Share Market Highlights: Sensex falls 230 points, Nifty slips amid foreign outflows and geopolitical tensions

DSJ Keep Learning announced resignation of Shrikant Chilveri as Chief Financial Officer of the company w.e.f. October 12, 2024.

Sanofi has entered into negotiations with CD&R for the potential sale of a 50% controlling stake in Opella, its consumer healthcare business. 

Sanofi shares declined 2.23% to close at ₹4,872.50 on the NSE

Top gainers on the NSE 

Trent (2.52%), Hindalco (2.27%), HCL Tech (1.73%), Tech Mahindra (1.56%), ONGC (1.35%) 

Top losers: 

TCS (-1.93%), M&M (-1.80%), ICICI Bank(-1.62%), Cipla (-1.52%), Adani Enterprises (-1.39%)

Sensex closed 230.05 pts or 0.28% lower at 81,381.36, and Nifty 50 ended at 24,964.25, down by 34.20 pts or 0.14%.

Motilal Oswal Asset Mutual Fund (MOMF) today announced the launch of its latest new fund offer “Motilal Oswal Digital India Fund”. The fund is an open-ended equity scheme investing in Digital Space, focusing on Technology, Telecom, Media, Entertainment and other related ancillary sectors for investors who are looking at capital appreciation in the long term.

NFO Period: 11th October 2024 – 25th October 2024

Electronics Mart India Limited has commenced the commercial operations of a new Multi Brand Store under the brand name BAJAJ ELECTRONICS in Andhra Pradesh. Electronics Mart India shares declined 1.14% on the NSE to ₹214.96

Top gainers on the NSE as at 3 pm:

Trent (2.74%), Hindalco (2.29%), HCL Tech (1.66%), Tech Mahindra (1.61%), ONGC (1.23%)

Top losers:

TCS (-1.82%), M&M (-1.76%), ICICI Bank(-1.62%), Maruti (-1.38%), Cipla (-1.26%)

Stocks advanced on BSE at 3 pm on October 11, 2024, were 2,077 against 1,785 stocks that declined, and 123 remained unchanged. Total stocks traded were 3,985. The number of stocks that recorded a 52-week high was 213, and those that hit a 52-week low was 24. A total of 359 stocks traded in the upper circuit, and 144 in the lower circuit.

Sudarshan Chemical Industries has entered into definitive agreement, whereby Sudarshan Europe BV, Wholly Owned Subsidiary of the Company in Netherlands, shall acquire Global Pigment Business Operations of the Heubach Group of Germany for a total consideration of Euro 127.5 Million (Approx. ₹1,180 Crore). 

Shares rose 2.50% on the NSE to ₹1,040.

NBCC (India) Limited has recently been awarded ₹65.15 crore contract from Navodaya Vidyalaya Samiti.

NBCC shares trade 2.42% lower on the NSE at ₹114.15.

KVB informed that RBI imposed monetary penalty of ₹10,000 for the instance of cash-outs in ATM. The said penalty is not material and is in ordinary course of ATM related operations. 

KVB shares trade flat on the NSE at ₹198.54.

Pokarna informed that the operations Unit II of Pokarna Engineered Stone Limited (PESL), a wholly owned subsidiary of Company, located at Mekaguda, Telangana State have been restarted today.

Shares surged 4.88% on the NSE to ₹1,090.35.

Maharashtra State Cyber Department has inaugurated India’s first integrated Cyber Command & Control Center with L&T Technology Services 

L&T Technology Services shares trade flat on the NSE at ₹5,196.75.

Reduction in the import of palm oil led to around 6 per cent decline in the import of edible oils during the first 11 months of the oil year 2023-24 (November-October). India imported 145.35 lakh tonnes (lt) of edible oil during the first 11 months of the oil year 2023-24 against 154.68 lt in the corresponding period of the previous oil year.

Motilal Oswal Financial Services:-

The total number of demat accounts increased to 175m in Sept’24. The new account additions jumped 4.4m in Sept’24 (average monthly additions of 4m YTDFY25). In Sept’24, CDSL continued to gain market share in terms of the total number of demat accounts. On a YoY basis, NSDL lost 410bp/90bp market share in total/incremental demat accounts.

