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September 05, 2024

Great Teachers, Lating lessons: Great teachers don't just teach; they show us how to grow, whether it’s knowledge or investments.
Happy Teachers Day !!
INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 04-09-2024 :
FIIS F & O : RS. CRS. :
TOTAL NET SELL : -38152
INDEX FUT. : -1333
INDEX OPT. : -29081
STOCK FUT. : -5541
STOCK OPT. : -2196
SEC. IN F&O BAN FOR, 05 September, 2024 :
1. ABFRL 2. BALRAMCHIN 3. HINDCOPPER 4. RBLBANK
ADDITION : RBLBANK
DELETION : NIL
INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 04-SEP-2024 :
FIIS : BUY +975 (16,585-15,609)
DIIS : BUY +97 (13,584-13,487)
BSE SENSEX : -203 (82,352)
NSE NIFTY : -81 (25,199)
BSE MIDCAP. : -75 (49,065)
BSE SMLCAP. : +146 (56,208)
B. CRUDE : $ 74.41
GOLD: $ 2,493=INR 72,500(10gr)
SILVER : RS. 83,000 (kg)
FOREX : RS. $ 83.97
7.10% GOI '34 : 6.8579% (101.6725)
7.18% GOI '33: 6.8849%(101.94)
7.23% GOI '39: 6.9104% (102.90)
India Daybook – Stocks in News
Vedanta: ICRA upgrades Vedanta long-term rating to AA from AA- (Positive)
Century Textiles: Company’s arm to buy Hindalco land in Kalwa, Thane. (Positive)
Suzlon Energy: Company executes conveyance deed with OE Business Park for sale of One Earth Property for Rs 440 crore. (Positive)
Reliance Industries: Ministry of Heavy Industry awards 10 GWh capacity to Company under PLI ACC scheme. (Positive)
Hatsun Agro Product: Board meeting on sept 12 to consider proposal of investment into Huoban energy 11. (Positive)
Best Agro life: Company has been granted a patent by the Indian patent office for Synergistic Pesticidal composition comprising plant growth regulator with Neonicotinoid insecticide. (Positive)
Linde india: Company has entered into the plant sale agreement with Tata steel for acquiring their industrial gas supply assets - 2x1800 TPD air separation units (Positive)
TARC: Company received RERA registration for housing project at Gurugram (Positive)
Ganesha Ecosphere: Company approved incorporation of JV in Collaboration with Race Eco Chain (Positive)
Aarti Drugs: Company’s board meeting today to mull share buyback (Positive)
Matrimony: Company’s board meeting today to mull share buyback (Positive)
Borosil Renewables: Company says acquisition of 49% Stake in Clean Max Prithvi. (Positive)
Glenmark: Settles Rs 210 cr settlement dispute with US Department of Justice (Positive)
Zaggle: Enters 1-year contract for employee expense management solutions with Blue Star (Positive)
Britannia: In talks to acquire a controlling stake in Kishlay Foods, a Guwahati-based snack manufacturer, valued at Rs 600-700 crore. (Positive)
Raymond: Lifestyle business to be listed today (Positive)
GICRE: Non-retail portion of Company's OFS gets demand for 108.5% of shares. (Neutral)
HDFC Bank: HDB Financial aiming for $9–10 billion listing latest by March (Neutral)
Exide Industries: Arun Mittal tenders resignation from the position of MD & CEO of Company arm EESL effective October 3 (Neutral)
Kalpataru Projects: Company board approved conversion of loan granted to Brazil unit into equity shares, equity shares will be subscribed at price of BRL 2.10 per share (Neutral)
Rane Holdings: CCI approves Rane Holdings' acquisition of balance 51% stake in JV Rane NSK Steering Systems. (Neutral)
Sona BLW: Floor price for Qualified Institutions Placement at 699.01 rupees/share. (Neutral)
Maithan Alloys: Company announced closure of manufacturing operations at Byrnihat Unit. (Neutral)
Allied Blenders: Company appoints Anil Somani as CFO and Key Managerial personnel effective September 5. (Neutral)
