Share Market Highlights July 16, 2024: Sensex, Nifty range-bound ahead of market holiday; BPCL, Coal India, LIC hold firm

The 30-share BSE Sensex climbed 51.69 points or 0.06 per cent to settle at a new lifetime high of 80,716.55. During the day, it advanced 233.44 points or 0.28 per cent to hit a fresh record high of 80,898.30.

The NSE Nifty went up by 26.30 points or 0.11 per cent to settle at an all-time closing high of 24,613. Intra-day, it rallied 74.55 points or 0.30 to hit a new record peak of 24,661.25.

“The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for Q1FY25 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective. Globally, the dovish comment from the FED chief on inflation trajectory and a drop in US 10yr yield ahead of US retail sales data increased the likelihood of a rate cut in September.”

Today, the benchmark indices registered a fresh all time high of 24661.25/80898.30. The Nifty ends 16 points higher while the Sensex was up by 44 points. Among Sectors, Reality index outperformed gained over 1.50 percent, whereas Media stocks witnessed some profit booking at higher levels. Technically, after an early morning intraday rally market witnessed some profit booking at higher levels. 

However, the short-term texture of the market is still positive. Currently the market witnessed narrow range activity at higher levels perhaps traders are waiting for either side breakout.

For the bulls now, 24665/80900 would be the immediate breakout level. Above which, the market could rally up to 24750-24775/81200-81300. On the flip side, we could see one quick intraday correction if the index slip below 24550/80500.

Below which, it could retest the level of 24500/80300. Further down side may also continue which could drag the market till 24425/80000.

Shriram Finance (-2.16%), Kotak (-1.99%), Dr Reddy’s Laboratories (-1.55%), Reliance Industries (-1.44%), NTPC (-1.35%) 

Coal India (3.01%), BPCL (2.71%), Hindustan Unilever (2.44%), Tata Consumer Products (2.28%), Bharti Airtel (1.81%) 

Shakti Pumps (India) Limited has received Letter of Award from Maharashtra Energy Department Agency (MEDA) for 1,200 nos of Off-grid Solar Photovoltaic Water Pumping System (SPWPS) at various locations across the State of Maharashtra under Component-B of PM-KUSUM scheme. The total amount of the order value is for around ₹33.47 Crore.

Shakti Pumps stock traded at ₹4,210 on the NSE, down by 0.07%.

The Office of the Commissioner of Customs has imposed a penalty upon Suzlon Energy. The order passed by the Commissioner of Customs imposes redemption fine of ₹2,00,00,000/- and a penalty of ₹2,28,50,048/- along with applicable interest, thus aggregating to ₹4,28,50,048/-.

Suzlon Energy stock trades at ₹55.87 on the NSE, up 2.29%.

Garden Reach Shipbuilders & Engineers Ltd has signed the contract with NCPOR for the Construction and Delivery of Ocean Research Vessel {ORV), contract worth ₹840 crore.

GRSE stock surges 3.01% on the NSE, trading at ₹2,571.30.

Major gainers on the NSE as at 3 pm: 

Coal India (3.32%), BPCL (2.83%), Hindustan Unilever (2.66%), Tata Consumer Products (2.59%), Bharti Airtel (2.02%) 

Major losers: 

Shriram Finance (-2.02%), Kotak (-1.99%), Dr Reddy’s Laboratories (-1.46%), Ultratech Cement (-1.37%), Hindalco (-1.25%) 

Stocks advanced on BSE at 3 pm on July 16, 2024, were 2,007 against 1,868 stocks that declined; 107 stocks remain unchanged. Total stocks traded were 3,982. The number of stocks that recorded a 52-week high was 264, and those that hit a 52-week low was 21. 

In addition, 319 stocks traded in upper circuit, while 236 hit the lower circuit. 

Balu Forge Industries Ltd. (BFIL) has announced a fund-raise of ₹496.80 Crore in a combination of preferential issue of equity shares and fully convertible warrants.

Balu Forge Industries stock declines by 1.16% on the NSE, trading at ₹410.

WhiteOak Capital Asset Management has announced the appointment of Nitin Shah as its Group Chief Financial Officer.

Nitin brings with him over three decades of financial leadership experience to the firm. Prior to joining WhiteOak Capital, Nitin has held key leadership positions in multinational organisations such as Goldman Sachs, Merrill Lynch, and Mahindra & Mahindra Group. He most recently served as the Managing Director and Global Co-Chief Financial Officer of the engineering division at Goldman Sachs.

Nitin is a Chartered Accountant and a licensed treasury manager from the Institute of Chartered Financial Analysts of India. Outside of his professional endeavours, he is an avid traveler and practitioner of spirituality.

Suraj Estate Developers, a leader in South Central Mumbai’s real estate market specializing in redevelopment and luxury has received investments from SI Investments, led by Sunder Iyer, acquired over 1% stake in the company. This acquisition is SI Investments’ strategic entry into the real estate sector, demonstrating their faith in Suraj Estate Developers’ market position and growth potential in South Central Mumbai (SCM). Suraj Estate Developers, known for its diverse portfolio and unique projects in SCM, is expanding its presence with an emphasis on delivering excellent developments and long-term success.

Bajaj Auto recorded its standalone net profit for the quarter ended June 2024 at ₹1,988.34 crore as against ₹1,664.77 crore in the corresponding quarter last year.

Bajaj Auto stock rises 1.39% on the NSE, trading at ₹9,808.10

Munjal Showa has received intimation of tax ascertained as being payable under Section 74(5) of IGST, CGST & SGST Act 2017 for the tax period April 2019 to March 2020, determining tax amounting of ₹4,49,56,095 from the Office of Deputy Commissioner Jurisdiction: Hardwar - Sector 1: Haridwar: Uttarakhand, State/UT: Uttarakhand.

