Share Market Highlights 05 December 2023: Indices hit fresh record highs; Nifty closes above 20,850

The rupee recovered from all-time low levels to settle up by 1 paisa at 83.37 against the US dollar in a restricted trade on Tuesday amid a stronger American currency in overseas markets and disappointing services sector data.

Forex traders said the rupee traded in a narrow range as positive domestic markets and crude oil prices trading below the $80 per barrel mark cushioned the downside.

Benchmark stock indices Sensex and Nifty settled at new peaks on Tuesday, rallying for the sixth straight session amid massive buying in power and utility sector shares.

The 30-share BSE Sensex jumped 431.02 points, or 0.63 per cent, to close at a new record high of 69,296.14. The broader index Nifty also climbed 168.50 points, or 0.81 per cent to hit its lifetime high of 20,855.30.

Top gainers on the NSE at 3 pm include- Adani enterprises Ltd (15.09%), Adani ports and special economic zone (14.35%), Power grid corporation of India Ltd. (4.04%), State Bank of India (2.61%), NTPC Ltd (3.80%)

Top losers on the NSE at 3 pm include-HCL technologies Ltd (1.87%), LTIMINDTREE Ltd. (2.09%), Hindustan Unilever Ltd.(1.62%), Divi’s laboratories Ltd. (1.64%), Eicher motors Ltd. (1.18%)

A total of 3,854 stocks were traded on the BSE, of which, 1,749 advanced, while 1,981 declined and 124 stocks remained unchanged. As many as 363 stocks hit a 52 week high and 26 stocks hit a 52 week low at 3 pm on Tuesday.

Sanghvi Movers Limited wins a legal battle as the Bombay High Court dismisses the VAT/Sales Tax department’s appeal, rejecting the Rs 120.26 crore demand for FY 2008-09. The shares were up by 1.70% to Rs 815, on the BSE.

Strong domestic volumes and buoyant seaborne prices 

NMDC has raised domestic iron ore prices by another 4.3% and now by 18% in the past three months, on blended basis, following the rally in seaborne prices. Domestic iron ore prices are at 11% discount to export parity due to weakness in steel prices, and we see upside risks to prices. NMDC’s volume performance remains robust, +25% in 8MFY24, led by strong demand, offtake to NMDC steel plant and low base. We upgrade our earnings estimates on higher prices and volumes. Maintain ADD with a revised FV of Rs 200 (Rs180earlier) given inexpensive valuations.

Pritika Auto Industries receives approval from the National Company Law Tribunal for the Scheme of Arrangement with Pritika Industries, facilitating the demerger of the “Automotive/Tractor/Engineering Components Business Undertaking.” The shares were up by 3.31% to Rs 30.56 on the BSE.

Easy Trip Planners Ltd.’s, EaseMyTrip introduces the ‘Winter Carnival Sale,’ offering discounts on flights, hotels, buses, cabs, and holidays until December 09, 2023. Shares were up by 0.49% to Rs 39.04, on the BSE.

The NSE Nifty was up by 0.56% or 115.50 points at 20,802.30 while the BSE Sensex was up 0.45% or 308.56 points at 69,173.68 at 2.30 pm

Sunil Nyati, Managing Director of Swastika Investmart Ltd*

China’s economic growth is steadily decelerating, prompting a recent downgrade from stable to negative by Moody’s. However, this action reflects a lagging indicator of an already entrenched trend. Despite various stimulus efforts, the overall outlook for the Chinese economy remains negative. 

In stark contrast, India’s economy is surging, and its rapid expansion is likely to attract foreign investors, even amidst premium valuations.

Supreme Petrochem Ltd faces disruption as its Chennai plant operations halt due to severe flooding caused by Cyclone Michuang. The extent of damage and downtime will be assessed once water levels recede, with the plant having insurance coverage. Shares were up by 0.30% to Rs 570 on the BSE

Sanghi Industries Limited’s shares were up by 4.97% to Rs 129.90, on the BSE, the company disclosed the execution of ICD Agreement with Ambuja Cements Limited (ACL). The amendment allows Sanghi Industries to borrow additional funds, of Rs 1810 Crore

Kotak Institutional Research has identified several flaws in the valuation practices prevalent on the stock market.This has exaggerate ‘fair’ values of stocks and understate potential risks to the business models of companies, it aaid. 

“We note two broad problem areas on the disconnect between valuation approaches and business models and the inordinate focus on near-term earnings. 

“These practices have persisted for a long time, resulting in a mistaken orthodoxy about valuations,” it said in a note.

Moody’s affirmed China’s credit rating at A1 on December 5th but revised the outlook from “stable” to “negative”, citing amplified risks stemming from sustained lower medium-term economic growth and the ongoing restructuring of the property sector

The NSE Nifty was up by 0.55% or 113.60 points at 20,800.40 while the BSE Sensex was up 0.47% or 322.35 points at 69,187.47 at 1.30 pm

Infosys research reveals that European companies are cautious but doubling down on generative AI (GenAI) investments, expecting a 115% increase to $2.8 billion in 2024. Compared to North America’s expected $6 billion spend, the European approach is more measured, influenced by concerns about ethics and bias in the regulated market. Despite concerns, European companies express confidence in their ability to manage GenAI systems, and France and Germany are set to lead the region in spending. Only 6% of European companies currently generate business value from GenAI. Infosys Ltd.’s shares were down by 1.23% to Rs 1446.50, on the BSE.

Simmonds Marshall Limited approves the sale of its 49% equity stake in Formex Private Limited. Shares were up by 4.99% to Rs 95.90, on the BSE.

