Share Market Highlights 21 March 2024: Sensex, Nifty close higher on positive global cues; realty and metal stocks shine

Benchmark equity indices Sensex and Nifty surged nearly 1 per cent on Thursday in tandem with a rally in global markets after the US Fed projected three rate cuts this year.

The rupee appreciated 6 paise to close at 83.13 (provisional) against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets.

Tata Consultancy Services (TCS) has signed a seven-year deal with Denmark-based Ramboll, a global architecture, engineering, and consultancy company. TCS will modernise and streamline Ramboll’s IT operating model to drive business growth and optimise its IT cost base.

Carnelian Asset Management and Advisors Pvt Ltd announce the launch of Carnelian Bharat Amritkaal Fund, aiming to Raise ₹5,000 Crores

Carnelian Asset Management and Advisors Pvt Ltd. announced the launch of the Carnelian Bharat Amritkaal Fund, a long- only Category III Alternative Investment Fund (AIF) strategically positioned to leverage India’s exponential growth during the transformative period of Amritkaal, when India becomes a developed nation. With a minimum ticket size of INR 5 crores, the fund targets a fundraise range of INR 5000 crores from High-Net-Worth Individuals (HNIs), Ultra High Net Worth Individuals (UHNIs), and family offices.

The Carnelian Bharat Amritkaal Fund focuses on high growth companies poised to benefit from key “mega trends” across sectors such as Banking, Financial Services, and Insurance (BFSI), Manufacturing, Consumption, Services Exports, and Infrastructure. Its dynamic investment approach aims to identify opportunities early on, aligning with the evolving landscape of India’s economy, emphasizing quality over quantity with a concentrated portfolio comprising 25-30 carefully selected stocks.

Benchmarked against the S&P BSE 500 Index, the fund ensures transparency and accountability to investors. Its investment thesis capitalizes on the tectonic shift occurring in India’s economic landscape, adopting an “Exponential” thinking approach to move away from incremental growth strategies towards those embracing unprecedented speed and execution.

A total of 3,917 stocks were actively traded, 2,788 advanced, while 1,027 declined and 102 stocks remained unchanged where 101 stocks hit a 52 week high and 54 stocks hit a 52 week low at 3.21 pm on the BSE

Major gainers on the NSE at 3.15 pm include- ​Bharat Petroleum Corporation​ (3.86%), ​NTPC ​(3.76%), ​Power grid corporation of India​ (3.56%), ​Tata Steel​ (3.16%), ​Coal India​ (3.10%)

Top losers include- ​Bharti Airtel​ (-0.60%), ​HDFC life insurance company​ (-0.54%),​ ICICI Bank ​(-0.18%), ​Maruti Suzuki India​ (-0.16%), ​Oil and Natural Gas corporation​ (-0.09%)

NSE nifty was up by 0.85% or 186.40 points to 22,045 points, while the BSE Sensex was at 72,699.61 up by 0.83% or 594.94 points at 3.14 pm

Jateen Trivedi, VP Research Analyst, LKP Securities. 

“Gold & Silver prices surged significantly, Gold touched all time high of 66940 surging by around 1200rs from 65750 & Silver touched 78000 in morning trade but average trading was seen at 76400 up by more than 1300rs in response to the Federal Reserve’s decision to keep interest rates unchanged. Following the announcement, prices rallied from $2157 to $2210, marking a notable $53 increase. This bullish momentum was driven by dovish commentary from Fed Chair Jerome Powell, who hinted at the possibility of three rate cuts. Powell emphasized the importance of managing inflation without compromising economic stability, despite ongoing geopolitical challenges. The Fed’s decision to maintain its balance sheet reduction pace since May 2023 further reinforced confidence in the US economy’s resilience and the robustness of the labor market. In MCX, gold may find support around the $66000 mark following some profit booking from its current levels around $66700.”

Tata Consultancy Services Ltd signed a multimillion-dollar, 7-year deal with Ramboll for end-to-end IT transformation, aiming to modernise and streamline IT operations. The shares were up by 0.08% to ₹3,973.75 on BSE.

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“Federal Reserve’s March policy was on expected lines. Fed chair Jerome Powell reiterated that inflation remains above comfort zone and rate cuts will be delayed. Though he indicated that three cuts will happen this year, I do not think the quantum of rate cuts will be more than 75 bps. Gold has always been a good hedge against inflation and prices will continue to remain strong throughout 2024. Whenever rate cuts start, easy money will result in prices rallying further. Sluggish economic growth, geopolitical uncertainty and elections in 50+ countries means investors will keep looking at safe investment avenues such as gold. Gold has given 12% CAGR over last 20 years; 10.3% CAGR in last 15 years and 7.5% CAGR in last 10 years. So, it is always good to have gold in portfolio. Whether physical gold or Sovereign Gold Bond or ETF, that will be a personal choice based on socio-economic background and evolution as an investor. In India, people prefer physical gold because they look at the asset as ‘storage of wealth’, ‘passing on to next generation’ or ‘emergency recourse’ rather than an investment. Only in last 10-15 years, the mindset has changed in semi-urban and urban population.”

Paisalo Digital Limited allotted 44,90,21,990 fully paid-up Bonus Equity Shares in a 1:1 ratio to existing shareholders, increasing its equity share capital to ₹ 89,80,43,980. The shares were down by 5.72% to ₹64.30 on the BSE.

Amber Enterprises Ltd has executed an agreement to acquire a 50 per cent stake in Resojet Pvt Ltd., a part of LCGC Resolute Group, Hyderabad, to manufacture ront-loading washing machines and their components.

Zaggle Prepaid Ocean Services Limited entered into a two-year agreement with Expleo Solutions Limited to provide the Zaggle Save platform for expense management and employee benefits. The shares were up by 1.105 to Rs 299.70 on the BSE.

Motilal Oswal Asset Management Company (MOAMC) has announced the launch of the Motilal Oswal Nifty Realty ETF and Motilal Oswal Nifty Smallcap 250 ETF. 

