Share Market Highlights 15 April 2024: Sensex, Nifty slump over 1% on geopolitical tensions, weak global market trends; ONGC, Hindalco gain, Shriram Finance, Wipro drag

Stock markets took a beating on Monday with benchmark Sensex and Nifty tumbling over 1 per cent as escalating conflict in the Middle East and weak trends from global markets unnerved investors.

The rupee declined 6 paise to settle at 83.44 (provisional) against the US dollar on Monday, in line with deep losses in equity markets and an elevated dollar against major rivals overseas amid geopolitical tensions.

Ambuja Cements, the cement and building material company of Adani Group, has signed an agreement to acquire My Home Group’s 1.5 mtpa (million tonne per annum) cement grinding unit in Tuticorin in Tamil Nadu.

The acquisition is estimated at a total value of ₹413.75 crore and will be met through internal accruals.

Ambuja Cements’ share price declined 0.14% to close at ₹608 on NSE on Monday.

The BSE Sensex fell 845.12 pts or 1.14% to 73,399.78 and the NSE Nifty dropped 246.90 pts or 1.1% to 22,272.50. 

Sterling Guaranty & Finance Ltd has appointed Shubham Arvind Kumar Jain as the Chief Financial Officer of the Company w.e.f. April 15, 2024.

Nifty 50 declined 248.25 pts or 1.1% to trade at 22,271.15.

Nifty media and PSU Bank stocks declined over 2%

Nifty oil & gas traded in the green, up 0.36% at 11,689.90.

BSE Sensex sank 857.50 pts or 1.15% to trade at 73,387.40 as of 3.03 pm.

Major gainers on the NSE at 3 pm: 

ONGC (5.21%), Hindalco (2.51%), Maruti (1.31%), Nestle India (0.90%), Reliance (0.20%)

Major losers:

Shriram Finance (-2.68%), Bajaj Finserv (-2.50%), Wipro (-2.40%), L&T (-2.39%), ICICI Bank (-2.37%)

Stocks advanced on BSE at 3 pm on April 15, 2024, were 865 against 3,015 stocks that declined; 141 stocks remain unchanged. Total stocks traded were 4,021. The number of stocks that recorded a 52-week high was 160, and those that hit a 52-week low was 26. 

In addition, 266 stocks traded in upper circuit, while 412 hit the lower circuit.

Nifty midcap 100 declines by 1.45% to trade at 49,343.10, and nifty smallcap 100 falls 1.44% to trade at 16,259.15.

BSE Sensex slumps 717.11 pts or 0.97% to trade at 73,527.79 as of 2.45 pm.

Major gainers on the BSE at 2.42 pm:

CGCL (13.32%), Aster DM (7.40%), Neuland Lab (6.45%), ONGC (5.61%), CSB Bank (5.23%)

Major losers:

IFCI (-6.98%), Sapphire (-5.54%), KEC (-5.26%), NBCC (-5.24%), Castrol India (-5.19%)

IFCI (-6.98%), Sapphire (-5.54%), KEC (-5.26%), NBCC (-5.24%), Castrol India (-5.19%)

IMD Predicts above normal monsoon this year. 106% of LPA of 87cm rainfall seen in June-Sept monsoon season

Thermax has unveiled a manufacturing factory for Waterand Wastewater Solutions in Pune.

Thermax stock surged 4.17% on the NSE, trading at ₹4,734.

Ahead of its Rs 18,000 crore further public offer (FPO), Vodafone Idea on Monday said it expects to roll out 5G services in select pockets in 6-9 months of the issue.

A sum of Rs 5,720 crore has been allocated for the rollout.

Vodafone Idea stock rises 1.54% on the NSE, trading at ₹13.15.

Motilal Oswal Financial Service Limited has announced the opening of the public issue of secured NCDs of the face value of ₹1,000 each for an amount up to ₹500 crore, with a green shoe option of up to ₹500 crore, cumulatively aggregating up to ₹1,000 crore.

Stock declined 1.26% on the NSE, trading at ₹2,031.65.

Intellect Global Transaction Banking (iGTB) of Intellect Design Arena Limited, has won an extended mandate with National Bank of Kuwait (NBK) to accomplish a full digital transformation by modernising existing channels and providing new digital capabilities in transaction banking. 

Intellect Design Arena stock rises 2.07% on the NSE, trading at ₹1,017.

Patanjali Foods stock declines 1.80% on the NSE, trading at ₹1,318.35. The company, in a quarterly update, said revenue from the edible oil segment in Q4 showed modest single-digit growth compared to the previous quarter, accompanied by a favourable EBITDA margin.

Brigade Enterprises Limited has entered into a joint development agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai. With an investment of around ₹400 crore, the project will have a leasable area of 8.36 lakh sft. spread across two towers.

Brigade Enterprises stock declines 1.09% on the NSE, trading at ₹992.

​Mahindra & Mahindra​ has approved acquisition of 26% stake in the paid-up equity share capital of Gelos Solren Private Limited (Gelos), a wholly owned subsidiary of Mahindra Susten Private Limited (MSPL), which is a subsidiary of Mahindra Holdings Limited (MHL), which in turn is a wholly owned subsidiary of the Company. Gelos plans to generate and distribute renewable energy in accordance with the Group Captive Power Procurement Model.

M&M stock trades at ₹2,060.05 on the ​NSE​, down by 0.53%.

