05, August, 2025
# Sign In
  1. Home
  2. Market Highlights

Market Highlights

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

August 27, 2024

  • News Headlines from Business News Agencies:
  • Business Standard
  • Akasa Air plans to go public, aims to be profitable by 2028: CEO Vinay Dube
  • RBI to launch Unified Lending Interface to transform lending space: Das
  • New mining cess may increase cost pressure for steel makers: ICRA
  • HouseEazy raises $7 mn in series-A round from investors to grow business
  • Rural job market improving in FY25 but lags behind pre-pandemic levels
  • Avg housing prices up 90% in Bengaluru's Bagaluru; 79%at Dwarka Expressway
  • Sugar industry fears new norms likely to bring back old restrictions
  • Indian ISMR delegation calls on Singapore Prez, PM, discuss bilateral ties
  • Indian companies should develop new products tailored for Nigeria: LFZ CEO
  • Meity plans to deploy data experts for streamlining internal govt data use
  • Festive season to boost gig rider demand by 40% on quick commerce platforms
  • Economic Times
  • ASK Property Fund divests its investment in a 49-acre Shriram Properties projects
  • 'Insurance for all': IRDAI urges cos to strategize making insurance affordable
  • Sebi’s green reporting boosts demand for green buildings: Colliers
  • India adds record 15 GW solar capacity in Jan-Jun: Report
  • Jio spent least on dealer commissions, branding in FY24
  • 56% ELSS mutual funds fail to beat their benchmarks in three years
  • PhonePe posts 74% jump in FY24 revenue to Rs 5,064 crore
  • Patel Retail, Garuda Construction get Sebi's nod to float IPOs
  • Dutch data protection watchdog hits Uber with $324 million fine over driver data
  • SEA urges govt to reconsider decision to extend de-oiled rice bran exports ban
  • Shilpa Medicare completes phase-3 trial of novel therapy against nonalcoholic fatty liver disease
  • Mint
  • Tata Sons pays ₹20,000 crore debt to avoid mandatory listing: Report
  • Mercedes-Benz to target tier-2 cities in India with 10 new service centres
  • Bajaj Auto to introduce new CNG, Ethanol, and electric vehicles by FY25: Report
  • Fintech startup PhonePe swings to adjusted profit in FY24
  • BHEL bags 3 contracts worth ₹11,000 cr to build power plants
  • IBM shuts China R&D operations in latest retreat by US companies
  • Debt platforms expand loans for consumer, e-commerce firms this festive season
  • Tight liquidity forces Indian NBFCs to look overseas
  • KPI Green Gets Letters of Intent for 13.30 mw solar power plant
  • US advisory firm opposes Bina Modi's reappointment as Godfrey Phillips MD
  • InsuranceDekho debuts SaaS solutions firm Heph for insurance distributors
  • *Equirus Conference Day 1 Meetings Takeaways*
  • *VIP industries - Manish Desai CFO*
  • • In the last quarter company had gained some market share & it stood at 40%; the gross margins were one of the worst hit; they expect gross margins to improve by 200-300bps by the end of year on account of better value mix
  • • Don’t expect incremental fall in realization saw higher competition
  • • Soft luggage has moved out of the market; their Bangladesh facility only for soft luggage where demand is not there – from being a dominant contributor to volumes soft luggage has now reduced to being a 20% contributor to volumes
  • • As a part of bringing efficiencies in the system they have reduced manpower by 4K in last one year; also plans to adjust their manufacturing capacities in line with market demand by getting contract manufacturing done from outside for their east & west markets
  • • Carton is never for distribution, idea is to have more skus at price point
  • • In the Online vs offline player war, Online players are now looking for offline expansion now as they are also try to set their phygital presence; presently online players can offer more designs and sku’s as they have outsourced their manufacturing once they moved towards profitability and start their manufacturing they will have to reduce sku’s as for different sku’s you need different moulds & the cost for each mould is on the higher side around 60-80L; they believe the luggage industry has transitioned into fashion industry where the average life cycle of luggage has reduced and consumer will be changing their taste and preference quite often
  • • They are also innovating on designs and plans to launch new sku;s and will continue to offer newer designs however with more new designs older ones will get phased out keeping the total number of sku under check
  • • Luggage being similar to fashion industry the life cycle has reduced and even the preferences for consumers would change must faster
