Share Market Highlights 14 March 2024: Sensex, Nifty bounce back on buying in IT stocks; Smallcap index soars over 3%

Benchmark Sensex rebounded 335 points and Nifty closed above the 22,100 level on Thursday on the back of buying in IT shares and metal shares as broader markets recovered from previous day’s sharp losses.

The 30-share BSE Sensex climbed 335.39 points or 0.46 per cent to settle at 73,097.28. During the day, it jumped 602.41 points or 0.82 per cent to 73,364.30.

The NSE Nifty gained 148.95 points or 0.68 per cent to 22,146.65.

The rupee depreciated 1 paisa to settle at 82.82 (provisional) against the US dollar on Thursday amid a strong greenback against major rivals overseas and rising crude oil prices.

However, a firm trend in domestic equity markets supported the local currency and restricted the fall, forex traders said.

“The market was able to recover half of last trading day’s sell-off as leverage based square-off neutralised it, while institutional buying sustained the buoyancy. Domestic economic data wholesale price inflation (WPI) eased to four-month low at 0.2% YoY in February, bringing ease to upcoming CPI trajectory, a relief for future rate cuts. The broader market is outperforming the headline indices, taking advantage of Mid and Small cap as a bargaining strategy”.

TVS Motor Company board, at its meeting on March 20, to consider the issuance of cumulative non-convertible redeemable preference shares by way of bonus, to the shareholders of the Company.

H.G. Solar Projects Private Limited, a wholly owned subsidiary of H.G. Infra Engineering Limited, has subscribed 49% stake in two companies namely, Norangdesar Solar Developer Private Limited and Rasisar Solar Developer Private Limited.

IndoStar Capital Finance informed that the RBI imposed an aggregate monetary penalty of ₹13.60 lakh on the Company. 

Shares closed at ₹196 on the BSE, higher by 4.39%.

Asian Energy Services Ltd (AESL) announced that it secured a contract from Hardy Exploration & Production (India) Inc. This contract, valued at approximately ₹48 crore, involves the installation of various infrastructure components, including flexible flow lines, dynamic risers, control umbilicals, and associated accessories within the PY3 Field situated along the Southern Coast of India.

In its report on ‘One Nation One Election’, the Ram Nath Kovind-led panel recommended a two-step approach to achieving simultaneous elections in the country. To begin with, simultaneous polls should be held for the Lok Sabha and state legislative assemblies.

Biocon Biologics Ltd, a subsidiary of Biocon Limited, has approved the sale of its branded formulations business in India, including Metabolics, Oncology, and Critical Care Diagnostic (BFI Business), to Eris Lifesciences Limited on a slump sale basis.

Biocon stock surged by 5.83% on the NSE, trading at ₹267.60.

Bharat Electronics Ltd. secured order worth ₹1,940.35 crore.

BEL stock rises 2.84% on the BSE, trading at ₹195.40.

Bank of India informed that RBI has imposed a monetary penalty of ₹1.40 crore for non-compliance with certain directions.

Shares trade at ₹130.30 on the NSE, higher by 1.44%.

Major gainers:

Adani Enterprises (6.16%), Adani Ports (4.73%), Hindalco (3.66%), Hero Motocorp (3.48%), Hero Motocorp (3.48%), ONGC (2.94%)

Major losers:

Axis Bank (-1.85%), IndusInd (-1.67%), JSW Steel (-1%), Tata Steel (-0.80%), Bajaj Finserv (-0.71%)

Stocks advanced on BSE at 3:00 pm on March 14, 2024, were 2,684 against 1,179 stocks that declined; 87 stocks remain unchanged. Total stocks traded were 3,950. The number of stocks that recorded a 52-week high was 70, and those that hit a 52-week low was 170. 

In addition, 456 stocks traded in lower circuit, while 298 hit the upper circuit.

Adani Wind Energy Kutchh Four Ltd (AWEK4L), Wholly-owned subsidiary of Adani Green Energy Limited (AGEL), has operationalized 126 MW of merchant wind power project in Gujarat.

AGEL stock jumps 7.65% on the NSE, trading at ₹1,856.95.

Major gainers of Nifty IT stocks:

Mphasis (4.16%), Infosys (2.59%), HCL Technologies (2.59%), Wipro (2.52%), LTTS (2.48%)

Lupin Ltd has executed an amendment agreement to the business transfer agreement with Lupin Manufacturing Solutions Limited, wholly owned subsidiary of the Company, to record pending minor post-closing adjustments and completed all formalities. 

Lupin stock rises 2.34% on the NSE, trading at ₹1,641.

Manba Finance Limited files DRHP with SEBI for IPO The IPO is entirely a fresh issue of up to 12.57 million shares.

Manba Finance Limited is a NBFC-BL providing financial solutions for Auto loans, Used Cars, Small Business Loans and Personal Loans with an AUM size of more than ₹ 800 crore as on December 31, 2023.

Ovobel Foods Ltd has purchased the assets of egg powder processing unit of Bestovo Foods Private Limited, having its operational facilities in Achar Thimmapur Village, Irakalgad Hobli, Koppal Taluk and District in Karnataka at a cost of ₹9 Crore, for cash.

Ovobel Foods stock jumps 8.74% on the BSE, trading at ₹219.

Genesys International Corporation Ltd has secured a deal with the Brihanmumbai Municipal Corporation (BMC). The contract, valued at ₹155 crore.

Genesys International stock jumps 8.76% on the NSE, trading at ₹572.

Major losers of Nifty bank stocks:

Federal Bank (-1.78%), IndusInd (-1.62%), Axis Bank(-1.52%), Bank of Baroda (-0.69%)

Ambuja Cements informed that the fine levied by BSE and NSE has been waived by the Relevant Authority of the National Stock Exchange (NSE), based on the waiver applicable filed by the Company. 

Shares trade at ₹581.25 on the NSE, higher by 3.93%.

Kewal Kiran Clothing Ltd. has incorporated a wholly-owned subsidiary Kewal Kiran Lifestyle Limited.

KKCL stock inches up by 0.70% on the NSE, trading at ₹665.

The consortium of ​Ramkrishna Forgings​ and ​Titagarh Wagons​ will start production of forged wheels for Vande Bharat trains at Gummidipoondi near Chennai in 16-18 months, Ashwini Vaishnaw, Union Minister of Railways, Communications and Electronics & Information Technology, told newspersons. 

Construction of the plant is in full swing, he told newspersons.

​Read more here. ​

The NSE Nifty was up by 0.71% or 157 points to 22,194.50, while the BSE Sensex was at 73,153, up by 0.55% or 393.23 points. 

A total of 3,917 stocks were actively traded; 2,692 advanced, 1,126 declined, and 99 stocks remained unchanged. At 1.35 pm on Thursday, 66 stocks hit a 52-week high, and 166 stocks hit a 52-week low.

Read more here.

IIFL Finance, a prominent non-banking financial company, has announced notable additions to its Board of Directors and senior management team. 

The appointments include Bijou Kurien and Nihar Niranjan Jambusaria as Additional (Independent) Directors, along with Shivalingam A. Pillai as Chief Compliance Officer and Abhiram Bhattacharjee as Chief Operating Officer. 

Founder and Managing Director of IIFL Group, Mr. Nirmal Jain, expressed confidence in these additions, highlighting their importance in strengthening the company’s compliance, operations, and business practices. 

He emphasized that investing in top talent reinforces their commitment to customers and stakeholders while laying a solid foundation for future innovation and growth.

Cyient stock surges 3.28% on the NSE, trading at ₹1,959.30, after signed a multiyear services agreement with Airbus for Cabin and Cargo Engineering.

Praveg has received work orders from Department of Tourism, U.T. Administration of Lakshadweep for Development, Operation, Maintenance and Management of 200 tents at Thinnakara Island, UT of Lakshadweep and 150 tents at Bangaram Island, UT of Lakshadweep.

Gujarat Mineral Development Corporation Limited has appointed Anupma K Iyer as Chief Financial Officer of the company w.e.f. March 11, 2024.

Stock surged 6.19% on the NSE, trading at ₹343.85.

Mishra Dhatu Nigam Limited has declared interim dividend of ₹1.41 per equity share.

Stock trades at ₹369.30 on the NSE, higher by 4.32%.

Goa Carbon Limited has received assessment orders and demand notices issued by the Office of State Tax Officer, Panaji Ward, under the Goa Cess on Products and Substances Causing Pollution (Green Cess) Act, 2013, for the Financial Years 2020-21, 2021-22 and 2022-23, whereby total cess amounting to ₹2,76,70,285 and total penalty amounting to ₹3,06,000 has been demanded.

