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October 10, 2024

India Daybook – Stocks in News
PNC Infratech: Company declared L1 bidder for project worth Rs 20.91 billion (Positive)
GR Infra: Company has received Letter of Acceptance from Maharashtra Metro Rail Corporation Limited for project of Rs 903 crore (Positive)
Sonata Software: Company and Inube announce strategic partnership to deliver cutting-edge digital platform and bolster go-to-market for us and UK insurers (Positive)
JSW Energy: ICRA has upgraded credit ratings for four subsidiaries of JSW Energy's Mytrah Vayu group to ICRA A+/Stable from ICRA A/Stable. (Positive)
Akums Drugs: Company launches famotidine, calcium carbonate, magnesium hydroxide in India (Positive)
Kanoria Chemicals: Company says closure order for Ankleshwar plant has been revoked (Positive)
Orissa Minerals Development: Company received a consent to establish for Belkundi iron & manganese ore mine (Positive)
Hitachi Energy: Company to Invest Rs 2,000 Cr Over 4-5 Years Hitachi Energy completes 75 years in India. (Positive)
Nimbus Projects: Company executed joint development agreement with Sunworld residency, Company gets rights to project with estimated sales revenue of Rs 14 billion. (Positive)
Chatha Foods: Company has entered into a joint venture agreement with Frigorifico Allana Private Limited to establish a company for manufacturing and selling ready-to-cook (Positive)
Easy Trip Planners: Board meet on October 14 to issue free shares. (Positive)
Infosys: Company and Microsoft Expand partnership for generative AI (Positive)
Rain Ind: Northern Graphite Corporation and RAIN Carbon Inc have signed a Joint Development Agreement to collaboratively develop and commercialise advanced battery anode materials (Positive)
Zee Ent: Independent Investigation Committee constituted by company submits report to board, finds no material irregularities. (Positive)
Craftsman Automation: Auto component maker said it has acquired a 100% stake in Sunbeam Lightweighting Solutions Private Ltd for ₹376 crore (Positive)
Britannia: Company and BEL group deepen strategic partnership to announce local cheese manufacturing in India, producing Britannia the laughing cow, and empowering local milk farmers, cheese plant witnessed investment of Rs 2.20 billion rupees from JV. (Neutral)
RCF: Company has accorded its approval for placement of purchase order on L&T for setting up of 1200 MTPD complex fertilizer plant on Lstk basis at RCF (Neutral)
Patanjali Foods: Company says arbitration tribunal passed award in arbitration with Ashav advisory, Award directs Patanjali Ayurved, others to provide AAL with 18.7 million shares of Company (Neutral)
JSW Infrastructure: Company announced the appointment of Rinkesh Roy as Joint Managing Director & CEO, effective November 8, 2024. (Neutral)
Indian Railway Finance Corp: Government names Manoj Kumar Dubey as chairman, MD, and CEO. (Neutral)
GTPL Hathway: Net Profit at Rs 12.7 cr vs Rs 34.2 cr, Revenue at Rs 855.6 cr vs Rs 779.2 cr. (YoY) (Neutral)
OLA Electric: Ministry of heavy industries asks automobile testing agency ARAI to look into complaints against Ola Electric. (Neutral)
Adani Enterprises: Issue size of the QIP is at ₹4,200 cr. Indicative price at ₹2,962/sh: CNBC (Neutral)
Vedanta: Company cancels fourth interim dividend board meet for second day in a row (Neutral)
Jindal Steel: Jindal Power in May agreed to partner with PDVSA in the Petrocedeno venture located in the oil-rich Orinoco Belt. (Neutral)
Bharti Airtel: Company's AI system identifies potential spam calls and spam SMS with an accuracy of about 97%. (Neutral)
NBCC: Company secures Rs 50 crore contract from Sports and Youth Service Department of Odisha government for construction of integrated sports complex. (Neutral)
IRB Infra: Moodys affirms IRB Infra's Ba1 rating: Bloomberg. (Neutral)
Cantabil: NSE issued a warning letter to the company for disclosing the research report owing to its non-compliance with listing norms (Neutral)
JM FIn: CCI approved restructuring of 2 entities with company. (Neutral)
Star Health: Massive Data Leak: Star Health policyholder data leaked by anonymous hackers. (Negative)
