Stock Market Live: GIFT Nifty Near 25,400; SBI, Tata Power, IRCTC In Focus

Jefferies On Zomato

• Maintains buy with a target price of Rs. 335, which implied a 23% upside

• Gross order value (GOV) likely to ramp up at a CAGR of 20%

• Restaurant take rates largely optimized at 22% of GOV

• Margins should still improve steadily to 4-5% of GOV

• Dark stores could eventually expand to service 4000 orders per day vs 1560 currently

• Dark store achieves breakeven at 1,200 orders per day

• Competition in the short term mat put pressure on growth and margins

Jefferies On Bharti Hexacom

• Jefferies upgrade to 'Buy' with a target price Rs 1,600, which implied a 29% upside.

• Jio’s growth target may require multiple tariff hikes

• Its recent lead indicates step in this direction

• Its rising focus on monetisation gives indication of another hike in mid 2025

• Vodafone Idea’s revenue market share has fallen further

• By the time Vodafone Idea completes network investments, it may see further decline in market share

• It would therefore require more tariff hikes to bridge the gap between cashflows and dues payable

• Build two tariff hikes in forecast: 2QFY26 and 2QFY27

• Over FY24-27 expect Bharti Hexacom to deliver 19/25% CAGR in revenues/ EBitda

• Its faster growth to Airtel, keeps valuations at premium to Airtel’s India operations

• Value Bharti Hexacom at 14.5x Ev/Ebitdaa

Motilal Oswal On Granules India

• Motilal Oswal Financial Services reiterated 'Buy' with a target price of Rs 680, which implied 20% upside potential.

• The brokerage expects 36% earnings CAGR over FY24-26

• The US Food and Drug Administration issued Form 483 with 6 observations at Gagillapur site:

• Cleaning/maintenance issues.

• Inadequate root-cause analysis.

• Document management problems.

• In-process controls lacking.

• Air purification units concerns.

• Awaiting USFDA classification to assess long-term compliance.

• No major product approvals pending from this site.

• Gagillapur inspected 6 times

• Previous inspections resulted in VAI or NAI classifications.

• Management working to resolve USFDA issues within the timeframe.

• Focus on niche pipeline (oncology, innovative products)

• Granules India's 36% earnings CAGR expected over FY24-26.

• Gagillapur inspection a near-term hurdle for US growth.

Jefferies On Bharti Airtel

Jefferies maintains Buy with a target price at Rs 1970, which implied a 20.5% upside.

Jio’s growth target may require multiple tariff hikes

Its recent lead indicates step in this direction

Its rising focus on monetisation gives indication of another hike in mid 2025

Vodafone Idea’s revenue market share has fallen further

By the time Vodafone Idea completes network investments, it may see further decline in market share

It would therefore require more tariff hikes to bridge the gap between cashflows and dues payable

Build two tariff hikes in forecast: 2QFY26 and 2QFY27

Over FY24-27 expect Bharti to deliver 17/19% CAGR in India revenues/ Ebitda

Jefferies expects deleveraging by $9.5 billion over FY25-27

Nazara Tech Likely To Invest Rs 982 Crore In Moonshine Technology

• Nazara Technologies Ltd. is likely to invest Rs 982 crore in Moonshine Technology, online poker gaming platform ‘PokerBaazi’.

• The company is to acquire 47.7% stake in Moonshine Technology for Rs 832 crore through secondary transaction.

• Nazara Technologies is likely to inject Rs 150 crore in primary capital into Moonshine via compulsory convertible preference shares.

Source: Exchange filing

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Global Cues

• U.S. Dollar Index at 101.03

• U.S. 10-year bond yield at 3.65%

• Brent crude rose 0.44% at $72.29 per barrel

• Nymex crude rose 0.49% at $69.31 per barrel

• Bitcoin was down 0.20% at $58,077.45

• The GIFT Nifty was trading 0.05% or 13.50 points lower at 25,392.00 as of 8:10 a.m.

Money Market

The Indian rupee closed flat against the US dollar on Thursday as the market participants awaited US Producer Price Index data. The Indian unit touched a fresh low of 83.9912 against the US dollar during the session.