ICICI Prudential Life Insurance Company Limited discloses its proposed investment in the yet-to-be-incorporated entity “Rashtriya Bima Sugam Nigam,” aiming to facilitate wider access to insurance as per IRDAI measures. The transaction involves a cash consideration for up to 8.33% of the initial share capital. Shares dip 3.42% to Rs 544, on the BSE.

Shree Digvijay Cement Ltd.’s shares were down by 1.65% to Rs 89.65. The company reported, The CEO and MD, KK Rajeev Nambiar, resigned from the position w.e.f. Dec. 15, 2023. The company appointed Ramanujan Krishnakumar as an additional director, chief executive officer and managing director w.e.f. Dec. 16, 2023.

The NSE Nifty was up by 0.45% or 92.70 points at 20,779.50 while the BSE Sensex was up 0.38% or 262.93 points at 69,128 at 12.48 pm

BCL Industries Limited’s shares were up by 2.88% to Rs 61.10, its subsidiary Svaksha Distillery Limited disclose detailed order books for ethanol supply to OMCs, including Bharat Petroleum, Indian Oil, HPCL, and Reliance Industries, totaling 82,902 KL with a combined value of 567.4 crore.

Ambuja Cements has said that it has executed an agreement to lend additional funds of Rs 1810 crore to Sanghi Industries as an inter-corporate deposit

Control Print Ltd invests Rs 7.49 crore in its wholly-owned subsidiary, Control Print B.V., for business purposes in the European market. Shares were up by 0.68% to Rs 887.70 at 12.20 pm on the BSE.

PV solar panel manufacturer Alpex Solar Limited files DRHP with NSE Emerge

The issue size comprises a fresh issue of 64,80,000 equity shares with a face value of Rs. 10 each

Alpex Solar produces PV modules using both monocrystalline and polycrystalline cell technologies.

The company intends to use the proceeds to fund its ambitious capacity expansion plan, besides meeting working capital expenses

Alpex Solar earned a revenue of Rs. 207.13 crore for H1FY24; Rs. 183.93 crore in FY23, up from Rs. 156.06 crore in FY22

Corporate Capital Ventures has been appointed as the Book Running Lead Manager and Skyline Financial Services Private Limited is the Registrar to the Issue

DSP Mutual Fund announced the launch of ‘Quality-Focused’ Smallcap Fund DSP Nifty Smallcap250 Quality 50 Index Fund (DSP NSQ50IF), an open-ended scheme tracking Nifty Smallcap250 Quality 50 Index. 

Out of the 250 stocks in the Nifty Smallcap250 universe, the index applies exclusion criteria and stock selection criteria to filter out companies which do not make the cut and choose 50 stocks that fit the criteria. The quality filters include Return on Equity, Debt to Equity and Earnings Per Share. Hence, the Nifty Smallcap250 Quality 50 Index (Quality Index) has companies that have higher ROE and lower leverage compared to the Nifty Smallcap250 (broader Index). 

The Quality Index has outperformed its parent broader Index since its inception. In 12 out of 19 calendar years – the Quality Index performed better than the broader Index. In fact, on a 10-year basis, the Quality Index has always outperformed the broader index as well as active Smallcap funds. 

Investors are recommended to buy DSP NSQ50IF via the SIP route. 

The New Fund Offer for DSP NSQ50IF will open for subscription on December 5th, 2023, and will close on December 15th, 2023.

Ambit has announced that Siddharth Bothra will be the new Fund Manager of Ambit Coffee Can Portfolio, the flagship Portfolio Management Services (PMS) offering of Ambit Asset Management. Siddharth was previously with Motilal Oswal AMC (MOAMC), where he was instrumental in growing its active equity Mutual Funds’ AUM from 2013 to 2023. He managed MOAMC’s Focused Large Cap 25 Fund and Aggressive Hybrid Fund. Manish Jain, who was instrumental in guiding the Ambit Coffee Can Portfolio, will be moving on from his role in January 2024.

Lord’s Mark Industries, a diversified business group, has announced that it is aiming to hit the capital markets and go for public listing in the first half of 2024 to raise up to Rs. 500 crores. IDBI Capital and Mirae Asset are the merchant bankers for the listing.

Lord’s Mark Industries to invest the proceeds in its subsidiaries to develop medtech products, production of innovative diagnostic solutions, expansion of its pathology lab pan India and exports of its medical diagnostic products and machines.

Lord’s Mark Industries reported revenue from operations at Rs 301 crore in FY23, registering a 41.31 percent growth from the revenue reported in FY22 which stood at Rs 213 crore.

Incorporated in 1998, Lord’s Mark Industries began its journey from paper industry to innovative Solar-LED, Medical Diagnostic, Hygiene. Lord’s Mark Industries is one of the industry leaders to have its own world class R&D facility and team for manufacturing medical diagnostic and medtech products.

Mandar Pitale, Head- Treasury, SBM Bank India.

“Overall data prints released after October MPC are supportive for MPC to continue with its current “withdrawal of accommodation” stance. MPC is also likely to maintain the status quo on rates in the forthcoming policy announcement.

The present liquidity dynamic prevailing in the market is governed by shallowness in the systemic liquidity with the overnight rates hovering near the upper band of the policy rate corridor (MSF) supporting effective transmission of the past rate actions. The average monthly liquidity absorption for the last 2 months is well below INR 1 Lac crore. Since the present liquidity equation is expected to continue for the foreseeable future, RBI may not be required to resort to structural liquidity suction tools such as OMO sale in coming months.

Forward guidance on inflation, comments on behaviour of systemic liquidity going ahead as well as any explanation on not using the structural liquidity tools such as OMO Sales as touched upon in the previous MPC will be keenly watched by the market participants”.

