Share Markets Highlights November 21, 2024: Adani Group stocks nosedive; Sensex, Nifty trade lower as volatility persists

Adani Enterprises (-23.44%) 

Adani Energy Solutions (-20%) 

Adani Green Energy (-18.95%) 

Adani Ports & SEZ (-13.23%) 

Ambuja Cement (-12.66%) 

Adani Total Gas (-10.38%) 

Adani Power (-9.62%) 

Adani Wilmar (-10%) 

ACC (-7.99%) 

NDTV (0.18%) 

(NSE data)

Top gainers:

Power Grid (3.25%), Ultratech (1.70%), Hindalco (1.20%), Apollo hospitals (0.88%), Grasim (0.88%)

Top losers:

Adani Enterprises (-23.44%), Adani Ports (-13.23%), SBI Life (-3.15%), SBI (-2.75%), NTPC (-2.51%)

Adani Energy Solutions (-20%) 

Adani Enterprises (-21.09%) 

Adani Green Energy (-17.24%) 

Adani Ports & SEZ (-12.55%) 

Adani Total Gas (-10.58%) 

Adani Power (-9.05%) 

Adani Wilmar (-10%) 

Ambuja Cement (-10.54%) 

ACC (-6.76%) 

NDTV (-3.48%) 

(NSE data as at 2.58 pm)

TVS Motor Company today launched a new 2.2 kWh battery variant of its iQube electric scooter in Nepal, expanding the model’s range to three variants across six colors. The new variant aims to make electric vehicles more accessible by reducing ownership costs and offering improved features. 

The shares of TVS Motor Company Limited were trading at ₹2,392.80 down by ₹36.45 or 1.50 per cent on the NSE today at 2.51 pm. 

Read full report here

Zinc futures broke out of a key resistance at ₹275 towards the end of September. However, post the breakout, the price did not rise much. It did not fall either. The price was largely moving in a range and the contract is yet to set a direction.

Read the full report here

The move to upper-mid and high-income groups

One of the biggest changes happening in India is that more and more households are moving into the upper-middle and high-income groups. This is happening because of steady economic growth, more job opportunities, and improvements in various sectors.

As more people earn higher incomes, they have more money to spend. This doesn’t just mean buying food or clothes, but also spending on things like luxury products, better housing, travel, and services. This is creating a huge demand for a wide range of goods and services across different sectors.

More disposable income, better living standards

With rising incomes, people have more disposable income. This has led to a change in spending habits. Consumers are buying not just essentials but also products and services that improve their quality of life. This includes things like smart gadgets, better homes, entertainment, dining out, fitness, and travel.

Jungle Camps India Limited receives in-principle approval from BSE SME exchange; plans to raise around Rs. 30 crores.

● The company is in the process of filing RHP with RoC & BSE SME with updated information; all set to be listed on the platform very soon

● IPO comprises a fresh issue of 40,86,400 equity shares with a face value of Rs. 10 each

● The Delhi-headquartered company offers exceptionally curated wildlife hospitality experiences to travel enthusiasts in its award-winning properties located at Pench Tiger Reserve, Kanha Tiger Reserve and Rukhad Buffer Zone of Pench Tiger Reserve in Madhya Pradesh and Tadoba Tiger Reserve in Maharashtra

● JCIL intends to utilise Rs. 7 crore of the net IPO proceeds to develop a new project at Sanjay Dubri National Park, Rs. 3.5 crore to renovate the existing resort at Pench National Park, both in Madhya Pradesh, and to invest Rs. 11.5 crore in its subsidiary company – Madhuvan Hospitality Private Limited, to develop a hotel at Mathura in Uttar Pradesh and for general corporate purposes

● Jungle Camps India Limited posted a total revenue of Rs. 18.10 crore with a profit of Rs. 3.59 crore in FY2023-24, compared to a total revenue of Rs. 11.24 crore and a profit of Rs. 45 Lakhs in FY23, registering a healthy growth of 61% in revenue and almost eight-fold rise in profit

● Khambatta Securities Limited is the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar to the offer

Adani Energy Solutions (-19.60%) 

Adani Enterprises (-19.05%) 

Adani Green Energy (-17.04%) 

Adani Ports & SEZ (-12.19%) 

Adani Total Gas (-9.68%) 

Adani Power (-7.44%) 

Adani Wilmar (-9.87%) 

Ambuja Cement (-9.68%) 

ACC (-6.72%) 

NDTV (-3.17%) 

(NSE data as at 2.18 pm)

“The recent SEBI measures enhance market stability and play a crucial role in safeguarding investor interests, ensuring a more resilient derivatives market. Limiting weekly expiries to a single index on NSE and BSE could encourage a shift in trading volumes towards GIFT City, which still offers a wider range of weekly options. From an FPI perspective, this creates an attractive opportunity for those seeking flexibility in trading strategies. 

While NSE remains dominant, averaging 10.8 billion equity derivatives contracts monthly in FY 2024, GIFT City, although growing, represents less than 1% of NSE’s volume with around 2 million contracts traded monthly. However, the transition will largely depend on how well GIFT City can build its liquidity and market depth to support this shift.”

Bharat Parentalerals Limited’s (BPL) subsidiary, lnnoxel Lifescience, is out-licensing one of its complex particulate injectable molecules to a leading generic pharmaceutical multinational corporation (MNC)

Stock trades flat on the BSE at ₹1,504.90

NTPC Green Energy IPO booked 0.86 times as at 2.09 pm on November 21, 2024. QIB portion has been subscribed 0.74 times, NII 0.28 times, retail 2.16 times, employee portion 0.34 times, and reservation portion shareholder 0.91 times.

