Stock Market highlights: Sensex slides 820 points to 78,675, Nifty settles 257 points lower at 23,883

Equity benchmark indices Sensex and Nifty slumped 1 per cent each on Tuesday due to widespread selling pressure amid uninterrupted foreign fund outflows and sluggish global trends.

The BSE benchmark Sensex tumbled 820.97 points or 1.03 per cent to settle at 78,675.18. During the day, it plunged 948.31 points or 1.19 per cent to 78,547.84.

Falling for the third day running, the NSE Nifty tanked 257.85 points or 1.07 per cent to 23,883.45.

From the 30-share Sensex pack, NTPC, Asian Paints, HDFC Bank, State Bank of India, Tata Motors, JSW Steel, Maruti and Power Grid were among the major laggards.

The rupee fell 1 paisa to a new lifetime low of 84.39 (provisional) against the US dollar on Tuesday as persistent foreign fund outflows and a strengthening greenback against major crosses overseas dented investor sentiment. Read more

Top gainers: Trent (0.42%), Sun Pharma (0.13%), HCL Tech (0.06%), Infosys (0.05%) 

Top losers: Britannia (-7.30%), BEL (-3.49%), NTPC (-3.12%), Asian Paints (-2.86%), HDFC Bank (-2.68%)

The reclassification guidelines issued by RBI are with an intent to communicate to the investors the difference between capital deployed with a strategic mindset and the capital deployed with a tactical mindset. 

FPI investment limit of 10 percent was prescribed with an intent for allowing foreign portfolio investors to take exposure to the capital market in India while providing the much needed liquidity.

Any exposure beyond 10% was meant for investors who were interested in providing value accretive guidance to the organization and contributing to the larger growth of the company and the broader economy.

The difference always existed in spirit and the guidelines issued now clearly document the same in letter as well.

RCCPL Private Limited, wholly-owned subsidiary of Birla Corporation, now owns 3.12% equity shares in Continuum MP Windfarm Development Private Limited.

Birla Corporation stock declined 2.55% on the NSE to ₹1,110.50.

Top gainers: 

Trent (1.03%), Infosys (0.64%), HCL Tech (0.54%), Sun Pharma (0.33%), Reliance (0.31%)

Top losers:

Britannia (-7.34%), NTPC (-2.87%), HDFC Bank (-2.68%), BEL (-2.64%), Asian Paints (-2.47%)

Stocks advanced on BSE at 3 pm on November 12, 2024, were 1,295 against 2,638 stocks that declined, and 100 remained unchanged. Total stocks traded were 4,033. The number of stocks that recorded a 52-week high was 184, and those that hit a 52-week low was 60. A total of 284 stocks traded in the upper circuit, and 347 in the lower circuit.

Samvardhana Motherson International recorded its standalone net profit for the quarter ended September 2024 at ₹642.01 crore from ₹249.42 crore in the corresponding quarter last year.

Shares trade at ₹166.96 on the NSE, lower by 4.50%.

Mindteck (India) Limited recorded its standalone net profit for the quarter ended September 2024 at ₹4.41 crore as against ₹4.15 crore in the corresponding quarter last year. 

Shares slip 0.49% on the NSE to ₹265.10

Fitch Ratings has affirmed UltraTech Cement Limited’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB-’. The Outlook is Stable. Fitch has also affirmed UltraTech’s $400 million 2.80% senior unsecured notes due 2031 at ‘BBB-’

Jai Balaji Industries board has approved subdivision of 1 equity shares of ₹10 each into 5 equity shares of ₹2 each.

Company reported its net profit for the quarter ended Sept 2024 at ₹153.16 crore as against ₹201.55 crore in the corresponding quarter last year.

Shares declined 2.16% on the NSE to ₹1,000.

Thangamayil Jewellery announced opening a new branch at Kuniyamuthur, Coimbatore, on November 17, 2024.

Shares trade flat on the NSE at ₹1,973.

BASF India reported its standalone net profit for the quarter ended September 2024 at ₹127.9 crore as against ₹149.1 crore in the corresponding quarter last year.

Shares plummeted 12.11% on the NSE to ₹6,913.70.

Natco Pharma board has declared second interim dividend of ₹1.50.

Natco Pharma consolidated net profit climbed 83% to ₹676.5 crore for the quarter ended September 2024 from ₹369 crore in the corresponding quarter last year.

Shares gained 2.99% on the NSE to trade at ₹1,437.

Hyundai Motor India recorded its consolidated net profit for the quarter ended September 2024 at ₹1375.4 crore as against ₹1628.4 crore in the corresponding quarter last year.

Shares declined 2.52% on the NSE to ₹1,776.10.

360 ONE Wealth Launches ‘The Wealth Index’ in Collaboration with CRISIL to Unveil Investment Behaviours of India’s Wealthy. 

Key highlights are: 

• The Wealth Index explores the myriad behaviours and investment preferences of High-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) across India. It also examines their awareness levels and responses to external triggers in the domestic and global economy, their engagement levels with wealth managers, their perception of succession planning, and philanthropy.

• The wealthy are diversifying beyond traditional assets. Alternatives such as Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), and Real Estate Investment Trusts (REITs) are gaining popularity.

• 77% of respondents rely on professional wealth advisors, with UHNIs being the largest group seeking professional guidance.

• 82% of respondents are either engaged in philanthropy or plan to in the next two years. UHNIs, especially those above 60, are more inclined towards charitable activities.

• 72% of respondents believe that succession planning is critical. Among UHNIs, 86% have started or completed their estate plans.

• ESG investing is gaining momentum, with 68% of wealthy investors considering ESG principles as critical to their investment strategy, reflecting a growing focus on sustainability and responsible investing.

• Women now make up a growing share of wealthy individuals, with more than 40% aged between 51-60, favouring lower-risk, stable investment products while becoming increasingly engaged in wealth management decisions.

According to Motilal Oswal Financial Services, the Government of India (GoI) continued to focus on improving the quality of expenditure by raising its total capital spending (including loans & advances, L&As) by 17.1% YoY to ₹11.1t in FY25BE. 

The spending surged 3.3x in just five years from ₹3.4t in FY20. Excluding L&As, the Center’s capital expenditure (capex) has been budgeted at ₹9.2t in FY25BE.

Based on the unaudited provisional data, the center’s capex declined 13.5% YoY in 1HFY25, achieving only 39.1% of BEs in 1HFY25, compared to 50% each in the last two years and the lowest during the corresponding period in the past decade.

Advent International backed Manjushree Technopack, the largest rigid plastic packaging (“RPP”) player in terms of installed capacity in India as of March 31, 2024 operating in the consumer rigid plastics industry, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise ₹3,000 crore through an initial public offering (IPO).

The Company had filed its IPO papers with Sebi on August 20, 2024.

The IPO with a face value of ₹2 per equity share, is a mix of fresh issue of up to ₹750 Cr and an offer of sale up to ₹2250 Cr by AI Lenarco Midco Limited. The offer also includes a reservation for a subscription by eligible employees.

The proceeds from the fresh issue to the extent of ₹500 cr will be used for repayment/ prepayment, in full or part, of outstanding borrowings availed by the Company; funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.

“Bitcoin is now expected to reach $90,000, fueled in part by the optimism surrounding Donald Trump’s re-election. This represents a transformative moment for the crypto and Web3 space. His administration’s support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector.

Clearer rules and a friendlier stance towards crypto businesses has the potential to increase investor confidence, encouraging further innovation and mainstream adoption of virtual digital assets. I believe that the broader crypto ecosystem could benefit from policies that promote blockchain infrastructure, provide a better route for financial institutions to engage with crypto, and enhanced protections that make the sector safer and more appealing for a wider audience.

It is also important to note that In a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype..”

Master Trust Limited, a leading broking and investment platform, is delighted to announce the listing of its equity shares on the National Stock Exchange of India Limited (NSE), the country’s premier stock exchange. Trading of the company’s shares commenced on November 12, 2024, marking a significant milestone in Master Trust Limited’s journey as it continued to expand its market presence and commitment to delivering value for its shareholders and clients.

Master Trust Limited’s shares were made available for trading under the symbol “MASTERTR” in the EQ series, designated with the ISIN Code INE677D01037. With a total of 112,266,000 shares admitted to dealings on the NSE platform, the equity shares carried a face value of Re. 1 each and were traded in the Normal Market segment, ensuring streamlined and secure transactions for all investors

Shilpa Medicare announces acceptance by USFDA of NDA filed by its CDMO partner Unicycive - for Oxylanthanum Carbonate (OLC)

Shilpa Medicare stock trades flat on the NSE at $897.

PHF Leasing Limited, a listed non-banking financial company (NBFC) on the Metropolitan Stock Exchange has changed its name as rebranding as Credifin, effective immediately. The company has also relocated its corporate headquarters to Delhi-NCR to better serve its expanding customer base across India.

The new name, Credifin, reflects a broader range of loan offerings and aligns with the company’s mission to provide accessible financial solutions, backed by technology, nationwide.

Rosmerta Digital Services is looking to raise over ₹206 crore through an initial public offering (IPO), which will open for subscription on November 18.

The issue, with a price range of ₹140 to ₹147 apiece, will conclude on November 21. The bidding for anchor investors will open for a day on November 14, the company said in a public notice.