The number of active clients on NSE increased 2.4% MoM to 47.9m in Sept’24. Currently, the top five discount brokers account for 64.5% of total NSE active clients vs. 61.9% in Sept’23. Performance of key discount brokers: Zerodha reported a 1.1% MoM increase in its client count to 8m, with a 20bp fall in market share to 16.6%. Groww reported a 3.1% MoM increase in its client count to 12.3m, with a 15bp rise in market share to 25.6%. Angel One reported a 3.1% MoM increase in its client count to 7.4m, with a 10bp rise in market share to 15.4%.

Upstox reported a 1.5% MoM increase in its client count to 2.8m, with a 5bp fall in market share to 5.9%. Performance of key traditional brokers: ICICI Sec reported a 0.8% MoM increase in its client count to 1.9m, with a 10bp fall in market share to 4%. IIFL Sec reported a 0.6% MoM increase in its client count to 0.5m, with a market share of 1%.

Top gainers of Nifty Pharma stocks:

IPCA Labs (3.84%)

Mankind Pharma (3.58%)

Granules (3.24%)

Lupin (2.72%)

Torrent Pharma (2.17%)

Equirus Group, a leading diversified financial services firm, is pleased to announce an investment by the private equity firm Amicus Capital and a group of other investors. Amicus Capital’s investment marks the third equity infusion in Equirus’ capital history, following Federal Bank’s equity investment in 2018. Equirus is backed by Late Shri Rakesh Jhunjhunwala who invested in the company at the time of its inception. This round of ₹125 crore investment is a mix of primary and secondary investments. It enables a partial exit for Federal Bank and some individual shareholders, making way for Amicus Capital and new investors, including Kishor Patil, Dr. Ajai Kumar, N. Sivaraman, Yagnesh Dosshi, Krishna Jha, Anand Archak, Abhishek Goyal, Badri Mohapatra, Shankar Valiya, Deepak Singhal, and others.

The investment by Amicus Capital reaffirms Equirus’ ongoing commitment at being a trusted investment bank, offering top-tier results in investment banking, asset management, and insurance broking. Amicus Capital’s investment will support Equirus in areas such as capital expansion, technology investments, strategic guidance, access to new networks, talent acquisition, operational improvements, and risk management. This strategic investment is expected to open new avenues as Equirus continues to grow its Investment Banking, Institutional Equities, Wealth & Asset Management, and Insurance Broking businesses.

Federal Bank, which has played a significant role in Equirus’ growth journey since 2018, will remain a shareholder, continuing its support and involvement in the company’s future development.

“We are excited to welcome Amicus Capital to our team of investors and look forward to leveraging their expertise in the financial sector. At the same time, we are grateful for Federal Bank’s ongoing support, which has been instrumental in our journey so far. This partnership will provide us with fresh capital and insights as we pursue our vision of expanding our leadership in investment banking, deepening our presence in wealth and asset management, and leveraging technology for enhanced client outcomes,” said Mr. Ajay Garg, Managing Director of Equirus Group.

Tara Chand InfraLogistic Solutions Limited has added 8 new cranes/equipment to its fleet in the month of September 2024. Additionally, the company has also purchased new equipment for its Warehousing & Transportation Division namely 40Feet Trailers and P&H 790 Lattice Boom Crane. With these purchases, the company has completed a Capex of approx. Rs.94.28 Crores (provisional, unaudited) during H1 FY25. 

Tara Chand InfraLogistic Solutions stock trades at ₹369 on the NSE, down by 1.03%.

Dev Information Technology Ltd (DEVIT) secured order from Ports and Transport Department Gujarat for Setup Configuration, Integration and Migration of users to latest technology adoption with Managed Support Service of 1 year for Gujarat Maritime Board Gandhinagar”. 

Dev Information stock rose 1.58% on the BSE to ₹154.05.

ITCONS E-Solutions has been awarded a ₹17.40-crore contract by the National Institute of Biologicals under the Department of Health and Family Welfare, for supply of manpower services on a contractual basis for three years. Shares trade flat on the BSE at ₹600.

