Share Market Highlights 12 February 2024: Sensex sheds 523 pts; Nifty ends below 21,650; midcap, smallcap indices tumble

The rupee appreciated 7 paise to close at 83 (provisional) against the US dollar on Monday, on softness in the American currency and easing crude oil prices.

However, weak domestic markets and foreign fund outflows capped sharp gains, forex traders said.

At the interbank foreign exchange market, the rupee opened at 83.01 against the greenback. The unit hit an intra-day high of 82.98 and a low of 83.02.

The Initial Public Offer (IPO) of Alpex Solar Limited received an overwhelming response from the investors as it recorded 303 times subscription till the final day of bidding. The Greater-Noida based solar systems manufacturing company aimed to raise Rs. 74.52 crore from the issue that was floated between February 08–12.

While the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 133 times, the HNI/NII quota was subscribed 471 times and the Retail Individual Investors (RII) quota was subscribed 329 times, bringing the overall subscription to 303 times till the final day of bidding on Monday, February 12, 2024.

The price band of the issue is fixed at Rs. 109-115/- per Equity Share with a face value of Rs. 10 apiece. The IPO comprised of fresh issue of 64.8 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. The minimum lot size for the application is 1,200 Equity Shares. The company is proposed to be listed on NSE Emerge.

Corporate Capital Ventures Private Limited is the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar to the Issue.

Benchmark stock indices Sensex and Nifty closed sharply lower on Monday amid a rush for profit taking and mixed trends in global markets.

The BSE Sensex settled 523 points or 0.73 per cent lower at 21,612.45. The benchmark touched the lowest level of 70,922.57 during intra-day trade.

The broader NSE Nifty also closed 170.05 points or 0.78 per cent lower at 21,612.45.

Here is the quote on Nifty 21,650 by Abhishek Banerjee, smallcase Manager, Founder- Lotusdew Wealth and Investment Advisors 

“Markets at all time high makes everyone nervous. Everyone is looking for any negative news to book profits. That said, we are barely few percentage points away from all time high while there are 2 conflicts, tighter than expected monetary policy, financials lagging the markets and we are here inspite of all of this. To me risk is more on upside than downside.”

Zinc continues its downtrend, trading near 9-month lows on both MCX and LME, with the weakness stemming from increased inflows into LME warehouses, pushing inventories to more than one-month highs.

The worries over the Chinese property sector’s impact on demand contribute to the prolonged weakness, especially considering construction, a significant base metal consumer. Zinc, primarily used for galvanizing steel, and other metals might face dampened trade volumes due to the closure of Chinese markets for the Lunar New Year holiday.

A Scuden Financial report suggests potential recovery after the Lunar New Year celebrations, anticipating more policy measures from China. Despite the current challenges, there is optimism for a rebound in metal prices with possible interventions post the Lunar New Year.

BLS E-Services Ltd, a technology-enabled digital service provider, providing E-Governance Services, Business Correspondent (BC) Services, and Assisted E-services to the citizens, today announced its unaudited consolidated financial results for the quarter and nine-month period ended 31st December, 2023.

Management Discussion & Analysis of Results

 BLS E-Services reported its maiden quarterly financial results post the listing of its shares on the Indian stock exchanges viz NSE & BSE.

 For the quarter that ended on December 31, 2023, the company’s consolidated revenue stood at INR 71.65 Cr, compared to INR 69.07 Crores in the corresponding previous quarter. Operating EBITDA witnessed a growth of 15.7% to INR 10.31 Crores

 The company’s operating EBITDA margins stood at 14.4%, and expanded by 150 bps. The expansion is primarily driven by an improved business mix

 Given the asset-light nature of the business, the company continues to generate significant returns for its shareholders

 Management continues to focus on Inorganic growth opportunities across various segments of Rural Banking Outlets, E-Governance and E-Services businesses and expect consolidation in these business segments

 BLS endeavors to bid for several contracts & tenders for e-governance services and would be keen to engage with various private and public sector banks for providing business correspondent services to the citizens of India.

Monarch Networth – Wonderla Holidays – Time to jump on the big swing – Company update

MCap: Rs.49.8bn; Rating: ACCUMULATE; Target Price: Rs.1000; CMP: Rs.881; Upside: 14%

We maintain ACCUMULATE and reiterate our TP of Rs.1000 as we roll over to Q3FY26E. We’re confident in the amusement park industry, with Wonderla leading the way.

Despite COVID concerns affecting Kochi Park’s footfalls, Bangalore and Hyderabad parks maintain strong performance.

Non-ticket revenue saw significant growth, demonstrating the resilience of this revenue stream. Early start of Bhubaneswar Park and on-track progress of Chennai Park (expected in Q1FY26) indicate promising growth prospects.

Discussions with other states offer expansion opportunities The company’s asset-light strategy, in-house ride manufacturing, strong cash position, digital marketing, and solid return ratios boost our outlook.

The Anup Engineering Ltd. | CMP Rs. 2997 | M Cap Rs. 2970 Cr | 52 W H/L 3131/950

(Nirmal Bang Retail Research)

Result ok

Revenue from Operations came at Rs. 128.4 Cr (-8.2% QoQ, 12.2% YoY) vs QoQ Rs. 139.8 Cr, YoY Rs. 114.4 Cr

EBIDTA came at Rs. 30 Cr (-4.2% QoQ, 32.7% YoY) vs QoQ Rs. 31.4 Cr, YoY Rs. 22.6 Cr

EBITDA Margin came at 23.4% vs QoQ 22.4%, YoY 19.8%

Adj. PAT came at Rs. 20.2 Cr vs QoQ Rs. 21.7 Cr, YoY Rs. 13.9 Cr

Quarter EPS is Rs. 20.4

Stock is trading at P/E of 37.2x TTM EPS

Cera Sanitaryware Ltd. | CMP Rs. 7874 | M Cap Rs. 10241 Cr | 52 W H/L 9782/5229

(Nirmal Bang Retail Research)

Result is below expectations

Revenue from Operations came at Rs. 438.9 Cr (-5.3% QoQ, -4.1% YoY) vs expectation of Rs. 498.4 Cr, QoQ Rs. 463.7 Cr, YoY Rs. 457.8 Cr

EBIDTA came at Rs. 61.4 Cr (-19.6% QoQ, -18.1% YoY) vs expectation of Rs. 81.8 Cr, QoQ Rs. 76.5 Cr, YoY Rs. 75 Cr

EBITDA Margin came at 14% vs expectation of 16.4%, QoQ 16.5%, YoY 16.4%

Adj. PAT came at Rs. 50.9 Cr vs expectation of Rs. 62 Cr, QoQ Rs. 58.5 Cr, YoY Rs. 56.4 Cr

Quarter EPS is Rs. 39.1

Stock is trading at P/E of 39.7x FY24E EPS

One Point One Solutions, a Business Process Management company, has reported a three-fold increase in December quarter net profit at ₹6 crore, against ₹2 crore in the same period last year. Income was up 18 per cent at ₹42 crore (₹36 crore), on better margins. Read more

Of a total of 4,067 stocks that were actively traded on the BSE, 1,009 advanced, while 2,959 declined and 99 stocks remained unchanged, where 361 stocks hit a 52-week high and 56 stocks hit a 52-week low at 3.07 pm 

Major gainers include Dr. Reddy’s laboratories (3.41%), Apollo Hospitals (2.80%), Wipro (2.52%), Divis laboratories (2.29%), HCl technologies (2.41%)\

Major losers include Coal India (-4.76%), Hero Motocorp (-4.37%), Bharat Petroleum Corporation (-3.32%), Oil and Natural Gas corporation (-3.25%), Indusind Bank (-2.56%)

Aurobindo Pharma has obtained USFDA approval to manufacture and market Deflazacort Tablets, a treatment for Duchenne muscular dystrophy. Shares were up by 1.10 per cent at Rs 1012.95 on the BSE.

Moneyboxx Finance Ltd has reported a net profit of Rs 5.02 crore. AUM has grown by 124 per cent to Rs 530 crore. The shares were down by 3 per cent at Rs 274.95 on the BSE.

Pitti Engineering, a leading manufacturer of electrical steel laminations, fabricated parts and shafts, reported an eight per cent increase in December quarter net profit at Rs 13 crore, against Rs 12 crore logged in the same period last year, on better margins and higher sales volume. Read more

“With an issue price of ₹6,263 per gram, the subscription of the 4th tranche of Sovereign Gold Bond launched today, is expected to garner major traction. Both household as well as institutional investors are increasingly getting attracted towards this asset class owing to the plethora of benefits that come along with lucrative returns. As the Indian economy resiliently navigates through choppy waters, investments in SGB tranches is one of the safest harbours for the investors which they can hedge against the headwinds. 

With India traditionally inclined towards gold for domestic investments, we foresee the behavioural shift in buyers towards SGBs for investment-driven purpose, thus positioning physical gold as a lifestyle statement for adornment purposes.”

Mahindra and Mahindra Financial Services Ltd. teams up with IBM to develop an App, offering a unified digital platform for consumers nationwide. The App will integrate various lending, payment, insurance, and investment solutions.

​Power Finance Corporation Limited​ established wholly owned subsidiary, PFC Infra Finance IFSC Limited, in GIFT City, Gujarat. The subsidiary aims to enhance PFC’s financial services in the International Financial Services Centre. Shares were down by 1.08% to Rs 424.20 on the BSE.

