Stock Market Live Updates: Markets open on a marginally positive note

Alembic Pharmaceuticals has completed the United States Food and Drug Administration (USFDA) inspection for its Oncology (Injectable and Oral Solid) Formulation Facility (F-2) located at Panelav. The inspection was completed without any Form 483 observation. 

Shares climb 3.17% to ₹1,286.40 on the NSE.

KPIT Technologies has acquired said additional 13% shareholding in N-Dream for cash consideration as below post completion of all closing conditions: 

 Euro 2.3 million as primary investment and 

 Euro 0.7 million as secondary investment 

Shares rise 1.18% on the NSE to ₹1,734.25.

Arvind SmartSpaces Ltd (ASL) has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of ~4.2 lakh sq. ft. and a top-line potential of ₹600 crore. This project is located on ITPL Road, near Whitefield, Bengaluru. The project has been undertaken on joint development basis.

The Arvind SmartSpaces stock trades at ₹818 on the NSE, higher by 3.02%.

Top gainers: Shriram Finance (2.85%), BPCL (2.32%), Tata Motors (2.28%), Bajaj Finance (1.94%), Tech Mahindra (1.81%)

Top losers: ONGC (-1.81%), Britannia (-0.88%), ITC (-0.79%), HDFC Bank (-0.79%), HDFC Bank (-0.75%), Nestle India (-0.69%)

Crude oil futures traded higher on Wednesday morning after witnessing more than 4 per cent fall on Tuesday. However, reports of an increase in crude oil inventories in the US limited the gains. At 9.17 am on Wednesday, December Brent oil futures were at $77.45, up by 0.35 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $73.74, up by 0.23 per cent. October crude oil futures were trading at ₹6200 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹6244, down by 0.70 per cent, and November futures were trading at ₹6168 against the previous close of ₹6208, down by 0.64 per cent.

IDFC futures and options (all expiries) will cease to exist from tomorrow. The contracts will be settled physically as per today’s closing . You are requested to close open positions by 12 noon today to avoid any RMS actions

Upgrade to BUY, TP Rs 4700/sh

Valued at 30x Sep-26E PE + Rs320 cash/sh

Recently-concluded monsoons lifts outlook for upcoming crop cycles

Industry base turning favorable Kubota’s intent to increase sourcing from India key mid-to-long term driver

Buy, TP Rs 980

Time to get back onboard; top sector pick

SBI should continue to deliver well on asset quality

Relatively well-placed amid both tougher deposit conditions & potential rate cuts

Attractive valuations at 1x FY26F P/BV (6.7x P/E)

Upgrade to BUY, TP Rs 4700/sh

Valued at 30x Sep-26E PE + Rs320 cash/sh

Recently-concluded monsoons lifts outlook for upcoming crop cycles

Industry base turning favorable Kubota’s intent to increase sourcing from India key mid-to-long term driver

Last date for trading- IDFC Ltd. - last day of trading before merger

India: MPC policy outcome (Unchanged Expectations)

US FOMC Minutes

IRB Infra, Varun Beverages, Fortis Healthcare board to mull fundraising

Vedanta board meet for interim dividend

Citi on Divis Lab: Initiate Buy on Company, target price at Rs 6400/Sh (Positive)

CLSA on Bharti Airtel: Maintain Outperform on Company, target price at Rs 1820/Sh (Positive)

CLSA on Ashok Ley: Maintain Underperform on Company, target price at Rs 188/Sh (Neutral)

Thursday, 10 October, 2024 (Tomorrow)

Derivative Segment

• TCS Limited

Cash Segment

• Anand Rathi Wealth Ltd.

• IREDA

• Tata Elxsi Ltd.

Friday, 11 October, 2024

Derivative Segment

Nil

Cash Segment

• Just Dial Ltd.

Saturday, 12 October, 2024

Derivative Segment

Nil

Cash Segment

• Avenue Supermarts Ltd.

• Network 18 Media Ltd.

Monday, 14 October, 2024

Derivative Segment

Nil

Cash Segment

• Angel One Ltd.

