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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.

October 15, 2024

  • Reliance Industries Q2 Results: Key Highlights
  • - Net Profit: ₹16,563 crore, up 9.4% QoQ
  • - Revenue: ₹2.35 lakh crore, beats analyst estimates
  • - Jio ARPU: ₹195.1, up 7.4% YoY
  • - Jio Platforms: Record quarterly profit of ₹6,536 crore
  • - Reliance Retail: Net profit up 20% QoQ to ₹2,935 crore
  • - Oil & Gas: Record quarterly EBITDA of ₹5,290 crore
  • Segment-wise Performance:
  • - Oil-to-Chemicals (O2C): Revenue up 5.1% YoY to ₹1.55 lakh crore
  • - Jio Platforms: Revenue up 18% YoY to ₹31,709 crore
  • - Reliance Retail: Revenue up 14% YoY to ₹66,502 crore
  • - Oil & Gas: Revenue down 6% YoY to ₹6,222 crore
  • Management Commentary:
  • - Mukesh Ambani: "Our performance reflects robust growth in Digital Services and Upstream business."
  • - Akash M Ambani: "Jio has focused on deep tech innovation to create customer and shareholder value."
  • - Isha M. Ambani: "Reliance Retail continues to make investments in technology and infrastructure to build a strong foundation for future growth."
  • INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 14-10-2024 :
  • FIIS F & O : RS. CRS. :
  • TOTAL NET SELL : -10,349
  • INDEX FUT. : +159
  • INDEX OPT. : -6489
  • STOCK FUT. : -279
  • STOCK OPT. : -3740
  • SEC. IN F&O BAN FOR, 15.10.2024 :
  • 1. GNFC 2. GRANULES 3. HINDCOPPER 4. IDFCFIRSTB 5. MANAPPURAM 6. PNB 7. RBLBANK 8. SAIL 9. CHAMBLFERT 10. IEX 11. NATIONALUM 12. TATACHEM
  • ADDITION : IEX, NATIONALUM, TATACHEM
  • DELETION : NIL
  • INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 14-OCT-2024 :
  • FIIS : SELL -3,732 (9,364-13,096)
  • DIIS : BUY +2,278 (11,597-9,319)
  • BSE SENSEX : +592 (81,973)
  • NSE NIFTY : +164 (25,128)
  • BSE MIDCAP. : +134 (48,571)
  • BSE SMLCAP. : +32 (56,632)
  • B. CRUDE : $ 78.00
  • GOLD:$ 2,655=INR 76,260 (10gr)
  • SILVER : RS. 95,000 (kg)
  • FOREX : RS. $ 84.05
  • 6.79% NEW '34: 6.7381%(100.37)
  • 7.10% GOI '34: 6.7827% (102.19)
  • 7.23% GOI '39: 6.8204% (103.7350)
  • RIL Review
  • CLSA
  • O-P, TP Rs 3300
  • 2Q consol Ebitda 2% below forecast driven by weak O2C & Reliance Retail (Retail), while Reliance Jio (Jio) & upstream fared better
  • Lower depreciation & higher other income drove a 7% consolidated PAT beat
  • An over-15% fall has taken Reliance close to our conservative valuation.
  • A further pick-up in Airfiber subscribers, start of new energy projects and the potential IPO of Jio may be triggers over the next 12-15 months
  • UBS
  • Buy, TP Rs 3250
  • Digital delivered but Retail fell short of expectations; O2C drag continued
  • Telecom tariff hike led to subs loss; Retail infra expansion slowed
  • Lower FY25-27E EBITDA by 5-10%
  • Future growth drivers &lower capex could drive deleveraging
  • Nomura
  • Buy, TP Rs 3450
  • Q2 below est in a challenging environment
  • Reported net debt moderates to Rs1.12tn; capex increased to Rs288bn
  • Cut FY25-27F EBITDA by 5-6%
  • Commencement of new energy operations by March 2025 will be a key trigger in coming mths
  • JPM
  • OW, TP Rs 3125
  • 2Q PAT in line with Jio (telecom) doing better on higher ARPU, O2C worse (EBITDA down 26% in 2 qtrs)& Retail weakest rev growth ex-COVID since 2014.
  • Telecom should continue to grow; excessive weakness in Refining / petchem and Retail should turn
  • Bernstein
  • O-P, TP Rs 3440
  • 2QFY25: Earnings miss. ARPU beat. Retail soft. O2C margins weak
  • Net Debt to EBITDA stable at 0.66x
  • See vals as supportive despite earnings miss
  • Jefferies
  • Buy, TP Rs 3400
  • A weak print with large miss in O2C & small misses in Jio & Retail on modest est.
  • Lower FY25/26E EBITDA 8%/6% but note sharp 14% correction recently makes valn favorable
  • HCL Tech Review
  • Jefferies
  • Hold, TP Rs 1770
  • 2Q operating performance beat est, with both services & product biz surprising +vely
  • Co raised lower end of its growth guidance by 50bps
  • for FY25
  • Trading at 28x 1-yr fwd see ltd. scope for re-rating
  • MS
  • OW, TP Raised to Rs 1970
  • Better-than-expected F2Q25 & constructive comments on improving demand result in EPS upgrades
  • Consistent Industry-leading revenue growth should keep premium multiples intact
  • EW on Vals
  • Bernstein
  • Market perform, TP Rs 1940
  • Q2FY25: Strong quarter - Services growth. Margin beat. Guidance raised
  • FY25 EBIT margin guide maintained at 18-19%.
  • Stock is up 18% in last 3M (vs NIFTY IT up 9%).
  • NTM P/E multiple keeps risk-reward in balance
  • HSBC
  • Hold, TP Raised to Rs 1700
  • A good qtr with beat on both topline & margins; deal wins were stable in 2Q
  • Val restricts near-term re-rating
  • Nomura
  • Buy, TP Rs 2000
  • Strong execution drives beat in 2Q
  • Raise FY25-26F EPS by ~1-1.5%
  • Jefferies on HDFC BK
  • Buy, TP Rs 1890
  • HDFC Bank is aiming to lower LDR to 85-90% in c.3yrs, which it may achieve with deposit Cagr of 15% & slowing loan Cagr to 11%.
  • Branch ramp-up will help to gain share in deposits, but loan growth will stay below/at sector level
  • Scope to lower funding cost can lift NIM.
  • PSL compliance won't impact profit by much & slower growth in unsecured loan can keep credit costs in check
  • Trim est by 4-6% to factor slower loan growth
  • Bernstein on Kotak BK
  • Market perform, TP Rs 1750
  • See clear growth intent as +ve, especially if nos ahead support this narrative
  • However an aggressive pursuit of ‘top 3 bk’ ambition would bring significant M&A risk given integration challenges & weaker RoA of smaller bks
  • UBS on RK Forging
  • Initiate Buy, TP Rs 1500
  • Visible earnings drivers imply earnings upgrades
  • Key future growth drivers
  • 1) higher penetration of EV & aluminium forging
  • 2) rising contributions from ACIL, Multitech Auto & JMT Auto acquisitions
  • 3) New clients in earth moving, farm equipment, & oil & gas segments;
  • 4) rail segment opportunities from Vande Bharat Express & Metro trains
  • Expect Co to record rev CAGR of 22% during FY25-27E compared to consensus' 17%
  • Nuvama on JSW Infra
  • IC Buy, TP Rs 390
  • Co poised to sustain strong long-term growth on back of favourable macro tailwinds (4x capacity growth over next 25 years) supported by organic—group cargo growth, particularly JSW Steel— & inorganic growth in ports & logistics
  • Reckon JSWIL shall post revenue/EBITDA/PAT CAGR of 19/16/15% over FY24–27E
  • Value stock at 25x FY28E EV/EBITDA
  • Key risk: any inordinate delay in commissioning of JSWIL/JSW Steel projects.
