Share Market Highlights 01 March 2024: Sensex gains 1,245 pts, Nifty settles above 22,300 on impressive GDP data, foreign fund inflows

The rupee settled 1 paisa lower at 82.90 (provisional) against the US dollar on Friday amid rising crude oil prices in the overseas market and increased demand for the American currency from importers.

However, a rally in equity markets and robust domestic macroeconomic data supported the local currency and restricted the fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.86 and traded in a narrow range of 82.84 and 82.91 against the greenback.

The local unit finally settled at 82.90 (provisional) against the dollar, down 1 paisa from its previous close.

The Adani Group is planning to invest ₹75,000 crore in Madhya Pradesh across sectors such as power generation, pump storage, cement and other sectors providing direct and indirect employment to around 15,000 people.

Announcing the massive investments at a Regional Industry Conclave in Ujjain, Madhya Pradesh, Pranav Adani, Director, Adani Enterprises, said, “I see infinite possibilities for infinite growth – especially in energy and infrastructure – and the Adani Group is excited about investing in Madhya Pradesh.”

So far, the group has invested about ₹18,000 crore in the state creating 11,000 jobs, but now it intends to ramp up its investments.

PVR Inox stock closed 1.67% higher on the NSE on Friday at ₹1,394.

Vodafone Idea has received order from State Tax Officer, Matunga, Mazgaon, Mumbai. The order was passed u/s 73 of Central Goods and Services Tax Act, 2017, confirming penalty of ₹1,76,846. The allegation pertains to excess tax availed and distributed to other States for FY 2018-19.

The stock advanced 4.40% to close at ₹14.25 on NSE.

India’s equity benchmarks advanced over 1.6% each on the back of strong GDP numbers which were released on Thursday post market hours. While BSE Sensex gained 1245.05 points or 1.72% to 73,745.35, NSE Nifty surged 355.95 points or 1.62% to 22,338.75. 

The market was buoyed by GDP in Q3 FY24, which grew by a robust 8.4 per cent, surpassing analysts’ expectations. The numbers for Q1 and Q2 FY24 have also been revised upwards to 8.2 per cent (from 7.8 per cent) and 8.1 per cent (from 7.6 per cent), respectively. 

Bus volumes grew 55% at 2,252 units when compared with 1,455 units. LCV volumes reported a marginal decline of 2% at 5,707 units as against 5801 units.

The share price Ashok Leyland advanced 1.35% to close at ₹172.25 on BSE.

Atul Auto has sold 2,300 units of vehicles in February 2024 as against 2,125 units in Feb 2022.

Stock trades at ₹547.10 on the NSE, higher by 1.35%.

TVS Motor Company recorded monthly sales of 368,424 units in February 2024 with a growth of 33% as against 276,150 units in February 2023. 

Total two-wheelers registered a growth of 34% with sales increasing from 267,026 units in February 2023 to 357,810 units in February 2024. Domestic two-wheeler registered growth of 21% with sales increasing from 221,402 units in February 2023 to 267,502 units in February 2024.

Motorcycles registered a growth of 46% with sales increasing from 126,243 units in February 2023 to 184,023 units in February 2024. Scooter registered a growth of 26% with sales increasing from 104,825 units in February 2023 to 132,152 units in February 2024.

Electric scooter sales registered a growth of 16% with sales increasing from 15,522 units in February 2023 to 17,959 units in February 2024.

Maruti Suzuki India Limited sold a total of 197,471 units in Feb 2024. Total sales in the month include domestic sales of 163,397 units, sales to other OEM of 5,147 units and exports of 28,927 units. 

Shares trade at ₹11,623.40 on the NSE, higher by 2.97%.

HAL has signed a contract for manufacture and supply of RD-33 Aero Engines for MiG-29 aircraft, at a cost of ₹5,249.72 crore. 

Stock rises 2.53% on the NSE, trading at ₹3,162.

VST Tillers Tractors Limited has sold 4,170 units of power tiller and tractor in Feb 2024 as compared to 4,002 units in Feb 2023.

Shares trade at ₹3,267 on the NSE, down by 0.38%.

Stocks advanced on BSE at 3 PM on March 1, 2024, were 2,409 against 1,395 stocks that declined; 117 stocks remain unchanged. Total stocks traded were 3,921. The number of stocks that recorded a 52-week high was 233, and those that hit a 52-week low was 28.

Major gainers:

Tata Steek (6.28%), L&T (4.73%), JSW Steel (4.27%),

Titan (3.98%), IndusInd (3.41%)

Major losers:

Dr Reddy’s (-3.41%), HCL Tech (-1.34%), Sun Pharma (-1.09%), Infosys (-1.07%), Britannia (-0.65%)

The Core Investor Group - BP Wealth Management

Indusind Bank - Leveraged proxy to economic growth available at attractive valuations, Better placed vs peers, with near term triggers

Cmp Rs 1480

Strong buy target Rs 1950.

Our thesis

-> We strongly recommend Indusind as the most leveraged proxy to strong Indian economy growth, willingness of promoters to increase stake from 15 to 26% which if approved by RBI can be a big comfort for investors and available at very attractive valuation of 1.4x FY26e book value of Rs 1080 and pe of just 8.5x on FY26e EPS of Rs 170 with earning CAGR of 21% so PEG ratio is just 0.4x and ROA touching 2% by FY26 so ROA/ Price to book very attractive vs peers and ROE touching 17% still price to book value of just 1.4x that way also most attractive amongst peers 

Tier 1 of 16.5% and CD ratio of 88% also provides comfort plus promoter willingness to infuse Rs 11000cr at CMP provides huge comfort on capital front as promoters considers banking and financial services as a proxy to Indias strong economic growth.

Better placed vs peers

Margin compression is the biggest worry for all other banks as deposits are getting repriced at higher rates where indusind remains well placed to protect its margins vs peers due to below mentioned reasons 

-> Indusind should be able to more or less maintain margins as they lend to segments where yields on advance are much higher than the other banks as 21% of the loan book is vehicle finance which is strongly linked to economic growth of the country and yield on advances are higher than typical corporate or mortgage loans 

-> 11% of the loan book is micro finance where again yields in advance are close to 19-20% which is again much higher than any other private sector banks 

-> Personal and consumer loans are also high yielding loans for example credit cards etc 

-> Because of this high yield segments which are clearly leveraged to India’s economic growth and some traction on deposit front , management is confident of protecting its NIMs at 4.1-4.3 % and grow its loan book above 15% in coming years 

-> From long term perspective we feel that we are at the peak of the interest rate cycle and hence a bank like indusind which has highest share of high yielding and fixed rate loans will stand to benefit vs all other banks when the rate cut cycle starts , it may be in H2FY25 but directionally in the interest rate cut cycle also, indusind stands to benefit the most amongst all banks 

ROA levers

-> Due to its exposure to high yielding but slightly more risky elements segments the credit cost of indusind bank is above 1.3% vs other banks like HDFC , kotak, ICICI, SBI where credit cost is below 0.5% so if economy continues to perform well there is a lever to improve ROAs by atleast 20bps just from credit cost side.