Kiri Industries Limited plans to establish a Wholly Owned Subsidiary in Singapore, named Claronex Holdings Pte. Ltd., for wholesale trading and investment activities. The acquisition aims to explore business opportunities and expand the company’s global presence, with a proposed share capital of SGD 10,000. Shares were down by 2.52% to ₹372 on the BSE.

Aditya Birla Capital will be launch its direct-to-consumer (D2C) app next month, and follow that up with the launch of a B2D app for distributors and channel partners and a pre-paid wallet in the next fiscal year. Read more

Natural gas prices have been under pressure since the beginning of this month. The price has tumbled over 28 per cent in the last two weeks. The Natural Gas futures contract trading on the Multi Commodity Exchange (MCX) has declined sharply by about 15 per cent so far this month. It is currently trading at 151 per mmBtu. Read more

VA Tech Wabag said its water supply network in Coimbatore received a boost with the inauguration of a 178.3 MLD Water Treatment Plant, implemented under the AMRUT Scheme. The plant, commissioned by TWAD, aims to provide clean drinking water to 8 newly incorporated Town Panchayats in Coimbatore district. The shares were down by 0.25% to Rs 648 on the BSE.

Airtel expands its retail network in Kozhikode by launching four new next-gen stores, bringing its total count to 12 in the city, to provide customers with technologies and service experience. Shares down by 0.01% to Rs 1,121 on the BSE.

A total of 3,963 stocks were actively traded, 1,042 advanced, while 2,777 declined and 144 stocks remained unchanged, whereas 333 stocks hit a 52-week high and 47 stocks hit a 52-week low at 12.06 pm on the BSE

Top gainers include-Wipro (3.90%), Apollo hospitals enterprise (3.20%), HCl technologies (3.12%), Divis laboratories (2.95%), Dr Reddy laboratories (2.18%)

Top losers include - Hero motocorp (-5.15%), Coal India (-5.32%), Bharat Petroleum Corporation (-4.58%), Oil and Natural Gas corporation (-3.57%), Ntpc (-3.03%)

Brokerage reports

Goldman Sachs on Divi’s Laboratories

Maintain Neutral, Target cut to 3670 from 3850

Kotak on Divi’s Laboratories

Maintain sell, Target price 3025

Morgan Stanley on ONGC

Maintain Overweight, Target 254

Citi on ONGC

Maintain Buy, Target 285

CLSA on Tata Power

Maintain Sell, Target raised to 249 from 240

MS on Tata Power

Maintain UW, Target price 213

Brokerage Reports on Bandhan Bank

CLSA

Outperform, Target cut to 250 from 270

JP Morgan

Overweight, Target cut to 270 from 320

Goldman Sachs 

Buy, Target cut to 274 from 292

Macquarie

Neutral, Target price 225

Nomura 

Buy, Target price 265

Macquarie on Aurobindo Pharma

Maintain Outperform, Target 1300

JP Morgan on Life Insurance Corp of India

Upgrade to Overweight from Neutral, Target raised to 1340 from 690

JP Morgan on Honasa Consumer

Downgrade to Underweight from Neutral, Target cut to 390 from 425

Jefferies on Zydus Life

Maintain Hold, Target raised to 750 from 660

BofA on Zydus Life

Maintain Neutral, Target price 840

HSBC on Indigo

Maintain Buy, Target raised to 3770 from 3140

JP Morgan on UBL

Maintain overweight, Target cut to 1950 from 2075

Citi on UBL

Maintain Sell, Target raised to 1600 from 1500

Brokerages on Apollo Hospital

Morgan Stanley

Maintain Overweight, Target raised to 7181 from 6201

JP Morgan

Maintain Overweight, Target raised to 7450 from 6050

CITI

Maintain Buy, Target raised to 7670 from 6260

Jefferies

Maintain Buy, Target raised to 7500 from 6630

Brokerages On Alkem Laboratories

JP Morgan

Downgrade to Neutral from Overweight, Target raised to 5640 from 4525

Nomura

Double Downgrade to Neutral from Buy, Target raised to 5605 from 4963

Jefferies

Maintain Underperform, Target raised to 4470 from 3960

Jefferies on PB Fintech

Initiate BUY, TP Rs 1150

MS on MCX

UW, TP Rs 2070

HSBC on Escorts

Reduce, TP Rs 2400

Crude oil futures traded lower on Monday morning after moving up around 6 per cent last week. 

At 9.54 am on Monday, April Brent oil futures were at $81.88, down by 0.38 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $76.53, down by 0.40 per cent. Read more

The Bank Nifty index is trading lower. The index inched up initially in opening trades, but failed to get a strong follow-through rise. It touched a high of 45,748 and has come down from there. The Bank Nifty index is currently trading at 45,385, down 0.55 per cent. The advances/ declines ratio is 2:10. This is negative. It indicates inherent weakness in the index. Read more

Indo Borax & Chemicals Ltd begins production of Agricultural Chemical Disodium Octaborate Tetrahydrate (DOT) at its new facility in Pithampur plant today. Shares were down by 1.08% to Rs 186.90 on the BSE.

Sanjivani Paranteral Ltd. reported Q3 FY24 results, with revenue surging 64 per cent YoY, led by strong performance in injectables segment with export market accounting for 64.8% of total revenue. The shares were up by 1.96% to Rs 169 on the BSE.

Nifty 50 has begun the week on a weak note. The index opened with a gap-up but failed to sustain higher. It made a high of 21,831.70 and has come down from there. Nifty is currently trading at 21,740, down 0.2 per cent. Read more

Buzzing stocks: : Paytm, LIC, Reliance Industries, Adani Ports, Aurobindo Pharma, Jindal Stainless, JSW group, Zee Entertainment, Vedanta, IRCTC, IEX, M&M, Rane (Madras), Rane Brake Lining, Rane Engine Valve, ASM Tech, PG Technoplast Read more

Dynacons Systems & Solutions Ltd secured a contract worth Rs 90.02 crore from BSNL for an Integrated Telecom Network & IT Solution, including a Command Centre and Network Operations Center. The shares were up by 0.38% to Rs 722.80 on the BSE.

Apeejay Surrendra Park Hotels (ASPHL) entered the secondary market with a remarkable 20% listing gain, exceeding its Rs 155 issue price to begin trading at Rs 186 per share. This impressive debut, following an oversubscription by 62.91 times, signifies strong investor confidence in the well-established hotel chain’s future prospects.

The company benefits from decades of experience in the hospitality industry, reflected in high occupancy rates and a proven track record of service excellence. Its expansion plans indicate exciting possibilities for future revenue growth.

This listing paints a hopeful picture for ASPHL, but a cautious approach is still advised. Thus, those who want to book profit may exit their holdings, and those who want to hold for the long term may keep a stop loss at 168.

Bandhan Bank Ltd.’s shares were down by 5.27% to Rs 204.85 as the NCGTC is conducting a forensic audit on the bank, focusing on the potential evergreening of loans. They are inspecting loans totalling ₹23,300 crore under guarantee schemes to investigate possible instances of loan recycling and identify any fictitious accounts.

Nearly 480 companies will declare their quarterly results on Monday, including PSU majors such as Coal India, SAIL, Mazagon Dock, NHPC and HAL Read more

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

“With S&P 500 closing above 5000 for the first time, support from the mother market augurs well for the bulls. But the bears are likely to take cues from the rising US bond yields (10-year yield is at 4.17%). which normally triggers big selling from FIIs. So the tug of war between the bulls and the bears is likely to continue.

The fact that the markets are resilient even after the initial enthusiasm over early rate cuts in 2024, both in the US and India, has moderated is an indication of the underlying strength of the market. Apart from positive economic cues, a major factor supporting the market is the sustained inflows through mutual funds. This can trigger buying on dips and the high market valuations are likely to be sustained for some time. However, the frothy valuations of the broader market are a matter of concern. From the long-term perspective, safety is in large-caps.”

NSE Nifty was down by 0.28% or 60.05 points to 21,722.45 points, while the BSE Sensex was at 71,445.06 down by 0.21% or 150.43 points at 9.58 am

Man Industries (India) Ltd secured new orders worth approximately Rs 525 crore, to be executed in 6-7 months. Additionally, the company received a certificate of appreciation for being the Top Exporter of Kandla Customs for the fiscal year 2023-24. Shares were up by 3.17% to Rs 418 on the BSE.

Easy Trip Planners Ltd. announced opening of a 5-star hotel near Ayodhya’s Ram Mandir. The joint venture, with an investment of up to Rs 100 crore, aims to tap into the religious tourism sector. The shares were up by 1.34% to Rs 51.52 on the BSE.

Gensol Engineering Ltd. and Matrix Gas & Renewables Ltd have secured a PLI bid for Hydrogen Electrolyser Manufacturing. With a 63 MW annual capacity, the project aims to produce 5 million tonnes of green hydrogen by 2030. The shares were up by 3.98% to Rs 1154.30 on the BSE.

