Share Market Highlights 27 March 2024: Sensex gains 526 pts, Nifty closes above 22,100

The rupee declined by 7 paise to close at 83.36 (provisional) against the US dollar on Wednesday, tracking a strong American currency against major rivals overseas and weak Asian peers.

However, a surge in domestic markets and a decline in crude oil prices cushioned the downside, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.33 and touched an intraday low of 83.45 against the greenback. The local unit finally settled at 83.36 (provisional) against the dollar, registering a loss of 7 paise from its previous close.

With this investment, the total investment made by the Company in EESL stands to ₹2,000 crore.

Exide Industries’ share closed 0.04% lower at ₹304.40 on NSE.

Apollo Tyres’ stock closed 0.85% lower at ₹467.45 on NSE.

Under the arrangement, Hyderabad-based Dr Reddy’s will have exclusive rights to promote and distribute Sanofi’s paediatric and adult vaccine brands Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel and Avaxim 80U.

These brands saw combined sales of approximately ₹426 crore (approx. $51 million) as per IQVIA, February 2024 estimates. Sanofi will continue to own, manufacture, and import these brands to the country.

Dr Reddy’s stock closed at ₹6,047.85, down by 1.42% on the NSE.

The public offer consists of fresh equity issuance of up to ₹850 crore and an offer for sale of ₹ 250 crore. Promoter owned SVG Business Trust will sell shares worth ₹250 crore through offer for sale.

AXISCADES’ stock closed at ₹545 on the NSE, up by 0.08%.

Benchmark indices BSE Sensex and NSE Nifty50 held firm on Wednesday. While the Sensex gained 526.01 points, or 0.73%, to 72,996.31, the broader Nifty50 advanced 143.25 points, or 0.65%, to 22,147.95, show provisional data. The top gainers among the Nifty50 constituents were Reliance Industries, Maruti, Bajaj Auto and Bajaj Finance. The laggards were UPL, Hero MotoCorp, Wipro and Dr Reddy’s.

Man Stainless Steel Tubes Ltd (MSSTL), a wholly-owned subsidiary of Man Industries (India), commences first ERW mill operation at Anjar, Gujarat, with an installed capacity of 50,000 tonnes per annum. Shares decline 0.87% on the NSE, trading at ₹359.

Escorts Kubota said the Excise & Taxation Officer, Department of Sales Tax, Haryana has passed a rectification order reducing the demand of ₹0.20 crore under the Central Sales Tax Act, 1956. Escorts shares increased by 1.95% on the NSE, trading at ₹2,805.

Major gainers: Reliance (3.92%), Bajaj Auto (3.07%), Maruti (2.16%), Adani Ports (1.90%), Bajaj Finance (1.77%)

Major losers: Hero Motocorp (-1.71%), Tata Consumers (-1.65%), UPL (-1.57%), Dr Reddy’s (-1.38%), ONGC (-1.37%)

While 1,646 stocks advanced on BSE at 3 pm on March 27, 2,182 stocks declined; 96 stocks remain unchanged. The total stocks traded were 3,924. A total of 125 stocks recorded a 52-week high, and 118 hit a 52-week low. 

In addition, 344 stocks traded in the lower circuit, while 248 hit the upper circuit.

Our analysis suggests RIL shares tend to outperform the India market in two scenarios: (1) expanding returns (eg. 2017-19), and (2) valuation discovery through stake sale in newer businesses (eg. Jio and retail stake sales in 2020-21). Over the last two years, both these drivers were largely absent, potentially driving the shares’ underperformance. 

We expect rising returns ahead which could compound with further potential value unlock through potential listings of consumer businesses. With favourable risk-reward based on our bull/bear case scenarios, we are Buy rated with 12-month SOTP-based target prices of Rs 3,400/$82.14 GDR. 

Key risks include lower-than-expected refining/chemical margins, lower-than-expected ARPU, lower-than-expected market share and margins in retail business, project delays and higher future capex.

The board of Archit Organosys Ltd has approved disinvestment of entire 50.01 per cent stake in the subsidiary, Novel and Nano Xtreme Solutions LLP.

Archit Organosys stock trades at ₹37.94 on the BSE, down by 0.50%.

We downgrade HDFC AMC to REDUCE (from ADD) and upgrade ABSL AMC to ADD (from REDUCE), while retaining ADD on Nippon and REDUCE on UTI. HDFC AMC’s well-balanced fund mix will continue to drive strong flows and market share gains. Nippon will likely see some impact due to exposure to SMID (35% of equity AUM) but likely offset by other categories seeing stronger flows. ABSL

AMC trades at attractive valuations but needs some visibility of turnaround in 

performance and flows in flagship categories. UTI AMC has the weakest fund 

performance across four AMCs, resulting in outflows for the past 4-5 quarters.

IndiaMART InterMESH, through its wholly-owned subsidiary, Tradezeal Online Pvt Ltd (Tradezeal), holds 19.5 per cent of the share capital in Instant Procurement Services Pvt Ltd (‘ProcMart’). 

The shareholding of Tradezeal in ProcMart will be diluted to 13 per cent of the share capital (on a fully diluted basis).

The Indiamart stock trades at ₹2,686.75 on the NSE, down by 0.06%.

Coking coal prices coming back to normalcy

Indian benchmark HRC price remained unchanged in the week at Rs52,600/t. Domestic iron ore 63% fines declined 4.5% WoW to Rs 6,400/t. Steel spreads increased 4.4% WoW to Rs 24,189/t due to sharp fall in coking coal prices.

Chinese HRC prices remained flat while spreads increased 11% WoW to USD167/t due to sharp fall in RM prices. Chinese iron ore prices at USD104/t and coking coal prices at USD245/t (both down ~25% from January peak) have led to significant improvement in China spreads. Spreads improved from USD71/t in Jan-24 to USD167/t which would limit production cuts and price hikes. European prices were not available this week.

Coking coal prices declined 5.6% WoW to USD 245/t while iron ore prices declined 2.5% WoW to USD 104/t. China’s iron ore inventory is at peak post CNY on stocking prior to the festival however it shall recede as steel demand picks up pace in coming months. The Chinese steel inventory has also shown a reversal in increasing trend first time since December. NMDC has also cut domestic iron ore lump and fine prices by Rs 200/t and Rs 250/t to Rs 5,800 and Rs 5,060/t in-line with weak global prices.