The Motilal Oswal Nifty Realty ETF aims to provide investors an opportunity to participate in the growth potential of the realty sector and its India’s first ETF offering exposure to realty stocks. The Nifty Realty Index is designed to reflect the performance of Real Estate companies operating in residential and commercial projects. The index comprises 10 companies which also form a part of the Nifty 500.

Motilal Oswal Nifty Smallcap 250 ETF aims to provide investors an opportunity to participate in the growth potential of Smallcap stocks. The Nifty Smallcap 250 Index is designed to measure the performance of the top 250 companies, including those already present in the Nifty 500 constituents. The index is well-diversified, with its top 10 holdings accounting for only 14% against 56% in the Nifty 50 Index.

Both the ETFs are Open-ended funds and are expected to be listed on NSE on 21st March 2024. The NSE exchange symbol for Motilal Oswal Nifty Realty ETF and Motilal Oswal Nifty Smallcap 250 ETF is MOREALTY and MOSMALL250 respectively, investors can use these to buy these ETFs on the exchange like any stock.

Viram Shah, CEO, Vested Finance, commentary on the FED meeting. 

“The Federal Reserve’s committee meeting held today ended without any change in interest rates. Although the commentary provided mixed signals, growth forecasts have been revised upwards, indicating a better outlook for the US economy. However, inflation remains higher than anticipated, and a rate cut will likely be implemented in June. The market reacted positively to the news, with interest rate cuts becoming more likely. This is encouraging for stocks, as a reduction in the cost of borrowing can lead to faster economic growth. In a declining interest rate environment, three sectors stand out as potential beneficiaries: consumer discretionary, utility and real estate. Consumer discretionary companies, such as retailers like Costco, Walmart, automobile companies, tend to perform well as consumers have more disposable income. The utility sector, which includes high dividend-paying companies such as Constellation Energy, becomes more attractive as bond yields decrease, making utilities a more compelling investment opportunity. The real estate sector, which relies heavily on financing, can also benefit from interest rate cuts. Developers can finance more projects if the cost of raising capital decreases, leading to increased inventory, sales, and profits, says, Viram Shah, CEO, Vested Finance.”

Copper futures on the Multi Commodity Exchange (MCX) closed above the resistance at ₹740 and ₹755 last week. Henceforth, these levels will act as a support. The chart indicates that the bulls have gathered considerable strength and they are likely to push the prices further.

Deepak Chemtex Limited commenced manufacturing operations for Benzo Triftuoride (BTF) at its new plant in Dahej, Gujarat, and launched a new product in the chemical category. The company also started production of specialty salts at a unit near Vadodara. The shares were down by 1.18% to Rs 74 on the BSE.

Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd. 

Gold:

“Gold rallies to an all-time high and is trading close to $2225 per ounce, while in the Indian markets prices are up close to Rs67000 per 10gm, supported by a sell-off in the U.S. dollar after Federal Reserve officials maintained their view of three rate cuts this year at the conclusion of the two-day meeting yesterday. However, we see some sign of caution as well - as their projection show an upward revision in economic growth to 2%, core-PCE inflation at 2.6% and an unemployment rate of 4% by year-end, which would make their rate cut task little difficult.

Technically, Although we still maintain a positive in Gold, but do expect some profit-booking, which can give us opportunity to enter at lower level. Support levels are around 66000 and next at 65180, while prices do have some upside potential and can hit 67450-67900.”

Crude Oil: 

“Crude oil prices recovered from previous sessions dip and seen trading positive so far, supported by a weaker U.S. dollar and continuous drawdown in fuel and oil inventories in U.S. - suggesting higher demand, while supply issue and expectation of higher demand in the latter half of the year has kept sentiments positive.

Technically, trend remains positive till above support at 6730-6690, while on the upside prices have potential to test 6900-7000 levels.”

At 1:47 p.m., the BSE Sensex surged 552.32 points or 0.77% to 72,654.01 and NSE Nifty rose 175.25 points or 0.8% to 22,014.35.

Nishit Master, Portfolio Manager at Axis Securities’ market outlook:

With no change in interest rates and the US Fed sticking to guided three rate cuts in 2024, the market has breathed a sigh of relief, which can be seen from the movement in Nifty50 and Sensex today. We believe that markets are now fairly well placed to generate low teen returns in the coming year after the recent healthy correction we witnessed, especially in the small and mid-cap universe. Earnings growth for the listed universe continues to remain strong, and Indian equities remain preferred investment destinations for domestic and foreign portfolio investors. Investors should exercise caution while investing in equities at the current level and stick to quality companies available at reasonable valuations, avoiding risky ventures without a proven track record.

Morgan Stanley reiterates its overweight stance on Japan equities. Base Case Target Price for Topix of 2,800 (+4%) and Bull Case Target of 3,100 (+15%). The brokerage has modelled for 15x forward P/E and 9% EPS growth (in Yen) for both 2024 and 2025 in the base case (assuming among other things a level of USD-JPY 140 in Q4 2024) with upside risk to earnings and multiple in the Bull Case.

Colin Shah, MD, Kama Jewelry on ‘US Fed Rates Announcement’:

“The move by the US Fed to keep the policy rates unchanged comes as no surprise on the backdrop of the recently announced US CPI inflation numbers which came out higher than expected. This refuted the chances of an early rate cut as an immediate action. However, with the Fed hinting at three possible rate cuts by the end of the year, the yellow metal has regained some sheen and touched a new high of Rs. 66,778 in the domestic market. 

This price hike will drive the attention of the investors towards gold as many will bank on the expectation of the yellow metal to breach the Rs 70,000 mark this year. Having said that, the price trend will witness a cautious rise given the headwinds by crude prices in the near term that will pressurize the upward trajectory of gold prices, both internationally and domestically.”

HERitage by Waterfield Advisors has unveiled insightful findings from a survey of 104 HNI Indian women about how they invest and manage their wealth in its latest comprehensive report – Women of Wealth.

