KEY HIGHLIGHTS
FPIs Stay Net Sellers
Overseas investors stayed sellers on Wednesday for the third consecutive day.
Foreign portfolio investors sold stocks worth Rs 2,213.56 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the eleventh day and mopped up equities worth Rs 1,102.41 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 12,801 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Indian Rupee Records Its Lowest Ever Close Against The U.S. Dollar
The local currency weakened by 5 paise to close at 83.43 against the U.S. Dollar.
It closed at 83.38 a dollar on Tuesday.
Source: Bloomberg
Nifty, Sensex End Choppy Session Flat Ahead Of Powell's Speech
India's benchmark indices ended Wednesday's choppy session flat as market participants await the Federal Reserve Chair Jerome Powell's speech, later today. Losses in shares of heavy-weight Reliance Industries Ltd., and Kotak Mahindra Bank Ltd. dragged the indices.
Today, the NSE Nifty ended 18.65 points or 0.083% lower at 22,434.65, the S&P BSE Sensex ended 27.09 points or 0.037% down at 73,876.82.
They will closely monitor Powell's comments to get fresh cues about the U.S. central bank's policy outlook forward in the backdrop of robust economic data weighing on rate cut expectation.
Intraday, the NSE Nifty 50 fell 0.48% to 22,346, and the S&P BSE Sensex fell 0.49% to 73,540.27.
"Weak Asian and U.S. market cues coupled with caution ahead of the RBI's monetary policy announcement on Friday saw domestic equities end flattish with a negative bias. Surging crude oil prices and uptick in US bond yields are making investors nervous with FIIs offloading local shares further dampening the sentiment,” Prashanth Tapse, senior vice president research, Mehta Equities Ltd.
Reliance Industries Ltd., Kotak Mahindra Bank Ltd., Larsen & Toubro Ltd.,Nestle India Ltd., and ICICI Bank Ltd. added to the gains in the index.
Tata Consultancy Services Ltd., Bharti Airtel Ltd., Axis Bank Ltd., NTPC Ltd., and Bajaj Finance Ltd. limited losses in the index.
On NSE, five sectors advanced, three remained flat, and four declined. The NSE Nifty Realty fell the most among peers, while the NSE Nifty PSU Bank become the top performing sector.
Broader markets outperformed benchmark indices. The S&P BSE Midcap ended 0.6% higher and the S&P BSE Smallcap ended 1.18% higher.
The Nifty Midcap 150 hit a life during the day and settled higher for eight day in a row. The Nifty Smallcap 250 ended higher for nineth day in a row.
On BSE, 12 sectors advanced, and eight declined. The S&P BSE Realty index was the worst performing sector, while the S&P BSE Utilities was the top performing sector.
Market breadth was skewed in favour of buyers. Around 2,803 stocks advanced, 1,051 stocks declined, and 111 stocks remained unchanged on BSE.
Divi's Laboratories Upgraded By BofA
Divi's Laboratories Ltd.'s rating has been upgraded to a 'buy' by BofA Securities due to its improving earnings outlook. The research firm has also raised the target price to Rs 4,025 apiece from Rs 3,380 earlier, implying a potential upside of approximately 11% from the current stock price.
The stock rose as much as 2.86% during the day to Rs 3,726 apiece on the NSE. It was trading 2.3% higher at Rs 3,705 per share, compared to a 0.15% advance in the benchmark Nifty 50.
The share price has risen 24.37% in the last 12 months. The relative strength index was at 66.
Twenty-one out of the 39 analysts tracking the company have a 'buy' rating on the stock, 12 recommend 'hold' and six suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.5%.
BMW Alliance Opens Tata Technologies To Global Clients, Says JPMorgan
The joint venture between Tata Technologies Ltd. and BMW will reduce the dependence on anchor clients Tata Motors and JLR and increase client connections with other global OEMs, according to JPMorgan.
JPMorgan remains 'underweight' on the company, citing excess valuation. The brokerage has a target price of Rs 800 apiece, implying a downside of 30% from the current market price on NSE.
