Stock market highlights: Sensex, Nifty tank 2% as geopolitical tensions hit markets

The rupee depreciated 14 paise to settle at 83.96 (provisional) against the US dollar on Thursday, as the volatile geopolitical situation triggered a surge in crude oil prices, weighed down by a steep fall of over two per cent in domestic equity markets.

According to forex traders, a strong American currency and unabated outflow of foreign funds fuelled by the bullish Chinese markets also accelerated the rupee’s slide.

At the interbank foreign exchange, the local unit opened at 83.91 and touched a low of 83.97 against the greenback during intra-day trading. The unit ended the session at 83.96 (provisional) against the American currency, registering a steep loss of 14 paise from its previous closing level. 

Rs 11 lakh crore was wiped out as market corrected today. Here are the views from *Swapnil Aggarwal, Director, VSRK Capital*. on

*What do mutual fund investors do now? Stop SIP or use crash as an opportunity? What should your market strategy be?*

In the aftermath of a market correction, mutual fund investors often face a critical decision, to stop their SIPs (Systematic Investment Plans) or to view the downturn as a valuable opportunity. Historically, market correction tend to be short-lived, frequently providing a chance to buy mutual fund units at lower prices. By continuing SIPs during such downturns, investors can take advantage of ‘rupee-cost averaging,’ accumulating more units when prices are reduced. This approach not only lowers the average cost per unit but also positions the portfolio for greater returns when the market eventually recovers, softening the impact of short-term volatility.

Alongside maintaining regular investments, revisiting asset allocation becomes essential in turbulent times. A well-diversified portfolio that balances equities with safer assets like bonds can withstand market fluctuations more effectively. This may involve shifting some investments into bond funds or other stable instruments, which can provide a cushion against further declines.

While the immediate impact of a market correction may lead to declines in the NAV (Net Asset Value) of mutual funds, disciplined investors can view this as a moment to reassess their strategies. Focusing on long-term financial goals, while adopting a proactive approach, allows investors to turn market volatility into opportunity, paving the way for future growth and resilience.

JSW Steel traded as the only gainer in the Nifty 50 pack, 1.21% higher

Top losers:

BPCL (-5.40%), Shriram Finance (-4.20%), Tata Motors (-4.15%), L&T (-4.04%), Axis Bank (-4.03%)

Stocks advanced on BSE at 3 pm on October 3, 2024, were 1,000 against 2,951 stocks that declined, and 103 remained unchanged. Total stocks traded were 4,054. The number of stocks that recorded a 52-week high was 231, and those that hit a 52-week low was 65. 

A total of 290 stocks traded in the upper circuit, and 280 in the lower circuit.

Ashoka Buildcon shares rose 2.29% on the NSE, trading at ₹242.15. Company secured a letter of award from MMRDA for a ₹474.10 crore project

Mankind Pharma shares declined 1.25% on the NSE, trading at ₹2,546.80

CCI recently approved the proposed acquisition of Bharat Serums and Vaccines by Mankind Pharma for ₹13,630 crore.

Ola Electric launches ‘BOSS - Biggest Ola Season Sale’, offers S1 portfolio starting at ₹49,999 and festive offers worth up to ₹40,000

Ola Electric Mobility shares trade below ₹100 mark at ₹99.45, lower by 3.09%.

Nearly half of the new investors added to the mutual fund industry are from smaller cities, and this addition is growing steadily every month.

As per a study by Zerodha Fund House, the mutual fund industry has added 2.3 crore folios between April and August, out of which over 50 per cent are from smaller cities.

​Maruti Suzuki India​ produced 159,743 units in Sept 2024 as against 174,978 units in Sept. 2023

The stock tanked 4.20% on the NSE, trading at ₹12,613

20 Microns has acquired shares in its Malaysian-based wholly-owned subsidiary namely 20 Microns SDN BHD.

Shares trade at ₹287.75 on the NSE, down by 1.88%.

Adani Green Energy (-5.37%)

Adani Power (-3.22%)

Adani Ports (-3.17%)

Adani Enterprises (-2.79%)

ACC (-2.75%)

Adani Wilmar (-2.69%)

Ambuja Cements (-2.67%)

Adani Energy Solutions (-2.24%)

Adani Total Gas (-1.86%)

NDTV (-2.33%)

Zydus Wellness, an Indian FMCG company, has expanded its Complan brand into the adult nutrition market with the launch of VieMax. Announced today, this move marks the brand’s first venture into adult nutrition in over 50 years.

The shares of Zydus Wellness Limited were trading flat at ₹1,947 on the NSE today at 1:30 pm.

A study by Zerodha Fund House reveals that the number of new investors coming from smaller cities has been rising on a monthly basis. The mutual fund industry has added 2.3 Cr investors (folios) from April till Aug 2024 out of which more than 50% of them come from smaller cities. Such trends can foster a culture of saving and investing, and ultimately contributing to long term industry growth.

Nifty tumbled 506.50 pts or 1.96% to trade at 25,290.40 and Sensex plunged 1657.23 pts or 1.97% to 82,609.06 as at 1.35 pm.

BSE Sensex tumbled 1501.86 pts or 1.78% to trade at 82,764.43 as at 1.18 pm. Nifty dropped to 25,336.05, lower by 460.85 pts or 1.79%.