The issue closes tomorrow.

The Adani Group and its executives face serious allegations under U.S. laws, including bribery and fraud tied to securing energy contracts. These charges, under the Foreign Corrupt Practices Act (FCPA), claim that Adani executives promised $250 million in bribes to Indian officials. The market reaction has been severe, with Adani stocks plummeting 10-20%, erasing over ₹2 lakh crore from its market capitalization, and its dollar-denominated bonds seeing sharp declines.

Adani’s Response and Withdrawal of Bond Issuance In light of the allegations, Adani Enterprises has withdrawn a proposal to issue U.S. dollar denominated bonds. This move reflects immediate financial repercussions, as the group faces growing challenges in accessing global capital markets amid heightened scrutiny. Such withdrawals indicate a defensive posture as the group focuses on mitigating damage .

Potential Settlement Path:

U.S. laws allow for settlements in bribery cases, often through Deferred Prosecution Agreements (DPAs) or Non-Prosecution Agreements (NPAs). Companies can resolve charges by paying fines, admitting certain wrongdoing, and improving compliance practices. Notable precedents, like Siemens ($800 million) and Ericsson ($1 billion), suggest Adani may pursue a settlement to cap reputational and financial losses.

Settlements typically involve:

* Substantial monetary penalties.

* Enhanced compliance measures and independent monitoring.

* Limited future restrictions, such as reduced access to U.S. funding.

Broader Implications:

1. For Adani Group: Settling could stabilize investor sentiment but may still impose significant financial and reputational costs. Future capital-raising efforts, especially internationally, could remain challenging.

2. For India: The case highlights governance concerns in large conglomerates but also offers an opportunity to reinforce regulatory oversight. Prompt resolution might reassure investors about India’s commitment to addressing corporate malpractices. Adani’s initial defensive stance is likely a strategy to assess the strength of evidence while preparing for negotiations. A settlement, while costly, could provide a pragmatic path forward if the charges hold strong.

Bitcoin topped $97,000 for the first time as the digital-asset sector moves to cement its influence with Donald Trump by pushing for a new White House post dedicated to cryptocurrency policy.

Trump’s team is holding discussions over whether to create such a role and the industry is pitching for the position to have direct access to the president-elect, who is now one of crypto’s biggest cheerleaders.

Adani Energy Solutions (-20%) 

Adani Enterprises (-18.80%)

Adani Green Energy (-17.54%) 

Adani Ports & SEZ (-12.38%) 

Adani Total Gas (-12.17%) 

Adani Power (-11.06%) 

Adani Wilmar (-10%) 

Ambuja Cement (-10.24%) 

ACC (-7.14%) 

NDTV (-7.90%)

Equity markets witnessed significant volatility in mid-day trading on Thursday, with the Sensex and Nifty experiencing notable declines driven by sharp sell-offs in specific stocks, particularly in the Adani group.

The Sensex, which opened at 77,711.11, was trading at 77,133.74 by 12.33 PM, down 444.64 points or 0.57 per cent. Similarly, the Nifty slipped to 23,345.60, registering a decline of 172.90 points or 0.74 per cent from its opening levels.

Revolt Motors, India’s leading electric motorcycle manufacturer, announced today a significant network expansion, bringing its total dealership count to 153 with 14 additional locations planned for November 2024.

The new dealerships will be established across multiple states, including Karnataka, Bihar, Punjab, Uttar Pradesh, Maharashtra, Tamil Nadu, Rajasthan, Telangana, Odisha, and others.

The shares of RattanIndia Enterprises Limited were trading at ₹61.80 down by ₹1.63 or 2.57 per cent on the NSE today at 11.43 am.

Nokia secured a multi-year, multi-billion-dollar extension contract with Bharti Airtel to provide 4G and 5G equipment across major cities and states in India. 

Bharti Airtel stock trades flat on the NSE at ₹1,512.20

Australia-listed shares of GQG Partners, which holds a combined stake of nearly 20% in four Adani firms, fell more than 19% after Gautam Adani was charged with bribery and fraud in New York. It was among the biggest losers by percentage on the benchmark index. - Reuters

NTPC Green Energy IPO has been subscribed 0.50 times or 50% as at 12.09 pm on November 21, 2024. 

The retail portion has been oversubscribed 2.01 times, NIIs booked 0.25 times, employee reserved 0.31 times, reservation portion shareholder 0.84 times, and QIBs 0.01 times. 

The issue closes tomorrow.

Top gainers on the NSE at 12 noon:

Power Grid (2.06%), Hindalco (1.74%), Axis Bank (1.27%), Tata Steel (1.14%), Grasim (0.96%)

Top losers:

Adani Enterprises (-19.59%), Adani Ports (-16.49%), SBI (-3.11%), SBI Life (-2.78%), Britannia (-2.38%)

Stocks advanced on BSE at 12 noon on November 21, 2024, were 1,106 against 2,703 stocks that declined, and 128 remained unchanged. Total stocks traded were 3,937. The number of stocks that recorded a 52-week high was 138, and those that hit a 52-week low was 156. A total of 227 stocks traded in the upper circuit, and 348 in the lower circuit.

Adani Green Energy (-17.48%)

Adani Enterprises (-20.50%)

Adani Energy Solutions (-20%)

Adani Ports & SEZ (-15.99%)

Adani Power (-11.29%)

Adani Total Gas (-13.36%)

Adani Wilmar (-10%)

Ambuja Cement (-10.79%)

ACC (-8.93%)

NDTV (-8.41%)

Gautam Adani Indictment Live

Finolex Industries Limited announced that its Board of Directors has approved the appointment of Mr. Saurabh Dhanorkar as Managing Director for a period of two years with effect from 21st November 2024.

