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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

October 16, 2024

  • India Daybook – Stocks in News
  • GR Infraprojects: Company gets Letter of Acceptance worth ₹1,885.6 crore from Maharashtra State Road Development Corp (Positive)
  • PNC Infratech: Company bags order worth ₹4,630 crore for two projects from Maharashtra State Road Development Corporation (Positive)
  • Ashoka Buildcon: Company wins Rs 1,126.58 Cr flyover project from BMC (Positive)
  • Bhageria Industries: Company gets LOA for solar power developer, LOA for solar photovoltaic power generating stations of capacity of 32 MW (AC) (Positive)
  • Ceigall India: Company emerged as L1 bidder for construction of 4 lane elevated road, Company declared L1 bidder with bid project cost of Rs 2.07 billion (Positive)
  • Alpex Solar: Company secures Rs 277.19 Cr order from leading PSU (Positive)
  • RailTel: Company secures Rs. 79.84 Cr order from MHADA. (Positive)
  • Rallis India: Net Profit at Rs 98 cr vs Net Profit Rs 82 cr (YoY) , Revenue at Rs 928 vs Rs 832 cr. (YoY). (Positive)
  • Capri Global Capital: Company enters green financing with rooftop solar finance, partners with credit fair as loan service providers aims to build a separate Rs 1000 Cr loan-book in coming years (Positive)
  • Lactose: Net Profit at Rs 2.1 cr vs Net Profit Rs 0.80 cr (YoY) , Revenue at Rs 30 vs Rs 24 cr. (YoY) (Positive)
  • Oil downstream stocks: Brent crude oil futures sank 5% below $74 (Positive)
  • Power Finance Corp: Transfer of Jamnagar transmission, navinal transmission to Adani energy solutions, and sale of two units for Rs 192.8 million and Rs 191.4 million. (Neutral)
  • KEI Industries: Net Profit at Rs 155 cr vs Net Profit Rs 140 cr (YoY) , Revenue at Rs 2280 vs Rs 1945 cr. (YoY). (Neutral)
  • SG Finserve: Net Profit at Rs 14.1 cr vs Net Profit Rs 17.5 cr (YoY) , Revenue at Rs 30.9 vs Rs 43.9 cr. (YoY) (Neutral)
  • Central Bank of India: India CCI approves the acquisition of 24.91% shareholding in future generali India insurance and 25.18% shareholding in future Generali India life insurance by central bank of India. (Neutral)
  • Power Grid Corp: Acquisition of ‘Rajasthan iv H1 power transmission’ by Company for Rs 188.1 million, Company says acquisition of south OLPAD transmission by co under TBCB route for Rs 188.4 million (Neutral)
  • Sterlite Technologies: Company announces significant investment of Rs 50 crore to establish a state-of-the-art fibre skilling training Centre in Telangana (Neutral)
  • Madhya Bharat Agro: Net Profit at Rs 13.8 cr vs Net Profit Rs 14.9 cr (YoY) , Revenue at Rs 280 vs Rs 280 cr. (YoY) (Neutral)
  • Krishana Phoschem: Net Profit at Rs 16.7 cr vs Net Profit Rs 19.3 cr (YoY) , Revenue at Rs 300 vs Rs 265 cr. (YoY) (Neutral)
  • Adani Enterprises: Closes QIP at ₹2,962 per Share, Offering 4.99% Discount to QIBs (Neutral)
  • LTIMindtree: Company announces merger of subsidiaries, effective October 2, 2024, to enhance operational efficiency. (Neutral)
  • ONGC: Boosts Stake in OPaL to 94.04% with ₹10,501 Crore Investment (Neutral)
  • Adani Green Energy: Company defers $1.2 billion offering due to weak market conditions ahead of U.S. elections. (Neutral)
  • Tata Motors: Jaguar LandRover's retail sales rise 36% year-on-year to 3,214 units for first six months of current fiscal. (Neutral)
  • Cochin Shipyard: India government to sell up to 5% stake in cochin shipyard via offer for sale, floor price for India GOVT's stake sale in cochin shipyard at Rs 1,540 rupees/share (Negative)
  • Nomura on Aditya Birla Real Estate (Century textile)
  • Initiate buy, TP Rs 3700
  • Expect pre-sales growth of +87% y-y / 33% y-y in FY25F/FY26F
  • RE segment to be OCF-positive from FY25F and FCF-positive from FY27-FY28F; net debt/ equity to peak at comfortable 1.1x (vs 0.5x in FY24)
  • Jefferies on BSE
  • Downgrade to U-P, TP raised to Rs 3500
  • STK up >100% post SEBI's new F&O framework
  • Assuming 25% hit to overall mkt vols, BSE's val (@P/E of 40x FY26E) implies its mkt share rising from 13% in 2Q to 30-35%; appears stretched
  • See near-term risk-reward unfavorable
  • HSBC on Bharti Airtel
  • Expect EBITDA/ EPS to rise at a CAGR 16%/ 78% respectively over FY24-27e driven by increase in mobile ARPU, robust growth in broadband subs and margin expansion
  • Expect capex intensity to decline, FCF to improve & net debt/EBITDA to decline to 1.5x by FY26e
  • HSBC on RIL
  • Think Jio (subsidiary of RIL) is better placed to capture home broadband opportunity given its 5G standalone network investments and rich content portfolio
  • Expect Jio to capture 45% market share in home broadband by FY30e (vs 28% as of FY24)
  • HSBC on Voda Idea
  • Maintain reduce due to rich valuation & high leverage (12x FY26e net debt/EBITDA).
