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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July 11, 2024

• Stocks Down by 40% from the Top Even in this Bull Run
• One 97
• Zee Entertainmen
• Mah. Seamless
• Rajesh Exports
• SPARC
• Vaibhav Global
• Spandana Sphoort
• Delta Corp
• Salasar Techno
• Sindhu Trade
• Unitech
• Dish TV India
• Sai Silks
• Tasty Bite Eat
• India Pesticides
• India Daybook – Stocks in News
• Zydus Life: Company receives final approval from USFDA for sacubitril and valsartan tablets. US sales of Approx 5.5B. (Positive)
• Oriental Rail: Company secured orders worth 193.4m rupees from rail coach factory (Positive)
• Sula Vineyards: Company Q1 net revenue up 9.7% (YoY), company will begin bottling at unit in Maharashtra. (Positive)
• Satin Credicare: Company gets €15 million debt funding from Austria's OeEB (Positive)
• Ahasolar Technologies: Company gets work order for electric vehicles charging infrastructure, company gets work order worth 4.5m rupees (Positive)
• MOS Utility: Company unit MOS Logconnect Pvt ltd, partners with India post to revolutionize postal services nationwide. (Positive)
• GE Power: Company to sell its hydro business undertaking to GE Power Electronics. (Positive)
• KCP Sugar: Net Profit at Rs 54.1 cr vs Rs. 30.6 cr, Revenue at Rs 88.6 cr vs Rs 95.8 cr (YoY) (Positive)
• IRB Infrastructure: Company’s gross toll collection at Rs 517 crore in June, up 35% year-on-year (Positive)
• Yes Bank: Moody’s affirms Bank's Ba3 ratings, changes outlook to positive from stable. (Positive)
• Oriana Power: Company gets new order worth Rs 155 crore for 40 MWp solar plant in Rajasthan (Positive)
• Bajaj Healthcare: Company approves raising up to Rs 137 crore via preferential issue of shares. (Positive)
• Shalby: Company gets Mumbai Charity Commissioner's nod for executing 30-year lease for Asha Parekh Hospital in SantaCruz, Mumbai. (Positive)
• Zee Media: Company appoints Karan Abhishek Singh as CEO of the company w.e.f. July 10, 2024 (Neutral)
• Yes Bank: Bank’s $5 billion stake draws interest from Middle East and Japan buyers. (Neutral)
• Glenmark Pharma: Company to sell 7.84% Glenmark Life stake via OFS. (Neutral)
• Bartronics India: Kinex India to sell 4.43% stake in company via OFS. (Neutral)
• SBI: Bank raised rs. 10,000 crores at a coupon rate of 7.36% through its sixth infrastructure bond issuance. (Neutral)
• IRCTC: DMRC, and CRIS collaborate to promote the 'One India – One Ticket' initiative, enhancing the travel experience for Main Line Railway and Metro passengers in the Delhi NCR area (Neutral)
• JTL Industries: Net Profit at Rs 30.7 cr vs Rs. 25.4 cr (YoY), Revenue at Rs 515 cr vs Rs 500 cr (YoY) (Neutral)
• Asian Paints: Company confirms price hike across portfolio by 1%, to be effective July 22. (Neutral)
• Dhruv Consultancy: company wins order worth 5.7cr rupees. (Neutral)
• Tata Elxsi: Net Profit at Rs 184 cr vs Rs. 189 cr (YoY), Revenue at Rs 926 cr vs Rs 850 cr (YoY). (Neutral)
• Rallis India: Company files writ petition in Bombay HC against tax demand worth Rs 408 crore by IncomeTax department. (Neutral)
• L&T: Company's step-down wholly-owned subsidiary incorporates arm L&T CIS in Uzbekistan. (Neutral)
• Power Grid: Company to increase current borrowing limit from to Rs 15,000 crore in FY25. (Neutral)
• Kesoram Industries: Net loss at Rs 62 cr vs loss of Rs. 32.4 cr (YoY), Revenue at Rs 879 cr vs Rs 999 cr (YoY). (Negative)
• News Headlines from Business News Agencies:
• Business Standard
• Siemens bags order for electrification of Bengaluru Metro phase 2
• BI raises Rs 10,000 crore at a coupon of 7.36% in 15-year infra bonds
• Telecom equipment production sales cross Rs 50,000 crore under PLI scheme
• Zydus Life gets USFDA approval to market heart failure treatment drug
• EMPS 2024: OEMs can claim incentives twice a month, Aadhaar mandatory
• Uber sees rise in Indian travellers using app abroad, sets summer record
• India-EFTA FTA: Goyal to meet investors in Switzerland on FDI commitment
• State-owned CIL firms up coal gasification joint venture plan with Bhel
• Vedanta going ahead with demerger of businesses, says Anil Agarwal
• HDFC MF stops new SIP registrations in defence fund amid valuation concerns
• Battery energy storage capacity grows over 4-fold to 219 MW in Q1: Report
• Spirits set to overtake wine as global drinking habits take a turn
• Economic Times
• Tata Elxsi Q1 Results: Net profit falls 3% YoY to Rs 184 crore
• India Ratings sees rise in private consumption led by rural demand
