Share Market Highlights April 5th, 2024: Sensex, Nifty trade flat; bank stocks shine

The rupee appreciated 9 paise to close at 83.30 (provisional) against the US dollar as the Reserve Bank of India on Friday kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row.

Vijay Kuppa, CEO, InCred Money

RBI has expectedly kept the repo rates constant at 6.50%. With India GDP growth strong, there is little incentive for the MPC to cut rates, especially when inflationary pressures have not completely eased off. Food price uncertainties are expected to continue and food inflation would need close monitoring. Till inflation is around 4.0% on a durable basis, MPC is unlikely to cut rates. So we can expect rate revisions mostly in Q3FY25.

With this background, interest rates being at multi-year highs make it a perfect entry point for investors to allocate funds in Debt. Investors can lock in the high interest rates by investing in long maturity Fixed Deposits, bonds or Long duration Mutual funds.

HDFC Bank Ltd.’s shares were up by 1.38% to ₹1,549 on the BSE. ADR surges the most in two years after robust business updates.

Godrej Properties’ stock surged 3.43 per cent on the NSE to trade at ₹2,492.30 as of 2.55 pm.

While 206 stocks hit 52-week high, 8 stocks hit 52-week low.

Top gainers on the NSE are: Kotak bank (1.99%), SBI life insurance company (1.48%), HDFC Bank (1.45%), ITC (1.36%), HDFC life insurance company (1.16%)

Top losers are: Grasim industries (-1.88%), Ultratech cement (-1.79%), Bharat petroleum corporation (-1.60%), Bajaj Finance (-1.59%), Larsen and Toubro (-1.51%)

Vedanta Ltd’s shares were up by 2.56% to ₹318.20. 

Larsen and Toubro Ltd’s shares were down by 1.58% to ₹3,640 on the BSE.

Mphasis stock traded at ₹2,512 on the NSE, down 0.1% as of 2.47 p.m.

ESAF Small Finance Bank’s shares were up by 2.20% to ₹63.68 on the BSE.

Rashi Peripheral’s share were up by 3.35% to ₹348.30.

Suryoday Small Finance’s share gained 0.89% to trade at ₹186.90 on NSE.

Angel One’s shares were down by 2.28% to ₹2951.50 on the BSE.

Monarch Networth Capital | Cello World Limited | CMP- ₹810 | 52 week High/Low- ₹950/711 | TP- ₹1100 |

Cello World Limited had incurred a capex of close to ₹250 crore for the consumer glassware facility with an annual capacity of approximately 20,000 tons with asset turns of close to 1.2x. This will help the company grow much faster and expand margins. 

The company has announced the commissioning of the Consumer Glassware manufacturing facility in Falna, Rajasthan and the glassware furnace will be operational by the end of Q1FY25.

View:

“We believe this strategic move of manufacturing glassware products in-house will not only help the company grow, but also improve their margin profile. The margins in this division would be similar to Opalware margins. We continue to hold a positive view on the stock with a target price of ₹1100, an upside of 35.8% from current levels,” Monarch Networth Capital said.

CEAT is planning to to appeal the order. The shares were down by 0.18% to ₹2674.35 on the BSE.

The company is examining the order and planning appeal. 

DCM’s shares were up by 2.23% to ₹79.40 on the BSE.

· Stock listed at Rs. 290/- on NSE Emerge as against a price band of Rs. 106/- per share

· Earlier this week, the IPO received overwhelming response from the investors as the QIB portion was subscribed 142 times, the NII portion was subscribed 769 times and the Retail individual investors (RII) quota was subscribed 434 times, bringing the overall subscription to 422 times

· Public offer opened for subscription on March 27 and closed on April 02, 2024

· IPO comprised of fresh issue of 28.29 lakh equity shares with a face value of Rs. 10 per share; price band fixed at Rs. 106/-

Artemis Medicare Services Ltd. has signed a definitive agreement with the International Finance Corporation (IFC), a member of the World Bank Group, to raise funds of ₹3,300 million in the form of compulsorily convertible debentures (CCDs).

IFC’s investment will help the company improve healthcare accessibility and quality by supporting its growth plans in bed capacity, introducing newer medical treatment specialities, and establishing cardiac care centers in Tier 2 and 3 cities.

Marico Ltd. reported Q4 FY24 performance, with volume growth in domestic business driven by Parachute Coconut Oil and Saffola Oils. The shares were up by 2% to Rs 503.15 on the BSE.

“The announcements made during the RBI Monetary Policy meeting reflect a concerted effort by the central bank to maintain stability and manage liquidity in the financial system. The acknowledgment of improved liquidity conditions and the utilization of Variable Rate Reverse Repo (VRRR) operations demonstrate the RBI’s proactive approach to addressing liquidity fluctuations. While concerns over inflation persist, the overall tone of the announcements suggests a cautious optimism regarding the economy’s resilience. From the industry perspective, these measures are expected to instill confidence and support growth prospects, particularly in sectors reliant on stable financial conditions. However, continued vigilance will be necessary to navigate potential challenges, such as inflationary pressures and global economic uncertainties.

From a stock market perspective, the announcements are likely to influence investor sentiment and market dynamics. The acknowledgment of surplus liquidity and the RBI’s liquidity management efforts may lead to a positive reaction in the stock market, particularly among banking stocks. Any indication of accommodative monetary policy measures could further bolster investor confidence, potentially driving upward momentum in the stock market. However, concerns over inflation and global economic risks may temper market gains. Banking sectors could benefit from the RBI’s focus on liquidity management, while sectors sensitive to interest rate changes, such as real estate and infrastructure, may also see some impact. Additionally, sectors reliant on domestic consumption, such as FMCG and retail, could benefit from stable financial conditions and improved consumer sentiment. Overall, the stock market’s momentum post-meeting will likely be influenced by a combination of domestic economic factors and global market trends.”

Dr. Agarwal’s Eye Hospital Limited initiates operations at its new branch in Karaikal, Puducherry, effective from April 5, 2024. The shares were up by 2% to Rs 3395 on the BSE.

On expected lines, status quo on policy rates at 6.5% and stance as “withdrawal of accommodation”. FY25 inflation maintained at 4.5% even though the projection for 3 out of 4 quarters lowered. 2QFY25 expected to see inflation dropping below 4%, almost after 5 yrs. Despite elevated crude prices & food inflation, several comments like “Goal in sight” & “Elephant has gone to Forest” gives a dovish tilt on inflation. Fundamental factors remain healthy as reflected in FY25 GDP at 7%, manageable CAD and record high Fx reserve. Overall, it doesn’t disrupt the expectations of rate cuts in 2HCY2024, in line with global rate cut cycle. Market focus will be back to fiscal demand-supply dynamics which looks extremely favorable with Govt’s rapid fiscal consolidation over next 2 years, FPI inflows and particularly light G-Sec borrowing calendar in 1HFY25.

TVS Motor Company has announced the launch of TVS RONIN in Colombia. The first ‘modern-retro’ 225cc motorcycle weighs 160 Kgs and delivers a whopping 20.4 PS Power, along with a 19.93 Nm Torque.

Reserve Bank of India has proposed to permit the linking of Prepaid Payment Instruments (PPIs) through third-party UPI applications, thus allowing PPI wallet holders more flexibility to make UPI payments.

At present, UPI payments from bank accounts can be made only by linking a bank account through the UPI application of the bank or using any third-party UPI application. However, the same facility is not available for PPIs, and wallet holders can make UPI transactions only by using the web or mobile application provided by the PPI issuer.