Alkem Laboratories informed that an order-in-appeal has been received from Additional Commissioner of Central Tax (GST Appeals), Guntur, Andhra Pradesh, for financial year 2017-2018 demanding IGST of Rs.1944/- along with a penalty of Rs.1944/- and applicable interest under applicable provisions of the CGST/ SGST/ IGST Act, 2017.

Alkem Laboratories stock declines 1.20% on the NSE, trading at ₹5,319.30.

We are more comfortable with valuations for Large Caps versus Mid and Small Caps. After high volatility in the first week of June, the equity market saw a sharp rally with the Nifty50 index ending the month with 6.6% return, and the NSE MidCap 100 and NSE Small Cap 100 indices generating returns of 7.8% and 9.7% for the month, respectively. Market witnessed a sharp correction on the day of the declaration of Union Election results, which saw incumbent the BJP-led NDA government coming back to power for the third consecutive term with a lower majority versus previous term, and also versus the exit poll predictions. However, the index rebounded in subsequent sessions with the market getting more confident about the stable government policy continuity. 

During the month, indices for Realty, Auto and Information Technology sectors outperformed the broader market, while indices for Energy, FMCG and Pharma sectors underperformed. The month saw the RBI and US FED maintaining status-quo on policy rates, Indian telecom companies announcing the much-anticipated tariff hikes, news-flow of consolidation in the cement sector in India, and Fitch Ratings raising India’s GDP growth forecast for FY25 to 7.2% from 7% earlier. On the macroeconomic front, the CPI inflation print for May came at 4.75% compared to 4.83% for April, and IIP growth print for April came at 5%, compared to 5.4% for March. During June, Foreign Portfolio Investors were net buyers to the tune of $2.7 bn, while Domestic Institutional Investors remained net buyers to the tune of $3.4 bn.

Mankind Pharma Ltd and Takeda Pharmaceutical Company Ltd have inked a Non-Exclusive Patent Licence Agreement for commercialising ‘Vonoprazan’ in the Indian market. The agreement allows Mankind Pharma to launch the novel drug for treating Gastroesophageal Reflux Disease (GERD) under its trademark.

Intrasoft Technologies board has approved investment in equity shares of IntraSoft Ventures Pte. Limited, Singapore, Wholly Owned Subsidiary, up to $4 million for cash at a price of $6.60 (equivalent SGD 8.97) per equity share. 

Intrasoft Technologies stock declined by 1.91% on the NSE, trading at ₹130.15

Jyoti Structures has received an order from Adani Energy Solutions Ltd (Formerly known as Adani Transmission Ltd.) for construction and part supply of 765kV D/C KPSIII-AP44 Transmission Line (Approx. 111 KMs), contract valued at ₹117.74 crore. 

Jyoti Structures stock surges 4.97% on the NSE, trading at ₹27.06 and Adani Energy Solutions was up 0.94% to trade at ₹1,022.85

Lead futures on the Multi Commodity Exchange (MCX) has been charting a sideways movement over the past month. The July contract fell off the resistance at ₹196 towards the end of May.

The chart shows that there has not been a definite trend of late, but the price action resembles a triangle pattern. If the contract slips below ₹188, it will confirm the pattern and the downtrend can extend. Read more

Bajaj Auto stock trades at ₹9,723.10 on the NSE, up 0.51%. The company is expected to see an uptick in revenue during the quarter ended in June. Read more

CRISIL Ltd has declared interim dividend of ₹8 per equity share. It has recorded its net profit for the quarter ended June 2024 at ₹128.37 crore as against ₹192.90 crore in the corresponding period last year.

Stock declines by 0.55% on the NSE, trading at ₹4,493.15.

Varun Beverages stock declines by 2% on the NSE, trading at ₹1,595.25. Company said its two subsidiaries plan to enter into an agreement with the food and beverage major to manufacture, distribute and sell the snacks brand ‘Simba Munchiez’ in Zimbabwe and Zambia.

Shriram Finance board to approve quarterly unaudited financial results for the period ended June 2024 and fund raising/other business at its meeting on July 26.

Stock declines by 1.54% on the NSE, trading at ₹2,838.05.

Union Budget 2024-25 (scheduled on July 23, 2024) would be crucial given that it would be the first full year budget of NDA 3.0 would lay the foundation for India’s economic/infrastructure/social development for next decade. From the upcoming budget, we expect that the government would strike a balance between fiscal deficit, capex for growth and social spending. The continuation of existing capex agenda (infrastructure, railways, defence, renewable/clean energy), higher budgetary allocation to revive rural economy, job creation and roadmap for ‘Viksit Bharat’ by 2047 would be the key theme for the Union Budget 2024-25. Markets would be keenly awaiting any adverse changes in the capital gain tax on equities. In case there is no change in capital gain tax it would be considered positive for Indian equity markets. 

Capex to remain at forefront while balancing fiscal deficit: Government is likely to continue its capex plan of Rs 11.1 Lakh Crore for FY25 as announced in interim budget with aim to keep fiscal deficit target unchanged at 5.1% of GDP (versus 5.8% of GDP in FY24) with aim to reach 4.5% of GDP in FY26E. Government’s capex focus would continue to remain on defence, railways and infrastructure development given government vision of ‘Viksit Bharat’ by 2047. Continuity of pro-reform agenda like PLI schemes and incentivizing clean energy (RE, green hydrogen) would aid revival in private capex as well as job creation. 

Focus on measures to revive rural economy: The record dividend of Rs2.11 lakh crore received by the government from RBI would provide headroom to spent on welfare measure to revive rural economy with higher spending on government programmes like the Pradhan Mantri Awas Yojana (housing for all) and PM Kisan (financial support for farmers). Likely government welfare schemes and recent moderation in the inflation bodes well for recovery in rural economy. 