Shivalik Rasayan informed that the USFDA has approved the former’s API Facility in Bharuch, Gujarat based on inspection concluded on April 09, 2024 and released Establishment Inspection Report (EIR)

Shares rally 13.33% on the NSE, trading at ₹641.30

KBC Global has initiated construction of new project

Stock trades at ₹2.07 on the NSE

UGRO Capital Limited, a leading DataTech NBFC focused on MSME lending, proudly announces that it has crossed the significant milestone of INR 10,000 crore in Assets Under Management (AUM), a feat that underscores its commitment to empowering MSMEs and highlights the collective efforts of its 3,500 employees. From only about INR 1,700 Cr AUM after the COVID-19 pandemic in 2022, this feat has been achieved in record time. Achieving this milestone, UGRO Capital continues its journey toward becoming India’s largest small business financing institution, supported by its partners, stakeholders, and employees

Vishnu Kant Upadhyay, AVP, Research & Advisory at Master Capital Services. 

Indian benchmark indices declined by over 1% on Thursday, with the Nifty50 dropping around 280 points and the Sensex losing nearly 900 points. The sharp decline was driven by several negative factors, including escalating geopolitical tensions in the Middle East. Iran launched around 180 ballistic missiles at Israel, causing a surge in crude oil prices. Speculation is growing that Israel may retaliate by targeting major oil fields in Iran, which could further fuel the rise in oil prices.

Additionally, recent regulatory changes in the F&O segment by SEBI are expected to impact trading volumes, as retail participation may decline due to the increased contract size and limits on weekly expiries. Meanwhile, strength in the Chinese market, following the People’s Bank of China (PBoC) stimulus package, has also diverted foreign investment to China, where valuations remain more attractive compared to India.

Despite these challenges, we do not anticipate a prolonged extension of losses in the Indian market. From a technical perspective, as long as prices hold above the 25,250–25,100 zone, any decline could present an opportunity to build fresh long positions. A stock-specific approach is advisable, with sectors such as Oil, IT, PSU Banks, Metals, and Chemicals likely to outperform in the coming days.

Suzlon shares tanked 3.88% on the NSE to ₹76.65 following the receipt of Advisory cum Warning Letters from NSE and BSE.

Garuda Construction and Engineering Ltd on Thursday said it has fixed a price band of ₹92-95 per share for its ₹264-crore Initial Public Offering (IPO).

The initial share sale will open for public subscription on October 8 and conclude on October 10, the Mumbai-based company announced.

The IPO is a mix of fresh issue of 1.83 crore equity shares and an Offer For Sale (OFS) of 95 lakh equity shares by promoter PKH Ventures.

Lead futures on the Multi Commodity Exchange (MCX) has largely been trading in a sideways pattern over the past month. Now, there are signs of a rally from the current level.

The October futures has been fluctuating in the narrow range of ₹180 and ₹186.

Adani Renewable Energy Three Limited, a Wholly-owned stepdown subsidiary of Adani Green Energy, has entered into power consumption agreement (“PCA”) for supply of green power to a commercial and industrial (C&I) customer. The said green power shall be supplied from a new 61.4 MW renewable energy plant, located at Khavda, Gujarat. 

Adani Green Energy stock traded at ₹1,809 on the NSE, lower by 4.03%.

Spandana Sphoorty Financial board has approved the issuance of up-to 5,000 NCDs having face value of ₹1 lakh each at premium of ₹690.40 each on private placement basis

Stock trades at ₹579.70 on the NSE, lower by 1.13%

Bajaj Steel Industries board has approved the issuance of Bonus Shares in the ratio of 3:1.

Shares were up 1.46% on the BSE, trading at ₹3,399.40

Radico Khaitan Limited has launched a new Brand Campaign featuring Saif Ali Khan for its premium whisky brand – Royal Ranthambore Heritage Collection.

Radico shares traded at ₹2,045 on the NSE

DLF (-4.38%), Brigade (-4.23%), Godrej Properties (-4.16%), Sobha (-3.15%)

As at 12.30 pm, Sensex traded at 82,899.75, plummeted by 1366.54 pts or 1.62%, and Nifty 50 traded at 25,377.00, lower by 419.90 pts or 1.63%.

Knowledge Marine & Engineering Works bags a work order from Dredging Corporation of India Limited (DCI) for maintenance dredging and salvaging work at Kandla Port. The contract is for a period of three years and is valued at ₹17.77 crore

Knowledge Marine & Engineering Works stock trades flat on the BSE at ₹1,693, while Dredging Corp stock rose 1.77% to ₹1,014.95

Nifty 50 traded at 25,405.85, down by 391.05 pts or 1.52% as at 12.14 pm.

PM Narendra Modi inaugurated GAIL’s CBG Plant in Ranchi

GAIL shares trade flat on the NSE at ₹241.26

The shares of Tata Motors Limited were trading at ₹937 down by ₹28.20 or 2.92 per cent on the NSE today at 11.11 am, days after Tata Motors Limited announced a significant decline in its domestic and international sales for the second quarter of fiscal year 2024-25 as announced on October 1, 2024. The automaker reported total sales of 215,034 vehicles in Q2 FY25, down from 243,024 units in the same period last year, marking an 11 per cent decrease. 

Prime Securities Ltd forays into wealth management

Shares trade flat on the NSE at ₹269.10

Axis Mutual Fund, one among the fastest growing and prominent fund houses in India, is pleased to announce the launch of its New Fund Offer - Axis Nifty500 Value 50 Index Fund. This open-ended index fund aims to replicate the performance of the Nifty500 Value 50 Total Return Index (TRI). The New Fund Offer (NFO) opens on Oct 04, 2024 and closes on Oct 18, 2024. The fund will be managed by Mr. Karthik Kumar and Mr. Hitesh Das.