Marksans Pharma recorded its standalone net profit for the quarter ended Sept 2024 at ₹63.20 crore as against ₹31.28 crore in the corresponding quarter last year.

Shares up 1.89% on the NSE to trade at ₹294.05

Zydus Lifesciences recorded its standalone net profit for the quarter ended September 2024 at ₹789.8 crore as against ₹805 crore in the corresponding quarter last year.

Shares decline 1.32% to ₹955 on the NSE

Jyothy Labs Limited has appointed Pawan Kumar Agarwal as Chief Financial Officer of the company w.e.f. November 14, 2024

Infrastructure major Larsen & Toubro (L&T) on Tuesday said it has bagged an ‘ultra mega’ order from state-owned NTPC to set up thermal power plants in Madhya Pradesh and Bihar.

The company classifies orders above ₹15,000 crore as ‘ultra mega’. The order was bagged by the L&T Energy CarbonLite Solutions which is a business vertical of L&T, the company said in a regulatory filing.

The Sandur Manganese & Iron Ores Limited concluded business acquisition of Arjas Steel Private Limited

Sandur stock slipped 0.51% on the BSE to ₹437.05

Top gainers on the NSE as at 12 noon:

Trent (2.32%), Sun Pharma (1.64%), ICICI Bank (1.58%), Bharti Airtel (1.14%), ONGC (0.93%)

Top losers: 

Britannia (-5.17%), Tata Motors (-1.70%), Asian Paints (-1.54%), HDFC Bank (-1.41%), Bajaj Finance (-1.29%)

Stocks advanced on BSE at 12.05 pm on November 12, 2024, were 2,027 against 1,750 stocks that declined, and 132 remained unchanged. Total stocks traded were 3,909. The number of stocks that recorded a 52-week high was 172, and those that hit a 52-week low was 44. A total of 259 stocks traded in the upper circuit, and 253 in the lower circuit.

NSE and Zomato Sign MOU to Empower Delivery Partners with Comprehensive Financial Literacy and Investor Awareness Programs

The MOU focusses on imparting essential financial knowledge and Investor awareness to Zomato’s delivery partners and aims to contribute to their financial independence and overall financial well being

AZAD Engineering has signed a supply agreement with Arabelle Solutions France, a French Company, for the supply of critical and highly complex rotating and stationary components to meet the global demand in the nuclear power generation industry. The value of this supply agreement, for its entire term, is valued at - USD ($) 40 million (₹340 Crore). 

Azad Engineering stock trades flat on the NSE at ₹1,680.80

Kalpataru Projects International has raised ₹200 Crores via 20,000 NCDs of the face value of Rs. 1,00,000 each on private placement basis. The said NCDs will be listed on Wholesale Debt Market Segment of BSE Limited.

Kalpataru Projects International stock trades flat on the NSE at ₹1,254.60

Uno Minda board has approved the further investment of upto ₹5 crore in the shares of Uno Minda Auto Spare Parts and Component Trading L.L.C., Dubai to be made by Sam Global Pte Ltd, Singapore, WhollyOwned Subsidiary of the Company in one or more tranches.

Company recorded its standalone net profit for the quarter ended September 2024 at ₹275.56 crore as against ₹176.34 crore in the corresponding quarter last year.

Shares surged 4.01% on the NSE to ₹958.80

Inventurus Knowledge Solutions Limited, a technology-enabled healthcare solutions provider and a care enablement platform assisting physician enterprises in the US, Canada and Australia, with a focus on the US markets, has received the Securities and Exchange Board of India (SEBI) approval for its proposed initial public offering (IPO).

The Company’s initial public offering comprises an offer for sale of up to 28,184,060 equity shares of face value of ₹ 1. The total offer size comprises of up to 28,184,060 equity shares of face value of ₹ 1 each. 

The offer for sale comprises of up to 5,347,924 equity shares by Ashra Family Trust, up to 1,708,846 equity shares by Aryaman Jhunjhunwala Discretionary Trust, up to 1,708,846 equity shares by Aryavir Jhunjhunwala Discretionary Trust, up to 1,708,846 equity shares by Nishtha Jhunjhunwala Discretionary Trust (Promoter Group Selling Shareholders), up to 4,375,387 equity shares by Joseph Benardello, up to 1,800,000 equity shares by Gautam Char, up to 1,800,000 equity shares by Parminder Bolina, up to 1,641,232 equity shares by Jeffrey Philip Freimark, up to 1,032,894 equity shares by Berjis Minoo Desai, up to 937,858 equity shares by Scott D Hayworth (Individual Selling Shareholders).

Inventurus Knowledge Solutions Limited offers a comprehensive platform that enables healthcare enterprises across outpatient and inpatient care. Outpatient service facilities, also known as ambulatory care, provide medical care without requiring admission to a hospital or other facility, and include observation, consultation, diagnosis, rehabilitation, intervention, and treatment services. 

Inpatient care, refers to the provision of medical treatment for patients who have been admitted to a hospital or medical facility, requiring an overnight stay or an extended duration.

ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue.

Shares of Sagility India Ltd, a technology-enabled services provider in the healthcare space, on Tuesday listed with a premium of 3.53 per cent against the issue price of ₹30.

The stock made its debut at ₹31.06, up 3.53 per cent from the issue price on both the BSE and NSE. Later, it jumped 7.2 per cent to ₹32.16 on the BSE.

The company’s market valuation stood at ₹15,059.83 crore. The initial share sale of Sagility India Ltd fetched 3.20 times subscription on the closing day of bidding on Thursday.

Read more here.

Computer Age Management Services Limited (CAMS) and KFin Technologies Limited (KFintech) announced the formation of a Joint Venture Company for MFCentral. 

CAMS stock surged 3.07% on the NSE to ₹4,865.20 and KFin Tech sock was up 4.06% to ₹1,036.90

Bank Nifty index is trading lower. The index is currently trading at 51,710, down about 0.3 per cent. The advances/declines ratio is at 4:8. This leaves the bias negative. It also keeps the chance high for the Bank Nifty index to fall further during the day.

Nifty 50 is managing to sustain above 24,000. However, the index is not getting fresh and strong follow-through buyers to move higher. The index is currently trading at 24,182, up 0.18 per cent. The advances/declines ratio is at 22:28. This is not very positive. Since the bias is inclined towards selling, the chances are high for the Nifty to fall back during the day.

Waaree Renewable Technologies Ltd (WRTL) stock trades at ₹1,488 on the BSE. Company secured an order to set up a 41.6 MW solar project in Tamil Nadu.

Triveni Turbine shares rallied 8.72% on the NSE to ₹679.90 on a 42% increase in consolidated profit after tax to ₹91 crore in the September 2024 quarter.

Britannia stock declined 3.39% on the NSE to ₹5,250.15. Company reported a 9.6 per cent decline in consolidated profit after tax, totalling ₹531.45 crore for the quarter ending September 30, down from ₹587.59 crore in the same period last year.

Unicommerce announced the acquisition of Shipway, a Gurugram-based e-commerce technology platform. In the first tranche of the deal, Unicommerce is acquiring 42.76% stake in Shipway for a cash consideration of Rs 68.4 Crores. Unicommerce will acquire the balance stake in Shipway within one year by way of a merger or stock swap through an issue of equity shares to complete a 100% stake acquisition.

Unicommerce Esolutions stock inched up 0.19% on the NSE to ₹197.35

Sagility India from Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Sagility India made a decent debut on the stock market, listing at Rs. 31.06 per share, a 3.53% gain over its issue price of Rs. 30. While the IPO received a moderate subscription of 3.2 times, the listing performance is considered positive given the company’s specific focus on the U.S. healthcare market, which is subject to various regulatory and economic factors.

However, investors should remain cautious. The company’s reliance on a single market and the potential impact of U.S. policy changes could pose risks. Additionally, the high valuation and the nature of the IPO as a complete offer for sale (OFS) may limit upside potential.

Investors who participated in the IPO may consider holding their shares by keeping a stoploss around 28, but closely monitoring the company’s performance and market dynamics is crucial.

SEAMEC’s vessel “SEAMEC III” completed the contract with Supreme Hydro Engineering Pvt Ltd on November 12, 2024. 

Seamec stock rose 1.05% on the NSE to ₹1,315.

Ramco Cements stock gained 5.93% on the NSE to ₹922.10, despite 64.2% decline in its consolidated net profit to ₹25.77 crore for the second quarter ended September 2024.

Company has raised ₹376 crore over the past two months from the sale of non-core assets and is set to raise an additional ₹74 crore through further asset monetisation.

Ambuja Cements sought approval from the Competition Commission of India (CCI) to acquire a majority stake in CK Birla group firm Orient Cement Ltd in a Rs 8,100-crore deal.

Shares trade flat on the NSE at ₹562.

Awfis Space Solutions Limited (Awfis) has signed service agreement for two floors, spanning approximately 1.65 Lakh sq. ft., to the National Stock Exchange (NSE) at Adani Inspire in Bandra-Kurla Complex (BKC), Mumbai.

Awfis stock slips 0.76% on the NSE to ₹771.55

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L&T Energy CarbonLite Solutions has secured ‘Limited Notice to Proceed’ (LNTP) from NTPC Ltd for setting up thermal power plants in Madhya Pradesh and Bihar. The orders pertain to main plant packages of 2x800 MW Stage-II thermal power plant at Gadarwara in Madhya Pradesh and 3x800 MW Stage-II thermal power plant at Nabinagar in Bihar.