Shri #RatanTata (https://twitter.com/hashtag/RatanTata) Ji was a visionary business leader, a compassionate soul and an extraordinary human being. He provided stable leadership to one of India’s oldest and most prestigious business houses
#PMModi (https://twitter.com/hashtag/PMModi) say
#TataGroup (https://twitter.com/hashtag/TataGroup) #RIPRatanTata (https://twitter.com/hashtag/RIPRatanTata) https://twitter.com/narendramodi/status/1844082581534539778#m
BROKERAGE RADAR
HSBC ON VARUN BEVERAGES
Maintain Buy with target price of Rs 780
Equity issuance to further strengthen the balance sheet
QIP amount implies 4% equity
dilution
Faster ROIC expansion is possible as value shifts from debt to equity
holders
BROKERAGE RADAR
EQUIRUS ON MAS FINANCIAL
• Initiate Long with target price of Rs 401
• Consistent, conservative and compliant a — classic lending model
• Shifting towards direct retail channel, geo-diversification
• Aims to double AUM every 2-3 years over the decade
• Healthy asset quality trends
• Profitability to remain intact despite
business model tweak
BROKERAGE RADAR
BERNSTEIN ON PB FINTECH
Maintain Outperform with target price of Rs 1720
If the plan works, PB can be more dominant in a much larger Indian health insurance market
If the plan fails, the downside should ideally be capped at $100
mn
Management understands this is ON left-field, and has reiterated that it
is a one-time investment
Inclined to believe the management's stance, thereby capping downside
While we do not like the capital allocation, we take the view that this is a one-time investment, thus limiting stock impact
We draw comfort from the strong business momentum in the
insurance business
BROKERAGE RADAR
GOLDMAN SACHS ON GODREJ CONSUMER
Maintain Buy with target price of Rs 1525
HUL's soap price increases improve GCPL's ability to hike prices
HUL has raised prices 5-7% in a number of SKUS in its soap portfolio
Soaps business contributes 35% of GCPL's India business
Expect GCPL to also follow suit which will gradually lower the margin pressures over next 6 months
See a strong likelihood of a turnaround in earnings growth after 5 years of weak growth
Stocks in News post Market closure
SRI LAKSHMI SARASWATHI textile ltd : Scheme of Arrangement between Sri Lakshmi Saraswathi Textiles (ARNI) Limited (“the Demerged Company”/ “the Company”) and SLST Industries Limited .
KRANTI INDUSTRIES LIMITED : Receipt of clearance from customer CNH Industrial Belgium NV based in Belgium and Grand Island to start commercial production of the products of Agri Implements Project.
BRITANNIA INDUSTRIES LTD : Britannia and Bel Group Deepen Strategic Partnership to announce Local Cheese Manufacturing in India, producing Britannia The Laughing Cow, and empowering local milk farmers.
Comfort Fincap Limited : Companny has received In-principle approval for Issue of warrants convertible into equity shares from BSE Limited to be issued to Promoter and Non-Promoter category on a preferential basis.
Cantabil Retail India Limited : The Advisory Letter issued by NSE, regarding announcement submitted by the Company on a report issued by Ventura Securities Limited on Company’s focused expansion in Tier 2 & 3 Cities to drive growth.
Sonata Software Limited : iNube and Sonata Software Announce Strategic Partnership to Deliver Cutting-Edge Digital Platform and Bolster Go-To-Market for US and UK Insurers .
CHATHA FOODS LIMITED : The Company has executed a Joint Venture Agreement with Frigorifico Allana Private Limited, Company in Mumbai, for incorporation of a joint venture company with the objective of manufacturing and sale of ready to cook and ready to eat meat and chicken products.
Rashtriya Chemicals and Fertilizers Limited : Company has accorded its approval for Placement of Purchase Order on MIs. Larsen & Toubro Ltd for setting up of 1200 MTPD (DAP basis) Complex Fertilizer plant on LSTK Basis at RCF, ThaI.
Colgate-Palmolive (India) Limited : Colgate-Palmolive (India) Limited, the market leader in oral care, has launched its latest campaign ‘#TheDailyGrind’ under the Colgate Strong Teeth brand.
