Share Market Highlights 21 November 2023: Indices rebound after two days of fall; Nifty closes at 19,783

The rupee recovered from its all-time low level and settled 4 paise higher at 83.34 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities.

Forex traders said the rupee traded in a narrow range as dollar demand from oil marketing companies and sustained foreign fund outflows weighed on investor sentiments.

The SBI stock lost 0.42 per cent to close at ₹561.40 on NSE.

The stock rises by 4.97% on the NSE, trading at ₹88.70.

Indian equity markets closed in green after ending marginally lower for two days in a row. Benchmarks BSE Sensex and NSE Nifty surged over 0.4 per cent each on Tuesday. While Sensex gained 275.62 points or 0.42 per cent to 65,930.77, Nifty advanced 89.40 points or 0.45 per cent to 19,783.40.

Bang Overseas board has approved the proposal of raising funds by way of an issuance of equity shares of face value of ₹10 each to its eligible equity shareholders on a rights basis for a value not exceeding ₹50 crore. The stock trades at ₹70.40 on the NSE, down by 0.85%.

Lupin has received approval from USFDA for its Abbreviated New Drug Application for Pitavastatin Tablets, 1 mg, 2 mg, and 4 mg, to market a generic equivalent of Livalo® Tablets, 1 mg, 2 mg, and 4 mg, of Kowa Company Limited. The product will be manufactured at Lupin’s Pithampur facility.

The stock is up by 2.15% on the NSE, trading at ₹1,224.25.

TVS Motor Company Ltd’s shares were up by 0.28 per cent after the company launched the TVS NEO AMI 125 in Africa, catering to commuting needs with 72 new features. The company reported that the Bebek is designed around the principles of dimensions, convenience, and innovation, featuring a 124.8cc single-cylinder, fuel-injected engine.

The shares were up by 0.28 per cent to ₹1,724.10 at 3:20 pm on the BSE.

Brigade Group has expanded its brand BuzzWorks, by launching a premium workspace in Brigade Towers. This expansion is part of the BuzzWork’s plan to have over 5,000 seats in its portfolio by FY24 that includes the establishment of new centres in pivotal locations such as Hyderabad, Chennai, and Ahmedabad Gift City.

Brigade Enterprises stock is up by 2.01% on the NSE, trading at ₹747.35.

Exide Industries Limited has invested over ₹100 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions Limited, on rights basis.

The stock rises by 1.19% on the NSE, trading at ₹285.30.

Major gainers

SBI Life (2.80%); HDFC Life (2.34%); Adani Enterprises (2.31%); Hindalco (1.95%); JSW Steel (1.85%)

Major losers:

BPCL (-0.97%); LTIMindtree (-0.66%); NTPC (-0.48%); SBI (-0.39%); LT (-0.35%)

2,041 stocks advanced on BSE at 3 pm on November 21, 2023, against 1,646 stocks that declined; 143 stocks remained unchanged. Total stocks traded were 3,830. The number of stocks that recorded a 52-week high was 362, and those that hit a 52-week low was 24.

Titan Company market cap crosses Rs 3 lakh crore.

Stock is currently trading at Rs 3,387, after registering an all-time high of Rs 3,400 in early deals, up Rs 41.90 or 1.25 per cent on the BSE.

IREDA IPO has been subscribed 1:45 times as of 2:51 pm on the opening day - November 21, 2023. The QIB portion has been subscribed 1.21 times, NII 1.62 times, retail 1.51 times, and that reserved for employees at 1.43 times. The issue closes on Nov. 23.

The board of Panchsheel Organics has declared an interim dividend of ₹0.80 per share on equity shares of face value of ₹10 each for the financial year 2023-24, which is 8% of paid-up share capital.

The stock trades at ₹184.90 on the BSE, down by 0.16%.

Samvardhana Motherson International Limited will acquire 100% paid-up equity capital of Yachiyo India Manufacturing Private Ltd (YIM). The stock declines by 0.62% on the NSE, trading at ₹88.35.

TVS Motor Company has launched TVS NEO AMI 125 in Africa. The stock inches up by 0.50% on the NSE, trading at ₹1,727.90.

Paytm Payments Bank Ltd (PPBL) now enables digital payments for car parking using FASTag for parking at Amritsar Airport, which has been authorized by the Airport Authority of India (AAI). The adoption will help passengers save fuel and commute time by significantly reducing the amount of time they must wait to enter or depart the parking facility.

Ballarpur Industries board has approved allotment of 14,076 Non-Convertible Debentures Series-II of face value ₹1 lakh each at par aggregating over ₹140 crore in accordance with approved Resolution Plan on Private Placement Basis.

Investments in the infrastructure and real estate sectors have helped offset the y-o-y decline of ~25% in pure play PE/VC investments in 2023 till date: EY IVCA report”

Oberoi Realty (4.33%); Godrej Properties (2.47%); Brigade (2.44%)

Datamatics Global Services has signed a contract with a US-based company for digital experiences business. The total client target spend over 5 years is estimated at $36 million. The company’s stock rises by 1.61% on the NSE, trading at ₹621.95.

Order inflows moderate as elections draw closer

The busy elections season in the next six months is leading to a moderation in new capex activity, as per new projects data, and it is slowing order inflow momentum for large projects especially in capital goods, railways as well as the roads sectors. Management commentary from companies post Q2FY24 results corroborates the loss in pace in order awarding.

Within our capital goods coverage*, growth in inflows decelerated to 39% in Q2FY24 from 62% in Q1FY24 and 65% in Q4FY23. Likewise, in the infrastructure space, for the companies under review**, cumulative order inflow rose 49% YoY in H1FY24. However, if we were to exclude L&T, which saw large international order inflows, aggregate order inflow declined 27% YoY. Likewise, while the Ministry of Roads & Highways has spent 64% of budgetary allocation up to October 2023, new project awarding activity has fallen 48% YoY to 2,595km, highlighting that focus has shifted toward completing existing projects.

Infosys has joined hands with Proximus, Belgium’s leading digital services and communications solutions provider, to deliver an IT modernisation and consolidation project. The stock is up by 0.38% on the NSE, trading at ₹1,442.05.

The market’s current range-bound trajectory is poised to break, signalling an imminent upward movement. Positive global indicators contribute to this outlook. In today’s trading session, India’s key benchmark indices, Nifty 50 and Sensex, have opened higher. Nifty 50 is approaching 19,780, while Sensex is positioned at 65,900. The Nifty Bank is also showing strength, nearing 43,750.

Regarding Nifty, the support range is identified as 19,650-19,700, with a robust buying zone between 19,575 and 19,625. Above this range, Nifty may encounter resistance in the bracket of 19,840 to 19,900.

For Bank Nifty, a solid support level is established at 43,050-43,150, while a formidable resistance is anticipated in the range of 43,975 to 44,050 above this level.

ICRA has projected the year-on-year (YoY) growth of the GDP to moderate sequentially to 7.0% in Q2 FY2024 from 7.8% in Q1 FY2024. The GVA growth is estimated to ease to 6.8% in Q2 FY2024 from 7.8% in Q1 FY2024, driven by the services sector (to +8.2% from +10.3%) and agriculture (to +1.0% from +3.5%), amidst an improvement in industry (to +6.6% from +5.5%).

Ms. Aditi Nayar, Chief Economist, Head-Research & Outreach, ICRA Ltd said: “A normalising base and an erratic monsoon are expected to result in a sequential moderation in the GDP growth to 7.0% in Q2 FY2024 from 7.8% in Q1 FY2024. Regardless, we anticipate that the GDP expansion in this quarter will exceed the Monetary Policy Committee’s (MPC’s) October 2023 projection of 6.5%.”

Vedanta is expanding its reach in the Middle-East with a state-of-the-art Continuous Copper Rod plant in the Kingdom of Saudi Arabia. The new venture, to be set up through Vedanta’s subsidiary Malco Energy Limited, has been named Vedanta Copper International VCI Company Limited. The plant, proposed to be set up in Dammam, will have an annual production capacity close to 100 KT and will cater to rising customer requirements for high-quality wire rod. This new venture aims to meet the evolving market demands and is in alignment with the Kingdom’s 2030 vision of diversification and promoting domestic manufacturing and industrial development.

