Share Market Highlights 18 April 2024: Sensex falls 330 pts, Nifty at 22,000; media, metal stocks shine, FMCG, healthcare drag

Equity benchmark indices Sensex and Nifty faced heavy volatility on Thursday and ended lower, taking their losing streak to the fourth straight session, dragged by bank stocks and foreign fund outflows.

Container Corporation of India Ltd (CONCOR) has signed a memorandum of understanding (MoU) with PSA MESA Supply Chain Pte. Ltd. (PSA MESA) to offer end-to-end logistics services.

ICICI Lombard General Insurance Company Ltd reported Q4 Combined Ratio at 102.2% vs 104.2%, Net profit up 19% at Rs 520 cr vs Rs 437 cr (YoY). Shares up by 3.78% to Rs 1711.48 on the BSE.

Vodafone Idea’s shares were up by 2.01% to Rs 13.18 on the BSE. India’s largest follow-on public offer opens today with price bank Rs 10-11.

JSW Energy Ltd.’s shares were up by 4.51% to Rs 628.50 on the BSE. Arbitral Tribunal allows claim to recover Rs 120 cr from Tamil Nadu Generation and Distribution Corporation

Power Grid Ltd.’s shares were up by 2.06% to Rs 280 on the BSE. The company was declared as the successful bidder to establish inter-state transmission system in Gujarat and Rajasthan.

Sunteck Realty Ltd.’s shares were up by 2.85% to Rs 439.70 on the BSE. The company reported 20% annual growth in sales bookings

Brigade Enterprises Ltd.’s shares were up by 4.29% to Rs 1037.40 on the BSE. The company reported a 46% annual increase in its sales bookings.

​TARC Ltd​’s shares were up by 5% to Rs 160.70 on the BSE. The company’s FY24 pre-sales at Rs 1,612 crore, up 200% year-on-year.

Kamat Hotels Ltd’s shares were up by 2.96% to ₹299 on the BSE after the company announced launch of IRA by Orchid hotels in Ayodhya to expand presence in Uttar Pradesh

A total of 3,914 stocks were actively traded, 1,847 advanced, while 1,936 declined and 131 stocks remained unchanged where 206 stocks hit a 52 week high and 10 stocks hit a 52 week low at 3.11 pm on Thursday on BSE.

Major gainers on the NSE at 3 pm include- Bharti Airtel (4.07%), Power Grid corporation (2.11%), Bajaj Auto (1.13%), Hindalco industries (0.50%), Ltimindtree (0.48%)

Major losers include- Apollo hospitals enterprise (-4.13%), Nestle India (-3.81%), Titan company (-3.55%), Oil and natural gas corporation (-3.32%), Coal India (-3.29%)

The BSE Sensex fell 511.82 points or 0.70% to 72,431.86 and the NSE Nifty declined 175.35 or 0.79% to 21,972.55.

Talbros Automotive Components Ltd (TACL) stock surged after its joint venture company secured an order from a European OEM.

The stock has hit the upper circuit on the NSE trading at ₹294.60, higher by 4.99 per cent.

The company’s joint venture, Marelli Talbros Chassis Systems Pvt Ltd (MTCS), bagged the multi-year contract valued at ₹1,000 crore to be executed in eight years commencing from Q4 FY25.

Nestlé India on Thursday said that its products manufactured in India are in “full compliance” with codex standards as well as local specifications with regard to the requirements of all nutrients including added sugars.

The Indian subsidiary of the Swiss packaged unit’s statement comes in reaction to a report by Swiss investigative organisation, Public Eye, which has alleged that Nestle’s baby-food products sold under brands Cerelac and Nido, in low-and-middle income countries, including India, contain high levels of “added sugar”. It added that in developed markets like Germany, U.K. and Switzerland such products do not have any “added sugar”

“We would like to assure you that our Infant Cereal products, are manufactured to ensure the appropriate delivery of nutritional requirements such as Protein, Carbohydrates, Vitamins, Minerals, Iron etc. for early childhood. We never compromise and will never compromise on the nutritional quality of our products. We constantly leverage our extensive Global Research and Development network to enhance the nutritional profile of our products,” Nestle India said in a fresh statement on Thursday

Muthoot Finance Limited’s Finance Committee approved updating the existing US$ 2 billion Global Medium Term Note Programme. The company also approved the Offering Circular and other Transaction Documents for the programme, with proposed notes to be listed on NSE IFSC Limited. The shares were up by 2.06% to Rs 1667.50 on the BSE.

Aluminium futures on the Multi Commodity Exchange (MCX) have been on a rally since early March. It rebounded on the back of the support at ₹200.

Oil and gas exploration and production (E&P) major ONGC has awarded a Front End Engineering Design (FEED) and project management consultancy (PMC) contract to a consortium of Nauvata Energy Transition Enterprise and PERC Engineering.

Power transmission is key to India’s energy transition and global new energy cost leadership ambitions. India’s large, highly integrated grid enables the utilisation of least-cost renewable generation sites, and by keeping the central grid access free, the government is assisting the viability of renewable projects via indirect financial support worth US$270bn. Creating surplus transmission infrastructure and keeping it free for renewables makes economic sense, in our view, as the gains from transition should more than offset the incremental network cost. In line with

this, we estimate India’s power transmission capex requirement at $500bn+ by FY50E, c.30% of the overall energy transition capital outlay.

We initiate on Power Grid (PGRD.BO) at Buy (12-m TP of Rs355; 29% upside). We view Power Grid as the largest beneficiary of our transition-linked grid capex estimate, which think the stock is not fully pricing in. Additionally, with Power Grid’s large balance sheet, low cost of debt and strong annual FCF generation, we estimate it could fund c.30% of India’s grid capex by FY32E without reducing dividend payouts. We also think a cost of equity reduction led by beta compression could be another catalyst for stock re-rating.

We initiate on Hitachi Energy India (HITN.BO) at Buy (Rs8,250; 9% upside). We like its positioning as a pure upstream manufacturing beneficiary of India’s energy transition, with tech leadership in high voltage equipment and highly indigenized manufacturing capabilities. It should also benefit from tailwinds of: grid digitalization, global transmission equipment shortage, global supply chain diversification theme.

