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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.

June 26, 2024

News Headlines from Business News Agencies:
Business Standard
Tata Motors ties up with Bajaj Finance for commercial vehicle finance
India's FMCG sector to have sustained growth rate of 7-9% in 2024: Report
BII vows $75 mn to Symbiotics' 2nd green basket bond for emerging markets
Crude oil prices seen in a higher range of $85-100 per barrel: S&P Global
AstraZeneca's Imfinzi fails in late-stage trial to treat lung cancer cases
Telcos eye four spectrum bands as auction enters round 4 on Day 1
Jet Airways' Naresh Goyal moves HC, seeks extension of interim medical bail
Dairy startup co Sid's Farm raises $10 million in Series A Round
Water crisis may weigh on India's sovereign credit strength: Moody's
ICICI Bank mkt cap tops $100 bn; becomes only sixth Indian co to hit milestone
Indian imports of Russian coal decline, US shipments surge in May
India expects surge in solar cell output, says will curb imports from China
Economic Times
UP cabinet okays TATA Sons' Rs 650-cr proposal for 'museum of temples' in Ayodhya
India’s external debt stands $663.8 billion at end-March 2024, rise of $39.7 billion from year before
AI startup Etched raises $120 million to develop specialized chip
Norway starts stockpiling grain, citing pandemic, war and climate change
Punjab & Sind Bank signs pact with Indian Army for salary account
Silveline Power signs agreement with SRAM Group for hydrogen-based vehicles
SaaS startup Rocketlane raises $24 million in funding
Industry pitches for tax reduction, rationalisation of duty structure in Budget
India and China top buyers of Russian fuel oil in May, LSEG data shows
Northern Arc Capital raises $75 million from Dutch development bank
Jubilant Pharmova's US arm prepays Rs 626 crore term loan
Milk prices to go up in Karnataka from Wednesday, week after fuel price hike; liquor next in line
Mint
Citi appoints Jeegar Shah as CFO for India business
RBI may implement shallow rate cut even if US Fed defers: Rajani Sinha, CareEdge
The AIF industry body seeks a review of CCI’s definition of control for PE firms
ABSL AMC re-appoints A Balasubramanian as MD & CEO of the company for 3 years
Amid snail-paced monsoon, hydro power generation likely to stay weak
Microsoft hit with EU antitrust charges over Teams
L’Oréal India seeks to amp up its online play, aims to become €1 bn business
IndiGo, Air India leverage AI-based tools to improve customer care service
FY24 one of the most challenging in company’s history: Wipro’s Rishad Premji
JSW Steel to spend $110 million on US facility to support US' green energy push
RBI names former central banker on Bandhan Bank board to aid succession
India Daybook – Stocks in News
VPRPL: Company gets Rs 273.11 crore order from Uttar Pradesh Jal Nigam. (Positive)
MAZDOCK: Department of Public Enterprises approved the proposal for grant of Navratna status to Company (Positive)
JTEKT INDIA: Company approved capacity expansion for CVJ forging child part. (Positive)
Gulshan Polyols: Company started commercial operations of ethanol at 250 KLPD capacity grain based ethanol plant at Goalpara, Assam. (Positive)
TRENT: Company’s Westside collaborates with designer duo saaksha & kinni for "honey i'm home 2.0" collection. (Positive)
GR Infra: Company Approved Non-Binding Counter Offer for Acquisition Of 100% Equity Stake in Gr Aligarh Kanpur Highway by Bharat Highways Invit (Positive)
Vodafone Idea: Vodafone Group to inject up to ₹3,000 cr into company post Indus stake sales: Moneycontrol (Positive)
Coforge: CCI approves Coforge's acquisition of majority stake in Cigniti Technologies: CCI (Positive)
Time Techno: Company has received an additional order for supply of Composite Cylinders for total value of Rs. 55 crores (Positive)
Adani Ports: S&P Revises Adani Ports Outlook to Positive; Affirms 'BBB-' RTGS (Positive)
