Share Market Highlights: Sensex, Nifty mark worst drop in over a month amid US election jitters

Shares of Sun Pharmaceutical fell 2.64 per cent after the pharma major recently announced that the US District Court of delayed the launch of its new drug - Leqselvi.

According to the stock exchange disclosure, Sun Pharma is restricted from launching Leqselvi until a subsequent favorable court decision or until the expiry of patent in lawsuit, whichever is earlier.

Top gainers on the NSE

M&M (2.14%), Tech Mahindra (1.86%), Cipla (1.57%), SBI (1.10%), Dr Reddy’s Lab (0.82%) 

Top losers: 

Hero Motocorp (-4.25%), Grasim (-3.96%), Bajaj Auto (-3.46%), Adani Ports (-3.26%), BPCL (-3.05%)

Defence training solutions provider Zen Technologies reported a 276 per cent year-on-year jump in net profit to ₹65.24 crore for the second quarter ended September 30, 2024. The Hyderabad-based company’s revenue from operations surged 277 per cent to ₹241.69 crore compared to ₹64.03 crore in the same quarter last year.

The TCS Sydney Marathon has been officially designated as an Abbott World Marathon Major (AWMM), becoming the seventh race in this prestigious series and the first in the Southern Hemisphere, Tata Consultancy Services announced today.

The shares of Tata Consultancy Services Limited were trading at ₹3,963.05 down by ₹21.15 or 0.53 per cent on the NSE today at 3.05 pm.

Indian Railway Finance Corporation Limited has declared Interim Dividend of ₹0.80 per equity share. 

The record date is November 12, 2024.

Top gainers:

M&M (2.46%), Tech Mahindra (2.07%), Cipla (1.60%), SBI (1.06%), Dr Reddy’s Lab (0.58%) 

Top losers: 

Hero Motocorp (-4.12%), Grasim (-4.03%), Bajaj Auto (-3.49%), Adani Ports (-3.15%), BPCL (-3%)

Stocks advanced on BSE at 3 pm on November 4, 2024, were 1,256 against 2,781 stocks that declined, and 129 remained unchanged. Total stocks traded were 4,166. The number of stocks that recorded a 52-week high was 193, and those that hit a 52-week low was 31. A total of 396 stocks traded in the upper circuit, and 247 in the lower circuit.

Mawana Sugars has commenced cane crushing operations on Monday, 04.11.2024, for the crushing season 2024-25 in its following Units: 

i) Mawana Sugars Works (MSW), Mawana, Meerut (U.P.) 

ii) Nanglamal Sugar Complex (NSC), Nanglamal, Meerut (U.P.)

Shares declined 2.29% on the NSE, trading at ₹103.05

Niva Bupa Health Insurance Company Limited, one of largest and fastest growing standalone retail health insurer (SAHI) based on overall health GDPI in Fiscal 2024, has fixed the price band of ₹70 to ₹74 per Equity Share of face value ₹10 each for its maiden initial public offer.

The Initial Public Offering of the Company will open on Thursday, November 07, 2024, for subscription and close on Monday, November 11, 2024. Investors can bid for a minimum of 200 Equity Shares and in multiples of 200 Equity Shares thereafter.

The IPO is a mix of fresh issue of up to ₹800 crore and an offer of sale up to ₹1,400 crore by Bupa Singapore Holdings Pte. Ltd., Fettle Tone LLP.

The proceeds from its fresh issuance will be utilized to the extent of ₹1,500 crore for augmentation of capital base to maintain and strengthen solvency levels; and general corporate purposes.

Marsons Ltd board to consider setting up a subsidiary company in United Kingdom for the purposes of expanding our presence in the European market by creating a base to sell our prducts in UK and Europe, at its meeting on Nov 7, 2024.

Fitch Ratings - Singapore - 04 Nov 2024: Fitch Ratings has affirmed India-based IIFL Finance Limited’s Long-Term Issuer Default Rating (IDR) and medium-term note programme rating at ‘B+’, and removed the ratings from Rating Watch Negative. The Outlook on the IDR is Stable.

This follows the company’s announcement that the Reserve Bank of India had lifted regulatory restrictions on IIFL Finance’s gold-backed lending business in late September 2024, and the receipt of information indicating a gradual return of funding to support new disbursements in gold-backed loans and other products.

Greenlam Industries has incorporated a subsidiary in Egypt.

Stock trades flat on the NSE at ₹540.95

Elcid Investments Limited continued its rally on Monday, rising 5 per cent to hit ₹2,73,488.85, further cementing its position as India’s most expensive stock. The surge comes after the company’s shares skyrocketed from ₹3.53 to ₹2,36,250 on October 29, following a special call auction conducted by BSE. Read more

NTPC and ONGC have collaborated to formed a joint venture company through their green energy subsidiaries (NTPC Green Energy and ONGC Green Energy) to further promote their interests in the renewable and new energy arena. 

Subsequent to the signing of the joint venture agreement on February 7, 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NTPC Green Energy (NGEL) has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 joint venture company with ONGC Green Energy (OGL).

Tata Motors, India’s leading automotive manufacturer, reported total sales of 82,682 vehicles in October 2024, showing marginal decline from 82,954 units in the same month last year, according to a regulatory filing on November 1. Read more

Dr Reddy’s Laboratories stock trades flat on NSE at ₹1,263.70. The company is recalling over 3.3 lakh bottles of a medication used to treat high calcium levels in the blood and hyperparathyroidism in the US market due to manufacturing issues.

Indian equity benchmarks extended their morning losses in Monday’s afternoon trade, with the Sensex plunging over 1,200 points as concerns over global events and foreign fund outflows continued to weigh on investor sentiment.

