Stock Market Highlights 25 November 2024: Sensex, Nifty close over 1% higher on BJP alliance’s win in Maharashtra

Benchmark equity indices Sensex and Nifty surged more than 1 per cent on Monday, helped by a rally in blue-chip stocks and the BJP pulling off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory.

Extending its previous day’s sharp rally, the BSE benchmark Sensex jumped 992.74 points or 1.25 per cent to settle at 80,109.85. During the day, it soared 1,355.97 points or 1.71 per cent to 80,473.08.

The NSE Nifty surged 314.65 points or 1.32 per cent to 24,221.90.

From the 30-share Sensex pack, Larsen & Toubro, State Bank of India, Adani Ports, Reliance Industries, Power Grid, ICICI Bank, HDFC Bank, Tata Consultancy Services, Kotak Mahindra Bank and Axis Bank were the biggest gainers.

On the other hand, JSW Steel, Tech Mahindra, Infosys, Maruti, Asian Paints and HCL Tech were the laggards.

Online food delivery giant Zomato will become a part of the benchmark BSE Sensex, replacing JSW Steel from December 23.

This is part of the latest reconstitution announced by Asia Index Private Ltd, a subsidiary of BSE. Read more

”Gold prices witnessed some softness in today’s trade after hitting a 3-week high in the international market. A higher inflation print in the US has dampened further hopes of rate cuts, negatively affecting gold prices.

As far as the domestic market is concerned, the ripple effect of this was clearly witnessed, where the price of yellow metal is hovering near INR 78,000 level, which is 5% below its all-time high mark.

Gold, the safe haven asset, witnessed a spike in its prices in a low interest rate regime. Going ahead, gold prices are likely to scale new highs which will be fuelled by the current geo-political tensions in the Middle East and further intensification of war between Russia and Ukraine.”

The rupee appreciated 10 paise to close at 84.31 (provisional) against the US dollar on Monday, supported by a firm trend in domestic equities amid improved investor risk appetite.

Forex traders said investor sentiment got a boost after the Israeli ambassador to Washington said the Hezbollah ceasefire deal could come “within days”.

At the interbank foreign exchange, the rupee opened at 84.38 and touched an intra-day high of 84.25 against the greenback. The unit ended the session at 84.31 (provisional) against the dollar, registering a rise of 10 paise over its previous close.

On Friday, the rupee recovered from its all-time low level and appreciated 9 paise to close at 84.41 against the US dollar.

“US bonds are rallying on Trump appointing Scott Bessent as his Treasury Secretary. It is to be known that Bessent is a deficit hawk, so the possibility of a reduction in borrowing is weighing on the yields, in turn supporting the INR. Read more

Top gainers: ONGC (5.48%), BEL (4.33%), L&T (4.26%), BPCL (4.01%), Shriram Finance (3.78%) 

Top losers: JSW Steel (-2.32%), Tech Mahindra (-0.71%), Infosys (-0.59%), Maruti (-0.55%), Bajaj Auto (-0.39%)

The global flight to safety amid ongoing geopolitical tensions stemming from the intensifying Russia-Ukraine war has caused gold prices to rebound and cross the $2700 (~Rs 77400) level this week. In addition, expectations that US President-elect Donald Trump’s expansionary policies could reignite inflationary pressures further enhance the commodity’s appeal as a hedge against inflation. In contrast, higher inflation could limit the Fed’s ability to cut interest rates further. These concerns and a potential increase in the US fiscal deficit brought on by Trump’s expansionary plans continue to support elevated US Treasury bond yields and lift the US Dollar Index to its highest level since October 2023. Gold will likely continue its uptrend in the medium term for the target of $3000 (~Rs 85000).

TotalEnergies has learnt through public announcements made by the US authorities of the indictment of certain individual Adani group executives in relation to an alleged corruption scheme linked to the business of Adani Green Energy Limited (AGEL). This indictment does not target AGEL itself, nor any AGEL related companies.

In accordance with its code of conduct, TotalEnergies rejects corruption in any form.

TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as minority (19.75%) shareholder of AGEL and as a joint-venture partner (50%) in project companies with AGEL.

Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies.

TotalEnergies recalls that its investments in Adani’s entities were undertaken in full compliance with applicable laws, and with TotalEnergies’ own internal governance processes pursuant to due diligence and representations made by the sellers. In particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme.

Top gainers:

ONGC (5.07%), L&T (4.15%), BEL (4.09%), BPCL (3.66%), SBI (3.49%)

Top losers:

JSW Steel (-2.62%), Tech Mahindra (-1.03%), Asian Paints (-0.84%), HDFC Life (-0.84%), Infosys (-0.83%)

Stocks advanced on BSE at 3 pm on November 25, 2024, were 2,770 against 1,248 stocks that declined, and 174 remained unchanged. Total stocks traded were 4,192. The number of stocks that recorded a 52-week high was 202, and those that hit a 52-week low was 51. A total of 433 stocks traded in the upper circuit, and 271 in the lower circuit.

MTNL and BSNL have entered into a “SERVICES AGREEMENT” as vetted by Ministry of Corporate Affairs (MCA) between the companies for a period of 10 years or unless it is revoked earlier by giving a notice of Six (06) months or extended by mutual consent between the Parties.

MTNL shares hit upper circuit on the NSE at ₹47.25, higher by 9.99%.

According to Alpha Strategist Report from Motilal Oswal Private Wealth (MOPW), standard deviation on monthly returns and maximum drawdowns for the period between 1990 to 31st October 2024, silver has exhibited volatility similar to Indian equities.

The standard deviation for Silver is 26.6% which is similar to Indian equities at 26.8%. The maximum drawdown of silver is at -54% which is close the maximum drawdown of -55.1% in Indian equities.

Silver has provided returns of the CAGR of 7.6% from 1990 to 31st October 2024, Indian Equities have recorded CAGR of 14.0% during the same period.

