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27 Nov 2024

Market closes higher, Siemens' Q2FY25 net profit grows 45.4% YoY to Rs 830.7 crore

Nifty 50 closed at 24,274.90 (80.4, 0.3%), BSE Sensex closed at 80,234.08 (230.0, 0.3%) while the broader Nifty 500 closed at 22,691.70 (129.3, 0.6%). Market breadth is highly positive. Of the 2,264 stocks traded today, 1,521 were on the uptick, and 710 were down.

Nifty 50 closed higher after rising in the afternoon session. The Indian volatility index, Nifty VIX, fell 4.4% and closed at 14.6 points. Adani Group stocks rose after the company clarified that its chairman, Gautam Adani, and other executives are not facing bribery charges, according to the US Department of Justice.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE Utilities and BSE Power Index were among the top index gainers today. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the top-performing sector of the day, with a rise of 6%.

Asian indices closed mixed, while European indices are trading mixed. US index futures are also trading mixed, indicating a cautious start to the trading session. Brent crude oil futures are trading higher as traders assess the potential impact of a ceasefire deal between Israel and Hezbollah, alongside an unexpected, substantial draw in US oil inventories.

Money flow index (MFI) indicates that stocks like Eris Lifesciences, Indian Hotels, Mastek, and Krishna Institute of Medical Sciences are in the overbought zone.
BCL Industries rises sharply after it secures a letter of acceptance (LoA) to supply 60 lakh litres of Extra Neutral Alcohol (ENA) from its Bathinda distillery to Rajasthan State Ganganagar Sugar Mills over six months, with a potential 50% order increase.
Aptus Value Housing Finance India rises as 32.9 lakh shares (0.7% stake), worth approximately Rs 105.4 crore, change hands in a bulk deal on Tuesday at an average price of Rs 320.4 per share. Westbridge Crossover Fund is the seller in the transaction.
Sharekhan downgrades MOIL to 'Hold' from 'Buy' with a higher target price of Rs 330 per share. This indicates a potential upside of 5.8%. The brokerage expects the company's volumes to grow, led by higher domestic demand for steel, however, it believes that the uncertain pricing environment for manganese ore and steel will offset revenue growth. It expects the firm's revenue to grow at a CAGR of 18.1% over FY25-27.
Adani Group companies rise sharply after Adani Green Energy clarifies that Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have been cleared of all bribery charges by the US Department of Justice. However, three charges are still part of the indictment.
Shares of Adani Group companies jumped up to 16% after Adani Green Energy issued a clarification saying Gautam Adani, Sagar Adani and senior executive Vneet Jaain are clear of all bribery charges as per the US Department of Justicehttps://t.co/qGI2Eek8EA
— ETMarkets (@ETMarkets) November 27, 2024
Siemens rises as its Q2FY25 net profit grows 45.4% YoY to Rs 830.7 crore, led by lower inventory costs and a deferred tax credit of Rs 74.5 crore. Revenue increases 11.3% YoY to Rs 6,373.6 crore, driven by improvements in the energy, smart infrastructure, mobility, and digital industries segments. It features in a screener of stocks outperforming their industry price change in the quarter.
Indian Overseas Bank is rising as it receives a tax return of Rs 1,238.3 crore from the Income Tax Department for FY20.
RailTel Corp of India is rising as it receives a work order worth Rs 15.2 crore from Kakinada Smart City Corp (KSCCL) for the supply, installation, testing, commissioning, and maintenance of the existing integrated command communication center in Kakinada.
Cyient DLM rises over 3% as HDFC Mutual Fund raises its stake in the company by 2.2% or 17.4 lakh shares, increasing its holding from 7.7% to 9.9%. The fund now owns a total of 78.1 lakh shares of the company.
#CyientDLM shares gain after #HDFCMutualFund increases stake. #NDTVProfitStocks

Read more ??https://t.co/x0CnzHPn7H
— NDTV Profit (@NDTVProfitIndia) November 27, 2024
Dabur India receives a tax demand order worth Rs 320.6 crore, including interest, from the CGST Commissionerate, Chandigarh.
TARC rises sharply as it sells 50% of its TARC Ishva residential project for Rs 1,350 crore. The project was launched in September 2024, and the company anticipates selling the remaining inventory soon.
Suprajit Engineering is rising as it signs a memorandum of understanding (MoU) with Chuo Spring, Japan. The partnership establishes a 50:50 joint venture (JV) in India to design, manufacture, and supply transmission cables. It also includes a technical assistance agreement, giving the JV access to Chuo Spring’s proprietary Japanese transmission cable technology.
Morgan Stanley has an 'Overweight' rating on LTIMindtree with a target price of Rs 7,050. The brokerage notes that while discretionary spending may remain pressured, the company’s sales momentum will stay positive, driven by a strong deal pipeline and new client acquisitions. However, other brokerages, like Nomura, remain cautious, highlighting the ongoing challenges in discretionary spending that could impact near-term growth.
#MarketsWithMC | Brokerages mixed on LTIMindtree as it outlines revenue target of $10 billion by FY31-32

Read on????https://t.co/uktmaKmJ5o #StockMarket
— Moneycontrol (@moneycontrolcom) November 27, 2024
NBCC (India) is rising as it secures a Rs 316 crore order from the Odisha government's ST & SC development department for upgrading primary school hostels under the state sector scheme.
CG Power and Industrial Solutions is rising as its subsidiary G.G.Tronics India secures a KAVACH order worth approx. Rs 500-600 crore from Chittaranjan Locomotive Works, West Bengal, Government of India. The order includes the supply, installation, testing, and commissioning of onboard KAVACH equipment as per RDSO specifications, including 11 years of annual maintenance.
Talbros Automotive Components surges as it secures orders worth Rs 475 crore, along with its joint ventures (JVs), in the domestic and export markets. These include a Rs 75 crore order for the EV segment, Rs 145 crore for exports, and various products like gaskets, heat shields, chassis, and hoses.
Morgan Stanley initiates coverage on Coal India with an ‘Overweight’ rating with a target price of Rs 525. The brokerage believes the increasing power demand outlook for India will help improve the company’s volumes and earnings growth. It adds that the strong balance sheet will support investments.
#BrokerageRadar | Morgan Stanley on Coal India: Initiate Overweight with target price of Rs 525@MorganStanley @CoalIndiaHQ #StockMarket pic.twitter.com/4drfiKqnUH
— ET NOW (@ETNOWlive) November 27, 2024
Kotak Mahindra Bank is rising as the Competition Commission of India (CCI) approves the bank's Rs 4,100 crore acquisition of Standard Chartered Bank's unsecured personal loans portfolio in India.
Zaggle Prepaid Ocean Services rises to its 5% upper limit as it enters an agreement with Mastercard Technology. Under this partnership, Mastercard will recommend Zaggle's SaaS platform, payment solutions, and card products to corporate customers and other ecosystem entities on a referral basis.
NTPC Green Energy’s shares debut on the bourses at a 3.2% premium to the issue price of Rs 108. The Rs 10,000 crore IPO received bids for 2.4 times the total shares on offer.
Amnish Aggarwal, Head of Research at Prabhudas Lilladher, believes the capital goods sector is currently one of the best performers in terms of financial results, as profit growth and order books for companies in this sector have been strong. He lists ABB and Siemens as the leading and most formidable industry players.
Amnish Aggarwal, Head of Research, Prabhudas Lilladher, says capital goods is perhaps the best performing sector in terms of numbers, because the profit growth of all the capital goods companies and even the order books have been looking quite decent.https://t.co/NtPjsVFdpo
— ETMarkets (@ETMarkets) November 27, 2024
NTPC is rising as its subsidiary, NTPC Green Energy, signs a memorandum of understanding (MoU) with Chhattisgarh State Power Generation (CSPGCL) to develop 2000 MW renewable energy projects in the state. NTPC Green also forms a 50:50 joint venture with Maharashtra State Power Generation (MAHAGENCO) to develop, operate, and maintain renewable energy parks in the state.
Lumax Auto Technologies is rising as it acquires a 60% stake in Greenfuel Energy Solutions' alternate fuels business for Rs 153.1 crore through its wholly-owned subsidiary, Lumax Resources, to enter into the green and alternate fuels segment.
Olectra Greentech is rising as it gives a guarantee to REC for a loan worth Rs 2,500 crore issued by its promoter's step-down subsidiary, Evey Trans (MSR). Evey Trans will use the proceeds to manufacture buses.
Wipro rises to its 52-week high of Rs 596 per share as it extends its partnership with Marelli for the next four years. As part of the agreement, Wipro's FullStride cloud will migrate Marelli's Milan data centre and other local server rooms to the cloud to centralise their operations.
Nifty 50 was trading at 24,196.65 (2.2, 0.0%), BSE Sensex was trading at 80,121.03 (117.0, 0.2%) while the broader Nifty 500 was trading at 22,563.75 (1.3, 0.0%).
Market breadth is overwhelmingly positive. Of the 1,891 stocks traded today, 1,308 were in the positive territory and 535 were negative.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (694.05, 19.8%), Adani Power Ltd. (523.05, 19.5%) and Adani Enterprises Ltd. (2,397.80, 11.5%).

