Share Market Highlights 22nd November 2024: Sensex closes higher by 1961.32 pts at 79,117.11, Nifty at 23,874.40; Top Gainers: SBI, Bajaj Finance

The markets witnessed a strong rally on Friday, with the benchmark BSE Sensex surging 1,961.32 points or 2.54 per cent to close at 79,117.11, while the NSE Nifty 50 advanced 557.35 points or 2.39 per cent to end at 23,907.25.

Read more here.

The BSE benchmark Sensex jumped 1,961.32 points or 2.54 per cent to settle at 79,117.11. During the day, it surged 2,062.4 points or 2.67 per cent to 79,218.19.

The NSE Nifty soared 557.35 points or 2.39 per cent to 23,907.25.

All the 30 Sensex firms ended in the green.

State Bank of India, Tata Consultancy Services, Titan, ITC, Infosys, Larsen & Toubro, Reliance Industries and Bajaj Finance were the biggest gainers.

Global oil benchmark Brent crude climbed 0.19 per cent to USD 74.37 a barrel.

(By PTI)

The rupee recovered from its all-time low level and appreciated 6 paise to close at 84.44 (provisional) against the US dollar on Friday, supported by positive domestic equities.

Read more here.

SBI (4.33%), Bajaj Finance (3.93%), Titan (3.89%), ITC (3.69%), TCS (3.66%) 

Only loser: Bajaj Auto (-0.39%)

The shares of Nucleus Software Exports Ltd were trading at ₹1,053, down by ₹1.75 or 0.17 per cent on the NSE today at 3.05 pm.

Read full report here

The Initial Public Offering (IPO) of Enviro Infra Engineers Limited received bids for 4.97 crore shares against 3.08 crore shares on offer, marking a 1.61 times subscription on its first day, according to NSE data as of 3.06 PM on November 22, 2024.

Read more here

The company shall be manufacturing 1.5 lakh bottles of 500 ml per day at its nangaI plant with the new variant.

Stock traded 1.66% positive on the NSE at ₹106.25

SBI (4.51%)

TCS (4.25%)

Infosys (4.21%)

Titan (4.10%)

ITC (4.02%)

No Nifty 50 stocks were trading in negative territory (as at 3 pm)

Total stocks traded were 4,019. The number of stocks that recorded a 52-week high was 159, and those that hit a 52-week low was 106. A total of 288 stocks traded in the upper circuit, and 279 in the lower circuit.

Provident Housing Limited, a subsidiary of Puravankara Limited, is set to launch ‘Provident Bayscape,’ a new residential project in Kelambakkam, Chennai, on November 23, 2024. The 5.35-acre development will feature 676 residential units across four towers.

The project offers 2 and 3-bedroom configurations, with 2 BHK units ranging from 993 to 1,107 square feet and 3 BHK units from 1,309 to 1,424 square feet. The development includes a 10,000-square-foot clubhouse and over 25 lifestyle amenities.

Read more here

Swan Energy informed that Triumph Offshore Private Limited, a wholly owned subsidiary and Reliance Naval and Engineering Limited, a step-down subsidiary of the Company, have approved the Scheme of Arrangement and Amalgamation.

NLC India stock surged 4.21% on the NSE to ₹263.65

NTPC Green Energy IPO has been subscribed 1.93 times as at 2.12 pm on November 22, 2024. The QIBs portion has been subscribed 2.59 times, NIIs 0.56 times, retail 3.01 times, employee portion 0.63 times, and NTPC shareholder portion 1.33 times.

Kitex Garments Limited, a Kerala-based garment manufacturer, announced today that its board of directors has approved the issue of bonus shares in a ratio of 2:1. Under the proposed bonus issue, shareholders will receive two new fully paid equity shares for each existing share held. 

The shares of Kitex Garments Limited were trading at ₹642.55 down by ₹24.50 or 3.67 per cent on the NSE today at 1.55 pm. 

Read full report here

VIP Industries has responded to media report claiming VIP Ind up 7% on reports of Advent Int’l may acquire controlling stake, calling it is mere speculation.

VIP Industries stock trades at ₹500.50 on the NSE, up 1.44%.

The shares of Vodafone Idea Limited (VIL) were trading at ₹6.69 down by ₹0.22 or 3.18 per cent 1.45 pm. The shares of the company hit 52-week low on the NSE today.

Read full report here

Star India has reported a consolidated net loss of ₹ 12,718 crore in FY24 compared to ₹ 1,272 crore profit in FY23.

According to data accessed by business line from Tofler, the company’s total expenses for the fiscal were reported as ₹ 31,563 crore.

