KEY HIGHLIGHTS
FPIs Turn Net Sellers After A Day
Overseas investors turned net sellers on Monday after a day's buying.
Foreign portfolio investors off loaded stocks worth Rs 684.68 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers for the and mopped up equities worth Rs 3,470.54 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 12483 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The NSE Nifty 50 ended 147.25 points, or 0.65%, higher at 22,660.95, and the S&P BSE Sensex rose 494.28 points, or 0.67%, to close at 74,742.5.
Rupee Weakens Against U.S. Dollar
The local currency weakened by 3 paise to close 83.32 against the U.S. Dollar.
It closed at 83.29 a dollar on Friday.
Source: Bloomberg
Nifty, Sensex End Shy Of Record High
The benchmark indices kicked off the week by climbing to a fresh record closing level on Monday led by gains in automobile stocks. The session also witnessed the market cap of BSE-listed firms crossing the Rs 400 lakh crore mark.
The NSE Nifty 50 settled 147.25 points, or 0.65%, higher at 22,660.95, and the S&P BSE Sensex rose 494.28 points, or 0.67%, to end at 74,742.5.
On an intraday basis, the Nifty hit an all-time high of 22,667.6, and the Sensex touched a new life-high of 74,869.3 earlier in the session. Bank Nifty also recorded the highest closing level of 48,581.7 on Monday.
The buoyancy in sentiment continued, led by sectorial tailwinds and Q4 earnings growth expectations, according to Vinod Nair, Head of Research, Geojit Financial Services.
Most Stocks in the Asia-Pacific region closed higher on Monday following on positive global cues. The S&P ASX 200 ended 0.20% higher at 7,789.08, and the NIKKEI closed 0.91% higher at 39,347.04.
Brent crude was trading 1.04% lower at $90.22 a barrel. Gold was up 0.32% to $2,337.18 per ounce.
"The up-move was largely broad-based, with outperformance by auto, reality, oil & gas, and consumer discretionary, while IT was tepid owing to insipid Q4 growth expectations due to a slowdown in spending," Nair said.
On the global front, after the release of robust US job data, investors are awaiting the release of U.S. CPI data, ECB policy, and U.K. GDP data this week, according to Nair.
Shares of Reliance Industries Ltd., Larsen & Toubro Ltd., Mahindra and Mahindra Ltd., Maruti Suzuki India and NTPC Ltd. positively contributed to the Nifty.
Whereas, HDFC Bank Ltd., Adani Ports Ltd., Tata Consultancy Services Ltd., Nestle India Ltd., and Infosys Ltd. weighed on the index.
Sectorally, Nifty Auto and Nifty Oil and Gas advanced the most, while Nifty PSU Banks and Media declined.
The benchmarks outperformed the broader markets as the BSE MidCap rose 0.26%, while the BSE SmallCap was 0.06% lower.
Three of the 20 sectors compiled by BSE declined, while seventeen advanced.
Market breadth was skewed in favour of sellers. On BSE 2,023 stocks declined, 1,903 stocks advanced, and 127 remained unchanged.
NIIT Appoints Pankaj Prabhakar Jathar As CEO
Prabhakar Jathar appointed as CEO effective July 1
Source: Exchange Filing
Mazagon Dock FY24 Turnover Rs 9,400 Crore
Company's turnover in FY23 was at Rs 7,827 crore
Source: Exchange Filing
J&K Bank March Business Update
Deposits as of March 31 at Rs 1.35 lakh crore, up 10.4% YoY
Gross advances as of March 31 at Rs 97,072 crore, up 12.7% YoY
CASA ratio as of March 31 at 50.51% vs 50.59% QoQ
( Provisional figures)
Source: Exchange filing
Grasim's Birla Pivot Crosses Rs 1,000 Crore Sales In FY24
Unit Birla Pivot aims to hit $1 billion revenue in next 3 years
Source: Exchange Filing
Nifty Bank At Fresh High
Axis Bank contributes over 80 points to the rally.
Nifty Financial Services Hits Lifetime High
Shares of Axis Bank and ICICI Bank contributed the most to the gains.
