Stock Market Live Updates 27 November 2024: Sensex, Nifty trade weak amid mixed global cues

Rail Vikas Nigam Limited (RVNL) has announced the appointment of Shri Mritunjay Pratap Singh as Director (Operations), effective from November 26, 2024. The appointment was approved by the President of India through a Ministry of Railways order dated the same day.

The shares of Rail Vikas Nigam Limited (RVNL) were trading at ₹445.30 up by ₹11.30 or 2.60 per cent on the NSE today at 10.42 am.

Modern Dairies Ltd. has fully paid the Punjab National Bank (PNB) as per their sanction, OTS amount of Rs. 45.94 Cr along with the due interest, as full and final settlement of all its dues. 

Modern Dairies shares up 1.44% on the BSE to ₹59

ITCONS E-Solutions has bagged new work order from Office of DG (MSS), Department of Defence Research & Development, Ministry of Defence for Manpower hiring for multiple skill levels of 39 resources on a contractual basis for the period of 1 and half year (contract value ₹2.08 crore)

Shares up 1.04% on the BSE to ₹599.90

NBCC (India) Limited has received work order from ST & SC Development, Minorities & Backward Classes Welfare Department, Government of Odisha for ₹316 crore.

Shares trade 1.88% higher on the BSE at ₹96.36

Suprajit Engineering signed an MoU with CHUO SPRING COMPANY LIMITED, JAPAN (CHUO)

Shares up 2.85% on the NSE to ₹463.40

TARC Limited sold 50% of project TARC ISHVA amounting to ₹1,350 crore.

Shares surge 3.30% on the NSE to ₹212.50

Nifty 50 is continuing its struggle to gain strength. The index has been stuck inside a range since the beginning of this week. Within the range, it is currently trading at 24,181, down marginally by 0.05 per cent for the day. The advances/declines ratio is at 22:28. This keeps the bias inclined towards the bears and keeps the chances high to see a fall during the day.

Ola Electric, India’s pure-play electric vehicle manufacturer, has unveiled its new Gig and S1 Z range of electric scooters, targeting mass-market adoption with competitive pricing starting at ₹39,999.

The shares of Ola Electric Mobility Limited were trading at ₹79.11 up by ₹5.69 or 7.75 per cent on the NSE today at 10.32 am.

The rupee fell sharply by 15 paise against the US dollar to 83.44 in early trade on Wednesday amid muted trends in the domestic equity markets.

However, a decline in the dollar index and a marginal fall in the Brent crude index prevented further losses in the domestic unit, according to experts.

Bank Nifty began today’s session slightly lower at 52,154 versus yesterday’s close of 52,192. It slipped after opening and is now hovering at 52,100.

The advance/decline ratio stands at 2/9, indicating a bearish inclination. Kotak Mahindra Bank, up 0.7 per cent, is the top performer whereas IDFC First Bank, down about 1.6 per cent, is the top loser.

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NTPC Green Energy made a positive debut, listing at ₹111.5, a 3.25% gain over its issue price of ₹108. The listing surpassed modest expectations, supported by slightly improved market sentiment. The IPO had received a moderate overall subscription of 2.55 times, reflecting measured investor interest.

As a wholly-owned subsidiary of NTPC Ltd., the company benefits from a robust and diversified portfolio across geographies and off-takers. Its consistent top-line growth is encouraging, though temporary fluctuations in profitability and margins remain a concern. Despite the aggressive pricing based on the PE ratio, the company’s long-term prospects in the renewable energy space make it a suitable option for patient investors with a long-term horizon and we recommend to hold it with a stop loss at around 110.

Adani Energy Solutions (2.54%) 

Adani Power (2.11%) 

Adani Enterprises (1.74%) 

Adani Green Energy (0.71%) 

Adani Total Gas (1.53%) 

Adani Ports & SEZ (0.55%) 

Adani Wilmar (0.45%) 

Ambuja Cement (0.53%) 

ACC (0.22%) 

NDTV (0.40%)

Reliance Infrastructure’s subsidiary JR Toll Road Private Limited (JRTR) has entered into a Settlement Agreement with Yes Bank Limited (YBL), to settle the entire outstanding debt obligation of ~Rs 271.18 crore (including interest) owed by JRTR to YBL.

