Share Market Highlights 10 October 2023: Sensex gains 567 pts; Nifty around 19,700; Coal India jumps 5%

Benchmark indices Sensex and Nifty rallied nearly 1 per cent on Tuesday following gains in financials, auto and IT shares after recent sharp losses and positive global trends.

The 30-share Sensex spurted by 566.97 points or 0.87 per cent to close at 66,079.36 as 26 of its constituents ended in the green and four declined. The index opened sharply higher by 400 points and gained further to touch the day’s high of 66,180.17.

The broader Nifty of the National Stock Exchange jumped 177.50 points or 0.91 per cent to settle at 19,689.85, driven by gains in Coal India, Adani Ports and Bharti Airtel. Read more.

The rupee gained 4 paise to settle at 83.24 (provisional) against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment.

However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over the conflict in the Middle East weighed on the domestic currency, forex traders said.

At the interbank foreign exchange, the rupee opened at 83.23 and traded in the narrow range of 83.22 to 83.26 against the greenback. It finally settled at 83.24 (provisional), registering a gain of 4 paise over its previous close. Read more.

Sapphire Foods India has allotted 10,206 equity shares of face value of ₹10 each, fully paid up, pursuant to exercise of stock options by eligible employees under the subsisting ESOP Plan/ Schemes. The stock declined by 0.94% on the NSE, at ₹1,403.

Therachem Research Medilab (India) Pvt Ltd and Solis Pharmachem Pvt Ltd, wholly owned subsidiaries of PI Health Sciences, have been merged into PI Health Sciences Limited, a wholly owned subsidiary of PI Industries Limited. The stock rises by 1.11% on the BSE, trading at ₹3,458.35.

The ​Metropolis Healthcare​ board has approved the allotment of 2,888 equity shares of ₹2 each at an exercise price of ₹2 each, aggregating to ₹5,776, against the Restrictive Stock Units (RSU) vested in and exercised by employees of the company under the MHL- Restrictive Stock Unit Plan, 2020.

The stock has dropped by 1.89% on the NSE, trading at ₹1,472.80.

Credit offtake continued to grow, increasing by 20% year on year (y-o-y) to reach Rs. 151.5 lakh crore for the fortnight ended Septewmber 22, 2023. This surge continues to be primarily driven by the impact of HDFC’s merger with HDFC Bank and growth in personal loans. Meanwhile, if the merger impact is excluded, credit grew at a lower rate of 15.3% y-o-y fortnight compared to last year. The outlook for bank credit offtake remains positive, with a projected growth of 13-13.5% for FY24, excluding the merger’s impact.

Deposits, too, witnessed growth, increasing by 13.2% y-o-y for the fortnight (including the merger impact). However, sequentially, we saw a decline of 0.6% as the effect of the Rs 2,000 note deposit started to fade and liquidity remains challenged. Deposit growth is expected to improve, compared to current trends in FY24, as banks look to shore up their liability franchise and ensure that deposit growth does not constrain credit offtake.

The Short-term Weighted Average Call Rate (WACR) stood at 6.75% as of September 29, 2023, compared to 5.52% on September 30, 2022, due to pressure on short-term rates.

Major gainers

Coal India (5.21%); Adani Ports (3.88%); Bharti Airtel (2.54%); Hindalco (2.38%); Kotak Bank (2.25%)

Major losers

Cipla (-0.51%); IndusInd (-0.51%); Dr Reddy (-0.45%); TCS (-0.26%); Asian Paints (-0.08%)

A total of 2,557 stocks had advanced on the BSE at 3 pm on Tuesday, against 1,060 stocks that had declined; 148 stocks remained unchanged. The total number of stocks traded were 3,765. While 226 stocks recorded a 52-week high, 27 hit a 52-week low.

Global

US yields rose sharply higher tracking strong jobs data, hawkish FOMC meeting.

Fed rate cut probabilities shifted to H2-2024.

ECB, BOE expected to keep policy rates on hold as growth outlook turns bleak.

JGB bond yields test 1% after BOJ’s hawkish policy meeting.

Domestic

10-year bond yield rose as high as 7.34% following RBI hints of OMO sale.

Tightening banking system liquidity led to mild inversion between 2–10-year bond yield.

Average banking system liquidity stood at a deficit of over Rs 13,000 crore in September.

Chances of RBI rate cuts have been postponed to second half of the next fiscal year.

CD issuances pick pace on healthy credit demand, tightening liquidity.

Rupee fell to fresh lows amidst a strong dollar, waning FPI flows and rising crude oil prices.

We expect the 10-year benchmark bond yield to trade within 7-7.2% by end-FY24.

Gland Pharma has allotted 1,100 equity shares of ₹1 each of the company, fully paid up, on October 10, 2023 to employee(s) on exercise of their stock option. The stock is up by 1.17% on the NSE, trading at ₹1,633.85.

Aksh Optifibre Limited’s shares were up by 3 per cent after the company announced the receipt of a work order from the Jaipur Development Authority (JDA), Jaipur. The work order involves the operation and maintenance of existing smart solutions already installed at various locations in Jaipur, as part of the smart city project.

Additionally, it encompasses the installation of equipments, software, hardware, P2P connectivity, and the provision of necessary internet bandwidth to ensure the continued functionality of the entire system. The total value of the work order stands at ₹19.46 crore.

The scope of the project is extensive, encompassing a range of smart city solutions, including CCTV, Wi-Fi, Smart Lighting, Smart Parking, Environmental Sensors, I-Kiosks, and Data Centers. Aksh Optifibre Limited’s responsibility extends to maintaining these solutions for a duration of two years, along with providing Facility Management Services (FMS) to ensure seamless operations.

The shares were up by 3 per cent to ₹11.33 at 2.20 pm on the BSE.

Sterlite Technology Ltd.’s shares were up by over 1.5 per cent after the company introduced ‘AInnov,’ to accelerate generative AI-led innovation and adoption for enterprises.

One of the challenges in adopting Generative AI lies in customising AI models to suit specific applications while ensuring data security and handling multi-modal inputs. STL Digital’s AInnov addresses these challenges by providing integration with AI platforms and open-source ecosystems. It also offers a consumer experience engineering solution that combines Gen AI, mobile features, mixed reality, and APIs to enhance decision-making and reimagining new experiences.

STL Digital’s AInnovis poised to benefit industries like energy, resources, life sciences, manufacturing, and consumer goods by increasing productivity, improving predictive maintenance, and enhancing security.

The shares were up by 1.63 per cent to ₹156.20 at 2.40 pm on the NSE.

Zinc prices have been stuck in a sideways range for almost a month now. The Zinc Futures contract on the Multi Commodity Exchange (MCX) has been oscillating between ₹219 and ₹230 per kg over the last few weeks. The contract is currently trading at ₹221 per kg. Read more

The board of directors of Kilpest India has approved allotment of 10,74,570 equity shares of ₹10 each fully paid-up to shareholders of 3B Blackbio India Ltd, whose names are recorded in its register of members as on the record date, i.e. September 30, 2023. The NCLT approved a scheme of amalgamation between the companies in August 2023.

Kilpest India stock trades at ₹708, down by 0.99% on the BSE.

Creative Newtech, India’s foremost brand licensee and market entry specialist, has said its partnership with Ruark, UK’s premium audio brand, will see them available in India

Ms. Ajita Hathlia – Deputy Director, Trade & UK Exports, South Asia , British High Commission & Farhad Unavala - Senior Trade Adviser, Lead for Western India – Technology, Education, Innovation & Smart Cities, were present alongside Ketan Patel, CMD, Creative Newtech, Richard Mckinney , Global Marketing & Sales Director, Ruark UK, at a press conference held to announce its India entry. .

Embassy Office Parks REIT has said GRESB, an industry-leading standards organisation, has ranked Embassy REIT number one in India for its public disclosures, and has awarded the REIT a 5-star rating for its 45 million square feet office portfolio in its annual sustainability assessment.