Nifty, Sensex At New Lifetime Highs As RIL Leads Rally: Midday Market Update
Benchmark equity indices remained extended their morning gains and logged new intraday highs through the midday with shares of Reliance Industries contributing the most.
At 11:52 a.m., the Nifty traded at 22,643.80, up 130.10 points or 0.58% while the Sensex was at 74,691.29, 443.07 points or 0.60% higher.
If the Nifty crosses 22,680, the index may climb up to 22,790 -22800 in the next few sessions, according to Sudeep Shah, deputy VP head of technical & derivatives research at SBICAP Securities.
He also noted that 22,350 and 22,380 might act as a support for the index.
Shares of Reliance Industries Ltd., Maruti Suzuki Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., and Larsen & Toubro Ltd. contributed the most to the gains.
Meanwhile, those of State Bank Of India Ltd., Apollo Hospitals Enterprises Ltd., Nestle India Ltd., Adani Ports and Special Economic Zone Ltd., and HDFC Bank Ltd capped the upside.
Most sectoral indices were higher with Nifty Auto and Nifty Realty gaining over 2%. Only Nifty IT and Nifty PSU Bank fell.
Broader markets also rose. The S&P BSE Midcap index was up 0.46% and the S&P BSE Smallcap index was 0.29% higher.
On BSE, 19 sectors advanced, and S&P BSE Services fell. S&P BSE Auto rose the most.
Market breadth was skewed in favour of buyers. On BSE, 2,014 stocks rose, 1,694 stocks declined, and 160 remained unchanged.
Adani Total Gas Unit, MG Motor India In MoU For EV Ecosystem
MoU aimed at enabling ease of use and increased accessibility for customers
Charging stations to be installed at designated MG dealerships
Source: Exchange Filing
The scrip continued its gains in the third session today and rose as much as 12.94% to Rs 363.5 apiece, its highest level. It pared gains to trade 12.61% higher at Rs 362.6 apiece, as of 12:24 p.m. This compares to a 0.63% advance in the NSE Nifty 50 Index.
It has risen 86% in the last twelve months. Total traded volume on the NSE so far in the day stood at 13.41 times its 30-day average. The relative strength index was at 76.81, indicating that the stock may be overbought.
Out of 24 analysts tracking the company, 15 maintain a 'buy' rating, four recommend a 'hold,' and five suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.6%.
Capri Global Disbursed Car Loans Of Over Rs 10,000 Crore In FY24
Going forward, the Capri Loans aim to continue the growth of the vehicle finance business by 25%. In order to do so, the company plans a multi-pronged strategy including strengthening its presence across southern states. It also plans to leverage technology to automate a part of the acquisition process through launch of an app in the very first quarter of current financial year.
Source: Exchange Filing
REC Business Update
FY24 saw highest ever loan disbursement of Rs 1.6 lakh crore, up 67% YoY
FY24 saw highest ever loan sanctions of Rs 3.6 lakh crore, up 34% YoY
FY24 renewable energy sanctions at Rs 1.4 lakh crore, up over 6x YoY
Source: Exchange filing
Edelweiss Financial Opens Public Issue Of NCDs
Opens public issue of NCDs worth Rs 200 crore
Source: Exchange Filing
Hyundai Motor, Kia Corp In Pact With India’s Exide Industries Unit For EV Battery Localisation
Hyundai and Kia sign MoU with Exide Energy Solutions
Hyundai, Kia to equip future EVs with locally made batteries
The focus is on locally producing lithium-iron-phosphate cells
Source: Hyundai Motor India statement
Vodafone Idea Shares Gain After Board Approves Raising Rs 2,075 Crore From Promoters
Shares of Vodafone Idea Ltd. rose over 4% after the telecom major approved issuing shares worth Rs 2,075 crore to promoters.
The cash-strapped telecom company's board approved the issuance of 139.5 crore shares with a face value of Rs 10 each at an issue price of Rs 14.87 per equity share to promoters. The issue price represents a premium of 11% from Friday's closing.
Nifty Auto Hits Lifetime High
Shares of Mahindra & Mahindra Ltd. and Maruti Suzuki Ltd. contributed the most to the gains.
