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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

October 01, 2024

  • Heard on Street
  • SEBI PROPOSES 40L ITR AS
  • MINIMUM CRITERIA FOR RETAIL F&O SEGMENT FROM FY 2025
  • WEEKLY EXPIRY TO CONTINUE AS BEFORE
  • Outcome of Today's SEBI Board Meeting
  • 1. Secondary Market:
  • - Introduction of UPI block mechanism and 3-in-1 trading facility for cash segment.
  • - Enhanced scope of Optional T+0 Settlement Cycle.
  • 2. Investment Advisers (IAs) & Research Analysts (RAs):
  • - Relaxation in eligibility criteria and simplified compliance requirements to facilitate ease of doing business.
  • 3. Rights Issues:
  • - Faster rights issue process, reducing timeline to 23 working days, with flexibility in allotment.
  • 4. Ease of Doing Business:
  • - Amendments in SEBI regulations to simplify filings and disclosures for listed companies.
  • 5. Mutual Funds:
  • - Introduction of a new investment product bridging Mutual Funds and Portfolio Management Services.
  • - Liberalized framework for passively managed schemes (MF Lite).
  • 6. Alternative Investment Funds (AIFs):
  • - Pro-rata and pari-passu rights for AIF investors.
  • 7. Offshore Derivative Instruments (ODIs):
  • - Enhanced disclosure requirements for ODIs, bringing them on par with FPIs.
  • 8. Nomination Facilities:
  • - Uniform norms for nomination across mutual funds and demat accounts, increasing convenience for investors.
  • 9. Prohibition of Insider Trading Regulations:
  • - Expansion of the definitions of ‘connected person’ and ‘immediate relative’ to strengthen insider trading regulations.
  • 10. Sustainable Finance:
  • - Expansion of the Sustainable Finance Framework, including social and sustainability-linked bonds.
  • No changes in FNO segment
  • ROX Hi-Tech Limited Gains Competitive Edge Through IGBC Membership and Sustainability Leadership
  • ROX Hi-tech , a leading provider of innovative technology solutions, is excited to announce its induction as a Founding Member of the Indian Green Building Council (IGBC) , under membership number IGBCFM240522 . This prestigious recognition allows the company to display the IGBC Founding Membership Certificate and logo on official materials, including letterheads, business cards, and product brochures. The IGBC logo, which has become a symbol of trust and credibility over two decades of promoting green building practices in India, further enhances the company’s commitment to sustainability.
  • IGBC is an organization that certifies buildings adhering to stringent sustainability standards. Its mission is to position India as a global leader in sustainable building by 2025. Membership offers unique access to resources and opportunities, giving members a competitive advantage in the industry.
  • As a customer-centric IT solutions provider, ROX is dedicated to fostering environmental stewardship. By aligning with IGBC, the company reinforces its focus on advancing green initiatives and actively participating in key programs that support sustainable practices. Company remains committed to driving sustainable growth and delivering value to stakeholders while contributing positively to environmental progress.
  • India Daybook – Stocks in News
  • Kalpataru Projects: Company bags orders worth Rs 1,241 crore from Indian and overseas market. (Positive)
  • Blue Dart: Company to implement general price increase w.e.f. January 1, 2025. (Positive)
  • Alphageo India: Company gets contract worth ₹131.63 cr from Oil India, gets contract for 2D seismic data acquisition in Ganga-Punjab basin. (Positive)
  • R Systems: Company launches Chaos Engineering integrated DR Model to enhance business continuity and resilience. (Positive)
  • Jindal Stainless: Company partners with CJ Darcl to manufacture lightweight containers. (Positive)
  • Piramal Pharma: Board approves $80 million expansion plan for Sterile injectables facility in Lexington, Kentucky (Positive)
  • Thomas Cook: Company in joint venture with Atirath Technologies to build generative AI solutions for travel domain. (Positive)
  • India Glycol: Company adds further capacity of 100 KLPD to existing grain based distillery at Kashipur, Uttarakhand. (Positive)
  • NTPC: NGEL Signs MoU with Govt of Rajasthan for development of 25 GW of RE Projects. (Positive)
