Share Market Highlights 06 November 2023: Sensex surges 594 pts; Nifty ends above 19,400; Divi’s Lab jumps over 5%

Benchmark Sensex and Nifty rallied for a third straight session on Monday, closing higher by nearly 1 per cent on gains in IT, private banks and capital goods shares amid favourable trends in global markets.

The 30-share BSE Sensex jumped 594.91 points or 0.92 per cent to settle at 64,958.69. During the day, it rallied 628.76 points or 0.97 per cent to 64,992.54.

The broader Nifty of the National Stock Exchange climbed 181.15 points or 0.94 per cent to 19,411.75. Read more.

The rupee pared its initial gains and settled for the day 2 paise lower at 83.22 (provisional) against the US dollar as the support from positive domestic equities was negated by rising crude oil prices.

Forex traders said a positive trend in domestic equities supported the local unit at lower levels and restricted the downside.

At the interbank foreign exchange market, the local unit opened at 83.17 and touched a low level of 83.24 against the greenback.

It finally settled at 83.22 (provisional) against the dollar, registering a loss of 2 paise from its previous close. Read more.

Sun Pharma Advanced Research Company reported its standalone net loss the quarter ended Sept. 2023 at ₹86.42 crore as against loss of ₹68.40 crore in the same quarter previous year.

Hindustan Media Ventures informed the exchange about the resignation of Anup Sharma as Chief Financial Officer of the Company w.e.f. November 2, 2023. The stock surges by 6.19% on the NSE, trading at ₹80.65.

Snowman Logistics Ltd recorded revenue of ₹124.02 crore in the second quarter ended September 2023 as against ₹108.62 crore in the same period of the previous year, registering 14% growth. EBITDA increased to ₹25.54 crore from ₹24.11 crore, registering 6% growth for the same period in the previous year and PAT increased to ₹2.93 crore from ₹2.67 crore in the corresponding quarter of the previous year.

The stock has risen by 5.93% on the NSE, trading at ₹53.60.

Bikaji Foods International posts standalone net profit of ₹61.13 crore for the quarter ended September 2023, as against ₹43.39 crore in the same quarter of the previous year. The stock rises by 3.47%, trading at ₹496 on the NSE.

The Max Healthcare Institute stock has edged up by 1.78% on the BSE, trading at ₹588.80. The company reported a standalone net profit for the quarter ended September 2023 at ₹161.31 crore, as against ₹358.64 crore in the same previous quarter.

Synopsis: The diagnostic industry is highly competitive and fragmented in nature due to the low entry barriers, and the market share of organised players is only limited to around 17%. The major chunk of the market share is with the unorganised players.

The diagnostic industry is likely to witness stable double-digit revenue growth, ranging from 12%-14% with operating profitability margins likely to be at pre-Covid-19 levels and remain in the range of 23%-25% for FY23-24.

Major gainers:

Divi’s Lab(3.80%); Hero Motocorp (2.72%); Axis Bank (2.40%); Eicher Motors (2.39%); LT (2.29%)

Major losers:

Hindustan Unilever (-0.58%); SBI (-0.55%); Titan (-0.33%); Tata Motors (-0.29%); LTIMindtree (-0.17%)

A total of 2,441 stocks advanced on the BSE at 3 pm on November 6, 2023, against 1,308 stocks that declined; 176 stocks remain unchanged. The total stocks traded were 3,925. While 248 stocks recorded a 52-week high, 34 hit a 52-week low.

Divis Laboratories Ltd Q2FY24 results first cut. Prathamesh Masdekar, Research Analyst, StoxBox

The company’s weak operational performance continues in Q2FY24 due to significantly lower volume of the Covid situational opportunity. However, the custom synthesis business is doing well. The company is working on multiple projects with innovators, and as these projects commercialise, growth should see an uptick. In addition, the company is also working on a CSM project in the contrast media segment in collaboration with big pharma companies. Going ahead, markets will focus on the management’s commentary regarding margin outlook and growth in the custom synthesis business in the coming quarters. Although the company remains optimistic about opportunities, the impact will be visible in the coming years.

Supriya Lifescience and CDMO have signed an agreement with Kalinga Institute of Technology for further development of GelHeal, a protein-based cross-linked Hydrogel. The Supriya Lifescience stock rises by 2.74% on the NSE, trading at ₹253.50.

Stove Kraft Ltd has allotted 21,364 equity shares of ₹10 each to eligible employees pursuant to the exercise of options under the ‘Stove Kraft Employee Stock Option Plan 2018’ at an exercise price of ₹150 per share. The stock rises by 2.13% on the BSE, trading at ₹525.

Barbeque Nation Hospitality reports standalone net loss of ₹129.50 million in the September quarter, as against net profit of ₹56.84 million in the same previous quarter. The stock is down by 1.89% on the NSE, trading at ₹636.05.

The Ahmedabad-headquartered Accent Microcell Ltd has filed DRHP with NSE Emerge. The issue size comprises a fresh issue of 56,00,000 equity shares with a face value of Rs 10 each. The company is engaged in the manufacturing of pharmaceuticals excipients range of products namely Microcrystalline Cellulose (MCC), Croscarmellose Sodium (CCS) and Magnesium Stearate (MS). In addition, the above company intends to manufacture Croscarmellose Sodium (CCS) with enhanced capacity, Sodium Starch Glycolate (SSG) & Carboxy methyl cellulose (CMC) and other excipients widely applied in the pharmaceutical, nutraceutical, food and cosmetic industries.

Fireweb (India) reported its financial results for the quarter ended September 2023:

• Total Income for the H1 FY24 stood at ₹50.99 crore.

• EBITDA for the H1 FY24 stood at ₹4.95 crore.

• EBITDA Margin for the H1 FY24 stood at 9.71%

• PAT for the H1 FY24 stood at ₹2.20 crore.

Kotak Institutional Equities report on Automobiles & Components: Our analysis of 2QFY24 state-wise demand trends reflects the PV segment’s inventory build-up and eastern region’s underperformance; the 2W segment’s muted demand on a double-digit yoy volume decline in Kerala and Punjab; the M&HCV segment’s demand uptick and the LCV segment’s continued weakness due to a slowdown in eastern markets (West Bengal) and improvement in scooter mix, led by the northern and eastern regions.

PSP Projects has emerged the Lowest Bidder (L1 Bidder) for the project development of Dharoi Dam region as a Sustainable Tourist/Pilgrimage Destination (Package – 2)” for Narmada, Water Resources, Water Supply & Kalpsar Department, Gujarat at Dharoi, Gujarat, with bid value worth ₹357.08 crore. The stock rose by 1.42% on the NSE, trading at ₹794.

The Bata India board has approved a licensing and manufacturing deal with Authentic Brands Group for their lifestyle brand Nine West. The stock declined by 1.05% on the NSE, trading at ₹1,559.75.

Va Tech Wabag announced financial results for the quarter and half-year ended September 2023.

• Standalone revenue from operations at ₹11,134 million

• Standalone EBITDA up at ₹1,534 million (13.8%)

• Standalone PAT of ₹1,011 million; up by 70% YoY

The stock trades at ₹503.10 on the NSE, up by 0.44%.

BLS International Services reported a standalone net profit of ₹14.78 crore for the quarter ended September 2023, as against ₹6.56 crore in the same previous quarter. The stock has risen by 3.26% on the NSE, trading at ₹286.60.

Zinc futures November expiry on the Multi Commodity Exchange (MCX) broke out of the ₹219-230 range last week by closing at ₹223.6 on Friday. This has increased the odds of prices going up further. Read more

Five-Star Business Finance Ltd has informed the exchange regarding allotment of 6,725 securities pursuant to ESOP/ESPS. The stock is up by 3.52% on the NSE, trading at ₹778.90.

The stock declines by 1.25% on the NSE, trading at ₹149.80.

Epigral Limited reported its standalone net profit for the quarter ended September 2023 at ₹38.13 crore as against ₹91.56 crore. The stock rises by 1.92% on the NSE, trading at ₹915.

The company reported its net profit for the quarter ended September 2023 at ₹35.8 crore as against ₹7.01 crore in the same quarter previous year.

Marine Electricals (India) Limited has received an order for supply, supervision of installation, testing and commissioning of LV Panels from Larsen & Toubro (L&T), Chennai amounting to ₹15.75 crore (excluding GST). The stock trades at ₹76.10 on the NSE, down by 0.07%.

Muted growth; impressive margin performance

September quarter’s performance reflects no marked improvement in the demand environment. Weak discretionary spending and H2 seasonality would weigh on near-term growth visibility. Deal TCV has remained strong, driven by large deal wins, predominantly in the areas of cost optimization and vendor consolidation. Amid slowing revenue growth and macro uncertainties, IT companies have focused on tightening discretionary spending and traditional margin levers like utilization, optimization of subcontracting costs, pyramid correction, etc. to drive margin expansion. Net headcount addition remained weak across most Tier-1 companies, as they opted not to backfill voluntary attrition, given weak revenue growth and focus on efficiencies amid macro uncertainties. Growing divergence between revenue growth and deal intake reduces revenue growth predictability. Macro stability and improvement in discretionary spending are key to meeting our/consensus revenue growth estimates for FY25. Our pecking order is INFO, WPRO, TECHM, HCLT, LTIM, and TCS, among Tier-I companies, and ZOMATO, FSOL, and ECLX in mid-caps.

