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April 10, 2024

News Headlines from Business News Agencies:
Business Standard
Pegatron in talks with Tata to sell its only India iPhone plant: Report
2024 wheat output seen at 105 mn metric tonnes, 6.25% below govt estimates
India's fuel demand up by 5% y-o-y in FY24, a new financial year record
Air India, BIAL sign MoU to develop Bengaluru as premier aviation hub
Interest rates may put pressure on entry level vehicle buying in FY25: FADA
Indian coffee exports surge 13.35% to 125,000 tonnes in Jan-Mar, shows data
50% of public service organisations ready to implement GenAI: EY survey
Vishal Mega Mart said to pick Kotak, ICICI Bank for mega IPO: Report
Bajaj Finance hikes fixed deposit rates for most tenures by up to 60 bps
Sub-metre optical satellite assembled in India deployed into space: TASL
Birla Pivot targets revenue of $1 bn in next three years, leverage tech
Economic Times
JLR full-year sales rise by over 20 per cent year on year
Vehicle registrations rise by a modest 3% in March 2024
Bharti Airtel adds more active users than Reliance Jio in February: TRAI
EU regulators assess Apple's plan for complying with music streaming order
Tradeweb to buy investment tech firm ICD for $785 million
Lupin gets USFDA nod to market generic medication
Small towns make it big for Ather’s electric two-wheeler sales
Google's contemplated mega deal would prompt new fight with regulators
Gland Pharma gets USFDA nod for generic breast cancer drug
China's Didi, GAC Aion to mass produce robotaxis next year
REC sanctions record Rs 3.59 lakh crore loan in FY24
Alibaba Cloud announces price cut on products powered by offshore data centers
Mint
Indian Railways to run Summer Special Vande Bharat Express trains in April
Prestige Group sets record with FY24 sales topping ₹21,040 crore
Biocon leads India’s push into weight-loss drugs as patents set to expire
TSMC to make world's most advance semiconductors in US
China holiday activity tops prepandemic levels, adds to recovery signs
Piramal Alternatives invests ₹110 cr in Biodeal Pharmaceuticals
Go First gets lifeline as NCLT extends moratorium, again
Aakash (AESL) appoints Deepak Mehrotra as MD and CEO
L&T’s defence arm to diversify into civil projects to optimise asset utilisation
NTPC to add 5 GW power generation capacity in FY25
Hyundai, Kia partner with Exide Energy for EV battery localisation
The Disney-Reliance partnership is likely to lead to consolidation in India's streaming sector.
India official sees monthly GST collection jumping 7% on average
INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON : 09-04-2024 :
FIIS F & O : RS. CRS. :
TOTAL NET BUY : +28700
INDEX FUT. : +2484
INDEX OPT. : +25598
STOCK FUT. : +1022
STOCK OPT. : -404
SEC. IN F&O BAN FOR, 10 APRIL, 2024 :
1. BANDHANBNK 2. EXIDEIND 3. HINDCOPPER 4. IDEA 5. INDIACEM 6. SAIL 7. ZEEL
ADDITION : EXIDEIND, HINDCOPPER, IDEA, INDIACEM
DELETION : NIL
NSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 09-APRIL-2024 :
Instl. Investors EQUITY Cash Trades PROV. - 09/04/2024 : Rs. CRS. :
FIIS : SELL -593 (13,965-14,558)
DIIS : BUY +2,257 (11,130-8,873)
BSE SENSEX : -59 (74,683)
NSE NIFTY : -23 (22,643)
BSE MIDCAP. : -191 (40,746)
BSE SMLCAP. : -69 (45,935)
B. CRUDE : $ 89.95
GOLD: $ 2,345=INR 72,800(10gr)
SILVER : RS. 84,500 (kg)(5pm)
FOREX : RS. $ 83.31 (Close)
7.10% NEW GOI '34 : 7.1141 (99.90) (Close)
7.18% GOI '33: 7.1501%(100.1875) ( Close)
7.18% GOI '37: 7.1829% (99.96) (Close)
Sbi Securities Daily Market Pulse 10th April 2024
● From Price Action Perspective:
Post a positive opening closer to 22750, minor profit booking from a higher level was visible, led by selling pressure in Reliance and IT Stocks.
Bank Nifty witnessed a continuation of the positive momentum visible since the past week with strong momentum visible in ICICIBANK yesterday and HDFCBANK consolidating closer to its resistance zone at 200 DMA zone of 1560.
Sectoral indices such as Realty, Metal, Auto, Financial Services, Infra, and Banking are displaying superior relative strength where we expect momentum to continue while IT, Media, and FMCG are expected to continue their underperformance going forward.
● From the Global Market perspective:
Dollar Index, is currently stable around 104.15 and is a short-term positive.
US10 year yields too have been trading around elevated levels of 4.40% since the past few sessions.
Brent Crude Oil prices, currently trading closer to $91 a barrel, could be a real cause of worry from an Indian perspective.
US CPI data scheduled tonight will be extremely crucial as that would be a key determinant of the Fed Policy Action going forward.
