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November 06, 2024

BEAT THE STREET BULLETIN
Date: 05-Nov-2024
t.me/beatthestreet10
ACQUISITION
L&T: Company has entered into an Investment Agreement for acquisition of upto 21% stake in E2E Networks Limited.
VEEFIN SOLUTIONS: Company through subsidiary Estorifi acquired 50% stake consisting of 27,778 Equity shares of SGD 9.54 each of Walnut AI.
INDIAN HOTEL: INDIAN HOTELS will buy 55% stake in RAJSCAPE Hotels for ₹18 Cr
GRASIM: Clarification on Akzo Nobel Acquisition Report Company Says confirm that our Company is currently not looking at any such acquisition
DR REDDY LAB: Company approved Dr. Reddy’s Laboratories LLC, Russia, a step-down wholly-owned subsidiary, upto an amount of Rs.600 Crores.
MAN INFRA: Company inform that MICL Global, INC (a wholly owned subsidiary of the Company) has acquired 40% interest in HOLDING 752 & 758 NW 2 ST LLC.
TCPL PACKAGING: Company has further invested in Rights Issue of Creative Offset Printers Private Limited, wholly owned subsidiary company and has been allotted 72798 equity shares, aggregating to Rs. 4.00 crores.
AGREEMENT/CONTRACT
EIKO LIFESCIENCES: Compant announce its strategic diversification into the comprehensive shipping, logistics, and container management solutions across multiple industries.
ROUTE MOBILE: L&T Metro Rail Hyderabad launches RCS-based ticketing and Google Wallet Services in partnership with Route Mobile and Billeasy.
LUDLOW JUTE: Company inform that the operations at mill has resumed today i.e. 5th November, 2024.
BONUS
NMDC: Board Meet On 11 Nov To Consider Bonus
CAPACITY EXPANSION
SHYAM METALICS: Shyam Metalics Commissions Advanced Blast Furnace and Sinter Plant to Boost Production in West Bengal
UTTAM SUGAR: Updates regarding increase/enhancement in the "Cane Crushing Capacity" from 4700 TCD to 5500 TCD at Khaikheri Unit
COLLABORATION
INFOSYS: Southwark Council Collaborates with Infosys to Provide Digital Learning Platforms
FUND RAISING
GRETEX IND: Board Meet on 07 Nov for raising of fund (mcap 409cr)
PRAXIS HOME RETAIL: Board Meet On 11 Nov For Raising Of Fund
ORDER WIN
KP ENERGY: Co has received new orders aggregating to 1003.7MW capacity for development of renewable energy projects from KPI Green Energy Limited.
NTPC: NTPC Limited has signed a JV Agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited for Chhabra Thermal Power Plant
SOLAR IND: Wins Rs 887 Cr Order (Time Period 2 years)
NBCC: Wins Order 500cr From Bureau of Indian Standards
RULKA ELECTRICALS: Company confirmed new orders totaling 1.03 Crore. (Time Period: This Financial year)
RVNL: JV Wins Rs 837 Cr Order
Share in JV: RVNL – 74% (Lead Member)
SCPL - 26% (Other Member)
VOLTAMP TRANSFORMERS: Wins Rs 263 Cr Order Received Letter of Intent from Gujarat Energy Transmission Corporation Limited
BLUE PEBBLE: WINS RS 4.67 CR ORDER
(Time period 2 years)
RVNL: Company Wins Order Is Worth 5008cr Company and HFCL Limited emerges as the Lowest Bidder (L1) from Bharat Sanchar Nigam Limited (BSNL
PREMIER EXPLOSIVES: Wins Rs 89.2 Cr Order (Time Period: 2 Years)
RITES: Company wins order worth rs 36.3Cr (Time period 3Years)
OTHER UPDATE
SCHAEFFLER INDIA: Parent Schaeffler announces structural measures in Europe to boost competitiveness
GUJARAT INDUSTRIES: Sebi Has Issued Administrative Warning Letter To Co
PLANT EXPANSION
VENUS REMEDIES: Company Expands Reach in ASEAN Region with Malaysian GMP Approval for Pre-Filled Syringe Facility
ALKYL AMINES: Board Approved Setting up plant for adding new product in specialty Chemicals at existing facilities at Dahej, Gujarat
STEEL STRIPS: Company inform launch of its new product Aluminum Steering Knuckle and commencement of commercial production at existing manufacturing facility located at Gujarat
ALLIED BLENDERS : Company announced its luxury play with the entry of ARTHAUS Blended Malt Scotch Whisky.