Bharat Forge reported its standalone net profit for the quarter ended September 2023 at ₹345.98 crore as against ₹268.11 crore in the same quarter previous year. The stock rises by 2.34% on the NSE, trading at ₹1,055.

Venus Remedies Ltd shares were up nearly 2 per cent after the company was awarded the ‘Three Star Export House’ certificate by the Centre, having achieved $100 million in exports within three years. Venus Remedies previously held the Two Star Export House status, which required meeting export performance criteria of $25 million. Read more.

IFGL Refractories (20%)

Chembond Chemicals (17.57%)

Industrial Investment Trust (17.50%)

Modison (14.41%)

Bajaj Hindusthan Sugar (12.65%)

Thirumalai Chemicals informed the exchange that Phthalic Anhydride plant situated at Tal. Vagra, Bharuch, Gujarat, has been shut down temporarily w.e.f November 5, 2023, (including for maintenance). The Company does not expect this shutdown to have any major financial impact. The stock declines by 2.47% on the BSE, trading at ₹191.50.

Divi’s Laboratories reported its standalone net profit for the quarter ended September 2023 at ₹342 crore as against ₹487 crore in the same quarter previous year. The stock trades at ₹3,363.30, up by 0.38% on the NSE.

Zydus Lifesciences Ltd received approval from the U.S. Food and Drug Administration (FDA) for its New Drug Application for Zituvimettm, a medication to treat adult patients with type 2 diabetes mellitus. The tablets contain active ingredients sitagliptin, a dipeptidyl peptidase-4 (DPP-4) inhibitor, and metformin hydrochloride (HCl), a biguanide.

The Kochi-headquartered SFO Technologies, the flagship company of the NeST Group, is planning to go public in two years.

The three-decade-old Kerala-based NeST group, which operates from 25 locations worldwide, focusses on hardware manufacturing, software services, education, retail and food & beverages. They pioneered the first private SEZ in the country. Read more.

Zydus Wellness Ltd. reported consolidated Net sales of ₹438 crore. Earnings before Interest, Depreciation and Tax (EBIDTA) stood at ₹16.8 crore and reported Net profit for the quarter stood at ₹59 crore. The stock trades at ₹1,545.95 on the NSE, up by 0.17%.

1) Kaveri Seed: Down by 0.17 pc, trading at Rs 619.50.

2) Godrej Agrovet: Up by 2.30 pc, trading at Rs 482.75.

3) JK Agri: Up by 1.79 pc, trading at Rs 433.

4) Nath Bio: Down by 1.59, trading at Rs 188.50.

5) Bayer CropScience: Up by 3 pc, trading at Rs 5,336

6) Heritage Foods: Down by 1.08 pc, trading at Rs 224.40

Varun Beverages stock is up by 0.14% on the NSE, trading at ₹953.20. The company reported its standalone net profit for the quarter ended September 2023 at ₹415.61 crore as against ₹287.66 crore in the same quarter previous year.

The company’s board has approved to incorporate a subsidiary company in Mozambique inter-alia to carry on the business of distribution of beverages.

1) TCS shares are trading at Rs 3,369.10, up by 0.54 pc.

2) Infosys: up by 0.39 pc, trading at Rs 1,394. 50.

3) Wipro: up by 0.42 pc, trading at Rs 385.10.

4) TechM: Up by 0.33 pc, trading at Rs 1,136.65.

5) HCL Tech: up by 0.28 pc, trading at Rs 1,269.95.

Eicher Motors (3%); Hero Motocorp (2.32%); Axis Bank (1.95%); LT (1.77%); Grasim (1.59%)

Major losers: Titan (-0.74%); SBI (-0.56%); Tata Motors (-0.42%); Cipla (-0.32%); Hindustan Unilever (-0.19%)

Stocks advanced on BSE at 12 noon on November 6, 2023, were 2,465 against 1,123 stocks that declined; 178 stocks remain unchanged. Total stocks traded were 3,766. The number of stocks that recorded a 52-week high was 215, and those that hit a 52-week low was 28.

Thomas Cook (India) Ltd. has inaugurated a new Gold Circle Partner (franchise) outlet in the city’s South Extension. The stock declines by 2.11% on the NSE, trading at ₹141.45.

This is down from 4.3% in our previous assessment in 2021. The reduction is mainly due to a large reduction of 0.7pp to the estimate of China’s supply-side growth potential. Average EM10 potential growth on an unweighted basis remains unchanged at 3%, reflecting upward revisions elsewhere.

“We have cut the estimate for China to 4.6% from 5.3%, for Russia to 0.8% from 1.6%, for Korea to 2.1% from 2.3% and for South Africa to 1.0% from 1.2%. However, we have made large upgrades to India and Mexico, with the latter benefitting from a much better outlook for the capital to labour ratio. India’s estimate is higher at 6.2% from 5.5% and Mexico’s at 2.0% from 1.4%. We have revised the estimate for Poland to 3.0% from 2.6%, that for Turkiye to 4.1% from 3.9%, that for Brazil to 1.7% from 1.5% and that for Indonesia to 4.9% from 4.7%.”

Bank Nifty futures (November expiry) opened today’s session higher at 43,598.85, as against last week’s close of 43,509.10. It is currently trading at around 43,700, up nearly 0.4 per cent.

As long as the contract remains above 43,600, the bias will be bullish. Resistance is at 43,750, and above that at 44,000 and 44,270. Read more.

Shares trading at Rs 6,297.95. This is the fourth time in a span of week that the firm touched the 52-week high. It touched the 52-week high of Rs 6,318.20 on November 3.

The stock inches up by 0.62% on the NSE, trading at ₹169.35.

Nifty 50 and Sensex have begun the week on a positive note. Both the indices are up about 0.6 per cent each. Sensex is trading at 64,759 and Nifty is at 19,352.

Support for the Nifty will now be around 19,250. A further rise to 19,500 is likely. But the price action thereafter will need a very close watch. The region around 19,500 has a strong resistance. Failure to rise past 19,500 can trigger a fresh leg of fall going forward.

Marksans Pharma announced that its wholly-owned subsidiary Relonchem Limited has received Marketing Authorisation for the product Cyanocobalamin 50mg film coated tablets from UKMHRA. The stock rises by 2.80% on the NSE, trading at ₹115.75.

IOC (4.07%); Adani Green (2.46%); Tata Power (1.96%); BPCL (1.41%)

Inox Wind Ltd’s shares rose 7.86 per cent after the company announced that its customer, NTPC Renewable Energy Ltd commissioned the first phase of its Dayapar Wind Energy Project in Gujarat, with a capacity of 50 MW out of a total of 150 MW.

The project was installed by Inox Wind Limited, which supplied and installed 25 Wind Turbine Generators (WTGs) with a capacity of 2.0 MW each, 113m rotor diameter, and 92m hub height. Additionally, Inox Wind’s subsidiary, Inox Green Energy Services Ltd, will provide comprehensive operation and maintenance services for the project’s 25-year lifespan. Read more

The near-term outlook for the auto sector is a blend of highs and lows as it approaches year-end, but festivities along with the harvest season (especially paddy) are expected to boost two-wheeler (2W) sales, with optimism fuelled by new schemes and a push towards electrification, despite supply concerns.

Commercial vehicles (CVs) are looking at a strong November, with festive and construction activities enhancing demand, alongside anticipated financial schemes, the Federation of Automobile Dealers Associations (FADA) said. Read more

State-owned iron ore miner NMDC Ltd’s subsidiary Legacy Iron Ore Ltd is set to mine gold in Western Australia, the government said in a statement on Sunday.

NMDC will commence its mining operation at the Mount Celia gold project located in Western Australia, the government said, adding it will be first gold mine in its extensive portfolio.

