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July 05, 2024

RailTel Corporation of India Ltd. ("the Company") has received the work order from Webel Technology Limited for Work Order amounting to Rs. 24 cr Marginal Positive
Ahluwalia Contracts (India) Limited has secured an order of Rs. 572.00 Crores from Airports Authority of India for Construction of New Terminal Building, Allied Structure and External Development works on Engineering Procurement and Construction (EPC) Model at Darbhanga Airport at Bihar to be executed in 24 months. Positive
Coal India Limited (CIL) letter dated 2nd July 2024 to IDL Explosives Limited (IDL), a wholly owned subsidiary of GOCL Corporation Limited has communicated IDL being barred for award of any contract / order by CIL or its subsidiaries for a period of two years. However, this will not affect the current running contracts (RC) which are effective up to May’25 Negative
Ircon International Limited (IRCON) has been awarded a LOA for the work of “Design, supply, installation, testing and commissioning of broad gauge ballastless track (BLT), through a Joint Venture i.e. IRCON- Paras Railtech Private Limited- PCM Strescon Overseas Ventures Limited in the ratio of 60:25:15 respectively. The order Size is Rs.750cr to be executed over 42 months. Positive
CNBC: Insurance Cos Get GST Relief
Over 100 DGGI Notices Worth e 20,000 Cr Are Now Defunct
#JustIn | #NSE puts cap on opening price for SMEs on listing day
Puts overall capping up to 90% over issue price for SME #IPOs
NSE Says price control cap of 90% shall be applicable only to #SME segment
Circular will come in force with immediate effect July 4, 2024
The board of K.P. Energy Limited has approved to allot 6,88,800 warrants each convertible into fully paid up equity shares at an Issue price of INR 412/- per warrant to Dr. Faruk G. Patel, the Promoter of the Company on a private placement basis representing to 1.02% of the fully diluted paid-up equity capital of the Company.
Antique on Ramco Cements
Downgrade to Hold, TP cut to Rs 840 from Rs 1000
Cos 4Q realization to 4-yr low of less than Rs 4900/tn may not improve meaningfully in near-term as
a) South region utilization (currently at 65%) is unlikely to fall below 55% nor is it likely to cross 85%
b)Ramp-up of recently acquired low utilized assets by larger peers in near-term
Hence, Co’s profitability may not improve meaningfully in near-term which is key for deleveraging & re-rating
Cut FY25– 27E EBITDA by 5%–8%, lower target multiple to 12x (earlier 13x)
Jefferies on HDFC BK (Q1 update)
Buy, TP Rs 1880
Deposits were flat QoQ & below Rs297bn mobilised in 1QFY24, which was slightly disappointing.
Avg deposits were +5% QoQ
Await trends in retail & wholesale deposits, which were provided up to 4Q
MS on HDFC BK (Q1 update)
OW, TP Rs 1900
Volume growth expected to be soft owing to seasonality.
Period-end deposit growth was flat QoQ, but was up 4.6% QoQ on an average basis.
Reported loan growth was down 0.8% QoQ, largely owing to the wholesale segment (down 5% QoQ, by est.)
Nomura on HDFC BK (Q1 update)
Neutral, TP Rs 1660
Reported 11% y-y / flat q-q growth in its gross AUM on a proforma basis.
Net of loan sell-downs [i.e., interbank participatory certificates (IBPC)], gross loans declined by 0.8% q-q, while y-y growth stood at a soft 10.8% y-y.
Bernstein on HDFC BK (Q1 update)
O-P, TP Rs 2100
Yet another weak first quarter for deposits
Sharp decline in corporate/wholesale loans
Lower CASA might offset gains from better loan mix
CLSA on HDFC BK (Q1 update)
O-P, TP Rs 1725
Deposit accretion weaker-than-expected in 1QFY25
GS on NTPC
Buy, TP Rs 395
Govt seeking accelerated coal capacity ordering; suggests a sense of urgency, but supply chain could be a challenge
NTPC’s coal pipeline robust; impending foray into nuclear should provide long-term growth visibility
Trading at an appealing val
CITI On PNB (Q1 update)
Sell, TP Rs 95
Reported gross advances growth of 12.7% yoy/5.1% qoq, faster than 4Q growth of 11.5% yoy and CitiE of 3.4% qoq.
