Share Market Highlights 2nd April 2024: Sensex, Nifty retreat after three-day rally; profit-taking dominates

Stock markets snapped the three-day gaining run on Tuesday with benchmark Sensex dropping by 110 points due to profit-taking in select private bank and auto shares amid weak trends from the US markets and foreign fund outflows.

The rupee on Tuesday consolidated in a narrow range and settled 4 paise lower at 83.43 against the US dollar, weighed down by a strong dollar and elevated crude oil prices.

JK Tyre & Industries has received an order from GST Authority aggregating to ₹2.38 crore and interest as applicable, along with penalty of ₹2.57 crore approx.

Stock closed at ₹429.95 on the NSE, up 0.23%.

Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices witnessed range bound activity, the Nifty ends 9 points lower while the Sensex was down by 110 points. Among Sectors, buying were seen in Reality, Consumer and Metal stocks whereas selling pressure continued in IT stocks. Technically, after a muted opening entire day the index hovered between 22400 - 22465/73750-73900. From last two days the market witnessing range bound activity. For the traders now, 22350/73700 and 22500/74100 would act as key levels to watch out. On the higher side, above 22500/74100 the market could rally till 22600-22650/74500-74600. On the flip side, dismissal of 22350/73700 could accelerate the selling pressure. Below 22350/73700, the chances of hitting 22300-22210/73500-73200 would turn bright.

Alphageo (India) Limited received an intimation from Alphageo Offshore Services Private Limited (AOSPL), its subsidiary and joint venture company, about the receipt of contract from Oil India Limited, Odisha, for 3D Seismic Data Acquisition in Odisha for ₹46.04 crore.

Alphageo stock rallied 11.61% on the BSE, trading at ₹370.55.

Veefin Solutions Ltd’s shares were up by 1.30 per cent after the company announced that it partnered with Central Bank of India to launch its supply chain financing operations.

Sterlite Technologies Ltd’s shares were up by 3.45% after the company reported bagging orders worth approximately Rs 900 crore in FY24 for providing advanced optical solutions and smart fibre deployment services to private service providers in India.

Sobha Developers (Pune), a wholly owned subsidiary of Sobha Limited, has entered into a share purchase agreement with BNB Builders Private Limited (BBPL) to acquire 100% equity shares of the BBPL. 

Sobha stock rose 2.31% to trade at ₹1,578.80.

The stock of Reliance Power has been trading in an upward trend since March 18 on news of settling its debts. The stock on Tuesday hit the upper circuit (4.9 per cent) at ₹30.33 on the BSE.

Major gainers: Tata Consumers (3.97%), M&M (2.98%), Bajaj Auto (2.78%), BPCL (2.42%), Adani Ports (2.05%)

Major losers: Hero Motocorp (-2.54%), ICICI Bank (-1.77%), Kotak Bank (-1.77%), HCL Tech (-1.67%), SBI Life (-1.32%)

A total of 2,771 stocks advanced on the BSE at 3 pm on April 2, 2024, against 1,024 stocks that declined; 114 stocks remained unchanged. The total number of stocks traded was 3,909. The number of stocks that recorded a 52-week high was 172, and those that hit a 52-week low was 18. 

In addition, 555 stocks traded in the upper circuit, while 146 hit the lower circuit.

Gandhar Oil Refinery (India) Limited has received a work order worth ₹15.20 crore from BESCOM for supply of New Insulating Oil Uninhibited (U) Type- II Transformer Oil. Shares rise 1.02% on the NSE, trading at ₹223.15.

Choice Consultancy Services Pvt Ltd (Choice), a leading consulting firm and a subsidiary of Choice International Ltd, announces winning of a project for the development of a solar plant for Jodhpur Vidyut Vitran Nigam Ltd in a Joint Venture partnership with Solar91 Cleantech Pvt Ltd.

In this project, Choice & Solar91 together will act as key advisor, undertaking comprehensive tasks including detailed site surveys, supervision of the design, supply, and installation of the solar power plant. Furthermore, they will oversee the installation of associated 33kV or 11kV lines, conduct testing and commissioning activities, and manage the construction of control rooms. The project is expected to entail a capex outflow of Rs. 152 crores.

The board of JK Cement Ltd has approved increasing borrowing limit of company to ₹12,000 crore from ₹7,500 crore. It has also approved the creation of charge/mortgage on assets of the company to avail loans of up to ₹12,000 crore.

Stock trades at ₹4,265 on the NSE, down by 0.42%.

Sanjay Nayar, a well-known name in the global financial markets and Founder and Chairman, Sorin Investment Fund has taken over as President of the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Mr Nayar with extensive experience in international finance replaces Mr Ajay Singh, completing his tenure at the Chamber.

Mr Nayar brings an experience of four decades in global financial and capital markets, including 25 years at Citi and nearly 14 at KKR, before retiring last year. He established KKR India operations in 2009 after leaving Citigroup. At KKR, Sanjay led investments of around USD 14 Billion in Private Equity, Real Estate, Infrastructure, and Credit with Private equity being the largest at approximately USD 10 billion valuation.

Sanjay worked across senior leadership positions in Citigroup for 25 years in India, UK, and USA. He served as the CEO of Citigroup’s Indian and South Asian operations and was a member of Citigroup’s Global Management Committee and Asia Executive Operating Committee.

EaseMyTrip.com has become the official travel and experience partner of Royals Sports Group-owned franchise Rajasthan Royals for the ongoing 2024 season.

Easy Trip Planners stock rose 1.48% on the NSE, trading at ₹44.65.

Ion Exchange Ltd has received a contract from Material Construction, UAE, for engineering, manufacturing, delivery to site, supervision of erection, commissioning, and start-up of desalinated water unit for a project in North Africa at a contract value of ₹250.65 crore.

Shares rise 2.79% on the NSE, trading at ₹532.65.

Shree Cement Limited has commissioned its Integrated Cement Plant at Village Dachepalli, Tehsil Pedagarlapadu in Guntur District of Andhra Pradesh, with cement capacity of 3.0 million tonnes per annum.

Shares trade at ₹26,235.50 on the NSE, down by 0.84%.

Ashapura Minechem Ltd informed that the authorities in Republic of Guinea are in the process of initiating new norms for streamlining mining infrastructure and incidental processes for adherence by mining Companies. In implementation, mining and export operations have been temporarily impacted during month of March 2024. 

The Company has five ships in Guinean waters, awaiting resumption of loading Bauxite for export. The situation is normalised and export loading has just resumed from today.

Ashapura Minechem stock fell 4.37% on the NSE, trading at ₹365.05.

Avenue Supermarts Ltd has received order imposing penalty of ₹3,000 from District Consumer Disputes Redressal Commission at Ranga Reddy, Telangana. 

The stock declines 1.34% on the NSE, trading at ₹4,423.

