Share Market Highlights 28 November 2023: Sensex gains 204 points, Nifty closes around 19,900

The rupee on Tuesday rebounded from record low levels, gaining 6 paise to settle at 83.34 (provisional) against the US dollar amid positive sentiment in the equity markets and inflow of foreign funds.

Forex traders said a weak American currency against major rivals and crude prices hovering close to the level of $80 per barrel also supported the Indian currency.

At the interbank foreign exchange market, the local unit opened at 83.37 and moved in the range of 83.32 to 83.39 against the greenback during intra-day.

Indiabulls Housing Finance Ltd’s stock gained 2.86% to Rs 188.50 on NSE.

Reaffirmed the rating, on fund based bank facilities to [ICRA]A+ (Stable)

Reaffirmed the rating, on non-fund based bank facilities to [ICRA]A1+

The board of PCBL Limited has approved the acquisition of 212,172 shares of Aquapharm Chemicals Private Limited (ACPL), for an aggregate consideration of ₹3,800 crore (subject to agreed adjustments) representing 100% of the issued and paid-up share capital (on a fully diluted basis) of ACPL.

BSE Sensex and NSE Nifty snapped two days of losses to close higher on Tuesday on the back of fag-end buying in auto, power and metal shares helped by fresh foreign fund inflows. 

The 30-share BSE Sensex rose by 204.16 points or 0.31 per cent to settle at 66,174.20 in a volatile trade. During the day, it hit a high of 66,256.20 and a low of 65,906.65. The Nifty gained 95 points or 0.48 per cent to settle at 19,889.70. Among the Sensex firms, Tata Motors, Bajaj Finserv, UltraTech Cement, Bharti Airtel, Bajaj Finance, NTPC, Titan and Axis Bank were the major gainers.

Greenply Industries has announced appointment of Nitinkumar Dagadulal Kalani, C.F.0. as Chief Investor Relations Officer of the Company. The stock declines by 1.29% on the NSE, trading at ₹198.65.

Major gainers: Adani Enterprises (9.42%); Adani Ports (5.34%); BPCL (3.31%); Tata Motors (3.21%); Coal India (2.49%)

Major losers: Eicher Motors (-0.88%); Apollo Hospitals (-0.87%); ITC (-0.62%); Cipla (-0.60%); ICICI Bank (-0.53%)

Stocks advanced on BSE at 3 pm on November 28, 2023, were 1,969 against 1,807 stocks that declined; 173 stocks remain unchanged. Total stocks traded were 3,949. The number of stocks that recorded a 52-week high was 310, and those that hit a 52-week low was 34.

Zinc futures (continuous contract) on the Multi Commodity Exchange (MCX) has seen its price moderate over the past few sessions. The contract declined after facing resistance in the ₹230-232 price region.

The price action on the weekly chart shows that zinc futures is now trading near a strong resistance and the probability of a fall from the current level is high. Since the November contract is nearing expiry, let us consider the December series for analysis.

ICICI Securities has allotted 3,540 equity shares of face value of ₹5 each under ICICI Securities Limited - Employees Stock Option Scheme - 2017. 

The stock trades at ₹667.50 on the NSE, down by 0.18%.

Religare Enterprises Limited has informed the exchange regarding allotment of 58,000 securities pursuant to ESOP/ESPS. The stock inches up by 0.76% on the NSE, trading at ₹220.

Modison Ltd informed that its wholly-owned subsidiary “Modison Contacts Private Limited” has changed its name to “Modison HV Private Limited” w.e.f. 28.11.2023. The stock trades at ₹112.70 on the BSE, down by 0.10%.

Aurobindo Pharma (-2.11%)

Granules (-2.08%)

Glenmark (-1.73%)

Abbott India (-1.48%)

NSE nifty was up by 0.16 per cent or 31.45 to 19,829 points, while the BSE sensex was at 65,960 down by 0.01 per cent or 9.21 points. A total of 3916 stocks were actively traded, 1975 advanced, while 1768 declined and 173 stocks remained unchanged where 299 stocks hit a 52 week high and 33 stocks hit a 52 week low at 2 pm on Tuesday.

ABB India Ltd. introduced the ABB Ability SmartMaster, an asset performance management platform designed for the verification and condition monitoring of instrumentation and field devices across various industries in India. The platform remotely collects, analyses, and verifies diagnostic data from instruments without disrupting ongoing measurement tasks.

The shares were up by 0.75 per cent to ₹4227 at 1.34 pm on the BSE.

Adani Total Gas has launched Green Hydrogen Blending Pilot Project at Ahmedabad. The stock jumps 19.99% on the NSE, trading at ₹644.30.

Jubilant Foodworks Netherlands B.V. (JFN), wholly owned subsidiary of Jubilant FoodWorks Limited, has proposed acquisition of additional stake in DP Eurasia. 

Jubilant FoodWorks stock trades at ₹544.65 on the NSE, down by 0.04%.

Karur Vysya Bank has announced opening of four branches in Bengaluru, Vellore, and Villupuram. The stock trades at ₹151.55 on the BSE, down by 0.56%.

Amara Raja Batteries stock has bottomed out near 600 zone and picked up well recently with the indication of a decisive breach above the triangular pattern above 640 zone. Analysts of Prabhudas Lilladher said that the stock has strengthened the trend anticipating for further rise till 730-740 zone. “With the previous peak positioned at around 709 zone, one can anticipate for some consolidation or a slight profit booking and thereafter, carry on the momentum for second round of upward move.”

The stock currently trades at ₹698.35 on the NSE, up by 2.90%.

Retail Entitlement Ratio : 09 Shares against 55 Share (16.79%)

Buyback Dates : 01 - 07 December

Date of Receipt of Payment / Settlement of Bids : 14 December

Tranche I Issue open - December 04, 2023 * 

Tranche I Issue Close - December 15, 2023* 

Type of Instrument: Secured 

Tranche I Issue Size : Rs.1000* Crs* ( Base Issue Size Rs. 200 Crs with green shoes option of Rs 800 Crs )

Coupon

Monthly Interest Payout Option 

2 Years – 9.21% % p.a.

3 Years – 9.57% p.a.

5 Years – 10.03% p.a.

Annual Interest Payout Option 

2 Years – 9.60% % p.a.

3 Years – 10.00% p.a.

5 Years – 10.50% p.a.

Rating 

“CRISIL AA-/Positive” by CRISIL Ratings Limited and “Acuite AA|Stable” by Acuite Ratings and Research Limited.

Mindteck (India) Limited has informed the exchange regarding allotment of 5,000 securities pursuant to ESOP/ESPS. The stock falls by 3.01% on the NSE, trading at ₹236.85.

APL Apollo Tubes Limited board has allotted 1,81,250 equity shares of face value of ₹2 each of the Company upon exercise of ESOP. The stock trades at ₹1,656.60 on the NSE, down by 2.84%.

Founded and majority owned by the Government of India, Life Insurance Corporation of India Ltd (LIC) is the country’s leading statutory insurance and investment corporation, with assets under management (AUM) of over Rs. 4,700,000cr and investments in more than 270 listed companies. In Q2FY24, LIC’s gross premium income fell 18.7% YoY to Rs. 107,947cr, mainly due to lower single premium. In H1FY24, value of new business (VNB) fell 10.1% YoY, however the VNB margin remained stable at 14.6%. Market leadership, new product launches to support the non-par business strategy, a wide distribution network, and digitalisation bode well for the company’s future growth. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 823, based on 0.65x FY25E embedded value (EV) per share. -- Geojit Financial Services

Innovators Facade Systems Limited has received work order for worth ₹36.53 crore for design, develop, supply, fabrication and installation of façade work. The stock trades at ₹207.95 on the BSE, down by 0.60%.

ABB has launched ABB Ability SmartMaster, a comprehensive asset performance management platform for verification and condition monitoring of instrumentation and field devices in the water, wastewater, chemical, oil & gas, and other industries.

The stock trades at ₹4,227 on the NSE, down by 0.83%.

✍🏻

1) Tata Techno:- 28th November 

2) Gandhar Oil:- 28th November

3) IREDA:- 24th or 25th November 

4) Fed Bank fin:- 28th November

5) Flair writing:- 28th November

📊

IPO Listing Date

1) Tata Techno:- 30th November 

2) Gandhar Oil:- 30th November

3) IREDA:- 29th November 

4) Fed Bank fin:- 30th November

5) Flair writing:- 30th November

The precious metals extended the gains for the second week straight. Gold and silver appreciated 1.2 per cent and 2.5 per cent as they closed the week at $2,002.9 and $24.3 per ounce respectively.

Apollo Tyres (₹414.6):The stock has been rallying since early November. It rallied after taking support at ₹370. But after marking a high of ₹435 on November 17, the stock price started to moderate.

Both Nifty futures and Bank Nifty futures chart sideways trend

Crude oil prices closed flat last week – Brent crude oil futures on the Intercontinental Exchange (ICE) ended at $80.6 per barrel and crude oil futures on the MCX closed at ₹6,345.

