Share Market Highlights July 9, 2024: Sensex, Nifty hit new all-time closing high levels; Maruti top gainer

Benchmark indices Sensex and Nifty rebounded on Tuesday, hitting their fresh record closing levels on the back of gains in auto and FMCG shares and foreign fund inflows.

The 30-share BSE Sensex climbed 391.26 points or 0.49 per cent to settle at a new closing peak of 80,351.64. During the day, it jumped 436.79 points or 0.54 per cent to hit a new lifetime high of 80,397.17.

The NSE Nifty went up by 112.65 points or 0.46 per cent to 24,433.20 -- its record closing high. During the day, it surged 123.05 points or 0.50 per cent to hit a new record peak of 24,443.60.

Read more here.

The rupee inched up one paisa at 83.49 (provisional) against the US dollar on Tuesday as gains from strong domestic equities and sliding global crude prices were negated by a surging greenback overseas.

At the interbank foreign exchange market, the rupee started slightly up at 83.49 and hit an intra-day high of 83.47 and a low of 83.51 against the American currency during the session.

Read more here.

Inflows into the equity mutual fund hit a new high of Rs 40,608 crore in June on back of buoyant equity market and huge fund raise through new fund offer.

The equity funds inflow was up 17 per cent compared to Rs 34,697 crore logged in May.

Mutual funds have collected Rs 15,227 crore through 11 new fund offer. Of this, nine thematic funds mopped-up Rs 12,976 crore while one each of multi-cap and small-cap NFOs raised Rs 1,051 crore and Rs 345 crore.

Shares of agrochemical companies, including Coromandel International, Deepak Fertilizers, Rashtriya Chemicals & Fertilizers Ltd, UPL, Dhanuka Agritech and Bayer CropScience have surged between 4 and 32 per cent in the past month, with some hitting their respective 52-week highs.

YES Bank’on Tuesday denined reports that a 51 per cent sale sale in the Bank has received RBI nod. Referring to the report, the private sector lender said: “In this regard, the Bank would like to clarify that the contents of the said article are factually

incorrect and purely speculative in nature. RBI has not given any in principle approval as stated in the article and this clarification is issued by the Company voluntarily to dispel the baseless media article.

In a strategic move, Tembo Global Industries Ltd has revealed the establishment of two distinct companies aimed at redefining the landscape of their respective industries. This announcement marks a significant milestone for Tembo Global Industries Ltd. as it integrates the umbrella of the new divisions – Tembo Global Infra Ltd. and Tembo Defense Products Ltd.

The first of these initiatives positions Tembo Global Infra Ltd. as the key project executor, significantly enhancing the company’s portfolio. Operated under the general supervision of Tembo Global Industries Ltd, this division has been designed to enhance and streamline project execution efficiency. With a steadfast commitment to delivering excellence, the division stands poised as the driving force behind the company’s future ventures, committed to innovation and maintaining impeccable quality standards.

Tembo Global Industries Ltd.’s strategic decision to launch this division underscores its commitment to business adaptability in the dynamic commercial landscape. With a team comprising of seasoned professionals and acknowledged experts, the division aims to leverage specialized expertise by consolidating project execution within its operations. This approach ensures that each project receives personalized attention, bespoke solutions, and achieves the highest standards of delivery excellence.

Furthermore, as part of its strategic integration, Tembo Global Industries Ltd. introduces its second division, Tembo Defense Products Ltd. This initiative is driven by increasing production demands and underscores Tembo’s commitment to aligning with the “Make in India (Atmanirbhar Bharat)“ initiative. This move supports the country’s overarching objective of fostering self-reliance in defense manufacturing.

Raghav will strengthen 360 ONE Asset’s strategic direction and growth agenda and work closely with the investment teams to enhance the organisation’s overall market presence. Prior to joining 360 ONE Asset, he served as the President and Chief Business Officer at Axis Asset Management.

HDFC Mutual Fund will discontinue registering fresh systematic investment plans in its Defence Fund from July 22. The fund house will process only SIPs and systematic transactions registered before July 22.

Last June, HDFC MF discontinued accepting lumpsum investments in the actively managed Defence Fund owing to a limited number of defence sector stocks.

