Share Market Highlights 24 January 2024: Sensex closes over 650 pts higher; Nifty above 21,450; Media stocks shine

Equity benchmark indices Sensex and Nifty rebounded sharply by one per cent on Wednesday after sliding for the past two sessions, propelled by bargain hunting in metal, commodity, and telecom stocks.

The rupee ended marginally higher on Wednesday, aided by a slight uptick in the offshore Chinese yuan and a pullback in the dollar index.

The rupee ended at 83.1225 against the US dollar, compared with its close at 83.15 in the previous session.

Bharat Dynamics reported its standalone net profit for the quarter ended December 2023 at ₹135.03 crore as against ₹83.74 crore in December 2022. 

The stock closed at ₹1,696.50 on the NSE, up by 1.61%.

Vinod Nair, Head of Research, Geojit Financial Services:

“The market rebounded from yesterday’s sell-off taking cues from global peers. The sentiment was reinforced by the PBOC’s 0.5% cut in reserve ratio to boost growth and financial liquidity. However, overall sentiment is muted as concerns persist on FIIs selling due to premium valuations in India and below expectation Q3 earnings so far.”

Laurus Labs reported its standalone net profit for the quarter ended December 2023 at ₹42.64 crore as against ₹199.05 crore in December 2022. 

The stock closed at ₹395.20 on the NSE, down by 0.94%.

The BSE Sensex rose 689.75 pts or 0.98% to close at 71,060.31. The NSE Nifty jumped 215.15 pts or 1.01% to close at 21,453.95.

Sagar Cements’ scrip gained 3.08 percent on the BSE and is trading at Rs 279.70. The company is scheduled to declare Q3 numbers today.

TIL Ltd informed that its board has approved the allotment of 74,96,592 equity shares of face value of ₹10 at a premium of ₹82.40 each on preferential basis to Indocrest Defence Solutions Private Limited. 

TIL stock closed at ₹460.80 on the NSE, up by 4.99%.

Mastek stock trades at ₹2,700 on the NSE, up by 0.66%.

Major gainers on the NSE at 3 pm:

Hindalco (4.43%); Dr Reddy’s Lab (3.93%); Tata Steel (3.80%); Power Grid (3.28%); IndusInd (3.13%)

Major losers:

ICICI Bank (-2.83%); Axis Bank (-2.66%); Asian Paints (-1.76%); Adani Ports (-1.44%); HDFC Life (-0.67%)

The number of stocks that recorded a 52-week high was 274, and those that hit a 52-week low were 30.

China’s central bank governor Pan Gongsheng said the bank would cut the amount of cash that banks must hold as reserves by 50 basis points from Feb 5, the first time this year, as the economy faces multiple challenges ahead. The central bank will also cut re-lending and re-discount interest rates by 25 basis points for the rural sector and small firms from Jan 25.

Motilal Oswal Financial Services has approved appointment of Amit Ramchandani as Chief Executive Officer (CEO) of Investment Banking (IB) Business of Motilal Oswal Investment Advisors Limited, a wholly-owned subsidiary of the Company, in place of Abhijit Tare.

IOC stock rises by 2.91% on the NSE, trading at ₹143.

Andhra Cements’ board greenlights increasing Clinker and Cement capacities at Durga Cement Works Plant in Andhra Pradesh, with the stock rising 1.01% on the NSE to ₹124.75.

Motilal Oswal Financial Services announces an interim dividend of ₹14 per share.

Puma on Wednesday said it expected mid-single-digit currency-adjusted growth in its 2024 sales, after reporting preliminary currency-adjusted sales growth of around 6.6% for 2023, Reuters reported.

It forecast its operating result (EBIT) to come in a range of 620 million to 700 million euros for the current year.

For 2023, Puma reported preliminary full-year sales of around 8.60 billion euros ($9.35 billion) and EBIT of about 622 million euros, broadly in line with its earlier forecast for currency-adjusted sales growth in the high single-digit percentage range and EBIT at between 590 to 670 million euros.

The company said the results were hit by the extraordinary devaluation of the Argentine peso by 54% in December 2023.

The devaluation mainly affected the financial result, it said, with net income coming in at around 305 million euros.

• Net profit rises 15% to ₹87 crore compared to ₹75.7 crore (YoY).
• Revenue increases 9.3% to ₹582.3 crore from ₹488.3 crore (YoY).
• EBITDA grows 11% to ₹151 crore versus ₹135.5 crore (YoY).
• Margin stands at 26% as opposed to 27.7% (YoY).

Hyderabad-based Fintech NBFC, Vivifi India Finance Pvt Ltd, has concluded its Series B funding, securing approximately ₹617 crore ($75 million). 

The investor, BP IN VPF LLC, was revealed through RoC filings as the company opted not to disclose investor names.

Indian battery maker Exide Industries reported a smaller-than-expected rise in quarterly profit on Wednesday as higher input costs ate into earnings, despite strong demand from the automobile sector, Reuters reported.

Net profit after tax rose 7.7% to ₹2.40 billion ($28.9 million) in the third quarter to December 31, but missed analysts’ estimate of ₹2.62 billion, according to LSEG data.

Raw material costs climbed 11.6%, increasing total expenses by 13%, even though prices of key input lithium carbonate fell. The company did not specify which material costs increased.

As a result, Exide’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin declined marginally to 11.5% from 11.8% a year earlier.

JSW Holdings posted a standalone net profit of ₹18.21 crore for the quarter ending December 2023, compared to ₹18.45 crore in the same period of 2022. The stock increased by 1.78% on the NSE, currently trading at ₹5,450.

Kamat Hotels (India) Limited (KHIL), through its wholly owned subsidiary Mahodadhi Palace Private Limited (MPPL), has signed a Joint Development Agreement (JDA) with Constrict Hospitality Private Limited. 

The agreement is to develop and construct a five-star luxury heritage hotel with 120 rooms at Mahodadhi Palace, Jagannath Puri in Odisha. 

Kamat Hotels stock rose by 1.03% on the NSE, trading at ₹342.85.

China’s central bank said Wednesday it will cut the ratio of reserves banks must hold to help boost the slowing economy, PTI reported.

The announcement by the People’s Bank of China prompted a surge in share prices in Chinese markets, with Hong Kong’s benchmark jumping 3.6%.

Central bank Gov. Pan Gongsheng said the deposit reserve requirement would be cut by 0.5% as of February 5. Pan said that would inject about 1 trillion yuan ($141 billion) into the economy.

He told reporters in Beijing that the central bank also soon plans to issue a policy on lending to property developers to help support the industry.

Oil steadied as signs of lower US inventories and tensions in the Middle East were balanced by expectations for increased supplies, Bloomberg reported.

West Texas Intermediate held above $74 a barrel after finishing lower on Tuesday, when global benchmark Brent closed below $80. The American Petroleum Institute reported that nationwide US stockpiles declined by almost 7 million barrels last week, including a drop at the hub at Cushing, Oklahoma. Official figures on holdings are due later on Wednesday.

In the Middle East, traders were assessing the impact of the latest US and UK strikes against Iran-backed Houthis in Yemen intended to halt attacks on vessels. While a trade group said the US advised ships that continue to transit the Red Sea to do so with “great care,” some owners aren’t resuming passages. Elsewhere, US forces carried out airstrikes on a Tehran-backed militia in Iraq.

Oil’s been confined to a relatively narrow range in January, with the geopolitical risks countered by expectations that supplies from producers outside OPEC will continue to expand. Major crude trader Gunvor Group Ltd. said that the first half of the year would be dominated by output from outside the cartel that would eventually plateau, with markets set to remain rangebound.

• NII up 5.7% at ₹5,815 crore vs ₹5,499 crore Y-o-Y
• Provisions at ₹1,349 crore vs ₹1,551 crore Q-o-Q
• Net NPA at 0.53% vs 0.60% Q-o-Q
• Gross NPA 4.47% vs 4.97% Q-o-Q
• Net Profit up 52% at ₹2,119 crore vs ₹1,396 crore Y-o-Y

The Mangaluru-headquartered Karnataka Bank has posted an all-time high net profit of ₹1,032.04 crore for the nine months of the financial year ending December 2023, as against ₹826.49 crore earned during the corresponding period last year.

The bank has registered a year-on-year growth of 25 per cent during the period. For Q3 FY of 2023-24, the bank posted a net profit of ₹331.08 crore with a growth rate of 10.11 percent as against ₹300.68 crore during the corresponding period previous year, a bank release said.

India’s banking system liquidity deficit hit a record high, data showed on Wednesday, amid outflows towards tax payments and limited government spending, with traders anticipating that the central bank will infuse more cash to address the shortfall, a PTI report said.