Shares of Tata Tech rose as much as 4.35% to Rs 1,139.50 apiece on the NSE. It was trading 3.76% higher at Rs 1,133.10 apiece, compared to a 0.22% advance in the benchmark Nifty 50 as of 1:03 p.m.
The stock has declined 13.66% since November 2023. The total traded volume so far in the day stood at 5.8 times its 30-day average. The relative strength index was 63.63.
Out of the six analysts tracking the stock, two have a 'buy' rating and four suggest a 'sell', according to Bloomberg data. The average 12-month analyst price target implies a potential upside of 12.0%.
Vistara Pilots Flag Concerns On New Contract In Meet With CEO & Management
Vistara pilots' meeting with CEO and top management concludes.
Management addressed aircraft availability concerns, network planning issues etc.
Some pilots raised concerns on contract.
Management mentioned they would address the issues.
Indian Oil Is In Talks NPCIL, Says Director
Indian Oil Corp is in talks with NPCIL to build small nuclear reactors, said director.
The company is seeking to use nuclear power in refineries.
Source: Indian Oil Corp Director To Bloomberg
Most European Markets Gain
Aster DM Healthcare Segregates GCC Business
Aster DM Healthcare Ltd. concluded the segregation of GCC business via sale of unit.
Source: Exchange Filing
Nifty, Sensex Rebound After Opening Lower Led By HDFC Bank, TCS, Airtel: Midday Market Update
India's benchmark stock indices rebounded by midday on Wednesday after opening lower, led by gains in HDFC Bank Ltd., Tata Consultancy Services Ltd., and Bharti Airtel Ltd.
As of 12:27 p.m., the NSE Nifty was trading 27.90 points, or 0.12%, higher at 22,481.20, and the S&P BSE Sensex gained 118.35 points, or 0.16%, to trade at 74,022.26.
The Nifty 50 fell to an intraday low of 22,346.50, and the Sensex touched a low of 73,540.27 so far in the day.
"For Nifty, support is foreseen around 22,325-22,375, with a robust buying zone around 22,175-22,250," said Shrey Jain, founder and chief executive at SAS Online.
"The broader market momentum is positive. The highest call OI has moved higher to a 22,700 strike, while on the downside, the highest put OI is at 22,300 for the weekly expiry," said Vikas Jain, senior research analyst at Reliance Securities.
HDFC Bank Ltd., Tata Consultancy Services Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and HCL Technologies Ltd. were contributing to the Nifty.
Reliance Industries Ltd., Larsen & Toubro Ltd., Kotak Mahindra Bank Ltd., Nestle India Ltd., and Bajaj Auto Ltd. were weighing on the index.
On NSE, six sectors advanced, and six declined. The NSE Nifty Media rose over 1% to become the top performer, and the NSE Nifty Realty index was the top loser.
Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.40% and the S&P BSE Smallcap gaining 1.08% through midday on Wednesday.
The NSE Nifty Midcap 150 index scaled to record high, led by gains in Mazagon Dock Shipbuilders Ltd., Fertilisers and Chemicals Travancore Ltd.
On BSE, 14 sectors advanced, and six declined. The S&P BSE IT index rose the most among sectoral indices to become the top performer, and the S&P BSE Realty sector fell the most.
Market breadth was skewed in favour of the buyers. Around 2,645 stocks advanced, 1,015 stocks declined, and 125 stocks remained unchanged on BSE.
Gensol Engineering Hits 5% Upper Circuit After Posting Highest Revenue In FY24
Gensol Engineering Ltd hit a 5% upper circuit after reporting highest-ever revenue of Rs 960 crore in FY24.
The company reported highest-ever revenue of Rs 960 crore in FY24 compared to Rs 398 crore in FY23, which implied 141% annual growth
It's revenue stand at Rs 396 crore in January-March period, compared to Rs 220 crore in the previous quarter, according to exchange filing.
Gensol Engineering Ltd. hit a 5% upper circuit and rose to Rs 948.25, the highest level March 27. It remained locked in the upper circuit as of 1:25 p.m., which compares to 0.16% advance in the NSE Nifty 50 index.
