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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October 04, 2024

• Today's Headlines Dated 03/10/2024
• Economic Times
• Company registrations decline 21% in Sept, LLPs rise 8%
• DGGI sends 300 notices to cos' top brass over input tax credit
• Banks to focus on credit vetting of Jan Dhan accounts
• Centre pushes hard for Unified Pension Scheme
• EU proposes deforestation law delay: $1.3 billion Indian exports get relief
• Adani Group merges subsidiaries with ANIL
• France plans 60 bln euro budget squeeze for next year
• Govt plans first carbon credit sale as FCI lowers emissions
• Hindustan Zinc Q2 mined metal production rises by 2 pc
• OpenAI has closed new funding round raising over $6.5 billion, valuing it at $150 billion
• Microsoft to invest 4.3 billion euros in Italy for AI infrastructure and cloud capacity
• Peak XV downsizes its $2.85 billion fund by 16% a year after Sequoia US-India split
• Stock broking startup Dhan clocks maiden profits of Rs 155 crore in FY24; revenue jumps 600% on year
• Business Standard
• THDCIL to invest Rs 8,800 cr in pumped storage projects in Raj: CMD Vishnoi
• Cap goods, engineering firms see new order wins worth Rs 2 trn in H1FY25
• WJ Towell & Co raises claim in arbitration from Blue Star to Rs 461.74 cr
• Two-wheeler sales witness surge ahead of festival season in India
• Dr Reddy's, Hetero sign voluntary licenses with Gilead for HIV drug
• Anil Ambani's co partners DHI to set up 1.2 GW solar, hydro power in Bhutan
• IDBI Capital calls for bids on Rs 1,772 crore SBI-led highway bad loans
• India, Brazil eye year-end date for finalising GBA headquarters, charter
• NBFC loan sanctions rise 12% in Q1FY25, home and auto loans drive growth
• Since the year pandemic hit, average daily UPI transactions up over 8x
• Banks to seek govt guarantee on equity conversion before lending to Vi
• Zydus Lifesciences receives USFDA approval to produce prostrate cancer drug
• Institutional investments in real estate rise 45% in Jul-Sep: Colliers
• Govt discussing proposal to formulate scheme for 'Made in India' label
• Financial Express
• CAD likely around 1 per cent in FY25, on low oil prices, services exports
• Accenture, Nvidia expand ties to boost AI adoption globally
• Issuance of CDs by banks surge 66 per cent in H1FY25
• Mutual Funds invest double that of FPIs in H1
• Rice stocks at central pool hit highest level in two decades
• Mint
• US Commerce Dept. announces $100M funding for AI-driven semiconductor research
• India calls for dialogue and diplomacy amid Israel-Iran tensions
• Raghuram Rajan advices RBI to consider PPI for fixing benchmark interest rates
• Tribunal orders lenders of insolvent Siti Networks to return ₹148 cr to company
• Complan maker plans to invest up to ₹200 crore in direct-to-consumer brands
• CRISIL removes IIFL Finance from ‘Rating Watch’, reaffirms long-term rating
• News Headlines from Business News Agencies:
• Business Standard
• Biocon Biologics refinances $1.1 bn debt through bonds, syndicated facility
• Ashok Leyland partners with Japan's Nidec to develop e-drive motors
• Chennai-based Refex to raise Rs 927 crore through preferential issue
• Hyundai Motor India likely to launch Rs 25,000 crore IPO on Oct 14
• BOJ policymaker calls for slow, cautious movement on interest rate hikes
• Sebi reduces trading lot size of privately placed InvITs to Rs 25 lakh
• LML sues Bajaj Auto over unauthorised use of 'Freedom' trademark
• Oil stocks surge as crude prices spike amid rising Middle-East tensions
• Govt rolls out scheme to provide 10 mn internship over five years
• RBI likely to continue using forex reserve to reduce volatility: Repor
• Tesla to recall over 27,000 cybertrucks in US over rear-view image delay
• Economic Times