Tuesday, 15 October, 2024

Derivative Segment

• HDFC AMC Limited

• HDFC Life Limited

Cash Segment

Nil

Wednesday, 16 October, 2024

Derivative Segment

• Bajaj Auto Limited

• LTTS Limited

• MphasiS Limited

Cash Segment

• CRISIL Ltd.

Thursday, 17 October, 2024

Derivative Segment

• Havells India Limited

• Infosys Limited

• Nestle India Limited

• Polycab India Limited

• Wipro Limited

Cash Segment

• Ceat Ltd.

Friday, 18 October, 2024

Derivative Segment

• ICICI Lombard Limited

• L&T Finance Limited

Cash Segment

• Aether Industries Ltd.

Saturday, 19 October, 2024

Derivative Segment

• HDFC Bank Limited

• Tech Mahindra Limited

Cash Segment

Nil

Monday, 21 October, 2024

Derivative Segment

• UltraTech Cement Limited

Cash Segment

• Jana Small Finance Bank Ltd.

• Maharashtra Scooters Ltd.

Tuesday, 22 October, 2024

Derivative Segment

• Bajaj Finance Limited

• Coforge Limited

• M&M Financial Services Limited

• Max Financial Services Limited

• Persistent Systems Limited

Cash Segment

• Zensar Technologies Ltd.

Wednesday, 23 October, 2024

Derivative Segment

• Asian Paints Limited

• Bajaj Finserv Limited

• Navin Fluorine Limited

• Pidilite Industries Limited

• Syngene International Limited

Cash Segment

• Bajaj Holdings & Investment Ltd.

• KPIT Technologies Ltd.

• Nuvoco Vistas Corporation Ltd.

Thursday, 24 October, 2024

Derivative Segment

• United Breweries Limited

Cash Segment

• Bikaji Foods International Ltd.

• Castrol India Ltd.

• CIE Automotive India Ltd.

• CSB Bank Ltd.

• Cyient Ltd.

• Nippon Life India Ltd.

Friday, 25 October, 2024

Derivative Segment

• Atul Limited

• Chola Inv & Fin Limited

• JSW Steel Limited

Cash Segment

• JM Financial Ltd.

• Mahindra Holidays Ltd.

• Mahindra Lifespace Ltd.

• Poonawalla Fincorp Ltd.

• UTI AMC Ltd.

Saturday, 26 October, 2024

Derivative Segment

• ICICI Bank Limited

• IDFC First Bank Limited

• JK Cement Limited

Cash Segment

• Yes Bank Ltd.

Monday, 28 October, 2024

Derivative Segment

Nil

Cash Segment

• CAMS Ltd.

• Gillette India Ltd.

• Lakshmi Machine Works Ltd.

Tuesday, 29 October, 2024

Derivative Segment

• Cipla Limited

• Marico Limited

Cash Segment

• Honeywell Automation Ltd.

Wednesday, 30 October, 2024

Derivative Segment

• Biocon Limited

• Dabur India Limited

Cash Segment

• Procter & Gamble Ltd.

• TTK Prestige Ltd.

Monday, 4 November, 2024

Derivative Segment

• ABB India Limited

• Exide Industries Limited

Cash Segment

• Amara Raja E&M Ltd.

• Procter & Gamble Ltd.

Tuesday, 5 November, 2024

Derivative Segment

• Berger Paints (I) Limited

• Dr. Reddy’s Lab Limited

Wednesday, 6 November, 2024

Cash Segment

• Blue Star Ltd.

• Endurance Technologies Ltd.

• Kansai Nerolac Paints Ltd.

Thursday, 7 November, 2024

Derivative Segment

• Cummins India Limited

Cash Segment

• Indigo Paints Ltd.

Friday, 8 November, 2024

Derivative Segment

Nil

Cash Segment

• Esab India Ltd.

• Latent View Analytics Ltd.

