Stock market live updates: Sensex and Nifty in red; market sentiment dampened by geopolitical concerns

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