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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June 20, 2024

• Good Morning All,
• Price action was very poor yesterday in Nifty.
• Nifty - Yesterday's high and low are greater than previous day's high and low. Hence these numbers becomes your initial support and resistance. 5-10 minutes beyond this level will have some trending move.
• Supports: 23412 & 23333
• Resistances: 23664 (Above this unfinished business of 23800 comes into picture)
• Bank Nifty - Completely outperformed Nifty in last session. As mentioned earlier sustaining above 50050 gates were open for 53000. We already saw 51957 yesterday. Now all dip towards 50K is expected to be bought for the unfinished business of 53000
• Supports: 51000 & 50562
• Resistances: 51555 & 52000
• Nifty expiry today.
• BLUE DART: CO SUCESSFULLY COMMENCES DRONE DELIVERIES WITH SKYE AIR
• INDIAN METALS & FERRO ALLOYS: GOVT TO DISBURSE OVER RUPEES 221 CR TO UTKAL COAL ( CO UNIT) FOR LAND COMPENSATION
• MINISTRY OF COAL
• # SAYS DEMAND OF COAL BASED POWER HAS GROWN BY 7.30 % IN THIS FY COMPARED TO LAST YEAR IN SAME PERIOD, HIGHEST EVER DEMAND OF COAL - PIB
• # SAYS HIGHEST EVER COAL STOCKS AVAILABLE AT THERMAL POWER PLANTS || COAL STOCKS AT TPPS EXCEED 45 MILLION TONNES - PIB
• ACTION CONSTRUCTION: NIKKEI SAYS JAPANESE CONSTRUCTION EQUIPMENT MAKER KATO WORKS TO SET UP JOINT VENTURE WITH CO TO ENTER INDIAN MARKET
• ESCORTS KUBOTA: CO HAS WITHDRAWN EXPRESSION OF INTEREST FOR PROPOSED ACQUISITION OF LAND IN GHILOTH, RAJASTHAN
• MINISTRY OF HEAVY INDUSTRIES SETS UP JOINT TASK FORCE TO WORK TOWARDS A NATIONAL CAPITAL GOODS POLICY 2025 || THE TASK FORCE WILL IDENTIFY KEY EMERGING SECTORS IN MFG LIKE AUTOMATION, ROBOTICS, AI, IOT- CNBC TV 18
• CHINA TO ADD 46 INGREDIENTS INCLUDING BRORPHINE TO ITS NARCOTICS LIST FROM JULY 1 - STATE MEDIA
• SBI: BANK ACCORDED APPROVAL FOR RAISING LONG TERM BONDS UP TO AN AMOUNT OF RUPEES 20,000 CR THROUGH A PUBLIC ISSUE OR PRIVATE PLACEMENT, DURING FY25
• MAX FINANCIAL: AXIS BANK TO ACQUIRE ADDITIONAL STAKE IN CO WORTH 336CR RUPEES
• COAL INDIA:
• # CO HAS AWARDED 23 CLOSED AND DISCONTINUED UNDERGROUND MINES TO PRIVATE SECTOR BIDDERS ON A REVENUE-SHARING MODEL TO TAP LATENT COAL RESERVES
• # CO TO TAP COAL FROM ABANDONED UG MINES THROUGH PRIVATE OPERATORS
• DELTA CORP:
• # THE ONLINE GAMING SECTOR, WHICH PAYS 28 PERCENT AS GOODS AND SERVICES TAX (GST) ON THE FULL FACE VALUE INVOLVED, WILL HAVE TO WAIT LONGER FOR RELIEF - MONEYCONTROL
• # COUNCIL UNLIKELY TO REVIEW 28% GST ON ONLINE GAMING: MONEYCONTROL
• JIO FINANCIAL SERVICES: CO APPOINTS SHRI S. ANANTHARAMAN AS GROUP CHIEF RISK OFFICER OF THE CO || SHRI S. ANANTHARAMAN WAS WORKING AT BANK OF BARODA, AT HDFC BANK HE WAS THE JOINT HEAD OF WHOLESALE CREDIT, OVERSEEING A USD 13B CREDIT PORTFOLIO
• DATAMATICS GLOBAL: CO GRANTED PATENT FOR ITS PROPRIETARY AI-POWERED INTELLIGENT DOCUMENT PROCESSING SOFTWARE
• SAKUMA EXPORTS: CO TO CONSIDER BONUS ISSUE ON JULY 1
• HAL: CO TO CONSIDER THE RECOMMENDATION OF FINAL DIVIDEND ON JUNE 26
• VODAFONE IDEA: VODAFONE PLC SAYS PROCEEDS WILL BE USED TO SUBSTANTIALLY REPAY CO'S EXISTING LENDERS - RTRS
• ABB INDIA: CO AND WITT INDIA PARTNER TO ENHANCE SAFETY AND OPERATIONAL EFFICIENCY IN KEY INFRASTRUCTURE PROJECTS
• PNB GILTS: JPMORGAN'S KIM EXPECTS USD 20B - 25B OF INDIA FLOWS POST INCLUSION || JPMORGAN SAYS 27 BONDS UNDER INDIA FAR ROUTE MEET INDEX CRITERIA - BBG
• VIPUL ORGANICS: CO COMMENCES CONSTRUCTION AT SAYAKHA IN GUJARAT || CO WILL BUILD A STATE OF ART 22,209 SQ. M FACILITY, ON A PLOT SIZE OF 24,633.11 SQ. METERS
• TATA MOTORS: CO SAYS PRICE INCREASE IS TO OFFSET THE IMPACT OF RISING COMMODITY PRICES || CO SAYS PRICE INCREASE UP TO 2%
• TATA MOTORS: CO ANNOUNCES PRICE INCREASE OF ITS COMMERCIAL VEHICLES FROM JULY 2024
• RESTAURANT BRANDS ASIA: CO ANNOUNCES INVESTMENT IN PT SARI BURGER INDONESIA
• ABFRL: CO UNIT ADITYA BIRLA DIGITAL FASHION VENTURES EXECUTED A BINDING OFFER LETTER WITH UNIVERSAL SPORTSBIZ || DEAL FOR A MINORITY INVESTMENT WITH AN OPTION FOR A PATH TO MAJORITY STAKE ACQUISITION IN USPL
• HCL TECH: CO, TECNOTREE IN PACT TO BRING 5G LED GENERATIVE AI SOLUTIONS - CNBC AAWAZ
• INDUS TOWER: BHARTI AIRTEL HAS ACQUIRED ~26.95 MILLION (I.E. 1%) EQUITY SHARES OF CO TODAY ON-MARKET
• MIDHANI: CO EXEC SAYS PRATT AND WHITNEY COULD CONTRIBUTE RUPEES 60-70CR IN FY26 - CNBC TV 18
• MIDHANI: CO EXEC SAYS SEEING MANY OPPORTUNITIES WITH THE DRDO AS WELL - CNBC TV 18
