Share Market Highlights 14 November 2024: Sensex drops 110 pts, Nifty falls for 6th day on FII selling, inflationary concerns

Benchmark Sensex declined by 110 points in a see-saw trade on Thursday, marking its third straight session of losses amid continued FII selling, disappointing quarterly results and soaring inflation.

BSE Sensex dropped 110.64 points or 0.14 per cent to settle at 77,580.31. During the day, it dropped 266.14 points or 0.34 per cent to 77,424.81.

Broader NSE Nifty dropped by 26.35 points or 0.11 per cent to close at 23,532.70, extending its losing streak to the sixth day.

From the 30-share Sensex pack, Hindustan Unilever, NTPC, Nestle, IndusInd Bank, Power Grid, Adani Ports, Tata Motors and Bajaj Finserv were the major laggards.

The rupee traded in a tight range and fell 4 paise to close at an all-time low of 84.43 (provisional) against the US dollar on Thursday, weighed down by unabated foreign fund outflows and strong dollar demand from investors.

Forex traders said the downward pressure on the USD/INR pair is largely driven by persistent inflation and significant foreign outflows.

At the interbank foreign exchange, the rupee opened at 84.40 against the US dollar. During the session, the local currency touched a high of 84.39 and a low of 84.43. It finally settled at its fresh all-time low of 84.43 (provisional) against the greenback, 4 paise lower than its previous close.

Top gainers:

Eicher Motors (6.59%), Hero Motocorp (2.06%), Grasim (1.25%), Kotak (1.23%), HDFC Life (1.20%) 

Top losers: 

HUL (-2.92%), BPCL (-2.50%), Britannia (-2.47%), Tata Consumer (-2.35%), Nestle India (-2.11%)

Sensex fell 110.64 pts or 0.14% to end at 77,580.31, and Nifty 50 slipped 26.35 pts or 0.11% to 23,532.70.

“WPI inflation surging to 2.36% for the month was driven by the rise in primary products, particularly on account of food articles. The rise was driven by vegetables inflation. Inflation in manufacturing been on rise due to unfavourable base. We expect the manufacturing inflation continuing uptrend, while the better harvest shall ease supply concerns of food items. Fuel inflation remaining in negative territory has been a positive factor thus containing the spread of inflation across categories.”

AVG Logistics’ consolidated net profit for the quarter ended September 2024 stood at ₹5.37 crore as against ₹1.72 crore in the corresponding quarter last year.

Shares gained 3.01% on the NSE to ₹442

Bigbloc Construction recorded its standalone net loss for the quarter ended Sept 2024 at ₹2.85 crore as against net profit of ₹3.79 crore in the corresponding quarter last year.

Stock fell 5.07% on the NSE to ₹108.08

Crown Lifters has placed an order for two brand‐new 260 MT crawler cranes, with an expected delivery of one unit by mid ‐ November 2024 and second unit by mid ‐ January 2025 from Mumbai, Maharashtra. 

Stock trades at ₹247.47 on the NSE, down by 2%.

GPT Healthcare board has declared interim dividend of ₹1 per equity share.

Company recorded its net profit for the quarter ended September 2024 at ₹14.82 crore as against ₹13.50 crore in the corresponding quarter last year.

Shares traded flat on the NSE at ₹163.44

Top gainers on the NSE as at 3 pm:

Eicher Motors (6.18%), Hero Motocorp (1.78%), Reliance (1.26%), HDFC Life (1.20%), Kotak (1.13%) 

Top losers: 

Tata Consumer (-3.17%), HUL (-3.01%), Britannia (-2.73%), BPCL (-2.62%), NTPC (-2.43%)

Stocks advanced on BSE at 3 pm on November 14, 2024, were 2,104 against 1,812 stocks that declined, and 112 remained unchanged. Total stocks traded were 4,028. The number of stocks that recorded a 52-week high was 136, and those that hit a 52-week low was 148. A total of 250 stocks traded in the upper circuit, and 390 in the lower circuit.

Happy Forgings has bagged contract from a North American manufacturer of power generation equipment for industrial, commercial and residential application - approx. ₹28 Cr. p.a. on fully ramped up supply volumes and Appx. ₹135-145 crores for the contract period.

Shares trade flat on the NSE at ₹1,080.55.

Other major stocks that hit 52-week high on the NSE today include:

Garware Hi-Tech (14.93%)JSW Holdings (10%) Knowledge Marine (8.34%)Sasken Technologies (7.23%)

Banco Products stock hits the upper circuit on the NSE at ₹839, higher by 19.99% following Q2 results and 1:1 bonus issue

Sterling Tools recorded its standalone net profit for the quarter ended September 2024 at ₹11.88 crore as against ₹9.95 crore in the corresponding quarter last year.

Sterling Tools stock gained 3.53% on the NSE to ₹519.95.

Som Distilleries & Breweries recorded its standalone net profit for the quarter ended September 2024 at ₹7.40 crore as against ₹5.44 crore in the corresponding quarter last year.

SDBL shares trade at ₹100.31 on the NSE, lower by 1.34%.

Zinka Logistics Solutions IPO has been subscribed 0.30 times as at 2 pm on November 14, 2024. The QIBs have been subscribed 0.26 times, NIIs 0.03 times, retail portion 0.80 times, and those reserved for employees 4.95 times. The issue closes on November 18, 2024.

HAL recorded its standalone net profit for the quarter ended Sept 2024 at ₹1,490.4 crore as against ₹1,235.30 crore in the corresponding quarter last year.

