Stock Market Live Updates September 13, 2024: Sensex, Nifty open in weakly negative territory

Top gainers: JSW Steel (1.58%), Tata Steel (1.44%), Tata Motors (1.32%), Hindalco (1.29%), Wipro (0.89%)

Top losers: Asian Paints (-1.56%), Divi’s Lab (-1.31%), ITC (-0.86%), M&M (-0.80%), Bharti Airtel (-0.74%)

Crude oil futures traded higher on Friday morning due to the impact of hurricane Francine in the Gulf of Mexico. At 9.24 am on Friday, November Brent oil futures were at $72.26, up by 0.40 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $69.28, up by 0.45 per cent. September crude oil futures were trading at ₹5823 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5809, up by 0.24 per cent, and October futures were trading at ₹5778 against the previous close of ₹5765, up by 0.23 per cent

Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing a media report - a charge that the conglomerate vehemently denied.

In a post on X, Hindenburg cited “newly released Swiss criminal records reported by Swiss media outlet” to state that “Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.” 

Route – Tender 

Buyback Price: 1,615/- 

Current Market Price: 1,330/-

Market Cap: Rs 3,561 Crores\

Buyback Size: Rs 72.35 Crores (Representing 9.90% and 9.57% of the total paid up equity share capital and free reserves)\

Buyback Size: 4,48,018 shares (Representing 1.67% of O/s. shares)\ 

Retail Quota: 67,203 Shares

Entitlement:

General Category - 8 Equity Share for every 497 Equity Shares held on the Record Date

Retail Category - 3 Equity Shares for every 50 Equity Shares held on the Record Date

Buyback Record Date: 03 Sep 2024

Tender Period:

Start Date - 09 Sep 2024 

Close Date - 13 Sep 2024 (Today)

Obligation Date - 20 Sep 2024 

Settlement Date - 23 Sep 2024

KIMS - Initiate Buy with a target price of Rs 3,300

Medanta - Initiate Reduce with a target price of Rs 930

Narayana Hrudayalaya - - Initiate Reduce with a target price of Rs 1,000

Apollo Hospitals - Maintain Buy; raise target price to Rs 7,720 from Rs 7,215

India’s listed hospitals have embarked on a capex cycle

Seven hospitals in our coverage plan to add 14,000 beds in the next 3-5 years

Positive on the sector as demand for quality healthcare rises

Key is clinical differentiation, & integrated ecosystem

Profitability to track project execution

Jefferies on Bharti Airtel

Buy Call, Target Raised To Rs 1,970

Jio’s Rising Focus On Growth May Lead To The Need For Multiple Tariff Hikes Over Next Few Yrs

VIL’s Continued Mkt Sh Loss May Lead To Need For Multiple Tariff Hikes Over Next Few Years

Raise FY26/27 India Revenue & EBITDA Estimates By 5-9%

Model A 10% Tariff Hike In Mid-FY26 In Addition To 10% Hike Were Modelling In Q2FY27

Expect Bharti’s Strong 19% EBITDA CAGR Over FY24-27

Bharti Airtel’s Lower Capex To Support 23% CAGR In FCFE & Drive Stock Returns

Jefferies on Bharti Hexacom

Upgrade To Buy, Target Raised To Rs 1,600

Raise Our FY26/27 Revenue/ EBITDA Estimates By 5-12%

Co’s Higher 25%/66% EBITDA/FCFE CAGR Over FY24-27 Vs Bharti Airtel Should Sustain Prem Valns

Citi On Samvardhana Motherson

Sell Call, Target Rs 105

Recent Trends In Auto Volumes Across Key Global Markets Have Been Weak

OEMs Have Been Guiding Down On Volume Guidance, Especially In EU

Further Newsflow On Weakness In Demand Could Result In Stock’s Underperformance

Build-up Of Inventory Could Result In Stock’s Underperformance Over Near-term

Debt Could Stress Balance Sheet, Co Already Has Net Debt Of `16,000 Cr (Including Leases)

If Funds Are Raised Via Equity Route, Could See EPS Dilution

Valuations At 38/32x FY25/26 EPS Provide Little Comfort

Investec on Samvardhana Motherson

Downgrade to hold, TP Rs 195

Weakness in EU region is reining-in Co’s organic growth

Commentary of major European OEMs fails to inspire confidence in future growth.