• Commercial vehicle sales volume to fall 3-6 pc in FY25: Report
• Eton Solution onboards NR Narayana Murthy’s family office as first client
• India can become intelligence capital of the world: Nvidia South Asia MD
• Construction companies likely to report subdued growth in Q1 amid lower awarding of projects, slow execution
• Most telecoms want price reduction in 40GHz spectrum band
• Gurmeet Chahal appointed as CEO of Quess Global Technology Solutions
• RBI deputy guv flags concerns over quality of disclosures by some NBFCs
• Govt caps interest equalisation at Rs 1.66 crore per IEC for July-August
• Expecting 30-40 million monthly transactions by March 2025: ONDC CEO T Koshy
• Mint
• Glenmark Pharma to offload 7.84% stake in Glenmark Life Science through OFS
• Yes Bank’s $5 billion stake said to attract lenders from the Middle East, Japan
• SAT gives Religare time to comply with Sebi order in Burman open offer case
• Rajasthan Budget proposes ₹27,000 crore for health sector
• XUV 700 price cut not linked with UP's new vehicle policy: Mahindra and Mahindra
• Flipkart Launches Home Appliances and Electronics of American Giant Admiral
• Zee Media appoints Karan Abhishek Singh as CEO of the company
• Norfund, DEG in $250-mn race for stake in IndiGrid's power transmission platform
• India head of PE firm CVC Capital on his way out, firm might appoint new MD
• OECD urges action to tame lobbying as industrial policy takes hold
• Chinese auto exports surge 29%, partly offsetting 7.4% sales slump at home
• Jefferies on RIL
• Buy, TP Rs 3580
• Jio's public listing looks possible in CY2025
• Jio could list at $112bn val, 7-15% upside to RIL
• Inst investors prefer a spin off to avoid holdco discount
• IPO route — Better control but holdco disc.; needs large Retail mobilization
• Nomura on Ambuja Cements
• Upgrade to Buy, TP Raised to Rs 780
• Another round of inorganic expansion possible
• Lower heat consumption & higher share of green power to result in cost savings
• JPM on Tata Elxsi
• UW, TP Rs 5800
• 1Q in-line on rev & beat on adj margins led by delayed wage hikes
• CC QQ growth of 2.4% driven by bounce back in Transportation, while Media & Comm continued to remain soft & Healthcare declined
• Cut earnings by 2-4% over FY25-27E
• UBS on Havells
• Buy, TP Rs 2040
• Announced capacity expansion for cables with an investment outlay of Rs3.8bn
• This could generate an incremental topline of Rs15bn
• A step in right direction given strong demand tailwinds & addresses concerns on capital allocation
• Bernstein on SONA BLW
• O-P, TP Rs 780
• Sona has been increasing its gearing to EVs, with BEV revenues now at 30% of sales and likely to reach 45% by FY26, as per management
• MOSL on Hindalco
• Buy, TP Rs 800
• Capacity expansion to drive next leg of growth; Novelis to witness further margin gains
• For FY25, management expects to incur capex of Rs60b in India for
• 1)mines expansion
• 2)alumina refinery
• 3)FRP-II & smelter expansion
• 4) aluminum power work
• Macquarie on Asian Paints
• O-P, TP Rs 3800
• Marginal price hike in economy-end effective from July 22
• Demand trends saw slight improvement in 1Q
• Initial dealer feedback on Grasim entry has been mixed with most indicating a clearer picture will emerge in a few mths
• Nifty closed @24,324.45 (-108.75) and Sensex @79,924.77 (-426.87) on Wednesday GIFT Nifty was trading at 24,391 (as of 7:30 a.m)
• FIIs net bought equities in cash to the tune of Rs 584 cr whereas DIIs bought equities in cash worth Rs.1,082 cr on July 10 2024
• Abu Dhabi lender in race for$ 5 bn Yes Bank race
• Tata Elxsi Q1FY25 PAT declined 6.5% QoQ misses estimates
• Glenmark Pharma to sell entire 7.85% stake in Glenmark Life through OFS
• JTL Industries Q1 results: Net profit increases 21% to Rs 31 crore
• IRB Infra Toll Collection Rose 35% to Rs 517 Crore In June
• Asian Paints hiked prices across its product portfolio by about 1%
• Sanofi India decides to put headquarters in Mumbai on the block expected to yield Rs 250 cr
• Apply for open offer by July 22: SAT to Religare
• SC stays HC order on taking back land near Mundra Port from Adani entity
• New NSE criteria: Over 1,000 securities not to be accepted as collateral from Aug 1 Adani Power, Suzlon Bharat Dynamics, Yes Bank on the list
• Private Life insurers hike term policy premium
• Kesoram Industries Q1FY25 net loss widens to Rs.62 crore, revenue declines 12%
• GE Power shares rise 8% on bagging order from Mangalore Refinery
• Indian ADRs: Dr Reddy's (+0.7%), Infosys (+0.4%) and HDFC Bank (-1.5%)