Share Market Highlights 15 January 2024: Sensex gains 224 points; rupee sees best single-day rise in 7 months

The rupee extended its recovery for the second straight session and settled with a gain of 13 paise at 86.40 (provisional) against the US dollar on Wednesday, tracking favourable cues from domestic equity markets and softening crude oil prices. - PTI

According to Motilal Oswal Private Wealth (MOPW), Indian markets are expected to remain volatile in the first half of 2025 due to several global and domestic events, including the new Trump administration’s policies, China’s measures to counter trade tariffs and its possible implications for EM currencies, and the upcoming Indian Union budget. These events are anticipated to create uncertainty in the near term. However, as these events unfold and greater clarity emerges, market volatility is expected to subside in the latter half of the year.

Despite the recent slowdown in GDP, MOPW remains optimistic about India’s growth due to its macroeconomic stability, supported by significant foreign exchange reserves and a regulated twin deficit. It expects GDP growth to improve compared to the modest growth reported in Q2 FY25.

Ashish Shanker, MD & CEO of MOPW says, “The post covid period has been extremely rewarding to equity investors driven by earnings growth, improving macros and domestic inflows into equities. The year 2024 has been no different with broader markets doing extremely well. The mid cap and small cap segment have outperformed the large caps. Gold has also done well as an asset class. The year 2025 will bring its share of uncertainty as the new US president gets sworn in. After years of good performance the US markets also looks tired. This calls for moderation in expectations and a sharp focus on risk management through asset allocation”

After tepid corporate earnings and slow GDP growth in Q2FY25, MOPW recommends closely monitoring the upcoming earnings season and GDP growth trajectory.. We expect this trend to reverse and expect large caps to do better this year given the valuation comfort. In the longer term, earning growth and stock returns should converge. Considering this, it seems small cap stocks have run up way ahead of earnings growth in most of the segments. MOPW expects this trend to reverse and large caps to do better this year given the valuation comfort.

NELCO recorded its consolidated net profit for the quarter ended Dec 2024 at ₹495 lakh as against ₹615 lakh in the corresponding quarter last year.

Sun Drops Energia Private Limited, a subsidiary of KPI Green Energy Limited, has received new order for the development of solar power projects with a cumulative capacity of 62.20 MW under the ‘Captive Power Producer (CPP)’ business segment of the Company.

Bank of Maharashtra recorded its standalone net profit for the quarter ended December 2024 at ₹1,406.45 crore as against ₹1,035.51 crore in the corresponding quarter last year. 

Shares traded at ₹51.26 on the NSE, down 2.81%.

Total stocks traded were 4,030. The number of stocks that recorded a 52-week high was 83, and those that hit a 52-week low was 93. A total of 241 stocks traded in the upper circuit, and 242 in the lower circuit.

Sun Drops Energia Private Limited, a subsidiary of KPI Green Energy Limited, has received new order for the development of solar power projects with a cumulative capacity of 62.20 MW under the ‘Captive Power Producer (CPP)’ business segment of the Company.

1. Techknowgreen Solutions: ORDER

Company has secured an INR 3.1 Cr order to be completed by December 9, 2027 from Gargantuan Industrial Space Solutions Pvt. Ltd. for a range of services, including building lifecycle assessment, supply of 6 Yuka Yantra units, dispersion modeling, MEP evaluation for net-zero, GHG inventory (Scope 1, 2, & 3), and carbon net-zero assurance for construction.

2. Atmastco: FUND RAISE

Board Meeting to be held on 17-Jan-2025 to consider Fund raise

3. Infollion Research: BUSINESS UPDATE

Company achieved strong growth for the 9 months ending December 2024, with total expert calls reaching 11,985 (+40%), 1,584 new client POCs added (+60%), total client POCs at 6,808 (+39%), 17,535 new experts onboarded (+21%), and total experts rising to 96,823 (+30%).

4. Benares Hotels: GOOD RESULTS

For the quarter ending Dec-24, Sales up 16% YoY from INR 33.61 Cr in Dec-23 to INR 38.9 Cr in Dec-24. Similarly, Net Profit up 20% from INR 11.3 Cr to INR 13.6 Cr. On a QoQ basis, Comparison is not valid.

- The rights issue, set to open on February 4, 2025, and close on February 21, 2025

- The company will issue up to 10,01,28,990/- fully paid-up equity shares with a face value of Rs 1/- each for cash at a price of Rs 4.45 per equity share (including a premium of Rs 3.45 per equity share), totalling to Rs. 44.56 crores 

- IEL has acquired 29,800 square meters of land in Lucknow and plans to establish state-of-the-art storage facilities

Nesco informed that National Highways Logistics Management Limited has declared the Company as Highest Bidder and has accepted our proposal for Developing, Operating and Maintaining of Wayside Amenities on Raipur-Visakhapatnam Expressway on Lease Basis. 

Stock gained 2.75% on the BSE to trade at ₹996.20

Stock traded flat on the NSE at ₹590.90.

JSW Energy (Utkal) Limited (formerly known as Ind-Barath Energy (Utkal) Limited), a subsidiary of the Company, has synchronised Unit-2 (350 MW) thermal power plant located at Jharsuguda district of Odisha.

AXISCADES Technologies Limited has announced appointment of Alfonso Martinez Fernandez as Group CEO & Additional Director in the capacity of Managing Director of the company w.e.f. January 20, 2025.

Sundaram Alternates (‘SA’), a USD 850 million alternate assets manager and a Sundaram Finance Group company, recently crossed a milestone mark of INR 1,000 crores in fundraise in its Sundaram Alternative Opportunities Series – High Yield Secured Real Estate Fund IV. This marks the fourth successful fund in SA’s flagship real estate strategy, following a track record of ~60 deals and zero invested capital losses to date.

Sundaram Alternates (‘SA’), a $850-million alternate assets manager and a Sundaram Finance Group company, recently crossed a milestone mark of Rs 1,000 crore in fundraise in its Sundaram Alternative Opportunities Series – High Yield Secured Real Estate Fund IV. This marks the fourth successful fund in SA’s flagship real estate strategy, following a track record of ~60 deals and zero invested capital losses to date.

Wheat sowing has increased 1.4 per cent to reach 320 lakh hectare (lh) until January 10 in the ongoing 2024-25 rabi season, which is higher than the planted area of 318.33 lh in the entire season in 2023-24. Read more

Aluminium price witnessed a strong rise last week. The Aluminium Futures contract traded on the Multi Commodity Exchange (MCX) has risen sharply from a low around ₹237 per kg. It touched a high of ₹248.35 per kg on Tuesday and then has come-off slightly from there. The contract is currently trading at ₹246 per kg. Read more

The shares of Indian Overseas Bank (IOB) Limited were trading at ₹50.10 down by ₹3.67 or 6.83 per cent on the NSE. Indian Overseas Bank (IOB) has announced plans to auction non-performing assets worth ₹11,433.72 crore, comprising 46 accounts, to Asset Reconstruction Companies (ARCs). According to a regulatory filing dated January 10, 2025, the bank has published an Expression of Interest inviting ARCs to participate in an e-auction scheduled for January 30. Read more

Aditya Birla Fashion and Retail announced today its board has approved raising $500 million through a combination of preferential share issue and qualified institutional placement (QIP) with the promoter group committing $150 million in the $275 million preferential portion to which Fidelity Investments will also contribute $125 million. Read more

Indian equity markets maintained their positive momentum in mid-day trading on Tuesday, with the benchmark Sensex trading 217.30 points or 0.28 per cent higher at 76,716.93. The broader Nifty50 index gained 46.85 points or 0.2 per cent to trade at 23,222.90, supported by strong buying in power and auto stocks. 

The market breadth remained positive with 2,382 stocks advancing, compared to 1,401 declines on the BSE, while 138 stocks remained unchanged. The trading session saw 75 stocks hitting their 52-week highs, while 71 touched their 52-week lows. Circuit filters were triggered for 440 stocks, with 206 hitting the upper circuit and 234 touching the lower circuit. Read more

Gold prices steadied in yesterday’s session, as market participants digested latest US inflation data as well as a report on President-elect Donald Trump’s planned trade tariffs. US producer prices rose at a slower-than-anticipated rate in December, increasing by 0.2% on a month-on-month basis, below 0.4% pace seen in November. Sticky inflation and strength in the labor market could provide the Federal Reserve more headroom to keep interest rates high. Trump’s team is preparing a plan for a gradual imposition of trade tariffs in the coming months, although it was unclear whether the President-elect will follow through on the plan. The plan will involve tariff increases of between 2% to 5% every month, and will give Washington more leverage in trade negotiations, while also preventing a sudden spike in inflation due to the duties. Despite lower PPi, dollar index continues to hold its strength hovering around its two year highs, market participants will keep an eye on the US CPI data scheduled later today. Updates regarding a ceasefire deal yesterday between Israel and Hamas capped some gains for precious metal, any further updates on the same could weigh on prices.