Azad Engineering Limited has signed a Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries Ltd (MHI) of Japan, valued at approximately $82.89 million (₹700 crore). The five-year contract focuses on supplying highly engineered and complex rotating and stationary airfoils for advanced gas and thermal power turbine engines.

Shares of Bajaj Auto tanked close to 5 per cent on Monday, following 8 per cent decline in domestic sales in October y-o-y, according to the sales data posted by the company on November 4, 2024. While the company’s domestic sales tumbled 8 per cent to 3,03,831 units in October 2024, exports rose by 24 per cent to 1,75,876 units.

Major Nifty Auto stocks in focus as overall passenger vehicle wholesales (dispatches to dealers) saw a mixed trend in October.

Top losers of Nifty Auto stocks: 

Hero Motorcorp (-5.79%), Bajaj Auto (-5.03%), TVS Motor (-3.55%), Apollo Tyre (-3.37%), Tata Motors (-3.14%)

M&M gained 1.26%

Welspun Michigan Engineers Ltd (WMEL), a subsidiary of Welspun Enterprises Ltd (WEL), has announced a strategic partnership with SmartOps, a UK-based leader in innovative water treatment solutions. This joint venture aims to bring modular, scalable, and cost-efficient technology to India, designed to convert grey water into a reusable resource. The arrangement includes establishing a subsidiary or joint venture under WMEL, with WMEL holding a 50% stake in the entity, which will implement this technology across India. 

The SmartOps system, known as SABRE (Stabilised Aerobic and Anaerobic Bioengineered Reaction Environment), will revolutionise India’s water reclamation efforts by offering a solution that combines proprietary biological treatment process with rapid deployment and minimal footprint.

Afcons Infrastructure announced that it was declared as the lowest bidder for construction Package BH-05 of Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) which will connect Bhadbhada Chauraha – Ratnagiri Tiraha via 13 elevated stations. Afcons’ bid of Rs. 1006.74 crore was declared the lowest - L1 This package by Madhya Pradesh Metro Rail Corporation Ltd (MPMRCL) includes the construction of the entire Blue Line’s viaduct, 13 stations, and a ramp leading to Subhash Nagar Depot which will be shared with Orange Line (Karond Circle – AIIMS) for maintaining and stabling. MPMRCL had invited bids for the Blue Line’s construction, financed by the European Investment Bank (EIB) through a €400 million loan. The contract comes with a 3 year construction deadline.

Shares climbed 9.07% on the NSE to ₹464.65.

Maruti Suzuki reported that its total production of passenger vehicles and light commercial vehicles stood at 1,77,312 units in October 2024 as against 1,76,437 units in Oct. 2023.

Stock trades at ₹10,925.65 on the NSE, down by 1.66%.

NHC Foods Limited (NHC) has received in-principle approval from the Bombay Stock Exchange (BSE) for proposed right issue upto ₹49 crore. 

Stock trades at ₹6.30 on the BSE

Bharat Global Developers Ltd’s AgriTech Division, has secured its first major order from McCain India Agro Pvt Ltd. This landmark order is valued at approximately ₹300 crore and involves the supply of 200,000 tonnes of Kufri Ashoka potatoes over a period of six months, starting in the current fiscal year. 

Bharat Global Developers stock hits upper circuit on the BSE at ₹780.45

Baazar Style Retail has opened two new stores of Style Baazar one at Sahebganj, Bihar and another at Chakradharpur, Jharkhand.

Stock slips 0.91% on the NSE to ₹343.95

Top gainers:

M&M (1.65%), Cipla (1.52%), Tech Mahindra (1.39%), HCL Tech (0.49%), Dr Reddy’s Lab (0.48%) 

Top losers: 

Hero Motocorp (-4.95%), Bajaj Auto (-4.68%), Sun Pharma (-4.11%), Hindalco (-3.50%), BPCL (-3.48%)

Stocks advanced on BSE at 12 noon on November 4, 2024, were 1,075 against 2,850 stocks that declined, and 134 remained unchanged. Total stocks traded were 4,059. The number of stocks that recorded a 52-week high was 169, and those that hit a 52-week low was 30. A total of 329 stocks traded in the upper circuit, and 235 in the lower circuit.

Indian automotive giant Mahindra & Mahindra announced today its plans to unveil two new electric SUVs, the XEV 9e and BE (pronounced be) 6e, at the Unlimit India World Premiere event in Chennai on November 26, 2024. Read more

Indian government bond yields were largely unchanged in early trades on Monday, as investors exercised caution ahead of the U.S. presidential election due on Tuesday. Read more

The Indian stock market faced a broad sell-off, with the Sensex and Nifty 50 dropping over 1.5%. Nifty and Sensex have resumed their downward trend after a week of consolidation, largely due to heavy selling by FIIs. The expectation of another stimulus package from China is driving fund outflows from India to China, while FIIs are also booking profits ahead of the significant upcoming U.S. elections. Additionally, DIIs appear to be on the sidelines amid these major global events.

Both Nifty and Sensex are approaching their 200-DMAs, around 23500 and 77000, respectively, where a temporary bottom may form. Bank Nifty is showing relative resilience, supported by attractive valuations. Amid the current market pullback, investors are encouraged to focus on stocks with reasonable valuations and strong earnings momentum.

US Department of Commerce rescinds proposed administrative reviews of the AntiDumping (AD) and Countervailing Duty (CVD) orders on quartz surfaces applicable to Pokarna Engineered Stone Ltd, a wholly-owned subsidiary of Pokarna.