A softer inflation would mean Fed could start cutting rates soon, while a hot inflation number above 3.4% would mean Fed deffering its Rate cut plan by a few more months until inflation is under an acceptable level.
● Key Nifty levels:
While Indices are in an overall uptrend, it's important to be cognizant of the fact that Election dates are now approaching closer, and with Brent Crude oil prices, steadily inching up warrants some caution.
Going forward, hence one should keep trailing their long positions with key support levels in mind. Strong support lies around 22480-22500, which is the swing high of March 2024 & and until this zone holds, the upmove could extend upto 22830-22870 levels on the upside. Any sustainable move above the level of 22870 will lead to an extension of the rally towards 22980-23030 in the short term.
If in case index slips below 22480, it will lead to further selling pressure in the index upto the 22350-22280 level.
● OI data Interpretation
Nifty PCR is currently around 1.05 levels, implying strength in the indices.
Meaningful call writing is witnessed across 22700-22800 strikes, while Significant Put writing was witnessed in 22600-22500 strikes.
The overall range for the coming few sessions could be 22850 on the upside & 22500 on the downside.
● Key Bank Nifty Levels:
With HDFCBANK, ICICIBANK, and Indusindbk displaying volatility, the sentiments have been quite buoyant for the Banking Index, and texture has changed to buy on dips. Also, in the last 5 days, Index has witnessed the formation of Higher Top Higher Bottom pattern.
Till Index holds above its crucial supports placed at 48300-48400, which is Jan 2024 swing high, the current positive momentum could extend towards the zone of 49100-49250.
If the index slips below 48250, it will lead to further selling pressure in the index upto the 47950-47800 level.
From the Open Interest perspective,
With Banknifty PCR currently above 1.15 and significant call writing seen at 48800-49000 strikes and 48600 puts, it implies a range of 48400 and 49200 for the next few days.
● Sectors & stocks in Momentum:
From the broader market,
IciciBank, Apollo Hospital, Bajaj Finserv, BEL, AB Capital, Eicher Motors, Hind Copper, Nalco, Grasim, HAL, Icici Lombard, Policybzr, BEML, Castrol, MCX, Sail, Tata Power & Zomato look good based on technical parameters as well as on the Relative Strength chart.
● FII - DII Data Synopsis:
In Cash Market,
FIIs have been sellers to the tune of 593 cr while DIIs bought to the tune of 2257 Cr.
FIIs' Long short ratio of index futures improved to 51% as on a net basis, they bought 27659 index futures.
On the stock futures front, FIIs have bought to the tune of 13637 contracts, while on the Options Front, FIIs bought 167901 call contracts and 162395 Put Option contracts.
India Daybook – Stocks in News
Lupin: Company launches first generic version of Oracea®️ (doxycycline capsules) in the United States. (Positive)
Shyam Metalics: Company announces expansion into stainless steel flat products. (Positive)
Oricon: Company approved sale of co's manufacturing, trading and sale of plastic closures and preforms business in Goa, Odisha (Positive)
GPIL: Company says 8 mw bio mass power plant resumed ops with full capacity (Positive)
Coal India: Coal ministry wants to get 20 new mines operational by the end of the year. (Positive)
BEL: Company is likely to get contract worth Rs 6000 - 6200 cr: media sources (Positive)
Policy Bazar: PBFintech incorporates wholly-owned subsidiary PBPay. (Positive)
Inox Wind: Company raises its execution target to 800 megawatts for the current financial year. (Positive)
JSW Energy: Company aims to reach 20GW capacity ahead of its 2030 target (Positive)
Axis Bank: Morgan Stanley, Bank of America, Goldman, CoptHall, Société Generale were major buyers in bock deal (Positive)
SJVN: Company's arm signs JV agreement with Assam Power Distribution Company. (Positive)
Paisalo: AUM up 32% at ₹4,622 cr as of March 31, 2024, vs ₹3,492 Cr, Disbursements up 38% at ₹3,588 cr as of March 31, 2024, vs ₹2,599 cr YoY. (Positive)
Blue Star: Company expects up to 25% growth in sale of residential ACs in the June quarter. (Positive)
IndiGo: Company expands Airbus fleet with order of 10 A320 NEO aircraft in March. (Positive)
Paytm: Surinder Chawla, MD and CEO of Paytm Payments Bank has tendered his resignation effective June 26. Domestic, foreign funds raise stake even as stock falls 37% in the March quarter (Neutral)
Maruti Suzuki: Company to produce both petrol and CNG variants of Ertiga at its new Manesar plant. (Neutral)
Exide Industries: Company to acquire 26% stake in Clean Max Arcadia for Rs 5.3 crore. (Neutral)