Compared to Silver, Gold has provided a meaningful CAGR of 10.6% and scores better on account of recorded standard deviation of 14.7% and maximum drawdown of -25.1%.

Hence, Gold can have a strategic allocation in portfolios, while Silver should be consider only for tactical allocation.

Niva Bupa Health Insurance Company recorded its profit after tax for the quarter ended September 2024 at ₹13.02 crore as against the loss of 7.59 crore in the corresponding quarter last year.

Shares were up 1.22% on the NSE to ₹74.60

Muthoot Microfin has initiated loan disbursals under its co-lending partnership with the State Bank of India (SBI), the country’s largest lender. Under this collaboration, SBI has sanctioned Asset creation cap of ₹500 crore, to be disbursed in tranches of ₹100 crore. 

Muthoot stock surged 5.20% on the NSE to ₹191.43 and SBI stock rose 3.82% tp ₹847.20

Company has launched a diverse range of new products, including Egg Masala, Chola Masala, Chat Masala, Fish Masala, Pav Bhaji Masala, Shahi Biryani Masala, Peri Peri Masala, Kalimirchi Powder, Kasuri Methi, Sabzi Masala, Jeera Powder, and Special Marwadi Mirchi.

For the quarter ending Sep-24, Sales up 81% YoY from ₹7.1 Cr in Sep-23 to ₹12.87 Cr in Sep-24. Similarly, Net Profit up 34% from ₹6.12 Cr to ₹8.2 Cr. On a QoQ basis, Sales up 13% and Net Profit up 1%.

For the half year ending Sep-24, Sales up 84% YoY from ₹43 Cr in Sep-23 to ₹79 Cr in Sep-24. Similarly, Net Profit up 2.5x from ₹2 Cr to ₹5 Cr. On a HoH basis, Sales down 15% and Net Profit remained flat.

For the quarter ending Sep-24, Sales up 48% YoY from ₹80 Cr in Sep-23 to ₹118 Cr in Sep-24. Similarly, Net Profit up 50% from ₹8 Cr to ₹12 Cr. On a QoQ basis, Comparison is not valid.

For the quarter ending Sep-24, Sales up 57% YoY from ₹39.88 Cr in Sep-23 to ₹62.48 Cr in Sep-24. Similarly, Net Profit up 41% from ₹5.93 Cr to ₹8.38 Cr. On a QoQ basis, Sales up 2% and Net Profit up 10%.

Property Share Investment Trust, India’s first registered SME REIT, has filed the offer document for PropShare Platina, the first scheme under PSIT and India’s first SM REIT aggregating to up to Rs 353 crore. The price band for the Issue is ₹ 10 lac to ₹10.5 lac per unit and it will open for subscription on December 2, 2024. The minimum bid size is 1 unit.

The IPO is entirely a fresh issue of Platina units with no offer-for-sale component. The Offer Proceeds are proposed to be utilized primarily for acquisition of the Prestige Tech Platina asset by the Platina SPVs with the remaining utilized for other general corporate purposes.

PropShare Platina comprises 246,935 square feet of office space in Prestige Tech Platina, a LEED Gold office building located on Outer Ring Road (ORR), Bangalore, developed by the Prestige group and proposed to be fully leased to a US-based tech company through a fresh 9-year lease with a 4.6 year weighted average lock-in and escalation in rents every 3 years. The scheme offers investors a projected distribution yield of 9.0% for the financial year 2026, 8.7% for the financial year 2027 and 8.6% for the financial year 2028.

Cement demand growth to moderate marginally to 5-6% in FY25: CareEdge Ratings

Expects a GDP growth rate between 6.5 to 7% for Cement Industry in FY25

Projects 6.8 to 7.2 % CAGR for cement demand between FY25 to FY30 period

Asset reconstruction companies (ARCs) will see their cumulative recovery rate from security receipts (SRs) of stressed road projects rise 700-1,000 basis points (bps) this fiscal to 60-65 per cent after doubling to 50-55% last fiscal, according to CRISIL Ratings.

The cumulative recovery rate (cumulative gross recoveries / cumulative SRs) issued for the CRISIL Ratings SR portfolio of stressed road assets rose to 50-55 per cent in FY24 from 21 per cent in FY23.

Alembic Pharmaceuticals shares up 3.59% on the NSE to ₹1,079.30. 

Company received form 483 with five observations from the US drug regulator for its Gujarat-based manufacturing plant.

Cochin Shipyard stock trades at its upper circuit on the NSE at ₹1,364.25, higher by 5%, following MoU with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment for jack-up rigs for the Indian market.

Titan Intech Limited has received Work Orders to install 65” IFPD (Interface Flat Panel Display) LCD Screens in CBSE Schools spread various parts of the country.

Shares up 1% on the BSE to ₹41.24

Central Bank of India (7.13%), Indian Bank (6.45%), UCO Bank (5.66%), PSB (4.87%), Bank of Baroda (4.64%)

Equity markets maintained strong momentum in Monday afternoon trading, with the benchmark BSE Sensex holding firmly above the psychologically crucial 80,000 mark. The 30-share index traded at 80,254.58, up 1,137.47 points or 1.44% from its previous close, while the broader NSE Nifty advanced 373.30 points or 1.56% to 24,280.55 at 12:30 PM.

The market breadth remained decisively positive, with 2,904 stocks advancing against 1,010 declining on the BSE. Notably, 191 stocks reached their 52-week highs, while 35 touched their yearly lows. The rally saw 391 stocks hitting upper circuits compared to 253 at lower circuits.

Zydus Wellness today announced the launch of Nutralite Chef, an AI-powered food technology platform that provides personalized recipe suggestions and meal planning through WhatsApp and web interfaces. The platform aims to address meal planning challenges faced by urban consumers.