Zinc futures (April contract) on the Multi Commodity Exchange (MCX) faced a resistance at ₹227 in mid-March and declined. A week ago, it slipped below a support at ₹220, opening the door for further fall.

The contract made a low of ₹215.2 last Wednesday and has made some recovery.

Mankind Pharma Ltd informed that the board has approved slump sale of the over-the-counter business to wholly-owned subsidiary company proposed to be incorporated - Mankind Consumer Products Private Limited.

Mankind Pharma stock trades at ₹2,358 on the NSE, up 1.99%.

​Servotech Power Systems Ltd​ and Electra EV have announced a collaboration for a jointly owned EV charger technology.

Servotech stock trades at ₹85.50 on the NSE, higher by 4.97%.

Major gainers:

• IDFC First Bank (2.39%)
• Bandhan Bank (2.32%)
• IndusInd (1.51%)
• AU Bank (1.42%)

The Supreme Court on Tuesday came down hard on yoga guru Ramdev and managing director of Patanjali Ayurved Acharya Balkrishna for their “absolute defiance” in not filing proper affidavits of compliance in the misleading advertisement case and breaking “every barrier”.

It also disapproved of the Patanjali MD’s statement that the Drugs and Cosmetics (Magic Remedies) Act is “archaic”.

“Not just the Supreme Court, every order passed by the courts across this country has to be respected ... this is absolute defiance,” a bench comprising Justices Hima Kohli and Ahsanuddin Amanullah said.

“You have to abide by undertaking given to court and you have broken every barrier,” the bench told Ramdev and the Patanjali MD, who were present in person.

Bharti Airtel has deployed additional sites in South Twenty Four Parganas district. Stock trades at ₹1,212.25 on the NSE, lower by 0.42%.

Sterlite Technologies Ltd has been awarded orders worth ₹900 crore in FY24 to provide integrated optical solutions. 

Stock trades at ₹127.80 on the NSE, higher by 3.73%.

Major gainers on the NSE at 12 pm:

Bajaj Auto (2.88%), BPCL (2.41%), Adani Ports (1.98%), IndusInd (1.53%), Divi’s Lab (1.32%)

Major losers:

Hero Motocorp (-2.89%), ICICI Bank (-1.51%), L&T (-1.43%), Kotak Bank (-1.21%), SBI Life (-0.96%)

Stocks advanced on BSE at 12 noon on April 2, 2024, were 2,619 against 1,018 stocks that declined; 126 stocks remain unchanged. Total stocks traded were 3,763. The number of stocks that recorded a 52-week high was 151, and those that hit a 52-week low was 16. 

In addition, 135 stocks traded in lower circuit, while 446 hit the upper circuit.

DIC India Ltd informed that the Labour department has filed an appeal with the Calcutta High Court against the order dated February 28, 2024, wherein the Court had granted approval for closure of the Kolkata plant.

Stock trades at ₹419.05, down by 0.46% on the BSE.

Dipna Pharmachem Ltd has received sales order of ₹12.75 crore from Fact trading Co., Morbi. The stock trades at ₹11, higher by 6.28% on the BSE.

The stakeholders that Srinagar Banihal Expressway Limited (SBEL), a material subsidiary of Ramky Infrastructure Limited (RIL) has allotted 16% secured NCDs to two investors to the extent of ₹300 crore. 

Stock rose 2.71% on the NSE trading at ₹568.05.

Aeroflex Industries Ltd has approved to acquire 100% of paid-up share capital of Hyd- Air Engineering Private Limited, a manufacturer of Hydraulic fittings, Fluid Connectors & Flanges.

Aeroflex stock rise 3.33% on the NSE, trading at ₹135.15.

Windlas Biotech has commissioned injectable facility for manufacturing of Small Volume Parenteral products.

The stock rises 1.59% on the NSE, trading at ₹548.95.

Choice Consultancy Services Pvt Ltd (Choice), a subsidiary of Choice International Ltd, bagged a project for the development of a solar plant for Jodhpur Vidyut Vitran Nigam Ltd in a Joint Venture partnership with Solar91 Cleantech Pvt Ltd.

Choice International stock trades at ₹293.70 on the NSE, up by 4.89%.

Tapan Patel, Fund manager-Commodities, Tata Asset Management, regarding the recent surge in gold prices and its potential implications for the Indian market.

Gold prices have rallied recently hitting all-time highs from weak macro-economic environment, geopolitical risk and central banks gold buying. We have seen higher investment demand for gold in India through various gold investment instruments. Gold prices have gained nearly 8.70% CYTD (Source: Bloomberg) right before summer wedding season and auspicious Akshaya Tritiya when demand for jewellery and coins tends to remain higher. The record high gold prices may impact India retail jewellery demand going forward as consumers may refrain from buying at current price levels. The lower demand may also affect India gold imports in coming months reasoning with higher prices and weaker rupee.

Bank Nifty opened today’s session with a gap-down at 47,491 versus yesterday’s close of 47,578. It has since recovered and is currently at 47,590, almost flat so far today.

The advances/ declines ratio stands at 8/4, giving the index a bullish inclination. Bandhan Bank, up 2 per cent, is the top gainer. ICICI Bank, down 1.3 per cent, is the top loser.

Both the Nifty PSU Bank and Nifty Private Bank index are up 0.1 per cent.

The Nifty 50 began today’s session almost flat at 22,459, versus yesterday’s close of 22,462. It then dropped slightly and now hovers around 22,430, down 0.15 per cent.

BPCL, up 2.5 per cent, is the top performer on the Nifty 50. On the other hand, Hero MotoCorp, down 2.7 per cent so far today, is the top loser.

The advances/ declines ratio of the Nifty 50 stands at 20/30, giving the index a bearish bias. Unlike the benchmark, mid- and small-cap indices are in the green.

Two letters of award have been issued by Jodhpur Vidyut Vitran Nigam Limited to Stockwell Solar Services Private Limited consortium with H.G. Infra Engineering Limited for the projects of solar power plants.

HG Infra stock trades at ₹1,058.40, higher by 6.76% on the NSE. the stock hit a 52-week high at 1,089.

VeerHealth Care Ltd has received order from Apollo Healthco Limited. 

The order encompasses manufacturing and supplying both shampoo and conditioner. The agreed-upon timeline for fulfilling this order is 30 days.

Stock rises 2.16% on the BSE, trading at ₹22.25.

Major gainers on the BSE at 11 am:

Best Agro (17.75%), Epigral (14.83%), ABFRL (13.49%), TCNS Brands (12.30%), Symphony (9.19%)

Major losers:

Caplipoint (-3.88%), BDL (-3.57%), VMart (-3.54%), Industower (-3.22%), South Bank (-3.10%)

Aether Industries has informed that the show-cause notice from State Tax Officer, Commissionerate of Taxes Government of Gujarat, in connection with non-declared tax for the FY 2018-19, is dropped off by the concerned Government authorities. 

