Share Market Highlights 30 August 2024: Sensex, Nifty hit new lifetime highs; foreign fund inflows drive market rally

Promoters of Ajmera Realty & Infra India Ltd (ARIIL) unpledges 17,00,000 shares i.e. 4.7% of the total outstanding shares. Buoyant to achieve the goal of 5x growth by 2025, Ajmera Realty & Infra India Ltd is taking major strides towards the same direction. The company achieved a debt reduction of INR 58 crore during Q1FY25 that has showcased a significant yet sustained growth momentum. This move to unpledge the shares will further strengthen the brand’s perception among existing and potential stakeholders.

Commenting on the same, Mr. Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, “This is a major strategic step towards reducing the company’s debt and thereby, intensify our focus on holistic growth. This move will empower us with trust from the investors’ community, thereby opening up further opportunities to do business collaborations. Overall, we are bullish about our vision growth and look forward to delivering a stellar performance every quarter.”

Sathlokhar Synergys E&C Global Limited (SSEGL) announced today that it has won a significant contract worth ₹62.53 crore from Vinfast Auto India Private Limited. The order involves executing Mechanical, Electrical, and Plumbing (MEP) work at Vinfast’s upcoming electric vehicle factory in Thoothukudi, Tamil Nadu.

The shares of Sathlokhar Synergys E&C Global Limited (SSEGL) were trading on the NSE at 2.55 pm today at ₹518.95 up by ₹19.05 or 3.81 per cent.

Transformers and Rectifiers (India) Limited (TRIL) announced today that it has secured orders totalling ₹252 crore from three domestic entities. The company, a leading transformer manufacturer in India, received orders for various types of transformers and reactors from SPIL (₹91 crore), KEPIPL (₹70 crore), and JSPL (₹91 crore).

The shares of Transformers and Rectifiers (India) Limited (TRIL) were trading at ₹745.20 up by 35.45 or 4.99 per cent today on the NSE at 2:20 pm.

The shares of Greenply Industries Limited were trading at ₹383.70 down by ₹0.55 or 0.14 per cent on the NSE today at 2.10 pm.

Greenply Industries Limited has received a tax demand of approximately ₹75.5 lakh from the Sales Tax Officer in Delhi. The order, dated August 29, 2024, pertains to the financial year 2019-20 and includes a tax demand of ₹38.97 lakh, interest of ₹32.62 lakh, and a penalty of ₹3.90 lakh.

Aurionpro Payments, a subsidiary of Aurionpro Solutions Limited, announced its launch as an online payment aggregator at the Global Fintech Fest 2024 in Mumbai today. The company received authorization from the Reserve Bank of India to operate in this capacity. Alongside this , Aurionpro Payments has introduced AuroPay, a payment receivable platform for businesses, and AuroCheck, a digital onboarding platform for KYC/KYB checks.

The shares of Aurionpro Solutions Limited were trading at ₹1,922.80 down by ₹29.15 or 1.49 per cent at 1 pm today on the NSE.

​Aurionpro Solutions​: Aurionpro Payments goes live as an online payment aggregator, launches a range of next generation offerings at Global Fintech Fest 2024”

Company goes live as payment aggregator, launches digital onboarding platform and utility payments acceptance through BBPS

This achievement follows the recent authorisation from the Reserve Bank of India and signifies Aurionpro’s strategic entry into the rapidly growing and innovation-driven payments industry.

Arihant Capital enters into a Share Sale and Purchase Agreement (SPA) with Lockton Overseas Limited(the Acquirer). This agreement involves the sale and transfer of the Company’s entire equity stake in the “ARIHANT INSURANCE BROKING SERVICES LIMITED” (Subsidiary Company)

1. Anant Raj: ACQUISITION

Investment Committee has approved the acquisition of 100% equity shares of Sheetij Properties Private Limited, engaged in the business of development of real estate and is having Partnership interest in LLP namely Fortunea Infrastructure LLP which has land holding of approx. 11.35 acres in Sector 63A, Gurugram, Haryana, where the Company has one of the largest development projects namely Anant Raj Estate.

2. Electronics Mart: INSTITUTIONAL ENTRY

Motilal Oswal Mutual Fund sold 74L shares at INR 217/share, aggregating to INR 161 Cr and SBI Mutual Fund bought 57.5L shares at INR 217/share, aggregating to INR 125 Cr.

3. ⁠Chavda Infra: ORDER

Company has bagged a work order worth INR 72 Cr for Construction of Commercial Building (ORCHID FINSBURY), needs to be completed in 24 months.