Cut FY25E-26E by 3-5%

STK is up +85% CYTD (vs +15% for Nifty)

Bernstein on Zomato

Outperform Call, Target Raised To Rs 330 From 275

Quick Commerce Is A Compelling Product & All Consumers Are Embracing It

Zomato Remains At The Center Of The Convenience

Co Prioritising Long-term Leadership Over Short-term Profitability

Like The Strategy & Update Estimates For BlinkIt Upwards

MOSL on Granules

Buy Call, Target Rs 680

Gagillapur Site Under A Cloud

Co Is Expected To Implement Remediation Measures To Address The Issues

Currently, There Is No Major Product Pending For Approval & Is Built Into Est From This Site

Await Clarity On Impact Of Remediation Measures On Ongoing Business

Expect A 36% Earnings CAGR Over FY24-26

HSBC on KIMS

Initiate Buy, Target Rs 3,300

KIMS Is An Affordable Healthcare Provider

Co Has A Strong Record Of Solid Operational Execution In Its Focus Markets

Estimate A PAT CAGR Of 26% Over FY24-27 Led By Volume Growth On Bed Additions

Opening Of New Hospitals In Mumbai, Nashik, And Bengaluru Are Key To Watch

HSBC on Global Health

Initiate Reduce Call, Target Rs 990

Co Continues To Spend On New Beds, Hiring Doctors & Adding Clinical Specialities

Believe Current Price Doesn’t Fully Reflect Challenges In Its Key Lucknow Market

There Is Execution Risk At New Hospitals

Better-than-expected Growth In Its Lucknow Hospital Is Key Upside Risk

HSBC on Narayan Health

Initiate Reduce, Target Rs 1,000

Co Is Investing Heavily To Improve Its Operational Efficiency & Patient Reach In Focus Mkts

Expect Notable Margin Drag On Costs Related To Its New Hospital In The Cayman Islands

Benefits From Current Initiatives Are Likely At Least 2-3 Years Away

HSBC on ICICI Pru Life

Buy Call, Target Rs 815

Co Confident Of Driving Sustainable VNB Growth By Balancing Growth, Profitability & Risk Mgmt

Technology & Analytics Is At Core – Driving Innovation, Better Customer Experience

Deepening Of Distribution And Improving Productivity Should Drive Healthy Growth

Kotak Inst. on Bandhan Bank

Buy Call, Target Rs 250

De-risking Franchise Through Loan Diversification & Prudent Risk Policies Is Actively Underway

Business Momentum Is Healthy Across Segments

Bank Is Comfortable With MFI Book Trends Despite Headwinds For Industry Players

CLSA on DLF

Hold, TP Rs 775

Management meet takeaways

Targeting 15% growth in presales & rental income over medium term & expects Ebitda & cashflows to grow at a higher rate 

Capital allocation with respect to FCF will be towards dividends, capex & land investments

CLSA on Adani Ports

Management meet takeaways

Core ports growing traffic 3x country growth rate over FY19-24 & claimed market share gains of 300bps YoY during 1QFY25

ADSEZ guided for 2030 traffic at 1bt implying a Cagr of 15% & 5-yr rev & port Ebitda Cagrs of 16% YoY over FY24-29

Life Insurance Corp (LIC) has hiked its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3 per cent. In a regulatory filing, LIC said its holding in the railway sector ‘miniratna’ PSU has increased 2.02 per cent in the period December 16, 2022, to September 11, 2024, via open market purchases. Read more

Domestic markets are likely to sustain their momentum ignoring words of caution from experts, due to heavy buying by foreign portfolio investors. FPIs are likely to step up further buying, as the US Fed is likely to cut rates in the next meet, they said. 

However, domestic economic IIP and inflation data were mixed.

