Market Highlights

---

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

---

July 16, 2024

• Vedanta approves floor price for QIP issue at ₹461.26/sh: Agencies
• Sai Life Sciences files draft papers for nearly Rs 5,000 crore IPO
• Private equity (PE) firm TPG-backed Sai Life Sciences announced the filing of a draft red herring prospectus (DRHP) for its proposed Rs 5,000 crore IPO on Monday.
• The company plans to raise funds through an offer of equity shares (face value ₹1 each) through initial public offerings. The offer comprises a fresh issue of Equity Shares aggregating up to ₹800 crores and an offer for sale (OFS) of up to 61,573,120 equity shares by selling shareholders.
• ABHISHEK KAPOOR, PURAVANKARA |
• > Recently acquired the landowner's share for two projects in Goa
• > Avg price for Goa projects is between 17,500- 8,500 per sq ft
• > Continue to look for opportunities in Pune
• > Expect to deploy ₹600+ cr in new acquisitions
• > Have received board approval for QIP, shareholder's approval to come soon
• > Board has approved a QIP raise of equity of up to ₹1,000 cr
• > Fundraising is a constant activity for the biz
• > Options like AIF, public markets, platform transactions, debt are all on the table
• > Co has not had any new launches in Q1
• > Delay in approvals led to zero launches in Q1
• > Expect to catch up on the postponed Q1 launches in the upcoming quarters
• > No slowdown being seen in demand right now
• > Sustenance sales have only improved
• > Seeing robust demand across markets
• > Avg price for land in Electronic City is between 11,000-13,000 per sq ft
• > Avg price for land parcel in Thane is between 19,000-24,000 per sq ft
• TradeData for the month of June |
• *India June Exports up 2.6% at $35.2 Bn Vs $34.3 Bn (YoY)
• *India June Imports up 5% At $ 56.18 Bn Vs $53.51 Bn (YoY)
• *Trade Deficit up 9.3% at $21 Bn Vs $19.2 Bn (YoY)
• MRF Price Hike
• • Hikes prices on some categories of tyres
• • Price hike to come into effect from July 18
• Price revision expected for truck, car radials
• • No clarity of price hike for two-wheeler tyres
• • No clarity on quantum of price hike expected
• Swiggy announces $65 million ESOP programme for employees ahead of IPO
• Leading online food delivery platform Swiggy announced its fifth ESOP (employee stock options programme) liquidity programme ahead of the IPO plans.
• As part of this scheme, Swiggy employees across levels and functions will have the option to receive liquidity of up to $65 million for their ESOPs.
• This is the fifth liquidity event for Swiggy since 2018, and the third consecutive event after July 2022 and 2023, making it one of the few start-ups to enable wealth-creation opportunities for its employees.
• DEN NETWORKS Q1FY25 CONS
• NET PROFIT 455.2M RUPEES VS 426M (YOY)
• REVENUE 2.48B RUPEES VS 2.7B (YOY)
• EBITDA 265.18M RUPEES VS 289.45M (YOY)
• EBITDA MARGIN 10.71% VS 10.60% (YOY)
• HDFC AMC REPORTS Q1FY25
• NET PROFIT UP 26.4% AT RS 604 CR VS RS 478 CR (YOY); RS 541 CR (QOQ)
• SHEETAL COOL PRODUCTS Q1FY25 SL
• NET PROFIT 74.4M RUPEES VS 81M (YOY)
• REVENUE 1.24B RUPEES VS 1.35B (YOY)
• EBITDA 128.9M RUPEES VS 146.5M (YOY)
• EBITDA MARGIN 10.41% VS 10.84% (YOY)
• Flows in Cash Market on 15-July-2024
• FII net bought ₹2684 cr
• DII net sold ₹331 cr
• RAJOO ENGINEERS Q1FY25 SL
• NET PROFIT 53.4M RUPEES VS 25M (YOY)
• REVENUE 508.7M RUPEES VS 312M (YOY)
• EBITDA 71.2M RUPEES VS 29M (YOY)
• EBITDA MARGIN 13.99% VS 9.33% (YOY)
• INDIA GOVT: INDIA IMPLEMENTS UNIFORM 5% INTEGRATED GOODS AND SERVICES TAX ON AIRCRAFT PARTS from previous 18% huge boost to Aerospace
• Angel One Q1FY25
• Net profit up 35/8% at ₹297.3 cr vs ₹219 cr (YoY)
• Revenue up 73.7% at ₹1,394.4 cr vs ₹802.6 cr (YoY)
• EBITDA up 48.7% at ₹472.7 cr vs ₹317.9 cr (YoY)
• Margin at 33.9% vs 39.6% (YoY)
• Angel One Q1FY2025
• Revenue at 1405 Cr vs 807 Cr YoY, vs 1357 Cr QoQ
• PBT at 396 Cr vs 296 Cr YoY, 459 QoQ
• Net Profit at 292 Cr vs 220 vs 340 Cr QoQ
• 2.6 mn clients added in Q1, a de-growth of 10.5% QoQ
• Client base stood at 24.7 mn, a growth of 11.2% QoQ
• Good #Q1FY25-15/7/24 from 5pm till 8pm
• Hatsun Agro
• #Hatsun
• #HatsunAgro
• Very good #Q1FY25
• Caution !!!
