Share Market Highlights 29 November 2023: Sensex gains 728 pts; Nifty ends above 20k

UltraTech Cement Limited has acquired a 0.54 mtpa cement grinding assets of Burnpur Cement Limited, located at Patratu in Jharkhand at a consideration of ₹169.79 crore.

The rupee sustained its gaining momentum for the second straight session and settled 2 paise higher at 83.32 (provisional) against the US dollar on Wednesday boosted by robust buying in equity markets and inflow of foreign funds.

Southern Petrochemicals Industries Corporation is shutting down its plants from today to address the Ammonia Plant maintenance. “We expect to line up production by December 2, 2023,” company said in a regulatory filing. The stock trades at ₹69.85 on the NSE, down by 0.14%.

Medplus Health Services Limited has informed that one of its subsidiary has received an orders from Drugs and Control Authority. The Medplus stock trades at ₹788.80 on the NSE, down by 1.31%.

Man Infraconstruction’s board has approved raising of funds through issue and allotment of up to 3,55,05,000 warrants, being each warrant convertible into 1 Equity Share of the face value of ₹2 each to certain non-promoter investors on preferential basis at issue price of ₹155 (including premium of ₹153 each, aggregating upto maximum amount over ₹550 crore. 

The stock trades at ₹193 on the NSE, up by 0.21%.

Major gainers:

• Hero Motocorp (3.48%)
• Axis Bank (3.37%)
• M&M (3.31%)
• Wipro (2.38%)
• LTIMindtree (2%)

Major losers:

• ONGC (-0.93%)
• Nestle India (-0.65%)
• Adani Enterprises (-0.64%)
• Divi’s Lab (-0.62%)
• Eicher Motors (-0.58%)

Stocks advanced on BSE at 3 pm on November 29, 2023, were 1,934 against 1,745 stocks that declined; 142 stocks remain unchanged. Total stocks traded were 3,821. The number of stocks that recorded a 52-week high was 310, and those that hit a 52-week low was 28.

Stove Kraft informed about the recent conclusion of the Income Tax Department’s search at its office premises and manufacturing plants. It said in its regulatory filing, “the company is getting ready to introduce a line of fresh, cutting-edge products that are designed to meet the changing needs of contemporary homes.”

The stock trades at ₹465.40 on the NSE, down by 0.99%.

Standard Chartered’s latest Sustainable Banking Report 2023 reveals USD543 billion of retail investor capital could be mobilised towards climate investments in India by 2030. The research – based on investor interest from a survey of 1,800 respondents in 10 growth markets across Asia, Africa and the Middle East – identifies a global potential of USD3.4 trillion for climate investing, highlighting the power of individuals to combat climate change.

India’s upcoming general election will bring volatility to its stock market at a time when the economic growth outlook is moderating, Societe Generale SA strategists wrote, downgrading the nation’s equities to neutral from overweight. 

The South Asian market will see a “pause in outperformance” until the polls are over, strategists including Frank Benzimra and Rajat Agarwal wrote in a Nov. 29 note. - Bloomberg

Jubilant FoodWorks stock rises by 3.51% on the NSE, trading at ₹563.80. Its wholly-owned subsidiary, Jubilant Foodworks Netherlands B.V. (JFN), had proposed acquisition of additional stake in DP Eurasia.

Deloitte Touche Tohmatsu India LLP has entered a strategic partnership with Ramco Systems Limited, a global payroll technology provider. This partnership leverages Ramco’s payroll platform in conjunction with Deloitte’s expert advisory and managed services. The duo said they will deliver ‘an all-encompassing payroll solution’ that ensures operation services, compliance, seamless user experience, and coverage spanning over 150 countries, all accessible through a single, unified payroll platform.

After hitting a new 52-week high of Rs 470.90, shares of Adani Power are down marginally by 0.83%, trading at 442.10. The script reports a spurt in volume by more than 3.18 times. It touched 52-week high of Rs 464.30 yesterday also with a spurt in volume by more than 4.88 times.

WhiteOak Capital Mutual Fund has announced the launch of new fund offer (NFO) - WhiteOak Capital Large & Mid Cap Fund. The NFO will be open from December 1 to 15.

Top losers of Nifty Realty stocks:

• Phoenix Mills (-3.29%)
• Sobha (-2.20%)
• Lodha (-2.01%)
• Swan Energy (-1.44%)

DOMS Industries, a leading holistic creative products player in the stationery and art products market, has received the Securities and Exchange Board of India (SEBI) approval for its proposed initial public offering. 

The Company’s initial public offering aggregating up to ₹1,200 crore which comprises a fresh issue aggregating up to Rs 350 crore and an offer for sale aggregating up to ₹850 crore. The offer for sale comprises of equity shares aggregating up to ₹ 800 crore by corporate promoter, F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A., equity shares of up to ₹25 crore by Sanjay Mansukhlal Rajani and equity shares worth ₹25 crore by Ketan Mansukhlal Rajani. 

The funds raised through the fresh issue are proposed to be utilized for the part funding of the cost of establishing a new manufacturing facility to expand the company’s production capabilities for a wide range of writing instruments, water colour pens, markers and highlighters as well as for general corporate purposes.

It has 11 manufacturing facilities are located in Umbergaon, Gujarat and in Bari Brahma, Jammu and Kashmir. Its domestic distribution network for general trade comprises of over 100 super-stockists, and 3,750 distributors along with a dedicated sales team of over 450 personnel covering more than 115,000 retail touch points across 3,500 cities and towns. They also cater to consumers through modern trade and e-commerce.

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC) group, has announced the bank’s decision to select Infosys Finacle Suite for its core banking transformation. The stock is up by 1.02% on the NSE, trading at ₹1,457.35.

TD Power Systems informed the exchange that the Karnataka Industrial Areas Development Board has allotted 15.00 acres of land to the Company in the Japansese Industrial Township Vasanthanarasapura 3rd Phase Industrial Area, Tumkur District, for setting up a facility for manufacture of electrical generators, motors, their sub-assemblies and parts. 

The stock inches up by 0.34% on the NSE, trading at ₹282.

Datamatics Global Services has announced the ongoing success of its partnership with imageOne. The company has helped power imageOne’s digital transformation through its intelligent automation solutions, TruCap+ Intelligent Document Processing (IDP) and TruBot Robotic Process Automation (RPA). 

The stock rises by 4.52% on the NSE, trading at ₹621.15.