By the middle of last week, the prices saw a drop on the back of the US inventory data. Energy Information Administration (EIA) data showed the crude oil stocks in the US increased 8.7 million barrels versus the expected increase of 1 million barrels for the week ended November 17.

Capital outlay of India’s top 18 states is seen 18-20% higher on-year this fiscal, following ~14% growth in fiscal 2023, according to CRISIL Ratings. These states account for ~90% of the aggregate gross state domestic product of all states.

The increase in spending will be supported by healthy goods and services tax (GST) collection, stable and upfront devolution from the central government (share in central taxes, or SICT), and allocation of Rs 1.3 lakh crore (Rs 1 lakh crore budgeted last fiscal) in the form of interest-free loans to all the states for capital expenditure (capex).

We zoom in on the prospects of HCL Technologies, as also the prospects of two other stocks —Finolex Industries and Astral

The long-term outlook is bullish for the BSE Energy index. The index began the year on a weak note. It tumbled over 15 per cent in the first quarter of 2023. However, it has managed to recover almost all the loss thereafter. The BSE Energy index is currently at 8,758.92, down 0.63 per cent for the year.

Here is what the charts say about the shares of ICICI Lombard General Insurance Company, Sonata Software and Zomato

With a successful raise of INR 500 crores ($60 million), Pantomath Financial Services Group announced the closure of maiden close-ended series of India Inflection Opportunity Fund (IIOF). With clear focus on value arbitrage, the Fund intends to harness the opportunity of investing, primarily at a pre-IPO stage in Indian growth stage businesses that are on the verge of big bang breakout.

Launched in April 2022, this Category II Alternate Investment Fund (AIF) is managed by Pantomath Capital Management Private Limited. With this Fund raise, the group now has approximately Rs 2500 crore of total Funds under supervision. Besides AIF, the Group has PMS, global advisory and basket investing, suiting to diverse set of investors. Notably, all the investment products clock highest level of returns consistently.

SAMCO Asset Management Private Limited, a distinguished investment management firm, is thrilled to announce the launch of the Dynamic Asset Allocation Fund (DAAF). This unique fund is designed to provide investors an unparalleled blend of stability, growth potential, and downside protection in today’s dynamic market environment.

This is India’s first DAAF that follows momentum model with capability to move to debt entirely in tough times. There does not exist similar model in the category. Models of most of the other Hybrid BAF/DAAFs follow valuation models built on P/B, P/E, etc.

Zodiac Energy has announced that its Lucknow branch will open on December 1, 2023. The stock trades at ₹147.90 on the BSE, up by 0.37%.

Tata Motors (2.89%)

Samvardhana Motherson International (2.54%)

Balkrishna (2.10%)

Hero Motocorp (1.98%)

United Breweries has announced the launch of Heineken Silver Draught Beer. The stock rises by 1.45% on the NSE, trading at ₹1,607.

CGS-CIMB Research

India Strategy

Q2 earnings, despite the festive period delay, saw a 20% y-o-y rise aided by EBITDA margin growth. Sector leadership intact, pharma sprung a surprise.

We shed our infra/capex investment theme due to easing sector order inflow. Introduce SBI in our high-conviction list, as the risk-reward provides comfort.

Last few months’ index consol. trend to last in the short term. Valuations easing to below mean levels lead to 1-year upside of 7% & overweight rating.

Easing inflation can help RBI’s monetary policy to improve growth

The sustained decline in the Consumer Price Index or CPI inflation in the last four months helps it to come within the Reserve Bank of India or RBI’s tolerance level and core CPI to dip to a four-year low. The economic growth parameters are showing a mixed growth trend. There is a positive momentum in traffic movement (ports, railways), credit growth, tax collections and rural consumption recovery, but the weakness in electricity generation, IIP growth m-o-m, widening trade deficit and a shortfall in rabi crop sowing are the areas of concern. We feel the sustained easing in inflation provides room for the central bank to frame a constructive growth revival monetary policy in the coming months.

Sep 2023 quarter results assure sustenance of mid-teen EPS CAGR

The Sep 2023 quarter EPS recorded a good 19% y-o-y growth but missed Bloomberg consensus estimate by 4%, as it witnessed a 4% q-o-q dip. Adjusted for one-offs, the beat is just 2%, driven by oil & gas, banking, capital goods and automobile sectors. Improvement in the pharma sector’s EBITDA growth is encouraging, leading us to upgrade Cipla, Dr. Reddy’s Laboratories, Ipca Labs & Zydus Lifesciences. The EBITDA margin q-o-q expansion trend sustained, aided by festive season inventory build-up benefit for the consumer segment. The Nifty-50 index EPS upgrade trend sustained (~0.5%) in the last two months.

We suggest booking profits in infrastructure-related stocks

With a sharp 21% upside seen in the Nifty infrastructure index in six months, easing order book trend in recent months, and the assembly/general election headwinds in India ahead of a seasonally strong 2H, we recommend booking profit in the infrastructure capex-led theme stocks. Making use of the recent stock price correction, we introduce in our high- conviction list stocks such as Cyient DLM, Data Patterns, SBI & Tech Mahindra. We have removed Ultratech Cement & Dalmia Bharat for the poor risk-reward ratio at their current prices.

Maintain Nifty-50 target and Overweight rating

We feel the government policy risk from the assembly/general elections, FII selling and external volatility may lead to continuation ofthe consolidation phase in the short term. However, due to the valuation comfort improving with the forward P/E easing to below the 10-year mean level and sustained EPS upgrade momentum, we maintain our Nifty-50 index target of 21,103 and Overweight stance. 

Key downside risks are any change in the government policy, election results impact and external bond & equity market volatility.

Government has respectively received about Rs 3636 crore and Rs 23 crore from Indian Oil Corporation Ltd and RailTel Corporation of India Ltd as dividend tranches

ICRA expects the credit metrics of India Inc. to show slight sequential improvement in Q3 FY2024, with interest coverage increasing to 4.5-5.0 times in Q3 FY2024 from 4.5 times in Q2 FY2024. This would benefit from improved earnings of Corporate India, on the back of continuing, albeit moderating tailwinds from commodity prices and seasonally strong demand during the recently concluded festive season.

Commenting on the trends, Ms. Kinjal Shah, Vice President & Co-Group Head – Corporate Ratings, ICRA Limited, said: “The 1.6% YoY and 0.1% sequential revenue growth for Corporate India in Q2 FY2024 was supported by steady demand; however, the YoY revenue expansion was curtailed to an extent due to a general decline in the realisation levels amidst softening of input costs for most of the sectors. While consumer and infrastructure-oriented sectors supported the expansion, commodity-oriented sector revenues contracted following price correction from the unprecedented levels in the recent past. “

Rudra Global Infra Products Ltd.’s product Rudra TMX has been awarded the GreenPro Certification by CII-Indian Green Building Council. The stock trades at ₹32.07 on the BSE, up by 4.98%.

The Nifty 50 and Sensex commenced the day on a positive note. Today’s opening for Nifty at 19,844.65, up from the previous closing value of 19,794.70, reflects the overall optimistic market sentiment. Similarly, Sensex, which concluded last Friday at 65,970.04, saw a slight gain with today’s opening at 66,063.72.

Nifty is currently trading within the range of 19,800 to 19,850. Notably, the Maximum Call Open Interest (OI) is observed at 19,900, while the Put OI remains robust at 19,800. This suggests that 19,900 serves as a crucial resistance, while 19,800 acts as a strong support.

Despite the positive trends in Nifty 50 and Sensex at the start of the trading session, still the market is eagerly awaiting some news that could potentially trigger a breakout or breakdown. -- Shrey Jain, Founder and CEO SAS Online - India’s Deep Discount Broker

Krsnaa Diagnostics board has allotted in aggregate 8,92,150 equity shares of face value of ₹5 each to eligible employees pursuant to exercise of options under ESOS 2020 of the Company. The stock rises by 1.64% on the BSE, trading at ₹640.40.

Major gainers on the NSE at 12:

Adani Enterprises (10.70%); Adani Ports (6.21%); BPCL (2.76%); Tata Motors (2.69%); Hero Motocorp (1.94%)

Major losers:

Eicher Motors (-1.53%); Apollo Hospitals (-1.04%); SBI Life (-0.93%); LTIMindtree (-0.85%); TCS (-0.66%)

Stocks advanced on BSE at 12 noon on November 28, 2023, were 1,933 against 1,688 stocks that declined; 209 stocks remain unchanged. Total stocks traded were 3,830. The number of stocks that recorded a 52-week high was 278, and those that hit a 52-week low was 27.

The Indian benchmark indices, Sensex and Nifty, are experiencing a lacklustre trade, showing minimal movement on Tuesday. 

At noon trade, the BSE Sensex fell by 16.84 points to reach 65,953.20, whereas the NSE Nifty rose by 30.40 points, reaching 19,825.10. ‘

Adani Group stocks surge on the NSE: Adani Total Gas (19.60%), Adani Energy Solutions (17.99%), Adani Power (13.82%), Adani Green Energy (12.89%), Adani Enterprises (11.76%), NDTV (10.68%), Adani Wilmar (9.99%), Adani Ports (6.57%), Ambuja Cements (4.66%), and ACC (3.71%). 

