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August 22, 2024

Jackson Hole 2024: What to Watch For!
As the Jackson Hole Economic Symposium approaches, the financial community is buzzing with anticipation.
What’s at Stake?
•⁠ ⁠Key insights from central bankers, policymakers, and economists.
•⁠ ⁠Potential shifts in monetary policy that could impact markets worldwide.
•⁠ ⁠Early indicators of global economic trends for the rest of the year.
Get the full scoop on what to expect from Jackson Hole 2024 and how it might influence markets.
Bernstein on Zomato
Outperform Call, Target Rs 275
Paytm’s Ticketing Business Acquisition Will Expand TAM For Co Into Event Ticketing Business
Acquired Business Will Be Part Of New App ‘District’, Expected To Launch In A Few Weeks
Co Has A Strong Track Record Of Successfully Acquiring Consumer Tech Businesses
Jefferies on Zomato
Buy Call, Target Raised To Rs 335
Valuation Of Paytm’s Ticketing Business Acquisition Looks Compelling In Context Of Growth Forecast
Ultimate Margin Like Food Delivery, Low Capital Intensity Promises High Return Ratio In Steady-state
Co Up Against Leader 'Bookmyshow,' The Question Is Can Zomato Do It Yet Again?
Nomura on Zomato
Buy Call, Target Rs 280
Mgmt Believes Paytm’s Ticketing Biz Acqn Will Help To Focus On Areas Where It Expects To Raise GOV
Co Expects To Increase Gross Order Value From `3,200 Cr In FY24 To `10,000 Cr In FY26
Biggest Risks Are Smooth Integration Of Acquired Businesses Into New District App
Cash Burn Initially To Incentivize Users To Migrate From Paytm’s App To Zomato & District Apps
Jefferies on IndiGo
Upgrade To Buy, Target Raised To Rs 5,225 From Rs 4,400
Co’s Operating Performance Has Consistently Surprised In The Past 12-18 Months
Precarious Industry Capacity Situation Has Kept Yields/Spreads Healthy
Supply Adds Seem To Have Picked Up Recently
Raise Spread Estimates, EPS By 6-7% For FY26/27
HSBC on IndiGo
Buy Call, Target Rs 5,165
Business Class Launch Of Co Ends Vistara/Air India Monopoly
Business Class Launch May Not Be Margin Accretive In The Near-term
The Shift Could Reduce Leakage Of Corporate Traffic And Strengthen Positioning
Loyalty Program, Strong Network And Corporate Market Share Could Support Its Premium Product
CLSA on Vedanta
Outperform Call, Target Rs 520
Strong Commodity Cycle & Margin Expansion Projects To Drive Upside
Current Stock Price Seems To Factoring In Aluminium / Zinc Prices To Be $170/140/t Lower Than Spot
Recent Corporate Actions (Stake Sale In Hindustan Zinc & Dividend) Augur Well For Deleveraging
With A Positive Outlook On Metal Prices, & High Dividend Yield, See Risk Reward Attractive
UBS on Shyam Metalics
Initiate Buy, Target Rs 1,200
The Company Is On A High Growth And Transformation Journey
Management's Pragmatic Approach To Move Up Value Chain
Diversifying Products/Metals & Backward Integration To Capture Efficiencies Make It Stand Out
Successful Foray Into New Businesses Showcases Its Execution Capabilities
Multiple New Projects Commencing Operations In FY25/26 Provide Strong Earnings Visibility
Multiple New Projects Mitigate Profitability Risk Through Diversification
Believe Market Is Not Fully Appreciating Integrated Operations Such As Internal Sourcing
BofA Sec on Maruti
Neutral Call, Target Rs 14,200
Demand Trends In India Have Been Soft Over Last Couple Of Months
India PV Industry Growth Guide Remains At Low-single Digit For FY25
Festive Trends However Will Be Key To Monitor
Sensed More Confidence On Margin Delivery Given Favorable Mix (CNG) & Benign RM
CITI On Paytm
Sell, TP Rs 440
View sale of its entertainment ticketing biz (movies + events) to Zomato for Rs20bn (cash; Rs30/sh for Paytm) as a +ve given that deal-value is higher than implied value for this business in older TP.
Watch for key outstanding regulatory bottlenecks to resolve first – NPCI greenlight to new UPI customer acquisition & Govt FDI approval for payment aggregator license.