-> The management has also indicated that as the scale of operations further increase and technology investments grow at a slower pace from here on there is some Opex led ROA lever also as operating leverage plays out.

Near term triggers

-> Yesterdays GDP print of India of 8.4% growth clearly indicates robust economy growth plus if RBI approves increase of promoters stake in Indusind bank from 15-26% which implies that promoter will invest 11,000cr at around CMP can act as a trigger to re-rate the stock to 1.8x FY26e book value of 1085 which will be Rs1950 i.e our first target and at that price also price to book will be below ROA of 2% and P/e will also be 11.4x va earning CAGR of 20% , so at Rs1950 also there will be enough room for upside if the economy continues to do well.

Ashok Leyland recorded sales of 17,464 units of vehicles in Feb 2024 including exports, as against 18,571 units in Feb 2023.

Stock trades at ₹172.10 on the NSE, higher by 1.29%.

NMDC has recorded its production and sales of iron ore at 3.92 MT, and 3.99 MT, respectively, in Feb 2024, as against 4.48 MT production and 3.78 MT sales in Feb 2023.

Stock rises 3.23% on the NSE, trading at ₹233.20.

Cosmo Global Films Private Limited, wholly owned subsidiary of Cosmo First, has started commercial production.

Cosmo First stock trades at ₹524.40 on the NSE, up by 0.90%.

Nila Infrastructures has received work order for construction of 1,992 EWS affordable housing units from Gujarat Housing Board, development cost of ₹287.50 crore. 

Stock rises 4.94% on the NSE, trading at ₹12.75.

Zydus Wellness has appointed Dr Siva M. Sivaramakrishnan as Vice President, Research & Development. 

Stock trades at ₹1,560.50 on the NSE, down by 0.44%.

Swan Energy Limited’s shares were up by 3.70 per cent after the company completed a Qualified Institutions Placement (QIP), raising ₹3,000 crore. 

Priced at ₹670 per share, inclusive of a premium of ₹669 per share, the QIP witnessed participation from various institutional investors such as Quant Mutual Fund, SBI Life, LIC, Tata Mutual Fund, and foreign institutions such as Nomura, Goldman Sachs, and BNP Paribas Mutual Fund, among others.

Shares were up by 3.70 per cent to ₹771.55 at 2.14 pm on the BSE.

Hyundai Motor India Ltd has reported total sales of 60,501 units in February 2024. Its domestic sales stood at 50,201 units, achieving a 6.8% growth. Its exports stood at 10,300 units. 

“The newly launched CRETA SUV leads the charge, by clocking a sale of 15,276 units in February which incidentally is the highest ever monthly sales recorded by ‘Brand CRETA’ since its inception in India more than 8 years back in 2015,” said Tarun Garg, COO, Hyundai Motor India Ltd.

Top gainers of nifty realty stocks:

• Swan Energy (3.46%)
• Sobha (2.19%)
• Oberoi Realty (1.62%)

Rajkot-based Gopal Snacks has fixed the price band at ₹381 to ₹401 per equity share of face value of ₹1 each for its initial public offer. The initial public offering will open on Wednesday, March 06, 2024, for subscription and close on Monday, March 11, 2024. Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter.

The issue is entirely an offer for sale aggregating up to ₹650 crore.

Gopal Snacks is a fast-moving consumer goods company in offering ethnic snacks, western snacks and other products under our brand ‘Gopal’. It was established as a partnership firm in 1999 and subsequently incorporated as a company in 2009.

The company offer a wide variety of savoury products under the brand ‘Gopal’, including ethnic snacks such as namkeen and gathiya, western snacks such as wafers, extruder snacks and snack pellets, along with fast-moving consumer goods that include papad, spices, gram flour or besan, noodles, rusk and soan papdi which are semi-perishable in nature.

As of September 30, 2023, product portfolio comprised 84 products with 276 SKUs across its various product categories, thereby addressing a wide variety of tastes and preferences. The company have expanded their footprint across India, with their products being sold over 523 locations in ten States and two Union Territories. The Company’s distribution network comprises of three depots and 617 distributors, complemented by its sales and marketing team comprising 741 employees.

The company operates six manufacturing facilities in India, two of the three of primary manufacturing facilities located in Rajkot and Modasa in Gujarat and one in Nagpur, Maharashtra. Three ancillary manufacturing facilities located in Rajkot (I,II) and Modasa. The ancillary manufacturing facilities located in Gujarat focuses on producing besan or gram flour, raw snack pellets, seasoning and spices which are primarily used for captive consumption in the manufacturing of finished products such as gathiya, namkeen and snack pellets at their primary manufacturing facilities.

Top gainers of Nifty bank stocks:

• ICICI Bank (2.92%)
• SBI (2.75%)
• IndusInd (2.61%)
• Bandhan Bank (2.04%)

Larsen & Toubro awarded Ministry of Defence contractworth between ₹5000-₹10,000 crore for supply of High Power Radars to the Indian Air Force. Stock surges 4.15% on the NSE, trading at ₹3,621.85.

Key takeaway: Q3FY24 GDP growth came in at a whopping 8.4%, significantly higher than our/market consensus. But the devil is the detail. This growth was led mainly by a sharp 32% YoY rise in net tax growth versus a deceleration of 2.56% in Q3FY23. The subsidy outgo for the Central government in Q3FY24 dropped 53.6% YoY amid subsuming of the Free Foodgrain Program into National Food Security Act and moderation in the payment of existing subsidies. On the other hand, indirect taxes grew by 0.7% YoY versus -0.9% in the same quarter last year. This explains the sharp jump in GDP growth. And pick-up in the subsidy payment in Q4FY24 should normalize this effect. Moreover, the nominal GDP for FY24 is lower by INR 2.7tn in second advanced estimates vs First advance estimates.

With revision in the numbers of prior years, real GDP growth accelerated to >8% in the past three quarters. The nominal GDP growth rose 10.1% YoY in Q3FY24 from an upwardly revised 9.6% YoY (from 9.1%) in Q2FY24. The GVA growth of 6.5% was in line with our estimates. The agricultural sector decelerated 0.8% and the rate of industry growth moderated to 10.4% from 13.6%. Services remained supportive, growing by 7% versus expectation of 6%.

USFDA Inspection at Shilpa Medicare’s Bio Analytical Laboratory has been closed without any 483 observation. Stock rises 2.22% on the NSE, trading at ₹425.70.

Tata Motors sales in the domestic & international market in February 2024 stood at 86,406 vehicles, compared to 79,705 units in February 2023. 

