Share Market Highlights 18th November 2024: Sensex closes at 77,339.01, Nifty 50 down 0.34% to 23,453.80

The rupee recovered from its all-time low level and settled with a gain of 6 paise at 84.40 (provisional) against the US dollar on Monday, backed by a retreating American currency.

Forex traders said, the recovery in the local unit was capped by the unabated withdrawal of foreign funds amid lacklustre sentiment in the domestic equity markets as well as an upward movement in crude oil prices.

At the interbank foreign exchange, the rupee opened at 84.42 and touched the intra-day high of 84.37 against the greenback during the session. It finally settled at 84.40 (provisional) against the dollar, up 6 paise from its previous close.

Read more here.

Benchmark stock indices Sensex and Nifty continued their decline on Monday owing to unabated foreign fund outflows, selling in IT stocks and weak leads from the US markets.

The 30-share BSE Sensex dropped by 241.30 points or 0.31 per cent to settle at 77,339.01, registering its fourth day of decline. During the day, it fell 615.25 points or 0.79 per cent to 76,965.06.

Falling for the seventh day in a row, the NSE Nifty dipped 78.90 points or 0.34 per cent to 23,453.80.

From the 30-share Sensex pack, Tata Consultancy Services, Infosys, NTPC, HCL Technologies, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance Industries were the major laggards.

Tata Steel, Hindustan Unilever, Mahindra & Mahindra, Nestle and State Bank of India were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,849.87 crore on Thursday, according to exchange data.

Foreign investors have pulled out ₹22,420 crore from the Indian equity markets so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising US dollar as well as Treasury yields.

With this sell-off, Foreign Portfolio Investors (FPIs) have recorded a total outflow of ₹15,827 crore in 2024 so far. (PTI)

Top gainers: 

Hindalco (3.79%), Hero Motocorp (2.69%), Tata Steel (2.33%), Nestle India (1.47%), HUL (1.46%) 

Top losers: 

TCS (-3.11%), Dr Reddy’s (-2.75%), Infosys (-2.65%), BPCL (-2.62%), Cipla (-2.38%)

ONGC NTPC Green Pvt Ltd, has been incorporated on November 18 as 50:50 joint venture of NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited and ONGC Green Limited (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited. 

NTPC stock traded at ₹367.15 on the NSE, down by 1.44%.

Manba Finance Limited had executed a Memorandum of Understanding with Piaggio Vehicles Pvt Ltd (PVPL), a wholly-owned subsidiary of the Italian automotive giant Piaggio Group and a leading manufacturer of small commercial vehicles in India for extending financial assistance and / or credit facilities for New Three Wheeler Loans to eligible borrowers under the various schemes.

Shares surge 3.06% on the BSE to ₹148.

Major gainers:

Hindalco (3.80%), Hero Motocorp (2.68%), Tata Steel (2.16%), HUL (1.39%), Nestle India (1.33%) 

Major losers: 

BPCL (-3.24%), TCS (-3.05%), Infosys (-2.71%), Wipro(-2.67%), Trent (-2.67%)

Stocks advanced on BSE at 3 pm on November 18, 2024, were 1,638 against 2,422 stocks that declined, and 141 remained unchanged. Total stocks traded were 4,201. 

The number of stocks that recorded a 52-week high was 164, and those that hit a 52-week low was 185. A total of 365 stocks traded in the upper circuit, and 437 in the lower circuit.

Ashoka Buildcon emerged as the Lowest Bidder (L-1) for a NHAI project. The quoted Bid Price for the Projects is ₹2,791 Crore, exclusive GST. 

Shares trade flat on the NSE at ₹229.30.

State Bank of India (SBI) raised ₹10,000 crores today at a coupon rate of 7.23% through its seventh infrastructure bond issuanceStock trades flat on the NSE at ₹810.30. 

Zinka Logistics Solutions IPO has been subscribed 1.22 times as at 2.12 pm on November 18, 2024. The QIBs have been subscribed 1.71 times, NIIs 0.13 times, retail portion 1.38 times, and those reserved for employees 8.54 times. The issue closes today.

Shares trade flat on the NSE at ₹658.65.

Rail Vikas Nigam Limited has received Letter of Acceptance from South Central Railway for “Engineering Procurement Construction (EPC) Contract of Doubling of Track between Navipet station (Excl) from Km 446.900 to Indalvai Station (Incl) Km 482.900 (33.70 km), {Excluding Nizamabad Yard from Km 458.825 to 461.125 (i.e.) 2.3 Km} including Electrification & Signaling works in of South-Central Railway in connection with Mudkhed-Medchal Doubling Project in the State of Telangana.” 

Shares trade flat on the NSE at ₹419.40

UltraTech Cement, an Aditya Birla Group company, will deploy 100 new Electric Vehicles for transporting material and products in its logistics operations.

The country’s largest cement company aims to deploy 500 electric trucks by next June as part of the Government’s eFAST initiative.Read full report here

Suzuki Motor Corporation, a Japanese multinational mobility manufacturer, and Tata Elxsi, a global leader in design and technology services, have inaugurated the ‘SUZUKI-TATA ELXSI Offshore Development Center’ in Pune, India.

Tata Elxsi stock rose 2.06% on the NSE to ₹6,506

Read full report here

Bharat Global Developers Ltd today announced an 8:10 bonus share issue and a 1:10 stock split at its board meeting in Ahmedabad. Under the bonus issue, shareholders will receive eight new equity shares for every ten shares held, while the stock split will divide each ₹10 share into ten shares of ₹1 eachRead full report ​here​

- Gold prices soften ahead of wedding season

- Gold prices are now lower than key global markets

“Gold prices are down over 7% from the peak in global markets and over 3% in domestic markets. This will relieve buyers in India. We are amid a wedding season, and gold buying is key to wedding celebrations. 

Gold prices are falling largely due to the rising inflation in the US that has dimmed hopes of a rate cut by the US Fed. Gold prices tend to rise in a low interest rate regime, hopes of a rate cut fading and a rising US Dollar is keeping prices lower. The rising US Dollar makes buying gold more expensive, thereby impacting demand.

The fall in the price of gold in India has put it on par with key global markets. The prices in key Middle-East countries are elevated due to the rising geopolitical tensions between Israel, Palestine, Iran, and Ukraine, Russia.

Gold prices are expected to trade at current levels in the short to medium term. Prices will eventually recover to their recent highs as geopolitical tensions fade, and interest rates are softened by the US Fed and the RBI in the first half of CY25.”

Nippon India Mutual Fund has launched two new passive funds on Nifty auto and realty indices. Both the funds will invest in the securities of their respective underlying indices.

Passive funds have several inherent advantages for investors, such as low cost, diversification through a single unit and transparency, as both the funds will mirror their respective indices.

Mirae Asset Investment Managers (India) Pvt. Ltd. announced the launch of Mirae Asset Long Duration Fund -- an open-ended debt scheme investing in instruments such that the Macaulay duration of the portfolio is greater than 7 years. The New Fund Offer (NFO) will open for subscription on November 21, 2024, and will close on December 02, 2024.

Pointing out that preparations for direct stock listings on exchanges at GIFT City in Gujarat have been completed, the unified regulator - International Financial Services Centres Authority or IFSCA - said that the direct listings are expected to happen by January or February 2025.

Equity benchmarks recovered from early morning losses on Monday, as strong performance in metal stocks helped offset weakness in technology shares during mid-day trading. 

The 30-share BSE Sensex traded at 77,654.64, up 74.33 points or 0.10 per cent from its previous close, while the broader NSE Nifty50 gained 26.60 points or 0.11 per cent to reach 23,559.30 around 12.30 PM.