Bofa on Nestle India
Reiterate Neutral rating with TP of 2700
Nestle India set to hike its royalty to parent from 4.5% to 5.25%
This hike is over 5 years, 0.15% hike per annum
Negative Surprise, though earning impact maybe manageble
Would have higher royalty vs peers
Pricing growth tapers off, large growth headway
For Q4 expect Revenue/ EBITDA/PAT growth at 6%/12%/13% YoY
Godrej Consumer Shares Jump After Q4 Update
Godrej Consumer Products Ltd. shares rose over 4% to hit a fresh high after the company announced it fourth quarter update.
The stock rose as much as 4.84% before paring gains to trade 3.21% higher, compared to a 0.44% advance in the benchmark Nifty 50 as of 10:20 a.m.
It has risen 112.08% in the last 12 months. Total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 68.
Of the 19 analysts tracking the company, seven maintain a 'buy', five recommend a 'hold' and seven suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 17%.
Info Edge Shares Hit Over Two-Year High As Citi Double Upgrades Stock After Q4 Update
Shares of Info Edge (India) Ltd. jumped to hit its highest level since November 2021 after brokerage firm Citi Research upgraded the stock's rating by two notches to 'buy' citing multiple tailwinds for its core business.
Force Motors Shares Jump After March Production Data
Shares of Force Motors extended rally for the seventh consecutive trading session, their longest stretch of gaining streak eight months. The stock rose as much as 12.9% to hit an all-time high at Rs 9,621.80.
This comes after the company reported total production of 3,152 units in March, according to an exchange filing on Friday. That represents a growth of 30.2% from the year ago period.
JSW Steel Business Update
Reports highest ever annual consolidated crude steel production of 26.43 MT, up 9% YoY
Q4 consolidated crude steel production at 6.97 MT, up 3% YoY
Source: Exchange filing
GAIL Hits Life High; Gets Its Highest Target Price From Morgan Stanley
Shares of GAIL (India) Ltd. hit an all-time high on Monday after it received its highest target price from Morgan Stanley, which expects the company's market capital to double by 2026 as its significance in India's energy transition grows.
The price target is the highest on the company so far among the analysts tracked by Bloomberg.
GAIL's stock rose as much as 3.07% during the day to Rs 196.60 apiece on the NSE. It was trading 2.83% higher at Rs 196.15 per share, compared to a 0.44% advance in the benchmark Nifty 50 at 9:41 a.m.
Twenty out of the 35 analysts tracking the company have a 'buy' rating on the stock, eight recommend 'hold' and seven suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.5%.
Bandhan Bank Shares Fall After CEO Chandra Shekhar Ghosh Steps Down
Bandhan Bank Ltd. will appoint an interim chief executive officer for the transition period, according to outgoing Managing Director and Chief Executive Officer Chandra Shekhar Ghosh.
The bank, in an exchange filing on Friday, said that Ghosh would cease to be the private lender's MD and CEO after the completion of his services on July 9.
The scrip fell as much as 9.17% to Rs 179.25 apiece, the lowest level since March 20. It pared gains to trade 6.3% lower at Rs 184.90 apiece, as of 9:53 a.m. This compares to a 0.43% advance in the NSE Nifty 50 Index.
It has fallen 19.3% in the last twelve months. Total traded volume so far in the day stood at 2.38 times its 30-day average on the NSE. The relative strength index was at 43.64.
Out of 27 analysts tracking the company, 20 maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 34.7%.
Voltas Shares Hits Record High After Sales Data
Voltas Ltd. achieved highest ever landmark of selling 2 million units of AC in FY24, the highest by any AC brand. The company registered a volume growth of 72% in AC sales during Q4FY24.
Nifty Hits Lifetime High
Sensex Hits Fresh Life Time High At Open; Nifty Just 30 Points Away From Record
The Sensex opened the week by hitting their fresh lifetime high while the Nifty came very close to its lifetime high due to gains in the shares of Axis Bank and Reliance Industries.
At pre-open, the S&P BSE Sensex Index was up 307.22 points or 0.41% at 74,555.44 while the NSE Nifty 50 was 64.65 points or 0.29% higher at 22,578.35.