Key budget picks – Mahindra & Mahindra, Hero Motocorp, ITC, Sumitomo Chemical, RIL, Power Grid, NTPC, Sanghvi Movers, Bharat Electronics, Bharat Forge, VA Tech Wabag, L&T, DLF, Ambuja Cement, APL Apollo, PFC, IRCON

Adani Enterprises stock trades at ₹3,106.95 on the NSE, up 0.54% as at 12.20 pm. 

The Supreme Court has dismissed the review petition against the top court’s judgment which refused to constitute the court-monitored Special Investigation Team (SIT) probe into the Adani-Hindenburg issue over allegations of stock price manipulation by the Indian corporate giant. 

Major gainers: Coal India (3.59%), BPCL (3.14%), Hindustan Unilever (2.76%), Bharti Airtel (1.95%), Tata Consumer Products (1.95%)

Major losers: Kotak (-1.56%), Shriram Finance (-1.21%), Dr Reddy’s Laboratories (-1.05%), Ultratech Cement (-1.04%), SBI Life (-0.71%)

Stocks advanced on BSE at 12 noon on July 16, 2024, were 2,276 against 1,449 stocks that declined; 157 stocks remain unchanged. Total stocks traded were 3,882. The number of stocks that recorded a 52-week high was 234, and those that hit a 52-week low was 17. 

In addition, 271 stocks traded in upper circuit, while 207 hit the lower circuit.

Crude oil futures traded lower on Tuesday morning following signs of economic slowdown in China. Read more

Jio Financial Services Ltd, the financial services arm of RIL, reported a 6 per cent decline in consolidated net profit to ₹313 crore in the first quarter ended June 2024. Read more

Happiest Minds Technologies has launched a complete 360 IT-managed service offering, Happiest Minds’ WATCH360. Happiest Minds Technologies stock trades at ₹826.90 on the NSE, up 0.15%

Top gainers: Chennai Petroleum (11.72%), Camlin Fine Sciences (8.43%), Hatsun (7.50%), Sunteck (7%), TTML (6.94%)

Top losers: JWL (-5.43%), Godfrey Phillips (-4.10%), Five-Star (-3.08%), IDBI (-2.77%), Indiabulls Housing (-2.69%)

Fischer Medical Ventures Ltd confirmed its collaboration with Singapore company, Nanyang Biologics (NYB), a leading drug discovery company dedicated to create transformative nutraceuticals derived from natural plants & herbs.

Fischer Medical Ventures stock rose 1.16% on the BSE, trading at ₹604

H.G. Infra Engineering has obtained completion certificate for rehabilitation and upgradation of Nandurbar (Near Kolde) – Prakasha – Shahada – Khetia (SH-4 & SH-5) State Highway in Maharashtra on Engineering, Procurement and Construction (EPC) basis Contract. 

Stock surges 5.87% on the NSE, trading at ₹1,818.

Bank Nifty opened Tuesday’s session marginally higher at 52,467 versus yesterday’s close of 52,456. The index is now hovering around 52,500, up 0.1 per cent. The advances/ declines ratio stands at 3/9, giving the index a bearish bias. Bandhan Bank, up 0.9 per cent, is the top gainer, whereas Kotak Mahindra Bank, down 1.4 per cent, is the top loser. Read more

The Nifty sustains higher and continues to move up. It is currently trading at 24,624, up 0.16 per cent. The bias is positive, and further rise is on the cards this week. The advances/declines ratio is at 32:18. This is positive. Read more

For live updates on the Tata Steel stock price movements click here

Slowdown in both export and import growth.

The merchandise trade deficit narrowed to $21.0bn in June from $23.8bn in May, largely in line with market expectations (Consensus: $21.1bn, Nomura: $20.3bn). On a seasonally adjusted basis, we estimate the trade deficit moderated only marginally to $22.5bn in June from $22.9bn in May. Export growth eased to 2.6% y-o-y in June from 9.1% in May, despite a favourable base, reflecting weaker sequential momentum in both oil and core exports. The Nomura India Normalisation Index ( for exports, which excludes seasonal and base effects and captures performance relative to pre-pandemic levels, eased to 30% above its pre-pandemic level in June from ~39% in May. That said, our price-volume analysis shows that on a 3-month rolling sum basis, export volume growth is moderating

IPO-bound Hyundai Motor India today launched the sporty entry SUV- EXTER with Dual cylinder CNG at a starting price of Rs 8.50 lakh. Offering the convenience of running on both petrol and CNG, the EXTER Hy-CNG Duo will provide customers with high fuel efficiency and ample boot space to the travel enthusiasts.

Vedanta Ltd has approved a qualified institutional placement with a floor price of Rs.461.26 per share. The company aims to raise up to Rs.6,688 crore through this share sale, with an indicative price range starting at Rs.440 per share, reflecting a 4.2% discount to Monday’s closing price.

JNK India has received a significant order from JNK Global Co., Ltd., Korea for Regeneration Furnace for a refinery project in Oklahoma, USA – Upto Rs 50 Crores

With this order the Company creates a footprint in USA JNK Global is one of the promoters of the Company

Revenue up 10.4% at ₹2,375 cr vs ₹2,150.6 cr

EBITDA up 39% at₹330.3 cr vs ₹237.7 cr

Margin at 13.9% vs 11.1%

Net profit up 62.9% at ₹130.5 cr vs ₹80.1 cr

Declares an interim dividend of ₹6/sh

Initiate Overweight Call, Target Rs 1,280/Share

Company Is The Best In India Market Repair Pure-Play

Operates In Two Underpenetrated Circles Of Rajasthan & North East

Areas Were Co Operates In Have Lower Tele Density, Internet Penetration & Postpaid Mix

Co Enjoys Stronger Tailwinds From Subscriber Growth & Organic ARPU Expansion

Co’s ARPU Is Only 2% Below Bharti’s; Suggesting Underlying Returns Will Remain Superior

Expect 15% Tariff Hike Each In FY25/26 That Will Drive 17%/21% Revenue/EBITDA CAGR Over FY24-27

