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Nifty, Sensex jumped sharply in the last hour of trade to close at record highs
Both Nifty and Sensex continued uptrend after one-day drop
All Nifty 50 stocks ended higher
Nifty ends 1.89% or 470.45 points higher at 25388.90
Sensex ends 1.77% or 1,439.55 points higher at 82962.71
Intraday, Nifty rose as much as 2.07% to its lifetime high of 25,433.35 and Sensex added as much as 1.95% to hit its record high of 83,116.95
Broader indices also ended higher; Nifty Midcap 100 ended 1.19% up while Nifty Smallcap 250 closed 0.78% higher.
All sectoral indices ended higher; Nifty Metal was the top gainer
Rupee weakened by 1 paise to a record low of 83.9912 against the US dollar.
"If that is the case we are going to see significant amount of capital flowing back to emerging markets," he said. He noted that in the last rate cut cycle during COVID India's weight in MSCI emerging market was 8% now it is 20%. "India will get much higher flows than we got last year," he said.
On what will be the next leg of the rally, he said market is witnessing sectoral rotation. Valuations of defence, railway, capital goods, industrials are rich, he said adding that he expects some laggards to perform as headwinds in these are behind. These include IT, private sector banks, consumer, and discretionary.
Gets order worth Rs 144 crore for smart meters
Source: Exchange Filing
August total production up 9.9% at 78,414
August total sales up 8.5% at 73,695
August total exports up 26.3% at 3,060
Signs pact with Ceres Power Holdings' arm for electrolyser manufacturing & system solutions
Source: Exchange filing
In pact with Sparkle for Blue-Raman capacity between India and Italy
Blue Raman is a submarine cable system
Source: Exchange filing
Approves interim dividend of Rs 65 per share
Source: Exchange Filing
Rupee weakened by 1 paise to a record low of 83.9912 against the US dollar.
It closed at 83.98 on Wednesday.
It had hit 83.9900 on September 5.
Source: Bloomberg
Board approves raising funds up to Rs 1,000 cr via QIP or other means
Source: Exchange filing
Board declares interim dividend of Rs 110/share
Source: Exchange filing
Partners with Zoomcar for self-drive car sharing
Source: Exchange filing
Introduces ScanMyTrip.com integrated on ONDC network
ScanMyTrip.com is a marketplace designed to enable MSMEs, travel agents to list their offering
Source: Exchange filing
Launches Swift S-CNG hatchback car
Source: Exchange filing
Challenges Delhi High Court order at Supreme Court
Delhi HC ordered grounding of three leased engines
Company requests urgent hearing
Court to consider plea
Source: Supreme Court Proceedings
Signs MoU with NBCC for 13.88 acres land
NBCC to develop land for commercial space
Source: Exchange filing
Gets orders worth Rs 2,774 crore for various business verticals
Source: Exchange filing
Maintains overweight; hikes target price from Rs 1,025 to Rs 1,520
In 3 years, could be a uniquely placed HFC with scale across retail segments
Would ensure a good balance of loan growth, asset quality, ROE
Good margin of safety for earnings and valuation
Stock supply, midcap sell-off, weaker than expected earnings are key risks
See re-rating up to 2.5x F27 P/B over 12-18 months
On Wednesday, it had closed 2% higher.
At pre-open, Nifty 50 was at 25059.65, up 0.57% or 141.20 points and the Sensex was at 81929.72, up by 0.50% or 406.56 points.
Industry
India’s inflection point in the electronics production will be led by PLI schemes, reduced imports from China, growing domestic consumption, and initial success of global early movers.
India's electronics production can grow at a healthy ~25% CAGR over FY24-30
Semiconductors manufacturing and packaging to be long-term growth drivers
Expect India IT hardware segment to see strong growth from FY26F
This comes given government’s push for local sourcing
Dixon Technologies
Initiates coverage with 'buy', and target of Rs 15,567 with 26% upside
Key beneficiary of localization in mobiles and IT hardware
Likely to cater >30% of India’s mobile industry by FY27, further upside from export
Valuation: 60x FY27F EPS
Kaynes Technologies:
- Initiate coverage with Buy, Target: 5,969; upside: 29%
- Strong order book driving high growth visibility
- Play on the rising electronics content in B2B segment
Samvardhana Motherson:
- Maintain Buy; Target: RS 204, upside 11%
- May benefit from addressing the component ecosystem
The yield on the 10-year bond opened flat at 6.83%.
Source: Cogencis
The local currency opened flat against the US dollar at 83.97 on Thursday.
It closed at 83.98 a dollar on Wednesday.
Source: Cogencis
PM E-DRIVE Scheme Industry launched with outlay of Rs.10,900 crore for 2 years
Per unit incentives have decreased
Not clear on the Electric 2W incentive per unit in PM E DRIVE
Our analysis estimate that it appears to have dropped
E-Bus incentive benefits Ashok Leyland and Tata Motors
Broad trend remains that as PLI incentives are ramping up, seeing demand-side incentives at the consumer level decreasing
Like the focus on developing charging infrastructure
Maintains 'buy' with target price Rs 140; upside 23.9%
Recent market share loss is worrying
Upcoming motorcycle launches next year should boost market share.