Stock trades at ₹804 on the BSE, up 0.29%.

Hindustan Copper Ltd has recorded MIC (Metat in concentrate) production of 27,404 tonne, during FY 2023-24, highest in the last five years and 11% higher than last year. Similarly, the Company has achieved ore production of 3.78 mittion tonne in FY 2023-24, which is highest in last four years and 13% higher than last year.

Stock declines 1.18% on the NSE, trading at ₹306.20.

SIAM Cement BigBloc Construction Technologies Pvt Ltd, a joint venture between Gujarat-based BigBloc Construction Ltd and Thailand’s SCG International India Pvt Ltd has commenced production at company’s 2.5 lakh cubic meter per annum Greenfield project in Kheda district near Ahmedabad (Gujarat). The joint venture company will manufacture AAC Blocks and ALC panels at the facility. 

BigBloc Construction stock rises 4.26% on the BSE, trading at ₹229.

SpiceJet has received a Q400 aircraft from Nordic Aviation Capital (NAC) as part of a settlement agreement inked last year. Under the agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, the airline acquires full ownership of six Q400s. The airline already has five Q400 aircraft which were earlier owned by NAC. 

SpiceJet stock rises 2.63% on the BSE, trading at ₹63.17.

SML Isuzu has received an order from Superintendent Range - CGST Range-III, Shaheed Bhagat Singh Nagar, Punjab, under Section 74 of the CGST Act, 2017 read with concomitant provisions of Punjab GST Act, 2017, read with Rule 45(4) of CGST Rules, 2017 and Section 20 of IGST Act, 2017.

Shares rise 2.48% on the NSE, trading at ₹2,007.50.

Astron Paper & Board Mill Ltd has received demand notice from Income Tax Dept for ₹51,77,20,750 issued for assessment in context with search & seizure u/s 132 of the income tax, 1961, was carried out on 26.05.2022 for the Assessment year 2022-2023. 

Stock surge 4.70% on the NSE, trading at ₹21.15.

Overweight Call, Target Rs 191 

Co In A Surprise Announcement Signed Binding Term Sheet With Panasonic Energy 

Partnership Is To Manufacture Lithium Ion Batteries In India For Two & Three Wheeler EVs 

Feasibility Study To Setup Manufacturing 

Related Supply Chain Is Expected To Be Completed This Summer 

Continue To See Rising Capacity Of Green Infra In India & South East Asia As Supply Chains De-Risk

Underweight Call, Target Rs 5,241

Co Expects To Close FY24 With Revenue Of Nearly Rs 18,000 Cr 

Co Expects To Grow At 35-40% CAGR 

Key Growth Drivers Include Mobile And IT Hardware 

Exports Likely To Increase From 10% To 20-25% Of Revenue In Next Five Years

Buy Call, Target Raised To Rs 1,520 

Signs Rs 2,000 Cr Deal With ADIA & Kotak AIF To Fund Residential Growth 

Targets 15-20% Pre-sales Growth 

Needs To Spend More Than Rs 5,000 Cr Per Annum On Land Acquisition 

Huge Scale-Up In Rental & Hotel Portfolio 

See Capex Of Rs14,600 Cr Over Next 4 Years 

Deal With ADIA & Kotak AIF To Aid In Funding Growth

Upgrade Godrej To Overweight, Target Raised To Rs 2,500 From 2,050

Downgrade DLF To Equal-weight, Target Raised To Rs 900 From 770 

Prestige & Godrej Should Grow Faster In Terms Of Pre-Sales YoY 

Expect FY25 Guidance Of 10-20% YoY, Lower Than FY24 Actual Growth Of 30- 40% YoY 

As Pre-Sales Momentum Slows, Market Will Likely Focus On RoE 

Macrotech & Oberoi Rank Better On The RoE Front

Buy, TP Rs 257 

FY24 sales guidance missed but new orders up 74% 

Order book at Rs 760 bn (~3.8X FY24 sales); 2Y order guidance of Rs 500 bn looks conservative 

BHE could well deliver an improved top-line cagr vs consensus over coming yrs 

BUY, TP Rs 3600 

Provisional top-line in line; new orders lower for FY24 

Order book now 3.2X FY24 sales; management expects major traction in FY25E 

Management commentary reflects optimism for new orders for FY25 & expecting major order wins

Initiate Buy Call On HAL, Target Rs 3,900

Initiate Buy On Data Patterns, Target Rs 3,545 

Buy Call On BEL, Target Rs 260 

Geopolitical Tensions & India’s Focus On Self-Reliance Is Fueling Order Flow 

Govt Focus On Building Inter-Country Relations For Exports Promotion Is Icing On Cake 

2x Growth In Domestic Spend In FY24-30 Should Continue To Drive Stock Upside

Overweight Call, Target Rs 1,576

March 2024 Cargo Volumes +18% YoY 

Quarterly Update Saw Strong Volume Growth Of 24% In FY24, Beats Guidance 

In FY24, Eight Out Of 10 Ports Reported Double-digit Growth; Mundra +16% YoY 

Key Commodities Like Container, Dry, And Liquid Recorded Double-digit Growth

Buy Call, Target Raised To Rs 1,758 From 1,564 

Opens 90 Day Positive Catalyst Watch 

Expect Co To Report Strong Volume, Revenue And EBITDA Growth 

Expect Co To Report Good Cash Flows In Q4FY24 Results 

Penciling In Q4FY24 Port Cargo Volume At 109 MT, Up 31% YoY 

Penciling In Q4FY24 Rail Container Volume At 1.6 Lk TEUs & GPWIS Volume At 5.3 MT 

Strong Volume Growth Should Lead To Core Port EBITDA Growth Of 29% YoY 

Expect Consolidated EBITDA/PBT Growth Of 27%/24% YoY 

Valuations Still Seems Reasonable At 30x P/E And 19x EV/EBITDA On FY25 Est

Initiate Buy, TP Rs 230 

Offers 30%+ upside potential & is top pick in NBFCs. 

Access to competitive funding, strong SME biz growth, & improved protection mix should drive profitability 

Availability of a large group ecosystem & diversified distribution mix to facilitate robust loan/APE growth higher than peers/avg of listed peers. 

Naman In-Store (India) Limited on getting listed on NSE Emerge today! The company manufactures modular furniture for offices, beauty salons, kitchens with limited space, educational institutions, and shelving solutions for supermarkets. The public Issue was of Rs. 2,534.72 lakhs at an issue price of Rs. 89 per share.

India’s manufacturing industry enjoyed solid growth in March, expanding at the fastest pace in 16 years thanks to accelerating demand, according to a survey that also showed hiring increased at the strongest rate in six months.