GS on Power Grid
Buy. TP Rs 370
Media reports suggest Fatehpur Bhadla HVDC project to be re-bid; expect c.12% hit to reported ‘work-in-hand’
However, not too concerned because of PGCIL’s competitive edge in TBCB over other prvt developers, given its large b/s & low cost of debt
Nifty closed @ 24,770.20 (+71.35 ) and Sensex @ 80,905.30 (+102.44 ) on Wednesday. GIFT Nifty was trading at 24,888 (as of 7.30 a.m.)
FIIs net sold equities in cash to the tune of Rs 799 cr whereas DIIs net bought Rs 3,097 cr on August 21, 2024
Paytm to sell entertainment ticketing biz to Zomato for ₹2,048 crore
NCLT approves delisting of ICICI Securities; firm's shares see major drop
India Grid Trust sponsor to sell 17.32% stake Via OFS
Kalyan Jeweller promoter to acquire stake worth Rs 1,300 Crore from Warburg Pincus Entity
Premji invest, Pai team looks to board Akasa Air
Piyush Goyal flays Amazon, unchecked Ecomm; Says Co's $1 bn investment only fills loss, "smells of predatory pricing"
Decathlon to invest over Rs 900 cr in India over next five years
Bluestone closes Rs. 900 cr pre-IPO round
SEBI fines IIFL securities Rs 11 Lakh for compliance failures
Tata Motors teams with Delta, Thunderplus to expand EV charging network
BPCL launches aerial seeding through drones to reforest hills in Bihar
Reliance Industries to invest Rs 1,000 cr to stem coal bed methane output fall
Aye Finance Bags Rs 212 Crore Deal with Goldman Sachs to Boost Micro Lending
Hindustan Zinc and JNCASR collaborate to boost Zinc-based battery tech
Ireda plans to raise Rs 4,500 cr through multiple instruments
JM Financial Private Equity invests Rs 40 crore in spice brand Zoff
Indian ADRs: Wipro (+1.5%), Dr. Reddy's (+1.2%) and Infosys (+1.2%)
Stocks in News post Market closure
Housing and Urban Development Corporation Limited : Company has signed a Memorandum of Understanding with Yamuna Expressway Industrial Development Authority , a Government of Uttar Pradesh Undertaking on 21st August, 2024 at New Delhi.
RVNL : Company has signed MoU with M/s Dhaya Maju Infrastructure (Asia) Sdn Berhad (DMIA)
Kilburn Engineering Ltd : Company proposes to acquire Monga Stray field Pvt. Ltd . Acquisition value -up to ₹123 crore .
Procter & Gamble Health Limited : Board have recommended a final dividend of Rs. 60 per equity share, for the financial year ended June 30, 2024. The dividend shall be paid by December 25, 2024, on approval of the Members .
Nippon Life India Asset Management Limited : Nippon India Mutual Fund has launched ‘Nippon India Nifty 500 Equal Weight Index Fund.
Kilburn Engineering Limited : Board meeting to be held on 26th August 2024, to consider proposal for raising of funds.
Bajaj Electricals Limited : The Company has received an order dated August 21, 2024 from the Office of the Deputy Commissioner of State Tax, Patna Special, Bihar , alleging that the Company has claimed excess input tax credit (ITC) and made short payments of GST during FY 2019-20 without considering submissions made against notice, and consequently, a total demand of Rs. 1374.35 lakh has been imposed on the Company, which includes a general penalty of Rs 73.10 lakh
Garment Mantra Lifestyle Limited : The record date for determining the eligibility of shareholders for the issuance of bonus shares in the ratio 1:1 has been revised. The new record date is September 3rd 2024. The revision is due to medical emergency of the promoters on the original date.
BEML LIMITED : Company has entered into a Memorandum of Understanding (MoU) with Malaysia’s largest rolling stock manufacturer, SMH Rail .
Digicontent Limited : Board approved the proposal to buy-back upto 26,19,315 nos. fully paid-up equity shares of Rs. 10/- each (representing 16.85% of total equity share capital of HTDS), at a price of Rs. 86.75 per equity share, subject to approval of shareholders of HTDS.The aforesaid buy-back will not entail any change in the shareholding pattern of HTDS, as it will continue to be a wholly-owned subsidiary of the Company .
Nibe Ordnance and Maritime Limited : A subsidiary company in the name of Nibe Maritime Private Limited has been incorporated on August 20, 2024.
Welspun Enterprises Limited : Welspun Michigan Engineers Limited, formerly known as Michigan Engineers Private Limited, a material subsidiary of our Company, has been awarded the Letter of Acceptance (LOA) by the Brihanmumbai Municipal Corporation (BMC). This LOA pertains to Rehabilitation of man-entry sewers by trenchless technology, lines –17km , in the suburbs of Mumbai City . The contract value excluding GST is Rs. 159.75 Crore.