Future Market Networks board to consider fundraising at its meeting on Oct 7

Shares were up 1.96% on the NSE to trade at ₹9.89

Sensex sank 1197.94 pts or 1.42% to trade at 83,068.35 as at 11.31 am

Post-listing views on KRN Heat Exchangers from Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Leading participant in the heat exchanger market, KRN Heat Exchangers and Refrigeration Limited, saw a spectacular offering with a 118% increase on its issue price of 220 and became listed at 481. The IPO received a strong subscription of 213.41 times.

The company’s expertise in fin and tube-type heat exchangers for HVAC&R applications, coupled with international quality standards, positions it well for growth. KRN Heat Exchangers benefit from quick turnaround times and strong relationships with leading clients. The company’s consistent growth in both revenue and profitability further reinforces its appeal.

Even though the IPO’s valuation seems reasonable, it is difficult to draw direct comparisons because no peers have been listed. Nonetheless, investors may book a portion of the profit and keep the remaining amount because of KRN Heat Exchangers’ excellent fundamentals and market demand.

J. Kumar Infraprojects is in receipt of Letter of Acceptance for the project: Design and Construction of elevated road in Thane city from Anand Nagar to Saket on eastern express Highway from Mumbai Metropolitan Region Development Authority (MMRDA) for the total contract cost amounting to ₹1,847.72 Crore.

Shares rose 2.07% on the NSE to trade at ₹795.60

Utkarsh Small Finance Bank Limited has announced the launch of two new products: superCard (Credit Card) and WhatsApp Banking. 

Shares trade flat on the NSE at ₹45.42

The bank on-boards Mary Kom and Sunil Chhetri as Brand Ambassadors.

Bank Nifty opened today’s session with a gap-down at 52,314 versus Tuesday’s close of 52,923. The index is now hovering around at 52,250, down 1.2 per cent.

Shares of Dabur India fell as much as 7.7 per cent in early trade on Thursday, after the consumer goods maker forecast its first quarterly revenue decline in four years, citing weak demand in its food and beverages segment.

ITD Cementation India Limited has secured a new Contract worth ₹1,937 Crore including taxes and duties.

Shares rally 19.78% on the NSE, trading at ₹643.20

Paytm, an Indian payments company, has deployed 800 electronic data capture (EDC) devices across 42 Krishi Mandis in Madhya Pradesh, as announced today. This initiative aims to digitise agricultural sales and enhance financial inclusion for farmers and traders.

Biocon Biologics on Thursday said it has refinanced $1.1 billion (₹9,347 crore) long-term debt through dollar bonds and new syndicated facility.

The company said the bonds will be issued by Biocon Biologics Global plc, a wholly owned subsidiary of the company, and will be backed by a strong security package, Biocon Biologics, a unit of Biocon Ltd, said in a statement.

Sarveshwar Foods Limited recorded ₹500 crore sale for the first time in half a fiscal year.

Shares were up 2.73% on the NSE at ₹10.52

KPI Green Energy has secured approvals from the Chief Electrical Inspector (CEIG) for 5 MW of solar power project under our CPP business segment. 

Stock fell 1.65% on the NSE to ₹841.50

Hinduja Global Solutions (HGS) announced the opening of a new customer experience (CX) hub in South Africa to support both new and existing customers.

Stock trades flat at ₹815.90 on the NSE

Pritika Auto Industries Limited announced that it has finalised order worth ₹30 crore per annum from country’s leading OEM tractor manufacturers. 

Stock declined 1.57% on the NSE to ₹26.96

Emcure Pharmaceuticals announced signing of a royalty-free voluntary licensing agreement with Gilead Sciences Ireland UC, part of California, US based Gilead Sciences to manufacture and supply generic versions of lenacapavir. 

Emcure Pharmaceuticals stock trades flat on the NSE at ₹1,498.05

Nifty 50 began today’s session with a gap-down at 25,453 versus Tuesday’s close of 25,797. But it has now recovered to 25,580. So far today, it is down 0.9 per cent.

The advance/decline ratio of the benchmark index currently stands at 13/37, a bearish sign. JSW Steel, up 3 per cent, is the top gainer whereas BPCL, down 2.8 per cent, is the top loser.

KRN HEAT EXCHANGER LTD IPO

ISSUE PRICE: ₹ 220.00

RETAIL LOT : 65 SHARES

LISTING PRICE

BSE: ₹ 470.00

NSE: ₹ 480.00

PROFIT PER LOT BSE : ₹ 16250

PROFIT PER LOT NSE : ₹ 16900

Aayush Wellness has launched new product i.e. “Beauty Vitamins Gummies”

Shares rose 1.99% on the BSE to ₹70.30

Kalyani Strategic Systems Ltd, a 100% subsidiary of Bharat Forge Ltd, India, plans to enter into a multi-party agreement with leading United States defense companies, AM General and Mandus Group LLC.

Carborundum Universal Limited has incorporated CUMI USA INC., a wholly owned subsidiary in the State of Delaware.

Bharat Forge stock rose 1.05% on the NSE to ₹1,546.30

Alembic Pharmaceuticals receives USFDA Final Approval for Lamotrigine Extended-Release Tablets USP, 200 mg, 250 mg, and 300 mg

Alembic Pharmaceuticals stock rose 2.47% on the NSE, trading at ₹1,221.40

Signatureglobal (India) has launched a new project, “Daxin, Gurugram’s X Factor,” located at Sohna Toll Plaza, South of Gurugram, Sohna, Haryana. 

Signatureglobal shares trade flat on the NSE at ₹1,602.60

RattanIndia Enterprises Ltd. announced the launch of its newest brand, Kaari, through its 100% wholly owned subsidiary Neobrands Limited.