• MIDHANI: CO HAS STARTED SUPPLYING ENGINE COMPONENTS TO PRATT & WHITNEY - CNBC TV18
• EXICOM TELE: CO CEO SAYS THE EV MARKET IN INDIA IS SEEING EXPLOSIVE GROWTH, LAST YEAR SALES NEARLY DOUBLED AND THIS YEAR THEY ARE EXPECTED TO RISE BY 66%
• EXICOM TELE: CO'S STRATEGIC PARTNERSHIP BETWEEN HUBJECT AND CO AIMS TO FUEL FURTHER GROWTH IN INDIA’S BOOMING EV MARKET
• VENUS REMEDIES: CO HAS BEEN AWARDED AN ONCOLOGY TENDER BY THE VVHO-BACKED PAN AMERICAN HEALTH ORGANISATION (PAHO)
• The rise of SIP collections in India and its effects
• We often see panic statements made by market participants regarding crashes coming in soon due to the excessive bullish sentiment and FIIs selling.
• On reading multiple datapoints, our team has seen the increased participation of DII and retail which has supported the market run after prolonged FII selling since months.
• Financialisation of savings in India and awareness of equity has only begun and the penetration of demat accounts is only increasing!
• The effect of FIIs on the market will eventually not be as much as it was due to higher DII and retail participation. A base of 5 trillion dollars of market capitalisation is huge.
• Cut out the noise and pay more attention to the following concerns / key indicators to understand peaks in the market:
• Reducing SIP and mutual fund inflows, higher redemptions
• AUM degrowth in Wealth Management Companies
• Client additions reducing for brokerages month on month
• Conclusion: eliminate the panic and focus on what’s important: long term growth and valuations. Stay invested.
• Nvidia is up 203% over the past year. They make futuristic computer chips.
• Abercrombie & Fitch is up 406% over the past year. They make cargo pants.
• INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON : 19-06-2024 :
• FIIS F & O : RS. CRS. :
• TOTAL NET SELL : -2546
• News Headlines from Business News Agencies:*
• Business Standard
• Retail inflation steadily easing, food prices still a concern: RBI bulletin
• RBI sold net $3.6 bn in spot forex market in April: Monthly bulletin
• Auto industry grew 19% in value in FY24 as SUVs become popular: Report
• Tata Motors announces third price hike for CVs in 2024 amid rising commodity costs
• Blue Dart begins drone deliveries for couriers in partnership with Skye Air
• Centre to use tech to reduce time-lapse between survey, policy-making
• Star Health deploys AI face tool to assist in health assessment
• Tata Motors-owned JLR steps up investment plan to 18 bn pounds till FY28
• India's coal-based power demand rise by 7.3%, at all-time high: Govt
• Allow foreign currency transactions in India via RBI: ICT Chairman Kapila
• Jio outpaces Airtel in 4G/5G user additions during April
• Economic Times
• Coal stock at thermal power plants grows 32 pc to 45 MT
• General Atlantic, Asia Opportunities V to sell 4% stake worth Rs 830 crore in PNB Housing Finance
• Salesforce, its partners expected to create 1.8 million new jobs in India by 2028: IDC report
• India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day
• Average SIP ticket size rises 2% in May to Rs 2,387
• 8X Ventures closes India-focused deeptech fund at Rs 200 crore
• Jakson Green wins NTPC order for setting up project to produce 4G ethanol from flue gas
• Messe Stuttgart India, Indian Navy collaborate to modernise pan-India logistics infrastructure
• SBI Chairman pitches for tax relief on interest income in Budget
• Escorts Kubota withdraws plan to set up new unit at Ghiloth in Rajasthan
• India's seafood exports up in volume terms; dip in value in 2023-24: Commerce min
• Aditya Birla Capital to sponsor Indian team at Paris Olympics 2024
• Mint
• SBI board approves raising up to ₹20,000 crore via long-term bonds in FY25
• DBS Bank India to Make BusinessClass foundED Events Carbon Neutral
• Ummeed Housing Finance secures $76mn to fuel south, central India expansion
• RBI invites applications for recognising self-regulatory organisations for NBFCs.
• Axis Bank acquires additional stake in Max Life Insurance subsidiary for ₹336 cr
• Carlyle-backed Varmora eyes a pre-IPO fundraising round of up to $150 mn
• Venus Remedies bags Oncology tender by VVHO-backed PAHO for supplying essential Cancer drugs
• Aditya Birla Group's TMRW invests ₹125 crore in Virat Kohil's Wrogn
• Nvidia’s ascent to most valuable company has echoes of dot-com boom
• India, South Korea in talks to enhance bilateral air rights
• DEE Development Engineers' IPO was fully subscribed on its first day.
