Share Market Highlights: Sensex, Nifty edge up on Asian market gains and US rate cut hopes

Allied Blenders and Distillers Limited has informed regarding resignation of Ankur Sachdeva as Chief Revenue Officer of the company w.e.f. December 08, 2024.

Top gainers on the NSE 

Kotak Mahindra (3.64%), JSW Steel (1.85%), HDFC Bank (1.71%), BEL (1.59%), IndusInd (1.51%) 

Top losers: 

Cipla (-3.37%), Tech Mahindra (-2.82), Trent (-2.26%), Sun Pharma (-1.86%), Infosys (-1.80%)

Infosys announced collaboration with zooplus, a leading European e-commerce company based in Munich, Germany, to enhance its service capability and scalability. The collaboration will establish a state-of-the-art Global Capability Center (GCC) in Hyderabad, India

Infosys shares declined 1.57% on the NSE to ₹1,922.10

JSW Steel and leading global resources company, BHP, are collaborating to accelerate the deployment of carbon capture technology for steelmaking decarbonisation, following the signing of a joint study agreement between the parties.

JSW Steel shares were up 1.18% on the NSE to trade at ₹1,006.25

Hindustan Steelworks Construction Limited, a subsidiary of NBCC (India), has been awarded works of Campus Development of Gondwana University, Gadchiroli, Maharashtra of approx. value of ₹1000 crore 

NBCC shares trade flat on the NSE at ₹116.68

Top gainers on the NSE as at 3 pm:

Kotak Mahindra (4.33%), HDFC Bank (1.80%), BEL (1.72%), Maruti (1.45%), Power Grid (1.43%)

Top losers: 

Cipla (-3.82%), Trent (-2.48%), Tech Mahindra (-2.42), Sun Pharma (-2.14%), Infosys (-1.84%)

Stocks advanced on BSE at 3 pm on October 10, 2024, were 2,244 against 1,651 stocks that declined, and 115 remained unchanged. Total stocks traded were 4,010. The number of stocks that recorded a 52-week high was 204, and those that hit a 52-week low was 22. A total of 366 stocks traded in the upper circuit, and 166 in the lower circuit.

Zydus receives final approval from USFDA for Paliperidone Extended-Release Tablets, 1.5 mg, 3 mg, 6 mg, and 9 mg.

Zydus Lifesciences stock declines 1.39% on the NSE to ₹1,050.50

Adani Enterprises stock fell 2.25% on the NSE to ₹3,082.90. Company had announced the launch of its qualified institutional placement (QIP) of ₹4,200 crore

Zee Entertainment Enterprises stock trades flat on the NSE at ₹129.63. An Independent Investigation Committee (IIC), constituted by the Board of Directors of Zee Entertainment Enterprises (ZEE), has found no irregularities in the functioning of the company. “The Committee also noted that the transactions (under investigation) did not adversely affect the company or its shareholders. The mentioned transactions were found to be a part of normal course of business, and no material irregularities were reported within the same,” said a release.

DCM Shriram Ltd. awarded bronze medal in EcoVadis Sustainability Assessment 2024

Shares trade flat on the NSE at ₹1,019.

Intellect Global Transaction Banking has announced the global launch of eMACH.ai Cloud for Wholesale Banking.

Shares trade flat on the NSE at ₹892.95

Power Grid Corporation of India Limited has been declared as the successful bidder under Tariff based competitive bidding to establish Inter-State transmission system for the project namely “Transmission system for evacuation of power from Rajasthan REZ Ph -IV (Part-2: 5.5 GW) (Jaisalmer/Barmer Complex): Part F (By clubbing Part F1 & F2)” on build, own, operate and transfer (BOOT) basis. 

Shares trade at ₹334.30 on the NSE, up 1.38%.

Alkem Laboratories has signed a licensing agreement with Sonnet BioTherapeutics Holdings, Inc. to develop and commercialize SON-080 for Diabetic Peripheral Neuropath. Shares trade at ₹6,098.35 on the NSE, lower by 3.11%.

Mirae Asset Investment Managers (India) Pvt. Ltd. announces the launch of two new funds -- Mirae Asset Nifty 50 Index Fund (An open-ended scheme replicating/tracking Nifty 50 Total Return Index) and Mirae Asset Nifty LargeMidcap 250 Index Fund (An open-ended scheme replicating/tracking Nifty LargeMidcap 250 Total Return Index). 

Mirae Asset Nifty 50 Index Fund aims to generate returns, before expenses, that are commensurate with the performance of the Nifty 50 Total Return Index, subject to tracking error. There is no assurance or guarantee that the investment objective of the scheme would be achieved.

Nifty 50 Index is considered a barometer of Indian Stock Exchange. The index consists of 50 large blue-chip companies, providing diversified exposure across 15 different sectors.