RESIGNATION/APPOINTMENT
VST INDUSTRIES: Aditya Deb Gooptu resigns as MD & CEO effective today
STOCK SPLIT
ISOLATION ENERGY : Company Approved Stock Split In 1:10 Ratio
BEAT THE STREET BULLETIN (Part 2)
Date: 05-Nov-2024
https://chat.whatsapp.com/LnYVhcn6ZasEZVI2lyiNRr
ORDER WIN
RRP SEMICONDUCTOR : Awarded order of 440 Cr to supply and import of Silicon solar cell and poly crystalline materials for Solar PV module.
NTPC: Board has accorded investment approval for Gadarwara Super Thermal Power Project, Stage-II (2x800 MW) at an appraised current estimated cost of INR 20,445.69 Crore
SWAN ENERGY: Co to invest Rs 8.46 Cr Via Rights Issue In Subsidiary Hazel Infra Limited
GENSOL ENGINEERING: Company Solar EPC order book crosses INR 5,400 Crore as on 31st October ‘24
NAME CHANGE
IIFL SEC: Company has been changed from ‘IIFL Securities Limited’ to ‘IIFL Capital Services Limited’ w.e.f. November 5, 2024
OTHER UPDATE
HERO MOTO: Hero Motocorp Showcases Its Future Mobility Vision At Eicma 2024
NELCO: Wi-fi Now Available On Domestic Flights, Govt Green Lights In- Flight For Passenger
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
1. Global Market :
On Tuesday, all three major U.S. indices experienced a strong rally, as economic optimism outweighed concerns around election uncertainty. The #Dow rose 1.02%, the #Nasdaq gained 1.32%, and the #S&P 500 closed up by 1.23%. Today, investors are set to closely monitor the U.S. election results, which are likely to influence market sentiment further.
The S&P 500 is surged above its 20-day EMA level. Going ahead, the zone of 5740-5720 will act as immediate support for the index. While, on the upside, the zone of 5810-5830 will act as a crucial hurdle for the index.
#BrentOil has marked a high of $76.11 and thereafter witnessed a selling pressure. Going ahead, the 20-day EMA range of 74.50-74.30 is expected to provide immediate support. On the upside, the 76.10-76.30 zone will serve as a key resistance area for Brent Oil.
The U.S. Dollar Index (#DXY) has taken support near its 200-day EMA level and witnessed a sharp recovery. Going ahead, the zone of 104.40-104.50 will act as a crucial hurdle for the DXY.
2. Nifty View:
The benchmark index Nifty has taken support near the 23850 level and thereafter witnessed a smart rebound. It has ended the session above the 24200 mark with a gain of 0.91 percent. Notably, it has formed a piercing line candlestick pattern on the daily chart, hinting at a limited downside for now. However, confirmation of this pattern is essential to validate the potential reversal.
Going ahead, the zone of 24330-24350 will act as an immediate hurdle for the index. Any sustainable move above the level of 24350 will lead to an extension of the pullback rally upto the 24530 level.
While, on the downside, the zone of 24000-23970 will act as a crucial support for the index.
On the #derivative front, November #futures surged by 0.75 percent, and the cumulative #OpenInterest of current, next, and far series has also surged by 0.90 percent.
Among the constituents of the #Nifty index, 12 stocks have witnessed a long build-up, and 24 stocks have witnessed a short covering rally. While 9 stocks have witnessed a short build-up and 5 stocks have witnessed a long unwinding.
The 24300 strike has significant call open interest, followed by the 24400 strike. On the put side, 24200 has a substantial open interest, followed by a 24000 strike.
For the weekly series, OI PCR is at 0.76. While, for the November monthly series, OI PCR is at 1.26.
