Share Market Highlights 3rd April 2024: Indian stock market ends flat; Nifty 50 and Sensex close slightly lower; Top gainers include Shriram Finance, NTPC, Divi’s Lab, and TCS

The rupee depreciated by 3 paise to close at 83.45 (provisional) against the US dollar on Wednesday, weighed down by elevated crude oil prices in international markets and persistent foreign fund outflows.

A muted trend in domestic equities also dented investor sentiments, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.36 and touched an intraday low of 83.45 and a high of 83.36 against the greenback. The local unit finally settled at 83.45 (provisional) against the dollar, registering a loss of 3 paise from its previous close.

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Equity benchmarks BSE Sensex and NSE Nifty closed on a flat note on Wednesday. While the Sensex declined 27.09 points, or 0.04%, to close at 73,876.82, the broader Nifty50 lost 18.65 points, or 0.08%, to end the session at 22,434.65, show provisional data. 

A total of 3,950 stocks were actively traded, 2,774 advanced, while 1,066 declined and 110 stocks remained unchanged where 191 stocks hit a 52 week high and 15 stocks hit a 52 week low at 3.15 pm on Wednesday on BSE.

Top gainers on the NSE at 3 pm include- Shriram Finance (3.74%), Ntpc (1.87%), Divis Laboratories (1.78%), Tata consultancy services (1.63%), Axis Bank (1.60%)

Top losers include- Nestle India (-2.74%), Bajaj Auto (-2.10%), Dr Reddy laboratories (-1.79%), Kotak bank (-1.56%), Britannia industries (-1.29%)

Speciality Restaurants received RBI’s approval for disinvestment in its Qatar-based joint venture, Mainland China & Indigrill Restaurant LLC. The disinvestment, arising from voluntary liquidation, involves a provision made during FY 2017-18 for dues amounting to ₹101.4 million, with no material impact on the company’s financials. Shares were up by 6.66% to Rs 203.40 on the NSE.

United Spirits Ltd’s shares were down by 1.99% to Rs 1130 on the BSE. The company received a tax demand of ₹5.51 crore from the office of the Deputy Commissioner of State Tax, Nanded.

Dhanlaxmi Bank Ltd.’s shares were up by 4.99% to Rs 46.91 on the BSE. Provisional gross advances rose 5.63% YoY as on March 31

JSW Energy Ltd’s shares were up by 6.86% to Rs 579.19 on the BSE. The board of JSW Energy approves fundraise of Rs 5,000 crore through qualified institutional placement.

Moil Ltd’s shares were up 4.51% to Rs 318.40 on the BSE. The company recorded best-ever production of any financial year since inception, at 17.56 lakh tonnes, growing sharply by 35 per cent year-on-year.

PC Jeweller Ltd’s shares were up by 2.28% to Rs 56.68 on the BSE. Karur Bank accepts one time settlement proposal submitted by PC Jewellers to settle outstanding dues.

Anupam Rasayan India Ltd’s shares were up by 2.12% to Rs 902.45 on the BSE. The company signed Letter of Intent with Japanese multinational for Rs 743 crore.

Honeywell Automation India Limited faces a financial penalty of $84,016.03 from the US IRS for not reporting ACA-compliant insurance details for its US-based project assignees, company plans to appeal the penalty. Shares up by 1.49% to Rs 40323.90 on the BSE.

Aster DM Healthcare concludes the separation of its India and GCC businesses through the sale by its subsidiary, Affinity Holdings Pvt Ltd, to Alpha GCC Holdings Limited, shares up 0.83% to Rs 413.55 on the BSE.

Mold-Tek Packaging Limited declared an interim equity dividend of 40% for the financial year 2023-24, amounting to ₹2.00 per equity share. The dividend record date is set for April 12, 2024, with payment scheduled by May 2, 2024. Mold-Tek Packaging focuses on products and expansion into new segments like restaurants, sweets, cashews, and fertilizers, with an overall approximate capex of ₹280 crore during FY23 & FY24. The shares were up by 2.01% to Rs 831.90 on the BSE.

Jindal Stainless Limited divested 4.87% equity stake in Jindal Coke Limited to JSL Overseas Limited and acquired 30% stake in Iberjindal S.L. from Fagor Industrial to enhance its presence in the stainless steel industry. Shares were down by 0.02% to Rs 715.95 on the BSE.

