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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October 16, 2024

• UBS on SRF
• Downgrade to Sell from Buy, TP cut to Rs 2100 from Rs 2700
• Prolonged growth difficulties; negative surprises may be ahead
• Weak ag chem demand, with China to gain share
• Ref gas demand and prices to remain soft
• Cut FY25E/FY26E EPS 20%/22%
• Macquarie on Zydus Life
• O-p, TP Rs 1385
• Unfavorable ruling in gCabometyx patent case
• Based on this ruling, believe MSN/ Zyduslife might not be able to launch product before Jan 2030
• This represents meaningful downside to FY27e est
• Build $300m of rev & earnings of Rs10/sh in FY27E
• Bajaj Auto Review
• CITI
• Sell, TP Rs 7800
• 2Q marginally below est. due to slight miss in ASPs & gross margin
• Mgmt expressed optimism on co’s E2Ws, CNG bike & 3W segments
• A tad surprised by outlook on festive demand, wherein mgmt. noted that industry vol are up only 1-2% vs last yr
• Jefferies
• Buy, TP Rs 13400
• 2Q EBITDA & recurring PAT rose 21-24% YoY but were slight 3-4% below JEFe
• Bajaj expects just 3-5% growth in motorcycles in festive, but is optimistic on continued QoQ improvement in exports
• CLSA
• U-P
• Ebitda margin came in at 20.2% (+41bps YoY), flat QoQ versus estimate of 21.0%, led by a 130bp decline in its gross margin
• Believe this was driven by a c.300bp QoQ increase in its E2W volume mix
• STK trading at c.33x FY26CL EPS
• MS
• OW, TP Rs 11389
• Per Bajaj, industry retail sales in initial part of festive season were slower than expected
• Co expects industry to grow at "around 5%" vs market estimate of 8%- 10%
• Management aims to maintain margins at current levels
• L&T Tech Review
• Nomura
• Reduce, TP cut to Rs 4840
• Q2 mixed bag – marginally better revenues with margin miss
• FY25F guidance of 8-10% organic growth retained
• With investments front-loaded, aspiration for 16% EBIT margin in FY25F looks challenging
• Investec
• Sell, TP Rs 4980
• Weaker than anticipated rev & margin
• Rev grew by 3.4% QoQ in CC vs est. of 5.1% in CC
• LTTS maintained its revenue guidance of 8-10%, implying a required CQGR of 4.5-7% for next 2 qtrs
• EBIT% declined 50bps in Q2 to 15.1%(vs est 16.4%)
• BoFA
• U-P, TP Rs 4660
• Q2: In-line revenues; growth trajectory remains modest
• FY25 guide contingent on timely closure of large deals
• EBIT margin declined 50bp qoq to 15.1% & Vs est of 16.3%
• This was on a/c of higher-than-expected investments but have likely peaked
• MS on Mphasis (1st cut)
• EW, TP Rs 3200
• 2Q: rev & margin beat but soft deal wins
• Net revenue of Rs35.4bn (1% ahead of est.), with 2.4% QoQ constant-currency rev (expected +1.8%)
• Segment growth was driven by BFS & TMT
• EBIT margin of 15.4% above est of 15.1%
• Jefferies on Gold Fin
• RBI directive is a near term overhang, but traditional gold NBFCs should be better placed
• Prefer MUTH (better gold price leverage).
• At MGFL, MFI stress concerns seem priced in & risk reward appears attractive
• HSBC on 3Ws
• EV penetration has increased to 20% in 3Ws driven by lower TCO and – more so – favourable regulations + subsidies
• M&M (Buy, TP Rs 3390) is e3W leader with c40% market share
• Bajaj (Buy, TP Rs 14000) is catching up with c30%
• UBS on KEI Ind
• Buy, TP Rs 6150
• Q2 - inline topline, missed on margins & bottom line
• Co announced fund raise of Rs20bn via equity issuance Co continues to maintain their full year revenue guidance of 15-17% growth & EBITDA margins between 10.5-11%
• INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 16-10-2024 :
• FIIS F & O : RS. CRS. :
• TOTAL NET BUY : +1704
• INDEX FUT. : -684
• INDEX OPT. : +2432
• STOCK FUT. : -1186
• STOCK OPT. : +1142
• INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 16-OCT-2024 :
• FIIS : SELL -3,436 (14,465-17,901)
• DIIS : BUY +2,256 (13,432-11,176)
• BSE SENSEX : -319 (81,501)
• NSE NIFTY : -86 (24,971)
• BSE MIDCAP. : -49 (48,645)
• BSE SMLCAP. : +178 (57,403)
• B. CRUDE : $ 74.20
• GOLD:$ 2,675=INR 76,760 (10gr)
• SILVER : RS. 95,000 (kg)