Downers:

Largecap and midcap losers today include UNO Minda Ltd. (1,046.50, -2.9%), Bajaj Holdings & Investment Ltd. (10,221.85, -2.4%) and Ipca Laboratories Ltd. (1,529, -2.4%).

Volume Shockers

13 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Engineers India Ltd. (201.85, 9.7%), Aster DM Healthcare Ltd. (478.60, 8.8%) and Aditya Birla Real Estate Ltd. (2,796.20, 7.6%).

Top high volume loser on BSE was ZF Commercial Vehicle Control Systems India Ltd. (12,427.95, -13.7%).

Quess Corp Ltd. (691.75, 6.2%) was trading at 15.4 times of weekly average. R R Kabel Ltd. (1,464, 0.2%) and HBL Power Systems Ltd. (616.40, 6.5%) were trading with volumes 5.6 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks hit their 52 week highs, while 5 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - eClerx Services Ltd. (3,462.85, 2.5%), Federal Bank Ltd. (212.88, -0.4%) and HDFC Bank Ltd. (1,812.30, 1.5%).

Stocks making new 52 weeks lows included - Adani Energy Solutions Ltd. (660.80, 10%) and ZF Commercial Vehicle Control Systems India Ltd. (12,427.95, -13.7%).

14 stocks climbed above their 200 day SMA including KEI Industries Ltd. (4,319.75, 6.1%) and Indian Energy Exchange Ltd. (171.71, 3.4%). 6 stocks slipped below their 200 SMA including Sunteck Realty Ltd. (511.55, -2.3%) and Craftsman Automation Ltd. (4,990.60, -2.1%).

26 Nov 2024

Chart of the Week: IT and banking sectors outperform Nifty, while FMCG and auto struggle

By Aditi Priya

Over the past quarter, the Indian market has turned volatile, as both global and domestic pressures pile up. As the dollar strengthened and US elections resulted in a Trump win, foreign Institutional Investors (FIIs) were net sellers over the past quarter, with total net sales amounting to Rs 67,601 crore in equity. India’s Q2FY25 GDP growth is also expected to show a slight slowdown.

According to rating agency ICRA, the GDP growth rate is expected to dip marginally to 6.5%, compared to 6.7% in the previous quarter. However, the RBI has maintained its FY25 GDP growth forecast at 7.2%. It has adjusted the second-half estimate to 7.4%, despite a weaker first quarter and has revised the second-quarter forecast to 7% (down from 7.2%). Heavy rainfall and weaker corporate profits have contributed to this slowdown. India's retail inflation also increased to 6.2% in October, up from 5.5% in the previous month, primarily driven by higher food prices, surpassing RBI’s upper tolerance level of 6%. Madan Sabnavis, Chief Economist, Bank of Baroda described the pace of consumer price inflation as shocking. He noted, “While inflation for cereals and pulses may ease gradually, vegetables will take longer to stabilize. Core inflation also shows an upward trend, particularly in personal care products, as rising input costs are passed on to consumers.” This, he said, makes a rate cut in December unlikely.

While overall market sentiment has been negative, several sectors have outperformed the Nifty50 index in the past quarter. Key sectoral indices like IT, financial services, banking, services and realty have been resilient, delivering strong returns amid tough conditions. On the other hand, sectors such as metal, infra, auto, FMCG, energy and oil & gas have struggled, underperforming the broader market due to weaker consumer demand, as well as global uncertainty and inflationary pressure.

In this week’s Chart of the Week, we take a look at Trendlyne’s Indices Dashboard to identify the sectors that have outperformed and underperformed the flagship Nifty50 over the past quarter.

IT sector rebounds and emerges as the top-performing sector over the past quarter

The IT sectoral index Nifty IT has emerged as the best-performing sector, posting a 7.3% gain over the past quarter. Average revenue rose by 6.6% YoY in Q2FY25, driven by strong demand for emerging technologies such as Generative AI, machine learning, and cloud transformation. Tech Mahindra saw YoY net profit jump in triple digits, with a jump of 132.8%.

Its growth was fueled by positive sequential growth across all verticals, except manufacturing and healthcare. IT companies got a boost due to interest rate cuts in the US and EU. Salil Parekh, CEO of Infosys, notes, “Historically when interest rates are cut and inflation is better controlled in Western Europe and the US, spending on large technology programs tends to rise.”

The financial services and banking sector indices also outperformed Nifty50, rising 3.5% and 2.5%, respectively, over the past quarter. Banks saw higher YoY growth in deposits in Q2FY25 compared to Q1FY25, driven by increased efforts to attract deposits through higher rates and innovative schemes. Punjab National Bank, the second-largest public sector bank, recorded a 10.9% YoY growth in domestic deposits, up from 8.1% in Q1FY25.

The services sector index has risen 2.1% over the past quarter, with Zomato’s net profit increasing by 33.7% YoY for Q2FY25. The telecom services company Bharti Airtel saw a massive increase in the net profit to Rs 2,517.6 in Q2FY25 from a loss of Rs 293 crore in Q2 last year.

The Nifty Realty Index has also outperformed Nifty50, posting a return of 1.1% over the past quarter. The festive season typically sees an increase in consumer and business activity boosted by new project launches. Developers like Oberoi Realty reported strong net profit growth. It reported a profit of Rs 463.6 crore in Q2FY25, compared to a net profit of Rs 194.4 crore in the same quarter last year.

Oil & Gas, FMCG and Infrastructure are top losers over the past quarter

The Nifty Oil & Gas index has significantly underperformed Nifty50, falling 16.9% over the past quarter. This decline is primarily due to the poor performance of oil marketing companies (OMCs) such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum, which reported a substantial drop in net profit (between 70-99%) during Q2FY25. The Q2 profit came in well below expectations, as weaker oil refining margins and larger-than-expected inventory losses pushed core profit before tax (PBT) into the negative territory.

The Nifty FMCG index saw a 8.8% decline over the past quarter. Rising costs and inflation impacted FMCG companies’ topline and bottom line. To counter rising raw material costs, many companies took steps to control expenses, which slightly helped reduce the impact on their profits. ITC stood out as one of the few exceptions, posting a 15.8% increase in revenue in Q2FY25, beating its Forecaster estimate. Other companies such as Colgate-Palmolive, Britannia, Nestlé, and Dabur fell short of their revenue estimates.

The Nifty Auto index has fallen 9.4% over the past quarter. This was mainly due to the passenger vehicle segment seeing a 1.8% drop in Q2FY25 compared to the same period last year, likely due to demand saturation in urban markets and sales disruptions caused by the extended monsoon. Commercial vehicles also recorded an 11% decline in Q2FY25 compared to the previous year, which was likely driven by a slowdown in industrial and construction activity.

The Nifty Infrastructure index has declined by 6.6% over the past quarter. UltraTech Cementsaw a decline of 33.9% YoY in the net profit in Q2FY25. The cement and construction company, Larsen & Toubro’s net profit also fell 26.5% in Q2. Additionally, the government has spent only Rs 3.1 lakh crore on capex by August 2024, or 27% of its annual target. This leaves a 73% shortfall, compared to 37.4% spent in the same period last year.

The Nifty Metal index has fallen by 4% over the past quarter, with 9 out of its 15 constituents, including Tata Steel, Hindustan Zinc, Hindalco Industries, Hindustan Copper, and Jindal Steel, falling during this period

26 Nov 2024

Which stocks did superstar investors buy in Q2FY25?

By Melissa Koshy

Investors closely follow superstar investors like RARE Enterprises, Ashish Kacholia, Sunil Singhania, and Vijay Kedia for valuable insights into the market. Their buys and sells help investors discover interesting sectors and stocks. Here’s a look at their top buys in Q2FY25.

(You can now also invest in shadow superstar baskets available on Starfolio, which are updated and rebalanced as per Trendlyne's superstar portfolios).

In Q2, most superstar investors turned cautious, making fewer additions and more stake sales. The chart below shows the changes in superstar investors' current portfolio net worth. Note that net worth reflects changes in both current holdings and new buys & sells.