We believe this sharp decline in coking coal prices shall aid domestic steel manufacturers from 1HFY25. However, near term demand outlook remains cautious as Govt spending & infra projects may see slowdown ahead of Lok Sabha elections. Top picks: JSTL, JSP and HNDL.

- Introducing the T+0 settlement cycle in the Indian capital markets is an innovative leap by the market regulator SEBI. This new move, starting with a beta version for a select 25 scrips, signifies a monumental shift from the traditional T+2 settlement cycle, promising same-day trade settlement. The transition towards T+0 not only enhances the efficiency and flexibility of market operations but also stands to substantially mitigate transactional risks, offering an immediate and tangible value to both traders and investors alike. Launching on March 28, 2024, for a limited trading window, this initiative marks a critical step in aligning India’s trading infrastructure with global standards, paving the way for a stronger, risk-averse, and dynamic market ecosystem. As we look forward to the phased implementation across all scrips, leveraging these advancements, ensuring our clients benefit from the increased operational efficiency and the opportunity for quicker liquidity.

Annapurna Swadisht Ltd (ASL), a packaged food manufacturing company, is poised to enter the Rs 3 lakh crore ($34.75 billion)* edible oil industry with the acquisition of “Arati” branded mustard oil from R R Proteins and Agro Ltd (RRPAL). Based in Kolkata, RRPAL primarily manufactures mustard oil under the ‘Arati’ brand, which has been in existence for the past six decades and was previously owned by GROWFED. The brand enjoys customers’ trust and has a strong recall value in the urban markets of West Bengal.

The estimated cost of acquisition, which includes payment for the manufacturing facility and the brand, is up to Rs 28 crore and aligns closely with the net assets acquired through this deal. The transaction will be funded partly by internal accruals and partly by debt, subject to board approval.

Hindustan Zinc has received an order from the Office of the Assistant Commissioner, GST, Udaipur, confirming demand of GST related to Input Tax Credit availed by the company which is regarded as ineligible by such Tax Authority for the FY 2017-18: 

• GST amounting to ₹59,78,774

• Equivalent amount of penalty and applicable Interest. 

The order pertains to demand alleged in the past through issuance of show cause notice under Central Goods and Services Tax Act, 2017. Vide this Order, the originally disputed amount of ₹79,57,478, along with equivalent amount of penalty and applicable interest has been reduced to the above-mentioned demand.

Shares trade at ₹295.65 on the NSE, up by 0.25%.

The board of Strides Pharma Science Ltd has approved extension of Corporate Guarantee aggregating to $20.10 million in favour of IndusInd Bank Ltd, IBU, Gift City Branch, on behalf of Strides Pharma Global Pte. Ltd, Singapore, a step-down wholly-owned subsidiary of the company.

Shares rise by 1.76% on the NSE, trading at ₹786.15.

Ipca Laboratories Ltd. has entered into a technology transfer agreement with Omexa Formulary Pvt. Ltd. (Omexa) for a biosimilar clone, process development and knowledge transfer for the global market. 

Ipca stock inches up 0.58% on the NSE, trading at ₹1,207.90.

• AMBUJA CEMENTS LTD.

• ASHOK LEYLAND LTD.

• BAJAJ AUTO LTD.

• BANK OF BARODA

• BHARAT PETROLEUM CORPORATION LTD

• BIRLASOFT LIMITED

• CIPLA LTD.

• COFORGE LIMITED

• DIVIS LABORATORIES LTD.

• HINDALCO INDUSTRIES LTD.

• INDIAN HOTELS CO.LTD.

• JSW STEEL LTD.

• LIC HOUSING FINANCE LTD.

• LTIMINDTREE LIMITED

• MRF LTD.

• NESTLE INDIA LTD.

• NMDC LTD.

• OIL AND NATURAL GAS CORPORATIO

• PETRONET LNG LTD.

• SAMVARDHANA MOTHERSON INTERNATIONAL LTD

• STATE BANK OF INDIA

• TATA COMMUNICATIONS LTD.

• TRENT LTD.

• UNION BANK OF INDIA

• VEDANTA LIMITED

(25 securities available for trading in T+0 settlement cycle with effect from March 28, 2024)

Checkout Network, Simpl, has expanded its partnership with food ordering and delivery platform Zomato, to integrate its 1-Tap Checkout with Zomato Gold, Intercity Legends and Zomato Everyday. This is intended to enhance convenience for millions of customers across the country, while improving conversions, and increasing average order value, apart from driving user retention on the platform.

Lupin has received a demand order for ₹477.28 crore from the Income Tax Department under Section 156 of the Income Tax Act, along with an assessment order passed under Section 143(3) read with Section 144C(3) of the Act for the assessment year 2021-22.

The Lupin stock trades at ₹1,602.30 on the NSE, down by 0.78%.

Asahi Songwon Colors Ltd has acquired the remaining 22 per cent stake in Atlas Life Sciences Pvt Ltd. Asahi Songwon stock rises 1.42% on the BSE, trading at ₹317.25.

Birla Corporation has received an order from the Rajasthan Commercial Taxes Department for recovery of tax, including interest and penalty, pertaining to the GST Audit conducted for the period 2018-19. Shares trade at ₹1,428.70 on the NSE, up 0.76%.

Zota Health Care’s subsidiary Davaindia Health Mart has announced the expansion of its retail footprint with the opening of 250 company-owned company-operated (COCO) stores across India.

ZOTA shares inched up by 0.72% on the NSE, trading at ₹482.10.

Shakti Pumps (India) Ltd has concluded a Qualified Institutional Placement (QIP) of ₹200 crore. The QIP received participation from domestic institutional investors and was fully subscribed by mutual funds such as LIC Mutual Fund and SBI Mutual Fund. Read more

The board of DLF Home Developers Limited (DHDL), a wholly-owned material subsidiary of DLF, has approved the allotment of 60,000 – 8.50% secured, redeemable NCDs of the face value of ₹1 lakh for an aggregate principal amount of ₹600 crore on a private placement basis.

DLF shares rise 1.29% on the NSE, trading at ₹884.65.

Exicom Tele-systems Ltd has redeemed unlisted 6% unsecured NCDs having face value of ₹1,065, aggregating to ₹6.80 crore.

Shares rise 1.93% on the BSE, trading at ₹208.15.

