Share Market Highlights 16 October 2023: Sensex sheds 115 pts, Nifty closes below 19,750; Hero MotoCorp, JSW Steel major gainers

The rupee consolidated in a narrow range and settled for the day higher by 2 paise at 83.28 (provisional) against the US dollar on Monday.

Forex traders said positive macroeconomic data supported the rupee, while geopolitical tensions, particularly the Israel-Hamas conflict, dented investor sentiments.

At the interbank foreign exchange market, the local unit opened at 83.25 against the US dollar and moved in a range of 83.24 to 83.28 in the day trade. Read more.

Producers’ inflation rate based on the Wholesale Price Index (WPI) remained in the negative zone for the sixth successive month at (-) 0.26 per cent in September, government data released on Monday showed. However, sequential data showed that deflation has come down.

WPI inflation was (-) 0.52 per cent in August. Earlier, the government released retail inflation based on the Consumer Price Index (CPI), which beat all expectations and slipped to 5 per cent in September. Considering both the data, there is no possibility of rate revision any time now. Read more.

Comparatively the supplies were 22.2 MTs in the same period of October 2022.

The stock traded at ₹32.24 on the BSE, down by 0.62%.

The stock traded at ₹1,532 on the NSE, down by 0.24%.

The stock traded at ₹35.20, up by 4.92% on the NSE.

Manaksia Steels informed that Technomet International FZE, a wholly-owned subsidiary of the company incorporated in UAE, is under the process of voluntary liquidation. Manaksia stock traded at ₹46.70, up by 1.19% on the NSE.

The stock trades at ₹402.60, down by 0.42% on the BSE.

Benchmark equity indices ended lower on Monday, falling for the third day running, amid weak trends in global markets and spike in Brent crude oil prices due to geopolitical tension in the Middle East.

The 30-share BSE Sensex declined 115.81 points or 0.17 per cent to settle at 66,166.93. During the day, it fell 243.36 points or 0.36 per cent to 66,039.38.

The Nifty slipped 19.30 points or 0.10 per cent to 19,731.75.

From the Sensex pack, Nestle, Tata Consultancy Services, IndusInd Bank, Asian Paints, Bharti Airtel, Tech Mahindra, UltraTech Cement, Kotak Mahindra Bank and Hindustan Unilever were among the major laggards.

Tata Steel, JSW Steel, HCL Technologies, Axis Bank, Power Grid and Mahindra & Mahindra were among the gainers. Read more. https://www.thehindubusinessline.com/markets/sensex-nifty-fall-for-3rd-day-on-weak-global-equities-spike-in-crude-oil-prices/article67426399.ece

The Tinplate Company of India reported net loss for the quarter ended September 2023 at ₹2.28 crore as against ₹39.15 crore (loss) in the previous year. The stock rises by 1.58% on the NSE, trading at ₹395.45.

Capri Global Capital has incorporated a new wholly-owned subsidiary by the name Capri Loans Car Platform Private Limited. The stock trades at ₹757, down by 0.23% on the BSE.

Bank of Maharashtra reported that its total business grew by 22.77% to ₹422,420 crore, in the September 2023 quarter. The stock rises by 1.13% on the BSE, trading at ₹47.36.

Major gainers:

• Hero Motocorp (2.07%)
• JSW Steel (1.70%)
• Tata Steel (1.60%)
• LTIMindtree (1.47%)
• Coal India (1.43%)

Major losers:

• Nestle India (-1.85%)
• Divi’s Lab (-1.79%)
• Asian paints (-1.08%)
• IndusInd (-1.07%)
• TCS (-1.04%)

Stocks advanced on BSE at 3 pm on October 16, 2023, were 2,046 against 1,700 stocks that declined; 170 stocks remain unchanged. Total stocks traded were 3,916.

The number of stocks that recorded a 52-week high was 323, and those that hit a 52-week low was 27.

The board of Mankind Pharma has approved the appointment of Prateek Dubey as President – Global Chief Human Resource Officer w.e.f. October 16, 2023. The stock rises by 1.63% on the NSE, trading at ₹1,818.50.

Jai Balaji Industries reported its net profit for the quarter ended September 2023 at ₹201.55 crore as against ₹22.18 crore in the previous year. The stock surges by 5% on the NSE, trading at ₹590.50.

NELCO reported its net profit for the quarter ended September 2023 at ₹5.69 crore as against ₹4.47 crore in the previous year. The stock is up by 0.32% on the NSE, trading at ₹793.

ASK Asset and Wealth Management Group, the wealth arm of Blackstone-backed ASK Group has announced the expansion of its Alternative Investment offerings with hedge funds through a new vertical, ASK Hedge Solutions.

Appoints hedge fund veteran, Vaibhav Sanghavi, the former Co-CEO of Avendus Capital Public Markets Alternate Strategies to lead the vertical.

The board of Marine Electricals (India) has accorded its consent to acquire 49.20% of issued and paid-up equity share capital of Marks Marine Radio Private Limited by way of acquiring 2460 equity shares from its shareholders for total consideration over ₹2 crore. The stock rises by 4.93% on the NSE, trading at ₹71.30.

The Ministry of Defence signed a contract for Mid Life Upgrade and Re-Powering of “INS Beas” with Kochi-based Cochin Shipyard Limited (CSL) at an overall cost of ₹313.42 crore.

Cochin Shipyard stock is up by 3.44% on the NSE, trading at ₹1,065.60.

IPCA Laboratories informed the exchange that Hitesh Kumar Maheshwari has joined the company as President – R&D (Formulations) with effect from October 16, 2023. The stock trades at ₹963.20, up by 0.42% on the NSE.

Yatra Online reported its consolidated revenue from operations for Q1 FY24 at ₹1,102 million (over 24% y-o-y). The stock inches up by 0.13% on the BSE, trading at ₹152.45.

Tailwind Financial Services (TWFS) has announced its entry into investment banking with the launch of Tailwind Capital Advisors (TWC). This new venture is dedicated exclusively to the dynamic and ever-evolving Indian startup ecosystem, which is witnessing remarkable growth with a surge in entrepreneurs and investors.

Rama Steel Tubes informed the exchange that the company’s board will meet on October 20, to consider and evaluate proposal for raising funds by way of issue of equity shares, convertibles and/or any other eligible securities, on Right Basis/Preferential Basis/QIP Issue or any other permissible mode.

The stock slides down by 0.27% on the NSE, trading at ₹37.05.

Major losers of Nifty Pharma stocks:

• Gland Pharma (-2.40%)
• Divi’s Lab (-1.67%)
• Aurobindo Pharma (-1.29%)
• Natco Pharma (-1.27%)
• Laurus Labs (-0.99%)

“India’s wholesale inflation print still continues to be negative at -0.26% in Sep-23 albeit it has tightened from -4.18% in Jun-23 respectively. A rapid drop in the increased vegetable prices and overall benign wholesale food inflation that declined by 4.5% MoM, has helped to keep the WPI sequential trajectory at -0.6% MoM.

One important trend in the WPI data is the reversal of the deflationary trend in manufactured products from Aug-23 with Sep-23 print at +0.4% MoM and such a trend is likely to continue, as reported by the last PMI Manufacturing Survey. Fuel and power inflation has also started to gain sequential momentum and stood at 2.3% MoM, given the sharp rise in the prices of crude oil since the middle of August. Core WPI continues to be in contraction but will be vulnerable to a migration to the positive zone in the near term.

We expect WPI inflation to be in positive territory over the next few months, given healthy industrial and consumer demand and the backdrop of increasing prices of crude oil, cereals and pulses. This is set to be hold CPI inflation in the range of 5.0-5.5% over the next two quarters and not allow it to come down sharply. RBI MPC will have limited option but to wait and watch the price scenario till the end of the current fiscal.”

- Mr. Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

As of December 31, 2022, Indian students comprise 39.5% of the total international student population in Canada. Notably, in terms of geography, Canada is the second-largest retail education loan portfolio outstanding for specialised education loan Non-Banking Financial Companies (NBFCs), with the United States being the only country ahead. The exposure to the Canadian market has witnessed a robust compounded annual growth rate of 77.5% from March 31, 2021, to June 30, 2023.

The Assets Under Management (AUM) of retail education loans provided by CARE Ratings-rated specialised education loan NBFCs to students pursuing education in Canada exhibited significant growth, escalating from Rs. 1,426 crore as of March 31, 2021, to Rs. 5,183 crore as of June 30, 2023, constituting 19.8% of their total AUM as of June 30, 2023.

In the recent past, there has been escalating diplomatic tensions between India and Canada. This has resulted in India taking certain measures including suspending visa services for Canadian nationals. Given that Indian students account for 40% of international student enrolments in Canada and contribute approximately CAD 10 billion annually to the Canadian education sector, CareEdge Ratings does not foresee any adverse actions that would significantly impact this segment.

CareEdge Ratings anticipates that the growth momentum for these NBFCs will persist, as students are more likely to seek alternative destinations for their education rather than postpone their academic pursuits.

Welspun World, a fast-growing global conglomerate, has announced the appointment of Vikram Bector as Director and Group Chief Human Resources Officer, effective October 16, 2023.

Wholesale prices continued to decline for the sixth straight month. Price decline was seen in paper & paper products, chemicals, textiles and basic metals. However, manufactured goods witnessed a sequential rise in prices, indicating a recovery is underway in the sector. More importantly, Food prices continued to witness a sequential decline. Vegetable prices which had shot up in the last two months saw a significant correction.

This bodes well for the inflation trajectory in the economy and will allow the RBI to stay put on interest rates. Because of this sharp fall in food prices, the WPI index also witnessed a decline on a MoM basis. This was the first sequential decrease in three months. India looks quite in control of inflation and this will likely give RBI the required headroom to react to global macroeconomic events and policy actions of the Fed.

Sai Silks (Kalamandir) has launched 2 new stores (i.e., Varamahalakshmi Silks format) at Coimbatore, Tamilnadu. The stock rises by 5.10% on the NSE, trading at ₹256.35.

Choice International reported its consolidated net profit for the quarter ended September 2023 at ₹29.91 crore as against ₹8.21 crore in the previous year. The stock rises by 0.76% on the NSE, trading at ₹426.40.

The National Stock Exchange has launched 13 new commodity derivatives contracts on October 16, the day when the country’s largest commodity exchange MCX launched a new trading platform and faces initial hiccups in trading.

With this launch, NSE offers 28 products in the Commodity Derivatives Segment.

The 13 new derivatives contracts launched include ‘Option on Futures’ on Gold 1kg Futures, Gold Mini Futures, Silver Mini Futures, Copper Futures and Zinc Futures; Gold Guinea (8 grams) Futures, Aluminium Futures, Aluminium Mini Futures, Lead Futures, Lead Mini Futures, Nickel Futures, Zinc Futures and Zinc Mini Futures.