Ahead of a general election this month, the data is likely to boost support for Prime Minister Narendra Modi’s government, which has focused on manufacturing to improve the economy, already the fastest-growing among its major peers.

The HSBC final India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, rose to 59.1 last month from February’s 56.9, the highest since February 2008, but slightly lower than a preliminary estimate of 59.2.

The rupee witnessed a range-bound trading in initial deals against the US dollar on Tuesday, weighed down by a strong American currency and elevated crude oil prices.

At the interbank foreign exchange, the rupee opened at 83.37 against the greenback, then touched 83.35, registering a rise of 4 paise over its previous close.

On Thursday, the rupee depreciated 6 paise to settle at 83.39 against the US dollar.

Forex market was closed on Friday and Monday on account of ‘Good Friday’ and annual account closing of banks, respectively.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent higher at 105.06. - PTI

Institutional investments in real estate fell 40 per cent annually in January-March to USD 995.1 million because of a lower inflow of funds in office, residential, and warehousing assets, according to Colliers India.

The institutional investments stood at USD 1,658.3 million in the year-ago period.

Out of the total institutional investments, real estate consultant Colliers India highlighted that foreign funds contributed 55 per cent while domestic investors 45 per cent.

As per the data, the institutional investments in the office fell 38 per cent to USD 563 million in January-March this year from USD 907.6 million in the corresponding period of the previous year.

The residential segment witnessed a 72 per cent fall in investments to 102.6 million from 361.1 million.

The inflow of funds in industrial & warehousing assets dipped 18 per cent to USD 177.7 million from USD 216.3 million. - PTI

➡️Gross advances at ₹80,337 cr vs ₹77,786 cr (QoQ)

➡️Total deposits at ₹1.02 lk cr vs ₹99,155 cr (QoQ)

➡️CASA up 8% at ₹32,654 cr vs ₹31,529 cr (QoQ)

➡️CASA ratio at 32% vs 31.8 (QoQ)

(Nirmal Bang Retail Research)

Total Sales came at 22866 units vs expectation of 21407 units, YoY 23926 units (-4%) and MoM 17464 units (31%)

Q4FY24 Sales Came at 56269 vs QoQ 47241 (19%) YoY 59697 (-5.7%)

Epigral (15%)

H.G. Infra Engineering (5.30%)

Career Point (5%)

Bharat Electronics (4.48%)

L&T (0.07%)

Company reported its provisional results for FY24, with revenue growth of 13.7% YoY to INR 197bn (exl. other operating income), above JMFe of INR194bn (excl. other operating income). BEL reported order inflows of INR350bn+, surpassing management initial guidance of INR 200bn for FY24. This translate to order book of INR 760bn as on FY24 (3.9x FY24 revenue), providing revenue visibility for next couple of years. We believe revenue growth will sustain going forward driven by 1) robust order backlog, 2) strong order pipeline, 3) diversification in other segment (hydrogen fuel cell, EV batteries etc), 3) focus on non-defence segment and 4) focus on increasing exports revenue. We expect revenue and PAT CAGR of 21% and 22% over FY24 to FY26. We maintain Buy with TP of INR 225 valuing it at PE of 30x FY26E.

Sectoral indices trade in a mix. Nifty consumer durables stock rose 1.87% to trade at 33,125.75. Nifty media, oil & gas, realty, private bank. auto, FMCG, metal and bank stocks trade in green.

Nifty IT declines 0.49% to trade at 34,870.35.

BASF Ltd has entered into a 25-year long-term Power Purchase Agreement (PPA) with Clean Renewable Energy KK 2C Private Limited, a special purpose vehicle, incorporated by Hero Rooftop Energy Private Limited, for procurement of 2.7 MW of renewable power for its manufacturing site at Mangalore.

Stock rises 1.34% on the NSE, trading at ₹3,599.

Aditya Birla Fashion and Retail stock jumps 11.88% on the NSE, trading at ₹236.80 following the demerger plan of Madura Fashion & Lifestyle business from ABFRL.

TVS Motors stock trades at ₹2,129.80 on the NSE, down by 0.43%. The company recorded a growth of 12% in sales at 354,592 units in March 2024 from 317,152 units in March 2023.

Gold prices remained stable, supported by lower US Treasury yields, after reaching a record high the previous day on rising hopes that the Fed will drop interest rates for the first time in June. In March, U.S. manufacturing expanded for the first time in 1-1/2 years, with production rebounding rapidly and new orders increasing, although factory employment remained low and input prices rose. The Federal Reserve Bank of New York reported that underlying inflationary pressures receded in February. According to the CME Group’s FedWatch Tool, traders are pricing in a 57% chance that the Fed will start reducing interest rates in June.

Key economic data slated for release includes Final Manufacturing PMI from GBP zone and JOLTS Job Openings, Factory Orders m/m from US Zone.

Anant Raj Ltd has achieved pre-sales of ₹4,150 crore for its projects at Sector 63A Gurugram, Haryana. The handing over of the projects will start from the current financial year and will be delivered in the next four years. 

Shares rose 2.18% on the NSE, trading at ₹331.10.

Maruti Suzuki India has received an Appeal effect order to Income Tax Appellate Tribunal’s (ITAT) order and Show Cause notice for initiation of penalty from Income Tax authority. 

The Company has received a demand notice giving effect to the ITAT’s order for FY 2009-10 wherein certain additions / disallowances have been made pursuant to which demand of ₹2387.20 million has been raised on the Company. Also, the Company has received a Show Cause Notice for initiation of penalty proceedings with respect to above additions. 

Shares trade at ₹12,550.05 on the NSE, down by 0.16%.

Religare Enterprises informed the exchanges about the resignation of Saloni Goel, Director - ESG & Projects, w.e.f. April 1, 2024.

Shares trade at ₹217.45 on the NSE, higher by 1.09%.

Major gainers on the NSE at 9.30 am:

BPCL (1.92%), Bajaj Auto (1.91%), Adani Ports (1.87%), IndusInd (1.25%), Coal India (1.12%)

Major losers:

ICICI Bank (-0.89%), Wipro (-0.87%), TCS (-0.87%), Cipla (-0.81%), Bajaj Finance (-0.76%)

Tembo Global Industries has received an order/ demand notice from the Income Tax Department raising a demand of ₹9,651,719. The Company will be filing an appeal against the said Order. 

Shares trade at ₹262.60 on the NSE, down by 0.25%.

Zomato has received an order for the period October 2014 to June 2017 passed by the Commissioner, Adjudication, Central Tax, Delhi raising demand of service tax of ₹92,09,90,306, along with applicable interest (not quantified) and penalty of ₹92,09,90,306. 

Shares trade at ₹182.75 on the NSE, down by 0.95%.