The deficit widened to 3.34 trillion rupees ($40.18 billion) as on January 23, nearly tripling from the start of the month, data from the Reserve Bank of India (RBI) showed.

“The widening in deficit is a combination of rise in tax collections and a slowdown in government spending, which has been seen in the last few months,” said A Prasanna, head of research at ICICI Securities Primary Dealership.

Indian lenders have urged the RBI to ease liquidity conditions as overnight cash rates have stayed above the policy rate.

On Wednesday, the call rate was at 6.85 per cent and the TREPS rate was at 6.78 per cent, both well above the repo rate of 6.50 per cent.

Eimco Elecon (India) has reported its standalone net profit for the quarter ended December 2023 at ₹7.54 crore as against ₹4.89 crore in December 2022. 

The stock trades at ₹1,545 on the NSE, up by 0.23%.

Kirloskar Pneumatic Company has announced the appointment of Deepak Lokras as President w.e.f. January 25, 2024. 

The company’s stock trades at ₹625.30 on the NSE, up by 0.83%.

Sakar Healthcare is in receipt of an invention patent for process for preparation of IMATINIB, anti-cancer drug in oral solid form.

The company’s stock surges by 3.11% on the NSE, trading at ₹430.

Axis Bank (-3.75%)

ICICI Bank (-2.60%)

IDFC First Bank (-2.14%)

Domestic cost curve inches up further

§ Indian HRC prices declined again by 0.2% WoW to ₹54,000/t from ₹54,100/t a week earlier. Iron ore lumps 63% grade remained flat in the week at ₹7,400/t. The spot spreads increased to ₹18,371/t from ₹18,098/t WoW.

§ Chinese and European HRC prices remained flat at USD 570/t and USD 625/t. Spot spreads for both regions improved by USD4/t to USD 84/t and USD 139/t respectively. Given that Chinese new year is a few weeks away, prices are expected to remain stable on inventory build-up.

§ Coking coal prices cooled 1.7% WoW to USD 331/t while iron ore 62% remained flat WoW at USD 130/t which aided spot spreads to rise in the week.

§ As per recent conclave arranged by Steel Users Federation of India, Steel industry expects Chinese steel demand to contract by 1.5-2% in CY24 due to weak real estate sector outlook, leading to higher exports.

§ Although domestic steel demand is expected to improve post weak 3Q, upcoming general elections can keep demand moderate due to slowdown in infrastructure spending. Steel companies are eyeing export markets given Indian HRC trades at discount on import parity basis. With domestic iron ore prices inching up and stable coking coal, steel companies will have to take price hikes to maintain margins in 4QFY24. Top Picks: NMDC, JSP & HNDL.

Epigral reported its standalone net profit for the quarter ended December 2023 at ₹49.30 crore as against ₹77.19 crore in December 2022. 

The stock trades at ₹972.90, down by 0.10%.

Major gainers on the NSE at 12 pm:

Hindalco (3.09%); Dr Reddy’s Lab (2.85%); IndusInd (1.99%); Hindustan Unilever (1.91%); Tata Steel (1.88%)

Major losers:

Axis Bank (-2.93%); ICICI Bank (-2.23%); Hero Motocorp (-2.22%); Asian Paints (-1.95%); Adani Ports (-1.23%)

Stocks advanced on BSE at 12 noon on January 24, 2024, were 2,100 against 1,559 stocks that declined; 112 stocks remain unchanged. Total stocks traded were 3,771. The number of stocks that recorded a 52-week high was 241, and those that hit a 52-week low was 27.

Kothari Sugars And Chemicals has commenced operations at its Kattur Sugar Unit. 

The company’s stock surges by 3.93% on the NSE, trading at ₹52.95.

Transformers And Rectifiers (India) (19.99%)

IFCI (16.38%)

Manaksia Aluminium (14.47%)

Mahindra EPC Irrigation (13.71%)

Mahanagar Telephone Nigam Ltd (12.50%)

TVS Credit Services Limited, one of India’s leading NBFCs, published its unaudited financial results, for the quarter ended and nine months ended Dec 31, 2023.

The NBFC reported a net profit after tax of Rs.424 Crore for the nine months ended Dec 31, 2023. The Company’s AUM registered a Y-o-Y growth of 30% as of Dec’23 compared to Dec’22.

Highlights:

1. AUM stood at Rs.25,315 Crore as of Dec’23, compared to Rs.19,541 Crore as of Dec’22

2. Total Income was Rs.4,276 Crore for the nine months ended Dec’23, a rise of 47% as compared to the corresponding period of previous year

3. Net Profit After Tax for the nine months ended Dec’23 was Rs.424 Crore as compared to Rs.278 Crore for the corresponding period of previous year

In Q3 FY24, credit demand remained robust, driven by festive fervour, increased consumption and attractive consumer offers. During Q3 FY24, TVS Credit witnessed substantial growth, particularly in Consumer Loans & Retail Loans. Additionally, the Company also added nearly 14 Lakh new customers in the quarter ended Dec’23, surpassing a total customer base of 1.3 Crore.

TVS Credit remains resolute in its commitment to digital transformation, continuously enhancing customer experience and operational efficiency.

Mangal Credit and Fincorp has opened its new branch at Tisgaon, Katemanivali, Kalyan (East). 

Mangal Credit’s stock rises by 2.21% on the BSE, trading at ₹106.35.

Dhabriya Polywood’s wholly-owned subsidiary, Dynasty Modular Furnitures Pvt. Ltd, has received work order from DLF Group for supply & installation of modular kitchen, wardrobe, vanity and medicine cabinet for a total value of ₹9.01 Crore.

Dhabriya Polywood stock rose by 1.98% on the BSE, trading at ₹355.

Zee Entertainment Enterprises witnessed a 3% increase in its shares on Wednesday, rebounding from the previous session’s substantial 30% lower circuit triggered by the cancellation of the merger deal with Sony Pictures. The lower circuit represents the minimum allowable stock price for a firm during a particular session. By 11:31 am, ZEE’s shares were up by 3.08% at Rs 160.75. Year-to-date, the shares have collectively declined by approximately 44% in 2024.

Delhivery Ltd, has announced the operationalisation of its OS1 stack with The Akshaya Patra Foundation, the world’s largest NGO-run school feeding programme, and the implementation arm of the PM POSHAN Abhiyaan. 

Akshaya Patra will use the Dispatch One application to execute and track meal distribution from its centralized kitchens to partner schools. DispatchOne is currently operational across five cities: Bhubaneswar, Puducherry, Kuppam, Nellore, and Rourkela. The nationwide rollout, powering nearly 2.1 million meals a day, is expected to be completed by mid-2024.

The Delhivery stock was trading flat at ₹390.10 on NSE. 

Natural gas futures on the Multi Commodity Exchange (MCX) have witnessed a sharp decline in price in the last couple of weeks. But the price action over the last few sessions shows that the contract could see its price move up.

The Nifty 50 January futures (21,342) are up 0.7 per cent. It made a high of 21,438 and has come down from there. Strong resistance is in the 21,450-21,470 region. An intraday rise to 21,450-21,470 cannot be ruled out. 

Major gainers on the BSE at 11am:

IFCI (16.79%); Borosil Renewables (9.30%); South Bank (8.02%); Bombay Dyeing (7.77%); REC (7.30%)

Major losers:

Karnataka Bank (-8.21%); Tanla (-6.87%); Gravita (-5.43%); Cyient (-4.90%); Oberoi Realty (-4.89%)

German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI from Euro Zone and Flash Manufacturing PMI, Flash Services PMI from US Zone.

Gold prices were steady as investors awaited U.S. economic data that could offer more clues on the Federal Reserve’s depth and scale of interest rate cuts. Fed officials said the U.S. central bank needs more inflation data in hand before any rate cut judgment could be made and that the baseline for cuts to start was in the third quarter. Investors will be watching out for European Central Bank (ECB) chief Christine Lagarde’s press conference on Thursday for clues on where rates are headed.

NMDC Ltd has informed that the prices of Iron Ore has been fixed as under:

i) Lump Ore (65.5%, 10-40mm) @ ₹6,000 per ton. 

ii) Fines (64%,-10mm) @ ₹5,310 per ton. 

NMDC stock trades at ₹209.10 on the NSE, up by 3.28%.

Bank Nifty futures (January expiry) opened today’s session with a gap-down at 44,500 as against yesterday’s close of 44,913.05. It is now trading around 45,350, up 1 per cent.

Although the contract opened lower, it has seen a sharp recovery in the first hour of trade. However, there is a resistance at 45,500. 

