Share Market Highlights 19th November 2024: Sensex closes below 78,000 mark at 77,578.38, Nifty 50 closes at 23,518.50

Equity benchmark indices Sensex and Nifty bounced back on Tuesday after days of downtrend on value-buying at lower levels and rally in blue-chip stocks HDFC Bank, Tech Mahindra and M&M.

Snapping its four days of decline, the BSE benchmark Sensex climbed 239.37 points or 0.31 per cent to settle at 77,578.38. However, fag-end decline in Reliance Industries restricted the market rally. During the day, it zoomed 1,112.64 points or 1.43 per cent to 78,451.65.

The NSE Nifty also bounced back after falling in the past seven trading days. It went up by 64.70 points or 0.28 per cent to settle at 23,518.50.

From the 30-share Sensex pack, Mahindra & Mahindra, Tech Mahindra, HDFC Bank, Titan, Tata Motors, UltraTech Cement, Power Grid and Infosys were the biggest gainers.

In contrast, Reliance Industries, State Bank of India, Bajaj Finserv, Maruti, Tata Steel and Bharti Airtel were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,403.40 crore on Monday, while Domestic Institutional Investors (DIIs) bought shares worth ₹2,330.56 crore, according to exchange data. (PTI)

The rupee traded in an almost flat note and settled 1 paisa lower at 84.43 (provisional) against the US dollar on Tuesday, as support from positive domestic equity markets and lower crude oil prices was negated by strength of the American currency in the overseas market.

Forex traders said the Ukraine-Russia war took a new turn with Russia updating its nuclear doctrine and Ukraine aimed American missiles at Russia. Safe haven assets like Gold, JPY and CHF and to some extent dollar were bought and rupee felt the heat and was sold at the closing hours.

At the interbank foreign exchange, the rupee opened at 84.39 and stayed range-bound throughout the session. It finally settled at 84.43 (provisional) against the greenback, down 1 paisa from its previous close.

Read more here.

Top gainers on the NSE

M&M (3.15%), Tech Mahindra (1.88%), HDFC Bank (1.81%), Dr Reddy’s (1.66%), Eicher Motors (1.59%)

Top losers

SBI Life (-2.92%), Hindalco (-2%), Reliance (-1.85%), HDFC Life (-1.67%), SBI (-1.46%)

Sensex ended below 78,000 mark at 77,578.38, positive by 239.37 pts or 0.31%, and Nifty 50 ended at 23,518.50, up by 64.70 pts or 0.28%.

Sansera Engineering Limited announced that its associate company, MMRFIC Technology Private Limited, has received an award from iDEX Prime X Challenge for “200-Watt Ka band Solid State Power Amplifier (SSPA) for Satellite Ground Station.

Sansera Engineering stock was up 1.87% on the NSE to ₹1,483.95

Bharat Forge participates in contract negotiation process for Advanced Towed Artillery Gun System (ATAGS) with Ministry of Defence, Government of India.

Bharat Forge stock surged 3.37% on the NSE to ₹1,348.45

RBI on Tuesday cautioned the public on deepfake videos of its Top Management circulated over social media giving financial advice.

“It has come to the notice of Reserve bank of India that fake videos of the 

Governor are being circulated in social media that claim launch of or support to some investment schemes by the RBI. 

“These videos attempt to advise people to invest their money in such schemes, through use of technological tools,” per a RBI statement.

RBI clarified that its officials are not involved in or support any such activities and these videos are fake.

The central bank said it does not give any such financial investment advice. Members of the public, therefore, have been cautioned against engaging with and falling prey to such deepfake videos circulated over social media.

LTIMindtree announced a contract extension with Nexi Group, a leading European PayTech provider. 

LTIMindtree shares gained 1.31% on the NSE to ₹5,917.95

Aaron Industries (16.08%)

PG Electroplast (9.71%)

Jash Engineering (8.73%)

Cartrade (7.92%)

Federal Bank (4.07%)

Equity benchmarks continued their upward momentum on Tuesday afternoon, with the BSE Sensex climbing 995.52 points to 78,334.53 and the Nifty 50 rising 293.40 points to 23,747.20, marking gains of 1.29 per cent and 1.25 per cent respectively by 12:30 PM.

The market breadth remained firmly positive, with 2,891 stocks advancing compared to 945 declines on the BSE. A total of 3,951 stocks were traded, while 159 stocks hit 52-week highs against 55 touching 52-week lows. The session saw 319 stocks hitting upper circuit limits and 272 touching lower circuits.

Godawari Power And Ispat board has approved following transactions: 

To acquire up to 51% equity stake on fully diluted basis in Jammu Pigments Limited (JPL) for a consideration of Rs.255.00 Crores in one or more trenches, and

To cancel the proposed transactions with RG Pigments Private Limited (RGPL for acquisition of 74% stake in RGP 

Godawari Power stock trades flat on the NSE at ₹187.75

NTPC Green Energy IPO has been subscribed 0.19 times or 19% as at 12.36 pm on November 19, 2024. Track the live subscription status of NTPC Green Energy IPO here.