Goa Carbon stock rises 3.26% on the BSE, trading at ₹701.50.

Homegrown Larsen and Toubro (L&T) on Thursday announced bagging a major order gas pipeline project in the Middle East region, reported PTI.

The scope of work comprises Engineering, Procurement, and Construction (EPC) of two new pipelines along with associated work parallel to the existing pipeline corridor, the infrastructure major said in a statement.

The major onshore gas pipeline project has been received by the company’s hydrocarbon vertical L&T Energy Hydrocarbon – LTEH, it said.

GAIL has planned to enter into LNG retail sector by setting up LNG dispensing stations across golden quadrilateral/major national highways. GAIL stock is up 4.03% on the NSE, trading at ₹175.50.

HavenArk, a leading trading community in Kochi, has announced a strategic partnership with Zimtra, a proprietary asset management firm. Leveraging HavenArk’s extensive trader network, the collaboration aims to usher in a new era of trading proficiency and economic empowerment.

NTPC Group crossed 400 billion Units (BU) of total electricity generation in the current financial year, on 13th March, 2024. During FY 2022-23, the company had generated 399.3 BU.

SpiceJet Ltd.’s shares were up by 6.75% after the company announced that it was solidifying lease agreements for ten aircraft, positioning itself for an expansion. The airline said that the acquisition of these additional aircraft will empower SpiceJet to effectively address the escalating demand for air travel, particularly during the summer months.

Greaves Electric Mobility, the electric mobility business of Greaves Cotton Limited (GCL, through its 3W subsidiary announced the launch of the electric 3-wheeler passenger vehicle, Greaves Eltra City. 

Greaves Cotton stock is up by 3.97% on the NSE, trading at ₹130.80.

Bigbloc Building Elements Private Limited, a wholly owned subsidiary of Bigbloc Construction Limited, registered its project for carbon credits under the Verified Carbon Standard (VCS) with the assigned project ID VCS 4911 for which VERRA has completed listing and under process of validation.

Bigbloc Construction stock jumps 9.09% on the BSE, trading at ₹190.20.

Valor Estate Limited’s board has approved: allotment of 356.66 lakh equity shares after completion of ₹920 crore Qualified Institutional Placement (QIP) on March 14, 2024.

The company formerly known as DB Realty has also received board’s approval for incorporation of anew wholly owned subsidiary, Advent International Limited, to acquire the Company’s substantial interests in the hospitality business.

Stock rises 3.77% on the NSE, trading at ₹233.95.

Asian Energy Services Ltd (AESL) bagged contract from Hardy Exploration & Production (India) Inc, valued at approximately ₹48 crore, including taxes and it will be executed in FY25. The Asian Energy stock declined 4.99% on the NSE trading at ₹237.95.

The Faridabad-based Shivalic Power Control Limited has filed a DRHP with NSE Emerge

· IPO comprises a fresh issue of 64.32 lakh equity shares with a face value of Rs. 10 each

· The company manufactures a diversified range of electric panels such as PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronisation panels, Outdoor panels, HT Panels up to 33KV, VFD Panels, Power Distribution Boards, Bus Duct and LT & HT APFC Panels

· SPCL intends to utilize net proceeds from IPO to meet the working capital requirements, procure new machinery, construct a new assembly line, fund inorganic growth initiatives through unidentified acquisitions and for general corporate expenses

· The company posted a revenue of Rs. 63.55 crore in the first nine months of FY24, compared to a revenue of Rs. 82.15 crore in FY23

· Corporate Capital Ventures Private Limited is the Book Running Lead Manager, and Skyline Financial Services Private Limited is the Registrar for the issue

Zydus Lifesciences Ltd has received tentative approval from the USFDA to manufacture and market Edaravone Injection, 30 mg/100 mL (0.3 mg/mL), Single-Dose Vial. In addition, Zydus has received final approval from the USFDA for Chlorpromazine Hydrochloride Injection USP, 25 mg/mL and 50 mg/2 mL (25 mg/mL), Single-Dose Vials

Shares rise 2.04% on the NSE, trading at ₹988.45. 

Major gainers:Adani Enterprises (6.22%), Adani Ports (4.56%), Hindalco (3.18%), Hero Motocorp (2.48%), L&T (2.24%)

Major losers:JSW Steel (-1.06%), Tata Steel (-0.49%), Dr Reddy’s Lab (-0.38%), Axis Bank(-0.27%), HDFC Bank (-0.25%)

While 2,644 stocks advanced on BSE at 12 noon on March 14, 1,098 stocks declined; and 109 stocks remained unchanged. Total stocks traded were 3,851. The number of stocks that recorded a 52-week high was 59, and those that hit a 52-week low was 163. 

In addition, 440 stocks traded in lower circuit, while 220 hit the upper circuit.

Demat additions surged MoM to 4.3m

· NSE active clients increase for the eighth consecutive month

According to Motilal Oswal Financial Services, the total number of demat accounts increased to 148m in Feb’24. New account additions surged to 4.3m in Feb’24 vs. average monthly additions of 2.1m in FY23. In Feb’24, CDSL continued to gain market share in terms of the total number of demat accounts and also an increase in the market share on a MoM basis. On a YoY basis, NSDL lost 380bp/920bp market share in total/incremental demat accounts.

Prabhudas Lilladher’s wealth management arm, in its latest study on mutual fund performance analysis cited that the AUM (assets under management) of equity mutual funds has surged by 2.76% sequentially to INR 23,12,396 crore in February 2024 from INR 22,50,336 crore in January 2024. The study which is based on the analysis of 277 open-ended equity diversified funds cited that 64% of the funds have outperformed their respective benchmarks over the past one month, ended February 29, 2024.

Gopal Namkeen, the manufacturer of popular snack items, witnessed a disappointing debut on the stock market, listing at Rs. 352 per share. This translates to a loss of around 13% compared to its issue price of Rs. 401. This negative listing performance falls short of pre-listing expectations and raises concerns about investor sentiment, valuation, and the company’s growth prospects in the competitive snack food market.

The IPO price might have been perceived as too high considering the company’s growth trajectory and the competitive landscape. Broader market conditions and investor cautiousness towards food companies might have dampened enthusiasm. 

Investors are advised to carefully consider their risk tolerance and long-term investment goals before holding onto their shares.

Larsen & Toubro (L&T), through its Hydrocarbon vertical, L&T Energy Hydrocarbon (LTEH), clinched an onshore gas pipeline project from a client in the Middle East. 

Cholamandalam Investment and Finance stock rises 1.69% on the NSE, trading at ₹1,066, after purchase of 4.67 acres of land in Chennai from realty firm DLF Ltd for ₹735 crore.

DLF stock rises 1.31% on the NSE, trading at ₹841.

Copper futures on the Multi Commodity Exchange (MCX) has been moving up over the last month after finding support between ₹700 and ₹710. Read more here.

Hindustan Copper (7.62%), Adani Enterprises (4.98%), JSL (4.74%), National Aluminium (4.52%)

RVNL jumps 6.45% on the NSE, trading at ₹236.95 on receipt of multiple contracts.

Tata Consultancy Services has signed an agreement with Nuuday, to implement a complex cloud transformation. As part of this multi-million-dollar deal, TCS will take full responsibility for Nuuday’s IT infrastructure and migrate it to the TCS hybrid cloud.

TCS stock trades at ₹4,146.15 on the NSE, up by 0.07%.

PL Wealth Management’s study on mutual funds shows a 2.76% increase in equity AUM to ₹23,12,396 crore in February 2024. 

Among 277 open-ended equity diversified funds, 64% outperformed benchmarks in February, a significant rise from the previous month’s 51%. 

Large & Mid Cap funds performed the best, with 85% outperforming benchmarks, followed by Mid Cap and Large Cap funds at 83% and 77% respectively. 

Small Caps fared the worst, with only 22% outperforming benchmarks.

Major gainers:

Jain Irrigation (14.68%), ACE (14.42%), DCAL (13.54%), Gabriel (13.34%), Suroday (12.18%)

Major losers:

KPI Green (-5%), SBCL(-3.71%), KSB (-3.60%), Sunteck (-3.41%), Sterling and Wilson (-3.22%)

Bajel Projects has secured a contract from Power Grid Corporation of India for ₹92.18 crore. Bajel Projects stock surges 4.16% on the NSE, trading at ₹189.25. Power Grid stock inches up by 0.34% on the NSE, trading at ₹265.20.

Royal Orchid Hotels Limited has signed a management agreement for an upcoming 5-star hotel in Surat, Gujarat. The new property will be managed by ROHL in partnership with Hindva Hospitality, LLP. ROHL stock surges 5.71% on the NSE, trading at ₹349.