The new fund offer of the scheme was launched last year in May and was closed two days in advance due to overwhelming response.

Credit metrics will improve for Fitch Ratings’ rated Indian corporates in the financial year ending March 2025 (FY25), driven by modest sales growth and stable EBITDA margin, despite high capex intensity.

We expect FY25 sales to grow by 2% (FY24E: -1%), with the pace aided by steady demand for most sectors, except for the oil marketing companies (OMCs) where we expect a sales decline.

Fitch expects FY25 EBITDA margins to be broadly stable at around 15%. This is despite falling margins for the oil and gas upstream companies on lower hydrocarbon prices, and downstream companies on moderating refining margins.

We see capex intensity remaining high across most sectors, as corporates spend to expand capacities. However, FY25 EBITDA net leverage will improve marginally to 2.2x (FY24E: 2.3x), as EBITDA growth offsets negative free cash flow in most sectors.

We forecast India’s strong GDP growth outlook, the banking sector’s improved financial health, possible interest-rate cuts starting late-2024, and our view of broad policy continuity following the recent elections, to support overall credit access for corporates in FY25.

Sameet Chavan, Head Research, Technical and Derivative - Angel One

With no major significant cues in the morning, the benchmark index Nifty started the week’s trading activity on a flat note. In the first half, prices dipped, testing levels below 24250. However, during the second half, the bulls took charge, pushing prices higher and ending near the day’s high, though without a major change from the previous close.

Technically, not much has changed as prices stayed within the previous session’s range, ending flat. While the primary trend remains positive, the overbought conditions across various parameters suggest caution in taking aggressive long positions on the index. We reiterate that a correction is likely in the near term, either price-wise or time-wise, and yesterday it seemed Nifty favored the latter. The immediate trading range is visible between 24200 and 24500, with key levels extending to 24000 - 24600. Any dip toward the lower end would be a buying opportunity, whereas any upside toward the mentioned resistance should prompt traders to book profits. Traders should monitor these levels and adjust their strategies accordingly.

It appeared that traders were focusing on opportunities outside the index, as there was notable stock-specific rotation. Yesterday, the FMCG and OIL&GAS sectors were in focus, bucking the trend. Such opportunities may continue to arise, and traders should keep an eye on identifying these themes.

Delta Corp 

GM Breweries 

Eraaya Lifespaces 

RS Software (India) 

Rajnish Wellness 

Ventura Textiles Corporation

The rupee traded flat at 83.50 against the US currency in the opening session on Tuesday as the impact of a firm dollar in the overseas markets was offset by easing crude oil prices.

At the interbank foreign exchange market, the rupee opened marginally up 1 paisa at 83.49 against the American currency. The local unit moved in a narrow range of 83.49 to 83.51 in restricted trade in the opening session.

ONGC – Buy, TP Rs 330 

Trading at 0.9x consol. FY26E P/B despite boasting a consol. FY26E RoE of 17.2%. 

A sharp re-rating of HPCL (55% sub) & other listed investments (Rs44/sh, ex-HPCL) remain key catalysts 

GAIL – Buy, TP Rs 260 (preferred pick) 

Remains in a structural upturn marked by 

1)Improving vol growth outlook 

2)Potential for 10-12% tariff hikes in transmission biz in 2HFY25-26 

3)Completion of transmission & petrochem projects that will boost RoE & RoCE

U-P, TP Rs 1065

Co’s FY24 AR shows that over FY24-27, even if Co keeps 

1) its employee related cost growth 2ppts below its rev growth 

2) its pass-through costs steady 

3) all other opex steady, margins will still only rise to 13.6% by FY27 & not 15%

Buy, TP raised to Rs 900

Near-term, see tailwinds in form of 

a) strong summer season (to benefit Navratna hair oils, Dermicool talc), 

b) potentially above-normal monsoons (Fig 1; drive uptick in demand, benefits pain management portfolio)

Worst may be over due to

1)stimulus policies in China aiding margin expansion 

2)producers reducing utilization 

3)capacity addition delays 

4)somewhat lower inventory over time 

Near-term demand remains weak; cyclical upturn expectation in 24 receded 

Prefer PI Ind – Buy, TP Rs 4800 & Navin – Buy , TP Rs 4250 

Sell on Aarti Ind (TP Rs 615 & Gujarat Fluor – TP Rs 3000 

Pressure from China capacity additions may have peaked; recovery likely to be drawn out

