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October 07, 2024

UBS on Sun Pharma
Buy, TP Rs 2450
Specialty at 30%+ of profits in 3 yrs; can drive re-rating
Sun's large cash balance and strong FCF should ensure continued strengthening of specialty
Good generic launches also lined up - Lanreotide & Tolvaptan
CITI on Financials
RBI draft circular
Key recommendations include
1] Only a single entity within a bank group shall undertake a particular form of permissible biz
2] Aggregate equity investments shall not exceed 20% of Capital+Reserves
3) subs will be considered Upper Layer NBFCs, attracting higher vigilance & potentially having to list
Norms would apply 2y after final circular
This could affect banks (incl Axis, HDFCB, Kotak, Fed Bank)
MS on HDFC BK
Buy, TP Rs 1850
Deposit growth steady YoY
Period end deposits grew 5% QoQ vs. flat QoQ
Average deposits grew 3.1% QoQ vs 4.6% QoQ last qtr
Retail loans grew 3% QoQ (11% YoY vs. 10% YoY last quarter)
On YoY basis, loan growth was 8% YoY vs. 11% YoY last quarter
Jefferies on IndusInd BK
Buy, TP Rs 1750
2Q pre-qtr release shows stable deposit growth of 15% in Sep-24
Growth in retail deposits also stable at 16% YoY
Loan growth slowed further to 13% YoY, consistently declining from 20% levels in Dec-23, possibly reflecting need to lower LDR
Nomura on BOB
Buy TP Rs 280
Pre-2Q update: Healthy sequential loan & deposit growth
Overall loan growth healthy at 6.7% q-q / 11.6% y-y led by domestic non-retail (+7.2% q-q) & Int. (+7.5% q-q) segments
Domestic retail loan book growth steady at 4.4% q-q/ 19.9% y-y
Jefferies on Bandhan BK
Buy, TP Rs 240
Posted healthy growth of 21% YoY/4% QoQ (from a low base of 12% in 2QFY24)
Deposits rose by 27% YoY, led by a 58% rise in bulk deposits.
LDR fell by 260+bps QoQ to 92%, higher than most peers, & could be a near-term drag on loan growth
Nomura on AU Small BK
Neutral, TP Rs 650
Pre-2QFY25 update: Strong loan & deposit growth
Importantly, bank’s loan-to-deposit ratio (based on gross loans) declined by 570bp q-q to 87.5%
CASA deposits recorded strong growth of 12.9% FYTD / 10.9% q-q, leading to CASA ratio of 32.4%
MS on Federal BK
UW, TP Rs 185
Overall deposit growth moderated to 1% QoQ vs 5% QoQ last qtr
Customer deposits grew 1% QoQ (+16% YoY)
Gross loan growth+4.3% QoQ (+19.3% YoY) vs +5.4% QoQ last qtr
LD Ratio inched up to 86.9% vs 84.3% in previous qtr
MS on RBL BK
UW, TP Rs 210
Gross loan growth 2% QoQ (15% YoY vs 18% in 1QF25)
Retail loans grew 2% QoQ vs 10% last qtr; non-retail grew +2% QoQ vs -6% last qtr
Retail deposit growth healthy (+4% QoQ; +22% YoY).
CASA deposits +10% QoQ after -9% QoQ in 1QF25
MS on L&T Fin
UW, TP Rs 140
Retail loan book growth moderated to 28% YoY (31% YoY in fiscal 1Q) as micro & farm finance (rural) disbursements slowed down
Await further details on margins, credit costs, asset quality, etc., in 2QF25 results
Nomura on MacroTech Developers
Buy, TP Rs 1600
Collections in 2QFY25 were at INR31bn (+12% y-y, +14% q-q) while net debt inched up to INR49bn (vs INR43bn in 1QFY25).
Net debt/equity remained well below the ceiling of 0.5x
India Daybook – Stocks in News
Jio Fin: SEBI has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund. (Positive)
Easy Trip Planners: Company resumes bookings to the Maldives following the improvements in the bilateral ties of the governments. (Positive)
SAMHI Hotels: Company has acquired Innmar Tourism and Hotels Private Limited for Rs 2,050 million. (Positive)
Federal Bank: Q2 deposits surge 16%, advances grow by 19% on-year. CRISIL upgrades rating on the fixed deposits of Bank to ‘AAA/Stable’ from ‘AA+/Positive’ (Positive)
Ujjivan SFB: Total deposits up 17% YoY & 5% QoQ. CASA up 26% YoY & 6% QoQ (Positive)
L&T Finance: Retail loan book at end of Q2FY25 up 28%, retail disbursements for Q2FY25 up 12% YoY. (Positive)
Macrotech Developers: Collections were Rs 30.7 billion for Q2FY25, up 11% , Q2FY25 pre-sales at Rs 42.9 billion , up 21% YoY (Positive)
SAMHI Hotels: Company has acquired Innmar Tourism and Hotels Private Limited for Rs 2,050 million. (Positive)
Avantel: Net Profit at Rs 22.9 cr vs Rs. 16.1 cr (YoY), Revenue at Rs 77.4 cr vs Rs 54.3 cr (YoY). (Positive)
JSW Steel: Company unit JSW Vijayanagar Metallics Ltd, Company has successfully commissioned its Blast furnace at its integrated steel plant at Vijayanagar with a capacity of 4.5 MTPA (Positive)
Adani Wilmar: Q2 total sales volume up 10% YoY, in Q2, revenue from alternate channels increased at strong double digit rate YoY. (Positive)
Bandhan Bank: Total deposits rise 27.2% on a yearly basis to Rs 1.43 lakh crore in September quarter. (Positive)
Bajaj Housing: AUM at Rs 1.03 lakh crore, up 26% year-on-year. (Positive)
RKEC Projects: Company gets order worth Rs 186 cr from Maharashtra Maritime Board. (Positive)
CG Power: Company acquires Radio Frequency Components Business from Renesas, marking its foray into Semiconductor Design. (Positive)
Senco Gold: Company approved raising of funds up to Rs 5 billion, Company approves sub-division of shares in 1:2 ratio. (Positive)
Ceigall India: Company got letter of intent for project worth Rs 1.43 billion. (Positive)
Oil upstream stocks: Oil prices jump by 3 percent after the tensions intensified in Middle East. (Positive)
Bansal Wire Industries: Company incorporates wholly owned subsidiary BWI steel private ltd, the entity being acquired belongs to iron and steel industry. (Positive)
IDBI Bank: Total business up 15% as of sept 30, Total deposits as of sept 30 up 11% YoY, Net advances as of sept 30 up 19% YoY (Positive)
ITC Limited: Company’s Hotels Business Demerger Receives NCLT Approval (Positive)
Metropolis: Revenue for the quarter grows by 13% year-on-year. B2C revenue up 20% from last year. (Positive)
Info edge: Standalone Billings Up 14.3% At Rs 650.3 Cr Vs Rs 569 Cr (YoY) (Positive)
Shiva Cement: Company execution of binding MoU with Bhushan power & steel. (Positive)
Godrej Prop: Q2 booking value grew 3% YoY to nearly INR 5,200 crore from sale of over 5.1 million sq. ft. (Positive)