3. Bank Nifty View :
The banking benchmark index, Bank Nifty, has strongly outperformed the frontline indices on Tuesday. It has ended above 52200 level with a gain of nearly 2 percent. On a daily scale, it has formed a sizeable bullish candle.
Going ahead, the zone of 52300-52400 will act as an immediate hurdle for the index as the downward-sloping trendline is placed in that region. Any sustainable move above the level of 52400 will lead to a sharp upside rally upto the level of 53000, followed by the 53400 level in the short term.
While, on the downside, the zone of 51800-51700 will act as immediate support for the index.
On the #derivative front, November #futures surged by 1.63 percent, and the cumulative #OpenInterest of current, next, and far series has dipped by 8.55 percent This indicates an overall short-covering rally.
The 52500 strike has significant call open interest, followed by the 53000 strike. On the put side, 52000 has a substantial open interest, followed by a 51500 strike.
For the weekly series, OI PCR is at 1.05, and the max pain is at 52000 strike. While, for the November monthly series, OI PCR is at 1.07.
4. Key Market Indicators:
On Tuesday, the volatility index #INDIAVIX marked a high of 19.02 and thereafter witnessed a sharp correction. From day high, it has tumbled by over 15 percent, and it has ended at 16.12 level. Going ahead, the zone of 15.50-15.30 will act as immediate support for the India VIX.
The #Advance/Decline ratio was largely tilted in favor of advancers.
5. Key Sectors :
On Tuesday, the Nifty PSU Bank index gave a downward-sloping trendline breakout on a daily scale. Additionally, it closed above its 100-day EMA for the first time in 50 sessions. The daily RSI also climbed above the 60 mark, a level last seen in June 2024. These technical indicators collectively suggest that PSU banking stocks are poised for short-term outperformance.
Nifty Private Bank found support around its 200-day EMA and responded with a sharp rebound. Notably, it has formed a Bullish Engulfing candlestick pattern on the daily chart, signaling strong buying interest. This pattern suggests that Nifty Private Bank is likely to outperform the frontline indices over the next few trading sessions.
Apart from this, Nifty Bank, Nifty Financial Services, and Nifty Metal are likely to continue their outperformance in the next couple of trading sessions.
6. FII/DII Data:
FIIs sold to the tune of 2569.41 cr. while DIIs bought to the tune of 3030.96 cr.
FIIs' Long short ratio for index futures is at 26.57 as on a net basis, they bought 10038 index futures.
On the stock futures front, FIIs have bought to the tune of 31384 contracts, while on the Options Front, FIIs bought 206361 call contracts and 114291 Put Option contracts.
MS on Titan
EW, TP Rs 3532
F2Q top-line growth was strong but big -ve surprise on margins
Buyer growth (12% YoY) strong owing to duty cut & per management, F2H demand is expected to be strong
F2025 consol jewellery EBIT margin guidance lowered to 11-11.5%
CLSA on Titan
O-P, TP raised to Rs 4,221 (on Roll fwd)
2Q standalone sales growth of 13% YoY, above est
Jewellery growth of 13% also beat forecast of 12%, with domestic sales growing 25% YoY (ex-bullion sales).
Watches & wearables grew 19% YoY
Eye care & emerging biz grew 7%& 14%
Jefferies on Titan
Hold, TP Cut to Rs 3400
Impact of custom duty cut while benefited jewellery growth, weighed -vely on reported margins, with adjusted also weak due to inferior product mix (lower studded).
Mgmt commentary on demand reasonably +ve
Cut EPS by 3-7%
GS on Titan
Buy, TP cut to Rs 3650
2Q EBIT declined 15.9% YoY.
Adjusted for one-off loss of Rs2.9bn caused by inventory losses in jewellery biz due to 9% drop in customs duty on gold, EBIT grew 6.9% YoY, below est.
