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June 13, 2024

News Headlines from Business News Agencies :
Business Standard :
Ficci appoints Jyoti Vij as new director general with immediate effect
Steel demand expected to grow in range of 9-12% in FY25: Ind-Ra report
IBBI proposes reducing compliance burden, simplifying forms for RPs
Persistent Systems partners with Google Cloud to drive GenAI in key markets
Trade and industry bodies in Rajasthan call for creating solar energy hub
NCLAT asks ICICI to consider OTS proposal in Jaiprakash Associates case
Exports from special economic zones up 4% to $163.69 bn in 2023-24
Tata Motors planning to invest Rs 18,000 cr in EV division till FY30
Micro loans grow 27% in March quarter, stress levels inch up: Report
Daimler India names Muthu Maruthachalam as new chief of ops, logistics
India reports sixth strongest hiring outlook globally in Sept qtr: Survey
Economic Times :
HCLTech, Germany's apoBank extend ties with $278-million deal
OPEC sticks to 2024 oil demand growth forecast, but trims Q1 view
PV sales up in low-digits as growth pace moderated in May: SIAM
Star Health & Allied Insurance plans 15% price hike for two products
India eyes oil deals with nations including Russia, minister says
Waaree Energies supplies 68 MW solar modules to Gensol Engineering
Tyre exports from India recorded at Rs 23,073 cr in FY24
Magenta Mobility joins hands with with Tata Motors, deploys 100 Ace EV
Tata Motors eyes 4-6% increase in passenger vehicle market share over the next 2 to 3 years
MyGate founder Vijay Arisetty joins Aurm as founder and CEO
FIDC urges RBI to relax draft guidelines on infrastructure provisioning
Mint :
SBI says MSME loans will be focal point for growth over next 5 yrs
Berger Paints plans retail expansion to grow in south, west India markets: CEO
Ola Electric gets SEBI nod to launch ₹5,500 crore IPO: Report
VaynerMedia sets up full-service ad agency in Gurugram, lured by India's economy
Zomato to pump ₹300 crore more into quick commerce arm Blinkit
SBI to raise USD 3 billion through debt in FY2025
Warburg Pincus, Multiples PE enter final lap to acquire stake in Ebco
Private credit to real estate, UTI Alternatives embarks on a fundraising spree
Not just Air India, most airlines have a long-haul punctuality problem
India's semiconductor industry to face 300,000 professionals shortage by 2027
RBI rejects reappointment of RK Bansal as Edelweiss ARC
*The Unstoppable Tide: A Take on India's Bull Market
We are approaching the first rate cut and have now entered a true bull market, marked by an immense flow of liquidity.
The Indian market is in an extraordinary bull phase where the chase for money outstrips the supply of stocks. Much like our economy, where a population of 1.4 billion creates vast demand, anything can be sold regardless of quality. The stock market mirrors this phenomenon.
Retail investors showcased their power by buying stocks worth ₹21,000 crore in a single session on June 4th, even when the market dropped by 5,000 points. That's a staggering $2.5 billion—a feat beyond anyone's imagination. The fear has vanished. Even the prospect of a further 3,000-point decline didn’t deter buyers. Instead, it fueled their appetite, demonstrating the sheer liquidity retail investors possess. Foreign Institutional Investors' (FII) selling no longer impacts the market, as it represents merely 2% of the total savings of Indian people.
The late Rakesh Jhunjhunwala often remarked that only 2% of Indian savings are invested in the market. Imagine the impact when this figure climbs to 10% or 15%. He believed the greatest bull run is yet to come.
In this environment, once a good stock is sold, it’s unlikely to be bought back, as retail money fervently chases the limited shares available.
INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON : 12-06-2024 :
FIIS F & O : RS. CRS. :
TOTAL NET SELL : -25661
INDEX FUT. : +2996
INDEX OPT. : -28563
STOCK FUT. : +108
STOCK OPT. : -201
INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 12-JUN-2024 :
FIIS : BUY +427 (15,273-14,846)
DIIS : BUY +233 (13,651-13,418)
BSE SENSEX : +150 (76,607)
NSE NIFTY : +58 (23,323)
BSE MIDCAP. : +480 (45,164)
BSE SMLCAP. : +526 (50,233)
B. CRUDE : $ 83.23
GOLD: $ 2,330=INR 73,300(10gr)
SILVER : RS. 88,300 (kg)
FOREX : RS. $ 83.54
7.10% GOI '34 : 7.0121% (100.6025)
7.18% GOI '33: 7.0609%(100.78)
7.18% GOI '37: 7.0673% (100.9425)
India Daybook – Stocks in News
Gensol Engineering: Company gets 250 MW battery energy storage project worth Rs 1,340 crore (Positive)
Bondada Engineering: Company receive an order worth Rs. 939.39 Crore from m/s. NLC India Limited. (Positive)
Tata Power: Company Enabling E-Mobility Across 30+ Bus Depots For State Transport Corporations Like Dtc, Best, Bmtc, Jscl, Sscl, Brts-Ajl Through Oem Partnerships. (Positive)
IRCON: Company says the matter of dispute between Co and HCC Has Been Settled under the Scheme Notified by the Ministry of Finance, Govt of India (Positive)
Dr Reddy: Company unit and ingenus pharmaceuticals, LLC have entered into license agreement company unit obtained exclusive rights to commercialize cyclophosphamide injection RTD in U.S. (Positive)
Sobha: Company board approves rights issue of up to ₹2,000 crore, issue price at ₹1,651/sh (Positive)
Glenmark Pharma: Company receives nod from U.S. FDA to market a generic medicine to treat heartburn. (Positive)
Whirlpool: Company enters into joint marketing agreement with Hindustan Unilever for 3 years (Positive)
Prestige: Company appoints JM Financial, JP Morgan & CLSA as bankers for Hospitality Business IPO. The company eyes valuation of ₹17,000-20,000cr for hospitality business: CNBC (Positive)
Arvind: Strike at Gandhinagar-based Santej plant called off by the workers. (Positive)
Sundaeam Fin: Sundaram Home Finance launches "emerging business" vertical aiming to disburse Rs 300 crore. (Positive)
Dalmia Bharat: Blupine Energy tied up to set up 47-Mw Solar Power Plant in Karnataka (Positive)
Amber Ent: Company Acquired Additional 4.6% Equity Stake in II Jin Electronics (India) (Positive)
BLS International: Company to acquire 99% in Balozi Liaison Services (Positive)
Kalyani Cast Tech: Company receives order of Rs. 80 Crores (Positive)
PNB Housing: Company to Consider Proposal of Fund Raising Up To 100b Rupees by Issuance of Non-Convertible Debentures on Private Placement (Neutral)
TTK Prestige: Company Says Total Commitment Is Of Order of 150m Rupees of Compulsorily Convertible Debentures. (Neutral)
PTC Financial: SEBI announces restrictions against former MD & CEO and chairman of PTC Financial (Neutral)
Exide Ind: Company invested about 750m rupees via subscription in share capital of unit company invested via subscription in share capital of EXIDE energy solutions on rights basis. (Neutral)
Axis Bank: Company fined Rs 1.66 crore for failure to put in place detection and reporting mechanism for suspicious transactions, at one of its branches. (Neutral)
Nestle India: Company board approves continuation of royalty payment at current rate of 4.5% to parent company (Neutral)
Bharti Airtel: Company adds $30 billion to its market cap to become the biggest wealth creator. (Neutral)
L&T FH: Bain Capital, Other Funds to sell 1530 cr worth shares, Deal is likely in block window since the discount is only 1% to market price (Neutral)
Patanjali Foods: Company clarifies on report of Patanjali Ayurved’s non-food business to be merged with company. (Neutral)
GMR Airports: NCLT approves merger of GMR Airports and GMR InfraDevelopers into GMR Airports Infrastructure (Neutral)
PayTM: One97 Communications receives IRDAI nod for registration withdrawal application of general insurance business. (Neutral)
Saksoft: Company executed a share purchase agreement to acquire 100% equity Interest in Augmento Labs (Neutral)
Torrent Pharma: Receives 5 Form-483 observations from USFDA for Gujarat plant (Neutral)
CLSA on Power Sector
India’s power market, set many records in May 2024 with massive power demand growth of 15% YoY, albeit on flat base, with all-time high peak demand of 250GW on 30 May & thermal utilisation rates of 76%, +699bps YoY.
