Stock Market Live Updates November 8, 2024: Markets expected to open flat despite Fed rate cut

Domestic markets are expected to open on a flat note despite the US Fed rate cut. The US Federal Reserve has reduced the interest rate by another 25 bps to 4.50-4.75 per cent, triggering a sharp rally in the already surcharged S&P 500 and Nasdaq that lifted them to new all-time highs. 

Tata Power will invest ₹550 crore to develop solar and wind power capacities and related infrastructure to supply clean energy to Noida International Airport (NIA), a statement said. Tata Power has signed two power purchase agreements with the upcoming Noida International Airport project in Uttar Pradesh.

MOIL recorded production of 1.47 lakh tonnes of manganese ore in October, which is its best ever October month production since inception, higher by 32% YoY. During the first seven months of FY’25, the company has recorded production of 10.17 lakh tonnes, up 10 per cent YoY. Read more

Citi on Go Digit: Maintain Buy on Company, target price at Rs 450/Sh (Positive) 

Jefferies on TBO Tek: Initiate Buy on Company, target price at Rs 2000/Sh (Positive) 

Jefferies on Blue Star: Maintain Buy on Company, raise target price at Rs 2040/Sh (Positive) 

Macquarie on TCS: Maintain Outperform on Company, target price at Rs 5710/Sh (Positive) 

Citi on Aavas FIn: Maintain Buy on Company, target price at Rs 2170/Sh (Positive) 

GS on M&M: Maintain Buy on Company, raise target price at Rs 3600/Sh (Positive) 

Citi on M&M: Maintain Buy on Company, raise target price at Rs 3590/Sh (Positive) 

BofA on M&M: Maintain Buy on Company, raise target price at Rs 3600/Sh (Positive) 

Macquarie on M&M: Maintain Outperform on Company, target price at Rs 3441/Sh (Positive) 

Jefferies on M&M: Maintain Buy on Company, raise target price at Rs 3700/Sh (Positive) 

Citi on Endurance: Maintain Buy on Company, raise target price at Rs 3200/Sh (Positive) 

Jefferies on JB Chem: Maintain Buy on Company, raise target price at Rs 2330/Sh (Positive) 

Jefferies on Indian Hotels: Maintain Buy on Company, raise target price at Rs 785/Sh (Positive) 

Investec on Indian Hotels: Maintain Buy on Company, raise target price at Rs 742/Sh (Positive) 

Nomura on Fed rate cut: Continue to expect two rate cuts this year. (Neutral) 

Investec on Astral: Maintain Buy on Company, target price at Rs 2485/Sh (Neutral) 

GS on Astral: Maintain Buy on Company, target price at Rs 2410/Sh (Neutral) 

UBS on Cummins: Maintain Sell on Company, target price at Rs 2380/Sh (Neutral) 

Nomura on Guj Gas: Maintain Reduce on Company, target price at Rs 470/Sh (Neutral) 

Bernstein on TRENT: Maintain Outperform on Company, target price at Rs 8100/Sh (Neutral) 

Emkay on Indian Hotels: Maintain Add on Company, target price at Rs 700/Sh (Neutral) 

Citi on Page Ind: Maintain Sell on Company, raise target price at Rs 35800/Sh (Neutral) 

Jefferies on TRENT: Maintain Hold on Company, target price at Rs 5900/Sh (Negative)

Key Highlights

Iron Ore Prices Climb on China Demand: Iron ore futures surged, driven by optimism over China’s restocking and potential economic stimulus.

Steel Wire Rod Demand Rebounds: China’s Steel Wire Rod prices rose, bolstered by stable supply and strong government support initiatives.

Manufacturing Sector Recovery: October marked a turnaround as China’s manufacturing PMI expanded, ending five months of contraction.

Strategic Commodity Restocking: China’s proactive approach to restocking key commodities, like iron ore, aims to stabilize industrial output.

Supportive Fiscal Policies: Government-backed subsidies for sectors such as home appliances and clean energy have spurred domestic demand.

Infrastructure and Industry Boost: Demand from shipbuilding, construction, and automotive sectors is pushing commodity prices upward.

Asia’s Glimmer of Hope Amid Global Strain: Positive signals from China’s market recovery may influence broader Asia-Pacific trade dynamics.

Long-Term Growth Outlook: China’s restocking strategy aligns with ongoing fiscal stimulus, promoting resilient demand for base metals.

Impact on International Supply Chains: China’s robust demand could recalibrate global supply chains and commodity flows, impacting other economies.