IndusInd Bank has allotted 1,37,938 equity shares of ₹10 each under the company’s ESOP. The stock declines by 0.29% on the NSE, trading at ₹1,500.50.

Coforge Ltd has approved the allotment of 14,711 equity shares having face value of ₹10 each on exercise of options under Employee Stock Option Plan of the Company. The stock trades at ₹5,663.25 on the NSE, down by 0.79%.

AAA Technologies Ltd has been appointed by Bank of Baroda to conduct IS Audit of SWIFT and RBI Operational Control and IS Audit of ISNP (Insurance Self Network Platform). The stock inches up by 0.64% on the NSE, trading at ₹79.15.

At mid-day on Tuesday, the Indian benchmark indices, Sensex and Nifty, showed steady performance. Financials saw a rebound, while the IT sector continued its rise amidst global market optimism about the possibility of a plateau in U.S. interest rates.

As of 1 p.m., the NSE Nifty 50 climbed 0.59% to 19,809.50 points, with the S&P BSE Sensex up by 0.56% at 66,019.62. The majority of Nifty’s sectoral indices, particularly metal stocks, are in positive territory, except for PSU Bank stocks.

Notably, financials with high weightage bounced back by 0.52% after the Reserve Bank of India tightened consumer credit norms, breaking a two-day decline.

The IT sector, relying significantly on U.S. revenue, continued its ascent, fuelled by hopes that the U.S. Federal Reserve might halt further rate hikes in this economic cycle

At noon trade, the BSE showcased 2,096 advancing stocks against 1,440 declining ones, with 164 remaining unchanged out of a total of 3,700 traded stocks. There were 322 stocks that recorded a 52-week high and 22 that hit a 52-week low.

Top gainers on the NSE at noon included Adani Enterprises (2.94%), Hindalco (2.42%), SBI Life (2.40%), HDFC Life (2.35%), and JSW Steel (1.87%). Meanwhile, major losers comprised BPCL (-0.65%), Tech Mahindra (-0.64%), Britannia (-0.60%), NTPC (-0.54%), and LT (-0.49%).

Tech stock updates for the day: TCS at Rs 3,529, up by 0.28%; Infy at Rs 1,442, up by 0.40%; Wipro at Rs 400.95, up by 0.24%; HCL Tech at Rs 1,325.10, up by 0.09%; TechM at Rs 1,208, down by 0.30%.

Prominent stocks hitting a 52-week high on the NSE included Sastasundar Ventures (20%), DRC Systems (19.35%), Dhunseri Investments (18.15%), Emami Realty (16.80%), and BGR Energy Systems (14.92%).

Crompton Greaves Consumer Electricals announced the launch of Energion Roverr (in 48” Sweep Size) under the Super Premium BLDC category. The stock rises by 1.38% on the NSE, trading at ₹291.

Axis Bank has allotted 1,14,879 equity shares of ₹2 each of the bank pursuant to exercise of stock options under its ESOP Scheme. The stock trades at ₹993.30 on the NSE, up by 0.47%.

KEC International Ltd.’s shares were up by 1.74 per cent after the company secured new orders worth Rs 1,005 crore across its businesses.

In the Transmission & Distribution (T&D) segment, the company secured orders for projects in India, West Asia, Europe, Africa, and the Americas, including 220 kV and 400 kV Overhead Transmission lines in West Asia, 110kV transmission lines in Europe, tower supply in West Asia, Africa, and the Americas, hardware and poles supply in Americas, and 220kV cabling works in India from a global steel producer.

Satin Creditcare Network Limited (SCNL) has been honoured with the ‘ISC-FICCI Sanitation Award’ in the category ‘Best Innovative Financial Accessibility Model for WASH’.

The stock declines by 2.32% on the NSE, trading at ₹248.40.

IREDA IPO has been subscribed 0.65 times as of 12:33 pm on the opening day - November 21, 2023. The NII portion has been subscribed 0.69 times, retail 0.99 times, and those reserved for employees at 0.93 times. The issue closes on Nov. 23.

Sastasundar Ventures (20%)

DRC Systems (19.35%)

Dhunseri Investments (18.15%)

Emami Realty (16.80%)

BGR Energy Systems (14.92%)

Mishtann Foods Ltd. to navigate the complex landscape of the global rice market, leveraging its strategic location advantage and diverse product portfolio.

The stock falls by 3.12% on the NSE, trading at ₹15.55.

STL has announced that it is well poised to cater to the demand for Optical Connectivity products and has appointed industry leaders to drive its growth ambition.

The company has hired two people in key leadership roles - David De Craemer as the Business Head and Tomasz Bednarczyk as the global R&D Head for the Optical Connectivity business.

The stock declines by 1.34% on the NSE, trading at ₹150.55.

TCS – Rs 3,529, up by 0.28 p.c.

Infy – Rs 1,442, up by 0.40 p.c.

Wipro – Rs 400.95, up by 0.24 p.c.

HCL Tech – Rs 1,325.10, up by 0.09 p.c.

TechM – Rs 1,208, down by 0.30 p.c.

Insecticides (India) Limited (IIL) launches four crop protection solutions – Nakshatra, Supremo SP, Opaque and Million. ‘Nakshatra’, a post-emergence herbicide, controls weeds to protect sugarcane crop, while ‘Opaque’ is a general weed control solution.

‘Supremo SP’, a versatile broad-spectrum systemic and contact insecticide, stands as a tool against chewing and sucking insects. Useful in tackling pests like stem borer and leaf folder in paddy.

The fourth product, ‘’MILLION’ works against Phalaris minor weed in wheat, according toRajesh Aggarwal, Managing Director of IIL.

The shares of the company are trading at Rs 542.45, up by 4.73 on BSE. Volumes up by 9 times.

Rushil Décor announced that its new MDF board plant located at Visakhapatnam, Andhra Pradesh, has been certified as a Green Building by the Indian Green Building Council (IGBC). The stock trades at ₹356.95 on the NSE, up by 0.82%.

Major gainers on the NSE at 12:

Adani Enterprises (2.94%); Hindalco (2.42%); SBI Life (2.40%); HDFC Life (2.35%); JSW Steel (1.87%)

Major losers:

BPCL (-0.65%); Tech Mahindra (-0.64%); Britannia (-0.60%); NTPC (-0.54%); LT (-0.49%)

Stocks advanced on BSE at 12 noon on November 21, 2023, were 2,096 against 1,440 stocks that declined; 164 stocks remain unchanged. Total stocks traded were 3,700. The number of stocks that recorded a 52-week high was 322, and those that hit a 52-week low was 22.

The Pre-IPO Placement comprises of 23,57,148 equity shares amounting to Rs. 329.99 crore at the upper end of the price band Rs.140. SBI Life Insurance, Star Union Dai-chi, Yasya Investments, Nuvama Crossover III, Nuvama Crossover IIIA are some of the key investors in Pre IPO placement.

Due to reduced output from operations in the top producing nations, Mexico and Peru, the world’s mined silver production is expected to decrease by 2% in 2023 to 820 million ounces from 2022 totals, according to The Silver Institute. According to the industry association, “production from Mexico is expected to fall by 16 million ounces due to the impact of Newmont’s Peñasquito operations being suspended in response to a labour strike in the second and third quarter.”

Infosys Limited has informed the exchange regarding allotment of 39,116 securities pursuant to ESOP/ESPS. The stock trades at ₹1,440.85 on the NSE, up by 0.30%.

The board of Bajaj Finance has allotted 50,000 Secured Redeemable Non-Convertible Debentures (NCD) at the face value of ₹1 lakh each, aggregating to ₹503.17 crore. The stock inches up by 0.57% on the NSE, trading at ₹7,109.10.

