Share Market Highlights 18th March 2024: Stock markets settle higher in volatile trade; metal, auto shares shine

Benchmark equity indices Sensex and Nifty closed marginally higher in a volatile trade on Monday as cautious investors preferred to remain on the sidelines ahead of the US Fed interest rate decision this week and rising crude oil prices.

The 30-share BSE Sensex rose by 104.99 points or 0.14 per cent to settle at 72,748.42. During the day, it gyrated between a high of 72,985.89 and a low of 72,314.16.

Read more here.

The rupee declined by 4 paise to settle at ₹82.90 (provisional) against the US currency on Monday on firm crude oil prices.

Gains in domestic stock markets and foreign fund inflows capped the rupee’s losses, analysts said.

The local unit opened firm at 82.84 to a dollar at the interbank foreign exchange market and inched up to the day’s high of 82.83 in early deals.

​Read more here.​

The Government’s push for millet crops has led to the increase in annual incomes of nearly three-fourths of the millet growers in Uttarakhand by about 10 to 20 per cent, reveals a study conducted by the Indian Institute of Management, Kashipur.

Four senior professors and five data collectors conducted the six-month study “Millet Production in Uttarakhand: An Empirical Analysis of its Socio-Economic Impact and Marketability Challenges” on over 2,100 farmers.

Rajoo Engineers Limited, a leading solution provider of innovative plastic extrusion machinery, today announced a strategic academic collaboration with the School of Engineering, Plastindia International University, located in Vapi, India. This Memorandum of Understanding (MoU) marks a significant milestone in fostering mutually beneficial partnerships between academia and the plastics industry.

The collaboration encompasses various areas of mutual interest aimed at enhancing academic excellence and industry readiness among students. These areas include curriculum design inputs, internships, industry visits, guest lectures, faculty training, live projects, certification programs, industry-defined problems solving, awards, and campus recruitment.

Top gainers:

Tata Steel (5.93%), JSW Steel (3.28%), Mahindra and Mahindra (3.02%), Tata Motors (2.97%), Apollo hospitals enterprise (2.66%)

Top losers:

Tata Consumer products (-2.28%), UPL (-1.79%), Infosys (-1.68%), Titan company (-1.53%), Adani ports and special economic zone (-1.33%)

PHF Leasing Limited, a Metropolitan Stock Exchange listed (PHF / INE405N01016), deposit accepting NBFC, headquartered in Jallandhar, Punjab, announced its hiring plans for the next two quarters. From the current 400+ employees, the company is targeting to employ another 200 people across sectors over the next two quarters, in keeping with its growth plans and new office openings.

PHF Leasing is a category “A” Deposit taking Non-Banking Financial Company registered with Reserve Bank of India since 1998.

RITES Limited secured a contract from The National Small Industries Corporation Limited worth ₹67.50 crore for quality inspection of 18 trades of Toolkits under PM Vishwakarma Scheme. Shares were up by 2.61% to Rs 638.85 on the BSE.

The Central Electricity Authority (CEA) has issued final terms and conditions for Tariff Regulation FY24-29. The draft regulation was released in January 2024. The final regulation is in line with the draft, with a few adjustments to the normative plant availability factor (PAF) for capacity charge recovery and normative plant load factor (PLF) for PLF incentive. We note the incentive for off-peak power has been raised by 5 paise/Kwh. We believe the final regulation will have a favorable impact on NTPC, NHPC, and SJVN while they are expected to have a limited impact on Power Grid.

ROE of regulated assets remains consistent with that outlined in the draft regulation

Kolkata-based Baazar Style Retail Limited, a value fashion retailer with a leadership position in terms of scale in the states of West Bengal and Odisha in the organized value retail market, has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).

The IPO, with a face value of Rs 5 per equity share, is a mix of fresh Issue of up to Rs 185 crore and an offer of sale of up to 16.88 million by the promoter group and other selling shareholders.

The offer for sale consists of the sale of equity shares of up to 2.72 million shares by Rekha Rakesh Jhunjhunwala, up to 2.24 million shares by Intensive Softshare Private Limited, up to 1.49 million shares by Intensive Finance Private Limited, up to 1.31 million shares by Chandurkar Investments Private Limited, up to 9.19 lakh shares by Subroto Trading & Finance Company Limited, up to 8.44 lakh shares by Rajnish Gupta, up to 6.64 lakh shares by Madhu Surana, up to 6.42 lakh shares by Sabita Agarwal, up to 6 lakh shares by Rekha Kedia, up to 6 lakh shares by Shakuntala Devi, up to 5.4 lakh shares by D.K Surana HUF. The offer includes a reservation for subscription by eligible employees.