Top losers on the NSE at 12 noon include-HCL technologies Ltd (1.75%), LTIMINDTREE Ltd. (1.60%), IndusInd Bank Ltd. (1.32%), Eicher motors Ltd. (1.39%), Divi’s laboratories Ltd. (1.18%)

Top gainers on the NSE at 12 pm include- Adani enterprises Ltd (8.17%), Adani ports and special economic zone (7.13%), Mahindra and Mahindra Ltd (2.15%), State Bank of India (1.94%), ICICI Bank (1.87%)

A total of 3,757 stocks were traded on the BSE, of which, 1,580 advanced, while 2,025 declined and 152 stocks remained unchanged. As many as 336 stocks hit a 52 week high and 24 stocks hit a 52 week low at noon on Tuesday.

Waaree Renewable Technologies Ltd receives a 4.27 MW DC solar power project order on a turnkey basis through a Letter of Intent (LOI). The projects are scheduled to be completed in the financial year 2024-25. Shares dip 1.99% to Rs 1433, on the BSE.

Trent Limited’s Westside opens its 227th store in Prayagraj, Uttar Pradesh. The new store offers apparel, accessories, cosmetics, footwear, and home items. Shares went up by 1.11% to Rs 2848.60, on the BSE.

Bank Nifty began today’s session considerably higher at 46,895.90 versus Monday’s close of 46,431.40. It is now at 47,130, up 1.5 per cent.

Reinforcing the bullish bias, 11 out of 12 stocks in the index have appreciated so far today. IDFC First Bank, up 4.1 per cent, is the top gainer, followed by Federal Bank, which is up 2.3 per cent.

The NSE Nifty was up by 0.44% or 90.15 points at 20,776.95 while the BSE Sensex was up 0.30% or 207.08 points at 69,072.20 at 11.35 am

Brigade Enterprise Ltd.’s shares were up by 2.89% to Rs 869.10. The company had earlier introduced the Brigade Sanctuary commercial residential project in Bangalore, projecting a gross revenue potential of Rs 2,000 crore.

Nifty 50 continues to extend its run up today as well. It began today’s session with a gap-up at 20,808.90 versus yesterday’s close of 20,686.80. The index is now at 20,800, up 0.5 per cent at the end of the first hour of trade.

The breadth of Nifty 50 is giving it a bullish inclination – the advance/decline ratio stands at 32/18. 

AVG Logistics Limited’s shares went up 0.73% to Rs 322.25. The company secured a contract worth Rs 150 crore with Indian Railways for the lease of a Parcel Cargo Express Train (PCET) connecting Bangalore to Ludhiana.

The World Federation of Exchanges (the WFE) is convening stakeholders at COP 28. The event is being held jointly with Dubai Financial Market at Nasdaq Dubai MarketSite on 5th December - the Just Transition Day at COP 28.

Financial markets are key to achieving a sustainable future, providing the capital needed for companies and the public sector to drive green initiatives forward. Public markets will continue to play an important role in supporting the sustainability agenda, along with social and governance objectives.

Exchanges seek to provide opportunities for investors to support the transition of companies towards greener outcomes and for investors to support opportunities to enhance a ‘just transition’. They also play a key role in encouraging good governance amongst issuers of securities, and are continuing to strive to bring clarity, consistency and rigour to the concept of green which will benefit efforts to counter greenwashing.

Union Bank of India Collaborates with Accenture to Accelerate Data-Driven Transformation

Union Bank of India is collaborating with Accenture to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities. This program will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk.

Using predictive analytics, machine learning and artificial intelligence, this platform will leverage structured and unstructured data from within the bank as well as from external sources to generate business-relevant insights.

The price of gold in India has corrected after reaching an all-time high. The surge in prices is driven by the increased likelihood of an interest rate reduction cycle, following Federal Reserve (FED) Chairman Jeremy Powell’s statement on Friday. He mentioned that it’s premature to conclude a sufficiently restrictive stance. Other FED members have echoed similar sentiments. These developments have arisen amidst ongoing indications of a slowdown in the US economy, particularly after weaker-than-expected Manufacturing PMI data. This aligns with consistent signs of moderated inflation and a softening in both labor and industrial demand.

On the geopolitical front, the prospect of the Israel-Palestine conflict seems to have a spillover effect after Yemen’s Houthi Group attacked US military and commercial vessels, thereby limiting the downside in the yellow metal.

Today, the market will take cues from services PMI data from the European countries and ISM Services PMI Data and Jolts Jobs Openings data from the US.

Participation in gold has gradually increased from lower levels. This might lead to an extended rally in gold once participation increases. We believe that gold will consolidate at its current prices. Nonetheless, it remains a favourable investment opportunity and should be accumulated during price corrections.

Currently, we are observing gold to remain between a range, with an upside upto Rs 63,800. On the downside, gold may experience a correction down to Rs 61,200 levels.

Rama Steel Tubes Limited announces expansion with a 40,000 MTPA capacity increase at its Khopoli plant, Maharashtra, focusing on Cold Rolling and Galvanizing Steel Sheets. The total investment for this initiative is approximately Rs 30 crore. Shares were up by 1.34% to Rs 38.49, on the BSE.

Ultracab (India) Limited signed an outline agreement worth Rs 8.66 crore for the supply of LT Cables to Tata Power Company Limited. The shares were up by 6.81% to Rs 22.75, on the BSE.

ONGC is eyeing commencement of Oil production from its flagship deepwater project KG-98/2 Development Project (off the Andhra Pradesh coast) in December 2023. 

Gas production from Project has already commenced in March 2020 with plan of further ramping up by May 2024.

