Share Market Highlights 07 November 2023: Sensex, Nifty end marginally in red; Hero MotoCorp, Bajaj Finance among top losers

The rupee settled lower by 5 paise at 83.26 (provisional) against the US dollar in a range-bound trade on Tuesday, tracking a strong American currency overseas and sustained foreign fund outflows.

Forex traders said a negative trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.

At the interbank foreign exchange market, the local unit opened at 83.23 and touched a low of 83.27 against the greenback. It finally settled at 83.26 (provisional) against the dollar, registering a loss of 5 paise from its previous close.

Equity benchmark indices snapped three days of rally to settle marginally lower on Tuesday amid weak trends in Asian and European markets along with unabated foreign fund outflows.

The 30-share BSE Sensex dipped 16.29 points or 0.03 per cent to settle at 64,942.40. During the day, it declined 320.59 points or 0.49 per cent to 64,638.10.

The Nifty slipped 5.05 points or 0.03 per cent to 19,406.70.

Among the Sensex firms, Bajaj Finance, JSW Steel, Reliance Industries, Mahindra & Mahindra, ITC, Tata Consultancy Services, Wipro, HDFC Bank, Larsen & Toubro and Bharti Airtel were the major laggards.

Sun Pharma, NTPC, State Bank of India, IndusInd Bank and Axis Bank were the major gainers.

The board of Radiant Cash Management Services Limited (RCMS) has approved the signing of the definitive agreement to acquire a majority stake in Aceware Fintech Services Private Limited (Acemoney), a Kechi-based fintech company.

JB Chemicals & Pharmaceuticals reported its net profit for the quarter ended September 2023 at ₹145.02 crore as against ₹97.72 crore in the same quarter previous year. The stock rises by 3.42% on the NSE, trading at ₹1,462.

Indo Count Industries reported its net profit for the quarter ended September 2023 at ₹104.30 crore as against ₹58.92 crore in the same quarter previous year. The stock is up by 4.84% on the NSE at ₹293.65.

Himatsingka Seide reported its standalone net profit for the quarter ended September 2023 at ₹30.21 crore as against the loss of ₹31.43 crore in the same quarter previous year. The stock declines by 2.48% on the NSE, trading at ₹157.15.

GSPL’s 2QFY24 PAT was 22% above our forecast, we believe driven by a big jump in the blended tariff as overall volume was 14% below our estimate. Lower and stable LNG prices have contributed to an uptick in power and fertiliser demand, while refinery and petchem volume continue to weaken. On higher volume assumptions and a delay in tariff cuts for GSPL until FY25, we raise our EPS by 49%-95% but the recent cut in our fair value of Gujarat Gas (GGas) means we lower our TP from Rs345 to Rs330. We believe GSPL remains in the value zone as its current market cap is 1% below the market value of its 54.2% stake in GGas. This implies its core gas transmission business is available at no cost. We maintain BUY.

Softtech Engineers reported its standalone net profit for the quarter ended September 2023 at ₹188.34 lakh as against ₹174.28 lakh in the same quarter previous year. The stock declines by 2.38% on the NSE, trading at ₹227.50.

CLSA on Bharat Forge

Bharat Forge’s standalone 2QFY24 earnings were marginally above our estimate driven by better than expected revenue growth in defence and exports. Defence and exports are growing rapidly led by new order wins, while the domestic commercial vehicle (CV) and passenger vehicle (PV) businesses appear to be slowing. Subsidiaries remain in the red, which is dragging on consolidated profit growth. Share price action causes us to downgrade to SELL (from U-PF) with an unchanged Rs 987 target price

Carysil stock trades at ₹703.45 on the NSE, up by 3.78%. The company reported a standalone net profit of ₹9.84 crore in the quarter ended September 2023, as against ₹4.76 crore in the same quarter of the previous year.

Shaily Engineering Plastics reported a standalone net profit for the quarter ended September 2023 at ₹9.85 crore, as against ₹9.43 crore in the same quarter of the previous year. The stock trades at ₹1,729.95 on the NSE, down by 0.62%.

Carysil stock trades at ₹703.45 on the NSE, up by 3.78%. The company reported its standalone net profit for the quarter ended September 2023 at ₹9.84 crore as against ₹4.76 crore in the same quarter previous year.

Shaily Engineering Plastics reported its standalone net profit for the quarter ended September 2023 at ₹9.85 crore as against ₹9.43 crore in the same quarter previous year. The stock trades at ₹1,729.95 on the NSE, down by 0.62%.

Major gainers: BPCL (1.79%); Sun Pharma (1.76%); Dr Reddy (1.45%); NTPC (1.38%); Axis Bank (1.11%)

Major losers: Hero Motocorp (-1.29%); Bajaj FInance (-0.89%); Divi’s Lab (-0.76%); Coal India (-0.65%); Reliance (-0.64%)

Major gainers

BPCL (1.79%); Sun Pharma (1.76%); Dr Reddy (1.45%); NTPC (1.38%); Axis Bank (1.11%)

Major losers:

Hero Motocorp (-1.29%); Bajaj FInance (-0.89%); Divi’s Lab (-0.76%); Coal India (-0.65%); Relaince (-0.64%)

A total of 1,955 stocks advanced on the BSE at 3 pm on November 7, 2023, as against 1,668 stocks that declined; 152 stocks remained unchanged. The total stocks traded were 3,775. The number of stocks that recorded a 52-week high was 228, and those that hit a 52-week low was 30.

Stocks advanced on BSE at 3 pm on November 7, 2023, were 1,955 against 1,668 stocks that declined; 152 stocks remain unchanged. Total stocks traded were 3,775. The number of stocks that recorded a 52-week high was 228, and those that hit a 52-week low was 30.

Adani Energy Solutions reported a net profit of ₹105.38 crore in the September 2023 quarter, as against ₹32.21 crore in the same quarter of the previous year. The stock trades at ₹766 on the NSE, down by 0.76 per cent.

Datamatics Global Services has onboarded Labor Finders as its customer for TruBot Robotic Process Automation (RPA). The stock trades at ₹570.30 on the NSE, down by 0.88%.

Neuland Laboratories reported a standalone net profit for the quarter ended September 2023 at ₹89.06 crore, as against ₹38.33 crore in the same quarter of the previous year. The stock has jumped 11.86 per cent on the NSE, trading at ₹4,517.45.

HCL Infosystems registered ₹5.99-crore in revenue, with operating loss of ₹7.12 crore in Q2’FY24. The stock has declined by 1.53 per cent on the NSE, trading at ₹16.05.

Mold-Tek Packaging reported a net profit of ₹15.68 crore for the quarter ended September 2023 as against ₹19.41 crore in the same previous quarter. The stock has declined by 0.76% on the NSE, trading at ₹909.40.

V.S.T Tillers Tractors reported a net profit of ₹36.45 crore in the quarter ended September 2023, as against ₹22.74 crore in the same previous quarter. The stock has risen by 2.09 per cent on the NSE, trading at ₹3,658.90.

Eveready Industries India reported a standalone net profit of ₹25.45 crore in the quarter ended September 2023, as against ₹14.71 crore in the same previous quarter. The stock has risen by 1.36 per cent on the NSE, and is trading at ₹364.20.

Kamdhenu Ventures reported a standalone net loss of ₹27.14 lakh for the quarter ended September 2023, as against a loss of ₹46.39 lakh in the same quarter of the previous year. The stock has risen by 4.96 per cent on the NSE, trading at ₹164.95.

Arvind Fashions Ltd (AFL) has declared its financial results for the second quarter and half-year ended September 30, 2023.

Key Highlights for Q2 FY24

Revenues grew by 7% to ₹1,267 crore compared to ₹1,182 crore in Q2 FY23 despite slower consumer demand.

Gross margins expansion of ~510 bps Y-o-Y to 49.5% led by retail LTL growth of 9% and higher retail channel mix by 400 bps Y-o-Y

The stock rises by 5.39% on the NSE, trading at ₹355.85.

It is well-known that consumption is a driving force of the Indian economy. Rising disposable income, growing urbanisation, the highest working age population, and big ger aspirations are among the cited as factors behind the consumption story.

The latest to throw its hat into the thematic consumption fund category is Kotak Consumption Fund, whose new fund offer period closes on November 8. The thematic consumption fund category has 17 existing schemes. So, how is the new Kotak offering different? Here is a lowdown.

Global Education Limited has informed the exchange that board has declared interim dividend of ₹1.50 per equity share. The stock is up by 0.54% on the NSE, trading at ₹203.55.

Eicher Motors informed the exchange that Royal Enfield has unveiled the all-new Himalayan at the EICMA Motor Show 2023 at Milan, Italy. The stock is up by 0.14% on the NSE, trading at ₹3,515.95.

Indian businesses lead global optimism, with 72% expecting a surge in B2B spending in 2023, outpacing global average of 49%. The surge in B2B spending in India is fueled by technology investments leading the way with 88% of businesses planning to spend more on it in the rest of 2023 compared to the first half of the year. These findings were revealed in Trendex: B2B edition, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr).

The FMCG sector witnessed positive consumption trends at the pan-India level recording a volume growth of 8.6 per cent in the September quarter while value growth was pegged at 9 per cent, according to the latest estimates released by NIQ India.This volume growth was backed by gradual recovery in rural consumption and continued robust urban consumption trends. This pick-up in consumption was also supported by the fact that rural consumers are beginning to spend on non-food categories beyond essentials. Rural markets volume growth pegged at 6.4 per cent, urban markets volume growth at 10.2 per cent.

Aluminium futures (November series) on the Multi Commodity Exchange (MCX) opened the week on the front foot – it gained 1 per cent on Monday to close the session at ₹209.2. Although its price moderated in the first half of Tuesday, the uptrend remains intact.

We expect the contract to resume the uptrend and head towards ₹215. Note that there is resistance at ₹212. But given the momentum, the contract is likely to surpass this hurdle in the upcoming sessions.

Dhanuka Agritech has reported its standalone net profit for the quarter ended September 2023 at ₹1017.68 crore as against ₹730.23 crore in the same quarter previous year. The stock surges by 8.73% on the NSE, trading at ₹858.50.

A study ‘Where the money flows’ by Motilal Oswal Asset Management Company (MOAMC) reveals Active Equity funds leading the way with net inflows of about ₹74K crore in July-September quarter, followed by ₹9K crore in passive equity funds. The study shows arbitrage funds gaining popularity presumably as investors turned to arbitrage funds as a more tax-efficient substitute to liquid funds. At more than 80 per cent of market share, arbitrage & broad based categories took away the lion’s share of net inflows into equity funds during July-September quarter.

