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Market Highlights

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

June 27, 2024

Fundamentally Good Stocks with Zero Returns...What are the Learning Lessions???
Biocon - 71 Months - 0 Returns
IGL - 49 Months - 0 Returns
HUL - 42 Months - 0 Returns
Voltas 35 Months - 0 Returns
Dabur - 35 Months - 0 Returns
Divis Labs - 35 Months - 0 Returns
HDFC Bank - 34 Months - 0 Returns
Kotak Bank - 34 Months - 0 Returns
Tata Steel - 30 Months - 0 Returns
Bajaj Finance - 27 Months - 0 Returns
Pidilite - 25 Months - 0 Returns
Marico - 29 Months - 0 Returns
Infosys - 29 Months - 0 Returns
Sumitomo - 29 Months - 0 Returns
TCS - 27 Months - 0 Returns
Reliance - 25 Months - 0 Returns
Schaefflers - 16 Months - 0 Returns
ICICI Bank - 14 Months - 0 Returns
ITC - 6 Months - 0 Returns
JUST IN, Huge Positive For #ZEEL ZEE ENTERTAINMENT ENTERPRISES
High Court Order has been passed in favour of the chairman of Zee Entertainment Enterprises
Multiple Positive Triggers Now
1) Stock exiting F&O segment (stocks which exit F&O segment rally significantly.
2) High court Order Passed in Favour of chairman of Zee entertainment
3) Co. is raising 2000 CR funds
Zee Entertainment shares to trade for the last time in F&O on Thursday; Here's what you should know: Starting from the July series, ZEE will no longer be available for F&O trading. Tomorrow marks the final day for trading ZEE in this segment.
News Headlines from Business News Agencies:
Business Standard
Sembcorp files case against Siemens Gamesa over unsettled arbitration
Hyundai to pay $40mn fee to banks advising on India IPO, 2nd biggest payday
India Energy Storage Week to witness Rs 2,000 cr investment announcements
Spectrum auction ends on Day 2 with total Rs 11,340 cr bids, officials say
Vodafone Idea in talks with Samsung to expand 4G, 5G with vRAN solutions
FY25 GDP growth may come close to 7.5%: NCAER's Monthly Economic Review
Budget should raise basic exemption to Rs 3.5 lakh under new tax regime: EY
India must add 1.7-3.6 GW data centre capacity to its 2028 target: Report
Bombay HC directs Subhash Chandra to furnish documents sought by Sebi
Govt to form Mediation Council to streamline business dispute resolution
Indian diaspora breaks record with $107 billion remittance surge in FY24
CDSCO says 52 medicines, including Paracetamol, failed quality check in May
Economic Times
Farm loan waivers to negatively impact banks' asset quality: Macquarie
Global tyre makers accelerate make-in-India plans, buoyed by govt's PLI scheme
Odisha govt planning to ban liquor like Gujarat and Bihar, says minister
SBI General Insurance appoints Naveen Chandra Jha as MD & CEO
Matter Motors raises Rs 82 crore from Japan Airlines & TransLink Innovation Fund
Inox Green Energy Services gets board approval to raise Rs 1,050 crore
Groww Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive FOF
SBI raises Rs 10,000 cr via bonds to fund infra projects
Juniper Green Energy secures renewable PPAs in Gujarat, Rajasthan
FHRAI seeks infra status for hotels, convention centres in pre-Budget meet
Titan Eye+ to resume expansion strategy amid growing eyewear market
Mint
Bharti Airtel acquires 97 MHz spectrum for ₹6,857 crore at auction
AM Naik steps down as Chairman of LTIMindtree; SN Subrahmanyan to succeed
Centre plans to restructure drug pricing committee
Relief for Byju's as France-based Teleperformance withdraws bankruptcy plea
BHP says carbon offsets remain an option on road to reducing emissions
ISRO arm NSIL signs $18-mn deal with Australia for commercial satellite launch
Kogta Financial raises $148 million from Ontario Teachers’ Pension Plan
Jubilant Ingrevia appoints Varun Gupta As CFO of the company
FMCG firms will strategically boost ad spends as demand stabilizes
Route Mobile owner Proximus Opal eyes Nasdaq listing
Tata Electronics signs tech pact with US chip firm for Dholera fabrication plant
Jefferies on PI Ind.