The focused survey was conducted among 104 Indian women living in tier-1 cities having a net worth of above INR 10 Crores. The respondent group has a vast age range of 22 to 60 and a variety of professions – Corporate salaried professionals, Entrepreneurs, Self-employed professionals (lawyers, doctors, interior designers etc), and Homemakers. The survey intended to identify how this economically strong group of women are investing their wealth, the support they receive from their family and wealth management partners, and to ascertain whether there is a need for a differentiated approach to wealth management for women.

The report reveals transformative findings. There is an interesting mix of high intent and low action, thus illuminating the gaps between the investment aspirations of UHNI Indian women and the current wealth management offerings. Moreover, they also point towards actionable pathways for firms to align more closely with their female clients’ needs and preferences.

SBI Card in partnership with Titan Company Ltd has launched Titan SBI Card, a shopping credit card.

Amber Enterprises India Limited entered into a 50:50 Joint Venture Agreement with Resojet, a consumer durable company, to manufacture washing machines with Amber investing Rs 35 crore for a 50% stake. The acquisition is expected to be completed by May 31, 2024. The shares were up by 3.08% to Rs 3324.80 on the BSE.

Simbhaoli Sugars Ltd announced the Supreme Court’s decision to quash the Allahabad High Court’s order directing a CBI investigation into loan transactions. The Supreme Court found the High Court’s directive to be unwarranted and noted SSL’s adherence to financial oversight and RBI guidelines. The shares were up by 2.66% to Rs 26.21 on the BSE.

Sterlite Technologies Ltd reported that their optical connectivity solutions are driving digital connectivity in Europe, with 81% of the EU population now having access to 5G and 50% to fibre networks. The shares were up by 0.77% to Rs 117.65 on the BSE.

Vintage Coffee and Beverages Limited plans to increase capacity by 45% and production by 3x by Q4FY25, aiming for an annual capacity of 6500 MT. The company aims to ramp up utilization of current capacities to 100% by Q2FY25 and will use proceeds from a preferential share issue for this expansion. Shares were down by 1.81% to Rs 55.05 on the BSE.

Jupiter Wagons Limited (JWL), a leading provider of comprehensive mobility solutions spanning rail, road, and marine transportation, proudly declared the acquisition of Bonatrans India Private Limited (BIPL) for a sum of Rs. 271 Crore. This strategic move marks a significant milestone for JWL, positioning it as the first rolling stock manufacturing company to have its own wheel plant.

BIPL, situated in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra, stands as a distinguished manufacturer of rolling stock wheelsets. With a production capacity of 20,000 Wheels and 10,000 Axles annually, the acquisition promises to bolster JWL’s self-reliance and operational efficiency while reducing dependency on imported wheels. BIPL’s esteemed clientele includes JWL, BEML Ltd., Alstom Rail Transportation India Pvt. Ltd., Plasser India Pvt. Ltd., and Titagarh Rail Systems Ltd.

Motilal Oswal Asset Management Company launches Motilal Oswal Nifty Realty ETF and Motilal Oswal Nifty SmallCap 250 ETF.

Motilal Oswal Nifty Realty ETF is India’s first ETF offering exposure to realty stocks.

Motilal Oswal Nifty Smallcap 250 ETF offering exposure to smallcap stocks.

IOB announced the launch of two innovative jewel loan products, spearheaded by Ajay Kumar Srivastava, MD & CEO. These offerings signify the bank’s unwavering commitment to customer-centric banking and its ambition to revolutionize the financial landscape.

IOB Gold Powered Card: Redefining Convenience IOB Gold Powered Card is a pioneering solution granting customers with instant access to a card linked directly to their jewel loan overdraft accounts. Revolutionizing traditional approaches, this innovative card offers flexibility, with interest charged solely on the amount utilized. It provides flexibility for customers to service both interest and principal at maturity of loan i.e., 12 months from the date of sanction.

Offering loan amounts ranging from Rs 25,000 to Rs 25 lakhs, IOB Gold Powered card grants users the convenience of cash withdrawal at ATM and can be used for POS & E com transactions. The cash withdrawal limit per transaction is Rs 20,000 with a daily limit of Rs 1 lakh. For e-commerce and POS transactions, the per day and per transaction limit is Rs 25.00 lakhs.

Validity extends to three years, subject to annual reassessment. This innovative solution empowers customers with greater financial control and convenience, reinforcing IOB’s commitment to delivering exceptional banking experiences.

Jewel Loan Suvidha: A Tailored Jewel Loan Solution Jewel Loan Suvidha is an exclusive jewel loan product meticulously crafted to cater to the unique needs of housing loan borrowers, not only from IOB but also from other banking institutions. Addressing critical financial requirements such as margin money, registration charges and unforeseen project escalation costs that may arise during the course of a housing loan this solution offers reimbursement within a 12-month timeframe from the date of incurring expenses.

Featuring competitive interest rates and loan amounts ranging from Rs 25,000 to Rs 50 lakhs, Jewel Loan Suvidha ensures comprehensive financial support. Flexible repayment options, including Bullet payment and EMI modes, empower customers to manage their finances effectively while also availing income tax benefits subject to fulfilment of the conditions prescribed under Income Tax Act 1960.

A total of 3,808 stocks were actively traded, 2,758 advanced, while 914 declined and 136 stocks remained unchanged where 84 stocks hit a 52 week high and 43 stocks hit a 52 week low at 12.44 pm on the BSE.

Major gainers: NTPC (3.68%), Bharat Petroleum Corporation (3.14%), Tata Steel (2.78%), Indusind Bank (2.59%), Power Grid corporation of India (2.53%)

Major losers: Hero motocorp (-1%), Maruti Suzuki India (-0.85%), Infosys (-0.58%), Nestle India (-0.57%), Upl (-0.52%)

SBI Cards and payments services Ltd. and Titan launched Titan SBI Card, offering over Rs 2 lakh worth of benefits annually. The co-branded card provides benefits on lifestyle categories like jewellery, watches, and eyewear, with cashbacks, Titan gift vouchers, and Reward Points. Customers can enroll digitally via SBI Card SPRINT or Titan stores. The shares were up by 1.42% to Rs 702.35 on the BSE.