Jyothy Labs Limited announced its financial results for the quarter ended September 30, 2023. The Company delivered sales of ₹732 crores, increase of 11.1% growth against the same period last year. The stock surges by 6.28% on the NSE, trading at ₹392.50.

We expect the earnings of reality companies to improve going forward from here on keeping in mind the demand along with that interest rates have been stable. A large possibility of interest rates cut coming through next year depending upon the recovery on the domestic data points. Large projects getting executed and the number of registration run rates also being on the higher side can possibly last for some time going forward from here on.

One of the stocks that we are positive on in the real estate sector is Godrej Properties.

Brookfield India REIT reported a net operating income of ₹346.7 crore in the September quarter, up 44 per cent on year with income from operating leases rising by a third to ₹274 crore.

One of the significant transactions for the REIT in the second quarter of FY24 was the acquisition of properties in Powai and in Gurugram in an equal partnership with GIC of Singapore. The rise in operating lease rents was chiefly on this account.

Purple Finance, an Non-Banking Finance Company (NBFC) specializing in secured lending to Micro, Small, and Medium Enterprises (MSMEs) with a focus on tier III and tier IV cities of India, has successfully secured a funding of Rs 20 crore from IDFC First Bank.

Diamines & Chemicals informed the exchange that Nipun Soni has resigned from the position of the Vice President - manufacturing of the company. The stock declines by 4.96% on the NSE, trading at ₹475.25.

The stock inches up by 0.59% on the NSE, trading at ₹4,337.05.

Dhampur Bio Organics has commenced operations for Sugar season 2023-24 at all its three manufacturing units situated at Asmoli, Mansurpur and Meerganj in Uttar Pradesh with enhanced sugar crushing capacity at unit Asmoli, 12,500 TCD (from 9000 TCD to 12,500 TCD) and at Unit Meerganj, 9,000 TCD (from 5000 TCD to 9000 TCD).

The stock inches up by 0.50% on the NSE, trading at ₹161.90.

The company’s stock declines by 1.15% on the NSE, trading at ₹2,186.50.

Lagnam Spintex (19.97%)

Bliss GVS Pharma (13.27%)

Nitco (12.74%)

Tips Films (11.69%)

Creative Newtech (10.76%)

Intellect Global Transaction Banking (iGTB) has been recognised by UK-headquartered IBS Intelligence for playing a part in this transformation with Vietcombank. The stock declines by 0.53% on the NSE, trading at ₹662.30.

Advanced Enzyme Technologies reported its standalone net profit for the quarter ended September 2023 at ₹18.37 crore as against ₹13.61 crore in the same quarter previous year. The company’s stock rises by 4.30% on the NSE, trading at ₹332.35.

The stock trades at ₹360.40 on the BSE, up by 2%.

Allcargo Terminals informed the exchange about the appointment of Ashish Chandna as Chief Executive Officer of the company w.e.f. November 15, 2023. The company reported its standalone net profit for the quarter ended September 2023 at ₹10.57 crore as against ₹15.61 crore in the same quarter previous year. The stock falls by 6.40% on the NSE, trading at ₹43.90.

Zydus Lifesciences reported its standalone net profit for the quarter ended September 2023 at ₹805 crore as against ₹451.1 crore in the same quarter previous year. The stock rises by 1.91% on the NSE, trading at ₹596.

Dr Reddy (1.94%); Hindalco (1.46%); ONGC (1.14%); Sun Pharma (1.12%); BPCL (0.91%)

Major losers:

ICICI Bank (-1.46%); Bajaj Finance (-1.13%); Power Grid (-1.03%); HDFC Bank (-1.01%); Hero Motocorp (-0.94%)

Total stocks traded were 3,645. The number of stocks that recorded a 52-week high was 194, and those that hit a 52-week low was 25.

The stock rises by 2.05% on the NSE, trading at ₹193.75.

Fibe’s NBFC entity EarlySalary Services Pvt. Ltd. has raised Rs. 30 crores via issuance of Non-Convertible Debentures (NCD) which is now listed on BSE for further trading.

The issue was fully subscribed through private placement on the first day of subscription. The company also has a green shoe option of raising another Rs. 19 crore, which is also fully subscribed. AK Capital Services Ltd. was the sole arranger for the bond issuance. The issues elicited responses from HNIs, family offices, etc.

The NCDs have a face value of Rs. 1 lakh each. The issue has a maturity date of 18th March 2025. Fibe has received a BBB+/Stable rating from CARE Ratings Limited on the NCDs. This issue marks the debut of EarlySalary Services Pvt. Ltd. on the BSE exchange

The stock surges by 5.84% on the NSE, trading at ₹2,132.20.

The stock trades at ₹218.35 on the NSE, down by 0.07%.

IndusInd Bank goes live with RuPay Credit Card on UPI with the launch of ‘IndusInd Bank Platinum RuPay Credit Card’, in collaboration with the National Payments Corporation of India (NPCI). IndusInd stock inches up by 0.83% on the NSE, trading at ₹1,482.50.

Larsen & Toubro’s water and effluent treatment business has secured repeat orders from the Water Resources Department, Odisha Government, to execute Cluster XXII & Cluster XXV Mega Lift Irrigation Projects. The stock inches up by 0.15% on the NSE, trading at ₹2,979.90.

The stock rises by 1.29% on the NSE, trading at ₹883.45.

Global cotton production will likely be 5 million bales (217.7 kg) lower this season (October 2023-September 2024) as the output in China, the US, Australia and India has been affected. Though cotton prices are likely to decline in the current quarter, they are projected to increase in 2024, at least from the second quarter. However, the lower cotton production is unlikely to affect the textiles industry as it is moving towards alternatives such as synthetic and blended fibres.

Tata Steel’s results in the first half of this fiscal was poorer than expected. Its revenues and EBITDA fell 7 per cent and 51 per cent YoY respectively on the back of weak Europe earnings, higher inventory losses, and higher operating expenses that negated lower raw material costs. Liquidity tightened further (unrestricted cash of Rs 8800 crore stood below short-term debt of Rs 38100 crore), though CreditSights is not materially concerned given Tata’s strong banking relationships and access to capital markets that should facilitate debt rollover or refinancing.

Gross and net leverage worsened materially to 4.7 times and 4.3 times respectively

The free cash burn narrowed to negative Rs 5800 crore (negative Rs 13900 crore in H1 FY’23) amid ongoing capacity ramp ups across multiple locations.

JP Power (9.43%); Repco Home (7.99%); Solar Industries (5.37%); Maharashtra Seamless (5.35%); KIOCL (4.99%)

Major losers:

Camlin Fine (-4.41%); Swan Energy (-3.33%); Sobha (-2.86%); Angel One (-2.79%); Bajaj Electrical (-2.50%)

The Government of India (GoI) has announced the sale (issue/ re-issue) of (i) “New Government Security 2030” for a notified amount of ₹12,000 crore (nominal) through yield based auction using uniform price method, (ii) “7.18% Government Security 2037” for a notified amount of ₹10,000 crore (nominal) through price based auction using uniform price method, (iii) “7.25% Government Security 2063” for a notified amount of ₹12,000 crore (nominal) through price based auction using multiple price method and (iv) “New GOI SGrB 2028” for a notified amount of ₹5,000 crore (nominal) through yield based auction using uniform price method. GoI will have the option to retain additional subscription up to Rs. 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on November 10, 2023 (Friday).

The OPGSP and (draft) OEIF Framework has been brought in under one umbrella of PA-CB Circular, wherein non-bank PA who have received the in-principle approval or have their application under review from the RBI should intimate the RBI by December 30, 2023, whether they want to continue with their PA-CB activity or not. Additionally, if any authorized PA wants to commence PA-CB activity, they will require a prior approval from the RBI.

Whilst for governance, merchant on-boarding, baseline technology etc. PA-CB would be guided by PA/ PG Guidelines, however, in case of any change in PA business, the PA-CB would intimate the RBI at least 60 days prior to commencement of business in such a new activity category.

The Circular addresses the key issues that existed in cross border Payments by Payment Aggregators and formally recognises their role in such transactions. This will help pave the way for the development and greater role of Payment Aggregators in the overall cross border payment transactions.”

Key Implications:

· It brings all entities facilitating cross border payment transactions on par with domestic Payment Aggregators by requiring them to obtain authorization from the RBI. In other words, a single authorization will be required by a non-bank to undertake domestic and cross border payment transactions as a Payment Aggregator.

· Additionally, it introduced changes with respect to minimum net worth requirements and the timelines for achieving the same, account maintenance requirements and the permitted monetary value of imported / exported goods and services have been increased to Rs 25,00,000.

With Dhanteras just round the corner and one can sense the frenzy among investors to buy gold, but it is not just physical gold that is drawing investor interest, there is a growing appetite for investing in gold ETFs (exchange traded funds), which are not only considered to be safe investments governed by tight regulations, but some of these ETFs have been generating one-year returns of more than 22 per cent, ICRA Analytics, the wholly owned subsidiary of ICRA Ltd said.

The price of gold has corrected from the elevated levels as U.S. Treasury yields have gained some ground after a sharp fall, led by higher than expected jobless claims and mixed signals from the Federal Reserve (Fed) on the future outlook of interest rates. The prospect of the Israel-Palestine conflict affecting the Middle East region now seems less likely, there will be some downward pressure on gold prices.

Today, the market will focus on statements from several Fed officials, for guidance on interest rates while remaining watchful of the evolving situation in the Israel-Palestine conflict.

Participation in gold has been gradually increasing from recent lower levels, thus setting the stage for an extended rally in gold. We believe that gold will consolidate at its current prices; nonetheless, it remains a favourable investment opportunity at these levels.

Currently, we are observing resistance levels at Rs 61,700. However, a break of this resistance could open the path for further upside in gold prices. On the downside, gold may experience a correction down to Rs 59,600 levels.

Rating: HOLD | CMP: Rs2,895 | TP: Rs2,771

Q2FY24 Result Update – Healthy Q2, confident on H2 order inflows

Quick Pointers:

§ Order book stands strong at ~Rs103bn (1.2x TTM revenue), providing revenue visibility for next couple of quarters.

§ Enquiry pipeline continues to remain healthy from food & beverages, steel, distillery, chemicals etc. sectors for base orders.

Thermax (TMX) reported healthy quarterly performance, with consolidated revenue growth of 10.9% YoY and EBITDA margin expanding 211bps YoY, driven by few projects reaching above average margin recognition level in Q2FY24. Order inflows were down by 2.1% YoY to Rs19.7bn in Q2FY24 due to absence of large orders, however management is bullish for H2FY24 on order inflows front with couple of large order under discussion stage. Domestic enquiry pipeline, continues to remain healthy for medium size order from food & Beverages, Chemicals, metals etc. Exports enquiry pipeline continues to remains strong. Large orders from Oil & Gas sectors is muted while it is gaining traction in Steel & Metals sector.