Ola's market share dropped from 43.3% in first half to 28.9% in Sept 2024.
Decline may be due to new low-cost models from competitors like TVS and Bajaj.
Risks include competition from Honda and Yamaha
Ola's motorcycle launch in early 2025 could boost volumes
Current slowdown poses a 15-20% downside risk to FY25/26 estimates.
Maintains 'buy' with target of Rs 1800, implying 19% upside.
Strong auto loan franchise, building strong network in non-auto business
NIM tailwind and beneficiary of the rate cut cycle
Stable credit costs and provision unwind in LAP aided group credit cost
ROA can expand 20-30bps
Value at 4.5 times Sept 2026 price to book value
Inox Wind’s EPC Projects arm Resco Global completes 350 crore equity raise
Source: Exchange filing
Brent Crude Prices Correct 15% Over 15 Days
Maintains 'add' on Indian Oil at Rs 205 target with 21% upside
Maintains BUY on BPCL/HPCL/ONGC/Oil India
BPCL/HPCL/ONGC/Oil India targets at Rs 405/475/360/700
Believe near-term volatility in oil prices could persist
Brent to de-rate to $70-80/bbl range from $80-90/bbl range earlier
Corrections in ONGC, Oil India seems excessive
Believe OMCs could cut fuel retail prices amid upcoming state elections
Expect Rs 2 per litre cut for petrol and diesel towards Diwali
OMCs could earn supernormal marketing margins next 1 month, covering LPG losses
Expect Q2FY25 marketing margins at Rs9.7/8 per liter for petrol/diesel
Government extends anti-subsidy duty on imports of 'welded stainless steel pipes and tubes
Duty extended for imports from China and Vietnam for additional 5 years
Duty initially introduced in Sept 2019
Extension comes after Indian industry claimed that Chinese goods are imported into India at very low prices
Potential Beneficiaries of Extension of Anti Subsidy
Tata Steel, JSW Steel, Welspun Corp, Ratnamani Metals & Tubes
Imports from China and Vietnam: Jan-July 2024
China: Up 10% YoY at $60 billion
Vietnam: Up 17% YoY to $5.8 billion
(Source: Ministry of Commerce Data)
Difference Between Domestic Steel vs Landed Chinese Imports
Landed cost of China steel import in Aug at $579 per million tonne
Domestic costs at premium of Rs 2692 per million tonne vs China
Domestic costs at premium of $ 32 per million tonne vs China
(Source: ICRA)
India: A Net Importer of Steel:
India turned net importer of steel in FY25, first time since FY16
FY24 steel trade deficit at 1.1 million tonnes
April-Jul'24 trade deficit at 0.11 million tonne
(Source: Ministry of Commerce Data, Ministry of Steel)
[07:11, 9/12/2024] +91 97695 53176:
Nifty Septber futures fell by 0.55% to 24,938.45 at a premium of 20 points.
Nifty September futures open interest grew by 0.19%.
Nifty Bank September futures fell by 0.47% to 51,124 at a premium of 114 points.
Nifty Bank September futures open interest grew by 5.03%.
Nifty Options Sept. 12 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,500.
Bank Nifty Options Sept. 18 Expiry: Maximum call open interest at 51,500 and maximum put open interest at 51,000.
Securities In Ban Period: Aarti Industries, Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Chambel Fertilisers, Hindustan Copper, RBL Bank.
Shree Tirupati Balajee Agro Trading Company: Shares of the company will list on the stock exchange today. The IPO was subscribed 124.75 times on its third day, led by non-institutional investors. The IPO was subscribed 15.16 times on the second day and 6.36 times on the first day. The issue price for the firm has been set at Rs 83 according to date on the NSE.
Bajaj Housing Finance: The initial public offering was subscribed to 63.61 times on its third and final day on Wednesday, led by institutional investors. The issue was subscribed 7.51 times on its second day and 2.02 times on the first day.The three-day offer entailed a fresh issue of equity shares worth Rs 3,560 crore and an offer for sale worth Rs 3,000 crore from its owner, Bajaj Finance Ltd.
Tolins Tyres: The initial public offering has been subscribed 23.89 times on the third and final day of subscription. The IPO was subscribed 5.22 times on Tuesday and 1.8 times on the first day of bidding on Monday. The company aimed to raise Rs 230 crore via the offering, which consisted of a fresh issue of equity shares worth Rs 200 crore and an offer for sale worth Rs 30 crore.
Kross: The initial public offering has been subscribed 16.81 times on the third and final day on Wednesday. The IPO was subscribed 2.56 times on day two and 88% times on day one.The company is looking to mop up Rs 500 crore through its maiden share sale. The offering consists of a fresh issue as well as an offer for sale, each worth Rs 250 crore.
PN Gadgil Jewellers: The initial public offering entered its second day on Wednesday. The offering was subscribed 6.90 times on the second day, with bids led by retail investors. The offering consists of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore.
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 building in Mumbai. New BSE bull. (Source_ BSE) 26_06_2024..jpg?downsize=1080:540 "Stock Market Today: Late Rebound Helps Sensex, Nifty Hit Record Highs After One-Day Blip")
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