A heartfelt tribute to Shri Ratan Tata for his visionary leadership in not only expanding the Tata group but also for providing support and guidance to many Indian industries and businesses. I had the privilege of meeting him several times in the past alongside Late Shri Aditya Birla. His dedication to innovation, integrity, and social responsibility has transformed numerous enterprises and inspired generations of entrepreneurs to pursue excellence. Under his guidance, the Tata Group has become synonymous with trust and excellence, paving the way for a more sustainable future. Thank you, Shri Tata, for your enduring legacy and profound impact on our nation.

IRB Infrastructure Developers said Moody’s Investor Service (Moody’s) has affirmed its long-term corporate family rating (CFR) and the instrument rating assigned to its USD senior secured notes due 2032 after taking into account additional debt as approved in the board meeting dated October 9, 2024. The outlook is stable.

Shares trade at ₹59.53 on the NSE, down by 0.92%

Total business: up 16.88% y-o-y in Sept 2024

Total deposits: up 15.46% y-o-y 

Shares trade flat on the NSE at ₹54.70

National Company Law Tribunal, Ahmedabad Bench (‘NCLT’) has sanctioned the Scheme of Arrangement between ICICI Bank Ltd, ICICI Securities Ltd and their respective shareholders and disposed of the applications filed by Quantum Mutual Fund and Manu Rishi Guptha respectively) objecting to the scheme. 

The ICICI Securities stock trades 3.07% lower on the NSE at ₹841.60

Aluminium futures (October) on the Multi Commodity Exchange (MCX) broke out of the resistance at ₹236 two weeks back and hit a high of ₹244.65 on October 3.

The contract could not extend the rally, and it moderated. The October contract closed at ₹232.65 on Wednesday.

The chart indicates that aluminium futures might drop further. Nevertheless, the downside is expected to be arrested by the support at ₹228. 

After softening in the ₹228-230 price band, we expect the contract to resume its rally. The upswing can take aluminium futures to ₹255. Read more

Lloyds Engineering Works Ltd (LEWL) has inked a Memorandum of Understanding (MoU) to acquire the Engineering Division of Bhilai Engineering Corporation Ltd (BECL), a key player in providing engineering solutions across various industries.

Shares trade flat on the NSE at ₹79.91

Top gainers: BEL (2.43%), Kotak Mahindra (2.39%), NTPC (2.07%), Power Grid (1.71%), M&M (1.35%)

Top losers: Adani Enterprises (-2.12%), Cipla (-1.83%), Britannia (-1.77%), Trent (-1.68%), Hindustan Unilever (-1.18%)

Of 3,880 stocks traded on the BSE at 12 noon on October 10, 2024, 2,369 advanced against 1,360 stocks that declined, and 151 remained unchanged. While 181 stocks recorded a 52-week high, 17 hit a 52-week low. A total of 310 stocks were traded in the upper circuit, and 146 in the lower circuit.

Ashoka Buildcon Ltd has submitted a bid for a project to the City & Industrial Development Corporation of Maharashtra Ltd (CIDCO) in joint venture, where the company is the lead member of the joint venture. (“Ashoka JV”). Ashoka JV has been declared as the lowest bidder (L-1) for the said project. The quoted bid price for the project is ₹1,667.78 crore.

The Ashoka Buildcon stock surged 4.22% on the NSE to ₹249.84.

Tembo Global Industries enters Solar MEP Segment to drive sustainable energy solutions

Tembo Global Industries stock trades flat at ₹484.50 on the NSE

SpiceJet announced the commencement of new UDAN flights connecting Shivamogga in Karnataka with Chennai and Hyderabad, starting from October 10, 2024.

Shares surged 3.24% on the BSE to ₹67.89

​Wardwizard Innovations & Mobility Limited​ sold 1,195 units of electric two-wheelers in September 2024. 

Shares trade flat on the BSE at ₹48.90

IFGL Refractories to enter a Joint Venture Agreement in agreed form with Marvels International Group Co Ltd of Seychelles and Marvel Refractories (Anshan) Company Limited of P R China to set up a Joint Venture Company in India with limited liability for setting up green field facility at capital outlay of about Rs 300 crores for manufacture in India of below mentioned products used in Cement, Glass, Non-Ferrous and Gasification Industries. a) Basic Fired Magnesite Spinel Bricks b) Basic Fired Magnesite Bricks c) Fired Magnesia Chrome Bricks

IFGL Refractories stock up 2.64% on the NSE to ₹597.35

Track the share price movements of Tata Group stocks live here

Bank Nifty opened today’s session with a gap-up at 51,196 versus yesterday’s close of 51,007. The index rose further after opening and is now at 51,300, up about 0.6 per cent.

The advances/ declines ratio now stands at 11/1, a strong positive indication. Bank of Baroda, up 1.8 per cent, is the top gainer, whereas ICICI Bank, down 0.4 per cent, is the only loser.

