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 09, 2024

• News Headlines from Business News Agencies:
• Business Standard
• Torrent Power to build 50 MW solar projects for ARS Steel's power supply
• Tata Realty gets Rs 825 cr from IFC for advancement in Chennai green asset
• Blackstone Inc in advanced talks to acquire controlling stake in Haldiram's
• L&T bags Rs 10-15K cr order to build two solar plants in West Asia
• Tata group airlines complete harmonising operating manual ahead of merger
• Life insurance companies' new business premium up nearly 23% in Q1FY25
• Economic vision and not stimulus in Modi 3.0 budget: Goldman Sachs
• Life insurance companies' new business premium up nearly 23% in Q1FY25
• SpiceJet faces new financial crisis over unpaid provident fund dues
• Sebi approves IPO of Akums Drugs, Ceigall India, Orient Tech, Gold Plus
• State Bank of India invites EoIs for stressed exposure in Amul Industries
• India likely to get coking coal from Mongolia on Trial basis in July
• Economic Times
• India employment provisionally grew at 6% in FY24 vs 3.2% in FY23, RBI data shows
• Vitol Asia and Bharat Petroleum among bidders for Sri Lanka LGP terminal
• BYD India appoints Rajeev Chauhan as VP of electric passenger vehicle business
• NITI Aayog to hold next governing council meeting on July 27
• Mercedes-Benz India posts record half-yearly sales at 9,262 units
• Mercedes ready to invest $500 mn in Indian EV biz but it has a condition
• Maruti Suzuki plans to dispatch 35% of total vehicle production via railways in 7-8 years
• MobiKwik claims to be largest digital wallet player in terms of transaction value
• India's tea prices soar as extreme weather slashes output
• IBM to launch GenAI Innovation Center in Kochi
• Quant Mutual Fund investors withdraw Rs 2,800 crore amid Sebi probe: Report
• MahaRERA acts against 628 projects for registration, QR code rules non-compliance
• Mint
• Centre reopens application window for AC, LED light parts under the PLI scheme
• Solar power industry seeks extension of waiver on interstate charges
• Flipkart-backed Zinka Logistics Solutions files draft IPO papers with SEBI
• JPMorgan index inclusion makes target maturity funds ideal for attractive yields
• Tata Motors Q1 update: Global wholesales increase 2% YoY
• Telcos hiring down to 30% in FY25, job additions in 5G & expansion plans: Report
• Carlsberg to buy Britvic for USD 4.23 billion
• India To Have Over 50 World Trade Centres In Next 5-7 Years: WTCA
• Boeing agrees to plead guilty in 737 MAX criminal case
• Apple may start iPad production in India, AirPod cases at Pune, says report
• Alstom plans to make train batteries in India for Vande Bharat, metro rail
• India Daybook – Stocks in News
• KPI Green Energy: Company signs 50MW hybrid power purchase deal with Gujarat Urja Vikas Nigam. (Positive)
• Diamond Power: Company wins order worth 409 Cr Rupees from Adani Green. (Positive)
• Torrent Power: Company in pact with ARSS teeks and Torrent Urja 14 for setting up 50 MWp solar projects in Tamil Nadu (Positive)
• Waaree Renewable: Company secures 412.5 MW solar project in Rajasthan (Positive)
• Mahanagar Gas: Company hikes CNG price by ₹1.50/kg & domestic PNG by ₹1/SCM in & around Mumbai w.e.f. July 9 (Positive)
• Bajaj Finserve: Bajaj Allianz life insurance co June new business premium seen at 10.8B vs 7.68B (MoM) (Positive)
• HEC Infra: Company get order 28.44 cr rupees (Positive)
• HG Infra: Company enters into MoU with Ultra Vibrant Solar Energy for execution of solar power plant project (Positive)
• Easemy trip: Company expands Its Franchising Network, Opens Doors to the First Franchise Store in Gujarat (Positive)
• Lupin: Company gets tentative U.S. FDA approval for ANDA of Empagliflozin. (Positive)
• Bandhan Bank: Company launches enhanced trade products to facilitate global business transactions (Positive)
• Ajmera: Sales surged 36% year-on-year to Rs 306 crore in Q1FY25 due to recently launched Ajmera Vihara project in Bhandup, Mumbai. (Positive)
• Bandhan bank: Launched an array of trade products to facilitate global business transactions (Positive)
