Scan to Download
-The local currency weakened by 9 paise to close at 82.86 against the U.S. Dollar.
-It closed at 82.77 a dollar on Tuesday.
Source: Cogencis
Market breadth was skewed in favour of sellers. Around 3,512 stocks declined, 404 stocks advanced, and 60 remained unchanged on BSE
Advises users to procure a new FASTag issued by another bank before March 15, 2024
Advises users to reach out to their respective banks or refer to the FAQs on IHMCL website
RBI's deadline for restrictions on Paytm Payments Bank is March 15
Source: PIB
Gets LoA for project worth Rs 106.4 crore
Source: Exchange filing
Gets LoI for 500 MW solar project
Tentative cost of construction & development of 500 MW solar project at Rs 2,700 crore
Source: Exchange Filing
It has fallen 39.57% in the last 12 months. Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 31.
Out of 14 analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 39.6%.
Fund sold stake in the company on March 11
Source: Exchange Filing
The scrip fell as much as 5% to 829.45 apiece, to be locked in the lower circuit. This compares to a 0.38% decline in the NSE Nifty 50 Index as of 11:10 a.m. The shares have been locked in lower circuit three times this week, while the circuit was increased to 10% on Monday and Tuesday. It is locked at 5% on Wednesday.
It has risen 83.31% in the last 12 months, but has fallen 26.22% in the last one month. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 29 indicating it was underbought.
10.1 lakh shares or 0.02% equity changed hands in a large trade
Buyers and sellers not known immediately
Source: Bloomberg
To spend on M&A projects within the next 24 months
Source: Exchange filing
436.9 million shares or 3.5% equity changed hands at Rs 439 per share
4.39 million shares changed hands at Rs 435 per share
3.22 million changed hands at Rs 431.2 per share
Buyers and sellers not known immediately
The London-listed BAT plans to sell up to 43.68 crore shares to institutional investors through an accelerated book-build process, it said in a statement on Tuesday.
Source: Bloomberg
Lists at a discount of 5.4% to the issue price on NSE
Lists on BSE at Rs 211 vs issue price of Rs 221
Lists at a discount of 4.5% to the issue price on BSE
Source: Exchanges
Out of seven analysts tracking the company, four maintain a 'buy' rating, three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.7%
The scrip listed on the BSE rose as much as 4.98% to 44.92 apiece, to get locked in upper circuit. This compares to a 0.15% advance in the BSE Sensex Index as of 9:30 a.m.
It has fallen 34.40% in the last 12 months. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 39.
Two analysts tracking the company, maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 41.4%
Of the 37 analysts tracking the company, 34 maintains a 'buy' rating, two recommend 'hold' and one recommend a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a potential upside of 24.4%.
The market breadth was skewed in the favor of sellers. Around 1,725 stocks declined, 1,248 rose, and 93 were unchanged on the BSE.
At pre-open, the S&P BSE Sensex Index was up 325.44 points or 0.44% at 73,993.40 while the NSE Nifty 50 was at 22,432.20, up 96.50 points or 0.43%.
Motilal Oswal maintains Neutral rating on Jubilant Foodworks with a TP of Rs. 480
Total acquisition cost is Rs. 1200 crores which is funded with Rs. 950 crores debt and Rs. 250 crores equity
Jubilant increased its stake in the Bangladesh business from 51% to 100% for Rs 34 crores
Domino’s is the second largest playerin QSR market in Turkey after Burger King
Domino’s Turkey profitability margin is better than India margin
Believes India business recovery will be more critical for the stock’s performance
Exports data of 21 pharma companies indicates improved traction
Cumulative exports growth was 32% YoY/37% MoM
No major uptick in Laurus’s and Suven Pharma’s exports
Lower Zoetis shipments hurt Syngene
Divi’s strong numbers due to Sacubitril/Valsartan and Iopamidol
Strong gRevlimid offtake in ARBP, Zydus and SUNP
Sees sustained growth momentum in key large oral players
Lupin exports surge 51% YoY, they slid 20% QoQ
The yield on the 10-year bond opened flat at 7.03%.