ABB India shares trade flat on the NSE at ₹6,709.15. Company on Friday received a warning letter from stock markets regulator SEBI for violation of insider trading rules by two of its employees.

L&T Technology Services Limited (LTTS) announced today a strategic collaboration with the Colorado Smart Cities Alliance (CSCA) to advance smart city development projects across Colorado. The partnership aims to integrate LTTS’s engineering expertise with CSCA’s urban development initiatives.

The shares of L&T Technology Services Limited (LTTS) were trading at ₹5,068.95 down by ₹101.05 or 1.95 per cent on the NSE today at 12.06 pm.

EKI Energy Services Limited announced that its indoor solar cooking device ‘Surya Nutan’ distribution project for tribal and underprivileged regions of India is now being supported by a pilot grant from the Bill & Melinda Gates Foundation (BMGF). 

EKI Energy stock trades at ₹221.50 on the BSE, down by 3.34%.

Read full report here

Major gainers:

Hindalco (4.39%), Hero Motocorp 4.36%), Tata Steel (1.86%), Adani Ports (1.30%), Coal India (1.10%) 

Major losers:

Wipro (-3.66%), Infosys (-3.21%), TCS (-3.10%), Trent (-2.67%), NTPC (-2.16%)

Stocks advanced on BSE at 12 noon on November 18, 2024, were 1,576 against 2,370 stocks that declined, and 155 remained unchanged. Total stocks traded were 4,101. The number of stocks that recorded a 52-week high was 146, and those that hit a 52-week low was 171. A total of 309 stocks traded in the upper circuit, and 417 in the lower circuit.

Hero MotoCorp shares gained 4.36% on the NSE to ₹4,804.70. Its consolidated profit after tax increased 6% y-o-y to ₹1,066 crore for the quarter ended on September 30, 2024, driven by higher sales. 

Waaree Energies shares climbed 4.08% on the NSE to ₹3,036.40 as at 11.37 am. Track live movements of Waaree Energies stock here.

Wipro (-3.66%), TCS (-3.45%), Infosys (-3.27%), LTIMindtree (-3.22%)

Zinka Logistics SolutionsIPO has been subscribed 0.38 times as at 11.15 am on November 18, 2024. The QIBs have been subscribed 0.26 times, NIIs 0.06 times, retail portion 1.17 times, and those reserved for employees 7.24 times. The issue closes today.

Wardwizard Innovations & Mobility Limited has announced a strategic joint venture with SpeedForce, a leading two-wheeler service chain of India.

Wardwizard stock trades flat on the BSE at ₹43.01

Bharat Global Developers board has recommended issue of bonus shares in the ratio of 08: 10, and has recommended sub-division of equity shares to face value of Rs. 1.00 per equity share from the existing face value of Rs. 10.00 per equity shares. 

Shares hit upper circuit on the NSE at ₹1,210.40

The fall in Nifty 50 continues. The index has opened the week on a weak note. It is currently trading at 23,422, down 0.47 per cent. The advances/declines ratio is at 18:32. This is negative and indicates that more fall could be on the cards for the day.

Shares of gas distribution companies such as Indraprastha Gas, Mahanagar Gas, and Gujarat Gas fell sharply in early trade on Monday following the reduction of Administered Price Mechanism (APM) allocation for the second straight month. “Not only does this deal a severe blow, but now market is likely to build in more cuts,” Nuvama Institutional Equities analysts said.

Bank Nifty began today’s session with a gap-up at 50,312 versus last week’s close of 50,180. The index is currently hovering around 50,350, up 0.35 per cent at the end of the first hour of trade.

The advance/decline ratio of the index stands at 7/5. IDFC First Bank, up 1.8 per cent, is the top gainer whereas Bank of Baroda, down 1.4 per cent, is the top loser.

Equity benchmarks extended their losses on Monday, with the Nifty50 sliding below 23,400 levels in early trade, as technology and healthcare stocks faced selling pressure amid weak global cues and concerns over delayed interest rate cuts in the US.

The Sensex opened higher at 77,863.54 from its previous close of 77,580.31 but has declined sharply, trading at 77,034.10 as of 9.45 AM, down by 546.21 points or 0.70 per cent.

Likewise, the Nifty opened at 23,605.30 compared to its previous close of 23,532.70 and is currently at 23,370.20, losing 162.50 points or 0.69 per cent continuing their six-session losing streak.

The shares of Honasa Consumer Limited were trading at ₹297.25, down by 74.30 or 20 per cent on the NSE today at 10:05 am, hitting its 52-week low.

Honasa Consumer Limited, the parent company of Mamaearth, reported a 6.9 per cent decline in revenue to ₹462 crore for the quarter ended September 30, 2024, due to a one-time inventory correction during its distribution model transition. The company posted a net loss of ₹19 crore for the quarter.

Gold prices rose after last week’s sharp declines, amidst updates from President Biden’s administration increasing the Geo-political premium in market and also as rally in dollar paused. Market participants reacted to reports suggesting that President Biden’s administration has allowed Ukraine to use U.S.-made weapons to strike deep into Russia, in a significant reversal of Washington’s policy in the Ukraine-Russia conflict. 

On data front, U.S. retail sales increased slightly more than expected in October, highlighting the economy’s resilience. US headline inflation also was reported better than expectations at 2.6% raising questions over Fed’s rate cut stance ahead. Governor Powell comments and few other U.S. central bank officials are expected speak this week. 

Strong U.S. economic and inflation data continue to reshape the debate among Fed policymakers over the pace and extent of rate cuts as investors last week further downgraded their expectations for a rate reduction in December. Markets now see a 62% chance of a 25-basis-point rate cut in December, down from 83% a day before, according to the CME Fed-watch tool. Along with Fed officials comments, focus this week will also be on the preliminary Manufacturing and Services PMI data from major economies.

MGL: 1127.0 Down 14.10% 

IGL: 345.0 Down 14.98% 

GUJGAS: 452.5 Down 7.3%

Major gainers:

Hero Motocorp (3.96%), Hindalco (3.46%), HDFC Bank (1.22%), Bajaj Finance (0.88%), Coal India (0.87%)

Major losers:

Dr Reddy’s Lab (-3.26%), Infosys (-2.39%), Wipro (-2.24%), Apollo Hospitals (-2.02%), HCL Tech (-1.73%)

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Researchbytes Events Update

As of 09:18 AM Monday 18 November 2024

Can set alert for them at www.researchbytes.com 

8:30 AM Glenmark

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9:00 AM Nazara Techno

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10:30 AM Sterling Tools

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11:00 AM Divgi TorqTrans

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11:00 AM Monte Carlo

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11:00 AM S H Kelkar

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11:00 AM HOEC

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11:30 AM Capacite Infra

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12:00 PM Fratelli Vineyards

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JPM on City Gas

Downgrade MGL to Neutral from OW, TP cut to Rs 1300

Downgrade IGL TO UW, TP cut to Rs 343

APM gas allocations for IGL & MGL have been cut 18-20% again (effective 16 Nov).

This comes after an unexpected c.20% reduction in Oct. 