Stocks hitting a 52 w high on NSE- Essar Shipping Limited, Radico Khaitan Limited, Vijaya Diagnostic Centre Limited, Bhartiya International Limited, Emami Realty Limited

Stocks hitting a 52 week low on NSE- Raj Rayon Industries Limited, Nippon India ETF, Orient Bell Limited

Ambuja Cements said it has Successfully Completed the Acquisition of Sanghi Industries, at an Enterprise Value of Rs. 5,185 crore. Capacity increased from 68.5 to 74.6 MTPA.

The company said it will increase its coastal footprint with this acquisition and by increasing capacity to 15 MTPA across the West Coast markets with states of Gujarat, Maharashtra, Karnataka, Kerala at a very competitive cost based on SIL’s strength of low-cost clinker. This additional capacity to be commissioned over next 30 months.

BASF India said that its parent BASF SE, Germany has said that it will globally implement a more differentiated approach for steering its businesses in line with the principles of empowerment, differentiation and simplification. The global Agricultural Solutions business will also be part of this differentiated steering approach. 

“BASF SE, Germany, is currently in the early stages of implementing its differentiated steering concept, and the impact on BASF India Limited is still being assessed. We will keep the stock exchanges updated of further developments in this regard,” the Indian entity said. The stock was flat at Rs 2976.10 on the NSE

The SECI has announced a tender for 1.5GW of electrolyser capacity and 450,000MT of green H2 (GH2) capacity under the SIGHT scheme with an aim to maximise GH2 production and its derivatives. 

Highlights: i) The announced tender shall boost GH2 production in line with India’s target to achieve 5MMT of GH2 production by 2030. ii) Maximum bid capacity for electrolysers/GH2 is 300MW/90,000MT. iii) Potential for a decline in electrolyser cost by USD1.5/kg and solar RE cost by USD0.5/kg (prices across solar PV chain at all-time lows) to enhance GH2’s viability and usage in the refinery and other sectors. iv) RIL, Adani, JSW group, L&T and BHEL, among others, are likely to be the key beneficiaries of the tender. Nuvama Research

Kotak Securities – Market Morning Inputs by Shrikant Chouhan – Head Equity Research

On Monday, the benchmark indices witnessed a stellar rally. The Nifty ended 417 points higher, while the Sensex was up by 1371 points. All major sectoral indices traded in the positive territory, but the PSU Bank, Metal, and Energy indices outperformed and rallied over 2%. Technically, after a gap-up opening, the market held a positive momentum throughout the day. The Nifty and Sensex registered a fresh all-time high of 20702.65/68918.20. Additionally, a bullish candle was formed on daily charts, which supports a further uptrend from the current levels. For trend-following traders, 20500/68200 would act as a sacrosanct support zone as long as the index is trading above it. This would likely continue the uptrend formation on the higher side, and the index could continue the rally till 20750-20850/69000-69300. On the flip side, below the 20500/68200, the uptrend would be vulnerable. We believe that the current market texture is bullish. However, for day traders, buying on intraday corrections and selling on rallies would be the ideal strategy. Be stock-specific for the time being.

The Bank Nifty has crossed an all-time high of 46400, which is a big positive for the index. It could help the index move higher towards the level of 48000, with major resistance at 47000. Support would be at 46000 and 45800. Buying on dips is a prudent strategy.

USD-INR outlook: 

Dips eased off without having to stretch all the way to 83.19 and the consolidation thereof has allowed USDINR to get back into the upside trajectory. Breach of 83.4 should be expected to see a rise towards 83.65, while inability to do so could see yet another consolidation, without breaching 83.29. - Anand James, Chief Market Strategist at Geojit Financial Services 

. 

Nifty weekly contract has highest open interest at 21000 for Calls and 20500 for Puts while monthly contracts have highest open interest at 21000 for Calls and 19000 for Puts. Highest new OI addition was seen at 21500 for Calls and 20500 for Puts in weekly and at 21500 for Calls and 20500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 29.23%, increased future index shorts by 0.89% and in index options by 38.85% in Call longs, 48.78% in Call short, 11.60% in Put longs and 60.00% in Put shorts. - Anand James, Chief Market Strategist at Geojit Financial Services

Whilie oscillators are at upper extremes calling for corrections, momentum had worked in favour of the upsides so far allowing Nifty to persist with the prevailing uptrend. But with VIX also rising, enroute a 20% gain which we are eying, our bets are on corrections finding buying interest again, atleast initially. Meanwhile, early trades in the vicinity of 20720 are likely to see buyers withdrawing, and our favoured point for such turnaround on the lower side is 20590 or 20500. Alternatively, a close above 20660 could call for 20880. - Anand James, Chief Market Strategist at Geojit Financial Services

Top gainers (NSE) At 9.30 am include - Bharat petroleum corporation Ltd (2.32%), Axis Bank Ltd. (1.67%), Mahindra and Mahindra Ltd (1.04%), Adani enterprises Ltd (1.32%), HDFC Bank Ltd (1.03%)

Top losers (NSE) at 9.30 am include- HCL technologies shares Ltd (1.76%), Bajaj auto Ltd (0.97%), Bajaj finserv Ltd (0.90%), Infosys Ltd (1.07%), Ltimindtree Ltd (0.72%)

Stocks hitting a 52 w high on NSE- Essar Shipping Limited, Radico Khaitan Limited, Vijaya Diagnostic Centre Limited, Bhartiya International Limited, Emami Realty Limited

Stocks hitting a 52 week low on NSE- Raj Rayon Industries Limited, Nippon India ETF, Orient Bell Limited

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“The super Monday which delivered a 418 point rally in the Nifty is unlikely to be repeated with the same ferocity in the coming days. But the market construct stays bullish. The massive institutional buying of above Rs 7000 crores yesterday is a reflection of institutional confidence in the Indian market. It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last 7 days. There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong.