• BPCL and Mumbai Port Authority to launch India's first green fuel ecosystem
• DPIIT ties up with Johnson Controls-Hitachi to launch startup incubator
• Bank of Baroda to sell Oman operation to Bank Dhofar
• Specialty chemical startup Mstack raises $40 million from Lightspeed, Alpha Wave, others
• China ready for $1.4 trillion fiscal bazooka, top economist says
• Practo appoints TVG Krishnamurthy, Alexander Kuruvilla to board of directors
• EET Fuels secures $650 million financial facilities
• India’s housing market sets new highs as sales surge, growth continues
• iSprout expands its footprint in Hyderabad with one million sq ft office space
• Indian CEOs optimistic about global economy, but not their own companies
• Goldi Solar to increase module manufacturing capacity by FY26
• Need to address stakeholders' concerns to realise India's AI ambition: Google India MD
• Mint
• Oil & gas, energy, PSU banks among 5 key index underperformers during first half of FY25
• India has huge growth potential, even more than China: David S. Marriott
• After G20 consensus, Google to export India’s digital public infrastructure
• OpenAI closes $6.6 billion funding haul with investment from Microsoft, Nvidia
• World Bank's B-Ready survey to evaluate 10,000 Indian firms
• Coal production from captive, commercial blocks rises 32% in H1 of FY25
• Mahindra Thar ROXX sets record with 1.76 lakh bookings in just 60 minutes
• Adani Group, Google collaborates to advance clean energy goals in India
• Dabur’s September-quarter update pours cold water on market hopes
• Ola launches festive offers, slashes S1 price to ₹49,999 to boost sales
• RITES signs MoU with Delhi Metro to execute metro projects in India & Abroad
• MS on M&M
• OW, TP Rs 3304
• Co reported 176k orderbook for Thar Roxx
• Current Thar 3 door has a run rate of 5k units/mth, with Roxx ramp up Thar franchise could inch towards 8k to 10k units/mth
• Leverage gains should also help offset rising discounts in core portfolio
• MS on Bajaj Fin
• OW, TP Rs 9000
• AUM grew 5.6% QoQ/28.8% YoY, above est (5.3% QoQ).
• New customer acquisition of 3.98m up 11% YoY
• Key points of focus on 2Q call will be management's confidence in asset quality improvement from 3Q & commentary on future trajectory of credit costs
• Jefferies on Bajaj Fin
• Buy, TP Rs 8410
• 2Q pre-qtr update shows an expected moderation in AUM growth to 29%YoY vs 31% for 1Q
• Customer base grew by 20% YoY & new loan bookings fell 12% QoQ as credit filters were tightened
• Watch for trends in credit costs & commentary for 2H/FY26
• Jefferies on SBI Cards
• Hold, TP Raises to Rs 795
• Co should benefit from easing short term rates that should aid NIMs in 2H
• Spending growth stays weak near term
• Credit costs can rise in 2Q & stay elevated near term; any improvement here will be key to rerating
• MS on M&M Fin
• EW, TP Rs 320
• Disbursements grew 3.3% QoQ (-1% YoY).
• Gross assets rose 20% YoY (6% QoQ)
• Assumed higher growth (12% YoY) in 2HF25; if disbursements don't pick up, there could be risks to forecast
• Think stock is likely to be weak in near term
• MS on PNB
• UW. TP Rs 73
• Loan growth was 3.5% QoQ vs 4.6% QoQ in F1Q25, while deposit growth picked up to 3.6% QoQ after growth of 2.8% QoQ in previous quarter
• Domestic loans to deposits ratio was at 71.4% vs 71.9% last quarter and 70.9% last year
• Nomura on Yes BK
• Neutral, TP Rs 17
• Pre-2Q update: Strong deposit growth led by CASA
• Expect BK to deliver RoA of 0.5%/0.8% & RoE of 4.5%/7.5% in FY25F/FY26F
• Bk’s return profile, though on an improving trajectory, is significantly lower than peers’
• Trades at 1.4x 1-yr-fwd. BVPS
• MS on BoB
• EW, TP Rs 265
• Domestic loans grew by 6.5% QoQ (vs decline of 1.8% last qtr), led by non-retail loans (up 7.2% QoQ vs decline of 3.5%)
• Domestic retail was healthy (4.4% QoQ vs. 3.6%).