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, and International WELL Building Institute (IWBI), are delighted to announce that Embassy REIT has received the highest number of WELL Certifications globally for its pan-India office portfolio. IWBI is a leading global institution driving market transformation toward healthier buildings, organizations and communities. The WELL Certification program under IWBI’s WELL Building Standard evaluates various aspects of building design, construction, and operation, focusing on ten key areas - air, water, nourishment, light, movement, thermal comfort, sound, materials, mind, and community.

Embassy REIT earned 183 WELL achievements and a portfolio score of 60. Of the 90 office buildings evaluated, 48 were “WELL Certified” at the gold level, 47 were “WELL Pre-certified” and 100% of the operational portfolio received the “WELL Health Safety Rating”. Embassy REIT was also recognized with many prestigious awards offered by IWBI to its WELL at scale participants, such as, the People First Award in Real Estate, the WELL Certification Leadership Award, the WELL Concept Leadership Award for Movement and the WELL Concept Leadership Award for Innovation concept.

Brahmaputra Infrastructure Ltd. secured a Letter of Acceptance from NHAI, Ministry of Road Transport and Highways, for a project worth Rs 50.80 crore in Assam. The contract involves constructing a four-lane divided carriageway road and a bypass, enhancing the state’s infrastructure development. Shares trade flat on the BSE.

Shriram Finance Ltd.’s shares were up 2.05% to ₹2,312. Properties sold 70% of “Codename Ultimate” project inventory in its opening weekend near Electronic City, Bengaluru.

DJ Mediaprint & Logistic Limited secured a contract from Axis Bank Limited for secured stationery, involving MICR printing and variable data services for 2 years. The contract is valued at approximately ₹82,000. The shares were down by 1.07% to ₹138.45 on the BSE.

Salasar Techno Engineering Ltd. acquired EMC Ltd. (Under Liquidation) for ₹178 crore, for its presence in the EPC sector, power transmission and substation segments. Shares were up by 2.23% to ₹21.99 on the BSE.

A total of 3,883 stocks were actively traded, 1,800 advanced, while 1,944 declined and 139 stocks remained unchanged where 107 stocks hit a 52 week high and 42 stocks hit a 52 week low at 12.10 pm on the BSE

Major Gainers on the NSE at 12 pm include - Tata Steel (4.55%), Mahindra and Mahindra (2.70%), Jsw Steel (2.25%), Bajaj Auto (2.09%), Tata Motors (1.79%)

Major Losers- Adani ports and special economic zones (-2.83%), UPL (-2.33%), Tata consumer products (-1.89%), Adani Enterprises (-1.87%), Titan company (-1.55%)

NSE nifty was up by 0.05% or 11.55 points to 22,034.90 points, while the BSE Sensex was at 72,672.60 up by 0.04% or 25.4 points at 12.06 pm

J. Kumar Infraprojects Limited secured a domestic contract worth ₹334.25 crore from NBCC (India) Limited for the development of Hari Nagar Depot of Delhi Transport Corporation (DTC) in Delhi. Shares were down by 0.75% to Rs 592.60 on the BSE.

UGRO Capital Limited achieved CRISIL Ratings upgrades on its long-term rating on bank loans and non-convertible debentures to ‘CRISIL A/Stable’ from ‘CRISIL A-/Positive’, affirming the short-term rating at ‘CRISIL A1’. Shares were down by 0.19% to Rs 232.80 on the BSE.

Aditya Birla Sun Life AMC has launched its latest innovation, MyMutualFundGPT, an information tool designed to elevate the overall investor experience across its digital platforms. 

The Gen AI-based tool goes beyond traditional keyword matching by comprehending the context of queries and generates responses based on the meaning. The tool addresses investors’ queries regarding Aditya Birla Sun Life AMC’s products and services. In addition, it also helps investors to conduct research on top-performing funds, fund managers and related topics. 

As an alternative to navigating through vast information, MyMutualFundGPT empowers the investor to take informed decisions with clear explanations from respective product or service brochures available on its website. Besides, MyMutualFundGPT acts as an innovative solution-oriented providing a conversational interface

Greaves Cotton Ltd.’s subsidiary Greaves Electric Mobility pvt Ltd. announced its electric scooter completed a journey from Kashmir to Kanyakumari, spanning over 10,000 km in 45 days, setting four records. Shares were down by 0.73% to ₹128.95 on the BSE.

Tata Consultancy Services’ shares down by 0.14% to ₹4211.60 on the BSE.

Natural gas futures (April contract) on the Multi Commodity Exchange (MCX) depreciated over the past couple of weeks. It fell off the resistance at ₹176. Last week, it marked an intraweek low of ₹147.8 and closed at ₹150.3.

The daily chart shows that ₹150 is a good support and the bulls successfully defended this level twice over the last month. While this is not an indication of a bullish trend reversal, the probability of an upswing, which could at least be a corrective rally, has been increasing.