Titan: Jewellery Revenue +26% YoY after a soft Q1 performance (Positive)
Antony Waste: Arm AG Enviro Infra Projects gets contract worth ₹908 cr from Navi Mumbai Municipal Corporation (Positive)
Tanfac: Company revises capacity to 90 MT/day from 45 MT/day for Rs 100 crore (Positive)
Indian Bank: Total Business Up 9.8% YoY At ₹12.44 Lk Cr, total Deposits Up 8.1% YoY At ₹6.93 Lk Cr (Positive)
GAIL: Signs MoU with AM Green to jointly develop renewable energy projects up to 2.5 GW and green chemical projects (Positive)
Bank Of Maharashtra: Bank closes QIP today, approves issue price at Rs 57.36/Sh. LIC increases stake in Bank of Maharashtra from 4.05% to 7.1% through QIP (Neutral)
AU Small Finance Bank: Reports 12.7% jump in Q2 deposits, gross advances rise nearly 6% (Neutral)
Paytm: Manmeet Singh Dhody ceases to be CTO – payments & SMP of the co w.e.f. October 4, 2024. (Neutral)
REC: Company's renewable energy loans aggregated to Rs 5,946 crore, up 37.35% year-on-year in the quarter-ended September 2024. (Neutral)
J&K Bank: Total business up 9.2% YoY at ₹2.34 lk cr, Total deposits up 8.96% at ₹1.38 lk cr (YoY) (Neutral)
MTNL: SBI classifies MTNL as non-performing account after repayment default. (Neutral)
Zomato: Company grants 12 million stock options worth ₹330 crore under ESOP. (Neutral)
Indusind Bank: Deposits as on sept-end up 15% YoY, Net advances up 13% YoY as of Sept 30. (Neutral)
Gravita India: Company approved raising of funds up to Rs 10 billion. (Neutral)
Pitti Engineering: Company received NCLT approval for its amalgamation scheme with Pitti Castings Private Limited and Pitti Rail and Engineering Components Limited. (Neutral)
Adani Energy: Company incorporated Adani Energy Solutions Global, Entity being acquired belongs to investment holding company. (Neutral)
Pokarna: Temporary shutdown of production line at Unit ii of Pokarna engineered stone, production line tentatively expected to resume by 7th October 2024. (Neutral)
Apollo Tyres: LIC increased shareholding in Apollo Tyres from 4.983 % to 5.030 %. (Neutral)
Network18: Government approves transfer of licenses held by TV18 to Company (Neutral)
Wipro: Company incorporated wholly-owned subsidiary Wipro, Inc, the entity being acquired belongs to information technology sector. (Neutral)
Dhanlaxmi Bank: Bank sept quarter total deposit seen at 146 billion vs 138 billion YoY (Neutral)
Jammu and Kashmir Bank: Total deposits up 8.96%, gross advances as of Sept 30 up 8.30% YoY (Neutral)
RBL Bank: Total deposits up 20% year-on-year and 7% sequentially to ₹1.08 lakh crore. (Neutral)
Union Bank: Total Deposits Up 1.45% QoQ & 9.17% YoY At ₹12.41 Lk Cr, Global Gross Advances Up 1.82% QoQ & 9.63% YoY At ₹9.28 Lk Cr (Neutral)
Lupin: USFDA Inspection of the Company's Biotech Facility in Pune concluded with five observations (Neutral)
Gravita India: Company approved raising of funds up to Rs 10 billion (Neutral)
Network18: Government approves transfer of licenses held by TV18 to Company (Neutral)
Tata Steel: India Production Up 4.98% At 5.27 mt Vs 5.02 mt (YoY) (Neutral)
IndusInd Bank: Net advances up 13% year-on-year and 3% sequentially to ₹3.56 lakh crore. Deposits up 15% from last year and 4% from June to ₹4.12 lakh crore. (Neutral)
Nazara Technologies: Company subsidiary Openplay receives interim relief in Rs 845 Cr GST demand case (Negative)
IndiGo: Company faced a network slowdown, impacting its website and booking system, and is working to restore stability and normalcy. (Negative)
Nifty has strong support at 24,800
Technical Views
Technical indicators and India VIX data suggest the potential for further profit booking in the near term. If Nifty remains below the 25,450 level, it may decline towards the 24,850 and 24,400 levels, according to technical analysts. On the upside, immediate resistance is expected at 25,250. Stocks such as Coforge, Balrampur Chini, JK Lakshmi Cement, Divi’s Lab, Torrent Pharma, Titan, Ipca Labs, and Lal PathLabs could attract support-based buying, said analysts.
Dharmesh Shah | Head of Technicals, ICICI Securities
Where is Nifty headed this week?
In the upcoming eventful week, we believe strong support for the Nifty is placed at 24,800, holding above which would keep pullback options open amid oversold conditions. In the process, volatility remains high while discounting ongoing geopolitical concerns coupled with the RBI Policy and the start of the Q2FY25 earning season. Only a decisive close below 24,800 would lead to an extended correction towards 24,400. Meanwhile, on the upside 25,500 would act as immediate resistance. In 2024, on five occasions intermediate corrections have been limited to 5-6% while respecting the 50-day EMA and time-wise such corrections have been arrested within 6-7 sessions and subsequently witnessed a decent up move. In the current scenario, with a 5% correction behind us, Nifty is at the 50-day EMA amid oversold conditions.
What should investors do?
Sectorally, IT, metal, pharma may outperform while BFSI, capital goods, and oil & gas offer bargain buy opportunities. In large-caps Infosys, Bank of Baroda, JSW Steel, NTPC, and M&M look good for 5-6% gains. In mid-caps Coforge, Balrampur Chini, JK Lakshmi Cement, NMDC, Greaves Cotton, EIH may give 8-10%.
Chandan Taparia | Technical Analyst, Motilal Oswal Financial Services
Where is Nifty headed this week?
Nifty has been forming lower high-lower low on the daily scale from the last four trading sessions and slipped below its 50-day EMA with the negative crossover of the relative strength index (RSI). Nifty rallied by 5,000 points from the bottom of 21,281 made on June 4, 2024, to its recent high of 26,277 zones and 38.20% retracement of the entire move comes at 24,400 zones which is meaningful support to hold the recent price decline. Until the index holds below 25,450 zones, some more profit booking decline could be seen towards 24,850 and 24,400 zones while on the upside immediate hurdles are seen at 25,250 and 25,450 levels.
What should investors do?
