Stock Market Live Updates 13 November 2024: Sensex, Nifty extend losses amid inflation concerns

Sensex trades at 78,136.37, lower by 538.81 pts or 0.68% as at 1.53 pm, after hitting the day’s low at 77,959.76

Borosil has recorded its standalone net profit for the quarter ended September 2024 at ₹18.31 crore as against ₹18.53 crore in the corresponding quarter last year.

Shares trade at ₹458 on the NSE, lower by 3.97%

Arvindar Singh Sahney will be the new chairman of Indian Oil Corporation, the nation’s largest oil firm, according to an order issued by the petroleum ministry on Wednesday.

Track live action on Swiggy

Tata Power stock traded at ₹403.95 on the NSE, down by 2.46%. Life Insurance Corporation (LIC) on Tuesday said it has sold more than 2.02 per cent stake in Tata Power Company for about ₹2,888 crore and reduced its holding in the company to 3.88 per cent.

Tata Chemicals Europe (TCEL), wholly-owned subsidiary of Tata Chemicals, is planning an investment of 60 million Euro (Rs ₹655 crore) to build a 1,80,000 tonnes per annum pharmaceutical grade sodium bicarbonate plant in Northwich in the UK.

Tata Chemicals shares traded at ₹1,050.55 on the NSE, down by 2.03%.

YES SECURITIES, a leading financial services firm, is thrilled to announce the launch of The Wize Whispers Quiz, an interactive online quiz designed to reinforce financial literacy among children. This quiz marks the celebration of the first anniversary of The Wize Whispers, a monthly comic book series that simplifies complex financial concepts for young minds.

YES SECURITIES, through the adventures of Mr. Turt, the wise and knowledgeable turtle, The Wize Whispers has captivated young readers with its engaging stories and insightful explanations. Children have learned about a wide range of financial topics, including compounding, inflation, stocks, bonds, mutual funds, derivatives, banking, loans, and more.

The Sandur Manganese & Iron Ores Limited concludes strategic business acquisition of Arjas Steel Private Limited, a key milestone in its transition to an integrated metals & mining company

Gaurav Garg, Research Analyst at Lemonn Markets Desk

Swiggy debuted at ₹420, marking a listing gain of 7.6%, which outpaced its grey market premium (GMP) estimate of just 0.26%. Retail investors showed modest interest, subscribing only 1.14 times, indicating low confidence. Current market conditions have kept many investors on the sidelines, especially as numerous high-quality companies remain 15-20% below their all-time highs.

However, for those with a higher risk appetite, Swiggy could be an opportunity to capitalize on the valuation gap between Zomato and Swiggy, with potential gains hinging on Swiggy’s ability to enhance operational efficiency over time.

Mumbai, 13th November 2024: Monarch Networth Capital Ltd., an integrated financial services firm listed on both stock exchanges, has delivered impressive financial results for Q2FY25 and H1FY25, showcasing its continued commitment to shareholders and its robust growth trajectory. In Q2 of FY25, Monarch reflected continued commitment to shareholders, evident in their enhanced performance. The company reported a total income of Rs. 104.26 crores, up 33.3% YoY. Profit After Tax (PAT) for the quarter reached Rs 44 crore, reflecting a healthy growth of 18.8% YoY. This growth is a direct result of MNCL’s strong operational focus and strategic execution across its business verticals. The company also reported Earnings Per Share (EPS) of Rs 6.13, up from Rs 5.47 in Q2FY24.

Swiggy (NSE: SWIGGY), India’s pioneering on-demand convenience platform backed by Prosus, has today listed on the National and Bombay Stock Exchanges of India (NSE and BSE), valuing the company at US$11.3 billion. Prosus sold shares worth more than US$500 million as part of the IPO.

Prosus has been a cornerstone investor in Swiggy since 2017. Following the IPO, Prosus holds a c25%1 stake and maintains its two seats on the Board.

Fabricio Bloisi, CEO of Prosus, said: “Everyone at Prosus extends huge congratulations to the Swiggy team on today’s IPO. We have supported the management team since our first investment in 2017 and have seen the company flourish in the post-pandemic era. It has diversified into new areas, expanded into new cities, and built an iconic consumer brand – placing Swiggy on a strong trajectory as a public company. Our investment in Swiggy highlights our commitment to building transformational companies and delivering returns for our shareholders by actively managing our portfolio.

“India remains a key growth market for Prosus given the country’s impressive digital transformation in the consumer and enterprise sectors. We are excited about the region and see huge opportunity for value creation including a strong IPO pipeline within our current portfolio.”

IndiGrid (India Grid Trust), India’s first and largest listed power sector InvIT announces its partnership to form a new platform, EnerGrid with British International Investment (BII) and the Norwegian Climate Investment Fund, managed by Norfund. The platform will focus on bidding and developing greenfield transmission and standalone Battery Energy Storage System (BESS) projects in India.

With the EnerGrid platform, IndiGrid, BII and Norfund, alongside KLP through KNI India AS, have committed approximately USD 300 million, with each partner contributing around USD 100 million. This capital will enable EnerGrid to target projects worth approximately USD 1.2 billion over the next few years. Post commencement of commercial operations, these projects will be fully acquired by IndiGrid at a pre-agreed enterprise value.

Equity benchmarks extended their losing streak to the fifth straight session on Wednesday, with the Sensex falling 494.03 points to 78,181.15 and the Nifty declining 180.75 points to 23,702.70 by mid-day trading. The market sentiment remained bearish following higher-than-expected domestic inflation data and weak global cues.

The broader market witnessed stronger selling pressure, with the Nifty Midcap Select index dropping 1.51 per cent to 12,146.65. Market breadth was significantly negative, with 3,162 stocks declining against 701 advances on the BSE. Circuit filters were triggered for 634 stocks, with 440 hitting the lower circuit and 194 touching the upper circuit limits.

NTPC Green Energy’s IPO will be open from November 19 to 22, with the company targeting a capacity of 45 GW by 2030, according to CEO Rajiv Gupta. The company plans to add 3 GW this year and 5 GW next year to reach this goal. 