Pokarna stock declined 1.31% on the NSE to ₹1,082.30

Afcons Infrastructure’s discount listing was in line with our expectations driven by market sentiments and lower than expected subscription. The subdued demand for IPO offer was mainly on the back of higher OFS by parent which is facing a challenging phase marked by significant debt and family business restructuring. The fund raised will help the parent better manage obligations, debt crisis in the other group companies. This objective was a hurdle for short term investors to bid aggressively.

Despite the listing below issue price, we remain optimistic on the business long term growth. Long term rationale to invest and hold is justified mainly on the back of a Healthy order book supporting its future growth, strong Track record of executing complex, challenging and unique EPC projects both within India and internationally and Stable financial performance over the years along with a capable efficient management team to take the company to newer heights. For allotted investors, we recommend holding it for the long term as we believe long term growth is intact with Govt focus on infrastructure growth. Short term traders and investors can hold/accumulate more on dips with a target near to Rs 480-500.

SpiceJet has received a boost with Acuité Ratings & Research upgrading its long-term rating by four notches to B+ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline 

Stock trades at ₹59.09 on the BSE, down by 4.04%.

Afcons Infrastructure Limited’s IPO was listed at ₹426, marking around an 8% loss from its issue price of ₹463, which aligned with expectations given the current market sentiment. The IPO received a moderate subscription of 2.7 times, primarily driven by interest from institutional and retail investors. The listing performance reflects the cautious market outlook, despite the company’s strong credentials as part of the Shapoorji Pallonji Group and a solid order book supporting future growth.

While the discounted listing may disappoint short-term investors, the IPO’s reasonable pricing, along with Afcons’ stable financial performance and project pipeline, offer potential long-term value. Investors with a long-term outlook may consider holding onto their shares, as the company’s fundamentals could drive gradual value appreciation once market conditions stabilize.

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Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 09:22 AM Monday 04 November 2024

Can set alert for them at www.researchbytes.com 

11:00 AM Steel Str Wheel

Dial: +91 22 6280 1474

Weblink: https://tinyurl.com/3y2eea4r

11:00 AM CARBORUNDUM UNIVERSAL

Dial: +91 22 62801384 

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

12:00 PM AGS Transact Techno

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/3f4m7krx

3:00 PM Automotive Axle

Dial: +912262801222 

Weblink: https://tinyurl.com/y7t43k68

4:00 PM Vardhman Text

Dial: +91226280 1222

Weblink: https://tinyurl.com/bdcvmfaz

4:30 PM VST Tillers

Weblink: https://tinyurl.com/mv639p4j

4:30 PM Blue Jet Health

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/24w9rn33

6:30 PM Gland Pharma

Dial: +91 22 6280 1516

Weblink: https://tinyurl.com/ms38bbn5

ADF Foods : (replay)

https://www.researchbytes.com/webcast.aspx?WID=313006

Protean eGov Te : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312987

Prudent Corpora : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312990

L&T : (replay)

https://www.researchbytes.com/webcast.aspx?WID=313010

Shalby : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312981

Share India Sec : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312976

WPIL : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312980

Iris Business S : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312979

MPS : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312978

TTK Prestige : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312969

Results today …

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

Recent interviews …

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

Replays available at www.researchbytes.com

Cairn Oil & Gas, part of the Vedanta Group, has signed a Memorandum of Understanding (MoU) with United Nations Environment Programme’s (UNEP) flagship methane reporting and mitigation initiative - Oil & Gas Methane Partnership (OGMP) 2.0.

Vedanta stock trades at ₹454.45 on the NSE, down by 2.76%.

Bank Nifty opened today’s session with a gap-up at 51,765 versus Friday’s close of 51,674. But then, the index saw a decline and is currently hovering around 51,300, down 0.7 per cent.

The advance/decline ratio stands at 3/9, supporting the bearish bias. Punjab National Bank, up 0.6 per cent, is the top gainer whereas Canara Bank, down 2.4 per cent, is the top loser

Nifty 50 November Futures (24,062) Nifty 50 has begun the week on a week note. The index has declined sharply by about 1.35 per cent. It is currently trading at 23,974. The sharp fall indicates that the downtrend has resumed after the pause last week. The advances/declines ratio is at 5:45. This is very bearish.

Track live updates here

Indian benchmark indices dropped nearly 1 per cent in early trade on Monday as investors turned cautious ahead of the US presidential election and Federal Reserve’s monetary policy meeting this week, while continued selling by foreign institutional investors (FIIs) also weighed on sentiment.

Mahindra is set to introduce two electric brands, XEV and BE (pronounced be), on the Electric Origin INGLO architecture, at the Unlimit India World Premiere on November 26, 2024, in Chennai. Both brands will launch their first flagship products – the XEV 9e and the BE 6e.

Mahindra & Mahindra stock rose 2.21% on the NSE to ₹2,879.90

Track the Afcons Infrastructure listing and post-listing share price movement here

HCLTech will establish a new AI/Cloud Native Lab in Singapore, expanding its global network of AI facilities. The lab, set to open in 2025, will be the company’s fifth such facility globally, joining existing locations in the US, UK, Germany, and India.

1. During Oct’24, APSEZ handled 37.9 MMT of total cargo, which keeps us in the glide path for the guided yearly volume. 

2. YTD Oct’24, APSEZ handled 257.7 mt of total cargo (+8% YoY). This growth was supported by containers, which was up 19% YoY, followed by liquids & gas (+9%). 