Source: Bloomberg
The local currency weakened by 4 paise to open at 82.81 against the U.S. Dollar.
It closed at 82.77 a dollar on Tuesday.
Source: Cogencis
Reliance Ethane Holding invests $103 mn in three wholly owned subsidiaries
Investment to enable subsidiaries to make part payment towards construction of 3 ethane carriers
Source: Exchange filing
Stake to be acquired within one month, through secondary buy-outs
Source: Exchange filing
Zenith is a passive shareholder since Sept 2022, holds less than 1.5% stake
Zenith holds neither decision-making rights nor is involved in the co's business or operations
Any developments related to Zenith will have no impact on co's growth trajectory
Source: Exchange filing
Group term insurance business remains weak owing to competitive pricing in select cohorts
Company expects growth in agency to ramp up over medium term (~15-18% overall APE CAGR)
Increase in collaboration with ICICI Bank to drive protection sales
Payout pressure sustains at select distribution partners
Margin impact likely to be graded compared to last quarter
Nuvama on ITC BAT Stake Sale's Impact on Passive Flows
Nifty 50: Expects a Rs. 538 crores inflow, equal to 1.3 crore shares
Nifty 50: Expects a 0.9-day volume impact
Sensex 30: As per Nuvama Alternative math- Rs 315 crores up led inflow which is 0.7 crore shares
Sensex 30: with a 0.5-day volume impact
Does not anticipate any weight increase in global passive indices
Price target of Rs 11,700
Continues to remain attractive despite likely temporary slowdown ahead of elections
Estimate around 12% volume CAGR through FY23-26, Ebitda/t expansion and continued visibility on growth
Company expects industry demand growth at around 9% in FY24 with medium term demand growth around around 8%
Expect supply to lag incremental demand, resulting in industry utilisation rising to 74-75% in about 5 years
Well positioned to grow – FY25 planned capex is around $1.2 billion, internal accruals would be adequate to fund
Long term initiatives (reducing lead distance, increasing green power, lowering clinker factor) can lower CoP by Rs200/t+
See no business impact from Grasim’s paints foray
Initial focus of management to get margins back to long term average
Will continue to fill leadership gaps as needed
Industry revenue growth to be in the range of 3-5% in FY25
Revenues in Q1 to be impacted largely due to comviva seasonality
Company will be the first one to cannibalize their own BPO revenues and upgrade
Focus on BFSI vertical continues – lot of medium term scope for market share gains
Price target of Rs 2,300
Partnership expansion to drive revenues for CAMSPay
Focus on domestic relationships without any immediate intent to focus on international expansionary strategies
Cost growth likely to lag revenue growth as productivity picks up in new businesses
Management retained upbeat stance on revenue traction in the annuity-based KRA business
Management expects Ebitda growth at 18-20% CAGR over medium-term
Quantum of price cut signifies limited room for price wars between exchanges
BSE pricing discount can remain intact
BSE market share inching higher, pace moderating
To deliver greater than 2.5 times earning jump over FY24-26
Higher Settlement Guarantee Fund remains key risk
Reiterates Buy basis 24 times FY26 PE
Selexipag is used in adults to treat pulmonary arterial hypertension
Source: U.S. FDA website
Price target of Rs 480
Demand trend remains strong, management confident to achieve FY24E guidance
To receive proceeds from aircraft sale by Mar’24, balance non-core assets to be sold in next 3-4 years
Balance sheet deleveraging process on track
Pricing premium on gold charged by some large jewellers has declined, now in-line with Kalyan Jewellers
Asian Stocks Mixed as Japan Slips on Wage Talks: Markets Wrap
Nifty March futures up by 0.07% to 22,447.05 at a premium of 111.35 points.
Nifty March futures open interest up by 3.7%.
Nifty Bank March futures up by 0.07% to 47,527.25 at a premium of 244.85 points.
Nifty Bank March futures open interest up by 1%.