GMDC: Company and Gujarat Urja Vikas Nigam Join Hands to Ensure Energy Security for Gujarat (Positive)
Schneider Electric: Launches Smart Buildings Division to Drive Sustainable Building Innovation in Canada (Positive)
Zee Ent: NCLT allows withdrawal of implementation application of composite scheme of arrangement with Sony (Positive)
Yes Bank: Company to consider raising funds via debt securities on August 23, 2024. (Neutral)
Sanghi Ind: Promoter Ambuja Cements & Ravi Sanghi to sell up to 3.52% stake in the company via offer for sale (OFS). (Neutral)
M&M FIn: Vivek Karve resigns as CFO of Mahindra & Mahindra Finance effective October 31. (Neutral)
IRCTC: The news in circulation on social media about restriction in booking of e-tickets due to different surname is false and misleading. (Neutral)
Bajaj Finance: Tata Motors partners with Bajaj Finance for commercial vehicle financing. (Neutral)
Mind space Business Parks REIT: Company raises Rs 650 crore from International Finance Corp via issuance of sustainability linked bonds (Neutral)
Tantia Construction: Company Wins Order Worth 7cr Rupees (Neutral)
Tech Mahindra: Company plan of merger of unit healthnxt Inc with its parent company Tech Mahindra (Americas) has been approved (Neutral)
NTPC: Company planning to raise Rs 12,000 crore through NCDs. (Neutral)
CE Info: Promoter Rakesh Kumar Verma likely to sell 0.9% stake in CE Info Systems (Map My India) via block deal, floor price is at ₹2,293.20/Share (Neutral)
Glenmark Pharmaceuticals: Company to voluntarily recall 114 batches of potassium chloride extended-release capsules. (Neutral)
Adani Ent: Adani to invest ₹1.3 lakh crore in FY25 across portfolio companies. (Neutral)
Tata Steel: Company acquired 1,25,00,000 Equity Shares Of Face Value ₹10/- Each Aggregating To ₹12.5 Crore (Neutral)
Borosil: Company raises Rs 150 Crore via QIP, allots 47.2 Lakh Shares at Rs 318/Share. (Neutral)
Adani Ports: Company says Divij Taneja Appointed as Ceo-Logistics (Neutral)
Jubilant Ingrevia: Company Issued Commercial Papers of 1b Rupees on June 25 (Neutral)
RattanIndia Enterprises: Vijay Nehra resigns as COO of RattanIndia Enterprises effective June 24. (Negative)
CITI On Telecom Sector
Expect an eventful 2H, likely marked by several +ves
1) Tariff hikes
2) Potential 5G monetisation
3) VI capex revival & granularity on its tower addition plans
4) Dividend resumption by Indus & possible corp action
5) Progress on AGR case
Bharti Airtel - Buy, TP Rs 1520
Indus Tower - Buy, TP Rs 450
Voda Idea - Neutral, TP Rs 15 (bull case TP Rs 25)
Jefferies on ICICI BK
Buy, TP Rs 1350
BK seeing healthy deposit growth & opex is in check
Bank’s 20% deposit growth in FY24 is among best of large banks, its LDR is at lower end of peers & opex growth slowed to 13% (core) in 4Q.
These can help deliver healthy earnings growth
CLSA on Manappuram Fin
Buy, TP Raised to Rs 240
Gold LTVs lowest in four years; even a modest increase can grow its book by 10%
Raise gold loan growth estimates but cautious of MFI
JPM on Tata Motors
OW, TP Rs 1115
JLR’s retails in May outperformed luxury peers’ in US, EU & China
Inventories in China have declined on a sequential basis.
Stock could re-rate over medium term as its b/s strengthens & EPS volatility reduces
MS on SBI Cards
EW, TP Rs 750
May spending market share rose 27bps MoM, to 16.0%.
Its YoY growth at 11% was higher sequentially (+1% YoY in April), but remains below 17% for the industry, reflecting impact of RBI's recent notification on corporate card spending
MS on M&M Fin
EW, TP Rs 280
CFO Vivek Karve, has tendered his resignation
He will be with Co till Oct 31 until declaration of 2QF25 results
Management also highlighted that it is in process of identifying a suitable candidate for succession
MS on Real Estate
Prefer Godrej and Prestige based on their FY24/25 pre-sales growth momentum and cheaper valuations.
