Share Market Highlights 28 March 2024: Indian equity markets end FY24 on a bullish note; Sensex jumps 650 pts, Nifty settles above 22,300

Benchmark equity indices Sensex and Nifty ended the last day of trade of the 2023-24 fiscal on a bullish note on Thursday, driven by heavy buying in power, auto and banking stocks amid a positive trend in global markets.

Sensex jumped 655.04 points or 0.90 per cent to settle at 73,651.35, while Nifty climbed 203.25 points or 0.92 per cent to end at 22,326.90

ERES-XXXIX Power Transmission Ltd has been incorporated as wholly-owned subsidairy of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited). REC Ltd’s stock rose 1.62% on the NSE, trading at ₹452.70.

The rupee depreciated 6 paise to settle at 83.39 (provisional) against the US dollar on Thursday due to a strengthening greenback against major rivals overseas and rising crude oil prices in the international markets.

Muthoot Microfin Ltd has announced a syndicated social term loan of $75 million in the form of an ECB (External Commercial Borrowing). The deal was participated by Standard Chartered Bank, Doha Bank, RakBank (National Bank of Ras Al Khaimah), Union Bank of India (UK) Ltd., and Canara Bank, GIFT City.

Wipro Limited has announced a collaboration with the Indian Institute of Science (IISc), an institute renowned for research and education in science and engineering, to offer eligible employees a higher education program in AI.

BSE and its clearing arm Indian Clearing Corporation Limited (ICCL), today, successfully launched the beta version of the T+0 settlement.

To begin with, the Beta version offers an option for investors to transact in 25 securities in T+0 settlement.

Designed to settle trades on the same day they are executed, the T+0 settlement facilitates quicker receipt of funds and securities in investor accounts thereby reducing the risks associated with the time lag.

On the first day, 63 members participated in this optional segment. As many as 41 members traded in 10 scrips and placed a total of 329 orders which resulted into 90 trades. Unique investors using this facility stood at 49.

Commenting on the launch, Sundararaman Ramamurthy, managing director and chief executive officer at BSE, said: “We are pleased to inform the successful implementation of the first T+0 settlement cycle today (28 March 2024). This is a significant step towards greater efficiency and reduced risk in our market. We are confident that this optional settlement cycle will contribute to the continued growth and development of the capital markets in India.”

Praveen Sahay, Research Analyst at Prabhudas Lilladher Pvt. Ltd. on Crompton Greaves Consumer Electricals (CROMPTON IN):

Rating: BUY | CMP: Rs266 | TP:Rs359

Management Meet Update – Prioritizing revenue growth over margins

We met with the management of CROMTON to discuss the demand, product diversification, pricing, and market share & penetration. The company’s growth strategy at restricted margins to continue as it 1) emphasis on product diversification across segment with focus on premium portfolio, 2) Innovation and R&D focus to continuously increase SKUs across BUs, 3) diversified GTM channels (enabled by technology) by leveraging new channels (ecom, modern retails), 4) increased focus on A&P and 5) growing new businesses. We downward revise our FY24/25/FY26E earnings by 1.5%/4.2%/6.7% to factor in margin contraction in ECD & Butterfly businesses with higher overhead expenses to continue in coming quarters. We estimate Sales/EBITDA/PAT CAGR of 13.0%/19.1%/25.9% over FY24-25E. Maintain ‘Buy’ with revised TP of Rs 359 (earlier Rs 384), valuing at 35x FY26 earnings.

Coal India Limited’s shares rose 0.82 per cent after the company reported that it surpassed its coal supply target to the thermal power sector for the fiscal year 2024 by delivering 610.8 million tonnes (MTs) of coal, exceeding the annual target of 610 MTs. The company said this achievement was reached days ahead of the fiscal year’s closure, marking the highest supply to date.

The BSE Sensex rose 655.04 points or 0.90% to close at 73,651.35 and the NSE Nifty gained 203.25 points or 0.92% to settle at 22,326.90.

H.G. Infra Engineering Ltd informed the exchanges that Brajesh Kumar Sohrot, President, Techno Commercial, has tendered his resignation to pursue a new endeavour outside the Company effective from March 30, 2024.

HG Infra stock trades at ₹909 on the NSE, up 0.16 per cent.

Major gainers:

Bajaj Finserv (4.25%), Grasim (3.88%), Hero Motocorp (3.64%), Bajaj Finance (3.26%), Eicher Motors (2.98%)

Major losers:

Shriram Finance (-1%), Axis Bank (-0.45%), Reliance (-0.19%), Tech Mahindra (-0.04%), Britannia (-0.02%)

Stocks advanced on BSE at 3 pm on March 28, 2024, were 1,989 against 1,808 stocks that declined; 96 stocks remain unchanged. 

Total stocks traded were 3,906. 

The number of stocks that recorded a 52-week high was 128, and those that hit a 52-week low was 139. 

In addition, 315 stocks traded in lower circuit, while 253 hit the upper circuit.

Welspun Living Ltd (WLL), a global leader in home textiles, announces its latest S&P Global - Corporate Sustainability Assessment (CSA) scores for 2023, showcasing a remarkable achievement in its sustainability performance. 

With an overall score of 66 on the S&P Global ESG Score, WLL has become the top ranked textile manufacturing company from India in the Textile, Apparels & Luxury goods category.

RVNL-SALASAR JV has received contract worth $7.152 Mn equivalent to ₹596.21 million (appx.) by Energy Development Corporation Limited for the Rwanda Transmission System Reinforcement and Last Mile Connectivity project (TSRLMC) for plant design, supply and installation of 45.8 km, 110 KV Double Circuit Rukarara-Huye-Gisagara Transmission Lines.

Solara Active Pharma Sciences Ltd has executed share purchase aggrement for sale of 100 per cent shareholding in SeQuent Penems Private Limited to Symbio Generrics India Pvt. Ltd for a cash consideration of ₹12.50 crore. 

Shares decline 2.20 per cent on the NSE, trading at ₹374.95.

RateGain Travel Technologies Ltd has introduced an enhancement to Adara’s Destination Expenditure Reports, aiming to assist Destination Marketing Organizations (DMOs) and tourism boards in tracking visitor spending accurately.

Read more here.

Astra Microwave Products Ltd has received order from BEL, Ghaziabad. 

Stock rallies 10.80 per cent to trade at ₹603 on the NSE.

DCM Shriram Industries Ltd has declared an interim dividend of ₹2 per equity share of face value of ₹2 each (100 per cent) for the financial year 2023-24. 

The dividend will be disbursed within 30 days from today. 

Shares rise 3.62 per cent on the NSE, trading at ₹183.25.

NSE nifty was up by 1.36 per cent or 301.26 to 22,424.85 points, while the BSE Sensex was at 73,914.23, up by 1.26 per cent or 917.92 points at 1.38 pm on Thursday.

A total of 3,840 stocks were actively traded, 2,181 advanced, while 1,542 declined. 117 stocks remained unchanged where 119 stocks hit a 52 week high and 122 stocks hit a 52 week low at 1.38 pm on Thursday

Read more here.

Jindal Saw Ltd board has approved the sale of shareholding in Quality Iron and Steel Limited, a wholly owned subsidiary of the Company, to Jindal Urban Infrastructure Services Limited.

Jindal Saw stock rose 2.07% on the NSE, trading at ₹432.40.

Mahindra Mexico has ceased to be a subsidiary of wholly owned subsidiary Mahindra USA Inc. (MUSA).

Upon liquidation of Mahindra Mexico, MUSA is entitled to receive approximately MXN 3.8 million (equivalent to ₹1.82 crore) as distribution towards 99.99% of shareholding held by MUSA in Mahindra Mexico. 

