Stock Market Today: Sensex, Nifty End Little Changed As Losses In M&M Weigh Gains In ITC

• Bharat Petroleum Corp plans new 9-15 million ton per annum refinery, official said.

• BPCL may seek overseas partner for new refinery.

Source: Bloomberg

Profit Insight: Mapping Indian Market Performance Around Past 10 Budgets

• Commodity prices are moving higher

• Consumer staples might see some policy support

• Structural risks still prevail with consumer staples

• Bullish on IT enabled services and financials

• Markets are increasingly looking divergent

• The Indian economy in an extended sweet spot

• Real rates remain higher than warranted

• Expect 75 basis points rate cuts in FY25 starting October 2024

• Market rally intensity stronger than anticipated

• Earnings for the two next years expected to be in mid-teens

• General slowdown in volumes amidst commodity price rise

Source: Nomura Press Meet

• Keystone Realtors Ltd. has signed a Conveyance Deed for acquisition of land in Thane for total consideration Rs 91 crore.

Source: Exchange filing

• NTPC Ltd. had 10.8 lakh shares changed hands in a large trade.

• Tube Investment of India had 10.1 lakh shares changed hands in a bunch trade.

• Sun Tv Network Ltd. had 18 lakh shares traded in bunch.

• Steel Authority of India had 1.06 crore shares traded in a large trade.

• Vedanta Ltd.'s board approved allotment of non-convertible debentures worth up to Rs 1,000 crore on a private placement basis.

Source: Exchange filing

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• NBCC (India) Ltd. has received an order worth Rs 36 crore for solar water heating system.

Source: Exchange filing

GE Power Shares Gain After Board Approves Sale Of Hydro, Gas Businesses

HPL Electric Shares Surge Over 18% To Record After Rs 2,100-Crore Order Win

• Thermax' arm is in pact with Vebro Polymers Holdings to form a JV for flooring chemical business.

Source: Exchange filing

• UCO Bank Ltd. has hiked overnight MCLR by 5 bps to 8.15%

• The lender has also hiked 6-month MCLR by 5 bps to 8.75%

Source: Exchange filing

• Ahluwalia Contracts (India) Ltd. has received a Rs 894 crore order for development of Lal Bahadur International Airport, Varanasi from Airports Authority of India.

Source: Exchange Filing

• Global Surfaces Ltd.'s wholly-owned subsidiary Global Surfaces FZE enters into strategic license agreement with SQIP.

Source: Exchange filing

• Indegene Ltd. is in long-term pact with Microsoft on generative Artificial Intelligence.

Source: Exchange filing

Stock Market Live: Nifty, Sensex Fall As HDFC Bank, RIL Drag

• H.G. Infra Engineering Ltd. has received a letter of acceptance worth Rs 14.65 crore from Rail Land Development Authority.

Source: Exchange filing

Glenmark Pharma Hits All-Time High On Plan To Exit Glenmark Life

• HPL Electric & Power Ltd. has received work order worth Rs 2,101 crore for supply of smart meters.

Source: Exchange filing

Market breadth was skewed in favour of buyers. Around 2,025 stocks rose, 931 stocks declined, and 121 remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was trading 72.10 points or 0.30% higher at 24,396.55, and the S&P BSE Sensex was trading 0.31% or 245.32 points higher at 80,170.09.

• Kalpataru Projects International Ltd. has received new orders worth Rs 2,995 crore along with joint venture and international arms.

Source: Exchange filing

• Bernstein maintained an Outperform on Sona BLW Precision Forgings Ltd. with a target price Rs 780, which implied an upside of 13%.

• See co benefitting from transition to mobility

• BEV revenues now at 30%, expected to reach 45% by FY26

• Sona now has 30 EV clients with increased Hybrid relevance another benefit

• Developed new traction motors for Hybrids and already sells started motors

• Expanding product portfolio resulted in 5x revenue growth in 5 years

• PLI for EV Motors helps transition to EVs in 2W

• Current order book at 7.6x trailing revenues

• Nuvama rated 'Buy' on Aarti Industries with target price of Rs854;upside 18%

• Gujarat Fluorochemicals with target price of Rs 4697;upside 44%

• Jubilant Ingrevia with target price of Rs 632;upside 18%

• Prefers Aarti Industries, Gujarat Fluoro, Galaxy Surfactant and Jubilant Ingrevia

• Estimate sustained growth for most speciality chemical players after bottoming in Q3FY24

• Players catering to agrochem such as SRF likely to report low growth

• Players with ready capex may witness higher growth as demand scenario improves

• optimistic about battery chemical companies such as Gujarat Fluoro

• Reckons SRF and Anupam shall witness weak growth momentum.

• Jefferies maintained 'buy' on Reliance Industries Ltd. with a target price Rs 3,580, which implied an upside of 14%.

