Share Market Highlights November 8, 2024: Sensex dips 55 pts, Nifty ends below 22,150; IT stocks hold firm

Top gainers on the NSE 

M&M (2.40%), Titan (1.99%), Tech Mahindra (1.57%), Nestle India (1.46%), Infosys (1.27%) 

Top losers: 

Trent (-3.50%), Coal India (-2.72%), Asian Paints (-2.67%), Tata Steel (-2.42%), SBI (-2.15%)

Swiggy IPO: Subscribed 3.43 times as of 3.06 pm

QIB: 5.78 times

NII: 0.35 times

Retail portion: 1.06 times

Employee portion: 1.56 times

Total: 3.43 times

Imagicaaworld Entertainment Limited today unveiled a 10,000-square-foot indoor neon trampoline park at its theme park complex in Khopoli, marking the company’s latest expansion in its entertainment offerings. The new facility, named Imagicaa Arena, will open to the public on November 10, 2024.

The shares of Imagicaaworld Entertainment Limited were trading at ₹74.77 down by ₹3.30 or 4.23 per cent on the NSE today at 2.20 pm.

Vedanta Limited’s board today approved major capital expenditure plans totalling ₹17,025 crores across its aluminium and power businesses. In a filing to stock exchanges, the company detailed expansion plans for its subsidiary Bharat Aluminium Company Limited (BALCO) and the Athena Chhattisgarh Power Plant Project.

The shares of Vedanta Limited were trading at ₹460.40 up by ₹2.60 or 0.57 per cent on the BSE today at 2.50 pm.

Top gainers: 

M&M (3.21%), Titan (2.05%), Tech Mahindra (1.94%), Infosys (1.57%), Nestle India (1.46%) 

Top losers: 

Trent (-3.06%), Coal India (-2.76%), Asian Paints (-2.65%), SBI (-2%), Shriram Finance (-1.9%)

Stocks advanced on BSE at 3 pm on November 8, 2024, were 1,421 against 2,515 stocks that declined, and 100 remained unchanged. Total stocks traded were 4,036. The number of stocks that recorded a 52-week high was 217, and those that hit a 52-week low was 25. A total of 340 stocks traded in the upper circuit, and 238 in the lower circuit.

Flair Writing Industries recorded its standalone net profit for the quarter ended September 2024 at ₹31.96 crore as against ₹33.35 crore in the corresponding quarter last year.

Shares trade at ₹277.95 on the NSE, lower by 2.03%.

Tyre-maker MRF on Friday reported a 19 per cent on-year decline in consolidated net profit at ₹470.70 crore for the quarter ended September 30, 2024.

The company had reported a consolidated net profit of ₹586.60 crore in the second quarter of the previous fiscal year, according to a regulatory filing.

Niva Bupa Health Insurance Company IPO has been subscribed 0.85 times as at 2.27 pm on November 8, 2024. QIB portion has been subscribed 0.98 times, NII 0.37 times, and retail 1.20 times. The issue closes on November 11, 2024.

ACME Solar Holdings IPO has been subscribed 1.85 times as of 2.24 PM on November 8, 2024. QIB portion has been subscribed 2.09 times, NII 0.78 times, and retail 2.75 times. Employee reserved 1.36 times. The issue closes today.

Vedanta Ltd recorded its consolidated net profit for the quarter ended ₹5,603 crore in September 2024 as against the net loss of ₹915 crore in the corresponding quarter last year.

Shares trade flat on the NSE at ₹458.10.

Seedlings lndia Private Limited, a wholly owned subsidiary of Best Agrolife, has been granted Licence for indigenous manufacture of Haloxyfop-R-m ethyl -12.8% and Imazethapyr 10% ME u/s 9(3J by Central Insecticides Board & Registration Committee.

Shares trade flat on the NSE at ₹611.

State Bank of India (SBI) on Friday reported a 23 per cent on-year jump in consolidated net profit at ₹19,782 crore for the quarter ended September 30, 2024.

The consolidated net profit for the corresponding period last year stood at ₹16,099 crore.

NCL Industries recorded its standalone net profit for the quarter ended September 2024 at ₹2.64 crore as against ₹13.83 crore in the corresponding quarter last year.

Shares slip 0.93% to ₹209 on the NSE.

Swiggy IPO subscribed 2.45 times as at 2.06 pm

QIB: 4.03 times

NII: 0.27 times

Retail: 1.02 times

Employee reserved: 1.46 times

Total 2.45 times

1. Pritika Engineering: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 41% YoY from INR 22.8 Cr in Sep-23 to INR 32.0 Cr in Sep-24. Similarly, Net Profit up 78% from INR 0.9 Cr to INR 1.6 Cr. On a QoQ basis, Sales up 40% and Net Profit up 74%.

2. Insolation Energy: GOOD TO EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 2.2x YoY from INR 278 Cr in Sep-23 to INR 612 Cr in Sep-24. Similarly, Net Profit up 4.1x from INR 15 Cr to INR 61 Cr. On a HoH basis, Sales up 33% and Net Profit up 53%.

3. Shakti Pumps: ORDER

Company has received a work order worth INR 116 Cr under Component-B of the PM-KUSUM scheme from the Haryana Renewable Energy Department (HAREDA) for 3,174 pumps. This includes the supply, installation, and commissioning of solar water pumping systems within a 120-day period from the date of issuance of the work order.

4. Oriana Power: ORDER

Company has received new Award of Contract worth INR 83.6 Cr for the development of solar power plant of 19.26 MW under the segment of Engineering Procurement and Commissioning (EPC) from NTPC and scheduled to be completed within 8 months.

5. Aurionpro: ORDER

Company has secured a major contract from Chennai Metro Rail Corporation Limited (CMRL) to deliver Automated Fare Collection (AFC) systems for Phase II of the Chennai Metro, covering Corridors 3 and 5. The project includes design, supply, installation, and long-term maintenance of the AFC systems, enhancing ticketing and fare management. Positioned in Chennai’s IT corridor, this initiative aims to boost operational efficiency and commuter convenience through advanced technology.

