Market Highlights

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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.

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August 20, 2024

• India Daybook – Stocks in News
• Sequent Scientific: Company gets prequalification approval from WHO for Albendazole API (Positive)
• Allcargo logistics: International supply chain monthly operational volume for the month of July stood at 818’000 cubic meters similar to its highest ever monthly volume which was recorded in AUG 2022 (Positive)
• Zodiac Energy: Net profit at Rs 2.33 cr vs Rs 0.82 cr, Revenue at Rs. 79.59 cr vs Rs 32.54 cr (YoY) (Positive)
• Quess Corp: Company gets BSE & NSE approval for demerger process. (Positive)
• Hazoor Multi Projects: Company emerges as lowest bidder for Maharashtra State Infra Development Corp project worth Rs 274 crore (Positive)
• Nucleus software: Board of Directors meeting is scheduled to be held o… UBS on Cable & Wire Cos
• Expect:
• 1) current $8bn segment to be worth $20bn in FY30E & market share of top 5 cos to rise
• 2) Export revenue to rise from $2bn in FY24 to US$5bn in FY30E, or a 17% CAGR
• 3) Rev/EBITDA CAGRs to rise 20%/25% in FY24-28E
• Best play on electrification
• Initiate Buy on KEI Ind, TP Rs 6150
• Initiate Buy on Polycab, TP Rs
• Segment poised to grow at 2x GDP growth in FY24-FY30E
• UBS On KEI Ind
• Initiate Buy Call, Target Rs 6,150
• Co Only Pure Play On Cable & Wires & Consistent Earnings Compounder
• KEI Offers Multiple Triggers Including Growth For C&W To Sustain For A Longer Period
• Co Has Scope For Market Share Gains In Branded Housing Wires And Cables
• Co Has Optionality To Enter Adjacent Electrical Segment (Switches & Switchgears)
• Co Increased Capex In FY24 To Rs 400 Cr (4x The FY18-23 Average)
• Expect Capex To Be `700 Cr Annually In FY25-27
• Capex To Drive Topline And EBITDA CAGRs Of 22% And 31%, Respectively
• UBS on Polycab
• Initiate Buy Call, Target Rs 8,550
• Co Is Cyclical Growth Champion; Beneficiary Long-term Electrification Growth
• Growth-levered Business Model, Highest Investment Among Peers
• Significant Room To Grow TAM Revenue Share; FMEG Consumer Pull Is Key
• Better-than-expected Domestic Volume Growth Is Key Near-term Trigger
• Domestic Market Share Gains & An Export Ramp-up Are Key Near-term Triggers
• Citi on M&M
• Buy Call, Target Cut To Rs 3,180 From Rs 3,340
• A Tougher Terrain Ahead For SUVs; Tractors Treading Well
• If FY24 Was ‘Yr Of SUVs For Co, FY25 Is Expected To See Better Momentum In Tractor Segment
• SUV Demand For Co Has Moderated Vs Earlier Expectations Even As Co Has Expanded Capacity
• Cut Volume Estimates For Co’s SUV Segment, Resulting In Slight Cuts In Earnings Estimates
• View On Tractors Remains Positive
• YTD Volume Growth Is 6% (Including Exports)
• In The Domestic Market, Co Has Gained Market Share
• Citi on BPCL
• Buy Call, Target Rs 380
• 3 OMCs Have Outperformed Broader Markets YTD By 17-37%
• Most Of The Outperformance Was Concentrated At Start Of 2024
• Last 6 Months Underperformance At -9% To -21%
• Underperformance Reasons Have Been Myriad
• Underperformance Is Due To Soft GRMs, Weak Marketting Margin Post Fuel Price Cut
• Believe All These Factors Resulting To Underperformance Till Now Are Now Reversing
• Nomura on IndusInd Bank
• Neutral Call, Target Rs 1,580
• Co Receives RBI Approval To Set Up AMC Subsidiary
• Co Can Now Generate Revenue As A ‘Manufacturer’ Of Mutual Funds
• Scale Co Can Attain Will Be Key To Watch
• MS on HCLTech
• Overweight Call, Target Rs 1,705
• Co Appoints Shiv Walia As New CFO Of The Co
• Shiv Walia Has Been With Co Since Apr’98 & Has Over 3 Decades Of Experience
• Co Has Generally Seen Relatively Low Attrition At Senior Management Level In Past
• Departure Of Current CFO Comes As A Negative Surprise Considering Long & Successful Tenure At Co
• Think Such An Internal Appointment Should Help Make Transition Smooth
• Such An Internal Appointment Shouldn’t Become An Area Of Concern For Investors
• Macquarie on TCS
• O-P, TP raised to Rs 5740
• Adding to Marquee idea list
• R&D investments 1-1.2% of rev, but now over $300m/yr
• Around 600-700 patents filed annually, 3.9K+ patents granted (cumulative)
• See potential for pickup in demand from a wave of legacy modernisation programs
• MS on Titagarh Rail
• Overweight Call, Target Rs 1,337
• Indian Railways Plans To Procure 90,000 Wagons By CY25
• Co’s Capacity Enhancement (Freight + Passenger) Would Help Leverage Opportunities
• Focus On Backward Integration: Forged Wheels And Sub-Components For Coaches
• Adding Capabilities On Propulsion Manufacturing, To Target Exports As Well
• Nifty closed @24,572.65 (+31.50) and Sensex @80,424.68 (-12.16) on Monday GIFT Nifty was trading at 24,653 (as of 7:30 am)
• FIIs net sold equities in cash to the tune of Rs 2667 cr whereas DIIs net bought Rs 1803 cr on August 19 2024
• SP Group builds a house for $6 bn realty assets plant to take new holding company public in two years
• ADAG Group moves NCLT to restrain IIHL from using ' brand name
• Cognizant case US wants L&T chief, 4 other to depose
• RBI paper sees 54% growth in private capex in FY25
• Antfin Singapore to sell 408 million stake in Zomato
• Aurobindo Pharma to commercialise China plant in third quarter of FY 25
• Audit firm BSR slapped with a Rs 10 cr fine by audit regulator, NFRA, for lapses in audit of Coffee Day Enterprises
• ONGC Videsh secures contract extension for Vietnam oil blocks
• Piramal Enterprises promoter group increases stake from the open market to 46.3%
• LIC has decreased its shareholding in the State owned Hindustan Copper from 8.171% to 6.086%
• Gold demand rises in India after duty cut, while diamond sales slow
• Glenmark Pharma hits record high after launch of eye allergy drug in US
• BEML Gains After Government approves two major metro projects
• The Murugappa Group has reported a 15.2% jump in its PAT for the year ending March 31 2024 at Rs.7,885 crore
• Indian ADRs: Wipro (+1.5%), Dr Reddy’s (+1.2%) and Infosys (+1.1%)