Share Market Highlights 29 January 2024: Sensex, Nifty surge nearly 2%; oil & gas, bank stocks shine

The rupee depreciated 3 paise to 83.14 (provisional) against the US dollar on Monday, as rising crude oil prices in international markets and dollar demand from importers dented investor sentiments.

Forex traders said the rupee traded in a narrow range as the support from positive domestic equities was offset by persistent foreign fund outflows.

At the interbank foreign exchange market, the rupee opened at 83.14 against the US dollar. During the day, it witnessed an intraday high of 83.13 and a low of 83.15 against the American currency.

Benchmark equity indices Sensex and Nifty rebounded sharply on Monday, surging nearly 2 per cent, on heavy buying in Reliance Industries and a rally in Asian markets.

The BSE Sensex jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57. During the day, it soared 1,309.55 points or 1.85 per cent to 72,010.22.

The Nifty climbed 385 points or 1.80 per cent to 21,737.60.

Infrastructure Logistic Systems Limited (ILSL), a subsidiary Company of Ganesh Benzoplast Limited, has received an Arbitration award in its favor, in the arbitration matter going on with Indorama Synthetics (I) ltd.

Kamdhenu Ltd has reported its net profit for the quarter ended December 2023 at ₹11.13 crore as against ₹12.01 crore in December 2022 quarter. 

The stock closed at ₹578 on the NSE, down by 1.27%.

Piramal Enterprises has reported consolidated net loss of ₹3,335.10 crore in the quarter ended December 2023 as against the profit of ₹113.48 crore in December 2022 quarter.

Prakash Industries Ltd has made a payment of ₹32.62 crore to the Forest Department for Non-Forestry use of forest land and Wild-Life Conservation Plan for its Bhaskarpara Commercial Coal Mine in Chhattisgarh. 

Stock surged by 4.98% on the NSE, trading at ₹209.70.

DCM Shriram Ltd informed that Sulphate of Potash Plant (K2SO4) with capacity of 4600 MT P.A., set up by DCM Shriram Bio Enchem Ltd. (wholly-owned subsidiary), has started its commercial production. 

The company’s stock traded at ₹1,007.25 on the NSE, up by 0.82%.

Latent View Analytics reported its standalone net profit for the quarter ended December 2023 at ₹31.3 crore as against ₹37.3 crore in December 2022 quarter. 

The stock surged by 4.60% on the NSE, trading at ₹473.80.

Major gainers on the NSE at 3 pm:

ONGC (7.56%); Reliance Industries (6.79%); Adani Enterprises (5.91%); Coal India (4.78%); Adani Ports (4.34%)

Major losers:

Cipla (-2.56%); ITC (-0.99%); LTIMindtree (-0.90%); Bajaj Auto (-0.67%); Infosys (-0.54%)

Stocks advanced on BSE at 3 pm on January 29, 2024, were 2,262 against 1,633 stocks that declined; 148 stocks remain unchanged. Total stocks traded were 4,043. The number of stocks that recorded a 52-week high was 460, and those that hit a 52-week low was 25.

Crompton Greaves Consumer Electricals has announced the launch of product - Attitube - under the product category Batten For Single & Twin Led T8 Tube.

The company’s stock traded at ₹300.50 on the NSE, down by 1.51%.

GAIL (India) has declared Interim Dividend of ₹5.50 per equity share. 

The company’s stock rose by 5.20% on the NSE, trading at ₹174.

The company reported its standalone net profit for the quarter ended December 2023 at ₹2,842.62 crore as against ₹245.73 in December 2022 quarter.

The BSE Sensex surged 1227.28 pts or 1.74% to 71,927.95. The NSE Nifty jumped 283.25 pts or 1.79% to 21,735.85. 

Genpharmasec Ltd has formed a new wholly-owned subsidiary company - Clinigenome India Private Limited.

Sonam Srivastava, smallcase Manager, Wright Research – Founder

“The surge in the Nifty 50 can be largely attributed to investor optimism in anticipation of the upcoming interim budget, where significant allocations are expected in key sectors like infrastructure and energy. This optimism is not unfounded, as government spending in these areas typically signals robust growth prospects, thereby attracting investor interest. Additionally, specific sectors such as defence and railways are experiencing a surge, likely due to expectations of targeted fiscal stimulus. This sector-specific rally is a strong contributor to the overall index performance, as these sectors form a substantial part of the Nifty 50.

Moreover, there’s a noticeable rally in cyclical stocks, driven by the broader economic outlook and expectations of growth, which often leads to increased investor confidence in these market segments. The role of domestic investors in this scenario is also crucial. Their increased buying activity, possibly spurred by positive market sentiment and the anticipation of strong future earnings, is creating an upward momentum in stock prices.

While some sectors like IT, FMCG, and Pharma are underperforming, their impact is overshadowed by the gains in other sectors. It’s essential to recognize that stock market movements are the result of a complex interplay of various factors, including economic indicators, policy expectations, global trends, and investor behavior. In this case, the collective sentiment seems to be tilting towards optimism, driven by expectations from the interim budget and the consequent potential growth in key sectors.”

Rahul Sharma, Director, Head - Technical & Derivatives Research at JM Financial Services Ltd, said, 

“Markets have bounced back strongly after the last two weeks of correction on the back on RELIANCE which has recorded more than 5% gains in the day so far. Technically 21,750 is a strong resistance for Nifty around which we expect the current rally to cool off. Supports are placed at 21137 and 20870 on the downside.”

Adani Energy Solutions reported its standalone net profit at ₹114.33 crore in December 2023 quarter as against ₹99.10 crore in December 2022. 

The stock trades at ₹1,103 on the NSE, up by 3.88%.

Xpro India Limited has approved the issue and allotment of 14,35,750 warrants on a preferential basis to the subscribers upon receipt of the Warrant application money i.e. ₹341.25 per warrant, being 35% of the Warrant Issue Price i.e. ₹975 per warrant.

Xpro India stock traded at ₹1,208.70 on the NSE, up by 3.04%.

Saish Sandeep Sawant Dessai, Analyst, Angel One, on Aluminium: (CMP: MCX Aluminium: Rs.204.10/kg; LME Aluminium: $2251.50/tonne):

Aluminium had an impressive week, with LME prices gaining over 5 percent, while MCX Aluminium concluded the short trading week with a 2 percent gains.

Following news of potential EU sanctions on Russian metals and China’s cabinet announcement regarding additional fund injections, another US primary aluminium smelter bites the dust. The curtailment of the New Madrid smelter in Missouri this week leaves just four operating primary aluminium producers on U.S. soil. The curtailment of the aluminium plant will also result in most of its employees being laid off.

The rally in aluminium prices was initially fuelled by the prospect of EU sanctions after Poland and the Baltic states called for a ban on imports of Russian aluminium and liquefied natural gas.

After China’s cabinet announcement regarding additional fund injections, the central bank governor declared a 50-basis points reduction in the reserve requirement ratio on Wednesday, marking the first such reduction this year.

Man Infraconstruction Ltd’s shares were up by 5.27 per cent after the company unveiled its project, ‘Aaradhya OnePark,’ featuring residences in Ghatkopar East, Mumbai. The group said it anticipates sales revenue of Rs 1,200 crore over the next four years.

Reliance Industries stock had hit a 52-week high at ₹2,900 today. It currently trades at ₹2,891.15 on the NSE, up by 6.84%.

Aditya Vision has announced the opening of three showrooms - two in Bihar and one in Jharkhand. 

The stock trades at ₹3,810 on the BSE, up by 0.49%.

Nitin Spinners reported its standalone net profit for the quarter ended December 2023 at ₹31.74 crore as against ₹31.58 crore in December 2022 quarter.

The stock surged by 3.35% on the NSE, trading at ₹359.20.

In a setback to companies such as Hindustan Uniliver, Nestle and Reckitt Benckiser , the Delhi High Court on Monday upheld the anti-profiteering provisions of the GST Laws. With this, orders pronounced by the erstwhile National Anti-Profiteering Authority (NAA) have been upheld by the High Court.

Bharat Electronics has declared an interim dividend of ₹0.70 per equity share of ₹1 each fully paid up for the financial year 2023-24. The interim dividend will be paid within 30 days from the date of declaration, the company said in its stock exchange filing.

The stock traded at ₹192.25 on the NSE, up by 1.34%.

Major stocks that hit 52-week high:

Aban Offshore (20%)

Hindprakash Industries (20%)

Shakti Pumps (20%)

Urja Global (20%)

Dhunseri Ventures (19.99%)

Endurance Technologies informed that R. S. Raja Gopal Sastry has joined as Senior Management Personnel and Group Chief Financial Officer.