Remedium Lifecare: Company to Raise Funds Up to $25m (Neutral)
Ritco Logistics: Gautam Mukherjee resigns as CFO w.e.f August 29, 2024. (Neutral)
Adani Enterprises: Company's Retail Bond Base Issue Of 4b Rupees Fully Subscribed On Day 1. (Neutral)
Satin Creditcare: Company completes first PTC transaction with HSBC India. (Neutral)
RailTel Corporation: Company has received the work order from Northern Railways for Railway Telecom Project amounting to Rs 10 cr. (Neutral)
PNB Housing Finance: Company to raise nearly ₹2,500 crore via NCDs on September 9. (Neutral)
Reliance Ind: Board meet today to consider 1:1 issue of free shares. (Neutral)
Godrej Properties: Company approved key Information Document for Issuance of 6,460 NCDs Worth 646m Rupees. (Neutral)
Canara Bank: Says Issuance Of Us $300m Unsecured Notes Of MTN Bonds. (Neutral)
Oil refining companies: Singapore GRM at negative $0.3/bbl. (Negative)
Kunvarji: Fund Houses Recommendations
JP Morgan on Zomato: Maintain Overweight on Company, raise target price at Rs 304/Sh (Positive)
Jefferies on Indigo: Maintain Buy on Company, target price at Rs 5225/Sh (Positive)
Investec on Max Financial: Maintain Buy on Company, target price at Rs 1400/Sh (Positive)
GS on AU SFB: Initiate Buy on Company, target price at Rs 831/Sh (Positive)
GS on Chola Invest: Initiate Buy on Company, target price at Rs 1786/Sh (Positive)
HSBC on UPL: Maintain Buy on Company, raise target price at Rs 680/Sh (Positive)
HSBC on PI Ind: Maintain Buy on Company, raise target price at Rs 5000/Sh (Positive)
HSBC on Dhanuka: Maintain Buy on Company, raise target price at Rs 2000/Sh (Positive)
Morgan Stanley on India Strategy: India has become the largest weighting in the MSCI EM IMI, overtaking China yesterday (Positive)
UBS on Gas companies: Gas-based power plants back to low utilisation (Neutral)
HSBC on Bayer: Maintain Hold on Company, cut target price at Rs 6300/Sh (Neutral)
HSBC on Rallis: Maintain Reduce on Company, target price at Rs 251/Sh (Neutral)
HSBC on BHEL: Maintain Reduce on Company, target price at Rs 72/Sh (Neutral)
HSBC on Tata Power: Maintain Reduce on Company, target price at Rs 300/Sh (Neutral)
HSBC on Power Grid: Maintain Reduce on Company, target price at Rs 270/Sh (Neutral)
HSBC on NTPC: Maintain Reduce on Company, target price at Rs 355/Sh (Neutral)
HSBC on Spice Jet: Maintain Reduce on Company, target price at Rs 26/Sh (Neutral)
Kotak on Uno Minda: Downgrade to Sell on company, cut target price at Rs 970/Sh (Negative)
Rate Gain: TAAG Angola partners with RateGain's airline revenue management product AirGain (Supportive for stock prices)
CLSA on Indus Tower
O-P, TP Rs 575
Additional VIdea tenancies & potential merger with Nxtra's datacentres could further boost Indus’ growth & val
Trading at 7x FY26CL Ebitda, a 25/50% disc. to India utilities & global peers, despite 140% rally in past 12 mths
GS on Chola Invest
Initiate buy, TP Rs 1786
Market share gains amidst commercial retail up-cycle
Scaling up of non-vehicle fin biz should help reduce cyclicality & improve earnings visibility along with better return ratios
Expect to deliver EPS CAGR of 33% over FY24-FY27E
GS on AU Small Fin BK
Initiate Buy, TP Rs 831
Ready for next innings; Sector-leading EPS growth beckons
Forecast EPS growth of 27% CAGR over FY24-27 on an improving ROA profile (+14bps over FY24-27E), & robust loan growth driven by commercial retail portfolios
JPM on Zomato
OW, TP Raised to Rs 340 from Rs 208
Scale should help it drive monetization