"Nifty can find support at 22,400 followed by 22,350 and 22,300. On the higher side, 22,600 can be an immediate resistance, followed by 22,650 and 22,700," said Deven Mehata, research analyst at Choice Broking.
"Bank Nifty outperformed the Nifty index during the week breaching above the previous peak zone of 48160 levels and is almost on the verge of retesting the all-time high of 48636 levels in the coming days," said Prabhudas Lilladher in a note.
"Once a confirmation is established, the index would have the next target of 49800 levels with most of the frontline banking stocks looking well poised for the pickup."
Shares of Reliance Industries Ltd., Axis Bank Ltd., Infosys Ltd., HDFC Bank Ltd., and Tata Steel Ltd. contributed the most to the gains.
Meanwhile, Wipro Ltd., Adani Ports and Special Economic Zone Ltd., Apollo Hospitals Enterprises Ltd., ICICI Bank Ltd., and Bharti Airtel Ltd. weighed on the Nifty.
Most sectoral indices gained with Nifty Bank rising over 1%. Nifty Pharma was the only sectoral index that fell.
Broader markets were in tandem with the benchmarks. The S&P BSE Midcap traded 0.42% higher and the Small Cap index was up 0.63%.
On BSE, all sectoral indices gained except S&P BSE Services. S&P BSE Consumer Durables rose the most.
Market breadth was skewed in favour of buyers. On BSE, 2,029 stocks rose, 1,055 stocks declined, and 139 remained unchanged.
Keystone Realtors March Business Update
Q4 collections at Rs 670 crore, down 4% YoY
Q4 pre-sales at Rs 843 crore, up 78% QoQ
FY24 collections at Rs 2,203 crore, up 18% YoY
FY24 pre-sales at Rs 2,266 crore, up 41% YoY
Source: Exchange filing
Auto Retail Sector Saw Growth Of 3.14% YoY In March
Passenger vehicle retail sales at 3.2 lakh units, down 6.2% YoY
Commercial vehicle retail sales at 91,289 units, down 5.9% YoY
2-wheeler retail sales at 15.3 lakh units, up 5.4% YoY
Source: FADA
Citi Sees Sequential EBITDA/t Contraction For Cement Companies In Q4
Cement sector likely to witness a sequential EBITDA/t contraction in Q4
Ambuja Cements to be potential outlier to expectations
Estimate players in South and East to have been impacted more
Believe companies pushed volumes, expect YoY volume growth at 0-15%
ACC, Ambuja, JK Cement may report double-digit volume growth
Think latest price hikes may be short-lived until demand is muted
Sensex, Nifty Higher At Pre-Open
At pre-open, the S&P BSE Sensex Index was up 307.22 points or 0.41% at 74,555.44 while the NSE Nifty 50 was 64.65 points or 0.29% higher at 22,578.35.
Emkay Reaffirms Positive Stance On 2Ws, Tyres At Its Delhi Auto Tour
Ancillaries confident of outperforming underlying industries and clients,
Higher content growth and new products/client additions
Recent RM spike in tyres lacks any fundamental drivers
Companies to consider gradual price hikes; utilization, product mix to continue improving
Domestic lithium-ion cell manufacturing riddled with challenges
Falling cost curve can reverse, ICE technology to remain relevant
Visit reaffirmed our liking for 2Ws over 4Ws
Maintain BUY on Motherson Wiring TP Rs 80, Apollo Tyres TP Rs 625
Rupee Flat Against U.S. Dollar
The local currency opened flat at 83.27 against the U.S. Dollar.
Source: Bloomberg
Yield On The 10-Year Bond Advance
The yield on the 10-year bond opened 2 bps higher at 7.14%.
It closed at 7.12% on Friday.
