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April 04, 2024

1. India Daybook – Stocks in News:
Biocon: Company transfers India’s branded formulations business to Eris Lifesciences for ₹1,242 crore on a slump sale basis (Positive)
Ashiana: Company says all units in phase 3 of ‘Ashiana Amarah’ converted into booking by March 30, sale value of 4.40b rupees (Positive)
Ramco Cements: Company commissions line II at Odisha's grinding unit (Positive)
ESAF SFB: Company operationalizes authorized dealer category 1 license (Foreign Exchange Operations) w.e.f. April 2. (Positive)
Sunteck Realty: Company rents BKC building to BennettColeman & Co for long-term tenure. (Positive)
Quick Heal: Company's arm in pact with MTech Solutions for advanced cybersecurity. (Positive)
Anupam Rasayan: Company signs Letter of Intent with Japanese multinational for Rs 743 crore. (Positive)
HCL Tech: Company completes divestment of 49% stake in JV with U.S.-based State Street. (Positive)
PC Jewel: Karur Bank accepts one time settlement proposal submitted by PC Jewellers to settle outstanding dues. (Positive)
PNC Infratech: Company signs Rs 117 crore settlement pact with NHAI towards one-time settlement of contractual disputes (Positive)
J&K Bank: Bank in pact with New India Assurance Co for servicing & soliciting insurance products (Positive)
IREDA: Company records its highest-ever annual loan sanctions and disbursements in fiscal 2023-24. (Positive)
Marine Elect: Company has received an order amounting to 143.3m rupees from Cummins India (Positive)
Bosch: Company gets tax refund of Rs 116.4 corer for AY 2013-14 (Positive)
Bajaj Electricals: Company gets tax refund worth Rs 58.7 crore for AY 2022-23 (Positive)
Llyods Metals: FY24 iron ore production at 10 MT vs 3.6 MT year-on-year. (Positive)
Rajratan Wire: Company says MP Industrial Development Corp sanctioned amount of investment promotion assistance of 229.2m rupees to co (Positive)
Sona BLW: Company gets approval for second hub wheel motor for electric two-wheelers under PLI scheme (Positive)
Hind Zinc: Q4 refined zinc production was at 220 kt, up 9% QoQ (Positive)
MOIL: Company has recorded best ever production of any financial year since inception, at 17.56 lakh tonnes, growing sharply by 35 percent year-on-year (Positive)
VMart Retail: Company’s revenue growth seen at 12% for current quarter (Positive)
Indo Edge: Company receives clearance from CCI to acquire 8% stake in MG Motor India. (Positive)
Bharti Airtel: Bharti Hexacom garners Rs 1,923.7 crore from anchor investors ahead of IPO. (Positive)
GE T&D India: Gets letter from General Electric Company to split GEC into GE Aerospace & GE Vernova (Positive)
UltraTech Cement: Company to invest Rs 32,400 crore towards ongoing capex over next three years. (Positive)
SJVN: Company signs agreement with IIT-Patna to develop advanced geological model for its tunneling projects (Positive)
JSW Energy: Board of JSW Energy approves fundraise of Rs 5,000 crore through qualified institutional placement. (Neutral)
Mankind Pharma: Company approves slump sale of over-the-counter business to new subsidiary Mankind Consumer Products by October 1. (Neutral)
Dhanlaxmi Bank: Provisional gross advances rose 5.63% YoY as on March 31 (Neutral)
IB Real: Board meeting on April 5 to consider and approve proposal for raising of funds (Neutral)
Sobha: Company’s unit entered into a share purchase agreement with BNB builders (Neutral)