KILBURN ENGINEERING: PROMOTER BUYING 

Promoter and Promoter Group bought 1.1L shares at an average price of INR 299, aggregating to INR 3.2 Cr in the month of Mar ‘24.

KAKA INDUSTRIES: PROMOTER BUYING 

Promoter Group bought 13k shares at an average price of INR 175, aggregating to INR 22.7 L in the month of Mar ‘24.

PARTY CRUISERS: FUND RAISE

Board meeting is scheduled on 26th Mar 2024 to consider fund raise.

PENNAR INDUSTRIES: PROMOTER BUYING

Promoter bought 25k shares at INR 121/share, aggregating to INR 30L in the month of Mar ‘24.

SHIVALIK BIMETAL: PROMOTER BUYING

Promoter bought 20k shares at INR 503/share, aggregating to INR 1Cr in the month of Mar ‘24.

Bharti Airtel Ltd. expanded its network in Bankura District, deploying additional sites across 3069 villages for improved connectivity. The shares were down by 0.13% to Rs 1230.45 on the BSE.

Futuristic Solutions Limited announced a partial payment of Rs 9,75,000 in a pending arbitration claim before the Court of Punjab. Shares were down by 1.99% to Rs 123.35 on the BSE.

Imagicaaworld Entertainment Limited received an order from EPFO for delayed deposit of Provident Fund (PF) dues, resulting in a penalty of Rs 9,12,646 and interest of Rs 16,43,810. The company attributes the delay to COVID lockdowns but assures no significant impact on its financials or operations. The shares were up by 2.23% to Rs 74.26 on the BSE.

EKI Power Trading Pvt. Ltd., a subsidiary of EKI Energy Services Limited, appointed Rajiv Goyal as its CEO and Whole-Time Director. The shares were up by 1.06% to Rs 320.05 on the BSE.

​SEPC Limited​’s subsidiary, Shriram EPC FZE, received a work order for an AI Centre in Dubai worth Rs 45.38 crore. The project, named “Experience Centre,” includes design, engineering, procurement, supply, erection, commissioning, and performance testing, to be completed within 9 months. The shares were up by 4.94% to Rs 17.41 on the BSE.

Nifty 50 began today’s session higher at 21,990 versus yesterday’s close of 21,839. The index surpassed 22,000-mark and is now trading around 22,050, up 1 per cent. The intraday trend is bullish and Nifty futures are likely to appreciate further.

Post listing view from Shivani Nyati, head of wealth at Swastika Investmart:

Krystal Integrated Services, a provider of facility management services, witnessed a decent debut on the stock market, listing at Rs. 770 per share. This translates to a gain of around 10% over its issue price of Rs. 715.

The positive listing signifies some investor confidence in Krystal’s comprehensive service offerings, diverse customer base, and strong financial track record. Krystal’s decent listing offers a window of opportunity, but the associated risks necessitate a cautious approach.

Investors are advised to take advantage of this listing and book their gains; however, those who still want to hold it may keep a stop loss at around 745.

Gensol Engineering Limited completed a 10.6 MWp rooftop solar project for Trident Limited in Madhya Pradesh. The project, utilizing Bi-facial solar modules, is expected to offset 11,000 tonnes of CO2 emissions annually. The shares were up by 0.08% to Rs 882.80 on the BSE.

RailTel Corporation of India Ltd secured an order worth Rs 99.01 crore from the Bihar Education Project Council for supplying student kits under a rate contract. The contract is to be executed by June 13, 2024. The shares were up by 3.33% to Rs 361.95 on the BSE.

Jefferies on Bharti Airtel

Buy Call, Target Rs 1,300

Focus On Driving A Steady, Organic Increase In ARPU

Steady, Organic Increase In ARPU Via Improving Subscriber Mix & Better Monetisation

There Is Clear Headroom For Tariff Increases But Timing Of Tariff Hikes Remains Uncertain

Higher Tariffs Will Be Key For 5G Monetisation And Improving ROCEs

Mgmt Expects Capex To Moderate From FY25 & Aims To Deleverage Balance Sheet Further

Citi on NMDC

Sell Call, Target Cut To Rs 180 From 215

Global Iron Ore Prices Have Corrected From >$130/t To Nearly $105/t

Co’s Domestic Iron Ore Prices Have Remained Unchanged

Think An Iron Ore Price Cut Is Imminent

Current Domestic Prices Are >25% Premium To Export Parity

There Is Limited Support From Domestic Steel Price Trends

Every Rs 100/t Change In Fines Prices Impacts EBITDA By Nearly 4% And Fair Value By Rs 8/Sh

Citi on Petronet LNG

Sell Call, Target Rs 220

Would Use The Stock’s 25% Upmove In Past 3 Months As An Opportunity To Sell

Have A Downside Catalyst Watch On Stock

HPCL’s Greenfield Chhara LNG Terminal Appears Close To Commissioning

GAIL Too Has Stated That Debottlenecking At Dabhol Terminal Is On Track For Completion

Asian Spot LNG Prices Are Up 18% From $8.5/mmbtu To $9.9/mmbtu Now

Citi’s Commodities Team Also Recently Outlined Its Bullish Gas Price View

Expecting JKM LNG To Average $10-14/mmbtu For Q2-Q4CY24 & $15/mmbtu In CY25

Upcoming Increase In ONGC’s Gas Prodn Could Also Limit Upside In LNG Imports

Emkay on Motilal Oswal Fin

Initiate Buy, Target Rs 2,000

Perfect Vehicle To Ride India’s Wealth

Capital Mkts Built Around Solid Economic Moats That Have Withstood Various Crises/Shocks

Asset & Wealth Management Businesses Are Hinged Co’s ‘Equity Expertise’

Asset & Wealth Management Businesses Well-Propped To Deliver Superior Profitability Growth

Co’s Net Worth Is Nearly Rs 8,300 Cr, Of Which Nearly 70% Is In Equity & MF Treasury Assets