Star Health and Allied Insurance Company Ltd reported that it got authorised to establish an IFSC International Office in GIFT City, for dollar-denominated insurance offerings, enhancing international operations and reinsurance business. 

The shares were down by 1.14% to ₹550.25 on the BSE.

Ambuja Cements Ltd.’s Geoclean launched two facilities, Ambuja Marwar pre-processing & co-processing Facility and ACC Jamul Co-processing Facility, aiming to boost sustainable waste management and elevate Thermal Substitution Rate (TSR) to 15%. The shares were down by 1.95% to Rs 589.50 on the BSE.

Bank Nifty index has begun the week on a weak note. The index is trading at 46,383, down 0.45 per cent. The advance/decline ratio is at 2:10. This clearly indicates that the bias is negative and more fall could be on the cards during the day

Nifty 50 began today’s session with a minor gap-down at 21,990 versus last week’s close of 22,023. While the index fell to 21,934 soon after the open, it recovered and is now at 21,980, down 0.2 per cent.

Arrowhead Separation Engineering Limited secured a contract worth approximately ₹2.2 crore for the procurement of System/Dryer spares. The shares were down by 1.82% to Rs 145.30 on the BSE.

Adani stocks may find buyers on dips amid us probe : piper serica, investment advisory firm

Rattanindia Enterprises Ltd.’s Revolt Motors launched a campaign targeting tech-savvy bikers, emphasizing a 150 km range on a single charge and EMI starting at ₹2,799. The shares were down by 1.17% to ₹69.90 on the BSE

Amid reports of US probe for bribe, most Adani group stocks are down between 1 and 5 per cent

NSE nifty was down by 0.17% or 37.50 points to 21,984.30 points, while the BSE Sensex was at 72,528.35 down by 0.16% or 113.29 points at 10.09 am

The 30-share BSE Sensex climbed 126.36 points to 72,769.79 in early trade after a weak beginning to the trade. The NSE Nifty went up 20.65 points to 22,044.

Expansion in China’s industrial production and the continued drone attacks on Russian refineries by Ukraine helped boost the price of crude oil futures on Monday morning.

During the week ending March 15, the Indian equity benchmark indices BSE Sensex and NSE Nifty experienced a decline of 2 per cent attributed to selling pressure. The fall stems from weakened US macroeconomic data and concerns regarding potential delays in interest rate cuts. The spillover of the nervousness in the mid- and small-cap segments, following SEBI’s concerns on a building up of froth in this space could also be another reason.

The rupee appreciated by 2 paise to trade at 82.84 against the US dollar in the opening session on Monday following foreign fund inflows.

Sona BLW Precision Forgings Ltd. reported achieving production milestones. The company manufactured 400 million 

differential gears and 6 million differential assemblies. The shares were up by 2.38% to ₹656 on the BSE.

Gensol Engineering Limited announced the completion of a 160 MW solar installation in Bhavnagar, Gujarat valued at ₹128 crore for Continuum Green Energy. Shares were up by 5% to ₹800.10 at 9.44 am on the BSE.

Major Gainers on the NSE at 9.33 am include - Mahindra and Mahindra (3.14%), Tata Steel (1.62%), Apollo hospitals enterprise (1.34%), Jsw Steel 1.08%), Axis Bank (1.06%)

Major losers include - Adani Enterprises (-3.89%), Adani ports and special economic zone (-3.31%), UPL (-1.50%), Asian paints (-1.02%), Grasim industries (-0.80%)

A total of 3,145 stocks were actively traded, 1,799 advanced, while 1,216 declined and 130 stocks remained unchanged where 48 stocks hit a 52 week high and 22 stocks hit a 52 week low at 9.39 am on the BSE

Expansion in China’s industrial production and the continued drone attacks on Russian refineries by Ukraine helped boost the price of crude oil futures on Monday morning. At 9.16 am on Monday, May Brent oil futures were at $85.63, up by 0.34 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $80.94, up by 0.45 per cent. March crude oil futures were trading at ₹6739 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹6720, up by 0.28 per cent, and April futures were trading at ₹6704 against the previous close of ₹6680, up by 0.36 per cent.

China surprises with 1.6% rise in Jan-Feb crude steel output

China’s crude steel output increased 1.6% year on year in the first two months of 2024, according to statistics released Monday, defying market forecasts that production would fall during the low-demand period when many steelmakers conduct maintenance work. The world’s largest steel maker produced 167.96 million metric tonnes of ferrous metal in January and February.

*Silver gain $25

Silver prices surged on safe haven demand as investors sought safety from rising war and inflation threats. The latest producer CPI and PPI statistics from the United States were higher than expected, as geopolitical tensions on the global stage rose when Russia moved its tactical nuclear missiles closer to NATO. Traders will now look to the Fed’s policy meeting on Tuesday for fresh hints about the commencement of monetary easing. Previously, mixed economic data from the United States caused markets to drop their bets on a June interest rate cut to 58% from 74%, which was considered as weak earlier.