  • NHPC: Company says that the revised scheduled date for commissioning of 300 mw solar PV project in Bikaner, Rajasthan (Positive)
  • Tata Power: Company inks MOU with Rajasthan government for an investment plan of Rs 1.2 TRLN in power distribution, transmission, and renewables (Positive)
  • Unichem Laboratories: Company approved entering into agreements with Bayshore pharmaceuticals, Purchase of rights, title, interest in product, goodwill associated with 9 Andas of Bayshore USA. (Positive)
  • Ram Ratna Wires: Company executed deed of amendment to alter JV agreement with Epack Durable, amendment to JVA for having equal ownership, rights in JV (Positive)
  • Seamec: Vessel Seamec Ii Developed Technical Snag Resulting In Disruption of Power and Blackout (Positive)
  • Solex Energy: Company got work order worth Rs 519.7 million for 40 MWP solex mono Perc bifacial solar modules (Positive)
  • Nortehrn Arc: Revenues at Rs 578 cr vs Rs 401 cr. Profit at Rs 94 cr vs Rs 71 cr YoY (Positive)
  • SpiceJet: Plutus Wealth Management buys 85 lakh shares of SpiceJet at ₹59.95/Sh. (Positive)
  • PCJeweller: Company approves a share split in the ratio of 1:10 to enhance liquidity. (Positive)
  • PB Fintech: Company will invest in an independent health maintenance organisation (Positive)
  • Yatharth Hospitals: Company is planning to scale up it's bed occupancy network in Greenfield and Brownfield. (Positive)
  • IREDA: Loans sanctioned increased by 303% from last year to ₹17,860 crore vs ₹4,437 crore (YoY). (Positive)
  • Adani Power: Company signs business transfer agreement with NMPL to acquire 500 MW ADTPS in Maharashtra. (Positive)
  • Bharti Airtel: Company prepays Rs 8,465 crore to clear deferred liabilities for spectrum acquired in 2016 (Neutral)
  • ICICI Sec: Appeal against ICICI Securities delisting approval mentioned at NCLAT Delhi. (Neutral)
  • Mankind Pharma: Company's board approves raising up to Rs 10,000 crore through NCDs and commercial papers. (Neutral)
  • Premier Explosives: Srihari Pakalapati resigns from the post of CFO of company (Neutral)
  • IRCTC: Ajit Kumar ceases to be Director (Finance) & CFO of the company w.e.f. September 30, 2024. (Neutral)
  • Finolex Industries: Company approves appointment of Chandan Verma as interim CFO. (Neutral)
  • Newgen Software: Company unit got purchase order worth USD 1.5 million (Neutral)
  • BLS E-Services: Company expect to complete acquisition of Aadifidelis solutions by Dec 31, 2024. (Neutral)
  • HMA Agro: Company approved disinvestment of entire shareholding in Indus farmers food Company. (Neutral)
  • Info Edge: Company Unit to Invest about Rs 42 million In Nexstem India. (Neutral)
  • Mercury Ev-tech: Company Approved Acquisition Of 70% Stake in Haitek Automotive for Rs 3.5 million. (Neutral)
  • Piccadily Agro: Company approved raising of funds upto Rs 500m (Neutral)
  • Bank of Maharashtra: Bank launches QIP, sets floor price at Rs 60.37/share. (Neutral)
  • Andhra Cements: Company files draft letter of offer with SEBI, BSE & NSE for proposed rights issue. (Neutral)
  • Gas based stocks: Oil Ministry: Caps gas price from difficult fields at $10.16/MMBTU. (Neutral)
  • PC Jeweller: Vishan Deo to replace Sanjeev Bhatia as Chief Financial Officer. (Neutral)
  • Gold Financing Stocks: RBI finds several irregularities in practice of loans against gold ornaments and jewellery. (Negative)
  • CHINESE EQUITY MARKET UPDATE
  • SHANGHAI COMPOSITE INDEX ROSE 7% TO ABOVE 3300, HIGHEST IN MORE THAN 13 MONTHS.
  • SHENZHEN COMPONENT INDEX ROSE 9.52%, AND CHINEXT ROSE NEARLY 13.5%, HISTORIC ONE-DAY GAIN.
  • HANG SENG INDEX +3.6%, TECH INDEX +7.3%, ALIBABA +9.5%.
  • New Upcoming IPO 2024-2025
  • NSE
  • Hyundai 25000 Cr
  • LG 10000 Cr
  • NSDL 3000 Cr
  • Niva Bupa Health Insurance 3000 Cr
  • Aether Energy 3100 Cr
  • Hero Fincorp
  • Hero Motors
  • JSW Cements 4000 Cr
  • Polymatech Electronics
  • Afcons Infrastructure 7000 Cr
  • Hexaware Technologies
  • Motorola 7600 Cr
  • NTPC Green Energy
  • ONGC Green Energy
  • SJVN Green Energy
  • Waaree Energies
  • Swiggy 10000 Cr
  • Schloss Banglore (Hotel Leela)
  • Boat
  • Mobikwick
  • Fincare Small Fin Bank
  • Asirvad Microfinance 1500 Cr
  • Ebixcash 6000 Cr
  • Acme Solar 3000 Cr
  • Avanse Financial Services 3500 Cr
  • Fed Chair Jerome Powell says the central bank will lower interest rates “over time,” while emphasizing that the overall US economy remains on solid footing.