Vedanta: Tamil Nadu GST authority issues tax demand worth Rs 1.86 crore to Vedanta (Neutral)
Som Distilleries: To undertake stock split from Rs 5 face value to Rs 2 per share (Neutral)
Zee Ent: MD and CEO Punit Goenka to implement 20% reduction in his remuneration (Neutral)
NALCO: FY24 metal sale at 4.70 lk metric tons; cast metal production at 4.63 lk metric tons (Neutral)
Axis Bank: CCI clears Axis Bank-Max Life Insurance Company deal. (Neutral)
Kamdhenu: Board Meeting today to consider sub-division of existing equity shares (Neutral)
Mold Teck: Board Meeting today to consider declaration of Interim Dividend (Neutral)
Hero MotoCorp: ICICI Lombard acquires additional 0.03% stake in for Rs 23 crore (Neutral)
Chalet Hotels: Company raises Rs 1,000 crore via QIP. (Neutral)
Samhi Hotels: Goldman Sachs sells shares for Rs 343 crore through open market transaction. (Neutral)
United Spirits: Company has received a tax demand of ₹5.51 crore from the office of the Deputy Commissioner of State Tax, Nanded. (Neutral)
Shriram Properties: Company gets penalty order worth Rs 447 crore for AY19 from Chennai tax authority. (Negative)
Bharat Forge/RK Forge: March North America orders down 9% YoY & down 33% MoM (Negative)
2. Near term headwinds to falling inflation:
- Middle East conflict, the ongoing stalemate in the Russia-Ukraine war, and increasing crude oil prices.
- The collapse of Baltimore Bridge.
- US national debt is rising by 1 trillion every 100 days
according to CNBC. The US government is expected to maintain loose fiscal policy, particularly in light of the upcoming election.
- Earthquake in Taiwan
- Extreme weather and scorching heat.
3. AUBANK : Latest Share Holding | Probable Weight up in MSCI
** According to the latest shareholding as on 1st Apr, FII holding in the name is at 36.60%.
** AUBANK in MSCI is that half weight and with the foreign room opening up to above 25% now weight could double here.
** MSCI generally considers 31st Mar as the cut-off date and this shareholding is as on 1st Apr.
4. INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON : 03-04-2024 :
FIIS F & O : RS. CRS. :
TOTAL NET BUY : +16724
INDEX FUT. : -1677
INDEX OPT. : +29005
STOCK FUT. : -10315
STOCK OPT. : -289
SEC. IN F&O BAN FOR, 04 APRIL, 2024 :
1. HINDCOPPER 2. SAIL 3. ZEEL
ADDITION : SAIL, ZEEL
DELETION : NIL
ADDITION : HINDCOPPER
DELETION : NIL
INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 03-APRIL-2024 :
FIIS : SELL -2,213 (13,813-16,026)
DIIS : BUY +1,102 (13,037-11,935)
BSE SENSEX : -27 (73,877)
NSE NIFTY : -19 (22,434)
BSE MIDCAP. : +246 (40,670)
BSE SMLCAP. : +533 (45,556)
B. CRUDE : $ 89.81
GOLD: $ 2,286=INR 70,830(10gr)
SILVER : RS. 79,100 (kg)(5pm)
FOREX : RS. $ 83.43
7.18% GOI '33: 7.1030%(100.5075)
7.18% GOI '37: 7.1394% (100.33)
5. India Daybook – Stocks in News
GE Power: Jaiprakash Power awards contracts for two projects worth Rs 774.9 crore to company (Positive)
KEC International: Company gets new orders worth 816 cr across various businesses. (Positive)
RK Forge: Company has started commercial production of 4,500 MT of ENOMOTO 630 Tonnes Press Line and 13,750 MT of Maxi Press 6,000 Tonnes Press Line (Positive)
Man Ind: Company has obtained CE certification for cold formed welded structural hollow sections of non-alloy & fine grain steels. (Positive)