Muthoot Capital Services Limited : Board meeting to be held on 24th August 2024, to consider and approve issuance of Non-convertible debentures up to Rs. 50 crores on private placement basis.
Shri Jagdamba Polymers Limited : The Company has incorporated a subsidiary company in the name of “Global Polyweave Private Limited on August 20, 2024 .
Ahasolar Technologies Limited : Company has received a Work Order for Project Management Consultancy (PMC) support for 3MW Solar PV Project at Mormugao Port Authority (MPA) under Virtual Net Metering from Goa Energy Development Agency. The whole Consultancy Service is priced at around ₹ 31 lacs.
OMKAR OVERSEAS LIMITED : Board meeting to be held on August 24, 2024 at the Registered Office of the Company inter alia to consider and approved The Fundraising for the Company via Preferential Issue through issuance of fresh equity shares .
Indian Renewable Energy Development Agency Limited : Board meeting to be held on August 29, 2024, to consider and approve the proposal for raising of funds by way of equity share capital
4500 Crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue .
Megasoft Limited : The Company is in receipt of Intimation pursuant, from M/s. Ramanagaram Enterprises Private Limited , promoter of the Company intimating sale of 2,07,749 equity shares of the Company, in the open market.
KANPUR PLASTIPACK LTD : Board meeting to be held on Aug 24th 2024,Proposal for raising funds .
AREX INDUSTRIES LTD : Board meeting to be held on 27th August, 2024 ,To consider and approve record date for the purpose of the proposed buyback of equity shares of the Company .
ODYSSEY CORPORATION LTD : Board meeting to be held on Aug 26th 2024 ,The proposal for fund raising .
Weizmann Limited : Board meeting held on August 20, 2024 approving the buyback up to 3,65,169 fully paid up Equity Shares of the Company of face value of ₹ 10/- each at a price of Rs. 160/- per Equity Share, on a proportionate basis, through the tender offer route .
Elgi Equipments Limited : The transaction of divestment of entire stakeheld by the Company’s wholly owned subsidiary, Elgi Compressors USA Inc (Elgi USA), in its Joint Venture G3 Industrial Solutions LLC, USA, to the joint venture partners has been completed for a total consideration of $ 324,429 USD.
Paytm/Zomato: Paytm agrees to sell Entertainment Ticketing Business to Zomato for ₹2,048 Crore Cash; Strengthens Focus on Core Payments and Financial Services Distribution
IDBI Bank: CRISIL Ratings vide its report dated August 21, 2024 has upgraded IDBI Bank Limited's (IDBI) Long Term Debt Instruments Ratings to "CRISIL AA/Stable" from "CRISIL AA-/Stable" & "CRISIL AA+/Stable" from "CRISIL AA/Stable" for fixed deposits and has reaffirmed Short-Term Rating on certificate of deposit at "CRISIL Al+"
Awfis : The company expands its footprint in Bengaluru, Unveils 66,846 sq. ft. of Premium Workspace
Barbeque Nation: Barbeque Nation MENA Holding Limited, a Wholly Owned Subsidiary of the Company situated in Dubai, United Arab Emirates, has incorporated its Wholly Owned Subsidiary under the name ‘Barbeque Nation Lanka (Pvt) Ltd’ in Colombo, Sri Lanka.
HFCL : HFCL debuts new ribbon and microcable solutions at ISE EXPO 2024; redefining network infrastructure for North America’s connectivity needs
LTTS : Thales and L&T Technology Services expand collaboration to provide innovative business models to customers
Kalyan Jewellers: Highdell to sell a 2.36% stake to promoter Trikkur Sitarama Iyer for Rs 1,300 crore, at Rs 535 per share
India Grid Trust: Sponsor Esoteric II to sell up to a 17.32% stake in the company via OFS, which includes a base offer of up to 9.66% with an oversubscription option of an additional 7.66%. The floor size for OFS is set at Rs 132 per share. OFS is to take place on August 22 and 23
Zen Technologies: The company will launch its QIP and has set the floor price at Rs 1,685.18 per share
Punjab National Bank: The government has extended Kalyan Kumar's term as Executive Director for two years beyond Oct. 20
Insider Trade
Man Infraconstruction: Promoter Mansi P. Shah bought 50,000 shares on Aug. 20.
Info Edge (India): Promoter Hitesh Oberoi sold 40,060 shares on Aug. 20; Promoter Endeavour Holding Trust sold 38,973 shares on Aug. 20.