Net Worth Adds As Safety Margin To Valuations Of Core Operating Businesses

Investec on BSE

Upgrade To Buy, Target Rs 2,800

Co Continues To Witness Strong Traction In Equity Derivatives Volumes

Co’s Option Market-Share Jumped 3x QoQ From 4.2% To 15%+ In March’24

Anticipate Further Market Share Gains As Co Reaches 60-70% Mkt Share On Monday

Further Market Share Gains Given The Rapid Scale-Up Of The BANKEX Product

Co Has Managed To Reduce Clearing Charges Paid To NSE By 30% QoQ On Per `10 Lk Basis

As The Metrics Stabilise, Expect An Improved Margin Profile In Q4FY24e

HSBC on Cipla

Buy Call

Target Raised To Rs 1,585

Q4FY24 Will Be A Lean Quarter Where Co Expects The Usual

Reversal Of Seasonality Benefits In The US And India

Outlook Remains Strong In The Key Markets Including India, US & South Africa

Peptide Launches To Lead US Sales In FY25

FDA Clearance For Goa Plant Will Be Key Near-term Catalyst

MS on Wipro

Underweight Call

Target Rs 475

Co Has Appointed Anne-Marie Rowland As Capco CEO Effective April 1, 2024

Rowland Has Been With Capco For 14 Years And Has Held Multiple Executive Roles

Leadership Change Is Made With An Internal Candidate With Rich Experience

Expect Transition To Be A Smooth One

BoFA sec on Bajaj Fin

Buy, TP Rs 9175

Stock de-rating overdone - 24% over 5M with val @29% disc to 5yr avg., consensus earnings cuts minimal

NBFC sector de-rated 14% on rise in investor aversion post multiple regulatory actions; entity specific rather than systemic

Growth outlook strong: we factor 28% growth in FY25; Tailwinds for margin stability post 1Q’FY25 on improving liquidity

CLSA On Avenue Supermart

Initiate buy, TP Rs 5107

>$500bn addressable market, less than 5% organised

Lowest consumer prices due to lowest operating cost

Private labels should drive next leg of share gains

See DMart stores increasing over 3x by FY34 from present 341

MS on Maruti

Ow, TP Rs 11228

Potential Hybrid Duty Cut: A Rerating Trigger 

Nitin Gadkari, has made a proposal to FM for discussion at next GST council meeting to bring GST on hybrid vehicles down to 12%

If GST on hybrids were to come down to 12%, would mark a sizeable win for Co

HSBC on Small & Midcaps

Recent corrections triggered some concern as to possibility of a deeper correction as in 2018 

Think current context is a lot more favourable than that of 2018

In aggregate a fall of 20-30% is unlikely 

Top ideas - Nykaa, Equitas, Titagarh, Prestige Est. Phoenix Mills, Ipca Labs, Voltas, & Kalyan

Prefer Largecaps in 2024

Top ideas - HDFC BK, SHRIRAM Fin, Asian Paints, D MART, BPCL, Maruti, BAJAJ Auto, 

EMBASSY, Glenmark Pharma, Apollo Hosp, RR KABEL

India’s business activity ended this fiscal year on a high note, expanding at the fastest rate in eight months in March, according to a business survey, suggesting the country would remain the fastest growing major economy.

HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 61.3 this month from February’s final reading of 60.6.

Hindustan Zinc Limited faced Rs 15.6 lakh GST demand over Input Tax Credit. The demand, reduced from Rs. 83.6 lakh, includes penalty and interest. The company plans to appeal, anticipating no significant financial impact. The shares were up by 1.41% to Rs 295.85 on the BSE.

Yields of Government Securities (G-Secs) softened on Thursday, tracking the US Treasury yields which declined after indications that the Fed may go for three quarter points rate cut in 2024.

Yield of the benchmark 10-year G-Sec has thawed about 2 basis points (with its price rising about 14 paise) so far and is currently trading at 7.0715 per cent against previous close of 7.0918 per cent.

Solapur Transmission Limited (a wholly owned subsidiary of PFC Consulting Limited) established for the development of transmission system for evacuation of power from RE Projects in Solapur (1500 MW) SEZ in Maharashtra was transferred to Torrent Power Limited. ​Power Finance Corporation​ stock rallied 5.34 per cent to trade at ₹380.80. Meanwhile, T​orrent Power​ stock inched up by 0.41 per cent at ₹1,224.95.

​Wipro stock ​traded higher by 1.66 per cent at ₹501.70 as of 9.52 am. The company had announced the appointment of Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer. 

​Zomato​ traded higher by 2.63 per cent at ₹169.95 on the NSE.

​IIFL Finance stock has ​recovered from the 52-week low of ₹335.30, to currently trade at 342, up by 1.62 per cent.

Crude oil futures traded higher on Thursday morning as the official data showed decline in crude oil inventories in the US for the week ending March 15.

At 9.52 am on Thursday, May Brent oil futures were at $86.51, up by 0.65 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $81.75, up by 0.59 per cent.

IFA Global Research on Fed’s policy decision and outlook:

The Fed policy was dovish compared to expectations. The Fed kept the rates unchanged at 5.25-5.50%, as expected but kept three rate cuts on the table for 2024. 2025 outlook showed one rate cut less than in December projections. This was despite the fact that it revised the growth and inflation forecasts for 2024 higher and unemployment rate forecast a tad lower. 

Fed attributed higher print in January to seasonal factors and said broadly, overall progress was being made on inflation front. This has given a lot of comfort to the market. 

Fed Chair Powell in his speech said that risks between employment and inflation goals were moving into better balance. 

US Feb Existing home sames and March S&P global PMIs are due today.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services:

“The uncertainty regarding the Fed decision is over with the Fed keeping the rates unchanged and refraining from a hawkish message. The Fed chief’s statement that “inflation has eased substantially while the labour market has remained strong” conveys conviction about the soft landing of the US economy and the possibility of probably three rate cuts this year. The response from the market was the US indices racing to record highs. This favourable global construct will have its positive impact on Indian markets too.The tug of war between FIIs and DIIs is being won by the DIIs for sometime now. This trend will continue if the FIIs continue to sell, and, therefore, FIIs are likely to slow down their selling and may turn buyers. This will be positive for largecaps in banking, telecom, capital goods and automobiles.”