“The first ore for processing at Paddington gold mine is scheduled for CYQ1, 2024, and it is poised to become a significant contributor to India’s gold production landscape,” the statement added. Read more

Major gainers:

JP Power (19.98%); Wardwizard (10.51%); Aarti Industries (9.07%); HBL Power (8.67%); Bajaj Hindustan (8.61%)

Major losers:

Polymed (-5.48%); Primo (-4.90%); SCI (-4.32%); GATI (-4.24%); Bank of Baroda (-4.12%)

Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Ltd (RSBL) on gold prices:

Gold prices are trading steady around Rs 61,000, supported by a weaker dollar and Treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in gold were limited by increased risk appetite. As was generally anticipated, the central bank kept interest rates unchanged on Wednesday. Markets, however, were pricing in a lower likelihood of any additional rate hikes following remarks made by Fed Chair Jerome Powell, who also noted that financial conditions have significantly tightened in recent months.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd on Cello offer: “Despite 100% OFS offer, Cello received strong subscriptions demand and offer valuation gives investors the comfort to invest and hold for long term. The listing was above our estimate due to strong fundamentals and high growth industry dynamics. Considering the change in the market momentum post-FED meeting, the premium listing is justified as the brand is well-positioned in the market. We strongly believe that the Cello World IPO gives allotted investors a long-term opportunity, hence recommending all allotted investors “HOLD FOR LONG TERM” while those who failed to get allotments can accumulate on listing day.”

The rupee appreciated 5 paise to 83.15 against the US dollar in early trade on Monday, tracking positive domestic equities as risk-on sentiments prevailed in the market.

Forex traders said the rupee rose after the American currency dropped from its elevated levels, following slower-than-expected US job growth in October.

At the interbank foreign exchange, the domestic unit opened at 83.17 against the dollar and then touched an early high of 83.15, registering a gain of 5 paise over its previous close.

On Friday, the rupee settled at 83.20 against the US dollar.

The stock declines by 0.14% on the NSE, trading at ₹577.35.

Recommendation:

BUY

Target Price:

Rs 575

Earnings significantly upgraded again; valuation re-rating to continue

Despite tweaking growth expectations lower, earnings estimates for FY24/25 have been upgraded by 11%/4% on stronger margin and stable asset quality. Though valuation re-rating is likely after the resilient show in Q2 FY24, the pace of re-rating would be contingent on the pace of growth recovery and extent of further improvement in asset quality in ensuing quarters. In the medium-term, a combination of 10-12% growth, reduced risk on the BS (share of HL having substantially increased) and plausible 13-15% RoE delivery can re-rate valuation towards 1.1x 1-yr rolling fwd. P/ABV. Retain BUY with an enhanced 12 PT of Rs575

Recommendation:

BUY

Target Price:

Rs 281

Enhanced capabilities to result in double digit growth; reiterate BUY

Orient Electric has been investing aggressively in the business which will give then sustainable long term returns. ORIENTEL is now going with the strategy where there will be existence of direct distribution as well as master distributors where it wants to utilize the strength of both these distribution systems. Management is confident of robust double digit revenue growth in FY25 and expects to double digit EBITDA margin by next two to maximum three quarters. We continue to maintain our BUY rating with PT of Rs281.

Recommendation:

BUY

Target Price: Rs 755

Margin relatively stable and likely to remain so, Maintain BUY

(1) The quantum of sequential margin decline is lower for SBI compared with several other banks. (2) Staff expenses rose materially due to an upward revision in the assumption for wage hike. (3) As of now, there does not seem to be any strain on SBI’s growth and business model, as such, due to capital constraints. (4) We maintain ‘Buy’ rating on SBI with a revised price target of Rs 755

Recommendation:

BUY

Target Price: Rs 290

Soft quarter not structural, buy into weakness

1) NIM guidance for FY24 stands revised ~15 bps lower, given the view on interest rates stands altered. (2) Asset quality outcomes were only optically weak and not a cause for any concern. (3) The overall impact of the RBI ban on BoB World

ICICI Securities

Buy with a Target Price of Rs. 115

Key Highlights – SBFC Finance

SBFC is amongst Top-10 MSME financiers in the less than INR 1.5mn category

Pan-India MSME financier; high visibility on >30% AUM growth in the near term

SBFC has delivered an industry-leading 54% AUM CAGR during FY20-23 in the MSME segment

SBFC is uniquely placed to capture the largest pie in ‘increasing formalization’ in the MSME segment

Strong focus on the collection and formal customer segment…

Upfront investment towards franchise build-up; productivity improvement to drive operating leverage

Creating a space in small-ticket MSME financing differently

Zerodha is facing technical issues on its trading platform.

“Due to an intermittent issue, some of our users are not able to see executed orders in the orderbook,” it said.

However, the executed orders are updated on the positions page. The holdings and funds page is also not loading. “We’re working on fixing this and regret the inconvenience caused,” it added. Read more.

Cello World IPO was listed on the stock market today at Rs 829 per share, a premium of 28% over its IPO price of Rs 648. The IPO was subscribed to 41.69 times overall, with the retail portion subscribed 3.21 times, the NII portion subscribed 25.65x, and the QIB portion subscribed 122.20 times.

Despite the premium valuation, the IPO received a positive response from investors. This is likely due to the company’s strong brand recognition, diversified product portfolio, and pan-India presence.

After such a strong listing, investors may book profit; however, those who have a long-term investment horizon can keep a stop loss at Rs 750.

L&T Construction’s buildings & factories & transportation infrastructure businesses have secured a prestigious project from the GMR Visakhapatnam International Airport Limited for the Engineering, Procurement and Construction of the greenfield Bhogapuram International Airport at Bhogapuram, Andhra Pradesh. The stock rises by 1.54% on the NSE, trading at ₹2,956.20. Read more.

Lemon Tree Hotels stock rises by 3.63% on the NSE, trading at ₹112.90 after the company signed License Agreement a 150 rooms property in Yadagirigutta, Telangana under the Company’s brand “Keys Select by Lemon Tree Hotels”. The hotel is expected to be operational by FY26.S

Coal India (1.83%); Eicher Motors (1.38%); Hero Motocorp (1.31%); Axis Bank (1.21%); Grasim (1.19%)

Major losers:

SBI (-0.24%); Titan (-0.14%); Maruti (-0.03%)

Bombay Super Hybrid Seeds Limited has expand Research and development (R & D) Farm by allocation of another 10 acres area of Land situated at Rajkot (Gujarat), resulting in having total 30 acres of Land Researchand development (R & D) Farm.

The port crossed the 100 MMT mark in 210 days, surpassing the record of 231 days last year.

The “Three Star Export House” certificate is bestowed upon companies who have demonstrated consistency in their export growth and have contributed significantly to the country’s foreign trade.

Asian Paints Doha Trading, Qatar, has been incorporated as the wholly-owned subsidiary of Asian Paints International Private Limited, Singapore, a wholly-owned subsidiary of the Company.

Drug-maker Divis Laboratories is likely to post a net profit of around ₹420 crore in the second quarter ended September 30, 2023 as against ₹493 crore earned in the corresponding quarter of the last financial year.

The Hyderabad-based company will announce its second quarter numbers today. Read more.

At 9.12 am on Monday, January Brent oil futures were at $85.19, up by 0.35 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $80.90, up by 0.48 per cent. November crude oil futures were trading at ₹6743 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6696, up by 0.70 per cent; and December futures were trading at ₹6741 as against the previous close of ₹6702, up by 0.58 per cent.

The Rs 463-crore initial public offering of Kerala-based ESAF Small Finance Bank enters Day 2. The issue received a strong response on Day 1 when it was subscribed 1.74 times. The public issue comes at a price band of Rs 57-60. The issue will close on Tuesday. Read more.

Birla Cable Limited : Company has entered into a Share Purchase and Shareholders Agreement with Continuum MP Windfarm Development Private Limited (“Target Company”) and Continuum Green Energy (India) Private Limited (“Promoter of the Target Company”) on 4th November, 2023 at 4.00 P.M. to acquire/purchase 17,39,400 number of fully paid-up Equity Shares / Optionally Convertible Debentures / Compulsorily Convertible Debentures of face value of Rs. 10/- each for cash at par of the Target Company, by making an investment aggregating to Rs. 173.94 Lakhs.

H.G. Infra Engineering Ltd : Order has been passed by the Tribunal approving the Scheme between the Company and the Transferee (Greenlam Industries) Company and their respective shareholders and creditors for the amalgamation of the Transferor Company with and into the Transferee Company.

VL E-GOVERNANCE & IT SOLUTIONS LIMITED : COMPANY SIGNED MOU WITH WAFER LEAD PTE LTD (SINGAPORE) TO PROMOTE JOINT BUSINESS OF SILICON CARBIDE, 3RD GENERATION SEMICONDUCTORS DESIGN AND ENGINEERING

Moschip Technologies Ltd : Company has been investing in standard products that have large domestic / global market to take advantage of Government of India’s DLI scheme. This initiative aims to promote innovation and design capabilities of the Company.

JM Financial Limited : the Enforcement Directorate (the “ED”) commenced conducting a search on November 2, 2023 and concluded on November 5, 2023 at , at the office premises of JM Financial Asset Reconstruction Company Limited (the “JMFARC”), a material subsidiary of the Company, in relation to the specific distressed assets of Unitech Ltd. acquired by it in the year 2016 in its normal course of business.

Solara Active Pharma Sciences Limited : Company informed that there was a fire incidence at their Puducherry facility during the night hours of November 4, 2023. While exact cause remains under investigation, they are also in the process of assessing the damage caused by the incident. The company has insurance in place for the unit.