Mr. Dhanorkar has been associated with the Company since 1983 in various roles and was Managing Director until 2012 when he retired. He is a qualified Chartered Accountant and has contributed significantly to the expansion of the Company from a Rs. 2 crore pipes manufacturing company to a multi-location petrochemicals and plastics processing giant. He retired as Managing Director in 2016 and has been associated with the Company as a Non-Executive Director for the past eight years.

Bank Nifty began today’s session flat at 50,625 versus previous session’s close of 50,626. The index is currently hovering around 50,030, down 1.1 per cent at the end of the first hour of trade.

10 out of 12 stocks in the index are in the red, a bearish signal. Kotak Mahindra Bank and Axis Bank, up 0.1 per cent each, are the two gainers. Bank of Baroda and Punjab National Bank, down 5.5 and 5.1 per cent, are the top gainers.

The Indian rupee weakened to its all-time low on Thursday, pressured by likely foreign outflows from local stocks and renewed strength in the dollar as investors tempered hopes of aggressive rate cuts by the U.S. Federal Reserve.

The rupee declined to a low of 84.4275 in early trading, eclipsing its previous all-time low of 84.42. It was quoted at 84.4175 as of 10:30 a.m. IST, nearly flat on the day.

“At the time of writing this piece, U.S. gold futures are trading around $2,660.00. This marks the fourth day and a one week high , when gold has recovered from near our support levels of around 2500 USD. The sudden spike of conflict in the Russia Ukraine is most likely behind this move. Ukraine fired a series of British Storm Shadow cruise missiles into Russia on Wednesday, marking the latest use of Western weapons on Russian targets, just a day after U.S. missiles were used. The United States also vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza, adding more uncertainty in that geography. Gold, which is considered a hedge against inflation, also will benefit from expectations that US President-elect Donald Trump’s proposed tariffs could spur inflationary. However , worries that Trump’s debt-funded tax cuts would lead to larger budget deficits remain supportive of elevated US Treasury bond yields which implies that Gold gains may be capped. From a technical perspective, a 50% retracement level of around $2,660 area may act as a resistance , above which Gold prices could sharply accelerate again. A break of 2550 USD levels on may lead to weakness as the $2,537 area is the near term swing low.”

“The indictment of Adani Group’s chairman and other senior officials on bribery charges is credit negative for the group’s companies. Our main focus when assessing Adani Group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices.”

Shares of Adani Group companies lost about $22 billion in market value in early trade on Thursday after U.S. prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani’s flagship company Adani Enterprises fell 10 per cent, while Adani Ports, Adani Total Gas , Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 8 per cent and 20 per cent.

Honasa Consumer strongly denies “recent misinformation being spread by All India Consumer Products Distributors Federation (AICPDF) around Honasa’s practices with its distributors and distribution transition”

Shares trade 1.51% lower on the NSE at ₹260.10

RateGain Travel Technologies Limited (RateGain) has introduced Demand Booster, an innovative end-to-end digital marketing solution designed to empower hoteliers to maximize direct bookings and improve return on ad spend (ROAS).

Shares down 1.04% on the NSE trading at ₹685.05

NTPC Green Energy IPO has been subscribed 0.42 times as at 10.27 am on November 21, 2024. Track the live subscription status of NTPC Green Energy IPO here.

Nifty 50, the benchmark index, opened today’s session lower at 23,488 versus previous close of 23,519. The index dropped further and is trading at 23,360, down 0.7 per cent by the end of the first hour of trade.

The advance/decline ratio of Nifty 50 stands at 12/38. Infosys, up 0.9 per cent, is the top gainer whereas Adani Enterprises, down 15 per cent, is the top gainer.

The Sensex opened slightly higher at 77,711.11 from its previous close of 77,578.38 but has dropped significantly, trading at 76,847.59 as of 9.40 AM, down by 730.79 points or 0.94 per cent. Similarly, the Nifty opened lower at 23,488.45 compared to its previous close of 23,518.50 and is currently at 23,275.30, losing 243.20 points or 1.03 per cent.

Foreign Institutional Investors (FIIs) continued their selling streak, offloading equities worth ₹3,411 crore on November 19, while Domestic Institutional Investors (DIIs) purchased equities worth ₹2,783.89 crore on the same day.

Jefferies on Indian Hotels

Buy, TP Raised to Rs 900

Mgmt stated strong goals on delivering consistent growth till FY30 

Delivery on past guidances gives us confidence on deliverability on new goals

Co Targets adding nearly 1 Hotel opening (avg) per week till FY30

MS on Indian Hotels

OW, TP Rs 759

Co aims for 2x FY24- 30 revenue growth, 20% ROCE & some marquee property additions

Expects RevPAR growth momentum of 8% to sustain driven by favorable demand-supply dynamics.

New businesses (Qmin, Ama and Ginger) to grow at 30% CAGR over F24-30

HSBC on UPL

Buy TP Rs 680

UPL appears closer to rights issue as Board announces offer terms; private equity investment in Advanta a pleasant surprise

Both events positive, likely aimed at debt reduction;

PE investment in Advanta also a valuation boost

MS on Chemicals

Q2 showcased lack of pricing & margins levers for incumbents in a qtr marked by another round of earnings cuts, guidance resets & ltd confidence for 2025

Earnings, while nearing a trough, are not fully derisked Prefer Deepak Nitrite

MS on Coforge

OW, TP Rs 8800

Asia Pacific Summit 2024 Feedback

Co expects to improve margins over the next 12-18 months with productivity benefits one of the key drivers for same

Management expects to take Cigniti margins to 18%+ by 4QF25.