Shares trade flat on the NSE at ₹75.78

Transformers and Rectifiers (India) Limited has secured orders of ₹565 Crore from Power Grid Corporation of India Limited. 

Shares surge 3.62% to ₹675 on the NSE

‘Biocon Biologics refinances USD 1.1 Billion (₹93,468 million) Long-Term Debt through USD Bonds and New Syndicated Facility

Biocon shares trade flat on the NSE at ₹367.90

Hi-Tech Pipes Limited reported sales volumes of 123,027 MT for Q2 FY25, representing a 22.50% year-on-year (YoY) growth. 

Shares were up 1.98% on the NSE, trading at ₹196.12

One 97 Communications Limited (OCL) has announced the deployment of 800 Paytm EDC devices (card machines) across 42 Krishi Mandis in Madhya Pradesh. 

Paytm shares trade at ₹728.20 on the NSE, down by 0.73%.

Top gainers on the NSE as at 9.30 am:

JSW Steel (2.40%), ONGC (1.66%), Tata Steel (1.32%), Adani Enterprises (0.14%), NTPC (0.11%)

Top losers:

Eicher Motors (-2.29%), BPCL (-2.24%), Asian Paints (-1.90%), Wipro (-1.88%), Tata Motors (-1.85%)

Upgrade to OW from Neutral, TP Raised to Rs 2000 from Rs 1700

Stk underperformed last 1M/3M(down 8%/3% ) on -ve news flow around EV as global OEMs push out EV targets

CO few top clients, BMW, Honda & Renault, have so far not announced any scale-back of EV plans

BMW/Honda maintain their 50%/40% EV penetration targets by 2030

Co’s EV exposure is 20% with rest coming from ADAS & connected vehicles where strong spends continue

Upgrade Rev by 1-2% & margins by 20-30bps

UBS on Sun Pharma

Both Nidlegy in EU & Fibromun together at peak sales can add US$200-300mn revenues & Sun’s share on profitability would be 50% for Nidlegy and 55% for Fibromun

JPM on Sun Pharma

OW, TP Rs 1800

Management meet takeaways

1) margins likely to see some pressure due to investments in specialty & India biz

2) healthy volume growth in core therapies in India

3) gStelara’s potential entry in 2025 unlikely to have major impact on Ilumya sales

4) Leqselvi launch timeline still uncertain

5) U.S. generics biz impacted by compliance issues, & remediation efforts under way

6) co evaluating specialty assets in its key therapy areas (derma, ophthalmology)

GS on Dabur

Neutral. TP Rs 580

2Q performance significantly weaker than expected

Likely vol decline of 7-8% in India biz 

Co attributed vol decline to a correction in distributor inventory levels

Co however stated that they expect biz to return to growth from 3QFY25

Macquarie on Dabur

Neutral, TP cut to Rs 560

Pre-2Q points to weaker than expected mid-to-high teens Ebitda decline given monsoon-led demand weakness & rationalisation of channel inventory.

Cut FY26/27E EPS 5% each given slower than expected demand

Buy, TP raised to Rs 3000

SEBI announced final F&O regulations that are marginally lenient than original draft

Though it is impossible to predict clients’ trading behaviour, lower impact on F&O vol to -25% from -30% earlier

Increase target multiple to 20x

Buy. TP Rs 780

Consol rev growth of high-single digit & India vol growth of mid-single digit– tad better than expected

Believe Co will report better-than-peers sales for 2Q

Int. biz delivered low-teen (CC) sales growth, better than expectation of 10% y-y growth

O-P, TP raised to Rs 500 from Rs 370

Soft near-term demand led to weakness in stock

However, believe its transformation is in right direction, with focus on premiumisation, a differentiated go-to-market strategy and change in sourcing mix

U-P, TP Rs 640

Jefferies analyst David Windley’s recent reports indicates several CROs pointing to a slowing biotech market.

Other headwinds include prolonged biotech funding weakness, lengthening of biotech RFP and contract cancellations

With 60% of revenue coming from research services & 15% of total revenue from biotech firms, Co’s 2HFY25 recovery could be delayed

These trends suggest significant downside risk to Cos earnings

Buy, TP Raised to Rs 580

All 4 factors that shape our investment thesis favourably align, enhancing risk/reward appeal

Widened discount to FMCG peers, stable tax regime for Cigarettes, & formidable FMCG-Others biz contribute to attractiveness in volatile backdrop

Downside risks include share price sensitivity to excessive tax shocks, worse-than-expected cigarette volume growth, & slowness or market share loss in FMCG-Others

Nomura on Steel

initiate Buy on JSW Steel , TP Rs 1220

Initiate Buy on JSPL , TP Rs 1200

Strong domestic demand, continued deleveraging & global monetary easing to support Indian steel majors

Domestic HRC prices to remain range-bound in 2HFY25F; expect marginal recovery in FY26F

Cost drivers to partially offset moderation in realization

China HRC margins trading at trough levels; expect recovery soon

MS on on Steel Cos

JSPL– Upgrade to OW from EW, TP Raised to Rs1200 from Rs 970

JSW Steel– Upgrade to OW from EW, TP Raised to Rs1150 from Rs895

Tata Steel– Upgrade to EW from UW, TP Raised to Rs175 from Rs135

SAIL– Maintain UW, TP raised to Rs125

Domestic inventory digestion has been muted, but China’s recent stimulus should drive p+ve sentiment & support steel prices

This & lower risks of imports should support spreads in near term

Expect stocks to do well over next few months

Yes Bank: Loans & Advances Up 13.1% YoY & Up 3% QoQ At Rs 2.36 Lk Cr. CASA Ratio At 32% Vs 30.8% QoQ & Vs 29.4% YoY (Numbers look better YoY)

Crude oil futures traded higher on Thursday morning following concerns over potential disruptions in supplies due to the escalation of conflict in West Asia. At 9.20 am on Thursday, December Brent oil futures were at $74.67, up by 1.04 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $71.02, up by 1.31 per cent. October crude oil futures were trading at ₹5971 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹5935, up by 0.61 per cent, and November futures were trading at ₹5950 against the previous close of ₹5911, up by 0.66 per cent.

