITH COMMERCIAL REGISTER OF DISTRICT COURT, GERMANY
Nifty closed @25,145.10 (-53.60) and Sensex @82,201.16 (-151.48) on Thursday GIFT Nifty was trading at 25,175 (as of 7:30 am)
FIIs net sold equities in cash to the tune of Rs 689 cr whereas DIIs bought equities in cash worth Rs.2,971 cr on5th September 2024
GST relief on health insurance Council may take up 4 options
India now top weight in MSCI EM Investible market index, overtakes China
EV makers no longer need subsidy Nitin Gadkari
Glenmark to pay $25 mn in settlement with US govt on case related to pricing of a generic drug
Godfrey Phillips Inheritance battle Delhi HC allows Bina Modi to vote on behalf of family trust
Ashoka Buildcon's subsidiary sells Pune land for Rs.453 crore
KEC International bags Rs.1423 crore transmission line orders in Saudi Arabia
We are only at 10% of what Mundra will become, says Gautam Adani
Raymond Lifestyle Listing Shares debut at Rs.3,020 on NSE after demerger
Zomato shares surge 7% after JPMorgan projects stock to touch levels of Rs.340
RVNL's new factory in Maharashtra to build 1,920 Vande Bharat sleeper coaches
Prestige Estates Raises Rs 5000 Crore Via QIP Shares Slip
Venus pipes under DRI investigation for alleged customs duty evasion
Peak XV Partners launched a block deal to offload 11% stake in Indigo Paints
Linde India shares rise over 6% on acquiring Tata Steel's gas supply assets
Malabar Gold Diamonds to open 20 showrooms in October
Indian ADRs: Wipro (+0.5%), ICICI Bank (-1.7%) and Dr Reddy's (-2.6%)
Debt:
10 yr G sec yield closed flat at 6.86% on Thursday
RBI accepted Rs 40 530 cr against notified amount of Rs 50 000 cr in overnight variable rate reverse repo (VRRR) auction
India’s real GDP will grow by 7.2% in FY25 despite lower growth of 6.7% in Q1FY25 as per RBI Governor
Annual incremental cost to Centre for implementing Unified Pension Scheme (UPS) may gradually rise from Rs 6, 250 cr in FY26 to around Rs 8,000 cr in next 7 to 8 years, as per government official
Finance Minister denied any friction between Centre and States over GST and emphasized the importance of simplifying compliance for taxpayers
Commodities
Brent crude was up by 0.23% to $72.87 /barrel influenced by possible delays in production increases by key producers and a reduction in US inventories
Gold futures settled higher on the back of a weaker U S dollar and lower yields after signs of labour market losing steam led investors to expect a super sized rate cut from the Federal Reserve this month Spot gold was up by 0.93 to $2,517.41/oz on Thursday
The United States has remained the largest exporter of liquefied natural gas (LNG) so far in 2024 but a steep drop in selling prices and a sharp swing in export volumes to key markets is likely testing exporter appetite to stay on top
OPEC+ to pause planned October oil output hike of 180 000 bpd for two months after crude crashes to 14 month low amid fragile demand plentiful supply, especially after the Libya deal resolution reports
Currency:
Rupee depreciated by 1 paise and settled at 83.98 against the US dollar on Thursday, due to outflow of FIIs from Indian equity market
US Dollar Index (DXY) fell by 0.21% to end at 101.05 on Thursday, as U S payrolls, due on Friday, will be crucial after Fed chair Jerome Powell pivoted from a battle against inflation
USD/AUD fell by 0.23% to end at 1.484 on Thursday, as hawkish guidance from RBA Governor Bullock on interest rates fails to uplift the Australian Dollar
USD/JPY fell by 0.24% to end at 143.39 on Wednesday, as BoJ Board Member Hajime Takata stated that the domestic economy is recovering moderately