Prataap Snacks: Promoter Rajesh Kumar Metha sold 1.85 lakh shares on Aug 19. Promoter Arvind Kumar Metha sold 65,000 shares, Promoter Rajesh Kumar Metha sold 0.14 crore shares and Promoter Rajesh Kumar Metha sold 1.47 lakh shares.
Zomato Acquires Entertainment Ticketing Business from Paytm in ₹2048.4 Crore deal
#Zomato's Board approves the acquisition of movie and event ticketing businesses from One 97 Communications (#Paytm), Wasteland Entertainment, and Orbsgen Technologies.
Deal Value: ₹2,048.4 Crore
Zomato to gain 100% shareholding and control of these businesses.
Expansion Strategy: This acquisition aligns with Zomato’s strategy to #diversify its offerings and expand into the entertainment sector.
Zomato Says We are acquiring this business at ~1.0x trailing Enterprise value / FY24 GOV multiple, which we believe is fair vis-a-vis relative valuations of other comparable companies.
Expect the transaction to close within this quarter
Zomato To Launch Going Out Biz District in Next Week
Zomato will now have three apps-
Food delivery - Zomato
Groceries - Blinkit
Going out business - District
Zomato on August 1 announced the launch of 'District,' a new app consolidating "going-out" business, including dining and ticketing (movies and events), an ambitious expansion beyond its core food delivery services and hyper commerce.
Source - MoneyControl
CHAMAN LAL SETIA SHARE BUYBACK SCHEDULE .. BUYBACK OPEN ON 23-29 AUG
ONGC PETRO WILL BUY BACK ITS CCDs WORTH ₹7,778 CR FROM FIN INSTITUTIONS. ONGC approves buy-back of compulsorily convertible debentures issued of Rs 7778 cr by Opal
SHARE INDIA : Board Approved the proposal to surrender the License granted to the Company, by the Securities and Exchange Board of India (SEBI) for providing Portfolio Management Services. Additionally, the Board deliberated on the commencement of services of Portfolio Management through subsidiary, Share India Capital Services Private Limited.
SEBI ISSUES SETTLEMENT ORDER IN SPANDANA SPHOORTY CASE- CNBC TV18. SEBI Issues Settlement Order In Spandana Sphoorty Case With Payment Of ₹38.12 Lk
CENTRAL BANK OF INDIA
• Declared successful bidder to buy Future Ent stake in two insurance ventures
• Future Ent creditors approved co's bid for 33% stake in Future Generali Life Insurance
• Future Ent creditors approved co's bid for 25% stake in Future Generali India Insurance
THE INDIAN CARD CLOTHING : Co informs that the NSE has issued warning letter to the company in relation to the delay in submission of disclosure submitted by The Indian Card Clothing Company Limited ('the Company') on February 19, 2024, w.r.t "Appointment of Chief Financial Officer (CFO).
BEML; Company inks MoU with Malaysia's SMH RAIL Sdn. Bhd. to fulfil global demand for Rail & Metro
Company has entered into a Memorandum of Understanding (MoU) with Malaysia’s largest rolling stock manufacturer, SMH Rail. This landmark agreement was formalized in the presence of Tengku Zafrul B Tengku Abdul Aziz – Minister of International Trade and Industry, Malaysia during an event in Delhi.
This strategic partnership marks a historic collaboration between India and Malaysia, aiming to strengthen bilateral relations and address the growing global demand for advanced rail and metro rolling stock. Together, BEML and SMH Rail will focus on marketing, supply, and servicing of rail and metro rolling stock products, with a particular emphasis on markets in Malaysia, Southeast Asia, and Africa.
JYOTI STRUCTURES : Co informs that the Hon’ble NCLT in Mumbai has partly allowed Company’s application seeking release of Non-Fund Based (“NFB”) limits from banks as mandated in the approved Resolution Plan.
HFCL introduces suite of new high performance cable solutions at ISE EXPO 2024 - HFCL today introduced a suite of new high performance cable solutions at ISE EXPO 2024 in Dallas, Texas, USA. First, HFCL introduced a product line of high-density single-jacket single-armor Intermittently Bonded Ribbon (IBR) cables with 144-1728 fibers, a development which was recognized with the presentation of an ISE Innovators Award. Second, HFCL expanded its award-winning Nano Thin product line of loose tube microcables to add a 10.6mm diameter 864 fiber cable.
UBS initiates coverage on Shyam Metalics
Target of Rs 1200 per share (implying upside of 60%)
Moving up the value chain while driving efficiency at every level
SMEL is transforming from a producer of commoditised to value-added products
Expect ROCE (ex-CWIP) to improve from 22% in FY24 to 28% in FY27
Think it is on track for high profit growth and forecast an EBITDA CAGR of 39% over FY24-27.
