Stock Market Highlights 19 February 2024: Nifty settles at 22,122 after hitting fresh highs, Sensex gains 281 pts; Grasim rises 3%

Stock markets closed higher for the fifth consecutive day on Monday with the benchmark Sensex rising 281 points and Nifty scaling its fresh lifetime high driven by gains in financial and FMCG shares.

Remsons Industries Ltd has entered into a joint venture agreement with Daiichi Infotainment Systems for a 50:50 investment in the automotive electronics segment. 

Shares surged 5 per cent to hit a 52-week high on the NSE today, trading at ₹935.80 as of 3:14 pm.

RHI Magnesita India Limited approved the scheme of amalgamation of its wholly-owned subsidiary, RHI Magnesita Seven Refractories Limited, with its holding company. The shares were down by 1.84% to Rs 628 on the BSE.

KPI Green Energy Ltd.’s shares were up by 5% to Rs 1553.10 on the BSE. Approved allotment of more than 2 cr equity shares of Rs 10 each. 

Omaxe Ltd.’s shares surged 9.96% to Rs 110.40 after the company emerged as a bidder for project worth ₹385 crore by Uttar Pradesh State Road Transport Corporation for development of 2 bus terminals

A total of 4,082 stocks were actively traded, 2,465 advanced, while 1,478 declined and 139 stocks remained unchanged where 378 stocks hit a 52 week high and 16 stocks hit a 52 week low at 3 pm on the BSE.

Top gainers on the NSE at 3 pm include - Grasim industries (3.27%), Bajaj Finserv (2.86%), Bajaj Auto (2.17%), ICICI Bank (2.11%), Cipla (1.88%)

Top losers include- Coal India (-2.37%), Sbi life (-1.35%), Larsen and Toubro (-1.30%), HDFC Bank (-1.24%) Ltimindtree (-1.18%)

Bharti Airtel Ltd.’s shares were up 1.75% to ₹1139.45 on the BSE. The company reported inaugurating new stores in Jammu, Jodhpur and Ludhiana.

Shailesh Saraf, smallcase Manager & Founder of Value Stocks on Nifty reaching fresh peaks:

Nifty 50 reached an all-time high of 22,171, largely propelled by the performance of financial and energy stocks.

Following the recent decline in Indian Public Sector Undertakings (PSUs) and banking stocks, we’re now seeing investors seeking bargains in these stocks during the ongoing market upturn, indicating that the PSU sector remains of interest to bullish investors. Technically if we see the Nifty PSE index had rebounded from the 20 SMA level on 13th Feb and is currently trading near its all-time high levels of 9564. Additionally, small-cap and mid-cap indices continue to outperform the primary benchmark indices. This can be seen in the intraday performance of power and railway stocks.

The Nifty energy index also saw a 0.7% increase, intraday. Tata Power Company witnessed a 2% surge following the receipt of a letter of intent for the acquisition of a power project valued at 8.38 billion INR ($101 million). Titagarh Rail Systems Ltd witnessed a surge of more than 8% after announcing it secured an order from the defence ministry for the purchase of 250 specialized wagons. Titagarh Rail Systems’ stock rose sharply by 8.5% to Rs 1037.55

Disclaimers

Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provides any assurance of returns to investors. The content in these posts/articles is for informational and educational purposes only and should not be construed as professional financial advice and nor to be construed as an offer to buy/sell or the solicitation of an offer to buy/sell any security or financial products. Users must make their own investment decisions based on their specific investment objective and financial position and use such independent advisors as they believe necessary.

Disclosures

The research and reports express our opinions which we have based upon generally available public information, field research; inferences and deductions through are due diligence and analytical process. To the best our ability and belief, all information contained here is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable.

IOL Chemicals and Pharmaceuticals Ltd stock has jumped over 9 per cent on receipt of approval to export its product to China.

Data Patterns Ltd.’s shares were up by 3.04% to Rs 2,076.60 on the BSE. The government of Singapore, Mirae Asset, Kotak Mutual Fund, and HDFC Mutual Fund bought shares in bulk deals.

Quess Corp Ltd.’s shares were up 9.39% to Rs 547.95 on the BSE. Board approved the composite scheme of arrangement providing for the demerger of Quess Corp into three independent listed entities.

NSE nifty was up by 0.47% or 103.15 points to 22,143.55 points, while the BSE Sensex was at 72,787.28 up by 0.50% or 360 points at 2 pm.

PNB MetLife India Insurance Company Limited today announced the launch of PMLI Small Cap Fund, a new fund within the Unit Linked Insurance Plan (ULIP) segment. The New Fund will offer policyholders an opportunity to create wealth over the policy life by investing in a diversified equity portfolio with a focus on small-cap companies. The new fund shall be available at a unit price of Rs.10/- during the NFO period from 19th Feb 2024 to [29th Feb 2024].

The PNB MetLife Small Cap Fund offers investors an opportunity to be part of India’s growth by investing in small-sized companies with high growth potential across diverse sectors. PNB MetLife’s proven expertise in fund management combined with sound risk management and high standards of corporate governance sits behind its actively managed investment strategy.

Adani Energy Solutions Ltd has incorporated a wholly-owned subsidiary under the name Adani Energy Solutions Step-Thirteen Ltd (AESSTL).

According to the company’s stock exchange filing, its authorised and paid-up share capital amounts to ₹1 lakh each.

The Adani Energy Solutions stock traded at ₹1,070.10 on the NSE, up by 0.80 per cent as of 1.23 pm on Monday.

GP Petroleums Ltd.’s shares rose 4.85% to Rs 73.54. The company entered into a distributorship agreement with NOOR Trading, Bangladesh.

One 97 Communications Ltd.’s shares rise 4.99% to Rs 358.55 on the BSE. Paytm has shifted its nodal account to Axis Bank.

PB Fintech’s shares were up by 6.03% to Rs 988.05 on the BSE. IRDAI upgraded Policybazaar Ins broker’s license from direct insurance broker (Life & General) to composite insurance broker.

Crisil ltd.’s shares were up by 11.24% to ₹5,120. The company reported net profit of Rs 231.0 crore up 110.4 per cent, and Revenue up 34.3% at ₹628.0 crore (YoY)

Nifty 50 has hit a fresh high at 22,144, up by 103.30 or 0.47 per cent, and the BSE Sensex was up by 288.03 points or 0.40 per cent, trading at 72,714.67 as of 12 pm on Monday.

All sectoral indicies traded in the green, except for Nifty realty, which declined by 0.74 per cent. Nifty consumer durables rose by 1.74 per cent at 31,984.75; Nifty FMCG was up by 0.81 per cent at 53,949.65; and Nifty Pharma was up by 0.80 per cent at 19,021.15. The major consumer durables stocks that gained as of 12.17 pm were Rajesh Exports (13.20 per cent), Dixon (4.04 per cent), and Blue Star (3.46 per cent)

Confidence Petroleum India Limited formed an alliance with Norway-listed BW LPG to bolster LPG terminal infrastructure and downstream operations in India. Shares surge 10.45% to ₹114.77 on the BSE.