Nifty Private Bank has gained 0.65 per cent so far today. But Nifty PSU Bank has outperformed by appreciating 0.85 per cent. Read more

Nifty 50 began today’s session higher at 25,067 versus yesterday’s close of 24,982. It moved up after opening and is now at 25,125, up 0.6 per cent.

The advances/declines ratio of the benchmark index currently stands at 39/11, a bullish sign. Power Grid Corporation of India and NTPC, up 2.4 per cent each, are the top performers. Adani Enterprises, down 2 per cent, is the top loser. Read more

Crude oil futures traded higher on Thursday morning as fears continued over a possible attack by Israel on Iran’s oil facilities. October crude oil futures were trading at ₹6197 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹6244, down by 0.75 per cent, and November futures were trading at ₹6171 against the previous close of ₹6208, down by 0.60 per cent. 

VA TECH WABAG has secured large repeat orders from Reliance Industries Ltd (‘RIL’) towards Water Treatment System for Dahej and Nagothane facilities. WABAG’s excellent track-record with RIL for almost 3 decades and a technically superior & competitive bid ensured this repeat order win, reinforcing WABAG’s leadership in the Industrial water segment.

VA Tech Wabag stock rises 3.69% to ₹1,523.50 on the NSE.

Tata group companies will remain in focus following the demise of Rata Titan, chairman emeritus of Tata Sons, who died on Wednesday. He was 86. Shares of the Tata Group companies, including Tata Steel, TCS, Tata Motors, Tata Technologies, Tata Power, Trent, Indian Hotels, Tata Chemicals, Tata Consumer, will be in focus till succession plan. Read more

Top gainers: L&T (1.62%), Power Grid (1.59%), M&M (1.46%), Tata Steel (1.28%), Axis Bank (1.22%)

Top losers: Adani Enterprises (-2.38%), Apollo Hospitals (-0.71%), Cipla (-0.62%), Trent (-0.56%), Dr Reddy’s Lab (-0.54%)

● IEX ACHIEVES 11,370 MU TOTAL VOLUME IN SEP’24, AN INCREASE OF 24% YOY

● HIGHEST EVER MONTHLY VOLUME OF 3,913 MU IN RTM, INCREASE OF 34% YoY

● DAM PRICE DURING SEPTEMBER AT RS 4.18/UNIT, LOWER BY 33% YOY

● GREEN MARKET ACHIEVES GROWTH OF 214% YoY

Sustained tariff repair likelihood pushed up by lack of AGR relief and affordability;

Bake in tariff hikes of 15% in FY27E

Voda Idea to Neutral from UW, TP Raised to Rs 10 from Rs 7

Bharti A – OW. TP raised to Rs 1920

Bharti Hexacom – OW, TP Raised to Rs 1580; premium to Bharti has expanded

Indus Tower – OW, TP Raised to Rs 525; top pick in telcos & tower cos

Upgrade Voda Idea to N from UW, TP Raised to Rs 10 from Rs 7

Bharti A – OW. TP raised to Rs 1920

Bharti Hexacom – OW, TP Raised to Rs 1580; premium to Bharti has expanded

Indus Tower – OW, TP Raised to Rs 525; top pick in telcos & tower cos

Sustained tariff repair likelihood pushed up by lack of AGR relief and affordability;

Bake in tariff hikes of 15% in FY27E

Jefferies on GMR Airports

Buy, TP Rs 106

GMRI, via its subsidiary GNIAL, has signed a concession agreement for development/operation of the Nagpur Airport (Mah).

This airport is relatively small currently (FY24: 2.8mn pax; 10-yr CAGR: ~8%), but city is of strategic importance

UBS on 360 One

Initiate Buy, TP Rs 1250

Core ARR Revenue & AUM to grow faster vs overall biz; TBR a plus

Core profitability expected to improve, backed by higher operating leverage

New business avenues- HNWI & global biz pose upside risks

Expect ROE to improve to 32% in FY27E

MS on Varun Beverages

OW, TP Rs 674

Board approves QIP of up to Rs75bn

As of 2QCY24, VBL has net debt of Rs59bn with net debt to equity of 0.7x & net debt to trailing 4Q EBITDA of 1.37x.

In past, management indicated they have set an outer limit of net debt target of 2x EBITDA

HSBC on Varun Beverages

Buy, TP Rs 780

Board approved a QIP of Rs75bn, implying c4% equity dilution

VBL intends to use proceeds for debt repayment, to strengthen its b/s & growth opportunities

A faster ROIC expansion is possible as value shifts from debt to equity holders

CITI ON RBI POLICY

RBI Kept Rates On Hold, Changed Stance To Neutral

Beyond The Adjustments, RBI Kept Annual FY25 Infln & Growth Outlook Unchanged

Have Marginally Adjusted Baseline View Of 1st Rate Cut Being In Feb Rather Than Apr