RBL Bank has announced change in senior management personnel -

Kamal Sabhlok has been appointed as Head-Secured and Micro-Finance Business & Credit Card Collections of the Bank w.e.f. April 01, 2024, Sujit Ghalsasi as Head - Vehicle Finance, and Parag Kale as Chief Credit Officer - Retail & Head-Retail Collections.

Bajaj Auto recorded 3,65,904 units of total vehicle sales (including exports) in March 2024 as against 2,91,567 units in March 2023. Shares were up 1.61% on the NSE trading at ₹9,188.

Bajaj Auto stock rises 1.41% on the NSE, trading at ₹9,169.75.

Maiden Forgings Limited (MFL) has acquired land nearly double the size of its current facilities, spanning about 4 acres. Shares trade at ₹91 on the BSE, higher by 5.69%.

Indian benchmark indices, the Sensex and Nifty, started the day on a weak note on Tuesday. The 30-share BSE Sensex fell 145.79 points to 73,868.76 in early trade, while the NSE Nifty dropped 29.65 points to 22,432.35. 

After consolidating for three weeks, both the Nifty and Sensex reached all-time highs on Monday, driven by a surge in metal companies following upbeat manufacturing data from China. Additionally, a moderation in a key U.S. inflation reading boosted sentiment.

Equity analysts at Motilal Oswal Financial Services and WealthMills Securities believe that monthly business updates and the upcoming earnings season, starting next week, could sustain market momentum and potentially lead to further highs.

Asian markets opened higher, with the MSCI Asia ex-Japan index up 0.69%. However, Wall Street closed mixed overnight as optimism about moderating inflation was tempered by strong U.S. economic data, which could delay potential rate cuts by the Federal Reserve.

U.S. manufacturing grew for the first time in 1-1/2 years in March, supported by a rebound in production and an increase in new orders, weighing on expectations of a rate cut starting in June.

Provisional data from the National Stock Exchange showed that foreign portfolio investors sold Rs 522 crore ($62.61 million) of shares on a net basis, while domestic institutional investors purchased shares worth Rs 1,208 crore on Monday.

RateGain Travel Technologies Limited announced that its connectivity platform is available on the Oracle Cloud Marketplace, can be deployed on Oracle Cloud Infrastructure (OCI), and integrated with the Oracle OPERA Cloud via the Oracle Hospitality Integration Platform (OHIP). Oracle Cloud Marketplace is a centralised repository of enterprise applications offered by Oracle and Oracle partners.

Tata Technologies Limited has executed a joint venture agreement with BMW Holding B.V., Netherlands (‘BMW’). 

The joint venture will aid BMW Group in engineering premium products, delivering great digital experiences for its customers, and propelling its digital transformation journey. The focus will be on delivering automotive software, including software-defined vehicle (SDV) solutions for its premium vehicles and digital transformation solutions for business IT.

Tata Tech stock rises 1.05% on the NSE, trading at ₹1,060.80

Crude oil futures traded higher on Tuesday morning as the manufacturing PMI data from the US showed growth in March. At 9.13 am on Tuesday, June Brent oil futures were at $87.84, up by 0.48 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $84.13, up by 0.50 per cent. April crude oil futures were trading at ₹7008 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning against the previous close of ₹6997, up by 0.16 per cent, and May futures were trading at ₹6952 against the previous close of ₹6939, up by 0.19 per cent.

Dividend

02-Apr-24

TVSHLTD: Interim Dividend - Rs. - 94.00

GPTHEALTH: Interim Dividend - Rs. - 1.00

BDL: Interim Dividend - Rs. - 8.85

03-Apr-24

ASHOKLEY: Interim Dividend - Rs. - 4.95

04-Apr-24

SUNCLAY: Interim Dividend - Rs. - 5.15

VBL: Final Dividend - Rs. - 1.25

05-Apr-24

ESABINDIA: Interim Dividend - Rs. - 24.00

VISCO: Interim Dividend - Rs. - 1.00

08-Apr-24

SUNTV: Interim Dividend - Rs. - 3.00

IMFA: Special Dividend

PRIMAPLA: Interim Dividend

IPO

Bharti Hexacom: Open: 03-Apr-24; Close: 05-Apr-24

Buyback

Freshtrop Fruits: Ex-Date: 02-Apr-24

Dwarikesh Sugar Industries: Open: 27-Mar-24; Close: 03-Apr-24

Garware Technical Fibres: Open: 01-Apr-24; Close: 05-Apr-24

Bonus

Sunrise Efficient Marketing: Bonus Issue 1:2; Ex-Date: 03-Apr-24

Cupid: Bonus Issue 1:1; Ex-Date: 04-Apr-24

Stock Split

Cupid: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 04-Apr-24

Bodhi Tree Multimedia: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 05-Apr-24

Right Issue

Iykot Hitech Toolroom: Ex-Date: 03-Apr-24

Shiva Cement: Ex-Date: 03-Apr-24

Savani Financials: Ex-Date: 04-Apr-24

Aa Plus Tradelink: Ex-Date: 05-Apr-24

Hindustan Construction Company: Open: 26-Mar-24; Close: 05-Apr-24

Tierra Agrotech: Open: 28-Mar-24; Close: 10-Apr-24

Sawaca Business Machines: Open: 02-Apr-24; Close: 12-Apr-24

Balkrishna Paper Mills: Open: 02-Apr-24; Close: 15-Apr-24

Mishtann Foods: Open: 02-Apr-24; Close: 17-Apr-24

Spectrum Foods: Open: 08-Apr-24; Close: 22-Apr-24

Open Offer

Route Mobile: Open: 27-Mar-24; Close: 12-Apr-24

Investment Rationale:

OEM centric ancillary, offering healthy premiumisation play: Uno Minda has over the years evolved into one of the largest entities in domestic auto ancillary space (kit value >~10% of vehicle Asp’s), providing solutions in areas of comfort & convenience (automotive switches, interior & exterior lighting, acoustics systems, seating), aesthetics (alloy wheels), safety (airbags, sensors & controllers), etc. It has a history of vast outperformance vs. user industries riding on growth in kit value, new client and product additions as well as inorganic acquisitions. It counts all major 2-W and PV OEMs as its clients. OEMs form ~90% of sales with aftermarket constituting the rest. It realizes ~83% of its sales domestically. MIL offers premiumisation play given its prominent presence in alloy wheel, airbag, sensors, seat belts & smart systems, etc. which are currently amongst the top selling proposition by domestic OEM’s supported by safety enabling government regulations

Investment Rationale:

Growth Momentum to continue: Sonata’s growth momentum is likely to continue to achieve revenue of US$ 500 mn in IT services by FY2026. Sonata’s acquired companies Quant Systems & Encore Software are fully integrated and both the companies has performed better than the company’s expectations leading to payment of additional earnout indicating the acquired companies are contributing significantly to Sonata’s growth. Sonata also expects AI services to contribute 20% to revenue by FY26E.We believe that Sonata IT services will grow at 25.5% CAGR over FY23-26E in dollar terms and 27.4% CAGR in rupee terms. We expect Sonata overall revenues to grow at ~18% CAGR over FY23-26E.