Lemon Tree Hotels has informed the exchange that Vikramjit Singh has resigned from the position of President of the company to pursue an entrepreneurial role. His last date of working with the Company will be January 31, 2024. The stock trades at ₹114.05 on the NSE, down by 0.18%.

Capacit’e Infraprojects is in receipt of work order worth ₹101 crore from Tridhaatu Aranya Developers LLP. The stock trades at ₹258.15 on the NSE, down by 0.50%.

BHEL has signed a contract with Ministry of Defence (MoD). The stock is up by 4.77% on the NSE, trading at ₹163.50.

Aditya Birla Sun Life AMC collected nearly Rs 800 crore for its Aditya Birla Sun Life Transport and Logistics Fund during the NFO period from October 27 to November 10.

The open-ended, equity oriented thematic fund received a response from 53,777 investors and has garnered a total of Rs 798.9 crore. The allotment date for the fund was November 17 and the fund reopened for subscription on November 21.

A. Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life AMC said, “We are delighted with the response we have received for our transport and logistics fund. This fund is a unique offering that captures the growth potential of the transportation and logistics sector, which is a key driver of the Indian economy. The fund aims to provide long-term capital appreciation by investing in companies that are well-positioned to benefit from the structural changes and emerging trends in the sector. We believe that this fund will offer a differentiated and diversified opportunity to our investors to participate in the economic recovery and growth story of India.”

The Nifty’s recent crossing of the psychological level of 20,000 and the BSE market cap’s ascent to the $4 trillion mark signal the start of a fresh momentum. Domestic liquidity has provided support, but the lack of foreign inflows due to high US bond yields has been a hindrance. 

Fortunately, interest rates in the US have peaked, and the dollar index is declining, which is expected to attract foreign institutional investor (FII) inflows into the Indian equity market. Despite strong fundamentals, volatility is expected leading up to the state election results. However, any weakness caused by this could present a compelling buying opportunity.

The market appears primed for a pre-election rally, and we can anticipate the Nifty soon surpassing 21,000. 19,500 will now serve as a support level.

[13:06, 29/11/2023] +91 87791 76561: Aditya Birla Sun Life AMC collected nearly Rs 800 crore for its Aditya Birla Sun Life Transport and Logistics Fund during the NFO period from October 27 to November 10. 

The open-ended, equity oriented thematic fund received a response from 53,777 investors and has garnered a total of Rs 798.9 crore. The allotment date for the fund was November 17 and the fund reopened for subscription on November 21.

A. Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life AMC said, “We are delighted with the response we have received for our transport and logistics fund. This fund is a unique offering that captures the growth potential of the transportation and logistics sector, which is a key driver of the Indian economy. The fund aims to provide long-term capital appreciation by investing in companies that are well-positioned to benefit from the structural changes and emerging trends in the sector. We believe that this fund will offer a differentiated and diversified opportunity to our investors to participate in the economic recovery and growth story of India.” -- Santosh Meena, Head of Research, Swastika Investmart Ltd. 

Havells India stock inches up by 0.73% on the NSE, trading at ₹1,290.65 following the launch of consumer durable brand “Lloyd” in West Asia market.

Cyient shares trading at Rs1,944.90, up by 2.65 per cent. Touched the 52-week high of Rs 1,984 in early trade. Reports spurt in volume by 2.30 times.

Shelter Pharma Limited has secured a order from Taha Drugs & Chemicals Co. Ltd for the product of Allvitamins Tablet Nutraceutical 60000 Box and Joemega Capsule Nutraceutical 60000 Box worth ₹1 Crore approximately. The stock surges by 8% on the BSE, trading at ₹66.

Sula Vineyards Limited announced that the recent unseasonal rains in Nasik have had zero impact on its business. The stock trades at ₹456.40 on the NSE, down by 0.94%.

Aster DM Healthcare (12.73%); Shradha Infraprojects (12.51%); Torrent Power (11.48%); Mindteck (India) (10.46%); Cybertech Systems And Software (9.78%)

PPFAS Mutual Fund (PPFAS MF) will be hosting its 10th Unitholders’ Meet on December 2, 2023, in Mumbai. The event will

provide unitholders with an opportunity to interact with the PPFAS MF team, gain insights into the company’s investment philosophy, and ask questions about their investments.

“We are excited to host our 10th Unitholders’ Meet and engage with our valued investors and partners,” said Neil Parag Parikh, Chairman & CEO, PPFAS MF. “At PPFAS MF, we believe in building long-term relationships with our unitholders and partners and providing them with the information they need to make informed investment decisions. The Unitholders’ Meet is an important platform to connect with our investors and share our thoughts on various subjects and our investment approach.”

The Sensex and Nifty climb, mirroring gains in Asian and U.S. markets due to dovish statements from a Federal Reserve official, increasing expectations of potential rate cuts as soon as March 2024. The NSE Nifty 50 index rose 0.7% to 20,028.80 points and the S&P BSE Sensex was up 0.73% at 66,659.80, respectively, as of 12:05 p.m. 

Stocks on the BSE surged to 2,072 by noon on November 29, 2023, while 1,462 stocks experienced declines, and 147 remained unchanged. Among 3,681 total trades, 276 stocks hit a 52-week high, contrasting with 21 stocks reaching a 52-week low.

At noon on the NSE, major gainers included Hero Motocorp (2.66%), M&M (2.46%), Britannia (2.34%), Wipro (2.24%), and Tech Mahindra (1.88%). Conversely, major losers encompassed ONGC (-0.64%), Coal India (-0.57%), Nestle India (-0.49%), Adani ports (-0.40%), and Adani Enterprises (-0.33%).

Global equities display a mixed trend as analysts anticipate fresh triggers while highlighting the impact of fund rotations on market stability. Q2FY24 earnings showcased moderate growth with large-cap outperformance driven by sectors like energy, auto, and lending financials amidst input cost deflation. Fair valuations signal a balanced risk-reward strategy advised across sectors by HDFC Securities.

Ramco Systems informed that Deloitte Touche Tohmatsu India LLP has entered a strategic partnership with the company. Together, they are committed to delivering an all-encompassing payroll solution that ensures operation services, compliance, seamless user experience, and comprehensive coverage spanning 150+ countries, all accessible through a single, unified payroll platform.

The stock rises by 4.49% on the NSE, trading at ₹288.55.