Pension Fund Regulatory & Development Authority (PFRDA) has invited proposals from professional training institutes/organisations for imparting training on pension schemes regulated and administered by the pension regulator.

For this purpose, PFRDA has issued a Request for Proposal (RFP). The last date for submission of bids is February 27.

The commercial proposals would be evaluated on Least Cost Based selection (LCS) process, PFRDA has said.

Indian Renewable Energy Development Agency Ltd. and Punjab National Bank signed a Memorandum of Understanding aimed at advancing renewable energy initiatives. IREDA’s shares were up by 1.83% to ₹181.50 on the BSE.

IOL Chemicals and Pharmaceuticals Limited received approval from the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in China for its product “Metformin Hydrochloride.” This approval allows the company to export the antidiabetic drug to the Chinese market. Shares surged 7.46% to ₹434.25 on the BSE.

Stocks that hit 52 week low on the NSE - Delphi world money (-3.26%), Madhya Bharat agro products (-0.45%)

Stocks that hit 52 week high on NSE- Premier Polyfilm (19.99%), Megasoft (19.99%), Mangalore Refinery and Petrochemical Ltd. (18.86%), Pritish Nandy Communications (17.37%), BF Utilities (17.29%)

A total of 3,980 stocks were actively traded, 2,472 advanced, while 1,353 declined and 155 stocks remained unchanged where 335 stocks hit a 52 week high and 12 stocks hit a 52 week low at 12 pm on the BSE

Top gainers on the NSE at 12 pm include - Grasim industries (2.86%), Bajaj Finserv (2.35%), Bajaj Finance (2.25%), Bajaj Auto (2.14%), Adani Enterprises (1.81%)

Top losers include- Larsen and Toubro Ltd (-1.11%), SBI Life insurance company (-0.89%), HDFC Life Insurance company (-0.78%), Tata consultancy services (-0.63%), Tata Motors (0.65%)

STL Digital Limited, a subsidiary of Sterlite Technologies Ltd., received the SAP APJ Award for Partner Excellence 2024 for Top New Cloud Partnership. In 18 months, STL Digital has acquired 20 marquee logos globally, established entities in the US, UK & India. Shares down by 0.22% to ₹135.45 on the BSE.

Bank Nifty has opened the week with a gap-up at 46,555 versus Friday’s close of 46,385. The index is now hovering around 46,500, up 0.25 per cent at the end of the first hour of trade today.

Interestingly, out of the 12 stocks in Bank Nifty, 6 have advanced and the remaining 6 have lost. Bandhan Bank, up 1.8 per cent, is the top gainer. At the other end, IndusInd Bank, down 0.6 per cent, is the top loser.

ICICI Prudential Life Insurance Company Limited allotted 66,410 equity shares under its employee stock option scheme with a face value of ₹10 each. Shares were up by 0.99% to ₹1032.90 on the BSE.

The Nifty 50 has come down after making a high of 22,107 in initial trades. The index is currently trading flat at around 22,040.

A crucial resistance is around 22,150. Nifty has to breach this hurdle in order to gain bullish momentum. Such a break can take the index up to 22,500-22,700 this week.

NSE Nifty was up by 0.22% or 49.50 points to 22,090.20 points, while the BSE Sensex was at 72,531.15 up by 0.15% or 104.65 points at 10.46 am

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AVG Logistics Limited earned a profit of ₹15.2 crore from the partial liquidation of its investment in the NDR AVG Business Park Private Limited joint venture. Shares up 0.86% to ₹451.85 on the BSE.

Gallantt Ispat Limited delivered the second railway rake under the General Purpose Wagon Investment Scheme (GPWIS) of the Railway Board. The total cost for both rakes was approximately ₹55 crore. Shares up by 4.60% to ₹232.80 on the BSE.

Dynacons Systems & Solutions Ltd received the Best Partner for Government Business award for 2023 from Apple India, however, its shares were down 1.93% to ₹738 on the BSE.

Crude oil futures traded lower on Monday morning as some officials of the US Federal Reserve stressed the need for patience towards interest rate cuts following the recent economic indicators in that country.

Keen to increase traffic and ensure commercial viability of the Chennai - Vladivostok route, India’s Shipping Ministry, businesses and Russian stakeholders are working on agreements to firm up cargo movement details along this Eastern Maritime Corridor. Also under discussion is the possibility of having dedicated shipping services. 

Over the next three to six months, concrete action plans and (operational) proposals have been sought, a senior official of the Ministry of Ports, Shipping and Waterways said. 

Microfinance lender Satin Creditcare Network Limited (SCNL) said its Assets Under Management (AUM) crossed the Rs 10,000 crore milestone on standalone basis. 

The AUM of the company as on December 31, 2023 was Rs. 9,811 crore.

HP Singh, Chairman cum Managing Director, SCNL, said, “As we are approaching the end of FY24, we are confident about overachieving our shared guidance of 25%+ AUM growth and are all set to maintain the upward growth trajectory in the coming years, driven by customer additions and expansion into existing and new geographies”.

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Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“An important takeaway from the Q3 results is the improving profitability of India Inc. EBITDA and profit after tax are growing impressively even while sales growth is average. Automobiles, pharmaceuticals and capital goods are doing very well. In banking there is impressive credit growth and improving profitability. PSU banks are outperforming private sector banks due to low valuations which continue to be fair even after the run up in prices.

Investors should be careful while chasing many mid and small caps which are rising sharply without fundamental justification. Many of these stocks have very low floating stock and, therefore, can easily be manipulated by a cartel of operators. In the long run only stocks with strong fundamentals will give steady and good returns.”

Mitsu Chem Plast Limited announced the launch of MiEcoPET product, a stackable PET container, catering to the packaging category. Shares up 0.30% to ₹184 on the BSE.

Sprayking Agro Equipment Limited secured a purchase order worth ₹1 crore for the supply of Brass Rod. Shares up 3.96% to ₹272 on the BSE.

Arvind SmartSpaces Limited reported that it sold out its entire released inventory for the 1st phase of Arvind Orchards in Bengaluru within 7 hours, comprising over 220 units valued at ₹160 Crore. Shares up 4.19% to ₹591.50 on the BSE.

Godrej Properties Limited’s credit rating was reaffirmed by ICRA with an enhancement of Rs. 6,500 crore. Shares down by 0.78% to ₹2285.35 on the BSE.

Jonjua Air Limited and Zuari Finserv Limited signed an agreement making Zuari Finserv the Share Transfer Agent for Jonjua Air. Shares down by 2.28% to ₹12.02 on the BSE.

International and domestic copper prices surged on Friday helped by falling inventory and expectations of more economic support from top consumer China.