4. ⁠Patel Engineering: MOU

Company has signed a Memorandum of Understanding (MOU) with Rail Vikas Nigam Limited (RVNL), a Navratna CPSE under the Ministry of Railways, to establish a strategic partnership for jointly executing hydro and other infrastructure projects both in India and internationally. The MOU outlines a framework for collaboration, where both parties will leverage their respective strengths in infrastructure and rail/transport projects.

5. ⁠AVP Infracon: ORDER

Company has secured two significant sub-contracts totaling INR 70.8 Cr. The first sub-contract, valued at INR 23.6 Cr, is for the construction of a bypass to Bagalur Town, extending from Kothapalli to Jee Mangalam, and includes utility shifting for NH 207. The second sub-contract, worth INR 47.2 Cr, is for the widening and strengthening of the Kallakurichi-Tiruvannamalai Road (SH-6), upgrading it from a two-lane to a four-lane road, and includes the construction of minor bridges and culverts. Both projects have been awarded by the State Highways Department of Tamil Nadu and are expected to be completed within a year.

The Indian stock market showed modest gains in mid-day trading on Friday, with the Nifty 50 index up 0.36% at 25,241.80 and the Sensex rising 0.32 per cent to 82,401.20 as of 12:45 PM. The market’s upward momentum comes as Foreign Institutional Investors’ (FIIs) net long positions reached 70 per cent, meeting analyst expectations. 

Shilpa Rout, AVP - Derivatives Research at PL Capital - Prabhudas Lilladher, commented on the market situation, saying, “As expected, our target of 68 per cent has been reached. If these levels are sustained, net longs could rise to 78% next.” 

The shares of Cinevista Ltd were trading at ₹21.47 with a surge of 9.99 per cent today at 12.20 pm on the NSE. They announced yesterday that their joint development project named ‘ANTARES’ with K. Raheja Corp Real Estate Pvt Ltd in Kanjurmarg, Mumbai, has received RERA registration. 

This development follows the registration of the Joint Development Agreement between the two companies on May 29, 2023. K. Raheja Corp Real Estate has now obtained all the necessary permissions to begin development work on the project. 

Acceptance Ratio for Single Shareholders will be 1 out of 13.

Maximum One Share will get Accepted in Retail Category that too through LOTTERY

Thyrocare Technologies Limited, a leading healthcare diagnostics company, announced today that it has entered into a Business Transfer Agreement to acquire the diagnostic and pathological services business of Vimta Labs Limited. The all-cash deal, valued at ₹7 crore, is subject to customary conditions precedent.

RPP Infra Projects Limited announced today that it has won a new contract worth ₹55.50 crore from the Avadi City Municipal Corporation in Tamil Nadu. The project, part of the Tamil Nadu Climate Resilient Urban Development Plan (TNCRUDP) “Amrut 2.0” initiative, involves providing 24x7 water supply to pilot zones in Avadi City and improving the existing water supply distribution system.

Zydus Lifesciences Ltd announced today that its wholly-owned subsidiary, Zydus Animal Health and Investments Ltd, has completed the acquisition of a 50 per cent equity stake in Sterling Biotech Ltd (SBL) from Perfect Day Inc.

The shares of Zydus Lifesciences Limited were trading at ₹1,153.55 up by ₹21.50 or 1.90 per cent as of 11.15 am today on the NSE. 

Shares of SpiceJet on Friday morning tumbled over 6 per cent after aviation watchdog DGCA decided to place the crisis-hit firm under enhanced surveillance.

The stock tanked 6.38 per cent to Rs 62 on the BSE after a weak beginning.

DGCA on Thursday decided to place SpiceJet under enhanced surveillance that will entail increased spot checks and night surveillance to ensure safety of the airline’s operations.

Based on reports of cancellation of flights and financial stress being experienced by SpiceJet, DGCA said it conducted a special audit of the airline’s engineering facilities on August 7 and 8 and certain deficiencies were found during the audit.

“In light of the past record and the special audit carried out in August 2024, SpiceJet has once again been placed under enhanced surveillance with immediate effect. “This would entail an increase in the number of spot checks/night surveillance with a view to ensure safety of operations,” the Directorate General of Civil Aviation (DGCA) said in a release on Thursday.

In 2023 also, the regulator had placed SpiceJet under enhanced surveillance.

The no-frills carrier has been grappling with multiple headwinds, including financial and legal woes, and is also in the process of raising funds.