Over the last few days, the Exchange has launched six new derivatives contracts of WTI Crude Oil – Mini Futures and Options on Futures contract: Natural Gas – Mini Futures and Options on Futures contract; Silver – Mini Futures and Micro futures contracts.

The Exchange already had commodity contracts on Gold 1kg Futures, Gold Mini Futures, Gold Petal Futures (1 gram), Silver 30 Kg futures, Silver 30 Kg Option on Goods, WTI Crude Oil Futures, Natural Gas Futures, Brent Crude Oil Futures and Copper Futures.

The Exchange has seen increased interest from participants in its Commodity Derivatives Segment, with the launch of new products, particularly the derivatives on WTI Crude Oil and Natural Gas. Participation is observed from diverse categories of participants including Foreign Portfolio Investors and Domestic Mutual funds.

The Exchange has set up dedicated teams to provide ease of onboarding for new trading members, segmental enablement for existing trading members and other operational process such as algorithmic trading approvals for providing ease and seamless experience.

Sriram Krishnan, Chief Business Development Officer, NSE said: “We are pleased to announce expansion of our product offerings in the Commodity Derivatives Segment. With the launch of 13 new products today, futures and options on all key products in Energy, Bullion and Base Metals category are available on NSE platform. This will enable participants to efficiently manage their risk across commodities on the exchange platform, he said.

WPI Inflation - September 2023

“India’s wholesale inflation print still continues to be negative at -0.26% in Sep-23 albeit it has tightened from -4.18% in Jun-23 respectively. A rapid drop in the increased vegetable prices and overall benign wholesale food inflation that declined by 4.5% MoM, has helped to keep the WPI sequential trajectory at -0.6% MoM.

One important trend in the WPI data is the reversal of the deflationary trend in manufactured products from Aug-23 with Sep-23 print at +0.4% MoM and such a trend is likely to continue, as reported by the last PMI Manufacturing Survey. Fuel and power inflation has also started to gain sequential momentum and stood at 2.3% MoM, given the sharp rise in the prices of crude oil since the middle of August. Core WPI continues to be in contraction but will be vulnerable to a migration to the positive zone in the near term.

We expect WPI inflation to be in positive territory over the next few months, given healthy industrial and consumer demand and the backdrop of increasing prices of crude oil, cereals and pulses. This is set to be hold CPI inflation in the range of 5.0-5.5% over the next two quarters and not allow it to come down sharply. RBI MPC will have limited option but to wait and watch the price scenario till the end of the current fiscal.”

- Mr. Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

Angel One Ltd (AOL) reported a strong growth of 36% on a Q-o-Q basis and 47% on a Y-o-Y basis in the number of trades during the quarter. The all-time high ADTO in the F&O and commodity contributed to this growth, led by robust market conditions. With consistent growth in client base, the Company’s net revenue in the broking segment has jumped by 32% on a Q-o-Q basis and 46% on a Y-o-Y basis, contributing 69% to its gross income. PAT surged by 38% on a Q-o-Q basis and 43% on a Y-o-Y basis in Q2FY24. The Company continues to gain market share in NSE’s active client base, up from 14.3% in Q1FY24 to 14.6% in Q2FY24. - Keynote Capitals

Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund.

We believe that global monetary tightening has entered its last phase with key central banks like the Fed and BOE pausing on rate hikes. RBI will also be on a long pause with government taking fiscal steps to manage inflation. We think that the broad range of the benchmark 10yr bond yield will be between 7.20% to 7.60% over the next couple of months. Given the recent rise in yields which has pushed back the expectations of rate cuts, yields have entered attractive territory and investors can look to increase allocation to Fixed Income as growth is expected to slow down towards the end of the year.

Investors with medium to long term investment horizon can look at funds having duration of 3-4yrs with predominant sovereign holdings as they offer a better risk reward currently. Investors having an investment horizon of 6-12 months can look at the money market funds as yields are pretty attractive in the 1yr segment of the curve.

Indian Markets:

The bond sell off induced by the hawkish than expected RBI policy on 6th abated a bit as inflation came in lower than expected. CPI inflation came in 5.02% below consensus expectations of 5.40% led by broad based deceleration of food prices. Food and core inflation both came down with core inflation coming in at 4.50%, which is a 43 month low. Given the base impact, inflation can come in likely below 5% next month. The lower headline and core inflation numbers provided a cheer to the bond markets. The benchmark 10yr bond which closed at 7.35% last week and went to a high of 7.38% during the week before closing the week at 7.32% helped by lower inflation as value buying started. The violence in middle east led to a crude price spike as brent ended the week at 90.89 up more than 7% from the last weeks closing of 84.58. INR was stable during the week despite the rise in crude prices and the strength in dollar index, as RBI was active in the FX market. The curve steepened marginally with shorter end outperforming.

Some segments of the market are expecting that RBI will not do open market sales (OMO) of bonds as announced in the policy on 6th as liquidity will remain tight on account of expected increase in currency leakage (CIC) and RBI will not need to use OMO’s. Either way, we continue to believe that the announcement of OMO’s by RBI was meant to be a yield signal as there are other tools available to RBI for managing liquidity.

Money market rates stayed elevated anchored to the MSF rate as banking liquidity remained tight on suspected RBI intervention. Dollar Index continued to strengthen ending the week at 106.65 up from last week’s closing of 106.10. The overnight Index swap (OIS) curve came down due to lower inflation and aided by lower US yields. The 5yr OIS ended the week lower by 22bps at 6.65% and the 1yr OIS was lower by 9bps ending the week at 6.95%.

International Markets:

The higher for longer rate theme continued to dominate the narrative in the global bond markets even as yields retraced a bit from the highs touched earlier in the month. US PPI inflation came in higher than expected while CPI inflation came in line with expectations. The US yield curve has continued its steepening trend as the US bond market recalibrates its expectations of rate cuts next year amid the higher for longer theme and are now pricing in rate cuts to begin form September 2024 relative to the earlier expectations of rate cuts starting from May 2024. US economic data continues to come in strong with jobs data last week coming in better than expected. Growth in Europe is moderating rapidly. The benchmark US 10yr yield ended the week at 4.61% down almost 20bps from the previous weeks closing of 4.80% helped somewhat by the ongoing crisis in middle east. The contradiction of a loose fiscal policy and tighter monetary policy in US is not lost on the markets and the yields at the longer end of the US treasury curve are reflecting concerns of a looser fiscal policy as the higher supply of US treasuries keeps yields elevated.

Hareesh V, Head of Commodities at Geojit Financial Services.

“Gold is traditionally seen as a safe haven asset. During periods of geopolitical uncertainty, investors tend to seek refuge in assets that are considered less risky than equities or currencies. Gold’s inherent value and lack of counterparty risk make it an attractive option. Gold is not subject to the same economic and political risks as other assets, making it a reliable store of wealth during uncertain times. It also acts as a hedge against currency devaluation and inflation. Usually, geopolitical crises lead to worries about a nation’s currency, people may turn to gold to preserve their purchasing power. In addition, gold is used to diversify one’s portfolio, investors diversify their portfolios to reduce risk during periods of crisis.

Gold is more appealing when the opportunity cost of holding other assets with interest rates, as the yellow metal carries nil interest rates. Usually, in war-like situations, the interest rates may be low or even negative. Furthermore, gold is highly liquid even in times of crisis making it a trusted asset during extreme situations. As this metal performed well during crisis periods historically, influencing investor behaviour as well.

As for Silver, the recent spike in silver prices was due to rising geopolitical uncertainty. However, silver is currently more used in industrial areas from where the demand outlook is bleak. Hence major rallies are less likely in the near future. Jewelry or ornaments demand during festivals and weddings also have less impact on prices.”

PPFAS Mutual Fund today announced the launch of the Parag Parikh Arbitrage Fund. The new fund offer (NFO) opens on 23rd October 2023 and closes on 27th October 2023. The scheme aims to provide investors with an opportunity to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments.

The minimum amount of investment is Rs. 1,000 and in multiples of Rs. 1 thereafter. The scheme will reopen on 3rd November 2023.

The performance of the scheme will be benchmarked against the Nifty 50 Arbitrage Fund Total Return Index (TRI). Rajeev Thakkar, Raunak Onkar, Raj Mehta and Rukun Tarachandani will manage the scheme.

The scheme will offer only ‘Growth Options’ under both Direct and Regular plans.

KVB reported its (unaudited) net profit for the quarter ended Sept. 2023 at ₹378.45 crore as against ₹250.23 crore in the previous year. The stock inches up by 0.22% on the NSE, trading at ₹135.

HDFC Life Insurance (HDFCLIFE)

Insurance

CMP(₹): 625

Fair Value(₹): 830

Sector View: Attractive

Gaining back counter share, margins almost stable

HDFC Life reported 4% VNB growth in 2QFY24 driven by 7% higher APE. VNB compression was marginal despite large product shift to ULIPs due to growing protection and improved productivity in Exide Life. Concerted efforts to grow lower tickets, support from the parent bank, unelevated margin base and higher efficiency keep us assertive. Retain BUY; FV Rs830 (Rs820 earlier).

CMP(₹): 3,936

Fair Value(₹): 3,600

Sector View: Neutral

2QFY24: No fireworks; another quarter of yoy lower margins

Dmart’s 2QFY24 revenue growth of 18.7% yoy was led by retail area addition of 12.1% yoy and improvement in core SSSG. GM print of 14.7%, 45 bps lower yoy, remained impacted by weaker GM&A mix (23% in 1HFY24 versus 24.8% in 1HFY23). However, the print was better-than-expected although offset by

higher-than-expected other expenses. EBITDA missed estimates by a modest 2%. Store addition of 12 in 1HFY24 was tepid and drives a reduction in FY2024 addition to 45. We modestly tweak estimates; roll-forward drives a revised FV of Rs3,600 (Rs3,475 earlier). Retain SELL.

In its business update for Q2FY24, Bajaj Finance came out with strong numbers with new loan book addition at 26% YoY and AUM seeing a growth of around 33% on a YoY basis. Although the lender’s cost of funds has increased due to the high-interest rate environment, we believe that new customer additions along with robust growth in its AUM will lead to healthy RoAs and RoEs in 2QFY24 as well as forthcoming quarters. With the launch of merchant QR code payments in FY23 and foray into new products, the company’s top line is expected to grow at a robust pace. With festive season, increased penetration in rural areas and sustained growth from urban areas, we believe that the company will come out with healthy numbers in Q2FY24. We believe that the recent consideration by the board to raise funds of around Rs. 8,000 crores will help the lender to be well placed in its capital adequacy for its future expansion plan. Bajaj Finance’s diversified product mix, strong execution capabilities and around 55% towards secured loans make the lender’s asset quality healthy. -- Preview by Shreyansh Shah, Research Analyst, StoxBox.