Cos will have to scramble for alternate gas at higher costs, which will affect margins further

Cut IGL /MAHGL FY25-26 PAT forecasts 11-25% and reduce valuation multiples

CITI on CITY Gas

IGL/MGL notified of another 20% APM allocation cut w.e.f. Nov 16th

Assuming no excise duty relief, est cuts could necessitate price hike of >Rs7/kg (10%), a challenge to fully pass-through without impacting economics of CNG; introduce further earnings risks

Jefferies on CITY Gas

Downgrade MGL to U-P, TP cut to Rs 1130

Downgrade IGL To U-P, TP cut to Rs 295 from Rs 390

For 2nd month in a row, govt. lowered APM allocation to CNG players by 20%, suggesting cheap domestic gas will soon be taken away fully

CLSA on HAL

O-P, TP Rs 4731

2QFY25 Ebitda up 6% but PAT up 20% YoY

Despite delay in Russian aircraft & helicopter orders, its decadal pipeline remains US$45bn

View large helicopter & SU 30 orders in 2HFY25 and visibility on the GE engine deal as key catalysts

Jefferies on HAL

Buy, TP Rs 5500

Jefferies on hal

2QFY25 EBITDA rose 7% YoY, with margins up 37 bps at 27.5% on 6% YoY rev growth

Higher-margin service income seems to have contributed, especially given later aircraft deliveries on back of delay in engines from tie-up with GE

CLSA on Fusion Fin

U-P, TP Cut to Rs 155 from Rs 260

Q2 Net loss of Rs3.05bn higher than expectation as its credit cost was higher than guidance at 28.6% Management has taken accelerated provisions & tightened its underwriting norms, making it stricter than regulatory guardrails

Macquarie on Thermax

U-p, TP Rs 3700

2Q underlying margins were weaker than headline as recurring EBITDA/PAT missed estimates

Recurring margins for Industrial Infra (48% of 2Q revenue) remained a drag.

2Q orders were led by relatively low-margin industrial infra

JPM on Honasa

UW, TP cut to Rs 330

Poor Q2 with Rev declining sharply (-7% y/y) resulting in EBITDA/PAT loss of Rs 307/186mn

Besides inventory correction impact, management acknowledged moderating underlying growth for flagship Mamaearth brand 

Sharply reduced FY25-26E earnings

While higher inventory correction & loss was disappointing, founders’ comment on reworking playbook creates further uncertainty

Stk would be under pressure & holders looking to exit may feel stuck given low liquidity

CLSA on DLF

Upgrade to O-P, TP raised to Rs 870

As per channel checks with property brokers in NCR market, DLF has received (EOIs) for 100+ units (out of total 420 units) worth Rs80bn+ (cUS$1bn) in its uber-luxury project, ‘The Dahlias.’

Also, conversion rate for customers so far has been c80%.

Such demand is unprecedented, considering ticket size of such apartments are upwards of Rs800m/unit (US$10m+)

Likely sales so far are higher than assumptions for FY25

Rs. 10,000 crore IPO of NTPC Green Energy Ltd , a wholly owned subsidiary of NTPC Limited, a ‘Maharatna’ central public sector enterprise, will be announced this evening.

The approximate size of the anchor is Rs 4,000 crore

Crude oil futures traded higher on Monday morning due to the increase in tensions between Russia and Ukraine. At 9.11 am on Monday, January Brent oil futures were at $71.38, up by 0.48 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $67.21, up by 0.43 per cent. November crude oil futures were trading at ₹5676 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5669, up by 0.12 per cent, and December futures were trading at ₹5698 against the previous close of ₹5679, up by 0.33 per cent.

Jefferies on Thermax: Maintain Buy on Company, target price at Rs 6100/Sh (Positive)

Nomura on Hero Motocorp: Maintain Buy on Company, raise target price at Rs 5805/Sh (Positive)

Jefferies on Hero Motocorp: Maintain Buy on Company, target price at Rs 5500/Sh (Positive)

ICICI on Vatech: Maintain Buy on Company, raise target price at Rs 1980/Sh (Positive)

Equirus on Swiggy: Initiate Add on Company, target price at Rs 450/Sh (Positive)

MS on Muthoot Fin: Upgrade to Equal weight Buy on Company, raise target price at Rs 1600/Sh (Positive)

MS on Zomato: Maintain Overweight on Company, target price at Rs 355/Sh (Positive)

CLSA on CG Consumer: Maintain Outperform on Company, target price at Rs 500/Sh (Positive)

CLSA India Strategy: Pouncing Tiger, prevaricating Dragon; reversing the earlier tactical allocation shift from India to China (Positive)

Citi on Grasim: Maintain Buy on Company, cut target price at Rs 3100/Sh (Neutral)

Emkay on Deepak NTR: Maintain Reduce on Company, target price at Rs 2600/Sh (Neutral)

Emkay on PI Ind: Maintain Reduce on Company, target price at Rs 3900/Sh (Neutral)

Citi on Vodafone Idea: Maintain Buy on Company, target price at Rs 13/Sh (Neutral)

Jefferies on Bharat Forge: Maintain Underperform on Company, target price at Rs 1100/Sh (Neutral)

Citi on Bharat Forge: Maintain Sell on Company, target price at Rs 920/Sh (Negative) 

GS on Honasa: Downgrade to Neutral on Company, cut target price at Rs 375/Sh (Negative) 

Jefferies on MGL: Downgrade to Underperform on Company, cut target price at Rs 1130/Sh (Negative) 

Jefferies on IGL: Downgrade to Underperform on Company, cut target price at Rs 295/Sh (Negative) 

Citi on Gujarat Gas: Maintain Sell on Company, target price at Rs 490/Sh (Negative)

•Fixed Income

The New 10-Year Benchmark GOI 6.79 2034 traded between 6.77% - 6.83% during the week ending on 15th Nov 2024 (Closing yield: 6.8294%).

The Old 10-Year Benchmark GOI 7.10 2034 traded between 6.82% - 6.86% during the week ending on 15th Nov 2024 (Closing yield: 6.8645%), tracking movement involved around Currency, Crude Oil, US Treasury Yields and the Inflation data.

•Auction Highlights

RBI conducted the Auction for G-sec, SDL, and T-bills for the aggregated amount of INR 37,000 Crore, INR 5,400 crore and INR 19,000 Crore, respectively. 

G-sec Cutoff: 

7.04% GS 2029: 100.91/6.8026%

New GS 2039: 6.92%

7.09% GS 2054: 100.68/7.0339%

SDL Cutoff:

07 Years: GJ 7.05% 

09 Years: GJ 7.08%, \u0009

13 Years: HR 7.12% 

15 Years: HP 7.13%, TS 7.13%

Re-issue of 7.17% Jammu and Kashmir SDL 2029 issued on September 18, 2019 at 100.43/7.0604%

T-Bill Cutoff:

091 Days: INR 7000 Crore 98.4199/6.4395%

182 Days: INR 6000 Crore 96.8051/6.6188%

364 Days: INR 6000 Crore 93.8118/6.6145%\u0009

•Commodities:

1)Brent Crude Oil: $70.72-$74.13 (Per barrel) (Closing: $71.04)

2)Gold: INR 7,565-INR 7,876 24 Carat (1 Gram)

3)Silver: INR 89,500-INR 93,000 (1 KG)

•Currency:

1)USD/INR: 84.337-84.478 ($) (Closing: 84.424)

•US Treasury Yield:

1)US 2 Years Treasury: 4.24%-4.37% (Closing: 4.30%)

2)US 5 Years Treasury: 4.21%-4.38% (Closing: 4.31%)

3)US 10 Years Treasury: 4.31%-4.50% (Closing: 4.44%)

•Corporate Bond Highlights

1)AAA 3 Years Bond traded between 7.45%-7.50% this week.

2)AAA 5 Years Bond traded between 7.40%-7.45% this week.

3)AAA 10 Years Bond traded between 7.25%-7.30% this week.

•News Highlights

INDIA

1)India’s foreign exchange reserves experienced a decrease of $6.4 billion, settling at $675.65 billion by November 8th. The decline was primarily attributed to a drop in Foreign Currency Assets, while gold reserves saw an increase. Despite this dip, India maintains its position as the fourth largest holder of foreign exchange reserves globally.