Major gainers on the NSE at 12 pm:

Hero Motocorp (2.66%); M&M (2.46%); Britannia (2.34%); Wipro (2.24%); Tech Mahindra (1.88%)

Major losers:

ONGC (-0.64%); Coal India (-0.57%); Nestle India (-0.49%); Adani ports (-0.40%); Adani Enterprises (-0.33%)

Stocks advanced on BSE at 12 noon on November 29, 2023, were 2,072 against 1,462 stocks that declined; 147 stocks remain unchanged. Total stocks traded were 3,681. The number of stocks that recorded a 52-week high was 276, and those that hit a 52-week low was 21.

Ultracab bags order from Sterling & Wilson Pvt. Ltd., worth approx. ₹47.78 crore. Ultracab stock is up by 1.79% on the BSE, trading at ₹19.35.

DroneAcharya Aerial Innovations Ltd’s shares were up by 1.22 per cent after the company announced its collaboration with IIT Ropar to launch its third Remote Pilot Training Organization (RPTO). With centres in Pune and Rashtriya Raksha University, Gujarat, the collaboration aims to address the demand for skilled drone professionals in Northern India. 

Aurobindo Pharma Limited has received final approval from USFDA to manufacture and market Darunavir Tablets, 600 mg and 800 mg, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Prezista Tablets, 600 mg and 800 mg, of Janssen Products, L.P. 

The stock is up by 0.87% on the NSE, trading at ₹1,025.

Sterlite Technolgies has informed that Metallurgica Bresciana S.p.A., Italy, a wholly owned subsidiary of the Sterlite Technologies Limited (STL), has agreed to sell its 40% of outstanding shares held in Metallurgica Bresciana Maanshan Special Cable Ltd., China. 

Sterlite Technolgies stock trades at ₹156.70 on the NSE, down by 0.35%

Bharat Petroleum Corporation Limited (BPCL) declared an interim dividend of Rs 21 per equity share for FY23-24. The record date for eligibility to receive the dividend is set as December 12, 2023, The dividend payment or warrants will be processed on or before December 28, 2023. Stock rises 1.97 per cent to Rs 432.65

Nifty 50 has opened the day with a wide gap-up and is trading strong. It is trading at 20,008, up 0.6 per cent. Outlook is bullish. Immediate support is at 19,980. Nifty can rise to 20,200. A fall below 19,800 will only bring the index under pressure. But such a fall is unlikely as fresh buyers are likely to come into the market at lower levels.

Bank Nifty opened today’s session at 44,081.75 versus yesterday’s close of 43,880.95. It is now at 44,120, up 0.5 per cent.

Supporting the bullish bias, the advance/decline ratio stands at 9/2. Axis Bank, up 1 per cent, is the top gainer whereas IDFC First Bank, down 0.5 per cent, is the top loser.

Major gainers on the BSE at 11 am:

Torrent Power (14.12%); Aster DM (13.90%); ATGL (10.34%); Edelweiss (8.48%); Borosil (6.97%)

Major losers:

UTI Sp (-10.46%); Aether (-7.80%); Texrail (-7.32%); Lloyds (-3.87%); Raymond (-3.28%)

Rajoo Engineers has started construction and installation of 18,000 sq feet factory shed on recently acquired three industrial plots adjoining to the factory in Rajkot. The stock trades at ₹166.35 on the BSE, up by 1.93%.

Union Bank (2.87%); Indian Bank (1.60%); Canara Bank (1.34%)

Canara Bank stock is up by 1.26% on the NSE, trading at ₹401.10. RBI had accorded approval to the bank for divesting its shareholding (70%) in its unlisted subsidiary Canbank Factors Ltd.

Equity benchmark indices rallied in early trade on Wednesday amid continuous foreign fund inflows along with buying in heavyweight IT stocks, Reliance Industries and HDFC Bank.

The 30-share BSE Sensex climbed 305.44 points to 66,479.64 in early trade after beginning the day on a positive note. The Nifty went up by 103 points to 19,992.70.

In a much-anticipated debut, IREDA, a leading non-banking financial institution (NBFI) dedicated to financing renewable energy projects, made its mark on the stock markets today, listing at Rs 50 per share, a premium of 56% over its IPO price of Rs 32. The listing was above the market expectations, reflecting the strong fundamentals and growth potential of the company.

IREDA’s strong financial performance and focus on the burgeoning renewable energy sector make it an attractive investment proposition. The renewable energy sector is poised for significant growth in the coming years, driven by government initiatives and increasing environmental concerns.

Investors who participated in the IREDA IPO can be pleased with the strong listing gains. The company’s long-term prospects also appear promising, making it a worthwhile investment for those with a long-term investment horizon.

A spike in investment activity in the real estate sector in the Asia Pacific region is expected in 2024, with India being one of the major destinations for inflows, according to a report by Colliers.

“2024 definitely looks more positive than 2023. There’s a lot of pent-up equity looking to find a home,” said Chris Pilgrim, MD, Global Capital Markets, Asia Pacific at Colliers. He pointed out that the depth of capital in most Asian markets had to diversify, and real estate would be one of the sectors in which allocations are set to rise.

Life Insurance Corporation of India has announced the launch of its new product - LIC Jeevan Utsav. The stock trades at ₹675.50 on the NSE, up by 0.18%.

Prabhudas Lilladher has downgraded the stock to ‘Accumulate’ from previous ‘Buy’ rating. Accumulate with TP of ₹532 (earlier ₹543) valuing at 6.5x EV of Sept 2025E EBITDA.

“We expect stock to trade at higher multiples if company delivers similar performance in current falling raw material pricing scenario over next few quarters; on consistency of EBITDA per ton compared to its peers in carbon steel,” says Tushar Chaudhari - Research Analyst, Prabhudas Lilladher Pvt Ltd.

Pulses imports into the country more than doubled in the first half of the current financial year as erratic and shortfall in the south-west monsoon rain in the key growing regions impacted their production.

Per the latest official data, pulses imports in volumes saw an increase of close to 113 per cent to over 14.85 lakh tonnes (lt) during the April-September period of financial year 2023-24 compared with 6.98 lt in the same period a year ago. In dollar terms, shipments clocked a similar growth exceeding $1.26 billion during April-September over $595 million a year ago. In rupee terms, the pulses import bill clocked a 122 per cent growth at ₹10,440 crore over ₹4,695 crore in the year-ago period.