Leading stocks hitting a 52-week high in current trading hours include: India Motor Parts and Accessories (18.77%), Adani Power (13.67%), Navkar Corporation (12.10%), Eimco Elecon (10%), and NDL Ventures (8.93%).

IntellectAI, the WealthTech and InsurTech of Intellect Design Arenas, has announced successful go-live of its one-stop digital wealth management platform, Wealth Qube. 

Intellect Design Arena Limited stock trades at ₹710 on the BSE, down by 0.04%.

Janakiraman Rengaraju, currently the Deputy CIO & Senior Portfolio 

Manager, will assume the role of Chief Investment Officer, Emerging Market Equities – India for Franklin Templeton from December 1. He will continue to be based at the Franklin Templeton offices in Chennai and will report to Sukumar Rajah, Senior Managing Director & Director of Portfolio Management – EME Asian Equity.

Janakiraman takes over from Anand Radhakrishnan, CIO, Emerging Market Equities – India, who will be leaving the firm effective January 12, 2024, to pursue other opportunities. In his new role, Janakiraman will work closely with Avinash Satwalekar, President, Franklin Templeton – India to further strengthen our equity franchise in India, supported by a strong 16-member team of investment managers and experienced analysts.

In his 16 years with Franklin Templeton, he has built an excellent track record 

in managing various funds. He currently manages many of our equity funds, including Franklin India Prima Fund, Franklin India Smaller Companies Fund and Franklin India Flexi Cap Fund.

Avinash Satwalekar, President, Franklin Templeton – India, said, “As we embark 

on a new phase of growth in India, we are excited to have Janakiraman bring his tremendous experience and strong track record to lead our equity capabilities. The experience and depth 

of the Emerging Markets India Equity team under the guidance of Janakiraman will help us continue our tradition of unwavering focus on delivering consistent and healthy returns over market cycles. We are confident that our deep bench of talented equity portfolio managers will help us in our endeavour in offering high-quality investment solutions to our investors and distributors.”

Tata Motors stock rises by 2.35% on the NSE, trading at ₹689.50 after it announced plans to increase prices of passenger vehicles and EVs starting January 2024

Adani Total Gas (19.60%) 

Adani Energy Solutions (17.99%) 

Adani Power (13.82%) 

Adani Green Energy (12.89%) 

Adani Enterprises (11.76%) 

NDTV (10.68%) 

Adani Wilmar (9.99%) 

Adani Ports (6.57%) 

Ambuja Cements (4.66%) 

ACC (3.71%)

“IREDA, a state-run Mini Ratna NBFC, is poised to make history with its upcoming mainboard IPO, drawing significant attention despite being fully priced. The QIB segment’s oversubscription by 104 times indicates strong market anticipation for its debut on November 29. Mehta Equities predicts a promising 25% or more listing gain against the Rs 32/- issue price, citing IREDA’s leading role in renewable energy financing and potential Navratna company upgrade. The NBFC’s financial autonomy is expected to boost its competitive edge. Positioned as India’s largest green financing NBFC, IREDA aligns with the nation’s ambitious renewable energy goals. Short-term investors are advised to consider booking profits above the expected gain, while long-term investors are encouraged to hold for future potential. Mehta Equities suggests accumulating IREDA post-listing dips for promising long-term returns, extending an opportunity for those who missed the public offer.”

India Motor Parts and Accessories (18.77%)

Adani Power (13.67%)

Navkar Corporation (12.10%)

Eimco Elecon (10%)

NDL Ventures (8.93%)

Tata Technologies, a global leader in engineering services, is set to make its much-awaited stock market debut soon. The grey market premium (GMP) for Tata Technologies shares is currently ₹320 (82.80%), indicating that the shares could list at around ₹914 per share. The IPO has received an overwhelming response from investors, oversubscribing by a more than 69 times. Tata Technologies boasts a strong track record of growth and profitability. The company’s global presence and expertise in engineering solutions have positioned it as a preferred partner for multinational corporations across diverse industries. Tata Technologies’ diversified customer portfolio, robust delivery network, and emphasis on innovation further solidify its competitive advantage. With a P/E ratio of 18.2x, the Tata Technologies IPO is priced fairly, reflecting the company’s strong fundamentals and promising growth prospects. Given the immense investor interest and the company’s robust capabilities, Tata Technologies is poised for a successful listing on the Indian stock exchanges and it will be interesting to witness this listing.

Shalby informed that Sushobhan Dasputa, Vice Chairman and Global President of the company will be retiring on account of superannuation January 31, 2024. The company’s stock rises by 1.24% on the NSE, trading at ₹321.55.

Sarthak Metals has received the ‘BIS certification’ for the new product ‘Flux Cored Wire’ and has also successfully executed the commercial orders of more than 500 Spools. The stock inches up by 0.50% on the NSE, trading at ₹229.20.

Omnipotent Industries Limited has commenced commercial operations at its Kandla Plant. The stock trades at ₹11.49 on the BSE, down by 3.45%.

​LIC ​to launch a guaranteed 10% return product this week. Loan facility and premature withdrawal will also be allowed in the new product.

Bharat Forge is in receipt of approval for strike-off of BF Premier Energy Systems Private Limited, a joint venture between the Company’s wholly owned subsidiary - Kalyani Strategic Systems Limited, and Premier Explosives Limited. The stock trades at ₹1,109.30 on the NSE, down by 0.56%.

Bank Nifty opened today’s session higher at 43,851.55 versus last week’s close of 43,769.10. It is now at 43,815, up 0.1 per cent.

Supporting the bullish bias, the advance/decline ratio stands at 9/3. IDFC First Bank, up 1.4 per cent, is the top gainer whereas ICICI Bank, down 0.4 per cent, is the top loser.

Major gainers on the BSE at 11 am:

ATGL (16.24%); Adani Energy (12.30%); NIACL (8.36%); NDTV (7.64%); GPPL (7.57%)

Major losers:

CG Power (-4.02%); GOKEX (-3.70%); Cressan (-3.36%); Metro Brand (-3.31%); RattanIndia (-3.19%)

Organic Recycling Systems has in-house developed the Sanjeevak Carbonisation System (SCS) that efficiently turns biomass into charcoal. The stock inches up by 0.75% on the BSE, trading at ₹254.95.

Goldiam International is in receipt of orders worth ₹20 crore for diamond studded gold jewellery of which includes 50% of orders of lab-grown diamonds jewellery. The stock surges by 7.07% on the NSE, trading at ₹184.85.

ICRA Analytics said that the bond yields rose following the rise in US treasury yields. Gains were extended after weaker than expected demand was witnessed at the weekly debt auction. 

It added that the Indian equity markets closed with minor losses for the second consecutive day amid mixed global cues. Benchmark indices remained range-bound throughout the day weighed down by a slide in information technology and fast-moving consumer goods stocks. Sentiments were weakened by a slight increase in global bond rates. However, lower global crude oil prices restricted the losses.

Key benchmark indices S&P BSE Sensex and Nifty 50 lost 0.07% and 0.04% to close at 65,970.04 and 19,794.70, respectively.

Sumit Woods has received intent for redevelopment project with Jay Shivam Co-operative Housing Society Ltd for a project situated at Malad (East), Mumbai. The stock rises by 4.10% on the NSE, trading at ₹40.60.

Vadodara based Kronox Lab Sciences Limited has filed its Draft Offer Document with SEBI for IPO on Main board. A manufacturer of high purity speciality fine chemicals, Kronox’s products find application in a wide spectrum of industries for diversified uses such as pharmaceuticals formulations, active pharmaceutical ingredients, biotech, scientific research and testing, nutraceuticals, personal care, agrochemicals, animal health, metallurgy, amongst others. 

The Offer with a face value of Rs 10 per equity share consists of a fresh issue of equity shares and an offer-for-sale by promoters selling shareholders. As per the DRHP, the proceeds from the fresh issue will be utilised for funding the working capital requirements and general corporate purposes. 

Pantomath Capital Advisors Private Limited is the sole book-running lead manager. Company’s equity shares are proposed to be listed on the BSE and NSE.

Zen Technologies stock inches up by 0.34% on the NSE, trading at ₹759.95, after it had entered into an MoU to set up R&D and manufacturing facility in Goa.

Crompton Greaves Consumer Electricals had launched Luxian Infinia (Launched in 48” Sweep Size) under the premium induction category. The stock trades at ₹284 on the NSE, up by 0.07%.

Vaishali Pharma has received an order worth $8,00,000 (₹664 Lakh approx.) from the African Continent. The stock is up by 2.68% on the NSE, trading at ₹139.90.

Nifty 50 has come down after opening with a wide gap-up today. The index touched a high of 19,848 in the opening trades and has come down from there giving back almost all the gains. It is currently trading at 19,815, up 0.1 per cent for the day.

