Equity indices are trading lower today following a weak opening, driven by mixed market sentiments. As of 12:00 PM, the BSE Sensex stood at 77,254.65, down by 325.66 points, or 0.42%. Meanwhile, the Nifty 50 was at 23,398.30, shedding 134.40 points, or 0.57%.
Sectorally, the Nifty IT index was among the worst performers, falling by 2.26%. The Oil and Gas sector also saw declines. On a more positive note, the Nifty Metal index saw a notable uptick of around 2%, buoyed by strong performances in metal stocks. Additionally, both the Realty and Banking sectors extended their gains, offering some support to the overall market.
Earlier, Indian stock market traded lower with Sensex falling below 77,300 mark and Nifty dipped below 23,450 levels. India's volatility index skyrocketed by nearly 6%. IT, Media and Oil & Gas stocks dragged the benchmarks. On the other hand, Asian stocks traded mixed with South Korean index KOSPI skyrocketing by 2.3% as Samsung shares jumps on buyback plan. US stock futures also traded higher with Nasdaq 100 futures outperforming ahead of Nvidia earnings.
The performance comes despite global brokerage CLSA has decided to key movement, reversing its earlier tactical allocation shift from India to China. The reason for CLSA leaning more towards the Indian market is because of Donald Trump's return to the White House, which is heralding a trade war escalation. CLSA has announced a 20% overweight in India.
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Nov 18, 2024, 3:32 pm IST
Result Update: Ashoka Buildcon | Timely Asset Monetization To Help Pare Debt
Vaibhav Shah of JM Financial Institutional Securities said, “Ashoka Buildcon’s (ABL) 2Q25 adjusted PAT at INR 488mn missed JMFe of INR 525mn (consensus: INR 553mn) due to lower execution. Reported PAT at INR 362mn includes reversal of deferred tax asset of INR 127mn due to withdrawal of indexation benefits. Gross debt increased QoQ from INR 19.6bn in June-24 to INR 22.5bn in Sept-24 led by rise in NWC levels. Order inflows have been strong in YTD at c.INR 71bn. ABL has lowered its revenue growth guidance from 15-20% to flat YoY in FY25E due to weak execution in 1H25. We have cut FY25/26 EPS by 10%/4% factoring lower execution and delay in margin recovery. Company entered into SPA with Indian Highway Concessions to sell 5 BOT assets at equity valuation of INR 25.4bn (much better than earlier valuation of INR 13.4bn). ABL will receive net proceeds of INR 8.6bn which will be used to pare debt. ABL also targets to monetize 11 HAMs in FY25E while that for Chennai ORR and Jaora Nayagaon remains delayed. We maintain BUY with revised SOTP based price target of INR 300.”
Nov 18, 2024, 3:26 pm IST
Result Update: GPT Healthcare | Soft Quarter
Amey Chalke of JM Financial Institutional Securities said, “GPTHEALT reported a soft quarter missing estimates largely due to a dip in occupancy across key hospitals. The management attributed this fall in occupancy to (1) intended reduction in ALOS; (2) local issues and natural calamity. ALOS reduced to 3.51 in 1H (vs. 3.98YoY). Despite the decline in revenues, inpatient volumes have grown across hospitals. The company commissioned PET CT in Nov’24 and will commission LINAC in 4Q. This along with volume increases will facilitate double digit growth in 2H (12-14%). Raipur is on track for FY25-end commencement but approvals are delayed in Ranchi due to elections. The management continues to scout for acquisitions (key trigger + upside risk) in the Eastern region, in line with their stated guidance of doubling bed capacity by FY27. As GPTHEALT is unlikely to meet its FY25 guidance, we reduce our EBITDA estimates by 10%/8%/3% for FY25/26/27, respectively. Nonetheless, we expect double digit growth hereon over a low base and onco block/hospital additions. Given the healthy growth prospects ahead and attractive risk reward (c.12x/10x FY26/27 EV/EBITDA), we maintain BUY with a revised Sep’25 TP of INR 240.”
Nov 18, 2024, 3:25 pm IST
Sector Update: Oil And Gas | APM Allocation Cut By Another ~20% For CNG Business; Maintain SELL On IGL & MGL
Dayanand Mittal of JM Financial Institutional Securities said, “IGL and MGL have issued a press release stating that the allocation of cheap APM gas for the CNG segment is being slashed by another 18-20% w.e.f. 16th Nov’24, over and above the initial ~20% cut that took effect from 16th Oct’24. This implies an overall ~35% reduction in APM allocation in the last 2 months. These cuts have been in addition to the ongoing reduction in proportion of APM gas allocation by 6-8% p.a. for the CNG/domestic PNG segment as entire CNG volume growth is being met via expensive non-APM gas sources and LNG imports. The managements of both companies expect an adverse impact on their profitability; however, they are in discussions with the government to minimise the impact via a potential reduction in excise duty, and VAT on CNG amongst other measures. These two successive cuts are likely to result in ~7-7.5mmscmd of cheap USD 6.5/mmbtu APM gas being replaced with expensive gas costing USD 9-14/mmbtu. Hence, this is likely to result in weighted average gas cost for the CNG business rising by USD 1.2-2/mmbtu, which implies CGD companies need to hike CNG price hike by INR 6-10/kg or 8-13% to pass on the higher gas cost. This is likely to further erode their pricing power significantly in the CNG business and pose a material risk to volume growth and margins. Further, this is a significant de-rating event for CNG-dominated CGD companies like IGL and MGL (as CNG constitutes ~75% of their volume) as it has significantly raised uncertainty on the government’s future policy measures. Hence, we further reduce IGL and MGL’s FY25-27 EBITDA by 7-14% and cut TP for IGL to INR 350 and for MGL to INR 1,100; we maintain SELL on both IGL and MGL. We also cut FY25-27 EBITDA for Gujarat Gas by 2-6% and lower our TP to INR 600; however, we maintain BUY on GGas as ~60% of its volume comes from the industrial segment, where we expect its pricing power to improve with likely moderation in spot LNG prices in the medium to long term due to significant LNG supply capacity planned globally.”