We initiate on Schneider Electric Infra (SEIN.BO) at Sell (Rs470; 41% downside). While we see Schneider as a potential beneficiary of the expected rise in distribution capex, increase in energy efficiency-linked spend and broader digitalisation and global supply chain diversification trends, risk-reward appears unfavorable post a 375% rally in the share price over the last 12 months. Shares appear to be pricing in c.8% terminal growth beyond the 18% core earnings CAGR we expect in FY23-40E.

Key risks: Delayed/slower-than-expected pick-up in transmission project awards, rise in competitive intensity/cost of debt hampering TBCB project IRRs and shortage of transmission equipment hampering project execution.

BSE Sensex was trading at 73,400.23, higher by 456.55 pts, or 0.63 per cent, as of 12.43 p.m., and NSE Nifty50 was at 22,313.70, up 165.80 pts or 0.75 per cent.

All sectoral indices, except healthcare and FMCG, gained on the NSE. Nifty metal, media, realty, and PSU bank stocks rose over 1 per cent.

Power Mech Projects Limited secured orders worth Rs 232.03 crore from BHEL and other clients for various projects, including structural steel erection works at JSOL Angul and civil and architectural works at Yadadri TPS Unit 4&5. The shares were up by 1.35% to Rs 5093.45 on the BSE.

Tara Chand InfraLogistic Solutions Limited received appreciation letter from MG Contractors Private Limited for execution of piling works at Packages 1B and 1C of MAHSR (Bullet Train) Project in Gujarat, valued at Rs 9.25 crore. The shares were up by 0.57% to Rs 315 on the NSE.

Retain REDUCE; FV Rs1,550

ICICI Lombard has fared well due to a combination of a better pricing environment and better risk management. While near-term profitability improvement may be visible, we expect growth aggression to keep medium-term profitability rangebound. However, the motor sector has fewer moats, and hence the performance of even the best-performing player is not insulated when industry aggression increases; rich valuations encourage competition. 

While its premium valuations reflect superior performance, the scarcity premium (if any) may be at risk from listing of motor insurance peer. We are revising up our estimates by 3-4%, retain REDUCE with revised FV of Rs 1,550 from Rs 1,475.

Star Housing Finance Limited secured a Rs 25 crore term loan from LIC Housing Finance Ltd to bolster rural housing finance operations for EWS/LIG home buyers. The funding aims to facilitate credit access for prospective home buyers in its operational areas. The shares were down by 0.52% to Rs 52.10 on the BSE.

Moneyboxx Finance Limited’s AUM crosses Rs 720 crore in FY24, aiming to double to Rs 1,400 crore by FY25. The company informed, with a focus on empowering micro-entrepreneurs, the NBFC plans to expand its presence and enter south India. The company raised $9 million in funding to support its growth. The shares were up by 3.08% to Rs 276.05 on the BSE.

Bharti Airtel Ltd’s shares were up by 5.18% to Rs 1279.45 on the BSE. The company celebrated 7.9 million 5G customers in Andhra Pradesh, covering all districts and villages. - write some headlines within 10 words. 

A total of 3,807 stocks were actively traded, 2,579 advanced, while 1,102 declined and 126 stocks remained unchanged where 183 stocks hit a 52 week high and 6 stocks hit a 52 week low at 12.20 pm on Thursday on BSE.

Major gainers: Bharti Airtel (4.60%), Power Grid corporation (3.72%), Mahindra and Mahindra (2.40%), Hindalco industries (2.28%), Bharat petroleum corporation (2.26%)

Major losers:Nestle India (-3.42%), Apollo hospitals enterprise (-1.39%), Axis Bank (-1.26%), HCL Technologies (-0.53%), Titan (-0.39%)

Capacite Infraprojects Limited secured orders worth ₹549 crore from Macrotech Developers Ltd. (Lodha Group) and Raymond Limited (Realty Division), Mumbai. The orders include a luxury residential project in Worli and additional building work in Thane. The shares were up by 3.29% to Rs 313.75 on the BSE.

OMCs: Earnings volatility a risk; but attractively placed 

HPCL, BPCL, and IOCL have corrected 9-18% since mid-Feb as the gross marketing margins on petrol/diesel have declined to an average of INR2.3/INR0.2 per lit in Apr’24 from an average of INR8.0/INR3.4 per lit in 4QFY24.

The current weakness in marketing margins is largely attributable to geopolitical headwinds, ongoing refining capacity maintenance (which has kept diesel GRM high),

and elevated freight rates for oil/product transportation. As such, we expect marketing margins to normalize at higher levels from 2QFY25 onwards as the impact of these events subsides.

HPCL, BPCL, and IOCL are currently trading at FY26E P/B of 1.1x, 1.4x, and 1.2x vs. Oct’23 valuations of 0.8x, 1.0x, and 0.7x, respectively. However, marketing margins were significantly weaker at INR2/-7 per lit for MS/HSD in Oct’23.

“We initiate coverage on four life insurers, viz., Life Insurance Corporation of India (LICI), SBI Life Insurance Company (SBILIFE), ICICI Prudential Life Insurance (IPRU) and HDFC Life Insurance (HDFCLIFE), with a positive stance. Our favourable view stems from continued under-coverage of mortality risk (just 22% pure risk cover-compared to 100%+ for emerging Asian peers), lack of a national social security system (NPS AUM of INR 11trln, has grown at 37% CAGR, waiting to be annuitised) and an established sales machinery that commands 18% wallet share of household financial savings. The industry is expected to report a sub-par growth of c.8% in individual premiums for FY24, against 12% CAGR over FY13-FY23. This was on the back of pre-buying in traditional products in Mar’23, following introduction of tax on non-mortality returns. We build in growth of 12.1%/13.2% over FY25e/FY26e, with private insurers outperforming LIC. We expect VNB margins to be flattish in FY24e – at 21.5%, 10 bps below FY23. Although LIC’s margins expanded on the back of 50% YoY growth in the non-par business, private insurers under coverage have seen margins contract from 29.7% in FY23 to 27.3% in 9MFY24 – due to higher share of low-margin ULIPs, and increased opex. 