Entero Healthcare Solutions saw a rather weak response from investors on Day 1 of the public issue opening. The issue was subscribed 0.10 times or just 10 per cent. The issue enters Day 2 on Monday and will close on Tuesday. Read more

Top gainers on the BSE at 9.30 am include Grasim industries (10%), Star cement (7.16%), Jmb Auto (7.83%), Olectra Greentech (5.78%), Confidence Petroleum India (5.47%)

Top losers include- Amber Enterprises India (-10.85%), Sjvn (-10.78%), Sobha (-8.47%), Mishra Dhatu Nigam (-6.70%), Sunflag Iron and Steel Co. (-5.86%)

Domestic markets are expected open on calm note on Monday, signals GIft Nifty. According to analysts, as most news (both positive and negative) are discounted, market awaits fresh cues. Till such time, benchmark indices will move in a narrow range and rise will be encountered with profit taking. Read more

BULLION

“Gold and silver prices closed on a negative note in a highly volatile session, as expectations of Fed rate cuts diminished when Powell and other policymakers reiterated that monetary easing would be gradual and unlikely to commence in March. In December, U.S. monthly consumer prices rose less than expected, keeping bullion prices lower. However, geopolitical tensions in the Middle East and gains in crude oil supported gold and silver prices at lower levels. We anticipate gold and silver prices to remain volatile in today’s session. Gold finds support at $2012-2000 and resistance at $2036-2048, while silver finds support at $22.35-22.20 and resistance at $22.78-22.91. In INR, gold has support at Rs62,120-61,910 and resistance at Rs62,580, 62,720, while silver has support at Rs70,140-69,580 and resistance at Rs 71,650, 72,180.”

Focus Today – Domestic CPI (Inflation) and IIP data today. Tata Power, Alkem Labs, Indigo Paints, Aurobindo Pharma, PI Industries announced impressive Q3 results. ADR/GDR – Axis Bank, Reliance Industries, ICICI Bank, Dr Reddy ADR gain between 1-2%. Results today - Coal India, HAL, NHPC, Samvardhana Motherson , Bharat Forge, SAIL, Phoenix Mills, Mazagon Dock, GlaxoSmithKline Pharma Record high closing in US markets, solid direct tax collection till Feb 10 (80 percent of revised financial year 2024 target), hope of cooling down domestic Inflation data to be released today and impressive quarterly results, may open domestic markets on a positive note. On Friday, US S&P 500 Index crossed the milestone to above 5000 mark and Nasdaq Composite intra-day spiked to above 16k due to strong quarterly results, lower revision CPI data and impressive US economy data. Market hopes that the US Fed will cut interest rates this year despite a delay of a few months. US, UK and other Asian markets Inflation (CPI) data will be announced this week. 

Gift Nifty is up 100 points or 0.5%. Nifty gained quarter percent yesterday led by large cap stocks while profit booking in the small cap and mid-cap stocks. Market trend will be determined this week by global market, FIIs activities and corporate results. It is expected that the market may consolidate while stock specific action continues. On the domestic front, impressive quarterly results and rising government expenditure in the infrastructure will be positive for the market sentiment. Moreover, macro data continued to show strength in the Economy. PSU banking stocks will be positive due to attractive valuation and reported impressive quarterly results. This quarter Metal, cement, auto, oil & gas and pharma sectors reported impressive quarterly results. IT sectors announced in line with expected Q3 results while market expectation of muted results.

Oil Price Update –.Brent Crude surged 2% to above $82/bbl after the Israel Prime Minister Benjamin Netanyahu’s dismissal of a potential cease-fire in the Israel-Hamas war heightened risks in the Middle East.

Gold Price Update – Gold slipped as traders mulled the Federal Reserve’s next steps after an uneventful US inflation revision. Gold price declined 1% to $2023/ounce.

IPO listing Today – Apeejay Surrendra Park Hotels: The Park Hotels is set to list its equity shares on the bourses on February 12. The final issue price has been fixed at Rs 155 per share.

Results Today - Coal India, Hindustan Aeronautics (HAL), NHPC, Samvardhana Motherson International, Bharat Forge, sail, SAIL, Phoenix Mills, Mazagon Dock, GlaxoSmithKline Pharma, Elgi Equipments , BLS International, Lakshmi Machine Works, BASF India , G R Infraprojects ,Kirloskar Oil Engines, Anupam Rasayan India, Cera Sanitaryware , JM Financial , Galaxy Surfactants , Gujarat Pipavav Port , Allcargo Logistics, HEG, Edelweiss Financial Services, Dilip Buildcon, Ramky Infrastructure , Tilaknagar Industries, Nucleus Software, Orissa Minerals Development, Time, Krsnaa Diagnostics , Vishnu Chemical

BANK NIFTY has closed 0.7% down w-o-w with corrective action in private banks by 2% while PSU banks continued the positive momentum to scale all time high up by 5% for the week.

The breakdown below the 200 day average at 44,500 levels would push the index further lower and witness the next round of sell off.

We believe if it breaks the 200 day average then PSU banks would start declining from current levels which is being an outperformer till date.

Bank Nifty highest call OI is at 46,000 levels while on the downside put OI will has moved higher to 45,000 levels.

On the global front, US equities climbed to a more than two-year peak and the S&P 500 closed at a record high on Wednesday, as strong earnings offset jitters related to U.S. regional banks and China’s markets. On the macro front, China’s consumer prices fell last month at the fastest pace since the global financial crisis as the world’s second-largest economy struggles to shake off persistent deflation pressures. The consumer price index dropped 0.8% in January from a year ago, worse than economists’ expectations for a 0.5% decline. Despite what traders think, four more Federal Reserve officials suggested that they don’t see an urgent case for lowering interest rates at least until May. Meanwhile, the S&P Global US Composite PMI for January 2024 stood at 52.0, little changed from the preliminary estimate of 52.3 and an increase from December’s 50.9. This latest reading indicates a modest uptick in business activity, marking the most significant increase since July 2023, driven by a faster rise in service sector output. Asian markets climbed across the board as investors looked toward China’s inflation figures and the Reserve Bank of India’s rate decision. On the domestic front, the Street awaits the RBI monetary policy outcome today the market may remain volatile. We believe that the stance will be status quo in the upcoming MPC outcome to be declared today. Key things to monitor would be inflation data due to a drop in Rabi cultivation and an increase in food grain prices that may influence the RBI’s approach in the short term. Rate-sensitive stocks in real estate, banks, financials, and auto pockets will be in focus. Indian shares may open flat to slightly higher today after the S&P 500 set a new record high overnight on bets that a U.S. resilient economy will continue fueling corporate profits. Trends in the GIFT Nifty indicate a positive start for the broader index in India.

The 50 index opened on a tepid note, marked its weekly high at 22053, and following the RBI’s monetary policy announcement holding the rates unchanged, the price action plunged 293 points on Thursday and closed the week at 21782. The Friday trading session was more of a scare than a shakeout, and the increasing frequency of such unnerve trading sessions invites a higher probability of a forthcoming pullback. The VIX closed 5.1% higher during the week, which warrants a prudent approach in the coming week. The index is anticipated to offer a directional bias on the break above 22115 or a crack below 21450 levels.

Shrikant Chouhan, Head – Equity Research, Kotak Securities.

In the past week, benchmark indices saw profit-booking at higher levels, with Nifty closing 0.31 per cent lower while Sensex was down 964 points. Among sectors, PSU banks and healthcare indices outperformed despite weak market conditions. PSU Bank index rose by 5.25 per cent and Healthcare index rose by 4.35 per cent. In contrast, FMCG and private bank indices fell by more than 2 per cent.

Our view is that the short-term market structure is weak but fresh selling in Nifty is possible only after rejection of 20-day SMA (Simple Moving Average) or 21600 and Sensex at 71200. The pullback formation is likely to continue as long as it is trading above 21600/71730 and the market can go up to 21850-21900/72000-72200.

However, the real trend will emerge only after crossing 22150 levels. On the other hand, selling pressure is likely to increase below 21600/71200. Below which the market can slip to 21500-21400/70900-70600. For Bank Nifty traders, 200 day SMA or 44800 will be the crucial level to pay attention to.

Above that it can jump to 46000-46200-46600. However, an uptrend below 44800 would fall to 44500 or 44000 levels.

Devarsh Vakil - Deputy Head, Retail Research, HDFC Securities

Indian shares are set to open higher ahead of January inflation data

The S&P 500 index crossed the 5000 milestone

Last week, the S&P 500 crossed the 5,000 milestone, a fresh record high for the index, widely regarded as the primary gauge for U.S. large-cap stocks. Though 5000 is an arbitrary number and an attention-grabbing psychological threshold, it is symbolic of the market’s strength and resilience in the face of a historically sharp adjustment in interest rates. Tuesday’s CPI report is expected to show price pressures continued to moderate last month.

Overall CPI is seen rising 0.2% in January, matching a downwardly revised 0.2% gain in December. The core CPI rate, which excludes food and energy prices, is expected to climb 0.3%, matching December’s monthly gain. Markets in China, Hong Kong, Taiwan, and South Korea are closed for observance of the Lunar Year. Bourses in Japan are also closed for National Foundation Day Stocks are poised to open lower in New York on Monday as investors prepare for this week’s release of the first big inflation report of the year.

After initial weakness, Nifty found support at 21630 on Friday and recovered 152 points, to close at 21782. Nifty is still in a consolidation zone where 22000 would continue to offer resistance, while 21500-21600 band could act as support.

Silver fell as expectations about Fed rate cuts evaporated as Powell and other policymakers reiterated that monetary easing would be gradual and unlikely to begin in March. In December, monthly consumer prices in the United States climbed less than expected, according to revised government data. President Thomas Barkin of the Federal Reserve Bank of Richmond said the central bank has time to decide what to do next with monetary policy while it waits for more evidence that inflation is truly coming back to target.

Key economic data slated for release includes EU Economic Forecasts, Eurogroup Meetings from Euro Zone.

