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 11, 2025

• Beat The Street Bulletin
• Date: 11-Mar-2025 
• TG: [https://t.me/BeatTheStreet10] 
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• Order Wins 
• - BEL: Receives orders worth ₹843 crore, including RF seekers, radar upgrades, and air traffic management systems. 
• - Epic Energy: Received a Letter of Intent from an NABH-accredited Oncology Center in Nashik for 2.4 MWp solar power. 
• - NTPC: Signs MoU with the Government of Chhattisgarh for a 4200 MW Nuclear Capacity investment worth ₹80,000 crore. 
• - NTPC Green: Joint venture agreement with CSPGCL for setting up renewable energy projects up to 2 GW. 
• - NTPC: Another MoU with CSPGCL for setting up a 1200 MW Pumped Hydro Storage Project worth ₹5876 crore. 
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• Acquisitions 
• - Syngene: Acquired its first U.S. biologics site, expanding its global footprint in monoclonal antibody manufacturing. 
• - Syngene: To invest up to USD 56 million (₹489 crore) in Syngene USA Inc. for acquiring a biologics facility from Emergent Manufacturing Operations Baltimore, LLC. 
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• Leadership Changes 
• - Innovators Facade Systems: Mr. Raman Shivchand Sharma resigns as CEO to discharge duties as Whole-Time Director. 
• - Singer India: FIR filed against Vice President of Sourcing & Logistics and CFO for alleged unpaid dues. 
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• New Projects 
• - Syngene: U.S. biologics facility opening in late 2025 for U.S. and global clients. 
• - Premier Explosives: Signs JV with Global Munition Ltd to manufacture Defence and Aerospace products. 
• - Schneider Electric: Partnership with Tata Power to launch SF6 Free Ring Main Units in Mumbai and Delhi. 
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• Miscellaneous 
• - NextEra Energy: Projects a 55% power demand rise in 20 years, with data centers driving 17%. 
• - PB Fintech: Forensic report raises red flags on commissions and subsidiaries; company calls the report "juvenile." 
• - IndusInd Bank: Addresses discrepancies in derivative accounting not linked to client accounts. 
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• Fundraising 
• - Centum Electronics: Launched QIP for fundraising, sets floor price at ₹1,219.65/share. 
• - Hitachi Energy: Launched QIP for fundraising, sets floor price at ₹12,112.50/share. 
• - Kolte Patil: Board meeting on 13 March to consider fund-raising via equity, debt. 
• - Shivam Autotech: Board meeting on 13 March to consider availing corporate term loan facility for business requirements. 
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• Collaboration 
• - Schneider Electric: Collaboration with Tata Power for sustainable and efficient power distribution using SF6 Free RMUs. 
• - RVNL: Signed MoU with Abhinava Strategic Partners Pvt Ltd to provide advisory services in the Middle East. 
• - Arvind Fashions: Expanding CLUB A stores in Hyderabad and Bangalore featuring luxury brands. 
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• Other 
• - RSWM: Board approves ₹250 crore investment by Singularity in Bhilwara Energy Ltd for a 9.6% stake. 
• - NTPC Green: Joint Venture Agreement with CSPGCL for renewable energy projects in Chhattisgarh. 
• - Arvind Fashions: Expanding CLUB A stores across India, bringing international brands to Hyderabad. 
• - Schneider Electric: SF6 Free RM AirSeT uses pressurized air as a replacement to SF6 gas. 
• Stay updated with Beat The Street
• MACQUARIE ON INDUSIND BANK
• BUY , Target Price 1210
• Macquarie flags significant negative development related to IIB.
• Discrepancies in derivative book accounting impact ₹16bn).
• Affected line items: Net interest income & treasury profits (if reversal is through P&L).
• Raises concerns over internal processes and governance.
• Issue identified earlier, but management took time to assess the impact.
• External agency appointed; final report awaited for exact financial impact.
• Possible link to CEO’s sub-optimal tenure extension (one year instead of longer).