Perspective by Ravi Hirwani, Senior Vice-President, Bhailal Amin General Hospital, Vadodara, on expectations from the upcoming Union Budget

“The Indian healthcare sector is at a pivotal junction of growth. Certain measures announced by the government can further amplify it. The ecosystem needs to be re-engineered to empower rural counterparts with robust, tech-forward healthcare and medical solutions.

Complex ailments like cancer and heart issues burden the ecosystem. There is a shortage of medical specialists, and the need for healthcare infrastructure development in the country’s rural counterpart. The sector needs strategic reforms from both operational and financial perspectives.

We request the honorable Finance Minister to increase the allocation by 3% spending of the total GDP to the healthcare sector. Further, the removal or reduction of customs duties on medical devices and cancer-related drugs & devices. The government must consider giving the healthcare sector an infrastructure status that will help private players to reap the benefit and expand operations, especially in smaller cities.

An incentivization scheme for expansion in Tier-2 and below cities and the adoption of technology will help the sector flourish in the long run. Hospitals must be allowed to avail the benefits of input tax credit that will help bring a control on treatment costs effectively, thus creating a win-win situation for both industry players and residents alike. 

The country must aim for dual-dimensional growth by catering for the residents as well as foreign nationals and to address this, we request the government to introduce special packages and measures for foreign nationals seeking to take treatment in India. This will further accentuate the positioning of India as one of the most sought-after destinations for medical tourism.”

Smartlink Holdings Ltd has informed the exchange about sanction of the amalgamation scheme between Smartlink Holdings and Synegra EMS Ltd by the National Company Law Tribunal. Shares trade flat on the NSE at ₹190.70

Of 3,868 stocks traded on the BSE at 12 noon on January 15, 2025, 2,430 advanced against 1,307 stocks that declined, and 131 remained unchanged. While 72 stocks recorded a 52-week high, 69 hit a 52-week low. A total of 191 stocks traded in the upper circuit, and 223 in the lower circuit.

ZF Commercial Vehicle Control Systems has informed the Commissioner of Customs (Appeals-II) has passed an order rejecting the grounds of appeal and upheld the demand of penalty and redemption fine (Rs 42,31,667 and Rs 10,00,000 respectively) on account of incorrect claim of a notification benefit by the company. 

Shares traded flat on the NSE at ₹11,329.90.

J. Kumar Infraprojects has received a letter of award from NBCC (India) Ltd, for the development of Silicon City Phase-IV Group housing including allied works at Plot No. GH 01A Sector- 76, Noida (UP) on Design, Engineering, Procurement and Construction (EPC) basis with Operation & Maintenance” for the total contract value amounting to ₹1,073 crore.

Shares trade flat on the NSE at ₹707.25.

Indian Railway Finance Corporation (IRFC) has emerged as the lowest bidder to finance ₹3,167 crore for the development of the Banhardih Coal Block in Latehar District, Jharkhand, as disclosed in a regulatory filing on January 15, 2025. The project will be executed by Patratu Vidyut Utpadan Nigam Ltd. (PVUNL), a joint venture where NTPC Limited holds a 74 per cent equity stake and Jharkhand Bijli Vitran Nigam Ltd. owns 26 per cent. Read more

Welspun Corp Ltd has signed a Memorandum of Understanding (MoU) with Saudi Aramco at the ongoing Aramco IKTVA Forum & Exhibition 2025, to establish a Longitudinal Submerged Arc Welded (LSAW) line pipe manufacturing facility in the Kingdom of Saudi Arabia.

Shares surged 4.55% on the NSE to ₹764.45

According to a report by Ventura Securities, “Mutual Fund Calendar Year Performance – 2024” Sectoral/thematic funds collected for Rs 1,09,711 crores (34% of total net collections). Notably, thematic funds witnessed a remarkable 488% growth in net collections from 2023 to 2024.

Under sectorial and thematic schemes, Business Cycle Funds net collection stood at Rs. 6,841 crores in 2024 from Rs. 103 crores in 2023. While, Energy sector collected Rs. 23,964 in 2024 crores as compared to Rs. 470 crores in 2023.

Of the total net collection in sectoral and thematic funds in 2024, Manufacturing, Infrastructure, & Energy together contributed 56%, followed by 9% by FMCG, 6% in Business Cycle and 5% in PSU.

The Net Collections under Large caps stood at Rs. 17,404 crores in 2024 compared to Rs. -3,768 crores in 2023. Net Collections under Multi caps & Flexicap stood at Rs. 37,649 crores & Rs. 36,231 crores, respectively in CY 2024.

The Net Collections under small caps dipped to Rs. 29,555 crores in 2024 compared to Rs. 45,270 crores in 2023.

Shares of Adani Green Energy surged 3.64 per cent and was trading at ₹1,044.0 on the BSE at 10.30 AM on Wednesday as the company announced successful commissioning of a 57.2 MW wind power component within its flagship wind-solar hybrid plant located in Khavda, Gujarat. Read more

Bank Nifty index is continuing to recover well. The index is trading at 49,035, up 0.63 per cent. The advances/declines ratio is at 11:1. This is a positive sign. If this trend sustains, then the Bank index can rise more from here. Read more

The board of Aditya Birla Fashion and Retail Limited (“ABFRL”) in its meeting today approved raising of $500 million through a combination of preferential issuance and Qualified Institutional Placement (“QIP”) of equity shares. The Preferential issuance of $275 Mn will be led by the promoter group investing $150 Mn.

Shares trade flat on the NSE at ₹269.

Nifty 50 is continuing with its attempt to bounce. But the price action indicates that strong buyers are not available in the market to take the index higher. If also reflects the lack of confidence and the dominance of fear of seeing more fall. Read the report in full here

HDFC Asset Management Company on Tuesday reported a 31 per cent jump in profit after tax to Rs 641.5 crore in three months ended December 2024. Shares gained 4.92% on the NSE, trading at ₹4,055.05

Adani Green Energy (+3.69%) 

Adani Power (+1.99%) 

Adani Energy Solutions (+1.56%) 

Ambuja Cement (+1.31%) 

Adani Ports (+0.97%) 

ACC (+0.62%) 

AWL (+0.49%) 

Adani Enterprises (+0.25%) 

NDTV (+0.10%)

Nomura On HDFC AMC

Buy Call, Target At Rs5,250/Sh

Higher Operating Revenue & Lower Opex Lead To 6% Beat In Operating Profit

Raise FY25-27 EPS By 2-3%

Steady Overall And Equity AUM Market Share; SIP Flow Market Share Declined 60 bps QoQ

Build In A Strong Operating Profit CAGR Of 20% Over FY25-27 & Expect It To Largely Track AAUM Growth

HSBC On HDFC AMC

Hold Call, Target At Rs4,350/Sh

Rationalisation Of Commission Payouts & Controlled Operating Costs Led To Strong Profit Growth In Q3

Mkt Sh Has Stagnated In Equity AUM & SIP Flows Which Can Keep Punchy Valuations Under Pressure

Raise FY25-27 EPS By 0.4-4.1%

CITI on HDFC AMC

Sell, TP Rs 3700

Core earnings robust at +8% QoQ despite sluggish equity MTM 

Stringent cost control (core cost-to-income -230 bps QoQ/-500 bps YoY) & full impact of back book repricing are key drivers

Morgan Stanley on HDFC AMC

Maintain Equal-weight with TP of Rs4,120

Operating profit beat driven by higher equity yields

Higher yields due to full impact of rationalization of commissions taken in Q2

Other half of the beat was driven by cost control

Expect revenue and hence PAT growth to moderate to 16% in FY26

Jefferies on HDFC AMC

Maintain Buy with TP of Rs5,000

Strong operating performance aided by yields

Lower invst. income moderated reported earnings

Industry net inflows remain strong, watch out for scheme performances and mkt share trends

Jefferies on MFIs

Data from credit bureau for 2QFY25 points to lenders having cut disbursement by 29% YoY, leading to 4% QoQ fall in AUMs to Rs4.1tn

Nos of borrowers &ticket size fell after many yrs.