Monday, 11 November, 2024

Derivative Segment

• Hindalco Industries Limited

• SHREE CEMENT LIMITED

Cash Segment

Nil

Tuesday, 12 November, 2024

Derivative Segment

• Bosch Limited

Cash Segment

• BASF India Ltd.

• Suven Pharmaceuticals Ltd.

IDFC Finance Bank Ltd (Transferee Company)

Symbol : IDFCFIRSTB

Stock Price : 73.20 

IDFC Ltd (Transferor Company)

Symbol : IDFC 

Stock Price : 110.00 

Last date of trading of IDFC Ltd : 09-Oct-2024 (Today)

Record Date: 10- Oct -2024

Ratio : 155:100 (For every 100 shares held in IDFC Ltd, 155 shares of IDFC Finance Bank Ltd will be given).

New Light Apparels Ltd

Stock Split From Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 74.7

Ex-Split 10 Oct 2024 (Tomorrow)

Last date for Cum-Split Today

Nomura on HDFC AMC: Initiate Buy on Company, target price at Rs 5000/Sh (Positive)

Nomura on Nippon Life: Initiate Buy on Company, target price at Rs 785/Sh (Positive)

Nomura on SBI: Maintain Buy on Company, target price at Rs 980/Sh (Positive)

Emkay on Escorts: Upgrade to Buy on Company, raise target price at Rs 4700/Sh (Positive)

Citi on IGL: Maintain Buy on Company, target price at Rs 620/Sh (Positive)

Nuvama on Phoenix Mills: Maintain Buy on Company, target price at Rs 1857/Sh (Positive)

Nuvama on TRIL: Maintain Buy on Company, target price at Rs 980/Sh (Positive)

MS on Torrent Power: Maintain Overweight on Company, target price at Rs 2260/Sh (Positive)

MS on Reliance Ind: Maintain Overweight on Company, target price at Rs 3325/Sh (Positive)

Jefferies on Insurance Stocks: ICICI Lombard continues to outperform as it remains key beneficiary of reduced competitive intensity (Positive)

Nomura on UTI AMC: Initiate Neutral on Company, target price at Rs 1300/Sh (Neutral)

CLSA on HDFC Bank: Maintain Hold on Bank, target price at Rs 1725/Sh (Neutral)

FTSE Russell has added India to the FTSE Emerging Markets Government Bond Index (EMGBI), with inclusion starting in September 2025. FTSE Russell announced that the Market Accessibility Level for Indiawill be reclassified from 0 to 1. ^“This decision reflects the continued progress in the accessibility of the market for these securities for international investors and the growing importance of the Indian government bond market in mainstream global emerging markets bond portfolios. FTSE Russell thanks the Reserve Bank of India for its continued dialogue and commitment to facilitating international investment in its local market,” FTSE Russell said in a press release.

The initial public offering of Garuda Construction and Engineering that opened on Tuesday saw a strong response from HNIs and retail investors. At the end of Day 1, the IPO was subscribed 1.91 times. The IPO came out with a price band of ₹92-95 a share. The ₹264-crore IPO consist of a fresh issue of 1.83 crore equity shares worth ₹173.85 crore and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The IPO closes on October 10.

The Competition Commission of India has cleared JM Financial’s proposed acquisition of a 43 per cent stake in JM Financial Credit Solutions Ltd, an RBI-registered systemically important non-deposit-taking non-banking finance company (NBFC). It is a subsidiary of JM Financial Ltd (JMFL). It is engaged in wholesale lending activities with a primary focus on real estate financing and corporate financing. Read more

▫️ After a period of three years on its watchlist, FTSE Russell has announced that Indian sovereign bonds will be added to its Emerging Markets Govt Bond Index (EMGBI), following in the footsteps of JPMorgan GBI-EM and Bloomberg EMLC GBI.

▫️ Inclusion will begin from Sep’25 in a phased manner over a six-month period, with FAR-eligible securities being added. India’s share is estimated to be 9.35% of the index on a market-value weighted basis.