Crude oil futures traded lower on Monday morning after witnessing around 6 per cent gain last week. At 9.11 am on Monday, April Brent oil futures were at $81.74, down by 0.55 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $73.36, down by 0.62 per cent. February crude oil futures were trading at ₹6337 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6361, down by 0.38 per cent; and March futures were trading at ₹6358 as against the previous close of ₹6374, down by 0.25 per cent.

The Indian Sugar & Bio-energy Manufacturers Association expects a 5-10 per cent decline in sugarcane yield in western Uttar Pradesh due to waterlogging and red rot infestation. 

This is in contrast to expectations of a stable or improved yield in other regions. 

Despite challenges, sugar cane area expanded by one per cent, with better sugar recovery projected, hinting at a slight increase in overall production. 

The dominance of CO-0238 variety faces setbacks from climatic conditions and spread of red rot infestation, while pricing remains favorable for farmers under State Advised Price regulations.

ISMA expects a 5-10 per cent decrease in sugarcane yield in western Uttar Pradesh, a significant contributor to the state’s sugar production.

Lower yield was attributed to waterlogging and red rot infestation, particularly affecting certain districts with a 10-13 per cent decline.

While central UP maintains similar or slightly lower yields compared to last year, eastern UP experiences improved yields, it said.

Despite yield challenges, sugarcane area in UP has expanded by about 1 per cent, as per satellite mapping data.

Second advance estimates suggest a projected sugar production of 120 lakh tonnes for the 2023-24 season, a slight increase from the previous year.

Mills in UP adhere to State Advised Price (SAP) for cane payment, which was recently increased to Rs 370 a quintal for the 2023-24 season, providing higher remuneration compared to the Fair and Remunerative Price.

Gold fell as investors reassessed monetary policy expectations following economic data and bankers’ comments. The customary benchmark revisions from the BLS revealed the US CPI gained 0.2% month-over-month in December, somewhat less than an original estimate of 0.3% rise, while the core CPI increased by the expected 0.3%, indicating the ongoing cooling of pricing pressures. Physical gold dealers in India charged premiums for the first time in four months, buoyed by an increase in purchases as local prices fell, while the coming Lunar New Year festival increased activity in China and elsewhere.

Key economic data slated for release includes EU Economic Forecasts, Eurogroup Meetings from Euro Zone.

Jupiter Life: Net Profit at Rs 43.7 crore versus net loss Rs 3.8 crore, Revenue at Rs 273 crore versus Rs 228 crore (YoY) 

PI IND: Net Profit at Rs 448.6 crore versus Rs 351.8 crore, Revenue at Rs 1897.5 crore versus Rs 1613.2 crore (YoY) 

Auro Pharma: Net Profit at Rs 940.0 crore versus poll of Rs 351.8 crore, Revenue at Rs 7352.0 crore versus poll of Rs 7442.0 crore (YoY)

Mawana Sugar: Net Profit at Rs 18.5 crore versus Rs 6.0 crore, EBITDA at Rs 49.0 crore versus Rs 20.0 crore (YoY)

V2Retail: Net Profit at Rs 24.1 crore versus Rs 9.3 crore, EBITDA at Rs 60.0 crore versus Rs 37.0 crore (YoY)

Elpro: Net Profit at Rs 23.7 crore versus Rs 13.5 crore, EBITDA at Rs 38.8 crore versus Rs 13.8 crore (YoY)

Filatex: Net Profit at Rs 35.1 crore versus Rs 2.7 crore, EBITDA at Rs 75.0 crore versus Rs 44.0 crore (YoY) 

Jayant Agro: Net Profit at Rs 9.5 crore versus Rs 4.5 crore, EBITDA at Rs 18.0 crore versus Rs 13.0 crore (YoY) 

Auto line: Net Profit at Rs 4.7 crore versus Rs 2.5 crore, EBITDA at Rs 12.0 crore versus Rs 10.0 crore (YoY)

JTL Infra: Net Profit at Rs 13.7 crore versus loss Rs 34.0 crore, EBITDA at Rs 148.0 crore versus Rs 63.2 crore (YoY)

HUDCO: Net Profit at Rs 520 crore versus Rs 254 crore, Revenue at Rs 2013 crore versus Rs 1710 crore (YoY) 

Everest Kanto: Net Profit at Rs 36.7 crore versus loss Rs 17.4 crore, Revenue at Rs 329.0 crore versus Rs 260.0 crore (YoY) 

Honasa Consumer: Net Profit at Rs 25.9 crore versus Rs 7.1 crore, Revenue at Rs 488.2 crore versus Rs 382.1 crore (YoY) 

Globus Spirits: Net Profit at Rs 44.3 crore versus Rs 13.05 crore, Revenue at Rs 876 crore versus Rs 739 crore (QoQ)

Hero moto Corp: Net Profit at Rs 1073.4 crore versus Rs 711 crore, Revenue at Rs 9723.7 crore versus Rs 8031 crore (YoY) Declares an interim dividend of Rs 75/sh & a special dividend of Rs 25/sh 

Remsons Ind: Net Profit at Rs 3.48 crore versus Rs 2.04 crore, Revenue at Rs 82.21 crore versus Rs 75.58 crore (YoY) 

Amruntanjan: Net Profit at Rs 17.44 crore versus Rs 10.71 crore, Revenue at Rs 116.9 crore versus Rs 97.64 crore (YoY)

DOMS: Net Profit at Rs 39 crore versus Rs 27 crore, Revenue at Rs 372 crore versus Rs 304 crore (YoY)

SML Isuzu: Net Profit at Rs 3.0 crore versus loss Rs 1.0 crore, Revenue at Rs 386 crore versus Rs 328 crore (YoY) 

Inox Wind Energy: Net loss at Rs 6.5 crore versus Rs 288.0 crore, Revenue at Rs 504 crore versus Rs 227 crore (YoY)

Inox Wind: Net profit at Rs 4 crore versus loss Rs 284.0 crore, Revenue at Rs 503 crore versus Rs 226 crore (YoY)

KCP: Net Profit at Rs 18.4 crore versus loss Rs 7.8 crore, Revenue at Rs 420 crore versus Rs 392 crore (YoY)

Maithan Alloys: Net Profit at Rs 87.3 crore versus Rs 54.5 crore, Revenue at Rs 447.0 crore versus Rs 683.0 crore (YoY) 

Indigo Paints: Net Profit at Rs 38 crore versus Rs 26 crore, Revenue at Rs 354 crore versus Rs 281.0 crore (YoY)

Updater Services: Net Profit At Rs 20.8 Cr Vs Rs 5.3 Cr, Revenue Up 17.3% At Rs 636 Cr Vs Rs 542 Cr (YoY) 

Advance Enzyme: Net Profit at Rs 42.5 crore versus Rs 27.9 crore, Revenue at Rs 160 crore versus Rs 142 crore (YoY) 

Caplin Points: Net Profit at Rs 120 crore versus Rs 97 crore, Revenue at Rs 436 crore versus Rs 372 crore (YoY)

Bajaj Hind: Net Profit at Rs 20.3 crore versus loss Rs 122.8 crore, Revenue at Rs 1741.0 crore versus Rs 1133 crore (YoY) 

Monte Carlo: Company is confident of sales pickup in the fourth quarter, aims to open one store every week in FY25 

Paytm: Company sets up committee to strengthen compliance & regulatory matters.

Coal India: India eyes 1 billion tonnes of coal production next year: FM 

Apollo Pipes: SOCIETE GENERALE bought 2,58,071 shares at Rs 766.13 per share 

Dr Reddy: Company has received the EIR and USFDA has classified the inspection as Voluntary Action Indicated (VAI) 

Dr Reddy: Company has received the EIR and USFDA has classified the inspection as Voluntary Action Indicated (VAI)

JSW Holding: JSW Group signs MoU with Odisha government to set up an EV and EV battery plant after deal with China’s MG Motor. 

Confidence Petro: Company is setting up Green Hydrogen/ Nitrogen/CNG high pressure Type-4 Cylinder manufacturing unit 

Vedanta: Vedanta Resources announces it has completed repayments to bondholders on February 7. 

M&M: Embraer, Mahindra collaboration on C-390 transport aircraft. 

Adani Port: ICRA Limited has changed the outlook of long-term rating to stable from negative.

IRCTC: Company incorporates unit IRCTC payment for payment aggregator services 

Jindal Stainless: Company and MSME Tech Centre to make value-added products for defence, aerospace.