GRESB (Global Real Estate Sustainability Benchmark) is an investor-led organisation that provides standardised and validated ESG data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, and is used by more than 170 institutional and financial investors to inform decision-making.

Aditya Birla Capital Foundation (“ABCF”), the CSR arm of Aditya Birla Capital and the National Institute of Securities Market (“NISM”), an educational initiative of SEBI, will collaborate to conduct a customised Financial Literacy Program for youngsters, in over 60 cities, across Tier-II and Tier-III locations, pan-India.

The program endeavours to create financial awareness, and will reach out to more than 40,000 college students, who will undergo an intense 10-hour financial literacy classroom training, facilitated by NISM-certified trainers. On completion of the training, participants will be given a certificate by NISM and Aditya Birla Capital Foundation.

Vascon Engineers Limited’s shares were up by more than two per cent after the company announced the acquisition of two contracts. The first contract, valued at ₹352.91 crore, has been awarded by the Jharkhand State Building Construction Corporation Limited. This pertains to the remaining work for the Construction of a Medical College and the Upgradation of a District Hospital in Koderma. The work has been granted based on a Bill of Quantities (BOQ) and is expected to be completed within 30 months from the date of the Letter of Acceptance.

The second contract, valued at ₹262.19 crore, has been awarded by Bridge and Roof Co. India Ltd. (a Government of India Enterprise) for Planning, Designing, Construction, IT (Networking), and Maintenance of a Government Medical College in District Kanker, Chhattisgarh. This project falls under the Chhattisgarh Medical Services Corporation Ltd. (Government of Chhattisgarh) and has been awarded on an Engineering, Procurement, and Construction (EPC) basis. The work is slated for completion within 24 months from the commencement date.

The shares were up by 2.44% to ₹75.54 at 1.55 pm on the BSE

Central Bank (3.74%)

Union Bank (3.67%)

UCO Bank (3.34%)

IOB (3%)

The board of Hathway Cable & Datacom will meet on October 17, 2023, to consider and approve the standalone and consolidated un-audited financial results for the quarter and half-year ended September 30, 2023. The stock is up by 1.24% on the BSE, trading at ₹19.54.

The stock rises by 2.28% on the NSE, trading at ₹537.

International Monetary Fund (IMF) has upped India’s economic growth forecast by 20 basis points to 6.3 per cent for the current fiscal (FY24) on account of better consumption demand. However, there is no change in the projection for FY25 which has been pegged at 6.3 per cent.

Indian economy grew by 7.2 per cent in FY23. Read more.

The stock is up by 0.48% on the NSE, trading at ₹14.60.

PNC Infratech Limited informed that a project four laning of Aligarh-Kanpur section in the state of Uttar Pradesh under Bharatmala Pariyojna, executed by one of its subsidiary companies namely ‘PNC Bithur Kanpur Highways Pvt Ltd, has provisionally been completed. The stock rises by 1.99% on the NSE, trading at ₹373.75.

Satin Creditcare Network Limited, along with its subsidiaries, has crossed the major milestone of ₹10,000 crore Assets Under Management on consolidated basis as on September 30, 2023.

The stock is up by 3.24% on the BSE, trading at ₹238.85.

The stock is up by 2.17% on the NSE, trading at ₹65.80.

The stock rises by 1% on the NSE, trading at ₹765.15.

Ajmera Realty and Infra India Ltd’s shares gained 12.18 per cent after the company reported its operational performance for Q2 FY24. During the reporting period, the company’s sales grew 51 per cent year-on-year, totalling 1,20,787 sq ft., while the sales value surged 52 per cent to reach ₹252 crore. Collections also demonstrated growth, increasing by 8 per cent year-on-year to ₹111 crore.

The company acquired three projects with a gross development value (GDV) of approximately ₹800 crore and a sales potential spanning around 4.4 lakh sq. ft. Furthermore, the company is engaged in the redevelopment of four societies at Yogi Nagar, Borivali, with a sales potential of 1.07 lakh sq ft, and an SRA redevelopment project at Bhandup with an initial phase development of about 1.7 lakh sq ft. Notably, the company also entered into a joint development agreement (JDA) through its special purpose vehicle (SPV) for a 69 per cent stake in Electronic Phase 2, Bengaluru, with a sales potential of approximately 1.62 lakh sq. ft. Read more

State-run NLC India (NLCIL) has secured a 810 megawatt (MW) solar photovoltaic (PV) project from Rajasthan Rajya Vidyut Nigam (RRVUNL) in Bikaner district.

NLCIL has successfully garnered the entire capacity of the 810 MW tender floated by RRVUNL for developing the project of 2,000 MW ultra mega solar park at Pugal tehsil in Bikaner district of Rajasthan, the lignite miner said. Read more

Mahadevaswamy, Chairman and Managing Director of NBCC, has been entrusted additional charge of the post of Director (Commercial), NBCC for three months w.e.f October 1, 2023 or till a regular incumbent joins the post or until further orders, whichever is earlier.

The stock has risen by 5.71% on the NSE, and is trading at ₹61.10.

STL Digital, a wholly-owned subsidiary of Sterlite Technologies, has announced the launch of ‘AInnovTM, a solutioning fabric of powerful Generative AI Services, frameworks, methodologies and solutions designed for enterprises to accelerate Generative AI-led innovation and adoption. The stock is up by 1.76% on the NSE, trading at ₹156.40.

Spandana Sphoorty Financial has said the total issuance of commercial papers (CPs) during the financial year up to the quarter ended September 2023 was ₹60 crore.

The stock rose by 2.61% on the NSE, trading at ₹806.05.

Motherson (2.76%)

Bharat Forge (2.46%)

Tata Motors (2.03%)

Maruti (1.53%)

Ahmedabad-based RBZ Jewellers, specialising in Antique Gold Jewellery and catering to nation-wide retailers and regional players, has received final observation from the Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The company had refiled preliminary IPO papers with SEBI in June 2023.

The issue with a face value of Rs 10 each is entirely a fresh issue of 1 crore equity shares.

Rs 80.75 crore of the issue proceeds will be used for funding working capital requirements and general corporate purposes.

Bank of Maharashtra has appointed General Manager Arun Fanidhar Kabade as Chief Risk Officer in place of Sanjay Rudra, who has been appointed Executive Director of Union Bank of India. The stock is up by 1.94% on the BSE, trading at ₹46.20.

CEAT Ltd arm Tyresnmore.com, the country’s leading e-commerce platform specialising in aftersales automotive solutions, will provide service right at the customers’ doorstep. CEAT Ltd is the flagship company of the RPG Group.

Tyresnmore.com is a key player in the auto aftermarket e-commerce sector, which is expected to grow at a compound annual growth rate (CAGR) of 15% by 2025. CEAT acquired Tyresnmore.com in August 2023 in a landmark deal in the auto aftermarket e-commerce sector.

Vascon Engineers Ltd has received a Letter of Acceptance amounting to ₹352.91 crore from Jharkhand State Building Construction Corporation Ltd (a Jharkhand government undertaking), for remaining work on the construction of a medical college and upgradation of a district hospital at Koderma. The stock has risen by 2.64% on the NSE, trading at ₹75.75.

Mumbai-based Credo Brands Marketing Ltd, one of the largest homegrown brands in the mid-premium and premium men’s casual wear market in India in terms of market share in Fiscal 2022 has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The company had filed preliminary IPO papers with SEBI in July 2023.

The IPO, with a face value of Rs 2, is a complete offer-for-sale (OFS) of up to 19.63 million shares by the promoter, promoter group and other selling shareholders.