Overdue loans have risen from 2.7% in Jun24 to 4.4% now

Asset quality may take time to normalise, & loans may unwind, leading to pressure on earnings.

Utkarsh, Spandana and CredAG have higher share of >=4 loans; Bandhan can fare better.

GS On CreditAccess

Sell Call, Target At Rs577/Sh

Don’t Find Encouraging Signs Of Recovery In MFI Industry

Data Suggests 37% Of MFI Borrowers With Retail Overlap Are Delinquent Either On MFI/Retail Or Both

Note That There Is An Increase In Slippages Across Retail Products By 120 bps Since Mar’24 To 4.3%

CLSA on REC/PFC

REC’s & PFC’s exposure to KSK Mahanadi stood at Rs26-33bn which makes about 0.5-0.7% of their loan books, respectively.

Both cos hold 52-55% provision coverage on name & had been guiding for almost 100% recovery.

JSW Energy yesterday disclosed that it has acquired the bankrupt co for offer size of Rs160bn, (28% higher than Adani Power)

Other key bad assets undergoing resolution to watch out for are Sinnar Thermal, Hiranmaye Energy, Bhadreshwar Vidyut

Investec on Insurance

Pair Trade-Long SBI Life, Short ICICI Pru Life

SBI Life Maintain Hold, TP 1850

ICICI Pri Life Maintain Hold, TP 770

ICICI Pru Life was showing high growth and SBI Life was showing poor growth over the last few months

Favourable base impact for ICICI Pru Life ending

Base becoming favourable for SBI Life starting January-25

Incremental growth for ICICI Pru Life has higher dependence on equity markets given higher share of Equity in ULIP AUM.

Further in terms of P/VNB valuation ICICI Pru Life is trading at a premium to SBI Life.

Macquarie on QSR

Channel checks point to recovery in growth momentum across the restaurant industry with acceleration seen in December.

FC and McDonald’s top proprietary Restaurant Brand Index, supporting top pick Devyani (Yum India franchisee).

Proposed tax reductions in February budget could see industry SSSg accelerate vs estimates.

Order of preference: Devyani, Westlife, Sapphire, Jubilant Foodworks

Devyani International-Initiate Outperform. TP 230

Sapphire Foods-Initiate Outperform, TP 390

Ambit on BSE

Initiate Buy with TP of Rs Rs7,000

Premium growth has multiple drivers beyond penetration

On the road to a more fragmented market

Regulatory headwinds the villain in the penetration story

BSE’s turnaround opportunity could offset near-term headwinds

BSE has room to expand margins despite the tech spend

BSE StAR is a cash cow in the making

Nuvama On BSE

Initiate Buy Call, Target At Rs6,730/Sh

Derivatives To Scale Up Despite Regulatory Tightening

Forecast FY24–27 Revenue/APAT CAGR Of 39.9%/70.8%, Lifting RoE To 37.9%

Lower Clearing Charges To Send Margin Soaring

There is Robust Structure, Multiple Streams To Propel Revenue Growth

At CMP Stock Is Trading At FY26/27 P/E Of 43.9x/37.6x

Emkay initiates on Dixon

Initiate coverage with BUY and TP of Rs20,000

Build in 36%/54% revenue/adjusted EPS CAGR over FY25E-27E (and 20%/40% over FY25E-35E)

Backward integration foray to reinforce Dixon’s competitive advantages

Laptops/IT hardware, the next large growth lever, forming ~23% of revenue by FY35E

JM Financial on Cement

India’s cement sector is experiencing accelerated consolidation,

Resulted in significant pressure on pricing/ profitability.

With major acquisitions largely completed, we expect the focus to shift towards profitability/ returns.

Key demand drivers looking positive and the sector poised for 7-8% CAGR over FY25E-27E.

Industry is increasingly focused on cost optimisation and de-risking, which should help reduce cyclicality over time.

Expect coverage companies to report >25% EBITDA CAGR over FY25E-27E (post declining by 7% in FY25E)

With EBITDA/tn rising from INR 889/tn in FY25E to INR 1,123/tn in FY27E.

Top picks are UltraTech, Ambuja and JK Cement.

Ultratech Cement-Initiate-Buy, TP 13000

Ambuja Cement-Initiate-Buy, TP 685

JK Cement-Initiate-Buy, TP 5300

CLSA on Material (Currency concerns)

Mild negative impact for cement / durables; metals balance sheet better

This sensitivity is lower than a decade ago given better profitability and lower leverage

Negative impact on cement and consumer durables given their dependence on imports.

Metal stocks is positive as realisations are largely all linked to USD (less so for steel) and costs are partly denominated in local currency.

Metals: Prefer JSPL, Vedanta and Hindalco

Given lower leverage, the balance sheet impact is much lower than in the past (FY14 / FY19).

HSBC On OMCs

Volatility In Oil Price Will Reduce Risk Of Auto Fuel Pump Price Reductions, Biggest Risk To Profitability

Return Of Auto Fuels Demand In Non-Controlled Products Help Offset Weakness In Marketing Margin

Maintain Buy Call On OMCs (BPCL, HPCL, IOC); Stock Correction Makes Them Even More Attractive

Axis Cap on Bharat Forge

Earnings downgrade cycle not yet behind

Cut FY25-27E consolidate d EBITDA by 3-5% and revise TP to Rs 1,180 (from Rs 1,190)

U/G a notch to REDUCE vs Sell on price correction

Shoppers Stop Ltd posted a rise in quarterly profit on Tuesday, after two straight quarters of loss, driven by strong demand for premium products such as watches and perfumes during the festive season.

The department store chain said consolidated net profit rose nearly 41 per cent to 522.3 million rupees ($6.03 million) for the third quarter ended December 31 from 368.5 million rupees a year ago.

The company also posted a profit fall in the first three quarters of fiscal 2024.

Spending on beauty and lifestyle products surged during the festive season between October and December, which typically accounts for the bulk of retailers’ annual sales.

Premiumisation is holding its ground amid sticky inflation across various consumer segments, the company said in a presentation to investors.

Shoppers Stop, which retails luxury brands such as Armani Beauty and Michael Kors, reported an 11 per cent rise in revenue from operations to Rs 1,379 crore ($159.33 million).

Premium categories contributed to 64 per cent of overall revenue in the third quarter, up 9 per cent year-on-year, said the company, with watches, handbags and fragrance categories outperforming.

Shares of the company closed about 2.5 per cent higher ahead of results.

Larger rivals Tata Group-owned Trent, Arvind Fashions, and Aditya Birla Fashion and Retail will report their results in February. 

Stock zoomed 6.32% on the NSE to trade at ₹659.40

The Sensex opened higher at 76,900.14 compared to its previous close of 76,499.63 and is currently trading at 76,667.90, up by 168.27 points or 0.22 per cent. Similarly, the Nifty opened at 23,250.45, above its previous close of 23,176.05, and is now at 23,203.75, gaining 27.70 points or 0.12 per cent. driven by positive global market sentiment ahead of crucial US inflation data. Read the full report here

Mankind Pharma has received an order from the Office of the Commissioner of Kolkata South CGST & CX– issued by Additional Commissioner (“Department”) under Section 74 of the CGST Act, 2017. 

Stock declined 2.11% on the NSE trading at ₹2,609.55

Aether Industries has executed an amendment to the Strategic Supply Agreement with Baker Hughes on January 7, 2025, under the broader umbrella of the Strategic Supply Agreement signed between the two parties on June 25, 2024. The current amendment finalises the volume and pricing details for the first two products to be supplied by Aether to Baker Hughes. Both products will be exclusively manufactured for Baker Hughes by Aether’s 100 per cent wholly-owned subsidiary, Aether Specialty Chemicals Ltd. The stock traded flat on the NSE at ₹832.

The Nifty’s bounce yesterday has created a “bullish harami” formation given the Monday drop which is similar to what was seen on January 7 and means that bulls have to push the index through 23340 for a larger advance. The 17th to 23rd January time window is nearing, so support in the 22830 - 23000 area and resistance in the 23355 - 23470 zone will be watched closely. While our prop oscillators on the daily and the weekly continue to be bearish, the former has now entered oversold territory. Any extension of yesterday’s rebound needs to hold the Monday low of 23047.

Crude oil futures traded higher on Wednesday morning after a weekly report by the industry body American Petroleum Institute (API) indicated a decline in inventories in the US for the week ending January 10. At 9.55 am on Wednesday, March Brent oil futures were at $79.98, up by 0.08 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $76.43, up by 0.08 per cent. January crude oil futures were trading at ₹6728 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹6736, down by 0.12 per cent, and February futures were trading at ₹6655 against the previous close of ₹6657, down by 0.03 per cent.