We build expansion in margins to 23.9% by FY26e, led by LIC (c.3%), with IPRU Life and HDFC Life expecting 1-2% margin expansion and SBI Life’s margins seen flattish over FY24-FY26.HDFC Life, having already weathered headwinds from competition in the parent channel, Exide Life acquisition and taxation of higher ticket policies, is our top pick in the sector. With its strong product proposition and enhanced distribution strength of parent banca and agency, we have the greatest comfort in its growth delivery, with margin expansion expected from FY26 onwards. We see 35% upside from current levels for our TP of INR 819.LIC is the joker in the pack, with its embedded value highly sensitive to equity markets. While the company will deliver returns of EV below our hurdle rate, valuation below 0.8x its embedded value looks unjustified. We expect the insurer to report substantial EV growth for FY24, and volume growth through a long runway in the non-par business. We are structurally positive on SBI Life and ICICI Prudential, as they have strong brand recall and exclusive channels to bring in growth with consistent margins. We expect them to compound at high-teens over FY24-FY26, in-line with returns on embedded value.”

DroneAcharya Aerial Innovations Ltd has inked an agreement with CBAI Technologies Pvt Ltd for the procurement of 200 type certified training drones over a span of three years.

DroneAcharya stock surged by 5.90 per cent on the BSE to trade at ₹174 as of 11.17 a.m.

South Indian Bank has signed an MoU (Memorandum of Understanding) with Ashok Leyland Limited for financing their dealers under the Bank’s dealer finance program. Under this partnership, the bank will provide unmatched dealer finance options to the dealers of Ashok Leyland Limited.

With this tie-up, South Indian Bank aims to help the dealer partners of Ashok Leyland Limited, streamline vehicle inventory funding. This arrangement is mutually beneficial for the vehicle manufacturer, their dealers, and for South Indian Bank.

Bharti Airtel, Dialog Axiata PLC (Dialog) and Axiata Group Berhad (Axiata) have signed an agreement to combine their operations in Sri Lanka. Under the agreement, Dialog will acquire 100 per cent shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.355 per cent of the total issued shares of Dialog by way of a share swap.

Bharti Airtel stock rose 1.24 per cent to trade at ₹1,231.50 as of 11.02 a.m.

Hindustan Zinc Limited, a Vedanta group company, achieved the status of the world’s 3rd largest silver producer, according to the World Silver Survey 2024. 

The company’s Sindesar Khurd Mine has also risen to become the world’s 2nd largest silver-producing mine, certified with 99.99% pure silver by LBMA. 

The shares were up by 3.06% to ₹414.80 on the BSE.

Bank Nifty April futures began today’s session higher at 47,750 against yesterday’s close of 47,661. It is now trading around 47,825, up 0.3 per cent.

Yesterday, Bank Nifty futures rebounded on the back of the 50-day moving average support at 47,500. But the contract is now facing a hurdle at 47,850.

The April futures of Nifty 50 opened today’s session higher at 22,230 compared to yesterday’s close of 22,200. It softened after a gap-up open and is now trading around yesterday’s closing level.

The contract has a strong support at 22,200. If there is a bounce off this level, Nifty futures can rally to 22,350, a resistance. Subsequent resistance is at 22,500.

Jyoti Structures Ltd announced the commissioning of 765 KV transmission line from Khavda to Bhuj, valued at Rs 382.14 crore, including GST. The project involved complex engineering, route optimization, and construction of five different types of towers in high wind zones. The shares were up by 3.73% to Rs 23.11 on the BSE.

BGR Energy Systems Limited disclosed the invocation and encashment of Bank Guarantees by Odisha Power Generation Corporation Limited (OPGCL) and Neyveli Uttar Pradesh Power Ltd. (NUPPL) for contracts related to power projects, amounting to Rs 383.66 crore and Rs 490.68 crore respectively. The shares were down by 1.98% to Rs 38.54 on the BSE.

Ramkrishna Forgings Ltd secured approval to supply power train components to USA’s Electric Passenger Vehicle producer. The shares were up by 4.68% to Rs 758 on the BSE.

Antony Waste Handling Cell Ltd reported a 17% YoY increase in primary core revenues for Q4 FY24. The Waste to Energy plant in Pimpri achieved a Plant Load Factor (PLF) of 71%. The company managed 1.14 million tonnes of waste in the quarter, showing a growth of 9% compared to the previous year. Additionally, the company signed a MoU for the absorption of two subsidiaries into its material subsidiary to rationalize its organizational framework. The shares were up by 3.57% to Rs 523.15 on the BSE.

Bharti Airtel, Dialog, and Axiata Group have signed a definitive agreement to merge operations in Sri Lanka. Under this agreement, Dialog will acquire 100% of Airtel Lanka’s shares, with Bharati Airtel receiving ordinary voting shares amounting to 10.355% of Dialog’s total issued shares. The company said, the merger aims to enhance customer experience, improve shareholder returns, and achieve operational efficiencies. Shares were up by 0.29% to Rs 1220.20 on the BSE.

Rajoo Engineers Ltd’s shares were up by 2.61% to Rs 230 on the BSE. The company reported Q4 FY24 revenue of Rs 52.68 crore, with a YoY growth of 38.45% in EBIDTA, reaching Rs 8.96 crore, and a PAT of Rs 7.08 crore, showing a 31.35% YoY increase.

Marksans Pharma Ltd received 5 inspectional observations from USFDA following a cGMP inspection at its Verna facility in Goa, conducted from April 9 to 17, 2024, with no data integrity issues noted. The shares were down by 0.06% to Rs 176.40 on the BSE.

DroneAcharya Aerial Innovations Ltd partners with CBAI Technologies Private Limited to procure 200 Type Certified training drones over three years, aiming to advance drone education and skill development in India. The shares were up by 5.45% to Rs 173.23 on the BSE.

Sterling Tools Ltd has signed a memorandum of understanding (MoU) with South Korea’s Yongin Electronics Co. Ltd., a supplier of components to Hyundai Kia Motor Group.

According to the company’s statement, the agreement is expected to generate ₹250 crore in business over the next five years.