M&M stock rises 2.15% on the NSE, trading at ₹1,921.55.

Alok Industries has appointed Harsh Bapna as Chief Executive Officer of the Company with effect from April 01, 2024.

Shares trade at ₹26 on the NSE, down by 0.38%.

Thomas Cook (India) board has granted its approval to acquire/ invest further upto $0.82 million in equivalent LKR, in one or more tranches in Thomas Cook Lanka (Private) Limited a Wholly Owned Subsidiary of the Company.

Vikas Lifecare Limited has acquired a considerable stake in Benchmark News Lab Private Limited. The Company has invested ₹150 million to acquire 7.5% equity in the News Channel Bharat Express News.

EaseMyTrip.com extends partnership with Yuva Kabaddi Series.

Easy Trip stock trades at ₹43.10 on the NSE, down by 0.81%

Shilpa Medicare Ltd subsidiary, Shilpa Pharma Life Sciences has announced the appointment of Santosh Kumar Mahil, as Chief Executive Officer (CEO).

Shilpa Medicare stock rises 1.23% on the BSE, trading at ₹459.50.

Life Insurance Corporation of India has filed an appeal before Appellate Joint Commissioner (ST), Hyderabad Rural Division, against the order issued by Joint Commissioner, Warangal, Telangana. Appeal has been filed against the order for FY 2017-18 demanding interest on GST of ₹107,72,79,990 and penalty of ₹9,20,75,212. 

LIC stock trades at ₹917 on the NSE, higher by 2.75%.

Thomas Cook (India) informed that SOTC Travel Limited has collaborated with Mumbai Indians for the ongoing T20 cricket season as an ‘Official Partner’. 

Thomas Cook stock trades at ₹165.20 on the NSE, higher by 2.42%

Coal India’s (CIL) coal supplies to thermal power plants of the country hit 610.8 million tonnes (MTs) on Wednesday surpassing the annual target of 610 MTs to this sector. 

Stock rises 1.43% on the NSE, trading at ₹435.60.

Polymechplast Machines Ltd has appointed Sitaram Lokhande as a chief Executive officer.

Shares trade at ₹44.60 on the BSE, down by 0.13%.

Kotak Mahindra Bank has acquired 100% paid-up capital of Sonata Finance Private Limited, a Non-Banking Finance Company – Micro Finance Institution registered with the RBI, for a total consideration of approximately ₹537 crore. 

Kotak Mahindra Bank stock trades at ₹1,788.95 on the NSE, up 0.75%.

Bharti Airtel has deployed additional sites in Rewa and Satna district, and Purba and Paschim Bardhaman district.

Shares trade at ₹1,226.35 on the NSE, up 0.13%.

Indian Bank (4.68%), Bank of Maharashtra (4.40%), PSB (4%), Central Bank (3.93%)

The opening day of the IPL season was watched by 16.8 crore unique viewers on TV said Disney Star, the official broadcaster, quoting BARC data. It added that Day 1 registered a watch time of 1,276 crore minutes, which it said was the highest ever for the opening day of any IPL season.

“The 17th season of TATA IPL, also witnessed the highest-ever peak TV concurrency for an IPL Opening Day, with 6.1 Crore viewers watching the broadcast simultaneously on the Disney Star network,” the statement added. 

Orient Cement informed that Arjun Golar has been appointed as Head Internal Audit Function of the Company with effect from March 28, 2024. 

Stock declines 1.88% on the BSE, trading at ₹196.15.

Major gainers on the NSE at 12 pm:

Bajaj Finserv (4.38%), Bajaj Finance (3.12%), Apollo Hospitals (2.73%), Grasim (2.48%), Hero Motocorp (2.24%)

Major losers:

Shriram Finance (-1.94%), Bajaj Auto (-1.11%), HCL Tech (-0.47%), Britannia (-0.41%), Axis Bank(-0.19%)

Stocks advanced on BSE at 12 noon on March 28, 2024, were 2,256 against 1,354 stocks that declined; 96 stocks remain unchanged. Total stocks traded were 3,747. The number of stocks that recorded a 52-week high was 106, and those that hit a 52-week low was 102. 

In addition, 235 stocks traded in lower circuit, while 215 hit the upper circuit.

Aluminium price has been volatile so far this week. The Aluminium futures (April) contract on the Multi Commodity Exchange (MCX) fell sharply from a high of ₹209.50 per kg to a low of ₹206.30 on Tuesday. From there, the price has recovered and is currently trading at ₹207.70 per kg.

The trend has been up since the last week of February this year. There is a good support in the ₹206.50-206 region, which has been holding very well for now.

RKEC Projects Ltd has received ₹12.11 crore as an arbitration award. 

Stock surges 4.97 per cent on the NSE, trading at ₹104.45.

Ambuja Cements Ltd (Ambuja) informed that the promoters of the Company - Adani family - has concluded substantial infusion of funds in the Company, of ₹6,661 crore.

This follows the infusion of ₹5,000 crore infused by promoter into the Company for exercising the warrants issuance approved by the board of the Company in October 2022. With this, Adani family have increased their stake in the Company by 3.6% to attain 66.7 per cent holding. 

Ambuja Cements shares rise 1.41 per cent on the NSE,trading at ₹610

Larsen and Toubro Ltd’s shares were up by 1.26 per cent% after the company’s subsidiary, L&T GeoStructure, secured orders from various parts of India. These include a project for the Paradip Port Authority in Odisha, involving the construction of a South Breakwater Extension and other related structures.

Read more here.

RateGain Travel Technologies Ltd (RateGain) has announced an upgrade to Adara’s Destination Expenditure Reports, which are used by leading tourism boards and Destination Marketing Organizations (DMOs) across the world to understand spending patterns of visitors at the destination. 

RateGain stock declines 2.46% on the NSE, trading at ₹756.05.

Jtekt India has received an order in original from the Office of the Principal Commissioner of Customs (Import) Inland Container Depot, Tughlakabad, New Delhi. 

The department has confirmed the demand of Customs Duty of ₹12,01,706 under Section 28(4) of the Customs Act, 1962 & along with applicable interest under Section 28AA of the act ibid. 

Stock surges 7.65% on the NSE, trading at ₹175.80.

BN Holdings Limited made the payment of the subscription amount i.e. $10,000 to its wholly-owned subsidiary (WOS) BN Holdings Singapore PTE Limited, Singapore on March 27, 2024.

BN Holdings shares trade at ₹186.30 on the BSE, up 1.61%.

Major gainers on the BSE at 11 am:

VIP Industries (14.29%), Century Textiles (10.03%), Aegis (9.87%), DBL (8.67%), Latent View (6.88%)

Major losers:

Inox Wind (-4.20%), Home First (-3.44%), ISEC (-3.18%), Torrent Power (-2.94%), Rategain (-2.50%)

Kutch Copper, a subsidiary of Adani Enterprises Limited, commissioned the first unit of its greenfield copper refinery project at Mundra by dispatching the maiden batch of cathodes to customers. 

Adani Enterprises stock inches up 0.90% on the NSE, trading at ₹3,150.25.

Shipping Corporation of India has sold a product tanker “m.t. Suvarna Swarajya” to Last Voyage DMCC, Dubai, UAE on “as is where is what is” basis at Colombo anchorage (Sri Lanka). 

SCI stock rises 2.38% on the NSE, trading at ₹206.75.

The board of Latent View Analytics has approved investment to acquire up to 100% of the total paid-up equity share capital of Decision Point Private Limited.