Mahindra Holidays and Resorts India Ltd expanded its portfolio with 6 new properties in Sikkim, Rajasthan, Assam, Kenya, Georgia, and Thailand, offering members access to exotic destinations. Shares were up by 2.88% to Rs 416.50 on the BSE.

Acceleratebs India Ltd disclosed yearly acquisition of 70.71% equity shares by promoter Kunal Arvind Shah, totaling 15,19,600 shares. The shares were up 4.98% to Rs 330.65 on the BSE.

Future Consumer Limited’s joint venture, Hain Future Natural Products Private Limited, approved closure of its factory operations in Karnataka, leading to cessation of employee employment, expected to be completed by April 2024. The stock trades at Rs 0.90, up by 4.65% on the BSE.

As Navratri and high sale season approaches, Ola Electric, TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy have managed to get certificates from the Ministry of Heavy Industries (MHI) in a manual format for availing subsidies under the Electric Mobility Promotion Scheme (EMPS) 2024.

Sources close to the matter told businessline that although the online portal for completing the process for availing subsidy under EMPS is not ready, companies are getting a ‘go ahead’ certificate from the Ministry of Heavy Industries (MHI) in manual format.

The Finance Ministry has fixed a timeline for scrapping various types of vehicles and placing fresh orders. This is a part of new guidelines to write off losses under revised Delegation of Financial Power Rules (DOFR). These rules have set the threshold for writing off losses in case of theft, fraud, etc.

According to DOFR 2024, the life of a motorcycle will be seven7 years or covering a distance of 1.20 lakh kilometers, whichever is earlier. In the case of Light Commercial Motor Vehicles (LCVs), it will be 6 ½ years or 1.5 lakh kilometers of running. Similarly, in the case of Heavy Commercial Vehicles (HCVs), the duration would be 10 years or 4 lakh kilometers of running. For all other categories, the maximum life duration is 15 years, after which they will be scrapped. Vehicles that have been condemned also need to be scrapped once they are 15 years old.

Adding to its list of milestones, Maruti Suzuki India (MSIL) on Wednesday said that it has attained cumulative production of over three crore units, which is the fastest to attain the feat in 40 years and four months (since the start of production in December 1983) among Suzuki (Japan) production bases.

ESAF Small Finance Bank Ltd.’s shares were up by 1.14% to Rs 59.52 on the BSE. The company operationalizes authorized dealer category 1 license (Foreign Exchange Operations) w.e.f. April 2.1.

Ashiana housing Ltd.’s shares were up by 2.79% to Rs 309 on the BSE. The company says all units in phase 3 of ‘Ashiana Amarah’ converted into booking by March 30, sale value of 4.40b rupees

Mercury Trade Links Limited appoints Chaprajbhai Vikrambhai Algotar as Chief Financial Officer (CFO) and accepts the resignation of Divya Bairwa. Shares up 3.33% to Rs 3.10 on the BSE.

Crompton Greaves Consumer Electricals Limited received a notice of demand from the Vasai-Virar City Municipal Corporation for Rs 2.91 crore including tax, penalty, and interest, for the financial year 2013-14. The company plans to file an appeal against the order. The shares were up by 1.30% to Rs 283.40 on the BSE.

Infosys Finacle, part of EdgeVerve Systems, a subsidiary of Infosys, partnered with Zand Bank, UAE’s digital-only bank, to enhance its corporate banking services. Zand has decided to subscribe to Infosys Finacle’s suite of solutions, deploying cloud-native solutions on Microsoft Azure. Infosys Ltd.’s shares were up by 0.18% to Rs 1485.85 on the BSE.

Bharti Airtel Ltd.’s shares were up by 1.63% to Rs 1228 on the BSE. The company expanded network in Vadodara district, deploying additional sites across 320 villages to densify coverage for 4.25 lakh population.

Shraddha Prime Projects Limited appointed as developer for premier societies at Goshala Road, Mulund West, covering approximately 5,865 square metres. The shares were up by 1.45% to Rs 174.90 on the BSE.

HCL Technologies Ltd. partners with Google Cloud to scale Gemini AI model for global enterprises, enabling 25,000 engineers on GenAI for Google Cloud. The shares were up by 1.55% to Rs 1551.80 on the BSE.

A total of 3,795 stocks were actively traded on BSE, 2,647 advanced, while 1,028 declined and 120 stocks remained unchanged where 160 stocks hit a 52 week high and 13 stocks hit a 52 week low at 12.12 pm on Wednesday.