Shilpa Medicare Ltd’s marketing partner, Amneal Pharmaceuticals, launched PEMRYDI RTU (Pemetrexed injection) in the US market, granted permanent J-code for reimbursement. PEMRYDI RTU offers convenience and efficiency for non-small cell lung cancer and mesothelioma treatment, with plans to introduce additional vial sizes soon, targeting a market with U.S. annual sales of $287 million for pemetrexed. The shares were up by 0.79% to Rs 536.20 on the BSE.

Endurance Technologies Ltd approved capacity addition for aluminium die casting and machining of automotive components, with new machines to be installed at existing facilities in Chakan, Pune. The capacity addition, aimed at producing machined clutch and transmission housings for 4-wheelers, is expected to be completed in stages from October 2024 to June 2025, requiring an investment of approximately Rs. 631 million funded through internal accruals, driven by new customer orders. The shares were up by 0.81% to Rs 1893.85 on the BSE.

Angel One stock rose 2.38 per cent on the NSE to trade at ₹2,919.95 as of 9.46 am after announcing its consolidated financial results for the quarter and full year ended March 2024.

NATCO Pharma Ltd faced a legal challenge from Fresenius Kabi USA and Fresenius Kabi Deutschland regarding the marketing of Dash Pharmaceuticals Diazepam Injection prefilled syringe in the United States. The shares were up by 2.11% to Rs 1007.50 on the BSE.

DreamFolks and RedBeryl formed a partnership to offer ultra-luxury experiences, providing access to sporting events, premium hotels, Michelin star restaurants, private jets, and wellness solutions worldwide. The collaboration is to enhance DreamFolks’ customer value proposition for banks, card networks, and enterprises, offering co-branded cards as gateways to unmatched luxury and exclusivity. The shares were up by 1.78% to Rs 526 on the BSE.

Talbros Automotive Components Ltd’s, JV, Marelli Talbros Chassis Systems, secured Rs 1,000 crore multi-year contract from European OEM for supply of Suspension Arms for ICE and EV platforms in EMEA and NAFTA regions, to be executed over 8 years starting Q4FY25. Production will be at MTCS’s Pune plant with a planned Rs. 65 crore capex in FY25, funded through internal accruals and debt. The shares surged 4.99% to Rs 293.50 on the BSE.

Issue Open - 30-April-24

Issue Close - 14-May-24 

Right issue Size: Rs. 1271.83 Crs (4.24 Crs Shares)

Stock Price – 421.70/-

Right issue Price: Rs. 300/-

Payment Terms: Rs. 300/- (Full amount of Rs. 300 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 1 Rights Equity Share for every 9 shares held (Effectively 0.11 for every 1 share held).

Last Trade date (Cum Right): 22 April 2024

Ex-Right Trading date: 23 April 2024

Record Date: 23 April 2024

Right Entitlement (RE) Trading Period:- Not Yet Announced

Last day of Renunciation of Rights Entitlements: Not Yet Announced

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

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

Effective Discount Per share – Rs. 12.17

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

Issue Open - 02-April-24

Issue Close - 18-April-24 (Today)

Right issue Size: Rs. 49.90 Crs (3.33 Crs Shares)

Stock Price – 19.66/-

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: 1 Rights Equity Share for every 31 shares held (Effectively 0.03 for every 1 share held).

Last Trade date (Cum Right): 19 March 2024

Ex-Right Trading date: 20 March 2024

Record Date: 20 March 2024

Right Entitlement (RE) Trading Period:- 02-April-2024 to 12-April-2024

Last day of Renunciation of Rights Entitlements: 12-April-2024

Date of Allotment (on or about): 26-April-2024

Date of listing (on or about): 07-May-2024

Nifty took support at its 50 DEMA on Tuesday. Expects positive on mid-cap and small cap stocks. ICICI Lombard announced impressive Q4 results. Vodafone FPO worth Rs18000cr – between Rs10-11Resilts today till 22nd April. Infosys, Bajaj Auto, HDFC Life, ICICI Securities. NSE to stop issuing new futures and options contract for Zee Entertainment from June 28. IMF Raises India’s FY25 GDP Growth forecast to 6.8% from 6.5%.

Market Outlook Today – Positive opening in the Asian markets, modest gain US Index Future, sharp decline oil price to $88/bbl from $91/bbl, hope of reduce geo-political tension in the gulf region, IMF raised India’s growth forecast by 30bps to 6.8% and technically Nifty took support at its 50 DEMA, may open domestic equity on a positive note. US market slipped up to 1% on Wednesday and fell third trading sessions. Hawkish remarks by US Fed Chairman on Tuesday, rising US 10-Year Bond Yield to Month high (4.60%), slowing China economy growth (lower than expected China GDP and IIP number) and concern of geo-political tension in the gulf region and mixed bag of US corporate results, pulled down US market. US Fed Chairman Powell signaled Tuesday that policymakers will wait longer than previously anticipated to cut interest rates following a series of surprisingly high inflation readings. Gift Nifty is up 40 points or 0.2%. Previous day, domestic equities ended Month low amid weak global cues, rising geo-political tension and uncertainty about the US cut interest rate pulled down the market. However, small cap and mid cap stocks posted solid gain. Hope of good quarterly results, IMD forecast above normal monsoon and falling oil price will be positive for the market sentiment. However, global market volatility, geo-political tension in the gulf region and ahead of domestic quarterly results may keep the market higher intra-day volatility. Traders buy on decline strategy and expect positive for metal, NBFC, auto and IT stocks.

Gold – Gold price decline from record high on account of profit booking and expectation of reduce geo-political tension in the gulf region. Gold decline marginally to $2371/ounce

Oil Price Update – Brent Crude decline 3% to below $89/bbl due to rising US oil inventory and traders bet that the White House’s opposition to an Israeli counterattack against Iran would help to de-escalate a standoff that has rattled global markets

NIFTY-50 OUTLOOK

NIFTY-50 has closed below the 20 day average and at 2 weeks low, we expect some bounce back from current levels with key resistances at 22,500 followed by 22,650 levels. 

A doji candle near the bottom end of the range suggests a reversal and crossover of 22,300 will witness positive momentum in broader markets.

RSI and other technical indicators are trending below the averages line and there could be some bout of bounce from current levels. 

Highest call OI has moved lower to 22,500 strike while on the downside the highest put OI is at 22,000 for the weekly expiry. 