Ex-Dividend 11 Nov 2024 (Monday) 

Last date for Cum-Dividend Today\

DCM Shriram Ltd\ 

Dividend Per Share Rs.2\ 

Previous day Closing Price – Rs. 1255\

TD Power Ltd.\ 

Dividend Per Share Rs.0.6\

Previous day Closing Price – Rs. 432

1. FOMC cut its target rate by 25 bps, as expected, to 4.5-4.75%

2. The decision to cut rates was unanimous

3. The post-meeting statement had no real meaningful changes. 

4. FOMC statement continues to note that the risks to inflation & employment are roughly in balance, and most importantly continues to provide the same noncommittal guidance that “in considering additional adjustments” to the funds rate the FOMC will be data dependent

5. Chair Powell’s comments at today’s FOMC meeting were on balance dovish: he expressed confidence that inflation & inflationary drivers were well-behaved, saw further cooling in the labor market as unwelcome, and endorsed a plan to gradually ease back toward neutral

6. Chair Powell said a pick-up in inflation could cause the Fed to slow rate cuts as policy rates approach neutral. But that is not the scenario that Powell sees as likely. Instead, he rhetorically asked “Where is the inflation coming from?” and stated ‘the economy is not tight’

7. Chair Powell was asked multiple times about his interpretation of the rise in treasury yields & whether it might affect Fed policy. He responded that the move has not been sustained long enough for officials to react to

8. When questioned if he would resign if asked by Trump, he said ‘No’

9. When asked if he’d be legally required to leave, he had another simple one-word answer ‘No’

10. In addition to being asked whether he would leave, Powell fielded several questions about the election and potential policies of the incoming administration, all of which he avoided giving direct answers

Shyam Metalics and Energy Ltd (SMEL), a leading multi-metal conglomerate with footprints in carbon steel, stainless steel, speciality alloys and aluminium foil along with a captive power plant announced its Financial Results for the quarter ended 30th September 2024.

