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 03, 2024

• As of today, CONCOR has received 10,790 indigenous manufactured containers, supporting the Atmanirbhar Bharat Abhiyaan and enhancing our service capacity.
• Total container holding stands strong at 46,893.
• ULK DEAL ALERT 02-Jul-2024
• HDFC BANK LTD Bought 1,74,400 shares of Petro Carbon and Chemicals Limited at an average price of 285.00 per share.
• INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 02-07-2024 :
• FIIS F & O : RS. CRS. :
• TOTAL NET SELL : -34031
• INDEX FUT. : -237
• INDEX OPT. : -27772
• STOCK FUT. : -5071
• STOCK OPT. : -750
• SEC. IN F&O BAN FOR, 02 July, 2024 :
• 1. INDIACEM 2. INDUSTOWER
• ADDITION : NIL
• DELETION : NIL
• INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 02-JULY-2024 :
• FIIS : SELL -2,000 (14,551-16,551)
• DIIS : BUY +648 (14,203-13,555)
• BSE SENSEX : -35 (79,441)
• NSE NIFTY : -18 (24,124)
• BSE MIDCAP. : -267 (46,403)
• BSE SMLCAP. : +37 (52,988)
• B. CRUDE : $ 86.75
• GOLD: $ 2,326=INR 72,000(10gr)
• SILVER : RS. 89,000 (kg)
• FOREX : RS. $ 83.50
• 7.10% GOI '34 : 7.0112% (100.6050)
• 7.18% GOI '33: 7.0548%(100.82)
• 7.18% GOI '37: 7.0419% (101.16)
• News Headlines from Business News Agencies:
• Business Standard
• Adi-Nadir Godrej family to buy 12.65% stake in Godrej Ind from RKN Ent
• Allcargo Gati raises Rs 169.28 cr by issuing equity shares via QIP
• NLC India records 22% growth in Lignite production in Q1 FY25
• Insurance firms eye tax reliefs in upcoming Budget to boost penetration
• Sebi mandates email as default mode for dispatching CAS by depositories
• Indian fast fashion industry poised to reach over $50 bn by FY31: Redseer
• JD.com among possible bidders for British parcel company Evri: Report
• Hexaware Technologies to hire 8,000 employees across job roles this year
• ArcelorMittal decides against shutting its South African steel plant
• ICICI Bank launches pre-paid Sapphiro Forex Card for international students
• Pfizer, Moderna Covid vaccine patents battle to continue after UK ruling
• Commerce ministry developing platform for registration, resolution of NTB's
• To boost electronics production, ICEA demands lower input tariffs in Budget
• Economic Times
• Tata Hitachi to invest Rs 200cr in FY'25, localisation remains top priority
• India's June palm oil imports rise to 6-month high on lower prices
• India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD
• India's high input tariffs stifle smartphone export growth, industry calls for reductions & policy changes
• TCS signs five-year partnership with Sydney Marathon
• Monsoon covers entire India six days ahead of schedule: IMD
• RBI proposes rationalising regulations on export, import transactions
• Renault's EV unit Ampere teams up with LGES, CATL on battery technology
• India's peak power demand may cross 400 GW mark by 2031-32, says Power Secretary
• Want continuity of policy supporting EVs for next 8-10 yrs: Mercedes-Benz India MD & CEO
• Small REITs to broaden investor base with strong regulatory oversight
• M3M leases 220,000 sq ft to flexible workspace provider Incuspaze in Gurugram
• Mint
• GroupM appoints Ashwin Padmanabhan as Chief Operating Officer, South Asia
• Don't intend to liquidate RCap but want fair compensation, lenders say
• HC issues contempt notice to Spicejet for non-return of assets to TWC Aviation
• Boeing calls time on the Great American Outsourcing
• ICICI Bank and Axis Bank revise their fixed deposit interest rates
• Kotak Group Fund says unaware that Hindenburg was partner of its investors
• HSBC to freeze hiring, limits bankers' travel in cost-cutting drive: Report
• GST collections hit an all-time high of 20.2 trillion rupees in FY24
• Streaming platforms tighten their belts, adopt hybrid model to acquire movies
• Windfall tax on domestically produced crude oil hiked to ₹6,000/tonne
• Lal Sweets looks to raise $40 mn from PE investors at $175 mn valuation
• India Daybook – Stocks in News
• KEC International: Company gets new orders worth Rs 1,017 crore in its T&D and renewables businesses. (Positive)
• Health care Global: Company approves acquisition of 196-bedded Vizag Hospital in Vishakhapatnam for over Rs 362 crore. (Positive)
• V2 Retail: Company says Q1 standalone Revenue from Operations up 57% (YoY) to 4.14b rupees, Q1 same store sales growth of 37% (Positive)