Colgate (-2.62%), Procter & Gamble (-1.83%), Britannia (-1.57%), Nestle (-1.20%)

Sanofi India Limited’s shares were up by 4.19 per cent after the company announced a partnership with Cipla Limited for the distribution and promotion of Sanofi’s central nervous system (CNS) medication in India.

Cipla will distribute Sanofi India’s six CNS brands, including the anti-epileptic medication Frisium.

Arvind SmartSpaces (11.81%)

Nuvama Wealth Management (9.01%)

ABB India (5.97%)

Bharat Bijlee (5.70%)

Mankind Pharma (2.78%)

DroneAcharya Aerial Innovations Ltd has secured drone supply order from the Eastern Command of the Indian Army, Ministry of Defence, valued at ₹1,83,750.

Furthermore, DroneAcharya has been awarded two additional work orders: including the supply of drones equipped with night vision, valued at ₹1,99,500, and drone pilot training services, valued at ₹1,91,162, totaling ₹5,74,412. 

DroneAcharya stock trades at ₹134.40 on the BSE, up 0.34%.

Sai Silks Kalamandir, a leading ethnic fashion brand, plans to launch silver jewellery under ‘Rasamayi’.

With a keen eye on market trends and consumer preferences, Kalamandir recently convened a meeting to discuss and unanimously approved the company’s strategic expansion into silver jewellery.

Jubilant Foodworks Ltd has received an order from Assistant Commissioner, DGSTO-4, Bengaluru, Karnataka, levying demand of ₹17.12 crore (including interest – ₹7.68 crore & penalty - ₹0.91 crore) on account of reconciliation issues in GST Input Tax Credit claimed/reversed and GST Output Turnover & Tax Liability in the state of Karnataka.

Shares decline by 1.23% on the NSE, trading at ₹460.05.

NPTC stock trades at ₹330.05 on the NSE, up by 0.29%. 

NTPC group has inked foreign currency loan agreements worth JPY 30 billion, or roughly $200 million, with the Japan Bank for International Co-operation (JBIC).

Jana Small Finance Bank has received an order from the National Faceless Assessment Centre accepting the returned income filed by the Bank i.e., there are no adjustments made to the returned income offered by the Bank. The National Faceless Assessment Centre has taken on record the various submissions filed by the Bank and accepted the returned income. Based on the order the refund as determined in the return of income filed has been allowed.

Jana Small Finance Bank shares rise 1.79% on the NSE, trading at ₹403.70.

Star Housing Finance Limited (Star HFL) has expanded its presence in Tamil Nadu through inauguration of its new branch premises in Kanchipuram.

Shares decline 2.99% on the NSE, trading at ₹47.99

Century Plyboards (India) Ltd. informed that commercial production at a newly set-up MDF unit of the Company’s wholly owned subsidiary Century Panels Ltd. in Andhra Pradesh, commenced today, March 27, 2024.

Century Plyboards stock trades at ₹634.25 on the NSE, down by 0.89%.

Usha Martin appoints Abhijit Paul as the Chief Financial Officer of the Company with effect from May 1, 2024, following the resignation of Anirban Sanyal from the close of business hours on April 30, 2024.

Stock trades at ₹316.25 on the NSE, up 1.51%.

Lead futures (April contract) on the Multi Commodity Exchange (MCX), witnessed a price decline over the past couple of weeks. It fell off the resistance at ₹183, and on Tuesday it closed at ₹177.30.

The contract is likely to extend the downswing further, possibly to ₹170, before making a U-turn. 

Arapl RaaS has recently secured significant funding of Rs 38 crore from its parent company Affordable Robotic and Automation Ltd (ARAPL). 

ARAPL stock rises 1.32% on the BSE, trading at ₹441.

Major gainers on the NSE at 12 pm:

Reliance (3.74%), Maruti (3.51%), Bajaj Auto (2.96%), Adani Ports (2.60%), Eicher Motors (1.51%)

Major losers:

Britannia (-1.50%), Apollo Hospitals (-1.01%), Nestle India (-0.82%), Hero Motocorp (-0.72%), Wipro (-0.57%)

Stocks advanced on BSE at 12 noon on March 27, 2024, were 1,947 against 1,713 stocks that declined; 139 stocks remain unchanged. Total stocks traded were 3,799. The number of stocks that recorded a 52-week high was 107, and those that hit a 52-week low was 86. 

In addition, 260 stocks traded in lower circuit, while 211 hit the upper circuit.

Bank Nifty opened today’s session with a minor gap-up at 46,643 as against yesterday’s close of 46,600. It then rallied, climbed to 46,946 and then moderated to the current level of 46,800, up nearly 0.5 per cent so far today. 

The advance-decline ratio stands at 10:2, giving the index a bullish bias. Kotak Mahindra Bank and Axis Bank, up nearly 1 per cent each, are the top gainers. AU Small Finance Bank and Bank of Baroda, down 0.15 per cent each, are the losers.

Ramky Infrastructure Ltd won the 15 Viswakarma Awards 2024 by Construction Industry Development Council (CIDC).

Stock traded at ₹460.45 on the NSE, up 0.10%.

Datamatics Global Services Limited subsidiary based in Mauritius i.e. Datamatics Global Technologies Limited (DGTL) has received a contemplation letter from Mauritius Revenue Authority (MRA) on March 26, 2024 with regards to the Income Tax – Years of assessment 2020/2021 to 2022-23 based on income for the three years ended March 31, 2022.

Datamatics stock declines 0.15% on the NSE, trading at ₹535.70.

Brahmaputra Infrastructure has received a LOA from the office of Executive Director ( T.) – National Highway & Infrastructure Development Corporation of India for the execution of the Rehabilitation and Up-gradation of road from design Km 25.250 to Km 36.460 (Total Length: 11.210 Km) of Kailashahar - Kurti Bridge section of NH-208A to two lane with paved shoulder in the State of Tripura on EPC mode (Package III)-Balance work- Letter of Acceptance (LOA)- of an total amount ₹59.84 crore.

Shares declined 1.91% on the BSE, trading at ₹68.65.

Adani Green Energy Limited’s shares were up by 0.59 per cent after the company announced the operationalisation of a new 180-MW solar power plant at Devikot in Jaisalmer, Rajasthan. Read more

Nifty 50 opened today’s session higher at 22,054 versus yesterday’s close of 22,005. The index extended the upside to mark a high of 22,163. It is now hovering around 22,160, up 0.7 per cent.