NIFTY Pivot Levels:

NIFTY (Spot): 22148

SUPPORT 1: 22080

SUPPORT 2: 22013

RESISTANCE 1: 22215

RESISTANCE 2: 22281

Conditions Apply

BANK NIFTY OUTLOOK

BANK NIFTY led some recovery in the last one hour of range from its key support levels and weekly expiry crossover of 47,400 levels. 

The hourly average support is placed at 47,400 and we expect some strong momentum up on crossover of 47,800 levels.

RSI and other key technical indicators have witnessed some bounce and we could expect breakout on the higher side. 

Bank Nifty highest call OI has moved lower to 48,000 levels while on the downside put OI is at 47,500 levels for the weekly expiry.

BANK NIFTY (Spot): 47485

SUPPORT 1: 47331

SUPPORT 2: 47178

RESISTANCE 1: 47624

RESISTANCE 2: 47763

Conditions Apply

The weakness that has emerged on Wall Street as crude prices tumbled partly reflects ongoing concerns about the outlook for interest rates following yesterday’s remarks by Federal Reserve Chair Jerome Powell. In Asia, markets were mixed on Thursday, with some modest gains. Meanwhile, the dollar paused and bond markets stabilized as investors took a step back to assess the interest rate outlook. The Indian market may open on a cautious note on Thursday after Wall Street stocks extended their losing streak to the longest since January amid heightened tensions in the Middle East and renewed uncertainty around rate cuts. However, any potential downside may be limited as the focus shifts to the Q4 earnings season.

The 50 index witnessed a consecutive gap-down opening, tracking weak global cues. The index opened 124 points lower and breached the 50DMA. It traded in a volatile manner, however, failed to reclaim the intraday high of 22213 and closed in the middle quartile of trading range on below average volume. The index is anticipated to attract bullish strength on reclaiming the average line currently trading at 22162.

Sup: 22079-22000-21950

Res: 22160-22213-22260

Domestic benchmark indices opened marginally higher on Thursday. BSE Sensex traded at 73,204.65, up by 260.97 pts or 0.36 per cent as of 9.38 am, and Nifty 50 traded at 22,230.70, up 82.80 pts or 0.37 per cent.

Ramco Systems stock rallied 8.23 per cent to trade at ₹416.95 as of 9.42 am. The stock also hit a 52-week high at ₹421.70.

Just Dial stock has hit a 52-week high at ₹985.90 on the NSE, and trades at ₹965.60, higher by 8.36 per cent as of 9.48 after announcing its financial results for the quarter and year ended March 2024.

The rupee rebounded from its all-time low levels and appreciated 12 paise to 83.49 against the US dollar in early trade on Thursday, supported by a firm trend in domestic equities and tracking gains in Asian currencies.

Forex traders said the local unit gained ground as the American currency retreated from its elevated levels.

TechNVision Ventures Ltd’s Emagia launches GiaPay, an AI-powered B2B customer payments platform, it offers a unified payment connector, payments orchestration, and secure authentication services. It integrates with ERPs like SAP, Oracle, and NetSuite, and is used by over 1 million buyers, including leading payment services like Visa, Mastercard, and American Express. The shares were up by 2% to ₹1888.10 on the BSE.

Jubilant Pharmova Ltd’s subsidiary, Jubilant Cadista Pharmaceuticals Inc., USA, closed its dosage formulation facility in Salisbury, Maryland, USA, due to pricing pressure in the US generics market. Additionally, Jubilant Generics Limited expects increased exports from its Roorkee facility to the US market following a status change by USFDA to VAI and is focusing on new product launches and cost reduction strategies. The shares were up by 1.62% to ₹682.50 at 10 am on the BSE.

A total of 3,090 stocks were actively traded, 2,295 advanced, while 684 declined and 111 stocks remained unchanged where 111 stocks hit a 52 week high and 3 stocks hit a 52 week low at 9.45 am on Thursday on BSE.

BSE Sensex rose 0.35% or 226 points to 73,163 while NSE Nifty was at 22,228 up by 0.37% or 81 points.

Oncologist turned entrepreneur Dr BS Ajaikumar, co-founder and CEO of (HCG), has announced the launch of a healthcare fund worth $20 million.

The healthcare-focused private equity-style fund, called Inviga Healthcare Fund, is aimed at supporting growth-stage healthcare companies.

Its share price rose 0.97% on the BSE to ₹368.55. 

Major gainers on the NSE at 9.34 am include - Power Grid corporation (3.79%), Bharat petroleum corporation (3.44%), HDFC life insurance company (2.80%), Adani ports and special economic zone (1.82%), Tata consumer products (1.52%)

Top losers include- HCl technologies (-1.20%), Nestle India (-0.93%), Axis Bank (-0.84%), Apollo hospitals enterprise -(0.70%), Tech Mahindra (-0.66%)

The ₹18,000-crore further public offer (FPO) of Vodafone Idea opens today for public subscription The FPO will close on April 22. The price band has been set at ₹10-11. This is the largest-ever fund raising through FPO in India so far.

11:00 AM Angel One

Dial: +91 22 6280 1539

Weblink: https://tinyurl.com/2dpnsa5y

11:30 AM Rajoo Engineers

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/59k6jwm7

(Hosted by Adfactors)

12:00 PM ATAM VALVES

Dial: +91 22 6280 1239

Weblink: https://tinyurl.com/yc4t784p

2:30 PM Tata Comm

Weblink: https://tinyurl.com/4pveujwa

3:45 PM HDFC life Insur

Dial: +91 22 6280 1406

Weblink: https://tinyurl.com/yc7ew6zf

6:00 PM Just Dial

Weblink: https://tinyurl.com/5dc6tws6

6:00 PM Infosys

(Press Release )

Dial: +91 22 6280 1168

Weblink: https://tinyurl.com/5n8rn4tb

6:30 PM Bajaj Auto

Dial: +91 22 6280 1510

Weblink: https://tinyurl.com/n9e3zbtt

ICICI LOMBARD: Strong show; better guidance for combined ratio

(ICICIGI IN, Mkt Cap USD9.7b, CMP INR1649, TP INR2100, 27% Upside, Buy)

Motilal Oswal

- ICICI Lombard’s (ICICIGI) NEP came in line with our estimate at INR44b (up 17% YoY) in 4QFY24. Total investment income was in line with our expectations (3% beat on policyholders account and 5% miss on shareholders account).