SRM Contractors Limited, the Jammu & Kashmir and Ladakh-focused construction company, witnessed a flat debut on the stock market. The listing price of Rs. 215 per share translates to a modest 2.5% gain over its issue price of Rs. 210. This performance falls significantly short of pre-listing expectations and the high grey market premium (GMP) of Rs. 90 (42% premium) observed earlier. The strong overall subscription of 86.57 times also adds to the surprise of the flat listing.

Despite the strong subscription, some investors might have found the valuation at listing less attractive also Broader market conditions might have impacted investor sentiment and tempered listing gains. 

SRM Contractors’ flat listing, while not what pre-listing indicators suggested, doesn’t necessarily negate its future potential. The company’s strong regional presence, in-house capabilities, and healthy order book remain positive points. However, a cautious approach is advisable.

Top gainers on the NSE at 12 pm- Tata consultancy services (2.02%), Shriram Finance (1.60%), Hindalco industries (1.52%), Divis Laboratories (1.51%), Tech Mahindra (1.47%)

Top losers include- Nestle India (-2.49%), HDFC life insurance company (-1.53%), Bajaj Auto (-1.49%), Bajaj Finserv (-1.13%), Kotak bank (-1.07%)

Hitachi Vantara, the data storage, infrastructure, and hybrid cloud management subsidiary of Hitachi, Ltd, announced the completion of a strategic realignment designed to accelerate the company’s growth plan, including its ability to respond to market opportunities with a focus on hybrid cloud and generative AI. The new structure includes the integration of Hitachi Vantara and Hitachi’s IT Platform Products Management Division, which has been responsible for Hitachi’s business development, R&D, and production of data infrastructure solutions

Shoppers Stop Ltd. reported St.Botanica, under the Good Glamm Group, launched a new line of fragrances sourced from ingredients. The collection is available online on Amazon Beauty and offline at Shoppers Stop. The shares were up by 2.94% to Rs 795 on the NSE.

Ind-Swift Laboratories Limited receives disclosure from Essix Biosciences Limited regarding the acquisition of 94,99,720 equity shares through inter-se transfer among promoters. Shares were up by 4.99% to Rs 106.25 on the NSE.

Epigral Limited expands CPVC resin capacity to 75,000 TPA. The company also ventures into CPVC compound production, aiming to meet India’s growing demand and support government initiatives for self-reliance. the shares were up by 3.51% to Rs 1369.45 on the BSE.

HDFC Mutual Fund will discontinue accepting lump sum inflows into its HDFC Nifty Realty Index Fund from Monday, according to the company’s website. Systematic investment plans and SIP top-ups will also be limited to Rs 1 lakh .

The fund house clarified that there will be no restrictions on redemptions, switch-out, and registration of a fresh systematic withdrawal plan. The HDFC Nifty Realty Index Fund was launched in early March. All other terms and conditions as mentioned in the key information memorandum of the scheme will remain unchanged, the fund house said.

Star Health Insurance and PhonePe partner to offer Star Comprehensive Insurance Policy with monthly EMI option up to Rs 1 crore coverage. The shares were up by 0.54% to Rs 563.16 on the BSE.

BofA: Divis Laboratories More than a laggard play; Upgrade to Buy

Divi’s two-year earnings downgrade cycle and margin decline to below pre-Covid levels is reflected in its underperformance (YTD -8% vs. +12% for Healthcare Index). We believe weak API pricing is factored into street earnings post the downgrade with visible levers for earning growth aided by investment in capacity & capabilities. We see lower risk to the 35% earnings growth over FY25-26 with valuation for Divis at 35.5x FY26 P/E appearing more compelling vs. large peers given uncertainty on US Gx pricing, regulatory risks. In our view, likely bottoming of margin in near-term & relative valuation provide an attractive entry point. Hence, upgrade Divi’s to Buy from Underperform with PO Rs4025 (Rs3380 previously).

Bank Nifty opened today’s session with a gap-down at 47,350 versus yesterday’s close of 47,545. It recovered and is currently at 47,440, down 0.2 per cent so far today.

The advance-decline ratio stands at 2:10, giving the index a bearish inclination.

The Finance Ministry has fixed a timeline for scrapping various types of vehicles and placing fresh orders. This is a part of new guidelines to write off losses under revised Delegation of Financial Power Rules (DOFR). These rules have set the threshold for writing off losses in case of theft, fraud, etc.