Nov 18, 2024, 2:44 pm IST
Strategy | India MF Monthly Flow Tracker – October 2024
Venkatesh Balasubramaniam of JM Financial Institutional Securities said, “The increasing importance of DIIs and Mutual Funds in Indian equity markets is evident from the fact that the highest-ever monthly FII outflows of INR 1.1 trn (USD 13.5 bn) in Oct’24, were more or less counter-balanced by DII inflows of INR 1.07 trn (USD 12.9 bn). In Oct’24, equity mutual funds (ex- arbitrage) saw inflows of INR 518 bn (USD 6.2 bn). YTD in FY25, mutual funds have seen total inflows of INR 2.96 trn (USD 38.5 bn). SIP inflows in Oct’24 stood at INR 253 bn (USD 3 bn), taking the total SIP AUM to INR 13.82 trn (USD 163bn).”
Nov 18, 2024, 2:04 pm IST
Economy Update: Merchandise Trade | Record High Imports Fuelled By Oil
Hitesh Suvarna of JM Financial Institutional Securities Limited said, “The widening of India’s merchandise trade deficit to USD 27.1Bn was mainly led by sharp sequential growth in imports outpacing that in exports. Growth in imports was fuelled by oil imports, which grew 46% sequentially. We observe that the fall in USA’s share in exports of electronic goods is being made good by higher exports to Asian region by India. Trade in NoNG category indicates that while the external demand environment is resilient, domestic demand continues to remain muted. Services surplus continues to cushion the overall trade balance. We expect the changing geo political scenario and the likely changes in trade policy to hinder smooth functioning of trade activity. Hence we build in further deterioration in the trade balance, eventually reflecting in our CAD estimate of 1.2% for FY25.”
Nov 18, 2024, 2:02 pm IST
KPI Green Energy Soars on Announcement of Second Bonus Share Issue in 2024
KPI Green Energy’s stock saw a surge following the board's approval of a one-for-two bonus share issue. The announcement, made after market hours on Thursday, November 14, revealed that the company will set a record date for the bonus issue pending shareholder approval.
Nov 18, 2024, 1:54 pm IST
Mazagon Dock Leads Q2 Earnings Beat; Cochin Shipyard Impresses with Margins
Mazagon Dock Shipbuilders Ltd. has stood out as a top performer among its peers in the September quarter, delivering year-on-year growth that exceeded market expectations across revenue, margins, and net profit. Cochin Shipyard also caught attention with a surprising margin performance, adding to sector highlights.
Shares of Muthoot Finance, India's leading gold financing company, climbed nearly 8% on November 18. The rally was fueled by robust quarterly profit growth, the company surpassing the Rs 1 lakh crore mark in assets under management (AUM), and increasing demand for gold loans, driven in part by the Reserve Bank of India's (RBI) tightened regulations on unsecured lending.
Nov 18, 2024, 1:16 pm IST
Easy Trip Planners Sets November 28 as Record Date for 1:1 Bonus Share Issue
Easy Trip Planners Ltd. has declared Thursday, November 28, 2024, as the record date to identify shareholders eligible for its 1:1 bonus share issuance.
Nov 18, 2024, 12:54 pm IST
Foreign Investors Slash Indian Bond Holdings as Rising US Yields Diminish Appeal
Overseas investors are offloading Indian bonds at the fastest pace since June, driven by the rising yields in the US that make Indian fixed-income securities less attractive. According to Clearing Corporation of India Ltd. data, global funds sold a net Rs 4,960 crore (8 million) worth of Fully Accessible Route (FAR) bonds last week. This marks the largest weekly outflow from these securities since their inclusion in JPMorgan Chase & Co.'s major emerging-market bond index in June, based on Bloomberg's calculations.
Nov 18, 2024, 12:21 pm IST
Nifty IT Sheds 3% as Powell Signals No Rush for Rate Cuts; TCS, Wipro Slide Over 3%
The Nifty IT index plunged nearly 3% following comments from US Federal Reserve Chair Jerome Powell, who indicated no urgency to reduce interest rates amid steady economic growth, a robust job market, and inflation persisting above the 2% target.