Acknowledge That There Are Risks Of A Delayed Rate Cut

Change In Stance Appears To Be More About Gaining Policy Flexibility

Rate Cut Cycle Could Be Shallow (50 bps) Unless Growth Weakens Materially

Bernstein on PB Fintech

Maintain Outperform with target price of Rs 1720

If the plan works, PB can be more dominant in a much larger Indian health insurance market

If the plan fails, the downside should ideally be capped at $100mn

Management understands this is ON left-field, and has reiterated that it is a one-time investment

Inclined to believe the management’s stance, thereby capping downside

While we do not like the capital allocation, we take the view that this is a one-time investment, thus limiting stock impact

We draw comfort from the strong business momentum in the insurance business

Jefferies on Jon Creation

IT slowdown weighs on formal job creation

Job creation pace weakened to 3-yr low in the organized segment as large listed IT cos shed employees

Analysis of 8.3 million employees of 2000 listed cos shows that ex-IT, job creation was still healthy at 3%+

BFSI posting 3rd consecutive strong year; Wages grew by a strong 12% YoY

Capex linked jobs in construction are on an upswing + agri improved post a strong monsoon

Both these should drive a bottom-of-pyramid consumption recovery soon

GS on Insurance

Turn more constructive on the life insurance space

See improvements in the operating environment

Corporates assert limited impact of new regulations

See VNB growth acceleration for private players

With rate cut cycle see an increase in embedded value

Valuations continue to look attractive

Product mix set to stabilize in H2 with margins potentially bottoming out by Q4

HDFC Life - Maintain Buy with target price of Rs 820

SBI Life - Maintain Buy with target price of Rs 2000

Thursday, October 10, 2024 (Today)

Derivative Segment

• TCS Ltd

Cash Segment

• Anand Rathi Wealth Ltd.

• IREDA Ltd.

• Tata Elxsi Ltd.

Friday, October 11, 2024

Derivative Segment

Nil

Cash Segment

• Just Dial Ltd.

Saturday, October 12, 2024

Derivative Segment

Nil

Cash Segment

• Avenue Supermarts Ltd.

• Network 18 Ltd.

Monday, October 14, 2024

Derivative Segment

• Reliance Ind Ltd

Cash Segment

• Angel One Ltd.

Tuesday, October 15, 2024

Derivative Segment

• HDFC AMC Ltd

• HDFC Life Ltd

• PVR INOX Ltd

Cash Segment

Nil

Wednesday, October 16, 2024

Derivative Segment

• Bajaj Auto Ltd

• LTTS Ltd

• MphasiS Ltd

Cash Segment

• CRISIL Ltd.

Thursday, October 17, 2024

Derivative Segment

• Havells India Ltd

• Infosys Ltd

• Nestle India Ltd

• Polycab India Ltd

• Wipro Ltd

• Axis Bank Ltd

• LTIMindtree Ltd

• Tata Communications Ltd

Cash Segment

• Ceat Ltd.

Friday, October 18, 2024

Derivative Segment

• ICICI Lombard Ltd

• L&T Finance Ltd

Cash Segment

• Aether Industries Ltd.

Saturday, October 19, 2024

Derivative Segment

• HDFC Bank Ltd

• Tech Mahindra Ltd

• Dalmia Bharat Ltd

• Kotak Mahindra Bank Ltd

Cash Segment

Nil

Monday, October 21, 2024

Derivative Segment

• UltraTech Cement Ltd

Cash Segment

• Jana Small Finance Bank Ltd.

• Maharashtra Scooters Ltd.

Tuesday, October 22, 2024

Derivative Segment

• Bajaj Finance Ltd

• Coforge Ltd

• M&M Financial Ltd

• Max Financial Services Ltd

• Persistent Systems Ltd

Cash Segment

• Zensar Technologies Ltd.

Wednesday, October 23, 2024

Derivative Segment

• Asian Paints Ltd

• Bajaj Finserv Ltd

• Navin Fluorine Ltd

• Pidilite Industries Ltd

• Syngene International Ltd

• Godrej Properties Ltd

• United Spirits Ltd

Cash Segment

• Bajaj Holdings & Investment Ltd.

• KPIT Technologies Ltd.

• Nuvoco Vistas Corporation Ltd.

Thursday, October 24, 2024

Derivative Segment

• United Breweries Ltd

• ITC Ltd

Cash Segment

• Bikaji Foods Ltd.

• Castrol India Ltd.

• CIE Automotive India Ltd.

• CSB Bank Ltd.

• Cyient Ltd.

• Nippon AMC Ltd.

Friday, October 25, 2024

Derivative Segment

• Atul Ltd

• Cholamandalam Inv Ltd

• JSW Steel Ltd

• Bharat Electronics Ltd

Cash Segment

• JM Financial Ltd.

• Mahindra Holidays Ltd.

• Mahindra Lifespace Ltd.

• Poonawalla Fincorp Ltd.