1. Marine Electricals: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 34% YoY from INR 137 Cr in Sep-23 to INR 184 Cr in Sep-24. Similarly, Net Profit up 2.6x from INR 5 Cr to INR 13 Cr. On a QoQ basis, Sales up 33% and Net Profit up 86%.

2. Indo Tech Transformers: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 52% YoY from INR 95.81 Cr in Sep-23 to INR 146 Cr in Sep-24. Similarly, Net Profit up 2.5x from INR 7.07 Cr to INR 17.7 Cr. On a QoQ basis, Sales up 78% and Net Profit up 3x.

3. HPL Electric: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 21% YoY from INR 350 Cr in Sep-23 to INR 422 Cr in Sep-24. Similarly, Net Profit up 2x from INR 11 Cr to INR 22 Cr. On a QoQ basis, Sales up 7% and Net Profit up 29%.

4. Integra Engineering: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 19% YoY from INR 34.77 Cr in Sep-23 to INR 41.49 Cr in Sep-24. Similarly, Net Profit up 53% from INR 3.46 Cr to INR 5.31 Cr. On a QoQ basis, Sales up 17% and Net Profit up 81%.

5. Madhusudan Masala: GOOD TO EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 84% YoY from INR 54 Cr in Sep-23 to INR 99.6 Cr in Sep-24. Similarly, Net Profit up 2.2x from INR 3 Cr to INR 6.5 Cr. On a HoH basis, Sales down 8% and Net Profit up 8%.

6. Alpex Solar: EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 24% YoY from INR 213 Cr in Sep-23 to INR 265 Cr in Sep-24. Similarly, Net Profit up 3.1x from INR 8 Cr to INR 25 Cr. On a HoH basis, Sales up 33% and Net Profit up 32%.

7. Orient Tech: EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 50% YoY from INR 149 Cr in Sep-23 to INR 223 Cr in Sep-24. Similarly, Net Profit up 67% from INR 9 Cr to INR 15 Cr. On a QoQ basis, Sales up 50% and Net Profit up 67%.

Swiggy

Swiggy, the leading food delivery and e-commerce platform in India, made a decent debut on the stock market, listing at around Rs 420, a 7.6% premium over its issue price of Rs 390. This performance is better than expected, considering the moderate subscription of 3.59 times and the initial muted investor response reflected in the low grey market premium.

The listing reflects a degree of optimism about Swiggy’s long-term growth prospects, driven by its strong brand recognition, extensive network, and dominant position in the food delivery market. However, the company’s continued losses and the challenging market conditions may temper investor enthusiasm in the long term.

Investors should approach Swiggy with a balanced perspective, considering the potential for future growth and the associated risks. Those who are holding it may keep a stop at around the issue price.

Acme Clean Energy

Acme Clean Energy Limited made a disappointing debut on the stock market, listing at Rs. 251 per share, a 13% discount to its issue price of Rs. 289. This negative listing, despite a moderate subscription of 2.89 times, indicates a subdued investor response.

While the company operates in the promising renewable energy sector and has demonstrated strong growth and improved profitability, the high debt-to-equity ratio and the overall market sentiment might have influenced the negative listing.

Investors who participated in the IPO should carefully consider their investment strategy and may want to reassess their holding based on the company’s future performance and market dynamics

Top gainers on the NSE as at 12.13 pm:

NTPC (1.28%), Trent (0.42%), Tata Motors (0.34%), Bharti Airtel (0.33%), Britannia (0.25%)

Top losers:

Hindalco (-3.74%), Eicher Motors (-3.63%), Tata Steel (-3.32%), M&M (-3.23%), Hero Motocorp (-3.07%)

A fire occurred at IndianOil’s Mathura Refinery (on Nov 12 ) during the start-up of the Crude Distillation Unit following a planned maintenance shutdown.

Indian Oil Corporation stock traded at ₹136.28 on the NSE, lower by 1.81%

Track live update

Stocks advanced on BSE at 12.11 pm on November 13, 2024, were 691 against 3,128 stocks that declined, and 122 remained unchanged. Total stocks traded were 3,941. The number of stocks that recorded a 52-week high was 136, and those that hit a 52-week low was 132. A total of 181 stocks traded in the upper circuit, and 415 in the lower circuit.

The Reserve Bank of India (RBI) on Wednesday said State Bank of India (SBI), HDFC Bank and ICICI Bank will continue to be identified as Domestic Systemically Important Banks (D-SIBs). The D-SIB designated banks have to maintain additional Common Equity Tier 1 (CET1) in addition to the capital conservation buffer. The central bank has prescribed additional CET 1 requirement of 0.80 per cent for SBI, 0.40 per cent for HDFC Bank, and 0.20 per cent for ICICI Bank, as a percentage of their Risk Weighted Assets (RWAs).

Nykaa shares declined 1.73% on the NSE to ₹174.73. Company reported a 66 per cent rise in net profit in Q2 to ₹13 crore, and revenue rose 24 per cent to ₹1874.7 crore.

Transformers and Rectifiers (India) Limited has decided to invest in Posco Poggenamp Electrical Steel Private Limited by acquiring a controlling stake.

Shares trade at its lower circuit on the NSE at ₹890.05

NTPC Green Energy has set the price band for its forthcoming IPO at Rs 102-108 a share. Bids can be made for a minimum of 138 shares

BSE shares traded at ₹4,574.85 on the NSE, lower by 2.21%. It reported that its net profit nearly tripled in September quarter to ₹346 crore as against ₹118 crore logged in the same period last year.

Bank Nifty opened today’s session lower at 51,031 versus yesterday’s close of 51,158. The banking index is now at 50,780, down 0.7 per cent.

Notably, all 12 stocks in the index are in the red, indicating strong selling pressure. AU Small Finance Bank and IDFC First Bank, down 2 and 1.6 per cent, are the top losers.

Nifty 50 is under pressure. The index has declined below the key support level of 23,800. It is now trading at 23,709, down 0.72 per cent. The advances/declines ratio is at 6:44. This is clearly bearish.