Akums Drugs and Pharmaceuticals Limited has entered into an exclusive Master Sales Agreement with Caregen Co., Ltd (“Caregen”), a leading South Korean company in Nutraceuticals segment. 

Shares surge 3.83% on the NSE to ₹574.20

Reliance Infrastructure stock gained 4.54% on the NSE to ₹265.70, and Reliance Power gained 4.98% to ₹35.83. 

Gems & Jewellery exports gain momentum, rises by 9.18% in October 2024; imports down by 14.65%

•Cut & Polished diamonds exports up by 11.32%; imports increased by 4.79% in October 2024

•Rough diamond imports declined by 24.3%

•Polished Lab Grown Diamonds exports increased by 1.27%

•Gold Jewellery exports increased by 8.8%

•Coloured Gemstone exports declined by 13.97% 

19th November 2024: As per the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall gross exports of Gems & Jewellery in October 2024 stood at USD 2998.04 million (Rs. 25194.410 crores) showing a growth of 9.18% compared to USD 2746.09 million (Rs. 22857.16 crores) for the same period last year. This can be considered as a relief for the Indian gems & jewellery industry after a stormy 2024 causing volatility in markets. 

The overall imports of Gems & Jewellery for October 2024 stood at USD 1486.53 million (Rs. 12489.33 crores) showing a decline of 14.65% as compared to USD 1741.77 million (Rs. 14496.03 crores) for the same period last year. The Indian jewellery traders and manufacturers are taking cautious steps and are more inclined to clear the existing inventory. The upcoming Indian wedding season along with holiday season in the west will together intensify the demand and thus we should say a rise in imports and exports both.

Commenting on the same, Mr. Colin Shah, MD, Kama Jewelry said, “The overall gems and jewellery exports witnessing a rise after a prolong period of sluggishness is a big relief for the industry. However, the geo-political tensions still remain a matter of concern for the Indian Gems and Jewellery industry. Hence, any major developments on the geopolitical front may hamper the trade activities. Hence, we hope that the countries in conflict come to a truce and normalcy prevails. Moreover, with elections already concluded in the key markets like US, the demand is expected to see some spike fuelled by robust buying sentiment which will be supported by holiday season.”

Tech Mahindra (3.32%), Mphasis (2.86%), TCS (2.48%), Coforge (2.47%), Wipro (2.13%)

Shares of NBCC (India) traded at ₹91.50 on the NSE, up 1.68%

Shares trade at ₹319.90 on the NSE, up 0.72%.

PGIM India Mutual Fund today announced the launch of PGIM India Healthcare Fund, an open ended equity scheme investing across equity and equity related securities of healthcare and pharmaceutical companies. The fund is benchmarked against BSE Healthcare TRI.

The New Fund Offer (NFO) opens for subscription on November 19, 2024 and closes on December 03, 2024. The scheme re-opens for continuous sale and repurchase on December 11, 2024.

Top gainers:

M&M (3.59%), Tech Mahindra (3.26%), Adani Ports (3.01%), Trent (2.87%), Tata Motors (2.82%)

Top losers:

SBI Life (-2.92%), HDFC Life (-2.78%), Bajaj Finserv (-1.30%), Hindalco (-0.51%), SBI (-0.48%)

Stocks advanced on BSE at 12 noon on November 19, 2024, were 2,893 against 901 stocks that declined, and 125 remained unchanged. Total stocks traded were 3,919. The number of stocks that recorded a 52-week high was 155, and those that hit a 52-week low was 55. A total of 304 stocks traded in the upper circuit, and 268 in the lower circuit.

International Conveyors Limited (ICL) announced on November 18, 2024, the acquisition of 110,715 equity shares in Globus Spirits Limited for ₹9.13 crore. The acquisition was completed on November 18, 2024, as part of ICL’s investment strategy.

The shares of International Conveyors Limited (ICL) were trading at ₹82.83 up by ₹1.03 or 1.26 per cent on the NSE today at 11.18 am.

Shilpa Medicare Limited’s 100% subsidiary, Shilpa Pharma Lifesciences Limited received certificate of suitability (CEP) from EDQM (European Directorate for the Quality of Medicines & Healthcare) for API, Nifedipine. 

Shilpa Medicare stock rose 3.90% on the NSE to ₹896.95

Religare Broking Ltd. has signed a Memorandum of Understanding (MoU) with FPSB India, joining as an Authorised Corporate Partner (ACP) to strengthen its commitment of offering client-centric financial services.

NTPC Green Energy IPO has been subscribed 0.11 times as at 11.03 am on November 19, 2024. NIIs subscribed 0.04 times, retail 0.47 times. employee portion 0.06 times, and reservation portion for shareholders 0.19 times. Track the live subscription status of NTPC Green Energy IPO here.

Top gainers:

Jindal Worldwide (12.58%), PGEL (9.49%), Dhani (8.52%), ZEEL (7.97%), RattanIndia (7.16%)

Top losers:

JSW Holdings (-5%), Thermax (-3.61%), Carborundum Universal (-2.56%), Garware Technical (-2.40%), ICICI Prudential (-1.88%)

Bhageria Industries board has approved proposal to incorporate four wholly-owned subsidiary companies to inter alia invest in solar business through Power Purchase Agreement (PPA).