2)India’s retail inflation accelerated to a 14-month high of 6.21 per cent on an annual basis in October, quickening from 5.49 per cent in the previous month and breaching the central bank’s tolerance ceiling, primarily driven by persisting high food prices. Food inflation, which makes up around half of the overall Consumer Price Index (CPI) basket, surged to 10.87 per cent in October, up from 9.24 percent in the previous month. Rural inflation also quickened to 6.68 per cent, compared to 5.87 per cent in September, while urban inflation rose to 5.62 per cent from 5.05 per cent the previous month

3)India’s industrial output rebounded in September, growing 3.1%, after contracting 0.1% in August - a 22-month low - driven by a favourable base effect and pre-festive season stocking that boosted manufacturing, official data released on Tuesday showed. For the quarter ending September, IIP growth was at a seven-quarter low of 2.6% due to high base effect and weather vagaries. The growth was 4% in the first half of the current financial year, down from 6.2% in the corresponding period last year.

4)India’s Wholesale Price Index (WPI)-based inflation increased in October to a four-month high of 2.36 per cent from 1.84 per cent in September, primarily on the back of a spike in the prices of food items, particularly vegetables. Inflation in wholesale food prices increased to 13.54 per cent during the month.

5)India’s merchandise exports in Oct rose by an impressive 17.3%, highest in over two years, to $39.2 billion, while the trade deficit widened to $27.1 billion. According to govt data released on Thursday, imports increased by 3.9% to $66.3 billion in Oct compared to $63.9 billion in the year-ago period. A key highlight is the performance of non-petroleum and non-gems exports, a crucial indicator of India’s manufacturing health. These exports jumped 27.7% to $31.36 billion in October. The trade deficit (gap between imports and exports) narrowed as compared to $30.4 billion recorded in Oct last year.

6)India’s outward FDI commitments rose to $3.24 billion in October 2024, compared to $2.55 billion in October 2023 but declined from $3.77 billion in September 2024, according to RBI data. Equity commitments stood at $655.84 million in October 2024, down from $993.35 million a year earlier and $817.64 million in the previous month. Debt commitments surged to $1.24 billion, significantly higher than $248.4 million in October 2023 and $1.16 billion in September 2024. Guarantees remained steady at $1.33 billion in October 2024, compared to $1.31 billion a year ago, but were lower than $1.79 billion in September 2024. Outbound FDI includes equity, loans, and guarantees.

7)India’s merchandise exports are likely to grow 1.85% year-on-year to $107.5 billion in the third quarter of FY25, led by sustained momentum in economic activity and improving demand prospects in trading partners supported by expected global monetary easing, India Exim Bank said on Tuesday. Non-oil exports are forecast to grow 7.39% a year to $91.7 billion, while non-oil and non-gems and jewellery exports are forecast to amount $82.7 billion, with 7.8% growth.

8)India’s net direct tax collection grew 15.4 per cent year on year to Rs 12.1 lakh crore during the period April 1-November 10. Direct taxes include corporate and personal tax. It grew over 21 per cent to Rs 15 lakh crore, up 21.20 per cent, on a gross basis during the period, a statement issued by the income tax department said. This includes net corporate tax of Rs 5.10 lakh crore and non-corporate taxes of Rs 6.62 lakh crore. Other taxes worth Rs 35,923 crore were mopped up.

9)India’s Securities Transaction Tax (STT) collection has surged to ₹36,000 crore between April and November 2024, nearing 97% of the current fiscal year’s budget estimate of ₹37,000 crore.

10)Foreigners have sold 82.1 billion rupees ($973 million) of Indian government bonds, which are part of the JPMorgan index, so far in November, according to clearing house data on Thursday. A rise in U.S. yields along with a stronger dollar have driven the selling, traders and analysts said.

11)To facilitate ease of onboarding of Foreign Portfolio Investors (FPIs) and reduce duplication, SEBI will allow FPI applicants to fill either a full Common Application Form (CAF) or an abridged version with pre-filled data from the depository system, effective three months from the circular date. Applicants must consent to use and verify the accuracy of the pre-filled data, with updates allowed as needed. This aims to streamline the process, especially for FPIs like sub-funds or schemes under Investment Managers, whose information is already in the CAF module.

12)RBI and SEBI have introduced a framework allowing Foreign Portfolio Investors (FPIs) to reclassify their investments as Foreign Direct Investments (FDI) once they exceed the 10% ownership threshold in an Indian company. This offers FPIs the choice to either divest or reclassify their holdings, with necessary approvals. The reclassified investments will remain FDI even if the ownership falls below 10%. This change is expected to encourage foreign investments, especially in startups and mid-cap firms, while introducing tax obligations and approval timelines

13)Indian corporates, including non-banking financial companies (NBFCs), filed proposals in September 2024 to raise $4.84 billion through External Commercial Borrowings (ECBs), according to RBI data. Of the total, $3.77 billion is planned via the automatic route, while $1.06 billion is sought through the approval route. This highlights the continued reliance on ECBs for funding amid evolving market conditions.

14)Motilal Oswal Financial Services (MOSL) reported that the total number of demat accounts in India reached 179 million as of October 2024. However, new account additions experienced a dip, with 3.5 million accounts added in October 2024 compared to the average monthly additions of 3.9 million year-to-date for FY25.

15)The monthly mutual fund SIP crossed the Rs 25,000 crore mark for the first time in October and stood at Rs 25,323 crore against Rs 24,509 crore in September. The mutual fund folios were at all-time highs of 21,65,02,804 in October. The retail mutual fund folios, which include equity, hybrid, and solution-oriented schemes, were also at an all-time high at 17,23,52,296 for October as compared to 16,81,61,366 for September.

16)Moody’s Ratings on Friday forecast a 7.2 per cent GDP growth for India in 2024, saying the Indian economy is in a sweet spot, but inflation risks may prompt the RBI to retain a relatively tight monetary policy this year. Moody’s said that despite the near-term uptick, retail inflation should moderate toward the Reserve Bank’s target in the coming months as food prices ease amid higher sowing and adequate food grain buffer stocks.

17)The Employees’ Provident Fund Organisation witnessed a 7.6% jump in number of contributing members in 2023-24 at 73.7million compared to 68.5 million in the preceding years while the number of contributing establishments went up by 6.6% to 0.76 million as against 0.71 million in 2022-23, shows the draft annual report of EPFO for 2023-24.

18)India’s bilateral trade with China stood at $10.7 billion during October, witnessing 0.46 per cent contraction amid a slowdown in the neighbouring country, commerce department data showed. The contraction was mainly driven by exports as outbound shipments to China contracted 9.5 per cent at $1.15 billion, even as India’s overall exports bounced back in October and saw a double-digit growth of 17 per cent.

19)State Bank of India (SBI) has increased its marginal cost of funds-based lending rate (MCLR) by 5 basis points in three tenors – three months, six months and one year. With effect from November 15, the MCLR for three months and six months will be 8.55 per cent (8.50 per cent earlier) and 8.90 per cent (8.85 per cent), respectively.

WORLD

1)In a monthly report on Tuesday, OPEC revised its global oil demand growth forecasts downward for 2024 and 2025, citing weaker demand in China, India, and other regions. The 2024 growth estimate was reduced to 1.82 million barrels per day (bpd) from 1.93 million bpd in October, marking the fourth consecutive downgrade. The 2025 forecast was cut to 1.54 million bpd from 1.64 million bpd.

2)In his recent speech, Federal Reserve Chair Jerome Powell stated that the U.S. economy does not indicate an immediate need to lower interest rates, reaffirming the Fed’s commitment to achieving a 2% inflation target. Powell highlighted strong economic performance, a solid labor market, and the gradual normalization of housing services inflation. The Fed projects core PCE inflation to rise to 2.8% in October from 2.7% in September. He emphasized a cautious approach to policy adjustments and reiterated the Fed’s apolitical stance, stating that decisions are not influenced by political considerations. Powell also noted the Fed’s preparation to use emergency tools in case of financial instability.

