Stock Market Live Updates 25 November 2024: Sensex, Nifty set for gap-up opening as BJP-led alliance triumphs in Maharashtra

Issue Period:- 22- November-24 to 25- November -24

For Non- Retail ( QIB +HNI ) open & close date - 22- November-24

For Retail open & close date – 25- November -24 (Today)

Floor Price: INR “1550.00”

Closing Price on date of announcement: Rs. 1849.75 

Current Market Price: 1738.60

Base Issue size: 0.41 Crs Shares – 10.16% of O/S Capital

Green Shoe Issue size: 0.41 Crs Shares – 10.16% of O/S Capital

Total Issue Size: 0.82 Crs equity shares (INR 1276.00 Cr) – 20.31% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 22- November-24

Total Issue Size: 0.74 Crs shares (INR 1148.73 Cr)

Non- Retail Clearing Price: Rs 1675.10. 

Retail Portion - 10% of Offer Size - Bidding on 25- November -24 (Today)

Total Issue Size: 0.08 Crs equity shares (INR 127.64 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs 1675.10

Issue Open - 05-Dec-24

Issue Close - 17-Dec-24 

Right issue Size: Rs. 3378 Crs (9.38 Crs Shares)

Stock Price – 566.10/-

Right issue Price: Rs. 360/-

Payment Terms: Rs. 90/- (Rs 90 to be paid on application)

First call: Rs. 270/-

Rights Entitlement Ratio: 1 Rights Equity Share for every 8 shares held (Effectively 0.125 for every 1 share held).

Last Trade date (Cum Right): 25 Nov 2024 (Today)

Ex-Right Trading date: 26 Nov 2024

Record Date: 26 Nov 2024

Right Entitlement (RE) Trading Period:- 05th Dec to 11th Dec

Last day of Renunciation of Rights Entitlements: Not Yet Announced

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 22.90

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

Strong reservoir level, La Niña settling in & low base mean strong tractor vol growth is likely over FY25-27 

Regional reservoir level trends are more aligned with M&M’s strong state-holds, which is +ve 

M&M– Buy, TP Rs 3390 

Escorts– Reduce, TP Rs 3180

EW, TP Rs 2060 

Management is seeing strong demand momentum on favorable macro and upgrade demand. 

ASP escalation should add to pre-sales growth. 

Oberoi projects have seen 30-40% ASP growth over 3-4 yrs 

Luxury remainstarget segment, helping strong margins (2Q at 58%)

EW, TP Rs 2060 

Management is seeing strong demand momentum on favorable macro and upgrade demand. 

ASP escalation should add to pre-sales growth. 

Oberoi projects have seen 30-40% ASP growth over 3-4 yrs 

Luxury remains target segment, helping strong margins (2Q at 58%)

EW. TP Rs 650 

SBIC’s October spending market share was largely stable MoM, at 15.8%. 

On a YoY basis, spending fell 10% (+11% in Sept), lower than +13% for industry, reflecting continued impact (beginning Feb ) of RBI’s notification on corporate card spending

O-P, TP Rs 440 

core thesis driven by 

i) Accelerating power demand 

ii) Evening shortages 

iii) Cost of debt advantage 

iv) Receivable advantage 

There might not be many levers for upside beyond this, also don’t see a reason for significant downside

Upgrade to Buy, TP raised to Rs 1530 

After a period of significant underperformance (20% vs. broader Indian market over last 6M), believe risk/reward has turned favourable 

Expect an improvement in refining margins given China’s reduced export competitiveness 

Jio remains well positioned to benefit not just from future tariff hikes but also from any moves to improve data pricing &/or better monetise 5G. 

Retail softness may continue for another couple of qtrs & pare ests

The frenzy in the IPO market among individual investors seems to be ebbing amid a volatile secondary market, lofty valuations and lower grey market premiums.

The last eight offerings were, on average, subscribed 1.98 times against 49.5x for the previous 65 IPOs that came in this year. Several issues saw a muted response from wealthy and retail investors. The recently-concluded NTPC Green Energy IPO got subscribed 2.55 times overall, with the category for non-institutional investors (NII) seeing bids for less than the shares on offer. 

India is expected to witness a net inflow of appx $2.5 billion in FII passive flows

Stocks added to Standard index - Alkem Laboratories, BSE, Kalyan Jewellers, Oberoi Realty, and Voltas

Comment by Pranay Aggarwal, CEO, Stoxkart – a discount broker on Maharashtra and Jharkhand election outcome

With India setting its sight to be a USD 5 trillion economy in the next few years, Maharashtra as an engine of this growth story aims to be USD 1 trillion economy. Hence the political stability in the western state is crucial for Indian markets given its economic clout and significance. Contributing 15 percent to India’s GDP and 20 percent of industrial output, the state accounts for 3.6 crore or 18 percent of the demat accounts out of the total of 20 crore demat accounts registered to NSE.

