Share Market Highlights 15 December 2023: Sensex surges 970 pts, Nifty settles above 21,450

The Indian rupee posted its biggest single-day gain in more than eight months on Friday amid heavy dollar inflows and a sharp rally in domestic equity markets to fresh record highs.

The rupee ended at 83 against the US dollar, up 0.4 per cent on the day, its best single-day performance since April 5.

The local unit logged its biggest weekly gain since August 25, rising 0.4 per cent.

Dollar sales from large foreign banks, likely on behalf of custodian clients, helped the rupee gain on Friday, traders said.

Fed’s newly minted dovishness adds another bullish leg to the market. The earnings impact of lower rates is muted and is likely to play out with higher FPI flows driving the re-rating. This combines with post-election policy stability and continued strength in the capex and manufacturing cycle. 

We expect continued strength in equities, and use any technical corrections to add exposure. The best beneficiaries of falling rates are mid-size lenders (IndusInd Bank) and IT (Infosys), while our other top picks are Hero MotoCorp, Piramal Enterprises, and Zomato (new addition).

Indian markets continue to surge on positive global cues and strong domestic fundamentals. While BSE Sensex gained 969.55 points or 1.37% to 71,483, NSE Nifty advanced 266.90 points or 1.26% to 21,449.60, show provisional data.

Suman Bannerjee, CIO, Hedonova on Sensex reaching 71K milestone:

The Sensex hitting 71,000 mark highlights a significant milestone for the Indian stock market, reflecting the nation’s economic progress and growing investor confidence. While celebrating this achievement, investors should keep in mind that it’s crucial to maintain a balanced approach to investing. Long-term strategies, such as regular portfolio rebalancing, diversification, and investing in financially robust companies, should remain priorities. Consider slightly increasing your equity allocation amid market momentum and continue using market dips as opportunities to expand your portfolio. Stick to a diversified approach and allocate assets wisely to mitigate risks

Ola co-founder Bhavish Aggarwal has unveiled Krutrim, full-stack AI tech made in India.

Fitch Ratings - Singapore - 15 Dec 2023: Fitch Ratings has revised the Outlook on JSW Infrastructure Limited’s (JSWIL) to Positive from Stable, and affirmed India-based port operator JSW Infrastructure Limited’s (JSWIL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’.

Fitch has also affirmed JSWIL’s USD400 million senior unsecured notes due 2029 rating at ‘BB+’, and revised the Outlook to Positive from Stable. The bondholders benefit from equity pledges and guarantees from key operating subsidiaries.

IndusInd Bank has announced the launch of its ‘Indus Solitaire Program,’ a community banking initiative for the diamond industry. The stock inched up by 0.92% on the NSE, trading at ₹1,565.95.

Major gainers on the NSE at 3 pm:

HCL Tech (5.20%); Infosys (4.45%); TCS (3.95%); SBI (3.78%); Tech Mahindra (3.68%)

Major losers:

Nestle India (-1.81%); HDFC Life (-1.76%); Bharti Airtel (-1.51%); SBI Life (-1.22%); Bajaj Auto (-0.73%)

Stocks advanced on BSE at 3 pm on December 15, 2023, were 2,004 against 1,731 stocks that declined; 132 stocks remain unchanged. The total stocks traded were 3,867. The number of stocks that recorded a 52-week high was 377, and those that hit a 52-week low was 15.

The BSE Sensex rose 793.29 pts or 1.13% to 71,307.49 at 3. At the same time, NSE Nifty gained 219.25 pts or 1.04% to 21,401.95.

Maharashtra Seamless has received an order with a basic value of ₹187 crores approx. from ONGC Ltd. for the supply of premium casing seamless pipes. The stock declined by 1.01% on the NSE, trading at ₹940.65.

India is open to buying Venezuelan oil with some refiners in the country having the capability to process such heavy crude oil, Union Oil Minister Hardeep Singh Puri said on Friday.

Read more here.

Bharat Electronics Limited (BEL) received an order of ₹4,522 crore from Indian Army for the supply of Fuses of various calibres. The stock rose by 3.51% on the NSE, trading at ₹169.75.

BSE Sensex gained 510.36 pts or 0.72% to 71,024.56 at 2:30 pm. At the same time, NSE Nifty rose 156 pts or 0.74% to 21,338.70. 

Crompton Greaves Consumer Electricals’ informed that its Arno Neo Storage Water Heater (Model No SWH3015) has been recognised and awarded as the most energy-efficient appliance of the year at the “National Energy Conservation Awards 2023” organised by the Government of India, Ministry of Power.

The company’s stock is down 1.20% on the NSE, trading at ₹288.40.

Life Insurance Corporation of India’s shareholding in Hero Moto Corp has diluted from 11.252% to 9.246% of the paid-up capital of the said Company. LIC stock declined 2.09% on the NSE, trading at ₹798. Meanwhile, Hero Motocorp stock rose 0.50% on the NSE, trading at ₹3,903.20.

JM Financials: Metals and Mining | Rally in anticipation of stimulus; spot spreads bottoming out

Sector Update - Ashutosh Somani

The decrease in Chinese inventories, coupled with expectations of stimulus, has sparked an upsurge in steel prices in China. Although coking coal price has rallied defying market expectations, it is now trading at an unsustainably high price vs historical averages. Indian steel markets witnessed a soft quarter with average prices broadly flat sequentially. Global steel making raw materials continued to rally – coking coal at US$330/t, iron ore at US$120/t driven by worker strikes and higher Chinese production respectively. Spreads of India steel players are likely to be under pressure in 3QFY24 driven by flat realizations and soaring coking coal consumption cost. Consequently, we estimate an EBITDA margin compression of INR1.5k+/ton QoQ. Volume growth is likely to be muted sequentially. Working capital requirements on account of higher coking coal prices and possibly higher steel inventory could negate any chances of net debt reduction. However, recent run up in China prices, sound bites around China stimulus, higher expected consumption in 4Q owing to general elections and recent media articles pointing towards import curb measures by ministry have led to a rally in steel names. While we are yet to see an improvement in spot spreads, any let up in coking coal price amidst price rise in China can help the rally sustain into CY24. JSPL (lowest leverage, highest volume growth over next few years) and Hindalco (Novelis delivering record margins) remain our top picks in the space

Utilities | Demystifying returns in solar PV and storage plant

Sector Update - Sudhanshu Bansal, JM Financial

With an increasing focus on firm and dispatchable renewable energy (FDRE), the combination of renewables and storage has been met with both curiosity and trepidation, existing somewhere between need for energy transition and optimal investment return expectations. With an increasing focus on firm and dispatchable renewable energy (FDRE), the combination of renewables and storage has been met with both curiosity and trepidation, existing somewhere between need for energy transition and optimal investment return expectations.