Nifty is facing strong resistance in the 19,850-19,875 region. It has to breach 19,875 decisively to gain bullish momentum. Only in that case, a rise to 20,000 will come into the picture. As long as the index stays below 19,875 it can remain sideways between 19,700 and 19,875.

Adani Power touches the 52-week high of Rs 430.50 in early trade. Currently trading at Rs 425, up by 7% over previous close. Reports spurt in volumes by 2.38 times.

IL&FS Engineering and Construction Company informed that it has initiated arbitration against Paschimanchal Vidyut Vitran Nigam Limited (PVVNL) to secure its contractual rights and obligations with respect to rural electrification works in the villages of Amroha and Bulandshahr districts in the State of Uttar Pradesh. The arbitration is primarily, inter alia, against levying of Liquidated Damages and arbitrary deduction towards burnt transformers from the final receivables. 

The stock is down by 2% on the NSE, trading at ₹27.

Welspun Corp has appointed Gerald Mosley as Chief Executive Officer for Welspun Tubular LLC. The stock is up by 2.57% on the NSE, trading at ₹530.50.

The first ever tranche of Sovereign Gold Bonds (SGBs) issued on November 30, 2015 (SGB 2015-16 Series I) will mature after eight years on November 30. Also, the Reserve Bank of India (RBI) opened a premature redemption window for another series – the SGB 2017-18 Series IX issued on November 27, 2017 – last week.

Nobody can save a man determined to grow rich suddenly’. This profound quote, attributed to an old English lawmaker, is something that is well understood only by those who have experienced bull and bear market cycles play out in full. For new entrants, the lure of getting wealthy in markets may appear irresistible and enticing, especially in an era where a few self-proclaimed experts in social media parade fictitious trading profits and misleading claims on how it is easy to get rich!

Last week, bellweather indices Nifty 50 and Sensex rose by around 0.3 per cent. Sectoral indices such as BSE Realty (1.48 per cent), BSE Power (1.43 per cent) and BSE Healthcare (0.83 per cent) gained the most while BSE FMCG (-0.3 per cent), BSE Capital Goods (-0.3 per cent) and BSE IT (-0.3 per cent) were tepid during the week. 

JK Cement stock inches up by 0.52% on the NSE, trading at ₹3,546.55 after it commenced Cement Grinding capacity of 1.5 MnTPA at its newly set up cement manufacturing facility situated at Ujjain, Madhya Pradesh.

After an extended break, domestic markets exhibited a flat trend on Tuesday. By 10 a.m., the 30-share BSE Sensex saw a marginal rise of 16.01 points, reaching 65,986.05, while the NSE Nifty climbed 23.85 points to 19,818.55. 

This week’s focus shifts to global and domestic macroeconomic data, with Indian auto sales starting on December 1 and the Q3 GDP release on November 30. Vital indicators include the S&P Global Services PMI, US economic figures, and Eurozone CPI data.

Prabhudas Lilladher notes that a decisive breach above the 19850 zone is critical for the Nifty index to establish a clear breakout, potentially retesting the previous peak zone. Throughout the day, Nifty remained restrained within the 19800-19850 levels observed in the last 5-6 sessions, lacking significant directional movement. Support is noted at 19700, while resistance is observed at 19,900.

BankNifty underwent a slight pullback from the significant 200 period MA to reach the 43,800 zone, slightly enhancing the bias.

In the individual stock realm, Integra Essentia surged by 10% on the NSE, trading at ₹7.70, subsequent to its board’s approval for a bonus issue at a 1:1 ratio, offering 1 equity share for every 1 Equity Share held.

Integra Essentia stock jumps by 10% on the NSE, trading at ₹7.70 after its board approved bonus at the ratio of 1 : 1, i.e 1 Equity Shares for every 1 Equity Shares held.

RattanIndia Enterprises informed the exchange that Revolt Motors launches RV400 in a new colour - Eclipse Red. The stock declines by 2.05% on the NSE, trading at ₹76.40.

Fortis Healthcare stock inches up by 0.95% on the NSE, trading at ₹370 after annoucing divestment of Fortis Malar Hospital, Chennai, to to MGM Healthcare Private Limited.

Wipro stock trades at ₹396.90 on the NSE, up by 0.23%. The company had announced that it helped Stockholm Exergi AB, Stockholm’s energy company, to build a new Information Technology (IT) infrastructure, helping it take a significant step toward achieving its, and Stockholm City’s, overall climate transformation targets.

Eicher Motors stock is down by 0.34% on the NSE, trading at ₹3,836.15 following the launch of Royal Enfield Shotgun 650.

EaseMyTrip.com has recently launched a travel program called “Explore Bharat- Discover the Soul of India.” This program aims to captivate travel enthusiasts staying overseas by offering curated tour packages. The stock inches up by 0.52% on the NSE, trading at ₹38.95.

Prabhudas Lilladher says that Nifty index needs a decisive breach above the 19850 zone for a clear breakout and anticipate for further rise to retest the previous peak zone. 

Nifty once again was gripped near the zone of 19800-19850 levels throughout the day as was witnessed in the last 5-6 sessions without any major directional move. The support for the day is seen at 19700, while the resistance is seen at 19900.

It added that BankNifty witnessed some pullback since the last session from near the significant 200 period MA to touch 43800 zone to slightly improve the bias.

Major gainers on the NSE at 9:30 am:

Adani Enterprises (5.24%); Adani Ports (3.07%); BPCL (2.08%); Hindalco (1.32%); Ultratech (1.11%)

Major losers:

ICICI Bank (-0.53%); IndusInd (-0.41%); SBI Life (-0.40%); Reliance (-0.38%); Divi’s Lab (-0.24%)

DB Realty: Co Promoter Group’s Sold 2.91% Stake Raises Rupees 301 Cr, Facilitating Debt Repayment and Entry into Hospitality Sector || Co to Be Debt Free on or Before Nov. 30

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Crude oil futures traded higher on Tuesday morning following the speculations over further production output cuts by oil producing nations in their meeting on November 30. At 9.26 am on Tuesday, February Brent oil futures were at $80.16, up by 0.36 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $75.14, up by 0.37 per cent. December crude oil futures were trading at ₹6277 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6267, up by 0.16 per cent; and January futures were trading at ₹6324 as against the previous close of ₹6309, up by 0.24 per cent.

PTC India Financial Services Limited informed that Geeta Girdher, the company’s Chief Compliance Officer (CCO), has tendered her resignation due to personal reasons.

DB Realty informed the exchange that its promoter group has sold 1.46 Crore shares of the Company reflecting a 2.91% stake in the Company and have raised ₹301 Crore by sale of the said shares. A substantial portion of the proceeds from the sale of the said shares (net of tax) has been infused back by the promoters into the Company as repayment of related party transactions and unsecured interest free loan.

DB Realty stock is up by 1.39% on the NSE, trading at ₹207.25.

Infosys Ltd.’s shares were up by 0.49% trading at Rs. 1444 after the company partnered with Tennis Australia, Tennis Victoria, and Tennis New South Wales to provide bespoke digital learning for 9-11 year old students. The collaboration aims to foster future leaders through Infosys Springboard.

Silver prices continued their upward trajectory, supported by a softer dollar and declining US Treasuries, amid growing perceptions that the Federal Reserve has completed its interest rate hikes.

Additionally, concerns about the supply of industrial silver, coupled with robust demand, contributed to the positive momentum. 

The Silver Institute reported expectations of a 2% drop in global mined silver production in 2023, primarily attributed to lower output from key producers Mexico and Peru.

Gold reached a six-month high, buoyed by a softer dollar and expectations of a pause in the Federal Reserve’s monetary tightening, contributing to the upward movement in prices. Economic data in the United States presented a mixed scenario, with weak consumer spending figures suggesting that the Federal Reserve’s rate hikes are beginning to impact the broader economy. On the physical front, data indicated that China’s net gold imports via Hong Kong declined for a second consecutive month in October as a patchy economic recovery weighed on demand in the key bullion market.

Investors are closely monitoring US’ third-quarter GDP figures scheduled for release on Wednesday and the personal consumption expenditures price index due on Thursday.

Following an extended break, the domestic markets kicked off Tuesday on a flat note. The 30-share BSE Sensex saw an early uptick of 51.3 points, reaching 66,021.34, while the NSE Nifty climbed 28.05 points to hit 19,823.55. 

Among the Nifty gainers were Adani Enterprises, BPCL, Adani Ports, Coal India, and Hindalco. Conversely, M&M, RIL, ICICI Bank, L&T, and Cipla experienced declines.

This week, attention shifts to global and domestic macroeconomic data, with Indian auto sales commencing on December 1, alongside the Q3 GDP release on November 30. Essential indicators include the S&P Global Services PMI, US economic statistics, and Eurozone CPI data.

Netweb Technologies India Limited (Netweb) is now a manufacturing partner for the NVIDIA Grace CPU Superchip and GH200 Grace Hopper Superchip MGX server designs.. Netweb stock jumps 6.63% on the NSE, trading at ₹865.10.