STERLITE TECH: CO WINS LARGE ORDER OF RUPEES 2600 CR BHARATNET PROJECT IN JAMMU & KASHMIR (SUPPORTIVE FOR STOCK PRICES)

Very negative for: 

JSW STEEL

JINDAL STEEL

TATA STEEL

SAIL

NMDC

Jefferies on Samvardhana Motherson

Buy, TP Rs 215

2Q EBITDA rose 34% YoY, but fell 12% QoQ & 14% below consensus; EBITDA margins slipped 30-120bp QoQ across mirror, wiring harness & polymer divisions

SAMIL expect margins to improve in 2H with cost pass through to customers

MS on Samvardhana Motherson

OW, TP Rs 193

F2Q25 EBITDA was 13% below MSe

Leverage gains on seasonal uptick in auto volumes, stronger balance sheet and ramp-up of non-auto business keep us OW.

CLSA on Samvardhana Motherson

Upgrade to O-P, TP raised Rs 190

Ebitda of Rs24.5bn (+30% YoY), 11.3% below est. led by a 106bps Ebitda margin disappointment.

Revenue grew 18.5% YoY, strong across the verticals, though Ebitda margin declined QoQ in module & wiring harness division

CITI on Samvardhana Motherson

Sell, TP Rs 125

Q2 below est. 

Mgmt noted global auto demand was further impacted by macro challenges, geopolitical uncertainties in certain geographies & product-mix changes

Mgmt expects a demand-recovery in 2H, driving rev growth & margin expansion

Macquarie on REC: Initiate Buy on Company, target price at Rs 660/Sh (Positive)

Macquarie on PFC: Initiate Buy on Company, target price at Rs 630/Sh (Positive)

Macquarie on Power Grid: Initiate Buy on Company, target price at Rs 380/Sh (Positive)

Macquarie on NTPC: Initiate Buy on Company, target price at Rs 475/Sh (Positive)

Nuvama on CESC: Maintain Hold on Company, target price at Rs 190/Sh (Positive)

Citi on Ramco Cem: Upgrade to Buy on Company, raise target price at Rs 1050/Sh (Positive)

GS on Uno Minda: Maintain Buy on Company, target price at Rs 1350/Sh (Positive)

Citi on VBL: Maintain Buy on Company, raise target price at Rs 800/Sh (Positive)

CLSA on Reliance Ind: Maintain Outperform on Company, target price at Rs 1650/Sh (Neutral)

Jefferies on Zydus Life: Maintain Buy on Company, cut target price at Rs 1380/Sh (Neutral)

Macquarie on Zomato: Maintain Underperform on Company, raise target price at Rs 130/Sh (Neutral)

Macquarie on Swiggy: Initiate Underperform on Company, target price at Rs 325/Sh (Neutral)

JPMorgan on Auto Sales: Festive retail strength may moderate; October retail in PVs was driven by higher discounts, which remain elevated vs. 2023. (Neutral)

BofA on Inflation: Perishables led spike to rule out December MPC cut (Neutral)

Nomura on Inflation: Push out expectation of the first rate cut to February 2025 from December 2024 (Negative) 

UBS on Inflation: October CPI inflation accelerates to above 6% on high food prices (Negative) 

Macquarie on Britannia: Downgrade to Underperform on Company, target price at Rs 4800/Sh (Negative)

- India should leverage China+1 Strategy to significantly boost India’s mfg sector, create millions of jobs

- PLI schemes can attract over $520 bn in investment, and generate more than 6mn jobs by 2025

- A regulation is required to boost export opportunities for Indian Firms

- India’s strategic location, improved infra, and streamlined laws strengthen its position in global supply chains

(Niveshaay is a smallcase manager, it manages a portfolio - Make In India)

KFin Technologies Limited has joined BlackRock’s Aladdin Provider community.

Shares of KFin traded at ₹989.05 on the NSE, down by 3.06%.

Shares of Indian food and grocery delivery firm Swiggy debuted 7.7 per cent higher in pre-open trade on Wednesday, after institutional investors led its $1.4 billion initial public offering to be oversubscribed by more than three times last week.

The stock listed at ₹420 on India’s National Stock Exchange, compared to its issue price of ₹390.

Bosch shares gained 1.13% on the NSE to trade at ₹33,653.15 as its revenue from operations increased to ₹4,394 crore in the second quarter as compared with ₹4,130 crore in the year-ago period.

Sterlite Technologies announced winning the significant Jammu & Kashmir leg of the BharatNet III project in consortium with Dilip Buildcon Limited. This project is valued at ₹2600 crore (₹1,625 crore in capex and ₹975 crore for operations & maintenance).

Sterlite Technologies stock trades flat at ₹118.85 on the NSE, and Dilip Buildcon stock trades lower by 4.26% at ₹474.

Allcargo Logistics recorded its standalone net profit for the quarter ended September 2024 at ₹36.99 crore as against ₹14.17 crore in the corresponding quarter last year. 

Shares traded at ₹53.42 on the NSE, lower by 1.51%.

Kalpataru Projects International Limited (KPIL), along with its Joint Ventures (JVs) and international subsidiaries have secured new orders/notification of awards of ₹2,273 Crore. 

Shares trade at ₹1,231.50 on the NSE, down by 0.82%.

Top gainers on the NSE as at 9.30 am:

IndusInd (0.73%), Bharti Airtel (0.65%), HDFC Bank (0.63%), SBI (0.51%), Titan (0.42%)

Top losers:

BEL (-2.12%), Hero Motocorp (-2.03%), M&M (-2.02%), Maruti (-1.46%), Tata Steel (-1.40%)

Crude oil futures traded higher on Wednesday morning due to near-term supply tightness. At 9.33 am on Wednesday, January Brent oil futures were at $72.09, up by 0.28 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $68.28, up by 0.23 per cent. November crude oil futures were trading at ₹5768 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5776, down by 0.14 per cent, and December futures were trading at ₹5774 against the previous close of ₹5783, down by 0.16 per cent.

India’s NTPC Green Energy has set a price band of 102 rupees to 108 rupees per share for its 100 billion rupees ($1.19 billion) initial public offering (IPO), a newspaper advertisement showed on Wednesday.

The renewable energy firm’s IPO will open for bids on November 19 and close on November 22. Large “anchor” investors will bid on November 18.