Brigade Ent: Company signs a joint development agreement for an office space in Whitefield, Bengaluru. (Positive)
Schneider Electric: Company undertakes investment plan of Rs 3,500 crore to expand capacity in India and cater to growing power demand. (Positive)
Vedanta: Company expands alumina refining capacity to 3.5 MTPA. (Positive)
L&T Finance: Retail loan book growth at 31 percent and disbursement growth at 33 percent (Positive)
Sarvoday: Advances up 14% QoQ & vs 41% YoY, Disbursements up 31% QoQ & vs 39% YoY. (Positive)
Punjab & Sind Bank: Appoints Arnab Goswamy as CFO of the bank for 3 years (Positive)
DMart: Q4 standalone revenue from operations at Rs 12,393.5 crore, up 19.9% year-on-year. (Positive)
Gufic Biosciences: Company incorporates a wholly-owned subsidiary ‘Veira Life FZE’ in Dubai, UAE. (Positive)
Som Distilleries: Board approves stock split in the ratio of 5:2 (Positive)
Vodafone Idea: Company's investors approve its plans to raise up to Rs 20,000 crore through issuance of securities. (Positive)
Union Bank: DIFC Dubai branch takes syndicate term loan of up to $500 m including $100 m green shoe. (Positive)
E Mart: Commenced the commercial operations of a new Multi Brand Specialized Store under the brand name ‘AUDIO & BEYOND’ in Delhi’s Rajouri Garden (Positive)
Royal Orchid: Pact for running and operating HOTEL MASA having 300 Keys and its revenue shall come in the consolidated accounts of the Royal Orchid. (Positive)
Thomas Cook: Foreign Exchange targets high growth Gujarat market; has inaugurated a new branch in the high potential market of Bhuj (Positive)
Indiabulls Housing: Company raises $350 million through overseas bond issue (Neutral)
Bharat Forge: Company approves re-appointment of Amit Kalyani as Vice-Chairman and Joint MD for 5 years effective May 11. (Neutral)
AsterDM Healthcare: Company concludes segregation of GCC business via sale of unit. (Neutral)
JSL: Company has divested 4.87% equity stake in Jindal Coke Limited and acquired 30% stake in Iberjindal S.L. a subsidiary in Spain. (Neutral)
Federal Bank: Gross advances at Rs 2.13 lk cr as on March 31, up 5.1% QoQ (Neutral)
Tech Mahindra: Company in collaboration with AVEVA establishes a Centre of Excellence at its Pune campus (Neutral)
Anup Eng: Company has fixed the record date on 23rd April for Bonus Issue. (Neutral)
RBL Bank: Deposits up 22% YoY & up 12% QoQ Advances up 19% YoY & 5% QoQ (Neutral)
Blue Star: JV partner WJ Towell claiming Rs 224cr in arbitration proceedings (Neutral)
M&M Financial: Company gets tax demand worth Rs 7.8 crore from Uttar Pradesh tax authorities: Exchange filing. (Neutral)
Bajaj Finance: Company invests Rs 2,000 crore in Bajaj Housing Finance via rights issue (Neutral)
Poonawalla: Company approves raising up to Rs 450 crore via NCDs (Neutral)
Oil upstream stocks: Windfall Tax on Crude hiked to ₹6,800/tonnes from ₹4,900/tonne (Neutral)
GM Breweries: Board meeting today to consider Bonus Issue of Shares and Q4 Results. (Neutral)
Vedanta: Board meeting today to consider Fund Raising via NCDs. (Neutral)
Kamdhenu: Board of Directors have approved the sub-division/ split of equity shares of the Company. (Neutral)
Page Ind: Company had received a demand order from the Commissioner of Customs, Bangalore on the Company amounting to Rs. 86.2 Crores. (Negative)
6. GS on Pipe Cos
Initiate Buy on Astral, TP Rs 2300
Initiate Buy on Prince Pipes, TP Rs 720
Real Estate TAM for Pipes to grow at 14% CAGR in FY24-FY28 & profit pool at 17% CAGR