BSE Sensex traded higher by 570.15 or 0.79 per cent at 72,671.84 at 9.38 am, Nifty 50 rose 175.60 or 0.8 per cent to trade at 22,014.70.

All sectoral indices traded in green. Nifty metal topped the chart with a 2 per cent gain at 8,018.50. Indices of bank, financial services, oil & gas, private bank, media and PSU banks traded over 1 per cent as of 9.43 am.

The Bank Nifty index has made a gap-up open today and is trading strong. The index is currently trading at 46,810, up 1.08 per cent. The strong rise in the global equities after the US Federal Reserve meeting on Wednesday has aided the Bank Nifty index to trade higher. The advance/decline ratio is at 12:0. This indicates the inherent strength in the index.

The rupee rebounded 14 paise to 83.05 against the US currency in early trade on Thursday as the dollar retreated from high levels in global markets after the US Federal Reserve indicated three rate cuts this year.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd’s comment on the currency market: 

USD-INR 

“The USD-INR 26 March futures contract exhibited robust strength, maintaining levels above 83. According to the daily technical chart analysis, the pair is currently trading above its moving average trend-line support at 82.88, with the RSI holding above 60 levels. Notably, the MACD indicates positive divergence, further reinforcing the bullish sentiment, with the pair holding above 83 for the second consecutive session. As per the daily technical chart, support for the pair is anticipated around 83.00-82.70, while resistance is positioned at 83.35-83.50. With the pair trading above the critical support level of 82.88, it is expected to fluctuate within the range of 82.55-83.50 for the week ahead. Our recommendation is to initiate selling positions within the range of 83.15-83.25, with a stop loss set at 83.50 on a closing basis, targeting levels of 82.94-82.70.”

DroneAcharya Aerial Innovations Ltd. and Hadron Aviation signed MoU to jointly develop diploma and certificate courses in drones. Hadron will host DroneAcharya’s courses across its centers, covering aspects like drone building, data processing etc. The shares were up by 2.55% to Rs 143 on the BSE.

Castrol India Ltd joined forces with Mumbai Indians as the Official Performance Partner for the 2024 cricket league. The shares were up by 1.75% to Rs 194.55 on the BSE

RateGain Travel Technologies Limited partnered with Brightline Trains, offering AirGain for advanced rail pricing intelligence in the U.S. market. The shares were up by 2.90% to Rs 751.15 on the BSE.

Speciality chemical conglomerate Himadri Speciality Chemical expects to get around 35 per cent of its turnover from exports in the next three years compared to 25 per cent at present, as the company is strengthening its position in the next generation battery materials space.

NSE Nifty was up by 0.76% or 166.50 points to 22,005.60 points, while the BSE Sensex was at 72,674 up by 0.83% or 576 points at 9.38 am

Major gainers on the NSE at 9.30 am include - Tata Steel (2.99%), Jsw Steel (2.64%%), Bharat Petroleum Corporation (2.58%), Indusind bank (2.16%), Wipro (1.87%).

Major losers include- Hero Motocorp (-0.50%), Nestle India (-0.42%), Apollo Hospitals (-0.40%), Maruti Suzuki (-0.37%), Dr Reddy laboratories (-0.22%).

At 9:30 a.m.,the BSE Sensex rose 566.62 points or 0.79% to 72,668.31 and NSE Nifty gained 168.70 points or 0.77% to 22,007.80.

Gold prices climbed to a record high on Thursday, as the US dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year.

Spot gold was up 0.8 per cent at $2,203.84 per ounce, as of 0153 GMT, after hitting an all-time high of $2,222.39 earlier in the session. US gold futures jumped 2.1 per cent to $2,206.30.

Crude oil futures traded higher on Thursday morning as the official data showed decline in crude oil inventories for the week ending March 15. At 9.08 am on Thursday, May Brent oil futures were at $86.47, up by 0.61 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $81.71, up by 0.54 per cent. April crude oil futures were trading at ₹6787 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6748, up by 0.58 per cent, and May futures were trading at ₹6757 against the previous close of ₹6734, up by 0.34 per cent.

Refex Industries Limited

Stock Split Rs.10/- to Rs.2/-

Previous day Closing Price – Rs. 662.95

Ex - Stock Split 22 March 2024 (Tomorrow)

Last day trade for before split Today

DMART: CLSA initiates buy call on Avenue Supermart. Says private labels likely to drive the next leg of share gains. See DMart stores increasing over 3x by FY34.

Ex-Dividend 22 March 2024 (Tomorrow)

Last date for Cum-Dividend Today

Bharat Electronics Ltd.

Dividend Per Share Rs.0.7

Previous day Closing Price – Rs. 187.55

Mishra Dhatu Nigam Ltd

Dividend Per Share Rs.1.41

Previous day Closing Price – Rs. 358.55

Power Finance Corporation Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 361.35

Subho Moulik, CEO & Founder, Appreciate, a SEBI and IFSCA registered fintech company:

“As expected, the Federal Reserve did not change interest rates at today’s meeting. During the press conference following his address, Federal Reserve Chairman Jerome Powell repeatedly kept citing the narrative which sums up the trajectory of inflation as he sees it, namely, that the economy is on track for a gradual slowdown in inflation, albeit, there could be a few bumps in the road. The narrative goes on to bolster what many market participants have been baking in, essentially, that barring unforeseen negative surprises on the strong side, the Fed is settling in for a rate cut in June. All three major US indices rose after Chair Powell’s cautiously optimistic remarks, and the S&P 500 sailed past the 5,200 mark.

Lower interest rates will be stimulative for the economy, and good for assets like stocks. Now, all eyes will be trained on the personal consumption expenditure figures for February that will be released on March 29. These figures would serve as a touchstone to the question of whether the Fed will truly be in a position to push through with the first of the three rate cuts it has pencilled in for 2024.”