Reliance Infrastructure stock declines 1.27% on the NSE to ₹268.30

Lemon Tree Hotels disclosed that Hotel Operating Agreement executed between STOA Hospitality (Owner) & Carnation Hotels Pvt. Ltd. (Operator) and the License Agreement executed between the Company, Carnation Hotels Pvt. Ltd. & STOA Hospitality for Aurika, Coorg (“Hotel”), have been terminated by the parties with mutual consent.

Lemon Tree Hotels stock trades flat at ₹128.12 on the NSE.

Glenmark Pharmaceuticals Inc., USA launches Travoprost Ophthalmic Solution USP, 0.004%(Ionic Buffered Solution)

Glenmark stock trades flat on the NSE at ₹1,515.10

G.G.Tronics India Private Limited (GGT), a subsidiary of CG Power and Industrial Solutions Limited, has secured a prestigious KAVACH order from Chittaranjan Locomotive Works, West Bengal, Government of India.

CG Power stock rose 1.84% on the NSE to ₹749

Talbros Automotive Components Limited (TACL), along with its JV’s has received orders worth ₹475 crore for both domestic and exports market from the leading OEM’s. 

TACL stock rallied 14.34% to ₹342 on the NSE

Top gainers on the NSE as at 9.30 am:

Adani Enterprises (2.46%), Coal India (2.16%), M&M (1.45%), Adani Ports (1.15%), BEL (1.14%)

Top losers:

Cipla (-1.25%), IndusInd (-11.25%), Ultratech (-0.98%), Bharti Airtel (-0.88%), Tata Steel (-0.87%)

Crude oil futures traded higher on Wednesday after an industry body reported a decline in crude oil inventories in the US for the week ending November 22. At 9.26 am on Wednesday, February Brent oil futures were at $72.39, up by 0.10 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $68.84, up by 0.10 per cent. December crude oil futures were trading at ₹5826 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5776, up by 0.87 per cent, and January futures were trading at ₹5814 against the previous close of ₹5764, up by 0.87 per cent.

MS on LTMindtree

OW, TP Rs 7050

Analyst Day Takeaways

Key highlights

a) discretionary spending still elusive,

b) sales engine showing decent momentum 

c) strategic change in delivery model to embrace Gen AI;

d) margin aspirations of 17-18% at US$10bn revenue scale

JPM on LTMindtree

OW, TP Rs 6900

Analyst days takeaways

1) Discretionary spends are still missing in action

2) Growth needs to accelerate to expand margins to 17-18%,

3) $10bn rev target 

4) AI strategy is to embed 

5) Large deal pipeline strong 

6) Launched Project North Star

Neutral, TP Rs 8.000

Reported 11%/34%/45% yoy growth in top-line/EBITDA/PAT

Topline missed est. by 6% but delivered beat of 1%/18% on EBITDA & PAT

Sharp beat on bottom line was led by other income, up 95% YoY.

New orders at Rs 61.6 bn reflect 37% YoY growth

Buy. TP Rs 1525

APAC healthcare Corp day Key Takeaways

Remains upbeat about

1)US biz- core rev that grew 7% qoq with margins improving 200bps qoq

2) Europe- increased material supply aiding growth & margins

c) Biosimilar - 3 product launches next year

Continue to see an industry tariff put that in-turn drives constructive earnings, cash flow, & returns trajectory

Order of Preference

Bharti Airtel (OP) > Hexacom (OP) > Reliance (N) > Indus Towers (upgrade to Neutral) > Vodafone Idea (upgrade to Neutral)

Prefer select large caps (Infosys, TCS) with high US exposure (50-60%) & BFSI mix (30% mix) that have stronger customer relationships & margin resilience

Within SMIDs (Persistent, 80% US revenue mix), best positioned to grow high teens in medium term

OW, TP Rs 6900

Most expensive tech stock globally at 58x 1 yr fwd P/E; believe val to sustain or even re-rate further

Come up with bull-case scenario that bakes in >20% rev growth in FY26/27 & a higher P/E multiple of 50x that drives a fair value of Rs7100

Downgrade to UW from OW, TP cut to Rs 1510

Prestige delivered 63% pre-sales growth in FY24.

However, we reduce our FY25 pre-sales growth estimate to +9% YoY (earlier +28%) since it achieved only 29% of its FY25 target in 1HF25

Initiate OW, TP Rs 525

Key beneficiary of power demand upcycle

A strong power demand outlook should support volumes and earnings growth over next few years.