These guidelines can benefit passenger vehicle companies such as Maruti Suzuki, Hyundai and Tata Motors, commercial vehicle companies such as Tata Motors, Ashok Leyland, and two-wheeler companies such as Hero Motors, Bajaj and Kinetic.

Nifty 50 opened with a gap-down today at 22,386 versus yesterday’s close of 22,453. It recovered in the first hour of trade and is now hovering near yesterday’s closing level.

So far today, Shriram Finance, up 2.3 per cent, is the best performing stock in Nifty 50 whereas Nestle India, down 2.6 per cent, is the worst performer.

SPML Infra Limited repays Rs 219 crore sustainable debt to NARCL, as per IDRCL’s Sanction Letter 4. The repayment is funded by inflows from NTPC Ltd. under the Vivad se Viswas II scheme. Shares were up by 3.79% to Rs132.90 on the BSE.

Brahmaputra Infrastructure Limited secured a Letter of Award from the Water Resource Department for a Rs 69.96 crore River Protection project in Guwahati. Shares were up by 3.79% to Rs 81.88 on the BSE.

Sprayking Limited inaugurates a foundry division at its new manufacturing facility in Jamnagar, Gujarat, with a monthly production capacity of 200 tonnes of rods. The shares were up by 1.11% to ₹227 on the BSE.

Yes Bank Ltd. disclosed a 5% quarter-on-quarter increase in loans and advances to ₹228,465 crore and a 10.1% growth in deposits to ₹266,364 crore, along with a 14.7% rise in CASA to ₹82,315 crore. The shares were up by 1.10% to ₹24.89 on the BSE.

Adani Green Energy Limited exceeds 10,000 MW in operational renewable energy capacity, including solar, wind, and hybrid projects. The shares were down by 0.31% to Rs 1887.55 on the BSE. 

Gensol Engineering Limited reports a revenue of over Rs 960 crore in FY ending March 31, 2024, reflecting a 141% growth from the previous year’s figure of ₹398 crore. The shares were up by 5% to ₹948.95 at 9.45 am on the NSE.

Patel Engineering (PEL) is a leading infrastructure company having presence in construction of complex civil infra like hydro power, tunnelling, urban infra, irrigation and others.

Key investment rationale:

•\u0009Seven decade of experience in handling 250 complex infra projects including over dams, over 300 kms tunnels, 1200 plus hydroelectric projects and 1200 kms plus roads; PEL enjoys a leading 45% market share in under-construction hydro plant in India.

•\u0009Strong order book of over ₹19 bn gives future earning visibility with impressive EBITDA margin of 14% ((MFY24).

•\u0009Strategic initiatives to reduce leverage with expected ₹12 bn of arbitration awards over order book period and sale of land parcel. It will further aid in improving working capital requirements. PEL owns land parcel of 2,156 acres with approx. valuation of ₹10 bn. Currenlty, PEL’s leverage ratio stands at impressive 0.6x in 9MFY24.

•\u0009Huge opportunity landscape with 27 MW hydro power project in government pipeline, irrigation outlay allocation of ₹931 bn and Jal Jeevan mission of government.

•\u0009Improving financials with revenue CAGR of 20%YoY during FY20-23 and 20% YoY in YTDFY24. Company’s positive operating cash flow over the last 4 years, coupled with a manageable working capital cycle of 100 days, signals stability and efficiency.

Overall, with its extensive experience, strong order book, strategic initiatives, growth prospects, and improving financial performance, Patel Engineering is poised for impressive future growth.

Provisional revenues indicate FY24 to be largely in-line expectations; Strong growth trajectory for HAL, BEL. Maintain +ve sector view.

HAL: CMP INR 3525 Mcap INR 2,27,590 cr

BEL: CMP INR 222 Mcap INR 1,54,348 cr

HAL recorded INR 29,810 cr revenues, +11% yoy, in FY24 (provisional) ahead of our est. of INR 28,967 cr. FY24 closing Order book is ~INR 94,000 cr (v/s INR 81,784 cr at FY23 closing). HAL clocked fresh order intake of ~INR 35,000 cr in FY24 (~INR 19,000 cr manufacturing + ~INR 16,000 cr ROH). 

