Equity99

2024-04-05 07:17:37 *News Headlines from Business News Agencies:*

*Business Standard*

Anil Agarwal-led Vedanta Group to raise $300 mn through debt securities
Google to make generative AI-powered search exclusive to paid-tier: Report
India has given over $1 bn to private firms under PLI scheme: Official
Dabur flags sluggish demand in Q4, indicates slowing revenue; shares drop
Honda Cars India names Ryuto Shimzu as new director of marketing-sales
Hiranandani plans to invest Rs 3K cr, expects 25% residential biz growth
GenAI platform Hanooman announces partnership with Abu Dhabi's 3AI Holding
Akasa Air regains top spot in on-time performance chart in March
US layoffs surge 7% to reach 14-month high amid govt, tech cutbacks
Prices of essential medicines will not be increased in FY25: Health minister Mandaviya
Trai begins consultation on pricing, terms for new spectrum bands
RBI, NPCI push for UPI adoption at WTO, urge for cutting remittance costs

*Economic Times*

RBI defers implementing FX derivatives rules to May 3
Amid rising likelihood of a scorcher of a summer, govt powers up to help India fight extreme temperature
World Bank President Banga invites Rakesh Mohan to join economic advisory panel
Private sector's share in defence production reaches highest in eight years
Chip startup SiMa raises $70 million to quicken AI on cars and robots
Relief for Nestle as NCDRC dismisses govt's 2015 plea against sale of Maggi noodles
IHCL to open SeleQtions resort in partnership with Merlin Group
In FY24, New India Assurance achieved about $5 billion global premium: CMD
Allianz Partners becomes first foreign reinsurer to launch operations in GIFT City
Vedanta commences mining in Goa's Bicholim block
52% GCCs in India proactively championing ESG agenda: EY

*Mint*

India's services growth picks up in March on robust demand
SingleInterface raises $30 mn from PayPal, Asia Partners
Industry body withdraws case after IOCL cancels green-hydrogen tender
Airbus’s stratospheric drone business is open to IPO, CEO says
Hero MotoCorp gets demand notice of ₹605 crore from Income Tax Department
Sterlite Power unit’s CEO Manish Agarwal quits
Steel companies’ EBITDA to get hit by lower prices, high coking coal cost in Q4
Vodafone Idea board to consider ₹20,000 cr fundraise in 6 April meet
Vistara airline to reduce daily operations due to pilot shortage
High demand for ₹1 crore homes; Over 10,000 units sold in Delhi-NCR in Q1 2024
UltraTech Cement commissions 100 MW AC solar energy project in Rajasthan
Oil Advances After OPEC Affirms Production Cuts Through June Open / Comment

2024-04-05 06:00:44 Morning Alert..
*India has given over $1 bn to private firms under PLI scheme: Official*
India has paid $1.02 billion as incentives to boost local manufacturing, following over $13 billion in investments from private firms under a scheme introduced in 2020, a top government official said on Wednesday. The 1.97-trillion-rupee ($24 billion) production-linked incentive scheme (PLI) is India's key industrial policy and covers 14 sectors ranging from electronic products to drones. Critical to Prime Minister Narendra Modi's plans to promote India as a global manufacturing hub, the scheme has drawn participation from large global and Indian firms including Apple , Foxconn, Samsung Electronics, Hindustan Unilever Ltd and Reliance Industries. It has also helped push mobile phone exports to a record $15 billion in the fiscal year that ended March 31, according to industry estimates. "The scheme has had a good impact and incentive disbursements have also picked up," Rajesh Kumar Singh, top bureaucrat at India's Department for Promotion of Industry and Internal Trade, told Reuters.

*Mutual fund assets increase 34% during FY24, the highest in 7 years*
The assets managed by domestic mutual funds (MFs) rose by 34 per cent during 2023-24 (FY24) — the most since 2016-17 — propelled by a sharp rally in the equity market and robust inflows. For the three months ended March 2024 (Q4FY24), the average assets under management (AUM) stood at Rs 54.1 trillion compared to Rs 40.5 trillion in Q4 of 2022-23 (FY23), according to data from the Association of Mutual Funds in India. The just-concluded FY24 marked the 12th consecutive year of AUM growth for the industry, which primarily caters to retail investors. The industry last recorded a decline in year-on-year AUM in 2011-12. Although the MF industry has made huge strides, its AUM still represents only around a quarter of the total deposits with banks. The largest fund house, SBI MF, maintained its lead with an average AUM of Rs 9.1 trillion in Q4, 27 per cent higher than the same quarter of FY23. Among the top 10, fourth-placed Nippon India recorded the fastest growth. Its average AUM surged by 47 per cent to Rs 4.3 trillion. In the top 15, Tata MF led with nearly a 50 per cent average AUM gain.