National Aluminium (4.85%)

Hindustan Copper (4.10%)

Hindalco (3.75%)

SAIL (3.31%)

NMDC (3.16%)

“We downgrade our rating to ‘REDUCE’ from BUY with revised TP of ₹151 after assigning a multiple of 12x to our Sep-25 EPS of ₹13 as Sony has terminated its merger cooperation agreement with Zee Entertainment Enterprise’s (ZEEL). Apart from sharp de-rating in valuation multiple, we believe dissolution of merger will not only result in a financial strain on ZEEL on account of termination charge, but also creates an uncertainty surrounding the pay-out relating to ICC rights putting its sports aspirations on backburner. In addition, ZEEL is now saddled with irreversible sunk cost of ₹3.7bn incurred towards merger. We believe de-rating in valuation multiple will be sharp as governance discount would now come into play and apt benchmarking history would be a year prior to COVID.”

Indian equity markets failed to sustain the initial gains and closed with significant losses, despite having positive global cues. The key benchmark indices were slid down one-way due to heavy sell-off across the sectors as sentiments were dampened following the SEBI’s draft paper that aimed to tighten ultimate beneficial ownership norms for overseas investors with effect from Feb 1, 2024. Muted Q3FY24 earnings of some index heavyweight companies extended the losses further.

Bond yields were almost steady as market participants awaited fresh triggers and the weekly government bond auction on Thursday in the holiday-truncated week.

The yield on the 10-year benchmark paper (7.18% GS 2033) was unchanged at 7.18% from the previous close.

Benchmark indices trade in green, Nifty 50 up by 123.25 pts or 0.58% at 21,362.05; and BSE Sensex at 70,771.66, up by 401.11 pts or 0.57% as of 10:20 am

“We cut our FY25/FY26 EPS by ~10%/4% to factor in low margins and lower sales across regulated markets. We downgrade stock from Buy to Accumulate given weak earnings visibility, muted domestic formulation sales. Our numbers do factor in margin recovery with reduction in remediation cost from FY25. Indoco Remedies’ (INDR) Q3FY24 EBITDA was sharply below our estimates led by continued higher remediation cost and lower regulated market sales. The recent OAI to its Goa unit-2 is negative and will restrict growth in US sales in FY24/H1FY25. We expect 18% PAT CAGR over FY23-26E. At CMP, stock is trading at 20.5x FY25E EPS. We downgrade stock to Accumulate from Buy with revised TP of Rs380 valuing at 18x Dec 2025E EPS, as we roll forward. Timely resolution of Goa facility unit-2 is a key for re-rating.”

On the global front, the S&P 500 climbed to a record-high close on Tuesday as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week. The US economy is maintaining its robustness as traders await key data and central bank meetings later this week. Despite a lack of major data or any Fed speakers, the market pushed back its easing expectations to roughly 125 bps over 2024, down from nearly 175 bps earlier this month, which has helped the Greenback recover. Meanwhile, Japan’s Governor Kazuo Ueda said that easing will still take place even when negative interest rates end. There was no commitment on the timing of when the actual hike would happen. On the commodity front, Oil prices fell on Tuesday, handing back some of the previous day’s gains, as traders weighed rising crude supply in Libya and Norway against production outages in the United States and geopolitical tensions. Furthermore, Gold prices inched higher on Tuesday as investors awaited a slew of US economic data this week for more cues to the Federal Reserve’s interest rate cut timeline. On the domestic front, Indian shares tumbled on Tuesday despite positive cues from global markets. Zee Entertainment plunged over 32% after its merger with Sony’s India unit collapsed whereas the banking stocks suffered losses after HDFC Bank’s Q3FY24 results showed a strain on margins. Indian equities may attempt a pullback rally in early deals on Wednesday amid a largely positive trade in the US market overnight. Furthermore, trends in the GIFT Nifty indicate a positive start for the broader index in India.

The benchmark index opened 175 points higher and succumbed to selling pressure immediately. As the selling pressure intensified mainly by heavy selling in financial heavyweights led by HDFC Bank, the price action corrected steeply and pared 511 points from the day’s high on relatively higher volume. With this not only did the index mark its 5th distribution day, but the uptrend remains under pressure. It is anticipated to invite further selling pressure on a breach below the support zone of 21000-20900 on a closing basis.

Supp: 21235-21100-21000

Res: 21285-21460-21550

The rupee opened on a flat note and appreciated 1 paisa to 83.14 against the US dollar in the morning session on Wednesday, amid a muted trend in domestic equities.

Forex traders said the rupee is trading with a slight negative bias amid selling pressure from foreign investors.

At the interbank foreign exchange, the rupee opened at 83.15 against the dollar, then rose to 83.14, registering a rise of 1 paisa over its previous close.

“While AXSB delivered a stable quarter balance sheet management remains a key monitorable. Core PPoP beat PLe by 5% led by better NII and lower opex. Asset quality was superior due to lower slippages and healthier recoveries. NIM at 4.06% was protected for Q3’24 as 66% of credit flow was attributable to higher yielding segments. Funding cost may rise at a faster pace in Q4’24. Sequential deposit growth at 5.2% was driven by WTD (+9.4%) which led to reduction in LDR by 1%. RBI directive on unsecured NBFC credit impacted CET-1 by 70bps QoQ (13.7% in Q3’24). Bank expects system loan/deposit growth to converge at 13%; we trim loan CAGR for AXSB by 1% over FY24-26E to 14%. We remain watchful of the interplay between credit and deposits for AXSB since (1) system liquidity is tight and CET-1 is lower while LDR is higher compared to peers and (2) LCR is at 118%. With likely RoA of 1.7% for FY25/26E, we maintain multiple at 2.2x and TP of Rs1,250. Retain ‘BUY’.”

Mahindra Logistics stock rose by 2.33% on the NSE, trading at ₹426.40. The company had announced a 6.5 Lakh sq. ft. multi-client warehousing facility in Phaltan, Maharashtra.

Route Mobile stock declines by 2.37% on the NSE, trading at ₹1,585.20, after the company announced its financial results for the quarter ended December 2023.

EW, TP Rs 1015 

Announces part prepayment of deferred liability for spectrum acquired in 2015 auctions 

Believe this will be positive on an NPV basis over tenure of spectrum. 

Assuming yield on cash of 6-7%, est. this prepayment could help earnings by 1% for F25

UW, TP Rs 129 

PBT missed MSe by 1% due to lower other income & higher credit costs. 

Lower unsecured consumer loan disbursements (-35% QoQ), AUM (-1% QoQ), some drop in collection efficiency, & likely higher overall slippages will be key discussion points 

UW, TP cut to Rs 7500 

F3Q missed expectations, & quality of growth could have been better with higher EPD growth 

Challenges persist in Media & parts of Transportation business coloring overall demand outlook 

Jefferies 

Upgrade to buy, TP raised to Rs 4610 

Healthy 3Q beat with industry-leading vol growth/ profitability, 2nd qtr in a row 

Co also announced new 6MTPA expansion with 30MTPA cap targeted by FY26 end 

Upgrade FY24-FY26 EBITDA est by 5-12% 

U-P TP Rs 870

3Q standalone EBITDA ahead of est. 

Standalone PAT beat sharper given higher other income 

Liked healthy gross margin delivery, which suggests that moderation in other inputs like packaging as well as mix improvement

Buy, TP Rs 510

3Q net profit of Rs33bn up 14% YoY driven by healthy growth in net interest income 

Loan growth of 21% YoY strong 

Expected negative credit cost in 3Q, but recoveries in one of resolved projects lower 

36bp QoQ decline in GNPA is healthy

Neutral, TP Rs 220

In line Qtr; high tower adds for a single tenant is a concern 

Consol. Rev up 1% QoQ while rental rev up 3% QoQ, both in line 

Expect management to provide more colour on status of payments / receivables from VIL as well as on overall demand 

CITI

Buy, TP Rs 1480 

Solid 3Q, with EBITDA at Rs4.5bn (-6% qoq, +75% yoy), 20% ahead est. 

Driven, once again, not just by a beat in margins but with vol growth also robust (grew 8% yoy) Qoq decline in EBITDA margin to Rs13.3/scm better than expected 

Buy, TP Rs 2850

3Q PBT grew 64% YoY, driven by strong gross margin expansion & double digit vol growth 

Management’s outlook remains optimistic driven by: 

a) moderation in input costs 

b) new initiatives like strengthening rural distribution & ramp up in new segments 

Buy, TP Rs 1880 

Q3- Weak consumer weighs on growth & margins 

Commentary suggests subdued demand 

Key highlights 

a)B2C lagging B2B 

b)7% yoy top-line growth in Lloyd with slower reduction in loss run rate clearly -ve 

c) Ex Lloyd topline growth far below long term avg 

CITI

Buy, TP Rs 1370

Deposit growth (at 4% QoQ) outpaced peers but was dominated by non-retail TDs (up 12% QoQ).