Key economic data slated for release includes Final Core CPI y-o-y, Final CPI y-o-y, Trade Balance from Euro Zone and NAHB Housing Market Index from US Zone.

*Gold up at $ 2148

Gold struggled to gain traction as the dollar remained steady as investors waited for a series of important central bank policy meetings, including the US Federal Reserve, this week. According to data, consumer prices in the United States grew significantly in February, while producer prices rose more than predicted, owing to an increase in the cost of items such as petrol and food. The Federal Open Market Committee will begin its two-day meeting on interest rates on Tuesday. It plans to announce its rate decision on Wednesday, followed by a statement. The Fed is expected to retain interest rates between 5.25% to 5.5%, but given the stickiness of inflation at both the consumer and producer levels, it may suggest a higher-for-longer policy outlook.

Key economic data slated for release includes Final Core CPI y-o-y, Final CPI y-o-y, Trade Balance from Euro Zone and NAHB Housing Market Index from US Zone.

360ONE WAM: Growth momentum intact despite near-term cost pressures

(360ONE IN, Mkt Cap USD3b, CMP INR694, TP INR850, 22% Upside, Buy)

Motilal Oswal Financial

- 360 ONE WAM (360ONE) is well placed to maintain its leadership position in a favorable macro environment, wherein inter-generational wealth transfer is expected to gather momentum and the adoption of organized wealth management increases in the lower tier cities.

- With a wide product portfolio, 360ONE is capable of countering the cyclicality as it is seeing strong traction in credit products and advisory mandates (360ONE Plus inflows of ₹238 billion in 9MFY24 vs. ₹110 billion in FY23).

- In order to grow ARR AUM, 360ONE is focusing on a five-point strategy: 1) increase wallet share among existing clients, 2) expand into new geographies, 3) increase share in inter-generation wealth transfer and 4) scale up AMC.

- 360ONE has a combination of both ESOPs and incentive for employees, which is largely as a function of three parameters: 1) time spent by the employee (~15-20% weightage), 2) respective business plan achievement and performance (~50-60% weightage), and 3) performance of the firm (~10-20% weightage).

- For the next six to nine months, 360ONE will be going through an investment phase for building out both businesses, the global business as well as the mid-market business (HNI Proposition). Management expects a visible impact on the topline from FY25 onwards (can potentially add ₹100 billion in FY25 with ~60% from HNI and ~40% from global platform). HNI proposition is on track to go live by Apr’24, whereas the global business will be launched by Jul’24.

- In terms of costs, continued investments in new businesses will keep the costs elevated in H1FY25. Post which, CIR is expected to improve to 47.5% by the end of FY25 and further improve to 45.6% in FY26.

- We expect 360ONE to register an ARR AUM CAGR of 23% during FY24-26. This, along with an improvement in CIR, will translate into an earnings CAGR of 20%. Also, the company will report a healthy RoE of 31% by FY26 and maintain a healthy dividend payout of 80%. We reiterate our BUY rating on the stock with a one-year price target of INR850 at 27x FY26E EPS.

Nomura on ICICI Bank: Maintain Buy on Bank, target price at ₹1,225/sh (Positive) 

MS on ICICI Bank: Maintain Overweight on Bank, raise target price at ₹1,440/sh from ₹ 1,350/Sh (Positive) 

MS on SBI: Maintain Overweight on Bank, raise target price at ₹750/sh from ₹670/Sh (Positive) 

UBS on Zomato: Maintain Buy on Company, target price at ₹195/sh (Positive) 

Citi on Shree Cement: Maintain Buy on Company, target price at ₹30,000/sh (Positive) 

UBS on Page Ind: Initiate Buy on Company, target price at ₹44,000/sh (Positive) 

UBS on UBL: Initiate Buy on Company, target price at ₹2,000/sh (Positive) 

UBS on Devyani: Initiate Buy on Company, target price at ₹190/sh (Positive) 

UBS on Sapphire: Initiate Buy on Company, target price at ₹1,800/sh (Positive) 

UBS on Page Ind: Initiate Buy on Company, target price at ₹44,000/sh (Positive) 

Jefferies on Top Picks: Top picks for five years Amber, Ambuja, Axis, Airtel, JSW Energy, L&T, Macrotech, Max Health, TVS Motors, SBI and Zomato (Positive) 

Kotak on Auto Ancillaries: Upgrade Uno Minda, CIE Auto and Varroc Engg to Add from Sell Given Recent Correction (Positive) 

Nomura on EV Policy: Sona BLW, Sansera and Motherson should benefit (Positive) 