Further support from China's government could come in varying forms, including measures to boost consumption, which could be positive for its base metals demand. 

Data showed copper inventories in LME registered warehouses at 130,675 ton are at their lowest in six months, while the Dollar too gave up its gains on Friday and lent support. Other metals on LME ended mixed, with aluminium prices easing while, nickel, zinc and lead prices gaining on Friday.

From an intraday perspective, LME copper prices have started marginally weaker this early Monday morning supported by a weaker dollar. However, volumes could be muted today due to a public holiday in the U.S. Intraday, the range for LME 3-month forward copper is $8,435 to $8,515, while that for MCX copper February is 717 to 727.

Most other Metals on LME started weaker this early Monday morning in Asian trade, but volumes will be muted due to a public holiday in the U.S. Intraday, the range for LME aluminium is $2,215 to $2,226, while that for MCX aluminium February is 198 to 201.

International gold and silver rose after the Dollar gave up gains on Friday. However, upside was capped as the U.S. Treasury Yields gained on Friday after a stronger than expected producer price inflation dampened hopes of a near-term interest rate cut. Data showed January producer price index rose by 0.3% from December, above expectations for 0.1% rise, while core PPI rose 2% annualized, ahead of expectations for a 1.6% rise.

The higher-than-expected rise follows on prior reports showing the U.S. economy continues to run hot and clouds the outlook for US interest rates.

From an intraday perspective, international gold and silver prices started mixed this early Monday morning in Asian trade. 

A softer dollar could lend support, but volumes could be muted today due to a public holiday in the U.S. Internationally, the range for LBMA Spot gold is $2,000 to $2,020, while that for LBMA Spot silver is $22.950 to $23.685.

Domestically, the range for MCX gold April is 61,585 to 62,040, while that for MCX silver March is 71,250 to 72,575.

International and domestic oil futures posted moderate gains on Friday as increased geopolitical risks in the Middle East raised concerns about an escalation of the Israel-Hamas war.

The Dollar Index eased from the session highs and lent support to crude.

Gasoline prices gained, while heating oil futures eased on Friday. Meanwhile, data on Friday showed that oil rigs fell by 2 units to 497 in the week ending 16 February 2024.

International oil futures have started weaker this early Monday morning in Asian trading, but volumes could be muted due to a public holiday in the U.S.

Downside could be capped amid geopolitical risks.

Intraday, the Brent Crude futures on ICE could trade in band of $81.70 to $83.35, while MCX

March crude futures could trade within 6,400 to 6,540.

International gas futures rose on Friday and posted moderate gains as forecasts for colder weather in the U.S. sparked short covering in gas futures.

Domestic gas futures ended flat on Friday.

Weather forecasters have called for cooler weather in the last week of February which will boost heating demand for gas and lifted prices.

From an intraday perspective, international gas futures have tumbled by over 4% this early Monday morning in Asian trading but volumes could be muted due to a public holiday in the U.S.

Intraday, the MCX February crude futures could trade within 131 to 136.

NIFTY-50 OUTLOOK

NIFTY-50 has closed above 22,000 levels and we expect some resistance near to the all time high and being overbought on hourly charts. f The hourly support range is near to 21,900 levels and on the downside the trend reversal level has moved higher to 21,600 levels. f RSI is overbought on hourly charts and other key technical indicators are poised for some consolidation from current levels. f Highest call OI is at with 22,400 strike while on the downside the highest put OI has moved higher to 21,900 for the weekly expiry. 

BANK NIFTY OUTLOOK

BANK NIFTY outperformed the broader indices and gained by 1.6% w-o-w indicating strength from current levels and crossover of 46,800 will give a strong breakout. f The median average of 45,500 would be a good support for the broader positive momentum to continue and on the higher side 46,800 and 47,500 are the key resistance. f RSI has crossed its average line accelerating the up move as expected and other indicators are also moving in tandem. f Bank Nifty highest call OI is at 47,000 levels while on the downside put OI will has moved higher to 46,000 levels.

The benchmark indices experienced a significant rally last week. The Nifty index closed 1.15 per cent higher, while the Sensex rose by 830 points. The auto sector increased by 4.40 per cent, while profit-booking was observed at higher levels in media, metal, and FMCG shares. The market experienced a short-term correction during the week, but it quickly bounced back after finding support near 21600/70900. The Nifty/Sensex indices rose over 500/1700 points after the reversal.

Technically, the weekly chart shows that a bullish candle has formed, while the intraday chart indicates a largely positive uptrend continuation.

We assess that the current market structure is bullish. However, the 22150/72700 levels may pose a significant resistance level for bulls. If there is a breakout above 22150/72700, the market could rise towards 22300-22400/73000-73200. Alternatively, if Nifty trades below 21800-21750/71700-71500 then it could retest 21600-21500/70900-70700 levels.

In the case of Bank Nifty, the short-term structure is bullish. However, the 50-day SMA or 46815 (Simple Moving Average) may act as a key resistance area for traders. If it sustains above the same, the index may jump to 47100/47400 levels and thereafter 48000. Conversely, if it falls below 45750, it could gradually decline to 45300/45000 levels.

Our recommended strategy is to buy on dips between 22000 and 21950. Please keep a stop loss at 21750 to protect the trading long positions.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd 

CRUDE OIL

“Crude oil experienced significant volatility, extending its gains amidst concerns over supply disruptions due to geopolitical tensions in the Middle East. On Thursday, Hezbollah’s announcement of firing numerous rockets at a northern Israeli town in response to the deaths of 10 civilians in southern Lebanon heightened tensions. Escalating conflicts in the region pose a threat to crude oil supplies, thereby bolstering prices. Also, crude oil prices rose as the dollar index retreated from its peak and U.S. consumer sentiment improved marginally compared to previous readings. Nevertheless, a pessimistic demand forecast by the IEA may constrain further price increases. Anticipating continued volatility, we forecast crude oil prices to fluctuate in today’s session. Support for crude oil is anticipated at $77.50–76.90, with resistance expected at $78.80-79.50. In terms of INR, crude oil is supported at Rs 6,410-6,320, while resistance stands at Rs 6,570-6,640.”

Rahul Kalantri, VP Commodities, Mehta Equities Ltd 

BULLION

“Gold and silver continued their upward trajectory following the release of US consumer sentiment data indicating a slight improvement. This bolstered both gold and silver prices, countering the impact of hotter than expected U.S. PPI and core PPI data, which underscored a resurgence in inflation and diminished prospects for early rate cuts. Despite a mixed bag of U.S. economic data released the previous week, which tempered gains in the dollar index, gold and silver prices found support at lower levels. Also, escalating tensions in the Middle East drove a surge in crude oil prices, further bolstering gold and silver prices. Gold is expected to find support in the range of $1998-1985, with resistance at $2026-2038, while silver’s support lies between $23.25-23.08, with resistance at $23.60-23.74. In INR, gold is anticipated to find support at Rs61,640-61,470, with resistance at Rs62,040 and Rs62,220, whereas silver may find support around Rs71,540-70,980, with resistance at Rs 2,750 and Rs 73,380.”