As per Tofler’s latest data, Star India’s total income for FY24 fell by 8.9 per cent year on year to ₹ 19,002 crore in FY24 from ₹ 20,699 crore in FY23. Further, revenue from operations fell by 6 per cent to ₹ 18,632 crore from ₹ 19,857 crore.

Star India’s subsidiary Novi Digital Entertainment’s loss widened by 6.9 per cent year on year to ₹ 800 crore compared to a loss of ₹748 crore in FY23 and a 5.5 per cent reduction in total income to ₹ 4,170 crore from ₹ 4,413 crore previous year.

Read more here.

Aartech Solonics Limited announced on November 21, 2024, its successful development of an Adaptive Alternate Power Module (AAPM) for armored fighting vehicles and guns, in collaboration with the Indian Army’s Sudarshan Chakra Corps and IIT Mumbai.

The shares of Aartech Solonics Limited were trading at ₹72.91 up by ₹1.65 or 2.32 per cent on the NSE today at 12.15 pm.

Indian equity markets staged a strong recovery in Friday’s morning trade, with the benchmark BSE Sensex surging 909.59 points or 1.18 per cent to 78,065.38 by afternoon, while the broader NSE Nifty climbed 280.90 points or 1.2 per cent to 23,630.80, reversing the previous day’s losses triggered by allegations against the Adani Group.

State Bank of India emerged as the top Nifty gainer, advancing 3.73 per cent, followed by Tata Consumer Products at 3.31 per cent. Notably, Adani Enterprises rebounded 3.11 per cent, shrugging off Thursday’s decline. Grasim Industries and UltraTech Cement also posted significant gains of 2.56 per cent and 2.38 per cent respectively.

SBI (3.73%)

PNB (3.55%)

Bank of Baroda (3.46%)

Canara Bank (3.07%)

Bank of Maharashtra (2.97%)

Vesuvius, a global leader in the refractory industry, proudly inaugurates the new Alumina-Silica (AlSi) and Basic Monolithic manufacturing plants, at a ceremony held on 12th November 2024 (the release was sent on embargo), in Visakhapatnam, further supporting the Make in India initiative. The state-of-the-art facilities are integral to Vesuvius’s ongoing investments in India, aimed at enhancing manufacturing capabilities and addressing the rising demand from the iron and steel industry. This development follows the April inauguration of the Mould Flux manufacturing plant in Vishakhapatnam. 

The new AlSi and Basic Monolithic plants will produce high-quality alumina-silica and basic monolithic refractory products, essential for iron and steel production. This expansion, once in commercial production, will boost annual production capacity by 250,000 tons, reinforcing Vesuvius’s position as a leading provider of refractory solutions in the region. These plants are setup with equipment that enable Vesuvius to bring new products and technologies to the Indian Market.

Mr. Patrick Andre, Chief Executive of London headquartered Vesuvius group, stated, “Our ongoing investment plans highlights our strong belief in the Indian market. The AlSi and Basic Monolithic plants are a testament to our commitment to innovation and support to India’s industrial growth.”

Torrent Pharmaceuticals informed that USFDA has issued Establishment Inspection Report (“EIR”) with Voluntary Action Indicated (“VAI”) classification for the said manufacturing facility at Pithampur, Madhya Pradesh

Shares gain 2.38% to ₹3,175.80 on the NSE

Stocks advanced on BSE at 12 noon on November 22, 2024, were 2,329 against 1,372 stocks that declined, and 175 remained unchanged. Total stocks traded were 3,876. The number of stocks that recorded a 52-week high was 140, and those that hit a 52-week low was 91. A total of 242 stocks traded in the upper circuit, and 253 in the lower circuit.

The Securities and Exchange Board of India (SEBI) issued an ex-parte order against several popular unregulated and unregistered online platforms, including Altgraaf.com, Tapinvest.in, and Stable-Investments.com, prohibiting them from selling and soliciting unlisted Non-Convertible Debentures (NCDs) to retail investors.

In its order, SEBI stated that offering unlisted NCDs via private placement to more than 200 people should be classified as a public issue under the Companies Act, 2013. SEBI also noted that, prima facie, the structure employed by these platforms falls within the ambit of fraud as per Section 12A of the SEBI Act and Regulations 3 and 4(1) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations, 2003.

The order further highlighted that these platforms made securities available for sale to the general public, rather than to a predefined group of investors. This practice violated the provisions of Section 42 of the Companies Act. Additionally, SEBI emphasized that the norms applicable to the public issuance of securities are equally enforceable for secondary market transactions.

Advocate Mayura Maru, commenting on the order, said, “We have been continuously writing to SEBI about such platforms, as thousands of crores of public money have been raised in recent years. Regulating these platforms is crucial for protecting small investors. These platforms clearly violate various corporate laws related to the issuance of securities to the public and disclosure norms, similar to what we saw in the Sahara case. We hope that regulators take appropriate legal action to ensure that such dubious investment structures do not emerge in the future.”