This ultra-mega order is worth over ₹15,000 crore.

Shares trade flat at ₹3,622.55 on the NSE

Sagility India IPO lists at ₹31.06 on the NSE and BSE, against the offer price of ₹30. The 2,160.60 crore IPO received 3.20 times subscription. ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India were the book-running lead managers to the issue.

Hindalco shares trade flat at ₹660.30 on the NSE. Company recorded a 78% rise in consolidated net profit to Rs 3,909 crore in the September 2024 quarter

Start-ups are eagerly preparing to list on the stock exchanges driven by a thawing funding winter, a shift towards profitability, and growing investor interest. Compared to the US, where companies typically need at least $250-$300 million in revenue to go public, India’s regulatory landscape is more flexible, requiring only $100 million. This relaxation allows start-ups to reach the public markets earlier in their growth.

OW, TP Rs 6300

Acquires Intelliswift for $110mn that had revenues of $ 96mn in CY23 at an EV/Revenues of 1.1x vs avg M&As in past of 1.3x

This is in line with co’s recent M&A strategy

Believe acquisition could be earnings neutral & hence helps fill white space

Buy, TP Rs 290 

2Q: Above estimates; sales growth of 8.4% y-y a tad below est. of 10.5%; OPM of 20.3% above est. of c.19% 

Revenue growth guidance of double-digit retained for FY25 retained 

GPM improves; while guided OPM delivered 

Oil held the biggest drop in two weeks on a soft demand outlook in China, a stronger US dollar, and concerns the market may flip to oversupply.

Brent crude traded below $72 after dropping nearly 3 per cent Monday, with West Texas Intermediate around $68.

China’s latest measures to kick-start its economy stopped short of direct stimulus, and inflation remains weak. A gauge of the dollar has hit a one-year high as investors adjust to Donald Trump’s victory, making oil more expensive for most buyers.

Crude oil futures traded lower on Tuesday morning after China’s fiscal stimulus package failed to impress the market. At 9.36 am on Tuesday, January Brent oil futures were at $71.73, down by 0.14 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $67.92, down by 0.18 per cent. November crude oil futures were trading at ₹5740 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5762, down by 0.38 per cent, and December futures were trading at ₹5749 against the previous close of ₹5767, down by 0.31 per cent.

Max Healthcare Institute has completed the acquisition of 100% equity stake of Jaypee Healthcare Limited.

Max Healthcare shares rose 2.40% on the NSE to ₹1,049.60

Inox Wind bags a repeat order from Continuum Green Energy for 87 MW. 

Shares trade flat on the NSE at ₹206.77

Top gainers on the NSE as at 9.30 am:

Trent (2.91%), Hindalco (1.20%), Bharti Airtel (1.11%), ICICI Bank (0.97%), Sun Pharma (0.96%)

Top losers:

Asian Paints (-0.99%), HDFC Bank (-0.91%), Britannia (-0.88%), Maruti (-0.66%), BEL (-0.58%)

Asian Paints is the latest company to be punished by investors for missing earnings estimates, with its shares tanking nearly 10% to more than a three-year low. The stinging reaction sparked a debate on social media on how much of a premium investors should really be paying for some so-called quality stocks. 

Sell, TP Rs 195

At Rs14.4bn (sharply below Citi est), 2Q EBITDA fell 39% qoq – weaker realizations (-8%), higher costs and lower volumes (-4%).

Cost excluding royalty surged sequentially.

Underperformance vs estimate was largely on higher costs

Jefferies on Jubilant Foodworks

Buy, TP Rs 880

Managed to continue with +ve SSSG at time when macro is tough & listed peers have reported a decline.

While delivery continued to show respectable growth, dine-in suffered

Mgmt is unapologetically focusing on growth

CITI on Jubilant Foodworks

Buy, TP Rs 700

Operational performance continued to improve (overall LFL 2.8% (est. 3%) with delivery LFL of 11.4%

While dine-in sales were weak, recent initiatives will likely drive further improvement 

Cut FY25-27E rev ests. by 3%

CLSA on Jubilant Foodworks

U-P, TP Rs 445

2Q sales & Ebitda below est.

Domino’s sales per store declined 1.1% YoY but LFL growth of 2.8% was slightly below expectations

Cut FY25-27CL earnings 17%-32% to reflect higher delivery tilt, slower Popeye’s rollout & higher costs.

Jefferies on Shree Cement

Buy, TP cut to Rs 28400

Slight EBITDA beat on back of better realisation, as Co moved to (rather confusing) value over vol strategy in 2Q, just after vol focus strategy in 1Q

Reported highest unit EBITDA amongst peers

Nevertheless, 2Q EBITDA still weak

CLSA on Shree Cement

Hold, TP Rs 25600

2QFY25 Ebitda of Rs5.9bn (-32% YoY) was below on weak volumes (-8% YoY) as it prioritised realisations over growth

With industry growth likely flat or low single-digit decline, believe Co likely to have lost market share

U-P, TP cut to Rs 680

Believe slew of cap adds/rampups & aggressive M&A/volume push in South in tepid environment will keep regional pricing/profitability under pressure

Buy, TP Rs 680

2Q healthy qtr with notable performance across clusters; KIMS added 635 beds during 2Q 

Believe has visible drivers to sustain earnings growth; entry into Kerala market is long-term driver

Scale-up of new hospitals in Mumbai & Bengaluru key to watch

Buy, TP Rs 180 

Increase fee-generating products, increase automation in underwriting across most biz lines, build reserves of prudential provisions in non-MFI biz, & focus on achieving c2.8-3.0% ROA guidance by FY26e 

It targets 20-25% AUM CAGR in medium term

HSBC on UPL

Buy, TP cut to Rs 680

Sharp stk correction appears an overreaction– 2Q rev beat est., led by volumes; adj. EBITDA in line

UPL on course to recovery as expect further improvements in 2H; rights issue/other initiatives are levers for debt reduction

Nuvama on UPL

Upgrade to Buy, TP Rs 590 

Though management maintained FY25 Rev & EBITDA guidance as high-cost inventory liquidation is over, are slashing FY25E/26E PAT by 27%/5%

Believe rights issue & potential value unlocking from Advanta would strengthen Co b/s 

OW, TP Raised to Rs 1650 

Remains top pick despite its strong outperformance 

Improved funding/underwriting franchise has driven performance so far 

Expect earnings to continue to outperform peers helped by its improving delivery systems 

Power of compounding in play

Buy, TP Rs 800

Reported robust domestic results.

It reported Ebitda of Rs43bn (+17% QoQ), 35% above est. with better performance across segments.

Aluminium Ebitda/t rose US$96 QoQ to US$1,419 despite US$140/t lower LME

EW, TP Rs 5424 

2QF25: Miss on all fronts 

Inflation hurts demand & profit 

EBITDA margin down 281bps YoY & 239bps QoQ, at 17.2% (MSe 19.5%) 

Co earlier guided rev growth to be in line with vol growth by 3Q &was aspiring to double-digit vol growth in F25; see downside

Tuesday, 12 November, 2024 (Today)

Derivative Segment

• Bosch Ltd

• Samvardhana Motherson Ltd

• Zydus Lifesciences Ltd

Cash Segment

• BASF Ind Ltd.

• Suven Pharma Ltd.

• Medplus Health Ltd.

• GSFC Ltd.

• 3M Ind Ltd.

• Cera Sanitaryware Ltd.

• Finolex Cables Ltd.

• Kirloskar Oil Ltd.

• CESC Ltd.

• Natco Pharma Ltd.

• PNC Infratech Ltd.

• Ingersoll-Rand (Ind) Ltd.

• General Insurance Corp

• NMDC Steel Ltd.

• Sunteck Realty Ltd.

• UNO Minda Ltd.

• Vinati Organics Ltd.

• EIH Ltd.

• Jyothy Labs Ltd.

• KNR Constructions Ltd.

• Minda Corporation Ltd.

• FSN E-Commerce Ltd.

Wednesday, 13 November, 2024

Derivative Segment

• Deepak Nitrite Ltd

• PI Industries Ltd

• Alkem Laboratories Ltd

• Vodafone Idea Ltd

Cash Segment

• HEG Ltd.

• Kalyan Jewellers Ind Ltd.

• Happiest Minds Tech Ltd.

• KSB Ltd.

• Thermax Ltd.

• Astrazeneca Pharma Ltd.

• NBCC (Ind) Ltd.

• Brigade Enterprises Ltd.

• Jash Engineering Ltd.

• RCF Ltd.

• Varroc Engineering Ltd.

• Century Plyboards Ltd.

• Mishra Dhatu Ltd.

• Prism Johnson Ltd.

Thursday, 14 November, 2024

Derivative Segment

• Grasim Industries Ltd

• Hindustan Aero Ltd

• IPCA Lab Ltd

• Hero MotoCorp Ltd

• Crompton Greaves Ltd

• Glenmark Pharma Ltd

• Bharat Forge Ltd

Cash Segment

• Honasa Consu Ltd.

• E.I.D. - Parry (Ind) Ltd.

• Lemon Tree Ltd.

• Bharat Dynamics Ltd.

• Schneider Electric Ltd.

• Ratnamani Metals Ltd.

Despite recent market volatility and significant foreign outflows, the resilience of domestic retail investors in India is at its highest. In October 2024, mutual fund net inflows reached a remarkable ₹2.40 lakh crore, pushing the industry’s AUM to an all-time high of ₹67.26 lakh crore.