Rajani Sinha, Chief Economist, CareEdge Ratings, said: “India’s industrial output growth increased to 4.8 per cent in July, following an upwardly revised growth of 4.7 per cent in the previous month. The moderation in growth of the electricity and mining sectors was balanced by an acceleration in the manufacturing sector. Consumption-related segments painted a mixed picture, as the output of consumer durables grew by 8.2 per cent, while non-durables output remained in the contractionary zone, falling by 4.4 per cent. An improvement in kharif sowing amidst a good monsoon bodes well for private consumption demand. Overall, a sustained and meaningful improvement in consumption and private capex remains critical for the performance of industrial activity. Read more

Jefferies on Bharti Airtel: Maintain Buy on Company, raise target price at Rs 1970/Sh (Positive) 

Jefferies on Bharti Hexacom: Upgrade to Buy on Company, raise target price at Rs 1600/Sh (Positive) 

Citi on Kalyan Jewel: Maintain Buy on Company, raise target price at Rs 770/Sh (Positive) 

Citi on Titan: Maintain Buy on Company, raise target price at Rs 4110/Sh (Positive) 

CLSA on Hindalco: Maintain Outperform on Company, target price at Rs 760/Sh (Positive) 

CLSA on Adani Ports: Maintain Outperform on Company, target price at Rs 1764/Sh (Positive) 

Emkay on Bajaj Finserve: Initiate Buy on Company, target price at Rs 2150/Sh (Positive) 

BofA on Tata Motors: Maintain Buy on Company, target price at Rs 1280/Sh (Positive) 

MS on Tata Motors: Maintain Overweight on Company, target price at Rs 1250/Sh (Positive) 

MOSL on Granules: Maintain Buy on Company, target price at Rs 680/Sh (Positive) 

Jefferies on Zomato: Maintain Buy on Company, target price at Rs 335/Sh (Positive) 

Bernstein on Zomato: Maintain Buy on Company, raise target price at Rs 330/Sh (Positive) 

HSBC on KIMS: Initiate Buy on Company, target price at Rs 3300/Sh (Positive) 

HSBC on Apollo Hospitals: Maintain Buy on Company, raise target price at Rs 7720/Sh (Positive) 

Goldman Sachs on CPI Inflation: August headline inflation edged higher on food prices (Neutral) 

UBS on CPI Inflation: Headline CPI inflation remained below 4% in August (Neutral) 

Morgan Stanley on CPI Inflation: August CPI a tad above expectations (Neutral) 

BofA on CPI Inflation: Food inflation remains the biggest hurdle (Neutral) 

CLSA on DLF: Maintain Hold on Company, target price at Rs 775/Sh (Neutral) 

Citi on Samvardhan: Maintain Sell on Company, target price at Rs 105/Sh (Neutral) 

HSBC on Medanta: Initiate Reduce on Company, target price at Rs 930/Sh (Neutral) 

HSBC on Narayana: Initiate Reduce on Company, target price at Rs 1000/Sh (Neutral)

[8:11 am, 13/9/2024] tunia: 

HPL Electric: Company bags work orders worth ₹143.8 crore for the supply of smart meters (Positive) 

BPCL: Company entering into a joint venture agreement with Sembcorp Green Hydrogen India, Company entering into a joint venture agreement with GPS renewables (Positive) 

HG Infra Engineering: Company gets letter from central railway for order worth Rs 7.16 billion (Positive) 

Intellect Design: Company announces the launch of emach. ai tailored specifically for the Sri Lankan financial landscape (Positive) 

Tata Power: Tata Power Renewable Energy and Tata Motors sign a MoU to set up 200 fast-charging stations for electric commercial vehicles. (Positive) 

Ajooni Biotech: Company secures BIS certification for mineral mixture product (Positive) 

BLS International: Company to acquire Citizenship Invest DMCC for $31 million (Positive) 

Panacea Biotec: Company secures $20 million loan from DFC for vaccine capacity expansion (Positive) 

Zee Entertainment: NCLT approves company’s settlement pact with Sony India. (Positive) 