Co Is Best Play On Mkt Repair Thesis, Given Its Presence In Wireless As Compared To Bharti & Voda Idea

Dividend Payouts Will Increase From 23% In FY24 To 34% In FY27

Dividend Payouts Will Increase Due To Improving FCF From Tariff Hikes & Falling Capex

Buy Call, Target Rs 750

GS on HDFC Life

Buy Call, Target Rs 765

MS on HDFC Life

Overweight Call, Target Rs 790

Key Highlights:

Total Income: ₹14,101 million, a 3.8% increase QoQ

Total Client Base: 24.7 million, an 11.2% increase QoQ and 64.2% YoY

Gross Client Acquisition: 2.6 million, a 94.8% increase YoY

Share in India’s Demat Accounts: 15.2%, a 54 bps increase QoQ and 274 bps YoY

NSE Active Client Base: 6.7 million, a 9.8% increase QoQ and 52% YoY

Number of Orders: 462 million, an 85.9% increase YoY

Average Daily Turnover (Notional basis): ₹43.8 trillion, a 92.7% increase YoY

Share in Retail Overall Equity Turnover: 18.9%, an 82 bps increase QoQ and 299 bps YoY

Hindustan Unilever stock inches up 0.58% on the NSE to trade at ₹2,635.55. Company had entered into a deal with the Indian division of A.O. Smith to sell its water purification business for an enterprise value of ₹601 crore, equivalent to $72 million

Suprajit Engineering has signed the closing memorandum for asset and business acquisition in Germany and equity purchase in Poland and Morocco as the First Stage of acquisition of the business of Stahlschmidt Cable Systems (SCS).

Suprajit Engineering stock inches up 0.70% on the NSE, trading at ₹519.60.

RITES Ltd has received a Letter of Acceptance for Consultancy Services for Third Party Monitoring & Quality Control for 47 Roads (Length 996.70 km) across Assam under the Asom Mala 2.0 for the year 2023-24. Contract worth ₹₹50.18 crore. RITES stock trades at ₹757.80 on the NSE, down by 0.24%.

RateGain Travel Technologies Ltd (RateGain) in partnership with its airline pricing solution, AirGain, and Hahnair, a German airline known for its comprehensive ticketing solutions and distribution services. RateGain stock inches up 0.86% on the NSE, trading at ₹820.90.

Energy

International and domestic crude oil futures settled weaker on Monday with NYMEX gasoline falling to a 4-week low.

Weak economic news from China weighed on crude prices Monday.

The Dollar too recovered on Monday and kept upside capped.

Looking ahead from an intraday perspective, international crude oil prices have started marginally weaker this early Tuesday morning in Asian weighed by weak economic data from China.

In June, China’s crude oil imports fell on both a monthly and annual basis to 46.45 million tons.

Intraday, the NYMEX WTI September futures could trade in band of $80.35 to $81.20, while MCX July crude futures could trade within 6,800 to 6,890.

On the options side, highest Call OI remains at the 7000 strike, while on the downside highest Put OI remains at 6800 strike.

International and domestic gas futures tumbled on Monday undercut by forecasts for cooler US temperatures that would reduce demand from electricity providers to run air conditioning.

Additionally, flows to the LNG terminal in Texas also remained low, reflecting weak demand and weighed on prices.

Looking ahead from an intraday perspective, international natural gas futures have started flat this early Tuesday morning in Asian trading.

Intraday, the NYMEX gas September futures could trade in band of $2.150 to $2.250, while MCX July crude futures could trade in the band of 183 to 190.

On the options side, highest Call OI remains at 240 strike, while on the downside highest Put OI has shifted to 190 strike from 170 strike.

Bullion

International and domestic gold prices gained on Monday aided by hopes for interest rate cuts from the Federal Reserve

International spot and domestic silver prices eased on Monday, tracking gains in the Dollar and bond yields.

However, traders awaited for more comments from Fed officials to gauge the timing of those cuts.

Meanwhile, Powell’s interview with Rubenstein was largely in line where the Fed Chief largely repeated themes from a week ago.

Powell declined to give any guidance on the timing of interest-rate moves and said that policymakers will make calls meeting by meeting.

But he added that the CPI report does add somewhat to confidence that inflation is heading down to the central bank’s 2% goal.

According to the CME FedWatch Tool, markets now see a 94% chance of a U.S. rate cut in September.

However, demand concerns from the physical side limited upside in gold and silver after weaker-than-expected GDP data from major gold consumer China might be limiting buying interest in the gold market.

From an intraday perspective, international gold prices have started marginally higher this early Tuesday morning in Asian trading as investors loo to retail sales data tonight.

Internationally, the range for COMEX August gold is $2,405 to $2,445, while that for MCX gold August is 73,100 to 73,800.

On the options side, highest Call OI remains at 75000 strike, while on the downside highest Put OI remains at 71000 strike.

International LBMA spot silver prices have also started marginally in the green this early Tuesday morning in Asian trade.

The Dollar has started stronger and could cap gains, but the U.S. Treasury Yield have started with small cuts and could cap downside.

Internationally, the range for COMEX September silver is $30.625 to $31.190, while that for MCX September silver is 92,100 to 93,250

On the options side, highest Call OI remains at 100000 strike, while on the downside highest Put OI remains at 85000 strike.

Base Metals

International and domestic copper dropped on Monday as the dollar firmed and weak economic data from China.

Data showed China’s Q2 GDP rose by 0.6% quarter-on-quarter and 5.0% year-on-year, weaker than expectations of 0.9% and 5.2% respectively.

Additionally, China’s June retail sales rose by 2.0% year-on-year, weaker than expectations of 3.4% year-on-year and the smallest pace of increase in 14 months.

In addition, China’s June new home prices fell by 0.67% month-on-month, the thirteenth consecutive month home prices have declined.

Meanwhile, Stocks of copper in LME-approved warehouses have reached their highest since October 2021 at 210,325 tons, more than double levels in mid-May and weighed on prices.