  • • Durability of hard lugggage can’t be compared to soft luggage; for soft luggage the bags would be usable for 7-8 years atleast the same is not the case for hard luggage; post covid there has been a paradigm shift in the industry with hard luggage being
  • • They provide warranty for 5 years for almost all bags vs competitors providing anywhere between 3-5 years
  • • Incrementally on launch side expect to launch around 60-80 Backpacks vs 100 launches on prior launches
  • *Eureka Forbes - Pratik Pota MD & CEO / Gaurav Khandelwal CFO*
  • • Have done a lot of rejig across the value chain which has started getting reflected in the form of margin improvement and sales growth; where they have lacked against the peers
  • • Water purifiers saw realisations to prior levels
  • • Vacuum cleaners saw uptake on realisations; Robotic asp is 20k vs 7-8k for vacuum cleaners; however the demand and uptick on sale of robotic cleaners have surprised them as well
  • • Major change has happened on getting more control over service network; earlier it was left to technician entirely and was poorly monitored; However, not they have got technician on digital platform; Got digital training programs in place
  • • Incentive structure was skewed towards selling Amc & business model was historically amc driven; without focusing much on quality of service provided
  • • Earlier customers were not aware and sales through their own website was not high or was very miniscule; improved the overall product reach product placement and customer buying experience; Quarter of AMC revenues comes from digital
  • • They also led campaigns highlighted the use of filters against cotton cloth resultantly the sales of filter have sky rocketed beyond their imagination and started contributing well to overall topline
  • • Filter sales will come under product and one life item and revenue is not amortised
  • • Their reported growth looks under reported because of the peculiar nature of their revenue recognition; in which the amc sales are amortised over the useful life 10 years, but if the product and amc sales are inching up from a downward trend because of the nature where expenses are front loaded and revenue is backended or recognized evenly it would take one entire good revenue cycle to complete for the benefits to be recognized entirely
  • • Filter margin are similar to AMC margins gross margin flows to bottom line
  • • Vacuum cleaners growing very fast industry can triple - market leader in robotics - driven by vacuum cleaners - got Chinese players
  • • Air purifiers - national need late entrants slower catergory as they’re prioritising water adjencies
  • • More players entering the market is good for the industry which will improve the breadth of the market
  • • Segment is large of water renting (big bisleri bottle) bigger than cloth water model; so they purifier renting market to develop because of this factor
  • *Sg mart- Anubhav Gupta Head of Strategy*
  • • First Business B2B Trading- Trading of steel B2B long flat; B2C rebars and light structures
  • • Started doing 50,000-ton, 60,000 ton of monthly volume, started like 6-7 months ago, this industry. And here the margins are between 1.5-2%, working capital required is around zero to 10 days; because most of this steel is bought through back-toback contracts with the customers. So, the inventory is like zero to 10 days. They lift on credit from steel suppliers and sell on cash as well to clients because steel as a commodity is mainly cash-and-carry basis. So the net working capital here will be zero to 10 days here. Average you can take five days with margin of 1.5-2%. So doing like 15, 20 times churn, 25 times churn in a year can give us 30, 40% ROC on this business.
  • • Second business B2B service centre - industry like auto sector, consumer durables, construction industry, they don't buy raw steel like in coil form or long steel form. They need processed steel, which acts as an input to their factories and then they make washing machines, refrigerators. It is used in automobile bodies, in construction, in bridges, etc. So, there are small service centers, very unorganized service centers, which are established in the country and they are run like mom-and-pop stores. There is no Pan-India national level organized chain of service centers which can ensure the quality steel availability to the user industry.
  • • The business model is that in metro cities two of our service centers are operational, doing business of 10,000-12,000 ton a month. Two new service centers in India will be starting in next two to three months. The construction work is underway and we will be starting those service centers in the next two to three months.