India Closer to Agreement With Tesla to Import EVs, Set Up Plant - Bloomberg

Aban Offshore Ltd has approved the sale of Floating Production Unit Tahara owned by the company, for a consideration of ₹20.28 crore. The stock trades at ₹51.60 on the NSE, down by 0.10%.

Bharti Airtel announced that it has over 4.1 million unique 5G customers in rest of Maharashtra beyond Mumbai. The company also announced that Airtel 5G Plus service is available across all the districts in the state within just 12 months of the launch.

The stock inches up by 0.25% on the NSE, trading at ₹963.80.

Som Distilleries & Breweries has received relevant permissions from the Excise department towards the proposed expansion of the beer capacity at our Hassan plant. The stock rises by 2.56% on the NSE, trading at ₹302.50.

TCM Ltd’s board to consider and authorise the Managing Director to sign the Joint Development Agreement, Shareholders Agreement and Memorandum of Deposit of Title Deeds with Asset Homes TCM Townships Private Limited for the Joint Development of up to 9 Acres of our Company land at Kalamassery, Ernakulam.

The stock trades at ₹41.80 on the BSE, down by 0.50%.

China’s September Sunflower Seed Imports Drop 20% Month-on-Month

According to the most recent data from the Chinese General Customs Administration, China’s imports of sunflower seeds decreased in September compared to the previous month. The amount of imports for the month was 27,435 metric tonnes (MT), which was 20% less than the 34,236 MT shipped the month before. 207,425 MT of imports have been made thus far, compared to 132,142 over the same period in the previous year.

Kalyan Jewellers India Limited informed that Pooja Krishnan has acquired 217,500 equity shares of Kalyan Jewellers India Limited by way of a gift from TS Ramachandran, Promoter Group member on November 20, 2023 through an off – market transaction. The stock trades at ₹320.85 on the NSE, up by 2.25%.

Strides Pharma Science Limited (Strides) announced that its step‐down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Levetiracetam Oral Solution USP, 100 mg/mL, from the USFDA.

The stock rises by 3.67% on the NSE, trading at ₹508.55.

Route – Open Market\u0009\u0009

Buyback Price: 7500/-\u0009\u0009

Current Market Price: 6626.85/-\u0009\u0009

Market Cap: Rs 19,558 crores

Buyback Size: ₹50 Crs (1.20% and 1.19% of the total paid-up equity share capital and free reserves)

Buyback Size: 66,666 shares (representing 0.23 % of O/s. shares)\u0009

Schedule Announced:

Record Date: 20 November 2023 (To determine the opening date of buyback)

Opening Date: 21 November 2023 (Today)

Note: Closing Date will be earlier of (i) 66 days from opening date, (ii) on deployment of the buyback amount, (iii) date determined by the Buyback Committee

Major gainers on the BSE at 11 am:

RattanIndia (7.76%); Rallis (6.51%); Titagarh (6.13%); Latent View (5.95%); Texmaco Rail (5.37%)

Major losers:

JP Power (-5.86%); KPITech (-5.36%); Rattan Power (-4.95%); JP Associates (-4.70%); REC (-3.62%)

Nifty 50 opened with a wide gap-up today and is trading higher. The index is trading at 19,770, up 0.39 per cent. It is essential to see if the Nifty can breach the 19,800-19,850 resistance in the coming sessions, as only that can strengthen the bullish momentum to take the Nifty up to 20,000. Read more

Mahindra & Mahindra has received an order from the Office of the Joint Commissioner, CGST & Central Excise Ujjain Commissionerate, Madhya Pradesh imposing a penalty under the CGST Act, amounting to ₹33,95,034 in relation to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company.

Based on its assessment, the company informed the exchange that an appeal will be filed. M&M stock trades at ₹1,552.50 on the NSE, up by 0.02%.

The IREDA IPO has been subscribed 0.30 times as of 10:45 am on the opening day - November 21, 2023. The NII portion has been subscribed 0.26 times, retail 0.49 times, and those reserved for employees at 0.41 times. The issue closes on November 23.

Laurus Labs (2.58%); Gland Pharma (2.24%); Alkem Industries (1.89%); Glaxo (1.82%); Aurobindo Pharma (1.34%

The rupee recovered from its all-time low levels and appreciated 6 paise to 83.32 against the US dollar in morning trade on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Read more

9:41 AM · Nov 21, 2023

·

2QFY24 results of BSE-500 Index companies showed further weakness in revenues (0.7% yoy decline ex-BFSI), even as earnings growth remained robust (47% yoy). Oil, gas & consumable fuels exaggerated the operating performance in 2QFY24. Companies witnessed continued expansion in margins on both qoq and yoy basis, with aggregate EBITDA margins of non-BFSI BSE-500 universe up almost 500 bps yoy. Consensus earnings estimates for the BSE-500 universe were largely stable, despite the strong yoy earnings growth in 2QFY24

Shreeji Translogistics board to consider issuance of bonus shares at its meeting on December 21, 2023. The stock surges by 5.26% on the BSE, trading at ₹75.40.

Following the acquisition, Laurus Labs informed the exchange that it holds 87.59% shareholding (on fully diluted basis) in Laurus Bio Pvt Ltd.

Laurus Labs stock rises by 3.90% on the NSE, trading at ₹382.40.

JM Financial Institutional Equities

SAMHI Hotels

Initiating Coverage BUY INR 290

SAMHI Hotels (SAMHI) is a prominent branded hotel ownership and asset management platform with one of the largest inventories of operational keys (owned and leased) in India. Its portfolio comprises 4,801 keys across 31 operating hotels in 13 of India’s key consumption centres as on date. Through its acquisition and turnaround-led business model, SAMHI has added 369 keys to its portfolio per year (since inception in FY11), making it the fastest-growing hotel owner. Going forward, SAMHI will renovate / rebrand 920 rooms and add 617 rooms (by FY28E) to its existing portfolio. We like SAMHI because of its i) ability to identify, acquire and turn around underperforming assets and ii) pan-India presence across price points. It is a play on both operating leverage (asset owner in an upcycle) and financial leverage (net debt at INR 18.4bn, down 35% compared to Mar’23; quarterly finance cost to reduce by 57% to c. INR 600mn). We estimate revenue / EBITDA to grow at a CAGR of 13% / 24% over FY23-26E (pro forma portfolio). We value the company on an EV/EBITDA basis, ascribing a 16x multiple on Sep’25E EBITDA. Our target price is based on a c.10% discount to our target multiple for Chalet Hotels, its closest peer, mainly to reflect the absence of long-range historical operating data given that SAMHI has just listed on the stock exchanges in Sep’23. We expect SAMHI to deliver on the growth and profitability metrics laid out in our financial forecasts in which case, the company’s valuation should at least converge with its closest peer’s. We initiate with a BUY rating and a Sep’24 TP of INR 290 (+84% upside).

# For the fourth day in a row, the USD/JPY is trending lower and has reached a new low since early October.

# The USD is being undermined and US bond yields are being pulled lower by dovish Fed predictions.

# Prior to the FOMC meeting minutes, any additional losses might be prevented with a more optimistic risk tone.

Zen Technologies stock surges by 5% on the NSE, trading at ₹796.45 following the receipt of new export orders.

Indian equities moved higher on Tuesday, driven by a resurgence in financials following a brief slowdown, while the information technology (IT) sector continued its upward trajectory in anticipation of U.S. interest rates reaching their peak.

The NSE Nifty 50 index climbed 0.38% to reach 19,768.50 points, while the S&P BSE Sensex saw a 0.36% increase, reaching 65,888.39 as of 10.05 a.m.

Titagarh Rail Systems experienced a 10.95% surge on the NSE, trading at ₹1,038.45, following its collaboration with ABB for metro rolling stock projects.

HCL Tech shares traded at Rs 1,329.85, marking a 0.45% increase. The stock hit a 52-week high of Rs 1,338.95, the third time within the last week.

Oberoi Realty saw a 2.61% rise on the NSE, trading at ₹1,384.20, announcing the launch of ‘Forestville by Oberoi Realty’, a luxury residential project in Kolshet.