=12TH APR 2024, TCS 

=17TH APR 2024, ICICIGI

=18TH APR 2024, 

=20TH APR 2024, HDFCBANK

=22ND APR 2024, PERSISTENT

=25TH APR 2024, MPHASIS

=26TH APR 2024, HCLTECH

=27TH APR 2024, ICICIBANK

=29TH APR 2024, ULTRATECH CEMENT

=2ND MAY 2024, COFORGE

=6TH MAY 2024, GUJGAS

=7TH MAY 2024, DRREDDY

=7TH MAY 2024, NAVINFLUOR

=9TH MAY 2024, ASIANPAINT

=10TH MAY 2024, ABB

=22ND MAY 2024, JUBLFOOD

=24TH MAY 2024, BOSCH

Oil prices gained in early Asian trading on Tuesday, underpinned by signs of improved demand and escalating Middle East tensions that had sparked a rally in U.S. futures to a five-month high in the previous session.

Brent futures for June delivery rose 37 cents to $87.79 a barrel. The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel.

Stronger than expected U.S. and Chinese manufacturing data is lifting prices, Tony Sycamore, a market analyst with IG, wrote in a note. - Reuters

Gold prices held steady on Tuesday backed by lower U.S. Treasury yields, after touching a record high in the previous session on growing expectations that the Reserve would cut interest rates for the first time in June.

FUNDAMENTALS

* Spot gold was unchanged at $2,250.26 per ounce, as of 0059 GMT, after hitting an all-time high of $2,265.49 on Monday.

* U.S. gold futures edged 0.6% higher to $2,270.70 per ounce.

* Benchmark U.S. 10-year Treasury yields dipped, lifting the appeal of zero-yield gold. - Reuters

Security Type: Equity

Issue Period: Apr 2024 to 15 Apr 2024

Issue Size – No.of Shares: 2,14,79,688

Face Value: 10.00

Price (Inclusive of Premium) 21.00

Market Lot 1

LTP 23.35

Book Running Lead Manager NAVIGANT CORPORATE ADVISORS LIMITED

Registrar Purva Sharegistry (India) Private Limited

Notes: Issue of upto fully paid up 2,14,79,688 Equity Shares with a face value of Rs.10 each for cash at a price of Rs.21.00 per Equity Share aggregating up to Rs.4,510.73 Lakhs on a rights basis to Eligible Shareholders in the ratio of 2 (Two) Rights Equity Shares for every 1 (One) fully paid-up Equity Share held on the Record Date i.e. 15th March, 2024.

Rays Power Infra, is one of the leading integrated solar power company in India, has announced the completion of its Pre-IPO round as a part of its fund raising process and boosting investor confidence.

Individual and institutional investors that participated in the private placement included Kamlesh Navinchandra Shah financial advisor, Vijay Mohan Karnani founder of Vimana Capital, Ashok Kumar and Tushar Anand from Alkem Family House, Rakesh Laroia a financial investor and few other renowned investors.

This Pre-IPO round of 54 crores reflects a strong endorsement of Rays Power Infra’s business model, growth prospects, robust order book position and management team. The funds raised through this investment will support the company’s expansion initiatives and overall strategic objectives.

“With a continued double-digit growth, the CGST collections have exceeded the FY2024 RE, even as there is a modest shortfall in the GST compensation cess inflows, which are now being used to repay the loans undertaken during the covid period

With the CGST collections surpassing the FY2024 RE, the implicit growth needed to meet the Interim Budget Estimate for FY2025 has come down to single-digits, which appears likely to be exceeded.”

Jan-24 TRAI subscriber data: Bharti active subs pick up further

The telecom industry’s VLR base rose by 2.7mn in Jan-24 vs. the 1.9mn increase in Dec-23. This was led by the reported subscriber base increasing by 2.2mn in Jan-24. While VIL’s VLR subscribers are down by 1.7mn MoM, Bharti/Jio saw VLR subscriber rise of 3.6mn/1.1mn, respectively. In terms of overall subscribers, Jio continued to report the highest addition for the 22nd straight month (at 4.2mn MoM in Jan-24), with Bharti lagging at 0.8mn adds. VIL reported subscriber loss of 1.5mn MoM, as the loss rate picked up from 1.4mn in Dec-23. Jio seems to have gained from the launch of JioBharat phone. Jio dominated the wireless broadband subscriber addition, with increase of 4.2mn; Bharti followed, logging a 2.4mn rise MoM. VIL’s wireless broadband subscriber-count was down by 0.5mn MoM. Jio’s wireline addition rate picked up further, with the addition of 0.25mn subs (vs. 0.23mn adds in Dec-23). Even as Jio and Bharti continue with 5G rollouts, the timing of the tariff hike remains the key trigger. VIL needs a sizable fund-raise to increase capex for restricting its subscriber loss. We continue to favor Bharti and Jio, among telcos.

The healthy rate of growth of the GST collections on year on year basis reflects growth of the economy as well as improved compliance (aided by the various anti-evasion measures taken by the Government). Increase in the GST collections in FY24 is also aided by the payment of tax liability by the assessees against the notices issued by the tax authorities during FY24 for FY18 and FY19.

Mar-24 volumes: Mixed bag performance

Volume trends in Mar-24 were a mixed bag. TVSL outperformed in 2Ws with 12% growth, while HMCL reported a decline; there was double-digit growth in PV wholesales. MHCVs continued to drag CVs, with tractors also down in double digits. 2W retails rose 5%, while 4Ws posted a double-digit decline again.

(DALBHARA IN, Mkt Cap USD4.5b, CMP INR1992, TP INR2500, 25% Upside, Buy)

- Dalmia Bharat (DALBHARA)’s key markets (the South and East regions) witnessed a higher price correction (down 8-9% QoQ) vs. other regions (down 3-7% QoQ) in 4QFY24. However, the company is likely to report double-digit volume growth in 4QFY24, supported by healthy demand and market share gains. We cut our EBITDA estimates by 4%/8%/8% for FY24/FY25/FY26 due to weak pricing, which was partly offset by higher volume growth and cost reduction initiatives.

- Further, a delay in the acquisition of Jaiprakash Associates (JPA)’s cement assets (announced in Dec’22) remains an overhang on the stock. The approval process from various banks is pending and is taking longer than anticipated. However, DALBHARA’s organic expansion plans are on track. It will add clinker and cement capacities of 4.9mtpa each through a mix of greenfield and brownfield expansions by FY25.