• lots of fake WhatsApp group is created with 100+ members. They discuss Equity market analyst style. In discussion they shows SCEEN SHOTS. In group internal they discuss like they are making profit from so many days.
• In text message they discuss profit and scrip and lots of things. Their DP is with SUV cars & majority mentor is female and who earn money (FROM WHATS GROUP ) DP is male and having Indian sea location. They discus each other and then they impress to a new person who joining WhatsApp group. Main forte of group admin is to give Assurance of false assured return (IN INDAIN EQUITY MARKET) & percentage wise high grantee.
• It s trap.
• first of all Do not join unknown group.
• Second do not deal with unknown person ,after all it is all about assets and investment matter.
• India Daybook – Stocks in News
• Century Textiles: Company's arm, Birla Estates, buys 5-acre land parcel in Gurugram, with estimated revenue potential of Rs 1,400 crore. (Positive)
• Hindustan Unilever: Company approves sale & divestment of company’s water purification business to A.O. Smith India for $72 m (Positive)
• LUPIN: Company divests its U.S. commercial women's health specialty business to Evofem Biosciences. (Positive)
• Bharat Agri Fert & Realty: Company introduces Wembely-24, a high-rise tower in Majiwada Thane, featuring 457 BHK residential flats. (Positive)
• Elecon Engineering: Company Limited has announced a sub-division/split of existing equity shares from 1 to 2 shares with a face value of Re. 1 each, fully paid-up. (Positive)
• NLC India: Company has emerged as the successful bidder for the Machhakata in the 8th round of commercial coal block e-auction held recently by the Ministry of Coal, Gol. (Positive)
• Hutsun Agro: Net profit up 62.9% at ₹130.5 cr vs ₹80.1 cr, revenue up 10.4% at ₹2,375 cr vs ₹2,150.6 cr (YoY). (Positive)
• Styrenix Performance: Net Profit at Rs 61.2 cr vs Rs. 32.5 cr, Revenue at Rs 698.7 cr vs Rs 543.8 cr (YoY) (Positive)
• Kelton Tech: Net Profit at Rs 20.0 cr vs Rs. 15.4 cr, Revenue at Rs 260 cr vs Rs 250 cr (YoY) (Positive)
• Rajoo Engineers: Net Profit Rs 5.34 cr vs Rs 2.5 cr, Q1 Revenue Rs 50.9 cr vs Rs 31.2 cr (YoY) (Positive)
• HDFC AMC: Net Profit at Rs 604.0 cr vs Rs. 541.0 cr, Revenue at Rs 775 cr vs Rs 695 cr (YoY) (Positive)
• JNK India: Company has received a significant order from JNK global company (Positive)
• CESC: Purvah Green Power Ltd Signs Framework Agreement for Wind Capacity with Suzlon Energy Ltd (Positive)
• Landmark Cars: June Quarter Revenue Rs 1,166 Cr vs 935 Cr, Growth Of 24.71% (YoY) (Positive)
• RVNL: Company receives letter of acceptance from East Coast Railway for a project worth Rs 160 crore. (Positive)
• Emkay Global: Investor Dolly Khanna Name Apperas With 1.63% Stake in Co during Q1 (Positive)
• Tata Steel: Company plans to double manufacturing capacity to 40 MTPA. (Positive)
• Zee Entertainment: Company receives shareholder approval with requisite majority to raise Rs 2,000 crore (Positive)
• Vedanta QIP: Base fund raise of Rs 5,016 cr with an upsize option of Rs 1,672 cr (Positive)
• SJS Ent: Goldman Sachs increased stake to 4.41% from 4.22% (Positive)
• Ganesh Green Bharat: Camellia bought 141600 at Rs. 398.00 of company. (Positive)
• ERIS Life: Franklin bought 1094201 at Rs. 1,000.04 of company. (Positive)
• JTEKT: BNP Paribas Investments increased stake to 2.16% from 2.11% (Positive)
• Timken: HSBC Funds increased stake to 1.23% from 1.11% (Positive)
• Taneja Aerospace/TAAL Enterprises: The rationalization of GST on MRO will attract investment of around 1000 crores in next 3-4 years. (Positive)
• Data Patterns: HSBC Funds name appears with 1.35% stake. (Positive)
• Hariom Pipes: Malabar Fund increased stake to 9.17% from 5.62%. (Positive)
• GMR/ Adani Ent: Government aims to further double the airports in India from existing 150: Aviation Minister. (Positive)
• Ujaas Energy: Board approves issuance of 1 bonus share for every 4 share held (Neutral)
• Den Networks: Net Profit at Rs 46 cr vs Rs. 43 cr, Revenue at Rs 248 cr vs Rs 273 cr (YoY) (Neutral)
• TNPL: Company appoints Sandeep Saxena as Chairman and MD (Neutral)