  • • A network of five service centers, we should be doing like 30,000 40,000 ton of processed steel every month which gives us 4% to 5% EBITDA margin. And here of course the inventory days will be slightly higher from 15 to 25 days but then you cover it up by making extra margin.
  • • And then they have identified 15 new locations, which we will start operations over the next 12 months. So, the vision here is that by 2030 we should be having 101 service centers, maybe 102 outside India and 99 in India. Because in smaller towns, in cities like Raipur, in Patna, in Ludhiana, Jalandhar, Jammu, Kochi, these industrial clusters they don't have service stations. So, they buy material from metro cities and they pay a rate of INR1,200 a ton. So, they thought to penetrate deeper into the market and get service stations established
  • • So, the idea is that every year they keep on adding 10, 20 service centers and by 2030 should have a network of 101 service centers. Here the capex per service center should be like INR20-25 crores and the working capital requirement would be another INR10-15 crores at gross level.. So doing 5,000-ton average volumes should give ROCE of again 30-35% with the capex and working capital combined under capital employment.
  • So here the right to win is they have full supply of raw steel with them. Then they have funds to establish these service centers and then market is there to service
  • • Then coming to B2C where they can leverage the distribution network in the downstream sector which the group created for these steel tubes over the last 30 years. Now if you look at our group dealers who are doing business in steel pipes, steel pipes are 28% of their total business. Rest 80% they do rebars, angle channels, welding rod, mesh, wires. This is massive consumption but almost like INR3-4 trillion for non-tube products which these distributors buy from small manufacturers
  • • So, there is a good ramp up which is happening in this distribution business. So here also the idea is that we are connecting manufacturer with the trader. So, entry days will not be more than like 15-20 days on a blended basis for this business and margins here because we have private labels, so they will vary from 2% to 4%, blended 2.5%, 3%.
  • • And the network of service centers which we are creating, so that can act as a warehouse for either metal trading which we require or for B2C distribution products. So, we are not going to spend extra money on creating more warehouses. My service centers will act like warehouses plus the processing unit. So, my capex is limited, which is like say INR25 crores per service center. If I do 100 in next seven years, so INR2,500 crores will be the total gross block which we will be spending. And idea is to do 10 million ton of combined volume in these three segments which could amount more than INR50,000 crores of top line. And with 20 days of average working capital, we should be requiring around INR2,500 crores of working capital. So, the total capital employment that this company may require will be 5,000 crores to do 50,000 crores of top line and with 2.5% of EBITDA margin, which is broad based. So, 1,500 crores EBITDA we should be getting on 50,000 crores top line and on a total capital employment of INR5,000 crores. So, 1,200-1,300 crores network we already have cash on the books, right? And then over seven, eight years, the business has been profitable for us from day one. So, there will be accumulated profits and there could be like some working capital limits we may require. So, the company is well funded to reach the scale of 50,000 crores of revenue with 1,500 crores EBITDA on a capital employment base of INR4,500 to INR5,000 crores.