Lack of launches will mean muted 1QFY25 for industry.
On a relative basis, expect DLF, Oberoi and Godrej to see stronger 1Q sales.
INCRED on Steel
Extra emphasis is on EAF is leading to rise in scrap prices which Iron ore can also rise in coming months
Pellet premiums to remain high in long run
Like Iron ore miners & pellet makers
NMDC remains top pick
UBS on APL Apollo Tubes
Downgrade to Neutral,TP Rs 1750
Strong narrative; upside Ltd
Potential beneficiary of govt schemes
Priced in fragmented competition but still making dent
Believe there is risk to consensus earnings expectation but given strong narrative,multiples may hold
UBS on CG Power
Buy, TP Rs 870
Recent capacity expansion across categories (switch gears, transformers and motors) will ramp up its export revenue, and CG Power is targeting newer geographies in upcoming years.
GS on Metro Brands
Buy, TP Rs 1490
Management meeting takeaways
Mid to high teens growth in FY25
Competitive intensity high, but Co to continue discounting discipline
BIS certification-related supply chain disruption unlikely
Fila brand re-positioning to accelerate from FY26
Promoters are selling stake at a record pace......and retail investors buying.
Promoters diluted stake worth ₹64,700 crore till now in 2024, highest being in 2020 worth ₹78,500 crore.
Promoters could be taking advantage of lucrative valuations and monetize their holding.
Promoters of 200+ companies have sold stake worth ₹33,000 crore just in last two months.
Source - ET
Is this healthy or illussion ???????
*The great, big WhatsApp stock market scam and how to avoid it*
A rising share market has tempted many first-time investors to put their money in equities, lured by the dream of higher returns. That also makes them susceptible to scamsters lurking in the darkness for just the opportunity to orchestrate money scams over WhatsApp and Telegram channels. But investors must take their share of the blame as well.
Nifty closed @23,721.30 (+183.45) and Sensex @78,053.52 (+712.45) on Tuesday. GIFT Nifty was trading at 23,710 (as of 7:30 a.m.)
FIIs net bought equities in cash to the tune of Rs 1,176 cr whereas DIIs sold equities in cash worth Rs 149 cr on June 25 2024
Banking stocks propel Sensex past 78 K for the first time, Nifty closes at record high
Adani Green to invest Rs 2 lakh crore by 2030 to reach 50 GW renewable energy capacity
T+ 0 settlement cycle finds few takers in initial phase
SEBI sets up F&O panel
Over 450 promoters trim stakes in March quarter, cash in on rally
Panic uncalled for, assures Quant MF CEO amid SEBI lens
Raymond to add over 100 stores of ethnic wear brand in FY25
Yes Bank restructures workforce, lays off 500 employees in cost cutting move
Green shoots visible, FY25 to be better LTI Mindtree President
BSE push for lower option fees route hits SEBI stonewall
Satellite based tolling will plug leakage and push revenue by Rs 10,000 cr annually Gadkari
Stanley Lifestyle IPO gets 96 x subscription on final day
Ambuja Cements, Ravi Sanghi to sell up to 3.52% in Sanghi Industries via OFS
