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March 18, 2024

*Advance tax collections for March 15th have been at Rs 9.10 lakh crore.*
So far, corporates have paid Rs 6.72 lakh crore in advance tax while individuals accounted for Rs 2.37 lakh crore.
To dimension it , this Rs 9.10 lakh crore is on a gross FYTD number of Rs 22.25 lakh crore in FY2024 till March 15th.
Gross tax collections are up 13.5% Y-o-Y while net tax collections are up 14.05% Y-o-Y.
Very positive numbers, pointing to strong Corporate earnings growth and strong household personal income growth.
*GIFT Nifty -70 pts (22050) from last trade 22120 ,*
Nikkei +817 pts ,
Hangseng -31 pts ,
Now @6.52am .
Dow -190.89 pts ,Nsdq -155.35 pts, S&P
-33.39 pts , Bovespa -948 pts , Ftse -15 pts , Dax -5 pts , Cac +2 pts , Crude @ $81.11 brl (+0.07), Brent @ $85.38 brl (+0.04) , Gold @ 2158.70 (-2.80), Silver $25.335 (-0.04), Euro @ $1.0884, JPY @ $149.01, INR @ 82.895
*Today's Corporate Action*
*18th Mar Ex Date*
OIL
Interim Dividend - Rs. - 8.5000
TIERRA
Right Issue of Equity Shares
TINEAGRO
Bonus issue 1:1
TINEAGRO
Stock Split From Rs.10/- to Rs.1/-
*Today's Key Results/Board Meetings*
*18-Mar-24*
ARFIN
Preferential Issue of shares
DWL
General
GEE
A.G.M.;General
IMCAP
General
JUNIPER
Quarterly Results;General
KAMATHOTEL
General
L&TFH
General
NGLFINE
General
NITINFIRE
Audited Results
ROYALIND
Preferential Issue of shares
SHAH
Preferential Issue of shares
SUKHJITS
General
TIL
Right Issue of Equity Shares
*Stock under F&O ban on NSE*
*18-Mar-24*
1 ABFRL
2 BHEL
3 BIOCON
4 HINDCOPPER
5 MANAPPURAM
6 NATIONALUM
7 PEL
8 RBLBANK
9 SAIL
10 TATACHEM
11 ZEEL
*Nomura on Banks*
Buy Call For ICICI Bank, Target Rs 1,225
ICICI Bk Management Expects Liquidity To Remain Tight In The Near-term
Tight Liquidity In Near-term Led By Advance Tax Payments In March End
Expect Liquidity Situation To Gradually Improve
Expect RBI To Cut Benchmark Rates By Q4FY25/Q1FY26
Expects FY24 Margin To Be At Similar Levels Of FY23
Could See 10 bps QoQ Compression Of Margins In Q4FY24, Similar To Q3FY24
*Nomura on Kotak Mah Bk*
Neutral Call, Target Rs 2,040
Deposit Mobilisation Remains A Challenge
Co Has Been Calling Out Challenges In Deposit Mobilisation Over Past Few Quarters
Bank Does Not See Any Challenges On The Loan Growth Side
No Challenge On The Loan Growth Side As Co Only 2% Of System Credit
Mgmt Indicated Loan Growth To Be 1.75-2.0x Of Nominal GDP Growth Over Medium-term
Mgmt Highlighted No Asset Quality Concerns In The Unsecured Retail Portfolio
*UBS on Zomato*
Buy Call, Target Rs 195
Industry Volume Up 4% MoM In-line With Seasonality
Our Question Is If QoQ GMV Decline Is Possible
Could See Some Downside To Consensus Estimates
Expect YoY Growth To Remain Healthy & Within Mgmt's Guidance Of 20%+ YoY
*GS on Power Sector*
CERC Released Final Tariff Guidelines For FY25-29 Regulatory Period
Continuity Was Largely Maintained With The Draft Paper
Regulations Tilted Positively Especially For Thermal And Hydro Power Plants
There Are Indications Of System’s Focus On ‘Reliability’ & ‘Energy Security’
Continue To Like NTPC, Buy Call On Co
Buy Call On NTPC As Co Will Likely Benefit From Dual Tailwinds Of Coal Capex Revival
*Kotak Inst Eqt On Auto Ancillaries*
Upgrade Uno Minda, CIE Auto & Varroc Engg To Add From Sell Given Recent Correction
Steady Demand Trends In The 2-w Segment Augur Well For India Biz
Growing Premiumisation Trend Coupled With Ev Shift Augur Well For India Biz
Expect Uno Minda To Continue To Outperform Industry Growth
Attractive Valuations Drive Upgrade For CIE Auto & Varroc Engg
*UBS on Food & Beverage Cos*
Premiumisation and indulgence are redefining India’s F&B consumption
*UBBL:* growth to meet India's untapped beer demand
*India QSR:* set for multi-decadal growth; prefer Sapphire on valuation.

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