Company has appointed Barenya Senapati, Director (Finance) as Chief Financial Officer.

Shares surge 2.48% on the NSE to ₹4,167.60Read full report here

HUL (-3.09%), Britannia (-2.37%), Tata Consumer (-2.09%), Colgate (-1.83%)

Benchmark indices traded lower in Thursday afternoon trading, with FMCG stocks leading the decline while auto shares provided some support. The BSESensex fell 159.89 points or 0.21 per cent to 77,531.06, while the NSENifty declined 33.30 points or 0.14 per cent to 23,525.75 around 12.30 PM.

Auto major Eicher Motors emerged as the top gainer on the Nifty, surging 7.57 per cent, followed by Hero MotoCorp which advanced 2.38 per cent. HDFC Life, Reliance Industries, and Coal India also showed strength, rising 1.25 per cent, 1.15 per cent, and 1.14 per cent respectively.

Akums Drugs stock locked in lower circuit on the NSE at ₹582.10, lower by 4.99%.

Leading insurer PNB MetLife is ready to launch its “Bharat Consumption Fund, a new fund option in its Unit Linked Insurance Plan (ULIP) lineup.”

The fund provides policyholders with an entry to India’s consumer market. The consumer market is projected to reach $4 trillion by 2030, making it the world’s third largest . The Bharat Consumption Fund will be available at an initial unit price of ₹10 during the New Fund Launch period from 15th November to 28th November 2024.

Agro Tech Foods Limited, known for brands like ACT II popcorn and Sundrop, today announced the acquisition of 100% stake of Del Monte Foods Private Limited. DMFPL is a joint venture between the Bharti Enterprises owning 59.29% and DMPL India Limited (owned by Del Monte Pacific Limited) owning 40.71%. With this transaction, both Bharti and DMPL will receive shares of ATFL as consideration and will become public shareholders of ATFL post the transaction. Additionally, ATFL (through DMFPL) will acquire an exclusive, perpetual license for the Del Monte brand in India, ensuring long-term access to this trusted brand for its growing consumer base.

Bharat Forge recorded its standalone net profit for the quarter ended September 2024 at ₹361.16 crore as against ₹345.98 crore in the corresponding quarter last year.

Shares traded flat on the NSE at ₹1,319.15

Shares of Zaggle jumped almost 5% in early trading hours today (November 14) to INR 431.20 apiece on the BSE on strong Q2 FY25 earnings. 

The listed fintech SaaS company posted a consolidated net profit of INR 20.3 Cr in the September quarter of the financial year 2024-25 (Q2 FY25), marking a robust 168% year-on-year growth. Operating revenue zoomed 64.21% to INR 302.55 Cr in Q2 FY25 from INR 184.24 Cr in the corresponding quarter last year.

The management has increased its guidance from 45-55 per cent to 50-55 per cent growth in topline for FY25 and is confident of doubling its FY24 revenues in the next two years.

-- Akshay Chinchalkar, Head of Research at Axis Securities

The Nifty fell to the 200-day moving average near 23,500 yesterday, the first time any correction since the March ‘23 lows has visited this widely-followed indicator. The area defined by yesterday’s lows is key also because there is a falling channel from early October offering support here. Weekly momentum is deeply oversold but in strong downtrends that happens often, so the burden of proof is on the market to at least take out the previous day’s high while holding support. Until that happens, bears will hold sway with the next important downside zone in the 23200 - 23300 area.

Niva Bupa Health Insurance made a positive debut on the stock market, listing at Rs 78.14, a 5.5% premium over its issue price of Rs 74. This performance was slightly better than expected.

The IPO, which was moderately subscribed 1.9 times, reflected a cautious investor sentiment, potentially influenced by the company’s recent negative quarterly earnings. While Niva Bupa has shown strong growth and a positive turnaround in recent years, the short-term performance concerns and the IPO’s pricing seemed to have tempered investor enthusiasm.

Investors who participated in the IPO can consider holding their shares, but should closely monitor the company’s performance and the broader market conditions. New investors may want to wait for a clearer picture of the company’s future trajectory before investing.

Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution.

“The first week of November saw gold move lower after hitting a new all-time-high on the first day of the month as President Trump trumped the polls! Asians remained net buyers amidst this chaos though North America saw major selloffs in Gold ETFs. The deal to go to a tariff war is virtually sealed and therefore the USD also gained substantially – all negative factors for gold. As a consequence, gold smashed through the 2602 USD barrier which was a pivot as we mentioned in our previous piece. At the time of writing this piece, the US dollar has reached 106 while cryptos are hitting all-time highs – equity markets are doing well. This is all causing gold to pick up momentum on the downsides – in fact the break below 2600 saw massive volumes confirming the trend reversal. A daily close below the prior trend low of 2,590 has confirmed a near term bear trend and the next support comes in around 2534 levels followed by 2470 levels. As sellers remain dominant currently and no near term positive triggers likely the next lower target zone is looking more likely before this correction is over.”

Agro Tech Foods board has approved to change the name of the Company to “Sundrop Brands Limited” .

Shares trade at ₹1,020.05 on the NSE, down by 1.54%.

Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution.