Track live update

Equity benchmarks opened in the red on Wednesday, extending losses for the fifth consecutive session, as concerns over domestic inflation and weak global cues weighed on investor sentiment.

The BSE Sensex fell 189.68 points or 0.24 per cent to 78,485.50, while the NSE Nifty declined 98 points or 0.41 per cent to 23,785.45 in early trade.

Macquarie analysts highlight India’s electric utilities and power lenders as prime beneficiaries in the ongoing energy transition. The sector enjoys tailwinds from the push for energy security and renewable adoption. With strong balance sheets, these companies are well-positioned to ramp up capital expenditures, accelerating growth potential.

Federal Bank has raised ₹1,500 crore via its maiden issue of 10-year infrastructure bonds on a private placement basis at a coupon rate of 7.76 per cent.

The bond issuance comprised a base issue of ₹750 crore and a greenshoe option of similar amount.

Ex-Dividend 14 Nov 2024 (Tomorrow) 

Last date for Cum-Dividend Today\ 

Aptus Value Housing Finance India Ltd\ 

Dividend Per Share Rs.2 

Previous day Closing Price – Rs. 327.3 

Amara Raja Energy & Mobility Ltd\ 

Dividend Per Share Rs.5.3 

Previous day Closing Price – Rs. 1268.8

Astral Ltd 

Dividend Per Share Rs.1.5 

Previous day Closing Price – Rs. 1743.8 

Container Corporation Of India Ltd. 

Dividend Per Share Rs.3.25 

Previous day Closing Price – Rs. 809.1 

Indian Metals & Ferro Alloys Ltd. 

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 760.25 

Indian Railway Catering And Tourism Corporation Ltd

Dividend Per Share Rs.4 

Previous day Closing Price – Rs. 811.15 

K.P. Energy Ltd 

Dividend Per Share Rs.0.2 

Previous day Closing Price – Rs. 536.9 

KP Green Engineering Ltd 

Dividend Per Share Rs.0.2 

Previous day Closing Price – Rs. 582.7

KPI Green Energy Ltd 

Dividend Per Share Rs.0.2 

Previous day Closing Price – Rs. 779.55\ 

Oil India Ltd.

Dividend Per Share Rs.3 

Previous day Closing Price – Rs. 496.75 

Page Industries Ltd. 

Dividend Per Share Rs.250 

Previous day Closing Price – Rs. 47073.95\ 

Power Grid Corporation Of India Ltd. 

Dividend Per Share Rs.4.5 

Previous day Closing Price – Rs. 322.5 

Qgo Finance Ltd 

Dividend Per Share Rs.0.15 

Previous day Closing Price – Rs. 62.07 

RITES Ltd\u0009 

Dividend Per Share Rs.1.75 

Previous day Closing Price – Rs. 279.4

Nifty opened slightly higher and traded sideways in the first half. This was followed by selling pressure in the market, which pushed the index down resulting it to close with a loss of 210 points (-0.9%) at 23,931. The broader markets underperformed, with midcap and smallcap indices losing 1.1% and 1.3% respectively. Except realty and IT, all sectoral indices ended in the red with Auto and PSU banks being the top losers. A combination of global and domestic pressures continues to dampen investor sentiments. There are concerns over the US President-elect Donald Trump’s potential aggressive trade policies. This has led to strengthening of dollar and a fall of rupee to fresh low earlier today, which triggered fears of further foreign outflows. Persistent FII selling since late September along with softer-than-expected Q2 earnings are the major reasons behind the decline. Markets will be seen reacting to domestic CPI and Industrial production data to be announced later today while US CPI numbers will be out tomorrow. Investors will also look forward to the IPO listing of Swiggy and Acme Solar shares tomorrow. We expect markets to remain volatile with stock specific action on account of balance Q2 numbers to be announced this week. Key results tomorrow include Eicher Motors, Torrent Power, Kalyan Jewellers, PI Industries amongst others.

-- Deepak Jasani, Head of Retail Research at HDFC Securities sharing his views:

Wall Street’s three major indexes closed lower on Tuesday as investors booked some profits from a post-election rally and waited eagerly for U.S. inflation data due this week. Treasury yields soared and the dollar hit the highest level in two years ahead of a key inflation report. European shares lost 2% as European Central Bank policymakers warned that increased tariffs from Trump would hamper global growth.

The US consumer-price index is forecast to rise 0.2% in October based on a survey of economists polled by the Wall Street Journal. The CPI report comes out Wednesday morning.

India’s retail inflation rose to a 14-month high of 6.2 percent in October compared with 5.5 percent in the previous month, as food inflation galloped on the back of rising vegetable prices. The annual retail inflation was higher than the estimate of 5.81% in a Reuters poll of 45 economists. In September, inflation stood at 5.49%, which was a nine-month high. CPI breached RBI’s upper band target of 6 percent for the first time in over a year, raising fears that the Reserve Bank of India may hold rates for the eleventh consecutive time at its meeting in December.

India’s factory output, measured by the Index of Industrial Production (IIP), grew 3.1% YoY in September, as against (-)0.1% in August, mainly due to an uptick in manufacturing activity. On a sequential basis, the IIP grew 0.7% in September, marking the first month-on-month acceleration in activity since May.

Asian stocks fell to the lowest level in almost two months before US inflation data that may further cut confidence in the pace of Federal Reserve interest-rate cuts.

Nifty fell for the fourth consecutive session on Nov 12 and closed at the lowest in 4.5 months amidst dull buying interest which failed to offset the FPI sales. IT stocks are proving to be resilient in this down trending market. Nifty formed a long bear candle on Nov 12 and broke the near term supports in the fall seen over the last few days. It now seems headed to 23670. On bounces 24151 may be tough to breach in the near term. While Nifty has remained oversold for some time and it may be late for some profit booking, we may still see sell on rises in the near term.

Symbol: SWIGGY 

Series: Equity “B Group” 

BSE Code: 544285 

ISIN: INE00H001014 

Face Value: Rs 1/- 

Issued Price: Rs 390/- per share

The survey highlights growing popularity of passive funds among Millennials and Gen Z, with their contribution at 46-48%.