Key Financial Highlights: Q2 FY25

Revenue from Operations : Rs. 3,634 crores 

Operating EBITDA: Rs. 407 crores

EBITDA: Rs. 481 crores

Profit After Tax: Rs. 216 crores

BAJAJCON 

* Revenue expected at Rs 234 crore versus Rs 234 crore

* EBITDA expected to be seen at Rs 35 crore versus Rs 36 crore

* EBITDA margin expected to be seen at 14.96% versus 15.62%

* Net profit expected to be seen at Rs 35 crore versus Rs 37 crore

BALRAMCHIN 

* Revenue expected at Rs 1287 crore versus Rs 1539 crore

* EBITDA expected to be seen at Rs 122 crore versus Rs 164 crore

* EBITDA margin expected to be seen at 9.48% versus 10.71%

* Net profit expected to be seen at Rs 54 crore versus Rs 166 crore

BRITANNIA 

* Revenue expected at Rs 4738 crore versus Rs 4432 crore

* EBITDA expected to be seen at Rs 866 crore versus Rs 872 crore

* EBITDA margin expected to be seen at 18.28% versus 19.68%

* Net profit expected to be seen at Rs 616 crore versus Rs 587 crore

DEVYANI 

* Revenue expected at Rs 1220 crore versus Rs 819 crore

* EBITDA expected to be seen at Rs 201 crore versus Rs 154 crore

* EBITDA margin expected to be seen at 16.48% versus 18.84%

* Net profit expected to be seen at Rs 17 crore versus Rs 47 crore

HINDALCO 

* Revenue expected at Rs 56307 crore versus Rs 54169 crore

* EBITDA expected to be seen at Rs 7408 crore versus Rs 5612 crore

* EBITDA margin expected to be seen at 13.16% versus 10.36%

* Net profit expected to be seen at Rs 3525 crore versus Rs 2196 crore

JUBLFOOD 

* Revenue expected at Rs 1555 crore versus Rs 1368 crore

* EBITDA expected to be seen at Rs 298 crore versus Rs 277 crore

* EBITDA margin expected to be seen at 19.17% versus 20.25%

* Net profit expected to be seen at Rs 53 crore versus Rs 97 crore

ONGC 

* Revenue expected at Rs 172995 crore versus Rs 146873 crore

* EBITDA expected to be seen at Rs 25210 crore versus Rs 28255 crore

* EBITDA margin expected to be seen at 14.58% versus 19.24%

* Net profit expected to be seen at Rs 11460 crore versus Rs 13637 crore

RAMCOCEM 

* Revenue expected at Rs 2051 crore versus Rs 2329 crore

* EBITDA expected to be seen at Rs 253 crore versus Rs 398 crore

* EBITDA margin expected to be seen at 12.34% versus 17.08 %

* Net profit expected to be seen at Rs 3 crore versus Rs 101 crore

UPL 

* Revenue expected at Rs 10519 crore versus Rs 10170 crore

* EBITDA expected to be seen at Rs 1614 crore versus Rs 1325 crore

* EBITDA margin expected to be seen at 15.34% versus 13.03%

* Net profit expected to be seen at Rs 47 crore versus Rs -102 crore

AARTIIND, ACE, ALEMBICLTD,ASHOKLEY, BAJAJHIND, BBL, BECTORFOOD, CHOLAHLDNG, DREAMFOLKS, EQUITASBNK, ESABINDIA, ETHOSLTD, FINEORG, FLAIR, FORTIS, GOCLCORP, GVTD, IKIO, INDIACEM, INOXINDIA, JLHL, JWL, KCP, KOVAI, LATENTVIEW, LICI, MAPMYINDIA, MAYURUNIQ, METROPOLIS,MRF, MSUMI, MUKANDLTD, NAUKRI, ORIENTCEM, PICCADIL, PIXTRANS, PREMIERENE, PURVA, RELAXO, RSYSTEMS, SAFARI, SAMHI, SBIN, SCI, SIGNATURE, SMSPHARMA, STARCEMENT, TATAMOTORS, TIL, VPRPL, WELCORP, WHIRLPOOL, ZFCVINDIA

AARTIIND

* Revenue expected at Rs 1645 crore versus Rs 1454 crore

* EBITDA expected to be seen at Rs 255 crore versus Rs 233 crore

* EBITDA margin expected to be seen at 15.50% versus 16.02%

* Net profit expected to be seen at Rs 77 crore versus Rs 91 crore

ASHOKLEY

* Revenue expected at Rs 8810 crore versus Rs 9591 crore

* EBITDA expected to be seen at Rs 965 crore versus Rs 1104 crore

* EBITDA margin expected to be seen at 10.95% versus 11.51%

* Net profit expected to be seen at Rs 563 crore versus Rs 538 crore

LICI 

* APE expected at Rs 14553 crore versus Rs 13095 crore

* EBIT expected to be seen at Rs 8621 crore versus Rs 7682 crore

* EBIT margin expected to be seen at 7.30% versus 3.80%

* Net profit expected to be seen at Rs 8435 crore versus Rs 8030 crore

MRF

* Revenue expected at Rs 6650 crore versus Rs 6217 crore

* EBITDA expected to be seen at Rs 910 crore versus Rs 1156 crore

* EBITDA margin expected to be seen at 13.68% versus 18.61%

* Net profit expected to be seen at Rs 380 crore versus Rs 586 crore

MSUMI

* Revenue expected at Rs 2454 crore versus Rs 2104 crore

* EBITDA expected to be seen at Rs 397 crore versus Rs 248 crore

* EBITDA margin expected to be seen at 16.18% versus 11.79%

* Net profit expected to be seen at Rs 239 crore versus Rs 155 crore

NAUKRI

* Revenue expected at Rs 649 crore versus Rs 625 crore

* EBITDA expected to be seen at Rs 275 crore versus Rs 204 crore

* EBITDA margin expected to be seen at 42.37% versus 32.64%

* Net profit expected to be seen at Rs 248 crore versus Rs 159 crore

SBIN 

* NII expected at Rs 41798 crore versus Rs 39500 crore

* EBIT expected to be seen at Rs 25214 crore versus Rs 19301 crore

* EBIT margin expected to be seen at 47.14% versus 48.86%

* Net profit expected to be seen at Rs 16135 crore versus Rs 14330 crore

TATAMOTORS

* Revenue expected at Rs 99465 crore versus Rs 105128 crore

* EBITDA expected to be seen at Rs 13902 crore versus Rs 13766 crore

* EBITDA margin expected to be seen at 13.97% versus 13.10%

* Net profit expected to be seen at Rs 4474 crore versus Rs 3887 crore

Q2FY25 EARNING CALENDAR 09.11.2024 

ADVENZYMES, ASIANPAINT, ATULAUTO, AUROPHARMA, AWHCL, DATAPATTNS, DIVISLAB, DOMS, EPIGRAL, HBLPOWER, HCG, IFGLEXPOR, KIMS, MSTCLTD, RUPA, TINNARUBR