Avenue Supermarts (D-Mart) stock declines by 2.32% on the NSE, trading at ₹3,844.35 after the company reported a 9.09% fall in consolidated net profit for the second quarter ended September 30.

QueueBuster, an Android-based POS billing and inventory solution, has partnered with TVS Electronics Limited, the Chennai-based provider of Point of Transaction hardware. TVS Electronics will be the authorised reseller of QueueBuster POS software.

Goa Carbon Limited (GCL), India’s leading manufacturer of Calcined Petroleum Coke, and BITS Pilani, K K Birla Goa Campus, have formalized a Memorandum of Agreement (MoA) to collaborate on long-term research and development initiatives focused on environmental, social, and governance (ESG) principles and operational excellence.

Under this strategic partnership, BITS Pilani, Goa Campus will leverage its expertise and resources to study current operational parameters. It would develop a Computational Fluid Dynamics (CFD) model for efficient plant operation, ensuring predictable outputs while adhering to environmental norms.

Shrinivas Dempo, Chairman, Dempo Group and Goa Carbon Limited, and President, Goa Chamber of Commerce and Industry (GCCI) said, “It is a momentous occasion for Goa Carbon as we sign the MoA with BITS PIlani. We have been the front runner is adopting best practices to achieve operational excellence & sustainable growth. The association is yet another testament to our unwavering commitment towards innovation, sustainability, and driving positive change in our industry and community”.

PSP Projects informed the exchange that the company has been awarded as the “Fastest Growing Construction Company in India” (below 2000 crore turnover category) for the fifth consecutive year at the 21st Construction World Global Awards, 2023.

The stock declines by 0.96% on the NSE, trading at ₹760.20.

The Federal Bank reported its net profit for the quarter ended Sept. 2023 at ₹953.82 crore as against ₹703.71 crore in the previous year. The stock inches up by 0.67% on the NSE, trading at ₹150.40.

System liquidity to tighten further. System liquidity tightened sharply due to minimal government spending amid indirect tax collections, lower-than-expected CRR drawdown, and likely FX intervention by the RBI. System liquidity tightened to a deficit Rs208.8 bn, from a marginal surplus of Rs27.6 bn. The average overnight money market rates remained broadly unchanged at 6.75% on a w-o-w basis. Going ahead, we expect system liquidity surplus to tighten further led by outflows from GST collections (towards the end of the week), auctions, and CIC leakage offsetting the limited government spending. Continued FX intervention by the RBI could further tighten system liquidity. Given the recent trend of muted government spending, we expect liquidity to remain tight through the rest of the month (despite US$5 bn FX swap due next week) before easing comfortably into surplus territory only by end-October/early-November. This could increase the probability of OMO sales announcement at the end of this month.

Government cash balance to surge. Government cash balances last week came in higher than our expectations at ~Rs2.6 tn as on October 6, 2023 (from ~Rs3.6 tn a week ago). Based on the movement in the liquidity numbers last week, we expect cash balance to have picked up to ~Rs3 tn led by indirect tax collections. This week, we expect cash balance to improve to ~Rs3.9 tn led by GST collections.

CIC trends. CIC for the week ending October 6, 2023 remained broadly unchanged from the previous week at ~Rs33 tn. The current CIC outstanding is 11.05% of the FY2024BE GDP.

The board of Vintron Informatics Limited will be held on October 20, 2023, inter-alia, to consider and approve, further issue of securities (equity shares/ convertible warrants/ any other securities), on preferential issue basis. The stock rises by 4.96% on the NSE, trading at ₹5.71.

Bajaj Healthcare stock declines by 4.50% on the NSE, trading at ₹475.30, despite completion of construction of Alkaloid extraction Plant at Vadodara, Gujarat Unit.

The Sensex and Nifty exhibited a lack of direction, staying within a narrow range as they mirrored worldwide apprehensions over geopolitical tensions and economic sluggishness. A weekend spike in crude oil prices added to the market’s subdued mood. By 12:15 p.m., the BSE Sensex fell by a marginal 3.12 points, reaching 66,279.62, while the NSE Nifty inched up by 8.10 points to 19,759.15.

Additionally, September’s Wholesale Price Index (WPI) inflation rate improved to -0.26% compared to August’s -0.52%. At noon on October 16, 2023, the BSE reported 2,166 advancing stocks, 1,417 declining stocks, and 198 that remained unchanged out of a total of 3,781 stocks traded. Among these, 285 stocks reached a 52-week high, while 19 touched a 52-week low.

Notable gainers on the NSE at 12 included JSW Steel (1.46%), LTIMindtree (1.44%), ONGC (1.41%), Hero Motocorp (1.26%), and UPL (1.22%). On the flip side, major losers comprised Nestle India (-2.10%), Divi’s Lab (-1.20%), IndusInd (-0.98%), Asian Paints (-0.97%), and TCS (-0.81%).

Major gainers on the NSE at 12:

JSW Steel (1.46%); LTIMindtree (1.44%); ONGC (1.41%); Hero Motocorp (1.26%); UPL (1.22%)

Major losers:

Nestle India (-2.10%); Divi’s Lab (-1.20%); IndusInd (-0.98%); Asian Paints (-0.97%); TCS (-0.81%)

Stocks advanced on BSE at 12 noon on October 16, 2023, were 2,166 against 1,417 stocks that declined; 198 stocks remain unchanged. Total stocks traded were 3,781. The number of stocks that recorded a 52-week high was 285, and those that hit a 52-week low was 19.

Over the last four years, Waterfield Advisors has actively worked with UHNI clients and families to move significant capital into the social sector, either through grants or through impact-focused investing. Recognizing its role as a philanthropic advisor, Waterfield has now set up its own philanthropic foundation to create a direct impact. The primary purpose of the Foundation is to act as a platform for testing innovative philanthropic models, exploring new ways to create impact, and potentially leading to groundbreaking strategies that can be shared with the world.

Avanse Financial Services Ltd., India’s new age, education-focused non-banking financial company, has signed a significant syndicated social-linked loan facility of USD 145 million, qualifying as External Commercial Borrowing (ECB). The amount will be received in tranches as per the agreed-upon guidelines. The funds will be utilised to enable more deserving students to fulfil their academic aspirations by crossing all the financial hurdles that may come their way.

This syndicated social-linked ECB transaction is among the first in the Indian education financing segment. Standard Chartered Bank is the Social Loan Coordinator, sole Mandated Lead Arranger and sole Bookrunner for this transaction. 11 banks have participated in this syndication.

Commenting on this crucial development, Mr. Amit Gainda, Managing Director & CEO, Avanse Financial Services, said, “This syndicated social-linked loan facility is yet another significant milestone for us, enabling us to further strengthen our purpose of democratising education and education financing in India. We strongly believe that no deserving student should miss an opportunity to access quality education due to the lack of financing, irrespective of their social strata or co-borrower’s financial background. Along with this belief, our consistent performance, proven track record, strong asset quality and customer-centric approach have assisted us in receiving the trust and confidence of the major financial investors.”

Aurobindo Pharma informed the exchange that the Chief Minister of Andhra Pradesh is inaugurating Eugia Steriles Private Limited’s green-field manufacturing Unit located at Vishakhapatnam, a 100% subsidiary of Eugia Pharma Specialities Limited and a step-down subsidiary of the Company, today i.e. on October 16, 2023.

Aurobindo Pharma stock is down by 0.49% on the NSE, trading at ₹915.45.

Thomas Cook (India) Limited and LTIMindtree have inked an agreement with Eurolife FFH, a leading insurance group based in Greece.

Thomas Cook stock is up by 1.50% on the NSE, trading at ₹128.50, while LTIMindtree stock is up nu 1.51% on the NSE, trading at ₹5,172.25.

Shrey Jain, founder & CEO, SAS Online, a deep discount broker

“ MCX has gone live with its new trading platform from today. However we are facing issues wrt broadcast. We are in touch with the exchange to resolve this on priority. Further multiple contracts are seeing lower volumes and higher bid ask spreads. As a risk measurement measure we have blocked few illiquid contracts and blocked market orders “

Steel Authority of India stock inches up by 0.39% on the NSE, trading at ₹89.25. The company has plans to start the trial production of head hardened (HH) rails, used in metro rail and freight corridor projects, by month-end, revealed a PTI report quoting its Chairman Amarendu Prakash.

Infosys has announced the inauguration of its latest state-of-the-art development center (DC) in Visakhapatnam, Andhra Pradesh. The stock inches up by 0.76% on the NSE, trading at ₹1442.

Prakash Pipes (19.99%)

MSTC (14.76%)

India Tourism Development Corporation (12.99%)

Faze Three (12.68%)

Gujarat State Fertilizers & Chemicals (11.69%)

Ramco Industries stock inches up by 0.71% on the NSE, trading at ₹184. The company had said that the Corporate Guarantees issued in favour of Axis Bank ₹36.29 crore and ICICI Bank ₹10 crore on behalf of Sri Harini Textiles Ltd have been discharged by the said Banks in view of the closure of the loans by Sri Harini Textiles Ltd.

Nifty 50 and Sensex are trading flat. Both the indices are attempting to bounce back from their intraday lows. Sensex is trading at 19,747 and Nifty is at 66,245.

Nifty has a strong support at 19,700. As long as it trades above this support, the bias is bullish.

Bank Nifty started today’s session with a gap-down following bearish cues from the equity markets across Asia. It opened at 44,204.75 versus Friday’s close of 44,287.95 and is now hovering around 44,220, down 0.15 per cent.

Skipper Ltd stock rises by 4.87% on the NSE, trading at ₹238 following the receipt of fresh orders worth ₹588 crore from domestic & international market.

Philogen S.p.A. and Sun Pharmaceutical Industries Limited have announced positive results from the Phase III PIVOTAL trial in patients with locally advanced fully resectable melanoma (NCT02938299).

Sun Pharma stock trades at ₹1,144.75 on the NSE, down by 0.05%.

Major gainers:

• Vakrangee (16.36%)
• MSTC (14.58%)
• GATI (11.64%)
• MMTC (10.84%)
• GSFC (9.74%)

Major losers:

• Delta Corp (-8.54%)
• Phoenix Mills (-4.27%)
• Ujjivan Financial Services (-3.74%)
• Hindware (-3.23%)
• ITI (-3.12%)

The board of Vikas EcoTech has considered and granted in-principle approval for evaluating consolidation proposal of the company with Vrindaa Advanced Materials Limited. The stock is up by 1.41% on the NSE, trading at ₹3.60.

Ashok Leyland stock trades at ₹176.75, up by 0.54% on the NSE, after the company had received order from Tamil Nadu State Transport Undertakings for delivery of 1,666 buses.

Som Distilleries & Breweries stock inches up by 0.75% on the NSE, trading at ₹348.40. The company reported its net sales for Q2 FY 23-24 stood at ₹248.0 crore against ₹147.9 crore for the same period last year, a growth of 67.7%.