Paramount Global has sold its 13 per cent stake in Viacom18 to Reliance Industries for ₹4,286 crore. With this Reliance Industries stake in Viacom18 will increase from 57 per cent to 70 per cent. 

EaseMyTrip Foundation, a wholly-owned subsidiary of EaseMyTrip.com has entered into a Memorandum of Understanding (MOU) with the Archaeological Survey of India (ASI). This partnership aims to designate EaseMyTrip Foundation as the Smārak Särathi (Monument Mitra) for four historical monuments, as part of the government’s Adopt a Heritage 2.0 program. The awarded monuments are: Qutb Minar, Delhi; Sun Temple, Konark, Odisha; Agra Fort, Agra; AND Western Group of Temples, Khajuraho, Madhya Pradesh

EaseMyTrip stock rises 3.72% trading at ₹43.20 on the NSE

Adani Green Energy stock zooms 5.52% trading at ₹1,820.20, after entering into a power purchase agreement with Solar Energy Corporation of India (“SECI”) for supply of 534 MW of solar power projects 

HSBC on IIFL Fin

Downgrade to reduce, TP cut to Rs 340 from Rs 790

IIFL’s gold loan biz has been disrupted for now; this will impact overall AUM growth, revenues, & profitability

Other IIFL businesses may be forced to moderate growth

Cut FY25-26e EPS est. c21-38%

HSBC on OMCs

Reiterate Buy on (BPCL, HPCL, IOC) on expectations of rational policy decision-making

Day-adjusted oil product demand grew 3% yoy & auto fuels 3.3% yoy, despite fears of price cuts 

Marketing & refining margins are robust

Jefferies on Coal India

Buy , TP Rs 530

Believe recent 13% offers a good buying opportunity

Vol growth trajectory has improved to feed India’s rising power demand, while big fall in e-auction prices seems largely behind

Trading @8.3x FY25E PE vs 2011-18 avg of 13x

CLSA on ONGC

Buy, TP Rs 300

Deep-water block in KG basin has started production & is expected to add c.15% to Co’s production in about a yr after over decade of production declines

If delivered, this production growth may be a powerful re-rating trigger 

Jefferies of Cholamandalam Fin

Repricing of auto loans to offset higher CoF & support steady NIMs

RoA can rise 20bps in FY24-26.

EPS should rise at 30% CAGR in FY24-26

Val seem reasonable post pullback

Azad Engineering has signed a seven year contract valued at approximately $35 million with the Steam Power Business of GE Vernova for supply of high-complex, rotating airfoils for nuclear, industrial and thermal power industry.

Shares trade at ₹1,233.95 on the NSE, higher by 1.23%.

Maharashtra Seamless: Promoter Sudha Apparels bought 28,500 shares on March 11. 

Nirlon: Promoter Kunal Virenchee Sagar sold 13.29 lakh shares, while Alfano Pte sold 9.23 lakh shares on March 12. 

Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 20,000 shares on March 13. 

Man Industries: Promoter Man Finance bought 35,225 shares between March 6 and 7. 

Gokul Agro Resources Promoter Ritika Infracon bought 3.23 lakh shares between March 11 and 12. 

Bharat Wire Ropes: Promoter Gyanshankar E-Trading LLP bought 3.02 lakh shares between March 6 and 12.

Chambal Fertilizers and Chemicals: Promoter Group Master Exchange and Finance created the pledge of 2 lakh shares on March 7.

DB Realty board has approved the issue and allotment of 3,56,66,675 equity shares to qualified institutional buyers at the issue price of ₹258 per share to the floor price of ₹270.87 per share.

DB Realty stock trades at ₹224.95 on the NSE, down by 0.22%.

Ashoka Buildcon Limited has entered into a share purchase agreement with GVR Infra Projects Limited (GIPL) and GVR Ashoka Chennai ORR Limited (CORR) for the acquisition of 50% of the share capital of CORR (held by GIPL), for a consideration of ₹185 crore.

Ashoka Buildcon stock surges 3.53% on the NSE, trading at ₹151.15.

Hindustan Aeronautics said the Ministry of Defence signed two contracts for a combined value of ₹8,073.17 crore for acquisition of 34 Advanced Light Helicopters (ALH) Dhruv Mk lllalong with Operational Role Equipment for Indian Army (25 ALHs) and Indian Coast Guard (09 ALHs). 

HAL shares rise by 2.31% on the NSE, trading at ₹3,109.80.

Antony Lara Enviro Solutions Private Limited has been awarded contract of processing of legacy waste through bio-remediation / bio-mining and re-development of existing Sanitary Landfill Cells at CIDCO’s MSW facility at Village Chal near Taloja, MIDC by CIDCO.

Reliance industries to acquire 13.01% equity stake of Viacom 18 Media Private Limited (Viacom18) held by Paramount Global through its two subsidiaries for an aggregate consideration of ₹4,286 crore. Reliance stock inches up by 0.32% on the NSE trading at ₹2,873.55.

JSW Energy Limited has received letter of award from Solar Energy Corporation of India Limited for 700 MW ISTS connected Solar Capacity. Shares rise by 1.17% on the NSE, trading at ₹466.45.

Major gainers: Adani Enterprises (2.63%), Hindalco (1.68%), Adani Ports (1.54%), Coal India (1.43%), Hero Motocorp (1.17%)

Major losers: Bajaj Finance (-1.69%), Tata Steel (-1.60%), JSW Steel (-1.16%), TCS (-1.14%), LTIMindtree (-1.07%)

Cyient: Company signs a multi-year services agreement with Airbus for cabin & cargo engineering. 

Sanofi: Company in exclusive distribution agreement with Emcure Pharmaceuticals for Sanofi’s Cardiovascular brands

Zydus Life sciences: Company introduces IBYRA for cancer patients in India 

Dynamatic Technologies: Company inks pact with Deutsche Aircraft to manufacture rear fuselage for regional aircraft D328eco

PC Jewel: SBI accepts PC Jeweller’s one time settlement (OTS) proposal to settle the outstanding dues. 

Power Mech Projects: Company incorporates new wholly-owned subsidiary PMTS to design & develop technologies required for construction companies.

Dronacharya: Company awarded service order from Adani to provide DGCA certified drone pilot training 

Indian Hume Pipe: Company gets order worth Rs 230 crore from Telangana Government for water supply & sewerage projects

RVNL/Salasar: RVNL and Salasar JV has received LoA, The total cost of project is Rs 173.0 crore 

ITC: In a block deal Govt of Singapore bought 9.15 cr shares; ICICI Prudential Mutual Fund bought 59 lakh shares 

Azad Engineering: Company signed a $35 million with the steam power business of GE Vernova for the supply of high-complex rotating airfoils.

KEC International: Company has secured new orders of Rs 2,257 crore across its various businesses including transmission & distribution projects in India

Shriram Properties: Company has launched a new residential project under the ‘Codename Ultimate,’ with a project revenue potential of ₹350 crore.

Som Dist: Board Meeting to be held on 02 Apr 2024 to consider Stock split. 

Dr Reddy: Company has received an order from GST Authority towards tax demand of Rs 3.06 crore. 

Reliance Ind: Company to acquire 13.01% stake of Paramount entities in Viacom18 for ₹4,286 cr. 

IIFL Finance: Company approves raising up to Rs 1,500 crore via issue of shares

Cholamandalam Investment: Company purchases land worth Rs 735 crore from DLF IT Offices Chennai admeasuring 4.67 acres.

BPCL: Company to establish CBG plants in Raipur Bhilai with an investment of Rs 100 cr each 

Tata Motors: Company signs MoU with Tamil Nadu Government to set-up vehicle manufacturing facility.

Balkrishna Industries: IT department conducting search at office premises, manufacturing units of company since March 11. 

Adani Ent: AdaniConneX’s Hyderabad site gets five-star grading from British Safety Council. 

Vedanta: Company to appeal SEBI order directing company to pay Rs 77.6 crore to Cairn U.K. before the appropriate forum 

L&TFH: Company will continue to offer range of financial products & services under brand name ‘L&T Finance’.

HAL: Defense Ministry approves acquisition of 34 New Dhruv Helicopters For Army, Indian Coast Guard worth Rs 8073 crore. 

Federal Bank: Company stops issuance of new co-branded credit cards. 

South Indian Bank: Bank is advised not to on-board fresh customers in co-branded credit cards until the bank fully complies with regulatory guidelines.

Benchmark indices fell heavily on Wednesday, with Nifty closing 338 points lower while Sensex closing 906 points lower. Among sectors, all major sectoral indices were trading in the red, but realty, metal, media and energy indices fell by more than 5 per cent each.