We believe TMX is well placed to gain from increasing thrust on energy transition & de-carbonization initiatives led by its 1) technical expertise, 2) strong balance sheet and 3) prudent working capital management. The stock is currently trading at PE of 55.3x/47.6x/42.5x FY24/25/26E. We roll forward to Sep’25E and maintain ‘Hold’ rating with revised TP of Rs2,771 (Rs2,613 earlier), valuing it at PE of 43x Sep’25E (43x FY25E earlier).

Swan Energy (-3.41%); Lodha (-2.83%); Sobha (-2.48%); Oberoi Realty (-1.43%); Brigade (-1.06%)

Shriram Finance is witnessing relatively high delivery based activity since July 2023 when it was hovering around ₹1750-1800 levels. Stock is finally moving out of consolidation amid notable delivery volumes last week. With expectations of inclusion in Nifty index, we believe that the stock is likely to resume its upward trend.

· The open interest in the stock has been on a declining trend since September 2023 and leveraged positions have declined significantly before the recent weakness. However, marginal short additions were observed in the stock once it moved below ₹1800 levels but post earnings, stock witnessed short covering rally which helped stock to close above the breakout levels.

· On the option front, Call options base has remained largely intact. In last couple of sessions, marginal closure was experienced among ATM Call strikes. During the recent up move, ATM and deep OTM strikes saw closure of positions, which is positive sign. Moreover, the Put open interest base is firming up at 1900 and 1800 Put strikes from where the stock has witnessed a pullback recently. These levels are likely to act as strong support in the near term.

The stock declines by 0.68% on the NSE, trading at ₹900.50.

1) TCS: Up by 0.28% , trading at Rs 3,394.75.

2) Infosys: Down by 0.21%, trading at Rs 1,401.00

3) Wipro: Up by 0.47% , trading at Rs 386.55

4) TechM: Up by 0.11%, trading at Rs 1,141.65

5) HCL Tech: Up by 0.11%, trading at Rs 1,271

The stock rises by 1.78% on the NSE, trading at ₹5,433.

Crude oil futures traded lower on Tuesday morning as trade data from China disappointed the market. China is a major consumer of crude oil in the world market.

At 9.53 am on Tuesday, January Brent oil futures were at $84.75, down by 0.50 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $80.47, down by 0.43 per cent.

Honasa Consumer, a leading Indian beauty and personal care (BPC) company, made its stock market debut today at ₹330 per share, a premium of around 2% to its IPO price of ₹324. The IPO was subscribed to 7.95 times, which is a good subscription level.

While Honasa Consumer is still a relatively young company, it has quickly grown to become a major player in the Indian BPC market. The company has a diverse product portfolio that includes face care, baby care, hair care, body care, color cosmetics, and fragrances. However, the financial condition of the company is facing some turbulence, and there are other operation-related risks as well.

After receiving a decent subscription, Stock was able to give a positive listing. Investors are now suggested to book profit and exit their position.

CCI India approves acquisition of 20.51% equity shares of Indo Rama Synthetics (India) Limited (IRSL) by Mr. Aloke Lohia from Brookgrange Investment Limited and transfer of 20.51% equity shares of IRSL to Ms. Urmila Lohia by Mr. Aloke Lohia

Kingmaker Developers Private Limited, a 100% owned subsidiary of Keystone Realtors Limited, has entered into share purchase agreement to acquire 100% equity share and all preference share from existing shareholders of Real Gem BuildTech Private Limited. The stock inches up by 0.25% on the NSE, trading at ₹539.70.

Xpro India reported its unaudited financial results for the quarter ended September 2023: Revenue from operations at ₹110 crore, down by 16% (q-o-q); EBITDA ₹14.9 crore.

The stock declines by 3.63% on the NSE, trading at ₹907.50.

The equity benchmark indices declined in early trade on Tuesday after three days of rally amid weak trends in the Asian markets and unabated foreign fund outflows.

The 30-share BSE Sensex declined 216.73 points to 64,741.96. The Nifty slipped 63.05 points to 19,348.70.

The rupee depreciated 5 paise to 83.26 against the US dollar in the morning session on Tuesday, tracking a strong American currency overseas and sustained foreign fund outflows.

Forex traders said a negative trend in domestic equities also weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 83.23, then touched 83.26 against the American currency, registering a decline of 5 paise over its previous close.

On Monday, the rupee had settled at 83.21 against the US dollar.

Uno Minda board has approved allotment of 14,282 equity shares of the face value of ₹2 each, pursuant to the exercise of options by the grantees under Uno Minda Employees Stock Option Scheme, 2019. The stock rises by 2.08% on the NSE, trading at ₹592.70.

Tata Communications and Singapore Airlines Limited (SIA) announced a multi-year agreement to transform the airlines communications and collaboration tools to enhance employee productivity and boost user experience. The stock trades at ₹1,724 on the NSE, down by 0.79%.

Quess Corp announced its Q2 and H1 FY24 financial results .

Revenue at ₹4,748 crore up by 11% YoY and 3% QoQ

EBITDA at ₹164 crore up by 21% YoY and 6% QoQ

PAT at ₹71 crore up by 79% YoY and 47% QoQ

The stock rises by 3.75% on the NSE, trading at ₹443.

Energy

International and domestic crude oil futures gained after Saudi Arabia and Russia confirmed they will continue voluntary production cuts through year end.

Saudi Arabia are cutting 1-million bpd, while Russia is cutting 300,000 bpd through year end.

Earlier, prices were struggling amid demand concerns as US inventories rise, while weak economic data comes as high interest rates slow the US economy.

From an intraday perspective, international crude oil prices have started weaker on Tuesday morning in Asian trading on concerns over weak demand in China.

Investors will look EIA Short-Term Energy Outlook scheduled to be released tonight.

The range for the NYMEX WTI December is $79.80 to $81.85, while that for MCX November crude futures is 6,685 to 6,870.

NYMEX and domestic gas futures tumbled over 6% on warm weather forecasts in the U.S. for the next 8-14 days.

There’s some expectation that last week’s cold might have shrunk US inventories, but the data won’t be available until next week, as the EIA reporting system is updated.

From an intraday perspective, NYMEX natural gas prices have started marginally higher this early Tuesday morning in Asian trade.

The range for the NYMEX Gas December is $3.220 to $3.375, while that for MCX natural gas November contract is 266 to 282.

Bullion

International and domestic gold and silver prices eased on Monday on rising treasury yields and profit taking.

The Dollar also rebounded on Monday and weighed on prices.

Risk appetite improved as safe haven buying eases as geopolitical tensions appeared to have eased in the Middle East and kept upside capped.

Meanwhile, reflecting current investors sentiments, SPDR Gold Trust ETF fund, said its holdings rose 0.50% to 867.57 tonnes on Monday from 863.24 tonnes on Friday.

From an intraday perspective, LBMA spot and COMEX futures of gold and silver futures started marginally weaker this early Tuesday morning Asian trading as the dollar staged a rebound.

However, bullion prices were stuck in a small range with investors staying on the sidelines ahead of comments from Federal Reserve officials including Chair Jerome Powell this week.

Intraday, the range for COMEX December gold is between $1,975 to $1,995, while COMEX December silver is $22.930 to $23.260.

Domestically, the range for MCX gold December is 60,675 to 60,920, while that for MCX silver December is 71,825 to 72,400.

Base Metals

International and domestic copper prices ended higher on Monday supported by China’s commitment to boost imports spurred fund buying ahead of key Chinese economic data.

Chinese Premier Li Qiang said that the country would open up its economy and that its imports of goods and services would reach a cumulative $17 trillion within the next five years.

The Dollar rebounded on Monday and capped further gains.

Most other base metals also gained on Monday.

From an intraday perspective, COMEX copper has started marginally weaker this early Tuesday morning in Asian trade ahead of China’s trade data.

The range for COMEX December Copper is $3.640 to $3.735, while that for MCX copper November is 709 to 716.

So that’s it from our side, thanks for listening. Have a pleasant day.

Currency

The Indian Rupee appreciated marginally on Monday but were off session highs as U.S. dollar demand from local oil companies and importers capped gains.

The Rupee underperformed comped to its Asian peers which significantly gained this Monday’s session tracking a fall in the Dollar and U.S. Treasury yields.

The Rupee finally settled at 83.2150 compared with its close at 83.2850 in the previous session.

However, state-run banks were seen on offer and may have limited weakness.

From an intraday perspective, the Indian Rupee could start flat this Tuesday.

Gains will be capped after the Dollar and the Treasury Yields rebounded overnight.

Asian peers have started weaker this Tuesday morning and oilers buying dollars will weigh on the domestic currency.

On the other hand, RBI’s presence in the market could cap losses.

Key triggers this week for the domestic markets will be inflation and IIP data.

But investors will await Fed speak this week and the key speech from Fed chair Powell on the monetary policy.

The NDF market is indicating that the Rupee could open around 83.1900 to 83.2000 against the Dollar compared with 83.2150 in the previous session and the range for the session remains between 83.1000 to 83.3000.

Among other pairs, we expect GBPINR, the EURINR and the JPYINR spot pairs to remain range bound to lower this Tuesday’s trade.

Moving onto the overseas markets, the U.S. Dollar and U.S. Treasury Yields rebounded on Monday as investors await Fed speak this week.

The Euro, the Sterling and the Yen weakened on Monday’s session against the Dollar on broad greenback recovery.

From an intraday perspective, the U.S. Dollar Index has started flat to marginally higher against the basket of currencies this early Tuesday morning in Asian trading holding overnight gains as investors took a breather from a risk rally.

Intraday, the Dollar Index could trade in the $104.95 to $105.40 range.

The Euro, the Sterling and the Yen have started flat to marginally weaker against the Dollar this early Tuesday morning as investors look to fresh triggers.

Intraday, the Euro could trade in the $1.0705 to $1.0745 range, the Sterling could trade in $1.2310 to $1.2405, while the Yen could trade in the $149.55 to $150.25.

D B Realty has executed a share purchase agreement to dispose off/sale of its 100% stake in equity and preference shares in Real Gem Buildtech Private Limited for a consideration of approx. ₹231.42 crore to Kingmaker Developers Private Limited, a company of Rustomjee Group.