Other metals on LME ended weaker on Monday with aluminium prices falling almost 1% after data showed China’s production of primary aluminium in June rose to its highest in nearly a decade.

From an intraday perspective, international copper has started weaker this early Tuesday morning in Asian trading on poor demand prospects from China and a stronger Dollar.

However, downside could be capped as traders could be hopeful that weak data would lead to further stimulus from China.

Key trigger will be China’s plenum which started this week.

Internationally, LME copper range is $9,700 to $9,875, while the range for MCX copper July is 850 to 865.

On the options side, highest Call OI has shifted to 880 strike from 900 strike, while on the downside highest Put OI remains at 850 strike.

Most other metals on LME have started weaker this early Tuesday morning in Asian trade.

Internationally, the range for LME zinc is $2,925 to $2,975, while that for MCX zinc July is 272 to 276.

On the options side, highest Call OI remains at 275 strike, while on the downside highest Put OI remains at 260 strike.

Top gainers: BPCL (1.69%), Adani Enterprises (1.33%), Coal India (1.29%), HDFC Life (1.27%), Tata Steel (1.04%)

Top losers: L&T (-0.59%), Shriram Finance (-0.47%), LTIMindtree (-0.46%), Power Grid (-0.44%), SBI Life (-0.42%)

“In the next few days in the run up to the Budget, the market is likely to anticipate the Budget proposals and respond. Even though Budget anticipations are speculative, this Budget will be growth oriented and at the same time fiscally prudent. Growth is top priority which the Government cannot and will not compromise. Tax buoyancy and the RBI dividend bonanza give the finance minister ample room for fiscal consolidation. Therefore, the market will be optimistic on this ground.

The unknown factor is regarding any possible tweaking of the LTCG tax. If the tax rate is raised or tenure for LTCG is extended the market will respond negatively to that. A possible Budget proposal that can impact certain segments of the market would be disinvestment. Since PSU stocks are trading at high valuations, the government is likely to go for disinvestment in segments where government ownership is very high. This can increase the supply of stocks in these segments and bring their prices down. Watch out for disinvestment proposals in Railways and defence-related segments.”

Century Textiles: Company’s arm, Birla Estates, buys 5-acre land parcel in Gurugram, with estimated revenue potential of Rs 1,400 crore. 

Hindustan Unilever: Company approves sale & divestment of company’s water purification business to A.O. Smith India for $72 m 

LUPIN: Company divests its U.S. commercial women’s health specialty business to Evofem Biosciences.

Bharat Agri Fert & Realty: Company introduces Wembely-24, a high-rise tower in Majiwada Thane, featuring 457 BHK residential flats.

Elecon Engineering: Company Limited has announced a sub-division/split of existing equity shares from 1 to 2 shares with a face value of Re. 1 each, fully paid-up.

NLC India: Company has emerged as the successful bidder for the Machhakata in the 8th round of commercial coal block e-auction held recently by the Ministry of Coal, Gol. 

Hutsun Agro: Net profit up 62.9% at ₹130.5 cr vs ₹80.1 cr, revenue up 10.4% at ₹2,375 cr vs ₹2,150.6 cr (YoY).

Styrenix Performance: Net Profit at Rs 61.2 cr vs Rs. 32.5 cr, Revenue at Rs 698.7 cr vs Rs 543.8 cr (YoY)

Kelton Tech: Net Profit at Rs 20.0 cr vs Rs. 15.4 cr, Revenue at Rs 260 cr vs Rs 250 cr (YoY) 

Rajoo Engineers: Net Profit Rs 5.34 cr vs Rs 2.5 cr, Q1 Revenue Rs 50.9 cr vs Rs 31.2 cr (YoY) 

HDFC AMC: Net Profit at Rs 604.0 cr vs Rs. 541.0 cr, Revenue at Rs 775 cr vs Rs 695 cr (YoY) 

JNK India: Company has received a significant order from JNK global company 

CESC: Purvah Green Power Ltd Signs Framework Agreement for Wind Capacity with Suzlon Energy Ltd 

Landmark Cars: June Quarter Revenue Rs 1,166 Cr vs 935 Cr, Growth Of 24.71% (YoY)

RVNL: Company receives letter of acceptance from East Coast Railway for a project worth Rs 160 crore. 

Emkay Global: Investor Dolly Khanna Name Apperas With 1.63% Stake in Co during Q1

Tata Steel: Company plans to double manufacturing capacity to 40 MTPA. 

Zee Entertainment: Company receives shareholder approval with requisite majority to raise Rs 2,000 crore

Vedanta QIP: Base fund raise of Rs 5,016 cr with an upsize option of Rs 1,672 cr 

SJS Ent: Goldman Sachs increased stake to 4.41% from 4.22% 

Ganesh Green Bharat: Camellia bought 141600 at Rs. 398.00 of company. 

ERIS Life: Franklin bought 1094201 at Rs. 1,000.04 of company. 

JTEKT: BNP Paribas Investments increased stake to 2.16% from 2.11%

Timken: HSBC Funds increased stake to 1.23% from 1.11% 

Taneja Aerospace/TAAL Enterprises: The rationalization of GST on MRO will attract investment of around 1000 crores in next 3-4 years. 

Data Patterns: HSBC Funds name appears with 1.35% stake. 

Hariom Pipes: Malabar Fund increased stake to 9.17% from 5.62%. 

GMR/ Adani Ent: Government aims to further double the airports in India from existing 150: Aviation Minister. 