Domestic advances registered growth of 12.1% yoy/5% qoq
Expect retail & SME advances to be primary growth driver
MS on RBL BK (Q1 update)
UW, TP Rs 250
Gross loan growth 3% QoQ (18% YoY vs 19% in 4QF24).
Retail loan growth strong (10% QoQ vs. 6%), while non-retail declined (down 7% vs. +3%).
CASA deposits declined 9%, after +16% QoQ in 4QF24.
Liquidity strong (137% vs. 140%)
MS on Gujarat Gas
Gujarat Gas has lifted industrial natural gas prices amid global LNG supply disruptions & after increase in auto CNG prices by IGL
This should help margins recover as the economics still favour gas.
India Daybook – Stocks in News
Alhuwalia Contracts: Company gets Rs 572 crore order from Airport Authority of India for development of new civil enclave at Darbhanga Airport in Bihar. (Positive)
CG Power: Company enters into Development Agreement with Sky bound Realty. (Positive)
RVNL: Company signs MoU with Delhi Metro Rail Corp for participation in upcoming projects in India and abroad (Positive)
Sanghvi Movers: Company incorporates wholly owned subsidiary, Sangreen Logistics. (Positive)
Railtel corporation: Company secured order worth Rs.239.6m (Positive)
Shilpa Medicare: Company’s CDMO customer reported positive results from pivotal clinical trial & placed binding purchase order. (Positive)
Raymond: Company Board approves demerger of Raymond Realty and Raymond Limited. 1 equity share of Raymond Realty every 1 equity share of Raymond Limited. (Positive)
BGR Energy: Company to raise up to ₹1,000 cr via rights issue (Positive)
KDDL: Company board meeting on July 9 to consider a proposal for buyback of shares (Positive)
IDFC First Bank: LIC acquires additional 2.68% stake in Bank for Rs 150 crore (Positive)
ICICI Lombard: Company launches AI-powered health insurance plan (Positive)
Ujjivan SFB: Deposits up 22% at Rs 32,500cr; Loan book up 19% at Rs 30,091cr YoY (Positive)
Capital SFB: Asset & CASA ratio improves QoQ, Deposit at Rs7778cr vs Rs 7064 cr, up 10.1% YoY (Positive)
PNB: Global Deposits Up 2.8% QoQ & 8.5%, Domestic Deposits Up 2.7% QoQ & 8.1% YoY (Positive)
IRCON: Company gets order worth ₹750.82 crore from Rail Vikas Nigam Limited (RVNL) (Positive)
United Spirits: Company signs leased manufacturing agreement with West Bengal government. (Positive)
UCO Bank: Total Advances Up 17.78% at Rs 1.94 lakh Cr Vs Rs 1.64 lakh Cr YoY, Total Deposits Up 7.39% at Rs 2.68 lakh Cr Vs Rs 2.50 lakh Cr YoY (Positive)
Poonawalla Fincorp: Company's AUM grew by 52% to Rs 26,970 crore in Q1FY25. (Positive)
Krsnaa Diagnostics: Receives order from Bhabha Atomic Research Centre for providing Tele Reporting Services for Radiology at the BARC Hospital, Mumbai (Positive)
VST Ind: Radhakishan Damani increased stake by 2 percent to 36.33 percent (Positive)
Bajaj Auto: Company to launch World's First CNG Bike. Plans to manufacture 20,000 units/month by 2025 (Positive)
ESAF Small Finance Bank: Total Deposits Up 33.41% YoY & Up 5.13% QoQ, Term Deposits Up 24.65% YoY & 3.87% QoQ (Positive)
Mahindra Life space: Company Developers selected as preferred partner for redevelopment of 7 residential societies in Mumbai's Borivali West. (Positive)
FSN E-Commerce: Company’s arm incorporates wholly owned subsidiary, Nysaa Cosmetic Trading in Qatar (Positive)
Ixigo: Net profit at Rs 7.34 cr vs Rs 4.69 cr (YoY), Revenue at Rs. 167.99 cr vs Rs. 138.85 cr (YoY) (Positive)