• UTI AMC Ltd.

Saturday, October 26, 2024

Derivative Segment

• ICICI Bank Ltd

• IDFC First Bank Ltd

• JK Cement Ltd

Cash Segment

• Yes Bank Ltd.

Monday, October 28, 2024

Derivative Segment

• Sun Pharmaceutical Ltd

Cash Segment

• CAMSLtd.

• Gillette India Ltd.

• Lakshmi Machine Ltd.

Tuesday, October 29, 2024

Derivative Segment

• Cipla Ltd

• Marico Ltd

• Container Corp Ltd

Cash Segment

• Honeywell Auto Ltd.

Wednesday, October 30, 2024

Derivative Segment

• Biocon Ltd

• Dabur India Ltd

• Tata Power Ltd

Cash Segment

• P&G Hygiene Ltd.

• TTK Prestige Ltd.

Monday, November 4, 2024

Derivative Segment

• ABB India Ltd

• Exide Industries Ltd

Cash Segment

• Amara Raja Ltd.

• Procter & Gamble Health Ltd.

Tuesday, November 5, 2024

Derivative Segment

• Berger Paints (I) Ltd

• Dr. Reddy’s Ltd

Cash Segment

Nil

Wednesday, November 6, 2024

Derivative Segment

• Gujarat Gas Ltd

Cash Segment

• Blue Star Ltd.

• Endurance Technologies Ltd.

• Kansai Nerolac Paints Ltd.

Thursday, November 7, 2024

Derivative Segment

• Cummins India Ltd

Cash Segment

• Indigo Paints Ltd.

Friday, November 8, 2024

Derivative Segment

• Tata Motors Ltd

Cash Segment

• Esab India Ltd.

• Latent View Analytics Ltd.

Monday, November 11, 2024

Derivative Segment

• Hindalco Industries Ltd

• SHREE CEMENT Ltd

Cash Segment

Nil

Tuesday, November 12, 2024

Derivative Segment

• Bosch Ltd

Cash Segment

• BASF India Ltd.

• Suven Pharmaceuticals Ltd.

Crude oil futures traded higher on Thursday morning as fears continued over a possible attack by Israel on Iran’s oil facilities. At 9.21 am on Thursday, December Brent oil futures were at $77.19, up by 0.80 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $73.83, up by 0.81 per cent. October crude oil futures were trading at ₹6205 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹6119, up by 1.41 per cent, and November futures were trading at ₹6169 against the previous close of ₹6084, up by 1.40 per cent.

GS on HDFC Life: Maintain Buy on Company, target price at Rs 820/Sh (Positive)

GS on SBI Life: Maintain Buy on Company, target price at Rs 2000/Sh (Positive)

Bernstein on PB Fintech: Maintain Outperform on Company, target price at Rs 1720/Sh (Positive)

HSBC on VBL: Maintain Buy on Company, raise target price at Rs 780/Sh (Positive)

GS on Godrej CP: Maintain Buy on Company, target price at Rs 1525/Sh (Positive)

Jefferies on GMR Airports: Maintain Buy on Company, target price at Rs 106/Sh (Positive)

UBS on 360 One: Initiate Buy on Company, target price at Rs 1250/Sh (Positive)

Equirus on Mas Fin: Initiate Buy on Company, target price at Rs 401/Sh (Positive)

MOSL on Oil Ind: Maintain Buy on Company, target price at Rs 720/Sh (Positive)

GS on India Insurance: Turn more constructive on the life insurance space; See improvements in the operating environment (Positive)

Nomura on RBI Policy: Technically, a December cut is not a done deal; expect 100 bps of cumulative cuts in the cycle to 5.50% (Positive)

Citi on RBI Policy: Have marginally adjusted baseline view of 1st rate cut being in February rather than April. Acknowledge that there are risks of a delayed rate cut (Neutral)

JP Morgan on RBI Policy: RBI changed stance to neutral which supports our broader call for the central bank to start easing in December (Neutral)

Axis on Tata Tech: Initiate Reduce on Company, target price at Rs 950/Sh (Neutral)

* BIRLASOFT

* BANDHANBANK

* GNFC

* GRANULES

* HINDCOPPER

* IDFCFIRST

* MANAPPURAM

* PNB

* RBLBANK

* SAIL

* TATACHEM

1. Tata Consultancy Services 

2. IREDA

3. Tata Elxsi 

4. Anand Rathi Wealth 

5. Arkade Developers (1QFY25)

6. Den Networks 

7. GM Breweries

Hercules Hoists Limited (Demerged Company)

Indef Manufacturing Limited (Resulting Company)

Symbol: HERCULES

Stock Price: 635.75

Last cum date: 10 Oct 2024 (Today)

Record date: 11 Oct 2024\u0009

Ratio : 1:1 (For every 1 shares held in Hercules Hoists Limited, the shareholders will receive 1 shares in Indef Manufacturing Limited)

PNC Infratech: Company declared L1 bidder for project worth Rs 20.91 billion

GR Infra: Company has received Letter of Acceptance from Maharashtra Metro Rail Corporation Limited for project of Rs 903 crore 

Sonata Software: Company and Inube announce strategic partnership to deliver cutting-edge digital platform and bolster go-to-market for us and UK insurers 

JSW Energy: ICRA has upgraded credit ratings for four subsidiaries of JSW Energy’s Mytrah Vayu group to ICRA A+/Stable from ICRA A/Stable. 