Bajaj Finserv (1.64%); Bajaj Finance (0.86%); ONGC (0.67%); Dr Reddy (0.45%); BPCL (0.44%)

Major losers:

ICICI Bank (-0.80%); Asian Paints (-0.70%); Power Grid (-0.67%); Tata Steel (-0.63%); HDFC Bank (-0.62%)

Nifty outlook:

The achievement of the 19420 provides an opportunity to pause, but exhaustion has not set in yet to call for an outright turn. We favour continued upsides towards 19475 or 19550 before a time correction sets in, without much of a price fall. Alternatively, outright fall back below 19360 could dilute the upside momentum, but a collapse is less favoured. Those playing for 19840 may continue to keep the downside marker at 19170 itself until we get past 19550. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19450 for Calls and 19300 for Puts in weekly and at 19400 for Calls and 19300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.18%, decreased future index shorts by 5.42% and increase in index options by 10.31% in Call longs, 6.13% in Call short, 13.58% in Put longs and 22.89% in Put shorts. - Read more

USD-INR outlook:

The pull back near 83.19 our pivot for yesterday reveals nothing. As long as below 83.3, prospects of deep dive down will still be alive, aiming 82.78. For the day, expect brief upsides to 83.26 or 83.3. The downsides to gain momentum, once we slip below 83.02.

The market construct is favourable for consolidation around current levels and gradual up move. The 6-day winning streak in S&P 500 provides global stability to markets. Stable crude, steady dollar, down trending US bond yields and declining gold are indicators of stability in markets.

Investors have to appreciate the fact that the rally in small and midcaps is primarily driven by retail buying on every dip. The explosive growth in demat accounts which have touched 132 million now is playing a major role in the rally in the broader market while the large caps are under pressure from FII selling. But large caps particularly ICICI Bank, HDFC Bank, RIL, Tata Motors, Bajaj Auto, L&T and Bajaj Finance have fundamental strength reinforced by the Q2 results.

FIIs turning buyers in India is only a question of time. When that happens, large caps will outperform the broader market.

Sundaram Finance Ltd | CMP Rs. 3256 | M Cap Rs. 36175 Cr | 52 W H/L 3330/2172

Results are above expectations

NII came at Rs. 762.8 Cr vs YoY Rs. 622.7 Cr, QoQ Rs. 643.8 Cr

PBP came at Rs. 527 Cr vs expectation of Rs. 469.9 Cr, YoY Rs. 426.3 Cr, QoQ Rs. 428.7 Cr

Provision came at Rs. 51.2 Cr vs expectation of Rs. 28 Cr, YoY Rs. 27.2 Cr, QoQ Rs. 63.4 Cr

PAT came at Rs. 366.4 Cr vs expectation of Rs. 306.9 Cr, YoY Rs. 303.5 Cr, QoQ Rs. 281.3 Cr

AUM came at Rs. 40106 Cr (+25% YoY, +8% QoQ)

Disbursements came at Rs. 6941 Cr (+35% YoY, +7% QoQ)

Gross NPA (%) came at 1.86% vs QoQ 1.9%

Net NPA (%) came at 1.08% vs QoQ 1%

Rstd. Loans came at 1.1% vs QoQ 1.4%

Quarter EPS is Rs. 33

Stock is trading at P/E of 25.2x FY25E EPS & 4.4x trailing P/BV

Bikaji Foods International Ltd. | CMP Rs. 502 | M Cap Rs. 12551 Cr | 52 W H/L 533/303

Results are broadly in-line with expectations

Revenue from Operations came at Rs. 608.7 Cr (26.3% QoQ, 5.5% YoY) vs expectation of Rs. 607.8 Cr, QoQ Rs. 482.1 Cr, YoY Rs. 577 Cr

EBIDTA came at Rs. 87.7 Cr (33.4% QoQ, 36.6% YoY) vs expectation of Rs. 81.6 Cr, QoQ Rs. 65.8 Cr, YoY Rs. 64.2 Cr

EBITDA Margin came at 14.4% vs expectation of 13.4%, QoQ 13.6%, YoY 11.1%

Adj. PAT came at Rs. 61.2 Cr vs expectation of Rs. 58.2 Cr, QoQ Rs. 41.6 Cr, YoY Rs. 41.5 Cr

Quarter EPS is Rs. 2.4

Stock is trading at P/E of 61.6x FY24E EPS

Greenply Industries Ltd. | CMP Rs. 164 | M Cap Rs. 2018 Cr | 52 W H/L 186/134

Result is above expectations

Revenue from Operations came at Rs. 607.7 Cr (27.6% QoQ, 22.8% YoY) vs expectation of Rs. 525.5 Cr, QoQ Rs. 476.1 Cr, YoY Rs. 494.7 Cr

EBIDTA came at Rs. 51.1 Cr (71.5% QoQ, 4.6% YoY) vs expectation of Rs. 37.8 Cr, QoQ Rs. 29.8 Cr, YoY Rs. 48.9 Cr

EBITDA Margin came at 8.4% vs expectation of 7.2%, QoQ 6.3%, YoY 9.9%

Adj. PAT came at Rs. 13.9 Cr vs expectation of Rs. 10.9 Cr, QoQ Rs. 0.8 Cr, YoY Rs. 23.6 Cr

Quarter EPS is Rs. 1.1

Stock is trading at P/E of 23x FY24E EPS

Emami Ltd. | CMP Rs. 521 | M Cap Rs. 22945 Cr | 52 W H/L 583/341

Result is in-line with expectations

Revenue from Operations came at Rs. 864.9 Cr (4.7% QoQ, 6.3% YoY) vs expectation of Rs. 853 Cr, QoQ Rs. 825.7 Cr, YoY Rs. 813.8 Cr

EBIDTA came at Rs. 233.7 Cr (23% QoQ, 19.6% YoY) vs expectation of Rs. 225.2 Cr, QoQ Rs. 190 Cr, YoY Rs. 195.4 Cr

EBITDA Margin came at 27% vs expectation of 26.4%, QoQ 23%, YoY 24%

Adj. PAT came at Rs. 178.5 Cr vs expectation of Rs. 188.6 Cr, QoQ Rs. 137.7 Cr, YoY Rs. 184.2 Cr

Quarter EPS is Rs. 4.1

Stock is trading at P/E of 28.5x FY24E EPS

Radico Khaitan Ltd. | CMP Rs. 1311 | M Cap Rs. 17529 Cr | 52 W H/L 1478/910

Result is in-line with expectations

Revenue from Operations came at Rs. 925 Cr (-3% QoQ, 21.5% YoY) vs expectation of Rs. 935.6 Cr, QoQ Rs. 953.9 Cr, YoY Rs. 761.4 Cr

EBIDTA came at Rs. 121.2 Cr (1.4% QoQ, 34.6% YoY) vs expectation of Rs. 123.3 Cr, QoQ Rs. 119.5 Cr, YoY Rs. 90.1 Cr

EBITDA Margin came at 13.1% vs expectation of 13.2%, QoQ 12.5%, YoY 11.8%

Adj. PAT came at Rs. 61.9 Cr vs expectation of Rs. 62.8 Cr, QoQ Rs. 63.2 Cr, YoY Rs. 51.8 Cr

Quarter EPS is Rs. 4.6

Stock is trading at P/E of 57.6x FY24E EPS

Honeywell Automation India Ltd. | CMP Rs. 37257 | M Cap Rs. 32941 Cr | 52 W H/L 44100/34383

Result is broadly in-line with expectations

Revenue from Operations came at Rs. 1104.2 Cr (18.4% QoQ, 39% YoY) vs expectation of Rs. 964.6 Cr, QoQ Rs. 932.3 Cr, YoY Rs. 794.3 Cr

EBIDTA came at Rs. 138.3 Cr (14.7% QoQ, 8.3% YoY) vs expectation of Rs. 140.2 Cr, QoQ Rs. 120.6 Cr, YoY Rs. 127.7 Cr

EBITDA Margin came at 12.5% vs expectation of 14.5%, QoQ 12.9%, YoY 16.1%

Adj. PAT came at Rs. 121.9 Cr vs expectation of Rs. 116.6 Cr, QoQ Rs. 103.4 Cr, YoY Rs. 117.9 Cr

Quarter EPS is Rs. 137.9

Stock is trading at P/E of 62.2x FY24E EPS

Repco Home Finance Ltd.| CMP Rs. 417 | M Cap Rs. 2470 Cr | 52 W H/L 417/168

Result is above expectations

NII came at Rs. 172.7 Cr vs expectation of Rs. 163.4 Cr, YoY Rs. 144.9 Cr, QoQ Rs. 161.9 Cr

PBP came at Rs. 133.8 Cr vs expectation of Rs. 130.3 Cr, YoY Rs. 114.1 Cr, QoQ Rs. 124.7 Cr

Provision came at Rs. 1.6 Cr vs expectation of Rs. 6.4 Cr, YoY Rs. 18.8 Cr, QoQ Rs. 5 Cr

PAT came at Rs. 98.1 Cr vs expectation of Rs. 90.7 Cr, YoY Rs. 71.2 Cr, QoQ Rs. 89.1 Cr

Loan Book came at Rs. 12922 Cr vs YoY Rs. 12068 Cr, QoQ Rs. 12655 Cr

Disbursement came at Rs. 797 Cr vs YoY Rs. 746 Cr, QoQ Rs. 684 Cr

Gross NPA came at Rs. 637.1 Cr vs QoQ Rs. 694.7 Cr at 4.93% vs QoQ 5.49%

Net NPA came at Rs. 271.6 Cr vs QoQ Rs. 337.6 Cr at 2.16% vs QoQ 2.8%

Quarter EPS is Rs. 15.7

Stock is trading at P/E of 6.9x FY25E EPS & 1x trailing P/BV

H.G. Infra Engineering Ltd. | CMP Rs. 904 | M Cap Rs. 5891 Cr | 52 W H/L 1019/532

Result is broadly in-line with expectations

Revenue from Operations came at Rs. 869.5 Cr (-31.6% QoQ, 15.6% YoY) vs expectation of Rs. 979.6 Cr, QoQ Rs. 1271.3 Cr, YoY Rs. 752.1 Cr

EBIDTA came at Rs. 138.4 Cr (-32.4% QoQ, 14.6% YoY) vs expectation of Rs. 149.9 Cr, QoQ Rs. 204.8 Cr, YoY Rs. 120.8 Cr

EBITDA Margin came at 15.9% vs expectation of 15.3%, QoQ 16.1%, YoY 16.1%

Adj. PAT came at Rs. 61.7 Cr vs expectation of Rs. 79.1 Cr, QoQ Rs. 118.4 Cr, YoY Rs. 64.6 Cr

Quarter EPS is Rs. 9.5

Stock is trading at P/E of 11.8x FY24E EPS

Gujarat State Petronet Ltd. | CMP Rs. 273 | M Cap Rs. 15383 Cr | 52 W H/L 311/223