Potato prices in West Bengal have currently dropped by around 30 per cent compared with the November-end last year due to lack of export opportunities and early arrival of fresh produce from Jharkhand.

Facing supply glut and lower prices in markets, potato growers from the state were earlier exporting the tuber to Bangladesh. However, currently there is no demand for potato imports in the neighbouring country as newly harvested potatoes have started to flood the markets.

Aster DM Healthcare stock surge by 9.69% on the NSE, trading at ₹364.90. The company’s board had approved the sale of shares held by Affinity in Aster DM Healthcare FZC to Alpha GCC Holdings Limited. The consideration receivable from the transaction is $1.001 billion.

Aurionpro Solutions Limited has been conferred with the “Best Transaction Banking Implementation: Most Impactful Project” award at the 5th IBS Intelligence Global FinTech Innovation Awards. The stock is up by 1.38% on the NSE, trading at ₹1,820.

PCBL stock rises by 3.91% on the NSE, trading at ₹264.20. The company’s board had approved the acquisition of Aquapharm Chemicals Private Limited (ACPL), for an aggregate consideration of ₹3,800 crore, representing 100% of the issued and paid-up share capital (on a fully diluted basis) of ACPL.

Siemens: Prabhudas Lilladher retain ‘Accumulate’ rating on Siemens stock with TP of ₹4,241 (same as earlier), valuing it at PE of 60x SY25E, factoring in strong outlook and focus on high growth areas such as digitalization, Automation & energy efficiency product offerings.

Anand James, Chief Market Strategist at Geojit Financial Services.

Nifty outlook : Nifty threw caution to wind and with yesterday’s large stride, has stepped closer to the 19960-20100 objectives that we have been playing since last week. Downside marker may be pushed higher to 19875, the breakout point of the ascending triangle. In the event of reversals past the same, the prospects of 19591, the 50dma looks very low, with 19800/750 looking firm enough to lend support. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 20000 for Calls and 19800 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19800 for Puts. Highest new OI addition was seen at 20200 for Calls and 19800 for Puts in weekly and at 20200 for Calls and 19800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 10.30%, increased future index shorts by 2.45% and in index options by 16.69% in Call longs, 11.37% in Call short, 9.38% in Put longs and 21.00% in Put shorts. 

USD-INR outlook:

Though positivity lingered through the day, 83.4 stood firm and prompted a pull back as expected. This, however is not expected to exceed 83.26, and is likely to be followed yet another attempt to overcome 83.4. Slippage below 83.26 could signal loss in strength, calling for consolidation inside 83.19 - 83.02 again.

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

“Since the global market backdrop continues to be favourable, the rally in India is likely to continue. The drop in US 10-year bond yield to 4.3% and the dollar index dropping below 103 are positive for equity markets. FIIs have turned buyers responding to the changed reality.

What should investors do now? Investors should take cues from the wisdom of the investment legend Charlie Munger who died yesterday. Munger advised investors: “don’t be gamblers, be patient investors.”There is a lot of gambling happening in the market now in low grade stocks. These should be avoided. Investors should buy quality stocks which are fairly priced, and wait patiently. There is value in largecap banking, IT and autos for patient investors.

A big move in the market is likely after the state election results are known. Perhaps the exit polls tomorrow evening may provide some clues.”

Wipro stock rises by 1.64% on the NSE, trading at ₹403.35 after it announced the launch of Continuous Compliance Solution built on Amazon Security Lake in collaboration with Amazon Web Services (AWS).

Fitch Ratings expects greater divergence in the performance of banking sectors in Asia Pacific (APAC) in 2024, with five countries set to report broadly improving results and three to see deterioration. These outlooks stand in contrast to those leading into 2023, when we projected a broadly stable performance for the vast majority of APAC banking sectors, with only our outlook on Sri Lanka judged to be deteriorating at that time.

Price band revised from 20% to 10%: The New India Assurance Company 

Price band revised from 10% to 5%: Talbros Automotive Components 

Move into a short-term ASM framework: Man Infra, Sequent Scientific. 

Move out of a short-term ASM framework: Wockhardt

GO Fashion: Promoter Gautam Saraogi revoked a pledge of seven lakh shares on Nov. 24.

NRB Bearings: Promoter Harshbeena Zaveri bought 19,100 shares between Nov. 21 and 24.

Bajaj Electricals: Promoter group Niraj Holdings bought 4.7 lakh shares on Nov. 23. Promoter Group Rajivnayan Bajaj A/c Rishab Family Trust sold 4.7 lakh shares on Nov. 23. 

Hercules Hoist: Promoter group Niraj Holdings bought 2,928 shares on Nov. 23. Promoter Group Rajivnayan Bajaj sold 2,928 shares on Nov. 23. 

JK Cement: Promoter Kalpana Singhania sold 75,250 shares between Nov. 21 and 23. 

Mukand: Promoter group Niraj Holdings bought 1.43 lakh shares on Nov. 23. Promoter Rajivnayan Bajaj sold 1.43 lakh shares on Nov. 23. 

Advanced Enzyme: Promoter group Advanced Vital Enzymes bought 31,802 shares between Nov. 23 and 24. 

Avantel: Kantheti sold 5.3 lakh shares (0.65%) at Rs 130.88 apiece. 

Orchid Pharma: Dhanuka Laboratories sold 13 lakh shares (3.18%) at Rs 571 apiece. UTI Mutual Fund bought 4.45 lakh shares (1.09%) at 571 apiece. 

Major gainers on the NSE at 9:30 am:

Tech Mahindra (2.32%); Bharti Airtel (1.99%); LTIMindtree (1.91%); Wipro (1.81%); TCS (1.10%)

Major losers:

BPCL (-0.97%); Coal India (-0.75%); Power Grid (-0.43%); ONGC (-0.21%); Sun Pharma (-0.18%)

DHL Express, a global logistics major, is experiencing a bounce back in growth momentum in the Indian market amid a bleak outlook for the global business, fuelled by an uptick in momentum in the B2C sector. The company expects to have increased growth in 2024, said Travis Cobb, the Executive Vice President of Global Operations and Aviation to businessline.

Varun Beverages Limited : Company has incorporated a subsidiary company in Mozambique i.e. VBL Mozambique, SA inter-alia to carry on the business of distribution of Beverages.