BSE Sensex plummeted 785.79 pts or 0.93% to trade at 83,480.50 as at 9.15 am, and Nifty 50 tanked 205.75 pts or 0.8% to 25,591.15.

Domestic markets are expected to see a gap down opening amid weak global cues due to geopolitical tension. Besides, regulatory changes among the F&O norms will also hit sentiment.

Dr Manoranajan Sharma, Chief Economist, Infomerics Ratings, said:“This escalation of the war, widening conflict and heightening of geopolitical tensions rocks the global scenario with incertitude and uncertainties.”

Nifty futures at Gift Nifty 25,700 signals a gap down opening of over 250 points for Nifty, as Nifty futures on Tuesday closed at 25,970.

Tilaknagar: NEW WHISKY

Company has launched Mansion House Gold Barrel Whisky, a premium blend of Scotch malts and Indian grain spirits. Initially available in Assam, the product will soon roll out across other key markets in India.

Zen Technologies: CONTRACT

Company has signed an Annual Maintenance Contract (AMC) worth INR 46 Cr for simulators with the Ministry of Defence. The contract, effective for a period of five years, ensures the continued maintenance of simulators designed and developed by Zen.

Jeffferies says SEBI’s circular is broadly in-line with discussion paper & impacts 35% of industry premiums, adding that discount brokers can be most impacted, followed by exchanges (BSE)

Ex - Stock Split 04 Oct 2024 (Tomorrow)

Last day trade for before split Today

Godawari Power & Ispat Ltd

Stock Split From Rs.5/- to Rs.1/-

Previous day Closing Price – Rs. 1069.7

Real Eco-Energy Ltd.

Stock Split From Rs.10/- to Rs.2/-

Previous day Closing Price – Rs. 48.56

Ex Bonus 04 Oct 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Classic Electricals Ltd

Bonus issue 5:1

Previous day Closing Price – Rs. 15.50

Shikhar Leasing & Trading Ltd

Bonus issue 3:1

Previous day Closing Price – Rs. 3.15

Gensol Engineering: Company’s Q2 FY25 revenue rises 58% year-on-year to Rs 314 crore (Supportive for stock prices)

Nomura on JSW Steel: Initiate Buy on Company, target price at Rs 1220/Sh (Positive) 

Nomura on Jindal Steel: Initiate Buy on Company, target price at Rs 1200/Sh (Positive) 

MS on JSW Steel: Upgrade to Overweight on Company, raise target price at Rs 1150/Sh (Positive) 

MS on Jindal Steel: Upgrade to Overweight on Company, raise target price at Rs 1200/Sh (Positive) 

MS on Tata Steel: Upgrade to Equal weight on Company, raise target price at Rs 175/Sh (Positive) 

Investec on Godrej Prop: Upgrade to Buy on Company, raise target price at Rs 4200/Sh (Positive) 

JP Morgan on Cipla: Maintain Overweight on Company, target price at Rs 1165/Sh (Positive) 

JP Morgan on KPIT Tech: Upgrade to Overweight on Company, target price at Rs 2000/Sh (Positive) 

Emkay on Petronet: Maintain Buy on Company, target price at Rs 425/Sh (Neutral) 

Jefferies on Cement Sector: Cement prices saw a much needed uptick in September, adding that for Q2, price may dip nearly 2-2.5% QoQ, -6.5% YoY (Neutral) 

Jeffferies says SEBI’s circular: Broadly in-line with discussion paper and impacts 35% of industry premiums, adding that discount brokers can be most impacted, followed by exchanges (BSE) (Neutral) 

Emkay on Coal India: Maintain Buy on Company, target price at Rs 600/Sh (Neutral) 

MS on SAIL: Maintain Underweight on Company, raise target price at Rs 125/Sh (Neutral) 

Emkay on Dabur: Maintain Add on Company, target price at Rs 650/Sh (Neutral) 

Investec on Dabur: Maintain Hold on Company, target price at Rs 668/Sh (Neutral) 

MS on Dabur: Maintain Equal weight on Company, target price at Rs 772/Sh (Neutral) 

MS on Marico: Maintain Equal weight on Company, target price at Rs 625/Sh (Neutral) 

Nuvama on Marico: Maintain Buy on Company, target price at Rs 780/Sh (Neutral) 

Nomura on Marico: Maintain Buy on Company, target price at Rs 780/Sh (Neutral) 

MS on Titan: Maintain Equal weight on Company, target price at Rs 3570/Sh (Neutral) 

Citi on Dabur: Maintain Sell on Company, target price at Rs 570/Sh (Negative) 

Jefferies on Syngene: Maintain Underperform on Company, target price at Rs 640/Sh (Negative)

APL Apollo to take a hit despite higher volumes: APL Apollo reported strong Q2FY25 sales volumes at 7.58mn tonne, up 5% QoQ/12% YoY (our estimate: up 11% YoY). The growth was despite falling HRC price leading to destocking. The increase was however led by commodity products as the share of VAP came down to ~55% (60% in Q1FY25). Hence, lower VAP, inventory losses (fall in steel prices by INR7–8/kg QoQ) and higher fixed cost at the new plant are likely to lead to multi-year low EBITDA/ton at ~INR2,000 in Q2FY25. -- Nuvama Research