Indian markets could open mildly higher, in line with mixed Asian markets today and despite negative US markets on Feb 16

U.S. stocks ended down on Friday, with all three major indexes logging weekly losses, as investors assessed inflation readings and company earnings. For the week, the Dow fell 0.1%, the S&P 500 shed 0.4% and the technology-heavy Nasdaq Composite dropped 1.3%.U.S. stocks closed lower Friday, with the S&P 500, Dow Jones Industrial Average and Nasdaq Composite all snapping five straight weeks of gains.

The stock market appears resilient in the face of hotter-than-anticipated inflation readings this week because of “continued strong earnings” as companies roll out their fourth-quarter results. Fourth-quarter earnings have come in “a lot better than expected. Although U.S. inflation in January, as measured by the consumer-price index and producer-price index, was stronger than Wall Street expected, the trend is lower.

Data from the producer-price index showed wholesale prices rose 0.3% last month, according to a report Friday from the Bureau of Labor Statistics. That was the biggest increase in five months and surpassed economists’ expectations for a 0.1% uptick. Core wholesale prices, which exclude food, energy, and trade margins, saw an even bigger rise in January, climbing 0.6% for the largest monthly jump in a year. The rate on the 10-year Treasury note increased more than 5 basis points to 4.294%, according to Dow Jones Market Data.

In other economic news, investors digested fresh data on housing starts, which showed the construction of new homes fell 14.8% in January as home builders scaled back new projects. Also, a gauge of preliminary consumer sentiment from the University of Michigan for February ticked higher to 79.6 from 79 last month. On Friday, market expectations the Fed will start cutting rates in June were dialed back, with CME’s Fed Watch Tool now showing a 69.9% chance for a cut of at least 25 basis points, down from the nearly 90% in the prior session.

The NYSE, Nasdaq, and bond markets are all shut down on Feb 19 due to President’s Holiday. Trading resumes as normal on Tuesday, Feb. 20. Asian shares got off to a slow start on Monday as fading chances for early rate cuts globally soured the mood, though investors are hoping China markets return from holiday with a spring in their step. Stock markets in China rose as traders returned from a long holiday on Monday to upbeat travel data. China’s tourism revenues during the Lunar New Year break surged by 47% from a year earlier as more than 61 million rail trips were taken. Tourism revenues in China during the Lunar New Year holidays that ended on Saturday surged by 47.3% year-on-year and surpassed 2019 levels, thanks to a domestic travel boom amid a longer-than-usual break. The Chinese central bank held the interest rate on one-year policy loans at 2.5% while injecting a small amount of cash into the financial system.

Nifty ended higher for the fourth consecutive session on February 16. At close, Nifty was up 0.59% or 129.9 points at 22040.7. Nifty rose with an up gap on Feb 16 and remained in a narrow 80-point band later. Nifty formed a spinning top-like pattern after a two-day rise. On a weekly basis, Nifty rose 1.19%. Nifty could now face resistance in the 22126-22280 band while 21616 could offer support. Fresh positive triggers may be required for the Nifty to make a new high and sustain above it. 

Morning Outlook Quote: Mr. Deepak Jasani, Head of Retail Research, HDFC Securities (February 19)

Expert views chance of import alert as remote & viewed shutdown of plant by co as correct thing 

On observations itself, expert viewed 1st 4 observations as serious in nature, specifically observation 2 was viewed as data integrity

UW, TP Rs 1625 

Co sees sequential improvement(albeit with some volatility) in industry demand, which will likely coincide with commissioning of key projects throughout 2024 

It expects operational efficiencies to underpin near-term margin levers

Buy, TP RS 680 

Encouraging vol growth in 3Q, albeit vs weak base, while margin expansion & cash generation story continues to roll along 

Traction in AMC biz & premium products, along with momentum in product innovation +ves 

Raise FY24E EPS by 13%

Buy, TP Rs 550

Meesho is looking to insource vol by using Valmo to decrease their logistics costs by 4-5% & passing on benefits to its sellers 

Meesho targets further reduction of 5-7% in coming yrs 

Delhivery relatively less vulnerable; but poses some risks 

OW, TP Raised to Rs 373

Stable lead acid prices, improving replacement mix and internal cost-saving initiatives could drive margin expansion in core lead acid business. 

There are many moving parts in lithium battery biz but Exide is ahead of peers

Govt. continues to walk-the-talk for defence ‘Make in India’ with approval of another $10bn in Indian made products 

Should keep hopes alive for more orders should Modi govt. come back for 3rd term 

Has approved an intent to buy $34bn over FY23 & $43bn for FY24 YTD

Buy, TP Rs 1150 

PB’s deep domain understanding, rich customer data and robust data analytics engine will likely place it in a sweet spot within the reinsurance broking industry 

Expect PB’s fresh business market share in existing businesses to increase multi-fold

Sell Call, Target Rs 550

Co Announced Shift Of Its Paytm Nodal Account For Settlement Of Merchant Transactions To Axis Bk 

Extension Of Deadline On Paytm Payment Bank Business Restrictions To March 15 From Feb 29 

Quarters/Devices Linked To Non-Paytm Payment Bank Accounts Are Business As Usual 

Quarters/Devices Linked To Non-Paytm Payment Bk Can Continue To Operate With No Change 

Co Earlier Estimated That 10- 15% Of Its Merchant Base Use PPBL Accounts 

Merchants Will Have To Link Another Account Or Get New Quarter/Non-PPBL Accounts 

FAQs Do Not Directly Address Bank Partnerships With Paytm

Buy, TP Raised to Rs 4300 from Rs 3000 

Expect earnings CAGR of c20% in FY24-26E (adjusted for one-offs in FY24E). 

MCX is trading at a high 40x one-year forward PE, which believe is justified on strong growth outlook 

A total of 3,198 stocks were actively traded, 2,205 advanced, while 853 declined and 140 stocks remained unchanged where 210 stocks hit a 52 week high and 5 stocks hit a 52 week low at 9.35 am on the BSE

Major gainers on the NSE at 9.30 am include - Adani Enterprises (2.15%), Bajaj Auto (2.29%), Dr. Reddy’s laboratories (1.59%), Bharti Airtel (1.55%), Coal India (1.09%)

Major losers include - Wipro (-1.86%), Tata consultancy services (-1.29%), SBI life insurance company (-0.76%), HDFC life insurance company (-0.41%), Ltimindtree (-0.95%)

Route – Tender 

Buyback Price: 10,000/- 

Current Market Price: 8325.80 /-

Market Cap: Rs 2,35,770crores 

Buyback Size: ₹4,000 Crs (Representing 16.33% and 14.49% of the aggregate of the Company’s fully paid-up equity capital and free reserves) 

Buyback Size: 40,00,000 shares (Representing 1.41 % of O/s. shares) 

Retail Quota: 6,00,000 Shares 

Last Cum Trading Date – 28 February 2024

Ex-Date – 29 February 2024

Buyback Record Date: 29 February 2024

Buyback Schedule: Not Yet Announced

Choice International Ltd.