Latent View stock inches up 0.48% on the NSE, trading at ₹464.30.

Caplin Steriles Limited (Caplin), a subsidiary of Caplin Point Laboratories Limited, has been granted final approval from the USFDA for its Abbreviated New Drug Application (ANDA) Ketorolac tromethamine Ophthalmic Solution 0.5% (eye drops), a generic therapeutic equivalent version of (RLD), ACULAR Ophthalmic Solution of Allergan Inc.

Caplin Point Laboratories stock inched up 0.53% on the NSE, trading at ₹1,269.85.

India got overseas flows to the tune of ₹3.33-lakh crore, or $40.4 billion, in equities, debt and hybrid instruments put together this financial year, a record for any year. This is 25 per cent higher than the previous high of ₹2.67-lakh crore garnered in FY21.

Equity flows stood at over $25 billion, more than flows received by all other Asian markets except Japan, which received $59.5 billion. China, on the other hand, saw outflows of over $67 billion in the 12 months to December. Some of the flows could have made their way into India.

ONEOTT Intertainment Ltd. (OIL), a part of NXTDIGITAL Media Group and a subsidiary of Hinduja Global Solutions Ltd, and 7Star Group, a leading regional ISP, have announced an alliance – focused on growing the broadband business. 

HGS stock rises 1.57% on the NSE, trading at ₹739.55.

SBI (1.67%), ICICI Bank (1.59%), Bank of Baroda (1.10%), PNB (0.94%)

The UK GDP for Q4 will likely remain unchanged compared to the previous reading of -0.2% with the risk of a potentially lower reading due to the decreased labour activity in the country as it witnessed the fall in labour market participation, falling vacancies and rising unemployment, adding to the financial tightening on the household side due to higher cost of living which will reflect in the cautiousness in consumer spending. The other reasons of the fall could be due to the political uncertainty in the upcoming elections which may hamper in investment plans for some businesses, especially those significantly exposed to trade.

Nifty 50 began today’s session with a gap-up at 22,164 as against yesterday’s close of 22,124. It extended the gains and is now hovering around 22,260, up 0.6 per cent.

Supporting the bullish bias, the advance/decline ratio of Nifty 50 stands at 37/13. Bajaj Finserv, up 2.7 per cent, is the top gainer whereas Apollo Hospitals, down 0.8 per cent, is the top loser.

27-March: Prov Cash: Rs.crs

FII’s: +2,171 (19,559-17,388)

DII’s: +1,198 (26,387-25,189)

FIIs YTD cumulative Flows as of today (INR Cr.): +6,851.15 (Primary + Secondary)

Todays’ Cash Vol: INR 1295Bn vs INR 1071Bn on previous trading day (+21%)

Large Blocks Reported in the Market today:

50.09mn Aster DM Healthcare (2054 cr), 10.35mn Central Depository Services In (1762 cr), 8.10mn HDFC Life Insurance Co (511 cr), 21.13mn Zee Entertainment Enterprises (301 cr), 1.86mn IndusInd Bank (285 cr), 2.36mn Axis Bank (248 cr), 1.49mn Sun Pharmaceutical Industries (241 cr), 10.17mn SAMHI Hotels (210 cr), 799k Shriram Finance (191 cr), 1.98mn Life Insurance Corp of India (177 cr), 202k TVS Holdings (165 cr), 439k Ethos (110 cr), 281k Aditya Vision (96 cr)

Bernstein on Sona BLW: Maintain Outperform on Company, raise target price at Rs 7550/Sh (Positive)

HSBC on Sun Pharma: Maintain Buy on Company, raise target price at Rs 1790/sh (Positive) 

Antique on Hitech Pipes: Initiate Buy on Company, target price at Rs 200/Sh (Positive) 

MS on Aarti Ind: Maintain Overweight on Company, target price at Rs 575/sh (Positive) 

JP Morgan on Bajaj Finance: Maintain Overweight on Company, target price at Rs 8500/sh (Positive) 

Citi on ICICI Bank: Maintain Buy on Bank, target price at Rs 1322/Sh (Positive) 

MOSL on Titan: Maintain Buy on Company, target price at Rs 4300/sh (Positive) 

CLSA on DMart: Maintain Buy on Company, raise target price at Rs 5307/sh (Positive) 

Citi on Kalyan Jewel: Maintain Buy on Company, target price at Rs 480/Sh (Positive) 

Citi on Asian Paints: Maintain Buy on Company, target price at Rs 2640/Sh (Neutral) 

Citi on Titan: Maintain Neutral on Company, target price at Rs 4000/sh (Neutral)

Mahindra Lifespace Developers stock rises 2.51% on the NSE, trading at ₹579.10, following the purchase of approximately 2.0 acres of land in Whitefield, East Bengaluru.

On account of Annual Bank Closing (settlement holiday) on 01st Apr 2024. Deliveries bought on 28th Mar 2024 (today) will not be available for selling on the next trading day 01st Apr 2024 (Monday) as payin for both the settlements will be on 02nd Apr 2024.

Akzo Nobel India Ltd has announced its new brand ambassador for Dulux Weathershield.

Shares trade at ₹2,422 on the NSE, up by 0.36%.

Kalpataru Projects International Limited (KPIL) along with its joint ventures (JVs) and international subsidiaries have secured new orders of ₹ 2,071 crore. Shares rise 1.15% on the NSE, trading at ₹1,078.

Major gainers on the NSE at 9.30 am:

Bajaj Finance (2.07%), Bajaj Finserv (1.65%), Dr Reddy’s (1.49%), Power Grid (1.28%), ICICI Bank (1.26%)

Major losers:

Apollo Hospitals (-1.61%), Bajaj Auto (-0.99%), Britannia (-0.85%), Maruti (-0.75%), HCL Tech (-0.73%)

Adani Power Ltd has consolidated the standalone term loan facilities of the SPVs into a single long-term rupee term loan facility of ₹19,700 crore under a consortium financing arrangement comprising eight lenders. 

Adani Power stock rises 1.03% on the NSE, trading at ₹521.85.

KIE

The central government plans to borrow 53% of its total FY2025BE gross dated securities borrowings (lowest 1H borrowing since FY2019). The issuance calendar will be an added support for bond market sentiments along with the JP Morgan GBI-EM index inclusion from June. We see room for the yield curve to steepen given favorable liquidity conditions and higher supply at the far-end of the curve. We expect the benchmark 10-year yield to trade in the range of 6.85-7.15% in 1HFY25

KIE

NHPC trades at 17.8X P/E and 2.2X P/B on FY2025E earnings, meaningfully higher than the average historical forward valuations of ~11X P/E and ~1X P/B. Though we do concede with the step-up in earnings due to likely commissioning of the long-awaited Subansiri Lower and Parbati II projects over FY2025/26E, assigning value to any future developments beyond these two projects may be overoptimistic, given the associated execution challenges in hydro projects and the historical track record on project delays.

We maintain SELL, with an unchanged FV of Rs60/share.

KIE

India Shelter, with its small base, focus on self-employed individuals in Tier-II/III cities and rapid footprint expansion is well-placed for sustaining high growth (33%) in affordable housing finance. High yield in the self-employed/LAP segment drives strong RoAs, despite higher (though improving) opex ratios; lower leverage constrains RoE. Newness of the setup (lower seasoning and vintage of management team) drives a lower multiple than peers. Initiate with BUY and residual growth model-based FV of Rs685.

Jio Leasing Services Limited (JLSL), a wholly-owned subsidiary, along with its nominees invested an amount of ₹2.50 crore towards the initial subscription of 25,00,000 equity shares of ₹10 each of Reliance International Leasing IFSC Limited (RILIL), for cash at par.