Hindustan Zinc Collaborates with JNCASR for Next-Gen #Zinc-Based Battery Technologies
Strategic Partnership: #HindZinc partners with JNCASR to develop advanced zinc-based batteries, aiming to revolutionize sustainable energy storage solutions.
Zinc vs Lithium: Zinc-based batteries are cost-effective, durable and safer alternatives to expensive, imported lithium batteries, making them ideal for long-duration storage.
Research Focus: The collaboration will explore zinc alloys as anodes for Zinc Ion and Zinc Air batteries, along with high-performance electrolytes and recycling processes.
Supporting Clean Energy: This partnership aligns with Hindustan Zinc’s commitment to driving the global energy transition and supporting India’s Aatmanirbhar Bharat initiative.
Expanding Innovation: The collaboration builds on Hindustan Zinc’s recent MoU with AEsir Technologies to develop Nickel-Zinc (NiZn) batteries, further strengthening its position in the energy storage market.
*SUMMARY OF FED MEETING MINUTES (8/21/24)*:
1. Majority of Fed members believe it is appropriate to lower rates at next meeting if data remains constructive
2. Recent data has enhanced confidence over inflation
3. Several participants considered a 25 bps rate cut in July
4. Majority of participants said unemployment risks are rising
5. Outlook for economic growth in second half of 2024 was marked down
6. Easing too late could unduly weaken the economy
The first rate cut since 2020 is coming next month.
Nonfarm payroll growth revised down by 818,000, Labor Department says
The U.S. economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024, the Labor Department reported Wednesday.
As part of its preliminary annual benchmark revisions to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported 2.9 million from April 2023 through March of the following year.
Wall Street had been watching the numbers closely, with many economists expecting a sizeable reduction in the originally reported numbers. Even with the revisions, job creation during the period stood at more than 2 million, but the report could be seen as indication that the labor market is not as strong as the previous BLS reporting had made it out to be.
Rajratan Global Wire’s consolidated
net profit jumped 22.61% to Rs 15.24 crore
in Q1 FY2025 as compared with Q1
FY2024. Revenue from operations increased
7.99% to Rs 220.14 crore. PBT jumped
19.81% to Rs 20.32 crore. Ebitda stood at Rs 29.50 crore, up 17.44%. The Ebitda mar gin expanded 108 bps to 13.40%.
India sales volume increased 8.45% to
15,960 tonnes, while Thailand sales volume
jumped 40.33% to 10,502 tonnes. Rajratan
Global Wire expects 20% demand growth in
Thailand from Q1 to Q2 FY 2025 based on
existing market outlook.
The improvement in performance was
the result of demand exceeding supply for
bead wire, influenced by an increased offtake
of tyres to direct sectorial customers, and a
decline in imports. The performance is ex pected to sustain in the subsequent quarters
following the commercialization of the new
Chennai plant coupled with maximized utilization at the Pithampur and Thailand manufacturing facilities.
Uno Minda’s consolidated net profit
rose 15.21% to Rs 199.03 crore on 23.44%
jump in revenue from operation to Rs
3,817.51 crore in Q1 FY2025 over Q1
FY2024. The revenue growth was driven by
all product segments, especially led by light ing, alloy wheels, switches, sensors and con trollers. Outperformance over the industry
continued, with volume growth of 15%. PBT
was at Rs 277.47 crore, up 23.85%. Ebitda
jumped 24% to Rs 408 crore. The Ebitda
margin remained constant at 10.7%.
A technical license agreement was en tered with Aisin, a Fortune Global 500 com pany to manufacture sunroof in India on
securing an order for sunroof from one of
the OEM. To support the orders received,
the board approved capex of RS 63 crore for
setting up a greenfield sunroof manufactur ing facility at Bawal. The plant is expected
to start commercial production by
Q4FY2027.
Q1 saw the highest-ever quarterly rev enue, led by the strategic focus on incorpo rating emerging technologies and solutionsMeanwhile, the board approved to in corporate a new wholly owned step-down
Subsidiary in Czech Republic, Europe, as a
subsidiary of Creat GmbH, a wholly owned
step-down subsidiary of the company in
Europe. A wholly owned step-down sub sidiary will be incorporated with such name
as may be approved by the relevant authori ties with a capital of euro 5000.
Further, the board approved to acquire
further stake in Minda Onkyo India
(Moipl), a 50:50 JV of Uno Minda and
Onkyo Sound Corporation, Japan, by ac quisition of 49% stake equity shares of
Moipl from Onkyo Sound Corporation, Ja pan. The cost of the acquisition is Rs 0.65
per share and it is expected to be completed
within Q4 FY2025.
into its portfolio.