Healthy operating cashflows mean limited risks to medium-term dividends/capex

Val attractive at 2.1x F26 P/B & 6.8x F26 P/E

JPMorgan on Hyundai

Initiate Overweight with TP of Rs 2200

A pure play on India’s passenger vehicle growth and premiumization journey

Expect PV industry recovery to resume in H2FY26

High SUV mix drives higher per unit profitability vs. Peers

Triggers would be maintenance of margins/ROCE and market share gains

MS on Hyundai

Initiate Overweight with TP of Rs 2418

With a FY27 P/E of 19x against an India OEM (ex Tata) average of 22x, valuation is attractive

GS on M&M

Buy, TP Rs 3600

Announced launch of its first dedicated EV platform cars on INGLO platform, BE 6e & XEV 9e

Believe these 2 model launches will help bolster M&M’s ability to address segments

M&M expects to file PLI scheme applications on these vehicles in coming mths

Brokerages on M&M EV Launch

Macquarie: Strong BEV model launch at attractive pricing

Nomura: M&M has addressed the shortcomings of an EV in India; believe M&M products are better than global competition in many respects

Jefferies: found the vehicles well-designed, feature-rich, attractively priced, and likely to provide a compelling proposition to customers

Last date for Cum-Dividend Today 

Bayer Cropscience Ltd. 

Dividend Per Share Rs.90

Previous day Closing Price – Rs. 5814.7

Focus Business Solution Ltd 

Dividend Per Share Rs.0.1 

Previous day Closing Price – Rs. 99.0 

GPT Healthcare Ltd 

Dividend Per Share Rs.1 

Previous day Closing Price – Rs. 170.65 

Indag Rubber Ltd. 

Dividend Per Share Rs.0.9 

Previous day Closing Price – Rs. 195.1 

Panchsheel Organics Ltd. 

Dividend Per Share Rs.0.8

Previous day Closing Price – Rs. 228.15 

Procter & Gamble Health Ltd 

Dividend Per Share Rs.60

Previous day Closing Price – Rs. 5303.7

Issue Period:- 26- November-24 to 27- November -24

For Non- Retail ( QIB +HNI ) open & close date - 26- November-24

For Retail open & close date – 27- November -24 (Today)

Floor Price: INR “1550.00”

Closing Price on date of announcement: Rs. 1916.65 

Current Market Price: 1820.85

Base Issue size: 1.40 Crs Shares – 5.47% of O/S Capital

Green Shoe Issue size: 0.75 Crs Shares – 2.91% of O/S Capital

Total Issue Size: 2.15 Crs equity shares (INR 3325.00 Cr) – 8.38% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 26- November-24

Total Issue Size: 1.9306 Crs shares (INR 2992.44 Cr)

Non- Retail Clearing Price: Rs 1655.00

Retail Portion - 10% of Offer Size - Bidding on 27- November -24 (Today)

Total Issue Size: 0.2145 Crs equity shares (INR 332.49 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs. 1655.00

In its first detailed response to the US authorities indictment, the Adani group has clarified that there are no bribery charges against billionaire Gautam Adani, his nephew Sagar Adani and Vneet Jaain as per the US Department of Justice indictment. 

In a statement to the exchanges Adani Green Energy said that neither Adani nor Jaain have been charged with any violation of the Foreign Corrupt Practices Act “in the counts set forth in the indictment of the US DOJ or the civil complaint of the US SEC.” 

It clarified that in the criminal indictment the directors have been charged on three counts of alleged securities fraud conspiracy, alleged wire fraud conspiracy and alleged securities fraud. 

It added that only officials of Azure Energy and Canadian institutional investor Caisse de depot et placement du Quebec (CDPQ), had been charged with bribery in the US indictment.

Adani Green Energy shares rise 2.30% on the NSE to ₹919.20

MOU has been signed between NTPC Green Energy Limited (NGEL) and Chhattisgarh State Power Generation Company Limited (CSPGCL) for development of renewable projects.