Technically, selling pressure intensified after the rejection of the 22200/73600 or 20-day SMA (Simple Moving Average) support level. After a long time, the index closed below the 20-day SMA and also formed a long bearish candle on the daily chart which is largely negative. We believe that the short-term structure of the market has turned bearish, which could push the market towards the 50-day SMA.

For day traders, 22200/73600 would act as the biggest hurdle for the market. Below that the market may slip to 21800-21600-21500/72300-71600-71300. On the other hand, any reversal from the support level could generate a quick pullback rally towards 22000/73000 towards 22100/73300. From a medium to long-term perspective, buying in select stocks is advised between 21800-21600 levels. Any move towards 22000 and 22100 should be used to reduce weak long positions.

Below 46800 levels, Bank-Nifty may fall to 46500-46200 levels, corresponding to 21800/21600 levels. Resistance will be at 47100 and 47300 levels.

Crude oil futures traded higher on Thursday morning following drone attacks by Ukraine on Russian refineries. Another factor that boosted the price was the significant drop in the crude oil inventories in the US. At 9.15 am on Thursday, May Brent oil futures were at $84.23, up by 0.24 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $79.89, up by 0.21 per cent. March crude oil futures were trading at ₹6609 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6579, up by 0.46 per cent, and April futures were trading at ₹6580 against the previous close of ₹6557, up by 0.35 per cent.

Issue Open - 26-March-24

Issue Close - 05-April-24

Right issue Size: Rs. 350 Crs (16.67 Crs Shares)

Stock Price – 32.01 /-

Right issue Price: Rs. 21 /-

Payment Terms: Rs. 21 /- (Full amount of Rs. 21 for rights equity shares has to be paid on application.)

Rights Entitlement Ratio: 13 Rights Equity Share for every 118 shares held (Effectively 0.11 for every 1 share held).

Last Trade date (Cum Right): 14 March 2024 (Today)

Ex-Right Trading date: 15 March 2024

Record Date: 16 March 2024

Right Entitlement (RE) Trading Period:- 26-March-2024 to 02-April-2024

Last day of Renunciation of Rights Entitlements: 02-April-2024

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 1.09

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

Silver prices rose, boosted by a weak dollar and safe-haven appeal amid geopolitical tensions. Despite data showing somewhat higher-than-expected consumer inflation, there is still hope that the Federal Reserve will lower interest rates in June. Both the Fed and the ECB are projected to begin relaxing monetary policy in June, while the Bank of England is likely to decrease interest rates for the first time in August. On the other hand, the Bank of Japan is likely to begin hiking borrowing costs shortly.

Focus now shifts to U.S. retail sales, the producer price index, and the weekly initial jobless claims print, due on Thursday, which will provide further updates on the status of the U.S. economy.

Gold prices moved higher after investors digested hotter-than-expected U.S. inflation statistics and continued to expect a Federal Reserve interest rate drop in June. Consumer prices in the United States climbed substantially in February, exceeding estimates, reflecting inflationary pressures. However, Fed policymakers are still expected to begin rate reduction in June. According to the CME Group’s FedWatch Tool, traders now anticipate a 65% chance of a June rate cut, somewhat lower than the 72% seen before to the data.

Focus now shifts to U.S. retail sales, the producer price index, and the weekly initial jobless claims print, due on Thursday, which will provide further updates on the status of the U.S. economy.

Despite intensifying US CPI data, investor sentiment aligns more with fragile labor market figures. The pace of the USD for the rest of the week will be dictated by US Retail Sales and Weekly Jobless Claims figures, with 82.70 acting as support and 82.95 as resistance for USDINR. After a significant rebound on Tuesday, US stocks showed a relatively lackluster performance on Wednesday, closing mixed after spending most of the day fluctuating around the unchanged line. Asian markets exhibited mixed trading in early Thursday with the Nikkei index down 0.5% and Kospi gaining 0.4%. Oil prices surged about 3% to a four-month high on Wednesday due to a surprise withdrawal in US crude inventories, a larger-than-expected drop in U.S. gasoline stocks, and potential supply disruptions following Ukrainian attacks on Russian refineries. Gold prices rose on Wednesday driven by a weaker dollar, amid investor expectations of a June rate cut by the Federal Reserve despite high US inflation, and escalating geopolitical tensions bolstering bullion’s safe-haven demand. On the domestic front, Reliance Industries agreed to acquire Paramount Global’s entire 13.01% stake in local entertainment network Viacom 18 Media for approximately $517 million (Rs. 42.86 billion). Additionally, the market regulator is anticipated to propose measures to ease business for FPIs, AIFs, and portfolio managers, including implementing optional T+0 settlement, at its upcoming Board meeting. The benchmark Sensex and Nifty indices are expected to open negatively on March 14, reflecting weak trends in the GIFT Nifty, indicating a subdued start for the broader index.

The D-Street saw a broad-based plunge, with smallcap and midcap taking the deepest cut intraday. With this, the benchmark index broke down from a rising wedge pattern on a relatively stronger volume, indicating further bearish implications within the intermediate trend. The drawdown showed resilience to the 50DMA, acting as immediate support near 21889. The overall market breadth remained highly discouraging, as only 114 NSE-listed stocks closed in the green, warranting a further cautious approach.

The recent decline in Nifty below the psychological 22000 mark has raised concerns among investors, especially after SEBI Chairperson Madhabi Puri Buch’s remarks on stretched valuations of small- and mid-cap stocks. Attention now turns to the NSE Small-cap index and the Nifty’s support levels. Meanwhile, the commodities market sees a surge in WTI Crude and copper prices. Investors await the US PPI data and the upcoming FOMC meeting. Trading strategy suggests buying Nifty between 21800-21850 with targets at 22200/22530 and Bank Nifty between 46500-46600 with targets at 47500/47800.

Indian markets could open flat, in line with muted Asian markets today and mixed US markets on Mar 13

U.S. stocks finished mixed on Wednesday as investors digested gains from the previous session that had propelled the S&P 500 to its 17th record high of the year. Equities struggled to gain traction after a rally that has defied every doomsday scenario on Wall Street. Investors braced for US producer price data on Thursday and further clues on inflation ahead of next week’s Federal Reserve meeting. In the latest Summary of Economic Projections, released in December, the median estimate of FOMC members was for three cuts totaling 75 basis points by the end of 2024. The Fed’s updated interest-rate projections are set to be released next Wednesday. Asian equities traded within tight ranges after a drop in technology stocks led to small declines in US shares.

Nifty ended sharply lower on March 13 with Nifty below 22,000 amid broad based selling across sectors. At close, Nifty was down 1.51% or 338 points at 21997.7.Nifty witnessed massive sell-off as investors/traders rushed to take whatever profits were left on table to offset the losses on their recent trades. Nifty made a long-range bear candle on March 13. 21750-21860 band will now be crucial to be protected in case the uptrend in the Nifty has to continue. On rises, 22400-22460 could now be tough to breach in the near term.

Benchmark indices fell heavily on Wednesday, with Nifty closing 338 points lower while Sensex closing 906 points lower. Among sectors, all major sectoral indices were trading in the red, but realty, metal, media and energy indices fell by more than 5 per cent each.

Technically, selling pressure intensified after the rejection of the 22200/73600 or 20-day SMA (Simple Moving Average) support level. After a long time, the index closed below the 20-day SMA and also formed a long bearish candle on the daily chart which is largely negative. We believe that the short-term structure of the market has turned bearish, which could push the market towards the 50-day SMA.

For day traders, 22200/73600 would act as the biggest hurdle for the market. Below that the market may slip to 21800-21600-21500/72300-71600-71300. On the other hand, any reversal from the support level could generate a quick pullback rally towards 22000/73000 towards 22100/73300. From a medium to long-term perspective, buying in select stocks is advised between 21800-21600 levels. Any move towards 22000 and 22100 should be used to reduce weak long positions.

Below 46800 levels, Bank-Nifty may fall to 46500-46200 levels, corresponding to 21800/21600 levels. Resistance will be at 47100 and 47300 levels.

Top #stocks Domestic Mutual Funds bought and sold in February 2024. 🧵

1⃣Largecap Buys

🔸#AdaniGreen Energy Ltd.

🔸#IndianOil Corporation Ltd.

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🔸#HDFC Life Insurance Company Ltd

2⃣Largecap Sells

🔸Punjab National Bank (#PNB)

🔸Indian Railway Finance Corporation Ltd. (#IRFC) 

🔸#DLF Ltd.

🔸#CanaraBank

🔸#TataPower Company Ltd.

3⃣Midcap Buys

🔸#Patanjali Foods Ltd.

🔸#KalyanJewellers India Ltd.

🔸#Devyani International Ltd.