As a key industrial hub, the political stability in Maharashtra will signal broader national trends, shaping market dynamics and policy predictability with ease for FDI and Make in India initiatives that will influence investor confidence and drive market sentiment and industrial growth together.

Such cooperative and competitive federalism led by developed states like Maharashtra will also encourage resourceful state in mining like Jharkhand to emulate their industrial policy in sync with India’s coveted objective of becoming an economic powerhouse.

Citi on Reliance Ind: Upgrade to Outperform on Company, target price at Rs 1530/Sh (Positive) 

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

HSBC on M&M: Maintain Buy on Company, target price at Rs 3390/Sh (Positive) 

MS on Oberoi Real: Maintain Equal weight on Company, target price at Rs 2060/Sh (Positive) 

Bernstein on NTPC: Maintain Outperform on Company, target price at Rs 440/Sh (Positive) 

Antique on India Strategy: Believes recent market correction good opportunity to accumulate stocks. (Positive) 

Emkay on India Strategy: Cuts Nifty target by 4% to 25,000 from 26,000. (Neutral) 

Jefferies on Maruti: Maintain Hold on Company, target price at Rs 10900/Sh (Neutral) 

GS on Astral: Maintain Hold on Company, cut target price at Rs 2170/Sh (Neutral) 

HSBC on Escorts: Maintain Neutral on Company, target price at Rs 3180/Sh (Neutral) 

MS on SBI Cards: Maintain Equal weight on Company, target price at Rs 650/Sh (Neutral)

Here is what the charts say about shares of Global Health, Lemon Tree Hotels and NCC

After trading weak for almost all through the week, the Indian benchmark indices witnessed a strong bounce on Friday. Sensex and Nifty 50 surged about 2.5 per cent each while the Nifty Bank index rose about 1.5 per cent on Friday recovering all the loss made during the week.

The dollar index continued to rise for the third consecutive week. The index rose 0.8 per cent last week and closed well above the key level of 107 last week. That keeps the greenback on a strong footing.

Directional bets do not always mean taking a long or a short position. Sometimes, you could take relative bets. You could simultaneously take a long position and a short position in two different securities that are related to each other. This week, we discuss the characteristics of this relative value trade using futures contracts.

Infosys (₹1,755): The stock has seen a sharp drop in price recently. It fell off the resistance at ₹1,975 and is currently hovering around ₹1,750.

Coforge (₹8,327.50): The stock has been in a strong uptrend since May. The latest leg of the rally began a month ago on the back of the support at ₹6,750. Last week, it comfortably closed above ₹8,000-mark. Also, the price action indicates that the upward momentum is strong and there are no signs of a reversal.

Shares of SRF (₹2,163.25) are ruling at a crucial level. The stock finds a key support at ₹2,105. As long as it stays above that level, the long-term outlook will remain positive. Important resistance levels are at ₹2,260 and ₹2,480. We expect the stock to move in a narrow band with a positive bias.

Even as the dollar rallied, precious metals bounced back after some moderation in price in the first half of this month.

In dollar terms, gold ($2,712/ounce) and silver ($31.3/ounce) rose 5.9 and 3.6 per cent respectively. Similarly, in the domestic market, gold futures (₹77,616/10 gm) was up 5 per cent and silver futures (₹90,768/kg) gained 2.7 per cent.

The dollar rally did not weigh on crude oil prices. In fact, the Brent crude oil futures on the Intercontinental Exchange (ICE) ($75.2/barrel) appreciated 5.9 per cent. The crude oil futures on the MCX (₹6,028/barrel) was up 6.1 per cent.

Nifty 50 (23,907) produced its best weekly performance since the week ended October 4 by appreciating 1.6 per cent. Bank Nifty (51,135), after posting loss for two consecutive weeks, managed to stay positive last week by going north by 1.9 per cent.

Enviro Infra Engineers (Enviro), a water infrastructure player focused on water and sewage treatment plants, has hit the Street with its IPO. The offer is a mix of fresh issue and offer for sale (OFS) to the tune of ₹572.4 crore and ₹78 crore respectively, adding up to ₹650.4 crore.