Automobiles | Quarterly update and outlook from global OEMs

JM FInancial

This is the 16th note in our global auto series covering quarterly commentary from 30+ global automotive companies. As per most OEMs, supply constraints continued to ease during the quarter. Although wholesales for major OEMs declined sequentially owing to seasonality and workmen strikes, demand momentum remains healthy. Majority of the OEMs have maintained volume guidance for CY23. Inflationary pressure has softened and companies have guided for better margin outlook during the year. Global Tractor demand remains mixed with positive outlook for large agri equipment and inventory destocking for small agri equipment. Tyre companies indicated of sluggish demand environment and continued inventory destocking in replacement market in the near term. Overall, automakers are maintaining a positive mid-term outlook, focusing on executing healthy order book and move to electrification. We expect revenue/margins of Indian auto companies with higher global exposure like SAMIL / TTMT / SONACOMS to continue to improve/remain steady

We recently hosted niche technology companies like Sonata Software, Quick Heal Technologies, FirstSource Solutions, Datamatics, Tanla Platforms, and SIS in our technology conference: NextTech. Sonata Software and FirstSource Solutions are services firms while Datamatics, Tanla Platforms, and Quick Heal Technologies are product-based. SIS is a staffing company. The following are underlying themes which emerged during our discussions:

Product focus: There is an increasing shift toward products. The products market is red hot currently. This is evident in Datamatics’ launch of new products. Tanla Platforms and Quick Heal are expanding their product bouquet and currently gaining traction. The SaaS-ification of products is also on the rise.

‘AI’-fication on the rise: There is an increasing urgency to incorporate AI into existing as well as new products and services. Datamatics has an AI product i.e truAI. FirstSource Solutions also is using AI tools customer query resolution using data annotation. Sonata Software is investing in AI. Clients are already seeing 15-30% improvement in productivity with the use of AI.

Mortgage business drags; compliance forms tailwind: One common theme emerging from the conference is increasing vulnerability of the mortgage business. Companies are diversifying outside the mortgage business within BFSI. This was echoed by FirstSource Solutions and Sonata Software. However, things might improve with easing off of the interest rate cycle. There is increased traction in BFS KYC and compliance-related work, which is a boost for business process outsourcing (BPO) and business process services (BPS) demand. We can already see the positive impact on eClerx Services. Tanla Platforms is also benefitting from work arising out of the TRAI regulations that has made it mandatory for telcos to tackle spam messages and anti-phishing laws being implemented in Singapore.

Traction in healthcare: Post COVID, the healthcare vertical has been seeing good traction on the payer and provider side within our coverage universe. This was confirmed by FirstSource Solutions. There is also traction due to lifting off of the public health emergency in the US.

Improving BPO traction: Customer support and personalization remain the key focus areas, which are driving growth in the BPO business. Areas, such as personalized emails, end-to-end process & omni channel support, debt collection, card payments and compliance, see demand within the BPS space. We are already seeing demand boost in eClerx, which posted a revenue growth beat with 4.4% QoQ USD growth in Q2FY24. The US market is looking better than Europe.

Pain in hi-tech; things to turnaround: Companies underscore our thesis of a turnaround in hi-tech, which is currently seeing muted demand. This turnaround will be led by gAI

IRB Infrastructure Trust (Private InvIT) – emerges as the preferred Bidder for NHAI’s TOT-13 Concession in the States of Rajasthan and Madhya Pradesh

This is 4th TOT Project for IRB Group – further strengthening the largest TOT portfolio by any private transport infrastructure developer in the highways segment in India - a robust TOT market share of ~38%

With this win, IRB Infrastructure Trust’s market share in North-South Highway corridor will increase to ~12%

Aspero’s Wealth & Well-Being report reveals that 60% of Indian investors stress over future uncertainty

KEY HIGHLIGHTS

78% embrace fixed-income investments for balanced portfolios and capital protection.

Aggressive investors are twice as likely to feel excited, while confusion is most prevalent among conservatives, affecting their risk-taking behavior.

Digital Shift: 60% of Indian investors embrace online resources while 35% rely on financial advisors to make financial decisions.

36 to 45-year-olds adopt a dual commitment, allocating investments towards emergencies and their children’s future expenses, reflecting a balanced financial strategy.

ICICI Prudential Life Insurance (ICICI PruLife) and Ujjivan Small Finance Bank (Ujjivan SFB) have entered into a bancassurance partnership for the distribution of life insurance products.

Read more here.

Sunita Tools Limited has received a purchase order for the export of a sample lot for machined and ground plates to Europe, totaling approximately 4967.94 Euros. The stock is up by 1.68% on the BSE, trading at ₹211.50.

Punjab & Sind Bank has reviewed the Marginal Cost of Fund based Lending Rate (MCLR) (effective from December 16)

1. Overnight MCLR 7.90% 

2. One-month MCLR 8.25% 

3. Three-month MCLR 8.40% 

4. Six-month MCLR 8.75% 

5. One Year MCLR 8.95% 

PSB Stock rose 1.11% on the NSE, trading at ₹45.65.

Mukand has incorporated a subsidiary named Mukand Heavy Engineering Limited. The stock rose by 1.85% on the NSE, trading at ₹173.75.

Aarvee Denims and Exports has informed the exchanges about the asset monetization plan and Debt reduction plan, the Company has received pending approvals from all the Consortium Banks and the lead Bank –Bank of Baroda has also issued NOC on behalf of all consortium member banks. 

The stock rose 0.60% on the BSE, trading at ₹25.

Real Touch Finance Limited informed that Arindam Laha, Chief Financial Officer of the Company, has tendered his resignation with effect from December 14, 2023, due to personal reasons.

The board of IFL Enterprises has approved increase in authorized share capital over ₹75 crore divided into 75,06,00,000 equity shares of ₹1 each.

Coral India Finance & Housing (19.96%)

Sreeleathers (16.66%)

Dev Information Tech (13.11%)

Tera Software (13.09%)

Zensar Tech (11.21%)

Alkem Laboratories has disclosed that Ashish Sehgal has been appointed to hold senior management position in the Company effective from December 15, 2023. The stock rises by 1.88% on the NSE, trading at ₹4,948.35.

Heritage Foods Limited has informed the Exchange that the company won the Prestigious National Energy Conservation Awards (NECA - 2023) in Dairy Sector for the year 2023. The stock trades at ₹237 on the NSE, down by 0.13%.