- The claims ratio came in at 68.6% vs. 70.0% 3QFY24 (our est. 70.9%). The combined ratio stood at 102.2% vs. 103.6% in 3QFY24 (our est. ~104.3).

- PAT grew 19% YoY to INR5.2b in 4Q, beating our estimate by 17%. For FY24, PAT came in at INR19.2b vs. INR16b in FY23 (20% growth YoY).

- The company has improved its combined ratio guidance to 101.5% as the exit rate for FY25 vs. 102 earlier.

- Management is upbeat about continued gains in market share in the motor segment and retail health segment. With favourable regulatory moves industry trends would be supportive. With FY24-26 PAT CAGR at 25%, RoE reaching 20% in FY26 and combined ratio expected to improve to 101.5% in FY26, we maintain BUY with a target of INR2,100 (35x FY26 EPS).

“We highlight bottoming-out of the small car segment with narrowing decline, as affordability catches up amid steep regulation-led price hikes largely behind. SUV shift/share has stabilized in the past 3 quarters at 52-54% levels in PVs, even as underlying trends continue to deteriorate; we highlight new demand/bookings to have dipped in FY24 vs reported 9% wholesale growth

We maintain our cautious stance on PVs on slowing demand-trends (lack of major new launches, normalized channel inventory, declining order book) and increasing disruptive risks (entry of global EV players like Tesla). We retain REDUCE ratings on MSIL, TTMT, and Uno Minda, and ADD rating on M&M (potential upturn in tractors, reasonable valuation). We prefer to play the PV story through MSUMI (BUY rating), given its bottom-up growth & margin triggers backed by secular premiumization/EV tailwinds.”

Jubilant Pharmova: U.S. FDA intimates inspection classification as ‘Voluntary Action Indicated’ for unit’s Roorkee manufacturing facility. 

Kamat Hotels: Company announced launch of IRA by Orchid hotels in Ayodhya to expand presence in Uttar Pradesh. 

TARC: Company’s FY24 pre-sales at Rs 1,612 crore, up 200% year-on-year. 

Brigade Enterprises: Company reports a 46% annual increase in its sales bookings. 

Sunteck Realty: Company reports 20% annual growth in sales bookings.

Shilpa Med: Ages, Austria Issues GMP Certification for Shilpa Medicare’s Unit 4, Jadcherla, Telangana 

Power Grid: Company has been declared as the successful bidder to establish inter-state transmission system in Gujarat and Rajasthan. 

Infosys: Company partners Belgium’s Proximus on Service Now platform 

Jindal Stainless: Company announces collaboration with global climate action body Science-Based Targets 

Kirloskar Ferrous: Company resumes operations at blast furnace at Karnataka plant effective April 15 

JSW Energy: Arbitral Tribunal allows claim to recover Rs 120 cr from Tamil Nadu Generation and Distribution Corporation (TANGEDCO). 

Biocon: Company signs licensing & supply agreement with Brazil-based Biomm for commercialisation of Semaglutide 

Hindustan Aeronautics: Company request for proposal (RFP) has been issued in April 2024 for 97 Tejas Fighter Jets 

Drone Destination: Company announces mega pan India expansion. 

Piramal Pharma: USFDA issues EIR for company’s Riverview manufacturing facility. 

State Bank: Fitch affirms SBI at ‘BBB-’; outlook Stable. 

Canara Bank: Fitch affirms SBI at ‘BBB-’; outlook Stable. 

Power Grid: Company approves raising up to Rs 12,000 crore via bonds in FY25. 

IIFL Finance: Board approves rights issue offer price of Rs 300 per share. 

Vodafone Idea: India’s largest follow-on public offer opens today with price bank Rs 10-11. 

Reliance Industries: Company offered U.S. oil to other buyers in Asia last week. 

HDFC Bank: Board likely to consider annual renewal of issuance of long-term bonds via private placement mode 

Paytm: Company clarifies license status, says no notice on investment in payments arm. Paytm gets NPCI nod to migrate users to new PSP bank handles.

ZEE: Company withdraws from NCLT application to merge operations with Sony.

Vedanta: Company gets GST Penalty order of ₹27.97 crore for a period FY 2018-19 to FY 2020-21. 

ICICI Lombard: Q4 Combined Ratio at 102.2% vs 104.2%, Net profit up 19% at Rs 520 cr vs Rs 437 cr (YoY) 

Elin Electronics: Company appoints Praveen Tandon as CEO of the co w.e.f. April 17, 2024 

Tata Consumer: Company acquires 8.3 crore shares representing 99.99% stake of Organic India from Fabindia

Apollo Tyres: Company receives tax demand and penalty of Rs 2.06 crore from GST authority in Tamil Nadu.

Hathway Cable: The Net profit at Rs 35 cr vs loss of Rs 14.6 cr, Revenue up 7.3% at Rs 493.4 cr vs Rs 460 cr (YoY). 

Ambuja Cement: Adani Family Completes Ambuja Cement Warrant Subscription Infuses INR 20,000 Cr to increase stake to 70.3% 

Zee Entertainment: Board approves new streamlined organisation structure proposed by MD, CEO 

ABFRL: Company gets GST demand orders worth Rs 4.55 crore from Andhra Pradesh Tax Authority

Tata Communications: Cons revenue at Rs 5,691.7 cr vs Rs 5,633.3 cr QoQ

JK Paper: Step down subsidiary invested Rs 60 cr in Bengal & Assam company by way of purchase from open market, out of its surplus funds.

KIMS: Hospital chain KIMS subsidiary gets income tax demand of ₹306.97 crore

“The Iran-Israel tension in West Asia continues to weigh on stock markets globally. Until this uncertainty is out of the way, markets are unlikely to take a strong directional up move. The hope is that the feared Israeli response will not lead to an escalated regional conflict. This is reflected in the 3% drop in crude price during the last two trading sessions.

Meanwhile the market is coming to terms with ‘higher-for-longer interest rate’ in the US since inflation continues to be sticky at lower levels. It seems that the market is reconciled to 2 rate cuts this year, that too backloaded.