• FOREX : RS. $ 83.99
• 6.79% NEW '34: 6.7356%(100.3875)
• 7.10% GOI '34: 6.7722% (102.2625)
• 7.23% GOI '39: 6.8239% (103.70)
• News Headlines from Business News Agencies:
• Business Standard
• Servotech ties up with Ensmart Power to expand EV charger business in UK
• Industrial and warehousing leasing up 17% YoY growth in 9 months: Report
• Godrej Properties secures 3 adjoining plots totalling 6.5 acres in Mumbai
• FY25 fresher hiring by IT sector to rise by 20-25%: TeamLease Digital
• Himadri Q2 results: PAT jumps 33% to Rs 134 cr driven by higher margins
• Indian manufacturing should aim for export-led growth: Jamshyd Godrej
• D2C brands raise funds to boost sales through quick-commerce platforms
• MF license aspirant list swells amid bullish industry growth projections
• Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges
• Ministers' group discusses merger of GST compensation cess into taxes
• Fund managers pare India allocation in favour of China: BofA survey
• India extends operation of imported coal-based power plants: Circular
• Economic Times
• Strides Pharma's OneSource raises Rs 801 crore in pre-listing round
• Union Cabinet approves Rs 2,642-cr Varanasi-DDU multi-tracking project
• HFCL expects 70% revenue in fibre optic, 50% in telecom gear from exports in 3 years
• Survey software seller SurveyMonkey opens GCC in Bengaluru; plans to have 25% of its R&D team
• Licious narrows FY24 net loss by 44%, revenue down 8% to Rs 685 crore
• India added 174 GenAI startups in one year: Nasscom report
• BharatPe posts 39% rise in FY24 operating revenue, loss before taxes narrows 50%
• India offers to help Myanmar in setting up 5G mobile systems: Official
• Govt approves Rs 35,000 cr for PM Annadata Aay Sanrakshan Abhiyan
• Ericsson to expand R&D base in India, focuses on AI, 6G development
• Zoomcar implements debt restructuring for the next long drive
• Expecting 15-20 pc exports growth in alcoholic beverages this yr: Official
• Mint
• Jet Airways resolution plan: Supreme Court reserves decision on airline's future
• Saas startup Everstage raises $30 million from Eight Roads Ventures, others
• China’s fiscal plan seems to pale in comparison to its monetary boost
• India’s goods trade deficit narrows to a five-month low in September
• Airbus to cut nearly 2,500 jobs in defence and space sector amid cost challenges
• South Indian Bank Q2 results: Net profit rises 18% to ₹325 crore
• Samsung Galaxy Ring with AI health features launched in India
• HDFC Life continues to struggle with margin pain
• Alibaba, Baidu invest in Chinese smart-driving tech company's near $700 mn IPO
• TVS Holdings board to consider raising funds via NCDs on October 23
• Temasek to Grab a Bite of Behrouz Biryani and Faasos Parent Rebel Foods
• India to become third-largest electricity consumer by 2050 on demand for cooling
• SHP UPDATE :
• SELAN EXPLORATION
• Dolly Khanna Inc. stake from 1.56% to 1.73%
• Lux Industries
• Mukul Agrawal inc. stake from 1.33% to 1.47%
• 20 MICRONS
• Dolly Khanna name appears with 1.29% stake
• Prakash Pipes
• Dolly Khanna inc. stake to 3.79% from 2.91%
• Mukul Agrawal stake at 2.51%
• REPRO INDIA
• Ashish Kacholia exited the co.
• Vijay Kedia stake at 6.34%
• Suresh Kumar Agrawal stake at 1.19%
• Madhusudan Kela stake at 6.38%
• Aurum Proptech
• Equity Intelligence
• inc. stake to 3.25%
• Porinju Veliyath stake at 2.13%
• Interarch Building Products
• Carnelian Bharat Amritkaal Fund (VIKAS KHEMANI)
• name appears with 1.20% stake
• 3P india funds hold 1%
• Technocraft Industries
• 3P India fund (Prashant jain ) name appears with 1.11% stake
• Abakkus reduced stake to 2.34%
• Vidhi Specialty
• Mukul Mahavir Agrawal reduced stake to 1.60%
• Elecon Engg.
• Vijay Kedia reduced stake from 1.34% to 1.29%
• Ajay Upadhyaya stake constant at 1.78%
• SKY GOLD
• Ashish Kacholia reduced stake by 3.11%
• Holding 1.85% via Bengal finance
• MSTC
• Valuequest India Moat Fund
• name appears with 1.17%
• KARNATAKA BANK
• Anil Kumar Goel (Sugar man) name appears with 1.18%
• NILE Ltd.