The Reserve Bank of India (RBI) is planning to make certain modifications to the Liquidity Coverage Ratio (LCR) framework to facilitate better management of liquidity risk by banks.

Governor Shaktikanta Das noted that the recent episodes in some jurisdictions have demonstrated the increased ability of the depositors to quickly withdraw or transfer deposits during times of stress, using digital banking channels.

-Raghvendra Nath, MD, Ladderup Wealth Management Pvt. Ltd.

“As expected, the RBI kept the Repo rate unchanged at 6.5% and maintained its stance focused on withdrawal of accommodation. Advanced estimate for Real GDP growth in FY23-24 stands at 7.6%. with a strong GDP growth in the previous year, RBI remains steadfast in its goal to bring inflation down to the 4% target, which has eased to 5.1% in March. Projections of Real GDP growth for FY24-25 at 7% and CPI inflation at 4.5% for the year along with strong manufacturing & services PMI numbers and healthy corporate and banking balance sheet instills confidence of the resilience of Indian economy. If rural demand strengthens and there are no adverse surprises in inflation from food or crude oil prices, private consumption is expected to rise, further aiding the growth trajectory. However, the timing and extent of rate cuts remain dependent on announcement by global central banks and the CPI aligning with RBI’s 4% target on a sustained basis.”

Ashoka Buildcon Limited announced receipt of Completion Certificate for NHAI project, Eight Lane Vadodara Kim Expressway, Gujarat, spanning 11.25 out of 13.00 kilometers, with 1.75 kilometers de-scoped. The project, executed by Ashoka Ankleshwar Manubar Expressway Private Limited, a wholly owned subsidiary, has been receiving annuity from NHAI for completed segments. Shares were up by 0.82% to Rs 173.15 on the BSE.

At 12:15 pm on Friday, a total of 3,802 stocks were actively traded on the BSE. Of these, 2,284 advanced, while 1,375 declined, and 143 stocks remained unchanged. Additionally, 181 stocks hit a 52-week high, while 6 stocks hit a 52-week low.

NSE nifty was down by 0.04% or 9.55 points to 22,505.10 while the BSE Sensex was at 74,162 down by 0.09% or 65.58 points at 12.15 pm

Top gainers on the NSE at 12.10 pm include- HDFC Bank (1.71%), Dr Reddy laboratories (1.28%), SBI life insurance company (0.83%), Kotak bank (0.83%), Divis Laboratories (0.70%)

Top losers include- Bharat petroleum corporation (-1.85%), Grasim industries (-1.63%), Bajaj Finance (-1.63%), Bajaj Auto (-1.50%), Larsen and Toubro (-1.38%)

WS Industries: FUND RAISE 

Board of Directors has considered and approved the issuance of 36.6L equity shares and 27.2L warrants at INR 150 each, aggregating to INR 95.4 Cr. Among these, 5.7L warrants are issued to certain promoters and promoter group.

Trust Fintech: BULK DEAL

India Equity Fund 1 bought 2.6L shares at INR 150/share, aggregating to INR 4 Cr

Harshdeep Hortico: LOAN REPAYMENT 

As per the object of the IPO, Company has repaid its debt of INR 4.1 Cr, which was availed from Kotak Mahindra Bank. Company has fully repaid all borrowings from Kotak Mahindra Bank

Issuance of NCDs will be considered by the Finance & Investment Committee of the Company at its meeting scheduled to be held on April 9, 2024.

TVS Motor Company expands into the premium motorcycle segment with the launch of TVS RONIN in Colombia, it offers a 225cc engine. Shares were down by 0.94% to Rs 2067.85 on the BSE.

The announcement from MPC is on the expected lines. As suggested by the governor the continued rise of the Indian growth elephant will support policy moves to tame the inflationary elephant on a sustained basis at the same time the growth in GDP will rise ensuring the Indian growth elephant will tower over erstwhile “tiger” economies in rest of Asia. The policy decision is of increasing prominence with the recent spike in global oil prices as well as unexpected supply shocks which continue to occur with increase frequency. On a short to medium-term basis we see this as a positive move to contain CPI inflation with the 4.5% target for FY25 being only marginally above the medium-term target of 4%. We can expect the path to future rate cuts to become clearer in the next quarter as inflation gets contained.

Echoing the words of the governor, the perseverance and patience in holding rates will surely lead to success in the long term for investors. We expect markets to deliver 12%-15% growth in the long term based on the GDP and inflation targets mentioned by the RBI barring any shocks in the near term. In the near term, there will be a focus on banking stocks with the RBI Chairman highlighting a concern with Liquidity Coverage Ratio (LCR) because of the ability of bank customers to instantly withdraw capital from their accounts. Also, the sustained elevated rate levels could increase the cost of capitalization for small and mid-cap companies hurting their growth in the short term. However, this wouldn’t impact large caps which we believe would be adequately capitalized. This might also be a good time to take advantage of higher debt rates with a balanced portfolio approach by increasing allocation to long-term bonds seeing a potential upside if interest rates fall in the short to medium term.

“The Reserve Bank of India has decided to keep the policy rate unchanged for the time being. The focus remains on inflation, though on a declining trajectory, there is uncertainty surrounding food prices, oil prices, and the monsoon. The last mile on disinflation remains challenging. It is important to note that the RBI is not in a hurry to cut rates, as the growth remains intact,” said Vipul Bhowar, Director, Listed Investments, Waterfield Advisors. 

Mohit Khanna, Fund Manager at Purnartha One Strategy on RBI MPC meeting:

Coming out of a low base, FY24 has proved to be a year of very strong GDP and PMI data prints for India. Interestingly, this was also a time that coincided with RBI’s tight monetary policy which was characteristic of tight liquidity conditions in the economy.

The success of a tight monetary policy is judged by its effectiveness in bringing down inflation and preventing the economy from ‘growth’ overheating. In this aspect RBI has achieved limited success as while the inflation has receded from the high of 7.4% in Aug’23 to 5.1% in Feb’24, it is still some distance away from RBI’s own target of 4%. Today marks exactly one year since RBI started to increase interest rates in April’23 and the RBI has kept the repo rate unchanged at 6.5% and withdrawing the accommodative stance. This is the 7th straight meet where RBI has maintained the status quo. 

In the press conference after the meeting today, Governor Mr Shaktikanta Das’s comments seem to indicate a certain level of comfort from declining core inflation (ex-food and energy prices). But that is exactly where the issue is and even the Governor mentioned that the last mile of disinflation is challenging. Analysts expect Brent to continue its march to $95-99/bbl, Indian farmers must deal with weather shocks and Indian policymakers must deal with farmers’ demanding higher and guaranteed minimum prices for their produce.

For growth, the Governor mentioned resilient GDP growth across the globe, Indian economy continues to be buoyant as consumer confidence is at a 52-wk high and prospects of the investment cycle remain strong as the private sector capex is getting broad-based. Real GDP growth for FY25 is maintained at 7.0% with 1QFY25 to be 7.1%, 2Q to be 6.9% and both 3Q and 4Q to be at 7%.

CPI expectations for FY25 remain at 4.5%, indicating nominal GDP growth of 11.5%, which is very healthy in our view, especially considering a decently higher base. A good monsoon could be the start of positive incoming data on this front which will help cool food prices. Lastly, to manage Rupee’s stability and competitiveness, RBI might have to wait for the larger developed economies to initiate the rate cuts. Therefore, we believe that we are still at least a quarter away from the interest rates to start their descent.