Meanwhile, Godrej Properties reached a 52-week high of Rs 1,889.15 during early trade on Tuesday, marking its third time touching this milestone within the past week. The stock currently trades at Rs 1,875.75, reflecting a 1.40% increase from yesterday’s closing price.

HCL Tech shares trading at Rs 1,329.85, up by 0.45 p.c. The scrip traded at a 52-week high of Rs 1,338.95, the third time in the last week to hit the mark.

Kirloskar Electric stock jumps by 6.60% on the NSE, trading at ₹129.20 after the company withdrew lockout at its unit no. 15 situated at Bhudihal, Nelamangala taluk, Bengaluru Rural District.

Godrej Properties shares hit the Rs 52-week of Rs 1,889.15 in early trade on Tuesday. This is the third day in the last one week for the scrip to touch the mark.

The share is trading at Rs 1,875.75, up by 1.40% over yesterday’s close.

Oberoi Realty stock rises by 2.61% on the NSE, trading at ₹1,384.20 after announcing the launch of ‘Forestville by Oberoi Realty’, luxury residential project in Kolshet.

Sunteck Realty is one of the leading real estate developers in the Mumbai Metropolitan Region (MMR), which is the largest micro-market in the country. MMR has reported 70% higher absorption than pre-Covid levels.

Sunteck’s multi-micro-market presence, luxury offerings across price points, and proven execution track record have made it one of the biggest beneficiaries of the strong demand.

The company is likely to post 25% CAGR over FY23-26 (reaching INR31b), as it is gearing up for 2-3 new project launches. Further, Sunteck’s strong balance sheet (D/E of 0.1x), robust cash flows (cumulative OCF of INR16b over FY23-26E) and recent platform with IFC would enhance its future growth potential. We also anticipate Sunteck to deliver INR45-50b worth of units at its projects in Naigaon and Goregaon, driving 72% revenue CAGR over FY23-26 and multi-fold growth in PAT to INR3.5b.

We initiate coverage with a BUY rating and TP of INR640, implying 41% upside.

Bharti Airtel shares hit a new 52 week high value of Rs 974.55 in early today. It’s the second consecutive day for the scrip to hit the mark. Yesterday, it touched the 52-week high of Rs 964.00, reporting a spurt in volume by more than 2.28 times.

On Tuesday morning, it is trading at Rs 963.10, gaining 0.16 per cent.

Astra Microwave Products Ltd. (AMPL) is a leading designer and manufacturer of a wide array of radio frequency systems, microwave chips, and microwave based components and subsystems for defence, telecom, and space.

In Q2FY24, revenue grew by 11%, led by robust order execution. But EBITDA saw a modest increase of 3% YoY, due to higher employee costs and other expenses.

AMPL witnessed a robust order inflow of Rs.405cr in Q2, and the cur-rent order backlog is Rs.1,867cr (2.3x FY23 sales), painting a healthy earning picture for the next 1.5 years.

Management foresees a resilient long-term order pipeline, projecting cumulative opportunities of Rs.8,000cr from FY24E-28E within AMPL’s Rs.39,000cr total addressable market until 2030.

Anticipating a shift in order execution mix towards domestic orders (70% mix) in the next 2-3 years, we anticipate EBITDA margin in the range of ~21%.

Buoyed by a robust order pipeline and favourable margin profile, we value AMPL at a P/E of 30x (26x earlier) on FY25E. However, due to premium valuation concerns, we have a Reduce rating with a target price of Rs.500.

IREDA recorded a net profit of ₹579cr on a total income of ₹2,320cr in H1FY24, with net interest income rising by 20% YoY to ₹729cr in H1FY24.

IREDA has the best asset quality among compared peers, with gross NPAs decreasing to 3.1% in H1FY24 from 5.1% in H1FY23 and net NPAs declining to 1.7% from 2.7%.

IREDA benefits from access to diverse and cost-effective long-term borrowing sources, facilitated by its classification as a public finance institution and its favorable credit ratings.

At the upper price band of ₹32, IREDA is available at an P/B of 1.4x (FY23), which is at a discount to its peers.

Power-financing NBFCs are expected to continue this growth momentum, and this growth is likely to be driven by an increase in power demand, a rise in population, renewable integration, and the sustainability goals of the country.

With consistent growth in loan books, healthy return ratios, and varied financial products, IREDA is well placed to capitalize on the growth in the RE sector. We assign a “Subscribe” rating on a medium- to long-term basis.

Indian Renewable Energy Development Agency Ltd. (IREDA), a government owned NBFC with 36 years of experience, promotes and finances new and renewable energy projects, along with energy efficiency and conservation initiatives. As a Systemically Important NBFC, IREDA offers a range of financial products and services, spanning project conception to post-commissioning, covering various value chain activities including equipment manufacturing and transmission. IREDA has a diverse term loan portfolio, financing projects in various renewable energy (RE) sectors like solar, wind, hydro, transmission, biomass, waste-to-energy, ethanol, compressed biogas, hybrid RE, EEC, and green mobility.

Nifty outlook:

Sideways moves persisted yesterday on anticipated lines, with 19740 putting a lid on upswings, and bargain trickling in on all turns lower. The upside bias thus intact, expect a push higher, if able to float above 19707, but expect fluctuations on either sides of 19766 initially. A directional move may take a while to mature. - Read more

Derivative outlook:

Nifty weekly contract has highest open interest at 19800 for Calls and 19000 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19800 for Calls and 19000 for Puts in weekly and at 19700 for Calls and 19700 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 4.69%, dereased future index shorts by 1.38% and in index options by 2.34% in Call longs, 0.95% in Call short, 5.25% increase in Put longs and 5.18% increase in Put shorts. - Read more

USD-INR outlook:

Push above 83.3 has set us on a path towards 83.4 initially, and then 83.65. Favoured view expects a dip early today though, but it would require a push below 83.25 vicinity to negate upside bias, and until then, the upside trajectory will be intact. Further supports are seen at 83.19 and 83.02.

The range bound movement of the market is likely to be broken with an upward move soon. The global cues are supportive. The softening US bond yields ( the 10-year yield is at 4.41 percent ) will provide the big global macro backdrop for a market rally. The market is likely to wait till the State elections outcome is known. If the State election outcome indicates political stability after the General elections of 2024, that will act as the trigger for the rally. And, if such a rally happens, it is likely to be led by large-caps across the board in sectors like banking, IT, automobiles, capital goods, telecom, real estate and construction-related segments. Weakening Chinese growth prospects will weigh on commodities.Financials, particularly NBFCs, beaten down by the RBI decision to hike the risk weightage on unsecured loans present long-term buying opportunity.

US Tech giants Nasdaq 100 hitting 22-month high, US 10-Year bond fell to 3-month low at 4.40%, US Dollar Index decline to 3-month low at 103 level, successful US 20-Year bond selling and Japan Index surged to 33-year high, may have positive sentiment in the domestic bourses. Gift Nifty is up 67 points or 0.4%. The S&P 500 Index closed 0.7% higher, while the Nasdaq 100 gained 1.2% to the highest level since January 2022. Microsoft ended record high after hiring former OpenAI boss Sam Altman. Sentiment boosted in the US market after a $16 billion successful sale of 20-year Treasuries and markets became more confident the Federal Reserve is done hiking interest rates.

Today’s focus on IT stocks as Nasdaq listed chip maker NVidia Corp. ‘s would announce earnings today while important, US Fed minutes of meeting to be released tonight (Wednesday). The US market will be closed on Thursday while Friday will be half day. Moreover, Mizoram, Chhattisgarh, Madhya Pradesh, Rajasthan and Telangana Assembly election results will be declared on December 3.

The global financial sector powerhouse Goldman Sachs on Monday joined a growing list of major brokerages that upgraded India to ‘overweight’ category. In recent months CLSA, Morgan Stanley and Nomura have also upgraded Indian stocks. Goldman Sachs expects India’s GDP to grow at 6.5% in 2023 and a tad lower rate of 6.3% in 2024.

Oil – Brent crude gained 2% to $82/bbl and soared nearly 5% in the last two trading sessions amid speculation that OPEC+ could deepen production curbs when members gather this coming weekend.