Passive funds’ combined AUM rose to over INR 11 trillion by September 2024, marking a 1.5x increase year-on-year.

Survey consists of over 3,300 mutual fund investors and highlights key trends about awareness, understanding and acceptance of passive funds in India.

* ABFRL

* AARTIIND

* GRANULES

* HINDCOPPER

* MANAPPURAM

Torrent Power: Company signs agreement with Spectrum Dyes and Anubha Industries for 9.9 MW renewable energy supply. (Positive)

Aurobindo Pharma: European medicines agency (EMA) grants good manufacturing practice (GMP) certificate of compliance to Curateq Biosimilars’ manufacturing facility in Hyderabad (Positive)

EMS: Company gets LoA in JV for the work valuing Rs 681.5 cr (74% Share) from Kolkata Municipal Corporation. (Positive)

UPL: UPL Corp and CAC Nantong announce strategic agreement for global commercialization of Cyproflanilide insecticide (Positive)

Ganesha Eco: Company announced capacity expansion of 45,000 tonnes p.a (Positive)

NTPC: NTPC Green IPO issue opens on November 19. (Positive)

Varun Beverages: Company outlined expansion plans with three major acquisition proposals aimed at bolstering its presence in Africa and enhancing its production capabilities in India. (Positive)

Entero Health: Company acquires 100% stake in Shree Enterprises (Positive)

Manappuram: Bain Capital looking to acquire controlling stake. Said to have shown interest to buy 11-12% stake from family and also infuse Rs 2000cr (Positive)

EIH: Net profit at Rs 132 cr vs Rs 94 cr, Revenue at Rs 588 cr vs Rs 530 cr (YoY) (Positive)

GSFC: Net profit at Rs 298 cr vs Rs 87 cr, Revenue at Rs 2635 cr vs Rs 2163 cr (YoY) (Positive)

Oriental Rail Infra: Net profit at Rs 10.4 cr vs Rs 7.7 cr, Revenue at Rs 186 cr vs Rs 114 cr (YoY) (Positive)

Medplus Health: Net profit at Rs 38.7 cr vs Rs 14.5 cr, Revenue at Rs 1576 cr vs Rs 1408.7 cr (YoY) (Positive)

Integra Eng: Net profit at Rs 5.3 cr vs Rs 2.9 cr, Revenue at Rs 41.4 cr vs Rs 34.8 cr (YoY) (Positive)

Nykaa: Net profit at Rs 10 cr vs Rs 6 cr, Revenue at Rs 1875 cr vs Rs 1507 cr (YoY) (Positive)

Kirloskar Oil: Net profit at Rs 125 cr vs Rs 78 cr, Revenue at Rs 1500 cr vs Rs 1305 cr (YoY) (Positive)

KNR Construction: Net profit at Rs 585 cr vs Rs 143 cr, Revenue at Rs 1945 cr vs Rs 1038 cr (YoY) (Positive)

Ceinsys Tech: Net profit at Rs 11.6 cr vs Rs 4.7 cr, Revenue at Rs 90.0 cr vs Rs 58.3 cr (YoY) (Positive)

EMS: Net profit up 9.5% at Rs 49.7 cr vs Rs 37.1 cr, Revenue up 11% at Rs 233.5 cr vs Rs 210.5 cr (YoY) (Positive)

Indo Amines: Net profit at Rs 16.1 cr vs Rs 12.9 cr, Revenue at Rs 268 cr vs Rs 226 cr (YoY) (Positive)

Indo Tech: Net profit at Rs 18 cr vs Rs 7 cr, Revenue at Rs 146 cr vs Rs 95 cr (YoY) (Positive)

Bombay Dyeing: Net profit at Rs 392 cr vs loss Rs 52 cr, Revenue at Rs 380 cr vs Rs 440 cr (YoY) (Positive)

Ashoka: Net Profit At Rs 462.5Cr Vs Rs 106.5 Cr, Revenue At Rs 2,489 Cr Vs Rs 2,154.3 Cr (YoY) (Positive)

OAL: Net profit at Rs 15.0 cr vs Rs 2.4 cr, Revenue at Rs 237 cr vs Rs 226 cr (YoY) (Positive)

Kelton: Net profit at Rs 19.7 cr vs Rs 16.5 cr, Revenue at Rs 270 cr vs Rs 240 cr (YoY) (Positive)

Suntech Real: Net profit at Rs 34.6 cr vs loss Rs 14.0 cr, Revenue at Rs 169 cr vs Rs 24.9 cr (YoY) (Positive)

Taal Ent: Net profit at Rs 14.5 cr vs Rs 10.9 cr, Revenue at Rs 49.1 cr vs Rs 48 cr (YoY) (Positive)

PN Gadgil: Net profit at Rs 32.3 cr vs Rs 21.5 cr, Revenue at Rs 2000 cr vs Rs 1360 cr (YoY) (Positive)

GPT Infra: Net profit at Rs 17.6 cr vs Rs 13.5 cr, Revenue at Rs 290 cr vs Rs 234 cr (YoY) (Positive)

PTC India: Net Profit at Rs 146.2 Cr Vs Rs 130 Cr, Revenue at Rs 5,128 Cr Vs Rs 5,069.5 Cr (YoY) (Positive)

Allcargo: Net profit at Rs 33.1 cr vs Rs 21.8 cr, Revenue at Rs 4300 cr vs Rs 4306 cr (YoY) (Positive)

ION Exchange: Net profit at Rs 51.1 cr vs Rs 41.9 cr, Revenue at Rs 644 cr vs Rs 533 cr (YoY) (Positive)

Excel Ind: Net profit at Rs 35.7 cr vs Rs 1.8 cr, Revenue at Rs 269 cr vs Rs 198 cr (YoY) (Positive)

Amruntanjan: Net profit at Rs 11.8 cr vs Rs 6.8 cr, Revenue at Rs 110 cr vs Rs 99 cr (YoY) (Positive)

Pearl Global: Net profit at Rs 56.6 cr vs Rs 38.6 cr, Revenue at Rs 1202 cr vs Rs 960 cr (YoY) (Positive)

