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March 04, 2024

*India Daybook – Stocks in News*
*MOIL:* Feb production at 1.5 lk tn manganese; up 15% YoY. (Positive)
*AMI Organics:* Company gets patents for 2 inventions for 20 years (Positive)
*KPI Green Energy* Company signs power purchase pact for 200MW project (Positive)
*Brigade Enterprises:* Company launches Bengaluru residential project with revenue potential of Rs 380 crore. (Positive)
*Patel Engineering:* JV gets LoA from Telangana Government for Rs 525.4 crore contract (Positive)
*Wardwizard:* Company opens new assembly line for electric 2-wheelers in Jharkhand. (Positive)
*HG Infra:* Bags order worth ₹447 crore from South Central Railway (Positive)
*Pidilite:* Company has launched its new product Fevikwik Gel (Positive)
*Gujarat Ambuja Exports:* Company commissions a 120 TPD liquid glucose unit in Malda, West Bengal (Positive)
*Swan Energy:* Swan LNG has pre-paid its entire loan along with interest to its consortium of Banks amounting to Rs 2206 crore (Positive)
*Zaggle Prepaid:* Company has entered into an agreement with Axis Bank to become referral partner. (Positive)
*PSP Projects:* Company received new Work Orders worth INR 386.24 Crores (Positive)
*Vimta Labs:* Company has received Grants-in-aid (GIA of Rs. 409.49 lalchs from Ministry of Food Processing Industries for upgradation of Food Testing Laboratory. (Positive)
*Oil upstream stocks:* Oil steadies near the highest level this year after OPEC+ extends its production cuts to stave off a global crude surplus. (Positive)
*NTPC:* Company approves Rs 17,200 crore investment for Singrauli thermal project (Positive)
*SJVN:* Company gets 200 MW Gujarat solar park project worth Rs 1,100 crore (Positive)
*Godrej Properties;* Company has signed agreements to develop a 62-acre township project in North Bengaluru, offering 5.6 million sq ft of saleable area (Positive)
*Signature Global:* Records sale of luxury residence “De-Luxe DXP” in Sector 37D, Gurugram, along with the vibrant Dwarka Expressway for over Rs.3600 Crore. (Positive)
*EMart:* Commenced the commercial operations of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ on 02nd March 2024 in Telangana (Positive)
*Info Edge:* Company said its mobile applications - Naukri jobseeker, Naukrigulf Job Search App and 99acres Buy/Sell/Rent Property have been reinstated on the Google Play Store. (Positive)
*Apollo Tubes:* Company gets Rs 16.86 crore GST demand. (Neutral)
*Finolex Industries:* Company in pact to buy 15.3% stake in Hinduja Renewables for Rs 3.14 crore. (Neutral)
*Vedanta:* Vedanta Resources plans to deleverage as much as $3 billion debt over the next three years. (Neutral)
*Godrej Ind:* Godrej & Boyce to invest Rs 40 crore to expand distribution footprint for its consumer brands in smaller cities. (Neutral)
*Coforge:* Board decided not to proceed with the proposed offering of its American Depository Receipts (Neutral)
*Dr Lal Pathlabs:* Bharath U resigns from CEO post, last working day would be on or before May 20 (Negative)
*Ganesha Ecosphere:* Search and Seizure operations carried out by GST Department on March 1 and 2, 2024 at the company's factory in Kanpur and Bilaspur (Negative)
*GIFT Nifty +8 pts (22515) from last trade 22507 ,*
Nikkei +333 pts ,
Hangseng +40 pts ,
Now @6.55am .
Crude @ $79.98 brl (+0.01), Brent @ $83.62 brl (+0.07) , Gold @ 2094.90 (-0.80), Silver $23.37 (+0.00), Euro @ $1.0841, JPY @ $150.11, INR @ 82.845
*Today's Corporate Action*
*4th Mar Ex Date*
JYOTISTRUC
E.G.M.
STEELXIND
E.G.M.