Traders are advised to go light by looking at the short-term price structure while investors can use the recent dip or further corrective move to add stocks to build in the portfolio. Sector-wise most of the sectoral indices witnessed profit booking with the formation of a Bearish candle, but technology, metal and selective pharma sectors could provide some resilience. Weakness may be seen in the banking, realty, capital goods and PSU sectors. Stocks like Alkem Lab, Balrampur Chini, Coforge, Divi’s Lab, Torrent Pharma, Titan, Ipca Labs, Naukri, Lupin and Lal PathLabs could see some support-based buying, while Ashok Leyland, Astral, Bandhan Bank, Bharat Forge, Concor and Tata Consumer look weak.
Ajit Mishra | SVP-Research, Religare Broking
Where is Nifty headed this week?
Nifty took a sharp downturn after three consecutive weeks of gains, losing 4.5%, largely due to negative global cues. Technically, Nifty’s sharp decline breached multiple short-term moving averages and the rising trendline on the daily chart. Additionally, the India VIX has surged over 18%, signalling increased fear among participants. Given these factors, further downside in the index is possible, with the next support at 24,750 and major support at 24,350 (100-day EMA). In the case of a recovery, the 25,500-25,800 zone is likely to act as resistance.
What should investors do?
Given the prevailing scenario, participants are advised to limit long positions and consider shorting weaker sectors until the Nifty decisively reclaims the 25,600 level. Investors should utilise this phase to gradually accumulate quality stocks on dips. Based on technical parameters, these are the stocks from the F&O universe, which can be considered for short-term positions based on the market tone. Bullish: Divi’s Lab, Exide Industries, Indraprastha Gas, Infosys, Lal Pathlab, Polycab, Tata Steel, Tech Mahindra, Vedanta. Bearish: Aarti Industries, Bandhan Bank, Bata India, IRCTC, Indus Tower, LIC Housing, PFC, RBL Bank, REC, Tata Motors.
Anil Ambani Reliance Group’s ₹17,600 crore fundraising strategy set to offer capital for their expansion plans.
Q2 Update
Good-Adani Wilmar, Macrotech Developers, Godrej Properties, Federal Bank, UCO Bank, AU Small Finance Bank, Bandhan Bank, Poonawala, Equitas Small Finance Bank, Uttkarsh Small Finance Bank, Info Edge, IEX
Inline/Mixed-Titan, LT Finance, JK Bank, Dhanlaxmi Bank, Union Bank. Tata Steel
Weak-IndusInd Bank, Ujjivan Small Finance Bank
Union bank Q2 updstes
Weak business momentum
Deposits at Rs1241947cr, up 9.2%YOY & 1.45%QOQ
Domestic deposits at Rs1211178cr, up 8.1%YOY & 1.25%QOQ
Domestic CASA at Rs396231cr, up 2.1%YOY & down 0.8%QOQ
Domestic CASA ratio at 32.71% vs 34.13%YOY & vs 33.4%QOQ
Advances at Rs928773cr, up 9.6%YOY & 1.8%QOQ
Domestic advances at Rs894352cr, up 8.9%YOY & 1.8%QOQ
Domestic RAM at Rs525108cr, up 12.3%YOY & 3.3%QOQ
Credit-deposit ratio at 74.78% vs 74.47% YOY & vs 74.52% QOQ
IEX:
CO ACHIEVES 11,370 MU TOTAL VOLUME IN SEP’24, AN INCREASE OF 24% YOY
GREEN MARKET ACHIEVES GROWTH OF 214% YOY
EquitasBank Q2 Business Update
Moving away from MFI business
Deposits at Rs39859cr, up 29.25%YOY & 6.22%QOQ
CASA at Rs12184cr, up 17.4%YOY & 3.9%QOQ
Ex-CASA, deposit growth at 35.3%YOY & 7.3%QOQ
Advances at Rs36050cr, up 15.2%YOY & 3.4%QOQ
MFI loans at Rs5636cr, down 4.1%YOY & 5.6%QOQ
MFI loans share at 15.6% vs 18.8%YOY & vs 17.1%QOQ
Cost of funds at 7.5% vs 7.21%YOY & vs 7.46%QOQ
DR.REDDY
SPLIT DATE 28/10/2024
5:1 RATIO
EX DATE 28/10/2024
InfoEdge Q2 Update | Standalone Billings Up 14.3% At Rs 650.3 Cr Vs Rs 569 Cr (YoY)
TanfacIndustries revises capacity to 90 MT/day from 45 MT/day for Rs 100 crore: Exchange filing
September AutoSales: TataMotorsJLR
--JLR UK Sales Up 33% At 10,807 Units Vs 8,125 units (YoY)
--Alert: September JLR UK Sales At Multi-month Highs
A year of Israel-Hamas war: A timeline of key events since the October 7 attack
IndianBank Q2 Business update
Weak business momentum
Deposits at Rs6.93 lakh cr, up 8.1%YOY & 1.8%QOQ
Advances at Rs5.51 lakh cr, up 11.99%YOY & 2.23%QOQ
CD ratio at 79.51% vs 76.76%YOY & vs 79.15%QOQ
Aubankindia business updates
Strong deposit growth.
They have stopped giving COF details
Deposits at Rs109690cr, up 12.75%QOQ
CASA at Rs35520cr, up 10%QOQ
CASA ratio at 32.4% vs 33%QOQ
AUM at Rs105030cr, up 5.25%QOQ
Advances at Rs96030cr, up 5.9%QOQ
Ujjivan SFB Q2 Business updates
Stopped giving retail deposit trend
Deposits at Rs34046cr, up 16.84%YOY & 4.7%QOQ
CASA at Rs8822cr, up 25.8%YOY & 5.9%QOQ
CASA ratio at 25.91% vs 24.06%YOY & vs 25.63%QOQ
Disbursals at Rs5374cr, down 6.5%YOY & 1.66%QOQ
Disbursal to AUM ratio at a mere 5.1% vs 5.9%QOQ
GNPA ratio at 2.5% vs 2.3%QOQ
PAR at 5.1% vs 4.2%QOQ
Credit-deposit ratio at 89.13% vs 91.2%YOY & vs 92.48%QOQ
Bandhan bank Q2 Updates
Growing the B/S with massive rise in bulk deposits
Deposits at Rs142511cr, up 27.15%YOY & 7%QOQ
CASA at Rs47284cr, up 9.5%YOY & 6.36%QOQ
CASA ratio at 33.2% vs 38.5%YOY & vs 33.4%QOQ
Retail deposits at Rs96603cr, up 16.4%YOY & 4.9%QOQ
Bulk deposits at Rs45908cr, up 57.8%YOY & 11.7%QOQ
Advances at Rs130652cr, up 21.4%YOY & 4%QOQ
Credit-deposit ratio at 91.7% vs 96%YOY & vs 94.3%QOQ
Stocks in News post Market closure
Fusion Finance Limited : Board Approved Raising of fund by way of issue of equity shares of the Company of face value Rs. 10 each through Rights Issue for an amount aggregating up to Rs. 550 crores .