Ethos: The board approved fund raising via QIP at the issue price of Rs 1,547 per equity share, which is at a discount of 4.95% to the floor price of Rs 1,627.49 per equity share.

Adani Energy Solutions Limited : Gujarat Public Works Contract Disputes Arbitration Tribunal, Ahmedabad held that the claim filed by the Company against the Gujarat Energy Transmission Corporation Limited (GETCO), is not payable to the Company. The Company is reviewing the contents of the said Order and shall decide the next steps as per legal options available to it

Lemon Tree Hotels Ltd : Company announced its latest signing – Keys Select by Lemon Tree Hotels, Yadagirigutta, Telangana. The property is expected to open by FY26 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.

Tuticorin Alkali Chemicals and Fertilizers Limited : Company successfully commences commercial production of World’s First Green Soda Ash .The project aligns with AM International’s ESG Initiatives

RMC Switchgears Limited : Maharashtra State Electricity Distribution Company Limited (MSEDCL) has awarded the contract for “Development of Distribution Infrastructure at Jalna Circle under Aurangabad Zone of MSEDCL, Maharashtra under the Reforms-Based and Results-linked, Revamped Distribution sector Scheme for Loss Reduction works” to RMC Switchgears Limited JV by M/s. Continental Petroleums Limited. The contract, valued at Rs. 12,225 Lakh incuding GST, involves comprehensive work including supply of plant, installation, and civil works, to facilitate loss reduction through infrastructure development within the Jalna Circle.

Primo Chemicals Limited : Company has decided to withdraw the Scheme of Arrangement filed with the BSE Limited on October 19, 2021 for obtaining No Objection under Regulation 37 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 between Primo Chemicals Limited (formerly Punjab Alkalies and Chemicals Limited ) and Prayag Chemicals Private Limited and V.S. Polymers Private Limited and their respective shareholders

Electronics Mart India Limited : Company has commenced the commercial operation of a new Multi Brand Store under the brand name ‘BAJAJ ELECTRONICS’ on 03rd November 2023 at D. No. 12-102, Sy. No. 1053, Block No. 12, Huzurnagar Road, Kodad Municipality, Kodad Mandal, Suryapet District, Telangana - 508206

Atal Realtech Ltd : Board has fixed the ‘Record Date’ as ‘Thursday, November 16, 2023 for the purpose of sub-division /split of each equity share having face value of Rs. 10/- each, fully paid-up into 5 equity shares having face value of Rs. 2/- each fully paid-up.

Havells India Limited : Company informed that the Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on 4th November, 2023 at around 2:20 am.

Cantabil Retail India Limited : company has crossed milestone of 500 Retail Brand Outlets today on 4th November 2023 with the grand opening of its latest showroom at Shri Ram Janam Bhumi Ayodhya.

Uttam Sugar Mills Ltd : Company informed that Increase/Enhancement in the “Cane Crushing Capacity” from 23750 TCD to 26200 TCD of the Company and improvement in energy efficiency, we would like to inform you that aforesaid Increase/Enhancement in the “Cane Crushing Capacity” along with energy efficiency has been successfully commissioned.

IFGL Refractories Ltd : Company’s step-down subsidiary, Hofmann Ceramic CZ sro in Czech Republic (hereon ‘Czech subsidiary’) will be closed and relocated to premises of Company’s step-down subsidiary, Hofmann Ceramic GmbH in Germany (hereon ‘German subsidiary’).

Ganesha Ecosphere Limited : GANESHA ECOPET PRIVATE LIMITED, a wholly owned subsidiary (“WOS”) is being increased further by setting up another production line of rPET Chips with capacity of 12,000 tons per annum (TPA) at its plant situated at Warangal, Telangana with ₹ 50 Crores

JSW Infrastructure Limited : The board has approved the acquisition of Marine Oil Terminal Corp. along with its Fujairah Branch by JSW Terminal Middle East; the transaction has an enterprise value of $187 million. The board has also approved the purchase of a container train operator licence from Sical Multimodal and Rail Transport.

SILICON RENTAL SOLUTIONS LIMITED : Company has secured a significant order of 250 laptops on rent -to- purchase basis, inclusive of essential services from an International Broadcasting Channel.

The Federal Bank Limited : Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 30 Lakh (Rupees Thirty lakh only) on The Federal Bank Limited (the Bank) for non-compliance with certain directions contained in ‘Reserve Bank of India

VA TECH WABAG LIMITED : Board of Directors of the Company and other Shareholders of Wabag Thailand, the liquidation and dissolution application was filed with the relevant authorities of Thailand and received the final order approving the voluntary liquidation from Revenue Department on November 03, 2023.

Sarla Performance Fibers Limited : the company has received the GST recovery order for Rs 643.51 lakhs plus interest from GST department pertaining to the GST refund availed on exports on payment of IGST in EOU unit for FY 2018-19 to 2021-22.

INDUSIND BANK LTD : Bank is thrilled to open up “Loan Mela” for all with comprehensive financial, credit & home loan offerings.

Prestige Estates Projects Limited : Company through its wholly owned subsidiary Prestige Exora Business Parks Limited has entered into Securities Subscription agreement and Share Holders agreement with WS Industries (India) Limited and WSI Falcon Infra Projects Private Limited (formerly known as WS Insulators Private Limited . for Which execution of Joint Venture agreement with W.S. Industries (India) Limited for development of IT/IT enabled services/parks in 6.53 acres of immovable property at No.108, Mount Poonamallee Road, Porur, Chennai – 600 116.

NTPC LTD : Board informed that cessful commissioning, first part capacity of 50 MW out of 150 MW Dayapar Wind Energy Project Phase-I at Dayapar, Bhuj, Gujarat, under 450 MW Hybrid Project of NTPC REL, a stepdown subsidiary of NTPC Limited through its wholly owned subsidiary NTPC Green Energy Limited, is declared on Commercial Operation w.e.f. 00:00 Hrs. of 04.11.2023

Vodafone Idea Limited : Company has entered into a Share Purchase Agreement with Manipura Digital Infrastructure OPCO Pte. Ltd. for transfer of Company’s entire shareholding in Firefly Networks Limited (‘FireFly’), subject to completion of closing conditions, for a consideration of Rs. 60.47 million. Upon transfer of its shareholding, FireFly would cease to be a Joint Venture of the Company.

Bharti Airtel Limited : Company has entered into a Share Purchase Agreement (SPA) with Manipura Digital Infrastructure Opco Pte. Ltd. for transfer of Company’s entire stake in Firefly Networks Limited (‘Firefly’) for a consideration of Rs. 60.47 Mn. The said transfer is subject to completion of closing conditions.

NLC India Ltd : Neyveli Uttar Pradesh Power Limited (NUPPL), a joint venture between NLC India Ltd and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd, has reached a significant milestone in the construction of the Coal-based Supercritical Thermal Power Plant in Ghatampur Tehsil, Uttar Pradesh. Unit-1 of this ambitious project has been successfully synchronized with the 765 KV grid at 04:23 AM on November 4, 2021.

TVS SRICHAKRA LIMITED : M/s SG Acquisition Corporation, the wholly owned subsidiary of our Company, successfully executed an Asset Purchase Agreement with M/s Super Grip Corporation, USA (“SG”), marking an important acquisition. This transaction involved transfer of assets, liabilities, and business operations from M/s Super Grip Corporation, US, to M/s SG Acquisition, US, without subscribing to the shares in M/s Super Grip Corporation.

Wardwizard Innovations & Mobility Limited : ‘Joy e-bike,’ announced a remarkable achievement in its rapid expansion journey. In an unprecedented feat, the brand has successfully inaugurated 100+ exclusive distributor showrooms nationwide, in addition to 750+ touchpoints across India, all within an astonishing timespan of just six months

Indian Oil Corporation Limited : Company gets approval from NCLT’s Mumbai Bench for the acquisition of a 100% stake in Mercator Petroleum.

Infosys: The company and Spirit AeroSystems inaugurated their dedicated centre for aerospace engineering excellence in Richardson, Texas

Arvind Fashions Limited :Company signed definitive agreements with Reliance Beauty & Personal Care Limited (RBPCL) to sell its wholly owned subsidiary Arvind Beauty Brand Retail Limited (ABBRL) which runs its Sephora India business, in an all cash transaction. RBPCL is a wholly owned subsidiary of Reliance Retail Ventures Limited.

Shanthi Gears Limited : Company had a agreement with M/s. Shreeji Metazine LLP for purchase of Land and buildings at Sanand, Gujarat for expansion of Gear manufacturing and servicing activities is terminated.