Omkar Pharmachem informed that Amit Jain tendered his resignation from the post of Chief Financial Officer.

HFCL Ltd through its 90% owned subsidiary, Raddef Private Limited, a R&D enterprise, has designed a range of Surveillance Radars catered to meet diverse operational needs. The stock surges by 7.45% on the NSE, trading at ₹72.80.

India’s liquid fuel consumption, which includes crude oil and refined petroleum products, is expected to grow at an average of 0.3 million barrels per day (mb/d) in 2024, the US EIA has said.

According to the US EIA’s short-term energy outlook (STEO), global liquid fuel consumption is projected to increase by 1.8 mb/d in 2023 and by 1.3 mb/d in 2024. Most of the expected growth in liquid fuels demand is in non-OECD Asia, led by China and India.

Coforge has received an order from GST Authority imposing penalty of ₹10,000 under applicable provisions of Central Goods and Services Act, 2017. The stock rises by 4.72% on the NSE, trading at ₹6,447.35.

Samvardhana Motherson International Limited board has approved an acquisition by Samvardhana 

Motherson Automotive Systems Group B.V. (“SMRP BV”), a wholly owned material subsidiary of the 

Company, through SMRPBV’s subsidiary.

The stock trades at ₹98.65 on the NSE, down by 0.15%.

Sunflag Iron And Steel Company Limited has informed the Exchange regarding ‘Letter of Intent for granting the ComposiLetter of Intent for granting the Composite Licence for Iron Ore Block in the State Maharashtra. The stock is up by 0.20% on the NSE, trading at ₹201.50.

Major gainers on the NSE at 12:

HCL (4.45%); LTI (4.38%); TCS (4.26%); Tech Mahindra (4.13%); Infosys (4.08%)

Major losers:

HDFC Life (-2.52%); Nestle India (-1.91%); SBI Life (-1.09%); Britannia (-1.05%); Bharti Airtel (-0.92%)

Stocks advanced on BSE at 12 noon on December 15, 2023, were 2,064 against 1,543 stocks that declined; 150 stocks remain unchanged. Total stocks traded were 3,757. The number of stocks that recorded a 52-week high was 331, and those that hit a 52-week low was 14.

Great Eastern Shipping Company has contracted to sell its 2004 built Medium Range Product Tanker, Jag Prabha of about 47,999 dwt on December 15, 2023 to an unaffiliated third party. The vessel will be delivered to the new buyer by Q4 FY24. 

The stock is up by 0.50% on the NSE, trading at ₹862.

Persistent Systems (5.94%)

Coforge (5.05%)

HCL Tech (4.33%)

Infosys (4.03%)

Tech Mahindra (4.03%)

Bank Nifty opened higher today at 47,939.90 versus yesterday’s close of 47,732.30. But it moderated and is now hovering around yesterday’s closing level.

Within the index, 7 stocks have gained whereas 5 have lost so far today. Bandhan Bank, up 4.6 per cent is the top gainer whereas Axis Bank, down 0.7 per cent, is the top loser.

Biocon Biologics Limited, a subsidiary of Biocon Ltd., has been again recognized as an Asia IP Elite for 2023 by IAM (Intellectual Asset Management). The stock rises by 1.23% on the NSE, trading at ₹251.10

Butterfly Gandhimathi Appliances has announced the launch of products under the kitchen appliances category: Magnum Cool Touch Kettle 1.2L and Magnum Cool Touch Kettle 1.5L 

The stock is up by 0.26% on the NSE, trading at ₹1,039.90.

DroneAcharya Aerial Innovations Limited had secured a contract from the Ministry of Defense, Department of Military Affairs, based in Bhalra, Jammu & Kashmir, for the supply of Drone Simulators and will be executed at NCPITS (CBS) Bhalra, Jammu & Kashmir. 

DroneAcharya Aerial stock is up by 3.54% on the BSE, trading at ₹203.50.

Aurobindo Pharma has informed about the completion of acquisition of marketing and manufacturing related authorisations from Viatris Inc./ Pfizer Inc. The stock delcines by 1.47% on the NSE, trading at ₹1,030.

Major gainers on the BSE at 11 am:

Kiri Industries (11.26%); Zensar Tech (11.09%); Coffee Day (9.88%); Aether (7.23%); Amber (6.87%)

Major losers:

Kama Holdings (-5.69%); PTCIL (-4.66%); MFSL (-4.34%); Prestige (-3.24%); Max Health (-2.39%)

Cumulative Foreign Direct Investment (FDI) inflow in to Tamil Nadu has touched nearly $10 billion in the last four years from the period between October 2019 and September 2023.

Up to September of the current fiscal, the State attracted FDI worth $1.3 billion.

For the fiscal 2022-23, the State attracted FDI worth $2.17 billion, which was lower than $3 billion that came in the previous year, according to information provided by Som Prakash, Union Minister of State - Commerce and Industry in the Lok Sabha. He was responding to a question on seeking details of FDI that has come to Tamil Nadu since May, 2019.

KCP Ltd informed about the partial resumption of operations at Heavy Engineering Unit at Tiruvottiyur, Chennai, following temporary disruption of operations due to Cyclone Michaung. KCP stock is up by 0.68% on the NSE, trading at ₹148.05.

Jeera (cumin) prices will likely head south further after dropping 50 per cent from the record high of ₹65,000 a quintal witnessed in August on the National Commodities and Derivatives Exchange (NCDEX) as supplies are expected to rise in 2024. 

On Thursday, jeera futures expiring in March were quoted at ₹32,500 a quintal, while spot rates at Unjha, the hub of the spice in Gujarat, were quoted by NCDEX at ₹39,314.20. 

The surge continues. Nifty 50 retains its momentum and has risen further today. The index is trading at 21,295, up 0.53 per cent.

Outlook is bullish. Support will now be in the 21,250-21,200 region. 

The National Centre for the Performing Arts (NCPA) has partnered with Brihanmumbai Municipal Corporation (BMC) and Westside to announce the return of its community outreach initiative - ‘NCPA@ThePark’.

RailTel Corporation of India Ltd. has received the work order from Directorate of Geology and Mining, Government of Madhya Pradesh for Implementation of AI-based Smart Enforcement System to curb illegal transportation of minerals with 3 years of operation and maintenance. The total Contract value for 3 years is ₹25.30 Crore. The stock rises by 1.15% on the NSE, trading at ₹302.65.