Central Bank of India shares rally 7.44% on the NSE to ₹56.21 following RBI’s approval to foray in the insurance business

Prominent investors, including Moneywise Financial Services Pvt Ltd, Negen Undiscovered Value Fund, Niveshaay Hedgehogs Fund, YR Investment Opportunities Fund, TGISME Fund, India Equity Fund 1, IMAP India Capital Investment Trust-Catalyst New Fund, Craft Emerging Market Fund PCC – Elite Capital Fund, VBCube Ventures Fund, VIJIT Growth Fund, Vikasa India EIF Fund – Incube Global Opportunities, Paradise Moon Investment Fund 1, Visionary Value Fund, Next Orbit Ventures Fund, Matterhorn India Fund, CCV Emerging Opportunities Fund – 1 and Nova Global Opportunities Fund PCC participated in the anchor book subscription

· The company raises Rs. 44.76 crore from the sale of 13.36 Lakh equity shares with a face value of Rs. 10/- priced at Rs. 335/- per share

· RPSL intends to utilise the net proceeds from the IPO towards capital expenditure to purchase cable identification, testing and fault location equipment, to set up a DC Solar power plant having a capacity of 1300 KW, for Inhouse development of technical expertise in the production of Green Hydrogen and associated equipment such as electrolysers. The remaining funds will be used for additional working capital requirements and general corporate purposes

· Issue opens today, November 25, 2024, and closes on Wednesday, November 27, 2024

· ISK Advisors Private Limited is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer

Track live updates

Top gainers on the NSE as at 12 noon:

BEL (5.75%), ONGC (5.19%), Shriram Finance (4.85%), L&T (4.10%), BPCL (3.97%)

Top losers:

JSW Steel (-2.14%), Infosys (-0.35%), HCL Tech (-0.04%)

Stocks advanced on BSE at 12 noon on November 25, 2024, were 2,921 against 961 stocks that declined, and 183 remained unchanged. Total stocks traded were 4,065. The number of stocks that recorded a 52-week high was 185, and those that hit a 52-week low was 34. A total of 369 stocks traded in the upper circuit, and 249 in the lower circuit.

Vessel SEAMEC DIAMOND has completed its repairs and back on hire with ONGC with effect from November 22, 2024.

Seamec stock surged 4.62% on the NSE to ₹1,154.25

Reliance Industries stock rises 2.54% on the NSE to ₹1,297.55. Citi has upgraded the stock from neutral to buy at an increased target price of ₹1,530.

Dev Information Technology board has approved sub-division/ split of the existing equity shares of the Company, such that each equity share having face value of ₹5 each fully paid-up, be subdivided/split into such number of Equity Shares having face value of ₹2.

Shares trade at ₹164.79 on the NSE, up 2.44%.

ENVIRO INFRA ENGINEERS IPO has been subscribed 5.29 times as at 11.36 am on November 25, 2024. The QIB portion has been booked 2.05 times, NIIs 12.09 times, retail 4.21 times, and employee portion 7.64 times.

The issue closes tomorrow, Nov 26.

Dhanuka Agritech Limited announces strategic acquisition Agreement with Bayer AG for acquiring international rights to the active ingredients Iprovalicarb and Triadimenol to expand its global footprint

Tata Capital Healthcare Fund II has committed over 90% of its ~ USD 130 Mn fund, records 1.7Mn direct health beneficiaries through ~ 300 healthcare facilities 

Mumbai, 25 November: Tata Capital Healthcare Fund II (TCHF II) has deployed ~ 90% of its Fund II corpus across the healthcare and life sciences value chain spanning pharmaceuticals, healthcare delivery and health-tech. TCHF has raised over USD 200 Mn across the two fund vintages.

In FY24, TCHF II investments have delivered the following impact

- 1.7 Mn direct health beneficiaries (18% growth y-o-y) 

- 41 new jobs created for every US$1Mn invested

- ~ 6,350 employees (14% growth y-o-y) across 9 Fund II portfolio companies

- 30% y-o-y increase in women employees; women employed account for 27% of TCHF portfolio workforce

India’s digital payments provider Paytm announced today the launch of an automatic top-up feature for its UPI LITE service, enabling PIN-less transactions for payments under ₹500. The new feature, currently available for select Yes Bank and Axis Bank users, automatically recharges the UPI LITE balance when it falls below a predetermined limit.

Wardwizard Innovations & Mobility Limited Partners with Ampvolts Limited to Develop Advanced EV Charging Infrastructure in India and Abroad

Wardwizard Innovations stock rose 2.84% on the BSE to ₹44.12

Rail Vikas Nigam (RVNL) shares rally 6.54% on the NSE to ₹447.70. Its joint venture - RVNL-SCPL - received letter of acceptance (LoA) worth Rs 837.67 crore from Eastern Railway.

Agricultural solutions provider UPL Limited has signed a strategic partnership agreement with CH4 Global to distribute a methane-reducing feed supplement for cattle across major livestock markets. The multi-year collaboration, announced on November 25, 2024, will target India, Brazil, Argentina, Uruguay, and Paraguay, which collectively account for over 40 per cent of the global cattle population.

Adani Power Limited nor any of its subsidiaries have entered into any contract in connection with any airport or transmission line in Kenya.

Adani Power stock traded at ₹466.85 on the NSE, up 1.39%

Nifty 50 has began the week on a strong note with a wide gap-up open. After closing at 23,907 on Friday, the index opened at 24,253 today. It is currently trading at 24,277, up 1.55 per cent. The advances/declines ratio is at 47:3. If this trend sustains, then there are good chances for the Nifty to rise further during the day.

Read more here.

Bank Nifty index opened today’s session with a gap-up at 52,046 versus last week’s close of 51,135. It extended the upswing and is currently hovering around 52,140, up about 2 per cent.