The scrip has risen 109.57% in 12 months. Total traded volume so far in the day stood at 0.4 times its 30-day average. The relative strength index was at 49.83.
Nifty 500 Rises To Life High
Nifty 200 Index Surges To Record High
Crompton Greaves Get Tax Demand Worth Rs 2.91 Crore
Crompton Greaves received a tax demand worth Rs 2.91 crore from Vasai-Virar Municipal Corp in Maharashtra.
The company is to file appeal against order.
Source: Exchange Filing
HCL Technologies Introduces Strategic Initiative With Google Cloud
HCL Technologies Ltd. introduced strategic initiative with Google Cloud to scale Gemini to global enterprises.
The company is to enable 25,000 engineers on Gemini for Google Cloud.
Source: Exchange Filing
Trust Mutual Fund Launches First Equity Fund
Launches TrustMF Flexi Cap Fund
NFO opens from April 5-19, 2024
Fund will be benchmarked to Nifty 500 TRI Index
Fund to be managed by CIO Mihir Vora along with fund manager Aakash Manghani
Vistara CEO To Meet Pilots At 1:00 P.M.
Vistara CEO to address pilots around 1:00 p.m. today.
The meeting will also have top management, HR and others.
The meeting is expected to be online.
Source: people in the know
U.S. FDA Inspection At Granules's Unit's Virginia Plant Ends
The U.S. Food and Drug Administration's inspection at Virginia plant of subsidiary ended with five observations with 'Voluntary Action Indicated' classification.
Source: Exchange filing
Operation At Andhra Paper's Rajahmundry Plant Disrupted
Rajahmundry plant's operation disrupted from April 2 due to workers union strike.
Management is in discussion with concerned unions to resolve issue.
Source: Exchange filing
Anupam Rasayan Wins Order From Japanese Company, Shares Gain
Shares of the company rose as much as 6.50% to its highest level since March 12. It pared gains to trade 2.67% higher at 10:36 a.m., compared to flat a NSE Nifty 50.
The stock has risen 7.85% in past 12 months. Total traded volume so far in the day stood at 43 times its 30-day average. The relative strength index was at 51.1.
Of the 11 analysts tracking the company, three maintain a 'buy' rating,two recommend a 'hold', and six suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 11.0%.
Nifty Midcap 150 Rises To Record High
The NSE Nifty Midcap 150 index rose as much as 0.44% to fresh high of 18,367.70 on Wednesday. Mazagon Dock Shipbuilders Ltd. and Fertilisers and Chemicals Travancore Ltd. added to the gains in the index.
Mazagon Dock Shipbuilders At Over Two-Month High
Mazagon Dock Shipbuilders Ltd.'s shares surged as much as 11.35% to Rs 2,222.00, the highest level since Feb 28. It was trading 10.40% up at Rs 2,203.05 as of 11:19 a.m., as compared to 0.02% advance in the NSE Nifty 50 index,
The scrip has gained 234.49% in 12 months. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 65.86.
Out of four analysts tracking the company, two maintain a 'buy' rating, one recommend a 'hold,' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 28.1%.
Star Health & Allied Insurance Inks Pack With PhonePe
Star Health and Allied Insurance Co. signed a pact with PhonePe to offer insurance services.
Source: Exchange Filing
GE Power India Surges Over 13% To Record High
Shares of GE Power India Ltd. surged a13.22% to Rs 343.90, the highest level since Jul 27, 2021. It was trading 10.57% higher at Rs 335.90 as of 11:11 a.m. as compared to 0.01% decline in the NSE Nifty index.
The stock has been rising for fourth sessions.
The scrip has gained 222.52% in 12 months. Total traded volume so far in the day stood at 7.1 times its 30-day average. The relative strength index was at 70.33, which implied the stock is overbought.
HDFC Mutual Fund Cuts Stake In Mishra Dhatu Nigam
HDFC Mutual Fund cuts stake in Mishra Dhatu Nigam Ltd. by 2.02% to 7.12%.