The offer-for-sale comprises up to 4.14 million shares by Kamal Khushlani, up to 4.27 million shares by Poonam Khushlani, up to 1.08 lakh by Sonakshi Khushlani, up to 1.08 lakh shares by Andrew Khushlani, up to 2.03 million shares by Concept Communications Ltd, up to 5.03 million shares by Bela Properties Private Ltd, up to 1.97 million shares by Jay Milan Mehta, and up to 1.97 million shares by Sagar Milan Mehta.

Led by Kamal Khushlani, Credo Brands Marketing, introduced the “Mufti” mens apparel brand, which is now celebrating its 25th anniversary.

Major gainers: Coal India (3.65%); Adani Ports (2.68%); Bharti Airtel (2.55%); UPL (2.19%); Tata Motors (1.90%)

Major losers: IndusInd (-0.79%); Dr Reddy (-0.51%); Cipla (-0.38%); TCS (-0.30%); Hindalco (-0.15%)

A total of 2,557 stocks advanced on BSE at 12 noon on Tuesday against 910 stocks that declined; 143 stocks remained unchanged. The total of 3,610 stocks were traded. While 195 stocks recorded a 52-week high, 18 hit a 52-week low.

Ujjivan Small Finance Bank has approved the allotment of 2,83,989 equity shares of face value of ₹10 each fully paid-up, pursuant to exercise of stock options under the bank’s ESOP Scheme 2019. The stock has inched up by 0.78% on the NSE, trading at ₹57.80.

Jash Engineering has received consolidated orders worth ₹44 crore in September 2023, of which orders worth ₹19 crore are for the Indian market and orders worth ₹25 crore are for markets outside India. The stock is up by 1.44% on the NSE, trading at ₹1,460.

Larsen and Toubro Ltd.’s shares were up by 0.61 per cent after the company announced that L&T Construction’s water and effluent treatment (WET) business division has received new contracts.

The first contract involves an Engineering, Procurement, and Construction order from the Public Health Engineering Department, Rajasthan, for the construction of a Water Supply Project serving 648 villages in the Chittorgarh District.

This project, part of the Jal Jeevan Mission, encompasses the construction of Intake Structures, three Water Treatment Plants with a total capacity of 175 MLD, 1800 Km of Transmission and Distribution pipelines, 13 Clear water reservoirs of total capacity 21600 KL, 13 Pump Houses, 31 Overhead Service Reservoirs of total capacity 4850 KL, 22,000 Functional Household Tap Connections, and associated Electromechanical and Instrumentation Works. Read more

NK Industries (20%)

Incredible Industries (15.35%)

Prestige Estates Projects (15.08%)

GMDC (12.30%)

Puravankara (12.09%)

On NCDEX, the spices complex was mixed. Dhaniya (coriander) December contracts slipped by ₹170 to ₹6,900 a quintal. Jeera (cumin) December increased by ₹745 to ₹59,995 a quintal. Turmeric December futures were quoted at ₹14,872 a quintal, up by ₹78.

Audit Saas Startup AuditCue has emerged from stealth mode to raise $1.5 million in a seed round led by Kalaari Capital

Other investors who participated include Java Capital and angel investors from San Francisco. The capital infusion will be allocated towards product development, accelerating the go-to-market strategy, and growing the engineering team. The company aims to expand in primary geographic markets of North America, India & EU

Fineotex Chemical Limited’s shares were up by 1.62 per cent after the company announced its engagement with BDO India LLP, a member of BDO International, a global professional services firm, for advisory services on taxation matters. The partnership will see BDO India LLP advising Fineotex Chemical Limited on various aspects of direct and indirect taxation.

BDO India LLP is recognised for its experience in taxation, assurance, advisory, outsourcing, and digital services, with a global presence spanning over 160 countries and territories. The engagement aims to enhance tax processes, ensure compliance, and minimize potential tax risks for Fineotex Chemical Limited and its subsidiaries.

Fineotex Chemical Limited offers over 475 products and exports to more than 69 countries. Its manufacturing facilities are located in Mumbai and Ambernath, India, as well as Selangor, Malaysia, with a combined capacity of 1,04,000 MTPA.

The shares were up by 1.62 per cent to ₹313 at 10.30 am on the BSE.

Prestige (15.29%)

Sobha (6.84%)

Godrej Properties (5.82%)

Oberoi Realty (4.18%)

DLF (3.52%)

Gold extended its one per cent gain of Monday in Asian trade. At 11.15 a.m. IST, gold was quoted at $1,861.36 an ounce. The yellow metal has gained in view of its status as a haven asset, particularly during geo-political unrest. The Israeli-Hamas standoff fired up the bullion market on Monday. Silver was up at $21.75 an ounce.

Lyka Labs Ltd has received permission from the Central Drugs Standard Control Organisation of India to manufacture and market Tofacitinib Ointment 2% w/w. The company has received this permission after successfully completing a clinical trial on 125 patients across 8 clinical trial centers within India.

The stock has risen by 4.48% on the BSE, trading at ₹123.60.

Major gainers: Prestige (15.40%); Gujrat Minerals (10.65%); KIOCL (7.76%); Vaibhav Global (6.26%); Mirza International (5.64%)

Major losers: Triveni Turbine (-4.94%); ICICI Prudential (-2.35%); IDFC sensex (-2.29%); Biocon (-1.52%); Maharashtra Seamless (-1.36%)

Gold futures markets experienced a third consecutive session of increased open interest and volume, with gold now retargeting the $1900 region per troy ounce, indicating potential for further advance in the near term.

The withdrawal of south-west monsoon is expected to bring light to moderate rain while cyclonic circulations and the odd helpful trough have popped up over parts of the South Peninsula where remnant monsoon will play out for some more time. Global models suggest western disturbances to become active over North-West India, West India and parts of Central India during the week ending October 17, bringing parts of Rajasthan, Gujarat, Punjab, Jammu & Kashmir, Ladakh, Himachal Pradesh, Haryana-Delhi-Chandigarh, Uttarakhand, and even parts of West Madhya Pradesh under light to moderate rain cover.

2Q is a seasonally weak quarter for Consumer Durables sector, except for the category of Washing Machines. Based on our channel checks, we expect following key themes to play out in 2QFY24 (1) Overall demand is likely to remain soft as consumers restrict their spending, (2) Sharp rise in competitive intensity would exert pricing pressure, (3) Softer commodity costs will continue to improve gross margin, yet lack of scale and higher discretionary spends (ad-spend, travel, sales promotion) would limit EBITDA margin expansion and (4) growth in premium products will continue to outpace mass / economy variants. Among product categories (1) Cables and wires will likely sustain robust growth momentum led by infra/industrial demand and export markets, (2) Fans and kitchen appliances are likely to report low double digit value growth, (3) Lighting sales are likely to de-grow YoY amid weak demand and lower realizations from falling LED prices, (4) Washing Machines is likely to post a low double digit growth amid peak season, (5) RAC and Refrigerator is likely to see high single digit growth YoY. For Q2FY24, we expect our coverage universe to report 11% YoY growth in revenue at Rs197bn while EBITDA margin is likely to expand by 70bps YoY to 7.9%. Consumer Durables preview

It is all a matter of perspective. While the entire attention is on the market recovery from April, what if we tell you that India’s equity markets underperformed fixed deposits over the past two years? Nifty CAGR over two years is 2.9% while Next 50 is flat. Small and Midcaps (SMID) did better, up around 10% - chiefly led by the recent rally post-March. The modest returns for equities reflect the concerns about the global environment, rising rates, limited support from a broad-based economy and high starting valuations, according to Sanford C. Bernstein (India).

Bernstein adds NTPC and Paytm while removing Reliance and SBI from the portfolio. It retains HDFC and Axis in Financials, Infosys in IT, Delhivery, and Zomato in consumer tech. Biocon is retained in Healthcare, L&T in Industrials and Ultra tech in Cement. A small allocation to Ethereum is retained. Gold is retained as a short idea. It retains a 20% allocation to SMID, which it finds adequate at this stage of the cycle. Small caps are still trading at a discount to Large caps, while Mid caps are at a premium now, although SMIDs are more levered to end markets, which are positively impacted by a recovering cycle and new emerging areas that benefit from China plus one and Govt initiatives.