Management signaled its focus on containing LDR & anchoring loan growth to deposit accretion.

Amidst deposit challenges, tone down advances growth est.

Bernstein

O-P, TP Rs 1250

Maintained its 1.8% RoA level despite suffering a 10 bps QoQ decline in NIM.

Strong NII growth & continued lower credit costs helped bank maintain >18% RoE

What stood out for us was a punchy 5% QoQ growth in deposits 

HSBC

Buy, TP Rs 1404

Healthy loan growth, in-line NIM compression, & low credit costs were positives

Retail deposits grew a tad slower

Cut FY24-26e EPS est. 0.3-1.5%, reflecting minor adjustments to growth, NIM, & opex estimates

Expect a FY24-26e EPS CAGR of 14%

Route – Tender 

Buyback Price: 450/- 

Current Market Price: 352.05/- 

Market Cap: Rs 14,652 crores 

Buyback Size: ₹700 Crs (Representing 9.82% and 9.52% of the aggregate of the Company’s fully paid-up equity capital and free reserves) 

Buyback Size: 1,55,55,555 shares (Representing 3.74 % of O/s. shares) 

Retail Quota: 23,33,333 Shares 

Buyback Record Date: 18 January 2024 

Entitlement: 

General Category - 1 Equity Share for every 29 Equity Shares held on the Record Date 

Retail Category - 1 Equity Share for every 14 Equity Shares held on the Record Date 

Tender Period: 

Start Date - 24 January 2024 (Today) 

Close Date - 31 January 2024 

Obligation Date - 06 Febrauary 2024 

Settlement Date - 07 Febrauary 2024

REC records its highest ever 9-month profit at ₹ 10,003 crore: PIB

Operational and Financial Highlights: Q3 FY24 vs Q3 FY23 (Standalone)

Loan Sanctions: ₹1,32,049 crore vs. ₹47,712 crore, up 177%, Renewable sector constitutes 57%

Disbursements: ₹46,358 crore vs. ₹29,639 crore, up 56%

Interest Income on Loan Assets: ₹11,812 crore vs. ₹9,660 crore, up 22%

Net Profit: ₹3,269 crore vs. ₹2,878 crore, up 14%

REC stock rose by 4.52% on the NSE, trading at ₹454.40.

Major gainers on the NSE at 9:30 am:

Hindalco (3.68%); Coal India (1.40%); HCL Tech (1.27%); Dr Reddy’s (1.25%); Tata Steel (1.23%)

Major losers:

Axis Bank (-4.25%); Hero Motocorp (-2.79%); Asian Paints (-1.53%); Grasim (-1.14%); Apollo Hospitals (-0.96%)

8:30 AM Glenmark Life

(Press Release )

Dial: 91 22 6280 1564

Weblink: https://http://tinyurl.com/355srs57

11:00 AM Rallis

Dial: +91 22 6280 1141

Weblink: http://tinyurl.com/ys93szbj

11:00 AM L and T Finance Hol

Dial: +91 22 6280 1486

Weblink: http://tinyurl.com/mwk8behk

11:00 AM Havells India

(Press Release )

Dial: +91 22 62801384

Weblink: http://tinyurl.com/3sc734s4

11:30 AM Gandhar Oil Ref

Dial: +91 22 6280 1290

Weblink: http://tinyurl.com/u8tdvxk6

12:00 PM KEI Industries

Dial: +91 22 6280 1455

Weblink: http://tinyurl.com/4r475yuf

12:30 PM Gravita India

Dial: +91 22 6280 1342

Weblink: http://tinyurl.com/av35ydrv

2:00 PM Agro Tech Foods

No Contact Available

2:00 PM Bigbloc Constru

Dial: +91 22 6280 1143

Weblink: http://tinyurl.com/mr392kbk

2:00 PM Apcotex Ind

Dial: +91 22 6280 1341

Weblink: https://http://tinyurl.com/ehjk9c7

(Hosted by Valorem)

2:30 PM Indus Towers

Weblink: http://tinyurl.com/26usy3mm

3:30 PM Netweb Technolo

Weblink: http://tinyurl.com/ya6ybdma

3:30 PM Harshdeep Horti

Weblink: https://http://tinyurl.com/yh4dte7b

3:30 PM Hitachi Energy

Dial: +91 22 6280 1226

Weblink: http://tinyurl.com/mv4h6f86

4:00 PM Canara Bank

Weblink: http://tinyurl.com/5n8fb5bv

4:00 PM Megatherm Induc

Weblink: https://bit.ly/3U6xsHF

4:00 PM InfoBeans Techn

Weblink: https://http://tinyurl.com/nhe2scvu

4:00 PM Ugro Capital

(Investor/Analyst Presentation)

Dial: +91 22 6280 1210

Weblink: http://tinyurl.com/mva2p248

4:00 PM MCDOWELL & CO. .

Dial: +91 22 6280 1250

Weblink: http://tinyurl.com/yrj7uvmc

4:00 PM Man Industries

(Results, Press Release )

Dial: +91 22 6280 1395

Weblink: http://tinyurl.com/32kdzvxn

4:00 PM Lloyds Metals and Energy

(Results, Investor/Analyst Presentation)

Dial: +91 22 7195 0000

Weblink: http://tinyurl.com/4pdktdvx

4:30 PM Mahanagar Gas

Dial: +91 22 6280 1116

Weblink: http://tinyurl.com/2s3atkt2

4:30 PM Tanla Platforms

Dial: +91 22 6280 1141

Weblink: http://tinyurl.com/5u42zb99

4:30 PM Pidilite Ind

(Press Release )

Dial: +91 22 7115 8115

Weblink: http://tinyurl.com/4kmxubua

4:30 PM Epigral Ltd

Dial: +91 44 4770 2430

Weblink: http://tinyurl.com/544zuk7p

5:00 PM TVS Motor

Dial: +91 22 6280 1222

Weblink: https://http://tinyurl.com/yypbb268

5:00 PM Ujjivan Small

Dial: +91 22 6280 1259

Weblink: https://http://tinyurl.com/mvt8p4p6

5:00 PM Laurus Labs

Dial: +91 22 6280 1342

Weblink: http://tinyurl.com/yb7vdby2

5:00 PM Tips Industries

Dial: +91 22 6280 1550

Weblink: http://tinyurl.com/2wehsvh9

5:30 PM PNB Housing Fin

Dial: +91 22 6280 1128

Weblink: http://tinyurl.com/3z2tcktu

5:30 PM Birlasoft

Dial: +91 22 6280 1179

Weblink: https://http://tinyurl.com/275fbfbb

5:45 PM Indian Bank

Weblink: https://http://tinyurl.com/vp6hppna

6:00 PM DCB Bank

Dial: +91 22 6280 1102

Weblink: http://tinyurl.com/mry5tvs3

6:00 PM Motilal Oswal

Dial: +91 22 6280 1118

Weblink: http://tinyurl.com/5n8tm6aa

6:00 PM Bajaj Auto

Dial: +91 22 6280 1510

Weblink: http://tinyurl.com/3h5dewy2

6:30 PM Tech Mahindra

Dial: +91 22 6280 1217

Weblink: http://tinyurl.com/26u4wec

NODWIN Gaming, a subsidiary of Nazara Technologies, will acquire 100% of the shares of Comic Con India at a valuation of ₹55 Crore through a combination of cash and share swap from the founders of Comic Con India - Jatin Varma and Karan Kalra. They will continue and continue to operate the business as part of NODWIN Gaming.

Schaeffler India Limited participates in the 18th edition of the SIAT Expo, scheduled from January 23-25, 2024, in Pune, India. The company showcases its latest advancements in fuel cell and clutch, transmission systems and lifetime solutions. The theme of the expo is “transformation towards progressive mobility.

Credit rating agency ICRA has released a research report on Indian hospital industry. Despite India being one of the most attractive destinations due to relatively low medical treatment costs, it remains one of the most under-penetrated and under-invested markets in the world.

Crude oil futures traded in the tight range on Wednesday morning amid geopolitical tensions in the Middle East region, and increase in global supply of the commodity. At 9.17 am on Wednesday, March Brent oil futures were at $79.54, down by 0.01 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $74.38, up by 0.01 per cent. February crude oil futures were trading at ₹6196 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6178, up by 0.29 per cent; and March futures were trading at ₹6218 as against the previous close of ₹6205, up by 0.21 per cent.

Indian benchmark indices, the Sensex and Nifty, extended their downward trajectory by commencing the day on a weak note amidst mixed global signals. In early trade, the 30-share BSE Sensex observed a decline of 99.57 points, settling at 70,270.98. Simultaneously, the NSE Nifty experienced a drop of 23.30 points, reaching 21,215.50.