SJVN Limited, a joint venture between the Government of India and Himachal Pradesh, has signed a Memorandum of Understanding (MoU) with the Energy Department of Rajasthan to develop 7 gigawatts (GW) of renewable energy projects in the state.

The shares of SJVN Limited were trading at ₹107.90 up by ₹4.46 or 4.31 per cent on the NSE today at 11.15 am.

Tata Power shares trade flat on the NSE at ₹412.05. Company had signed pact with Asian Development Bank (ADB) to evaluate financing worth USD 4.25 billion for its several strategic projects. A memorandum of understanding has been signed with ADB at Baku, Azerbaijan, Tata Power said in a statement.

Power generation increased slightly by 1.1% YoY to 468BU in Q2FY25, as lower cooling demand during the Monsoon season softened demand for power, leading to a 5% YoY decline in peak demand to 231GW and a 250bp drop in the coal-based plant load factor (PLF) to 64.8%. Renewable energy (RE) capacity expansion is gaining traction, driven by the government’s target of 500GW by FY32, with major firms like JSW Energy, NTPC, Tata Power, CESC, and Torrent Power announcing significant RE projects under construction or in the pipeline. Power demand is set to post a 7% CAGR through FY32E, spurring investment in capacity addition, storage solutions, and transmission infrastructure to support growing renewables integration and energy security.

Power generation increases during the Monsoon quarter: Power generation increased 1.1% YoY to 468BU in Q2FY25. Lower cooling demand resulted in weak power demand. Peak demand declined 5% YoY to 231GW. PLF of coal-based plants deteriorated 250bp to 64.8% in Q2FY25.

Major firms announce ambitious renewables capacity plans: Given the government’s target of achieving 500GW RE by FY32 and cost competitiveness, RE capacity addition in the renewables space is gaining traction. JSW Energy constitutes 7.3GW of RE projects under construction and 3.5GW of RE projects in the pipeline. NTPC plans to add 16GW of RE capacity in the next three years. Tata Power has 6447MW projects under construction. CESC has a 3GW hybrid portfolio in the pipeline. For Torrent Power, 3GW RE capacity is under construction.

Refinancing for Adani Group’s green energy business is the biggest concern in the near term after the indictment of the conglomerate’s founder Gautam Adani by US prosecutors, according to research firm CreditSights. (Bloomberg)

IT solutions provider Mphasis has entered into a multi-year partnership with MoneyGram Haas F1 Team as their Official Digital Partner, the company announced on November 21, 2024.

The shares of Mphasis Limited were trading at ₹2,849.90 up by ₹63.70 or 2.29 per cent on the NSE today at 10.55 am.

The partnership aims to enhance the Formula 1 team’s performance through Mphasis’s expertise in data, automation, analytics, cybersecurity, and artificial intelligence. The collaboration will focus on developing solutions for real-time data analysis, predictive modeling, and performance optimization.

Read more here.

‘’Wedding season is pivotal for our business, with bridal or wedding jewellery constituting a significant share of our sales. 

During the ongoing wedding season this year, we are witnessing healthy demand for bridal jewellery across all our stores in India. The bridal jewellery pre-booking numbers are also quite encouraging due to our rate protection scheme. 

We expect a robust bridal jewellery season better than that of last fiscal year. 

During the four-month period from November to February in the previous fiscal year, bridal jewellery contributed ₹3,923 crore, accounting for approximately 35% of our total revenue of ₹11,210 crore during that four-month period.

The ongoing transition of bridal jewellery designs captures the evolving sensibilities and choices of new-age brides. Brides across regions want their jewellery to reflect grace, poise and individuality. Be it chokers, necklace, naths, maang tikka or sheshpatti – each element of the bridal jewellery ensemble needs to be innovation-driven and design-enriched to capture the imagination of the modern-day brides. 

That’s why along with traditional gold necklace now coexists layered and delicate necklaces accentuated with diamond or precious stones. Both timeless tradition and modernity are adding to the fluidity of the contemporary bridal jewellery design canvas. 

Through our immensely successful bridal jewellery campaign Brides of India, we have managed to develop a stronger connect with brides across regions and as per our findings, gold is now accentuated or combined with the playfulness of precious stones or diamonds to get the desired look – be it necklaces, earring, etc. A section of brides has been showing preference for polki, emeralds to exude individuality.’‘

Bank Nifty began today’s session at 50,513 versus previous session’s close of 50,373. The index is currently hovering around 50,680, up 0.6 per cent.

The advance/decline ratio stands at 8/4, a positive indication. Bank of Baroda, up 2.6 per cent, is the top performer whereas The Federal Bank, down about 1 per cent, is the top loser.