The market has the potential to go up by another 5 % in the next many weeks. Beyond that valuations will get stretched inviting correction in the market.”

Amidst a 7 per cent nationwide decline in rice procurement, Punjab emerges as a beacon of success, exceeding targets with a 123.76 lakh tonne purchase by November 30. While controversy surrounds paddy arrivals, the state’s productivity, weather, and pest-free conditions are credited for the exceptional performance. In contrast, other major states face procurement challenges, with concerns of reduced purchases in Maharashtra, Madhya Pradesh, and Chhattisgarh.

Rice procurement in most states has declined in the first two months, with a 7 per cent decrease to 202.28 lakh tonnes worth ₹66,492 crore during October-November.

The Centre has extended the rice purchase period in Punjab by a week until December 7, as Punjab is the only state showing an increase in purchases.

The government aims to purchase 521.27 lakh tonnes of rice from the kharif grown crop in the 2023-24 season. However, the current procurement has fallen, and kharif rice production is estimated to decrease by 4% to 106.31 million tonnes.

Crude oil futures traded higher on Tuesday morning as a private sector survey showed growth in China’s services activities. At 9.17 am on Tuesday, February Brent oil futures were at $78.07, up by 0.05 per cent; and January crude oil futures on WTI (West Texas Intermediate) were at $73.14, up by 0.14 per cent. December crude oil futures were trading at ₹6120 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6157, down by 0.60 per cent; and January futures were trading at ₹6160 as against the previous close of ₹627, down by 0.76 per cent.

Key upcoming economic releases include French Industrial Production, German Final Services PMI, Euro Zone Final Services PMI, and US ISM Services PMI, JOLTS Job Openings.

Gold experienced a setback after reaching a historic peak, driven by a resurging dollar. However, the decline was curbed by optimism surrounding a potential 2024 U.S. interest rate cut, preserving the appeal of the zero-yield precious metal. The initial surge occurred on the heels of Federal Reserve Chair Jerome Powell’s remarks, instilling confidence in an impending rate reduction. Economic data indicating a moderation in inflationary pressures and a gradually improving labor market reinforced the expectation of an early rate cut.

Hindustan Construction Company Ltd. has disclosed the divestment of Steiner Construction SA by its material subsidiary, Steiner AG, Switzerland, through a Share Purchase Agreement with Demathieu Bard, a French company. The transaction is valued at Rs 928 crore and is expected to be completed by December 31, 2023, or the beginning of 2024.

Jupiter Wagons Limited completed its Qualified Institutions Placement (QIP) of 12,80,65,95 equity shares at Rs 315 per share, raising a total of ₹40.34 crore. The allotment resulted in an increase in the company’s paid-up equity share capital from ₹39.94 crore to ₹41.22 crore

Fermenta Biotech Limited : Company has executed a sale deed on December 4, 2023 (‘Sale Deed’) to sell a substantial portion of land situated at Village Takve Budruk, Taluka Maval, District Pune, Maharashtra on the terms and conditions mentioned in the Sale Deed.

IFL Enterprises Limited : Company has fixed Monday, 18th December 2023 as the “Record Date” for the purpose of determining the eligibility of shareholders for issuance of Bonus Equity Shares of the Company in the ratio of 01:10 

K.P. Energy Limited : Company had been awarded contract(s) through the Notification of Award (NOA) for the development of a 464.10 MW Balance of System Package for an Inter-State Transmission System (ISTS) Connected Wind Energy Project to be developed in the state of Gujarat by NTPC Renewable Energy Limited (NTPC REL) through a competitive bidding process.

Coal India: The coal ministry projects total income for the company at Rs 1.41 lakh crore for FY24. 

ONGC: The company will start oil production from KG Block in May, a Govt. minister said. 

JSW Infrastructure: The company’s wholly owned subsidiary, JSW Dharmatar Port Pvt., has entered into a share purchase agreement to acquire over 50% of PNP Maritime Services Pvt. for Rs 270 crore

SEAMEC LIMITED : Company has entered into a Bimco Charter Party dated 1st December, 2023 with M/s. Zamil Offshore Services Company, Saudi Arabia for Charter Hire of our Vessel “Subtech Swordfish” for working in Kingdom of Saudi Arabia and UAE.

Gabriel India Limited : Company had challenged the aforesaid receipt of an Assessment Order from the office of the Commercial Tax Officer (GST Department) before The Hon’ble High Court, Madras (‘Court’) and has received favourable outcome. The Court has set aside the said Order and directed the Authority to re-consider the matter and provide an opportunity of personal hearing to the Company.

KPI Green Energy Limited : Company has completed the acquisition of KPark Sunbeat Private Limited, and the purchase consideration payable has been discharged by way of allotment of 15,18,480 equity shares of the Company and cash payment of ₹2,26,073.70

Indian Energy Exchange Ltd : COMPANY ACHIEVES 9,136 MU OVERALL VOLUME, INCREASE OF 17.5% YoY .PowerX* (AVERAGE CLEARING PRICE) FOR THE MONTH WAS Rs 4.06/unit

CUPID LTD : Company Announces Strategic Land Acquisition and Expansion in Industrial Area near Mumbai to Boost Production Capacities. Annual production capacity will increase by 770 million male condoms and 75 million female condoms. Cupid Limited is set to expand its global footprint by forging new partnerships with international players

Gulshan Polyols Limited : The Gulshan Polyols Limited has been awarded a contract for supplying 89404 Kilolitres of Ethanol from its 500 KLPD Ethanol plant at Boregaon with an order value of INR 5,71,50,41,840.