Sonam Srivastava, Founder and Fund Manager at Wright Research on RBI’s monetary policy decision:

The announcements made during the RBI Monetary Policy meeting reflect a concerted effort by the central bank to maintain stability and manage liquidity in the financial system. The acknowledgment of improved liquidity conditions and the utilization of Variable Rate Reverse Repo (VRRR) operations demonstrate the RBI’s proactive approach to addressing liquidity fluctuations. While concerns over inflation persist, the overall tone of the announcements suggests a cautious optimism regarding the economy’s resilience. From the industry perspective, these measures are expected to instill confidence and support growth prospects, particularly in sectors reliant on stable financial conditions. However, continued vigilance will be necessary to navigate potential challenges, such as inflationary pressures and global economic uncertainties.

From a stock market perspective, the announcements are likely to influence investor sentiment and market dynamics. The acknowledgment of surplus liquidity and the RBI’s liquidity management efforts may lead to a positive reaction in the stock market, particularly among banking stocks. Any indication of accommodative monetary policy measures could further bolster investor confidence, potentially driving upward momentum in the stock market. However, concerns over inflation and global economic risks may temper market gains. Banking sectors could benefit from the RBI’s focus on liquidity management, while sectors sensitive to interest rate changes, such as real estate and infrastructure, may also see some impact. Additionally, sectors reliant on domestic consumption, such as FMCG and retail, could benefit from stable financial conditions and improved consumer sentiment. Overall, the stock market’s momentum post-meeting will likely be influenced by a combination of domestic economic factors and global market trends.

Anitha Rangan, Economist, Equirus, on today’s RBI Monetary Policy decision:

As expected, RBI has maintained its pause on policy rates and keeping intact its withdrawal of accommodation. Alongside the growth and inflation estimates for FY25 have also been maintained at 7.0% and 4.5% respectively. Notably, this is despite stronger than expected advance estimates of GDP of 7.6% for FY24. The voting stance also remains unchanged at 5-1. Notably, RBI has a view that domestic growth momentum led by rural recovery, private capex and government investment will remain strong into the year, and inflation is also expected to remain moderated. However the key headline risk is coming from rising geo-politics which is also getting evidenced in rising crude prices. The impact on inflation from the above two factors warrant a watch and staying cautious on the policy. On liquidity, RBI is likely to continue with the current tools of VRR and VRRR to manage deficit and surplus in the system. Ahead of the bond inclusion, RBI is not doing anything different to change the dynamics of policy actions or liquidity management. In summary, RBI is not lowering the guard while inflation aligns to the target. Status quo for now!

The RBI has decided to permit eligible foreign investors in the International Financial Services Centre (IFSC) to also invest in Sovereign Green Bonds (SgrBs). This is with a view to facilitating wider non-resident participation in SgrBs.

Bajaj Finance Q4FY24 Business Update - Neutral

•Customer franchise stood at 83.6 mn (+4.0% QoQ, +21% YoY)

•New loans booked stood at 7.87 mn and declined by 20% QoQ and grew by just 4% YoY on account of the restrictions placed by the RBI on the Company, on sanction and disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’.

•AUM came at Rs. 330400 Cr (+6.2% QoQ, +34% YoY)

•Deposit book remained constant as a % of total AUM at 18%.

Indusind Bank Q4FY24 Business Update - Neutral

•Advances came at Rs. 342857 Cr (+4.8% QoQ, +18% YoY)

•Deposits grew +4.3% QoQ, +14% YoY

•C/D ratio came at 89.1% vs QoQ 88.6% & YoY 86.2%

•CASA ratio came at 37.9% vs QoQ 38.5%, YoY 40.1%

Bandhan Bank Q4FY24 Business Update - Positive

•Advances came at Rs. 128572 Cr (+10.9% QoQ, +23% YoY)

•Deposits grew +15% QoQ, +25% YoY

•Retail deposits (69% mix) grew by 12% QoQ, 22% YoY

•Bulk deposits (31% mix) grew by 23% QoQ, 33% YoY

•CASA ratio came at 37.1% vs QoQ 36.1%, YoY 39.3%

•MFI Collection Efficiency (Excluding NPA) was at 99% vs QoQ 98% & YoY 98.5%

•Non MFI Collection Efficiency (Excluding NPA) was stable at 98%

Aavas Financiers Q4FY24 Business Update - Neutral

•AUM came at Rs. 17300 Cr (+7.6% QoQ, +22% YoY)

•Disbursements grew +19% YoY

•GNPA came at 0.95% vs QoQ 1.09% & YoY 0.92%

•+ DPD came at 3.15% vs QoQ 3.75% & YoY 3.30%

Sobha New sales area for Q4FY24 came 1.34mn sqft vs QoQ 1.66mn sq ft ( - 19.3%) yoy 1.48mn sq ft (-9.5%) . 

New sales value sobha share for Q4FY24 came around Rs.1273cr vs qoq Rs.1735cr (-26.6%) yoy Rs 1207cr (+5.5%)

Negative

BULK DEAL AS ON 04-04-2024

Aavas Financiers Limited

-10.06 LK @ 1421.05 SMALLCAP WORLD FUND INC

Cupid Limited

-6.75 LK @ 123 CLIFF TREXIM PRIVATE LIMITED

GRASIMPP

-1.20 LK @ 1041.23 MORGAN STANLEY ASIA SINGAPORE PTE

GUJTLRM

-5 LK @ 49.21 VIKI JAYESHKUMAR SHAH

KRRAIL

-1.08 LK @ 605.05 GANGAVARAPU PRASANTH

RHL (Robust Hotels Limited)

-1 LK @ 158.1 WHITEPIN TIE UP LIMITED

Tarmat Limited

+ 1.93 LK @ 108.15 L7 HITECH PRIVATE LIMITED

THINKINK

-2.25 LK @ 39.78 PIYUSH SECURITIES PVT LTD

+ 3 LK @ 41.76 \u0009BOFA SECURITIES EUROPE SA

Trust Fintech Limited

+ 2.64 LK @ 150.21 INDIA EQUITY FUND 1

Vaishali Pharma Limited

+ 1.06 LK @ 168.31 SHAH NISHANT

Sub: Change in name of D B Realty Limited

Members of the Exchange are hereby informed that the name of D B Realty Limited will be changed