Akums Drugs: Company launches famotidine, calcium carbonate, magnesium hydroxide in India

Kanoria Chemicals: Company says closure order for Ankleshwar plant has been revoked 

Orissa Minerals Development: Company received a consent to establish for Belkundi iron & manganese ore mine

Hitachi Energy: Company to Invest Rs 2,000 Cr Over 4-5 Years Hitachi Energy completes 75 years in India.

Nimbus Projects: Company executed joint development agreement with Sunworld residency, Company gets rights to project with estimated sales revenue of Rs 14 billion.

Chatha Foods: Company has entered into a joint venture agreement with Frigorifico Allana Private Limited to establish a company for manufacturing and selling ready-to-cook 

Easy Trip Planners: Board meet on October 14 to issue free shares. 

Infosys: Company and Microsoft Expand partnership for generative AI

Rain Ind: Northern Graphite Corporation and RAIN Carbon Inc have signed a Joint Development Agreement to collaboratively develop and commercialise advanced battery anode materials 

Zee Ent: Independent Investigation Committee constituted by company submits report to board, finds no material irregularities. 

Craftsman Automation: Auto component maker said it has acquired a 100% stake in Sunbeam Lightweighting Solutions Private Ltd for ₹376 crore 

Britannia: Company and BEL group deepen strategic partnership to announce local cheese manufacturing in India, producing Britannia the laughing cow, and empowering local milk farmers, cheese plant witnessed investment of Rs 2.20 billion rupees from JV. 

RCF: Company has accorded its approval for placement of purchase order on L&T for setting up of 1200 MTPD complex fertilizer plant on Lstk basis at RCF 

Patanjali Foods: Company says arbitration tribunal passed award in arbitration with Ashav advisory, Award directs Patanjali Ayurved, others to provide AAL with 18.7 million shares of Company

JSW Infrastructure: Company announced the appointment of Rinkesh Roy as Joint Managing Director & CEO, effective November 8, 2024. 

Indian Railway Finance Corp: Government names Manoj Kumar Dubey as chairman, MD, and CEO. 

GTPL Hathway: Net Profit at Rs 12.7 cr vs Rs 34.2 cr, Revenue at Rs 855.6 cr vs Rs 779.2 cr. (YoY) 

OLA Electric: Ministry of heavy industries asks automobile testing agency ARAI to look into complaints against Ola Electric.

Adani Enterprises: Issue size of the QIP is at ₹4,200 cr. Indicative price at ₹2,962/sh:

Vedanta: Company cancels fourth interim dividend board meet for second day in a row.

Jindal Steel: Jindal Power in May agreed to partner with PDVSA in the Petrocedeno venture located in the oil-rich Orinoco Belt.

Bharti Airtel: Company’s AI system identifies potential spam calls and spam SMS with an accuracy of about 97%.

NBCC: Company secures Rs 50 crore contract from Sports and Youth Service Department of Odisha government for construction of integrated sports complex. 

IRB Infra: Moodys affirms IRB Infra’s Ba1 rating: Bloomberg. 

Cantabil: NSE issued a warning letter to the company for disclosing the research report owing to its non-compliance with listing norms 

JM FIn: CCI approved restructuring of 2 entities with company. 

Star Health: Massive Data Leak: Star Health policyholder data leaked by anonymous hackers.

CLSA has removed HCL Tech and Infosys from the CLSA India portfolio and added Tata Consultancy and Jindal Steel & Power. 

This makes CLSA underweight on IT and overweight on materials even as CLSA continue to like financials and energy.

Rajnish Retail Ltd

Stock Split From Rs.5/- to Rs.1/-

Previous day Closing Price – Rs. 62

Ex-Split 11 Oct 2024 (Tomorrow)

Last date for Cum-Split Today

Ex-Dividend 11 Oct 2024 (Tomorrow)

Last date for Cum-Dividend Today

Blue Cloud Softech Solutions Ltd

Dividend Per Share Rs.0.02

Previous day Closing Price – Rs. 164

Coforge Ltd

Dividend Per Share Rs.19

Previous day Closing Price – Rs. 7377

All efforts will be taken to stop any move to privatise Visakhapatnam Steel Plant (VSP), Andhra Pradesh Chief Minister N Chandrababu Naidu said on Wednesday. Speaking to newspersons after his return from a two-day trip from New Delhi here on Wednesday, Naidu said there should be a search for alternatives for tiding over the losses of the plant. The previous YSR Congress Party Government in the state led by Y S Jagan Mohan Reddy never opposed the proposal to privatise VSP during 2019-24 and now had `no moral right’ to criticise the NDA Government in the State on the issue, he added. 