Adani Enterprises has raised $500 million via a share sale to local insurance and mutual funds firms and an existing US-based investor, two sources with direct knowledge said.

Adani Enterprises share price traded at ₹3,133.65 on the NSE, lower by 1.28%.

Birla Opus Paints housed under the Aditya Birla Group’s Grasim Industries, has launched its latest campaign – ‘Naye Zamane ka Naya Paint’ i.e. ‘New Paint for the New era’. Conceptualised by Leo Burnett India, the film features two of India’s most loved actors – Vicky Kaushal and Rashmika Mandanna – as brand ambassadors talking about its unique and distinctive features and quality, along with veteran and versatile actors like Neena Gupta and Saurabh Shukla. 

Grasim Industries stock trades flat on the NSE at ₹2,704.15.

Shares of private lender Bandhan Bank rose over 10% on Friday after the Reserve Bank of India approved the appointment of its new CEO, which analysts said would ensure management stability.

Starbigbloc Building Material Limited, a material subsidiary of Bigbloc Construction, will install an 800 KW solar rooftop power project. Additionally, a 1350 KW solar rooftop system will be installed at our newly established facility under the joint venture viz. Siam Cement Bigbloc Construction Technologies Private Limited. 

Bigbloc Construction shares declined 1.16% on the NSE to ₹114.75.

Hyundai’s IPO being the first major auto IPO in India in over two decades could attract significant global investor interest. This influx of foreign investment could further enhance the sector’s valuation. The company’s portfolio expansion and manufacturing capabilities highlight the growth potential and investment in the automotive market. The increased competition and innovation driven by Hyundai’s enhanced financial strength post-IPO could push other automakers to reassess their growth potential and market positioning, positively re-rating the sector. Conversely if the listing has been perceived as overvalued then it can negatively impact, says Saji John, Senior Research analyst, Geojit Financial Services.

Ultratech Cement has received order from the Additional Commissioner, CGST & Central Excise, Raipur, Chhattisgarh, confirming Service tax demand for ₹3,03,696, applicable interest and penalty of ₹3,03,696. 

Shares trade flat on the NSE at ₹11,442.35

Hindustan Foods’ wholly-owned subsidiary KNS Shoetech Private Limited has informed the Company on allotment of 9,33,100 Compulsorily Convertible Preference Shares of face value of Rs. 10/- each at an issue price of Rs. 50/- each and paid-up price of Rs. 12.5/- each to the certain identified Allottees and the balance payment to be received by KNS in tranches as and when called by KNS. 

Hindustan Foods stock trades flat at ₹629.35 on the NSE.

Top gainers on the NSE at 12 noon:

Hindalco (2.34%), HCL Tech (1.56%), Trent (1.33%), Tata Steel (1.30%), Tech Mahindra (1.28%)

Top losers:

TCS (-2.51%), Cipla (-1.74%), ICICI Bank(-1.56%), M&M(-1.32%), Adani Enterprises (-1.25%)

Stocks advanced on BSE at 12 noon on October 11, 2024, were 1,976 against 1,731 stocks that declined, and 139 remained unchanged. Total stocks traded were 3,846. The number of stocks that recorded a 52-week high was 182, and those that hit a 52-week low was 23. A total of 289 stocks traded in the upper circuit, and 147 in the lower circuit.

Surana Solar board to consider (at its meeting on Oct 21) proposal for raising funds for a Solar Power Project of 54 MW (AC) under the Mukhyamanatri Saur Krushi Vahini Yojna 2.0 scheme), and to consider the proposal to set up up to 50est1230 MW TOPSUN Solar Cell and Modules manufacturing capacity at Fabcity factory Hyderabad. 

Surana Solar shares plunge 5.01% on the NSE to ₹53.66

​Benchmark indices Sensex and Nifty fell in early trade on Friday amid volatility and mixed trends in global markets. ​

The 30-share BSE Sensex opened on a negative note and slipped 62.90 points, or 0.08 per cent, to 81,548.51 in early trade.

Showing a similar trend, the broader Nifty fell 64.1 points to 24,934.35.