Result is ahead of expectations

Revenue from Operations came at Rs. 529.3 Cr (20% QoQ, 21.8% YoY) vs expectation of Rs. 454.5 Cr, QoQ Rs. 441.2 Cr, YoY Rs. 434.6 Cr

EBIDTA came at Rs. 410.3 Cr (21.9% QoQ, 22.9% YoY) vs expectation of Rs. 365 Cr, QoQ Rs. 336.4 Cr, YoY Rs. 333.8 Cr

EBITDA Margin came at 77.5% vs expectation of 80.3%, QoQ 76.3%, YoY 76.8%

Adj. PAT came at Rs. 532 Cr vs expectation of Rs. 459.7 Cr, QoQ Rs. 229.3 Cr, YoY Rs. 314.2 Cr

Quarter EPS is Rs. 9.4

Stock is trading at P/E of 10.9x FY24E EPS

Gland Pharma Ltd. | CMP Rs. 1575 | M Cap Rs. 25938 Cr | 52 W H/L 1914/861

Result is above expectations

Revenue from Operations came at Rs. 1373.4 Cr (13.6% QoQ, 31.5% YoY) vs expectation of Rs. 1320.3 Cr, QoQ Rs. 1208.7 Cr, YoY Rs. 1044.4 Cr

EBIDTA came at Rs. 324.1 Cr (10.2% QoQ, 9.2% YoY) vs expectation of Rs. 306.1 Cr, QoQ Rs. 294 Cr, YoY Rs. 296.9 Cr

EBITDA Margin came at 23.6% vs expectation of 23.2%, QoQ 24.3%, YoY 28.4%

Adj. PAT came at Rs. 194.1 Cr vs expectation of Rs. 213.7 Cr, QoQ Rs. 194.1 Cr, YoY Rs. 241.2 Cr

Quarter EPS is Rs. 11.8

Stock is trading at P/E of 28.2x FY24E EPS

Hindustan Petroleum Corporation Ltd. | CMP Rs. 262 | M Cap Rs. 37166 Cr | 52 W H/L 310/201

Result ahead of Expectation

Revenue from Operations came at Rs. 95702 Cr (-14.5% QoQ, -11.7% YoY) vs expectation of Rs. 118855.5 Cr, QoQ Rs. 111960.6 Cr, YoY Rs. 108417.3 Cr

EBIDTA came at Rs. 8217 Cr (-14.9% QoQ, 16126.3% YoY) vs expectation of Rs. 5701.7 Cr, QoQ Rs. 9654.8 Cr, YoY Rs. 50.6 Cr

EBITDA Margin came at 8.6% vs expectation of 4.8%, QoQ 8.6%, YoY 0%

Adj. PAT came at Rs. 5118 Cr vs expectation of Rs. 3220.7 Cr, QoQ Rs. 6203.9 Cr, YoY Rs. -2172.1 Cr

Quarter EPS is Rs. 36.1

Stock is trading at P/E of 3.5x FY24E EPS

Quess Corp Ltd. | CMP Rs. 421 | M Cap Rs. 6243 Cr | 52 W H/L 613/337

Result is in-line with expectations

Revenue from Operations came at Rs. 4748.3 Cr (3.2% QoQ, 11.1% YoY) vs expectation of Rs. 4856.5 Cr, QoQ Rs. 4600.2 Cr, YoY Rs. 4273.3 Cr

EBIDTA came at Rs. 163.5 Cr (6.3% QoQ, 21.2% YoY) vs expectation of Rs. 166.2 Cr, QoQ Rs. 153.9 Cr, YoY Rs. 134.9 Cr

EBITDA Margin came at 3.4% vs expectation of 3.4%, QoQ 3.3%, YoY 3.2%

Adj. PAT came at Rs. 73.5 Cr vs expectation of Rs. 53.9 Cr, QoQ Rs. 47.8 Cr, YoY Rs. 42.1 Cr

Quarter EPS is Rs. 5

Stock is trading at P/E of 22.4x FY24E EPS

RateGain Travel Technologies Limited has announced a new initiative to help micro, small, and medium-sized travel businesses and professionals across the travel industry the launch of ‘World-on-Holiday’.

RateGain Travel stock declines by 1.95% on the NSE, trading at ₹687.15.

Glenmark Pharmaceuticals Ltd. has received final approval by USFDA for Fluphenazine Hydrochloride Tablets USP, 1 mg, 2.5 mg, 5 mg, and 10 mg, the generic version of Prolixin1 Tablets, 1 mg, 2.5 mg, 5 mg, and 10 mg, of Apothecon Inc.

Glenmark stock rises by 1.46% on the NSE, trading at ₹766.50.

Dynacons Systems & Solutions Limited announced establishment of a State-of-the-Art Security Operations Center (SOC) through its newly incorporated associate company CyberconsInfosec Private Limited.

China is a major consumer of crude oil in the world market. At 9.12 am on Tuesday, January Brent oil futures were at $84.76, down by 0.49 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $80.45, down by 0.46 per cent. November crude oil futures were trading at ₹6710 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6826, down by 1.70 per cent; and December futures were trading at ₹6716 as against the previous close of ₹6828, down by 1.64 per cent.

POWER GRID CORPORATION OF INDIA LTD :POWERGRID Meerut Simbhavali Transmission Limited (a Wholly Owned Subsidiary of Power Grid Corporation of India Ltd.) secured through Tariff Based Competitive Bidding) with a mandate to establish 765/400/220kV Meerut GIS Substation along with associated Transmission Lines, 400/220/132 kv Simbhaoli GIS along with associated Transmission Lines has been completely commissioned with effect from 4th November, 2023.

Cipla Limited : The drugmaker approved the transfer of the generics business to the unit Cipla Pharma and Life Sciences. The generics business will be transferred for a consideration of Rs 350 crore. The sale will be completed by Dec. 31, 2023.

Dalmia Bharat Sugar and Industries Limited : Board approval for setting up a Greenfield Sugar Plant in Uttar Pradesh for a capacity of up to 8000 TCD cane crush, 20MW Cogen and 60KLPD distillery to be set up in phased manner commensurate with the cane development activities in the area. For the first phase of 4000 TCD cane crushing capacity with 10 MW Cogen (to be operational from SS 26-27), the Board has sanctioned a capital outlay of Rs. 350 Crore, which will get financed partly through internal accruals and partly through debts. The existing capacities are Sugar – 38450 TCD, Distillery – 710 KLPD and Cogen – 126 MW. Same are 100% utilized.

K.P.R. Mill Limited : The company approved an investment of Rs 250 crore for the expansion of fabric processing capacity. Fabric processing capacity is set to increase from 25,000 MT to 37,000 MT per year. It also approved an investment of Rs 100 crore to increase solar power generation capacity to 37 MW

Zydus Lifesciences Limited :: Company informed that the transaction of acquisition by Zydus Pharmaceuticals UK Limited, (a wholly owned subsidiary of Zydus Lifesciences Limited) of entire share capital of the Target Companies from the Sellers is consummated today i.e. November 6, 2023.

GUJARAT TOOLROOM LTD : Company has a noteworthy development to share with our esteemed stakeholders. they are excited to announce that they have received a significant order valued at USD 50 million for diamonds. The order amounts to Rs. 416,07,25,000

Niraj Cement Structurals Limited : Company has received multiple work orders from Indian Railways worth Rs:164.38 Crores Excluding GST (Rs:41.32 Crores, Rs:47.52 Crores, Rs:36 Crores & 39.54 Crores)

Damodar Industries Limited :CRISIL Ratings Limited, Credit Rating Agency, has assigned Long Term Rating : CRISIL BB+/Stable (Downgraded from ‘CRISIL BBB-/Nesative’,Short Term Rating : CRISIL A4+ (Downgraded from ‘CRISIL A3’)

Transpek Industry Limited : Company has approved the proposal to list the equity shares of the Company on NSE Limited. Presently, the Company’s shares are only listed on BSE Limited. Necessary application and documents for listing the shares on NSE platform would be made in due course.

Bharat Forge Limited : J S Auto Cast Foundry India Private Limited (“JS Auto”), a step-down subsidiary of the Company, was proposing to acquire 26% of equity shares of Ratnakar Energy Private Limited (“REPL”) for the purchase of solar power under a group captive scheme as per the Electricity Act

Tata Steel Limited : Company had agreed to execute a Share Purchase and Shareholders’ Agreement with Tata Power Renewable Energy Ltd. and its wholly owned subsidiary, TP Vardhaman Surya Ltd. to acquire 26% equity shareholding in TP Vardhaman Surya Ltd.

SM Auto Stamping Limited : Board approved the proposal of Buyback up to 6,00,000 Equity Shares of the Company for an aggregate amount not exceeding Rs. 360,00,000/- where the total paid-up equity share capital, at Rs. 60/- per Equity Share .under the tender offer route using the stock exchange mechanism

Bajaj Finance: The company opened QIP on Nov. 6, 2023, with a floor price set at Rs 7,533.81 per equity share. The floor price is at a discount of 0.37% to the stock’s closing price of Rs 7,562.05 on Monday

Quess Corp: The company approved buying a 4.5% stake in Vedang Cellular Services from the promoter for Rs 6.05 crore, increasing its total stake to 96.97%. The board also approved the acquisition of an additional 46.09% stake in unit Stellarslog Technovation for Rs 6.8 crore, increasing its total stake to 100%

Central Bank of India: Ministry of Finance extended MV Rao’s term as MD and CEO till July 31, 2025, from the current notified term ending on Nov. 29, 2024

UltraTech Cement Limited : Company has received an Order from the Assistant Commissioner, CGST & C. Ex Division 3, Bhavnagar raising demand for GST of ₹ 1,14,87,546 together with interest and equivalent penalty for alleged non-payment of differential GST on royalty of mined limestone

DCW LIMITED : Company signed Power Purchase Agreements with Kaze Renewables Private Limited (“SPV” / “Power Producer”) to establish two Renewable Power Plants in Tamil Nadu having combined captive capacity of 44.5 MWp under Captive Power Scheme, whereunder the said SPV as a Captive Generator shall be supplying solar power to the Company as a Captive User for its manufacturing plant(s) located in the State of Tamil Nadu

Indian Bank : RBI conveying cancellation of Certificate of Registration (CoR) granted to Bank’s subsidiary Ind Bank Housing Ltd. (IBHL) by National Housing Bank (NHB)

NHPC LTD : Company has approved the Joint Venture Agreement for formation of Joint Venture Company [between NHPC and Andhra Pradesh Power Generation Corporation Limited (APGENCO)], subject to necessary approvals from Ministry of Power/NITI Aayog/DIPAM, for implementation of Pumped Storage Hydro Power Projects and Renewable Energy (Solar/ Floating Solar/ Wind) Projects in Andhra Pradesh.