• NLC INDIA: Company has achieved 22.12% growth in lignite production during Q1 of FY 2024-25. (Positive)
• KCP: Company have approved the proposal of railway siding project along with input material handling equipment and system & cement grinding hydraulic roller press at Andhra Pradesh (Positive)
• V-MART Retail: Company says same store sales growth at 11% for Q1, Revenue from ops up 17% (YOY). (Positive)
• Primo Chemicals: Company secures long-term coal linkages via 10-year fuel supply agreement with Northern Coalfields. (Positive)
• Moschip: Company in pact with C-DAC and Socionext for making high performance computing processor AUM. (Positive)
• Avenue Supermarts: Standalone revenue from ops at ₹13,712 cr (Agencies). (Positive)
• IEX: Total electricity volume at 10,185 MU, up 24.7% YoY, up 18 percent. (Positive)
• Waaree Energies: Company bags order to supply 900 MW of modules for Serentica Renewables in Rajasthan (Positive)
• RVNL: Company declared lowest bidder for Rs 133 crore Central Railway project (Positive)
• Puravankara Ltd: Company acquires 7-acre land parcel in Hebbagodi, Bengaluru, with potential GDV of Rs. 900 Crore (Positive)
• Dynacons Systems: Company won Rs 119 crore contract from the Central Bank of India for a private cloud infrastructure project. (Positive)
• HDFC Bank: Bank may see inflows of up to $4 billion as MSCI weightage set to rise. (Positive)
• Persistent: Company acquires Starfish Associates, Strengthening its Position in AI-powered Contact Center and Unified Communications (Positive)
• Dev Information: Company have secured noteworthy orders cumulatively worth Rs 8 crore. (Positive)
• Hindustan Zinc: Company’s mined metal production up 2% at 263 kt year-on-year in Q1FY25 (Neutral)
• ONGC: Appoints Vivek Chandrakant Tongaonkar as the new Director (Finance) and CFO. (Neutral)
• Zomato: Company unit to withdraw application for getting NBFC registration (Neutral)
• ONGC: Company appoints Chandra Kant Tongaonkar as Director (Finance) and CFO, effective July 2. (Neutral)
• Piramal ENT: Company approves raising Rs 180 cr via bonds (Neutral)
• Kfin Technologies: Company says disinvestment of entire stake of 20.95% of fin tech products and solutions, deal for 65m rupees. (Neutral)
• GPT Infra projects: Company board meeting on July 5 to consider raising of funds. (Neutral)
• Solara Active: Company says TPG growth iv sf cut stake in company to 4.44% from 8.60%, cut stake via open market sale (Neutral)
• M&M Financial: Company says Q1FY25 disbursement grew 5% (YoY), collection efficiency at 95% for June 2024. (Neutral)
• Britannia Industries: Company appoints Urjit Patel as an independent director for 5 years. (Neutral)
• Bank of Maharashtra: Bank Secures Rs 1793 Cr in Total Bids for Basel Iii Compliant Tier 2 Bonds. (Neutral)
• Capri Global: Company appoints Tarun Aggarwal as the Group Chief Technology Officer. (Neutral)
• Force Motors: Total sales down 2.9% at 2,553 units vs 2,628 units (YoY) (Neutral)
• MOIL: Company registers quarterly sales growth of 14.5% year-on-year. (Neutral)
• Confidence Petro: Company has acquired 99.99% of Punjab Petroleum Corporation Ltd.'s equity shares. (Neutral)
• Kotak Mahindra Bank: Hindenburg partner said transactions were for itself. (Neutral)
• YesBank: Gross advances rose 14.8% on a yearly basis to Rs 2.29 lakh crore in Q1FY25. (Neutral)
• GPT Infra: Board of directors of GPT Infraprojects to consider fund-raising options on July 5. (Neutral)
• Indiabulls Housing: Company changes name to Sammaan Capital on receipt of necessary regulatory processes. (Neutral)
• BRNL: Company says order of inspection issued by ministry of corporate affairs, company will comply with directions and cooperate fully with statutory authority. (Negative)
• Shalimar Paints: Ashok Kumar Gupta resigns as MD and Key Managerial Personnel of company. (Negative)
• Antique on Patanjali Foods
• Buy Call, Target Rs 2,144
• Co Has Approved The Proposal To Acquire Patanjali Ayurved’s HPC Biz For Rs 1,100 Cr
• Believe The Acquisition Is A Positive Move And Should Add To Co’s Growth Levers
• The Acquisition Is Expected To Improve The Profitability Of Overall Business
• The Acquisition Is At A Very Attractive Valuation Of 0.4x FY24 Sales/ 2.2x FY24 EBITDA
• In Our View, HPC Biz Profitability Is Stable & Sustainable Compared To The Oil & Food Biz