Aurobindo Pharma: Company receives USFDA approval for cephalexin tablets USP, 250 MG and 500 MG. (Positive) 

Man Infraconstruction: Company gets commencement certificate for its highly anticipated vile Parle project, the project has total estimated sale potential of over Rs 1,200 cr. (Positive) 

Hero Motocorp: September total sales 637050 units vs 536499 units (YoY), EST 622000. (Positive) 

Maruti Suzuki: September total sales 184727 units vs 181343 units (YoY), EST 182000. (Positive) 

Eicher RE: September total sales 86978 units vs 78580 units (YoY), EST 78500. (Positive) 

Petronet LNG: Company informs that the two LNG storage tanks i.e. t-107 & t-108, each having capacity of 1, 80,000 CU.M, at Dahej LNG terminal of the Company have been commissioned (Positive) 

JB Chemicals: Company approved capacity addition to iv manufacturing facility at Panoli, Company establishment of dedicated manufacturing line for povidone/iodine liquid, ointment (Positive) 

RailTel: gets work order for Rs 68 crore from Bangalore Metro Rail. (Positive) 

Bharat Forge: Kalyani Strategic Systems and US-Based AM General & Mandus Group partner to Codevelop and Co-produce Next-Generation Artillery Platforms (Positive) 

Tata Power: Company bets Rs 1.2 lakh crore investment to make Rajasthan the next green energy superpower (Positive) 

GMR Airports: Top court disposes pleas in Nagpur airport case, authorities required to execute concession agreement at earliest for Nagpur airport with Company. (Positive) 

V-Mart Retail: September quarter revenue growth of 20% (YoY) to Rs 6.61 billion. (Positive) 

Ujjivan Small Finance Bank: RBI grants authorized dealer category 1 license to the bank. (Positive) 

Unichem Laboratories: Company approved entering into agreements with Bayshore pharmaceuticals, Purchase of rights, title, interest in product, goodwill associated with 9 Andas of Bayshore USA (Positive) 

CSB Bank: Gross advances witness a 20% jump on a yearly basis to Rs 26,871 crore in July-September quarter. (Positive) 

Dr. Reddy’s: Company signs voluntary licensing agreement with Gilead Sciences to manufacture and commercialise Lenacapavir in India and other countries (Positive) 

Jubilant Ingrevia: Company has entered into an agreement with a leading Agrochemical Company to produce an Agro Intermediate for one of the key Agro actives of the Customer. (Positive) 

Max Health: CARE has upgraded the credit rating for long term bank facilities from ‘CARE AA; Positive’ to ‘CARE AA+. (Positive) 

Paras Defence: Company opens QIP, sets floor price at Rs 1,096.35/share (Positive) 

APL Apollo: Company announces that total sales for quarter ending September 30 increased to 7.58 lakh tons. (Positive) 

Ashoka Buildcon: Company gets 2 LoAs worth Rs 1,264 crore from MMRDA for design & construction of 2 creek bridges (Positive) 

Zydus Life: Company receives tentative approval from USFDA for Enzalutamide Tablets, 40 mg and 80 mg (Positive) 

JSW Energy: Company received Letter of Intent from Maharashtra State Electricity Distribution Company Limited for 1,500 MW / 12,000 MWh of pumped hydro energy storage. (Positive) 

PC Jeweller: Company has successfully reached a one-time settlement with its 14 Consortium Lenders, including State Bank of India. (Positive) 

Adani Enterprises: India’s Maharashtra state approved the acquisition of 256 acres of land in Mumbai in a boost to the Adani Group’s project to redevelop Dharavi: Bloomberg (Positive) 

DCW: Ekta Halwasiya bought 15 lakh shares of company at average Rs 101.76 per share (Positive) 

R Power: Anil Ambani’s Reliance Group forays into Bhutan, to set up 1,270 MW projects (Positive) 

Vakrangee: Hrti Private Limited bought 63.76 lakh shares of company at average Rs 35.77 per share (Positive) 

SENCO: Board will consider the proposal of the split/sub-divide of its stock’s face value on October 04, 2024. (Positive) 

Godawari Power: Reminder for stock split from Rs 5 to Rs 1. Ex-date is 04th October 2024. (Neutral) 

Godawari Power: Company has appointed Mr. K.V.S.N. Raveendra as Chief Operating Officer effective October 1, 2024 (Neutral) 

Veefin: Company has acquired a 26% stake in Regime Tax Solutions Pvt Ltd (Tax Genie) through its subsidiary, Estorifi Solutions Pvt Ltd. (Neutral) 

South Indian Bank: Provisional gross advances up 13.07% for quarter ended September, provisional total deposit rose 8.62% (YoY) (Neutral) 

Thermax: Company’s unit Thermax engineering Singapore makes further investment in unit Thermax (Thailand), investment of Rs 259 million. (Neutral) 

Tata Consultancy Services: Company has announced a record date for the second interim dividend, pending board approval on October 10, 2024. (Neutral) 

Vaibhav Global: Company Entered Into Spa for Transfer of Entire Shareholding in Encase Packaging (Neutral) 

Varroc Engineering: Company unit enter into power purchase agreement with Ampin energy C&I thirty; agreement for acquisition of 26% stake in SPVS for up to Rs 97.2 million (Neutral) 

NMDC: September total production at 3.04 MT, September total sales 3.54 MT vs 3.11 MT (YoY). (Neutral) 

Dabur: Company expected to post a mid-single digit decline in consolidated revenue for September quarter. (Neutral) 