Caplin Point Laboratories’ consoli dated net profit jumped 19.8% to Rs 124.92
crore on 16.1% increase in revenue from
operations to Rs 458.96 crore in Q1 FY2025
over Q1 FY2024. PBT increased 21.6% to
Rs 154.38 crore. Ebitda jumped to Rs
170.37 crore, a growth of 23%, aided by
new products launches. The Ebitda margin
stood at 35.7% as against 34%.
The Latam business showed strong rev enue and bottom-line growth, with robust
cashflows. The branded generic segment led
growth in profitability, with specialty prod ucts including soft gels and pre-filled sy ringes. The generics segment contributed
70% of the revenue, while the branded ge nerics segment contributed 30%.
Caplin One Labs Oncology site com menced exports to Latam. The target is
breakeven revenue within next 12 months.
Product registration work is ongoing in seven
countries in Latam, including Mexico. In the
US and regulated markets, Caplin Steriles
recorded impressive revenue growth through
enhanced automation and improved produc tivity. Caplin Steriles USA will launch first
products by October 2024 and plans to
launch 35 products in 12 months.
The overall capex is Rs 600-650 crore
for the investment projects, most of which
are nearing completion. The intended capex
aims to enhance existing production capaci ties, widen the product range, and achieve
backward integration for most products. The
capex will be financed solely through inter nal accruals, and the company will remain
net cash positive throughout the process
*News Headlines from Business News Agencies:*
*Business Standard*
Funding constraints to hinder NBFCs' growth after two strong years: ICRA
Passenger vehicle dealers struggle with inventory worth Rs 73,000 cr: Fada
Alphabet-backed NBFC Aye Finance to launch Rs 2k cr IPO in a year: Report
Markets have started to price in a higher recession probability: Anurag Mittal, UTI MF
Keystone Realtors to invest Rs 900 cr on housing project in FY25: CMD Irani
Amul strongest food brand in the world in 2024: Brand Finance report
HDFC Bank taps retail bankers as wealth managers amid talent crunch
JK Tyre to invest Rs 1.32 cr to acquire 26% stake in solar energy venture
Employment growth in corporate sector declined to 1.5% in FY24: BoB report
China opens anti-subsidy probe into imported dairy products from EU
Shriram Properties to triple revenue to Rs 3k cr by FY27; double bookings
NMDC Steel's hot rolled coil production hits 1 MT-mark within a year
Reliance to invest over Rs 1,000 cr in Sohagpur CBM to boost gas output
*Economic Times*
India to spend $300 mln to build drains and expand water bodies in big cities
Titan Capital closes Rs 200-crore fund to double down on existing portfolio startups
Zelestra inks pact to supply 450 MW solar power to NTPC
Growth of e-commerce through predatory prices is a concern for small retailers: Piyush Goyal
India remains net steel importer in April-July as Chinese shipments rise
Hyundai Motor India to establish Hydrogen Innovation Centre at IIT-M Thaiyur campus
India's second 700 MW nuclear power KAPS-4 plant starts operations at full capacity
India allows export of 200,000 tonne non-basmati rice to Malaysia
Odysse Electric to expand operations to 150 cities by September
Tata Motors ties up with two firms to expand charging infra for electric CVs
Tesla to recall more than 9,000 Model X SUVs, NHTSA says
Fintech startup TransBnk secures $4 million in funding round led by 8i Ventures
Urea import dependency to fall to 10-15% from this fiscal, says Crisil
*Mint*
Sembcorp, Japan's Kyushu Electric forge green ammonia export deal
E-commerce boom matter of concern not pride, says India's trade minister Piyush Goyal
Livpure secures ₹233 crore from M&G, Ncubate, to expand subscription network
CBDT issues Central Action Plan for FY25, sets roadmap for I-T department
Decathlon to invest ₹933 crore in India in 5 years to expand retail business
NCLT rejects petition by shareholders opposing delisting of ICICI Securities
DDA unveils 3 new housing schemes: 40,000 flats, prices from ₹11.5 lakh to ₹5 cr
New launches, Dubai entry elevate Sunteck Realty’s pre-sales outlook
India’s animation, VFX segments set to touch $2.2 billion by 2026: Report
India's active paid OTT subscriptions stagnate at 100 million: Report
Flipkart Group’s new payments app—super.money—eyes first-time borrowers
Wells Fargo to sell its non-agency third-party Commercial Mortgage Servicing business to Trimont
*Nithin Kamath’s Zerodha says NSE’s new directive will hurt business, to stop brokerage revenue sharing*
Zerodha co-founder Nithin Kamath said on Wednesday that the company will stop sharing brokerage revenue for referrals in response to a recent NSE circular.