Overweight Call, Target Rs 3,400

Reported Q1FY25 Consumption Growth Slower Than Assumption 

Phoenix Marketcity Mumbai And Palassio Lucknow Saw Double-digit Growth 

Balance Was Contributed By New Malls 

Looking At Q4 Moving Average Number, Growth Has Been 23-24% YoY Last 4 Quarters

Equal-Weight Call, Target Rs 1,231

Consolidated Organic Revenue To Be Flat YoY In Rupee Terms 

Consolidated Organic Revenue To Register Double-digit Constant Currency Sales Growth 

Reported EBITDA To Grow In Double Digits (Estimate +16%) 

Indonesia To Deliver High-single-digit Volume Growth 

Indonesia To Deliver Double-Digit Constant Currency Sales Growth 

GAUM Organic Volumes To See Double-digit Decline Due To A High Base In West Africa 

GAUM Organic Volumes To See Decline Due To Pricing Decisions In Nigeria 

INR Revenue Growth Will Be Affected By Currency In Nigeria

Q1FY25 Total APE Growth Ahead Of Estimates For HDFC Life At 22% & SBI Life At 18% 

Q1FY25 Total APE Growth In-Line For ICICI Pru, At 34% 

A Good Start To FY25, Despite Being On A Weak Base 

HDFC Life, SBI Life, ICICI Pru Reported Individual APE Higher Than Est 

HDFC Life Saw The Biggest Beat Vs Estimates

Buy Call, Target Rs 100 

Delhi Airport T1’s Forecourt Canopy Recently Collapsed Post Heavy Rains 

Post The Canopy Collapse, Most Of The T1 Air Traffic Has Been Temporarily Moved To T2 & T3 

T1 Handles Domestic Traffic Only, Thus Int’l Traffic & Related Rev Streams Remain Unaffected 

Mgmt Is Working With Concessionaires At T2/T3 To Ramp-up Svcs For Raise Passenger Flow

Initiate Outperform Call On Persistent, Target Rs 5,920 

Initiate Outperform Call On KPIT Tech, Target Rs 2,120 

Initiate Market Perform On Coforge, Target Rs 6,080 

Initiate Underperform On Tata Elxsi, Target Rs 6,030 

Believe ‘Specialist’ Engg Svcs Focussed On Software & Auto Have Long Headroom Of Growth 

‘Specialist’ Engg Svcs Have Partnership With Global Innovators Like Microsoft, Tesla 

The Engg Services Have Built Strong Sales & Management Capability 

Can set alert for them at www.researchbytes.com 

4:00 PM Shalby

Shilpa Antibiotics . : (replay)

eMudhra : (replay)

Nazara Techno : (replay)

Vilas Transcore Limited : (replay)

Amara Raja Batt : (replay)

Dr Reddys Labs : (replay)

Infosys : (replay)

Asian Paints : (replay)

skygold : (replay)

Awfis Space Sol : (replay)

Results today …

Recent interviews …

L&T Semiconductor Tech - a wholly owned subsidiary of L&T - has signed a deal to acquire SiliConch Systems at an upfront payment of Rs 133 crore.

Discontinuation of Fresh Systematic Investment Plan (SIP) registrations/applications & restrictions on fresh Lumpsum Investments (including switch-ins) & STP in HDFC Defence Fund with effect from 22nd July 2024

The S&P 500 and Nasdaq achieved record-high closes on Monday as investors awaited fresh inflation data, commentary from Federal Reserve Chair Jerome Powell and the start of quarterly earnings season.

The US June consumer price index, which will be released Thursday, could bolster those hopes if the headline number shows a slight improvement. Producer price index data will be released Friday.

India’s fuel consumption rose by 2.6% year-on-year to 19.99 million metric tons in June from a year earlier.

Investors have been pouring into bond funds in the US this year as interest-rate cuts begin trickling out from global central banks.Bond funds have attracted nearly $400 billion in net inflows already this year — about 51% of the full-year record total set in 2021, according to EPFR data.