MS on Trent

OW, TP Rs 8032

Asia Pacific Summit 2024 Feedback

Co’s self-imposed decision to have two markdown sales & write off all inventory in same year enables it to stay relevant to customer

New formats are like small startups

MS on TCS

Ow, TP Rs 4660

Asia Pacific Summit 2024 Feedback

Management indicated pockets of strength but still with caution at an overall level on demand environment

Co continues to aspire to an EBIT margin band of 26-28%

Adani Group stocks in focus: All Gautam-Adani-led stocks crash following bribery case

Adani Green Energy (-18.14%)

Adani Enterprises (-15%)

Adani Energy Solutions (-20%)

Adani Ports & SEZ (-10%)

Adani Power (-13.98%)

Adani Total Gas (-14.60%)

Adani Wilmar (-10%)

Ambuja Cement (-15.91%)

ACC (-11.93%)

NDTV (-9.22%)

Issue Open - 05-Dec-24

Issue Close - 17-Dec-24 

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

Stock Price – 546.85/-

Right issue Price: Rs. 360/-

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

First call: Rs. 270/-

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

Last Trade date (Cum Right): 25 Nov 2024

Ex-Right Trading date: 26 Nov 2024

Record Date: 26 Nov 2024

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

Last day of Renunciation of Rights Entitlements: Not Yet Announced

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

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

Effective Discount Per share – Rs. 20.76

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

Open Offer

Company: PSP Projects Ltd (PSPPROJECT)

Type of Offer: Acquisition

Acquirer: Adani Infra (India) Limited 

Issue of Public Announcement: 19-Nov-2024

Offer price Rs: 642.06

CMP: Rs 671.75

(%Prem.)/Disc.: (4.40)%

Offer Size : Rs 661.76 Cr

Proposed Acq. No. of shares: 1.03 cr

Proposed Acq. : 26%

Schedule of Activity: Not Yet Announced

Ex-Dividend 22 Nov 2024 (Tomorrow)

Last date for Cum-Dividend Today

Amrutanjan Health Care Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 720.9

Dhruv Consultancy Services Ltd 

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 119.5

FDC Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 487.9

Mawana Sugars Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 103.75

Nile Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 2075

Orient Technologies Ltd

Dividend Per Share Rs.1.8

Previous day Closing Price – Rs. 444.55

Panama Petrochem Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 309.6

Satia Industries Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 96

Steelcast Ltd. 

Dividend Per Share Rs.1.35

Previous day Closing Price – Rs. 749.85

Veedol Corporation Ltd 

Dividend Per Share Rs.20

Previous day Closing Price – Rs. 1754.65

Adani Green Energy statement: The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment. In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD denominated bond offerings.

Crude oil futures traded higher on Thursday morning following an increase in geopolitical risks. However, the rise in crude oil inventories in the US limited the gains. At 9.21 am on Thursday, January Brent oil futures were at $72.98, up by 0.23 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $68.94, up by 0.28 per cent. December crude oil futures were trading at ₹5837 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5828, up by 0.15 per cent, and January futures were trading at ₹5836 against the previous close of ₹5822, up by 0.24 per cent.

Perspective by Mr. Colin Shah, MD, Kama Jewelry, on correction in gold prices

“Gold prices are down over 6% from the peak in global markets and over 3.7% in domestic markets. This is a big buying opportunity, especially for jewelry buyers in India. We are amid a wedding season, and gold buying is central to wedding celebrations.

Gold prices are falling largely due to rising inflation in the US, which has dimmed hopes of a rate cut by the US Fed. Gold prices tend to rise in a low interest rate regime, but hopes of a rate cut are fading, and a rising US Dollar is keeping prices lower. The rising US Dollar makes buying gold more expensive, thereby impacting demand.

Gold prices are expected to trade at current levels in the short to medium term. Prices will eventually recover to their recent highs as the geopolitical situation takes center stage, and interest rates are softened by the US Fed and the RBI in the first half of CY25.”

Gold prices climbed for a third consecutive session to mark a one-week high, as investors sought refuge in the safe-haven metal amid mounting geopolitical unease fuelled by escalating Russia-Ukraine tensions. Bullions rebounded sharply from two-month lows this week, taking some relief from mild weakness in the dollar. Increased tensions between Russia and Ukraine were the biggest point of support for gold, as safe haven demand increased after Moscow lowered the threshold for nuclear retaliation over Ukrainian attacks. 

Move was in response to the U.S. reportedly authorizing the use of long-range missiles by Ukraine against Russia, which Moscow warned could mark a dire escalation in the conflict. Markets remained uncertain over just what a Donald Trump presidency will entail for the U.S. economy and interest rates, amid some doubts over whether the Federal Reserve will cut rates in December.Traders were seen pricing in a 61% chance for a 25 basis point cut, and a 39% chance rates will remain unchanged, CME Fedwatch showed. Focus today will be on US weekly jobless claims and comments from a few Fed officials.