PL Capital- Prabhudas Lilladher, one of the most trusted financial services organisations in India, in its latest India Strategy Report stated that NIFTY’s EPS projections has been revised downward by 0.3% for FY25 and 0.4% for FY26, with an expected CAGR of 17.8% over FY24-26, resulting in EPS estimates of ₹1,247 and ₹1,411 for FY25 and FY26, respectively. PL Capital’s EPS estimates align with the consensus for FY25 but are 2% lower for FY26. Currently, NIFTY is trading at 18.9 times its 1-year forward EPS, which is almost on par with its 15-year average of 19 times.

PL Capital values Nifty at 15-year average PE (19x) with March 26 EPS of ₹1,411 and arrives at 12-month target of 26,820, revised higher from earlier target of 26,398. In a bull case scenario, PL Capital values Nifty at PE of 20.2x and arrives at a target of 28,564. In a bear case scenario, Nifty may trade at a 10% discount to a long-period average with a target of 24,407.

Since PL Capital’s last India strategy report which was released on 11th July 2024, NIFTY has delivered a return of 1.6% despite rising volatility amidst deteriorating geopolitical situation as Indian markets were supported. Markets have experienced extreme volatility due to the Japanese carry trade and geopolitical uncertainty. However, strong DII inflows continue to drive the markets, even as FII selling has subsided. Demand conditions are mixed, but there are high expectations for a festival season revival, supported by favourable monsoon conditions, a strong infrastructure spending push by the GOI, and a revival in private capex. Additionally, the increasing likelihood of an interest rate cut by the FED and overall inflation dropping to below 4% raises hopes for a potential repo rate cut in the second half of FY25.

The return variation between large-cap and mid-cap indices has significantly narrowed over the past three months. Meanwhile, the return gap with small-cap indices remains around 6%, as small caps continue to outperform large caps. PL Capital anticipates that the return differential between large caps and mid-caps will remain low. FII outflows have abated with 33bn inflows in the last 6 weeks while DII inflows, at ₹608bn, continue to remain strong and support markets.

Large cap and mid/small cap returns are showing convergence.

​SCHAEFFLER INDIA​: SCHAEFFLER REPXPERT MOBILE TRAINING VAN IS BACK ON ITS KNOWLEDGE TRAIL. THIS PROGRAM AIMS TO UPSKILL MECHANICS ACROSS THE NATION, SPECIALLY DESIGNED FOR THE COMMERCIAL VEHICLE SEGMENT

RELIGARE ENT ; Clarification on News Reports “Sebi issues notice to Religare Ent’s Rashmi Saluja

Co. Says It is a fact that SEBI has issued a show-cause notice (SCN) dated 26.07.2024 to Dr. Rashmi Saluja in respect of alleged Insider Trading.

Co. Says Considering that it is only a show cause notice, the outcome of which cannot be determined, there is no material impact on the Company.

Garden Reach Shipbuilders & Engineers Ltd (GRSE) announced today that they have signed a Memorandum of Understanding (MoU) with National Highway Infrastructure Development Corporation Ltd (NHIDCL) yesterday, on August 29, 2024, for the fabrication, supply, and launching of Double-Lane Class 70 modular steel and Bailey bridges. The agreement aims to enhance connectivity in critical forward areas along India’s borders, facilitating troop and equipment deployment.

Bank Nifty began today’s session with a gap-up at 51,437 versus yesterday’s close of 51,153. The index moderated after opening and is now at 51,340, up nearly 0.4 per cent.

The shares of the Great Eastern Shipping Company Limited were trading at ₹1,293.80 down by ₹6.75 or 0.52 per cent on the BSE today at 10 am following their announcement yesterday, that it has contracted to sell its Supramax Dry Bulk Carrier, Jag Rani, to an unaffiliated third party.

Nifty 50 is trading stable after opening with wide gap-up today. It opened the day at 25,249.70 and is now trading at 25,232, up 0.31 per cent. The advances/declines ratio is at 38:12. This is positive. Read more

Rupee appreciated 7 paise to 83.82 against the US dollar in morning trade on Friday, supported by significant foreign fund inflows and a positive trend in domestic equities. Read more

Indian equity benchmarks Nifty and Sensex opened at record highs on Friday, buoyed by positive global cues, strong domestic economic outlook, and substantial foreign investment inflows. The Nifty 50 index opened at 25,249.70, while the Sensex began trading at 82,637.03. Read more

1. EID Parry 

- CMP Rs: 815.20 

- P/E: 16.39 

- Market Cap: Rs. 14,456.99 Cr.

2. Balrampur Chini 

- CMP Rs: 578.80 

- P/E: 22.01 

- Market Cap: Rs. 11,692.17 Cr.