In China, investors will be looking ahead to one of the country’s biggest annual policy meetings, approaching next week.

Asian shares were mostly higher on Tuesday as markets hoped the U.S. Federal Reserve Chair Jerome Powell would sound dovish about easing prospects later in the day.

Nifty ended flat in a volatile session on July 8. At close, Nifty was down 0.01% or 3.3 points at 24320.6. Nifty formed a doji type pattern on July 08 with a long lower shadow. This has little predictive value. Nifty could stay in the 24164-24401 band for the near term.

We expect Q1FY25 to be weak for most oil & gas names, except GAIL and PLNG.

For RIL, O2C segment weakness would offset modest growth in RJio/ retail for 8% qoq EBITDA decline.

ONGC’s EBITDA would likely decline ~6% qoq on lower net oil realization and also lower oil production.

For OMCs, EBITDA could decline ~35-43% on weaker GRM and also qoq lower auto-fuel marketing margins.

With sharp qoq decline in key product cracks (SG complex: US$3.5/bbl, US$7.3/bbl qoq) and lower Russian discounts, we expect reported GRM to further moderate for OMCs.

Further, with the full impact of Rs2/liter price cut in March and higher Brent prices, marketing margins on auto fuels were also weaker qoq.

GAIL and PLNG should benefit from higher gas consumption, while sharp tariff cut would offset higher volumes for GSPL.

Rising APM shortfall and full impact of price cuts would impact gross margins for CGDs, while volume growth remains tepid.

GAIL: We expect 6% qoq higher EBITDA on higher transmission volume and higher marketing earnings. We expect qoq EBIT improvement in transmission and marketing, while Petchem and LPG would be impacted by shutdowns in Q1.

PLNG: We expect adjusted EBITDA to rise 20% qoq (+17% yoy) on 7% higher volume (106% Dahej utilization versus 98% qoq), and 5% tariff increase at Kochi.

GSPL: We expect sharp ~19% qoq EBITDA decline as part impact of ~47% tariff cut would be offset by higher transmission volume (3.7 crore mscmd, +11% qoq).

1. Fed Chair Powell Testifies - Tuesday

2. OPEC Monthly Report - Wednesday

3. June CPI Inflation data - Thursday

4. June PPI Inflation data - Friday

5. Michigan Consumer Sentiment data - Friday

6. Total of 9 Fed speaker events this week

Buckle up for a busy week ahead

“The market is exhibiting strength and is showing no signs of a sharp correction despite the high valuations. A healthy trend in the market is that fundamentally strong largecaps are seeing buying. The rising accumulation and delivery based buying in largecaps like RIL and ITC is a reflection of this healthy trend. It appears that the market is waiting for triggers for a breakout from the present levels. This trigger may come from the Q1 results starting this week. If the management commentaries from the IT majors are positive, that can trigger an up move led by IT stocks. Another trigger for a breakout can come from the Budget to be presented on 23rd of this month. Since the economy is in a sweet spot the finance minister is in a position to offer relief to the middle class through income tax reliefs while simultaneously moving firmly on the path of fiscal consolidation. And if the status quo is maintained on taxation of capital gains, the market is likely to give a thumbs up to the Budget.”

The benchmark Sensex and Nifty indices are likely to open on a flat note on July 9, following cues from GIFT Nifty, which is trading near 24,388.

The Nifty has been trading sideways in the range of 24,200 to 24,400. If the index closes above the 24,400 level, it could further rise to 24,500 and 24,600. On the flip side, 24,200 acts as immediate support.

Bank Nifty witnessed a consolidation. The price action of the last eight to ten trading sessions has created a broad range of 52,000 – 53,500, and we expect the Bank Nifty to consolidate within this range over the next few trading sessions. If the index strongly closes above 53,000, it could further rise to a new all-time high, while 52,000 and 51,900 act as immediate support levels.

Foreign institutional investors (FIIs) bought equities worth Rs 60.98 crore on July 8, while domestic institutional investors turned net buyers as they bought equities worth Rs 2,866 crore.

The market is expected to remain volatile. Hold your positions with a trailing stop-loss. Any dip will be a buying opportunity as the overall trend remains bullish.