Macrotech Developers acquired Bain Capital’s stake in three industrial and logistics park entities for ₹307 crore as part of a strategy to enhance annual rental income.

Macrotech Developers stock trades at ₹1,183.70 on the NSE, down by 2.76%.

Niva Bupa Health Insurance Company IPO has been subscribed 0.84 times as of 1.39 pm on November 8, 2024. QIB portion has been subscribed 0.98 times, NII 0.37 times, and retail 1.15 times. The issue closes on November 11, 2024.

SBI recorded its standalone net profit for the quarter ended September 2024 at ₹18,331.44 crore in September 2024 as against ₹14,330.02 crore in the corresponding quarter last year.

The Central Board has accorded approvalfor raising Long Term Bonds up to an amount of t 20,000 crore through a public issue or private placement, during FY 25

Shares trade flat on the NSE at ₹851.25

ACME Solar Holdings IPO has been subscribed 1.67 times as of 1.39 PM on November 8, 2024. QIB portion has been subscribed 1.83 times, NII 0.72 times, and retail 2.62 times. Employee reserved 1.31 times. The issue closes today.

QIB: 3.46 times

NII: 0.25 times

Retail investors: 0.99 times

Employee reserved: 1.42 times

Total 2.13 times

Latent View Analytics posts consolidated net profit at ₹40.7 crore in quarter ended Sept 2024, as against ₹34.02 crore in same previous quarter; shares jumped 6.24% on NSE to ₹496.50.

Info Edge (India) recorded a standalone net profit for the quarter ended September 2024 at ₹85.8 crore as against ₹208.7 crore in the corresponding quarter last year. The board has declared Interim Dividend of ₹12 per share (on face value of ₹10/- per share) for the financial year 2024-25.

Shares fell 3.78% to ₹7,604.05.

SAMHI Hotels Limited announced today the signing of a long-term variable lease agreement for an Upper Upscale hotel in Hyderabad’s Hitec City. The 170-175 room hotel will be developed through the conversion of an existing office building with approximately 270,000 square feet of built-up area.

Ashok Leyland recorded a standalone net profit for the quarter ended September 2024 at ₹770.10 crore as against ₹561.01 crore in the corresponding quarter last year.

Company has declared an interim dividend of ₹2 per equity share.

Shares trade flat on the NSE at ₹216.20

Computer Age Management Services Ltd has entered into a joint venture agreement with KFin Technologies Ltd to set up a joint venture company for owning, developing, maintaining and operating a jointly developed investment management platform and ecosystem named ‘MF Central’. As part of the transaction, the company will also undertake a primary equity capital infusion (in one or more tranches) in the joint venture company up to an aggregate amount equivalent to ₹13.50 crore

Shares rise 1.31% on the NSE to ₹4.698/25

Equity benchmarks slipped into negative territory during Thursday afternoon trading, despite a flat opening following the Federal Reserve’s rate cut. The BSE Sensex fell 184.52 points or 0.23 per cent to 79,357.27, while the Nifty50 declined 75.30 points or 0.31 per cent to 24,124.05 as of 12.30 pm. 

The market breadth remained negative, with 2,418 stocks declining, compared to 1,394 advances on the BSE. While 205 stocks hit their 52-week highs, 21 touched their 52-week lows. The broader market witnessed deeper cuts, with the Nifty Next 50 falling 0.91 per cent, and the Nifty Midcap Select dropping 0.62 per cent. 

Information technology stocks emerged as the bright spot, with all major IT companies posting gains. Infosys led the gainers, rising 1.77 per cent, followed by Tech Mahindra at 1.75 per cent and Wipro at 1.70 per cent. Auto major Mahindra & Mahindra advanced 1.57 per cent, while metal producer Hindalco gained 1.33 per cent.

QIB portion: 1.34 times

NIIs: 0.38 times

Retail investors: 0.97 times

Employee reserved: 1.37 times

Total 1.01 times

Niva Bupa Health Insurance Company IPO has been subscribed 0.73 times as of 12.30 pm on November 8, 2024. QIB portion has been subscribed 0.80 times, NII 0.36 times, and retail 1.08 times. The issue closes on November 11, 2024.

ACME Solar Holdings IPO has been subscribed 1.10 times as of 12.27 PM on November 8, 2024. QIB portion has been subscribed 0.85 times, NII 0.68 times, and retail 2.49 times. Employee reserved 1.24 times. The issue closes today.

MRF Ltd’s standalone net profit for the quarter ended September 2024 dropped to ₹455.43 crore as against ₹571.93 crore in the same previous quarter; shares trade 1.86% lower on NSE at ₹1,18,775.5. The company has declared Interim Dividend of ₹3 per equity share.

India Cements, recently acquired by UltraTech Cement Ltd, India’s largest cement producer, reported a significant rise in net loss to Rs. 240 crore for the quarter ended September 30, 2024. when compared with a net loss of Rs. 81 crore in the same period last year, amid a decline in revenue. The company’s loss before exceptional items and tax also widened, reaching Rs. 281 crore compared to Rs. 99 crore in the previous year. Its revenue stood at Rs.1017 crore as against Rs.1222 crore.

Bengaluru-headquartered United Breweries Limited (UBL), part of the HEINEKEN company, has announced the launch of its premium beer brand, Amstel Grande in India, starting with the Maharashtra market.

We view this change of leadership as pro USA but not that positive for rest of world. Based on policies that Donald Trump has communicated like corporate and individual tax cuts, import restriction and action against illegal immigrants, if implemented, will definitely be pro growth and employment for US. For India, IT and other export oriented sectors like textiles, auto ancillary etc will tend to benefit.

However sanctions and tafiffs on imports from rest of the world may hurt global growth and eventually lead to higher inflation on back of shortage of good and services. Also to combat the same China may announce large stimulus further fuelling inflation restricting FED from cutting rates.