Solara Active Pharma Sciences Ltd : Board informed that fire incident occurred at our Pondy facility in C Shift on 4th November 2023 .Out of the 76 blocks, recovery block no-40 and Special Product Packing and warehouse block no-12 were impacted. The resultant fire caused injuries to 14 operators/ contract workers.The company is ensuring utmost care and support is provided to all our employees and contract workers and their families. Currently of the 14 injured, 4 are in critical care and undergoing treatment. The remaining are undergoing treatment and are expected to be discharged soon.

Expect the market to open on a flat note after a rally in the last few sessions, mixed bag in the global markets and marginally higher closing in the US 10-Year. US stocks closed slightly higher yesterday as investors awaited guidance from Federal Reserve policymakers later in the week.

Both Nasdaq Composite and Dow Jones gained 0.2% and 0.1% respectively. US 10-year Yield gained 5bps to 4.63%. Gift Nifty is trading flat to negative. Expect a range-bound market today but stock specific action to continue. Positive sentiment in the market after the global rating agency Fitch has raised India’s medium-term potential growth estimate (GDP) by 70 basis points to 6.2% due to improvement in the employment rate and a modest increase in the working-age population.

However, Fitch reduced the GDP forecast in the other countries like Japan, China, South Korea etc. It is a clear picture that India is one of the best places in the emerging counters for investment. Moreover, good quarterly results, strong economy data and stable oil price will be positive for the market sentiment. Expects positive on metal, IT, cement and auto stocks due to favorable risk reward ratio.

Oil – Oil advanced 1% to $86/bbl after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through year-end.

Gold – Gold declined 1% TO $1976/ounce as traders assessed the Federal Reserve’s interest-rate path and the outlook for haven demand amid the Israel-Hamas war.

NIFTY-50 OUTLOOK

· NIFTY-50 closed at 2 week high recovering all the loss and trending near the 100 day average of the breakdown zone.

· On the higher side 19,450-, 19550 is the band of averages which would act as resistance zone on the higher side.

· RSI is trending above the average line and other key technical indicators are positively poised, while on the hourly charts its being overbought.

· Highest call OI has moved to 19,500 strike while on the downside the highest put OI is at 19,300 for the weekly expiry.

BANK NIFTY OUTLOOK

· BANK NIFTY has crossed the 20 day average with higher bottoms and higher tops, we expect an upward breakout from the current range.

· The current momentum can scale near to 44,300-44500 levels which is the medium term band of averages and on the downside 200 day SMA will act as support.

· RSI has crossed the average line and other key technical indicators are positively poised for a higher breakout.

· Bank Nifty 44,000 CE has the highest OI while on the downside it has moved higher to 43,500 for the put options OI.

L&T Technology Services announced collaboration with Google Cloud to harness the power of its generative AI (gen AI) technology and tools for the development of its LTTS Developer Experience Platform, known as DevX.

BULLION

“Gold and silver prices closed on a weaker note this past Monday. These safe-haven metals experienced some downward price pressure due to a recent uptick in trader and investor risk appetite. This shift in sentiment was evident in last week’s strong rally in the global stock market. Precious metals pulled back as traders focused on the rebound in Treasury yields. The pause in U.S. Federal Reserve interest rates and the less-than-optimistic U.S. non-farm payroll data did provide some support, but this was largely offset by an improvement in investor risk appetite. Consequently, investors once again moved towards riskier assets.In today’s session, we anticipate that gold and silver prices will remain volatile. Gold has a support level at $1962-1951 and faces resistance at $1988-2001. For silver, support is at $22.71-22.55, and resistance stands at $23.20-23.35. In terms of Indian Rupees (INR), gold finds support at Rs 60,540-60,370, while resistance is at Rs 61,050-61,230. Silver’s support in INR is at Rs 71,350-70,580, with resistance at Rs 72,850-73,430.”

CRUDE OIL

“Crude oil prices recovered from 3-month lows in the international markets after hefty fall in the last two weeks. Crude oil prices recovered after Saudi Arabia and Russia reaffirmed on Sunday that its voluntary output cuts remain continue until end of this year. Crude oil prices also recovered after decline in the U.S. oil rig counts last week. However, recession fears in the European Union and easing Israel-Hamas war premium limited gains of crude oil. We expect crude oil prices remain volatile in today’s session. Crude oil is having support at $81.30–80.50 and resistance is at $82.70-83.40 in today’s session. In INR crude oil has support at Rs6,740-6,650 while resistance at Rs 6,895-6,960.”

USD-INR

“The USD/INR 28th November futures contract exhibited weakness as it dropped below the 83.30 level. On the daily technical chart, the pair is trading below its trend-line support level of 83.25, and the MACD is indicating a negative divergence. However, the RSI remains above 50 on the daily technical chart. According to the daily technical analysis, the pair has support at 83.05-82.92 and faces resistance at 83.35-83.55. If the pair continues to trade below 83.30, it could potentially weaken further towards the support levels of 83.05-82.92, with resistance remaining at 83.55.”

The benchmark indices continued their positive momentum on the back of global cues, with Nifty closing 183 points higher and the Sensex up by 595 points. Metal, digital energy, and infra shares saw buying, while the PSU bank index fell almost 1% despite strong gains. From a technical perspective, the index maintained positive momentum throughout the day after the gap at the start. On the intraday chart, the index showed an uptrend continuation formation and formed a bullish candle on the daily chart, which is positive. However, the market is approaching the resistance zone which is between 19400 and 19550 levels. It is filled with hurdles of averages and retracement ratios. For short-term traders, it is advisable to buy only on dips or between 19300 and 19250 levels with a tight stop loss at 19150. It is also advisable to reduce weak long positions between 19450 and 19550 levels. The bank nifty is gradually moving towards 43750-44000 levels. The support exists at 43400 levels.

(DATAPATT IN, Mkt Cap USD 1.3 b, CMP INR 1957, TP INR 2210, 13% Upside, Neutral)

Data Patterns (DATAPATT) reported a healthy revenue growth of 23% YoY in 2QFY24, fueled by a robust traction within Radars (up 95% YoY) and Avionics (up 3.6x YoY). DATAPATT recorded strong operating performance (EBITDA margin up 340bp YoY), primarily due to an improved gross margin (up 410bp YoY) aided by the favorable business mix.

- We retain our FY24/FY25/FY26 EPS estimates. Reiterate Neutral with a TP of INR2,210 (premised on 37x FY26E EPS).

(HMN IN, Mkt Cap $2. 7 billion, CMP Rs 519, Rs 640, 23% Upside, Buy)

HMN reported 6.3% sales growth in 2QFY24 (broadly in line with our estimates), attributed to factors like poor monsoons, food inflation, and subdued demand in rural markets. Domestic business growth at 4% YoY led by 2% volume growth, which was mainly driven by channels catering to urban markets such as Modern Trade (MT) and E-commerce.

- The Navratna and Dermi Cool reported robust double-digit growth, while single-digit fall see in BoroPlus/Kesh King/ Male grooming due to low demand from price-sensitive consumers.

- The management has guided for a 200-250bp expansion in EBITDA margin and high- single digit sales growth in FY24.

- We retain our BUY rating on HMN, considering a gradual rural revival (over 50% of sales), inexpensive valuations at 28xFY25E EPS, improving revenue performance, rural distribution expansion, and increased ad spending

Gland Pharma (GLAND) delivered an in-line operational performance in 2QFY24. Core markets and India showed superior performances, with a normalization in certain key products. GLAND continued its effort to improve the operational performance of Cenexi as well.

- We maintain our FY24/FY25 estimates. We value GLAND at 26x 12M forward earnings to arrive at a TP of INR1,920.

- After posting a 31% earnings decline YoY in FY23 due to several headwinds, GLAND’s base business is back on track with a superior performance. It continues to enhance its complex portfolio, with one FTF product already filed and at least two to be submitted to regulatory authorities soon. The company has also expanded its facility for the plasma protein portfolio. Accordingly, we estimate a CAGR of 30%/23%/14% in sales/EBITDA/PAT over FY23-25. Reiterate BUY.

Bharat Forge’s 2QFY24 standalone performance was in line. The company reported record high shipment tonnage at 70.3k tons during the quarter, registering 15% YoY growth. However, the overall demand commentary was a mixed bag, as outlook for the India business remains positive while overseas business growth is anticipated to remain flattish.

- We cut our EPS by 8%/ 3% for FY24E/25E to factor in slower-than-expected ramp up in overseas subsidiaries. Reiterate BUY with a TP of INR1,250 (based on 27x Dec-25E consolidated EPS + INR133 for two gun platforms).

Divis Lab (DIVI) delivered a miss on 2QYF24 earnings. While revenue was in line with estimates, profitability was lower than expectation, partly due to lower pricing in the generic API segment.

- We reduce our earnings estimate by 5%/3% for FY24/FY25, factoring in a) increased competition in the API segment, and b) higher tax rate, partly offset by improved growth momentum in the Nutraceutical business. We value DIVI at 35x 12M forward earnings to arrive at a price target of INR3,330.

- We are building 25% earnings CAGR over FY23-25 (adjusting for COVID-led business in FY23). This is on the back of improved visibility for contracts in the custom synthesis segment as well as ramp-up in products in contrast media space. We believe the current valuation adequately factors the upside in earnings. We reiterate our Neutral stance on the stock

Volume growth and higher realization drive sales; Earnings in line with our estimates

Varun Beverages (VBL) reported a revenue growth of 22% YoY in 3QCY23, led by strong volume growth (up 15.4% YoY) and high realization (up 5.6% YoY to INR176/case) in both India and international regions.

PET chip prices softened for another quarter, resulting in a 160bp YoY gain in gross margins. Gross margin/EBITDA per unit case each grew by 9% YoY to INR97.8/INR40.1, supported by lower raw material prices.

We expect a CAGR of 17%/20%/26% in revenue/EBITDA/PAT over CY22-25. We value the stock at 47x CY25E EPS to arrive at a TP of INR1,090. We reiterate our BUY rating on the stock.

The advanced braking systems market - including the sale to domestic OEMs, aftermarket, and export - is estimated at Rs. 5,429 crore in FY23. Advanced braking systems are expected to grow at 8.9% CAGR over the next five years to reach Rs. 8,320 crore. The market would be majorly driven by the fast-growing passenger vehicle segment, followed by 2W and CVs. The PLI scheme for the automobile industry will likely propel exports, thereby supporting demand for auto components in India. Almost all vehicle segments would log robust production growth between FY23 and FY28. The company’s experience in developing complex critical safety systems and solutions has led to established relationships with several customers. The component manufacturer has served the top six 2W OEMs (in terms of production volume and value for FY23) for more than 16 years as of June 30, 2023. ASK Automobile’s profit grew at a CAGR of 28.6% during the FY21-23 period to reach Rs. 603.74 crore in FY23, demonstrating robust financial performance and positioning them for future growth.