Stock trades at ₹975.75 on the NSE, higher by 2.69%.

Tanla Platforms Ltd has signed an MoU with Vodafone Idea Business Services Ltd to deploy Messaging-as-a-Platform (MaaP) platform in India. 

Tanla Platforms stock falls 1.12% on the NSE, trading at ₹968.65.

Meanwhile Vodafone Idea stock surges by 5.13% on the NSE, trading at ₹14.35.

Dhunseri Tea & Industries has entered into a sale agreement with Shivani Tea & Industries LLP for sale of ‘Shivani Tea Factory’. Shares trade at ₹222.65 on the NSE, up by 1.53%.

CG Power and Industrial Solutions Limited’s shares were up by 6.80 per cent after the company signed a joint venture agreement with Renesas Electronics Corporation, and Stars Microelectronics Public Co. Ltd to establish an Outsourced Semiconductor Assembly and Test (OSAT) facility in India. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the project under India’s semiconductor scheme. Read more

Bharti Airtel Ltd’s shares were up by 0.71 per cent after the company announced the deployment of additional sites in Thrissur district of Kerala as part of its network enhancement project. The project aims to densify the network across 25 towns and 210 villages in Thrissur, covering a population base of 11 lakh. Read more

Chalet Hotels Limited announced the execution of definitive agreements for the acquisition of ‘Courtyard by Marriott Aravali Resort, NCR’, a 158-room resort with 14 acres of land. CHL executed the definitive agreement for admission into the partnership ‘Ayushi and Poonam Estates LLP’, owner of CYMA. The Enterprise Value for the transaction is at ₹315 crore. Read more

Royal Orchid Hotels Ltd unveiled its latest property, Regenta Place Vasco, marking its expansion into Goa’s market. Situated in the Mormugao peninsula region amidst Vasco da Gama, the company informed that this property is Royal Orchid’s dedication to preserving historical legacies while venturing into key markets. Read more

The Outlook revision follows our view that the global soda ash industry will remain oversupplied for longer than we previously anticipated. Demand in Europe (particularly the glass segment) has been weaker than expected in the financial year ending March 2024 (FY24) so far, leading Turkish soda ash exports to pivot to Asia, resulting in industry oversupply pressuring TCL’s EBITDA margins. We expect persistent oversupply to weaken TCL’s profits and credit metrics in FY25, before a gradual recovery from FY26.

“Final rollovers data suggests a make or break scenario for the markets this series with NIFTY rolls being in line, whereas Bank NIFTY rolls being below the 3 months average. NIFTY option chain reflects on a wide range in between 20800-22800 zones, with a narrow base in between 21400-22300 levels. So a buy on declines till 21800/21500 for monthly play is well recommended. Otherwise a fresh breakout play for new all-time highs above 22350 zones. Bank NIFTY option chain is also widely spread in between 43000-48500 zones. We are at now at a crucial 46000 level.”

Kalyani Steels (17.57%)

Swaraj Engines (9.86%)

Sanghvi Movers (8.87%)

Yuken India (8.81%)

Tata Investment Corp (4.25%)

IIFL Securities Limited has declared interim dividend of ₹3 per equity share. 

Shares rise 3.75% on the NSE, trading at ₹153.50.

Servotech Power Systems has bagged order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs.

Servotech Power Systems stock trades at ₹98.50 on the NSE, down by 0.81%.

Indian Oil Corporation stock rises 2.33% to trade at ₹169.40.

Bharti Airtel has deployed additional sites in Thrissur district to densify its network. 

Stock inches up by 0.75% on the NSE, trading at ₹1,131.80.

H.G. Infra Engineering Limited has been declared as L-1 bidder for the construction of double line track in Gaya-Son Nagar section in DDU Division of East Central Railway in the state of Bihar. 

Contract is valued at ₹709.11 crore.

HG Infra stock is up by 2.99% on the NSE, trading at ₹907.35.

Royal Orchid Hotels Ltd has unveiled Regenta Place Vasco, its 5th property in Goa.

Stock rose 1.01% on the NSE, trading at ₹400.

Major gainers on the NSE at 12:

Tata Steel (4.76%), JSW Steel (4.06%), LT (3.35%), BPCL (3.35%), Titan (3.03%)

Major losers:

Cipla (-0.81%), Britannia (-0.71%), HCL Tech (-0.49%), Apollo Hospitals (-0.45%), LTIMindtree (-0.39%)

Stocks advanced on BSE at 12 noon on March 1, 2024, were 2,460 against 1,221 stocks that declined; 137 stocks remain unchanged. Total stocks traded were 3,818. The number of stocks that recorded a 52-week high was 205, and those that hit a 52-week low was 25.

“Final rollovers data suggests a make or break scenario for the markets this series with NIFTY rolls being in line, whereas Bank NIFTY rolls being below the 3 months average. NIFTY option chain reflects on a wide range in between 20800-22800 zones, with a narrow base in between 21400-22300 levels. So a buy on declines till 21800/21500 for monthly play is well recommended. Otherwise a fresh breakout play for new all-time highs above 22350 zones. Bank NIFTY option chain is also widely spread in between 43000-48500 zones. We are at now at a crucial 46000 level.”

India’s manufacturing sector growth climbed to a five-month high in February amid a sharper uptick in factory production and sales, supported by both domestic and external demand, a monthly survey said on Friday.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose from 56.5 in January to 56.9 in February, pointing to the strongest improvement in the health of the sector since September 2023.

In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.

At 9.52 am on Friday, May Brent oil futures were at $82.21, up by 0.37 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.50, up by 0.31 per cent. Read more

Sona Machinery’s IPO is scheduled to open on March 5 and close on March 7, 2024. The IPO includes a fresh issue of up to 36,24,000 equity shares with a face value of Rs 10 per share.

The price band of the issue is set between a floor price of Rs 136 and a cap price of Rs 143 per equity share, with bids to be made for a minimum of 1,000 shares or multiples thereof

Clean FinoChem Ltd, a wholly-owned subsidiary of Clean Science and Technology, commenced commercial production of Hindered Amine Light Stabilizer Series (HALS) today at MIDC Kurkumbh, Pune.

The Clean Science and Technology stock trades at ₹1,405.05 on the BSE, down by 0.52%.

Rockingdeals Circular Economy Ltd (NSE Emerge company), a leading Indian B2B re-commerce player, announced that it has forged collaborations with the leading brands such as Fashion e-commerce giant Myntra, consumer electronics brands Whirlpool and Livpure, Italian luxury brand Pierre Cardin, sportswear maker Shiv Naresh and high-quality fragrances company Ajmal Perfumes, to source surplus inventory. With these partnerships in place, the company has further consolidated its leadership position in the recommerce market.