Bonus issue 1:1

Previous day Closing Price – Rs. 544.45

Ex Bonus 20 February 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Ex-Dividend 20 February 2024 (Tomorrow)

Last date for Cum-Dividend Today

Amrutanjan Health Care Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 656.7

Apollo Hospitals Enterprise Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 6601.15

Aurobindo Pharma Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 1033.75

Centum Electronics Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1653.1

Coal India Ltd.

Dividend Per Share Rs.5.25

Previous day Closing Price – Rs. 479.85

Hindustan Aeronautics Ltd

Dividend Per Share Rs.22

Previous day Closing Price – Rs. 3078.25

Hikal Ltd.

Dividend Per Share Rs.0.6

Previous day Closing Price – Rs. 287.55

Majestic Auto Ltd.

Dividend Per Share Rs.15

Previous day Closing Price – Rs. 399.1

Mstc Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 960.75

Power Finance Corporation Ltd.

Dividend Per Share Rs.3.5

Previous day Closing Price – Rs. 433.9

Precision Wires India Ltd.

Dividend Per Share Rs.0.3

Previous day Closing Price – Rs. 142.6

Refex Industries Limited

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 610.3

Steel Authority Of India Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 127.45

TCI Express Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1205.95

Arvind SmartSpaces: Company Sells Out Entire Phase 1 Inventory of Arvind Orchards in Bengaluru, Achieving Rs. 160 Crore Booking Value in 7 Hours (Supportive for Stock Prices)

CMP: 501 | Market Cap: 74.37 Bn | Promoter: 56.65%

Quess Corp has announced a three-way demerger to unlock value and streamline operations.

On current consolidated basis, Quess Corp housed:

•Work Force Management (INR 34.3 Bn revenues in Q3 and 2.6% EBITDA margins)

•Global Tech Solutions (INR 5.88 Bn revenues in Q3 and 18.3% EBITDA margins)

•Operating Asset Management (INR 6.95 Bn revenues in Q3 and 5.2% EBITDA margins)

•Product Led Business (INR 1.29 Bn revenues in Q3 and -4.65% EBITDA margins)

Same for FY23 stood at:

•Work Force Management (INR 118.31 Bn revenues and 2.92% EBITDA margins)

•Global Tech Solutions (INR 21.68 Bn revenues and 16.28% EBITDA margins)

•Operating Asset Management (INR 26.22 Bn revenues and 4.58% EBITDA margins)

•Product Led Business (INR 5.38 Bn revenues and -17.66% EBITDA margins)

Through the way of demerger, Quess Corp will split into three distinct entities: Quess Corp Ltd, Digitide Solutions Ltd and Bluspring Enterprises Ltd. There will be no economic change in ownership. The existing shareholders will get 1:1 share for each new entity.

Going ahead,

•Quess Corp will have the Work Force Management business (general staffing, IT staffing and overseas staffing; operating on annuity-based model)

•Digitide Solutions Ltd will have Global Tech Solutions (CLM, Non Voice BPO, Platform services and IT & Infra Services). Allsec and Insurtech business will fall under Digitide

•Bluspring Enterprises Ltd will have the Operating Asset Management (including platform business – FoundIt). 

The demerger will create three distinct business in different segment of operations. There will be no intercompany transactions or inter business transactions going ahead. If any, will be done at an arms length basis.

Quess Corp also owns 73.39% of Allsec Technologies which will fall under Digitide Solutions. There is no material impact in Allsec Technologies but the hangover of pending merger will be cleared. The ownership remains the same.

Outlook: The merger is an extremely positive news for the entire company as it will streamline & simplify business divisions, facilitate in deeper focus on segmental growth and de-risk inter-business dependency. Quess Corp will generate the largest revenue from the 3 entities but highest margins will be in Digitide. Quess Corp will be benifitted from value unlocking as it will have single core business and compete with other staffing players with improving margins. Key things to watch out for going ahead is how the margins will shape up ahead as unallocated and group level expenses will be distributed at individual company level. Another key thing to study will be the balance sheet distribution from the companies. More clarifications will be received during interaction with the company. *At CMP, company trades 18.5x FY25EEPS and 14x FY26EEPS (Bloomberg Est). We have a positive view on the company. We assign 22x multiple to FY26 earnings and arrive at a price target of INR 775, we would be upgrading our target for value unlocking benefit post analyst meet which has been scheduled on Feb 21.

Link to our earlier report: bitly.ws/3dnFa

Tata Power: Company gets LoI to buy Jalpura Khurja Power Transmission; to develop transmission project with cost of Rs 838 crore (Positive) 

Crisil: Net profit of Rs 231.0 cr, up 110.4 percent, Revenue up 34.3% at Rs 628.0 cr (YoY) (Positive) 

Defence stocks: DAC clears capital acquisition proposals worth ₹84,560 cr (Positive) 

NTPC: Company signs accord to supply about 1200 MW or more power to NALCO Smelter (Positive) 

NHPC: Company lays Foundation Stone of 300 MW Grid Connected Solar PV Project in Rajasthan (Positive) 

PB Fintech: IRDAI upgrades Policybazaar Ins broker’s license from direct insurance broker (Life & General) to composite insurance broker. (Positive) 

LIC: Company gets refund orders for Rs 21,740.8 crore from Income Tax Department. (Positive) 

Axis Bank/PayTM: Paytm has shifted its nodal account to Axis Bank. (Positive) 

Oil and Natural Gas Corporation: Company has commenced oil extraction from the country’s newest deep-water oil discovery in the Bay of Bengal (Positive) 

KPI Greens: Approved allotment of more than 2 cr equity shares of Rs 10 (Positive) 

Titagarh Rail: Company gets order worth ₹170 crore for supply of 250 specialised wagons from Defence Ministry (Positive) 

RVNL: Company’s order book touches Rs 65,000-crore mark; aims to add foreign projects (Positive) 

ITI: Signs MoU With JandK Operations For Manufacturing Of BharOS-enabled Digital Devices & Services (Positive) 

Balrampur Chini: Company to enter new business of Polylactic Acid manufacturing for bioplastics. (Positive) 

Adani Enterprises: Adani Realty has secured the contract to redevelop the 24-acre Bandra Reclamation land parcel, put up by the Maharashtra State Road Transport Corporation. (Positive) 

Power Stocks: India’s power consumption grows 7.5% in April-January this fiscal. (Positive) 

Kaynes: Incorporates Wholly Owned Subsidiary ‘Kaynes Mechatronics’ (Positive) 