From the 30 Sensex pack, Bharti Airtel, Bajaj Finance, Bajaj Finserv, Asian Paints, Power Grid, Mahindra & Mahindra, Tata Consultancy Services, ICICI Bank, and Kotak Mahindra Bank were among the laggards.

Moneyboxx Finance has been sanctioned term loan of ₹40 crore from two of its existing bankers, namely, HDFC Bank (₹20 crore) and AU Small Finance Bank (₹20 crore). 

Shares trade 2.12% higher on the NSE at ₹264.50.

Jio Financial Services Ltd. (JFSL) has launched the JioFinance app, offering loans, savings accounts, UPI payments, insurance, and financial tools. With 6 million users, it aims to democratise financial services and be a trusted partner for Indians.

TCS Review

Nomura

Neutral, TP Rs 4150

2Q: Modest miss at rev, but significant miss at margins

BSNL deal drives growth in 2Q

Pipeline near record-high levels, TCV moderates while being within comfort band

1.6%-2.4% cut in FY25-26F EPS

Jefferies

Buy, TP Rs 4735

2Q missed est. with de-growth in North America & margin miss being key -ves

Though, steady hiring & continued recovery in BFSI bodes well

Moreover, ramp down of BSNL deal may provide scope to improve margins

Cut est by 1-2%

HSBC

Buy, TP Rs 4540

2Q reflected a painfully slow demand recovery, though TCS alluded to some client-specific issues as well

Revenues barely grew on a sequential basis (ex of passthrough) which led to a rare margin fall as well for TCS

MS

OW, TP Rs 4910

F2Q25 : Lower than expectations

Quality of revenue growth is weak & miss on margins

+ves

BFSI revenues grew QoQ by 1.9% in USD terms & for 1st time in last 5 quarters it turned +ve on YoY growth in cc terms

JPM

OW, TP Rs 5100

A rare miss - several knotty one-offs, but with silver linings

Given TCS also pointed out lengthening sales cycles and signings were unimpressive, fear there is still a lack of a broad-based macro recovery

Would use any sharp correction to add

UBS on Kotak Bank

Neutral, TP Raised to Rs 1950

Cyclical headwinds for NIM, CASA while credit costs rise

NIM sensitivity to rate cuts relatively high

Stability in core biz key for re-rating

Val fair(2x FY26E P/BV) & price in most concerns

CITI on Cipla

Buy, TP Rs 1870

Hengrui’s product is 1st interchangeable version & can garner significant market share as well as can result in price decline

If there is further delay in Cipla’s Goa facility resolution, generic Abraxane opportunity would significantly be diminished

CITI on Indus Tower

Buy, TP Rs 500

Believe share price correction over last 1M provides an attractive buying opportunity

Reiterate +ve Catalyst Watch

3 key events to monitor:

1) 2Q results 

2) Conclusion of Voda Idea’s (delayed) bank funding

3) Waiver (by gov’t) of bank guarantee

Jefferies on Bandhan Bank

Buy. TP Rs 240

Partha Sengupta appointed MD&CEO for 3yrs

Should be +ve as he was earlier Dy. MD & Chief Credit Officer at SBI & then MD&CEO of IOB

He has also worked in West Bengal, a key market for Bandhan

Also, bank will receive Rs3.1bn as CGFMU claim

Investec on Bandhan BK

Sell, TP Rs 180

24% recovery from CGFMU & appointment of a new CEO

Financial impact of overall CGFMU audit is lower than expectations

Continue to believe BK will need to raise confidence capital at some stage to boost its capitalization

Nomura on Credit Access

Downgrade to Reduce, TP cut to Rs 950

State elections including Maharashtra, Bihar & Jharkhand are coming up; these states form 28% of its total AUM where there might be disruptions

Steep decline in disbursements/AUM growth; asset quality also deteriorates

MS on Tata Elxsi

UW, TP Rs 6860

With muted 2Q, F25e rev growth exceeding F24 appears a tall task

Healthcare may recover from 3Q & transportation deal wins to support growth, but emerging industry caution in European auto, ltd growth visibility in media, & premium val keep us UW

Edelweiss Asset Management (EAMC/EMF) has launched the ‘Edelweiss Nifty500 Multicap Momentum Quality 50 Index Fund (Index Fund) & Edelweiss Nifty500 Multicap Momentum Quality 50 ETF (ETF)’. 