High thermal PLFs, which cannot go much higher, should drive demand for thermal & nuclear PPAs
Believe structural turn in power sector favouring IPPs should benefit relatively inexpensive regulated utilities NTPC, NHPC & CESC.
CLSA on Consumer
F&B best way to play rural boost; HPC faces greater urban challenges
Upgrade Nestle to O-P, TP Raised to Rs 2798
Maintain Buy on VBL & O-PF on ITC & Britannia
High competitive intensity in HPC makes it unattractive.
UBS on Zomato
Buy, TP Rs 250
Industry vol grow c4% MoM in May, adjusted for no of days
On a MoM basis, Zomato's order growth of 2.7% MoM lagged Swiggy (+4.4% MoM) in April.
That said, Zomato's YoY growth is still ahead at +30% YoY
Est Zomato's GMV QoQ growth for Q1FY25E at 8%.
Jefferies on IIFL Fin
Hold, TP Rs 465
RBI's special audit concluded sooner than expected
Await RBI's response, but probability of earlier resolution of ban has increased.
With gold loan book unwinding fast, portfolio rebuild after ban is lifted could take time.
If ban is lifted by end-2Q, est. muted FY24-26 EPS CAGR & ROE of 13-14% (FY24e 20%).
Liquidity concerns have eased post rights issue, & downside risk to valuation is lower; faster normalisation of biz. will be key to re-rating
Nifty closed @23,323.55 (+58.70) and Sensex @76,606.57 (+149.98) on Wednesday. GIFT Nifty was trading at 23,445 (as of 7:30 a.m)
FIIs net bought equities in cash to the tune of Rs 427 cr whereas DIIs bought equities in cash worth Rs 234 cr on June 12, 2024
FM hints at more reforms, steps for "ease of living"
Regulator IRDAI mandates life insurers to provide loans against policies
Ather to invest Rs 1 000 cr on Aurangabad to raise e2W capacity to 1 mn units
Haldiram's to weigh IPO as stake sale talks stall
Hindujas seek more time from NCLT to pay Reliance Capital lenders
Nestle India will continue to pay royalty at 4.5% to Swiss parent
Whirlpool of India and HUL enter collaboration to market Surf Excel
Brigade Enterprises to invest Rs 8 000 cr in Chennai by 2030 to build homes, offices, malls, hotels
Taj becomes world's strongest hotel brand on back of rapid revenue growth
Ferrovial sells 5% stake in IRB Infrastructure Developers for Rs. 1,920 crore
Gensol Engineering wins bidding for Rs.1,340 cr energy storage project
Ixigo IPO subscribed 98.34 times on final day
Costa Coffee posts 49 pc rise in revenue to Rs 152 cr in FY 24 adds 67 new stores
TVS Supply Chain Solutions jumps 8% on contract with Daimler Truck AG
Sundaram Home Finance targets Rs 300 crore disbursal in emerging business segment
Indkal Technologies raises around Rs 300 crore in 'Series A' funding
NLC India awards Rs 939 crore order to Bondada Engineering
NBCC gets Rs 100 crore contract from Oil India to build centralised core repository with lab facilities
Indian ADRs: HDFC Bank (+2.14%), Infosys (+0.39%) and Dr Reddy's (-0.46%)
*FED POLICY UPDATE*
FED OFFICIALS' MEDIAN VIEW OF FED FUNDS RATE AT END-2024 5.1% (PREV 4.6%).
FED OFFICIALS' MEDIAN VIEW OF FED FUNDS RATE IN LONGER RUN 2.8% (PREV 2.6%).
FED PROJECTIONS IMPLY 25 BPS OF RATE CUTS IN 2024 FROM CURRENT LEVEL, ANOTHER 100 BPS IN 2025.
DOES NOT EXPECT IT WILL BE APPROPRIATE TO REDUCE POLICY TARGET RANGE UNTIL GAINING GREATER CONFIDENCE INFLATION IS MOVING SUSTAINABLY TOWARD 2%.