The BSE Sensex was down by 0.87 per cent, or 648.24 points, to 73,596, while the NSE Nifty was at 22,325, down by 0.86 per cent, or 223 points.

A total of 3,956 stocks were actively traded, 861 advanced, while 2,956 declined, and 139 stocks remained unchanged, where 148 stocks hit a 52-week high and 26 stocks hit a 52-week low at 1.10 pm on Monday.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “There are many headwinds that will weigh on markets today: the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty, and the hotter-than-expected US inflation are negatives.

SEPC Ltd is in receipt of authorisation letter issued by Primove Engineering Pvt. Ltd., Pune, to setup 2nd Generation Compressed BioGas (2G CBG) plants based on Primove’s patented AgroGaz technology.

SEPC stock jumps 6.28% on the NSE, trading at ₹21.15.

Reliance Infrastructure informed that the Section 7 petitions of SBI and IDBI Bank are disposed-off by NCLT Mumbai in view of OTS issued by all lenders, against Mumbai Metro One Private Limited (MMOPL), a joint venture of the Company with Mumbai Metropolitan Regional Development Authority (MMRDA) (where the Company holds 74% and MMRDA holds 26%). 

Reliance Infrastructure stock is up 1.72% on the NSE, trading at ₹201.15.

Hindustan Construction Company stock trades at ₹36.45 on the NSE, down by 3.44%. The company’s rights issue committee had approved raising ₹350 crore by allotting 16.66 crore shares at a price of ₹21 each.

Happiest Minds Technologies Limited partnered with MindSculpt Analytics, a Healthcare Solutions Company, to develop advanced AI Medical Preventive & Diagnostic solutions. The company informed that this collaboration aims to leverage artificial intelligence and machine learning techniques to deliver medical diagnostic solutions that focus on individual health, wellness, and ageing.

​Mahindra & Mahindra Ltd​ has received an intimation from its legal counsel on 14th April 2024 that the Income Tax Department has filed an appeal before the Supreme Court against the order passed by the Bombay High Court granting relief to the Company on certain disallowances and additions made by the Income Tax Department pertaining to the Assessment Year 1989-90. 

Stock trades at ₹2,057.50 on the NSE, down by 0.65%.

Hikal Ltd informed that Dr. T. Devanathan, Vice President – Quality (Pharma) will superannuate from his employment with the company today.

The company has appointed Dr. K. Suresh Babu as Head - Quality. 

The stock trades at ₹300 on the NSE, down by 0.71%.

Here are major losers of Nifty IT stocks:

• Coforge (-3.10%)
• LTTS (-2.29%)
• Tech Mahindra (-1.67%)
• Persistent Systems (-1.56%)
• HCL Tech (-1.41%)

Bharti Airtel expands its footprint in Nanded District, Palakkad, Purba & Paschim Medinipur, and Shajapur.

Stock trades at ₹1,220.30 on the NSE, down by 0.43%.

Major gainers on the NSE at 12 pm:

ONGC (4.97%), Hindalco (3.59%), Nestle India (1.03%), Reliance (0.90%), NTPC (0.37%)

Major losers:

Shriram Finance (-2.22%), Tata Consumers (-2.11%), ICICI Bank (-1.99%), Adani Enterprises (-1.82%), Hindustan Unilever (-1.72%

Stocks advanced on BSE at 12 noon on April 15, 2024, were 804 against 2,964 stocks that declined; 150 stocks remain unchanged. Total stocks traded were 3,918. The number of stocks that recorded a 52-week high was 140, and those that hit a 52-week low was 25. 

In addition, 216 stocks traded in upper circuit, while 350 hit the lower circuit.

Ambuja Cements has entered into an agreement with My Home Industries Private Limited for acquisition of its 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu, at ₹413.75 crore. 

Ambuja Cements stock rises 1.03% on the NSE, trading at ₹615.10.

ONGC (4.93%), OIL (3.59%), Aegis (2.67%), IGL (2.54%)

DroneAcharya Aerial Innovations Ltd has announced the opening of its fourth training center in Jaipur, Rajasthan. This expansion is part of franchise initiative in partnership with Subhkhyati Aerospace Pvt. Ltd. 

DroneAcharya stock trades at ₹152.95 on the BSE, down by 1.92%.

Suven Life Sciences to present Phase-2 positive results on Samelisant (SUVN-G3031) at American Academy of Neurology (AAN) 2024 Annual Meeting, Denver, USA.

The stock trades at ₹112.95 on the NSE, down by 2.38%.

Bodhi Tree Multimedia Limited is foraying into growing Bhojppur content, seals partnership with MJ Creative Studio 

Stock trades at ₹16.75 on the NSE, down by 1.76%.

Ajooni Biotech Limited has announced partnership with National Dairy Development Board (NDDB) Dairy Services.

Ajooni stock inched up 0.84% to trade at ₹6 on the NSE

Following the release of the BJP manifesto for the forthcoming Lok Sabha elections, analysts of Phillip Capital stated that the impact appears positive on sectors such as automobiles, cement, metals, real estate, financials, pharma, FMCG, hotels and airlines if the party comes back to power in 2024.

Analysts expect the party to be more aggressive regarding execution and policy development.