  • Here's more
  • Powell's speech comes over a week after the #Fed (https://twitter.com/hashtag/Fed) slashed interest rates by half a percentage point, marking its first reduction since 2020
  • Securities in Ban For Trade Date 01-OCT-2024:
  • 1 BALRAMCHIN
  • 2 BANDHANBNK
  • 3 HINDCOPPER
  • 4 RBLBANK
  • BROKERAGE RADAR
  • MORGAN STANLEY ON JLR (TATA MOTORS)
  • On Profit warning by Volkswagon
  • • Co guided a weak Q2 due to supply chain issues
  • • Rising discount, early indicator of demand weakness is ket to track
  • • Maintain Equal weight due to JLR too slowdown and Indian PV weakness
  • BROKERAGE RADAR
  • MORGAN STANLEY ON SAMIL
  • On Profit warning by Volkswagon
  • • Production cuts are headwinds, but easing inflation
  • • Unlike OEMs, supplier margins are not a cycle high
  • • Ramp up in non-autos is also a
  • tailwind
  • • Maintain overweight
  • JPMORGAN CONSUMPTION MEET GCPL (MANAGEMENT MEET)
  • • Maintain Overweight, target price of Rs 1,450
  • • Margins will be under pressure as recent price hikes not adequate- Soap business
  • • Newly launched incense sticks seeing strong demand
  • • India portfolio-diversification underway to increase TAM (Total Addressable Market)
  • • Incremental capital allocation will be limited for Africa
  • INVESTEC ON AADHAR HOUSING FINANCE
  • • Initiate Buy, target price at Rs 600
  • • Largest and most diversified housing finance co in India
  • • Has dual underwriting model
  • • Diversified origination mix extends total addressable market
  • • Supply overhang may remain as private equity has 76.5% stake
  • • AUM/PAT to grow at 21%/20% over FY24-27E
  • BEL
  • BEL & SAC, ISRO, sign MoU for productionisation of space-grade Travelling Wave Tube Amplifiers in India.
  • MoU to give a boost to indigenisation of defence & space production, save foreign exchange for country.
  • Reforms - PLI - Drone - Proposal - R&D and Manufacturing
  • Exclusion of Drone Testing: Testing is likely to be excluded from the PLI incentives, according to sources, though drone testing will continue at various centers, such as the National Test House (NTH) and other branches in India.
  • Reduction of Dependency on Foreign Parts: The aim of the policy is to reduce India's dependence on foreign countries (particularly China) for parts in drone manufacturing.
  • Incentive Amount: The government is considering an incentive amount of ₹3,000 crore ($35 billion) for the drone sector by 2030, marking a significant increase from the previous incentive of ₹165 crore.
  • Focus Areas: The policy focuses on civil drones, both for military and non-military purposes, and emphasizes the growth of domestic manufacturing over foreign imports.
  • Global Competition: India is positioning itself to compete with China, which is currently the largest drone manufacturer.
  • Future Market Projections: By 2030, the Indian drone market is expected to grow significantly, with the local market valued at $35 billion, driven by domestic use, military applications, and commercial exports.
  • Reforms - Shipping - Proposal -Infra Status for Shipping
  • Ministry Discussions: The Ministry of Ports, Shipping, and Waterways is in advanced talks to grant infrastructure status to ships and vessels.
  • Credit Access: This move aims to ease the difficulty the shipping industry faces in accessing credit due to the absence of a specialized finance system for the sector.
  • Industry Challenges: The long lifespan of vessels complicates funding, making it difficult to obtain necessary capital. The constrained financial landscape has led to limited access to loans for shipowners.
  • Growth in Fleet Strength: India’s fleet strength increased from 1,520 vessels in 2022 to 1,526 vessels in 2023.
  • Sagar Mala Initiative: The government plans to launch a finance company under its flagship Sagar Mala initiative, which will specifically cater to the shipping sector’s financial needs.
  • Equirus on Lloyds Metals And Energy
  • Restate LONG rating
  • Dec’25 TP of Rs 1,200
  • Key takeaways of their visit
  • 1⃣ The Surjagarh mine is operated by MDO, Thriveni Earthmovers, using green mining practices; it is set to scale up operations to 25mtpa from 10mtpa currently
  • 2⃣ The beneficiation pilot plant has surpassed expectations (yields at 40-41%; Fe content at 67-68%)
  • 3⃣ The slurry pipeline was completed ahead of schedule
  • 4⃣ Several key projects are on track for completion in 12-24 months
  • Equirus also interacted with Mr. B. Prabhakaran, LMEL’s co-promoter & were impressed by
  • Effective management of human and intellectual capital
  • Execution across projects and results from the beneficiation plant
  • CNBCTV18Live
  • Kalpataru Projects International
  • The company received orders worth Rs 1,241 crore in the transmission and distribution business from India and the wider overseas market as well as orders regarding residential commercial building projects in India
  • Blue Dart Express
  • The company will increase prices of its shipments between 9% to 12% effective, Jan. 1, 2025. The average price hike is to be implemented due to spiraling long term costs, according to the company.