The advances /declines ratio of the Nifty 50 stands at 37/13, giving the index a bullish inclination. Adani Ports, up 2.9 per cent, is the top gainer, whereas Apollo Hospitals, down 1 per cent, is the top loser. Read more

Major gainers: Gravita (9.04%), Laxmi Machine Works (7.72%), TD Power Systems (7.27%), Torrent Power (6.96%), ABB (6.39%)

Major losers: Aster DM (-7.40%), Go Colors (-3.50%), Best Agro (-3.11%), Uflex (-2.57%), RBA (-2.54%)

Sobha (4.35%), Brigade (2.89%), Mahindra Lifespace (1.49%), Prestige Estate Projects (1.41%)

NSE Nifty was up by 0.69 per cent or 151.45 points to 21,156.40, while the BSE Sensex was at 72,978.73 up by 0.70 per cent or 504.49 points. A total of 3,314 stocks were actively traded, of which 1,987 advanced, while 1,216 declined and 111 stocks remained unchanged, where 59 stocks hit a 52-week high and 63 stocks hit a 52-week low at 10 am on Wednesday.

Larsen & Toubro’s buildings and factories (B&F) vertical has secured multiple orders in the domestic and international markets. The business has secured a contract to construct the Al Namaa General Hospital from Ministry of Health, Sultanate of Oman. 

In the domestic market, the company secured an order for construction of Maa Kamakhya temple access corridor, Assam, on a design and build turnkey basis from the Assam PWD. 

The company has also received an order from a subsidiary of a paint manufacturing company to construct a polymer manufacturing plant in Gujarat, and an order for a solar glass manufacturing plant in Gujarat. 

L&T stock inches up 0.42% on the NSE, trading at ₹3,685.40.

Adani Power stock rises 2.46% on the NSE, trading at ₹534.85. The Competition Commission of India (CCI) on Tuesday cleared Adani Power’s proposed acquisition of Lanco Amarkantak Power.

Caplin One Labs Limited, a wholly owned subsidiary of Caplin Point Laboratories, announced the completion of its Oncology facility at Kakkalur, near Chennai, and immediate commencement of operations. The total investment commitment for facility is ₹150 crore.

Caplin Point Lab stock trades at ₹1,250.40 on the NSE, down by 0.46%.

Prataap Snacks stock rises 1.71% on the NSE, trading at ₹969.10, following the commencement of commercial production at the newly set up unit situated at Samba, Jammu & Kashmir.

• Japanese yen depreciates to 152 per dollar, its lowest level since 1990.

• Traders bet on Bank of Japan’s accommodative monetary policy.

• BOJ raised interest rates for the first time in 17 years and ended 8 years of negative rates.

• Japanese Finance Minister Shunichi Suzuki and top currency diplomat Masato Kanda express concern over yen’s weakness.

• The yen also faces pressure from a strong dollar and expectations of US rates remaining higher.

Bharat Forge Ltd has received order from Additional Chief Judicial Magistrate, Pune, levying fine on the Occupier of the Company, under the extant provisions of the Factories Act, 1948. 

Stock trades at ₹1,136.75, up 0.58% on the NSE.

Major gainers: Castrol (2.78%), Reliance (2.46%), Reliance Industries (2.34%), IOC (1.94%), OIL (1.40%)

Sanofi India Limited, Sanofi Healthcare India Private Limited and Cipla Limited had announced partnership for distribution and promotion of Sanofi India’s Central Nervous System (CNS) product range in India. 

Cipla stock slides down by 0.06% on the NSE, trading at ₹1,471.40. Sanofi India stock rises 2.20%, trading at ₹7,877.65.

Gopalpur acquisition – Strengthening presence at East coast

Company Update - Achal Lohade BUY ₹1,460

APSEZ announced acquisition of 95% stake in Gopalpur Port (GPL) at an EV of INR 30.8bn (13xFY24 EV/EBITDA; 10xFY25 EV/EBITDA). GPL is a bulk port, located on the East cost of India with 20mntpa handling capacity, 30 year concession (extendable upto 2056) and over 500acres of leased land parcel. Given APSEZ’s expertise in ramping up volume and improving EBITDA margins through cost/ operational efficiencies and de-bottlenecking, we believe GPL will be a value accretive acquisition for the company. GPL acquisition, though a small one (less than 3% of APSEZ consolidated volumes), will be 6th port on east coast (Dhamra, Gangavaram, Krishnapatnam, Kattupalli and Ennore) and will further deepen its reach in long term. We bake in GPL acquisition in estimate with revise Mar’25TP INR1460 (earlier INR1430). Maintain BUY

Gensol Engineering Ltd. has appointed Kapil K Nirmal as CEO, Middle East to lead its solar EPC business operations.

Shares decline 3.74% on the NSE, trading at ₹923.40.

SUZLON: CRISIL upgrades Suzlon Energy Limited ratings to ‘CRISIL A- / Positive /CRISIL A2+’ from ‘CRISIL BBB+ / Positive / CRISIL A2’ 

BSE Sensex rises 349.22 pts or 0.48% to trade at 72,819.52 as of 9.33 am and Nifty 50 is up by 106.25 pts or 0.48% to trade at 22,110.95.

Reliance Power subsidiaries, Kalai Power Private Limited and Reliance Cleangen Limited, for the purpose of debt settlement, have signed a Debt Settlement and Discharge Agreement with the wholly-owned subsidiary of Authum Investment and Infrastructure Limited - RCFL on March 26, 2024, in settlement of the entire obligations with respect to their outstanding consolidated debt of ₹1023 crore. 

Shares declined 1.31% on the BSE, trading at ₹27.22

Major gainers on the NSE at 9.30 am:

Reliance (2%), BPCL (1.68%), Adani Ports (1.52%), Maruti (1.31%), ONGC (0.94%)

Major losers:

UPL (-0.82%), Apollo Hospitals (-0.37%), Infosys (-0.31%), Wipro (-0.29%), Divi’s Lab (-0.25%)

Adani Green Energy Limited (AGEL) has commissioned a 180 MW solar power plant at Devikot in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).

Shares rise 1.24% on the NSE, trading at ₹1,882.

MOFSL

- Shree Cement (SRCM) has been consistent in capacity expansion (mostly through organic routes), with a capacity CAGR of ~12% over FY14-24. The company plans to increase its grinding capacity organically at a similar CAGR over FY24-27E to reach 65mtpa/75mtpa by FY26E/FY27E. However, most of these expansions will focus on its existing markets and a large part of Central and West regions will remain untapped till FY27E.