The rupee traded flat at 83.30 against the US currency in the opening session on Friday amid a rebound in crude oil prices.

Read more here. 

Adani Renewable Energy Holding Nine Limited, a Wholly-owned subsidiary of Adani Green Energy, has incorporated 2 (two) Wholly-owned subsidiaries, namely, Adani Renewable Energy Fifty Six Limited (“ARE56L”) and Adani Renewable Energy Fifty Seven Limited (“ARE57L”).

Adani Green Energy stock rose by 1.57% on the NSE, trading at ₹1,532.

Genus Power Infrastructures stock rose by 4.99% on the NSE, trading at ₹234.50. The company secured an order worth ₹1,026.31 crore.

Gateway Distriparks Limited (GDL) has announced the addition of a new high-capacity container. The stock is up by 1.61% on the BSE, trading at ₹104.40.

Infibeam Avenues Ltd’s shares rose 6.51 per cent after the company reported acquiring a 49 per cent equity stake in Pirimid Fintech by investing ₹25 crore. The company reported that this move aligns with the growing demand for advanced AI-backed software in global capital markets. 

Read more here.

Bharat Heavy Electricals Limited (BHEL) stock gains by 1.85% on the NSE, trading at ₹184.75. The company and Central Manufacturing Technology Institute (CMTI) had entered into a collaboration on technology development in the areas of Hydrogen value chain and IIoT solutions for predictive maintenance of machines & manufacturing processes.

Suzlon Group has announced a new order win for the development of a 100.8 MW wind power project for a leading global utility company. Suzlon will install 32 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each. The project is located in Gujarat. 

The stock declines by 2.14% on the NSE, trading at ₹36.55.

J. Kumar Infraprojects is in receipt of Letter of Acceptance for the project: Construction of 4 Lane Elevated Corridor in Grand Southern Trunk Road from Km 6/0 to 9/2 (Teynampet to Saidapet) on Engineering, Procurement & Construction (EPC) Mode from The Superintending Engineer, Highway Department, Construction and Maintenance, Chennai Circle, Chennai, for the total contract cost over ₹582 crore.

The stock rises by 2.84% on the NSE, trading at ₹452.30.

State Bank of India has executed transactions documents for purchase of 3,70,644 shares (6.35 per cent) of Ahmedabad-based Canpac Trends Private Limited at Rs 1,349 per share aggregating Rs 49.99 crore.

Most significant change in draft guideline issued by regulator is calculation methodology for surrender value of non-linked savings policies

Surrender value paid to customers under new method will be higher; est. range could be anything between 10%-2x higher

IRDA proposed a higher surrender value on non-linked products.

Regarding investor concern on impact on VNB margins of especially non-participating business, prima facie see multiple mitigating options with industry

Divergence in val & earnings growth in 2023 looks set to deepen next yr 

Pricing power is key; staples to keep underperforming discretionary 

Key ideas for 2024: Avenue Supermarts, Asian Paints, Colgate (upgrade to Buy), Titan, & Nykaa

Maintain Buy on Sobha (TP raised Rs 1240) and Prestige (TP raised to Rs 1270) 

Hold on DLF ( TP Raised to Rs 740) & GPL (TP Raised to Rs 2040) 

Reduce on Oberoi (TP Raised to Rs 1310)

Initiate Buy, Target Rs 7,700 

Co Well Diversified With Large Opportunity In Mobile And IT Hardware 

Co Trades At 63x FY25 PE 

Believe The Higher Valuation Is Justified By Strong 41% Earnings CAGR In FY24-26 

Execution Is a Key Risk

Initiate Buy, Target Rs 4,075 

Pivot To Components & Electronics Adds Drivers And Sustainability 

Expect Healthy Demand In the Consumer Durables Segment 

Expect Healthy Demand As Rising Frequency Of Heatwaves Should Support AC Demand 

Expect Healthy Demand Due To Potential Upside In Exports, Electronics & Mobility Products 

Key Risks Include Customer Concentration, Labour Relations 

Key Risks Include Commodity Price Volatility & Competition 

Key Upside Drivers Are Stronger Consumer Demand, Higher Exports & Vertical Integration

Buy Call, Target Rs 205 

Order Run-rate Trending Higher, Visible Re-rating Drivers 

Robust Order Pace, FY24-25 Run-rate Shifting North 

Raise FY24/25 Intake By 10%/11%, Co’s Long-term Pipeline At Rs 2.0 Lk Cr+ 

Believe Co Is Set Surprise Positively On Order Inflow Run Rate From FY24 

Consensus Expectations For FY24/25 Order Intake Are `22,600/26,400, Respectively 

Consensus Expectations Expect To Be Revised Up Given Current Momentum In Defence Orders 

A Prime Beneficiary Of An Expanding Defence Manufacturing Ecosystem

Downgrade To Equal-Weight, Target Rs 1,015

Valuation Is Full After Strong Trailing Performance

See No Signs Yet That Bull Case Scenario Can Play Out

Overall, See Balanced Risk-reward At This Price

Would Accumulate Stock Below Rs 800/Sh

Already Assuming An ARPU Increase Of >20% Cumulatively Over Next 24-30 Months

ARPU Increase Of >20% Is Well Reflected In Current Stock Price

Major gainers on the NSE at 9:30 am:

Hindalco (2.74%); JSW Steel (2.17%); UPL (2.03%); Tata Steel (1.82%); Infosys (1.74%)

Major losers:

HDFC Life (-2.20%); Nestle India (-0.62%); Axis Bank (-0.61%); Kotak Bank (-0.36%); SBI Life (-0.30%)

The Reserve Bank of India has rejected Religare Enterprises’ proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd, and asked it to submit a fresh application.

Religare Finvest Limited (RFL) is a wholly owned subsidiary of Religare Enterprises.

With the Indian markets reaching uncharted territories, large-cap stocks i.e. shares of the top 100 companies by market capitalisation, today offer better valuation comfort than mid-caps and small-caps. In this scenario, large-cap funds are a prudent choice for those building a long-term portfolio or seeking to grow their portfolio with incremental investments.

Adani Ports and Special Economic Zone Limited has entered into Share Purchase Agreement on with Mundi Limited, an indirect subsidiary of Terminal Investment Limited and associate of Mediterranean Shipping Company, for divestment of 49% stake in Adani Ennore Container Terminal Private Limited.

Fed’s newly minted dovishness adds another bullish leg to the market. The earnings impact of lower rates is muted and is likely to play out with higher FPI flows driving the re-rating. This combines with post-election policy stability and continued strength in the capex and manufacturing cycle. 