  • Systematix on Time techno
  • Initiate Buy, TP Rs 615
  • Are optimistic on its value-added composite products (LPG & CNG cascade cylinders), stable & long-standing industrial packaging (drums, jerry cans, IBC etc.) biz, & focus on improving financials to turn debt free over next 2-3 yrs
  • B&K On Neuland Labs
  • Buy, TP Raised to Rs 20000
  • USFDA approval for COBENFY, Neuland preferred CDMO partners
  • Healthy pipeline in CMS division
  • Change in mix towards more profitable CMS Supplies leading to better Margins
  • Trades @33x FY26EPS (disc to peers like Divis & Suven)
  • HSBC on Maruti
  • Buy, TP Rs 14500
  • PV industry demand remained muted during Navratri with 3% YoY growth while 2W grew by 12%, in line with expectations
  • With high inventory and any significant pick-up in demand looking unlikely, expect weak 3Q dispatches from Maruti
  • RIL Review
  • CLSA
  • O-P, TP Rs 3300
  • 2Q consol Ebitda 2% below forecast driven by weak O2C & Reliance Retail (Retail), while Reliance Jio (Jio) & upstream fared better
  • Lower depreciation & higher other income drove a 7% consolidated PAT beat
  • An over-15% fall has taken Reliance close to our conservative valuation.
  • A further pick-up in Airfiber subscribers, start of new energy projects and the potential IPO of Jio may be triggers over the next 12-15 months
  • UBS
  • Buy, TP Rs 3250
  • Digital delivered but Retail fell short of expectations; O2C drag continued
  • Telecom tariff hike led to subs loss; Retail infra expansion slowed
  • Lower FY25-27E EBITDA by 5-10%
  • Future growth drivers &lower capex could drive deleveraging
  • Nomura
  • Buy, TP Rs 3450
  • Q2 below est in a challenging environment
  • Reported net debt moderates to Rs1.12tn; capex increased to Rs288bn
  • Cut FY25-27F EBITDA by 5-6%
  • Commencement of new energy operations by March 2025 will be a key trigger in coming mths
  • JPM
  • OW, TP Rs 3125
  • 2Q PAT in line with Jio (telecom) doing better on higher ARPU, O2C worse (EBITDA down 26% in 2 qtrs)& Retail weakest rev growth ex-COVID since 2014.
  • Telecom should continue to grow; excessive weakness in Refining / petchem and Retail should turn
  • Bernstein
  • O-P, TP Rs 3440
  • 2QFY25: Earnings miss. ARPU beat. Retail soft. O2C margins weak
  • Net Debt to EBITDA stable at 0.66x
  • See vals as supportive despite earnings miss
  • Jefferies
  • Buy, TP Rs 3400
  • A weak print with large miss in O2C & small misses in Jio & Retail on modest est.
  • Lower FY25/26E EBITDA 8%/6% but note sharp 14% correction recently makes valn favorable
  • HCL Tech Review
  • Jefferies
  • Hold, TP Rs 1770
  • 2Q operating performance beat est, with both services & product biz surprising +vely
  • Co raised lower end of its growth guidance by 50bps
  • for FY25
  • Trading at 28x 1-yr fwd see ltd. scope for re-rating
  • MS
  • OW, TP Raised to Rs 1970
  • Better-than-expected F2Q25 & constructive comments on improving demand result in EPS upgrades
  • Consistent Industry-leading revenue growth should keep premium multiples intact
  • EW on Vals
  • Bernstein
  • Market perform, TP Rs 1940
  • Q2FY25: Strong quarter - Services growth. Margin beat. Guidance raised
  • FY25 EBIT margin guide maintained at 18-19%.
  • Stock is up 18% in last 3M (vs NIFTY IT up 9%).
  • NTM P/E multiple keeps risk-reward in balance
  • HSBC
  • Hold, TP Raised to Rs 1700
  • A good qtr with beat on both topline & margins; deal wins were stable in 2Q
  • Val restricts near-term re-rating
  • Nomura
  • Buy, TP Rs 2000
  • Strong execution drives beat in 2Q
  • Raise FY25-26F EPS by ~1-1.5%
  • Jefferies on HDFC BK
  • Buy, TP Rs 1890
  • HDFC Bank is aiming to lower LDR to 85-90% in c.3yrs, which it may achieve with deposit Cagr of 15% & slowing loan Cagr to 11%.
  • Branch ramp-up will help to gain share in deposits, but loan growth will stay below/at sector level
  • Scope to lower funding cost can lift NIM.
  • PSL compliance won't impact profit by much & slower growth in unsecured loan can keep credit costs in check
  • Trim est by 4-6% to factor slower loan growth
  • Bernstein on Kotak BK
  • Market perform, TP Rs 1750
  • See clear growth intent as +ve, especially if nos ahead support this narrative
  • However an aggressive pursuit of ‘top 3 bk’ ambition would bring significant M&A risk given integration challenges & weaker RoA of smaller bks
  • UBS on RK Forging
  • Initiate Buy, TP Rs 1500
  • Visible earnings drivers imply earnings upgrades
  • Key future growth drivers
  • 1) higher penetration of EV & aluminium forging
  • 2) rising contributions from ACIL, Multitech Auto & JMT Auto acquisitions
  • 3) New clients in earth moving, farm equipment, & oil & gas segments;
  • 4) rail segment opportunities from Vande Bharat Express & Metro trains
  • Expect Co to record rev CAGR of 22% during FY25-27E compared to consensus' 17%
  • Nuvama on JSW Infra
  • IC Buy, TP Rs 390
  • Co poised to sustain strong long-term growth on back of favourable macro tailwinds (4x capacity growth over next 25 years) supported by organic—group cargo growth, particularly JSW Steel— & inorganic growth in ports & logistics
  • Reckon JSWIL shall post revenue/EBITDA/PAT CAGR of 19/16/15% over FY24–27E
  • Value stock at 25x FY28E EV/EBITDA
  • Key risk: any inordinate delay in commissioning of JSWIL/JSW Steel projects.
  • Systematix on Time techno
  • Initiate Buy, TP Rs 615
  • Are optimistic on its value-added composite products (LPG & CNG cascade cylinders), stable & long-standing industrial packaging (drums, jerry cans, IBC etc.) biz, & focus on improving financials to turn debt free over next 2-3 yrs
  • B&K On Neuland Labs
  • Buy, TP Raised to Rs 20000
  • USFDA approval for COBENFY, Neuland preferred CDMO partners
  • Healthy pipeline in CMS division
  • Change in mix towards more profitable CMS Supplies leading to better Margins
  • Trades @33x FY26EPS (disc to peers like Divis & Suven)
  • HSBC on Maruti
  • Buy, TP Rs 14500
  • PV industry demand remained muted during Navratri with 3% YoY growth while 2W grew by 12%, in line with expectations
  • With high inventory and any significant pick-up in demand looking unlikely, expect weak 3Q dispatches from Maruti
  • China may raise $846 billion to boost growth, says report
  • China may raise 6 trillion yuan ($846 billion) from ultra-long special government bonds over three years as part of its efforts to boost the sputtering economy, Chinese media outlet Caixin reported.
  • The funds will be partly used to help local governments relieve their burden from off-balance-sheet debt, according to the report late on Monday, citing unidentified people.
  • Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
  • 1. Global Market:
  • On Monday, all three major U.S. indices saw a sharp rally, driven by optimism over the interest rate outlook following last Friday's producer price inflation report. The #Dow and #S&P500 reached fresh all-time highs, climbing 0.47% and 0.77% respectively, while the #Nasdaq jumped 0.82%.
  • Going ahead, the S&P 500 is likely to continue its northward journey and test the level of 5920, followed by 5980 in the short term. The support zone is shifted higher in the zone of 5820-5800 level.
  • On Monday, #BrentOil plunged nearly 5% after OPEC cut its demand forecast for 2024 and 2025 for the third consecutive time. This decline pushed Brent Oil below its 20 and 50-day EMA levels. Additionally, the daily RSI has shown a bearish crossover, signaling further weakness. Going ahead, it is likely to continue its southward journey and test the level of $71 in the short term.
  • The U.S. Dollar Index (#DXY) has surged by 0.29 percent on Monday, and it has touched its 200-day EMA level. Going ahead, any sustainable move above its 200-day EMA zone of 103.30-103.50 will lead to a sharp upside rally in DXY upto the 104.50 level.
  • 2. Nifty View:
  • The benchmark Nifty index saw a pullback rally on Monday, closing at 25127 with a 0.66% gain. However, for the last four trading sessions, it has been fluctuating within a tight range of 25234 to 24920.
  • As a result of this consolidation, the 50-day EMA has flattened, and the daily RSI is exhibiting sideways movement based on RSI range shift rules. We expect the index to remain in this consolidation range for the next couple of trading sessions.