Silver held firm against a relatively stable dollar, as investors sought safety in the face of global uncertainties. Investors are now looking for fresh signs on the interest rate future from important inflation numbers in the United States and Europe, as well as central bank officials’ statements. The publication of the Federal Reserve’s preferred inflation index, as well as public comments by Fed Chair Jerome Powell on Friday, are likely to give fresh insights into the Fed’s rate path. According to the CME Group’s FedWatch Tool, traders are pricing in a 62% possibility that the Fed will start decreasing interest rates in June, down from 70% on Wednesday.

Investors now look forward to the U.S. core personal consumption expenditure (PCE) price index report due on Friday to gauge when the Fed may begin cutting interest rates.

Gold prices fell as the US dollar and bond rates rose following remarks from a Federal Reserve member on interest rate reduction, while investors awaited further economic data for policy hints. Fed Governor Christopher Waller said recent weak inflation data supports the case for the US central bank to hold off on reducing its short-term interest rate goal. India’s gold imports are expected to fall by more than 90% in March from the previous month, reaching their lowest level since the Covid epidemic, as banks reduce imports following record-high prices that hurt demand.

Investors now look forward to the U.S. core personal consumption expenditure (PCE) price index report due on Friday to gauge when the Fed may begin cutting interest rates.

Hindustan Construction Company: Open: 26-Mar-24; Close: 05-Apr-24

Tierra Agrotech: Open: 28-Mar-24; Close: 10-Apr-24

Sawaca Business Machines: Open: 02-Apr-24; Close: 12-Apr-24

Balkrishna Paper Mills: Open: 02-Apr-24; Close: 15-Apr-24

Mishtann Foods: Open: 02-Apr-24; Close: 17-Apr-24

Spectrum Foods: Open: 08-Apr-24; Close: 22-Apr-24

Lorenzini Apparels: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 28-Mar-24

Dhatre Udyog: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 28-Mar-24

Persistent Systems: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 01-Apr-24

Cupid: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 04-Apr-24

Freshtrop Fruits: Ex-Date: 02-Apr-24

Dwarikesh Sugar Industries: Open: 27-Mar-24; Close: 03-Apr-24

28-Mar-24

SIL: Interim Dividend - Rs. - 0.50

RSYSTEMS: Interim Dividend - Rs. - 6.00

RECLTD: Interim Dividend - Rs. - 4.50

PRITHVIEXCH: Interim Dividend - Rs. - 2.00

HUDCO: Interim Dividend - Rs. - 1.50

CRISIL: Final Dividend - Rs. - 28.00

SBICARD: Interim Dividend - Rs. - 2.50

THINKINK: Interim Dividend - Rs. - 0.10

AVL: Special Dividend - Rs. - 5.10

02-Apr-24

TVSHLTD: Interim Dividend - Rs. - 94.00

GPTHEALTH: Interim Dividend - Rs. - 1.00

BDL: Interim Dividend - Rs. - 8.85

03-Apr-24

ASHOKLEY: Interim Dividend

Issue Open - 22-Apr-24

Issue Close - 06-May-24

Right issue Size: Rs. 400 Crs (10 Crs Shares)

Stock Price – 48.10 /-

Right issue Price: Rs. 40 /-

Payment Terms: Rs. 40/- (Full amount of Rs.40 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 20 Rights Equity Share for every 39 shares held (Effectively 0.51 for every 1 share held).

Last Trade date (Cum Right): 02 April 2024

Ex-Right Trading date: 03 April 2024

Record Date: 03 April 2024

Right Entitlement (RE) Trading Period:- 22-April-2024 to 30-April-2024

Last day of Renunciation of Rights Entitlements: 30-April-2024

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 2.75

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

Union Bank of India has appointed Pankaj Dwivedi, General Manager, Punjab & Sind Bank as the Executive Director of the Bank for a period of three years with effect from the date of assumption of office i.e. from March 27, 2024, or until further orders, whichever is earlier.

The Indian benchmark equity indices, Sensex and Nifty, opened flat with a positive bias on Thursday, influenced by mixed global cues. In early trade, the 30-share BSE Sensex rose 168.05 points to 73,164.37, while the NSE Nifty climbed 55.25 points to 22,178.90. 

Most equities across the Asia-Pacific region are down in early deals despite the US stocks ending in the green overnight.

Analysts said the introduction of T+0 settlement for select stocks and the expiry of monthly derivative contracts will keep the market volatile.

They said that today, being the last day of the financial year, analysts expect some buying activity in select stocks.

Ashwin Ramani, Derivatives and Technical Analyst at SAMCO Securities said the India VIX, known as the fear indicator, fell to 12.70 from 12.82 a day earlier, comforting the bulls.

“Heavy put writing (Bulls’ entry) was observed at the 22,000 & 22,100 Strike in Nifty. Call writers (bears) made an exit from the 22,000 Strike, which aided the strong Intraday movement in the Index. The put writers have further strengthened their position at the 22,100 Strike. This level is likely to act as a strong support for Nifty,” he said.

The call writers (Bears) built significant positions at the 46,800 Strike in Bank Nifty. This led to profit booking in the Index. Bank Nifty has made a shooting star candle on the daily chart. This candle pattern is usually considered to be a bearish reversal candle. The option activity at the 47,000 Strike will provide cues about Bank Nifty’s future direction.

Ajit Mishra, SVP - of Technical Research, Religare Broking, said the market showed strength amid mixed cues and gained over half a pe rcent. Meanwhile, a mixed trend continued on the sectoral front wherein energy and auto performed well while IT and FMCG closed in the red. The broader indices also witnessed a similar trend wherein smallcap gained over a per cent while midcap closed flat.

“Nifty has finally surpassed the hurdle of short term moving average i.e. 20 DEMA but we need sustainability above 22,200 to extend the rebound. Also, since the volatility is still high across the board, traders should remain focused on stock selection and risk management,” he cautioned.

Crude oil futures traded higher on Thursday morning as the official data showed smaller increase in inventories in the US than the rise projected by the industry body American Petroleum Institute (API). At 9.06 am on Thursday, June Brent oil futures were at $85.82, up by 0.48 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $81.83, up by 0.59 per cent. April crude oil futures were trading at ₹6822 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6776, up by 0.68 per cent, and May futures were trading at ₹6792 against the previous close of ₹6746, up by 0.68 per cent.

On the global front, US stocks fluctuated over the course of the trading session on Wednesday but managed to end the day mostly higher thanks to a late-day surge. With the upward move, the Dow and the S&P 500 snapped three-day losing streaks. The strength on Wall Street came as traders once again looked to pick up stocks at somewhat reduced levels after early buying interest faded over the course of Tuesday’s session. Meanwhile, Asian markets were trading lower in the early trade. On the commodity front, Gold prices gained as investors awaited US inflation data that could cast further light on the Federal Reserve’s policy path. In addition, Oil prices were broadly level, after official numbers were released for US crude stockpile and signs the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week. On the domestic front, the Centre will borrow Rs. 7.50 lakh crores via the issuance of government securities in the April-September period of FY25. In addition, Banks and non-banking financial companies could be in focus today after the Reserve Bank of India (RBI) modified the norms for their investment in alternative investment funds (AIF). Indian shares look set to open on a cautious note Thursday as investors await key US inflation data and Federal Reserve commentary for signals on the rate path. However, the benchmark Sensex and Nifty indices are likely to open higher as trends in the GIFT Nifty indicate a positive start for the broader index.