CLSA on DMart: Initiate Buy on Company, target price at ₹5107/Sh (Positive) 

HSBC on Cummins: Upgrade to Buy on Company, target price at ₹3300/Sh (Positive) 

MOSL on Reliance Ind: Maintain Buy on Company, target price at ₹3210/sh (Positive) 

BNP on Bajaj Finance: Maintain Outperform on Company, target price at ₹9040/sh (Positive) 

BofA on Bajaj Finance: Maintain Buy on Company, target price at ₹9175/sh (Positive) 

Macquarie on ACC: Maintain Neutral on Company, raise target price at ₹2592/sh from ₹2128/Sh (Positive) 

Macquarie on Shree Cement: Maintain Neutral on Company, raise target price at ₹27034/sh from ₹25149/Sh (Positive) 

Investec on BSE: Maintain Buy on Company, target price at ₹2800/sh (Positive) 

MOSL on Gland Pharma: Maintain Buy on Company, target price at ₹2240/sh (Positive) 

Citi on IOC: Maintain Buy on Company, target price at ₹179/sh (Positive) 

Jefferies on Bharti Airtel: Maintain Buy on Company, target price at ₹1300/sh (Positive) 

Jefferies on MGL: Maintain Buy on Company, raise target price at ₹1540/sh (Positive) 

HSBC on Cipla: Maintain Buy on Company, target price at ₹1585/sh (Positive) 

Citi on AU Small Bank: Maintain Neutral on Bank, cut target price at ₹622/sh (Neutral) 

Citi on NMDC: Maintain Sell on Company, cut target price at ₹180/sh (Neutral) 

Citi on Petronet: Maintain Sell on Company, cut target price at ₹220/sh (Neutral) 

Macquarie on Ambuja Cem: Downgrade to Neutral on Company, raise target price at ₹ 608/sh from ₹501/Sh (Neutral) 

Macquarie on Dalmia Bharat: Maintain Outperform on Company, cut target price at ₹2233/sh from ₹2503/Sh (Neutral) 

Macquarie on Ramco Cement: Maintain Neutral on Company, cut target price at ₹876/sh from ₹1000/Sh (Neutral) 

MS on Wipro: Maintain Underweight on Company, target price at ₹475/Sh (Neutral)

India’s equity markets are expected to see a sharp rise at open, thanks to positive global cues triggered by US Federal’s expected stance. Holding the key interest rates unchanged for 5th straight time at 5.50 per cent, the US Fed chief said the central bank continues to expect three interest rate cuts in 2024. 

The Fed said the inflation “has eased but remains elevated” and it does not expect rate cuts until it has “greater confidence” on inflation moving to 2 per cent. Following this, the US stocks maintained its positive momentum and closed around one per cent higher. The equities across Asia Pacific region, too, jumped sharply with Japan’s Nikkei hitting record high. Gift Nifty signals a gap-up opening of 150 points for Nifty50.

Exchange Rate Used: $1 = ₹83.1022 (Source: RBI, as on March 20th, 2024) 

Indicative Issue Size (Base): Up to ₹350 crore (approx. $42 million) 

Indicative Issue Size (Green Shoe Option): Up to ₹220 crore (approx.. $26 million)

Indicative Issue Price: ₹517 per Equity Share (4.97% discount to SEBI Floor Price) 

Last Closing Price: ₹546.15 per Equity Share on NSE as on March 20, 2024 

Implied Discount of indicative issue price from closing price: 5.34% discount to the close price on NSE on March 20, 2024 

Dilution: 7.11% of post-issue paid-up equity share capital assuming on total issue size (At indicative issue price) 

SEBI Floor Price: ₹544.02 per Equity Share 

Sole BRLM: DAM Capital Advisors Limited

Indicative Timelines: 

Issue Open – Wednesday, 20th March 2024 (post market hours) 

Issue Close (option to extend further) – Thursday, 21st March 2024

Receipt of Application Money and forms (Pay-in) - On or before Tuesday, 26th March 2024

Demat Credit of shares – Wednesday, 27th March 2024

Trading of shares – Thursday, 28th March 2024

Symbol: KRYSTAL 

Series: Equity “B Group” 

BSE Code: 544149 

ISIN: INE0QN801017 

Face Value: ₹10

Issued Price: ₹715 per share

• BALRAMPUR 

• BIOCON 

• HINDCOPPER 

• INDUSTOWER

• MANAPPURAM 

• PEL 

• RBLBANK 

• TATACHEM

• ZEEL

The Fed kept the interest rates unchanged at 5.25-5.5 per cent. The central bank also made no change in its rate cut forecast for 2024.

The dollar index (103.22) had come down sharply from around 104.15. The Dow Jones Industrial Average (39,512.13) had surged over a per cent on Wednesday.

Asian markets are all in green. Nikkei 225 (40,490), Kospi (2,733) and Hang Seng (16,814) are up over a per cent each. Shanghai Composite (3,083) is marginally up by 0.13 per cent.

Good chances for the Nifty 50 to open with a gap-up taking cues from the global markets.

Himadri Speciality Chemical Ltd has announced that it has acquired a 40 per cent stake in a lithium-ion electrode materials firm Invati Creations for ₹45.16 crore through a combination of cash and a share swap deal. This announcement comes on the heels of Himadri Speciality’s plan to build India’s first-ever commercial plant for lithium-iron-phosphate (LFP) cathode active material in Odisha, with an estimated cost of ₹1,125 crore.

ASM Technologies has plans to raise ₹170.1 crore through preferential allotment of equity shares and warrants. ASM Technologies has raised ₹70 crore out of total planned fundraise of ₹170.1 crore and the balance of ₹100.1 crore will be received over the period of 18 months, the technology firm said in a regulatory filing.

Engineering and construction major Larsen & Toubro Ltd on Wednesday bought 1.20 crore units of National Highways Infra Trust for ₹149.65 crore through an open market transaction. The National Highways Infra Trust is an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI).

PB Fintech, the promoter of Policy Bazaar, on Wednesday said its board has approved the incorporation of a wholly-owned subsidiary to carry on the business of payment aggregator.