Notably, all 12 stocks in the index have advanced so far today, showing strong positive signal. Bank of Baroda and Punjab National Bank, up 4.7 per cent each, are the top performers.

Read more here.

Adani Enterprises (+2.61%) 

ACC (+2.27) 

Ambuja Cement (+1.97%) 

Adani Total Gas (+1.92%) 

Adani Ports & SEZ (+1.30%) 

Adani Power (+1.29%)

Adani Green Energy (+1.15%) 

Adani Energy Solutions (+1.23%) 

Adani Wilmar (+1.23%) 

NDTV (-1.25%)

TIPS Music Ltd announced a direct, strategic partnership to promote its music library on TikTok.

Stock gains 1.96% on the BSE to ₹865.65

UPL and CH4 Global sign partnership agreement that aims to bring methane reducing feed supplement to millions of cattle 

UPL stock rose 1.37% on the NSE to ₹574.15

Catch live action here

Adani dollar bond prices fell to almost one-year lows on Monday as investors cut their exposure to the Indian conglomerate in the wake of bribery and fraud allegations from U.S. authorities.

The group’s billionaire chairman, Gautam Adani, and seven other people were last week charged with agreeing to pay around $265 million in bribes to Indian government officials.

Along with many of my colleagues, I spent the last week at our Asia Pacific Summit in Singapore, one of our largest and most global client conferences of the year. It coincided with the release of our 2025 outlooks for economics and strategy, providing a good forum for us to engage with a wide range of clients on these newly published views. While there was plenty of debate about how to position for 2025, I heard overarching agreement that America remains the best place for equity investors to be.

Despite the S&P 500’s near-record-high valuations, the consensus view remains that they are justified by the also-high ROE and better growth profile – the definition of high quality. To be clear, high-quality stocks are expensive outside the US too, and America doesn’t have a monopoly on these names. However, the US has more of them, which explains why the quality metrics for the S&P 500 are much stronger than for non-US indices. As one client told me, “Ten years ago, for every five high-quality US companies, I could find one outside the US; now that ratio is 10 or 15 to 1.”

The equity markets experienced a dynamic shortened week, with initial selling pressure giving way to a robust rebound, highlighting resilience and potential for recovery. The benchmark index demonstrated a notable resurgence this week, recovering from a challenging period that saw it reach a low not seen in five months. As trading concluded on Friday, the index settled a tad above the 23900 zone, marking a commendable gain of 1.60 percent over the week.

The attempt to reverse the trend requires follow-up buying to demonstrate sustainability and reliability to thrive in the market once again. From a technical perspective, the 14-period RSI has shown a positive crossover from the oversold territory, aligning with the significant historical support of the 200-day simple moving average (SMA), which supports a bullish outlook. However, the presence of lower highs remains a concern and until we see a decisive and sustainable breakthrough above 24000, it’s advisable to keep positions light. For the upcoming week, 23600-23500 is likely to cushion any shortcomings, while a further breach would once again dampen the sentiments and could lead to the lower zone of 23350-23300 on an immediate basis. On the flip side, the 24000-24050 mark, coinciding with the 20 DEMA, withholds a pivotal resistance, and a sustained buying could only lead to an extended bullish rally in the comparable period.

With the Nifty holding the key 23,200 level last week, there is a potential for the bounce to extend toward 24,500 since the Thursday low turned into a classic bear trap with lack of downside follow through. We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that’d happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4%.

Bonus Adjustment - Shakti Pumps has declared a 5:1 bonus (5 share for every 1 shares held) with the ex-bonus date being November 25, 2024. Shakti Pumps stock trades at its upper circuit on the NSE at ₹826.75

Mishtann Foods Limited announced signing of an agreement with the Famous Pan India Actress Rashmika Mandanna as its brand ambassador. 

Stock trades at ₹14.18 on the BSE

One 97 Communications has introduced automatic top-up for Paytm UPI Lite. Payments of up to ₹500 can be made per transaction, with a daily limit of ₹2000.

Stock gained 1.36% on the NSE to ₹913.20

Top gainers on the NSE:

Shriram Finance (5.22%), BEL (5.15%), BPCL (4.53%), L&T (3.84%), ONGC (3.73%)

Top losers:

JSW Steel (-1.88%), Infosys (-0.66%), Dr Reddy’s (-0.04%)

Zomato stock gained 5.82% on the NSE to ₹279.58. The stock will become a part of the benchmark BSE Sensex, replacing JSW Steel from December 23.

Bitcoin steadied after a rally towards $100,000 fizzled just shy of the historic level, as traders assess whether optimism stemming from President-elect Donald Trump’s support for crypto is becoming stretched.

The digital asset fell as low as $95,776 on Sunday after coming within $300 of the six-figure milestone on Friday. It rebounded to change hands at $97,550 as of 10:37 a.m. Monday in Singapore, as Trump’s pick of hedge fund executive Scott Bessent for Treasury secretary helped sentiment in global markets.

Crude oil futures traded lower on Monday morning following media reports that Israel and Hezbollah are exploring a peace deal to end hostilities in the region. At 9.28 am on Monday, February Brent oil futures were at $74.40, down by 0.31 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $71.01, down by 0.32 per cent. December crude oil futures were trading at ₹6007 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6028, down by 0.35 per cent, and January futures were trading at ₹5984 against the previous close of ₹6008, down by 0.40 per cent.

Equity benchmarks opened sharply higher on Monday, with the BSE Sensex crossing the 80,000 mark, driven by the BJP’s victory in Maharashtra elections and positive global cues.

The Sensex opened strongly at 80,193.47 from its previous close of 79,117.11 and has climbed further, trading at 80,263.36 as of 10.00 am, up by 1,146.25 points or 1.45 per cent. Similarly, the Nifty opened higher at 24,253.55 against its previous close of 23,907.25 and is currently at 24,265.70, rising by 358.45 points or 1.50 per cent.