Shares of Tata Consultancy Services (TCS) on Monday climbed over 1.50 per cent after the IT services major reported a 9 per cent growth in net profit at ₹12,434 crore in the January-March quarter of FY24 due to strong domestic business even as the company struggled in its key markets overseas.

The stock gained 1.56 per cent to ₹4,063 on the BSE.

On the NSE, shares of the company climbed 1.56 per cent to ₹4,064.20.

The April lead futures on the Multi Commodity Exchange have gained 5.6 per cent so far this month. It bounced off after finding support at ₹177. The contract closed at ₹187.9 last week.

Going ahead, lead futures might see a dip in price from the current level. However, this is likely to be restricted to ₹184, a support. On the back of this, the contract can see a rebound.

Happiest Minds Technologies Limited has been engaged by MindSculpt Analytics, a Healthcare Solutions Company.

Stock declines 1.40% on the NSE, trading at ₹810.45

Nifty 50 has begun the week on a negative note. The index opened with a wide gap-down and is now trading 22,352, down 0.75 per cent. The weakness in the global equity markets is weighing on the Nifty. The advance/decline ratio is at 6:44. This is a negative and it indicates that more fall could be on the cards for the day.

BSE Sensex was down by 1 per cent, or 739.90 points, to 73,512, while NSE Nifty was at 22,291, down 1 per cent or 223 points.

A total of 3,330 stocks were actively traded, 417 advanced, while 2,812 declined, and 103 stocks remained unchanged. Additionally, 72 stocks hit a 52-week high, and 20 stocks hit a 52-week low at 10 am on Monday.

Bank Nifty is under bear attack. It has opened the week with a gap-down at 48,058 versus last week’s close of 48,565. It declined further post the open and is now hovering around 47,950, down 1.3 per cent.

By the end of the first hour of today’s session, all 12 stocks in Bank Nifty were in the red, showing a significant bearish bias. Bandhan Bank and Punjab National Bank, down 2.2 per cent each, are the top losers.

All sectoral indices trade in red, except nifty metal and oil & gas. Sectoral indices that declined over 1% include: PSU Bank stocks, media, financial services, private bank, FMCG, and healthcare index.

Crude oil futures traded lower on Monday morning despite drone and missile attacks by Iran on Israel.

At 9.55 am on Monday, June Brent oil futures were at $90.31, down by 0.15 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.42, down by 0.28 per cent.

April crude oil futures were trading at ₹7,137 on Multi Commodity Exchange (MCX) during initial trading on Monday morning against the previous close of ₹7,187, down by 0.70 per cent, and May futures were trading at ₹7,103 against the previous close of ₹7,153, down by 0.70 per cent. 

The rupee declined 6 paise to 83.44 against the US dollar in early trade on Monday, tracking negative equity markets and withdrawal of foreign funds amid renewed concerns over geopolitical tensions in the Middle East.

Forex traders said a strong American currency in the overseas market and curde oil prices hovering above $90 per barrel also dented investor sentiments.

Locks and security solutions company Godrej Locks has said it aims to increase market share from 30 per cent to 50 per cent in three years, riding on a new range of affordable products and reduced prices of existing ones.

Shyam Motwani, business head for Godrej Locks & Architectural Fittings and Systems, said the company’s newly-launched products are over 50 per cent affordable than the existing locks, while efforts have been undertaken to make the existing locks cheaper by 7-8 per cent.

Ramkrishna Forgings has received order for Vande Bharat Train Set. The contract valued at ₹270 crore, involves the development and validation of the Bogie Frame for the sleeper version of the Vande Bharat Trainset and is to be supplied to the BHELTRSL consortium.

Stock inches up 0.87% on the NSE, trading at ₹694.90.

Bharti Airtel has received notice imposing a penalty of ₹97,000 for alleged violation of license condition / instructions issued by DoT. 

Stock trades at ₹1,219.90 on the NSE, down by 0.46%.

Major gainers on the NSE at 9.30 am:

Hindalco (1.94%), ONGC (1.62%), TCS (0.84%), Nestle India (0.59%), HCL Tech (0.15%)

Major losers:

BPCL (-3.21%), Coal India (-2.40%), Tata Consumers (-2.32%), Tata Motors (-2.31%), Adani Enterprises (-2.24%)

Indiabulls Housing Finance Limited has transferred the second tranche of the reserve amount [₹291.49 crore] to the lender repayment trust. The Trustee in turn has created a fixed deposit [FD] using the reserve amount with a scheduled commercial bank, and such reserve amounts shall be utilised for redemption of the FCCBs.

The Indian equity benchmark indices, Sensex and Nifty, started the week on a weak note as geopolitical tensions between Iran and Israel escalated. The 30-share BSE Sensex declined by 569.05 points to 73,675.85 in early trade, while the NSE Nifty dropped 178.95 points to 22,340.45. 

Shrey Jain, Founder and CEO of SAS Online - India’s Deep Discount Broker, said that the escalation of conflict and seizure of a cargo ship by Iran may increase volatility in the global equity markets, including India. The world will watch the response by Israel and the G7.”

“Further escalation in the conflict may lead to a hike in crude oil prices and in turn push inflation upwards. This reduces the chances of rate cut and in turn valuations of stocks, including Indian equities, especially at a time when they are not trading cheap,” he added. 

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the surcharged geopolitical situation will keep the markets on tenterhooks in the near term. 