Each superstar investor's public portfolio reflects their particular investing style and sector preferences. The following chart gives a breakdown of the dominant sectors in each investor’s portfolio.

Sector preferences vary among superstar investors – RARE Enterprises leans towards the textiles apparels & accessories sector, while Ashish Kacholia and Sunil Singhania favor the general industrials sector. Vijay Kedia’s preferred industry is telecommunications equipment. Dolly Khanna prefers the oil & gas industry, and Porinju Veliyath favors software & services.

RARE Enterprises adds a newly listed company to its portfolio in Q2

Rakesh Jhunjhunwala’s portfolio, currently managed by Rekha Jhunjhunwala and RARE Enterprises, has increased 2.9% to Rs 49,831.7 crore as of November 26. RARE Enterprises added just one new company and increased a minor stake in another during the quarter.

Jhunjhunwala’s portfolio added recently listed Baazar Style Retail by buying a 3.7% stake. The department stores chain debuted on the stock exchanges on September 6, 2024. The company was listed at a 2.8% premium but is currently trading at 15.7% lower than its listing price.

During Q2, RARE increased a minor stake in Tata Motors. The portfolio now holds a 1.3% stake in the cars & utility vehicles maker. Over the past year, the company’s share price has increased by 16.2%.

Ashish Kacholia adds six new companies to his portfolio

Ashish Kacholia’s net worth has declined by 12.3% to Rs 2,967.9 crore as of November 26. During the quarter, the marquee investor added six new companies to his portfolio and raised a minor stake in another.

Kacholia’s biggest buy during the September quarter was Radiowalla Network, an advertising & media stock. The ace investor bought a 7.8% stake in the company. Radiowalla debuted on the stock exchanges on April 5, 2024. The company’s share price has increased by 49.9% from its listing price.

During Q2, the ace investor also bought a 2.7% stake in Advait Infratech. Over the past year, the electrical equipment maker has surged by 223.7%, outperforming its industry by 142.8%. Kacholia also added construction & engineering firm Jyoti Structures, by buying a 2.5% stake. The company’s share price has increased by 84.2% in the past year.

Kacholia also added Bharat Parenterals to his portfolio by buying a 2% stake, as well as a 1.1% stake each in Aimtron Electronics and E2E Networks. Over the past year, the pharmaceuticals, electronic components, and internet software & services companies have surged by 174.9%, 217.8%, and 515.1% respectively.

The ace investor increased a minor stake in Aeroflex Industries. He holds a 1.8% stake in the iron & steel products maker.

Sunil Singhania’s Abakkus Fund makes no new buys in Q2

Sunil Singhania’s Abakkus Fund saw its net worth fall by 4.1% to Rs 2,929.9 crore as of November 26. The fund has been pretty quiet in recent months, and made no buys or stake increases during the quarter, continuing the trend from the June quarter.

Vijay Kedia adds a new company in Q2, increases stake in another

Vijay Kedia’s net worth decreased by 3.2% to Rs 1,777.7 crore. During the July-September quarter, the ace investor added consulting & software company TAC Infosec to his portfolio by buying a 14.6% stake.

Over the past year, TAC Infosec’s share price has zoomed 628.7%, outperforming its industry significantly by 589% points.

Kedia increased his stake in Precision Camshafts in Q2 by 0.9%. The ace investor now holds a 2.1% stake in the auto parts & equipment maker. Over the past three months, the company’s share price has increased by 28.1%, compared to the industry’s 8.3% decline.

Dolly Khanna adds three new companies to her portfolio in Q2

Dolly Khanna’s net worth decreased by 23% to Rs 449.5 crore, she publicly holds 19 companies. During Q2, the investor continued to expand her portfolio by adding three new companies and raising stakes in eight others. Among her new investments is a 1.3% stake in mining company 20 Microns and a 1.1% stake each in Pondy Oxides & Chemicals, a non-ferrous metals company, and commodity chemicals stock POCL Enterprises. Both Pondy Oxides and POCL have risen by 284.9% and 420.9%, respectively, over the past year.

During the second quarter, Khanna bought a 0.88% stake in plastic products company Prakash Pipes, taking her holding to 3.8%. She bought a 0.85% stake in capital markets company Emkay Global Financial Services and now holds a 2.5% stake. The ace investor added minor stakes in the sugar stock KCP Sugar & Industries Corp and the fertilizers company Mangalore Chemicals & Fertilizers. She now holds 1.6% stakes in both these companies.

During Q2, Khanna also bought minor stakes in Selan Exploration Technology, Nile, National Oxygen, Rajshree Sugars & Chemicals, and Zuari Industries. Notably, she added stakes in three companies from the sugar industry.

Porinju Veliyath adds a hotels stock to his portfolio

Porinju Veliyath’s net worth increased by 17.6% to Rs 271.9 crore. During the second quarter, he added Apollo Sindoori Hotels to his portfolio, acquiring a 1.4% stake in the hotels company.

The investor also increased his holdings in three of his existing companies. He bought an additional 1.1% stake in real estate firm Ansal Buildwell, raising his total stake to 3.1%. Over the past year, Ansal Buildwell has outperformed its industry by 32.8%.

The ace investor also added a 0.5% stake in an IT software company Aurum Proptech, taking his holding to 5.4%. Additionally, he raised his stake in TAAL Enterprises, an airline industry company, which has a good durability score of 70.

26 Nov 2024

Market closes flat, Angel One's subsidiary receives SEBI approval to sell Mutual Funds

Nifty 50 closed at 24,194.50 (-27.4, -0.1%) , BSE Sensex closed at 80,004.06 (-105.8, -0.1%) while the broader Nifty 500 closed at 22,562.45 (9.0, 0.0%). Market breadth is in the green. Of the 2,256 stocks traded today, 1,332 were gainers and 905 were losers.

Nifty 50 erased gains in the afternoon session to close flat at 24,194.5 points. The Indian volatility index, Nifty VIX, closed flat at 15.3 points. Adani Enterprises closed deep in the red as TotalEnergies SE announced that it will not make new investments in Adani Group companies amid the US federal indictment.

Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed higher. Nifty IT and BSE Telecom were among the highest-performing indices of the day. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 3.7%.

Most European indices are trading lower. Major Asian indices closed in the red. US index futures are trading mixed, indicating a cautious start to the trading session after Trump indicated a potential increase in trade tariffs in January. Analog Devices, Dell Technologies, CrowdStrike Holdings, Workday, and Autodesk are set to report their earnings later today.