Thomas Cook (India) Limited : Nature & Outdoor experiences driving Indian travel demand - Thomas Cook and SOTC launch a range of Autumn Holidays.
SCAN PROJECTS LTD : Board approving Intercompany Loan up to Rs. 2.25 crore to Chanderpur Industries Pvt Ltd.
Moneyboxx Finance Limited : Company has got its 3 new branch offices opened in the state of Tamil Nadu.
Britannia Industries Limited : The Company has invested a sum of Rs. 87,50,000 towards acquisition of 8,75,000 Equity Shares of Rs. 10/- each, equivalent to 6.04% stake in the Equity Share Capital of Suryaurja One Private Limited.
Avenue Supermarts Limited : The Company has opened two new stores at Thergaon, Pune (Maharashtra) & Nawanshahr.
PNC Infratech Lirnited : Company has been declared Ll bidder in a EPC project on ltem rate percentage namely "Integrated Infrastructure Development of 20M & above wide Roads, Construction of Various Major & Minor Structures (Viz Flyover, Minor Bridges, VUPS, PUPS etc.) and Allied Electrical Works (Street Light) in TPS -8,9 and TPS-12 undcr NAINA Project" on 09.10.2024 for a quoted price of Rs 2090.59 Crore .
Akums Drugs & Pharmaceuticals Limited : The Company launch of its new product Famotidine, Calcium Carbonate and Magnesium Hydroxide in the Indian market.
The Orissa Minerals Development Company Limited : Consent to Establish Order for Belkundi Iron & Manganese Ore mines of The Orissa Minerals Development Company Limited (OMDC) issued by SPCB, Odisha.
Pharmaids Pharmaceuticals Limited : The Company vide its investment through different tranches has now additionally acquired 1.10% of partnership interest totaling 55.10% .
Hindustan Zinc Limited : Vedanta Limited (“VEDL”), promoter and holding Company of Hindustan Zinc Limited (HZL), has made disclosure regarding an order received from the Office of the Commissioner of Customs, Tuticorin confirming levy of Penalty of Rs. 92,03,85,745 and Fine of Rs. 10,00,00,000 along with demand of Customs Duty and applicable Interest.
PACE E‐COMMERCE VENTURES LIMITED : The launch of new corporate website of the Company Pace E‐Commerce Ventures Limited, designed to provide enhanced information and a seamless communication experience to all the stakeholders.
KRANTI INDUSTRIES LIMITED : Company has received In-principle approval letter from BSE Limited for the issue of 16,00,000 Warrants Convertible into 16,00,000 Equity Shares of ₹10/- each at a price not less than ₹80/- each to Non-Promoters on a Preferential Basis.
New Light Apparels Limited : Board meeting to be held on Oct 14th 2024, To consider & approve the raising of funds by way of right issue .
Rain Industries Limited : Northern Graphite and Rain Carbon Announce Agreement to Jointly Develop Natural Graphite Battery Anode Material.
Comrade Appliances Limited : Company has commenced the setup of a second manufacturing unit in Padghe Village, Palghar, Maharashtra. This new unit is being established to meet the rising demand for air coolers in preparation for the upcoming season.
Caprihans India Limited : Board meeting to be held on oct 14, 2024, to discuss and consider issuance of equity shares/convertible warrants, convertible securities and / or any other eligible securities, on a preferential basis.
SUPREME PETROCHEM LTD : Commencement of supply of solar power for Amdoshi Plant of Company in terms of Power Delivery Agreement for 12.5 MW (i.e. 1 7.95 MWp) executed with TP Saturn Limited.
R Systems International Limited : The incorporation process and transfer of ownership of RSIL Mexico, S. de R.L. de C.V. to the Company has been completed.
G R Infraprojects Limited : Company has received Letter of Acceptance dated 9th October 2024 from Maharashtra Metro Rail Corporation Limited (Nagpur Metro Rail Project) bid cost 903,53,45,267/-.
Bella Casa Fashion & Retail Limited : Board approved the Record Date as October 15, 2024 for the purpose of determining the equity shareholders who shall be entitled to receive the Rights Entitlement in the Rights.