Quess Corp: Company has approved spinning off the business services provider’s diversified verticals into three independent entities to unlock value. (Positive) 

TVS: Mitsubishi Corp to acquire about 32% stake in TVS Vechicle Mobility via private placement. (Positive) 

Clien Science: Clean Fino-Chem Limited, wholly owned subsidiary of the Company, inaugurated its new manufacturing facility On 17th February/ Saturday – located at Pune (Positive) 

Oberoi Realty: Subsidiary Incline Realty sign agreement with Mariott International to develop two new luxury hotels in Thane, Borivali. (Positive) 

Omaxe: Company emerges successful bidder for project worth ₹385 crore by Uttar Pradesh State Road Transport Corporation for development of 2 bus terminals (Positive) 

Data Patterns: Government of Singapore, Mirae Asset, Kotak Mutual Fund, HDFC Mutual Fund bought shares in bulk deal. (Positive) 

Lupin: Company said it has received approval from the US drug regulator for its ANDA for Minzoya tablets (Positive) 

Hero MotoCorp: CEO Niranjan Gupta anticipates a double-digit revenue surge in the domestic two-wheeler industry in the upcoming fiscal year (Positive) 

Chalet Hotels: Company has set ambitious plans to expand its portfolio of “big-box”, or large inventory, hotels, aiming to add approximately 800 rooms to its offerings (Positive) 

Equitas SFB: Company becomes official banking partner of Chennai Super Kings. (Positive) 

Quess Corp: Board has approved composite scheme of arrangement providing for the demerger of Quess Corp into three independent listed entities. (Positive) 

Mastek: Board to consider allotment under preferential Issue for buy out of CCPS of subsidiary (Positive) 

Birla Precision: Board to consider fund raising via Issue of Convertible Warrants to Promoters/ Non-Promoters (Positive) 

GP Petroleums: Company has entered into a distributorship agreement with NOOR Trading, Bangladesh. (Positive) 

Schaeffler: Net profit of Rs 210.0 cr vs Rs 231.0 cr, Revenue at Rs 1875.0 cr vs Rs 1795.0 cr (YoY)

Crude oil futures traded lower on Monday morning as some officials of US Federal Reserve stressed the need for patience towards interest rate cuts following the recent economic indicators in that country. At 9.17 am on Monday, April Brent oil futures were at $82.89, down by 0.69 per cent; and April crude oil futures on WTI (West Texas Intermediate) were at $77.88, down by 0.74 per cent. March crude oil futures were trading at ₹6474 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6482, down by 0.12 per cent; and April futures were trading at ₹6470 as against the previous close of ₹6482, down by 0.19 per cent.

The Sensex and Nifty, India’s key indices, opened with a slightly positive bias on Monday, trading flat. The BSE Sensex rose 82.66 points to 72,509.30, while the NSE Nifty gained 40.20 points to 22,080.90 in early trading. However, Asian stocks are showing mixed signals. Most sectoral indices are trading in the green, except for Nifty IT. Analysts noted a lack of triggers keeping the market range-bound. They also mentioned that foreign portfolio investors, who are currently sellers, will determine market direction, increasing the likelihood of profit-taking on any upward movement. 

Vinay Paharia, CIO of PGIM India Mutual Fund, said cautious about the near-term return potential for markets.

VK Vijayakumar, Chief Investment Strategist of Geojit Financial Services, “The spike in US bond yields triggered by the higher-than-expected consumer price inflation led to sustained selling by FPIs in the cash market.

The selling by FPIs in equity would have been much higher in response to the rising US bond yields. “But FPIs have been consistently losing the tug of war with DIIs and, therefore, they are a bit reluctant to press aggressive selling. They will have to buy the same stocks later,which they have been selling, when conditions are favourable for buying,” he added.

Analysts said India Inc. reported sequentially better performance with the result season almost over.

Vinay Paharia said the Q3-FY24 results announced till January 2024 were largely in line with expectations, with healthcare and cement sector companies reporting inline or better than expected numbers and real estate, retail and consumer sector companies reporting disappointing earnings.

According to Emkay Global Research, Q3-FY24 earnings were strong and largely aligned with estimates. Topline growth remains weak, and margins—though stable sequentially—benefited from a weak base last year.

Consensus Nifty earnings estimates remained resilient and unchanged through the earnings season. Industrials stood out on topline and margins, while consumer discretionary was aided by operating leverage. Financials reported steady growth, although the base effect is dwindling and growth rates are tapering. We remain constructive on the markets and expect most CY24 returns to be bunched in the Apr-Sep period.

According to analysts, the roller-coaster ride continues with bouts of volatility, experts said.

Ruchit Jain, Lead Research, 5paisa.com, said: “ Our markets have seen some roller coaster move last month. However, this volatility has been within a broad range where the index resisted twice around 22127, and the declines from that support witnessed buying interest around the 40-day EMA.

This seems to be a time-wise correction within an uptrend as the broader markets, too, were overbought and have cooled off in this phase, he added.

Prashanth Tapse of Mehta Equities said, “Gift Nifty cautiously trades above dotted lines, hinting at potential wavering. Wall Street fell due to US PPI inflation, but Nifty sellers remain hesitant. Technicals show weakness confirmation below 21721, with hurdles at 22127. Bank Nifty strengthens on improving asset quality, facing resistance at 47100. Options data suggests a trading range of 21500-22500 for Nifty. Volatility index at 15.22, Put-Call Open Interest Ratio at 1.23. Await cues from FOMC and RBI minutes. Preferred trade: Buy Nifty (22041) with stop at 21701, targets 22127/22301. Buy Bank Nifty (46385) with stop at 45483, targets 46600/47100. Bullish on IPCA LABS, ADANI PORTS, and TORRENT PHARMA. Top stock to buy: ADANI ENTERPRISES (CMP 3224) with stop at 3097, targets 3301/3501, aggressive at 3677.”

1 ABFRL

2 ASHOKLEY

3 BALRAMCHIN

4 BANDHANBNK

5 CANBK

6 DELTACORP

7 HINDCOPPER

8 INDIACEM

9 INDUSTOWER

10 NATIONALUM

11 SAIL

12 ZEEL

Price band revised from 10% to 20%: Prakash Industries. 

Price band revised from 2% to 5%: Kaushalya Infrastructure Development Corp. 

Price band revised from 5% to 20%: Om Infra.

Moved into short-term ASM framework: Inox India, Shaily Engineering Plastics. 

Moved Out of short-term ASM framework: BF Utilities, EIH, SMC Global Securities.

Advanced Enzyme Technologies: Promoter group Advanced Vital Enzymes sold 72,851 shares between Feb. 14 and 15. 

Star Cement: Promoter Suchita Agarwal sold 10,000 shares on Feb. 12. 

Pledge Derails

Aurobindo Pharma: Promoter RPR Sons Advisors, P.Suneela Rani (jointly holding) created a pledge of Rs 1.34 crore shares on Feb. 14. 

Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala created a pledge of 4.5 lakh shares on Feb. 12.

Stove Kraft: Promoter Rajendra Gandhi created a pledge of 2 lakh shares on Feb. 14.

Apollo Micro Systems: Bajaj Finance sold 37.82 lakh shares (1.44%) at Rs 121.48 apiece and Columbia Petro Chem bought 37 lakh shares (1.41%) at Rs 121.5 apiece.

Data Patterns: Florintree Capital Partners LLP sold 59.96 lakh shares (10.71%), while, the Government of Singapore bought 31.47 lakh shares (5.62%), Mirae Asset Mutual Fund bought 10.94 lakh shares (1.93%), Mathew Cyriac bought 6.8 lakh shares (1.21%), Mutual Fund bought 5.46 lakh shares (0.97%) at Rs 1,837 apiece. 

Revenue up 4.45% at Rs 1,874.5 crore vs Rs 1,794.6 crore

EBITDA down 6.12% at Rs 324 crore vs Rs 345.2 crore 

Margin down 194 bps at 17.28% vs 19.23%. 

Net profit down 9.25% at Rs 209.6 crore vs Rs 230.9 crore. 

Board recommends dividend at Rs 26 per share.

Total income up 34.3% at Rs 628.2 crore vs Rs 467.6 crore.

Net profit up 110.4% at Rs 231 crore vs Rs 109.8 crore. 

Board recommends final dividend of Rs 28 per share. 

The stock of Power Grid Corporation of India (Powergrid) (₹274.55) rules at a crucial level. The stock finds an immediate support at ₹254 and if this holds, it could test a new peak at around ₹330. 

Nifty 50 (22,041) and Bank Nifty (46,385) appreciated last week and gained 1.2 per cent and 1.6 per cent respectively. The derivatives data, which appeared mixed a fortnight ago, now seem to have aligned to the positive side, at least for Nifty 50. Below is the analysis of the same.

Hero MotoCorp (₹4,894.3) had announced a dividend of ₹100 for the financial year 2023-24. So, there will be adjustment in the stock price and consequently its futures and options (F&O) contracts on the record date.

The company has fixed February 21, as the record/ex-dividend date. On this day, the stock price will be adjusted for the dividend and all the derivative contracts on this stock will be altered in line with the dividend amount.

Prashanth Tapse Senior VP (Research), Mehta Equities Ltd

“Gift Nifty cautiously trades above dotted lines, hinting at potential wavering. Wall Street fell due to US PPI inflation, but Nifty sellers remain hesitant. Technicals show weakness confirmation below 21721, with hurdles at 22127. Bank Nifty strengthens on improving asset quality, facing resistance at 47100. Options data suggests a trading range of 21500-22500 for Nifty. Volatility index at 15.22, Put-Call Open Interest Ratio at 1.23. Await cues from FOMC and RBI minutes. Preferred trade: Buy Nifty (22041) with stop at 21701, targets 22127/22301. Buy Bank Nifty (46385) with stop at 45483, targets 46600/47100. Bullish on IPCA LABS, ADANI PORTS, and TORRENT PHARMA. Top stock to buy: ADANI ENTERPRISES (CMP 3224) with stop at 3097, targets 3301/3501, aggressive at 3677.”

Most large players in the hotels space, especially the ones operating in the luxury and upscale segments, have bounced back well after two troubled years marked by lockdowns and travel restrictions in the Covid period, from 2020 to almost the middle of 2022.

However, some have found it tough to get back into profitability at the net level even in the post-Covid recovery period, though many operational metrics are looking up.

Here is what the charts say about the shares of CARE Ratings, Grasim Industries and SBI Life Insurance Company

General Elections 2024 is one of the biggest events to watch this year. A study on the Indian stock market performance in the previous election years shows that whatever the case ahead of the elections and its outcome, the Indian benchmark indices, the Sensex and Nifty 50, have generated positive returns after the elections. Sectors like Banking, Consumer Durables and Information Technology have always reached the top five outperforming sectors after the elections.

While past performance does not guarantee future results, here are some insights on how it has fared in previous election years.

Nifty 50 and Sensex witnessed a strong bounce last week. This was contrary to our expectation to see a fall. Though the indices witnessed a subdued start, they picked up momentum in the second half of the week. Both the Sensex and Nifty 50 have closed over a per cent each.

“The outlook for steel prices is not very positive given low global growth expected this year. The UK and Japan slipping into recession indicates that global growth will be subdued this year.

Indian steel companies have been doing well aided by good demand. Construction sector continues to do well and this augurs well for steel stocks. Investors may remain invested.”

Rating: ACCUMULATE

Target Price : INR 325 

Upside : 15% 

CMP : INR 283 (as on 15 February 2024) 

ECD drives growth; lighting flat 

Q3 revenue up 15%, driven by demand pickup in ECD

Crompton Greaves Consumer Electricals (CROMPTON IN) standalone revenue grew 15% YoY to INR 14.6bn in Q3FY24 at a three-year CAGR of 3%. It was 6% ahead of our estimates, driven by new product launches and demand uptick. Segment-wise, revenue from electrical consumer durables ([ECD]; 83% of Q3FY24 sales) increased 19% YoY vs Havells’ 3% YoY, and V-Guard’s 11% YoY. Lighting (17%) reverted after a series of subdued quarters, with 1% YoY growth vs Havells’ 2%. Alternate channels delivered robust growth of 38% (eCommerce revenue doubled in Q3).

(IIFL IN, Mkt Cap USD2.8b, CMP INR606, TP INR800, 32% Upside, Buy)

- IIFL Finance (IIFL) has a presence across home loans, loans against property (LAP), gold loans, microfinance loans, and unsecured business and personal loans. The two factors that will help IIFL sustain its strong AUM growth over the medium term are: 1) the aggressive expansion of its physical distribution and digital capabilities, and 2) its first-mover advantage in co-lending with banks, complemented by an effective direct assignment strategy.

(GNP IN, Mkt Cap USD3b, CMP INR872, TP INR820, 6% Downside, Neutral)

Work-in progress to address the USFDA issues

- Glenmark Pharma (GNP) delivered a miss on its 3QFY24 earnings, largely due to the inventory reset in the domestic formulation (DF) business and an inferior show in the US generics segment. GNP has completed its remediation measures at Monroe and would be requesting the USFDA for a re-inspection. 

- We cut our FY24/FY25/FY26 estimates by 94%/4%/4% to factor in: a) the significant reduction in the domestic formulation business due to stock consolidation and inventory rationalization, and b) a prolonged delay in ANDA approvals due to regulatory issues. This is partly offset by: a) robust traction in the EU business. We value GNP at 17x 12M forward earnings to arrive at our TP of INR820.