  • PC Jeweller
  • The company has approved a 10-for-1 stock split
  • Insider Trades
  • Manappuram Finance: Promoter Nandakumar V P bought 50,000 shares on Sept. 26.
  • Deccan Gold Mines: Promoter Rama Mines Mauritius sold 1.06 lakh shares between Sept. 26 and 27.
  • Amrutanjan Health Care: Promoter Nageswaramma Trust sold 8.33 lakh shares on Sept. 26.
  • Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji sold 1.35 crore shares on Sept. 27,
  • Pidilite Industries: Promoter Neerav Parekh sold 1.30 lakh shares between Sept. 26 and 27.
  • CUES FOR TODAY
  • - Sharp fall yesterday, Gift Nifty suggests mild positive start
  • - China market shut today on account of Public Holiday
  • - FIIs sell 9792 Cr in Cash, Sell 1702 Cr in Index Futures
  • - HNIs, Clients buy FII selling, cut shorts by ~61350 contracts
  • - Nifty Bank & Fin Nifty Weekly Expiry Today
  • WALL ST OVERNIGHT
  • - Dow +0.04%
  • - Nasdaq +0.38%
  • - S&P 500 +0.42%
  • J POWELL INDICATES
  • - Recent rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive
  • CASH MARKET FLOWS
  • - FIIs sell 9792 Cr
  • - DIIs buy 6646 Cr
  • FIIs sell ~50% of all September purchases on the last day
  • FIIs IN INDEX FUTURES
  • - Net sold 1702 Cr to unwind 23750 Long contracts
  • - Clients Cover 61366 Short Contracts in Index Futures
  • Options Data Suggests:
  • 26050 as resistance for Nifty, Support near 25550
  • 20 DEMA Important Support
  • Nifty 25565
  • Nifty Bank 52763
  • STOCKS IN FOCUS
  • Auto Stocks: Sept Auto Sales
  • IREDA Q2 Update
  • Loan Disbursement up 56% YoY
  • Loans Sanctioned up 303% YoY to Rs 17860 cr
  • KALPATARU PROJECTS
  • Secured new orders worth 1241 Cr
  • STOCKS IN F&O BAN: BALRAMCHIN, BANDHANBNK, HINDCOPPER, RBLBANK
  • Macquarie on Paints
  • Dealer checks suggest weak demand trends across paints & adhesives in 2Q as erratic monsoons weigh on paint demand, especially in Sept.
  • Expect BRGR to lead sales growth in paints, & higher PIDI EBITDA on benign input costs
  • APNT preferred pick, followed by KNPL
  • MS on Gold Financiers
  • 3 mths given to lenders to take action for deficiencies could prevent regulatory action but slow lending
  • Think larger, older lenders like MUTH & especially MGFL (given much cheaper val) are positioned, though some overhang can't be ruled out
  • *News Headlines from Business News Agencies:*
  • *Business Standard*
  • Mankind Pharma board approves fundraising plan of up to Rs 10,000 cr
  • India, US may sign pact on critical minerals to bolster trade ties
  • Bharti Airtel prepays Rs 8,465 crore to DoT for spectrum acquired in 2016
  • Govt extends income tax audit report deadline to Oct 7
  • India's current account deficit widens to 1.1% of GDP in April-June 2024
  • Aurobindo Pharma subsidiary gets 10 observations from USFDA for API plant
  • India's fiscal deficit for Apr-Aug at Rs 4.35 trn, 27% of full-year target
  • Wedding rush: 4.8 million couples to spark Rs 5.9 trillion economic surge
  • AT&T sells 70% stake in DirecTV to private equity firm TPG for $7.6 bn
  • Adani Airport Holdings raises Rs 1,950 crore through biggest bond issue
  • Vodafone and Hutchison offer price pledge to answer UK's merger concerns
  • *Economic Times*
  • Oil companies making Rs 15/ltr profit on petrol even as consumers await big price cuts
  • India moves to current account deficit of $9.7 bn in Q1FY25 from surplus in previous quarter
  • RBI deputy governor calls for strengthening governance at small finance banks
  • Delhi government sets up 24x7 'Green War Room' to tackle winter pollution
  • Tata Power to invest Rs 1.2 lk crore in power distribution, transmission and renewables in Rajasthan
  • India's core sector declines by 1.8% in August
  • Kalpataru Projects International bags orders worth Rs 1,241 crore
  • Swiggy, Hyundai, Vishal Mega Mart among 5 IPOs approved by Sebi; Innovision prospectus returned
  • Dr Reddy's completes acquisition of Haleon's NRT portfolio
  • Dwarka Expressway to become India's first free flow tolling system with no toll plazas in next few months
  • *Mint*
  • Indian Oil Corporation withdraws ₹22,000 crore rights issue
  • India’s core sector output growth contracts by 1.8% in August
  • Cred eyes new products as revenue surges, losses shrink in FY24
  • Monsoon ends with 8% surplus, rains 14% below normal in east and northeast
  • Epic Games to sue Google, Samsung over alleged app-store scheme
