Share Market Highlights 15 January 2023: Sensex climbs 759 pts; Nifty at 22,100; Wipro surges over 6%

Benchmark Sensex closed above the 73,000 level for the first time while broader Nifty scaled the 22,000-point peak on Monday as key stock indices stayed on the record-breaking run powered by a rally in IT shares, Reliance and HDFC Bank.

Rising for the fifth day in a row, the 30-share BSE Sensex jumped 759.49 points or 1.05 per cent to settle at a lifetime closing high of 73,327.94. During the day, it rallied 833.71 points or 1.14 per cent to hit an all-time intra-day peak of 73,402.16.

The Nifty climbed 202.90 points or 0.93 per cent to settle at a new closing high of 22,097.45. During the day, it zoomed 221 points or 1 per cent to reach a lifetime intra-day high of 22,115.55.

The rupee strengthened for the ninth consecutive session to settle with a gain of 6 paise to 82.89 (provisional) against the US dollar on Monday, driven by a rally in the domestic equity markets.

At the interbank foreign exchange, the rupee opened at 82.82 and traded between 82.77 and 82.91 against the greenback during intra-day deals.

Top gainers:

Wipro Ltd. (6.41%), Oil and natural gas corporation Ltd (4.52%), HCL technologies Ltd (3.14%), Bharti Airtel Ltd (2.35%), Infosys Ltd (2.47%)

Top losers:

HDFC Bank Ltd (-3.62%), Bajaj Finance Ltd (-1.11%), Tata consumer products Ltd. (-1.25%), Hindalco industries Ltd (-1.18%), Eicher motors Ltd (-1.24%)

Emudhra Ltd’s shares were up by 4.27% to Rs 487 after the company launched its QIP at a floor price of Rs 443.56, which indicates a discount of 5% to the current market price.

NBCC (India) Limited’s wholly-owned subsidiary, HSCC (India) Limited, secured a project management consultancy work order valued at approximately Rs 76.62 crore. The contract involves setting up the Central Research Institute of Yoga & Naturopathy (CRIYAN) with a 100-bedded hospital at Dibrugarh, Assam for the Central Council for Research in Yoga & Naturopathy. Shares were up by 0.13% to Rs 91.54 on the BSE.

Avalon Technologies Ltd’s shares were up by 2.45% to Rs 555.45 after the company entered into an agreement with the Centre for Development of Advanced Computing for indigenously manufactured HPC servers, ‘RUDRA’.

Life Insurance Corporation Ltd’s shares were up by 3.33% to Rs 857. In a major relief for Life Insurance Corporation (LIC), the income tax department has issued a refund intimation of Rs 25,464.46 crore for seven different assessment years. Meanwhile, the state-run insurer received a tax demand worth Rs 1,370.6 crore from the Mumbai tax authority.

Bharat Heavy Electricals Ltd.’s shares were up by 2.85% to Rs 202 after the company received a letter of award worth Rs 15,000 crore for an EPC package for the 3x800 MW Talabira thermal power project from NLC India.

Lupin Ltd’s shares were up by 1.55% to Rs 1,420 after the company received USFDA approval for a new drug to treat blood pressure and migraine.

Pidilite Industries Limited collaborated with Syn-Bios, expanding the supply of leather chemicals in India, Sri Lanka, Bangladesh, Nepal, and Vietnam. Shares up by 1.02% to Rs 2760.70

Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between the Adani Group and the Government of Maharashtra, today announced that eligible residential tenements in Dharavi will get flats with independent kitchens and toilets measuring a minimum 350 square feet (sq ft), which is a whopping 17% more and the highest among slum redevelopment projects in Mumbai. Earlier, dwellers of informal settlements in Maharashtra were given houses measuring 269 sq ft. Since 2018, the state government started giving them homes measuring between 315 sq ft and 322 sq ft, in line with the minimum area mandated under the Pradhan Mantri Awas Yojana for houses for the urban poor

Gold prices on Monday rose from ₹188 to ₹62,550 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.

NSE Nifty was up by 0.81% or 178.95 to 22,072.50 points, while the BSE Sensex was at 73,171.69 up by 0.83% or 603.25 points at 2.10 pm.

Manorama Industries Limited announced a 1:5 stock split of equity shares, business expansion plans and evaluation of foraying into the Chocolate & Confectionery business. Shares were down by 5% to Rs 2,062 on the BSE.

SBI Mutual Fund, the country’s largest fund house, has launched a new fund offer of SBI NIFTY-50 Equal Weight Index Fund, an open-ended scheme replicating/ tracking the NIFTY50 Equal Weight Index.

Just Dial stock rose 2.67 per cent on the NSE, trading at ₹896.45, as of 12:51 pm on Monday. The stock hit a 52-week high at ₹949.45.

The company reported its revenue in Q3FY24 at ₹265 crore, up 19.7 per cent y-o-y and its EBITDA stood at ₹60.4 crore, up 122.8 per cent y-o-y. As per the company’s regulatory filing, the EBITDA Margin witnessed 1,054 bps y-o-y and 406 bps q-o-q expansion, led by topline growth and strong cost controls, both on employee costs and other expenses.

Its net profit surged 22.3 per cent at ₹92 crore in the December quarter; and deferred revenue rose 17.5 per cent y-o-y, at ₹472.7 crore.

Tiger Logistics (India) Ltd., secured government tender from Bharat Heavy Electricals Limited (BHEL). In addition to its previous announcement regarding air exports, the company will now handle import and export by sea, providing logistics solutions, including customs clearance, forwarding, handling, transportation, and warehousing services to BHEL.

The wholesale price index (WPI)-based inflation rose in December at 0.73 per cent mainly due to a sharp rise in food prices.

The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent.

“Positive rate of inflation in December 2023 is primarily due to increase in prices of food articles, machinery & equipment, other manufacturing, other transport equipment and computer, electronics & optical products etc,” the Commerce and Industry Ministry said in a statement on Monday.

Food inflation rose to 9.38 per cent in December from 8.18 per cent in November 2023.

Shares of HCL Technologies climbed over five per cent in the morning trade on Monday after the company reported a 6.2 per cent increase in consolidated net profit to ₹4,350 crore in the December quarter.

The net profit was the highest ever on a quarterly basis, and was driven by growth in both services and software businesses.

The stock jumped 4.83 per cent to reach its 52-week high of ₹1,617.65 on the BSE.

At the NSE, it rallied 5.11 per cent to ₹1,619.60 -- its 52-week high.

At noon trade, NSE nifty was up by 0.76% or 165.85 to 22,058.90 points, while the BSE sensex was at 73,180.04 up by 0.85% or 619.29 points. 