• INDEX FUT. : +4356
• INDEX OPT. : -7951
• STOCK FUT. : +942
• STOCK OPT. : +105
• SEC. IN F&O BAN FOR, 20 June, 2024 :
• 1. HAL 2. CHAMBLFERT 3. HINDCOPPER 4. INDIACEM 5. SAIL 6. BALRAMCHIN 7. PEL 8. INDUSTOWER
• ADDITION : INDUSTOWER, HAL
• DELETION : SUNTV, GNFC
• INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 19-JUN-2024 :
• FIIS : BUY +7,908 (24,852-16,944)
• DIIS : BUY +7,108 (22,548-15,440)
• BSE SENSEX : +36 (77,337)
• NSE NIFTY : -42 (23,516)
• BSE MIDCAP. : -422 (45,833)
• BSE SMLCAP. : -301 (51,393)
• B. CRUDE : $ 85.79
• GOLD: $ 2,325=INR 72,500(10gr)
• SILVER : RS. 89,000 (kg)
• FOREX : RS. $ 83.45
• 7.10% GOI '34 : 6.9746% (100.8650)
• 7.18% GOI '33: 7.0318%(100.9750)
• 7.18% GOI '37: 7.0313% (101.25)
• News Headlines from Business News Agencies:*
• Business Standard
• Retail inflation steadily easing, food prices still a concern: RBI bulletin
• RBI sold net $3.6 bn in spot forex market in April: Monthly bulletin
• Auto industry grew 19% in value in FY24 as SUVs become popular: Report
• Tata Motors announces third price hike for CVs in 2024 amid rising commodity costs
• Blue Dart begins drone deliveries for couriers in partnership with Skye Air
• Centre to use tech to reduce time-lapse between survey, policy-making
• Star Health deploys AI face tool to assist in health assessment
• Tata Motors-owned JLR steps up investment plan to 18 bn pounds till FY28
• India's coal-based power demand rise by 7.3%, at all-time high: Govt
• Allow foreign currency transactions in India via RBI: ICT Chairman Kapila
• Jio outpaces Airtel in 4G/5G user additions during April
• Economic Times
• Coal stock at thermal power plants grows 32 pc to 45 MT
• General Atlantic, Asia Opportunities V to sell 4% stake worth Rs 830 crore in PNB Housing Finance
• Salesforce, its partners expected to create 1.8 million new jobs in India by 2028: IDC report
• India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day
• Average SIP ticket size rises 2% in May to Rs 2,387
• 8X Ventures closes India-focused deeptech fund at Rs 200 crore
• Jakson Green wins NTPC order for setting up project to produce 4G ethanol from flue gas
• Messe Stuttgart India, Indian Navy collaborate to modernise pan-India logistics infrastructure
• SBI Chairman pitches for tax relief on interest income in Budget
• Escorts Kubota withdraws plan to set up new unit at Ghiloth in Rajasthan
• India's seafood exports up in volume terms; dip in value in 2023-24: Commerce min
• Aditya Birla Capital to sponsor Indian team at Paris Olympics 2024
• Mint
• SBI board approves raising up to ₹20,000 crore via long-term bonds in FY25
• DBS Bank India to Make BusinessClass foundED Events Carbon Neutral
• Ummeed Housing Finance secures $76mn to fuel south, central India expansion
• RBI invites applications for recognising self-regulatory organisations for NBFCs.
• Axis Bank acquires additional stake in Max Life Insurance subsidiary for ₹336 cr
• Carlyle-backed Varmora eyes a pre-IPO fundraising round of up to $150 mn
• Venus Remedies bags Oncology tender by VVHO-backed PAHO for supplying essential Cancer drugs
• Aditya Birla Group's TMRW invests ₹125 crore in Virat Kohil's Wrogn
• Nvidia’s ascent to most valuable company has echoes of dot-com boom
• India, South Korea in talks to enhance bilateral air rights
• DEE Development Engineers' IPO was fully subscribed on its first day.