  • Metro Brands is treading slowly on the growth track
  • Govt to unveil Business Reforms Action Plan 2024 to boost ease of doing business
  • China markets surge in wild end to the quarter
  • Peak XV, Google, Hillhouse eye part exits as CarDekho plans IPO
  • Wakefit enters Rs 1,000 crore revenue club, returns to Ebitda profitability
  • Tata Power to invest ₹1.2 trillion in Rajasthan for renewable energy projects
  • BROKERAGE RADAR
  • JEFFERIES ON PB FINTECH
  • • Maintain Buy target price of Rs 1,800
  • • Management clarification-planning one time investment of upto $100mn
  • • Investment for 20-35% stake into a new healthcare venture
  • • Clarification addresses core concern around company's balance remaining asset light
  • • Preferred play on India insurance growth
  • • Core engineremains in high growth orbi
  • BROKERAGE RADAR
  • MORGAN STANLEY ON KAYNES
  • • Maintain overweight target price at Rs 6,652 (from Rs 3845)
  • • Core business remains on strong footing with customer acquisitions and sector tailwinds
  • • Capacity building in OSAT and PCBs to drive value addition
  • • EPS CAGR of 53% for core EMS business over FY24-27E
  • • Core EMS business revenue, EBIDTA to grow at 54%/53% over FY24-FY27W
  • • Earnings revision driven by strong order book and customer additions
  • Money Market Update
  • The Indian rupee closed weaker on Monday, pressured by a rise in the dollar index and Brent crude oil prices. The currency depreciated 10 paise to close at Rs 83.80 against the US dollar after opening at Rs 83.72. It had closed at Rs 83.70 on Friday, according to Bloomberg.
  • Insider Trades
  • Manappuram Finance: Promoter Nandakumar V P bought 50,000 shares on Sept. 26.
  • Deccan Gold Mines: Promoter Rama Mines Mauritius sold 1.06 lakh shares between Sept. 26 and 27.
  • Amrutanjan Health Care: Promoter Nageswaramma Trust sold 8.33 lakh shares on Sept. 26.
  • Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji sold 1.35 crore shares on Sept. 27,
  • Pidilite Industries: Promoter Neerav Parekh sold 1.30 lakh shares between Sept. 26 and 27.
  • Stocks To Watch
  • Automobile stocks: Automobile stocks, such as Tata Motors Ltd., Eicher Motors Ltd. and Bajaj Auto Ltd. will be in focus as automobile companies will be announcing their production and sales data for September.
  • NTPC: The company signed a memorandum of understanding with the Rajasthan government for the development of 25 gigawatts of renewable energy projects in the state.
  • Kalpataru Projects International: The company received orders worth Rs 1,241 crore in the transmission and distribution business from India and the wider overseas market as well as orders regarding residential commercial building projects in India.
  • Bank of Maharashtra: The company is looking to raise Rs 3,500 crore from qualified institutional placement. The deal size is set at Rs 1,750 crore, with possible upsize of additional Rs 1,750 crore. The company looks to sell up to 8.6% stake or 61 crore shares at an indicative price at Rs 57.36 per share.
  • Tata Power: The firm will invest Rs 1.2 lakh crore in Rajasthan for power distribution, transmission and green transition.
  • Blue Dart Express: The company will increase prices of its shipments between 9% to 12% effective, Jan. 1, 2025. The average price hike is to be implemented due to spiraling long term costs, according to the company.
  • Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji sells 5.8% stake in company via open market on Sept. 27. Its stake in the company falls to 6.94%.
  • PC Jeweller: The company has approved a 10-for-1 stock split.
  • Alphageo (India): The company has received an order worth Rs 132 crore from Oil India for data acquisition.
  • UltraTech Cement: The company will increase its stake in Continuum MP Windfarm to 5.46% from 3.28%. It has made a total investment of Rs 24.35 crore for 5.46% equity shareholding.
  • Piramal Pharma: The company has announced a $80 million expansion plan for Sterile Injectables facility at Kentucky.
  • Tata Steel: The company has ceased operations at Blast Furnace 4 at Port Talbot,UK.
  • Premier Explosives: Srihari Pakalapati resigned from the post of chief financial officer.
  • Finolex Industries: The company has approved the appointment of Chandan Verma as interim chief financial officer, effective from Monday.