Tata Power: Net Profit at Rs 1076 crore versus Rs 1052 crore, Revenue at Rs 14651 crore versus Rs 14129 crore (YOY) 

ONGC: Net Profit at Rs 9536 crore versus poll Rs 9494 crore, Revenue at Rs 34788 crore versus poll Rs 35313 crore (YOY) 

IRFC: Net Profit at Rs 1604.2 crore versus Rs 1633.4 crore, Revenue at Rs 6741.8 crore versus Rs 6218 crore (YOY) 

NIACL: Net Profit at Rs 713.0 crore versus Rs 745.0 crore, Revenue at Rs 10676 crore versus Rs 9798 crore (YoY) 

Harrisons: Net Profit at Rs 6.67 crore versus Rs 6.72 crore, Revenue at Rs 129.55 crore versus Rs 132.06 crore (YoY) 

Bandhan Bank: Net Profit at Rs 732.7 crore versus poll Rs 789.3 crore, NII at Rs 2525.4 crore versus poll Rs 2542.6 crore (YoY)

Easy Trip: Net Profit up 9.6% at Rs 45.7 cr vs Rs 41.7 cr, Revenue up 18.1% at Rs 160.8 cr vs Rs 136.1 cr (YoY)

Vatech: Net profit up 33.6% at Rs 62.9 cr vs Rs 47.1 cr, Revenue up 8.1% at Rs 704.4 cr vs Rs 651.6 cr (YoY) 

Divis Lab: Net Profit Up 17% At Rs 358 Cr Vs Rs 306 Cr, Revenue Up 8.6% At Rs 1,855 Cr Vs Rs 1,708 Cr (YoY) 

Lumax: Net Profit at Rs 26.0 crore versus Rs 30.0 crore, Revenue at Rs 632 crore versus Rs 579 crore (YoY) 

Emami: Net Profit at Rs 261.0 crore versus Rs 232.0 crore, Revenue at Rs 996 crore versus Rs 983 crore (YoY) 

Finolex Cables: Net Profit at Rs 151.0 crore versus Rs 154.0 crore, Revenue at Rs 1222 crore versus Rs 1150 crore (YoY) 

Sapphire Foods: Net Profit at Rs 10.0 crore versus Rs 32.6 crore, Revenue at Rs 666 crore versus Rs 596 crore (YoY)

Heranba: Net Profit at Rs 13.9 crore versus Rs 12.6 crore, Revenue at Rs 300 crore versus Rs 273 crore (YoY) 

MCX: Net Loss At Rs 5.3 Cr Vs Profit Of Rs 39 Cr (YoY) -Revenue Up 33% At Rs 191.5 Cr Vs Rs 143.6 Cr (YoY) 

Datamatics: Net Profit at Rs 41.0 crore versus Rs 48.0 crore, Revenue at Rs 369 crore versus Rs 377 crore (QoQ) 

PFizer: Net Profit at Rs 130.0 crore versus Rs 150.0 crore, Revenue at Rs 540 crore versus Rs 622 crore (YoY) 

Stove Craft: Net Profit at Rs 7.0 crore versus Rs 8.0 crore, Revenue at Rs 362 crore versus Rs 325 crore (YoY)

Adani Power: Company submits resolution plan for acquisition of Lanco Amarkantak Power.

GMDC: Net Profit down 56.1% at Rs 116.8 cr vs Rs 266.1 cr, Revenue down 34% at Rs 564.3 cr vs Rs 855.4 cr (YoY) 

Flair Writing: Net Profit at Rs 19.1 cr vs Rs 33.2 cr, EBITDA at Rs 34.5 cr vs Rs 53.1 cr (YoY) 

SJVN: Net Profit down 51.6% at Rs 139 cr vs Rs 287 cr, Revenue down 1.6% at Rs 543.3 cr vs Rs 552 cr (YoY)

Shree Renuka: Net loss of Rs 172 cr vs profit of Rs 14.0 cr, Revenue at Rs 3014 cr vs Rs 2552.0 cr (YoY)

Dish TV: Net loss of Rs 2.8 cr vs loss of Rs 2.9 cr, Revenue down 14.8% at Rs 470.3 cr vs Rs 552.1 cr (YoY) 

RPSG: Net loss of Rs 55 cr vs loss of Rs 7 cr, Revenue at Rs 1846 cr vs Rs 1720 cr (YoY)

TVS Elec: Net loss of Rs 1.7 cr vs profit of Rs 1.4 cr, EBITDA at Rs 0.5 cr vs Rs 4.2 cr (YoY)

Campus: Net Profit down 48.5% at Rs 24.9 cr vs Rs 48.3 cr, Revenue up 1.4% at Rs 472 cr vs Rs 465.6 cr (YoY).

Listing Date : Monday, February 12, 2024 (Today) 

ISIN : INE988S01028

BSE : 544111 ‘B’ Group

NSE : PARKHOTELS

NSE Series : EQ

IPO Price : ₹ 155/-

App. Min. Lot : 96 Shares

Dividend Dates

Ex-Dividend 13 February 2024 (Tomorrow)

Last date for Cum-Dividend Today

Gulf Oil Lubricants India Ltd

Dividend Per Share Rs.16

Previous day Closing Price – Rs. 895.45

Indo Thai Securities Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 360.8

K.P.R. Mill Limited

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 752.75

Dr. Lal Pathlabs Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 2451.45

Orient Electric Ltd

Dividend Per Share Rs.0.75

Previous day Closing Price – Rs. 209.9

SMC Global Securities Ltd

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 132.9

Steelcast Ltd.

Dividend Per Share Rs.1.35

Previous day Closing Price – Rs. 626.45

Tube Investments Of India Ltd

Dividend Per Share Rs.2

P…

Steady Q3; cyclical recovery largely priced-in

Emkay GLobal

▶\u0009February 11, 2024\u0009\u0009TARGET PRICE (Rs) : 4,800

HMCL’s Q3 performance was steady, with underlying ICE margin at 16% (implying a ~200bps hit from EV marketing spends) and reported EBITDA margin at 14% – stable QoQ. We remain relatively positive on 2Ws (over PVs, CVs) amid sustained growth visibility (refer to 2Ws to re-rate further; ‘TINA’ factor at play). Post ~100% returns since our Apr-23 report Valuations attractive amid growth revival, we feel current valuations at ~20x FY26E PER (vs. 18x 1Y fwd LTA) largely capture the cyclical recovery. Company is accelerating its portfolio & reach actions to improve positioning; effect on mkt share remains a key monitorable. We slightly raise FY24E/FY25E/FY26E EPS by 4%/1%/1%, on higher than expected other income and downgrade HMCL to REDUCE from Buy; TP is unchanged at Rs4,800/sh (19x P/E on FY26E core EPS)

Apollo Hospitals Enterprise Ltd.: Choice Broking

ADD

CMP

₹ 6432

Target Price

₹ 6978

In Q3FY24, APHS reported a good set of performance which outperformed our expectations on all fronts. Revenue for the quarter grew by 13.8% YoY and flat sequentially to Rs. 48.5bn. EBITDA grew by 21.4% YoY however down by 2.2% QoQ to Rs. 6.13bn. The EBITDA margin expanded by 80bps YoY and contracted sequentially by 29bps to 12.7%. The ARPOB saw a double-digit growth despite seasonal tailwinds and Chennai cyclones. ARPOB stood at INR 56,328 per day, up 10% YoY.

Astra Microwave Products Ltd.: Choice Broking

NEUTRAL

CMP

₹ 647

Target Price

₹ 644

AMPL reported decent top-line and robust bottom line growth. Revenue for the quarter grew by ~5% YoY to Rs.2310mn vs Rs.2203mn in Q3FY23 led by execution of some large orders. Gross Profit came at Rs.1092mn (+20.5% YoY / +34.8% QoQ) and gross margin stood at 47.3% (+615bps YoY / +466bps QoQ). Due to low raw material cost. EBIDTA came at Rs.661mn (up ~30% YoY), vs Rs.509mn in Q3FY23. Margin came at 28.6% (expanded 552bps YoY/+673bps QoQ) due to lower staff cost and cost control measures. APAT came at Rs.434mn (+56.7% YoY) vs Rs.277mn last year same period and margins expanded by 621bps YoY, led by robust margins growth. 

Hero MotoCorp_Q3FY24 Result Update

Choice Broking

ADD

CMP

₹ 4909

Target Price

₹ 5364

Despite lower single digit growth in ASP on YoY basis, HMCL has registered a revenue growth of 21% YoY basis to Rs.97.24bn in line with our estimates of Rs.96.3bn backed by 2.8% ASP growth and 17.8% volume growth on YoY basis. EBITDA jumped by 47.9% YoY to Rs.13.62bn. vs est of Rs.13.54bn. Margin expanded by 250bps YoY/-6bps QoQ to 14.0% (adjusting to EV impact it was ~16%. EBIDTA/vehicle also jumped by 25% to Rs.9329/vehicle due to better mix. RPAT for the quarter jumped by 51% to Rs. 10.74bn vs (est Rs.13bn) due to overall improvement in profitability.Hero MotoCorp_Q3FY24 Result Update

Choice Broking

ADD

CMP

₹ 4909

Target Price

₹ 5364

Despite lower single digit growth in ASP on YoY basis, HMCL has registered a revenue growth of 21% YoY basis to Rs.97.24bn in line with our estimates of Rs.96.3bn backed by 2.8% ASP growth and 17.8% volume growth on YoY basis. EBITDA jumped by 47.9% YoY to Rs.13.62bn. vs est of Rs.13.54bn. Margin expanded by 250bps YoY/-6bps QoQ to 14.0% (adjusting to EV impact it was ~16%. EBIDTA/vehicle also jumped by 25% to Rs.9329/vehicle due to better mix. RPAT for the quarter jumped by 51% to Rs. 10.74bn vs (est Rs.13bn) due to overall improvement in profitability.

Dr Reddy’s Laboratories has received the Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its formulations manufacturing facility (FTO-3) in Bachupally, Hyderabad, The US drug regulator has classified the inspection as Voluntary Action Indicated (VAI) and concluded that the inspection is “closed”, the Hyderabad-based drug-maker said.