Price band revised from 20% to 10%: Honasa Consumer 

Ex/record date Interim dividend: Talbros Automotive Components 9

Ex/record date Right Issue: SEPC 

Move into short-term ASM framework: Bliss GVS Pharma, Honasa Consumer, Syncom Formulations.

Move out of short-term ASM framework: Sharda Motor Industries

ISMT: Promoter group Kirloskar Industries bought 73,473 equity shares on Nov 23, while Promoter group Alka Mehta sold 73,473 equity shares on Nov 23. 

D B Realty: Promoter group Shravan Kumar Bali sold 81,060 equity shares between Nov 20 and 21. Promoter Vinod Goenka HUF sold 2.7 lakh equity shares on Nov 21. 

Usha Martin: Promoter group Nidhi Rajgarhia sold 8,000 equity shares on Nov 21. 

Ultramarine and Pigments: Promoter group sold 2,976 equity shares between Nov 22 and 23. 

One 97 Communications: BH International Holdings sold 1.5 crore shares (2.46%) at 877.29 apiece, while Copthall Mauritius Investment and Ghisallo Master Fund LP bought 75.75 lakh shares (1.19%) and 42.75 lakh shares (0.67%), respectively, at 877.2 apiece. 

Hardwyn India: Dream Achiever Consultancy services private sold 21.48 lakh shares (0.61%) at 39.05 apiece, while Wajid Ahmed bought 30 lakh shares (0.85%) at 39.4 apiece. 

Home First Finance: Smallcap World Fund bought 23.95 lakh shares (2.71%) at 871 apiece. Fidelity Global Investment Fund Asia Equity Fund Bought 4.7 lakh shares (0.54%) at 870 apiece. True North Fund V LLP Sold 17.88 lakh shares (2.02%) at 871 apiece. Orange Clove Investments B.V sold 14.9 lakh shares (1.69%) at 871 apiece. Aether Mauritius sold 11.92 lakh shares (1.35%) at 871 apiece. True North Fund V LLP sold 16.72 lakh shares (1.89%) at 870 apiece. Orange clove investments BV sold 13.93 lakh shares (1.58%) at 870 apiece. Aether Mauritius sold 11.14 lakh shares (1.26%) at 870 apiece. 

D B Realty: Authum Investment & Infrastructure bought 27 lakh shares (0.53%) at 198.90 apiece. Neelkamal Tower Construction LLP sold 73 lakh shares (1.45%) at 199.05 apiece. 

Tata Technologies: The IPO was subscribed 69.43 times on day three. The bids were led by institutional investors (203.41 times), non-institutional investors (62.11 times), reserved portion for shareholder (29.20 times), retail investors (16.5 Times), and reserve portion for employees (3.70 times). 

Tata technologies: The IPO was subscribed 14.86 times on day two. The bids were led by non-institutional investors (31.04 times), Reserved portion for shareholder (20.04 times), Retail investors (11.20 Times), Institutional Investors (8.55 times) and Reserve Portion for Employees (2.36 times). 

Gandhar oil refinery: The IPO was subscribed 15.27 times on day two. The bids were led by non-institutional investors (26.24 times), Retail investors (17.27 Times), Institutional Investors (3.14 times). 

Fedbank Financials: The IPO was subscribed 0.90 times on day two. The bids were led by Retail investors (1.26 times), Portion Reserved for employees (0.78 times), Institutional investors (0.56 times) and non-institutional investors (0.52 times). 

Flair Writing Industries: The IPO was subscribed 6.12 times on day two. The bids were led by non-institutional investors (10.05 times), Retail investors (7.16 times) and by Institutional Investors (1.36 times). 

IRB Infrastructure Developers: The company’s SPV, IRB Lalitpur Tollway Pvt., signed a concession agreement with NHAI for the Lalitpur Lakhnadon TOT Project in the state of Madhya Pradesh. The project will pay an upfront of Rs 4,428 crores to the NHAI for tolling and O&M of a 316-km stretch of NH44 for a revenue-linked concession period of 20 years.

SJVN: The company’s first unit of 30 MW capacity for the 60 MW Naitwar Mori hydroelectric project in Uttarakhand has achieved the commercial operation date, and now its total generation capacity is 2,122 MW from 2,091.50 MW.

Eicher Motors: The company launched a new Himalayan at an introductory price of Rs 2.69 to 2.84 lakh, ex-showroom India, and launched the Royal Enfield Shotgun 650, which is available at an ex-showroom price of Rs 4,25,000.

KPI Green Energy: The company’s subsidiary, M/s. Sun Drops Energeia Pvt., got an order of 4.66 MW for solar projects from M/s GVM Woven and M/s Radhika Silk Mills.

Fortis Healthcare: The company’s subsidiaries entered into definitive agreements with MGM Healthcare Pvt. for the sale and divestment of Fortis Malar Hospital and related assets to MGM for an aggregate consideration of Rs 128 crore.

PB Fintech: The company has made an investment of Rs 350 crore in Policy Bazaar Insurance Brokers Pvt., a wholly owned subsidiary of the company.

Bandhan Bank: The lender’s board approved the re-appointment of Chandra Shekhar Ghosh as the Managing Director and Chief Executive Officer of the bank for a period of three years, with effect from July 10, 2024, subject to approval of the Reserve Bank of India.

Jindal Stainless: The company’s board approved the proposal to liquidate their subsidiary, PT Jindal Stainless Indonesia.

Indraprastha Gas: The company announced its association with IndusInd Bank to facilitate the acceptance of the digital rupee, which is the Central Bank Digital Currency launched by the Reserve Bank of India in 2022.

Syrma SGS Technology: The company incorporated a wholly-owned subsidiary company named Syrma Semicon Pvt. 

Welspun India: The company announced its participation in the United Nations Global Compact (UNGC) initiative, aligning its operations and strategies with the Ten Principles of UNGC.

Jay Bharat Maruti: The auto component manufacturer and Tier 1 supplier to Maruti Suzuki India laid the foundation stone for its new plant in Kharkhoda, Sonipat, Haryana, on Thursday. 

Bharti Airtel: The Department of Telecommunications, Uttar Pradesh East, imposed a penalty of Rs 1,86,000 for an alleged violation of subscriber verification norms.

CMS Info Systems: The company’s Chief Technology Officer, Rohit Kilam, resigned from the position w.e.f. Nov. 24, 2023. 

Sterlite Technologies: The Supreme Court dismissed a plea filed by the company against ShinEtsu Chemical. The plea relates to the recovery by ShinEtsu for not procuring the agreed quantities at the agreed price.

Bajaj Holdings: The company increased its stake in Sanofi India from 0.0434% to 0.1129%. 

Shivalik Bimetal Controls: The company signed a Memorandum of Understanding with Metalor Technologies International SA (Swiss Corporation) for setting up a joint venture in India to manufacture and sell electrical contacts.

Vascon Engineers: The company will consider the proposal of raising funds through the issue of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institution placement, or a preferential issue, on Nov. 30 at its board meeting.

Tata Consultancy Services (TCS): has launched its AWS generative AI practice, to help customers harness the full potential of AI and AWS generative AI services

Lupin: The Pharma major has received approval from U.S. FDA for Bromfenac Ophthalmic Solution, 0.07% and received tentative Approval from U.S. FDA for Canagliflozin Tablets. 

LTIMindtree: The global technology consulting and digital solutions company launched Quantum-Safe Virtual Private Network (VPN) link in London in collaboration with Quantum Xchange & Fortinet. 

Indian Railway Catering and Tourism Corporation: The Company’s E-ticket booking/cancellation was temporarily affected today from 11:15 am to 1:52 pm due to technical reasons and the same has been resolved. 

Granules: The Company received a communication from the GST authorities directing for payment of tax liability of Rs 43,43,798 for the tax period July 2017 to March 2021. 

Tilaknagar Industries: Promoter Mr. Amit Dahanukar sold 30 lakh (1.56%) equity shares of the Company for the purpose of release of pledge on the equity shares of the Promoters of the Company. 

Radico Khaitan: The Company announced the launch of Magic Moments Remix Pink Vodka to cater to the growing demand of the coloured and flavoured beverage alcohol category. 

Bharat Electronics: NSE and BSE imposed a fine of Rs. 1,82,900/- each on Company for noncompliance of Regulation in respect of composition of Board of Directors due to insufficient number of Independent Directors. 

Karnataka Bank: The Bank ties up with Bajaj Allianz Life Insurance Company Limited to distribute Life Insurance products. 

JSW Steel: The steel manufacturer completes the last tranche of Rs 750 crore investment in JSW paints and the company now holds 12.84% stake in JSW Paints. 

Siemens: The Company got GST demand and penalty notice worth Rs 23.7 crore from Belapur’s CGST & Central Excise Commissionerate. 

NMDC: The Company has set the iron ore price at 5,400 per ton w.e.f November 23 and fines price at 4,660 per ton w.e.f November 23. 

Indian Hotels: The Company has made an investment of Rs 55 crore in Genness Hospitality Private Limited and 35 crores in Qurio Hospitality Private Limited by way of subscription to Rights Issues. 

