Share Market Highlights 01 April 2024: Sensex gains 363 pts, Nifty closes at 22,462

Tata Motors on Monday reported a 2 per cent rise in its total domestic wholesales at 90,822 units in March.

In the year-ago period, the company posted total domestic wholesales of 89,351 units.

Sales of passenger vehicles, including electric vehicles, in the domestic market, were at 50,297 units in March as compared to 44,225 units in the same period last year, up 14 per cent, it added.

Tata Motors’ share price gained 0.12% to close at ₹994.00 on NSE.

Stock markets started the new fiscal on a firm note on Monday with benchmark Sensex and Nifty scaling fresh record high levels in intra-day trade before settling in the green, backed by firm trends in Asian markets and foreign fund inflows.

Extending its winning momentum to the third day in a row, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit its record intra-day high of 74,254.62.

Coal India Ltd (CIL) produced 773.6 million tonnes (MTs) of coal in FY24, registering a 10 per cent growth over 703.2 MTs output in FY23.

As per the company’s stock exchange filing, Mahanadi Coalfields Limited, an Odisha-based CIL subsidiary, has emerged as the country’s first coal-producing company to have breached 200 MT with production at 206.1 MTs.

Coal India’s stock rose 1.75 per cent on the NSE, trading at ₹441.70.

Zydus Lifesciences’ oral NLRP3 inhibitor, ZYIL1, is now named ‘Usnoflast’ following WHO INN approval, in treating CAPS, ALS, Parkinson’s, and Ulcerative Colitis. 

Shares were down by 0.62% to Rs 999 on the BSE.

Saregama India Ltd has launched Padhanisa, an AI-based music learning app. The customised platform also offers live masterclasses and Q&A sessions.

Copper prices have reversed higher after a short-lived corrective fall. The copper futures contract on the Multi Commodity Exchange (MCX), which made a low of ₹754 per kg, have bounced back sharpl. The contract is currently trading at ₹766 per kg.

Top gainers on the NSE at 3.15 pm include- Jsw Steel (4.97%), Tata Steel (4.88%), Divi’s laboratories (3.48%), Shriram Finance (3.13%), Adani ports and special economic zone (2.61%) 

Top losers include- Eicher motors (-1.82%), Titan company (-1.71%), Nestle India (-1.40%), Bajaj Auto (-1.24%), LTIMindtree (-1.17%)

Coal India Limited achieved record coal production of 773.6 MTs in FY 2024, marking a 10% growth from the previous year. Total coal off-take increases by 8.5% to 753.5 MTs, with supplies to the power sector reaching 618.5 MTs. Mahanadi Coalfields Limited, a CIL subsidiary, becomes the first Indian coal producer to exceed 200 MTs of production, hitting 206.1 MTs. The shares were up by 1.90% to Rs 442 on the BSE.

The board of Uno Minda Ltd has approved an additional investment of ₹2.27 crore by way of subscription of equity shares of Strongsun Renewables Pvt. Ltd., a special purpose vehicle (SPV) of the company.

The stock has inched up by 0.93 per cent on the NSE to trade at ₹691.15 as of 1.21 pm.

Avantel Ltd secured a purchase order worth Rs 9.10 crore from Goa Shipyard Limited for manufacturing. The order includes performance bank guarantee, security deposit, and a 36-month warranty. The shares were up by 2.27% to Rs 101.27 on the BSE.

Tulsyan NEC Ltd sells 6867 sq.ft. land in Chennai to Kaizen Cold Formed Steel Private Limited for an undisclosed sum.

The shares were up by 4.48% to Rs 87.98 on the BSE.

Varroc Engineering Ltd confirmed no deviation in the utilisation of proceeds raised through Non-Convertible Debentures in Q2 FY 2023-24. Shares were up by 2.49% to Rs 513.90 on the BSE.

Blue Dart, South Asia’s premier express air and integrated transportation & distribution company, announced its central presence in GIFT City, Gujarat, with the inauguration of a new facility tailored to meet evolving customer demands and align with India’s growth trajectory. Equipped with cutting-edge infrastructure and seasoned personnel, Blue Dart’s GIFT City facility introduces a 20-hour delivery service from key metropolitan cities, ensuring a next-day delivery commitment.

Genesys International Corporation Ltd secured an order worth Rs 35 crore to implement a 3D Digital Twin map stack in Pune city, integrating IoT sensors for real-time data insights. The shares were up by 7.49% to Rs 635 on the BSE.

Bosch Ltd receives Rs 116.38 crore refund order from the Deputy Commissioner of Income Tax for the assessment year 2013-14.

The shares were up by 0.74% to Rs 302.68 on the BSE.

Karnataka Bank Ltd’s shares were up by 5.91% to Rs 238.40 on the BSE. The company signed an agreement with ICICI Lombard to distribute their general insurance products to bank’s customers.

Rail Vikas Nigam Ltd with Salasar Techno emerges lowest bidder (L1) for a project worth $7.15 m from Energy Development Corporation Limited. Shares were up by 3.38% to Rs 261.50 on the BSE.

Torrent Power Ltd’s shares were up by 5.09% to Rs 1423.63 on the BSE. The company received a letter of award from Torrent Power Limited-Distribution Unit for setting up of 150 MW Grid-Connected Wind Solar Hybrid Projects.

EIH Ltd’s shares were up by 5.76% to Rs 476.65 on the BSE. The company to invest ₹421 crore on construction of Oberoi Luxury resort at Cavelossim Beach in South Goa.

Astra Microwave Products Ltd. secured Rs 56 crore order from Hindustan Aeronautics Limited for Precision Approach Radar system with a 10-year AMC. The order is for Supply, Installation, testing, and commissioning. The shares were up by 5.25% to Rs 626.95 on the BSE.

A total of 3,966 stocks were actively traded, 3,115 advanced, while 689 declined and 162 stocks remained unchanged where 157 stocks hit a 52 week high and 52 stocks hit a 52 week low at 1.20 pm on Monday.

Major gainers on the NSE at 1.20 pm include- Jws steel (4.92%), Tata Steel (4.59%), Shriram Finance (2.49%), Adani Ports (2.40%), Divi’s laboratories (2.08%)

Major losers include- Eicher Motors (-1.75%), Titan company (-1.53%), Bharti Airtel (-1.44%), LTIMindtree (-1.27%), Nestle India (-1.23%)

APL Apollo Tubes Limited announced its sales volume performance for Q4FY24. The company registered a sales volume of 6,78,556 Ton in Q4FY24 which is the highest quarterly sales volume reported by the company. For FY24, the company reported sales volume of 26,18,477 Ton, an increase of 15% YoY. This was supported by the newly commissioned New Raipur and Dubai plants. The shares were up by 0.56% to Rs 1503.60 on the BSE.