Sai Silks Kalamandir has unveiled an internal Enterprise Resource Planning system to capture 25 nuanced aspects of each saree from design intricacies to color schemes and acquisition details.

The ethnic apparel retail company plans to move towards institutionalising merchandising and sales processes through a strategic blend of digitisation, addition of 100 merchandising experts, and in-house IT solutions.

Bharti Airtel has launched fourteen new, next-gen company owned stores in the city of Pune. The new stores that have come up in Pashan, Phursungi, Pimple Gurav, Dighi, BT Kawde road, Dhayri, Sangvi, Keshav Nagar, Chikali, Lohegaon, Bhosari, Wadgaon Sheri, Nigdi, Katraj Kondwa will strengthen Airtel’s retail presence. The stores will also showcaseAirtel’s cutting-edge technologies across its portfolio.

Airtel stock trades at ₹1,163.05 on the NSE, up by 0.22%.

Given Nippon Life AMC’s sharp rally — the stock more than doubled in the last one year — investors with a long-term perspective can accumulate the stock on declines linked to the broader market

Only 20-25 per cent of the global mining industry has shifted from using forged products to chrome products for its grinding operations. This gives significant opportunity for a company such as AIA Engineering, which is involved in manufacturing high chrome grinding mill internals.

Since our ‘Accumulate’ recommendation in bl.portfolio dated April 16, 2023, the stock has gone up by 33 per cent and its trailing P/E has also expanded from 28 times to 35 times during the period. 

Length x width equals the area of a rectangle. What does this have to do with stocks? But before we come to that, here is an illustration to consider based on the above formula.

Take a quadrilateral with length of 10 metres and width of 10 metres. Based on the above formula, its area will be 100 square metres. Now increase the length by 100 per cent and the width by 100 per cent to 20 metres each. What happens to the area? It increases by not 100 per cent, not 200 per cent, but a much higher 300 per cent to 400 square metres.

Veranda Learning has announced strategic alliance with BVM Global Schools

Veranda Learning Solutions stock rose by 1.96% on the BSE, trading at ₹288.90.

ONGC (7.65%); Castrol India (4.91%); Reliance (4.62%); Hindustan Petroleum (4.22%)

A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group, a move likely to send ripples through China’s crumbling financial markets as policymakers scramble to contain a deepening crisis.

Justice Linda Chan decided to liquidate the world’s most indebted developer, with more than $300 billion of total liabilities, after noting Evergrande had been unable to offer a concrete restructuring plan despite months of delays and several court hearings.

Tata Power Renewable Energy Limited (TPREL) has commissioned 1040 kW Bifacial Solar System project with Chengmari Tea Estate. 

Tata Power Company stock surges by 4.40% on the NSE, trading at ₹381.15

Avantel Ltd has received purchase order worth ₹8.95 crore from Hindustan Shipyard Ltd. 

Avantel stock trades at ₹121.90 on the BSE, down by 2.21%.

Rolls-Royce has signed a long term contract of seven years with Azad Engineering Ltd to produce or supply critical engine parts for their Defence / Military Aircraft engines. 

Azad stock surges by 8.39% on the NSE, trading at ₹732.90.

Tamil Nadu economy expected to grow to US$ 2.6 Tn but will need investments of US$ 111 Bn by 2047: Knight Frank India – CREDAI Tamil Nadu report

Tamil Nadu requires 20 mn urban homes by FY 2047 – 48, 1.2 bn sq ft of office space required to provide workspace to support formal employment strength which is estimated to reach 19 mn by FY 2047-48.

DroneAcharya Aerial Innovations Limited announced acquisition of a order from Tata Community Initiatives Trust, entails providing cutting-edge Geographic Information System (GIS) training for Drones or Unmanned Aerial Vehicles (UAV) to 15 individuals in Bengaluru.

The stock trades at ₹195 on the BSE, up by 0.85%.

Jubilant Pharmova’s wholly-owned subsidiary to sell its entire 25.8% stake in Sofie Biosciences Inc., USA, for aggregate proceeds of about $139.43 million. 

The stock trades at ₹567.75 on the NSE, down by 0.18%.

Major gainers on the NSE at 12 pm:

ONGC (7.71%); Adani Enterprises (4.48%); Reliance (4.27%); Coal India (3.78%); Adani Ports (3.38%)

Major losers:

Cipla (-2.50%); Dr Reddy (-1.08%); Infosys (-0.96%); Bajaj Finserv (-0.71%); Bajaj Auto (-0.62%)

Stocks advanced on BSE at 12 noon on January 29, 2024, were 2,313 against 1,466 stocks that declined; 188 stocks remain unchanged. Total stocks traded were 3,967. The number of stocks that recorded a 52-week high was 410, and those that hit a 52-week low was 19.

Man Infraconstruction Ltd has launhced ‘Aaradhya OnePark project in Ghatkopar East, Mumbai, featuring 4 Lakh Sq. Ft. carpet area for sale after securing all approvals.

The company’s stock trades at ₹227.50 on the NSE, up by 0.78%.

Zen Technologies Ltd’s shares were up by 5 per cent after the company reported financial results for the third quarter. Revenue increased 198 per cent, EBITDA surged 371 per cent, and PAT rose 317 per cent during this period.

Ashok Atluri, Chairman and Managing Director, said FY24 was poised to be a successful year in terms of financial performance and new order wins. The company secured 15 new patent grants in India during FY24. It was exploring inorganic expansion through acquisitions, allowing fund-raising up to ₹1,000 crore.

PCBL Ltd has considered and approved the allotment of 70,000 rated, listed, secured, redeemable, non-convertible debentures having a face value of ₹1,00,000 each aggregating to ₹700 crore on a private placement basis. 

PCBL stock rose by 3.47% on the NSE, trading at ₹327.80.

Macpower CNC Machines reported its net profit for the quarter ended December 2023 at ₹7.03 crore as against ₹3.50 crore in the December 2022 quarter. 

The stock rose by 1.40% on the NSE, trading at ₹810.

Kabra ExtrusionTechnik Ltd’s BATTRIXX is set to unveil a range of high voltage packs for passenger car, LCV, buses, trucks, e-tractor and off-road applications at BHARAT MOBILITY EXPO 2024

Zee has no plans to raise external funds, founder family to lift stake to 26% - Mint (Reuters feed)

Coforge Ltd has approved the allotment of 13,173 equity shares having a face value of ₹10 each on the exercise of options under the Employee Stock Option Plan of the Company. The Company has received Share Application Money on account of the said allotment aggregating to ₹131,730.

The company’s stock inched up by 0.80% on the NSE, trading at ₹6,255.

Power Mech Projects is in receipt of multiple orders worth ₹644.91 crore. 

The orders pertain to the construction of Yavatmal -Nanded new BG Line from KM 207 to KM 253 of Central Railway in Maharashtra State for ₹381.34 crore; and a comprehensive O&M Service of 3x660 MW Ghattampur Thermal Power Project for an amount of ₹263.57 crore.

The company’s stock rose by 3.09% on the NSE, trading at ₹5,086.75.

Major gainers on the BSE at 11 am:

Infibeam (18.32%); SJVN (12.58%); IRB (12.50%); HCC (10.30%); MSTC (10%)

Major losers:

AU Bank (-9.10%); SBI Card (-6.11%); PGEL (-5.99%); CEAT (-4.07%); KPI Tech (-4.02%)

The BSE Sensex jumped 861.58 pts or 1.22% to 71,562.25. The NSE Nifty surged 277.35 pts or 1.3% to 21,629.95.

Nifty Bank trades at 45,572.85, up by 706.70 pts or 1.58% 

Top gainers include:

PNB (4.45%)

Bank of Baroda (3.52%)

IDFC First Bank (3.31%)

Federal Bank (2.79%)

Kotak Bank (2.66%)

Major gainers on the NSE at 10:43 am:

ADANIENT (5.71%)

ONGC (5.58%) 

ADANIPORTS (4%)

POWERGRID (3.01%) 

SUNPHARMA (2.97%)

Major losers:

CIPLA (-2.06%) 

DRREDDY (-1.20%) 

LTIM (-1.07%) 

JSWSTEEL (-0.86%) 

BAJAJ-AUTO (-0.85%)

Mohit Industries Ltd decided to install ground-mounted solar power project of around 4.8 MW capacity, costing around ₹18 Crore for its power requirement as a part of a green initiative. The said installation shall be completed within 5 to 6 months.

The company’s stock trades at ₹23.34 on the BSE, up by 2.41%.

The Bank Nifty index has begun the week on a positive note. The index has risen well above the 45,000 mark. It is currently trading at 45,450, up 1.3 per cent for the day so far. The advances/ declines ratio at 11:1 indicates strength in the index and is positive.