GS on Power sector: Buy call for NTPC, adding that the co is most likely to benefit from dual tailwinds of coal capex revival (Positive) 

Nomura on Kotak Bank: Maintain Neutral on Bank, target price at ₹2,040/sh (Neutral) 

MS on Reliance: Maintain Overweight on Company, target price at ₹3,046/sh (Neutral) 

MOSL on IGL: Maintain Sell on Company, target price at ₹350/sh (Neutral) 

MS on IOC: Maintain Overweight on Company, target price at ₹191/sh (Neutral) 

MS on HDFC Bank: Maintain Overweight on Bank, cut target price at ₹1,900/sh from ₹2,110/Sh (Neutral) 

MS on Bajaj Fin: Maintain Overweight on Company, cut target price at ₹9,250/sh from ₹9,600/Sh (Neutral) 

MS on Kotak Bank: Maintain Equal weight on Bank, cut target price at ₹2,150/sh from ₹2,210/Sh (Neutral)

Trade Deficit

Q4 current a/c moves to surplus; FY24E CAD/GDP at 0.8%

Emkay Global Research

.The increase in trade deficit for February ($18.7bn) was due to imports rising marginally more than exports. Gold imports surged, while for FY24TD, non-oil, non-gold exports remained higher than last year. Services surplus increased to another all-time high, likely due to resilient global demand and an ongoing boom in non-software services. Q4FY24 is likely to see a current account surplus of 0.5% of GDP, due to better-than-expected trends in both goods and services exports. We revise our FY24E CAD/GDP down to 0.8%, with a BoP surplus of $25bn; FY25E to stay comfortable at 1.1-1.2%.

Adani Ports: Arbitral Tribunal passes consent award in arm AVPPL Vs Govt Of Kerala Case, concession agreement has been extended by 5 yrs until December 3rd, 2060

Big investments can surprise positively in CY24; maintain ADD

Emkay Global Research

Our analysis of CY23 AR suggests that VBL is making big investments to capture industry tailwinds and expand new categories. With likely commissioning of four new plants and expansion in eight existing plants, VBL’s capacity ahead of CY24 season is ~45% higher vs. CY22. In addition, traction in ‘Sting’ has helped to nearly double its distribution reach, while near-tripling of capacities for high realisation juice/dairy segments should drive better EBITDA/case. With ESG focus, VBL is light-weighting its SKUs, reducing sugar/water usage and investing in renewable energy, which are enabling growth investments and margin gains. Among subsidiaries, Zimbabwe and Morocco are gaining share and delivering strong 43-55% growth, while Nepal, Zambia saw weak trends in CY23 due to macros. Operating cash flows remain healthy at ~85% of tax-adjusted EBITDA, while capacity expansion drove negative FCF. RPTs aligned with historical trends in CY23. Maintain ADD on upgrade potential to our/street nos. post a strong summer. TP revised to ₹1,500 led by earnings rollover.

Auto & Auto Ancillaries 

Sector Update by Emkay Global

■ Government approves new EV policy (refer link) allowing annual imports of 8,000 units of EPVs above $35,000, at lower duty of 15% vs the current 70-100% for five years.

■ Imports are allowed on the condition of ₹41.5bn ($500m) investment in local manufacturing, with 25%/50% domestic value addition over 3/5 years.

■ The duty waiver is capped at the annual PLI incentive (₹65bn) or the investment made by the entity, whichever is lower.

■ We believe, the EV policy aims to promote development of the EV ecosystem/local manufacturing in India, while reasonably protecting the Indian OEMs largely operating below the $35,000 mark.

■ The policy reinforces our view highlighted in the report (2Ws to re-rate further - ‘TINA’ factor at play) that, while disruption risk is abating in 2Ws with stagnating penetration levels and consolidation, PVs are entering a phase of uncertainty around growth (slowing growth), and emerging disruption risks (with potential entry of newer players like Tesla, Vinfast, BYD etc). We prefer to play the PV story through Motherson Sumi Wiring

The government has increased the windfall tax on crude oil and decreased the windfall tax on diesel. The special additional excise duty on crude petroleum has been raised from ₹4,600 per tonne to ₹4,900 per tonne.

Ex Bonus 19 March 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Colab Cloud Platforms Ltd

Bonus issue 1:1

Previous day Closing Price – ₹189

Kesar India Ltd

Bonus issue 6:1

Previous day Closing Price – ₹3,342.75

Rama Steel Tubes Ltd

Bonus issue 2:1

Previous day Closing Price – ₹38.49

Dividend Dates

Ex-Dividend 19 March 2024 (Tomorrow)

Last date for Cum-Dividend Today

Kama Holdings Limited

Dividend Per Share ₹19

Previous day Closing Price – ₹2499.05

KEI Industries Ltd.