• IRB/DBL/AShoka: Government seeks nod to accelerate process of awarding of road projects new scheme expected to replace Bharatmala Pariyojna. (Positive)
• HFCL: Company's Netherlands unit incorporates subsidiary in the U.K. for making optical fibre cables (Positive)
• LIC: Premium up 13.6%; total APE up 20.8% & retail APE up 12.7%. (Positive)
• SBI Life: Premium up 22.0%; total APE up 16.6% & retail APE up 18.3%. (Positive)
• ICICI Pru: Premium up 14.0%; total APE up 12.7% & retail APE up 27.8%. (Positive)
• HDFC Life: Premium up 8.0%; total APE up 25.5% & retail APE up 32.6%. (Positive)
• Keystone: ICRA has upgraded long term rating for Rs 100 cr bank facilities of the company from ICRA A to ICRA A-. (Positive)
• RailTel Corp: Company to pay Rs. 1.85 per Share as final dividend. (Neutral)
• Spice Jet: Company has not deposited staff's PF since January 2022. (Neutral)
• Container Corp: Company total throughput at 11.59 lakh TEUs, up 6% YoY (Neutral)
• Pitti Engineering: Company opens QIP for raising up to Rs 360 crore, sets floor price as Rs 1,054.25/share (Neutral)
• VA Tech Wabag: Company approved sale of 100% stake in wabag water services S.R.L, Romania, deal for EUR 1.2M (Neutral)
• Bank of Baroda: Alok Vajpeyi ceases to serve as Director of bank w.e.f 8th- July-2024 upon completion of his tenure (Neutral)
• M&M: Company Launces Mileage guarantee for BS6 OBD. (Neutral)
• Senco Gold: Company reports retail sales growth of 11% in Q1FY25. (Neutral)
• Sanofi: Board Meeting On July 26 To Consider Q1 Results. (Neutral)
• IDFC First Bank: Board Meeting On July 27 To Consider Q1 Results. (Neutral)
• Max Life: Premium down 6%, total APE up 17.6% & retail APE up 22.2%. (Neutral)
• HCL Tech: Chairperson Roshni Nadar Malhotra conferred the Chevalier de la Légion d’Honneur by France. (Neutral)
• Godrej CP: India business performed well with high-single digit organic volume and mid-single digit value growth. (Neutral)
• Nestle India: Shareholders approve royalty payment rate of 4.5% to Swiss parent company. (Neutral)
• Piramal Enterprises: Company intends to ramp up growth to 15% and boost assets under management to Rs 80,000 crore. (Neutral)
• Dixon Technologies: Company will acquire 6.5% stake in Aditya Infotech for divesting in its joint venture with the company. (Neutral)
• Jio Financial: Charanjit Attra resigns as Group COO of Company, effective July 8. (Neutral)
• Utkarsh SFB: Gets RBI nod for re-appointment of Govind Singh as MD and CEO for 3 years effective September 21 (Neutral)
• Jupiter Wagons: Company opens QIP, sets floor price at ₹689.47/share. (Neutral)
• Swan Energy: Blackrock buys 1.45% stake worth Rs 304cr while 2 FIIs sold shares. (Neutral)
• Urja Global: CGST Department carrying search operation at Company’s corporate office from July 3 (Negative)
• Kohinoor Foods: Company gets notice from central bureau of investigation in name of company's Director. (Negative)
• Bernstein on ER&D
• Initiate Outperform Call On Persistent, Target Rs 5,920
• Initiate Outperform Call On KPIT Tech, Target Rs 2,120
• Initiate Market Perform On Coforge, Target Rs 6,080
• Initiate Underperform On Tata Elxsi, Target Rs 6,030
• Believe ‘Specialist’ Engg Svcs Focussed On Software & Auto Have Long Headroom Of Growth
• ‘Specialist’ Engg Svcs Have Partnership With Global Innovators Like Microsoft, Tesla
• The Engg Services Have Built Strong Sales & Management Capability
• Jefferies on GMR Airports
• Buy Call, Target Rs 100
• Delhi Airport T1’s Forecourt Canopy Recently Collapsed Post Heavy Rains
• Post The Canopy Collapse, Most Of The T1 Air Traffic Has Been Temporarily Moved To T2 & T3
• T1 Handles Domestic Traffic Only, Thus Int'l Traffic & Related Rev Streams Remain Unaffected
• Mgmt Is Working With Concessionaires At T2/T3 To Ramp-up Svcs For Raise Passenger Flow
• MS on Life Insurance
• Q1FY25 Total APE Growth Ahead Of Estimates For HDFC Life At 22% & SBI Life At 18%
• Q1FY25 Total APE Growth In-Line For ICICI Pru, At 34%
• A Good Start To FY25, Despite Being On A Weak Base
• HDFC Life, SBI Life, ICICI Pru Reported Individual APE Higher Than Est
• HDFC Life Saw The Biggest Beat Vs Estimates
• MS on Goderej Cons
• Equal-Weight Call, Target Rs 1,231
