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August 24, 2024

India Daybook – Stocks in News
FDC: US FDA Inspection for Baddi, Himachal Pradesh Unit Completed With Zero Observations (Positive)
JSW Energy: Arm JSW Neo Energy gets LoA for 250 mw grid-connected wind power project from Adani Electricity Mumbai. (Positive)
Kec International: Company wins new orders of Rs. 1,079 cr in transmission & distribution and cables businesses. (Positive)
Lemon Tree Hotels: Company signs license pact for 175-room property in Surat, Gujarat (Positive)
Cyient: Company incorporates subsidiary, Cyient Semi-conductors. (Positive)
Uno Minda: Sets up new manufacturing plant at Neemrana, Rajasthan (Positive)
Alstone textiles: Company approved issuance of 5 billion shares, issuance of shares to non-promoters on preferential basis; approved raising of fund up to Rs 10 billion (Positive)
Symphony: Company arm incorporates China-based unit Dongguan GSK Appliances. (Positive)
Shyam metalics: Company says acquisition of 100% stake in SMEL steel structural Pvt Ltd by unit Shyam sel and power ltd, entity being acquired belongs to manufacturing of various metal and metal products. (Positive)
Ambuja Cements: GQG Partners Emerging Markets Equity Fund bought 2.68 crore shares of Ambuja Cements (1.08%) at Rs 625.5 apiece. (Positive)
Zydus Life: Company to acquire 50% stake in Sterling Biotech from Perfect Day (Positive)
Ashoka Buildcon: Company emerges lowest bidder for MMRDA project worth Rs 478 cr (Positive)
IDFC: Gets Income tax Refund of ₹202.55 crore for assessment year 2023 – 2024 (Positive)
Karur Vysya Bank: RBI approves SBI Mutual Fund’s proposal to acquire 9.99% stake in Bank (Positive)
ONGC: Company started production from its 5th Oil Well in Block KG-DWN-98/2 Cluster-2 Asset Of Deepwater Block in Krishna River (Positive)
Hero MotoCorp: Hero Motors, the flagship auto components company of the group has filed its IPO papers with SEBI (Positive)
Trent, Bharat Electronics: NSE to add Trent, Bharat Electronics to Nifty 50 Index effective Sept 30 (Positive)
Alembic Pharma: Company gets U.S. FDA final approval for ANDA of Betamethasone Valerate Foam. (Positive)
REC: Company has inked an initial pact to provide up to Rs 45,000 crore financing to various Jawaharlal Nehru Port Authority projects. (Positive)
Vascon Engineers: Company plans to boost its real-estate business over the next two years. (Positive)
Jio Fin: Company received approval for foreign investment limit of 49% of the paid-up capital of the Company. (Positive)
PTC India: Company acquires Hot rolled mill to boost Titanium Alloy plates manufacturing. (Positive)
FTSE announces changes to FTSE all cap and all world indices. Bank Of Maharashtra, Bharat Dynamics, Central Bank Of India, Cochin Shipyard, Escorts, Endurance, GE T&D, HUDCO, IRB Infra, KEI, Hitachi and Llyod metals added to the list (Positive)
Varroc Engineering: Company issued commercial paper for up to Rs. 500 Million (Neutral)
Elpro international: Company acquired equity shares of central depository services, cost of acquisition Rs 142.2 Million (Neutral)
IDFC: Company gets Income Tax Refund of ₹202.55 crores (comprising Tax of Rs. 189.25 crores and Interest of ₹13.30 crores) for Assessment Year 2023-24. (Neutral)
TCC Infotech: Company has completed acquisition of natural environment solutions private industry to which the entity being acquired belongs to data centre (Neutral)
Vardhman textiles: Company issues clarification regarding winning of textile contract of Rs 30 Billion, Company doesn't have JV with manomay tex india in relation to said contract (Neutral)
Dr Reddy's Lab: USFDA completed a product-specific Pre-Approval Inspection at formulations manufacturing facility in Srikakulam, Andhra Pradesh. USFDA issued a form 483 with three observations (Neutral)
Zen Technologies: Company closes QIP, sets issue price at Rs 1,601/share: (Neutral)
SBI: Bank plans to raise up to Rs 7,500 crore by issuing tier-II bonds by the end of August. (Neutral)
Reliance Infra and Reliance Power: Anil Ambani had resigned from the board of directors of Reliance Infrastructure and Reliance Power. (Neutral)
Transport Corporation of India: Company to repurchase shares up to Rs 159 cr at Rs 1,200/Sh (Neutral)
Infosys: CEO Salil Parekh does not foresee any layoffs in his company on account of these new-age technologies. (Neutral)
Divi's Labroatories, LTIMindtree: NSE to exclud from the Nifty 50 index from September 30, 2024. (Neutral)
Zydus Life: Over the weekend, Teva received US FDA approval for gAsacol HD (Negative)
Kotak Inst. On Reliance Ind
Maintain Add, Target Cut To Rs 3,200 From 3,300
50% Decline In Retail Capex A Key Positive Of FY24 Annual Report
Cons Capex Declines Only by 7% In FY24
Telecom Capex Remaining High & Other Segments See 5x Rise
Optimistic Of Further Decline In Capex & Net Debt As Telecom Capex Moderates
Pace Of Invst In New Energy Remained Slow With FY24 Invst Of $1-1.2 Bn
Have Further Moderated Our Retail & O2C Earnings For FY25
CLSA on Reliance Ind
Outperform Call, Target Rs 3,300
Third Year Of New Energy Brought Co’s New Venture Closer To Reality
Co Planning To Launch Its Solar PV Giga-factory By The End Of 2024
FY24 Financials Reveal Capex Of $1 Bn For Solar Mfg Business
Upcoming AGM Should Provide More Granularity
Jefferies on Emcure Pharma
Initiate With A Buy Call, Target At Rs 1,600
Have Strong Chemistry Skills In Developing Complex Molecules
No Exposure To Volatile US Market A Key Differentiator
High Growth In India & Canada, Op Leverage & Debt Reduction Should Benefit
See 11% Rev CAGR From Mkt Share Gains In India & New Launches In Exports
See Profit CAGR Of 29% Over FY24-27.