Strong growth in jewellery in 2Q, festive season in 3Q also good
Jefferies on DR Reddys
U-P, TP Rs 1130
2Q a small miss to est on weaker product mix & higher R&D spend
US growth subdued QoQ but base biz growth in India recovered to 9%
Acquisition of Nicotineel OTC brands completed
No near-term catalysts
GS on DR Reddys
Neutral, TP Rs 1325
Q25 revenue/adj. EBITDA grew 17%/6% yoy each, broadly inline
Adj. EBITDA margins declined to 28.7% (above GSe) on a/c of moderation in GMs & higher SG&A spends Tweak FY25-27E EPS est by 3-8% to factor in Q2 nos
UBS on DR Reddys
Sell, TP Rs 1140
Upside case depends on size of GLP-1 opportunity
DRL eyeing day 1 launch of GLP-1 in all key Ems
Consensus still over-estimating core EBITDA by >US$150-200mn
Nomura on ABB (Post Call)
Neutral, TP cut to Rs 7570
Cautious in short term, but bullish over long term
EPS cut for CY24F/CY25F/CY26F by 4%/7%/7% on slower than estimated execution rate
Witnessing an uptick in large cycle contracts
HSBC on ABB
Hold, TP cut to Rs 8000 from Rs 9000
Q3 revenue & PAT grew by 5% and 22% respectively; PAT missed Bloomberg consensus expectation by 5%
Increased order backlog shift towards large orders, & slow growth in base orders, drive cut in revenue & earnings
MS on Manappuram Fin
EW, TP Rs 170
Trim F2026-27e EPS by 1-2% mainly on lower loan growth
F2025e EPS increase 7% owing to F2Q25 beat
Valuation remains cheap; however, given RBI ban on MFI subsidiary, think investor interest could take a while to return
CLSA on Manappuram Fin
O-P, TP Rs 200
2QFY25 NII, PPOP and PAT beat estimates by 5%-8%, driven by better spreads & opex
Gold loan business grew 3% QoQ, better than usual but lower than growth delivered in past 2 qtrs.
MFI biz remains sombre, like peers
MS on GAIL
OW. TP Rs 258
Reported 19% integrated ROE for its gas pipes, with volume growth continuing to see benefits from new pipeline network expansion.
At 1.2x F26e P/B with rising domestic gas penetration, see multiple triggers for stock to re-rate
Jefferies on GAIL
Upgrade to Buy, TP Rs 240
Ebitda rose 7% y/y & marginally below JEFe
New pipelines driving market share gains, see this continuing
Trading profitability should continue on muted Henry Hub price, given elevated US gas inventories
Risk reward favourable
UBS on GAIL
Buy, TP Rs 240
H1 FY25 performance suggests co is on track to meet/ beat management guidance for FY25
Gas transmission vol averaged 131mmscmd in H1
& gas trading earnings were at Rs33.6bn for H1
Earnings growth prospects not fully priced in
Nomura on Berger Paints
Reduce, TP Rs 500
Weak quarter; embarking on new initiatives to improve share
2Q: Below estimates; volume / sales growth of 3.6% / 0.3% y-y vs forecast of 10% / 3%
OPM (15.6%) below forecast (17%); OPM guidance maintained at 15-17%
MS on Berger Paints
UW, TP Rs 466
2Q missed estimates on top line and margins.
EBITDA margin was at the lower end of management guidance.
Management expects top-line growth to improve in 2H
No major impact from competition, so far
Macquarie on Berger Paints
U-P, TP Rs 455
Weaker than expected volume growth in 2Q along with higher investments in urban sales teams drove a 7% Ebitda miss
BRGR confident of 7-8% vol growth in 3Q & 10%+ growth in 4Q
Further, it reiterated FY25 Ebitda margin band of 15-17%
Waaree Renewable Technologies
Investor Presentation Insights compiled by Beat The Street
https://t.me/BeatTheStreet10
The company executed 0.5GWp of EPC contracts and generated INR 500 crore of revenue; it has 1.7GWp of EPC orders (3x of the current quarter run rate) which needs to be executed in 9-12 months, suggesting strong future growth, and revenue visibility. The company has a bidding pipeline of 10x its current order book of 17GW
Interestingly company reported unearned revenue which is not reflected in current results of around 66 cr vs 75 crore QoQ basis.