Analysts expect selling pressure to continue from foreign portfolio investors while the focus will be on results. They added that tomorrow’s monthly settlement at F&O will keep volatility high while long weekends will keep local participation low.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said Global sentiments turned cautious after Fitch Group’s statement that South Asian economies would be most affected amid rising hostilities in the Red Sea due to Houthi attacks and India’s economic forecast faces a significant risk on account of a prolonged spell of disruptions.

Further, BoJ followed China and kept interest rates unchanged, he said.

“Given weak global cues and mixed set of earnings released so far, the market is likely to consolidate and may drop a little further till the next set of fresh positive triggers, he added.

According to Pravesh Gour, Senior Technical Analyst, Swastika Investment Ltd., the Nifty index experienced a breakdown marked by a marubozu candle pattern, accompanied by significant trading volume. “Despite attempts, it couldn’t establish control above the 20-Day Moving Average (20-DMA) and underwent a sharp decline, resuming its corrective trajectory. There’s a likelihood of a test at the 50-DMA at 21000, with the subsequent support level at 20800,” he said.

On the positive side, encountering resistance at 21500 is anticipated, with the 20-DMA around 21700 posing a key challenge as an immediate hurdle, he said. 

According to him, Bank Nifty achieved its target by breaking down from a head and shoulder formation, breaching the neckline support at Rs. 46950. “This underperformer faced rejection at its 50-day Moving Average (50-DMA) and fell below the 100-day Moving Average (100-DMA). The crucial support at the 200-DMA, positioned around 44650, is expected to attract buying interest. However, sustained weakness may persist if it remains below the 200-DMA. On the positive side, 45500 presents an immediate hurdle, while 46500 acts as a key resistance in any potential pullback rally,” he said.

U GRO Capital, a non-bank finance company, reported a net profit of ₹32.5 crore for the third quarter ended December 31, 2023. This latest bottom line was up 148 per cent on a year-on-year basis.

NALCO w.e.f. 23.01.2024 decreases the basic price of All Aluminium Metal Products by Rs 2900/- PMT.

L&T Finance Holdings (LTFH) reported a 41 per cent year-on-year (y-o-y) increase in consolidated third quarter net profit at ₹640 crore. The bottomline was supported by a moderate increase in net interest income, robust growth in fees and other income and decline in credit cost.

ICRA reported a 22 per cent year-on-year (y-o-y) decline in consolidated net profit for the third quarter at ₹32 crore, against ₹39 crore in the year-ago quarter.

Consolidated revenue from operations increased by 11.3 per cent y-o-y to ₹114.6 crore in the reporting quarter (₹103 crore in the corresponding quarter of the previous year). Other income increased to ₹17 crore (₹15 crore).

HDFC Bank has divested 2.01 per cent stake in Computer Age Management Services Limited (CAMS) for all cash consideration of Rs 252.34 crore.

Jefferies on JSW Energy: Maintain Buy on Company, raise target price at Rs 600/sh (Positive)

Jefferies on Sona BLW: Maintain Buy on Company, target price at Rs 700/sh (Positive) 

CLSA on Sona BLW: Maintain Buy on Company, target price at Rs 642/sh (Positive) 

Jefferies on JK Cement: Upgrade to Buy on Company, raise target price at Rs 4610/sh (Positive) 

JP Morgan on Pidilite: Upgrade to Buy on Company, raise target price at Rs 2900/sh (Positive) 

GS on Pidilite: Maintain Buy on Company, raise target price at Rs 2850/sh (Positive) 

Nuvama on Route Mobile: Maintain Buy on Company, target price at Rs 1930/sh (Positive) 

Citi on MGL: Maintain Buy on Company, target price at Rs 1480/sh (Positive) 

UBS on Havells: Maintain Buy on Company, target price at Rs 1880/sh (Positive) 

CLSA on REC: Maintain Buy on Company, target price at Rs 510/sh (Positive) 

HSBC on Credit Access: Maintain Buy on Company, target price at Rs 1960/sh (Positive) 

JP Morgan on Axis Bank: Maintain Overweight on Bank, raise target price at Rs 1225/sh (Positive) 

CLSA on Hero Motocorp: Maintain Outperform on Company, target price at Rs 4964/sh (Positive) 

Jefferies on Hero Motocorp: Maintain Outperform on Company, target price at Rs 5325/sh (Positive) 

UBS on Hero Motocorp: Maintain Sell on Company, target price at Rs 2750/sh (Neutral) 

JP Morgan on United Spirits: Maintain Neutral on Company, target price at Rs 1150/sh (Neutral) 

Citi on Sona BLW: Maintain Buy on Company, cut target price at Rs 665/sh (Positive) 

JP Morgan on Sona BLW: Maintain Neutral on Company, target price at Rs 505/sh (Positive) 

Macquarie on United Spirits: Maintain Underperform on Company, target price at Rs 870/sh (Neutral) 

MS on Axis Bank: Maintain Overweight on Bank, target price at Rs 1450/sh (Neutral) 

Bernstein on Axis Bank: Maintain Outperform on Bank, target price at Rs 1250/sh (Neutral) 

MOSL on Axis Bank: Maintain Neutral on Bank, target price at Rs 1175/sh (Neutral) 

HSBC on Axis Bank: Maintain Buy on Bank, target price at Rs 1404/sh (Neutral) 

Jefferies on Axis Bank: Maintain Buy on Bank, target price at Rs 1380/sh (Neutral) 

Citi on Axis Bank: Maintain Buy on Bank, cut target price at Rs 1370/sh from Rs 1380/sh (Neutral) 

MS on Bharti Airtel: Maintain Equal weight on Company, target price at Rs 1015/sh (Neutral) 

Motilal on Oberoi Realty: Maintain Neutral on Company, target price at Rs 1350/sh (Neutral) 

Citi on JK Cement: Maintain Sell on Company, target price at Rs 3625/sh (Neutral) 

GS on Pidilite: Maintain Buy on Company, target price at Rs 2850/sh (Neutral) 

MS on L&TFH: Maintain Underweight on company, target to Rs 129/Sh (Neutral) 

MS on Tata Elxsi: Maintain Underweight on company, target to Rs 7300/Sh (Neutral) 

JP Morgan on Tata Elxsi: Maintain Underweight on company, cut target to Rs 6000/Sh from Rs 6020/Sh (Negative)

Addressing channel hygiene key for restoring distribution moat

As noted in our recent top-10 themes report (link), General Trade distribution remains key for FMCG players, wherein addressing channel hygiene is crucial. Post Covid-19, shift to modern retail has accelerated, which is also a factor of better urban growth. Our ground checks suggest that distributors, an important leg of General Trade, remain impacted by the modern retail channel dumping products on kirana (retailer) partners, which is why distributors are now looking to onboard more companies (with entry-barrier slackening). Recent distributor margin changes by HUL would be neutral for distributors if demand revives, but hurt them if demand remains weak. Infra costs at the distributor-end are on the rise, which is hurting their profitability; but distributors are compelled to sustain relationships with partner companies owing to the scale of business. We see restoring channel hygiene as being key for reviving the supply-chain moat. This, with the expected recovery in demand, will ease the unrest amid distributors, in our view. We maintain BUY on Dabur, ITC, and Emami; we retain SELL on Colgate.

Strong beat; next leg of expansion announced 

Cement : Result Update : January 23, 2024 : TARGET PRICE (Rs) : 4,400 

JK Cement (JKCE)’s standalone EBITDA grew 2.4x YoY (36% QoQ) to Rs6.1bn, coming in at 15%/7% above consensus/our estimates, respectively. Blended EBITDA/t came in at Rs1,330/t (+2x YoY/29% QoQ) – a 12-quarter-high. The delta was driven by healthy uptick in realizations (+3% QoQ to Rs5,878/t) and lower input costs. Overall volume growth was impressive at 13% YoY to 4.6mt, driven by ramp-up in the recently commissioned Panna plant. JKCE has announced its next leg of growth, with proposed expansion of 3.3mt clinker and 6mt grinding units, post which grey-cement capacity will increase to 30mt (11% CAGR in FY24-27E). Given that such expansions are at capex of USD57/t, return ratios are likely to improve going forward. Factoring-in the Q3FY24 beat, we revise FY25E-26E EBITDA upwards by 3-4%. We maintain our ADD rating on the stock, with revised TP of Rs4,400/share (based on 14x Dec25 EV/E).