Expect continued strength in equities, and use any technical corrections to add exposure. The best beneficiaries of falling rates are mid-size lenders (IndusInd Bank) and IT (Infosys), while our other top picks are Hero MotoCorp, Piramal Enterprises, and Zomato (new addition).

Rate cycle turning. Fed’s dovish comments yesterday portend three rate cuts in CY24 and have turned market sentiment decisively. We expect the RBI to follow suit with concurrent rate cuts. The impact would be more pronounced at the short end, given that long bonds have not tracked policy rates on the way up.

Limited impact on real economy. The impact on real economy should be muted, given the low levels of corporate leverage. Households benefit from lower mortgage rates but also lose on income from savings, while non-mortgage personal loans will see limited rate cuts. This is, therefore, an atypical rate cycle and the impact on corporate earnings is limited. Key beneficiaries: a) Banks with low floating rate loans, b) Non-housing NBFCs, with short-end funding, c) Life insurance, as non-par policies become more attractive, d) Real estate, as housing loan rates fall quickly.

Trigger for FPI flows. FPI flows have been strong for most of 2HCY23. We see the momentum intensifying as risk on trades comes back into play. India will remain one of the most attractive emerging markets given its size and growth profile, especially considering the challenges of investing in China. Historical trends noisy. The initial leg of rate-cut cycles has had mixed results for equities over the last 15 years (see Exhibit 2 on page 2). The strike rate for a positive reaction is 3/4, mostly captured in the run-up to the cut. The additional wrinkle in this cycle is that we are entering the rate-cut cycle on the back of strong growth. The sectoral performance around the rate cycle’s peaks is also mixed (Exhibit 4 on page 2).

Key themes and sectors:. Re-rating is an obvious trigger, but it is hard to find candidates if we apply additional filters like earnings visibility, growth sustainability, and relative valuations to history. We filter down to mid-size financials, IT, and real estate as the best plays. Beyond the immediate impact of the rate cycle, we like SMIDs and manufacturing and are cautious on consumption, except autos. IndusInd, Piramal Enterprises, and Hero MotoCorp stay as our top picks. We add a) Infosys, as we see little near-term earnings risk and valuations are reasonable w.r.t. history and b) Zomato, as we see continued business momentum and a relatively strong play on consumption.

Reliance Industries has informed that Moody’s has reaffirmed the credit rating of “Baa2” with a “Stable” outlook issued by it, for the Senior Unsecured US$ Denominated Fixed Rate Notes of the Company.

India’s benchmark indices, Nifty and Sensex, initiated the day on a strong note, hitting all-time highs on Friday, in line with the worldwide upsurge in stocks. This surge was propelled by heightened speculation of a U.S. rate cut by March 2024 after the Federal Reserve’s recent policy meeting.

The BSE Sensex surged 310.60 points to 70,824.80 in early trading, while the NSE Nifty climbed 97.20 points to 21,279.90.

Gainers in the Nifty index included Infosys, Hindalco, JSW Steel, Tata Steel, and Eicher Motors. Conversely, HDFC Life, PowerGrid, Bharti Airtel, Nestle, and BPCL lagged behind.

Wall Street ended positively, potentially marking a seventh consecutive week of growth. European markets trended upward following the European Central Bank and Bank of England’s decision to maintain stable rates. Similarly, Asian markets began the day on an optimistic trajectory.

Fed Chair Jerome Powell’s recognition of the risks tied to delaying rate adjustments on Wednesday amplified expectations of a 25 basis point rate cut by March 2024, further boosting the global stock market.

Zydus Lifesciences Limited has received final approval from the USFDA for Darunavir Tablets 600 mg and 800 mg, and tentative approval for 75 mg and 150 mg tablets.

Zydus Lifesciences stock is up by 0.80% on the NSE, trading at ₹648.95.

BANK NIFTY opened higher at all time high levels and witnessed minor pullback from the highs of 47,943 to close near the opening levels of the day. 

The previous last week’s top of 47,200 will act as strong support while on the higher side the round number of 48,000 and weekly pivot will act as resistance.

RSI and other key technical indicators have moved to the higher end of the range at 82 levels and overbought on hourly charts.

Bank Nifty 48,000 CE has the highest OI while on the downside has moved lower to 47,000 for the put OI.

NIFTY-50 has broken on the higher side with strong positive momentum which could take the index towards 21,300-21,500 levels.

The hourly average support has moved to 20,950 levels followed by 20,700 the last week’s double bottom lows.

RSI and other key technical indicators have moved upwards from the average line after a strong up move over the previous day after a time correction. 

Highest call OI has moved to 21,300 strike while on the downside the highest put OI is at 20,800 for the weekly expiry.

Expects rally on Indian bourses to continue on account of solid FIIs buying interest, US Fed indicated to begin cutting interest rates next year, strong domestic micro data, cooling down oil price to 5-month low and across the global markets rally. 

Gift Nifty is showing 60 points upside after a dream run yesterday while Sensex ended milestone to close above 70000 level. FIIs were net buyers over Rs 20000cr during the month of December, just nine trading sessions – highest among the last five months. Moreover, FIIs long short position is favorable at 56%. Yesterday, the Asian Development Bank raised India’s GDP growth projection to 6.7% for the current Fiscal. 

Most of the global rating agencies raised India’s GDP growth forecast which indicates domestic fundamentals remain strong. Among the global markets, overnight US and European markets advance between 0.5% to 1%. 

The Bank of England and ECB kept interest unchanged at 5.25% and 4.5% respectively US 10-Year bond yield fell to 5-month low to 3.9% and Dollar Index declined to 4-month low to below 102 level. It means a rally in the US market to continue on ahead of rate cuts next year and fall in US bond yield.

Oil Price Update –.Brent Crude gained 1% to $76/bbl after dovish signals from the Federal Reserve on Wednesday unleashed a bullish pulse across markets.

Gold Price Update – Gold advances 0.5% to $2035/ounce dominated by the Federal Reserve’s strongest indications yet that it will pivot to easing monetary policy next year.

The Jefferson County Port Authority expects to issue its Economic Development Revenue Bonds (JSW Steel USA Ohio, Inc. Project), Series 2023, in the aggregate principal amount of $145,000,000, the proceeds of which will be utilised for extending a loan to JSW Steel USA Ohio, Inc., incorporated under the laws of Ohio, a wholly owned indirect subsidiary of JSW Steel Limited.

Sterling and Wilson Renewable Energy Limited (SWRE) has announced the completion of a fundraise of ₹1,500 crore through Qualified Institutions placement (QIP) route.