ASIANPAINT

* Revenue expected at Rs 8577 crore versus Rs 8478 crore

* EBITDA expected to be seen at Rs 1578 crore versus Rs 1716 crore

* EBITDA margin expected to be seen at 18.39% versus 20.24%

* Net profit expected to be seen at Rs 1073 crore versus Rs 1205 crore

AUROPHARMA 

* Revenue expected at Rs 7760 crore versus Rs 7219 crore

* EBITDA expected to be seen at Rs 1660 crore versus Rs 1373 crore

* EBITDA margin expected to be seen at 21.40% versus 19.02%

* Net profit expected to be seen at Rs 940 crore versus Rs 757 crore

DIVISLAB 

* Revenue expected at Rs 2218 crore versus Rs 1909 crore

* EBITDA expected to be seen at Rs 700 crore versus Rs 479 crore

* EBITDA margin expected to be seen at 31.60% versus 25.09%

* Net profit expected to be seen at Rs 511 crore versus Rs 348 crore

Q2FY25 EARNING CALENDAR 11.11.2024

AHL, AWFIS, AZAD, BAJAJCON, BALRAMCHIN, BANKINDIA, BANSALWIRE, BEML, BFUTILITIE, BLS, BLUEDART, BORORENEW, BRITANNIA, CAMLINFINE, CAMPUS, DEVYANI, DOLLAR, ECOSMOBLTY, EIHAHOTELS, ELGIEQUIP, EMIL, EPL, GALAXYSURF, GATEWAY, GNFC, GODFRYPHLP, GOODLUCK, GRAPHITE, HARSHA, HINDALCO, HINDCOPPER, JUBLFOOD, MUNJALSHOW, NFL, ONGC, PGEL, PRECWIRE, RAMCOCEM, RAMCOIND, RATEGAIN, SALZERELEC, SHREECEM, SMLISUZU,

19.30 U.S. Prelim UoM Consumer Sentiment (Expected: 70.6 versus Previous: 70.5)

19.30 U.S. Prelim UoM Inflation Expectations (Previous: 2.7%)

21.30 U.S. FOMC Member Bowman Speaks

Economic Calendar – 09.11.2024

07.00 China CPI y/y (Expected: 0.4% versus Previous: 0.4%)

07.00 China PPI y/y (Expected: -2.5% versus Previous: -2.8%)

Economic Calendar – 11.11.2024

U.S. Bank Holiday, Market to remain open for trading

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

Recent Interview...

As of 18:59 PM Thursday 07 November 2024

Apollo Hospital: Sunita Reddy, JMD

Occupancy Will Be At 70% In H2FY25 With ARPOB Crossing ?60,000: Apollo Hospitals

https://www.youtube.com/watch?v=04JmFZMNKGc

Aadhar Housing Finance: Rishi Anand, MD & CEO

Aadhar Housing Finance: Strong Q2 Recorded, What’s The Plan To Tackle Competition?

https://www.youtube.com/watch?v=pmrqUZ4aShY

Blue Star: Vir Advani, MD

Blue Star: Decent Q2 Earnings Recorded, Eye On Co’s Vision 2030 Report? | Vir S Advani

https://www.youtube.com/watch?v=j0AJkWqWZHk

eClerx Services: Srinivasan Nadadhur, CFO

Seeing More Deal Activity & Participating In More Conversations In Financial Sector: eClerx Services

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

Gulf Oil Lubric: Ravi Chawla, MD

Gulf Oil Lubricants’ Q2: ‘Expanding SUV Distribution In Rural Areas’, What’s The Future Plans Of Co?

https://www.youtube.com/watch?v=HUBJG5dliX0

Hi Tech Pipes Limited: Anish Bansal, CFO

On Course To Hit 0.5 mt Of Sales Volume Guidance In FY25: Hi-Tech Pipes

https://www.youtube.com/watch?v=jtoObs46zvk

India Pesticide: Dheeraj Kumar Jain, CEO

Volume Improved By 35%, Prices Declined By 20% This Quarter: India Pesticides

https://www.youtube.com/watch?v=0ZFRD06Sdbw

KAYNES TECH: Jairam Sampath, Whole Time Director & CFO

Kaynes Tech: India’s Electronics Exports & Expansion Plans Post Trump Win? Jairam Sampath Discusses

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

Kansai Nerolac: Anuj Jain, ED

Kansai Nerolac Q2: ‘Demand Was Moderated In Q2 When Compared To Q1’, What’s Anuj Jain Growth Plans?

https://www.youtube.com/watch?v=rOEe7ii8iHM

Max Healthcare Institute : Abhay Soi, CMD

EBITDA/Bed Was Dragged Down By Newer Hospitals: Max Healthcare

https://www.youtube.com/watch?v=JWXo34T25Bg

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

07 November 2024 (Rs. In Crs).

Turnover: (NSE + BSE)