Source: Exchange filing
RBI To Conduct 2-Day VRR Auction On April 3
RBI to conduct 2-day VRRR auction on April 3
Notified amount for the auction is Rs 1.25 lakh crore
Date of reversal is April 5
Source: RBI
CCI Approves IndoEdge's 8% of Share Capital Acquisition Of MG Motor India
CCI approves acquisition of around 8% of the share capital of MG Motor India Private Limited by IndoEdge India Fund.
Source: LVF Scheme
NALCO Hits Record High After Reporting Highest Ever Metal Sales In FY24
National Aluminum Company Ltd. rose to record high on Wednesday after it posted highest ever metal sales and cast metal production in FY24.
NALCO has recorded 4.7 lakh metric ton metal sales in the last financial year. In the same period, its cast metal production was at 4.6 lakh metric ton, according to an exchange filing.
The company has developed and operationalised Utkal D Coal Block and produced two metric ton coal from the mine in FY24, the exchange filing said.
The scrip rose as much as 5.7% to Rs 175.65 apiece, the highest level since its listing on April 28, 1999. It was trading 4.93% higher at Rs 174.40 apiece, as of 10:18 a.m. This compares to a 0.04% decline in the NSE Nifty 50 Index.
It has declined/risen X.X% in 12 months. Total traded volume so far in the day stood at 1.33 times its 30-day average. The relative strength index was at 68.62.
Out of 10 analysts tracking the company, five maintain a 'buy' rating, two recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 22.8%.
SRM Contractors Lists At Rs 225 On NSE
SRM Contractors listed at Rs 225 on BSE compared to issue price of Rs 210, which is 7.14% premium.
Lists at Rs 215.25 on NSE compared to issue price of Rs 210, which is 2.5% premium.
JSW Energy Hits Record High As Board Approves Fundraise Via QIP
JSW Energy Ltd rose to record high on Tuesday as its board approved raising funds through QIP.
The company's board of director has approved raising Rs 5,000 crore via qualified institutional placement. JSW Energy has set the floor price of the issue at Rs 510.09 per share, according to an exchange filing.
The issue opened on Tuesday, the exchange filing said.
The scrip rose as much as 2.91% to Rs 558.00, the highest level since its listing on Dec 31, 2009. It was trading 1.42% up at Rs 549.90 as of 09:52 a.m., as compared to 0.34% decline in the NSE Nifty 50 index.
The scrip has risen 119.98% in 12 months. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 65.1.
Out of 12 analysts tracking the company, six maintain a 'buy' rating, one recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 18.0%
Nifty, Sensex Extend Losses At Open As RIL, ICICI Bank, TCS Drag: Opening Bell
India's benchmark indices opened lower on Wednesday, extending losses as heavy-weight Reliance Industries Ltd., ICICI Bank Ltd., and Tata Consultancy Services Ltd. dragged
As of 09:19 a.m., the NSE Nifty 50 was trading 84.90 points or 0.38% down at 22,368.40, and the S&P BSE Sensex was trading 284.38 points or 0.38% lower at 73,619.52.
"Nifty can find support at 22,350 followed by 22,300 and 22,250. On the higher side, 22,500 can be an immediate resistance, followed by 22,550 and 22,600," said Deven Mehata, research analyst at Choice Broking.
Yesterday, global markets fell from their highs following a surge in bond yields. With FII selling pressure, markets should expect a pullback from all-time highs. Traders with long positions should maintain a strict stop loss of 22250 on a closing basis, Mehata added.
Reliance Industries Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd., and ICICI Bank Ltd. weighed on the benchmark indices.
Axis Bank Ltd., UltraTech Cement Ltd., Hindalco Industries Ltd., Oil and Natural Gas Corp Ltd., and Shriram Finance Ltd. limited losses in the index.
On NSE, 10 sectors declined, and two advanced. The NSE Nifty Realty index fell over 1% to become the worst performing sector, and the NSE Nifty Media index was the best performing sector.
Broader markets outperformed benchmark indices. The S&P BSE Midcap index rose 0.01%, and the S&P BSE Smallcap index rose 0.50.
On BSE, 12 sectors declined, and eight advanced. The S&P BSE Realty index fell the most, while the S&P BSE Utilities rose the most among sectoral indices.