The New Fund Offer (NFO) will be open for subscriptions from October 11to 25, 2024. This multi-factor index fund is based on two factors – momentum and quality. It tracks the performance of 50 stocks chosen from the Nifty 500 stocks universe and offers investors access to stocks with strong fundamentals and price momentum.

The fund aims to replicate the performance of the Nifty500 Multicap Momentum Quality 50 Index, subject to tracking errors. The underlying index tracks the performance of 50 stocks, selected from a universe of Nifty 500 stocks. 

The funds will invest in all the constituents of the Nifty500 Multicap Momentum Quality 50 Index in the same proportion as the underlying index. The scheme aims to leverage two complementary factors – momentum and quality, to deliver consistent risk-adjusted returns across market cycles. 

The initial investment in the Index Fund can be a lump sum and SIP of ₹100 per application, with increments of ₹1 thereafter and investment in the ETF can be a minimum subscription amount of Rs. 5,000 and in multiples of Re. 1 thereafter. The index fund will be managed by Mr. Bhavesh Jain, Co-

Head, Factor Investing along with Mr. Bharat Lahoti, Co-Head, Factor Investing, Edelweiss Mutual Fund and the ETF will be managed by Mr. Bhavesh Jain, Co-Head, Factor Investing, Edelweiss Mutual Fund.

The rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday amid a weakening greenback. 

However, a rise in crude oil prices and constant FII outflows capped further gains in the domestic unit, according to forex traders.

A weak start to the day in the domestic equity markets also prevented the local unit from rising further, they said. Read more

Bondada Engineering Ltd has received a Letter of Award from Maharashtra State Power Generation Company Ltd for bulk work orders:

1. EPC contract with the scope of design, engineering, supply, erection, testing and commissioning of Crystalline Ground mounted solar PV power plant under MSKVY 2.0 scheme including 3 years Operation & Maintenance on EPC basis at 33/11 kv across various districts of Maharashtra State amounting to Rs. 763.16 Cr including GST. 

2. EPC contract for design, engineering, supply (except PV module), unloading of PV modules at the site supplied by MAHAGENCO, erection, testing and commissioning of Crystalline Ground mounted solar PV technology grid interactive distribution agriculture feeder solarization by solar PV power plant under MSKVY 2.0 scheme including 3 years Operation & Maintenance on EPC basis at 33/11 kv across various districts of Maharashtra State amounting to Rs. 369.08 Cr including GST. 

Shares trade flat on the NSE at ₹609

“Market is likely to remain volatile in the near-term alternating between FII selling and DII buying. Attractive valuations in other markets, particularly in Chinese stocks, will facilitate further selling by FIIs in India since Indian valuations are elevated. Concerns of earnings downgrades in H2 FY 25 render Indian valuations difficult to sustain. However, the sustained flows into the domestic mutual funds, where monthly SIPs have set a new record of Rs 24500 in September, will ensure that all FII selling will be easily absorbed by DII buying. This has been the trend in October so far.

A healthy trend in the market is the leading private sector banks getting accumulated and showing resilience even in a weak market. This is the most attractively valued segment in this market where there is no valuation comfort. Lot of stock-specific action can be expected in the coming days in response to Q2 results. Banking and IT are likely to post reasonably good results.”

US Sep CPI print came in higher than expected. Headline CPI print came in at 2.4% yoy against expected 2.3%. Core CPI came in at 3.3% against expected 3.2%

US Sep PPI print and University of Michigan consumer sentiment and inflation expectations data are due today. 

Markets are awaiting a speech on Saturday by Chinese finance minster for announcement of a stimulus package which could be around CNY 2tn. 

Price action across assets

US 2y yield has come off 5bps to 3.96% while 10y yield is down 1bps at 4.06%

Dollar is steady across majors

S&P500 ended 0.2% lower while Nasdaq ended flat. Asian equities are trading flat to positive. 