3. YTD Oct’24 logistics rail volumes grew 11% YoY to 0.36 Mn TEUs and GPWIS volumes grew 18% YoY to 12.5 MMT. 

Stock declined 1.98% on the NSE to ₹1,366.75

Top gainers: M&M (2.31%), Tech Mahindra (1.69%), HCL Tech (1.29%), IndusInd (0.59%), Cipla (0.48%)

Top losers: Bajaj Auto (-4.28%), Sun Pharma (-3.15%), Hero Motocorp (-2.89%), BPCL (-2.40%), Reliance (-2.35%)

Crude oil futures rose on Monday morning after the OPEC+ (Organization of the Petroleum Exporting Countries and its allies) decided to delay production output increase by a month. At 9.19 am on Monday, January Brent oil futures were at $74.20, up by 1.50 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $70.65, up by 1.67 per cent. November crude oil futures were trading at ₹5949 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5988, down by 0.65 per cent, and December futures were trading at ₹5928 against the previous close of ₹5966, down by 0.64 per cent.

ADANI PORTS SAYS YTD OCT’24 LOGISTICS RAIL VOLUMES GREW 11% YOY TO 0.36 MN TEUS AND GPWIS VOLUMES GREW 18% YOY TO 12.5 MMT

Welspun Corp: Company announce receipt of two large orders in the usa, cumulatively valued at Rs 1300 cr (approx.) for supply of coated hsaw pipes for natural gas pipeline projects (Positive) 

HCLTech: Company announces new AI and cloud lab in Singapore in collaboration with Singapore Economic Development Board (Positive) 

Azad Engineering: Company secures Rs 700 cr, long-term contract with mitsubishi heavy industries for supply of highly engineered & complex rotating and stationary airfoils for advanced gas & thermal power turbine engines (Positive) 

Gensol Engineering: Company wins order worth Rs 780 cr (Positive) 

Premier Energies limited: premier energies international private ltd. & premier energies photovoltaic private ltd, the subsidiaries of premier energies limited, have received and accepted multiple orders aggregating to Rs 560.00 crore from 2 large independent power producer (ipp) (Positive) 

Hero Motocorp: October total sales 679,091 units vs 574,930 units (yoy), est 640,400 (Positive) 

Apollo Hospitals: Company unit proposes to establish a 500 bed hospital in worli Mumbai (Positive) 

NMDC: October iron ore sales 4.03 MT vs 3.44 MT (YoY), October total iron ore production 4.07 MT vs 3.92 MT (YoY) (Positive) 

COAL India: October offtake falls 0.5% (YOY), October production UP 2.3% (YOY) (Natural) 

TVS Motors: October total sales 489,015 units vs 434,714 units (YoY), Est 492,000 (Positive) 

Ashoka buildcon: Company has been declared as the lowest bidder l1 for Maharashtra state electricity transmission co. ltd. (msetcl) project, quoted bid price for project is 3.12 billion (Positive) 

Escorts: October total sales 18,110 UNITS VS 13,205 units (YoY) (Positive) 

Atul Auto: October total sales 3818 units vs 3,060 units (YoY) 

(Positive) 

Hyundai Motors: October total sales 70,078 units vs 68,700 units (YoY), Est 68,080 (Positive) 

NBCC: Company gets work orders worth Rs 2.35 billion (Positive) 

Refex Renewables & Infrastructure: Company unit acquires balance 51% stake in sherisha solar spv two, entity being acquired belongs renewable energy / solar power project sector (Neutral) 

Indraprastha Medical Corp: Company issues disclosure regarding media allegations concerning an associate doctor, Company says alleged irregularities on kidney transplant practices not at our hospital (Neutral) 

Hindustan Unilever: Company completed sale, divestment of water purification business under brand ‘Pureit’ (Neutral) 

Eicher Motors: CV October total sales 7112 Units vs 7,486 units (yoy), Est 7,320 (Neutral) 

Tata Motors: October total sales 82,682 units vs 82,954 units (YoY), Est 73,030 (Neutral) 

SML ISUZU: October Total Sales 801 UNITS VS 873 units (YoY) (Negative)

DAM on Bharti Airtel: Initiate Buy on Company, target price at Rs 1970/Sh (Positive)

NOMURA on Cipla: Upgrade Buy on Company, target price at Rs 1800/Sh (Positive)

Prabhudas on Engineers Ind: maintain Buy on Company, target price at Rs 247/Sh (Positive)

HSBC on Prestige: maintain Buy on Company, target price at Rs 1800/Sh (Positive)

Jefferies on Nykaa: maintain Buy on Company, target price at Rs 220/Sh (Positive)

CLSA on Tata Power: initiate Buy on Company, target price at Rs 440/Sh (Positive)

CITI on IOCL: maintain Buy on Company, target price at Rs 190/Sh (Positive)

CITI on HPCL: maintain Buy on Company, target price at Rs 450/Sh (Positive)

INVESTEC on Max Estates: Initiate Buy on Company, target price at Rs 700/Sh (Positive)

NOMURA on Sun Pharma: Maintain Buy on Company, target price at Rs 1850/Sh (Nutural)

04.11.2024:

CHINA’S TOP LEGISLATURE NPC STANDING COMMITTEE’S 5 DAY MEETING BEGINS

05.11.2024

US PRESIDENTIAL ELECTIONS

06.11.2024

MSCI QUARTERLY REBALANCING MEETING 

07.11.2024

US FEDERAL RESERVE’S 2-DAY MEETING ON 6th & 7TH OF THIS WEEK – OUTCOME ON THURSDAY

Symbol: AFCONS

Series: Equity “B Group” 

BSE Code: 544280

ISIN: INE101I01011

Face Value: Rs 10/-

Issued Price: Rs 463/- per share

GS on M&M

Buy, TP Rs 3600; added to APAC conviction list

Expects co’s strong new SUV order backlog & upcoming Battery EV launches to support industry leading growth visibility vs peers

Separately, co’s farm equipment is entering phase of improving underlying market dynamics

Kotak Inst Eqt on M&M

Upgrade to buy, TP Rs 3150

Expect to outperform industry growth across auto & tractor segments including domestic PV & CV segments

Tractor segment expected to witness uptick during 2HFY25E driven by favorable monsoon &higher reservoir levels

MS on Tata Motors

EW, TP Rs 1178

JLR October US Retail Sales

Land Rover US retail sales increased 25% YoY to 6.9k units

Jaguar US retail sales increased 4% YoY to 715 units.