ICICI Prudential: Company gets GST order worth Rs 20.5 crore from Gujarat tax authorities for FY2019. (Neutral)
RattanIndia Power: Company's CFO Ankur Mitra resigns effective yesterday (Neutral)
Protean eGov: Company likely to launch QIP, aims to raise up to ₹245 crore. (Neutral)
Aditya Birla Fashion: Company incorporates new company ‘Aditya Birla Lifestyle Brands’ (Neutral)
Welspun Living: NCLT, Ahmedabad approves amalgamation of 5 wholly-owned subsidiaries (Neutral)
Shivalik Rasayan: US FDA inspection of Dahej-based API facility of the company ends with 7 observations. (Negative)
Gateway Distiparks: Sikander Yadav, Chief Financial Officer (Key Managerial Personnel) of the Company has tendered his resignation. (Negative)
Its not in 38 years from 100 to 75000, it took 45 years for sensex to climb from 100 to 75,000 as its tracked from 1979 ( at the value of 100) & not from the launch year in 1986 when it was about 550. - Ashok Ajmera
MOSL on MCX
Upgrade To Buy, Target Rs 4,300
New Products To Be The Key Growth Drivers
Expect ADTV In Options Segment To Increase To Rs1.5 Lk Cr In Fy25
Our Sensitivity Analysis Yields 7% Rise In Eps For Every Rs10,000 Cr Additional ADTV In Options
Expect Co To Deliver An FY24-26 Revenue/EBITDA/PAT CAGR Of 28%/ 205%/157%
Antique on Bharti Airtel
Initiate Buy with TP of Rs 1505
Tariff hike imminent; Bharti the biggest beneficiary
Capex intensity to fall post the 5G rollout; big jump in free cash flow on car
Bharti Airtel is set to ride its best Fin performance phase in over a decade
Best Fin Performance Driven By Tariff Hike, 2G Upgradation, Strong Growth Of Enterprise
Expect Return Ratios To Top 20%
Expect Likely Historic High Free Cash Flows To Drive Balance Sheet Deleveraging
Challenges Do Exist As Bharti Has Chosen A Different 5G Rollout Path Vs Key Competitors
Believe, It Is Unlikely To Dent Co’s Subscriber Base Or Growth Significantly
Africa has a big runway for growth; Enterprise and FTTH significant contributors to grow
Jefferies on Indus Tower
Underperform Call, Target Raised To Rs 250
Scenario Analysis Suggests That After A Sharp YTD Rally Stock Trades At 6% FCF Yield
To Fully Capture Potential Improvement In Growth It May Witness If Voda Network
Tower/Tenancy Growth Outlook Is Likely To Remain Soft, Which Limits Valuation Upside
See Downside From Current Level Even After Assuming Better FCF Conversion
CLSA on Voda Idea
Sell Call, Target Rs 5/Sh
Loss Of 1.7 m Subs In 12 Months, Pending $2.4 Bn Equity Raise & AGR Relief
Subs Loss Is Due To Low Capex Of Rs1,300 Cr/$0.2 Bn Over 9MFY24
Meanwhile Equity Raising Of Up To Rs20,000 Cr Is Pending & Will Boost Capex
Board Has Approved The Preferential Allotment Of `2,080 Cr To A Birla Group Entity
Co Faces A Financial Crunch In FY26 When Annual Spectrum & AGR Payments Will Be Due
Co Faces Fin Crunch Unless Govt Converts Debt Principal To Equity At End Of Moratorium
CLSA on Vedanta
Upgrade To Buy From Underperform
Target Raised To Rs 390 From 260
Co Is Well-placed To Benefit From Commodity Upcycle Given Its Diversified Exposure
efforts to raise capacity & profitability across segments augurs well
Co guided for group EBITDA to rise from $5 Bn To $6 Bn/ $7.5 Bn By FY25/27
While Debt At Parent Has Now Declined Meaningfully, Leverage At Co Has Increased
Its Leverage Trajectory & Corporate Structure Will Be Key To Watch
Jefferies on Godrej Props
Buy Call, Target Raised To Rs 3,175
Record Pre-Sales In Q4 Of `9,500 Cr Drove FY24 Pre-Sales, Highest Among Listed Developers
Timely Land Acquisitions, & Hyderabad Entry, Imply FY25 Can See Growth Over High Base
ASPs 55% Higher Over FY22-24; & Co’s Take Rate Up 30% To Approx 83%
Expect Much Higher Margins As These New Projects Get Executed
Stock Trades At 18x 1-yr Fwd Implied PE To DEVCO profits
MS on PB Fintech
Maintain Equal-weight with TP of Rs 1010
ICICI Lombard was not on Policybazaar's online retail platform for many years
Investors will likely see its entry as reinforcing PB Fintech's business model and its rising influence in the industry
Remain structurally constructive on PB Fintech's business model
Nomura on Lupin
Buy, TP Rs 1949
gOracea launch: An incremental +ve
Product has annual sales of $128mn, as per IQVIA (MAT Feb 2024)
Launch follows a recent district court decision that held that Lupin doesn’t infringe patents ‘532 & ‘740 covering Oracea
Nomura on Alkem Labs
Neutral, 5605
Alkem – Baddi site Form 483 details
Think observations are somewhat concerning & therefore do not rule out possibility of an OAI
According to co, Baddi contributes Rs10-13bn to Int. market sales (8-10% of FY24 consol sales), most for US market

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