The benchmark index opened 49 points higher and trended 125 points higher as the trading session progressed to 22193, the day’s high. However, the index succumbed to mild selling pressure in the second half and pared 46 points from the day’s top. The 20 DEMA continues to act as overhead resistance and reclaiming the average line will allow the index to attract further bullish strength.

Supp: 22090-22000-21880

Res: 22160-22220-22300

- Demand has remained steady in Jan’24/Feb’24; however, gold inflation in Mar’24 has led to delay in demand (a typical trend in gold inflation months). While the company continues to expand its store network, it is also focusing on better execution at the existing stores (added ~340 jewelry stores in the last two years). TTAN has reduced the gold premium compared to peers in a calibrated manner, which has been compensated with other initiatives to protect operating margin. The management believes that jewelry EBIT margin of 12-13% is sustainable despite rising competition. LGDs have seen success in many developed countries, yet TTAN is not sure it would participate in LGDs.

- In the long term, TTAN expects to sustain healthy growth on the back of the following structural drivers: (1) increasing urban population to expand the company’s target users and store addition opportunity, (2) TTAN’s rising consumer base (45-50% new buyers contribution) and multiple jewelry brands for different income groups, (3) fast-changing consumer preferences (unorganized to organized shift), (4) scope of market share gain (still at 7-8%), and (5) rising women/young workforce.

- We model a CAGR of 17% in revenue, 23% in EBITDA, and 26% in PAT during FY24-26. TTAN’s valuation is rich but its superior competitive positioning (sourcing, studded ratio, consumer trust, youth-centric, reinvestment) and business moats are not easily replicable. We maintain our BUY rating with a TP of INR4,300 based on 65x FY26E EPS.

“In the final trading session of the week, month, and fiscal year 2023-24, heightened volatility is expected, driven by the March F&O expiry. Investors are poised for bargain hunting as optimism pervades Dalal Street, with positive catalysts including significant FII buying and a global stock market rally. Technical indicators suggest staying bullish on Nifty as long as it holds above the 21711 support level. Key developments include Reliance Industries’ strong performance, Maruti Suzuki’s market capitalization milestone, and Adani Ports’ strategic acquisition. Top trade recommendations include buying opportunities for Nifty and Bank Nifty, with a bullish outlook on select stocks like INDIGO, ADANI PORT, and DIXON TECHNOLOGIES. The standout stock pick is HINDUSTAN COPPER, offering substantial upside potential in the coming months as a momentum play.”

Indian markets could open flat, in line with mixed Asian markets today and despite positive US markets on Mar 27

Global equity markets rose cautiously on Wednesday, led by an early rally in Japanese stocks as the yen sagged to its weakest since 1990, prompting intervention fears. The yen has been falling despite the Bank of Japan’s first interest rate hike for 17 years last week, as traders expect very gradual tightening and possible delays to US Federal Reserve easing. U.S. stocks were higher on Wednesday, with the S&P 500 setting a closing record, while investors looked toward the next part of inflation data and US Fed commentary for signals on the rate path.

The Personal Consumption Expenditures Price Index (PCE), the Fed’s preferred inflation gauge, is due on Good Friday when the U.S. stock market will be closed. The RBI on Wednesday eased its recently tightened rules that mandated lenders set aside higher provisions if they have bought into alternative investment funds (AIFs) that, in turn, have invested in the lender’s borrowers. Now, rather than a 100% provision, banks need to set aside funds to only cover that part of their investment in an AIF that is further invested in the debtor company.

Most markets in the Asia-Pacific region were down as concerns about interest rates to stay higher for longer in the U.S. rose after the US Fed’s hawkish remarks. Nifty recouped part of the late losses to continue its rally on March 27. At close, Nifty was up 0.54% or 118.9 points at 22123.7. Nifty formed a small candle with a high upper shadow on March 27. Nifty keeps facing selling pressure as it nears 22,200. Nifty could now remain in the 21932-22204 band for the near term.

On Wednesday, benchmark indices showed positive momentum. The Nifty closed 119 points higher while the Sensex went up by 526 points. The infra and oil and gas sectors gained around 1 per cent each. However, intraday profit booking was seen in select PSU banks and media stocks.

Technically speaking, the market maintained positive momentum throughout the day on the daily chart after a positive start. In our view, the market structure is bullish. However, in the near term, the 20-day SMA (Simple Moving Average) or 22200/73150 would act as a key resistance for the bulls. If the market moves above that, it can move towards 22250-22300/73300-73400. On the other hand, if the sentiment changes below 22050/72600, the market can retest 50-day SMA or 21950-21880/72500-72150 levels.

Over the past four days, the Bank-Nifty has traded in a tight consolidation zone, which is between 46500 and 47000. The technical formation suggests an upward break out in the near term. Any lower opening will be an opportunity to buy the Bank-Nifty around 46700-46600. However, a stop loss at 46400 is a must. 

Trading range

Nifty - 22050-22200

Bank Nifty - 46500-47000

This is negative for Banks as well as AIFs.This seems to have been done to ensure restriction on the routing of the fund to a non-eligible entity through the AIF route. There is the possibility that one defaulted debtor of the bank is getting funds from an AIF which Banks have also invested. But This restriction does not give any relief to a performing bank debtor funding through AIF also which is detrimental. Most of the banks is having a good amount of investment in AIFs and will be in a difficult situation.

Emkay Institutional Equities, a part of Emkay Global Financial Services Ltd, reiterates its stance of Nifty to remain at the 24,000 level. Emkay expects the market to rebound in 3-6 months, when SMIDs (Small- and Mid-Caps) would start to outperform again and the ‘hide in large-caps’ trade would unwind.

Price band revised from 10% to 5%: Jyoti CNC Automation. 

Ex/special Dividend: Aditya Vision. 

Ex/Dividend: Crisil. 

Ex/Stock Split: Persistent Systems. 

Ex/Interim dividend: Housing & Urban Development Corp.

Ex/record Interim Dividend: REC, R Systems International, SBI Cards and Payment Services. 

Moved into short-term ASM framework: Skipper.

Deepak Fertilisers & Petrochemicals: Promoter Robust Marketing Services bought 31,000 shares on March 20. 

Pennar Industries: Promoter Aditya Narsing Rao bought 15,800 shares on March 26. 

Pledge Share Details 

*Apollo Hospitals Enterprise:*Promoter K Visweshwar Reddy created a pledge for 70,000 shares on March 26.

Aster DM Healthcare: Olympus Capital Asia Investments sold 3.81 crore shares (7.64%) at Rs 405.02 apiece. Nippon India Mutual Fund bought 1.03 crore shares (2.07%) at Rs 405 apiece, SBI Mutual Fund bought 76.91 lakh shares (1.53%) at Rs 405 apiece, Olympus Capital Asia Investments Limited sold 60.74 lakh shares (1.21%) at Rs 406.72 apiece, ICICI Prudential Mutual Fund bought 82.71 lakh shares (1.64%) at Rs 405 apiece, Smallcap World Fund Inc bought 49.66 lakh shares (0.99%) at Rs 405 apiece, and Olympus Acf Pte Ltd sold 45.59 lakh shares (0.91%) at Rs 405 apiece.

CDSL: Standard Chartered Bank sold 75 lakh shares (7.17%) at Rs 1,688.64 apiece. 

GMR Power & Urban Infra: Setu Securities sold 31.03 lakh shares (0.51%) at Rs 44.75 apiece. 

TVS Holdings: Sundaram Finance Holdings sold 2.02 lakh shares (0.6%) at Rs 8,138.9 apiece, and VS Trust bought 2.02 lakh shares (0.6%) at Rs 8,138.9 apiece. 