Stock trades flat on the NSE at ₹199.90

•In terms of valuation, the IPO is priced aggressively at a P/E ratio of 264x as of FY 2024, which is significantly higher than its peers 

•The aggressive valuation suggests that the IPO may be suited for only investors with a high-risk appetite and investing for long term (3-5 yrs), GMP indicates minimal listing gains. 

•The company has commendable growth potential in a growing sector, its high valuation could pose risks for investors investing with a view of short-term gains.

Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors

Waaree Energies stock declined 3.42% on the NSE to ₹3,008, despite a 17% rise in consolidated net profit at ₹375.6 crore in the July-September quarter, aided by higher income.

Board has approved investment of upto ₹600 crore in its wholly owned subsidiaries for setting up and development of the Infrastructure (including land and connectivity) for the purpose of developing Renewable Power projects and bidding pipeline.

Nifty 50 has seen a strong bounce today. The index is currently trading at 23,698, up 1 per cent. It is important to see if this bounce is sustaining or not. The advances/declines ratio is at 44:6. This is clearly positive. It also indicates that Nifty can sustain higher and move up further during the day.

Bank Nifty began today’s session with a gap-up at 50,581 versus yesterday’s close of 50,364. The index is currently hovering around 50,730, up 0.7 per cent at the end of the first hour of trade.

Britannia stock trades flat on the NSE at ₹4,918.45. The Delhi High Court had ruled in favour of the company in a trademark infringement case against Desi Bites Snack, with regard to its premium product Good Day.

Indian equity benchmarks opened higher on Tuesday, rebounding from a seven-session losing streak, as positive global cues and bargain hunting lifted investor sentiment.

The Sensex opened higher at 77,548.00 from its previous close of 77,339.01 and has continued to gain momentum, trading at 78,145.14 as of 9.45 am, up by 806.13 points or 1.04 per cent.

Similarly, the Nifty opened at 23,529.55 against its previous close of 23,453.80 and is currently at 23,699.65, rising 245.85 points or 1.05 per cent.

The much-awaited ₹10,000-crore IPO of NTPC Green Energy opens today for public subscription at a price band of ₹102-108. Track the live subscription status of NTPC Green Energy IPO here.

HUL has received the Demand Order from Deputy Commissioner of State Tax, Special Circle, Kar Bhawan, Patna, imposing penalty of ₹3,57,794. 

Shares trade flat on the NSE at ₹2,423.50.

China has scrapped the export subsidy on aluminium & copper w.e.f 1 Dec’ 24. This will reduce Chinese exports, tighten global supply & increase prices. Aluminium prices saw the biggest surge in over a year. This benefits Indian producers Hindalco, Vedanta, NALCO, Hind Copper etc

V-Mart Retail informed that a fire accident took place at one of the Company’s store located at Ahmedabad, Gujarat, on Monday, November 18, 2024.

No loss or injury to human life but has resulted in some damage of inventory and assets at the store, which is being tabulated and is likely to be less then ₹1 crore.

Shares trade at ₹3,537.55 on the NSE, up 1.35%.

Bullion

Gold and silver rallied on Monday, buoyed by heightened geopolitical tensions and dollar profit-taking. Russia’s weekend strikes on Ukrainian power facilities and President Biden’s approval of Ukraine’s use of U.S.-supplied missiles added to the uncertainty. A Goldman Sachs report projecting gold to reach $3,000 per ounce by December 2025 further lifted sentiment. However, concerns over potential delays in Fed rate cuts may temper gains. Gold has support levels at $2,593–$2,578 and resistance at $2,628–$2,642. Silver is supported at $30.98–$30.75 with resistance at $31.42–$31.60. In INR terms, gold has support at ₹74,880–₹74,750, with resistance at ₹75,310–₹75,540. Silver has support at ₹90,080–₹89,550, and resistance at ₹91,350–₹91,980.

Crude oil

Crude oil prices rose during a highly volatile session, driven by supply disruptions in Norway and escalating tensions between Russia and Ukraine. Norway’s state-controlled Equinor announced the suspension of crude production at the Johan Sverdrup oil field following an onshore power outage, contributing to the upward pressure on prices. The increased tensions after a Russian strike on Ukrainian power facilities further supported crude prices. However, uncertainty surrounding potential Fed rate cuts and concerns over Chinese demand could cap gains. We expect crude oil prices to remain volatile in today’s session. Key support levels for crude oil stand at $68.85-68.10, with resistance at $69.95-70.55. In INR terms, crude oil has support at ₹5,770-5,700 and resistance at ₹5,890-5,940.