🔸#IndusTowers ltd.

🔸#AdityaBirla Capital Ltd.

4⃣Midcap Sells

🔸#SJVN Ltd.

🔸Indian Renewable Energy Development Agency Ltd. (#IREDA)

🔸#BandhanBank Ltd.

🔸#AshokLeyland Ltd.

🔸#TataTechnologies Ltd.

5⃣Smallcap Buys

🔸#Wockhardt Ltd.

🔸#SwanEnergy Ltd.

🔸#Whi…

Domestic shares are set to open little changed on Thursday, following profit-booking in the previous session, with focus on small- and mid-cap stocks ahead of the stress test results of mutual funds in those segments.

[8:10 am, 14/03/2024] KS BadriNarayanan: Benchmark indices fell heavily on Wednesday, with Nifty closing 338 points lower while Sensex closing 906 points lower. Among sectors, all major sectoral indices were trading in the red, but realty, metal, media and energy indices fell by more than 5 per cent each.

Technically, selling pressure intensified after the rejection of the 22200/73600 or 20-day SMA (Simple Moving Average) support level. After a long time, the index closed below the 20-day SMA and also formed a long bearish candle on the daily chart which is largely negative. We believe that the short-term structure of the market has turned bearish, which could push the market towards the 50-day SMA.

For day traders, 22200/73600 would act as the biggest hurdle for the market. Below that the market may slip to 21800-21600-21500/72300-71600-71300. On the other hand, any reversal from the support level could generate a quick pullback rally towards 22000/73000 towards 22100/73300. From a medium to long-term perspective, buying in select stocks is advised between 21800-21600 levels. Any move towards 22000 and 22100 should be used to reduce weak long positions.

Below 46800 levels, Bank-Nifty may fall to 46500-46200 levels, corresponding to 21800/21600 levels. Resistance will be at 47100 and 47300 levels.

[8:16 am, 14/03/2024] KS BadriNarayanan: Very Good Morning!!! 

US Markets in detail...Indian & Asian Markets Opening Preview

GIFTNifty: 22,058 (-38) (-0.17%)

Today:

Listing of Equity Shares of Gopal Snacks Limited

124604370 Equity Shares Of Rs.1/- each fully paid up @ 401/-\u0009

Last heard: (-25), IPO px: 401, Est Listing 376 (-6%)… Listing 14/3/24

Listing of Equity Shares of Shree Karni Fabcom Limited (SME IPO)

7072000 equity shares @ 227/-…Lot : 600 shares

Last heard: 30 IPO px: 227, Est Listing 257 (13%) …. Listing 14/3/24

Listing of Equity Shares of KOURA FINE DIAMOND JEWELRY LIMITED

3601500 Equity Shares of Rs.10/- each fully paid up @ 55/- …Market Lot: 2000

Last heard: 60, IPO px: 55, Est Listing 115 (+109%)… Listing 14/3/24

Listing of New Securities of Shankara Building Products Limited

14,00,000 equity shares of Rs. 10/- each issued at a premium of Rs.740/- to Non Promoters on a preferential basis pursuant to conversion of warrants. 

Listing of Securities Fredun Pharmaceuticals Limited

19,072 equity shares of Rs. 10/- each issued at a premium of Rs.986.20 to Promoters on a preferential basis pursuant to conversion of warrants .

Listing of New Securities of Alliance Integrated Metaliks Limited

1,55,25,000 equity shares of Re. 1/- each issued at a premium of Rs.39/- to Non Promoters on a preferential basis . 

Listing of new securities of Jyoti Structures Ltd

1,34,00,000 equity shares of Rs. 2/- each issued at a premium of Rs.11.20/- to non-promoters on a preferential basis.

Listing of New Securities of Prime Fresh Limited

11,22,819 equity shares of Rs. 10/- each issued at premium of Rs. 210.16/- issued to Non-Promoters on a preferential basis.

Listing of Securities Kernex Microsystems (India) Ltd 

6,50,000 equity shares of Rs. 10/- each issued at a premium of Rs.393 to Non Promoters on a preferential basis pursuant to conversion of warrants 

IPO’s with gmp’s

Krystal Integrated: 14/3-18/3…Issue Size: 300.13 cr

Last heard: 35, IPO px: 715, Est Listing 750 (+5%)… Listing 21/3/24

Popular Vehicles: 12/3-14/3…Issue Size: 601.55 cr

Last heard: 0, IPO px: 295, Est Listing 295 (%)… Listing 19/3/24

Gopal Snacks: 6/3-11/3…Issue Size: 650 cr

Last heard: (-25), IPO px: 401, Est Listing 376 (-6%)… Listing 14/3/24

Koura Fine Diamond BSE SME : 6/3-11/3…Issue Size: 5.5 cr

Last heard: 60, IPO px: 55, Est Listing 115 (+109%)… Listing 14/3/24

Pune E-Stock Broking BSE SME: 07/03-12/3…Issue Size: 38.23 cr

Last heard: 95, IPO px: 83, Est Listing 178 (+114%)… Listing 15/3/24

Pratham EPC Projects SME: 11/3-13/3…Issue Size: 36 cr

Last heard: 70, IPO px: 75, Est Listing 145 (93%) …. Listing 18/3/24

Shree Karni Fabcom NSE SME: 7/3-12/3…Issue Size: 42.49 cr

Last heard: 30 IPO px: 227, Est Listing 257 (13%) …. Listing 14/3/24

Signoria Creation NSE SME: 12/3-14/3…Issue Size: 9.28 cr

Last heard: 25, IPO px: 65, Est Listing 90 (38%) …. Listing 19/3/24

AVP Infra NSE SME: 13/3-15/3…Issue Size: 52.34 cr

Last heard: 20, IPO px: 75, Est Listing 95 (27%) …. Listing 20/3/24

Enfuse Solutions NSE SME: 15/3-19/3…Issue Size: 22.44 cr

Last heard: 60, IPO px: 96, Est Listing 156 (65%) …. Listing 22/3/24

KPI Green BSE SME: 15/3-19/3… …Issue Size: 189.5 cr

Last heard: 30, IPO px: 144, Est Listing 174 (21%) …. Listing 22/3/24

Provisional Cash Rs. In Crs. (13th Mar) 

FIIs -4,595 (33,224 – 37,819) 

DIIs +9,094 (20,268 – 11,174) 

Sensex: 72,762 (-906) (-1.23%)

Nifty: 21,998 (-338) (-1.51%)

BankNifty: 46,981 (-301) (-0.64%)

NiftyIT: 36,946 (-278) (-0.75%)

MIDCAP 100 : 45,971 (-2,115) (-4.40%)

NSE Auto: 20,338 (-594) (-2.84%)

NSE FMCG: 53,664: +28: +0.05%

Dow: 39,043: +38: +0.10% 

S&P: 5,165 (-10) (-0.19%)

Nas: 16,178\u0009 (-88) (-0.54%)

Brazil: 128,006: +338: +0.26%

Ftse: 7,772: +24: +0.31%

Dax: 17,961 (-4) (-0.02%

Cac: 8,138: +50: +0.62%

MOEX: 3,321 (-12) (-0.36%) 

WTI Oil: $79.72: +2.78%

Brnt: $83.92: +2.44%

Natural Gas: 1.66 (-3.27%)

Gold: $2180: +15: +0.68%

Gold 22 Carat/g: 6,035 (-39) (-0.64%)

Silver: $25.16: +3.12%

Copper: $406: +13: +3.26%

Cotton: $94.9 (-0.35%)

Copper (LME): $8,657: +4: +0.05% 

Alluminum (LME): $2,265: +6: +0.27% 

Zinc (LME): $2,561 (-6) (-0.23%)

Tin (LME): $27,520 (-114) (-0.41%)

Eur-$: 1.0950: +0.02%

GBP-$: 1.2799: +0.02%

Jpy-$: 147.66 (-0.07%)

Re: 82.86: +0.1%

USD-RUB: 91.35 (-0.43%)

US10yr: 4.19%: +4 bps 

GIND10YR: 7.039: +0.19%

$ Index: 102.788 (-0.16%)

Vix: 13.75 (-0.65%)

India Vix: 14.73: +5.79%

BalticDry: 2,315 (-62) (-2.61%)

ADR/GDR 

Cogni (-0.09%)

Infy (-0.10%)

Wi (-2.59%) 

IciciBk (-0.31%)

HdfcBk (-0.02%) 

DrRdy (-1.32%) 

TatSt (-6.06%)

Axis (-2.55%)

SBI (-2.07%) 

RIGD (-3.74%)

INDA (-2.41%) (IShares MSCI INDIA ETF) 

INDY (-1.71%) (IShares MSCI INDIA 50 ETF) 

EPI (-3.39%) (Wisdom Tree India Earning)

PIN (-2.24%) (Invesco India Exchange Traded Fund Trust)

Trade setup for Today in India:

1. Market Outlook:

- The bears are expected to maintain control over Dalal Street in the coming sessions due to nervousness across large-, mid-, and small-caps.