ARKADE, DEN, GMBREW, IREDA, TATAELXSI, TCS

TATAELXSI 

* Revenue expected at Rs 955 crore versus Rs 926 crore

* EBIT expected to be seen at Rs 252 crore versus Rs 225 crore

* EBIT margin expected to be seen at 26.38% versus 24.30% 

* Net profit expected to be seen at Rs 207 crore versus Rs 184 crore

TCS 

* Revenue expected at Rs 64122 crore versus Rs 62613 crore

* EBIT expected to be seen at Rs 15142 crore versus Rs 15442 crore

* EBIT margin expected to be seen at 23.61% versus 24.66% 

* Net profit expected to be seen at Rs 12484 crore versus Rs 12040 crore

Q2FY25 EARNING CALENDAR 11.10.2024

HATHWAY, JUSTDIAL, RIIL

Aviation market in India is booming

Demand is a lot more...only 5% used aviation services

Can double the aircraft number by repairing it fast

We have slots and parking rights also

It is all about the addition of aircraft and gain mkt share quickly

We r working on ontime performance and improving our service day by day..

All our dues will be cleaned up related to employees costs

600 cr statutory dues were pending which vl be cleared to zero

Settlement of lessor dues..of 2200cr...giving 1200cr in cash and Spicejet equity @100 per share to Carlyle fund 

1000cr Bank loan is there under Government scheme...we will repay it through regular cash flow

We are networth positive now after all these dues r cleared

400cr for raising the fleet...and more 400cr on buying new Airplanes...rest for reserves and liquidity

No Personal liability on the promoter side

We will have 105 aircraft by 2027 as of now 28 aircraft are flying

We r paying the cost of 90 aircrafts facility but using 28 aircrafts

Profitability number will improve and surprise in future

800cr are allocated for expansion of fleets

Boeing contract is fabulous but there is production issue because of strikes in Boeing but not accounted any number from them

Each plane makes 12mn$ for us..1.5bn$ can b potential operating profit at 2027

We will try to fill the gap between Indigo and Spicejet

Working on profit and to create shareholders value

It was misfortune that Boieng’s new planes didn’t work out...but now not dependent on them

Priority is to increase planes asap and start activating on ground planes

By March 2025 more 18 and more 10 planes by Dec...also more planes on wet lease..

Listing of Cargo airlines will be done .. current valuations are higher than Spicejet as parent

We will get planes from secondary mkt

New planes are more fuel efficient than older planes

Most challenging is arranging capacity

Govt wants other players in mkt and help Spicejet a lot

We have prepaid the principal amount to Marans...now there is issue of interest pending...which is under court ..may take 8 -9 year to resolves

Core ARR Revenue and AUM to grow faster vs. overall business; TBR a plus

360 One WAM (360 ONE) has a dominant position (8-10% market share) in India’s professionally managed HNWI/UHNWI wealth management market. We expect growth in the company’s wealth segment to be driven by advisory followed by distribution and lending activities. We expect its wealth recurring AUM to see a 23% CAGR over the next 3 years (FY24-27E) vs. a 20% CAGR for asset management AUM and a 16% CAGR for overall AUM. We expect an annual recurring revenue (ARR) CAGR of 21% vs. 15-16% overall revenue CAGR over the next 3 years, with transaction-based revenue (TBR) run-rate to remain Rs5.0-5.5bn. With increasing penetration of mutual funds, strong growth in the portfolio management services (PMS) and alternative investment funds (AIF) segments (preferred tools of HNWI investors), direct investment in equities and growth in unlisted equities, we expect to see a structural re-rating of non-lending stocks in India. Although the stock recently re-rated, we see room for further upside and initiate at Buy.

Valuation: DDM-based price target of Rs1,250.00 implies 42x Dec-2025E P/E

Our PT is based on DDM (10-year growth rate of 15%; FY26E DPS of Rs22) (see Fig. 26). Though the stock has re-rated (trading 45% above five-year average P/E), we believe the market is still underappreciating its medium-term EPS growth potential (15.6% CAGR over FY24-29E vs. 12.4% implied growth at current valuations), despite our estimates being below consensus, leaving room for a potential further re-rating, in our view.

09 October 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 107912.12 + 6908 Total: 114820.12

F&O Volume: 477586.29 + 499392.43 Total: 976978.72

Provisional Cash

FII/FPI: NET SELL: -4562.71 

(11726.26 - 16288.97) 

DII: NET BUY: +3508.61 

(14841.81 - 11333.2)

In a major boost to investments in Andhra Pradesh, Tata Consultancy Services (TCS) will establish a facility in Visakhapatnam to house 10,000 professionals. A decision in this regard was finalised during the discussions Nara Lokesh, Minister for IT, Communications & HRD, Government of Andhra Pradesh, had with the top management team of the Tata Group in Mumbai on Tuesday and was announced on Wednesday.