Puravankara reported sales value at ₹1,600 crore, up 102% year-on-year compared to ₹791 crore in Q2 FY23. The stock jumps by 7.89% on the NSE, trading at ₹133.40.

Ajmera Realty & Infra India has clocked sale value of ₹252 crore and collection of ₹111 crore for the second quarter of FY24 with a growth of 52% and 8% respectively as compared to the second quarter of FY23.

The stock has risen by 3.54% on the NSE, trading at ₹386.45.

Larsen & Tourbo Ltd has received an order to construct a Water Supply Project for 648 villages of Chittorgarh district from the Chambal River under the Jal Jeevan Mission (Package-I). (The order is valued between ₹1,000 crore to ₹2,500 crore).

The stock has inched up by 0.69 per cent on the NSE, trading at ₹3,096.

Rudrabhishek Enterprises Ltd has been appointed consultant to prepare the financial plan on education and skill development by the National Capital Region Planning Board (NCRPB) of the Ministry of Housing & Urban Affairs. The REPL stock has risen by 1.18% on the NSE, trading at ₹185.

Crude oil futures, which gained more than 4 per cent on Monday, traded lower on Tuesday morning as the markets analysed the potential impact of Israel and Hamas war on the crude oil market.

At 9.52 am on Tuesday, December Brent oil futures were at $87.75, down by 0.45 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $85.94, down by 0.51 per cent.

October crude oil futures were trading at ₹7,170 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹7184, down by 0.19 per cent, and November futures were trading at ₹7,041 as against the previous close of ₹7,056, down by 0.21 per cent. Read more

Domestic equities jumped in early trade on Tuesday, with the benchmark Sensex surging more than 300 points, mainly due to positive trends in the Asian market.

A day after witnessing a sharp slump, both Sensex and Nifty gained significantly despite concerns over the Israel-Hamas conflict that has also pushed crude oil prices higher.

The 30-share BSE Sensex climbed 303.92 points or 0.46 per cent to 65,816.31 points while the broader NSE Nifty rose 87.15 points or 0.45 per cent to 19,599.50 points.

Key Asian indices, including Japan’s Nikkei 225 and Hong Kong’s Hang Seng gained on Tuesday. Read more

Bajaj Auto has signed a perpetual lease deal for a property in Chakan, covering an area of 7.63 lakh square metres for a total consideration of ₹53.4 crore.

The 95-year lease has been signed with the Maharashtra Industrial Development Corporation, documents accessed by platform Propstack showed.

Bajaj Auto has several expansion plans for its electric vehicles segment.

Bajaj Auto has already signed a land lease agreement with MIDC and has completed some construction. The latest agreement grants a perpetual lease to the company. Perpetual leases operate almost on the same basis as a sale agreement giving the tenant almost the same rights as an owner. There is a token rent amount of one rupee that will be paid.

Bajaj Auto already has a manufacturing unit in Chakan, on land provided by MIDC, where it manufactures a range of Bajaj motorcycles, including Pulsar, Avenger, KTM and, Kawasaki Ninja.

Mazagon Dock Shipbuilders stock rises 5.06% on NSE, trading at ₹2,178.25. The company has inked a Letter of Intent with a European client for construction of 06 firm and 04 optional units of 7500 DWT Multi-Purpose Hybrid Power Vessels.

Genus Power Infrastructures stock rises by 4.99% on the NSE, trading at ₹273.70. It’s wholly-owned subsidiary has received two letters of awards worth ₹3,115.01 crore (net of taxes) for appointment of Advanced Metering Infrastructure Service Providers (AMISPs).

Chemical prices continue to inch higher

Chemical prices have broadly increased during the month of September which was result from rise in crude prices. PVC prices have fallen by 3.6% q/q. Prices have corrected by 8% in Q1FY24. PVC-EDC spread softened by 4% m/m, while rose sharply by 45% q/q. While PVC-VCM spread have corrected by 16% m/m. This is due to ongoing dumping led by China. Fluorspar prices have increased by 6% m/m for August was down by 1.5% m/m. Phenol prices have increased by 14% m/m. Benzene prices improved m/m by 7.6%, 3.5% q/q, prices improved in accordance

Sealmatic India partners with Al Habshan in Abu Dhabi for the selling, repair, and refurbishment of Sealmatic mechanical seals in the UAE, aiming to cater to the needs of customers in the oil & gas, petrochemical, power, water, desalination, chemical & other industries.

The rupee rose 4 paise to 83.24 against the US dollar in early trade on Tuesday, helped by positive equity market trends even as concerns remained over the conflict in the Middle East.

At the interbank foreign exchange, the rupee opened at 83.23 and stayed in the narrow range of 83.23 and 83.25 against the greenback. It later traded at 83.24 against the dollar, registering a rise of 4 paise over its previous close.

On Monday, the rupee slipped 1 paise to settle at 83.28 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent lower at 106.07. Read more

We expect VNB growth for listed private companies to range 0-21% yoy, supported by the revival of business volumes in 2QFY24 ((-)3% to 33% of APE growth in September 2023, translating to 3-33% APE growth for the quarter); However, VNB margins remain weak due to the falling share of high-margin non-par. Non-life companies under coverage will likely deliver (-)14% to 77% earnings growth on the base of 17-18% topline growth. HDFC Life and SBI Life are our top picks in the sector.

APE growth drives VNB growth; margins down

Private life companies under coverage reported (-)3% to 30% growth in APE in September 2023. This led to 3-33% growth in APE for 2QFY23. Max Life bounced back during the quarter, with 33% APE growth (versus 10% in 1QFY23); business has progressively picked up for Max, with 21% APE growth in July and 49% in August, moderating to 30% in September. SBI Life (tends to be volatile) was up 29% yoy (4Q in 1QFY24), with 40%, 31% and 17%, respectively, for July, August and September 2023. HDFC Life was moderate, with a 10% APE growth for the quarter, constrained by a 5% decline in July. It reported 13-18% growth in the subsequent two months; this is a bit weak, especially in the light of its parent bank’s strong marketing efforts. ICICI Life was weakest, with 3% APE growth, which comprised a 15% decline at ICICI Bank and moderate 7% growth in other channels; the company grew 9-12% in the first two months of the quarter, but declined 3% in September 2023.

“The uncertainty associated with the Israel- Hamas war continues. It can take a turn for the worse if Israel starts ground operations in Gaza. The possibility of easing of tensions also cannot be ruled out since Hamas will bargain with the captured Israeli hostages. Unlike economic and market trends, geopolitical developments cannot be predicted. This uncertainty will weigh on markets.

On the economic front there are some positive developments. The decline in the dollar index to 105.95 and the US 10-year bond yield falling to 4.65 from the recent high of 4.88 are positive developments for equity markets. Even though FIIs continue to sell in India, the intensity of selling is coming down. More importantly. DIIs are increasing their purchases.

Calibrated buying in small quantities in quality stocks in banking, automobiles, IT, capital goods and real estate/construction would be a good strategy for long-term investors.”

Our latest quarterly analysis across seven cities suggests while the worst of pricing-led competition in diagnostics is behind us, we are still far from a benign pricing environment. In particular, Reliance’s Netmeds has considerably upped the ante in the past six months, with its pricing now ~25% and ~65% lower than Tata 1mg and the national incumbents, respectively. Factoring in a volume recovery, we bake in 12-14% sales CAGRs over FY2023-26E for DLPL and METROHL. Due to the impending risk on long-term sales growth amid elevated valuations, we reiterate our cautious view on DLPL and METROHL.