KEC INT: Net profit at Rs 85.4 cr vs Rs 55.8 cr, Revenue at Rs 5113 cr vs Rs 4499 cr (YoY) (Positive)

Dev Info: Net profit at Rs 8.1 cr vs Rs 1.7 cr, Revenue at Rs 35.9 cr vs Rs 27.9 cr (YoY) (Positive)

Pokarana: Net profit at Rs 45.2 cr vs Rs 33.3 cr, Revenue at Rs 251 cr vs Rs 192 cr (YoY) (Positive)

Ambalal Sarabhai: Net profit at Rs 2.6 cr vs Rs 1.1 cr, Revenue at Rs 44.7 cr vs Rs 40 cr (YoY) (Positive)

IGPL: Net profit at Rs 26.1 cr vs Rs 10.0 cr, Revenue at Rs 582 cr vs Rs 501 cr (YoY) (Positive)

United Drilling: Net profit at Rs 6.2 cr vs Rs 3.6 cr, Revenue at Rs 48.8 cr vs Rs 31.3 cr (YoY) (Positive)

Cupid: Net profit at Rs 10 cr vs Rs 5.1 cr, Revenue at Rs 41.6 cr vs Rs 34.4cr (YoY) (Positive)

Yaatra: Net profit at Rs 7.3 cr vs loss Rs 17.2 cr, Revenue at Rs 236 cr vs Rs 94 cr, (YoY) (Positive)

Kalyani Forge: Net profit at Rs 3.9 cr vs Rs 1.3 cr, Revenue at Rs 62.3 cr vs Rs 60.9 cr (YoY) (Positive)

BSE: Net Profit at Rs 347 cr vs Rs 121 cr, Revenue at Rs 813 cr vs Rs 362 cr (Positive)

Greaves: Net profit at Rs 3.2 cr vs loss Rs 190 cr, Revenue at Rs 700 cr vs Rs 727 cr (YoY) (Neutral)

Permanent Magnets: Net profit at Rs 7.10 cr vs Rs 7.08 cr, Revenue at Rs 56.10 cr vs Rs 53.71 cr (YoY) (Neutral)

Shalimar Paint: Net Loss at Rs 19.6 cr vs Rs 25.6 cr, Revenue at Rs 140 cr vs Rs 119 cr (YoY) (Neutral)

Barbeque Nation: Net loss at Rs 7.2 cr vs Rs 12.4 cr, Revenue at Rs 300 cr vs Rs 300 cr (YoY) (Neutral)

Eldeco Housing: Net profit at Rs 4.5 cr vs Rs 6.4 cr, Revenue at Rs 33.4 cr vs Rs 17.0 cr (YoY) (Neutral)

Eveready: Net profit at Rs 29.6 cr vs Rs 25.4 cr, Revenue at Rs 362.6 cr vs Rs 365.0 cr (YoY) (Neutral)

Sunflag Iron & Steel: Net profit at Rs 40.9 cr vs Rs 38.5 cr, Revenue at Rs 866 cr vs Rs 858 cr (YoY) (Neutral)

Repco Home: Net Profit at Rs 108.7 Cr Vs Rs 95 Cr, NII at Rs 175.7 Cr Vs Rs 172.7 Cr (YoY) (Neutral)

3M India: Net profit at Rs 130 cr vs Rs 146 cr, Revenue at Rs 1110 cr vs Rs 1040 cr (YoY) (Neutral)

Techno elec: Net profit at Rs 94 cr vs Rs 74 cr, Revenue at Rs 440 cr vs Rs 460 cr (YoY) (Neutral)

Pen Ind: Net profit at Rs 26.9 cr vs Rs 22.3 cr, Revenue at Rs 747 cr vs Rs 814 cr (YoY) (Neutral)

Axis Cades: Net profit at Rs 12.3 cr vs Rs 11.1 cr, Revenue at Rs 260 cr vs Rs 251 cr (YoY) (Neutral)

Man Ind: Net profit at Rs 31.8 cr vs Rs 39.0 cr, Revenue at Rs 806 cr vs Rs 1018 cr (YoY) (Neutral)

Kronox: Net profit at Rs 6.5 cr vs Rs 6.2 cr, Revenue at Rs 25.2 cr vs Rs 25.6 cr (YoY) (Neutral)

Kross: Net profit at Rs 9.6 cr vs Rs 8.7 cr, Revenue at Rs 139 cr vs Rs 144 cr (YoY) (Neutral)

KDDL: Net profit at Rs 24.5 cr vs Rs 25.4 cr, Revenue at Rs 396 cr vs Rs 340 cr (YoY) (Neutral)

GIC: Net profit at Rs 1856 cr vs Rs 1689 cr, Revenue at Rs 8886 cr vs Rs 9954 cr (YoY) (Neutral)

Andhra Paper: Annual outage in facility at Kadiam unit planned from NOV. 13 to DEC. 4 (Neutral)

Bosch: Net Profit Down at Rs 536 Cr Vs Rs 999 Cr, Revenue at Rs 4,394.3 Cr Vs Rs 4,130 Cr (YoY) (Neutral)

MTNL: Company defaulted in payment of principal and interest to 6 banks, defaulted in payment of principal and interest of Rs 57.26 Billion (Neutral)

Tata Power: LIC reduces its stake in Tata Power from 5.906% to 3.881%. (Neutral)

UltraTech Cement: Company to raise funds up to Rs 3,000 crore via bonds on private placement basis on November 15 (Neutral)

Tata Chemicals: Arm Tata Chemicals Europe to invest Rs 655 cr to build a Sodium Bicarbonate plant in Northwich, UK. (Neutral)

SBI Life: Company approves appointment of CS Setty as Chairman and Nominee Director. (Neutral)

PNC Infratech: Net profit at Rs 83.4 cr vs Rs 150 cr, Revenue at Rs 1427 cr vs Rs 1910 cr (YoY) (Negative)

NMDC Steel: Net loss at Rs 595 cr vs Rs 547 cr, Revenue at Rs 1522 cr vs Rs 2023 cr (QoQ) (Negative)

Sula: Net profit at Rs 14.4 cr vs Rs 23.3 cr, Revenue at Rs 140 cr vs Rs 143 cr (YoY) (Negative)