- If the Nifty 50 breaks below the key level of 21,860, it may target support levels at 21,700-21,500. However, a rebound could face resistance at 22,200-22,300.

2. Technical Analysis:

- The Nifty 50 has experienced a breakdown from a rising channel on the daily chart, indicating the potential beginning of a downtrend.

- The Relative Strength Index (RSI) with a period of 14 shows a bearish crossover and has dropped below the 50 mark, suggesting susceptibility to selling pressure.

- Support levels are positioned at 21,800 and 21,700, while resistance is anticipated around 22,250.

3. Bank Nifty Outlook:

- The Bank Nifty closed below the 47,000 mark and formed a bearish candlestick pattern with lower highs and lower lows for three consecutive days.

- Resistance is seen at 47,500, while breaching the 20-day moving average (20DMA) may lead to further selling pressure towards the 46,000-45,500 range.

- Support levels are at 46,858, 46,710, and 46,471, while resistance levels are at 47,337, 47,485, and 47,724.

4. Options Data:

- Call open interest is highest at the 22,500 strike, followed by 22,400 and 22,300 strikes, indicating potential resistance levels.

- Put open interest is highest at the 21,700 strike, followed by 21,500 and 21,800 strikes, suggesting key support levels.

- Meaningful Call writing is seen at the 22,300 and 22,400 strikes, while Put writing is observed at the 21,700, 21,600, and 21,500 strikes.

5. Market Participation:

- Stocks with high delivery percentage include ITC, ICICI Lombard General Insurance Company, JK Cement, Sun Pharmaceutical Industries, and Hindustan Unilever.

- Long build-up is observed in ITC and Cipla, while long unwinding is seen in 78 stocks and short build-up in 102 stocks.

- Short covering is observed in Kotak Mahindra Bank, Bajaj Finance, ICICI Bank, and Abbott India.

6. PCR and F&O Ban List:

- The Nifty Put Call ratio (PCR) fell sharply to 0.65, indicating a bearish market trend ahead.

- RBL Bank has been added to the F&O ban list for March 14, while Mahanagar Gas has been removed. Other securities remain on the ban list.

Stocks in the news:

1. Gopal Snacks: The company is set to debut on the BSE and NSE on March 14 with a final issue price of Rs 401 per share.

2. Tata Motors: Signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to establish a vehicle manufacturing facility in the state.

3. Indian Hume Pipe: The joint venture between Indian Hume Pipe, AMR India (AMRIL), and Shoda Constructions (SCPL) has secured a work order worth Rs 1,137.77 crore for water supply and sewerage projects under AMRUT 2.0 in Telangana. Indian Hume Pipe’s share in the order is 20%, equivalent to Rs 227.55 crore.

4. Federal Bank: Has ceased the issuance of new co-branded credit cards and is rectifying deficient areas. The bank will resume new issuance after seeking regulatory clearance.

5. Cyient: Signed a multi-year services agreement with Airbus for cabin and cargo engineering.

6. IIFL Finance: Received approval from the board of directors to raise up to Rs 1,500 crore through the issue of equity shares to existing eligible shareholders and Rs 500 crore through the issue of non-convertible debentures on a private placement basis.

7. KEC International: Secured new orders worth Rs 2,257 crore across various businesses, including transmission & distribution projects in India and the Americas, as well as the first international order for a pipeline laying project.

A look at the day ahead in Asian markets.

1. Consolidation in World Stocks:

- Wednesday saw a day of consolidation and narrow range-trading across world stocks, leaving Asian markets without a clear direction on Thursday.

2. Bank of Japan Policy Meeting:

- Investors are gearing up for next week’s potentially seismic Bank of Japan (BOJ) policy meeting.

- Momentum is building toward the BOJ raising interest rates next Wednesday, which would end eight years of negative interest rate policy and mark the first rate hike in 14 years.

- Toyota Motor’s agreement to give factory workers their biggest pay increase in 25 years heightens expectations for bumper pay raises across the country, providing support for the BOJ to move.

3. Japanese Economic Developments:

- Japanese stocks fell slightly on Wednesday, continuing a trend of profit-taking from last week’s record high. Traders may also be bracing for a BOJ move.

- Progress was made in a tripartite meeting on Wednesday to push for wage hikes across Japan, indicating support for sustainable wage growth.

4. U.S.-China Relations:

- U.S.-China relations faced further tension as the U.S. House of Representatives passed a bill giving TikTok’s Chinese owner, ByteDance, about six months to divest its U.S. assets or face a ban.

- This is part of a series of moves in Washington to address U.S. national security concerns about China across various sectors.

5. Other Economic Data in Asia:

- Indian wholesale price inflation data is scheduled for release, following marginally hotter-than-expected consumer inflation figures and disappointing industrial production data.

- Investors in Asia also await retail sales data from Indonesia, and industrial production and producer prices from Hong Kong.

Here are key developments that could provide more direction to markets on Thursday:

- India wholesale price inflation (February)

- Indonesia retail sales (February)

- Hong Kong producer price inflation (February)

Overall, the Asian markets are influenced by a mix of domestic economic developments, geopolitical tensions, and anticipation of central bank policy decisions, particularly regarding the Bank of Japan’s potential interest rate hike.

US Futures

- U.S. stock futures edged higher on Wednesday night.

- Dow Jones Industrial Average futures rose 20 points, S&P 500 futures increased, and Nasdaq 100 futures were up by 0.1%.

- Robinhood’s stock surged by 8% after reporting a 16% increase in assets under custody.

- Fisker’s stock tumbled 46% following reports of hiring restructuring advisors for potential bankruptcy.

- February’s producer price index (PPI) report is awaited, with economists expecting growth of 0.3%.

- This PPI report precedes the Federal Reserve’s upcoming policy meeting.

- The technology sector experienced a sell-off, with only two of seven major stocks ending higher.

- Concerns surround Apple and Tesla’s performance due to weakened sales in China and lack of AI incentives.

- A bill passed by the House, potentially leading to a TikTok ban, raises broader tech sector concerns.

- Weekly jobless claims report and retail sales data are due before Thursday’s opening bell.

US Markets

1. Market Performance on Wednesday:

- The Dow Jones Industrial Average (DJIA) closed up by 0.1%. It had risen by almost 200 points to a session high of 39,201.94 earlier in the day.

- The S&P 500 and Nasdaq edged lower as investors took profits in chipmaker stocks.

- Semiconductor index (SOX) eased 2.5% after recent strong gains, with Nvidia falling 1.1%.

- Intel shares fell 4.4% following news that the Pentagon had pulled out of a plan to spend up to $2.5 billion on a chip grant to the company.

- Dollar Tree slumped 14.2% after announcing store closures and reporting a net loss in the previous quarter.

- McDonald’s shares fell 3.9% after its CFO mentioned a potential sequential decline in international sales for the current quarter.

- Oil rallied after U.S. stockpiles declined for the first time in seven weeks and a Ukrainian drone struck one of Russia’s biggest refineries. U.S. crude inventories shrank 1.54 million barrels last week. While the decline was less than the 5.5 million-barrel drop projected by an industry group, markets still interpreted the report as bullish as it was the first drawdown in almost two months. 

- Treasuries stabilized after an auction of 30-year bonds drew strong demand, in marked contrast to Tuesday’s sale of 10-year notes. Bitcoin hit $73,000.

- Volume on U.S. exchanges was 11.12 billion shares, compared with the 12 billion average for the full session over the last 20 trading days.

2. Market Sentiment and Factors Driving Movement:

- Investors are booking profits in tech stocks after recent outperformance, but sentiment on AI/data centers remains bullish.

- The market continues to anticipate Nvidia’s global GTC developer conference on AI from March 18-21 for potential announcements.

- Traders are awaiting readings on inflation and retail sales for clues on the Federal Reserve’s next steps.

- Despite the recent rally, skepticism has grown among investors.

- There’s a focus on upcoming economic data, including producer price index (PPI) data and retail sales figures.

3. Economic Data and Fed Policy Expectations:

- February U.S. producer price data is due on Thursday, offering further insight into the inflation picture.

- Tuesday’s consumer price data, though slightly hotter than expected, did not dampen hopes of future rate cuts.

- The Fed’s Summary of Economic Projections (dot plot) next Wednesday will be closely watched for signals on interest rate changes.