A total of 3,977 stocks were actively traded, 2,034 advanced, while 1,808 declined and 135 stocks remained unchanged where 501 stocks hit a 52 week high and 12 stocks hit a 52 week low at 12.22 pm on monday.

Stocks hitting 52 week high on the NSE - Indian railway finance corporation Ltd (17.77%), Dhanlaxmi Bank Ltd (16.94%), Tera software Ltd. (16.02%), Indian card clothing company Ltd (12.96%), Balkrishna paper Mills Ltd (12.23%). Stocks hitting a 52 week low on the NSE include- M K proteins Ltd (-5.47%), Digidrive distributors Ltd. (-5.01%), Happy Forgings Ltd. (-0.87%)

Top gainers on the NSE at 12.13 pm- Wipro Ltd. (6.92%), Oil and natural gas corporation Ltd (4.59%), HCL technologies Ltd (2.66%), tech Mahindra Ltd (2.34%), Infosys Ltd (1.99%) 

Top losers on the NSE at 12.13 pm- HDFC Bank Ltd (-3.37%), Bajaj Finance Ltd (-1.71%), Tata consumer products Ltd. (-1.25%), Hindalco industries Ltd (-1.16%), Eicher motors Ltd (-0.87%)

Calendar year 2023 witnessed an all-time high fund mobilisation through corporate bonds on private placement basis of ₹9,58,125# crore, an increase of a huge 26 per cent from last year, according to primedatabase.com. This was mobilised by 920 institutions and corporates. Such deals, listed and unlisted, which have a tenor and put/call option of above 365 days have been considered.

According to Pranav Haldea, Managing Director, PRIME Database Group, a surge in credit demand on the back of strong economic growth and constrained liquidity in the banking system has led to this.

Titagarh Rail Systems Limited inaugurated its 25T Bollard Pull Tug, an addition for the Indian Navy, It is part of a six-tug fleet crafted to provide support for naval vessels in berthing, unberthing, and manoeuvring, for operations, and Search- Rescue missions. Shares up by 2.54% to Rs 1075 on the BSE.

Mish Designs Limited partnered with NEOM Trading and Technology Services Pvt. Ltd. for expansion into middle eastern markets. shares up by 4.58% to Rs 168.90 on the BSE.

Yes bank Ltd introduced SmartFin, a Digital Supply Chain Finance (SCF) platform powered by Veefin Solutions. The platform facilitates digital SCF loans for dealers and suppliers, supporting MSMEs in accessing credit.

SpiceJet has announced the launch of non‐stop flights connecting Ayodhya with Chennai, Bengaluru, and Mumbai, beginning February 1, 2024. The airline will deploy its 189-seater Boeing 737 aircraft on these routes.

Shriram Finance is planning a USD-denominated 144A/Regulation S senior secured Social Bonds offering, subject to market conditions.

This Social Bonds (Notes) offering is part of the non-banking finance company’s $3.5-billion Global Medium Term Note (GMTN) Programme for issuance of debt securities in international markets by way of public/ private issue.

Safari Industries (India) Ltd Board approved the issuance of 12 lakh equity shares at Rs 1,908 per share, totalling Rs 228.96 Crore, on a preferential basis to Lighthouse India Fund IV AIF. Shares were down by 0.55% to Rs 1891.60

Mahindra Group and Ontario Teachers’ co-sponsor India’s renewable energy InvIT, “Sustainable Energy Infra Trust” (SEIT), raised Rs 1365 crore in primary capital for growth in the renewable energy sector. Shares up by 0.15% to Rs 1625.30

Arbitration Outcome Credit Positive for DIAL: Fitch Ratings

The arbitration tribunal’s decision in absolving Delhi International Airport Limited (DIAL, BB-/Positive) of its revenue share commitments for the pandemic period is a positive development for its credit profile, Fitch Ratings says. Fitch believes that this materially reduces the number of issues pending resolution at DIAL and also supports DIAL’s deleveraging in the near future. DIAL had invoked the force majeure clause during the pandemic to excuse the monthly annual fee (MAF) payment, which was then disputed by Airports Authority of India (AAI).

In its decision awarded on 6 January 2024, the arbitration tribunal has excused DIAL from making the MAF payment for 19 March 2020 to 28 February 2022 due to the force majeure clause. It has directed AAI to refund INR5 billion to DIAL for 19 March 2020 to 31 December 2020 and waived the latter’s INR12 billion payment for 1 January 2021 to 28 February 2022. Further, the tribunal has allowed an extension in the airport concession period, subject to approval from government authorities, by one year and 11 months, i.e. the period excused under force majeure.

The Positive Outlook on DIAL’s rating reflects Fitch’s expectation of deleveraging in the near future supported by growth in passenger traffic, expected tariff hikes and the resolution of key pending issues. Despite the tribunal’s decision, Fitch sees a risk that the decision may be challenged by AAI. Fitch will continue to monitor developments and take appropriate rating action when required.

IRB Infrastructure Developers Ltd, India’s leading and the largest integrated multi-national transport infrastructure developer in the highways sector (IRB Infra), has informed that IRB Kota Tollway Pvt. Ltd. and IRB Gwalior Tollway Pvt. Ltd., the Project SPVs of IRB Infrastructure Trust (an Associate of IRB Infra), have signed Concession Agreements with the National Highways Authority of India (NHAI) for Tolling and Operations & Maintenance of the 110 Kms (Approx.441 Lane Kms) stretch comprising of the Kota Bypass stretch on NH76 (new NH27) and Gwalior Jhansi Section of NH44 respectively. 

With signing of these two Concession Agreements, the Company is now set to head for arranging finances for the project.

Sharekhan View Point- 3R Recommendation:-

Operational profitability upbeat; outlook is positive

Rating: BUY

(CMP: 147, Upside Potential: 20%)

Company Description

Hi-Tech Pipes Ltd is one of the holistic piping solution players with a total installed capacity of 5.8 lakh metric tonne and is positioned among India’s top-five pipe companies. The company manufactures a wide range of steel tubes with applications in infrastructure, telecom, defence, power distribution, railways, airports, real estate, automobiles, and agriculture, among others. Hi-Tech has a wide network of 450 plus dealers and >1200 SKUs present across 17 Indian states. 

Moreover, the company has a tie-up with more than 150 OEM partners and over 365 architects, builders, and contractors across the country. The company’s clientele includes Reliance Industries Limited, TATA, Adani, Airtel, IPH,Shimla, and AAI among others. Superior product quality and competitive pricing make Hi-Tech a reputed supplier for companies such as L&T, NHAI, EIL, BHEL, DMRC, PGCIL, AAI, MMRDA, PWD, and MES. The company has won various government tenders under the Jal Jeevan Mission and has registered its products under the prestigious High-Speed

Bullet Train Project from Ahmedabad to Mumbai.