Aircraft lessor Wilmington Trust SP Services has moved NCLAT, filing an appeal against an earlier order of NCLT, which had dismissed its insolvency plea against low-cost carrier SpiceJet. Wilmington Trust’s petition has been listed for hearing on Thursday before a bench headed by the Chairperson Justice Ashok Bhushan of the National Company Law Appellate Tribunal.

Facing a huge backlash over plans for separate green uniforms for a new vegetarian-only food delivery service, Zomato CEO Deepinder Goyal on Wednesday said the company will roll back the plan, and all delivery persons will continue to sport the current red shirts/t-shirts.

Life Insurance Corporation (LIC) on Wednesday said it terminated services of Yogesh Garg against whom a confirmatory order issued by capital market regulator SEBI in front-running trades case. Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made available to its clients.

Technology services firm Wipro on Wednesday said it has appointed Anne-Marie Rowland as the Chief Executive Officer of Capco, effective April 1, 2024. Capco is a global technology and management consultancy focused on financial services and energy industries, which was acquired by Wipro in March 2021.

The National Company Law Appellate Tribunal (NCLAT) has directed 11 public sector lenders not to take coercive action against IL&FS and its group companies till its next hearing on May 14. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan also issued notices to the banks, along with the Reserve Bank of India (RBI), directing them to file a reply.

Kirloskar Electric Company Ltd has entered into an agreement with respect to the proposed sale of company’s immovable property admeasuring 1.06 acre at Hubli Taluk, Hubli. The total Consideration for the proposed sale would be ₹3 crore.

GE Power India Ltd has received a Purchase Order from Bharat Aluminium Company Limited and Nuclear Power Corporation Of India Ltd (A Government of India Enterprise) (NPCIL), Tarapur, Maharashtra. Bharat Aluminium Company Limited has awarded order for D&E, Supply and E&C of Boiler Firing system at M/s BALCO, Korba, Chhattisgarh worth ₹8.95 Crores plus (GST 18 per cent).

TVS Motor Company has announced changes to its board with the appointment of two new independent directors subject to approval of the shareholders. The two new members are Chennai-based Sanmar Group Chairman Vijay Sankar, and Chairman of Shailesh Haribhakti & Associates Shailesh Haribhakti. Kuok Meng Xiong, Independent Director of the company, will step down effective close of business hours of the ensuing Annual General Meeting 2024, owing to his increased business commitments and personal reasons.

Crompton Greaves Consumer Electrical has received fourth consecutive order for solar water pumping system from HAREDA, Haryana, under the PM-KUSUM scheme. The order is for supply, installation and commissioning of 7.5 HP DC; 10 HP AC and 10 HP DC solar photovoltaic water pumping systems, worth over ₹9 crore. The total orders from HAREDA now are at ₹65.6 crore.

Sasken Technologies informed the exchanges that it is planning to acquire 60 per cent stake of Anups Silicon Services Pvt. Ltd. by subscribing to the compulsory convertible debentures through a preferential issue on a private placement basis. The acquisition is worth ₹33.2 crore.

Prince Pipes and Fittings has entered into an asset purchase agreement with Klaus Waren Fixtures Pvt. Ltd. and NM Shah to purchase assets including the “Aquel” brand, along with all intellectual property, land, buildings, civil structures and other office equipment in two tranches. The acquisition will be done for a cash consideration not exceeding ₹55 crore.

Cyient said Infotech HAL Ltd., Bengaluru, a 50:50 Joint Venture of Cyient with HAL, has initiated corporate insolvency resolution process under section 10 of the Insolvency and Bankruptcy Code, 2016 before the Bengaluru Bench of the National Company Law Tribunal (NCLT).

Wockhardt has launched QIP to raise funds and fixed the floor price at ₹544.02 a share.

The board of Suzlon Energy has approved conversion of 22.86 lakh partly paid-up equity shares of face value of ₹2 each into fully paid up equity shares.

10:30 India Manufacturing PMI (Expected: 56.0 versus Previous: 56.9) 

14:00 Euro German Flash Manufacturing PMI (Expected: 43.1 versus Previous: 42.5) 

15:00 UK Flash Manufacturing PMI (Expected: 47.9 versus Previous: 47.5) 

17:30 UK BOE Interest Rate Decision (Expected: 5.25% versus Previous: 5.25%) 

18:00 US Unemployment Claims (Expected: 214K versus Previous: 209K) 

19:15 US Flash Manufacturing PMI (Expected: 51.8 versus Previous: 52.2) 

19:30 US Existing Home Sales (Expected: 3.92M versus Previous: 4.00M)

Accenture plc (Pre market) (Sector- Technology)

Darden Restaurants, Inc. (Pre market) (Sector- Hotel)

FactSet Research Systems Inc. (Pre market) (Sector-

Nike, Inc. (Post market) (Sector- Textile)

FedEx Corporation (Post market) (Sector- Logistics)

lululemon athletica inc. (Post market) (Sector- Consumer Durable)

Rentokil Initial plc (TENT) (Sector- Miscellaneous)

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Biocon has seen a sharp fall in price since early last week. The price band of ₹285-290 is a supply zone and the scrip declined off this region. Last Friday, it closed below the 200-day moving average, indicating that the bears have a stronger hand.

The price action shows no sign of a bullish reversal and so, further depreciation is highly likely.

Asian equities rallied Thursday after US stocks touched fresh highs as the Federal Reserve indicated it would meet market expectations with three rate cuts this year, per a Bloomberg report. 

Australian, South Korean shares and equity futures for Hong Kong all advanced. Japanese stocks also rose after a Wednesday holiday as the nation’s exports grew for a third consecutive month, offering support for the economy. The S&P 500 index climbed 0.9% to a new high while the tech-heavy Nasdaq 100 index, which is more sensitive to policy, rose 1.2%. US futures climbed further in early Asian trading, the report added.

The Magnificent Seven group of mega-caps powered to new highs. US small-caps, which typically do well when the economy is expanding, rose almost 2% for the best session in more than a month.