Gold –Gold edged higher — following a slight decline in the previous session as investors shifted focus back to Treasury yields after Monday’s $16 billion sale of 20-year notes drew strong demand. Gold gained 0.5% to $1987/bbl.

NIFTY-50 OUTLOOK

· NIFTY-50 has closed in an inside range of the previous day’s candle and an either side breakout could be expected in the next few days.

· The lower top formation on daily charts, and failure to crossover the same could witness some sharp profit booking in index pivotal.

· On the higher side crossover of 19,850 levels will give a sharp up move in broader markets while on the downside support is placed at 19,550-19,600 levels.

· Highest call OI has moved to 19,900 strike while on the downside the highest put OI has moved higher to 19700 for the weekly expiry.

BANK NIFTY OUTLOOK

· BANK NIFTY has closed in a doji candle near the lower end of the band of averages and has key supports at 43,300 - 43,400 levels.

· A breakdown below the 200 day average will witness sharp sell-off in index pivotal and would push the index lower to the highest put OI strike of 43,000.

· RSI and other key technical indicators are oversold on hourly charts and can witness some bounce from current levels.

· Bank Nifty 43,800 CE has the highest OI while on the downside it has moved higher to 43,000 for the put options OI.

The US market traded within a tight range during Monday’s evening deals, following moderate gains among major benchmark averages. Lower yields boosted tech behemoths ahead of key Nvidia earnings later in the session. Ahead of Tuesday’s trade, market participants will closely monitor the FOMC minutes from the latest policy meeting, existing home sales data, and the Chicago Fed national activity index. On the commodity front, Crude prices had surged a cumulative $5 a barrel in the past three sessions after tumbling to four-month lows in the prior week. Pressure on prices came chiefly from a string of weak economic readings across the globe, raising concerns over slowing demand. Asia-Pacific markets broadly rose on Tuesday, mirroring similar moves on Wall Street after a tech-fueled rally. Indian market may open higher on Tuesday, though the upside may remain limited as investors await the minutes of the Federal Reserve’s latest monetary policy meeting for additional clues on the outlook for rates.

Nifty 50 witnessed an insipid trading session whilst the price action continued to squeeze tighter within the proximity of its penultimate day range. The tightening of price action ahead of the supply zone between 19850-19900 comes at a distance from the mean with 198000CE mounting the highest open interest which makes it crucial for the index to decisively reclaim the supply zone to attract further bullish momentum.

Supp: 19630-19560-19500

Res: 19800-19850-19900

Container Corporation of India Limited (CONCOR) stock rises by 1.63% on the NSE, trading at ₹763.20 after its association with Indraprastha Gas Limited (IGL) to explore the possibility of setting up LNG/LCNG infrastructure within the premise of CONCOR terminals.

Tata Power stock inches up by 0.86% on the NSE, trading at ₹263.10 after its subsidiary, Tata Power Renewable Energy Limited (TPREL), reported that it had crossed the 1.4 GW capacity of group captive projects in last seven months.

Titagarh Rail Systems stock jumps by 10.95% on the NSE, trading at ₹1,038.45 after its partnership with ABB for metro rolling stock projects.

IIFL Finance stock rises by 1.14% on the NSE, trading at ₹614.90 after CRISIL revised its outlook on the long-term debt instruments and bank facilities of IIFL Finance Limited and IIFL Home Finance Limited, a material subsidiary of the Company, from ‘Stable’ to ‘Positive’ and also reaffirmed the rating at ‘CRISIL AA’.

The Indian Rupee ended weaker on Monday as sustained dollar demand from state-run and foreign banks-maintained pressure on the local unit.

The Rupee finally settled at 83.3400 against the U.S. dollar versus its close at 83.2700 on Thursday.

The currency had previously closed at this level on November 10, the same day it fell to a record low of 83.42.

The rupee ended weak despite a rally in its Asian peers.

Most Asian currencies strengthened, with the offshore Chinese yuan gaining by 0.58% and leading the gains as the Dollar weakened further this Monday’s session.

Additionally, rupee has also struggled as dollar demand has persisted amid a lack of inflows.

From an intraday perspective, the Indian Rupee could start stronger this Tuesday morning against amid falling dollar and easing bond yields on rate cut expectations next year.

Most Asian peers have started stronger this early Tuesday morning and will aid sentiments.

However, persistent dollar buying interest could keep Rupee’s gain capped.

The NDF market is indicating that the Rupee could open around 83.2600 to 83.2700 against the Dollar compared with 83.3400 in the previous session and the range for the session is between 83.1300 to 83.3900.

Focus will be on the FOMC meeting minutes for clarity on the Fed rate outlook.

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

Moving onto the overseas markets, the U.S. Dollar dropped to its lowest in more than two months on Monday on expectations that U.S. interest rates have peaked.

U.S. treasury yields headed lower and weighed on sentiments.

The Euro gained against the Dollar and touched a three-month high on Monday, with a little help from ECB governing member pushing back against market expectations for rate cuts as soon as April.

The Sterling and the Yen appreciated against the Dollar on Monday tracking a slump in the Dollar Index.

From an intraday perspective, the U.S. Dollar Index has started weaker against the basket of currencies this early Tuesday morning in Asian trading as investors appeared to solidify bets that the Fed could start cutting interest rates next year.

Inventors now await the latest FOMC minutes and existing home sales data in the US for further guidance.

Intraday, the Dollar Index could trade in the $102.95 to $103.65 range.

The Euro, the Sterling and the Yen started stronger against the greenback this early Tuesday morning in Asian trading ahead of FOMC minutes.

Intraday, the Euro could trade in the $1.0910 to $1.0965 range, while the Sterling could trade in the $1.2465 to $1.2535 range and the Yen could in the $147.65 to $149.55 range this Tuesday. -- Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic copper prices gained on Monday amid lower inventories and bets of stronger demand in the near term.

Prices were also boosted by protests at a mine in Panama, a strike at a mine in Peru, growing hopes of fresh stimulus in China.

Prices also have been gaining on the back of a rebound in copper consumption supported by a pledge from China’s central bank to ensure financing support for the property sector.

The Dollar has been falling for the past 3 sessions amid economic reports showing a slowing US economy and lent support.

Meanwhile, amongst other metals, LME aluminium, lead and nickel ended stronger, while zinc eased on Monday.

From an intraday perspective, COMEX copper has started marginally stronger this early Tuesday morning in Asian trade on rising expectations of an end to the U.S. Fed’s interest rate hikes.

Existing homes sales numbers and the FOMC minutes could impact the markets.

Intraday, the range for COMEX December Copper is $3.755 to $3.845, while that for MCX copper November is 707 to 717.

So that’s it from our side, thanks for listening. Have a pleasant day. -- Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices ended flat to marginally weaker on Monday despite a slump in the dollar and weaker treasury yields.

Domestic MCX futures also closed flat to marginally weaker on Monday, tracking overseas prices.

The Dollar eased further amid economic reports showing a slowing US economy.

However, the safe haven buying has eased over the past few sessions as concerns Israel’s invasion of Gaza will spark a wider Middle East war have faded and reduced demand for bullion and kept upside capped.

From an intraday perspective, LBMA spot and COMEX futures of gold and silver futures started stronger this early Tuesday morning Asian trading supported by a weaker U.S. dollar and Treasury yields.

Investors now look forward to FOMC minutes for more clarity on the interest rate path.

Markets are widely expecting the Fed to leave rates unchanged in the December meeting and currently pricing in a greater than 50% chance of a rate cut of at least 25 basis points by May, according to CME’s FedWatch Tool.

Existing homes sales numbers ahead of the minutes could also impact the markets.

Intraday, the range for COMEX February gold is between $1,990 to $2,010, while COMEX March silver is $23.670 to $24.235.

Domestically, the range for MCX gold December is 60,565 to 60,930, while that for MCX silver December is 72,690 to 73,795. === Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic crude oil futures extended gains on Monday on expectations OPEC+ will take steps to further restrict supply.