“The hotter-than-expected inflation in the US has dashed hopes of three rate hikes by the Fed in 2024. Now the market is pricing in only two rate cuts, that too, towards the end of the year. Consequently, the 10-year bond yield has spiked to 4.52 per cent, triggering more FPI outflows from EMs like India,” he cautioned 

In brief, the coming few days will be tough for FPI, which might see more outflows. He added that “since DIIs are sitting on huge liquidity and the retail and HNIs in India are highly optimistic about the Indian market, FPI selling will be largely absorbed by domestic money.” 

Meanwhile, equities across the Asia-Pacific region fell around 1 per cent, except for Chinese markets. 

Santosh Meena, Head of Research, Swastika Investmart Ltd, said: this week promises to be crucial for the market as fresh worries about a potential conflict between Iran and Israel emerge. Any significant escalation in tensions could trigger panic selling and volatility in global equity markets, he said, adding that the market will also be closely monitoring the movement of crude oil prices, which are often impacted by geopolitical events.

Issue Open - 15-April-24 (Today)

Issue Close - 29-April-24

Right issue Size: Rs. 174.63 Crs (11.64 Crs Shares)

Stock Price – 22.81/-

Right issue Price: Rs. 15 /-

Payment Terms: Rs. 15/- (Full amount of Rs.15 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 6 Rights Equity Share for every 37 shares held (Effectively 0.16 for every 1 share held).

Last Trade date (Cum Right): 20 March 2024

Ex-Right Trading date: 21 March 2024

Record Date: 21 March 2024

Right Entitlement (RE) Trading Period:- 15-April-2024 to 24-April-2024

Last day of Renunciation of Rights Entitlements: 24-April-2024

Date of Allotment (on or about): 06-May-2024

Date of listing (on or about): 10-May-2024

16 April 2024

Derivative Segment

Nil

Cash Segment

* CRISIL Ltd.

17 April 2024

Derivative Segment

* ICICI Lombard General Ins Co Ltd.

* Tata Communications Ltd.

Cash Segment

* Angel One Ltd.

* Just Dial Ltd.

18 April 2024

Derivative Segment

* Bajaj Auto Ltd.

* HDFC Life Insurance Co Ltd.

* Infosys Ltd.

Cash Segment

* ICICI Securities Ltd.

* Mastek Ltd.

* Network 18 Media & Inv Ltd.

* TV18 Broadcast Ltd.

19 April 2024

Derivative Segment

* HDFC AMC Ltd.

* Wipro Ltd.

Cash Segment

* Hindustan Zinc Ltd.

20 April 2024

Derivative Segment

* HDFC Bank Ltd.

Cash Segment

* Alok Industries Ltd.

* Sterling & Wilson Ren Energy 

21 April 2024

Derivative Segment

* Persistent Systems Ltd.

22 April 2024

Derivative Segment

Nil

Cash Segment

* Hatsun Agro Product Ltd.

* Tejas Networks Ltd.

23 April 2024

Derivative Segment

* ICICI Prudential Life Ins Co Ltd.

* M&M Financial Services Ltd.

* MCX India Ltd.

* Tata Consumer Products Ltd.

Cash Segment

* 360 One Wam Ltd.

* Tata Elxsi Ltd.

24 April 2024

Derivative Segment

* Dalmia Bharat Ltd.

* Hindustan Unilever Ltd.

* LTIMindtree Ltd.

* Syngene International Ltd.

Cash Segment

* Equitas Small Finance Bank Ltd.

* Maharashtra Scooters Ltd.

* Nippon Life India AMC

* Supreme Petrochem Ltd.

* Tata Investment Corp Ltd.

25 April 2024

Derivative Segment

* Bajaj Finance Ltd.

* L&T Technology Services Ltd.

* Mphasis Ltd.

* Nestle India Ltd.

* Tech Mahindra Ltd.

Cash Segment

* Aavas Financiers Ltd.

* Cyient Ltd.

* Embassy Office Parks REIT

* Schaeffler India Ltd.

* UTI AMC Ltd.

* Zensar Technologies Ltd.

26 April 2024

Derivative Segment

* Atul Ltd.

* Bajaj Finserv Ltd.

* HCL Technologies Ltd.

* Maruti Suzuki India Ltd.

* SBI Life Insurance Co Ltd.

* Shriram Finance Ltd.

* Supreme Industries Ltd.

Cash Segment

* Bajaj Holdings & Inv Ltd.

* CSB Bank Ltd.

* KSB Ltd.

* Mahindra Holidays & Resorts 

* Mahindra Lifespace Dev

27 April 2024

Derivative Segment

* ICICI Bank Ltd.

* IDFC First Bank Ltd.

* L&T Finance Ltd.

Cash Segment

* Craftsman Automation Ltd.

* Yes Bank Ltd.

29 April 2024

Derivative Segment

* Ultratech Cement Ltd.

Cash Segment

* Gillette India Ltd.

* KPIT Technologies Ltd.

* Poonawalla Fincorp Ltd.

30 April 2024

Derivative Segment

* Cholamandalam Inv & Fin Co 

* Exide Industries Ltd.

* Indian Oil Corporation Ltd.

* Indus Towers Ltd.

Cash Segment

* Castrol India Ltd.

* Nuvoco Vistas Corp Ltd.

* P&G Hygiene & Health Care 

* Star Health & Allied Ins Co 

01 May 2024

Derivative Segment

Nil

Cash Segment

* Orient Cement Ltd.