Mix of RR, RR Sport and Defender stood at 71% against 70% in F2Q25

JLR incentives/unit increased 127% YoY

GS on OMCs

2Q core EBITDA broadly weaker than expected IOC’s earnings miss driven by weaker-than-expected earnings across refining, marketing & petchem segments

See largest downside risk for IOC; retain Sell, TP Rs 105

Retain Neutral on HPCL & BPCL

DAM Cap on Bharti Airtel

Initiate Buy, TP Rs 1970

Home broadband is on cusp of multi-year growth, while the B2B business continues to expand steadily.

Overall, estimate FY25-27 revenue and EBITDA CAGR to be 12%/15% respectively for India biz

Nomura on Cipla

Upgrade to buy, TP Rs 1800

With relative underperformance vs sector, risk-reward appears favorable

Goa inspection outcome +ve

Expect upside from inhalers/ injectables in FY25-27F & ARVs will likely contribute materially beyond FY30F

UBS on Sun Pharma

Buy, TP Rs 2450

PI on Leqselvi is not end of opportunity

Settlement is still one of possible options

Incyte has a tiered royalty structure on Lilly’s Olumiant

Leqselvi launch could be delayed beyond FY25, but NPV may not change much

The overall passenger vehicle wholesales (dispatches to dealers) saw a mixed trend in October with Maruti Suzuki India (MSIL), Tata Motors and Hyundai Motor India is seeing a dip in sales and Mahindra & Mahindra (M&M) and JSW MG Motor India posting the highest-ever sales led by new launches during the month. M&M sales have surpassed Tata Motors’ sales numbers for the second consecutive month to 54,504 units (as against 43,708 units in October 2023) while Tata Motors’ sales were recorded at 48,423 units in October as compared with 48,637 units in the corresponding month last year. Two-wheeler segment remain robust with TVS Motor Co, and Hero Moto Corp reporting better numbers for October. Read more

Shares of Afcons Infrastructure will be listed on the bourses today. The company has fixed the IPO price at ₹463 at the upper end of the ₹440-463 price band. The initial public offering (IPO) of Afcons Infrastructure, the flagship infrastructure, engineering, and construction company of the Shapoorji Pallonji group, sailed through on the last day, thanks to institutional investors’ bidding. Read more

AZAD Engineering has secured a $82.89 million (INR ~ 700 crore) long-term contract from Mitsubishi Heavy Industries for supply of airfoils for advanced power turbines. This agreement strengthens their strategic partnership and will last for 5 years.

A day after Diwali, the domestic markets are expected open marginally weak on Monday. Ahead of the US Presidential poll, markets are expected to remain lacklustre, said analysts. Gift Nifty at 24,320 against a Nifty futures close of 24,383 indicates that markets are expected to open on a flat note with downward bias.

DCX SYSTEMS: CO HAS RECEIVED ORDERS FROM OVERSEAS CUSTOMERS FOR $1.23M (EQUIVALENT TO ABOUT INR 10.31 CRORES)

MOTISONS JEWELLERS: Q2 SL NET PROFIT 104M RUPEES VS 52M (YOY); 63M (QOQ)

MOTISONS JEWELLERS: Q2 REVENUE 1.1B RUPEES VS 901M (YOY)

MOTISONS JEWELLERS: Q2 EBITDA 174M RUPEES VS 131M (YOY) || Q2 EBITDA MARGIN 15.95% VS 14.56% (YOY)

Redington reports #Q2Results👇

👉Net profit down 3.5% at ₹293 cr vs ₹303.5 cr (YoY)

👉Revenue up 12% at ₹24,895.6 cr vs ₹22,220 cr (YoY)

👉EBITDA down 6.6% at ₹409.3 cr vs ₹438.1 cr (YoY)

👉Margin at 1.6% vs 2% (YoY)

UPDATER SERVICE Q2 :CONS NET PROFIT UP 184% AT 28.1CR (YOY), UP 11% (QOQ)

REVENUE UP 13% AT 679.9CR (YOY) ,UP 4% (QOQ)

EBITDA UP 67% AT 43.6CR (YOY),UP 7%(QOQ) 

MARGINS 6.4% V 4.35% (YOY), 6.25% (QOQ)

ALLIED BLENDERS Q2 :CONS NET PROFIT UP 319% AT 47.56CR (YOY), 325% (QOQ)

REVENUE UP 2% AT 868 CR (YOY) ,UP 15% (QOQ)

EBITDA UP 44% AT 104CR (YOY),UP 40%(QOQ) 

MARGINS 12% V 8.48% (YOY), 9.8% (QOQ)

PRADEEP METALS Q2 :CONS NET PROFIT UP 17% AT 7.58 CR (YOY), DOWN 58% (QOQ)

REVENUE UP 6% AT 74.83 CR (YOY) ,UP 1% (QOQ)

EBITDA DOWN 7% AT 12.43CR (YOY),DOWN 9%(QOQ) 

MARGINS 16.6% V 18.85% (YOY), 18.36% (QOQ)

LINC LTD Q2 :CONS NET PROFIT DOWN 49% AT 8.78 CR (YOY), UP 4% (QOQ)

REVENUE DOWN 49% AT 137.28CR (YOY) ,UP 6% (QOQ)

EBITDA DOWN 47% AT 16.3CR (YOY),UP 15%(QOQ) 