• India Daybook – Stocks in News
• ACE: Japanese construction equipment maker Kato works to set up joint venture with action construction equipment to enter Indian market. (Positive)
• Godrej Industries: CCI approves Godrej Industries proposed group re-alignment. (Positive)
• Indian Oil: Company in joint venture pact with GPS Renewables for sustainable energy solutions. (Positive)
• Blue Dart: Company commences drone deliveries in collaboration with Skye Air (Positive)
• Escorts Kubota: Company plans investment of up to Rs 4,500 crore for new Rajasthan unit. (Positive)
• AU Bank: GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD bought 43,34,080 at Rs. 650.00 (Positive)
• Sansera: SOCIETE GENERALE bought 3,58,343 at Rs. 1,200.00 (Positive)
• IMFA: Govt to Disburse Over Rupees 221 Cr to Utkal Coal, Company Unit for Land Compensation (Positive)
• TTK Prestige: Company has signed an agreement with a globally reputed consultant to assist the co to redraw its blueprint for a 5-year long-term strategy and plan, company will be spending in the range of around 120m rupees over the next 6 months for this exercise (Positive)
• Brigade: Company signs agreement to develop a third world trade center tower at inforpark, kochi, company says the 1.5b rupees project will be developed by brigade group. (Positive)
• Sapphire Foods: Company Approved Sub-Division/Split Of Shares In 1:5 Ratio (Positive)
• Eimco Elecon: Company Gets Order worth 331.1m Rupees to Supply Coal Mining Equipment (Positive)
• Gensol Engineering: Company has been allotted the greenshoe option of 250 MW/500 MWh by Gujarat Urja Vikas Nigam Limited (Positive)
• Reliance Industries: Jio Net Adds 26.9 Lakh Users In April Vs 21.4 Lakh In March (Positive)
• Adani ports: 4 Ports From Adani Ports & Sez Portfolio Figure In World Bank's Container Port Performance Index 2023 (Positive)
• Aurionpro: Company says Long Term Revenue Growth Rate Goal Of 25%-30% Per Annum (Positive)
• Lemon Tree: Company Signs A New Property In Morbi, Gujarat (Positive)
• BHEL: Company Says Rajesh Kumar Dwivedi Designated As Chief Financial Officer (Neutral)
• Info Edge: Co Says Allcheckdeals India Agreed To Invest 10m Rupees In Its Unit Newinc Internet Services (Neutral)
• Tata Communications: Company Issued, Allotted Commercial Paper Aggregating To 2.5b Rupees (Neutral)
• PNB Housing: Asia Opportunities Fund, General Atlantic likely to sell 4.2% stake via block deals in PNB Housing (Neutral)
• Chemplast Sanmar: Company board to meet on June 24 to consider raising funds. (Neutral)
• Bharti Airtel: Company net adds 7.5 lakh users in April vs 17.5 lakh in March (Neutral)
• Vodafone Idea: Company Net Loses 7.34 Lakh Users In April Vs Lost 6.8 Lakh In March (Neutral)
• KEI Ind: Operations of Plants At Rakholi And Chinchpada Partially Affected Due To Stoppage Of Production (Neutral)
• Mas Financial: Company launches QIP worth ₹400 crore, upside option of further ₹100 crore (Neutral)
• Advance Enzyme: Orbimed Asia III Mauritius offloaded 9.88% equity in Company (Neutral)
• Som Distilleries: Madhya Pradesh government suspends license of Som Distilleries in child labour case (Negative)
• Sun Pharma: Company Says Dadra Facility Receives Warning Letter From USFDA (Negative)
• PNC Infra: Company’s MD, Director appeared before the CBI. (Negative)
• GS on Tata Tech
• Initiate Sell, TP Rs 900
• See downside as
• 1) Proprietary analysis with Global autos / aerospace colleagues indicates OEMs growing mechanical R&D budgets (TATE is over-indexed) at +5% CAGR (3yr fwd) vs CASE software budgets growing at +20% CAGR
• 2) Tata Motors & JLR relationships (30% of sales), could make broadening Luxury Automaker customer base harder in future
• 3) Ongoing normalization in engineering rev from VinFast
• Trades at fwd P/E of 50x
• GS on C E Info Systems
• Initiate buy, TP Rs 2800
• Well-poised to benefit from early leadership position in fast-growth end-markets including auto navigation, mapping devices, connected vehicles, telematics & govt digitization
• Co enjoys 80%+mkt share in Auto OEM Navigation Software
• Forecast 38% FY24-FY27E rev CAGR & steady EBITDA margin in 38-41% range
• Catalysts
• 1) Pickup from Hyundai/Kia contract win
• 2) pickup in faster-growth IoT biz
• 3) increase in EV led N-CASE adoption
• Trades at fwd P/E of 53x
• GS on Uno Minda
• Initiate Buy, TP Rs 1350
• Well positioned for growth in India’s auto components industry where select businesses are benefiting from ongoing premiumization
• CO currently enjoys 50%+ share in auto switches, 40%+ in 4W alloy wheels & sub-25% in Lighting/Seating
• Catalysts: (1) Korean OEM oppty; (2) EV powertrain / motor supply optionality; (3) Upcoming capacity in Alloy wheels / Lighting.
• Risks: Peak switches share, autos demand slowdown, growth focus over FCF
• CLSA on Tata Motors
• O-P, TP Rs 1181
• JLR Investor day
• Co highlighted it will invest £18bn over next 4 yrs for its electrification journey
• Management guided for a ≥8.5% Ebit margin in FY25 & expects 10% Ebit margin in FY26
• Co plans to launch Range Rover electric & New JLR in FY25
• Macquarie on Financials
• Upgrade: KMB (TP raised to Rs 2025), SBI Life(TP raised to Rs 1750)to O/P
• Downgrades: SBI, BAF (TP cut to Rs 6600), CIFC, MMFS (TP cut to Rs 250)to U/P
• Private banks at attractive vals & expected to report 16-18% ROE over next couple of yrs
• Would stay away from PSU banks, Insurance, and Fintechs owing to regulations, declining fundamentals, and/or unfavourable risk-reward.
• Top picks... Banks: Axis, IIB
• Top Picks... NBFCs: SHFL, LICHF.
• MOSL on PSUS
• Preferred Ideas: SBI, Coal India, GAIL, HPCL, & Bank of Baroda.
• Back with a vengeance!
• Earnings momentum fueling outperformance!
• Strong business narratives and growing order book driving a rerating
• Healthy outlook to continue!
• Exclusive | Adobe CEO Shantanu Narayen highlights India's growing role in global innovation, AI strategy
• Highlighting India's growing significance, Narayen noted, "India as a market wasn't a huge market for Adobe. That's where the evolution is now," underscoring how local companies like Tata, Reliance, Indigo and Maruti are now expanding globally, presenting new opportunities for Adobe.
• GST Council Meeting on June 22: Key issues on sunset clause, monetary limits, and sector clarifications - CNBC TV18
• The upcoming GST Council meeting on June 22 is set to address several key issues impacting businesses and taxpayers. Major agenda items include the potential introduction of a sunset clause for anti-profiteering cases, rerouting these cases to the GST Appellate…
• Sun Pharma has received Warning Letter from US FDA for its Dadra facility. The Warning Letter summarizes violations with respect to Current Good Manufacturing Practice (cGMP) regulations
• Government aims to cut time lags between economic data surveys, says MoSPI Secretary - CNBC TV18
• Economic Data Survey: The Narendra Modi government plans to increase the frequency of key economic surveys, such as the Household Consumption Expenditure Survey (HCES) and the Periodic Labour Force Survey (PLFS), to quarterly or even monthly intervals.