ESAF Small Finance Bank: Company has decided to engage M/S. KYNDRYL solutions as the master system integrator of the Bank (Neutral) 

ITC: Arm ITC Infotech India acquires 100% shares of Blazeclan Technologies for ₹485 crore. (Neutral) 

Mankind Pharma: CCI approves Mankind Pharma’s proposed acquisition of Bharat Serums and Vaccines for Rs 13,630 crore. (Neutral) 

Reliance Infra: Company to raise approx Rs 2,930 crore via foreign currency bonds (Neutral) 

Adani Enterprises: Company is looking to raise about $1.3 billion through a QIP: Bloomberg. (Neutral) 

Coal India: Company reports provisional 1% decline in coal production to 50.9 million tonne in September. (Neutral) 

PVR: Company opened 5-screen multiplex at Alveal Fun Savvy Mall, Coimbatore, Tamil Nadu. (Neutral) 

Spice Jet: Company clears salary dues totalling Rs 120 crore for its employees over the past four months. (Neutral) 

HCG: Company has completed the upfront acquisition of 51% equity share capital of Vizag Hospital (Neutral) 

Suzlon: Company has been issued an advisory cum warning letter from both the NSE and BSE, concerning non-compliance with the SEBI. (Neutral) 

Dalmia Bharat: Company to acquire 25.38% of equity share capital of Bijlee Kandasamy Private Limited (Neutral) 

All Cargo: Company has considered and approved the sale of its 7.60% equities of Haryana Orbital Rail held by the Company to Allcargo Terminals Limited, Promoter Group Company for total consideration of Rs.115 crores. (Neutral) 

Zuari Ind: Company has acquired 50% stake in Forte Furniture Products from Fabryki Mebli Forte S.A. (Neutral) 

Hindustan Zinc: Company’s mined metal production up 2% year-on-year. (Neutral) 

OLA: Company sold 23965 vehicles in September vs 26928 vehicles MoM. (Negative) 

Marico: Company expects gross margins to decline annually. (Negative)

* BIRLASOFT

* BANDHANBANK

* HINDCOPPER

* RBLBANK

Symbol: KRN

Series: Equity “B Group” 

BSE Code: 544263

ISIN: INE0Q3J01015

Face Value: Rs 10/-

Issued Price: Rs 220/- per share

J.P. Morgan

- Raise revenue by 1-2% and margins by 20-30bps driving 1-4% EPS upgrades.

- PT rises to Rs2000 (from Rs1700) on a higher target PE (44x to 48x)

InCred Equities 

Highlights

- Revenue grew 65% yoy to Rs3.1bn in 2Q (up 41% yoy to Rs5.8bn in 1HFY25)

- Sales per sq. ft stood at Rs708 per month and SSSG stood at 41% (up 21% in 1HFY25) 

- Total store count stood grew 28% yoy to 184 stores (opened 21 & closed 3 stores in 2Q) 

- Total rental area grew 26% yoy to 16.6 lakh sq ft. 

- V-Mart posted 24% yoy sales growth to Rs6.5bn with 15% SSSG (Vmart/Unlimited 16%/11% respectively) and 20% offline growth in 2Q as per its business update. 

- Baazar Style’s SSSG at 41% is strong compared to V-Mart’s 15% growth. Value fashion retail companies are on a strong run.

St Revenue Up 64 % To 380 Cr

Same Store Sales Growth ( SSG) at 34 % reflecting strong consumer demand and operational efficiency

Sales per square feet per month (PSF) Up 30 % To Rs 904 

Total number of stores as of September 30, 2024, stands at 139, with 14 new store openings during the quarter and closure of 2 stores. 

V2 Retail continues its strategic expansion into key markets, bringing the total retail area to ~14.82 lakh sq. ft.

Rikhav Securities, a Market Maker (MM) for SME IPOs, has filed a Draft Red Herring Prospectus (DRHP) for a ₹75 crore SME IPO. 

For FY24, the company reported a revenue of ₹104 crore and a profit after tax (PAT) of ₹42.6 crore. 

Interestingly, the company is projecting a 2.5x growth next year, based on its working capital requirements data. 

It’s quite remarkable to see a Market Maker file for an IPO, especially one in the range of ₹70-75 crore.

Nuvama Research: Marico released its Q2FY25 business update. After a weak update from Dabur, Marico’s update reassured investors. The numbers are largely in line with our estimates. VAHO and Saffola Oils remain muted. Consolidated revenue growth is likely to be 8% YoY. Domestic business shall clock 5% volume growth YoY. The International business shall deliver 13% CC growth. Bangladesh shall post high-single digit growth amid a turbulent operating environment. Copra experienced inflation higher than expectations.

Nuvama Research: Dabur released its Q2FY25 update. Consolidated revenue is likely to decline ~5% YoY due to pipeline correction in GT, impact of heavy rains and subdued urban demand. EBITDA is likely to clock ~15% YoY decline due to low primary sales and operating deleverage. As we had highlighted earlier, the beverages portfolio faced challenges in Q2 due to unfavourable weather conditions and high competitive intensity.

Constellation Brands Inc (Pre market) (Sector- FMCG)

Buzzing stocks: Hindustan Zinc, Dr Reddy’s Lab, Zydus Life, RPower, Suzlon, Adani Enterprises, Jubilant Ingrevia, SpiceJet, Rathi Steel, Mankind Pharma, Shree Cement, JSW Cement, ITC, Aurobindo Pharma, Ashoka Buildcon

Institutional investments in real estate grew 45 per cent to nearly $1.15 billion in July-September with investors looking to encash the strong demand for premium homes and offices, according to Colliers.