Dividend Per Share ₹3.5

Previous day Closing Price – ₹ 3,216.4

Sudarshan Chemical Industries Ltd.

Dividend Per Share ₹3.6

Previous day Closing Price – ₹573.95

TVS Motor Company Ltd.

Dividend Per Share ₹8

Previous day Closing Price – ₹2,067.1

Domestic pax growth in the slow lane; Air India bulks up market share

India’s domestic air traffic rose 1% y-o-y (day adjusted) to 12.6mn in Feb-24; while daily trends in Mar-24 (till date) indicate traffic growth of ~5% y-o-y. Air India’s market share grew 60bps m-o-m to 12.8% in Feb-24, while Vistara and AIX Connect’s share were unchanged m-o-m. Consequently, Tata Group’s market share improved to 28.8%. Indigo maintained its dominant position in the domestic space, though its market share declined marginally by 10bps m-o-m to 60.1%. Indigo and Tata Group continued to command a total domestic pax share of ~90%. Spicejet’s market share declined 40bps m-o-m to 5.2%, while Akasa Air was flat m-o-m at 4.5%.

Load factors intact on m-o-m basis; OTPs and cancellation rates improve

Passenger load factors (PLFs) were largely steady across the board, with Spicejet recording the highest monthly gains among peers at 80bps, resulting in Feb-24 PLF of 94.5%. Vistara topped the PLF chart at 94.6%, up 40bps m-o-m. Indigo’s PLF declined 30bps m-o-m to 88.1%, while Akasa/Air India lost 30bps and 20 bps m-o-m to 92.1% and 87.1%, respectively. AIX Connect’s PLF remained unchanged m-o-m at 87.6%. The OTP (on-time performance) improved sequentially, but remained at sub-75% across airlines. Indigo’s OTP improved m-o-m to 72.7% from 60.3%. Air India recorded the lowest OTP at 56.4%, while Akasa/Vistara/Spicejet stood at 72.9%/67.4%/59.1%, respectively. AIX Connect fared better than peers with OTP at 73.5%. Cancellation rate also improved across airlines with Spicejet recording the highest cancellation of 1.54%, while Indigo’s cancellation rate stood at 0.84%.

Fuel prices continue to soften

PSU OMCs have hiked domestic ATF price by 1% m-o-m for Mar-24 to ₹101.4/litre (in Delhi), largely due to ~5% uptick in Brent prices. Brent is currently trading at ~85/bbl levels, while jet kerosene spreads have corrected ~16% m-o-m, indicating a net ~2% m-o-m cut for Apr-24. Lower fuel prices are likely to support PBT spreads of airlines.

Domestic equity benchmarks BSE Sensex and NSE Nifty are expected to open with negative bias on Monday despite mixed trend in Asia Pacific region. Analysts expect market to remain in a range with dates for general election being announced. 

Experts belive global macros will anchor market direction in the short-term. The Nifty futures was marginally lower in early deal on Monday, signalling weak beginning for domestic markets.

HAL: Ministry of Defence signed a contract for mid-life upgrade with Hindustan Aeronautics

Dish TV: The company has appointed Manoj Dobhal as Executive Director 

Anup Engineering: The company has singed a pact to acquire 100% stake in Mabel Engineering. 

Shalby: The Company has acquired 100% equity stake in Healers Hospital Private Limited. 

CSB Bank: It appointed BK Divakara as Whole-time Director and approves candidate for Part-Time Chairperson.

Gujarat Gas: The company is seeking Expression of Interest from Ceramic Customers in Morbi & Surendranagar to purchase natural gas

Amber Enterprises: It incorporated a wholly-owned subsidiary called AT Railway Sub Systems Pvt. Ltd. to carry out the business of railway components 

Balrampur: The company inked agreements with three renowned technological experts--Sulzer AG, Alpine Engineering GmbH, and Jacobs for the manufacturing of PLA grade Lactic acid from sugar

Dish TV: Setu securities bought 1.18 crore shares of the company at ₹17.26 per share

Kopran: Quant Mutual Fund bought 2.5 lakh shares at ₹255.41 per share 

Electrosteel Cast: Norges Bank Govt Pension Fund bought 41.5 lakh shares at ₹155.8/share 

Jana Small Finance Bank: ICRA has upgraded it to A- from BBB+ 

Voltamp: Norges Bank Govt Pension Fund bought 77692 shares at ₹8201.54/share

PCBL: It entered into a JV with Kinaltek (Positive) 

Sula Vineyards: Demand notice of ₹116 cr, passed by State Excise, has been set aside (Positive) 

Ashok Buildcon: It acquired 4.9 crore shares of GVR Ashoka Chennai ORR from GVR Infra Projects. (Positive) 

HCL Infosystems: The company has been awarded approx. ₹31 crore in claims against a State Electricity Board for RAPDRP and ERP Projects (Positive) 

Vinati Organics: The company has been informed about the imposition of anti-dumping duty on the import of “Para-Tertiary Butyl Phenol (PTBP)“ by the Ministry of Finance

GTPL: It has completed the acquisition of Metro Cast Network India Private Limited, increasing its holding from 34.34% to 50.10%

Gensol Engineering: It completed 160 MW solar project worth ₹128 crore in Bhavnagar

The Centre has granted its approval to insurance major LIC for a wage revision for its employees, effective August 1, 2022. The pay has been revised upwards by 17 per cent.