Brent has risen to USD 79 per barrel on reports indicating Israel was ready to make a decision on how it would retaliate against Iran. Gold has recovered to USD 2635 per ounce

“Momentum continues with strong retail flow into equity schemes driven by SIPs and new fund offers. While thematic category-based schemes are getting lion’s share of flows, rest of the flows have been spread uniformly across Multicap, Flexicap, Large and Midcap, Large cap, Multi Asset, Midcap and Small cap schemes. Arbitrage funds due to lower spreads and liquidity funds due to quarter end redemptions from institutional investors have seen outflows while medium to long duration funds like gilt and corporate bond funds have seen significant pick up in net flows in the anticipation of future rate cuts”.

IndusInd said a penalty of Rs. 30,000.00 has been imposed on the bank by Reserve Bank of India on account of observations found during an incognito visit by RBI officials at Shalimar Bagh Branch and Vasant Vihar Branch. 

Shares trade flat on the NSE at ₹1,359.85.

Top gainers: HCL Tech (1.97%), Wipro (1.43%), Trent (1.18%), Hindalco (1.08%), Tata Steel (0.96%)

Top losers: Cipla (-1.31%), Bajaj Finance (-1.09%), Bharti Airtel (-1.04%), Asian Paints (-0.99%), Power Grid (-0.82%)

-> SPX -0.21%, Nasdaq -0.05%, Russell 2000 -0.64%

-> US core CPI at 0.31% MoM vs 0.2% expected

-> Some hawkish Fedspeak, FOMC voter Bostic said he’s OK with pause in November 

-> UST 10y yield lost 1 bps to 4.06%

-> Dollar Index flat at 102.89

-> Brent Oil up 3.4% to $79.15

Up Ahead

-> US Q3 earnings kick off Friday (JPM, Wells Fargo)

-> China fiscal policy press conference on Saturday

-> Middle East headlines are a risk into the weekend

The annual inflation rate in the US slowed for a sixth consecutive month to 2.4% in September 2024, the lowest since February 2021, from 2.5% in August. However, figures came above forecasts of 2.3%. Annual core inflation rate unexpectedly edged up to 3.3%, compared to 3.2% in the previous two months. Given yesterday’s report we expect Sep-24 PCE/Core PCE at 2/2.6% YoY. For rate cuts, we expect the Fed to cut by another 50bps cut in CY24, unless Nov-24 unemployment rate comes near 4%. We are keeping a close eye on the US 10y, which inched to 4.1% which can add to pressure again in EM assets in Q4CY24 - we retain our US 10y outlook at 4-4.4% for CY24 as noted in our mid year outlook in July

The average rate on a 30-year fixed mortgage surged to 6.32% as of October 10th, rebounding further from its mid-September 2022 low of 6.08% seen September 26th, according to Freddie Mac. This rise aligns with increasing long-term Treasury yields, as investors adjusted expectations.

The number of individuals filing for unemployment benefits in the U.S. rose by 33,000, reaching a total of 258,000 for the week ending October 5th, surpassing market expectations of 230,000. This marks the highest level in 14 months, largely driven by substantial increases in Michigan and states affected by Hurricane Helene

Coming to India, The government repurchased Rs 24,453 crore worth of bonds through a buyback auction, which was conducted by the Reserve Bank of India. The Centre had offered to repurchase Rs 25,000 crore worth of securities. 

The state of Rajasthan will launch new mineral policy to boost revenue and streamline mining. The policy targets increasing the sector’s contribution to Rajasthan’s gross domestic product from 3.4 per cent in FY24 to 5 per cent by FY30 and up to 8 per cent by FY47, while curbing illegal mining and ensuring environmental protection.

In other global news, The World Trade Organization (WTO) on Thursday revised downwards its projection of world merchandise trade growth to 3 per cent in 2025, from its earlier estimate of 3.3 per cent For 2024, the WTO revised upwards its forecast for merchandise trade growth to 2.7 per cent, up from the previous estimate of 2.6 per cent.

European Central Bank policymakers appeared content with the drop in inflation when they met last month but argued for a gradual policy easing given stubborn price pressures, the accounts of their Sept. 12 policy meeting showed.

Asian markets opened on a mixed note as US markets reacted negatively to a hot US CPI report. Surge in US 10y also brings risk to the Asia assets. 