Citi on Affle: Initiate Buy on Company, target price at Rs 1600/Sh (Positive)

Citi on Emami: Maintain Buy on Company, raise target price at Rs 900/Sh (Positive)

Bernstein on Persistent: Initiate Outperform on Company, target price at Rs 5920/Sh (Positive)

Bernstein on KPIT Tech: Initiate Outperform on Company, target price at Rs 2120/Sh (Positive)

UBS on PI Ind: Maintain Buy on Company, target price at Rs 4800/Sh (Positive)

UBS on Navin Fluorine: Maintain Buy on Company, target price at Rs 4250/Sh (Positive)

MOSL on GAIL: Maintain Buy on Company, target price at Rs 260/Sh (Positive)

MOSL on ONGC: Maintain Buy on Company, target price at Rs 330/Sh (Positive)

UBS on Lal Pathlabs: Maintain Buy on Company, raise target price at Rs 3500/Sh (Positive)

MS on Phoenix Mills: Maintain Overweight on Company, target price at Rs 3400/Sh (Positive)

GS on HDFC Life: Maintain Buy on Company, raise target price at Rs 730/Sh (Positive)

GS on SBI Life: Maintain Buy on Company, raise target price at Rs 1740/Sh (Positive)

GS on LIC: Maintain Neutral on Company, raise target price at Rs 1000/Sh (Positive)

GS on ICICI Lombard: Maintain Neutral on Company, raise target price at Rs 1825/Sh (Positive)

Jefferies on GMR Airports: Maintain Buy on Company, target price at Rs 100/Sh (Positive)

MS on Life Insurance: HDFC Life, SBI Life, ICICI Pru Reported Individual APE Higher Than Estimates (Positive)

CLSA on Gas companies: Global LNG markets have seen a surge in prices. Asian spot LNG price up 11% MoM in June 2024. Domestic consumption was up 20% YoY in June, gas production up 7% YoY (Positive)

Morgan Stanley on NBFCs: Research tactical ideas on stocks. Positive on PNB Housing and Aptus Value (Positive)

BofA India Strategy: Q1 preview: Strong earnings on pickup in sales; B/s improvements; margins stable. Prefer Financials and Industrials (Positive)

MS on Godrej CP: Maintain Equal weight on Company, target price at Rs 1231/Sh (Neutral)

Jefferies on Tech Mah: Maintain Underperform on Company, target price at Rs 1065/Sh (Neutral)

Bernstein on Coforge: Initiate Market-perform on Company, target price at Rs 6080/Sh (Neutral)

GS on Star Health: Maintain Buy on Company, cut target price at Rs 730/Sh (Positive)

Bernstein on Tata Elxsi: Initiate Underperform on Company, target price at Rs 6030/Sh (Neutral)

UBS on Aarti Ind: Maintain Sell on Company, target price at Rs 615/Sh (Neutral)

UBS on Gujarat Fluoro: Maintain Sell on Company, target price at Rs 3000/Sh (Neutral)

Citi on Persistent: Maintain Sell on Company, target price at Rs 3080/Sh (Neutral)

Ex-Dividend 10 July 2024 (Tomorrow)

Last date for Cum-Dividend Today

Crompton Greaves Consumer Electricals Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 420.65

Mphasis Ltd.

Dividend Per Share Rs.55

Previous day Closing Price – Rs. 2611.10

Wheels India Ltd.

Dividend Per Share Rs.7.39

Previous day Closing Price – Rs. 900.15

Ex - Stock Split 10 July 2024 (Tomorrow)

Last day trade for before split Today

Bridge Securities Ltd.

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

Previous day Closing Price – Rs. 38.33

Pg Electroplast Ltd.

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

Previous day Closing Price – Rs. 3706.8

Silver prices steadied as investors awaited Federal Reserve Chair Jerome Powell’s testimony and June inflation statistics to determine the next policy move by the United States central bank. The route that US inflation is forecast to take in the next years moderated in June, with retreating projections of price increases for a wide range of consumer goods and services, according to a Federal Reserve Bank of New York report. Fed Chair Jerome Powell’s appearance before the Senate later in the day and the House on Wednesday may provide investors with additional information on the US central bank’s future interest rate path. According to the CME Fedwatch Tool, markets are pricing in a 77% possibility of the Fed cutting interest rates in September.