3)America’s national debt has surpassed $36 trillion for the first time in its history, the US Debt Clock – a website monitoring the nation’s finances in real time reported on Friday. The figure grew by nearly 6% from January to November, increasing by $1 trillion in less than four months. In late July, the US Treasury announced that it had surpassed $35 trillion.

4)The US consumer price index increased to 315.66 points in October, according to the Bureau of Labor Statistics, which increased from 315.30 points in September.

5)Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 217,000 for the week ended Nov. 9, the Labor Department said on Thursday. Economists polled by Reuters had forecast 223,000 claims for the latest week.

6)The annual inflation rate in the US accelerated to 2.6% in October 2024, up from 2.4% in September which was the lowest rate since February 2021, marking the first increase in inflation in seven months. On a monthly basis, CPI rose by 0.2%, consistent with the previous three months. The annual core consumer price inflation rate stood at a three-month high of 3.3%, unchanged from the previous month.

7)The US producer price index for final demand rose 0.2% in October after an upwardly revised 0.1% gain in September, the Labor Department’s Bureau of Labor Statistics said on Thursday. Economists polled by Reuters had forecast the PPI climbing 0.2% following a previously reported unchanged reading in September.

8)October retail sales grew from the prior month, reflecting continued resilience in the American consumer. Retail sales rose 0.4% in October. Economists had expected a 0.3% rise in spending, according to Bloomberg data. Meanwhile, retail sales in September were revised up to a 0.8% increase from a prior reading that showed a 0.4% increase in the month, according to Census Bureau data. Auto sales drove a majority of the gains in October’s reading, with sales in the sector rising 1.6%.

9)The U.S. budget deficit jumped nearly four-fold to $257 billion in October, a figure inflated by one-off factors, the Treasury Department said on Wednesday in a report that started off a new fiscal year with a big hole to be turned over to President-elect Donald Trump in January. The Treasury said the October deficit was up 287% from the $67 billion deficit in October 2023, but calendar adjustments in benefit payments had cut that month’s deficit nearly in half.

10)In November, the ZEW Economic Sentiment Index for the eurozone declined from 20.1 points in October to 12.5, missing the market’s expected figure of 20.1. Similarly, views on the eurozone’s current situation fell, with the index decreasing by 3.0 points to -43.8.

11)In September 2024, the Eurozone’s industrial production decreased by 2.8% year-on-year (YoY), compared to the same month in 2023. This was more than the 2.0% drop that economist had predicted.

12)In the third quarter of 2024, seasonally adjusted GDP increased by 0.4%8 in the euro area and by 0.3% the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. The employment *increased by 1.0% in the euro area and by 0.8% in the EU in the third quarter of 2024, after +0.9% in both areas in the second quarter of 2024.

13)The United Kingdom’s (UK) ILO Unemployment Rate ticked up to 4.3% in the three months to September, following 4.0% in August, the data published by the Office for National Statistics (ONS) showed on Tuesday. The market expected a 4.1% reading in the reported period.

14)In September 2024, the UK’s trade deficit widened to £3.46 billion, up from £2.02 billion in August. Goods imports fell by £3.0 billion (6.3%), with declines in both EU and non-EU imports, while goods exports dropped by 5.8% to a 28-month low of £68.20 billion. Services imports rose slightly by £0.2 billion (0.8%), whereas services exports declined by £0.1 billion (0.3%), contributing to the overall trade imbalance.

15)UK gross domestic product (GDP) is estimated to have increased by 0.1% in Quarter 3 (July to Sept) 2024, following growth of 0.5% in Quarter 2 (Apr to June) 2024. GDP is estimated to have increased by 1.0% in Quarter 3 2024, compared with the same quarter a year ago.

16)Industrial Production in the UK Decreased by 0.5% (MoM) in September. Monthly production output was estimated to have decreased by 0.5% in September 2024; this follows a decrease of 0.7% in July 2024 and an increase of 0.5% in August 2024.

17)Manufacturing Production in the United Kingdom decreased 0.70 percent in September of 2024 over the same month in the previous year. Manufacturing Production in the United Kingdom averaged 1.86 percent from 1950 until 2024, reaching an all-time high of 35.50 percent in April of 2021 and a record low of -20.50 percent in April of 2020

18)The Bank of Japan said on Wednesday the preliminary Producer Price Index rose 3.4 percent from the same month last year. That compares to a 3.1 percent increase in September. The costs of goods traded between companies in Japan were up in October. This was due mainly to higher prices of rice and copper. Monthly, producer prices rose by 0.2%, beating consensus of a flat reading and following an upwardly revised 0.3% gain in September.

19)Japan’s economy expanded by an annualized 0.9% over the July-September quarter, government data showed on Friday, slowing from the previous three months due to tepid capital spending though an unexpected pickup in consumption added a bright spot.

20)Industrial Production in China increased 5.30 percent in October of 2024 over the same month in the previous year. Industrial Production in China averaged 11.04 percent from 1990 until 2024, reaching an all-time high of 35.10 percent in January of 2021 and a record low of -21.10 percent in January of 1990.

The Indian CGD sector outlook has become murkier with further APM gas allocation cut by the Government/nodal agency (GAIL). IGL/MGL has reported 20%/18% additional cuts wef 16-Nov on top of the ~20% cut earlier on 16-Oct, while Adani Total Gas (not rated) has indicated a 13% cut. While structural decline in APM allocation for the CGD sector is inevitable, the significant ~35% cut in the last one month with no proper policy communication is a negative. CGD companies highlighted post-Q2FY25 that the October cut was a major one with gradual cuts likely hereon and that prices would be hiked post-festive season to partially recover lost margins. 

However, no action has been seen so far and with this additional cut, the margin outlook has deteriorated with no near-term clarity on the course of action. Media reports quoting MOPNG officials have stated GoI asking for cost breakup, highlighting the high margins of CGDs vs OMCs, before green signaling them for retail price hikes (at least Rs4.5-5/kg required), which could add to negative sentiments. In the absence of price hikes, we estimate a 46%/25% hit on IGL/MGL’s EBITDA/scm vs Q2 run-rate which is Rs3.5/8 and against the latest guidance of Rs6-7/10-12, and our earlier estimate of Rs6.7-6.9/10.5-10.8. Excise duty alignment between CNG, petrol and diesel can be done to avoid CNG price hikes amid a USD70-75/bbl oil price scenario, if the current margins and return ratios of CGDs are to be protected. Due to the lack of clarity, we now assume a 14% RoE model for both IGL/MGL (in line with original open access regulations) vs 17%/18% earlier estimated for FY26-27E and cut our SA EPS by 17%/25%. Our TP for IGL/MGL reduces 18%/26% to Rs385/1,400 and we downgrade IGL/MGL to REDUCE/ADD from Add/Buy earlier. 

We await further commentary from companies and GoI to assume a less conservative scenario. IGL is currently trading at 2.3-2.6x FY25-26E adjusted P/B and MGL at 1.7-1.8x, which at 14% sustainable RoE and potential 7-10% volume growth seems reasonable.

CFF

Interim Dividend - Rs. - 0.5000

EMAMILTD

Interim Dividend - Rs. - 4.0000

MANAPPURAM

Interim Dividend - Rs. - 1.0000

SUNDRMFAST

Interim Dividend - Rs. - 3.0000

Gift Nfity indicates a flat to negative start for Nifty futures on Monday. Analysts expect the market to witness lackadaiscal activity in the curtailed trading week. Markets will remain closed on Wednesday due to Maharashtra state election. 