  • Going ahead, the zone of 25230-25250 will act as an immediate hurdle for the index. Any sustainable move above the level of 25250 will lead to an extension of the pullback rally upto the level of 25370, followed by the 25500 level.
  • While, on the downside, the support zone has shifted higher in the zone of 25050-25030 level.
  • On the #derivative front, October #futures ended higher by 0.69 percent, and the cumulative #OpenInterest of current, next, and far series dipped by 2.26 percent, which indicates an overall short covering rally.
  • Among the constituents of the #Nifty index, 21 stocks have witnessed a long build-up, and 13 stocks have witnessed a short covering rally. While 13 stocks have witnessed a short build-up and 3 stocks have witnessed a long unwinding.
  • The 25200 strike has significant call open interest, followed by the 25300 strike. On the put side, 25100 has a substantial open interest, followed by a 25000 strike.
  • For the weekly series, OI PCR is at 0.70. While, for the October monthly series, OI PCR is at 1.01.
  • 3. Bank Nifty View:
  • Bank Nifty has strongly outperformed frontline indices. It has ended above the 51800 level with a gain of 1.26 percent. On a daily scale, it has formed a sizeable bullish candle. The daily RSI is about to give a bullish crossover.
  • Going ahead, the 20-day EMA zone of 51950-52000 will act as an immediate hurdle for the index. Any sustainable move above the level of 52000 will lead to a sharp upside rally upto the level of 52400, followed by 52800 in the short term.
  • On the downside, the zone of 51600-51500 will act as immediate support for the index.
  • On the #derivative front, October #futures surged by 1.28 percent, and the cumulative #OpenInterest of current, next, and far series has dipped by 6.28 percent, which indicates an overall short-covering rally.
  • The 52000 strike has significant call open interest, followed by the 52500 strike. On the put side, 51500 has a substantial open interest, followed by a 51000 strike.
  • For the weekly series, OI PCR is at 1.01, and for the October monthly series, OI PCR is at 0.91.
  • 4. Key Market Indicators:
  • The volatility index #INDIAVIX ended on a negative note for the fifth consecutive trading sessions. Going ahead, the zone of 14.20-14.40 will act as an immediate hurdle for the index. While, on the downside, the zone of 11.80-11.60 will act as a crucial support for the index.
  • Despite an upmove in the frontline indices, the #Advance/Decline ratio remained flat on Monday.
  • 5. Key Sectors:
  • Nifty IT is on the verge of giving a Bullish Flag-like pattern breakout on a daily scale. Going ahead, any sustainable move above the level of 43200 will lead to a sharp upside rally in the index.
  • Nifty Bank, Nifty Private Bank, and Nifty Financial Services have outperformed frontline indices on Monday. We believe they are likely to continue their pullback rally in the next couple of trading sessions.
  • 6. FII/DII Data:
  • #FIIs sold to the tune of 3731.59 cr. while #DIIs bought to the tune of 2278.09 cr.
  • FIIs' #Long-short ratio for index futures is at 35.48 as on a net basis, they bought 110 index futures.
  • On the stock #futures front, FIIs have sold to the tune of 6451 contracts, while on the #Options Front, FIIs bought 28672 call contracts and sold 41172 Put Option contracts.
  • News Headlines from Business News Agencies:
  • Business Standard
  • Ericsson wins multi-billion dollar 5G equipment contract from Bharti Airtel
  • PLI for transmission equipment manufacturing can be explored: Power secy
  • Organised luggage makers' revenue growth may fall 8-10% in FY25: CRISIL
  • OYO in talks to raise $200 million; eyes valuation of $4.5-5 billion
  • Cred launches new features as it expands financial services products
  • Equity investments in Indian real estate up 46% to $8.9 bn in Jan-Sep: CBRE
  • Over-reliance on AI may pose financial stability risks: RBI Governor
  • GJEPC urges govt to lay rules for disclosure of natural, lab-grown diamonds
  • China's new lending in September rises less than expected despite stimulus
  • Singapore to block Allianz deal for income but open to new offer, says PM
  • TAC Security teams up with Google as MASA assessor for developers
  • Economic Times
  • Voltas, Blue Star among 38 applicants in 3rd round of PLI scheme for white goods
  • OPEC trims 2024 oil demand growth forecast to 1.93 million bpd
  • HCC gets Rs 1,032 crore order from MSRDC for a 4.3 km two-lane bridge across Agardanda Creek.
  • Export to be major job creator as India transitions to USD 5 trillion economy: USISPF
  • Indian Army signs contract to use civil helicopters to support winter cut-off posts
  • Robotics startup Perceptyne raises $3 million from Endiya Partners, Yali Capital, others
  • Govt issues notices to auto majors seeking old GST dues
  • PLI for transmission equipment can be explored: Official
  • Easy Trip Planners announces 1:1 bonus share issue
  • Realty sector sees 25 deals totalling USD 1.4 bn in July-Sep, led by QIP issues: Report
  • India Inc should take up large scale production of biofuels: Nitin Gadkari
  • Mint
  • India's CPI inflation hits nine-month high at 5.49% in September 2024
  • Carmakers' sales to dealers drop 1.8% YoY in Q2; SUV demand stuck in slow lane
  • Manmeet Dhody, ex-CTO of Paytm Payments joins Adobe as VP of Engineering
  • Supreme Court grants bail to Ajay Nawandar linked to ₹34,615 crore DHFL case
  • ICICI Securities’ minority shareholder says Sebi colluded with firm on delisting
  • Purplle backers Blume, Premji Invest double down in ₹1,500 cr funding round
  • SpiceJet hit with fresh insolvency claim from aircraft lessor
  • RBI needs scenario planning as new risks loom on the external horizon
  • Mukesh Ambani's RIL looks to acquire stake in Johar's Dharma Productions
  • Sunteck Realty Q2 Pre-Sales Up 32.7% At Rs 524 Cr Vs Rs 395 Cr (YoY)
  • J Kumar Infra wins order worth ₹298 crore from Pune Municipal Corporation
  • Equity
  • Nifty closed @25,127.95 (+163.70) and Sensex @81,973.05 (+591.69) on Monday GIFT Nifty was trading at 25,240 (as of 7:30 am)
  • FIIs net sold equities in cash to the tune of Rs 3,732 cr whereas DIIs bought equities in cash worth Rs 2,278 cr on 14 October 2024
  • Reliance Industries Ltd (RIL) reported a 5% decline in its consolidated net profit to Rs 16,563 crore for Q2FY25 misses estimates on weak O2C
  • Adani’s $440 million wind power project faces big risk as Sri Lanka to reconsider its approval of the project
  • ONGC eyes small LNG plants to carry gas from far off fields
  • Anil Ambani moves SAT against SEBI order barring him from securities market for alleged diversion of funds from Reliance Home Finance
  • HCL Tech beats street estimates, raised guidance
  • Avenue Supermarts metro sales take a hit from Q Commerce stock fell 8.5%
  • Oyo may raise $200 mn at 2x valuation of $5 bn to help take over budget hotel chain Motel 6
  • New F&O stock lineup, with 40 net additions, awaits SEBI approval
  • L&T shares rise after JPMorgan recommends ' with a 25% upside
  • SC revives Adani Power's Rs. 27,000 cr bankruptcy resolution for KSK Mahanadi project
  • Angel One Q2 results Cons PAT jumps 39% YoY to Rs. 423 crore, revenue up 44.5%.