▫️ Contrary to market chatter of AUM tracking the index being as high as USD4.6tn, our assessment (based on conversations with some index providers) is that FTSE EMGBI is tracked by not more than USD40bn of AUM (likely lesser), implying not more than USD4bn of passive flows and some subsequent active flows for us

We note that India has received substantial debt flows already in FY25 (~USD11bn) on the back of previous index inclusions since the formal inclusion.

▫️ This action completes India’s addition into the three major global EM bond indices, with FTSE noting progress on accessibility of Indian bonds for foreign investors as a key reason for its inclusion now. 

It also possibly sets up India for inclusion in the Bloomberg Global Agg index (AUM tracked approx USD2.5tn) next year

▫️Structurally, the impact of this inclusion is additional positive, adding further credibility for FPIs, and will help improve liquidity and ownership base of G-Secs while also reducing India’s risk premia/cost of funding across the cost curve, including corp bonds even more.

1. ⁠Shivalic Power Control: BUSINESS UPDATE

Company has reported a 72% growth in revenue from INR 310 Cr in H1FY24 to INR 535 Cr in H1FY25.

2. ANI Integrated: ORDER

Company has received 1 Purchase Order from Engineers India Limited for empanelment for hiring of Human Resources (Other Than Modellers) of Engineers India Limited within India. Maximum Value of Services which can be allocated to the agency per year shall be INR 157 Cr and limited to INR 173 Cr for three years.

3. AVG Logistics: CONVERSION OF WARRANTS

Two warrant holders who have been allotted the convertible warrants dated february 27, 2024 have paid the balance 75% of the consideration aggregating to INR 7.2 Cr and have applied for exercising their right for conversion of 2,60,000 warrants into equivalent number of Equity Shares.

4. BLS International: AGGRESSIVE HIRING

Employee count on the EPFO portal increased by 66%, rising from 338 in April to 563 in August 2024.

5. Transformers & Rectifiers: EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 79% YoY from INR 257 Cr in Sep-23 to INR 461 Cr in Sep-24. Similarly, Net Profit up 23x from INR 2 Cr to INR 46 Cr. On a QoQ basis, Sales up 43% and Net Profit up 2.2x.

* BIRLASOFT 

* BANDHANBANK 

* GNFC 

* GRANULES 

* HINDCOPPER 

* IDFCFIRST 

* MANAPPURAM 

* PNB 

* RBLBANK

* SAIL

Torrent Power: Company has secured two Letter of Awards from MSEDCL for a total of 2,000 MW Energy Storage Capacity from Pumped Hydro Storage Plants (Positive)

Phoenix Mills: Consumption in Q2 FY25 at Rs. 3,289 cr, up 25% over Q2 FY2 (Positive)

Olectra: Emerges lowest bidder for supplying 327 electric buses to Himachal Pradesh Govt. Boosting eco-friendly transportation Strengthening sustainable infrastructure. (Positive)

Dr. Reddy’s Laboratories: Company subsidiary announces promising Phase 1 results for autologous CAR-T cell therapy (Positive)

IRFC: Company Board approved financing of 20 BOBR Rakes to NTPC for Rs 700 Cr under Finance Lease. (Positive)

Aarvi Encon: Company gets order worth Rs 1.73 billion (Positive)

Infosys: Company and Old National Bank have expanded their four-year partnership. (Positive)

GR Infraprojects: Company subsidiary, GR Bilaspur Urga Highway Private Limited, has achieved provisional completion of the 4-laning project on NH-130A in Chhattisgarh. (Positive)

PNB Gilts: Indian government bonds to be included in the FTSE EM Government Bond Index (Positive)

IRBInfra: September toll collections up 19.2% at ₹501.8 cr vs ₹421 cr (YoY) (Positive)

Tata Technologies: Company and BMW Group establish BMW TechWorks India - a Joint Venture to drive automotive software and business IT innovations. (Positive)

Welspun Ent: Receives Rs 1990 cr award from BMC for tunnel project (Positive)

VBL: PepsiCo reported a double-digit revenue growth in India and other emerging markets for the third quarter, despite subdued overall growth globally. (Positive)