Equity-oriented schemes saw their highest monthly inflows, attracting ₹41,887 crore, clearly demonstrating investor confidence in the equity market. This increase from September’s inflows highlights a strong and unwavering commitment by retail investors, even in the face of market fluctuations.

Notably, around 30%(₹12,278.78 crore) of these new flows were directed toward thematic funds, marking one of the highest allocations to these focused investments. This trend suggests that retail investors are now more willing than ever to take calculated risks, betting on specific sectors or investment themes for potential growth.

This shift underscores a change in retail investor preferences, as they increasingly look beyond traditional broad-market funds. Investors are showing their highest levels of interest in exploring specific themes and sectors, embracing riskier opportunities for potentially higher returns”

-- Karthick Jonagadla, smallcase Manager and Founder of Quantace Research

Profectus Capital Private Limited (PCPL), an NBFC backed by Actis, a global private equity firm, announced impressive performance during the half year ended 30th September 2024. PCPL’s AUM stands at Rs 3,109 crores as of September 2024, up 15% from September 2023. The company is dedicated to funding micro, small and medium enterprises (MSMEs) across eleven product clusters in India that need tailor-made financing for their growth aspirations.

Q2FY25 key performance highlights:

Total Income from operations for the half year stood at Rs 202 crores compared to Rs. 194 crores for the half year ended 30th September 2023.

Net Profit Before Tax is up to Rs 21 crores.

The AUM grew to Rs. 3109 crores as of 30th September 2024, reflecting a 15% growth over AUM as on 30th September 2023.

The Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) ratios were maintained at 1.8% and 1.3% respectively on the total AUM, reflecting the high quality of the company’s asset portfolio.

Commenting on the results, Mr K V Srinivasan, Executive Director and CEO, Profectus Capital Private Limited, said “Our Q2 results are part of the journey towards sustainable book quality and profitability. We aim to achieve optimal cost – income ratios and sustainable return on assets of about 3% over the next few years. Our strong focus on appropriate risk management and state of the art systems will play an important role in enhancing scale of our operations and achieving our objective of supporting growth of the MSME sector in India.

Oct’24 saw the Indian equity markets (Nifty 50 index) correcting ~6% (closing 8% lower from its all-time high). India saw FII outflows of INR 1.1 tn (USD 13.5 bn) due to a weak earnings season, expensive Indian market and inflows into other markets. FII selling was however counter-balanced by INR 1.07 tn (USD 12.9 bn) of domestic inflows. A key driver of this, is the increasing retail participation in equity markets through SIP flows (up from INR 31 bn/month in Apr’16 to INR 253 bn/month in Oct’24)

FII selling impact could have been sharper (but for DII support): Significant FII outflows have historically led to sharp corrections in the Indian markets. In most instances wherein the Nifty 50 has declined > 5% in a month, FII flows have been negative. Interestingly, despite the highest-ever monthly FII outflows (INR 1.1 tn) in Oct’24, Indian equity markets fell only 6%, remaining fairly resilient due to DIIs counter-balancing with INR 1.07 tn (USD 12.9 bn) of inflows. A key driver of this is the increasing retail participation in equity markets through SIP flows (up from INR 31 bn/month in Apr’16 to INR 253 bn/month in Oct’24).

Weak earnings, >+1 SD valuations, other exciting opportunities drive FII outflows: Intense selling across FIIs can be attributed to: (1) A weak earnings season (Analysis of 157 companies out of the JMFL coverage of 275 suggest 44% (69 companies) missed Q2 estimates, 41% (65 companies) beat Q2 estimates while 15% (23 companies) were inline); (2) An overvalued Indian equity market (Nifty valuations through Jul’24 to Sep’24 suggest Nifty 1 year forward was >+1 standard deviation (21.6x) above mean; (3) Flow of foreign capital into other markets. (China, Japan and Taiwan have seen inflow of foreign capital)

Indian sectoral flows for Oct’24: Sectors which saw the highest outflows included BFSI (-USD 3.11 bn), Oil & Gas (-USD 2.55 bn), FMCG (-USD 1.38 bn) and Autos (-USD 1.24 bn). Chemicals (+USD 70 mn) and Metals (+USD 17 mn) were the only sectors which witnessed inflows.

1 BRITANNIA

Good numbers

Volume growth at 8% as per estimates

Margins decline to 15.5% vs expected 18.9%

Revenue up 5% to Rs 4668 Cr

PAT down 9% to Rs 532 Cr

2 ONGC

Better than estimates

QoQ

Net Profit Up 34% Rs 11,984 Cr Vs 8,938 Cr

Revenue Down 4% Rs 33,881 Cr Vs 35,266 Cr

Margin At 50.3% Vs 48.1%

3 HINDALCO

All round beat

Net Profit up 123% Rs 1,891 Cr Vs 847 Cr

Revenue Up 7.7% Rs 22,262 Cr Vs 20,676 Cr

EBITDA Up 56.5% Rs 2,749 Cr Vs 1,756 Cr

Margin at 12.4% Vs 8.5%

4 TRIVENI TURBINE

Good

Net Profit Up 41.7% Rs 91 Cr Vs 64 Cr

Revenue Up 29.2% Rs 501 Cr Vs 388 Cr

EBITDA Up 49.7% Rs 11.4 Cr Vs 74.4 Cr

Margin At 22.2% Vs 19.2%

5 NMDC

Ok but Below estimates

Net Profit Up 18.1% Rs 1,211.6 Cr Vs 1,026 Cr

Revenue Up 22.5% Rs 4,919 Cr Vs 4,014 Cr

EBITDA up 16.4% 1,385.7 Cr Vs 1,191 Cr

Margin At 28.2% Vs 29.7% (YoY)

Bonus 2 for 1

6 AWFIS SPACE

Good

Net Profit Rs 38.6 Cr Vs -4.3 Cr

Revenue Up 40.5% Rs 292.3 Cr Vs 208 Cr

EBITDA Up 67.4% Rs 100 Cr Vs 59.8 Cr

Margin At 34.3% Vs 28.8%

7 JUBILANT FOOD

Inline

Net Profit Down 27.9% Rs 52 Cr Vs 72.1 Cr

Revenue Up 9.1% Rs 1,466.8 Cr Vs 1,344.8 Cr

Margin At 19.4% Vs 21%

8 BANSAL WIRE

Good

Revenue: Rs 825 Cr vs 603 Cr

PAT Rs 40 Cr vs 18 Cr

9 IOC/BPCL/HPCL/ONGC

Brent crude fell to $72

10 CELLO WORLD

Started production at glassware mfg unit in Rajasthan

* ABFRL

* AARTIIND

* GRANULES

* HINDCOPPER

* MANAPPURAM

Orient Technologies Ltd. is a leading IT provider specializing in innovative cloud and data management solutions for enterprises sector in India, has announced its financial results for the second quarter & half year ended September 30th, 2024.

Highlights of Financial Performance Q2 FY25

The Total Income stood at Rs. 225.07 Crore in Q2 FY25 as against Rs. 149.31 crore in Q1 FY25 showcased a growth of 50.74%.

Revenues from operations for the quarter ended September 30th, 2024 stood at Rs. 223.14 Crore as compared to Rs. 148.85 crore in Q1 FY25 showcased a growth of 49.92%

The Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stands Rs. 20.72 crore in Q2 FY25, as against Rs 13.65 Crore in Q1 FY25 showcased a growth of 51.76%. The Company’s EBITDA margin stood at 9.21% 

Profit Before Tax (PBT) stood at Rs. 19.41 Crore for Q2 FY25 as compared to Rs 12.49 Crore in Q1 FY25 showcased a growth of 55.47%. The Company’s PBT margin stood at 8.62%

Profit After Tax (PAT) reported stood Rs. 15.06 Crore in Q2 FY25 as against Rs. 9.28 Crore in Q1 FY25 showcased a growth of 62.20%. The Company’s PAT margin stood at 6.69%

Earnings per share (EPS) for Q2 FY25 for the stood at Rs. 4.15 as against Rs. 2.59 in Q1FY25 showcased a growth of 60.25%.

Leading E-commerce enablement SaaS platform, Unicommerce announced the acquisition of Shipway, a Gurugram-based e-commerce technology platform. In the first tranche of the deal, Unicommerce is acquiring 42.76% stake in Shipway for a cash consideration of Rs 68.4 Crores. Unicommerce will acquire the balance stake in Shipway within one year by way of a merger or stock swap through an issue of equity shares to complete a 100% stake acquisition.

The acquisition will expand Unicommerce’s product suite to include solutions for courier aggregation, shipping automation and returns reduction. The acquisition will also enable Unicommerce to offer an integrated marketing platform with AI-enabled, automated solutions that allow brands and retailers to target buyers with personalised, segmented and wide-reach marketing campaigns to increase conversions. With this, Unicommerce will offer technology solutions that cover the entire e-commerce journey, including pre-purchase and other post-purchase segments.

Buzzing stocks: Max Healthcare, HFCL, Welspun, PowerGrid, Waaree Renewable, Ambuja Cements, Hyundai, Samvardhana, GIC, BSE, FSN e-Commerce, 3m India, Suven Pharma, eIH, RPower, Sundaram-Clayton

Tamilnadu Petroproducts Limited (TPL), Chennai based Petrochemical manufacturing company, announced its Second quarter Unaudited Financial results for FY 2024-25 today.