  • *Kajaria- Head IR Nehal*
  • • Overall broader commentary was mixed; slightly puzzled that its almost 3rd year of realty cycle and they’re not seeing the kind of volume push on expected lines
  • • However, one important caveat was their majority of sales happens in tier 2 / tier 3 cities and in top 5 cities the contribution to their overall sales is low; as their products are expensive for builders to use in their projects and they don’t want to stretch their working capital days
  • • For the year they expect volume growth in double digit
  • • Realisations since last quarter have stopped falling and showing signs of initial growth
  • • Morbi 250 plants are shut; Overall exports are flat for the year, on morbi side more consolidation has happened the guys already having few units have gone ahead and got more and consolidated their presence; no new entrants have entered the business considering the depleting roce’s
  • • On competition varmora & Simpolo are doing good, however on product placement side simpolo has got good products; kajaria has stated uniterra taking a leaf from simpolo’s playbook however they were late to the party in launching 1600x3200mm & 1600x2400 mm
  • • On business they would like to focus more on on govt projects considering they’re better paymasters compared to even best of the developers
  • • Large format 60x120 & 80x160 are bread butter decent product
  • • Seeing a changing trend where Vitronite upto 1600x3200mm slabs are replacing kitchen tops
  • • Broader guidance: EBITDA 15-16% | Volume growth 8-10%
  • • Other verticals: Bath ware adhesive are margin accretive plywood is a mistake
  • *Arvind Ltd. Samir Agarwal Chief Strategy / Satya Prakash Mishra Head IR*
  • • On Bangladesh side of the things received panic inquires at the time when PM fled away; however they were running short on capacity
  • • 15-20% of fabric gets exported to Bangladesh, which got affected however the same has normalised now
  • • Facility wise in Garmenting they plan to expand from existing 45 million pieces reaching to 60 million pieces at a capex cost of 150crs
  • • Expect the segment to grow in line with gdp; So on the business side they are positioning themselves as a fabric heavy company which wants to enter garmenting as a full service provider; First step towards the same is reaching 10 million volume per quarter which they’re clocking since last two quarters
  • • However, at entity level they expect single digit vertical margin across the chain;
  • • Current amd business can clock 1500crs to 2500crs; 25% of Amd business is composites
  • *Equirus Conference Notes*
  • *Day-1*
  • *Apollo Tyres*
  • - Exports seems big opportunity where company stands today. 3 years back company shifted Netherlands capacity to India. Last year markets were in bad space especially exports market.
  • - Management expects certain disruption in terms of market share due to certain evolving space such as EV segment, which can provide a bit of increment to company in terms of market share.
  • - All the companies manufacturing tyres have gradually started to work on EV tyres and Apollo claims to ahead of their competitors, as EV tyres differ from normal tyres at the very compound level and these are designed to be more silent.
  • - Company believes that soon there would be systems available which would indicate the driver that a tyre need replacement or a pressure check this concept would be similar to when a person fails to wear a seatbelt and car systems start beeping.
  • - As mentioned earlier that EV tyres differ at very compound level as they need lower rolling resistance to maintain battery efficiency. It is believed that EV cars would need premium tyres compared to normal ICE tyres because the type of tyre i.e. soft or hard would impact cars fuel efficiency.
  • - Company further mentioned that margins of any tyre company should be always looked in relation to its raw material cost, and typically EBITDA margins would be inversely proportional to the raw material costs.
  • - Company believes that high single digit to low double digit is possible for FY25.
  • - Further company stated that its main aim for India is to focus on and improve operational efficiency instead of disrupting market share. And for international market company is looking at various geographies in Europe for growth.
  • - Currently in Europe company has largely been in replacement market as it only engages with marquee German car manufacturer like Audi, BMW etc.
  • - Talking about the quality of product, company stated that in today’s time customers have gained technical knowledge for any purchase they make and hence do not pay for brand but pay for product quality. This is similar to star certification provided to consumer durables good like AC. Person would believe on the quality of product based on that certification irrespective of its brand.
  • - Current utilization rates are 75% in TVR(Truck & Bus Radials) and 85% in PCR(Passenger Car Radials). Company believes that it would need brownfield expansion for capacity of PCR in next 2 years and firm opinion or guidance on the same would be provided soon. CAPEX for PCR is expected because it is more margin lucrative business.
  • - Company aims to have majority of machines which are IoT enables.
  • - Andhra has land parcel of 240 acres. While company’s current biggest facility in Chennai is on 150 acres land parcel.
  • *E-Clerx Services*
  • - Digital business is not entirely discretionary as we can see some amount of change in that as some amount of pipeline has been building up.
  • - Opportunities are more in KYC services and it has grown and company also sees more resonance in it. There is more potential seen in Client Life Cycle services.
  • - Loans and Assets also seem to have good potential as it is not just restricted for banking.
  • - No addition of service line is required. Company believes that current three verticals of business are enough for growth and could do much in these verticals.
  • - The 3 verticals goal is to increase wallet share from each clients.