• Dolly Khanna inc stake from 1.10% to 1.27%
• MOLD-TEK TECH
• Mahima Stocks (Madhusudan Kela)
• Inc. stake to 2.09%
• OM INFRA
• Quant Mutual Fund inc. stake from 1.86% to 3.92%
• Vijay Kedia stake at 2.49%
• Dheeraj Kumar Lohia stake at 1.02%
• Updater Services
• Ashish Kacholia reduced stake from 1.95% to 1.50%
• Bengal FIn stake constant at 1.33%
• Himadri Speciality Chemical
• Quant Mutual fund inc stake to 2.30%
• Jyoti Structures
• ASHISH KACHOLIA
• name appears with 2.52% stake
• Heubach Colorants
• QUANT MUTUAL FUND
• Bought 2,53,000 shares @ Rs.636.56
• TRANSFORMERS AND RECTIFIERS
• Madhuri Madhusudan Kela Stake below 1%
• R SYSTEMS
• Buyers:
• DSP Mutual Fund
• Carnelian Fund (Vikas Khemani)
• Sundaram Mutual Fund
• Hind Rectifiers Ltd
• Mukul Agrawal increased stake to 1.39% from 1.30%
• Upsurge Investment & Finance
• Vikas Khemani & Associates name appears with 6.88% stake
• Aeroflex Industries Ltd.
• Ashish Kacholia increased stake to 3.60% from 3.59%
• Ansal Buildwell Ltd.
• Porinju Veliyath increased stake to 3.09% from 2.03%
• India Daybook – Stocks in News
• RVNL: Company emerges as lowest bidder from Maharashtra metro rail corporation, Company emerges as lowest bidder for project worth Rs 2.7 billion (Positive)
• Oriana Power: Company bags contract for 75MW (AC) solar power plant worth ₹375 cr (Positive)
• Pondy Oxides: Net Profit at Rs 17.4 cr vs Net Profit Rs 8.2 cr (YoY) , Revenue at Rs 580 vs Rs 400 cr. (YoY) (Positive)
• NBCC: Company received order worth Rs 252.5 million (Positive)
• Ultratech Cement: Commissioning of an additional 1.2 mtpa grinding capacity at Arakkonam unit, total cement capacity has reached 156.06 MTPA (Positive)
• RailTel: Company secures Rs. 79.84 Cr order from MHADA. (Positive)
• Reliance Ind: Jio Fin: BlackRock, Jio Fin in talks for 50-50 private credit venture. Fixed October 28 as the record date for the purpose of determining the equity shareholders of the company (Positive)
• IRCON: Company signs MoU with Patel Engineering for collaboration & co-operation in infrastructure projects in India & overseas (Positive)
• MPhasis: Net Profit at Rs 423.0 cr vs poll of Rs 416.0 cr, Rupee Revenue at Rs 3536 vs poll of Rs 3516 cr. (YoY) (Positive)
• HFCL: Company expects 70% of its revenue in fibre optic segment. (Positive)
• Larsen and Toubro: Company launches first multi-purpose vessel for Indian Navy. (Positive)
• GMR Airports: September passenger traffic up 9% YoY & down 4% MoM at 1.02 cr. (Neutral)
• ICICI Bank: Penalized ₹2,11,000 by RBI for delays in reporting stock options to non-resident employees (2015-2018) (Neutral)
• Bajaj Auto: Net Profit at Rs 2005 cr vs Net Profit Rs 1836 cr, Revenue at Rs 13130 vs Rs 10880 cr. (YoY) Company to invest $10 million in arm Bajaj Brazil in a phased manner (Neutral)
• Crisil: Net Profit at Rs 171.6 cr vs Net Profit Rs 152 cr, Revenue at Rs 811.8 vs Rs 10880 cr. (YoY) (Neutral)
• Cochin Shipyard: India government to exercise oversubscription option in Cochin shipyard stake sale, India GOVT to sell additionally up to 2.5% stake in Cochin shipyard under oversubscription option (Neutral)
• Bikaji Foods: Company unit to invest Rs 1.31 billion in Hazelnut factory food products (Neutral)
• Kolte-Patil: Collections up 16% YoY at Rs 550 cr, Sales value up 22% YoY at Rs 770 Cr (Neutral)
• Pavna Industries: Company approved further raising of funds up to Rs 4.11 billion (Neutral)
• JK Tyre: Company received a CARE A1+ short-term rating for its proposed Commercial Paper issuance. (Neutral)
• Reliance Ind: Issue of bonus share passed with majority in e-voting on October 15, 2024 (Neutral)
• HDFC Bank: Inaugurates its first branch in Singapore to expand financial services. (Neutral)
• EIH: Company approves investing up to £69 million in unit EIH London Investments. (Neutral)
• Oberoi Realty: Company said its board's operations committee has approved the issuance of NCDs totalling up to ₹1,500 crore on a private placement basis. (Neutral)
• L&T Technology Services: Net Profit at Rs 320 cr vs Net Profit Rs 314 cr, Revenue at Rs 2573 vs Rs 2460 cr. (YoY) (Negative)