The circular, issued last week, prohibits brokers from offering brokerage as referral incentives unless the individual is registered as an authorized person with the exchanges.
“NSE issued a circular last week stopping brokers from sharing any brokerage as a referral incentive unless that person is registered as an authorized person with the exchanges. This is another one of those circulars that will hurt the business,” Kamath said in a social media post.
Zerodha has decided to discontinue its referral program and provide one-time payouts for any outstanding amounts. “As a result, we will pay out all referral wallet balances > ₹10 (as of July 31, 2024; the last time this balance was updated) and stop our referral program. However, you will continue to receive 300 reward points one time for every account you refer that you can redeem against AMC or paid access to other partner products (smallcase, Tickertape, Tijori, MProfit & Quicko),” he added.
However, Kamath reassured users that the company would maintain its referral rewards program, allowing users to earn reward points that can be redeemed for a range of services, thereby preserving the continuity of their referral incentives.
*_What's behind NSE's decision?_*
This move reflects Zerodha’s alignment with the NSE’s goal to curb trade inducement, a rising concern within regulatory circles.
The circular underscored that only registered entities could participate in referral activities and explicitly prohibited schemes that promised fixed returns or ran unauthorized investment plans.
The NSE's circular is part of a wider initiative to safeguard investors and guarantee that all trading activities comply with the regulatory standards established by SEBI and the exchange.
By implementing this measure, the NSE seeks to reduce risks related to unauthorized schemes and ensure that all promotional activities are carried out transparently and within legal boundaries.
GMR AIRPORTS INFRA: CO RECEIVED LOA FROM DELHI INTERNATIONAL AIRPORT LTD TO DEVELOP, OPERATE, MANAGE AND MAINTAIN THE DUTY-FREE OUTLETS AT THE IGI AIRPORT, NEW DELHI
NAZARA TECH: CO INFUSES GBP 4.2M AND EXTENDS GBP 16.9M (183 CR RUPEES) LOAN TO UNIT NAZARA UK FOR STRATEGIC ACQUISITION IN GAMING SECTOR
AARTI DRUGS: CO TO CONSIDER EQUITY SHARE BUYBACK ON AUGUST 26, 2024
TRANSPORT CORP: CO TO CONSIDER BUYBACK PROPOSAL ON AUGUST 24, 2024
Welspun Enterprises: The company arm received an order worth Rs 160 crore from BMC for the rehabilitation of man-entry sewers by trenchless technology in Mumbai.
Ganesh Benzoplast Ltd. – 1QFY25 con call – Key Takeaways
Mcap: Rs 1201.14Cr; CMP: 166.85; TP: 250
* GBL reported revenue of Rs 875mn in 1QFY25, i.e., degrowth of 28.2% YoY and 40% QoQ due to one jetty at JNPT was under maintenance because of which the company could not provide the wharfage services to the customers and EPC contract which company used to add in total revenue has separated as a different subsidiary.
* However, the gross margins improved substantially to 64.67% from 50.82% in FY24 on account of revised rental agreement in the 1QFY25 and addition in higher margin 18000KL capacity which led to post EBITDA of Rs 251.47mn; a YoY/ QoQ growth of 0.3%/ 19% respectively.
* EBITDA margins seen improvement to 28.73% from 20.56% in 1QFY24 on account of better product mix.
* Overall, PAT stood at Rs 164.3mn; a YoY/QoQ growth of 5.4%/15% respectively.
• GBL expects overall PAT growth of 5-7% in FY25
* An upcoming new LPG terminal tank with the total capacity of 93,000 CBM in JNPT is expected to complete by October 2026. For which the capex requirement of Rs 7-7.5bn has already secured through equity contribution. As per the company no extra debt required for this project.
* The LPG tank will be ready in one go, and construction will start in October 2024. They have secured approval from the Chief of explosion control; Fire Hazard prevention work has been completed. The project is in the Engineering phase.
* GBL has implemented significant changes in its Chemical division, including new management appointments, the introduction of new product mixes, and a restructured raw material procurement cycle. The company is aiming for a 10% margin in this business for the upcoming financial year, with growth expected to become evident by the third quarter. In the long term, GBL plans to demerge its Chemical segment from LST Infra once the ongoing court case is resolved.
* GBL is exploring new opportunities to build chemical tanks at additional ports.
Main applications for packaging comes largely from FMCG, Pharma, E-Commerce..be it films or corrugated boxes.