CCI Clears Coforge acquisition of majority stake in Cigniti Technologies
Real Estate firm Sattva Group to invest Rs 12,000-14,000 crore in diversification over next three years
Amara Raja shares gain nearly 19% on lithium ion battery agreement
Kalpataru Projects bags new orders worth Rs. 2,333 crore
Happiest Minds Plunges 9% After Large Trade, Promoter Likely Offloaded 6% Stake
Alkem Laboratories promoter offloads stake for Rs 177 crore
Craftsman Automation shares rally 11% after company signs MoU for potential acquisition
Indian ADRs: ICICI Bank (+2.3%), HDFC Bank (+1.3%) and Infosys (+1.1%)
GULSHAN POLYOLS: CO STARTED COMMERCIAL OPERATIONS OF ETHANOL AT 250 KLPD CAPACITY GRAIN BASED ETHANOL PLANT AT GOALPARA, ASSAM
RBI CHIEF DAS SAYS INDIA MOVING TOWARDS 8% ANNUAL GROWTH IN SUSTAINED MANNER || SAYS STABLE INFLATION IS AT THE CORE OF LONG TERM SUSTAINABLE GROWTH
RBI CHIEF DAS SAYS CONFIDENT OF 7.2% GROWTH FOR CURRENT YEAR || CURRENT GROWTH MOMENTUM IS VERY STRONG
RBI CENBANK CHIEF: FIND NO REASON WHY GROWTH MOMENTUM SHOULD SLOW DOWN|| OUR ANALYSIS SHOWS MOMENTUM OF GROWTH GOING AHEAD COULD BE EVEN STRONGER || CLEAR EVIDENCE OF PRIVATE SECTOR CAPEX PICKING UP
RBI CENBANK CHIEF: INDIA NEEDS GROWTH DRIVEN BY MULTIPLE SECTORS || STILL SCOPE FOR WORK TO BE DONE IN AGRICULTURAL SECTOR, PARTICULARLY SUPPLY AND VALUE CHAINS
RBI CENBANK CHIEF DAS SAYS INDIA'S ECONOMY, FINANCIAL SECTOR MUCH STRONGER THAN PRE-COVID PERIOD || SAYS THERE CANNOT BE ANY DISTRACTIONS, WAVERING OF FOCUS AT THIS STAGE
RBI CHIEF DAS SAYS SINGLE WRONG MOVE WHEN DEALING WITH INFLATION CHALLENGE CAN THROW YOU OFF TRACK || SAYS CANNOT AFFORD TO MAKE ANY MISTAKE, POLICY ERROR WHEN DEALING WITH INFLATION
RBI CENBANK CHIEF: A MODERATE LEVEL OF CURRENT ACCOUNT DEFICIT IS ALWAYS BETTER
INVENTURE GROWTH & SECURITIES: CO APPROVED RIGHT ISSUE SIZE OF 489.3M RUPEES RIGHT ISSUE PRICE 2.33 RUPEES PER SHR || CO APPROVED RIGHT ENTITLEMENT RATIO OF 1:4
ULTRATECH CEMENT: CO SAYS UAE UNIT MAKING PARTIAL CASH OFFER FOR ACQUIRING NOW 25% OF RAS AL KHAIMAH CO. FOR WHITE CEMENT AND CONSTRUCTION MATERIALS PSC || CO SAYS OFFER WAS REVISED FROM 31.6% STAKE TO 25% OF SHARE CAPITAL OF RAKWCT
FII BUY NET RUPEES 1175.91 CR OF INDIA SHARES TODAY || DII SELL NET RUPEES 149.45 CR
VISHNU PRAKASH R PUNGLIA: CO GETS ORDER WORTH 2.73B RUPEES || AWARDED CONTRACT BY U.P. JAL NIGAM (URBAN), PRAYAGRAJ
ZEE ENTERTAINMENT: CO SAYS NCLT ALLOWED WITHDRAWAL APPLICATION FOR IMPLEMENTATION OF COMPOSITE SCHEME OF ARRANGEMENT || CO SAYS WITHDRAWAL APPLICATION OF COMPOSITE SCHEME OF ARRANGEMENT AMONGST CO, BANGLA ENTERTAINMENT, CULVER MAX ENTERTAINMENT
ZEE ENTERTAINMENT ENTERPRISES: CO SAYS NCLT ALLOWED WITHDRAWAL APPLICATION AND PERMITTED WITHDRAWAL OF IMPLEMENTATION APPLICATION
INDIA'S EXTERNAL DEBT WAS $663.8B AT END-MARCH 2024 - STATEMENT
TIME TECHNOPLAST: CO RECEIVED ADDITIONAL ORDER FOR SUPPLY OF COMPOSITE CYLINDERS FOR TOTAL VALUE OF 550M RUPEES
Sotac Pharmaceuticals Ltd: New Order - Received an order worth approx. ₹17,13,01,433 from Rajasthan Medical Services Corporation Limited for pharmaceutical products, to be executed by March 31, 2025.