“The first week of November saw gold move lower after hitting a new all-time-high on the first day of the month as President Trump trumped the polls! Asians remained net buyers amidst this chaos though North America saw major selloffs in Gold ETFs. The deal to go to a tariff war is virtually sealed and therefore the USD also gained substantially – all negative factors for gold. As a consequence, gold smashed through the 2602 USD barrier which was a pivot as we mentioned in our previous piece. At the time of writing this piece, the US dollar has reached 106 while cryptos are hitting all-time highs – equity markets are doing well. This is all causing gold to pick up momentum on the downsides – in fact the break below 2600 saw massive volumes confirming the trend reversal. A daily close below the prior trend low of 2,590 has confirmed a near term bear trend and the next support comes in around 2534 levels followed by 2470 levels. As sellers remain dominant currently and no near term positive triggers likely the next lower target zone is looking more likely before this correction is over.”

Inox Green Energy shares rose 2.78% on the NSE to ₹152.75 following board’s approval for the demerger of the company’s power evacuation business. Resco Global Wind Services will undertake the power evacuation business.

Two contrasting IPO performances marked the second day of subscription on November 14, 2024, with Onyx Biotec Limited witnessing robust demand while Zinka Logistics Solutions Limited showed tepid response.

Onyx Biotec’s SME IPO recorded a 5.19 times overall subscription by 11:42 AM, with investors bidding for 1.79 million shares against 344,400 shares on offer. The retail portion led the surge, attracting 4,830 applications at cut-off price for 966,000 shares and 2,448 price-specific bids for 489,600 shares. Non-institutional investors placed 370 applications for 342,200 shares, predominantly from individual bidders.

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Top gainers on the NSE as at 12 noon:

Eicher Motors (7.85%), Hero Motocorp (2.24%), Hindalco (1.02%), Coal India (1.02%), Reliance (0.99%) 

Top losers: 

BPCL (-2.42%), HUL (-2.02%), ITC (-2%), Adani Ports (-1.84%), Tata Consumer (-1.61%)

Stocks advanced on BSE at 12 noon on November 14, 2024, were 2,041 against 1,715 stocks that declined, and 133 remained unchanged. Total stocks traded were 3,889. The number of stocks that recorded a 52-week high was 117, and those that hit a 52-week low was 122. A total of 205 stocks traded in the upper circuit, and 324 in the lower circuit.

CMP: Rs370; TP: Rs760; Upside: 106%; Rating: BUY

~ We retain our TP of Rs760 (unchanged) with a BUY rating on Ritco Logistics (Ritco). In Q2FY25, Ritco delivered robust revenue growth of 18.9% yoy, navigating a challenging economic landscape while sustaining healthy margins of 7.7%. 

~ All indicators suggest that Ritco is poised for accelerated growth, outpacing industry trends due to new customers in the FTL business, significant contributions from TrucksUp and ramp-up of multimodal logistics. 

~ TrucksUp has gained significant traction, with ~2 lakh downloads (up from 1.7 lakh in Aug’24) and over 500 business associates now subscribed to its services. 

~ TrucksUp is set to be a game changer for Ritco and industry as it gains scale over FY26-27E and we expect it to contribute significantly to the consolidated PAT in FY27E. 

~ Excluding any impact from value added services which is under evaluation stage from monetization point of view, we expect a margin and ROE/ ROCE expansion and very robust growth coming together for Ritco, buttressing a possible re-rating.

CMP: Rs1870; TP: Rs2540; Rating: Accumulate (under revision)

Revenue: Rs2.3bn; +20% yoy; -5% qoq. Revenue was a miss to our estimates. Total volumes grew by ~30% yoy but blended realisation declined 10% yoy due to correction in steel prices. Exports were 1/3rd of total revenues. Some orders were delayed due to heavy monsoon.

Gross margins: 34% vs 28.4% yoy and 33% qoq.

EBITDA: Rs410mn; +18% yoy; -15% qoq

EBITDA margins: 17.9% vs 18.1% yoy and 20% qoq. The qoq decline was largely due to high other expenses driven by increase in ocean freight (export proportion increased) and also increase in stores and spares cost.

PAT: Rs237mn; +17%yoy; -14% qoq

Our view: 2QFY25 was a miss to our estimate both on revenue and margins due to monsoon related disruption and pricing correction along with rise in other expenses. Export witnessed very strong growth. Going ahead, volumes are expected to recover due to strong order book (Rs3.4bn) but margins may remain at the same level due to permanent increase in other expenses. Growth triggers for the company include capacity expansion in fittings and high-grade titanium pipes, ramp up of exports and approvals into new end user industries. We will revise our estimates shortly.

CMP: Rs5440; TP: Rs5900; Upside: 8%; Rating: ACCUMULATE

~ We raise TP to Rs5900 (previously Rs5000) and move to Accumulate rating on Vesuvius India Ltd (VIL). 

~ Rise in TP is due to increase in target multiple, valuation rollover partially offset by slight reduction in earnings estimates. 

~ The main message from VIL’s Vizag analyst meet was that a focused approach on growth and investment will continue where it will not enter commoditized products and will increase its large market share in flow control by expanding selectively into products having technical expertise and value add for its customers. This will be further complemented by its increasing revenue from total refractory management services contracts. 

~ With another Rs5bn of capex over 3-5years, strong growth, net cash balance and a best in industry return ratios, we expect VIL to command premium multiple. 

~ We remain positive on the long-term prospects and believe VIL can be a consistent story but are constrained by expensive valuations. 