Ujaas Energy: Board approves issuance of 1 bonus share for every 4 share held 

Den Networks: Net Profit at Rs 46 cr vs Rs. 43 cr, Revenue at Rs 248 cr vs Rs 273 cr (YoY) 

TNPL: Company appoints Sandeep Saxena as Chairman and MD 

Sheetal Cool Products: Net Profit at Rs 7.44 cr vs Rs. 8.10 cr, Revenue at Rs 124 cr vs Rs 135 cr (YoY) 

Spice Jet: Net profit at ₹126.9 cr vs loss of ₹6.2 cr, Revenue down 19% at ₹1,738.4 cr vs ₹2,145 cr (YoY) 

Benares Hotels: Net Profit at Rs 6.4 cr vs Rs 6.3 cr, Revenue at Rs 23 cr vs Rs 25.5 cr (YoY) 

Udaipur Cement: Net loss at Rs 10.28 cr vs profit of Rs. 4.2 cr, Revenue at Rs 325 cr vs Rs 246 cr

Balakrishna Industries Company completes setting up of mould manufacturing plant at its Bhuj unit with a capex of Rs 300 crore 

Unichem Laboratories: U.S. FDA completes inspection at company’s Goa formulation facility, issues 5 observations 

Federal Bank: Bank to Consider Q1 Results on July 24 

Sun Pharma: Board Meeting on Aug 1 to Consider Q1 Results

JP Associates: Adani Eyes Jaypee Cement Assets through IBC

Equitas SFB: Company approves appointment of Narayanan N R, K S Sampath & Ramkumar Krishnaswamy as independent directors. 

Jio Fin: Net Profit at Rs 313 cr vs Rs. 332 cr, Revenue at Rs 420 cr vs Rs 414 cr (YoY). 

Adani Ports: GQG Partners increased stake to 4.12% from 4.07% 

One 97 Communication: Paytm gets administrative warning from SEBI

Oil upstream stocks: Windfall Tax on Crude rise to ₹7,000/tonne from ₹6,000/tonne w.e.f. July 16, 2024

Telecom Stocks: Supreme Court to urgently hear curative petition against an earlier court order regarding AGR dues.

US Markets ended on a firm note on Monday with two of the three major indices moving on to record fresh highs aided by strong buying across various counters, optimism about interest rate cuts by the Fed, and the likelihood of Donald Trump winning the upcoming presidential election. Early today, the Asian markets started mostly on a negative note after the US Fed Chairman Jerome Powell indicated overnight that the central bank is looking for greater confidence that inflation will drop to 2% levels, thereby citing ‘long and variable legs’ in policy effects. Domestically, Indian indices might start on a flat to positive note amid steady global cues and the market back in the earnings season. In the commodity market, gold saw a rise, inching towards a two-month high. However, the oil prices moved down on worries about a slowing Chinese economy crimping demand. Domestically, the investors will keep a close watch on the markets as the result season has kicked off and gauge their decisions for the upcoming year.

The benchmark index opened 84 points higher in its previous trading session. However, despite the initial gain, the index fluctuated within a narrow range of 112 points, lacking any clear momentum throughout the day. It closed without showing a definite direction. Interestingly, despite the lacklustre index movement, the overall market and momentum breadth remained positive. With 5-day EMA acting as immediate support, the index is anticipated to continue to attract bullish strength on sustenance above the average line on a closing basis.

Sup: 24500-24380-24330

Res: 24600-24700-24800

- HDFCLIFE remains focused on maintaining a balanced product mix, with an emphasis on product innovation and superior customer service. Growth in lower-tier cities will be in focus with the expansion of HDFC Bank’s branch network and the deepening of HDFCLIFE’s branch network.

- Persistency improved across cohorts, which will keep the renewal premium growth healthy. The company aims to double its APE/VNB over the next four years. Surrender charges are likely to bring in new commission constructs, and hence, distributor adaptability will be critical.

- We have raised our APE growth estimates but lowered our VNB margin assumptions, based on the 1Q performance and guidance. We now estimate HDFCLIFE to deliver an ~18% VNB CAGR over FY24-26 and steady margin in the range of 25-26%. Maintain BUY with a TP of INR750 (premised on 2.5x Mar’26E EV).

Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on July 15

U.S. stocks ended higher on Monday, as traders increased their bets on the possibility of a Donald Trump victory in November’s U.S. presidential election following a failed assassination attempt against Trump over the weekend. The growing probability that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September also helped feed risk appetite.

The Indian government has raised the windfall tax on petroleum crude to 7,000 rupees per metric ton from 6,000 rupees, with effect from July 16.

Following Monday’s weaker-than-expected China GDP print, Goldman Sachs lowered its forecast for China’s full-year gross domestic product to 4.9% from 5%, while JPMorgan cut its predictions from 5.2% to 4.7%.

Bitcoin hit a two-week high Monday, as betting markets suggested an increased chance of victory for crypto-friendly candidate Donald Trump in the U.S. presidential election. The value of the world’s biggest cryptocurrency, bitcoin, was up 6.2%% at $63,622.09, according to CoinGecko.

Asia-Pacific markets open mixed on Tuesday as traders in Asia react to Federal Reserve Chair Jerome Powell’s comments that the central bank will not wait until inflation hits 2% to cut interest rates.

Nifty ended at a fresh closing high in the first session of the week tracking sharp gains in large PSU stocks. At close, Nifty was up 0.35% or 84.6 points at 24586.7. Nifty formed a doji after a rise suggesting caution at higher levels. In the recent past, such formations did not result in continuous declines. Nifty could stay in the 24494-24635 band for the near term.