Largely status quo for incumbents except METROHL’s Delhi trial

Post price hikes of 4% in Delhi NCR in 4QFY23 and some minor hikes in other cities in 1QFY24, DLPL maintained its pricing qoq in 2QFY24. DLPL continues to focus on home collections in Mumbai, through Suburban, aided by incremental capacity and capabilities from the Vidyavihar reference lab. After dropping prices in Delhi NCR by 15% in 1QFY24, seemingly on an experimental basis, METROHL has raised prices in 2QFY24. METROHL’s pricing remained largely unchanged in other cities. Similarly, Agilus (erstwhile SRL) and Thyrocare have largely maintained their pricing. We highlight, on a yoy basis, pricing of major listed incumbents such as DLPL, METROHL, Agilus, Thyrocare and Vijaya has varied in the -1% to +4% range.

With Netmeds’ aggression, incumbents’ pricing gap stays at 2-3X

APHS’ oscillating pricing strategy (5% hike in 1QFY24, flat in 4QFY23, 50% cut in 3QFY23) continued with the company doubling its diagnostics pricing in 2QFY24. On a yoy basis, this translates into a 4% hike. Other hospital and offline players have broadly maintained their pricing. For now, Medplus’ diagnostics foray stays solely focused on Hyderabad with no change in its aggressive pricing strategy. Within online, while Tata 1mg, Healthians, Redcliffe, mFine and MediBuddy have raised prices in 2QFY24, Netmeds, PharmEasy and Orange Health have reduced prices qoq. Netmeds continues to be the most aggressive player in metros. On the other hand, Tata 1mg and Healthians have raised prices progressively over the past 6-9 months. We note Flipkart Health+ is yet to launch its diagnostics offering, even after more than 18 months of operations.

It is an undeniable fact that our planet is getting warmer. In order for it to stay habitable, GHG emissions must be drastically reduced. Although renewables have enormous potential and will never exhaust, they lack the flexibility of fossil fuels, making the transition a difficult one. In this primer, we discuss how the versatility of Hydrogen (H2) brings us great promise and hope. Green hydrogen (GH) can make the energy transition faster and smoother. As costs fall, it may be competitive with H2 from fossil sources, but we acknowledge the hype around it currently. H2 is difficult to handle; it would also require incentives/carbon taxes, along with mandatory usage obligations. GH would likely initially find usage in refining/ fertilisers, but will be more inefficient than BEVs for mass transport.

Versatility of H2 makes it a fuel of great hope for energy transition

To limit global warming, greenhouse gas (GHG) emissions need to be reduced urgently. End-use must be electrified wherever possible and energy generation must be decarbonized. Although renewables have made considerable progress, they have limitations. Solar/wind power is available for few hours in a day. Electricity storage and long-distance transmission are difficult. In hard-to-abate sectors, renewables cannot replace fossil fuels.

H2 is a remarkably versatile molecule. GH produced using renewables has no emission at all. It can be used in combustion engines just as fossil fuels or as an energy carrier. Using fuel cells, it can generate electricity. It can create synthetic fuels such as ammonia/jet fuel. GH can act as a connector and integrate renewables in energy systems. In the net-zero scenario by 2050, even as electricity will meet ~70% of the end-demand, H2 can account for 15-20% of final energy demand.

Major gainers:

Adani Ports (2.61%); Tata Motors (2.15%); M&M (1.52%); Adani Enterprises (1.50%); Hero Motocorp (1.42%)

Major losers:

Dr Reddy (-1.07%); TCS (-0.81%); Cipla (-0.47%); Divi’s Lab (-0.30%); Infosys (-0.25%)

Union Minister of Ports, Shipping, and Waterways and AYUSH, Sarbananda Sonowal, said the upcoming Global Maritime India Summit in Mumbai offers investment opportunities exceeding Rs 10 lakh crore and the potential to create over 15 lakh job opportunities. The summit’s goal is to nurture a blue economy, with a strong focus on green ports, sustainable infrastructure, cruise tourism, and global investments.

Indian equities started Tuesday on an upward trajectory, mirroring the global stock market rebound.

At 9.17 am, the BSE Sensex rose by 332.60 points to reach 65,844.99, while the NSE Nifty gained 94 points to reach 19,606.35.

From the Nifty pack, Adani Ports, ONGC, Hero MotoCrop, Bajaj Finance and Tata Motors were among the gainers. Dr Reddy’s, Britannia and TCS were among the laggards.

Wall Street closed positively on Monday, led by rising crude prices, and Asian markets followed suit. The conflict prompted investors to seek safe-haven assets like gold and the U.S. dollar. Brent crude futures held steady around $88 per barrel after a 4% increase in the previous session.

Foreign institutional investors extended their selling streak for the 14th consecutive session on Monday, selling shares worth Rs 998 crore, while domestic institutional investors purchased shares worth Rs 2,661 crore.

According to Prashanth Tapse of Mehta Equities, the Nifty options data indicates a trading range of 19,300-19,800, with crucial resistance at 19,800. Meanwhile, technicals show a neutral/bearish outlook for Nifty and Bank Nifty. Bank Nifty teeters on the edge of breaking its rising trendline from June 2022, with key support at 43,600.

Nifty opened with a gap down but rose sharply before consolidating for the major part of the day to settle at 19,512, down 141 points.

The Future Open Interest (OI) indicated buildup of short positions in Nifty futures. The India VIX, known as the fear indicator, rose 10.68% and closed at 11.40, giving major discomfort to the bulls.

Put Writing was observed at 19,500 Strike today. There is multiple support around the 19,500 levels. A break below 19,500 can take the Index until 19,350 levels where its next support is placed. A breakout above 19,550 can lead to filing of gap until 19,650 levels. Nifty has formed doji candles on the daily chart since last three days.Bank Nifty tested the key support level of 43,800 Monday (today) and closed at 43,887, down 474 points. Call writers strengthened their position at 44,000 Strike today. A break below 43,800 can quickly take Bank Nifty until 43,600 levels while the uptrend can resume upon successful close above 44,500 on the upside. -- Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities

Crude oil futures, which gained more than 4 per cent on Monday, traded lower on Tuesday morning as the markets analysed the potential impact of Israel and Hamas war on the crude oil market.

At 9.10 am on Tuesday, December Brent oil futures were at $87.84, down by 0.35 per cent; and November crude oil futures on WTI (West Texas Intermediate) were at $86.05, down by 0.38 per cent.

October crude oil futures were trading at ₹7175 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹7184, down by 0.13 per cent; and November futures were trading at ₹7050 as against the previous close of ₹7056, down by 0.09 per cent.

Indian markets could open higher, in line with mostly higher Asian markets today and positive US markets on Oct 09

U.S. stocks ended higher Monday, shaking off early losses that followed the weekend attack by Hamas on Israel, as investors focused on remarks by Federal Reserve officials.

Declines for equities were pared in morning trade after remarks by Dallas Federal Reserve Bank President Lorie Logan were seen as indicating a surge in long-term Treasury yields may mean the central bank has less need to further raise interest rates. Stocks extended early afternoon gains after remarks by Fed Vice Chair Philip Jefferson that also highlighted a rise in long-term yields.

The attack by Hamas on Israel raised fears of a broader conflict, sending crude prices higher and spurring haven-related support for gold, the dollar and U.S. Treasury futures.

India’s urban unemployment rate fell to 6.6 percent in the first quarter of 2023-24 from 6.8 percent in January-March. At 6.6 percent, the rate of unemployment in Indian cities is the lowest ever recorded by the government’s Periodic Labour Force Survey (PLFS) since it was started in 2018-19.

The Indian pharmaceutical sector reported low single-digit growth in September for the fifth consecutive month due to a high base and challenges in volume growth. Industry sales were up 2.1% as against 13.2% over the same period last year.

Asian shares advanced while Treasuries jumped following dovish comments on rates from Federal Reserve officials.