According to analysts, market may open weak but may see a recovery during the later part of the day, as FPI may slowdown their selling activity.

The ₹1,114.72-crore IPO of Zinka Logistics Solutions Limited will close for public subscription today. The issue has so far subscribed only 0.32 time only with investors remaining somewhat lukewarm. The price band for the offer has been fixed at ₹259-273 a share. 

** Crucial for achieve sustained increase in real wages such as by raising productivity

** Market sentiment improving recently due to receding concern over U.S. economy

** We are still seeing conditions where markets could turn volatile depending on economic data, geopolitical risks

** We continue to be pay attention on whether volatile market moves could affect Japan’s economy, prices

** Uncertainty surrounding China’s growth pace is high

** Market sentiment has improved recently but market remains susceptible to economic indicators of various economies and media reports regarding geopolitical risks

** BOJ will continue to pay attention to whether fluctuations in global financial and capital markets will affect economic activity and prices in Japan

** Underlying inflation likely to continue rising moderately

** Will continue to raise policy rate, adjust degree of monetary support if economy, prices move in line with our forecasts

** Will make policy decision by updating our economic, price outlook with data, information available at the time

** Timing of rate hike will depend on economic, price and financial outlook

(as expected BOJ governor indicated for rate hike, however also highlighted that rate hike would be data dependent)

Prestige estates: Prestige Group acquires 22,135 sq. meters of land in Mira bhayandar Municipal Corporation (Positive) 

HCL Technologies: Company and Servicenow roll out AI labs, adding to HCL tech’s global network (Positive) 

Cyient: Company expands partnership with Allegro Micro Systems for magnetic sensors & power semiconductors for automotive industry (Positive) 

Happiest Minds: Company eyes H2 growth driven by $2 million Generative AI investment (Positive) 

GAIL: Company signs 10-year agreement with ADNOC gas for delivery of up to 0.52 MMTPA LNG, LNG to be delivered in six cargoes per year, starting in 2026 (Positive) 

EaseMyTrip: Company is investing Rs 39.2 Cr in Planet Education for 49% stake and Rs 100 Cr in Jeewani Hospitality for 50%. (Positive) 

Man Infraconstruction: MICL group realigns portfolio with strategic focus on Mumbai’s luxury segment, MICL group divested from phase 3 of project near Dahisar (Positive) 

East West Freight Carriers: Company has entered in service contract with Erhardt Project Cargo and Logistic Middle East UAE (Positive) 

IRB Infrastructure: IRB Infrastructure trust to offer 5 highway assets to IRB Invit fund, proceeds expected to fund new road pipeline of up to Rs 300 billion (Positive) 

R.P.P Infra Projects: Company secures order worth Rs. 38.32 crores for road and infrastructure development in Tamil Nadu (Positive) 

Nureca: Company signs distribution agreement with Zepto (Positive) 

Patel Engineering: Company aims to achieve 20% year-on-year revenue growth from FY26 onwards, says MD Kavita Shirvaikar. (Positive) 

Vatech: Company has secured a mega order worth ₹1,000 Cr for a 100 MLD Sea Water Desalination Plant from Indosol Solar Pvt. Ltd. for its Solar PV manufacturing facility in Andhra Pradesh. (Positive) 

ACME: Company gets Rs 3,753 cr loan from REC for FDRE projects in Rajasthan and Gujarat (Positive) 

Marico: Company says food inflation to moderate in next 2 quarters, expect double-digit revenue growth in H2 (PTI) (Positive) 

Hyundai Motor: Company bets on CNG vehicles, sees accelerated demand (PTI) (Positive) 

NALCO, Hindalco: Companies to remain in the spotlight as China announced that the export tax rebate for Aluminium and Copper products (Positive) 

PTC Industries: Net profit at Rs 17.3 cr vs Rs 8.1 cr, Revenue at Rs 72.4 cr vs Rs 57.5 cr (YoY) (Positive) 

EID Parry: Net profit at Rs 592 cr vs Rs 226 cr, Revenue at Rs 9330 cr vs Rs 6747 cr (YoY) (Positive) 

Expleo Solutions: Net profit at Rs 35.4 cr vs Rs 20.5 cr, Revenue at Rs 260 cr vs Rs 230 cr (YoY) (Positive) 

Glenmark Pharma: Net profit at Rs 350 cr vs Rs 200 cr, Revenue at Rs 3430 cr vs Rs 3210 cr (YoY) (Positive) 

Reliance Infra: Net profit at Rs 4080 cr vs Net Loss of Rs 294 cr, Revenue at Rs 7260 cr vs Rs 7150 cr (YoY) (Positive) 

Bombay Burmah Trading Corp: Net profit at Rs 250 cr vs Rs 122 cr, Revenue at Rs 4760 cr vs Rs 4500 cr (YoY) (Positive) 

Federal Mogul Goetze: Net profit at Rs 38.2 cr vs Rs 32.1 cr, Revenue at Rs 460 cr vs Rs 440 cr (YoY) (Positive) 

RMC Switchgear: Net profit at Rs 10.1 cr vs Rs 8.0 cr, Revenue at Rs 123.5 cr vs Rs 103 cr (YoY) (Positive) 

SH Kelkar: Net profit at Rs 40 cr vs Rs 29 cr, Revenue at Rs 522 cr vs Rs 412 cr (YoY) (Positive) 

AVG Logistics: Net profit at Rs 5.3 cr vs Rs 2.9 cr, Revenue at Rs 138 cr vs Rs 117 cr (YoY) (Positive) 

Suraj Estate: Net profit at Rs 31.8 cr vs Rs 17.0 cr, Revenue at Rs 110 cr vs Rs 100 cr (YoY) (Positive) 

Alicon: Net profit at Rs 17 cr vs Rs 14.5 cr, Revenue at Rs 463 cr vs Rs 381 cr (YoY) (Positive) 

Northern Spirits: Net profit at Rs 12 cr vs Rs 7 cr, Revenue at Rs 947 cr vs Rs 596 cr (YoY) (Positive) 

Shiv Texchem: Net profit at Rs 21 cr vs Rs 11 cr, Revenue at Rs 1030 cr vs Rs 612 cr (YoY) (Positive) 

Delhivery: Net profit at Rs 10.2 cr vs Net Loss of Rs 103 cr, Revenue at Rs 2190 cr vs Rs 1942 cr (YoY) (Positive) 

Sarda Energy: Net profit at Rs cr, Revenue at Rs 1160 cr vs Rs 1000 cr (YoY) (Positive) 

Kernex Microsystems: Net profit at Rs 6.85 cr vs Net Loss of Rs 4.4 cr, Revenue at Rs 41.2 cr vs Rs 1.4 cr (YoY) (Positive) 

Avanti Feeds: Net profit at Rs 114 cr vs Rs 74 cr, Revenue at Rs 1355 cr vs Rs 1278 cr (YoY) (Positive) 

Jay Shree Tea: Net profit at Rs 36.50 cr vs Rs 11.50 cr, Revenue at Rs 301.35 cr vs Rs 231.31 cr (YoY) (Positive) 

Garware Hi-Tech: Net profit at Rs 104.3 cr vs Rs 45.9 cr, Revenue at Rs 621 cr vs Rs 397 cr (YoY) (Positive) 

Muthoot Fin: Net profit at Rs 1251.1 cr vs Rs 991 cr, NII at Rs 2518 cr vs Rs 1858 cr (YoY) (Positive) 

Crompton Greaves: Net profit at Rs 125 cr vs Rs 97.2 cr, Revenue at Rs 1896 cr vs Rs 1782 cr (YoY) (Positive) 

Hero Motocorp: Net Profit at Rs 1204 crore versus poll Rs 1156 crore, Revenues at Rs 10463 crore versus poll Rs 10271 crore (Positive) 