Stove Kraft Ltd : Company Forays into North India with the Launch of its First Exclusive Pigeon Brand Outlet in Delhi. Plans to launch 5 more exclusive stores in the next quarter across Delhi-NCR Region

TAYLORMADE RENEWABLES LIMITED : company has been granted patent for a NOVEL SOLVENT RECOVERY SYSTEM, which shall be assigned to Taylormade Renewables Limited after legal formalities

Thomas Cook (India) Limited : The company’s promoter entity, Fairbridge Capital (Mauritius) Ltd., reduced its 8.5% stake in the company via an offer for sale

Hindustan Construction Company Ltd : The company’s Swiss unit, Steiner AG, will divest its entire stake in Steiner Construction SA for Rs 928 crore

R R KABEL LIMITED : Income Tax Department officials concluded their Search operations at the offices and manufacturing units of the Company in the early hours on today i.e. 4th December, 2023. The Company will promptly keep the Exchanges informed of outcome from the above search operation upon receipt of the same from Income Tax Department.

MOIL’s November Production up by 35% YOY, Apr-Nov, 23: Production growth 43%; Sales growth 52% YOY

BRIGADE ENTERPRISES LTD : Brigade Group signed a joint development agreement to develop luxury residences of around 0.4 million sq. ft. in Mysuru, with a gross development value of Rs 300 crores.

GRAPHITE INDIA LTD : Company acquires a 31% shareholding in Godi India for Rs. 50 Crores Strategic entry into advanced battery technologies and energy storage systems Focus on fast evolving global electric vehicle battery market and supercapacitor applications

DCB Bank Limited : Board approves the proposal of investing of Aga Khan Fund for Economic Development (AKFED) (the Promoter) (the Major Shareholder) has expressed its interest to invest up to USD 10 million (equivalent INR at prevailing exchange rate) by subscribing to additional equity shares of the Bank

TCM Limited : Company has entered into a Sale Deed for total 7 Acres and 3 cents of the Company land at Tuticorin, Tamil Nadu Rs.3,03,03,000/-

HCL Technologies Limited : The company is in talks with State Street Corp. to sell its entire 49% equity stake in joint venture State Street HCL Services for $170 million or around Rs 1,417 crore. The amount will be in addition to the JV’s net book value

1 DELTACORP

2 BULHSGFIN

3 INDIACEM

4 ZEEL

Price band revised from 10% to 5%: Alkali Metal, Inox Wind Energy. 

Price band revised from 20% to 5%: Borosil. 

Price band revised from 20% to 10%: Munjal Auto Industries. 

Move into short-term ASM framework: Man Infraconstruction, Wonderla Holidays.

Emami: Promoter Suraj Finvest revoked a pledge of 36 lakh shares on Nov. 30 and promoter Diwakar Finvest created a pledge of 7.5 lakh shares on Nov. 28.

Thomas Cook: Promoter Fairbridge Capital (Mauritius) sold 4 crore shares between Nov. 30 and Dec. 1. 

Bajaj Electricals: Promoter Niraj Holdings bought 4.71 lakh shares on Nov. 23. Promoter Rajivnayan Bajaj A/c Rishab Family Trust sold 4.71 lakh shares on Nov. 23

Jindal Stainless: Promoter JSL Overseas bought 15,425 shares on Dec. 1 

Star Cement: Promoter Rajendra Udyog HUF sold 28,364 shares between Nov. 28 and Nov. 29. 

360 ONE WAM: Nirmal Bhanwarlal Jain sold 50 lakh shares (1.39%) at Rs 600.24 apiece, Madhu N Jain sold 30 lakh shares (0.83%) at Rs 600 apiece, and Venkatraman R sold 20 lakh shares (0.55%) at Rs 600.03 apiece. ICICI Prudential Value Discovery Fund bought 35 lakh shares (0.97%) at Rs 600 apiece. 

Bharat Wire Ropes: Authum Investment & Infrastructure bought 3.51 lakh shares (0.51%) at Rs 296.74 apiece. 

MTNL: Giriraj Ratan Damani bought 15 lakh shares (0.23%) at Rs 32.04 apiece. 

Paisalo Digital: Silver Stallion bought 23 lakh shares (0.51%) at Rs 94.47 apiece.

Tide Water Oil Co. (India): Standard Greases And Specialities bought 7.63 lakh shares (4.38%) at Rs 1,364.81 apiece. PQR Consultants sold 3.65 lakh shares (2.09%) at Rs 1,353.14 apiece. 

Zomato: Alipay Singapore Holding sold 26 lakh shares (3.05%) at Rs 112.7 apiece

Computer Age Management Services: Great Terrain Investment sold 97.59 lakh shares (19.86%) at Rs 2,766.47 apiece, while India Acorn Icav bought 11 lakh shares (2.24%), Morgan Stanley Asia Singapore Pte. bought 7.61 lakh shares (1.54%), Societe Generale bought 12.11 lakh shares (2.46%), Abu Dhabi Investment Authority bought 4.9 lakh shares (0.99%), and Kotak Mahindra Mutual Fund bought 4.88 lakh shares (0.99%) at Rs 2,766 apiece, among others. 

HCL Technologies: The company is in talks with State Street Corp. to sell its entire 49% equity stake in joint venture State Street HCL Services for $170 million or around Rs 1,417 crore. The amount will be in addition to the JV’s net book value. 

Coal India: The coal ministry projects total income for the company at Rs 1.41 lakh crore for FY24.

ONGC: The company will start oil production from KG Block in May, a government minister said. 

Hindustan Construction: The company’s Swiss unit, Steiner AG, will divest its entire stake in Steiner Construction SA for Rs 928 crore.