Key Highlights:

1. EU plans to ban Russian primary aluminium imports in new sanctions.

2. The sanctions mark the third anniversary of the Ukraine war.

3. Aluminium imports from Russia to the EU dropped to 6% in 2024.

4. Alternative supplies from UAE and Bahrain gain attention.

5. LME aluminium prices reached $2,602 before settling at $2,576.50.

The European Union is set to propose a ban on Russian primary aluminium imports in its 16th sanctions package, marking the third anniversary of the Ukraine war. This measure follows reduced Russian aluminium imports, which fell to 6% of total EU aluminium demand in 2024. While U.S. and UK bans have intensified the supply shift, the EU seeks alternatives from Middle Eastern producers like the UAE and Bahrain. The news initially pushed LME aluminium prices to a one-month high of $2,602 before settling at $2,576.50, reflecting market uncertainties.

* AARTIIND

* ANGELONE

* BANDHANBANK

* HINDCOPPER

* LTFIN

* RBLBANK

Optiemus: Company partners Taiwan-based KunWay Technology to Drive Drone Manufacturing Localization in India. (Positive) 

Finolex Cables: Company announces the launch of its new product, FinoUltra a wire for the domestic market. (Positive) 

Blue Dart: Company launched India’s largest integrated operating facility in Bijwasan, Delhi. (Positive) 

Allcargo Gati: Q3 total volume at 113 KT vs 105 KT (YoY). (Positive) 

ASK Automotive: Company announced commencement of commercial production at new facility in Karnataka by the company. (Positive) 

Adani Green: A step-down subsidiary has commissioned a 57.2 MW wind power component of its wind-solar hybrid project at Khavda, Gujarat (Positive) 

IRFC: Company emerges as the lowest bidder to finance ₹3,167 crore for a Jharkhand mine. (Positive) 

Shoppers Stop: Net profit at ₹52.2 cr vs ₹36.9 cr, Revenue at ₹1,379.5 cr vs ₹1,237.5 cr (YoY). (Positive) 

Hero Moto Corp: Company launches new Destini 125 in three variants starting at ₹80,450. (Positive) 

Royal Sense: Company announced the launch of 10 new pharmaceutical products on January 14, 2025 (Positive) 

Benares hotels: Company’s Q3 SL net profit 13.6 cr rupees vs 11.3 cr (YoY) Revenue 38.9 cr rupees vs 33.6 cr (YoY) (Positive) 

Larsen & Toubro: Company launches second multi-purpose vessel for the Indian Navy from its Kattupalli Shipyard near Chennai. (Positive) 

Welspun Corp: Company signed a MoU with Saudi Aramco to establish a state-of-the-art Longitudinal Submerged Arc Welded line pipe manufacturing facility in Saudi Arabia. (Positive) 

Glenmark Life: Company announced Change of Name of the Company from ‘‘Glenmark Life Sciences Limited’‘ to ‘‘Alivus Life Sciences Limited’‘ (Neutral) 

Sula Vineyards: Net revenue at ₹217.3 cr vs ₹219 cr, Own brands revenue at ₹194.7 cr vs ₹192.8 cr (YoY) (Neutral) 

Federal Bank: Bank received a Rs. 10.46 Cr IGST penalty order from the Office of the Principal Commissioner, Central Board of Indirect Taxes and Customs, Kochi. (Neutral) 

MTNL: Company announced the extension of Shri A. Robert J. Ravi’s additional charge as CMD for three months. (Neutral) 

Sayaji Hotels: Company announced a rights issue of equity shares totaling Rs.50 Crore. (Neutral) 

Siemens: Company released its Annual Report for FY2023-24 and notice for the 67th AGM on February 12, 2025. (Neutral) 

Netwotk18: Net loss at Rs 1440 cr vs Rs 58.1 cr (Exceptional loss Rs 1426 crore), Revenue at Rs 1360 cr vs Rs 1774 cr (YoY). (Neutral) 

SAIL: Company appoints Alok Verma as Director In-Charge of Rourkela steel plant (Neutral) 

Adani Wilmar: Company will see an ad-hoc weight up across FTSE India indices. (Neutral) 

Adani Ent: Adani Group is in advanced talks with Dubai-based developer Emaar Group to acquire a majority stake in its Indian business for ₹4,000-5,000 crore: Mint. (Neutral) 

Escorts Kubota: Company announced that the Delhi High Court has dismissed the appeal filed by the Income Tax Department against the company for the assessment year (AY) 1986-87 (Neutral) 

Morepen Laboratories: Company said its board has approved the hiving off of its medical devices business to its subsidiary, Morepen Medtech Ltd, on a slump sale basis as a going concern. (Neutral) 

Hathway Cable: Net profit at Rs 13.7 cr vs Rs 22.3 cr , Revenue at Rs 511 cr vs Rs 505 cr (YoY). (Neutral) 

Hindustan Zinc: Company faces ₹92.55-crore GST penalty in Rajasthan (Negative) 

J&K Bank: SEBI issues warning to J&K Bank over delay in CEO announcement (Negative)

Macquarie on Devyani Int: Initiate Outperform on Company, target price at Rs 230/Sh (Positive) 

Macquarie on Sapphire Foods: Initiate Outperform on Company, target price at Rs 390/Sh (Positive) 

JM Fin on Ultratech: Initiate Buy on Company, target price at Rs 13000/Sh (Positive) 

JM Fin on Ambuja Cem: Initiate Buy on Company, target price at Rs 685/Sh (Positive) 

JM Fin on JK Cem: Initiate Buy on Company, target price at Rs 5300/Sh (Positive) 

JM Fin on Birla Corp: Initiate Buy on Company, target price at Rs 1550/Sh (Positive) 

JM Fin on ACC: Initiate Buy on Company, target price at Rs 2550/Sh (Positive) 

Nuvama on BSE: Initiate Buy on Company, target price at Rs 6730/Sh (Positive) 

Investec on SBI Life: Maintain Hold on Company, target price at Rs 1850/Sh (Positive) 

Emkay on Dixon Tech: Maintain Buy on Company, target price at Rs 20000/Sh (Positive) 

Emkay on ONGC: Maintain Buy on Company, target price at Rs 330/Sh (Positive) 

Emkay on Oil India: Maintain Buy on Company, target price at Rs 665/Sh (Positive) 

Emkay on IOCL: Maintain Buy on Company, target price at Rs 185/Sh (Positive) 

Emkay on BPCL: Maintain Buy on Company, target price at Rs 405/Sh (Positive) 

Emkay on HPCL: Maintain Buy on Company, target price at Rs 475/Sh (Positive) 

Macquarie on QSRs: Order of preference: Devyani, Westlife, Sapphire, Jubilant Foodworks (Positive) 

CLSA on Materials (Currency Concerns): Mild negative impact for cement / durables; metals balance sheet better (Neutral) 

Investec on ICICI Pru: Maintain Hold on Company, target price at Rs 770/Sh (Neutral) 

Citi on HDFC AMC: Maintain Sell on Company, target price at Rs 3700/Sh (Neutral)

Adani Green Energy (ADANIGR): Commissioned a 57.2mw wind power component at Khavda project; total operational renewable capacity at 11.666.1mw

Ashoka Buildcon (ASBL): CCI approves proposed acquisition of 34% in Ashoka Concessions

HDFC AMC (HDFCAMC): 3Q Net Income INR6.41b, Beats Estimates

Hero MotoCorp (HMCL): Launches the new motorcycle Destini 125

Morepen Laboratories (MORE): Approves hiving off medical devices business to Medtech unit

Network18 Media (NETM): 3Q Net Loss 14.4B Rupees Vs. Loss 588.2M Rupees Y/y

Shoppers Stop (SHOP): 3Q Net Income 522.3M Rupees Vs. 368.5M Rupees Y/y

Sula Vineyards (SULA): Says 3Q own brand growth 1%, net revenue down 0.7%

Meta Platforms Inc. is cutting roughly 5% of its staff through performance-based eliminations and plans to hire new people to fill their roles this year, according to an internal memo sent to all employees .As of September, Meta employed about 72,000 people, so a 5% reduction could affect roughly 3,600 jobs. 