The Delhi NCR-based company has partnered directly with the brands as well as all as the E-commerce platforms to offer authentic and trustworthy products to its customers through its stores and online channels. By means of its unique approach, the company provides an eco-friendly and cost-effective alternative of unboxed and pre-owned products for consumers. It also enables consumers to reduce their environmental impact by choosing to reuse rather than purchasing new products.

Speaking on the new collaborations, Aman Preet, Managing Director, RDCEL stated, “Our brand collaborations seek to provide our consumers with reliable and genuine products. With over two decades of experience in the recommerce space, we are well-positioned to anticipate consumer expectations and offer excellent value to both them as well as brands. We are committed to bringing the best brands to our customers while keeping sustainability, affordability, and reliability in mind.”

Boosted by higher production and better sales, the manufacturing sector recovered in February as the Purchasing Managers’ Index (PMI) surged to 56.9. The month saw production rise at the fastest pace in five months, fuelling the quickest increase in sales since last September, and the strongest expansion in new export orders for 21 months. Read more

Major gainers: Jamna Auto (9.05%), DCAL (8.05%), Sanghvi (7.48%), Suven Pharma (7.44%), ACE (6.54%)

Major losers: Max Health (-7.60%), PB Fintech (-4.13%), Aster DM (-3.82%), Berger Paints (-3.81%), Ajanta Pharma

Bank Nifty is trading higher. The index is currently trading at 46,610, up 1.06 per cent. The advance/decline ratio is at 12:0. That is a very positive sign. ICICI Bank, IndusInd Bank and State Bank of India (SBI) stocks are up over a per cent each. Read more

NBCC has conducted a 24th auction for sale of commercial space in the World Trade Centre, Nauroji Nagar, New Delhi, as PMC & Marketing Consultant on behalf of the Ministry of Housing and Urban Affairs. 

The company has sold a total unsold commercial inventory of 2.05 lakh sq. ft. (approx.), having sale value of ₹827.78 crore, of which 0.53 lakh sq.ft, having sale value of ₹222.35 crore, has been sold to private entities. Further, the company has sold a total unsold commercial inventory of 26.45 lakh sq.ft. through open e-auction having sale value of ₹10,675.6 crore. 

Shares trade at ₹135 on the NSE, down by 0.18%.

Eicher Motors records total sale of 75,935 motorcycles in February 2024 as against 71,544 units in February2023. Shares rise 1.26% on the NSE, trading at ₹3,840.

After days of trading flat, the markets surged ahead with a rally on Friday. The NSE Nifty was up by 0.66 per cent, or 152 points, reaching 22,129.05, while the BSE Sensex stood at 72,923, up by 0.58 per cent, or 423 points. A total of 3,035 stocks were actively traded, with 2,377 advancing, 576 declining, and 82 remaining unchanged. At 9:30 am on Friday, 85 stocks hit a 52-week high, 16 hit a 52-week low. Read more

The rupee appreciated 4 paise to 82.85 against the US dollar in early trade on Friday on the back of robust GDP data and massive inflow of foreign funds in the domestic capital markets. Read more

Steel Strips Wheels net turnover dips to ₹342.98 crore in February ‘24 as against ₹350.40 crore in February 2023, a dip of 2.12% y-o-y.

Stock trades at ₹255.60 on the NSE, up by 1.49%

DB Realty’s subsidiary has appointed Rahul Pandit as President & Executive Director effective March 1, 2024. The board had earlier approved proposal to demerge the hospitality business consisting of the hotel business and assets. Shares trade at ₹267.25 on the NSE, down by 0.34%.

Nifty 50 opened today’s session higher at 22,048 as against yesterday’s close of 21,983. The index moved further up post the open and is now hovering around 22,145, up 0.7 per cent. Read more

Mahindra & Mahindra Ltd. overall auto sales for February 2024 stood at 72,923 vehicles, up by 24%, including exports. Stock trades at ₹1,954.15 on the NSE, up by 1.13%.

SAIL (5.82%)

Welcorp (5.38%)

Ratnamani Metals (3.77%)

JSW Steel (3.42%)

Tata Steel (3.27%)

Sectoral indices except for media, healthcare, realty and pharma, trade in the green. 

Nifty metal trades higher by 1.99% at 8,079.60, Nifty oil & gas rises by 1.72% to trade at 11,654.20, and Nifty auto is up by 1.11% to trade at 20,638.05.

NTPC Ltd said the 660 MW capacity unit-2 at its North Karanpura Super Thermal Power Project, (3 x 660 MW), has completed trial operation and has been included in the installed capacity of the company. 

NTPC stock rises 1.09% on the NSE, trading at ₹339.25.

Aurobindo Pharma stock declines by 1.54% on the NSE, trading at ₹1,012.30. The company’s wholly-owned subsidiary Eugia Pharma Specialities Ltd has restarted production in its terminally sterilized product lines at its Unit-III, that was temporarily stopped to address observations of the USFDA in their recent inspection concluded on February 2, 2024.

Automotive Stampings and Assemblies Ltd has commenced commercial production at its new manufacturing unit situated at Jamshedpur, Jharkhand w.e.f. February 29, 2024. 

Stock surges 3.43% on the NSE, trading at ₹595.10.

Escorts Kubota Ltd has reported a 17 per cent decline in total tractor sales at 6,481 units in February 2024 when compared with 7,811 tractors sold in February 2023. Domestic tractor sales declined to 6,041 units as against 7,245 units sold in February 2023. Stock trades at ₹2,864.65 on the NSE, up by 0.29%.

Major gainers: ONGC (2.99%), BPCL (2.98%), Tata Steel (2.73%), Bajaj Auto (2.21%), Tata Motors (2.11%)

Major losers: Apollo Hospitals (-1.43%), Sun Pharma (-0.70%), Infosys (-0.40%), SBI Life (-0.33%), HCL Tech (-0.26%)

Control Print’s wholly-owned subsidiary, Control Print B.V. has acquired a 50.49% stake in the equity share capital of Codeology Group Ltd., a company incorporated and existing under the laws of England. 

Control Print stock is up by 2.32% on the NSE, trading at ₹938.45.

Welspun Enterprises Ltd is in receipt of a letter of acceptance pertaining to a contract for development of new 2,000 MLD water treatment plant at Bhandup Complex from Brihanmumbai Municipal Corporation for a total contract value of ₹4,123.88 crore.

Welspun Enterprises stock trades higher by 5.15% on the NSE at ₹330.90.

Crude oil futures traded higher on Friday morning as the ceasefire talks between Israel and Hamas hit a further roadblock following the deaths of several Palestinians in Gaza. At 9.25 am on Friday, May Brent oil futures were at $82.25, up by 0.42 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $78.53, up by 0.35 per cent. March crude oil futures were trading at ₹6,508 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6513, down by 0.08 per cent; and April futures were trading at ₹6,483 as against the previous close of ₹6,482, up by 0.02 per cent.