Nifty PSU Bank has appreciated 1.8 per cent whereas Nifty Private Bank is up 0.3 per cent. So, broadly, the public sector banks are outperforming the private peers.

Read more here.

Crop-protection chemical producer UPL Limited’s (UPL) proposed equity raise through a rights issue and sale of minority stake in a subsidiary will improve its leverage profile, Fitch Ratings says. However, further deleveraging through a strong rebound in EBITDA will most likely drive the ratings of subsidiary UPL Corporation Limited (UPL Corp, BB/Negative), which are aligned with UPL’s consolidated credit profile. The pace of UPL’s EBITDA recovery remains uncertain, due to risk from manufacturing overcapacity in China.

Equity benchmarks opened higher on Friday, recovering from the previous day’s sharp decline triggered by bribery allegations against Gautam Adani, with financial stocks leading the gains amid positive global cues.

Sensex opened higher at 77,349.74 from its previous close of 77,155.79 and has continued to advance, trading at 77,459.18 as of 9.50 AM, up by 303.39 points or 0.39 per cent. Nifty opened at 23,411.80 against its previous close of 23,349.90 and is currently at 23,439.00, gaining 89.10 points or 0.38 per cent.

Rupee opened on a flat note and rose just 3 paise from its all-time low level to 84.47 against the US dollar in morning trade on Friday, as the support of positive domestic equities was negated by geopolitical pressures and unabated foreign portfolio outflows.

The US dollar strengthened in the overseas market and Brent oil continued to move up as fighting between Ukraine and Russia continued to gain investors’ attention.

Zinka Logistics made a positive debut on the stock market, listing at Rs 280, a 2.89% premium over its issue price of Rs 273. This was a better-than-expected performance, considering the moderate subscription of 1.87 times and the lackluster pre-listing sentiment reflected in the zero GMP.

The company’s strong network effects and position as a leading platform in the logistics industry have likely contributed to the positive listing. However, investors should remain cautious due to the company’s past financial challenges, including losses and negative cash flow, and the ongoing legal challenges.

While the positive listing is encouraging, it’s crucial for investors to conduct thorough due diligence and assess the company’s long-term growth prospects.

Issue Period:- 22- November-24 to 25- November -24

For Non- Retail ( QIB +HNI ) open & close date - 22- November-24 (Today) 

For Retail open & close date – 25- November -24

Floor Price: INR “1,550”

Closing Price on date of announcement: Rs. 1849.75\u0009

Current Market Price: 1849.75

Base Issue size: 0.41 Crs Shares – 10.16% of O/S Capital

Green Shoe Issue size: 0.41 Crs Shares – 10.16% of O/S Capital

Total Issue Size: 0.82 Crs equity shares (INR 1276.00 Cr) – 20.31% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 22- November-24 (Today) 

Total Issue Size: 0.74 Crs shares (INR 1148.73 Cr)

Retail Portion - 10% of Offer Size - Bidding on 25- November -24

Total Issue Size: 0.08 Crs equity shares (INR 127.64 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail (QIB + HNI)

Issue Open - 07-Nov-24

Issue Close - 22-Nov-24 

Right issue Size: Rs. 249.70 Crs (1.13 Crs Shares)

Stock Price – 272.90/-

Right issue Price: Rs. 220.00/-

Payment Terms: Rs. 220.00/- (Rs 220.00 to be paid on application)

Rights Entitlement Ratio: 119 Rights Equity Share for every 758 shares held (Effectively 0.16 for every 1 share held).

Last Trade date (Cum Right): 24 Oct 2024

Ex-Right Trading date: 25 Oct 2024

Record Date: 25 Oct 2024

Right Entitlement (RE) Trading Period:- 07 Nov 2024 to 18 Nov 2024

Last day of Renunciation of Rights Entitlements: 18 Nov 2024

Date of Allotment (on or about): 27 Nov 2024

Date of listing (on or about): 04 Dec 2024

Shakti Pumps Ltd.

Bonus issue 5:1

Previous day Closing Price – Rs. 4899

Ex-Bonus 25 Nov 2024 (Monday)

Last date for Cum-Bonus Today

Ex-Dividend 25 Nov 2024 (Monday)

Last date for Cum-Dividend Today

Balrampur Chini Mills Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 509

EPL Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 253

Power Finance Corporation Ltd.

Dividend Per Share Rs.3.5

Previous day Closing Price – Rs. 453

Q2FY25 earning calendar 23.11.2024

AFCONS, BFUTILITIE, ONEGLOBAL

Q2FY25 earning calendar 25.11.2024

ACMESOLAR

Nifty 50, the benchmark index, opened today’s session higher at 23,412 versus yesterday’s close of 23,350. The index gained further and is now at 23,585, up 1 per cent by the end of the first hour of today’s trade.