Source: Bloomberg
Muthoot Microfin Business Update
AUM as of March 31 at Rs 12,194 crore vs Rs 9,208 crore, up 32% YoY
FY24 disbursement at Rs 10,662 crore vs Rs 8,104 crore, up 32% YoY
FY24 collection efficiency at 98.4% vs 95.8%, up 260 bps YoY
Source: Exchange filing
Emkay on Shriram Pistons & Rings
Maintains Buy with unchanged TP 2450
Maidan Investor Call reinforces their positive stance
Strong growth visibility guidance for the core business
Sustained high profitability led by well-diversified mix; no segment share over 17-18% of revenue
Seeing strong export tailwinds from global OEMs; last man standing for ICE
Accelerating diversification efforts in EV-specific and engine-agnostic parts
Multiple new powertrains are emerging in ICE
Kit value for alternative powertrain solutions is higher compared to ICE
Its products meet all homologation/local value-addition requirements
Citi On Cholamandalam Investment
Citi retains 'buy; on Chola Investment and Finance; Target: 1,510
Sustained growth momentum
Key drivers have improved positioning
New business constituted 23% of disbursements for 4Q and FY24
Several levers including higher yielding business to support NIM
Collection efficiency at 130%, credit costs to settle below 1%
Cost ratios expected to be elevated
Jefferies Initiates Coverage On IDFC First Bank With 'Buy'
Target price Rs 100
Full suite banking and improved deposit franchise
Expect a 28% CAGR in deposits aiding 22% in loans
Expect earnings trajectory to improve from H2FY25
Expect rise in credit costs from 1.3% to 1.8% in FY27
Strong earnings should drive rerating in valuations
Jefferies On Bandhan Bank
Jefferies downgrades Bandhan Bank to Underperform from Buy; TP 170 (vs 290) (14% downside)
Mr. Ghosh's term ends on 9th July, board approved reappointment, RBI approval awaited
No word from RBI yet on re-appointment
Business may see impact on both slower growth and higher credit cost
Smooth succession to hold key, most senior management at the bank is new
Lowering growth outlook at credit cost estimates for FY25-26
Expect valuation overhang due to uncertainty
Smoother and faster succession to be key to rating stance
Godrej Properties Sells Homes Worth Over Rs 3,000 Crore In 3 days
Sold homes worth Rs 3,000 crore at the launch of Godrej Zenith project in Gurugram
Source: Exchange filing
Morgan Stanley On GAIL
Morgan Stanley Maintains 'overweight' on GAIL (India) at Rs 254 target (33% upside)
Expects GAIL's market cap could double by 2026
Expects gas to double in India's primary energy mix from 6% to 12% by 2030
Monetization of assets, chemical up-cycle to help double Ebitda by 2027
Expects gas import costs to hit 20- year low in 2026
Expects 13% earnings CAGR in next 3 years
Mix of Ebitda shifting to higher-multiple, transmission and petchem businesses, volume growth are key to re-rating
Citi Research Remains Neutral On Vodafone Idea
Board approved equity raise of Rs 20.75 billion in line with the around Rs 20 billion commitment previously been made by the AB Group
Should be a precursor to the balance equity raise planned from external sources (up to ~ Rs 180 bn)
Press reports suggest that VIL has commitments in place from anchor investors for around Rs 80 billion
Also that the company may look at a follow-on public offering to raise money from the public
Await further developments
Citi Research On Zomato
Maintain BUY with TP 220, 15% upside
Expect flattish QoQ trends in Food Delivery GOV at +28% YoY
Expect +50bps/+20bps QoQ to 7.6%/3.2% of GOV
Quick Commerce to see 14% QoQ growth in GOV;margins to expand to 7-8% of GMV
Contribution/Adj EBITDA margins at 3.8%/-0.7% of GOV
Co-level Adj EBITDA at Rs 2 billion (+60% QoQ)
Dark store visit affirms Blinkit’s powerful product-market-fit
Potential for quick commerce margins to match food delivery
Raises quick commerce estimates GOV by 8%/2%, CM and Adj EBITDA margins by +100bps FY26E
Remains their top India internet pick
Citi's Picks Sun Pharma, Torrent Pharma In Healthcare Sector
Expect Q4FY24 to be a mixed quarter
Subdued QoQ recovery in hospitals due to extended weekends in Q4
Expect Dr Reddy’s to surprise negatively on QoQ decline in gRevlimid
Healthy trends in India to support Sun Pharam's margins
Expect US Cipla, Lupin US sales sales to be soft QoQ
Aurobindo to offset hit in injectables with volume growth in US orals, new launches in Europe
Gland Pharma's US sales to remain stable, weakness in Cenexy to continue hitting margins.