  • India Glycols: The company has increased its grain-based distillery capacity by 100 KLPD at Kashipur, Uttarakhand, and added 180 KLPD to its existing bio-fuel ethanol plant at the same location. Additionally, it has expanded its facilities for new value-added chemical products by 2,500 MTPA in Kashipur, Uttarakhand.
  • Indian Railway Catering and Tourism Corp: Ajit Kumar, chief financial officer, retires from the company on Monday.
  • Thomas Cook (India): The company has partnered with Atirath Technologies to develop generative AI solutions for the travel sector.
  • IPCA Laboratories: The company’s subsidiary, Bayshore, will sell nine ANDAs to US-based Unichem for $2.65 million, along with its generic business for $10 million.
  • Dow + 17
  • Nasdaq +70
  • Dax - 148
  • Nikkei + 660
  • Hangseng Closed
  • Gift Nifty + 18(26008)
  • Dowfut -11
  • Nasdaqfut + 30
  • Crude Oil 71.82
  • Dollar Index 100.49
  • *India's Current Account Deficit Widens in Q1FY25*
  • *Key Highlights:*
  • - *Current Account Deficit (CAD)*: 1.1% or $9.7 billion in Q1FY25
  • - *Merchandise Trade Deficit*: $65.1 billion (10% of total trade)
  • - *Merchandise Imports*: $176.1 billion (higher than exports)
  • - *Exports*: $111 billion (contracted compared to previous year)
  • - *Services*: Offset some losses in merchandise trade
  • - *Total Trade Deficit*: 10%
  • - *Expert Predictions*: CAD likely to exceed 1% in FY25 (up from 0.7% in previous year)
  • - *Capital Imports*: Expected to remain below 2% due to India's inclusion in global indices
  • SEBI Introduces Faster Rights Issue Process With Completion In 23 Working Days
  • Rights Issue Flexibility Enhanced: Promoters Can Now Renounce Rights To Specific Investors
  • SEBI Approves Single Filing System For Listed Entities Across Stock Exchanges
  • ODI Issuing FPIs Cannot Use Derivatives As Underlying Assets, Allowing Only Cash Equity Or Non-Derivative Securities With One-To-One Hedging
  • Existing Odis Hedged With Derivatives Must Be Redeemed Or Hedged With Cash Within A Year
  • Odis, Except Those With Government Securities, Must Be Issued Through Separate FPI Registrations With No Proprietary Investments
  • AIFs Can Offer Differential Rights To Select Investors Without Impacting Others, As Per SEBI Guidelines
  • Large Value Funds Are Exempt From Pari-Passu Rules, Subject To Investor Waivers
  • SEBI Aligns ODI Disclosure Requirements With Those Of FPIs
  • ODI Subscribers Must Submit Information Or Face Redemption/Liquidation In 180 Days & Lose Future ODI Eligibility
  • Piramal Pharma Solutions Announces $80M Expansion Plan for Sterile Injectables Facility in Lexington, Kentucky
  • $80M investment plan will add commercial scale sterile injectables capabilities
  • Expansion will significantly increase production capacity and operational efficiency  
  • Lexington facility now better capable of supporting increased market demand
  • L&T makes new strides in Digital Energy Solutions business
  • Secured mandate to implement Energy Management Systems in South India and expands portfolio in United States
  • GOLDMAN SACHS ON NEULAND LABS
  • • Reiterate Buy, target price 12,975 from Rs 11,400
  • • FDA approval for Cobenfy is a key event
  • • FY26 Xanomile estimates to be up 55-60%
  • • CDMO business multiple raised to 40x from 37x
  • ADANI POWER: CO ACQUIRES 500 MW DAHANU THERMAL POWER PLANT FOR RUPEES 815 CR TO CONSOLIDATE THERMAL GENERATION
  • #LPG (https://twitter.com/hashtag/LPG) Price Increase
  • Oil Marketing companies hike 19-kg LPG Cylinder price by ₹48.50
  • 19-kg LPG Cylinder price increased to ₹1,740 from ₹1,691.50 in Delhi
  • 19-kg LPG Cylinder price increased for 3rd straight month, up ₹94 in 3 Months
  • September #AutoSales (https://twitter.com/hashtag/AutoSales) - M&M
  • *Total Auto Sales At 87,839 Units Vs CNBC-TV18 Poll 80,167 Units
  • *Total Auto Sales Up 16% At 87,839 Units Vs 75,604 Units (YoY)
  • *Total PV (SUV) Sales Up 24% At 51,062 Units Vs 41,267 Units (YoY)
  • Here's more
  • #autosales (https://twitter.com/hashtag/autosales) #autosalesdata (https://twitter.com/hashtag/autosalesdata) #suvsales (https://twitter.com/hashtag/suvsales) #PVSales (https://twitter.com/hashtag/PVSales)
  • *Expert Session on Jewellery Sector – KTAs*
  • *Industry contours*
  • * Indian jewellery mkt size is $90bn (c.Rs 7.6tn), growing at 12% CAGR. Gold makes up 90% of the mkt with diamond making up the rest
  • * In gold jewellery, organized players make up c.20% of the mkt. Growth in gold has stabilized while diamond is growing faster
  • * Three broad retail operating models: COCO (company-owned, company-operated), FOCO (franchise-owned, company-operated) where brand owns inventory, and FOFO (franchise-owned, franchise-operated) where brand or franchise own inventory