*Global market action*
Dow Jones – Up by 0.03% or 11.44 points
FTSE – Up by 0.48% or 38.45 points
CAC – Down by 0.02% or 1.68 points
DAX – Up by 0.19% or 35.41 points
Gift Nifty – Down by 0.54% or 122 points

*FII/DII activities*
FII – Sold 1136.47 Cr worth of shares
DII – Sold 893.11 Cr worth of shares.

*Stocks with high delivery Percentage*
Astrazeneca Pharma India – 90.8%
Pfizer – 90.7%
Route Mobile – 88.1%
Timken India – 82.5%
Westlife Foodworld – 82.4%

*Primary market activities*
Listing today
Radiowalla Network Ltd (NSE SME) – Subscribed 307.54x
TAC Infosec Ltd (NSE SME) – Subscribed 422.03x

*Commodities updates*
Gold – Rs 71830/10 gm, Silver – Rs 80095/kg, Brcrude – Rs 7147/barrel, Copper – Rs 802.70/kg.

*Corporate News*
HDFC Bank's gross advances surge 55.4% to Rs 25.08 trn in Q4 FY24.

Vedanta commences mining operations in Goa's Bicholim mineral block.

Zydus Lifesciences, Hero Motocorp, NHPC, Bosch in line for largecap upgrade. Open / Comment

2024-04-04 06:00:43 Morning Alert..
*How monetary transmission may hold key to policy stance, Das clarifies*
After the February 2024 monetary policy review meeting, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified why the stance of the policy continued to be 'withdrawal of accommodation'. “Our policy stance is in terms of interest rate, which is the principal tool of monetary policy in the current framework,” Das said. He explained that the stance of 'withdrawal of accommodation' should be seen in the context of incomplete transmission of interest rates, and inflation staying above the target of 4 per cent. The monetary policy committee of the RBI had hiked the policy repo rate by 250 basis points (bps) between May 2022 and February 2023 before hitting a pause. Commercial banks borrow money from the RBI at the repo rate, which also acts as the benchmark rate for banks lending to retail and small borrowers. The data shows that in response to 250-bp repo rate hike, bank have revised their repo-linked external benchmark-based lending rates (EBLRs) upward by the same magnitude. However, transmission is incomplete for marginal cost of fund-based lending rate (MCLR), as well as weighted average lending rate (WALR) on both fresh and outstanding loans.

*NHAI executed capex for FY24 increases by 20% to Rs 2.07 trillion*
The National Highways Authority of India (NHAI) executed capital expenditure of Rs 2.07 trillion in the financial year 2023-24 (FY24), which is 20 per cent higher than its expenditure in both FY22 and FY23, a senior government official said. “During FY24, NHAI achieved construction of 6,644 km of national highways against the target of 6,544 km. At 6,644 km, construction increased in FY24 by around 20 per cent compared to 5,544 km constructed in FY23 and by around 53 per cent compared to 4,331 km constructed in FY22,” the official said. NHAI, operating under the Ministry of Road Transport and Highways, is tasked with executing road projects. The ministry itself is expected to have built around 12,000 km of highways in the fiscal year. To alleviate debt burdens on capital-intensive bodies like NHAI and railways, the government has allocated increased capital expenditure, to offset the reliance on debt for funding rail and road projects. The Ministry of Road Transport and Highways has been allocated Rs 2.78 trillion in FY25, according to the interim budget presented by Finance Minister Nirmala Sitharaman in February.

*Global market action*
Dow Jones – Up by 0.13% or 52.17 points
FTSE – Up by 0.03% or 2.35 points
CAC – Up by 0.29% or 23.18 points
DAX – Up by 0.46% or 84.59 points
Gift Nifty – Up by 0.34% or 75.50 points

*FII/DII activities*
FII – Sold 1622.69 Cr worth of shares
DII – Bought 1952.72 Cr worth of shares.

