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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 17, 2024

  • Will not be surprised if Indian market gets inflows of $60-70 billion, says Manish Chokhani - I'm bullish on our economy, I think we get to number three and eventually in this century we will be number one. We will be the largest economy in the world," Manish Chokhani, Director of Enam Holdings said.
  • Indian Railways to roll out tender for 10,000 km of 'Kavach' - Kavach, the indigenously developed Automatic Train Protection (ATP) system, has so far been deployed on 1465 Route km and 139 locomotives. Railways has also taken up preparatory work on 6000 km
  • PURAVANKARA: CO ACQUIRES LAND IN EXISTING GOA PROJECT FOR 900M RUPEES FROM WHOLLY OWNED SUBSIDIARY || GDV VALUE 2,59,000 SQ FT ,7000 RUPEES PER SQ FT RATE
  • BIOCON: CO SAYS US FDA CONCLUDES GMP INSPECTION AT API FACILITY AT VISAKHAPATNAM, ANDHRA PRADESH || THREE OBSERVATIONS WERE CITED AT THE END OF THE INSPECTION
  • KBC GLOBAL: CO HAS BEEN AWARDED A SUB CONTRACT OF CIVIL ENGINEERING JOB OF SOFT INFRASTRUCTURE SEGMENT WORTH US$20MILLION BY CRJE (EAST AFRICA) LTD
  • HCL TECH: CO TO CONSIDER Q1 RESULTS AND DIVIDEND ON JULY 12,2024
  • ZYDUS LIFESCIENCES: CO RECEIVES OAI FROM THE USFDA FOR ITS INJECTABLE MANUFACTURING FACILITY AT AHMEDABAD
  • Power - Exchange
  • Increase in spot volumes - Decline in PPA’s
  • If this trend is true then expect more & more spot volumes to be traded in exchanges
  • Jio Platforms gets approval to launch satellite internet in India:
  • India’s satellite broadband service market is expected to grow 36 per cent per year over the next five years and reach$1.9 billion by 2030, according to the consultancy Deloitte.
  • Players in India to provide Satellite Internet Services in near future.
  • 1. OneWeb India a joint venture of Bharti Airtel and France based Eutelsat Group.
  • 2. Orbit Connect India, a joint venture of Reliance's Jio Platforms and Luxembourg's SES
  • Above 2 companies received the approval to launch the services waiting for spectrum allocation. Government will allocate spectrum for satellite broadband outside of auctions, in accordance with the Telecommunications Act 2023.
  • Elon Musk's Starlink and Amazon.com's Kuiper has also applied for launching satellite internet services to GOI, waiting for approval.
  • Growth in Space Industry is emerging sector for next 10-15 years. Many new starts up will come in this industry.
  • 5 key takeaways from the SNEC Conference in Shanghai
  • 1) CHINA’S PAIN IS INDIA’S GAIN:
  • 2) RATE OF CELL TECHNOLOGY CHANGES SHOULD DECLINE
  • 3) PROFIT POOL TO BE CONCENTRATED
  • 4) BESS IS THE FUTURE BUT..
  • 5) GREEN HYDROGEN ONLY A STORY FOR NOW
  • 1) CHINA’S PAIN IS INDIA’S GAIN:
  • With close to 1000GW and aided by 50%+ over capacity; China will continue to remain the world’s factory for modules, cells and other key technologies like ESS and Electrolysers.
  • This essentially implies that module and cell prices will continue to remain benign maintaining stability for Indian module cos.
  • 2) RATE OF CELL TECHNOLOGY CHANGES SHOULD DECLINE
  • TopCon constitutes 75% of the Chinas cell capacity (750GW) which implies next 10-12 qtrs will see no meaningful tech change which is essential. Even though there are enough players who have moved or planning to move to HJT (40GW, hetero junction tech), adoption will be slow. That said monoperc as a tech still has 12m shelf life and TopCon as a tech hasn’t really seen a cycle or two to confirm its operational stability.
  • So while things are still fluid and incremental tech changes are coming with only marginal benefits but higher fixed costs; the rate of cell technology seems to be declining which augurs well for Indian players.
  • 3) PROFIT POOL TO BE CONCENTRATED
  • Larger the cos larger the losses. Chinese Giants like Jinko, Trina, Longi, JASolar are bleeding due to massive over capacities but will continue to remain the top 4-5 cos as bottom 15-25% cos will disappear over the next 12-24 months.
  • Eventually profit pool will remain concentrated between the top 5-7 players. Same will happen in India as well. Top 7-8 guys will control 80% of the industry’s profit pool which implies that stay invested with the leaders.
  • 4) BESS IS THE FUTURE BUT..
  • Battery Energy Storage System is the necessary and irreplaceable part of the future. But as of today cost wise doubles the expense.
  • For examples if it costs 2.75-3cr to set up 1MW of solar capacity, addition of BESS will take the cost to 5.5-6cr. We still need cheaper technology for it to be more acceptable.
  • 5) GREEN HYDROGEN ONLY A STORY FOR NOW
  • Green Hydrogen continues to remain operationally challenging due to cost and transportation of Hydrogen. As of today green hydrogen costs $7-8kg while grey/brown hydrogen cost is $2/kg.
  • A lot of technological advancements are needed for this to be viable. Near term only a story!
  • Credits: Caprize Investment Managers
  • Bonus Issue Alert"
  • Hindustan Petroleum Corporation : ₹ 536
  • Ex Date : 21/06/2024
  • Ratio : 1:2
  • Bonus Issue Alert
  • Bharat Petroleum Corporation : ₹ 628
  • Ex Date : 21/06/2024
  • Ratio : 1:1
  • Split Alert
  • Prem. Explosives : ₹3490
  • Ex Date : 21/06/2024
  • Old FV : ₹10
  • New FV : ₹2
  • Split Alert
  • Share India Securities : ₹ 1534
  • Ex Date : 27/06/2024
  • Old FV : ₹10
  • New FV : ₹2
  • Bonus Issue Alert
  • PVV Infra : ₹ 30.7
  • Ex Date : 21/06/2024
  • Ratio : 1:5
  • UK beats China as India’s 4th-largest export market
  • Zomato and Paytm confirm discussions in seperate stock exchange filings
  • Say that they haven't reached a binding stage on the transaction
  • Context - Zomato wants to buy Paytm's events and movie ticketing business
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