Adani Ports and Special Economic Zone stock is down by 0.48% on the NSE, trading at ₹809.85 although the company reported early settlement of notes tendered pursuant to the tender offer for its 3.375% senior notes due 2024.

The country’s largest commodity exchange, MCX, which launched its new trading platform today, has shifted non-agriculture trading hours from 10.45 am to 11.30 pm.

Select Agri Commodities (Cotton & Kapas) will trade from 10.45 am to 9 pm, and all other agri commodities will trade from 10.45 am to 5 pm.

The People’s Bank of China (PBoC) decided on Monday to keep its one-year medium-term lending facility (MLF) loans rate at 2.50 per cent.

The bank added that it injected 789 billion yuan liquidity to the banking system via the one-year MLF, with 500 billion yuan expiring on Tuesday, bringing the net injection to 289 billion yuan, the highest level since 2020.

The PBoC also maintained the seven-day reverse repo rate at 1.80 per cent.

The rupee appreciated by 6 paise to 83.24 against the US dollar in early trade on Monday supported by positive macroeconomic data.

Forex traders said falling domestic inflation, rise in industrial production figures and improvement in trade deficit aided the local unit.

For Q2FY24E, we expect Happiest Mind to post revenue growth of 13.2% yoy led by strong deal booking. EBITDA margin to improve by ~50 bps to 23.2% primarily aided by operating efficiencies.

Key to watch would be Management commentary on revenue growth and margin outlook for FY24

Dinesh Gupta - Fund Manager - Torus Oro PMS

Sunteck Realty stock rises by 1.48% on the NSE, trading at ₹481.30. During H1 FY24, Sunteck registered a growth of 16.7% y-o-y in the pre-sales to ₹782 crore.

Rushil Décor has launched AI generated Television advertisement with message “MDF means VIR MDF.” The stock rises by 2.19% on the NSE, trading at ₹294.45.

BLS International Services has signed an exclusive global visa outsourcing contract for Slovakia in 18 countries with more than 54 offices. The stock surges by 6.48% on the NSE, trading at ₹266.30.

Zydus Lifesciences Limited has announced the appointment of Punit Patel as President and Chief Executive Officer, Americas. The stock is down by 0.35% on the NSE, trading at ₹589.90.

The Sensex and Nifty continued to trade with a lack of enthusiasm, mirroring global trends influenced by geopolitical tensions and economic uncertainties. The surge in crude oil prices over the weekend exacerbated the market’s initial response. At 10 a.m., the BSE Sensex dropped by 97.23 points to 66,185.51, while the NSE Nifty fell 17.55 points to 19,733.50.

Among individual stocks, Bajaj Electricals surged 4.32% on the NSE, reaching ₹1,120, thanks to a significant service contract from Power Grid Corporation worth ₹564.20 crore. NBCC (India) rose by 3.17% on the NSE, trading at ₹65, following a work order of ₹80 crore from Visakhapatnam Port Authority. In contrast, Delta Corp stock tumbled 8.36% on the NSE, trading at ₹128.30, due to its subsidiary, Deltatech Gaming Limited, receiving a notice for shortfall tax payment.

Analysts underscored the critical role upcoming earnings reports will play in shaping market direction, with expectations of a narrow trading range in the domestic market. Foreign portfolio investors were anticipated to continue their trend of selling.

The results of the big 3 throws up three broad conclusions: (1) companies have finally bitten the bullet and gone for aggressive cost rationalization, a change in stance from earlier in the calendar year where back-ended growth hopes meant companies were comfortable carrying inefficiencies; (2) many mega-deals closed; these come into prominence during challenging times; and (3) the visibility of an improvement in discretionary spending is still bleak but necessary to support FY2025E consensus growth estimates. Mega-deals can provide 2-3% to FY2025E revenues. Infosys and HCLT are our top picks.

Stepping the pedal on cost optimization as hopes of near-term recovery fade

The big 3 surprised positively on margins. Companies are a lot more aggressive in controlling costs compared to the beginning of the year stance, where hopes of a back-ended recovery meant that companies were okay with carrying a few inefficiencies. Costs are being aligned to actual demand as the anticipated quick recovery did not materialize. Companies flexed a few levers to defend margins. These include raising utilization rates, increasing productivity measures, lowering average cost of resources, further cutting subcon costs (sufficiently optimized by now) and managing SG&A. We believe that lowering average cost of resources has a lot more scope. The hiring spree during Covid led to lateral hiring at inflated salaries that were not fully compensated through pricing. Expect gradual corrections through differential merit increase.

We believe that companies have adequate levers to improve margins over the medium term. We build in 60-110 bps margin expansion over FY2024-26E for TCS, Infosys and HCLT. Key risks are any further unanticipated deterioration of demand and the costs of return to office.

Delta Corp stock tumbles by 8.36% on the NSE, trading at ₹128.30. Its subsidiary, Deltatech Gaming Limited, has received an intimation for payment of shortfall tax.

NBCC (India) stock rises by 3.17% on the NSE, trading at ₹65, following the receipt of work order from Visakhapatnam Port Authority for ₹80 crore.

Godrej Properties stock declines by 0.64% on the NSE, trading at ₹1,677.40. The company’s subsidiary Godrej Redevelopers (Mumbai) Private Limited had received an order from the Additional Commissioner, CGST & C. Ex., Navi Mumbai, for GST demand of ₹48,31,06,179 along with interest and a penalty.

Bajaj Electricals stock rises by 4.32% on the NSE, trading at ₹1,120, after it had been awarded a service contract by Power Grid Corporation of India Limited, aggregating to ₹564.20 crore.

EaseMyTrip.com has announced its strategic partnership with the Imperial Society of Innovative Engineers (ISIE) for Formula Imperial 2023 and Indian Karting Race 2023. The stock rises by 2.06% on the NSE, trading at ₹42.05.

Venus Remedies Ltd has received marketing approval from the Philippines, the second largest ASEAN market, for six key chemotherapy drugs.

The stock rises by 1.85% on the NSE, trading at ₹231.65.

Major gainers on the NSE at 9:30 am:

ONGC (1.14%); HCL Tech (0.93%); Tata Motors (0.79%); Coal India (0.75%); LTIMindtree (0.68%)

Major losers:

Nestle India (-1.57%); Divi’s Lab (-1.34%); BPCL (-1.11%); Asian Paints (-1.04%); IndusInd (-0.96%)

Sterlite Technologies has announced the expansion of its enterprise networking solutions portfolio with the launch of Estelan.

Kalpataru Projects International Limited (KPIL) & its international subsidiaries have secured new orders/notification of awards of ₹2,217 crore.

The details of the aforesaid new orders are as follows:

Orders in the T&D business of ₹1,993 crore in India and overseas markets

Orders in B&F business in India of ₹224 crore

KPIL stock rises by 1.48% on the NSE, trading at ₹668.65.

Crude oil futures traded marginally higher on Monday morning as Israel threatened to demolish Hamas and Iran announcing that war could be expanded if Israel does not stop attack on Gaza. At 9.19 am on Monday, December Brent oil futures were at $91.02, up by 0.14 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $86.48, up by 0.15 per cent. Both the futures went up by more than 6 per cent on Friday amid fears of escalation in conflict in the region.

Indian markets could open flat to mildly lower, in line with mostly lower Asian markets today and negative US markets on Oct 13

U.S. stocks ended mostly lower Friday, with the Dow Jones Industrial Average clinging to a slight gain as geopolitical fears intensified and a consumer-sentiment survey showed a jump in inflation expectations. Major Wall Street banks, including JPMorgan Chase & Co. Citigroup Inc. and Wells Fargo & Co. reported earnings for the third quarter that were stronger than analysts estimated.

For the week, the Dow booked a gain of 0.8%, while the S&P 500 rose 0.4% and the Nasdaq slipped 0.2%. Signs Israel is preparing for a ground invasion of Gaza left traders looking for safety ahead of the weekend.

Buying of U.S. Treasurys on Friday sent yields lower, with the 10-year rate falling 8.2 basis points to 4.628%, according to Dow Jones Market Data. Gold prices climbed sharply, with the December contract settling 3.1% higher at $1,941.50 an ounce.

Oil prices have surged amid fears over the war in the Middle East, with West Texas Intermediate crude rising almost 6% on Friday to settle at $87.69 a barrel. U.S. tightening sanctions on Russian crude sales also helped boost oil prices.

The University of Michigan’s latest reading on consumer sentiment, released Friday morning shortly after the stock market’s open, also created some concern in markets. The survey data showed consumers’ one-year inflation expectations rising to 3.8% from 3.2% in September.

China reported a smaller-than-expected decline in exports in September from a year ago, while imports missed, according to customs data released Friday.In U.S.-dollar terms, exports fell by 6.2% last month from a year ago. That’s less than the 7.6% drop forecast by analysts in a Reuters poll.

Imports also fell by 6.2% in U.S.-dollar terms in September compared to a year ago — slightly more than the 6% decline expected by the Reuters poll.

The People’s Bank of China left its one-year medium-term lending facility rate unchanged at 2.50%, as expected.

Demand for haven assets waned as the trading week began in Asia with the US and its allies attempting to contain the Israel-Hamas war. Asia stocks declined, as the US and its allies sought to head off a widening of the Middle East conflict.

Nifty ended October 13 on a negative note post a volatile session. At close, Nifty was down 0.22% or 42.9 points at 19751.1. Nifty recovered well after a gap down opening on October 13. On weekly charts it rose 0.5% forming a bullish engulfing bull pattern. Nifty could now face resistance in the 19839-19878 band while support could come in at 19512-19565 band.

The Sensex and Nifty, India’s stock market indices, commenced trading on a weak note, mirroring global trends influenced by geopolitical tensions and concerns about an economic slowdown. The surge in crude oil prices over the weekend added to the market’s initial reaction.

In early trading, the 30-share BSE Sensex dropped by 110.73 points, reaching 66,172.01, while the NSE Nifty fell by 30.90 points, reaching 19,720.15.

Among the Nifty components, gainers included HCL Tech, ONGC, Infosys, Coal India and Dr Reddy’s. On the other hand,BPCL, Asian Paints, Nestle India, IndusInd Bank and Divis Labs were among the underperformers.

Analysts noted that the upcoming earnings reports from major companies would play a pivotal role in determining market direction, and they anticipated the domestic market to maintain a narrow range. Additionally, foreign portfolio investors were expected to continue their selling trend.

FPI Selling

The FPI selling, which began in September, continues in October. As per NSDL data FPIs sold equity for Rs 13,652 crore through the stock exchanges through 13th October. But they invested Rs 3,868 crore through the primary market and others during the same period, taking the net sell figure to Rs 9,784 crore. The sustained rise in the US bond yields was the principal factor driving the FPI selling.