02 May 2024

Derivative Segment

* Coforge Ltd.

* Dabur India Ltd.

Cash Segment

* Blue Star Ltd.

* CIE Automotive India Ltd.

* Procter & Gamble Health Ltd.

* Ugro Capital Ltd.

04 May 2024

Derivative Segment

Nil

Cash Segment

* Kansai Nerolac Paints Ltd.

06 May 2024

Derivative Segment

* Gujarat Gas Ltd.

* Marico Ltd.

07 May 2024

Derivative Segment

* Dr. Reddy’s Lab Ltd.

* Max Financial Services Ltd.

* Navin Fluorine Int Ltd.

* Pidilite Industries Ltd.

Cash Segment

* Latent View Analytics Ltd.

08 May 2024

Derivative Segment

Nil

Cash Segment

* Capri Global Capital Ltd.

* Gujarat State Petronet Ltd.

09 May 2024

Derivative Segment

* Asian Paints Ltd.

Cash Segment

* Computer Age Mgmt Serv

* Rain Industries Ltd.

10 May 2024

Derivative Segment

* ABB India Ltd.

* Cipla Ltd.

Cash Segment

* Cholamandalam Fin Hldgs

* Kalyan Jewellers India Ltd.

* TCI Express Ltd.

14 May 2024

Derivative Segment

* Shree Cement Ltd.

Cash Segment

* BASF India Ltd.

16 May 2024

Derivative Segment

* Biocon Ltd.

Cash Segment

* Endurance Technologies Ltd.

* Motherson Sumi Wiring India 

17 May 2024

Derivative Segment

* JSW Steel Ltd.

22 May 2024

Derivative Segment

* Jubilant FoodWorks Ltd.

23 May 2024

Derivative Segment

Nil

Cash Segment

* Bikaji Foods Int Ltd.

* Esab India Ltd.

24 May 2024

Derivative Segment

* Bosch Ltd.

* Hindalco Industries Ltd.

Cash Segment

* HEG Ltd.

28 May 2024

Derivative Segment

Nil

Cash Segment

* Amara Raja Energy & Mobility 

* Medplus Health Services Ltd.

* TTK Prestige Ltd.

29 May 2024

Derivative Segment

* Cummins India Ltd.

Integrated Industries Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 628.00

Ex Bonus 16 April 2024 (Tomorrow)

Last date Trade for Before Bonus Today

MOSL On

Polycab – Initiate Buy with TP of Rs 7500; Return Potential 42%

KEI Industries – Initiate Buy with TP of Rs 5000; Return Potential 26%

RR Kabel – Initiate Buy with TP of Rs 2200; Return Potential 38%

(Supportive for stock prices for long term)

Crude oil futures traded lower on Monday morning despite drone and missile attacks by Iran on Israel. At 9.08 am on Monday, June Brent oil futures were at $90.29, down by 0.18 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.36, down by 0.35 per cent. April crude oil futures were trading at ₹7126 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹7187, down by 0.85 per cent, and May futures were trading at ₹7090 against the previous close of ₹7153, down by 0.88 per cent

Silver prices rose on increasing fund purchases as investors sought sanctuary in safe-haven assets amid mounting inflation pressures and geopolitical worries in the Middle East. Beyond its traditional safe-haven reputation, silver has profited from industrial uses. Signs of economic recovery in China, one of the world’s largest customers, and anticipation for more stimulus measures have bolstered demand for the metal in chip and solar panel manufacturing. Furthermore, favourable manufacturing statistics from other major economies, such as the United States and Germany, contributed to the optimistic atmosphere.

Gold prices climbed amid rising Middle Eastern tensions as a result of Iran’s drone attacks on Israel. Iran’s onslaught on Israel over the weekend heightened fears of a larger regional confrontation, making markets nervous and heightening worries about stability, resulting in a high demand for safe haven assets. Meanwhile, investors are looking forward to numerous Federal Reserve officials speaking this week to get more clarity on the Fed’s future policy position. Persistently good economic statistics, particularly last week’s surprise high inflation readings, have prompted investors to alter their expectations for the timing and extent of the Fed’s rate cuts this year.

Key economic data slated for release includes Industrial Production m/m from Euro Zone, Core Retail Sales m/m, Empire State Manufacturing Index, Retail Sales m/m from US Zone.

Buy Call, Target Raised To Rs 8,400

Co To Acquire A Majority Stake In Transsion Holdings’ India Mobile Assembly Unit 

Expect Co To More Than Double Its Revenue Over The Next Two Years 

Profit Growth To Be Higher Than Revenue Growth

Initiate Sell, Target Rs 570

Co Offers Electronics Manufacturing Services For Mission-Critical Applications 

Co Offers EMS In Industries Such As Aerospace, Defense, Medical Tech & Industrials 

Expect Co To See Strong Revenue Growth Over FY23-26 

Strong Revenue Growth Driven By A Robust Order Book 

Weakening Margin Profile, Deteriorating Working Capital Cycle Keep Us Cautious

Believe TAM will reach $221 bn(9% CAGR in FY2023-40E)

Indian EMS service providers are well-positioned to benefit from structural growth drivers, but expensive val limit any meaningful plays