Market breadth was skewed in favour of buyers. Around 1,916 stocks advanced, 957 stocks declined, and 124 stocks remained unchanged on BSE.
Nifty, Sensex Down At Pre-Open
The NSE Nifty 50 was trading 67.60 points or 0.30% lower at 22,385.70, and the S&P BSE Sensex was 110.64 points or 0.15% down at 73,903.91.
Rupee Flat Against U.S. Dollar
The local currency opened flat at 83.37 against the U.S. Dollar.
It closed at 83.38 a dollar on Tuesday.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.10%.
Source: Bloomberg
Emkay Global Retains 'Buy' On Motherson Sumi Wiring India
Emkay Global retained 'Buy' with a target price Rs 80, implying 16% upside.
Emkay Global met the management and visited Pune plant.
The company is making strong breakthrough in SUV-focused OEMs, incl. for EVs.
Setting up a new facility is within its existing Pune plant.
Higher localization, scale benefits are to help improve profitability
Recent order wins in TTMT PVs and Mahindra & Mahindra's three E-SUVs propel further outperformance.
Offers a proxy play on PVs; major beneficiary of EV-shift
Q4 Business Update - Yes Bank
Advances as of March 31 at Rs 2.28 lakh crore, up 14.1% YoY
Deposits as of March 31 at Rs 2.66 lakh crore, up 22.5% YoY
CASA ratio as of March 31 at 30.9% vs 29.7% QoQ
Alert: Provisional figures
Source: Exchange filing
Business Updated - Satin Creditcare
FY24 disbursement at Rs 9,600 crore, up 30% on year.
FY24 collection efficiency at 98%.
Source: Exchange Filing
Adani Green India's First Firm To Surpasses 10,000 MW Renewable Energy
Adani Green Energy Ltd. has become India's first company to surpass 10,000 MW renewable energy.
The company has India's largest operating portfolio of 10,934 MW.
The firm has bought 2,848 MW renewables capacity on stream in FY24
Operational portfolio has 7,393 MW solar, 1,401 MW wind & 2,140 MW wind-solar hybrid capacity.
Source: Exchange Filing
Jefferies Reiterates 'Buy' On ICICI Lombard General Insurance
Jefferies reiterates Buy on ICICI Lombard, with a target price to Rs 1,950 vs 1,730.
Strengthening presence in health insurance - digital and agency network
Expect retail health segment ramp-up in the next 2-3yrs
Competitive intensity in the sector becoming more rational
Easing competition allowing market share gains in Motor-OD
Expect 16% premium CAGR in FY24-27
Lower combined, raise earnings estimates by 2-4% in FY25-26
TP based on 25x June 26E EPS
Business Update - Gensol Engineering
Records highest-ever revenue of Rs 960 crore in FY24 compared to Rs 398 crore in FY23, up 141% year-on-year.
Q4 revenue is at Rs 396 crore compared to Rs 220 crore on quarter.
Source: Exchange filing
Nomura Maintains 'Reduce' On M&M Financial
Nomura maintained Reduce on Mahindra & Mahindra Financial with a target price of Rs 240.
March 2024 update reflects tepid growth of 9% on year.
The company's 4QFY24 disbursements stood at Rs 15,300 crore, growing 11% on year but declining 1% sequentially.
Disbursements for FY24 registered growth of 13% year-on-year at Rs 56,200 crore.
Business asset growth remained healthy at 24% on year in March 2024.
GS3/ GS2 improves by 70bp/ 90 on quarter despite moderation in collection efficiency.
Improvement in asset quality comparatively softer than previous years
Improvement in asset quality may be driven by elevated write-offs during the quarter
Credit cost likely staying elevated
To achieve guidance for FY24 (1.5%-1.7%), credit cost to be at 0.9% in 4Q24
Global Cues
U.S. Dollar Index at 104.80
U.S. 10-year bond yield at 4.35%
Brent crude up 0.09% at $89.00 per barrel
Nymex crude up 0.01% at $85.16 per barrel
Bitcoin was down 0.22% at $65,556.75
Motilal Oswal Reiterates 'Buy' On APL Apollo Tubes
Motilal Oswal reiterated a 'buy' on APL Apollo Tubes Ltd. with target price of Rs.1800 apiece, implying an upside of 14%.