Since the US 10-year bond yield is hovering around 4.57%, more FII selling is likely, putting pressure on large-caps. This will provide opportunities to investors to slowly accumulate high quality largecaps where the margin of safety is high. In the near-term, however, heightened activity is likely in mid and smallcaps, particularly in stocks where floating stocks are low. This is a risky area.”

Nomura on Larsen: Maintain Buy on Company, raise target price at Rs 4230/sh from Rs 4000/Sh (Positive) 

Nomura on Cummins: Maintain Neutral on Company, raise target price at Rs 3400/sh from Rs 2510/Sh (Positive) 

HSBC on ICICI Lombard: Maintain Buy on Company, target price at Rs 1990/sh (Positive) 

Investec on ICICI Lombard: Maintain Buy on Company, target price at Rs 1950/sh (Positive) MS on ICICI Lombard: Maintain Overweight on Company, target price at Rs 1850/sh (Positive) 

IIFL on Vodafone Idea: Upgrade to Add on Company, raise target price at Rs 14/sh (Positive) 

IIFL on Indus Tower: Upgrade to Buy on Company, raise target price at Rs 379/sh (Positive) 

IIFL on Bharti Airtel: Maintain Buy on Company, raise target price at Rs 1379/sh (Positive) 

Citi on HDFC Life: Upgrade to Buy on Company, target price at Rs 720/sh (Positive) 

Bernstein on Maruti: Maintain Buy on Company, raise target price at Rs 14400/sh (Positive) 

Nomura on ABB: Downgrade to Neutral on Company, raise target price at Rs 6660/sh from Rs 5740/Sh (Neutral) 

CLSA on ICICI Lombard: Downgrade to Underperform on Company, target price at Rs 1760/Sh (Neutral) 

CLSA on HDFC Bank: Maintain Outperform on Bank, target price at Rs 1650/sh (Neutral) 

Macquarie on LTI Mindtree: Maintain Outperform on Company, cut target price at Rs 6270/sh (Neutral) 

MS on ONGC: Maintain Overweight on Company, target price at Rs 304/sh (Neutral)

Pulsar International Ltd.

Stock split ₹10 to ₹1

Previous day closing price – ₹92.8

Ex-stock Split 19 April 2024 -- Tomorrow

Last day trade for before split -- Today

Ex Bonus 19 April 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Naapbooks Ltd

Bonus issue 2:1

Previous day Closing Price – ₹274.95

Shukra Pharmaceuticals Ltd

Bonus issue 3:1

Previous day Closing Price – ₹325.85

Aditya Birla Fashion & Retail: Company gets GST demand orders worth ₹4.55 crore from Andhra Pradesh tax authority

JK Paper: Step down subsidiary invested ₹60 crore in Bengal & Assam company by way of purchase from open market, out of its surplus funds.

Apollo Tyres: Company receives tax demand and penalty of ₹2.06 crore from GST authority in Tamil Nadu.

Premier Energies Photovoltaic Private Limited, a wholly owned subsidiary of Hyderabad based Premier Energies Limited (PEL) has secured a 140 megawatt (MW) Solar PV Modules supply export order from Amara Raja Infra Private Ltd for an EPC project in Bangladesh. The supply is expected to be completed by April 2025.

Zee Entertainment Enterprises Ltd has streamlined organisational structure with its MD and CEO Punit Goenka assuming direct charge of critical verticals, including domestic broadcast business. Under the new organisational structure approved by its board, ZEE Entertainment Enterprises Ltd (ZEEL) will have four key business segments—broadcast, digital, movies and music. Meanwhile, NSE has excluded the stock from derivative contracts with effect from June 28.

Revenue-based finance platform Klub has tied up with U Gro Capital, which will help Indian small businesses get up to ₹150 crore in loans. The two partners will extend credit to support digital SMEs across different growth stages and offer debt financing of up to ₹30 crore in a single tranche through Klub’s platform, as per a statement.

ICICI Lombard General Insurance Co Ltd has posted a 19 per cent increase in its March quarter net profit to ₹520 crore against ₹437 crore in the year-ago period. For FY24, the company reported an 11 per cent growth in the profit after tax at ₹1,919 crore against ₹1,729 crore in the year-ago period.

Biotechnology firm Biocon has tied up with Brazil-based Biomm SA for the commercialisation of its diabetes drug in the Latin American nation. Under the terms of the agreement, Biocon will undertake the development, manufacturing and supply of Semaglutide (gOzempic), and Biomm will be responsible for obtaining regulatory approval and commercialisation in the Brazilian market. Biomm focuses on developing, manufacturing and commercialising complex biotech and biosimilar drug products at its production facility in Nova Lima.

Tata Communications’ consolidated profit declined marginally to ₹321.55 crore in the fourth quarter ended on March 31, 2024, against ₹326.64 crore in the same period a year ago. The consolidated revenue of Tata Communications during the reported quarter increased by 24.5 per cent to ₹5,691.7 crore (₹4,568.66 crore). For the year ended on March 31, 2024, net profit declined to ₹969.58 crore from ₹1,800.87 crore against FY23.

Adanis infused an additional ₹8,339 crore in Ambuja Cements, raising its stake in the company to 70.3 per cent, to help the cement maker’s manufacturing capacity. The family had invested ₹5,000 crore in the company on October 18, 2022, and ₹6,661 crore on March 28. With the latest investment, it has completed ₹20,000 crore planned infusion, the company said in a statement. The latest infusion raises the Adani family’s stake in Ambuja Cement by 3.6 percentage points to 70.3 per cent.

JSW Energy said that Arbitral Tribunal has allowed Ind-Barath Energy (Utkal) Limited, its subsidiary, to recover ₹120 crore from Tamil Nadu Generation and Distribution Corporation. The tribunal has allowed the claim of recovery with a 9 per cent interest and rejected TANGEDCO’s counterclaim of recovering ₹118 crore as penalty and ₹200 crore towards termination charges.