GBP/USD increased by 0.25% to end at 1.318 on Thursday, as The Pound Sterling gains against the US Dollar on lower US job vacancies and a slowdown in private employment growth
International Markets
U S markets were a mixed bag on Thursday with the Dow Jones and S&P 500 down by 0.54% and 0.30% while Nasdaq was up by 0.25%. All 3 major futures indices are trading down by 8-40 bps at the time of writing the report
U S initial jobless claims declined to 227,000 for the week ending 31st Aug from 232 000 the prior week and was below consensus expectations of 231,000
U S S&P global services PMI increased to 55.7 in Aug 24 vs 55.2 in Jul 24 and as compared to preliminary estimates of 55.0 The ISM non manufacturing PMI also increased to 51.5 in Aug 24 from 51.4 in Jul 24 and was above consensus estimates of 51.3
U S ADP nonfarm payroll numbers declined to 99,000 in Aug 24 from 111,000 in Jul 24 and was below consensus estimates of 144,000
GS on Financials
On SBI - Downgrade to sell, TP cut to Rs 742 from Rs 841
On Aavas Fin - Upgrade to buy, TP Rs 2160
On SBI Cards - Upgrade to Buy from Sell, TP raised to Rs 913 from Rs 652
GS on SBI
Downgrade to Sell, TP cut to Rs 742 from Rs 841
Multiple headwinds ahead as ROAs peak; val de-rating likely
Believe risk-reward profile is turning unfavorable on
1) Growing headwinds to sustainability of ROA; expect ROAs to moderate to sub-1% in FY26E
2) Lower loan growth going fwd
3) Expected increase in credit costs on rising slippages in MSME / Agri / unsecured portfolios.
Cut FY25-27 EPS by 3-9% & target multiple to 1.x from 1.2x previously
GS on Aavas Fin
Upgrade to buy, TP Rs 2160
See value emerging as co improved its growth outlook & expands ROAs which believe is not adequately reflected in its below-mean P/E multiples
Forecast PPOP CAGR of 25% & PAT CAGR of 25% over FY24-27E
GS on Telecom
On Voda Idea - Sell, TP Rs 2.5
On Bharti Airtel - Buy, TP Rs 1700
On Indus Tower - Downgrade to Sell, TP raised to Rs 350 from Rs 220
GS on Voda Idea
Sell, TP Rs 2.5
VI’s recent capital raise, while incrementally +ve, is unlikely to be adequate to stop co ’s market share erosion
Forecast another 300 bps share loss over next 3-4 yrs.
VI has large AGR/spectrum related payments starting in FY26; while govt. has option of converting some dues into equity, est. ARPUs would have to rise by Rs200-270 (120%-150% under different scenarios) for VI to be sustainably free cash flow neutral
GS on Indus Tower
Downgrade to Sell, TP raised to Rs 350 from Rs 220
Believe there has been significant improvement in Indus Towers’ fundamentals; raise EBITDA est by up to 17%
However, while there is merit for a higher multiple vs recent history, see Indus’ re-rating as overdone
GS on Bharti Airtel
Buy, TP Rs 1700
Strong growth with inflecting FCF/returns profile warrants premium val
See growth tailwinds to sustain, driven by continued share gains (200 bps over next 3 years), organic growth levers (4G, postpaid, etc.) & future tariff hikes (next in FY26)
MS on IT
key sector debate is whether current rally is overdone & should investors lighten their OW positioning
Think not yet
Believe revenue upgrade cycle will continue, which should keep multiples high
Uptick in BFSI spend likely to keep high growth expectations for F26 intact
HCL– Downgrade to EW, TP 1840
LTMINdtree– Upgrade to OW, TP raised to Rs 7050
TCS– TP Rs 4910
Infy– TP Rs 2150
Wipro - TP Rs 500
Tech M– TP Rs 1680
L&T Tech–TP 4730
Tata Elxsi– TP Rs 6860
Mphasis– TP Rs 3200
Cyient– TP Rs 1650
Coforge TP Rs 7825

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