So broadly, we believe policies are self-offsetting to some extent and needs to be seen what gets implemented.

The shares of ITI Ltd were trading at ₹301.61, up by ₹35.12 or 13.18 per cent on the NSE today at noon. 

ITI Limited, along with its consortium partner, has emerged as the lowest bidder (L1) for two packages worth ₹3,022 crore in the BharatNet Phase-3 Project. The state-owned telecom equipment manufacturer won the contracts for Package 8 covering Himachal Pradesh, and Package 9 covering West Bengal and Andaman & Nicobar Islands. Read more

ACME Solar Holdings Limited’s Initial Public Offering (IPO) received mixed responses across investor categories on its final day, with an overall subscription of 0.79 times as of 11.42 AM on November 8, 2024. Read more

Niva Bupa Health Insurance Company Limited’s initial public offering (IPO) witnessed a muted response on its second day, with an overall subscription of 0.71 times as of November 8, 2024, 11.36 AM. Read more

QIB portion: 1.14 times

NIIs: 0.19 times

Retail investors: 0.96 times

Employee reserved: 1.34 times

Reliance Industries Ltd has erased almost $50 billion in market capitalisation since its peak in July as the most valuable Indian firm struggles with weakening earnings and an economic slowdown. Read more

Top gainers: Infosys (2.02%), Wipro (1.96%), Tech Mahindra (1.92%), Hindalco (1.17%), M&M (1.05%) 

Top losers: Coal India (-2.85%), Trent (-2.55%), Asian Paints (-2.43%), BPCL (-2.37%), Eicher Motors (-2.27%)

Of 3,911 stocks traded on the BSE at 12 noon on November 8, 2024, a total of 1,410 advanced against 2,370 stocks that declined, and 131 remained unchanged. While 199 stocks recorded a 52-week high, 19 hit a 52-week low. A total of 291 stocks traded in the upper circuit, and 191 in the lower circuit.

Mahindra Lifespace Developers’s wholly-owned subsidiary, Anthurium Developers, has approved execution of a Joint Development Agreement with GKW Ltd, for jointly developing land admeasuring approximately 36.87 acres (1,49,239.70 sq. meters) at Kanjur, Bhandup West, Mumbai. Mahindra Lifespace stock trades at ₹524 on the NSE, up 1..63%.

QIB portion: 0.92 times

NIIs: 0.18 times

Retail investors: 0.94 times

Employee reserved: 1.32 times 

Track the Swiggy IPO live here

Insolation Energy Ltd (INA Solar), a solar panel manufacturing company, has posted a revenue of ₹612.69 crore in the half-year ended September 2024, a substantial 118% increase YOY.

Shares gained 5.34% on the BSE to ₹4,510.

Swiggy remained optimistic of growth in quick commerce amid growing competition from deep pocket players and said it has grown amid intense competition over the past decade, an official said on Thursday.

In an interview to PTI, CEO Food of Swiggy, Rohit Kapoor, acknowledged the possibility of the entry of Jio into the hyperlocal delivery market as a competitor, but underscored that building a successful business in this sector requires more than just capital.

Speaking on the competitive dynamics, Kapoor said that while funding is important, it is not the sole determinant of long-term success, referencing examples of well-capitalised players in India who failed to establish a lasting presence.

“Just having a lot of capital has not resulted in great businesses in India,” the official said, adding that success hinges on several other elements,” he said.

“You need a strong ability to hire top technical talent, and that’s something traditional companies often struggle with. Beyond talent, a deep understanding of the Indian consumer – something we’ve developed over a decade of experience in kitchens across the country – is essential,” Kapoor said.

Reflecting on Swiggy’s experience in the evolving food delivery landscape, the company noted that agility and rapid decision-making are crucial to staying competitive.

“Our orientation towards speed allows us to launch a new category quickly, while others might take months to finalize their plans,” the official explained, highlighting the company’s proactive approach in an industry where consumer expectations are high and competition is intense.

The official highlighted the changing nature of the sector, noting that 10 years ago, the Indian food delivery market was crowded with players like Foodpanda, TinyOwl, and even global major Amazon. Many of these companies have since exited, unable to maintain traction, reflecting the challenges within the sector.

“Our focus remains on understanding consumer needs and rapidly adapting to trends, which we believe provides us an edge, irrespective of who enters the market,” Kapoor stated.

Quick Commerce remains a major growth potential with the industry growing at 60-80 per cent.

Swiggy has hit the Rs 11,327 crore IPO comprising fresh issue of shares worth Rs 4,499 crore, along with an offer for sale (OFS) of Rs 6,828 crore.

The shares will be available for subscription in the price range of Rs 371 to Rs 390 apiece.

The company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.

Swiggy, founded in 2014, posted a loss of Rs 611 crore in the quarter ended June 2024, narrowing from Rs 564 crore in the same period last year.

Transcorp International board has approved a rights issue to make investment by way of acquiring equity shares of wholly-owned subsidiaries aggregating to ₹6 lakh in Transcorp Payments Ltd and ₹6 lakh in Transwire Forex Ltd. Shares trade at ₹37.20 on the BSE

Granules India has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (FDA) for its Unit V facility located at Jawaharlal Nehru Pharma City (JNPC), Anakapalli district, Parawada Mandal, Andhra Pradesh. This follows an inspection conducted by the US FDA from April 8 to April 12, 2024. 