*Stocks with high delivery Percentage*
Global Health Ltd – 95.1%
Westside Foodworld Ltd – 93.7%
Metro Brands Ltd – 89.7%
Shree Cement Ltd – 88.7%
Timken India Ltd – 88.5%

*Primary market activities*
Listing today
Trust Fintech Ltd (NSE SME) – Subscribed 108.63x

*Commodities updates*
Gold – Rs 71325/10gm, Silver – Rs 79197/kg, Brcrude – Rs 7157/barrel, Copper – Rs 791.45/kg.

*Corporate News*
Vi shareholders approve Rs 20,000 cr fundraise through securities issuance.

HCLTech to enable 25,000 engineers on Gemini to scale GenAI solutions.

Britannia NutriChoice launches health monitoring app NutriPlus in India. Open / Comment

2024-04-03 17:15:56 https://www.moneycontrol.com/news/business/markets/nse-to-launch-four-new-indices-in-capital-markets-fo-segments-from-april-8-12569981.html Open / Comment

2024-04-03 06:34:33 https://www.moneycontrol.com/news/world/a-strong-earthquake-rocks-entire-island-of-taiwan-collapsing-buildings-tsunami-alert-issued-12564471.html Open / Comment

2024-04-03 05:55:35 Morning Alert..
*Manufacturing PMI in March rises to 16-yr high, employment improves*
India’s manufacturing sector ended 2023-24 on a “stellar” note, with the headline Purchasing Managers Index (PMI) soaring to a 16-year high of 59.1 in March, up from 56.9 in February, according to a survey released by HSBC on Tuesday. A PMI above 50 represents expansion in the manufacturing sector, while a reading under 50 represents contraction. The survey reveals that the manufacturing sector gained momentum in March, with the strongest increases in output and new orders since October 2020. This was accompanied by the second-sharpest upturn in input inventories in the survey’s history in connection with India. In a positive sign for the jobs market, employment picked up. “Employment returned to positive territory and firms scaled up buying levels. There was a mild pick-up in cost pressures during March, but customer retention remained a priority for goods producers who raised their charges to the lowest extent in over a year,” the survey stated. At 59.1, the March manufacturing PMI is slightly lower than the flash estimate for the month at 59.2, released on March 21. The March figure marks the manufacturing output rising for 33 months in a row and to the sharpest since October 2020.

*Customers shy away from market as gold price nears Rs 70,000 milestone*
Even as the price of pure gold nears Rs 70,000 per 10 gram, customers have already disappeared from the market. In just a single month, the price in Mumbai’s Zaveri Bazaar has risen by nearly 10 per cent, trading at around Rs 68,500 per 10 gram. The Mumbai spot market has slipped into a heavy discount of $15–20 per ounce, or Rs 400–550 per 10 gram, since prices have risen sharply in a month. Even gold imports, which were around 100 tonnes in February, fell sharply in March. The industry estimates that only 25 tonnes were imported. Jewellers are eyeing marriage demand and Akshaya Tritiya falling in the first week of May. They are said to be preparing to meet demand in case gold price falls, but jewellery fabrication has been affected. The movement of gold is also affected following higher vigilance during the election code of conduct. Bhargava Vaidya, a bullion industry consultant, said that “marriage demand in India has been constant or maybe slightly up in value terms. But with rising prices, in terms of quantity, demand has fallen. At the current price level, the demand trend will continue”. The gold price was Rs 28,430 per 10 gram a decade ago, up 141 per cent, giving a 9.2 per cent compound annual return. This high return is gradually transforming market demand.

*Global market action*
Dow Jones – Down by 0.09% or 37.19 points
FTSE – Down by 0.22% or 17.53 points
CAC – Down by 0.92% or 75.76 points
DAX – Down by 1.13% or 209.36 points
Gift Nifty – Down by 0.67% or 151.50 points

*FII/DII activities*
FII – Sold 1622.69 Cr worth of shares
DII – Bought 1952.72 Cr worth of shares.