Vedanta: Board meeting rescheduled to today for interim dividend announcement (Positive)

Gensol Engineering: Company’s engineering, procurement, and construction order book crosses the Rs 4,000 crore level (Positive)

RPP Infra: Company bags Rs 318.6 crore contract for road development. (Positive)

Tata Communications: Company will announce its Q2 FY25 results on October 17th, 2024. (Neutral)

Wipro Limited: Company will announce its Q2 FY25 results on October 17, 2024 (Neutral)

Dhunseri Ventures: Company enters into share purchase agreement with Dhunseri overseas for $ 4.7 million (Neutral)

JSW Infrastructure: Company announced the appointment of Rinkesh Roy as Joint Managing Director & CEO, effective November 8, 2024. (Neutral)

SKF India: Company board approved evaluation, selection of demerger of industrial business, Company approved incorporation of wholly owned subsidiary. (Neutral)

Reliance Ind: Reliance Retail’s Tira exclusively launches Augustinus Bader in India. (Neutral)

Schneider Electric: Company’s appeal against ₹2.2 crore tax demand for FY18 rejected. (Neutral)

Signature Global: Pre-sales at Rs 2,780 cr vs Rs 980 cr, up 184% YoY (Neutral)

PB Fintech: IRDAI issues observations from inspection for wholly owned arm Policy Bazaar (Neutral)

OLA Elec: Ministry of road transport & highways may seek explanation from Ola Electric regarding customer complaints, sources to CNBC. (Negative)

Timken: Company said it has received a demand order from the Income Tax Department, requiring an additional ₹100 crore in income adjustments for the assessment year 2021-22. (Negative)

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

Recent Interview...

As of 18:32 PM Tuesday 08 October 2024

Antony Waste Handling: NG Subramanian, CFO

Have Bid For Orders Worth ?5,000 Cr & May Win ?2,000-2,500 Cr Worth Of Orders: Antony Waste Handling

https://www.youtube.com/watch?v=FXZLuEdB9lI

HEG: Manish Gulati, ED

Bought GrafTech Stake As Valuations Were Attractive: HEG

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

Hi Tech Pipes Limited: Anish Bansal, CFO

Have Received Good Demand For QIP From Both Domestic & Foreign Funds: Hi-Tech Pipes

https://www.youtube.com/watch?v=4pua2pjoR3I

NALCO: Sridhar Patra, CMD

Aluminium Prices Are Expected To Be In The Range Of $2,300-2,500/t: Nalco

https://www.youtube.com/watch?v=jIpv20xPC_w

Blue Star: B Thiagarajan, MD

Online Vs Offline Sales: What Will Reign? What Blue Star & Vijay Sales Expecting? Festive Fever

https://www.youtube.com/watch?v=QsjM4TJXyyI

Bikaji Foods: Manoj Verma, COO

Will See Category Growth Due To Quick Commerce: Bikaji Foods

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

Jupiter Life: Ankit Thakker, CEO

Currently Focussed On The Western Part Of The Country: Jupiter Life Line

https://www.youtube.com/watch?v=dMrrQ2f-9uU

Kotak Mahindra: Ashok Vaswani, MD & CEO

Kotak Mahindra Bank’s New MD & CEO Ashok Vaswani’s Growth Blueprint

https://www.youtube.com/watch?v=cL-x25GHZ3E

Senco Gold Limited: Suvankar Sen, CEO

Fund Raise Is Primarily For Working Capital & To Add 18-20 Stores Annually: Senco Gold & Diamonds

https://www.youtube.com/watch?v=qmOC8T6Mr9g

Titagarh Rail: Umesh Chowdhary, Vice Chairman & Managing Director

Titagarh Rail: Co Adjusts Wagon Contract, What’s Going To Steer Growth For Biz?

https://www.youtube.com/watch?v=yB05lc5q2sk

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

Nomura initiate coverage of HDFC AMC (HDFCAMC IN, Buy) with a TP of INR5,000 (implying 21% upside), NAM (NAM IN, Buy) with a TP of INR785 (24% implied upside), and UTI AMC (UTIAM IN, Neutral) with a TP of INR1,300 (8% implied upside).