Choice International on JK Cement Ltd

ADD 

CMP 

₹ 3949 

Target Price 

₹ 4310 

J.K. Cement Ltd. Q3FY24 volume came at INR4.6mnt, (in line with our estimates), up 5.3% QoQ and 13.4% YoY. Q3FY24 revenue came at INR27,848mn, up 8.3% QoQ and 19.0% YoY. Consequently, blended realization/t during Q3FY24 came at INR6,094/t, up 2.9% QoQ and 5.0% YoY. EPS for the quarter came at INR37.5. Capacity utilization for the quarter of grey cement stood at 75%. The share of the green power mix stood at 50% for the YTD Dec’23 and is targeted to be 75% by FY30E. Premium product stood at 12% of trade sales.

(SONACOMS IN, Mkt Cap USD4.1b, CMP INR580, TP INR610, 5% Upside, Neutral)

EBITDA margin guidance revised to ~28% from earlier guidance of 25-27%

- SONACOMS’ 3QFY24 results surpassed our estimates, led by better product mix and lower RM costs, resulting in an EBITDA margin of 29.3% (vs. est. 27.8%). Although the operational performance was healthy, we expect the margins to moderate in the future as RM costs and product mix normalize. The company’s focus on expanding in EVs continue with BEV contributing ~30% to the revenue (vs. 26%/27% in FY23/2QFY24). 

- We largely maintain our FY24E/25E EPS. We believe the current valuations of ~64.6x/49x FY24/25E EPS factor in its strong EV order book as well as superior earnings and return profile. We reiterate our Neutral stance on the stock with a TP of INR610 (based on ~45x Dec’25E consol EPS).

24 January 2024 (Today)

Derivative Segment 

• Bajaj Auto Ltd. 

• Balkrishna Industries Ltd. 

• Birlasoft Ltd. 

• Canara Bank 

• Container Corp Of India Ltd. 

• Dalmia Bharat Ltd. 

• DLF Ltd. 

• Exide Industries Ltd. 

• Indian Oil Corporation Ltd. 

• Laurus Labs Ltd. 

• Tata Steel Ltd. 

• Tech Mahindra Ltd. 

• TVS Motor Company Ltd. 

Cash Segment 

• Aarti Drugs Ltd. 

• Bharat Dynamics Ltd. 

• Blue Dart Express Ltd. 

• Ceat Ltd. 

• Chalet Hotels Ltd. 

• Indian Bank 

• Indian Overseas Bank 

• Laxmi Organic Industries Ltd. 

• MAS Financial Serv Ltd. 

• Motilal Oswal Fin Serv Ltd. 

• PNB Housing Finance Ltd. 

• POWERGRID InVIT 

• Rainbow Children’s Medicare 

• UCO Bank 

• Ujjivan Small Finance Bank 

• Vardhman Textiles Ltd. 

25 January 2024 

Derivative Segment 

• ACC Ltd. 

• AU Small Finance Bank 

• Cholamandalam Inv & Fin Co 

• Cipla Ltd. 

• Hindustan Petroleum Corp 

• Indian Energy Exchange Ltd. 

• Indraprastha Gas Ltd. 

• JSW Steel Ltd. 

• Punjab National Bank 

• SBI Cards & Pymt Serv 

• SBI Life Insurance Co Ltd. 

• Shriram Finance Ltd. 

• Syngene International 

• Vedanta Ltd. 

Cash Segment 

• Adani Power Ltd. 

• Asahi India Glass Ltd. 

• Cyient Ltd. 

• Equitas Small Finance Bank 

• India Grid Trust 

• Intellect Design Arena Ltd. 

• Maharashtra Scooters Ltd. 

• Privi Speciality Chem Ltd. 

• Sterlite Technologies Ltd. 

• Vedant Fashions Ltd. 

27 January 2024 

Derivative Segment 

Nil 

Cash Segment 

• APL Apollo Tubes Ltd. 

• Capri Global Capital Ltd. 

• Craftsman Automation Ltd. 

• Macrotech Developers Ltd. 

• Yes Bank Ltd. 

29 January 2024 

Derivative Segment 

• Bajaj Finance Ltd. 

• Bharat Electronics Ltd. 

• Bharat Petroleum Corp Ltd. 

• GAIL (India) Ltd. 

• ITC Ltd. 

• Marico Ltd. 

• NTPC Ltd. 

• Petronet LNG Ltd. 

• Piramal Enterprises Ltd. 

Cash Segment 

• Adani Green Energy Ltd. 

• Aditya Birla Sun Life AMC Ltd. 

• CSB Bank Ltd. 

• Garware Technical Fibres Ltd. 

• Godfrey Phillips India Ltd. 

• Latent View Analytics Ltd. 

• Nippon Life India AMC 

• Nuvoco Vistas Corporation Ltd. 

• Restaurant Brands Asia Ltd. 

• Tata Investment Corp Ltd. 

• UTI AMC Ltd. 

30 January 2024 

Derivative Segment 

• Astral Ltd. 

• Bajaj Finserv Ltd. 

• Coromandel International Ltd. 

• Dr. Reddy’s Laboratories Ltd. 

• Jindal Steel & Power Ltd. 

• Larsen & Toubro Ltd. 

• Mahindra & Mahindra Fin Ser 

• SRF Ltd. 

• Voltas Ltd. 

Cash Segment 

• Adani Total Gas Ltd. 

• Apar Industries Ltd. 

• Bajaj Holdings & Inv Ltd. 

• Blue Star Ltd. 

• Cochin Shipyard Ltd. 

• Dwarikesh Sugar Industries 

• Gillette India Ltd. 

• JBM Auto Ltd. 

• Jubilant Ingrevia Ltd. 

• Kaynes Technology India Ltd. 

• KEC International Ltd. 

• KPIT Technologies Ltd. 

• PB Fintech Ltd. 

• Piramal Pharma Ltd. 

• Shyam Metalics & Energy Ltd. 

• SIS Ltd. 

• Star Health & Allied Ins Co 

• Symphony Ltd. 

• Triveni Engineering & Industries 

• Vaibhav Global Ltd. 

• ZF CV Ctrl Systems India Ltd. 

31 January 2024 

Derivative Segment 

• Ambuja Cements Ltd. 

• Bank Of Baroda 

• Dabur India Ltd. 

• Godrej Consumer Products Ltd. 

• IDFC Ltd. 

• Jubilant FoodWorks Ltd. 

• Maruti Suzuki India Ltd. 

• Shree Cement Ltd. 

• Sun Pharmaceutical Industries 

Cash Segment 

• Adani Wilmar Ltd. 

• Ajanta Pharma Ltd. 

• Amara Raja Energy & Mobility 

• Carborundum Universal Ltd. 

• DCM Shriram Ltd. 

• IRB Infrastructure Developers 

• Jyothy Labs Ltd. 

• Kajaria Ceramics Ltd. 

• Kalyan Jewellers India Ltd. 

• Mankind Pharma Ltd. 

• Max Healthcare Institute Ltd. 

• Motherson Sumi Wiring 

• Poly Medicure Ltd. 

• P&G Hygiene & Health Care Ltd. 

• Relaxo Footwears Ltd. 

• Swan Energy Ltd. 

• The Great Eastern Shipping Co 

• Westlife Foodworld Ltd 

01 February 2024 

Derivative Segment 

• Abbott India Ltd. 

• Adani Ports and SEZ 

• Aditya Birla Capital Ltd. 

• Bata India Ltd. 

• City Union Bank Ltd. 

• Mphasis Ltd. 

• The India Cements Ltd. 

• Titan Company Ltd. 

Cash Segment 

• Aavas Financiers Ltd. 

• Aether Industries Ltd. 

• Aptus Value Housing Fin India Ltd. 

• Castrol India Ltd. 

• Deepak Fert & Petrochem Corp 

• Five-Star Business Finance Ltd. 

• GMM Pfaudler Ltd. 

• Godrej Agrovet Ltd. 

• Gujarat Alkalies & Chem Ltd. 

• HFCL Ltd. 

• Orient Electric Ltd. 

• Prism Johnson Ltd. 

• Raymond Ltd. 

• Rites Ltd. 

• Sumitomo Chemical India Ltd. 

• Tube Investments of India Ltd. 

• V-Guard Industries Ltd. 

02 February 2024 

Derivative Segment 

• LIC Housing Finance Ltd. 

• Torrent Pharmaceuticals Ltd. 

Cash Segment 

• Alkyl Amines Chemicals Ltd. 

• Bank Of India 

• Bikaji Foods International Ltd. 

• Century Textiles & Industries Ltd. 

• Mahindra Holidays & Resorts 

• Mahindra Lifespace Dev Ltd. 

• Medplus Health Services Ltd. 

• Tata Motors Ltd. - DVR 

• Ujjivan Financial Services Ltd. 

03 February 2024 

Derivative Segment 

• State Bank Of India 

Cash Segment 

• Archean Chemical Industries 

• Clean Science & Tech Ltd. 