Bernstein on PayTM: Maintain Outperform on Company, target price at Rs 1000/Sh (Positive)

Axis Cap on Indus Towers: Initiates Add on Company, target price at Rs 356/Sh (Positive)

GS on Eicher Motors: Maintain Buy on Company, raise target price at Rs 5900/Sh (Positive)

MS on Indian Hotels: Maintain Over on Company, target price at Rs 759/Sh (Positive)

Jefferies on Indian Hotels: Maintain Buy on Company, raise target price at Rs 900/Sh (Positive)

MS on PI Ind: Maintain Equal weight on Company, raise target price at Rs 4310/Sh (Positive)

Citi on India Strategy: Domestic flows continue to be robust, but sentiment may be tested if FII sell-off sustains. Upgrade Cement sector to overweight from Neutral (Positive)

JPMorgan on Steel: India’s coking coal imports & domestic coking coal production growth slowed down in H1FY25. Prefer JSW Steel and Tata Steel (Positive)

MS on Deepak NTR: Maintain Equal weight on Company, cut target price at Rs 3000/Sh (Neutral)

CLSA on Wipro: Maintain Outperform on Company, target price at Rs 606/Sh (Neutral)

Investec on Adani Energy: Initiate Buy on Company, target price at Rs 1352/Sh (Neutral)

GS on Vodafone Idea: Maintain Sell on Company, target price at Rs 2.4/Sh (Neutral)

BofA on Nykaa: Downgrade to Underperform on Company, cut target price at Rs 150/Sh (Negative)

According to Kotak Securities, investor should aware of ​six changes that will be applicable from today on Index derivatives​.

Interestingly, there is only one clause that goes live from today: “Increase in tail risk coverage on the day of options expiry,” said Ashish Nanda, President-Head Digital Business, Kotak Securities.

To curb the rise in speculative trading, SEBI had earlier announced major changes in trading in the F&O segment. One of the initiatives was increasing the lot sizes of index derivatives to a minimum of ₹15 lakh.

Benchmark indices are expected to open on positive note on Thursday amid mixed global cues. Analysts said exit polls are unlikely to influence the market movement today given the mixed signal. Focus will be on foreign portfolio investors’ behaviour and global markets. Cues from global markets are mixed with Nikkei and Hang Seng are down even as Kospi moved up.

Gift Nifty at 23,520 indicates a flat start for domestic markets; Nifty futures on Tuesday closed at 23,535. According to experts, slow down in economic activity and muted Q2 results are likely to keep market under pressure.

AWE Funds, an early growth venture equity fund investing in innovations that promote sustainability has onboarded Arun Seth, India’s prominent industry leader, to its Investment Committee. With a rich corporate career that brings the benefits of IT/Telecom to the real world businesses in energy, health, fintech, medtech, education, hospitality and more via a vibrant innovative entrepreneurial ecosystem and a focus on giving back to society, Arun Seth’s appointment brings immense expertise and insights to AWE Funds. With a fund size of $65 million, AWE Fund’s sectors of focus include Climate Tech, HealthTech, Fin-tech and Future of Work.

Arun Seth’s contributions to the business world are marked by over 17 years as the founding Managing Director and Chairman of British Telecom in India. His extensive corporate governance experience includes serving on the boards of prominent Indian and global enterprises, such as Dixon Technologies, Narayana Health, Jubilant Life Sciences, Tech Mahindra, and CyberMedia. In addition, he advises global companies including Nutanix USA, ThoughtSpot, InMobi, and C2FO, as well as health tech innovators like Healthifyme.

Beyond his corporate achievements, Arun Seth is celebrated for his commitment to social responsibility and entrepreneurial ecosystem development. He actively contributes to impactful organizations as a Chair and board member, including, Helpage India, and Nudge Foundation. He has also held esteemed roles on the Boards of Governors for IIM Lucknow and IIIT Delhi. An alumnus of IIT Kanpur and IIM Calcutta, Arun’s education and distinguished career underscore his passion for knowledge and innovation.

Fitch Ratings has published UK-based Vedanta Resources Limited’s (VRL) Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B-’. The Outlook is Positive. Fitch has also published VRL’s senior unsecured rating of ‘B-’, and a rating of ‘B-’ with a Recovery Rating of ‘RR4’ to the USD1,200 million proposed senior unsecured notes to be issued by VRL’s subsidiary, Vedanta Resources Finance II Plc, and unconditionally and irrevocably guaranteed by VRL

According to CareEdge Ratings, the annual renewable energy (RE) installations is likely to surpass 35 gigawatt over the next two years, primarily supported by a healthy pipeline of more than 100 gigawatt.

CareEdge Ratings says that the accelerated growth in the RE over last 12 months has been an outcome of growing ESG focus of corporates, buoyant investor interest, proactive policy support, and enhanced availability of financing avenues. Overall, India has installed 18.5 gigawatts of RE capacity in FY24, which is 21% higher than the capacity added in the previous fiscal.

Amid the rising demand, CareEdge Ratings believes that solar equipment sector will witness a CapEx of close to rupees one lakh crore, with an estimated debt funding of nearly rupees 70,000 crore over the next three to five years. It says that the upcoming capacity of 50 gigawatts for cells and 80 gigawatt for modules necessitates a CapEx of rupees 32,000 crore and rupees 12,000 crore, respectively, coupled with the cumulative capex of rupees 55,000 crore, envisioned for 40 gigawatt of wafer and nearly 25 gigawatt of polysilicon capacities awarded under PLI.

Unicommerce, one of India’s leading e-commerce enablement SaaS platforms, is powering SUGAR Cosmetics with its integrated technology stack to strengthen its e-commerce and retail operations.

The premium beauty & personal care brand has been leveraging Unicommerce’s technology, including its multi-channel order management and warehouse management systems, to streamline its e-commerce operations for over five years. With the recent addition of Unicommerce’s omnichannel retail management system, the brand will additionally power store fulfilment operations to serve its customers across digital and physical touchpoints.