MS on VBL: Maintain Overweight on Company, raise target price at Rs 1701/Sh (Positive) 

JP Morgan on Bharti Hexacom: Initiate Overweight on Company, target price at Rs 1280/Sh (Positive) 

GS on HDFC Life: Maintain Buy on Company, raise target price at Rs 765/Sh (Positive) 

Jefferies on HDFC Life: Maintain Buy on Company, target price at Rs 750/Sh (Positive) 

HSBC on HDFC Life: Maintain Buy on Company, raise target price at Rs 760/Sh (Positive) 

Citi on HDFC Life: Maintain Buy on Company, raise target price at Rs 735/Sh (Positive) 

MS on HDFC Life: Maintain Overweight on Company, raise target price at Rs 790/Sh (Positive) 

Jefferies on HDFC AMC: Maintain Buy on Company, raise target price at Rs 4900/Sh (Positive) 

Citi on Vodafone Idea: Maintain Buy on Company, target price at Rs 23/Sh (Positive) 

GS on Torrent Pharma: Maintain Buy on Company, raise target price at Rs 3125/Sh (Positive) 

GS on Neuland Labs: Maintain Buy on Company, raise target price at Rs 10200/Sh (Positive) 

JP Morgan on Gas stocks: Data from the PPAC and CEA suggests LNG imports increased meaningfully in April / May due to higher demand from power plants. Prefer Petronet, MGL and IGL (Positive) 

MS on Apollo Tyre: Maintain Equal weight on Company, target price at Rs 472/Sh (Neutral) 

MS on HDFC AMC: Maintain Equal weight on Company, target price at Rs 3640/Sh (Neutral) 

HSBC on HDFC AMC: Maintain Hold on Company, target price at Rs 4030/Sh (Neutral) 

CLSA on HDFC Life: Maintain Outperform on Company, target price at Rs 700/Sh (Neutral) 

Macquarie on HDFC Life: Maintain Neutral on Company, target price at Rs 560/Sh (Neutral)

Crude oil futures traded lower on Tuesday morning following the slowing down of economy in China. At 9.06 am on Tuesday, September Brent oil futures were at $84.64, down by 0.25 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $80.61, down by 0.28 per cent. July crude oil futures were trading at ₹6831 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹6847, down by 0.23 per cent, and August futures were trading at ₹6755 against the previous close of ₹6770, down by 0.22 per cent.

Indian stocks are expected to open on a flat note and remain lacklustre through the day. According to analysts, as Wednesday is a trade holiday due to Muharram, traders will keep their positions light. However, the undertone remains strong, they added. The focus is now on ongoing results and the upcoming Budget, experts said. Read more

Hindustan Unilever Ltd. on Monday announced that it has entered into a deal with the Indian division of A.O. Smith to sell its water purification business for an enterprise value of ₹601 crore, equivalent to $72 million. Read more

India’s inclusion in Bond Indices will help supplement Balance of Payments surplus while ensuring incremental ‘Indianisation’ of global hot money, says SBI’s Economic Research team. Monthly net inflows into FAR (fully accessible route) securities have already touched ~Rs 90,000 crore during October’23-June’24 post the announcement of inclusion of these securities in JP Morgan’s JP Morgan’s Government Bond Index-Emerging Markets-Global Diversified (GBI-EM-GD) Index, according to SBI’s Economic Research team.

Though Indian bonds continue to remain on a watch list by another major index provider, FTSE Russell (which cited criteria around taxation, FPI registration and settlement process for Indian markets) for inclusion in its Emerging Markets Government Bond Index (EM-GBI), the next annual revision due could put a strong case for the Index managers, with the FOMO (Fear of Missing Out) effect as global trading platforms like MarketAxess, Bloomberg and Tradeweb, working closely with CCIL, are now awaiting the RBI’s approval for new launches: SBI’s Eco Research Team

Several global marquee funds, at present clients of multiple indices forming a passive investment channel, and taking proxy exposures to India via instruments such as total returns swaps and supranational bonds, have evinced keen interest to enter the most rapidly growing Large Economy directly, indicating incremental Indianisation of global flows, and making the country compete directly with China in AXJ (Asia Ex Japan) category with foreign ownership in its bonds standing a tad above $750 billion: SBI’s eco research team

Ex-Dividend 18 July 2024 (Thursday)

Last date for Cum-Dividend Today

Advanced Enzyme Technologies Ltd

Dividend Per Share Rs.1.1

Previous day Closing Price – Rs. 377.45

Amara Raja Energy & Mobility Ltd

Dividend Per Share Rs.5.1

Previous day Closing Price – Rs. 1597.65

Arvind Smartspaces Ltd

Special Dividend Per Share Rs.1

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 695.85

Asm Technologies Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 1616.4

Bliss Gvs Pharma Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 116

Can Fin Homes Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 878.4

Golkunda Diamonds & Jewellery Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 193.15

Gpt Healthcare Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 165.55

Kanoria Energy & Infrastructure Ltd

Dividend Per Share Rs.0.05

Previous day Closing Price – Rs. 36.54

Nelcast Ltd.

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 148.25

Newgen Software Technologies Ltd

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 1036.4

Panasonic Energy India Company Ltd.

Dividend Per Share Rs.8.85

Previous day Closing Price – Rs. 527.9

Praj Industries Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 722.85

Precision Camshafts Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 188.2

Tanla Platforms Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 997.75

Thangamayil Jewellery Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1767.7

Ultramarine & Pigments Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 447.3

Uti Asset Management Company Ltd

Special Dividend Per Share Rs.23

Dividend Per Share Rs.24

Previous day Closing Price – Rs. 1072.6

KPI Green Energy Ltd

Stock Split From Rs.10/- to Rs.5/-

Previous day Closing Price – Rs. 1942.75

Ex - Stock Split 18 July 2024 (Thursday)

Last day trade for before split Today

Paytm believes it acted in compliance with SEBI regulations. SEBI warning related to its related party transactions 