w.e.f. April 10, 2024. Details are as under: -

Existing Symbol Existing Name New Name

DBREALTY D B Realty Limited Valor Estate Limited

This circular shall be effective from April 10, 2024

MAX ALERT SYSTEMS LTD

Resolution Plan -Suspension

Ex-date : 08 Apr 2024

Promax Power Ltd

Bonus issue 1:1

Ex-date : 08 Apr 2024

GRAUER & WEIL (INDIA) LTD

Bonus issue 1:1

Ex-date : 10 Apr 2024

Sprayking Ltd

Stock Split From Rs.10/- to Rs.2/-

Ex-date : 12 Apr 2024

Integrated Industries Ltd

Bonus issue 1:1

Ex-date : 16 Apr 2024

Suratwwala Business Group Ltd

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

Ex-date : 18 Apr 2024

The Anup Engineering Ltd

Bonus issue 1:1

Ex-date : 23 Apr 2024

BHARAT BIJLEE LTD

Stock Split From Rs.10/- to Rs.5/-

Ex-date : 24 Apr 2024

Brokerage reports

JP Morgan On Dabur

Maintain Overweight, Target cut to 570 from 615

Citi On Dabur

Maintain Sell, Target cut to 500 from 520

Goldman Sachs On Dabur

Maintain Buy, Target cut to 610 from 640

Macquarie On Dabur

Maintain neutral, target cut to 540 from 570

Citi on Dabur, maintain sell; cut target price to Rs 500 from Rs 520

Citi on Bata India

Maintain Sell, Target cut to 1000 from 1110

Citi on Page Industries

Maintain Sell, Target cut to 31300 from 33800

Goldman Sachs on Auto

Maruti

Neutral, Target raised to 12100 from 11200

M&M

Buy, Target raised to 2160 from 2060

Hero MotoCorp

Sell, Target raised to 3850 from 3730

Bajaj Auto

Neutral, Target raised to 9380 from 8780

TVS Motors

Neutral, Target raised to 2250 from 2220

Jefferies on Bajaj Fin

Buy, TP Rs 9400

UBS on Bajaj Fin

Sell, TP Rs 6800

JPM on Bajaj Fin

OW, TP Rs 8500

Citi on Bajaj Fin

Buy, TP Rs 8975

HSBC on HDFC BK

Buy, TP Rs 1750

Macquarie on HDFC BK

O-P, TP Rs 2000

Nomura on HDFC BK

Neutral, TP Rs 1625

MS on HDFC BK

OW, TP Rs 1900

Jefferies on Bandhan BK

Buy, TP 290

Nomura on Bandhan BK

Buy, TP Rs 275

JPMorgan on Bandhan Bank - Maintain Overweight with target price of Rs 270

MS on IndusInd BK

Ow, TP Rs 1925

Citi on IndusInd BK

Buy, TP Rs 2010

Jefferies on IndusInd BK

Buy, TP Rs 2070

Nomura on AU Small BK

Neutral, TP Rs 600

HSBC on Voltas

Buy, TP raised to Rs 1350

Macquarie on Tech Mah 

U-P, TP Rs 930

Citi on Aavas Financiers

Buy, TP Rs 1830

Bernstein India Strategy - Add Zomato and ICICI Bank to the portfolio

Globus Spirits Limited has agreed to forge a joint venture partnership with ANSA McAL Limited. Under this agreement, the companies will establish an equally owned joint venture in India to engage in manufacturing, sourcing, and distribution of beer.

The stock of Globus Spirits rose 3.41 per cent on the NSE, trading at ₹810 as of 10.47 am.

Here is the post-RBI Policy view from Santosh Meena, Head of Research at Swastika Investmart Ltd:

The RBI’s policy decision was unsurprising, as expected, with no adjustments to interest rates, policy stance, or GDP and inflation forecasts. The market response has been muted, shifting its focus to global developments like the evolving likelihood of a U.S. Federal Reserve rate cut in June and fluctuations in commodity prices. Despite this volatility, the Indian market appears to be holding its ground, possibly in anticipation of a pre-election rally.

Nifty is currently trading within a range of 22,200 and 22,600. We believe a breakout above 22,600 could signal a move towards 22,800 or even 23,000.

Bank Nifty is facing immediate resistance in the 48,200 to 48,600 zone. Overcoming this hurdle could lead to a rise towards 50,000. On the downside, the 47,700 to 47,200 zone is considered a potential support level.

Bank Nifty opened today’s session slightly higher at 48,105 as against yesterday’s close of 48,061. The index inched up post the open and is now at 48,170, up 0.2 per cent.

The contract staying above 48,000 is a positive sign. However, there is a resistance at 48,320. If Bank Nifty futures can break out of this price level, it can rally to 48,600.

Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Shares and Stock Brokers

In its latest monetary policy decision, the Reserve Bank of India (RBI) opted for a cautious approach, maintaining the status quo on both policy rates and liquidity stance, despite the moderating core inflation. The decision underscores the central bank’s vigilance over headline inflation, which remains above the Monetary Policy Committee’s (MPC) target, amidst strong growth dynamics in India. This careful stance reflects concerns over potential inflationary pressures arising from volatile food prices, recent upticks in oil prices, and robust economic growth. While there was some anticipation of rate cuts by the end of 2024, the RBI seems inclined to adopt a wait-and-see approach before initiating a rate cut cycle. The central bank’s current neutral policy stance appears designed to mitigate risks without unduly unsettling the debt and equity markets. This strategy highlights the RBI’s priority to balance growth with inflation control, acknowledging the significant weight of volatile food components in India’s retail inflation basket and the potential impact of global oil price fluctuations.

The yearly consumer price inflation in India was marginally up reading 5.09% in February 2024, compared to the 5.1% recorded in January. In February 2024, India witnessed a 0.20% year-on-year increase in wholesale prices, showing a slowdown from the 0.27% rise observed in the preceding month. The inflation rate remains within the RBI tolerance range of 2-6 per cent for six consecutive months, aligning with the target set by the central bank.

The Gross Domestic Product (GDP) recorded a robust economic growth rate in H1FY24 exceeding expectations. The Monetary Policy Committee has maintained the status quo on the repo rate as inflation moderates in a resilient growing economy. 

Since inflation is moderating, economic activity is steady oil prices are lower and India is poised to be the growth engine for the global economy the markets were expecting the repo rate to be unchanged at 6.5%. We believe markets in the near term will now be driven by the upcoming earnings season and the 2024 elections. 

Investors are bullish as they are favouring rate cuts in 2024 which will unanimously boost the equity markets. The banking sector is the most sensitive to changes in rate cycles and has been a major reason for incremental earnings in FY23 and in H1 of FY24 benefitting from the hikes and credit growth being robust and persistent. Prolonged rate cuts will eventually lead to narrowing NIM but we expect rate cuts to begin in the last quarter and hence the trend in the banking sector is likely to continue in FY24. NBFCs will be best positioned to benefit from cuts in rates as credit growth will improve followed by banks. Also, credit-sensitive sectors like auto and real estate will see higher demand. 

Madhavi Arora, Chief Economist, Emkay Global Financial

MPC policy took recognition of fluidity of global narratives, even as domestic dynamics have stayed favorable. This suggests that when needed, the aim of financial stability may even precede inflation management. We have long maintained that the RBI policy has been somewhat pegged to the Fed, specifically over the last two years, even as it formally targeted inflation. This seems fair, as external dynamics have been fluid, implying that the policy prerogative needs to be flexible for ensuring financial stability. The fluidity of global narratives and policy repricing, in conjunction with the near-term problem-of-plenty on INR/bonds, could make it arduous for the RBI to find a balance in its policy biases. We maintain the RBI’s tone will slowly tiptoe to ‘Gracklish’ from the usual ‘Hawk-Dove’ signaling, implying a non-committal stance and limited definite forward guidance ahead. While bull-steepening of India bonds looks to be a popular trade, consistent repricing of Fed cuts could spill over into the RBI’s reaction function and will be cyclically noisy for bonds/FX.

At present small finance banks are permitted to use only interest rate futures for proprietary hedging. It has now been decided to allow small finance banks to use permissible rupee interest derivative products

Nifty 50 opened with a gap-down today at 22,486 versus yesterday’s close of 22,515. It is currently hovering around 22,470, down 0.2 per cent.

The advance/decline ratio of Nifty 50 stands at 21/29, a bearish indication. However, unlike the benchmark index, mid- and small-cap indices are in the green.