JSW Infrastructure: The company’s wholly owned subsidiary, JSW Dharmatar Port Pvt., has entered into a share purchase agreement to acquire over 50% of PNP Maritime Services Pvt. for Rs 270 crore.

Mahindra & Mahindra Financial Services: Estimated overall disbursement at approximately Rs 5,300 crore in November, delivering 16% growth over the previous year.

Thomas Cook (India): The company’s promoter entity, Fairbridge Capital (Mauritius) Ltd., reduced its 8.5% stake in the company via an offer for sale. 

Bajaj Group: The market capitalisation of Bajaj Group crossed the Rs 10 lakh crore mark on Monday, driven mostly by gains in Bajaj Auto and Maharashtra Scooters. 

Brigade Enterprises: Brigade Group signed a joint development agreement to develop luxury residences of around 0.4 million sq. ft. in Mysuru, with a gross development value of Rs 300 crores.

Graphite India: The company acquired a 31% shareholding in Godi India for a cash consideration of Rs 50 crore.

TVS Holdings: The company applied for the status of ‘core investment company’ with the RBI.

Alembic Pharmaceuticals: The company appointed Pradeep Chakravarty, w.e.f. Dec. 4 2023, as Head of Global Quality (senior management personnel of the company).

Computer Age Management Services: Promoter entity Great Terrain Investment sold its 19.8% stake for Rs 2,700 crore via a block trade.

KP Energy: The company was awarded the contract for the development of a 464.10 MW balance of system package for an inter-state transmission system (ISTS) connected wind energy project to be developed in the state of Gujarat by NTPC Renewable Energy Ltd.

Gulshan Polyols: The company received an order worth Rs 572 crore to supply ethanol to OMC.The company will supply 89,404 KL of ethanol to BPCL, IOCL, and HPCL.

Indian Energy Exchange: The company’s November volume stood at 9,136 million units, up 17.5% year-on-year. Total electricity volume for November was 8,371 million units, up 13% year-on-year.

MOIL: The company’s manganese ore production jumped 35% year over year to 1.62 lakh MT in November.

DCB Bank: The bank’s promoter has expressed its interest in investing up to $10 million by subscribing to additional equity shares of the bank.

KPI Green Energy: The company acquired a 99.90% stake in KPark Sunbeat Pvt. for a cash payment of Rs 2.26 lakh. It allotted 15.18 lakh equity shares with a face value of Rs 10 each at an issue price of Rs 830.15 per equity share.

Max Financial Services: Analjit Singh, the founder and chairman of Max Life Insurance Co., has formally stepped down from the position and as a member of the board as of Dec. 4.

Cupid: The company acquired a new land parcel in an industrial area near Mumbai. Through this, the annual production capacity will be augmented by approximately 770 million male condoms and 75 million female condoms.

Graphite India has entered into a definitive transaction with a cash consideration of ₹50 crore for investing in compulsory convertible preference shares of Godi India 

HCC Infrastructure has received Rs 110 crore as an earn out money from Cube Highways and Infrastructure as part of the BFHL stake sale transaction.

Seamec, a leading provider of diving support vessel in Indian Offshore Oilfield Industry, has entered into a Bimco Charter Party with Zamil Offshore Services Company for Charter hire of our Vessel “SUBTECH SWORDFISH” 

Jefferies said its channel checks indicated healthy festive offtake in lighting, mobiles, select Appliances and TVs. In Delhi-NCR, Air Purifiers demand

spiraled due to pollution concerns. Offtake of air conditioners was steady in Oct due to high temperatures. Most products have normal channel inventory, except Lighting (sharp dip in prices). Cables and wires saw 2-3% price cut in Oct (copper trend). Polycab, Finolex Cables are poised to benefit from capex/housing. Healthy festive sales can benefit Havells, V-Guard and Dixon Technologies.

India’s primary indexes surged to fresh record highs on Tuesday, building on the momentum from the previous session driven by robust macroeconomic data, expectations of a U.S. rate cut in March, and the Bharatiya Janata Party’s triumph in key state elections. 

Early in trading, the 30-share BSE Sensex ascended by 172.72 points to 69,037.84, while the NSE Nifty rose by 55.85 points, reaching 20,742.65.

Among the Nifty gainers were BPCL, Axis Bank, M&M, Adani Enterprises, and Apollo Hospitals, while HCL Tech, SBI Life, Infosys, Bajaj Auto, and LTIMindtree faced declines.

Both the Nifty 50 and the BSE Sensex marked their strongest session in 14 months and settled in overbought territories on Monday. However, Wall Street retreated following recent gains, anticipating significant U.S. labor market data that could influence the Federal Reserve’s rate policy. Consequently, Asian markets opened lower.

Foreign portfolio investors (FPIs) netted Indian shares worth Rs 2,073 crore ($248.56 million), while domestic institutional investors (DIIs) added shares valued at Rs 4,797 crore on Monday

Neutral, TP Rs 327

Nov: disbursements +16% while CE down YoY; GBA flat 

Remain firm believers in Co’s transformation journey, however, see scope for near term disappointment on 

NIM contraction & elevated opex with 2.5% RoA target visibility rising only in FY25

Buy, TP Rs 350

Reported disbursements / business assets growth of 16% yoy/26% yoy & 1% mom each to Rs53bn/Rs966bn.

Moderation in mom growth of business assets (lowest since Dec ’22) is likely due to unwind of trade advances.

EW, TP Rs 285 

Disbursements were +1% MoM (+16% YoY). 