The company ended FY24 with a healthy sales volume growth of 15%, despite subdued volume growth in H2FY24
Based on channel checks, demand scenario is to remain weak
Slowdown in construction activity, delay in government projects are key factors.
Dealers are operating with minimum inventory level.
Global foray with manufacturing plant commissioned in Dubai
The company aims to open warehouses in Liverpool, Melbourne, Antwerp, and Houston.
Motilal Oswal expects demand recovery post Q2FY25, expect restocking from dealers
Reduce FY25/FY26 EPS estimates by 4% each; FY26E EPS at 32x
Systematix Starts Coverage On Shailey Engineering
Systematic has initiated coverage on Shailey Engineering with a target price Rs 720 apiece.
The company is a leading exporter of high-precision engineered plastic products, said Systematix.
Shailey Engineering has a customer base across healthcare, consumer, appliances, auto and lighting
Strong order book and guidance received from key customers.
Expect 19%/29%/46% CAGR in revenue/ Ebitda/PAT over FY23-26E
TP based on 30x FY26E P/E
Chalet Hotels Raises Rs 1,000 Crore Via QIP
Chalet Hotels Ltd. has raised Rs 1,000 crore via QIP.
The company allotted 1.26 crore shares at Rs 792 per share.
Major QIBs include Smallcap World Fund, SBI Consumption Opportunities Fund & SBI Flexicap Fund.
Source: Exchange filing
ICICI Lombard Acquires Stakes In Hero MotoCorp
ICICI Lombard General Insurance Co. Ltd. acquired additional 0.03% stake in Hero MotoCorp Ltd. for Rs 23 crore.
Source: Exchange filing
Emkay Global Initiates Coverage On Nestle
Emkay Global has initiated coverage on Nestle and set a target price of Rs 2,650 apiece.
Current capex cycle is to address company's segment demand more affectively.
Penetration-led volume growth is helping it outperform sector volume growth.
Strong pricing power is added advantage and a likely factor for faster margin recoup.
Sees stock re-rating restrained by pressure on ROE/ROCE ahead.
Any consumption slowdown in the formal sector would be a downside risk
Capability of utilising enhanced capacity and driving innovation would be an upside risk.
Motilal Oswal Retains 'Buy' On Prestige Estate Projects
Motilal Oswal reiterated 'buy' on Prestige Estate Projects with a target price of Rs 1,535 apiece.
Expansion in new markets is to sustain pre-sales growth momentum, the brokerage said.
In rental portfolio, Mumbai assets are shaping up well.
Prestige Estates is to start generating positive FCF from FY26.
Platform deal with Abu Dhabi Investment Authority and Kotak AIF can further release cash flow burden.
Monetizing hospitality portfolio can lead to value unlocking.
Money Market Update
The Indian currency appreciated 2 paise to close Rs 83.38 against the U.S. dollar
F&O Cues
Nifty March futures down by 0.11% at a premium of 124.2 points.
Nifty March futures open interest up by 1.6%.
Nifty Bank March futures down by 0.07% to 47,892.90 at a premium of 347.45 points.
Nifty Bank March futures open interest up by 2.8%.
Nifty Options April 4 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,000. Pending
Bank Nifty Options April 3 Expiry: Maximum Call Open Interest at 48,000 and Maximum Put open interest at 47,000.
Securities in ban period: Hindustan Copper.
Trading Tweaks
Ex/record dividend: Ashok Leyland.
Moved out into short-term ASM framework: Exicom Tele-Systems, Navkar Corporation, Reliance Infrastructure.
Who’s Meeting Whom
Persistent Systems: To meet analysts and investors on April. 22.
Jai Balaji Industries: To meet analysts and investors on April 5.
Arvind: To meet analysts and investors on April 9.
Asian Granito India: To meet analysts and investors on April 9.
SIS: To meet analysts and investors on April 5.