Among the sectors, Nifty Realty, up 1.4 per cent, is the top gainer whereas Nifty Media, down 0.7 per cent, is the top lose

Anuj Puri, Chairman - ANAROCK Group:

Aptly and as expected, the RBI has kept the repo rates unchanged at 6.5%. The Indian economy is going strong and inflation is reined in, though it has yet to come within the threshold of RBI’s target. The decision to maintain status quo will keep the ongoing residential real estate sales momentum on course and unimpeded. Aspiring homebuyers eyeing a purchase will proceed with confidence.

Housing sales across the top 7 cities have been phenomenal in the last few quarters, even though prices are rising steadily. As per ANAROCK Research, we saw total housing sales of over 1.30 lakh units across the top 7 cities in Q1 2024 - the highest quarterly sales in the last decade. Average residential prices across these cities have seen a significant jump in the last one year – ranging between 10-32% in Q1 2024 when compared to Q1 2023. Thus, the breather which RBI’s unchanged repo rate will provide to home loan borrowers is apt and welcome.

Record rabi production of wheat expected to replenish whatever depletion that happened. Early indication of normal monsoon augers well for Rabi season. frequent and overlapping adverse climate shocks pose upside risks to the outlook on international and domestic food price

Core Inflation declined steadily. Ensure to meet target 4% of Inflation and sees upside risk on inflation.

Current: 6.5% 

Expected: 6.5% 

Previous: 6.5% 

(RBI maintains status quo for benchmark interest rate. Outlook on macros and policy guidance would be key factors for further market momentum)

The resilience in cement production, together with strong growth in steel consumption and production and import of capital goods augur well for the investment cycle to create, to gain further traction

Macrotech Developers Limited achieved Q4FY24 pre-sales of Rs 42.3 billion, marking a 40% year-over-year increase, while collections grow by 20% YoY to Rs 35.1 billion. Shares were up by 1.27% to Rs 1151.95 on the BSE.

The RBI’s six-member monetary policy committee kept the policy repo rate on hold at 6.50 per cent at its first meeting of FY25 as retail inflation remains above its 4 per cent target. It persisted with its “withdrawal of accommodation” stance.

Both these decisions, which were by a majiority of 5 out of 6 members, were widely anticipated by stakeholders, including economists, bankers and bond market players.

The MPC had last changed the repo rate in February 2023, when it upped it by 25 basis points from 6.25 per cent to 6.50 per cent. It has been on pause since then.

After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided by a 5 to 1 majority to keep the policy repo rate unchanged at 6.50 per cent.

Niyogin Fintech Limited reported growth in Q4 FY2024, with assets under management up by 95% and gross transaction value rising by 90% year-over-year. CEO Tashwinder Singh highlighted expansion in lending AUM, reaching approximately Rs 180 crore. The shares were up by 2.01% to ₹72.75 on the BSE.

Kalyan Jewellers reported Q4 FY2024 with a 34% revenue surge marking a 31% growth for FY2024. Expansion includes 10 new ‘Kalyan’ showrooms in India and 2 in the Middle East, with plans for 3 more conversions to the FOCO model. Candere platform sees 12% revenue growth in Q4 but records a 17% decline for FY2024. Shares were up by 0.88% to Rs 434.70 on the BSE.

Sheela Foam Limited won a landmark insurance claim case at the DCDRC, East Delhi, securing a compensation of Rs 21.38 crore plus interest and additional reimbursements. The shares were up by 4.25% to Rs 987.10 on the BSE.

At 9:50 am on Friday, a total of 3,159 stocks were actively traded on the BSE. Of these, 1,535 advanced, while 1,505 declined, and 119 stocks remained unchanged. Additionally, 116 stocks hit a 52-week high, while 4 stocks hit a 52-week low.

Major gainers on the NSE at 9.30 a.m. include - Dr Reddy laboratories (1.75%), SBI life insurance company (0.95%), HDFC Bank (0.85%) Shriram Finance (0.77%), Bajaj Finserv (0.66%)

Major losers include- Bharat petroleum corporation (-1.98%), Jsw Steel (-1.20%), Tech Mahindra (-1.15%), Tata Steel (-1.13%), Larsen and Toubro (-1.08%)

On Friday, Indian benchmark indices, the Sensex and Nifty, opened weak on Friday. The 30-share BSE Sensex fell by 151.21 points to 74,076.42 in early trading, while the NSE Nifty dropped 52.75 points to 22,461.90..

The focus will be on the outcome of the Reserve Bank of India’s credit policy. Besides, global cues will set the tone for the domestic market.

According to analysts, the unabated selling by foreign portfolio investors will likely keep the market under pressure.

Asian equity indices are trading negatively, with most of them falling around one per cent in early Friday trading, tracking the overnight weakness in the US market. Japanese markets were the worst affected among the major Asian equities, as the Nikkei dropped over 2.4 per cent.

However, the major focus on Friday would be on RBI statements after the rate-meet outcome.

According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, the RBI will likely continue with a rate pause at its first MPC meeting for FY25. 

“Even though core and the wholesale inflation has significantly eased but the volatility in food prices continue to impinge consumer sentiment. Thus, keeping the headline inflation above the RBI target level of 4 per cent,” he said.

Key macros resilient

Economic growth has also continued to remain strong, as witnessed in the above-expected GDP growth during Q3 FY’24. He further said that strong growth would continue to provide adequate support for the RBI to keep policy rates unchanged for the next few months.

The RBI’s focus is likely to be on liquidity management, with the continuation of withdrawal of accommodation to keep inflation well anchored and bring it under 4%.

Shrikant Chouhan, Head of Equity Research at Kotak Securities, said: India’s March Services PMI stood at 61.2 compared to 60.3 previously, while the Composite PMI was at 61.8 versus 60.6 on a month-on-month basis.

Gold prices surged to a record high on Thursday following statements from Federal Reserve officials reaffirming expectations of interest rate cuts in 2024, although the timing remained uncertain, he said.

Traders are awaiting weekly unemployment claims and trade balance data from the US, along with speeches from Fed officials; he added that “attention will be on the RBI Monetary Policy announcement and the release of the US non-farm payrolls report.”

Stock-speicific action

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said the Q4 business updates from a few prominent companies were encouraging, driving stock-specific action in the market.

“Nifty has been consolidating in a narrow range at higher levels for the last few sessions, while broader markets have bounced back strongly, especially after a sharp recent correction. We expect some volatility especially in rate sensitive sector amid India’s central bank’s policy meeting. Overall, we maintain our positive bias on the market, and any dip can be viewed as a buying opportunity,” he added.

Examining the Open Interest (OI) data, the highest OI on the call side is observed at the 22,800 strike price, followed by the 23,000 strike price. Conversely, the highest OI on the put side is seen at the 22,300 strike price, said Mandar Bhojane, Research Analyst at Choice Broking

Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities, said: the Foreign Portfolio Investors (FPIs) Long Short ratio rose from 31.24 per cent on March 27 to 46.83 per cent on April 2 on the back of strong buying by FPIs in Index futures. However, the FPIs liquidated long positions and built short positions on April 3, bringing the ratio down to 43.79 per cent.

“Strong put writing (Bulls’ entry) coupled with call writers (Bears) exit was observed at the 22,500 Strike in Nifty. This led to Nifty closing above the 22,500 level. The put writers now lead the call writers at the 22,500 Strike, and the option activity at this strike will provide cues about Nifty’s upcoming direction,” he said.

* Turmeric prices have dropped 10-15% to ₹16,500-17,000, a decrease from nearly ₹20,000 a quintal in the futures market.