{re-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd 

“In a rather subdued week at Dalal Street, Nifty has seen limited participation, with the fear of missing out conspicuously absent and the pursuit of strength proving ineffective. Investor caution prevails amid RBI’s uninspiring monetary policy and the ongoing debate on the Federal Reserve’s inflation goal. Despite the market’s languid state, the S&P 500’s historic close above 5,000 brings some optimism. From a technical standpoint, Nifty’s intraday support rests at 21557, while hurdles are at the all-time high of 22127. Bank Nifty’s support is at 44429, with immediate hurdles at 46311. The Nifty options data suggests a trading range of 21500-22500. Key catalysts include India’s CPI and IIP numbers, along with the US January CPI. Corporate earnings and Q3 results are in focus, with a positive outlook for Nifty’s rally, aiming to revisit its all-time high. Buyers’ weakness below 21557 could attract bears. The suggested trades include buying Nifty at CMP with targets at 21907/22011 and Bank Nifty at CMP with targets at 46181/46893. The chart of the day favours BANK OF BARODA, BHARAT FORGE, SIEMENS, and ADANI ENTERPRISES on intraday weakness. The recommended stock to buy is PNB (CMP 124) with a stop at 116.75 and targets at 129/135, following an intermonth strategy based on a higher high/low rationale.”

Mafatlal Industries Q3 NP zoomed 1832% to Rs.17 cr. from Rs.88 lakh YoY. Its gross debt declined to Rs.58 cr. from Rs.76 cr. YoY and 9M NP rose 163% to Rs.65.48 cr. from Rs.25.31 cr. YoY. It has a huge land bank and NOCIL shares worth Rs.750+ crs

Jupiter Life Line Hospitals Ltd. | CMP Rs. 1135 | M Cap Rs. 7442 Cr | 52 W H/L 1199/960

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 272.6 Cr (3.6% QoQ, 19.4% YoY) vs QoQ Rs. 263.2 Cr, YoY Rs. 228.4 Cr

EBIDTA came at Rs. 61.9 Cr (1.4% QoQ, 36.8% YoY) vs QoQ Rs. 61 Cr, YoY Rs. 45.2 Cr

EBITDA Margin came at 22.7% vs QoQ 23.2%, YoY 19.8%

Adj. PAT came at Rs. 43.8 Cr vs QoQ Rs. 34.5 Cr, YoY Rs. -0.4 Cr

Quarter EPS is Rs. 6.7

Stock is trading at P/E of 37.5x FY25E EPS

Lumax Industries Ltd. | CMP Rs. 2398 | M Cap Rs. 2242 Cr | 52 W H/L 2815/1638

(Nirmal Bang Retail Research)

Result is in line with expectations

Revenue from Operations came at Rs. 631.7 Cr (-1.9% QoQ, 9% YoY) vs expectation of Rs. 670.3 Cr, QoQ Rs. 643.8 Cr, YoY Rs. 579.4 Cr

EBIDTA came at Rs. 58.2 Cr (6% QoQ, 4.7% YoY) vs expectation of Rs. 55.8 Cr, QoQ Rs. 54.9 Cr, YoY Rs. 55.6 Cr

EBITDA Margin came at 9.2% vs expectation of 8.3%, QoQ 8.5%, YoY 9.6%

Adj. PAT came at Rs. 25.6 Cr vs expectation of Rs. 29.3 Cr, QoQ Rs. 26.3 Cr, YoY Rs. 29.5 Cr

Quarter EPS is Rs. 27.4

Stock is trading at P/E of 18.1x FY24E EPS

Hero MotoCorp Ltd. | CMP Rs. 4909 | M Cap Rs. 98115 Cr | 52 W H/L 4924/2247

(Nirmal Bang Retail Research)

No. of Vehicles Sold 1459932 vs QoQ 1416526,YoY 1239693 

Result is inline with expectations

Revenue from Operations came at Rs. 9723.7 Cr (2.9% QoQ, 21.1% YoY) vs expectation of Rs. 9664 Cr, QoQ Rs. 9445.4 Cr, YoY Rs. 8031 Cr

EBIDTA came at Rs. 1362 Cr (2.5% QoQ, 47.4% YoY) vs expectation of Rs. 1345.2 Cr, QoQ Rs. 1328.3 Cr, YoY Rs. 924.1 Cr

EBITDA Margin came at 14% vs expectation of 13.9%, QoQ 14.1%, YoY 11.5%

Adj. PAT came at Rs. 1073.4 Cr vs expectation of Rs. 1044.9 Cr, QoQ Rs. 1053.8 Cr, YoY Rs. 711.1 Cr

Quarter EPS is Rs. 53.7

Stock is trading at P/E of 25x FY24E EPS

Birla Precision Technologies Ltd. | CMP Rs. 56 | M Cap Rs. 366 Cr | 52 W H/L 66/28

(Nirmal Bang Retail Research)

Result good

Revenue from Operations came at Rs. 67 Cr (17.6% QoQ, 13.5% YoY) vs QoQ Rs. 56.9 Cr, YoY Rs. 59 Cr

EBIDTA came at Rs. 11.1 Cr (97.5% QoQ, 112.1% YoY) vs QoQ Rs. 5.6 Cr, YoY Rs. 5.2 Cr

EBITDA Margin came at 16.6% vs QoQ 9.9%, YoY 8.9%

Adj. PAT came at Rs. 6.9 Cr vs QoQ Rs. 2.3 Cr, YoY Rs. 3.5 Cr

Quarter EPS is Rs. 1.1

Stock is trading at P/E of 36x TTM EPS

Lemon Tree Hotels (LEMONTRE IN) - Jinesh Joshi - Research Analyst, Prabhudas Lilladher Pvt. Ltd.

Rating: BUY | CMP: Rs138 | TP:Rs155

Q3FY24 Result Update – Higher opex dents margins

Quick Pointers:

§ EBITDA margin contracts 570 bps YoY to 48.4%. 

Lemon Tree’s operational performance was weaker with EBITDA margin contracting 570bps YoY to 48.4% (PLe 47.9%) due to higher renovation expense and deflationary impact of Aurika, Mumbai which opened in Oct-23 but is not yet stable. Nonetheless, given its strategic location we expect faster stabilization with revenues of Rs2.4bn/Rs2.8bn and EBITDA margin of 55%/60% in FY25E/FY26E respectively.

Sustained Red Sea Disruptions Could Aggravate Working Capital Cycle by 15-20 days and F&F Cost by 25%-30% for Indian Merchandisers: India Ratings

India Ratings and Research (Ind-Ra) opines sustained disruptions at the Red Sea route could significantly affect India’s foreign trade. The impact is likely to raise the freight & forwarding (F&F) cost as a % of total cost by 25%-30% for the corporates largely dealing in international trade. Furthermore, the working capital cycle is likely to aggravate by 15-20 days, and the impact could be higher for sectors such as agri and textiles. Pressures on cash flow, although moderate for large entities, will further increase borrowings, especially for sectors such as iron & steel, auto & auto ancillaries, chemicals and textiles which have seen a yoy rise in net leverage in 1HFY24.

GS on Hero Moto

Sell, TP Rs 3730

3Q in-line: Seeking market share pickup in ICE + EV

Hero expects FY25 industry revenue growth to be in the double-digit range

ICE 2W portfolio is presently at 16% EBITDA margin enabling 125 to 150bps of annualized EV biz investment

Nomura on Hero Moto

Neutral, TP Rs 5356

Right strategy to lift growth & market share

Q3 margins in line; Execution of 125cc, EVs and Harley key monitorable for re-rating

Management Expect FY25F industry revenue growth of 10%+ and HMCL to grow faster

MS on Hero Moto

UW, TP Rs 3638

F3Q was in line with estimates.

Management appears to be executing well on its strategy.

Market share gains in premium segment will be key to track.

Disruption risk in the core segment and elevated valuations keep us UW.…

[8:33 am, 12/02/2024] KS BadriNarayanan: Power Finance Corporation

Rating: BUY

Target Price : INR 569

Upside : 21%

CMP : INR 469 (as on 08 February 2024)

Play on asset quality downcycle

Healthy topline; elevated opex marred by exchange losses 

Power Finance Corporation’s (POWF) Q3 PAT at INR 33.8bn was in-line (INR 34.3bn estimated), on healthy NII but QoQ growth pared 12% on lower dividend income, exchange losses and optically higher provisions (due to write-backs/reversals in base quarter). NIMs at 3.4% stood tad higher (5bps QoQ), led by marginal uptick in yields with transmission of high funding costs to borrowers. Loans were optically lower due to high base effect, yet POWF witnessed healthy 16% YoY traction led by non-power, renewables and distribution segments.