  • * Earlier brands were in COCO model where companies could open 10-15 stores annually. Most have now switched to FOCO where they can open >2x of COCO model stores
  • * Factors driving gold demand: stock market volatility, wedding season, import duty cut, safe haven, investment-driven purchase, economic stability
  • *Industry expansion*
  • * Franchise model needs to be activated post certain level of expansion
  • * Companies avoid taking on debt for own-store expansion, instead opt for franchise-driven expansion
  • * Tier-2/3/4 mkts are attracting players as income levels have increased post-Covid; GST implementation & ease of doing business also up
  • *Key players*
  • * Tanishq, Joyalukkas, Malabar, Kalyan are major players in gold jewellery
  • * Tanishq & Kalyan in wedding; Malabar & Joyalukkas in festive; Caratlane, Candere, Bluestone, Melorra in casual categories
  • * Tanishq focuses more on north, west and east India
  • *Gold jewellery*
  • * Categories: Wedding (45-55% share, ticket size above Rs 100k), Festive (30-35% share, ticket Rs 50-100k), Casual (10-20% share, ticket size Rs 20-30k)
  • * Casual growing faster (earlier share 10-12% now at 15-17%), due to lightweight, multiple designs available, new-age buyers want something trending and which matches with attire
  • * Casual expected to continue to witness large volumes
  • * Casting jewellery (machine-made) and hand-made jewellery are major parts of wedding and festive categories
  • *Lab-grown diamonds (LGD)*
  • * Major national players have not entered LGD. Main player is Limelight
  • * LGD share in India is only 5%; in USA it is 70-80%; LGD have worked very well in US and China
  • * Not taken off much in India due to inconsistent rates, supply chain issues
  • * LGD have the same look & feel vs natural diamonds at 20-25% of the price
  • * LGD are preferred by daily-wear jewellery customers, while natural diamonds still preferred in emotional purchases (engagement rings etc)
  • * Legacy brands now accepting LGD, though adoption is slow; it is difficult to sell both under one roof
  • * LGD pricing is low (inconsistent currently) but margins are higher vs natural diamonds
  • * Cost per acquired customer (CPA) is lower in LGD vs in natural diamonds; LGD margins are 20% higher
  • * Target customers are Gen-Z, tech-savvy consumers
  • *Category margins & growth*
  • * Gold margins are 12-18%; higher for L1 category, avg for L2, lower for L3
  • * Studded margins are 30-50%, but it has low re-sale value vs gold
  • * Gold is more salient in South India, studded in North
  • * Studded/gold growth expected at 20%+/12-15% in next 3 years
  • * Gold sourcing does not impact margins much. In studded when recycled, margins are a bit impacted
  • * Margin difference in company-owned vs franchise is 4-6%
  • * Brands keep an additional mark-up in metal, and the difference of making charge is gross profit
  • *Gold metal loan (GML)*
  • * GML earlier had a fixed rate, now it has mixed (floater+fixed) rates depending on volume purchased, tenure and add-on fees, i.e. different rate structure for different volume buyers
  • * Brands cannot pass leverage to customers; they pass on benefits like discounts when they are able to get loans at lower rates.
  • *Hedging & duty cut impact*
  • * Hedging not a major challenge in the industry. Frequency & recency of hedging has increased in small batches. Earlier hedging used to be done for high volumes, so frequency was low.
  • * P&L impact of GML taken at higher import duty (pre-duty cut) is partly cushioned by higher gold prices post-duty cut
  • * Gold import duty cut has improved demand for jewellery, effected a consumer switch to organized players
  • *Team Systematix*
  • *Macquarie on Paints*
  • Dealer checks suggest weak demand trends across paints & adhesives in 2Q as erratic monsoons weigh on paint demand, especially in Sept.
  • Expect BRGR to lead sales growth in paints, & higher PIDI EBITDA on benign input costs
  • APNT preferred pick, followed by KNPL
  • *MS on Gold Financiers*
  • 3 mths given to lenders to take action for deficiencies could prevent regulatory action but slow lending
  • Think larger, older lenders like MUTH & especially MGFL (given much cheaper val) are positioned, though some overhang can't be ruled out
  • *JPM on Oil & Gas*
  • 3 potential catalysts
  • 1)A retail fuel price cut by OMCs could hurt stks in Oct
  • 2)A committee report on unbundling/exclusivity of gas transportation & sales is due in Dec– could likely hurt GAIL/city gas stks
  • 3)Some tariff renegotiation of PLNG’s Dahej terminal
  • *MOSL on JSPL*
  • Buy, TP Rs 1200
  • Robust steel demand and increased capacity place JSP in a strong position.