Granules India stock up 1.12% on the NSE to ₹578.50

Citi on Go Digit: Maintain Buy on Company, target price at Rs 450/Sh (Positive) 

Jefferies on TBO Tek: Initiate Buy on Company, target price at Rs 2000/Sh (Positive) 

Jefferies on Blue Star: Maintain Buy on Company, raise target price at Rs 2040/Sh (Positive) 

Macquarie on TCS: Maintain Outperform on Company, target price at Rs 5710/Sh (Positive) 

Citi on Aavas FIn: Maintain Buy on Company, target price at Rs 2170/Sh (Positive) 

GS on M&M: Maintain Buy on Company, raise target price at Rs 3600/Sh (Positive) 

Citi on M&M: Maintain Buy on Company, raise target price at Rs 3590/Sh (Positive) 

BofA on M&M: Maintain Buy on Company, raise target price at Rs 3600/Sh (Positive) 

Macquarie on M&M: Maintain Outperform on Company, target price at Rs 3441/Sh (Positive) 

Jefferies on M&M: Maintain Buy on Company, raise target price at Rs 3700/Sh (Positive) 

Citi on Endurance: Maintain Buy on Company, raise target price at Rs 3200/Sh (Positive) 

Jefferies on JB Chem: Maintain Buy on Company, raise target price at Rs 2330/Sh (Positive) 

Jefferies on Indian Hotels: Maintain Buy on Company, raise target price at Rs 785/Sh (Positive) 

Investec on Indian Hotels: Maintain Buy on Company, raise target price at Rs 742/Sh (Positive) 

Nomura on Fed rate cut: Continue to expect two rate cuts this year. (Neutral) 

Investec on Astral: Maintain Buy on Company, target price at Rs 2485/Sh (Neutral) 

GS on Astral: Maintain Buy on Company, target price at Rs 2410/Sh (Neutral) 

UBS on Cummins: Maintain Sell on Company, target price at Rs 2380/Sh (Neutral)

Shares of Reliance Power Ltd fell by 5 per cent on Friday as the company and Reliance NU BESS Ltd have been debarred from participating in Solar Energy Corporation of India Ltd (SECI) tenders for three years for allegedly submitting “fake documents”.

The stock tanked 4.99 per cent to Rs 41.47 -- its lower circuit limit -- on the BSE.

On the NSE, shares of the firm dropped 5 per cent to hit the lowest trading permissible limit for the day at Rs 41.58. - PTI

QIB portion: 0.46 times

NIIs: 0.17 times

Retail investors: 0.92 times

Employee reserved: 1.29 times

ACME Solar Holdings IPO has been subscribed 0.76 times as of 10.51 am on November 8, 2024. QIB portion has been subscribed 0.31 times, NII 0.62 times, and retail 2.31 times. The issue closes today.

Niva Bupa Health Insurance Company IPO has been subscribed 0.70 times as of 10.48 am on November 8, 2024. QIB portion has been subscribed 0.79 times, NII 0.35 times, and retail 0.96 times. The issue closes on November 11, 2024.

R Systems International has recorded a consolidated net profit for the quarter ended Sept 2024 at ₹39.81 crore, as against ₹43.97 crore in the corresponding quarter last year.

The company has declared a second interim dividend of 6.5 ₹per equity share.

Shares trade flat on the NSE at ₹497.30.

Bank Nifty opened today’s session at 51,869 versus yesterday’s close of 51,917. The banking index is now at 51,850, down 0.15 per cent. Read more

Nifty 50 is trading stable. The index is trading at 24,169, marginally down by 0.1 per cent. The advances/declines ratio is at 27:23. This keeps the bias mixed and the index can go either way from here. Nifty (24,169) has a cluster of resistance in the 24,300-24,400 region. A strong rise above 24400 is needed to get some breather. Only then the sentiment will turn positive, and the Nifty can go up to 24,550-24,600. Read more

QIB portion: 0.34 times

NIIs: 0.16 times

Retail investors: 0.89 times

Employee reserved: 1.22 times

Crude oil futures traded lower on Friday morning as Hurricane Rafael forced operators to stop oil and gas production in the US Gulf of Mexico. 

At 9.56 am on Friday, January Brent oil futures were at $75.16, down by 0.62 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $71.82, down by 0.75 per cent. 

November crude oil futures were trading at ₹6064 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6129, down by 1.06 per cent, and December futures were trading at ₹6052 against the previous close of ₹6106, down by 0.88 per cent. Read more

Impacted by weakness in passenger and commercial vehicle demand, Indian automaker Tata Motors’ revenue is expected to decline in Q2. Read more

Gold price rally to continue as we advance into a low-rate era

“Gold prices in the international market rallied over 1% to trade over the $2710 level. The move is primarily due to the 25 bps rate cut announced by the US Fed last night. The rate cut led to a cooloff in DXY and subsequently a rally in gold. The yellow has recovered much of the fall witnessed earlier this week. Gold prices normally tend to rise in a low-interest regime.

We are currently in a low-interest regime, post two straight cuts announced by the US Fed, and the RBI is expected to cut rates next month. Thereby fuelling the rally in gold further. As we are expected to be in a lower for longer interest rate regime, gold prices are expected to stay elevated. The geopolitical tensions are expected to support the yellow metal further. We reiterate our view on the gold price trajectory. In the long term, gold prices will touch $3000 globally, and Rs 86,000 in the domestic markets.”

Track live updates here

Sensex opened at 79,611.90, up from its previous close of 79,541.79, and is currently at 79,577.86, reflecting a slight increase of 36.07 points or 0.05 per cent. Meanwhile, the Nifty opened at 24,207.70, above its previous close of 24,199.35, and is trading at 24,214.70, up by 15.35 points or 0.06 per cent as of 9.45 am. 

The Federal Reserve on Thursday cut its benchmark interest rate by 25 basis points to a range of 4.5 per cent-4.75 per cent, marking its second reduction, following September’s half-point cut. The Bank of England also reduced rates by a quarter point, only its second cut since 2020. Read more

Top gainers: Infosys (1.60%), Apollo Hospitals (1.60%), Hindalco (1.47%), Wipro (1.31%), Tech Mahindra (1.03%)

Top losers: BPCL (-1.40%), Coal India (-1.27%), Reliance (-1.26%), Trent (-0.93%), Tata Motors (-0.88%)

Crude oil futures traded lower on Friday morning as Hurricane Rafael forced operators to stop oil and gas production in the US Gulf of Mexico. At 9.24 am on Friday, January Brent oil futures were at $75.13, down by 0.66 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $71.79, down by 0.79 per cent. November crude oil futures were trading at ₹6060 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6129, down by 1.13 per cent, and December futures were trading at ₹6045 against the previous close of ₹6106, down by 1.00 per cent.