*Stocks with high delivery Percentage*
Timken India Ltd – 88.8%
Kaynes Technologies India Ltd – 88.3%
CE Info Systems Ltd – 87.9%
P&G Health Ltd – 86.1%
Century Plyboards (India) Ltd – 85.9%

*Primary market activities*
IPO opening today
Bharti Hexacom Ltd (Main board) – Issue size 4275Cr

Listing today
Aspire & Innovative Advertising Ltd (NSE SME) – Subscribed 15.17x

*Commodities updates*
Gold – Rs 71020/10gm, Silver – Rs 77100/kg, Brcrude – Rs 7077/barrel, Copper – Rs 769.7/kg.

*Corporate News*
UltraTech Cement to invest Rs 32,400 crore in the next three years.

Voda Idea holds EGM to seek shareholders' approval to raise Rs 20,000 crore.

From United Spirits to Zomato, multiple companies get tax demand notices. Open / Comment

2024-04-02 05:34:26 Morning Alert

*Domestic consumption demand, Govt capex lent support to India Inc's credit profile: ICRA*
Rating agency ICRA on Monday said domestic consumption demand, government's infrastructure spending and healthy balance sheets lent support to India Inc's credit profile in the 2023-24 fiscal, even though rise in borrowing cost, sluggish exports and certain global events posed challenges. In the just-concluded fiscal year, ICRA upgraded two entities for every entity downgraded, in continuation of the upgrade momentum that had been set in motion in FY22. Aviation, hospitality, auto and auto components, and banks were the few sectors in 2023-24 where the rating upgrades were induced mostly by industry tailwinds. The domestic rating agency said India Inc bore direct and the indirect effects of multiple challenges in FY24, including inflation, rise in borrowing costs, sub-par monsoon, supply-effects of the continued war between Russia and Ukraine, start of another conflict between Israel and Palestine, the Red Sea crisis, and sluggish exports. Yet, these did not feel heavier as domestic consumption demand across several sectors, government spending on public infrastructure, and healthy balance sheets lent support to the credit profiles of entities, ICRA said.

*Credit quality outlook of India Inc positive in first half of FY25: Crisil Ratings*
Crisil Ratings on Monday said the credit quality outlook for Indian corporates remains positive for the April-September period of the 2024-25 fiscal year with upgrades continuing to outpace downgrades. In the last fiscal year, Crisil gave 409 rating upgrades and 228 downgrades. Some export-linked sectors, such as textile and seafood, saw a higher downgrade rate due to subdued global demand or high-cost inventory that impacted profitability. "India Inc's credit quality outlook is positive for the first half of fiscal 2025 with upgrades expected to outnumber downgrades. Multiplier effect of government capex will continue to drive infrastructure and linked sectors. Healthy balance sheets will continue to support the credit quality outlook, with capex funding seen prudent," Crisil Rating said. It said the outstanding bank credit is expected to cross Rs 200 lakh crore by March 2025, from Rs 172 lakh crore a year ago, even though there would be moderation in the rate of credit growth. The Indian economy with a GDP growth of 6.8 per cent is expected to remain the fastest-growing large economy in the current fiscal. The growth will, however, moderate from 7.6 per cent expected in 2023-24 as high interest rates and lower fiscal impulse to growth will temper demand, according to Crisil.

*Global market action*
Dow Jones – Down by 0.60% or 240.52 points
Gift Nifty – Down by 0.24% or 56.00 points

*FII/DII activities*
FII – Sold 522.30 Cr worth of shares
DII – Bought 1,208.42 Cr worth of shares.

*Stocks with high delivery percentage*
Sun Pharma – 86.10 %
Tata Consumer Products– 83.97 %
Pidilite Industries– 75.65 %
Chola Investment– 74.08 %
PI Industries – 73.99%


*Primary market activities*

Listing today
Naman In-Store (India) (NSE SME) – Subscribed 309.03 times

*Commodities updates*
Gold – Rs 68,262/10gm, Silver – Rs 75,487/kg, Brcrude – Rs 7,027/barrel, Copper – Rs 766/kg.