On November 25, 2024, Indian benchmark indices, including the Sensex and Nifty, are expected to open on a strong positive note, with the GIFT Nifty indicating a 450-point increase, reflecting bullish market sentiment. However, caution remains warranted.

On November 22, after a robust rebound in the previous session, Indian indices recorded their biggest single-day gains in over five months, driven by broad-based buying across sectors and a recovery in Adani Group stocks. The Nifty surpassed the 23,900 mark intraday, while the Sensex exhibited significant volatility, swinging 1,961.32 points to the upside during the session. The Nifty successfully sustained support above the 23,800 level and formed a strong bullish candle on the daily chart, signaling potential for further upside momentum in the near term.

From a technical perspective, the Nifty faces immediate resistance in the 24,400 to 24,800 Levels. The index is currently trading above its 200-day Exponential Moving Average (EMA), with support identified in the 23,500 to 23,350 zone, which could attract buying interest from opportunistic traders. Similarly, the Bank Nifty closed above the 51,100 level, with further upside potential anticipated only after a decisive breakout above the 52,500 mark. Key support levels are located between 50,600 and 50,200, while resistance is projected in the 52,000 to 52,200 range.

The Relative Strength Index (RSI) for the Nifty stands at 44.41 and is trending upward, suggesting an increase in buying momentum. On the institutional front, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth ₹1,278.37 crore. Conversely, Domestic Institutional Investors (DIIs) supported the market with net purchases of ₹1,722.15 crore, highlighting robust domestic buying interest despite weak global sentiment.

“The ability of the market to surprise was evident in the 557 point spurt in the Nifty on Friday. This sharp upswing will continue today assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective.

A significant feature of the Friday rally was the sharp spurts in many largecaps with some stocks shooting up by more than 4%. This clearly indicates short covering, which will keep the market resilient today.

Whether the rally will continue beyond a couple of days remains to be seen since the earnings headwinds will continue to constrain the bulls.

Banking and IT are on a strong wicket assisted by fair valuations and reasonable growth prospects. Watch out for capital goods, telecom and pharma stocks.”

The core infrastructure segment contributed significantly to the EBITDA, making up 87% of the total, while the group emphasised its strong cash reserves and liquidity to meet debt obligations for the next year

The Adani group, whose chairman and founder Gautam Adani and some others have been indicted for bribery in the US, said it has recorded a combined EBITDA of Rs 44212 crore in first half of FY25, up 25.5 per cent on year and has enough cash on its books to cover debt obligations for the next 12 months.The core infrastructure business of the group, consisting of utilities, transport and ports accounted for nearly 87 per cent of the total EBITDA, the group said. Companies that form part of the core infrastructure business are Adani Green Energy, Adani Energy Solutions, Adani Ports and SEZ, Adani Power and Adai Total Gas.

On an annualized basis its EBITDA was at Rs 88,912 crore it added.

Its asset base at the end of September was Rs 5.53 lakh crore and its cash balance at the portfolio level was Rs 53,024 crore, just over a fifth of its gross debt. Portfolio companies in the group had invested Rs 75,277 crore. 

The group said it had sufficient liquidity to cover all debt servicing requirements at least next 12 months.

SEBI has proposed ownership diversification of clearing corporations through pro-rata distribution of shares to existing shareholders of parent exchange

Clearing Corp’s (CC) can be profit making & dividend paying public utilities, they will remain prohibited from listing

SEBI wants CCs to evolve a fee structure to be self-sufficient for SGF funding & capex

Indian Clearing Corporation is a wholly owned subsidiary of BSE

ICCL’s net profit was 19% of BSE’s H1FY25 consolidated net profit

BSE’s FY26/27 consol EPS can reduce by 12-15% and exchanges product level margins can be at risk, as per Jefferies

Ex-Dividend 26 Nov 2024 (Tomorrow)

Last date for Cum-Dividend Today

Dev Information Technology Ltd

Dividend Per Share Rs.0.25 

Previous day Closing Price – Rs. 160.6 

Dolat Algotech Ltd 

Dividend Per Share Rs.0.25 

Previous day Closing Price – Rs. 123.95 

Elpro International Ltd. 

Dividend Per Share Rs.0.7 

Previous day Closing Price – Rs. 108.1 

Ganesha Ecosphere Ltd. 

Dividend Per Share Rs.1.5 

Previous day Closing Price – Rs. 2237.55 

Kaveri Seed Company Ltd. 

Dividend Per Share Rs.5 

Previous day Closing Price – Rs. 822.1 

Morganite Crucible (India) Ltd. 

Dividend Per Share Rs.30 

Previous day Closing Price – Rs. 1848.4 

Polyplex Corporation Ltd. 

Dividend Per Share Rs.9 

Previous day Closing Price – Rs. 1175.35 

Sun TV Network Ltd. 

Dividend Per Share Rs.5 

Previous day Closing Price – Rs. 741.15

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

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

For Retail open & close date – 25- November -24 (Today)

Floor Price: INR “1550.00”

Closing Price on date of announcement: Rs. 1849.75 

Current Market Price: 1738.60

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

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

Non- Retail Clearing Price: Rs 1675.10. 

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

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 )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs 1675.10

Issue Open - 05-Dec-24

Issue Close - 17-Dec-24 

Right issue Size: Rs. 3378 Crs (9.38 Crs Shares)

Stock Price – 566.10/-

Right issue Price: Rs. 360/-

Payment Terms: Rs. 90/- (Rs 90 to be paid on application)

First call: Rs. 270/-

Rights Entitlement Ratio: 1 Rights Equity Share for every 8 shares held (Effectively 0.125 for every 1 share held).