Citi on Nykaa's Q4 Business Update
Reiterates 'Sell', resilient BPC & resurging fashion, watch margins
Expects BPC/Fashion/Others NSV growth of 25%YoY /25% YoY/ 78% YoY
For BPC: NSV/GMV ratio 60% vs 58% in 3Q
Management commentary suggests lower brand-funded discounts QoQ and
Higher ad-revenues YoY growth respectively.
Expect BPC Contribution Margins to improve +180bps QoQ to 25.6% of NSV, down 250bps YoY
For Fashion, expect sustained improvement in contribution margins at +290bps QoQ to 8.9%
Expect overall revenue growth at 28.5%
Contribution profits at Rs3.4bn up +21% YoY, EBITDA at Rs 1 billion margins at 6%; +42% YoY
Citi Research Upgrades Info Edge Rating, Target Price
Upgrades rating to 'buy'
Price target of Rs 6,650 with 17% potential upside
Recruitment business billings up 7% YoY in Q4, likely bottomed out
Raised core business Ebitda estimates up 8%/8% for FY25/26E
Expect lower Ebitda losses across non-recruitment verticals on YoY basis
Bulk of recruitment billings recovery to translate to revenue acceleration from FY25E
Strong Q4, decent FY24 in recruitment business indicates resilience against challenging IT services hiring environment
See tailwinds for core business: sustained recovery in recruitment billings growth, Ebitda breakeven in non-recruitment
Brokerages On Wipro CEO Exit
Citi Research
Maintains ‘Sell’, Valuations at 21X 1-Year Fwd EPS
Wipro has seen several CEO changes to revive revenue growth but it’s still WIP
Investors will keenly await new CEO’s communication on Wipro’s priorities
Large deal wins has been an area where Wipro seems to lag TCS, Infosys
Capital allocation key focus area as Wipro’s 40-50% payout is significantly lower than TCS, Infosys
Nirmal Bang
Rating: Sell; TP: Rs 441; CMP: Rs 485
External demand conditions to dictate growth trajectory
Wipro’s consulting unit under Capco to be a drag
New CEO to be tested on performance when demand returns
Investors, promoters to give new CEO three years to deliver
Jefferies
Retain underperform rating; TP: Rs 470
Wipro CEO’s resignation reflects continued execution issues
With discretionary demand under pressure, appointment of an internal candidate limits “hopes of a turnaround and rich valuations”
Any improvements in performance under the new CEO is likely to be gradual in our view
Nomura
Rating: Reduce; TP: Rs 410 (CMP: Rs 485)
New CEO to have a headstart as he is a 32-year veteran
New CEO’s task is to bring back revenue at the earliest
Senior-level exodus needs to be stemmed immediately
Both CEO, CFO being internal candidates instills confidence
Wipro to still lag its peer set growth rate in FY25F
Global Cues
U.S. Dollar Index at 104.35
U.S. 10-year bond yield at 4.42%
Brent crude down 2.26% at $89.11 per barrel
Nymex crude down 2.07% at $85.11 per barrel
GIFT Nifty down 16.5 points or 0.07% at 22,657.50 as of 7:25 a.m
Bitcoin was up 0.15% at $69,419.13
F&O Cues
Nifty April futures down by 0.07% to 22,595.5 at a premium of 81.8 points.
Nifty April futures open interest down by 1.3%.
Nifty Bank April futures up by 1.02% to 48,658.1 at a premium of 65.05 points.
Nifty Bank April futures open interest up by 14.06%.
Nifty Options April 10 Expiry: Maximum Call open interest at 23,000 and Maximum Put open interest at 22,500.
Bank Nifty Options April 10 Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 48,000.
Securities in ban period: Bandhan Bank, Hindustan Copper, Sail, Zee Entertainment Enterprise.
Trading Tweaks
Price band changes from 20% to 10%: Shipping Corporation of India Land and Assets.
Ex/record dividend: Indian Metals and Ferro Alloys, Sun TV Network.