• Overseas book up 7.5% after declining 1.3% last qtr
• Domestic deposits grew 4.1%
• CITI on Avenue Supermart
• Sell, TP Rs 3350
• 2Q update highlighted 14.2% YoY revenue growth vs Citi est of 19%
• Rev/store saw 2.9% five-year CAGR (2.2% YoY growth vs Citi of 6.5% YoY; 5-7% YoY growth in last 4qtrs)
• Remain cautious at current valuation
• GS on Avenue Supermart
• Sell, TP Rs 4050
• Sharp moderation in growth, likely driven by SSSG slowdown
• SSSG likely impacted by rapid scale up of Q-commerce players
• Store addition target at risk
• Cut FY25/26/27 EPS est. by 2%, to build in lower than expected rev growth
• CITI on GAIL
• Buy. TP raised to Rs 290
• +ve thesis predicated on
• 1)Healthy 7-8% vol CAGR over next 3 yrs (vs 2% over last 5 yrs), with room for upside if gas comes under GST
• 2)Tariff upsides, which believe could be a matter of when, not if, & could also surprise +vely in magnitude
• 3) Potential for value unlocking from restructuring of CGD investments;
• 4) Steady performance in gas trading, leaving street divided on how best to value segment
• Fund Houses Recommendations
• Citi on Bank Baroda: Maintain Buy on Company, target price at Rs 300/Sh (Positive)
• JP Morgan on SBIN: Maintain Overweight on Bank, target price at Rs 1000/Sh (Positive)
• Investec on M&M: Maintain Buy on Company, target price at Rs 3220/Sh (Positive)
• MS on M&M: Maintain Overweight on Company, target price at Rs 3304/Sh (Positive)
• Investec on Cipla: Maintain Buy on Company, target price at Rs 1900/Sh (Positive)
• MS on Bajaj FIn: Maintain Overweight on Company, target price at Rs 9000/Sh (Positive)
• JP Morganon Coforge: Maintain Overweight on Company, raise target price at Rs 9300/Sh (Positive)
• Citi on VBL: Initiate Buy on Company, target price at Rs 800/Sh (Positive)
• Morgan Stanley Comsumer Picks: Mass urban consumption will continue to accelerate. Top picks DMart, Trent, Page, ITC and Brainbees (Positive)
• Macquarie on Dmart: Maintain Outperform on Company, target price at Rs 5600/Sh (Neutral)
• MS on Dmart: Maintain Overweight on Company, target price at Rs 5769/Sh (Neutral)
• Jefferies on SBI Cards: Maintain Hold on Company, target price at Rs 795/Sh (Neutral)
• Nomura on Yes Bank: Maintain Neutral on Bank, target price at Rs 17/Sh (Neutral)
• Citi on Bajaj Finance: Maintain Buy on Company, target price at Rs 8257/Sh (Neutral)
• MS on M&M Fin: Maintain Equal weight on Company, target price at Rs 320/Sh (Neutral)
• GS on Dmart: Maintain Sell on Company, target price at Rs 4050/Sh (Negative)
• Q2 results date
• 10th Oct: GM Breweries
• 10th Oct: AnandRathi
• 10th Oct: IREDA
• 10th Oct: Tata Elxsi
• 10th Oct: TCS
• 14th Oct: Angel One
• 14th Oct: Gopal Snacks
• 14th Oct: HCL Tech
• 15th Oct: HDFC AMC
• 15th Oct: HCFC Life
• 16th Oct: Bajaj Auto
• 16th Oct: CRISIL
• 16th Oct: LTTS
• 16th Oct: Mphasis
• 17th Oct: Nestle
• 17th Oct: Infosys
• 17th Oct: Wipro
• 18th Oct: ICICI General
• 19th Oct: HDFC Bank
• 19th Oct: Tech Mahindra
• 21st Oct: Ultratech
• 22nd Oct: Coforge
• 22nd Oct: ICICI Pru
• 22nd Oct: Persistent
• 22nd Oct: Zensar
• 23rd Oct: KPIT Tech
• 23rd Oct: Navin Fluorine
• 23rd Oct: Pidilite
• 24th Oct: Cyient
• 24th Oct: Max India
• 24th Oct: NAM India
• 24th Oct: UBL
• 25th Oct: Atul
• 25th Oct: Novartis
• 25th Oct: Poonawala Fincorp
• 26th Oct: ICICI Bank
• 26th Oct: JK Cement
• 26th Oct: IDFC First Bank
• 28th Oct: CAMS
• 28th Oct: Gillette
• 29th Oct: Cipla
• 29th Oct: Dabur
• 29th Oct: Honeywell