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Researchbytes Events Update

As of 09:20 AM Tuesday 19 November 2024

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Crude oil futures traded higher on Tuesday morning due to a halt in production in a Norway field and a decline in production in a Kazakhstan field. At 9.17 am on Tuesday, January Brent oil futures were at $73.48, up by 0.25 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $69.32, up by 0.22 per cent. November crude oil futures were trading at ₹5852 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5819, up by 0.57 per cent, and December futures were trading at ₹5869 against the previous close of ₹5836, up by 0.57 per cent.

Top gainers:

ONGC (3.74%), Trent (3.35%), BPCL (3.01%), M&M (2.84%), Tata Motors (2.28%)

Top losers:

SBI Life (-0.51%), Bajaj Finserv (-0.49%), Cipla (-0.36%), HDFC Life (-0.33%), Kotak (-0.20%)

The much-awaited ₹10,000-crore IPO of NTPC Green Energy opens today for public subscription at a price band of ₹102-108. The IPO is entirely fresh issue by the largest renewable energy public sector enterprise. Before the launch of IPO, NTPC was the only shareholder with 100 per cent stake.

While 75 per cent of the IPO portion is reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs) and the remaining 10 per cent for Retail Investors. The bid lot size for the IPO is 138 Equity Shares and in multiples thereof and the IPO will close on November 22. 

Besides, the company has reserved ₹200 crore worth shares for its employees and ₹1,000 crore (or 10 per cent of the issue size) for NTPC shareholders. Employees will get these shares a discount of ₹5 a share to the final issue price, it said.

As per NSE data, up to 92.59 equity shares will be offered for subscription. 

The Indian rupee closed little changed on Monday at Rs 84.39, according to Bloomberg data.

The currency had opened flat against the US dollar on Monday amid persistent pressure driven by continued FII outflows. It had closed at Rs 84.40 on Thursday.

Price band changes from 20% to 10%: KRN Heat Exchanger and Refrigeration.

Ex/record dividend: MRF, ESABINDIA, Vaibhav Global, Info Edge, Great Eastern Shipping Company, Saksoft, Precision Wires, Ashok Leyland, Chambal Fertilizers, Akzo Nobel, Safari Industries, Navneet Education, Cochin Shipyard, R Systems, Gujarat Pipavav Port, ONGC, Asian Paints, and Procter & Gamble Health.

Moved into short-term ASM: Kopran, Orient Technologies.

Moved out short-term ASM: Hercules Hoists

Wardwizard Innovations and Mobility: Promoter Yatin Sanjay Gupte created a pledge for 2.25 lakh shares on Nov. 14.

Steel Exchange India: Promoter Umashiv Garments Private Limited created a pledge for 2.27 crore shares on Nov. 14.

Globus Spirits: Elpro International sold 1.79 lakh shares (0.62%) at Rs 827.63 apiece.

PNB Housing Finance: Morgan Stanley Asia Singapore PTE sold 15.38 lakh shares (0.59%) at Rs 864.11 apiece.

Tilaknagar Industries: Societe Generale bought 18.16 lakh shares (0.94%) at Rs 338.65 apiece, while BOFA Securities Europe Sa sold 18.16 lakh shares (0.94%) at Rs 338.65 apiece.

Medplus Health Services: Pi Opportunities Fund - I sold 68.93 lakh shares (5.76%) at Rs 700 apiece; SBI Mutual Fund sold 10 lakh shares (0.83%) at Rs 700 apiece, while Kotak Mahindra Mutual Fund bought 30.71 lakh shares (2.56%) at Rs 700 apiece. Invesco Mutual Fund bought 30.71 lakh shares (2.56%) at Rs 700 apiece, and Franklin Templeton Mutual Fund bought 16.07 lakh shares (1.34%) at Rs 700 apiece. Morgan Stanley Asia Singapore Pte bought 1.42 lakh shares (0.11%) at Rs 700 apiece.

ICICI Bank +0.98%

HDFC Bank +0.68%

Infosys +0.33%

Wipro -0.30%

Dr Reddy’s Lab -0.49%

Nifty outlook:

Attempts to push higher seen yesterday were weak, resigning Nifty to the seventh day of negative close, the longest stretch of consecutive red candles since the ongoing downtrend began on 27th Sep. Nevertheless, we will retain revival hopes, with RSI appearing bottomed out, but will limit upside target to 23733-88 for now, awaiting further signals for the 24111 move. Alternatively, inability to float above 23565 could delay recovery moves, but a collapse is less expected today. - Read more

Derivative outlook:

Nifty weekly contracts have the highest open interest at 24000 CE and 21800 PE while monthly contracts have the highest open interest at 24000 CE and 23000 PE. The highest Ol addition was seen at 24000 CE and 21800 PE in weekly contracts and at 23500 CE and 22500 PE in monthly contracts. Flls increased their future index long holdings by 5.20%, increased future index shorts by 0.44% and in index options, 16.77% increase in Call longs, 7.25% increase in Call short, 27.31% increase in Put longs and 23.41% increase in Put shorts.

