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July 11, 2023

*Fundflow Activities:* Equity mutual funds witnessed a net inflow of Rs 8,245 Cr in June vs Rs 2,906 Cr in May, as per the Association of Mutual Funds in India The data showed that Small cap funds recorded the highest inflow at Rs 5,472 Cr.
*L&T:* Company in agreement with Navantia, Spain for techno-commercial bid for P75 (India) Submarine Program (Supportive for stock prices)
(2) *L&T: NAVANTIA WOULD CARRY OUT DESIGN OF P75 SUBMARINES
(2) *L&T: INDIA P75 PROGRAM FOR SIX CONVENTIONAL SUBMARINES DELIVERY
(2) *L&T, NAVANTIA TO SUBMIT TECHNO-COMMERCIAL BID FOR P75 SUBMARINE
(2) *L&T, NAVANTIA SIGN TEAMING PACT FOR INDIA SUBMARINE PROGRAM
*PATEL ENG: VIJAY KEDIA BUYS ADDITIONAL 30 LAKH SHARES*
*Eveready industries*
✓ Medium goal is to double revenues in 3- 4 years which will not require too much capex.
✓ In FY24 revenue growth will be 14%+ with margins of 10%-12%.
*India Daybook – Stocks in News*
*Sanghvi Movers:* Company gets work orders worth Rs 150 cr from Independent Power Producers (Positive)
*APL Apollo:* Company has been granted Incentives of Rs. 500 Crores by State Investment Promotion Board (SIPB), Government of Chhattisgarh (Positive)
*Car Trade:* Company has entered into a share purchase agreement with Sobek Auto for acquisition of 100% stake for Rs 537 Crores (Positive)
*PCBL:* Announced the commissioning of the first phase of its specialty chemicals capacity expansion at Mundra, Gujarat (Positive)
*LIC:* Total Premium Collected Up 21% at Rs 24,971 Cr Vs Rs 20,644 Cr (YoY) (Positive)
*Kinetic Engineering:* To consider preferential issue to Promoter (Positive)
*SBI Cards:* Rama Mohan Rao Amara resigns as Managing Director & CEO of company (Positive)
*Max Fin:* June Life Insurance premium grew by 45.4 percent. (Positive)
*HDFC Life:* June Life Insurance premium grew by 28.2 percent. (Positive)
*Cyient DLM:* Nippon India Mutual Fund A/C Power & Infra Fund has bought 5 lakh shares (Positive)
*Tata Communications:* Subsidiary has entered into a share purchase agreement to acquire the remaining equity ownership of Oasis Smart Sim Europe (Positive)
*Nazara Technologies:* Board approved funds raising up to Rs 750 crore via issuance of equity shares (Positive)
*Mazdock:* Defence Procurement Board has given initial approval to the proposal to acquire three scorpene submaries (Positive)
*McLeod Russel:* Board approves agreement with Carbon Resources to monetise identified assets. (Positive)
*Gujarat Pipavav:* Q1FY24 container volume up 6.4% at 199,000 Twenty-Foot Equivalent Units (TEUs) vs 187,000 TEUs (YoY) (Neutral)
*Motherson Sumi Wiring:* Appoints Mahender Chhabra as CFO w.e.f. July 10. (Neutral)
*Satin Creditcare:* Board approves fund raising up to ₹5,000 cr via NCDs & appoints Vikas Gupta as Chief Compliance Officer (Neutral)
*Tatva Chinta:* To consider Fund Raising Via Pref Shares, NCDs, Warrants, etc (Neutral)
*SBI:* Bank to offload 2 percent stake in NSDL IPO via OFS (Neutral)
*Vedanta:* Foxconn says it will not move forward on the joint venture with Vedanta (Negative)
*Divis Lab:* US District court invalidated Novartis’ combination patent for heart failure drug Sacubitril + Valsartan. (Negative)
Rice Stocks-Rice Soars to Two-Year High in Asia on El Niño Drought Risks Dry weather in Asia likely to hurt output of the food staple+Buyers have been stocking up on concerns over supplies
*GIFT Nifty +55 pts (19480) from last trade 19425 ,*
Nikkei +234 pts ,
Hangseng +192 pts ,
Now @6.52am .
Dow +209.52 pts ,Nsdq +24.77 pts, S&P +10.58 pts , Bovespa -955 pts , Ftse +16 pts , Dax +69 pts , Cac +31 pts , Crude @ $73.32 brl (+0.33), Brent @ $77.99 brl (+0.30) , Gold @ 1931.70 (+0.70), Silver @ $23.38 (+0.07), Euro @ $1.1005, JPY @ $141.38, INR @ 82.525
*Today's Corporate Action*
*11th July Ex Date*
BALKRISIND
Final Dividend - Rs. - 4.0000
BHARATSE
Dividend - Rs. - 1.4000
DRREDDY
Final Dividend - Rs. - 40.0000
JSWSTEEL
Final Dividend - Rs. - 3.4000
NEULANDLAB
Final Dividend - Rs. - 10.0000
PECOS
Final Dividend - Rs. - 3.0000
PERSISTENT
Special Dividend - Rs. - 10.0000
PERSISTENT
Final Dividend - Rs. - 12.0000
PIXTRANS
Final Dividend - Rs. - 6.0000
SATINDLTD
Final Dividend - Rs. - 0.1000
SHRGLTR
Final Dividend - Rs. - 0.1000
WIREFABR
Dividend - Rs. - 0.1000
*Today's Board Meetings*
*11-Jul-23*
PCBL, Elecon Engineering Company, Excel Realty N Infra, Generic Engineering Construction and Projects, Plastiblends India, Eiko Lifesciences, and Welcure Drugs & Pharmaceuticals will be in focus ahead of the quarter earnings on July 11.
*Stock under F&O ban on NSE*
*11-Jul-23*
1 BHEL
2 DELTACORP
3 GRANULES
4 IBULHSGFIN
5 INDIACEM
6 PNB
7 ZEEL
*JPMorgan on IT - ER&D*
Underweight Rating on *L&T Tech*, Target Rs 2,500
Underweight Rating on *Persistent Sys*, Target Rs 4,100
Underweight Rating on *KPIT Tech*, Target Rs 540
Underweight Rating on *Tata Elxsi*, Target Rs 4,500
Believe Slowdown In ER&D Spends Is Structural & Not Cyclical
The Structural Slowdown In Spends Makes Current Valuations Super Rich
Expect India Services Firms’ Rev To Grow At 11% CAGR Over FY23-33
Reiterate Underweight Rating On L&T Tech, Tata Elxsi, Persistent & KPIT Tech
*CLSA on Bharti Airtel*
Buy, TP Rs 1030
India’s cloud market of US$6bn is likely to triple in five years to US$17.8bn.
Bharti Airtel has been boosting capabilities in cloud services with growing partnerships; Amazon, Google, Cisco, IBM, besides own Airtel-IQ.
Also Bharti’s subsidiary Nxtra with pan-India 12 large and 120+ edge data centres targets to triple data centre capacity to over 400MW by 2025.
Cloud & data centres will boost ‘Airtel Business’ growth & add upside potential
*Macquarie on CONCOR*
Neutral. TP Rs 620
1Q update: Vols tad weaker than expected+8% YoY (Macq est. of +10%), with weakness of export–import (EXIM) handling volume (+7% YoY; Macq est of +10%) only partially offset by an in line domestic biz performance (+10% YoY)

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