- SRCM is one of the lowest-cost producers in the cement industry. Now, it is also focusing on improving brand equity by enhancing consumer pull for its products in the market, and increasing premium product share.

- We cut EBITDA estimates for FY25/26 by 5% (each) due to pricing pressure (all-India average cement price declined 5- 6% QoQ in 4QFY24E). The stock currently trades at 18x/16x FY25E/FY26E EV/EBITDA. We reiterate our Neutral rating and value SRCM at 17x FY26E EV/EBITDA to arrive at our TP of INR27,700.

Crude oil stockpiles in the United States increased by 9.337 million barrels in the week ending March 22, 2024, after falling by 1.519 million barrels the previous week, according to the API’s Weekly Statistical Bulletin. Crude oil stockpiles increased considerably, marking the highest weekly rise since mid-February 2023 and reversing a two-week dip.

Motilal Oswal Financial Services Ltd has filed draft prospectus for public issuance of secured, redeemable, NCDs of face value of ₹1,000 each for an amount aggregating up to ₹500 Crore with an option to retain oversubscription up to ₹500 crore aggregating up to 1,00,00,000 NCDs for an amount up to ₹1,000 Crore.

Indian equities opened flat on Wednesday as they consolidate near record highs, contrasting with a global trend where a rally has tapered off, driven by optimism about potential U.S. rate cuts this year.

The 30-share BSE Sensex rose 200.02 points to 72,670.31 in early trade, while the NSE Nifty gained 60.40 points to 22,065.10.

Asian markets opened lower, with the MSCI ex-Japan down by 0.2%. Wall Street closed lower for the second consecutive session, following its best week in 2024. The Federal Reserve’s commitment to three rate cuts this year helped ease concerns over delays in policy easing after recent higher-than-expected U.S. inflation data.

Domestic and other Asian equities gained last week after the Fed’s comments on March 20. On Tuesday, the Nifty 50 and BSE Sensex each fell about 0.5%, weighed down by financials and information technology stocks. The IT index has dropped about 3% in the last two sessions following weak commentary from global bellwether Accenture on demand and client spending.

According to Prashanth Tapse of Mehta Equities, Nifty ended on a negative note due to concerns about the resilience of Nifty bulls amidst headwinds including Federal Reserve rate speculation and weak corporate guidance. Potential support for Nifty bulls lies in foreign institutional buying and global market momentum. Notable market movements include InterGlobe Aviation hitting a record high, Adani Ports’ acquisition, and fluctuations in oil and steel prices. Indian markets will be closed on March 29th for Good Friday. Trading strategies suggest buying opportunities with specific targets and stop-loss levels.

Analysts anticipate subdued domestic markets, with the Nifty 50 hovering around 22,000 levels in the next two sessions, ahead of the end of fiscal year 2024. 

According to Shrikant Chouhan, Head Equity Research, Kotak Securities, both the Nifty and Sensex benchmark indices experienced a range-bound movement on Tuesday. The Nifty index closed 92 points lower, while the Sensex index closed 362 points lower. The Nifty Realty index saw a rise of 1.5 per cent, while the Media index saw a decline of over 1 per cent. Technically, the market remained within a range of 21950 to 22075/72300 to 72700, after falling in the intraday range throughout the day. Even on the daily chart, the index formed an inside body candle, which indicates indecision between bullishness and bearishness. Their view is that the market is currently experiencing positive consolidation. For the bulls, a 50-day SMA or 21880/73100 could be the crucial support level. For the day, there could be a gradual weakness if the Nifty remains below 21950.

Both the Nifty 50 and Sensex are poised for their fourth consecutive quarterly gains, adding about 27% and 23%, respectively, in fiscal 2024. Foreign portfolio investors bought shares worth ₹10.13 crore (about $1.2 million) on a net basis on Tuesday, while domestic institutional investors bought a net ₹5,024 crore of stocks.

On Tuesday, both the Nifty and Sensex benchmark indices experienced a range-bound movement in the market. The Nifty index closed 92 points lower, while the Sensex index closed 362 points lower. The Nifty Realty index saw a rise of 1.5 per cent, while the Media index saw a decline of over 1 per cent. Technically, the market remained within a range of 21950 to 22075/72300 to 72700, after falling in the intraday range throughout the day. Even on the daily chart, the index formed an inside body candle, which indicates indecision between bullishness and bearishness. Our view is that the market is currently experiencing positive consolidation. For the bulls, a 50-day SMA or 21880/73100 could be the crucial support level. For the day, there could be a gradual weakness if the Nifty remains below 21950.

If the Nifty remains above 22075/72700, it could jump to 22150 or 22200 levels. However, if it falls below 21880, it would retest the levels of 21800 or 21700. For the Bank-Nifty, 46500-46400 could be the support zone. Buying is advisable if it forms a bullish reversal formation.

On the global front, US Stocks saw modest strength throughout much of the trading day on Tuesday before coming under pressure in the final hour of the session. The major averages all moved to the downside, finishing the day in negative territory. Meanwhile, Asian indices were trading higher in the early trade on Wednesday. On the commodity front, Gold prices climbed on Tuesday, buoyed by a weaker US dollar, while investors waited for data due later in the week to reveal underlying inflation trends that will help gauge the Federal Reserve’s interest-rate stance. In addition, Oil prices were little changed on Tuesday as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker US dollar offered some support. On the economic front, India’s current account deficit narrowed to $10.5 billion, or 1.2% of GDP, in Q3FY24 from $16.8 billion, or 2% of GDP, in the year-ago quarter, the latest RBI data revealed. Among individual stocks, Cipla will be in focus after the pharma firm entered into an exclusive partnership with Sanofi India to boost access to Sanofi’s Central Nervous System (CNS) medications across India. That apart, SpiceJet too may see some action after the low-budget carrier inked an agreement with aircraft lessor Export Development Canada (EDC) to settle liabilities worth Rs. 755 crores. In addition, Standard Chartered Corporate Banking is likely to sell an entire 7.18% stake in Central Depository Services (India) Ltd (CDSL) for $151 million through a block deal. The floor price for the block deal has been fixed at Rs 1,672 per share, which represents a 6.3% discount to the last close of Rs. 1,785 per share. The benchmark Sensex and Nifty indices are likely to open on a negative note on March 27 as trends in the GIFT Nifty indicate a weak start for the broader index.

