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Market breadth was skewed in favour of sellers. Around 2,525 stocks fell, 1,429 rose, and 131 stocks remained unchanged on BSE.
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Bharat Heavy Electricals Ltd had submitted a price bid on 21.12.2023, and is the only bidder, for the mentioned NTPC tender, which is an activity in the normal course of business.
Submission of bid does not result into automatic bagging of an order, therefore, is not required to be informed under Regulation 30 of the SEBI Listing Regulations, 2015.
As of now, BHEL has not received any order from NTPC regarding the subject project.
Ugro Capital Ltd will consider raising funds via bonds on March 7.
Source: Exchange Filing
The IPO was subscribed 1.17 times as of 2:12 p.m. on Monday.
Institutional investors: nil.
Non-institutional investors: 1.18 times.
Retail investors: 4.83 times.
Employee reserved: 0.32 times, 32%
CLSA reiterates their cautious stance on the Indian Steel sector driven by three key points, domestic profit pool to shift from steel mills to miners, valuations do not reflect trough spreads and valuations do not reflect trough spreads and China stimulus a key risk.
The research firm has downgraded Tata Steel and JSW Steel to 'sell'. It believe margins will be weighed down by weaker spreads and hence downgrade both the stocks. "Volume growth for both companies is likely to be strong, helped by capacity expansion over the next two years", it said.
CLSA changed the Ebitda estimates for the stocks under their coverage by -6% to +5% for FY24-26CL and hence cut target price by 7%-10% for Tata Steel from Rs145 to Rs 135 and for JSW Steel from Rs 810 to Rs730.
"We raise our target price for Jindal Steel & Power Ltd. from Rs 820 to Rs 840 and maintain underperform, as we believe it is relatively better off because weaker industry spreads will be more than offset by the margin expansion projects".
Max Healthcare Institute had 60.5 lakh shares changed hands in multiple large trades.
The company had 0.6% equity changed hands in the price range of Rs 738.15 to Rs 742 apiece.
Buyers and sellers are not known immediately.
Source: Bloomberg
Overall disbursement at Rs 4,730 crore up 13% YoY.
Collection efficiency at 97%.
Source: Exchange filing
Downgrade Tata Steel from Outperform to Sell with a target price of Rs 135 from earlier Rs 145.
Downgrade JSW Steel from Underperform to Sell with a target price Rs 730 from earlier Rs 810.
Maintain Underperform on Jindal Steel & Power with a target Rs 840 from earlier Rs 820.
Domestic profit pool to move from steel mills to miners; reiterate cautious stance
Forecast FY25/26e spread at US$360/t vs 10-yr avg of US$410/t
A rise in BF-based production in India would partly offset impact of China avoiding Australian coal.
Valuations do not reflect trough spreads.
Find consensus estimates unjustified of FY25/26e profitability being in line with or above Q3FY24 levels.
Key risk: Broad based demand driven stimulus in China.
The IPO was subscribed 41 times as of 12.12 p.m. on Monday.
Institutional investors: 11.38 times.
Non-institutional investors: 107.93 times.
Retail investors: 29.24 times.
The IPO was subscribed 0.66 times, or 66%, as of 12:09 a.m. on Monday.
Institutional investors: nil.
Non-institutional investors: 0.63 times, 63%.
Retail investors: 2.75 times.
Employee reserved: 0.18 times, 18%
Max Healthcare Institute Ltd had 17.7 lakh shares changed hands in a large trade.
The hospitals' 0.2% equity changed hands at Rs 738.15 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Banks place bids worth Rs 17,900 crore in 3-day VRRR auction conducted on Monday.
Notified amount for the auction was Rs 75,000 crore.
Auction cut-off was at 6.49%.
Source: RBI
Info Edge (India) Ltd.'s Naukri recruiter, Shiksha reinstated on Google Play Store.
It will continue to work with Google to prevent such delistings in the future
Source: Exchange filing
Swan Energy's subsidiary Swan LNG prepays Rs 2,206 crore loan
Post prepayment, the company's debt has come down to Rs 1,675 crore
Source: Exchange filing
Tata Investment Corporation clarified to the bourses that it's not in talks to invest in any semiconductor manufacturing operations.
Source: Exchange filing
Raises 2024 GDP estimate to 6.8% from 6.1% earlier.
India likely to remain fastest growing among G20 economies.
RBI likely to keep policy rate on hold in the coming months.
RBI likely to keep policy rate on hold on the back of strong growth and firm inflation.
Moody's sees 2025 GDP growth seen at 6.4%.
Expect policy continuity and infra push post general elections
MeitY says explicit approval needed by platforms to use under-testing/unreliable AI models.
Such models to be deployed only after appropriately labelling unreliability of the output generated.
Platforms to ensure that their AI model/LLM does not permit any bias or discrimination.
Platforms to submit status report to MeitY by March 16.
Source: MeitY Advisory
Market breadth was skewed in favour of sellers. Around 1,687 stocks declined, and 1,436 stocks rose, and 121 stocks remained unchanged on BSE.
At pre-open, NSE Nifty 50 was trading 25 points or 0.11% higher at 22,403.50, and the S&P BSE Sensex was96.95 points or 0.13% higher at 73,903.09.
The yield on the 10-year bond opened flat at 7.05%.
Source: Bloomberg
The local currency strengthened by 6 paise to open at 82.85 against the U.S. Dollar.
It closed at 82.91 on Friday.
Source: Bloomberg
Client base at 2.14 crore, up 4.9%
Gross client acquisition at 10.1 lakh, down 1.7%
Average daily orders at 82.2 lakh, up 8.7%
Source: Exchange filing
Biocon Biologics signs settlement pact with Bayer and Regeneron Pharma for introduction of Yesafili into the Canadian market.
Biocon Biologics has secured a launch date for Yesafili, set no later than July 1, 2025.
Settlement resolves multiple parallel patent infringement proceedings in Canada.
Source: Exchange filing
Total cargo volumes at 35.4 MMT, up 33% YoY
Well on track to surpass the 400 MMT mark before end of FY24
Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT
Source: Exchange filing
Morgan Stanley maintained 'Overweight' on Gujarat Gas Ltd with a Target Price of Rs 579.
The brokerage saw price cuts to help company regain market share in ceramics.
Spot LNG prices may continue to fall, making gas more attractive than alternatives.
The brokerage expects significant upside to volumes with 80% of long-term LNG contracts up for renewal by mid-2025.
Expects the global gas glut to support margins at mid-cycle levels.
Moragn Stanley maintained 'Overweight' on Hindustan Aeronautics Ltd. with a price target of Rs 3,129.
HAL won aero engine contract worth Rs 5,250 crore.
Aero engines are to be produced by the Koraput Division of HAL.
HAL is expected to sustain operational capability of Indian Air Force MiG-29 fleet
Upside Risk: Ministry of Defence increasing its indigenization thrust
Downside Risk: Order Delay
HSBC Global Research maintained a 'Buy' on HDFC Bank with a target price of Rs1,750.
HDFC Bank is already gaining 18-20% incremental deposit market share.
Most of the lender's deposit growth is coming through CASA and retail, the brokerage said.
Explicitly lowering loan growth guidance may actually be a catalyst, HSBC Global Research said.
Offers possible returns of a 15-29% CAGR over FY24-27e from current levels.
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