One 97 Communications’ board has approved the discontinuation of various inter-company agreements with its associate entity, Paytm Payments Bank Ltd (PPBL). Stock trades at ₹418.10 on the NSE, higher by 3.67%.

CG Power and Industrial Solutions Ltd, Renesas Electronics Corporation and Stars Microelectronics (Thailand) Public Co. Ltd recently signed a joint venture agreement to establish a joint venture to build and operate an OSAT facility in India.

The third quarter GDP numbers jolted the psyche and cognitive framework of most in markets, while sweeping some by a pleasant surprise. Clearly, right policy prisms and perspectives can trump irrational expectations bordering fault lines.

Defying all estimates, India’s economy grew by 8.4% in Q3 FY24 after exhibiting more than 8% growth in the preceding two quarters. The buoyancy in indirect tax mop-up (32% yoy growth i.e. Rs 3.9 lakh crore ), gap between GDP and GVA growth widened. For FY24 GDP growth is expected to increase by 7.6% and GVA growth by 6.9%. Based on the FY24, 7.6% GDP growth, we estimate Q4 GDP growth at 5.9%, which we believe is an understatement. Thus it is most likely that FY24 GDP growth could be within striking distance of 8%.

Sharp revisions (both upward and downward) in both previous yearly as also quarterly numbers have meant FY22 and FY24 numbers have been revised upwards by 64 bps and 26 bps, respectively while For the current fiscal, both Q1 & Q2 numbers have been revised upwards by 40 bps and 44 bps, respectively uplifting YTD GDP growth above 8% mark. Colloquially, due to downward revision in FY23 GDP numbers (by 25 bps), the fiscal deficit of FY24 as % of GDP will now be revised upwards to 5.9% from 5.8% of GDP. For FY25 there will be no significant change in fiscal deficit due to revisions.

Drilling down, all sectors under Manufacturing and Services had a stellar show , duly helped by small base of previous period as industry (10.4%), Manufacturing (11.6%) and Electricity, Gas, Water Supply & Other Utility services and construction sector (9%) propelled industry while services jumped above 7%. Agriculture, suffering from vagaries beyond control declined by –0.8% in Q3. Annually, GDP deflator exhibited huge deceleration from 6.8% in FY23 to 1.4% in FY24. While in Q3 GDP deflator increased mildly to 1.7% as compared to 1.5% in Q2 FY24.

With the Government’s efforts to ensure quality of life for all citizens and stopped leakage of benefits through DBT, for the first time the per capita GDP at current prices crossed Rs 2 lakh mark in FY24, with decadal CAGR growth of 8.9%. In constant prices too, per capita GDP has increased to Rs 1.24 lakh in FY24. It is interesting to note that in post-pandemic period (FY24 over FY22), there is a huge jump in per capita GDP (Rs 38,257 at current prices).

The investment and savings data for the past decade reveals interesting points (All numbers are as a percentage of GDP). Gross capital formation (GCF) by the government touched a high of 4.1% in FY23, up from 3.6% in FY20. This also had a domino effect on private sector investment that jumped from 11% to 11.9% over the same period. In fact, the trends in GCF to Gross Output ratio or the plough back of funds for creation of fresh capacity shows that for public administration the ratio attained fresh peak in FY23 at 47.6% owing to the emphasis on capital expenditure in recent budgets. At the aggregate level, gross capital formation is supposed to have crossed 33.7% in FY24, the highest level since FY19.

In FY23, gross savings is at 30.2%, and is supposed to cross 32.3% in FY24, the highest since FY14. The household savings increased sharply during the pandemic period on account of sharp accretion in financial savings such as deposits. While household financial savings have since then moderated from 15.4% in FY23 to 11% in FY21. Savings in physical assets have grown sharply to 12.9% in FY23 from 10.8% in FY21.

Prima facie, a careful analysis shows that Incremental Capital Output ratio (ICOR), which measures additional unit of capital (investment) needed to produce additional unit of output, has been improving. ICOR which was 7.5 in FY12 is now only 4.4 in FY23. Clearly, only half of capital is now needed for next unit of output.

Such reducing ICOR in the current years reflects a relative increasing efficiency of capital. The talk on ICOR becomes relevant and shows that the economy is on a sound footing. Even if investment and savings stay at the same level in FY25, with a declining ICOR , India could comfortably grow at 8% in FY25.

Bajaj Auto Ltd has reported a 42 per cent rise in domestic two-wheeler sales at 170,527 units in February 2024, when compared with 120,335 units in February 2023.

Two-wheeler exports grew 8 per cent at 124,157 units (115,021 units).

The ₹224-crore issue of Mangaluru-based Mukka Proteins saw a robust response on Day 1 of issue opening on Thursday. The IPO came out with a price band of ₹26-28. The initial public offering closes on Monday, March 4. Investors can bid for a minimum of 535 equity shares and in multiples of 535 equity shares thereafter. Read more

Today is the last date to subscribe public issue of Bharat Highways InvIT. The ₹2,500-crore initial public offering of Bharat Highways InvIT has come out with a price band of ₹98-100 per unit and the market lot is 150 units. Read more

Citi on Piramal Ent

Sell Call, Target Rs 850

Co’s Arm Piramal Capital & Hsg Fin Received IT Assessment Order For FY22

The IT Assessment Allowed Loss Of Rs 10,600 Cr To Be Carried Forward

The IT Action Pertains To Year Of Acquisition & Reverse Merger With Erstwhile DHFL

During The Merger With Erstwhile DHFL, Assets Were Knocked Down Significantly By Rs 20,000 Cr

Company Has Suo-Moto Withdrawn Claim Of Rs 3,700 Cr

Benefit Was Expected For Rs 16,000 Cr

Out Of Rs 16,000 Cr, Rs 10,600 Cr Has Been Received Favorable Tax Order

For Balance, Clarity Is Still Awaited

Citi on GAIL

Buy Call, Target Rs 200

US Henry Hub Prices Have Fallen Sharply

From An Average Of Nearly $2.7/mmbtu In Q3FY24 To Nearly $1.5/mmbtu Currently

PE Prices Are Trending Largely Flattish (+1%) QoQ

Est US Henry Hub Prices Could Bring Down Co’s Input Gas Cost In Petchem Segment

Realisations Remain Largely Stable

Co’s Gas Trading Differentials In Q4 Are Trending Broadly Similar To Q2FY24

Co’s Gas Trading Differentials Implies That Trading EBITDA Could Also Be Broadly Stable

Impact Of APM Gas Allocation Declined To Nil From Mid-Dec’23

Impact Of APM Gas Allocation Declining Could Be Offset By Sharp Decline In Spot LNG Prices

Opex Is Left Largely Flattish On A QoQ Basis

Flatish Opex Should Therefore Yield Segmental EBITDA Gains In Q4FY24

CLSA On Hindalco

Upgrade To Buy, Target Rs 635/Sh

Following A Sharp Correction, Believe Concern Is Overdone

Investor Feedback: Multiple Concerns

Novelis IPO: Value Unlocking Or Building A War Chest?