Financials:

TPL posted a revenue of ₹ 455.66 crore compared to ₹ 467.41 crore in the preceding quarter and ₹ 441.35 crore in the corresponding quarter of the previous year. EBIDTA decreased by 3% vis-à-vis Q1FY25. The operating performance reflects stable demand and reduced realizations in the context of higher energy and input costs.

The Company has incurred ₹ 1.62 crore during the quarter towards material damage and Plant restoration activities (Michaung cyclone – Dec’2023).

Abans Holdings Limited (NSE: ABANS), a prominent diversified financial services company, announced its unaudited consolidated financial results for the quarter and half year ended September 30, 2024. The company reported robust financial performance, marking significant growth in its net profit and profit before tax (PBT) for Q2 FY2024.

Profit Before Tax (PBT) for Q2 FY2024 saw a remarkable 41% increase, rising to ₹3,507.09 Lakhs, up from ₹2,480.12 Lakhs in the same quarter last year. This surge in PBT underscores Abans’ strong operational performance, driven by improved efficiencies and solid market positioning.

Consolidated Total Income for Q2 FY2024 was ₹64,192.58 Lakhs, reflecting the company’s continuous expansion and business growth. The Earnings Per Share (EPS) for the quarter increased to ₹5.46, further signalling positive returns for shareholders.

For the half-year ended September 30, 2024, the company reported total revenue from operations of ₹93,828.61 Lakhs. Profit Before Tax for the first half of FY2025 stood at ₹6,400.38 Lakhs, compared to ₹4,892.43 Lakhs in the same period of FY2024. Net Profit After Tax for the half-year was ₹5,159.87 Lakhs, demonstrating Abans’ consistent profitability and growth momentum

Blue Dart Express Limited has declared its financial results today for the quarter ended September 30, 2024, at its Board Meeting held in Mumbai.

The company posted ₹ 60.76 crore profit after tax for the quarter ended September 30, 2024. Revenue from operations for the same period stood at ₹ 1,448.46 crore. Blue Dart’s exceptional service quality, strengthened by advanced automation and technology, remains a cornerstone of its operations, providing customers with a seamless, one-stop solution for all their logistics needs.

Reflecting on the company’s performance, Balfour Manuel, Managing Director, Blue Dart Express Ltd., stated, ‘During the quarter, we achieved strong year-on-year revenue growth, showcasing our robust performance across both established and sunrise sectors. Our increased earnings capacity enables us to strategically invest in expanding our network, including the deployment of new aircraft into our fleet to enhance our service offerings and meet our customers’ evolving needs. Following this, we are also investing in the development of strategic ground hubs and delivery centers for B2B and e-commerce distribution. These investments are designed to enhance scalability, flexibility, accuracy, and speed across our entire network, driving sustainable future growth. By staying agile and innovative, we are well-positioned to seize emerging opportunities and deliver even greater value to our customers.

Major Changes in Direct Tax Code 2025

Removal of Assessment and Previous Year Concepts: 

The code removes the terms “Assessment Year” and “Previous Year”. 

Only the term- “Financial Year” will be applicable for tax filing.

Capital Gains Tax Changes: Capital gains will be taxed as regular income. 

Short-term gains on financial assets will be taxed at 20% (up from 15%), while long-term gains will be taxed at 12.5% (down from 20%).

Simplified Residential Status: Taxpayers will be classified as either residents or non-residents, eliminating the RNOR (Resident but Not Ordinarily Resident) category. 

New Income Category Names: “Income from Salary” is now called “Employment Income,” and “Income from Other Sources” is renamed “Income from Residuary Sources.” 

Expanded Tax Audit Roles: Company Secretaries (CS) and Cost and Management Accountants (CMA) may now be allowed to conduct tax audits, which was previously limited to Chartered Accountants (CAs), making tax audits more accessible.

Unified Company Tax Rates: Both domestic and foreign companies will now pay the same tax rate, making compliance easier and encouraging foreign investment.

TDS and TCS on Most Income: Under the new tax system, Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) will apply to nearly all types of income. This ensures taxes are paid more regularly. The TDS rate for many payments will drop from 5% to 2%. For e-commerce operators, the TDS rate will significantly decrease from 1% to 0.1%, offering relief to taxpayers and simplifying compliance for e-commerce businesses.

Fewer Deductions and Exemptions: Most deductions and exemptions will be removed, streamlining tax filing. 

However, the standard deduction for salaried employees in the new tax regime has increased to ₹75,000, a 50% rise.

1. Ratnaveer Precision: GOOD TO EXCELLENT RESULTS & FUND RAISE

For the quarter ending Sep-24, Sales up 62% YoY from INR 142 Cr in Sep-23 to INR 230 Cr in Sep-24. Similarly, Net Profit up 50% from INR 8 Cr to INR 12 Cr. On a QoQ basis, Sales up 13% and Net Profit down 8%.

Board Meeting to be held on 11-Nov-2024 to consider fund raise.

2. Dynacons System: GOOD TO EXCELLENT RESULTS

For the quarter ending Sep-24, Sales up 39% YoY from INR 220 Cr in Sep-23 to INR 306 Cr in Sep-24. Similarly, Net Profit up 38% from INR 13 Cr to INR 18 Cr. On a QoQ basis, Sales down 5% and Net Profit remained flat.

3. Teerth Gopicorn: GOOD TO EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 84% YoY from INR 37 Cr in Sep-23 to INR 68 Cr in Sep-24. Similarly, Net Profit up 3.3x from INR 3 Cr to INR 10 Cr. On a HoH basis, Sales remained flat and Net Profit up 25%.

4. Aimtron: GOOD TO EXCELLENT RESULTS

For the half year ending Sep-24, Sales up 35% YoY from INR 43 Cr in Sep-23 to INR 58 Cr in Sep-24. Similarly, Net Profit up 57% from INR 7 Cr to INR 11 Cr. On a HoH basis, Sales up 16% and Net Profit up 57%.

5. Viviana Power: ORDER

Company has secured 2 turnkey contracts of total worth INR 106 Cr (i) INR 74 Cr from Paschim Gujarat Vij Company Limited and existing client, M/s. Dakshin Gujarat Vij Company Limited under the SI and KSY Schemes. (ii) INR 32.3 Cr from Madhya Gujarat Vij Company Limited under the SI Scheme.

6. Kilburn: ORDER

Company, following its October 11, 2024 disclosure, has secured its largest-ever single order worth INR 126 Cr (USD 14.95 million) for four rotary dryer packages to dry rock phosphate.

Waaree Renewable: Company Setting up of 41.6 MW DC capacity IPP Plant at Cuddalore District, Tamil Nadu. (Positive) 

Cello World: Company started production at glassware manufacturing unit in Rajasthan (Positive) 

Oil Downstream stocks: Brent crude fell to $72 per barrel. (Positive) 

Rail Vikas Nigam: Company emerges as the Lowest Bidder (L1) from South Central Railway for project worth Rs 294 cr. (Positive) 

Ausom Enterprise: Company receives letter of intent from Gujarat Urja Vikas Nigam; order for supply of solar photovoltaic power project, project capacity of 50 MW (Positive) 

Balmer Lawrie: Company forays into rail logistics, Company signs agreement with Gatx India for rail logistics. (Positive) 

L&T Technology Services: Company to acquire Intelliswift for $110 Million, boosting AI and software capabilities (Positive) 

Welspun Corp: Company sold 5% equity stake in East Pipes Integrated Company (EPIC) in Saudi Arabia for SAR 218.9 million (approx. US$58 million) (Positive) 

Kfin Technologies: CAMS and Kfintech announce joint venture for MF central, new entity to handle technology, sales, and marketing for MF central. (Positive) 

Ashapuri Gold Ornament: Company has entered into a Contract for Supply of Gold Jewellery to Titan Company Limited. (Positive) 

Power Mech: Net profit at Rs 67 cr vs Rs 51 cr, Revenue at Rs 1045 cr vs Rs 936 cr (YoY) (Positive) 

Marathon Nextgen: Net profit at Rs 48.4 cr vs Rs 34.3 cr, Revenue at Rs 150 cr vs Rs 129 cr (YoY) (Positive) 

Awfis Space: Net profit at Rs 39 cr vs Loss of Rs 4 cr, Revenue at Rs 292 cr vs Rs 208 cr (YoY) (Positive) 

Parag Milk: Net profit at Rs 29.2 cr vs Rs 25.2 cr, Revenue at Rs 871 cr vs Rs 798 cr (YoY) (Positive) 

Goodluck India: Net profit at Rs 45.06 cr vs Rs 34.70 cr, Revenue at Rs 970 cr vs Rs 875 cr (YoY) (Positive) 

Pilani Investment: Net profit at Rs 94.9 cr vs Rs 82.3 cr, Revenue at Rs 140 cr vs Rs 124 cr (YoY) (Positive) 

Bank of India: Net profit at Rs 2373 cr vs Rs 1458 cr, NII at Rs 5985 cr vs Rs 5740 cr (YoY) (Positive) 

Abans Holding: Net profit at Rs 25.4 cr vs Rs 21.3 cr, Revenue at Rs 640 cr vs Rs 360 cr (YoY) (Positive) 