Hong Kong, China, Taiwan, Japan, Korea @ Market Holiday

17:30 INDIA Industrial Production y/y (Expected: 2.4% versus Previous: 2.4%)

17:30 INDIA Inflation rate y/y (Expected: 5.09% versus Previous: 5.69%)

23:30 U.K. BOE Gov Bailey Speaks

ACGL\u0009

Interim Dividend - Rs. - 5.0000

AFFORDABLE\u0009

Right Issue of Equity Shares 

BANARBEADS\u0009

Interim Dividend - Rs. - 2.0000

CARBORUNIV\u0009

Interim Dividend - Rs. - 1.5000

CLEAN\u0009

Interim Dividend - Rs. - 2.0000

COCHINSHIP\u0009

Interim Dividend - Rs. - 3.5000

DPL\u0009

Right Issue of Equity Shares 

EMBASSY\u0009

Income Distribution RITES 

ENGINERSIN\u0009

Interim Dividend - Rs. - 2.0000

GESHIP\u0009

Interim Dividend - Rs. - 6.3000

GOODYEAR\u0009

Special Dividend - Rs. - 26.0000

INTELLCAP\u0009

Bonus issue 2:1\u0009 

KPEL\u0009

Bonus issue 2:1\u0009 

QUESS\u0009

Interim Dividend - Rs. - 4.0000

STYRENIX\u0009

Interim Dividend - Rs. - 48.0000

THANGAMAYL\u0009

Interim Dividend - Rs. - 4.0000

TORNTPHARM\u0009

Interim Dividend - Rs. - 22.0000

Trimble Inc (Pre market) (Sector- Technology) 

Arista Networks, Inc. (Post market) (Sector- Technology) 

Cadence Design Systems, Inc. (Post market) (Sector- Technology) 

Waste Management, Inc. (Post market) (Sector- Utilities) 

Principal Financial Group Inc (Post market) (Sector- Financials) 

James Hardie Industries plc (Post market) (Sector- Realty) 

Service Corporation International (Post market) (Sector- Miscellaneous)

• ASHOKLEY 

• AUROPHARMA 

• BALRAMCHIN 

• BIOCON 

• DELTACORP 

• HINDCOPPER 

• INDIACEM 

• INDUSTOWER 

• PNB 

• SAIL 

• UPL

• ZEEL

One of the promoters of Alfavision Overseas (India) Limited has received permission for harvesting of Trees namely Teakwood (Sagwan) trees and Satkat trees comprising of 4348 Teakwood (Sagwan) trees and 370 Satkat trees. The company, as per Lease Agreement between the Promoter and the Company, will be the beneficiary of upto 60% of the net revenue as and when the revenue accrues. Further, Company proposes to plant 24000 Trees to increase green cover and continuing its fight against the climate change and mitigating carbon emissions globally.

Indian Renewable Energy Development Agency Ltd. (IREDA) has taken a significant step towards fostering innovation and research in the renewable energy sector by signing a Memorandum of Understanding (MoU) with Indian Institute of Technology, Bhubaneswar. The MoU, inked today at the 100 Cube Start-up Conclave held at IIT Bhubaneswar, aims to support collaborative efforts in innovation and research initiatives, technology transfer, and nurturing the start-up ecosystem.

The MoU was signed by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, and Dr. Debi Prasad Dogra, Independent Director of IIT Bhubaneswar, in the august presence of Shri Dharmendra Pradhan, Hon’ble Union Minister for Education, Skill Development & Entrepreneurship and Prof. Shreepad Karmalkar, Director of IIT Bhubaneswar.

The board of directors of Eco Hotels and Resorts Limited (Formerly known as Sharad Fibres & Yarn Processors Limited) has approved the proposal for acquisition of 100% shares of Vitizen Hotels Limited (VHL), a company incorporated under the Companies Act, 2013, having its registered office at D-09, Eastern Business District, LBS Road, Bhandup (West) Mumbai - 400 078 and also approved the signing of MOU with the shareholders of Vitizen Hotels Limited.

The board also approved the proposal to pay the 15.31 Crores consideration for acquisition of (VHL) by way of issuance of such number of fully paid-up equity shares of Eco Hotels and Resorts Limited (Formerly known as Sharad Fibres & Yarn Processors Limited) on preferential basis to the shareholders of the VHL.

The board also approved the appointment of Akash Bhatia as a Chief Executive Officer of the Company and Key Managerial Personnel under the Companies Act, 2013, with effect from February 20, 2024.

Akash Bhatia has more than 15 years of experience and he started as sales executive and handled various positions such as sales manager, hotel manager, general manager, regional and cluster hotel manager and vice president. He has vivid experiences in the field of reservation management, food and beverages, revenue and billing management, cost control exercise, financial planning, administrative controls and guest satisfaction.

Banks’ Exposure to NBFCs Rises Slower Compared to that of MFs’: CareEdge

• The credit exposure of banks to Non-Banking Financial Companies (NBFCs) stood at Rs 15.2 lakh crore in December 2023, indicating a 15.1% year-on-year (y-o-y) growth, much slower than the rate witnessed in

November 2023 and the approximately 27% average growth for the prior 12 months. Additionally, the growth rate of advances to NBFCs has fallen below the overall bank credit growth, which was last seen in March 2022.

Furthermore, the proportion of NBFC exposure in relation to aggregate credit has risen from 9.9% in December 2022 to 9.5% in December 2023. On a month-on-month (m-o-m) basis, the amount rose by 1.8%.

Private Banks Hold a Steady NIM Sequentially: CareEdge

Net Interest Income (NII) of Private Sector Banks (PVBs) grew by 16.8% year-on-year (y-o-y) to Rs. 0.85 lakh

crore in Q3FY24 due to healthy loan growth, merger, and a higher yield on advances over the year-ago period.

o PVBs reported a robust rise in advances at 32.5% y-o-y in Q3FY24 driven by NBFCs. Meanwhile, we witnessed a 27.1% y-o-y deposit growth for the quarter. (The increased growth in both credit and deposit is due to Merger impact)

o The Credit and Deposit (C/D) ratio for PVBs stood at 80.7% as of December 31, 2023, expanding by~330 bps y-o-y over a year ago due to widening credit-deposit growth and HDFC merger impact.

PI Industries Ltd. | CMP Rs. 3480 | M Cap Rs. 52801 Cr | 52 W H/L 4011/2869

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 1897.5 Cr (-10.4% QoQ, 17.6% YoY) vs expectation of Rs. 1926.1 Cr, QoQ Rs. 2116.9 Cr, YoY Rs. 1613.2 Cr

EBIDTA came at Rs. 553.3 Cr (0.3% QoQ, 33.3% YoY) vs expectation of Rs. 480.6 Cr, QoQ Rs. 551.4 Cr, YoY Rs. 415.1 Cr

EBITDA Margin came at 29.2% vs expectation of 25%, QoQ 26%, YoY 25.7%

Adj. PAT came at Rs. 448.6 Cr vs expectation of Rs. 371.6 Cr, QoQ Rs. 480.5 Cr, YoY Rs. 351.8 Cr

Quarter EPS is Rs. 29.6

Stock is trading at P/E of 29.7x FY25E EPS

Pix Transmissions Ltd. | CMP Rs. 1286 | M Cap Rs. 1752 Cr | 52 W H/L 1569/702

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 127.9 Cr (2.9% QoQ, 14.2% YoY) vs QoQ Rs. 124.4 Cr, YoY Rs. 112 Cr

EBIDTA came at Rs. 32.1 Cr (2.5% QoQ, 46.9% YoY) vs QoQ Rs. 31.3 Cr, YoY Rs. 21.9 Cr

EBITDA Margin came at 25.1% vs QoQ 25.2%, YoY 19.5%

Adj. PAT came at Rs. 22 Cr vs QoQ Rs. 20.7 Cr, YoY Rs. 11.8 Cr

Quarter EPS is Rs. 16.2

Stock is trading at P/E of 22.6x TTM EPS

Vindhya Telelinks Ltd. | CMP Rs. 2710 | M Cap Rs. 3211 Cr | 52 W H/L 2720/1506

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 1083.7 Cr (25.7% QoQ, 69.8% YoY) vs QoQ Rs. 862 Cr, YoY Rs. 638.3 Cr

EBIDTA came at Rs. 75.4 Cr (25.2% QoQ, 17.7% YoY) vs QoQ Rs. 60.2 Cr, YoY Rs. 64 Cr

EBITDA Margin came at 7% vs QoQ 7%, YoY 10%

Adj. PAT came at Rs. 68.8 Cr vs QoQ Rs. 46.7 Cr, YoY Rs. 28.3 Cr

Quarter EPS is Rs. 58

Stock is trading at P/E of 11.6x TTM EPS

Alicon Castalloy Ltd. | CMP Rs. 971 | M Cap Rs. 1565 Cr | 52 W H/L 1068/645

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 405 Cr (6.3% QoQ, 12.1% YoY) vs QoQ Rs. 381 Cr, YoY Rs. 361.3 Cr

EBIDTA came at Rs. 52.2 Cr (12.8% QoQ, 25.4% YoY) vs QoQ Rs. 46.3 Cr, YoY Rs. 41.6 Cr

EBITDA Margin came at 12.9% vs QoQ 12.1%, YoY 11.5%

Adj. PAT came at Rs. 16.7 Cr vs QoQ Rs. 14.5 Cr, YoY Rs. 15.6 Cr

Quarter EPS is Rs. 10.4

Stock is trading at P/E of 23.6x FY24E EPS

Housing & Urban Development Corporation Ltd. -S | CMP Rs. 192 | M Cap Rs. 38436 Cr | 52 W H/L 226/40

(Nirmal Bang Retail Research)

Result has improved

NII came at Rs. 667.4 Cr vs YoY Rs. 561.2 Cr, QoQ Rs. 627.3 Cr

PBP came at Rs. 637.1 Cr vs YoY Rs. 518.9 Cr, QoQ Rs. 579 Cr

Provision came at Rs. -59 Cr vs YoY Rs. 178.6 Cr, QoQ Rs. -27.5 Cr

PAT came at Rs. 519.2 Cr vs YoY Rs. 254.3 Cr, QoQ Rs. 451.7 Cr

Gross NPA came at 3.14% vs QoQ 3.36%

Net NPA came at 0.44% vs QoQ 0.49%

Quarter EPS is Rs. 2.6

Stock is trading at 2.4x trailing P/BV

VA Tech Wabag Ltd. | CMP Rs. 696 | M Cap Rs. 4326 Cr | 52 W H/L 695.6/302

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 704.4 Cr (5.9% QoQ, 8.1% YoY) vs QoQ Rs. 665 Cr, YoY Rs. 651.6 Cr