Bharat Heavy Electricals Ltd : Company and Electricité de France S.A., France (EDF), a French state-owned company and largest nuclear operator worldwide, have signed a Memorandum of Cooperation (MoC) to explore the opportunity to maximize the local content of the Jaitapur Nuclear Power Plant Project ( 6x1650 MWe) to be established by NPCIL in India.

HAVELLS INDIA LTD : Havells, largest Indian FMEG company launches ‘Lloyd’, its leading Consumer Durable brand in the Middle East Market Expanding its global footprint, Havells Partners with TeknoDome to roll out Lloyd’s range

TATA POWER CO.LTD : Company secures Letter of Award for development of 200 MW Firm and Dispatchable Renewable Energy Project with SJVN Limited

Siemens Limited : Board Approved an investment of around Rs. 416 crore towards capacity addition for Power Transformers and Vacuum Interrupters.

Tube Investments of India Ltd : The government has approved the scheme of amalgamation of Cellestial E-Mobility and Cellestial E-Trac with Tl Clean Mobility

H.G. Infra Engineering Limited : Company has received the provisional completion certificate for the Rehabilitation and Upgradation of Nandurbar road line project in the state of Maharashtra worth of ₹ 298.11 crores

Electronics Mart India Limited : Company has commenced the commercial operations of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ on 28th November 2023 at 69-4-9 & 69-13-10, Block No. 69, B-18 & 27, Gaigolupadu, Revenue Ward No. 29, Ramanayyapeta, Kakinada, East Godavari, Andhra Pradesh - 533005

RAJNISH RETAIL LIMITED : Board meeting to be held on 01 Dec 2023 to Consider fund raise in Multiple ways

PCBL LIMITED : Board in-principle approval for the acquisition Aquapharm Chemicals Private Limited (“ACPL”), for an aggregate consideration of INR 3,800 crores (subject to agreed adjustments) representing 100% of the issued and paid-up share capital.

Aster DM Healthcare: The company plans to separate its India and Gulf businesses in a transaction worth $1 billion. The Moopen family-owned healthcare company’s subsidiary, Affinity Holdings, will transfer its shares in Aster DM Healthcare FZC—the Gulf unit—to promoter-owned Alpha GCC Holdings. After the deal, Alpha GCC Holdings will be jointly owned by Aster India and Fajr Capital Advisors in a 35:65 ratio

Wipro: The technology services and consulting company announced the launch of their ‘Continuous Compliance Solution’ built on Amazon Security Lake in collaboration with Amazon Web Services

Zomato: Alibaba Group unit Alipay Singapore plans to sell up to 29.6 crore shares in block deals, according to Bloomberg.

R Systems International: The board of unit Velotio Technologies has approved the acquisition of an additional 60% equity share of Scaleworx Technologies. Post-acquisition, Scaleworx will become a wholly owned subsidiary of Velotio

Yathart Hospital and Trauma: The company received an order from the Commissionerate of Sagar Sambhag, Madhya Pradesh, to take over the premises of the hospital, as the land as stated in the said order belongs to the Government of Madhya Pradesh

Siemens India: The company reported a 24.7% rise in revenue year-on-year to Rs 5,808 crore and a 12.4% decline in net profit at Rs 571.6 crore in the fourth quarter. It announced an investment of Rs 416 crore in capacity addition for power transformers and vacuum interrupters

Adani Power Ltd. has undertaken a ground-breaking green ammonia combustion pilot project at its Mundra plant as part of its multipronged decarbonisation initiatives.

Adani Power stock is up by 3.26% on the NSE, trading at ₹460.75.

Motilal Oswal retained BUY rating for the stock with a TP of ₹130. It said that the Bank has been reporting a healthy performance over the past few quarters, with earnings driven by strong NII, healthy margins, higher other income and moderation in provisions. 

“Loan growth has picked up well and has been broad-based with focus likely to remain on further credit growth improvement. We estimate loans to grow at ~12% over FY24-26E with RoA/RoE at 1.2%/17.3%, respectively, by FY26.”

Indian benchmark indices, Sensex and Nifty, commenced Wednesday on a positive note, buoyed by global cues. 

In early trading, the 30-share BSE Sensex ascended by 249.95 points, reaching 66,424.15. Simultaneously, the NSE Nifty surged by 86 points, touching 19,975.70.

Notable gainers from the Nifty pack included Adani Enterprises, Adani Ports, TechMahindra, HCL Tech, and Bharti Airtel. Conversely, Divis Labs, Coal India, Sun Pharma, and PowerGrid witnessed declines.

Vinod Nair, Head of Research at Geojit Financial Services, said: “The gradual return of FIIs in November post the global sell-off during the three months of (Aug to Oct) has a steady positivity in India.

However, analysts expect the market to remain volatile ahead of the F&O expiry (on Thursday) and exit poll results of five assembly elections.

The US stocks ended in the green overnight, but equities across the Asia-Pacific region are mixed. While Japan, Taiwan, Australia, and Singapore stocks are up marginally, Korean and Chinese markets are down.

Analysts said investors across the globe await fresh triggers. They added that until such time, the rotation of funds will keep the market flat.

As per HDFC Securities’ India equity strategy, the Q2FY24 earnings season displayed mixed sectoral performances within HSIE coverage (~215 stocks). Overall, revenue/PAT showed moderate YoY growth of 3%/34% and slight QoQ changes of 1%/-2%. Large-caps thrived with a 37% YoY earnings surge, led by energy, auto, and lending financials, while midcaps grew by 12%. Input cost deflation remained a highlight, aiding profitability, but future growth will hinge on volume increments. Valuations appear fair at current levels, urging a balanced risk-reward approach across sectors.

PCBL: The board has approved the acquisition of Aquapharm Chemicals for Rs 3,800 crore. 

Tata Power: Unit Tata Power Renewable Energy secured a Letter of Award for the development of a 200 MW firm and dispatchable renewable energy project with SJVN.

Canara Bank: The RBI has cleared the lender’s plans to divest a 70% stake in its subsidiary, Canbank Factors. The lender has also proposed to buy out the stakes of Bank of Baroda and DBS Bank India in its unlisted subsidiary, Canbank Computer Services.

Aster DM Healthcare: The company plans to separate its India and Gulf businesses in a transaction worth $1 billion. The Moopen family-owned healthcare company’s subsidiary, Affinity Holdings, will transfer its shares in Aster DM Healthcare FZC—the Gulf unit—to promoter-owned Alpha GCC Holdings. After the deal, Alpha GCC Holdings will be jointly owned by Aster India and Fajr Capital Advisors in a 35:65 ratio.