Fairchem: Net profit at Rs 4.0 cr vs Rs 10.3 cr, Revenue at Rs 138 cr vs Rs 152 cr (YoY) (Negative)

DCX: Net profit at Rs 5.0 cr vs Rs 19.8 cr, Revenue at Rs 196 cr vs Rs 309 cr (YoY) (Negative)

TVS Shrichakra: Net profit at Rs 10.3 cr vs Rs 39.1 cr, Revenue at Rs 840 cr vs Rs 740 cr (YoY) (Negative)

Hyundai Motor: Trend of low single digit car sales growth will continue for FY25 (Negative)

PNB Housing: Quality Investment Holdings PCC to sell stake in PNB Housing. Offer price at Rs 939.3; discount of 4.25% to closing price: CNBC (Negative)🌹

ALKEM, APOLLOTYRE, ARKADE, ASHIANA, ASTRAZEN, BANCOINDIA, BAYERCROP, BGDL, BOROLTD, BRIGADE, CENTURYPLY, COSMOFIRST, DBL, DCAL, DCW, DDEVPLASTIK, DEEPAKNTR, DISHTV, DREDGECORP, DYNAMATECH, EICHERMOT, ESAFSFB, EXICOM, FCL, FIEMIND, FISCHER, FOSECOIND, GNFC, GODREJIND, GRSE, HAPPSTMNDS, HEG, HERANBA, IDEA, IFCI, INDIANHUME, ISGEC, ITDC, JINDWORLD, KALYANKJIL, KAMAHOLD, KICL, KIRIINDUS, KRBL, KSB, KSCL, LUMAXTECH, NBCC, NIBE, OPTIEMUS, PATELENG, PIIND, PITTIENG, PLATIND, PRECAM, PRSMJOHNSN, RAMKY, RCF, REDTAPE, SENCO, SEQUENT, SKYGOLD, SUNTV, THERMAX, THOMASCOOK, TORNTPOWER, VENUSPIPES, YASHO, ZAGGLE

ALKEM 

* Revenue expected at Rs 3639 crore versus Rs 3440 crore

* EBITDA expected to be seen at Rs 801 crore versus Rs 746 crore

* EBITDA margin expected to be seen at 22.01% versus 21.71%

* Net profit expected to be seen at Rs 682 crore versus Rs 620 crore

APOLLOTYRE 

* Revenue expected at Rs 6454 crore versus Rs 6279 crore

* EBITDA expected to be seen at Rs 878 crore versus Rs 1159 crore

* EBITDA margin expected to be seen at 13.60 % versus 18.47%

* Net profit expected to be seen at Rs 311 crore versus Rs 486 crore

BRIGADE 

* Revenue expected at Rs 1270 crore versus Rs 1366 crore

* EBITDA expected to be seen at Rs 348 crore versus Rs 324 crore

* EBITDA margin expected to be seen at 27.40 % versus 23.77%

* Net profit expected to be seen at Rs 135 crore versus Rs 133 crore

DEEPAKNTR 

* Revenue expected at Rs 2168 crore versus Rs 1778 crore

* EBITDA expected to be seen at Rs 314 crore versus Rs 302 crore

* EBITDA margin expected to be seen at 14.48% versus 17.00%

* Net profit expected to be seen at Rs 208 crore versus Rs 205 crore

EICHERMOT 

* Revenue expected at Rs 4398 crore versus Rs 4114 crore

* EBITDA expected to be seen at Rs 1174 crore versus Rs 1087 crore

* EBITDA margin expected to be seen at 26.69% versus 26.42%

* Net profit expected to be seen at Rs 1081 crore versus Rs 1016 crore

GRSE 

* Revenue expected at Rs 924 crore versus Rs 897 crore

* EBITDA expected to be seen at Rs 60 crore versus Rs 48 crore

* EBITDA margin expected to be seen at 6.49% versus 5.43%

* Net profit expected to be seen at Rs 86 crore versus Rs 80 crore

IDEA 

* Revenue expected at Rs 11238 crore versus Rs 10716 crore

* EBITDA expected to be seen at Rs 4732 crore versus Rs 4282 crore

* EBITDA margin expected to be seen at 42.11% versus 39.97%

* Net profit expected to be seen at Rs -6293 crore versus Rs -8737 crore

PIIND 

* Revenue expected at Rs 2281 crore versus Rs 2116 crore

* EBITDA expected to be seen at Rs 631 crore versus Rs 551 crore

* EBITDA margin expected to be seen at 27.66% versus 26.05%

* Net profit expected to be seen at Rs 473 crore versus Rs 480 crore

SUNTV 

* Revenue expected at Rs 917 crore versus Rs 1048 crore

* EBITDA expected to be seen at Rs 549 crore versus Rs 727 crore

* EBITDA margin expected to be seen at 59.87% versus 69.42%

* Net profit expected to be seen at Rs 449 crore versus Rs 464 crore

THERMAX 

* Revenue expected at Rs 2588 crore versus Rs 2302 crore

* EBITDA expected to be seen at Rs 233 crore versus Rs 204 crore

* EBITDA margin expected to be seen at 9.00% versus 8.88%

* Net profit expected to be seen at Rs 176 crore versus Rs 157 crore

TORNTPOWER 

* Revenue expected at Rs 7080 crore versus Rs 6960 crore

* EBITDA expected to be seen at Rs 1333 crore versus Rs 1221 crore

* EBITDA margin expected to be seen at 18.83% versus 17.54%

* Net profit expected to be seen at Rs 574 crore versus Rs 525 crore

- Electric utilities are beneficiaries of tailwinds from energy transition and security needs; solid balance sheets support capex pick-up. 

- We see scope for relatively better loan growth for power lenders PFC and REC, alongside strong return ratios and healthy balance sheets. 

- We initiate on PFC, REC (in financiers) and PGCIL, NTPC (in utilities) as clear plays on the cycle benefitting from their unique ecosystem positions. 