MARGINS 11.87% V 11.4% (YOY), 10.87% (QOQ)

MUTHOOT CAPITAL SERVICE Q2 :CONS NET PROFIT DOWN 81% AT 16 CR (YOY), UP 48% (QOQ)

NII UP 5% AT 51.3 CR (YOY) ,UP 2% (QOQ)

CAPRI GLOBAL Q2 :SL NET PROFIT UP 81% AT 86.2 CR (YOY), UP 39% (QOQ)

NII UP 24% AT 253.8CR (YOY) ,UP 1% (QOQ)

PrestigeEstates reports Q2Results👇

👉Net profit down 77.4% at ₹192.2 cr vs ₹851 cr (YoY)

👉Revenue up 3% at ₹2,304.4 cr vs ₹2,236.4 cr (YoY)

👉EBITDA up 6.5% at ₹631.3 cr vs ₹592.5 cr (YoY)

👉Margin at 27.4% vs 26.5% (YoY

REVENUE UP 15 % AT 2601 CR (YOY) ,DOWN 47 % (QOQ)

EBITDA UP 215 % AT 145 CR (YOY),DOWN 64 %(QOQ) 

MARGINS AT 5.57 % V 2.03 % (YOY), 8.3 % (QOQ)

#Marico reports #Q2Results 👇

👉Net profit up 20.3% at ₹433 cr vs ₹360 cr (YoY)

👉Revenue up 7.6% at ₹2,664 cr vs ₹2,476 cr (YoY)

👉EBITDA up 5% at ₹522 cr vs ₹497 cr (YoY)

👉Margin at 19.6% vs 20.1% (YoY)

T D POWER SYSTEMS: Q2 CONS NET PROFIT 412.7M RUPEES VS 328M (YOY); 353M (QOQ)

T D POWER SYSTEMS: Q2 REVENUE 3B RUPEES VS 2.7B (YOY)

T D POWER SYSTEMS: Q2 EBITDA 556M RUPEES VS 472M (YOY) || Q2 EBITDA MARGIN 18.15% VS 17.24% (YOY)

KCP SUGAR & INDUSTRIES CORP: Q2 CONS NET PROFIT 202M RUPEES VS 279M (YOY); 541M (QOQ)

KCP SUGAR & INDUSTRIES CORP: Q2 REVENUE 737M RUPEES VS 935M (YOY)

KCP SUGAR & INDUSTRIES CORP: Q2 EBITDA LOSS 13.7M RUPEES VS PROFIT 115M (YOY) 

KCP SUGAR & INDUSTRIES CORP: CO HAS AN…

PATEL INTEGRATED Q2 :CONS NET PROFIT UP 51 % AT 2.03 CR (YOY),UP 33 % (QOQ)

REVENUE UP 26 % AT 84.2 CR (YOY) ,UP 3 % (QOQ)

EBITDA DOWN 4 % AT 2.19 CR (YOY),UP 3 %(QOQ) 

MARGINS AT 2.6 % V 3.43 % (YOY),2.59 % (QOQ)

ABB, ANDHRAPAP, ARE&M, BATAINDIA, EXIDEIND, GLAND, HATSUN, IRCTC, IRFC, JKPAPER, KEC, KALAMANDIR, PGHL, RAYMOND, SPARC, TIINDIA, VSTTILLERS

ABB 

* Revenue expected at Rs 3291 crore versus Rs 2769 crore

* EBITDA expected to be seen at Rs 599 crore versus Rs 438 crore

* EBITDA margin expected to be seen at 18.20% versus 15.84%

* Net profit expected to be seen at Rs 487 crore versus Rs 362 crore

ARE&M 

* Revenue expected at Rs 3157 crore versus Rs 2810 crore

* EBITDA expected to be seen at Rs 455 crore versus Rs 387 crore

* EBITDA margin expected to be seen at 14.41% versus 13.77%

* Net profit expected to be seen at Rs 262 crore versus Rs 214 crore

BATAINDIA 

* Revenue expected at Rs 850 crore versus Rs 819 crore

* EBITDA expected to be seen at Rs 179 crore versus Rs 181 crore

* EBITDA margin expected to be seen at 21.05% versus 22.18%

* Net profit expected to be seen at Rs 57 crore versus Rs 33 crore

EXIDEIND 

* Revenue expected at Rs 4447 crore versus Rs 4106 crore

* EBITDA expected to be seen at Rs 537 crore versus Rs 483 crore

* EBITDA margin expected to be seen at 12.07% versus 11.76%

* Net profit expected to be seen at Rs 309 crore versus Rs 287 crore

IRCTC 

* Revenue expected at Rs 1124 crore versus Rs 995 crore

* EBITDA expected to be seen at Rs 374 crore versus Rs 366 crore

* EBITDA margin expected to be seen at 33.27% versus 36.83%

* Net profit expected to be seen at Rs 314 crore versus Rs 294 crore

Q2FY25 EARNING CALENDAR 05.11.2024

ALKYLAMINE, APTUS, BERGEPAINT, CEIGALL, DATAMATICS, DRREDDY, EVERESTIND, KPRMILL, MANAPPURAM, MANKIND, MAZDOCK, MUTHOOTMF, OIL, POLICYBZR, RAYMONDLSL, SJVN, TIMKEN, TITAN, TRIVENI, WONDERLA