Ethos: KDDL sold 4.05 lakh shares (1.73%) at Rs 2,499.8 apiece, and Invesco Mutual Fund bought 3.07 lakh shares (1.31%) at Rs 2,500.05 apiece.

Aditya Vision: Rashi Vardhan sold 2 lakh shares (1.66%) at Rs 3,400 apiece; Smallcap World Fund Inc. bought 2.73 lakh shares (2.26%) at Rs 3,400 apiece; and Sunita Sinha sold 0.81 lakh shares (0.67%) at Rs 3,400 apiece. 

Rama Steel Tubes: Sunflower Broking bought 74.31 lakh shares (1.46%) at Rs 13.8 apiece. 

Subex: Ashapura Commodities bought 36.81 lakh shares (0.65%) at Rs 29.99 apiece. 

Sunteck Realty: Jaliyan Commodity bought 7.76 lakh shares (0.53%) at Rs 400.05 apiece. 

Zee: Ppfas Mutual Fund bought 62.22 lakh shares (0.64%) at Rs 141.44 apiece.

Samhi Hotels: Blue Chandra sold 1.01 crore shares (4.67%), TT Asia-Pacific Equity Fund bought 82.82 lakh shares (3.79%), Societe Generale bought 11.51 lakh shares (0.53%), Dnb Fund - Asian Small Cap bought 3.94 lakh shares (0.18%), and Dnb Fund - India bought 3.44 lakh shares (0.16%) at Rs 206.1 apiece.

Vijaya Diagnostic Centre: Kotak Mahindra Mutual Fund bought 8.1 lakh shares (0.79%), Sunil Chandra Kondapally sold 5.1 lakh shares (0.49%), and Surendranath Reddy Sura sold 3 lakh shares (0.29%) at Rs 630 apiece.

SRM Contractors: The Rs 130.2-crore issue was subscribed 17.42 times on its second day. The bids were led by non-institutional investors (45.51 times), retail investors (13.94 times), and institutional investors (2.41 times). 

UltraTech Cement: During the course of its capacity expansion programmes, the company identified opportunities for debottlenecking across various locations, including its wholly-owned subsidiary. Some of these have since been completed and stabilised, resulting in an additional production capacity of 2.4 mtpa. The total domestic grey cement manufacturing capacity stands at 140.8 mtpa. It will acquire a 26% stake in O2 Renewable Energy for Rs 15.7 crore.

Bharat Heavy Electricals: The company has received an order worth Rs 4,000 crore from Adani Power for setting up a thermal power plant in Chhattisgarh. 

NHPC: The board approved plans to borrow Rs 6,100 crore from the market in tranches for FY25. It also gave in-principle approval for the closure of Loktak Downstream Hydroelectric in Manipur, subject to government approval. 

Dr Reddy’s Labs: The drugmaker entered into an exclusive distribution partnership with Sanofi Healthcare India to promote and distribute the SHIPL vaccine brands, including well-established paediatric and adult vaccines, in India. 

LIC: The insurer has filed appeals before tax authorities in Ahmedabad and Bangalore on certain GST demands. 

Tata Elxsi: The company and Dräger, a global leader in medical and safety technology, have announced a collaboration to advance critical care innovation in India.

GOCL Corp: The company entered into an MoU with Squarespace lnfra City, Hyderabad for the monetisation of approx. 264.50 acres of land situated at Kukatpally, Hyderabad. 

Texmaco Rail & Engineering: The company’s Rs 250-crore QIP saw the participation of Samena Capital, Abu Dhabi Investment Authority, Societe Generale, and Mahindra Manulife Mutual Fund. 

Balmer Lawrie & Company: The company will set up a free trade warehousing zone in the Special Economic Zone of Jawaharlal Nehru Port Authority near Mumbai on a land parcel of approximately 15 acres and invest Rs 230 crore. 

REC: The company approved a Rs 1.6 lakh crore market borrowing plan for FY25 through different instruments. 

Zydus Lifesciences: The USFDA conducted an inspection at the SEZ Onco Injectable Manufacturing Plant in Ahmedabad, which closed with four observations.

Cyient: The company announced a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer, on the detailed design for manufacturing of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft.

SRF: The company has given Rs 190 crore in corporate guarantees on behalf of its wholly owned subsidiary, SRF Industries (Thailand). 

Himatsingka: The company has made further investment of Rs 16.64 crore in unit Himatsingka Holdings NA Inc.

Exide Industries: The company invested Rs 34.99 crore in subsidiary Exide Energy Solutions on a rights basis. With this investment, the total investment stands at Rs 2,000 crore. 

Shiva Cement: The board approved the issuance of shares worth Rs 400 crore by way of a rights issue.

Blue Dart: The company introduced a 20-hour delivery service to GIFT City from major metros through a fleet of eight Boeing aircraft. 

Zaggle Prepaid Ocean Services: The company will acquire a 45% stake in Span Across IT Solutions for Rs 24.75 crore to enter a new segment of employee-related business. 

Info Edge: The company has agreed to invest Rs 30 crore in Naukri Internet Services. 

Aditya Birla Capital: The company has invested Rs 18 crore in Aditya Birla Capital Digital. 

Bajaj Finance: The non-banking financial company is planning for an initial public offering, with likely size of $1 billion, according to the people aware of the matter to NDTV Profit. Bajaj Finance is said to be seeking valuation of $10 billion. However nothing is finalised yet as discussion is in nascent stage.

The Reserve Bank of India (RBI) has assured the Commerce Department that it would take a relook at the Foreign Exchange Management Act (FEMA) guidelines with the objective of easing operations of e-commerce players based on inputs received from it and get back on the matter soon.

Buzzing Stocks: IDFC First Bank, Maruti Suzuki, GOCL Corp, Tata Elxsi, Dr Reddy’s Lab, Zydus Life, Biocon, BHEL, NHPC, Chalet Hotels, Emami, Cyient

Lapsation profitability remains unaltered:

· Status quo benefits all, some more than others: The IRDAI has maintained status quo on surrender charges, which removes a shadow from the lapsation profits of all life insurers. However, the degree of impact is dependent on the quantum of traditional products sold and the persistency of said products. The lapsation profit component is typically highest for non-par savings products, with company specific exceptions, in our view. Amongst our coverage, non-par/ traditional proportion of APE is highest for HDFCLIFE, followed by IPRU and then SBILIFE. SBILIFE, our top pick, was not as vulnerable as others to changes in regulation on surrender charges, and therefore, is not a large beneficiary of the status quo on an incremental basis. The biggest impact is, however, for low profitability smaller players, for whom this development is of existential salience, in our opinion.

Over the past five years (CY18-23), the European region has grown at a similar rate to the overall sector at ~7.5% CAGR on a constant currency basis. However, the European region has outperformed recently driven by large cost optimization deals, increasing outsourcing, high ER&D services activity and delivery relocation following the geopolitical crisis. Europe is lower indexed on outsourcing as compared to the US which offsets the weaker macro activity in the region. More importantly, the playbook in the UK/Europe of lower macro activity yet stronger IT services spending is evident. We reckon that in the scenario of a gradual recovery glide path in discretionary spending, Europe can continue to outperform in the near term as outsourcing and cost optimization will continue to drive deals ahead. Industry checks indicate that there is relative optimism in European banks’ technology expenditure compared to that of US banks. This sentiment is partly influenced by the low levels of M&A activity in US banks and the anticipation of higher capital requirements for large US banks. Moreover, the rise in captive/GCC activity is correlated with macroeconomic stress, resulting in increased offshoring due to budget constraints and talent pool limitations. These dynamics present opportunities for service providers through provider-assisted captive setups and/or subsequent captive takeovers. We have looked at the CSAT scores of IT companies in Europe to assess the relative advantage of providers and believe that TCS (ADD) is best placed to benefit from such opportunities as well as outperformance in the European geography.