The company’s strategic focus to strengthen its position in the EV market and leverage its experience in developing AB systems and ALP solutions is helping them develop new products for OEMs. This has enabled the company to achieve further weight reduction, enhanced performance and improved vehicle acceleration via high-performance driveline products and improved efficiencies, positioning it firmly in the market. On the valuation front, the issue is valued at a P/E of 39.8x on the upper price band based on Q1FY24 annualised earnings. We recommend a “SUBSCRIBE” for the benefit of listing gains for the issue, as most of the positives seem priced in the offering.

Escorts Kubota Limited (EKL) is anticipated to witness a favourable growth trajectory in the upcoming quarters, primarily propelled by several strategic initiatives. Notably, the company’s decision to implement a price hike in Q2FY24, resulting in a cumulative increase of 1.7% in the first half of the year, is expected to have a substantial impact in the upcoming quarter.

Moreover, the company’s exports are projected to exhibit robust performance in FY26 , especially with the entry into the US markets. In the context of the competitive landscape, EKL is proactively planning the introduction of new product lines, positioning itself to compete effectively across major markets and key segments.

The expected shortening of the replacement cycle in the tractor industry is predicted to drive volume growth in the medium term, and the establishment of an in-house NBFC is poised to fortify EKL’s sales performance. Moreover, the anticipated rise in infrastructure spending is expected to drive the company’s construction equipment business, ultimately bolstering non-agricultural tractor sales.

Additionally, the railway division is poised for double-digit growth, aided by the introduction of new product lines. Leveraging Kubota’s global distribution network is bound to enhance EKL’s export potential, especially considering the substantial contribution of 30-32% of exports through Kubota’s global network in FY23. EKL’s access to global best practices and research and development facilities via its partnership with Kubota is set to reinforce its capacity to produce and deliver innovative products at competitive propositions. With a comprehensive view of the company’s prospects, we maintain a positive stance on EKL, considering the synergy benefits arising from the collaboration with Kubota, the strategic emphasis on margin expansion, the multinational corporation (MNC) strategy, and the envisaged momentum in the railway and construction segments.

Exports from China dropped by 6.4% year-on-year in October 2023, after a 6.2% fall in the previous month and worse than market forecasts of a 3.3% decline. This marked the sixth consecutive month of declining exports.

On the global front, the US markets stalled near the unchanged line before finishing their sprint moderately higher on the green side. Meanwhile, Asian markets retreated back into the negative zone after South Korea’s Kospi index logged more than 2% losses after the country re-imposed a ban on short selling and ahead of China’s trade balance data release along with rate decision by the Reserve Bank of Australia. However, positive trends from the GIFT Nifty indicate domestic markets to open in positive territory today. In stock-specific coverage, our focus would be on Power Grid Corporation of India, Shree Cement, Apollo Tyres, Cochin Shipyard, Indian Railway Catering, and Alembic Pharma ahead of their September quarter results.

The 50-index opened 104 points higher amidst the short recovery rally and managed to reclaim the crucial pivotal resistance near 19330. The volumes remained relatively lower, however, the index also managed to reclaim its shorter-term 20 DEMA. The index is anticipated to attract further bullish strength provided the support of 19330 remains intact on a closing basis.

The Rs 834-crore initial public offering of ASK Automotive Ltd will open to public today. The issue, which comes at price band of Rs 268-282, will close on Thursday. The market lot is 53 shares.

The issue consists offer-for-sale of 2.96 crore shares by promoters Kuldip Singh Rathee and Vijay Rathee.

ASK Automotive IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

The market is expected to open lower today following weakness in

global peers. Asian stocks opened lower as fresh doubts emerged

on whether the Federal Reserve has finished with rate hikes, with

Wall Street shares struggling to gain much traction amid a rise in

bond yields. US stocks closed slightly higher on Monday as investors awaited guidance from a host of Federal Reserve

policymakers later in the week on the central bank’s policy path,

with a large amount of bond supply also due to hit the market. Oil

prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until

the end of the year, keeping supply tight, while investors watched

out for tougher U.S. sanctions on Iranian oil. Back at home, Alkem

Laboratories, Apollo Tyres, Atul, Balrampur Chini Mills, Cummins

India, Deepak Nitrite, Indian Railway Catering And Tourism Corporation, Info Edge (India), Power Grid Corporation of India,

Shree Cement, Trent, Zydus Lifesciences and a slew of other companies will announce their second quarter results today. As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign

The market is expected to open lower today following weakness in global peers. Asian stocks opened lower as fresh doubts emerged on whether the Federal Reserve has finished with rate hikes, with Wall Street shares struggling to gain much traction amid a rise in

bond yields. US stocks closed slightly higher on Monday as investors awaited guidance from a host of Federal Reserve policymakers later in the week on the central bank’s policy path,

with a large amount of bond supply also due to hit the market. Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until

the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Back at home, Alkem Laboratories, Apollo Tyres, Atul, Balrampur Chini Mills, Cummins

India, Deepak Nitrite, Indian Railway Catering And Tourism Corporation, Info Edge (India), Power Grid Corporation of India, Shree Cement, Trent, Zydus Lifesciences and a slew of other companies will announce their second quarter results today. As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign

Portfolio Investors (FPIs) sold shares worth net Rs. 549.37 crore and Domestic institutional investors bought shares worth net Rs.595.70 Crore on 6th November 2023.

Nifty showed impressive resilience during yesterday’s trading, marking its third consecutive day of gains, driven by Fitch’s positive adjustment of India’s mid-term GDP growth forecast to 6.2%, up from the previous 5.5%. The benchmark Nifty continues to surge, buoyed by robust risk sentiment as markets anticipate the conclusion of the Federal Reserve’s rate-hiking cycle. Fed-funds futures reflect reduced chances of a December rate hike, down to 9.8% from 24.6%, and rising probabilities of no rate hikes through January.

However, Q2 results from Corporate India Inc. have been underwhelming, a concern that investors seem willing to overlook as long as Nifty’s rally persists. Our outlook remains firmly bullish for Nifty, with upward targets at 19500 and 19707. Options data suggest a likely trading range of 18700-19600. In the political sphere, the upcoming state elections in Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana, and Mizoram will be closely watched. Q2 results are expected from several companies today. Trade strategies for Nifty and Bank Nifty involve buying at the current market price, setting stops, and targeting specific levels. Additionally, there’s a positive sentiment towards M&M, EICHER MOTORS, INDUSIND BANK, and L&T FINANCIAL, particularly in cases of intraday weakness. For those seeking to invest, M&M at the current market price is recommended, with specific target levels and stop set for an inter-week strategy driven by strong momentum.

The initial public offering of Protean eGov Technologies Ltd (formerly NSDL e-Governance Infrastructure) was subscribed fully on Day 1 itself, thanks to non-institutions and retail investors.

The IPO comes out with a a price band Rs 752-792. The IPO size is Rs 490 crore and the entire issue is an offer-for-sale. Investors can bid for a minimum of 18 shares in the issue, and in multiples of 18 shares thereafter.

The issue received bids for 47.16 lakh shares as against 43.78 lakh shares on offer.

Bharat Forge: Baba Kalyani, CMD

We Are In A Major Transformation Phase To Move From Components To Products: Bharat Forge

https://www.youtube.com/watch?v=G86IBCG4zl8

CCL Products: Challa Srishant, MD

Company Is Eyeing 35% Growth From Branded Business In FY25: CCL Products

https://www.youtube.com/watch?v=MZKRjbe7Yjg

Data Patterns India: Srinivasagopalan Rangarajan, Chairman

Will Maintain Revenue Growth Guidance Of 30% & Margin Of 40% In FY24: Data Patterns

https://www.youtube.com/watch?v=ekGBQW60HhU

Escorts: Bharat MadanCFO, CFO

Construction Equipment Is Seeing Very Strong Growth: Escorts Kubota

https://www.youtube.com/watch?v=OwZS_9a3lzA

JSW Infrastructure Ltd: Arun Maheshwai, Jt MD & CEO

Growth Opportunities Are Present To Expand Operations At Fujairah: JSW Infrastructure

https://www.youtube.com/watch?v=Y-608n1Cz9s

MRPL: Sanjay Varma, MD

Mandatory Shutdown In Q2 Affected Utilisations: Mangalore Refinery And Petrochemicals

https://www.youtube.com/watch?v=4vhXf2wLXx4

Poly Medicure: Himanshu Baid, MD

Will Increase Capacity In Next 6 Months Which Will Add To Rev In India Biz: Poly Medicure

https://www.youtube.com/watch?v=n9sCfkUIBic

Thermax: Ashish Bhandari, MD & CEO

Q2 Was Slightly Disappointing, Saw Project Closure Delays: Thermax

https://www.youtube.com/watch?v=-iPWLpW3iJU

Berger Paints: Abhijit Roy, MD & CEO

Value Growth Will Be Higher In H2 As Premium Products Will Do Better: Berger Paints

https://www.youtube.com/watch?v=wCcUOeL1fP4

cholamandalam investment & finance company : D Arul Selvan, CFO

Cholamandalam Investment & Finance Q2 Report; Margin Guidance For FY24 |

https://www.youtube.com/watch?v=Iglw8zFNjyc

Uber Technologies, Inc. (Pre market) (Sector-Technology)

UBS AG (Pre market) (Sector-Finance)

Air Products and Chemicals, Inc. (Pre market) (Sector-Chemicals)

Emerson Electric Company (Pre market) (Sector-Capital Goods)

KKR & Co. Inc. (Pre market) (Sector-Finance)

D.R. Horton, Inc. (Pre market) (Sector-Construction)

Fidelity National Information Services, Inc. (Pre market) (Sector- Technology)

Global Foundries Inc. (Pre market) (Sector- Technology)

Data dog, Inc. (Pre market) (Sector- Technology)

Zimmer Biomet Holdings, Inc. (Pre market) (Sector-Healthcare)

Expeditors International of Washington, Inc. (Pre market) (Sector-Capital Goods)

CNH Industrial N.V. (Pre market) (Sector-Capital Goods)

Waters Corporation (Pre market) (Sector-Healthcare)

Bentley Systems, Incorporated (Pre market) (Sector-Technology)

VistraCorp. (Pre market) (Sector- Utilities)

Evergy, Inc. (Pre market) (Sector-Utilities)

The Carlyle Group Inc. (Pre market) (Sector-Financials)

Gilead Sciences, Inc. (Post market) (Sector-Healtcare)