The US has widened its investigation of Adani Group to focus on the conduct of its founder, Gautam Adani, and whether the company may have engaged in bribery, Bloomberg News reported on Friday. Prosecutors are digging into whether an Adani entity or people linked to the company, including Gautam Adani, were involved in paying officials in India for favourable treatment on an energy project, the report said, citing people with direct knowledge of the matter.

Jindal Stainless on Sunday said it supplied 75 tonnes of high-end steel for Kolkata Metro’s Esplanade-Howrah Maidan section which passes below the Hooghly River in West Bengal. The underwater metro project was inaugurated by Prime Minister Narendra Modi earlier this month.

KSB has received letter of award under PM-Kusum III Scheme under Component B of ₹63.22 crore for 2,500 solar water pumping systems from Maharashtra Energy Development Agency. The sales/ supply of products/ services for these orders is expected from Q2 2024.

Crompton Greaves Consumer Electricals has received a patent for its invention, the linear node tubular lighting system. This patent has been officially granted for 20 years, effective August 14, 2020.

Zydus Lifesciences said that it has received final approval from the United States Food and Drug Administration to market Finasteride and Tadalafil capsules with USP 5 mg/5 mg strength. Zydus is the first approved applicant for Finasteride and Tadalafil capsules and therefore is eligible for 180 days of CGT exclusivity. Finasteride and Tadalafil are used to treat benign prostatic hyperplasia.

Aditya Birla Fashion and Retail has received ‘no adverse objection’ letters from BSE and the National Stock Exchange of India for its proposed Scheme of Amalgamation between the company and TCNS Clothing Company. The effectiveness of the scheme will be subject to the approval of the National Company Law Tribunal.

Lupin said the US Food and Drug Administration (US FDA) inspected its Aurangabad facility from March 6 to March 15 and the agency issued a Form 483 with one observation. The company is confident of addressing the concern raised by the US FDA and will resolve the same at the earliest.

Ircon International has received the Letter of Award from the National Highways & Infrastructure Development Corporation for the construction of a 2.5-kilometer twin-tube uni-directional Aizawl bypass tunnel and its approaches of 2.1 km on the Sairang-Phaiawk section of the NH-6 in Mizoram in EPC mode at a quoted bid price of ₹630.66 crore.

SJVN Green Energy, subsidiary of SJVN, has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam for a 200 MW solar project in GUVNL Phase XXIII. The tentative cost of construction and development for this project is ₹1,100 crore.

JSW Neo Energy, subsidiary of JSW Energy, has received a Letter of Award (LoA) for an additional 500 MW of wind capacity under the greenshoe option for the SECI wind power projects (Tranche XVI). Subsequent to this, the cumulative capacity allotted to JSW Neo under SECI Tranche XVI stands at 1,000 MW.

RailTel Corporation of India has received the work order from the Municipal Corporation of Greater Mumbai for supply, installation, testing, commissioning, operations, and maintenance of HMIS (health management information system) for the Health Department of BMC, amounting to ₹351.95 crore. Besides, the PSU major has also received a work order worth ₹130.6 crore from the State Project Director of Bihar Education Project Council. The work order includes the appointment of an agency for the supply of teaching and learning material for classes I through V under a rate contract.

KPI Green Energy has emerged as the successful bidder in the Maharashtra State Power Generation Co tender for the development of a 100 MWAC solar power project. The company has also received a letter of intent for the order.

CuraTeQ Biologics, a wholly owned subsidiary of Aurobindo Pharmaceuticals, said its Omalizumab biosimilar candidate BP11 has met the Phase 1 trial end points vis-à-vis the EU and US-sourced reference product Xolair. The PK/PD trial was conducted on 165 healthy volunteers in Australia and New Zealand.

Sandhar Technologies has been granted a patent by the Controller of Patents for an invention entitled “System for controlled actuation of electronic handle lock of a vehicle and method thereof” for 20 years, with effect from September 5, 2022.

The board of Coforge has approved raising funds to the tune of ₹3,200 crore. The company said it will raise these funds through a Qualified Institutional Placement (QIP) i.e. by issuing shares to eligible institutional shareholders.