Kaynes Technology: Rating Upgraded to ICRA A- (Positive) from ICRA BBB+ (Stable). (Positive)

Bharti Airtel: S&P Global Ratings reaffirmed Bharti Airtel’s BBB- rating and revised its outlook to positive from stable (Positive)

Central Bank of India: RBI approved Central Bank of India’s entry into the insurance business via a joint venture with Generali. (Positive)

Prakash Industries: Company gets mining lease of Bhaskarpara commercial coal mine from Chhattisgarh Govt. (Positive)

RITES: Company secures revised order for Railway Electrification work from Northeast Frontier Railway worth Rs 531.77 Cr (Positive)

Mahindra Lifespace: Company’s subsidiary and Sumitomo Corp. agreed to invest Rs 225 crore to expand an industrial park in Tamil Nadu. (Positive)

Paras Defence: Company inaugurates advanced optical systems testing facility in Navi Mumbai (Positive)

Cochin Shipyard: Company signed an MOU with Seatrium Letourneau USA for jack-up rig designs for the Indian market, leveraging CSL’s shipbuilding expertise and SLET’s design capabilities. (Positive)

Oberoi Real/Godrej Prop/ Macrotech: Mumbai sees 11.5% year-on-year growth in luxury home rates during September quarter. (Positive)

VST Industries: Company sold a 2.7-acre property in Hyderabad for Rs 101.7 Cr. (Positive)

PVR INOX: Company expects to surpass 150 million footfalls in 2024. (Positive)

RVNL: Company gets LoA for a project worth Rs 837 cr from Eastern Railway. (Positive)

Urban Enviro: Company secured two new work orders from Borsad Municipality, Gujarat totaling Rs 168 million. (Positive)

Zaggle Prepaid: Company has entered into an agreement with Golden Jasraj Music Platforms Pvt. Ltd. (Positive)

Escorts: Arm Escorts Kubota Finance intends to commence its non-banking financial institution business activities (Positive)

Zomato: BSE to drop JSW Steel from Sensex, adds Zomato from Dec 23 (Positive)

Aurobindo Pharma: Subsidiary, signed a collaboration & license agreement with a global pharma major for respiratory products. USD 25 mn upfront payment received (Positive)

Waaree Tech: Received purchase order for 530 solar kits. (Positive)

HG Infra: Received letter of award for 500 MW battery storage project. (Positive)

IGL: Company hikes CNG price by Rs 1.5-4/kg in areas other than Delhi (Positive)

Hero MotoCorp: Company and US partner in advanced stage of developing mid-sized electric bike. (Positive)

LTIMindtree: Company incorporates JV entity ‘LTIM Aramco Digital Solutions for Information Technology’ in Saudi Arabia (Positive)

CESC: Eminent to acquire 100% stake in Chandigarh power distributor for ₹871 crore. (Neutral)

Afcons: Lower other expenses and tax reversals increase PAT (Neutral)

Thirumalai Chemicals: Company secured Rs 200 Cr term loan from Federal Bank to further invest in TCL Specialties LLC. (Neutral)

Ipca Laboratories: Company announces a revised record date of November 27, 2024, for interim dividend entitlement for FY24-25. (Neutral)

Jyoti Structures: Company to raise up to Rs 500 crore via rights issue. (Neutral)

MTNL: Company could not fund ESCROW account with adequate amount due to insufficient funds. (Neutral)

BSE: Company introduction of futures & options contracts on 43 individual securities (Neutral)

Karnika Industries: Company to setup new plant at Gurgaon for production of denims. (Neutral)

LG Balakrishnan: Investing Rs. 50 Crores for capacity expansion in Chennai. (Neutral)

Protean Egov: NSE investments to exercise oversubscription option in protean Egov technologies OFS (Neutral)

UPL: Long-term bank facility rating downgraded from CARE AA+ to AA; outlook revised from Negative to Stable. (Neutral)

GPIL: Company acquired 21.46% equity stake in Jammu Pigments Ltd for Rs 69.54 Cr and subscribed Rs 175 Cr in CCPS, aiming for 51% stake post conversion. (Neutral)

ICICI Lombard: Company acquired a 0.19% stake in HDFC Life Insurance (Neutral)

Vedanta: NCLT approves meetings of shareholders and creditors (Neutral)

Alembic Pharma: US FDA has issued form 483 with 5 observations for Jarod facility (Neutral)

Adani Group stocks: Petitioner in Hindenburg Case files fresh plea in SC, urges that ‘malpractices are of serious nature’, ‘should be investigated’ by Indian Agencies. US International Development Finance Corp. is conducting due diligence on a $500M loan for an Adani-backed Sri Lanka port (Neutral)

Retro Green: MD, Mr. Arunkumar Prajapati, resigned effective Dec 1, 2024. (Negative)

ABFRL: Company received Rs 246.49 Cr GST demand order from Chandigarh authorities. (Negative)

Domestic broking house Emkay Global Research has revised down its December 2025 Nifty target by 4 per cent to 25,000 from 26,000 amid valuation concerns and weak consumption demand. “We cut our Nifty target by 4% to 25,000 from 26,000, despite a 3M rollover to Dec-25. This is a reaction to a poor earnings season marked by weak consumption demand and worsening cash flows,” it said in a recent note.

Bengaluru-based C2C Advanced Systems’ initial public offering (IPO) enters day 2 on the NSE-Emerge platform with overly enthusiastic responses from retail investors. The IPO has already attracted over one lakh retail applications and will close on Tuesday, November 26. The SME-IPO has a price band of ₹214-226, and the market lot is 600 shares.