SPICEJET LTD - SETTLEMENT MARKS MAJOR FINANCIAL MILESTONE FOR SPICEJET 

SPICEJET LTD - GETS OWNERSHIP OF 13 Q400 AIRCRAFT, REDUCING OPERATIONAL COSTS, RENTAL EXPENSES 

SPICEJET LTD - PAYS $22.5 MLN TO RESOLVE $90.8 MLN EDC DISPUTE, SAVES $68.3 MLN 

INDIA TRADE MINISTER TO CNBC TV18: HAVE ALWAYS BEEN ANTI-HYBRID VEHICHLES, BUT NOW SEE PLUG-IN HYBRID MODELS HELP ADDRESS RANGE ANXIETY, REDUCE FUEL CONSUMPTION - Reuters

STRONG INTERNALS FROM APOLLO TYRES

HEADLINE NUMBERS MISS, BUT KEY EUROPE BUSINESS BEATS ESTIMATES

EUROPE BUSINESS OUTPERFORMS 

KEY POSITIVE TAILWINDS - CORRECTION IN RUBBER PRICES FROM RECENT TOP

AXIS CAP

Europe revenue was up 6% YoY to Rs 19.3 bn, largely in line with our estimate of Rs 19 bn. EBIT margin at 5.9% (up 170 bps QoQ and 60 bps QoQ) was 40 bps above our estimate leading to 9% beat on EBIT. 

Do note that Q1 is seasonally weakest quarter

Gold prices contained their weak trend in the global markets and shed $15 an ounce to close at $2,559 an ounce.

Gold prices dipped ₹360 per 10 grams on Thursday to ₹74,900 against ₹75,260 logged on Wednesday, according to the Indian Billion and Jewellers Association of India data.

From the recent high of ₹79,557 on October 31, the yellow metal has shed ₹4,657 per 10 grams as the rupee dipped against the dollar.

Indian government could potentially save about $10 billion annually by expanding insurance penetration to encompass underserved population and events, a new McKinsey & Company report showed.

This new report, ‘Steering Indian Insurance from growth to value in the upcoming ‘techie,’’ analyses the Indian insurance industry’s performance and outlines key opportunities and challenges that could shape its near- and long-term performance. 

McKinsey & Co’s analysis showed that comprehensive life insurance coverage could assist the government in alleviating the burden of providing ex-gratia benefits to families affected by the loss of life or livelihood due to accidents and unforeseen events.

SpiceJet announced that it has fully settled a $90.8 million (INR 763 Crore) dispute with Export Development Canada (EDC) for a total of $22.5 million, now paid in full by the airline

Shares trade at ₹55.18 on the BSE, up 2.89%.

Swiggy shares dropped 1.96% on the NSE to ₹447.05 as at 10.58 am. Catch the live action here.

Bank Nifty opened today’s session at 50,053 versus yesterday’s close of 50,088. The banking index is now at 50,520, up nearly 0.9 per cent. Notably, 11 out of 12 stocks in the index are in the green, indicating good buying. Punjab National Bank and AU Small Finance Bank, up 1.6 per cent each are the top gainers. Federal Bank is the only loser, down 0.2 per cent.

The shares of India Glycols Limited (IGL) were trading at ₹1,142.00, up by ₹39.85 or 3.62 per cent, on the NSE today at 10.44 am.

India Glycols Limited (IGL) announced on November 13, its entry into India’s premium alcoholic beverages market through a brand licensing agreement with Bangalore-based Amrut Distilleries. Under the partnership, IGL will manufacture, distribute, and sell select Amrut brands in North India.

Wipro Limited announced on November 13, the successful implementation of SAP S/4HANA for Sahara International Petrochemical Company (Sipchem), marking a significant digital transformation for the Saudi Arabian petrochemical manufacturer.

The shares of Wipro Limited were trading at ₹572.65 up by ₹3.65 or 0.64 per cent on the NSE today at 10.02 am.

Eicher Motors stock rallied 7.68% to ₹4,941.30 on the NSE following Q2 performance. Its consolidated profit after tax increased 8% y-o-y to ₹1,100 crore in the September 2024 quarter on the back of robust sales across business segments.

The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Thursday, weighed down by unabated foreign fund outflows and strong dollar demand from investors.

Forex traders said the downward pressure on the USD/INR pair is largely driven by persistent inflation and significant foreign outflows.

Nifty 50, the benchmark index, opened today’s session almost flat at 23,542 versus yesterday’s close of 23,559. The index is now hovering around 23,610, up 0.2 per cent.

The advance/decline ratio of Nifty 50 stands at 25/25. Eicher Motors, up 7.7 per cent, is the top gainer whereas Britannia Industries, down 1.4 per cent, is the top loser.

The mid and the small cap indices are in the green. Barring Nifty FMCG, down 0.5 per cent, all other sectoral indices have gained.

Nifty Media and Nifty Realty, up 2.1 and 1.5 per cent, are the top gainers.

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V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“During a correction phase in the market, like the present one, there will always be counter moves, which will facilitate a bounce back. This can happen any time now. The huge liquidity at the disposal of the DIIs can trigger this bounce back. But such a bounce back is unlikely to sustain since the fundamental factors are unfavourable. The Trump factor has triggered many profound changes in markets already. The dollar index is strong and rising and is currently at 106.61. The US 10-year bond yield is at 4.48%. These two are strong headwinds for equity markets in emerging economies like India. The positive factor is the huge liquidity at the disposal of the DIIs and the sustained flows into these funds. Domestically, the worry is the disappointing Q2 results and the consensus earnings downgrade.

How long can these flows sustain? How early can we expect a rebound in earnings growth and strong GDP indications? These are relevant questions for which we will have to wait for answers. Meanwhile investors will have to stay with quality stocks in sectors with strong demand.”