3. Sh. Renuka Sugar 

- CMP Rs: 47.41 

- P/E: N/A 

- Market Cap: Rs. 10,099.60 Cr.

4. Triven. Engg. Ind. 

- CMP Rs: 439.10 

- P/E: 26.80 

- Market Cap: Rs. 9,607.50 Cr.

5. Bajaj Hindusthan 

- CMP Rs: 40.74 

- P/E: N/A 

- Market Cap: Rs. 5,209.03 Cr.

6. Bannari Amm. Sug. 

- CMP Rs: 3102.65 

- P/E: 26.70 

- Market Cap: Rs. 3,875.11 Cr.

7. Dalmia Bharat 

- CMP Rs: 441.60 

- P/E: 13.45 

- Market Cap: Rs. 3,575.15 Cr.

8. DCM Shriram Inds 

- CMP Rs: 196.56 

- P/E: 14.27 

- Market Cap: Rs. 1,707.50 Cr.

9. Avadh Sugar 

- CMP Rs: 706.85 

- P/E: 12.36 

- Market Cap: Rs. 1,416.91 Cr.

10. Dhampur Sugar 

- CMP Rs: 209.14 

- P/E: 15.14 

- Market Cap: Rs. 1,370.21 Cr.

11. Dwarikesh Sugar 

- CMP Rs: 73.59 

- P/E: 41.12 

- Market Cap: Rs. 1,366.43 Cr.

12. Uttam Sug. Mills 

- CMP Rs: 340.20 

- P/E: 12.03 

- Market Cap: Rs. 1,295.22 Cr.

13. Magadh Sugar 

- CMP Rs: 873.20 

- P/E: 10.97 

- Market Cap: Rs. 1,231.69 Cr.

14. Zuari Industries 

- CMP Rs: 362.55 

- P/E: 74.18 

- Market Cap: Rs. 1,083.00 Cr.

15. Ugar Sugar Works 

- CMP Rs: 83.33 

- P/E: 50.66 

- Market Cap: Rs. 934.73 Cr.

16. Dhampur Bio 

- CMP Rs: 135.23 

- P/E: 26.40 

- Market Cap: Rs. 896.32 Cr.

17. Davangere Sugar 

- CMP Rs: 6.94 

- P/E: 54.10 

- Market Cap: Rs. 652.94 Cr.

18. KCP Sugar & Inds. 

- CMP Rs: 53.84 

- P/E: 7.32 

- Market Cap: Rs. 612.84 Cr.

19. Mawana Sugars 

- CMP Rs: 125.55 

- P/E: 10.09 

- Market Cap: Rs. 491.19 Cr.

20. Kothari Sugars 

- CMP Rs: 55.56 

- P/E: 41.64 

- Market Cap: Rs. 460.53 Cr.

21. Sakthi Sugars 

- CMP Rs: 38.42 

- P/E: N/A 

- Market Cap: Rs. 456.97 Cr.

22. Ponni Sug. Erode 

- CMP Rs: 510.60 

- P/E: 10.75 

- Market Cap: Rs. 440.70 Cr.

23. KM Sugar Mills 

- CMP Rs: 38.70 

- P/E: 15.48 

- Market Cap: Rs. 354.68 Cr.

24. Vishwaraj Sugar 

- CMP Rs: 18.21 

- P/E: 69.38 

- Market Cap: Rs. 341.33 Cr.

25. Rana Sugars 

- CMP Rs: 21.79 

- P/E: 23.07 

- Market Cap: Rs. 334.47 Cr.

26. SBEC Sugar 

- CMP Rs: 65.02 

- P/E: N/A 

- Market Cap: Rs. 309.82 Cr.

27. Rajshree Sugars 

- CMP Rs: 73.42 

- P/E: 21.81 

- Market Cap: Rs. 243.61 Cr.

28. Sir Shadi Lal 

- CMP Rs: 386.15 

- P/E: N/A 

- Market Cap: Rs. 202.73 Cr.

29. Indian Sucrose 

- CMP Rs: 105.00 

- P/E: 5.39 

- Market Cap: Rs. 182.45 Cr.

30. Kesar Enterprise 

- CMP Rs: 161.65 

- P/E: N/A 

- Market Cap: Rs. 162.94 Cr.