Gold prices edged higher, rebounding after the previous session’s steep losses amidst rate cut expectations from the Fed and reassessed the potential for geopolitical tensions during Donald Trump presidency. Bullions had notched up a series of record highs in the run-up to the elections, but tumbled more than 3% after Trump’s victory, on the back of dollar rally to four-month highs. Quick conclusion to a hotly contested presidential election also cleared a key point of uncertainty for global financial markets, triggering a risk-on rally across the board, while pressuring safe-haven assets such as gold. Trump ran a campaign vowing to increase trade tariffs on China, which could trigger a renewed trade war between the world’s biggest economies. The Federal Reserve cut its benchmark interest rate by a quarter point as its chair Jay Powell hailed the strength of the US economy and said he would not resign if incoming president Donald Trump asked him to. Focus now shifts to Michigan consumer sentiment and updates regarding China legislative congress meet.

Domestic markets are expected to open on a flat note despite the US Fed rate cut. The US Federal Reserve has reduced the interest rate by another 25 bps to 4.50-4.75 per cent, triggering a sharp rally in the already surcharged S&P 500 and Nasdaq that lifted them to new all-time highs. 

Tata Power will invest ₹550 crore to develop solar and wind power capacities and related infrastructure to supply clean energy to Noida International Airport (NIA), a statement said. Tata Power has signed two power purchase agreements with the upcoming Noida International Airport project in Uttar Pradesh.

MOIL recorded production of 1.47 lakh tonnes of manganese ore in October, which is its best ever October month production since inception, higher by 32% YoY. During the first seven months of FY’25, the company has recorded production of 10.17 lakh tonnes, up 10 per cent YoY. Read more

Citi on Go Digit: Maintain Buy on Company, target price at Rs 450/Sh (Positive) 

Jefferies on TBO Tek: Initiate Buy on Company, target price at Rs 2000/Sh (Positive) 

Jefferies on Blue Star: Maintain Buy on Company, raise target price at Rs 2040/Sh (Positive) 

Macquarie on TCS: Maintain Outperform on Company, target price at Rs 5710/Sh (Positive) 

Citi on Aavas FIn: Maintain Buy on Company, target price at Rs 2170/Sh (Positive) 

GS on M&M: Maintain Buy on Company, raise target price at Rs 3600/Sh (Positive) 

Citi on M&M: Maintain Buy on Company, raise target price at Rs 3590/Sh (Positive) 

BofA on M&M: Maintain Buy on Company, raise target price at Rs 3600/Sh (Positive) 

Macquarie on M&M: Maintain Outperform on Company, target price at Rs 3441/Sh (Positive) 

Jefferies on M&M: Maintain Buy on Company, raise target price at Rs 3700/Sh (Positive) 

Citi on Endurance: Maintain Buy on Company, raise target price at Rs 3200/Sh (Positive) 

Jefferies on JB Chem: Maintain Buy on Company, raise target price at Rs 2330/Sh (Positive) 

Jefferies on Indian Hotels: Maintain Buy on Company, raise target price at Rs 785/Sh (Positive) 

Investec on Indian Hotels: Maintain Buy on Company, raise target price at Rs 742/Sh (Positive) 

Nomura on Fed rate cut: Continue to expect two rate cuts this year. (Neutral) 

Investec on Astral: Maintain Buy on Company, target price at Rs 2485/Sh (Neutral) 

GS on Astral: Maintain Buy on Company, target price at Rs 2410/Sh (Neutral) 

UBS on Cummins: Maintain Sell on Company, target price at Rs 2380/Sh (Neutral) 

Nomura on Guj Gas: Maintain Reduce on Company, target price at Rs 470/Sh (Neutral) 

Bernstein on TRENT: Maintain Outperform on Company, target price at Rs 8100/Sh (Neutral) 

Emkay on Indian Hotels: Maintain Add on Company, target price at Rs 700/Sh (Neutral) 

Citi on Page Ind: Maintain Sell on Company, raise target price at Rs 35800/Sh (Neutral) 

Jefferies on TRENT: Maintain Hold on Company, target price at Rs 5900/Sh (Negative)

Key Highlights

Iron Ore Prices Climb on China Demand: Iron ore futures surged, driven by optimism over China’s restocking and potential economic stimulus.

Steel Wire Rod Demand Rebounds: China’s Steel Wire Rod prices rose, bolstered by stable supply and strong government support initiatives.

Manufacturing Sector Recovery: October marked a turnaround as China’s manufacturing PMI expanded, ending five months of contraction.

Strategic Commodity Restocking: China’s proactive approach to restocking key commodities, like iron ore, aims to stabilize industrial output.

Supportive Fiscal Policies: Government-backed subsidies for sectors such as home appliances and clean energy have spurred domestic demand.

Infrastructure and Industry Boost: Demand from shipbuilding, construction, and automotive sectors is pushing commodity prices upward.

Asia’s Glimmer of Hope Amid Global Strain: Positive signals from China’s market recovery may influence broader Asia-Pacific trade dynamics.

Long-Term Growth Outlook: China’s restocking strategy aligns with ongoing fiscal stimulus, promoting resilient demand for base metals.

Impact on International Supply Chains: China’s robust demand could recalibrate global supply chains and commodity flows, impacting other economies.