8 October 2024

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -5729.6 

(14774.19 - 20503.79) 

DII: NET BUY: +7000.68 

(19494.71 - 12494.03)

Key Takeaways

Geopolitical risks, the US election, and 2025 policy uncertainty are prime concerns for us through October-November.

India remains our largest OW. We raise Australia to OW as a defensive play. We scale back our UW China position for the pan Asia / EM investor to -50bps.

Our Japan OW is also reduced to +50bps. Policy continuity is now signalled by Ishiba-san but Japan is sensitive to both global growth and oil price risks.

We increase our UW positions on Korea and Taiwan to -150ps each, while adding to our OW positions on Brazil and South Africa.

After a strong recovery on Tuesday, domestic markets are expected to open on a flat note on Wednesday. Gifty Nifty at 25,150 indicates a flat opening. All eyes will be on the RBI monetary policy outcome today. Though a status-quo is widely expected, any cut in interest rates will trigger an immediate rally in the stocks, especially in rate-sensitive sectors such as banking, realty and automobiles. 

Ola Electric, an electric two-wheeler manufacturer receives a show-cause notice from the Central Consumer Protection Authority (CCPA) on October 7 for alleged violation of consumer rights, misleading advertisement, and unfair trade practices.

With gold and diamond prices touching new high, large corporates are venturing into lab grown diamond jewellery as a cheaper alternate to masses. 

Indian automaker Tata Motors global wholesale including Jaguar Land Rover (JLR) witnessed an 11 per cent decrease in Q2FY25. The global wholesales stood at 3,04,189 vehicle units. 

Wipro Consumer Care and Lighting (WCCL) is piloting its entry into traditional snacks by expanding its packaged foods portfolio with a range of traditional South Indian offerings under the Granamma brand. 

GTPL, LOTUSCHO, RHETAN, WCIL

Q2FY25 EARNING CALENDAR 10.10.2024

ARKADE, DEN, GMBREW, IREDA, TATAELXSI, TCS

10.00 INDIA RBI Interest Rate Decision (Expected: 6.5% versus Previous: 6.5%)

12.00 INDIA RBI Press Conference

20.00 U.S. FOMC Member Goolsbee Speaks

23.30 U.S. FOMC Meeting Minutes

Sohan Lal Commodity Management (SLCM), India’s largest post-harvest logistics and agri-solutions company, has announced a strategic partnership with Punjab National Bank (PNB) and Bandhan Bank to provide ‘Unified Collateral Management Solutions,’ aimed at facilitating post-harvest credit for farmers and agricultural stakeholders at competitive rates across the country. Read more

Infosys and Old National Bank a commercial bank headquartered in the Midwest, recently entered into a strategic expansion of their four-year collaboration to enable the latter to leverage Infosys services, solutions, and platforms for operations transformation and process digitization powered by automation and GenAI, and transformation of key business areas.

Government Securities (G-Secs) yields softened on Tuesday on expectation of their inclusion in FTSE Russell’s Emerging Market Bond Index and possibility of the RBI’s rate setting panel voting for a change in the monetary policy stance.

Essar Energy Transition (EET) will turn the UK’s Stanlow facility into the world’s first decarbonised green refinery that will consume blue hydrogen to meet its heating and power requirements, Essar Capital Director Prashant Ruia said on Tuesday. Read more

The gross direct premium for all non-life companies during the first half of this fiscal grew 7 per cent to ₹1,53,895 crore as against ₹1,43,802 crore recorded during the April-September 2023 period. However, in September 2024, there was a 6.5 per cent decline in total premium income to ₹27,551 crore from ₹29,476 crore in the same month last year.

The stock of Ami Organics has been steadily gaining since mid-August. But after marking a high of ₹1,820 two weeks ago, it reversed the direction. Although the price moderated, the scrip stayed above key levels. Notably, on Tuesday, the stock rebounded on the back of the 20-day moving average support at ₹1,610. Read more