Last Trade date (Cum Right): 25 Nov 2024 (Today)

Ex-Right Trading date: 26 Nov 2024

Record Date: 26 Nov 2024

Right Entitlement (RE) Trading Period:- 05th Dec to 11th Dec

Last day of Renunciation of Rights Entitlements: Not Yet Announced

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 22.90

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

Strong reservoir level, La Niña settling in & low base mean strong tractor vol growth is likely over FY25-27 

Regional reservoir level trends are more aligned with M&M’s strong state-holds, which is +ve 

M&M– Buy, TP Rs 3390 

Escorts– Reduce, TP Rs 3180

EW, TP Rs 2060 

Management is seeing strong demand momentum on favorable macro and upgrade demand. 

ASP escalation should add to pre-sales growth. 

Oberoi projects have seen 30-40% ASP growth over 3-4 yrs 

Luxury remainstarget segment, helping strong margins (2Q at 58%)

EW, TP Rs 2060 

Management is seeing strong demand momentum on favorable macro and upgrade demand. 

ASP escalation should add to pre-sales growth. 

Oberoi projects have seen 30-40% ASP growth over 3-4 yrs 

Luxury remains target segment, helping strong margins (2Q at 58%)

EW. TP Rs 650 

SBIC’s October spending market share was largely stable MoM, at 15.8%. 

On a YoY basis, spending fell 10% (+11% in Sept), lower than +13% for industry, reflecting continued impact (beginning Feb ) of RBI’s notification on corporate card spending

O-P, TP Rs 440 

core thesis driven by 

i) Accelerating power demand 

ii) Evening shortages 

iii) Cost of debt advantage 

iv) Receivable advantage 

There might not be many levers for upside beyond this, also don’t see a reason for significant downside

Upgrade to Buy, TP raised to Rs 1530 

After a period of significant underperformance (20% vs. broader Indian market over last 6M), believe risk/reward has turned favourable 

Expect an improvement in refining margins given China’s reduced export competitiveness 

Jio remains well positioned to benefit not just from future tariff hikes but also from any moves to improve data pricing &/or better monetise 5G. 

Retail softness may continue for another couple of qtrs & pare ests

The frenzy in the IPO market among individual investors seems to be ebbing amid a volatile secondary market, lofty valuations and lower grey market premiums.

The last eight offerings were, on average, subscribed 1.98 times against 49.5x for the previous 65 IPOs that came in this year. Several issues saw a muted response from wealthy and retail investors. The recently-concluded NTPC Green Energy IPO got subscribed 2.55 times overall, with the category for non-institutional investors (NII) seeing bids for less than the shares on offer. 

India is expected to witness a net inflow of appx $2.5 billion in FII passive flows

Stocks added to Standard index - Alkem Laboratories, BSE, Kalyan Jewellers, Oberoi Realty, and Voltas

Comment by Pranay Aggarwal, CEO, Stoxkart – a discount broker on Maharashtra and Jharkhand election outcome

With India setting its sight to be a USD 5 trillion economy in the next few years, Maharashtra as an engine of this growth story aims to be USD 1 trillion economy. Hence the political stability in the western state is crucial for Indian markets given its economic clout and significance. Contributing 15 percent to India’s GDP and 20 percent of industrial output, the state accounts for 3.6 crore or 18 percent of the demat accounts out of the total of 20 crore demat accounts registered to NSE.

As a key industrial hub, the political stability in Maharashtra will signal broader national trends, shaping market dynamics and policy predictability with ease for FDI and Make in India initiatives that will influence investor confidence and drive market sentiment and industrial growth together.

Such cooperative and competitive federalism led by developed states like Maharashtra will also encourage resourceful state in mining like Jharkhand to emulate their industrial policy in sync with India’s coveted objective of becoming an economic powerhouse.

Citi on Reliance Ind: Upgrade to Outperform on Company, target price at Rs 1530/Sh (Positive) 

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

HSBC on M&M: Maintain Buy on Company, target price at Rs 3390/Sh (Positive) 

MS on Oberoi Real: Maintain Equal weight on Company, target price at Rs 2060/Sh (Positive) 

Bernstein on NTPC: Maintain Outperform on Company, target price at Rs 440/Sh (Positive) 

Antique on India Strategy: Believes recent market correction good opportunity to accumulate stocks. (Positive) 

Emkay on India Strategy: Cuts Nifty target by 4% to 25,000 from 26,000. (Neutral) 

Jefferies on Maruti: Maintain Hold on Company, target price at Rs 10900/Sh (Neutral) 

GS on Astral: Maintain Hold on Company, cut target price at Rs 2170/Sh (Neutral) 

HSBC on Escorts: Maintain Neutral on Company, target price at Rs 3180/Sh (Neutral) 

MS on SBI Cards: Maintain Equal weight on Company, target price at Rs 650/Sh (Neutral)

Here is what the charts say about shares of Global Health, Lemon Tree Hotels and NCC

After trading weak for almost all through the week, the Indian benchmark indices witnessed a strong bounce on Friday. Sensex and Nifty 50 surged about 2.5 per cent each while the Nifty Bank index rose about 1.5 per cent on Friday recovering all the loss made during the week.

The dollar index continued to rise for the third consecutive week. The index rose 0.8 per cent last week and closed well above the key level of 107 last week. That keeps the greenback on a strong footing.

Directional bets do not always mean taking a long or a short position. Sometimes, you could take relative bets. You could simultaneously take a long position and a short position in two different securities that are related to each other. This week, we discuss the characteristics of this relative value trade using futures contracts.

Infosys (₹1,755): The stock has seen a sharp drop in price recently. It fell off the resistance at ₹1,975 and is currently hovering around ₹1,750.

Coforge (₹8,327.50): The stock has been in a strong uptrend since May. The latest leg of the rally began a month ago on the back of the support at ₹6,750. Last week, it comfortably closed above ₹8,000-mark. Also, the price action indicates that the upward momentum is strong and there are no signs of a reversal.