Crest Ventures Limited : Company has made a further investment by acquiring an additional equity stake of 10.01% in Ramayana Realtors Private Limited (“Ramayana”), thereby making Ramayana its subsidiary Company. Consequently, the Company now holds 50.01% of the total paid-up Equity Share capital of Ramayana Realtors Private Limited

Indigo Paints Limited : Company has commenced work on establishing a new water based paint plant of 90,000 KLPA capacity and solvent based paint plant of 12,000 KLPA at Jodhpur, Rajasthan, which are expected to be operational during FY 2025.

Elpro International Limited :Company has acquired equity shares of HDFC Bank Limited worth ₹ INR 5.01 Crores

Avenue Supermarts Limited : Company has received an order imposing penalty from Court Collector (Stamps), where Jaipur First Presiding Officer Penalty of Rs.259,620/- has been levied on the Company in addition to demand for payment of deficit stamp duty on the title document and interest

BGR Energy Systems Limited : Company has received communication from 3 of its bankers downgrading the accounts of the Company maintained with them as Non-Performing Asset. The downgrade was based on the RBI divergence remarks to these banks inter alia on the financial position of the Company. The Company was regular in servicing the interest and other charges due to these banks until 30/10/2023.

AXTEL INDUSTRIES LIMITED : Company pleasure to announce the expansion of their existing manufacturing facility that has been inaugurated today 3rd November, 2023.to enable the Company serve anticipated and potential higher demands for the company’s products, labour welfare and sustainability of our environment.

PUNJAB NATIONAL BANK : Reserve Bank of India (RBI) vide its letter dated 03.11.2023 has informed that it has imposed a monetary penalty of 72 lakh on the Bank for non-compliance with certain provisions of ‘Reserve Bank of India

INFOSYS LTD : Company and Spirit AeroSystems inaugurate Center for Aerospace Engineering Excellence in Richardson, Texas

Greaves Cotton Limited : The company sold its land located in Pune to Runal Developers LLP for a total consideration of Rs 284 crore.

VISHNU PRAKASH R PUNGLIA LIMITED : VPRPL-CIPEL AMBAJI JV, Joint Venture, in which Company is acting as lead partner, has received Letter of Award from Office of Dy. Chief Engineer Construction, Ajmer, Rajasthan for Construction of Railway Station Building, Facilities for Passenger/Pilgrim Stay (Yatri Niwas), Platforms, Underpasses p/f Shelters, Passenger Facilities, Circulating area and other misc. works at ambaji in connection with Taranga hill - Ambaji – Abu Road new line project. worth ₹ 174.68 crores

Best Agrolife Ltd : Company has invested in Kashmir Chemicals by way of capital account contribution and has been admitted as partner of the firm with 99% Ownership

Last week, the benchmark indices saw a rise. Nifty closed 0.94% higher while Sensex went up by 581 points. Almost all major sector indices witnessed buying at lower levels, but the Realty index outperformed, rising over 10% this week. Technically, the index took support near 18850/63100 after a long correction and reversed. This week, following the reversal, the index has formed higher-lower lows on the daily and intraday charts, which is mainly positive. In our view, the current market structure indicates that the pullback rally may continue as long as the index is trading above 19150/63500. At higher levels, 19350-19450/64700-65000 would act as immediate resistance zones for the bulls.

For those who hold the positions for a long time, it is advisable to take partial profits between 19350-19400 levels. Buying is advisable between 19270 and 19230 levels.

For Bank Nifty traders, a 200-day SMA (Simple Moving Average) or 43200 trend could be the decisive level. Above that, Bank Nifty can rally till 43750 or 44000. The uptrend may continue further which may take the index to 44200. However, below 200 days SMA or 43200, it may retest 42800 levels.

The market exhibited a cautious tone at the outset, influenced by the uncertainty surrounding the US Fed’s policy meeting. However, as the week progressed, the apprehension dissipated, and market sentiments rebounded. This turnaround was partly attributed to a modest decline in oil prices, which raised optimism about a potential pause in Fed actions.

Furthermore, the market received a boost from stable domestic macroeconomic PMI and robust corporate earnings from domestic companies. These positive factors helped the market recover from its initial losses during the week.

Notably, the auto sector faced challenges despite positive auto sales figures, while the mid and small-cap sectors demonstrated noteworthy performance, driven by strong demand and strong economic outlook. Investors will closely scrutinize the economic data from the US, including the PMI and nonfarm payroll releases, to gain further insights into US economic performance.

The corporate earnings outlook for H1 has been favourable, and expectations for a positive H2 earnings outlook are high. A positive performance in H2 could lead to potential earnings upgrades. Next week, market is anticipating results from major PSU banks, auto, and metal sectors with an optimistic outlook.

The drop from the high level of PMI indices in Aug-Sep’23 were expected but the extent of the drop has surprised us. Given that we are in the middle of the festive season, the intensity of activity in the services sectors such as transportation and hospitality should have led to a better reading of Services PMI.

These readings may be an early indicator of a moderation in economic activity in the second half of the current fiscal due to lower agricultural output and weak rural demand. The PMI survey also reports a build-up of cost pressures particularly in the services sectors which may not allow core inflation to drop further from the current levels. We continue to stick to our original growth forecast of 6.0% for FY24.

SBI, Adani Ports, Ruby Mills, JM Finance, DB Realty, NTPC, Adani Energy Solutions, Bajaj Electricals, Barbeque, Bharat Forge, Divis Laboratories, Emami, Exide Industries, Nykaa, Gland Pharma, Heidelberg, HPCL, NHPC, Paras Defence, Sobha, SPARC, TVS Supply Chain and VA Tech Wabag are some of the stocks that will be in focus today. Read more.

GFL’s Q2 EBITDA was down 68% YoY at Rs1.6bn (-50% QoQ) on: i) sharp price decline in commodity grades of PTFE (Chinese dumping) along with continued destocking in higher-end grades, ii) subdued volumes and pricing impact on refrigerant gases on Chinese dumping and poor season in the domestic market and iii) pricing pressure on bulk chemicals. Management expects to fare better in H2 vs H1 in fluoropolymers, due to expected phasing-out of destocking, pickup in the demand in USA, and positive impact of exit of legacy players. Refrigerant gas volumes are expected to improve in H2; however, they may remain subdued compared with FY23. We expect FY24 to largely remain muted on volume/pricing pressure and FY25E/26E to see gradual recovery; we cut FY24E/25E/26E earnings by 26%/12%/13%; we maintain our SELL rating with revised TP of Rs2,200/share (25x Sep-25E EPS).

Escorts’ Q2 margin performance was below estimates (down by 118bps QoQ to 12.9%; Emkay: 13.5%), largely owing to operating de-leverage in Tractors. While near-term tractor industry prospects appear benign (given the high base), we remain positive on the medium-to-long term growth prospects, driven by planned product/network expansion and strong opportunity for vehicle exports (by leveraging co-parent Kubota’s global network) as well as component exports (as part of Kubota’s global supply-chain diversification). Our forward EPS estimates are unchanged (~22%/~37% revenue/EPS CAGR over FY23-26E driven partly by integration of Kubota entities from FY24E) and retain BUY with a revised TP of Rs3,430/share (vs. Rs3,020 earlier; rolled-over valuation to FY26E with unchanged 25x core PER + Rs220 cash/share.).

Despite seasonality, Delhivery’s performance in surface express continues to remain robust. Regaining lost wallet share during Spoton’s integration along with yield improvement in the PTL business underpins management’s focus on improving profitability together with gaining market share. With a bulk of the network expansion investment for FY24 completed and pickup in demand imminent in Q3 (B2C monthly volume run rate up over 15% vs. Q2 average), H2 should see decent operating leverage for the company to turn EBITDA positive. Strong cash position (net cash of ~USD650mn) lends support to future expansion plans while keeping any aggressive competition at bay. We forecast a 24% revenue CAGR over FY23-26E and PAT turnaround in FY26E. We retain our BUY rating, with a TP of Rs 490, based on DCF methodology.

With the earnings outlook for Nifty and the broader MOFSL Universere maining healthy and valuations of several sectors being at a premium to their long-period averages (Industrials, Consumer Discretionary, Mid-Caps and Small-Caps), we expect the sector rotation in Indian equities to continue. There are significant divergences in performance of large-caps vs. mid-/small-caps and across sectors. We believe that in the midst of volatility over the next couple of quarters, sector rotation could be a more important driver than the general market uptrend. Some of the sectors, which are still trading at reasonable valuations, include Banking, Auto, Healthcare and select large-cap IT stocks, in our view.

Top ideas Largecaps: ICICIBank,ITC,BajajFinance,L&T,HCLTech.,M&M,Titan,AvenueSupermarts,Ultratech Cement, M&M, BoB, and Zomato.

Midcaps and Smallcaps – Indian Hotels, Angel One, Lemon Tree Hotel, Ashok Leyland, Godrej Properties, MMFS, Metro Brands, Kajaria Ceramics, CreditAccess Grameen, and Craftsman Auto.