The Great Eastern Shipping Company Limited sells 2004 Medium Range Product Tanker, Jag Pahel, to an unaffiliated third party, expanding its fleet to 42 vessels. The shares were down by 0.26% to Rs 998.65 on the NSE.

Datamatics Global Services Ltd. acquired Dextara Digital, its expertise and solutions will bolster Datamatics’ presence in the Salesforce ecosystem, targeting growth in the global market. The shares were up by 7.11% to Rs 570.17 on the BSE.

Datamatics Global Services Ltd. acquired Dextara Digital, its expertise and solutions will bolster Datamatics’ presence in the Salesforce ecosystem, targeting growth in the global market. The shares were up by 7.11% to ₹570.17 on the BSE.

Nifty 50 rises 0.66% to 146.85 or 22473.75 points on NSE. at 12:40 p.m.

BSE Sensex rises 0.56% to 412.24 or 74064.43 points on BSE at 12:40 p.m.

Bharti Airtel Ltd. extended network coverage in Kannur and Kasaragod districts, to enhance connectivity across 31 towns and 218 villages. The shares were down by 0.97% to ₹1,217.10 on the BSE

B&A Ltd enters retail tea market with Gatoonga Brand, marking an expansion alongside the acquisition of Moheema Tea Estate. The move aligns with a Rs 50 crore Capex plan for Pan-India growth strategy, to offer premium quality Assam tea directly to consumers. Shares were down by 0.01% to Rs 444.50 on the BSE.

Hindustan Aeronautics Ltd. achieved record revenues of Rs 29,810 crores in FY2023-24, marking an 11% growth. The company’s order book exceeds Rs 94,000 crores. The shares were up by 2.82% to Rs 3421 on the BSE.

Alembic Pharmaceuticals secures tentative USFDA approval for Ribociclib Tablets (200 mg) for treating advanced or metastatic breast cancer, shares were up by 2.24% to Rs 1004.35 on the BSE.

PM Modi @RBI@90: Opening Ceremony: Our economy should become more self-reliant and strong so that the impact of any global crisis is minimal

Bigbloc Construction Limited’s joint venture plant in Kapadvanj, Gujarat, commences production for AAC Blocks and ALC Panels, with a capacity of 2.5 lakh CBM. The subsidiary, SIAM Cement Big Bloc Construction Technologies Pvt. Ltd., begins operations from March 30, 2024, The shares were up by 4.96% to Rs 210.45 on the BSE.

PM Modi @RBI@90: Opening Ceremony: About 27,000 loan accounts with an outstanding exposure of about Rs 9 lakh crore got resolved out side the IBC process; Banking sector’s GNPAs declined from about 11.25 per cent as at March-end 2018 to less than 3 per cent as at September-end 2023

Hindustan Foods Limited’s subsidiary, KNS Shoetech Private Limited, acquired manufacturing facilities from SSIPL Retail Limited, expanding into the shoe manufacturing sector. The acquisition includes facilities in Himachal Pradesh and Haryana, with a cash consideration of Rs 76.92 crore. The shares were up by 2.66% to Rs 483.30 on the BSE.

Confidence Petroleum India Limited expanded its CNG network in Bangalore, adding 3 new stations, bringing the total to 35. The company’s CNG retailing division’s daily sales surpassed 140,000 KG in Bangalore. The shares were up by 6.31% to Rs 89.30 on the BSE.

Aurobindo Pharma on Monday said it has commissioned four state-of-the-art manufacturing facilities for Penicillin-G, 6-Amino Penicillanic Acid (6-APA), Injectable products and Granulation, through its wholly owned subsidiaries.

Penicillin-G (Pen-G) facility, located in a SEZ at Kakinada in Andhra Pradesh, has a production capacity of 15,000 tonne per annum and also 1.8 lakh tonne of gulcose, while 6-Amino Penicillanic Acid plant has a capacity to produce 3,600 tonne annually, the drug maker said in a press release.

The Rs 2,400 crore Pen-G plant is expected to start trial production in April and commercial production in a couple of months and the ramping up of the production will happen during the second quarter of the current fiscal, a senior official of the city-based drug maker had earlier said. - PTI

NLC India has reported record lignite and coal production of 36.14 million tonnes in FY24 and a record order win in renewable power space during the fiscal.

The lignite and power major has achieved an “all-time high coal & lignite production,” the company informed the stock exchanges.

In FY23, the company recorded a total lignite and coal production of about 33.6 million tonnes.

Adani Ports and Special Economic Zone said it handled 38 million tonnes of cargo in March and ended the fiscal year with cargo throughput of 420 million tonnes, in line with its guidance earlier this year. 

The cargo handled in the year rose by a fourth with domestic ports contributing over 97 per cent of the total. 

Eight ports, accounting for 84 per cent of the total volume, saw double digit growth. 

Its flagship Mundra Port handled 7.4 million tonnes in March and 180 million tonnes in the fiscal year. 

Mahindra & Mahindra Ltd. reported a 4% growth in overall auto sales for March 2024, totaling 68,413 vehicles, including exports. Within the Utility Vehicles segment, domestic sales of 40,631 SUVs mark a 13% growth, while commercial vehicle sales stand at 20,930 units. The shares were down by 1.37% to ₹1895 on the BSE.

NTPC Limited and Hindustan Zinc Limited awarded contracts to GE Power India Ltd. for the supply of generator spares, turbine blades, and boiler services, with a total value of ₹24 crores plus GST. GE Power’s shares were up by 5.58% to ₹280.15 on the BSE.

Dhabriya Polywood Limited secured a contract from Radiance Realty Group for the supply and installation of uPVC windows and doors domestically, valued at Rs 5.66 Crore scheduled for completion within 12 months. The shares were up by 5.40% to ₹268.25 on the BSE.

Mishra Dhatu Nigam Limited achieved highest-ever sales of Rs 1,065 crore for FY 2023-24, up from Rs 871.94 crore in FY 2022-23, with direct exports reaching a record Rs 66.88 crore, compared to Rs 37.45 crore in the previous fiscal year. The shares were up by 4.91% to ₹413.15 on the BSE.

Nifty 50 April Futures (22,617)

Nifty 50 has begun the week on a positive note. The index is trading at 22,512, up 0.83 per cent. The advance/decline ratio is at 44:6. This is positive. It indicates that the sentiment could remain bullish for the day. As such more rise is possible during the day if this sustains

NTPC Ltd. declared Dependable Capacity and COD for Unit-2 of 660 MW at Maitree Super Thermal Power Plant in Bangladesh-India Friendship Power Company. With both units operational, NTPC Group’s total installed and commercial capacity reaches 75,858 MW, enhancing energy infrastructure collaboration between the two nations. The shares were up by 0.83% to ₹338.75 on the BSE.