Nifty Options March 14 Expiry: Maximum call open interest at 22,500 and Maximum put open interest at 22,000.
Bank Nifty Options March 13 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 46,000.
Securities in ban period: Aditya Birla Fashion, Hindustan Copper, Manappuram Finance, Mahanagar Gas, National Aluminium, Piramal Enterprise, Sail, Tata Chemical, and Zee Entertainment Enterprise.
Price Band changes from 20% to 10%: JTL Industries.
Price Band changes from 10% to 5%: Gensol Industries, Swelect Systems.
Moved into short-term ASM framework: JTL Industries.
Moved out short-term ASM framework: Hind Rectifiers.
Kfin Technologies: Kotak Mahindra Bank sold 34.7 lakh shares (2.03%) at Rs 600.28 apiece.
Nirlon: Nihar Nandan Nilekani bought 22.52 lakh shares (2.49%) at Rs 430 apiece, while Kunal Virenchee Sagar sold 13.29 lakh shares (1.47%), and Alfano Pte. Ltd. sold 9.23 lakh shares (1.02%) at Rs 430 apiece.
Onward Technologies: White Oak India Equity Fund IV sold 1.25 lakh shares (0.55%) at Rs 463.81 apiece.
Popular Vehicles And Services IPO Subscription: Day 1 Live Updates
JG Chemicals IPO Subscribed 27.78 Times On Day 3
ITC: British American Tobacco, the largest public shareholder of the company, has launched a block trade to offload up to a 3.5% stake in the company for over Rs 17,482 crore.
Vedanta: The Securities Exchange Board of India ordered the company to pay Rs 77.62 crore to Scottish explorer Cairn for delay in payment of dividends and barred the firm's entire board from accessing the capital market for the same.
Aurobindo Pharma: Eugia Pharma has restarted distribution of aseptic products and will start commercial production from aseptic lines in a phased manner beginning next week.
Glenmark Pharma: The company completed the transfer of the remaining 20% stake in Glenmark Life Sciences to Nirma.
Shree Cement: The company has entered into an asset purchase agreement with Starcrete LLP for the purchase of five ready-mix concrete plants located in Maharashtra for Rs 33.5 crore.
SRF: The company incorporated a wholly owned subsidiary, SRF Middle East, in Dubai for trading in refrigerant gases.
Oriental Rail Infrastructure: The company's contract from Indian Railways has been revised to Rs 1,249 crore.
Ramco Cements: The company inaugurated the Gati Shakti Cargo Terminal project in Andhra Pradesh to transport crushed limestone through railway wagons from the company’s mines in Budawada to its integrated cement plant in Jayanthipuram.
Allcargo Logistics: The company LCL volume for the month of February increased 7% YoY and FCL volume up 5% YoY for the month of February.
Muthoot Capital: The company partners with Greaves Cotton unit Greaves Finance 100% EV-focused lending platform evfin for electric two-wheeler financing across India.
Indoco Remedies: The company approved the purchase of 2,860 sq m of land in Mumbai.
Sterling & Wilson: The company has issued clarification on the Shapoorji stake sale report and said it is not aware of negotiations.
Titagarh Rail Systems: The company launched its second 25T Bollard Pull Tug, Bahubali, for the Indian Navy.
Vakrangee: The Reserve Bank of India has renewed the authorization issued to the company for white-label ATMs.
Jammu and Kashmir Bank: The company clarified that the news item of an Enforcement Directorate action does not pertain to the bank in any manner.
Ethos: The company reduced its stake in Silvercity Brands AG to 35% from 100% earlier.
Gensol Engineering: The company incorporated Gensol Clean Energy as a wholly owned subsidiary.
Welspun Living: The company received approval from the NCLT, Hyderabad Bench, for the amalgamation of five companies with itself and is awaiting approval from the NCLT, Ahmedabad Bench.
Signature Global India: The company, through its subsidiary, has launched its new project “Orchard Avenue-3” in Gurugram. The project consists of a total of 235 units, with an area of 1.66 acres.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