Relative strength index (RSI) indicates that stocks like Coforge, Mastek, The Ramco Cements, and Fortis Healthcare are in the oversold zone.
AstraZeneca Pharma secures approval from the Central Drugs Standard Control Organisation (CDSCO) for importing and distributing Olaparib film-coated tablets (100 mg & 150 mg), branded Lynparza, for an additional indication in India. The approval allows for sale and distribution under Form CT-20.
HCL Technologies partners with American chipmaker Intel to launch a new enterprise data security service, HCLTech DataTrustShield, to improve the protection of sensitive information in cloud environments.
Sagility India surges as its Q2FY25 revenue grows 21.1% YoY to Rs 1,325 crore. Net profit rises 235.6% YoY to Rs 117.3 crore, helped by lower finance costs and depreciation & amortisation expenses. It appears in a screener of stocks with the best results last week in YoY net profit and revenue growth.
Schloss Bangalore, the operator of the Leela hotel chain, plans to raise Rs 5,000 crore through an initial public offer (IPO), which consists of a fresh issue worth Rs 3,000 crore and an offer for sale of Rs 2,000 crore. Brookfield, an alternative asset manager, holds a 99.9% stake in Schloss Bangalore and is looking to offload a stake.
#SourcesSay | Leela hotel chain operator starts investors roadshow; Schloss Bangalore plans Rs 5,000 Cr IPO, including Rs 3,000 Cr new equity and Rs 2,000 Cr offer for sale.@anujosh_aj #LeelaHotels #IPO pic.twitter.com/3uYCGt3qBL
— ET NOW (@ETNOWlive) November 26, 2024
Geojit BNP Paribas upgrades Tube Investments of India to 'Buy' from 'Accumulate' but lowers target price to Rs 4,169 per share. This indicates a potential upside of 21%. The brokerage believes the company's plans to expand beyond the automotive sector will create a diversified revenue stream, helping in growth. It expects the firm's revenue to grow at a CAGR of 15.8% over FY25-26.
ACME Solar Holdings is falling as its net profit declines 60.4% YoY to Rs 15.3 crore in Q2FY25 due to higher employee benefits expense. Revenue decreases 19.7% YoY to Rs 259.6 crore during the quarter, impacted by the electricity segment. The company appears in a screener of stocks with declining net cash flow.
InterGlobe Aviation reportedly enters a partnership with Japan Airlines (JAL) to expand JAL's access to 18 locations in India. Currently, the Japanese airline only operates out of Delhi and Bangalore.
India’s domestic air traffic grows 5.3% YoY in October to 1.4 crore passengers, according to the data released by DGCA. IndiGo’s market share rises to 63.3% in October, while that of Air India (including Air India Express) stood at 19.4% and Vistara at 9.1%.
IndiGo tops domestic air traffic with 63.3% market share in October 2024, Air India and Vistara follow close behind https://t.co/DetRnBB0wc
— Financial Express (@FinancialXpress) November 26, 2024
L&T Finance partners with Amazon Finance India to develop innovative credit solutions, enhancing affordability for Amazon customers and merchants. The partnership aims to support L&T Finance’s diversification strategy and improve seamless credit availability for consumers.
Bharat Global Developers rises to a new all-time high of Rs 1,544.7 as it secures an order worth Rs 156 crore from UPL Agro to supply 3 lakh tonnes of oil-grade groundnuts.
KEC International secures orders worth Rs 1,114 crore across various businesses. The transmission & distribution segment bags orders for a 400 kV transmission line in Oman and supply orders in the Americas, while the railways business secures an order for metro overhead electrification works in India.
Fitch Ratings places certain Adani Group companies and their issued securities on rating watch negative and revises the outlook on others from stable to negative. This comes after the indictment of certain Adani Green Energy board members by the US Securities and Exchange Commission and the Department of Justice. The agency also places Adani Ports and Special Economic Zone's long-term foreign-currency IDR rating of 'BBB-' on review.
Fitch Ratings has placed some Adani Group companies and securities issued by them on rating watch negative and revised the outlook on some to negative from stable.#AdaniGroup #FitchRatings https://t.co/lLKFirKzxz
— businessline (@businessline) November 26, 2024
Bharat Heavy Electricals rises as its consortium with Hitachi Energy India secures a contract from Power Grid Corporation of India (PGCIL) for two high-voltage direct current (HVDC) terminal stations. This order comes under the Khavda Renewable Energy Zone Phase V project, enabling renewable energy transfer from Gujarat to Maharashtra across 1,200 km.
KRN Heat Exchanger and Refrigeration acquires an additional 1.2 crore shares in its subsidiary, KRN HVAC Products, for Rs 235.8 crore through a rights issue.
Adani Enterprises is falling sharply as TotalEnergies SE announces that it will not make new investments in Adani Group companies amid the US federal indictment against the company.
UBS initiates coverage on Swiggy with a ‘Buy’ rating and target price of Rs 515. The brokerage believes the company is well-positioned for growth and is currently trading at a 35% discount to Zomato. UBS notes that Swiggy is narrowing the gap with Zomato in terms of margins and scale in the online food delivery segment. It notes the progress in quick commerce but sees room for improvement.
#MarketsWithMC | ????Swiggy shares rise 6% as UBS initiates coverage with 'buy', 26% upside seen

Here's all the details ????https://t.co/valcyAcNxa #Swiggy #StockMarket
— Moneycontrol (@moneycontrolcom) November 26, 2024
Kalyan Jewellers India falls as 72.7 lakh shares (0.7% stake), worth approximately Rs 508 crore, change hands in a bulk deal on Monday at an average price of Rs 698.6 per share. UBS Principal Capital Asia is the seller in the transaction.
Setu Securities sells a 1% stake (4.2 lakh shares) in Protean eGov Technologies worth Rs 72 crore via a bulk deal on Monday. Ashmit Kabra offloads a 0.6% stake (2.4 lakh shares) worth Rs 40.4 crore in the company.
Vodafone Idea surges more than 15% as the Union Cabinet reportedly approves waiving the bank guarantees owed by telecom companies for spectrum purchases till 2022.
JP Morgan initiates an 'Overweight' rating on Hindustan Aeronautics with a target price of Rs 5,135. The brokerage highlights the Indian defence sector's potential for long-term growth, driven by an estimated $150 billion (around Rs 12.5 lakh crore) in capital expenditure over the next five years and a strong push for domestic manufacturing. It also notes the domestic defence ecosystem is in the early stages of expansion, with exports growing at a 46% CAGR over the past seven years and a strong domestic production outlook.
#JPMorgan initiates coverage on heavyweights in the Indian defence landscape, including #HAL.

Read more ??https://t.co/iASUEaUiGU
— NDTV Profit (@NDTVProfitIndia) November 26, 2024
The New India Assurance rises sharply as it receives a tax return of Rs 1,945.1 crore, including a Rs 489.2 crore interest from the Income Tax Department for FY14-20.
LT Foods is rising as it plans a capex of SAR 185 million (approx. Rs 415 crore) to set up a warehouse, stocks, and employment in Saudi Arabia over the next five years. The company expects a revenue of SAR 435 million (approx. Rs 975.9 crore) over the same period.
Premier Energies is rising as its subsidiaries receive multiple orders totaling Rs 1,087 crore from two large independent power producers (IPP) and a domestic customer. These include a Rs 964 crore order for solar modules and Rs 123 crore for solar cells.
Ashoka Buildcon is rising as it secures a Rs 1,391 crore project from the National Highways Authority of India (NHAI). The project involves the development of a four-lane economic corridor from Bowaichandi to the Guskara-Katwa Road section in West Bengal.
Nifty 50 was trading at 24,310.35 (88.5, 0.4%), BSE Sensex was trading at 80,415.47 (305.6, 0.4%) while the broader Nifty 500 was trading at 22,643.40 (89.9, 0.4%).
Market breadth is ticking up strongly. Of the 1,891 stocks traded today, 1,410 were on the uptrend, and 441 went down.

Riding High:

Largecap and midcap gainers today include YES Bank Ltd. (20.14, 5.0%), Biocon Ltd. (352.65, 4.9%) and Colgate-Palmolive (India) Ltd. (2,952.60, 4.2%).

Downers:

Largecap and midcap losers today include Adani Green Energy Ltd. (898.55, -7.3%), Adani Enterprises Ltd. (2,150.50, -4.7%) and Adani Energy Solutions Ltd. (600.75, -3.9%).

Crowd Puller Stocks

11 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Tata Teleservices (Maharashtra) Ltd. (80.59, 16.7%), Sonata Software Ltd. (597.95, 8.2%) and Piramal Enterprises Ltd. (1,198.15, 8.2%).

Top high volume loser on BSE was Aptus Value Housing Finance India Ltd. (309.95, -0.6%).

Triveni Turbine Ltd. (823.95, 7.8%) was trading at 11.8 times of weekly average. Procter & Gamble Health Ltd. (5,314, 3.4%) and Caplin Point Laboratories Ltd. (2,113.95, 7.0%) were trading with volumes 9.2 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks took off, crossing 52 week highs, while 4 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - EID Parry (India) Ltd. (858.55, -0.7%), Federal Bank Ltd. (213.64, 0.4%) and HDFC Bank Ltd. (1,785.55, 0%).

Stocks making new 52 weeks lows included - Adani Energy Solutions Ltd. (600.75, -3.9%) and Rajesh Exports Ltd. (229.95, -2.2%).

29 stocks climbed above their 200 day SMA including Macrotech Developers Ltd. (1,276.05, 4.0%) and Vardhman Textiles Ltd. (470.35, 3.3%).

25 Nov 2024

Market closes higher, Tips Music partners with TikTok to promote its music library globally

Nifty 50 closed at 24,221.90 (314.7, 1.3%), BSE Sensex closed at 80,109.85 (992.7, 1.3%) while the broader Nifty 500 closed at 22,553.50 (328.0, 1.5%). Market breadth is highly positive. Of the 2,304 stocks traded today, 1,581 were gainers and 695 were losers.

Nifty 50 maintained its gains in the afternoon session to close higher after the BJP-led Mahayuti alliance witnessed a landslide victory in Maharashtra on Saturday. The Indian volatility index, Nifty VIX, declined 5% and closed at 15.3 points. Central Bank of India closed deep in the green as it received approval from the Reserve Bank of India to enter the insurance business through a joint venture with Generali Group.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher. Nifty PSU Bank and BSE Oil & Gas closed in the green. According to Trendlyne’s sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a rise of 10.9%.

Most European indices are trading higher. Major Asian indices closed in the green, except China's FTSE China 50 and Hong Kong's Hang Seng indices which closed 0.5% and 0.4% lower, respectively. US index futures are trading higher, indicating a positive start to the trading session. BHP Group, Agilent Technologies, Zoom Video Communications, Woodward, and Bath & Body Works are set to report their earnings later today.