According to recent trends by Unicommerce, the makeup products witnessed an order volume jump of over 100% during this year’s Diwali sales as compared to last year, indicating shoppers’ growing interest in such products.

With its wide range of makeup products, SUGAR continues to build a strong network of physical stores nationwide. Integrating all the stores and warehouses on Unicommerce’s centralised platform will allow the brand to offer ship-from-store service to its customers. It will also enable the brand to switch orders between its warehouses and stores, thereby exposing more inventory and a wider assortment, leading to faster service.

EcoRatings Fintech Solutions Pvt. Ltd, a subsidiary company of EcoRatings Software Solutions, gets SEBI license as a provider of environmental, social, and governance (ESG) ratings. With this license, EcoRatings will be able to provide ESG ratings to financial securities- both listed and about-to-be listed, as well as to the issuer companies.

ESG ratings enable investors to identify and mitigate potential risks linked to environmental, social, and governance factors, thereby reducing the likelihood of adverse impacts on their investments.

ESG ratings are essential for corporations, offering a range of strategic benefits. They enable access to green loans with lower interest rates, create competitive pricing advantages that drive revenue growth, and increase eligibility for government incentives focused on sustainability. Strong ESG ratings also enhance brand differentiation in a crowded marketplace and open opportunities to expand export share in key international markets such as the US and EU, where ESG performance plays a critical role in market access and growth.

Finolex Industries Limited announced that its Board of Directors has approved the appointment of Mr. Saurabh Dhanorkar as Managing Director for a period of two years with effect from 21st November 2024.

Mr. Dhanorkar has been associated with the Company since 1983 in various roles and was Managing Director until 2012 when he retired. He is a qualified Chartered Accountant and has contributed significantly to the expansion of the Company from a Rs. 2 crore pipes manufacturing company to a multi-location petrochemicals and plastics processing giant. He retired as Managing Director in 2016 and has been associated with the Company as a Non-Executive Director for the past eight years.

Executive Chairman, Mr. Prakash Chhabria, emphasized the importance of this leadership change, praising Mr. Dhanorkar’s vast experience in accounting, finance, commercial, strategy, marketing, and general management. He expressed confidence in Mr. Dhanorkar’s ability to lead Finolex into its next phase of growth and profitability, citing his client-centric approach, growth mindset, and commitment to the company’s values and looks forward to setting new benchmarks under his leadership.

Manoj Kumar Singh, Director General of the Digital Infrastructure Providers Association (DIPA), regarding the Supreme Court’s decision granting telecom firms the right to claim tax credits on infrastructure duties.

The Supreme Court’s landmark judgment allowing telecom companies to claim input tax credit on tower components and shelters marks a watershed moment for India’s digital infrastructure sector. This ruling also provides crucial financial relief to infrastructure providers who form the backbone of India’s digital revolution.

This decision reflects DIPA’s continuous representations in acknowledging telecom towers as essential plant and machinery, acknowledging their critical role in enabling digital connectivity. The judgment will significantly improve the financial health of infrastructure providers, enabling them to accelerate the deployment of digital infrastructure across India. This comes at a crucial time when our nation is rapidly advancing toward 5G expansion, digital transformation and the accelerated commercialization of the 6G stack.

The ruling will have far-reaching implications for the sector’s growth trajectory, delivering multiple transformative benefits to India’s digital infrastructure landscape. The judgment will release substantial working capital that can be strategically reinvested in infrastructure development, while simultaneously reducing the overall cost of service delivery across the sector. This financial flexibility will enable faster deployment of digital infrastructure in underserved areas, addressing critical connectivity gaps in rural and remote regions. Furthermore, the ruling strongly aligns with and supports the government’s Digital India initiatives and ambitious 5G rollout plans, providing the necessary financial framework to accelerate India’s digital transformation journey.

The ruling is expected to significantly benefit key players in the sector by allowing them to claim tax credits previously considered ineligible. DIPA has consistently advocated for this reform through constructive dialogue with various government stakeholders. The infrastructure provider industry has established a robust telecom infrastructure with more than 8.1 lakh towers nationwide, demonstrating our commitment to India’s digital future. This landmark decision will further strengthen our industry’s capability to meet the escalating demands of digital connectivity while catalyzing fresh investments in the sector, fostering innovation, and advancing the government’s vision of a digitally empowered India. We commend the Supreme Court for this forward-looking decision that strengthens the foundation of Digital India.

India | Strategy

JM Financial India Conference 2024 | India Rising – Resilience to Resurgence - Day 1

Day one of our flagship conference saw participation from 90+ companies – both in the listed and the unlisted space. The participation from institutional clients was also encouraging with 2,200+ scheduled meetings and attendance from 530+ clients. The companies that we hosted were spread across sectors like Banks, Asset Management Companies, Insurance, IT, Auto and ancillaries, Aviation, Consumer durables, FMCG, Retail, Telecom, Construction, Real Estate, Textile exporters, Power, Utilities, Chemicals, Logistics, Oil & Gas, Pharma & Healthcare. Discussions revolved around a wide range of aspects including the current demand scenario and how companies plan to manoeuvre through the challenges in the near term. Key takeaways from the companies that presented at the conference today are included in this note. The two-day conference will conclude on 21st Nov, when there is an equally strong line-up of companies scheduled to participate.