Orient Tech: Net profit at Rs 15.1 cr vs Rs 9.3 cr, Revenue at Rs 220 cr vs Rs 150 cr (YoY) (Positive) 

Bansal Wire Industries: Net profit at Rs 40 cr vs Rs 18 cr, Revenue at Rs 825 cr vs Rs 603 cr (YoY) (Positive) 

EPL Ltd: Net profit at Rs 89 cr vs Rs 52 cr, Revenue at Rs 1086 cr vs Rs 1001 cr (YoY) (Positive) 

Kamdhenu: Net profit at Rs 15.9 cr vs Rs 10.2 cr, Revenue at Rs 190 cr vs Rs 185 cr (YoY) (Positive) 

Galaxy Surf: Net profit at Rs 84.7 cr vs Rs 77.4 cr, Revenue at Rs 1060 cr vs Rs 983 cr (YoY) (Positive) 

Simplex Castings: Net profit at Rs 3.6 cr vs Rs 0.21 cr, Revenue at Rs 29 cr vs Rs 26 cr (YoY) (Positive) 

Maithan Alloys: Net profit at Rs 140 cr vs Rs 61.9 cr, Revenue at Rs 460 cr vs Rs 443 cr (YoY) (Positive) 

Sansera Eng: Net profit at Rs 50.6 cr vs Rs 46.9 cr, Revenue at Rs 760 cr vs Rs 693 cr (YoY) (Positive) 

HLE Glass: Net profit at Rs 12.7 cr vs Rs 10.0 cr, Revenue at Rs 236 cr vs Rs 224 cr (YoY) (Positive) 

Ramco Cement: Net profit at Rs 25.06 cr vs poll of Rs 10 cr loss, Revenue at Rs 2044 cr vs poll Rs 2055 cr (Positive) 

National Fertilizers: Net loss at Rs 0.16 cr vs loss Rs 113 cr, Revenue at Rs 4390 cr vs Rs 5650 cr (YoY) (Positive) 

Bengal & Assam Company: Net profit at Rs 99.2 cr vs Rs 66.9 cr, Revenue at Rs 123 cr vs Rs 87 cr (QoQ) (Positive) 

Syncon: Net profit at Rs 11 cr vs Rs 6.2 cr, Revenue at Rs 101.5 cr vs Rs 62 cr (YoY) (Positive) 

TCPL: Net profit at Rs 35.6 cr vs Rs 28.3 cr, Revenue at Rs 455 cr vs Rs 398 cr (YoY) (Positive) 

Gujarat Tool: Net profit at Rs 29.0 cr vs Rs 3.2 cr, Revenue at Rs 271 cr vs Rs 157 cr (YoY) (Positive) 

Hind Adhesives: Net profit at Rs 5.4 cr vs Rs 3.8 cr, Revenue at Rs 84 cr vs Rs 81 cr (YoY) (Positive) 

IFB Agro: Net profit at Rs 4.4 cr vs loss Rs 2.8 cr, Revenue at Rs 384 cr vs Rs 352 cr (YoY) (Positive) 

Time Techno: Net profit at Rs 99 cr vs Rs 72 cr, Revenue at Rs 137 cr vs Rs 119 cr (YoY) (Positive) 

Hind Copper: Net profit at Rs 101.7 cr vs Rs 60.7 cr, Revenue at Rs 518 cr vs Rs 381 cr (YoY) (Positive) 

Triveni Turbine: Net profit at Rs 91 cr vs Rs 64.0 cr, Revenue at Rs 501 cr vs Rs 388 cr (YoY) (Positive) 

ONGC: Net profit at Rs 11984 cr vs poll Rs 8825 cr, Revenue at Rs 33881 cr vs poll Rs 33215 cr (Positive) 

Hindalco: Net profit at Rs 3909 cr vs poll Rs 3297 cr, Revenue at Rs 58203 cr vs poll Rs 55132 cr (Positive) 

Dee Development: Net profit at Rs 22.2 cr vs Rs 9.9 cr, Revenue at Rs 194 cr vs Rs 178 cr (YoY) (Positive) 

Riddhi Siddhi Gluco: Net profit at Rs 13.3 cr vs Rs 9.8 cr, Revenue at Rs 48.9 cr vs Rs 18.1 cr (YoY) (Positive) 

Jai Corp: Net Profit at Rs 20.4 cr vs Rs 13.9 cr, Revenue at Rs 143.7 cr vs Rs 123.9 cr (Positive) 

Jubulant Foods: Net profit at Rs 64.0 cr vs Rs 97.2 cr, Revenue at Rs 1950 cr vs Rs 1370 cr (YoY) (Neutral) 

Premier Explosives: Net profit at Rs 8.41 cr vs Rs 11.65 cr, Revenue at Rs 94.6 cr vs Rs 78.4 cr (YoY) (Neutral) 

Insecticides: Net profit at Rs 61.6 cr vs Rs 53.2 cr, Revenue at Rs 627 cr vs Rs 690 cr (YoY) (Neutral) 

HG Infra Eng: Net profit at Rs 80.7 cr vs Rs 96.1 cr, Revenue at Rs 900 cr vs Rs 954 cr (YoY) (Neutral) 

Blue Dart: Net profit at Rs 62.8 cr vs Rs 73.0 cr, Revenue at Rs 1449 cr vs Rs 1324 cr (YoY) (Neutral) 

HMA Agro: Net profit at Rs 25.1 cr vs Rs 38.2 cr, Revenue at Rs 1070 cr vs Rs 1180 cr (YoY) (Neutral) 

NMDC: Net profit at Rs 1196 cr vs Rs 1963 cr, Revenue at Rs 4919 cr vs Rs 5414 cr (QoQ) Company announced bonus issue of share 2:1 (Neutral) 

Welspun Corp: Net profit at Rs 290 cr vs Rs 385 cr, Revenue at Rs 3300 cr vs Rs 4060 cr (YoY) (Neutral) 

MSTC: Net profit at Rs 41 cr vs Rs 39 cr, Revenue at Rs 72 cr vs Rs 69 cr (YoY) (Neutral) 

ELGI: Net profit at Rs 94.7 cr vs Rs 91.3 cr, Revenue at Rs 870 cr vs Rs 800 cr (YoY) (Neutral) 

Azad: Net profit at Rs 21.0 cr vs Rs 19.0 cr, Revenue at Rs 111 cr vs Rs 83 cr (YoY) (Neutral) 

TVS Supply: Net profit at Rs 11 cr vs loss Rs 41 cr, Revenue at Rs 2513 cr vs Rs 2263 cr (YoY) (Neutral) 

KDDL: Net profit at Rs 24.5 cr vs Rs 25.4 cr, Revenue at Rs 396 cr vs Rs 340 cr (YoY) (Neutral) 

Vedanta: Vedanta group plans $500 million investment in Avanstrate inc. to drive innovation in high-tech display glass products (Neutral) 

Shakti Pumps: Company has fixed Monday, 25th November 2024 as the Record date for the purpose of determining eligibility for bonus equity shares (Neutral) 

CENTURY EXT: Revision on Proposal for Setup of New Extrusions Press at Existing Factory at Kharagpur (Neutral) 

Indian Oil Corp: Gujarat refinery ops normal after benzene tank fire (Neutral) 

Max Healthcare: Company completes acquisition of Jaypee Healthcare. (Neutral) 

Wockhardt: Company closes QIP, raises Rs 1,000 crore. (Neutral) 

Britannia: Net profit at Rs 531 cr vs poll Rs 630 cr, Revenue at Rs 4668 cr vs poll Rs 4769 cr (Negative) 

Shree Cement: Net profit at Rs 93.1cr vs Rs 490 cr, Revenue at Rs 3730 cr vs Rs 4560 cr (YoY) (Negative)

Groww Has 45 Lakh More Active Traders Than Zerodha, Largest Stockbroker in India

* Groww - 1.25 Crore

* Zerodha - 80 Lakh

Groww Doubled User Base in the Last 1 Year

While Zerodha Added Only 15 Lakh New Users

Zerodha Seem To Be Losing Its Market Share

ALKEM, APOLLOTYRE, ARKADE, ASHIANA, ASTRAZEN, BANCOINDIA, BAYERCROP, BGDL, BOROLTD, BRIGADE, CENTURYPLY, COSMOFIRST, DBL, DCAL, DCW, DDEVPLASTIK, DEEPAKNTR, DISHTV, DREDGECORP, DYNAMATECH, EICHERMOT, ESAFSFB, EXICOM, FCL, FIEMIND, FISCHER, FOSECOIND, GNFC, GODREJIND, GRSE, HAPPSTMNDS, HEG, HERANBA, IDEA, IFCI, INDIANHUME, ISGEC, ITDC, JINDWORLD, KALYANKJIL, KAMAHOLD, KICL, KIRIINDUS, KRBL, KSB, KSCL, LUMAXTECH, NBCC, NIBE, OPTIEMUS, PATELENG, PIIND, PITTIENG, PLATIND, PRECAM, PRSMJOHNSN, RAMKY, RCF, REDTAPE, SENCO, SEQUENT, SKYGOLD, SUNTV, THERMAX, THOMASCOOK, TORNTPOWER, VENUSPIPES, YASHO, ZAGGLE