• Consolidated Organic Revenue To Be Flat YoY In Rupee Terms
• Consolidated Organic Revenue To Register Double-digit Constant Currency Sales Growth
• Reported EBITDA To Grow In Double Digits (Estimate +16%)
• Indonesia To Deliver High-single-digit Volume Growth
• Indonesia To Deliver Double-Digit Constant Currency Sales Growth
• GAUM Organic Volumes To See Double-digit Decline Due To A High Base In West Africa
• GAUM Organic Volumes To See Decline Due To Pricing Decisions In Nigeria
• INR Revenue Growth Will Be Affected By Currency In Nigeria
• MS on Phoenix Mills
• Overweight Call, Target Rs 3,400
• Reported Q1FY25 Consumption Growth Slower Than Assumption
• Phoenix Marketcity Mumbai And Palassio Lucknow Saw Double-digit Growth
• Balance Was Contributed By New Malls
• Looking At Q4 Moving Average Number, Growth Has Been 23-24% YoY Last 4 Quarters
• Citi on Affle India
• Initiate Buy, Target Rs 1,600
• Positively Leveraged To Digital Ad Spends
• Co Is Well Positioned To Benefit From Recovery In Mobile-Ad Budgets
• Co’s RoE Focused M&A Strategy Should See Biz Turnaround In Large DM Markets Like The US
• Expect 20% Topline CAGR Over FY24-27 & 400 bps EBIT Margin Expansion Over The Period
• Value Co At 48x Mar’26 P/E
• UBS on Chemicals
• Worst may be over due to
• 1)stimulus policies in China aiding margin expansion
• 2)producers reducing utilization
• 3)capacity addition delays
• 4)somewhat lower inventory over time
• Near-term demand remains weak; cyclical upturn expectation in 24 receded
• Prefer PI Ind – Buy, TP Rs 4800 & Navin – Buy , TP Rs 4250
• Sell on Aarti Ind (TP Rs 615 & Gujarat Fluor – TP Rs 3000
• Pressure from China capacity additions may have peaked; recovery likely to be drawn out
• CITI On Emami
• Buy, TP raised to Rs 900
• Near-term, see tailwinds in form of
• a) strong summer season (to benefit Navratna hair oils, Dermicool talc),
• b) potentially above-normal monsoons (Fig 1; drive uptick in demand, benefits pain management portfolio)
• Jefferies on Tech Mahindra
• U-P, TP Rs 1065
• Co's FY24 AR shows that over FY24-27, even if Co keeps
• 1) its employee related cost growth 2ppts below its rev growth
• 2) its pass-through costs steady
• 3) all other opex steady, margins will still only rise to 13.6% by FY27 & not 15%
• MOSL on OIL & Gas
• ONGC – Buy, TP Rs 330
• Trading at 0.9x consol. FY26E P/B despite boasting a consol. FY26E RoE of 17.2%.
• A sharp re-rating of HPCL (55% sub) & other listed investments (Rs44/sh, ex-HPCL) remain key catalysts
• GAIL – Buy, TP Rs 260 (preferred pick)
• Remains in a structural upturn marked by
• 1)Improving vol growth outlook
• 2)Potential for 10-12% tariff hikes in transmission biz in 2HFY25-26
• 3)Completion of transmission & petrochem projects that will boost RoE & RoCE
• Nifty closed @24,320.55 (-3.30) and Sensex @79,960.38 (-36.22) on Monday GIFT Nifty was trading at 24377.50 (as of 7:30 a.m)
• FIIs net bought equities in cash to the tune of Rs 61 cr whereas DIIs bought equities in cash worth Rs 2867 cr on July 08 2024
• Draft tax law likely in budget for minimum levy on multinational enterprises
• RINL’s sale may be fast tracked Naidu likely to support privatization
• Zero registration fee for hybrid cars in UP raises the bar in NCR
• Govt reopens window for white goods PLI
• Nestle India shareholders approve continuation of 4.5% royalty fee to Swiss Parent
• RBI okays 51% stake sale proposal for Yes Bank
• Dixon Technologies to sell 50% stake in JV to Aditya Infotech
• Ajmera Realty Infra clocks 36 growth in Q 1 sales bookings to Rs 306 cr
• Phoenix Mills Ltd ..'s retailer sales stood at Rs 3214 crore, up 25% in the Q1FY25
• Adi Nadir family buys over 12% stake in Godrej Industries for Rs 3800 crore
• L&T bags ' order of up to Rs.15000 crore from leading developer in the Middle East
• Tata Motors Group Q1FY25 global wholesales up 2%
• Birla Opus expands its presence to 300 towns
• Mahanagar gas hikes Mumbai CNG and piped gas prices
• Adani sets sail for shipbuilding at Mundra
• iramal Enterprises aims to increase AUM to Rs 80,000 crore by FY25 end
• Xiaomi to source 55% of components locally
• Indian ADRs: Dr Reddy’s (-0.7%), Infosys (+0.4%) and Wipro (+0.5%)