ITC Limited : The Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited has been sanctioned by the Hon’ble National Company Law Tribunal, Kolkata Bench.
Mayukh Dealtrade Limited : The Company has fixed 25th October, 2024 as ‘Record Date’ for the purpose of determining the eligibility of shareholders of the Company for Subdivision/Split of each fully paid-up equity share having face value of Rs.5/- each be Sub-divided into 5 fully equity shares having Face value of Re.1/-.
Bank of Maharashtra : Board approved the issue and allotment of 61,01,81,311 Equity Shares of face value Rs. 10 each to eligible qualified institutional buyers at the issue price of Rs.57.36 per Equity Share against the floor price of Rs. 60.37 per Equity Share, aggregating to Rs. 34,99,99,99,998.96.
ANTONY WASTE HANDLING CELL LIMITED : one of our material subsidiary, AG Enviro Infra Projects Private Limited has been awarded contract of Door-to-Door Collection and Transportation (C&T) of Municipal Solid Waste by Navi Mumbai Municipal Corporation (NMMC).
Titan Intech Limited : Company has entered a strategic Memorandum of Understanding (MoU) with Kakatiya Energy Systems Private Limited (KES) on October 5, 2024, to acquire 26% stake in the company.
Worth Investment & Trading Co Limited : Approved Issue of Bonus Shares by way of capitalization of reserves, to the equity shareholders of the Company in the ratio of 1.5:1 i.e., 1.5 new fully paid-up Equity Shares of Re. 1/- each for every 1 existing fully paid-up Equity Share of Re. 1/- each held by the eligible shareholders as on the Record Date subject to the approval of the shareholders of the Company.
Life Insurance Corporation of India : The Corporation has increased its shareholding in Bank of Maharashtra from 4.05% to 7.10% upon allotment of 25,96,86,663 equity shares in QIP of the said Company.
Danube Industries Limited : Board Issue of up to 3,75,00,000 Equity Shares at the price of Rs. 5.37/- per share each plus a premium of Rs. 3.37/- to promoter and Non-Promoter on cash basis, total aggregating to Rs. 20,13,75,000/- on preferential allotment basis.
Siyaram Recycling Industries Limited : Board Approved Fund Raising through Preferential issue of 30,00,000 fully paid up equity shares of face value of Rs.1O/- per equity share for aggregate amount of up to Rs. 35,40,0O,OOO/-.
Kore Foods Limited : Board meeting to be held on 9th oct 2024, to Raising of Funds by way of preferential issue of Equity Shares/Warrants.
GUJCHEM DISTILLERS INDIA LIMITED : Board Approved Took note of the formation of new Wholly-Owned Subsidiary namely ZR2 Solar Private Limited and discussed to carry activities relating to generating, distributing and supplying renewable energy through its Subsidiary Company.
Baazar Style Retail Limited : The Company has opened two new stores of Style Baazar one at Madhubani, Bihar and another at Robertsganj, Uttar Pradesh .
IRB Infrastructure Developers Limited : Board meeting to be held on October 9, 2024, to consider and approve the proposal of raising of debt by the Company, including by way of issuance of foreign currency denominated notes or other debt securities or by way of borrowings in the form of term loans, in one or more tranches.
Varun Beverages Limited : Board Approved Raising of funds by way of issuance of Equity Shares through Qualified Institutions Placement (“QIP”).
JSW STEEL LIMITED : Hon’ble National Company Law Tribunal Mumbai Bench has passed an order sanctioning the Scheme of Amalgamation of National Steel and Agro Industries Limited with JSW Steel Coated Products Limited .
Dr. Reddy’s Laboratories Limited : The Company has fixed October 28, 2024 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division/ split of each equity share of Rs. 5/- each, fully paid-up into 5 equity shares of Re. 1/- each, fully paid-up. &
Dr. Reddy’s Laboratories SA, Switzerland, (“DRSA”) a wholly-owned subsidiary of the Company, has incorporated a new wholly-owned subsidiary in Denmark, named “Dr. Reddy's Denmark ApS” on October 4, 2024. Accordingly, Dr. Reddy's Denmark ApS is a step-down wholly-owned subsidiary of the Company.
Reliance Infrastructure Limited : Board Approved Issue of upto U.S.$ 350 million (~INR 2930 crore) ultra- low cost coupon of 5% per annum, unsecured, 10 year long tenure Foreign Currency Convertible Bonds (FCCBs), on private placement basis to VFSI Holdings Pte. Limited or any affiliate of Värde Investment Partners, LP.
CG Power and Industrial Solutions Limited : The Company has entered into a Definitive Agreement i.e., Asset Purchase Agreement with Renesas Electronics America Inc. & other affiliate entities of Renesas Electronics Corporation for acquisition of Radio Frequency (“RF”) Components business, through one or more subsidiaries to be incorporated by the Company.
AUROBINDO PHARMA LIMITED : Aurogen South Africa (Pty) Ltd., a wholly owned step-down subsidiary of the Company in South Africa, has entered into an agreement with Novabee Proprietary Limited, to sell and dispose of the entire 50% shares held by Aurogen in Novagen. After the disposal of 50% shares held by Aurogen, Aurogen will cease to be the joint venture partner of Novagen.
Grovy India Limited : Company has fixed 23rd October, 2024 as the Record Date for the purpose of ascertaining the shareholders eligible for allotment of Bonus Shares in the ratio of 3:1, i.e. 3 Bonus Equity Shares of Re. 10/- each fully paid-up for every 1 (one) existing Equity Share of Re. 10/- each held as on the above mentioned record date.
Kretto Syscon Ltd : Board Considered and approved Rights Issue for an aggregate amount not exceeding Rs. 49 Crores/-. Record Date October 11 ,2024 . Opening date October 24,2024 , Rights closing date November 12,2024 , Rights entitlement ratio 3 Equity Shares for every 1 Equity Shares .
Bharti Airtel Limited : Airtel turbo charges its network in Jammu ‐ Kashmir & Leh Ladakh for superior voice and data connectivity , Deploys additional spectrum across all 22 districts in both UTs, Customers can enjoy enhanced browsing speeds and better indoor coverage .
Suraj Estate Developers Limited : Board Approved Issue of 56,05,742 Equity Shares of face value of Rs.5/- each, for cash at Issue price of Rs. 714/- on Private Placement basis to non- promoters on a preferential basis.  Issue of 13,30,000 Fully Convertible Warrants for cash at an issue price of Rs. 750/- to non- promoters on a preferential basis.
LUPIN LIMITED : The U.S. FDA has completed a Pre-Approval Inspection of our Biotech facility located in Pune, India. The inspection was carried out from September 25, 2024 to October 4, 2024, and concluded with five observations. The Company is addressing the observations comprehensively and will respond to the U.S. FDA within the stipulated time frame.