Nazara Tech: Company to acquire 47.7% stake in Moonshine Tech for Rs 832 cr, additionally (Positive) 

Muthoot/Mannppuram: Gold climbs to a record as US data bolster Federal Reserve cut case. (Positive) 

Power Grid: Company gets LoI for interstate transmission system in Gujarat (Positive) 

PNB Housing: Government of Singapore, Monetary Authority of Singapore were key buyers in the block deal. (Positive) 

MAS Financial: Company increases stake in subsidiary through conversion of preference shares. (Neutral) 

Kotak Bank: Board appointed Mr. Jaideep Hansraj, Group President as an Additional Director and a Whole-time Director and a Key Managerial Personnel of the Bank, for a period of three years (Neutral) 

Orient Electric: Company inform that Mr. Sakti Parida, VP Chief Procurement Officer, a Senior Management Personnel of the Company, has resigned from the services of the Company. (Neutral) 

IRCTC: LIC increases stake in company to 9.29% from 7.2% (Neutral) 

Hindusthan National Glass: Operational incident occurred at glass manufacturing facility at RISHRA, WEST BENGAL (Neutral) 

IFGL Refra: Sikander Yadav resigns as Chief Financial Officer of the company w.e.f. September 12 (Neutral) 

SBI: Bank sanctions Rs 10,050 crore project loan to Damodar Valley Corporation. S&P Global affirms Bank’s credit rating at ‘BBB-’, outlook remains positive (Neutral) 

Minda Corp: Board approves raising funds up to Rs 1,000 crore via QIP or other means (Neutral) 

Patanjali: Company likely to raise up to $240 m via block deals, floor price at ₹1,815 (Neutral) 

ONGC: Company approves a buying back of Rs 7,778 crore of compulsorily convertible debentures issued by OPaL. (Neutral)

* Adj EPS: $4.65 (Est. $4.53) 

* Revenue: $5.41B (Est. $5.37B) 

* Digital Media ARR: $504M; Total ARR $16.76B

(Numbers seen better than expected, however guidance weaker for upcoming quarter. Stock fell by 9 percent after market hours

1. Bajaj Housing Finance Limited 

kprismop.kfintech.com/ipostatus/

2. Tolins Tyres Limited 

ipo.cameoindia.com

3. Kross Limited 

kprismop.kfintech.com/ipostatus/

* AARTIIND

* ABFRL

* BALRAMCHIN

* BANDHANBNK

* CHAMBLFERT

* GRANULES

* HINDCOPPER

* RBLBANK

14.30 Euro Industrial Production m/m (Expected: -0.6% versus Previous: -0.1%)

19.30 U.S. Prelim UoM Consumer Sentiment (Expected: 68.3 versus Previous: 67.9)

19.30 U.S. Prelim UoM Inflation Expectations (Previous: 2.8%)

Economic Calendar – 14.09.2024 

07.30 CHINA Industrial Production y/y (Expected: 4.7% versus Previous: 5.1%)

07.30 CHINA Retail Sales y/y (Expected: 2.5% versus Previous: 2.7%)

Holiday Calendar 

16.09.2024: Market Holiday @ China, Japan, South Korea 

16.09.2024: India Clearing Holiday (Market to remain open for trading)

17.09.2024: Market Holiday @ China, Taiwan, South Korea

18.09.2024: Market Holiday @ South Korea and Hong Kong

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 18:49 PM Thursday 12 September 2024