“FPIs continued to sell in financials, power and IT and buy capital goods and automobiles. The Indian market continues to exhibit resilience even amid many challenges, and, therefore, there is a growing concern among FPIs that if they continue to sell, they will miss out on the potential rally in the Indian market. This might restrain the FPIs from selling heavily in the coming days, said: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global and domestic macroeconomic data, ongoing Q2 earning seasons, crude oil inventories, and FII/DII trading activities will be in focus, said Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.

“We expect markets to remain range-bound for next week, as they will take further cues from a surge in crude oil prices, the Israel conflict, banks’ quarterly results , as banks NIM % will remain in focus,” it added.

According to Santosh Meena, Head of Research, Swastika Investment Ltd, The activities of Foreign Institutional Investors (FIIs) will be important, given their recent consistent selling streak. The trajectory of the US market, particularly Nasdaq’s pattern of lower highs and lower lows, will play a pivotal role in market sentiment.

Prabhudas Lilladher

Forecast

NIFTY

Nifty after opening on a weak note and hovering near the 19670 zone recovered to some extent but once again witnessed resistance near the 19800 zone and ended near the 19750 levels with bias still remaining cautiously

positive. The index needs to maintain the near-term support zone of 19600 levels while on the upside 19850 zone is acting as a resistance barrier which needs to be breached decisively. The support for the day is seen at 19650 levels while the resistance is seen at 19900 levels.

BANKNIFTY

BankNifty witnessed a volatile session opening near the 44200 zone and recovering to resist near the 44550 zone to end once again near the 44300 levels. The levels near 44700 zone is acting as a strong resistance barrier for the index where the important 50EMA lies and only a decisive breach above that zone can establish some conviction thereafter to anticipate for further rise. BankNifty would have the daily range of 44000-44700 levels.

Comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“In this dynamic financial market, all eyes are on HDFC Bank’s Q2 results, which are eagerly anticipated as they report merged figures for the first time. Expectations are for moderated margins and a potential 40-45% YoY profit increase. Nifty (19751) is the center of attention with a suggested strategy to sell at the current market price (CMP), placing a stop at 19987, and targeting 19649/19507 or even more aggressively at 19333. Bank Nifty (44287) follows a similar pattern, selling at CMP, with a stop at 45433, and targeting 44000/43600 or a more aggressive range of 43000-43100. Zomato, Tata Motors, and Bajaj Finance are expected to perform well in the near term. Key Q2 results, including HDFC Bank, CEAT, and Jio Financial Services, are on the horizon, followed by Bajaj Finance, ICICI Prudential Life, and VST Industries on Tuesday (October 17). The financial landscape remains uncertain due to geopolitical tensions potentially impacting Nifty. Technically, Nifty’s strength lies above 19889, with crucial support at 19507. FIIs’ selling has been a concern on Dalal Street, totaling Rs. 12,383 crores in October. Market volatility persists until the Fed addresses inflation concerns. Dalmia Bharat reports an impressive 162% YoY profit jump, while Avenue Supermarts experiences a 9% YoY drop in Q2 PAT despite a substantial 19% revenue increase. Keep an eye on October 19 when Federal Reserve Chair Jerome Powell is scheduled to speak, introducing more uncertainty into the market.”

Wall Street’s major indices opened higher but lost ground on Friday after a preliminary reading on US consumer sentiment. The Middle East conflict soured investor sentiment for riskier bets and overshadowed upbeat quarterly earnings from some of the largest US banks. Asia-Pacific markets started the week today on a soft footing as investors look ahead to China’s third-quarter gross domestic product numbers. Taking cues from the Gift Nifty, Indian markets are likely open in negative territory. Investors will eye a host of critical data points in the third week of October, filled with events that will guide market direction including Q2FY24 results, macroeconomic data, crude oil prices, and other global cues amid the Israel-Hamas conflict. In the stock-specific coverage today, investors will look forward to the quarterly result update from HDFC Bank, Federal Bank and Indian Bank to gain further direction on the banking industry outlook.

The benchmark index opened 139 points lower tracking weak global cues, however, the index attempted to fill the gap during the day but failed to reclaim the area on a closing basis. The VIX remained muted while the day’s move came on relatively higher volume. The 50 DMA trading near 19600 continues to offer immediate support and sustenance above the same can attract bullish momentum.

Vikas Jain, Senior Research Analyst at Reliance Securities.

Geo-political tension in the gulf region, weak opening in the Asian markets, surging oil price and sharp decline in US market on Friday, may open domestic markets on a weak note. Earnings from three major banks – JPMorgan, Wells Fargo and Citigroup helped to offset some of the negative sentiment.

Oil was more than 5 per cent higher, rising towards $US91 a barrel as concerns about the conflict between Israel and Hamas widening to include Iran flared. Gold surged more than 4 percent back above $US1900 an ounce. The US volatility index was more than 20 per cent higher at one point. Back home, Gift Nifty is trading flat to positive while US Future gained up to 0.2%.

Market trend will be determined by Geo- political factor, oil price and quarterly results. This week will focus on China GDP number, UK CPI, US retail sales data, US Fed official statement and major US quarterly reports like TSMC, Bank of America, Netflix and Tesla. Among the domestic front like September CPI data fell to 3-month low at 5%, impressive quarterly results, strong retail participation, August IIP data will support market from lower level.

Oil – Oil prices surged 5% to close above $90/bbl after the Treasury Department sanctioned two shipping companies for violating a $60-per-barrel price cap on Russian crude and geo-political tension in the Gulf region lifting oil prices.

Gold – Gold surged 4% to $1932/bbl most since March as rising Middle East tensions attract investors seeking a safe haven. Bearish investors were caught off guard by the conflict between Israel and Hamas that threatens to escalate.

“The USD-INR 27 October futures contract traded within a narrow range throughout the previous week. According to the weekly technical chart analysis, the currency pair is currently above its moving average trend-line support level of 83.05, and the RSI is maintaining levels above 60. The technical setup also reveals positive divergence in the MACD indicator, indicating potential strength in the pair’s movement. On the weekly technical chart, the currency pair finds support in the range of 83.18-83.05, while resistance is noted at 83.55-83.90. If the pair can consistently stay above 83.35, it may exhibit further strength and potentially reach levels between 83.55 and 83.90.” -- Rahul Kalantri, VP Commodities, Mehta Equities Ltd

“Crude oil staged a robust comeback on Friday following a panicked sell-off on Thursday. Crude oil prices surged by approximately 6.0% after Israel announced the evacuation of civilians from the northern Gaza Strip last week. Israeli forces are prepared to enter Gaza, raising concerns of an escalation in the conflict between Israel and Hamas, which in turn impacted crude oil prices.Crude oil prices experienced an upswing following statements made by Iran in support of Palestine. Iran’s Oil Minister, Javad Owji, mentioned on Friday that oil prices could potentially reach $100 per barrel due to the current situation in the Middle East. However, the strength of the dollar index, rising U.S. stock markets, subdued U.S. consumer sentiment, and a 6.2% decrease in Chinese exports in September may act as limiting factors for crude oil gains.It is anticipated that crude oil prices will remain volatile during today’s trading session. Crude oil finds support levels at $85.20–84.40 and resistance at $86.80–87.50 for today’s session. In terms of INR, crude oil has support at Rs 7,200-7,080, with resistance at Rs 7,290–7,350.” -- Rahul Kalantri, VP Commodities, Mehta Equities Ltd

“After reaching a seven-month low two Fridays ago, precious metals experienced their most significant weekly gains since mid-March. Prices now sit over $90 higher than last week’s closing figures, with silver experiencing a notable surge. Gold saw an impressive increase of over 6%, while silver skyrocketed by 9.5% from its recent low.The remarkable upturn in gold and silver prices can be attributed to the increasing demand for safe-haven assets as Israel escalates its conflict with Hamas, amid growing instability in the Middle East and Russia’s ongoing confrontation with Ukraine. Additionally, the statements from five Federal Reserve members suggesting that another rate hike is unnecessary further bolstered the precious metals market. Interest rates, once a primary consideration for gold, have taken a back seat as investors prioritize the uncertainties stemming from geopolitical issues. In today’s session, we anticipate gold and silver to continue exhibiting volatility. Gold finds support at $1910-1894, with resistance at $1932-1944. Meanwhile, silver’s support is at $22.45-22.31, and resistance stands at $22.74-22.88. In terms of the Indian Rupee (INR), gold is supported at Rs59,110 and Rs58,840, with resistance at Rs59,650 and Rs58,840. For silver in INR, the support levels are at Rs70,650-69,910, while resistance can be found at Rs71,980–72,550.” -- Rahul Kalantri, VP Commodities, Mehta Equities Ltd

• Fixed Income:

The New 10-Year Benchmark GOI 7.18 2033 traded between 7.28% - 7.39% during this week

Old 10-Year Benchmark GOI 7.26 2033 traded between 7.34% – 7.45% during this week, tracking movement in Crude Oil, Currency, US Treasury Yields and Inflation data.

•Auction Highlights

RBI conducted the Auction for G-sec, SDL, and T-Bill for the aggregated amount of INR 34,000 Crore, INR 10,250 Crore, and INR 24,000 Crore respectively.

 G-sec:

7.17% GS 2030 (98.85/7.3959%)

7.18% GS 2037 (97.73/7.4444%)

7.25% GS 2063 (96.36/7.5387%)

 SDL Cutoff:

05 Years: GJ 7.62%

06 Years: Gujarat has not accepted any amount in 6-year security.

10 Years: GA 7.70%, SI 7.75%, UK 7.71%

11 Years: UP 7.70%

12 Years: UP 7.69%

13 Years: PN 7.75%

15 Years: AP 7.67%

30 Years: TN 7.62%

 T-Bill Cutoff:

091 Days: INR 7000 Crore 98.3125/ 6.8847%

182 Days: INR 8000 Crore 96.5678/ 7.1279%

364 Days: INR 9000 Crore 93.3485/ 7.1450%\u0009

• Commodities:

1)Brent Crude Oil: $85.418-$91.00 (Per barrel)

2)WTI Crude Oil: $82.31-$87.83 (Per barrel)

3)Gold: INR 5,820-INR 6,044 24 Carat (1 Gram)

4)Silver: INR 72,100-INR 74,100 (1 KG)

• US Treasury Yield:

1)US 2 Years Treasury: 4.92%-5.08%

2)US 5 Years Treasury: 4.54%-4.71%

3)US 10 Years Treasury: 4.53%-4.75%

• Corporate Bond Highlights

AAA 5 Years PSU Bond traded between 7.62%-7.68% this week.

AAA 10 Years Private Bond traded between 7.76%-7.84% this week.