Prestige Estates: The Company has launched a residential project “Prestige Glenbrook” in Bangalore comprises of 285 apartments across two high-rise towers with a developable area of 0.7 million sft and has a revenue potential of Rs. 550 Crores. 

Apar Industries: The Company opens QIP for raising up to Rs 1000 crore at floor price of Rs 5,540.33 per share. 

Castrol India: The Company has entered into Tripartite Agreement with KFin Technologies Limited and Link Intime India Private Limited and the signed copy of the same is received by the Company. 

Samvardhana Motherson International: National Company Law Tribunal has given nod for scheme of Amalgamation between Motherson Consultancies Service Limited and Motherson Invenzen Xlab Private Limited and Samvardhana Motherson Polymers Limited and MS Global India Automotive Private Limited with Samvardhana Motherson International Limited and their respective shareholders and creditors.

Bharat Heavy Electricals: NSE and BSE imposed a fine of Rs 5,42,800 each for non-compliance with the SEBI Regulation. 

Vishnu Chemicals: The Company incorporated Vishnu International Trading FZE, a wholly owned subsidiary in Dubai, UAE. 

Anup Engineering: National Company Law Tribunal has given nod for scheme of Amalgamation between Anup Heavy Engineering Limited and The Anup Engineering Limited. 

Clean Science and Technology: The company have made an investment of Rs 60 crore in Clean Fino-Chem Limited, a wholly owned subsidiary of the company by way of right issue. 

JM Financial: The company received a warning letter from SEBI for merchant bankers rule violation. 

Elara Securities: L&T

Rating: BUY

Target Price : INR 3750

Upside : 23%

CMP : INR 3046 (as on 23 November 2023)

Multi-year capex cycle unfolding: Clean energy + Oil & Gas, twin triggers

Energy sector, culpable for 73% of global greenhouse gas emissions, is amidst a momentous transition towards clean energy as Net Zero/ decarbonization mandate by 2025 may attract a massive annual investment of USD 2.7tn globally. Especially, some Gulf Cooperation Council (GCC) nations, which consume energy >2x developed nations, are seeking to swiftly approximate Net-Zero by 2050, which will spur a colossal capex cycle. And as the next COP28 host (meet in UAE), GCC will seek to reinforce its climate agenda, and thus related capex. 

In the oil, gas & petrochemical space too, ~USD 280bn worth of contracts were awarded in the past decade, largely by the Kingdom of Saudi Arabia (KSA), Qatar and the UAE, irrespective of oil price movement. And currently, >40 mega-projects (>USD 185bn) are in early stages of execution/planning, with ~50% of the project value from KSA (Saudi Aramco-led), thus underpinning capex.

Union Asset Management Company Pvt. Ltd., Investment Manager to Union Mutual Fund, sponsored by Union Bank of India and Japan’s Dai-ichi Life Holdings, Inc., today announced the launch of Union Children’s Fund - an open-ended fund for investment for children, having a lock-in for at least 5 years or till the child attains the age of majority (whichever is earlier).

The New Fund Offer (NFO) of Union Children’s Fund (‘the Scheme’) will open on November 28, 2023 and close on December 12, 2023. The Scheme will re-open for ongoing sale and repurchase within 5 business days from Allotment. 

Benchmarked against S&P BSE 500 Index (TRI)^^, the Scheme aims to generate long-term capital appreciation by investing in a mix of securities comprising equity, equity-related securities and debt instruments as per the asset allocation pattern of the Scheme with a view to providing investment solution to investors.

The minimum application amount for investment in the Scheme is Rs 1,000 and in multiples of Rs. 1 thereafter.

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research,

“The ICC World Cup has surely done its bit to push up consumption demand in the months of Oct-Nov’23 along with the regular festivities. Urban demand has reportedly been strong as reflected by a step up in passenger vehicle sales, online food deliveries, airline traffic, and hotel occupancies. 

The resilience in urban demand is clearly one of the primary drivers of the current momentum in the Indian economy albeit there may be some impact of the latest RBI circular which seeks to tighten the sharp growth in consumer lending. On the other hand, there are indications of a weaker rural demand in the second half of the fiscal due to the El Nino phenomenon and the estimated shortfall in the kharif crop along with the risk to the rabi crop. 

From the growth perspective, India had a strong first half in FY24 with the growth print in Q1FY24 high at 7.8% YoY likely to be followed by a solid 6.8% YoY in the second quarter, going by the Acuité Macroeconomic Performance index (AMEP) which is based on a wide range of high frequency indicators.

While economic activity in the core sector has continued to be propelled by public investments in the infrastructure sector, persistent headwinds on the export front, higher interest rates along with a tighter funding environment for consumer loans and weaker agricultural output due to the El Nino phenomenon can pose risks to the growth trajectory. We expect 5.0%-5.5% growth in H2FY24 and hold on to our base forecast of 6.0% for FY24.

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 Lalitpur Tollway Pvt. Ltd., a Project SPV of the IRB Infrastructure Trust (an Associate of IRB Infra), has signed the Concession Agreement today with the NHAI for Tolling and Operations & Maintenance of the Lalitpur Lakhnadon stretch of NH44 in the State of Madhya Pradesh on Toll-Operate-Transfer (TOT) basis.

INDIA

1)India’s foreign exchange reserves increased by $5.077 billion to $595.397 billion for the week ending November 17, the latest data by the Reserve Bank of India (RBI) showed.

2)The Ministry of Corporate Affairs has approved the application submitted by online bond platform providers for the formation of their industry body, people aware of the development told Moneycontrol on November 24. The name under which the association is registered is ‘OBPP Association’, a source said. 

3)SEBI Chief Madhabi Puri Buch announced on November 25 that a roadmap has been devised for the same-day settlement of trades by March 2024, followed by an optional parallel system for instantaneous settlement. Buch stated that for instantaneous settlement, market infrastructure and brokers have emphasized the need for a technological path where the interim step should not be a one-hour delay but rather move directly from T+0 to instantaneous.

4)India’s real GDP growth will rise to 6.5% in 2024-25 from an estimated 6.2% in 2023-24, aided by the government’s pre-election spending in the first half of 2024 and private investment in the later half, global investment firm Goldman Sachs said in a report.

5)EPFO Data Shows Dip in Fresh Formal Job Creation Again, Falls to Six-Month Low. The latest payroll data revealed a 6.45% decrease in the number of new monthly subscribers under the Employees’ Provident Fund (EPF). The number dropped from 953,092 in August to 891,583 in September.

6)The Reserve Bank of India (RBI) is considering a comprehensive review of its penalty system. The potential changes might involve increasing the penalty amounts, this could be in accordance with the size of the regulated entities, their importance to the system, and the number of repeat offences, it added. RBI said its actions were based on deficiencies in regulatory compliance and were not intended to pronounce upon the validity of any transaction or agreement entered into by the banks or the NBFC with its customers. 

7)Foreign direct investment (FDI) equity inflows in India declined 7.7% to $9.5 billion in the July-September quarter of FY24, down from $10.3 billion a year ago. The total FDI inflows declined 7.8% to $15.3 billion in the second quarter of this fiscal year.

8)The holdings of foreign portfolio investors’ (FPI) in Indian stocks have reached their lowest levels in a decade amid extensive selling of domestic equities by overseas investors since September 2023. The aggregate holdings of FPIs stand at ₹54.5 lakh crore, implying 16.6% holdings of overall Indian equities as of November 2023 which is the lowest since 2012, as per ICICI Securities.

9)The average cost on states’ borrowings has eased a tad this week’s auction by 4 bps to 7.67 per cent amid lower-than-indicated issuance, after hitting a near three-year high last week.

10)To minimise risks and lower borrowing costs, the Centre aims to reduce the share of short-term debt of the outstanding marketable debt stock to 11 per cent by FY25 from 12.13 per cent in FY22.

11)India’s economy likely grew at 7% in Q2, higher than the Reserve Bank of India’s MPC’s estimate, according to ICRA. The growth is expected to moderate in Q2 from Q1, influenced by normalizing base and erratic monsoon. The firm maintains a FY2024 GDP growth estimate at 6.0%, lower than the MPC’s projection of 6.5%.

12)India’s merger and acquisition (M&A) activities fell 6.24 times to $14.58 billion in calendar year 2023 (YTD), its lowest in the past 12 years. While geopolitical developments have played their part, the deal-making scenario continues to be restrained for the rest of the year.

13)Unsecured personal loans jumped more than four-fold to Rs 13.32 lakh crore as of March 2023 from Rs 4.26 lakh crore in March 2017, as per a report. Overall, the number of personal loans has almost tripled during this period to Rs 51.7 lakh crore, an analysis by Care Ratings revealed.

14)Jio Financial on November 21 announced that it has submitted an application with the RBI for converting to a CIC from a non-banking financial company (NBFC) after a regulatory mandate.