Bear Case Analyses Suggests Further 10-12% Downside From Current Levels

Co’s Existing Businesses Remain Strong With Gradual Improvement In Profitability

Clarity On The Use Of Cash And Growth Projects Are Key To Watch For

HSBC on OMCs

Re-rated, But There Is Still Room

HPCL: Buy Call, Target Raised To Rs 630 From Rs 375

BPCL: Buy Call, Target Raised To Rs 860 From Rs 555

IOC: Buy Call, Target Raised To Rs 185 From Rs 130

Expect Rangebound Oil Prices To Support Profitability In Near-term

Medium-term To Benefit From Refinery Upgrade

Revise Valuation Multiples To Reflect Reduced Government Intervention & Tacit Support

BoFA Sec on OMCs

HPCL - U-P, TP Rs 370

BPCL - U-P TP Rs 515

IOC - Neutral TP Rs 165

OMCs delivered higher than expected GRMs in 3Q driving upgrades, however, vals remain expensive

ONGC - Key catalysts

1) Premium gas pricing for well interventions in APM fields

2) Vol uptick

Nomura on Gujarat Gas

Reduce, TP Rs 505

GGL cuts Morbi prices to shore up near-term vols

Expect move to drive a healthy uptick in vols 

However, as underlying propane prices begin to decline from May, see risks to volume recovery & expect limited benefits

CLSA on Hospitals

SC directs standardisation of rates

Negative for private hospitals, albeit, difficult to implement

Retain O-P on Apollo Hosp, TP Rs 7000

Gold prices rose as statistics revealed that US inflation was gradually slowing, while traders focused on comments from a number of Federal Reserve members. According to data, the U.S. personal consumption expenditures (PCE) price index climbed by 0.3% in January, while the core PCE price index increased by 0.4%. In the year ending in January, inflation increased by 2.4%, the lowest rate in over three years. U.S. central bankers are reviewing recent data suggesting that pricing pressures recovered last month and are instead focusing on overall inflation progress, which they believe will pave the way for interest rate decreases later this year.

Silver prices rose as traders welcomed the latest macroeconomic data from the United States. The core price measure related to the PCE, which the Fed regularly monitors for future decisions, increased by 0.4% over the previous month in January, meeting market expectations. Meanwhile, yearly interest rates fell to their lowest level since 2021, reinforcing the view that the inflationary trend will continue. In addition, initial unemployment claims were slightly higher than expected, easing concerns about a tight labour market. Traders expect three quarter-point (25 basis points) interest rate cuts in the United States in 2024, with the first likely to occur in June.

NTPC: Unit 800 MW of Telangana STPP, Stage-I commences commercial operation 

ICICI Lombard: ICICI Bank acquires further stake in company worth Rs 431 crore. 

Suven Pharma: Company’s board approves amalgamation of subsidiary Casper Pharma with company 

MOIL: Company hikes prices of ferro grades with manganese content below mn-44% by 5% 

Pidilite Industries: Company appoints Sudhanshu Vats as Managing Director Designate of the company. 

Chalet Hotels: Company said it has received approval from the Board of Directors for acquisition of partners’ share in Ayushi and Poonam Estates LLP for Rs 315 crore. 

Bharti Airtel: Chairman said that the company is looking at an ARPU of ₹300 by the end of financial year 2025. 

Larsen & Toubro: L&T has commissioned its first domestically manufactured electrolyser at the Green Hydrogen Plant in Hazira, Gujarat 

Tips Industries: Company expands agreement with Warner Media, which gives the latter access to Tips Music’s full extensive catalogue globally 

Kesoram Industries: Company signs facility agreement to avail financial assistance or loan worth ₹1,850 crore from Tata Capital 

Rallis India: Company appoints Gyanendra Shukla as MD & CEO for 5 years 

Rishabh: Poland’s Material Subsidiary won a Project for Development of innovative control and protection devices for strategic areas of the energy industry

IEX: SBI MF under various schemes acquired 98101 Shares 

Lemin Tree: Opened Lemon Tree Resort, Kumbhalgarh, the seventh property in the picturesque state of Rajasthan under Company’s umbrella 

CMS Info: Rajiv Kaul, Executive Vice Chairman, Whole Time Director and CEO has increased his stake in the company 

Landmark: Received a Letter of Intent from MG Motor India Pvt Ltd for opening a dealership in Ujjain, Madhya Pradesh

Craftsman: Company will commence the commercial operations of its new plant at Sriperumbudur w.e.f. 1st March, 2024 

Bank India: Received Income Tax Refund of Advance Tax, TDS, TCS and interest on Advance Tax aggregating to Rs. 1,126.50 crores for the Assessment Year 2020-21 

Adani Energy: Company aims to raise about $400 million via private placed bond 

Power Grid: Fitch Ratings affirms Power Grid at ‘BBB-’; Outlook stable.

HDFC Bank: Umesh Sarangi ceases to be Independent Director of Bank.

Five Star: Considered and approved the issuance of Non-Convertible Debentures (NCDs) aggregating upto INR 2,500 Crores 

GPT Health: Nomura Singapore sold 453693 shares of company.

Biocon: US FDA issues form 483s with 4 observations for Biocon Biologics facility

Vedanta: Supreme Court rejects Vedanta’s plea for reopening Sterlite Copper Smelting unit at Tuticorin 

Aurobindo Pharma: US FDA inspects injectable facility in Telangana; issues 7 observations

[8:57 am, 01/03/2024] +91 98330 43598: Gold gains to $2046

Gold prices rose as statistics revealed that US inflation was gradually slowing, while traders focused on comments from a number of Federal Reserve members. According to data, the U.S. personal consumption expenditures (PCE) price index climbed by 0.3% in January, while the core PCE price index increased by 0.4%. In the year ending in January, inflation increased by 2.4%, the lowest rate in over three years. U.S. central bankers are reviewing recent data suggesting that pricing pressures recovered last month and are instead focusing on overall inflation progress, which they believe will pave the way for interest rate decreases later this year.

Key economic data slated for release includes Core CPI Flash Estimate y/y, CPI Flash Estimate y/y from Euro Zone and ISM Manufacturing PMI, Revised UoM Consumer Sentiment from US Zone.