Money flow index (MFI) indicates that stocks like Vijaya Diagnostic Centre, Mastek, Indian Hotels, and Krishna Institute of Medical Sciences are in the overbought zone.
UPL rises as it enters a strategic partnership with CH4 Global to distribute a seaweed-based feed supplement in five major markets, including India. The partnership will focus on distributing CH4 Global's methane tamer product, derived from asparagopsis seaweed, through UPL's existing distribution networks. The product could reduce cattle methane emissions by up to 90%.
Geojit BNP Paribas maintains its 'Buy' call on Apollo Hospitals Enterprise with a higher target price of Rs 7,764 per share. This indicates a potential upside of 9.5%. The brokerage expects the company's revenue and margins to improve, led by expansion plans, a focus on digital health & diagnostics services, and an improvement in the integrated operations. It expects the firm's revenue to grow at a CAGR of 16.3% over FY25-26.
IFCI surges as its board approves the merger of several group companies to streamline its operations. The consolidation includes StockHolding Corp, IFCI Factors, VFCI Infrastructure, IIDL Realtors, and other subsidiaries into IFCI, following approval from the Ministry of Finance's Department of Financial Services (DFS).
Citi upgrades Reliance Industries to ‘Buy’ with a higher target price of Rs 1,530. The brokerage cites a favourable risk-reward scenario. The brokerage anticipates improved refining margins and growth in its telecom arm, Jio. Citi remains optimistic about RIL’s overall performance, though the retail segment may face challenges in the near term.
#RelianceIndustries Ltd’s shares surged as much as 3% on Monday to Rs 1302.7 on BSE, after Citi upgraded the stock to a "Buy" rating, increasing its target price to Rs 1,530https://t.co/Q1aQmBayRZ
— ETMarkets (@ETMarkets) November 25, 2024
ICICI Direct upgrades Navin Fluorine International to 'Buy' from 'Hold' but reduces the target price to Rs 3,830 per share. This indicates a potential upside of 11.8%. The brokerage expects the company to grow due to a build-up in the order book, capex spending, and customer acquisitions. It expects the firm's revenue to grow at a CAGR of 20.7% over FY25-26.
Tips Music is rising as it partners with TikTok to promote its music library. The partnership provides TikTok users across multiple regions easy access to Tips' diverse collection, including Bollywood classics and regional language hits.
Alembic Pharmaceuticals receives Form 483 with five observations from the US FDA following an inspection at its solid oral formulation facility (F-4) in Jarod.
The MSCI rebalancing takes effect today, with Indian equities expected to see an influx of $1.7 billion (approximately Rs 1.4 lakh crore). HDFC Bank, Voltas, and BSE, among others, enter the MSCI Global Standard Index, while 13 stocks are added to the MSCI Smallcap Index, enhancing India's presence in global markets. Meanwhile, MSCI removes Adani Energy from the index and reduces the free-float weightage for Adani Green Energy and Adani Power, signaling a cautious outlook for these companies.
MSCI rejig today: HDFC Bank, Voltas, BSE, 10 other stocks likely to see over $2 billion inflow; Adani Group stocks out of MSCI. Read @FinancialXpress to know more.

By: @dev_sethia03 https://t.co/R1WMaSqtqP @roshunpovaiah @sumanasarkar @_sparshing
— FEMarkets (@FEMarkets) November 25, 2024
Swan Energy rises sharply as its subsidiaries, Triumph Offshore and Reliance Naval & Engineering (RNEL), enter a merger agreement. The amalgamation requires no financial payment, with consideration settled through redeemable preference shares issued by RNEL.
Indian Bank rises sharply as the Financial Services Institutions Bureau (FSIB) recommends Binod Kumar as its next Managing Director and CEO, succeeding SL Jain, whose term ends on December 31.
Mahindra Lifespace Developers is rising as its subsidiary, Mahindra World City Developers (MWCDL), partners with Japan's Sumitomo Corporation to develop the second phase of the industrial parks project in Tamil Nadu. MWCDL and Sumitomo Corp will invest Rs 225 crore in the joint venture.
Indraprastha Gas rises over 3% as it hikes prices by Rs 1.5-4/kg in different locations ex-Delhi. Delhi makes up 70% of IGL’s total consumption, with the remaining 30% coming from other regions. The company mulls additional price hikes due to the second reduction in the supply of cheaper input gas. The government reduced the supply of affordable natural gas from old gas fields by 20% from November 16, following a 21% cut implemented on October 16.
Stocks In News | IGL hikes prices by Rs 1.50-4/kg in different locations except Delhi, which accounts for around 70% of co's volume @sonalbhutra pic.twitter.com/MnnSHKLNOe
— CNBC-TV18 (@CNBCTV18News) November 25, 2024
Prakash Industries is rising sharply as it executes a mining lease agreement with the Government of Chhattisgarh for mining coal from the Bhaskarpara Commercial Coal Mine for the next 30 years.
ICICI Lombard General Insurance acquires a 0.2% equity stake in HDFC Life Insurance for a cash consideration of Rs 233 crore.
Rites rises sharply after the Northeast Frontier Railways raises the project estimates by 84.4% to Rs 531.8 crore for railway electrification work of the LMG-BPB section of the Lumding division.
Jefferies maintains its 'Buy' rating on Mahindra & Mahindra with a target price of Rs 3,700. The brokerage chooses the company over Maruti Suzuki, expecting better margin sustainability and earnings growth due to strong demand in the SUV and tractor segments, with the latter projected to grow at 5% CAGR. It highlights that despite these prospects, M&M's stock trades at similar valuations to Maruti Suzuki.
#Mahindra & Mahindra is #Jefferies' favoured pick over #MarutiSuzukiIndia.

Read more to know why: https://t.co/driT2YzuKD pic.twitter.com/UrCj55NIxk
— NDTV Profit (@NDTVProfitIndia) November 25, 2024
HG Infra Engineering surges as it receives a letter of award (LoA) from NTPC Vidyut Vyapar Nigam to set up a 500 MW standalone battery energy storage system in the next 18 months.
Cochin Shipyard rises to its 5% upper limit as it signs a memorandum of understanding (MoU) with Seatrium Letourneau USA to design and provide critical equipment for jack-up rigs for the Indian market. This partnership aims to capitalise on opportunities for mobile offshore drilling units (MODUs) designed to meet the needs of the Indian market.
Jyoti Structures is rising as its board of directors approves raising Rs 500 crore through the rights issue of equity shares.
Zomato rises sharply as it is set to replace JSW Steel in the BSE Sensex index, effective December 23. Meanwhile, the company’s shareholders approve raising up to Rs 8,500 crore through a qualified institutional placement (QIP).
#MarketsWithMC | ????Zomato shares soar 6% on Sensex inclusion, Rs 8,500 crore QIP approval????

Read for more ????https://t.co/aCdwMyhD7u #Zomato #StockMarket
— Moneycontrol (@moneycontrolcom) November 25, 2024
Central Bank of India is rising as it receives approval from the Reserve Bank of India to enter the insurance business through a joint venture with Generali Group. The bank will form a joint venture with Generali's arms, Future Generali India Insurance, and Future Generali India Life Insurance, subject to ongoing compliance with conditions set by the Reserve Bank of India and approval from IRDAI.
Paras Defence & Space Technologies rises sharply as it plans a capex of Rs 500 crore to set up India's first optical systems development park.
CESC is rising as its wholly-owned subsidiary, Eminent Electricity Distribution, receives a letter of intent to acquire 100% of the shares in a distribution company for Rs 871 crore. The company is responsible for electricity distribution and retail supply in the Union Territory of Chandigarh.
Rail Vikas Nigam rises sharply as it receives a letter of acceptance (LoA) for a Rs 837.7 crore order from the Eastern Railway to construct bridges, retaining walls, level crossing, side drains, and other works between Kalipahari to Pradhankhuta.
Markets rise on early trading, Nifty 50 was trading at 24,288.60 (381.4, 1.6%), BSE Sensex was trading at 80,193.47 (1,076.4, 1.4%) while the broader Nifty 500 was trading at 22,618.65 (393.1, 1.8%)
Market breadth is ticking up strongly. Of the 2,000 stocks traded today, 1,854 showed gains, and 121 showed losses.

Riding High:

Largecap and midcap gainers today include Central Bank of India (56.71, 8.4%), Siemens Ltd. (7,348.50, 7.3%) and Cummins India Ltd. (3,535.85, 6.5%).