• Grindwell Norton Ltd. 

• Krishna Institute of Medical Sci 

05 February 2024 

Derivative Segment 

• Bharti Airtel Ltd. 

Cash Segment 

• Alembic Pharma Ltd. 

• Avanti Feeds Ltd. 

• BSE Ltd. 

• Cholamandalam Fin Hldgs Ltd. 

• Kansai Nerolac Paints Ltd. 

• Orient Cement Ltd. 

06 February 2024 

Derivative Segment 

• Chambal Fertilisers & Chem Ltd. 

• Godrej Properties Ltd. 

• Max Financial Services Ltd. 

• Navin Fluorine Int Ltd 

Cash Segment 

• Akzo Nobel India Ltd. 

• Computer Age Mgmt Serv 

• Endurance Tech Ltd. 

• Gujarat State Fert & Chem 

• Lemon Tree Hotels Ltd. 

• Procter & Gamble Health 

• Timken India Ltd. 

• TTK Prestige Ltd. 

07 February 2024 

Derivative Segment 

• Cummins India Ltd. 

• Gujarat Narmada Valley Fert & Chem 

• Manappuram Finance Ltd. 

• Nestle India Ltd. 

• Tata Consumer Products Ltd. 

• Trent Ltd. 

Cash Segment 

• Varroc Engineering Ltd. 

08 February 2024 

Derivative Segment 

• Apollo Hospitals Enterprise 

• Biocon Ltd. 

• Escorts Kubota Ltd. 

• Page Industries Ltd. 

• The Ramco Cements Ltd. 

• United Breweries Ltd. 

Cash Segment 

• Esab India Ltd. 

• Thermax Ltd. 

09 February 2024 

Derivative Segment 

• Tata Power Company Ltd. 

Cash Segment 

• Emami Ltd. 

• Godrej Industries Ltd. 

• Indigo Paints Ltd. 

10 February 2024 

Derivative Segment 

• MCX India Ltd. 

12 February 2024 

Derivative Segment 

• Samvardhana Motherson Int 

Cash Segment 

• BASF India Ltd. 

• Elgi Equipments Ltd. 

• Glaxosmithkline Pharma Ltd. 

• Gujarat Pipavav Port Ltd. 

• HEG Ltd. 

• JM Financial Ltd. 

• Lakshmi Machine Works Ltd. 

• NHPC Ltd. 

• TCI Express Ltd. 

13 February 2024 

Derivative Segment 

• Bosch Ltd. 

• Hindalco Industries Ltd. 

Cash Segment 

• ITI Ltd. 

• RHI Magnesita India Ltd. 

14 February 2024 

Derivative Segment 

• Crompton Greaves Cons Ele 

• Ipca Laboratories Ltd. 

Cash Segment 

• Gland Pharma Ltd. 

20 February 2024 

Derivative Segment 

• ABB India Ltd. 

23 February 2024 

Derivative Segment 

Nil 

Cash Segment 

• Rain Industries Ltd.

Dolphin Offshore Enterprises (India) Ltd.

Stock Split Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 1791.05

Ex - Stock Split 25 January 2024 (Tomorrow)

Last day trade for before split Today

Ex-Dividend 25 January 2024 (Tomorrow)

Last date for Cum-Dividend Today

IIFL Finance Ltd

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 623.4

Kddl Ltd.

Dividend Per Share Rs.58

Previous day Closing Price – Rs. 2849.05

Ksolves India Ltd

Dividend Per Share Rs.7.5

Previous day Closing Price – Rs. 1288.3

Mastek Ltd.

Dividend Per Share Rs.7

Previous day Closing Price – Rs. 2673.85

(AXSB IN, Mkt Cap USD40.4b, CMP INR1089, TP INR1175, 8% Upside, Downgrade to Neutral)

Cost ratios to remain elevated

- AXSB reported in-line PAT at INR60.7b (up 4% YoY/3.5% QoQ) in 3QFY24, driven by healthy other income, which was partly offset by an increase in provisions due to AIF-related provisioning.

- NIMs moderated 10bp QoQ to 4.01%. The management has suggested that funding costs will continue to inch up over the next two quarters. 

- Loan growth was healthy at 22% YoY/3.9% QoQ, while deposit growth was robust at 5% QoQ. The C/D ratio moderated 110bp QoQ to 92.8%. 

- Fresh slippages increased to INR37.2b, whereas healthy recoveries led to a decline in the GNPA ratio. The restructured book was under control at 0.18%. 

- We cut our FY25E EPS by ~8% considering an increase in costs and margin pressures. Moreover, with a high CD ratio being of ~93%, we estimate AXSB to deliver a 15.7% CAGR in loans over FY24-26E, slower than peers’. 

- Accordingly, we estimate FY25 RoA/RoE of 1.7%/17.4%. We downgrade our rating on AXSB to Neutral with a revised TP of INR1,175 (1.8x Sep’25E ABV)

• BALRAMCHIN

• IRCTC

• NATIONALUM

• OFSS

• RBLBANK

Price band revised from 10% to 5%: Motisons Jewellers. 

Price band revised from 20% to 10%: Salasar Techno Engineering. 

Ex/record date dividend: Wipro. 

Moved out of short-term ASM framework: Dhanlaxmi Bank, Dredging Corporation of India, Kamdhenu.

Tourism Finance Corp: Divya Mahesh Vaghela sold 10.91 lakh shares (1.2%) at Rs 194.27 apiece. 

Filatex India: Penguin Trading & Agencies sold 25 lakh shares (0.56%) at Rs 58.53 apiece.

Dhanlaxmi Bank: Narantak Dealcomm sold 30 lakh shares (1.18%) at Rs 48.25 apiece. 

Allsec Technologies: Bathina Sumanth Kumar Reddy sold 1.4 lakh shares (0.91%) at Rs 706.3 apiece.

PVR Inox: Kadensa Master Fund bought 0.94 lakh shares (0.09%) while BOFA Securities Europe Sa sold 0.94 lakh shares (0.09%) at Rs 1,492.5 apiece 

Religare Enterprise: The Competition Commission of India approved the acquisition of 5.27% of a total issued and outstanding stake through open market purchases by the Burman Family. The acquisition includes an open offer for up to 26% of the total expanded voting stake. 

AU Small Finance Bank: The CCI gave the nod for the proposed amalgamation of Fincare SFB into itself. Amalgamation remains subject to receipt of RBI approval. 

Lupin: The pharma major received tentative approval from the USFDA for its abbreviated new drug application for Rivaroxaban Tablets. 

Responsive Industries: The company has been selected as a key partner for several prestigious hospitality and projects in the holy city of Ayodhya. 

Rallis India: The company approved proposal for a capacity addition of 2000 MT per annum of the existing Pendimethalin Plant at Dahej SEZ unit which is expected to be completed in a phased manner by FY25. 

ICRA: The company approved to join the Association of Indian Rating Agencies by way of subscribing to their shares up to 20% of the paid-up share capital of the Association of Indian Rating Agencies. 

Bharti Airtel: The company prepaid Rs 8,325 crore to the Department of Telecom towards part prepayment of the deferred liabilities pertaining to spectrum acquired in the auction of the year 2015.

Oberoi Realty: The company achieved gross bookings of Rs 882 crore during the launch of its new tower in Elysian at Oberoi Garden City, Mumbai. 

KEI Industries: The company approved the voluntary liquidation of unit KEI Cables Australia. 

Sandhar Technologies: The company has proposed to acquire a 20.08% stake in Sandhar Tooling in one or more tranches. Post-acquisition, the company can focus on the growth and the expansion plans, to be a market leader in the business. 

Godrej Properties: Jamshyd Godrej resigned as non-independent director of the company after attaining the age of 75.

(OBER IN, Mkt Cap USD6b, CMP INR1370, TP INR1350, 1% Downside, Neutral)

Sky City and 360 West witnessed moderation in sales run-rate

- The company achieved pre-sales of INR7.9b (up 25% YoY, but down 18% QoQ), 51% below our estimate. For 9MFY24, bookings stood at INR22b, down 12% YoY. 

- The new project at Thane generated bookings of INR2.1b and the traction across other key projects at Goregaon and Mulund remained in line with their historical run-rates, generating sales of INR1.2b and INR2b, respectively. 

- The decline in sales at Sky City (Borivali) and 360 West impacted the company’s overall performance as the company failed to sustain its usual quarterly run-rate of INR9-10b despite the new launch at Thane. 

- The Sky City project recorded sales of 40 units worth INR1.5b vs. 73 units booked in 2QFY24. 

- Collections doubled YoY to INR9b and net debt reduced INR3b to INR21b with D/E of 0.15x. 