Venus Remedies Ltd announced that the company was awarded with Rs 2.50 crore under the Production Linked Incentive (PLl) scheme, which covers balance 25% of the total 

incentive of Rs 10 crore. The initial disbursement of Rs 7.50 crore was awarded by the Central Government earlier this month. The shares were up by 1.72% to ₹332 on the BSE.

Sterlite Technologies Ltd. partners with Vocus Group in Australia for faster deployment of high-capacity networks, leveraging STL’s optical fibre solutions for Vocus’ extensive network infrastructure. The partnership aims to enhance network quality with STL’s ultra-slim profile MicroTM cables and flagship StellarTM fibre, ensuring connectivity for businesses and communities across Australia. The shares were up by 11.24% to ₹123.25 on the BSE.

Adani Ports and Special Economic Zone Ltd. handles 420 MMT cargo globally in FY24, with domestic ports contributing over 408 MMT. The company reported achieving its highest ever monthly cargo volume of over 38 MMT in March 2024, with ten ports and terminals handling record cargo volumes. The shares were up by 1.67% to ₹1363.60 on the BSE.

NCC Limited secured new orders totalling ₹3,059 crore in March 2024, spanning its Electricar, Transportation, and Building divisions from state government entities and private companies. The company had an order intake of approximately ₹26,000 crore in the fiscal year 2023-24. The shares were up by 3.96% to ₹241.60 on the BSE.

Jubilant Ingrevia Limited inaugurated the new Diketene derivatives facility in Gajraula, UP. The company informed, with a capacity addition of 2,000 TPA for high-value esters, the company gears up for enhanced margins and expansion into international markets, including the U.S. and E.U. The shares were up by 1.37% to ₹457.90 on the BSE.

Prestige Estates Project Ltd. secured a landmark deal worth ₹2,001 crore with ADIA and Kotak AIF to develop residential projects across 4 Indian cities, with a GDV of ₹18,000 crore. The shares were up by 4.53% to ₹1222.90 on the BSE.

Imagicaaworld Entertainment Limited acquired 4 parks from Malpani Group’s Giriraj Enterprises, including WetNJoy & Sai Teerth Parks. The shares were up by 4.02% to ₹80.26 on the BSE.

State-owned power giant NTPC on Monday said it has logged a 55 per cent growth in coal despatch and nearly 50 per cent expansion in output from its mines in 2023-24 compared to a year ago.

The company despatched 34.15 MMT coal, while coal production stood at 34.38 MMT with a growth of nearly 50 per cent by the end of March 31, 2024, the company said in a statement.

The NTPC Ltd has reported a substantial growth of 55 per cent in coal despatch from its captive mines during FY24, as compared to the previous year, it said.

Hi-Tech Pipes Ltd. reported achieving a sales volume of 3,91,147 MT for Q4 and fiscal year ending March 31, 2024, marking the highest in company history amidst declining HRC prices. The shares were up by 2.26% to ₹142.75 on the BSE.

Sterlite Technologies Ltd (STL) has deepened its partnership with Vocus Group, a fibre and network solutions provider in Australia. STL has been involved in developing optical fibre solutions tailored to Vocus’ goal of delivering high-speed connectivity across Australia.

The new multi-year partnership will see increased usage of STL’s ultra-slim profile Micro TM cables in Vocus’ network, along with the use of Stellar TM fibre.

Biocon Limited, in collaboration with European partner Zentiva, secured approval from MHRA, U.K., for complex formulation Liraglutide (gSaxenda) in a 6mg/ml solution for injection, aiding in weight management. This follows the recent approval of Liraglutide (gVicotza) for Type 2 Diabetes Mellitus treatment. Shares were up by 1.10% to ₹267 on the BSE.

Gensol Engineering Ltd.’s subsidiary, Scorpius Trackers, reported receiving 1000 MW + contracted orders globally, spanning India, Japan, Saudi Arabia, and Uganda. Shares trade flat at ₹880.65 on the BSE.

IRB Infrastructure SPVs, representing highways projects TOT 12 and TOT 13, commence tolling operations as of April 1, 2024. With an upfront payment of Rs 6,111 crore to NHAI. The shares were up by 2.32% to ₹59.87 on the BSE.

NSE nifty was up by 0.84 per cent or 188.15 points to 22,515.05 while the BSE sensex was at 74,161.74 up by 0.70 per cent or 517.84 points.

Major Gainers on the NSE at 9.30 am include 

Jsw Steel (3.29%), Tata Steel (2.12%), Shriram Finance (1.79%), Hindalco industries (1.73%), Larsen and Toubro (1.54%}

Major losers include- Bajaj Auto (-0.09%), Bharti Airtel (-.0.06%)

CRISIL Ratings: The downgrade rate, at 6.7 per cent, remains closer to the 10-year average. As expected, some export-linked sectors, such as textile and seafood saw a higher downgrade rate due to subdued global demand or high-cost inventory that impacted profitability.

CRISIL Ratings: The upgrade rate dipped a marginal 70 basis points to 12.0 per cent compared with the first half. Sectors gaining from strong domestic consumption and government spending dominated the upgrades. The infrastructure and linked sectors outperformed the CRISIL Ratings’ portfolio with construction, renewable power and road assets leading the upgrades.

For fiscal 2025, the credit quality outlook remains positive with upgrades seen continuing to outpace downgrades, driven by domestic demand, low corporate debt levels and tailwinds from the ongoing infrastructure build-out: CRISIL Ratings

CRISIL Ratings’ credit ratio (rating upgrades to downgrades) moderated in the second half of fiscal 2024 but remained elevated at 1.79 times compared with 1.91 times in the first half. In all, there were 409 upgrades and 228 downgrades.

NCC Limited has secured new orders worth 3,089 crores in March 2024. Electricar division: 1,589 crores, Transportation Division: 330 crores, Building Division: 1,090 crores. Orders are from state government entities and private companies, not internal. Total orders for 2023-24: 26,000 crores, meeting management’s guidance.

The first day of the financial year 2025 started with a positive note. The 30-share BSE Sensex climbed 405.60 points to 74,056.95 in early trade. The NSE Nifty gained 144.75 points to 22,471.65. 

However, analysts expect the market to move in a narrow range ahead of RBI policy, Q4 results, and India Inc.’s FY25 outlook. They feel the general election will likely dampen trading interest in the coming days.

FY24 marked a rewarding period for the Indian market. Large caps recorded a substantial 33 per cent return, mid-caps surged by 56 per cent, and small caps excelled with an impressive 63 per cent.

“It was loaded by the upgrade in FY24 economy growth, as the Indian GDP forecast was uplifted on a QoQ basis from 6.4 per cent to 7.3 per cent during the year. There was a rampage in corporate earnings growth, like with the 23-24 per cent YoY EPS forecast for the Nifty50 index, said Vinod Nair of Geojit Financial Services.