Occidental Petroleum Corporation (Post market) (Sector-Energy)

Devon Energy Corporation (Post market) (Sector-Energy)

Coupang, Inc. (Post market) (Sector-FMCG)

Ecopetrol S.A. (Post market) (Sector-Energy)

Extra Space Storage Inc. (Post market) (Sector-Realty)

STERIS plc (Post market) (Sector-Health care)

eBay Inc. (Post market) (Sector-Technology)

Rivian Automotive, Inc. (Post market) (Sector-Automobile)

Akamai Technologies, Inc. (Post market) (Sector-Technology)

Axon Enterprise, Inc. (Post market) (Sector-Defense)

Ovintiv Inc. (Post market) (Sector-Energy)

James Hardie Industries plc. (Post market) (Sector-Construction)

Fidelity National Financial, Inc. (Post market) (Sector-Financial)

Mosaic Company (The) (Post market) (Sector-Chemicals)

Viatris Inc. (Post market) (Sector-Healthcare)

Lucid Group, Inc. (Post market) (Sector-Automobile)

China Trade Balance (Expected: 572B vs Previous: 559B)

12:30-- EURO German Industrial Production m/m (Expected: -0.3% vs Previous: -0.2%)

19:45-- U.S. FOMC Member Barr Speaks

20.30-- U.S. FOMC Member Waller Speaks

Varun Beverages expects 45 per cent capacity expansion by summer 2024

Supriya Lifescience signs agreement with Kalinga Institute of Technology for further development of GelHeal, a protein-based cross-linked Hydrogel

Government extends MV Rao’s term as MD & CEO of Central Bank of India till July 31, 2025

Bajaj Finserv October Insurance premium up 50 percent YoY.

HDFC Life October Insurance premium up 40 percent YoY.

NIACL October Insurance premium up 15 percent YoY

Star Health October Insurance premium up 18 percent YoY.

ICICI Lombard October Insurance premium up 5 percent YoY

Bharat Forge gives positive CV outlook in India, flat in US. Ambitious EBITDA goals for FY25.

Data Patterns guides for slightly better gross & EBITDA Margin in FY24

Tata Steel to acquire 26 per cent equity shareholding in TP Vardhaman Surya

Shares of Honasa Consumer that operates famous Mamaearth outlets will be listed at the bourses today. The issue has been priced at Rs 324, at the upper end of The price band Rs 308-324.

The IPO created a lot of noise in the social media on valuation front.

However, despite that the initial public offering of Honasa Consumer saw a strong response and was subscribed 7.61 times

Net inflows for the year till October in India-focused ETFs reached $2.4 billion. That was significantly higher than the $2 billion in net inflows by October in 2014, the year net buys into India-linked ETFs peaked, said a Reuters report

Egypt announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war. According to a Bloomberg report, the country’s cabinet revealed that gas imports had ceased, leading to an increase in power cuts across Egypt. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincided with a surge in electricity demand due to warmer-than-usual temperatures. Egypt imports gas from Israel and subsequently exports some of it to Europe in the form of liquefied natural gas (LNG).

According to Bloomberg, Italian energy giant Eni was expecting Egypt to resume gas exports as domestic demand decreases. Egypt has been struggling with power cuts since the middle of the year. Officials have attributed these power outages to unseasonably high temperatures and cost-saving measures, all against the backdrop of Egypt’s most severe foreign currency crisis in decades.

Today is the last day to subscribe to ESAF Small Finance Bank public issue. The Rs 463-crore initial public offering of Kerala-based ESAF Small Finance Bank saw a strong response from investors in the first two days, as it was subscribed 8.32 times. The public issue comes at a price band of Rs 57-60.

The issue received bids for 48.03 crore shares as against 5.77 crore shares on offer. The portion reserved for retail investors was subscribed 7.91 times; HNIs 20.18 times; and QIBs 1.04 times, Employees were also keen to participate in the IPO, as their quota was subscribed 2.40 times.

(Provisional data, in Rs crore)

FIIS : SELL -549 (7,742-8,291)

DIIS : BUY +596 (8,311-7,715)

D.P. Wires Ltd

Bonus issue 1:7

Previous day Closing Price – Rs. 651.85

Ex Bonus 8 November 2023 (Tomorrow)

Last date Trade for Before Bonus Today

07 November 2023 (Today)

Derivative Segment

• Alkem Laboratories Limited

• Apollo Tyres Limited

• Balrampur Chini Mills Limited

• Cummins India Limited

• Deepak Nitrite Limited

• IRCTC Limited

• Info Edge (India) Limited

• Power Grid Corp Of India Limited

• Shree Cement Limited

• Trent Limited

• Zydus Lifesciences Limited

Cash Segment

• Alembic Pharma 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 Ltd.

• JB Chem & Pharma Ltd.

• Jyothy Labs Ltd.

• Krishna Institute of Medical Sci

• 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 Corp Limited

• 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 Ltd.

• Cosmo First Ltd.

• E.I.D. - Parry (India) Ltd.

• Easy Trip Planners Ltd.

• Elgi Equipments Ltd.

• Endurance Tech Ltd.

• EPL Ltd.

• Eris Lifesciences Ltd.

• FDC Ltd.

• Firstsource Solutions Ltd.

• Godrej Industries Ltd.

• Grindwell Norton Ltd.

• Gujarat Alkalies And Chemicals Ltd.

• Gujarat Pipavav Port Ltd.

• HEG Ltd.

• Ingersoll-Rand (India) Ltd.

• Jindal Worldwide Ltd.

• KIOCL Ltd.

• Mazagon Dock Shipbuilders Ltd.

• 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 Ltd.

• TeamLease Services Ltd.

• The New India Assurance Co Ltd.

• 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 And Retail

• Apollo Hospitals Limited

• 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 Limited

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 Ltd.

• Esab India Ltd.

• Fortis Healthcare Ltd.

• Galaxy Surfactants Ltd.

• HUDCO Ltd.

• Life Insurance Corp of India

• Shriram Properties Ltd.

• Shyam Metalics And Energy Ltd.

• Swan Energy Ltd.

• Timken India Ltd.

13 November 2023

Derivative Segment

• Grasim Industries Limited

• Manappuram Finance Limited

14 November 2023

Derivative Segment

• Nmdc Limited

Cash Segment

• Kalyan Jewellers India Ltd.

• KNR Constructions Ltd.

• Natco Pharma Ltd.

• Trident Ltd.

• Uflex Ltd.

Dividend Dates

Ex-Dividend 8 November 2023 (Tomorrow)

Last date for Cum-Dividend Today

Bigbloc Construction Ltd

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 153.2

Birlasoft Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 597.5

Great Eastern Shipping Co Ltd.

Dividend Per Share Rs.6.3

Previous day Closing Price – Rs. 779.25

Oberoi Realty Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 1247.4

Rites Ltd

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 449

Supreme Petrochem Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 577.35

Battery maker Exide Industries on Monday reported a 12.11 per cent year-on-year jump in its consolidated net profit to ₹270.32 crore for the second quarter this fiscal from ₹241.12 crore for the corresponding period last fiscal.

The company’s revenue from operations during Q2FY24 rose 13.81 per cent y-o-y at ₹4,371.52 crore as against ₹3,841.13 crore for Q2FY23, according to a stock exchange filing. Read more.

The State Bank of India has changed its tack for growing current account deposits as the Centre’s adoption of the “just-in-Time” procedure for the release of funds has reduced float for banks.

India’s largest bank has stepped up the opening of current accounts (CAs) for mid-range segment and high-value customers, newly incorporated companies, and start-ups and started transaction banking hubs to grow current accounts and make up for the reduced float.

A CA deposit is opened by businesses and enterprises for multiple payments, receipts, and other transactions. This deposit does not earn any interest. It comes with an overdraft facility. Read more.

Domestic equities rose for the third straight session on Monday amid positive global cues aided by a recovery in global bond markets and hopes that interest rates were near their peak. The Sensex surged 594 points or 0.92 per cent at 64,958 on Monday, while the Nifty settled at 19,411, up 0.94 per cent.

Nifty has gained 3 per cent from its bottom made near the 18840 zones last week on the back of positive global cues and healthy quarterly results. Read more.

Brokerage platform Zerodha on Monday said that it has resolved the technical issue relating to orderbook, positions, holdings and funds page on its trading platform after many users reported the glitch.

Zerodha faced a technical glitch related to order placement, with aggrieved users taking to X complaining of not being able to see executed orders on the brokers trading platform.

The Bengaluru-based platform informed its clients that the issue is now resolved, adding that as a “precautionary measure”, affected clients can only exit positions. Trading activity remains unaffected for the rest of users, Zerodha said.

“Due to a technical issue, some of our users faced issues viewing the orderbook, positions, holdings and funds page. This issue is now resolved. As a precautionary measure, affected clients can only exit positions. Trading activity remains unaffected for the rest of our users,” said the company.

Traders with a short-term perspective can buy the stock of EIH at current levels. The outlook is bullish. The 5 per cent rise on Monday indicates the beginning of a new leg of rally in the stock. Immediate support is at ₹228. Below that the region between ₹225 and ₹220 is a strong support from where the stock has risen well on Monday. Cluster of moving averages are poised in this region. Read more.

Here are the intraday supports and resistances for bluechip companies such as Reliance Industries, Infosys, HDFC Bank, ITC, TCS, ONGC, etc. Read more.

Oil held a modest advance after Saudi Arabia and Russia’s announcements that they would prolong supply cuts through the end of the year was balanced by a worsening demand outlook, per a Bloomberg report.

West Texas Intermediate was steady near $81 a barrel after closing 0.4% higher on Monday, while global benchmark Brent traded close to $85. The OPEC+ heavyweights announced the extension of the reductions of more than 1 million barrels a day over the weekend.

The cartel and its allies are seeking to keep a tight grip on supplies in the face of a deteriorating demand outlook, particularly in China, the biggest importer, and Europe. The war premium that buoyed prices following the Oct. 7 attack by Hamas on Israel has also now completely disappeared for WTI and is mostly gone for Brent.

Asian stocks edged lower as fresh doubts emerged on whether the Federal Reserve has finished tightening policy, with gains in US shares limited by a rise in bond yields, per a Reuters report.

Equities fell at the open in Japan and South Korea, where the Kospi Index declined almost 2%. Korea’s benchmark index had jumped by the most in more than three years on Monday after the country reimposed a full ban on short-selling. Futures pointed to early losses for Hong Kong shares, while contracts for US stocks also slipped.

Treasuries steadied after yields rose across the curve on Monday. Ten-year yields jumped eight basis points as sentiment was dented by a heavy slate of corporate debt sales and traders readied for a series of auctions beginning Tuesday.