Xelpmoc Design and Tech Limited : Board approved the proposal of sale/disposal of preference shares investment of 1,61,550, 0.01% Optionally Convertible Preference Shares (OCPS) and 6,443, 0.01% Pre Series A Cumulative Compulsorily Convertible Preference Shares (CCPS) of the face value of Re.1/- per share, in Firstsense Technology Private Limited, at a consideration of Rs.1,67,993/- by passing the resolution by circulation.
Allied Blenders and Distillers Limited : India Ratings & Research upgrades Allied Blenders and Distillers Limited’s rating to ‘IND A-’ with a Positive Outlook from ‘IND BBB+’
Fedbank Financial Services Limited : The upgradation in credit ratings of the Company by CRISIL Rating.
Muthoot Capital Services Limited : The Company has issued Commercial Paper (CP) amounting to Rs. 30 Crores on 04th October 2024 in accordance with the guidelines issued by Reserve Bank of India .
Mafatlal Industries Limited : The CARE Ratings Limited, has upgraded the ratings of the Company.
ESAF Small Finance Bank Ltd : Brickwork Ratings has reaffirmed the credit rating of the Tier II Bonds (under Basel III) of the Bank aggregating to Rs. 20 Crores as BWR A- with revision in outlook from Negative to Stable and removed the rating from the Issuer Not Co-Operating category.
Jio Financial Services Limited : Securities and Exchange Board of India has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund. The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter.
JHS Svendgaard Retail Ventures Limited : Board approved the issuance of up to 87,71,357 Warrants, at an issue price of Rs. 50/- per warrant for an aggregate amount of up to Rs. 43,85,67,850 .
TVS Supply Chain Solutions Limited : Company has entered into inter-corporate loan agreement with its wholly owned subsidiary, FIT 3PL Warehousing Private Limited .
Ceigall India Limited : Company has received the Letter of Intent from Uttar Pradesh State Road Transport Corporation for establishing “Development of Kanpur Central bus terminal on Design Build Finance Operate and Transfer (DBFOT) basis. Project value 143 crores.
Max Estates Limited : CARE Ratings Limited, has upgraded the ratings for the financial facilities of Max Estates Limited .
P N Gadgil Jewellers Limited : The Company has opened a new store at Ring Road, Govind Nagar, Nashik, Maharashtra.
Privi Speciality Chemicals Limited : Prigiv Specialties Private Limited, Joint Venture and Subsidiary of the Company has successfully commissioned its green field manufacturing facility in Mahad in the state of Maharashtra.
The Federal Bank Limited : CRISIL Ratings Ltd has upgraded its rating on the fixed deposits of The Federal Bank Ltd to ‘CRISIL AAA/Stable’ from ‘CRISIL AA+/Positive’. The rating on the short-term fixed deposits and certificate of deposits has been reaffirmed at ‘CRISIL A1+’.
Max Healthcare Institute Limited : Earlier intimations dated September 13, 2024 and September 26, 2024 where in ,informed that the Company had executed a Share Purchase Agreement (SPA) with Jaypee Infratech Limited, Lakshdeep Investments and Finance Private Limited & Lakshdeep Infrastructure and Holdings Private Limited for acquisition of 27,21,09,231 equity shares of Jaypee Healthcare Limited free of all encumbrance, constituting 63.65% of the equity share capital of JHL for an aggregate consideration of ~₹398 Crore.
Edvenswa Enterprises Limited : Board Approved considered and approved Rights Issue size: Issue of upto 45,00,000 Rights Equity Shares for an amount aggregating upto ₹27 crores . Rights Issue Price: ₹60 per Rights Equity Share , Rights Issue Opening Date: October 25, 2024 , Rights Issue Closing Date: November 11, 2024, the ratio of 20 Rights Equity Shares for every 41 fully paid-up Equity Shares held on the record date., Record Date: October 14, 2024.
Info Edge (India) Limited : Board has agreed to invest an amount of about Rs. 50 Crores in Startup Investments (Holding) Limited (SIHL), a wholly owned subsidiary of the Company.
PRISM JOHNSON LIMITED : CRISIL Ratings Limited has reaffirmed its rating for the existing commercial paper programme of the Company as ‘CRISIL A1+’.
Spright Agro Limited : Board meeting to be held on 11th October 2024 ,To Consider the proposal for declaration of Bonus Shares.
Share India Securities Limited : Share India Capital Services Private Limited, a wholly-owned subsidiary of the Company has entered into a Memorandum of Understanding (MoU) with Centre of Excellence for Aspiring SMEs (CoE), a joint initiative of Federation of Indian Micro and Small & Medium Enterprises and IFCI Limited , to provide strategic guidance and support to small and medium enterprises (SMEs), facilitating their advancement to medium or large corporate status by arranging appropriate linkages for obtaining external equity and establishing critical business collaborations.
Wipro Limited : Wipro, Inc. has been incorporated as a wholly-owned subsidiary of Wipro Limited with effect from September 30, 2024. The Company received intimation to this effect on October 4, 2024.
ASM Technologies Limited : Board approved the acquisition of the remaining 30% stake in RV Forms and Gears LLP. This acquisition results in ASM Technologies Limited now holding a 100% stake in RV Forms and Gears LLP, which has been a subsidiary of ASM since acquiring a 70% stake earlier.
Insecticides India Limited : The Company Launched new product in Maize Herbicide category.
Infibeam Avenues Limited : wholly owned subsidiary of the Company has been incorporated in the name of Nueromind Technologies Private Limited.
SENCO GOLD LIMITED : Board approved Raising of funds by way of issuance of Equity Shares, and/ or securities convertible into Equity Shares at the option of the Company, for an aggregate amount not exceeding Rs. 500 crores by way of Qualified Institutional Placement & Also Sub-division/ split of 1 equity share having face value of Rs. 10/- each into 2 equity shares having face value of Rs. 5/- each.
Shahlon Silk Industries Limited : The Company has received intimation of revision in credit rating from the Credit Rating Agency . Long-term rating CRISIL B/Stable (Upgraded from ‘CRISIL D)Short-term rating CRISIL A4 (Upgraded from ‘CRISIL D).
Algoquant Fintech Limited : Scheme of Arrangement among Growth Securities Private Limited , Algoquant Investments Private Limited and, Algoquant Fintech Limited their respective shareholders and creditors, has been approved by the Hon’ble National Company Law Tribunal, Ahmedabad Bench (‘NCLT’)
Landmark Cars Limited : Company has received a Letter of Intent from Mercedes-Benz India for a dealership in Patna. This dealership will cater to the high potential geographies of Bihar and Jharkhand and will be established in the standalone i.e. Landmark Cars Limited. The business will include Sales and After Sales of Mercedes-Benz cars.
Fortis Healthcare Limited : Board meeting be held on October 9, 2024 to consider issue of Non- Convertible Debentures (‘NCDs’) to the eligible investors, subject to necessary approvals as may be required for the said issuance of NCDs.