PENND RAISING :- HILTON METAL, MAX ESTATES, SABDHAV

BONUS:- NBCC

RESULT:- NAGARJUNA FERTILISERS

FUND RAISING :- HINDWARE HOME INNOVATION, INCREDIBLE IND, MIRC ELECTRONICS, SUMIT WOODS

DIVIDEND :- VEDANTA

FUND RAISING :- FORTIS HEALTHCARE

BUYBACK:- INSECTICIDES

DIVIDEND:- RADHIKA JEWEL

RESULT:- UNICOMMERCE ESOLUTIONS, ASIAN HOTELS, BRAINBEES SOLUTIONS

(CMP: 3,042)

MAINTAIN BUY 

TARGET: 3,600

Focussed On Growth; Co To Double In The Next 5-7 Years

Launch Of Jio Brain And Jio Cloud To Lead The AI Integration Journey

See Robust Growth Across Segments Driving 3-year EBITDA CAGR OF 13%

EBITDA CAGR Will Further Be Boosted By A Sharp Increase In FCF Generation

EBITDA CAGR Will Further Be Boosted By Sharp Decline In Net Debt Levels

Overweight Call On IOC, Target Raised To Rs 205/Sh

Overweight Call On BPCL, Target Raised To Rs 410/Sh

Overweight Call On HPCL, Target Raised To Rs 506/Sh

Global Tailwinds From Oversupplied Oil Markets Point To The Next Leg Of Outperformance

Gas Taking Market Share From Diesel In China Points To The Next Leg Of Outperformance

Domestic Tailwinds Of Strong Fuel Demand, Improving FCF Point To Next Leg Of Outperformance

HPCL Is Key Overweight, As It Exits An Investment Cycle, Followed By BPCL

Nomura On Reliance Ind

Buy Call, Target Rs 3,600

Focused On Growth; Co To Double In The Next 5-7 Years

Launch Of Jio Brain And Jio Cloud To Lead The AI Integration Journey

See Robust Growth Across Segments Driving 3-year EBITDA CAGR Of 13%

EBITDA CAGR Will Further Be Boosted By A Sharp Increase In FCF Generation

EBITDA CAGR Will Further Be Boosted By Sharp Decline In Net Debt Levels

Jefferies on Reliance Ind

Buy Call, Target Rs 3,500

AGM Focused On Jio, With Traction In Airfiber, Foray Into Data Center

Co Expects Retail To Emerge From Tough Patch To Deliver Doubling Of Rev/EBITDA In 3-4 Yrs

Doubling Of Rev/EBITDA In 3-4 Yrs For Retail Is Ahead Of Our Estimate

New Energy Commissioning Could See Delays That Push Out Value Discovery To FY27

Board Will Consider A Bonus Issue

CLSA on Reliance Ind

Outperform Call, Target Rs 3,300

Co Targets To Double Its Size In The Next Six Years; No Hints About IPO For Jio Or Retail

Jio Aims To Add 1 m Airfiber Subscribers Every Month

Prioritising Investment Across O2C And New Energy Verticals

Macquarie on Reliance Ind

Neutral Call, Target Rs 2,750

New Energy The New Growth Engine, AI, Disney+, Bonus Shares

New Energy Division To Deliver Cash Flows That Are Less Cyclical

Potential Earning Capacity In Next 5-7 Yrs Similar To Existing O2C Business

Jio & Retail Targetting To Double Revenue And EBITDA In Next 3-4 Years

Jio Cinema Growth To Be Enhanced By Merger With Disney+ Hotstar

JioMart Hyperlocal Delivery With 1,300 Smart Points Noted As A Competitive Edge

Citi on Bharti Hexacom

Initiate Buy, Target Rs 1,405

Pure-Play Regional Telecom Operator With Healthy Balancesheet

Forecast A 3-Yr EBITDA CAGR Of 26% Vs 20%/22% For Bharti’s India/Mobile Ops & 24% For Voda Idea

See Net Debt/EBITDA Declining To 0.9/0.3x By FY26/27

Declining Net Debt/EBITDA Led By Strong FCF Generation

Declining Net Debt/EBITDA Opens Up Room For Upside To Payouts

Nomura on Lupin

Buy Call, Target Raised To Rs 2,427

Expect Improvement In Growth & Profitability Across Key Mkts, Likely To Attract Premium To Peers

US Generics Present Strong Support To Near-term Earnings

Co Has Gained Traction With A Few Complex Injectable Filings

Few Complex Injectable Filings Likely To Be Commercialised Over Next Two Years

There Are Specific Litigation-Dependent Upsides That Can Further Support Near-Term Earnings

Expect Narrative On US Prospects To Dominate Downside Risk In Specific Products Like Albuterol MDI