Moved into short-term ASM framework: Genesys International, GOCL Corporation, Indraprastha Medical, and Manali Petrochemical.
Moved out short-term ASM framework: Skipper.
Bulk Deals
Vijaya Diagnostic Centre: Canara Robeco Mutual Fund A/C—Canara Robeco Small Cap Fund sold 6.92 lakh shares (0.67%) at Rs 664 apiece.
Block Deals
Camlin Fine Sciences: Anfima Nv bought 23 lakh shares (1.37%), while Ashish Subhash Dandekar sold 23 lakh shares (1.37%) at Rs 97.99 apiece.
IPO Offering
Bharti Hexacom: The public issue was subscribed to 29.88 times on day 3. The bids were led by institutional investors (48.57 times), non-institutional investors (10.52 times), and retail investors (2.83 times).
Stocks To Watch
Bajaj Finance: Bajaj Housing Finance is mandatorily required to list by Sept. 30, 2025. The company's board will undertake discussions with respect to the mandatory listing requirement, including considering various options based on the prevailing market conditions, at its meeting scheduled for April 24, 2024.
Wipro: The IT major appointed Srinivas Pallia as its new chief executive officer and managing director, following the resignation of Thierry Delaporte.
JSW Energy: The company raised Rs 5,000 crore via qualified institutional placements at an issue price of Rs 485 per share. The issue price is at a 4.92% discount to the floor price of Rs 510.09 per share.
Vodafone Idea: The company will raise Rs 2,075 crore via the issuance of shares to Oriana Investments. The telecom company will issue 139.5 crore shares at Rs 14.87 per share.
Tata Power: The company signed a share purchase agreement and acquired a 100% equity stake in Jalpura Khurja Power Transmission Ltd. It will build, own, operate and transfer an electrical power transmission system to establish twin 400 KV GIS substations at Jalpura and Metro-Depo, Greater Noida.
Tata Steel: The company achieved its highest ever annual crude steel production of 20.8 million tonne, a growth of 4% year-on-year. It achieved debottlenecking across sites and higher steel production at Neelachal Ispat Nigam Ltd.
Adani Wilmar: The company witnessed double-digit growth in edible oils and foods at the end of the fourth quarter. Food and FMCG volume growth stood at 10% YoY, while edible oil was at 13%.
Bandhan Bank: MD and CEO Chandra Ghosh will step down from the post after completing his current tenure.
Zee Entertainment Enterprises: MD and CEO Punit Goenka has proposed the implementation of a lean and streamlined management structure to the board.
Punjab National Bank: The company reported total deposits stood at Rs 13.7 lakh crore, up 7% YoY as of March 31, total advances stood at Rs 9.86 lakh crore, up 11.5%, and total business stood at Rs 23.56 lakh crore, up 8.8%.
Titan: The company revenue rose by 17% YoY in the fourth quarter, with the jewellery business up 18%, the watches and wearables business up 6%, the eye care business down 1%, emerging businesses up 24%, and the Carat Lane business up 30%.
Shyam Metalics: The company reported steel sales at 2.38 lakh tonne, up 26.4% YoY for the end of March, and long steel sales at 1.36 lakh tonne, up 11.2% YoY, and steel sales at 6.87 lakh tonne, up 6.5% QoQ for the end of the fourth quarter, and long steel sales at 3.8 lakh tonne, up 12% QoQ.
Union Bank of India: The company reported total deposits at Rs 12.2 lakh crore, up 9.3% YoY, as of March 31, and total business stood at 21.3 lakh crore, up 10.3%.
Indiabulls Real Estate: The company approved raising up to Rs 3,910.9 crore in one or more tranches via preferential issue of shares. Investors include Utpal Seth, Blackstone, Poonawalla Finance, and Quant MF.
Nestle India: The board approved increasing royalty payments to its parent firm by 0.15% annually for the next five years, thereby enhancing them to 5.25% of net sales.
Bank of Baroda: The company reported domestic deposits at 11.3 lakh crore, up 7.75% YoY as of March 31. Domestic advances stood at Rs 8.97 lakh crore, up 12.8% YoY; global deposits stood at Rs 13.3 lakh crore, up 10.2% YoY; and global advances stood at Rs 10.9 lakh crore, up 12.4% YoY.