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

GRSE: Company signed a contract worth Rs 226.18 crore with West Bengal’s Transport Department for designing, building, and maintaining 13 hybrid electric ferries. (Positive) 

Tata Power: Company and Bhutan’s Druk green power corporation ltd forge partnership to develop 5,000 mw of clean energy projects in landmark regional collaboration (Positive) 

JSW Steel: Company declaration as a “preferred bidder” for CODLI mineral block-xii, Dharbandora, projected iron ore resources is 48.5 million Tonned (Positive) 

Aegis Logistics: Company arm Aegis Vopak Terminals has filed draft red herring prospectus (DRHP) for an IPO. (Positive) 

Rulka Electricals: Company received new orders totaling Rs 1.48 Cr Orders include electrical work in Maharashtra (Positive) 

Deccan gold mines: Drilling program of unit reveal new high-grade intersections, drilling results indicates potential to augment gold resources (Positive) 

Paytm: Users will be able to make UPI payments at select international locations. (Positive) 

Godrej Properties: Company acquires 53-acre of land in Joka, Kolkata, with an estimated revenue potential of nearly Rs 500 cr (Positive) 

Indus Tower: Supreme Court allows telecom companies to claim tax credits for towers, tower parts, shelters, and the likes. (Positive) 

Bharti Airtel: Company Secures Multi-Billion 5G Deal with Nokia (Positive) 

Tata Elxsi: Company, DENSO, and AAtek have opened a Robotics and Automation Innovation Lab in Frankfurt. (Positive) 

BEML: Company wins Rs 246. 8 Crores order for 48 BH60M Rear dump trucks from Central Coalfields (Positive) 

Zaggle Prepaid: Company has entered into an agreement with Strada India Pvt. Ltd. (Positive) 

KFBL: Company has received a bulk order to supply Alcomax of 100 MT per month for the coming six months amounting to Rs. 20-25 Crores. (Positive) 

RITES: Company signs MoU with Nise for assuring quality in green energy (Positive) 

JSW Holdings: Sajjan Jindal says targetting PO for JSW Cement by January 2025 (Positive) 

UPL: Company announced $350m investment in Advanta by Alpha Wave Global (Positive) 

GNFC: Company signs MoU with INEOS to build a new world scale acetic acid unit in India (Positive) 

Wipro: Company and Lineaje Collaborate to Boost Enterprise Software Supply Chain Security. (Positive) 

UPL: Company Alpha Wave Global announced the signing of agreements under which Alpha Wave Global will invest $350 million to acquire approximately 12.5% stake in Advanta Enterprises, a subsidiary of UPL (Positive) 

Tata Technologies: Company has today signed a MoA with Department of Industries & Commerce, Government of Tripura, for ITI Upgrade project for upgrading 19 ITI across Tripura. (Positive) 

Vakrangee: Company partners with Bangiya Gramin Vikash Bank to boost financial inclusion in rural West Bengal (Positive) 

EaseMy Trip: Company partners with BNZ Green to promote eco-friendly travel (Positive) 

TRENT: Siddhartha Yog buys a stake worth Rs 843.2 crore in Trent through an open market transaction. (Positive) 

PSP Projects: Adani Infrastructure makes open offer acquisition of 1 crore shares at Rs 642.06/share. (Positive) 

Winsol Engineers: Company received Rs 48 Cr worth of orders from Juniper Green Energy for supply and services related to a 220 KV transmission line project (Positive) 

Godfrey Phillips: Company declares interim dividend of ₹35 per share (Neutral) 

Adani Energy: Company has acquired 100% equity of Pune-III Transmission Ltd, including new transmission lines and substations. (Neutral) 

PNC Infratech: Company has received in-principle approval from the NHAI to transfer 100% stake in its subsidiary companies to Highways Infrastructure Trust. (Neutral) 

Coforge: Company has completed acquisition of 32.68% stake in Cigniti Technologies Limited (Neutral) 

Aditya Birla Capital: Company invests ₹100 crore in arm Aditya Birla Capital Digital on rights basis. (Neutral) 

GPIL: Company hasacquired a 51% stake in Jammu Pigments Limited for around Rs 500 Crores. (Neutral) 

M&M: Company clarifies report “M&M, Skoda-VW India JV talks hit speed bump”, Company, VW group continue to explore opportunities to expand collaboration (Neutral) 

Dr Reddys: India Ratings affirmed Company existing bank facilities rating at IND AA+/Stable and assigned IND AA+/Stable to additional limits totaling Rs 2200 cr. (Neutral) 

SBI: Bank’s Rs 10,000 crore, 15-year bond issue fully subscribed. (Neutral) 

NLC INDIA: Company to invest in unit NLC India renewables via subscribing equity shares; co to invest up to Rs 37.2 billion (Neutral) 

Mangalam Global: Company has successfully completed the purchase of key assets for its edible oil business, purchased assets at cost of Rs 108.7 million (Neutral) 

Happiest Minds: Company declared an interim dividend of Rs. 2.50 per share for FY24-25. (Neutral) 

Cupid Ltd: Company incorporated a wholly-owned subsidiary, Cupid Invesco Ltd., in the UAE for business expansion. (Neutral) 

Dynamic Cables: Company announced the resignation of Mahesh Singhla, Assistant VP-Production, and effective Nov 20, 2024 (Neutral) 

UPL: Rights Issue Committee during a meeting. The offering includes partly paid-up equity shares priced at ₹360 each with ratio 1:8 (Neutral) 

Dr Reddy’s: USFDA issues form 483 with 7 observations for API mfg facility (CTO-2) in Bollaram, Hyderabad. (Negative) 

Adani Group stocks: Adani Dollar Bonds Plunge amid U.S. Bribery Charges. (Negative)

1. Tilaknagar Industries: BULK DEAL

Bofa Securities Europe SA sold 4L shares to Societe Generale at INR 288/share, aggregating to INR 11.5 Cr.