* New crop supply has increased by over 25% in parts of Tamil Nadu, Telangana, and Andhra Pradesh.

* The Ministry of Agriculture and Farmers’ Welfare’s first advance estimate for turmeric production in 2023-24 is estimated at 10.74 lakh tonnes.

* New arrivals from the Marathwada region in Maharashtra could keep prices on leash.

* Turmeric exports in January were 14,490.09 tonnes, down 2.17 per cent from December due to high prices.

* Prices are likely to increase further due to lower 2024 ending stocks, which will impact the stock to use ratio.

* The next season could witness at least a 30% increase in the area under the crop.

* Turmeric growing regions such as Sangli, Basmat, Hingoli are witnessing a good demand for quality.

The public issue of Bharti Hexacom will close for subscription today. The issue has so far been subscribed 1.12 times. The ₹4,275-crore issue, which opened at a price band of ₹542-570 on Wednesday, received bids for 4.62 crore shares against an offer of 4.12 crore shares (net-off anchor portion).

The lot size is 26 shares.

The entire issue is an offer-for-sale of 7.5 crore shares by Telecommunications Consultants India, the lone public shareholder in Bharti Hexacom, which is diluting its 15 per cent stake. Promoter Bharti Airtel owns a 70 per cent stake in the company.

Silver fell after reaching its highest level since June 2021, as investors awaited the important US employment data for fresh indications regarding the Fed’s monetary easing. The most recent economic statistics from the United States, including high initial jobless claims and job cutbacks, as well as weaker growth in the services industry, reinforced the Fed’s decision to begin cutting interest rates sooner rather than later. Previously, some Fed officials stoked expectations that relaxation would begin this year, but additional evidence of declining inflation is required. 

Investors are awaiting a U.S. March employment report for further clues on the health of the U.S. economy and the direction of its monetary policy.

Gold prices have paused after reaching new highs in the previous session on forecasts of lower US interest rates this year, as traders await more clues from a major employment data coming later in the day. Fed Chairman Powell underlined that the US central bank has time to consider its first rate decrease, given the economy’s resilience and recent strong inflation readings. Perth Mint’s gold product sales in March fell to their lowest level in over five years, owing to a reduction in demand as clients responded to rising costs.

Investors are awaiting a U.S. March employment report for further clues on the health of the U.S. economy and the direction of its monetary policy.

GE Power: Jaiprakash Power awards contracts for two projects worth Rs 774.9 crore to company 

Nestle: National Consumer Dispute Redressal Commission (NCDRC) dismisses 2015 complaint in favour of company 

UltraTech Cement: Company commissions 100 MW AC solar energy project in Rajasthan

Bandhan Bank: Total Deposits Up 15.1% QoQ & Up 25.1%, CASA Deposits Up 18.2% QoQ & Up 18.1% YoY. 

Equitas SFB: Gross advances up 5% QoQ & up 23%, Deposits up 12% QoQ & up 43% (YoY).

Prestige Estates: Company acquires 21 acres of land in whitefield, Bengaluru for ₹450 cr.

Rashi Peripheral: Company gets new orders worth Rs 1,510 cr from NMDC data centre.

LTIMindtree: Company partners with Aforza to setup training academy: Agencies 

ESAF Small fin bank: Gross advances up 10.06% QoQ as of March 31

Cello: Company said it’s setting up a glassware manufacturing facility in Rajasthan to boost manufacturing capabilities across product categories 

IOL Chemicals: Company receives approval from EDQM for muscle relaxing drug. 

Avanti Feed: Company starts trial production at the newly established Shrimp Processing plant in Andhra Pradesh. 

Nazara: Company has entered into an IP assignment agreement with U games and play games 

Sula VIneyards: Company approved execution of share purchase agreement with shareholders of N D wines. 

Bajaj Fin: FY24 AUM up 34% at ₹3.30 lk cr vs 2.47 lk cr, AUM in Q4 FY24 grew by approximately ₹19,400 cr 

Indusind Bank: Deposits at ₹3.85 lk cr up 4% QoQ & 14% YoY, Net Advances at ₹3.43 lk cr up 5% QoQ & 18% YoY.

AsterDM Healthcare: Company concludes segregation of GCC business via sale of unit. 

L&T: Company said the tax authority of Qatar has imposed a penalty of ₹60.84 crore for the tax period April 1.

Sobha: Company reported a total sales value of ₹1,504 crore compared to ₹1,463 crore 

Vedanta: Company commences mining in Goa’s Bicholim block. 

HDFC Bank: ADR surges the most in two years after robust business updates. 

Cipla: US FDA has issued Form 483 with 6 inspectional observations for Cipla’s manufacturing unit at Patalganga, Maharashtra.

Hero Motocorp: Company gets tax demand of ₹309 cr and interest of ₹296 cr; says to appeal tax demand

With the Met Department warning of an intense heatwave across the country for the next three months, we look at some of the sectors that may stand to gain this summer. Brokerages and financial analysts bet big on air-conditioner (AC) makers, dairy companies and consumer durables, especially fan manufacturers.

Avinash Kumar, Research Analyst at LKP Securities, told businessline, “Demand for ACs seems good as the average temperature is moving up and expected to perform well, further backed by the IMD report. It also predicted El Nino conditions to persist for most of this period which could benefit the AC market.”

Route – Tender 

Buyback Price: 3800/- 

Current Market Price: 3346.50/-

Market Cap: Rs 6,900 crores 

Buyback Size: ₹199.50 Crs (Representing 19.63% and 19.91% of the aggregate of the Company’s fully paid-up equity capital and free reserves)

Buyback Size: 5,25,000 shares (Representing 2.58 % of O/s. shares) 

Retail Quota: 78,750 Shares 

Entitlement:

General Category - 2 Equity Share for every 89 Equity Shares held on the Record Date

Retail Category - 2 Equity Share for every 13 Equity Shares held on the Record Date

Buyback Record Date: 26 March 2024

Tender Period:

Start Date - 01 April 2024

Close Date - 05 April 2024 (Today)

Obligation Date - 12 April 2024

Settlement Date - 15 April 2024

Issue Open - 26-March-24

Issue Close - 05-April-24 (Today)

Right issue Size: Rs. 350 Crs (16.67 Crs Shares)

Stock Price – 38.40 /-

Right issue Price: Rs. 21 /-

Payment Terms: Rs. 21 /- (Full amount of Rs. 21 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 13 Rights Equity Share for every 118 shares held (Effectively 0.11 for every 1 share held).

Last Trade date (Cum Right): 14 March 2024

Ex-Right Trading date: 15 March 2024

Record Date: 16 March 2024

Right Entitlement (RE) Trading Period:- 26-March-2024 to 02-April-2024

Last day of Renunciation of Rights Entitlements: 02-April-2024

Date of Allotment (on or about): 16-April-2024

Date of listing (on or about): 19-April-2024

U-P, TP Rs 930

Leadership changes done; competition tough 

With 37% of rev from Communications, co will find it tough to grow in line with peers even 2 yrs out without significant M&A 

Employee costs have increased faster than peers, a structural challenge

Buy, TP raised to Rs 1350

Robust demand, reduction in input costs & stable prices to drive sharp margin improvement for UCP segment 

Think this is likely to be a significant positive surprise to investors and further valuation re-rating event

Neutral, TP Rs 600 

Pre-4Q update: Strong loan and deposit growth delivery 

Loan growth of 25% y-y and 9% q-q. 