DOMS Industries issue will close today for public subscription. The ₹1,200-crore initial public offering from stationery maker saw a robust response in the initial two days. At the end of Day 2, the IPO was subscribed 16.44 times. The price band for the issue has been fixed at ₹750-790 a share and the market lot is 18 shares.

The IPO received bids for 13.43 crore shares as against an issue size of 88.37 lakh shares.

IFL Enterprises Ltd

Bonus issue 1:10

Previous day Closing Price – Rs. 2.8

Ex Bonus 18 December 2023 (Monday)

Last date Trade for Before Bonus Today

1 BALRAMCHIN

2 DELTACORP

3 HINDCOPPER

4 IBULHSGFIN

5 INDIACEM

6 MANAPPURAM

7 SAIL

8 ZEEL

Ex/record date Buyback: Somany Ceramics. 

Ex/record date AGM: Orissa Minerals Development Company, Suven Pharmaceuticals, Max Estates. 

Moved into a short-term ASM framework: GMR Airport Infrastructure, GTL Infrastructure.

Moved Out of short-term ASM framework: Cantabil Retail India, Datamatics Global Services, Manoj Vaibhav Gems N Jewellers, Techno Electric and Engineering.

Ajanta Pharma: Promoter Ravi Agrawal released a pledge of 28,607 shares on Dec. 13. 

Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Co. released a pledge of 51 lakh shares on Dec. 8. 

Genus Power Infrastructure: Promoter Kailash Chandra Agarwal released a pledge of 25 lakh shares on Dec. 12. 

SMS Pharmaceuticals: Promoter group Vamsi Krishna Potluri released a pledge of 12.62 lakh shares on Dec. 12. Promoter group Potluri Infra Projects LLP released a pledge of 38 lakh shares on Dec. 12.

Kalyan Jwellers: Promoter Trikkur Sitarama Iyer Kalyanaraman bought 15,685 shares on Dec. 13. Promoter group TS Balaraman sold 15,685 shares on Dec. 13. 

Choice International: Promoter group NS Technical Consultancy bought 3.5 lakh shares on Dec. 13. 

Advance Enzyme Technologies: Promoter group Advanced Vital Enzymes sold 2.74 lakh shares on Dec. 12. 

Thirumalai Chemical: Promoter group Narayan Santhanam sold 9,225 shares on Dec. 13. 

Bharat Bijlee: Promoter group Anand J. Danani sold 7,539 shares on Dec. 13. 

Shalimar Paints: Promoter group Hina Devi Goyal sold 99,880 shares between Dec.12 and 13. 

Fusion Micro Finance: Honey Rose Investment sold 64.57 lakh shares (6.39%) and Creation Investments Fusion LLC sold 38.41 lakh shares (3.8%) at Rs 555.6 apiece. HDFC Mutual Fund bought 31.29 lakh shares (3.09%), Morgan Stanley Asia Singapore Pte bought 17.8 lakh shares (1.76%), Franklin Templeton Mutual Fund bought 9 lakh shares (0.89%), Societe Generale bought 8.8 lakh shares (0.87%), Kotak Mahindra Life Insurance bought 7.12 lakh shares (0.7%), Bajaj Allianz Life Insurance bought 6 lakh shares (0.59%) at Rs 555.6 apiece. 

Onward Technologies: Onward Software Technologies Pvt. sold 10.99 lakh shares (4.9%) at Rs 563.75 apiece. Whiteoak Capital Mutual Fund bought 4.78 lakh shares (2.13%), White Oak India Equity Fund IV bought 2.21 lakh shares (0.98%), India Acorn India Acorn Fund Limited bought 2.21 lakh shares (0.98%), Ashoka India Equity Investment Trust PLC bought 1.77 lakh shares (0.79%) at Rs 563.75 apiece. 

GMR Power and Urban Infra: ASN Investments sold 75 lakh shares (1.24%) at Rs 52.75 apiece and Setu Securities bought 40 lakh shares (0.66%) at Rs 52.5 apiece. 

Senco Gold: Oman India Joint Investment Fund sold 6 lakh shares (0.77%) at Rs 746.19 apiece.

Zen Technologies: Tata AIA Life Insurance bought 20 lakh shares (2.37%) and Kishore Dutt Atluri sold 2.5 lakh shares (0.29%), Ravi Kumar Midathala sold 2.5 lakh shares (0.29%), Tara Dutt Atluri sold 15 lakh shares (1.78%) at Rs 725 apiece.

Inox India: The cryogenic tank maker’s public issue was subscribed 2.79 times on day 1. The bids were led by non-institutional investors (4.57 times), retail Investors (3.61 times), and institutional investors (0.04 times). 

DOMS Industries: The pencil-maker’s public issue was subscribed 15.20 times on day 2. The bids were led by retail Investors (41.18times), non-institutional investors (25.83 times), portion reserved for employees (17.85 times), and institutional investors (1.18 times). 

India Shelter Finance: The company’s public issue was subscribed 4.36 times on day 2. The bids were led by non-institutional investors (7.35 times), retail investors (5.08 times), and institutional investors (0.84 times).

Adani Enterprises: Israel-based defence electronics company Elbit Systems Ltd. picked up a 44% stake in an Adani Defence Systems and Technologies Ltd. unit to develop and manufacture various autonomous aerial technologies and systems for defence applications.

* Hero MotoCorp:* The two-wheeler maker appointed Vivek Anand as chief financial officer. The company also approved the additional acquisition of a 3% stake in Ather Energy for Rs 140 crore.

* State Bank of India:* The public sector lender to acquire 3.7 lakh shares (6.35% stake) of Canpac

Trends at Rs 1,349 apiece.

* Dr. Reddy’s Laboratories:* The company becomes the first Indian pharma company to debut on the Dow Jones Sustainability World Index.

* Genus Power Infra:* The company’s unit received a letter of intent worth Rs 1,026 crore for the appointment of advanced metering infrastructure service providers for the supply, installation, and commissioning of a million smart prepaid metres.

* Jupiter Wagons:* The company received an order worth Rs 1,617 crore from the Ministry of Railways to manufacture and supply 4000 BOXNS wagons.

* Mahindra and Mahindra Finance:* The company said that it will enter the life, health, and general insurance segments to diversify its sources of income away from its primary vehicle lending business.

* Texmaco Rail Engineering:* The company received an order worth Rs 1,374.41 crore from the Ministry of Railways to manufacture and supply 3,400 BOXNS wagons.

* Vedanta:* The board will meet on Dec. 19 to consider NCD issuance on a private placement basis.