In the US, Producer prices increased 0.2% mom (+3.3% YoY) in Dec-24, below 0.4% in November which was the biggest gain in five months, and compared to forecasts of 0.3% (+3.4% YoY). Meanwhile, the core PPI was unchanged, following a 0.2% rise (+3.5%YoY) in Nov and compared to forecasts of 0.3% (+3.8%YoY). 

On the fiscal front in the U.S. government posted an $87 billion budget deficit in December, reduced partly by a shift of benefit payments into November but capping a record $711 billion deficit for the first three months of the 2025 fiscal year,

On the domestic front, India’s wholesale prices increased by 2.37% yoy in December 2024, accelerating from a 1.89% rise in November, slightly above forecasts of a 2.30% gain. This was due to faster rises in manufacturing prices amid a softer fall in fuel prices. Primary articles saw faster growth (6.02% vs 5.49% in Nov), and manufacturing prices accelerated to a 23-month high (2.14% vs 2.00%).

In view of ongoing political crisis in Bangladesh, India aims to boost its textile and garments industry in next month’s budget with financial support, tariff cuts on key inputs and incentives to produce locally, two government sources said. The government may also raise the allocation for production-linked incentives for the textile sector to around 600 million rupees from 450 million rupees for the current fiscal year, the source said.

Moreover the government is likely to forecast nominal economic growth of 10.3 per cent-10.5 per cent, according to one of the officials. That’s higher than the forecast of 9.7 per cent for the current year to end-March given by the government’s statistical department this month.

Asian market

Asia market opened higher today after a mixed session on Wall Street that saw the Dow soar and the Nasdaq slip as investors rotated out of tech stocks.

Brent: 80.01, DXY: 109.07, USD10Y: 4.78%, GIFTNIFTY: +0.21%

Wednesday, 15 January, 2025 (Today)

Derivative Segment

• HDFC Life Ltd.

• L&T Tech Ltd.

• Oracle Financial Ltd.

Cash Segment

• Authum Investment Ltd.

• Bank Of Maharashtra

• Ceat Ltd.

Thursday, 16 January, 2025

Derivative Segment

• Infosys Ltd.

• Axis Bank Ltd.

• Havells Ltd.

• LTIMindtree Ltd.

• Reliance Ltd.

Cash Segment

• Alok Ind Ltd.

Friday, 17 January, 2025

Derivative Segment

• ICICI Lombard Ltd.

• Tech Mahindra Ltd.

• JIO Financial Ltd.

• SBI Life Ltd.

• Indian Hotels Ltd.

• Wipro Ltd.

Cash Segment

• Aether Ind Ltd.

Saturday, 18 January, 2025

Derivative Segment

• Can Fin Homes Ltd.

• Kotak Mahindra Ltd.

• RBL Bank Ltd.

Cash Segment

• Chennai Petro Ltd.

• DCM Shriram Ltd.

Monday, 20 January, 2025

Derivative Segment

• MCX Ltd.

• L&T Finance Ltd.

• One97 Comm Ltd.

• Supreme Ind Ltd.

Cash Segment

NIL

Tuesday, 21 January, 2025

Derivative Segment

• ICICI Prudential Ltd.

• KEI Ind Ltd.

• Ultratech Cem Ltd.

Cash Segment

• Aditya Birla Real Est Ltd.

Wednesday, 22 January, 2025

Derivative Segment

• Coforge Ltd.

• HDFC Bank Ltd.

• Pidilite Ltd.

• Polycab Ltd.

• Hindustan Unilvr Ltd.

• Persistent Systems Ltd.

• Tata Comm Ltd.

Cash Segment

NIL

Thursday, 23 January, 2025

Derivative Segment

• Cyient Ltd.

• Dr. Reddy’s Lab Ltd.

• Mphasis Ltd.

• Ultratech Cem Ltd.

• Adani Green Ltd.

• Indus Towers Ltd.

• Sona BLW Ltd.

• United Spirits Ltd.

Cash Segment

• Capri Global Ltd.

Friday, 24 January, 2025

Derivative Segment

• Atul Ltd.

• JSW Steel Ltd.

• AU Small Finance Ltd.

• Godrej Consumer Ltd.

• Granules Ltd.

• Hindustan Petro Ltd.

• Laurus Labs Ltd.

Cash Segment

• Jindal Saw Ltd.

• Trident Ltd.

• Alkyl Amines Ltd.

• CreditAccess Ltd.

Saturday, 25 January, 2025

Derivative Segment

• ICICI Bank Ltd.

• IDFC First Ltd.

• JK Cement Ltd.

• Yes Bank Ltd.

Cash Segment

NIL

Monday, 27 January, 2025

Derivative Segment

• Petronet LNG Ltd.

Cash Segment

• Emami Ltd.

Tuesday, 28 January, 2025

Derivative Segment

• Bajaj Auto Ltd.

• Bosch Ltd.

• Exide Ind Ltd.

• Indian Oil Ltd.

• M&M Fin Serv Ltd.

• BHEL Ltd.

• Cipla Ltd.

• TVS Motor Ltd.

Wednesday, 29 January, 2025

Derivative Segment

• CAMS Ltd.

• KPIT Tech Ltd.

• Bajaj Finance Ltd.

• Tata Motors Ltd.

Cash Segment

• Blue Star Ltd.

• Blue Dart Ltd.

• Craftsman Auto Ltd.

Thursday, 30 January, 2025

Derivative Segment

• Dabur India Ltd.

• Navin Fluorine Ltd.

• Shree Cement Ltd.

• Container Corp Ltd.

• Bajaj Finserv Ltd.

• Bharat Electronics Ltd.

• Biocon Ltd.

Cash Segment

• Bajaj Holdings Ltd.

Friday, 31 January, 2025

Derivative Segment

• Nestle India Ltd.

• Poonawalla Fincorp Ltd.

• Chola Inv & Fin Ltd.

• Marico Ltd.

Monday, 3 February, 2025

Derivative Segment

NIL

Cash Segment

• Castrol Ltd.

Tuesday, 4 February, 2025

Derivative Segment

• Max Financial Ltd.

• Asian Paints Ltd.

Cash Segment

• BASF India Ltd.

Wednesday, 5 February, 2025

Derivative Segment

• Cummins India Ltd.

• Page Industries Ltd.

Cash Segment

NIL

Saturday, 8 February, 2025

Derivative Segment

NIL

Cash Segment

• Amara Raja E&M Ltd.

Monday, 10 February, 2025

Derivative Segment

• Bata India Ltd.

Cash Segment

• CRISIL Ltd.

Tuesday, 11 February, 2025

Derivative Segment

• Berger Paints Ltd.

Cash Segment

• Procter & Gamble H&H Ltd.

Wednesday, 12 February, 2025

Derivative Segment

NIL

Cash Segment

• Endurance Tech Ltd.

• Procter & Gamble Health Ltd.

• Suven Pharma Ltd.

Thursday, 13 February, 2025

Derivative Segment

• Hindalco Ltd.

Cash Segment

NIL

Tuesday, 18 February, 2025

Derivative Segment

• ABB India Ltd.

Cash Segment

NIL

Ex-Dividend 16 Jan 2025 (Tomorrow) 

Last date for Cum-Dividend Today 

CESC Ltd. 

Dividend Per Share Rs.4.5 

Previous day Closing Price – Rs. 154.00 

PCBL Ltd 

Ex-Dividend 16 Jan 2025 (Tomorrow)

Previous day Closing Price – Rs. 363.0

Kesoram ind

Mastek ltd

DB Corp

Havells india

Waaree renewables tech

Bhansali engineering 

Plastiblends 

Hatsun Agro

Infosys

Axis bank

Reliance industries

LTIMindtree

Radhika jewelry 

Sterling & Wilson renewable

Metro Brands

Q3 Result on 17th January:

Mamata machinery

Concord enviro

Jio financial 

Aether industries

5paisa capital

SBI life insurance 

ICICI Lombard

SG finserve 

Ganesh housing

Wipro ltd

Swaraj engine

Supreme petro

Rallis india

Steel strip wheels

Indian hotels

Tech Mahindra

Vinyl chemicals

Seshasayee paper 

Sterlite technologies 

Ramkrishna forging 

Rajoo engineer

Amal ltd

The IPO of Laxmi Dental will close today for public subscription. The IPO that comes out with a price band of ₹407-428 a share saw a tremendous response from non-institutional investors including retail by subscribing 16 times. The minimum lot size is 33 shares.

Equity markets are expected to sustain their gains at open. Gift Nifty at 23,310 signals a marginal gain of about 50 points at open. However, analysts expect the market to remain volatile and remain under pressure given the unabated selling by foreign portfolio investors. 

Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said: positive domestic factors include a decline in retail inflation to a four-month low of 5.2 per cent, IIP growth improving in November 2024 to 5.17 per cent and the RBI Governor’s indication of a more flexible rupee policy, contributing to improved market sentiment. “While there is short-term relief in the market, overall weak global cues, a fall in the rupee, low earnings growth and FII outflows continue to weigh on sentiment, keeping the overall outlook cautious,” he added. Read more

The last month of the year 2024 was quite eventful even though Indian bond yields continued to trade in a narrow range. INR was the centre of attention as it come under increasing pressure in the latter part of December on back of continuous rise in the dollar index as it surged 2.60% during the month. INR depreciated by 1.32% against the US dollar, touching a lifetime low of 85.82 on an intraday basis before a marginal pullback on RBI intervention led to monthly and yearly closing at 85.61. The dollar index climbed above 108, ending the month at 108.49. 

December started on an optimistic note for the bond markets as markets started to factor in a higher probability of a policy rate cut in the December 6th Monetary Policy Committee (MPC) meeting after the much slower-than-expected Q2 FY25 GDP growth data released on 29th Nov 2024. The MPC kept all the policy rates on hold while RBI reduced the Cash Reserve Ratio (CRR) by 50bps. The reduction in CRR released Rs. 1.16 lac cr of liquidity in the banking system, which was struggling with tight liquidity on account of heavy RBI intervention in the FX markets along with advance tax and GST outflows. The MPC decision’s to hold policy rates was taken with a 4-2 majority with Dr. Nagesh Kumar and Professor Ram Singh voting for a 25bps cut in the policy repo rate. The monetary policy stance of “Neutral” was retained unanimously. 

The MPC revised both its Inflation and Growth forecast for FY25, pegging down the GDP forecast at 6.60% from 7.20% earlier and increasing the Inflation forecast to 4.80% for FY25 from 4.50% earlier. RBI remains optimistic on GDP growth in H2FY25 after the negative surprise of Q2. The tone of the policy was balanced with emphasis on durable price stability. 

There was change of guard at the RBI as Sanjay Malhotra, the incumbent revenue secretary took over as the 26th Governor of RBI replacing Shaktikanta Das who was at the helm for six years. 

CPI Inflation came in line with expectations at 5.48% with core inflation remaining stead at 3.70%. Food Inflation moderated but remained high at 8.2% YOY. WPI Inflation cooled to 1.90% in November compared to 2.40% in October led by moderation in food prices. WPI has averaged 2.10% so far in this fiscal, compared to a corresponding period average of -1.30% in FY2023. WPI “core” Inflation came in at 0.50% compared to 0.30% in October, though remined below 1% for the fourth consecutive month. 

Trade deficit hit an all-time high of USD 37.9 bn for November as imports led by gold imports hitting an all-time high of USD 70 bn. Couple of days after the release of the trade data , there were news reports of some error in the data and the government thinking about setting up a team to double check on the data. The current account deficit came in steady at 1.20% of GDP for QE September 24, compared to 1.10% of GDP in the quarter ending June 24. Capital account remained in surplus at USD 30 bn and the overall BOP surplus came in at USD 18.60 bn in QE September from USD 5.20 bn in the previous quarter. The current account deficit is likely to expand in the December quarter. Tax collections remains robust with the third quarter advance tax payment at Rs 3.15 lakh crore, compared with Rs 2.7 lakh crore a year ago. Net direct tax collections (net of refunds) rose 16.45% YOY to INR 15.82 lac crore, which consisted of INR 7.42 lac crore of corporate tax and INR 7.97 lac crore of non-corporate tax collection with STT collections at INR 40,000 crore. 

The finance ministry, in its economic review for November, expressed optimism regarding a growth rebound in H2 of FY25 by projecting a GDP growth of 6.50% for FY25. The report also mentioned that the “combination of monetary policy stance and macroprudential measures by the central bank may have contributed to the demand slowdown”. This is being seen as putting some pressure on RBI to support growth by reducing rates. 

Interbank liquidity remained pretty tight even after the reduction in CRR, leading to sharp uptick in money market yields of up to 1 Yr maturity. 3 month maturity CD yields were trading close to 7.40%-7.45% levels, higher by 20-25 bps, compared to the September quarter and the 1 Yr maturity CD’s were trading at 7.65%-7.70%.

Bond yields inched higher by 2-3 bps across the curve, with the benchmark 10 Yr bond yield ending the month at 6.76%, up by 2 bps compared to last month’s closing of 6.74%. OIS curve steepened as the 5 Yr OIS yield was higher by 16 bps, ending the month at 6.20%. 1 Yr OIS ended the month at 6.51%, up by 10 bps on the month. FPI flows revived in December with debt flows at USD 1.40 bn, taking the total FPI flows into debt for CY2024 to USD 18 bn. Banking deposit growth has exceeded the credit growth this fiscal with the banking system deposits growing by 7.80%, compared to the credit growth of 7.00% in FY25 so far. 

Globally, bond remined under pressure with the US Fed delivering a hawkish rate cut as it reduced its forecast of rate cuts for 2025. The US Fed lowered its rate cut forecast for 2025 to 2 rate cuts from 4 earlier and also raised the inflation and the neutral rate forecast. BOJ stood pat on rates but it is expected that they will increase their policy rates twice in 2025. A hawkish Fed coupled with the challenging debt situation in US, sticky inflation amidst robust GDP growth has led to a sharp rise in US bond yields in the last quarter. The benchmark US 10 Yr Bond yield ended the year at 4.57%, up by almost 90 bps over the last three months. The elevated US and global bond yields along with the rise in the dollar index has put pressure on emerging market currencies and bond yields. The dollar index has surged by 6.15% in CY2024 and the INR has depreciated by 2.88% in CY2024. RBI has intervened quite aggressively to contain INR depreciation and RBI is short almost USD 60 bn in the NDF market. India’s foreign currency reserves are down by USD 43 bn from its peak. 

The pressure on INR due to a strengthening US dollar and expectations of a rebound in the GDP growth in H2FY25 has reduced expectations of policy rate cut from RBI but we continue to expect RBI to cut policy rates starting from February 2025 onwards as Inflation is likely to moderate further. We also expect the external situation to stabilise gradually as markets seems to have factored in a lot of negatives. Bonds will continue to be supported on expectations of monetary easing and we expect yields to continue to drift lower gradually. Retracement in yields from current levels will offer a good opportunity to investors to increase their allocation to fixed income.

PGIM India MF Outlook 

While there are some headwinds in terms of slowing earnings growth, lacklustre capex, INR depreciation and subdued consumption, we reckon some of the above may be transient and will resolve over time. Importantly, corporate debt/GDP are at lows, banks are well capitalised, capital markets are strong and hence there is enough fuel available for long-term productive asset creation which keeps India’s growth story intact. We are mindful of geopolitical actions in terms of tariffs and rate cuts which could result in measures being taken by impacted countries and that needs to be closely monitored.

We believe that despite global challenges, India continues to be the fastest-growing economy among major nations, reflecting its resilience. Factors such as sustained domestic economic growth, political stability, prudent reforms, infrastructure investment, healthy corporate finances, ample foreign reserves, controlled twin deficits, stable crude prices, and lower commodity inflation protect India from external shocks and position it for future growth. We are optimistic on investments in high-growth and good-quality companies with a medium to long-term investment horizon.

The Market that was

The NIFTY 50 declined 2% in December after a flattish November, but gained 8.8% in CY2024. Mid Cap and Small Cap indices outperformed the Large Cap index and were up 1.4% and 0.6% in December and 23.9% each (both Mid Cap and Small Cap indices) in CY2024. Sector-wise, healthcare and realty were the best-performing sectors in the month of December and in 2024. Power, metals and PSU indices declined 7%, 5.4% and 5.2% in December. Rupee was down 1.3% at INR 85.6 vs USD and India 10 Yr yields rose by 6 bps during the month to 6.81%. FPIs bought USD 59 mn of Indian equities in the secondary market, whereas DIIs bought USD 4 bn. FIIs net sold USD 170mn in CY24. On the other hand, DIIs have continued to remain net buyers to the tune of USD 62 bn in CY24. Within DIIs, mutual funds have been the key buyers, contributing to USD 50bn buying.