Tube Investment of India: The government has approved the scheme of amalgamation of Cellestial E-Mobility and Cellestial E-Trac with Tl Clean Mobility. 

Wipro: The technology services and consulting company announced the launch of their ‘Continuous Compliance Solution’ built on Amazon Security Lake in collaboration with Amazon Web Services.

Havells: The company has launched ‘Lloyd’, its leading consumer durable brand in the Middle East market. 

Varun Beverages: The company has incorporated a subsidiary company in Mozambique, i.e., VBL Mozambique, SA, to carry on the business of distribution of beverages.

Bharat Heavy Electricals: The company has signed a Memorandum of Cooperation with a French state-owned company, Electricité de France S.A., France, to explore the opportunity to maximise the local content of the Jaitapur nuclear power project to be established by NPCIL in India. The Ministry of Defence inked a contract with BHEL to procure 16 upgraded Super Rapid Gun Mounts and accessories worth Rs 2,956.89 crore for the Indian Navy.

Zomato: Alibaba Group unit Alipay Singapore plans to sell up to 29.6 crore shares in block deals, according to Bloomberg. 

R Systems International: The board of unit Velotio Technologies has approved the acquisition of an additional 60% equity share of Scaleworx Technologies. Post-acquisition, Scaleworx will become a wholly owned subsidiary of Velotio.

Trident: CFO Avneesh Barua resigned on Nov. 28. 

IG Petrochemicals: The company has decided to file an appeal against an income tax demand amounting to Rs 46.26 crore with the Karnataka High Court. 

Gail: The Government of India appointed Rajeev Kumar Singhal as Executive Director with effect from the date of his assumption of charge of the post till the date of his superannuation, i.e., Feb. 29, 2028.

ICICI Lombard General Insurance: MD and CEO Bhargav Dasgupta has sold 2.5 lakh equity shares in tranches, and the last transaction was undertaken by him on Nov. 28. 

Global Health: Sanjeev Kumar has resigned as chief financial officer and key managerial personnel w.e.f. Nov. 28.

Yathart Hospital and Trauma: The company received an order from the Commissionerate of Sagar Sambhag, Madhya Pradesh, to take over the premises of the hospital, as the land as stated in the said order belongs to the Government of Madhya Pradesh

Timex Group: Sylvain Ernest Louis Tatu has resigned as Non-Executive Director w.e.f. Nov. 27 due to personal reasons. 

PDS: The board has appointed Sandra Campos as an additional woman independent director for a period of two years, w.e.f. Nov. 28.

Siemens India: The company reported a 24.7% rise in revenue year-on-year to Rs 5,808 crore and a 12.4% decline in net profit at Rs 571.6 crore in the fourth quarter. It announced an investment of Rs 416 crore in capacity addition for power transformers and vacuum interrupters.

Gold continued its upward momentum for a fourth consecutive session, reaching a more than six-month high and closed at $2045 an ounce.

This surge is attributed to a weakening dollar and the prevailing belief that the U.S. Federal Reserve has concluded its interest rate hikes. There is a growing sentiment among Fed policymakers to maintain interest rates throughout the remainder of the year and to adopt a wait-and-see approach before considering any rate cuts. Fed Governor Christopher Waller expressed increased confidence in the current policy stance.

Upcoming economic indicators to watch include the month-over-month German Import Prices, year-over-year Spanish Flash Consumer Price Index within the Euro Zone, and the quarter-over-quarter Preliminary Gross Domestic Product (GDP) and Preliminary GDP Price Index from the United States.

Vadodara-based Kronox Lab Sciences 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. 

An import substitution player, Kronox exports to more than 20 countries with major exports to USA, United Kingdom, Mexico, Australia, Egypt, amongst others. The Company’s three manufacturing facilities and Research, Development and Testing laboratory are situated at Padra, Vadodara, Gujarat. The Company has filed its Draft Red Herring Prospectus (DRHP) with SEBI. 

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 (OFS) 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.

Mumbai-based Onest Ltd and Vadodara-based Shiva Pharmachem has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

Onest and Shiva Pharmachem had filed preliminary IPO papers with Sebi on July 28, and August 21, 2023, respectively.

We connected with 18 Electronics dealers across India and visited 10 electronics retailers (MBO & EBO) to assess market demand and pricing. Our findings indicated strong double-digit YoY growth in the demand for Refrigerators, Washing Machines, and TVs during the recent festival season (last 15-20 days of Deepawali). However, the demand for Air Conditioners was moderate in comparison due to weak season.

No Price Hike taken

Due to fierce competition, brands have not yet taken any price hike. Nevertheless, at the retail level, offers and discounts are prevalent as a strategy to secure a larger share of the market.

Good Demand in Deepawali season

Volumes Picked up in Refrigerator and TV segment and no major change was seen in Financing terms post changes in policy by RBI.

Inventory at normal level

Our channel checks suggest that inventory is at normal level and RAC inventory will be built post 15th Dec.

Other highlights

The most selling product in RAC segment is 1.5 ton 3-star AC’s of Voltas and Daikin. In the high end range, O-General AC’s are preferred. Most selling TVs were 55 inches.

JUBI has announced its intention to increase its stake to 100% in DP Eurasia vs. 49% currently. The 51% stake (balance) would be acquired for a consideration of Rs6.6bn at Rs88.5/share (EUR0.97/share). On successful completion, JUBI will have acquired the entire stake for ~Rs11bn (~Rs74/sh), at attractive H1 annualized EV/sales and EV/adj. EBITDA of ~1x and 8x, respectively. Further, JUBI plans to delist DP Eurasia, as its investors are concerned about geopolitical/currency risks (while JUBI sees it as a long-term investment). DP holds leadership share in Turkey and has recently exited Russia, which was its weaker market. While this acquisition gives JUBI access to a new market at attractive valuations, adverse currency movements and hyper-inflation in Turkey remain a risk. TRY has depreciated ~79% vs the INR, in the last five years. Given the volatile operating environment, we remain conservative and see the consistent delivery in DP as a potential upside. We have a SELL rating on JUBI, with TP of Rs380/share (45x Dec-25E EPS).