FMCG-Rural Demand Coming Back
E-Commerce-Festive Season Onset
Pharma-Global and Domestic Demand Both Strong
Packaging Co Reported Strong Q1+PE Action Seen
Paytm clarifies on report of company seeking shareholders’ nod for appointment of Gulshan Rai's as Independent Director.
CITI ON PAYTM
Maintain Sell; hike target price to Rs 440 from Rs 410 1
View sale of its entertainment ticketing business (movies + events) to Zomato as a positive
Deal value higher than the implied value
Next trigger will be government approval of FDI for payment aggregator
This will allow to push payment aggregator license application back to RB
EFFERIES ON ZOMATO
Maintain Buy; Hike target price to Rs 335 from Rs 275
Valuation looks compelling in the context of growth forecast and ultimate margins
Like food delivery, low capital intensity promises high return ratio in the steady state
The third clear growth vector is eu established
Will probably focus on market share, with even the potential to claim leadership, which may entail D investments
CLSA ON VEDANTA
Maintain Outperform with target price of Rs 520
Strong commodity cycle and margin expansion projects to drive upside
With a positive outlook on metal prices, and high dividend yield, we see riskreward attractive
Recent corporate actions augur well for deleveraging
Overall, we continue to prefer base metal stocks over ferrous names
ADD also imposed on imports of IPA or Iso Propyl Alcohol.
Deepak fertilizers and Deepak Nitrite (phenolics) both have major capacity here.
Positive for these two stocks.
UNION BANK ANALYST MEET
Bank guided to 11-13% loan growth Vs 14% in Q1
Acknowledged that mobilizing retail deposit growth remains challenging
Recent capital raises should help limit margin pressure
Lower margin pressure and staff costs should aid in delivering 1-1.1% RoA in FY25
Bank aspires to sustain NNPA ratio below 1%, backed by its higher recoveries target of Rs 16000 cr
GS on Power Grid
Buy. TP Rs 370
Media reports suggest Fatehpur Bhadla HVDC project to be re-bid; expect c.12% hit to reported ‘work-in-hand’
However, not too concerned because of PGCIL’s competitive edge in TBCB over other prvt developers, given its large b/s & low cost of debt
BOFA Sec on Maruti
Neutral, TP Rs 14200
Chat with Suzuki Japan: Key takeaways
Demand trends in India have been soft over last couple of months.
India PV Industry growth guide remains at low single digit for F25.
Festive trends however will be key to monitor
Nomura on Zomato
Buy, TP Rs 280
Acquires Paytm’s entertainment ticketing biz
Management expects to increase GOV from Rs 32bn in FY24 to Rs 100bn in FY26E
Biggest risks
Smooth integration of acquired businesses
Cash burn initially to incentivise users
Bernstein on Zomato
O-P, TP Rs 275
Announced acquisition of Paytm’s ticketing biz for $250Mn (valued at EV/GMV of 1x)in a cash deal to expand into “Going Out“ segment
Acquisition will expand TAM for Zomato into event ticketing business - sports ticketing (IPL), movies, music
HSBC on Interglobe Aviation
Buy, TP Rs 5165
Business class launch ends Vistara/Air India monopoly, positioning its product close to premium economy at Vistara
May not be margin accretive in near term, but could reduce leakage of corporate traffic & strengthen positioning
ALKEM LAB ; Sources Says Promoter likely to sell 0.7% stake (8.5 lakh shares) of Alkem Laboratories via block deals. floor price at ₹5,616, at a 3% discount to CMP - CNBC-TV18
PAYTM: Company is seeking its Shareholders’ approval for the appointment of Dr. Gulshan Rai, as its Independent Director, is not correct.
The Board of the Company has not approved such proposal, and no Shareholders approval is being sought.
NSE circular mandates referrals to be appointed as authorised persons, causing brokers to shift focus and face compliance challenges ; Bl Reoort
VISA STEEL ; PROMOTER BUYS ADDITIONAL 4.40 % STAKE ON 19 AUG VIA OPEN MARKET
REFEX RENEWABLES; Refex Sustainable Solutions Pvt Ltd, a subsidiary of Refex Renewables, has acquired a controlling stake 51.02% in Vizag Bio-Energy Fuel Pvt Ltd, a leading player in compressed biogas (CBG) production.
This strategic acquisition, valued at ~₹2.90 Crore, aligns with Refex's mission to expand its footprint in renewable energy.
Vizag Bio operates a CBG plant processing municipal solid waste, with plans to increase capacity, making it a significant contributor to green fuel production.

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