Deepak Jasani, Head of Retail Research at HDFC Securities

The S&P 500 and the Dow Jones Industrial Average ended Wednesday’s session near the flatline as the postelection rally lost some steam. Stocks wavered as speculation the market has run too far after the US election offset bets the Federal Reserve will keep cutting rates. Trump won the Republican Trifecta as GOP Retains House Majority.

The U.S. deficit spiked to start the new fiscal year, casting a shadow over the budget outlook as Washington braces for a second Trump presidency. The Treasury Department said that the federal budget deficit in October was about $257 billion, up 287% or $191 billion from a year earlier. Economists polled by FactSet had estimated the deficit would come in at $72.7 billion for October, the first month of fiscal 2025. The deficit was the highest for the first month of a fiscal year since the pandemic, in 2020.

US CPI came in line with expectations, accelerating slightly to an annual inflation rate of 2.6%. Core CPI, which straps out volatile food and energy prices, gained 3.3% last month, also matching expectations.

Traders upped odds for a quarter percentage point reduction to about 82%, according to the CME Group’s FedWatch gauge. A day earlier, the market-implied probability was at just 59%.

The U.S. dollar revisited a one-year high (106.55) against major peers on Thursday, as a fourth straight winning session from momentum sparked by Donald Trump’s election victory eclipsed a rise in bets for Federal Reserve easing. Cryptocurrency bitcoin also shot to a fresh record high of $93,480 overnight, and was rising back towards that level early in Asia’s day.

Asia-Pacific markets were mostly down on Thursday after the U.S. October consumer price index reading fueled expectations for the Fed to cut rates again in December.

Nifty fell for the 5th consecutive session on Nov 13 and entered correction territory, having fallen 10% from the recent high. Nifty formed another long bear candle on Nov 13 and did not provide sufficient bounce after testing its 200 DEMA. Nifty could now head towards 23340 in the near term while 23960 could offer resistance in the next upmove.

GRSE shares gained 1.97% on the NSE to trade at ₹1,411.50 following 21.09% year-on-year increase in its net profit to ₹97.77 crore for the second quarter this fiscal and a 28% y-o-y surge in revenue.

Vodafone shares trade at ₹7.50 on the NSE, up 1.90%. The stock hit 52-week low on the NSE yesterday at ₹7.32 after net loss narrowed by 17% to ₹7,175.9 crore in the second quarter of FY25, as against a loss of ₹8,737.9 crore in the same quarter last year. Sequentially, loss widened by 11%.

Dr Reddy’s Laboratories informed the exchanges that the drug regulatory body of Mexico (Comisión Federal para la Protección contra Riesgos Sanitarios) has imposed a penalty of MXN 651, 420 (₹27 Lakh) on the Company for deviation from prescribed guidelines in filing intimation of import of a reference standard for one of our APIs. Additionally, the fine was imposed due to an error in the date of the invoice and also name of the reference standard Vs import license.

Dr Reddy’s Laboratories stock traded flat on the NSE at ₹1,239.75.

Top gainers on the NSE as at 9.30 am:

Eicher Motors (7.08%), HCL Tech (1.35%), Hindalco (1.02%), HDFC Bank (0.76%), Axis Bank (0.66%)

Top losers:

Ultratech Cement (-1.77%), Shriram Finance (-1.38%), M&M (-1.31%), HUL (-1.28%), Britannia (-1.01%)

NSE has introduced 45 stocks in the futures and options segment, with notable entrants being Zomato, DMart and Jio Financial. These scrips will be included in the F&O segment starting November 29.

Some of the other stocks include Adani Energy, Adani Green Energy, Angel One, Adani Total Gas, Bank of India, BSE Ltd, CDSL, Cyient, Delhivery, Hudco, Nykaa, LIC, KPIT Technologies, Oil India, YES Bank, Tata Elxsi, Tube Investments, Paytm, PB Fintech, JSW Energy, Jindal Stainless, among others.

GS on Larsen: Maintain Buy on Company, target price at Rs 3960/Sh (Positive) 

Jefferies on Entero Health: Maintain Buy on Company, raise target price at Rs 1680/Sh (Positive) 

Jefferies on Sunteck: Maintain Buy on Company, raise target price at Rs 700/Sh (Positive) 

Antique on Allied Blenders: Initiate Buy on Company, target price at Rs 405/Sh (Positive) 

Nuvama on Sunteck: Maintain Buy on Company, target price at Rs 674/Sh (Positive) 

Citi on Kalyan Jewel: Maintain Buy on Company, target price at Rs 810/Sh (Positive) 

Jefferies on PI Ind: Maintain Buy on Company, target price at Rs 5100/Sh (Positive) 

JP Morgan on Vodafone Idea: Maintain Neutral on Company, target price at Rs 10/Sh (Neutral) 

CLSA on BHEL: Maintain Neutral on Company, raise target price at Rs 205/Sh (Neutral) 

UBS on Apollo Tyre: Maintain Buy on Company, target price at Rs 605/Sh (Neutral) 

MS on Apollo Tyre: Maintain Overweight on Company, target price at Rs 555/Sh (Neutral) 

Nomura on Alkem: Maintain Neutral on Company, target price at Rs 6097/Sh (Neutral) 

BofA on Alkem: Maintain Underperform on Company, raise target price at Rs 4640/Sh (Neutral) 

Jefferies on Alkem: Maintain Underperform on Company, raise target price at Rs 4950/Sh (Neutral) 

HSBC on Alkem: Maintain Hold on Company, raise target price at Rs 5540/Sh (Neutral) 