Buy Call, Target Rs 4,750
Offer For Acqn Of An Aim-Listed Biologics Co Is In-line With Its Stated Growth Focus
Acqn Would Give Access To A Pdt Portfolio For Major Crops Across Key Global Mkt
Acqn Would Give Annual Revenue Potential Of $75 m
Valn Is Attractive Based On New Product Traction
Likely Relocation Of Production To India Could Move Business Towards Profitability
Equirus on PI Ind
Long Call, Target Rs 5,500
PHC Is A Leading Provider Of Novel Patent-Protected Biological Pdts To Global Mkts
Core Patented Products Act As ‘Vaccines For Plants’, Improving Crop Yield & Quality
Believe PI Would Also Be Able To Transfer Tech To Manufacture Biological Pdts
Biological Pdts TAM Could Be Of More Than $ 10 Bn
Nomura on DRL
Neutral Call, Target Rs 6,499
Acquisition Of Nicotine Replacement Therapy Brands For A Consideration Of £500 m
Nicotinell Is A Mature Brand & Available In More Than 30 Countries
Nicotinell Is Present With Markets Of Europe, Canada, Japan & Australia
Nicotinell Together Contributes 80% Of Portfolio’s Revenue In CY23
Nicotinell Is The Second-Largest Brand Globally Under NRT
Nicotinell Recorded 3.9% CAGR In Ex-US Market Over CY21-23
Financial Impact: Acquisition Can Be EPS-Accretive, But ROIC Likely In High-single Digits
Strategic Rationale Of The Acquisition Is Not Convincing
Jefferies on DRL
Underperform Call, Target Rs 5,010
Co To Acquire OTC Brands In Nicotine Replacement Therapy In Non-US Mkts From Haleon
Four Brands Which Include Global Leader Nicotinell Had Sales Of £217 m For CY23
Growth Of These OTC Brands Has Remained Stagnant In Recent Years
These OTC Brands Will Require Upfront Investments
Impact Of Synergies From The Acquired Portfolio Should Start Reflecting Only Over FY27-28
Jefferies on Polycab
Buy Call, Target Raised To Rs 8,420
FY24 Saw Further Market Share Gains In Organized C&W To 25-26%, Up 2-3% YoY
Timely Capex (Total Rs23bn In Last 5-Y) Aided +30-40% Domestic Volume Growth
Select Peers Cited Capacity Constraints
95% In-House Production Helped Sustain 29% Gross Margin, Despite Raw Material Volatility
The FMEG Is Yet To Post Positive EBIT
Est C&W To Drive +25% PAT CAGR In FY24-27
Jefferies on Bharti Hexacom
Downgrade To Hold, Target Rs 1,290
Co Has Unexpectedly Acquired Spectrum Worth `1,000 Cr In Current Auctions
The Unexpected Acquisition Should Help To Augment Its Data Services
Maintain 17%/23% Revenue/EBITDA CAGRS Over FY24-27
Cut Earnings Estimates By 4% To Factor In Spectrum Spends
After More Than Doubling Since Its IPO In April, Stock Trades At 16x EV/EBITDA
CITI On Interglobe Aviation
Buy, TP Rs 5100
Management meet takeaways
Demand environment healthy
Yields steady, though YoY & QoQ trends are impacted by high base effect
Mgmt maintained its guidance of early-double-digits YoY growth in FY25E ASKs & addition of 1 aircraft/wk
Macquarie in HCL Tech
O-P, TP Rs 1800
Significant medium-term margin levers available
See utilisation headroom that is highest among peers.
High-margin software products segment already has transitioned to subscriptions
See no downside risk to FY25 rev guidance
JPM on RIL
OW, TP raised to Rs 3320
Expectations of a tariff increase have been supportive of telecom sector -build those into forecasts now
Upside post upgrade in telecom expectations will need higher val for Reliance Retail - an improvement in topline growth in 1Q will be key
Nifty closed @23,868.8 (+147.5%) and Sensex @78,674.2 (+620.7%) on Wednesday GIFT Nifty was trading at 23,810 (as of 7:30 a.m.)