“We believe NTPC Green Energy Ltd IPO brings investors an opportunity to invest in a leading player of India’s renewable energy sector, backed by the formidable resources and expertise of NTPC Ltd. We think with a robust portfolio of 26,071 MW, including operational, contracted and pipeline projects, the company demonstrates strong growth potential. Its focus on long-term Power Purchase Agreements (PPAs) with government and public utilities ensures stable revenue streams, while its diversified geographical presence mitigates risk. We also think NTPC Green’s strategic expansion into green hydrogen, green chemicals and battery storage further enhances its growth prospects, positioning it at the forefront of India’s energy transition. By looking at the financials, the company has shown a substantial growth in revenue from operations of 1057% in FY 2024 and net profit by 101% in FY 2024. On valuation parse at the upper price band Rs. 108/-, the issue is asking a Market Cap of Rs. 91000 cr and based on FY 2025e annualised earnings and fully diluted post IPO paid-up capital, the company is asking for a PB of 4.96x and PE of 259.56x which appears aggressively priced. As Supported by NTPC’s financial strength and ambitious renewable energy targets, the company is well-equipped to capitalize on the increasing demand for sustainable energy solutions. Hence, looking at attributes we recommend only risk taking investors to “SUBSCRIBE” the NTPC Green Energy Ltd IPO for long term perspective only.”

“Zomato has exhibited a consistent upward move since June and made a high of 298 in September. A valid correction then followed with a lower top formation and then the stock made a low of 240 in November. Its KST, Aroon Up/Down and Demand Index indicators are positive. Recently, it also showed a symmetrical triangle breakout by a positive weekly price candle supported by volumes. After trading around the moving average for a while, Zomato is now clearly trading above its moving average. The target is 400 with support levels of 260, 254, and 248, where more shares can be accumulated. The stop loss would be 238.”

Oil and Natural Gas Corporation Ltd (Derivative Asset code –ONGC, Equity Scrip Code -500312) has informed Exchange that the Company has fixed November 20, 2024 as Record Date for the purpose of Payment of Interim Dividend at the rate of Rs. 6/- per equity share for the financial year 2024-25.

In view of the above, the Exchange shall make the necessary adjustments for all the available Futures & Options contracts on the underlying scrip Oil and Natural Gas Corporation Ltd (Derivatives Asset Code – ONGC) on Monday, November 18, 2024, the ‘ex-date’ being Tuesday, November 19, 2024.

A) Adjustments for Options Contracts:

The full value of dividend i.e. Rs. 6/- shall be deducted from all strike prices generated at the end of November 18, 2024 and adjusted strike prices shall be available for trading w.e.f. November 19, 2024.

B) Adjustments for Futures Contracts:

The adjusted futures price will be arrived at reference rate less dividend amount Rs. 6/-.

By Girishkumar Kadam, Senior Vice President & Group Head - Corporate Ratings, ICRA Limited

“The Administered Price Mechanism allocation for the City Gas Distribution (CGD) sector has been reduced further with effect from November 15, 2024, after a 20% reduction in allocation from October 16, 2024. Two consecutive reductions in APM gas allocation for the CNG sector have resulted in pressure on the margins of the CNG sales. In the near term, the demand will have to be met through spot LNG which is currently available at around $13-14/mmbtu, and in the medium term through Term LNG or HPHT gas. With the current reduction, the APM gas availability for the CNG segment has fallen to ~40-45% of the demand vis-a-vis ~70% prior to the reduction in October 2024. To maintain the contribution margins at earlier levels CGD entities would have to increase the retail prices of CNG by about Rs. 8.5-9.0/kg. ICRA believes the sharp rise in the cost of procurement would lead CGD players to take graded price increases. The expected price rise may result in slower growth in CNG vehicle registrations, which have been the key driver of CNG sales volume for the sector.”

“An important takeaway from the recent market trend is that a quick and sharp recovery is not in sight. The momentum that drove the market to its record peak of 26216 in September is gone. There can be recoveries which are unlikely to sustain given the selling mode of the FIIs and the concerns surrounding the weak earnings growth feared in FY25. At best the market may consolidate around the present levels with sideways movements. Sustained up moves will emerge only when incoming data indicates earnings recovery.

A significant trend is the sustained weakness emerging in a large number of mid and smallcaps. Hundreds of such stocks, which had run ahead of fundamentals, and driven by momentum are reverting to mean. Investors need not rush in to grab these stocks which have more downside potential. In contrast, quality largecaps are resilient and investors can stick to them.”

Nifty’s downward trend continued for the seventh consecutive session, falling below its 200-day moving average and now down nearly 10% from its peak. FIIs have pulled out a record ₹1.25 lakh crore since September 27, including ₹30,937 crore this November. WTI crude oil surged 3% to $69 per barrel following a production halt at Norway’s largest oilfield. Markets will be closed on November 20th for Maharashtra Assembly polls. With Nifty remaining vulnerable, recommended trades include selling Nifty and Bank Nifty on rallies, along with VOLTAS (CMP ₹1,696), AXIS BANK, and OBEROI REALTY, which are expected to face further downside pressure.