WORLD

1)Federal Open Market Committee (FOMC) meeting minutes showed that policy makers agreed to “proceed carefully and only raise interest rates if progress in controlling inflation faltered. “All participants agreed that the Committee was in a position to proceed carefully,” according to the minutes, which appeared to show support for more rate hikes dissipating within the U.S. central bank’s Federal Open Market Committee, and the baseline shifting to one in which its benchmark overnight interest rate remains steady absent a bad inflation surprise.

2)US Existing Home Sales sank 41% on month to a seasonally adjusted annualized rate of 3.79 million units in October from revised -2.2% or 3.96 million units in September

3)US Initial Jobless Claims benefits fell by 24,000 to 209,000 on the week ending November 18 from revised 233,000 in the previous week.

4)US Michigan Consumer Sentiment Final rose to 613 in November 2023 from 63.8 in the month of October. US Michigan Inflation Expectations Final rose to a one-year high of 4.5% in November, up from revised 4.4% growth in the prior month.

5)US S&P Global Manufacturing PMI Flash declined to 49.4 in November from 50 in October and services PM grew 50.8 from 50.6 while Composite PMI Flash remained unchanged at 50.7.

6)Atlanta Fed’s GDPNow estimate projects a 2.1% increase in Q4 2023, up from 2.0% on Nov 17. Recent data suggests a positive outlook for private investment growth.

7)Canada’s annual inflation rate eased more than expected to 3.1% in October and core inflation measures edged down to their lowest levels in about two years, likely closing the door to further rate hikes.

8)UK S&P Global CIPS Manufacturing PMI flesh rose to 45.7 in November, up from 44.8 in October while Services PM flesh rose to 50.5 up from 49.5 and composite PMI Flash rose to 50.1 from 48.7.

9)Eurozone HCOB Manufacturing PMI Flash increased to 43.8 in November from October’s 43.1 while services PMI rose to 48.2 from 47.8 and composite PMI flash rose to 47.1 from 46.5.

10)Moody’s left Italy’s sovereign debt rating at Baa3, one notch above junk, but upgraded the outlook to stable from negative, in an unexpected boost for Prime Minister Giorgia Meloni’s government. Most analysts had expected the agency to leave both Italy’s rating and outlook unchanged. Moody’s had put the euro zone’s third-largest economy on a negative outlook in August last year following a government collapse and in the midst of an energy crisis.

11)Japan inflation rose to 3.3% on year in October from 3.0% in September while core inflation rose 2.9% on year from 2.8%.

12)Jibun Bank Japan Manufacturing PMI declined to 48.1 in November 2023 from 48.7 in September while services PMI rose 51.7 from 516 and composite PMI eased to 50 from 50.5.

13)Japan’s coincident economic indicator was at 114.7 in September while the leading economic index was 108.9.

14)Turkey’s central bank delivered a larger-than-expected 500 basis point interest rate hike on Thursday, lifting its benchmark to 40% but also flagging that the pace of monetary tightening was set to slow down and the end of the cycle was in sight.

15)The Philippines sold tokenized Treasury bonds for the first time on Monday in what might be a prelude to a wider use of digital ledger technology in the country’s government debt market. The Bureau of the Treasury sold 15 billion pesos ($270 million) of the debt that will fall due November 2024, according to a statement. The bonds, offered to institutional investors, were priced at a coupon of 6.5% per year. Bids totaled 31.426 billion pesos, more than triple the initial offer size of 10 billion pesos.

•Fixed Income

The New 10-Year Benchmark GOI 7.18 2033 traded between 7.20% - 7.29% during this week

Old 10-Year Benchmark GOI 7.26 2033 traded between 7.25% – 7.32% during this week, tracking movement in Crude Oil, Currency and US Treasury Yields.

•Auction Highlights:

RBI conducted the Auction for G-sec, SDL and T-Bill for the aggregated amount of INR 30,000 Crore, INR 11,620 Crore and INR 24,000 Crore respectively.

G-sec Cutoff: 

7.33% GS 2026 (100.15/7.2688%)

7.18% GS 2037 (99.72/7.2182%)

7.25% GS 2063 (96.99/7.4880%) 

SDL Cutoff:

09 Years: MG 7.66%

10 Years: AR 7.68%, GA 7.65%, HR 7.65%, NL 7.67%

11 Years: UP 7.68%

12 Years: UP 7.70%

13 Years: KR 7.67%

14 Years: TS 7.68%

15 Years: BH 7.70%

25 Years: JK 7.56%

Reissue of 7.77% Punjab SGS 2033 issued on November 01, 2023 at 100.54/7.6902

T-Bill Cutoff:

091 Days: INR 7000 Crore 98.2974/ 6.9474%

182 Days: INR 8000 Crore 96.5715/ 7.1199%

364 Days: INR 9000 Crore 93.3444/ 7.1497%\u0009

•Commodities:

1)Brent Crude Oil: $78.48-$82.85 (Per barrel)

2)WTI Crude Oil: $73.79-$78.22 (Per barrel)

3)Gold: INR 6,197-INR 6,229 24 Carat (1 Gram)

4)Silver: INR 76,000-INR 77,200 (1 KG)

•US Treasury Yield:

1)US 2 Years Treasury: 4.84%-4.96%

2)US 5 Years Treasury: 4.37%-4.51%

3)US 10 Years Treasury: 4.36%-4.49%

•Corporate Bond Highlights

AAA 5 Years PSU Bond traded between 7.77%-7.80% this week.

AAA 10 Years Private Bond traded between 7.74%-7.82% this week.

•New Issuances:

INDIAN RAILWAY FINANCE CORPORATION LIMITED

Ratings: AAA by ICRA & CRISIL

Issue Size: 500 + 2500 Cr

Maturity Date: 24/11/2026

Allocated 2404 Crs at 7.68%

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

Ratings: AAA/ Stable by CRISIL & ICRA

Issue Size: 2000 +3000 Cr

Maturity Date: 24/11/2028

Allocated 4887 Crs at 7.83%

RURAL ELECTRIFICATION CORPORATION LIMITED

Ratings: AAA/ Stable by ICRA

Issue Size: 500 + 2500 Crs

Maturity Date: 30/11/2033

Allocated 2899.69 Crs at 7.71%

CANARA BANK

Ratings: AAA/ Stable by CARE

Issue Size: 1000 + 4000 Crs

Maturity Date: 29/11/2033

Allocated 5000 Crs at 7.68%

SHRIRAM HOUSING FINANCE LIMITED

Ratings: AA+/ Stable by CRISIL

Issue Size: 100 + 200 Cr 

Maturity Date: 22/11/2033

Allocated 325 Crs at 8.90%

GMR AIRPORTS LIMITED

Ratings: A-/stable by CARE 

Issue Size: 1950 + 0 Crs

Maturity Date: 22/11/2026

Allocated 1950 Crs at 100

TATA CAPITAL FINANCIAL SERVICES LIMITED

Ratings: AAA/stable by CRISIL & IND Ratings

Issue Size: 3000 + 0 Crs

Maturity Date: 22/01/2027

Allocated 3000 Crs at 8.10%

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

“There are some important developments that might influence FPI inflows into India. The better-than-expected decline in inflation in the US has given the market confidence to assume that the Fed is done with rate hike. Consequently the US bond yields have declined sharply with the 10-year benchmark bond yield correcting from 5% in mid October to 4.40% now. This has forced the FIIs to slow down their selling. Importantly, they were buyers on four days this month with a big buying of Rs 2625 crores on Friday, the 24th.

FPIs are likely to buy banking which they have been selling during the last 3months. A large-cap led rally is likely in the market, going forward.”

The Board of Bandhan Bank has approved the re-appointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer.

KPI Green Energy has receive new order of 4.66 MW Solar Power Plant under CPP Segment.

Welspun India has announced its participation in the United Nations Global Compact (UNGC) initiative, aligning its operations and strategies with the Ten Principles of UNGC.

Jefferies on BSE: Initiate Buy, target Rs 2700

Antique on Yatra: Initiate Buy, target Rs 168

GS on Fortis: Buy, target Rs 400

Jefferies on L&T: Buy, target price at Rs 3400

MS on HPCL: Overweight on Company, target Rs 364

HSBC on ONGC: Hold, raise target price at Rs 175

Jefferies on Cipla: Buy target Rs 1230

Nomura on Eicher Motors: Neutral, target: Rs 3640

Jefferies on Tech Mah: Underperform, target price at Rs 910

DSP Asset Managers Private Limited (“DSP AMC”) announced the inauguration of its wholly owned subsidiary company office at GIFT City, Gandhinagar. DSP Fund Managers IFSC Private Limited, the wholly owned subsidiary of DSP AMC has received Fund Management Entity (Retail) registration from the International Financial Services Centres Authority (“IFSCA”). It will be positioned as DSP AMC’s offshore hub and will provide both Indian investment solutions for global investors and global solutions for offshore and Indian investors. 

DSP GIFT City office would enable both inbound and outbound investments. It would offer a wide range of strategies and products to global investors including late stage investing, private equities, and long – short hedge funds including long-only high conviction strategies. For outbound investing, there are options of investing in different markets through the LRS route, giving local investors a global flavor. The endeavor is to provide a mix of interesting and relevant investment opportunities.