2. Oriana Power: REVENUE GUIDANCE

Company strategically positioned to accelerate growth with projections pointing towards an 8-10x times by FY26 w.r.t H1FY25.

3. Shilchar: REVENUE GUIDANCE AND CAPACITY EXPANSION

Company remains committed to achieving the target of INR 550 Cr for FY25 and is poised to fully utilize the incremental capacity by FY26. Company has recently added capacity of 3500 MVA to the existing capacity of 4000MVA, making it total to the 7500 MVA operational from Aug-24. Company also has sufficient land parcel for potential 4X capacity increase from 7,500 MVA.

4. Teerth: PROMOTER BUYING

Promoter bought 2.6k shares at INR 470/share, aggregating to INR 12L.

5. Dynamic Service: FUND RAISE

BoD approved the issuance of 14.8L warrants at INR 346/each, aggregating to INR 51.1 Cr.

TENT Japan BOJ Gov Ueda Speaks

19:00 U.S. Unemployment Claims (Expected : 220K versus Previous: 217k)

20:30 U.S. Existing Home Sales (Expected: 3.95M versus Previous: 3.84M)

22:55 U.S. FOMC Member Goolsbee Speaks

* ABFRL

* AARTIIND

* GRANULES

* GNFC

* HINDCOPPER

* IGL

PDD Holdings Inc (Pre market) (Sector- Technology)

Deere & Company (Pre market) (Sector- Capital Goods)

Baidu, Inc (Pre market) (Sector- Technology)

KE Holdings Inc (Pre market) (Sector- Real Estate)

Warner Music Group Corp (Pre market) (Sector- Media)

BJ’s Wholesale Club Holdings, Inc (Pre market) (Sector- Retailer)

Intuit Inc (Post market) (Sector- Technology)

Copart, Inc (Post market) (Sector- Technology)

Ross Stores, Inc (Post market) (Sector- Retailer)

NetApp, Inc (Post market) (Sector- Technology)

ADJ EPS 81C, EST. 74C

REV. $35.1B, EST. $33.25B

ADJ GROSS MARGIN 75%, EST. 75%

DATA CENTER REVENUE $30.8B, EST. $29.14B

GAMING REV. $3.3B, EST. $3.06B.

SEES 4Q REV $37.5B PLUS OR MINUS 2%

SEES 4Q ADJ GROSS MARGIN 73% TO 74%, EST. 73.5%

(NUMBERS SEEN BETTER THAN ESTIMATES WHILE GUIDANCE IS MIXED FOR OUTLOOK)

Researchbytes Analyst App

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

Recent Interview...

As of 18:30 PM Tuesday 19 November 2024

Hyundai Motor: Tarun Garg, COO & Whole-Time Dir

Red Sea Crisis Impacted Exports To West Asia But Was Offset By Other Markets: Hyundai Motor India

https://www.youtube.com/watch?v=wSBOjZtV1YY

IRB Infra: VD Mhaiskar, CMD

Proceeds Of The Sale Will Be Utilised To Take On Newer Projects: IRB Infrastructure

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

Jyoti CNC: Parakramsinh Jadeja, CMD

Looking At More Orders Inflows In EMS, May Contribute 20-25% Of Total Topline In FY26: Jyoti CNC

https://www.youtube.com/watch?v=wl1qbdKD_oU

Lemon Tree Hote: Patanjali Keswani, CMD

Will End FY25 With ?1,250 Cr Revenue And Over 50% Margin: Lemon Tree Hotels

https://www.youtube.com/watch?v=TxE8GZLXlpQ

Medplus Health: G Madhukar Reddy, MD CEO

Expect 1% Volume Growth Every Month In Private Labels Going Forward: Medplus Health Services

https://www.youtube.com/watch?v=oJWkAhQ40Tc

Waaree Energies Ltd: Sonal Shrivastava, CFO

Waaree Energies: Q2 PAT Rises 17%, What’s The Expansion Plans Ahead?

https://www.youtube.com/watch?v=Ib6saAwhSvg

Allcargo: Ravi Jakhar, Director

Express Distribution Will Be EBIT Positive In H2: Allcargo Logistics

https://www.youtube.com/watch?v=C0vFpPVn5GM

Anupam Rasayan India: Vishal Thakkar, Deputy CFO

Expect EBITDA Margin To Be In The Range Of 25-26%: Anupam Rasayan

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

Balaji Amines: D Ram Reddy, MD

DMC Plant Utilisation Levels Will Pick-Up As EV Demand Improves: Balaji Amines

https://www.youtube.com/watch?v=dUjCl8jEHSA

Borosil .: Shreevar Kheruka, MD & CEO

Borosil Q2: ‘Witnessing A Pick-Up In E-Comm Channels’ | Shreevar Kheruka

https://www.youtube.com/watch?v=w8wfzL6AjVQ

Events today…

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

Results today…

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

Replays available at www.researchbytes.com

Turnover: (NSE + BSE)

Cash Volume: 92273.39 + 5950.64 Total: 98224.03

F&O Volume: 561467.73 + 955832.65 Total: 1517300.38

Provisional Cash

FII/FPI: NET SELL: -3411.73 

(15255.09 – 18666.82) 

DII: NET BUY: +2783.89 

(13657.81 – 10873.92)

Lupin’s stock started showing weakness in early October after facing resistance at ₹2,250. So far in November, it has seen a steady decline in price, which led to the price slipping below the support at ₹2,070.

This has opened the door for further depreciation from the current market price. While ₹2,000 is the nearest support, given the selling momentum, we anticipate the stock to fall to ₹1,960 in the near-term.