Bernstein on Zomato: Maintain Outperform on Company, target price at Rs 335/Sh (Positive) 

Antique on Siemens: Maintain Buy on Company, target price at Rs 8856/Sh (Positive) 

Nuvama on Siemens: Maintain Buy on Company, target price at Rs 8350/Sh (Positive) 

Emkay on Gulfoil: Maintain Buy on Company, target price at Rs 1800/Sh (Positive) 

MS on Coal India: Initiate Overweight on Company, target price at Rs 525/Sh (Positive) 

JPMorgan on Hyundai: Initiate Overweight on Company, target price at Rs 2200/Sh (Positive) 

MS on Hyundai: Initiate Overweight on Company, target price at Rs 2418/Sh (Positive) 

Nuvama on M&M: Maintain Buy on Company, target price at Rs 3700/Sh (Positive) 

Emkay on M&M: Maintain Buy on Company, target price at Rs 2700/Sh (Neutral) 

MS on Prestige: Downgrade to Underweight on Company, cut target price at Rs 1510/Sh (Negative)

NTPC Green Energy Limited’s initial public offering (IPO) closed on Friday with a robust overall subscription of 2.42 times the issue size, signaling strong investor interest in the green energy segment.

The shares are scheduled to list on the stock exchanges on Wednesday, November 27, 2024, marking NTPC Green Energy’s debut on Dalal Street. This listing comes at a time of growing investor focus on renewable energy companies and their potential for long-term growth.

Symbol: NTPCGREEN 

Series: Equity “B Group” 

BSE Code: 544289 

ISIN: INE0ONG01011 

Face Value: Rs 10/- 

Issued Price: Rs 108/- per share

It’s that time of the year again, the 2025 investment outlook are out...

BlackRock iShares

Invesco Ltd.

J.P. Morgan Asset Management

Goldman Sachs Asset Management

KKR Infrastructure

J.P. Morgan Private Bank

T. Rowe Price

BNP Paribas Asset Management

UBS

Morgan Stanley

Robeco

Columbia Threadneedle Investments EMEA APAC

Amundi

Schroders PE

UBP - Union Bancaire Privée

Barclays Private Bank

Colliers

-Dow +124, S&P500 +34, Nasdaq +121

-US 10Y bond yield at 4.30%

-Dollar Index 106.83

-Gold at $2628

-Brent oil $72.81

Lumax Auto: Lumax Resources acquires 60% stake in Greenfuel Energy Solutions for ₹153 crore (Positive) 

Renaissance Global: CRISIL Ratings upgrades ‘long-term’ credit rating of company from ‘BBB+’ to ‘A-’, outlook stable (Positive) 

TCS: Company secures an extension for processing pensions of 30 lakh defense personnel. (Positive) 

Zaggle Prepaid: Company signs referral partnership agreement with Mastercard. (Positive) 

Sarveshwar Foods: Company’s subsidiary secures 12,000 MT order for rice, eyes Rs 2000 million annual revenue (Positive) 

A B Infrabuild: Company secures new project for rebuilding of FOBs and skywalk between Goregaon to Borivali stations (Positive) 

Agarwal Industrial Corp: Company secured bitumen supply tenders from Bharat petroleum Rs 55 cr and Indian oil Rs 2.5 cr, totaling 18,000 MTS worth Rs 76.5 cr. (Positive) 

RVNL: Company emerged as L1 bidder for contract worth Rs 625 cr (Positive) 

Infosys: Company to distribute up to 85% variable pay bonus for Q2 FY25, Moneycontrol (Positive) 

Wipro: Company extends its work with Marelli for continued evolution of it infrastructure for another four years (Positive) 

Vedanta: Company to invest $2 billion in Saudi copper-processing facilities (Positive) 

Dr. Reddy’s Laboratories: Company and Senores Pharmaceuticals, Inc. Announce the Launch of Ivermectin Tablets USP, 3 mg in US Market (Positive) 

Kotak Bank: CCI India approves Kotak Mahindra Bank’s proposal to buy Standard Chartered Bank India’s unsecured personal loan book (Positive) 

Siemens: * Net Profit At ₹830.7 Cr Vs Poll Of ₹717 Cr, Revenue At ₹6,461 Cr Vs Poll Of ₹6,526.1 Cr (Positive) 

UltraTech Cement: Board approves raising funds up to ₹1,000 cr via NCDs. (Neutral) 

Adani Ent: April Moon Retail, a JV of Adani Airport Holdings acquires 74% stake of Cococart Ventures (Neutral) 