Gross of loans securitized, its AUM grew by 28% y-y and 8% q-q. 

CASA ratio improved 40bp q-q to 33.4% in 4Q 

Ow, TP Rs 1925 

Loan growth improved (5% vs. 4% QoQ last qtr) 

Deposit growth was 4% QoQ vs. 3% last quarter (14% YoY vs. 13%). 

Retail deposits growth moderated (2.5% QoQ vs. 5%), partly owing to 1-time outflow, adj. for which, growth was 4% QoQ (20% YoY). 

Nomura on Bandhan BK

Buy, TP Rs 275

Sharp growth uptick; MFI collections pick up

Deposit growth strong at 15.1% q-q/25.1% y-y led by strong growth in both retail & bulk deposits

CASA growth strong at 18% q-q

Re-rating remains on consistent delivery on asset quality

Jefferies on Bandhan BK

Buy, TP 290

Loan growth improved to 18% YoY/11% QoQ 

Deposit growth strong at 25% 

Collection efficiency improved to 99%

RBI’s approval for Mr. Ghosh’s extension (term ends on 9July) will be key triggers

Buy Call, Target Rs 9,400

Q4FY24 Pre-qtr Update Shows Robust AUM Growth Of 34% Vs 35% In Q3

Q4FY24 Pre-quarter AUM Slightly Above Our Estimate Of 33% In FY24

Growth In Customer Base Was Healthy, At 21% YoY

Key Miss Was On New Loan Bookings, Where Growth Fell From 26% YoY (QoQ)

New Loan Bookings Might Have Been 15% If Not For Restrictions On eCom & Insta EMI Card

Co Has Submitted Details To RBI, And Lifting Of Restrictions Is Key

Nomura on HDFC BK

Neutral, TP Rs 1625

Pre-4Q update: Strong q-q deposit accretion; soft loan growth

Deposit growth strong at 7.5% q-q (17% y-y) in a generally seasonally strong 4Q

MS on HDFC BK

OW, TP Rs 1900

Deposit Growth Surprises +vely

Overall deposit growth accelerated to 7.5% (+17% YoY), vs. 2% in prior qtr 

Retail deposit growth strong (+7% QoQ; increase of Rs1.3trn)

Gross loan growth moderated to 2% QoQ, vs. 5% in the prior qtr.

HSBC on HDFC BK

Buy, TP Rs 1750

Deposit performance (+Rs1.66tn deposits q-o-q) in 4Q above est of +Rs1.2-1.3tn

Val @13x FY26e EPS still very attractive

Macquarie on HDFC BK

O-P, TP Rs 2000

Consolidation strategy playing out well

Surprising +vely on deposit growth

Domestic markets are expected to open negative on Friday. The focus will be on the outcome of the Reserve Bank of India’s credit policy. Besides, global cues will set the tone for the domestic market.

Gift Nifty at 22,525 signals, a gap down opening of about 100 points for NIfty, as Nifty April futures on Thursday closed at 22,612. According to analysts, the unabated selling by foreign portfolio investors will likely keep the market under pressure.

Asian equity indices are trading negatively, with most of them falling around one per cent in early Friday trading, tracking the overnight weakness in the US market. Japanese markets were the worst affected among the major Asian equities, as the Nikkei dropped over 2.4 per cent.

Jefferies on Bajaj Finance: Maintain Buy on Company, target price at Rs 9400/Sh (Positive) 

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

Citi on Bajaj Finance: Maintain Buy on Company, target price at Rs 8975/Sh (Positive) 

Citi on Aavas Finance: Maintain Buy on Company, target price at Rs 1830/Sh (Positive) 

Macquarie on HDFC Bank: Maintain Outperform on Bank, target price at Rs 2000/Sh (Positive) 

MS on HDFC Bank: Maintain Overweight on Bank, target price at Rs 1900/Sh (Positive) 

HSBC on HDFC Bank: Maintain Buy on Bank, target price at Rs 1750/Sh (Positive) 

Nomura on Bandhan Bank: Maintain Buy on Bank, target price at Rs 275/Sh (Positive) 

JP Morgan on Bandhan Bank: Maintain Overweight on Bank, target price at Rs 270/Sh (Positive) 

Citi on Indusind Bank: Maintain Buy on Bank, target price at Rs 2010/Sh (Positive) 

MS on Indusind Bank: Maintain Overweight on Bank, target price at Rs 1925/Sh (Positive) 

Bernstein India Strategy: Add Zomato and ICICI Bank to the portfolio (Positive) 

UBL on Bajaj Finance: Maintain Overweight on Company, target price at Rs 6800/Sh (Neutral) 

Nomura on HDFC Bank: Maintain Buy on Bank, target price at Rs 1625/Sh (Neutral) 

Citi on Dabur: Maintain Sell on Company, cut target price at Rs 500/sh from Rs 520/Sh (Negative) 

Citi on Bata: Maintain Sell on Company, cut target price at Rs 1000/Sh (Negative) 

Citi on Page Ind: Maintain Sell on Company, cut target price at Rs 31300/Sh (Negative) 

Bernstein India Strategy: Remove Cipla from portfolio as coverage on healthcare (Negative)

Bandhan Mutual Fund has launched Bandhan Innovation Fund, an open-ended thematic fund dedicated to investing in companies at the forefront of innovative breakthroughs. The fund targets companies with substantial R&D investment, high skilled-employee costs, potentially higher margins or growth, unique products or services, non-linear business models, and a notable brand presence. The New Fund Offer (NFO) begins on Wednesday, April 10, 2024, and will conclude on Wednesday, April 24, 2024. Investments in the Bandhan Innovation Fund can be made through licensed mutual fund distributors, investment advisors, online platforms, and directly throug its web site.

Promax Power Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 136.55

Ex Bonus 08 April 2024 (Monday)

Last date Trade for Before Bonus Today

Ex-Dividend 08 April 2024 (Monday)

Last date for Cum-Dividend Today

Indian Metals & Ferro Alloys Ltd.

Special Dividend Per Share Rs.5

Previous day Closing Price – Rs. 733.3

Prima Plastics Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 198.15

Sun Tv Network Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 619

-- Shrey Jain, Founder and CEO SAS Online - India’s Deep Discount Broker

New indices tracking promising themes such as manufacturing, infrastructure and healthcare should offer more investment avenues to savvy investors. Mutual Funds may come out with exchange traded funds tracking these indices, which should act as a low-cost investment avenue offering market returns. Nifty500 Multicap India Manufacturing 50:30:20 index comprising stocks of 75 manufacturing companies of varying sizes can create value for investors in the long term.

Nifty Mid Small Healthcare index and Nifty500 Multicap Infrastructure 50:30:20 index can complement the existing large-cap biased indices such as Nifty Healthcare and Nifty infrastructure. Products based on these indices can help investors invest in shares of companies that are under-owned in most mutual funds and other institutional portfolios.

It will be interesting to watch out for specifications of the futures and options contracts on these indices.