Gross assets grew 26.6% YoY (+0.9% MoM 

Have assumed higher growth in 2HF24, so if disbursement growth does not pick up, there could be risks to our AUM forecast

Neutral Call

Target Rs 1,200 

State Street Insources BPO Ops From HCLTech 

Co Would Lose $97 m Of Revenue Or 80 bps Of Rev On UK Arm’s Divestment 

Co WOULD Receive More Than $170 Million Net Book Value On Date Of Closing

Overweight Call

Target Rs 1,400 

State Street To Exercise Call Option To Acquire HCLTech’s 49% In JV 

Entity Has A Revenue Base Of $97 m (0.8% Of HCLTech’s Revenue)

Buy Call, Target Rs 140

Need 15% Food Delivery CAGR & 25-30% QC CAGR Over 4-5 years for Margin Expansion

Demand Weakness Is A Key Downside Risk For Both Food Delivery & Quick Commerce Biz

Initiate Coverage With A Buy Call

Target Rs 568

Poised To Harness Potential In Water Purifiers

Catalysts In Place To Drive Growth & Address Product Servicing Opportunity

Valuations Factoring In Recovery; Trades At 36x FY26e EPS

Expect Co To Deliver Revenue CAGR Of 12% Over FY23-26

See Margin Improving To 14.9% By FY26 From 10.2% In H1FY24

FIIS : BUY +2,073 (18,705-16,632) 😃

DIIS : BUY +4,797 (16,342-11,545) 😃

BSE SENSEX : +1,384 (68,865)🔼 

NSE NIFTY : +419 (20,687)🔼

BSE MIDCAP. : +413 (35,000)🔼

BSE SMLCAP. : +485 (41,051)🔼

B. CRUDE : $ 78.14 🔽 😃😃

GOLD: $ 2,050=INR 64,400(10gr)🔼 🙂

SILVER : RS. 80,800 (kg)(5pm)🔼😃 

FOREX : RS. $ 83.36 🔽 ☺️

7.26%GOI ‘33: 7.3169%(99.61)🔽🙂

7.18%NEW ‘33: 7.2699%(99.3675)🔽🙂

7.18%GOI ‘37: 7.3938% (98.17)🔽😊

Infosys today announced that it has helped enhance Spotlight 

Retail Group’s customer growth via an omnichannel digital fulfilment and advanced analytics platform built with Infosys. By leveraging Infosys’ AI-first offering, Infosys Topaz, Spotlight Retail Group, one of Australia’s biggest retailers, enabled a hyper-personalized online shopping experience for its customers. The improved customer experience has led to a growth of 113 percent in customer base 

over 12 months period and 93 percent in transactions

Adani Green Energy has announced follow-on funding of $1.36 billion to further boost its Construction Financing Framework to $3 billion backed by a consortium of international banks.

We zoom in on the prospects of CESC, as also the prospects of two other stocks — Laxmi Organic Industries and Kiri Industries

As D-Street on Monday cheered the Saffron Surge in Hindi Heartland post the State elections, several brokerage and equity research houses have raised the possibility of political continuity post the 2024 general election, noting that this has improved the prospect of pre-election rallies.

These results, where BJP won three major States of Madhya Pradesh, Rajasthan and Chattisgarh and was branded as a semi- final for the forthcoming May 2024 Lok Sabha elections, are expected to provide the Ruling Party at the Centre with a good tailwind for the 2024 general elections, they said.

The Nifty Bank Index today touched a record high of 46,484.45 points intraday, in line with the gains in financial stocks and broader markets. Gains were led by three state election results on Sunday coming in favour of the BJP, which bolstered the chances of the party winning the 2024 general elections.

Motilal Oswal Asset Management Company aims to raise ₹1,000- 1,200 crore through the new small-cap fund offering to be launched on Tuesday. This will be the first NFO of an actively managed fund to be launched by the fund house in the last four years.

Sajjan Jindal-led JSW Group plans to bring a financial partner in the new automobile venture with SAIC Motor Corporation.

Last week, JSW Group announced plans to acquire a 35 per cent stake in the joint venture with China’s state-owned SAIC Motor Corporation. SAIC Motor will transfer its ownership in MG Motor India to the new company.

The public issue of DOMS Industries, a stationery and art products maker, will open for subscription between December 12 and 15. The company plans to raise ₹1,200 crore through the initial public offering.

The issue comprises of fresh equity issuance of ₹350 crore and an offer for sale of ₹850 crore. The offer for sale comprises of equity shares of ₹800 crore by corporate promoter, FILA and equity shares of ₹25 crore each by Sanjay Mansukhlal Rajani and Ketan Mansukhlal Rajani.

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

Bajaj Finserv’s stock closed above the resistance at ₹1,665 last week. This has increased the chances for further rallies. Although it posted a marginal gain of about 0.6 per cent on Monday, the bulls retained an upper hand. We expect the stock to see a good rally from the current level of about ₹1,695

Japanese stocks began the day on a downward trend following declines in Wall Street before the anticipated release of crucial US jobs data later in the week. The Nikkei 225 index began trading down by 1.03%, or 343.76 points, at 32,887.51, while the broader Topix index slipped 0.47%, or 11.06 points, reaching 2,351.59. South Korea’s KOSPI also decreased by 0.38%, or 9.66 points, trading at 2,505.29. Australia’s S&P ASX200 witnessed a decline of 0.85%, or 60.30 points, reaching 7,064.40. 

On Wall Street, stocks dipped due to profit-taking with the Dow Jones Industrial Average sliding 0.1% to 36,204.44. The S&P 500 and the Nasdaq fell 0.5% and 0.8%, respectively. 

In the energy market, crude oil stabilised after a three-day downturn. West Texas Intermediate hovered above $73 a barrel after a more than 6% drop in the previous three sessions, while the global benchmark Brent approached $78.