The benchmark index commenced the truncated week with selling pressure, opening over 148 points lower. The price action continued to dither between 20 DEMA acting as overhead resistance and 50DMA as immediate and relatively stronger support. The trading session ended with the index trending sideways in a narrow range of 125 points on a relatively lower volume with a 4.9% recovery in VIX. The zone of 22000 to 21700 holds a crucial support zone, and sustenance above it will allow the index to garner bullish strength.

Supp: 22000-21945-21850

Res: 22125-22200-22350

Crude oil futures traded lower on Wednesday morning as an industry report showed a significant jump in crude oil inventories in the US. At 9.07 am on Wednesday, June Brent oil futures were at $84.97, down by 0.77 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $81, down by 0.76 per cent. April crude oil futures were trading at ₹6759 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning against the previous close of ₹6817, down by 0.85 per cent, and May futures were trading at ₹6720 against the previous close of ₹6783, down by 0.93 per cent.

GS on Reliance: Maintain Buy on Company, raise target price at Rs 3400/Sh (Positive) 

Citi on MGL: Upgrade to Neutral on Company, target price at Rs 1405/Sh (Positive) 

UBS on ABB: Maintain Buy on Company, raise target price at Rs 7550/Sh (Positive) 

Kotak on ABSL AMC: Upgrade to Add on Company, target price at Rs 500/Sh (Positive) 

Citi on IOCL: Maintain Buy on Company, target price at Rs 195/sh (Positive) 

Citi on BPCL: Maintain Buy on Company, target price at Rs 750/sh (Positive) 

Citi on HPCL: Maintain Buy on Company, target price at Rs 535/sh (Positive) 

Kotak on Gravita: Initiate Buy on Company, target price at Rs 1200/sh (Positive) 

Citi on Coal India: Maintain Neutral on Company, target price at Rs 430/Sh (Neutral) 

Kotak on HDFC AMC: Downgrade to Reduce on Company, raise target price at Rs 3750/sh (Neutral) 

Kotak on Nippon AMC: Maintain Add on Company, cut target price at Rs 510/Sh (Neutral) 

Kotak on UTI AMC: Maintain Reduce on Company, cut target price at Rs 880/Sh (Neutral) 

MOSL on Shree Cem: Maintain Neutral on Company, target price at Rs 27700/Sh (Neutral) 

CLSA on Crompton Greaves: Downgrade to Outperform from Buy, cut target price at Rs 310/Sh (Neutral)

Silver held steady as investors looked to Fed members’ speeches and crucial PCE inflation readings this week to determine the probable start of monetary easing. Previously, the US central bank decided to maintain its projection for three interest rate decreases in 2024, enhancing the attraction of owning non-yielding assets. Chicago Fed President Austan Goolsbee stated during the Fed’s policy meeting last week that he had three rate cuts planned for this year. According to the CME Group’s FedWatch Tool, traders expect the Fed to begin reducing interest rates in June with a 72% chance. Investors are now waiting for U.S. core personal consumption expenditure price index data expected on Friday to determine when the Fed will begin decreasing interest rates.

Economic data slated for release includes Spanish Flash CPI y/y from Euro Zone and Crude Oil Inventories from US Zone.

Gold prices remained solid, aided by lower US Treasury rates, as bullion traded in a limited range as investors remained on the sidelines, waiting for additional clues on Federal Reserve policy. Bond rates in the United States fell modestly following high demand at a $67 billion five-year note auction. Orders for long-lasting U.S. manufactured products rose more than expected in February, while company expenditure on equipment showed early indications of recovery. SPDR Gold Trust reported that its holdings declined 0.62% to 830.15 tonnes in the previous session, from 835.33 tonnes on Monday. Meanwhile, China’s net gold imports via Hong Kong fell by almost 48% in February, reaching their lowest level since November, according to statistics.

Economic data slated for release includes Spanish Flash CPI y/y from Euro Zone and Crude Oil Inventories from US Zone.

Last day trade for before split Today

Dhatre Udyog Ltd

Stock Split Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 229

Lorenzini Apparels Ltd

Stock Split Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 416.3

Persistent Systems Ltd.

Stock Split Rs.10/- to Rs.5/-

Previous day Closing Price – Rs. 8063.45

Lorenzini Apparels Ltd

Bonus issue 6:11

Previous day Closing Price – Rs. 416.3

Ex Bonus 28 March 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Last date for Cum-Dividend Today

Aditya Vision Ltd

Special Dividend Per Share Rs.5.1

Previous day Closing Price – Rs. 3302

Crisil Ltd.

Dividend Per Share Rs.28

Previous day Closing Price – Rs. 5115.35

Housing & Urban Development Corporation Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 184.1

Prithvi Exchange (India) Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 255

REC Ltd

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 461.35

R Systems International Limited

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 452.55

SBI Cards And Payment Services Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 696.7

Standard Industries Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 23.02

Thinkink Picturez Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 36.18

US stocks surrendered gains in the final 30 minutes of Wall Street trading on Tuesday to close lower for the third straight day, with investors rebalancing their portfolios after a $4 trillion rally this year. Investors awaited economic data in a holiday-shortened week to measure the Federal Reserve’s policy path. The focus remains on a key reading of the Personal Consumption Expenditures Price Index (PCE), the Fed’s preferred inflation gauge. The data is due on Friday, when U.S. markets will be shut for the Good Friday holiday.The index is expected to have risen 0.4% in February and 2.5% annually. With the equity outperformance, pensions would need to sell roughly $22 billion in global stocks and buy $17 billion of fixed income in order to return to prior asset allocation levels, according to a recent estimate from Morgan Stanley.

Cocoa futures surged above an unprecedented $10,000 a metric ton on Tuesday before erasing gains and taking a breather from a historic rally that has seen prices of the key chocolate ingredient double this year. Apple Inc.’s iPhone shipments in China fell about 33% in February from a year earlier, according to official data, extending a slump in demand for the flagship device in its most important overseas market. India’s current account deficit (CAD) narrowed to $10.5 billion in the third quarter of 2023-24, according to data released on March 26 by the Reserve Bank of India (RBI). As per the data, the CAD in October-December amounted to 1.2 percent of India’s GDP. The CAD in July-September 2023 was $11.4 billion, or 1.3 percent of GDP. In October-December 2022, the deficit stood at $16.8 billion, or 2.0 percent of GDP. The current account deficit as a percentage of GDP for Q2 of 2023-24 underwent an upward revision to 1.3 percent from 1.0 percent earlier due to an upward adjustment of customs data on merchandise imports China’s industrial firms posted higher profits in the opening months of the year, suggesting an economic recovery was gaining momentum despite persistent sluggishness in the property sector.