Overall Pipe sector TAM to reach $7.5bn by FY28
from $4.5bn
Astral - Like its high exposure to RE sector & to CPVC & strategic capacity expansion in higher ROCE Pipes segment
Prince Pipes - Like its partnership with Lubrizol, shifting focus towards high-value products & ‘RE Projects’ & professionalizing management structure
JPM on Coforge
Initiate OW, TP Rs 7000
Expect rev to grow at 13% over FY24-26 with 140bps margin expansion from consistent execution in sales & operating leverage
Resulting 21% FY24E-26E earnings CAGR places it 11% ahead of large-cap peers & as fastest behind PSYS
STK underperformed NSEIT/mid-caps by 11%/6% YTD after announcing a potential placement & extension of its ESOP
This could dilute FY25E margins/EPS by 100bps/7%
16% share decline over past month appears to fully bake this in
JPM on IT
Upgrade Persistent to OW from Neutral, TP raised to Rs 4400
Upgrade LTMIndtree to Neutral from UW, TP to Rs 5200
Upgrade KPIT Tech to Neutral from UW, TP Rs 1400
INFO, PSYS, LTTS are our key OWs
Demand environment moved sideways since reaching a bottom in 2HCY23 with no perceptible improvement not only in 4Q but also into 1QFY25
Likely to result in poor 4Q exit rates &deflate FY25 guidance
FY25 rev guidance of 2-4% at Infy & 4-6% at HCL could surprise investors
Expect mid-caps to outperform scale IT firms & ERDs will outperform IT firms.
Tactically, non-discretionary heavy portfolios (N-rated TCS, MPHL) could outperform discretionary (OW-rated INFO, & N rated LTIM, WPRO) until recovery picks up in 2HCY24
7. MS on Avenue Supermart
Overweight Call, Target Rs 4,695
Standalone Q4 Revenue Of Rs 12,400 Cr Was Up 20% YoY
Standalone Q4 Revenue Is Higher Than 18% Growth In 9MFY24 & Nearly 1% Higher Than Est
Topline Growth Was Led By Implied SSSG Of 11%
Implied SSSG Of 11% Highest In Last Five Quarters Vs 10% Est & 9% Increase In Store Count On Avg
On A 5-Year CAGR Basis, Growth Improved To 19.7% From 19.4% In Q3
Growth Still Lower Than The Average Of 20.4% In H1
MS on Yes Bank
Underweight Call, Target Rs 16.5
Q4 Biz Update Reported Loan Growth Was Up 5% Sequentially
Deposits Grew By 10% QoQ, And Was Up 22.5% YoY, Vs 13.2% YoY In Q3FY24
CASA Growth Was Strong At 15% QoQ & Term Deposit Growth Also Accelerated
Q4 Average LCR Moderated, 116% Vs 118 (QoQ)
MS on Federal Bank
Equal-Weight Call, Target Rs 165/Sh
Q4 Biz Update Shows Loan Growth & Customer Deposits Continued To Do Well
Gross Loan Growth Was 5.1% QoQ, Up 20% YoY Vs 3.3% Last Quarter
Customer Deposits Grew 5.5% QoQ, Up 19% YoY
Overall Deposit Growth Was Healthy At 5.4% QoQ, Led By Strong Term Deposits Growth
CASA Deposit Growth Remained Subdued
MS on L&T Fin
Underweight Call, Target Rs 129
Q4 Biz Update Shows Retail Loan Book Growth Continue Well On Track
Co’s Share Of Retail In Total AUM Continue Well On Track
Await Further Details About Margins, Credit Costs, Asset Quality, In Q4 Results
Co Appears To Be Moving In Right Direction For Long Term, But Valuation Looks Expensive
MS on RBL Bank
Underweight Call, Target Rs 250
Q4 Biz Update Shows Gross Loan Growth Was 5% QoQ, Up 19% YoY, Steady Vs Prior Quarter
Retail Loan Growth Was Healthy At 6% Vs 5%, While Non-retail Moderated, 3% Vs 5%
Retail Deposits Grew 5% QoQ, Vs 4% In Prior Quarter
CASA Deposits Growth Was Strong, Up 16% QoQ
Liquidity Has Also Improved

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