*Corporate News*

Aditya Birla Fashion and Retail eyeing to demerge its Madura Fashion & Lifestyle business into separate listed entity

Elpro International has acquired 28,790 equity shares of Multi Commodity Exchange for Rs 10 crore

Hero Motocorp sells 56 lakh units of motorcycles and scooters in FY’24

Sancode Technologies acquires additional 1% shareholding in existing Joint Venture Company “Sanfin Technologies”

Veerhealth Care gets order worth Rs 57.36 lakh from Apollo Healthco Open / Comment

2024-04-01 08:10:33 Nifty hits fresh record high on first day of FY25; Q4 earnings, US PCE data to guide markets

https://www.moneycontrol.com/news/business/markets/nifty-sensex-start-first-day-of-fy25-in-the-green-q4-earnings-us-pce-data-to-guide-markets-12552021.html Open / Comment

2024-04-01 05:43:09 Morning Alert.
*India to be fastest growing economy among G-20 nations in 2024, all big rating agencies revised country's growth upwards*

India will be the fastest growing economy among the G-20 nations in 2024. In the previous three quarters, India's economy expanded at 7.8 per cent in Q1, 7.6 per cent in Q2 and 8.4 per cent in Q3. On Saturday, finance minister Nirmala Sitharaman said in an event at Mumbai that India will grow over 8 per cent in the January-March quarter of 2024. The country has become the 5th largest economy of the world and the Modi government has pledged to make it the 3rd largest by 2027. The 8.4 per cent growth in Q3 has surpassed expectations, post that various institutions have upgraded their GDP growth forecast for India. The most recent upgrade came from Goldman Sachs, which has raised India's 2024 growth projections to 6.6 per cent, a 10 basis point improvement from its previous forecast. Earlier this month S&P, Morgan Stanley and Moody's too have revised India's growth projections upwards. S&P revises India's growth projections from 6.4 per cent to 6.8 per cent, Morgan Stanley from 6.1 per cent to 6.8 per cent and Moody's from 6.6 per cent to 8 per cent for the current fiscal. The growth projections were revised upward by rating agencies, reflecting both global and domestic optimism in the country's economy on the back of robust manufacturing activity and infrastructure spending.

*India's GDP set to grow 8% or more in Jan-March quarter, finance minister says*

India’s gross domestic product (GDP) is on track to grow by 8% or more in the quarter ending March 31, Finance Minister Nirmala Sitharaman said on Saturday. The economy is expected to show the same rate of year-on-year expansion for the 2023/24 financial year, Sitharaman added, citing the impact of improved inflation management and macroeconomic stability. "Hopefully the fourth quarter … will also have (growth) of 8% or above 8% resulting in 2023/24 having an average growth in GDP of 8% or over 8%," Sitharaman said during an event in the financial hub of Mumbai. India’s GDP data for the Jan-March quarter is due to be released on May 31. Asia’s third-largest economy grew 8.4% in the October-December quarter year-on-year, outpacing the 7.6% growth recorded for the previous quarter. India’s economy is projected to grow at 7.6% in the current fiscal year to March 31, according to the latest government estimates.

*Global market action*
Dow Jones – Up by 0.34% or 135.39 points
FTSE – Up by 0.26% or 20.64 points
CAC – Up by 0.01% or 1.00 points
DAX – Up by 0.08% or 15.40 points
Gift Nifty – Up by 0.23% or 51.50 points

*FII/DII activities*
FII – Bought 188.31 Cr worth of shares
DII – Bought 2,691.52 Cr worth of shares.

*Stocks with high delivery percentage*
Grasim – 96.58%
Interglobe Aviation – 89.53%
IDFC First Bank- 81.31%
Tata Consumer Products – 78.79%
Britannia– 68.22%

*Commodities updates*
Gold – Rs 67,800.00/10gm, Silver – Rs 75,044/kg, Brcrude – Rs 6,915/barrel, Copper – Rs 760.75/kg.

*Corporate News*
Infosys to get windfall tax refund of Rs 6,329 crore

PG Electroplast’s arm gets approval for disbursement of PLI incentives for AC Components

Kalpataru Projects International’s arm gets nod to acquire additional stake in Fasttel

Standard Capital Markets gets nod to acquire entire stake in KRV Brooms

Adani Total Gas commences production at Barsana Biogas Project Open / Comment

2024-03-29 10:06:24 https://www.moneycontrol.com/news/business/markets/mc-exclusive-daniel-kahneman-on-why-optimism-is-as-bad-a-pessimism-when-to-call-it-quits-and-other-insights-into-decision-making-12536641.html Open / Comment