* Bharat Heavy Electricals:* The company signed a MoU with the Central Manufacturing Technology Institute for hydrogen value chain development and IIOT solutions for predictive maintenance of machines and manufacturing processes.

* Jammu and Kashmir Bank*: The company approved the closure of qualified institutional placement after raising 750 crores at an issue price of Rs 107.60 per equity share, which indicates a discount of 4.49% to the floor price of 112.66 per share.

* Religare Enterprises:* The RBI has rejected the company’s proposal to buy an 87.5% stake in Religare Housing Development Finance Corp., a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application.

* Exide Industries:* The company invested 100 crores in its unit, Exide Energy Solutions. The company’s total investment in its unit is Rs 1,780 crore.

* Infibeam Avenues:* The company announced its strategic foray into the capital markets and digital lending software market by acquiring a 49% stake in Pirimid Fintech for Rs 25 crore to solidify this strategic partnership.

* Jayaswal Neco Industries:* Kotak Strategic Situations India Fund to invest Rs 1,500 crore via

NCDs as part of Rs 3,200 crore financing the company seeks for refinancing existing debt.

* IRB Infra Trust:* The company emerged as the preferred bidder for the project of tolling, operation, maintenance, and transfer of the Kota bypass and cable stay bridge toll. The company will pay a Rs 1,683 crore upfro concession fee to NHAI.

Mazagon Dock Shipbuilders: The company collaborated with NavAlt Kochi and launched the MDL solar electric boat, which is the nation’s fastest solar-electric boat.

* LTIMindtree:* The company opened a new delivery centre in Mexico City as part of expanding its presence in Latin America.

* Satin Credit Care Network:* The company opened qualified institutional placement and set the floor price at Rs 242.81 per share, which indicates a discount of 2.31% to the stock’s previous close of Rs 248.55 on the NSE.

* Cochin Shipyard:* The company fixed Jan. 10 as the record date to determine the eligibility of shareholders for a split in the ratio of 1:2.

* Ami Organics:* The company announced the inauguration of its manufacturing plant in Ankleshwar, Gujarat. It also signed another definitive agreement with Fermion to manufacture a couple of additional advanced pharmaceutical intermediates for Fermion.

India Pesticides: Anand Swarup Agarwal resigned from the position of chairman of the company.

* Syrma SGS Technology:* The company incorporated Syrma Strategic Electronics as a wholly-owned subsidiary company.

* PB Fintech:* Income tax officials visited unit Paisabazaar on Dec. 13 and 14 to inquire about vendors in Paisabazaar. The operations of the unit continue as usual and have not been impacted.

* Sterling and Wilson:* The company received a settlement amount of Rs 254.2 crore from Jinko

Solar over an ongoing dispute.

* Aditya Birla Capital:* The company made an additional investment of Rs 50.99 crore in its unit, Aditya Birla Sun Life Insurance.

* Paisalo Digital:* The board will meet on Dec. 19 to consider fundraising.

HSBC on Colgate: Upgrade to Buy on Company, raise target price at Rs 2650/sh (Positive)

HSBC on Asian Paints: Maintain Buy on Company, raise target price at Rs 4020/sh (Positive)

HSBC on DMart: Maintain Buy on Company, raise target price at Rs 4630/sh (Positive)

HSBC on Berger Paints: Maintain Buy on Company, raise target price at Rs 660/sh (Positive)

HSBC on Kalyani Jewel: Maintain Buy on Company, raise target price at Rs 390/sh (Positive)

HSBC on Sobha: Maintain Buy on Company, raise target price at Rs 1240/sh (Positive)

HSBC on Prestige: Maintain Buy on Company, raise target price at Rs 1270/sh (Positive)

HSBC on DLF: Maintain Hold on Company, raise target price at Rs 740/sh (Positive)

HSBC on Godrej Prop: Maintain Hold on Company, raise target price at Rs 2040/sh (Positive)

HSBC on Oberoi Real: Maintain Reduce on Company, raise target price at Rs 1310/sh (Positive)

UBS on Amber: Initiate Buy on Company, target price at Rs 4075/sh (Positive)

UBS on Dixon: Initiate Buy on Company, target price at Rs 7700/sh (Positive)

Sparc on Arvind: Initiate Buy on Company, target price at Rs 352/sh (Positive)

HSBC on Nestle: Downgrade to Hold on Company, raise target price at Rs 25200/sh (Neutral)

MS on Bharti Airtel: Maintain Equal weight on Company, target price at Rs 1015/sh (Neutral)

Buzzing Stocks: SBI, Adani Enterprises, Hero MotoCorp, Ather Ind, Religare Enterprises, Jayswal Neco, BHEL, Texmaco Rail, Jupiter Wagons, Jindal Saw, Genus Power, Infibeam Avenues, Exide Industries, M&M Finance, Sterling & Wilson, PB Infotech, Syrma SGS, Aditya BIrla Capital, J&K Bank, Ami Organics

Adani Enterprises has announced a fresh investment of around Rs 8,000 crore in Bihar, as a part of the over Rs 50,500-crore investment proposals envisaged under various memorandums of understandings (MoUs) signed during the two-day Bihar Business Connect summit in Patna.

The summit also saw the State Government signing MoUs with Bharat Petroleum for an investment of over Rs 7,000 crore, with Patel Agri for investment of over Rs 5,200 crore, with Holtech International for investment of over Rs 2,200 crore, and with Indo European Heart Hospitals & Research Institute for over Rs 2,000, among others. As many as 300 companies signed MoUs.

Kotak Strategic Situations India Fund II (KSSF II) on Thursday said that it has led the ₹3,200 crore investment in Jayaswal Neco Industries Limited (JNIL) in the form of non-convertible debentures (NCDs).

This Alternate Investment Fund, which is managed by Kotak Alternate Asset Managers Limited (KAAML), has invested ₹ 1,500 crore in JNIL, thus helping the company refinance its existing debt of ₹3,200 crore. The other investors in this financing transaction include Global Pension Funds.

Happy Forgings has a fixed price band of ₹808 to ₹850 per equity share for its proposed initial public offering, which opens for subscription on Tuesday.

Investors can bid for a minimum of 17 equity shares and in multiples of 17 equity shares thereafter.

The public issue comprises a fresh issuance of equity shares up to ₹400 crore and an offer for sale of up to 7,159,920 equity shares.

The bull run in the equity market is backed by a strong expectation of earnings growth and is not led by euphoria like in the previous rally witnessed in 2000 or 2008, said Nilesh Shah, Managing Director, Kotak Mahindra Asset Management Company.