Shares of SRF (₹2,163.25) are ruling at a crucial level. The stock finds a key support at ₹2,105. As long as it stays above that level, the long-term outlook will remain positive. Important resistance levels are at ₹2,260 and ₹2,480. We expect the stock to move in a narrow band with a positive bias.

Even as the dollar rallied, precious metals bounced back after some moderation in price in the first half of this month.

In dollar terms, gold ($2,712/ounce) and silver ($31.3/ounce) rose 5.9 and 3.6 per cent respectively. Similarly, in the domestic market, gold futures (₹77,616/10 gm) was up 5 per cent and silver futures (₹90,768/kg) gained 2.7 per cent.

The dollar rally did not weigh on crude oil prices. In fact, the Brent crude oil futures on the Intercontinental Exchange (ICE) ($75.2/barrel) appreciated 5.9 per cent. The crude oil futures on the MCX (₹6,028/barrel) was up 6.1 per cent.

Nifty 50 (23,907) produced its best weekly performance since the week ended October 4 by appreciating 1.6 per cent. Bank Nifty (51,135), after posting loss for two consecutive weeks, managed to stay positive last week by going north by 1.9 per cent.

Enviro Infra Engineers (Enviro), a water infrastructure player focused on water and sewage treatment plants, has hit the Street with its IPO. The offer is a mix of fresh issue and offer for sale (OFS) to the tune of ₹572.4 crore and ₹78 crore respectively, adding up to ₹650.4 crore.

Kaynes Technology: Rating Upgraded to ICRA A- (Positive) from ICRA BBB+ (Stable). (Positive)

Bharti Airtel: S&P Global Ratings reaffirmed Bharti Airtel’s BBB- rating and revised its outlook to positive from stable (Positive)

Central Bank of India: RBI approved Central Bank of India’s entry into the insurance business via a joint venture with Generali. (Positive)

Prakash Industries: Company gets mining lease of Bhaskarpara commercial coal mine from Chhattisgarh Govt. (Positive)

RITES: Company secures revised order for Railway Electrification work from Northeast Frontier Railway worth Rs 531.77 Cr (Positive)

Mahindra Lifespace: Company’s subsidiary and Sumitomo Corp. agreed to invest Rs 225 crore to expand an industrial park in Tamil Nadu. (Positive)

Paras Defence: Company inaugurates advanced optical systems testing facility in Navi Mumbai (Positive)

Cochin Shipyard: Company signed an MOU with Seatrium Letourneau USA for jack-up rig designs for the Indian market, leveraging CSL’s shipbuilding expertise and SLET’s design capabilities. (Positive)

Oberoi Real/Godrej Prop/ Macrotech: Mumbai sees 11.5% year-on-year growth in luxury home rates during September quarter. (Positive)

VST Industries: Company sold a 2.7-acre property in Hyderabad for Rs 101.7 Cr. (Positive)

PVR INOX: Company expects to surpass 150 million footfalls in 2024. (Positive)

RVNL: Company gets LoA for a project worth Rs 837 cr from Eastern Railway. (Positive)

Urban Enviro: Company secured two new work orders from Borsad Municipality, Gujarat totaling Rs 168 million. (Positive)

Zaggle Prepaid: Company has entered into an agreement with Golden Jasraj Music Platforms Pvt. Ltd. (Positive)

Escorts: Arm Escorts Kubota Finance intends to commence its non-banking financial institution business activities (Positive)

Zomato: BSE to drop JSW Steel from Sensex, adds Zomato from Dec 23 (Positive)

Aurobindo Pharma: Subsidiary, signed a collaboration & license agreement with a global pharma major for respiratory products. USD 25 mn upfront payment received (Positive)

Waaree Tech: Received purchase order for 530 solar kits. (Positive)

HG Infra: Received letter of award for 500 MW battery storage project. (Positive)

IGL: Company hikes CNG price by Rs 1.5-4/kg in areas other than Delhi (Positive)

Hero MotoCorp: Company and US partner in advanced stage of developing mid-sized electric bike. (Positive)

LTIMindtree: Company incorporates JV entity ‘LTIM Aramco Digital Solutions for Information Technology’ in Saudi Arabia (Positive)

CESC: Eminent to acquire 100% stake in Chandigarh power distributor for ₹871 crore. (Neutral)

Afcons: Lower other expenses and tax reversals increase PAT (Neutral)

Thirumalai Chemicals: Company secured Rs 200 Cr term loan from Federal Bank to further invest in TCL Specialties LLC. (Neutral)

Ipca Laboratories: Company announces a revised record date of November 27, 2024, for interim dividend entitlement for FY24-25. (Neutral)

Jyoti Structures: Company to raise up to Rs 500 crore via rights issue. (Neutral)

MTNL: Company could not fund ESCROW account with adequate amount due to insufficient funds. (Neutral)

BSE: Company introduction of futures & options contracts on 43 individual securities (Neutral)

Karnika Industries: Company to setup new plant at Gurgaon for production of denims. (Neutral)

LG Balakrishnan: Investing Rs. 50 Crores for capacity expansion in Chennai. (Neutral)

Protean Egov: NSE investments to exercise oversubscription option in protean Egov technologies OFS (Neutral)

UPL: Long-term bank facility rating downgraded from CARE AA+ to AA; outlook revised from Negative to Stable. (Neutral)

GPIL: Company acquired 21.46% equity stake in Jammu Pigments Ltd for Rs 69.54 Cr and subscribed Rs 175 Cr in CCPS, aiming for 51% stake post conversion. (Neutral)

ICICI Lombard: Company acquired a 0.19% stake in HDFC Life Insurance (Neutral)

Vedanta: NCLT approves meetings of shareholders and creditors (Neutral)

Alembic Pharma: US FDA has issued form 483 with 5 observations for Jarod facility (Neutral)

Adani Group stocks: Petitioner in Hindenburg Case files fresh plea in SC, urges that ‘malpractices are of serious nature’, ‘should be investigated’ by Indian Agencies. US International Development Finance Corp. is conducting due diligence on a $500M loan for an Adani-backed Sri Lanka port (Neutral)

Retro Green: MD, Mr. Arunkumar Prajapati, resigned effective Dec 1, 2024. (Negative)

ABFRL: Company received Rs 246.49 Cr GST demand order from Chandigarh authorities. (Negative)

Domestic broking house Emkay Global Research has revised down its December 2025 Nifty target by 4 per cent to 25,000 from 26,000 amid valuation concerns and weak consumption demand. “We cut our Nifty target by 4% to 25,000 from 26,000, despite a 3M rollover to Dec-25. This is a reaction to a poor earnings season marked by weak consumption demand and worsening cash flows,” it said in a recent note.