OPEC+ will meet on November 26 amid reports the cartel will take additional steps to boost prices.

Moreover, Saudi Arabia and Russia also are expected to extend their cuts into 2024 amid rising non-OPEC supply and a slowing US economy that is hampering demand and swelling inventories.

From an intraday perspective, international crude oil prices have started flat to marginally higher this early Tuesday morning in Asian trading underpinned by growing expectations that OPEC+ will reduce supply further to bolster prices ahead of its meeting on Nov. 26.

The range for the NYMEX WTI January is $76.00 to $79.05, while that for MCX December crude futures is 6,185 to 6,430.

NYMEX and domestic gas futures continued to ease on Monday as supply remains high, boosting inventories.

The price fall came even after long-term forecasts from the National Weather Service expect almost all states to be cooler than seasonal over the next six to 14 days.

From an intraday perspective, NYMEX natural gas prices have started with small cuts this early Tuesday morning in Asian amid rising inventories.

But cooler weather predictions could cap downside.

The range for the NYMEX Gas January is $3.015 to $3.110, while that for MCX natural gas November contract is 237 to 256. -- Sriram Iyer, Senior Research Analyst at Reliance Securities

Major gainers on the NSE at 9:30 am:

Hindalco (2.24%); Adani Enterprises (1.97%); JSW Steel (1.54%); Tata Steel (1.41%); Bajaj Finserv (1.02%)

Major losers:

Britannia (-0.40%); Tata Consumer (-0.37%); Apollo Hospitals (-0.35%); BPCL (-0.19%); Nestle India (-0.12%)

BANK NIFTY has closed in a doji candle near the lower end of the band of averages and has key supports at 43,300 - 43,400 levels. f A breakdown below the 200 day average will witness sharp selloff in index pivotal and would push the index lower to the highest put OI strike of 43,000. f RSI and other key technical indicators is oversold on hourly charts and can witness some bounce from current levels. f Bank Nifty 43,800 CE has the highest OI while on the downside it has moved higher to 43,000 for the put options OI. - Vikas Jain, Senior Research Analyst at Reliance Securities.

NIFTY-50 has closed in an inside range of the previous day candle and an either side breakout could ne expected in the next few days. f The lower top formation on daily charts, and failure to crossover the same could witness some sharp profit booking in index pivotal. f On the higher side crossover of 19,850 levels will give a sharp up move in broader markets while on the downside support is placed at 19,550-19,600 levels. f Highest call OI has moved to 19,900 strike while on the downside the highest put OI has moved higher to 19700 for the weekly expiry. - Vikas Jain, Senior Research Analyst at Reliance Securities.

KEC International Ltd., an RPG Group Company, has secured new orders of ₹1,005 crore across its various businesses. The company’s stock is up by 1.92% on the NSE, trading at ₹610.85.

Crude oil futures traded lower on Tuesday morning as the market waited for the release of the minutes of the meeting of the US Federal Reserve amidst the speculations of further production cuts by some members of OPEC (Organisation of the Petroleum Exporting Countries) in the coming days. At 9.19 am on Tuesday, January Brent oil futures were at $81.97, down by 0.43 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $77.50, down by 0.42 per cent. December crude oil futures were trading at ₹6477 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6543, down by 1.01 per cent; and January futures were trading at ₹6499 as against the previous close of ₹6550, down by 0.78 per cent.

Office space leased to WeWork India in a DLF-owned commercial building in Gurugram has been acquired by the developer for Rs 81 crore, sale registration documents showed.

The co-working space operator had leased the 31,254-square feet office space in 2018 at DLF’s ‘Two Horizon Centre’ for 10 years at a monthly rent of Rs 135 per square feet. The lease had a rent escalation clause of 15 per cent every three years, from the date of rent commencement.

The Indian benchmark indices, Sensex and Nifty, kicked off positively on Tuesday, influenced by global cues. The 30-share BSE Sensex surged by 205.31 points to reach 65,860.46 in early trade, while the NSE Nifty saw a gain of 67.30 points, reaching 19,761.30. Notable gainers from the Nifty pack included Hindalco, JSW Steel, HDFC Life, Tata Steel, and Coal India, while Tata Consumer, BPCL, Cipla, Britannia, and M&M lagged behind.

Despite the optimistic start, analysts foresee the market to remain within a narrow range due to limited participation and a lack of triggers. Consequently, sector rotation and specific stock movements are expected to persist.

Avdhut Bagkar Technical and Derivatives Analyst, StoxBox, said the 50-index continued to trade torpidly minimising its trading range yet another time within the proximity of its previous day’s range on relatively lower volume while the VIX surged 2.71% intraday. This tightening of price action comes ahead of the immediate supply zone of 19850-19900. “On the derivative front too, the 19800 CE continued to see the highest build-up of open interest indicating immediate resistance,” he added.

Santosh Meena, Head of Research, Swastika Investmart Ltd., said: Anticipating a period of consolidation in the absence of clear global cues, the market’s trajectory will likely hinge on the movements of US bond yields, the dollar index, and crude oil prices, as well as institutional flows. The market’s stability may be influenced until the conclusion of state elections, at which point a discernible trend might materialise.

Vinod Nair, Head of Research at Geojit Financial Services, said: “Elevated long-term interest rate trends and a weakening global economy continue to hurt inflows and market movement. “

The recent softening of inflation in the US & India and the negative trend of crude are expected to help the view on global equity and India in the short term, he said. In that context, the ease in FIIs selling is helping the domestic markets but continues to consolidate primarily due to India’s premium valuation relative to global peers. “In this scenario, the IT sector is benefiting; however, valuation continues to be on the higher side compared to long-term history, suggesting a cautious approach in the sector in the medium term,” he added.

Religare’s Board of Directors on Monday asserted that the ESOPs of CARE Health Insurance, a subsidiary of Religare Enterprises, granted to Rashmi Saluja was above board and in full conformity with the insurance regulator IRDAI’s guidelines.

The CARE Health Insurance ESOPs were granted to Rashmi Saluja only in her capacity as an employee/ executive director and Chairperson of Religare Enterprises Ltd (REL), the Board of Directors of REL said in a statement.

These CARE ESOPs — 2,27,11,327 options to purchase shares of CARE — were not to be granted in her capacity as Non-executive Chairperson of Care Health Insurance, it added.

Broking stocks have been on the rise at the bourses in the last couple of years, thanks to strong financial performance on the back of heavy participation by retail investors. Analysts said the Covid-19 lockdown brought hordes of investors into the equity market and pushed up trading activity. Even after normalcy returned, tradingremains robust, boosting the performance of broking companies.

A quick glance at some of the listed brokerages including Angel One, 5paisa Capital, ICICI Securities, Motilal Oswal Financial Services, Geojit Financial Services and Choice International is proof.

Sanofi India has reported a strong Q2 quarter, which was far above internal expectations. Revenue grew about 3.3 per cent y-o-y, while PAT grew around 16.3 per cent y-o-y to ₹152 crore. The company’s focus is on its core areas of diabetes, cardiology, gastro, vaccines, and CNS, which should continue to propel strong growth ahead, besides undergoing cost-rationalisation measures. As a result, we expect about 8 per cent PAT CAGR over the next two years.

Hitachi Energy India Ltd (HEIL) offers engineering, products, projects, and services for electricity transmission and related activities in India and internationally.

Aggressive capacity addition along with overhaul of existing system a big opportunity for companies like Hitachi Energy. Around 280 to 300 GW of additional power generation capacity to come in next 5/6 years. In continuance of our Power Sector theme, we initiate coverage on Hitachi Energy Ltd (erstwhile ABB Power Products and Systems India) with a Buy rating.