Infosys has announced it has expanded its collaboration with Microsoft to help accelerate customer adoption of GenAI and Microsoft Azure, globally. The company said this strategic collaboration is aimed at helping Infosys and Microsoft’s joint customers realize the value of their technology investments and secure transformative outcomes.

Yields of Government Securities (G-Secs) thawed on Wednesday as the monetary policy committee (MPC) changed the policy stance to “neutral” from “withdrawal of accommodation” and FTSE Russell said it will include these securities in its Emerging Markets Government Bond Index (EMGBI).Yield of the benchmark 10-year G-Sec (coupon rate: 7.10 per cent) softened 4 basis points to close at 6.77 per cent from previous close of 6.81 per cent. Price of this bond rose about 26 paise.

Britannia Bel Foods, a key player in India’s cheese market, has taken a significant step in its growth journey by announcing the inauguration of its new cheese factory in Ranjangaon, Maharashtra.

This facility will locally produce “Britannia The Laughing Cow” cheese products, deepening the joint venture between Britannia and France’s Bel Group, which began nearly two years ago. The plant represents a investment of approximately ₹220 crores and aims to produce 10,000 tons of high-quality cheese annually to meet the increasing demand from Indian consumers.

An Independent Investigation Committee (IIC) constituted by the Board of Directors of ZEE Entertainment Enterprises Ltd (ZEE), has found no irregularities in the functioning of the company.

“The Committee also noted that the transactions (under investigation) did not adversely affect the Company or its shareholders. The mentioned transactions were found to be a part of normal course of business, and no material irregularities were reported within the same,” said a press release. 

In the order released on August 14 2023, SEBI confirmed that Goenka along with his father Subhash Chandra will not be allowed to hold the position of a Director or a KMP in ZEEL or any of its subsidiaries, while the market regulator completes its investigation on the matter. The order by the capital markets regulator came on the back of an investigation into allegations related to the appropriation of certain fixed deposits of Zee by Yes Bank for squaring off loans of related entities of Essel Group

‘ Listen to your employees. Listen to your customers Shut... the ef up. And do what they tell you.’

This was the mantra adopted by the maverick CEO of T-Mobile USA - John Legere, in delivering one of the most remarkable transformations of a company in corporate history. When he took the reigns of T-Mobile USA in 2012/13 it was a weak fourth player in USA with around 34 million wireless subscribers in an industry dominated by two giants – AT&T and Verizon with 78 and 98 million wireless subscribers respectively. The third player Sprint Nextel too had a wide lead over T-Mobile USA with 55 million subscribers. Read more

True to predictions, a low-pressure area has formed over Lakshadweep and adjoining south-east and east-central Arabian Sea, India Meteorological Department (IMD) said on Wednesday afternoon. It is likely to move north-west into the open waters and intensify into a depression over central Arabian Sea during next three to four days. Read more

With the inflation closer to the 4 per cent target and growth sustaining its momentum, the RBI’s rate setting panel voted unanimously to change the monetary policy stance from “withdrawal of accommodation” to “neutral”, a move that was widely expected.

This action could be a precursor to a rate cut as early as in the December 2024 bi-monthly monetary policy review.

However, the six-member monetary policy committee (MPC), which has three new external members, chose by a majority of 5 out of 6 members to hold the policy repo rate steady at 6.50 per cent as the pace of disinflation has been slow and uneven. Only the newly appointed Nagesh Kumar voted to reduce the policy repo rate by 25 basis points.

Taiwan @ Market Holiday

18.00 U.S. CPI m/m (Expected: 0.1% versus Previous: 0.2%)

18.00 U.S. Unemployment Claims (Expected: 231K versus Previous: 225K)

18.45 U.S. FOMC Member Cook Speaks

20.00 U.S. FOMC Member Barkin Speaks

20.30 U.S. FOMC Member Williams Speaks

Delta Air Lines, Inc. (Pre market) (Sector- Aviation)

Domino’s Pizza Inc (Pre market) (Sector- Hotel & Restaurant)

Neogen Corporation (Pre market) (Sector- Healthcare)

Ratan Naval Tata, the Chairman Emeritus of Tata Sons and one of India’s most revered industrialists, passed away on Wednesday night at a hospital in Mumbai. He was 86.

KPR Mill’s stock hit a record high of ₹1,053.50 a couple of weeks ago. However, it started to fall in the following sessions and hit a low of ₹902.1 early this week. Notably, the stock has now bounced off the 20-day moving average. Also, in the daily chart, the price action shows that KPR Mill continues to form higher lows and higher highs. Read more