Cash Volume: 101311.19 + 6474.57 Total: 107785.76

F&O Volume: 414578.31 + 1610546.94 Total: 2025125.25

Provisional Cash

FII/FPI: NET SELL: -4888.77 

(11736.07 - 16624.84) 

DII: NET BUY: +1786.7 

(11374.43 - 9587.73)

Mkt Cap: Rs 39.2bn; CMP: Rs 1,181; TP: Rs 2,464; Upside: 109%; Rating: BUY

We bring to you yet another report under our flagship series, “MONARCH PEARLS.” In this series, we spotlight high-conviction, under-researched, and less known ideas (invariably small-cap stocks), that we believe hold the potential to yield 2x returns over the next 2-3 years. These stocks have been meticulously filtered through our proprietary “AQCG” model, ensuring a rigorous analysis.

Investment thesis:

~ We initiate coverage on Polyplex Corporation (PPC) with a BUY rating and TP of Rs 2,464 (valued at 12.0x FY27E EPS). We believe that this less known and under-owned business has all the right ingredients for re-rating and is poised for accelerated growth on the back of:

i) increasing share of margin accretive value-added/D-PAC sales, 

ii) Rising commodity spreads, 

iii) Strategic acquisition by Al Ghurair group bringing in synergy gains. 

~ PPC is the only global packaging company having resin plants at all manufacturing locations. This integration optimizes the supply chain, reduces costs, and accelerates time to market new products. The company focuses on creating an innovative, highly customized, and differentiated products, forming a portfolio of value-added offerings, and differentiated products, applications, and customers (D-PAC) that preserves profitability. 

~ The demand-supply mismatch has started to narrow given the robust demand in domestic and global markets. This coupled with limited capacity addition, we believe will aid in spreads bottoming out. We expect the BOPET commodity spread to normalize at Rs 40-45 per kg over H2FY25-26E. 

~ With Al Ghurair group capacity of over 500k metric tons per annum (MTPA) mirroring PPC’s capacity, the combined entity is set to set to become one of the largest players in the entire packaging space (BOPP and BOPET combined), offering immense growth potential. 

~ Comfortable balance sheet positioning, robust CUF, synergies via a strategic promoter, we see revenue / earnings be on an upward trajectory. We value the business at 12.0x its FY27E estimates, to arrive at a TP of Rs 2,464 and initiate with a BUY . Our BULL/BEAR case scenario suggests a TP of Rs 3,288/1,020.

Detailed Report: https://bit.ly/MNCL-Polyplex-IC-Nov-2024 

Disclaimer: https://bit.ly/39derdz 

Orix Corp Ads (Pre market) (Sector- Financial)

TELUS Corporation (Pre market) (Sector- Technology)

NRG Energy, Inc. (Pre market) (Sector- Energy)

Baxter International Inc. (Pre market) (Sector- Healthcare)

RB Global, Inc. (Pre market) (Sector- Miscellaneous)

Paramount Global (Pre market) (Sector- Media)

CNH Industrial N.V. (Pre market) (Sector- Capital Goods)

Brookfield Renewable Corporation (Pre market) (Sector- Power)

Fluor Corporation (Pre market) (Sector- Construction)

19.30 U.S. Prelim UoM Consumer Sentiment (Expected: 70.6 versus Previous: 70.5)

19.30 U.S. Prelim UoM Inflation Expectations (Previous: 2.7%)

21.30 U.S. FOMC Member Bowman Speaks

Economic Calendar – 09.11.2024

07.00 China CPI y/y (Expected: 0.4% versus Previous: 0.4%)

07.00 China PPI y/y (Expected: -2.5% versus Previous: -2.8%)

Economic Calendar – 11.11.2024

U.S. Bank Holiday, Market to remain open for trading

India Inc reported revenue growth of 8 per cent YoY and PAT decline of 2.8 per cent YoY in Q2FY25 (1129 companies as of Nov-5). But adjusted for BFSI and Power & Energy companies, which are the best and worst performing sectors respectively, revenue/PAT grew 9.4/10.8 per cent YoY for the remaining 917 companies. Read more

M Damodaran, Chairperson of Excellence Enablers and Former Chairman of SEBI, has made a case for revisiting the selection and appointment process for persons in regulatory positions.

Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point. 

Deepak Nitrite’s stock, after witnessing a sell-off in the third week of October, found support at ₹2,640, which arrested the decline. Over the past couple of weeks, it fluctuated within the price band of ₹2,640-2,760. On Wednesday, the stock saw a high-volume breakout, hinting at a potential reversal in the trend.