Our interactions with leading channel partners indicate that the festive season ended on a strong note with 15-20% YoY growth for 2Ws and SUVs. While growth tends to slow down post-festival season, 2W demand is still better as we expect 5-7% YoY growth in the second half of the month. Demand has improved in almost all the regions and dealers expect the momentum to continue, especially in the northern belts, as demand is further supported by the wedding season. For PVs, festive period growth was largely underpinned by healthy SUV demand and 25-30% higher discounts YoY for lower-end models. However, volume growth remained flattish after the festive period due to continued weakness in the entry-level portfolio. MHCV retails are expected to decline 4-6% YoY during the month. Our interactions with channel partners suggest that demand momentum remains positive across most of the underlying businesses, while anticipation of an increase in freight rates in Jan’24 should further boost demand. In tractors, we expect retails to decline 20-22% YoY as the benefits of government-led subsidies are reducing coupled with a slowdown in overall demand. We estimate dispatches for 2Ws/3Ws/PV/CV/tractors to grow 35%/ 29%/15%/14%/11% YoY during Nov’23.

The Federation of Automobile Dealers Associations (FADA) reported that auto industry retail volumes grew ~19% YoY in the 2023 festive season (42-day period, beginning on the 1st day of Navratri through to 15 days post Dhanteras), led by ~21% higher 2W sales. PVs noted ~10% growth, with CVs up ~8% and growth in Tractors staying flat. We continue to believe that 2W recovery would sustain post the festive season, driven by replacement demand; 4W segments (PVs, CVs) are less attractive, amid slowing underlying growth momentum.

ommentary from FADA and companies alike, around buoyancy in rural demand along with improving retail performance, reinforces our positive stance on 2Ws. We believe that 2W festive performance is not a one-off and that growth here is likely to sustain amid a record-high fleet age (with industry volumes still ~25% off the previous peaks, as of FY23) driving replacement-led upturn over the next 2-3 years. TVSL is our top pick in Autos, on the back of its enduring margin improvement despite rising EV share; we also like EIM (focused play on premium 2Ws, expanding presence in the performance-oriented sub-segment with attractive valuations; risk-reward favorable) and HMCL (improving rural demand amid supportive valuations; refer to Steady quarter; rural-demand cycle finally turning). Relatively, momentum is expected to slow down in PVs amid emerging signs of softness (best of product cycle now largely behind, shrinking order-books, high inventories). We are also cautious on CVs, as the best of the current upcycle may now be behind (with trucking system capacity up 40-50% vs. FY19, similar to increases seen in the past two upcycles).

Shares of Indian Renewable Energy Development Agency will be listed at the bourses today. The PSU major has fixed the IPO price at ₹32, at the upper end of price band ₹30-32. The IPO witnessed overwhelming response from all category of investors, as it was subscribed nearly 39 times.

Mehta Equities predicts a 25 per cent or more listing gain against the ₹32 issue price, citing IREDA’s leading role in renewable energy financing and potential Navratna company upgrade.

Adani Power has collaborated with IHI Corporation and Kowa Corporation to decarbonise its own thermal power plants, starting with the 4,620 MW Mundra Power Plant.

Buzzing Stocks: Zomato, Aster DM, Tata Power, BHEL, SJVN, Canara Bank, Havells India, PCBL, Jio Financial

BHEL 

BALRAMPUR 

GRANULES

Lower input costs lifted up earnings ; benefits largely over

Q2FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 3%/34% YoY and 1%/-2% QoQ across the HSIE coverage (~215 stocks), with their four-year CAGRs at 13%/18%. Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 37% YoY, while the midcap category grew by 12% YoY. Further, 88% of incremental YoY earnings growth came from only three sectors—energy (56%), auto (16%) and lending financials (16%)—reflecting heavy lifting by these sectors. Our coverage universe saw strong YoY earnings growth in auto, lending financials, industrials, real estate, energy, cement and pharma sectors. On the other hand, staples, metals, chemicals, IT and consumer discretionary sectors disappointed. 

The key theme of the quarter was the continuation of input cost deflation, which helped companies improve their profitability in spite of muted YoY revenue growth. We believe this benefit of commodity cost deflation is largely over and now future earnings growths have to be volume-led.

The Nifty 50 index is now trading at ~20.3x FY24 and ~17.6x FY25 consensus EPS. Valuations look fair now on FY25 basis and risk reward is balanced.

Our preferred sectors are large-cap banks, industrial and real estate, power, autos, pharma, OMCs, gas, and capital markets. We remain underweight on consumer (staples and discretionary), metals, chemicals and small banks.

Vishnu Chemicals Limited, one of India’s leading speciality chemicals manufacturers and a leader in barium and chromium chemicals, has announced that CARE Rating has revised its outlook to ‘CARE A-; Stable’ for the company’s long term bank facilities and ‘CARE A2+’ to the short term bank facilities.

Zee Entertainment Enterprises Limited (ZEEL) has teamed with the National Association of Software and Service Companies (NASSCOM) to develop generative AI solutions for India’s burgeoning media and entertainment (M&E) sector.

TENT EURO German Prelim CPI m/m (Expected: -0.1% versus Previous: 0.0%)

19:00 U.S. Prelim GDP q/q (Expected: 5.0% versus Previous: 4.9%)

20:35 U.S. BOE Gov Bailey Speaks

Dollar Tree, Inc. (Pre market) (Sector- Retail)

Hormel Foods Corporation (Pre market) (Sector- FMCG)

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

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

Pure Storage, Inc. (Post market) (Sector- Consumer Durables)

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

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

Five Below, Inc. (Post market) (Sector- Retail)