BERGEPAINT 

* Revenue expected at Rs 2832 crore versus Rs 2767 crore

* EBITDA expected to be seen at Rs 457 crore versus Rs 473 crore

* EBITDA margin expected to be seen at 16.14% versus 17.12%

* Net profit expected to be seen at Rs 283 crore versus Rs 291 crore

DRREDDY 

* Revenue expected at Rs 7658 crore versus Rs 6902 crore

* EBITDA expected to be seen at Rs 2145 crore versus Rs 2013 crore

* EBITDA margin expected to be seen at 28.00% versus 29.17%

* Net profit expected to be seen at Rs 1418 crore versus Rs 1482 crore

MNAPPURAM

* NII expected at Rs 1502 crore versus 2043 Rs crore

* EBIT expected to be seen at Rs 994 crore versus Rs 849 crore

* EBIT margin expected to be seen at 66.85% versus 62.70% 

* Net profit expected to be seen at Rs 519 crore versus Rs 558 crore

MANKIND 

* Revenue expected at Rs 3071 crore versus Rs 2708 crore

* EBITDA expected to be seen at Rs 794 crore versus Rs 686 crore

* EBITDA margin expected to be seen at 25.85% versus 25.34%

* Net profit expected to be seen at Rs 614 crore versus Rs 501 crore

POLICYBZR

* Revenue expected at Rs 1080 crore versus Rs 811 crore

* EBITDA expected to be seen at Rs 18 crore versus Rs -89 crore

* EBITDA margin expected to be seen at 1.67% versus -10.98%

* Net profit expected to be seen at Rs 45 crore versus Rs -20 crore

TITAN

* Revenue expected at Rs 13259 crore versus Rs 12529 crore

* EBITDA expected to be seen at Rs 1493 crore versus Rs 1411 crore

* EBITDA margin expected to be seen at 11.26% versus 11.26%

* Net profit expected to be seen at Rs 935 crore versus Rs 916 crore

The strong surge in stock markets since the pandemic and increase in retail participation has taken bank loans against shares to the highest level since 2015. 

The Reserve Bank of India data show that outstanding loans against shares and bonds as of end of August 2024 stood at ₹9,722 crore, growing almost 27 per cent year-on-year. This, at a time when the overall personal loans category has grown at 14 per cent YoY as of August 2024. Outstanding loans against shares stood at ₹5,713 crore towards the end of August 2015.

Swiggy’s red herring prospectus (RHP) defines its business as a ‘consumer-first technology company offering users an easy-to-use convenience platform – to browse, select order and pay for food (Food Delivery), grocery and household items (Instamart) and have their orders delivered to their doorsteps through on-demand delivery network’. Read more

The Securities and Exchange Board of India (SEBI) has started giving a sign-off on the pricing of initial public offerings – an approval that was not required until some months ago. This assumes significance as IPO pricing is one of the important aspects that can influence a company’s post-listing performance and can often go haywire in a buoyant market such as the one seen this year.

ALL TIME HIGH CASH POSITION - $325.2 BILLION

BUFFETT SOLD MORE APPLE

Berkshire Hathaway’s largest stock holdings looked like as of the end of Q3

25.7% - Apple $AAPL (Was 29.6% as of the end of Q2) 

15.1% - American Express $AXP (12.3%)

11.7% - Bank of America $BAC (14.4%)

10.6% - Coca Cola $KO (9%)

6.4% - Chevron $CVX (6.5%)

(The remaining ~28% is in other stocks)

In first 9 months of 2024 Berkshire Hathaway

Bought - $5.8B worth of stock

Sold - $133.2B worth of stock

Last Quarter it was ~$4.3B bought and ~$97.1B sold ... That means Warren Buffett net sold ~$34.6B worth of stock during Q3

Berkshire Hathaway currently own more than $288 Billion worth of US Treasury Bills ... the Fed has ~$195B worth of Treasury Bills

Adj EPS $1.92 ($1.87)

Rev. $316.6M (est $316.6M

Total Rev. & other income $90.02B ($87.15B)

Raises Q4 Dividend To $0.99 Per Share

Plans To Repurchase Over $19B Of Shares In 2024

On Track To Deliver Cumulative Savings Of $15B Through End Of 2027 Vs 2019

(Numbers inline with estimates)

Adj EPS $2.48 ($2.40)

Rev $48.99B ($49.43B)

Adj Earnings $4.5B

Expects To Grow US Gulf Of Mexico Production To 300k Barrels Of Net Oil/Day By 2026

Expects To Close Asset Sales In Canada, Congo And Alaska In Q4 2024

(Stock is up 2.5 percent pre market in US)

- Adj EPS: -$0.46

- Revenue: $13.28B (est $13.02B)

- Data Center & AI Revenue: $3.35B (est $3.15B)

- Client Computing Revenue: $7.33B (est $7.46B)

- Sees Q4 Revenue: $13.3B To $14.3B (est $13.63B)

- Sees Q4 Adj EPS: $0.12 (est $0.06)

- Sees Q4 Revenue: $13.3B To $14.3B

(Stock is trading with gains of 7 percent post trading hours)

- EPS: $0.97 Vs $1.46 (Y/Y)

- Revenue: $94.93B (est $94.36B)

- Services Revenue: $24.97B (est $25.27B)

- Total Op. Expenses: $14.29B (est $14.35B)

- iPhone Revenue: $46.22B (est $45.04B)

- Mac Revenue: $7.74B (est $7.74B)

- Greater China Revenue: $15.03B (est $15.8B)

(Stock is trading with loss of 1.25 percent post trading hours)

- EPS: $1.43 (est $1.16)

- Revenue: $158.9B (est $157.29B)

- AWS Net Sales: $27.45B (est $27.49B)

- Sees Q4 Op. Income: $16.0B To $20.0B (est $17.49B)

- Sees Q4 Net Sales: $181.5B To $188.5B (est $186.36B)

(Stock is trading with gains of 4 percent post trading hours)

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

Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:19 AM Thursday 31 October 2024