Srestha Finvest Ltd : Board meeting to be held on October 09, 2024, To consider and approve fund raising .
Shiva Cement Limited : Company dated 19th September 2024 approving the setting up of a 1.0 MTPA cement grinding unit by Bhushan Power and Steel Limited (“BPSL”) in BPSL’s premises at Sambalpur, Odisha for and on behalf of the Company and the right available to the Company to subsequently acquire the said unit . The Company has now entered into a binding memorandum of understanding with BPSL (“MOU”) in relation to implementation of the Proposed Transaction.
Bansal Vvire Industries Limited : The Ministry of corporate Affairs has approved incorporation of wholly owned subsidiary of the Company in the name of "BWI Steel Private Limited" on October 04, 2024. The Ministry of Corporate Affairs, has issued a Certificate of Incorporation for the same.
Avenue Supermarts Limited : The Company has opened two new stores at Bagalkot (Karnataka) and Vatva, Ahmedabad (Gujarat) . The total number of stores as on date stands at 379.
SAMHI Hotels Limited : Board Approved The acquisition of SPV — INNMAR TOURISM AND HOTELS PRIVATE LIMITED. & Board meeting to be held on 7th Oct 2024 ,To discuss the Acquisition of Innmar Tourism and Hotels Private Limited
Welcast Steels Limited : Intimation dated 1st May,2024 regarding the petition filed by Magotteaux Inc. ("MagoUeaux") with US Authority, wehereby update you that U.S. Department of Commerce (Commerce) announced its Preliminary Affirmative Determination of Countervailing Duty at 3.36% with effect from 4th October, 2024 on certain high chrome cast iron grinding media imported from India.
India Steel Works Limited : The company has entered into One Time Settlement with Kotak Mahindra Bank Limited in respect of its outstanding loans/facilities availed by the company. The Company shall pay a sum of Rs.24,00,00,000/- over a period till 31.03.2025 to Kotak Mahindra Bank Limited in full & final settlement of its outstanding Loan Facilities.
SAMHI Hotels Limited : The Company has on October 4, 2024 completed the execution of the Share Purchase Agreement with respect to the acquisition of Innmar Tourism and Hotels Private Limited which owns an operating hotel featuring 142 rooms in Whitefield, Bengaluru, one of India’s key commercial markets.
Remedium Lifecare Limited : The Company has engaged Wave Capital Limited as an exclusive Lead Manager to Company for acquisition of overseas project within the limit of USD 200 Million.
ARC Finance Limited : Board Approved rights issue. Rights Issue size: 40,39,60,000 Fully paid-up Equity Shares of ₹ 1/- each at an issue price of ₹ 1.20/- per equity share aggregating to ₹ 48,47,52,000/- . Right Entitlement Ratio: 4 new Right Shares for every 5 Existing Equity Shares.Fixed the Record Date on 10th October, 2024.Issue Opening Date: 21st October, 2024 ,Issue Closing Date: 18th November, 2024 .
Comrade Appliances Limited : Company has received its seasons first Air Cooler order from Reliance Retail Ltd for a value of more than 55 Million INR.
GAIL (INDIA) LTD : GAIL and AM Green sign MoU for jointly developing renewable energy up to 2.5 GW and green chemical project.
Gravita India Limited : Board Approved Raising of funds in various routes not exceeding 1000crores.
IGC Industries Limited : BSE Limited has issued In-principle approval for the proposed rights issue.
Adani Energy Solutions Limited : Company has incorporated a wholly owned subsidiary company “Adani Energy Solutions Global Ltd.
JSW Steel Limited : JSW Vijayanagar Metallics Ltd, (‘JVML’) a Wholly-Owned Subsidiary of the Company, has today, announced the successful commissioning of its Blast Furnace with a capacity of 4.5 MTPA at Vijayanagar in the State of Karnataka.
Life Insurance Corporation of India : Company has increased its shareholding in equity shares of Apollo Tyres Ltd. from 3,16,50,845 to 3,19,50,845 i.e., 4.983% to 5.030% of the paid-up capital.
Easy Trip Planners Limited : Company has announced the resumption of bookings to the Maldives after careful consideration looking at improved bilateral ties between both the governments and following a constructive discussion with the Ministry of Tourism of Maldives.
BLS International Services Limited : Update on earlier corporate announcement dated September 12, 2024, that the Company has through it’s Wholly Owned subsidiary i.e. BLS international FZE, successfully completed acquisition of 100% equity shares of Citizenship Invest, DMCC, UAE.
Electronics Mart India Limited : Company has commenced the commercial operations of a new Multi Brand Store under the brand name ELECTRONICS MART in Nangloi, Delhi.
The Life Insurance Corporation of India : The corporation has announced the launch of a new product (LIC’s Single Premium Group Micro Term Insurance Plan) which will be available for sale from October 07, 2024.
Amic Forging Limited : The Company has received the In-principal approval for issue of warrants from BSE Limited to be issued to promoter and non-promoter category for consideration on a preferential basis.
Insider Trades
Shivalik Bimetal Controls: Promoter Amar Engineering Company sold 21.21 lakh shares on Sept. 27, Promoter Angad Estates sold 49.65 lakh shares on Sept. 27, Promoter Ultra Portfolio Management sold 28.66 lakh shares, Promoter BS Sandhu And Associates sold 4 lakh shares on Sept. 27.
Century Enka: Promoter Pilani Investment and Industries bought 71,360 shares on Sept. 30.
Bajaj Finserv: Promoter Sheetal Bajaj sold 25,000 shares; Promoter Nirav Trust bought 25000 shares, Promoter Kumud Neelima Family Trust sold 5 lakh shares, Promoter Kumud Nimisha Family Trust sold 5 lakh shares, Promoter Neelima Bajaj Family Trust sold 2.51 lakh shares, Promoter Bachhraj & Company bought 2.51 lakh shares, Promoter Bachhraj & Co. bought 10 lakh shares.