Ex-Dividend 11 Nov 2024 (Monday) 

Last date for Cum-Dividend Today\

DCM Shriram Ltd\ 

Dividend Per Share Rs.2\ 

Previous day Closing Price – Rs. 1255\

TD Power Ltd.\ 

Dividend Per Share Rs.0.6\

Previous day Closing Price – Rs. 432

1. FOMC cut its target rate by 25 bps, as expected, to 4.5-4.75%

2. The decision to cut rates was unanimous

3. The post-meeting statement had no real meaningful changes. 

4. FOMC statement continues to note that the risks to inflation & employment are roughly in balance, and most importantly continues to provide the same noncommittal guidance that “in considering additional adjustments” to the funds rate the FOMC will be data dependent

5. Chair Powell’s comments at today’s FOMC meeting were on balance dovish: he expressed confidence that inflation & inflationary drivers were well-behaved, saw further cooling in the labor market as unwelcome, and endorsed a plan to gradually ease back toward neutral

6. Chair Powell said a pick-up in inflation could cause the Fed to slow rate cuts as policy rates approach neutral. But that is not the scenario that Powell sees as likely. Instead, he rhetorically asked “Where is the inflation coming from?” and stated ‘the economy is not tight’

7. Chair Powell was asked multiple times about his interpretation of the rise in treasury yields & whether it might affect Fed policy. He responded that the move has not been sustained long enough for officials to react to

8. When questioned if he would resign if asked by Trump, he said ‘No’

9. When asked if he’d be legally required to leave, he had another simple one-word answer ‘No’

10. In addition to being asked whether he would leave, Powell fielded several questions about the election and potential policies of the incoming administration, all of which he avoided giving direct answers

Shyam Metalics and Energy Ltd (SMEL), a leading multi-metal conglomerate with footprints in carbon steel, stainless steel, speciality alloys and aluminium foil along with a captive power plant announced its Financial Results for the quarter ended 30th September 2024.

Key Financial Highlights: Q2 FY25

Revenue from Operations : Rs. 3,634 crores 

Operating EBITDA: Rs. 407 crores

EBITDA: Rs. 481 crores

Profit After Tax: Rs. 216 crores

BAJAJCON 

* Revenue expected at Rs 234 crore versus Rs 234 crore

* EBITDA expected to be seen at Rs 35 crore versus Rs 36 crore

* EBITDA margin expected to be seen at 14.96% versus 15.62%

* Net profit expected to be seen at Rs 35 crore versus Rs 37 crore

BALRAMCHIN 

* Revenue expected at Rs 1287 crore versus Rs 1539 crore

* EBITDA expected to be seen at Rs 122 crore versus Rs 164 crore

* EBITDA margin expected to be seen at 9.48% versus 10.71%

* Net profit expected to be seen at Rs 54 crore versus Rs 166 crore

BRITANNIA 

* Revenue expected at Rs 4738 crore versus Rs 4432 crore

* EBITDA expected to be seen at Rs 866 crore versus Rs 872 crore

* EBITDA margin expected to be seen at 18.28% versus 19.68%

* Net profit expected to be seen at Rs 616 crore versus Rs 587 crore

DEVYANI 

* Revenue expected at Rs 1220 crore versus Rs 819 crore

* EBITDA expected to be seen at Rs 201 crore versus Rs 154 crore

* EBITDA margin expected to be seen at 16.48% versus 18.84%

* Net profit expected to be seen at Rs 17 crore versus Rs 47 crore

HINDALCO 

* Revenue expected at Rs 56307 crore versus Rs 54169 crore

* EBITDA expected to be seen at Rs 7408 crore versus Rs 5612 crore

* EBITDA margin expected to be seen at 13.16% versus 10.36%

* Net profit expected to be seen at Rs 3525 crore versus Rs 2196 crore

JUBLFOOD 

* Revenue expected at Rs 1555 crore versus Rs 1368 crore

* EBITDA expected to be seen at Rs 298 crore versus Rs 277 crore

* EBITDA margin expected to be seen at 19.17% versus 20.25%

* Net profit expected to be seen at Rs 53 crore versus Rs 97 crore

ONGC 

* Revenue expected at Rs 172995 crore versus Rs 146873 crore

* EBITDA expected to be seen at Rs 25210 crore versus Rs 28255 crore

* EBITDA margin expected to be seen at 14.58% versus 19.24%

* Net profit expected to be seen at Rs 11460 crore versus Rs 13637 crore

RAMCOCEM 

* Revenue expected at Rs 2051 crore versus Rs 2329 crore

* EBITDA expected to be seen at Rs 253 crore versus Rs 398 crore

* EBITDA margin expected to be seen at 12.34% versus 17.08 %

* Net profit expected to be seen at Rs 3 crore versus Rs 101 crore

UPL 

* Revenue expected at Rs 10519 crore versus Rs 10170 crore

* EBITDA expected to be seen at Rs 1614 crore versus Rs 1325 crore

* EBITDA margin expected to be seen at 15.34% versus 13.03%

* Net profit expected to be seen at Rs 47 crore versus Rs -102 crore

AARTIIND, ACE, ALEMBICLTD,ASHOKLEY, BAJAJHIND, BBL, BECTORFOOD, CHOLAHLDNG, DREAMFOLKS, EQUITASBNK, ESABINDIA, ETHOSLTD, FINEORG, FLAIR, FORTIS, GOCLCORP, GVTD, IKIO, INDIACEM, INOXINDIA, JLHL, JWL, KCP, KOVAI, LATENTVIEW, LICI, MAPMYINDIA, MAYURUNIQ, METROPOLIS,MRF, MSUMI, MUKANDLTD, NAUKRI, ORIENTCEM, PICCADIL, PIXTRANS, PREMIERENE, PURVA, RELAXO, RSYSTEMS, SAFARI, SAMHI, SBIN, SCI, SIGNATURE, SMSPHARMA, STARCEMENT, TATAMOTORS, TIL, VPRPL, WELCORP, WHIRLPOOL, ZFCVINDIA