Profits at China’s industrial firms jumped 10.2% in the first two months from the same period last year, following a 2.3% profit decline for the whole of 2023 Stocks in Asia were mixed Wednesday breaking ranks from Wall Street as the market rally in the U.S. continued to cool. Nifty snapped its three-day rally and ended lower on March 26 led by losses in heavy weights while broader indices ended higher. At close, Nifty was down 0.42% or 92.1 points at 22004.7. Nifty made an inside day pattern in a range bound move on March 26. In the process, Nifty gave up the entire gains of Friday. Nifty could stay in the 21793-22180 band in the near term.

“In yesterday’s trade, Nifty faced heavy selling pressure, ending on a negative note, prompting concerns about the resilience of Nifty bulls amidst headwinds including Federal Reserve rate speculation and weak corporate guidance. Investor attention now turns to key economic data and the upcoming earnings season. Despite challenges, potential support for Nifty bulls lies in foreign institutional buying and global market momentum. Volatility is expected to rise ahead of the F&O expiry. Notable market movements include InterGlobe Aviation hitting a record high, Adani Ports’ acquisition, and fluctuations in oil and steel prices. Indian markets will be closed on March 29th for Good Friday. Trading strategies suggest buying opportunities with specific targets and stop-loss levels. Noteworthy stock recommendations include INDIGO, TVS MOTORS, DIXON TECHNOLOGIES, and HINDUSTAN COPPER, driven by various factors including sectoral prospects and technical analysis.”

Zinc prices slid on Wednesday to hit their lowest in more than three weeks, as a firm dollar and weakening demand from the steel sector weighed on the market.

Three-month zinc on the London Metal Exchange (LME) eased 0.4% to $2,432 per metric ton by 0221 GMT, having fallen to a low of $2,430 earlier in the session, the weakest since March 4.

The most-traded May zinc contract on the Shanghai Futures Exchange (SHFE) shed 1.8% to 20,765 yuan ($2,873.33) a ton. Earlier in the session, it lost as much as 2% to 20,740 yuan, the lowest since March 6.

Zinc inventories in LME and SHFE warehouses have been rising, pushing the discount of the LME cash zinc contract to the three-month contract to $50.83 a ton on Tuesday, the biggest since November 1991.

In top consumer China, a lack of sufficient capital has slowed the construction of infrastructure and property projects in the first quarter of 2024, weakening demand for zinc.

The dollar steadied in the wake of more strong U.S. economic data. A stronger dollar makes the greenback-priced metals more expensive for other currency holders. - Reuters

Private equity firm Olympus plans to sell a 9.8% stake in India’s Aster DM Healthcare for up to ₹1,953 crore (nearly $234.5 million), according to a term sheet seen by Reuters

We initiate coverage on Coal India with a Buy rating and target price of ₹550. Although we strongly endorse the energy-transition narrative and that renewable energy would dominate the global energy mix, we believe India’s large population and expansive scale make it unfeasible to phase out the use of coal for the next decade at least.

Crisil is the oldest and a leading domestic credit rating agency in India. It is majorly owned by S&P Global which is world’s foremost provider of transparent and independent ratings, benchmarks, analytics, data, research, commentary and ESG solution.

Sales of key fertilisers in the 11 months of the current fiscal up to February are up by 3 per cent at 57.57 million tonnes (mt) mainly on higher usage of DAP and complex varieties while urea consumption has been stagnant, according to official data. However, except MoP, imports of all other fertilisers were lower during April-February of 2023-24.

Buzzing Stocks: CDSL, Aster DM Healthcare, RK Swamy, NTPC, LIC, Dynacons Systems, Prataap Snacks, Apollo Pipes, Sanofi India, Cipla, Nocil, Adani Power

• SAIL

Emkay Institutional Equities (“Emkay”), a part of Emkay Global Financial Services Limited, maintains its stance of Nifty to remain at 24,000 level. Emkay expects the market to rebound in 3-6 months, when SMIDs (Small and Mid Caps) would start to outperform again and the ‘hide in large-caps’ trade would unwind.

The correction observed in March can be attributed to inflated valuations and concerns regarding liquidity within SMID funds and stocks. While the headline correction appears moderate, there is a substantial number of stocks that have been significantly affected. While not the most severe post-Covid correction, the pace at which it has unfolded has been disruptive. Particularly, energy, real estate, and materials sectors have been notable underperformers, with the decline in the first two sectors largely driven by mean reversion.

The current rally in SMIDs is primarily driven by a shift in India’s economic growth trajectory from consumption and services towards manufacturing and investment. This shift has resulted in a redistribution of the incremental profit pool away from sectors such as banks, fast-moving consumer goods (FMCG), and Information Technology (IT), which are dominant in the large-cap universe. Conversely, manufacturing sectors, which are predominantly composed of SMIDs, have played a significant role in propelling the market’s rally. This trend is expected to remain a focal point of government policies, and any significant change in incremental growth is unlikely in the near future. SMID rallies are inherent to the market, characterized by higher volatility and often accompanied by inflated valuations, followed by rapid and pronounced corrections, similar to the current one.

BNP Paribas India has released the India Steel Weekly Report – March 2024 wherein Priyankar Biswas, Analyst – India Industrials, Logistics and Metals, has shared his views in detail.

Coking coal price correction supports margins but strong downside risk to domestic HRC prices going ahead

· Highlights: China

o China’s steel demand down 5% y-y in Feb 24; elevated inventory levels indicate weak demand:

§ Crude steel production in Jan Feb 24 combined came in at 168mnt (+1.6% y y). This is the highest level of steel production for the months of January and February combined since 2021.

§ Feb 24 steel demand came in at 70.6mnt ( 5.4% y y). This is lower than steel demand for the month of Feb over CY20 23. Total steel demand for Jan 24 and Feb 24 combined came in at c140mnt. This is the lowest level of demand for these months combined since CY18.