INVENTURE GROWTH & SECURITIES: CO APPROVED RIGHT ISSUE SIZE OF 489.3M RUPEES RIGHT ISSUE PRICE 2.33 RUPEES PER SHR || CO APPROVED RIGHT ENTITLEMENT RATIO OF 1:4
Vivek Karve, CFO, Mahindra Finance moves on to pursue interests beyond full time employment.
Tata Motors signs MoU with Bajaj Finance for commercial vehicle financing.
NTPC: The company is to hold a board meeting on June 29 to consider raising funds up to Rs 12,000 crore via NCDs, subject to the approval of shareholders.
Borosil: The company raised Rs 150 crore via QIP and allotted 47.2 lakh shares at Rs 318 per share, which indicates a discount of 4.14% to the floor price.
Vishnu Prakash R. Punglia: The company received a Rs 273.11 crore order from Uttar Pradesh Jal Nigam
Gulshan Polyols: The company has started commercial operations of ethanol at their 250 KLPD capacity grain-based ethanol plant in Goalpara, Distt. Assam.
Bulk Deals
Happiest Minds Technologies: Ashok Soota sold 91.36 lakh shares (6%) at Rs 834.87 apiece. On the other hand, Mansi Share & Stock Advisors bought 9.3 lakh shares (0.61%) at Rs 837.57 apiece and PRB Securities bought 9.1 lakh shares (0.59%) at Rs 843.6 apiece.
Moschip Technologies: Naveed Ahmed Sherwani sold 17.69 lakh shares (0.97%) at Rs 303.32 apiece. Restaurant Brands Asia: Goldman Sachs Funds - Goldman Sachs India Equity Portfolio sold 47.97 lakh shares (0.96%) at Rs 104.05 apiece.
DCB Bank: DSP Mutual Fund sold 17 lakh shares (0.54%) at Rs 140.15 apiece, while India First Life Insurance Company Limited bought 20.23 lakh shares (0.64%) at Rs 140.15 apiece.
Jupiter Wagons: Copthall Mauritius Investment Ltd bought 32.79 lakh shares (0.82%) at Rs 652 apiece.
Le Travenues Technology: Steadview Capital Master Fund bought 20.13 lakh shares (0.52%) at Rs 163.83 apiece.
Tourism Finance Corporation of India: Giriraj Ratan Damani bought 5 lakh shares (0.55%) at Rs 200.54 apiece.
Dodla Dairy: Mylktree Consultants LLP sold 7.36 lakh shares (1.23%) at Rs 1,000 apiece, while Pinebridge Inv Asia Limited A/C Pb Global Funds-Pinebridge India EQ Fund bought 8.25 lakh shares (1.38%) at Rs 1,000 apiece.
Insider Trades
Paisalo Digital: Promoter Equilibrated Venture Cflow bought 31.18 lakh shares on June 25.
Tide Water Oil: Promoter Standard Greases & Specialities sold 2.47 lakh shares on June 24.
Sterling and Wilson Renewable Energy: Promoter Rohiqa Cyrus Mistry sold 32,938 shares on June 20.
Gravita India: Promoter Rajat Agrawal sold 14 lakh shares on June 21.
INVESTEC ON STYLAM |
• Initiate Buy with target price of Rs 2,362
• A different approach on marketing/distribution vs. the market leader drove strong earnings growth
• Incremental expansion offers attractive RoCE profile in laminate, acrylic
• Potential investment by an MNC could enhance Stylam's tech capability, distribution, brand placement and aid earnings trajectory/multiples
• See 11% EPS CAGR over FY24-26
Oil edges lower after industry group reports jump in US stockpiles
Oil prices dropped in early Asian trade on Wednesday following an industry report that revealed an unexpected increase in U.S. stockpiles, raising concerns about weaker-than-expected demand in the top oil-consuming nation. Brent crude oil futures declined by 19 cents, or 0.2%, to $84.82 a barrel by 0023 GMT. U.S. West Texas Intermediate crude futures fell by 11 cents, or 0.1%, to $80.72 per barrel.