- Inflation data will influence market expectations regarding the timing of any potential interest rate adjustments.

- The Federal Reserve is expected to leave interest rates unchanged at its next meeting, but traders see a 65% chance of a rate cut in June.

- The Fed’s dot plot release next Wednesday will provide insight into rate expectations for the rest of the year.

- The current set-up reflects the drivers that have powered stocks higher this year: solid growth, prospects for Fed rate cuts and artificial-intelligence enthusiasm. While the fundamentals are positive, they still don’t justify current valuations — making the market vulnerable to a negative surprise.

- Testimony by Federal Reserve Chair Jerome Powell last week about rate cuts remaining on the table for 2024, as well as remarks from other Fed officials over the past month, suggest “a lot of consistency” among policy makers on when they will start lowering interest rates. 

- In the latest Summary of Economic --Projections, released in December, the median estimate of FOMC members was for three cuts totaling 75 basis points by the end of 2024. The Fed’s updated interest-rate projections are set to be released next Wednesday.

Overall, while the market has seen significant gains recently, there’s a cautious outlook as investors monitor economic indicators and await further guidance from the Federal Reserve.

1. European Markets:

- European markets closed higher following a mixed trading session.

- Investors were digesting the latest U.S. inflation report and U.K. gross domestic product (GDP) figures.

2. U.K. Economic Data:

- U.K. economic data showed a return to moderate growth in January.

- Services output grew by 0.2%, contributing to the overall gains.

- There was also a bounce in construction output, which further supported the positive sentiment in the market.

Overall, the European markets experienced a day of mixed trading, with investors closely monitoring economic data releases and adjusting their positions accordingly.

Companies in Focus

1. Dollar Tree Inc. (DLTR):

- DLTR shares ended 14.2% lower after missing fiscal fourth-quarter profit expectations and providing a downbeat outlook.

- The company plans to close approximately 1,000 Family Dollar stores as part of its efforts to improve profitability amid various challenges.

2. Petco Health & Wellness Co. Inc. (WOOF):

- WOOF stock finished down over 1% after reporting another quarterly loss, despite better-than-expected sales for its fiscal fourth quarter. Petco operates pet-care centers and mobile veterinary clinics.

3. Tesla Inc. (TSLA):

- TSLA shares closed 4.5% lower following a downgrade from Wells Fargo to the equivalent of sell from hold.

- Wells Fargo also lowered its price target significantly, citing a drop of almost 38% to $125 a share.

4. Intel Corp.:

- The Pentagon withdrew from a plan to spend up to $2.5 billion on a chip grant to Intel Corp., shifting the responsibility to another federal agency, the Commerce Department.

5. Eli Lilly & Co.:

- Eli Lilly is partnering with Amazon.com Inc. to expand its business of selling weight-loss drugs directly to patients.

6. Adidas AG:

- Adidas is maintaining its underwhelming earnings forecast for the year due to high inventories of unsold sneakers and apparel in North America, disappointing investors who were expecting an improved outlook.

7. BP Plc and United Arab Emirates’ state oil firm:

- BP and the UAE’s state oil firm suspended a $2 billion bid to buy a major stake in Israel’s NewMed Energy due to the ongoing conflict in Gaza, which is disrupting politics across the region.

Key events this week:

•US PPI, retail sales, initial jobless claims, business inventories, Thursday

•China property prices, Friday

•Japan’s largest union federation announces results of annual wage negotiations, just ahead of Bank of Japan policy meeting, Friday

•Bank of England issues inflation survey, Friday

•US industrial production, University of Michigan consumer sentiment, Empire Manufacturing, Friday

Currencies

•The Bloomberg Dollar Spot Index fell 0.1%

•The euro rose 0.2% to $1.0948

•The British pound was little changed at $1.2797

•The Japanese yen fell 0.1% to 147.83 per dollar

Cryptocurrencies

•Bitcoin rose 3.3% to $73,381.38

•Ether rose 1.3% to $4,003.15

Bonds

•The yield on 10-year Treasuries advanced four basis points to 4.19%

•Germany’s 10-year yield advanced four basis points to 2.37%

•Britain’s 10-year yield advanced eight basis points to 4.02%

Commodities

•West Texas Intermediate crude rose 2.8% to $79.73 a barrel

•Spot gold rose 0.7% to $2,173.03 an ounce

Ex Bonus 15 March 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Gujarat Ambuja Exports Ltd.

Bonus issue 1:1

Previous day Closing Price – Rs. 361.65

M. K. Proteins Ltd

Bonus issue 2:1

Previous day Closing Price – Rs. 39.1

Waaree Renewable Technologies Ltd

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

Previous day Closing Price – Rs. 7055.1

Ex - Stock Split 15 March 2024 (Tomorrow)

Last day trade for before split Today

Ex-Dividend 15 March 2024 (Tomorrow)

Last date for Cum-Dividend Today

Autoriders International Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 34.79

IIFL Securities Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 115.9

India Gelatine & Chemicals Ltd.

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 465.75

ISMT Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 85.04

Kirloskar Ferrous Industries Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 528.1

SBI Life Insurance Company Ltd

Dividend Per Share Rs.2.7

Previous day Closing Price – Rs. 1487.95

• ABFRL

• HINDCOPPER

• MANAPPURAM

• NALCO

• PEL

• RBLBANK

• SAIL

• TATACHEM

• ZEEL

Says Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research Ltd, “CPI inflation for Feb-24 remained at the same level as in Jan-24 at 5.1%, largely in line with our expectations. While RBI has estimated the headline print to be at 5.0% in the current quarter, it is likely to be a tad higher at 5.1%-5.2%. The stickiness at the headline level has been largely due to persistent pressures in food inflation.

Interestingly, the mild sequential uptick in the index has been largely contributed by the meat and the fish category where inflation hit 5.2% vs 1.2% in the previous month. Cereal inflation also continued to be high at 7.6% with a sequential rise from Jan-24. However, there has been a sequential contraction in vegetables and pulses although the annualized inflation in these categories still remain very high at 30.2% and 18.9%, respectively. Going ahead into the summer months, hotter weather conditions can raise the upward risks for food inflation.

Persistent near-term challenges ahead

SECTOR UPDATE 

Emkay Global Research

We recently conducted channel checks to assess the impact of implementation of BIS norms (w.e.f. 11-Feb-2024) and the ongoing demand trends. KTAs from our checks: i) Due to ambiguity surrounding implementation of BIS norms, numerous importers have opted to reduce their MDF order placements since the past few days. ii) Sector players have been aggressively pushing MDF volumes in the domestic market, via introducing new incentives (ranging over 5-6%) to gain market share; this action may hit their EBITDA margin (by at least 250-300bps) sequentially in Q4FY24. iii) Timber prices have firmed up ~40% YoY in the South and 10% in the North, in Q4FY24. MDF is expected to be one of the fastest-growing segments in the wood-panel category, and is likely to clock above 15% CAGR over FY24-28E. Besides, potential easing of timber prices with increased plantations would aid margin growth, especially from FY26E. However, any delay in implementation of the BIS norms or/and fight for market-share gain by players may pose near-term challenges and a downside risk to consensus/our estimates.

(CAMS IN, Mkt Cap USD1.6b, CMP INR2745, TP INR3450, 26% Upside, Buy) 

Motilal Oswal FInancial

- CAMS derives ~12% of its revenue from the non-MF segments, such as AIF/PMS RTA, CAMSPay, Think360, CAMS KRA, and CAMSRep. However, these businesses are set to register higher-than-MF segment growth over the next couple of years.

- AIF/PMS RTA: Over the past couple of years, affluent investors have been increasing their allocations to AIF/PMS products. Resultantly, non-EPFO PMS AUM/AIF funds registered a 22%/20% CAGR over the period. CAMS commands ~50% market share among funds utilizing RTA services. Demand for RTA services from these funds is expected to grow at a robust pace, propelled by: 1) increasing adoption of RTA services by existing funds, and 2) a spike in launches.

- CAMSPay: The share of digital transactions has been increasing for AMCs and this could result in a healthy CAGR for CAMSPay, which is a key player in this segment. Additionally, it plans to expand the use cases to other financial segments.

- Think360: A data analytics and AI/ML tool development subsidiary, Think360, is slated to expand its presence in its existing domain, as lenders continue to adopt technology across the ecosystem. Further, these tools can be expanded into CAMS’s existing business domain, helping clients (AMCs) make better business decisions.

- Account Aggregator (AA) & NPS: The AA business, while still at a nascent stage, is witnessing an exponential growth in account linkages (over 10x jump in a year), FIP/FIU registrations, and number of fetches. For CRA (NPS), the increasing subscriber base and rising adoption of the scheme – as a tax saving instrument – will continue to be the driving force.