FIIs net sold equities in cash to the tune of Rs 3,535 cr whereas DIIs bought equities in cash worth Rs 5,103 cr on June 26 2024
Electronics policy reboot soon in production push
Telcos bid low, buy airwaves for Rs 11,300 cr
Dr Reddy’s to buy Haleon business for Rs 5,276 cr
Office leasing across top 6 cities up 19% in H1FY24
Bosch mulls offer for Whirlpool, say sources
Voda Idea in talks with Samsung for 4G, 5G equipment
Infosys is currently working on more than 225 GenAI projects Nandan Nilekani
Trading plan norms relaxed for insiders
Credit card issuance soars despite worries over unsecured loans
E-2Ws may need higher domestic value addition for subsidy under the new EMPS
NHAI scales down construction target for FY25 by 22%
Vedanta promoter offloads 2.6% stake for Rs 4,184 cr
Bombay HC asks Subhas Chandra to respond to SEBI summons
Fairfax group likely to sell 9.7% in CSB Bank
DEE Development’s stock zooms 65% on debut Akme Fintrade shares climb over 11% on debut
E-2W manufacturer Ather to invest Rs 2,000 cr on third plant in Maharashtra
Megha Engineering secures Rs 12,800 cr nuclear project contract(%)
Indian ADRs: ICICI Bank (+0.4%), Dr Reddy’s (+0.3%) and Infosys (-0.7%)
#BHARTIARTL: Airtel acquires 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through the auction for Rs 6857 cr spectrum secured for 20 Years.
#CNBCTV18Market | #GIFTNifty lower, trading at discount of nearly 70 pts from Nifty Futures Wednesday's close, indicates a start in the red for the Indian market
Indian railways to reduce speed of Vande Bharat and Gatiman Express trains
The decision aims to mitigate risks associated with the failure of the Train Protection & Warning System (TPWS) on certain routes. As a result, the speeds of these trains will be reduced from 160 kmph to 130 kmph.
AFG vs SA, Semi final Live Score, T20 WC 2024: South Africa enter final with dominant win
SUMMARY
LIVE SCORE | Afghanistan vs South Africa T20 World Cup 2024 Live: South Africa will be facing a buoyant Afghanistan. Afghanistan, has emerged as the story of this World Cup. The Asian team has beaten cricket powerhouses New Zealand and Australia in this edition of the World Cup. It is for the first time that Afghanistan will be featuring in a T20 World Cup semifinal.
#CNBCTV18Market | #GIFTNifty lower, trading at discount of nearly 70 pts from Nifty Futures Wednesday's close, indicates a start in the red for the Indian market
Ashish Kacholia participates in Inox Green Energy's ₹1,050 crore preferential issue of shares, warrants Shares of Inox Green Energy Services Ltd ended at ₹180.50, up by ₹8.75, or 5.09% on the BSE.
Blackrock buys a railway stock: World's largest asset manager hops on the train. Shares of this railway stock have more than tripled in value over the last 12 months, rising as much as 256%.