Investec on Bansal wire
Initiate With A Buy Call, Target Rs 440
Created A Niche For Itself In Commoditised Steel/Stainless Steel Wire Market
Offering The Widest Product Range And Reducing Customer/Industry Concentration
Undertaking Two Initiatives That Are Sharply More Profitable
Foraying Into Steel Cords & Backward Integration In Stainless Steel Rods
See 40%+ EBITDA CAGR Over FY24-27E, With High Teens Post-tax RoCE
Valuations At 24x FY26e PE/ 17x FY27e PE Look Undemanding
Citi on Zydus Life
Sell Call, Target Rs 890
Asacol HD Generic Finally Has A Generic Competition
Teva Receives US FDA Nod For Asacol HD, Gets 180-day Exclusivity
Asacol HD Likely To Have Contributed $140-160 m Of Sales In FY24
With Teva’s Launch, Sales Of The Product May Fall By 40-50% From Current Level
Impact Of Competition In This Product Should Also Reflect In The Valuations
Nomura on Apollo Hospitals
Downgrade To Neutral From Buy, Target Raised To Rs 6,856 From 6,724
Rise In Hospital Profitability To Be Gradual Hereon
Digital Segment Growth Underwhelming
Valuations Are At A Premium To Most Industry Peers
Limited Opportunities To Expand Capacity In Existing Hospitals
Expect The Expansion To Be A Drag On EBITDA Margin In Near Term
Jefferies on IT
Nifty IT Has Outperformed Nifty In CY23/CY24 YTD By 4%/2% Despite EPS Cuts
Large Caps Have Outperformed CYTD Due To Smaller Cuts To EPS Estimates
Recent Upmove In IT May Be Led More By Technical Factors
Like TCS/Infosys Given Lower Risks To EPS Cuts & Valuation Comfort
HSBC on Oil Mktg Cos
Maintain Buy On HPCL, BPCL & IOC
Target For IOC Raised To Rs 200 From 180
Target For BPC Cut To Rs 460 From 470
Target For HPCL Raised To Rs 480 From 440
Downward Orientation Of Global Oil Prices Is Positive
Expect Low Government Interference In Pump Prices
Strong Marketing Margin Offsets Weakness In GRMs
Nifty closed @24,823.15 (+11.65) and Sensex @ 81,086 (+33.02) on Friday. GIFT Nifty was trading at 24,916 (as of 7.30 a.m.)
FIIs net bought equities in cash to the tune of Rs. 1,944 cr whereas DIIs bought equities in cash worth Rs. 2,896 cr on August 23, 2024
Air-Conditioning Industry likely to grow up to 40% in FY25, as per Amber Enterprises CEO
After two acquisitions this year, Infosys is on the lookout to scoop-up more firms and says the acquisition matching scale of recent in-tech buy is certainly a possibility
The US health regulator (USFDA) has pulled up Aurobindo Pharma's subsidiary Eugia for manufacturing lapses at its Telangana-based plant
Greenply Industries Ltd. aims to capture 6–7% market share of the furniture hardware market with its new manufacturing facility in Vadodara set to turn operational soon
Zen Technologies successfully raised ₹1,000 crore through its first qualified institutional placement (QIP)
REC signed a memorandum of understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) for financing infrastructure projects up to Rs 45,000 cr
Greenply Industries Ltd aims to capture 6-7% market share of the furniture hardware market with its new manufacturing facility in Vadodara set to turn operational soon
Zen Technologies successfully raised 1 000 crore through its first qualified institutional placement (QIP)
Transport Corporation of India Ltd has announced that it will conduct its first ever buyback of its equity shares worth up to Rs 160 cr
ONGC has opened another well on its flagship deep sea project in Krishna Godavari basin in Bay of Bengal, which will help augment production of crude oil and natural gas
Zydus Lifesciences to acquire 50 stake in Sterling Biotech leading to Sterling Biotech becoming a 50-50 joint venture ( between Zydus and Perfect Day, with equal representation on the board
Suraksha Group has infused Rs 250 cr in Jaypee Infratech after acquiring it through insolvency process and has also arranged a Rs 3,000 cr loan facility
Indian ADRs: HDFC Bank (+1.5%), ICICI Bank (+0.9%), Dr. Reddy’s Labs (-0.5%)

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