Gold surged beyond $2,360, recouping some losses from the previous session, as investors focused on Fed Chair Powell’s semi-annual address to Congress. Last week’s numbers showed a deteriorating labour market in the United States, with unemployment reaching a two-and-a-half-year high and pay growth falling to a three-year low, implying that the US central bank will cut interest rates soon. Markets are currently pricing in a 77% chance of the Fed lowering interest rates in September, with another cut forecast in December. Powell’s appearance before the Senate today and the House on Wednesday will provide stronger signals to investors about the Fed’s future interest rate path. Investors are also anticipating significant future inflation numbers, which will be revealed on Thursday. Traders are also keeping an eye on geopolitical developments in the Middle East, as Israel and Hamas are expected to reach a ceasefire agreement.

Benchmark indices witnessed sluggish activity on Tuesday, Nifty closed 3 points down while Sensex was down 36. Among sectors, the FMCG index outperformed, gaining over 1.5 per cent while the PSU Bank index fell the most, declining 1.5 per cent. 

For bulls, 24400/80400 would be the trend decider level. After crossing 24400/80400, the index can move gradually towards 24500-24600/80700-81000. On the other hand, failure to break the above-mentioned level, the market could witness selling pressure and may retest the levels of 24100-24000/79300-79000. Be stock-specific.

The Bank-Nifty, held the support of 52000, however, on the dismissal of the same it may fall to 51700 or 51500 levels. Above 52000, it would keep consolidating with a bullish bias.

Thirty seven companies raised ₹32,528 crore from qualified institutional placements (QIPs) in the first six months of the year. This is 5.6 times the amount raised in the previous year and the second biggest mop-up since CY17, when 15 companies raised ₹33,912 crore.

JSW Energy (₹5,000 crore), Swan Energy (₹3,319 crore), Macrotech Developers (₹3,281 crore) and Union Bank of India (₹ 3,000 crore) were the top companies that raised money using this mode this year. QIPs are a bull market product and are typically used to raise fresh capital for expansion or to retire debt.

The Securities and Exchange Board of India (SEBI) has given its nod to the initial public offerings (IPOs) of Akums Drugs and Pharmaceuticals, Ceigall India, Orient Technologies and Gold Plus Glass Industry.

The regulator has kept in ‘abeyance’ the offering of SK Finance, a non-bank lender, without disclosing details. SK Finance planned to raise ₹2,200 crore, of which ₹500 crore was to be fresh issue and the rest offer for sale (OFS).

Target: ₹2,670

CMP: ₹2,273.45

We are initiating coverage on DOMS Industries Ltd. with a Buy recommendation and a price target of ₹2,670/share, representing an upside of 22 per cent from the CMP. Our confidence in DOMS’ promising future is grounded in the company’s robust and consistent performance over the past several quarters.

We believe Muthoot Microfin Ltd’s unique risk assessment model using Equifax, dedicated collections team, risk-based pricing, continued tech integration to lower opex, NAT CAT and death insurance to shield asset quality and strong parentage of Muthoot Pappachan Group with high vintage senior management team represent a compelling opportunity in the MFI space.

PVV Infra Limited is an Infrastructure Company mainly into solar power rooftop installations. The Company offers end-to-end EPC services and complete energy management solutions for installation of industrial, residential, commercial, and floating solar rooftop systems Pan India basis.

The Board of Directors of the Company has recommended issue of bonus share in the ratio of 1:1 i.e. 1 (One) equity share for every 1 (One) share held by the shareholder. The Bonus Issue of equity shares is subject to the approval of the shareholders and other applicable statutory and regulatory approvals, as may be required. The Company will intimate the ‘Record Date’ for determining eligible shareholders entitled to receive bonus shares, in due course of time.

* ABFRL 

* BANDHANBANK 

* CHAMBAL 

* GNFC 

* HINDCOPPER 

* INDIACEM 

* INDUSTOWER 

* PEL

Buzzing stocks: VA Tech Wabag, Godrej group cos, Dixon Tech, Jupiter Wagons, Mahanagar Gas, HEC Infra

KPI Green Energy: Company signs 50MW hybrid power purchase deal with Gujarat Urja Vikas Nigam. 