Provisional Cash Rs. In Crs. (4thApr) 

FIIs -1,136 (13,479 – 14,615) 

DIIs -893 (12,219 – 13,112) 

Sensex: 74,228: +351: +0.47%

Nifty: 22,515: +80: +0.36%

BankNifty: 48,061: +437: +0.92%

NiftyIT: 35,427: +379: +1.08% 

MIDCAP 100 : 49,744: +7: +0.01%

NSE Auto: 21,652: +97: +0.45%

NSE FMCG: 53,634 (-232) (-0.43%)

Dow: 38,597 (-530) (-1.36%) 

S&P: 5,147 (-64) (-1.23%)

Nas: 16,049 (-228) (-1.4%)

Brazil: 127,428: +109: +0.09%

Ftse: 7,976: +38: +0.48%

Dax: 18,403: +35: +0.19%

Cac: 8,152 (-2) (-0.02%)

MOEX: 3,408: +12: +0.35%

WTI Oil: $86.59: +1.36%

Brnt: $91.07: +1.92%

Natural Gas: 1.77 (-3.64%)

Gold: $2309 (-7) (-0.28%)

Gold 22 Carat/g: 6,410: +75: +1.33%

Silver: $27.25: +0.69%

Copper: $425: +6: +1.31%

Cotton: $87.14 (-2.07%)

Copper (LME): $9,263: +272: +3.02% 

Alluminum (LME): $2,429: +49: +2.06% 

Zinc (LME): $2,548: +69: +2.76% 

Tin (LME): $28,395: +498: +1.79% 

Eur-$: 1.0835

GBP-$: 1.2639 (-0.1%)

Jpy-$: 151.25 (-0.3%)

Re: 83.4450: +0.01%

USD-RUB: 92.250 (-0.05%)

US10yr: 4.31%: -4 bps 

GIND10YR: 7.094 (-0.14%) 

$ Index: 104.207 (-0.04%)

Vix: 16.35: +14.1%

India Vix: 11.22 (-1.32%) 

BalticDry: 1,711 (-3) (-0.17%)

ADR/GDR 

Cogni (-0.32%)

Infy: +0.11%

Wit: +1.05% 

IciciBk (-0.27%)

HdfcBk: +5.09% 

DrRdy (-0.32%) 

TatSt (-0.51%) 

Axis: +0.63% 

SBI (-1.51%) 

RIGD (%)

INDA (-0.22%) (IShares MSCI INDIA ETF) 

INDY: +0.32% (IShares MSCI INDIA 50 ETF) 

EPI (-0.37%) (Wisdom Tree India Earning)

PIN: +0.06% (Invesco India Exchange Traded Fund Trust)

Listing of new securities of Remsons Industries Ltd

9,92,400 equity shares of Rs. 10.00/- each issued at a premium of Rs.470/- to Non-Promoters on a preferential basis

Listing of New Securities of Gokaldas Exports Ltd

27,31,366 equity shares of Rs. 5/- each issued at a premium of Rs.901.14/- to Non Promoters on a preferential basis.

Listing of New Securities of Share India Securities Ltd.

1,50,638 Equity Shares of Rs.10/- each issued at a premium of Rs. 690/- on rights basis.

Listing of New Securities of Murudeshwar Ceramics Ltd

28,50,000 equity shares of Rs. 10/- each issued at a premium of Rs.37/- to Promoters on a preferential basis pursuant to conversion of warrants. 

Listing of New Securities of Nazara Technologies Limited

28,66,474 equity shares of Rs. 4/- each issued at a premium of Rs.868.15/- to Non Promoters on a preferential basis. 

Listing of Securities SpiceJet Limited

40100000 equity shares of Rs. 10/- each issued at a premium of Rs.40 to Non Promoters on a preferential basis . 

Listing of new securities of ANGEL ONE LIMITED

5870818 Equity shares of Rs.10/ each allotted to QIBs pursuant to QIP @ 2555.01.

Kotak Mahindra Life Insurance Company Ltd (“Kotak Life”) today announced its corporate agency partnership with Jana Small Finance Bank. The partnership will benefit 52 lakh customers of Jana Small Finance Bank by offering a wide range of tailor-made life insurance solutions provided by Kotak Life through the Bank’s 781 banking outlets spread across 22 States and 2 Union Territories.

Foreign portfolio investors (FPIs) are in a bind over the new currency derivatives diktat from the Reserve Bank of India (RBI), even as the deadline for the applicability of the circular has been extended from April 5 to May 3.

Some of the investors will be compelled to square off their positions before May 3 or face penal action from the regulator. Custodians who handle trades for these investors had reached out to the RBI for clarity.

* HINDCOPPER

* SAIL

* ZEEL

Buzzing Stocks: HDFC Bank, L&T, Cipla, Aavas Financiers, Nazara Tech, Prestige Group, Hero MotoCorp, Kamat Hotels, Indian Hotels, SecureKloud, Avanti Feeds, Tiger Logistics, Tanvi Foods, Aeroflex Ind, Nestle India, LTIMindtree, Sula Vineyards, IOL Chem, Cello World, Indraprastha Medical

We believe Aditya Birla Capital (ABCL) is poised to show strong growth in loans and earnings driven by its lending (NBFC and HFC) and savings (life insurance) businesses in the next several years.

The moats here are: strong parentage and AAA rating providing access to competitive funding; leveraging the ABG group and ABCL ecosystem for cross-selling and upselling in NBFC, insurance, and other segments; diversified product suite and distribution mix avoiding concentration risk in terms of product segment dependency (strong AUM CAGR despite scale down of personal loans).

Muthoot Finance is in a sweet spot, given robust growth prospects backed by sound fundamentals and sectoral tailwinds. Fundamentals are underscored by proven moats of leadership and higher productivity (AUM per branch at ₹14.50 crore vs ₹8 crore for IIFL Finance and a mere ₹5.6 crore for MGFL), steady-state branch and customer expansion, customer segmentation with limited share of 27 per cent in the above ₹3,00,000 ticket size which faces rising competition and increased thrust on marketing & digital initiatives along with enhanced customer service to strengthen Muthoot’s competitive positioning.

Credit growth for most banks remained robust in the last quarter of FY24, maintaining a steady growth rate of 15-25 per cent, as per provisional quarter-end numbers declared by lenders so far.

A positive trend was the increase in the pace of deposit growth amid concerns regarding stretched loan-to-deposit ratios and loan growth consistently outpacing deposit growth. While year-over-year deposit growth was largely in line with credit growth at 14-26 per cent, sequential growth was higher at 4-15 per cent compared with 1-8 per cent in the previous quarter.

The International Financial Services Centres Authority has allowed remote trading by foreign stock broking firms on Gift IFSC exchanges.

Such firms will be allowed to trade directly on the stock exchanges on a proprietary basis, without a broker-dealer even if they do not have a physical presence at Gift IFSC in the form of a physical office or staff. Such entities will be referred to as Remote Trading Participants, or RTPs. At present, countries such as Singapore, Japan, Israel and the US allow remote membership of brokers.

Here’s an interesting stock idea: The stock that we have today is Finolex Industries. After consolidating in a tight range, it has broken out this week. It has been in a downtrend since September last year. In the short-term, too, it is likely to decline.Check out the latest episode of Today’s Pick to learn more.

Finolex Industries’ stock rallied in the second half of March. It bounced off the support at ₹205 and touched ₹250 by the end of last month. After reaching ₹250, the uptrend lost momentum. Although there was no bearish trend reversal, the stock was held in a sideways range over the past week. It was oscillating in the tight range of ₹243-254.

10:00 INDIA RBI Monetary Policy (Expected: 6.5% versus Previous: 6.5%)

12:00 INDIA RBI Governor Press Conference 

18:00 U.5. Non-Farm Employment Change (Expected: 205K versus Previous: 275K) 

18:00 U.S. Unemployment Rate (Expected: 3.9% versus Previous: 3.9%)

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