Key Investment Arguments

• We stay Positive on Hi-Tech Pipes and expect a 20% upside, rolling forward our valuation multiple to FY2026E earnings, considering its strong net earnings growth outlook over FY2023-FY2026E. 

• Consolidated Q3 net earnings beat estimates, led by higher-than-estimated operational profitability,while revenue lagged due to lower realisation. 

• Hi-Tech expects sales volume of over 4 lakh tonne for FY2024 and 20-25% y-o-y growth for FY2025-FY2026. EBITDA/tonne target is pegged at Rs. 3,500 and Rs. 4,000 for FY2025 and FY2026, respectively. 

• About 1.2 lakh tonne of the 1.7-lakh tonne LDA pipe project at Sanand is under trial runs. Hitech eyes a 1-million tonne capacity by FY2025-end.

DroneAcharya Aerial Innovations Ltd has secured a contract from the Indian Army, Ministry of Defence. The contract aims at providing capacity building and advanced drone training at the Mechanised Army Courses Group, Ahmednagar.

The stock surged by 4.26 per cent on the BSE, and traded at ₹196 as of 10:49 am.

India does not plan to import wheat and its farmers are likely to harvest a bumper crop that will boost stockpiles in the world’s second-biggest producer of the staple, the trade minister said on Saturday.

Man Industries stock jumped 7.54% to ₹364.25 after the company received new orders worth ₹400 crore from domestic or international customers.

Japan’s Nikkei share average rose to a 34-year peak on Monday, with the latest leg higher powered by gains for shippers and financials.

The Nikkei entered the midday recess up 0.83 per cent at 35,870.73 after touching the highest since February 1990 at 35,875.94.

Value shares outperformed after lagging growth stocks last week when the Nikkei booked its best performance in 22 months.

SpiceJet Ltd. secured an approval from BSE for a fund infusion of Rs 2242 crore through the issuance of equity shares and convertible warrants. Shares were down by 0.24% to Rs 65.15

The rupee appreciated 18 paise to 82.77 against the US dollar in early trade on Monday, supported by bullish domestic equities wherein domestic indices touched record highs.

At the interbank foreign exchange, the domestic currency opened at 82.82 and touched 82.77 against the greenback in initial trade, registering a rise of 18 paise from its previous close.

JSW Energy Limited announced the commissioning of Unit-1 (350 MW) at the Ind-Barath Thermal Power Plant in Odisha, increasing the company’s operational capacity to 7,189 MW. shares were down by 1.33% to Rs 477.05

All that glitters is really gold, this time around!

Gold had a strong showing in 2023. Both in terms of dollar and rupee, the precious metal appreciated.

In terms of dollar, gold gained 13 per cent as it ended the year at $2,063 per ounce. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) wrapped up the year at ₹63,203 per 10 grams, appreciating 15 per cent.

Avenue Supermarts Ltd. reported financial performance for Q3FY24 with standalone total revenue increasing by 17.2% to Rs. 13,247 Crore. Shares up by 0.52% to Rs 3,861

Reliance Industries announced the sale of its 100% stake in REC Solar Norway AS to Elkem ASA for USD 22 Million, with the transaction expected to conclude by April 2024. Shares trade flat at Rs 2,741.35

Avenue Supermarts Ltd (D-Mart) had reported a 17 per cent rise in its consolidated net profit at ₹690 crore for the quarter ended December 2023, as compared to ₹590 crore in the corresponding quarter of last year, the company disclosed in its press statement on Monday.

Shanghai, Chinastocks and bonds struggled for direction on Monday after the central bank surprised markets by leaving the interest rate unchanged when rolling over maturing medium-term policy loans.

The People’s Bank of China (PBOC) instead boosted liquidity injections in the operation. It kept the rate of medium-term lending facility (MLF) loans unchanged at 2.50 per cent, but injected a net 216 billion yuan of fresh funds into the banking system.

NR Agarwal Industries Ltd reported a turbine breakdown at its Writing Printing Unit (Unit V), with the 18 MW Siemens turbine’s 12th stage rotor blade damaged. The unit will remain closed until repairs are completed, and a machinery breakdown claim has been filed. Shares were down by 1.26% to Rs 467.35 at 9.43 am on the NSE.

The downside bias that we had persisted with all through last week is likely to evolve into a range breakout aiming 82.78-82.45-81.9 regions. Alternatively, inability to break below 82.78 or an outright pull back above 83.05 will signal reversal though.

Nifty weekly contract has highest open interest at 22500 for Calls and 21700 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22600 for Calls and 21700 for Puts in weekly and at 22100 for Calls and 21800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.03%, increased future index shorts by 0.05% and in index options by 56.63% in Call longs, 62.24% in Call short, 37.61% in Put longs and 64.70% in Put shorts.

We will begin the week with expectations of 22240 or 22400 as the likely objectives. An interim rest point on the way up is 22013. Collapse theories are not strong now yet. Meanwhile, downside markers may be placed in the vicinity of 21835/790 for now.

• Bond yields moving ahead will be dictated as to what stance the Reserve Bank of India adopts in its upcoming monetary policy reviews. With domestic inflationary pressures rising and the Indian economy in a relatively sweet spot compared to the advanced economies. The Reserve Bank of India might not be in a hurry in lowering interest rates. Incoming inflation data will also be on the radar of the market participants.

• The domestic debt market in the run up to the Union Budget and General Elections may witness volatility. Market participants will await as to whether the Union Government will come up with a populist budget or stick to the fiscal consolidation roadmap.

• On the global front, monetary policy action by key central banks across the globe and crude oil prices will also remain in sharp focus. India imports more than 80% of its oil requirements and lower global crude oil prices is credit positive for the Indian economy. In addition to the above-mentioned factors, the movement of the rupee against the greenback and transaction trends by foreign institutional investors may also impact the domestic bond yield trajectory in the coming months.

The Tinplate Company of India Limited amalgamated with Tata Steel, resulting in the dissolution of TCIL and cessation of its Key Managerial Personnel positions. Shares were down by 0.09% to Rs 444.80 at 9.39 am on the BSE.

NSE nifty was up by 0.83% or 180.80 to 22,075.35 points, while the BSE sensex was at 73,260.30 up by 0.97 per cent or 685.74 points.

A total of 3,220 stocks were actively traded, 2,240 advanced, while 863 declined and 118 stocks remained unchanged where 329 stocks hit a 52 week high and 6 stocks hit a 52 week low at 9.36 am on monday.