The advance/decline ratio of Nifty 50 stands at 47/3, a strong positive indication. Apollo Hospitals and ICICI Bank, up 2.5 and 2.2 per cent respectively, are the top performers so far whereas Adani Enterprises, down 3.6 per cent, is the top loser.

TCI Express: Maintain Buy on Company, target price at Rs 1425/Sh (Positive) 

Delhivery: Maintain Buy on Company, target price at Rs 515/Sh (Positive) 

Allcargo: Maintain Buy on Company, target price at Rs 80/Sh (Positive) 

Container Corp: Maintain Buy on Company, target price at Rs 1050/Sh (Positive) 

Gateway Dist: Maintain Buy on Company, target price at Rs 110/Sh (Positive) 

JSW Infra: Maintain Buy on Company, target price at Rs 360/Sh (Positive) 

Adani Ports: Maintain Buy on Company, target price at Rs 1855/Sh (Neutral) 

GPPL: Maintain Underperform on Company, target price at Rs 135/Sh (Negative)

Sensex climbed 774.93 pts or 1.00 % to 77,930.72 as at 10.18 am, and Nifty 50 rose 230.10 pts or 0.99% to 23,580.00.

NTPC Green Energy IPO subscribed 96% (as at 10.06 am on November 22). Track the live subscription status of NTPC Green Energy IPO here.

A U.S. indictment of three board representatives of an unrated Adani group entity could affect investor confidence in other Adani group entities (because the founder is on the board of multiple entities within the group), thereby potentially impairing their funding access and increasing their funding costs.

U.S. prosecutors allege that the board members are involved in a US$250 million bribery scheme related to solar power contracts in India, and that they breached the anti-bribery compliance policy through misrepresentation to investors in an offshore bond (unrated).

In our view, this could further raise questions regarding the management and governance of various Adani group entities. The indictment is independent of, but follows, a short seller report that led to investigation by Indian Supreme Court and India’s capital market regulator.

Because of the potential impact across the wider Adani Group, we revised to negative the outlook on Adani Electricity Mumbai Ltd. (Adani Electricity) and Adani Ports and Special Economic Zone Ltd. (Adani Ports). We also affirmed our ‘BBB-’ ratings on these entities.

Project finance entity Adani Green Energy Ltd. Restricted Group 2 (AGEL RG2) is a subsidiary of Adani Green Energy Limited (AGEL), the entity linked to the allegations. Although it is ringfenced from the parent, we revised to negative the outlook on AGEL RG2 and affirmed our ‘BB+’ issue rating.

The negative outlook on these entities indicates that, in our view, their cash flows could be materially affected if their funding access weakens, their funding costs rise significantly, or the allegations are proven, in addition to our assessment of their governance and business profiles.

Our rating on North Queensland Export Terminal Pty Ltd. (NQXT) already captures refinancing risk for maturities due in 2025; therefore, we affirmed the ‘BB’ issue rating on NQXT and the outlook remains stable. Similarly, Adani International Container Terminal Private Ltd. (AICTPL) is not exposed to refinancing risk or significant foreign exchange risk, so we affirmed our ‘BBB-’ issue rating on AICTPL and the outlook remains stable.

Majority of Adani Group stocks dip further for the second day. Catch all the live action here. 

Shares of Zinka Logistics Solutions will be listed at the bourses on Friday following a successful IPO. The company has fixed the IPO price as ₹273, at the upper end of the price band ₹259-273. The IPO was receiving subdued investors’ interest but sailed through due to late hour bidding by institutional investors. 

The IPO was subscribed 1.86 times. 

Crude oil futures traded higher on Friday morning due to the escalation in hostilities between Russia and Ukraine. At 9.19 am on Friday, January Brent oil futures were at $74.42, up by 0.26 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $70.33, up by 0.33 per cent. December crude oil futures were trading at ₹5954 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5905, up by 0.83 per cent, and January futures were trading at ₹5946 against the previous close of ₹5901, up by 0.76 per cent.

Comment by Viswajit Srinivasan, a senior banker of Indian origin based out of UK, who specialises in sustainable finance and energy transition on Tata Power’s collaboration for a $4.5 bn investment with ADB

The MoU signed between the Tata Group and ADB with the backdrop of COP29 represents yet another example of confidence being reposed in investing in the Indian renewables sector. It is unclear what the nature of support from ADB would be as part of this strategic partnership and whether there would be an element of subsidy or grant funding involved in specific financing proposals that form part of the scope of investments. The range of investments targeted include more mature segments such as solar and wind projects as well as battery storage projects ; with additional support for upgradation of distribution networks of Tata Power, this MoU would likely help build new renewable infrastructure, modernise existing infrastructure and help India inch closer towards meeting sustainability and Net Zero. Renewable energy contributes ~ 45% of overall installed electricity generation capacity and India’s power demand is projected to grow at 8%+ over the next 12 months and this investment reflects the growing interest in opportunities available in India for patient capital.