H.G. INFRA: Company says H.G. solar projects PVT ltd, a wholly owned subsidiary of co, has incorporated a wholly owned subsidiary, namely H.G. DUDU solar project PVT ltd (Neutral)
HDFC Bank: The Bank’s gross advances grew by 14.9% YoY (Excluding merger impact) (Last Quarter growth was 17.3%) The Bank’s deposit grew by 16.5% YoY (Excluding merger impact) (Last Quarter growth was 18.4%) (Neutral)
CIPLA: Company says dissolution of wholly owned step-down subsidiary in Philippines. (Neutral)
Zomato: Company shuts down hyperlocal delivery platform 'Xtreme' amid poor demand (Neutral)
Delhivery: MCA approves incorporation of Company’s wholly-owned subsidiary, Delhivery Robotics India. (Neutral)
IDBI Bank: Total Deposits Up 13% At Rs. 2.77 lakh Cr Vs Rs. 2.44 LK Cr (YoY), Net Advances Up 17% at Rs. 1.94 Lk Cr vs Rs 1.65 Lk Cr (YoY) (Neutral)
Greaves Ind: Unit Greaves Finance Names P. B. Sunil Kumar as CEO. (Neutral)
Lloyds Metals: QIP opens at ₹732.08/sh floor price (Neutral)
Coforge: Company acquires 30 lakh shares of CignitiTech aggregating to 11.07% of current paid-up share capital & 10.97% of expanded capital. (Neutral)
Elecon Engineering: Company has informed the Exchange that Record date for the purpose of Split/Subdivision is 19-Jul-2024. (Neutral)
RBL Bank: The bank's total deposits surged by 18% year-on-year to ₹101,351 crore, down by 2% QoQ (Neutral)
News Headlines from Business News Agencies:
Business Standard
SBI announces 11 new initiatives to mitigate risks in agri loan portfolio
AstraZeneca to invest Rs 250 crore in expanding its GITC in Chennai
Cargo traffic across 12 major Indian ports surges 6.8 % to 69.8 MT in June
Govt to use 50% of India AI mission funds for GPU procurement: MeitY
Cement sector sees muted growth of 2-3% in Q1FY25 due to LS polls: ICRA
Zomato shuts down hyperlocal delivery platform 'Xtreme' amid poor demand
Tyger Capital to list by next year, targets Rs 20,000 crore book
NCLT tells Byju's to pay salaries to employees, warns firm of an audit
LNG imports set to slump as monsoon hits power demand: S&P analyst
Uttar Pradesh govt plans to set up crop-specific boards to boost exports
6th cyber dialogue: India, UK agree to deepen ties, build robust cyberspace
Economic Times
Bank of Maharashtra, Uco report low deposit growth, while advances rose much faster
Raymond board approves demerger of realty biz to unlock growth potential
Malabar Gold & Diamonds strengthens its presence in the UK
Former SAIL CMD Chandra Shekhar Verma joins Shyam Metalics as independent director
BCD Group bags 1.5 mn sft of residential development in Bengaluru
Bengaluru airport tops in perishable exports from India for fourth year
Reliance Industries starts testing country's first smart television operating system
Govt starts process of acquiring land worth over Rs 4,000 crore for second phase of Noida International Airport
Optiemus Infracom plans to invest Rs 140 crore in drone-as-a-service model
Hapag-Lloyd CEO sees solid shipping demand driving up freight rates
Del Monte Foods announces Abhinav Kapoor as new CEO
Gokaldas Exports MD on PLI scheme, export growth and organic growth expected in ‘24
Mint
Housing sales in 8 Indian cities reach 10-year high, rising 11%: Knight Frank
LIC raises stake in IDFC First Bank to 2.68% at ₹80.63/share via PPO
Centre plans campaigns to spread awareness on direct-selling malpractices
Government in talks with stakeholders to ease air cargo processes, boost volumes