Just Dial Ltd. | CMP Rs. 871 | M Cap Rs. 7406 Cr | 52 W H/L 944/565

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 265 Cr (1.7% QoQ, 19.7% YoY) vs QoQ Rs. 260.6 Cr, YoY Rs. 221.4 Cr

EBIDTA came at Rs. 60.3 Cr (23.6% QoQ, 121.9% YoY) vs QoQ Rs. 48.8 Cr, YoY Rs. 27.2 Cr

EBITDA Margin came at 22.8% vs QoQ 18.7%, YoY 12.3%

Adj. PAT came at Rs. 92 Cr vs QoQ Rs. 71.8 Cr, YoY Rs. 75.3 Cr

Quarter EPS is Rs. 10.8

Stock is trading at P/E of 22.3x FY24E EPS

Wipro ltd. Concall Update

(Nirmal Bang Retail Research)

Outlook – Neutral

Revenue from IT Services business segment to be in the range of $2,615 mn to $2,669 min.This translates to a sequential guidance of -1.5% to +0.5% in cc terms. Management indicates demand environment is overall cautious and clients are looking for efficiency and focusing on investment

•\u0009Total bookings was at $3.8 billion, up by 0.2% QoQ and large deal bookings was at $0.9 billion. Booked 14 deals this quarter in greater than $30 mn TCV range . Won 4 deals in Europe of $300 mn 

•\u0009CC QoQ came at -1.7% , Dollar revenue came at $ 2656.1 Mn,(-2.1% QoQ, -5.3% YoY) at top end of guidance 

•\u0009On geographical front , America 1 grew (+1.8% QoQ) led by healthcare , America 2 (-1.8% QoQ) continue to see some softness in BFSI & Utility seeing some softness , Europe (-5.2% QoQ), RoW (-5.5% QoQ) 

•\u0009EBIT Margin came muted at 14.7% despite the furloughs and wage hike which was offset by maximising the revenue performance, saving from structural improvement of pyramids and fixed price productivity and reducing discretionary spend 

•\u0009Voluntary attrition has continued to moderate QoQ, coming in at 10-quarter low of 12.3% in Q3’24.

•\u0009Adj. PAT came at Rs. 2694.2 Cr 

•\u0009Quarter EPS is Rs. 5.2

•\u0009Stock is trading at P/E of 19.9x FY25E EPS

Avenue Supermarts Ltd. | CMP Rs. 3840 | M Cap Rs. 249888 Cr | 52 W H/L 4206/3292 

(Nirmal Bang Retail Research) 

Result is broadly in-line with expectations 

Revenue from Operations came at Rs. 13247.3 Cr (7.6% QoQ, 17.2% YoY) vs expectation of Rs. 13460.5 Cr, QoQ Rs. 12307.7 Cr, YoY Rs. 11304.6 Cr 

EBIDTA came at Rs. 1120.9 Cr (11.9% QoQ, 15% YoY) vs expectation of Rs. 1143.3 Cr, QoQ Rs. 1001.8 Cr, YoY Rs. 974.5 Cr 

EBITDA Margin came at 8.5% vs expectation of 8.5%, QoQ 8.1%, YoY 8.6% 

Adj. PAT came at Rs. 736.8 Cr vs expectation of Rs. 762.3 Cr, QoQ Rs. 658.5 Cr, YoY Rs. 641.1 Cr 

Quarter EPS is Rs. 11.3 

Stock is trading at P/E of 71.6x FY25E EPS

Top gainers NSE at 9.30 am - WIPRO Ltd. (11.29%), Tech Mahindra Ltd. (5%), HCL technologies Ltd (3.64%), Infosys Ltd (2.91%), Ltimindtree Ltd (2.61%)

Top losers NSE at 9.30 am- HDFC life insurance company ltd (-2.63%), Eicher motors Ltd (-0.94%), Bajaj Finance Ltd (-0.51%), Sun pharmaceuticals industries Ltd (0.02%)

•Fixed Income

The New 10-Year Benchmark GOI 7.18 2033 traded between 7.15% - 7.22% during this week

Old 10-Year Benchmark GOI 7.26 2033 traded between 7.18% – 7.25% during this week, tracking movement in Crude Oil, Currency, US Treasury Yields and Inflation Data

•Auction Highlights

RBI conducted the Auction for G-sec, SDL and T-Bill for the aggregated amount of INR 33,000 Crore, INR 19,330 Crore and INR 27,000 Crore respectively.

G-sec Cutoff:

7.37% GS 2028 (101.21/7.0629%)

7.18% GS 2033 (100.01/7.1773%)

7.30% GS 2053 (98.69/7.4093%) 

SDL Cutoff:

05 Years: AS 7.53%

07 Years: GJ 7.64%

08 Years: GJ 7.66%

10 Years: AS 7.78%, TN 7.72%

11 Years: KL 7.76%, MH 7.72%

12 Years: HR 7.77%, KR 7.74%, MH 7.73%, PY 7.78%

13 Years: KR 7.72%

14 Years: KR 7.71%

20 Years: JK 7.68%

T-Bill Cutoff:

091 Days: INR 8000 Crore 98.3022/ 6.9275%

182 Days: INR 10000 Crore 96.5552/ 7.1550%

364 Days: INR 9000 Crore 93.3454/ 7.1486%\u0009

•Commodities:

1)Brent Crude Oil: $75.26-$80.75 (Per barrel)

2)WTI Crude Oil: $70.13-$75.25 (Per barrel)

3)Gold: INR 6,283-INR 6,327 24 Carat (1 Gram)

4)Silver: INR 76,000-INR 76,500 (1 KG)

•US Treasury Yield: 

1)US 2 Years Treasury: 4.11%-4.40%

2)US 5 Years Treasury: 3.80%-4.03%

3)US 10 Years Treasury: 3.91%-4.06%

AAA 5 Years Private Bond traded between 7.58%-7.63% this week.

AAA 10 Years Private Bond traded between 7.59%-7.66% this week.