U.S. stocks closed higher Thursday, with the blue-chip Dow Jones Industrial Average leading the gains for the three major equity indexes. Optimism around year-end, especially around consumers fueling another crucial holiday-shopping season, helped lift stocks, as did strong earnings from AI-darling Nvidia Corp.

Natural-gas futures rallied Thursday to trade 18% higher this week so far, and almost at a year high buoyed by forecasts for colder U.S. weather as the recent Russia-Ukraine escalation and risks of attacks on energy infrastructure stoked fears of disruptions to gas flows.

Bitcoin prices were powering higher on Thursday, getting a boost after Gary Gensler, chair of the U.S. Securities and Exchange Commission, said he would exit his post in January. Bitcoin, the world’s biggest cryptocurrency by market cap, was last up about 5.7% on Thursday to about $98,790, according to CoinMarketCap.

Goldman Sachs has forecast India’s GDP growth to slow to 6.3% year-on-year in 2025, citing the continued fiscal consolidation and slower credit growth due to macro-prudential measures by the Reserve Bank of India as key reasons. The brokerage firm noted that despite this expected slowdown, India’s long-term structural growth prospects remain strong. 

Asian equities mostly rose Friday following gains on Wall Street as investors shook off initial concerns over Nvidia Corp.’s revenue outlook.

Indian stock indices experienced a significant decline on Nov 21, pressured by bribery charges against Gautam Adani, which weakened already fragile investor sentiment amid unfavourable global conditions. Nifty finally ended the day with the losses of 169 points or 0.72% at 23349.90 levels. Nifty is in continuation of a down trend. Support for the Nifty is seen in the band of 23150-23200, while immediate resistance is seen at 23500.

The Adani Group saw its sharpest decline since the Hindenburg controversy, with a ₹2.2 lakh crore loss in market cap. Adani Enterprises plunged 23%, while Adani Ports dropped 14%. GQG Partners, holding stakes between 1.5% and 2% in six Adani companies as of September 2024, is under scrutiny. NTPC Green Energy’s IPO was 88% subscribed on day two, while exit polls predict a BJP-led Mahayuti win in Maharashtra and Jharkhand. Nifty is poised for further downside as FIIs continue their sell-off, unloading ₹39,669 crore in November. Bearish sentiment remains strong on stocks like SRF, Bajaj Finance, and Voltas.

JPM on RIL

OW, TP Rs 1468

One of 2 drivers of recent underperformance - weak refining margin - has reversed

Other- poor retail top-line growth is difficult to anticipate, but expectations have compressed

Post stock correction, est. implied valuations for retail business are c.25x FY26E EBITDA - below historical levels & peer retailers

Start of the solar panel plants could be a modest near term catalyst.

MS on RIL

OW, TP Rs 1662

Refining margins are starting to recover after two tough quarters.

Permanent refinery capacity shutdowns have also risen

Stock is pricing in challenges across key verticals post US$50bn market cap reduction in 4Q24, but not improvement

RIL’s FCF engine should pick up pace as ~0.6mbpd of refining capacity shuts in 2025 globally.

Net capacity adds should be a half of demand growth.

New energy is seeing improved outlook as China controls new solar panel capacity production

Bernstein on PFC/REC

PFC-REC stocks have been down sharply on news from US SEC around their concerns on Adani Green &Azure (not covered)

Think street is not realizing that loans given by REC to Azure have nothing to do with the project implied in this article

Also, that operating renewable assets are like bonds which can be easily sold off & even underconstruction ones can always be re-purposed for another contract

Continue to be +ve on PFC & REC & see recent correction as an enhanced buying opportunity

Jefferies on SBI

Buy, TP Rs 1030

Roadshow takeaways

mgt stated plans to improve deposit growth and align incremental growth between loans & deposit.

Asset quality is holding-up and recoveries will also aid earnings in 2H.

Policy rate cuts may be gradual and bank’s higher share of MCLR loans will insulate NIMs.

Bank doesn’t plan to raise capital or monetise/ list stake in subsidiaries.

HSBC on Sobha

Buy, TP Rs 2150

Q2 bookings disappoint on launches, margins disappoint on contractual business to catch up, launch pipeline robust

Believe post its recent rights issue and improved OCF performance, business is poised for strong growth

HSBC on MFIs

From early signs of stress in asset quality in 1QFY25, sector is now in a full-blown crisis

Credit costs likely to stay high in 2H

Expect steady state AUM growth in MFI to moderate to c15% CAGR

Currently, performances mixed; 3Q should allow better differentiation

Jefferies on Chemicals

SRF withdrew growth guidance on poor demand visibility.