Open Positive Short-term View

Indus has corrected by 28% since announcing the share buyback on July 30. Since then, while the outcome of the AGR curative petition went against the telcos, the following key positives have been largely ignored, in our view: 1) Upcoming pickup in tenancies from Voda Idea starting 3QFY25E; 2) Acceleration in recovery of past dues from VI; 3) Declining capex aiding FCF generation; 4) Improving visibility of dividend reinstatement by 4QFY25E. We open a 90D Positive Short-term View. Reiterate Buy; TP Rs485.

Jefferies on Indian Hotels

Buy, TP Rs 785

IHCL is up 68% CYTD and 3x+ since May-22, when it presented its margin and brand portfolio goals by 2025.

IHCL has already surpassed these goals, but on numbers, mgmt has refrained from giving any new guidance on margins.

Mgmt has rather focused on guiding & maintaining overall growth, which believe may be a talking point today as well

As Co rolls over, look fwd to hearing about new strategic initiatives towards meeting goals of consistent growth

MS on Suzlon

Upgrade to OW, TP Rs 71

Steep correction an opportunity to accumulate

Believe co’s business moat & growth opportunity for wind OEMs both remain strong factors

F25 sales vol lowered to 1.3GW (vs 1.5GW earlier)

F25-27e total sales vol unchanged at 7.15GW

CITI On Indus Tower

Buy, TP Rs 485

following key +ves largely ignored

2) Acceleration in recovery of past dues from VI;

3) Declining capex aiding FCF generation;

4) Improving visibility of dividend reinstatement by 4QFY25E

UBS on RK Forging

Buy, TP Rs 1500

Continues to deliver double-digit growth

That said

1) higher penetration of EVs & aluminium forging

2) rising contributions from recent acquisitions

3) client additions in earth moving, farm equipment & oil & gas 

4) rail segment to help drive O-P

Jefferies on Financials

Banks aren’t as aligned on rates/ liquidity & sector loan growth.

Life insurers seem confident to manage impact of surrender charges & Cap.

Mkt players are on a sweet spot.

Channel checks offered constructive feedback on affordable HFCs

MOSL on Glenmark Pharma

Buy, TP Rs 1820

India, Europe drive earnings

Work-in-progress to resolve Monroe USFDA issue

Improved product mix offset by higher marketing/freight costs

Co Guides for Rs 135b-140b revenue with EBITDA margin of 19% for FY25

ASHOKLEY

Interim Dividend - Rs. - 2.0000

ASIANPAINT

Interim Dividend - Rs. - 4.2500

CHAMBLFERT

Interim Dividend - Rs. - 5.0000

GPPL

Interim Dividend - Rs. - 4.0000

MRF

Interim Dividend - Rs. - 3.0000

PGHH

Final Dividend - Rs. - 95.0000

RSYSTEM

Interim Dividend - Rs. - 6.5000

SAFARI

Interim Dividend - Rs. - 1.5000

TANAA

Interim Dividend - Rs. - 1.0000

1 AARTIIND

2 ABFRL

3 GNFC

4 GRANULES

5 HINDCOPPER

BRAHMINFRA

Quarterly Results

GODFRYPHLP

Interim Dividend

SJCORP

General

Citi on Indus Towers: Maintain Buy on Company, target price at Rs 485/Sh (Positive)

GS on Indigo: Maintain Buy on Company, target price at Rs 4800/Sh (Positive)

UBS on R.K. Forging: Maintain Buy on Company, target price at Rs 1500/Sh (Positive)

UBS on Life Insurance: Believe insurance companies’ growth has been largely driven by ULIP segment (Positive)

CLSA on M&M: Maintain Outperform on Company, target price at Rs 3440/Sh (Neutral)

MS on Suzlon: Upgrade to Overweight from Equal-weight; cut target price to Rs 71 from Rs 78 (Neutral)

HSBC on Glenmark: Maintain Hold on Company, target price at Rs 1600/Sh (Neutral)

Domestic markets are likely to open on positive note on Tuesday amidst positive global cues. Gift Nifty at 23,580 against Nifty futures close of 23,513 signals a gap up opening of about 50-60 points for Nifty. According to analysts, the tug of war between FII and DII will soon end with former is likely to halt their unabated selling soon. Having sold nearly ₹1.40-lakh crore since October, the intensity of selling as already slowed down in the last couple of days said analysts.

Kitex Garments: Company to consider bonus equity shares on Nov 22 (Positive) 

Ashoka Buildcon: Company wins large order worth Rs 2800 Cr (Positive) 

ITI: Company gets contract worth rupees 95 cr for mining digital transformation & surveillance system (MDTSS) in Uttarakhand (Positive) 

PG Electroplast: Company’s wholly owned subsidiary PG Technoplast enters electric vehicle assembly and lithium-ion battery assembly (Positive) 

Shilpa Medicare: Company unit received certificate of suitability (CEP) from EDQM for API, Octreotide (Positive) 

GMR Airports: For October 2024, saw significant growth in passenger traffic, handling over 10.7 million passengers, a 9% increase (YoY) and a 5% rise (MoM) (Positive) 

Manba Finance: Company signs MoU with Piaggio Vehicles to offer customized financing solutions for 3-wheelers (Positive) 

