Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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March 14, 2024

• *CryDay The 13th*
• “We are in a bubble”
• Said, SEBI chief
• And raised a rubble
•  
• "Not enough trouble"
• Lamented the retail investor
• While dousing the fire
• Counting the losses
• And accepting destiny’s eternal struggle
•  
• The RBI chief was alerted
• The quest for relevance is an addictive puzzle
• And on a clear day, he shouted, “Why such smog?
• Clearly, Someone must be burning the stubble”
•  
• So, he hurriedly imposed a ban
• On a few more fintechs and NBFCs
• “Because - only banks can"
• Hurting both investors and customers…
• Wow, it's a double!
•  
• Then the FM came out of the shadows
• Amidst the chaos and pathos
• Reinstating commitment to take India to the skies
• Then silently imposing some taxes,
• Further cutting taxpayers to size.
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• But hope is a good thing
• and no good thing ever dies
• Markets will fall and rise
• No wonder, what’s unfolding seems bizarre
• Modiji _ek baat bataao_,
• _Itna bhi kyon atyachaar_?
•  
• Digital India - _aapka vaada_
• Invest in India _ka tha iraada_
• But portfolio _apna – phir bhi aadhaa_!
• Loose statements _pe bika sansaar_.
• _Aapke to ho gaye 400 paar_…
• But, Regulators _ban gaye_ Escobar.
• #rohittrix
• Does this data surprise you?
• At least I was surprised!
• Despite the talk about the small and midcap rally in the last two years and concerns about their valuations, it's interesting to note that earnings growth has been a key driver of this rally.
• At least the aggregate index level data suggests so.
• Two years ago, the index PE of the Nifty Midcap 150 index stood at 26.83 with an EPS of 396.
• Today, the EPS has grown to 661, marking a 67% growth during this period, while the P/E has remained relatively constant around 26.96.
• This suggests that around 67% of the rally in this index has come from EPS growth, with the rest 1% attributed to valuation (PE) expansion.
• A similar trend is observed in the smallcap index, which has also risen by 68% in the last two years, with EPS growth contributing around 53%.
• It's worth noting that while valuations have increased sharply in some pockets, the overall earnings growth remained supportive for small midcap segments to rally.
• What do you think about this data?
• Will this strong earnings momentum help small and midcap stocks bounce back sharply if there’s a steep correction?
• *India Daybook – Stocks in News*
• *Cyient:* Company signs a multi-year services agreement with Airbus for cabin & cargo engineering. (Positive)
• *Sanofi:* Company in exclusive distribution agreement with Emcure Pharmaceuticals for Sanofi’s Cardiovascular brands (Positive)
• *Zydus Life sciences:* Company introduces IBYRA for cancer patients in India (Positive)
• *Dynamatic Technologies:* Company inks pact with Deutsche Aircraft to manufacture rear fuselage for regional aircraft D328eco (Positive)
• *PC Jewel:* SBI accepts PC Jeweller’s one time settlement (OTS) proposal to settle the outstanding dues. (Positive)
• *Power Mech Projects:* Company incorporates new wholly-owned subsidiary PMTS to design & develop technologies required for construction companies. (Positive)
• *Dronacharya:* Company awarded service order from Adani to provide DGCA certified drone pilot training (Positive)
• *Indian Hume Pipe:* Company gets order worth Rs 230 crore from Telangana Government for water supply & sewerage projects (Positive)
• *RVNL/Salasar:* RVNL and Salasar JV has received LoA, The total cost of project is Rs 173.0 crore (Positive)
• *ITC:* In a block deal Govt of Singapore bought 9.15 cr shares; ICICI Prudential Mutual Fund bought 59 lakh shares (Positive)
• *Azad Engineering:* Company signed a $35 million with the steam power business of GE Vernova for the supply of high-complex rotating airfoils. (Positive)
• *KEC International:* Company has secured new orders of Rs 2,257 crore across its various businesses including transmission & distribution projects in India (Positive)
• *Shriram Properties:* Company has launched a new residential project under the ‘Codename Ultimate,’ with a project revenue potential of ₹350 crore. (Positive)
• *Som Dist:* Board Meeting to be held on 02 Apr 2024 to consider Stock split. (Positive)
• *Dr Reddy:* Company has received an order from GST Authority towards tax demand of Rs 3.06 crore. (Neutral)
• *Reliance Ind:* Company to acquire 13.01% stake of Paramount entities in Viacom18 for ₹4,286 cr. (Neutral)
• *IIFL Finance:* Company approves raising up to Rs 1,500 crore via issue of shares. (Neutral)
• *Cholamandalam Investment:* Company purchases land worth Rs 735 crore from DLF IT Offices Chennai admeasuring 4.67 acres. (Neutral)
• *BPCL:* Company to establish CBG plants in Raipur Bhilai with an investment of Rs 100 cr each (Neutral)
• *Tata Motors:* Company signs MoU with Tamil Nadu Government to set-up vehicle manufacturing facility. (Neutral)
• *Balkrishna Industries:* IT department conducting search at office premises, manufacturing units of company since March 11. (Neutral)
• *Adani Ent:* AdaniConneX’s Hyderabad site gets five-star grading from British Safety Council. (Neutral)
• *Vedanta:* Company to appeal SEBI order directing company to pay Rs 77.6 crore to Cairn U.K. before the appropriate forum (Neutral)
• *L&TFH:* Company will continue to offer range of financial products & services under brand name 'L&T Finance'. (Neutral)
• *HAL:* Defense Ministry approves acquisition of 34 New Dhruv Helicopters For Army, Indian Coast Guard worth Rs 8073 crore. (Neutral)
• *Federal Bank:* Company stops issuance of new co-branded credit cards. (Negative)
• *South Indian Bank:* Bank is advised not to on-board fresh customers in co-branded credit cards until the bank fully complies with regulatory guidelines. (Negative)
• No GDP or gst or IT collection's saves such carnage.
• With way Adani grp stocks hammered means fpi active in mkt to sell and move to better opportunity like it,nestle,lever