Retail inflows remained robust, supported by direct investments as well as investments through MFs. The number of trading accounts held by domestic investors reached 16.7cr, underscoring increased market participation. Additionally, FIIs exhibited improved net buying activity, buoyed by India’s economic outperformance relative to other EMs experiencing slowdowns, he further said.

Pravesh Gour, Senior Technical Analyst, Swastika Investmart, said: the RBI Monetary Policy Committee (MPC) is set to start its 3-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5.

“Reports suggest that the RBI is likely to keep interest rates unchanged at this meeting. Auto stocks will also be in focus as auto companies will announce the monthly sales numbers for March starting from April 1, 2024. Additionally, people will be watching how the rupee fares against the dollar and keeping tabs on crude oil prices. They’ll also be keeping an eye on investments made by foreign institutional investors (FIIs) and domestic institutional investors (DIIs).”

Meanwhile, Asia-Pacific stocks are mixed, and most have closed. Japan stocks are down, while Chinese, Singapore, and Taiwan stocks are up in early trade.

According to Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd, The outlook for the market will be guided by the major global and domestic economic data, India automobile sales, US and India Manufacturing purchasing managers indices (PMI), US job Openings, Factory Orders and US non-farm Payrolls, and Unemployment Rate. 

“The Reserve Bank of India’s Monetary Policy Committee will meet on April 3-5, 2024, and decide on policy rates. The monetary policy statement will provide important cues on the economy, inflation and interest rates,” he added.

Nair said: “ As we move on to a new financial year, we express optimism towards sectors such as Pharma, Capital Goods, and Infra, as we see them as key growth drivers, supported by both domestic and external demand.” 

He said, “although some sectors like FMCG and IT are facing challenges due to subdued demand at present, we anticipate a turnaround, driven by expectations of a normal monsoon and increased US demand following the Fed’s rate cut. However, the focus is on large caps, as the premium valuation of Midcaps could have a hiccup in the short to medium-term.”

Crude oil futures traded higher on Monday morning as China’s manufacturing PMI witnessed growth in March. At 9.12 am on Monday, June Brent oil futures were at $87.30, up by 0.34 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $83.50, up by 0.40 per cent. April crude oil futures were trading at ₹6952 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹6909, up by 0.62 per cent, and May futures were trading at ₹6911 against the previous close of ₹6877, up by 0.49 per cent.

Traders and investors of SME stocks can heave a sigh of relief, as the National Stock Exchange has reduced the lot size for 75 active stocks in the small and medium enterprise segment.

In a circular, the NSE has said the lot size of 216 stocks remain unchanged and the change in lot size will be effective from April 29.

The exchange conducts a half-yearly review of the lot size of current active securities on its SME platform.

Route – Tender 

Buyback Price: 3800/- 

Current Market Price: 3323.25 /-

Market Cap: Rs 6,852 crores 

Buyback Size: ₹199.50 Crs (Representing 19.63% and 19.91% of the aggregate of the Company’s fully paid-up equity capital and free reserves) 

Buyback Size: 5,25,000 shares (Representing 2.58 % of O/s. shares) 

Retail Quota: 78,750 Shares 

Entitlement:

General Category - 2 Equity Share for every 89 Equity Shares held on the Record Date

Retail Category - 2 Equity Share for every 13 Equity Shares held on the Record Date

Buyback Record Date: 26 March 2024

Tender Period:

Start Date - 01 April 2024 (Today)

Close Date - 05 April 2024 

Obligation Date - 12 April 2024

Settlement Date - 15 April 2024

▪️HAL to supply 6 sets of LM2500 Gas Turbines (GT) and GT Auxiliaries (GTAE), Spares, Tools for Indian Navy Next Generation Missile Vessei(NGMV) Project to Cochin Shipyard. 

▪️ Order to be executed between FY25-26 to FY28-29.

PL View:

Strong order book bodes well for HAL in coming years due to very good revenue visibility.

We believe HAL is a long-term play on the growing strength & modernization of India’s air defence as it is the primary supplier of India’s military aircraft and leap in HAL’s Technological capabilities along with robust 5 year order book pipeline of Rs.2trn+.

Stock is currently trading at a PE of 36x/31.7x on the earnings of FY25E/FY26E. We have a ‘Hold’ rating with TP of Rs. 2,787.

OW, TP Rs 1700

Infosys’s April 18 release of 4QF24 results and F25 revenue guidance will be a key catalyst for the stock 

Expect 3-6% cc revenue growth guidance in base case

Buy, TP Rs 1630

Management meet takeaways 

Co’s 9MFY24 vol growth at +7% YoY was impacted by unseasonal rains in H1 & Delhi-NCR construction ban in Q3 

Mgmt targets its volume growth to outpace industry by +5-6% 

OPM stays resilient at 15-16% 

Buy, TP Rs 3800 

Commissioned its phase-1 of Copper smelter unit 

This is a milestone project, marking AEL’s entry into another new biz 

Copper constitutes 10% of AEL’s FY26E ebitda and 3% of EV Mix in SOTP

U-P, TP Rs 150 

PNGRB notified Unified Tariffs effective; Left tariffs unchanged 

New tariff will be notified effective June that includes newly commissioned pipelines 

Order makes no reference to higher gas cost of GAIL 

Risk reward unfavorable

OW, TP Rs 970

CARE & ICRA Upgrade Longterm Rating to AA+ 

Rationales are based on Co’s improved asset quality, strengthened capital position & diversified resource profile. 

F4Q is seasonally a strong quarter 

Val attractive at 1x F25e P/B and 9x P/E

UW, TP Rs 2085 

Average daily traded value (ADTV) is a key driver of Co’s profits & share price. 

In Mar-24, ADTV (futures + 40%*options) rose 10% MoM to Rs641bn. 

Stock price fell MoM(at -11% vs +2% for Sensex) 

Val remain stretched at 46x F25e EPS 

OW, TP Rs 1875

Analyst meet takeaways 

Significant transformation in tech architecture over past 2 yrs resulted in better engagement & cost savings 

Its Q3F24 GWP from ILTakeCare risen 3.2x YoY, while 9MF24 GWP from digital partnerships has risen 4x from 9MF22

Neutral, TP Rs 5605 

Baddi plant gets 10 Form 483 observations 

Management confident of addressing observations & doesn’t expect escalation 

Baddi contributes Rs10-13bn in international market sales (8-10% of FY24 consol sales), most of which is for US market 

A product by product analysis suggests Baddi a/cs for 38% of US rev (all oral solids) 

This translates to annual revenues of USD 130mn. Co expects 2-3 product launches over the next 12-18 months from Baddi 

Buy TP Rs 675 

Promoters Increase Stake to 66.7%, Some Warrants Converted 

They can convert balance 265.5m warrants by 17Apr24 (18 months from allotment date) 