RVNL: Company gets letter of acceptance from South Central Railway for Rs 295 crore contract (Positive) 

RACL Geartech: Company received a nomination from BMW AG to supply drive train parts for an electric sports car, starting production in 2026 (Positive) 

Ami Organics: Promoters Nareshkumar Patel and Chetankumar Vaghasia acquired 17.73% stake in Ami Organics (Positive) 

NTPC: Company incorporates 50-50 JV of NTPC Green with ONGC Green. (Positive) 

Gulf Oil Lubricants: Company’s long-term fund-based cash credit rating upgraded to AA+ from AA by ICRA. (Positive) 

Jyoti Structures: Board meeting on Nov 22, 2024, to consider equity fund raising via rights issue. (Positive) 

Oil upstream stocks: Govt to discontinue windfall gains tax levy in December: sources (Positive) 

Britannia: Company secures injunction against Desi Bites for Good Day trademark infringement (Positive) 

Bharti Airtel: Company and Singtel planning to hold equal direct stakes in co (Positive) 

Astrazeneca: Receives DGCO approval for inhalation drug (Positive) 

Reliance Power: Company and reliance infrastructure board reconstituted, four new directors join the board, Ashok Pal, CFO, Reliance Power appointed as executive director of the Company (Neutral) 

Dhampur Surgar Mills: India Ratings affirmed Dhampur Sugar Mills’ credit ratings. Long-term issuer rating is IND AA/Stable. (Neutral) 

Orbit Exports: Company undertake capital expenditure of Rs 300 million to increase capacity of Valsad plant (Neutral) 

Dr Reddys: Company issues clarification regarding retail-level recall of Morphine Sulfate extended-release tablets in U.S. on October 22. (Neutral) 

SBI: Bank’s Rs 10,000 crore, 15-year bond issue fully subscribed. (Neutral) 

Medplus Health: PI Opportunities Fund exits from Medplus Health, sells 5.8% stake for ₹483 crore (Neutral) 

Vedanta/JSPL: Companies are among provisional resolution applicants for GVK Power & Infra (Neutral) 

Zee Entertainment: Punit Goneka resigns from the post of Managing Director to focus on operational responsibilities. (Neutral) 

M&M: JV with Volkswagen India stalled due to disagreement on key issues (Neutral) 

Jagran Prakashan: Company Received show cause notices (SCN) from GST authorities for Apr 2020-Mar 2021. (Negative)

Researchbytes Analyst App

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

Recent Interview...

As of 18:32 PM Monday 18 November 2024

Allcargo: Ravi Jakhar, Director

Express Distribution Will Be EBIT Positive In H2: Allcargo Logistics

https://www.youtube.com/watch?v=C0vFpPVn5GM

Anupam Rasayan India: Vishal Thakkar, Deputy CFO

Expect EBITDA Margin To Be In The Range Of 25-26%: Anupam Rasayan

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

Balaji Amines: D Ram Reddy, MD

DMC Plant Utilisation Levels Will Pick-Up As EV Demand Improves: Balaji Amines

https://www.youtube.com/watch?v=dUjCl8jEHSA

Borosil .: Shreevar Kheruka, MD & CEO

Borosil Q2: ‘Witnessing A Pick-Up In E-Comm Channels’ | Shreevar Kheruka

https://www.youtube.com/watch?v=w8wfzL6AjVQ

CG Consumer: Kaleeswaran Arunachalam, CFO

Q2 Saw Strong Growth In Appliances & Pumps, Seeing Momentum In Non-Ceiling Fans: Crompton

https://www.youtube.com/watch?v=g7bsLIYWaFE

CG Consumer: Kaleeswaran Arunachalam, CFO

Crompton Q2 Result: Profit Up 30% YoY, ECD Seg Double-Digit Growth

https://www.youtube.com/watch?v=2QuCqsJ8ULE

Dee Development Engineers: Sameer Agarwal, CFO

Orderbook Improved Due To ?300 Cr Order From Dow Chemicals: DEE Development Engineers

https://www.youtube.com/watch?v=lRR67V6_N48

EID Parry: Muthiah Murugappan, CEO

Expect Highest Single-Digit EBITDA Margin In A Decade: EID Parry India

https://www.youtube.com/watch?v=c5fg8XlMYJk

Glenmark: VS Mani, ED and Global CFO

H2 Margins Is Expected To Be Better Given The Respiratory Launches: Glenmark Pharma

https://www.youtube.com/watch?v=bL3C9cE-dIg

Gokaldas Export: Sivaramkrishnan Ganapathi, MD

Gokaldas Exports Q2 Result: Strong US Demand, Margins Decline | Sivaramakrishnan Ganapathi

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

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

Turnover: (NSE + BSE)

Cash Volume: 89842.21 + 5619.57 Total: 95461.78

F&O Volume: 484530.4 + 14707188.92 Total: 15191719.32

Provisional Cash

FII/FPI: NET SELL: -1403.4 

(14256.29 - 15659.69) 

DII: NET BUY: +2330.56 

(11521.42 - 9190.86)

H2FY25 Revenue will be 8-10% greater than H1

FY25 will be flat. And FY26 will good because more thing will stabilize

Expect in Q4FY25 revenue share from export will be 20%.and FY26 export will be 30% of revenue

In Q4FY25, will some defence revenue

Jan 2025 the company will present next gen products at the global mobility show at Bharat Mobility Global Expo 2025 at Dwarka, Delhi.