Gold flat as dollar, yields firm; investors seek more US data
Gold prices remained flat on Wednesday as the dollar and Treasury yields held steady ahead of a key inflation reading due later this week. This upcoming data could provide more clarity on the Federal Reserve's interest rate path.
Bank of Maharashtra likely to raise up to Rs 5,000 cr, Central Bank likely to raise up to ₹2,000 cr via QIP. Calibrated fund raise by PSBs to help reduce government stake: Sources
> Bank of Maharashtra could meet 25% public float norm over FY25, FY26
> Government holds over 86% stake in Bank of Maharashtra
> Calibrated fund raise by PSBs to help reduce government stake
> Government stake is at over 93% in central bank, UCO Bank, Punjab & Sind Bank & loB
*WHAT HAPPENED OVERNIGHT*
-> SPX +0.39%, Nasdaq +1.28%
-> UST 10y yield added 1 bps to 4.24%
-> Dollar Index +0.14% to 105.66
-> Nvidia rallied 7% after having a $430 billion selloff
-> US conference board consumer confidence was relatively stable
-> Oil down 1.2% to $84.96/bbl
JPMORGAN ON CREDIT CARD DATA MAY 2024 |
> May-24 saw 760k net issuances, led by HDFC Bank
> Industry cards outstanding up 18% y/y to 103 mn cards
> Net issuances have seen some moderation over the last 2 months
> Asset quality trends remain key to monitor
(Source: ET)
MORGAN STANLEY ON CREDIT CARD DATA MAY 2024 |
> SBI Cards May spending market share rose 27 bps MoM, to 16%
> Its YoY growth at 11% was higher sequentially (+1% YoY in April), but remains below 17% for the industry
> Slower than industry growth, reflects the impact (beginning February) of the RBI's recent notification on corporate card spending
( Source: ET)
JEFFERIES ON CREDIT CARD DATA MAY 2024 |
> In May '24, industry spending growth moderated to 17% YoY (18%, April)
> Credit cards o/s growth moderated to 18% YoY
> For SBI Cards, spending growth improved to 11% YoY
> SBI Cards share of industry spending inched up by 30 bps MoM, to 16%
> Growth in card in force for SBI Cards stayed relatively subdued reflecting caution in new issuances
> Among key players, spending share of ICICI Bank and Indusind Bank inched up MoM, while that of Axis Bank and HDFC Bank fell MOM
( Source: ET)
INVESTEC ON ADANI WILMAR |
> Initiate Hold with target price of Rs 374
> Long-term volume market share gain opportunity is compelling
> Expect 7% revenue CAGR in edible oils over FY24-26E driven by 6% volume CAGR
> Inherent volatile and low margin nature of the biz cap upside
( Source: ET)
JEFFERIES ON ICICI BANK |
> Maintain Buy with target price of Rs 1,350 000
> Deposit growth of 20% is among the best of large banks
> Slower cost growth to offset margin normalization
> Asset quality holding up; corporate book can see recoveries
> Stays among our top picks in sector
#Focus
Decline in #Metals extends overnight :
#Copper -1.5% to 9 week lows
#Silver -2% to below $29 an oz
#Commodities
UBS ON CG POWER |
> Industrial product business is on a stable track
> Management is optimistic on power systems, given strong local/global upcycles
> Beyond investments in OSAT, motors and power system expansion, CG Power will still have cash to expand its addressable market size NIA
> Recent capacity expansion across categories will ramp up export revenue
> CG Power is targeting newer geographies in upcoming years
> UBS maintain Buy; Hikes TP to Rs 870 from Rs 850
#Focus
BERNSTEIN INDIA STRATEGY |
• Earnings are eventually the real test of how the market progresses from here
• With election excitement now behind, focus will shift to the drivers that could shape revisions
• We address the current earnings movements across the top 200 stocks in India
• Earnings are not keeping up with the stock price movement
• A visible disconnect appears when the sector earnings revision is seen against the price movements
• Only 39% of NSE200 universe has seen earnings upgrades in the last three months, but 77% have seen positive price movements
• The earnings revisions across the last two months have been a mere 0.6%, and last month has seen a decline
• 7/13 sectors show a decline in the previous three months, and the average is barely 1%