- PFC/ REC target price of Rs630/Rs660 

- NTPC / PWGR target price of Rs475/380

India’s inflation touched 6.2% in Oct’24, the highest in 14 months. We expect Nov’24 inflation numbers are likely to be closer to 5.3% and the average FY25 inflation numbers are now trending at 4.8%-4.9%, against RBI 4.5%. Inflation is only likely to dip from January onwards, but this will be driven by base effects. We are now less hopeful of a February rate cut. We believe the first rate cut is now effectively pushed back beyond Feb’25.

If we look the State-wise Inflation, inflation in bigger states continue to outstrip the all India inflation rate of the same month. Among the States, Chhattisgarh clocked the highest inflation rate of 8.8% in Oct, followed by Bihar at 7.9% and Odisha at 7.5%. Interestingly, a comparison of year on year changes and year to date changes reveal that year on year changes are far outpacing year to date changes. For example, there are 7 states, whose year-on year inflation has crossed more than 2% in a year. These indicates that the momentum of food prices has continued to climb up.

The gap between urban and rural consumers’ inflation trends was sharp for the 8th consecutive month, with rural households paying 1.07% higher than urban India. This is mainly due to the higher food prices and the rural basket of food items weight (54.2%) is higher than the urban weights (36.3%). 

We believe that there will be some moderation in vegetable prices in month of November. The retail prices data till 11 Nov, indicate decline in vegetable prices. CPI headline inflation has peaked in Oct’24, but November and December numbers could still be higher than 5%.

With the currency market being subject to turbulence , we believe a higher inflation number could act as a blessing in disguise for RBI not to signal a rate easing cycle.

PNB Housing Finance shareholder Quality Investment Holdings offers about 24.5 million shares, or a 9.43% stake in the firm via block trades, according to terms of the deal obtained by Bloomberg News.

Offer floor price at 939.3 rupees per share versus Tuesday’s close of 981 rupees: terms - Bloomberg

• Revenue was up ~11% YoY; Absolute EBITDA was up 114%; EBITDA margins came in at 7.3% (+349 bps YoY) and PAT is up 2.9x.

• The Thai subsidiary accounts for ~26% of FY24 consolidated revenue.

• It’s a momentum buy, deep cyclical. H1FY25 is an indication of things turning favorable. 

• H1FY25 PAT came in at Rs 2.6 bn already surpassing FY24 consolidated PAT of Rs 864 mn. 

CMP: Rs 1,250 | Target Price: Rs 2,464 | Rating: BUY

• Revenue: Rs 17.4bn, +10.6%/3.2% YoY/QoQ, beating our estimates by 1.5% 

• EBITDA: Rs 1.9 bn, +58.3%/16.5% YoY/QoQ, beating our estimates by 4.1%

• EBITDA Margin: 11.0%, +331bps/125bps, beating our estimates by 28bps.

• PAT: Rs 1.6 bn, +3.4x/69.0% YoY/QoQ, beating our estimates by 49.7%.

• The management has declared an interim dividend of Rs 9/sh.

Alternative Investment Fund commitments have risen to ₹11.78 lakh crore for the quarter ended June, a 4 per cent growth over the previous quarter, and a 40 per cent rise year-on-year, latest data from SEBI showed.

The ₹1,114.72-crore IPO of Zinka Logistics Solutions Limited opens today for public subscription. The price band for the offer has been fixed at ₹259-273 a share. The IPO will close on Friday.

Shares of ACME Solar Holdings will be listed at the bourses on Wednesday after successful IPO that subscribed 2.75 times. The company has fixed the IPO price at ₹289, at the upper end of the price range of ₹275-289. 

The IPO received bids for approximately 16 crore shares against the 5.82 crore shares available. The issue was a combination of a fresh issue of ₹2,395 crore and an offer-for-sale of ₹505 crore by the promoter ACME Cleantech Solutions.

Shares of food delivery and grocery major Swiggy will be listed at the bourses today. The company has fixed the IPO price as Rs 370, at the upper end of the price band ₹371-390.

The issue, which struggled on the first two days, sailed through with an oversubscription of 3.60 times, thanks to QIB investors. Given the faltering of large IPOs such as LIC and Hyundai India, marketmen expect only a muted listing from Swiggy.

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

20.15 U.S. FOMC Member Logan Speaks

23.30 U.S. FOMC Member Musalem Speaks

CyberArk Software Ltd (Pre market) (Sector- Technology)

Cisco Systems, Inc. (Post market) (Sector- Technology)

Nu Holdings Ltd. (Post market) (Sector- Financial)

Ecopetrol S.A. (Post market) (Sector- Energy)

Tetra Tech, Inc. (Post market) (Sector- Infrastructure)

YPF Sociedad Anonima (TENT) (Sector- Energy)

Doms Industries has reported another strong quarter amid a slowdown in the broader consumption space. Its Q2-FY25 revenue/EBITDA/PAT growth at 20/32/43 per cent y-o-y were ahead of BNP Paribas expectation. We raise our FY25-27E EPS by 3-5 per cent and expect Doms to double its earnings over FY24-27. 

ONGC’s Q2-FY25 standalone EBITDA, at ₹18,200 crore, was slightly lower than JM Financial’s expectation of ₹18,800 crore (but in line with consensus of ₹18,200 crore) due to crude sales volume being 3 per cent below JMFe, but that was partly offset by net crude realisation being $1/bbl above JMFe at $ 74.3/bbl. Gas sales volume and realisation were largely in line. 

However, ONGC’s standalone PAT, at ₹12,000 crore, was significantly above JMFe/consensus of ₹9,200 crore due to higher other income, lower dry well write-off and lower tax-rate. OVL’s crude and gas production continued to be weak; PAT was also lower QoQ due to higher opex. 

Gift Nifty at 23,870 indicates a gap-down opening of about 100 points for Nifty on Wednesday amid weak global cues. The market is now facing a double whammy of earnings slowdown and higher inflation. With foreign portfolio investors continuing their selling without relaxing, analysts expect the market to remain under a bear grip, they added.

Here’s an interesting stock idea: The stock idea that we have for you today is Apollo Tyres. The stock has been falling since the beginning of this week. Tuesday’s fall has taken the share price well below a key support. That leaves the outlook bearish. The stock can fall further from here.Check out the latest episode of bl.Today’s Pick to learn more.

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