  • At CMP, stock trades at 6.2x EV/EBITDA and 1.8x P/B on FY26 estimate.
  • *Bajaj Auto Sep 2024 Sales - Above estimate*
  • (Nirmal Bang Retail Research)
  • Total Sales came at 469531 units vs expectation of 438927 units, YoY 392558 units (20%) and MoM 397804 units (18%)
  • Q2FY25 Total Sales came at 1221504 vs YoY 1053953 units (16%) and Quarterly 1102056 units (11%)
  • India's largest merchant iron ore mining company, NMDC, increased list prices of iron ore CLO (calibrated lump ore) and fines today by INR 300/t($4) and INR 400/t ($5) respectively, BigMint learnt from sources. The company's prices are effective from 01 October 2024. Neutral
  • IREDA Q2 BIZ UPDATE
  • LOAN BOOK UP 36 % TO 64,500 CR YOY , UP 2 % QOQ
  • LOAN SANCTIONED UP 303 % TO 17,860 CR YOY, UP 95 % QOQ
  • LOAN DISBURSEMENT UP 56 % TO 9787 CR YOY, UP 84 % QOQ
  • NEWGEN SOFTWARE: CO ACCEPTS USD 1.52M ( 13 CR RUPEES) LOA FOR ENTERPRISE CONTENT MANAGEMENT SOLUTION IMPLEMENTATION, TO BE EXECUTED OVER 5 YEARS
  • RITES: CO RECEIVES LOA FROM TSIKO AFRICA LOGISTICS FOR USD 4.28M (40 CR RUPEES) SUPPLY AND COMMISSIONING OF DIESEL ELECTRIC LOCOMOTIVES WITH ONE-YEAR ONSITE WARRANTY
  • ESCORTS:
  • (AGRI MARCHI) SEPTEMBER TOTAL SALES 12,380 UNITS VS 12,081 UNITS (YOY)
  • ESCORTS KUBOTA SEPT SALES ; TOTAL SALES UP 2.5% TO 12,380UNITS YOY
  • ESCORTS:
  • (AGRI MARCHI) SEPTEMBER TOTAL SALES 12,380 UNITS VS 12,081 UNITS (YOY)
  • ESCORTS KUBOTA SEPT SALES ; TOTAL SALES UP 2.5% TO 12,380UNITS YOY
  • NEWGEN SOFTWARE: CO ACCEPTS USD 1.52M ( 13 CR RUPEES) LOA FOR ENTERPRISE CONTENT MANAGEMENT SOLUTION IMPLEMENTATION, TO BE EXECUTED OVER 5 YEARS
  • NEWGEN SOFTWARE: CO RECEIVES RUPEES 16.92 CR LOI FOR PROJECT IMPLEMENTATION, TO BE EXECUTED OVER 10 YEARS
  • RITES: CO RECEIVES LOA FROM TSIKO AFRICA LOGISTICS FOR USD 4.28M (40 CR RUPEES) SUPPLY AND COMMISSIONING OF DIESEL ELECTRIC LOCOMOTIVES WITH ONE-YEAR ONSITE WARRANTY
  • ADANI POWER: CO ACQUIRES 500 MW DAHANU THERMAL POWER PLANT FOR RUPEES 815 CR TO CONSOLIDATE THERMAL GENERATION
  • EDELWEISS FINANCIAL: CO TO RAISE UPTO RUPEES 2B VIA BONDS PUBLIC ISSUE
  • ESCORTS: (AGRI MARCHI) SEPTEMBER TOTAL SALES 12,380 UNITS VS 12,081 UNITS (YOY)
  • ESCORTS: (AGRI MARCHI) SEPTEMBER TOTAL SALES 12,380 UNITS VS 12,081 UNITS (YOY)
  • M&M: (AUTO SALES) SEPTEMBER TOTAL SALES 87,839 UNITS VS 75,604 UNITS (YOY), EST 75,500
  • ear All,
  • SEBI at its Board Meeting on Sept 30th has approved the following proposals for Research Analyst license. A summary of the proposals is pasted below, SEBI will issue detailed regulations and circulars in this week:
  • The minimum qualification requirement is reduced to graduate degree.
  • Networth requirement shall be replaced with a reduced requirement of deposits
  • Use of AI in RA services
  • Guidelines on recommendation of model portfolios
  • Trading Calls can only be provided by Research Analysts – and not IA.
Panchkarma