AARTIIND

* Revenue expected at Rs 1645 crore versus Rs 1454 crore

* EBITDA expected to be seen at Rs 255 crore versus Rs 233 crore

* EBITDA margin expected to be seen at 15.50% versus 16.02%

* Net profit expected to be seen at Rs 77 crore versus Rs 91 crore

ASHOKLEY

* Revenue expected at Rs 8810 crore versus Rs 9591 crore

* EBITDA expected to be seen at Rs 965 crore versus Rs 1104 crore

* EBITDA margin expected to be seen at 10.95% versus 11.51%

* Net profit expected to be seen at Rs 563 crore versus Rs 538 crore

LICI 

* APE expected at Rs 14553 crore versus Rs 13095 crore

* EBIT expected to be seen at Rs 8621 crore versus Rs 7682 crore

* EBIT margin expected to be seen at 7.30% versus 3.80%

* Net profit expected to be seen at Rs 8435 crore versus Rs 8030 crore

MRF

* Revenue expected at Rs 6650 crore versus Rs 6217 crore

* EBITDA expected to be seen at Rs 910 crore versus Rs 1156 crore

* EBITDA margin expected to be seen at 13.68% versus 18.61%

* Net profit expected to be seen at Rs 380 crore versus Rs 586 crore

MSUMI

* Revenue expected at Rs 2454 crore versus Rs 2104 crore

* EBITDA expected to be seen at Rs 397 crore versus Rs 248 crore

* EBITDA margin expected to be seen at 16.18% versus 11.79%

* Net profit expected to be seen at Rs 239 crore versus Rs 155 crore

NAUKRI

* Revenue expected at Rs 649 crore versus Rs 625 crore

* EBITDA expected to be seen at Rs 275 crore versus Rs 204 crore

* EBITDA margin expected to be seen at 42.37% versus 32.64%

* Net profit expected to be seen at Rs 248 crore versus Rs 159 crore

SBIN 

* NII expected at Rs 41798 crore versus Rs 39500 crore

* EBIT expected to be seen at Rs 25214 crore versus Rs 19301 crore

* EBIT margin expected to be seen at 47.14% versus 48.86%

* Net profit expected to be seen at Rs 16135 crore versus Rs 14330 crore

TATAMOTORS

* Revenue expected at Rs 99465 crore versus Rs 105128 crore

* EBITDA expected to be seen at Rs 13902 crore versus Rs 13766 crore

* EBITDA margin expected to be seen at 13.97% versus 13.10%

* Net profit expected to be seen at Rs 4474 crore versus Rs 3887 crore

Q2FY25 EARNING CALENDAR 09.11.2024 

ADVENZYMES, ASIANPAINT, ATULAUTO, AUROPHARMA, AWHCL, DATAPATTNS, DIVISLAB, DOMS, EPIGRAL, HBLPOWER, HCG, IFGLEXPOR, KIMS, MSTCLTD, RUPA, TINNARUBR

ASIANPAINT

* Revenue expected at Rs 8577 crore versus Rs 8478 crore

* EBITDA expected to be seen at Rs 1578 crore versus Rs 1716 crore

* EBITDA margin expected to be seen at 18.39% versus 20.24%

* Net profit expected to be seen at Rs 1073 crore versus Rs 1205 crore

AUROPHARMA 

* Revenue expected at Rs 7760 crore versus Rs 7219 crore

* EBITDA expected to be seen at Rs 1660 crore versus Rs 1373 crore

* EBITDA margin expected to be seen at 21.40% versus 19.02%

* Net profit expected to be seen at Rs 940 crore versus Rs 757 crore

DIVISLAB 

* Revenue expected at Rs 2218 crore versus Rs 1909 crore

* EBITDA expected to be seen at Rs 700 crore versus Rs 479 crore

* EBITDA margin expected to be seen at 31.60% versus 25.09%

* Net profit expected to be seen at Rs 511 crore versus Rs 348 crore

Q2FY25 EARNING CALENDAR 11.11.2024

AHL, AWFIS, AZAD, BAJAJCON, BALRAMCHIN, BANKINDIA, BANSALWIRE, BEML, BFUTILITIE, BLS, BLUEDART, BORORENEW, BRITANNIA, CAMLINFINE, CAMPUS, DEVYANI, DOLLAR, ECOSMOBLTY, EIHAHOTELS, ELGIEQUIP, EMIL, EPL, GALAXYSURF, GATEWAY, GNFC, GODFRYPHLP, GOODLUCK, GRAPHITE, HARSHA, HINDALCO, HINDCOPPER, JUBLFOOD, MUNJALSHOW, NFL, ONGC, PGEL, PRECWIRE, RAMCOCEM, RAMCOIND, RATEGAIN, SALZERELEC, SHREECEM, SMLISUZU,

19.30 U.S. Prelim UoM Consumer Sentiment (Expected: 70.6 versus Previous: 70.5)

19.30 U.S. Prelim UoM Inflation Expectations (Previous: 2.7%)

21.30 U.S. FOMC Member Bowman Speaks

Economic Calendar – 09.11.2024

07.00 China CPI y/y (Expected: 0.4% versus Previous: 0.4%)

07.00 China PPI y/y (Expected: -2.5% versus Previous: -2.8%)

Economic Calendar – 11.11.2024

U.S. Bank Holiday, Market to remain open for trading

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 18:59 PM Thursday 07 November 2024

Apollo Hospital: Sunita Reddy, JMD

Occupancy Will Be At 70% In H2FY25 With ARPOB Crossing ?60,000: Apollo Hospitals

https://www.youtube.com/watch?v=04JmFZMNKGc

Aadhar Housing Finance: Rishi Anand, MD & CEO

Aadhar Housing Finance: Strong Q2 Recorded, What’s The Plan To Tackle Competition?

https://www.youtube.com/watch?v=pmrqUZ4aShY

Blue Star: Vir Advani, MD

Blue Star: Decent Q2 Earnings Recorded, Eye On Co’s Vision 2030 Report? | Vir S Advani

https://www.youtube.com/watch?v=j0AJkWqWZHk

eClerx Services: Srinivasan Nadadhur, CFO

Seeing More Deal Activity & Participating In More Conversations In Financial Sector: eClerx Services

https://www.youtube.com/watch?v=fmqXfZRysiY

Gulf Oil Lubric: Ravi Chawla, MD

Gulf Oil Lubricants’ Q2: ‘Expanding SUV Distribution In Rural Areas’, What’s The Future Plans Of Co?