ALKEM 

* Revenue expected at Rs 3639 crore versus Rs 3440 crore

* EBITDA expected to be seen at Rs 801 crore versus Rs 746 crore

* EBITDA margin expected to be seen at 22.01% versus 21.71%

* Net profit expected to be seen at Rs 682 crore versus Rs 620 crore

APOLLOTYRE 

* Revenue expected at Rs 6454 crore versus Rs 6279 crore

* EBITDA expected to be seen at Rs 878 crore versus Rs 1159 crore

* EBITDA margin expected to be seen at 13.60 % versus 18.47%

* Net profit expected to be seen at Rs 311 crore versus Rs 486 crore

3MINDIA, 63MOONS, ALLCARGO, AMRUTANJAN, ASHOKA, ASTRAMICRO, AVL, BARBEQUE, BASF, BHAGCHEM, BOMDYEING, BOSCHLTD, CANTABIL, CESC, CELLO, CENTUM, CERA, CROPSTER, CUPID, DCXINDIA, DIACABS, DHAMPURSUG, EIHOTEL, ELPROINTL, EMSLIMITED, ENTERO, EPACK, EVEREADY, EXCELINDUS, EXXARO, FILATEX, FINCABLES, GICRE, GANECOS, GIPCL, GSFC, GLOBUSSPR, GOKEX, GOKULAGRO, GREAVESCOT, HIKAL, HINDWAREAP, HNDFDS, HPL, HYUNDAI, INFIBEAM, INDOTECH, INGERRAND, IONEXCHANG, JYOTHYLAB, JAIBALAJI, KIRLOSENG, KNRCON, KOLTEPATIL, LUXIND, MANINDS, MANINFRA, MARKSANS, MEDPLUS, MINDACORP, MOTHERSON, NATCOPHARM, NEOGEN,NYKAA, PANAMAPET, PENIND, PNCINFRA, POKARNA, POLYPLEX, RPOWER, RTNINDIA, RISHABH, SULA, SUNTECK, SUNCLAY, SUVENPHAR, TECHNOE, TBOTEK, TIIL, VEEDOL, ZSARACOM ZYDUSLIFE

BOSCHLTD 

* Revenue expected at Rs 4460 crore versus Rs 4130 crore

* EBITDA expected to be seen at Rs 534 crore versus Rs 491 crore

* EBITDA margin expected to be seen at 11.97% versus 11.90%

* Net profit expected to be seen at Rs 506 crore versus Rs 213 crore

CESC 

* Revenue expected at Rs 4748 crore versus Rs 4352 crore

* EBITDA expected to be seen at Rs 1020 crore versus Rs 646 crore

* EBITDA margin expected to be seen at 21.48% versus 14.84%

* Net profit expected to be seen at Rs 365 crore versus Rs 348 crore

JYOTHYLAB 

* Revenue expected at Rs 791 crore versus Rs 732 crore

* EBITDA expected to be seen at Rs 144 crore versus Rs 135 crore

* EBITDA margin expected to be seen at 18.21% versus 18.48%

* Net profit expected to be seen at Rs 111 crore versus Rs 104 crore

MOTHERSON 

* Revenue expected at Rs 28185 crore versus Rs 23473 crore

* EBITDA expected to be seen at Rs 2716 crore versus Rs 2138 crore

* EBITDA margin expected to be seen at 9.64% versus 9.10%

* Net profit expected to be seen at Rs 918 crore versus Rs 451 crore

NATCOPHARM 

* Revenue expected at Rs 1312 crore versus Rs 1031 crore

* EBITDA expected to be seen at Rs 681 crore versus Rs 458 crore

* EBITDA margin expected to be seen at 51.91% versus 44.41%

* Net profit expected to be seen at Rs 558 crore versus Rs 369 crore

NYKAA 

* Revenue expected at Rs 1885 crore versus Rs 1507 crore

* EBITDA expected to be seen at Rs 116 crore versus Rs 80 crore

* EBITDA margin expected to be seen at 6.15% versus 5.35%

* Net profit expected to be seen at Rs 27 crore versus Rs 5 crore

ZYDUSLIFE 

* Revenue expected at Rs 5163 crore versus Rs 4368 crore

* EBITDA expected to be seen at Rs 1363 crore versus Rs 1146 crore

* EBITDA margin expected to be seen at 26.40% versus 26.23%

* Net profit expected to be seen at Rs 906 crore versus Rs 800 crore

DOMS 2Q: REV +20% | EBIDTA +32% | PAT +43% | HEALTHY TOPLINE GROWTH COUPLED WITH MARGIN EXPANSION 

• Revenue grew 20% YoY/3% QoQ to INR4.6b 

• EBITDA grew 32% YoY while down 3% QoQ to INR859m. EBITDA margin expanded 170bps YoY while contracted 60bps QoQ to 18.8% led by gross margin expansion of 230bps YoY to 43% 

• Adj. PAT grew by 43% YoY to INR518m (flattish QoQ) 

• 1HFY25 Revenue/EBITDA/Adj. PAT grew by 19%/35%/46% YoY to INR9b/INR1.7b/INR1b.

EPL 2Q: REV +8% | EBIDTA +22% | PAT +72% | OPERATING PERFORMANCE IN-LINE WITH OUR ESTIMATES

• Consol. revenue grew 8% YoY to INR10.9b (est. in line). 

• Gross margin stood at 58% (up 70bp YoY) 

• EBITDA margins expanded 220bps YoY to 20.3% (est. 19.6%). EBITDA stood at INR2.2b (in line), up 22% YoY. 

• Adj. PAT grew 72% YoY to INR870m (est. in-line). 

Segment performance 

• AMESA biz grew 4% YoY to INR3.9b. EBIT grew 5% YoY to INR440m. EBIT margin contracted by 60bps YoY to 11.2% 

• EAP biz grew 9% YoY to INR2.7b. EBIT grew 1% YoY to INR431m. EBIT margin contracted by 130bp YoY to 16.2%. 

• Americas biz grew 9% YoY to INR2.8b. EBIT grew 2.9x YoY to INR260m. EBIT margin expanded by 580bps YoY to 9.4%. 

• Europe biz grew 21% YoY at INR2.6b. EBIT grew 5.6x to INR258m. EBIT margin expanded by 770bps YoY to 9.9%. 

GLAXY SURFACTANTS 2Q: REV +8% | EBIDTA +2% | PAT +9% | MISS ON EBITDA DUE TO HIGHER THAN EXPECTED OPEX

• Revenue was at INR10.6b (our est. of INR10.7b, +8% YoY)

• EBITDA came in at INR1.3b (est. of INR1.4b, +2% YoY). Gross margin was at 33% (+150bp YoY), with EBITDAM at 12% (-70bp YoY) 

• PAT came in at INR847m (est. of INR901m, +9% YoY) 

• In 1HFY25, revenue was at INR20.4b (+6% YoY), EBITDA was at INR2.5b (+1% YoY). PAT was at INR1.6b (+8% YoY). EBITDAM was at INR12.4% (-50bp YoY) 

• The parent company has incorporated two WOS viz. Galaxy Surfactants Mexico S.A. de C.V. in Sep’24 and Tri-k Mexico S.A. de C.V. on Oct’24 in Mexico 

• It has also received an order from GIDC to vacate the land for non-utilisation within the required period having a carrying value of INR743m in Oct’24. It has initiated legal proceedings against the order and no provision has been made as of now. 

BLUEDART EXPRESS 2Q: REV +9% | EBIDTA -7% | PAT -15% | REVENUE IN-LINE, HIGH OPERATING COSTS KEEP MARGINS UNDER PRESSURE

• Revenues grew 9% YoY to INR14.5b (in-line). 

• EBITDA margins stood at 8.4% (against our estimate of 9.7%). The margins decreased 140bps YoY. EBITDA margins were impacted due to increase in Freight handling costs as percentage of revenues. 

• EBITDA de-grew ~7% YoY to INR1.2b (against our estimate of INR1.5b). 

• PAT de-grew 15% YoY to INR608m (our estimates of INR776m). 

• During 1HFY25, revenue was INR 27.9b (+9% YoY), EBITDA was INR 2.3b (-5% YoY), EBITDA margin came in at 8.3%, and APAT was INR 1.1b (-14% YoY). 

Call details for Earnings discussion (Nov 13, 2024 at 4:30 pm) | Zoom link - https://zoom.us/j/93536954901 

RAMCO CEMENTS 2Q: EBIDTA -22% | EBITDA/T AT INR695 (EST. INR585) | VOL -3% | REALISATION -10% | BEATS ESTIMATES

• EBITDA was at INR3.1b (-22% YoY) v/s estimated INR2.5b; EBITDA/t was at INR695 (-20% YoY) v/s estimated INR585, led by lower-than-estimated opex/t. 

• Sales volume declined 3% YoY to 4.49mt (+6% vs. our estimate). 

• Realization was down 10% YoY/5% QoQ (~3% lower than our estimate). 

• Opex/t was down 8% YoY/5% QoQ and was 6% lower than our estimate. Variable cost of production was down 13% YoY; was 6% below our estimate. 

• Other expenses/freight cost per tonne declined 7%/1% YoY. PAT declined 75% YoY to INR256m (vs. estimated loss of INR134m). 

• The company has monetized non-core assets worth of INR3.8b till Oct’24 out of targeted INR10b. It also entered into an agreement to sale land worth of INR740m which is expected to be realized during 3QFY25. Its net debt stood at INR51b as of Sep24. It has repaid INR3.3b in Oct’24 using proceeds from disposal of non-core assets. 