•New Issuances:

ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD

Ratings: AA+ by India Ratings & ICRA; Issue Size: 250 + 0 Cr; Maturity Date: 09/01/2029

Allocated 250 Crs at 8.70%

Ratings: AA+ by India Ratings & ICRA; Issue Size: 250 + 0 Cr; Maturity Date: 09/01/2034

Allocated 250 Crs at 8.80%

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED

Ratings: AAA/ Stable by IND Rating & ICRA

Issue Size: 500+1000 Crs

Maturity Date: 10/05/2027 

Allocated 809.74 Crs at 7.77%

POWERGRID CORPORATION OF INDIA LIMITED

Ratings: AAA/Stable by CRISIL, ICRA & CARE

Issue Size: 500 + 1700 Crs

Maturity Date: 11/01/2034 

Allocated 2200 Crs at 7.65%

RURAL ELECTRIFICATION CORPORATION LIMITED

Ratings: AAA/ Stable by CRISIL & AAA by ICRA; Issue Size: 500 + 500 Cr; Maturity Date: 26/12/2027

Allocated 1000 Crs at 7.71%

Ratings: AAA/ Stable by CRISIL & AAA by ICRA; Issue Size: 500 + 2500 Cr; Maturity Date: 31/01/2034

Allocated 3000 Crs at 7.64%

THDC INDIA LIMITED

Ratings: “AA /Stable” by CARE & IND Rating

Issue Size: 300 + 500 Cr

Maturity Date: 16/01/2034

Allocated 779 Crs at 7.93%

DLF CYBER CITY DEVELOPERS LIMITED

Ratings: AA+/Stable by ICRA

Issue Size: 620 + 0 Crs

Maturity Date: 18/06/2027

Allocated 620 Crs at 8.40%

NATIONAL HOUSING BANK

Ratings: AAA/Stable by CRISIL & CARE

Issue Size: 500 + 1500 Crs

Maturity Date: 09/01/2031

Allocated 2000 Crs at 7.57%

1)Bloomberg proposes a 10% weight for India bonds on its Emerging Market Bond Index. The inclusion of India Fully Accessible Route bonds in the Bloomberg EM Local Currency Indices is to be phased in over five months, starting in September 2024, Bloomberg said in a consultation note. Following the news of JPMorgan index inclusion, Finance Minister Nirmala Sitharaman had said this could result in inflows of over $23 billion.

2)Forex reserves witnessed a significant decline, plummeting by $5.89 billion to reach $617.3 billion for the week ending January 5, as revealed in the latest weekly data from the Reserve Bank. 

3)India’s outward foreign direct investment (OFDI) commitments saw a sharp decline from over $4.12 billion in December 2022 to $2.25 billion in December 2023, Business Standard reported, citing Reserve Bank of India (RBI) data. Sequentially, they were also down from $4 billion in November 2023, per RBI data. 

4)India’s retail inflation accelerated to a four-month high of 5.69% in December 2023, from 5.55% a month earlier, led by an uptick in food prices that rose 9.5% nationally and breached the 10% mark for urban consumers, hitting 10.42%. The core inflation eased to 3.77%

5)India’s industrial production increased by 2.4% annually in November, compared to an 11.7% increase in October, according to government figures released on Friday. As of November 2022, the index of industrial output (IIP) had increased by 7.6%.

6)India’s net direct tax collection increased 19 per cent on an annual basis to Rs 14.70 lakh crore till January 11, the official government data showed. The data also revealed that the tax collection has reached 81 per cent of full-year target. The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.

7)World Bank kept its economic growth projection for India unchanged at 6.4% for FY25 on the back of strong domestic demand, rising public infrastructure spending, and strong private-sector credit growth.

8)As per SEBI data, as of November 2023, companies and financial institutions raised Rs 13,742 crs through public issuance of non-convertible debentures, which was the highest since Rs 15,068 cr issuances in the financial year 2019- 2020.

9)As per details registered on the official investor facilitation portal (IFP), MoUs for a total of 98,540 projects with proposed investments of 45.20 lakh crore were inked during the period between the conclusion of the 9th and 10th editions of the Vibrant Gujarat Summit.

10)The assets under management of the Indian mutual fund industry rose above Rs 50 trillion (Rs 50 lakh crore) in December thanks to the continuous inflows and rally in Indian equity markets, according to data released by the Association of Mutual Funds of India (AMFI), the industry trade body for mutual funds. Data showed that total assets under management (AUM) under the open-ended schemes stood at Rs 50.80 trillion in December against Rs 48.78 trillion in November 2023.

1)The US consumer price index (CPI) accelerated to a 3.4pc annual rate in December from a 3.1pc rate in November, the Labor Department reported today. Core inflation, which strips out the more volatile food and energy, slowed to a 3.9pc rate from a 4pc rate. Inflation has eased from a peak 9.1pc rate in June 2022. 

2)Initial jobless claims inched down by 1,000 to 202,000 in the week ended Jan. 6, the Labor Department said Thursday. This is the lowest level since mid-October. Economists polled by The Wall Street Journal had estimated new claims would rise to 210,000.

3)The US trade deficit contracted 2.0% to $63.2 billion, the Commerce Department’s Census Bureau said. Data for October was revised slightly to show the trade gap widening to $64.5 billion instead of the previously reported $64.3 billion.

4)The US consumer credit rose $23.7 billion in November, up from a $5.8 billion increase in the prior month, the Federal Reserve said Monday. That translates into a 5.7% annual rate, up from a revised 1.4% rise in the prior month.

5)Fed income after expenses came in at a negative $114.3 billion last year, versus $58.8 billion in positive income the year before. The loss was tied to a jump in interest expenses faced by the central bank amid a rate hike campaign aimed at cooling inflation.

6)The eurozone’s unemployment rate fell to 6.4% in November 2023, down from 6.5% in the previous month and from 6.7% the previous year, according to the latest data from Eurostat, the EU’s statistical office. The number of unemployed individuals declined by 99 thousand from the prior month to 10.970 million. Meanwhile, the youth unemployment rate, reflecting those under 25 seeking employment, fell to 14.5% from the previous month’s 14.8%.

7)Eurozone economic sentiment indicator rose to 96.4 in December, up from the revised 94 in November, while industry confidence indicator rose to 9.2. up from -95 and services sentiment increased to 8.4 from an upwardly revised 5.5. 

8)The UK economy grew 0.3% on a monthly basis in November, beating market expectations. According to Office for National Statistics (ONS) data on Friday, monthly GDP was up 0.3% after a fall of 0.3% in October. In November, services were the main contributor to the monthly GDP growth, rising 0.4%.

9)The index of coincident economic indicators in Japan, which covers a range of data, such as factory output, employment, and retail sales, dropped to 114.5 in November 2023 from a final 115.9 in the prior month, flash data showed. This was the lowest reading since March, as the economy struggled to maintain strong post-pandemic recovery amid elevated inflation.

10)China’s exports and imports grew slightly in December, despite deflationary pressures, according to official data. Exports rose by 2.3% to $303.6 billion, while imports rose by 0.2% to $228.2 billion. China’s total trade surplus for December was $75.3 billion, up 10.1% from $68.3 billion in November.

11)China’s consumer prices fell by 0.3% y/y in December 2023, marking the third straight month of decline which was the longest streak of drop since October 2009. Figures came less than market forecasts of a 0.4% fall while moderating from the steepest decrease in 3 years of 0.5% for November.

12)China’s producer price index (PPI), which measures costs for goods at the factory gate, went down 2.7 percent year on year in December, the National Bureau of Statistics said Friday. The decrease narrowed from a 3-percent decline in November.