• Pakistan is No 4 among nations that ramped up spending on nuclear weapons in 2023: Where does India rank? - CNBC TV18
• Global spending on nuclear weapons jumped by 13.4% in 2023, reaching approximately $91.4 billion, according to an Abolish Nuclear Weapons (ICAN) report. Noting a $23.2 billion increase in nuclear weapons spending over the last five years, ICAN report highlights…
• Trade Setup for June 20: Has the Nifty run its course while banks have just begun their rally?
• ICICI Bank and HDFC Bank together contributed 120 points to the Nifty gains, thereby keeping its downside in check.
• If you look at the Nifty rate at the close of trade on Wednesday, you'd think of it to be yet another day where nothing much moved on the index. However, the actual price action of the day is far from quiet. It turned out to be another day and another record for the Nifty but the index could not sustain at those levels. For the record keepers, 23,664 is now the new record high for the Nifty.
• Redtape: Promoter bought 32,500 shares from open market worth 2.49 Crore.
• Valuation change of pvt banks from 4th June to now
• @HDFC_Bank has seen the highest gain
• Its valuations, as of 4th June'24 was below @KotakBankLtd.
• Now, HDFC Bank's valuations are slightly higher than that of Kotak Bank
• *Macquarie: India Financials | Stick with private sector banks; avoid PSUs, NBFCs, insurance, fintechs*
• *Private sector banks: steady power of compounding story.*
• *PSU banks, NBFCs, Insurance face regulations, declining fundamentals*
• *Banks:* We upgrade KMB (Kotak Bank) and CUBK (City Union Bank) from Neutral to Outperform.
• *NBFCs:* Downgrade BAF (Bajaj Finance), CIFC (Chola Finance), MMFS (Mahindra Finance) from Neutral to Underperform
• *Insurance:* Upgrade SBI Life to Outperform from Neutral
• *Goldman Sachs: India Autos | Assessing Series Hybrids in the India Car Market Context*
• Uno Minda (UNOI.BO) Switching the lights on in alloy wheels and EVs; initiate at Buy (12-m TP of Rs1,350 implies +28% upside)
• C.E. Info Systems (CEIF.BO) Mapping India's digital mobility journey; initiate at Buy (12-m TP of Rs2,800 implies +40% upside).
• Tata Technologies (TATE.BO) Better entry points ahead; initiate at Sell (12-m TP of Rs900 implies -12% downside).
• NSE Launches New Thematic Index
• Nifty India Tourism Index
• All stocks under the index will represent the travel & tourism theme.
• Travel & Tourism combined contribution to GDP: $199.6 Bn
• Total 17 Stocks:
• BLS
• CHALET
• DEVYANI
• EIHOTEL
• EASEMYTRIP
• GMRINFRA
• INDHOTEL
• IRCTC
• INDIGO
• JUBLFOOD
• LEMONTREE
• MHRIL
• RBA
• SAFARI
• SAPPHIRE
• VIPIND
• WESTLIFE
• Foreign investors buy $10 billion of Indian govt bonds since JPM inclusion announcement
• Foreign ownership of Indian bonds rose to an all-time high of 4.45% of total, compared to 2.77% before the inclusion announcement.
• Billionaire Hinduja Family Faces Criminal Charges In Swiss Court, Banking Empire Also Under Scrutiny
• A court in Geneva, Switzerland has begun the trial on criminal charges linked to human trafficking against billionaire Prakash and Kamal Hinduja, their son Ajay and his wife Namrata. If convicted, since the hearing may conclude this week, the Hinduja family…
• Adani Group plans $100 billion investment in energy transition
• Adani Group Chairman Gautam Adani said energy transition and digital infrastructure are trillion-dollar opportunities that will transform the country.
• NBCC : Cabinet approves enhancement of existing infrastructure of the Delhi Campus of the NFSU
• Financial outlay of Rs 2,254 crore for campuses, labs and enhancement of forensic infrastructure
• Gautam Adani Says Global energy transition market, valued at approximately $3 trillion in 2023, is expected to nearly double to $6 trillion by 2030
• India aims to install 500 gigawatts of renewable energy capacity by 2030, an ambitious target that will require annual investments exceeding $150 billion
• Cabinet Approves Viability Gap Funding Scheme for Offshore Wind Energy Projects
• Union Cabinet, chaired by @narendramodi, approved the VGF scheme for the nation’s first-ever offshore wind energy projects with a total outlay of ₹7,453 crore!
• Key Highlights:
• Installation of 1 GW of offshore wind energy projects (500 MW each off the coast of #Gujarat and #TamilNadu)
• Funding & Infrastructure:
• ₹6,853 Cr for installation & commissioning.
• ₹600 Cr for port upgrades to support offshore wind logistics.
• Implementation: Projects will be established by private developers through a transparent bidding process. #PowerGrid Corp will build the power evacuation infrastructure.
• Benefits:
• Renewable Electricity: 3.72 billion units annually.
• CO2 Reduction: Annual reduction of 2.98 million tons of CO2 equivalent emissions for 25 years.
• Economic Growth: Attracting investments, developing indigenous manufacturing, creating employment & advancing technology.
• Why Offshore Wind?
• Offshore wind offers higher reliability & adequacy, lower storage requirements & higher employment potential compared to onshore wind & solar projects.