Nifty 50 opened today’s session with a gap-up at 21,433.10 versus last week’s close of 21,352.60. The index gained further and is now hovering around 21,570, up 1 per cent.

The advance/decline ratio of Nifty 50 stands at 38/12. Besides, supporting the bullish inclination, mid- and small-cap indices too are in the green.

Indian equity markets fell due to profit booking by investors following the positive data of the U.S. economy that reduced the optimism of a rate cut by the U.S. Federal Reserve. Losses were extended following the rise in U.S. Treasury yields that attracted foreign portfolio investors away from domestic markets. Mixed third-quarter results along with January month futures & options expiry kept the markets volatile.

Bond yields were largely unchanged as market participants awaited the central government’s budget for further cues.

The yield on the 10-year benchmark paper (7.18% GS 2033) was unchanged at 7.18% from the previous close.

Swarnendu Bhushan - Co-Head of Research, Prabhudas Lilladher Pvt. Ltd, comments on Indraprastha Gas (IGL)

It reported weaker than expected Q3 results with an EBITDA/PAT of Rs 5.6bn (down 14% QoQ, PLe: Rs6.8 bn) and Rs 3.9 bn (down 27% QoQ, PLe: Rs4.7bn). Drag in earnings was primarily led by lower than anticipated sales volume. EBITDA/scm came in at Rs7.2, down 16% QoQ. Going ahead, we build in a conservative volume growth CAGR of 7% over FY24-26E with an EBITDA/scm of Rs7. The stock is currently trading at 16.4x FY26 EPS and 10x FY26 EV/EBITDA. We maintain ‘Hold’ rating with a TP of Rs382 (earlier Rs416) based on 14x FY26E standalone EPS and adding the value of investments.

Sky Gold Limited (SGL) has reported its unaudited financial results for the quarter ended on December 31, 2023. Its revenue from operations stood at ₹460.4 crore in Q3 FY24, as against ₹267.4 crore in Q3 FY23, recording 72.2% y-o-y growth. 

Sky Gold stock declines by 3.44% on the BSE, trading at ₹1,207.

At 10.16 a.m., the trading witnessed over 1% gains, with the BSE Sensex rising by 722,75 points to reach 71,423.42, and the NSE Nifty gaining 236 points, reaching 21,588.60.

Inox Wind Limited (IWL) announced that its 3 MW Wind Turbine Generator (WTG), with booster capacity up to 3.3 MW, has been enlisted in the Revised List of Models and Manufacturers (RLMM), published by the Ministry of New and Renewable Energy (MNRE), Government of India.

Inox Wind stock rose by 4% on the BSE, trading at ₹487.90.

Sunrise Efficient Marketing Ltd (SEML) adds Polycab Cables to its portfolio in South Gujarat. The stock rose by 1.65% on the BSE, trading at ₹114.

Major gainers on the BSE at 9:36 am:

Infibeam (15.06%); IRB (12.94%); MSTC (10%); IFCI (10%); RITES (8.23%)

Major losers:

AU Bank (-10%); PGEL (-6.67%); SBI Card (-5.07%); KPI Tech (-4.76%); Max Health (-3.59%)

Ami Organics’ wholly-owned subsidiary, Ami Organics Electrolytes Private Limited, has commenced its regular commercial operations for manufacture and supply of products for Lithium-ion battery cell.

VA Tech Wabag Limited (WABAG) has signed an MoU with Peak Sustainability Ventures (PEAK) to establish 100 Bio-CNG plants at sewage treatment facilities across India and other mutually agreed-upon locations in the GCC, Africa, and European countries.

Crude oil futures traded higher on Monday morning following the escalation of tensions in Middle East region. At 9.14 am on Monday, April Brent oil futures were at $83.29, up by 0.41 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $78.37, up by 0.46 per cent. February crude oil futures were trading at ₹6507 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6381, up by 1.97 per cent; and March futures were trading at ₹6511 as against the previous close of ₹6381, up by 2.04 per cent.

Following an extended weekend, the domestic market commenced the week on a strong note, influenced by positive global cues. Anticipation surrounding the upcoming interim Budget on February 1 and the ongoing earnings season is expected to shape market movements throughout the week. Early trading saw the 30-share BSE Sensex rising by 417.19 points to reach 71,117.86, while the NSE Nifty experienced a gain of 111.10 points, reaching 21,463.70. 

Global cues are positive, with most Asian stocks up over one per cent. Chinese and Hong Kong markets are up following the PBOC’s 0.5% cut in the reserve ratio, which is aimed at stimulating growth and financial liquidity. Investors, however, await additional details on China’s comprehensive stimulus plans. 

However, the continuous selling by foreign portfolio investors and mixed corporate results keep the market under pressure.

Analysts expect stock-specific actions during the ongoing earnings season., while macro movement depends on global sentiment, especially cues from the policy rate decisions of major countries.

“This week is poised to be pivotal, marked by a series of significant events, with the Budget taking center stage. However, the finance minister’s indication of a modest, vote-on-account budget suggests a lack of extravagant announcements,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Another critical event to watch is the outcome of the US Federal Reserve’s policy meeting scheduled for January 31, which could provide insights into the potential timing of interest rate cuts. Concurrently, ongoing Q3 earnings releases are contributing to substantial stock price movements, with numerous companies slated to announce their results in the week, he added.

According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, “FPIs continued to be sellers in the cash market having sold equity worth ₹27,664 crore through January 25. FPIs were sellers in autos and auto ancillary, media and entertainment and marginally in IT. They bought in oil and gas, power and selectively in financial services,” he said.

Adani Green Energy Ltd (AGEL) said it has completed the funding for

the USD 750 million 4.375 per cent notes due 09 September 2024 (Holdco Notes) following receipt of funds under the preferential allotment of Rs 9,350 crore (USD 1,125 million) to the promoters of AGEL. “The shareholders of AGEL, approved the preferential allotment with overwhelming 99.9% majority on 18 January 2024 and thereafter the promoters funded Rs 2,338 crore (USD 281 million) primary infusion into AGEL last week. AGEL has set aside the funds in the Senior Debt Redemption Account (SDRA) and other reserve accounts of the Holdco Notes, post which the funding of the reserves has been completed,” per AGEL’s regulatory filing.

Adani Green Energy stock rose by 3.46% on the NSE, trading at ₹1,722.45.

Silver price gains as escalating tension in the Middle East boosts the safe-haven demand, which lifts the metal. The Personal Consumption Expenditures Price Index (PCE) came in at 0.2% MoM and 2.6% YoY in December, according to Commerce Department data. The core PCE figure, excluding energy and food, rose 2.9% annually, a slower pace than the 3.2% rate seen in November. The spotlight this week will be the Federal Open Market Committee (FOMC) meeting on Wednesday, which is expected to keep rates at 5.25–5.50%.

Markets widely expect the U.S. Fed to stand pat on rates at its policy meeting on Jan. 30-31, but attention will largely be on comments from Powell.

Gold prices rose as escalations in the Middle East triggered safe-haven buying, while traders awaited U.S. Federal Reserve’s chair Jerome Powell’s remarks at the end of its two-day policy meet this week for interest rate outlook. U.S. prices rose moderately in December, keeping the annual increase in inflation below 3% for a third straight month, which could allow the Federal Reserve to start cutting interest rates this year. China’s gold premiums climbed last week as additional stimulus measures aided sentiment, days before Lunar New Year celebrations begin.

Markets widely expect the U.S. Fed to stand pat on rates at its policy meeting on Jan. 30-31, but attention will largely be on comments from Powell.