Downers:

Largecap and midcap losers today include Adani Green Energy Ltd. (968.80, -7.9%), Adani Energy Solutions Ltd. (625.20, -3.7%) and Adani Power Ltd. (446.65, -3%).

Volume Shockers

59 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Poly Medicure Ltd. (3,002.35, 16.3%), Elgi Equipments Ltd. (640.75, 14.5%) and Gillette India Ltd. (10,443.15, 12.1%).

Top high volume losers on BSE were Adani Green Energy Ltd. (968.80, -7.9%), JSW Steel Ltd. (953.30, -2.5%) and JSW Energy Ltd. (675.05, -2.0%).

GMM Pfaudler Ltd. (1,201.15, -0.3%) was trading at 33.1 times of weekly average. Grindwell Norton Ltd. (2,102, 1.8%) and Capri Global Capital Ltd. (194.68, 3.2%) were trading with volumes 30.0 and 29.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks made 52 week highs, while 6 stocks hit their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,795.45, -0.6%), Federal Bank Ltd. (212.88, 1.7%) and Fortis Healthcare Ltd. (697.85, 1.8%).

Stocks making new 52 weeks lows included - Adani Energy Solutions Ltd. (625.20, -3.7%) and Mahindra Holidays & Resorts India Ltd. (348.40, -0.8%).

55 stocks climbed above their 200 day SMA including Elgi Equipments Ltd. (640.75, 14.5%) and Cummins India Ltd. (3,535.85, 6.5%). 3 stocks slipped below their 200 SMA including Varun Beverages Ltd. (601.10, -2.5%) and Narayana Hrudayalaya Ltd. (1,264, -0.6%).

22 Nov 2024

Quant mutual funds and GQG partners back in focus as another Adani Group controversy erupts

By Satyam Kumar

On January 24, 2023, Hindenburg Research, famous for activist short-selling, published a report with the headline, “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History.” This impacted all the stocks of the Adani conglomerate and within a matter of days, brought down his wealth by more than 50%. In response to this, Gautam Adani said that all allegations are baseless. The Supreme Court of India and SEBI gave him a clean chit after an investigation.

Almost two years later, Adani stocks were still recovering from the Hindenburg shock, and Gautam Adani was busy raising fresh funds, and set to launch $600 million of dollar-denominated bonds.

But around 3 am, early Thursday morning in India, US prosecutors published the allegations that he, along with others, had promised to pay more than $250 million in bribes to Indian government officials to win solar energy contracts. The crux of their case was that he concealed these efforts while he sought to raise money from US investors.

Adani Group’s stocks and bonds plunged, wiping off around Rs 2,50,000 crore of the conglomerate’s total market value. Here at Trendlyne, we follow these market movements closely, and in this article, we will explore the impact of this on retail as well as institutional players who hold Adani stocks in their portfolios.

Domestic and foreign investors hold substantial Adani Group shares

Domestic investors held 17% of Adani stocks, while foreign investors owned 13%

Of the total investments worth over Rs 2 lakh crore by the foreign institutional investors (FIIs) as of October end, around 40% was from GQG Partners. GQG, an investment management firm, saw its shares listed on the Australian Securities Exchange fall by around 20% on Thursday.

Meanwhile, retail investors and mutual funds combined also had investments worth around Rs 2 lakh crore at the end of October.

By design, every passive fund and ETF was exposed to a few Adani Group stocks. However, even the actively managed mutual funds from Quant, ICICI Prudential, HDFC, SBI, and Mirae Asset among others had significant exposure to Adani stocks as of October 31.

Actively managed Quant mutual funds have exposure of ~Rs 5,000 crore to Adani stocks

While FIIs were continuously pressing ‘SELL’ on Adani, DIIs were pressing ‘BUY’

FIIs were right yet again in reducing their exposure to Adani-verse

Except for GQG Partners, most FIIs were quietly cutting their exposure to the Adani group stocks, while active mutual funds and retail investors were mostly sitting on the other end of the trade buying those stocks.

Quant mutual funds find themselves wrong-footed on Adani again

Quant MFs again took a chance with Adani stocks, and got burnt again

You must be wondering who were the ones among the DIIs pressing the ‘BUY’ button. I found the answer exactly where I thought I would — the monthly change page of mutual funds’ holdings on Adani Enterprises’ shareholding page, and I was struck by one name in particular — ‘Quant Mutual Fund’. If you look at the screenshot above, many funds managed by the Quant fund house took fresh positions in Adani Enterprises just last month in October. According to the data from Trendlyne, they invested over Rs 1,963 crore in this single stock and again got their hands burnt along with many investors who trusted them with their savings.

This is the second time Quant has got its fingers burnt. Quant mutual funds were among the biggest holders of Adani stocks during the Hindenburg Saga.

Adani follows the SOP

An Adani Group media release that came around 2 pm on Thursday issued denials regarding the case, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”

The media release also cited the US Department of Justice, which said, “The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.”

In an interview with Forbes over a decade ago, Gautam Adani said, “Being an entrepreneur is my dream job as it tests one's tenacity. I could never take orders from anyone.” But shareholders, regulators and investors will now play significant roles in deciding what lies ahead for his conglomerate.

22 Nov 2024

Five Interesting Stocks Today - November 22, 2024

1. Hindalco Industries:

This aluminum products manufacturer has gained 4% over the past week, driven by a surge in aluminum prices. The increase follows China’s proposal to reduce or eliminate export tax rebates on commodities like copper and aluminum starting December 1. This announcement pushed London Metal Exchange (LME) aluminum prices up by 8% to $2,730 per tonne on November 18.

The Chinese decision seeks to address the oversupply of Chinese aluminum in global markets, a long-standing issue that has caused trade tensions with the US and Europe. Analysts believe it will reduce China’s exports, tighten global supply, and boost prices, benefiting Indian aluminum companies like Hindalco, Vedanta, and National Aluminium Company (NALCO).

Hindalco posted a 78% YoY increase in net profit to Rs 3,909 crore in Q2FY25, supported by lower power, fuel, and finance costs. Revenue rose 8.5% YoY to Rs 59,278 crore, driven by growth in Novelis, and the upstream, downstream aluminum, and copper segments. Novelis, Hindalco’s US-based subsidiary, reported Q2FY25 revenue of $4.3 billion, with EBITDA at $462 million (-5% YoY). The EBITDA decline was attributed to rising aluminum scrap prices and a loss of $25 million from flood damage at its Sierre, Switzerland plant.

Hindalco is focusing on Indian upstream projects, including aluminum and copper smelters and an alumina refinery, with a total capex of $4-5 billion over the next 3 to 3.5 years. MD Satish Pai said, "The company will fund this capex through a combination of internal cash and debt, raising $1-1.5 billion over three years. Our capex guidance for this year stands at Rs 6,000 crore, and for next year, we expect it to be around Rs 8,000 crore."

Post results, Motilal Oswal maintains its ‘Buy’ rating on Hindalco with a target price of Rs 780, indicating a potential upside of 19.6%. The brokerage believes that the ongoing capex in Novelis is expected to position Hindalco as a global leader in the beverage cans and automotive flat rolled products (FRP) segments. However, the cost of production in the aluminum business may rise due to higher coal e-auction premiums and increasing scrap prices, potentially impacting margins in the short term.

2. PI Industries:

This agrochemicals company has declined by 3.5% over the past week following the announcement of its Q2FY25 earnings on November 13. PI Industries' revenue grew by 4.9% to Rs 2,221 crore during the quarter, helped by an improvement in the custom synthesis and manufacturing (CSM) segment. However, revenue missed Forecaster estimates by 3.5%. Meanwhile, net profit grew by 5.8% YoY to Rs 508.2 crore, and EBITDA margins were up 220 bps YoY to 28.3%, led by a favourable product mix.

The company’s domestic and pharma businesses continued to witness subdued demand during the quarter. The management highlighted that delayed and erratic rainfall and pricing pressures on inventories weighed on Kharif seed demand and market sentiment. The pharma business was impacted due to the slow offtake of some of its products. However, the company expects volumes to pick up in H2 and targets revenue of Rs 250-270 crore from the pharma business in FY25. PI Industries’ export segment (which contributes over 78% to the revenue) witnessed healthy growth, with its revenue increasing by 8% YoY during the quarter.

Going forward, the company expects lower, single-digit (~7-9%) revenue growth for FY25 compared to its earlier guidance of around 15%. Speaking on this, Mayank Singhal, the Managing Director of the company, said, “The global crop protection industry faces challenges due to volatility in agricultural markets, fluctuating commodity prices, destocking trends, pricing pressures, rising inflation, and delayed purchase decisions. Considering the current global industry scenario, we have re-aligned our overall outlook.”