§ We expect demand to have remained subdued in early Mar 24. For CISA affiliated mills , inventory levels rose to 19.5mnt ––(the highest since May 23) despite a decline in production in early Mar 24 vs end Feb 24

L&T Finance Holdings Ltd. (LTFH) has forged a strategic partnership with Bajaj Markets to introduce Home Loans and Loan Against Property (LAP) on their digital platform. This collaboration extends the suite of financial products available on Bajaj Markets, augmenting the existing lineup which includes personal loans and two-wheeler loans by the Company.

The introduction of Housing Finance solutions on Bajaj Markets will empower individuals seeking home financing options. Borrowers would now be able to explore offerings such as Home Loan Balance Transfer and Loan Against Property Balance Transfer, enabling them to optimise their financial strategies. With LTFH, borrowers can extend their repayment tenure up to 25 years, coupled with competitive interest rates starting from just 8.60% p.a.

Credit offtake continued to grow, increasing by 20.4% year-on-year (y-o-y) to reach Rs. 163.1 lakh crore, for

the fortnight ending March 08, 2024. This rise can continue to be attributed to the impact of HDFC’s merger

with HDFC Bank along with the growth in personal loans. If we exclude the impact of the merger, credit grew

at 16.5% y-o-y for the fortnight compared to last year’s growth of 15.7%. Sequentially credit grew by 0.7%.

Meanwhile, the outlook for bank credit offtake continues to remain positive.

• Deposits too grew by 13.7% y-o-y for the fortnight (including the merger impact) and reached Rs. 204.2 lakh

crore as on March 08, 2024, driven by growth in time deposits. Excluding the merger impact, growth stood at

13.1%. Sequentially deposits grew by 1.1%. Deposit growth is expected to improve compared to earlier

periods as banks shore up their liability franchise and ensure that deposit growth does not constrain credit

offtake.

• The Short-term Weighted Average Call Rate (WACR) stood at 6.52% as of March 15, 2024, compared to

6.42% on March 17, 2023, due to liquidity and pressure on short-term rates, also the rate is moving closer

towards repo rate

HDFC Securities

We maintain SELL on Clean Science and Technology (CSTL) with a price target of INR 1,037 (WACC 11%, terminal growth 6%), owing to (1) slower-than-expected ramp-up in hindered amine light stabilizers (HALS) and (2) entry of domestic competitors in mono methyl ether of hydroquinone (MEHQ) manufacturing. We believe CSTL has an import substitution opportunity in HALS. However, the upcoming capacity augmentation in HALS by competitors and muted demand growth shall remain challenges to growth in HALS revenue. Therefore, HALS revenue growth could be slower than we had anticipated earlier. We have lower revenue estimates from HALS in FY25 and FY26. EBITDA and PAT shall grow at a 23/23% CAGR over FY24E-27E. The RoE is expected to improve from 21.6% in FY24E to 22.2% in FY27E. We believe the valuation is contextually high at 41/34/31x FY25E/26E/27E EPS.

HDFC Securities

Mahanagar Gas (MGL) stock recently corrected ~19% from its peak, owing to the Petroleum and Natural Gas Regulatory Board’s (PNGRB) notice on the end of MGL’s infrastructure exclusivity in the Mumbai GA. We believe the impact of concerns over change in regulations and the recent stock price correction is overdone, which provides a good opportunity for investors. We expect MGL’s outperformance to sustain, driven by (1) a pick-up in volume growth and (2) robust margins. The Vahan data continues to support our investment thesis, with FY24YTD data suggesting a strong trend in new CNG vehicle registrations in MGL’s geographical areas (GAs), which should outpace new CNG vehicle registrations seen in FY23. While MGL has taken an INR 2.5/kg cut in CNG price, we expect this would help increase CNG vehicle registrations. MGL’s acquisition of Unison Enviro’s (UEPL) three GAs should also add to its overall volume growth. At the current price, MGL’s valuation is at 11.2x Mar-25E EPS, a ~10% discount to its five-year average multiple of 12.4x despite a better volume growth outlook. MGL’s valuation remains attractive as CMP factors only 4.3% volume growth. We, therefore, reiterate our BUY recommendation on MGL with a target price of INR 1,535/sh

Q3 BoP by Emkay Global

The mild sequential moderation in current account deficit (CAD) to USD10.5bn (1.2% of GDP) in Q3FY24 reflected offsetting of higher trade deficit with better services exports and private transfers. Q3 CAD funding has been smooth with massive FPI flows and consistently improving banking capital. Despite slower FDI flows, the rise in capital account surplus (USD17.4bn) has meant net accretion of USD6bn. For FY24E, we maintain CAD/GDP at 0.8%, led by incrementally improving goods trade deficit and solid services trade surplus. We see FY24 BoP surplus near USD37-40bn. FY25 CAD/GDP will likely see the rub-off effect structurally improving the external sector and could stay at 1.1-1.2%. However, INR will have a non-linear movement ahead, ranging 82.50-84.25 for Q1FY25.

HDFC Balanced Advantage fund: In the current markets, blue chip indices are near all-time highs. Bonds have rallied well in the last year, and yields have been falling for government securities.

However, recent months have seen volatility in the mid- and small-cap spaces as valuations ran ahead of fundamentals. Market regulator SEBI has expressed concerns about liquidity in the space – so much so that it has asked funds to conduct stress tests.

Indian elections are also around the corner, adding to market uncertainty.

Angel One to launch QIP of Rs 1500 cr today 

Indicative QIP pricing likely to be around Rs 2555/sh 

QIP likely at 6% discount to market price 

ISec, Motilal Bankers to QIP Deal

QIP funds to be used for exchange margin, business expansion 

Sources to @CNBC_Awaaz

Cintas Corporation (Pre market) (Sector- Textile)

Paychex, Inc. (Pre market) (Sector- Miscellaneous)

Carnival Corporation (Pre market) (Sector- Hotel)

Jefferies Financial Group Inc. (Post market) (Sector- Financial)

Aegon Ltd. (TENT) (Sector- Financial)

16.00 U.K. FPC Meeting Minutes

Here’s an interesting stock idea: Our stock recommendation for you today is Sudarshan Chemical Industries. This stock has a bullish trend, and recently, it began a fresh leg of the rally, which is likely to extend further.

The stock of Sudarshan Chemical Industries turned bullish in May last year after it broke out of the resistance at ₹430. However, after touching ₹610 last month, the price turned lower. But the support at ₹550 arrested the decline and on the back of this support, the stock rebounded. Last week, it broke out of the resistance at ₹610.

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