Ashapura Mine: Net profit at Rs 44.3 cr vs Rs 59.3 cr, Revenue at Rs 600 cr vs Rs 554 cr (YoY) (Neutral) 

Tasty Bite: Net profit at Rs 10.1 cr vs Rs 11.4 cr, Revenue at Rs 156 cr vs Rs 145 cr (YoY) (Neutral) 

ITI: Net loss at Rs 70 cr vs Rs 126 cr, Revenue at Rs 1016 cr vs Rs 246 cr (YoY) (Neutral) 

GPT Healthcare: Net profit at Rs 105.66 cr vs Rs 107.97 cr, Revenue at Rs 14.82 cr vs Rs 13.50 cr (YoY) (Neutral) 

MTNL: Net loss at Rs 890 cr vs Rs 793 cr, Revenue at Rs 160 cr vs Rs 182 cr (YoY) (Neutral) 

Monte Carlo: Net profit at Rs 8.01 cr vs Rs 13.4 cr, Revenue at Rs 220 cr vs Rs 212 cr (YoY) (Neutral) 

Ahuwalia Contracts: Net profit at Rs 38.36 cr vs Rs 55.30 cr, Revenue at Rs 1010 cr vs Rs 900 cr (YoY) (Neutral) 

Swan Energy: Net profit at Rs 1.21 cr vs Rs 0.58 cr, Revenue at Rs 25.5 cr vs Rs 84.5 cr (YoY) (Neutral) 

Roto Pumps: Net profit at Rs 11.4 cr vs Rs 12.7 cr, Revenue at Rs 84.6 cr vs Rs 81.4 cr (YoY) (Neutral) 

Rama Steel: Net profit at Rs 4.0 cr vs Rs 6.2 cr, Revenue at Rs 260 cr vs Rs 203 cr (YoY) (Neutral) 

Amines & Plasticizers: Net profit at Rs 9.78 cr vs Rs 9.08 cr, Revenue at Rs 170 cr vs Rs 157 cr (YoY) (Neutral) 

Gufic Bio: Net profit at Rs 21.7 cr vs Rs 23.2 cr, Revenue at Rs 200 cr vs Rs 215 cr (YoY) (Neutral) 

GRP: Net profit at Rs 4.8 cr vs Rs 5.0 cr, Revenue at Rs 140 cr vs Rs 120 cr (YoY) (Neutral) 

Divgi: Net profit at Rs 7.8 cr vs Rs 10.7 cr, Revenue at Rs 54 cr vs Rs 69 cr (YoY) (Neutral) 

Asian Granito: Net profit at Rs 6.5 cr vs Rs 1.3 cr, Revenue at Rs 380 cr vs Rs 400 cr (YoY) (Neutral) 

Sobha: Net profit at Rs 26 cr vs Rs 15 cr, Revenue at Rs 934 cr vs Rs 741 cr (YoY) (Neutral) 

Shree Tirupati Balajee: Net profit at Rs 7.1 cr vs Rs 9.4 cr, Revenue at Rs 160 cr vs Rs 115 cr (YoY) (Neutral) 

Balaji Telefilms: Net profit at Rs 5.65 cr vs Rs 1.18 cr, Revenue at Rs 140 cr vs Rs 200 cr (YoY) (Neutral) 

Ultratech Cement: Company to raise funds by issuance of debentures worth up to Rs 30 billion, Company says issuance of debentures on private placement basis (Neutral) 

Timken India: Company expect total investment of around Rs 7 billion in new facility at Bharuch, (Neutral) 

Reliance Industries: Company and Disney announce completion of transaction to form JV to bring together the most iconic and engaging entertainment brands in India. (Neutral) 

Ujjivan Small Finance Bank: Bank’s board approves sale of NPA and written-off loans worth Rs 270 crore (Neutral) 

Tata motors: Company expects PV retail sales to sustain momentum in Q3 (PTI) (Neutral) 

SBI: Bank raises 1-year MCLR lending rate to 9% from November 15. (Neutral) 

Coal India: NCL plans to relocate township in MP having 600 MT of mineable coal underneath (PTI) (Neutral) 

Godrej Properties: Company denies allegations amid ED probe into fraud, money laundering claims (Neutral) 

Zee Entertainment: Board approves higher targets to evaluate performance of MD & CEO (Neutral) 

Brightcom: Company delays Q4 FY24 results, shares timeline for suspension revocation (Neutral) 

Dr Reddy/FDC: Recalling generic medications in the US market due to manufacturing iss195 cr vs Rs 141 ues. (Neutral) 

Samvardhana Motherson: Company aims to reduce debt in upcoming quarter, says COO Pankaj Mital. (Neutral) 

ABB India: Company gets warning letter from SEBI for insider trading by two designated persons of the Company (Negative) 

Vodafone Idea: Company says Rs 25,000-crore fundraising is delayed over AGR issue. (Negative) 

IGL: Company says Further reduction in gas allocation communicated by GAIL effective November 16. (Negative) 

Adani Total: GAIL further reduces allocation of APM gas by 13% effective November 16. (Negative) 

Reliance Power: SECI weighs criminal action over fake documents (Negative) 

RCom: Canara Bank classifies accounts of company and its arm, Reliance Telecom as ‘fraud.’ (Negative) 

Sterlite Tech: ICRA revises outlook to stable from Negative, downgrades rating to AA- from AA on select bank loan facilities. (Negative) 

Grasim: Net Profit at Rs 1108 crore versus Rs 2024 crore, Revenues at Rs 33563 crore versus Rs 30220 crore (Negative) 

GSFC: Company expects rising raw material costs to eat into its margins in second half of ongoing fiscal. (Negative) 

Honasa Cons: Net loss at Rs 19 cr vs Rs 29 cr, Revenue at Rs 462 cr vs Rs 496 cr (YoY) (Negative) 

JTEKT: Net profit at ₹19.5 cr vs ₹30.2 cr, Revenue at ₹605.3 cr vs ₹584 cr (YoY) (Negative) 

Shriram Properties: Net loss at Rs 0.79 cr vs Rs 20.1 cr, Revenue at Rs 140 cr vs Rs 210 cr (YoY) (Negative) 

Honda India Power: Net profit at Rs 8.54 cr vs Rs 31.2 cr, Revenue at Rs 180 cr vs Rs 280 cr (YoY) (Negative) 

Ratnamani Metals: Net profit at Rs 100 cr vs Rs 164 cr, Revenue at Rs 970 cr vs Rs 1131 cr (YoY) (Negative) 

Genus Paper: Net loss at Rs 0.4 cr vs profit Rs 4.1 cr, Revenue at Rs 210 cr vs Rs 190 cr (YoY) (Negative)

Trip. com Group Limited. (Post market) (Sector- Travel)

Symbotic Inc.. (Post market) (Sector- Robotics)

AECOM (Post market) (Sector- Infrastructure)

TENT Japan BOJ Gov Ueda Speaks

20.30 U.S. FOMC Member Goolsbee Speaks

The US dollar index continues to retain strength. The index rose 1.6 per cent last week. This rise has taken it well above the key resistance level of 106. The index touched a high of 107.06 before closing the week at 106.68.

Data released last week showed an increase in US inflation. The Headline Consumer Price Index (CPI) rose by 2.58 per cent (year-on-year) in October. This was up from the 2.41 per cent seen in September. Similarly, the Core CPI rose by 3.3 per cent (year-on-year) in October, up from 3.26 per cent in the previous month.

1. Durlax Top: EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 54% YoY from INR 38.6 Cr in Sep-23 to INR 59.4 Cr in Sep-24. Similarly, Net Profit up 48% from INR 2.3 Cr to INR 3.4 Cr. On a HoH basis, Sales up 14% and Net Profit up 95%.

