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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August 28, 2024

• News Headlines from Business News Agencies :
• Business Standard :
• Canara Bank mops up Rs 3,000 crore in additional Tier-I bonds at 8.27%
• National Infrastructure Trust to raise Rs 1,600 crore through IPO
• CIL's contribution to govt exchequer rises 2% to Rs 20,072 cr in Apr-Jul
• Global Real Estate Transparency Index 2024: India ranks 31; UK leads list
• Zee, Sony reach non-cash agreement to settle disputes over merger
• India's tier-1 real estate market becomes transparent for the first time
• TCS launches Pace Studio in Philippines to drive digital innovation
• Kalpataru gets notice from Afghan govt for not submitting tax declarations
• Byju's foreign investors ask SC to hear their concerns in insolvency case
• India-Oman free trade pact talks at advanced stage, says Ambassador Narang
• NeoLiv ties up with Royal Green Realty to develop Rs 600 cr housing project
• Economic Times :
• Naredco urges housing ministry to provide relief to real estate developers in NCR
• ZF Wind Power's Tamil Nadu plant rolls out 50 GW of wind gearboxes
• HSBC ramps up funding corpus for tech startups to $600 million from $250 million
• Airtel to shut down Wynk Music app, absorb all employee
• China's JD. com announces $5 billion share buyback plan
• Indian solar panels face US scrutiny for possible links to China forced labour
• Mytek Innovations aims to raise $10 million, treble order book of Rs 729 cr by FY25
• Shriram Finance plans to raise up to $1.5 bn from overseas, CEO says
• Elan Group gives Rs 500 cr contract to Leighton Asia to build mall in Gurugram
• Yes Bank ties up with Newtap Finance to Offer Financing Solutions
• Over 40% consumers use digital payment every day in Tier 3-6 cities: Report
• Mint :
• HUL receives ₹962 crore tax notice over TDS dispute GlaxoSmithKline deal
• RCap to be rebranded under IndusInd after takeover, Hindujas tell NCLT
• Maruti Suzuki's new plant faces minor delay, production to begin by 2025-26
• India’s biodiversity can help it leap ahead in synthetic biology
• Bisleri CEO pushes for water credits to tackle India's water scarcity
• Apple's India expansion to create over 600,000 jobs: Report
• Shilpa Medicare gets US FDA approval for Bortezomib Injection
• Religare CFO Nitin Aggarwal said to have quit, company yet to notify exchanges
• AM Green reaches final investment decision on its green ammonia project
• Brazil to Give Regulator More Control Over Natural Gas Projects
• LG Electronics weighs India IPO to help chase $75 billion goal
• HDFC Sec on MCX
• Buy, TP Rs 6000
• CO well-positioned to withstand ongoing regulatory challenges like
• 1) Curb on index options vol
• 2) Reversal of int earned on clearing funds
• 3) true-to-label charges, which will discontinue practice of levying slab-wise fee structures
• Bernstein on Retail
• Investors & Cos Have Been Waiting For Two Decades For Indian Middle Class To Emerge & Spend
• Wait For Middle Class To Spend Is Supply-at-right-value Problem, Not A Demand One
• Organised Retailers Are Scaling Up
• Believe That Demand Beyond Top-10% Of Pyramid And Beyond Top-40 Cities Can Be Unlocked
• Offering Tremendous Value Creation Opportunity Which Is Accessible Without Wait
• Initiate Coverage On 7 Such Stocks With 4 Outperform & 2 Underperform Ideas
• Outperform Call on DMart, Target Rs 6,300
• Outperform Call on Trent, Target Rs 8,100
• Outperform Call on Jubilant, Target Rs 800
• Outperform Call on Devyani, Target Rs 210
• Underperform Call on AB Fashion, Target Rs 270
• Underperform Call on Westlife, Target Rs 700
• Market Perform Call on Sapphire, Target Rs 1,700
• UBS on Telecom
• Bharti Airtel- Neutral, TP Rs 1595
• Indus Tower – Neutral, TP Rs 440
• Voda Idea – BUY, TP Rs 19
• Could market be disappointed on ARPU flow through of tariff hikes
• UBS Evidence Lab survey risk of consumer downgrades, especially in most common 1.5GB/day plan
• Believe Airtel shares are fully valued at FY26e EV to EBITDA of 10.1x (11.9x for India only), vs regional telco average of 7x
• MOSL on LTTS
• Buy Call, Target Rs 6,300
• Management Spelt Out Its Aspiration Of Achieving A Revenue Run Rate Of $2 Bn
• Management Aspires To Achieve EBIT Margin Of 17-18% Over Medium-term
• Growth Drivers Remain Intact For Key Verticals Across The ER&D Client Universe
• LTTS Has Carved Out Three New Verticals To Alter Its Go-To-Market (GTM) Strategy
• GTM Strategy Now Focuses Extensively On High-growth Areas Such As Mobility, Sustainability