Apollo Hospital: Sunita Reddy, JMD

Loss Of ?100 Cr From The New Hospitals Will Not Impact Margin: Apollo Hospitals

https://www.youtube.com/watch?v=iQsnUg9RB7w

Astra Micro: Atim Kabra, Director

In Process Of Creating Products With Applications In Both Domestic & Intl Markets: Astra Microwave

https://www.youtube.com/watch?v=3An87TR_nPY

Aadhar Housing Finance: Rishi Anand, MD & CEO

Aadhar Housing: Liquidity Issues Ailing NBFC Space? Rishi Anand On PMAY 2.0 Scheme Impact

https://www.youtube.com/watch?v=-6wUGUUu5Lw

Biocon: Kiran Mazumdar Shaw, CMD

US Biosecure Act Provides A Big Opportunity To Indian Pharma Industry: Biocon & Biocon Biologics

https://www.youtube.com/watch?v=1MzoqnkUViE

CMS Info Systems Limited: Rajiv Kaul, CEO

Confident Of Achieving 2x Growth On FY21 Base: CMS Info Systems

https://www.youtube.com/watch?v=7t5V-8TdivU

Gujarat Mineral Dev: Roopwant Singh, MD

Targetting 15% Return On Coal Mining Projects: GMDC

https://www.youtube.com/watch?v=h2TSEdjMCdk

*MAS Financial S: Dhvanil Gandhi, *

Borrowing Cost Will Come Down By 5-10 bps In Next Few Quarters: MAS Financial

https://www.youtube.com/watch?v=MQ-j5tm0Jbg

Monte Carlo: Sandeep Jain, ED

Q2 Growth Has Been Better Than Expectations: Monte Carlo

https://www.youtube.com/watch?v=GEHeYZoj3l4

Prestige Estate: Irfan Razack, CMD

Have Strong Cash Flows Available Currently: Prestige Group

https://www.youtube.com/watch?v=yu0n1VsL1JQ

Brigade Ent: Pavitra Shankar, ED

Will Be Using Growth Capital In The Residential Segment: Brigade Enterprises

https://www.youtube.com/watch?v=UrdXuh3rEt4

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

12 September 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 122765.29 + 7072.97 Total: 129838.26

F&O Volume: 527223.63 + 2639978.9 Total: 3167202.53

Provisional Cash

FII/FPI: NET BUY: +7695.00 

(23301.02 - 15606.02) 

DII: NET SELL: -1800.54 

(13690.6 - 15491.14)

U.S. Unemployment Claims: 

Current: 230k 

Expected: 227k 

Previous: 227k 

U.S. PPI m/m: 

Current: 0.2% 

Expected: 0.1% 

Previous: 0.1% 

U.S. Core PPI m/m: 

Current: 0.3% 

Expected: 0.2% 

Previous: 0.0% 

(Data seen higher than estimates, supportive for US DOllar)

As expected, the ECB cut rates by 25 basis points. The forecast revisions that accompanied this policy action lowered growth and maintained worries about somewhat sticky inflation.

Stock market live updates today: 

INDIA CPI (YOY) (AUG) ACTUAL: 3.65% VS 3.54% PREVIOUS; EST 3.55%

INDIA INDUSTRIAL PRODUCTION (YOY) (JUL) ACTUAL: 4.8% VS 4.2% PREVIOUS; EST 4.7%

(INFLATION NUMBERS SEEN MARGINALLY HIGHER THAN ESTIMATES)

The upmove in the stock of Can Fin Homes is gaining momentum. The stock had surged 4.8 per cent on Thursday breaking above an intermediate resistance level of ₹898. That indicates that the broader uptrend has resumed following a short-lived correction. Read more

The deluge of feedback received on its July consultation paper to strengthen the index derivatives framework may make it tricky for the market regulator to arrive at the final norms and prompt a rethink on at least some of the seven proposed changes, said market watchers.

The Union Cabinet on Wednesday approved a slew of measures to boost electric vehicles (excluding cars), rural connectivity, and hydropower generation, besides extending the Ayushman Bharat scheme to around 6 crore senior citizens over the age of 70 years. All these measures will cost over ₹1.02 lakh crore.

Factory output, measured in Index of Industrial Production (IIP), grew a tad to 4.8 per cent in July as against revised June’s number of 4.7 per cent, government data released on Thursday showed. However, it is lower than 6.2 per cent of July last year.

The consolidation in the cement sector is growing at an alarming pace. The top four companies – UltraTech, Ambuja, ACC, and Shree Cement – are expected to command 60 per cent of the production capacity in the next two years, compared to 50 per cent logged last fiscal.