  • Hyundai Motor raises Rs.8,315 crore from anchor investors
  • Siddhartha Yog Mops Up Stake In Trent For Over Rs.846 Crore
  • White goods PLI: 38 more companies show interest
  • JSW Renew Energy signs major 700 MW solar power agreement with NTPC
  • Premier Energies rallies over 7% after securing orders worth Rs.765 crore
  • Indian ADRs: Wipro (+3.6%), HDFC Bank (+2.1%) and Infosys (+1.9%)
  • Debt:
  • 10 yr G sec (old) yield fell by 1 bps to 6.78% on Monday
  • RBI accepted Rs.24,070 cr against notified amount of Rs 75,000 cr in 4 day variable rate reverse repo (VRRR) auction
  • India’s CPI (retail) inflation rose to a 9 month high of 5.5% YoY in Sep’ 24 from 3.7% in Aug’ 24
  • India’s WPI (wholesale) inflation rose to 1.84% YoY in Sep’ 24 from 1.31% in Aug’ 24
  • FPIs sold a net Rs. 2,798 cr in debt market so far in Oct’ 24 due to rise in crude oil prices and geopolitical tensions
  • Commodities
  • Brent crude was down by 3.28% to $75.11/barrel on Monday as OPEC again lowered its outlook for 2024 and 2025 global oil demand growth while China's oil imports fell for the fifth straight month
  • Gold futures settled higher as broad economic stimulus measures in China, the biggest bullion consumer, failed to invoke investor confidence and a U S dollar rally to two month highs capped upside momentum Spot gold was up by 0.05% to $2,649.48/oz on Monday
  • India's rice stocks reached 31.1 mn MT in October, the highest for the month in two decades, due to export restrictions imposed last year The Food Corporation of India ( aims to purchase 48.5 mn MT of new season rice in the 2024 25 marketing year, further increasing inventories
  • OPEC revised its global oil demand growth forecast for 2024 to 1.93 million barrels per day (bpd) down from the 2.03 million bpd predicted earlier, citing economic concerns and a shift towards cleaner fuels
  • Currency:
  • Rupee appreciated by 1 paise and settled at 84 06 against the US dollar on Monday, despite the outflow of FIIs in Indian equity market
  • US Dollar Index (DXY) increased by 0.24% to end at 103.28 on Monday, as The US Dollar trades up despite Fed's Kashkari confirming further rate cut path
  • USD/JPY increased by 0.39% to end at 149.88 on Monday, as Japan’s PM Shigeru Ishiba has affirmed the Bank of Japan’s independence, looking to correct his earlier remark in early October about opposing future interest rate hikes
  • USD/AUD increased by 0.11% to end at 1.487 on Monday, as AUD declines after the release of weak China trade data on Monday
  • EUR/USD fell by 0.18% to end at 1.090 on Monday, as Traders sell the Euro ahead of the expected cut at the ECB policy meeting on Thursday
  • CHF/USD fell by 0.55% to close at 1.159 on Monday, as traders expect the Fed to slow the pace of interest rate cuts
  • International Markets
  • U S markets rallied on Monday with the Dow Jones, S&P 500 and Nasdaq up by 0.47%, 0.77% and 0.82% respectively. All 3 major futures indices are trading between 6 to 11 bps at the time of writing the report
  • Chinese Trade surplus declined to USD 81.7 bn in Sep 24 from USD 91.02 bn in Aug 24 and was below expectations of a USD 89.8 bn surplus Exports rose by 2.4 YoY in Sep 24 vs an increase of 8.7 YoY in Aug 24 while imports increased by 0.3 YoY in Sep 24 vs 0.5 in Aug 24
  • Chinese banks extended 1.59 tn yuan in new yuan loans in Sep 24 vs 900 bn Yuan in Aug 24. Analysts polled by Reuters had predicted new yuan loans would rise to 1.87 tn yuan in Sep 24
  • HONEYWELL AUTOMATION: CO WINS AIRFIELD GROUND LIGHTING PROJECT FOR NOIDA INTERNATIONAL AIRPORT || HONEYWELL’S ADVANCED AIRFIELD GROUND LIGHTING SYSTEM WILL ENHANCE VISUAL GUIDANCE FOR AIRCRAFT OPERATIONS
  • RELIANCE INDUSTRIES: JIO - Q2 CONS NET PROFIT 62.31B RUPEES VS 50.58B (YOY); 54.45B (QOQ)
  • RELIANCE INDUSTRIES: JIO - Q2 REVENUE 283.38B RUPEES VS 247.5B (YOY); 264.78 (QOQ)
  • RELIANCE INDUSTRIES: JIO - Q2 EBITDA 150.36B RUPEES VS 129.53B (YOY) || Q2 EBITDA MARGIN 53.1% VS 52.3% (YOY)
  • RAM RATNA WIRES: CO BOARD APPROVES ACQUISITION OF 60% OF SHARE CAPITAL OF TEFABO PRODUCT || THE ENTITY BEING ACQUIRED BELONGS TO MANUFACTURING FABRICATED COMPONENTS AND ASSEMBLIES
  • *Bharat Agri Fert next 36 months strategies*(BAFRL)
  • Co. signs a strategic Leave and License Agreement with Araglass Products for its Wada fertilizer unit, pending Department of Fertilizers approval. Initial term is three years, with an option to extend.
  • Leasing the Wada Fertilizer Unit not only strengthens our position but also ensures that the fertilizer division will remain profitable going forward.
  • Co. Says We are confident that this arrangement will conh·ibute to a positive turnaround in the fertilizer business, leading to improved profitability and generating substantial returns for our investors and shareholders in the upcoming quarters.
  • This strategic · arrangement will enable the company to focus more effectively on our real estate project in Majiwada, Thane, valued at Rs 800 crores, as well as the expansion of Anchaviyo Resort, where we plan to convert the facility into a destination wedding venue with 200 additional rooms.
  • RIL GAS Q2 UPDATE
  • KGD6:
  • KGD6 PRODUCTIONS Up 1 % YOY, FLAT QOQ
  • The average KGD6 Production for the 2Q FY25 is 28.5 MMSCMD of gas and 20,832 bbl / day of Oil / Condensate.
  • The current rate of production is ~28.1 MMSCMD of gas and ~ 21,000 bbl / day of Oil / Condensate.
  • CBM:
  • CBM Productions Up 24 % YOY, Up 13 % QOQ
  • In CBM implementation of 40 Multi-lateral wells campaign under way and 28 wells have been completed out of 40 wells.
  • Currently 27 wells are under production ramp-up resulting in significant improvement in production.
  • The current rate of production is 0.80 MMSCMD with a significant contribution from new wells under production.
  • RELIANCE IND
  • RIL RETAIL management Says JioMart is scaling up quick commerce pilot by serving customers through own store network.
  • The non-grocery categories continue to do well with AOV growing 2X Y-o-Y led by uptick in consumer electronics.
  • The option count continued to grow with its seller base growing by 46% Y-o-Y and option count up by13% Y-o-Y giving customers access to a wider product catalogue to choose from.
  • Nuvama Initiates on JSW Infra
  • Reckon JSWIL shall post revenue/EBITDA/PAT CAGR of 19/16/15% over FY24–27E
  • Value the stock at 25x FY28E EV/EBITDA, discounted back to Dec-25E, yielding a TP of INR390
  • Poised to sustain strong long-term growth on back of favourable macro tailwinds
  • SHP Update
  • MSTC
  • Valuequest India Moat Fund
  • name appears with 1.17%
  • One stat to make sense of the rally post covid. Data as per Nilesh Shah
  • Corporate Profit Growth
  • From 2010 to 2020 - 3 Lac Crs to 4 Lac Crs
  • 2020 to 2024 - 4 Lac Crs to 15 Lac Crs
  • Corporate profits grew 33% in 10 years and then 275% in 4 years
  • Waaree Energies Limited IPO
  • Retail : 35%
  • IPO Size : ~4450 Cr
  • ▪️ FY24
  • Rev : 11398 Cr
  • EBITDA : 2151 Cr
  • Margin : 18.9%
  • PAT : 1148 Cr
  • EPS : 44.6
  • *PAT Includes 341 Cr Exceptional Gain
  • ▪️ Operational Capacity :
  • –12 GW Solar Module
  • –704 MWp EPC
  • –500 MWp O&M
  • –96 MWp IPP
  • Orderbook : 1993 MW
  • ▪️ Capacity Roadmap
  • –6 GW Solar Ingot
  • –11.4 GW Solar Cell
  • –20.9 GW Solar PV Module
  • *5.4 GW Under Construction And Expected to Get Commenced in FY24-25
  • *1.6 GW Module Manufacturing Facility in The US
  • Seems This IPO Will Gather Lot Of Tracxn And Ideally May Get Doubled On Listing
  • Co. Says Company operationalised all the 11 facilities as per the plan (refer to last quarterly PPT for details). The facilities for Kia Kolkata, Honda Jaipur, the additional outlet for BYD Mumbai (Sales), Mercedes-Benz Hyderabad (Aftersales) and MG Motors Mumbai (Aftersales) were started.
  • In the Q3FY25, 7 facilities for Mahindra & Mahindra Hyderabad and Kia Hyderabad (Sales) have already started operations. The company has completed 23 out of the 25 new outlets planned for this FY well within the planned timeline.
  • Multiple new product launches have been unveiled across partner EM's.