Bank of India: The bank reported domestic deposits at Rs 6.3 lakh crore, up 11% YoY; as of March 31, domestic advances stood at Rs 4.93 lakh crore, up 14%; global gross advances stood at Rs 5.86 lakh crore, up 13.6%; and global deposits stood at Rs 7.38 lakh crore, up 10.2%.
Utkarsh Small Finance Bank: The lender reported total deposits at Rs 17,473 crore, up 27.4% YoY, as of March 31, and its gross loan portfolio stood at Rs 18,299 crore, up 31%.
RITES: The company signed an MoU with IIT Madras to collaborate on green energy projects in the field of transport and mobility.
UCO Bank: The company appointed Sourav Kumar Dutta as its new chief technology officer on a contractual basis for 3 years.
Aurobindo Pharma: The USFDA inspected the company’s unit from March 28 to April 5 and closed with three observations.
Godrej Consumer: The company expects sales growth in the mid-single digits, driven largely by currency volatility, and underlying volume growth is expected to be in the double digits.
Dr. Reddy's Laboratories: The company and Bayer signed a marketing and distribution agreement for the second brand of Vericiguat in India.
Mahindra EPC: The company received an order worth Rs 13.2 crore from the Office of the Assistant . Engineer to supply microirrigation systems for 2,700 hectares.
South Indian Bank: The company appointed Vinod Francis as CFO with effect from April 8, 2024.
Indiamart Intermesh: The company reappointed Dinesh Chandra Agarwal as MD and CEO for 5 years, effective Jan. 8, 2025.
Landmark Cars: The company will incorporate a wholly owned subsidiary, Landmark Premium Cars.
Greaves Cotton: The company’s unit entered into an agreement with Tsuyo Manufacturing to advance its presence in the low-speed electric 3-wheeler vehicle segment and appointed K. Vijaya Kumar as Executive Director and CEO.
Dodla Dairy: The company purchased land valued at Rs 6.5 crore in Karnataka and subsequently closed the leased plant in the region after the lease period concluded.
United Breweries: The company received a demand order worth Rs 264 crore for FY20 from the Maharashtra GST department.
Shalby: The company availed enhanced banking facilities up to Rs 168.53 crore from IndusInd Bank.
Jammu and Kashmir Bank: CFO Pratik D. Punjabi resigned from the position effective today.
Embassy REIT: The company will acquire Embassy Splendid TechZone for Rs 1,269 crore.
Electronic Mart India: The company commences commercial operation at a new 8,500 sq. ft. multi-brand store in Telengana.
GIFT Nifty Trades Above 22,600
Most of the other indices in the Asia-Pacific region were up during early trade on Monday following Wall Street's positive weekly close as job prints indicated a strong U.S. economy. However, Chinese equity indices reopened lower after a two-day holiday.
U.S. stocks ended the week on a higher note after a blowout jobs report signalled the US economy will continue to power corporate America, Bloomberg reported.
The S&P 500 index and Nasdaq Composite ended 1.11% and 1.24% higher, respectively, on Friday. The Dow Jones Industrial Average settled 0.80% higher.
Brent crude was trading 2.26% lower at $89.11 per barrel. Gold was down 0.24% to $2,324.19 per ounce.
The April futures contract of the GIFT nifty was trading 16.5 points, or 0.07%, lower at 22,657.50 as of 07:25 a.m.
India's benchmark stock indices erased earlier losses to close little changed on Friday, led by gains in rate-sensitive realty and banking stocks after the Reserve Bank of India kept the rate unchanged at policy. This helped the indices clock their third weekly gain.
The NSE Nifty 50 settled 10.85 points, or 0.048%, higher at 22,525.50, and the S&P BSE Sensex gained 20.59 points, or 0.028%, to end at 74,248.22.
Overseas investors turned net buyers on Friday after four days of selling. Foreign portfolio investors mopped up stocks worth Rs 1,659.3 crore, and domestic institutional investors remained net sellers for the second day and offloaded equities worth Rs 3,370.4 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by about 16 paise to close at 83.29 against the U.S. dollar.
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