- Consumer staples companies have struggled to maintain volume growth momentum during the last two years, largely due to external challenges. With deep distribution touchpoints and a heavy revenue mix from the highly penetrated traditional categories (such as oral care, hair care, laundry, soaps, etc.), the volume performance of staples reflected the real consumption demand at a pan-India level. This was unlike discretionary companies/categories that have been enjoying market penetration, share gains by organized players, and changes in wallet share. Therefore, while revenue CAGR for staples was at 13%, the same for discretionary was at 28% over the last two years. Such a contrast was not observed in previous phases. 

- Earnings delivery of the staples companies was not as weak as it was on the volume front. Staples clocked 16% and 9% YoY PAT growth during 9MFY24 and FY23 (broadly similar to historical averages). Despite such healthy earnings, the majority of staples stocks have underperformed because the market was more focused on volume-led earnings growth. Over the last three years, the stock returns of HUL, Dabur, Marico, Emami, and P&G have been lower than their earnings growth. During the same period, discretionary companies have resulted in a better earnings trajectory, leading to a valuation re-rating.

- We continue to believe that discretionary categories/companies have better growth potential driven by factors such as market penetration, deeper distribution reach, GDP multiplier, higher wallet share, etc. However, we do see growth normalization (settling of pent-up demand) along with the risk of sustaining such high margins amid intensifying competition for many discretionary companies. The risk of earnings cuts, along with a valuation check, is associated with the discretionary companies. However, over the same period, we anticipate volume growth for staples companies to be bottoming out with limited risk of earnings cuts. Given the comfort level with valuation and earnings, we believe that select staple companies offer a better risk-reward compared to several discretionary companies over the next 12-18 months.

- We recommend increasing portfolio weights for staples companies. We prefer HUL, GCPL, and Dabur in the staples category. In the discretionary category, we continue to favor the jewelry space and prefer Titan

Citi on Adani Ports: Maintain Buy on Company, raise target price at Rs 1758/sh from Rs 1564/Sh (Positive) 

Jefferies on HAL: Maintain Buy on Company, target price at Rs 3900/sh (Positive) 

Jefferies on Data Patterns: Maintain Buy on Company, target price at Rs 3545/sh (Positive) 

Jefferies on BEL: Maintain Buy on Company, raise target price at Rs 260/sh from Rs 225/Sh (Positive) 

CLSA on Prestige: Maintain Buy on Company, raise target price at Rs 1520/sh (Positive) 

B&K on La Opala: Maintain Buy on Company, target price at Rs 462/sh (Positive) 

B&K on Saregama: Maintain Buy on Company, target price at Rs 441/sh (Positive) 

Macquarie on AB Cap: Maintain Outperform on Company, target price at Rs 230/sh (Positive) 

MOSL on Dalmia Bharat: Maintain Buy on Company, target price at Rs 2500/sh (Positive) 

CLSA on DMart: Maintain Buy on Company, raise target price at Rs 5514/sh from Rs 5307/sh (Positive) 

MS on Godrej Prop: Upgrade to Overweight on Company, raise target price at Rs 2500/Sh (Positive) 

MS on IOC: Maintain Overweight on Company, target price at Rs 191/Sh (Positive) 

MS on Prestige: Maintain Overweight on Company, target price at Rs 1400/Sh (Positive) 

MS on Macrotech: Maintain Equal weight on Company, target price at Rs 1050/Sh (Neutral) 

MS on Oberoi Real: Maintain Underweight on Company, target price at Rs 1180/Sh (Neutral) 

MS on Dixon: Maintain Underweight on Company, target price at Rs 5241/Sh (Neutral) 

Citi on LTTS: Maintain Sell on Company, target price at Rs 4375/sh (Neutral) 

Citi on Persistent: Maintain Sell on Company, target price at Rs 2910/sh (Neutral) 

Citi on Infosys: Maintain Neutral on Company, cut target price at Rs 1660/sh from Rs 1735/Sh (Neutral) 

Citi on Wipro: Maintain Sell on Company, cut target price at Rs 440/sh from Rs 470/Sh (Negative) 

Citi on MPhasis: Maintain Sell on Company, cut target price at Rs 2255/sh from Rs 2515/Sh (Negative) 

Citi on TCS: Maintain Sell on Company, cut target price at Rs 3500/sh from Rs 3635/Sh (Negative) 

Citi on Tata Tech: Maintain Sell on Company, cut target price at Rs 920/sh from Rs 1000/Sh (Negative)

FY 2023-24 marks a milestone with total gross GST collection of Rs 20.14 lakh crore exceeding ₹20 lakh crore, a 11.7% increase compared to the previous year 

GST revenue from every state of India,

Maharashtra - 27,688 crore

Karnataka - 13,014 crore

Gujarat - 11,392 crore

Tamil Nadu - 11,017 crore

Haryana - 9,545 crore

Uttar Pradesh - 9,087 crore

Delhi - 5,820 crore

West Bengal - 5,473 crore

Telangana - 5,399 crore

Odisha - 5,109 crore

Rajasthan - 4,798 crore

Andhra Pradesh - 4,082 crore

Madhya Pradesh - 3,974 crore

Jharkhand - 3,243 crore

Chattisgarh - 3,143 crore

Kerala - 2,598 crore

Punjab - 2,090 crore

Bihar - 1,991 crore

Assam - 1,543 crore

Uttarakhand - 1,730 crore

Himachal Pradesh - 852 crore

Jammu & Kashmir - 601 crore

Goa - 565 crore

Sikkim - 303 crore

Meghalaya - 213 crore

Arunachal Pradesh - 168 crore

Tripura - 121 crore

Nagaland - 83 crore

Manipur - 69 crore

Mizoram - 50 crore

NIL

Price band revised from 10% to 5%: MSP Steel and Power. 

Ex/record dividend: TVS Holdings, Bharat Dynamics, and GPT Healthcare. 

Moved into short-term ASM framework: Dynacons Systems and Solutions.

Moved out into short-term ASM framework: Dishman Carbogen Amcis, Zaggle Prepaid Ocean Services.

Suraj Estate Developers: BNP Paribas Arbitrage sold 2.22 lakh shares (0.5%) at Rs 302.97 apiece

Maruti Suzuki India: The company produced 1.63 lakh units of passenger vehicles for the month of March vs. 1.50 lakh units last year and total production volume was 1.67 lakh units vs. 1.54 lakh units. 

Ashok Leyland: The company reported total domestic vehicle sales of 21,317 units vs. 22,885 units, down 7% YoY, and total domestic plus export vehicle sales of 22,866 vs. 23,926, down 4%. 

Aditya Birla Fashion: The company plans to vertically demerge its Madura Fashion and Lifestyle business into a separate listed company. 

Hero MotoCorp: The company recorded total sales at 4.9 lakh units vs. 5.19 lakh units YoY and motorcycle sales at 4.57 lakh units vs. 4.86 lakh units.