Delhi High Court sends Tesla vs. Tesla Power case to mediation
NSE imposes 90% price control cap on opening price of SME IPOs
Amazon to build $1.3 billion top-secret cloud for Australia’s government
Citi’s India retail users in for a refresh as Axis integration nears completion
Agritech firms turn to private labels to improve revenue, margins
Mukesh Ambani's Reliance to launch IPO-bound Shein in India: Report
Govt decides ‘not to intervene’ in Airtel, Reliance Jio tariff hike
End of Day 2 update
Emcure Pharmaceuticals Ltd
Subscription Total : 4.98x
QIB - 1x
NII - 13.67x
Retail - 3.43x
Employees - 4.83x
Bansal Wire Industries Ltd
Subscription Total : 5.71x
QIB - 0.09x
NII - 12.15x
Retail - 6.17x
HDFC Bank
Loan growth at 14.8%(Like for like comparison)
Depsits grow at 16.5%(Like for like comparison
CASA ratio grows at 6.2%
Steady from HDFC Bank
#RBLBank's total deposits at Rs 1.01 lakh crore, up 18% year-on-year.
#PoonawallaFincorp's total disbursements at Rs 7,400 crore, up 5% year-on-year.
#LloydMetal and Energy opens QIP, sets floor price at Rs 732/share: Exchange filing
BHEL , COAL INDIA ; Bharat Coal Gasification and Chemicals Limited (BCGCL) Conducts First Pre-bid Meeting for Maiden Coal Gasification Project
The meeting was attended by representatives of 8 prospective bidders. The pre-bid meeting provided a platform for comprehensive discussions, clarifications, collaboration opportunities, and the dissemination of essential project information
Raymond board approves plan for real estate business demerger: Report
Raymond board approves plan for real estate business demerger. Stock holders to get one Raymond Realty share for one held.
RailTel bags work order worth Rs 23.96 crore
RailTel Corporation of India today said it has received a work order from Webel Technology Limited amounting to Rs. 23,96,16,993 (Including Tax).
Stocks in News post Market closure
Nifty closed @24,302.1 (+15.6) and Sensex @80,049.7 (+62.9) on Thursday GIFT Nifty was trading at 24,360 (as of 7 30 a m
FIIs net bought equities in cash to the tune of Rs 2,576 cr whereas DIIs sold equities in cash worth Rs 2,375 cr on July 4 2024
NSE urges SEBI to take a “fresh look” at much delayed IPO
SME IPO opening price to be capped at 90 over the issue price in pre open on listing day NSE
Adani Enterprises denied receiving any notice regarding reports which suggest that the Tamil Nadu government has initiated a preliminary enquiry into a coal import scandal
Coforge picks up 11% in Cigniti Technologies for Rs 426 cr
DPIIT sees no good in Angel Tax, seeks its end
Housing sales at 11 yr high in first half of 2024
Cello World is looking to raise Rs 700 cr through a QIP at a floor price of Rs 896 per share
PNB’s global loan book up nearly 13% credit deposit ratio rises
CG Power inks pact with Raheja group to develop Worli property
Bank margins may feel the heat on higher cost deposits
RBL Bank Q 1 business update Deposits and advances increase 18%
India’s hopes for Tesla investment dim as Musk cuts contact
Equity rally pushes MF AUM near Rs 60 trillion mark
IRCON gets order worth Rs 750.8 cr from RVNL
SEBI chief urges market participants to inform SEBI about mischief makers in capital markets
BGR Energy to raise Rs 1,000 cr via a rights issue
Mahindra Lifespaces gets redevelopment projects worth Rs 2,050 cr in Mumbai
Indian ADRs US equity markets were closed on July 4 2024

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