  • - Investments are largely made on personnel and on business development side. Company has added people on senior level hence senior cost has already been incurred and now company would start to add people under them.
  • - Actively looking for acquisitions. Looking to expand KYC, anti-money laundering, fraud detection etc.
  • - Competitors- Teleperformance, Sutherlands; Cognizant, Infosys, TCS; Digital: Capgemini, Accenture; any creative agency is a competitor..
  • *TVS Supply Chain Solutions*
  • - Other than core manufacturing all the other parts of a supply chain are being catered to, by the company.
  • - By 2019 had build relationships with close to 60- Fortune 500 companies and today company works with 78- Fortune 500 companies.
  • - US works with John Deere and UK works with very high profile clients.
  • - *Growth in global contracts have significant impact when compared to growth in Indian contracts. A small growth in global contracts would showcase significant growth in financials and that would not be same with domestic contracts.**
  • - Some of the large contracts rely on UK capabilities while some of the large India contracts depend on US logistics in a way it is all interlinked.
  • - Freight forwarding is something which could have been done differently from the beginning. Acquisitions in this segment were a little deviated from the set goal of company. Set goal of company was to carry out small acquisitions, but they did 4-5 big acquisitions in one go and spent a lot of capital on that.
  • - 8 sea lanes, 6 air lanes a total of 14 lanes is where the company works for logistics.
  • - Would like to be careful with the freight forwarding business and would not add number of offices.
  • - Interest cost is now in steady state.
  • - Outsourcing in LOGISTICS as a concept in India is still evolving.
  • - Capability is not a challenge for the company in India.
  • - India is a value conscious market, while other markets do not shy to pay premium for better services.
  • - In India people generally look at the cost but fail to look at top line. They generally notice that company has incurred very high costs but tend to fail to review the top line in relation to those incurred costs.
  • - Supply chain is not purely a cost but that can be derived how it can drive the efficiency.
  • - Company’s challenge is from Gross margin to EBIT to PBT and not to deliver the topline growth
  • - If every quarter is company is able to deliver 20-30 bps this would also become a typical TVS company.
  • *Mahindra Logistics*
  • - 3PL has 3 sub verticals 1. AFS; 2.E-commerce; 3.consumer, manufacturing, telecom (4000 Cr Revenue)
  • - LMD for amazon, see lot of potential and also acquired another logistics company. (300-350 Cr Revenue)
  • - Freight Forwarding, cross border import and export. Also opened in office in Dubai for Air Charters.
  • - Acquired Rivigo for express business, catering to various corporate.
  • - Mobility business (~350 Cr revenue)
  • - Acquired Meeru to cater airport transfers
  • - 75-80% of business is 3PL
  • - From top 100 customers more than 60% of those customers are engaged with the company for at least 2 services.
  • - The more warehousing grows the more margins increase.
  • - 3PL will grow at 15%. Other businesses growth rate are expected to be in late teens.
  • - In express segment MLL is the fifth largest player and it has just 3% market share so there is lot of potential growth in this area.
  • - Volume will play a significant role in coming years.
  • - 60% share in Wizard. Carrying out acquisition in tranches.
  • - Current JV SEINO with a Japanese company is one of the largest logistics companies in Japan. They have connects with Japanese OEMs and MLL brings the Indian clients
  • - BTS Build to suit is something that company has messed up a little and there are lot of challenges ahead.
  • *Polycab Wires*
  • - Last 2-3 months were different due to copper prices volatility. But August has been better, generally pick up is witnessed September onwards.
  • - Gradually company believes that second half should be better for FY25.
  • - Real Estate historically has been following cycle of 6-8 years and with increase in real estate C&W industry would also grow as well.
  • - Company has increased CAPEX guidance as they believe that demand will eventually increase. They also believe that Demand will outpace supply for domestic market. Also entire industry has been increasing their CAPEX
  • - Greenfield takes 1.5-2 years to get fully operational while Brownfield takes close to 1 year. Polycab has plans for only Brownfield CAPEX.
  • - Cables is a relatively complex business which requires lot of approvals and Havells currently does not have those kind of approvals. And these approvals may vary from 6 months to 2 years.