Consultant Colliers India data showed that the institutional investments in real estate during July-September stood at $1,148.7 million as against $793.4 million in the year-ago period.

State-owned Coal India Ltd is exploring options to monetise its four old washeries by leasing out those assets and plans to bundle lease contracts with long-term coal supply agreements.

For the first time after Covid-19, disbursal of Pradhan Mantri Mudra Yojana (PMMY) loans showed a dip in the first half of the current financial year at ₹1,86,284 crore as of September, compared to ₹1,91,863 crore in the same period last year.

“These are provisional numbers as on September 27, 2024. Even if the disbursal slightly edges up, it will remain below the same period last year marginally,’‘ a senior Murdra official told businessline. 

Fast-Moving Consumer Goods (FMCG) maker Marico has witnessed stable demand with rural outperforming urban year-on-year during the Q2FY25.

The Government may be able to bring down its overall cost of borrowing to 7 per cent thereabouts in FY25, amid moderating Government Securities’ (G-Sec) yields in the secondary market even as market players are expecting a lower coupon rate of 6.70-6.73 per cent to emerge at the forthcoming auction of the new 10-year G-Sec vis-a-vis 7.10 per cent of the extant G-Sec of similar tenor.

In a bid to beat the October 1 deadline when the new tax regime came into effect, India Inc has executed buybacks worth ₹5,778 crore in just over two months.

India’s coffee exports in the first half of the fiscal year registered a 55 per cent growth in value at $929.95 million compared with $601.58 million a year ago on higher global prices. In volume terms, exports were up 15 per cent at over 2.20 lakh tonnes from s 1.91 lakh tonnes a year ago.

In a huge relief for insurance companies, the Corporate Affairs Ministry (MCA) has put in abeyance implementation of a key accounting standard (Ind AS 117) for insurance sector that had aligned India with global practices with effect from April 1,2024. 

An improving macroeconomic environment could enable the resumption of long-delayed discretionary programmes by late FY25 or early FY26, analysts suggest. A gradual recovery in discretionary spending, bolstered by new investments in GenAI in FY25, may be accelerated, also leading to the maturation of these GenAI initiatives.

Bengaluru-based Happiest Minds Technologies is targeting an exit run rate of $280 - $300 million in FY2025, with a projected growth of 30-35per cent. Venkatraman Narayanan, the Managing Director and Chief Financial Officer, stated this fiscal year is expected to be the company’s strongest since it went public four years ago in September 2020.

​Dr. Reddy’s Laboratories​ and Hetero entered separate pacts with Gilead Sciences to manufacture and distribute Lenacapavir in 120 primarily low- and lower- middle income countries (LMICs) under a non-exclusive, voluntary licence. 

Giving in to pressure from India, the US, Indonesia and Brazil, the European Commission has said that it proposes to extend the implementation of the controversial European Union Deforestation Regulation (EUDR), by one year.

Oil prices ticked higher in early trade on Thursday as investors weighed the escalating conflict in the Middle East and the potential for disruption to crude flows, against an amply-supplied global market.

Brent crude futures increased 64 cents, or 0.87%, to $74.54 a barrel as of 0006 GMT. U.S. West Texas Intermediate crude futures gained 72 cents, or 1.03%, to $70.82 a barrel.

An Israeli strike on central Beirut’s Bachoura neighbourhood early on Thursday left two killed and 11 wounded, the Lebanese health ministry said in a statement. - Reuters

The S&P 500 ended little changed on Wednesday, with technology shares gaining but investors nervous about Middle East tensions and more U.S. labour data due this week.

According to data, the S&P 500 gained 0.68 points, or 0.01%, to end at 5,709.43 points, while the Nasdaq Composite gained 13.90 points, or 0.08%, to 17,924.26. The Dow Jones Industrial Average rose 38.50 points, or 0.09%, to 42,195.47. - Reuters

- Gold held steady on Thursday, as traders focused on developments in the Middle East conflict and anticipated key U.S. economic data that may provide clues about the rate cuts expected later in the year.

FUNDAMENTALS

* Spot gold was steady at $2,659.05 per ounce

* U.S. gold futures rose 0.4% to $2,679.50. - Reuters

Get all the Stock Recommendations & our Experts views for today’s pick on Indian Stock Market. 

SEBI’s tighter F&O rules may result in a 15-20 per cent drop in option premium collections and a 35-40 per cent reduction in the number of F&O orders, according to market watchers. Revenues of exchanges may take a 15-20 per cent hit, whereas discount brokers’ toplines may erode by 25 per cent.

The IPO of Bajaj Housing Finance (BHF), India’s second-largest housing finance company, concluded recently. The shares were subscribed a colossal 67 times, despite a large issue size of ₹6,560 crore. On the day of listing, the shares opened at ₹150, which is over twice the issue price at the upper band (₹70). The phenomenal listing is no surprise given the ‘Bajaj’ brand equity and next to zero NPAs (non-performing assets). The stock made a high of ₹188.5 and has corrected ever since. It is now trading at ₹157.1, at a price to book value (P/B) multiple of 7.2 times.

Aluminium futures (October) on the Multi Commodity Exchange (MCX) has been on a rally over the past three months. It bounced off the support at ₹218.

The contract rose above both 20- and 50-day moving averages by mid-September, a positive indication.

The upmove in Clean Science and Technology is gaining momentum. The 3 per cent rise on Tuesday has taken the share price well above a key resistance level of ₹1,610. That leaves the outlook bullish. The region between ₹1,610 and ₹1,600 will now act as a strong support and can limit the downside

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