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 06, 2024

• *India Daybook – Stocks in News*
• *NHPC:* Company starts work on 1,200 MW Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh (Positive)
• *Indiabulls Housing Finance:* Moody's upgrades long-term rating to B2 from B3; Outlook remains stable (Positive)
• *JKumar Infra:* JV gets order from #BMC for construction project worth Rs 1,330 crore. (Positive)
• *Jubilant Ingrevia:* Company commissions multipurpose agro active & intermediate plant via wholly-owned subsidiary in Gujarat (Positive)
• *Westlife Food:* FSSAI verifies McDonald's India uses 100% real cheese. (Positive)
• *Wipro:* Company acquires 27% stake in SD Verse LLC for $5.85 m. (Positive)
• *Allied Digital:* Company bags order worth ₹190 crore for MIDC Taloja Smart Industrial City Project. (Positive)
• *Power Mech:* Company bags order worth ₹658.57 crore from Madhya Pradesh Government & Gujarat Mineral Development Corporation. (Positive)
• *Man Industries:* Company received API Certification for manufacturing electric resistance welded pipes. (Positive)
• *Coal India:* Company’s unit South Eastern Coalfield's Gevra Mine set to become largest coal mine in Asia. (Positive)
• *Sonata Software:* Company to open delivery center in Poland to address growing demands from global clients. (Positive)
• *Bhagiradha Chemicals:* Company to split each share into 10 shares (Positive)
• *Havells:* Company plans to add kitchen appliances to portfolio. (Positive)
• *AB Fashion:* Caladium Investment exercises right to convert all 6.6 crore warrants into equity shares. (Positive)
• *IRCTC:* Company signs MoU with Swiggy to provide pre-ordered meals to passengers via IRCTC e-Catering Services (Positive)
• *JSW Energy:* Subsidiary signs battery energy storage purchase agreement (BESPA) for the first project of 250 MW / 500 MWh battery energy storage system (Positive)
• *Indiabulls Real Estate:* Company gets MIDC’s vacation order for a plot in Nashik SEZ (Positive)
• *Alok Ind;* Company secures Rs 7,000 Cr Funding From Reliance Industries, Axis Bank, And State Bank Of India (Positive)
• *Coal India:* Gets environmental clearance to expand production capacity in Gevra Mine (Positive)
• *Aavas Fin:* SBI Mutual Fund, Amansa Capital invest Rs 1,186 crore after promoters pare stake. (Positive)
• *Torrent Pharma:* USFDA issues Establishment Inspection Report (EIR) for Gujarat's Oral-Oncology Manufacturing facility. (Positive)
• *Zomato:* ALIBABA Unit Antfin to sell Rs 2800 cr worth shares in co via block deal. (Neutral)
• *Wipro:* Company acquires 27% stake in SD Verse LLC for $5.85 m (Neutral)
• *SBI Life Insurance:* Board to consider payment of interim dividend on March 10. (Neutral)
• *SAMIL:* Japan's Sumitomo Wiring Systems to sell 4.4% stake at a discount of 2% (Neutral)
• *REC:* Board meeting scheduled on March 16 to consider an interim dividend. (Neutral)
• *Bharat Forge:* Company to invest Rs 179.9 crore in arm Bharat Forge Global Holding in the form of capital reserve. (Neutral)
• *Bank of India:* Invests Rs 60.35 crore in National Asset Reconstruction Company under preferential share issuance. (Neutral)
• *ONGC:* Board approves additional investment of Rs 99 crore in unit ONGC Green. (Neutral)
• *Tata Technologies:* Company appoints S. Sukanya as Chief Operating Officer (Neutral)
• *Mahanagar Gas:* Company cuts CNG price in Mumbai by Rs 2.50/Kg to Rs 73.50. (Neutral)
• *Bharti Airtel:* Approves allotment of 5.68 mn shares to FCCB holders at conversion rate of ₹518/sh. (Neutral)
• *CG Power:* Company gets ₹190 cr income tax demand notice for FY22 (Negative)
• *JM Financial:* RBI: Deficiencies found in company’s loans for NCDs; to conduct special audit (Negative)
• *JPMorgan on Reliance*
• Overweight Call, Target Rs 3,100
• Despite Its Complexities, RIL Stock Has Tracked Earnings Well
• Refining, Petrochem Margin, Tele Tariffs Large Enough Variables To Drive EPS Beat
• Co Cannot Influence First Two, But Can Control Telecom Tariffs
• Telecom Pricing Can Then Be A Significant Earnings And Stock Catalyst
• Retail Earnings Are Relatively Modest, Can Drive A Valuation ‘Catch-Up’ On Eventual Listing
• *MS on Utilities*
• Forecast Capex Of $550 Bn In Next Decade
• India Building Energy Security & Momentum In Its Energy Transition
• Power Demand Is Rising While Supply-Side Constraints Are Becoming More Complex
• Rising Power Demand Should Help Regulated Utilities Re-Rate
• Prefer Regulated Utilities Over IPPs With NTPC As Top Pick
• Equal-Weight On BHEL On Strong Demand Outlook; Margin Visibility Yet To Emerge
• *MS on NBFCs*
• RBI Action On JM Financial, Follows Action On IIFL Finance A Day Ago
• More Instances Of Such Actions Could Create An Overhang On NBFC Stks In Near Term
• *UBS on ZEE*
• Neutral, TP cut to Rs 190 from Rs 260
• Underlying trends remain muted; moving TP to non-merger scenario
• TV Ad insertions remain soft despite consumer ad spends increasing
• Overall, remain cautious; Vals leave little room for upside
• *Jefferies on IIFL Fin*
• Downgrade to Hold, TP Rs 435
• Timing of lifting of the ban is uncertain, but assuming ban stays for 9 months, cut FY25-26E EPS by 26-27% and ROE by 460-480bps
• Expect profit to fall 6% in FY26E.
• *CLSA on Power Financiers*
• PFC – Buy, TP Rs 550
• REC – Buy, TP raised to Rs 560
• Expect at least a 60-70bp sequential improvement in GNPA & write-backs for PFC & REC in 4Q24 with resolution of Lanco Amarkantak
• Separately, would note REC may see some pressure on margins due to its bond yield profile maturing over next 5 qtrs
• PFC should benefit on this front, & thus model a 5-13bp higher NIM for PFC than REC over FY25-26CL