• RBI may have concerns over the bank’s leadership.
• Losses likely due to open positions and unhedged trades in derivatives.
• MS on BEL
• OW, TP Rs 364
• Received new orders worth Rs8.43bn
• Major orders include RF seekers, vessel & air traffic management system, electro optic repair facility, radar upgradation, spares, services, etc.
• On 6th Mar, BEL received new orders worth Rs5.77bn
• Nomura on Sun Pharma
• Neutral, TP Rs 1970
• To acquire Checkpoint Therapeutics; will pay $355m in upfront payment
• Acquisition adds to Co’s specialty business
• Co has presence in onco-derm (cancer of skin) through Odomzo and Nidlegy
• HSBC on OMCs
• Sharp correction makes OMCs trade below their historic mean valuations & do not see biz deterioration
• -ves: INR & GRM weakness
• +ves: low oil prices, auto fuel demand, & minimal government intervention
• Maintain Buy
• BPCL– TP Rs 440
• HPCL– TP Rs 450
• IOC – TP Rs 170
• GLOBAL
• US Global markets crack-market fears US may go into recession on their tariff announcements+potential federal government shutdown
• Trump says transition period for economy
• Asian markets crack
• Bitcoin falls to Nov low under $80000
• US Dollar Index at 103.8
• US 10 Yr Yield at 4.2%
• High interest rates and inflationary pressures are impacting corporate earnings and consumer spending
• Concerns that the Federal Reserve might keep interest rates higher for longer
• Tesla stock fell over 15% amidst volume & profitability concerns
• ANTIQUE ON MARICO
• Maintain Buy, TP 720 (from 800)
• Better placed despite the current challenging demand environment
• Backed by its relatively resilient domestic core portfolio [particularly Parachute coconut oil (PCNO) and Saffola edible oil]
• Superior growth (~20% per annum) in newer businesses like food and personal care.
• In value-added hair oil (VAHO), the decline in sales is bottoming out and is expected to witness positive growth from FY26.
• VAHO is further expected to be one of the key beneficiaries of project SETU (aimed at increasing the company's direct distribution from 1 mn to 1.5 mn outlets by FY27).
• Moderation in copra prices in the new season (April-June 2025) could lead to a drop in product prices and consequent recovery in volume growth
• FIIs SELLING REDUCED
• 10 MARCH ; 485 CR
• 7 MARCH ; 2035 CR
• 6 MARCH ; 2377 CR
• 5 MARCH ; 2895 CR
• 4 MARCH ; 3405 CR
• Citigroup Inc. strategists downgraded US equities to neutral from overweight while upgrading China to overweight, saying that US exceptionalism is at least on pause
• Jefferies increased weight of metal stocks in its model portfolio for India to benefit from any recovery in the Chinese economy and a potential safeguard duty by the
• government.
• Cut information technology stocks to underweight from overweight on concerns over the US economy and the dollar, while also trimming positions in pharma shares on US tariff
• risks
• India market is poised for a near-term bounce and Jefferies prefers banks, non-banks, automobiles, property and power to drive the gains
• Kotak Inst Eqt on NMDC
• Sell, TP Rs 55
• NMDC’s future expansion plans are significantly return dilutive.
• The Karnataka tax bill, if implemented, could sharply impact earnings and is not built into our base case
• Rising headwinds: Both at home & away
• Expect earnings to peak in FY2025 & decline thereafter
• declining iron ore prices on increasing market surplus for seaborne iron ore
• increasing supply pressure in India
• Macrotech Developers (Lodha) buys Unichem Lab’s 3.4-acre land parcel in Jogeshwari, Mumbai for ₹279 cr
• Pidilite Industries: Promoter Radha Singh sold 77,500 shares on March 5 and March 6. Promoter Shivan Singh sold 77,500 shares on March 6
• JK Lakshmi Cement: Promoter Bengal and Assam Co. bought 27,000 shares on March 5