Diamond Power: Company wins order worth 409 Cr Rupees from Adani Green. 

Torrent Power: Company in pact with ARSS teeks and Torrent Urja 14 for setting up 50 MWp solar projects in Tamil Nadu 

Waaree Renewable: Company secures 412.5 MW solar project in Rajasthan 

Mahanagar Gas: Company hikes CNG price by ₹1.50/kg & domestic PNG by ₹1/SCM in & around Mumbai w.e.f. July 9 

Bajaj Finserve: Bajaj Allianz life insurance co June new business premium seen at 10.8B vs 7.68B (MoM) 

HEC Infra: Company get order 28.44 cr rupees 

HG Infra: Company enters into MoU with Ultra Vibrant Solar Energy for execution of solar power plant project 

Easemy trip: Company expands Its Franchising Network, Opens Doors to the First Franchise Store in Gujarat 

Lupin: Company gets tentative U.S. FDA approval for ANDA of Empagliflozin. 

Bandhan Bank: Company launches enhanced trade products to facilitate global business transactions

Ajmera: Sales surged 36% year-on-year to Rs 306 crore in Q1FY25 due to recently launched Ajmera Vihara project in Bhandup, Mumbai. 

Bandhan bank: Launched an array of trade products to facilitate global business transactions 

IRB/DBL/AShoka: Government seeks nod to accelerate process of awarding of road projects new scheme expected to replace Bharatmala Pariyojna. 

HFCL: Company’s Netherlands unit incorporates subsidiary in the U.K. for making optical fibre cables 

LIC: Premium up 13.6%; total APE up 20.8% & retail APE up 12.7%. 

SBI Life: Premium up 22.0%; total APE up 16.6% & retail APE up 18.3%.

ICICI Pru: Premium up 14.0%; total APE up 12.7% & retail APE up 27.8%. 

HDFC Life: Premium up 8.0%; total APE up 25.5% & retail APE up 32.6%. 

Keystone: ICRA has upgraded long term rating for Rs 100 cr bank facilities of the company from ICRA A to ICRA A-. 

RailTel Corp: Company to pay Rs. 1.85 per Share as final dividend. 

Spice Jet: Company has not deposited staff’s PF since January 2022. 

Container Corp: Company total throughput at 11.59 lakh TEUs, up 6% YoY 

Pitti Engineering: Company opens QIP for raising up to Rs 360 crore, sets floor price as Rs 1,054.25/share 

VA Tech Wabag: Company approved sale of 100% stake in wabag water services S.R.L, Romania, deal for EUR 1.2M

Bank of Baroda: Alok Vajpeyi ceases to serve as Director of bank w.e.f 8th- July-2024 upon completion of his tenure 

M&M: Company Launces Mileage guarantee for BS6 OBD. 

Senco Gold: Company reports retail sales growth of 11% in Q1FY25.

Sanofi: Board Meeting On July 26 To Consider Q1 Results.

IDFC First Bank: Board Meeting On July 27 To Consider Q1 Results. 

Max Life: Premium down 6%, total APE up 17.6% & retail APE up 22.2%.

HCL Tech: Chairperson Roshni Nadar Malhotra conferred the Chevalier de la Légion d’Honneur by France. 

Godrej CP: India business performed well with high-single digit organic volume and mid-single digit value growth.

Nestle India: Shareholders approve royalty payment rate of 4.5% to Swiss parent company.

Piramal Enterprises: Company intends to ramp up growth to 15% and boost assets under management to Rs 80,000 crore.

Dixon Technologies: Company will acquire 6.5% stake in Aditya Infotech for divesting in its joint venture with the company. 

Jio Financial: Charanjit Attra resigns as Group COO of Company, effective July 8. 

Utkarsh SFB: Gets RBI nod for re-appointment of Govind Singh as MD and CEO for 3 years effective September 21 

Jupiter Wagons: Company opens QIP, sets floor price at ₹689.47/share. 

Swan Energy: Blackrock buys 1.45% stake worth Rs 304cr while 2 FIIs sold shares.