*FED PROJECTIONS FROM MEMBERS:*
4 OF 19 OFFICIALS SAW NO RATE CUT IN 2024;
7 SAW 1 CUT;
8 SAW TWO CUTS.
*FED CHAIR POWELL:*
WE ARE MAINTINING OUR RESTRICTIVE STANCE OF POLICY.
INFLATION HAS EASED SUBSTANTIALLY BUT STILL TOO HIGH.
UNEMPLOYMENT RATE REMAINS LOW. CONTINUED STRONG JOB GAINS IN ECONOMY.
STRONG PACE OF IMMIGRATION HAS BOOSTED PARTICIPATION.
OUR ECONOMY HAS MADE CONSIDERABLE PROGRESS.
PRIVATE DOMESTIC FINAL PURCHASES, A CLEARER SIGNAL, IS STILL STRONG || CONSUMER SPENDING REMAINS SOLID.
(COMMENTS ON MACRO INDICATING STRONG ECONOMIC OUTLOOK FROM FED)
FED'S POWELL: WE DON'T HAVE HIGH CONFIDENCE IN FORECASTS
POWELL: IF ECONOMY REMAINS SOLID AND INFLATION PERSISTS, WILL KEEP RATES WHERE THEY ARE FOR AS LONG AS NEEDED
POWELL: WE HAVE A FAIRLY CONSERVATIVE FORECAST ON INFLATION, IF WE GET BETTER READINGS, I THINK WE WILL SEE FORECAST COME DOWN
FED'S POWELL: WE DON'T SEE OURSELVES AS HAVING THE CONFIDENCE THAT WOULD WARRANT POLICY LOOSENING AT THIS TIME
POWELL: INFLATION IS ALSO IMPROVING BECAUSE OF POSITIVE SUPPLY SHOCK
POWELL: WE ARE PREPARED TO ADJUST POLICY AS APPROPRIATE
POWELL: WE DON'T KNOW IF WE ARE DOWN TO DEMAND DETERMINING INFLATION
POWELL: TODAY'S INFLATION DATA WAS A GOOD READING, HOPE WE GET MORE LIKE IT
POWELL: READINGS LIKE TODAY'S CPI IS A STEP IN THE RIGHT DIRECTION
POWELL: WE ARE DOING EVERYTHING WE CAN TO BRING INFLATION BACK DOWN UNDER CONTROL
POWELL: HOUSEHOLD SECTOR IS STILL IN PRETTY GOOD SHAPE, JUST NOT AS GOOD AS A YEAR AGO
POWELL: IF WE SEE UNEMPLOYMENT MORE THAN WE FORECAST, WE WOULD VIEW THAT AS UNEXPECTED WEAKENING
Morgan Stanley's Ridham Desai explains why global fund managers are underweight on India
Although India's sensitivity to oil prices has decreased, a sudden significant increase in oil prices could still cause near-term pain, said Desai.
Concall Highlights for H2FY24 and FY24:
FY25 guidance:
320-350cr revenue guidance with scope for margin expansion
Finance cost to come down by 50% almost
Repaid 15cr of debt through IPO proceeds
Project Cargo;
High entry barriers
High margin segment
12-15% kind of OPM in this segment
Not focused a lot on exports
As they have enough business visibility and order to cater in India
H2 is always better than H1 due to seasonality in business
Usually H2:H1 is at 65%:35%
Expected revenue from fleet renting:
20 lakh/month
Payback period of 2 years
Orderbook at 100cr for project cargo segment for FY25
Focused to stay asset light and will continue to remain the same
IMHO, company should do anywhere between 20-22cr PAT for FY25 with 320-350cr sales and 10-11% OPM
Let's track execution now
Looks undervalued given the probable FY25 nos based on guidance
Via Shreenidhi P
US Fed Meeting Highlights: Fed holds rates steady, signals only one rate cut expected this year
US Fed Meeting Highlights: The US Reserve on Wednesday (June 12) maintained its key interest rate and indicated that only one rate cut is anticipated before the year's end. The policymakers’ forecast for one rate cut was down from a previous forecast of three, because inflation, despite having cooled in the past two months, remains persistently elevated.