• This is a giant leap towards India’s energy transition targets, aiming to develop an initial 37 GW of offshore wind energy with an investment of around ₹4,50,000 crore.
• Companies which can benefit:
• 1. PowerGrid Corp
• 2. Suzlon
• 3. Tata power
• 4. Inox Wind
• 5. Adani Green
• 6. Siemens
• 7. BHEL
• 8. ABB
• Sectors which can benefit:
• 1. Wind energy project developers: Suzlon, Inox, etc
• 2. Battery energy storage system (BESS) manufacturers: Exide, Amara Raja, etc
• 3. Offshore wind farm operators: Adani Green, Tata Power, ReNew, etc
• 4. Port operators: Adani Ports, JSW Infra, etc
• 5. EPC contractors: L&T, etc
• Gokaldas Exports Partners with BRFL Textiles
• #Gokex announces its strategic tie-up with BRFL Textiles Pvt Ltd, one of the largest single-location fabric processing companies in India
• Investment Details:
• GEX to invest ₹50 crores in the first tranche through Optionally Convertible Debentures.
• Further investments up to ₹300 crores to follow in multiple tranches.
• Purpose:
• Funds to primarily meet working capital needs.
• Smaller portion for capex requirements.
• Future Plans: Potential #merger or #acquisition by June 30, 2025, subject to necessary approvals.
• Strategic Benefits:
• Enhanced speed, flexibility & agility to meet customer demands.
• End-to-end integrated business model for self-reliant raw material fulfillment.
• BTPL's world-class infrastructure and specialization in linen manufacturing to complement GEX's needs.
• Synergy:
• BTPL's capabilities in producing knits, wovens & all fiber types.
• Specialization in prints and yarn-dyed fabrics aligns with GEX's requirements.
• Accelerates GEX's growth by leveraging BTPL's unique capabilities.
• This investment marks a pivotal step for GEX, ensuring they stay ahead in the competitive textile industry
• Tanfac Industries Ltd signed a Framework Agreement worth ~$81 million (₹675 crores) with a top Japanese specialty chemical company to supply refrigerant gas over the next 5 years
• BENGAL & ASAM; Co inform that 11,00,000 - 7% Optionally Convertible Cumulative Redeemable Preference Shares of = 100/- each held by the Company in Dwarkesh Energy Limited (DEL), has been converted into Equity Shares and consequently 1,10,00,000 Equity Shares of = 10/- each has been allotted by DEL on 22 May, 2024.
• Accordingly, the Company’s shareholding in DEL has been increased from 27.49% to 93.96% and DEL has become a Subsidiary of the Company.
• *Macquarie: India Financials | Stick with private sector banks; avoid PSUs, NBFCs, insurance, fintechs*
• *Private sector banks: steady power of compounding story.*
• *PSU banks, NBFCs, Insurance face regulations, declining fundamentals*
• *Banks:* We upgrade KMB (Kotak Bank) and CUBK (City Union Bank) from Neutral to Outperform.
• *NBFCs:* Downgrade BAF (Bajaj Finance), CIFC (Chola Finance), MMFS (Mahindra Finance) from Neutral to Underperform
• *Insurance:* Upgrade SBI Life to Outperform from Neutral
• *Goldman Sachs: India Autos | Assessing Series Hybrids in the India Car Market Context*
• Uno Minda (UNOI.BO) Switching the lights on in alloy wheels and EVs; initiate at Buy (12-m TP of Rs1,350 implies +28% upside)
• C.E. Info Systems (CEIF.BO) Mapping India's digital mobility journey; initiate at Buy (12-m TP of Rs2,800 implies +40% upside).
• Tata Technologies (TATE.BO) Better entry points ahead; initiate at Sell (12-m TP of Rs900 implies -12% downside).
• NSE Launches New Thematic Index
• Nifty India Tourism Index
• All stocks under the index will represent the travel & tourism theme.
• Travel & Tourism combined contribution to GDP: $199.6 Bn
• Total 17 Stocks:
• BLS
• CHALET
• DEVYANI
• EIHOTEL
• EASEMYTRIP
• GMRINFRA
• INDHOTEL
• IRCTC
• INDIGO
• JUBLFOOD
• LEMONTREE
• MHRIL
• RBA
• SAFARI
• SAPPHIRE
• VIPIND
• WESTLIFE
• UBS keeps 'buy' on Zomato, target Rs 250 in Long term
• #1 Company confirmed discussions to acquire Paytm’s ticketing business
• #2 Acquisition of Paytm’s ticketing business fits in well with company’s ‘going-out’ offering
• #3 Back-of-the-envelope calculation suggests reasonable valuations
• JEFFERIES ON PI INDUSTRIES
• • Maintain Buy; Hike Target Price to Rs 4750 from Rs 4630
• • Mgmt remains confident of achieving its growth guidance despite destocking in its key product
• • PI's Apr-May exports rose 20% y/y
• on stable pricing in key product and traction with new molecules
• • Chinese capacity in PI's key product remains significantly under-utilized
• • Combination patents in key product should keep pricing stable
• INCRED ON TATA MOTORS
• • Maintain Reduce with Target Price of Rs 769
• • Aim to improve profitability, despite launch of EV Range Rover and Jaguar models, looks stretched
• • Long-term EBIT margin guidance stands at 15% for FY30, which looks ambitious
• • To increase investments by 20% in FY24-26, and also gives guidance of a lower FCF for FY25
• • Retail mix rising; branch expansion to aid business growth
• • Revenue growth to lead opex growth; estimate C/I ratio to decline to ~60
• • Asset quality outlook healthy; GNPA to improve further
• MOSL ON DCB BANK
• • Upgrade to Buy from Neutral; Hike Target Price to Rs 175
• • Business growth steady; valuations reasonable
• • Operating leverage to drive RoE recovery
• • Loan growth to sustain at 19% CAGR after a blip in FY20-22
• • Retail mix rising; branch expansion to aid business growth
• • Revenue growth to lead opex growth; estimate C/I ratio to decline to ~60
• • Asset quality outlook healthy; GNPA to improve further
• MORGAN STANLEY ON INDIA ECONOMICS
• • Cabinet approved Minimum Support Price (MSP) hikes for summer (Kharif) crops 2024-25
• • Average MSP for summer crops rose 7.1%, vs. 7.8% previous season
• • Sharpest increase seen for nigerseeds at 12.7%, followed by ragi at 11.5%
• San Paddy, which is the key summer crop, grew at a slower pace of 5.4%
• • Increase in MSP unlikely to add to food inflation pressures
• • Key to track from a food CPI perspective would be progress on the monsoon and crop sowing0
• • Expect MSP increase for summer crops to be reflected from October/November, when procurement commences
• GOLDMAN SACHS ON CE INFO SYSTEMS
• • Initiate Buy with TP of Rs 2800
• • Mapping India's digital mobility journey
• • Emerging Mobility business bigger opportunity set than core Auto
• • Corporate + Government mkts represent meaningful growth opportunity
• • Auto & Mobility - core business well exposed to Premiumization + Electrification
• Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.