BEL recorded INR 19,700 cr revenues, +14% yoy, in FY24 (prov.) largely inline our est. of INR 20,249 cr. Order book stands at ~INR 76,000 cr (v/s INR 60,690 cr at FY23 end). 

View:

Provisional revenues and order book disclosed by some of the defense PSU’s are largely in-line with expectations. 

HAL revenue growth to accelerate driven by start of delivery of major project, while BEL to growth trajectory to be stable due to consistent order book accretion. 

Maintain positive view on the sector with HAL & BEL

Major gainers on the NSE at 9.40 am include- Shriram Finance 2.64%, Hindalco industries (1.45%), Oil Natural gas corporation (1.45%), Tech Mahindra (1.24%), Power Grid corporation (1.02%)

Major losers include- Nestle India (-2.35%), Britannia industries (-1.63%), Tata consumer products (-1.50%), Sun pharmaceuticals industries (-1.43%), Bharti Airtel (-1.39%)

A total of 3,080 stocks were actively traded, 2,065 advanced, while 898 declined and 117 stocks remained unchanged where 79 stocks hit a 52 week high and 5 stocks hit a 52 week low at 9.40 am on Wednesday.

NSE nifty was down by 0.37 per cent or 83.05 points to 22,376.60 while the BSE Sensex was at 73,592.22 down by 0.38 per cent or 280.36 points.

Assume coverage, Neutral, TP Rs 1290 

Believe CIFC is better placed than its peers in a weak funding cycle given – 

a) sector leading EPS CAGR of 26% for FY24-26E, 

b) largely secured & long tenured loan book, 

c) continued diversification in products

These can help deliver 16% Cagr in premium over FY24-27 & lower CoR towards 101%;

Lift estimates by 2-4%. 

Transition to IFRS can lift normalised earnings by c.25%

Downgrade to Neutral, TP Raised to Rs 1785 

Focus on profitable biz; motor segment drove recent re-rating 

Combined ratio guidance review may occur post Q4 FY24 

Believe recent rise in share price reflects +ves, trading 5.7% above 3-yr avg. 12-mth fwd P/BV

Buy, TP cut to Rs 3750 

Possible imminent pricing disruption & prospects of margin erosion weigh on stk 

Ambitious target of Rs 100bn rev by Grasim in 3 yrs along with EBITDA breakeven adds to this headwind

Reduce, TP Rs 240 

Disbursement growth moderates further, business asset growth remained healthy 

GS3/ GS2 improves by 70bp/ 90 q-q despite moderation in collection efficiency 

Est. 17%/13% AUM/EPS CAGRs over FY24-26F & average RoA/RoE of 1.7%/11% in FY24-26F

Hold, TP Rs 300 

For 4Q, MMFS’s AUM grew by 24%YoY (6% QoQ) to Rs1.02trn, in-line with our est. 

Disbursements grew 11% YoY in 4Q. (Mar 9% YoY/ 29% MoM). 

Collection efficiency was 101% (105% March 23) 

MMFS trades at 1.9x FY25E BV

Overweight Call, Target Rs 12,000 

Crosses 150 mt Capacity, Continues To Be Focused On Capacity MKt Share Gains 

Capacity Market Share Gains Remain Key To Volume Market Share Gains 

Size, Pan-India Presence & Balance-Sheet Strength, Makes Co Best Positioned 

Upgrade TCS and HCL to U-PF from SELL, 

Maintain SELL on LTIM and Wipro 

Upgrade TechM to BUY from O-PF 

Maintain O-PF on INFY as it enters strong growth phase with few large deal ramp-ups planned for 1Q25

Satin Credit Care Network Ltd said its AUM grew by 34 per cent Year-on-Year (Yo) to reach Rs. 10,600 crore as on 31st March 2024 as compared to Rs. 7,929 crore as on 31st March 2023. 

In its business update, the microfinance institution said disbursement grew by 30 per cent YoY to Rs. 9,600 crore during FY 2023- 24 as compared to Rs. 7,390 crore during FY 2022-23.

Indian benchmark indices Sensex and Nifty opened flat on Wednesday, following a decline in global stocks triggered by fresh U.S. data raising concerns about the Federal Reserve delaying interest rate cuts.

The 30-share BSE Sensex dropped 285.91 points to 73,618 in early trade, and the NSE Nifty fell 89.60 points to 22,363.70.

Overnight, all three major Wall Street stock indexes dropped about 1%. At the same time, 10-year Treasury yields hit a four-month high after data indicating steady labour demand added to concerns about a potential delay in the Fed’s rate cut.