FB Ind: Net Profit at Rs 17.5 cr vs loss Rs 1.14 cr, Revenue at Rs 1161 cr vs Rs 999 cr (YoY) 

Shakti Pumps: Net Profit at Rs 45.2 cr vs Rs 11.2 cr, Revenue at Rs 496 cr vs Rs 314 cr (YoY) 

Dodla Dairy: Net Profit at Rs 41.3 cr vs Rs 35.4 cr, Revenue at Rs 747 cr vs Rs 675 cr (YoY) 

DB Corp: Net Profit at Rs 124 cr vs Rs 48 cr, Revenue at Rs 644 cr vs Rs 566 cr (YoY) 

Adani Power: Net Profit at Rs 2,738 cr vs Rs 8.8 cr, Revenue up 67.3% at Rs 12,991.4 cr vs Rs 7,764.4 cr (YoY) 

KFin tech: Net Profit at Rs 66.8 cr vs Rs 53.3 cr, Revenue at Rs 219 cr vs Rs 188 cr (YoY) 

RS Software: Net Profit at Rs 8.4 cr vs loss Rs 0.7 cr, Revenue at Rs 19.3 cr vs Rs 8.4 cr (YoY) 

Intellect: Net Profit at Rs 84 cr vs Rs 62 cr, Revenue at Rs 634 cr vs Rs 547 cr (YoY) 

Forbes: Net Profit at Rs 10.3 cr vs Rs 5.5 cr, Revenue at Rs 71.7 cr vs Rs 60.3 cr (YoY)

Olectra Green: Net Profit at Rs 27.2 cr vs Rs 15.3 cr, Revenue at Rs 342.0 cr vs Rs 256.0 cr (YoY) 

Zen Tech: Net Profit at Rs 31.0 cr versus Rs 15.2 cr. Revenue at Rs 99.5 cr versus Rs 66.5 (QoQ)

JSW Steel: Revenue reported at Rs 41490 cr versus poll Rs 42,225 cr, Net profit reported at Rs 2415 cr versus poll Rs 1745 cr

Lodha: Net Profit up 24.4% at ₹503.3 Cr Vs ₹404.6 Cr (YoY) -Revenue up 65.2% at ₹2,930.6 Cr Vs ₹1,773.8 Cr (YoY) 

Sarda Energy: South Eastern Coalfields issues Letter of Acceptance to consortium for re-opening, rehabilitating and operating Bartunga Hill high grade coal mine

Seamec: Vessel “Seamec Swordfish” has commenced its charter with Zamil Offshore Services Company, Saudi Arabia with effect from January 26

Jubilant Pharmova: Company’s wholly owned subsidiary to sell its entire 25.8% stake in Sofie Biosciences Inc., USA for aggregate proceeds of $139.43 m

PVR Inox: Company unveils 4-screen multiplex at Mittal Mall, Ajmer, Rajasthan

IRB Infra: Arbitration tribunal grants award in favor of SPV in a case against NHAI; company says co to receive ₹1681 cr compensation

Maharashtra seamless: Company received 2 contracts worth Rs 116 cr from IOCL for supply of seamless pipes.

DLF: Company acquires 29 acres land in Gurugram’s Golf Course Extension for Rs 825 crore

Piramal Enterprises: Company enters into SPA to sell its entire stake of 20% in Shriram Invst to Shriram Ownership for ₹1,440 cr

Strides Pharma: Arm Strides Pharma Global Pte., Singapore, gets US FDA approval for Pregabalin capsules 

Mahindra Logistics: Company announced expansion of its existing multi-client warehousing facility to 5 lk sq ft from 2 lK sq ft. 

Adani Power: Company to sell 100% stake in units AIPL, IBPL to AdaniConneX

JSW Holdings: JSW Gecko Motors gets Rs 250 cr defence order from government 

Ahluwalia Contracts: Bags Order Worth Rs 180 Cr from Max Smart Super Specialty Hospital 

Subex: RBI grants in-principle approval to Subex Account Aggregator Services Private Limited for setting up the business of Account Aggregator 

Brand Concepts: Tommy Hilfiger contract renewed for the next 3 years.

Reliagare: State Bank of India removes Religare Finvest Limited’s ‘fraud’ tag.

Ashoka: Company emerged as lowest bidder for NHAI project worth Rs 520 crore in Bihar 

LaurusLabs: Company inks pact with Slovenia-based drug maker Krka to set up joint venture firm in Hyderabad.

Praveg: Societe Generale Funds name appears in Praveg Ltd. with 1.03% 

Coal India: Company emerged as lowest bidder for 300 megawatt solar project in Khavda, Gujarat

Defense Stocks: India and France collaborate on joint defense equipment production, focusing on helicopters and submarines for the Indian armed forces and friendly nations.

3i Infotech: Sriram Venkataramanan, Non-Executive Director, has tendered his resignation.

HDFC Bank: RBI approves LIC to acquire up to 9.99% holding 

Endurance Technologies: Company will spend Rs 37 crore to expand capacity at Aurangabad units

Shilpa Medicare: AGES, Austria issues 2 observations for Unit 4, Jadcherla, Telangana, conducted a European GMP inspection at the said unit from Jan 22-24

Adani Green Energy: Company raises Rs 2,337.51 crore through issue of warrants to Ardour Investment Holding 

Subros: UTI Increased stake in Subros Ltd. to 2.30% from 2.20% 

India Bull Housing: Plutus Wealth Management LLP bought 5,000,000 @ Rs. 195.74 of Indiabulls Housing Finance Ltd.

SBI cards: Profit up 7.8% at Rs 549.1 cr vs Rs 509.5 cr, Revenue up 31.8% at Rs 4,621.7 cr vs Rs 3,507.1 cr (YoY)

Shriram Fin: Net Profit up 2.3% at Rs 1,818.3 cr vs Rs 1,777 cr, NII up 17.1% at Rs 4,911 cr vs Rs 4,192.1 cr (YoY)

Tata Tech: Net Profit up 14.7% at Rs 170.2 cr vs Rs 160.4 cr, Revenue up 1.6% at Rs 1,289.5 cr vs Rs 1,269.2 cr (QoQ) 

ION Exchange: Net Profit at Rs 47.2 cr vs Rs 47.6 cr, Revenue at Rs 554 cr vs Rs 512 cr (YoY) 

Rane Madras: Net Profit at Rs 9.1 cr vs Rs 23.7 cr, Revenue at Rs 521 cr vs Rs 583 cr (YoY)

Yes Bank: Net Profit At Rs 231.5 Cr Vs 51.5 Cr, NII up 2.3% At Rs 2,016.8 Cr Vs Rs 1970.6 Cr (YoY)

Associated Alcohol: Net Profit at Rs 12.6 cr vs Rs 10.8 cr, Revenue at Rs 193 cr vs Rs 186 cr (YoY)

APL Apollo: Net Profit down 2.2% at ₹165.5 Cr Vs ₹169.2 Cr (YoY) Revenue down 3.4% at ₹4,177.8 Cr Vs ₹4,327 Cr (YoY)

Sanghi: Net Loss at Rs 201.4 Cr Vs Rs 144 Cr (YoY) -Revenue up 41.4% Rs 189.1 cr Vs Rs 133.7 cr (YoY)

Zee Ent: ED confirms searches at three premises of Essel Group

Cyient: Net Profit down 17.4% at Rs 147 crore; revenue up 2.4% to Rs 1821 crore QoQ 

Astec Life: Cons net loss of Rs 24.32 cr versus profit Rs 0.8 crore; revenue declines 56.7% to Rs 51.0 crore

(Nirmal Bang Retail Research) 

Result is in-line with expectations 

Revenue from Operations came at Rs. 115.3 Cr (6.2% QoQ, 15% YoY) vs expectation of Rs. 117.5 Cr, QoQ Rs. 108.5 Cr, YoY Rs. 100.3 Cr 

EBIDTA came at Rs. 102.3 Cr (11.2% QoQ, 22.8% YoY) vs expectation of Rs. 103.7 Cr, QoQ Rs. 92 Cr, YoY Rs. 83.3 Cr 

EBITDA Margin came at 88.7% vs expectation of 88.3%, QoQ 84.7%, YoY 83.1% 

Adj. PAT came at Rs. 91.8 Cr vs expectation of Rs. 91.5 Cr, QoQ Rs. 86.5 Cr, YoY Rs. 77.2 Cr 

Quarter EPS is Rs. 1 

Stock is trading at P/E of 34.8x FY24E EPS

(Nirmal Bang Retail Research) 

Result Ahead of Expectation 

Revenue from Operations came at Rs. 35541 Cr (-8.7% QoQ, 4.2% YoY) vs expectation of Rs. 33961.8 Cr, QoQ Rs. 38945 Cr, YoY Rs. 34102 Cr 

EBIDTA came at Rs. 8531 Cr (-25.7% QoQ, 20.7% YoY) vs expectation of Rs. 7349.5 Cr, QoQ Rs. 11479 Cr, YoY Rs. 7067 Cr 

EBITDA Margin came at 24% vs expectation of 21.6%, QoQ 29.5%, YoY 20.7% 

Adj. PAT came at Rs. 2013 Cr vs expectation of Rs. 1656.7 Cr, QoQ Rs. -3006 Cr, YoY Rs. 1561 Cr 

Quarter EPS is Rs. 5.4 

Stock is trading at EV/EBITDA of 4.6 FY25 EBITDA 

(Nirmal Bang Retail Research) 

Result improved 

Revenue from Operations came at Rs. 99.5 Cr (49.7% QoQ, 89.6% YoY) vs QoQ Rs. 66.5 Cr, YoY Rs. 52.5 Cr 

EBIDTA came at Rs. 42.5 Cr (124.1% QoQ, 154.3% YoY) vs QoQ Rs. 19 Cr, YoY Rs. 16.7 Cr 

EBITDA Margin came at 42.7% vs QoQ 28.5%, YoY 31.8% 

Adj. PAT came at Rs. 30.6 Cr vs QoQ Rs. 15.3 Cr, YoY Rs. 7.4 Cr 

Quarter EPS is Rs. 3.6 

Stock is trading at P/E of 53.9x TTM EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 189.1 Cr (4.7% QoQ, 41.5% YoY) vs QoQ Rs. 180.7 Cr, YoY Rs. 133.7 Cr 

EBIDTA came at Rs. -22.8 Cr (-18.2% QoQ, 27.6% YoY) vs QoQ Rs. -27.9 Cr, YoY Rs. -17.9 Cr 

EBITDA Margin came at -12% vs QoQ -15.4%, YoY -13.4% 

Adj. PAT came at Rs. -142.7 Cr vs QoQ Rs. -128.9 Cr, YoY Rs. -144 Cr 

Quarter EPS is Rs. -5.5

Poonawalla Fincorp: Promoter Rising Sun Holdings Pvt. bought 4.03 crore shares.