Citi on Eicher Motors: Maintain Buy on Company, cut target price at Rs 5350/Sh (Neutral) 

GS on Eicher Motors: Maintain Buy on Company, target price at Rs 5400/Sh (Neutral) 

Jefferies on Eicher Motors: Maintain Buy on Company, target price at Rs 5500/Sh (Neutral) 

Nomura on Eicher Motors: Maintain Neutral on Company, target price at Rs 4391/Sh (Negative) 

MS on Eicher Motors: Maintain Underweight on Company, target price at Rs 3655/Sh (Negative) 

Citi on GSPL: Maintain Sell on Company, target price at Rs 360/Sh (Negative) 

Citi on Gujarat Gas: Maintain Sell on Company, target price at Rs 490/Sh (Negative)

Last date for Cum-Dividend Today

CFF Fluid Control Ltd 

Dividend Per Share Rs.0.5 

Previous day Closing Price – Rs. 588.75 

Emami Ltd 

Dividend Per Share Rs.4 

Previous day Closing Price – Rs. 648.65 

Manappuram Finance Ltd. 

Dividend Per Share Rs.1 

Previous day Closing Price – Rs. 157.8 

Sundram Fasteners Ltd 

Dividend Per Share Rs.3 

Previous day Closing Price – Rs. 1198.9

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Swiggy’s listing on the Indian stock market has stirred up notable excitement, but early trading volatility reveals investor caution. While there’s optimism about Swiggy’s potential to capture further market share in India’s Android evolving food delivery and quick commerce segments, the road to profitability may be bumpy. Swiggy has shown impressive growth potential, yet persistent losses over recent fiscal years signal challenges ahead. Investors may need to brace for a dynamic journey as the company seeks to balance expansion with sustainable financial performance.

Central government and aggregate state government capex (20 major states) contracted by 15.4% and 10.5% (YoY) respectively in H1 FY25 impacted by the election-related restrictions in Q1. 

In H1 FY25, Centre and states have achieved only 37% and 28% of the full-year budgeted capex target. 

On the corporate capex front, the aggregate capex of 1,074 non-financial listed companies was seen at Rs 9.4 trillion in FY24, marginally lower than the previous year.

Top 5 sectors of private capex in FY24: oil & petrochemicals (21% share), power (12.8%), telecom (12.8%), automobile and ancillaries (7.4%) and iron and steel (7.1%). 

Order books of a sample of capital goods companies increased by 10.3% in H1 FY25 compared to end FY24, reflective of healthy order book momentum. 

Order books of a sample of infrastructure companies (particularly involved in road development) saw substantial new orders with a 20.5% growth in H1 FY25 compared to end of FY24.

Capex in power generation sector (listed & unlisted companies) is projected to grow at 13% CAGR between FY25 to FY28. 

Deleveraged corporate balance sheets and optimistic order book scenario (of capital goods & infra sector) bode well for the pick-up in capex going forward. 

However, challenges persistent in the form of weak domestic demand, geopolitical uncertainties, and external challenges

-- Emkay Global Research 

H1FY25’s fiscal situation of both Centre and states has not been too concerning vs their budgeted path, with the Centre poised to possibly, even mildly, overachieve vs FY25BE. However, fiscal comfort in H1 has come more from curtailed federal spending with Centre/states only achieving 46%/41% of their revex and 37%/28% of their capex targets. This has impacted 1H GDP growth owing to lower fiscal impulse vs last year, implying much higher govt spending (~21% YoY) in 2H, if they intend to match FY25BE spending. General government capex and revex is likely to see ~43% and ~18% growth vs -12% and 7%, respectively, in 1H. However, populism-led spending in states, and limited levers to mobilize revenues will make a case for mild fiscal slippage, with capex being a casualty, where we see states achieving a mere 75-80% of their budgeted capex vs 90% FY24P. We expect C+S capex to fall to 4.9% vs 5.4% FY25BE and 5.1% FY24P, even as the Centre may largely achieve its budgeted capex (ex-capex loans). Despite the expected federal spending ramp-up in H2, FY25E GDP growth is maintained at 6.5% due to multiple headwinds.

Indicative Offer Price - Rs 565 - 1.5% discount to CMP

Base Size - Rs 5500 cr 

Greenshoe Option - Rs 2000 cr 

Equity Dilution - 4.1% 

Funding Reason: Varun Beverages acquires PepsiCo’s bottler in Tanzania and Ghana, expanding its footprint in Africa, and also acquires the remaining stake in Lunarmech Technologies.

Buzzing stocks: Tata Power, India Glycols, Hero MotoCorp, BDL, Firstcry, Mamaearth, MTNL, HAL, Nazara Tech, Sobha, Glenmark Pharma, GVK Power, Medi Assist, Grasim, PNB Housing Fin, Samhi Hotels, Inox Green Energy, Varun Beverages, Piccadilly Agro, 

FIIS F & O : RS. CRS. : 