Asian markets opened lower, with the MSCI Asia ex-Japan index shedding 0.7%.

Analysts anticipate blue-chip indexes Nifty 50 and BSE Sensex consolidating near record highs reached on Monday, ahead of the Reserve Bank of India’s monetary policy decision on Friday and the corporate earnings season starting next week.

According to provisional data from the National Stock Exchange, foreign portfolio investors sold ₹1,623 crore of shares on a net basis, while domestic institutional investors purchased shares worth ₹1,953 crore on Tuesday.

Crude oil futures traded higher on Wednesday morning due to various supply side factors. At 9.14 am on Wednesday, June Brent oil futures were at $89.03, up by 0.12 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.19, up by 0.05 per cent. April crude oil futures were trading at ₹7095 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning against the previous close of ₹7077, up by 0.25 per cent, and May futures were trading at ₹7049 against the previous close of ₹7020, up by 0.41 per cent.

The ₹4,275-crore initial public offering of Bharti Hexacom opens for public subscription today at a price band of ₹542-570 a share. The IPO closes on April 5 (Friday). The minimum lot size for an application is 26 shares.

The entire issue is an offer-for-sale of 7.5 crore shares by Telecommunications Consultants India, the lone public shareholder in Bharti Hexacom, which is diluting its 15 per cent stake. Promoter Bharti Airtel owns a 70 per cent stake in the company.

Online food delivery platform Zomato said it has received a service tax demand and penalty order aggregating over ₹184 crore. The demand order has been received for non-payment of service tax for the period of October 2014 to June 2017 determined on the basis of certain sales made by the foreign subsidiaries and branches of the company to its customers located outside India, the company said in a late-night regulatory filing.

Ex/record dividend: Ashok Leyland. 

Moved out into short-term ASM framework: Exicom Tele-Systems, Navkar Corporation, Reliance Infrastructure.

F&O BAN

HINDCOPPER

Silver prices rose above $26 per ounce, the highest level in almost a year, backed by heightened safe haven demand as geopolitical tensions in the Middle East escalated following Israel’s strike on Iran’s embassy in Syria. Additional support for the metal came from prospects for increased use in the solar industry, which presently accounts for roughly one-third of silver production, after the IKEA Foundation backed the EV drive with a $100 million grant. On the other side, upward momentum was hampered by lower odds on the commencement of Fed monetary easing after US manufacturing statistics, industrial orders, and job openings exceeded expectations. 

Key economic data slated for release includes Core CPI Flash Estimate y/y, CPI Flash Estimate y/y from Euro Zone and ADP Non-Farm Employment Change, Final Services PMI, ISM Services PMI, Fed Chair Powell Speaks from US Zone.

Gold prices maintained their record run, aided by a lower dollar and safe-haven demand amid growing Middle East tensions, while investors awaited fresh U.S. economic data for policy cues. Job postings in the United States increased in February, yet labour market conditions are progressively improving, bolstering hopes that the Federal Reserve will begin decreasing interest rates in June. Two Federal Reserve members said it would be “reasonable” to drop interest rates three times this year, despite better recent economic statistics casting doubt on the conclusion.

Key economic data slated for release includes Core CPI Flash Estimate y/y, CPI Flash Estimate y/y from Euro Zone and ADP Non-Farm Employment Change, Final Services PMI, ISM Services PMI, Fed Chair Powell Speaks from US Zone.

Biocon: Company transfers India’s branded formulations business to Eris Lifesciences for ₹1,242 crore on a slump sale basis

Ashiana: Company says all units in phase 3 of ‘Ashiana Amarah’ converted into booking by March 30, sale value of 4.40b rupees 

Ramco Cements: Company commissions line II at Odisha’s grinding unit 

ESAF SFB: Company operationalizes authorized dealer category 1 license (Foreign Exchange Operations) w.e.f. April 2.

Sunteck Realty: Company rents BKC building to BennettColeman & Co for long-term tenure.

Quick Heal: Company’s arm in pact with MTech Solutions for advanced cybersecurity.

Anupam Rasayan: Company signs Letter of Intent with Japanese multinational for Rs 743 crore.

HCL Tech: Company completes divestment of 49% stake in JV with U.S.-based State Street.

PC Jewel: Karur Bank accepts one time settlement proposal submitted by PC Jewellers to settle outstanding dues. 