Warrant conversion inspires confidence 

Further, Co’s b/s resilient 

BofA on Tata Tech: Upgrade to Buy on Company, target price at Rs 1250/Sh (Positive) 

Investec on Muthoot Fin: Maintain Buy on Company, target price at Rs 1550/sh (Positive) 

MS on ICICI Lombard: Maintain Overweight on Company, target price at Rs 1875/sh (Positive) 

MOSL on ICICI Lombard: Maintain Buy on Company, target price at Rs 2000/sh (Positive) 

MS on PNB Housing: Maintain Overweight on Company, target price at Rs 970/sh (Positive) 

Jefferies on Adani Ent: Maintain Buy on Company, target price at Rs 3800/sh (Positive) 

Jefferies on Kajaria Ceramics: Maintain Buy on Company, raise target price at Rs 1630/sh (Positive) 

Citi on Ambuja Cement: Maintain Buy on Company, target price at Rs 675/sh (Positive) 

MS on HCL Tech: Upgrade to Overweight on Company, cut target price at Rs 1730/Sh (Positive) 

MS on Infosys: Maintain Overweight on Company, cut target price at Rs 1750/sh (Neutral) 

MS on Cyient: Maintain Overweight on Company, cut target price at Rs 2400/sh (Neutral) 

MS on Coforge: Maintain Overweight on Company, cut target price at Rs 6500/sh (Neutral) 

MS on Wipro: Maintain Underweight on Company, cut target price at Rs 450/sh (Neutral) 

MS on Tech M: Maintain Underweight on Company, cut target price at Rs 1190/sh (Neutral) 

MS on LTIM: Maintain Equal weight on Company, cut target price at Rs 4800/sh (Neutral) 

MS on MPhasis: Maintain Equal weight on Company, cut target price at Rs 2600/sh (Neutral) 

MS on MCX: Maintain Underweight on Company, target price at Rs 2085/sh (Neutral) 

Jefferies on Gail: Maintain Underweight on Company, target price at Rs 150/sh (Neutral)

Ex-Dividend 02 April 2024 (Tomorrow)

Last date for Cum-Dividend Today

Bharat Dynamics Ltd

Dividend Per Share Rs.8.85

Previous day Closing Price – Rs. 1751.3

GPT Healthcare Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 176.45

TVS Holdings Ltd

Dividend Per Share Rs.94

Previous day Closing Price – Rs. 8159.5

In pursuance to chapter 1.8 Quantity freeze for futures & options contracts in F&O consolidated circular no.

NSE/FAOP/57264 dated June 23, 2023. As per the computation methodology mentioned in the circular, the

quantity freeze limits for derivatives contracts on indices shall be applicable as under w.e.f. April 01, 2024:

Sr. No. INDEX SYMBOL QUANTITY FREEZE LIMIT

1 BANKNIFTY 900

2 NIFTY 1800

3 FINNIFTY 1800

4 MIDCPNIFTY 4200

• Members are advised to load the updated contract.gz and NSE_FO_contract_ddmmyyyy.csv.gz file in

the trading application before trading on the effective date. This file can be obtained from the directory

With improving asset quality, the SCB GNPA ratio is projected to improve from the expected 2.5%-2.7% in FY24 to 2.1%-2.4% by FY25 end. At these levels, GNPA figures would have reached the long-term levels prior to the pre-AQR levels. Additionally, credit costs are estimated to remain benign. However, downside risks include any material weakening of asset quality due to elevated interest rates, impact of regulatory changes, a tighter liquidity environment and global issues.

RBI has undone the stealth tightening by actively managing the liquidity in the system and the average call rates are now close to the repo rate. Strong growth in FY 24 and strong growth projections for FY 25, gives leeway to RBI to wait for actual monetary easing in advanced economies. With 1 year forward real rates upwards of 2%, based on FY 25 inflation forecast, there is a case to change the monetary policy stance to “neutral”, since the stealth tightening undertaken from 2nd Quarter of FY 2024 being undone, RBI may keep rates unchanged and continue with “withdrawal of accommodation” monetary policy stance.

Subpar growth should persist in Q4 as muted demand trends continue on account of weak discretionary spending and cautious behavior by clients, amid uncertain macros. Margins should remain steady despite weak revenue growth, as companies optimize costs and tighten discretionary spending. The expectations of slower and shallower rate cuts may delay recovery for IT companies. Global companies such as ACN, CTSH, and CAP have also guided for muted growth, particularly during H1CY24, with recovery expected towards the end of CY24. Macro uncertainties, cautious spending behavior by clients, and slower start to the year should be factored in the guidance of INFY and HCLT, in our view. We expect INFY and HCLT to guide for 3-6% and 4-7% in CC growth YoY, respectively. WPRO should guide for -1 to +1% growth in Q1FY25. We have cut FY24-26E EPS for our coverage universe by 0-8%, accounting for the delay in recovery. The NIFTY IT index has corrected ~8% over the last 1M, also underperforming the broader markets by ~9%, as the market starts factoring-in this slower recovery. Our pecking order is INFO, HCLT, TECHM, WPRO, LTIM, and TCS among Tier-1 companies and CYL, ECLX, FSOL, and ZOMATO among mid-sized players.

IMFA: Indian Metals board approves withdrawal of Scheme of Amalgamation of Utkal Coal into co, acquisition of remaining shares of subsidiary Utkal Coal to make it a wholly-owned unit

Gradual price hikes, mix improvement to counter spike in RM

TARGET PRICE (Rs) : 625

We recently met Gaurav Kapoor, CFO at APTY. Key takeaways: a) domestic demand is currently weaker than expected/historical averages; replacement is showing good signs, though OE demand is muted; exports showing signs of pick-up; b) recent spike in RM coincided with price cuts (on select SKUs, marginal at portfolio level); will consider taking hikes, though gradually; Q1 RM cost hike would be 4% plus; Q2 would see full impact if RM remains at high levels; c) RM spike seems not driven by fundamentals and, thus, may cool off; d) capacity utilization is at comfortable levels of ~80%; expect to inch towards mid-80s; e) structurally, the margin band should improve and gradually get delinked to underlying commodities with rising share of high-margin SUV tyres. We retain BUY on APTY with an unchanged TP of Rs625 at 16x FY26E P/E.

With both equity and gold prices hovering around record highs, market experts believe investors should review their portfolio and book some profit from equity for allocation to gold, as it has more steam to rally after the US rate cut.

The equity markets have rallied on the back of sustained inflows from retail investors, even as foreign portfolio investors pulled out money at frequent intervals this fiscal.

The bellwether Sensex has rallied a whopping 14,545 points, or 25 per cent to 73,651 points on Thursday, the last trading day of this fiscal, against 59,106 points logged on April 3, 2023.

The funds mobilised by India Inc through the IPO route in this financial year was up 19 per cent to ₹61,000 crore compared to ₹52,116 crore raised in FY23.