Nov 18, 2024, 11:45 am IST
GAIL wins SAP ACE Best Financial Transformation Award
GAIL (India) Limited has won the SAP ACE Award 2024 for Best Financial Transformation, the second consecutive year it has earned the recognition. The award highlights the company's impressive achievement in digitally transforming its trust accounting process using SAP Treasury and Risk Management (TRM), demonstrating its dedication to financial innovation and operational excellence. The award was received by GAIL Director (Finance) Shri R K Jain at a function here. Commenting on the achievement, he said, “It is a great honour and privilege to receive this prestigious award. We have always been committed to make a difference in the lives of stake holders by empowering them in every possible way.”
Nov 18, 2024, 11:17 am IST
Wardwizard Innovations & Mobility Limited Joins Forces with SpeedForce
Wardwizard Innovations & Mobility Limited, one of India’s leading electric vehicle manufacturers under the brands 'Joy e-bike' and 'Joy e-rik,' has announced a strategic joint venture with SpeedForce, a leading two-wheeler service chain of India. This collaboration aims to enhance the after-sales experience for Joy e-bike customers and expand access to over 1,000 touchpoints nationwide. With the SpeedForce's extensive network of service canters in more than 350 locations, servicing an average of 150 vehicles per outlet monthly, Joy e-bike anticipates a potential of reaching over 50,000 more customers across the country every month. Under this venture, SpeedForce will also exclusively retail Joy e-bike models at its outlets, allowing customers to both purchase and service their Joy e-bikes conveniently in one location. This will also expand Joy e-bike's reach into regions where dedicated showrooms are not currently available. This expanded availability will help Wardwizard to reach new customers and strengthen its presence across the country.
L&T Technology Services Limited, a global leader in engineering , digital and R&D services, announced a strategic collaboration with the Colorado Smart Cities Alliance (CSCA). This partnership aims to drive innovation and technology integration in smart city development projects across the state of Colorado. The collaboration will leverage LTTS' cutting-edge engineering expertise to advance CSCA's mission of fostering smart city solutions that improve urban living and create sustainable ecosystems. Through the collaboration of resources and expertise, both organizations aim to foster sustainable, efficient, and technologically advanced communities. LTTS stands at the forefront of smart government projects, with extensive experience in USA, India and the Middle East. The company's comprehensive IoT offerings enhance city operations, providing security solutions, citywide surveillance, and border security systems. These initiatives optimize resource utilization and promote inter-departmental collaboration, driving operational efficiency.
Nov 18, 2024, 9:38 am IST
Top Gainers And Losers
Stocks like Hero MotoCorp, Hindalco, HDFC Bank, Bajaj Finance and Coal India are top bulls with upside of 1% to 4%, while stocks like Dr Reddy's Lab, Infosys, Wipro, Apollo Hospital and Tech Mahindra are top losers with downside of 2% to 3.5%.
Nov 18, 2024, 9:38 am IST
Sensex, Nifty Fall In Opening Bell
Indian stock market traded lower with Sensex falling below 77,300 mark and Nifty dipped below 23,450 levels. India's volatility index skyrocketed by nearly 6%. IT, Media and Oil & Gas stocks dragged the benchmarks. Here is the latest price of Sensex and Nifty:
Nov 18, 2024, 9:18 am IST
Rupee Floats Near 52-Week Low
The Indian rupee opened at 84.468, near its 52-week low of 84.478. Last week, strong dollar above 106 mark, which was at over 1-year high, weakened a basket of currencies including rupee. This week, investors are likely to look for RBI's intervention to curb the depreciation in rupee, amidst expectations of slower Fed rate cuts and upcoming policies from the new US President Donald Trump which is expected to drive both yields and dollar. Hence, Indian central bank's intervention is expected.
Nov 18, 2024, 8:33 am IST
Stock Market Live: Sensex Outlook On Monday:
Sensex has slipped near the 200EMA level of 77360 zone and a decisive breach breach below 77300 zone shall trigger for further slide with the bias turning weak. The support for the week is seen at 76000/23000 levels while the resistance would be at 79200/24000 levels, as per Prabhudas Lilladher.
Nov 18, 2024, 8:33 am IST
Market Live Update: Nifty Outlook On Monday:
Prabhudas Lilladher: Nifty forming another lower top formation on the daily chart has plunged to reach the important 200 period MA at 23540 zone with bias maintained with a very cautious approach and further slide can deteriorate the overall scenario with panic setting in. The index would need to breach above the 23900-24000 zone to improve the bias to some extent failing which the next crucial support lies near 22800 zone with sentiment getting scary.
Nov 18, 2024, 8:32 am IST
Stock Market Update: CLSA Shifts Gears From China To India
In its latest report, CLSA calls India a 'Pouncing Tiger' while seeing China as a 'Prevaricating Dragon'. With Trump's win in the US election in 2024, higher yields and inflation expectations are sapping the scope for the Fed in rate cuts, and thus People's Bank of China (PBOC) is expected to ease its policy stance ahead. CLSA finds India is among the least exposed of regional markets to Trump's adverse trade policy. Moreover, so long as energy prices remain stable, India may offer a relative oasis of FX stability in an era of a strengthening US dollar.
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