#CNBCTV18Market | Jefferies maintains a buy call on Polycab India. Says FY24 saw further market share gains in organized C&W to 25-26%, up 2-3% YoY
#CNBCTV18Market | Jefferies maintains a buy call on PI Industries. Says offer for acquisition of an AIM-listed biologics co is in-line with its stated growth focus
#CNBCTV18Market | Jefferies maintains an underperform call on Dr Reddy's Laboratories. Says growth of these OTC brands has remained stagnant in recent years, adding that the impact of synergies from the acquired portfolio should start reflecting only over FY27-28
#CNBCTV18Market | Equirus maintains a long call on PI Industries. Says PHC is a leading provider of novel patent-protected biological products to global markets
From ANI | Veteran #BJP leader #LKAdvani admitted to #AIIMS, reportedly 'stable and under observation'
#CNBCTV18Market | Nomura maintains a neutral call on Dr Reddy's Laboratories. Says the financial impact of the acquisition can be EPS-accretive, but ROIC likely in high-single digits
GANESHA ECOSPHERE: CO INVESTS RUPEES 100 CR IN EQUITY SHARE CAPITAL OF UNIT NAMED GANESHA ECOPET PRIVATE LTD BY SUBSCRIBING TO 10 CRORE EQUITY SHARES AT PAR
HARIOM PIPE INDUSTRIES: CO'S GOAL TO REACH RUPEES 2,500 CR IN REVENUE BY FY26 WITHOUT COMPROMISING ONPROFITABILITY - INVESTOR PRESENTATION
Stocks in News post Market closure
Latent View: the Board approval for acquisition of up to 100% of the equity share capital in multiple tranches and the subsequent execution of Share Purchase Agreement (“SPA”) and Shareholders Agreement (“SHA”) (hereinafter referred to as “Transaction Documents”) between Latent View Analytics Limited, Decision Point Private Limited (hereinafter referred to as the “Target”) and its selling shareholders
PI Industries: The company announced an offer to acquire Plant Health Care Plc for a purchase consideration of about 32.8 million pounds, proposed to be paid in cash and funded via QIP proceeds. The consummation of the proposed acquisition, subject to UK regulations, is expected to be completed by the second quarter of FY25.
DUROPLY : The company CELEBRATES 68th YEAR OF EXCELLENCE AND LEGACY IN PLYWOOD MANUFACTURING
Airtel : The company acquires 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through the aucƟon for Rs 6857 cr. Spectrum secured for 20 Years
BGR Energy Systems Limited : Board meeting to be held on 4th July 2024 to discuss various avenues on raising Capital for the operations of the Company by various means including Rights / Preferential Issue of Shares / Debentures.
Bharti Airtel Limited : Airtel set to sustain its lead on delivering the best experience 1) Airtel acquires 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through the auction for Rs 6857 cr. Spectrum secured for 20 Years 2) Airtel successfully renewed spectrum that was expiring in 2024 along with additional spectrum purchase to bolster its mid band holding across the key circles .
SONA BLW PRECISION FORGINGS LIMITED : The Company has received certification for its another product i.e. Traction motor for electric two wheelers under the Production-Linked Incentive Scheme for Automobile and Auto Component Industry in India (“PLI-Auto”) from the Ministry of Heavy Industries.
RAMKY INFRASTRUCTURE LTD : The company has received Notification of Awards (NOA) from PowerGrid Energy Services Limited, for "Supply of Plant Contract (Contract Part I)" and "Supply of Installation Services Contract (Contract Part II)" for "Loss Reduction work under Results-linked, Distribution Sector Scheme (RDSS) in Leh District under Implementation of Distribution of Infrastructure works of Ladakh Power Development Department (LPDD) under RDSS in the Districts of Leh & Kargil of UT of Ladakh.
Tata Communications Limited : hive-off of The Company's identified new edged digital services business to its wholly-owned subsidiary, Novamesh Limited as a going concern on ‘slump sale’ basis, which was subject to satisfaction of conditions precedent as stipulated in the Business Transfer Agreement between the two parties ('Agreement’)
Nibe Limited : a subsidiary company in the name of Nibe Space Private Limited has been incorporated on June 25, 2024.
Exide Industries Limited : Company has invested Rs. 49,99,99,968/- by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited on rights basis. With this investment, the total investment made by the Company in EESL stands to Rs. 2,502.24 crore.
Vantage Knowledge Academy Limited : The Company has fixed July 12, 2024 as the Record date for the purpose of determining the eligibility of shareholders of the Company for the Split/ Sub-division of shares of the Company from Face Value of Rs. 10/- each to Face value of Rs. 1/- each, fully paid-up.
Dr. Reddy’s Laboratories Limited : Dr. Reddy’s Laboratories SA, Switzerland, a wholly owned subsidiary of the Company, has entered into a definitive agreement with Haleon plc and its associate companies (“Haleon Group”) to acquire consumer healthcare brands in the Nicotine Replacement Therapy category, outside the United States.
R.P.P Infra Projects Limited : The receipt of letter of acceptance for a new project viz execution of Design, Engineering, Procurement for construction of new district jail of 1026 capacity at District Hathras Uttarpradesh, India on EPC Mode at contract price of Rs. 152.11 crores including GST.