• Metals and industrials seem to be the only sectors that show a pick-up
• Still, the disparities within are pretty high, and many prominent names exhibit declining earnings expectations for FY25
• Autos and Energy are the other two sectors that show momentum but have slowed down
• Financials is seeing a modest 1.6% increase, while all other sectors are flat or negative
GOLDMAN SACHS ON METRO BRANDS |
• Demand for non-wedding related footwear continues to be stable
• FY25 guidance is for mid to high teens % YoY sales growth
• Growth is likely to be back-end loaded in FY25 with a relatively softer base in H2FY25
• Industry competitive intensity high, but Metro to continue discounting discipline
• BIS certification-related supply chain disruption unlikely for Metro
• Inventory position relatively high vs. history to help mitigate potential BIS certification-related disruption
• Fila brand re-positioning efforts delayed due to BIS implementation
• Fila EBO scale-up to accelerate from FY26
GOLDMAN SACHS ON BANKING, FINANCIAL SERVICES AND INSURANCE |
• Rising concerns around the health of rural-lending (Farm loans and MFI particularly) portfolio in the Indian financial system
• Believe this could potentially put more pressure on the earnings trajectory of the sector
• Companies that are more exposed to farm loans - SBI, ICICI Bank, Kotak Bank, M&M Finance and L&T Finance
• Companies that have exposure to MFI portfolios - Bandhan Bank, Indusind Bank, Credit Access Grameen and L&T Finance
• PSU banks in particular could potentially be more impacted in the event of farm loan waivers as seen in past episodes
• Maintain preference for HDFC Bank, Kotak Bank, Axis Bank and Indusind amongst private banks
• Prefer Credit Access Grameen, L&T Finance and Shriram Finance among NBFCs
CLSA ON ELECTRONICS IN RAILWAYS |
• Vande Bharat and Kavach are the two key drivers
• Laid out a large capex programme over the next five years
• Believe the measures could be broadly categorised into capacity augmentation, safety enhancement, comfort of travel and ease of use
• Provides a large opportunity for electronics manufacturers geared towards Kavach and modernisation schemes
• In our coverage, Amber, Kaynes and Syrma could see order inflows from these projects
MACQUARIE ON HOSPITALS |
• Chinks in the armour starting to show
• Indian Hospitals' top-line growth has been primarily driven by rate hikes as volume growth continue to moderate
• Organic bed capacity additions in the next 3 years is ~4x the addition of the past 5 years
• Believe this would pressure profitability
• Reiterate Underperforms on Apollo Hospitals and Max Healthcare
• Our earnings estimates 9-22% below consensus
Gold flat as dollar, yields firm; investors seek more US data
Gold prices remained flat on Wednesday as the dollar and Treasury yields held steady ahead of a key inflation reading due later this week. This upcoming data could provide more clarity on the Federal Reserve's interest rate path.
Major Corporate Meetings |
> Tega Industries: To meet analyst and Investors on June 28
> Nuvoco Vistas Corporation: To meet analyst and Investors on June 27
> Fino Payments Bank: To meet analyst and Investors today
> Gravita India: To meet analyst and Investors on June 28 to July 2,3, 4
Stocks under F&O ban List for 26/06/2024:
GNFC, Indus Towers, Punjab National Bank, SAIL.
Nifty hits 23,700 mark for 1st time; Shriram Finance, Axis Bank lead
Here's how the market panned today
#MindspaceBusinessParks REIT raises Rs 650 crore from International Finance Corp via issuance of sustainability linked bonds: Exchange filing
Systematix Corporate Action Tracker: Stock Split Dates
Share India Securities Ltd
Stock Split From Rs.10/- to Rs.2/-
Previous day Closing Price – Rs. 1517.55
Ex - Stock Split 27 June 2024 (Tomorrow)
Last day trade for before split Today
Systematix Corporate Action Tracker: Bonus Issue Dates
Aurionpro Solutions Ltd.
Bonus issue 1:1
Previous day Closing Price – Rs. 2784.1
Ex Bonus 27 June 2024 (Tomorrow)
Last date Trade for Before Bonus Today
Stocks in News post Market closure

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