Axis Bank: Axis AMC & Axis Mutual Fund Trustee settles SEBI proceedings over TER violations with ₹16.57 lakh, without admitting guilt. (Neutral) 

Patanjali: LIC raises stake in Patanjali Foods from 4.986% to 5.020%. (Neutral) 

GE Vernova: Grid Equipments, one of the promoters of the company, will exercise green shoe option of the OFS, floor price at ₹1,550/sh. (Neutral) 

Ola Electric: Company launches Gig and S1 Z range of scooters in the price range of ₹39,999 – 64,999. (Neutral) 

Petronet LNG: Company informs of director changes. Shri Satish Kumar Vaduguri’s resignation as Director is effective Nov 29, 2024. (Neutral) 

Biocon: Company’s credit rating reaffirmed at CRISIL AA+/Stable; A1+. (Neutral) 

NTPC: Company formed a JV with with MAHAGENCO. (Neutral) 

Exide Industries: Company invests Rs 100 crores in subsidiary Exide Energy Solutions. (Neutral) 

HAL: Company appointed Shri Ravi K as Director Operations. (Neutral) 

PSP Projects: Adani Infra will acquire 30% stake in Company, with a further open offer for 26%, leading to equal equity. (Neutral) 

Dabur: Company gets revised ₹320.6 crore GST demand; penalty dropped (Neutral) 

Sun Pharma: Subsidiary received a regulatory order resulting in fines totaling INR 72.5 Cr (Neutral) 

M&M: Company launches BE 6E & XEV 9E electric SUVs (Neutral) 

Aster DM: Company has entered into an agreement to acquire the balance stake in Aster Adhaar Hospital (Prerana Hospital Limited) in Kolhapur (Neutral) 

Adani Power: Andhra Pradesh likely to suspend Adani Power deal. (Negative) 

Fusion Micro: ICRA downgraded Fusion Finance’s credit rating for Non-convertible debentures (Negative)

The CareEdge Debt Quality Index (CDQI) has witnessed upward trend since November 2021. This index inched upwards to 95.06 in October 2024 as compared to 95.04 in September 2024, due to increase in rated debt and upgrades in the investment grade rating categories.

About CDQI: CareEdge Debt Quality Index (CDQI) denotes the quality of debt that can be interpreted over time and juxtaposed with other developments in the financial sector. The CDQI captures, on a scale of 100 (index value for the base year FY12), whether the quality of debt is improving or declining. Intuitively an upward movement indicates an improvement in the quality of debt benchmarked against the base year. As it is contemporary with minimum time lags, the health of the debt and credit markets is encapsulated on a near-real-time basis. The dataset comprises 1,684 companies from our portfolio of 2,980 companies as of March 2012. The dataset is revisited at regular intervals and is replaced suitably with a new set of companies with a similar rating and an approximate volume of outstanding debt rated in case an entity ceases to have a rating coverage. Currently, the volume of debt of the sample companies stands at Rs 53.16 lakh crore in October 2024.

Buzzing stocks: RPower, M&M, Lumax Auto, Kotak Mahindra Bank, Zee Entertainment, BLS E-Services, Wipro

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 87510.3 + 5917.41 Total: 93427.71

F&O Volume: 581294.59 + 535741.03 Total: 1117035.62

Provisional Cash

FII/FPI: NET BUY: +1157.7 

(10971.18 - 9813.48) 

DII: NET SELL: -1910.86 

(8406.15 - 10317.01)

Frontline Plc (Pre market) (Sector- Logistics)

Macro Bank Inc (Tentative) (Sector- Financials)

19.00 U.S. Prelim GDP q/q (Expected: 2.8% versus Previous: 2.8%)

19.00 U.S. Unemployment Claims (Expected: 220K versus Previous: 213K)

19.00 U.S. Durable Goods Orders m/m (Expected: 0.4% versus Previous: -0.7%)

20.30 U.S. Core PCE Price Index m/m (Expected: 0.3% versus Previous: 0.3%)

20.30 U.S. Personal Spending m/m (Expected: 0.4% versus Previous: 0.5%)

Here’s an interesting stock idea: The stock that we have today is FDC. The trend has been bearish for the past two months. But on the back of a support, the stock has been recovering this week and has now turned the outlook positive. We anticipate further rally in price. Check out the latest episode of bl.Today’s Pick to learn more.

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