TOTAL NET BUY : +36966 

INDEX FUT. : -1886 

INDEX OPT. : +37331

STOCK FUT. : +2455

STOCK OPT. : -934

BSE SENSEX : -984 (77,691)🔽 

NSE NIFTY : -324 (23,559)🔽

BSE MIDCAP. : -1160 (44,108)🔽

BSE SMLCAP. : -1651 (51,953)🔽

*B. CRUDE : $ 70.98 🔽

GOLD:$ 2,600=INR 76,510 (10gr)↔️

SILVER : RS. 89,000 (kg)🔽

*FOREX : RS. $ 84.38 🔼 

*6.79% NEW ‘34: 6.8031%(99.8975)🔼

*7.10% GOI ‘34: 6.8374% (101.79)🔼

*7.23% GOI ‘39: 6.8823% (103.14)🔼

GODAVARIB, VALECHAENG, WAAREEENER

DBEIL 

HDIL

AHLUCONT, BAJEL, BALAMINES, BANARISUG, BDL, BBTC, BHARATFORG, BLUECLOUDS, CAPACITE, CROMPTON, DBREALTY, DELHIVERY, EASEMYTRIP, EIDPARRY, EKC, FIRSTCRY, FMGOETZE, GARFIBRES, GLENMARK, GRASIM, GREENPOWER, GRWRHITECH, GUFICBIO, HAL, HEROMOTOCO, HGS, HINDOILEXP, HMT, HONASA, HONDAPOWER, HUBTOWN, IGARASHI, IOLCP, IPCALAB, ITI, JAMNAAUTO, JINDALPOLY, JTEKTINDIA, JYOTICNC, KESAR, KIRLOSIND, LEMONTREE, LSIND, MANGLMCEM, MEDANTA, MEDIASSIST, MTNL, MUTHOOTFIN, NAVA, NSIL, OMAXE, PFOCUS, PRAKASH, PTCIL, RAJESHEXPO, RAMASTEEL, RATNAMANI, RELINFRA, RIR, SANGHVIMOV, SANSTAR, SARDAEN, SCHNEIDER, SDBL, SEIL, SHK, SINDHUTRAD, SOBHA, SURAJEST, SURYAROSNI, SWANENERGY, TASTYBITE, TECHNOE, TECHNVISN, TEGA, VADILALIND

BDL 

* Revenue expected at Rs 704 crore versus Rs 615 crore

* EBITDA expected to be seen at Rs 158 crore versus Rs 134 crore

* EBITDA margin expected to be seen at 22.44% versus 21.76%

* Net profit expected to be seen at Rs 164 crore versus Rs 147 crore

BHARATFORG 

* Revenue expected at Rs 4070 crore versus Rs 3774 crore

* EBITDA expected to be seen at Rs 736 crore versus Rs 621 crore

* EBITDA margin expected to be seen at 18.08% versus 16.47%

* Net profit expected to be seen at Rs 313 crore versus Rs 229 crore

GLENMARK 

* Revenue expected at Rs 3426 crore versus Rs 3207 crore

* EBITDA expected to be seen at Rs 635 crore versus Rs 462 crore

* EBITDA margin expected to be seen at 18.53% versus 14.41%

* Net profit expected to be seen at Rs 348 crore versus Rs 124 crore

GRASIM 

* Revenue expected at Rs 7493 crore versus Rs 6442 crore

* EBITDA expected to be seen at Rs 431 crore versus Rs 593 crore

* EBITDA margin expected to be seen at 5.75% versus 9.21%

* Net profit expected to be seen at Rs 888 crore versus Rs 794 crore

HAL 

* Revenue expected at Rs 6300 crore versus Rs 5635 crore

* EBITDA expected to be seen at Rs 1674 crore versus Rs 1847 crore

* EBITDA margin expected to be seen at 26.57% versus 32.78%

* Net profit expected to be seen at Rs 1405 crore versus Rs 1236 crore

HEROMOTOCO 

* Revenue expected at Rs 10232 crore versus Rs 9445 crore

* EBITDA expected to be seen at Rs 1490 crore versus Rs 1328 crore

* EBITDA margin expected to be seen at 14.56% versus 14.06%

* Net profit expected to be seen at Rs 1142 crore versus Rs 1053 crore

IPCALAB 

* Revenue expected at Rs 2340 crore versus Rs 2034 crore

* EBITDA expected to be seen at Rs 480 crore versus Rs 321 crore

* EBITDA margin expected to be seen at 20.51% versus 15.78%

* Net profit expected to be seen at Rs 266 crore versus Rs 145 crore

LEMONTREE 

* Revenue expected at Rs 276 crore versus Rs 227 crore

* EBITDA expected to be seen at Rs 124 crore versus Rs 104 crore

* EBITDA margin expected to be seen at 44.93% versus 46.12%

* Net profit expected to be seen at Rs 27 crore versus Rs 22 crore

MUTHOOTFIN 

* NII expected at Rs 2440 crore versus Rs 3015 crore

* EBITDA expected to be seen at Rs 1807 crore versus Rs 1328 crore

* EBITDA margin expected to be seen at 73.63% versus 71.48%

* Net profit expected to be seen at Rs 1268 crore versus Rs 991 crore

SOBHA 

* Revenue expected at Rs 929 crore versus Rs 741 crore

* EBITDA expected to be seen at Rs 111 crore versus Rs 75 crore

* EBITDA margin expected to be seen at 11.94% versus 10.18%

* Net profit expected to be seen at Rs 46 crore versus Rs 14 crore

* Nifty Media: -25% 

* Nifty Oil & Gas: -20% 

* Nifty Realty: -18% 

* Nifty Psu Bank: -18% 

* Nifty Auto: -18% 

* Nifty Fmcg: -15% 

* Nifty Metal: -14% 

* Nifty Consumer Durables: -13% 

* Nifty Private Bank: -9%

1- Energy : Reliance Industries (-21%)

2- Retail : Avenue Supermarts(-35)

3- Cement : UltraTech(-11%)

4- Restaurant : Jubilant Food(-32)

5- Footwear : Metro Brands(-19)