*News Headlines from Business News Agencies :*
*Business Standard :*
Govt estimates record 119.93 mt rice output for year 2024-25 Kharif season
JNPA records nearly 12% rise in Oct container traffic to 614,651 TEUs
Shreyas Srinivasan quits as Paytm's CPO after Zomato's Insider acquisition
Airtel pushes DoT for non-discriminatory waiver in telecom sector reforms
Maruti Suzuki-backed Bharat Seats to issue bonus shares for shareholders
Thomson Reuters Q3 revenue rises 8% to $1.72 billion, beats expectation
Apollo's Q3 profit increases 12% on gains from retirement business
IBBI proposes mediation mechanism for operational creditors in IBC
S Korea fines Meta $15 mn for illegally collecting info from Facebook users
4.8 million weddings this year to generate over Rs 6 trillion: Cait
Govt starts Phase-II of subsidised wheat flour, rice sale under 'Bharat'
Iron ore climbs to over 2 week high on prospects of more China stimulus
*Economic Times :*
IndiGo co-founder Rakesh Gangwal becomes chairman of Southwest Airlines
India, Kazakhstan to set up a JV in critical minerals sector
Bajaj Finserv Mutual Fund files draft with Sebi for ELSS fund
IHCL acquires majority shareholding in operating company of Tree of Life
Aptus Value Housing Finance Q2 Results: Profit rises 22% to Rs 182 crore; dividend declared
Marut Drones raises $6.2 million from Lok Capital
QubeHealth raises pre-series A funding from UIV, CanBank
NBCC secures Rs 500 crore contract from BIS
Venus Remedies gets GMP approval for pre-filled syringe facility
Fidelity marks up Lenskart valuation by 12% to $5.6 billion
IL&FS seeks legal advice to recover excess remuneration paid to directors
*Mint :*
Power trading volumes in short-term market rise 12% in FY24
JSW Steel and Korean steel-maker eye $7.7 billion investment in Odisha plant
Muthoottu Mini Financiers launches NCD issue to raise ₹150 crore
NMDC board to consider bonus issue for first time in 16 years on November 11
Sebi’s move to curb option volumes to have substantial impact, says NSE chief
Around ₹7,000-crore worth ₹2,000 banknotes yet to be returned to RBI
MSCI review: Voltas, BSE, Adani Energy, among six stocks likely inclusions
JK Cement cut volume growth guidance, but a timely expansion makes up for it
Apollo Green Energy plans ₹1,500 cr capex to capitalize on India’s green push
CastNX Secures ₹23.22 Cr Investment to Drive Power Electronics Innovation
Ranjan Pai’s Claypond backs Easy Home Finance in $35 million funding round
MSCI November Rejig
Announcement on early morning of November 7
Flows on November 25
5 stocks can be added to the MSCI Standard index
1 stock on borderline
3 fresh additions and 3 to migrate from small-cap to standard index
HDFC Bank weightage to increase by 1.6% points; flows of $1.5-1.9 billion expected
Additions To Small Cap – NeulandLabs, FirstCry, JyotiCNC, OlaElectric to see highest inflows
JEFFERIES ON TITAN
• Maintain Hold; Cut target price to Rs 3400 from Rs 3600
• Expectedly Weak Outcome
• Impact of custom duty cut benefited jewellery growth, weighed negatively on margins
• Adjusted margin also weak due to inferior product mix (lower studded)
• Overall Q2 while met our muted expectation, was still lower than consensus
• Cut in jewellery margin guidance would be viewed negatively partially due to weak demand for solitaire
GOLDMAN SACHS ON TITAN
Maintain Buy; Cut target price to Rs 3650 from Rs 3750
Q2: Cut in margin guidance, but growth outlook remains robust
Strong growth in jewellery in Q2, festive season in Q3 has also been good
Studded mix drops, but studded growth was healthy
Management stated lab grown diamonds not having any material impact on their business
Jewellery margins disappoint, management lowers its margin guidance for FY25 by ~100bps
INVESTEC ON TITAN
• Maintain Hold; cut target price to Rs 3822 from Rs 4100
• Below estimates even after adjusting for the inventory impact due to the customs duty cut