Today's Headlines from :
*Economic Times*
L&T eyes role in NASA's successor to the International Space Station
DoT sends notice to Vi for not submitting bank guarantees
As competition heats up, OTTs eye profitability
Godrej, Macrotech H1FY25 realty sales top Rs 22,000 cr
AIFs, govt in talks over 'carry income' tax
Bandhan Bank business grows 25% in Q2
Private capital expenditure to improve in first half of FY 25: CII Survey
State Bank of India plans to increase headcount by 10,000 this fiscal
Exicom acquires US EV charging company Tritium for Rs 310 cr
Hindalco, JSW Steel in race for copper mines in Jharkhand
NCLT initiates insolvency proceedings against Jupiter Landscapes over Rs 573 cr debt
Colt DCS, RMZ in advanced talks to set up $1 billion joint data centre platform in India
*Business Standard*
India's equity-market valuation premium over China narrows to 54.2%
Inflexor Ventures aims to raise Rs 1,200-1,700 cr for its third fund
Tata Digital's financial services bet pays off as credit cards top 1.5 mn
Canara Bank invites EoIs for counter bids on exposure to 3 NSL companies
LIC boosts stake in Pune-based Bank of Maharashtra from 4.05% to 7.10%
Forex reserves surged $311 billion under RBI Governor Shaktikanta Das
After iPhones, PC makers look to jump on quick commerce bandwagon
IndiGo's punctuality drops to 54% on Saturday due to systems outage
*Financial Express*
FPIs remain bullish on G-secs despite West Asia crisis
Financial savings by households take a backseat, focus shifts to wealth creation
Market capitalisation of 10-most valued firms drops to Rs 4.74 lakh crore, Reliance and HDFC Bank hard hit
*Mint*
Govt plans crackdown to ensure fair pricing in besan market
Maldives President Muizzu arrives in India on 1st bilateral visit
Reliance Group's ₹17,600 crore fundraise plan to offer capital for expansion
ACC sets $170 million base price for Asia Cup media rights
Zomato announces ESOPs worth ₹330 crore, for 11,997,768 shares
US ships Marburg vaccines to Rwanda after 11 die in outbreak
UK Salaries Rise at Weakest Pace Since 2021, Job Recruiters Say.
IDBI Bank Q2 Business Updates
CD ratio improves
Deposits at Rs277602cr, up 11.3%YOY & 0.02%QOQ
CASA at Rs133639cr, up 4%YOY & down 0.87%QOQ
CASA ratio at 48.14% vs 51.5%YOY & vs 48.57%QOQ
Advances at Rs201012cr, up 19.3%YOY & 3.6%QOQ
CD ratio at 72.4% vs 67.55%YOY & vs 69.9%QOQ
J&K Bank Business Updates
Weakest loan growth in banking sector
Deposits at rs137932cr, up 9%YOY & 4%QOQ
CASA at Rs67048cr, up 4.65%YOY & 1.6%QOQ
CASA ratio at 48.6% vs 50.6%YOY & vs 49.78%QOQ
Advances at Rs99344cr, up 2.4%YOY & 0.66%QOQ
CD ratio at 72% vs 76.6%YOY & vs 74.4%QOQ
Investments at Rs39640cr, up 10.1%YOY & 16.74%QOQ
Dhanlaxmi Bank Q2 Busi Updates Weak business momentum
Deposits at Rs14631cr, up 5.9%YOY & 1.3%QOQ
CASA at Rs4633cr, up 5.75%YOY & 2.9%QOQ
CASA ratio at 31.67% vs 31.71%YOY & vs 31.19%QOQ
Advances at Rs11018cr, up 6%YOY & 3.5%QOQ
Credit-deposit ratio at 75.3% vs 75.25%YOY & vs 73.7%QOQ
Gold loans at Rs3373cr, up 29.9%YOY & 18.81%QOQ
Gold loans share at 30.61% vs 24.97%YOY & 26.7%QOQ
TATA STEEL:
CO'S 2QFY25 PRODUCTION VOLUMES AT 5.27 MT; DELIVERIES VOLUMES AT 5.10 MT
TATA STEEL NETHERLANDS: 2QFY25 PRODUCTION VOLUMES AT 1.68 MT; DELIVERIES VOLUMES AT 1.57 MT
MS on RBL BK
UW, TP Rs 210
Gross loan growth 2% QoQ (15% YoY vs 18% in 1QF25)
Retail loans grew 2% QoQ vs 10% last qtr; non-retail grew +2% QoQ vs -6% last qtr
Retail deposit growth healthy (+4% QoQ; +22% YoY).
CASA deposits +10% QoQ after -9% QoQ in 1QF25
ICICI Sec on Vedanta
Initiate Buy TP of Rs 600
Significant volume growth aspirations
Al/Zn-India – potentially key earnings growth drivers
Oil & Gas production is likely to bottom up by FY26
Growth vectors may help pare debt by $3bn over next 3 years
Div. yield to sustain at >5%
*Poonawala Fincorp Q2FY25 Business update – Neutral*
• AUM came at Rs 28,350 Cr (+5.1% QoQ, +40% YoY)
• Company continues to have ample liquidity of approximately Rs 5,700 crore
Varun Beverages Limited (VBL) has announced a Board meeting on October 9th, 2024, to discuss and approve fundraising through Qualified Institutions Placement (QIP).
Info Edge (India) Ltd. reported standalone billings of INR 650.3 crore for Q2 FY25, up from INR 569 crore in Q2 FY24.
Tanfac Industries has completed the expansion of its Hydrofluoric Acid (HF) capacity, increasing it from 14,850 MT to 29,700 MT at a cost of around 100 crores. The expansion took 17 months to complete. The company plans to use the majority of the HF to manufacture specialty fluoride molecules. This expansion is expected to sustain the company's growth.
RattanIndia Power Limited (RTNPOWER) has fully repaid INR 510 crore in external debt, including INR 410 crore in Series-1 NCDs and INR 100 crore in Rupee Term Loan. The company continues to service its Series II and III NCDs.
Nomura on BOB
Buy TP Rs 280
Pre-2Q update: Healthy sequential loan & deposit growth
Overall loan growth healthy at 6.7% q-q / 11.6% y-y led by domestic non-retail (+7.2% q-q) & Int. (+7.5% q-q) segments
Domestic retail loan book growth steady at 4.4% q-q/ 19.9% y-y
Nomura on MacroTech Developers
Buy, TP Rs 1600
Collections in 2QFY25 were at INR31bn (+12% y-y, +14% q-q) while
net debt inched up to INR49bn (vs INR43bn in 1QFY25).
Net debt/equity remained well below the ceiling of 0.5x
UBS on Sun Pharma
Buy, TP Rs 2450
Specialty at 30%+ of profits in 3 yrs;
can drive re-rating
Sun's large cash balance and strong FCF should ensure continued strengthening of specialty
Good generic launches also lined up - Lanreotide & Tolvaptan
CITI on Financials
RBI draft circular
Key recommendations include
1] Only a single entity within a bank group shall undertake a particular form of permissible biz
2] Aggregate equity investments shall not exceed 20% of Capital+Reserves
Jefferies on Financials
RBI’s Proposed Norms
3) subs will be considered Upper Layer NBFCs, attracting higher vigilance & potentially having to list
Norms would apply 2y after final circular
This could affect bks,(incl Axis, HDFCB, Kotak, Fed Bank)
MS on HDFC BK
Buy, TP Rs 1850
Deposit growth steady YoY
Period end deposits grew 5% QoQ vs. flat QoQ
Average deposits grew 3.1% QoQ vs 4.6% QoQ last qtr
Retail loans grew 3% QoQ (11% YoY vs. 10% YoY last quarter)
On YoY basis, loan growth was 8% YoY vs. 11% YoY last quarter
MS on L&T Fin
UW, TP Rs 140
Retail Loan Growth
moderated to 28% YoY (31% YoY in fiscal 1Q) as micro & farm finance (rural) disbursement slow down
Await further details on margins, credit costs, asset quality, etc., in 2QF25 results
Jefferies on Bandhan BK
Buy, TP Rs 240
Healthy Growth of 21% YoY/4% QoQ (from a low base of 12% in 2QFY24)
Deposits rose by 27% YoY, led by a 58% rise in bulk deposits.