• Nuvama on LTTS
• Maintain Hold Call, Target Raised To Rs 5,200 From 5,050
• Mgmt Highlighted Its Aspiration Of LTTS 3.0 – ‘Go Deeper To Scale’ Strategy
• Co Aspires Of $2 Bn In Revenue In Medium Term Followed By $1 Bn Revenue From Each Segment
• Looking To Raise Margins Through Higher Offshoring With Increasing Fresher Mix
• Strong Momentum In Large Deals, Cautiously Optimistic On Short-term Demand Outlook
• We Continue To Like Co’s Core Fundamentals
• Expensive Valuations Make The Risk-reward Profile Unattractive
• JPM on LTTS
• OW, TP Rs 5500
• 3 +ves found
• 1) Focus on scaling client a/cs to $50m+ & $100m+
• 2) Winning large deals
• 3) Increasing EBIT margins to 17-18%
• Citi on Zee Ent
• Sell Call, Target Rs 137
• Zee Ent Settles Disputes With Sony India; All Eyes On Business Fundamentals Now
• Believe The Settlement With Sony India Would Help Allay Investor Concerns
• There Were Concerns Around Potential Liabilities On Zee From Termination Of Merger
• The Settlement Will Monitor Any Material Improvement In Ad Revenue Market
• Remain Concerned On The Potential Impact Of Cost Saving Measures
• Concerned On Rev/Competitive Positioning, More So In The Context Of Consolidation In Ind
• UBS on Zee Ent
• Neutral Call, Target Rs 180
• Zee & Sony Agree To A Non-Cash Settlement To Resolve Disputes Related To The Failed Merger
• Cos Have Also Agreed To Relinquish All Claims (Such As Termination Fee Of $90 m Claimed By Zee)
• Seen As Positive For Zee As It Removes An Overhang
• HSBC on HDFC Life
• Buy Call, Target Rs 800
• Investors Mostly Interested In Growth Outlook Given A Slowdown In Deposits
• Investors Mostly Interested In Growth Outlook Given Slowdown Margin & Impact Due To Regulations
• Management Reiterated Its Focus On Doubling The VNB Over A Four-year Horizon
• HDFC Life Has Multiple Drivers To Improve Growth, A Catalyst For Consistent Stock Returns
• HDFC Sec on Ami Organics
• Expect EBITDA margin to improve by 508bps from 17.9% in FY24 to 23% in FY26E, owing to
• 1 Increase in better-margin CDMO contribution to 25% from 12% in FY24
• 2 ramp-up in capacity utilisation
• Expect PAT to grow at a 38% CAGR over FY24-26E
• Jefferies on Zydus Life
• Upgrade To Buy, Target Raised To Rs 1,450
• Believe That Recent Stock Correction Presents A Buying Opportunity
• Invst Argument Rests On Strong US Pipeline With At Least One Big Launch Worth $80-100 m Every Yr
• Strong US Pipeline & Improved Growth Prospects In India Should Lead To Elevated Sales & Margin
• High Reliance On US Makes Co A High-Risk, High-reward Call Due To Nature Of US Generics Industry
• CLSA on IndusInd Bk
• O-P, TP Rs 1800
• Stable credit costs & rate cut triggers & at 20%-40% disc to peers
• Current MD tenure marked by strong performance & governance, with no -ve surprises anticipated
• Significant structural improvement over past 5 yrs
• Nifty closed @25,018 (+7.15) and Sensex @ 81,712 (+13.65) on Tuesday. GIFT Nifty was trading at 24,994 (as of 7.30 a.m.)
• FIIs net bought equities in cash to the tune of Rs. 1,504 cr whereas DIIs sold equities in cash worth Rs. 604 cr on August 27, 2024
• NSE resumed its long-pending public offering process, seeking a 'no-objection' from SEBI. The exchange reported a 39% y/y rise in June quarter profit, driven by higher trading volumes and operational revenue
• Auto majors to offer 1.5-3% discount on purchase of new vehicles against scrappage certificate
• Zee, Sony reach non-cash agreement to settle disputes over merger. Under the settlement, the companies have mutually decided to withdraw all claims against each other
• Jio Financial Services (JFS) increased its stake in Jio Payments Bank to 82.17 % for Rs 68 cr
• GST Council meet to discuss rate rationalisation on Sep 9 but a final decision on tweaking taxes and slabs will be taken later, according to FM Nirmala Sitharaman
• Revenue growth of road EPC companies is expected to moderate to 5-7% by FY26 amid lower national highway awarding, according to CRISIL
• HUL received a tax notice of Rs 962.75 cr over Rs 3k cr GSK deal
• Bank of Baroda has raised Rs 5,000 cr by issuing ten-year infrastructure bonds at a coupon of 7.30%
• 5 Indian power companies that supply electricity to Bangladesh are owed more than $1 bn, of this, approximately $800 mn is owed to Adani Power
• Shriram Finance plans to raise up to $1.5 bn from the overseas market in the current fiscal year in a bid
• Indian ADRs: Infosys (+1.6%), ICICI Bank (+1.15%), Dr. Reddy’s Labs (+0.1%)
• to diversify borrowings