Ahasolar Technologies Limited : Company has received a Work Order for development of an Intuitive Rooftop-Solar Feasibility Portal and voice assistance/Chatbot on the BYPL website from Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. The whole Consultancy Service is priced at around ₹ 35 lacs.
KEC International Limited : Company has secured new orders of Rs. 1,025 crores in T&D and Cables businesses.
SJVN Ltd : SJVN through its wholly owned subsidiary SJVN Green Energy Limited (SGEL) signed a Memorandum of Understanding (MoU) with AM Green Ammonia (India) Private Limited .
ROSE MERC.LTD : Company has partnership with the Mazgaon Cricket Club (MCC) to present the 2nd Season of the prestigious event - Mumbai Cricket Excellence 2024 award night. This award is initiated by Mazgaon Cricket Club and approved by the Mumbai Cricket Association (MCA) and is aimed at honoring emerging players and unsung heroes in the sport of cricket.
Rvnl: M/s KRDCL-RVNL JV has received Letter of Acceptance from Southern Railway for Provision of Automatic Signalling on Ernakulam JN (ERS) - Vallattol Nagar (VTK) Section on B-Route of Thiruvananthapuram Division in Southern Railway. Order size Rs. 156,47,03,304.52/- .Executed period 750 Days .
Sakuma Exports Limited : Board meeting to be held on July 1st 2024,The proposal of raising of funds.
Supreme Industries Ltd : The Company has received Letter of Acceptance (LOA) from INDIAN OIL CORPORATION LIMITED (locL) against our offer through Tender, for supply of approximately 231035 number of 10.0 Kg Composite Cylinders. The total supply is expected to be valued at around Rs.55 crores approx.
Telecom Stocks: Bharti Airtel acquired the 97 MHz spectrum in the 900 MHz, 1,800 MHz and 2,100 MHz frequency bands for Rs 6,857 crore over a period of 20 years. Reliance Jio bought 14.4 MHz of spectrum worth Rs 974 crore and Vodafone Idea bagged 30 MHz of spectrum worth Rs 3,510 crore
JSW Energy: Unit JSW Neo Energy signed a power purchase agreement through its subsidiaries for 1,325 megawatts of renewable energy projects likely to be commissioned in the next 21–24 months
Navin Fluorine: The board will meet on June 29 to discuss the Rs 750 crore fundraise.
Patanjali Foods: Baba Ramdev and Acharya Balkrishna received notice from Kozhikode Court over advertisements relating to ayurvedic medicines from Divya Pharmacy. Ramdev and Balkrishna have been asked to appear in person or through counsel before the court on July 6
#BHARTIARTL: Airtel acquires 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through the auction for Rs 6857 cr spectrum secured for 20 Years.
Brokerage Radar | BofA on IT: Q1 preview- Fewer instances of cuts to IT spends; Infosys to fare better
Indian railways to reduce speed of VandeBharat and Gatiman Express trains
AshishKacholia participates in InoxGreen Energy's ₹1,050 crore preferential issue of shares, warrants
GaneshaEcosphere makes investment of Rs 100 crore in wholly-owned unit GaneshaEcopetPrivate.
Jefferies downgrades #BhartiHexacom with a 'Hold' rating and revises price target to Rs 1,290.
*Goldman Sachs on Cement*
*Shree Cement: Upgrade to Neutral (from Sell)*
*ACC/Ambuja: Downgrade ACC to Sell (from Neutral); maintain Ambuja at Neutral*
*Ultratech remains preferred pick*
Stocks under F&O ban List for 27/06/2024:
GNFC, Indus Towers, India Cements, Punjab National Bank, SAIL.
BLOCK DEAL UPDATE |
CSBBank | 1.66 crore shares or 9.6% equity change hands in a pre-market large trade.
Jefferies on Dr Reddy |
> Maintain Underperform with TP of Rs 5010.
> Growth of acquired brands has remained stagnant in recent years and will require upfront investments.
> Impact of synergies from the acquired portfolio should start reflecting only over FY27-28.
> The acquisition is for GBP500m implying 2.3x sales, ~9x EV-Ebitda on CY23 numbers.