Bulk Deals
Suyog Telematics: Mansi Share and Stock Advisors sold 1.25 lakh shares (1.18%) at Rs 1,233.17 apiece, while Ravi Goyal (HUF) bought 1.23 lakh shares (1.17%) at Rs 1,233.1 apiece.
Gokaldas Exports: Government Pension Fund Global sold 3.47 lakh shares (0.57%) at Rs 777.05 apiece.
JTL Industries: Ajay Kumar Pandey bought 9.57 lakh shares (0.56%) at Rs 205 apiece.
Samhi Hotels: Aditya Birla Sun Life Mutual Fund bought 15 lakh shares (0.69%) at Rs 202.54 apiece, Goldman Sachs (Singapore) PTE. bought 72.66 lakh shares (3.33%) at Rs 200.18 apiece, and Goldman Sachs Investments Holdings Asia sold 1.7 crore shares (7.84%) at Rs 200.55 apiece.
IPO Offering
Bharti Hexacom: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 542 to Rs 570 per share apiece. The Rs 4,275-crore IPO is entirely an offer for sale. The company has raised Rs 1,923.7 crore from anchor investors.
Also Read: Bharti Hexacom IPO: All You Need To Know
New Listing
SRM Contractors: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 210 apiece. The Rs 130.20-crore IPO was subscribed 86.57 times on its third and final day. Bids were led by institutional investors (59.59 times), retail investors (46.97 times), and non-institutional investors (214.94 times).
Stocks To Watch
UltraTech Cement: The company will invest Rs 32,400 crore towards ongoing capex over the next three years. It has commissioned two new units in Chhattisgarh and Tamil Nadu to surpass 150 MTPA capacity.
Bharti Airtel: The company approved the allotment of 1.38 crore shares to foreign currency convertible bondholders at a conversion price of Rs 518 per share.
HCLTech: The company’s arm completed the divestment of a 49% stake in JV with US-based State Street. The arm received proceeds worth $172.5 million for stake divestment, termination of services, and settlement of contractual commitments.
JSW Energy: The board approved a fundraise of up to Rs 5,000 crore via QIP at a floor price of Rs 510.09 per share.
Biocon: The company has completed the transaction of the transfer of the business of Biocon Biologics to Eris Lifesciences on a ‘slump sale’ basis for Rs 1,242 crore, including working capital adjustments.
Sunteck Realty: The company entered into a long-term agreement to lease the second premium commercial building at BKC Junction, Sunteck Icon, to Bennett Coleman & Co. This will allow the company to generate revenue of close to Rs 2,000 crore over the course of 29 years.
Anupam Rasayan: The company signed a letter of intent worth nearly Rs 743 crore with a Japanese multinational company to supply two advanced intermediates using fluorination chemistry starting in FY 2024–25.
Zee Entertainment Enterprises: MD and CEO Punit Goenka takes the decision to implement a voluntary 20% reduction in personal remuneration.
Dhanlaxmi Bank: The company reported total deposits at Rs 14,259 crore, up 6.8% YoY and total advances at Rs 10,409 crore, up 5.6% YoY for Q4.
Jammu and Kashmir Bank: The company signed an agreement with New India Assurance for servicing and soliciting their insurance products through the company's branch network.
Hindustan Zinc: The company reported mined metal output at 2.99 lakh tonne, down 1% YoY and silver output at 6.1 million ounces, up 4% YoY for Q4.
Shriram Properties: The company received a penalty order worth Rs 447 crore for AY19 from the Chennai tax authority.
Zensar Technologies: The company’s arm, Foolproof Singapore, merged with itself and ceased to exist as a separate legal entity effective April 1.
PNC Infratech: The company signed Rs 117 crore settlement pacts with NHAI towards one-time settlement of contractual disputes.
Ashiana Housing: The company sold all Gurugram project units for Rs 440.32 crore.
PC Jeweller: Karur Vysya Bank has accepted a one-time settlement proposal submitted by the company to settle outstanding dues.
Quick Heal Technologies: The enterprise arm of the company Seqrite announced a strategic partnership with M. Tech Solutions to significantly expand its presence in India and solidify its position further in the crucial enterprise and government segments.