The rupee closed little changed at Rs 83.96 after opening at Rs 83.97 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.98 on Wednesday.

F&O Cues

• Nifty September futures up by 1.61% to 25,339, at a discount of 50 points.

• Nifty September futures open interest up by 11.37%.

• Nifty Bank September futures up by 1.16% to 51,715.85 at a discount of 56.55 points.

• Nifty Bank September futures open interest down by 10.4%.

• Nifty Options Sept. 19 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,500.

• Bank Nifty Options Sept. 18 Expiry: Maximum call open interest at 54,000 and maximum put open interest at 49,000.

• Securities in ban period: Aarti Industries, Aditya Birla Fashion Retail, Balramur Chini Mills, Bandhan Bank, Chambal Fertilisers, Granules, Hindustan Copper and RBL Bank.

Who’s Meeting Whom

• Kotak Mahindra Bank: To meet analysts and investors on Sept. 18.

• Gland Pharma: To meet analysts and investors on Sept. 13.

• Advanced Enzyme Technologies: To meet analysts and investors on Sept. 18 and 19.

• TBO Tek: To meet analysts and investors on Sept. 17.

August CPI Data: India’s Retail Inflation Remains Near Five-Year Low Despite Marginal Rise Of 3.65%

Insider Trades

• Paisalo Digital: Promoter Equilibrated Venture Cflow bought 13.32 lakh shares on Sept. 12.

• Pidilite Industries: Promoter Neerav Parekh sold 47,747 shares on Sept. 11.

• Salasar Techno Engineering: Promoter Shikar Gupta sold 2 lakh shares on Sept. 12, while Promoter Tripti Gupta sold 1 crore shares. Promoter Tripti Gupta sold 10 lakh shares on Sept. 10.

Pledge Share Details

• Wardwizard Innovations & Mobility: Promoter Yatin Sanjay Gupte created a pledge for 9.25 lakh shares on Sept. 12.

Trading Tweaks

• Ex/record AGM: Krsnaa Diagnostics, Ami Organics, Landmark Cars, Amines & Plasticizers, Fedbank Financial Services, BEML, Precision Wires, Sunflag Iron & Steel, Jagran Prakashan, HBL Power, Arihant Superstructures.

• Ex/record dividend: Prudent Corporate Advisory Services, CCL Products, Precision Wires, HUDCO, HBL Power, Krsnaa Diagnostics, Ami Organics, and Landmark Cars.

• Ex/record split: Krishna Institute of Medical Sciences.

• Price band change from 10% to 5%: Panacea Biotec.

• Moved into short-term ASM Framework: Prism Johnson

• Moved out of short-term ASM Framework: Bhageria Industries, Globus Spirits, J.G. Chemicals.

H.G. Infra Engineering Receives Order Worth Rs 716 Crore From Central Railway

IPO Offering

• P N Gadgil Jewellers: The public issue was subscribed to 59.41 times on day 3. The bids were led by qualified institutional investors (136.85 times), non-institutional investors (56.09 times) and retail investors (16.58 times).

• Western Carriers (India): The company will offer its shares for bidding on Friday. The price band is set from Rs 163 to Rs 172 per share. The Rs 492.88-crore IPO issue is a combination of a fresh issue for Rs 400 crore and an offer for sale. The company raised Rs 147.8crore from anchor investors.

Block Deals

• PNB Housing: Asia Opportunities V (Mauritius) Ltd. sold 16.22 lakh shares (0.62%) at Rs 1,097.3 apiece, Goldman Sachs (Singapore) Pte.- Odi bought 0.92 lakh shares (0.04%) at Rs 1,097.3 apiece; the Government of Singapore bought 13.16 lakh shares (0.5%) at Rs 1,097.3 apiece; and the Monetary Authority of Singapore bought 2.13 lakh shares (0.08%) at Rs 1,097.3 apiece.

Bulk Deals

• EPL: Ashok Goel Trust sold 88 lakh shares (2.76%) at Rs 243.18 apiece.