  • Stocks in News post Market closure
  • Exhicon Events Media Solutions Limited : Company has announced the acquisition of a 76% majority stake in Perfect Octave Limited, a prominent player in the Indian non-film music and corporate film production space .
  • Aryan Share and Stock Brokers Ltd : Board approved the proposal of raising of funds by the Company through Rights Issue of Equity Shares .
  • Sanofi India Limited : The Company received an order from the Office of the Assistant Commissioner (DGST) .The notice addressed an excess claim of Input Tax Credit for the period from April 2019 to March 2020. The Company’s response to the notice was rejected, and a demand is confirmed for the payment of the tax amount, along with applicable interest and a penalty. The total amount due, as specified in the order, is Rs. 2,16,87,997/-
  • Kilburn Engineering Limited : Board approved raising of fund .
  • UCAL LIMITED : Company SIGNS MOU with BLAER MOTORS PRIVATE LIMITED FOR COLLABORATIVE PRODUCT DESIGN AND DEVELOPMENT ON MOTOR CONTROLLER .
  • Mudunuru Limited : Company has received an order for providing SMS aggregating solution to M/s. Indian Bank. Order Value -2.20 Crore / Year - Extendable on yearly basis up to 3 year .
  • UltraTech : Company successfully raises USD 500 million through sustainability-linked financing
  • GPT Infraprojects Limited : Board Approved the opening of the proposed issue of such number of Equity Shares to eligible qualified institutional buyers through a qualified institutions placement.floor price for the QIP ₹ 183.83 per Equity Share.
  • BANNARI AMMAN SPINNING MILLS LIMITED : Board meeting to be held on 3.9.2024 to consider and approve the raising of funds
  • Emmbi Industries Limited : The Company has received the approval from RBI and the Company has remitted 100 SGD for subscribing shares of 'ZASTIAN PTE. LTD.' and intimation of remittance received from the Bank on26th August, 2024.
  • Medi Assist Healthcare Services Limited : Company has approved Medi Assist Insurance TPA Private Limited (“Medi Assist TPA”), a wholly owned subsidiary of the Company, to enter into a share purchase agreement for acquisition of 100% equity stake in Paramount Health Services & Insurance TPA Private Limited (“Paramount TPA”).
  • Lemon Tree Hotels Limited : The Company has signed a License Agreement viz Lemon Tree Hotel, Civil Lines, Ayodhya. The property shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited and is expected to open in FY2028
  • Emami Limited : The company has subscribed 4348 compulsorily convertible preference shares (CCPS) of its associate company, “Cannis Lupus Services India Private Limited” (“Cannis”)
  • Medi Assist Healthcare Services: Medi Assist TPA to acquire 100% stake in Paramount TPA from Fairfax Asia and Dr. Nayan Shah & family
  • Arihant Foundations & Housing Ltd: Arihant Group Signs JDA for Rs 500 Crore Commercial Development Adjacent to Hilton Chennai
  • M/s. Bondada Engineering Limited : The company has received Letter of Award from the Companies, M/s. Lumina Clean Energy Private Limited M/s. Purelight Energy Private Limited and M/s. VVKR Photovoltaics Energy Private Limited. The total contract is Rs:575.74 Crores
  • Zydus Lifesciences: The company clarified that today’s stock movement is not attributable to the previously announced acquisition of a 50% stake in Sterling Biotech. It also added that USFDA approval for a generic medicine of mesalamine has been given to another company, which could impact sales. The impact of the sales hit has already been factored into sales and Ebitda expectations for the financial year 2025
  • UltraTech Cement: The company raised $500 million through a sustainability-linked loan with participation from six banks.
  • Piramal Enterprises: The company unit Piramal Capital & Housing Finance was held liable for a Rs 466 crore penalty on a voluntarily withdrawn claim of Rs 3,698 crore from the Dewan Housing Finance merger.
  • Jai Corp: The company received notification of the merger of promoter Pet Fibres with Mega Pipes
Panchkarma