NFIL shd resume growth in 2HFY25 on start-up of agchem plant and new CDMO contracts.

Investec on Sobha: Initiate Buy on Company, target price at Rs 2150/Sh (Positive) 

GS on Info Edge: Maintain Buy on Company, target price at Rs 8600/Sh (Positive) 

Jefferies on SBIN: Maintain Buy on Bank, target price at Rs 1030/Sh (Positive) 

Bernstein on REC: Maintain Outperform on Company, target price at Rs 653/Sh (Positive) 

Bernstein on PFC: Maintain Outperform on Company, target price at Rs 620/Sh (Positive) 

MS on Reliance Ind: Maintain Overweight on Company, target price at Rs 1662/Sh (Positive) 

Jefferies on Chemicals: Innovators have broadly maintained CY24 guidance while guiding for gradual recovery in CY25. PI Ind is preferred pick (Positive) 

JP Morgan on Reliance Ind: Maintain Overweight on Company, cut target price at Rs 1468/Sh (Neutral) 

MS on HCL Tech: Maintain Equal weight on Company, target price at Rs 1970/Sh (Neutral) 

UBS on L&T: Maintain Neutral on Company, target price at Rs 4000/Sh (Neutral)

CAMLINFINE

Right Issue of Equity Shares;General

ISWL

General

JYOTISTRUC

Rights Issue;General

KITEX

Bonus issue

SHRAAITECH

General

STARLIT

Scheme of Arrangement;General

TOYAMSL

General;Quarterly Results

VIVANTA

Preferential Issue of shares;General

DHRUV

Interim Dividend - Rs. - 0.1000

EASTWEST

E.G.M.

EPL

Interim Dividend - Rs. - 2.5000

FDC

Interim Dividend - Rs. - 5.0000

GFSTEELS

E.G.M.

KUNDANMM

E.G.M. 

MAWANASUG

Interim Dividend - Rs. - 3.0000

MSTCLTD

Interim Dividend - Rs. - 4.0000

NILE

Interim Dividend - Rs. - 4.0000

ORIENTTECH

Interim Dividend - Rs. - 1.8000

PADAMCO

Interim Dividend

PANAMAPET

Interim Dividend

STEELCAS

Interim Dividend - Rs. - 1.3500

SUDARSHAN

Stock Split From Rs.10/- to Rs.1/-

VRLLOG

Interim Dividend

Domestic markets are likely to on open positive note on Friday. Markets that were reeling under pressure following indictment of Gautam Adani by the US court are expected to see a positive opening, thanks to strong global cues and vigorous buying by domestic institutions. Gift Nifty 23,440 signals nearly a gain of over 100 points for Nifty at start.

Continuous selling by FPIs, weak Q2 performance by India Inc and slowdown in economic activity will keep market under pressure, said analysts. 

The ₹10,000-crore initial public offering of NTPC Green Energycloses today for public subscriptions. The issue has been so far subscribed 0.93 times or 93 per cent, thanks mainly to retail investors. The retail investors’ portion has been subscribed more than two times. The price band is ₹102-108 and the lot size is 138 shares.

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 company has also 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 at a discount of ₹5 a share from the final issue price, the company said.

Tata Power: Company partners with Asian Development Bank for $ 4.25 Billion Clean Energy Projects. (Positive) 

AVP Infracon Ltd: Company secured a Rs 33.19 Cr sub-contract from CDR & Co Constructions for an NHAI project in Tamil Nadu. (Positive) 

Innovators Systems: Receipt of LOI for Work Order for Facade Design, Fabrication and Installation, Order Size Rs 110 Crores (Positive) 

Jyoti Limited: Receipt of Purchase Order Total orders amounting to Rs.12.8 cr from Megha Engineering & Infrastructures Limited, Hyderabad. (Positive) 

Crompton Greaves Consumer: Company launched the Regera 6L water heater (Positive) 

Kotyark Industries: Company has been allocated tender for supply of 48,381 kl biodiesel to omcs worth Rs 5.64 billion. (Positive) 

Royal Sense: Company launched 6 new pharmaceutical products on Nov 21, 2024 (Positive) 

Popular Vehicles: Company opened a new Bharat Benz 3S facility in Chhatrapati Sambhaji Nagar, Maharashtra. (Positive) 

Afcons Infrastructure: Company has received Letter of acceptance from Uttarakhand Project Development and Construction Corporation Ltd for Civil Works worth of Rs 1274 crore (Positive) 

SJVN: Company signs MoU with Rajasthan Govt’s Energy Department for development of renewable energy in the state. (Positive) 