• Beat The Street | Stock Market News
• BSE : Marquee funds trim NSE holdings due to lack of IPO visibility, limited fund life cycle, leading to share sales - BL
• PRICE BAND REVISED TO 10 % FROM 20 % EARLIER
• WINDSOR MACHINES
• KALYANI FORGE
• SHARDA ISPAT
• DStreetChatter confirmation
• Shaily Eng
• Motilal Oswal MF buys 5% at Rs 675/sh
• Lighthouse sells 5% at Rs 675/sh
• SOM DISTILLERIES
• Madhya Pradesh suspends arms' licence over child labour concerns
• Co clarifies no action has been taken by any department
• Promoter brought 35k shares on June 18
• MOSL ON DCB BANK
• • Upgrade to Buy from Neutral; Hike Target Price to Rs 175
• • Business growth steady; valuations reasonable
• • Operating leverage to drive RoE recovery
• • Loan growth to sustain at 19% CAGR after a blip in FY20-22
• • Retail mix rising; branch expansion to aid business growth
• • Revenue growth to lead opex growth; estimate C/I ratio to decline to ~60
• • Asset quality outlook healthy; GNPA to improve further
• Key Cabinet Decisions
• Cabinet approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2024-25-Keep an eye for Kaveri Seeds
• Cabinet approves ‘Development of an all-Weather Greenfield deepdraft Major Port at Vadhavan in Maharashtra'-JSW INFRA+ADANI PORTS
• Telecom Subscription Data April 2024
• Overall subscriber base grew by 1.5 million MoM
• Total active subs base was flat
• Jio added 3 mn active subscribers
• Bharti lost 2.1 mn active subscribers
• Vodafone Idea lost 0.6 mn active subscribers
• NAZARA TECH: NODWIN GAMING INVESTS USD 3.5M IN NODWIN GAMING INTERNATIONAL PTE. LTD., MAINTAINS 100% OWNERSHIP
• INOX WIND, SUZLON
• Govt approves a funding scheme for 1 GW offshore wind projects off the coasts of Gujarat & Tamil Nadu
• GOKALDAS EXPORTS: CO TO INVEST UP TO RUPEES 350 CR IN BRFL TEXTILES VIA OPTIONALLY CONVERTIBLE DEBENTURES
• ACTION FOR DAY
• US: Initial jobless claims+UK: BOE rate decision
• eMudhra AGM
• Vedanta+Spandana Fund Raise
• Lock-in period ends for-INOX India (56%)
• IPO Day 2-ACME Fintrade (Sub 3.1x on Day 1), DEE Piping (Sub 2.7x on Day 1)
• SOM DISTILLERIES: Madhya Pradesh suspends arms' licence over child labour concerns
• Modi being his 1oo days action plan with mega plan infra projects - focus is on mobility and energy on a global scale
• Cabineet approves Rs.76,000 crore for a port in Vadhavan in Maharashtra, when completed it wil be the 10th largest in the world and provide 1.2 million jobs
• A 500MW offshore wind energy project will be set up in Gujarat and Tamil Nadu at a cost of Rs.74,000 crore.
• SOM DISTILLERIES: Madhya Pradesh suspends arms' licence over child labour concerns
• CHEMPLAST SANMAR LIMITED: Board Meeting to be held on 24-Jun-2024 to consider Fund raising
• Sobha, Brigade, Prestige Estates (+VE): Karnataka govt may monetise land to raise resources to support expenditures resulting from 'guarantees'
• Overseas investors are back to buying on #DalalStreet, as return of #NarendraModi-led government ensured policy continuity.
• #IndiaPostPaymentsBank in pact with #RiaMoneyTransfer for remittance services across rural #India: PIB
• Three Indian stocks, with market cap of over Rs 1,000 crore, have managed to beat returns offered by #Nvidia since 2022.
• Sansera Engineering Ltd
• BLOCK DEAL ALERT:
• Stake Sale: Client Ebene Ltd & Employee Ebene likely to sell 11.66% stake
• Price Band: ₹1151 - ₹1211 (CMP: ₹1212)
• Discount: Up to 5%
• Deal Size: ₹720 - ₹750 crore
• Stocks in News post Market closure
• Yatra Online Limited : The Company has acquired the 49% stake/securities (the Transaction) held by the other joint venture partner in ANN and vide the Share Purchase Agreement (“SPA”) executed on June 19, 2024
• Eraaya Lifespaces Limited: The company announces that the Plan Support Agreement for the acquisition of 100% of the equity of Ebix Inc., submitted by “The Consortium” iled by Eraaya Lifespaces Limited as the Stalking Horse Bidder has been approved by the Independent Directors of Ebix. Inc. and that The Consortium has remitted the 5% cash deposit, as required to further the process.