FED Interest rate decision*
Actual 5.50%
Forcast 5.50%
Previous 5.50%
*Result: unchanged interest rate decision*
World's largest bank, ICBC, says "Bitcoin retains the scarcity similar to gold."
Order Book : Aerospace & Defence Companies
The Order Book status of 17 companies in the Aerospace & Defence sector
Hindustan Aeronautics Ltd.: ₹94,000 Cr
Bharat Electronics Ltd.: ₹755,934 Cr
Solar Industries India Ltd.: ₹5129 Cr
Bharat Dynamics Ltd.: ₹20,070 Cr
Cochin Shipyard Ltd.: ₹22,000 Cr
BEML Ltd.: ₹12,781 Cr
Data Patterns (India) Ltd.: ₹1083 Cr
Garden Reach Shipbuilders & Engineers Ltd.: ₹22,652+ Cr
Mishra Dhatu Nigam Ltd.: ₹1767 Cr
Zen Technologies Ltd.: ₹1400+ Cr
Astra Microwave Products Ltd.: ₹1956 Cr
MTAR Technologies Ltd.: ₹915 Cr
DCX Systems Ltd.: ₹800 Cr
Ideaforge Technology Ltd.: ₹125 Cr
Mazagon Dock Shipbuilders Ltd.: ₹38,561 Cr
Paras Defence and Space Technologies Ltd.: ₹579 Cr
Krishna Defence & Allied Industries Ltd.: ₹ 230 Cr
*News Headlines from Business News Agencies:*
*Business Standard*
Retail inflation eases marginally to 1-year low of 4.75% in May: Govt data
India remains world's fastest growing major economy globally: World Bank
PLI scheme to draw Rs 3-4 trn investments over 4 yrs; boost pvt capex: ICRA
NBCC bags Rs 100 cr from Oil India to build core repository in Guwahati
Brigade Goup to invest Rs 8,000 cre in Chennai; develop 15 mn sq ft
India may sign FTA with Oman in first 100 days of PM Modi's third term
Mahindra Group to focus on delivering scale over next decade: MD Anish Shah
Govt steps help boost toy making, exports; more work needed: DPIIT secy
CIPL bags Rs 114 crore IT infra maintenance project from Indian Oil
Crisil upgrades its outlook on Inox Wind's bank facilities to stable
India to clock highest growth in tech spending in 2024 in APAC: Report
*Economic Times*
Life insurers to mandatorily provide loan facility against policies: Irdai
Industrial production declines to a three-month low of 5% in April
Govt needs to adopt granular approach to support biz, promote jobs: PwC Chairman
International Road Federation calls for reducing GST on helmets from 18% to nil
SBICAP Trustee Company pays Rs 25 lakh to Sebi to settle debenture trustee rules violation case
CIPL bags Rs 114 crore IT infra maintenance project from Indian Oil
Sundaram Home Finance launches emerging business segment; Rs 300 cr target disbursal
Suzlon Energy, PB Fintech, NHPC among 19 midcap additions by mutual funds in May
Skincare brand Foxtale raises $18 million from Panthera Growth, others
Drone delivery startup Skye Air raises $4 million in funding
India's April-May steel imports hit five-year high on buoyant domestic demand
*Mint*
Global oil markets to tip into surplus by end of decade, IEA says
Pulses import up 20% to 371,334 tonnes in April-May to meet domestic demand
Nestle India to pay royalty licence fees at current rate of 4.5% to Société des Produits Nestlé S.A.
Indian snack maker Haldiram's considers to raise funds via IPO: Report
Amazon to invest billions in Taiwan cloud infrastructure
Germany's Hansgrohe accelerates India expansion with ambitious retail strategy
Go First bankruptcy: NCLT grants final 60-day extension on moratorium
Yes Bank, IDFC First Bank seek to revive corporate lending
Private sector participation in LVM3 production could mean a space sector boom
NCLT admits Pune-based Cian Healthcare under insolvency over dues worth ₹1.14 cr
Bondada Engineering gets LOA for work order worth Rs 939 cr from NLC India
Bain Capital likely to exit L&T Finance via ₹1,500-crore block deal, floor price at ₹169.17/share

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