Price band revised from 20% to 10%: Transformers and Rectifiers (India). 

Price band revised from 10% to 5%: Dhanlaxmi Bank. 

Ex-Date Dividend: 360 One Wam, Accelya Solutions, PCBL. 

Moved into short-term ASM framework: Allied Digital Services, Dynamatic Technologies, HFCL, Swelect Energy Systems. 

Moved out of short-term ASM framework: Shriram Pistons and Rings.

(AUBANK IN, Mkt Cap USD5.7b, CMP INR708, TP INR800, 13% Upside, Buy)

Earnings to gain traction in FY25

- AUBANK reported PAT of INR3.75b in 3QFY24 (down 4% YoY, 10% miss), due to higher provisions (up ~4x YoY, 44% beat). NII grew 15% YoY to INR13.25b (in line), while NIMs contracted 6bp QoQ to 5.5%.

- PPoP grew 18% YoY to INR6.6b even as opex grew 25% YoY (5% higher than our estimate). The cost-income ratio, thus, increased to 63% from 61.3% in 2QFY24.

Deepak Jasani, Head of Retail Research, HDFC Securities. 

U.S. stocks finished higher on Thursday, having received a boost from strong GDP data released earlier, as the S&P 500 and Nasdaq Composite extended their winning streaks to a sixth straight session. Global stocks rose on Thursday while the euro fell as Europe’s central bank kept rates unchanged, and U.S. Treasury yields declined after data showed the U.S. economy grew more quickly than expected in the fourth quarter. The U.S. economy grew as strong consumer spending defied recession predictions in 2023, with fourth-quarter gross domestic product (GDP) increasing at a 3.3% annualized rate and full-year growth at 2.5%, according to the Commerce Department. The U.S. economy so far hasn’t buckled under the Federal Reserve’s monetary tightening, which is aimed at lowering inflation to the central bank’s 2% target rate. The Bureau of Economic Analysis estimated Thursday that GDP expanded at an annual rate of 3.3% in the fourth quarter, beating economists’ forecasts.

Core data from the personal-consumption-expenditures price index in the US increased at a 2% annualized rate in the fourth quarter, the same pace as in the preceding three months. The European Central Bank kept interest rates unchanged at a record-high 4% and ECB President Christine Lagarde said it was “premature to discuss rate cuts” but noted that risks to economic growth are “tilted to the downside.” Morgan Stanley cut its targets for major China stock indexes, saying the country’s challenges with debt, demographics, and deflation are among hurdles to further equity gains. Investors poured almost $12 billion into Chinese equity funds in the week to Wednesday in the largest inflow since 2015 and the second largest ever, a BofA Global Research report showed on Friday - a positive sign for battered Chinese stocks.

U.S. stocks finished mostly lower on Friday, with the S&P 500 and Nasdaq Composite snapping six-day winning streaks that had carried the S&P 500 to five-straight record closes. For the week the benchmark index added 1% while the Nasdaq added 0.9% and the Dow industrials advanced 7%, with all three clocking their third weekly gain in a row and their 12th weekly gain out of the last 13 weeks. Markets received a boost earlier in the session from monthly PCE data that showed the Federal Reserve’s preferred gauge of core inflation had slowed to its lowest level since the spring of 2021. The personal consumption expenditures (PCE) price index increased 0.2% last month after an unrevised 0.1% drop in November, the Commerce Department’s Bureau of Economic Analysis said. In the 12 months through December, the PCE price index increased 2.6%, matching November’s unrevised gain.

Bandhan Bank: Marshall Wace Investment Strategies - Eureka Fund bought 188.33 lakh shares (1.16%) at Rs 224.4 apiece. 

Canara Bank: Marshall Wace Investment Strategies - Eureka Fund bought 91.46 lakh shares (0.5%) at Rs 454.3 apiece. 

One 97 Communications: Marshall Wace Investment Strategies - Eureka Fund bought 40.89 lakh shares (0.64%) at Rs 753.75 apiece.

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Crude oil prices gained considerably last week. Brent crude oil futures on the Intercontinental Exchange (ICE) was up 6.6 per cent as it closed at $83.8 per barrel. Crude oil futures on the MCX gained 4.5 per cent by ending the week at ₹6,381 a barrel.

Precious metals showed a mixed performance last week. While gold depreciated 0.5 per cent to close at $2,018.5 per ounce, silver was up 0.9 per cent as it ended the week at $22.8 an ounce.

On the MCX, gold futures fell 0.4 per cent to close the week at ₹62,106 (per 10 gram); silver futures gained 0.4 per cent to end at ₹71,773 (per kg).

While many stocks moved up without being backed by any significant news flows or fundamentals, Amber Enterprises, Rites, and ACC were the top gainers driven by fundamental news within the BSE 500 index last week.

Jefferies on Dalmia Bharat: Maintain Buy on Company, target price at Rs 2940/sh (Positive)

CLSA on Dalmia Bharat: Upgrade to Buy on Company, raise target price at Rs 2700/sh (Positive) 

Jefferies on ACC: Maintain Buy on Company, raise target price at Rs 2800/sh (Positive) 

Citi on ACC: Maintain Buy on Company, raise target price at Rs 2900/sh (Positive) 

Kotak on BlueJet: Initiate Add on Company, target price at Rs 410/sh (Positive) 

Jefferies on Concor: Maintain Buy on Company, target price at Rs 1101/sh (Positive) 

HSBC on Shriram Finance: Maintain Buy on Company, raise target price at Rs 2720/sh (Positive) 

Nomura on Shriram Finance: Maintain Buy on Company, target price at Rs 2700/sh (Positive) 

Kotak on Cipla: Maintain Add on Company, raise target price at Rs 1475/sh (Positive) 

CLSA on Cipla: Maintain Buy on Company, raise target price at Rs 1500/sh (Positive) 

CLSA on DB Corp: Maintain Buy on Company, raise target price at Rs 380/sh (Positive) 

HSBC on PVR Inox: Maintain Buy on Company, target price at Rs 2140/sh (Positive) 

MS on Hind Petro: Maintain Overweight on Company, target price at Rs 555/sh (Positive) 

CLSA on SBI Life: Maintain Buy on Company, raise target price at Rs 1730/sh (Positive) 

Jefferies on PNB: Maintain Hold on Bank, raise target price at Rs 100/sh (Neutral) 

Jefferies on CMS Info: Maintain Buy on Company, cut target price at Rs 460/sh (Neutral) 

Jefferies on SBI Life: Maintain Buy on Company, target price at Rs 1700/sh (Neutral) 

Jefferies on Syngene: Maintain Buy on Company, cut target price at Rs 690/sh (Neutral) 

Jefferies on IGL: Maintain Hold on Company, target price at Rs 430/sh (Neutral) 

MS on IGL: Maintain Equal weight on Company, target price at Rs 413.0/sh (Neutral) 

Jefferies on IGL: Maintain Hold on Company, target price at Rs 434.75/sh (Neutral) 

Citi on Reliance Ind: Maintain Neutral on Company, target price at Rs 2910/sh (Neutral) 

MS on Chola FIn: Maintain Equal weight on Company, target price at Rs 1240.0/sh (Neutral) 

Incred on Cipla: Downgrade to Hold on Company, raise target price at Rs 1475/sh (Neutral) 

Citi on AU Small Bank: Maintain Neutral on Company, target price at Rs 780/Sh (Neutral) 

BofA on Tata Tech: Maintain Neutral on Company, target price at Rs 1250/sh (Neutral) 

Nomura on Hind Petro: Maintain Neutral on Company, target price at Rs 305/sh (Neutral) 