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

Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 08:23 AM Monday 15 January 2024

Can set alert for them at www.researchbytes.com

2:00 PM Anand Rathi Wealth

(Results, Press Release )

Dial: +91 22 6280 1309

Weblink: http://tinyurl.com/yecaby89

5:30 PM Fedbank

Dial: +91 22 6280 1224

Weblink: http://tinyurl.com/4zbtwpfa

6:00 PM Just Dial

Weblink: http://tinyurl.com/y6euvmau

HCL Tech :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292441

Wipro :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292442

Hi Tech Pipes Limited :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292429

JTL Infra :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292427

GTPL Hathway :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292424

HDFC life Insur :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292425

5paisacapital :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292410

TCS :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292311

Infosys :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292312

HDFC AMC :(replay)

https://www.researchbytes.com/webcast.aspx?WID=292306

Results today…

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

Recent interviews…

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

Replays available at www.researchbytes.com

With traders digesting earnings news from several big-name companies and the latest US inflation data, stocks fluctuated throughout the trading session on Friday. While the S&P 500 and the Nasdaq eventually ended the session slightly higher, the narrower Dow showed a modest move to the downside. On Wall Street in the week ahead, investors will eye quarterly earnings reports and the energy market as the Middle East tensions could spark a further rise in oil prices. Last week, oil prices climbed after US and British airstrikes in Houthi-controlled areas of Yemen added to the ongoing tensions in the Middle East. The Asian market is poised for a broadly mixed open in the wake of reinforced bets of Federal Reserve rate cuts and Taiwan’s election at the weekend. Indian shares look to open a tad higher on Monday as investors digest macroeconomic data. India’s CPI rose to a four-month high of 5.69%. The inflation level remains within the RBI’s 2-6% tolerance range. The main contribution to the rising CPI data was Food inflation. The market will react to the earnings of some major names, including HDFC Bank, Hindustan Unilever, Asian Paints, IndusInd and UltraTech Cement, this week.

Following a sharp rebound from the supports of 20DMA, the 50 index has now staged a bullish flag breakout with a breakaway gap that potentially indicates trend continuation. With this, the index has dragged its supports higher to the zone of 21600-21700 and sustenance above this area will bolster the price action to garner further bullish strength. 

Supp: 21830-21730-21680

Res: 21900-22000-22200

Trishakti Industries Ltd

Stock Split Rs.10/- to Rs.2/-

Previous day Closing Price – Rs. 179.05

Ex - Stock Split 16 January 2024 (Tomorrow)

Last day trade for before split Today

Indian markets opened firmly today, aligning with the upward momentum seen in Asian markets and the favourable performance of US markets on January 12. 

The 30-share BSE Sensex climbed 461.40 points to 73,029.85 in early trade. The NSE Nifty gained 134.45 points to 22,029.

On Friday, US stocks closed mostly higher, marking weekly gains ahead of the local holiday weekend. Financial markets will be closed on Monday.

India’s industrial output showed muted growth in November, reaching 2.4%, a decline from the revised 11.6% growth in October. Retail inflation in December rose to 5.69%, up from 5.55% in November, influenced by the base effect.

Across Asia, markets reacted positively to China’s central bank decision to maintain the key interest rate unchanged and the results of Taiwan’s recent election over the weekend.

According to Deepak Jasani of HDFC Securities, “Nifty ended at record levels and extended the winning streak for the fourth consecutive session on January 12. At close, Nifty was up 1.14% or 247.4 points at 21894.6. Nifty rose to a fresh all-time high, breaking out of the last 2 weeks range and also out of a flag pattern on daily charts. On weekly charts it rose 0.85% forming a Hanging Man pattern at the top. This reflects the possibility of a reversal on breach of the low of the week i.e. 21449. Nifty could rise towards 21990 and later 22280 in the coming week while 21764 and 21449 could be the supports.”

Dividend

15-Jan-24

SUKHJITS: Interim Dividend - Rs. - 8.00

19-Jan-24

TCS: Interim Dividend - Rs. - 27.00

HCLTECH: Interim Dividend

22-Jan-24

MASFIN: Interim Dividend - Rs. - 3.00

23-Jan-24

ANGELONE: Interim Dividend

IPO

Medi Assist Healthcare Services: Open: 15-Jan-24; Close: 17-Jan-24

Buyback

Dhampur Sugar Mills: Ex-Date: 17-Jan-24

Elegant Marbles Grani Industries: Open: 11-Jan-24; Close: 17-Jan-24

Bonus

MK Exim (India): Bonus Issue 1:2; Ex-Date: 17-Jan-24

SBC Exports: Bonus Issue 1:2; Ex-Date: 19-Jan-24

Stock Split

Trishakti Industries: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 16-Jan-24

Right Issue

Grasim Industries: Open: 17-Jan-24; Close: 29-Jan-24

Ind Renewable Energy: Open: 18-Jan-24; Close: 29-Jan-24

Latim Metal And Industries: Open: 10-Jan-24; Close: 29-Jan-24

Skipper: Open: 30-Jan-24; Close: 08-Feb-24

Genpharmasec: Open: 22-Jan-24; Close: 09-Feb-24

Open Offer

Sanghi Industries: Open: 15-Jan-24; Close: 29-Jan-24

Amalgamation

Tata Coffee: Ex-Date: 15-Jan-24

Tinplate Company of India: Ex-Date: 19-Jan-24

*Spin Off *

Tata Coffee: Ex-Date: 15-Jan-24

While broader market sentiment propelled many stocks upwards last week, a select few companies within the BSE 500 index exhibited strong performance supported by some fundamental news

Indian government bond yields are expected to dip marginally in early trade on Monday as core inflation likely eased in December, even as headline retail inflation rose.

Nifty 50 (21,895), the benchmark index, hit a record high of 21,928.25 on Friday and posted a weekly gain of 0.8 per cent. On the contrary, Bank Nifty (47,710) lost 0.9 per cent. While Nifty has broken out afresh, increasing the odds of further rally, Bank Nifty continues to trade within a range.

The February futures is oscillating in the sideways range of ₹5,800-6,350

After a drastic fall last week, the outlook for the stock of Polycab India (₹3,980.90) has turned negative. Notwithstanding a recovery on Friday, the outlook remains bearish.

HPCL set to appreciate, Godrej CP could extend the decline

The Indian rupee is showing some sign of strength. The domestic currency has made a weekly close above 83 for the first time since September last year. It has closed the week at 82.92 against the dollar in the onshore market. 

We zoom in on the prospects of Hindustan Copper, as also the prospects of two other stocks — Maruti Suzuki India and Restaurant Brands Asia

The S&P BSE Realty index has been on fire over the past one year, with the benchmark more than doubling over this period. In a segment that has found favour with the market, we have a reasonable quality company that has been an underperformer.