Shrey Jain, Founder and CEO SAS Online - India’s Deep Discount Broker

on Japan, UK slipping into technical recession and its India impact

Despite concerns surrounding the recessions in the UK and Japan, I believe their impact on the Indian economy is minimal, as India’s reliance on trade with these nations is limited. However, India’s economy is not immune to global challenges. A surge in global commodity prices could fuel inflation and curb domestic spending, while a downturn in global services may ripple through sectors such as IT and tourism in India.

In such a scenario, India’s economic path will depend on its policy response. Proactive measures such as infrastructure spending, export promotion, and targeted domestic stimulus can help mitigate the impact of the external slowdown.

HDFCBANK: Morgan Stanley maintains overweight call on HDFC Bank. Says company noted accelerated market share gains and improved turnaround time.

Settlement Holiday on 19-Feb-2024

Announcements

Market

Circulars

Settlement Holiday on 19-Feb-2024

19-Feb-24 is a Settlement Holiday due to Chhratrapati Shivaji Maharaj Jayanti. The Currency Segment will be closed on this day for trading. However, other segments are open for Trading.

What this means for you:

You can place your Trades as usual except the stock purchased on 16-Feb-24 will not be allowed to be sold on 19-Feb-24. The settlement of funds/securities will be processed as detailed in the table below:

Segment Trade placed on Date of Settlement

Equity 16-Feb 20-Feb

Derivatives (F&O) 16-Feb 20-Feb

Note: Stock purchased on 16-Feb-24 will not be allowed to be sold on 19-Feb-24. This change is only for double payin/payout of stock due to the settlement holiday on 19-Feb, and is not a regular change.

Your credit balance for 19-Feb will not include the following:

Segment Account Balance Exclusions

Equity Intraday Profits made on 16-Feb

Derivatives (Equity F&O, Currency & Commodity)\u0009Credits Made From Trades Done On 16-Feb

Just so you know: Settlement holidays refer to days when markets (except the Currency segment) are open for trading but when Depositories and/or Banks are closed. Due to this, all trades done during that day will be settled on the next settlement cycle, as per the respective segments.

Currency market will remain closed on 19 February 2024 on account of Chatrapati Shivaji Maharaj Jayanti

Equity and Commodity markets will remain open as normal

Mumbai-based Gala Precision Engineering Limited, a leading precision component manufacturer of technical springs, has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise funds for its initial public offering (IPO).

The IPO has a face value of Rs 10 and consists of a fresh issue of equity shares up to 25.58 lakh and an offer for sale up to 6.16 lakh equity shares by the Promoter Group and Individual Selling Shareholders. The offer includes a reservation for subscription by eligible employees.

The offer for sale consists of the sale of equity shares of up to 385,200 by Vishanji Harshi Gala, up to 58,600 equity shares by Kirit Vishanji Gala (HUF), up to 50,000 equity shares by Nayna Gala, up to 40,000 equity shares by Satish Kotwani, up to 31,400 equity shares by Hemlata Dhiraj Shah, up to 28,000 equity shares by Dhiraj Nanchand Shah, up to 12,800 equity shares by Urmil Dhiraj Shah, and up to 10,000 equity shares by Rupa Sunil Mehta.

Verlinvest Asia looks to sell entire stake in co via block deal worth Rs 434 crs

To sell entire 8.34% stake or 70.42 lakh shares 

Block base price at Rs 570 per share, a discount of up to 7%

DAC approved AoN worth INR 3.6 Lakh Cr till date, highest-ever, up 36% YTD This AoN represents, 20% of the total AoN approved in YTDFY24

DAC approves AoN for procurement of the following (potential beneficiaries):

- New generation of Anti-tank mines (KSSL - Bharat Forge)

- Canister Launched Anti-Armour Loiter Munition System (180; Solar Industries, BDL and/or Strat Up)

- Air Defence Tactical Control Radar (BEL, Astra Microwave and BEML)

- Medium Range Maritime Reconnaissance (nos. 9) and Multi-Mission Maritime Aircraft for Coast Guard (nos. 6) (estimated cost at INR 29000 Cr; HAL, BEL, Astra Microwave, Data Pattern)

- Active Towed Array Sonar for Navy (BEL with Atlas Electronik)

- Heavy Weight Torpedoes for Navy (BDL and Apollo Micro System)

- Follow On Supply Support (FOSS) for 24 MH60R aircraft (FMS route from USA ~ HAL)

- Flight Refueller Aircraft for Indian Air Force (HAL)

- Software Defined Radios for Coast Guard (BEL, Data Pattern, Astra Microwave)

For the quarter ending Dec-23, Sales up 94% YoY from INR 7.5 Cr in Dec-22 to INR 14.5 Cr in Dec-23. Similarly, Net Profit up 2.5x from INR 0.6 Cr to INR 1.5 Cr. On a QoQ basis, Sales up 25% and Net Profit up 2.1x.

For the quarter ending Dec-23, Sales up 125x YoY from INR 0.21 Cr in Dec-22 to INR 26.27 Cr in Dec-23. Similarly, Net Profit up 10.4x from INR 0.2 Cr to INR 2.08 Cr. On a QoQ basis, Sales up 30% and Net Profit up 2.4x.

Promoter Jagdish Arora has bought INR 24L worth of shares in Feb 2024 (10k shares at INR 248/share).

Company announced that it has officially entered into an MoU with JAIN (Deemed-to-be University), Bangalore, aimed at advancing aviation and aerospace education.

Company is currently in the process of acquiring a multiple Oscar, Emmy and BAFTA award-winning studio to an extent of 3 Mn USD. This strategic move solidifies its position as a global leader in the VFX industry.

RCORD DATE - 29 FEBRUARY

BUYBACK Price : ₹10,000/sh

Size : ₹4,000 Cr.

Route : Tender

Tentative Sett. dt. : Mid of Mar 2024

A study by PMS Bazaar that analyzed 335 PMS investment approaches and 388 mutual funds (regular funds) across one, three, five and 10-year periods showed that PMS investment approaches outperformed their benchmarks by 70 per cent on average across all timeframes and categories, while mutual funds outperformed 48 per cent of the time.

Struggling to recover nearly ₹1 lakh crore invested in 5G networks with no use cases, mobile operators are pushing the telecom regulator to ease electromagnetic radiation norms in India to ease up their roll out costs.

The operators, through the Cellular Operators Association of India, has told the Telecom Regulatory Authority of India that Indian radiation norms are 10 times higher than global standards which is coming in the way of rolling out effective 5G services.

Karnataka Bank is planning to complete capital raise of ₹1500 crrore during the current financial year, according to Srikrishnan H, Managing Director and Chief Executive Officer of the bank.

Here’s an interesting stock idea. The recommendation we have for you today is Federal Bank

Hybrid mutual fund schemes have been gaining popularity among investors, attracting ₹20,634 crore in January, marking a 37 per cent surge from the previous month, largely due to their appeal as an alternative investment option post-change in taxation laws for debt funds.