ZEE Entertainment Enterprises Ltd: Independent Investigation Committee submits report to ZEE’s Board, finds no material irregularities
Pricol Ltd: Pricol Limited has acquired entire 15,00,000 shares of Pricol Electronics Private Limited (step down wholly owned subsidiary) of Re.1 each held by Pricol Asia Pte Limited (wholly owned subsidiary of Pricol Limited) for operational convenience.
Bharat Petroleum Corp.: Andhra Pradesh Chief Minister N. Chandrababu Naidu announced that BPCL plans to establish a refinery in the state with an investment of Rs 85,000 crore. The company is currently conducting a feasibility study to determine the location
Adani Enterprises: The company aims to raise $500 million through a share sale, offering approximately 14.2 million shares at an indicative price of Rs 2,962 each. This represents an implied discount of 6.08% to the last closing price.
Star Health and Allied Insurance Co.: The company has filed a statement regarding a data breach issue, acknowledging that it was the victim of a targeted cyberattack. They confirmed that operations remain unaffected and all services continue without interruption.Note: An official statement from the company has also been provided to NDTV Profit.
Patanjali Foods: The company has received approval from the CCI to acquire Patanjali Ayurveda's home and personal care business.Additionally, the arbitration tribunal has ruled in favour of Ashav Advisory in its case against the company, requiring it to deliver 1.86 crore shares to Ashav Advisory within 90 days. It is currently contesting this decision.
Fortis Healthcare: The company has approved the issuance of Rs 15.5 billion in bonds, which will be offered through a private placement with a face value of 100,000.
JM Financial: The company has received approval from the CCI to acquire a 42.99% stake in JM Financial Credit Solutions. Additionally, the CCI has approved JM Financial Credit's acquisition of a 71.79% stake in JM Financial Asset Reconstruction Company
Vedanta: The company cancels its board meeting scheduled for Wednesday
Shriram Finance: An allotment of 19,774 equity shares has been made following the exercise of fresh stock options under the Shriram Finance Limited Employee Stock Option Scheme 2023
IRB Infrastructure Developers: Moody's has reaffirmed IRB Infrastructure's Ba1 rating
KCP Sugar & Industries Corp. and The Ramco Cements:Andhra Pradesh Chief Minister N. Chandrababu Naidu announced on Tuesday that the World Bank has agreed to provide a Rs 15,000 crore loan to the state government for the construction of the capital, Amaravati, with work set to begin in December. Naidu also stated that the Centre has agreed to release Rs 12,500 crore for the construction of the Polavaram project
BROKERAGE RADAR
JEFFERIES GMR AIRPORT
Maintain Buy with target price of
Rs 106
GMR signs Nagpur Airport Concession, finally
Airport is relatively small currently, but city is of strategic importance being at geographic center of India
This agreement should lead to a stronger growth trajectory
BROKERAGE RADAR UBS ON 360 ONE
Initiated Buy with target price of Rs 1250
Secular growth beneficiary
Core annual recurring revenue and AUM to grow faster vs. overall business
Core profitability expected to improve, backed by higher operating leverage
New business avenues - HNWI and global business pose upside risks
BROKERAGE RADAR GOLDMAN SACHS ON INDIA INSURANCE
Turn more constructive on the life insurance space
See improvements in the operating enviornment
Corporates assert limited impact of new regulations
See VNB growth acceleration for private players
With rate cut cycle see an increase in embedded value
Valuations continue to look attractive
Product mix set to stabilize in H2 with margins copied from companyupdate telegram channel potentially bottoming out by Q4
HDFC Life - Maintain Buy with target price of Rs 820
SBI Life - Maintain Buy with target price of Rs 2000
BROKERAGE RADAR JEFFERIES ON JOB CREATION
IT slowdown weighs on formal job creation
Job creation pace weakened to 3-yr low in the organized segment as large listed IT cos shed employees
Analysis of 8.3 million employees of 2000 listed cos shows that ex-IT, job creation was still healthy at 3%+
BFSI posting 3rd consecutive strong year; Wages grew by a strong 12% YoY
Capex linked jobs in construction are on an upswing + agri improved post a strong monsoon
Both these should drive a bottom-of-pyramid consumption recovery soon

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