6- Textiles : K.P.R. Mill(-15%)

7- Paints : Asian Paints(-31%)

8- Alcohol : United Spirits(-13%)

9- Credit Card : SBI Cards(-17%)

10- Beverage : Tata Consumer(-24%)

11- Hospitals : Apollo Hospitals(-9%)

12- Housing Finance : Bajaj Housing (-31%)

13- Telecom : Bharti Airtel(-13%)

14- NBFC : Bajaj Finance(-20%)

15- Diagnostic : Dr. Lal PathLabs (-19%)

16- IT Services : TCS (-10%)

17- Bank : HDFC Bank (-5%)

18- FMCG : Hindustan Unilever Ltd (-19%)

19- Job search : Info Edge (-10%)

20- Hotels : Indian Hotels (-4%)

21- PSU : SBI (-11%)

22- Electric Vehicle : Tata Motors (-33%)

23- Gold Loan : Muthoot (-14%)

24- Infra : LT (-9%)

25- Luggage : V.I.P. Industries (-40%)

26- Paper : JK Paper (-36%)

27- Mutual Funds : HDFC AMC (-12%)

28- Industrial Chemical : Gujarat Fluorochem (-18%)

29- Plastic Products : Supreme (-30%)

30- Beauty : FSN E-Com (Nykaa) (-24%)

31- Wedding wear : Vedant Fashions (-12%)

32- Steel : JSW Steel (-12%)

33- Power Producer : NTPC (-14%)

33- Renewable : Adani Green (-28%)

35- Industrial Product : Siemens (-18%)

36- Auto Ancillary : Bosch (-15%)

37- Chemicals : SRF (-23%)

38- Internet biz : Zomato (-13%)

39- 4 Wheeler : Maruti Suzuki (-19%)

40- Pharma : Sun Pharma(-9%)

41- Luxury Goods : Titan (-18%)

42- Aerospace & Defense : HAL (-28%)

43- Motorcycle : Eicher Motors (-11%)

44- API & Life Sciences : Divi’s Labs (-8%)

45- Airlines : InterGlobe (-23%)

46- Agro Chemicals : UPL (18%)

47- Logistics : Delhivery (-32%)

Rs. CRS. : 

FIIS : SELL -2,502 (15,178-17,680)

DIIS : BUY +6,145 (14,095-7,950)

Nifty Spot: 23514, Down 369 points 

Bank Nifty Spot: 49944, Down 1213 points

CENTURY PLYBOARDS (I): Q2 EBITDA 1.1B RUPEES VS 1.4B (YOY) || Q2 EBITDA MARGIN 9.41% VS 14.47% (YOY) (NUMBERS SEEN LOWER THAN ESTIMATES)

UNICHEM LAB: Q2 EBITDA 580M RUPEES VS 87M (YOY) || Q2 EBITDA MARGIN 12.55% VS 2.11% (YOY) (SUPPORTIVE FOR STOCK PRICES) 

DCW: Q2 SL NET LOSS 12M RUPEES VS PROFIT 27M (YOY) (NUMBERS SEEN TRAILED YOY) 

KAVERI SEED CO: Q2 CONS NET LOSS 7M RUPEES VS PROFIT 137M (YOY) (NUMBERS SEEN TRAILED YOY)

1. AARTIIND 

2. ABFRL 

3. GNFC 

4. GRANULES 

5. HINDCOPPER

Walt Disney Company (Pre market) (Sector- Media)

Brookfield Corporation (Pre market) (Sector- Financial)

JD. com, Inc. (Pre market) (Sector- Retail)

Mizuho Financial Group, Inc. (Pre market) (Sector- Financial)

NetEase, Inc. (Pre market) (Sector- Technology)

NICE Ltd (Pre market) (Sector- Technology)

Talen Energy Corporation (Pre market) (Sector- Power)

Applied Materials, Inc. (Post market) (Sector- Technology)

Major U.S. listed stocks result calendar 15.11.2024

Alibaba Group Holding Limited (Pre market) (Sector- Technology)

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

Here’s an interesting stock idea: The stock that we have today is Marico. The trend has been bearish since early October. The stock has been declining this week and the chart indicates that the downtrend can extend further.Go short at ₹600. Place initial stop-loss at ₹610. Stop-loss revision is given at the end.Exit the trade at ₹575.

Check out the latest episode of bl.Today’s Pick to learn more.

India Market @ Holiday

07.30 CHINA Industrial Production y/y (Expected: 5.5% versus Previous: 5.4%)

07.30 CHINA Retail Sales y/y (Expected: 3.8% versus Previous: 3.2%)

12.30 U.K. GDP m/m (Expected: 0.2% versus Previous: 0.2%)

19.00 U.S. Retail Sales m/m (Expected: 0.3% versus Previous: 0.4%)

19.45 U.S. Industrial Production m/m (Expected: -0.3% versus Previous: -0.3%)

12.00 INDIA WPI Inflation y/y (Expected: 2.20% versus Previous: 1.84%)

15.30 EURO Industrial Production m/m (Expected: -1.3% versus Previous: 1.8%)

15.30 EURO Flash GDP q/q (Expected: 0.4% versus Previous: 0.4%)

17.30 U.S. FOMC Member Kugler Speaks

19.00 U.S. PPI m/m (Expected: 0.2% versus Previous: 0.0%)

19.00 U.S. Unemployment Claims (Expected: 224k versus Previous: 221k)

19.30 U.S. FOMC Member Barkin Speaks

01.30 U.S. Fed Chair Powell Speaks