- P&L performance: Revenue decreased 35% YoY to INR10.5b due to higher base as the company commenced revenue recognition from Mulund projects in 3QFY23. Oberoi reported EBITDA of INR5.1b, down 46% YoY with a margin of 48%. Consequently, PAT decreased 49% YoY to INR3.6b.

Strengthens fast-growing 125cc portfolio with a premium launch

We attended the launch event of HMCL’s two new premium motorcycles – Xtreme 125R (premium 125cc motorcycle) and Mavrick 440 (HMCL-badged version of Harley X440). We came away with positive first impressions for the launches – particularly Xtreme (sporty, performance-oriented with stylish looks and some segment-first features). We believe HMCL has a reasonable ‘right-to-win’ in this fast-growing category, given its strong positioning (over 40% market share in the past); its premiumization journey is continuing well, which, along with ongoing 2W revival incl. in commuter 2Ws (TINA factor at play) keeps us positive on the stock. We retain BUY with unchanged estimates (24% FY23-26E EPS CAGR), TP (Rs4,800); Ola’s proposed IPO poses upside risk of ~Rs240 to our TP on Ather stake

* SMFG India Credit Seeks Bids for Up to INR10b February 2025 and July 2025 Bonds on Jan. 25

* ICICI Home Seeks Bids for Up to INR5.5b March 2026 Bonds on Jan. 25

* Axis Finance Seeks Bids for Up to INR5b 5Y Bonds on Jan. 25

* L&T Finance Holdings Seeks Bids for Up to INR3b March 2029 Bonds on Jan. 25

* UPDATE: M&M Financial Seeks Bids for Up to INR30b March 2027 Bonds on Jan. 25

* Aviom India Housing Seeks Bids for Up to INR600m 3Y Bonds on Jan. 30

Rupee Bond Biddings Completed on Jan. 23:

* SBI Cards to Sell INR5.25b 10Y Bonds at 8.33%

* Indostar Capital to Sell INR3.25b September 2025 Bonds at 9.95% Quarterly

* Tata Capital Housing to Sell INR3b Tap of March 2027 Bonds at 8.09% Yield

* Tata Projects to Sell INR2.5b June 2027 Bonds at 8.33%

* NIIF Infrastructure Finance to Sell INR2.05b 10Y Bonds at 8.10% and 15Y Notes at 8.07%

Rupee Bond Payins Completed on Jan. 23:

* Bajaj Finance Sells INR8.58b 5Y Bonds at 8.10%

* ONGC Petro Sells INR9b 3Y 2-Day Bonds at 8.29%

Rupee Bond Deal to Be Watched on Jan. 24:

* Bank of Baroda Seeks Bids for Up to INR50b 10Y Infra Bonds

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -3115.39 

(26390.61 - 29506) 

DII: NET BUY: +214.4

(14853.87 - 14639.47)

3QFY24 Results, Press Release & Investor Presentation

Karnataka Bank 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/929fb550-ff04-4b47-924e-c25b5efea448.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/ba439568-59d9-4f93-a066-33ab437f0a7b.pdf 

Web links – 3QFY24 Results, Press Release & Investor Presentation

Axis Bank 3QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/dd77e058-7b67-4d0c-b30d-d91f934fcaf9.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/daed5096-8c45-488e-8040-8cefe737885f.pdf

Zensar Technologies Q3 revenue growth was impacted by furloughs in Hi-Tech. Going forward, we expect the company’s revenues to improve, led by the reversal of furloughs and improving deal win trajectory (up 28 per cent y-o-y, book to bill of 1.2x). This, coupled with the company’s intention to invest in capability building, sales, and large deals, means we expect 12 per cent y-o-y growth each for FY25 and FY26.

Karur Vysya Bank continued with its superlative performance, led by healthy credit growth, higher margins (up 25 bps q-o-q, including 19 bps from one-off lumpy corporate recovery), and steady improvement in asset-quality performance (the GNPA ratio was down 15 bps q-o-q to 1.6 per cent), leading to an 8 per cent PAT beat at ₹410 crore (Emkay est. ₹380 crore).

However, staff costs were significantly high due to the bank’s continued business expansion and recent wage revisions. As per management, investment in AIF stood at ₹11 crore with no step-down exposure and, thus, no need to make any provisions. Management reiterated its focus on sustainably delivering higher profitability (>1.5 per cent RoA) instead of chasing growth.

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

The outlook is bearish for Ramco Cements stock. The stock had failed to breach ₹965 on its various attempts last week. That, followed by the sharp fall on Tuesday, strengthens the bearish case. 

Buzzing Stocks: JSW Group stocks, Godrej Properties Aster DM, AU Small Finance Bank, Religare, Dabur, Airtel, Dmart, Rallis India, Kirloskar Electric, Lupin, Cosmo First, UFO Moviez, BLS International

ASML Holding N.V. (Pre market) (Sector – Technology)

Abbott Laboratories (Pre market) (Sector – Healthcare)

SAP SE (Pre market) (Sector – Technology)

AT&T Inc. (Pre market) (Sector – Technology)

Elevance Health, Inc. (Pre market) (Sector – Healthcare)

General Dynamics Corporation (Pre market) (Sector – Defence)

Amphenol Corporation (Pre market) (Sector – Technology)

Freeport-McMoran, Inc. (Pre market) (Sector – Capital goods)

TE Connectivity Ltd. (Pre market) (Sector – Capital Goods)

Textron Inc. (Pre market) (Sector – Defence)

New Oriental Education & Technology Group, Inc. (Pre market) (Sector-Services)

Tesla, Inc. (Post market) (Sector – Automobile)

International Business Machines Corporation (Post market) (Sector – Technology)

ServiceNow, Inc. (Post market) (Sector – Technology)

Lam Research Corporation (Post market) (Sector – Technology)

CSX Corporation (Post market) (Sector – Industrials)

Crown Castle Inc. (Post market) (Sector – Real Estate)

AMERIPRISE FINANCIAL SERVICES, LLC (Post market) (Sector – Financials)

United Rentals, Inc. (Post market) (Sector – Realty)

ResMed Inc. (Post market) (Sector – Healthcare)

W.R. Berkley Corporation (Post market) (Sector – Financial)

Seagate Technology Holdings PLC (Post market) (Sector – Technology)

Packaging Corporation of America (Post market) (Sector – Misc.)

Knight Transportation, Inc (Post market) (Sector – Logistics)

Progressive Corporation (The) (Tentative) (Sector – Financials)

Raymond James Financial, Inc. (Tentative) (Sector – Financials)

Teledyne Technologies Incorporated (Tentative) (Sector – Technology)

Veralto Corp. (Tentative) (Sector – Miscellaneous)

14.00 EURO German Flash Manufacturing PMI (Expected: 0.4% versus Previous: 0.3%)

15.00 U.K. Manufacturing PMI (Expected: 6.8% versus Previous: 6.6%)

20.15 U.S. Flash Manufacturing PMI (Expected: 47.6 versus Previous: 47.9)

Nifty has seen a sharp fall on Tuesday and is looking weak. Nifty can test 21,000-20,900 this week. Today we bring you an interesting stock idea; check out the latest bl.Today’s Pick episode to learn more.

Asian stocks started the day cautiously on Wednesday, trading lower, following a mixed close on Wall Street. 

The Nikkei 225 index, a key benchmark, experienced a 0.34 per cent drop, equivalent to 124.31 points, trading at 36,393.26. Simultaneously, the broader Topix index also saw a 0.47 per cent decrease, or 11.97 points, reaching 2,530.10. South Korea’s KOSPI exhibited weakness, trading 0.60 per cent lower, down by 14.99 points at 2,463.62, while Australia’s S&P/ASX 200 index remained relatively flat with a negative bias, showing a 0.01 per cent decrease, or 1.10 points, at 7,513.80.

On the preceding day in Wall Street, the Dow Jones Industrial Average experienced a 0.3 per cent decline, closing at 37,905.45. In contrast, the S&P 500 showed a 0.3 per cent increase, and the Nasdaq Composite Index, primarily composed of tech stocks, gained 0.4 per cent.

“Global sentiments turned cautious after the Fitch Group statement that South Asian economies would be most affected, amid rising hostilities in the Red Sea due to Houthi attacks and India’s economic forecast faces a significant risk on account of a prolonged spell of disruptions,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Given weak global cues and mixed set of earnings released so far, the market is likely to consolidate and may drop a little further till the next set of fresh positive triggers, he added.

Meanwhile, “India’s Nifty, by breaking the previous swing low of 21285, has confirmed a lower top and lower bottom formation on the daily chart, indicating a bearish trend reversal,” said Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities.

Nifty is now headed towards the next support zone of 20850-20900. On the upside, 21750 will act as the short term resistance.