Jubilant Pharma on Wednesday said the US health regulator has decided that the inspection classification of its subsidiary’s Roorkee-based plant is voluntary action indicated (VAI). Jubilant Pharmova, a wholly owned subsidiary of the company, has received a communication from the US Food and Drug Administration (USFDA) that the facility has been classified as VAI pursuant to inspection from January 25 to February 2, 2024. As per the USFDA, a VAI inspection classification indicates that although investigators found and documented objectionable conditions during the inspection, FDA will not take or recommend regulatory or enforcement action because the objectionable conditions do not meet the threshold for action at this time.

The board of Power Grid Corporation of India has approved a proposal to raise up to ₹12,000 through the issuance of bonds in one or more tranches in 2024-25.

The board of PC Jeweller has approved a proposal to raise ₹2,000 crore through rights issues and preferential allotment of fully convertible warrants. Of that, ₹1,500 crore would be by way of rights issue.

The board of IIFL Finance has approved raising up to ₹1,271.83 crore from a rights issue at a price of ₹300 per share. The record date is fixed as April 23. Rights equity share for every 9 fully paid-up equity shares held by the eligible equity shareholders of the company, as on the record date, it said, application by existing shareholders can be made between April 30 and May 14.

The US drug regulator USFDA has issued establishment inspection report (EIR) for Riverview manufacturing facility of Piramal Pharma. The inspection took place on February 7 and has now concluded.

Domestic stock broking major Angel One has reported one per cent rise in its revenue at ₹1,357.20 crore in the March quarter. Its net profit rose 27 per cent at ₹340 crore.

Shilpa Medicare has said that Unit-4 in Jadcherla, Telangana, was inspected by the Austrian regulators and issued a GMP certification. The unit is engaged in the manufacturing, testing and distribution of sterile injections and non-sterile tablets and capsule finished dosage forms in the US, Europe and rest of world markets.

Krishna Institute of Medical Sciences Ltd (KIMS) has said its subsidiary SPANV Medisearch Lifesciences Private Ltd has received a demand notice under Section 156 of the Income Tax Act, 1961, for a sum of ₹306.97 crore.

One 97 Communications Limited (OCL) that owns the brand Paytm has received go ahead from the National Payment Corporation of India (NPCI) to start the user migration to new payment system provider (PSP) bank handles immediately. 

Following NPCI’s approval on March 14, 2024, to onboard OCL as a third-party application provider (TPAP) on the multi payment service provider API Model, Paytm has expedited the integration with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank. 

All four banks are now operational on the TPAP, streamlining the process for Paytm to shift user accounts to these PSP banks. The company has started transitioning ‘@paytm’ handles users to these banks, ensuring seamless UPI payments.

* BALRAMPUR

* BANDHANBK

* GNFC 

* HINDCOPPER 

* IDEA 

* METROPOLIS 

* NALCO 

* PEL

* SAIL 

* ZEEL

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18:00 US Unemployment Claims (Expected: 215k versus Previous: 211k)

18:00 US Philly Fed Manufacturing Index (Expected: 1.5 versus Previous: 3.2)

18.45 US FOMC Member Bowman Speaks

19.30 US Existing Home Sales (Expected: 4.20M versus Previous: 4.38M)

Recent Interview

Bank of Baroda: Madan Sabnavis, Chief Economist

If Crude Goes To $100/bbl Due To Escalation Of Conflict, Could See More Impact On WPI Inflation: BoB

https://www.youtube.com/watch?v=UzhTzLsT3tc

GTPL Hathway: Piyush Pankaj, Chief Strategy Officer

Plan To Increase Prices In Some Of The Strategic Markets: GTPL Hathway

https://www.youtube.com/watch?v=5WTl966QujI

IIFL Securities: Balaji Subramanian, VP

Significant Tariff Hikes Need To Happen For Telecom Cos In The Next 2-3 Years: IIFL Securities

https://www.youtube.com/watch?v=5KF0cXzf2mY

NTPC: Rajiv Gupta, CEO

NTPC’s Renewable Business & What Will Be Their Green Capacity In 3 Years?

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

Senco Gold Limited: Suvankar Sen, CEO

Senco Gold Q4 Results: What’s Their Strategy To Counter Competitions Like AB Group

https://www.youtube.com/watch?v=tmUCJT-MIp0

Aster DM Health: Nitish Shetty, CEO

Co Is Growing At 25% CAGR & Hoping To Grow At 15% CAGR In Next 3-5 Years: Aster DM

https://www.youtube.com/watch?v=rOCNscOyR5c

Anand Rathi Wealth: Feroze Azeez, CEO

Met The Higher, Revised Revenue Guidance Of ?225 Cr: Anand Rathi Wealth

https://www.youtube.com/watch?v=WgxFiN757gM

Anand Rathi Wealth: Rakesh Rawal, CEO

Anand Rathi Shows Weak Q4, Why?

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

Godrej Agrovet : Nadir Godrej, Chairman

Godrej Agrovet: Impact Of Palm Oil Price Surge | Nadir Godrej Discusses

https://www.youtube.com/watch?v=NSdBfynryJ0

Vodafone Idea: Akshaya Moondra, CEO

Vodafone Idea FPO: CEO Says ‘Will Roll Out 5G Services After FPO Funding’

https://www.youtube.com/watch?v=6tcKRnTVoQw

Events today

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

Results today

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

Turnover: (NSE + BSE)

Cash Volume: 95437.38 + 6288.42 Total : 101725.8

F&O Volume: 644855.22 + 193701.44 Total : 838556.66

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -4468.09 

(10208.87 - 14676.96) 

DII: NET BUY: +2040.38 

(13537.42 - 11497.04)

The short-term outlook is positive for Bharat Dynamics. The stock had surged 4.8 per cent on Tuesday when the broader markets fell.

This rise has taken the share price well above the intermediate resistance level of ₹1,800. Prior to this rise, the stock had formed a good base between ₹1,700 and ₹1,800. Support will now be in the ₹1,800-₹1,780 region.

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

Tokyo stocks opened lower on Thursday after US semiconductor shares dropped overnight while investors kept their eyes on the Middle East, per a report by AFP.

The benchmark Nikkei 225 index dropped 0.61 percent, or 230.45 points, to 37,731.35 in early trade, while the broader Topix index lost 0.23 percent, or 6.17 points, to 2,656.98.

US and Japanese tech shares have come under pressure after Dutch tech giant ASML issued a disappointing earnings report, it added.