(NOCIL, Mkt Cap USD0.4b, CMP INR215, TP INR205, 5% Downside, Downgrade to Neutral)

- NOCIL’s EBITDA/kg stood at INR34.3 in 2QFY24, down 34% YoY, in line with our estimate. However, sales volumes increased 9% YoY to 12.9tmt. Management believes that there could be some positive volume growth in FY24. Realization was up at INR273/kg, down 17% YoY.

- Management highlighted that aggressive dumping persisted in 2Q, driven by a lack of domestic demand in China and export markets where China typically supplies rubber chemicals. Aggressive pricing negatively impacted the company’s performance in the quarter, leading to lower realizations.

- Demand from the latex industry still remains subdued with the industry operating at 50% of peak levels observed in CY21 and part of CY22. There is high competition from Chinese players in this industry as well. Latex volumes, which typically accounted for 30% of NOCIL’s export volumes, have now decreased to 12-15%.

Aditya Birla Capital: Healthy AUM growth sustained; NIM compression in NBFC/HFC

(ABCAP IN, Mkt Cap USD5.4b, CMP INR173, TP INR220, 27% Upside, Buy)

- 2QFY24 consolidated revenue grew 22% YoY to INR88.4b and consolidated PAT (post minority) grew 44% YoY to ~INR7.1b.

- ABCL had raised equity capital of ~INR30b in Jun’23. The company further shared that it has infused equity capital of ~INR7.5b in the NBFC.

- It added ~ 72 branches in 2QFY24, taking the total branch count to 1,403. The management has exhibited great agility and a majority of its FY24 targets have already been achieved. We estimate further improvement in operating metrics in 2HFY24.

“Trading Members of the Exchange are hereby informed that effective from November 06, 2023, the equity shares of KK Shah Hospitals Ltd (Scrip Code: 544013) are listed and admitted to dealings on the Exchange in the list of ‘‘MT’‘ Group Securities. For further details please refer to the notice no 20231103- dated November 03, 2023,” BSE said.

- Bank of Baroda (BOB) reported a mixed quarter as PPoP grew 33% YoY (13% beat) aided by higher other income (49% beat) though margins declined 20bp QoQ to 3.07%.

- Business growth was healthy, with loan growth of 19% YoY (4% QoQ) and deposits growth of 15% YoY (4% QoQ). Loan growth was led by healthy growth in retail segments. CASA ratio moderated 45bp QoQ to 39.9%.

- Asset quality improved despite high slippages at INR47.5b (led by aviation account). GNPA/NNPA ratios yet improved to 3.32%/0.76%, while PCR moderated 88bp QoQ. SMA 1/2 was under control at 22bp of loans.

- Due to the restrictions imposed by RBI on BOB World, the bank was not able to provide certain services to new customers but multiple channels were available to them to do their transactions and therefore the impact was minimized. Deposits in all the segments and overall business remained healthy. The bank has taken significant actions in terms of compliance and expects the Ban to be lifted in the near term.

- We maintain our earnings estimates and expect FY25E RoA/RoE of 1.2%/16.8%. We reiterate our Buy rating on the stock.

Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure), IPO to raise about Rs 490 crore. The issue opens on Monday and closes on Nov 8.

The price band is Rs 752 - 792 per share.

The IPO consists only offer for sale by existing investors. The company will not receive any funds from the issue.

A few financial investors such as 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund), NSE Investments, HDFC Bank, AXIS Bank, Deutsche Bank AG and Union Bank of India are participating in the OFS and partially offloading their stake in the company.

PeTL is professionally managed and thus doesn’t have any identifiable promoters. Public shareholders will continue to hold 100 per cent stake in the company. Read more.

GNFC

In Q2FY24, Gabriel India delivered slightly below expected performance. Revenue came at Rs. 8.64bn grew by 7.7% YoY/ 7.3% QoQ (vs CEBPL est. of Rs.8.9bn) led by lower aftermarket sales. Gross margin expanded by 173bps YoY to 24.7%, however compressed by 49bps QoQ due to commodity indexation. EBIDTA during the quarter increased by 24.8% YoY to Rs. 738mn and margin for the quarter jumped by 117bps YoY to 8.54%. PAT increased by 28.4% YoY to Rs.470mn. On Sunroof, the company has received some RFQs, and the current capacity is expected to reach 50-60% of the first-line by FY25. Additional capacity can be added within 3-4 weeks. Supply to KIA will start in January 2025, with the first line dedicated to Hyundai starting from Jan-24.

Outlook & Valuation: We continue to maintain our positive view on the stock due to: 1) the key beneficiary of demand recovery in the 2W segment; 2) foray into high growth and power terrain technology agnostic product like sunroof system; 3) scaling up the technological capabilities; 4) steady revenue visibility in the aftermarket (export leading the show); 5) increasing share of business in PV segment; and 6) winning new orders from E-2W OEM and expanding capacity. We introduce FY26 to factor in the full impact of the Sunroof business. We maintain OUTPERFORM rating on GIL with a TP of Rs.404, based on 22x on FY26E EPS.

Arvind Fashions intends to utilise the proceeds to invest in growth of its brands portfolio and repayment of debt.

ISMT: Kirloskar Industries bought 1.45 crore shares (4.81%) and Asscher Enterprises sold 1.45 crore shares (4.81%) at Rs 80 apiece.

Computer Age Management Services: NJ Advisory Services bought 2.74 lakh shares (0.55%) at Rs 2,300.24 apiece.

“Trading Members of the Exchange are hereby informed that effective from November 06, 2023, the equity shares of Vrundavan Plantation Ltd (Scrip Code: 544011) are listed and admitted to dealings on the Exchange in the list of ‘‘MT’‘ Group Securities. For further details please refer to the notice no 20231103 dated November 03, 2023,” BSE said in a note.

Healthy operational performance; focusing on debt reduction

(VEDL IN, Mkt Cap USD10.4b, CMP INR233, TP INR220, 5% Downside, Neutral)

In 2QFY24, VEDL received a one-time revenue and EBITDA gain of INR47.6b related to the award of the final partial arbitration that VEDL has won in relation to a contract for Rajasthan Block. For a like-to-like comparison, we have adjusted 2QFY24 financials by excluding this one-time gain.

Profitability continues despite seasonality

(INDIGO IN, Mkt Cap USD11.6b, CMP INR2509, TP INR2800, 12% Upside, Neutral)

InterGlobe Aviation (IndiGo) posted a PAT of INR1.9b (v/s our estimated net loss of INR9.6b) in 2QFY24 driven by lower-than-expected fuel costs and supplementary rentals. Revenue passenger kilometers (RPK) were at 29.4b. Passenger load factor (PLF) was at 83.3% with available seat kilometers (ASK) of 35.3b (est. of 34.3b) and yield of INR4.4 (v/s est. of INR4.3) in 2QFY24.

IEX achieved 9,483 MU overall volume, including 2.17 Lac Renewable Energy Certificates (RECs) (equivalent to 217 MU) and 5,814 Energy Saving Certificates (ESCerts) (equivalent to 5.8 MU). The

overall volume traded during October increased 18% on YoY basis.

According to data published by GRID-INDIA, in October ‘23, the country’s energy consumption reached 139 billion units, marking a substantial 22% year-on-year increase due to a surge in electricity demand owing to increase in electricity consumption, below-average rainfall in October, and a lower base from the same month last year. This upsurge in power demand prompted DISCOMs to actively purchase power on the exchange to meet the increased demand, thereby leading to a significant increase in trade volumes on IEX.

State Bank of India: Another strong quarter; well positioned to sustain the growth momentum

Asset quality ratios at multi decadal best; SMA book declines to 12bp

- SBIN reported a steady quarter as net profit at INR143.3b beat our estimate, aided by lower provisions even as bank made higher provisioning towards wage revisions.

- NII grew 12.3% YoY/1.5% QoQ (3% beat), while domestic NIMs declined 4bp QoQ to 3.43%. Total revenues grew 14% YoY.

- Slippages declined to INR41b after a seasonal bump in 1Q, along with healthy recoveries/write-offs. As a result, GNPA/NNPA ratios declined to 2.55%/0.64%. RSA pool declined to INR209b (60bp of advances).

- We broadly maintain our estimates as higher wage provisioning gets offset by controlled credit costs. We estimate FY25E RoA/RoE of 1.1%/18.3%. Reiterate BUY rating with an unchanged TP of INR700 (based on 1.1x FY25E ABV + INR202 from subs).

Thanks to positive global cues, the domestic markets are likely to begin the week on a strong note. Gift Nifty at 19,454 indicates a strong gap-up opening of 150 points for Nifty future. Analysts expect the momentum to continue till Diwali. Read more.