Buy Call, Target Rs 1,790

US FDA Issued ‘Official Action Initiated’ Status For Co’s Dadra Plant 

US FDA Observation Adds On Regulatory Overhang For Co 

Expect Its US Generic Sales Ex-Grevlimid To Remain Rangebound On FDA Issues 

Specialty Sales Remain Key For Earnings Growth, Offsetting Challenges In US Generics

Buy Call, Target Raised To Rs 250

Believe Co’s Quick Commerce Growth & Margin Potential Are Under Appreciated 

Detailed TAM And Unit Economics Framework Suggests FY24-29 GMV CAGR Of 45% 

Detailed TAM And Unit Economics Framework Suggests $10.2 Bn By FY29, 20% Above Est 

More Importantly, FY29 EBITDA Margin Should Touch 9%, Almost 2x Consensus

Overweight Call, Target Raised To Rs 485 From Rs 373 

Co’s Share Price Could Rise Significantly Over The Next Ten Years 

Co Can Become A Leading Player In Battery Cell Localisation 

Government Support For Made In India EVs Could Play In Co’s Favour 

Strong Auto & Industrial Customer Tie-Ups, Early Mover Advantage Could Play In Co’s Favour 

Hyundai/Kia Contract Validates Capabilities; Likely A Multi-year Contract

Initiate Buy, Target Rs 390 

Reforms In Crude & Gas Pricing Have Improved Co’s Profitability Above Past Decade Averages 

See Strong FCF Generation & Consol Net Debt Reduction On Profitable Prodn Growth Over FY24-26 

Valuation Doesn’t Capture Adequately As Stock Trading At A Steeper Discount To Nifty 

Stock Trading At A Steeper Discount To Nifty Compared To Its Long –term Average 

Sharp Rise Or Fall In Crude Price Are Key Risks

JPM

Upgrade to OW, TP Raised to Rs 4500

3Q surprised +vely on margins & signings.

CC QQ growth of 1.1% was broadly in-line 

With deal signings at highest ever & TTM book to bill at 1.5x, TCS is likely to outpace peers in FY25 

GS

Buy, TP Rs 4350

Increasing probability of a double-digit earnings growth in FY25

Continue to forecast a c.8% rev growth in FY25 (was 3.4% in FY24), & exit margins suggest set up for a double-digit EBIT/EPS growth in FY25 is good

Jefferies

Hold, TP Rs 4030

4Q beat estimates, but demand pressures persist.

Despite strong deal bookings, management commentary was cautious.

Continued headcount decline & sharp reduction in subcontractors do not offer comfort on growth.

Nomura

Reduce, TP Rs 3250

4Q : A mixed bag; deal wins robust

Modest miss in growth, strong beat in margins

Order booking was robust; near-term growth visibility remains low

Weak headcount addition persists

Not many levers exist for significant margin expansion

UBS

Buy, TP Rs 4700

Ended FY24 on good note with remarkable deal wins & +ve margin surprise in 4Q (100bp)

Despite all +ves, management appeared to be holding back on calling out growth revival

Conversion of large deal wins into rev is a matter of time

HSBC

Buy, TP Rs 4540

Profit beat for 4Q, led by strong margin expansion, while rev a tad lower

Deal wins strong with BBR at 1.8x; however, management remained non-committal on recovery pace for 1H FY25

MS

OW, TP Rs 4350

Find 4Q results & management commentary mixed.

Margin surprise lifts EPS est 2%, but commentary on limited visibility into near-term revenue growth trends could be a near term multiple drag

1 BALRAMCHIN

2 GNFC

3 HINDCOPPER

4 IDEA

5 INDIACEM

6 METROPOLIS

7 NATIONALUM

8 PEL

9 ZEEL

ASHSI

General

ATAM 

Final Dividend;Quarterly Results;Audited Results 

FAMILYCARE 

Issue Of Warrants 

GICRE 

General 

GTPL 

Final Dividend;Audited Results 

HATHWAYB

Audited Results

HITKITGLO 

Audited Results;General 

MAYUKH 

General 

METALFORGE

Quarterly Results 

NICCOUCO 

General 

ONTIC 

Audited Results 

RAJOOENG

Final Dividend;Audited Results 

SPYL 

Audited Results 

SYBLY 

Audited Results

SAKUMA: Right Issue of Equity Shares 

GIFT Nifty -148 pts (22455) from last trade 22603 ,

Nikkei -616 pts , 

Hangseng -234 pts , 

Now @6.52am . 

Dow -475.84 pts ,Nsdq -304.50 pts, S&P 

-75.65 pts , Bovespa -1450 pts , Ftse +71 pts , Dax -50 pts , Cac -12 pts ,Crude @ $85.35 brl (-0.31), Brent @ $90.22 brl (-0.23) , Gold @ 2373.80 (-0.30), Silver $28.18 (-0.15), Euro @ $1.0644, JPY @ $153.27, INR @ 83.545

Granules: Unit V facility located at Anakapally gets zero Form 483 observations from USFDA.

ISMT: Company received 2 contracts from ONGC to supply products worth ₹343.72 cr. 

RVNL: Company received LoA worth 95.95 cr for new line project of Araria - Galgalia of N.F. railway

Mphasis: Company has signed a multi-year global strategic collaboration agreement with Amazon Web Services (AWS).

Varun Beverages: Starts commercial production of carbonated soft drinks, energy drinks at Gorakhpur 

Lemon Tree: Announces the opening of A Lemon Tree Resort, in Chitwan, Nepal.