On the economy front, November CPI decelerated to 5.5% YoY from 6.2% in October and back to September levels of 5.5% due to correction in food prices. Sequentially, inflation eased by -15 bps vs. 134 bps hike in the previous month. Core CPI (ex-food and fuel) remained stable at 3.8% as in the last month with sequential pace slowing to 20 bps vs. 59 bps in the last month. WPI also eased to 1.9% in November, compared to 2.4% in October. The index of industrial production (IIP) marginally improved and grew by 3.5% YoY in October vs. growth of 3.1% in September, buoyed by festival-driven demand, reversing a 0.1% contraction in August. Manufacturing/Electricity/Mining registered 4%/2%/1% YoY growth. 18/23 industries advanced YoY. Trade deficit in November further expanded to USD 38 bn (versus USD 27 bn in October and USD 20 bn in September), almost entirely led by a jump in gold imports from USD 7 bn in October to USD 16 bn in November. FY25 April-Nov’24 fiscal deficit touched 52.5% of budgeted estimates (BE) vs. 50.1% of the budgeted estimates same time last year. 

Direct tax collections are 12% higher YoY with personal income taxes higher by 24% YoY while corporate taxes are down 1% YoY. On the indirect tax side, collections are higher 9% YoY with higher customs growth offsetting weaker GST collections. YTD capex is only 46% of BE and -12% lower than last year. So far, capex has been concentrated in railways (67% of BE and -1% YoY), roads and transport (54% of BE and -16% YoY) while the other primary focus defence is lagging (42% of BE and -16% YoY). A monthly run rate of INR 642 bn so far and with four months to go gives a steep rate of INR 1494 bn (more than double of what has been clocked so far to achieve the budgeted estimates). System credit growth remained weak for the month of November at 10.6% YoY (Oct’24: 11.5% YoY) due to weak retail credit growth of 13.3% YoY (Oct’24: 12.9% YoY) and weak services credit growth of 13% YoY (Oct’24: 12.7% YoY). The weakness in growth is mainly due to stress in unsecured credit. Credit growth has largely converged with deposit growth which stood at 10.7% YoY driven by tightening of risk weights on unsecured loans and NBFC credit.

INR4.5t Equity net inflows at record high in CY24

INR264.6b Amount garnered through SIPs at a new high

INR66.9t MF industry’s AUM jumps 32% YoY

According to Motilal Oswal Fund Folio Report, domestic MFs saw their equity AUM rise for the 11th consecutive year to INR33.4t (+40% YoY) in CY24. AUM growth was fueled by an uptrend in market indices (Nifty: +9% YoY) and higher equity scheme sales (at INR9,120b; +69% YoY). However, redemptions also rose 40% YoY to INR4,645b, leading to a rise in net inflows (more than double YoY) to INR4,475b in CY24 (all-time high) from INR2,063b in CY23. The MF industry’s total AUM increased 32% YoY (INR16.1t) to INR66.9t in CY24, propelled by the growth in equity funds (INR9,537b), liquid funds (INR1,727b), balanced funds (INR1,533b), other ETFs funds (INR1,424b), and income funds (INR954b). Investors continued to park their money in mutual funds, with inflows and contributions in systematic investment plans (SIPs) reaching a new high of INR264.6b in Dec’24 (up 4.5% MoM and 50.2% YoY).

NFO Period: 16th January –30th January, 2025

Bengaluru, January 14, 2025: Groww Mutual Fund has introduced the Groww Nifty India Railways PSU ETF, aiming to offer retail investors the opportunity to invest in the Indian Railways ecosystem, a fundamental pillar of India’s infrastructure. The NFO period of the scheme is from 16-30 January, 2025

This ETF seeks to replicate the performance of the Nifty India Railways PSU Index -TRI, comprising Public Sector Undertakings (PSUs) essential to the railways sector, spanning infrastructure, financial services, logistics, and technology.

Capitalizing on India’s Growth Story*

Indian Railways is critical to the country’s transportation and logistics ecosystem, with a vast network spanning 68,584 km and over 7,325 stations. It facilitates seamless transportation for 6.7 billion passengers annually—equivalent to the world’s population—and handles 27% of India’s freight movement.

The sector is undergoing a significant transformation, supported by a record ₹2.52 lakh crore in government capital expenditure for FY 2024-25. Initiatives include the transition to safer, more efficient rolling stock, station upgrades, high-speed rail projects, and the adoption of renewable energy solutions like solar installations, aligning with sustainability goals while reducing operational costs.

In adherence to the Reserve Bank of India guidelines, Punjab National Bank (PNB), nation’s leading public sector bank, urges its customers to update their “Know Your Customer” (KYC) information by 23.01.2025 to ensure smooth functioning of their accounts. This is applicable only for those customers whose accounts were due for KYC updation as of 30.09.2024.

As part of the KYC compliance exercise, PNB customers are requested to provide their updated information like identity proof, address proof, recent photo, PAN/Form 60, income proof, mobile number (if not available) or any other KYC information at any branch. It can also be done through PNB ONE/Internet Banking Services (IBS) or registered e-mail/post to their base branch by 23.01.2025. Failure to update KYC details within the stipulated time may result in restrictions on account operations.

“The WPI inflation expectedly rose to 2.4% in December 2024 from 1.9% in November 2024, while printing slightly lower than ICRA’s estimate (+2.6%). The uptick was led by the fuel and power and primary non-food articles, which together accounted for as much as 42 bps of the 48 bps increase in the headline print between these months. The WPI food inflation remained unchanged at 8.9% in December 2024 vis-à-vis November 2024. Among food items, the inflation in vegetables and edible oils remained elevated, printing above the 25% mark in the month.

The core (non-food manufacturing) WPI inflation inched up slightly to a five-month high of 0.7% in December 2024 from 0.5% in November 2024, while remaining below the 1.0%-mark for the fifth consecutive month.

The prices of major vegetables, such as tomato, onion and potato, have declined quite sharply on a sequential basis in January 2025 so far. However, the relatively lower weight of vegetables in the WPI vis-à-vis the CPI, would limit the benefits on this account to the headline WPI inflation in the month. Moreover, the import duty hikes on most varieties of edible oil that were undertaken in mid-September 2024, are expected to continue to weigh on the year-on-year (YoY) WPI-food inflation print in January 2025.

Consistently outperform Sensex over the past five fiscals1

New Delhi, January 14 2025: The benchmark of equity alternative investment funds (AIFs) investing in unlisted securities achieved a remarkable pooled internal rate of return (IRR) of 21.5% between fiscals 2013 and 2024, according to the second edition of the Crisil-Oister report, ‘No ifs about AIFs 2.0’. 

Across the past five fiscals, the benchmark outpaced the BSE Sensex Total Return Index (TRI), reaffirming the resilience and importance of private markets in India’s investment landscape. 

Stage-wise, the benchmark of early-stage funds generated a pooled IRR of 26.9% between fiscals 2013 and 2024, outperforming the BSE 250 Smallcap TRI by 4.29%. Similarly, the benchmark of growth and late-stage funds delivered a robust pooled IRR of 23.6% between fiscals 2015 and 2024, surpassing the BSE 200 TRI by 5.97%. 

IRR captures both realised and unrealised gains. 

The distribution to paid-in (DPI) capital ratio shows the realised gains for an investor. The benchmark belonging to the earliest vintage — fiscal 2014 — had a DPI ratio of 1.56, meaning investors received 56% more than their initial investment as of March 2024. 

Says Sandeep Sinha, Co-CEO, Oister, “This year’s Crisil-Oister report reinforces our long-held belief that private capital is not only participating in India’s growth story but also shaping it. In fiscal 2024, private markets once again demonstrated their ability to outperform and lead through long-term growth and sectoral innovation, setting a benchmark for resilience, scale and innovation.”

Shanti Gold International Limited, a Mumbai-based manufacturer of 22kt CZ casting gold jewellery, based on installed production capacity (Source: CARE Report). Specializing in the design and production of various types of gold jewellery, the company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The IPO with a face value of Rs 10 per equity share is entirely a fresh issue of up to 18 million equity shares.

The proceeds from the fresh issue to the extent of Rs 45.83 crore will be used for funding of capital expenditure requirements towards setting up of the proposed Jaipur facility; Rs 190 crore will be allocated for funding the company’s incremental working capital requirements; Rs 20 crore will be utilised for the repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company; and general corporate purposes.

PL Investment Banking, the investment banking arm of PL Capital Group – Prabhudas Lilladher, has raised Rs50 crore ($6.2 million) for EMO Energy in Series A round. EMO Energy is an innovative energy-tech company, powering a fast-charging ecosystem through their globally patented, advanced battery software and hardware.