EBIDTA came at Rs. 98.9 Cr (14.9% QoQ, 32.1% YoY) vs QoQ Rs. 86.1 Cr, YoY Rs. 74.9 Cr

EBITDA Margin came at 14% vs QoQ 12.9%, YoY 11.5%

Adj. PAT came at Rs. 62.6 Cr vs QoQ Rs. 60.2 Cr, YoY Rs. 47.1 Cr

Quarter EPS is Rs. 10.1

Stock is trading at P/E of 17.5x FY24E EPS

Alkem Laboratories Ltd. | CMP Rs. 5329 | M Cap Rs. 63711 Cr | 52 W H/L 5328.6/2835

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 3323.9 Cr (-3.4% QoQ, 9.3% YoY) vs expectation of Rs. 3284 Cr, QoQ Rs. 3440.2 Cr, YoY Rs. 3040.9 Cr

EBIDTA came at Rs. 707.6 Cr (-5.2% QoQ, 18.1% YoY) vs expectation of Rs. 558.7 Cr, QoQ Rs. 746.7 Cr, YoY Rs. 599.1 Cr

EBITDA Margin came at 21.3% vs expectation of 17%, QoQ 21.7%, YoY 19.7%

Adj. PAT came at Rs. 646.3 Cr vs expectation of Rs. 433.3 Cr, QoQ Rs. 678.2 Cr, YoY Rs. 454.7 Cr

Quarter EPS is Rs. 54.1

Stock is trading at P/E of 38.2x FY24E EPS

DCX Systems Ltd. | CMP Rs. 350 | M Cap Rs. 3903 Cr | 52 W H/L 393/138

(Nirmal Bang Retail Research)

Result has declined

Revenue from Operations came at Rs. 198 Cr (-36% QoQ, -44.4% YoY) vs QoQ Rs. 309.1 Cr, YoY Rs. 356 Cr

EBIDTA came at Rs. 10.8 Cr (-43% QoQ, -53% YoY) vs QoQ Rs. 19 Cr, YoY Rs. 23.1 Cr

EBITDA Margin came at 5.5% vs QoQ 6.2%, YoY 6.5%

Adj. PAT came at Rs. 11.9 Cr vs QoQ Rs. 20.4 Cr, YoY Rs. 17.3 Cr

Quarter EPS is Rs. 1.1

Stock is trading at P/E of 46.9x TTM EPS

Schneider Electric Infrastructure Ltd. | CMP Rs. 431 | M Cap Rs. 10304 Cr | 52 W H/L 457/146

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 743.9 Cr (50% QoQ, 29.5% YoY) vs QoQ Rs. 495.8 Cr, YoY Rs. 574.4 Cr

EBIDTA came at Rs. 110.5 Cr (76.4% QoQ, 87.3% YoY) vs QoQ Rs. 62.6 Cr, YoY Rs. 59 Cr

EBITDA Margin came at 14.8% vs QoQ 12.6%, YoY 10.3%

Adj. PAT came at Rs. 91 Cr vs QoQ Rs. 46.3 Cr, YoY Rs. 43.5 Cr

Quarter EPS is Rs. 3.8

Stock is trading at P/E of 47.4x TTM EPS

Ircon International Ltd. | CMP Rs. 229 | M Cap Rs. 21505 Cr | 52 W H/L 281/50

(Nirmal Bang Retail Research)

Result is ok

Revenue from Operations came at Rs. 2884.2 Cr (-3.4% QoQ, 22.9% YoY) vs QoQ Rs. 2986.8 Cr, YoY Rs. 2346.5 Cr

EBIDTA came at Rs. 213.4 Cr (-1.1% QoQ, 27.9% YoY) vs QoQ Rs. 215.7 Cr, YoY Rs. 166.8 Cr

EBITDA Margin came at 7.4% vs QoQ 7.2%, YoY 7.1%

Adj. PAT came at Rs. 244.6 Cr vs QoQ Rs. 250.7 Cr, YoY Rs. 190 Cr

Quarter EPS is Rs. 2.6

Stock is trading at P/E of 24.4x FY24E EPS

Aster DM Healthcare Ltd. | CMP Rs. 441 | M Cap Rs. 22044 Cr | 52 W H/L 452/204

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 3710.6 Cr (11.9% QoQ, 16.2% YoY) vs expectation of Rs. 3497.4 Cr, QoQ Rs. 3316.6 Cr, YoY Rs. 3192.1 Cr

EBIDTA came at Rs. 564.1 Cr (49.5% QoQ, 25.7% YoY) vs expectation of Rs. 489.1 Cr, QoQ Rs. 377.3 Cr, YoY Rs. 448.7 Cr

EBITDA Margin came at 15.2% vs expectation of 14%, QoQ 11.4%, YoY 14.1%

Adj. PAT came at Rs. 179.2 Cr vs expectation of Rs. 122.9 Cr, QoQ Rs. 23.8 Cr, YoY Rs. 139.4 Cr

Quarter EPS is Rs. 3.6

Stock is trading at P/E of 29.0x FY25E EPS

ITD Cementation India Ltd. | CMP Rs. 334 | M Cap Rs. 5735 Cr | 52 W H/L 350/94

(Nirmal Bang Retail Research)

Order book came at 20825 Cr vs 22080 Cr QoQ vs 21187 Cr YoY

Result is above expectations

Revenue from Operations came at Rs. 2017.2 Cr (25.3% QoQ, 52% YoY) vs expectation of Rs. 1849.4 Cr, QoQ Rs. 1610.4 Cr, YoY Rs. 1327 Cr

EBIDTA came at Rs. 204.8 Cr (29.5% QoQ, 96.8% YoY) vs expectation of Rs. 178.1 Cr, QoQ Rs. 158.2 Cr, YoY Rs. 104 Cr

EBITDA Margin came at 10.2% vs expectation of 9.6%, QoQ 9.8%, YoY 7.8%

Adj. PAT came at Rs. 78.6 Cr vs expectation of Rs. 64.6 Cr, QoQ Rs. 53.6 Cr, YoY Rs. 36.5 Cr

Quarter EPS is Rs. 4.6

Stock is trading at P/E of 23.3x FY24E EPS

Zydus Wellness Ltd. | CMP Rs. 1607 | M Cap Rs. 10224 Cr | 52 W H/L 1721/1390

(Nirmal Bang Retail Research)

Result is below expectations

Revenue from Operations came at Rs. 403.2 Cr (-8.3% QoQ, -3% YoY) vs expectation of Rs. 437.8 Cr, QoQ Rs. 439.9 Cr, YoY Rs. 415.6 Cr

EBIDTA came at Rs. 12.9 Cr (-22.3% QoQ, -54.2% YoY) vs expectation of Rs. 30.2 Cr, QoQ Rs. 16.6 Cr, YoY Rs. 28.2 Cr

EBITDA Margin came at 3.2% vs expectation of 6.9%, QoQ 3.8%, YoY 6.8%

Adj. PAT came at Rs. 0.3 Cr vs expectation of Rs. 21 Cr, QoQ Rs. 5.9 Cr, YoY Rs. 19.6 Cr

Quarter EPS is Rs. 0

Stock is trading at P/E of 23.2x FY25E EPS

Balmer Lawrie is set to establish a 200 KLPD (Kiloliters per day) 1st generation Grain-based Ethanol Plant in Andhra Pradesh. This initiative is part of the ethanol blending program in petrol and aims to supply fuel-grade ethanol to Oil Marketing Companies to support the E20 EBP Program of the Government of India.

The project represents Balmer Lawrie’s entry into the rapidly growing biofuels sector and aligns with one of the key strategic initiatives of the Government of India. It offers promising rates of return and is expected to contribute to sustained growth in turnover and profitability for the company.

- (A) “WetNJoy Waterpark”, located at Lonavala, Maharashtra (“Lonavala

Waterpark”); 

- (B) “WetNJoy Amusement park”, located at Lonavala, Maharashtra (“Lonavala Amusement Park”); 

- (C) “Saiteerth Theme Park”, located at Shirdi, Maharashtra (“Shirdi Theme Park”)

- (D) “WetNJoy Waterpark”, located at Shirdi, Maharashtra (“Shirdi Waterpark”)

- (E) Indore Park Project

JSW Neo Energy Ltd, an arm of JSW Energy Ltd, has received the Letter of Award (LoA) for setting up 6.5 ktpa (kilotonnes per annum) green hydrogen production facility in the auction conducted by Solar Energy Corp. of India (SECI) under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme.

The capacity is to be commissioned within 36 months from the date of LoA.

Under the Scheme, JSW will receive incentives for a period of three years starting from the date of commencement of green hydrogen production, to the tune of INR 67.6 crore (around $8.14 million).

JSW aims to reach 20 GW power generation capacity and 40 GWh of energy storage capacity by 2030. With a total capacity of 9.8 GW (including under-construction), the company is well placed to achieve its near-term target of 10 GW by 2025. In addition, the company has currently locked in 3.4 GWh of energy storage capacity by means of battery energy storage system and pumped hydro storage project. JSW Energy targets 50% reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050.

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Cash Volume: 132841.97 + 11667.64 Total: 144509.61 

F&O Volume: 515673.87 + 24948068.62 Total: 25463742.49 

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