2. Oriana Power: EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 5.6x YoY from INR 64 Cr in Sep-23 to INR 360 Cr in Sep-24. Similarly, Net Profit up 8.2x from INR 6 Cr to INR 49 Cr. On a HoH basis, Sales up 13% and Net Profit remained flat.

3. Rungta Irrigation: EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 79% YoY from INR 30.47 Cr in Sep-23 to INR 54.45 Cr in Sep-24. Similarly, Net Profit up 2.1x from INR 1.03 Cr to INR 2.19 Cr. On a QoQ basis, Sales up 79% and Net Profit up 72%.

4. Zaggle Prepaid: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 65% YoY from INR 184 Cr in Sep-23 to INR 303 Cr in Sep-24. Similarly, Net Profit up 2.5x from INR 8 Cr to INR 20 Cr. On a QoQ basis, Sales up 20% and Net Profit up 18%.

5. Izmo: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 31% YoY from INR 44.8 Cr in Sep-23 to INR 58.6 Cr in Sep-24. Similarly, Net Profit up 5.8x from INR 5.12 Cr to INR 29.9 Cr. On a QoQ basis, Sales up 23% and Net Profit up 5x.

6. Sigachi: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 26% YoY from INR 99 Cr in Sep-23 to INR 125 Cr in Sep-24. Similarly, Net Profit up 40% from INR 15 Cr to INR 21 Cr. On a QoQ basis, Sales up 30% and Net Profit up 62%.

7. Patel Engineering: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 15% YoY from INR 1021 Cr in Sep-23 to INR 1174 Cr in Sep-24. Similarly, Net Profit up 92% from INR 38 Cr to INR 73 Cr. On a QoQ basis, Sales up 7% and Net Profit up 33%.

8. Refex: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 50% YoY from INR 352 Cr in Sep-23 to INR 528 Cr in Sep-24. Similarly, Net Profit up 48% from INR 21 Cr to INR 31 Cr. On a QoQ basis, Sales down 11% and Net Profit up 7%.

9. Annapurna Swadisht: GOOD TO EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 56% YoY from INR 131 Cr in Sep-23 to INR 204 Cr in Sep-24. Similarly, Net Profit up 71% from INR 7 Cr to INR 12 Cr. On a HoH basis, Sales up 52% and Net Profit up 71%.

10. Pitti Engineering: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 42% YoY from INR 303 Cr in Sep-23 to INR 429 Cr in Sep-24. Similarly, Net Profit up 73% from INR 22 Cr to INR 38 Cr. On a QoQ basis, Sales up 10% and Net Profit up 2x.

11. Kay Cee Energy: GOOD TO EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 57% YoY from INR 24.13 Cr in Sep-23 to INR 37.86 Cr in Sep-24. Similarly, Net Profit up 79% from INR 2.79 Cr to INR 5 Cr. On a HoH basis, Sales down 6% and Net Profit up 33%.

12. NIBE: EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 3.3x YoY from INR 41.18 Cr in Sep-23 to INR 135.99 Cr in Sep-24. Similarly, Net Profit up 3.2x from INR 2.8 Cr to INR 8.89 Cr. On a QoQ basis, Sales up 24% and Net Profit up 13%.

13. Systematix Corporate Services: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 85% YoY from INR 20 Cr in Sep-23 to INR 37 Cr in Sep-24. Similarly, Net Profit up 11x from INR 2 Cr to INR 22 Cr. On a QoQ basis, Sales up 28% and Net Profit up 11x.

14. Party Cruisers: EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 66% YoY from INR 19.56 Cr in Sep-23 to INR 32.38 Cr in Sep-24. Similarly, Net Profit up 4.8x from INR 0.46 Cr to INR 2.23 Cr. On a HoH basis, comparison is not valid.

15. Jay Jalaram: EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 50% YoY from INR 219 Cr in Sep-23 to INR 329 Cr in Sep-24. Similarly, Net Profit up 15x from INR 0.2 Cr to INR 3 Cr.

16. Pratham EPC: GOOD TO EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 77% YoY from INR 35 Cr in Sep-23 to INR 62 Cr in Sep-24. Similarly, Net Profit up 60% from INR 5 Cr to INR 8 Cr. On a HoH basis, Sales up 77% and Net Profit up 60%.

17. Utssav CZ: EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 83% YoY from INR 156 Cr in Sep-23 to INR 285 Cr in Sep-24. Similarly, Net Profit up 43% from INR 7 Cr to INR 10 Cr. On a HoH basis, Sales up 55% and Net Profit up 67%.

18. Pace E- Commerce: EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 2x YoY from INR 13.22 Cr in Sep-23 to INR 26.49 Cr in Sep-24. Similarly, Net Profit up 5x from INR 0.27 Cr to INR 1.36 Cr. On a HoH basis, comparison is not valid.

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MNCL Research | La Opala – Q2FY25 First cut | Revenues marginally better than estimates, margins hit |

CMP: Rs.313| Rating – BUY | Target price – Rs 445 (under-revision)

The revenues for the quarter grew by 1.5% YoY to Rs 906mn (+24.4% QoQ).

The gross margins for the quarter declined by 1728bps (-1677bps) to 71.5%. OPM for the quarter declined by 632bps YoY (-429bps QoQ) to 32.3%. EBITDA for the quarter declined by 15.1% YoY (+9.8% QoQ) to Rs 293mn. 

PAT for the quarter declined by 22.9% YoY (+ 1.7% QoQ) to Rs.241mn.

We currently have a “BUY’ rating on the stock, with a target price of Rs 445 and will revisit our stance shortly.

Turnover: (NSE + BSE) 

Cash Volume: 85953.11 + 5993.43 Total: 91946.54 

F&O Volume: 454230.62 + 22065952.9 Total: 22520183.52 

Provisional Cash Rs. In Crs.

FII/FPI NET SELL: -1849.87 

(13003.06 - 14852.93)

DII NET BUY: 2481.81

(10200.35 - 7718.54)

Indices:

* Nifty 50: 23,532 🔻(-0.11%)

* Sensex: 77,580 🔻(-0.14%)

* India VIX: 14.78 🔻(-4.27%)

Sectoral Performance:

* Nifty Realty: +1.03%

* Nifty Media: +2.26%

* Nifty PSU Bank: -0.70%

* Nifty FMCG: -1.53%

Top Movers:

Gainers: Network18 Media & Investments ₹84 🟢(+8.79%), Eicher Motors ₹4,883 🟢(+6.43%)

Loser: SKF India ₹4,518 🔴(-7.41%)

Key News:

* Bajaj Steel secures ₹24 crore export order; stock closed at -5.01%.

* Cipla receives 8 USFDA observations; stock closed at -0.39%.

* Agro Tech Foods approves 100% stake acquisition in Del Monte; stock closed at -5.82%.

* Tata Power commissions 126 MW floating solar project; stock closed at +1.33%.

The outlook for Zomato is bullish. The stock has surged over 8 per cent last week. This marks the end of the corrective fall that was in place since the last week of September this year. It also indicates that a new leg of upmove has begun. Moving average cross overs on the daily chart also strengthens the bullish case. Immediate support is at ₹263. Below that ₹255-₹250 is a very strong support zone. Zomato share price can rise to ₹300-₹310 in the coming weeks.

The fall last week in the benchmark indices were more in line with our expectation. There is some support near current levels. So, the chance of a corrective bounce in the near term is a possibility. However, the trend is still down and so the upside is likely to be capped. Sensex, Nifty and the Nifty Bank index have room to fall more from here. But from a long-term perspective, the fall from here could be the last leg of this correction.