PNC Infratech: Company signs Rs 117 crore settlement pact with NHAI towards one-time settlement of contractual disputes 

J&K Bank: Bank in pact with New India Assurance Co for servicing & soliciting insurance products

IREDA: Company records its highest-ever annual loan sanctions and disbursements in fiscal 2023-24.

Marine Elect: Company has received an order amounting to 143.3m rupees from Cummins India

Bosch: Company gets tax refund of Rs 116.4 corer for AY 2013-14

Bajaj Electricals: Company gets tax refund worth Rs 58.7 crore for AY 2022-23 

Llyods Metals: FY24 iron ore production at 10 MT vs 3.6 MT year-on-year.

Rajratan Wire: Company says MP Industrial Development Corp sanctioned amount of investment promotion assistance of 229.2m rupees to co 

Sona BLW: Company gets approval for second hub wheel motor for electric two-wheelers under PLI scheme 

Hind Zinc: Q4 refined zinc production was at 220 kt, up 9% QoQ 

MOIL: Company has recorded best ever production of any financial year since inception, at 17.56 lakh tonnes, growing sharply by 35 percent year-on-year

VMart Retail: Company’s revenue growth seen at 12% for current quarter

Indo Edge: Company receives clearance from CCI to acquire 8% stake in MG Motor India.

Bharti Airtel: Bharti Hexacom garners Rs 1,923.7 crore from anchor investors ahead of IPO. 

GE T&D India: Gets letter from General Electric Company to split GEC into GE Aerospace & GE Vernova

UltraTech Cement: Company to invest Rs 32,400 crore towards ongoing capex over next three years. 

SJVN: Company signs agreement with IIT-Patna to develop advanced geological model for its tunneling projects 

JSW Energy: Board of JSW Energy approves fundraise of Rs 5,000 crore through qualified institutional placement.

Mankind Pharma: Company approves slump sale of over-the-counter business to new subsidiary Mankind Consumer Products by October 1. 

Dhanlaxmi Bank: Provisional gross advances rose 5.63% YoY as on March 31 

IB Real: Board meeting on April 5 to consider and approve proposal for raising of funds 

Sobha: Company’s unit entered into a share purchase agreement with BNB builders 

Vedanta: Tamil Nadu GST authority issues tax demand worth Rs 1.86 crore to Vedanta 

Som Distilleries: To undertake stock split from Rs 5 face value to Rs 2 per share

Zee Ent: MD and CEO Punit Goenka to implement 20% reduction in his remuneration 

NALCO: FY24 metal sale at 4.70 lk metric tons; cast metal production at 4.63 lk metric tons 

Axis Bank: CCI clears Axis Bank-Max Life Insurance Company deal.

Kamdhenu: Board Meeting today to consider sub-division of existing equity shares 

Mold Teck: Board Meeting today to consider declaration of Interim Dividend 

Hero MotoCorp: ICICI Lombard acquires additional 0.03% stake in for Rs 23 crore 

Chalet Hotels: Company raises Rs 1,000 crore via QIP.

Samhi Hotels: Goldman Sachs sells shares for Rs 343 crore through open market transaction.

United Spirits: Company has received a tax demand of ₹5.51 crore from the office of the Deputy Commissioner of State Tax, Nanded. 

Shriram Properties: Company gets penalty order worth Rs 447 crore for AY19 from Chennai tax authority. 

Bharat Forge/RK Forge: March North America orders down 9% YoY & down 33% MoM

Shares of Viceroy Hotels will resume trading on the National Stock Exchange and the BSE today after the CIRP process.

The company has recently emerged from its Corporate Insolvency Resolution Process (CIRP), in which Anirudh Agro Farms Limited (AAFL) emerged as the successful resolution applicant.

Cupid Ltd.