Nomura on IOC: Maintain Neutral on Company, target price at Rs 105/sh (Neutral) 

Citi on DLF: Maintain Sell on Company, target price at Rs 511/sh (Neutral) 

Kotak on Yes bank: Maintain Sell on Bank, target price at Rs 19/sh (Neutral) 

Macquarie on HDFC bank: Maintain Outperform on Bank, target price at Rs 2075/sh (Neutral) 

Jefferies on SBI Cards: Maintain Hold on Company, target price at Rs 830/sh (Neutral) 

MS on SBI Cards: Maintain Equal weight on Company, cut target price at Rs 750/sh (Neutral) 

Incred on SBI Cards: Maintain Reduce on company, cut target to Rs 500/Sh from Rs 600/Sh (Negative) 

Elara on SBI Cards: Downgrade to Sell on Company, cut target to Rs 719/Sh (Negative) 

CLSA on Sterlite Tech: Downgrade to Sell on Company, cut target to Rs 127/Sh (Negative) 

(HPCL IN, Mkt Cap USD7.3b, CMP INR432, TP INR530, 23% Upside, Upgrade to BUY)

- HPCL missed our EBITDA estimate for 3QFY24 due to a lower-than-expected marketing margin of INR2.7/lit (est. of INR3.4/lit) led by suppressed margins on diesel.

- Refinery throughput was in line at 5.3mmt (up 11% YoY). The company expects to clock a refining throughput of 22mmtpa in FY24 (vs. 19mmtpa in FY23) led by the commissioning of expanded capacity at Vizag refinery. Singapore GRM has also rebounded to USD7.2/bbl in 4QFY24’TD (vs. USD5.5/bbl in 3QFY24), which may lead to an improvement in refining margins in the upcoming quarter.

ACC’s Q3FY24 EBITDA was a robust beat on our/consensus estimates by 27-30% mainly owing to lower-than-expected costs. EBITDA more than doubled YoY to Rs9.1bn (up 65% QoQ) with EBITDA/ton crossing the Rs1,000 mark post nine quarters (Emkay est: Rs825). Total cost/ton declined 17% YoY (6% QoQ) to Rs4,505 (vs. our est. of flat cost QoQ) owing to cost savings across line items. Blended realization improved 1% QoQ to Rs5,522/ton. Volume growth surprised positively with 15% YoY growth to 8.9mt, partly led by increased MSA transaction with Ambuja Cement. We increase our EBITDA estimates upwards by 13-15% in FY25-26E, citing consistent cost-saving measures and the recent acquisition of Asian Concretes & Cements. Given the healthy B/S and attractive valuation, we maintain BUY with a revised Dec-24E TP of Rs2,900 (13x EV/E).

Cyient Ltd. delivered healthy group revenues for Q3FY24 at $218.8mn, growth of 10.1% YoY in CC. In USD terms, reported revenue was up 1.8% QoQ and 11.1% YoY. Cyient INR revenue for the quarter stood at INR18,214mn, up 3.0% QoQ and 12.6% YoY. PAT for Q3FY24 stood at INR1,472mn, down 17.4% QoQ and 10.7% YoY with EPS at INR13.4.

In Q3FY24, Rainbow Children’s performance was above our estimate. Revenue for the quarter grew by 9.6% YoY to INR 3,360mn (vs est. of INR 3,263mn) led by decent growth in ARPOB (14.4% YoY / 2.3% QoQ) due to superior mix and lower ALOS, off-set by muted occupancy (impacted to a certain extent due to cyclone Michaung). In mature hospitals, low occupancy was compensated by robust ARPOB growth (20.6% YoY / 4% QoQ). New hospitals are witnessing a pick-up in occupancy (37.8% vs 35.3% in Q2FY24). EBITDA for the quarter grew by 10.6% YoY to INR 1,181mn (vs est. of INR 1,126mn). EBITDA margin expanded by 31bps YoY to 35.1% (vs est. of 34.5%) led by higher employee and operating expenses. PAT for the quarter grew by 7.3% YoY to INR 621mn (vs est. of INR 592mn). PAT was impacted due to the increased depreciation expense to the tune of INR 45mn towards the new units

BDL reported a lower than estimated performance on revenue front. Revenue for the quarter grew by ~ 30.3% YoY to Rs.6,016mn (vs Est. Rs.8,905mn) Vs Rs.4,616mn in Q3FY23 led by muted demand of defence electronics across different platform. EBIDTA came at Rs.1,187mn (+ 33.6% YoY) (vs Est. Rs.2,059mn), Margin came at 19.74% (+ 47.9 bps YoY) (vs Est. of 23.12%). Margins remain flat on yoy basis due to higher staff cost. APAT came at Rs.1,369mn (+ 60.3% YoY) (vs est. Rs.1,654mn) and led by higher other income.

Dalmia Bharat Ltd. Q3FY24 consolidated volumes came in at 6.8mnt, up 9.7% QoQ and 7.9% YoY. Management expects higher volume in Q4FY24 as compare to Q3FY24. The consolidated revenue for Q3FY24 stands at INR36,000mn, up 14.3% QoQ and 7.3% YoY, led by improvement in prices in East and South region. For the quarter, EBITDA/t stands at INR1,140/t, up 20.0% QoQ and 11.5% YoY. The improvement in profitability is mainly attributed to robust top-line growth. Adjusted PAT for the quarter stood at INR2,659mn, up 114.6% QoQ and 25.5% YoY. EPS for the quarter is INR14.4. Net Debt /EBITDA stood at 0.16x

“We expect the Indian economy to witness a moderation in growth in FY25. Our current forecast for FY25 stands at 6.3% as compared to 6.8% in FY24. Given the priority that is likely to be given for fiscal consolidation in the upcoming budget, we don’t expect any significant fiscal stimulus in it. However, the government may continue to earmark a significant quantum for capital expenditure with a growth of 15% in its budgetary allocation; the latter will continue to be a primary driver of the domestic economy over the medium term. The government may also enhance the subsidy allocation for some segments such as farmers, women, informal sector workers and unemployed youth to strengthen domestic private consumption which is estimated to show a weak growth of 4.4% in FY24. Given the need to sustain the public investments and also support certain social segments through subsidies or budgetary relief, the targeted reduction of fiscal deficit from 5.9% to 5.3% (E) will pose a material challenge for the finance ministry, necessitating significant step-up in non-tax revenues like PSU disinvestments.

The macro fundamentals remain strong and resilient and this is borne out by the GDP figures so far in the current year despite headwinds like the global slowdown, higher interest rates and the El Nino phenomenon. However, the policymakers need to take remedial measures to revive the weak rural demand scenario if agricultural growth doesn’t recover quickly.”

(CIPLA IN, Mkt Cap USD13.3b, CMP INR1370, TP INR1600, 17% Upside, Buy)

North America on a robust growth path

- CIPLA beat our earnings estimates in 3QFY24, aided by an outperformance in the domestic formulation (DF)/North America (NA) segments and better operating leverage. These factors were offset to some extent by a muted performance of emerging markets and the API segment. The company is making efforts to minimize the timeline for potential approvals (g-Advair/g-Abraxane) in the NA market

(SBILIFE IN, Mkt Cap USD16.6b, CMP INR1381, TP INR1700, 23% Upside, Buy)

Guides for 18% growth and 28% VNB margin

- SBILIFE reported decent performance in 3QFY24. APE grew 13% YoY (22% beat), while VNB grew 11% YoY as margins contracted 40bp YoY to 27.4%. PAT grew 6% YoY to INR3.2b (vs. our estimate of INR 4.0b, registering 20% miss).

- In terms of NBP, Group Savings and ULIPs witnessed a healthy YoY growth of 54% and 16%, respectively, while Par savings declined 17% YoY in 3QFY24. The protection business was flat YoY.

- We expect SBILIFE to deliver 18% CAGR in APE over FY23-26E, thus enabling a 16.4% VNB CAGR. RoEV is expected to stay at around ~20%. We reiterate our BUY rating on the stock with a TP of INR1,700 (2.3x Sep’26E EV).

(TATA IN, Mkt Cap USD19.8b, CMP INR134, TP INR130, 3% Downside, Neutral)

Standalone performance

- Tata Steel (TATA)’s revenue increased 2% YoY to INR347b, which was in line with our estimate of INR343b. Standalone ASP was down by INR2,851/t YoY to INR71,069/t (INR437/t above our estimate of INR70,633/t).