ESAF Small Finance Bank: The company has been operationalising its authorised dealer category-1 licence with effect from April 2. Category-1 licence permission to deal in foreign exchange transactions.
Ramco Cements: The company has commissioned Line II and commenced commercial production on March. 31. The cement manufacturing capacity of Line II is 0.90 million metric tonne per annum. The aggregate capacity of the Odisha grinding unit has increased to 1.8 MTPA.
Nalco: The company reported cast metal production at 4.6 lakh MT, metal sales at 4.7 lakh MT and bauxite excavation at 76 lakh MT for FY24.
Olectra Greentech: The company extended its cooperation agreement with BYD Auto Industry for manufacturing and maintaining electric buses until Dec. 31, 2030.
Manali Petrochemical: The company extended its engagement with Fortuna Public Relations for a further two years, from April 1, 2024, to March 31, 2026. FPRPL will continue to act as public relations consultants for media and investor relations, corporate image building, and related matters.
Moil: The company achieved production and sales in FY24, with a 35% increase in production and a 30% increase in sales year-on-year.
Chalet Hotels: The company approved the issued price for 1.26 crore shares to be allotted to QIBs at Rs 792 per share.
GE T&D INDIA: The company’s holding company, GEC, has announced the intended split of GEC into GE Aerospace and GE Vernova. The energy business of GEC will be spun off under GE Vernova, effective today.
SONA BLW: The company received approval for a second hub wheel motor for electric two-wheelers under the PLI scheme.
Droneacharya Aerial: The company received Rs 4.67 crore order for drone and geographic information system data processing from the UK.
The GIFT Nifty Trades Below 22,500
Benchmark stock indices in the Asia-Pacific region were trading in the negative after data showed the number of new jobs in the U.S. remained largely unchanged in February, indicating the strength of the labour market.
An earthquake of magnitude 7.4 rocked Taipei, the capital of Taiwan. Another temblor of 7.5 magnitude was felt in Japan's Okinawa prefecture. Tsunami warnings have been issued along the coasts of China, Taiwan and Japan's Okinawa. However, the quake did not halt trade in Asian markets.
The Nikkei 225 was trading 305.32 points, or 0.77%, lower at 39,533.59. The S&P ASX 200 was trading 1.20% lower at 7,793.60 as of 6:35 a.m.
The strong U.S. Job Openings and Labour Turnover Survey data for February compelled market participants to scale down the number of rate cuts they were expecting in 2024. This pushed the U.S. Treasury yield higher, which also weighed on emerging market equities.
Stocks and bonds dropped around the world as solid economic readings and a rally in commodities spurred speculation that major central banks would keep rates higher for longer, Bloomberg said.
The S&P 500 Index and Nasdaq Composite fell 0.72% and 0.95%, respectively, on Tuesday. The Dow Jones Industrial Average declined 1.00%.
Brent crude was trading 0.08% higher at $89.00 a barrel. Gold gained 0.07% at $2,282.18 an ounce.
The GIFT Nifty was trading 28 points, or 0.12%, lower at 22,471.50 as of 06:38 a.m.
The National Stock Exchange of India has reduced the lot size of derivative contracts on selected indices, including the NSE Nifty 50 index.
The market lot size of the NSE Nifty 50 has been cut to 25 from 50. Nifty Financial Services has been reduced to 25 from 40, and the Nifty Midcap Select's lot size has been cut to 50 from 75, a circular released on Tuesday said.
The changes followed a periodic review of lot sizes in derivative contracts, which will take effect from April 26.
India's benchmark stock indices snapped their three-day rally to close marginally lower on Tuesday on likely profit booking, after indices hit a fresh record high in the previous session.
The NSE Nifty 50 ended 8.70 points, or 0.04%, lower at 22,453.30, while the S&P BSE Sensex fell 110.64 points, or 0.15%, to close at 73,903.91.
Overseas investors remained net sellers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors offloaded stocks worth Rs 1,622.7 crore, and domestic institutional investors remained net buyers and mopped up equities worth Rs 1,952.7 crore, the NSE data showed.
The Indian currency strengthened by 2 paise to close at 83.38 against the U.S. dollar.
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