With bulk of stores now crossing +ve DS level thresholds, incremental store economics should turn more EBIDTA +ve, giving Blinkit license to scale faster than peers & current targets
UBS on Bharat Forge
Buy, TP Rs 2000
DAC approves Rs450bn defence orders for FRCV
Believe tanks is a significant long term opportunity
Defence share to rise significantly by end of decade
In FY24, defence accounted for c10% of co’s rev & forecast same to rise to 20% by FY27
Kotak Inst Eqt on Uno Minda
Downgrade to sell, TP Rs 970
Remain +ve on co’s growth prospects, however, expect growth momentum to moderate given slowdown in PV segment & expect margin to remain rangebound due
Val expensive at 62X 1-yr fwd consol EPS
Haitong on Linde India
O-P, TP Rs 8546
Acquisition of new ASU to increase Linde’s capacity by 37%
20-year contract with TATA steel boosts market leadership
Linde’s capacity to double in next 2 years
Forecast revenue and PAT CAGR of 33% and 34% over FY24-27E
HSBC on Agri Inputs
UPL– Buy, TP Raised to Rs 680
PI Ind– Buy, TP Raised to Rs 5000
Both UPL & PI have least exposure to domestic biz (13%-18%) & thus remain less impacted but signs of a recovery in global Ag is +ve
Dhanuka– Buy, TP raised to Rs 2000
Bayer Corp– Hold, TP Rs 6300
HSBC on Spicejet
Reduce, TP cut to Rs 26 from Rs 40
Plans to raise Rs30bn through QIP, but it could end up using this money to fund losses & WC given absence of aircraft
With no visibility on capacity growth and profitability, huge debt & 3% market share, val is too expensive
Nifty closed @25,198.70 (+81.15) and Sensex @82,352.64 (-202.80) on Wednesday GIFT Nifty was trading at 25 366 (as of 7:30 am_
FIIs net bought equities in cash to the tune of Rs 975 cr whereas DIIs bought equities in cash worth Rs 97 cr on 4th September 2024
RIL wins bid for EV battery unit under PLI, beats five other competitors
On boarding by P 2 P lenders falls more than 90%
Swiggy trims losses by 44% as operating revenue grows 36%
Brittania in talks to buy North East's Kishlay Foods
Linde India acquires Tata Steel's industrial gas assets in Kalinganagar
JSW unit and ONGC into final round for acquiring Ayana Renewable
EV sales in Delhi plummet as govt withdraws waiver on road tax
Suzlon sells Pune HQ for Rs 440 cr leases back for up to 5 years
Reliance plans Rs 3900 cr infusion into FMCG unit
SpiceJet's Ajay Singh plans to offload 10% stake in Rs 3000 Crore QIP
Star Health plans to offer Motor and Life insurance
FAME III norms may be finalized in 2 months
Allied Blenders to acquire 80% stake in new JV with Ranveer Singh
Sona BLW Precision Forgings likely to raise up to Rs.2,400 crore via QIP at Rs. 675 - Rs.700 per share
Kinetic Green announces foray into B2C 3 wheeler segment, eyes Rs.10 000 crore revenue by 2030
NHPC revises MoU with Maharashtra govt for 7,350 MW renewable energy storage systems
Thangamayil Jewellery promoters offload shares worth Rs 273.23 Crore
Indian ADRs: HDFC Bank (+1 3%), Dr Reddy's (+0.8%) and Wipro (+1.1%)
Stocks to watch :
Reliance Industries: Heavy Industry Ministry awards 10 GWh capacity to the company under the PLI ACC scheme. ACC is Advanced Chemistry Cell.
GIC Re: GoI to exercise the oversubscription option in the OFS today.
Vedanta: ICRA upgraded the long-term rating to AA from AA-
Century Textiles: To give corporate guarantee of up to ₹400 crore to Hindalco for land in Thane.
Suzlon: Signs conveyance deed for OE Business Park for sale of One Earth Property for ₹440 crore.
Raymond Lifestyle Ltd to list on stock exchange today.
PNB Housing Finance board will consider raising up to Rs 2,500 crore through NCDs on Sept. 9.