Brent 78.97, USD 102.84, US 10y 4.06%, Nifty futures -0.16%

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

Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:56 AM Friday 11 October 2024

Can set alert for them at www.researchbytes.com 

2:00 PM Anand Rathi Wealth

Dial: +91 22 6280 1112

Weblink: https://tinyurl.com/yn3smk9s

4:00 PM EMERALD

Dial: +91 22 6280 1239 

Weblink: https://tinyurl.com/37tvb3hc

GTPL Hathway : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311259

TRIL : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311189

KAYNES TECH : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311146

Baazar Style Re : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311137

North Arc Ca : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311104

Manali Petro : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311029

Indostar Cap : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311018

RPG Life : (replay)

https://www.researchbytes.com/webcast.aspx?WID=310919

Interarch Build : (replay)

https://www.researchbytes.com/webcast.aspx?WID=310828

Yatra.com : (replay)

https://www.researchbytes.com/webcast.aspx?WID=310526

Results today …

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

Recent interviews …

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

Replays available at www.researchbytes.com

GS on HDFC Life: Maintain Buy on Company, target price at Rs 820/Sh (Positive) 

GS on SBI Life: Maintain Buy on Company, target price at Rs 2000/Sh (Positive) 

Bernstein on PB Fintech: Maintain Outperform on Company, target price at Rs 1720/Sh (Positive) 

HSBC on VBL: Maintain Buy on Company, raise target price at Rs 780/Sh (Positive) 

GS on Godrej CP: Maintain Buy on Company, target price at Rs 1525/Sh (Positive) 

Jefferies on GMR Airports: Maintain Buy on Company, target price at Rs 106/Sh (Positive) 

UBS on 360 One: Initiate Buy on Company, target price at Rs 1250/Sh (Positive) 

Equirus on Mas Fin: Initiate Buy on Company, target price at Rs 401/Sh (Positive) 

Citi on Indus Tower: Maintain Buy on Company, target price at Rs 500/Sh (Positive) 

Citi on Cipla: Maintain Buy on Company, target price at Rs 1870/Sh (Positive) 

UBS on Kotak Bank: Maintain Neutral on Bank, raise target price at Rs 1950/Sh (Positive) 

CLSA on Bandhan Bank: Maintain Outperform on Bank, target price at Rs 240/Sh (Positive) 

Jefferies on Bandhan Bank: Maintain Neutral on Bank, target price at Rs 240/Sh (Positive) 

Goldman Sachs on Bandhan Bank: MD & CEO appointment and CGFMU claim resolution removes near term overhang (Positive) 

CLSA on Bandhan Bank: Key overhangs gone, focus will be back on its fundamentals (Positive) 

Jefferies Greed & Fear: China’s weight in the Asia Pacific ex-Japan portfolio will increase by 0.5%, with India’s weight reduced by the same amount (Neutral) 

JP Morgan on TCS: Maintain Overweight on Company, cut target price at Rs 5100/Sh (Neutral) 

Citi on TCS: Maintain Sell on Company, cut target price at Rs 3935/Sh (Neutral) 

Investec on TCS: Maintain Sell on Company, target price at Rs 3620/Sh (Neutral) 

HSBC on TCS: Maintain Buy on Company, target price at Rs 4540/Sh (Neutral) 

Nomura on TCS: Maintain Buy on Company, target price at Rs 4150/Sh (Neutral) 

Investec on Bandhan Bank: Maintain Sell on Company, target price at Rs 180/Sh (Neutral) 

Nomura on Credit Access: Downgrade to Reduce on Company, target price at Rs 950/Sh (Negative)

Indian shares are set to open marginally higher on Friday, with the focus on IT stocks after Tata Consultancy Services kicked off the earnings season for local tech majors on a dour note as it reported a quarterly profit miss.

The Gift Nifty was trading at 25,102, as of 8:24 a.m. IST, indicating that the benchmark Nifty 50 will open slightly above its close of 24,998.45 on Thursday.

Benchmark index Nifty 50 has witnessed profit-booking over the past two weeks, logging losses in seven of nine sessions. The index has dropped 4.7% from record-high levels scaled on September 27.