• Jewellery margins disappoint due to higher competitive intensity apart from weaker mix
• Believe the risk of the same extending into FY26E remains and could result in further earnings cuts
INVESTEC ON PB FINTECH
• Maintain Buy with target price of Rs 1750
• Strong revenue growth continues
• Higher opex impacts PAT; Contribution margin reduces YoY
• Growth momentum sustains in Insurance; growth moderates in Credit
JEFFERIES ON ABB
Maintain Buy Cut target price to Rs 9050 from Rs 9230
Q3CY24 EBITDA was 7% lower than expectations
Pricing power and order mix supported margins
Execution deferral to match customer delivery timelines impacted revenue growth and should recover ahead
Order flow outlook remains robust given the 25% rise in order backlog
Retain CY24-26 EPS and believe margins have upside surprise scope potential ahead
JEFFERIES INDIA STRATEGY
• A split govt. post the US elections likely to continue appears to be the base case, possibly limiting the chances of drastic policy shifts
• A potential Republican sweep could bring in significant policy changes
• A Trump victory may drive a faster China+1 move benefiting EMS, chemicals, cables
• Would also be a positive for fossil plays like coal, thermal power
• Select autos could be negatively impacted
• A stronger USD (Trump win), however, would be a negative for FPI flows
CLSA ON AUTO
Strong retail growth in the festive season led to inventory correction
Dealer was optimistic about double-digit growth for 2Ws in FY25 and mid-single-digit growth for PV
Festive season retail sales for both 2Ws/PVs were driven in the second half of October
Discounts stay at September 2024 levels; inventory levels have normalised in both 2W/PVs
Marriage season in November-December is expected to further boost retail sales for both PVs and 2Ws
Discount levels are likely to remain unchanged versus those in September- October
Top ticks in autos are M&M followed by Maruti
NOMURA ON INDIA CONSUMPTION
• Demand is holding up in rural areas and in tier-2/3 cities
• Urban metros and industrial demand are weak
• The overall results look mixed
• 'Hard' data suggest stability, not fireworks
• A cyclical slowdown is underway
• Believe India's economy has entered a cyclical growth slowdown
• Leading growth indicators point to a further moderation in GDP growth
JEFFERIES ON BANKS
Stars aligning for favourable risk reward
Retail delinquencies weren't as bad as feared
Can abate risk of surge in credit cost
Liquidity has eased as RBI diluted stance & loan-deposit growth has converged
Potential cut in CRR/ deposit rate will be positive
Gap between banks' & Nifty EPS growth is just 2ppts for FY24-26
At 14x 1-yr fwd PE, banks trade at 35% disc to Nifty vs. avg of 12%
Like leading private banks & SBI
MS ON TITAN
(CMP: 3,185)
MAINTAIN EQUAL-WEIGHT
TARGET: 3,532
Q2 top-line growth was strong but big negative surprise on margins vs est
Buyer growth was strong owing to duty cut & per management
H2 demand is expected to be strong
FY25 Cons jewellery EBIT margin guidance lowered to 11-11.5%
Jefferies on Indian Banks
Believes stars are aligning for banks
Retail delinquencies are not as hard as feared
Pressure of tight liquidity and rising cost of funds is easing
Earnings impact of rate cuts maybe short term
STOCKS MOVED TO STORT TERM ASM LIST
Byke Hospitality Ltd
CFF Fluid Control Ltd
Chartered Capital & Investment Ltd
El Forge Ltd
JITF Infralogistics Ltd
Prime Capital Market Ltd
Sylph Technologies Ltd
Waaree Energies Ltd
IIFL FINANCE: Fitch Ratings Singapore Pte Ltd, has affirmed IIFL Finance Limited’s Long-Term Issuer Default Rating rating at ‘B+’ and removed the ratings from Rating Watch Negative and assigned a Stable Outlook on the IDR.
STOCKS OUT FROM SHORT TERM ASM LIST
Huhtamaki India Ltd
KJMC Financial Services Ltd
Sellwin Traders Ltd
US Markets end higher as traders await U.S. election results

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