Factor In Higher Rev Contribution From Mirabegron In FY25 & Tolvaptan In FY26/27 Vs Earlier Est

Revise FY25/26 EPS Upwards By 28%/54%

MS on OMCs

Overweight Call On IOC, Target Raised To Rs 205/Sh

Overweight Call On BPCL, Target Raised To Rs 410/Sh

Overweight Call On HPCL, Target Raised To Rs 506/Sh

Global Tailwinds From Oversupplied Oil Markets Point To The Next Leg Of Outperformance

Gas Taking Market Share From Diesel In China Points To The Next Leg Of Outperformance

Domestic Tailwinds Of Strong Fuel Demand, Improving FCF Point To Next Leg Of Outperformance

HPCL Is Key Overweight, As It Exits An Investment Cycle, Followed By BPCL

Bernstein on Telecom

Outperform Call On Bharti Airtel

Target Raised To Rs 1,740 From 1,600

Telecom Has Seen A Favorable Market Structure Led By Consolidation Over Years

Strong Players - Jio & Bharti Airtel Continue To Gain Share With Jio (45%) & Bharti (37%) Rev Sh

Expect Market To Consolidate Further, As VI (Not Covered) Subscriber Churn Remains High

Jio Is On Path To Reach Nearly 500 Million Subscribers And A 50% Share

CITI on UPL

Buy, TP Rs 640

Co’s guidance of 4-8% rev growth & >50% EBITDA growth in FY25 does not factor in any improvement in pricing vs 4QFY24 level

With global destocking nearing completion, gross/contribution margins off trough believe a rerating is likely

Jefferies on Real Estate

Transient volume weakness

Resi markets slowed in June-July 2024 after a strong April-May; though vols in top 7 cities are still +5% FYTD.

Low inventory levels suggest that overall market remains healthy

Prefer Lodha, GPL, DLF, Sunteck

Macquarie on 2Ws

Growth on fast track, TVS top pick

Teens 2W industry volume growth in FY25E.

TVS’ diversified segment exposure, new E2W launches, & margin upside pose upside earnings risk

Macquarie on USL

U-P, TP Rs 1100

United Spirits saw another qtr of stronger YoY sales growth in prestige segment vs Pernod India albeit weaker than local peer, Radico Khaitan

While USL market share gains are encouraging, guided moderation in sales momentum in 2Q makes us cautious

HSBC on Maruti

Buy, TP Rs 14500

PV demand weakness is visible in increased inventory & discounting across OEMs and models

Not very optimistic for festive season this year & hence cut FY25/26 volume estimates for MSIL

However, stay Buy due to undemanding vals

Silver prices were slightly changed, but were on track for a monthly gain on expectations of a US interest rate cut in September, while traders awaited vital US inflation data for more insight. The dollar is expected to fall to its lowest monthly level since November of last year, as dovish Fed forecasts weigh heavily. Last quarter, the United States’ GDP grew at a 3.0% annualised rate, up from the 2.8% rate reported last month, while consumer spending increased to 2.9%, from 2.3%. Israel informed the United States that an early examination determined that rounds were fired at a World Food Programme vehicle in the Gaza Strip as a result of a “communication error” between Israeli armed units. Bullion is viewed as a hedge against geopolitical and economic uncertainty, and it thrives in low-interest-rate environments.

Key economic data slated for release includes German Retail Sales m/m, German Unemployment Change from Euro Zone and CPI Flash Estimate y/y, Core PCE Price Index m/m, Core CPI Flash Estimate y/y from US Zone.

Gold prices regained traction, hovering near the record high of $2,525 set earlier this week, as anticipation of rate cuts from the world’s top monetary authorities decreased the opportunity cost of holding non-interest-bearing metal assets. New statistics from the United States revealed that the Fed’s favoured inflation gauges, the headline and core PCE price indices, were both revised lower, indicating sharper slowdowns in the second quarter. The market continues to price 100 basis points in rate cuts through the central bank’s three remaining sessions this year, remaining constant despite the increased revision to US GDP.

Key economic data slated for release includes German Retail Sales m/m, German Unemployment Change from Euro Zone and CPI Flash Estimate y/y, Core PCE Price Index m/m, Core CPI Flash Estimate y/y from US Zone.

Q1FY25 EARNING CALENDAR 30.08.2024

APIS, FIRSTCRY, PGCRL, UNIECOM

Q1FY25 EARNING CALENDAR 31.08.2024

NAGAFERT

Domestic markets are expected to continue their momentum thanks to positive global sentiment. The Nifty 50 has risen for 11 consecutive days, its longest winning streak since October 2007, according to market participants.