LDR fell by 260+bps QoQ to 92%, higher than most peers, & could be a near-term drag on loan growth
Nomura on AU Small BK
Neutral, TP Rs 650
Pre Q2 Update: Loan & deposit growth
Importantly, bank’s loan-to-deposit ratio (based on gross loans) declined by 570bp q-q to 87.5%
Casa deposits recorded strong growth of 12.9% FYTD / 10.9% q-q, leading to CASA ratio of 32.4%
L&T Finance: The lender’s retail disbursements grew by around 12% to Rs 15,070 crore and retail loan book saw a 28% increase, reaching approximately Rs 88,950 crore in the second quarter ended June 2024.
Metropolis Healthcare
The company's revenue increased by 13% year-on-year, fueled by growth in patient and test volumes, as well as changes in the product mix. B2C revenue saw a 20% year-on-year rise, primarily driven by the fast-growing Truhealth wellness and bundling segment. During the quarter, the company opened 6 labs and 120 centers, expanding its presence to 700 towns.
Adani Wilmar
The company delivered double-digit revenue growth of 16% in July-September quarter. The revenue growth was driven by strong execution in edible oils & food business. Company’s broader portfolio of oils & food products now providing a scale advantage in distribution.
JP MORGAN ON IT , Says Banking & financial services recovery plays
See sustained improvement in discretionary tech spend over next 12-18 mths
LTIMindtree and Mphasis well placed to benefit from recovery in US BFS
LTIM and Mphasis have high exposure of 35% & 59% to BFSI segment
Kalyan Jewellers reports 37% revenue growth in Q2FY25.
Nifty closed @25,015 (-236) and Sensex @81,688 (-809) on Friday GIFT Nifty was trading at 25,244 (as of 7:30 am)
FIIs net sold equities in cash to the tune of Rs 9897 cr whereas DIIs bought equities in cash worth Rs.8905 cr on 4 October 2024
L&T eyes role in NASA's successor to the International Space Station
State Bank of India intends to recruit about 10,000 new employees during the current financial year to meet its general banking requirement and foster its technical prowess
ITC received approval from the NCLT for the demerger of its hotel business Under this demerger scheme, ITC will maintain 40% ownership of ITC Hotels, with ITC shareholders acquiring the remaining 60% in proportion to their stake in the parent entity
Hindalco Industries and JSW Steel are competing for two copper mines in Jharkhand The auction will occur in October
AIFs Indian government in talks over 'carry income' tax
India's two big realty firms Godrej Properties and Macrotech Developers have sold properties worth over Rs 22,000 cr during April September, up 56 annually, on strong demand for premium homes
Bandhan Bank Q2 Update Total business of private lender Bandhan Bank increased 25% in 2QFY25
Titan Q2 Update: The company achieved a 25 standalone revenue growth in 2QFY25 and added 75 stores, taking its combined retail network presence to 2,885 stores
Amul ready to enter European market after recent success in US MD Mehta
RBL Bank reports strong Q2 Update Deposits soar 20%, gross advances climb 15%
SEBI allowed stockbrokers to deal with government securities through the RBI managed Negotiated Dealing System Order Matching and announced rules for such business
Indian ADRs: Infosys (+1.7%), HDFC Bank (+1.2%) and Wipro (+0.9%)
Debt:
10 yr G-sec yield rose by 5 bps to 6.83% on Friday RBI auctioned new 10 yr G sec at coupon rate of 6.79% on Friday
RBI accepted entire notified amount of Rs 39 000 cr in weekly G sec auction
As per ET poll of 10 economists, RBI is likely to keep repo rate unchanged at 6.5% in its upcoming MPC meeting on Wednesday 9 th Oct
India’s Services PMI fell to a 10 month low of 57.7 in Sep’ 24 from 60.9 in Aug’ 24
Private capex by India Inc may increase amid improving domestic demand despite a weak external environment and rising shipping costs, as per Confederation of Indian Industry (CII) survey
Commodities
Brent crude was up by 0.23% to $78.08/barrel on Friday and settled with their biggest weekly gains in over a year on the mounting threat of a region wide war in the Middle East, although gains were limited as U S President Joe Biden discouraged Israel from targeting Iranian oil facilities
Gold futures settled lower after a stronger than expected U S jobs report poured cold water on expectations for an aggressive rate cut from the Federal Reserve next month, boosting the dollar Spot gold was down by 0.09% to $2,653.52/oz on Friday
To increase the usage of available raw materials, the Ministry of Steel has directed integrated steel players to make use of iron ore fines in steel making after its beneficiation
India's cotton imports are expected to rise in the 2024-25 crop year due to lower carry forward stocks and reduced sowing acreage, with imports potentially reaching 35 lakh bales according to Atul Ganatra President of the Cotton Association of India (CAI
Currency:
Rupee depreciated by 1 paise and settled at 83.98 against the US dollar on Friday, due to outflow of FIIs in Indian equity market
India's forex reserves jumped by $12.5 bn during the week ended Sept 27 to all time high of $704.9 bn from $692.3 bn reported prior week
US Dollar Index (DXY) increased by 0.52% to end at 102.52 on Friday, as US Nonfarm Payroll came at 254 K for Sept’ 24 compared to 159K for Aug’ 24 and higher than expectation of 147 K
CHF/USD fell by 0.62% to end at 1.165 on Friday, as softer inflation data bolstered expectations of SNB’s 50 basis point rate cut in December
USD/JPY increased by 1.22% to end at 148.71 on Friday, as PM Ishiba has ordered his cabinet todraw up a comprehensive economic measure
International Markets
U S markets rallied on Friday with the Dow Jones, S&P 500 and Nasdaq up by 0.81%, 0.90% and 1.22% respectively All 3 major futures indices are trading between -2 to +2 bps at the time of writing the report
US Non Farm payroll rose by 254,000 in Sep 24 vs a revised 159,000 in Aug 24 and was well ahead of economists' expectations of 147,000
U S unemployment rate declined to 4.1% in Sep 24 from 4.2 in Aug 24 Economists polled by Reuters had expected unemployment rate to hold steady at 4.2%
U S hourly wage increased by 0.4% MoM in Sep 24 vs 0.5% in Aug 24 and was ahead of economists' expectations of a 0.3% MoM increase On a YoY basis hourly wage increased by 4.0% in Sep 24 vs 3.8% in Aug 24

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