https://www.youtube.com/watch?v=HUBJG5dliX0

Hi Tech Pipes Limited: Anish Bansal, CFO

On Course To Hit 0.5 mt Of Sales Volume Guidance In FY25: Hi-Tech Pipes

https://www.youtube.com/watch?v=jtoObs46zvk

India Pesticide: Dheeraj Kumar Jain, CEO

Volume Improved By 35%, Prices Declined By 20% This Quarter: India Pesticides

https://www.youtube.com/watch?v=0ZFRD06Sdbw

KAYNES TECH: Jairam Sampath, Whole Time Director & CFO

Kaynes Tech: India’s Electronics Exports & Expansion Plans Post Trump Win? Jairam Sampath Discusses

https://www.youtube.com/watch?v=bKbCxunOxaA

Kansai Nerolac: Anuj Jain, ED

Kansai Nerolac Q2: ‘Demand Was Moderated In Q2 When Compared To Q1’, What’s Anuj Jain Growth Plans?

https://www.youtube.com/watch?v=rOEe7ii8iHM

Max Healthcare Institute : Abhay Soi, CMD

EBITDA/Bed Was Dragged Down By Newer Hospitals: Max Healthcare

https://www.youtube.com/watch?v=JWXo34T25Bg

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

07 November 2024 (Rs. In Crs).

Turnover: (NSE + BSE)

Cash Volume: 101311.19 + 6474.57 Total: 107785.76

F&O Volume: 414578.31 + 1610546.94 Total: 2025125.25

Provisional Cash

FII/FPI: NET SELL: -4888.77 

(11736.07 - 16624.84) 

DII: NET BUY: +1786.7 

(11374.43 - 9587.73)

Mkt Cap: Rs 39.2bn; CMP: Rs 1,181; TP: Rs 2,464; Upside: 109%; Rating: BUY

We bring to you yet another report under our flagship series, “MONARCH PEARLS.” In this series, we spotlight high-conviction, under-researched, and less known ideas (invariably small-cap stocks), that we believe hold the potential to yield 2x returns over the next 2-3 years. These stocks have been meticulously filtered through our proprietary “AQCG” model, ensuring a rigorous analysis.

Investment thesis:

~ We initiate coverage on Polyplex Corporation (PPC) with a BUY rating and TP of Rs 2,464 (valued at 12.0x FY27E EPS). We believe that this less known and under-owned business has all the right ingredients for re-rating and is poised for accelerated growth on the back of:

i) increasing share of margin accretive value-added/D-PAC sales, 

ii) Rising commodity spreads, 

iii) Strategic acquisition by Al Ghurair group bringing in synergy gains. 

~ PPC is the only global packaging company having resin plants at all manufacturing locations. This integration optimizes the supply chain, reduces costs, and accelerates time to market new products. The company focuses on creating an innovative, highly customized, and differentiated products, forming a portfolio of value-added offerings, and differentiated products, applications, and customers (D-PAC) that preserves profitability. 

~ The demand-supply mismatch has started to narrow given the robust demand in domestic and global markets. This coupled with limited capacity addition, we believe will aid in spreads bottoming out. We expect the BOPET commodity spread to normalize at Rs 40-45 per kg over H2FY25-26E. 

~ With Al Ghurair group capacity of over 500k metric tons per annum (MTPA) mirroring PPC’s capacity, the combined entity is set to set to become one of the largest players in the entire packaging space (BOPP and BOPET combined), offering immense growth potential. 

~ Comfortable balance sheet positioning, robust CUF, synergies via a strategic promoter, we see revenue / earnings be on an upward trajectory. We value the business at 12.0x its FY27E estimates, to arrive at a TP of Rs 2,464 and initiate with a BUY . Our BULL/BEAR case scenario suggests a TP of Rs 3,288/1,020.

Detailed Report: https://bit.ly/MNCL-Polyplex-IC-Nov-2024 

Disclaimer: https://bit.ly/39derdz 

Orix Corp Ads (Pre market) (Sector- Financial)

TELUS Corporation (Pre market) (Sector- Technology)

NRG Energy, Inc. (Pre market) (Sector- Energy)

Baxter International Inc. (Pre market) (Sector- Healthcare)

RB Global, Inc. (Pre market) (Sector- Miscellaneous)

Paramount Global (Pre market) (Sector- Media)

CNH Industrial N.V. (Pre market) (Sector- Capital Goods)

Brookfield Renewable Corporation (Pre market) (Sector- Power)

Fluor Corporation (Pre market) (Sector- Construction)

19.30 U.S. Prelim UoM Consumer Sentiment (Expected: 70.6 versus Previous: 70.5)

19.30 U.S. Prelim UoM Inflation Expectations (Previous: 2.7%)

21.30 U.S. FOMC Member Bowman Speaks

Economic Calendar – 09.11.2024

07.00 China CPI y/y (Expected: 0.4% versus Previous: 0.4%)

07.00 China PPI y/y (Expected: -2.5% versus Previous: -2.8%)

Economic Calendar – 11.11.2024

U.S. Bank Holiday, Market to remain open for trading

India Inc reported revenue growth of 8 per cent YoY and PAT decline of 2.8 per cent YoY in Q2FY25 (1129 companies as of Nov-5). But adjusted for BFSI and Power & Energy companies, which are the best and worst performing sectors respectively, revenue/PAT grew 9.4/10.8 per cent YoY for the remaining 917 companies. Read more

M Damodaran, Chairperson of Excellence Enablers and Former Chairman of SEBI, has made a case for revisiting the selection and appointment process for persons in regulatory positions.

Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point. 

Deepak Nitrite’s stock, after witnessing a sell-off in the third week of October, found support at ₹2,640, which arrested the decline. Over the past couple of weeks, it fluctuated within the price band of ₹2,640-2,760. On Wednesday, the stock saw a high-volume breakout, hinting at a potential reversal in the trend.