Can set alert for them at www.researchbytes.com 

11:00 AM Kaka Industries

Weblink: https://tinyurl.com/ytaufsbt

11:00 AM Protean eGov Te

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/4km6ct6x

11:00 AM Prudent Corpora

Dial: +91 22 7115 8125

Weblink: https://tinyurl.com/mrkv4v8w

12:00 PM ADF Foods

Dial: +91 22 6280 1107 

Weblink: https://tinyurl.com/5ctf3ynd

Shalby : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312981

Share India Sec : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312976

WPIL : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312980

Iris Business S : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312979

MPS : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312978

TTK Prestige : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312969

IRB Infra : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312954

Electrosteel : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312967

BCL : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312964

Patel Integrated : (replay)

https://www.researchbytes.com/webcast.aspx?WID=312934

Results today …

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

Recent interviews …

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

Replays available at www.researchbytes.com

Nomura on L&T

Buy, TP Rs 4100

Beats consensus; offers favorable risk-reward

FY25 order inflow growth guidance looks achievable post 2Q surprise

Management has retained its Core EBITDA margin guidance at 8.25% for FY25, which is conservative, & could see upside

MS on L&T

OW, TP Rs 3857

Going into Q2 there was skepticism on orders, revenue, core margin, &net WC– all were +ve

L&T maintained its guidance & 1H core orders of Rs1.17trn (50% of F24) are a +ve given weak government spending & oil price volatility

CLSA on L&T

O-P, TP Rs 4151

Surprise 2Q - strength of business model

Showed a third consecutive quarter of E&C margin expansion with surprise across inflows, execution & working on a lofty base

Think Infra segment margin expansion of 60bps should surprise market

MS on Tata Power

OW, TP Rs 577

Operationally generation, T&D & green were in-line with MSe; solar EPC business surprised +vely

Third-party solar EPC execution is set to increase & management plans to commission captive generation of 5GW RE by F26.

Jefferies on Tata Power

U-P, TP Rs 340

2Q EBITDA 8% above expectations

Profit beat higher given better Solar EPC, other income & coal contribution

Management constructive on its RE investments, particularly recently commissioned solar cell manuf facility.

CITI on Cipla

Buy, TP Rs 1830

USFDA classified Goa’s facility as VAI, paving way for generic Abraxane approval, a key product from this facility

With clearance, possibility that generic Abraxane can be launched in FY25E itself vs expectations of getting delayed until FY26-27E

Have built US$24/48m of sales for product into FY26/27E that can go up by $25-40m(c3-5% impact on EPS)

More importantly, development once again improves pipeline visibility (gAbraxene in 2HFY25, gAdvair in 1HFY26E, gSymbicort in FY27E)

GS on Biocon

Buy, TP Rs 350

2Q25 sales/EBITDA that grew 4%/-8% yoy respectively, below GSe largely drive by weakness in Generics segment while Biologics segment saw healthy growth of 19% yoy

Margins surprised -vely (-231bps vs GSe) due to lower gross margins &operating deleverage

DAM Capital on Steel

China spreads fall to their lowest levels in many years; mills likely to show supply discipline

Capacity expansion to help buffer Indian players’ profitability, much better placed than previous cycles

India – a major growth driver for global steel demand

CLSA on Dabur

Hold, TP Rs 582

Miss on sales & profitability; guidance for mid-HSD 2H volume growth

India business decline led by beverages; modern channel salience 24%

Announces SESA acquisition to fill white space in Ayurvedic hair oil portfolio

Cut FY25-27 earnings est. by 7-8%

Zoetis Inc (Pre market) (Sector- Healthcare)

Marriott Int (Pre market) (Sector- Hotel)

Fidelity National Info (Pre market) (Sector- Technology)

Public Service Enterprise Group Inc (Pre market) (Sector- Power)

Fox Corp (Pre market) (Sector- Media)

Revvity (Pre market) (Sector- Healthcare)

Franklin Resources (Pre market) (Sector- Media)

Brookfield Asset Management Reinsurance Partners Ltd (Pre market) (Sector- Financial)

New York Times (Pre market) (Sector- Media)

Vertex (Post market) (Sector- Technology)

Palantir (Post market) (Sector- Technology)

NXP (Post market) (Sector- Technology)

Realty Income (Post market) (Sector- Realty)

Diamondback (Post market) (Sector- Energy)

AIG (Post market) (Sector- Financial)

AvalonBay (Post market) (Sector- Realty)

Sun Life Financial (Post market) (Sector- Financial)

Illumina (Post market) (Sector- Healthcare)

Eversource Energy (Post market) (Sector- Energy)

Corebridge Financial (Post market) (Sector- Financial)

Hologic (Post market) (Sector- Healthcare)

Yum China Holdings (Post market) (Sector- Hotel)

Aspen (Post market) (Sector- Technology)

Celanese (Post market) (Sector- Chemical)

BB Seguridade (Post market) (Sector- Insurance)

BWX Tech (Post market) (Sector- Defence)

Aster Labs (Post market) (Sector- Healthcare)

Regal Beloit (Post market) (Sector- Capital Goods)

Wynn Resorts (Post market) (Sector- Hotel)

U.S. Daylight Saving Time Shift (Market Opening Time 20:00 IST)

Japan @ Market Holiday

14:30 EURO Final Manufacturing PMI (Expected: 45.9 versus Previous: 45.9)

19:30 U.S. Factory Orders m/m (Expected: -0.2% versus Previous: -0.2%)

The outlook is bullish for J.B. Chemicals and Pharmaceuticals. The stock has been moving up well over the last few weeks. After consolidating between ₹1,835 and ₹1,940 for some time, the stock broke out of this range last week. Read more