• Jefferies on HDFC Bank
• Buy Call, Target Rs1880
• HDFC Bank’s shareholding for June’24 points that foreign shareholding fell to 54.83% vs 55.54% in Mar’24
• MSCI’s threshold to raise foreign inclusion factor (FIF) from 50% to 100%
• With that, bank may be eligible for jump in index weight at next review in Aug’24
• This could be positive near-term catalyst in stock
• In medium term, strong deposit growth and improving NIMs should be key drivers
• Citi on M&M Fin Svcs
• Neutral Call, Target Rs 310
• Co’s June Disbursements/Business Assets Growth Broadly In-line With Estimates
• For Q1FY25, Disbursements Of Rs 12,730 Cr Saw Growth Of 4.6% YoY
• Business Assets Saw A Growth Of 3.7% QoQ In Q1
• Collection Efficiency Of 95% In Jun’24 Was Below 96% Each In May’24 And Jun’23
• For Q1, The Collection Efficiency Stood At 94%, Stable YoY
• As Expected, With Seasonality Q1, Witnessed An Increase In GS3 To 3.6% From 3.4% As Of FY24
• We Bake-In Credit Cost Of Nearly 2.4% For Q1 And Estimate RoA Of 1.5%
• NIMs, Are Anticipated To Moderate From A High Base
• Citi on Avenue Supermarts
• Sell Call, Target Rs 3,400
• Q1GY25 Update Shows No Sign Of Growth Acceleration; Watch Out For Margin Trajectory
• Co’s Q1FY25 Update Highlighted 18.4% YoY Revenue Growth
• Revenue Per Store Saw 3% Five-Yr CAGR (5.3% YoY)
• Rev/sqft Saw -1.5% 5-Yr Cagr (5% YoY Assuming Avg Store Size Of New Stores In-line With TTM Store Size)
• Believe Revenue/sqft Continues To Be Impacted Due To Adverse Product Mix
• Believe Revenue/sqft Continues To Be Impacted Due To New Store Additions In Smaller Towns
• Store Additions During The Quarter Were 6, 3/10 In Q1FY24/Q1FY23 And 41/40 In FY24/FY23
• Remain Cautious On Co At The Current Valuation Given Risks Around Store Additions
• Maintain Sell Rating, Implying 56x Mar’26 P/E (Vs Current Valuation Of 78x Mar’26 P/E)
• CLSA on ICICI Lombard
• Upgrade To Outperform From Hold, Raise Target To Rs 2,000
• Co’s Motor Insurance Premiums Registered 31% YoY Growth In 2MFY25
• Co’s Motor Ins Premiums Far Ahead Of Ind’s 15%
• Worsening Of Peers’ Motor Third Party Loss Ratio Leading Them To Curtail Growth
• Premiumisation Of Cars & Benefits From Motor Vehicle Act Could Also Be Aiding Motor Book
• Have Raised Our Overall Premium Growth Estimate By Only 2% In FY25
• believe momentum in motor book could persist.
• We Lift Our Tgt Price As We Raise Our Gordon-Based Target PE Multiple To 30x
• See 11% Potential Upside From Here
• Bernstein on REC, PFC
• Initiates Buy Call on REC, Target Rs 653
• Initiates Buy Call On PFC, Target Rs 620
• They Are One Of Our Most Preferred Plays In Power Cycle
• Investors Are Under-Estimating The Duration And Intensity Of This Power Cycle
• NPA Risk For Both Is Much Lower This Cycle
• Both Have Better ROEs (>20%) & Growth (15%) Than Power Peers
• They Are Trading Cheaper Than All Of Them, Despite The Rally
• Nifty closed @24,123.8 (-18.1) and Sensex @ 79,441.4 (-34.7) on Tuesday. GIFT Nifty was trading at 24,322 (as of 7.30 a.m.)
• FIIs net sold equities in cash to the tune of Rs 2,000 cr whereas DIIs bought equities in cash worth Rs 648 cr on July 2, 2024
• TAFE Motors enters long term agreement with Germany’s DEUTZ to manufacture engines
• Hindenburg used a fund set up by Kotak Mahindra Bank to short sell Adani Enterprises
• Budget likely to be tabled on July 24
• Hindenburg was never client or investor clarifies KMIL
• Zerodha may end zero brokerage structure for equity delivery trades and/ or increase brokerage for
• F&O trades after SEBI’s order: Nithin Kamath
• SEBI pressured brokers to close Adani short positions, will file RTI: Hindenburg
• Som Distilleries licence suspension stayed by MP High Court
• Zepto in talks to add another $250 mn, likely to be at a higher valuation of $4.6 bn
• Dr. Devi Shetty’s Narayana Health floats Rs. 1 cr health plan for Rs. 10,000 per year
• D-Mart Q1 revenue rises 18.4% YoY to Rs. 13,712 cr
• L&T says that Rs. 35,000 cr order from Aramco is its biggest ever
• Healthcare Global board approves acquisition of Vizag hospital
• Adani Power targets 30+ GW capacity by 2030
• Adani joins Tata and Reliance in race for India’s elusive super app
• Allcargo Gati raises Rs. 169.3 cr via QIP
• Allied Blenders’ stock jumps 13% on debut trade
• Indian ADRs: HDFC Bank (+4.5%), Wipro (+3.7%) and Infosys (+2.5%)