  • Moreover, co is exposed to risk of further equity dilution if it is unable to pay all its statutory dues with its operating cash flows
  • HSBC on Avenue Supermart
  • Downgrade to hold, TP cut to Rs 4500
  • 2Q sales slowed down to c14% yoy as rise of quick commerce weighed on growth in metro cities
  • Gross margin expanded 21bp yoy, but higher other expense led to EBITDA growth of 10% & PAT growth of 8% yoy
  • UBS on Zomato
  • Buy, TP Rs 320
  • Industry volumes down by 2.9% MoM in Sep'24 in line with seasonal trends
  • Zomato vs Swiggy: push and pull continued into Q2FY25
  • Estimate Zomato's Q2FY25 GMV growth at 7% QoQ
  • HDFC Life Review
  • MS
  • OW, TP Rs 840
  • Management guided to 18-20% APE growth for year & 15- 17% VNB growth.
  • This would imply VNB margin expansion in 2HF25; 2QF25 margin was impacted by deferred re-pricing of non-par saving products, it said
  • Trim forecasts given lower VNB vs MSe
  • CLSA
  • O-P, TP Raised to Rs 805
  • 160bps YoY decline in VNB margins in 1HFY25 driven by a shift in product mix towards Ulips & deferment of repricing of non-par products in 2Q25 (which caused a drag of 30-40bps)
  • Co indicated 18-20% APE & 15-17% VNB growth for FY25
  • Jefferies
  • Buy, TP Raised to Rs 850
  • For Q2 VNB of Rs9.4bn, up 17% YoY, was largely in line with est.
  • VNB margin at 24% was tad weak as delayed yield-reset in NonPar segment impacted margin by 100bp; this should normalise from 3Q
  • CITI on HDFC AMC
  • Sell, TP Rs 3600
  • core PBT was +45% YoY (+2% above Citi).
  • Strong MTM-led AAUM growth (MF AAUM +45%/13% YoY/QoQ led by +63%/+15% YoY/QoQ rise in actively-managed equity-oriented AAUM) and sustained robust flows owing to strength in performance, were key drivers.
  • Jefferies on HDFC AMC
  • Buy, TP Rs 5450
  • Delivered strong 2Q PBT growth of 46% YoY as top-line (+38% YoY) gained from sustained momentum in equity QAAUM (+65% YoY) and uptick in yields (+1bp QoQ) due to rationalization of distribution commissions across major equity schemes
  • Summary of Market Participants Positioning in the Derivative Segment for 15th October, 2024.
  • Synopsis:
  • FIIs sold to the tune of 1748.71 cr. while DIIs bought to the tune of 1654.96 cr.
  • FIIs' Long short ratio for index futures is at 34.7 as on a net basis, they sold 7482 index futures.
  • On the stock futures front, FIIs have sold to the tune of 33106 contracts, while on the Options Front, FIIs sold 20256 call contracts and bought 35670 Put Option contracts.
  • https://x.com/_sbisecurities/status/1846197280543502616?s=46
  • INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 15-10-2024 :
  • FIIS F & O : RS. CRS. :
  • TOTAL NET BUY : +37670
  • INDEX FUT. : -412
  • INDEX OPT. : +36171
  • STOCK FUT. : -2234
  • STOCK OPT. : +4145
  • SEC. IN F&O BAN FOR, 16-10-2024 :
  • 1. GNFC 2. GRANULES 3. HINDCOPPER 4. IDFCFIRSTB 5. MANAPPURAM 6. PNB 7. RBLBANK 8. SAIL 9. CHAMBLFERT 10. IEX 11. NATIONALUM 12. TATACHEM 13. BANDHANBNK 14. LTF
  • ADDITION : BANDHANBNK, LTF
  • DELETION : NIL
  • INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 15-OCT-2024 :
  • FIIS : SELL -1,748 (16,098-17,846)
  • DIIS : BUY +1,655 (13,229-11,574)
  • BSE SENSEX : -153 (81,820)
  • NSE NIFTY : -70 (25,057)
  • BSE MIDCAP. : +123 (48,694)
  • BSE SMLCAP. : +593 (57,225)
  • B. CRUDE : $ 73.90
  • GOLD:$ 2,648=INR 76,000 (10gr)
  • SILVER : RS. 94,900 (kg)
  • FOREX : RS. $ 84.03
  • 6.79% NEW '34: 6.7311%(100.42)
  • 7.10% GOI '34: 6.7684% (102.29)
  • 7.23% GOI '39: 6.8144% (103.79)
  • #NewsFlash | Government to sell 5% stake in Cochin Shipyard via offer for sale (#OFS) on October 16 & 17.
  • - Sets floor price at ₹1,540/share
  • - OFS includes base offer of 2.5% & green shoe option of 2.5%
  • HFCL Limited has informed the Exchange regarding a press release dated October 15, 2024, titled "Product Launch & Press Release: HFCL Unveils two Innovative UBR Solutions: Advanced 4G & 5G Backhauling and Energy-Efficient Rural Broadband Connectivity Solutions".
  • Is the story of PSUs over ? Good solid correction has happened across all PSUs. Fall From Highs
  • 1) Cochin Shipyard: -47%
  • 2) MRPL: -42%
  • 3) SCI: -40%
  • 4) Uco Bank: -39%
  • 5) IRCON: -37%
  • 6) ITI:-37%
  • 7) HUDCO: -37%
  • 8) MMTC: -37%
  • 9) MOIL: -36%
  • 10) EIL: -36%
  • 11) KIOCL: -36%
  • 12) Union Bank:-35%
  • 13) Bharat Dynamics: -35%
  • 14) IRFC: -35%
  • 15) Punjab & Sind: -35%
  • 16) Mishra Dhatu: -30%
  • 17) RCF: -30%
  • 18) SJVN: -30%
  • 19) Bank of Mah:-30%
  • 20) RVNL: -30%
  • Q2 results will decide future trend of PSU?
  • What other experts view please?
Panchkarma