The IPO of Enviro Infra Engineers enters day 2 on a strong note, as all categories of investors evinced big interest on day 1 of the issue opening. The initial public offering was subscribed twice on Day 1 itself, as the QIB portion was subscribed 2 times, HNIs 3 times, retail investors 1,70 times, and employees 3.17 times.

Enviro Infra Engineers’ initial public offering, which has a price band of ₹140-148, received bids for about 6.39 crore shares against 3.08 crore shares on offer. The IPO closes on Tuesday, and the market lot is 101 shares.

Buzzing stocks: Adani Group stocks, Zomato, JSW Steel, Waaree Tech, Cochin Shipyard, Aurobindo Pharma, Alembic, Hero MotoCorp, RVNL, CESC, National Fertilizers, Zaggle Prepaid, HG Infra, Divine Power Energy, VST Industries, Mahindra Life

Domestic markets are expected to open on a positive note following the great success of the BJP-led alliance in the Maharashtra state assembly elections. Gift Nifty at 24,280 against Nifty Nov futures close of 23,886 and Nifty Oct futures value of 24,023 indicates a gap-up opening of about 200 points for Nifty.

14.30 EURO German ifo Business Climate (Expected: 86.1 versus Previous: 86.5)

Bath & Body Works, Inc.. (Pre market) (Sector- Retail)

Agilent Technologies, Inc. (Post market) (Sector- Technology)

Zoom Video Communications, Inc. (Post market) (Sector- Technology)

Woodward, Inc. (Post market) (Sector- Engineering)

BHP Group Limited (Tentative) (Sector- Metal)

Q2FY25 EARNING CALENDAR 25.11.2024

ACMESOLAR

Q2FY25 EARNING CALENDAR 26.11.2024

SIEMENS

* Revenue expected at Rs 6454 crore versus Rs 5807 crore

* EBITDA expected to be seen at Rs 919 crore versus Rs 700 crore

* EBITDA margin expected to be seen at 14.24% versus 12.06%

* Net profit expected to be seen at Rs 717 crore versus Rs 571 crore

* ADANIENT

* AARTIIND

* GRANULES

* GNFC

* HINDCOPPER

* IGL

* NALCO

The stock that we have today is Brigade Enterprises. Last week, it recovered strongly on the back of a support. The chart shows good buying interest, and the chances for a rally are high. Check out the latest episode of bl.Today’s Pick to learn more.

#Nifty saw a strong rise on Friday recovering all the loss made during the week. However, the broader trend is still down. Key resistances are coming up which will need a close watch. Whether #Nifty50 is going to break the resistances or not will determine the next trend. So, we will have to wait and watch what happens.

Weekly snapshot: Indian equity indices closed in green zone during the week with the help of last trading session’s sharp recovery in technology and construction stocks. 

Indices Performance: Nifty 50 has closed with a gain of 1.59 percent while Nifty Bank performed inline and closed with a gain of 1.90 percent. 

Weekly Fund-Flow Activities: During the week, FIIs have sold equities worth of Rs 11414.2 cr while DIIs have bought equities of Rs 11036.8 cr in cash segment. 

Macro Data: U.S. Core PCE price index and FOMC meeting minutes, Indian GDP growth rate, Chinese macro data and OPEC meeting are among scheduled major macro data for the upcoming week. 

Weekly Outlook: Market expected to initially react on the outcome of the state elections. The focus also expected to remain on the macro announcements from major global economies.

Current: 48.8 

Expected: 48.8 

Previous: 48.5 

U.S. Flash Services PMI

Current: 57.0 

Expected: 55.2 

Previous: 55.0 

(Data marginal supportive for US Dollar)

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 101525.18 + 7029.97 Total: 108555.15

F&O Volume: 652553.5 + 33737771.89 Total: 34390325.39

Provisional Cash

FII/FPI: NET SELL: -1278.37

(16985.36 – 18263.73) 

DII: NET BUY: +1722.15

(12251.72 – 10529.57)

Cut in the allocation of natural gas under the APM route has warranted a fresh look at the prospects for these stocks

It is now over 15 years since the national pension system (NPS) started the all-citizens model to invest in the retirement vehicle. There may now be many who would have started investing from 2009 and possibly at the stage (after turning 60) of withdrawing one part of the accumulated corpus, while annuitising the other portion.

A lot of attention has been given to the various NPS tier-1 fund houses and the returns they have generated over the years. However, the key aspect of income generation at the time of withdrawal is the annuity part and what insurance companies offer as payouts.

The stock of Brigade Enterprises saw its price drop between early October and mid-November. It began to decline after facing a resistance at ₹1,400. But nearly a couple of weeks back, it found support between ₹1,050 and ₹1,100. Last week, the stock rallied steadily on the back of this price band.