HPCL’s Q3FY24 SA EBITDA fell 75% QoQ to Rs21.3bn, due to shutdown at the Vizag Refinery (VR), refining inventory losses, lower spreads, and suppressed marketing margins. EBITDA saw a slight miss, with mktg weakness & higher opex largely offset by better reported GRM of USD8.5/bbl (Emkay: USD4.5/bbl). Core GRM was ~USD11/bbl. Blended mktg margin came in 20% below estimate, with some weakness in seen non-auto-fuels (albeit denied by Mgmt). Gross debt fell 3% QoQ to Rs500bn. Mgmt guided to a healthy earnings outlook, while estimating expanded & upgraded VR to start from Q3FY25. Also, Barmer would commence production by H2CY24. We remain constructive on OMCs, on a steady marketing environment, with general elections closing in. We raise FY24E EPS 17% and FY25/26E EPS 9% each, on better GRMs and below operating-line adjustments; retain BUY; revised Dec-24E TP of Rs500/sh.

Exide’s Q3 performance was muted, with ~5%/~11% miss on Consensus estimates on EBITDA/PAT due to input cost pressures. We believe the core lead acid battery replacement demand and sustained cost actions would drive ~9%/~14% FY24E-26E revenue/EPS CAGR. However, uncertainty around lithium-ion adoption (e.g., stagnating E-2W penetration levels) and competitive intensity (with large OEMs looking to in-source cells) continue; these, coupled with heavy capex requirements (Rs45bn for phase-1 lithium plant, apart from regular Rs5bn/year for the lead acid business vs. the Rs10-12bn annual FCF from the core business) would weigh on financials. We trim FY24E, FY25E, and FY26E EPS by ~4%, ~3%, and ~2%, respectively, on lowered margins. Maintain SELL with unchanged TP of Rs260 (13x FY26E P/E + insurance business stake.

Sagar Cements’ EBITDA came in 10-15% below our/consensus estimates in Q3FY24. On a favorable base, EBITDA grew 83% YoY/45% QoQ to Rs871mn (Emkay estimate: Rs980mn). On a sequential basis, EBITDA/t improved by Rs160/t to Rs619 mainly driven by a sharp increase in realization (up Rs286/t QoQ) to Rs4,757/t. However, higher-than-expected input costs led to a miss in our estimates. Volume grew 14% YoY (in-line with estimates) to 1.4mt in Q3FY24 mainly led by ramping up of new capacities in Jeerabad and Andhra Cements. Management has revised its volume guidance downwards to 5.6mt for FY24 (earlier 6.2mt), which implies 25% YoY growth in Q4FY24. Factoring in the Q3 miss and lower volumes, we have revised our EBITDA estimates downwards by 6-8% in FY25-26. We maintain our ADD rating with a revised Dec-24E TP of Rs300/share (10x EV/E)

For Q3FY24, Dalmia Bharat (Dalmia) reported in-line EBITDA of Rs7.7bn, which grew 20% YoY/32% QoQ. Volume rose 8% YoY (vs. our estimate: 2% YoY) to 6.8mt (includes 0.4mt volumes under tolling arrangement with JPA). Excluding JPA’s tolling volumes, growth stood at 2% YoY. EBITDA/t increased by Rs183 QoQ to Rs1,138, which was mainly driven by higher realizations (up 4% QoQ to Rs5,286/t). Total cost/t remained flattish QoQ at Rs4,148. Management indicated that the deal with JPA may likely be finalized by Q4FY24-end (delay mainly on account of receiving lender approvals). Company has recapitulated its capacity growth target to 47mt/75mt/110-130mt by FY24/FY27/FY31. Factoring-in the Q3 operational performance and some delay in completion of cement assets of JPA, we revise down our EBITDA estimate 5-6% for FY25-26. We maintain ADD on the stock, and review our TP to Rs2,500/share now (based on 12.5x Dec-25E EV-EBITDA

Chalet’s Q3 revenue/EBITDA growth was healthy at 29%/46% YoY, above our estimates. The beat was led by RevPAR increasing 18% YoY (at a 2% beat). We see Chalet charting an EBITDA CAGR of 33% over FY23-26E and net debt reducing from FY25, as it initiates a slew of expansion projects, which would engender 10% room-count CAGR over FY23-26E. The company’s strategically located hotels in key cities ensure high occupancy. Leasing of commercial assets provides partial hedge against cyclicality of the hospitality industry. We mark-up FY25E/26E EBITDA by 0.7%/3.9%, on result beat. We raise our EV/EBITDA multiple for hotels to 20.5x from 19.5x, as benefits related to the Airoli and Delhi International Airport projects is expected to come from FY27. We revise our SOTP-based TP of Rs825/sh vs. Rs745 earlier; maintain ADD

Tushar Chaudhari – Research Analyst, Prabhudas Lilladher Pvt Ltd

JSW Steel (JSTL IN, CMP Rs 812, MCap Rs 1.99 tn, BUY) 3QFY24 results: In-line Standalone; beats cons. estimates on stronger subs. performance.

☘️ JSTL’s Standalone revenue declined 1% QoQ to Rs 333 bn. Average Realization increased 3% QoQ to Rs 64,058/t (+ 3% YoY; PLe Rs 63,677/t) as steel prices inched up in the first half of the quarter.

View: JSTL’s 9MFY24 performance is robust on lower coking coal and strong volume growth, however as raw material prices are inching up (both iron ore and coking coal) margins are expected to come under pressure in near term. JSTL is well placed to capitalize on strong volume growth in domestic markets over next two years given its ongoing brownfield expansion at Vijayanagar which is expected to drive volumes. Maintain BUY with TP of Rs992.

The enduring narrative remains unaltered

DCB Bank Ltd (DCB) reported a strong loan book growth of 4% on QoQ and 18% on a YoY basis during the quarter, with the mortgage/AIB segment contributing 45%/24% of the loan book, demonstrating substantial growth of 6%/6% on a QoQ and 25%/28% on a YoY basis, respectively. NII grew by 6% on a YoY basis. However, NIM contracted by 21 bps on a QoQ basis due to the increased cost of funds. The Bank’s cost-to-income ratio had remained elevated at ~65% during the quarter due to its expansion of its branch network and increase in employees. During the quarter, slippages were increased due to loans coming out of the moratorium from the restructured portfolio. However, net slippages remained low due to strong recoveries and upgrades. Going forward, management expects strong recovery and upgrades to continue, which will improve the slippage ratio and asset quality for the Bank. Management aims to reduce the cost-to-income ratio to 55% and achieve an ROA of >1% in the next two to three years.

Looking beyond near term headwinds

In Q3 FY24, Laurus Labs Limited (Laurus) experienced a decline in revenue by 22.6% on a YoY basis, led by a steep decline in the CDMO business. Adjusting for the large CDMO PO included in base, underlying revenue growth was at 6.0% on a YoY basis. The Gross margins continue to show improvements post bottoming out in Q4 FY23 at 49.7%, to reach 54.4% in Q3 FY24, but EBITDA margins lag behind due to higher spend on new initiatives and growth projects. The capacity expansion is progressing well as Laurus is focused on expanding capacity in non-ARV and CDMO segments, which will help reduce the product concentration risk and further tap opportunities

Strong guidance to grow disbursement

During Q3FY24, Can Fin Homes Ltd (CFHL) registered a lower growth in its loan book, which grew by 2% on a QoQ and 13% on a YoY basis. The NII grew by 4% sequentially and 31% on a YoY basis. Due to the decline in cost-to-income ratio by 154 bps on a QoQ and 236 bps on a YoY basis, the PAT increased by 27% on a QoQ basis and 32% on a YoY basis. The GNPA and NNPA deteriorated by 15 bps and 6 bps sequentially at 0.91% and 0.49%, respectively. In line with the management guidance, the NIM improved by 30 bps on a QoQ basis to 3.9%. In FY24, the management is expecting NIM to remain stable at 3.7-3.8% and the cost-to-income ratio at ~16%, while this will increase to 18.0-18.5% in FY25 as the Company continues its investment in IT transformation.

Seamec Ltd’s vessel “SEAMEC SWORDFISH” has commenced its charter with Zamil Offshore Services Company, Saudi Arabia with effect from January 26.

Shilpa Medicare Limited, Unit 4, Jadcherla, Telangana, India had Europe GMP inspection by AGES, Austria from January 22 to January 26. This inspection has concluded with two minor observations.

The previous EU - GMP inspection for this facility was in January 2020.

This Unit of Shilpa Medicare is engaged in the manufacture, testing and distribution of sterile Injections and non-sterile tablets and Capsule finished dosage forms in the US, Europe and rest of the world markets.

The Company intends to respond to the two minor observations within the stipulated time and is committed for the satisfactory resolution of the inspectional observations and sustained cGMP compliance.

The Board of Directors of SWELECT Energy Systems Ltd has approved a proposal to incorporate a Wholly Owned Subsidiary (WOS)- SWELECT Sustainable Energy Private Ltd, which will engage in Generation of Solar Power by setting up of solar power plant.