Power sector regulator Central Electricity Regulatory Commission (CERC) released the draft tariff norms for the period 2024-29 on January 4. Typically, every five years, CERC releases norms regarding the tariff determination of the power purchase agreements (PPAs) on regulated projects, which are generally carried out by the PSUs.

Nifty began the week on a weak note. It broke below the key support level of 21,500, but did not sustain. Nifty fell to a low of 21,448.65 in the first half of the week, but then managed to recover all the loss. The strong rise on Friday indicates strength in the upmove. Although there is an immediate resistance around 21,900, the chances are high to breach it. 

As we stand at the beginning of 2024, the Nifty50 and the Sensex appear to be on a song. Domestic economic activity has recovered strongly from the Covid-19 pandemic with many of the macro indicators growing at a better clip than pre-pandemic levels. The ‘fastest-growing economy’ tag is helping attract foreign investors. The large number of new domestic investors who entered the market during the pandemic are willing to place their trust in the India story, rushing to buy at every dip.

The rupee is likely to open higher on Monday, on bets chasing the currency rally on the currency and on debt inflows, traders said.

Non-deliverable forwards indicate the rupee will open at around 82.82-82.84 to the US dollar compared with the close of 82.9225 in the previous session.

The rupee is on an eight-day winning run, managing a near-uninterrupted rally from 83.35. On Friday, it climbed to its highest level since late September.

Indian markets could open higher, in line with higher Asian markets today and positive US markets on Jan 12

U.S. stocks ended mostly higher on Friday, and notched weekly gains ahead of the three-day weekend honouring the late civil-rights leader Martin Luther King Jr. Financial markets will be closed on Monday. U.S. stocks closed barely changed on Friday, after wavering between modest gains and losses, as mixed bank earnings offset cooler-than-expected inflation news that buoyed hopes for interest-rate cuts from the Federal Reserve.

For the week, the Dow gained 0.3%, the S&P 500 climbed 1.8% and the Nasdaq jumped 3.1%, the preliminary data show. India’s industrial output saw muted growth in November after rising to a 16-month high in the previous month. The Index of Industrial Production grew 2.4% in November, as compared with a revised growth of 11.6% in October. Economists polled by Bloomberg had forecasted November IIP growth at 3.5%. IIP growth decelerated sharply from the previous month, primarily on account of a normalising base. India’s retail inflation rose in December, led by the base effect, though vegetable prices saw a sequential deceleration. The Consumer Price Index-based inflation stood at 5.69% in December, as compared with 5.55% in November, according to data from the Ministry of Statistics and Programme Implementation released on Monday. A panel of economists polled by Bloomberg had estimated a reading of 5.86% for December.

U.S. producer prices unexpectedly fell in December (down 0.1% month over month and up 1% year on year) amid declining costs for goods such as diesel fuel and food, suggesting inflation would continue to subside and allow the Federal Reserve to start cutting interest rates this year. The report from the Labour Department on Friday, which also showed prices for services were unchanged for the third straight month, implied that a pick-up in consumer prices last month was likely a blip. It led economists to anticipate that the key price measures tracked by the U.S. central bank for its 2% inflation target rose moderately in December from the prior month.

Shares in Asia were higher after China’s central bank unexpectedly kept a key interest rate unchanged, and in the wake of Taiwan’s election on the weekend. China’s central bank left the medium-term policy rate unchanged (2.50%) on Monday, defying market expectations as signs of a weaker currency continued to limit the scope of monetary easing.

U.S. stock and bond markets will be closed on Monday for Martin Luther King Day.

Nifty ended at record levels and extended the winning streak for the fourth consecutive session on January 12. At close, Nifty was up 1.14% or 247.4 points at 21894.6. Nifty rose to a fresh all-time high, breaking out of the last 2 weeks range and also out of a flag pattern on daily charts. On weekly charts it rose 0.85% forming a Hanging Man pattern at the top. This reflects the possibility of a reversal on breach of the low of the week i.e. 21449. Nifty could rise towards 21990 and later 22280 in the coming week while 21764 and 21449 could be the supports.

JP Morgan on Wipro: Upgrade to Neutral on Company, raise target price at Rs 500/sh (Positive) 

MOSL on Wipro: Maintain Hold on Company, target price at Rs 520/sh (Positive) 

Jefferies on Wipro: Maintain Buy on Company, raise target price at Rs 470/sh (Positive) 

MOSL on HCL Tech: Maintain Buy on Company, target price at Rs 1880/sh (Positive) 

MS on HCL Tech: Maintain Equal weight on Company, target price at Rs 1600/sh (Positive) 

Citi on HCL Tech: Maintain Buy on Company, raise target price at Rs 1570/sh (Positive) 

MOSL on DMart: Maintain Buy on Company, raise target price at Rs 4700/sh (Positive) 

MS on DMart: Maintain Overweight on Company, raise target price at Rs 4471/sh (Positive) 

MOSL on Indusind Bank: Maintain Buy on Bank, target price at Rs 1900/sh (Positive) 

MS on Tata Consumer: Maintain Overweight on Company, target price at Rs 1305/sh (Positive) 

Citi on DMart: Maintain Sell on Company, raise target price at Rs 3200/sh (Neutral) 

Macquarie on HDFC Life: Maintain Neutral on Company, target price at Rs 635/sh (Neutral) 

Citi on HDFC Life: Maintain Neutral on Company, cut target price at Rs 675/sh (Neutral) 

BofA on Wipro: Maintain Underperform on Company, target price at Rs 395/sh (Neutral) 

Nomura on Wipro: Maintain Reduce on Company, target price at Rs 410/sh (Neutral) 

MS on Wipro: Maintain Underweight on Company, target price at Rs 460/sh (Neutral) 

Citi on Wipro: Maintain Sell on Company, cut target price at Rs 450/sh (Neutral) 

Ambit on HCL tech: Maintain Sell on Company, raise target price at Rs 1360/sh (Neutral) 

Jefferies on HCL Tech: Maintain Hold on Company, target price at Rs 1500/sh (Neutral) 

CLSA on HCL Tech: Maintain Underperform on Company, target price at Rs 1436/sh (Neutral) 

GS on Polycab: Maintain Buy on Company, target price at Rs 5750/sh (Neutral)

Hope is all around, especially if you were a tech sector investor last week, as IT stocks reacted positively to Infosys and TCS results, while Wipro ADR shot up 16 per cent on Friday (results came in after Indian markets closed). However, does this hope rally have legs to stand on?