Automobile companies, Suven Pharma, JSW Steel, Paytm, BIocon, Adani Enterprises, Pidilite, Kesoram, BLS International and Godrej Industries are the stocks to watch out for today. Read more

The beginning of the new month is likely to see a positive opening for domestic market, following strong GDP numbers. Gift Nifty at 22,203 indicates a gap up opening of 40 points, as NIfty March futures closed at 21,160. Read more

Fitch Ratings has affirmed Power Grid Corporation of India Ltd’s (POWERGRID) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB-’. The Outlook is Stable. The agency has also affirmed POWERGRID’s senior unsecured and medium-term note programme ratings at ‘BBB-’.

The ratings are constrained by the credit profile of the India sovereign (BBB-/Stable), which owns a majority 51.34% stake in the company, as per our Government-Related Entities (GREs) Rating Criteria.

Ace investor Ajay Upadhyaya has bought an additional 2,00,000 shares in Annapurna Swadisht. His total holding in the company has increased to 3,75,000 shares.

As per corporate shareholdings filed for December 31, 2023, Ajay Upadhyaya publicly holds 17 stocks spread across engineering, textiles, chemicals, pharmaceutical and steel (medium and small) among others, with a net worth of over Rs. 858 crores. 

Kolkata-based packaged food and beverages company, Annapurna Swadisht, caters primarily to the rural and semi-urban markets of India.

One 97 Communication: The company has likely signed a deal to move its merchant accounts to Yes Bank, NDTV Profit reported exclusively.

* Adani Enterprises:* The company has divested its entire stake in Vizag Tech Park for Rs 151 crore to Adani Infrastructure and Developers.

* Adani Group Stocks:* The group reported a record Ebitda growth of 63.6% year-on-year in Q3 FY24, driven by its core infrastructure business.

* Vedanta:* The company incorporated Hindmetal Exploration Services by Hindustan Zinc, a subsidiary of the company, to explore, discover, develop and tap mineral resources.

* Auto Stocks:* Automakers will announce their February sales figures on Friday. Companies such as TVS Motor, Bajaj Auto, Tata Motors, Maruti Suzuki India and Hero MotoCorp will be in focus.

* CG Power And Industrial Solutions:* The company, in partnership with Renesas Electronics Corp., will make an investment of Rs 7,600 crore to set up a semiconductor unit in Gujarat.

* ICICI Bank:* The company acquired a further stake in ICICI Lombard worth Rs 431 crore. ICICl Lombard is now a subsidiary of the bank.

* Suven Pharmaceuticals:* The company will merge with Cohance Lifesciences. The shareholders of Cohance will receive 11 shares of the merged company for 295 shares of Cohance.

* Biocon:* The company arm signed a licence pact with Janssen Biotech and Johnson & Johnson to commercialise Bmab 1200 in the U.S. The USFDA conducted an inspection at the company’s unit between Feb. 20 and 28 and has Form 483s with four observations.

* Star Cement:* The company received a Letter of Intimation from Coal India on being successful bidders for the procurement of 3.12 lakh metric tonnes of coal per annum for a period of 10 years from the date of entering into fuel supply reements. This is in addition to the existing FSA for subsidiaries.

* Andhra Cements:* Promoter Sagar Cements has sold a 5% stake in the company via an offer for sale.

* Dilip Buildcon:* The company’s unit received an order worth Rs 1,955 crore from the National Highways Authority of India for the construction of the Four-Lane Urga-Patalgaon section in the State of Chhattisgarh.

* Chalet Hotels:* The company approved the acquisition of partners’ shares in Ayushi and Poonam Estates LLP for Rs 315 crore.

* Cantabil Retail India:* The company has opened 13 new showrooms in India during the month of February. The total number of showrooms now stands at 529.

* Hester Biosciences:* Sanjay Dalal, the chief operating officer, has stepped down from his current role.

Avantel: The company has received a purchase order worth Rs 5.48 crore from Garden Reach

Shipbuilders.

* Landmark Cars:* The company received a letter of intent from MG Motor India for opening a dealership in Ujjain, Madhya Pradesh.

* Aurobindo Pharma:* The U.S. FDA completed an inspection at the company’s unit between Feb. 19

and 29 with seven observations.

* Delta Corp:* The company incorporated Delta Penland, a new wholly owned subsidiary, which is proposed to be a joint venture company with Peninsula Land for real estate development.

* Pidilite Industries:* The company appointed Sudhanshu Vats as managing director designate and appointed Kavinder Singh as executive director and joint managing director designate.

* Godrej Industries:* The company has made further investments in Godrej Capital. It now holds an 89.48% stake in the company.

* Rallis India:* The company appointed Gyanendra Shukla as MD and CEO for 5 years, with effect from April 1.

* MPS:* The company’s unit, MPS North America, acquired AJE to scale Al capabilities and enter the B2C market.

* MOIL:* The company has increased the prices for ore with manganese content below Mn 44% by 5%.

* Larsen & Toubro:* The company commissioned the first indigenously built hydrogen electrolyser at Hazira.

IPO Offering

Mukka Proteins: The public issue was subscribed 2.47 times on day 1. The bids were led by non-institutional investors (1.55 times), retail investors (3.7 times) and institutional investors (1.01 times). 

Bharat Highways: The public issue was subscribed 1.03 times on day 2. The bids were led by institutional investors (0.02 times) and other investors (2.24 times). 

*Platinum Industries:*The public issue was subscribed 99.03 times on day 3. The bids were led by non-institutional investors (141.83 times), retail investors (50.99 times) and institutional investors (151 times). 

Exicom Tele-Systems: The public issue was subscribed 129.54 times on day 3. The bids were led by retail investors (119.59 times), non-institutional investors (153.22 times) and institutional investors (121.80 times).

Block Deals 

Piramal Enterprises: BNP Paribas Arbitrage sold 19.83 lakh shares (0.83%), while East Bridge Capital Master Fund I Ltd bought 19.83 lakh shares (0.83%) at Rs 898.5 apiece. 

Dish TV: East Bridge Capital Master Fund I bought 2.84 crore shares (1.54%) at Rs 21.05 apiece, while BNP Paribas Arbitrage sold 2.84 crore lakh shares (1.54%) at Rs 21.05 apiece. 

Bulk deals

*ADF Foods:*Reliance Commercial Finance bought 6.9 lakh shares (0.62%) at Rs 190 apiece, and Top Class Capital Markets sold 8.6 lakh shares (0.78%) at Rs 191.31 apiece. 

Bharat Heavy Electricals: BNP Paribas Arbitrage sold 3.50 crore shares (1%) at Rs 227.27 apiece.

CMS Info Systems: Elimath Advisors bought 8.5 lakh shares (0.54%) at Rs 378.82 apiece. 

Lumax Auto Technologies: Albula Investment Fund sold 30 lakh shares (4.4%), while Nippon India Mutual Fund bought 25 lakh shares (3.66%) at Rs 450.5 apiece. 