• Sheetal Cool Products: Net Profit at Rs 7.44 cr vs Rs. 8.10 cr, Revenue at Rs 124 cr vs Rs 135 cr (YoY) (Neutral)
• Spice Jet: Net profit at ₹126.9 cr vs loss of ₹6.2 cr, Revenue down 19% at ₹1,738.4 cr vs ₹2,145 cr (YoY) (Neutral)
• Benares Hotels: Net Profit at Rs 6.4 cr vs Rs 6.3 cr, Revenue at Rs 23 cr vs Rs 25.5 cr (YoY) (Neutral)
• Udaipur Cement: Net loss at Rs 10.28 cr vs profit of Rs. 4.2 cr, Revenue at Rs 325 cr vs Rs 246 cr (Neutral)
• Balakrishna Industries Company completes setting up of mould manufacturing plant at its Bhuj unit with a capex of Rs 300 crore (Neutral)
• Unichem Laboratories: U.S. FDA completes inspection at company’s Goa formulation facility, issues 5 observations (Neutral)
• Federal Bank: Bank to Consider Q1 Results on July 24 (Neutral)
• Sun Pharma: Board Meeting on Aug 1 to Consider Q1 Results (Neutral)
• JP Associates: Adani Eyes Jaypee Cement Assets through IBC (Neutral)
• Equitas SFB: Company approves appointment of Narayanan N R, K S Sampath & Ramkumar Krishnaswamy as independent directors. (Neutral)
• Jio Fin: Net Profit at Rs 313 cr vs Rs. 332 cr, Revenue at Rs 420 cr vs Rs 414 cr (YoY). (Neutral)
• Adani Ports: GQG Partners increased stake to 4.12% from 4.07% (Neutral)
• One 97 Communication: Paytm gets administrative warning from SEBI (Neutral)
• Oil upstream stocks: Windfall Tax on Crude rise to ₹7,000/tonne from ₹6,000/tonne w.e.f. July 16, 2024 (Neutral)
• Telecom Stocks: Supreme Court to urgently hear curative petition against an earlier court order regarding AGR dues. (Neutral)
• News Headlines from Business News Agencies :
• Business Standard :
• India's trade deficit widens YoY to $20.98 bn in June; exports rise 2.6%, imports up 5%
• Lupin divests women's health specialty biz in US to Evofem Biosciences
• Four sedimentary basins likely to hold 22 billion barrels of oil: S&P
• Irdai may consider implementing risk-based supervision model: Keki Mistry
• EV ride-hailing service provider BluSmart raises $24 million in funding
• Pulses output rises by 35% to 3.25 million tonnes in Uttar Pradesh
• Hindustan Zinc contributes Rs 13,195 cr to exchequer in FY24
• China's second-quarter GDP growth falls short of expectations
• TCS announces plans to hire 40,000 fresher’s this year
• Varun Beverages to set up production units for PepsiCo in Zimbabwe, Zambia
• We will continue to focus on improving quality of assets and quarterly numbers: Pradip Kumar Das, IREDA
• Economic Times :*
• Birla Estates acquires 5-acre land in Gurgaon, targets Rs 1,400 crore revenue
• 57% of equity mutual funds outperform respective benchmarks in June
• Govt aims to cover 25pc of kharif paddy area with climate-resilient seeds
• Airbus upgrades 20-year demand forecast led by wide-body jets
• Automobile retail sales up 9 percent in April-June: FADA
• India’s wholesale inflation surges to 16-month high of 3.36 per cent in June
• French IT firm Atos secures funding of $1.82 billion to restructure its debt
• Goldman Sachs posts strong Q2 profits on debt underwriting and fixed-income trading surge
• Confident of meeting overall guidance of 3-5% constant currency growth for the year: HCL CEO
• TSMC second-quarter profit seen jumping 30% on surging AI chip demand
• Goldman Sachs lowers China 2024 growth forecast to 4.9%
• Mint :
• L&T eyes $50-60 bn opportunity in Middle East oil-to-chemicals business: Report
• India's total exports projected to grow 5.4 per cent in June 2024
• Swiggy launches $65 million Esops liquidity programme ahead of IPO
• Goldman Sachs elevates Ramakrishnan, Nambakam as investment banking co-heads
• HDFC AMC Q1 Result: Net profit surges 26% on year to ₹604 crore
• Northern Arc Capital gets SEBI nod to raise funds via IPO
• IndiGo working on better automated responses to complaints, queries
• Aluminium companies urge finmin to revise duty structure on metal, scrap
• Sany India looks to increase exports, double production levels by 2025
• Google's Alphabet to make biggest acquisition yet with $23 bn Wiz deal: Report
• Union budget may approve ₹4.5 trillion for rural housing scheme
• "Don't always trust what you see. In a bull market, even a duck looks like a swan."