Bajaj Auto: Rajiv Bajaj, MD

Hope To Launch A CNG Motorcycle In 2025: Rajiv Bajaj Exclusive

https://www.youtube.com/watch?v=E9rIDquhDTE

Fortis Health: Ashutosh Raghuvanshi, MD&CEO

Intend To Pass On Benefits To Shareholders Of Fortis Malar

https://www.youtube.com/watch?v=UJ49a_zAdM4

IFGL Refractor: Kamal Sarda, CEO

Our Performance Has Been Improving For The Past 4-5 Quarters: IFGL Refractories

https://www.youtube.com/watch?v=W25FQEuZ_As

Jindal Stainles: Anurag Mantri, Group CFO

Jindal Stainless: Eye On Volume Growth Guidance Of 20% For FY24 & FY25

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

J. K. Cement: Anuj Khandelwal, Business Head

Clocked More Than 20% Vol Growth In H1FY24 & Demand Is Likely To Be Good In H2: JK Cement

https://www.youtube.com/watch?v=Qyp8bsPQ9AA

Macrotech Developers: Prashant Bindal, Chief Sales Officer

Expect Warehousing Business To Grow Around 40%: Macrotech Developers

https://www.youtube.com/watch?v=bv3lj_vNyRA

Shriram Trans: Umesh Revankar, Managing Director

Shriram Finance Growth Roadmap; Implications Of Tighter Lending Norms

https://www.youtube.com/watch?v=2P3Ym4ueXpo

Walchandnagar: Chirag Doshi, MD & CEO

Walchandnagar Industries Fund Raised Via Warrant Issue At Rs 114 Cr

https://www.youtube.com/watch?v=i7j07QgJQkA

Equitas Small F: PN Vasudevan, MD

Plan To Tighten Credit Filter & Lower Growth Rates After RBI Warning: Equitas SFB

https://www.youtube.com/watch?v=K59kLRFR3cQ

Hero Motocorp: Niranjan Gupta, CEO

Plan To Reach 100 Premium Stores By June-end From 3 Stores Currently: Hero MotoCorp

https://www.youtube.com/watch?v=_JhXQ-DtPKk

Events today…

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

Results today…

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

Replays available at www.researchbytes.com

Turnover : (NSE + BSE)

Cash Volume: 81134.08 + 5849.14 Total : 86983.22

F&O Volume: 514475.97 + 110513.97 Total : 624989.94

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +783.82 

(14474.29 - 13690.47) 

DII: NET BUY: +1324.98 

(8088.7 - 6763.72)

The World Federation of Exchanges, the global industry group for exchanges and CCPs, is mobilising the exchange industry for its inaugural Ring the Bell for Climate initiative. Over the next few weeks exchanges will come together to take steps to address climate change and sustainability issues.

As the world grapples with the climate crisis, exchanges sit at the core of financial market, playing a vital role in creating the vehicles for capital to be deployed into sustainable development. Without the appropriate financing in place, the green transition cannot take place. Exchanges are taking pivotal steps to support the channelling of investments and financing into green initiatives, such as the agreement of the WFE Green Equity Principles, a global framework that individual exchanges can use to establish a ‘green’ offering for listed equities.

This initiative will see a global network of exchanges around the world demonstrate their support for this cause by ringing the bell for climate. Some exchanges are also holding virtual bell ringing ceremonies, workshops and events this week to highlight new plans and targets for their own businesses. The WFE is convening stakeholders at COP28 with Dubai Financial Market, at Nasdaq Dubai MarketSite, where we will discuss the way forward.

ICRA Limited has reaffirmed the ratings on bank facilities of Panama Petrochem as under:

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 short-term outlook is bullish for Tata Motors. After moving broadly in a sideways range since July this year, the stock price has resumed its overall uptrend. The 11 per cent surge this month marks the end of the sideways consolidation. 

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

FSN E-Commerce Ventures (Nykaa) is on track to post healthy gross merchandise value (GMV) growth of 27 per cent y-o-y in Q3-FY24 in its online Beauty & Personal Care (BPC) segment, following: the positive impact of festival & wedding seasons, and the surge in November Pink Sale (about 30-35 per cent higher sales y-o-y). 

Basis above, Nykaa BPC could report GMV growth of 24.8 per cent for 9M-FY24, which is largely in line with our annual estimates of 25 per cent in FY24. Increasing number of transacting users would continue to be a growth driver for Nykaa online BPC GMV, as average order value (AOV) will see growth of a mere 2-3 per cent y-o-y, and frequency-led growth too would be low, as most brands (D2C and large brands) make high volume packages (500ml and above). 

JSW Infrastructure, part of the ₹23 billion JSW Group, is India’s 2nd largest commercial port operator with 158 tpa (mnt) handling capacity and fastest-growing port (basis volume CAGR in FY20-23). 

In addition to operating nine ports/terminals in India, JSWIL operates two port terminals under O&M arrangement and recently acquired a liquid storage terminal in Fujairah (UAE). This coupled with acquisition of three terminals in FY21, bid for three major port terminal privatisation tenders and recent announcement on greenfield port (Keni) and potential greenfield port in Jatadhar (Odisha) demonstrates its intent to achieve its guidance of sustaining past volume growth performance (over 20 per cent CAGR since inception) over the long term, in our view. 

Riding on a favourable Supreme Court proceedings in the Hindenburg case last Friday, all the Adani Group companies gained ₹1 lakh crore in market capitalisation to ₹11.3 lakh crore from ₹10.26 lakh crore on Friday after most stocks rallied between 5-20 per cent intra-day.

The Adani Group’s market capitalisation had surged by over $15 billion with group stocks rallying on short-covering and bullish sentiments. Despite the wide-spread rally, market-capitalisation of billionaire Gautam Adani-controlled companies are trading below ₹18 lakh crore registered last December before the scathing US short-seller Hindenburg report hit the market in January.

Nearly 70-80 per cent of actively managed equity funds have outperformed their benchmarks over 10 years, while the share of equity funds beating benchmarks over five years and three years has improved to 55-60 per cent and 45-50 per cent

Asian markets experienced a predominantly negative trend this Wednesday. 

In Japan, stocks commenced on a downward trajectory due to the yen’s strength against the dollar, exerting pressure on the market. The Nikkei 225 index declined by 0.40 per cent (135.06 points) to reach 33,273.33 in early trading, while the broader Topix index slipped by 0.49 per cent (11.61 points) to 2,365.10. Similarly, South Korea’s KOSPI fell by 0.32 per cent (8.08 points) to 2,513.68, contrasting with Australia’s S&P ASX 200 index, which gained 0.42 per cent (29.50 points) and reached 7,044.70.

During the initial Asian trading, the dollar stood at 146.78 yen.

U.S. stocks ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift.

All three major U.S. stock indexes lost momentum as the session progressed, but ended the range-bound session in the green.

Market participants are now scrutinizing remarks from monetary policymakers ahead of next month’s meeting of the Federal Open Market Committee (FOMC).

The Dow Jones Industrial Average rose 83.51 points, or 0.24%, to 35,416.98, the S&P 500 gained 4.46 points, or 0.10%, at 4,554.89 and the Nasdaq Composite added 40.73 points, or 0.29%, at 14,281.76. - Reuters