NMDC: BNP Paribas Arbitrage sold 3.32 crore shares (1.13%) at Rs 225.68 apiece. 

Union Bank of India: BNP Paribas Arbitrage sold 5.21 crore shares (0.7%) at Rs 145.95 apiece. 

GMR Airports Infra: BNP Paribas Arbitrage sold 8.14 crore shares (1.35%) at Rs 83.91 apiece. 

Insider Trades

Deccan Gold Mines: Promoter Rama Mines Mauritius sold 1.05 lakh shares between Feb. 23 to 28. 

Usha Martin: Promoter Peterhouse Investments India sold 2.5 lakh shares on Feb. 28. 

Pledge Share Details

Chambal Fertilizers and Chemicals: Promoter Zuari Industries created a pledge of 64.69 lakh shares on Feb. 27 and revoked the pledge of 99.44 lakh shares between Feb. 23 to 27. 

Genesys International Corporation: Promoter Sajid Malik revoked a pledge 4.03 lakh shares on Feb. 23 and Promoter Late Mrs. Saroja Malik revoked a pledge of 3.82 lakh shares on Feb. 23.

Trading Tweaks 

Price band revised from 10% to 5%: Hind Rectifiers. 

Price band revised from no band to 20%: Delta Corp. 

Moved out short-term ASM framework: BLS E-Services, Centum Electronics, Entertainment Network.

F&O BAN

NIL

In a season that is flooded with IPOs of companies, we have a new infrastructure investment trust (InvIT) hitting the markets. Bharat Highways InvIT has come out with an initial public offering of units to the tune of Rs 2,500 crore. The price band per unit is Rs 98-100. Unlike regular IPOs, this offer does not have a retail quota. So, individual investors would have to compete in the non-institutional portion (25 per cent quota) with HNIs (high net worth individuals) for allotment. But the minimum bidding lot is only 150 units. ​Read more​

Strong growth in manufacturing pushed the economic growth in October-December quarter (Q3) of FY24 to 8.4 per cent, defying all the expectations. Also, growth rate for full fiscal of 2023-24 upped to 7.6 per cent from earlier projection of 7.3 per cent. Read more

Recent Interview...

As of 18:27 PM Thursday 29 February 2024

Anand Rathi Wealth: Feroze Azeez, Deputy CEO

SEBI Advisory To Mutual Funds; What Should You Keep In Mind?

https://www.youtube.com/watch?v=rQ4H-MTYmH4

Dixon Technolog: Atul Lall, MD

Agreement With Compal Will Generate 8-10% Revenue: Dixon Tech

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

GPT Healthcare: Anurag Tantia, Director

Expect Occupancy To Move To 70% As The Howrah Hospital Ramps Up: GPT Healthcare

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

GPT Healthcare: Atul Tantia, Group CFO

GPT Healthcare Ltd IPO Listing

https://www.youtube.com/watch?v=rIwPf7qrdok

Hind Rectifiers: Suramya Nevatia, CEO

Hind Rectifiers Bags Order From Indian Railways; Revenue, Margin Outlook

https://www.youtube.com/watch?v=2vd2Avt4mck

Ideaforge Techn: Vipul Joshi, CFO

Defence And Civil Will Be 60:40 In The Revenue Mix: Ideaforge

https://www.youtube.com/watch?v=PZ7eCgGQg14

KFin Technologi: Vivek Mathur, Chief Financial Officer

Revenue Will Grow At 20% With EBITDA Margin Of 40-45%: KFin Technologies

https://www.youtube.com/watch?v=sqUo52FarC8

NTPC Renewables: Mohit Bhargava, CEO

NTPC Renewables Plans To Spend ?10,000 Cr On Renewables In 2024

https://www.youtube.com/watch?v=UNBnD06futo

Tech Mahindra: Mohit Joshi, CEO & MD

Not Seeing Any Green Shoots In The Telecom Sector: Tech Mahindra

https://www.youtube.com/watch?v=zikZr6_KfJY

Cello World: Gaurav Rathod, Joint Managing Director

Cello World’s Growth Potential: FY25 Export Relief & New Products Spark Momentum!

https://www.youtube.com/watch?v=cnYVolp3XG4

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Tent India February Auto Sales

07:15 CHINA Caixin Manufacturing PMI (Expected: 49.1 versus Previous: 49.2)

10:30 INDIA Final Manufacturing PMI (Expected: 56.7 versus Previous: 56.5)

14:30 EURO Final Manufacturing PMI (Expected: 46.1 versus Previous: 46.1)

15:00 U.K. Final Manufacturing PMI (Expected: 47.1 versus Previous: 47.1)

15:30 EURO CPI Flash Estimate (Expected: 2.5% versus Previous: 2.8%)

20:30 U.S. ISM Manufacturing PMI (Expected: 49.5 versus Previous: 49.1)

20:45 U.S. FOMC Member Waller Speaks

Centre’s fiscal deficit touched 64 per cent of revised estimate during April-January period of current fiscal, data from Controller General of Accounts (CGA), released on Thursday showed. Read more

The Supreme Court on Thursday dismissed an appeal by Vedanta Sterlite to reopen its Thoothukudi copper plant closed six years ago on grounds of pollution, endorsing the public’s right to health over sheer industry gains. Read more

The Union Cabinet on Thursday approved proposals to set up three semi-conductor units with an investment of ₹1.26-lakh crore. Two of the units will be set up in Gujarat while third one will be in Assam. With this, India will have four units, with supply from first unit is expected by year end. Read more

Bank credit growth moderated to 16.2 per cent year-on-year (y-o-y) in January 2024 against 16.7 per cent a year ago due to relatively soft growth in credit to industry, services and personal loans sectors. Read more

Suven Pharmaceuticals and Cohance Lifesciences have announced a proposed scheme of amalgamation for the merger of the two companies. Read more

The Ministry of New and Renewable Energy (MNRE) has brought back the old method of ‘reverse auctions’ for auctioning wind power capacity to energy companies. Read more

Reserve Bank of India has put in place a revised regulatory framework for Bharat Bill Payment Systems (BBPS) based on a review of developments in the payments landscape. The new framework, applicable from April 1, 2024, looks to streamline the process of bill payments, enable greater participation, and enhance customer protection, among other changes, the central bank said in a release. Read more

Tamil Nadu has continued to consolidate its position as India’s leading exporter of electronic goods, with its value touching $7.37 billion — a 32.52 per cent of India’s total export of Global Electronics System Design & Manufacturing (ESDM) goods of $22.65 billion for the period April 2023 to January 2024. Read more

The short-term outlook is bullish for Usha Martin. The 200-Day Moving Average, currently at ₹312, has been providing strong support since Octoberr. This moving average was tested a couple of time this month as well. The strong 4.8 per cent rise on Thursday happened after testing that support. Read more