Dr Lal PathLabs Ltd has named Shankha Banerjee as its new Chief Executive Officer (CEO) and Key Managerial Personnel (KMP), effective May 21. Having joined Dr Lal PathLabs in July 2014 as Chief Operating Officer-Region II, Banerjee has held roles such as Chief Growth Officer and Chief Operating Officer. Presently, he is serving as Chief Executive Officer-Associates/Group Companies.

Gold in general has turned out to be as good an investment as equities in the long term and in some cases even better. For example, in the last 20 years, gold, in dollar terms, has given CAGR returns of 9 per cent, beating S&P 500 CAGR of 8 per cent and Dow Jones’ 7 per cent CAGR. Gold in the last 20 years in rupee terms has grown at a CAGR of 12.74 per cent as against the Nifty 50’s CAGR of 13.5 per cent.

In current circumstances too with markets at all-time high levels with risks of correction due to high valuations, gold can be a good diversifying investment for investors.

With Nifty IT hovering at all-time highs even as earnings have been sluggish for many players in the sector, and outlook too uncertain, we believe it’s time to get cautious on IT stocks again. 

Hope of a recovery in this space has resulted in a multiple expansion-driven rally. But this may face speedbumps as demand outlook for tech spending (excluding AI-related technology) is still hazy.

Data from the Securities Exchange Board of India (SEBI) show that in the National Stock Exchange (NSE), 45,748-lakh crore contracts were traded last year. This is up just 6 per cent from 43,318-lakh crore contracts traded in 2022. It is also the slowest since 2017 — the year when volumes fell by 2 per cent.

The turnover volume in 2023 was ₹379.53-lakh crore. This was just a 10 per cent rise from ₹344.22-lakh crore seen in 2022. This was also the lowest since 2017 when the turnover volume dropped by 6 per cent.

The major reason for the slowdown in the volume was the low volatility. 

The outlook is unclear for Nifty50. Support is in the 21,900-21,880 region. Resistance is around 22,250. A breakout on either side these two levels will determine the next leg of move.

A break above 22,250 will strengthen the bullish case. Such break can take the Nifty up to 22,600-22,700.

For Sensex, the immediate outlook is unclear. Support is at 72,280 and resistance is in the 73,500-74,000 region. A break below 72,280 can take the Sensex down to 71,850. A further break below 71,850 can drag the index down to 70,000.

Turnover : (NSE + BSE)

Cash Volume: 150344.05 + 7755.97 Total : 158100.02

F&O Volume: 532729.33 + 27641426.94 Total : 28174156.27

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +848.56 

(49504.55 - 48655.99) 

DII: NET SELL: -682.26 

(15254.61 - 15936.87)

Tine Agro Ltd

Ratio - 1:1

Record Date - 18th March 2024 

Kesar India Ltd

Ratio - 1:1

Record Date - 19th March 2024

*Rama Steel Tubes Ltd

Ratio - 2:1

Record Date - 19th March 2024

Colab Cloud Platforms Ltd

Ratio - 1:1

Record Date - 19th March 2024

Paisalo Digital Ltd

Ratio - 1:1

Record Date - 20th March 2024

• ABFRL

• BHEL

• BIOCON

• HINDCOPPER

• MANAPPURAM

• NATIONALUM

• PEL

• RBLBANK

• SAIL

• TATACHEM

• ZEEL

JUNIPER

Q3FY24 EARNING CALENDAR 19.03.2024

GPTHEALTH

Science Applications International Corporation (Pre market) (Sector- Technology) 

StoneCo Ltd. (Post market) (Sector- Financial)

07.30 China Industrial Production y/y (Expected: 6.8% versus Previous: 6.8%)

07.30 China Retail Sales y/y (Expected: 7.4% versus Previous: 7.4%)

15.30 Euro Final CPI y/y (Expected: 2.6% versus Previous: 2.6%

The outlook is bearish for Coal India. The share price had tumbled over 9 per cent last week. There is a head and shoulder bearish reversal pattern visible on the chart. This indicates a top formation and a trend reversal.

The neckline resistance of this pattern is around ₹720. Above that ₹728-730 is the next strong resistance zone which can cap the upside. Coal India share price can fall to ₹385 from here.

Asian shares idled and the dollar held firm on Monday as investors looked to navigate a minefield of central bank meetings this week that could see the end of free money in Japan and perhaps a slower glide path for US rate cuts, per a Bloomberg report.

Central banks in the US, Japan, the UK, Sweden, Switzerland, Australia, Brazil and Mexico all meet and, while most are expected to hold steady, there is plenty of scope for surprises, the report added.

Tuesday could see the end of an era as the Bank of Japan is now widely tipped to end eight years of negative interest rates and cease or amend its yield curve control policy.

The Nikkei newspaper on Saturday became just the latest media outlet to flag the move, after major companies granted the biggest pay hikes in 33 years.