EBITDA improvement due to renegotiation with OEM due to lower volume and cost control measure.

Recently Sign a MOU with one of largest global transmission manufacture to conduct feasibility study to produce 200,000 automated transmission in India. The study is underway and it will completed by Dec 2024

Secure export business from china

Submitted 3-1 electric drive unit for one of global MNC OEM India.

Focus on dedicated hybrid transmission, this is highly engineering product and dedicated for particular OEM application.

Focus on nice segment.

Revenue was Impacted due to subdued TATA EV sales and lack of growth Mahindra 4w drive business

Transfer case: main client launch 2w drive which impact transfer case revenue which impact on revenue. Going forward Mahindra 4w drive booking is strong especially Thar Roxx. This is 4w. Expect strong demand from April 2025

Working to tap transmission business in USA and south East Asia.

Working on new product for 3wheeler for domestic and oversea market. In oversea market this product is used in ATV (all train vehicle)

FY27: India will launch new emission norms, which will put pressure on OEM to shift towards EV

_EV transmission: currently long range transmission in imported from china. The Company prototype is successfully completed_This will used in Tata 5 EV model. Working with overseas OEM also. See traction from FY26.

Started supply product for Thar Roxx. All the transfer case is going for 5 door. Monthly rate is still very low.

*Export business:*Quoted RSQ for transfer case and component system.

System level business we see good growth in FY26. Targeting export revenue for FY26 will be 30% due to rise in system level business. (Without system level business export will be 23%).

Not Impact on the company due to current EV policy in USA

Indices:

* Nifty 50: 23,453 🔻(-0.34%)

* Sensex: 77,339 🔻(-0.31%)

* India VIX: 15.17 🔻(+2.64%)

Sectoral Performance:

* Nifty Metal: +1.90%

* Nifty FMCG: +0.95%

* Nifty IT: -2.32%

* Nifty Oil & Gas: -1.60%

Top Movers:

Gainers: Godrej Industries ₹1,023 🟢(+9.86%), National Aluminium ₹239 🟢(+9.12%)

Loser: Honasa Consumer ₹297 🔴(-20.0%)

Key News:

* Ashoka Buildcon is the Lowest Bidder for two NHAI projects worth ₹2,791 Crore.

* Rail Vikas Nigam Ltd. secured a ₹295 crore contract from South Central Railway.

* NALCO shares surged as China plans to cut the export tax rebate on aluminium and copper.

* Hero MotoCorp to launch an electric motorcycle, expanding its electric range with Vida scooter.

Asia Index, a wholly owned subsidiary of BSE, announced the launch of BSE Select IPO on Monday.

The index measures the performance of newly listed stocks on BSE either through an IPO or spin off/demerger process. Stocks are included in the index based on three primary criteria, full market capitalization, liquidity and minimum listing history of three months. The weightages of stocks are capped at 5 per cent to lower index concentration.

Target: ₹339

CMP: ₹301.10

PNC Infratech (PNCL) Q2-FY25 operational results were lower than consensus estimates. Numbers were impacted from weak execution as adjusted revenue declined by 58 per cent y-o-y. The decline in revenue was due to delay in appointed date in certain projects and due to peak monsoon in some areas.

Target: ₹4,880

CMP: ₹4,187.70

During the quarter, PI Industries witnessed a 6 per cent y-o-y reduction in the domestic segment. However, given the positives on reservoirs and traction in new products, it expects double-digit growth in domestic revenue during H2. On the other hand, while the company reported a 12 per cent growth in agchem exports, it anticipates some softness in the agchem export segment due to continued global industry challenges and resulting uncertainties.

Walmart Inc. (Pre market) (Sector- Retail)

Lowe’s Companies, Inc. (Pre market) (Sector- Retail)

Medtronic plc (Pre market) (Sector- Healthcare)

Viking Holdings Ltd. (Pre market) (Sector- Travel)

Jacobs Solutions Inc. (Pre market) (Sector- Infrastructure)

Keysight Technologies Inc. (Post market) (Sector- Technology)

15.30 EURO CPI y/y (Expected: 2.0% versus Previous: 2.0%)

15.30 U.K. Monetary Policy Report Hearings

19.00 U.S. Building Permits (Expected:1.44M versus Previous: 1.43M)

Day Trading Guide gives you the key intraday supports and resistances to watch out for on the Nifty Futures and other widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS, SBI.

The outlook is bearish for Mphasis. The stock has begun the week on a weak note. The 3 per cent fall on Monday marks the end of the consolidation that was in place since the beginning of this month.

It also indicates the resumption of the overall downtrend. Resistances at ₹2,785 and ₹2,810 can cap the upside if there is a price bounce.