Arvind SmartSpaces Ltd, a Lalbhai group, has successfully given exit to HDFC Capital Affordable Real Estate Fund -3 on the project named Arvind Fruits of Life. This is a premium plotting development at Bavlu, Gandhinagar and the first project added under the HDFC Platform 2 in Q2 FY23. The funds invested by HCARE-3 have been repaid in full from the project cash flows driven by strong sales momentum and collections from the project.

Indo Amines Ltd’s subsidiary company Indo Speciality Chemicals Private Limited (formally known as Ashok Surfactant Private Limited) has received an Environment Clearance for capacity enhancement of “Synthetic Organic Chemical” for its Manufacturing unit at Mahad, Mabharashtra.

Buzzing Stocks: TCS, Sundaram Brake Linings, Airtel, Maruti Suzuki, HDFC Bank, Samvardhana Motherson, MayMyIndia, Electronics Mart, BLS International, Dish TV, Kesoram Industries, Kirloskar Electric, Stove Kraft, Sea TV, Coromandel International, Binny, Sona BLW

BHEL

BALRAMPUR

GRANULES 

HPCL 

HINDCOPPER 

IBULHSGFIN 

ZEEL

A team of officials from the Enforcement Directorate visited DLF Ltd’s premises seeking information with respect to investigation being conducted in the matter of Supertech. The officials sought details of transactions relevant to the said investigation. The company extended full cooperation by providing them all relevant documents in this regard. 

The company has always conducted its businesses in total compliance of the laws of the land and follows the highest standards of compliance and governance, it said.

IndiGo (InterGlobe Aviation) has launched an AI chatbot, 6Eskai, powered by the groundbreaking GPT-4 technology. Developed entirely in-house by IndiGo’s digital team, in close collaboration with Microsoft, the AI chatbot represents a significant milestone for the airline. It efficiently addresses customer queries in 10 different languages and offers a first of a kind platform for booking tickets across the entire network.

The Fino Payments Bank has received an approval from Reserve Bank of India for appointment of Rajat Kumar Jain, Independent Director, as Part-time Chairman of the Bank w.e.f. November 24, 2023 till November 01, 2025. Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, is an accomplished corporate executive turned entrepreneur and business mentor / angel investor and serves as a non-executive director on various Boards including group companies of Aditya Birla and Mahindra conglomerates. Jain brings in over three decades of strategic leadership experience across Consumer, Telecom, Media and Technology sectors. He is the Founder Director of PadUp Ventures, a knowledge and mentoring platform that provides deep mentoring, incubation and acceleration services to early stage tech startups across sectors including Fintech.

LatentView Analytics, a global digital analytics consulting and solutions firm, unveiled Project Apoorva, aimed at transforming the lives of young adults from marginalised communities. This flagship initiative focuses on enhancing academic opportunities, career awareness, and exposure for adolescents through a specialized skill development program across government schools in Chennai.

The Board of Directors of Integra Essentia has approved the Bonus issue of equity shares in the ratio of 1 : 1 to eligible shareholders of the Company as on record date, subject to shareholders and other statutory approvals.

The board of Newgen Software Technologies has recommended the issue of Bonus Shares in the proportion of 1:1 to its Members of the Company as on the Record Date, subject to approval of the Members through Postal Ballot. The Board approved the increase in Authorized Share Capital of the Company from Rs 110.10 crore to Rs. 180.10 crore and consequent amendment to the Capital Clause of the Memorandum of Association of the Company, subject to approval of Members of the Company through Postal Ballot.

SEAMEC LIMITED has announced that the vessel “SEAMEC III” has now been deployed for completion of diving related and other associated ONGC work of Pipeline Replacement Project VII

Manorama Industries Limited has decided to undertake routine maintenance work for Fractionation Unit situated at Village Birkoni, Mahasamund, Khasra No. 2449 to 2618 from November 28, 2023 to December 14, 2023 and therefore, to temporarily shut down the operation of Fractionation unit but not discontinue the operation of other units.

Amazon Web Services (AWS), an Amazon.com company, announced today that HDFC Securities Ltd., one of the leading investment service providers in India, launched its new mobile trading app, HDFC SKY, on the world’s most comprehensive and broadly adopted cloud. HDFC Sky serves 75 million customers and all HDFC Group companies, investors, and traders worldwide with user-friendly trading of shares, commodities, futures, currencies, initial public offerings (IPOs), mutual funds, and exchange-traded funds (ETFs). To make trading more transparent and accessible for investors, HDFC SKY operates on a flat pricing model, charging traders a consistent, predetermined fee, regardless of the amount of money they invest or the number of transactions they make.

Vienna-based Complexity Science Hub (CSH) and Austria Supply Chain Intelligence Institute (ASCII) have jointly released a research paper wherein they have recommended the import-dependent countries to diversify sourcing rice from one destination to multiple places. In the backdrop of India’s restrictions on non-Basmati exports, they advocated a long-term and diversified set of import destinations for rice consuming countries.

PDD Holdings Inc. (Pre market) (Sector- Retail)

Bank of Nova Scotia (Pre market) (Sector- Financial)

Elbit Systems Ltd. (Pre market) (Sector- Defence)

Intuit Inc. (Post market) (Sector- Financial)

Workday, Inc. (Post market) (Sector- Technology)

CrowdStrike Holdings, Inc. (Post market) (Sector- Technology)

Splunk Inc. (Post market) (Sector- Technology)

Hewlett Packard Enterprise Company (Post market) (Sector- Technology)

NetApp, Inc. (Post market) (Sector- Technology)

BHP Group Limited (TENT) (Sector- Metal)

20:30 U.S. CB Consumer Confidence (Expected: 101.0 versus Previous: 102.6) 

20:30 U.S. Richmond Manufacturing Index (Expected: 1.0 versus Previous: 3.0)

Over 150 aircraft belonging to Indian airlines are grounded, and that number could increase to 200 by March 2024, consultancy CAPA India said in its mid-year outlook on Monday.

Indian carriers have a fleet of around 750 aircraft. According to CAPA India, 161-166 planes are grounded at present; thus, grounded planes account for a fifth of the combined total fleet of all carriers. 

In the second quarter of the fiscal year 2023-24, RailTel Corporation of India Ltd. (RAILTEL) reported strong financial performance. Revenue from Operations grew to ₹599.10 crore, up 40 per cent y-o-y and 28 per cent q-o-q, driven by segment growth in the railway and data center services. 

EBITDA stood at ₹115.30 crore, up 15 per cent y-o-y and 55 per cent q-o-q. EBITDA margins improved to 19.3 per cent q-o-q up 338 bps but decreased 417 bps. EBITDA margins are set to strengthen in the upcoming quarters due to increased revenue growth and the

Axis Bank hosted an Analyst Day to demonstrate its progress at future-proofing the franchise on both sides of the balance sheet. Although Axis Bank has benefitted from margin tailwinds in a rising interest rate regime (+62bps NIM expansion over the past six quarters), we believe there is still significant ground to be covered in terms of enhancing the quality of its deposit franchise and catching up with its larger private sector banking peers. 

While Axis Bank is likely to sustain its investments in focus areas, resulting in elevated opex ratios, the bank is also building out high-yielding profit pools on the acquired businesses (Citi portfolio) by leveraging its digital initiatives and ecosystem partnerships to drive productivity gains. 

Amid reports that cement major UltraTech Cement has expressed interest in acquiring the cement assets of Kesoram Industries, the B K Birla Group flagship company on Monday said its board of directors, will later this week, consider possible options on repayment or retirement of some of its existing debts.

The stock price of Data Patterns (India) could be gearing up for a fresh rally. The price action since the last week of October indicates a strong base formation above ₹1,800. The 200-Day Moving Average also poised around ₹1,800 makes it a strong support level. 

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

At the opening, Tokyo stocks saw a slight uptick before slipping into negative territory as investors held out for signals on potential shifts in central banks’ interest rate policies. The Nikkei 225 index began trading down by 0.28%, or 92.04 points, to trade at 33,355.63, while the broader Topix index dipped 0.37%, or 8.91 points, at 2,372.85. South Korea’s Kospi index, however, rose by 0.38%, adding 9.46 points to reach 2,505.12, and Australia’s S&P ASX200 index climbed 0.62%, or 43.10 points, reaching 7,030.70. 

Conversely, in the US market, the Dow Jones Industrial Average dropped by 56.68 points, equivalent to 0.16%, closing at 35,333.47. Similarly, the S&P 500 experienced a loss of 8.91 points, marking a decrease of 0.20% and settling at 4,550.43. The Nasdaq Composite also saw a decline, dropping by 9.83 points or 0.07% to end at 14,241.02.

U.S. stocks edged lower on Monday. All three major U.S. stock indexes ended the session modestly in the red. 

The Dow Jones Industrial Average fell 56.68 points, or 0.16%, to 35,333.47, the S&P 500 lost 8.91 points, or 0.20%, to 4,550.43 and the Nasdaq Composite dropped 9.83 points, or 0.07%, to 14,241.02. - Reuters