• Jio's Potential Public Listing hinges on value maximisation

• Currently with Indian market imputing 20-50% holdco discount to listed subsidiaries

• Strong performance of RIL and JFS post spin off leads us to believe Jio could be spun off

• Instituitional investors prefer spin offs to avoid holdco discount

• Jio lead in tariff hikes unlike past creates a case for possible listing

• IPO route offers better control but holdco discount; needs large Retail mobilization

• RIL could look to spin off Jio and list it after a price discovery

• Assuming Jio is spun off, could list at US$112bn valuation, 7-15% upside to RIL

• Healthcare to stablise in second half.

• Aiming to exit the growth rate at better growth than FY24

• Growth to be led by Transportation

• Green shoots visible in Media & Communication

• Confident about the good growth in 2QFY25

• 5%-6% wage hike (divided in 2Q and 3Q)

• Have enough levers to compensate this impact

• Utilisation has not peaked right now.

• This will act as margin lever going forward

• Investing strongly in AI and Gen AI technologies across verticals

• Nomura upgraded Ambuja Cements Ltd. to 'Buy' from 'Reduce' with a target price at Rs 780 up from Rs 500. The target price implied 17% upside.

• Upgrade on strong capacity expansion

• Another round of inorganic expansion possible

• Highest volume growth in industry

• In the process of adding 24 million ton capacity by FY26F

• Penna acquisition helps become 3rd-largest player in South India

• Behind only Ultratech and Ramco; offset ACC lack of brownfield

• Estimate FY24-26F volume/EBITDA CAGRs of 13%/28%; slightly above Ultratech’s

Raise target multiple to 19x from 14x to factor in:

• Aggressive capacity expansion

• Entry into newer markets

• Above industry volume growth

• Increased brownfield optionality

• Cost-optimization measures

• Rallis India Ltd. filed a writ petition in Bombay High Court against tax demand worth Rs 408 crore by Income Tax department.

Source: Exchange filing

• Larsen & Toubro Ltd.'s step-down wholly-owned subsidiary incorporated arm L&T CIS in Uzbekistan.

Source: Exchange filing

• Citi Research maintained a buy on Jubilant Foodworks Ltd., and set the target price Rs 663, which implied 14% upside.

• Use SOTP and hike multiple for Dominos India 36x from 30x

• Expect turnaround in Dominos in same store growth trajectory

Other upsides:

• Focus on cost control

• Better numbers from new ventures

Downside Risks:

• Deterioration in consumer sentiment

• Inflation

• Irrational competition

• Limited traction in new products

• Escalation in operating expenditure

• Turning into an electronics engineering powerhouse increasing shift towards

• Eyeing aggressive multi-year growth

• Several growth initiatives under way and with mobile and IT-hardware products

• Mobile, IT-hardware products are key growth drivers, aided by refrigerators, telecom devices

• Strong base to pursue backward integration and increase local value-addition

• Plans to foray into display module manufacturing that usually contributes 8-10% of Bill Of Materials cost

Alert: Takeaways from meeting with Atul Lall

Asian Stocks Echo US Rally Ahead Of Inflation Data: Markets Wrap

Greenko To Refinance Dollar Bonds Via Rupee Loans From NaBFID

• Price band changes from 10% to 5%: PC Jeweller.

• Price band changes from 20% to 10%: GE Power India, Rail Vikas Nigam.

• Price band changes from 20% to 5%: Raymond.

• Ex/record Dividend: Route Mobile, Oriental Hotels, Century Textiles & Industries, Vimta Labs.

• Ex/record Demerger: Raymond.

• Ex/record AGM: Century Textiles & Industries, Vimta Labs.

• Moved in short-term Framework: Bombay Burmah Trading Corp., Dynamic Services & Security, Omaxe, and Optiemus Infracom.

• Moved out short-term Framework: Atul Auto, ION Exchange (India), Orient Cement, and Solara Active Pharma Sciences.

Power Grid To Raise Debt Cap To Rs 15,000 Crore This Fiscal

TCS Bloomberg Estimate

• Revenue estimate at Rs 62,128.4 crore.

• EBIT estimate at Rs 15,245.5 crore.

• Margin estimate at 24.5%.

• Net profit estimate at Rs 11,959 crore.

Kesoram Industries Q1 FY25 (Consolidated, YoY)

• Revenue down 12% at Rs 879 crore vs Rs 999 crore.

• Ebitda down 32.8% at Rs 70 crore vs Rs 105 crore.

• Ebitda margin at 7.9% vs 10.5%.

• Net loss of Rs 62 crore vs loss of Rs 32 crore.

Tata Elxsi Q1 FY25 (QoQ)

• Revenue up 2.3% at Rs 926 crore vs Rs 906 crore (Bloomberg estimate Rs 922.5 crore).

• EBIT down 3.6% at Rs 225 crore vs Rs 233.7 crore (Bloomberg estimate Rs 235.2 crore).

• Margin at 24.3% vs 25.8% (Bloomberg estimate 25.5%).

• Net profit down 6.5% at Rs 184 crore vs Rs 197 crore (Bloomberg estimate Rs 198.2 crore).

Delhivery: Fidelity, Mutual Funds Among Buyers After Canadian Pension Fund Exits

Sula Vineyards Reports Highest-Ever Q1 Revenue Of Around Rs 130 Crore

Trade Setup For July 11: Nifty To See Correction As Earnings Season Begins