Nifty declined through Oct 09 as fear of a wider conflict rose between Israel and Hamas. At close, Nifty was down 0.72% or 141.2 points at 19512.4. Nifty fell with a minor downgap and closed more towards the intra day low on October 09. In case the Nifty opens and stays below 19450 on Oct 10, then the bearish pressure on the markets could increase. On rises, 19589-19621 band could offer resistance. -- Deepak Jasani, Head of Retail Research, HDFC securities.

Gold prices hit a more than one-week high on Tuesday, a day after posting sharp gains on increased market uncertainty due to the Middle East conflict as dovish remarks from top U.S. Federal Reserve officials weighed on the dollar and bond yields.

* Spot gold rose 0.2% to $1,864.39 per ounce by 0117 GMT, earlier hitting its highest since Sept. 29. U.S. gold futures climbed 0.8% to $1,878.20.

* Gold prices closed about 1.6% higher on Monday, its biggest one-day jump in five months, as military clashes between Israel and Palestinian Islamist group Hamas raised fears that a wider conflict could affect oil supply from the Middle East and boosted demand for safe-haven assets such as gold. - Reuters

Oil prices edged down slightly on Tuesday after gaining more than 4% in the previous session as markets weighed the potential for supply disruptions as the conflict between Israel and the Palestinian Islamist group Hamas continued.

Brent crude fell 18 cents, or 0.2%, to $87.97 a barrel at 0017 GMT, while U.S. West Texas Intermediate crude eased 16 cents or 0.2% to $86.22 a barrel.

Both benchmarks had gained more than $3.50 on Monday on news of the conflict after falling steeply in volatile trading last week.

Hamas’ launched the largest military assault on Israel in decades on Saturday. Fighting continued into the night on Monday as Israel retaliated with a wave of air strikes on Gaza. - Reuters

Palm oil futures fell in early trade on Tuesday to their lowest level in 3-1/2 months on fears of an inventory build-up in Malaysia, where industry officials forecast production grew more than the exports during September.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange fell 56 ringgit, or 1.55%, to 3,549 ringgit ($750.00) per metric ton in morning trade.

It fell to ringgit earlier to 3,520 ringgit, the lowest level since June 23. - Reuters

The collaboration comes ahead of the festive season, enabling consumers to take advantage of a wide range of exclusive offers, attractive pricing and easy No Cost EMI financing options on electronic, durables, lifestyle and home products.

Customers can buy new smartphones, laptops, tablets, electronic items, TVs, Home & Kitchen Appliances, beauty products, clothing, home decor, and more.

PFB the pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“In the realm of financial markets, amidst rising geopolitical tensions and shifting investor sentiment, opportunities and risks intertwine. While concerns loom over events like the Hamas attack on Israel and significant FIIs selling, the recent positive development with Federal Reserve Vice Chair Philip Jefferson’s cautious approach sparks speculation.

In this backdrop, trading strategies emerge for Nifty and Bank Nifty. The Nifty options data indicates a trading range of 19300-19800, with crucial resistance at 19800. Meanwhile, technicals show a neutral/bearish outlook for Nifty and Bank Nifty. Bank Nifty teeters on the edge of breaking its rising trendline from June 2022, with key support at 43600.

Our chart of the day favors L&T FINANCIAL, Tata Consumer Products, and BAJAJ FINANCE, provided intraday weakness aligns with an inter-week perspective. For those seeking a stock opportunity, consider ZOMATO (CMP 103.50): Establish long positions at CMP, targeting 121/143, with aggressive 1-year targets at the psychological 175 mark. Set a stop at 81.

As we navigate this week, keep an eye on three significant catalysts: 1) The September US CPI report due on Thursday, October 12th. 2) The start of the 2nd-quarter earnings season, initiated by TCS on October 11th, with INFY & HCL Tech reporting on October 12th. 3) The ongoing geopolitical tensions between Israel and Gaza’s Palestinians, casting a shadow of uncertainty

Sealmatic India Limited : Company & Al Habshan have partnered for selling, repair and refurbishment of Sealmatic mechanical seals in Abu Dhabi to serve customers in the oil and gas, petrochemical, power, water, desalination, chemical and other process industries.

Gradiente Infotainment Limited : Company has fixed Thursday, 19th October, 2023 as the “RECORD DATE”, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of Bonus Equity Shares in the proportion of 1 Equity Share for every 3 existing Equity Shares

Aksh Optifibre Limited : Company has received work order for operating and maintaining of existing smart solutions installed at various locations in Jaipur under smart city project and installation of equipment’s/devices at JDA including all software, hardware, P2P connectivity and required internet bandwidth for maintaining the whole system live and functional, amounting to INR 19.46 Crores inclusive of GST.

Jay Bharat Maruti Limited : the Company has fixed Thursday, October 26, 2023 as the “Record Date” for determining entitlement of Equity Shareholders for the purpose of sub-division / split of existing Equity Shares of the Company from Equity Shares having face value of Rs. 5/- each fully paid-up into Equity Shares having face value of Rs. 2/-

Nifty continues testing the EMA 50 level on the daily chart, which indicates the market

remains uncertain. Major resistance in Nifty is seen at 19,800, while major support is seen at the 19,200 level; closing above or below, a big move is expected on either side.

Intraday traders can look for long opportunities in Nifty only above 19,550

if the closing comes above 19,550 in the 15-minute chart, and traders can look for fresh shorts only if nifty breaks the 19,475 level and remains below for 15 min to ensure short - Stoxbox

Container Corporation of India: Export-Import volumes rose 3.5% year on year to 9.7 lakh TEUs, and domestic volumes rose 26.13% to 2.61 lakh TEUs in the second quarter.

Star Health: The company gets a Rs 39 crore show cause cum demand notice from DGGI for for non-payment of GST on co-insurance premiums from July 2017 to March 2023.

Dibang Power, a 50-50 JV of GR Infraprojects and Patel Engineering, has executed a contract with NHPC for a Rs 3,637.12 crore project. The project is for the construction of civil works including the Head Race Tunnel, Tail Race Tunnel, Pothead Yard, and Adits for the Dibang Multipurpose Project in Arunachal Pradesh.

Pharma Stocks: The Indian pharma market reported low sales growth of 2.1% YoY in September, according to data from All Indian Origin Chemists and Distributors.

Life Insurance stocks: Revenue of the life insurance industry declined by 16% YoY in September, according to the Life Insurance Council’s data.

With continued growth levers at its existing ports and an expanding portfolio, we expect APSEZ to strengthen its market dominance, achieving a 12% volume CAGR over FY23–25. This would, in turn, propel a corresponding 15% CAGR in both revenue and EBITDA. Cash flow generation should remain strong and help keep debt in check despite the acquisitions. We initiate coverage on the stock with a BUY rating and a TP of INR1,010 (premised on 15x FY25E EV/EBITDA, in line with its historical average of 14x). The company’s: a) market leadership in the ports segment, b) focus on value-added areas such as logistics, and c) focus on strategic acquisitions place it in a sweet spot.

The Indian rupee is likely to open marginally higher on Tuesday after a pullback in U.S. Treasury yields fuelled a broad uptick in Asian peers.

Non-deliverable forwards (NDF) indicate the rupee will open at around 83.22-83.24 to the U.S. dollar compared with 83.2625 in the previous session. The currency is hovering just shy of its record low of 83.29. - Reuters

Indian shares are set to open higher on Tuesday, tracking a rebound in global stocks, while the military conflict between Israel and the Palestinian Islamist group Hamas continued to trigger a rise in oil prices.

India’s GIFT Nifty was trading up 0.07% at 19,614.50 as of 7:52 a.m. IST, indicating that the Nifty 50 will open higher from Monday’s close of 19,512.35.

Wall Street equities closed higher on Monday, led by energy stocks on rising crude prices. Asian markets opened higher.