Metal stocks: US imposes sanctions on use of Russian metals on exchanges 

GAIL/Petronet/NTPC/GIPCL: Government invokes section 11 of the Electricity Act. India will operationalize gas-based power plants to meet summer electricity demand 

Ambuja/ACC: Adani Cement sees 16% growth, eyes 140 mn tn/year capacity by 2028

Engineers India: Company inks MoU with Detect Technologies for real-time AI-based monitoring for implementing safe practices at construction sites

Coal India: Government sets target of producing 170 million tonnes of coal from captive and commercial coal blocks in FY25.

Dixon Technologies: Company partners with France’s Dassault Systèmes to streamline operations.

Zuari Ind: NCLT approves merger of Zuari Sugar and Power with Company.

AsterDM: Company’s board declares special dividend of Rs 118/share 

HFCL: Company’s subsidiary HTL bags order of around Rs 65 crore to supply optical fibre cables 

Senco Gold: Company achieved 28% YoY Revenue growth in full year; and 39% YoY in Q4 

Kolte-Patil: Company clocked Highest-ever annual sales value of ₹2,822 crore, a growth of 26% from last year.

Harsha Eng: Company has been appointed as the exclusive authorized agency of Umbra Group for repair, marketing, promotion, and sale of manufactured components.

Zaggle: Entered into an agreement with Eversub India Private Limited. 

Grindwell: Commencement of the Engineered Ceramics facility at plant located in Halol. 

PowerGrid: Company to consider raising up to Rs 12,000 crore via NCDs in FY25 on April 17 

Shilpa Medicare: QIP closes, board approves allocation of 1.09 cr shares at ₹455/sh 

Patanjali Foods: Q4 Revenue from edible oil segment showed modest single-digit growth QoQ. 

Reliance Power: Co concludes slump sale of its 45 MW Wind Power Project to JSW Renewable Energy

Sterlite Tech: QIP closes, board approves allocation of 8.84 cr shares at ₹113.05/sh 

Adani Ent: Adani Global, Mauritius will acquire 49% stake in Adani Esyasoft Smart Solutions, Abu Dhabi from UAE-based Esyasoft Holding. 

Ami Organics: Company approves raising up to Rs 500 crore via QIP. 

IIFL Finance: Board to meet on April 17 to mull fundraising. 

TCS: Rupee Revenue at Rs 61,237 crore versus pool of Rs 61459 crore, EBIT seen at Rs 15,918 crore versus poll of Rs 15,504 crore 

HDFC Bank; Japan’s Bank of Tokyo-Mitsubishi UFJ (MUFG) set to buy a 20% stake in HDB Financial Services 

Coforge: Consider Fund Raising Via Non-Convertible Bonds Worth Rs 340 Crores 

HUL/Dabur/Zydus well: Commerce Min issues advisory to all e-commerce websites to remove all drinks/beverages from the category of health drinks on their platforms.

Godrej Agrovet: Company gets assessment order worth Rs 115 crore. 

BhartiHexa: Sanjeev Kumar and Surajit Mandol resign from company’s board.

IIFL Finance: CARE Ratings has revised its credit watch on the long-term bank facilities, long term instruments, and NCDs of IIFL Finance and on the NCDs of IIFL Home Finance from “Rating Watch with Developing Implications” to “Rating Watch with Negative Implications.”

Domestic markets are likely to remain volatile on Monday due to the escalation of geopolitical tension between Iran and Israel. Gift Nifty at 22,467 against NIfty futures close of 22,601, signalling a gap down of about 130 points for Nifty.

Shrey Jain, Founder and CEO of SAS Online - India’s Deep Discount Broker, said that the escalation of conflict and seizure of a cargo ship by Iran may increase volatility in the global equity markets, including India. The world will watch the response by Israel and the G7.”

Buzzing Stocks: LIC, RVNL, Glenmark Pharma, Route Mobile, Varun Beverages, Patanjali Foods, DLF, HCC, ISMT, Hazoor Multi, Granules, VMS Ind, Janus Corporation 

​Crude oil prices​ saw a marginal drop over the past week. Brent crude oil futures on the Intercontinental Exchange (ICE) was down 0.8 per cent by closing at $90.2 per barrel. ​Crude oil futures on the MCX lost 1.2 per cent​ by ending the week at ₹7,153 a barrel.

Nifty 50 (22,519) and Bank Nifty (48,565) ended the week flat due to the fall on Friday. We studied the derivatives data of both indices. Below is the analysis.

Nifty futures (April expiry) (22,601) closed flat last week. While there was fresh long build-up till Thursday, the decline on Friday led to the exit of some longs. 

The rally in the US dollar index and the Treasury yields gained momentum last week. The US inflation data release on Wednesday last week gave a boost for the greenback and the yields.

The US Headline Consumer Price Index (CPI) inflation rose 3.48 per cent (year-on-year) in March. This was up from the 3.17 per cent increase seen in February. The Core CPI inched up slightly by 3.8 per cent in March from 3.76 per cent a month ago.

Here is what the charts say about the shares of Piramal Enterprises, Quess Corp and Timken India

We zoom in on the prospects of Indiabulls Real Estate, as also the prospects of two other stocks — Life Insurance Corporation of India (LIC) and Page Industries

SIPs (systematic investment plans) are setting new records each month with monthly SIP inflows exceeding ₹19,000 crore this March.