Sona BLW Precision Forgings has set the floor price at Rs 699.01 per share for QIP to raise Rs 2,400 crore. The QIP price is at a 3% discount to the CMP. Company may, at its discretion, offer a discount of not more than 5% on the floor price calculated for the issue.
Canara Bank will issue five-year $300 million medium-term notes through the IFSC Banking unit. The bonds are to be issued at a coupon rate of 4.896% to be paid semi-annually.
Allied Blenders and Distillers board approves the acquisition of a majority stake in the target entity to be formed in collaboration with film star Ranveer Singh, represented by Oh Five Oh Talent Ltd. Liability Partnership. The company will undertake manufacturing, distribution, licensing, and marketing of various types of luxury and premium spirits comprising owned and third-party brands.
Kaynes Technology India clarified that it has received no formal letter from the government to build a semiconductor unit.
Kalpataru Projects International board approved the conversion of the outstanding loan granted to Kalpataru Power Do Brasil Participações, a Brazil-based wholly-owned subsidiary of the company, into equity shares of KPBPSA.
Godrej Properties approved the issuance of 6,460 unsecured, redeemable, rated, listed, NCDs of the face value of Rs 1 lakh, aggregating to Rs 64.60 crore.
Borosil Renewables will acquire a 49% stake in Clean Max Prithvi Pvt Ltd from Clean Max Enviro Energy Solutions Private Ltd. The acquisition is to be completed in two months.
Linde India is in a pact to buy Tata Steel industrial gas assets at the Kalinganagar Phase 2 expansion project.
Indostar Capital Finance announced a public issue of NCD of the face value of Rs 1,000 each, aggregating up to Rs 300 crore. The issue is scheduled to open on Sept 6, 2024, and close on Sept 19, 2024.
TARC gets a registration certificate from the Haryana Real Estate Regulatory Authority for TARC ISHVA, a luxury group housing development in Gurugram.
Satin CreditCare completes its first PTC transaction worth Rs 119 crore with HSBC India.
Ganesha Ecosphere approves the incorporation of a JV with Race Eco Chain to set up washing plants.
Interarch Building Products: The meeting of the Board of Directors is scheduled to be held on Sept. 12, 2024. The company will consider and approve the financial results of the company for the quarter ended June 30, 2024.
Stocks in News post Market closure
Best Agro life ltd : Seedlings India Private Limited, a wholly owned subsidiary of the Company has been granted a patent by the Indian Patent Office-Government of India for an invention entitled “SYNERGISTIC PESTICIDAL COMPOSITION COMPRISING PLANT GROWTH REGULATOR WITH NEONICOTINOID INSE CIDE" for the term of 20 years commencing from August 24, 2021
RIR POWER ELECTRONICS LIMITED : Inauguration of our new factory in the state of Odisha in an official ceremony under the patronage of Chief Guest Shri. Mohan Charan Manjhi, Honourable Chief Minister of Odisha on 6th September, 2024 at EMC Park, Infovalley, Khurdha, Bhubaneshwar, Odisha.
Kalpataru Projects International Limited : Board has approved the conversion of the outstanding loan granted to Kalpataru Power Do Brasil Participações S.A. (‘KPBPSA’), Brazil, a Wholly Owned Subsidiary of the Company into equity shares of KPBPSA.
APOLLO HOSPITALS ENTERPRISE LTD. : Apollo Healthco Limited, an unlisted material wholly owned subsidiary of the Company has incorporated its wholly owned subsidiary by the name Apollo 24/7 Insurance Services Limited, on September 3, 2024.
Ujaas Energy Limited : Board meeting to be held on Sep 7th 2024, to approve allotment of bonus shares and to fix record date for allotment of bonus shares.
CENTURY TEXTILES AND INDUSTRIES LIMITED : The Company has issued a Corporate Guarantee in favour of Hindalco Industries Limited (HIL) in respect of acquisition of land parcel situated at Kalwa, Thane from HIL by Ekamaya Properties Private Limited (EPPL), a wholly owned subsidiary of Birla Estates Private Limited (BEPL) which is a wholly owned subsidiary of the Company.