Military clashes between Israel and Hamas weighed on risk-sentiment and spurred buying of safe-haven assets like gold and U.S. dollar.

Brent crude futures hovered around $88 per barrel on Tuesday after rising 4% in the previous session.

Domestic shares fell on Monday, dragged by surge in oil prices, which is negative for importers of the commodity like India.

Analysts said that besides rising crude prices, the upcoming earnings season - beginning Wednesday - and the festive season will influence Indian markets in the near term.

Foreign institutional investors (FIIs) extended their selling streak for the 14th consecutive session on Monday, offloading shares worth a net Rs 998 crore ($119.89 million). Domestic institutional investors (DIIs) bought Rs 2,661 crore in shares. - Reuters

Ex/Record Date Stock Split: Gujarat Themis Biosyn, Themis Medicare

Move Into Short-Term ASM Framework: Godrej Industries, Polo Queen Industrial & Fintech, Vascon Engineers

Move Out Of Short-Term ASM Framework: Gujarat Ambuja Exports, Nelcast

Mangalore Chemicals & Fertilisers: Promoter Zuari Agro Chemicals created a pledge of 61.89 shares on Oct. 9.

Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 56.9 lakh shares on Oct. 9.

Block Deals

Authum Investment & Infrastructure: Nariman Investment Holdings sold, while Mentor Capital bought 52 lakh shares (3.06%) at Rs 398.7 apiece.

Infibeam Avenues: Mayur Desai sold 60 lakh shares (0.22%), while Abhishek Mayur Desai bought 60 lakh shares (0.22%) at Rs 20.55 apiece.

Bulk Deals

Saakshi Medtec & Panels: Ashish Kacholia bought 6.22 lakh shares (3.53%), while Hem Finlease sold 6.20 lakh shares (3.51%) at Rs 167.01 apiece.

KPI Green Energy (Consolidated, YoY)

Revenue is up 34.55% at Rs 215.06 crore vs. Rs 159.84 crore.

Ebitda is up 34.86% at Rs 71.15 crore vs. Rs 52.76 crore.

Ebitda Margin at 33.08% vs. 33.01%

Net profit is up 64.26% at Rs 34.74 crore vs. Rs 21.15 crore.

Dr Reddy’s Laboratories: The company was named in an antitrust complaint filed in California court by Mayo Clinic and Lifepoint Corporate Services. It alleges improper restraining of competition and a shared monopoly in the sale of Revlimid.

Indian Oil: The company has appointed Anuj Jain as the Director (Finance) as of Oct. 9, 2023. Consequently, Sanjay Kaushal has ceased to be the CFO of the company.

Analysts of Kotak Institutional Equities said that the Indian market is concurrently in the bear, bull, and bubble phases. “We find much better value in the top large-cap stocks (most of the top 15-20 stocks by market cap) and expect them to outperform in the next 6-12 months, as the current euphoria in other large-cap, mid-cap, and small-cap stocks may fade over time and their valuations realign with their fundamentals,” Kotak said in its strategy report.

Analysts expect the large-cap laggards of 2022-23 to do better over the next 6-12 months. They noted that other large-cap and quality mid-cap stocks may see a period of time correction.

We visited GOLI’s state-of-the-art Chennai facility, which can handle 50/18mn-ltr p.a. of core lubricant/AdBlue volumes (~35% of GOLI’s core lubes installed capacity), assuming double shifts. GOLI has deployed automatic batch blending technology from ABB, France to optimize lead time in operations. Notably, GOLI is capable of operating the Chennai facility at >100% utilization levels (three shifts), besides potentially doubling capacity within its existing land parcel. The Chennai facility houses an R&D center, focused on developing new blends, alternate formulations, etc. GOLI has also successfully undergone stringent audits from US- & EU-based OEMs. Mgmt. reiterated volume-growth guidance of 7-8%/15-20% for core/AdBlue in FY24, with target EBITDA margin of 12-14%, supported by focus on long drain products, strategic pricing decisions, branding, etc. We retain BUY on GOLI with an unchanged Mar-24E TP of Rs730.

Macquarie on Auro Pharma: Maintain Outperform, raise target price at Rs 1000/sh (Positive)

Macquarie on Lupin: Maintain Outperform, raise target price at Rs 1275/sh. (Positive)

Macquarie on Alkem: Maintain Outperform on Company, raise target price at Rs 3175/sh. (Positive)

Macquarie on Cipla: Maintain Outperform, raise target price at Rs 1295/sh. (Positive)

Macquarie on Dr Reddy: Maintain Outperform, target price at Rs 6300/sh. (Positive)

Macquarie on Sun Pharma: Maintain Outperform, target price at Rs 1275/sh. (Positive)

DAM Capital on Escorts: Maintain Buy, raise target price at Rs 5100/sh (Positive)

HSBC on GSPL: Maintain Buy, raise target price at Rs 328/sh (Positive)

CLSA on Tata Motors: Maintain Buy, target price at Rs 777/sh (Positive)

HSBC on Titan: Maintain Buy, raise target price at Rs 3900/sh (Positive)

MS on Life Insurance: SBI Life and HDFC Life outpaced the private sector for a third month in a row (Positive)

MS on Reliance Ind: Maintain Overweight, target price at Rs 2821/sh. (Neutral)

Macquarie on Zydus Life: Maintain underperform, raise target price at Rs 490/sh. (Neutral)

Macquarie on IPCA Labs: Maintain Neutral, raise target price at Rs 850/sh. (Neutral)

CLSA on Adani Ports: Maintain Buy, target price at Rs 878/sh. (Neutral)

HSBC on LIC Housing: Downgrade to Reduce, raise target price at Rs 400/sh. (Neutral)

HSBC on Bank Baroda: Downgrade to Hold , target price at Rs 220/sh. (Neutral)

HSBC on Ujjivan: Downgrade to Hold, raise target price at Rs 620/sh. (Neutral)

Nomura on Maruti: Maintain Neutral, target price at Rs 10422/sh Neutral)

HSBC on SBI Cards: Downgrade to Hold, cut target price at Rs 860/sh (Negative)

As the 2023 South-West monsoon prepares to exit the landscape at a remarkably fast pace, western disturbances have sought to fill the space over North-West India bringing in light to moderate rain while cyclonic circulations and the odd helpful trough have popped up over parts of the South Peninsula where remnant monsoon will play out for some more time.

Foreign shareholding in HDFC Bank for the quarter ended September stood at 59.25 per cent, leading to a foreign room of 20.08 per cent, according to latest shareholding pattern available with the NSE.

Foreign room is the proportion of shares still available to foreign investors relative to the maximum allowed. The foreign investment limit in privately held banks is 74 per cent. Read more

Foreign portfolio investors (FPIs) are doubling down on India’s capital goods sector. The optimism is driven by the strong growth in the order book and revenue visibility of the sectoral stocks, primarily driven by the Centre’s capex and infra push across roads, railways, defence and power sectors.

As per latest data, FPIs have made a net investment of over ₹29,000 crore in the capital goods sector between April and September. The second highest cumulative inflows in the current fiscal after financial services, which received nearly ₹52,000 crore during this period.

We visited Hindalco Industries’ Hirakud and Aditya plants in Odisha to understand the processes and operations.

The Aditya smelter is one of the most efficient and low-cost smelting plants in the world. It is highly automated, with significant usage of technology, cranes, and other equipment to control operations.

Ramco Cements is expected to benefit from a sharp increase in average cement prices in the Southern region and an easing of fuel costs post Q2FY24. Average cement prices in the South have increased by almost ₹40 per bag since October 5, 2023, translating to 10 per cent higher cement prices compared to the Q2-FY2024 average. The cement demand remains healthy during Q2-FY24 despite a seasonally weak quarter and is expected to sustain momentum for FY2024.