  • New Mercedes E-Class, Mahindra Thar Roxx, MG Windsor , BYD E7 Maxx , Homologated BYD Atto-3, Kia Carnival
  • Copied from stockaajorkal telegram channel
  • The Jeep Meridian MY25 will also be launched in the third week of October. All the new launches have received a very positive response, and we expect them to begin contributing positively in H2FY25
  • HCL TECH Management says Strong demand in financial services led to growth
  • Demand environment & good fulfillment of demand across all verticals led to growth
  • Operating leverage supported the margin expansion for software biz
  • Confident of achieving margin guidance of 18-19%
  • Continuing w/our fresher programmes; will focus on specialised hiring as we move into FY26
  • Will implement a 7% salary hike starting October
  • Power - Transmission PLI?
  • High Voltage Direct Current (HVDC) technology is highlighted as a critical area where capacity must be enhanced.
  • The government is addressing ROW issues by revising guidelines and working with states, but the country still lacks adequate transmission equipment.
  • Some equipment types have sufficient capacity, but others need increased domestic production capabilities.
  • The high cost of transmission infrastructure is a concern, and the government aims to reduce these costs by optimizing the entire supply chain for both the industry and consumers.
  • BROKERAGE RADAR UBS ON RK FORGINGS
  • Initiate Buy with target price of Rs 1500
  • • Visible earnings drivers imply earnings upgrades
  • • Global market share remains in low single digits, implying a long growth runway
  • • Believe previous growth drivers remain relevant ing from
  • • Transitioning from pure forging company to total assembly solution provider, expands the product portfolio via diversification and moves up the value chain
  • Upcoming capacity expansion, client additions, key order wins and recent acquisitions provide earnings visibility
  • • Think consensus does not factor in RK Forgings' capability or potential growth drivers
  • MACQUARIE ON FINANCIAL
  • Met 25 investors last week during EU roadshow
  • Lot of global emerging markets fund managers who were UW China have significantly upped their weightings
  • It is tough to take a structurally positive long- term view on China
  • For the short term, there are more legs to this rally
  • Trimming OverWeight positions in India and buying China of late
  • Longer-term, the view on India was more constructive than China constr
  • Near-term, there are growth concerns as reflected by slowing auto sales, tax collections, credit growth etc
  • Financials - Banks and NBFCs - near-term tactical short/Underweight position
  • ICICI Bank, HDFC Bank shareholders seemed nervous
  • Investors see near term concerns for Bajaj Finance, while Shriram Finance was consensus Overweight
  • Amongst PSU banks, lesser interest was shown though SBI is the only PSU bank that some EU investors had
  • Amongst fintechs, PayTM saw little interest and investors weren't enthused about PB Fintech's hospital investment foray.
  • JEFFERIES ON HDFC BANK
  • Maintain Buy with target price of Rs 1890
  • HDFC Bank is aiming to lower LDR to 85-90% in 3yrs
  • It may achieve with deposit Cagr of 15% & slowing loan Cagr to 11%
  • Branch ramp-up will help to gain share in deposits
  • Loan growth will stay below/at sector level
  • Scope to lower funding cost can lift NIM
  • PSL compliance won't impact profit by much
  • Slower growth in unsecured loan can keep credit costs in check A
  • Trim est by 4-6% to factor slower loan growth
  • Stocks in News post Market closure
  • Thinkink Picturez: the Board of Directors of the Company dated September 06th, 2024, where the issue of equity shares of the Company of face value of Rs. 1 each was approved by way of a rights issue for an aggregate amount not exceeding Rs. 49 Crores/- (“Rights Issue”), in accordance with the provisions of the Securities and Exchange Board of India
  • Ram Ratna Wires : the Board of Directors of the Company at their meeting held on Monday, October 14, 2024, have considered and approved the acquisition of 60% of the paid-up share capital of Tefabo Product Private Limited
  • CESC Ltd: Purvah Green Power Private Limited (PGPPL), a subsidiary of CESC Limited, has entered into a Share Purchase Agreement today for acquisition of 100% share capital (on a fully diluted basis) of Deshraj Solar Energy Private Limited
  • ANUROOP PACKAGING LIMITED : Board approve the Sale of Shares of Wholly Owned Subsidiary Company's Equity shares through off-market transactions of the already held investment in the Company. Anuroop Packaging Limited is the promoter of its Wholly Owned Subsidiary Company, “Sara Solutions Limited”. The Company is willing to sell its part of shares up to 5% through off-market trade.
  • Quess Corp Limited : Quesscorp Holdings Pte Ltd, foreign wholly-owned subsidiary of the Company, has incorporated a wholly-owned step down subsidiary in Singapore, namely, Quesscorp Solutions Pte. Ltd. on October 11, 2024 and have filed the incorporation application with ACRA for another step down subsidiary, namely, Quesscorp Consulting Pte. Ltd., the approval of incorporation is awaited.
  • Lyka Labs Limited : The Company has received the product permission from the Central Drugs Standard Control Organization of India to Manufacture and Market Pregabalin Gel 8% w/w in India.
  • Dodla Dairy Limited : The Company has received a Certificate of Appreciation from the Bureau of Indian Standards for Skimmed Milk Powder Part- 1 standard grade for Nellore Plant.
  • Mukka Proteins Limited : Board meeting to be held on 21st oct 2024, to consider fund raising in various matters.
  • JSW Infrastructure Limited : The Company has received Letter of Intent from Maharashtra Maritime Board for "Development, Operation, Management and Maintenance of an All Weather and Multipurpose Port at village Murbe in Palghar District of Maharashtra" on Public Private Partnership (PPP) basis – Design, Built, Own, Operate and Transfer (DBOOT) Model.
  • MRP Agro Limited : The Company has launched the e-commerce facility on the website of the company.
  • Eraaya Lifespaces Limited : Company announce significant business updates, highlighting that its Indian subsidiary EbixCash Global Services (ECGS) has successfully secured multi-year contracts with an "Annual Contract Value" of INR 250 Million.
  • Sudarshan Pharma Industries Ltd : Board approved to acquire 51.00% of the paid up equity share capital of Ishwari Healthcare Private Limited. More information provided in the letter of the Company.
  • Kesar Petroproducts Limited : Board Approved raising of funds.
  • J. Kumar Infra projects Limited : The Company is in receipt of Work Order for the project: Development of Mula river from Wakad bypass to Sangvi bridge (stretch 1,2,3) from M/s. Pune Municipal Corporation for the total contract cost amounting to Rs. 297.83 Crs.
  • SPENTEX INDUSTRIES LTD. : Company has commenced its commercial production at its manufacturing plant situated at D-48, Baramati MIDC, Baramati, Pune Maharashtra for production of Cotton Yarn.
  • Sarveshwar Foods Ltd : Board meeting to be held on 18th oct 2024,To make Natural Global Foods DMCC, a Dubai subsidiary by purchasing remaining stake from other Shareholders.
  • Thomas Cook (India) Limited : M/s. Sterling Holiday Resorts Limited, wholly owned subsidiary of M/s. Thomas Cook (India) Limited . titled "Sterling Forayes into Jharkhand with Business Hotel in Steel City of India - Bokaro".
  • Scarnose International Limited : Board Approved raising of funds by way of issue of Equity shares and/or warrants on preferential basis.
  • Zydus Lifesciences Ltd : Zydus and ICMR initiate a Phase 2 proof-of-concept trial of Desidust at in patients with Sickle Cell Disease The partnership marks a pivotal step towards developing new therapies for combating Sickle Cell Disease .
  • Steel Exchange India Limited : Care Rating Limited, a credit rating agency has informed credit rating for Non-Convertible Debentures, Long-Term Bank Facilities and Short-Term Bank Facilities. (1) Non-Convertible Debentures - Stable Downgraded from CARE BB; Stable (2) Long Term Bank Facilities 10 CARE BB-; Stable Downgraded from CARE BB; Stable.
  • Diamond Power Infra: The company to consider stock split and fundraising on Oct. 18.
  • Chembond Chemicals Limited : Receipt of the NCLT Order in relation to the proposed Composite Scheme of Arrangement between Chembond Chemicals Limited and Chembond Chemical Specialties Limited and Chembond Clean Water Technologies Limited and Chembond Material Technologies Private Limited and Phiroze Sethna Private Limited and Gramos Chemicals Private Limited and their respective shareholders and creditor.