The Indraprastha Gas (IGL) stock price has seen an ~15% correction over the last five months and underperformed the Sensex by ~25%, owing to the threat of EV following the introduction of the Draft EV policy 2.0 and the recent cut of INR 2.5/kg in retail CNG price. Notwithstanding the EV threat, we expect IGL, with higher exposure to the CNG segment, to benefit from the boost to volume growth, driven by favourable economics between CNG and alternative fuels and expansion of city gas network in new geographical areas (GAs). Our thesis of volume growth improvement is also supported by Vahan data, which indicates an improvement in monthly CNG vehicle registrations in Delhi. With the CNG volume growth catalysts in place, we estimate volume growth for IGL should improve, going ahead. We reiterate our BUY recommendation on IGL with a target price of INR 480, given (1) strong volume growth of ~11% CAGR over FY24-26E, (2) robust margins, and (3) a strong portfolio of new GAs ensuring volume growth visibility. We estimate that IGL’s stock price factors only 8.2% CAGR volume growth over FY24-32E, assuming 0% terminal growth.

Siddarth Pai, Founding Partner, 3one4 Capital, & Co-Chair, Regulatory Affairs Committee, IVCA, w.r.t. the latest RBI circular on investments in AIFs:

“The recent RBI circular does provide some operational and regulatory clarity but also raises new questions. Changes such as the Regulated Entity’s provisioning being proportionate to the downstream investment in the portfolio company by the AIF is a welcome move. Excluding investments through Funds of Funds and mutual funds will increase capital participation in AIFs. However, the exclusion of equity shares from the definition of downstream investments works only for investments in listed companies. It fails to account for the Private Equity and Venture Capital investments, which are in the form of compulsory convertible instruments such as CCPS and CCDs. The industry is debating as to whether they would need to convert all their hybrid secured to equity to allow REs to stay invested in their funds. Furthermore, there is still ambiguity as to whether existing REs can still honour capital calls to AIFs who do not meet the specific criteria in the new circular. The industry will reach out for further clarity on the matter.”

- Our interactions with leading channel partners indicate that there is a sustained recovery in demand for 2Ws. There was a challenging period lasting a week just before Holi, which affected retail growth. Additionally, Mar’23 included other festivals such as Navratras and some regional celebrations (like Gudi Padwa in Maharashtra), resulting in a high base. Despite this, we expect the 2W segment to post a retail growth of 10-12% YoY for the month. In the PV segment, retail growth is expected to be 3-5% YoY, driven by stable demand in UVs and CNG variants. MHCVs are expected to decline 5-7% YoY, while LCVs are expected to remain flat. Tractors are expected to witness a retail decline of 7-9% YoY, with commercial tractor retail demand declining 20-23% YoY. In Mar’24, we estimate a 12%/16%/18% YoY growth in dispatches for 2Ws/PVs/3Ws. CVs/tractors are expected to decline by 7%/18% YoY.

(CREDAG IN, Mkt Cap USD2.7b, CMP INR1423, TP INR1760, 24% Upside, Buy) 

- CREDAG is well prepared to capitalize on the growing opportunity in the microfinance segment by: a) improving its ticket size with customer vintage (~48% borrowers still have a vintage of <3 years); b) adding new borrowers with a strong rural focus; c) improving branch productivity (~300 branches set up over the last two years); and d) expanding into relatively less-penetrated geographies.

- CREDAG operates in a joint liability group (JLG) model and differentiates itself in the flexibility it provides to customers through its nuanced approach. The company also provides customers with the flexibility to choose the repayment frequency (weekly/bi-weekly/monthly) based on their cash flows. Weekly center meetings are held with customers, irrespective of their repayment frequencies.

- Tight discipline in processes and practices at CREDAG will ensure strong GLP growth. We expect GLP growth to remain intact and estimate a CAGR of 21%/23% in disbursement/GLP over FY24-26.

(TTAN IN, Mkt Cap USD40b, CMP INR3759, TP INR4300, 14% Upside, Buy) 

We interacted with the senior management team of Titan Co. (TTAN) to gain insights on jewelry industry demand, rising competition, and the company’s growth strategy for its business segments, such as jewelry, lab-grown diamonds (LGDs), and non-jewelry. Following are key takeaways:

- Demand has remained steady in Jan’24/Feb’24; however, gold inflation in Mar’24 has led to delay in demand (a typical trend in gold inflation months). While the company continues to expand its store network, it is also focusing on better execution at the existing stores (added ~340 jewelry stores in the last two years). TTAN has reduced the gold premium compared to peers in a calibrated manner, which has been compensated with other initiatives to protect operating margin. The management believes that jewelry EBIT margin of 12-13% is sustainable despite rising competition. LGDs have seen success in many developed countries, yet TTAN is not sure it would participate in LGDs.

- In the long term, TTAN expects to sustain healthy growth on the back of the following structural drivers: (1) increasing urban population to expand the company’s target users and store addition opportunity, (2) TTAN’s rising consumer base (45-50% new buyers contribution) and multiple jewelry brands for different income groups, (3) fast-changing consumer preferences (unorganized to organized shift), (4) scope of market share gain (still at 7-8%), and (5) rising women/young workforce.

- We model a CAGR of 17% in revenue, 23% in EBITDA, and 26% in PAT during FY24-26. TTAN’s valuation is rich but its superior competitive positioning (sourcing, studded ratio, consumer trust, youth-centric, reinvestment) and business moats are not easily replicable. We maintain our BUY rating with a TP of INR4,300 based on 65x FY26E EPS.

We believe a benign medium-term LNG pricing environment can be conducive for the LNG retail market (for heavy trucking-vehicle sector) to take shape in India. While China’s demand is stated to be 18-20mmtpa, India can also achieve 2-3mmtpa by CY30. The opportunity in India could be ~50K trucks serviced through ~400 LNG retail stations. At current diesel and LNG prices, cost economics place TCO of an LNG truck at 10-20% discount to diesel, which could be good enough to start with. However, network development remains a key precursor to scale. Players in the oil and gas chain can benefit from higher gas and LNG demand (PLNG and GAIL) and final sale (CGDs and OMCs). Small-scale LNG plants as a transit source should also expand. GAIL, in particular, has set up the first such unit in Vijaipur, while also announcing Rs6.5bn capex for LNG retail and aiming to achieve >50% market share in 5-6 years. LNG storage (Linde India, Inox India – not rated) will also be a growing area of opportunity

• HINDCOPPER

• ZEEL

1HFY25 GoI borrowing revealed mild positive surprises on quantum, with gross supply being 53.1% of the total, at Rs7.5tn –lower than the past five years. Net supply (unadjusted for early repayments of Covid loans) came in ~21% lower YoY at Rs5.76tn. The issuance pattern is skewed heavily toward the belly of the curve (led by 10Y) and ultra-long duration. Near term, we see bull-steepening bias to be reinstated, helped by lower shorter-tenor borrowing, better system liquidity, and higher FPI positioning in the sub-7Y tenors. While India bonds have seen structurally improved DD-SS dynamics, we watch for possible repricing of rate-cutting cycle by the Fed and thus the RBI, which would be cyclically noisy for bonds. That said, the RBI may still have to manage the problem of plenty, esp. in 1HFY25, with regards to finding a balance between FX and fixed income amid steady FPI flows/healthy liquidity -ensuring financial conditions don’t turn too easy.