> Dr Reddy expects the deal to be margin accretive; remains confident of achieving 25% Ebitda margin on a consolidated basis.
(Source: ETNow)
BofA on Dr Reddy |
> Maintain Buy with TP of Rs 6900.
> Building on OTC now with acquisition of NRT brands.
> Under-invested brand with multiple levers in place.
> Acquisition is in line with the stated strategy of investing in sustainable growth drivers augmenting the OTC business.
> See the business replacing the gRevlimid hole over time.
> Deal could be EPS neutral in year-2 assuming gradual growth and 25% margins.
BofA on IT |
> Q1 preview: Fewer instances of cuts to IT spends; Infosys to fare better.
> Company guides / commentaries to stay unchanged.
> Easy supply-side dynamics make for an easy margin picture.
> Infosys could lead peers on top- line performance.
> Margin dip at HCL; flattish for TECH Mahindra Vs expected uptick.
(Source: ETNow)
The unstoppable rally at Dalal Street has lifted Nifty and Sensex to new record highs at 23,889.90 and 78,759.40, respectively, with bulls revising their targets higher. The Nifty’s crucial support stands at 23,557. Anticipate high volatility due to the June derivative contracts expire on June 27th, alongside key economic catalysts such as the US GDP figures for Q1, the May US PCE Price Index, and speeches from Fed’s Barkin and Bowman. The preferred trades are to buy Nifty between 22,700-22,750 with a stop at 23,351, targeting 24,050-24,550, and Bank Nifty between 52,300-52,400 with a stop at 51,061, targeting 53,300-53,900. Bullish stocks include Reliance Industries, Britannia, and RBL Bank, with RBL Bank being a top buy at CMP 258, aiming for targets of 371/385.
- Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Morgan Stanley on Go Digit |
> Initiate Equal-weight with target price of Rs 338
> Strong market share and ROE trajectory ahead, but priced in
> Believe Go Digit can take advantage of the secular growth offered by India's non-life insurance industry
> Strong execution on growth while balancing risk and profits
> Expect GDPI CAGR of 25% in FY24-28 with a share gain of over 100 bps
> Expect combined ratio to improve from 109% in FY24 to 103% in FY29, led by HD scale
> See 25% CAGR for investment gains, driven by strong AUM buildup
> Expect net profit CAGR of 59% through FY28 with ROE reaching 19%, up from 7% in FY24
#UltraTech board approves acquisition of India Cements of up to 7.06 cr shares (23% eq) at ₹267/sh
Ganesha Ecosphere Limited invests Rs. 100 crore in equity share capital of its subsidiary, Ganesha Ecopet Private Limited. The subsidiary focuses on recycling post-consumer PET bottle waste and plans to use the funds for debt repayment and general corporate purposes.
NRB Bearings Limited has approved availing working capital facilities of up to Rs. 25 Cr from The Hongkong and Shanghai Banking Corporation Limited.
Saksoft Limited has successfully acquired Augmento Labs Private Limited, as previously announced on June 12, 2024.
Some pump dump in big stocks
Car trade 750-980 yesterday 13% stake sold by Promoter with help of TV & financial influencers
Warwizard 40% pumped later Promoter sold 2 Cr shares regularly
Happiest mind 760-956 & 6% stock sold by Promoter
Map my India pumped 21% in week by Goldman Sachs Now 5% share to be dumped
Vedanta 72% pumped in 6 month now dump possible tomorrow for 500 million dollar by Anil Agrawal
MC Exclusive: Sebi investigating role of Sanjiv Bhasin, formerly with IIFL Securities, in alleged market manipulation
Brokerage says Bhasin's contract was discontinued from June 17 and that Bhasin informed the brokerage about Sebi's enquiry
The market regulator is investigating Sanjiv Bhasin, who has been associated with IIFL Securities, for his part in alleged market manipulation, according to people familiar with the ongoing probe.
The people cited said that the regulator's officials have examined his digital devices as part of the investigation and gathered evidence.
Moneycontrol has written to Bhasin and the Securities and Exchange Board of India (Sebi) for a comment, and the article will be updated once the responses come in.

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