The risk premium on investment in India is much lower compared to other emerging markets such as Russia, China, Brazil, and South Korea. India is one country where foreign portfolio investors have managed to move out $35 billion without any restriction, he said.

The tractor industry reported a 6 per cent increase in domestic sales year-on-year in November. However, volumes fell 38 per cent cent when compared to October.

Total domestic tractor sales stood at 72,266 units in November this year, when compared to 67,940 units in November 2022 and 118,232 units in October 2023, according to the data provided by the Tractor & Mechanisation Association (TMA).

Credo Brands Marketing has fixed the price band at ₹266 to ₹280 per equity share for its initial public offer. The IPO will open on December 19 for subscriptions and close on December 21.

Investors can bid for a minimum of 53 equity shares and in multiples of 53 equity shares thereafter. The offer of a face value of ₹2 per equity share is entirely an offer for sale up to 1,96,34,960 equity shares.

The government’s net direct tax collection rose over 23 per during the first eight months of the current fiscal, Finance Ministry said on Thursday. With this, over 56 per cent of the budget estimate has been achieved. Officials say if the present trend continues, collection at the end of the fiscal year will exceed the budget estimate.

Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT).

Shree Cement, the second-largest cement-maker in India, on Thursday commissioned a new klin at its integrated production facility in Nawalgarh, Rajasthan. The plant, set up at ₹3,500 crore can produce 3.5 million tonnes of cement per annum. In a statement to the bourses, Shree Cement said, the klin has a rated capacity of 11,500 tonnes per day.

Prices of pulses are likely to witness a softening trend in the new year with harvest of key varieties such as tur and urad and the imports including the yellow peas set to boost the domestic supplies. This is even as the chana crop for 2023-24 rabi season may see a decline of 10-15 per cent over the previous year’s output mainly on drop in acreage, according to the trade.

The stalemate over Punit Goenka’s appointment as the CEO of the proposed Zee-Sony merged entity continues with both sides unwilling to relent. While Goenka has made it clear that the merger can through only with him leading the company, Sony is pushing Goenka to take on a non-executive role. 

Sources said talks between the two media enterprises have hit a wall ahead of the December 21 deadline for the merger to be completed.

Federal Bank is eyeing to be among the top five private sector lenders in the country and the bank is making right steps towards achieving this goal, its Managing Director and CEO Shyam Srinivasan said on Thursday.

The short-term outlook for Indus Towers is bullish. The stock had surged about 7 per cent on Thursday. This has taken the share price well above ₹197, a key resistance. The region is between ₹197 and ₹195. Intermediate dips are likely to see fresh buyers coming into the market in the above-mentioned support zone. 

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

The India Shelter Home Loans (ISHL) IPO, which is open from December 13–15, comes at a time when both Nifty and Nifty Bank are at a lifetime high. We list five relevant things about the home finance issue. The NBFC is promoted by PE investors WestBridge Crossover (20.3 per cent stake post-issue), Aravali Investment (26.6 per cent) and Anil Mehta (1.5 per cent). 

Current: 0.3% 

Expected: -0.1% 

Previous: -0.1% 

U.S. Unemployment Claims 

Current: 202K 

Expected: 219K 

Previous: 220K 

(DATA ARE BETTER THAN ESTIMATES)

Fii: + Rs 3570 cr

Dii: + Rs 553 cr

Cyient DLM Ltd: Anthony Montalbano, CFO

Our Outlook Is Similar To Industry Growth Levels Of 30-50%: Cyient DLM

https://www.youtube.com/watch?v=hAYQeK93LBo

Gulf Oil India : Ravi Chawla, MD

Expect Industry Growth At 2-3% This Year, Company Will Continue To Gain Market Share: Gulf Oil

https://www.youtube.com/watch?v=R77EctqoPws

Inox India Ltd: Siddharth Jain, Promoter & Non Executive

Currently Have 3 Operating Facilities, Will Start Our 4th Facility: INOX India

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

NLC Nalco India : Prasanna Motupalli, CMD

Renewable Capacity Needs To Be Doubled By 2030 On A Global Scale: NLC India

https://www.youtube.com/watch?v=ebHL5bbiLtM

PG Electroplast: Vikas Gupta, ED MD

Room AC Biz Can Generate ?1,500 Cr Revenue In FY25: PG Electroplast

https://www.youtube.com/watch?v=A8W9tX5ea7U

Symphony: Nrupesh Shah, ED-Corporate Affairs

Fund Infusion In Symphony AU To Be Used For Debt Repayment & Working Capital: Symphony

https://www.youtube.com/watch?v=tKU9gGBgPRU

TTK Prestige: TT Jagannathan, MD

Will Grow In Double Digits In The Second Half Of This Year: TTK Prestige

https://www.youtube.com/watch?v=bAq3ywQ7s8I

DOMS Industries: Santosh Rasiklal Raveshia, MD

Total Capex Close To ?450 Cr, Will Focus On Domestic Market To Drive Sales: Doms Industries

https://www.youtube.com/watch?v=m7GoMENvSr0

Fedbank: Anil Kothuri, MD CEO

Small Mortgage Business Will Continue To See Growth Momentum: Fedbank Financial Services

https://www.youtube.com/watch?v=7-SqIKOSNyY

Inox India Ltd: Siddharth Jain, Promoter & Non Executive

INOX India IPO: Price Band Fixed At ?627-660

https://www.youtube.com/watch?v=zpLBRu1FIxw

Events today…

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

Results today…

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Replays available at www.researchbytes.com

Asian shares surged as investors interpreted the Federal Reserve’s signals as the strongest indication yet of an approaching shift towards rate cuts. 

Japanese stocks initiated the day with gains, drawing confidence from the upward momentum on Wall Street.

The Nikkei 225 index rose by 1.07%, equivalent to 351.32 points, reaching 33,037.57 in early trading, while the broader Topix index increased by 0.54% or 12.65 points, hitting 2,334. South Korea’s Kospi climbed by 1.02%, or 26.04 points, trading at 2,570.22, and Australia’s S&P ASX200 index surged by 0.89% or 65.60 points, reaching 7,443.50.

Earlier on Thursday, U.S. stocks closed higher, marking a second consecutive record high for the Dow Jones Industrial Average. The boost came from positive expectations of reduced borrowing rates next year, spurred by the Federal Reserve’s more dovish stance. The day’s indexes closed as follows: S&P 500 up by 0.26%, Nasdaq by 0.19%, and Dow by 0.43%.