  • New Light Apparels Ltd : Board Approved Fund raising of an amount less than Rs. 50,00,00,000/- through issuing Equity shares by way of Rights issue to the eligible equity shareholders of the Company as on Record date.
  • IFGL Refractories Ltd : The Company has entered into a Joint Venture Agreement with Marvels International Group Co Ltd of Seychelles and Marvel Refractories (Anshan) Company Limited of P R China to set up a Joint Venture Company in India with limited liability.
  • SBC Exports Ltd : Board meeting to be held on 22nd oct 2024,to Fund Raising via Right Issue of Equity shares of the Company.
  • Exxaro Tiles Limited : Board Approved the sub-division/ split of existing 1 Equity Share of face value of Rs. 10/-each fully paid up into 10 Equity Shares of face value of Rs. 1/- each fully paid up.
  • Indian Oil Corporation Limited : Company has entered into a Joint Venture Agreement with EverEnviro Resource Management Pvt. Ltd, This association will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.
  • Rajoo Engineers Limited : Board Approved the issue of Bonus equity shares in the ratio of 1:3 i.e. 1 New fully paid Equity Share for every 3 existing Equity Share held as on Record Date.
  • Anuroop Packaging Ltd : Board approve the Sale of Shares of Wholly Owned Subsidiary Company''s Equity shares through off-market transactions of the already held investment in the Company.
  • Sunteck Realty: The company in the second quarter reported a 32.7% year-on-year jump in pre-sales at Rs 524 crore and collections stood at Rs 267 crore, up 25% year-on-year.
  • Adani Energy Solutions: The company's system availability stood at 99.7% for the quarter ended Sept. 30, while the project pipeline stood at Rs 27,300 crore and the total transmission network at 23,269 CKM
  • Can Fin Homes: The company will consider raising Rs 4,000 crore by issuance of NCDs on a private placement basis.
  • J. Kumar Infraprojects: The company received a project worth Rs 298 crore from M/s. Pune Municipal Corporation for the development of the Mula River from Wakad bypass to Sangvi bridge.
  • Chalet Hotels: ICRA upgrades the company's long-term rating to A+ from A.
  • Sterlite Tech: The company divested its stake in China-based Metallurgica Bresciana Maanshan Special Cable
  • Honeywell Automation: The company received a contract to provide an airfield ground lighting system for Noida International Airport.
  • *Q2FY25 EARNING CALENDAR 15.10.2024*
  • DBCORP, *HDFCAMC*, *HDFCLIFE*, NEWGEN,*PVRINOX*, RALLIS, SGFIN, STYLAMIND.
  • *HDFCAMC*
  • * Total Income expected at Rs 971 crore versus Rs 765 crore
  • * Net profit expected to be seen at Rs 595 crore versus Rs 436 crore
  • *HDFCLIFE*
  • * APE expected at Rs 3720 crore versus Rs 3040 crore
  • * EBIT expected to be seen at Rs 622 crore versus Rs 416 crore
  • * EBIT margin expected to be seen at 3.62% versus 1.80%
  • *PVRINOX*
  • * Revenue expected at Rs 1571 crore versus Rs 1999 crore
  • * EBITDA expected to be seen at Rs 455 crore versus Rs 706 crore
  • * EBITDA margin expected to be seen at 28.96% versus 35.34%
  • * Net loss expected to be seen at Rs 4 crore versus profit of Rs 166 crore
  • *Q2FY25 EARNING CALENDAR 16.10.2024*
  • ACCELYA, *BAJAJ-AUTO*, CRISIL, HSCL,*LTTS*, *MPHASIS*, POCL, SOUTHBANK, TIPSMUSIC
  • *BAJAJ-AUTO*
  • • Revenue expected at Rs 13258 crore versus Rs 10519 crore
  • • EBITDA expected to be seen at Rs 2703 crore versus Rs 2132 crore
  • • EBITDA margin expected to be seen at 20.38% versus 20.26%
  • • Net profit expected to be seen at Rs 2206 crore versus Rs 1836 crore
  • *LTTS*
  • • Revenue expected at Rs 2566 crore versus Rs 2461 crore
  • • EBIT expected to be seen at Rs 417 crore versus Rs 383 crore
  • • EBIT margin expected to be seen at 16.25% versus 15.56%
  • • Net profit expected to be seen at Rs 334 crore versus Rs 313 crore
  • *MPHASIS*
  • • Revenue expected at Rs 3506 crore versus Rs 3422 crore
  • • EBIT expected to be seen at Rs 533 crore versus Rs 513 crore
  • • EBIT margin expected to be seen at 15.20% versus 14.99%
  • • Net profit expected to be seen at Rs 415 crore versus Rs 404 crore
  • *Stock Split Dates*
  • *Pondy Oxides & Chemicals Ltd*
  • Stock Split From Rs.10/- to Rs.5/-
  • Previous day Closing Price – Rs. 2155
  • Ex-Split *16 Oct 2024 (Tomorrow)*
  • Last date for Cum-Split *Today*
  • *Q2FY25 Important Result Calendar*
  • *Tuesday, 15 October, 2024 (Today)*
  • *Derivative Segment*
  • • HDFC AMC Ltd
  • • HDFC Life Ltd
  • • PVR INOX Ltd
  • *Cash Segment*
  • • KEI Industries Ltd.
  • • Bank Of Maha
  • *Wednesday, 16 October, 2024*
  • *Derivative Segment*
  • • Bajaj Auto Ltd
  • • LTTS Ltd
  • • Mphasis Ltd
  • *Cash Segment*
  • • CRISIL Ltd.
  • • Himadri Speciality Ltd.
  • *Thursday, 17 October, 2024*
  • *Derivative Segment*
  • • Havells Ltd
  • • Infosys Ltd
  • • Nestle Ltd
  • • Polycab Ltd
  • • Wipro Ltd
  • • Axis Bank Ltd
  • • LTIMindtree Ltd
  • • Tata Comm Ltd
  • • Tata Chemicals Ltd
  • *Cash Segment*
  • • Ceat Ltd.
  • • Central Bank Of India
  • • IOB
  • • Jindal Stainless Ltd.
  • • Tanla Ltd.
  • *Friday, 18 October, 2024*
  • *Derivative Segment*
  • • ICICI Lombard Ltd
  • • L&T Fin Ltd
  • • Oberoi Realty Ltd
  • • Tata Consumer Ltd
  • *Cash Segment*
  • • Aether Industries Ltd.
  • • Jindal Saw Ltd.
  • • JIO Financial Ltd.
  • • Mastek Ltd.
  • • Mangalore R&P Ltd.
  • • Tejas Networks Ltd.
  • • Zee Ent Ltd.
  • *Saturday, 19 October, 2024*
  • *Derivative Segment*
  • • HDFC Ltd
  • • Tech M Ltd
  • • Dalmia Bharat Ltd
  • • Kotak Bank Ltd
  • • Indiamart Ltd
  • • MCX Ltd
  • • RBL Bank Ltd
  • *Cash Segment*
  • • GMDC Ltd.
  • *Monday, 21 October, 2024*
  • *Derivative Segment*
  • • UltraTech Ltd
  • *Cash Segment*
  • • Jana SFB Ltd.
  • • Maha Scooters Ltd.
  • • 360 One Wam Ltd.
  • • HFCL Ltd.
  • • Supreme Petrochem Ltd.
  • *Tuesday, 22 October, 2024*
  • *Derivative Segment*
  • • Bajaj Finance Ltd
  • • Coforge Ltd
  • • M&M Fin Ltd
  • • Max Fin Ltd
  • • Persistent Ltd
  • • ICICI Pru Ltd
  • • Indus Towers Ltd
  • *Cash Segment*
  • • Zensar Tech Ltd.
  • • Jubilant Ingrevia Ltd.
  • *Wednesday, 23 October, 2024*
  • *Derivative Segment*
  • • Bajaj Finserv Ltd
  • • Navin Fluorine Ltd
  • • Pidilite Ind Ltd
  • • Syngene Ltd
  • • Godrej Properties Ltd
  • • United Spirits Ltd
  • • AU SFB Ltd
  • • HINDUNILVR Ltd
  • *Cash Segment*
  • • Bajaj Holdings Ltd.
  • • KPIT Tech Ltd.
  • • Nuvoco Vistas Ltd.