- There is a sustained focus on expanding the Non-MF businesses with an aim to increase their share to 20% going ahead. Currently, we have a BUY rating on the stock with a TP of INR3,450 (based on 32x FY26 earnings).

(AUBANK IN, Mkt Cap USD4.7b, CMP INR577, TP INR720, 26% Upside, Buy)

Motilal Oswal Financial

- AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24, primarily due to a decline in margins and an uptick in credit costs. The merger with Fincare SFB will enable AUBANK to achieve sustainable growth, while stronger return ratios for Fincare will boost profitability in the coming years, particularly as operating leverage improves.

- Post-merger, the AUBANK will also gain presence in high-yielding MFI and Gold loan segments, while its positioning in SBL and the Housing vertical will be strengthened. Moreover, Fincare’s robust presence in southern India complements AUBANK’s stronger presence in the North, thus helping AUBANK significantly expand its geographical foothold.

- While the merger is BV and RoA accretive, aided by stronger return ratios in MFI, Gold, and SBL loan portfolios, the intense competition for liabilities and integration costs will largely offset any near-term benefit. However, we estimate RoA to gradually improve to 1.7% by FY26E as the bank benefits from operating synergies, while moderation in funding costs also enables an improvement in margins.

- Furthermore, as Fincare is a rural-focused SFB with 85% of its advances meeting the PSL criteria, the merger will enable AUBANK to fulfill its PSL target without compromising on growth.

- We believe that the bank’s execution capability will play an important role in maintaining robust growth, asset quality while delivering healthy RoA to its stakeholders. We are optimistic about smooth execution, given the management’s execution prowess and track record over the past couple of decades. We reiterate Buy on the stock with a TP of INR720 (2.7x FY26E BV)

The Income Tax department is conducting search at office premises and manufacturing units since March 11. The company is fully cooperating with the authorities and providing all necessary information and support.

Among the stocks that will see action today are Reliance Industries, DLF, Cholamandalam Inv, PC Jeweller, SBI, APL Apollo Tubes, Tata Motors, JSW Infra, IIFL Finance, Shree Cement, KEC International, Azad Engineering, WS Industries, Patanjali Foods,

The central government has announced a new scheme to promote the adoption of electric mobility in India, ahead of the expiration of a previous scheme that’s lasted for five years.

The Electric Mobility Promotion Scheme 2024 has an outlay of Rs 500 crore over four months for electric two-wheelers and three-wheelers.

It has come to notice that a section of the media has published an erroneous news report stating that, “L&T Finance has exited the market after a decision taken by the Reserve Bank of India (RBI)”. We would like to clarify that L&T Finance Holdings Ltd. (LTFH) continues to offer a range of financial products and services under the brand name “L&T Finance” and the circular issued by RBI has been misrepresented by a section of the media.

Symbol: GOPAL

Series: Equity “B Group” 

BSE Code: 544140

ISIN: INE0L9R01028

Face Value: Rs 1/-

Issued Price: Rs 401/- per share

Anil Agarwal-led Vedanta has decided to contest the SEBI order of levying a penalty of ₹78 crore on delayed dividend payments to Cairn UK Holdings (now Capricorn UK Holdings) Ltd (CUHL).

As many as 1,100 stocks hit the lower circuit on Wednesday as the benchmark indices slid more than a per cent, after an uptick in US inflation raised uncertainty on the Federal Reserve’s plans for rate cuts.

Ten Adani group stocks shaved off ₹1.13-lakh crore of investors’ wealth, driven by panic-selling on concerns over the group making the highest contribution to political parties through electoral bonds.

Murugappa Group’s NBFC Cholamandalam Investment & Finance Company bought about 5 acres of land in Guindy, Chennai, from DLF on Wednesday at a cost of ₹735 crore. The transaction is reported to be one of the largest deals in recent months.

British tobacco company BAT sold 43.69 crore shares or 3.5 per cent stake in its Indian associate ITC Ltd today through block trades to institutional investors for ₹16,690 crore (1.5 billion pounds).

Bajaj Auto’s ₹4,000-crore buyback offer received a strong response from investors. The offer was oversubscribed 6.89 times according to the data available at BSE. The buyback that opened on March 6 closed on Wednesday.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.40 crore on Bank of India (BoI) for non-compliance with certain directions issued by it on ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Advances’, among others.

Cognizant Technology Solutions, the US-based software company with a large presence in India, is expanding its sports sponsorship portfolio by becoming the first ever title sponsor of America’s Major League Cricket (MLC)—a professional cricket championship.

Reserve Bank of India has issued notices to Federal Bank and South Indian Bank to stop issuing new co-branded cards, the lenders notified the exchanges on Wednesday.

Sanofi India has entered into an exclusive distribution and promotion agreement with Emcure Pharmaceuticals, involving the former’s cardiovascular products in India.

Fino Payments Bank has appointed financial industry veterans Anita Sudhir Pai and Neeta Mukerji as Additional Directors in the capacity of Independent Directors on its board.

Cyient, an engineering and technology solutions company, has announced that it has signed a multiyear services agreement with Airbus for cabin and cargo engineering. 

Eicher Motors’ stock has been exhibiting a bearish bias since the beginning of this year. After declining in January, it was largely oscillating in a broad range since February. 

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 18:27 PM Wednesday 13 March 2024

Allcargo: Ravi Jakhar, Director

Will Continue To Gain Market Share Above Industry Average: Allcargo Logistics

https://www.youtube.com/watch?v=VdB7cuiGph0

Metropolis: Ameera Shah, MD

Core Diagnostics Business Has Outpaced The Industry As Of 9MFY24: Metropolis Healthcare

https://www.youtube.com/watch?v=2OwbQlYfQ7c

Titagarh Rail: Umesh Chowdhary, Vice Chairman & Managing Director

Orders For New Vande Bharat Trains Will Be Announced Post Elections: Titagarh Rail Systems

https://www.youtube.com/watch?v=htq3AYFkSgk

V-Mart Retail: Lalit Agarwal, CMD

Target High Single-Digit Same-Store-Sales Growth & Double-Digit Revenue Growth In FY25: V-MART

https://www.youtube.com/watch?v=2AhTUjrg1xc

Advanced Enzyme: Mukund Kabra, Wholetime Director

There Will Be Hit Of ?15 Cr On The P&L In Q4 Due to Order Against Adv Supp Tech: Advanced Enzymes

https://www.youtube.com/watch?v=nQK1TWG9Fi4

Anand Milk Unio: Jayan Mehta, MD

Decoding Urban Vs Rural Demand Trends & More

https://www.youtube.com/watch?v=L6LG7arau7I

Bharat Highways: Amit Kumar Singh, CEO

Bharat Highways InvIT Launches IPO; Lists at 1% Premium

https://www.youtube.com/watch?v=YzuQt2YcxQI

Ugro Capital: Shachindra Nath, Executive CMD

Expect To Maintain Growth & Operating Leverage: Ugro Capital

https://www.youtube.com/watch?v=ikUPjVP9B2Y

Entero Health: CV Ram, Group Chief Financial Officer

Entero Healthcare: After Healthy Q3, What Are The Expansion Plans?

https://www.youtube.com/watch?v=tZ7kWCox0IM

IRB Infra: Anil Yadav, CFO Director

Vadodara Final Hearing Has Concluded And We Are Expecting Award In Near Future: IRB Infra

https://www.youtube.com/watch?v=sxcs67OK96s

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Dollar General Corporation (Pre market) (Sector- Retail)

KE Holdings Inc (Pre market) (Sector- Realty)

Dick’s Sporting Goods Inc (Pre market) (Sector- Retail)

Futu Holdings Limited (Pre market) (Sector- Financial)

Adobe Inc. (Post market) (Sector- Technology)

Ulta Beauty, Inc. (Post market) (Sector- Retail)

Wheaton Precious Metals Corp. (Post market) (Sector- Metal

12.00 INDIA WPI Inflation y/y (Expected: 0.25% versus Previous: 0.27%)

18.00 U.S. PPI m/m (Expected: 0.3% versus Previous: 0.3%)

18.00 U.S. Retail Sales m/m (Expected: 0.8% versus Previous: -0.8%)

18.00 U.S. Unemployment Claims (Expected: 218k versus Previous: 217k)

An updated ethical code defining the fine line between doctors and drugmakers is finding broad acceptance, in both communities.

Tata Motors, India’s leading automaker, has announced a major manufacturing investment in Tamil Nadu. The Mumbai-headquartered company has planned to build a new greenfield factory in the western part of Tamil Nadu at an outlay of ₹9,000 crore over a 5-year period.