However, excluding the mega LIC IPO of ₹21,000 crore in May 2022, the mop-up increased to 58 per cent year-on-year, according to Prime Database.

Initial Public Offerings (IPOs) in the SME exchanges have been raining, with 28 companies raising ₹954 crore in March alone. In fact, the funds mopped up by SMEs have more than doubled to the highest ever in this fiscal year to ₹6,300 crore against ₹R2,235 crore logged in FY23.

According to exchange data , the number of companies tapping the capital market has also jumped sharply to 205, up from 125 in FY23.

Buzzing Stocks: Auto stocks, Infosys, Adani Total, GRSE, YES Bank, L&T Finance, IOB, HDFC Bank, Bank of India, IOC, Zomato, RVNL, Newgen Software, PG Electroplast, EIH, Dilip Buildcon, Dilip Buildcon, Triveni Engineering, Easy Trip, Tejas, TVS Motor, CreditAccess

• ZEEL

Foreign portfolio investors (FPIs) reduced their holdings in Indian equities to a decade low of 16.2 per cent of overall market capitalisation, The drop in FPI holdings in percentage terms may be attributed to selling in some sectors, partly due to underperformance in financials, where FPIs have a substantial exposure, said experts.

Foreign portfolio investors have injected $25 billion into the equity market in 2023-24.

Mcap: Rs75.9bn; CMP: Rs544: TP: Rs700: Rating: BUY

What happened: KFIL has started Pulverised Coal Injection at both the mini blast furnace at Koppal on 29th March 2024. Capex incurred for the PCI equipment was Rs500mn. 

Our view:

1. PCI should instantly lead to reduction in consumption of coke and increase in productivity of the blast furnaces starting 1QFY25. However, cost savings will reach its full potential when pulverised coal will be infused along with oxygen. KFIL has planned to set up the oxygen plant in Jun/July’24.

2. We expect annual cost savings post full ramp up of coal infusion (i.e. 110kgs) along with oxygen plant to be ~Rs400mn/ Rs800/tonne savings (on current coke prices) from the Koppal furnaces.

3. We expect at least 50-70ktonnes of capacity to be debottlenecked on full infusion of pulverised coal. 

4. All of these are already in our estimates. With coking coal price now dropping to US$264/tonne CNF India, we expect Hiriyur blast furnace to restart within ~1 month. This should lead to both volume growth and cost savings in the 1QFY25 nos. Any positive news on the iron ore mine will be additional trigger for the margins. Remain positive on KFIL.

Jay Kailash Namkeen’s IPO opened on 28 March and was oversubscribed by over 1.46 times, on the first day. It posted a revenue of Rs.6.4 cr. and NP of Rs.40 lakh as of 30 Nov 2023. The issue will close on Wed, 3 April and is expected to list well as it commands a GMP of Rs.38.

Ahmedabad based Mishtann Foods rights issue opens on 2nd April 2024 at Rs. 15/share in the ratio of 1 share for every 31-share held on 20th March 2024.

The global E-Waste rose to 62 mn. tonnes comprising metals, plastics and other materials and is out pacing the rise in formal recycling by almost 5 times, which spells the huge potential for Eco- Recycling, the pioneer and leader in India.

Artefact Projects has huge orders for six years having bagged Rs.5.50 cr. order from NHAI. It pre-paid its debt of Rs.5 cr. and trades at a P/E of 8x and P/B of 0.86x even as its Q3 NP rose 60% and 9M NP grew 53%. Buy for hefty gains.

Godavari Drugs Q3 NP rose 82% to Rs.1.22 cr. from Rs.67 lakh YoY. For 9M, it posted PAT of Rs.2.89 cr. fetching an EPS of Rs.3.83. Buy for 25% gains.

Lehar Footwears 9M PAT rose 56% to Rs.5.34 cr. from Rs.3.42 cr. YoY as all its verticals are growing. Promoters hold 71.81% & 29 HNIs hold 13.49%. Its 52-week high is Rs.179 but due to market crash it is now available at attractive valuations. Buy for hefty gains.

Gujarat Industries Power’s Q3 PAT rose 65% to Rs.46.62 cr. from Rs.28.34 cr. QoQ. With a BV of Rs.211 and a 52-week high of Rs.237, it is available at Rs.163 and has the best P/B among all power stocks and a dividend payout of 25%. Buy for hefty gains.

Ramky Infra hit a new 52-week high of Rs.1008 on 2 Feb 2024 but is now available at Rs.485.80. It has signed two contracts with Greater Chennai Corporation for Reclamation of Kodungaiyur Dumping Ground through Biomining. Buy for decent gains.

HFCL to incur a capex of Rs.144 cr. on an optical fiber cable manufacturing facility in Poland. It has orders of Rs.40.36 cr. for supply of optical fiber cables to a leading private telecom operator in India. Add for 20% gains.

Porwal Auto Components 9M NP rose 523% to Rs.3.20 cr. from Rs.6 lakh YoY. Two reputed HNIs Veeresam Pabba hold 1.31% and P. Pirlamarla hold 2.40%. Its 52-week high is Rs.70. Add for 25% gains.

Most PSU stocks crashed and are likely to rise again in FY25. Keep an eye on those PSU stocks which have bright future and are available at a reasonable value.

Competent Auto Q3 NP rose 62% to Rs.7.53 cr. from Rs.4.66 cr. YoY. For FY23, it posted sales of Rs.1731 cr. and EPS of Rs.42. It has a BV of Rs.521 and a market cap of Rs.235 cr. It trades at a P/E of 5.6x and P/B of 0.75x. Buy for good gains as the stock will list on the NSE too.

Sika Interplant Systems is engaged in the Defence & space A&D; Auto Eng., Aerospace & electrical module integration. For Q3, its PAT rose 115% to Rs.4.73 cr. on 77.45% higher sales of Rs.26 cr. fetching an EPS of Rs.11.15. Add for multi-bagger gains.

TBZ 9M NP grew 47% to Rs.41.82 cr. from Rs.28.46 cr. YoY. The promoters hold 74%, FPIs hold 1.82%, Malbar Gold hold 3.52% and HNI Vijaykumar holds 6,88,901 shares. Add for 25% gains.

Tyche Inds aims to be a global player in APIs and advanced intermediates by 2025. It trades at a P/E of 13x and P/B of 1.63x. It paid 20% dividend for FY23. It has an impressive ROCE of 17%. Buy.

With excellent monsoon expectations, one can look at fertilizer stocks in the coming weeks. GSFC is highly undervalued given its intrinsic value. It is available at 30-40% discount to its 52-week high. Add.

HT Media has stake in HMVL worth more than its mktcap. Not to forget the other businesses of print, radio and the job portal ‘SHINE.com’. Add.

With insurance companies getting major relief on surrender value from IRDAI last week, HDFC Life and New India Assurance should be good stocks to bet in the coming months. Add.