  • • Schaeffler India Ltd.
  • • Sona BLW Ltd.
  • *Thursday, 24 October, 2024*
  • *Derivative Segment*
  • • United Breweries Ltd
  • • ITC Ltd
  • • Petronet LNG Ltd
  • *Cash Segment*
  • • Bikaji Foods Ltd.
  • • Castrol India Ltd.
  • • CIE Automotive Ltd.
  • • CSB Bank Ltd.
  • • Cyient Ltd.
  • • Nippon AMC Ltd.
  • • Ujjivan SFB Ltd.
  • • Westlife Foodworld Ltd
  • *Friday, 25 October, 2024*
  • *Derivative Segment*
  • • Atul Limited
  • • Chola Inv & Fin Ltd
  • • JSW Steel Ltd
  • • BEL Ltd
  • • HPCL
  • • Torrent Pharma Ltd
  • *Cash Segment*
  • • JM Financial Ltd.
  • • Mahindra Holidays Ltd.
  • • Mahindra Lifespace Ltd.
  • • Poonawalla Fin Ltd.
  • • UTI AMC Ltd.
  • • J&K Bank Ltd.
  • *Saturday, 26 October, 2024*
  • *Derivative Segment*
  • • ICICI Limited
  • • IDFC First Ltd
  • • JK Cement Ltd
  • *Cash Segment*
  • • Yes Bank Ltd.
  • *Monday, 28 October, 2024*
  • *Derivative Segment*
  • • Sun Pharma Ltd
  • • IOC Limited
  • *Cash Segment*
  • • CAMS Ltd.
  • • Gillette Ltd.
  • • Lakshmi Machine Ltd.
  • • Firstsource Solutions Ltd.
  • • Sumitomo Chemical Ltd.
  • • Tamilnad Mercantile Ltd.
  • *Tuesday, 29 October, 2024*
  • *Derivative Segment*
  • • Cipla Ltd
  • • Marico Ltd
  • • Container Corp Ltd
  • *Cash Segment*
  • • Honeywell Auto Ltd.
  • • Engineers India Ltd.
  • • Star Health Ltd.
  • *Wednesday, 30 October, 2024*
  • *Derivative Segment*
  • • Biocon Ltd
  • • Dabur Ltd
  • • Tata Power Ltd
  • • Aditya Birla Cap Ltd
  • *Cash Segment*
  • • P&G H&H Ltd.
  • • TTK Prestige Ltd.
  • *Monday, 4 November, 2024*
  • *Derivative Segment*
  • • ABB India Ltd
  • • Exide Ind Ltd
  • *Cash Segment*
  • • Amara Raja Ltd.
  • • P&G Health Ltd.
  • *Tuesday, 5 November, 2024*
  • *Derivative Segment*
  • • Berger Paints (I) Ltd
  • • Dr. Reddy's Lab Ltd
  • *Cash Segment*
  • • Alkyl Amines Chemicals Ltd.
  • *Wednesday, 6 November, 2024*
  • *Derivative Segment*
  • • Gujarat Gas Ltd
  • *Cash Segment*
  • • Blue Star Ltd.
  • • Endurance Tech Ltd.
  • • Kansai Nerolac Ltd.
  • *Thursday, 7 November, 2024*
  • *Derivative Segment*
  • • Cummins Ltd
  • *Cash Segment*
  • • Indigo Paints Ltd.
  • • Akzo Nobel Ltd.
  • • NHPC Ltd.
  • • RHI Magnesita Ltd.
  • *Friday, 8 November, 2024*
  • *Derivative Segment*
  • • Tata Motors Ltd
  • *Cash Segment*
  • • Esab India Ltd.
  • • Latent View Ltd.
  • • Chola Fin Hold Ltd.
  • • Motherson Sumi Wiring Ltd.
  • *Monday, 11 November, 2024*
  • *Derivative Segment*
  • • Hindalco Ltd
  • • Shree Cement Ltd
  • *Cash Segment*
  • Nil
  • *Tuesday, 12 November, 2024*
  • *Derivative Segment*
  • • Bosch Ltd
  • *Cash Segment*
  • • BASF India Ltd.
  • • Suven Pharma Ltd.
  • • Medplus Health Ltd.
  • *Thursday, 14 November, 2024*
  • *Derivative Segment*
  • • Grasim Ind Ltd
  • *Cash Segment*
  • Nil
  • THOMAS COOK Sterling Forays into Jharkhand with Business Hotel in Steel City of India – Bokaro
  • First Pan-Indian hospitality brand in Bokaro.
  • Featuring 74 upscale and well-appointed rooms and suites.
  • 6000 sq. ft. indoor Banquet Hall – The largest in the city.
  • Chic and Stylish Ballrooms – ideal for meetings and social events.
  • 3 diverse and popular dining venues for a range of culinary experiences.
  • *RIL Review*
  • *CLSA*
  • O-P, TP Rs 3300
  • 2Q consol Ebitda 2% below forecast driven by weak O2C & Reliance Retail (Retail), while Reliance Jio (Jio) & upstream fared better
  • Lower depreciation & higher other income drove a 7% consolidated PAT beat
  • An over-15% fall has taken Reliance close to our conservative valuation.
  • A further pick-up in Airfiber subscribers, start of new energy projects and the potential IPO of Jio may be triggers over the next 12-15 months
  • *UBS*
  • Buy, TP Rs 3250
  • Digital delivered but Retail fell short of expectations; O2C drag continued
  • Telecom tariff hike led to subs loss; Retail infra expansion slowed
  • Lower FY25-27E EBITDA by 5-10%
  • Future growth drivers &lower capex could drive deleveraging
  • *Nomura*
  • Buy, TP Rs 3450
  • Q2 below est in a challenging environment
  • Reported net debt moderates to Rs1.12tn; capex increased to Rs288bn
  • Cut FY25-27F EBITDA by 5-6%
  • Commencement of new energy operations by March 2025 will be a key trigger in coming mths
  • *JPM*
  • OW, TP Rs 3125
  • 2Q PAT in line with Jio (telecom) doing better on higher ARPU, O2C worse (EBITDA down 26% in 2 qtrs)& Retail weakest rev growth ex-COVID since 2014.
  • Telecom should continue to grow; excessive weakness in Refining / petchem and Retail should turn
  • *Bernstein*
  • O-P, TP Rs 3440
  • 2QFY25: Earnings miss. ARPU beat. Retail soft. O2C margins weak
  • Net Debt to EBITDA stable at 0.66x
  • See vals as supportive despite earnings miss
  • *Jefferies*
  • Buy, TP Rs 3400
  • A weak print with large miss in O2C & small misses in Jio & Retail on modest est.
  • Lower FY25/26E EBITDA 8%/6% but note sharp 14% correction recently makes valn favorable
  • *HCL Tech Review*
  • *Jefferies*
  • Hold, TP Rs 1770
  • 2Q operating performance beat est, with both services & product biz surprising +vely
  • Co raised lower end of its growth guidance by 50bps
  • for FY25
  • Trading at 28x 1-yr fwd see ltd. scope for re-rating
  • *MS*
  • OW, TP Raised to Rs 1970
  • Better-than-expected F2Q25 & constructive comments on improving demand result in EPS upgrades
  • Consistent Industry-leading revenue growth should keep premium multiples intact
  • EW on Vals
  • *Bernstein*
  • Market perform, TP Rs 1940
  • Q2FY25: Strong quarter - Services growth. Margin beat. Guidance raised
  • FY25 EBIT margin guide maintained at 18-19%.
  • Stock is up 18% in last 3M (vs NIFTY IT up 9%).
  • NTM P/E multiple keeps risk-reward in balance
  • *HSBC*
  • Hold, TP Raised to Rs 1700
  • A good qtr with beat on both topline & margins; deal wins were stable in 2Q
  • Val restricts near-term re-rating
  • *Nomura*
  • Buy, TP Rs 2000
  • Strong execution drives beat in 2Q
  • Raise FY25-26F EPS by ~1-1.5%
  • *Jefferies on HDFC BK*
  • Buy, TP Rs 1890
  • HDFC Bank is aiming to lower LDR to 85-90% in c.3yrs, which it may achieve with deposit Cagr of 15% & slowing loan Cagr to 11%.
  • Branch ramp-up will help to gain share in deposits, but loan growth will stay below/at sector level
  • Scope to lower funding cost can lift NIM.