Emkay Global’s taken on Gujarat Gas:

Gujarat Gas (GGL) posted a margin-driven earnings beat in Q2FY24, while volume was flattish QoQ at 9.3mmscmd (a 4% miss) on range-bound Morbi volume. EBITDA/scm rose 25% QoQ to Rs5.8 — a 30% beat on 3% higher realizations. EBITDA/PAT was 25/38% above our estimate at Rs5/3bn. Mgmt. indicated that current Morbi volume stands at ~4mmscmd, and should remain range-bound for coming few months, though eventual outlook depends on gas vs propane economics. Mgmt. maintains EBITDA/scm at Rs4.5-5.5, while LT volume CAGR target is ~10% with Rs10-12bnpa capex in FY24/25. We cut FY24E/25E EPS by 12%/11%, to factor-in the ~4% volume/~6% unit margin cut for both years, based on current run-rate/scenario. We retain HOLD on GGL and roll over to Sep-25E, thus revising down our TP by 8% to Rs440/sh.

NIM declined 4bp QoQ while loan growth was better-than-expected at 3% QoQ/12% YoY leading to NII growth of 1.5% QoQ, marginally above our estimate. Opex was higher-than-expected, up 20% QoQ as the bank provided INR34bn on assumption of a wage hike of 14% versus 10% earlier. Reversal of standard provisions and higher trading gains partly offset higher opex, said Nuvama Research

The Directorate of Revenue Intelligence (DRI) has conducted a search operation at the headquarters of Havells India.

“The Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on 4th November 2023 at around 2:20am,” Havells India said in a regulatory filing.

The search was conducted over “alleged mis-classification in import of Heating Element,” the company said.

According to the company its impact on financial, operation, or other activities on the company cannot be quantified at this point in time. However, “in the preliminary assessment, we understand that it will not have any material impact on financial operations or other activities of the company,” the regulatory note said.

Some ruling party lawmakers have urged the government to temporarily end stock short-selling in response to demands by retail investors who have staged protests against the practice. The regulator’s announcement comes ahead of general legislative elections to select National Assembly members in next April.

Abhilash Pagaria, Head, Nuvama Alternative & Quantitative Research said such continued regulatory interference is likely to hinder Korea’s transition from an Emerging Market to a Developed Market in MSCI Index, even in the August 2024 review. If Korea advances to DM status, India’s weightage in EM will increase substantially. However, it’s clear that the government, especially ahead of elections, can introduce more populist regulations, making it unlikely for MSCI to consider an upgrade in the near term, he added.

Russia will continue the additional voluntary supply cut of 3 lakh barrels per day from its crude oil and petroleum product exports until the end of December as previously announced, Deputy Prime Minister Alexander Novak said. Russia has agreed to undertake two separate reductions in oil supply: in April it decided to cut crude output by 5 lakh barrels per day (bpd) until 2024-end, while in August it said it would reduce exports by 3 lakh bpd until the end of this year.

“The additional voluntary cut is intended to strengthen the measures taken by OPEC+ countries to maintain the stability and balance of oil markets,” Novak said. According to him, Russia will consider next month whether to deepen its voluntary export cuts or increase production.

According to the authorities, the cut would be reviewed next month to consider extending it, deepening it, or increasing production.

In a glittering world dimmed by high gold prices, the UAE’s gold jewellery demand plummeted by 15 per cent to 9 tonnes in the September quarter, reflecting a global slowdown.

This decline, attributed to the exceptional sales of the previous year, is part of a broader trend with Egypt experiencing a 27 per cent drop, while India stood out with a 7 per cent increase. Globally, gold jewellery consumption fell by 2 per cent, as soaring gold prices reached record highs in certain markets due to currency fluctuations.

Across the Middle East, the overall demand decreased by 12 per cent to just under 43 tonnes.

Egypt experienced the sharpest decline of 27 per cent due to the devaluation of the local currency. Other markets also witnessed declines: the US (4 per cent), Europe (3 per cent), Thailand (2 per cent), Vietnam (14 per cent) and Indonesia (20 per cent).

In contrast, India saw a rise in demand by 7 per cent for gold jewellery, presenting a positive trend in the midst of the overall decrease.

Titan’s Q2 EBITDA was 10-11% higher than expected, due to margin coming in 140bps better, despite high competition. Given this strong margin, Titan is likely to deliver at the top-end of its targeted 12-13% EBIT band in the Jewellery business, warranting a 6-7% increase in FY24-26E EBITDA and 10% growth in standalone TP multiple to 59x. Caratlane has been delivering about 50% topline CAGR and seeing gradual margin increase; further stake consolidation affirms another 3% rise in the multiple to 61x and overall TP upgrade of 18%. We value Caratlane at Rs 20,500 crore vs. the Rs 17,000 crore valuation paid by TTAN. As for the lab-grown threat, TTAN attributed only the fall in solitaire prices (vs. the entire studded pack) to demand-supply mismatch; it expects lower impact with investment focus of Indian consumers vs. global trend. We stay confident about market-share gains, on TTAN’s cross-functional strengths and incremental growth potential from International and Taneira. Despite the 18% upturn in TP, we maintain HOLD, with TP of Rs 3,670/sh and suggest to buy on dips.

The company came out with an IPO for ₹1,900 crore that saw a strong response from all category of investors, especially QIBs, as the offer was subscribed 38.90 times. Meanwhile, gray market indicates a strong premium of ₹160 a share. Read more.

06 November 2023 (Today)

Derivative Segment

• Bharat Forge Limited

• Divi’S Laboratories Limited

• Exide Industries Limited

• Hindustan Petro Corp Limited

• Ujjivan Financial Services Ltd

Cash Segment

• Adani Energy Solutions Ltd

• AIA Engineering Ltd.

• Bikaji Foods International Ltd.

• Borosil Renewables Ltd.

• Dalmia Bharat Sugar Ltd.

• Emami Ltd.

• FSN E-Commerce Ventures Ltd.

• Garware Technical Fibres Ltd.

• Gland Pharma Ltd.

• Gujarat State Petronet Ltd.

• Heidelberg Cement India Ltd.

• Hitachi Energy India Ltd.

• HLE Glascoat Ltd.

• Honeywell Automation India Ltd.

• Jamna Auto Industries Ltd.

• K.P.R. Mill Ltd.

• Linde India Ltd.

• Max Healthcare Institute Ltd.

• NHPC Ltd.

• Polyplex Corporation Ltd.

• Privi Speciality Chemicals Ltd.

• Quess Corp Ltd.

• Radico Khaitan Ltd.

• Redington Ltd.

• Sobha Ltd.

• Sun Pharma Advanced Research Company Ltd.

• Varun Beverages Ltd.

• V-Mart Retail Ltd.

• Zydus Wellness Ltd.

07 November 2023

Derivative Segment

• Alkem Laboratories Limited

• Apollo Tyres Limited

• Balrampur Chini Mills Ltd

• Cummins India Limited

• Deepak Nitrite Limited

• IRCTC Limited

• Info Edge Limited

• Power Grid Corp Of India

• Shree Cement Limited

• Trent Limited

• Zydus Lifesciences Limited

Cash Segment

• Alembic Pharmaceuticals Ltd.

• Alkyl Amines Chemicals Ltd.

• Anupam Rasayan India Ltd.

• Avanti Feeds Ltd.

• Cochin Shipyard Ltd.

• CRISIL Ltd.

• Devyani International Ltd.

• Ester Industries Ltd.

• Gujarat State Fert & Chem

• JB Chemicals & Pharma Ltd.

• Jyothy Labs Ltd.

• Krishna Institute of Med Sci Ltd

• Mishra Dhatu Nigam Ltd.

• Prestige Estates Projects Ltd.

• Prince Pipes and Fittings Ltd.

• Rain Industries Ltd.

• UNO Minda Ltd.

• Varroc Engineering Ltd.

• Vinati Organics Ltd.

08 November 2023

Derivative Segment

• Bata India Limited

• Bharat Heavy Electricals Limited

• GNFC Limited

• Lupin Limited

• MCX Limited

• Pi Industries Limited

• Pidilite Industries Limited

• Power Finance Corporation

• Tata Power Company Limited

• United Spirits Limited

Cash Segment

• Balaji Amines Ltd.

• Birla Corporation Ltd.

• Brigade Enterprises Ltd.

• Century Plyboards Ltd.

• CESC Ltd.

• Computer Age Mgmt Serv

• Cosmo First Ltd.

• E.I.D. - Parry (India) Ltd.

• Easy Trip Planners Ltd.

• Elgi Equipments Ltd.

• Endurance Technologies Ltd.

• EPL Ltd.

• Eris Lifesciences Ltd.

• FDC Ltd.

• Firstsource Solutions Ltd.

• Godrej Industries Ltd.

• Grindwell Norton Ltd.

• Gujarat Alkalies & Chem Ltd.

• Gujarat Pipavav Port Ltd.

• HEG Ltd.

• Ingersoll-Rand (India) Ltd.

• Jindal Worldwide Ltd.

• KIOCL Ltd.

• Mazagon Dock Shipbuilders

• Medplus Health Services Ltd.

• MOIL Ltd.

• Nesco Ltd.

• Oil India Ltd.

• Patanjali Foods Ltd.