Cosmo First is engaged in specialty films for packaging, lamination & labeling applications. It offers BOPP films, CPP films and BOPT films. It trades at 50% discount to its 52-week and trades at a P/E of 10x. Add for 30% gains.

Summit Securities is the holding company of CEAT, KEC, ZENSAR, etc. valued at Rs.10100 cr. but a market cap Rs.1300 cr. only and is debt free. It trades at a 87% discount to its fair value. Add for 25% gains.

DCM Shriram Industries recorded strong growth in Q3 and 9M. With an additional attraction of 3-way demerger, it may scale new peaks in FY25. Add for the long term.

SPL Industries trades at a P/E of 13.04x as against the industry average of 32.88x and at a P/B of 0.8x as against the industry average of 2.45x. Strong fireworks are in store for this stock. Buy.

Apollo Hospitals group co., Indraprastha Medical Corp., trades at a P/E of 14x as against the industry average of 44.31x. It is a strong re-rating candidate. Add.

Indus Towers has a strong market presence and financial stability given its extensive infrastructure, customer base & effective management. American Towers’ decision to convert its debt in Vodafone Idea (VI) into equity will benefit from the strengthened financial position of VI for recovering its dues. Add.

Reliance Infrastructure’s subsidiary, Reliance Velocity Ltd. (RVL), enters into agreements with Rosa Power Supply Co. Ltd. & Tata Hydro Power Pvt. Ltd. for secured inter-corporate deposits worth Rs.425 cr. This means that RVL seeks financial support for its operations or investment activities. Considering the current market, it can do well in the short term. Add.

Rudra Global ventured into the defense & aerospace sector by establishing a subsidiary, indicating a strategic move to diversify its portfolio and tap into new markets with potentially high growth prospects. Further, it has launched RudraMart, which will expand its presence in the construction and infrastructure industry. Add.

Eicher Motors launches a ‘Royal Enfield’ unit in Netherlands. Add for the long term.

Forecast of a normal monsoon boosting rural consumption will add to the bullish fervour created by other economic indicators.

Interglobe Aviation plans 30 wide bodied Airbus for its Indigo Airlines and sharp rise of aeroplanes to 600 by FY 26 from 366 now.

Lupin Laboratories to sell India trade generics to its own arms for Rs.132 cr.

Mining industry is set to boom as India begins offshore excavation of critical minerals in Africa.

Rerouting Red Sea Cargo will hit farm products capital goods and oil trade.

Employee Provident Fund Organisation adds 8.08 lakh new members in Jan 24.

Gensol Engg. bags Rs. 520 cr. EPC order in Maharashtra.

With FPIs bolstered after bonds got included in the index, India’s FY25 economic outlook is positive despite headwinds.

KEC International bags Rs.1004 cr. new orders across various businesses.

Bharti Airtel to launch IPO of Bharti Hexacom in first week of April 2024.

Nilesh Shah of Kotak AMC sees correction ahead & suggests profit booking now. He feels India is relatively overvalued against China, Brazil etc.

Listing gains from IPOs are on the decline according to Prime Database, which states that 10 of the 21 companies listed in the past 3 months were listed below their issue price.

RBL Bank to focus on new retail product and cut-down its wholesale books to boost its return on assets by 13-14% by 2026.

Ultratech Cement to buy 26% in O2 renewable energy XXII for Rs.16 cr. and thereby optimize its energy costs.

Rising coco prices will affect chocolate producers Nestle & Lotus Chocolate Co.

Thanks to SEBI, Indian bourses have become the fastest stock trading and settlement service provider in the world with the same day settlement in 25 leading stocks to begin with..

Goldman sachs has raised the target price of Reliance Industries, the largest co. in India by market capitalization to Rs. 3400/ share from.

Tata Motors’ Tata passengers electric mobility arm TPEM has tied up with Hindustan Petroleum to set up 5000 public charging station across India by December 2024.

India Cements to raise 750 cr. via bonds to fund its working capital and capital expenditure.

With Sensex up 25% in FY24 despite global woes, the BSE market cap has hit $4.7 trillion and investor wealth has risen the most this year to $ 1.6 trillion.

Wockhardt to cut debt and raise funds for clinical trials of innovative antibiotic drugs.

Indian Hotels co. eyes 90 new properties after a buoyant FY24 with 52 signings and 34 openings in a portfolio of 300 hotels.

Realty firm, Macrotech Developers of the wellknown Lodha brand to raise Rs. 125 cr.

Siyaram Recycling founded in 2007 is recommended by experts for its brass scrap separation, ingot manufacturing and production of industrial brass components. Buy.

LIC Housing Finance, the second largest housing finance co., posted 152% higher Q3 EPS of Rs. 21.2 and 117% higher 9M EPS of Rs.66.9. This could take FY24 EPS to Rs.90+. A conservative P/E of 8.5x could take its share price to Rs.765. Buy.

Shreyans Industries, manufacturer of writing & printing paper, posted Q3 EPS of Rs.15 and 9M EPS of Rs.52.5. This could take FY24 EPS to about Rs.67. Add.

Debt-free IST Ltd., manufacturer of auto components, posted 56% higher Q3 EPS of Rs.27.7 and 61% higher 9M EPS of Rs.86.9. This may lead to FY24 EPS of Rs.125. Buy for 35% gain.

Beekay Steel, a 50+ year old steel manufacturer, posted 54% higher Q3 EPS of Rs. 13.9 and 10% higher 9M EPS of Rs.49.1. This could take FY24 EPS to Rs. 65. Buy.

Voith Paper Fabrics, with 74% German stake, posted 37% higher Q3 EPS of Rs. 21.8 and 31% higher 9M EPS of Rs. 65.8. This may take FY24 EPS to Rs.90. A reasonable P/E of 30x for MNCs, the share price could reach Rs.2700. Buy

JM Financial a diversified financial services major, posted 45% higher Q3 EPS of Rs. 2.9 and 18% higher 9M EPS of Rs 6.7. This may take FY24 EPS to Rs 11. Buy for the long term.

Government owned Repco Home Finance with 160 branches nationwide, posted 25% higher Q3 EPS of Rs. 16.5 and 30% higher 9M EPS of Rs. 48.4. This could take FY24 EPS to Rs. 66. Buy.

Canara Bank posted 44% higher 9M EPS of Rs 62.4. This could take FY24 EPS to Rs 85. A reasonable P/E of 8x may take its share price to Rs 680. It announced a 1:5 face value split from Rs. 10 to Rs 2. Buy for 20% gain.

Bank of India posted 109% higher Q3 EPS of Rs.4.6 and 100% higher 9M EPS of Rs 12.1. This may take FY24 EPS to Rs. 17. Buy for 20% gain.