Bengaluru-based C2C Advanced Systems’ initial public offering (IPO) enters day 2 on the NSE-Emerge platform with overly enthusiastic responses from retail investors. The IPO has already attracted over one lakh retail applications and will close on Tuesday, November 26. The SME-IPO has a price band of ₹214-226, and the market lot is 600 shares.

The IPO of Enviro Infra Engineers enters day 2 on a strong note, as all categories of investors evinced big interest on day 1 of the issue opening. The initial public offering was subscribed twice on Day 1 itself, as the QIB portion was subscribed 2 times, HNIs 3 times, retail investors 1,70 times, and employees 3.17 times.

Enviro Infra Engineers’ initial public offering, which has a price band of ₹140-148, received bids for about 6.39 crore shares against 3.08 crore shares on offer. The IPO closes on Tuesday, and the market lot is 101 shares.

Buzzing stocks: Adani Group stocks, Zomato, JSW Steel, Waaree Tech, Cochin Shipyard, Aurobindo Pharma, Alembic, Hero MotoCorp, RVNL, CESC, National Fertilizers, Zaggle Prepaid, HG Infra, Divine Power Energy, VST Industries, Mahindra Life

Domestic markets are expected to open on a positive note following the great success of the BJP-led alliance in the Maharashtra state assembly elections. Gift Nifty at 24,280 against Nifty Nov futures close of 23,886 and Nifty Oct futures value of 24,023 indicates a gap-up opening of about 200 points for Nifty.

14.30 EURO German ifo Business Climate (Expected: 86.1 versus Previous: 86.5)

Bath & Body Works, Inc.. (Pre market) (Sector- Retail)

Agilent Technologies, Inc. (Post market) (Sector- Technology)

Zoom Video Communications, Inc. (Post market) (Sector- Technology)

Woodward, Inc. (Post market) (Sector- Engineering)

BHP Group Limited (Tentative) (Sector- Metal)

Q2FY25 EARNING CALENDAR 25.11.2024

ACMESOLAR

Q2FY25 EARNING CALENDAR 26.11.2024

SIEMENS

* Revenue expected at Rs 6454 crore versus Rs 5807 crore

* EBITDA expected to be seen at Rs 919 crore versus Rs 700 crore

* EBITDA margin expected to be seen at 14.24% versus 12.06%

* Net profit expected to be seen at Rs 717 crore versus Rs 571 crore

* ADANIENT

* AARTIIND

* GRANULES

* GNFC

* HINDCOPPER

* IGL

* NALCO

The stock that we have today is Brigade Enterprises. Last week, it recovered strongly on the back of a support. The chart shows good buying interest, and the chances for a rally are high. Check out the latest episode of bl.Today’s Pick to learn more.

#Nifty saw a strong rise on Friday recovering all the loss made during the week. However, the broader trend is still down. Key resistances are coming up which will need a close watch. Whether #Nifty50 is going to break the resistances or not will determine the next trend. So, we will have to wait and watch what happens.

Weekly snapshot: Indian equity indices closed in green zone during the week with the help of last trading session’s sharp recovery in technology and construction stocks. 

Indices Performance: Nifty 50 has closed with a gain of 1.59 percent while Nifty Bank performed inline and closed with a gain of 1.90 percent. 

Weekly Fund-Flow Activities: During the week, FIIs have sold equities worth of Rs 11414.2 cr while DIIs have bought equities of Rs 11036.8 cr in cash segment. 

Macro Data: U.S. Core PCE price index and FOMC meeting minutes, Indian GDP growth rate, Chinese macro data and OPEC meeting are among scheduled major macro data for the upcoming week. 

Weekly Outlook: Market expected to initially react on the outcome of the state elections. The focus also expected to remain on the macro announcements from major global economies.

Current: 48.8 

Expected: 48.8 

Previous: 48.5 

U.S. Flash Services PMI

Current: 57.0 

Expected: 55.2 

Previous: 55.0 

(Data marginal supportive for US Dollar)

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 101525.18 + 7029.97 Total: 108555.15

F&O Volume: 652553.5 + 33737771.89 Total: 34390325.39

Provisional Cash

FII/FPI: NET SELL: -1278.37

(16985.36 – 18263.73) 

DII: NET BUY: +1722.15

(12251.72 – 10529.57)

Cut in the allocation of natural gas under the APM route has warranted a fresh look at the prospects for these stocks

It is now over 15 years since the national pension system (NPS) started the all-citizens model to invest in the retirement vehicle. There may now be many who would have started investing from 2009 and possibly at the stage (after turning 60) of withdrawing one part of the accumulated corpus, while annuitising the other portion.

A lot of attention has been given to the various NPS tier-1 fund houses and the returns they have generated over the years. However, the key aspect of income generation at the time of withdrawal is the annuity part and what insurance companies offer as payouts.

The stock of Brigade Enterprises saw its price drop between early October and mid-November. It began to decline after facing a resistance at ₹1,400. But nearly a couple of weeks back, it found support between ₹1,050 and ₹1,100. Last week, the stock rallied steadily on the back of this price band.