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

Previous day Closing Price – Rs. 2356.95

Ex - Stock Split 04 April 2024 (Tomorrow)

Last day trade for before split Today

Ex-Dividend 04 April 2024 (Tomorrow)

Last date for Cum-Dividend Today

Sundaram-Clayton Ltd

Dividend Per Share Rs.5.15

Previous day Closing Price – Rs. 1484.45

Varun Beverages Ltd

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 1406.05

Buzzing Stocks: Ganesh Benzoplast, Axis Bank, HCL Tech, Zee Entertainment, Anupam Rasayan, ICICI Securities, Vedanta, United Spirits, Karur Vysya Bank, GE T&D, Sunteck Realty, Shriram Properties

📌 Market Levels

BSE Sensex: 73903.91 (-110.64)

Nifty 50: 22453.30 (-8.70)

NIFTY MID CAP 100: 49479.30 (+567.25)

NIFTY SMALL CAP 100: 15960.95 (+192.55)

📌 Index PE & PBV

SENSEX PE / PBV : 25.25 / 3.75

NIFTY 50 PE / PBV : 

23.01 / 3.94

NIFTY MIDCAP 100 PE / PBV : 33.85 / 4.35

NIFTY SMALLCAP 100 PE / PBV : 26.67 / 3.82

📌 Inflow/Outflow (Daily/MTD) 

FII / FPI Activity: (1622.69 crs) / (2144.99 Crs)

DII Activity: 1952.72 crs / 3161.14 crs

📌 Volatility Index

India VIX - 11.65

📌 Commodities

Brent Crude: $88.67

Gold USD Oz/10 gm: $2255.26 = INR 68810

Silver: INR 76653

📌 Currency

Rs/$: 83.38

US Dollar Index (DXY) - 104.90

📌 10 Year Yield

7.18% GOI 2033: 7.12% (New)

US 10 Yr Yield - 4.39%

TENT OPEC-JMMC Meetings

14:30 EURO CPI Flash Estimate y/y (Expected: 3.0% versus Previous: 3.1%)

17:45 U.S. ADP Non-Farm Employment Change (Expected: 149K versus Previous: 140K)

19:30 U.S. ISM Service PMI (Expected: 52.7 versus Previous: 52.6)

21:40 U.S. Fed Chair Powell Speaks

• HINDCOPPER

Thanks to the surging trend in global Robusta prices, India’s coffee exports for the financial year ending March 2024 touched a new high in value terms.

The country’s top two-wheeler manufacturer, Hero MotoCorp, has reported a decline of around 9 per cent yea-on-year (y-o-y) in its domestic wholesales (dispatches to dealers), while companies such as Honda Motorcycle & Scooter India (HMSI), Bajaj Auto and TVS Motor Company reported in higher single-digits or double-digit growth during the month.

Since our initiating coverage on UFO Moviez India Ltd (UMIL) the stock had touched ₹174 (from initiation price of ₹112) and is currently 19 per cent up from initiation price. Despite the rally we believe that there is still significant upside potential that warrants a relook. We re-initiate with a BUY coverage for a price target of ₹214 (22x FY27E net earnings).

Latent View Analytics’ Decision Point acquisition strengthens its Retail CPG presence.

Decision Point’s FY24 revenue is $12.8 million, growing at 50-60 per cent CAGR. The company grew 19 per cent in FY24, with 30 per cent EBITDA margin.

An earthquake offshore Taiwan with a magnitude of 7.2 rocked the capital Taipei on Wednesday morning, knocking out power in several parts of the city and sparking a tsunami warning for the islands of southern Japan and the Philippines.

Taiwan television stations showed footage of some collapsed buildings in the eastern county of Hualien, near the quake’s epicentre, and media reported some people were trapped.

The quake hit at 07:58 a.m. (2358 GMT) at a depth of 15.5km (9.6 miles) just off the eastern coast of Taiwan, according to Taiwan’s Central Weather Administration. It was the strongest quake to hit the island in 25 years, state media said.

Mutual funds have pumped in ₹1.88-lakh crore into equities in 2023-24, 8 per cent higher than the previous year and double the money put into equities five years ago.

This compares with the ₹2.08-lakh crore put in by foreign portfolio investors in FY24. Steady flows from domestic institutional investors have increasingly supported the market in the past few years. Equity schemes saw ₹1.58-lakh crore by way of net flows in FY24 (excluding March). This is higher than all other years except FY18 when flows stood at ₹1.69 lakh crore.

Here’s an interesting stock idea: The stock has made a bullish breakout on Tuesday and has closed on a strong note. The door is now open for the share price to move further up from here. Check out the latest episode of bl.Today’s Pick to learn more.

The outlook for Steel Authority of India (SAIL) is bullish. The stock has risen 5 per cent on Tuesday and has closed on a strong note. This has taken the share price well above the key resistance level of ₹140. It also marks the end of the consolidation phase and indicates that the broader uptrend has resumed. The level of ₹140 will now act as a strong support

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