Following the company’s results, Motilal Oswal maintains its ‘Buy’ rating on PI Industries with a target price of Rs 5,200. The brokerage has a positive outlook on the company, driven by consistent growth momentum in the CSM business, product launches in the domestic market (six to seven new launches in FY25), and ramping up of the pharma API and CDMO segments.

3. Britannia Industries:

This packaged foods company declined by over 2% on 21st November as the Food Safety and Standards Authority of India (FSSAI) issued a notice to the company regarding the use of a preservative in a batch of one of its products and prohibited its sale.

The company had announced its Q2FY25 result on 11th November. Its net profit declined by 9.5% YoY on the back of rise in raw material and employee expenses, while its revenue rose 5.1% YoY. The company missed the Trendlyne Forecaster estimates for net profit by 11.6% and revenue by 1.6%. It appears in a screener of stocks which are categorised as Expensive Performers according to DVM scores.

Q2FY25 was a lacklustre quarter for the company due to weak demand and high food inflation numbers, specially for items like cereals (6.9%), vegetables (42.2%), and refined edible oils (35.7%). The company’s rural market however showed mid to high single digit revenue growth, but the urban market including modern trade and e-commerce delivered slower growth as compared to previous quarters. The FMCG market slowdown was significant in urban metros – it contributed 75% of the overall sector slowdown. The FMCG sector grew by just 4.1% in volume during the September quarter, down from 7.2% during the same period last year. Heavy monsoon rains worsened the slowdown, especially for out-of-home consumption.

Varun Berry, vice chairman and managing director of the company, highlighted the company's plans to implement a 4-5% price hike in select SKUs over the next two quarters to combat raw material cost pressures. On price hikes Berry added, “We are very vigilant about competitive pricing actions because we understand that as market leaders, we need to take the lead. However, we do not want to be uncompetitive, and that is something we are keeping an eye on.” He also noted that Britannia has seen a rise in rural distribution where its number of distributors are now over 30,000 and its focus states are performing better. The company has an estimated 33% market share in India's organised biscuits market..

KR Choksey has retained an ‘Accumulate’ rating on Britannia with a target price of Rs 5,601. The brokerage has lowered its FY25 and FY26 EPS estimates by 11.5% and 6.1%, respectively, due to higher-than-expected raw material and employee cost, weaker-than-expected Q2FY25 and heightened competition. However, it also highlights the company’s cost optimization and growth in emerging channels. It expects Revenue, EBITDA, Adj. PAT to grow at CAGR 6.2%, 8.4%, 9.3%, respectively, over FY25-26.

4. Indraprastha Gas Ltd (IGL):

This gas distribution company's shares fell by 23% this week following the government's announcement of a 20% reduction in APM (Administered Price Mechanism) gas allocation. APM is a system designed to regulate prices of essential commodities like petroleum and natural gas in India. The latest reduction, effective November 16, 2024, follows an earlier 21% cut in allocation implemented on October 16.

GAIL, the nodal agency for domestic gas distribution, has curtailed IGL's supply, which directly impacts its operations in retailing CNG for vehicles and piped cooking gas for households in Delhi and nearby cities.

Company Secretary and Compliance Officer Vivek Sahay said, “GAIL has further reduced IGL's gas supply and this reduction is expected to negatively impact the company's profitability." Domestic gas, priced at a government-regulated $6.5 per MMBtu, is significantly cheaper than imported liquefied natural gas (LNG). As of Q1FY25, the raw material composition for IGL consisted of 62% APM gas and 38% RLNG. The reduced allocation forces IGL to rely more on costly imported LNG, driving up input costs. With gas costs forming a substantial part of CNG pricing, this shift is likely to compress IGL's profit margins.

Looking ahead, the management says that it is focused on balancing supply costs and sustaining profitability. To address the challenge of reduced APM gas allocation which is expected to negatively impact profitability, the company is pursuing long-term contracts to procure gas at prices closer to APM rates.

Price hikes for CNG and cooking gas are also expected in the near future. If successful, this approach could help restore margins to previous levels and mitigate the adverse effects of reduced domestic gas supply.

Trendlyne classifies this stock as a value stock, under radar. Macquarie has upgraded IGL from 'Neutral' to 'Outperform'. However, they have reduced the price target from Rs 480 to Rs 400, which implies a potential upside of 27.9%.

5. Century Plyboards (India):

Thisplyboard manufacturer fell by 22.4% over the past month and 6.1% on November 13 after announcing itsQ2FY25 results. Its net profit missedForecaster estimates by 41.9% as it declined 58.7% YoY to Rs 40 crore in Q2FY25. However, its revenue increased 18.7% YoY to Rs 1,183.6 crore, driven by strong volume growth in the plywood and Medium Density Fibre Board (MDF) segments during the quarter.

The sharp drop in the net profit wasdue to a 25.8% YoY surge in total expenditure, driven by higher raw material costs, especially timber prices which have been rising due to shortages in South India. Additional drivers included a Rs 13 crore forex loss from imported machinery for a new panel plant and increased marketing expenses in the Laminates segment to regain market share and support the new Andhra Pradesh facility.

During the quarter, the Plywood and Allied Products segment grew 20.9% YoY to Rs 665.2 crore, accounting for 54.5% of the total revenue. Commenting on this segment Sanjay Agarwal, MD and CEO of the companysaid, “We have revised our guidelines for H2 at 12% plus sales growth and EBITDA margins between 12% and 14%”. The company had earlier given a sales guidance of 10% for FY25.

The management alsoexpects over 10% margins in the MDF segment, which grew 36.4% YoY to Rs 268.4 crore contributing 23.9% of the total revenue, this rise was supported by the new facility in Andhra Pradesh. Agarwal also mentioned that the company aims to achieve market share between 13% to 14% from 8% currently.

Following the results, BOB Capital Marketsmaintained a ‘Hold’ rating on Century Plyboards with a target price of Rs 725. The brokerage anticipates the company’s EPS to grow at a 14.8% CAGR over FY25-27, with expected CAGRs of 17.6% for revenue and 34.3% for EBITDA during the same period.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.

22 Nov 2024

Market closes higher, Insolation Energy's arm signs a Rs 10,000 crore MoU for solar and EPC projects

Nifty 50 closed at 23,907.25 (557.4, 2.4%), BSE Sensex closed at 79,117.11 (1961.3, 2.5%) while the broader Nifty 500 closed at 22,225.55 (404.7, 1.9%). Market breadth is surging up. Of the 2,249 stocks traded today, 1,518 were in the positive territory and 698 were negative.

Indian indices closed in the green, with the benchmark Nifty 50 index closing at 23,907.3 points. The Indian volatility index, Nifty VIX, increased by 0.7% and closed at 16.1 points. Afcons Infrastructure secured a letter of acceptance worth Rs 1,274 crore from Uttarakhand Project Development and Construction Corporation (UPDCC) for civil works.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty IT and Nifty Realty were among the top index gainers today. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 3.6%.

Asian indices closed in the green except for China’s CSI 1000 and Shanghai index, which closed in the red while European indices are trading mixed. US index futures traded in the red, indicating a cautious start to the trading session. Brent crude oil futures are trading in the green. Oil prices increased due to rising concerns over the Russia and Ukraine war, adding a risk premium to crude. Supply disruptions in Norway, a dip in the dollar, and reports that OPEC+ might delay a planned production hike also supported prices earlier in the week.