Citi on NMDC: Maintain Buy on Company, hike target price at Rs 190

Jefferies on Tata Steel: Maintain Buy on Company, target price at Rs 145

MOSL on Sunteck: Initiate Buy on Company, target price at Rs 640

Bernstein on IT Stocks: Remain Positive On Selective Large Caps Like Infosys & TCS

Macquarie on Pharma: Indian pharma stocks are at a sweet spot. Prefer Sun Pharma, Aurobindo, Dr Reddy, Mankind, Eris Life and Lupin

Macquarie on Banks: There could be near term supply related concerns which can impact loan growth

Incred on SBI Cards: Downgrade to Reduce on Company, cut target price at Rs 600

Incred on Timken: Downgrade to Reduce on Company, cut target price at Rs 2856

Credit offtake continued to grow, increasing by 20.4% year on year (y-o-y) to reach Rs. 155.7 lakh crore for the fortnight ending November 03, 2023. This surge is also due to the impact of HDFC’s merger with HDFC Bank and growth in personal loans. If we exclude the impact of the merger, credit grew at a lower rate of 15.9% y-o-y fortnight compared to last year’s growth of 17.0%. The outlook for bank credit offtake continued to remain positive for FY24.

Deposits too grew by 13.5% y-o-y for the fortnight (including the merger impact). Excluding merger impact growth stood at 12.7%. Sequentially we saw an increase of 0.5%. Deposit growth is expected to improve compared to current trends in FY24 as banks look to shore up their liability franchise and ensure that deposit growth does not constrain the credit offtake.

The short-term Weighted Average Call Rate (WACR) stood at 6.77% as of November 10, 2023, compared to 6.16% on November 11, 2022, due to pressure on short-term rates.

“We believe IREDA IPO gives an investor an opportunity to invest in Mini Ratna CPSE which is the largest pure play in green financing Systemically Important Non-Deposit-taking Non-Banking Finance Company (NBFC-ND-SI). We think as India’s ambitious renewable energy goals and IREDA’s position as the largest green financing NBFC, the company stands as a trusted brand in a rapidly expanding sector. We also believe IREDA plays a pivotal role in shaping and implementing policies for the renewable energy sector, aligning with the Government of India’s objectives. With the digitized process for efficiency, IREDA would ensure its physical presence across key locations in India and a comprehensive data-based credit appraisal process with risk-based pricing contribute to efficient post-disbursement project monitoring and recovery. We also think IREDA maintains a competitive average cost of borrowing, benefiting from its classification as a Public Finance Institution with high credit ratings and access to diverse funding options would provide cost-effective access to long-term capital.

The initial public offering of Indian Renewable Energy Development Agency Ltd opens today for public subscription. The issue comes out with a price band of Rs 30-32 and closes on November 23 (Thursday). The size of the IPO is Rs 2,150.21 crore - a fresh issue of 40.32 crore shares aggregating to ₹1,290.13 crore and an offer for sale (OFS) of 26.88 crore shares worth ₹860.08 crore.

The lot size is 460 shares.

Buzzing stocks: BSE, IRCTC, ABB, Titagarh Rail, SBI, KM Sugar Mills, Adani Enterprises, Tech Mahindra, Vascon Engineers, Concor, Indraprastha Gas, RateGain, HCKK Ventures, DCW, Oberoi Realty, Tata Power, Diamines and Chemicals, Kirloskar Electric Co, ABB, Titagarh Rail Systems, LTIMindtree, ICRA

The IPO will open for bids on Tuesday. The company plans to raise Rs 2,150 crore with a combination of fresh and offer-for-sale issue. The price band is fixed at Rs 30 to 32 apiece. The company has mopped up Rs 643.26 crore from anchor investors.

NRB Bearings: Promoter Harshbeena Zaveri bought 12,814 shares between Nov. 16 and 17.

Deccan Gold Mines: Promoter group Rama Mines Mauritius sold 54,453 shares between Nov. 15 and 17.

DB Realty: Promoter group Neelkamal Tower Construction sold 73 lakh shares on Nov. 16.

Price band revised from 10% to 5%: KPI Green.

Ex/record date Interim dividend: E.I.D. Parry (India), EPL, Gujarat Pipavav Port, Oil And Natural Gas Corp., Rmc Switchgears, Senco Gold, Sun TV Network, Talbros Engineering, Tide Water Oil (India).

Ex/record date Final dividend: Gillette India, National Peroxide.

Move into a short-term ASM framework: All Cargo Terminals, Naga Dhunseri Group, Sumit Woods, GE Power, Hisar Metal, Solar Industries.

Move Out of short-term ASM framework: Sata Sundar, Intense Technology, Atlanta.

Tata Power: Tata Power Renewable Energy crossed the 1.4-gigawatt capacity of group captive projects in the last seven months, aided by the signing of power delivery agreements with various industries across segments.

Adani Enterprises: Mumbai Travel Retail Pvt., a subsidiary of Adani Enterprises Ltd., has incorporated its wholly-owned subsidiary, MTRPL Macau Ltd., to set up tobacco shops at Macau International Airport.

State Bank of India: The government appointed Vinay Tonse as MD of the bank till Nov. 30, 2025.

Tech Mahindra: Tech Mahindra Americas signed a collaboration deed with Neom Tech for providing digital services. It will incorporate a new subsidiary for provide product and platform development services to Neom Group companies

ABB India, Titagarh Rail Systems: ABB India has formed a strategic partnership with Titagarh Rail Systems for the supply of propulsion systems for metro rolling stock projects in India.

IRCTC: The company received Railway Ministry permission for long-term tenders for a period of seven years through clustering of trains. The Rail Neer plant has commenced commercial production, and the production capacity of the plant is 72,000 litres per day.

Oberoi Realty: The company announced the launch of ‘Forestville by Oberoi Realty’, the first luxury residential project in Kolshet, Thane. The company launched the first phase of this development, consisting of three towers.

Concor: Container Corp. signed a MoU with Indraprastha Gas for setting up LNG and LCNG infrastructure at the company’s terminals to explore the possibility of transporting LNG through railway rakes from LNG terminals near sea ports like Dahej.

ICICI Lombard General Insurance: The company appointed Sanjeev Mantri as the MD and CEO for a period of five years, effective Dec 1, 2023, to Nov. 30, 2028.

Manappuram Finance: The Reserve Bank of India imposed a monetary penalty on Manappuram Finance of Rs 42.78 lakh for non-compliance with certain provisions of the ‘NBFCs - Systemically Important Non-Deposit-Taking Company and Deposit-Taking Company (Reserve Bank) Directions, 2016’.

Satin Creditcare Network: The company’s board of directors considered and approved the issuance of 5,000 non-convertible debentures with a face value of Rs 1 lakh each and an aggregate face value of Rs 50 crore only, including a green shoe option of 2,500 non-convertible debentures.

Mishra Dhatu Nigam: Saket Chaturvedi, CEO of MiG Complex at HAL, committed during a meeting with Mishra Dhatu Nigam to collaborate with MIDHANI in the indigenous development of strategic materials that find application in the production and maintenance of aeroengines.

Bayer CropScience: The company received a GST demand and a penalty of Rs 85.5 lakh each from the Rajasthan GST authority.

Vascon Engineering: The company received a letter of intent from Pimpri Chinchwad Municipal Corporation, Pune, to construct a general hospital building for PCMC Hospital in Moshi, Pimpri-Chinchwad, Pune, for Rs 356.78 crore.

RateGain Travel Technologies: The company raised Rs 600 crore from qualified institutional buyers through the issue of 93.3 lakh shares at a face value of Rs 1 each.

Karnataka Bank: The bank has entered into a strategic corporate tie-up with HDFC Life Insurance Co. to provide products to its customers. Through the partnership, it plans to provide innovative and customer-friendly solutions to those who are in search of financial security and life protection.

Inox Wind: Company created a pledge of 27.8 lakh shares on Nov. 16.

Inox Wind Energy: Company created a pledge of 96.2 lakh shares on Nov. 16.

Mishtan Foods: Aruna R Jain sold 60 lakh shares at Rs 16.16 per share

DB Realty: Promoter group Neelkamal Tower sold 73 lakh shares on Nov. 16.

ICICI Lombard has appointed Sanjeev Mantri as the MD and CEO for a period of five years, effective Dec 1, 2023, to Nov. 30, 2028.