PL Investment Banking acted as an exclusive advisor to EMO Energy in raising funds and supporting the company in its mission to revolutionize the energy landscape

The funding was led by Subhkam Ventures and marquee family offices. Their existing investor, Transition VC also participated in this round.

Globe Textiles (India) has announced a rights issue, offering eligible shareholders an opportunity to enhance their engagement and equity ownership in the company.

The company seeks to raise up to ₹4,504 lakh through the rights issue to support strategic investments aimed at long-term growth, including initiatives in R&D, product development, and market expansion. The proceeds from the rights issue will also be used to strengthen its working capital, thereby boosting growth.

Key details:

Right issue price: ₹3 per Rights Equity Share

Record Date: January 17, 2025

Rights Issue Opening Date: January 24, 2025

Rights Issue Closing Date: February 6, 2025

Renunciation of Rights Entitlement Period: January 24, 2025 to January 31, 2025

Rights Issue Size: ₹ 4,504 Lakhs

The company reported Net Profit up by 102.20% to ₹ 380.76 lakhs in September 2024 compared to ₹188.31 lakh in September 23. The company also reported revenue up by 35.12%.

The company reported Net Profit up by 85.48 per cent to ₹271.38 lakh in June-24 compared to ₹146.31 lakh in June 2023. The company seeks to sustain this momentum through strategic initiatives focused on driving sustained growth and profitability.

One of India’s largest diversified NBFC, Tata Capital Ltd, has successfully raised $400 million Fixed Rate Senior Unsecured Reg S Bond for a 3.5-year tenor at an interest rate of 5.389%. This marks the maiden USD bond issuance by the Company.

The Company engaged with global investors in Hong Kong, Singapore and London. On the back of strong investor interest, the transaction was launched with an initial price guidance of UST + 125 bps. Following a strong book building, supported by high quality investors, the Company was able to tighten pricing by 33bps to UST + 92 bps.

The bond received an overwhelming response from investors, with the final order book over-subscribed more than 4 times. The transaction witnessed global investor participation from Asia and EMEA across asset managers, insurance Companies, banks and others.

Key Transaction Highlights

First Investment Grade rated issuance from a Tata Group company

First Investment Grade rated issuance by a private sector NBFC from India

Tightest spread over US Treasuries ever achieved for a 3/3.5-year USD-denominated, public, fixed-rate bond issuance by a BBB- rated Issuer from South and South East Asia

AEROFLEX, AIIL, CEATLTD,HDFCLIFE, LTTS, MAHABANK, MAHSCOOTER, NELCO, OFSS, ORIENTHOT, PSB, RIIL, TRANSRAILL

CEATLTD YoY 

* Revenue expected at Rs 3309 crore versus Rs 2963 crore

* EBITDA expected to be seen at Rs 359 crore versus Rs 417 crore

* EBITDA margin expected to be seen at 10.85% versus 14.09%

* Net profit expected to be seen at Rs 121 crore versus Rs 181 crore

HDFCLIFE YoY 

* APE expected at Rs 3663 crore versus Rs 3190 crore

* EBIT expected to be seen at Rs 576 crore versus Rs 328 crore

* EBIT margin expected to be seen at 1.23% versus 18.58%

* Net profit expected to be seen at Rs 400 crore versus Rs 367 crore

LTTS QoQ 

* Revenue expected at Rs 2663 crore versus Rs 2578 crore

* EBIT expected to be seen at Rs 411 crore versus Rs 387 crore

* EBIT margin expected to be seen at 15.43% versus 15.03%

* Net profit expected to be seen at Rs 330 crore versus Rs 319 crore

OFSS QoQ 

* Revenue expected at Rs 1823.6 crore versus Rs 1673.9 crore

* Operating Profit expected to be seen at Rs 849.5 crore versus Rs 732.8 crore

* Operating margin expected to be seen at 46.59% versus 43.78%

* Net profit expected to be seen at Rs 740.8 crore versus Rs 577.7 crore

Q3FY25 EARNING CALENDAR 16.01.2025

ALOKINDS, AXISBANK, BEPL, DBCORP, HATSUN, HAVELLS, INFY, KESORAMIND, LASTMILE, LTIM, MASTEK, METROBRAND, NATIONSTD, PIFL, RADHIKAJWE, RELIANCE, SWSOLAR, WAAREERTL

AXISBANK YoY 

* NII expected at Rs 13767 crore versus Rs 12532 crore

* EBIT expected to be seen at Rs 10432 crore versus Rs 9141 crore

* EBIT margin expected to be seen at 75.72% versus 50.53%

* Net profit expected to be seen at Rs 6482 crore versus Rs 6071 crore

HAVELLS YoY 

* Revenue expected at Rs 4973 crore versus Rs 4413 crore

* EBITDA expected to be seen at Rs 470 crore versus Rs 432 crore

* EBITDA margin expected to be seen at 9.45% versus 9.80%

* Net profit expected to be seen at Rs 330 crore versus Rs 287 crore

INFY QoQ 

* Revenue expected at Rs 41269 crore versus Rs 40986 crore

* EBIT expected to be seen at Rs 8748 crore versus Rs 8649 crore

* EBIT margin expected to be seen at 21.20% versus 21.10%

* Net profit expected to be seen at Rs 6715 crore versus Rs 6506 crore

LTIM QoQ 

* Revenue expected at Rs 9628 crore versus Rs 9432 crore

* EBIT expected to be seen at Rs 1325 crore versus Rs 1458 crore

* EBIT margin expected to be seen at 13.76% versus 15.46%

* Net profit expected to be seen at Rs 1137 crore versus Rs 1251 crore

MASTEK QoQ 

* Revenue expected at Rs 885 crore versus Rs 867 crore

* EBIT expected to be seen at Rs 123 crore versus Rs 123 crore

* EBIT margin expected to be seen at 13.90% versus 14.21%

* Net profit expected to be seen at Rs 88 crore versus Rs 116 crore

RELIANCE YoY 

* Revenue expected at Rs 235259 crore versus Rs 225086 crore

* EBITDA expected to be seen at Rs 41893 crore versus Rs 40656 crore

* EBITDA margin expected to be seen at 17.81% versus 18.60%

* Net profit expected to be seen at Rs 17860 crore versus Rs 17265 crore

J P Morgan Chase & Co (Pre market) (Sector- Financial)

Wells Fargo & Company (Pre market) (Sector- Financial)

BlackRock, Inc. (Pre market) (Sector- Financial)

Citigroup Inc. (Pre market) (Sector- Financial)

The Bank of New York Mellon Corporation (Pre market) (Sector- Financial) 

Rio Tinto Plc (Post market) (Sector- Metal)

Kinder Morgan, Inc. (TENT) (Sector- Energy)

The Charles Schwab Corporation (TENT) (Sector- Financial)

12:30 U.K. CPI y/y (Expected: 2.6% versus Previous: 2.6%)

15:30 EURO Industrial Production m/m (Expected: 0.3% versus Previous: 0.0%)

19:00 U.S. CPI m/m (Expected: 0.3% versus Previous: 0.3%)

19:50 U.S. FOMC Member Barkin Speaks

20:30 U.S. FOMC Member Kashkari Speaks

21:30 U.S. FOMC Member Williams Speaks

22:30 U.S. FOMC Member Goolsbee Speaks

14 January 2025 (Rs. In Crs.) 

Turnover: (NSE + BSE) 

Cash Volume: 103214.71 + 6551.26, Total: 109765.97 

F&O Volume: 11355219.07 + 33417124.24, Total: 44772343.31 

Provisional Cash 

FII/FPI: NET SELL: -8132.26 

(13,794.14 - 21,926.40) 

DII: NET BUY: +7901.06 

(17,836.50 - 9,935.44)

Q3 SL NET PROFIT 6.4B RUPEES VS 4.9B (YOY) Q3 REVENUE 9.4B RUPEES VS 6.7B (YOY) (NUMBERS SEEN BETTER YOY)

THE INDUSTRY HAS BEEN DEMANDING THE EXPORT OF SURPLUS SUGAR, AND A DECISION ON THIS IS EXPECTED TO BE ANNOUNCED SOON - ET NOW (SUGAR STOCKS EXPECTED TO REMAIN ON FOCUS)

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The short-term outlook is bullish for Divi’s Laboratories. The stock has been moving in a sideways range since October last year. Barring the rise to ₹6,448 in December, the stock has been oscillating between ₹5,634-₹6,276. Read more