Japan : Machine Tool Orders (YoY)

India : WPI Manufacturing Inflation (YoY) (Dec), WPI Food (YoY) (Dec), WPI Fuel (YoY) (Dec), WPI Inflation (YoY) (Dec), Trade Balance, Exports (USD), Imports (USD)

Euro : German WPI (MoM) (Dec), German WPI (YoY) (Dec), German GDP Annual, Industrial Production (YoY) (Nov), Industrial Production (MoM) (Nov), Trade Balance (Nov), Eurogroup Meetings, German 12-Month Bubill Auction, Reserve Assets Total (Dec)

Great Britain : Labour Productivity (Q3), Rightmove House Price Index (YoY) (Jan)

“Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4% YoY, the lowest print in eight months since Mar-23. The IIP figure has been pulled down by the manufacturing sector which posted the lowest annualized growth of 1.2% in 13 months after a solid momentum in the early part of the fiscal. While a moderation in industrial activity is typically seen in the post festive season, the extent has taken us by surprise.

Notwithstanding the sharp downward adjustment, the cumulative industrial output growth in the Apr-Nov’23 period stood at 6.4% and we expect that figure to be higher than 6.0% for the whole fiscal driven by the increased investments in infrastructure. However, the data on IIP is possibly an early indicator of the expected moderation in growth in the fourth quarter of FY24. While we have revised our GDP growth forecasts for FY24 to 6.8%, we expect the growth trajectory to slow down gradually over the next few quarters.” 

Key Takeaways:

1. Growth in India’s industrial production decelerated sharply into a low single-digit of 2.4%YoY in Nov’23, from a robust expansion of 11.6% in Oct’23 (revised marginally lower from 11.7% earlier).

2. The strong moderation in Nov’23 annualised IIP growth is in line with the high-frequency lead indicators, which had seen a let-up in growth momentum. The end of the festive season in Nov’23, lower number of working days due to the Diwali holidays, shift in the timing of Diwali to November in 2023 vis-à-vis October in 2022, along with an adverse base cumulatively weighed on the industrial activity. 

3. Going forward, as supportive seasonality wanes, and as the impact of domestic monetary tightening, pullback in government capex spending in Q4FY24, and anticipated global slowdown weigh, industrial activity momentum could remain subdued.

4. To maintain a strong growth momentum in the last quarter, fiscal support, may be necessary esp. for the rural sector, which is expected to face income volatility on account of weather-related disruptions.

5. From a GDP perspective, we have revised our growth forecast upwards to 6.8% which is still 50 bps lower than the NSO’s projected growth of 7.3% in FY24.

“The surge in FPI inflows during December 2023 which stood at Rs 58372 crores, slowed down in early January 2024. As per NSDL data, total FPI investment through the stock exchanges in January up to 13th is Rs 2743 crores. In December, FPIs were big buyers in financial services and also in IT. FPIs also bought in sectors like autos, capital goods, oil and gas and telecom. This trend is likely to continue, going forward. Since 2024 is expected to witness further declines in U.S. interest rates, FPIs are likely to increase their purchases in 2024 too, particularly in the early months of 2024 in the run up to the General elections. FPI investment in debt is likely to accelerate, going forward.”

• BANDHANBNK 

• BHEL

• CHAMBAL

• DELTACORP

• ESCORTS 

• HINDCOPPER 

• INDUSTOWER

• INDIACEM 

• METROPOLIS

• NATIONALUM 

• PEL

• POLYCAB

• PVRINOX

• SAIL

• ZEEL

The Rs 1,171-crore initial public offering (IPO) of insurance-tech company Medi Assist Healthcare will open today for public subscription. 

The price band is Rs 397-418 and the market lot is 35 shares. The public issue is scheduled to close on January 17.

The issue is entirely an offer for sale (OFS) of 2.8 crore shares by the existing shareholders.

WTD - Small-cap 250 (up 1.2%) ; Midcap 150 (up 0.4%) & Nifty (up 0.8%)

Report Link - https://shorturl.at/kvNV0

🔹 Key Snippets for this week-

● Flows in EM: Korea attracted the highest FII inflows (USD 1614mn) whereas India experienced outflow of (USD 229mn).

● Weekly Winners: Japan (up 6.6%) led the gains this week while Hong Kong (down 2.2%) & South Korea (down 2.1%) settled in red.

● Sector Showdown in India: Top performing sector was IT (up 4.8%), on the other hand FMCG (down 2.1%) has lost the most ground.

● Stocks which gained the most were Hero (up 10%) ; HCL Tech (up 7.5%) and key losers were Bandhan Bank (down 8.5%) ; SRF (down 8.5%).

● We had recommended booking profit in Nuvama L-S Momentum Jan-24 portfolio at 4.5% on 09th Jan 2024. Refer Page 11.

🔹 Sizeable blocks on screen happened in :

I) Mid-cap : Polycab, GMR Airports, FSN E-comm, Zee Ent, Yes Bank.

II) Small-cap : Gillette India, Trident, Honasa Consumer, Century Textiles, Team lease Serv.

III) Large-cap : Kotak Mah. Bank, HDFC Bank, Bharti Airtel, TVS Motor Co, ICICI Pru Life.

🔹 Top Gainers & Losers :

Midcap 150 top gainers for the week : Trident (up 16.4%), JSW Energy (up 14.9%) and Top Losers : Polycab (down 26.3%), Zee Ent (down 11.7%).

Small-cap 250 top gainers for the week : Network 18 Media (up 33.5%), Avanti Feeds (up 21.1%) and Top Losers : KEI Inds (down 11.6%), Anupam Rasayan (down 10.4%).

ANGEL ONE

FEDBANK FINANCIAL SERVICES

JAI BALAJI INDUSTRIES

JIO FINANCIAL

KESORAM INDUSTRIES

NELCO

PCBL

RIIL

U.S. market holiday 

12:00 INDIA WPI Inflation y/y (Expected: 0.8% versus Previous: 0.26%)

REITs and InvITs have gained popularity as preferred investment options, with fundraising, through the route, surging 10-fold year-on-year to ₹11,474 crore in 2023, supported by measures taken by regulator SEBI and attractive returns offered by the instruments.

Going ahead, fund mobilisation by REITs (real estate investment trusts) and InvITs (infrastructure investment trusts) is poised for significant growth in 2024, driven by several key factors, including anticipation of rate cuts and introduction of a range of policies aimed at encouraging investments like tax incentives and relaxed investment norms, Claravest Technologies co-founder Manaki Parulekar said.

Foreign Portfolio Investors (FPIs) have adopted a cautious stance and put around ₹3,900 crore in Indian equities in the first two weeks of this month, against the backdrop of uncertainty over the interest rate scenario.

The investment has slowed down compared to ₹66,134 crore attracted in the entire December.

Before that, FPIs invested ₹9,000 crore in November.