Gift Nifty at 25,290 signals a positive bias for the domestic market. Despite the strong rally in heavyweights, analysts expect the momentum to continue, but sound macroeconomic condition.

14.30 EURO CPI Flash Estimate y/y (Expected: 2.2% versus Previous: 2.9%)

18.00 U.S. Core PCE Price Index m/m (Expected: 0.2% versus Previous: 0.2%)

19.30 U.S. Revised Consumer Sentiment (Expected: 68.0 versus Previous: 67.8)

Economic Calendar – 31.08.2024 

07.00 CHINA Manufacturing PMI (Expected: 49.5 versus Previous: 49.4)

Economic Calendar – 01.09.2024 

TENT INDIA August month Auto Sales

Economic Calendar – 02.09.2024 

U.S. Market Holiday

Drug maker Pfizer India and HCMCT Manipal Hospital have collaborated on a dedicated adult vaccination centre at the Dwarka (New Delhi) hospital, in the second such partnership this month.

Zomato Limited, the Indian food delivery giant, disclosed it has received two GST-related demands for the financial year 2019-20. The tax demands, from authorities in Tamil Nadu and West Bengal, allege excess input tax credit usage and non-payment of GST on delivery charges, respectively.

HFCL Limited has completed one of the world’s largest control and user plane separation (CUPS) architecture-based broadband network gateway (BNG) deployments for Bharat Sanchar Nigam Limited (BSNL). The project, valued at about ₹390 crore, was initiated in October 2022.

Rewarding shareholders has been central to Reliance Industries’ investor expectation strategy, and its plans to announce a bonus issue—its fifth since inception—are in keeping with that. During market hours and just a little before its 47th annual general meeting, the company announced that its board would meet on September 5 to consider issuing bonus shares in the ratio of 1-for-1 by capitalizing its reserves.

Country’s leading retailer Reliance is aiming to double its business in next three to four years, its Director Isha Ambani said at the AGM. For the financial year ended March 31, 2024, Reliance Retail recorded a gross revenue of ₹3.06 lakh crore (USD 36.8 billion), a growth of 17.8 per cent over the previous year.

Indian Hotels Company Limited (IHCL) unveiled the reimagined Gateway brand on Thursday as part of its strategy to tap growth opportunities in micro markets in metros and tier II/III cities.

GIFT Nifty, which stands as a new benchmark to the growth story of Indian equity market, recorded a new milestone and has added yet another feather in its cap in terms of achieving highest Open Interest of US $18.29 billion on August 27, 2024, surpassing its previous Open Interest record of US $18.22 billion on June 26, 2024. The continuous increase in open interest highlights the broader participation and reflects the trust of the global investors in GIFT Nifty.

Trading turnover on NSE IX has been growing exponentially since commencement of a full-scale operation of GIFT Nifty on July 3, 2023. Since the first day of full-scale operations, GIFT Nifty has witnessed a total cumulative volume of over 24.71 million contracts with total cumulative turnover of US $1.05 trillion till August 27, 2024.

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 645.3 Cr (-5.2% QoQ, 4.2% YoY) vs expectation of Rs. 670.6 Cr, QoQ Rs. 680.7 Cr, YoY Rs. 619.4 Cr

EBIDTA came at Rs. 174.5 Cr (8.8% QoQ, 21.5% YoY) vs expectation of Rs. 139.6 Cr, QoQ Rs. 160.3 Cr, YoY Rs. 143.7 Cr

EBITDA Margin came at 27% vs expectation of 20.8%, QoQ 23.6%, YoY 23.2%

Adj. PAT came at Rs. 116 Cr vs expectation of Rs. 89.4 Cr, QoQ Rs. 99.1 Cr, YoY Rs. 91.8 Cr

Quarter EPS is Rs. 35.6

Stock is trading at P/E of 54.6x FY25E EPS

Indian equity indices ended on a positive note today, with key movements in major sectors and individual stocks.

- Nifty 50: Closed flat at 25,151

- Sensex: Closed at 82,134

Market Volatility

- India VIX: Down by 1.15%, now at 13.79

- Put Call Ratio: 1.21

Mid Cap & Small Cap Indices

- Mid Cap: Down by 0.45%, closed at 21,741

- Small Cap: Down by 0.57%, closed at 18,077

Sectoral Highlights

- Nifty Oil & Gas: Best performing sector, up by 0.94%

- Nifty FMCG: Up by 0.72%

- Nifty Pharma & Nifty Metal: Both down by 0.48%

Top Gainers

- TV18 Broadcast: +7%, closed at ₹51

- Whirlpool: +5%, closed at ₹2,195

Top Loser

- Welspun Living: Down by over 5%

In the News

- Moody’s: Raises India’s 2024 GDP growth forecast to 7.2% from 6.8%.