Worth Investment & Trading Co Limited : Company have formed a Committee for the surrender of NBFC License to RBI , Company’s name change if required and for the Takeover of Enam Organics India Limited, subject to the recommendation of the Committee and necessary permission from regulatory authorities.
3C IT Solutions & Telecoms (India) Limited : Company have received significant purchase orders of Rs. 1,21,98,604/- from the Endurance Technologies Limited.
ARC Finance Limited : Board approved draft letter for raising of funds in right basis.
Diggi Multitrade Limited : Board Approved the proposal to make investment, loan/guarantee & advances in excess of limits specified up-to Rs. 100.00 .And Also approved the proposal of increase in borrowing power in excess of limits specified up-to Rs. 100.00 .
Bridge Securities Limited : Board Approved Raising of funds up to Rs. 2,00,00,000/-.
SACHETA METALS LIMITED : Board meeting to be held on Sep 20th 2024, for sub division of shares face value Rs. 10/- into face value Rs.2/- i.e 1 equity share divide into 5 equity shares.
Borosil Renewables Limited : A Share Purchase Agreement has been entered into amongst the Company, Clean Max Prithvi Private Limited (“CMPPL”) and Clean Max Enviro Energy Solutions Private Limited, in terms of which the Company has agreed to acquire 49% stake in CMPPL from CMEESPL.
Vistar Amar Limited : Board meeting to be held on Sep 9th For issuance of shares.
Advik Capital Limited : Board meeting to be held on 7th sep ,to consider various matters including rights issue.
TARC Limited : The Company has obtained Registration Certificate 2024 from Haryana Real Estate Regulatory Authority, Gurugram for Luxury Group Housing development "TARC ISHVA" situated at Sector 63A, Gurugram.
Allied Blenders and Distillers: The board approves the acquisition of a majority stake in the target entity to be formed in collaboration with film star Ranveer Singh, represented by Oh Five Oh Talent Ltd. Liability Partnership. The company will undertake manufacturing, distribution, licensing, and marketing of various types of luxury and premium spirits comprising owned and third-party brands. The company appoints Anil Somani as chief financial officer and key managerial personnel effective Sept 5.
Race Eco Chain Ltd & Ganesha Ecosphere Ltd: Race Eco Chain Ltd & Ganesha Ecosphere Ltd, approved incorporation of a Joint Venture Company in collaboration with M/s. GANESHA ECOSPHERE LIMITED for setting up the washing plants for producing pet flakes.
Raymond: Shares of Gautam Singhania's consumer lifestyle business, Raymond Lifestyle Ltd., to list on stock exchange today.
PNB Housing Finance: The board will consider raising up to Rs 2,500 crore through NCDs on Sept. 9
Sona BLW Precision Forgings: The company has set the floor price at Rs 699.01 per share for qualified institutional placement to raise Rs 2,400 crore. The QIP price is at a 3% discount to the current market price. The company may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue
Linde India: The company is in a pact to buy Tata Steel industrial gas assets at the Kalinganagar Phase 2 expansion project
Canara Bank: The company will issue five-year $300 million medium-term notes through the IFSC Banking unit. The bonds are to be issued at a coupon rate of 4.896% to be paid semi-annually
Suzlon Energy: Executes conveyance deed with OE Business Park for the sale of office space for Rs 440 crore. The company will lease One Earth Property back for five years.
General Insurance Corp.: The government of India will exercise the oversubscription option in its current offer for sale, which will include an additional 50.49 lakh equity shares. The overall offer size will, therefore, increase to 6.45 crore shares or 3.68% stake
Exide Industries: Arun Mittal tenders resignation from the position of managing director and chief executive officer of its arm, EESL, effective Oct. 31. Mittal's resignation is for personal reasons
Indostar Capital Finance: The company announced a public issue of NCD of the face value of Rs 1,000 each, aggregating up to Rs 300 crore. The issue is scheduled to open on Sept 6, 2024, and close on Sept 19, 2024.
Satin CreditCare: The company completes its first PTC transaction worth Rs 119 crore with HSBC India.
Kaynes Technology India: The company clarified that it has received no formal letter from the government to build a semiconductor unit.