JTL Industries: The company reported its highest-ever annual sales volume of 3,41,846 MT vs. 2,40,316 MT in FY24, up 42.25%. 

AU Small Finance Bank: The board of AU Small Finance Bank has announced the merger of Fincare Small Finance Bank with itself.

NMDC: The company reported 4.86 MT of production for the month of March 2024 vs. 5.6 MT in March 2023 and sales for the month of March stood at 3.96 MT vs. 4.84 MT in March 2023. 

Infosys: The company received a tax demand order worth Rs 341 crore for FY20–21.

TVS Motor: The company reported total sales at 3.55 lakh units vs. 3.17 lakh units, up 12% YoY, and motorcycle sales at 1.72 lakh units, up 22%. 

CSB Bank: The company reported total deposit as of March 31 at Rs 29,719 crore, up 21.27% YoY, and gross advances at Rs 24,574 crore, up 17.91%. 

Bharat Dynamics: The company reported a turnover of Rs 2,350 crore for FY24 vs. Rs 2,489 crore for FY23. Its order book position stands at Rs 19,468 crore as of April 1. 

IIFL Finance: The company received NSE approval to acquire shares aggregating up to Rs 284.4 crore of the bourse from FIH Mauritius Investments through off-market transfer. 

Atul Auto: The company sold 3,128 vehicles for the month of March and reported total sales of 26,039 units for FY24, up 1.92%. 

IREDA: The company’s loan was sanctioned as of March 31 at Rs 37,354 crore, up 14.63% YoY. Loan book outstanding as of March 31 was Rs 59,650 crore, up 26.71 YoY.

Paisalo Digital: The board will meet on April 4 to consider fundraising through NCDs. 

Uflex: The company started commercial operations of the CPP Film production line at Flex Films Rus LLC, Russia, with an installed capacity of 18,000 MT per year.

UNO Minda: The company received communication from Honda Motorcycle and Scooter India informing about the global recall of their bikes on account of leakage of oil observed from the engine caused by the dislodgement of the sealing plug cone out of the engine cover, which was supplied by the company’s plant situated in Bawal, Haryana. The OEM has estimated that the recall will cost Rs 76 crore.

Sunrise Efficient Marketing Ltd

Bonus issue 1:2

Previous day Closing Price – Rs. 102.56

Ex Bonus 03 April 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Ashok Leyland Ltd.

Dividend Per Share Rs.4.95

Previous day Closing Price – Rs. 174.65

Ex-Dividend 03 April 2024 (Tomorrow)

Last date for Cum-Dividend Today

• Lower exports from Iraq and Nigeria led to a drop in OPEC oil output.

• OPEC members pumped 26.42 million barrels per day, down 50,000 bpd from February.

• Traders anticipate OPEC+ meeting, which is expected to extend production cuts through June, tightening supply.

Maruti Suzuki:

• Company executive says much of the growth in passenger vehicle sales this year is fueled by SUVs.
• Sales in rural areas grew by 11% versus urban area growth of 7%.
• Company executive says expects sales to grow in single digits in current fiscal year.
• Company now has just under 42% share of the passenger vehicle market.
• Company executive says government investment in infrastructure, rising income levels, and good monsoon helped rural growth.

Earnings Calendar – 02.04.2024 

GOPAL

Earnings Calendar – 04.04.2024 

GMBREW

Turnover: (NSE + BSE)

Cash Volume: 84466.86 + 5602.84 Total: 90069.7

F&O Volume: 318995.42 + 9252762.62 Total: 9571758.04

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -522.3 

(8817.98 - 9340.28) 

DII: NET BUY: +1208.42 

(10193.47 - 8985.05)

Macquarie Initiate Aditya Birla Capital with an Outperform rating and Rs230 target price. ABCL offers 30%+ upside potential and is top pick in NBFCs.

The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both the volume and value of transactions undertaken during March 2024.

This was despite transactions dipping slightly in February 2024 due to the fewer number of days in the month, and increased investment activity ahead of the financial year end.

Megha Engineering and Infrastructure Limited (MEIL) was a little-known infrastructure company before March 15, 2024. But on that day, as State Bank of India released list of electoral bond (EB) donors, MEIL was propelled into the public eye. 

India Inc’s credit quality remained robust in FY24, with the number of entities upgraded outpacing those downgraded even as the outlook on this front remains positive for the new financial year, going by credit rating agencies’ (CRAs) assessment of India Inc’s credit profile.

Rating agencies observed that a resilient economy, robust domestic consumption demand across several sectors, government spending on public infrastructure, and healthy balance sheets lent support to the credit profiles of entities.

IT major Infosys has received a tax demand of ₹341 crore from the Income Tax Department for the assessment year 2020-21.

“The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeal against this order,” Infosys said in an exchange filing.

The government will kickstart its FY25 borrowing programme on April 5 by auctioning three dated securities, including a new 10-year government security (G-Sec) for raising ₹38,000 crore even as RBI said all G-Sec auctions will be conducted using multiple price auction method.

Paychex, Inc. (Pre market) (Sector- Miscellaneous)

TENT EURO German Prelim CPI m/m (Expected: 0.4% versus Previous: 0.4%)

10:30 INDIA HSBC Manufacturing PMI (Expected: 59.4 versus Previous: 56.9)

10:30 EURO Final Manufacturing PMI (Expected: 45.7 versus Previous: 45.7)

14:00 U.K. Final Manufacturing PMI (Expected: 49.9 versus Previous: 47.5)

19:30 U.S. JOLTS Job Openings (Expected: 8.79M versus Previous: 8.86M)

Copper prices have reversed higher after a short-lived corrective fall. The copper futures contract on the Multi Commodity Exchange (MCX), which made a low of ₹754 per kg, have bounced back sharpl. The contract is currently trading at ₹766 per kg .

The outlook is bullish.

Here’s an interesting stock idea: The share price for this stock has surged over 11 per cent on Monday. The momentum is strong and the stock can move further up in the coming days. Check out the latest episode of bl.Today’s Pick to learn more.

Aavas Financiers is the larger player in affordable housing listed space with 351 branches as of Q3-FY24 spread across 13 states (majorly north & west). Its focus area - 60 per cent customers are self-employed while remaining 40% are salaried in non-formal segments. The operationally intensive business model and low ATS has kept competition from banks and large NBFCs at bay.

Hindware Home Innovation Ltd (HHIL) was demerged from AGI Greenpac Ltd (erstwhile HSIL Ltd) in August 2019.Hindware Home Innovation Limited (formerly known as Somany Home Innovation Limited) is a prominent player in the building products industry and a rapidly growing force in the Indian consumer appliances sector.

The short-term outlook is bullish for Hindustan Copper. The stock has begun the week on a strong note by surging over 11 per cent on Monday. This surge has taken the share price very well above ₹290 – a key resistance level. That keeps the overall uptrend intact.

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