Karnataka Bank Limited has inked pact with HDFC Life Insurance Company Limited to distribute Life Insurance product.

Last date for Cum-Dividend Today

Crisil Ltd.

Dividend Per Share Rs.11

Previous day Closing Price – Rs. 4230.45

Ingersoll-Rand (India) Ltd.

Dividend Per Share Rs.50

Previous day Closing Price – Rs. 2961.1

Ipca Laboratories Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 1060.3

National Aluminium Co. Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 92.59

Oil India Ltd.

Dividend Per Share Rs.3.5

Previous day Closing Price – Rs. 314

Pearl Global Industries Limited

Dividend Per Share Rs.12.5

Previous day Closing Price – Rs. 1310

T D Power Systems Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 276.7

BHEL

CHAMBAL

DELTACORP

HINDCOPPER

IBULHSGFIN

INDIACEM

MANAPPURAM

MCX

NMDC

RBLBANK

ZEEL

NVIDIA Corporation. (Post market) (Sector- Technology)

Lowe’s Companies, Inc. (Pre market) (Sector- Retail)

Medtronic plc (Pre market) (Sector- Healthcare)

Analog Devices, Inc. (Pre market) (Sector- Technology)

Autodesk, Inc. (Post market) (Sector- Technology)

Baidu, Inc. (Pre market) (Sector- Technology)

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

Jacobs Solutions Inc. (Pre market) (Sector- Construction)

Best Buy Co., Inc. (Pre market) (Sector- Retail)

20.30 U.S. Existing Home sales (Expected: 3.90M vs Previous: 3.96M)

21.30 Euro ECB President Legarde Speaks

00.30 U.S. FOMC Meeting Minutes

FIIS : SELL -646 (8,776-9,422)

DIIS : BUY +77 (6,446-6,369)

eClerx Services: Srinivasan Nadadhur, CFO

eCLERX Services Q2FY24: Revenue, Profit Rises

https://www.youtube.com/watch?v=RNEQIPbaRQ4

Garden Reach Sh: PR Hari, CMD

GRSE: FY24 Orderbook Check, Growth, Revenue & More

https://www.youtube.com/watch?v=Fxz-gTAiX10

IDBI Bank: Suresh Khatanhar, DMD

Impact Of 40-50 Bps On CRAR Due To New RBI Norms

https://www.youtube.com/watch?v=3Lm_MHwUXDM

Indian Energy Exchange: Rohit Bajaj, Executive Director - Business Development

IEX: Update On Market Coupling, Growth, New Products & More

https://www.youtube.com/watch?v=l3lj0Xhswxc

India Pesticide: Dheeraj Kumar Jain, CEO

Oversupply From China To Normalise In the Next 2 Quarters: India Pesticides, CEO

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

Man Industries: Nikhil Mansukhani, MD

Man Industries: Robust Growth Trajectory, Eyes 5500-6000 Cr Top Line In Next 3 Yrs

https://www.youtube.com/watch?v=APB16iaAYi8

Metropolis: Ameera Shah, MD

Could Look At A Potential Price Rise In The Next Year: Metropolis Healthcare

https://www.youtube.com/watch?v=8xtZDPdj0UU

Ratnamani Metal: Manoj Sanghvi, Business Unit Head

We Have Outperformed Our Margin Guidance In The First 2 Quarters: Ratnamani Metals

https://www.youtube.com/watch?v=OcM8Ad6X0oA

Somany Ceramics: Abhishek Somany, MD

Demand On Back Of Uptrend In Real Estate Will Start Showing Up Next Year Onwards: Somany Ceramics

https://www.youtube.com/watch?v=xrUax3RLUwk

Tata Technologi: Warren Kevin Harris, MD & CEO

Saw More Than 200Bps Improvements In Margin: Tata Technologies

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

Events today…

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Results today…

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Replays available at www.researchbytes.com

Hitachi Energy India Limited has withdrawn a joint memo of settlement with BGR Energy Systems Limited, resulting in the withdrawal of legal proceedings. BGR has returned bank guarantees worth Rs 15.16 Crore and will pay the remaining dues of Rs 3.74 Crores by November 30, 2023. The company has received the order from the High Court of Madras. There is no impact on the financial or operational activities of Hitachi Energy India Limited.

Tata Power Renewable Energy (TPREL) said on Monday that it has crossed the 1.4-gigawatt (GW) capacity of group captive projects in the last seven months.

This achievement is the result of signing of Power Delivery Agreements (PDA) with various industries across segments, the company, a subsidiary of Tata Power, said.

Some of the prominent group captive projects that TPREL has signed in the last six months include collaborations with Tata Steel, Tata Motors, Mukand (a Bajaj Group company), Supreme Petrochem, Xpro India, Neosym Industry, Chalet Hotels, Sanyo Special Steel Manufacturing India, ANAND Group, Endurance Technologies, etc, it added.

Rategain Technologies on Monday said that the fund raise committee of the company has approved allotment of 93.31 lakh shares of face value ₹1 each to eligible qualified institutional buyers at ₹643 a share, aggregating to ₹600 crore. The allotment price is at a discount of ₹33.66 (4.97 per cent) of the floor price of ₹676.66, the company said in a notice to the stock exchanges.

Rategain stock rises by 1.09% on the NSE, trading at ₹723.70.

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

The short-term outlook for NCC is bullish. The stock has begun the week on a strong note by rising 5.9 per cent on Monday. This confirms the end of the correction that was in place since September. It also indicates that a new leg of upmove has begun with in its overall long-term uptrend. Strong support is around ₹160.

Gold prices rose on Tuesday, supported by a weaker U.S. dollar as investors look forward to minutes from Federal Reserve’s latest meeting for more guidance on its interest rate outlook.

Spot gold was up 0.3% at $1,983.81 per ounce. U.S. gold futures also gained 0.3% to $1,985.70.

Spot silver rose 0.5% to $23.52 per ounce, while platinum was up 0.1% at $919.40. Palladium was flat at $1,077.14 per ounce. - Reuters

Asian stocks are displaying limited momentum or a slightly negative trend today, despite the positive performance of Wall Street. The Nikkei 225 in Japan declined by 0.11% (or 35.18 points), reaching 33,352.85, while the broader TOPIX dropped 0.35% (8.21 points) to 2,364.69. Conversely, South Korea’s KOSPI ascended by 0.70% (17.45 points) to 2,509.22, and Australia’s S&P/ASX 200 edged up by 0.13% (9.50 points) to 7,067.90.

Japanese stocks recently reached heights unseen since 1990 due to robust earnings and offshore demand, leading to a three-week streak of gains. Although the Nikkei experienced profit-taking, it remains up by 8.2% for the current month, closely followed by the Topix.

In the United States overnight, the Dow Jones Industrial Average increased by 203.76 points (0.58%) to 35,151.04, the S&P 500 rose by 33.36 points (0.74%) to 4,547.38, and the Nasdaq Composite added 159.05 points (1.13%) to 14,284.53.

Wall Street’s three major stock averages closed higher on Monday with Nasdaq’s 1% rally leading the charge as heavyweight Microsoft hit a record high after it hired prominent artificial intelligence executives.

The Nasdaq boasted its highest closing level since July 31 while the S&P 500 registered its highest close since Aug. 1.

The S&P 500’s information technology sub-index ended up 1.5% and was the top gainer among the S&P 500’s 11 major sectors. Its biggest boost came from Microsoft shares which touched a record high and ended up 2%.

Microsoft CEO Satya Nadella said Sam Altman, who headed OpenAI until he was ousted late last week, was set to join Microsoft to lead a new advanced AI research team. Microsoft will also take on Greg Brockman, another OpenAI cofounder, as well as other researchers.

The news set a positive tone for the market with other heavyweight technology stocks including Nvidia and Apple also gaining ground.

The Dow Jones Industrial Average rose 203.76 points, or 0.58%, to 35,151.04, the S&P 500 gained 33.36 points, or 0.74%, at 4,547.38 and the Nasdaq Composite added 159.05 points, or 1.13%, at 14,284.53. - Reuters