BSE Sensex-30 (P/E 24.48) + 146 (80,665) 🔼🫤

BSEmidcap-150 (P/E 42.63) + 123 (16,347) 🔼🙂

BSE small cap-250 (P/E 34.50) + 23 (7,145) 🔼🙂

Nifty-50 (P/E - 23.38) + 85 (24,587) 🔼🙂

Bank Nifty (P/E - 16.01) + 177 (52,456) 🔼🙂

India VIX + 0.46 (14.19) 🔼🙁

Fii Cash + 2,685 Crs 🙂

Dii Cash - 0,331 Crs 😑

New 10 Yrs G’Sec. Benchmark 7.10 GS-2034 (Rs. 100.845) YTM 6.9767 % 🔽🫤

Call 6.47 % (6.46 %) 🔼😑

TREP 6.34 % (6.33 %) 🔼😑

REPO 6.40 % (6.41 %) 🔽😐

T-Bill(3m) 6.76 % ↔️😶

BrntCrude 84.82 $/brl ₹. 6,870 ↘️

Gold Comex 2,417 $/oz ₹/10 gms 73,358 🔼

Silver Comex 30.96 $/oz 92,530 ₹/kg 🔼

$/₹ 83.59 🔽😑

€/₹ 91.13 🔽🙁

£/₹ 108.37 🔽😕

Baltic Dry Fright index (Friday) + 50 (1,997) ↗️

DJIA Future + 218 (40,219) 🔼🙂

US Tech 100 Future + 83 (20,416) 🔼🙂

GIFT Nifty - 17 (24,638) 🔽😑

NET PROFIT 612M RUPEES VS 324M (YOY)

REVENUE 6.99B RUPEES VS 5.44B (YOY)

EBITDA 897.2M RUPEES VS 509.5M (YOY)

EBITDA MARGIN 12.84% VS 9.37% (YOY

NET PROFIT AT 1293 CR V 882 CR (YOY)

OPERATING PROFIT UP 4 % TO 2294 CR (QOQ)

PROVISON UP 1 % TO 950 CR (QOQ)

GROSS NPA AT 1.85 % V 1.88 % (QOQ)

NET NPA AT 0.20 % V 0.20 (QOQ

NET PROFIT 1.1B RUPEES VS 1.6B (YOY) 

DECLINE IN PROFIT OF 31.25% FROM PREVIOUS

EBITDA 1.49B RUPEES VS 2.2B (YOY) 

EBITDA MARGIN 69.64% VS 79.85% (YOY)

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

Recent Interview...

As of 06:52 AM Monday 15 July 2024

HCL Tech: Pratik Aggarwal, CFO

HCL Tech Q1 Earnings: Mild Beat On Margins, Revenue | Here’s What Management Has To Say

https://www.youtube.com/watch?v=BBXE_yJfD6k

LT Foods: VK Arora, CMD

LT Foods Biz: Co Eyeing Revenue From UK Facility, What’s The Expansion Plan Of Biz In UK Market?

https://www.youtube.com/watch?v=OCiI0KNhS30

Puravankara: Abhishek Kapoor, Group CEO

Puravankara: Co’s Pre-Sales Affected Q1 Earnings, How Will Realty Demand Trend Be Improved Ahead?

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

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

* ABFRL

* CHAMBAL

* GMRINFRA

* GNFC

* HINDCOPPER

* INDIACEM

* INDUSTOWER

* RBLBANK

The company is already sitting at a net cash position of INR11.8b which can suffice the core business growth. 

The additional funds of upto INR20b will provide the strategic flexibility in evaluating opportunities. 

The company hasn’t announced any plans at this point, but there may be potential to a) explore international markets, b) expansion in the linear space, c) fund Zee5 or other OTT acquisition, etc. 

Together with Sony, the combined company was even aiming an higher fund raise of INR 130b.

Hindustan Unilever has decided to divest its Water Purification business, currently operating under the “Pureit” brand. This sale includes the associated trademarks, copyrights, intellectual properties, identified assets, and contracts, all of which will be transferred to A. O. Smith India Water Products Private Ltd as a going concern on a slump sale basis.

Key details of the transaction: 

Revenue contributed by division: For the FY2023-24, the Water Purification business, which is part of the HUL Home Care division, generated a turnover of ₹2,930m, accounting for less than 1% of HUL’s total turnover. 

•Date of sale agreement signing: 15th July, 2024

•The expected date of completion of sale/disposal: Estimated period of 3 months

•Details of buyers: A. O. Smith India Water Products Private Limited is the Buyer entity involved in the Transaction. It is a subsidiary of A. O. Smith Corporation, USA.

•Consideration received from such sale/disposal: The enterprise value of the business has been estimated at $72m (INR ~6,010m).

15 July 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 131749.37 + 9733.25 Total: 141482.62

F&O Volume: 527523.79 + 15972955.72 Total: 16500479.5

Provisional Cash

FII/FPI: NET BUY: +2684.78 

(14857.07 - 12172.29) 

DII: NET SELL: -331.00 

(15033.05 - 15364.05)

Tata Steel has embarked on transformation journey by adopting advanced manufacturing techniques and this will lead to unavoidable job losses, especially in the UK. Read more

Shareholders of Zee Entertainment Enterprises (ZEE) have passed the resolution for issuance of securities for an amount not exceeding ₹2,000 crore with requisite majority. Read more

Footwear major Bata India, which has been witnessing increasing interest for opening of its franchise stores, has crossed the milestone of 500 franchise outlets for the first time. Read more

With Consumer Price Index (CPI)-based inflation back at over 5 per cent to touch 5.1 per cent in June 2024, Barclays Research expects Reserve Bank of India (RBI) to stay hawkish and go in for first interest rate cut in December only. Read more

Bank of Maharashtra (BoM) reported a 47 per cent jump in first quarter net profit at ₹1,293 crore on the back of healthy growth in net interest income and non-interest income and sharp decline in provision for taxes. Read more

The Supreme Court has rejected a plea to review its January 3 verdict upholding the Securities and Exchange Board of India (SEBI) investigation into allegations of share price manipulation and failure to disclose transactions in violation of the regulations and securities’ laws raised by US-based Hindenburg Research against the Adani Group. Read more

The short-term outlook for Bank of Maharashtra is bullish. The stock has begun the week on a strong note by surging over 5 per cent on Monday. This rise has taken the stock well above an important resistance at ₹67. Prior to this rise, the stock has formed a strong base above ₹63. Read more