BSE:-483(65512)

NSE:-141(19512)

MID:-390(31686)

SML:-650(37209)

FII|FPI:-997Cr

DII:+2661Cr

B.Crude: 87

Gold$:1849=INR: 57446

Silver: 68669

$/Rs: 83.26

7.18 : 2033 G-Sec: 7.38

NSE PE: 22.07

The Board of Directors of Glenmark Life Sciences Limited has at its meeting held today i.e. October 09, 2023, declared Interim Equity Dividend for the financial year 2023-24 of Rs. 22.50/- per equity share of Rs. 2 each. The record date for reckoning the list of shareholders who shall be entitled to receive the said interim dividend shall be Tuesday, October 17, 2023. The interim dividend will be paid to such shareholders on or after October 23, 2023.

Salora International Ltd has signed Distributor Agreement for India with Otterbox Hong Kong Ltd for marketing and distribution for range of Smart Phone Cases and Protective Screens.

IDFC First Bank has entered into agreement(s) with NSDL for sale of its premises located at Naman Chambers, BKC, Mumbai as a part of consolidation of Bank’‘s operation near its Corporate Office at IDFC FIRST Bank Tower, the Square, BKC, Mumbai for ₹198 crore.

Mazagon Dock Shipbuilders Ltd (MDL) has signed Letter of Intent (LOI) with an European Client for Construction of 06 firm and 04 optional units of 7500 DWT Multi- Purpose Hybrid Power Vessels. The prices for which would be firmed up at the time of Signing of Contract.

International Combustion India Limited has said that Crisil Ratings Limited (Crisil), has assigned the long-term rating of CRISIL BBB (signifying a moderate degree of safety regarding timely servicing of financial obligations and carrying moderate credit risk) on the fund-based and non-fund based working capital credit facilities being enjoyed by the Company from its bankers on consortium basis. The outlook on the long-term rating has been stated as Stable. Crisil has also assigned the short-term rating of CRISIL A3+ (pronounced as CRISIL A three plus) [signifying a moderate degree of safety regarding timely servicing of financial obligations and carrying higher credit risk as compared to instruments rated in the two higher categories] on the aforementioned facilities.

Genus Power Infrastructures Limited’s wholly owned subsidiary has received two letters of awards (LOA) worth ₹3,115.01 crore (net of taxes) for appointment of Advanced Metering Infrastructure Service Providers (AMISPs) including design of Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of 34.79 Lakhs Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis.

Dibang Power (Lot 4) Consortium (JV of GR Infraprojects Limited and Patel Engineering Limited) has executed the Contract Agreement with the NHPC Limited for construction of Civil Works for LOT‐4: Head Race Tunnel including Intake, Pressure Shafts, Penstocks, Power House & Transformer Cavern, Tail Race Tunnel, Pothead Yard, Adits for Dibang Multipurpose Project, Arunachal Pradesh, India. The bid project cost is ₹3,637.12 crore.

HG Rewari Ateli Highway Private Limited, a wholly owned subsidiary of HG Infra Engineering Limited, has received the completion certificate for the project executed by it. The completion certificate has been issued by the Independent Engineer and the project has been declared fit for entry into commercial operation on November 15, 2021.

Bhageria Industries Limited has announced its one turnkey international Solar Engineering, Procurement, and Construction (Solar EPC) projects with comprehensive Operation & Maintenance and Water Proofing in APM Terminal, Kingdom of Bahrain. Aggregating to a capacity of 11.40 MWp, this project has a total order value of ₹104.49 crore (including comprehensive O&M and Water Proofing), without taking taxes into account. With this order wins, Bhageria Industries Limited will gain access to a large market that is full of dynamism, vibrancy and an untapped potential for renewable energy solutions that deliver positive impacts on both Indian and Bahrain Market.

Adani Group on Monday said some foreign entities are continuing orchestrated attacks by rehashing old and baseless allegations to drag down its market value and tarnish the conglomerate’s image ahead of the Supreme Court hearing. The Supreme Court slated a hearing for this week on markets regulator SEBI’s investigation into allegations of financial fraud and stock manipulation against Adani Group. The group has denied all allegations.

Fitch Ratings on Monday said it has upgraded its ratings on domestic steel player Tata Steel Ltd (TSL) to ‘BBB-’ with a stable outlook. It has also upgraded the rating on USD 1 billion notes issued by Tata Steel subsidiary ABJA Investment, the rating agency said in a statement.

Aditya Birla Sun Life Asset Management Company has appointed Harish Krishnan as its Co-Chief Investment Officer and Head of Equity. Krishnan was earlier associated with Kotak Mutual Fund, according to a statement.

Vedanta Ltd on Monday said the tax authorities have imposed a penalty of Rs 1.81 crore on its subsidiary Hindustan Zinc. The order was received on Sunday, October 8, Vedanta Ltd informed the exchanges.

Buzzing Stocks: Vedanta, Birla Mutual, Tata Steel, Adani group, Bhageria Ind, HG Infra, GR Infra, Patel Engineering, Genus Power, International Combustion, IDFC First Bank, Salora International, Glenmark Life

Pepsico, Inc. (Pre market) (Sector FMCG)

Neogen Corporation (Pre market) (Sector- Healthcare)

DELTACORP

IBULHSGFIN

L&TFH

MANAPPURAM

MCX

PNB

Dilip Buildcon has signed an agreement with the Water Resources Zone, Udaipur, Rajasthan, for construction of Dewas III and IV Dams in Gogunda on engineering, procurement and construction single responsibility turnkey basis, including 10 years operation and maintenance. The project worth Rs 396.93 crore is expected to be completed within 44 months.

The September 2023 Consumer Confidence Survey shows that around 75 per cent of consumers intend to spend more in the coming days. But the spending will be mostly on essential items with spending on non-essentials well below pre-pandemic levels.

GM Breweries

Global companies with a presence in Israel have temporarily shut some operations and asked employees to work from home following attacks by the Palestinian Islamist group Hamas over the weekend.

Following are steps taken by companies ranging from airlines to banks:

Commodity markets surged on Monday as military clashes between Israel and Palestinian Islamist group Hamas raised fears that a wider conflict could affect oil supply from the Middle East and boosted demand for safe-haven assets such as gold.

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

Coromandel International’s stock has been in an uptrend since April this year. It bounced off the support at ₹850 and has been appreciating since then. While there was a minor correction in the second half of last month, the downswing was only short-lived. Read more

Asian markets displayed resilience on Tuesday despite intriguing global developments the previous day. Monday saw a surprising surge in nearly every asset class, defying geopolitical tensions stemming from the Israel-Gaza conflict.

Gold, a safe-haven asset, surged impressively by 1.6%, its strongest in five months. Oil also saw a remarkable six-month high. Conversely, the U.S. dollar gave up its early gains, and Wall Street rebounded from a 1% loss to close positively.

This renewed risk appetite largely resulted from statements by two Federal Reserve officials, suggesting the possibility of the Fed concluding its interest rate hikes due to the recent surge in long-term bond yields and financial tightening.

In early trading, the Japanese Nikkei 225 index surged remarkably by over 2.19%, reaching 31,674.88 points. The Topix Index also witnessed a significant 1.92% rise, trading at 2,307.57 points. South Korea’s KOSPI index entered positive territory, gaining 1.31% at 2,440.28 points, while Australia’s S&P/ASX 100 index increased by 1.13%, reaching 5,928 points.

Wall Street’s major indexes closed higher on Monday while energy stocks rallied as investors digested the latest news about the conflict between Israel and the Palestinian Islamist group Hamas.

The Dow Jones Industrial Average rose 197.07 points, or 0.59%, to 33,604.65. The S&P 500 gained 27.16 points, or 0.63%, at 4,335.66 and the Nasdaq Composite added 52.90 points, or 0.39%, at 13,484.24. - Reuters