TRIVENI TURBINE 2Q: REV +29% | EBIDTA +50% | PAT +41% | REVENUE INLINE; EBIDTA AND PAT ABOVE EST

•Revenue came in-line with our estimates at INR5b (up 29% YoY) on the back of robust execution of the opening order book of INR17.2b. Domestic/export revenue grew by 32%/26% YoY.

• EBITDA at INR1.1b grew by 50% YoY, 11% ahead of our estimates, on the back of operating leverage benefits as gross margin was flattish YoY.

• PAT at INR910m (8% above estimates) clocked in a 41% YoY growth, despite a much higher effective tax rate (26.7% vs 22.8% in 2QFY24). Other income grew by 35% YoY to INR196m.

• Order inflows grew by 25% YoY to INR5.7b, with domestic/export growth of 4%/50% YoY. This took the closing order book to INR17.96b (+22% YoY).

• For 1HFY25, the company has reported revenue/EBITDA/PAT growth of 26%/43%/37% while FCF grew by 54% YoY to INR1.5b.

NMDC 2Q: REV +23% | PROD -7% | ASP +18% | EBIDTA +16% | EBIDTA/T @ INR 1395 | APAT +17% | REVENUE IN-LINE | HIGH COSTS IMPACT EARNINGS

•Revenue stood in-line with our estimate at INR49b up by 23% YoY, but declined 9% QoQ. The QoQ decline was primarily due to weak NSR and muted volumes.

• Iron Ore production stood at 8.3mt (YoY/QoQ: -7%/ -10%), while Sales stood at 9.9mt (YoY/QoQ: +4%/ -1%) during the quarter.

• ASP for the quarter stood at INR4,954/t (YoY/QoQ: +18%/-8% ) and was in-line with our estimate.

• EBITDA stood at INR14b (YoY/QoQ: +16% / -41%) against our estimate of INR17b. The miss was primarily due to increase in operating costs.

• EBITDA/t stood at INR1,395/t (YoY/QoQ: +12% / -40%) against our estimate of INR1,679/t. 

• APAT for the quarter stood at INR12b (YoY/QoQ: +17%/ -39%) against our estimate of INR13b in 2QFY25, on account of muted operating performance..

• For 1HFY25, company reported revenue of INR103b (+10% YoY), EBITDA of INR37b (+17% YoY) and Adj PAT of INR32b (+18% YoY).

• Iron Ore production for 1HFY25 stood at 17.5mt and sales volume of 20mt, reporting a decline of 11% YoY and 3% YoY, respectively.

• Average blended NSR for 1HFY25 stood at INR5,167/t, grew by 13% YoY. EBITDA/t grew 20% YoY to INR1863/t.

• Company declared Bonus share issue in the ratio of 2:1

HINDALCO LTD 2Q: SALES +7% | EBIDTA +40% | APAT +97% | IN-LINE REVENUE | LOWER COSTS LEAD TO STRONG EBITDA BEAT

•Consolidated Net Sales stood at INR582b (YoY/QoQ: +7/+2%) against our est. of INR569b, on account of better realisations and efficiencies in India operations.

•Consolidated EBITDA stood at INR79b (YoY/QoQ: +40%/ +5%) against our est. of INR66b, driven by lower costs.

•APAT stood at INR43b (YoY/QoQ: +97%/ +25%) against our est. of INR31b.

•Company reported INR5.1b of one-time exceptional expenses towards sierre plant flooding

•For 1HFY25, Revenue was at INR1152b (+8% YoY) and EBITDA came in at INR154b (+36% YoY). HNDL reported APAT of INR77b (+66% YoY) during 1HFY25

•Net debt / EBITDA stood at 1.19x in 2QFY25 vs. 1.24x in 1QFY25.

Aluminium (India)

•Upstream revenue stood at INR91b in 2QFY25 (+16% YoY) led by higher average aluminium prices. 

•Aluminium Upstream EBITDA stood at INR37b (+79% YoY) driven by lower input costs and EBITDA margins were at 41% in 2QFY25 vs 26.3% in 2QFY24

•Downstream revenue stood at INR32b (+20% YoY) on account of higher volume. Downstream Aluminium sales stood at 103KT in 2Q FY25 (+10% YoY) led by market recovery. 

•Downstream EBITDA/t stood at USD179 as compared to USD138 in 1QFY25 and USD202 in 2QFY24. 

Copper business

•Copper Business revenues stood at INR131b (+5% YoY), on account of higher average copper prices. 

•EBITDA for the Copper Business was at an all-time high of INR8.3b in 2Q FY25 up +27% YoY, backed by higher average copper prices and robust operations. 

•Copper metal sales were at 117KT (-13% YoY) in 2Q FY25. CCR sales were at 90KT (-10% YoY).

Q2 FIRST CUT: BRITANNIA (INLINE REV; EBIDTA MISS) | HINDALCO (ABOVE) | NMDC (MISS) | TRIVENI TURBINE (ABOVE) | RAMCO CEM (ABOVE) | BLUE DART (BELOW) | GALAXY SURF (BELOW) | EPL (INLINE) | DOMS

BRITANNIA 2Q: SALES +5% | VOL +8% | EBIDTA -10% | MARGINS -290BPS | PAT -9% | INLINE REVENUE; MISS IN EBITDA

•BRIT’s consolidated net sales (excluding other operating income) rose 4.5% YoY to INR45.7b (est. INR46.7b) during the quarter. 

•Other operating income increased 62% YoY to INR1b. Consolidated revenue rose by 5% YoY to INR46.7b (est. INR47.4b).

•The company has delivered ~8% volume growth in 2Q (8% in 1QFY25, est of 9%).

•Consolidated gross margin contracted by 135bps/190bps YoY/QoQ to 41.5% (est. 43.7%). 

•Employee and other expenses up by 45% and 4% YoY.

•EBITDA margin decline to 290bp/90bp YoY/QoQ to 16.8% (est. of 19.7%).

•BRIT’s consol. EBITDA/PBT/Adj. PAT declined 10%/10%/9% YoY to INR7.8b/ INR7.2b/INR5.3b (est. INR9.3b/INR8.7b/INR6.5b).

•Commodity Inflation: There have been substantial inflation for key commodities such as Wheat, Palm, and Cocoa.

•Global Foods Strategy: Progressing towards becoming a “Total Global Foods Company,” with adjacent businesses like Croissants, Milk Shakes, Wafers, and International segments growing healthily.

•Distribution Strategy: Redefining distribution strategy to optimize range distribution and improve outlet servicing, with encouraging preliminary results from pilots in 25 cities covering over 50,000 outlets.

In a prolonged market rally, it seems like every stock is profitable, and every investor feels successful. This confidence often leads novice investors to start giving recommendations—a potential warning sign. As rational investors, it’s essential to avoid greed and make every decision with caution.

Turnover: (NSE + BSE)

Cash Volume: 91097.72 + 6838.62 Total: 97936.34

F&O Volume: 454982.61 + 17693963.49 Total: 18148946.1

Provisional Cash

FII/FPI: NET SELL: -2306.88

(9430.85 - 11737.73) 

DII: NET BUY: +2026.63 

(9848.87 - 7822.24)

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12.30 U.K. Claimant Count Change (Expected: 30.5K versus Previous: 27.9k)

12.30 EURO German Final CPI m/m (Expected: 0.4% versus Previous: 0.4%)

15.30 EURO German ZEW Economic Sentiment (Expected: 13.2 versus Previous: 13.1)

16.00 INDIA Inflation Rate y/y (Expected: 5.80% versus Previous: 5.49%)

16.00 INDIA Industrial Production y/y (Expected: 2.5% versus Previous: -0.1%)

20.30 U.S. FOMC Member Waller Speaks

20.45 U.S. FOMC Member Barkin Speaks

Bank of India (BoI) reported a 63 per cent year-on-year (y-o-y) jump in second quarter standalone net profit at ₹2,374 crore on the back of robust increase in other income, write-back in provisions for standard & other assets and lower taxation.

The profitability comes despite the public sector bank seeing 111 per cent y-o-y jump in loan loss provisions at ₹1,427 crore (₹678 crore in Q2FY24). The reporting quarter also saw a lumpy slippage of about ₹1,000 crore on account of a state-owned telecom company. BoI had reported a net profit of ₹1,458 crore in the year ago quarter.

Thanks to ‘other income’ of ₹28.62 crore (₹8.29 crore, previously), TVS Supply Chain Solutions Ltd was able to post a net profit of ₹ 10.61 crore (consolidated) for the quarter ended September 30, compared with net loss of ₹21.93 crore in the corresponding quarter of last year.

Sources in the company told businessline that the ‘other income’ was primarily comprised of forex gains and interest income. Deferred tax credit, which was higher by ₹4.3 crore, also helped boost profits.

The Union government’s net direct tax collection grew 15.4 percent on year to ₹12.1 lakh crore rupees during the period April 1-November 10, according to a statement.

Direct taxes, which include corporate and personal tax, grew over 21 per cent to ₹15 lakh crore on a gross basis during the period, the statement issued by the Income Tax Department said. Further, it said that it had issued tax refunds of ₹2.9 lakh crore.

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

The stock idea that we have for you today is HCL Technologies. The outlook is bullish. The stock has been moving inside a bull channel. The chance are high now for the stock to go up towards the upper end of the channel.