- Reliance Industries: Shares jump 2.6% ahead of board meeting on September 5th to consider a 1:1 bonus issue.

- Bajaj Twins: Shares of Bajaj Finance and Bajaj Finserv gained up to 3% on reports of Bajaj Housing Finance’s upcoming IPO, aiming to raise ₹7,000 crore.

- Whirlpool of India: Stock hits a 52-week high with a 7% surge, marking an 86% increase over six months, following the sale of a 24% stake by Whirlpool Mauritius Limited.

- Sonata Software: Shares rallied over 7% to ₹671 after securing a multi-million dollar IT outsourcing contract from a US healthcare company.

- Reliance Industries’ Media Arms: TV18 Broadcast and Network18 Media & Investments surged as much as 13% after CCI approved the merger with Disney’s Indian media assets.

- JM Financial: Shares surged over 11% following a report of a 6.2% YoY dip in net profit and a 5.4% drop in revenue for the quarter ended June 30, 2024.

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29 August 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 131401.72 + 20667.61 Total: 152069.33

F&O Volume: 601562.29 + 1841054.58 Total: 2442616.87

Provisional Cash

FII/FPI: NET BUY: +3259.56 

(27036.06 - 23776.5) 

DII: NET BUY: +2690.85 

(19919.09 - 17228.24)

Capital market regulator SEBI has granted approval to IndusInd International Holdings for acquiring the portfolio management services business of Invesco AMC. SEBI’s approval marks the completion of a crucial phase in IIHL’s 60 per cent acquisition of Invesco AMC and leaves only one final regulatory approval before the transaction can be completed, sources said.

IPO-bound Swiggy has appointed Amitesh Jha, former Senior Vice President at Flipkart, as head of Instamart, the company’s quick commerce business. Phani Kishan, co-founder and current head of Swiggy Instamart, will transition to a larger role within the company, said the company.

Small and medium REITs have received a positive response from the industry, SEBI chairperson Madhabi Puri Buch said on Thursday. Buch said that there is an imbalance of power between large institutions and small investors, and regulations have helped foster trust in the system.

NBCC (India) Ltd has sold 100 per cent of the office space inventory at the World Trade Centre (WTC) Nauroji Nagar in New Delhi, valued at ₹13,408.7 crore, and 100 per cent of the retail and commercial space at Downtown Sarojini Nagar, valued at ₹1.390.92 crore.

Insurance behemoth Life Insurance Corporation of India (LIC) on Thursday presented the Central Government with a dividend cheque for ₹3,662.17 crore. The dividend cheque was handed over to Union Finance and Corporate Affairs Minister Nirmala Sitharaman by Siddhartha Mohanty, MD & CEO of the life insurance major.

The National Company Law Appellate Tribunal has upheld the shareholders decision to vote against the reappointment of Deepak Chhabria, former executive chairman,Finolex Cables.

The Directorate General of Civil Aviation (DGCA) will carry out spot checks and increase its surveillance on SpiceJet as a cash crunch has forced the airline to delay salaries and vendor payments.

The initial public offer of solar cell and module manufacturer Premier Energies got subscribed 74.09 times on the last day of subscription on Thursday. The ₹2,830 crore initial share sale received bids for 3,30,76,25,013 shares against 4,46,40,825 shares on offer, according to an update with the NSE.

SUN Mobility is looking at a $1 billion investment by 2030, primarily focused on the newly launched heavy electric vehicles (HEVs) business. This investment will also be expanded to its existing micromobility segment, said Chetan Maini, co-founder and chairman, SUN Mobility.

The short-term outlook for Power Finance Corporation is bullish. The stock has made a bullish breakout above a key resistance level of ₹535 this week. The region around ₹530 will now be a very good support for the stock. Read more

In a sign of slowing economy, Corporate India registered the lowest revenue growth of 5 to 7 per cent in the June quarter against 7 per cent logged in the March quarter.

Mukesh Ambani announces 26% efficient bifacial solar panels, 30 GWh battery facility by 2024

Billionaire Mukesh Ambani is aiming to double the size of Reliance Industries by the end of the decade. Key businesses Jio and Retail’s revenue and EBITDA will double in the next 3-4 years. The future growth engine is the new energy business, which will become as big and profitable as the O2C business in 5-7 years.