• Indian Oil Corporation Limited : Company and GPS Renewables Pvt. Ltd. form Joint Venture for Sustainable Energy Solutions.
• Eimco Elecon (India) Limited :The Company has received an order from The Singareni Collieries Company Limited for Manufacturing & Supply of Coal Mining Equipment .The order value INR 33.11 Crores (excluding GST).staggered delivery before 28th feb 2025.
• Chemplast Sanmar Limited : Board meeting to be held on 24th June, 2024 ,To consider and approve for raising of funds.
• Clara Industries Limited : The Company has fixed July 8, 2024 as Record Date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus shares by the Company. Bonus shares to the shareholders in the ratio of 4 bonus equity share against 1 existing equity shares.
• Avenue Supermarts Limited : The Company has opened a new store at Mettupalayam, Coimbatore (Tamil Nadu) today. The total number of stores as on date stands at 369.
• Srestha Finvest Limited : Board has fixed for June 24, 2024 as Record Date for the purpose of determining the eligibility of shareholders of the Company for the purpose of determining the equity shareholders who shall be entitled to receive the Rights Entitlement in the Rights Issue.
• Brigade Enterprises Limited : Brigade Group Signs Agreement to Develop a Third World Trade Center (WTC) Tower at Infopark Kochi.
• Radico Khaitan Limited : The Radico Khaitan’s Luxury Brands awarded as Best World Whisky and Best Gin at the John Barleycorn Awards 2024.
• Info edge: Allcheckdeals India Pvt. Ltd. (‘ACD’), a wholly owned subsidiary of the Company has agreed to invest an amount of Rs. 1 Crore in its wholly owned subsidiary - NewInc Internet Services Private Limited, a step down wholly owned subsidiary of the Company
• Sapphire Foods: Board of Directors of Sapphire Foods India Limited (“the Company”) at its meeting held today, i.e. on Wednesday, 19th June 2024, inter-alia, considered and approved the the stock split in the ratio of 1 into 5
• Sun Pharmaceutical Industries: The company received a warning letter from the US FDA for the Dadra facility. The US FDA warning letter summarises current good manufacturing practice regulations
• Godrej Industries: CCI approved the proposed family group re-alignment
• Som Distilleries And Breweries: The Madhya Pradesh government suspended the license of Som Distilleries due to concerns about child labour. SDPL is part of the Som Group of companies, which also has Som Distilleries and Breweries Ltd., a listed firm, under its umbrella
• PNB Housing Finance: The company’s holders offer 1.08 crore shares at a floor price of Rs 773 apiece, as per Bloomberg.
• PNC Infratech: The company’s MD and Director appeared before CBI. The company’s operations are functioning without any impediment. The company will cooperate with law enforcement agencies
• BLOCK DEAL ALERT: RATE GAIN
• Avaatar Holdings to sell 1.8% stake in co via block deals
• Discount of only 1% , floor price Rs 744.7 per share
• Deal likely in block window worth Rs 160 cr
• IIFL Sec Broker to deal
• KEI Industries: Operations of the Plants situated at Rakholi and Chinchpada are partially affected due to stoppage of production, in view of strike announced by Labour w.e.f. 19th June, 2024. There is no strike at other plants
• TTK Prestige:Signed an agreement with a globally reputed consultant to assist the Company to redraw its blueprint for a 5-year long-term strategy and plan
• E2E Networks (2500 cr mcap co): Receives Cloud Service Provider Empanelment from MeitY
• Gokaldas Exports announces its strategic e-up with BRFL Texles Private Limited (BTPL), one of the largest single-locaon fabric processing companies in India.
• Sebi orders Religare Enterprises to apply for open offer before July 12
• The Burman group acquired an additional 5.7% stake in REL in September last year triggering the open offer requirement as their stake surpassed the 26% threshold
• The Securities and Exchange Board of India (Sebi) has directed non-banking financial company Religare Enterprises (REL) to apply to regulatory authorities before July 12 to seek statutory approvals necessary for an open offer by the Burman family.
• The Burman group had alleged that Religare board and its Chairperson Rashmi Saluja were blocking the open offer, while Saluja had complained that the Burman family was not ‘fit and proper’ for the acquisition.
• Sun Pharma: Dadra facility receives warnings letter from USFDA. Plant had received- an Official Action Indicated (OAI) status from the USFDA on April 11
• Telecom Subscription Data April 2024
• Overall subscriber base grew by 1.5 million MoM
• Total active subs base was flat
• Jio added 3 mn active subscribers
• Bharti lost 2.1 mn active subscribers
• Vodafone Idea lost 0.6 mn active subscribers
• CHEMPLAST SANMAR LIMITED: Board Meeting to be held on 24-Jun-2024 to consider Fund raising
• Sobha, Brigade, Prestige Estates (+VE): Karnataka govt may monetise land to raise resources to support expenditures resulting from 'guarantees'
• Strong Q4-Awfis Space
• Turns Profitable For First Time
• Awfis Space Q4 FY24 Results
• Cons rev 232 cr vs 160 cr YoY, up 45%
• EBITDA 67 cr vs 50 cr YoY, up 34%
• Margins 28.9% VS 30% YoY
• PAT 1.4 cr vs loss of 13.9 cr YoY
• MAS Financial: Launches Rs 500cr QIP. Indicative Offer Price – Rs 286.3 – 8% discount