Relative strength index (RSI) indicates that stocks like Britannia Industries, Ambuja Cements, and GMM Pfaudler are in the oversold zone.
NLC India is rising as it emerges as the highest bidder for the new Patrapara South Coal Mine in Angul, Odisha. This coal mine block has a total reserve of approximately 720.9 million tonnes.
Insolation Energy is rising as its arm, Insolation Green Energy, signs a memorandum of understanding (MoU) worth Rs 10,000 crore for solar power generation, components manufacturing, EPC projects, and parks in Rajasthan.
Man Industries is rising as it plans to monetize the assets of its wholly-owned subsidiary, Merino Shelters. This may involve selling assets, assigning rights, or forming joint ventures. The board has also approved setting up a wholly-owned subsidiary or branch in Taiwan to expand internationally.
LTIMindtree is rising after Life Insurance Corporation of India (LIC) increases its stake from 5% to 7%, acquiring shares at an average price of Rs 4,950.8 each.
Praj Industries is rising as it highlights its target to triple its revenue from Rs 3,400 crore to Rs 10,000 crore by 2030. The company plans to boost its export share from 29% to 50% by 2030, supporting margin expansion.
#JustIN | Praj Ind says, expect to triple revenue by 2030, revenue currently is at ?3,400 cr, have a goal to reach ?10,000 cr by 2030

Share of exports is around 29%, looking at increasing it to 50% by 2030, co adds pic.twitter.com/fFmrQPMPCv
— CNBC-TV18 (@CNBCTV18Live) November 22, 2024
Motilal Oswal maintains its 'Buy' rating on Indian Hotels with a target price of Rs 880 per share. This indicates a potential upside of 10.9%. The brokerage cites the company's ambitious growth strategy, focusing on doubling its hotel portfolio, achieving a 14% CAGR in revenue, and balancing income between traditional and new business segments. It projects a CAGR of 18% in revenue, 24% in EBITDA, and 26% in adjusted PAT over FY25-27.
NTPC Green Energy's Rs 10,000 crore IPO receives bids for 1.4X the available 59.3 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 3X the available 8.6 crore shares.
Marksans Pharma rises as it secures US FDA approval for Loratadine Tablets USP 10 mg, a generic version of Bayer's Claritin, for over-the-counter use in treating allergic rhinitis and upper respiratory tract allergies. The global Loratadine market was valued at $140 million in 2023 and is estimated to reach $144 million in 2024.
Goldman Sachs upgrades its rating on Info Edge (India) to 'Buy' with a higher target price of Rs 8,600. The brokerage highlights a robust demand environment in the domestic IT sector as a key driver of the firm’s performance. The flagship recruitment segment is expected to post a strong compound annual growth rate (CAGR) of 16% in FY25-28, doubling the 8% CAGR previously projected for FY23-25.
#NDTVProfitStocks | Why is #InfoEdge up 6% today? @Somaiya_Rucha explains.

Read: https://t.co/yu54O2bwH7 pic.twitter.com/aDcB9F8ExE
— NDTV Profit (@NDTVProfitIndia) November 22, 2024
Kitex Garments' board approves the issuance of bonus equity shares in the ratio of 2:1, that is, two new fully paid equity shares of Rs 1 each for every existing equity share of ?Rs 1 each.
Torrent Pharmaceuticals is rising after the US FDA issues an establishment inspection report (EIR) with voluntary action indicated (VAI) classification for its manufacturing facility at Pithampur, Madhya Pradesh.
Hyundai Motor India signs an agreement with Fourth Partner Energy to set up two renewable energy plants in Tamil Nadu. The deal supports HMIL's goal of using 100% renewable electricity for all manufacturing operations by 2025.
RBI's latest Monthly Bulletin indicates India's economic momentum is robust, with GDP growth projected at 6.7% for Q2 and 7.6% for Q3. However, inflation concerns continue, with rising food and core inflation. Private consumption is driving domestic demand, but the overall outlook remains uncertain.
#BSEditorial | #RBI's latest Monthly Bulletin shows #India's economic momentum remains strong, with #GDP growth projected at 6.7% for Q2 and 7.6% for Q3. However, #inflation concerns persist, with food and core inflation on the rise. The RBI must avoid premature rate cuts to… pic.twitter.com/porRDTnMM6
— Business Standard (@bsindia) November 22, 2024
Innovators Facade Systems rises sharply as it secures a Rs 110 crore work order from Prestige Mulund Realty for designing, developing, supplying, fabricating, and installing facade work, including stone cladding.
Mphasis rises sharply as it becomes the official digital partner of MoneyGram Haas F1 Team. The company will use its expertise in data, AI, analytics, cybersecurity, and automation to improve the team's real-time data analysis, predictive modeling, and overall performance both on and off the track.
Wipro is rising as its board of directors sets December 3 as the record date for its 1:1 bonus share issue.
Investec initiates a 'Buy' rating on Sobha with a target price of Rs 2,150. The brokerage believes the real estate developer has gained from robust demand and higher realizations in Bengaluru. The company has consistently delivered healthy operating cash flows while lowering its balance sheet leverage. Investec is optimistic about the developer's strategic plans to enter Mumbai and Noida, aiming for a strong long-term foothold in these markets within 2-3 years.
#MarketToday | Sobha shares rise in early deals as Investec sees 42% upside https://t.co/eeCAVmpNVZ
— Business Today (@business_today) November 22, 2024
Raymond is rising as it receives a ‘no objection’ letter from the National Stock Exchange (NSE) and BSE for the demerger of the company and its realty arm, Raymond Realty.
Protean eGov Technologies is falling as NSE Investments plans to sell up to a 20.3% stake via an offer for sale (OFS) at a floor price of Rs 1,550 per share. The base offer is 41.2 lakh equity shares (~10.2% stake) with an option to sell an additional 41.2 lakh shares (another 10.2% stake).
Mahanagar Gas is rising as it hikes CNG prices by Rs 2 per kg in Mumbai, effective today, citing higher costs. The revised price, including taxes, stands at Rs 77 per kg.
Kenya announces the cancellation of two major proposed projects of the Adani Group following allegations of bribery and fraud against Gautam Adani in the US. The first project was the procurement process to expand the country’s main airport, and the second involved a $700 million (approximately Rs 5,800 crore) energy deal.
In a major setback to the Adani group, Kenya announced that it is cancelling 2 major proposed projects amid allegations of bribery & fraud against Gautam Adani in the U.S. The first was the procurement process to expand Kenya’s main airport, while the second was a $700 million… pic.twitter.com/aNxXufquHL
— CNBC-TV18 (@CNBCTV18News) November 22, 2024
Zinka Logistics Solutions’ shares debut on the bourses at a 2.9% premium to the issue price of Rs 273. The Rs 1,114.7 crore IPO received bids for 1.9 times the total shares on offer.
Tata Power rises as it signs a memorandum of understanding (MoU) with Asian Development Bank (ADB) at COP29 to explore $4.25 billion in funding for energy projects, including solar-wind hybrid, hydro storage, battery storage, decarbonisation, and upgrading power distribution networks.
Afcons Infrastructure is rising as it secures a letter of acceptance worth Rs 1,274 crore from Uttarakhand Project Development and Construction Corporation (UPDCC) for civil works. The project involves hydro-mechanical (HM) works to construct a 130.6-meter high concrete gravity dam in Uttarakhand.
SJVN is rising as it signs a memorandum of understanding (MoU) with the Energy Department, Government of Rajasthan, to lead renewable energy development in the state. Under this agreement, SJVN will develop 5 GW of pumped storage projects and 2 GW of floating solar projects.
Nifty 50 was trading at 23,406.70 (56.8, 0.2%) , BSE Sensex was trading at 77,349.74 (194.0, 0.3%) while the broader Nifty 500 was trading at 21,858.95 (38.1, 0.2%)
Market breadth is in the green. Of the 1,870 stocks traded today, 1,028 were in the positive territory and 789 were negative.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (900.95, 6.6%), Info Edge (India) Ltd. (7,999.95, 6.5%) and Godrej Properties Ltd. (2,857.15, 5.6%).

Downers:

Largecap and midcap losers today include Adani Green Energy Ltd. (1,051.80, -8.2%), Adani Energy Solutions Ltd. (648.95, -6.9%) and Torrent Power Ltd. (1,517.40, -4.1%).

Crowd Puller Stocks

20 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Praj Industries Ltd. (779.20, 15.4%), Fine Organic Industries Ltd. (5,100, 8.7%) and Mangalore Refinery And Petrochemicals Ltd. (157.25, 8.4%).

Top high volume losers on BSE were Adani Green Energy Ltd. (1,051.80, -8.2%) and CIE Automotive India Ltd. (454.90, -1%).

Sun Pharma Advanced Research Company Ltd. (204.50, 7.4%) was trading at 18.9 times of weekly average. CCL Products India Ltd. (740.05, 4.1%) and Kansai Nerolac Paints Ltd. (267.25, 4.6%) were trading with volumes 10.5 and 6.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks took off, crossing 52 week highs, while 18 stocks hit their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,806.45, 2.2%), Crisil Ltd. (5,469.95, -2.1%) and Federal Bank Ltd. (209.37, -0.7%).

Stocks making new 52 weeks lows included - Adani Energy Solutions Ltd. (648.95, -6.9%) and Asian Paints Ltd. (2,472.20, 1.8%).

39 stocks climbed above their 200 day SMA including Fine Organic Industries Ltd. (5,100, 8.7%) and Phoenix Mills Ltd. (1,627.35, 6.1%). 7 stocks slipped below their 200 SMA including Torrent Power Ltd. (1,517.40, -4.1%) and ITI Ltd. (275.07, -1.6%).

21 Nov 2024

Market closes lower, Adani Group denies bribery allegations from the US DOJ and the SEC