The virtue of investing without a break for the long term, to earn strong risk-adjusted returns, has caught on with retail investors.

Even so, selecting the right funds for your monthly SIP investments isn’t that easy a task.

From ‘fight to survive’ mode around a year back, Vodafone Idea appears to be shifting to ‘survive to fight’ mode, thanks to the follow-on public offer (FPO) of ₹18,000 crore announced last week. There are positive takeaways, not the least being the fact that it will put to rest speculative activities of a few market operators. These players have been making merry by putting out chatter on interested stake buyers (Verizon, Amazon, Elon Musk, et al) from time to time, with nothing coming off it.

The Centre targets 500 GW of installed capacity from non-fossil fuel sources by 2030 alongside additional thermal capacity of 93 GW by 2032, to ensure energy security. SJVN Ltd, a constituent of BSE Utilities Index, appears strategically positioned to capitalise on both fronts. The company is diversifying its energy portfolio beyond hydropower and renewables, enhancing its future growth prospects.

Two decades ago, in FY04, Wipro’s IT services and products revenue was twice that of HCLTech, 10 per cent higher than that of Infosys, and 70 per cent of that of TCS.

Fast-forward to today and when you consider FY24 revenues (9M actuals + 4Q estimates), Wipro’s revenue is 63/42/18 per cent lower than that of TCS, Infosys and HCLTech.

Fund manager VanEck’s defence-industry focused exchange traded fund (ETF) has reached more than $550 million in net assets in its first year, VanEck said on Monday, highlighting how current, global conflicts have driven investors to the defence sector.

The New York-headquartered firm launched its VanEck Defense UCITS ETF at the end of March 2023. The ETF is up around 20% in 2024, and has reached around $560 million in net assets within a year.

The war in Ukraine and the conflict between Israel and Hamas, which has also drawn in Iran, has led many governments to call for more military spending. - Reuters

U.S. forces, supported by U.S. European Command destroyers, on Saturday and Sunday destroyed more than 80 one-way attack drones and at least six ballistic missiles aimed at Israel from Iran and Yemen, the U.S. Central Command (CENTCOM) said on Monday.

This includes a ballistic missile on its launcher vehicle and seven UAVs destroyed on the ground prior to their launch in areas controlled by Iran-backed Houthis in Yemen, CENTCOM said in a post on X. - Reuters

The dollar steadied on Monday, holding its biggest weekly gain since 2022, as escalating conflict in the Middle East and the prospect of stubbornly high U.S. interest rates gave support. The dollar went up 1.6% against a basket of six major currencies last week after a small but unnerving upside surprise in U.S. inflation cast doubt over bets on U.S. rate cuts, while European policymakers signalled a cut within a few months. - Reuters

Oil prices fell at Asia’s open on Monday, as market participants dialled back risk premiums following Iran’s attack on Israel late on Saturday which the Israeli government said caused limited damage.

Brent futures for June delivery fell 24 cents to $90.21 a barrel while West Texas Intermediate (WTI) futures for May delivery were down 38 cents at $85.28 a barrel by 1256 GMT.

The attack involving more than 300 missiles and drones was the first on Israel from another country in more than three decades. It had raised concerns about a broader regional conflict affecting oil traffic through the Middle East. - Reuters

Gold prices edged up on Monday, hovering below a record high hit in the previous session, as escalating tensions in the Middle East lifted bullion’s safe-haven appeal.

FUNDAMENTALS

* Spot gold was up 0.3% at $2,350.59 per ounce, as of 0056 GMT. Bullion hit an all-time high of 2,431.29 on Friday.

* U.S. gold futures fell 0.3% to $2,366.40 per ounce. - Reuters

15.04.2024

GTPL

16.04.2024

CRISIL

Goldman Sachs Group, Inc. (Pre market) (Sector- Financial)

M&T Bank Corporation (Pre market) (Sector- Financial)

The Charles Schwab Corporation (TENT) (Sector-Financial)

Equity Lifestyle Properties, Inc. (TENT) (Sector- Financial)

IMF Meetings @ All Day

12.00 INDIA WPI Inflation Rate y/y (Expected: 0.51% versus Previous: 0.20%)

14:30 Euro Industrial Production m/m (Expected: 0.8% versus Previous: -3.2%)

18.00 U.S. Retail Sales m/m (Expected: 0.4% versus Previous: 0.6%)

Here is an interesting stock idea: Radico Khaitan

Foreign investors have infused over ₹13,300 crore in Indian equities in the first two weeks of the month owing to a resilient domestic economy with promising growth prospects.

Going ahead, concerns over changes in India-Mauritius tax treaty will weigh on Foreign Portfolio Investor (FPI) inflows in the near-term till clarity emerges on details of the new treaty, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

India’s equity and bullion markets could get caught in the crossfire between Israel and Iran on fears of the ongoing tensions escalating into a full fledged war.

“The current conflict between Israel and Iran will have repercussions on the Indian market and may result in a knee jerk reaction among market participants. Rising tensions could have a bearing on crude oil prices. Every one dollar rise in crude will impact the Indian economy and impose inflationary pressure. We need to see whether the conflict escalates further or the countries try to diffuse the situation through diplomatic means,” said Kranthi Bathini, director - equity strategy, WealthMills Securities.