•New Issuances:

Indian Renewable Energy Development Agency Limited

Ratings: AAA/ Stable by ICRA & IND Ratings

Issue Size: 250 + 750 Cr

Maturity Date: 12/10/2033

Allocated 683 Crs at 7.75%

Powergrid Corporation of India Limited

Ratings: AAA/ Stable by CRISIL, ICRA & CARE

Issue Size: 500 + 1750 Cr

Maturity Date: 12/10/2033

Allocated 2250 Crs at 7.70%

Chaitanya India Fin Credit Pvt Ltd.

Ratings: A/ by CRISIL

Issue Size: 25 + 0 Crs

Maturity Date: 10/10/2026

Allocated 25 Crs at 10.10%

8.10% Kotak Mahindra Prime Limited

Ratings: AAA/ Stable by CRISIL & ICRA

Issue Size: 400 + 100 Crs

Maturity Date: 10/04/2026

Allocated 500 Crs at 100.06

Spandana Sphoorty Financial Limited

Ratings: A/Stable by IND

Issue Size: 30 + 30 Cr

Maturity Date: 24/02/2025

Allocated 30 Crs at 12.45%

8.85% Cholamandalam Investment and Finance Company Limited

Ratings: AA+/ Stable by ICRA & IND Ratings

Issue Size: 175 + 325 Crs

Maturity Date: 17/10/2033

Allocated 205 Crs at 100

• News Highlights:

INDIA

1)India’s Consumer Price Index (CPI) based inflation moderated to a three-month low of 5.02 per cent in September from 6.83 per cent in August.

2)India’s industrial production in August rose to 10.3 per cent on an annual basis after growing 5.7 per cent in July, official data showed on Thursday. Factory output measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022.

3)India’s Manufacturing production jumped 9.3% on year in August, accelerating from a 4.6% in July.

4)Retail inflation in the food basket declined to 6.56% in September on year from 9.94% in August, due to a sharp fall in prices of vegetables especially tomato and potato, edible oils and meat products.

5)India’s foreign exchange (forex) reserves dropped for the fifth straight week by a further $2.166 billion to $584.742 billion for the week ended October 6 - the lowest in more than five months, according to data by the Reserve Bank of India (RBI).

6)The International Monetary Fund (IMF) lifted its 2023-24 growth projection for India to 6.3% from its July estimate of 6.1%, citing “stronger-than-expected consumption” during the June quarter. In contrast, the agency expects global growth of 3% in 2023 and 2.9% in 2024, with advanced economies expanding by 1.5% in 2023 and 1.4% in 2024

7)The Indian government had no outstanding loans with the central bank under ways and means advances in the week ended Oct. 6, according to the Reserve Bank of India’s weekly statistical supplement released on Friday.

8)According to official data, gross direct tax receipts in India reached Rs 11.1 lakh crore as of October 9, 2023, marking an 18% increase from the same period last year. Net direct tax collection, after refunds, stood at Rs 9.6 lakh crore, a 21.8% rise.

9)RBI Governor Shaktikanta Das received an award for being ranked ‘A+’ in US magazine Global Finance’s Central Banker Report Cards 2023. The award recognises central bank governors whose strategies outperformed their peers through originality and tenacity.

10)The unemployment rate in urban areas decreased from 7.6% in April-June 2022 to 6.6% in April-June 2023 for persons aged 15 years and above, according to the periodic labour force survey’s quarterly bulletin shared by the government. For males, it decreased from 7.1% to 5.9% during this period. For females, it decreased from 9.5% to 9.1% during this period.

WORLD

1)The International Monetary Fund (IMF) maintained its estimates for global real GDP growth in 2023 unchanged at 3.0% in its latest World Economic Outlook (WEO) but cut its 2024 forecast by 0.1 percentage point to 2.9% from its July forecast

2)The US Federal Reserve recently released minutes from its September monetary policy meeting. According to these minutes, participants acknowledged both upside risks to inflation and downside risks to economic activity. This suggests a two-sided challenge in achieving the Fed’s objectives. Policymakers also noted that as policy approaches its peak, decisions, and communications should start shifting toward a longer horizon of keeping rates higher for an extended period.

3)The US inflation rate remained steady at 3.7% on year in September compared to August, while core inflation rate eased to 4.1% from 4.3%

4)US PPI rose by 2.2% on year in September compared to revised 2% growth in August while care PPI rose by 2.7% on a year from revised 2.5%

5)The US Weekly Jobless claims came out: initial claims remained unchanged at 209,000. Continuing claims went from 208,750 to 206,250.

6)UK GDP increased to 0.50% on year in August compared to 0.30% in July. UK Balance of Trade widened to 3.415 bn pounds in August from 1.418 bn pounds in July.

7)UK industrial production increased 13% on year in August, up from 1% in July. while manufacturing production slowed 2.80% from 3.1%

8)France’s economy slowed to a 0.1% GDP growth rate in July-September 2023 as it narrowly avoided recession, according to an assessment of high frequency data by the Bank of France. France’s GDP had grown 0.5% in April-June 2023, the bank said. “The economy after the summer is less favourable than before summer,” the bank’s chief economist Olivier Garnier said.

9)The Central Bank of Argentina has raised the country’s benchmark interest rate from 118% to 133% shortly after data showed inflation in the South American country to be above expectations at 138% annually. A central bank poll of analysts forecasted Argentina’s inflation to end 2023 at over 180%. Argentinian government’s devaluation of peso by nearly 18% further worsened inflation.

10)Japan machine tool orders dropped 11.2% on year in September, after a 17.6% fall in October. Japan PPI rose by 2% on year in September, slowing from a marginally revised 3.3% gain in August

11)Japan bank lending increased 2.9% on year in September compared to 3.1% in the previous month

12)China’s inflation rate in decreased to 0% in September from 0.10% in August, while producer prices declined 2.5% compared to contraction of 3%.

13)China’s consumer prices were flat in September, while factory-gate prices shrank at slower pace, official data released on Friday showed. The data indicates that deflationary pressures continue to persist in the economy, Reuters and Bloomberg reported. While China’s economy has shown signs of stabilisation in the recent weeks, there are still concerns over the strength of recovery momentum.

14)The Republic of the Philippines is planning to raise up to US$1bn from a maiden sukuk issue after conducting a non-deal roadshow in September, as it strives to diversify its investor base toward Middle Eastern and Islamic countries.

Starlit Technologies has announces the expansion of its Enterprise Networking solutions portfolio with the launch of Estelan. Estelan, an end-to-end solution in fibre and copper cable connectivity, enables enterprises to modernise and digitise their large-scale network infrastructure.

Intellect Design Arena: The company partners with Premiere Bank, Philippines, for bank-wide digital transformation in APAC. The partnership includes Intellect’s iKredit360 loan origination system, with the aim of improving the bank’s customer experience.

J. Kumar Infraprojects, NCC: A SPV, J. Kumar, NCC Pvt., is incorporated for the GMLR twin tunnel project awarded by BMC. NCC to hold a 51% stake and J. Kumar to hold the remaining 49% shares in the company.

Pidilitte: Subsidiary Pidilite Ventures invests Rs 20 crore in Imagimake, a company into the design and distribution of innovative ranges of educational toys.

KIOCL: The company resumes operations at the Mangalore Pellet Plant, where operations were suspended on Sept. 28 due to the non-availability of iron-ore fines and maintenance activities.

Bajaj Healthcare: The company has completed the construction of an alkaloid extraction plant at Vadodara, Gujarat. The plant has a capacity for the extraction of 2500 metric tonnes of poppy straw and 300 metric tonnes of poppy gum per year.

ICICI Lombard: The company receives favourable orders from Jaipur’s Tax Authority, squashing a penalty of Rs 7.7 crore for FY18, FY19 and FY20.

NBCC India: The company has received an order worth Rs 80 crore for the renovation of office buildings from the Visakhapatnam Port Authority.

Gati: Total volume in Q2 volume rose 18% year-on-year to 333,000 metric tonnes on account of strong pre-festive ordering. Also, the company’s Bengaluru transshipment hub is now online.

Federal Bank: International Finance Corp. acquires an additional 7.26 crore shares (3% stake) via preferential issue, increasing its stake to 7.32%.

Mankind Pharma: The company has resumed operation at the Sikkim facility as of Oct. 13. It has reported no damage to property due to flash floods when the facility’s operations were disrupted.

HDFC Life: Board approves re-classification of Abrdn (Mauritius Holdings) 2006 from ‘Promoter’ to ‘Public’ category. HDFC Bank will be the sole promoter post-reclassification.

Bajaj Electricals: The company bagged a service contract worth Rs 564 crore from Power Grid Corp. for 400 kV transmission lines in Andhra Pradesh. The project is to be completed in 21 months.

Infosys: The New York State Taxation Department has imposed a penalty of $15,076 for underpayment of advance tax in FY22.

L&T Finance Holdings: NCLT has approved the amalgamation of L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings on Oct. 13.

NHPC: The company expects Rs 788 crore worth of damages due to flash floods impacting its 510 MW Teesta-V Power Station in Sikkim. The damages are fully insured, and the company said it will lodge a formal claim for the damages.

Anant Raj Commencement of two new Projects by the Company in South Delhi and Tirupati, Andhra Pradesh

• The Company is commencing a new project namely “Anant Raj Centre” located in Mehrauli (South Delhi), New Delhi, having a developable area of approx. 700,000 square feet, a mix of Office Space, Hospitality, and Serviced Apartments.

• The Company through its wholly-owned step-down subsidiary, M/s Jai Govinda Ghar Nirman Limited, is commencing an affordable housing project namely “Anant Raj Aashray-11” located in Electronic Manufacturing Cluster 2 (EMC 2), Tirupati, Andhra Pradesh, developed by The Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The Project has a saleable area of approx. 10,00,000 square feet for development of the Affordable Housing.

Laurus Labs: Associate ImmunoACT received marketing authorization approval for India’s first CAR-T cell therapy, NexCAR19, for cancer treatment therapy from the Central Drugs Standard Control Organisation.

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

“IIP growth in Aug-23 has exceeded expectations by rising to 10.3% YoY vs 6.0% YoY in Jul-23. The growth in the manufacturing sector stood at a 14-month high of 9.3% YoY along with a moderate sequential output growth of 1.2%, better than the seasonal trend of the past. Cumulatively, IIP has grown by a healthy 6.1% YoY in the first five months of the fiscal which reflects a significant momentum in industrial activity.

There are three factors behind the strong reported IIP growth figure – one the base advantage with IIP having contracted by -0.7% in Aug-22; second, the benefits that accrued to the mining and the electricity sector due to the highly deficient rainfall in Aug-23; these two segments reported growth of 12.3% and 15.3% YoY respectively. And thirdly, the structural increase pickup in industrial activity such as cement and steel production in H1FY24 due to a significant rise in infrastructure spending and higher expectation of consumer goods demand during the festive season.