International Conveyors, a 46-year-old manufacturer of conveyor belting systems, posted 200% higher Q3 EPS of Rs 3.6 and 187% higher 9M EPS of Rs 8.9. This may take FY24 EPS to Rs. 13+. Buy for 25% gain.

NCL Industries posted 80% higher 9M EPS of Rs 15.3 which may take FY24 EPS to Rs. 22. Buy for 20% gain.

Shilp Gravures, a leader in Electro-Mechanical Engraving, posted 80% higher Q3 EPS of Rs 4.5 and 59% higher 9M EPS of Rs 16.2. This may take FY24 EPS to Rs 22+. Buy for 20% gain.

Cyient signs an agreement with Deutsche Aircraft to design rear fuselage section of D328 Eco Aircraft. This will boost its revenue & profitability. Add.

Dr Reddy’s Labs signs an exclusive distribution agreement with Sanofi Healthcare India to promote & distribute the vaccine brands of Sanofi Healthcare in India. Add.

Balmer Lawrie to set up a Rs.230 cr. free trade warehousing zone in the SEZ of Jawaharlal Nehru Port Authority. Add for the long term.

Man Industries’ begins its first 50,000 TPA ERW mill in Gujarat, which will boost its top line. Add.

BHEL bags an order from Adani Power for a 2x800 MW thermal power plant at Raigarh. A big positive. Add for the long term.

Varun Beverages acquires South Africa-based beverage co. and its wholly-owned subsidiaries, which boost its revenues substantially. Add.

Annapurna acquires six-decade-old Arati brand mustard oil from R R Proteins worth Rs.28 cr. A big positive. Add.

Andhra Sugar commissions a new Salicylic Acid plant of 2,640 TPA at Tanuku. Add.

GOCL Corp, formerly Gulf Oil Corp., signs a MoU with Squarespace lnfra for monetization of ~ 264.50 acres of land situated at Kukatpally, Hyderabad. Add

Mahickra Chemicals bags export orders worth $250,000 from Egypt & Turkey. A big positive. Add.

Sree Raylaseema Hypo announces commercial production of 2 TPD of Sodium metal. Add.

Biocon receives UK Healthcare’s approval for diabetes drug Liraglutide - the first generics co. to obtain approval. A big positive. Add.

Reliance Industries signs a 20-year power purchase agreement with Adani Power arm at an investment of Rs.50 cr. Add.

NHPC to raise Rs.6,100 cr. debt in FY25 through NCDs, term loans & ECBs. Something big is cooking. Add.

US FDA issues 4 observations for Zydus Life’s Ahmedabad’s SEZ Onco injectable manufacturing plant. Sell.

US FDA issues form 483 with 10 observations to Alkem Lab’s plant at Baddi. Sell.

RailTel bags an order from the Centre for Development of Advanced Computing for VMWare virtualization licenses with 3 years support worth Rs.36.35 cr. Add.

Bajaj Auto to launch its biggest Pulsar soon and also CNG motorcycle in June. A big positive. Add.

KP Energy commissions a 16.8 MW inter state transmission system (ISTS) connecting its wind power project at Sidhpur with Devbhoomi Dwarka. Add.

JSW Energy’s arm signs a Business Transfer Agreement with Reliance Power for purchase of the 45 MW Vashpet Wind project for Rs.132 cr. Add.

Hindustan Aeronautics to supply 2 Hindustan-228 Commuter Aircraft worth Rs.194 cr. to Guyana. A big positive. Add for the long term.

Greaves Cotton signs a Technology Transfer & Supply Agreement with Japanese Tsuyo Manufacturing Pvt. Ltd. for low-speed 3-wheeler vehicles. Add.

Turnover: (NSE + BSE)

Cash Volume: 111696.91 + 8970.45 Total: 120667.36

F&O Volume: 373977.58 + 18521906.17 Total: 18895883.75

Provisional Cash Rs. In Crs.

FII/FPI: NET BUY: +188.31

(24808.78 - 24620.47)

DII: NET BUY: +2691.52

(12428.24 - 9736.72)

Amidst overall market rise, VIP Industries, Kalyan Jewellers, and Latent View Analytics stood out as top performers in BSE 500

The stock of HDFC Bank (₹1,447.90) has been consolidating in recent weeks since a sharp fall in November. The stock finds immediate support at ₹1,400 and ₹1,304. A fall below the latter will change the outlook negative.

The currency markets remained broadly stable last week. The dollar sustained higher and the US Treasury yields oscillated up and down around 4.2 per cent all through last week. The euro remained lower and subdued. The Indian rupee attempted to recover but seems to lack strength.

Gold continued the uptrend and hit fresh highs. Although silver gained, it lagged the yellow metal. In terms of dollars, gold and silver were up 3.2 per cent and 1.2 per cent last week and closed at $2,232.4 and $25 per ounce, respectively.

On the Multi Commodity Exchange, gold futures gained 2 per cent to end at ₹67,701 (per 10 gram), whereas silver was up by a marginal 0.3 per cent to close at ₹75,048 (per kg).

Crude oil ended the week with a gain on the back of the rally on Friday. Brent crude oil futures on the Intercontinental Exchange (ICE) was up 1.6 per cent by closing at $87 per barrel. Crude oil futures on the MCX was up 2.4 per cent by ending the week at ₹6,909 a barrel.

Nifty 50 (22,327) and Bank Nifty (47,125) extended the gain for the second week as they appreciated 1 per cent and 0.6 per cent respectively in the last week. Below is an analysis of the derivatives data of both indices.

Even as Indian equities have delivered stellar returns post Covid, with several stocks seeing their price rise several fold over the last four years, there are still pockets of opportunity for investors eyeing a medium-term horizon. One such opportunity in the agri business space is Godrej Agrovet, which is part of the over $4-billion Godrej Group.

UK, Hong Kong, Germany and France @ Market Holiday

U.K. and Europe Daylight Timing Shift (Market Opening Time @ 12.30) 

India @ Equity Settlement Holiday (Market will remain open for Trading) 

India March Month Auto Sales Numbers 

07.15 China Manufacturing PMI (Expected: 51.0 versus Previous: 50.9) 

19.30 US Manufacturing PMI (Expected: 48.5 versus Previous: 47.8)

Coromandel International’s stock faced considerable selling pressure in December and January. But since February, it has been charting a sideways trend between ₹1,035 and ₹1,120. Notably, the downtrend was arrested by the support at ₹1,035. This has been holding well since August last year.

Nifty and Bank Nifty prediction for the week April 1-5, 2024 by BL Guru

The Indian benchmark indices managed to hold above their supports last week. Sensex, Nifty 50 and the Nifty Bank index have moved up for the second consecutive week. The Sensex and Nifty 50 were up over a per cent each and the Nifty Bank index closed higher by 0.56 per cent. However, this upmove is happening well within the broad range that we had mentioned in this column last week. There is room for more rise within this range.