• FX Hub:
• *Snapshot:
• Markets are increasingly confident about a September Fed rate cut. Brent Crude prices cooled off. DXY seen finding support at 104.00 levels. Weakening Chinese Yuan and flows continue to exert pressure on rupee. For USDINR, 83.45 acts as a support while 83.72 a resistance.
• Market Brief:
• - India's June trade deficit widened to $20.98 billion from $19.19 billion last year, narrowing from May's $23.78 billion. Exports rose 2.6% year-on-year to $35.2 billion, imports increased 5% to $56.18 billion.
• - Fed Chair Jerome Powell mentioned that the three US inflation readings of this year "add somewhat to confidence" that inflation is on course to meet the Fed’s target in a sustainable manner, suggesting that a shift to interest rate cuts may not be far off.
• - Fed Bank of San Francisco President Mary Daly stated that inflation is cooling down in a way that bolsters confidence that it’s on its way to 2%. However, Daly added that more information is needed before making a rate decision.
• - Investors expects the European Central Bank (ECB) to maintain its policy rate unchanged at its July 18 gathering, although markets continued to see two additional cuts by year-end.
• - According to the CME’s FedWatch Tool, the market is expecting a rate cut in September. Rate traders are now pricing in a 100% chance that the Fed funds rate will decline by at least 25 basis points when the Federal Open Market Committee (FOMC) meets on September 18.
• *Major events (IST):
• - 2:30pm: German ZEW Economic Sentiment (EUR)
• - 6pm: CPI m/m (CAD)
• - 6pm: Retail Sales m/m (USD)
• *Commodities/Debt:
• - DXY: 104.33, Brent Oil: $84.61, Gold: $2427, 10Y Gsec: 6.99, 10Y UST: 4.21
• *Technicals (Support and Resistance):
• a. EUR/USD: 1.0840-1.0940
• b. GBP/USD: 1.2880-1.3000
• c. USD/JPY: 157.20-159.80
• You can follow me on below platforms for my FX views:
• Twitter:
• https://x.com/SodhaniKunal?t=yXRnSYiMa66UknthvHPcFg&s=09
• Instagram Page:
• https://instagram.com/kunal_sodhani?igshid=MWZjMTM2ODFkZg==
• LinkedIn Page:
• https://www.linkedin.com/in/kunalsodhani1?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app
• Thanks & Regards,
• Kunal Sodhani (Beast)
• (Personal view)
• Nifty closed @24,586.70 (+84.55) and Sensex @80,664.86 (+145.52) on Monday GIFT Nifty was trading at 24 633 (as of 7:30 a.m)
• FIIs net bought equities in cash to the tune of Rs 2685 cr whereas DIIs sold equities in cash worth Rs 331 cr on July 15 2024
• Jio Financial Services consolidated net profit fell 6% y/y to Rs 313 cr in 1QFY25 from Rs.332 cr a year ago
• ZEE Entertainment shareholders approve plan to raise Rs 2,000 cr
• HDFC AMC reported a 26% jump in net profit at Rs 604 cr in 1QFY25 against Rs 477 cr in the same period of last year
• HDFC Life reported a 15% y/y increase in net profit to Rs 478 cr in 1QFY25 aided by healthy 18% y/y growth in its back book
• Ashok Leyland bags single largest order for Viking bus from MSRTC for Rs. 982 cr
• HUL to sell Pureit to AO Smith India for Rs 601 cr
• Vedanta announces launch of QIP, sets floor price at Rs 4612 a piece
• Varun Beverages expands PepsiCo snack franchise to Zimbabwe, Zambia
• SpiceJet posts net loss for sixth consecutive year amid ongoing cash crunch
• Adi Godrej family entity pares stake in Godrej Consumer Products for Rs 1645 Cr
• Lupin divests US women’s health specialty business to Evofem Biosciences for Rs. 84 million
• The central government hiked the windfall tax on crude petroleum the special additional excise duty on crude petroleum was hiked from Rs 6000 /t to Rs.7000 /t
• Birla Estates acquires land in Gurugram for Rs 1400 cr residential project
• Sai Life Sciences files DRHP to raise Rs. 800 cr via fresh issue of shares
• Swiggy announces $65 million ESOP programme for employees ahead of IPO
• Indian ADRs: Dr Reddy’s Labs (+1.1%), Wipro (-0.6%), Infosys (-0.4%)