We expect IIP to maintain a healthy growth trend for FY24 as a whole although the base factor will not remain as favourable in the second half of the year.”

Mahindra & Mahindra: September sales rose 18.14% year on year to 73,185 units, while production increased by 21.88% to 79,410 units. The Income Tax Department has filed an appeal in Bombay High Court against relief previously granted to the company over a Rs 432 crore tax dispute.

Tata Motors: The company will sell a 9% stake in Tata Technologies to TPG Rise Climate for Rs 1,467 crore and another 0.9% stake in TTL to Ratan Tata Endowment Foundation for Rs 146.7 crore.

“India’s merchandise trade deficit compressed considerably to $19.4 billion in September 2023 from $28.0 billion in the year-ago month, with a sharp contraction in imports reflecting the impact of lower commodity prices. The narrower-than-expected merchandise trade deficit print augurs well for the current account deficit for Q2 FY2024, although it is expected to enlarge vis-à-vis the Q1 levels. Crude oil price volatility amidst geo-political tensions remains a risk to the CAD outlook for H2 FY2024.”

Chemmanur Credits and Investments is coming up with secured NCD bonds now which would open for subscription on October 16. It plans to raise Rs 100 crore (Rs 50 crore base issue and another rs 50 crore green shoe option in case of over subscription) Chemmanur Credits and Investments is a non deposit taking NBFC company in India. The NCD interest rates for Chemmanur Credits and Investments NCD are up to 11.5% and yield is up to 11.9%. These NCDs are offered for 366 days to 74 months tenure. These interests are paid either monthly or on maturity.

The NCDs proposed to be issued have been rated ‘CRISIL BBB-/Stable’ by CRISIL Ratings Limited.

About Chemmanur Credits and Investments Limited

Company is a non-deposit taking, non-banking financial company registered with the RBI.

It is primarily engaged in the gold loan sector lending money against the pledge of household gold jewellery in the state of Kerala, Tamil Nadu, Karnataka Andhra Pradesh and Maharashtra.

Organic fluorine molecules are increasingly becoming ingredients of newer agrochemicals, pharmaceuticals, and electronic chemicals. Earlier, Chlorine and Hydroxyl groups were used due to their abundant availability and ease of handling. This was mainly because fluorine imparts desirable properties such as metabolic and thermal stability, increased bioavailability, and lipophilicity in fluorinated compounds, making their applications much more attractive for different end-uses. Fluorine handling is challenging, given its high reactivity; only a limited number of players have fluorine handling experience and are now reaping the benefit of the structural acceptance of fluorinated compounds. In the new products pipeline, fluorine penetration has surged to 50% from 30% for agrochemicals and to 40% from 20-25% for pharmaceutical molecules, over the last few years. Sophisticated molecules that are more heterocyclic and complex in nature are expected to be at the forefront of this structural shift.

Indian companies stand to benefit from growing innovator interests

Navin Fluorine (NFIL), SRF, and Gujarat Fluorochemicals (GFL) have developed competencies in fluorine chemistry over the past few decades. Anupam Rasayan (Anupam) with its strategic acquisition of Tanfac has secured access to the key RMs and is gradually ramping up its fluorination capabilities. Most of these players have announced huge capex plans, totaling ~Rs200bn over the next 5 years, especially in their fluorine business, indicating a long growth runway. We believe contract manufacturers with established fluorine building blocks, integrated value chains, and expertise in synthesis at all scales will be in a sweet spot to capture such opportunities. We initiate coverage on the sector with a BUY on SRF/Anupam, HOLD on NFIL, and SELL on GFL.

In the ever-evolving electronics landscape, EMS companies are surging forward, driven by OEMs’ increased outsourcing. While most of the electronics production remains in-house (~65%/77% global/India), the transition to EMS is accelerating. These companies are now offering high- margin services such as design (ODM) and component sourcing that leverage their manufacturing expertise. Advanced technologies, such as EVs, 5G, wearables and AI, are catalyzing this shift, demanding EMS expertise.

India’s electronics industry is poised for an 18% CAGR over FY21-26E, driven by government initiatives (PLI, SPECS, EMC) and a shift from China. India’s EMS market is set to explode, backed by domestic raw material production (electronic ecosystem) and cost-effective labor. With a 32% CAGR expected over CY21-26E, it’s the time to harness India’s electronics potential (INR6t market by FY27).

We initiate coverage on: a) Kaynes Technologies (Kaynes), Avalon Technologies (Avalon), Syrma SGS (Syrma) and Cyient DLM (CYIENTDL) with a BUY rating; and b) Data Patterns (DATAPATT) with a Neutral rating. These companies are some of the key players operating in the Indian EMS space.

Domestic markets are expected to open cautiously on Monday amid the festival mood. With the global market remaining under pressure due to geopolitical tension besides economic slowdown worries, The market’s initial reaction on the new week will be influenced by the sharp surge in crude oil prices over the weekend.

Adani Enterprises: The Office of Regional Director-Southeast Region, Hyderabad, Ministry of Corporate Affairs, initiates investigation into accounts of Mumbai International Airport and Navi Mumbai International Airport. The documents sought pertain to the period from FY18 to FY22, prior to their acquisition by the company.

1️⃣BALRAMCHIN

2️⃣BHEL

3️⃣DELTACORP

4️⃣HINDCOPPER

5️⃣IBULHSGFIN

6️⃣INDIACEM

7️⃣L&TFH

8️⃣MANAPPURAM

9️⃣PNB

1️⃣0️⃣SAIL

1️⃣1️⃣SUNTV

Mangalore Chemicals & Fertilizers: Promoter Zuari Industries created a pledge of 28 lakh shares on Oct. 9

Trading Tweaks

Price Band Revised from 20% to 10%: ITI Move Into

Short-Term ASM Framework: Oriental Hotels, Manoj Vaibhav Gems N Jewellers.

Move Out Of Short-Term ASM Framework: Edelweiss Financial Services, GTL Infrastructure

Yatra Online: Akash Agrawal bought 8.2 lakh shares (0.52%) for Rs 152.27 apiece.

Revenue up 5.99% at Rs 3149 crore vs Rs 2971 crore

Ebitda up 55.41% at Rs 589 crore vs Rs 379 crore

Margins at 18.70% vs 12.76%

Net profit up 161.70% at Rs 123 crore vs Rs 47 crore

Revenue up 18.97% at Rs 779.19 crore vs Rs 654.98 crore

Ebitda down 5.34% at Rs 124.32 crore vs Rs 131.33 crore

Margins at 15.95% vs 20.05%

Net profit down 24.44% at Rs 35.87 crore vs Rs 47.48 crore

Revenue up 66.19% at Rs 805.05 crore vs Rs 484.42 crore

Net profit up 69.99% at Rs 20.2 crore vs Rs 11.88 crore

Ebitda up 75.92% at Rs 76.25 crore vs Rs 43.34 crore

Margins at 9.47% vs 8.95%

Revenue up 18.7% at Rs 12,624.37 crore vs Rs 10,638.33 crore

Ebitda up 12.7% at Rs 1,004.97 crore vs Rs 892.01 crore

Margin at 7.96% vs 8.38%

Net profit down 9.1% at Rs 623.35 crore vs Rs 685.71 crore

Revenue up 57.69% at Rs 2,947.6 crore.

Ebitda at Rs 93.84 crore vs. Ebitda loss of Rs 255.18 crore

Net loss of Rs 460.23 crore vs. loss of Rs 661.8 crore

Revenue is down 3.72% at Rs 276.6 crore.

Ebitda is up 14.32% at Rs 43.1 crore.

Ebitda Margin at 15.58% vs. 13.12%

Net profit is down 5.2% at Rs 45.6 crore.

Note: Deferred tax expense of Rs 18.3 crore (vs. 0.4 crore YoY)

Revenue is up 74.08% at Rs 247.72 crore.

Ebitda is up 57.68% at Rs 27.20 crore.

Margin at 10.98% vs. 11.77%

Net profit is up 80% at Rs 14.85 crore.

16 October 2023 (Today)

Derivative Segment

• The Federal Bank Limited

Cash Segment

• Bank Of Maharashtra

• Ceat Ltd.

• ICICI Securities Ltd.

17 October 2023

Derivative Segment

• Bajaj Finance Ltd.

• Can Fin Homes Limited

• ICICI Prudential Life Ins Co Ltd.

• L&T Technology Services Ltd.

• Syngene International Ltd.

Cash Segment

• CIE Automotive India Ltd.

• Happiest Minds Tech Ltd.

• PCBL Ltd.

• Tata Elxsi Ltd.

• TCI Express Ltd.

• VST Industries Ltd.

• Zensar Technologies Ltd.

18 October 2023

Derivative Segment

• Astral Limited

• Bajaj Auto Ltd.

• Bandhan Bank Limited

• ICICI Lombard Gen Ins Co Ltd.

• Indusind Bank Limited

• LTIMindtree Ltd.

• Oracle Fin Serv Software Limited

• Persistent Systems Ltd.

• Polycab India Ltd.

• Wipro Ltd.

• Zee Entertainment Limited

Cash Segment

• IIFL Finance Ltd.

• Shoppers Stop Ltd.

19 October 2023

Derivative Segment

• Coforge Ltd.

• Havells India Limited

• Hindustan Unilever Ltd.

• ITC Ltd.

• Mphasis Ltd.

• Nestle India Ltd.

• PVR Inox Limited

• Tata Communications Limited

• Ultratech Cement Ltd.

• United Breweries Limited

• Voltas Limited

Cash Segment

• Aarti Drugs Ltd.

• Cyient Ltd.

• Equitas Small Finance Bank Ltd.

• Hatsun Agro Product Ltd.

• HFCL Ltd.

• Jindal Stainless Ltd.

• Mastek Ltd.

• Metro Brands Ltd.

• Tanla Platforms Ltd.

• Tata Coffee Ltd.

20 October 2023

Derivative Segment

• Atul Ltd.

• JSW Steel Ltd.

• L&T Finance Holdings Ltd.

• Laurus Labs Limited

Cash Segment

• Central Bank Of India

• Century Textiles & Industries Ltd.

• CG Power and Industrial Soln Ltd.

• CreditAccess Grameen Ltd.

• CSB Bank Ltd.

• Hindustan Zinc Ltd.

• JSW Energy Ltd.

• Just Dial Ltd.

• Kajaria Ceramics Ltd.

• One97 Communications Ltd.

• Poonawalla Fincorp Ltd.

• Tejas Networks Ltd.

• The Jammu & Kashmir Bank Ltd.

21 October 2023

Derivative Segment

• Balkrishna Industries Limited

• ICICI Bank Ltd.

• Kotak Mahindra Bank Limited

• RBL Bank Limited

Cash Segment

• Amber Enterprises India Ltd.

• Finolex Industries Ltd.

• IDBI Bank Ltd.