Hong Kong @ Market Holiday

11.30 U.K. GDP m/m (Expected: 0.2% versus Previous: 0.0%)

11.30 U.K. Industrial Production m/m (Expected: 0.2% versus Previous: -0.8%)

17.30 INDIA Industrial Production y/y (Expected: 4.4% versus Previous: 4.8%)

18.00 U.S. PPI m/m (Expected: 0.1% versus Previous: 0.2%)

19.15 U.S. FOMC Member Barkin Speaks

19.30 U.S. Prelim UoM Consumer Sentiment (Expected: 70.9 versus Previous: 70.1)

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

20.15 U.S. FOMC Member Logan Speaks

Economic Calendar – 13.10.2024

07.30 China CPI y/y (Expected: 0.6% versus Previous: 0.6%)

07.30 China PPI y/y (Expected: -2.5% versus Previous: -1.8%)

Economic Calendar – 14.10.2024

U.S. Bank Holiday (Financial Markets to remain open for Trading)

Japan @ Market Holiday

TENT China Trade Balance (Previous: 91.0B)

SECOND QUARTER RESULTS

Net income 2.29 billion rupees, +15% y/y, estimate 2 billion rupees (Bloomberg Consensus)

Revenue 9.55 billion rupees, +8.3% y/y, estimate 9.47 billion rupees

Total costs 7.21 billion rupees, +11% y/y

J P Morgan Chase & Co (Pre market) (Sector- Financial)

Wells Fargo & Company (Pre market) (Sector- Financial)

BlackRock, Inc. (Pre market) (Sector- Financial)

The Bank Of New York Mellon Corporation (Pre market) (Sector- Financial)

Fastenal Company (Pre market) (Sector- Capital Goods)

Progressive Corporation (The) (TENT) (Sector- Financial)

10 October 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 93973.46 + 12723.68 Total: 106697.14

F&O Volume: 427653.87 + 1444934.57 Total: 1872588.44

Provisional Cash

FII/FPI: NET SELL: -4926.61 

(16514.3 - 21440.91) 

DII: NET BUY: +3878.33 

(13301.19 - 9422.86)

ANAND RATHI WEALTH: Q2 CONS NET PROFIT 761M RUPEES VS 575M (YOY)

ANAND RATHI WEALTH: Q2 REVENUE RUPEES 2.42B VS 1.83B (YOY)

ANAND RATHI WEALTH: Q2 EBITDA RUPEES 1.04B VS 775M (YOY) || Q2 EBITDA MARGIN 42.94 % VS 42.43% (YOY)

ANAND RATHI WEALTH: CO DECLARED DIVIDEND OF 7 RUPEES PER SHARE

ANAND RATHI: CO’S MUTUAL FUND DISTRIBUTION REVENUE INCREASED BY 70% YOY TO RUPEES 195 CRORES || CO’S NET INFLOWS GREW BY 128% YOY TO RUPEES 5,700 CRORES

ANAND RATHI: CO EXEC SAYS PROSPECTS ARE POSITIVE, SUPPORTED BY THE RISING HNI POPULATION WHO ARE SEEKING A STRATEGIC APPROACH TO WEALTH CREATION

Actual: 258k 

Expected: 231k 

Previous: 225k 

U.S. CPI m/m 

Actual: 0.2% 

Expected: 0.1% 

Previous: 0.2% 

U.S. CPI y/y 

Actual: 2.4% 

Expected: 2.3% 

Previous: 2.5% 

(Inflation Data seen higher than estimates, supportive for US Dollar)

South Korea’s central bank has cut its benchmark interest rate by 25 basis points to 3.25%, the first rate cut since the Federal Reserve started tightening its monetary policy in March 2022. South Korea’s inflation rate dropped to a three-year low at 1.6% in September, well under BOK’s target of 2%.

The stock of Laurus Labs depreciated in the second half of September. It extended the downswing in the first week of October as well. However, it found support at ₹430 this week. At this point, trendline support and the 200-day moving average coincide, making it a strong base. Corroborating this, the scrip has rebounded from this level. Going ahead, we expect the stock of Laurus Labs to build further momentum in the rally and touch ₹530 in the near-term. Read more