TIGERLOGS
Stock Split From Rs.10/- to Rs.1/-
*Today's Key Results/Board Meetings*
*04-Mar-24*
ALFAVIO
General
CITL
Preferential Issue of shares;General
DRA
General
GMPL
Increase in Authorised Capital;General
IGCIL
General
NVENTURES
General
PARKHOTELS
Quarterly Results
POWERGRID
General
RITCO
Preferential Issue of shares
ROJL
General
SPANDANA
General
SUPRAPFSL
General
WEL
Interim Dividend;General
*Stock under F&O ban on NSE*
*04-Mar-24*
1 ZEEL
*CLSA on Steel*
Downgrade Tata Steel To Sell From Outperform, Target Cut To Rs 135 From 145
Downgrade JSW Steel To Sell From Underperform, Target Cut To Rs 730 From 810
Maintain Underperform Call On Jindal Steel Power, Target Rs 840
Believe JSPL Is Relatively Better Off, As Weaker Ind Spreads Will Be More Than Offset
Weaker Ind Spreads Will Be More Than Offset By JSPL’s Margin Expansion Projects
Profit Pool In India Should Move Towards Miners From Converters
Profit Pool In India Should Move Incrementally As Steel Capacity Addition Picks Up Pace
Consensus Estimates Are Not Factoring In Spread Compression
*MS on L&T*
Overweight Call, Target Rs 4,106
Co Won Two Defence Contracts Worth Rs 13,370 Cr
Co Has Already Accounted For CIWS Order Inflows In 9MFY24
High Power Radars Is A New Contract Won In Q4
*MS on HAL*
Overweight Call, Target Rs 3,129
Co Bagged Contract For Manufacture & Supply Of RD-33 Aero Engines Worth Rs 5,250 Cr
These Aero Engines Will Be Produced By The Koraput Division Of Co
Aero Engines Are Expected To Fulfill The Need Of Indian Air Force
Need For Indian Air Force To Sustain Operational Capability Of Its MIG-29 Fleet
*Kotak Inst. on Dalmia Bharat*
Add Call, Target Rs 2,320
Co Confident Of Concluding Tranche 1 Of Jaiprakash Associates Acquisition In Next Few Months
Market Share Lost In H1FY24 Has Started Reversing From Q3FY24
Co Should Continue To Outperform Industry Growth In Coming Quarters
Co On Track To Reach 57 mtpa Capacity By FY25
Co Should Soon Announce Next Phase Of Expansion To Reach 75 mtpa Capacity By CY27
Margins Will Remain Rangebound In The Medium-term Amid Higher Competitive Intensity
Volume Growth And Cost-saving Measures Will Drive Earnings
*MS on Gujarat Gas*
Overweight Call, Target Rs 579
Co’s Price Cuts Should Help It Regain Market Share In Ceramics
Spot LNG Prices Are Now Below $8.5/mmbtu & May Continue To Fall
Fall In Spot LNG Prices Make Gas More Attractive Than Alternatives Like Propane
Expect Global Gas Glut To Support Margins At Mid-cycle Levels
Co Focuses On Regaining Market Share From Alternative Fuels
*HSBC on HDFC Bank*
Buy Call, Target Rs 1,750
Believe High Loan Growth Hopes, Not Deposits, Are At Core Of Recent Disappointments
Lowering Loan Growth May Actually Be Beneficial For Stock
Lowering Loan Growth Would Be Positive For NIM/RoA Outlook
Stock Offers Possible Returns Of A 15-29% CAGR Over FY24-27 From Current Levels
*JPM on Bajaj Auto*
OW, TP raised to Rs 8900 fro, Rs 8275
delivered a strong performance in overall volumes (both 2Ws and 3Ws) aided by continued strength in domestic & initial signs of recovery export volumes.
Overall, February 2024 wholesales at 347K were +24% YoY
Domestic 2W volumes grew 42% YoY and domestic 3Ws also posted decent growth (+10% YoY).
Export volumes improved (+10% YoY) in line with management guidance of a gradual recovery
Raise our FY24-26 EPS by 1-3%
*BoFA Sec on Autos*
Feb prints adds to optimism on 2W cycle recovery, rural green shoots & steady PV demand
Maruti, Bajaj, Hero, TVS stood out
PVs not slowing down yet: Vols up 11% y/y
Tractor & CVs remain weak
2Ws strong vol grwth: +30% wholesale, 14% y/y retails
*ED zeroes in on Dubai-based operator-cum-FPI in MOB case; freezes Rs 581 cr of shares*
Zenith Multi Trading DMCC, one of the companies promoted by Tibrewal, owns stakes in companies like *Servotech Power Systems, Gensol Engineering, Pritika Auto, Balu Forge, and Star Housing Finance*. Barring Star Housing Finance in which Zenith DMCC owns less than 1 percent according to Trendlyne, Zenith DMCC is listed as an FPI in the other companies.
FORWARD
One Tibrewal in Dubai is also involved in SIGACHI & many more Hyderabad based companies. We don't know whether this is SAME TIBREWAL. This guy most favoured operator for Indian companies
Stock to watch
1) CROMPTON GREAVES is hovering in a Triangle Pattern formation on the daily chart. The stock has formed a Bullish candle with strong volume on the weekly charts. Momentum indicator RSI is positive on the daily chart. Therefore, the stock looks good in a range of 301 to 295 and can test 330 support at 279. Positional view
2) IOC has seen a pullback after a Multi-year breakout on the daily charts. The stock is on the verge of a Falling wedge breakout. Momentum indicator RSI is positive on the hourly charts. Therefore, the stock looks good in the range of 172 to 165 and can test 200 support at 149. Positional view.
3) MOIL has seen a pullback after a multi-year Rounding Bottom breakout on the daily charts. The stock has formed a long Legged Doji on the weekly charts and took a pause near its 200 Day EMA. The momentum indicator RSI is positive on the daily charts. Therefore, the stock looks good in the range of 281 to 273 and can test 326 support at 254. Positional view
4) NMDC STEEL has seen a pullback after a Rounding Bottom breakout on the daily charts. The stock has formed a Hammer on the weekly charts. The momentum indicator RSI is positive on the daily chart. Therefore, the stock looks good in the range of 63 to 59 and can test 75 support at 56. Positional view
5) NFL has seen a Pullback after a multi-year Rounding Bottom breakout on the daily charts. The stock has formed a Hammer candle on the weekly charts. Momentum Indicator RSI is positive on the daily charts. Therefore, the stock looks good in the range of 102 to 95 and can test 130 support at 89. Positional view.
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