• POWERGRID InVIT

• Raymond Ltd.

• Restaurant Brands Asia Ltd.

• RHI Magnesita India Ltd.

• Sanofi India Ltd.

• Shree Renuka Sugars Ltd.

• SKF India Ltd.

• Tata Investment Corporation

• TeamLease Services Ltd.

• The New India Assurance Co

• The Phoenix Mills Ltd.

• The Ugar Sugar Works Ltd.

• Welspun Corp Ltd.

09 November 2023

Derivative Segment

• Abb India Limited

• Abbott India Limited

• Adani Ports And SEZ Ltd

• Aditya Birla Fashion & Retail

• Apollo Hospitals Enterprise

• Ashok Leyland Limited

• Aurobindo Pharma Limited

• Bosch Limited

• Granules India Limited

• Muthoot Finance Limited

• National Aluminium Co Limited

• Page Industries Limited

• Piramal Enterprises Limited

• Samvardhana Motherson Int

• The Ramco Cements Limited

• Zee Entertainment Ltd

Cash Segment

• Astrazeneca Pharma India Ltd.

• BASF India Ltd.

• Campus Activewear Ltd.

• Caplin Point Laboratories Ltd.

• Cholamandalam Fin Hldgs Ltd.

• eClerx Services Ltd.

• Engineers India Ltd.

• Finolex Cables Ltd.

• Garware Hi-Tech Films Ltd.

• General Insurance Corp of India

• Glaxosmithkline Pharma Ltd.

• Global Health Ltd.

• GMM Pfaudler Ltd.

• GR Infraprojects Ltd.

• Graphite India Ltd.

• Ircon International Ltd.

• ITI Ltd.

• KRBL Ltd.

• Lemon Tree Hotels Ltd.

• NBCC (India) Ltd.

• NCC Ltd.

• Orient Cement Ltd.

• Rail Vikas Nigam Ltd.

• Rashtriya Chem & Fert Ltd.

• SJVN Ltd.

• Star Cement Ltd.

• Suven Pharmaceuticals Ltd.

• Torrent Power Ltd.

10 November 2023

Derivative Segment

• Biocon Limited

• Coal India Limited

• Eicher Motors Limited

• Glenmark Pharma Limited

• Hindalco Industries Limited

• Hindustan Aeronautics Limited

• Hindustan Copper Limited

• Ipca Laboratories Limited

• Mahindra & Mahindra Limited

• Oil & Natural Gas Corp Limited

• Steel Authority Of India Limited

• Sun Tv Network Limited

• Tata Chemicals Limited

Cash Segment

• 3M India Ltd.

• Allcargo Logistics Ltd.

• Bombay Burmah Trading Corp

• Esab India Ltd.

• Fortis Healthcare Ltd.

• Galaxy Surfactants Ltd.

• HUDCO Ltd.

• Life Insurance Corp of India

• Shriram Properties Ltd.

• Shyam Metalics & Energy Ltd.

• Swan Energy Ltd.

• Timken India Ltd.

13 November 2023

Derivative Segment

• Grasim Industries Limited

• Manappuram Fin Limited

14 November 2023

Derivative Segment

• Nmdc Limited

Cash Segment

• Kalyan Jewellers India Ltd.

• KNR Constructions Ltd.

• Natco Pharma Ltd.

• Trident Ltd.

Inox Wind’s customer, NTPC Renewable Energy Ltd. (NTPC REL), announced the successful commissioning of 50 MW out of 150 MW Dayapar Wind Energy Project Phase-I in Gujarat.

• Inox Wind has supplied and installed the WTGs, and its subsidiary Inox Green will provide comprehensive O&M services for the lifetime of the project

• This is the first project of NTPC REL and the first capacity in India declared commercial under new Indian Electricity Grid Code (IEGC) and General Network Access (GNA) Regime.

9:00 AM Metropolis

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11:00 AM CG Consumer

(Press Release )

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12:00 PM MSTC

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12:00 PM S H Kelkar

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3:30 PM Usha Martin

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*3:30 PM Godrej Agrovet *

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4:00 PM Poly Medicure

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4:00 PM Kirloskar Ferro

No Contact Available

Please check again for details @ www.researchbytes.com

4:00 PM Aarti Ind

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4:00 PM Bajaj Electric

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4:00 PM Cigniti Tech

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(Hosted by Adfactors)

4:00 PM JK Lakshmi Cem

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4:30 PM FSN E-Commerce

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4:30 PM Shree Pushkar

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4:30 PM AIA Engineering

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4:30 PM Bank of India

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5:00 PM Bodal Chemicals

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5:00 PM Emami

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5:00 PM Camlin Fine

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5:00 PM India Glycols

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*6:00 PM Barbeque Nation *

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6:30 PM Gland Pharma

Dial: +91 22 6280 1516

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U.S. Daylight Saving Time Shift (Market Opening Time: 20.00 pm)

09:40 Japan BOJ Gov Ueda Speaks

15:00 U.K. Construction PMI (Expected: 46.1 vs Previous: 45.0)

• Ryanair Holdings plc (Pre market) (Sector- Aviation)
• BioNTech SE (Pre market) (Sector- Healthcare)
• Brookfield Asset Management (Pre market) (Sector- Financial)
• Vertex Pharmaceuticals Incorporated (Post market) (Sector- Healthcare)
• Itau Unibanco Banco Holding SA (Post market) (Sector- Financial)
• NXP Semiconductors N.V. (Post market) (Sector- Technology)
• Realty Income Corporation (Post market) (Sector- Realty)
• Diamondback Energy, Inc. (Post market) (Sector- Energy)
• Coterra Energy Inc. (Post market) (Sector- Energy)
• International Flavors & Fragrances, Inc. (Post market) (Sector- Consumer Staples)
• Celanese Corporation (Post market) (Sector- Chemical)
• Aspen Technology, Inc. (Post market) (Sector- Technology)

With two more days of subscription left, valuation at around 1.5x FY23 price to book is the key attraction in ESAF SFB’s public offering. In terms of business or value proposition, the bank, however, doesn’t offer anything significantly different from other listed SFBs or those waiting to list in the near term. That said, if investors who missed the listing bonanza at Utkarsh are tempted to consider ESAF merely for its pricing, they should note that the former was more finely priced at 1x price to book, leaving all the upside on the table. Read more.

The November Nifty futures climbed 0.9 per cent last week as it closed at 19,304 on Friday. At the same time, the cumulative Open Interest (OI) of Nifty futures on the NSE rose – it was recorded at 124.6 lakh contracts on November 3 versus 116.6 lakh contracts on October 27. A simultaneous increase in price and OI denotes long build-up.

The option chain shows that the Put Call Ratio (PCR) of the nearest weekly and monthly contracts stood at 0.8 and 1.2 respectively. The ratio did not change much when compared with last week’s value. Therefore, option traders are bearish this week and they expect the index to recover in the subsequent weeks. Read more.

For the 787 companies that had reported second quarter results till last Thursday, revenue growth was flat at 0.3 per cent y-o-y (excluding BFSI), with high PAT growth (55 per cent y-o-y). Higher margins delivered robust PAT growth. The first quarter had showed the first signs of commodity cool-off, which delivered fully this quarter.

However, weak volume growth was evident from margins. EBITDA margin grew 432 bps y-o-y in Q2 considerably trailing gross margin expansion of 635 bps. Without volume expansion, normal inflation in overheads has impacted. Read more.

Oil edged higher in Asia after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through year-end, per a Bloomberg report.

Global benchmark Brent crude traded above $85 a barrel, while West Texas Intermediate was near $81. The announcement by the OPEC+ heavyweights on Sunday comes after the fading Israel-Hamas war premium and concerns over weaker global demand pushed oil prices down by more than 6% last week, per the report. Read more.

Equity markets witnessed a strong bounce last week. A sharp fall in the US Treasury yields aided the rise in the global stock markets, especially in the US. The Dow Jones Industrial Average in the US surged 5 per cent last week and recovered the loss made in the previous two weeks. The Indian benchmark indices, the Sensex and Nifty 50, were up about a per cent each. Nifty Bank Index rose 1.25 per cent. Read more.

Shares in Asia advanced following Friday’s rally in US stocks and bonds as investors gave further credence to the idea interest rates are near the cycle peak, per a Bloomberg report.

Equities rose in Australia, Japan and South Korea, while share futures for Hong Kong also gained ground. The S&P 500 enjoyed its best week this year, gaining 5.9%. US futures were little changed Monday, the report said.

South Korean stocks traded over 2% higher following news Sunday that the country would ban short-selling. The restriction took effect Monday and will last until the end of June next year, the country’s Financial Services Commission said.

Investors brought forward their forecasts for Federal Reserve rate reductions next year, according to swaps pricing, and have now fully priced in a cut by June. The heightened predictions for rate cuts were partly driven by a weaker expected jobs report Friday and a small increase in US unemployment, the report added.