Godrej Properties: The company approved the issuance of 6,460 unsecured, redeemable, rated, listed, non-convertible debentures of the face value of Rs 1 lakh, aggregating to Rs 64.60 crore
Debt:
10 yr G sec yield fell by 1 bps to 6 86 on Wednesday
RBI accepted T Bills worth Rs 20,000 cr in weekly auction with cut off yields for 91-364 days ranging between 6.63-6.73%
RBI accepted Rs 57,660 cr against notified amount of Rs 1 lakh cr in 2-day variable rate reverse repo (VRRR) auction
India’s Services PMI rose to a 5-month high of 60.9 in Aug’ 24 from 60.3 in Jul’ 24
India's current account deficit may widen to 1% of GDP in Q2FY25 vs 0.8 of GDP expected in Q1FY25 as per India Ratings and Research
Commodities
Brent crude was down by 1.36% to $72.75 /barrel because of pessimism about demand in the coming months as crude producers offered mixed signals about supply increases
Gold futures settled higher helped by a softer dollar and lower yields after falling U S job openings signalled a possibility of an over sized rate cut from the U S Federal Reserve at its policy meeting this month Spot gold was up by 0.12% to $2495.88/ oz on Wednesday
China's increased production of aluminium semis is causing concern in Western countries who accuse China of unfairly subsidizing its aluminium industry, leading to excess capacity and dumping of products on the global market
India's steel minister will try to convince the finance ministry to raise tariffs on steel imports, he said on Wednesday, to protect domestic mills from a rise in cheaper imports from countries such as China
Currency:
Rupee remained flat and settled at 83.97 against the US dollar on Wednesday, as FII Inflow remained on positive side in Indian equity market
US Dollar Index ( fell by 0.43% to end at 101.27 on Wednesday, as US JOLTS Job openings came in at 7.67 million for Jul’ 24 compared to 7.9 million for Jun’ 24 and lower than expectation of 8.10 million
CHF/USD increased by 0.51% to end at 1.182 on Wednesday, as Higher US Treasury bond yields underpin the Greenback
USD/JPY fell by 1.46% to end at 143.34 on Wednesday, as Japanese Yen gains ground due to hawkish BoJ and focus on Fed Beige Book
EUR/USD increased by 0.34% to end at 1.108 on Wednesday, as Investors see the ECB cutting interest rates again in September
International Markets
U S markets were a mixed bag on Wednesday with the Dow Jones up marginally by 0.09% while the S&P 500 and Nasdaq were down by 0.16% and 0.30% respectively All 3 major futures indices are trading up by 4-13 bps at the time of writing the report
As per JOLTS data, the number of job openings in the US declined to 7.67 mn in Jul 24 from a revised 7.9 mn openings in Jun 24 and came in below market expectations of 8.1 mn
Eurozone services PMI increased to 52.9 in Aug 24 vs 51.9 in Jul 24 but was below consensus estimates of 53.3
U S factory orders increased by 5.9% MoM in Jul 24 vs a decline of 3.3% MoM in Jun 24 and as compared to consensus estimates of 4.7% increase MoM
Strategic Hydropower Initiative in Northeast India Opens New Growth Avenues for Patel Engineering
The recent approval by the Union Cabinet for ₹4,136 crore in equity support for Hydropower Development in Northeast India presents a promising opportunity for Patel Engineering Limited. This initiative, which will be implemented from FY 2024-25 to FY 2031-32, aims to support the development of around 15,000 MW of hydroelectric capacity in the region. With Patel Engineering’s strong expertise in hydroelectric projects, this opens the door to significant participation in the upcoming projects within the northeastern region .
Patel Engineering , a leading player with over 75 years of experience in Hydro Power projects is expected to garner major share in the government's initiatives and support of hydro power in the Northeast India . Further, it will strengthen its position in the renewable space by contributing to India's goal of establishing 500GW of renewable energy as well as improving the national grid's flexibility, security and reliability.
Overall, this initiative is expected to drive significant growth opportunities for Patel Engineering Limited, reinforcing its presence in the hydropower sector while supporting India's broader energy transition goals.

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