Once the proposals received from the industrial consumers have been materialised, the electricity generated by the WOS will be sold to the industrial consumers around Tamil Nadu based on the requirements of the respective consumers.

*8:00 AM Yes Bank *

(Results, Investor/Analyst Presentation, Press Release )

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9:30 AM Macrotech Developers

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*10:00 AM cholamandalam investment & finance company *

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10:30 AM Welspun Special

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11:00 AM Prudent Corpora

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11:00 AM Aeroflex Indust

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11:00 AM skygold

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12:00 PM APL Apollo

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2:00 PM Shakti Pumps

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2:00 PM Ion Exchange

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2:30 PM Kriti Ind

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3:00 PM Macpower CNC

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4:00 PM Zen Tech

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4:00 PM Elecon Eng

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4:00 PM Dodla Dairy

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4:00 PM GAIL

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*4:00 PM IndiGrid InvIT *

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*4:00 PM Craftsman Automation *

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6:00 PM Marico

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6:15 PM Bajaj Finance

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Electronics Mart India Limited has commenced the commercial operations of a new 8,400 Square feet Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ on January 26 at Ranga Reddy district in Telangana.

South Eastern Coalfields Ltd. [SECL] has issued Letter of Acceptance [LOA] to a consortium, in which Sarda Energy & Minerals Ltd has 67% share, for Re-opening, Salvaging, Rehabilitation, Development and Operation of Bartunga Hill high grade Coal mine on 18% revenue to be shared with SECL. The mine shall be operated through an SPV to be incorporated for the purpose.

The necessary agreements shall be executed in due course as per the terms of the LOA.

Alphageo (India) has received the Award of Contract from Oil India Limited, Rajasthan, for acquiring 3D and 2D seismic data for a Contract Value of ₹57.15 crore (inclusive of taxes).

Manomay Tex India Ltd has announced that the commercial production of New Textile Spinning Unit Situated at Undawa Tehsil-Gangrar, Chittorgarh, Rajasthan has started

Maestros Electronics & Telecommunication System Limited has received purchase order from Haffkine Bio Pharmaceutical Corporation Limited (A Government of Maharashtra Undertaking) for 497 units of Multipara Monitor with NIBP with Neonates and Pediatric Probe and 2 Year Warranty and free servicing (min. 3/year) during warranty.

The Contract Value is ₹6,51,26,880.

Intellivate Capital Ventures Limited has fixed Wednesday, February 7 as the record date for the purpose ascertaining the eligibility of shareholders entitled for issuance of bonus shares to the shareholders in the ratio of 2 (Two) new fully paid-up equity share of ₹1 each for every 1 (One) fully paid-up Equity Shares of ₹1, subject to the approval of the shareholders of the Company.

The Board of Directors of Capri Global Capital Limited has accorded its approval for capitalisation of Securities Premium Account and Issue of Bonus shares. The board has recommended bonus issue in the ratio of 1:1, subject to approval of the shareholders of the Company. The Record Date for issue of bonus shares will be announced in due course.

After a long weekend break, the domestic market is likely to open on a positive note on Monday, thanks to positive global cues. The upcoming interim Budget on February 1 and the ongoing result season will likely anchor market movement this week. Nifty futures at 21,548 at Gift Nifty against Nifty February futures close of 21,630 indicate a gap opening of 90 points for Nifty.

The initial public offering of Nova Agritech saw overwhelming response from all category investors with the issue being subscribed over 109 times, as non-institutions bid aggressively. The IPO, which came out with a price band of ₹39-41, received bids for 277.94 crore shares against 2.54 crore shares (net off anchor portion) on offer.

The NII category received bids 224 times, while the portion for retail investors was subscribed 77.10 times and that of qualified institutional buyers 79.31 times. The ₹143.81-crore IPO from the soil health management, crop nutrition and crop protection products company consisted of a fresh issue of ₹112 crore and an offer-for-sale (OFS) of up to 77,58,620 shares (worth ₹31.81 crore) by the selling shareholder, Nutalapati Venkatasubbarao.

Technology-backed service provider BLS E-Services Ltd has set a price band of ₹129-135 per share for its initial public offering (IPO), that will open for bidding on January 30.

The issue will open for public subscription on January 30, and close on February 1, 2024, a company release said.

The firm is offering up to 2.3 crore equity shares, excluding pre-IPO placement in the offering

The short-term outlook turned positive for the stock of Infosys (₹1,669.1). The IT major finds immediate support at ₹1,560 and ₹1,427. The nearest resistance is at ₹1,720. A close above that level will trigger a fresh rally.

ONGC (₹234): The long-term outlook is very bullish. There is an inverted head and shoulder formed over a span of seven years. This is a bullish reversal pattern. The neckline resistance at ₹187 was broken in November last year.

Petronet LNG (₹256.60): The outlook is bullish. Petronet LNG share price has been rising since December last year. This uptrend is intact. Moving Average cross overs on the chart also strengthens the bullish case.

Buzzing stocks: IRB Infra, LIC, HDFC Bank, BoB, Macrotech, Coal India, Piramal Enterprises, Jubilant Pharmova, ICICI Lombard, Karnataka Bank, Indiabulls Housing Finance, Zen Tech, YES Bank, SpiceJet, ZEEL, REC, Subex, Indsil Hydro, Ahluwalia Contracts, Endurance Tech, Virtuoso Optoelectronics, Maharashtra Seamless, SBI, Religare Enterprises

The Indian benchmark indices extended the fall in line with our expectation in the truncated week. The Sensex, Nifty 50 and the Nifty Bank indices opened the week on a weak note by tumbling on Tuesday. 

The outlook is bullish for EID–Parry. The stock surged about 10 per cent last week. This rise has taken the stock well above the key resistance levels of ₹593 and ₹606.

Dial-in numbers: +91 22 6280 1290 / +91 22 7115 8185

Registration Link: http://tinyurl.com/Q3FY24-Call-Registration

Investor Presentation: http://tinyurl.com/Q3FY24-Presentation

Result Link: http://tinyurl.com/Q3FY24-Result

Call Invite Link: http://tinyurl.com/Q3FY24-Call-Invite

Cupid: Minerva Ventures Fund bought 0.7 lakh shares (0.52%) at Rs 1862.15 apiece. 

Global Surfaces: Shikhar Aggarwal bought 2.5 lakh shares (0.58%) at Rs 310 apiece.

Koninklijke Philips N.V. (Pre market) (Sector- Healthcare)

Franklin Resources, Inc. (Pre market) (Sector- Financial)

Nucor Corporation (Post market) (Sector- Metal)

Alexandria Real Estate Equities, Inc. (Post market) (Sector- Realty)

Super Micro Computer, Inc. (Post market) (Sector- Technology)

Graco Inc. (Post market) (Sector- Capital Goods)

Ryanair Holdings plc (TENT) (Sector- Aviation)

NIL

No Major Macro Data Scheduled

Markets to remain under pressure ​as SEBI norm on tightening ultimate beneficial ownership norms​ for overseas investors coming into effect February 1.

Foreign investors have sold equities worth ₹35,000 crore this month and bellwether Sensex has fallen 1,539 points in January.

A consultation paper issued by the SEBI in May last year had stated that FPI assets under management of about ₹2.6 lakh crore -- around six per cent of the total FPI equity AUM and less than one per cent of India’s total equity market capitalisation may potentially be identified as high-risk FPIs.

Foreign Portfolio Investors (FPIs) extended their selling trend in the Indian equity cash market, offloading equities worth ₹12,200 crore ($1.5 billion) in the last three truncated trading sessions. This follows net sales of ₹24,715 crore in the preceding week, making it seven consecutive sessions of FPI net selling totaling ₹36,915 crore since January 17. The current month’s FPI net selling contrasts sharply with the record inflow of ₹66,134 crore in December 2023. The FPIs’ sell-off is attributed to rising US bond yields, reaching 4.18% post the US Fed pivot in December 2023, and lackluster Q3 results in Indian financial services.

In the upcoming week, stock markets are anticipated to be influenced by the interim budget presentation in India, the US Federal policy decision, and major corporations’ quarterly earnings. Analysts suggest possible market consolidation amid the awaited Federal Open Market Committee meeting and Bank of England monetary policy. The PMI data for the manufacturing sector and earnings reports from prominent companies like Adani Green Energy, Bajaj Finance, and Maruti Suzuki are also crucial factors. Despite expectations of no major budget announcements, the market may focus on growth and populist elements. The week is deemed pivotal, with global factors such as geopolitical events and movements in bond yields, the dollar index, and crude oil prices shaping market dynamics.