Urja Global: CGST Department carrying search operation at Company’s corporate office from July 3 

Kohinoor Foods: Company gets notice from central bureau of investigation in name of company’s Director.

DELTACORP, GMBREW

Q1FY25 EARNING CALENDAR 10.07.2024

JTLIND, KESORAMIND, TATAELXSI

Issue Size – Rs 300 cr; greenshoe option of Rs 60 cr

Issue size – 10.65% of equity

Indicative Issue Price – Rs 1054.25 – 9% discount to CMP

Motilal Oswal Investment is the banker

Funds to be used for debt repayment

USHA MARTIN; Company has entered into a Tripartite Agreement with KFin Technologies Limited (“New RTA”) and MCS Share Transfer Agent Limited (“Old RTA”) 

Accordingly all the formalities regarding change of Old RTA to New RTA has been completed.

Citi Initiate coverage on Affle with a Buy rating and a TP of Rs1,600/sh. TP is based on 48x FY26E P/E – multiple at a ~50% premium to global ad-tech peers (35%/10% discount to largecap/midcap India internet). Pecking order: Zomato, MMYT, INED (largecap). Delhivery, Affle, Cartrade (midcap).

ELECTRONIC MART; Co has commenced the commercial operations of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ in Telangana.

Net profit Rs0.88Crs Vs Rs0.55Crs (YOY)

Revenue Rs10.8Crs Vs Rs10.5Crs (YOY)

EBITDA Rs2.30Crs Vs Rs2.21Crs (YOY)

BLACKROCK GLOBAL FUNDS INDIA FUND Bought 1,820,108 shares of Swan Energy Limited @ ₹668.27 per share. 

Total value: ₹121.63 crores.

Turnover: (NSE + BSE)

Cash Volume: 144756.56 + 13464.63 Total: 158221.19

F&O Volume: 447947.54 + 15829686.8 Total: 16277634.3

Provisional Cash

FII/FPI: NET BUY: +60.98 

(13564.41 - 13503.43) 

DII: NET BUY: +2866.79 

(14355.09 - 11488.3)

HGInfra enters into MoU with Ultra Vibrant Solar Energy for execution of solar power plant project.

TORRENT POWER: CO SAYS AGREEMENT SIGNED BY CO AND ARS STEELS & ALLOY INTERNATIONAL || DEAL FOR DEVELOPMENT, SETTING UP UPTO 50 MWP SOLAR POWER GENERATING PROJECTS.

SUN PHARMA Expects High Single-Digit Consolidated Topline Growth for FY25; Plans to Start Enrolling Patients for Phase-2 Trials of Weight Loss Drug GLP-1R During H2CY24, According to Annual Report

.RBI: INDIA’S TOTAL PROVISIONAL EMPLOYMENT ROSE TO 643.3M IN 2023-24 

RBI: INDIA CREATED PROVISIONAL 46.7M JOBS IN 2023/24 

RBI: INDIA’S EMPLOYMENT GREW AT 6% PROVISIONALLY IN 2023-24 VS 3.2% IN 2022-23.

RAILTEL CORPORATION OF INDIA: CO HAS RECOMMENDED A FINAL DIVIDEND OF 1.85 RUPEES PER SHARE FOR THE FINANCIAL YEAR 2023-24.

Bernstein expand IT Services coverage adding Engineering Services companies (Persistent, KPIT, Tata Elxsi & CoForge) with deep specialization in auto & software services.

Bernstein launch with Outperform ratings on Persistent & KPIT, Market-Perform on Coforge and Underperform on Tata Elxsi.

Persistent (OP, INR 5,920; 24% upside); KPIT (OP, INR 2,120, 25% upside); Coforge (MP, INR 6,080); Tata Elxsi (UP, INR 6,030).

Container Corp: Total throughput at 11.59 lakh TEUs, up 6% year-on-year. (Previous quarter registered growth of 11%, average growth 8%) 

Termed poor man’s gold, silver offers an alternative to gold, be it as an asset or jewellery. What has vaulted silver to a 13-year high in the global market?

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

Here’s an interesting stock idea:The stock that we have today is Shriram Finance. The price has been on a decline for nearly two weeks. But the scrip is now at a support and also, the long-term trend is bullish. So, the possibility of a rally from here is high.