  • PSL compliance won't impact profit by much & slower growth in unsecured loan can keep credit costs in check
  • Trim est by 4-6% to factor slower loan growth
  • *Bernstein on Kotak BK*
  • Market perform, TP Rs 1750
  • See clear growth intent as +ve, especially if nos ahead support this narrative
  • However an aggressive pursuit of ‘top 3 bk’ ambition would bring significant M&A risk given integration challenges & weaker RoA of smaller bks
  • *UBS on RK Forging*
  • Initiate Buy, TP Rs 1500
  • Visible earnings drivers imply earnings upgrades
  • Key future growth drivers
  • 1) higher penetration of EV & aluminium forging
  • 2) rising contributions from ACIL, Multitech Auto & JMT Auto acquisitions
  • 3) New clients in earth moving, farm equipment, & oil & gas segments;
  • 4) rail segment opportunities from Vande Bharat Express & Metro trains
  • Expect Co to record rev CAGR of 22% during FY25-27E compared to consensus' 17%
  • *Nuvama on JSW Infra*
  • IC Buy, TP Rs 390
  • Co poised to sustain strong long-term growth on back of favourable macro tailwinds (4x capacity growth over next 25 years) supported by organic—group cargo growth, particularly JSW Steel— & inorganic growth in ports & logistics
  • Reckon JSWIL shall post revenue/EBITDA/PAT CAGR of 19/16/15% over FY24–27E
  • Value stock at 25x FY28E EV/EBITDA
  • Key risk: any inordinate delay in commissioning of JSWIL/JSW Steel projects.
  • *Systematix on Time techno*
  • Initiate Buy, TP Rs 615
  • Are optimistic on its value-added composite products (LPG & CNG cascade cylinders), stable & long-standing industrial packaging (drums, jerry cans, IBC etc.) biz, & focus on improving financials to turn debt free over next 2-3 yrs
  • *B&K On Neuland Labs*
  • Buy, TP Raised to Rs 20000
  • USFDA approval for COBENFY, Neuland preferred CDMO partners
  • Healthy pipeline in CMS division
  • Change in mix towards more profitable CMS Supplies leading to better Margins
  • Trades @33x FY26EPS (disc to peers like Divis & Suven)
  • *HSBC on Maruti*
  • Buy, TP Rs 14500
  • PV industry demand remained muted during Navratri with 3% YoY growth while 2W grew by 12%, in line with expectations
  • With high inventory and any significant pick-up in demand looking unlikely, expect weak 3Q dispatches from Maruti
  • Securities in Ban For Trade Date 15-Oct-2024:
  • 1 CHAMBLFERT
  • 2 GNFC
  • 3 GRANULES
  • 4 HINDCOPPER
  • 5 IDFCFIRSTB
  • 6 IEX
  • 7 MANAPPURAM
  • 8 NATIONALUM
  • 9 PNB
  • 10 RBLBANK
  • 11 SAIL
  • 12 TATACHEM
  • ADDITION: IEX,NATIONALUM,TATACHEM
  • Deletion:Nil
  • TRANSFORMERS & RECTIFIERS, ABB, CG POWER, SIEMENS INDIA , KIRLOSKAR ELECTRIC; PLI for transmission equipment can be explored: Official - ET
  • SUGAR STOCKS, PRAJ IND ; Research on blending 15% ethanol in diesel in advanced stages: Nitin Gadkari
  • Amid India-Canada Row, These Stocks Would Remain In Focus
  • Canada Pension Plan Investment Board, CDPQ, Ontario Teachers’, Fairfax are among large Canada based investors that are heavily invested in India -Etnow
  • ZOMATO: Zomato is relaunching its hyperlocal logistics service, Xtreme, which was paused earlier this year, with a fresh strategy and updated approach. - ET
  • Morgan Stanley On Indian Cement Industry
  • Believe UltraTech Cement & Ambuja Cement are the best cement plays
  • Note underperformance of cement stocks over the past few months on weak demand & prices
  • Brokerage sees green shoots of cement demand coming back
  • MARKO PAPIC BCA RESEARCH Says US Fed Is Front Loading Cuts, China Has Not Given Much To Work With
  • Iran & US Relations Post US Elections Will Be Important To Monitor
  • If Donald Trump Wins Elections, Bond Market May React Negatively
  • Valuation In India Is An Issue, But Is Expensive For A Reason
  • India Is Priced Perfectly, Global Allocators May Look To Trim Position In India And Add In China -CNBCTV18
  • SEALMATICS ; Sealmatic India Limited Partners With Saudi Thalate General Manufacturing Industrial Co Ltd (STG) In Saudi Arabia
  • Management Says “The next step will be to extend the benefits of the Sealmatic/Saudi Thalate (STG) alliance to our customers in KSA, together, we are even faster and can precisely respond to our customers’ needs 24/7. Hence, offering a high level of availability, 365 days a year. Classic, personal, local & global, digitally connected.”
  • Together Sealmatic and STG are poised to transform the landscape of mechanical seals in KSA.
  • India's solar energy capacity has surged from 2.82 GW in FY14 to 81.8 GW in FY24.
  • But to reach 293 GW solar capacity target by FY30, industry must address key factors.
  • SPICEJET; Settles $23.4 m Dispute With Lessors Aircastle (Ireland), Wilmington Trust SP Svcs
  • Potential MSCI Changes
  • Yesterday was the first day of price cut-off to be considered for MSCI index changes
  • The changes will be announced on November 6
  • Changes will be effective from November 26
  • Flows regarding these changes expected on November 25
  • HCL Tech Says Demand was Better than what we seen in last Quarter
  • Expect Wage Hikes To Impact Margin By 65-85 Bps In Q3 & 50-60 Bps In Q4
  • Discretionary spend has picked up beyond FS as well
  • Business momentum has started to pick up; hopeful it will continue
  • HCL TECH Management says Specific Clients In Aerospace Are Under Pressure
  • We have several large deals in pipeline
  • Potential MSCI Changes
  • Yesterday was the first day of price cut-off to be considered for MSCI index changes
  • The changes will be announced on November 6
  • Changes will be effective from November 26
  • Flows regarding these changes expected on November 25
  • SPICEJET: CO SETTLES $23.4 MLN DISPUTE WITH AIRCASTLE (IRELAND), WILMINGTON TRUST SP SERVICES (DUBLIN)
  • Rahul Arora Nirmal Bang Says
  • • Won't suggest selling capital market stocks
  • • Entry at 30-35x p/e, exit at 50x p/e for AMC stocks is a good trade
  • • Some defence stocks have approached interesting levels
  • • Can look at BEML, Data Patterns at current levels
  • • Maruti has withstood many challenges, but haven't seen many launches
  • • Prefer 2-wheelers, tractors in auto space, prefer Maruti over Hyundai
  • AJMERA REALTY Q2 BIZ UPDATE
  • Company reports INR 254 crores in Sales, records 20% YoY rise in Collections
  • Key Highlights for Q2FY25:
  • • Sales Area at 1,14,046 sq. ft, Down 6 % YOY
  • • Sales Value at INR 254 crores, up by 1% YoY
  • • Collections at INR 133 crores, up by 20% YoY
  • • Ajmera Vihara at Bhandup launched during the last quarter has cumulatively sold 49% of its inventory
  • HCLTechnologies opened with gains of nearly a percent on Tuesday, October 15, after the IT company reported a robust financial performance for the September quarter — beating estimates
  • Sterling wilson-
  • - 4.3k cr order inflow against guidance of 8k cr for this FY.
  • - ⁠Significant ramp up in revenues in H2 and remains intact on 8k cr revenue guidance.
  • - ⁠won largest India BESS project from JSW.
  • - ⁠Legacy projects completed, gross margins to improve ahead with fixed costs to remain constant, ebitda is expected to grow at good pace.
  • - ⁠Nigeria project is definitiely coming through, expect to close the signing in a month with financial closures taking ~6 months more. (16k cr).
  • - ⁠Pilot project for RIL to be completed in this quarter. Expect major roll outs in Q3 & Q4.
  • - ⁠IREDA facility at 11.5%. With credit rating upgrade last night, expect execution to ramp up and open credit to facilitate more.
  • - ⁠15-20% topline CAGR ex Nigeria and RIL orders.
  • - ⁠O&M margins higher in this quarter at 28% which expected to stabilize at 25%.
Panchkarma