28.03.2024

18.00 US Unemployment Claims

18.00 US GDP Growth Rate

29.03.2024

India, US, UK, Hong Kong, Germany and France @ Market Holiday

18.00 US Core PCE Price Index

21.00 US Federal Reserve Chairman’s Speech

31.03.2024

07.00 China Manufacturing PMI

01.04.2024

UK, Hong Kong, Germany and France @ Market Holiday

U.K. And opening time of Europe market will change (12.30 pm IST)

India @ Equity Settlement Holiday (Market will remain open for Trading)

India March Month Auto Sales Numbers

10.30 India Manufacturing PMI

19.30 US Manufacturing PMI

Earnings Calendar – 28.03.2024 

MUKKA

Earnings Calendar – 02.04.2024 

GOPAL

Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest ports and logistics company, will purchase a 95% stake in Gopalpur Port Limited (GPL), which includes a 56% stake in Shapoorji Pallonji (SP) Group and 39% in Orissa Stevedores Limited (OSL). The equity consideration for the 95% stake is ₹1,349 crore, with an enterprise value of ₹3,080 crore in an all-cash deal. The transaction is expected to be completed by Q1 FY25.

(April 01, 2024 to September 30, 2024)

1-April 05, 2024 - ₹38,000

(i) 3 year security-₹ 6,000 crore

(ii) 10 year security-₹ 20,000 crore

(iii) 40 year security-₹ 12,000 crore

2-April 12, 2024- ₹30,000

(i) 7 year security-₹ 11,000 crore

(ii) 15 year security-₹ 10,000 crore

(iii) 30 year security-₹ 9,000 crore

3-April 19, 2024 -₹24,000

(i) 5 year security-₹ 12,000 crore

(ii) 40 year security-₹ 12,000 crore

4-April 26, 2024-₹32,000

(i) 10 year security-₹ 20,000 crore

(ii) 50 year security-₹ 12,000 crore

5-May 03, 2024 -₹28,000

(i) 3 year security-₹ 6,000 crore

(ii) 15 year security-₹ 10,000 crore

(iii) 40 year security-₹ 12,000 crore

6-May 10, 2024-₹20,000

(i) 7 year security-₹ 11,000 crore

(ii) 30 year security-₹ 9,000 crore

7-May 17, 2024-₹31,000

(i) 10 year security-₹ 20,000 crore

(ii) 40 year security-₹ 11,000 crore

8-May 24, 2024-₹29,000

(i) 3 year security-₹ 6,000 crore

(ii) 15 year security-₹ 12,000 crore

(iii) 50 year security-₹ 11,000 crore

9-May 31, 2024-₹29,000

(i) 5 year security-₹ 12,000 crore

(ii) 10 year SGrB-₹ 6,000 crore

(iii) 40 year security- ₹11,000 crore

10-June 07, 2024-₹29,000

(i) 10 year security-₹ 20,000 crore

(ii) 30 year security-₹ 9,000 crore

11-June 14, 2024-₹34,000

(i) 7 year security-₹ 11,000 crore

(ii) 15 year security- ₹12,000 crore

(iiI) 40 year security-₹ 11,000 crore

12-June 21, 2024-₹23,000

(i) 5 year security-₹ 12,000 crore

(ii) 50 year security-₹ 11,000 crore

13-June 28, 2024-₹31,000

(i) 10 year security-₹ 20,000 crore

(ii) 40 year security-₹ 11,000 crore

14-July 05, 2024-₹28,000

(i) 3 year security-₹ 6,000 crore

(ii) 15 year security-₹ 12,000 crore

(iii) 30 year security-₹ 10,000 crore

15-July 12, 2024-₹22,000

(i) 7 year security-₹ 11,000 crore

(ii) 40 year security-₹ 11,000 crore

16-July 19, 2024-₹31,000

(i) 10 year security-₹ 20,000 crore

(ii) 50 year security-₹ 11,000 crore

17-July 26, 2024-₹35,000

(i) 5 year security-₹ 12,000 crore

(ii) 15 year security- ₹ 12,000 crore

(iiI) 40 year security-₹ 11,000 crore

18-August 02, 2024 -₹22,000

(i) 3 year security-₹ 6,000 crore

(ii) 10 year SGrB-₹ 6,000 crore

(iii) 30 year security-₹ 10,000 crore

19-August 09, 2024- ₹31,000

(i) 10 year security-₹ 20,000 crore

(ii) 40 year security-₹ 11,000 crore

20-August 16, 2024- ₹34,000

(i) 7 year security-₹ 11,000 crore

(ii) 15 year security-₹ 12,000 crore

(iii) 50 year security-₹ 11,000 crore

21-August 23, 2024- ₹23,000

(i) 5 year security-₹ 12,000 crore

(ii) 40 year security-₹ 11,000 crore

26-August 30, 2024- ₹30,000

(i) 10 year security-₹ 20,000 crore

(ii) 30 year security-₹ 10,000 crore

23-September 06, 2024- ₹29,000

(i) 3 year security-₹ 6,000 crore

(ii) 15 year security-₹ 12,000 crore

(iii) 40 year security-₹ 11,000 crore

24-September 13, 2024- ₹22,000

(i) 7 year security-₹ 11,000 crore

(ii) 50 year security-₹ 11,000 crore

25-September 20, 2024- ₹31,000

(i) 10 year security-₹ 20,000 crore

(ii) 40 year security-₹ 11,000 crore

26-September 27, 2024- ₹34,000

(i) 5 year security-₹ 12,000 crore

(ii) 15 year security-₹ 12,000 crore

(iii) 30 year security-₹ 10,000 crore 

Total-7,50,000 CR

BSE and the National Stock Exchange (NSE) will roll out same-day settlement of securities for the cash equity market starting Thursday. The bourses have put out a list of 25 common scrips that will be settled on the same day on an optional basis. These are all large-cap names and include Ambuja Cements, Ashok Leyland, Bajaj Auto, Bank of Baroda, Cipla, Divi’s Laboratories, Hindalco Industries, JSW Steel, LIC Housing Finance, LTIMindtree, MRF, Nestle India, SBI, and Vedanta.

Shree Cement has been consistent in capacity expansion (mostly through organic routes), with a capacity CAGR of about 12 per cent over FY14-24. The company plans to increase its grinding capacity organically at a similar CAGR over FY24-27E to reach 65mtpa/75mtpa by FY26E/FY27. However, most of these expansions will focus on its existing markets and a large part of Central and West regions will remain untapped till FY27.

We attended the InterGlobe Aviation (IndiGo) analyst meet wherein management highlighted plans to add more than one aircraft per week, increase capacity by early double digits, expand the network by launching 10 new destinations and add 5,500-6,000 employees in FY25E.

Here’s an interesting stock idea: Max Financial stock has broken out of a sideways range, and the price is likely to go up from here. Check out the latest episode of bl.Today’s Pick to learn more.

Walgreens Boots Alliance, Inc. (Pre market) (Sector- Healthcare)

MSC Industrial Direct Company, Inc. (Pre market) (Sector- Capital Goods)

12:30 U.K. Final GDP q/q (Expected: -0.3% versus Previous: -0.3%)

18:00 U.S. Final GDP q/q (Expected: 3.2% versus Previous: 3.2%)

18:00 U.S. Unemployment Claims (Expected: 212k versus Previous: 210K) 

19:30 U.S. Pending Home Sales m/m (Expected: 1.4% versus Previous: -4.9%)

19:30 U.S. Revised UoM Consumer Sentiment (Expected: 76.5 versus Previous: 76.5)

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