Medicamen Organics: Company secures 6.28 cr order for Povidone Iodine Solution. (Positive) 

Raymond: The stock exchanges BSE and NSE have given the green light to the proposed demerger of Raymond Limited and Raymond Realty Limited. (Positive) 

Insurance stocks: GST Council meeting in December likely to discuss rate cut on insurance premiums, ET sources. (Positive) 

Ashok Leyland: Company sets up a light commercial vehicle dealership in West Bengal. (Positive) 

LTI Mindtree: LIC increased its shareholding from 5.033% to 7.034% (Neutral) 

Bank of India: Smt. Jamuna Ravi elected as Bank of India director. (Neutral) 

DP Abhushani: Company opened a new showroom in Neemuch, MP, expanding its presence in Central India. (Neutral) 

Hyundai Motor: Company will invest INR 38 Cr in two renewable energy plants, 75 MW solar, 43 MW wind in Tamil Nadu, aiming for RE100 certification by 2025. (Neutral) 

Jio, Airtel, Vodafone Idea: Companies together lose over 10 million mobile subscribers in September (Neutral) 

HDFC Bank: Plans to issue car loans worth Rs 12,372 crore to mutual funds before the first week of December. (Neutral) 

Indusind: Government gives go-ahead to IndusInd International Holdings for the acquisition of Reliance Capital. (Neutral) 

Wipro: Record date for the purpose of Bonus is 03-Dec-2024. (Neutral) 

Protean eGov Technologies: NSE investments to sell up to 20.31% stake in Protean eGov Technologies via OFS, it includes base issue of 10.16% equity & has a green shoe option of 10.16% equity. (Negative) 

Adani Energy: Kenya cancels the $700 mn deal signed with a unit of the Adani Group to construct power transmission lines. (Negative)

Target: ₹207

CMP: ₹173.25

Star Cement Ltd (SCL) reported 9.6 per cent y-o-y growth in its sales at ₹642 crore with underlying sales volume growing 7.4 per cent y-o-y to 1.0 mt. Sales volume in North-East grew 11.5 per cent y-o-y to 0.75 mt while outside North-East, it fell 5.1 per cent to 0.21 mt.

Target: ₹6,211

CMP: ₹4,706

BSE reported exceptional financial growth in Q2-FY25. Revenue increased by 22.8/137.3 per cent q-o-q/ y-o-y to ₹740 crore. Operating EBITDA for Q2 improved by 29/129.6 per cent q-o-q/y-o-y to ₹430 crore, up from ₹340 crore in Q1-FY25, with the operating EBITDA margin increasing from 2.8 per cent in Q2 FY25 to a staggering 58.2 per cent. PAT grew 30.8/192 per cent q-o-q/y-o-y to ₹350 crore in Q2FY25.

* ABFRL

* ADANIENT

* AARTIIND

* GRANULES

* GNFC

* HINDCOPPER

* IGL

* NALCO

Symbol: BLACKBUCK 

Series: Equity “B Group” 

BSE Code: 544288 

ISIN: INE0UIZ01018 

Face Value: Rs 1/- 

Issued Price: Rs 273/- per share

Adani Energy: Kenya cancels the $700 mn deal signed with a unit of the Adani Group to construct power transmission lines (The deal is already on Halt by Kenyan Court during the October, now according to Reuters it get cancelled)

Turnover: (NSE + BSE)

Cash Volume: 110779.62 + 6061.1 Total: 116840.72

F&O Volume: 619647.01 + 1710575.04 Total: 2330222.05

Provisional Cash

FII/FPI: NET SELL: -5320.68 

(16559.63 - 21880.31) 

DII: NET BUY: +4200.16 

(14555.77 - 10355.61)

IES Holdings, Inc. (Pre market) (Sector- Electricals)

10.30 INDIA HSBC Manufacturing PMI (Expected: 57.6 versus Previous: 57.5)

12.30 U.K. Retail Sales m/m (Expected: -0.3% versus Previous: 0.3%)

14.30 EURO Flash Manufacturing PMI (Expected: 46.0 versus Previous: 46.0)

15.00 U.K. Flash Manufacturing PMI (Expected: 50.0 versus Previous: 49.9)

20.15 U.S. Flash Manufacturing PMI (Expected: 48.8 versus Previous: 48.5)

20.15 U.S. Flash Service PMI (Expected: 55.2 versus Previous: 55.0)

20.30 U.S. Revised UoM Consumer Sentiment (Expected: 74.0 versus Previous: 73.0)

20.30 U.S. Revised UoM Inflation Expectations (Previous: 2.6%)

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

The stock of Metropolis Healthcare has been depreciating for over two months. It started to fall after facing resistance at ₹2,300. The latest leg of decline happened over the past week, where it broke below the support at ₹2,085.