• Rossari Biotech Ltd.

• Sterling & Wilson Ren Energy Ltd.

• Yes Bank Ltd.

23 October 2023

Derivative Segment

• Torrent Pharma Limited

Cash Segment

• Mahindra Holidays & Resorts Ltd.

• PNB Housing Finance Ltd.

25 October 2023

Derivative Segment

• Axis Bank Limited

• Indus Towers Limited

• Jubilant Foodworks Limited

• Tech Mahindra Limited

Cash Segment

• Lakshmi Machine Works Ltd.

• Rallis India Ltd.

• Sona BLW Precision Forgings

26 October 2023

Derivative Segment

• Asian Paints Ltd.

• Canara Bank

Cash Segment

• Apar Industries Ltd.

• Maharashtra Scooters Ltd.

• Medplus Health Services Ltd.

• Westlife Foodworld Ltd

27 October 2023

Derivative Segment

• Bajaj Finserv Ltd.

• Cipla Ltd.

• Dr. Reddy’s Laboratories Ltd.

• M&M Financial Services Ltd.

• Maruti Suzuki India Limited

Cash Segment

• Bajaj Holdings & Inv Ltd.

• Blue Dart Express Ltd.

• Latent View Analytics Ltd.

• Mahindra Lifespace Dev Ltd.

• Sumitomo Chemical India Ltd.

• TTK Prestige Ltd.

28 October 2023

Derivative Segment

• Bharat Electronics Limited

• IDFC First Bank Limited

30 October 2023

Derivative Segment

• IDFC Ltd.

• Marico Ltd.

• TVS Motor Company Ltd.

Cash Segment

• Blue Star Ltd.

• Castrol India Ltd.

• Craftsman Automation Ltd.

• KPIT Technologies Ltd.

• Nippon Life India AMC

• P&G Hygiene & Health Care Ltd.

• Tube Investments of India Ltd.

• Vaibhav Global Ltd.

31 October 2023

Derivative Segment

• Max Financial Services Ltd.

• Navin Fluorine International Ltd.

• Tata Consumer Products Limited

Cash Segment

• Amara Raja Batteries Ltd.

• Capri Global Capital Ltd.

• Five-Star Business Fin Ltd.

• Gillette India Ltd.

• Motherson Sumi Wiring India Ltd.

• Nuvoco Vistas Corp Ltd.

• Rites Ltd.

01 November 2023

Derivative Segment

• Sun Pharma Industries Limited

Cash Segment

• Kansai Nerolac Paints Ltd.

• Relaxo Footwears Ltd.

02 November 2023

Derivative Segment

• Cholamandalam Inv & Fin Co Ltd

• Container Corp Of India Limited

• Dabur India Ltd.

• Gujarat Gas Ltd

Cash Segment

• 360 One Wam Ltd.

• Akzo Nobel India Ltd.

• Clean Science & Tech Ltd.

• Nocil Ltd.

03 November 2023

Derivative Segment

• Aditya Birla Capital Limited

• Crompton Greaves Cons Elec

Cash Segment

• JM Financial Ltd.

• P&G Health Ltd.

• Thermax Ltd.

06 November 2023

Derivative Segment

• Exide Industries Ltd.

Cash Segment

• Bikaji Foods International Ltd.

• Emami Ltd.

07 November 2023

Derivative Segment

• Shree Cement Limited

Cash Segment

• Alkyl Amines Chemicals Ltd.

• Gujarat State Fert & Chem Ltd.

• Rain Industries Ltd.

08 November 2023

Derivative Segment

• Pidilite Industries Limited

Cash Segment

• Computer Age Mgmt Serv Ltd.

• Endurance Technologies Ltd.

• HEG Ltd.

09 November 2023

Derivative Segment

• ABB India Ltd.

• Bosch Ltd.

• Samvardhana Motherson Int Ltd

Cash Segment

• BASF India Ltd.

• Glaxosmithkline Pharma Ltd.

• Cholamandalam Fin Hldgs Ltd.

10 November 2023

Derivative Segment

• Hindalco Industries Ltd.

• Manappuram Finance Ltd.

• Biocon Limited

Cash Segment

• Esab India Ltd.

14 November 2023

Derivative Segment

Nil

Cash Segment

• Kalyan Jewellers India Ltd.

Indigo displayed its dominant position and pricing prowess by introducing fuel charge to counter rising ATF costs, resulting in 8-12% fare hikes, on average. While competition has not followed suit so far, we observe that fares for key airlines, viz. Indigo, Air India and Vistara, remain in a +/-10% or Rs200-300 tolerance band for key sample routes, for many of which Indigo still offers the cheapest fares. We foresee the fuel charge improving Indigo’s theoretical yields by ~10% QoQ in Q3FY24E, ceteris paribus, with media reports also quoting unnamed company sources indicating Rs0.9-1.0bn weekly impact. Fuel cost/ASK was turning out to be 8-10% higher than our FY24 estimate, as Brent and jet kero spreads strengthened from August, but the fuel charge offsets this, up to USD90-95/bbl and ~USD30/bbl, respectively, with low risk of FY24 ex-forex earnings downgrade. We retain BUY on Indigo with TP of Rs 3,000/share

Ex Bonus 17 October 2023 (Tomorrow)

Last date Trade for Before Bonus Today

Kama Holdings Limited

Bonus issue 4:1

Previous day Closing Price – Rs. 16270.65

Gensol Engineering Ltd

Bonus issue 2:1

Previous day Closing Price – Rs. 2373.45

HDFC Bank, Federal Bank, Jio Financial, Cyient DLM, Ceat, Tata Motors, TCS, ITC, Delta Corp, Skipper, Adani Enterprises, Bajaj Electrical, Union Bank, RBL Bank, Bajaj Finance, NBCC, NHPC, Ramco Industries, Tinplate, SAIL, Ashok Leyland, Zee Entertainment, ICICI Securities, Tinplate, Eros International

12:00 INDIA WPI Inflation y/y (Previous: -0.52%)

The Charles Schwab Corporation (Pre market) (Sector- Financial)

Equity Lifestyle Properties, Inc. (Post market) (Sector- Realty)

During the week ending October 13, bellweather indices S&P BSE Sensex and Nifty 50 gained 0.86 per cent and 1.25 per cent respectively. Gainers in the sectoral indices have been BSE Realty (4.1 per cent) BSE Auto (2.9 per cent) and BSE FMCG (1.8 per cent).

BSE Teck (0.9 per cent) and BSE IT (1.3 per cent) have been major losers during the last week . Among the BSE 500 stocks, the top gainers with fundamental news driving the shares were Phoenix Mills, Vodafone Idea, NMDC .

Artson Engineering, Bank of Maharashtra, CEAT, Choice International, Cyient DLM, DMR Hydroengineering Infrastructures, Federal Bank, HDFC Bank, ICICI Securities, Indbank Merchant Banking Services, Ind Bank Housing,Jai Balaji Industries, Jio Financial Services, Martin Burn,NELCO, Nath Bio-Genes, Oriental Hotels, PNGS Gargi Fashion Jewellery, Selan Exploration Technology, Tinplate Company of India, Transoceanic Properties, Unistar Multi Media and Yatra Online.

Investors may contemplate selling shares of United Breweries Ltd (UBL), a major player in the beer industry and part of the global giant HEINEKEN Company, due to unsustainable premium valuations and ambitious consensus earnings expectations. Read more

The precious metals’ price surged last week and produced the best weekly performance since the third week of March this year. In terms of dollars, gold and silver appreciated over 5 per cent each and ended at $1,932.8 and $22.7 per ounce, respectively.

Similarly, on the MCX, gold and silver futures rallied 4.5 per cent each and closed the week at ₹59,408 (per 10 gram) and ₹71,287 (per kg) respectively. Read more

Crude oil prices soared last week, especially on Friday, on the back of geopolitical tensions. Brent crude oil futures on the Intercontinental Exchange (ICE) climbed 7.4 per cent to close at $90.9 per barrel. Crude oil futures on the MCX, too, saw a sharp rally of 5.7 per cent to wrap up the week at ₹7,162. Read more

We zoom in on the prospects of Petronet LNG, as also the prospects of two other stocks — NRB Bearings and CreditAccess Grameen

Here is what the charts say about the shares of ICICI Prudential Life, Siemens and Sobha

It was a volatile week for the currency market. The dollar index and the Treasury yields fell in the first half and then managed to recover later after the inflation data release. The dollar index has risen back well from its low of 105.54 to close the week at 106.65.

The US Consumer Price Index (CPI) inflation numbers came in higher than the market expectation. The US Headline CPI rose 3.7 per cent (year-on-year) in September as against the market expectation for an increase of 3.6 per cent. The Core CPI came inline with the market expectation at 4.1 per cent. Read more

The primary reason is the fall in gold price. Gold, in terms of dollars, has depreciated 7 per cent from the high made in May to the current level of $1,933 per ounce

Nifty 50 and Sensex moved up last week in line with our expectation. This keeps our overall bullish bias intact. It also leaves the door open for the indices to move further up in the coming weeks. Nifty Bank, on the other hand, is struggling to rise. Although it looks vulnerable to dip in the near term, supports are there to limit the downside. We expect the Nifty Bank index also to catch up with the Nifty and Sensex, and see a fresh rise in the coming weeks. Read more

The Government has given a final call to all legal entities engaged in sugar trade to declare their stocks on a Food Ministry website by October 17, and warned that strict action will be taken against those for violation.

On September 23, the Food Ministry had issued an order directing all sugar stakeholders —wholesalers, retailers, big chain retailers and processors — to weekly update their stock position on its website.

On Monday, Asian markets opened with caution due to the recent decline in Wall Street and the surge in oil prices on Friday, all amid the backdrop of increasing violence in the Middle East.

At the opening, Japanese stocks were notably down, as the benchmark Nikkei 225 index dipped by 1.85%, equivalent to 610.81 points, trading at 31,705.50 by 6:50 a.m. IST. Simultaneously, the broader Topix index experienced a 1.44% decline, shedding 32.44 points and reaching 2,276.49. Australia’s S&P/ASX 200 index also saw a slight drop of 0.18%, or 12.80 points, closing at 7,038.20. The South Korean KOSPI index decreased by 0.56%, with a loss of 15.40 points, landing at 2,440.75.

Meanwhile, crude oil prices hovered above $90 per barrel, as investors anxiously monitored the potential spread of the conflict in Gaza beyond Israel and Hamas. Brent crude futures hit a recent high of $91.20 on Monday before easing slightly to $90.84, following Friday’s notable 5.7% surge.

Furthermore, Israel’s shekel experienced a significant drop, reaching a nearly eight-year low, in response to Prime Minister Benjamin Netanyahu’s vow to retaliate against the October 7 rampage that resulted in the tragic death of 1,300 people, marking the worst attack on civilians in Israel’s history.