• Honasa Consumer: Fireside Ventures Investment Fund sold 65.83 lakh shares (2.03%), Peak XV Partners Investments VI sold 1.23 crore shares (3.81%), Sequoia Capital Global Growth Fund sold 28.71 lakh shares at Rs 495.01 apiece. India Annex Fund sold 28.71 lakh shares (0.89%), Sofina Ventures S.A. sold 60.15 lakh shares (1.86%), Stellaris Venture Partners India sold 45.30 lakh shares (1.4%) at between Rs 495.3 and 496.12 apiece, while ICICI Prudential Life Insurance Co. bought 28.78 lakh shares (0.89%), and Morgan Stanley Asia Singapore Pte bought 24.17 lakh shares (0.75%) at Rs 495 apiece.

Mamaearth Parent Honasa Consumer Investors Sell Off Rs 1,863.88 Crore In Bulk Deal

Stocks To Watch

• SBI Card: The company will consider raising up to Rs 9,000 crore via NCDS.

• BPCL: The company approved Rs 1,138 crore capex for pipeline expansion projects.

• Patanajali Foods: Patanjali Ayurved, Patanjali Parivahan to sell up to 1.1 crore shares in Patanjali Foods at Rs 1,815 per share, indicating a 6% discount to the current market price.

• HG Infrastructure: The company received an order worth Rs 716 crore from Central Railway.

• HPL Electric: The company received an order worth Rs 144 crore for the supply of smart meters and conventional meters.

• ONGC: ONGC Petro has allotted shares worth Rs 6,107 crore to the company. The company’s shareholding in OPaL increased to 91.2% from 81.3%.

• IRCTC: LIC increases stake in IRCTC to 9.3% from 7.3% over two years.

• Panacea Biotech: US DFC committed a $20 million loan to the company for expansion.

• Tata Power: Tata Power Renewable Energy and Tata Motors signed an MoU for 200 fast-charging stations for electric commercial vehicles.

• Intellect Design: The company introduced eMACH.ai for Sri Lanka Financial Landscape.

• Route Mobile: The company’s non-retail portion of OFS received demand of 1.38 times.

• BPCL: The company approved JV Pact with Sembcorp Green Hydrogen for renewable energy, green hydrogen and approved JV Pact with GPS Renewables for compressed biogas.

• BLS International: The company acquired UAE-based citizenship for $31 million (Rs 260 crore) via arm.

• HCL Tech: The company completed acquisition of France-based software company Zeenea SAS for 23.9-million euros.

• SBI: S&P Global affirms credit rating at ‘BBB-‘, to company while outlook remains positive.

• Zee Entertainment: NCLT approved the settlement pact with Sony India.

• CESC: The company incorporated a wholly owned subsidiary, Redgaint Renewable Power Energy.

• Power Grid: The company gets a letter of interest for an interstate transmission system in Gujarat.

BPCL Approves Rs 1,138 Crore For Pipeline Expansion Projects

GIFT Nifty Trades Above 25,300

Asia-Pacific stocks rose in early trade Friday, except Japanese stocks, as share indices on Wall Street logged marginal gains overnight after latest inflation data from the US did not provide clarity over the Federal Reserve's monetary policy outlook post September.

Japan's benchmark Nikkei 225 was trading 49.22 points, or 0.13% lower at 36,784.05, as foreign investors continue to sell stocks noticing yen's growing strength against the US dollar, Bloomberg reported.

On Thursday, the S&P 500 and Nasdaq Composite settled 0.75% and 1.00% higher, respectively. The Dow Jones Industrial Average ended 0.58% higher.

Brent crude was trading 0.49% higher at $72.32 a barrel. Gold rose 0.15% to $2,561.85 an ounce.

The GIFT Nifty was trading 0.23%, or 57.50 points lower at 25,348.00 as of 06:31 a.m.

India's benchmark equity indices ended at fresh closing highs on Thursday as markets rose sharply in the last hour of trade, led by rallies in metal, auto, and banking stocks.

The NSE Nifty 50 ended 470.45 points, or 1.89% higher at 25,388.90, while the S&P BSE Sensex closed up 1,439.55 points, or 1.77% at 82,962.71, recording new highs.

Foreign portfolio investors mopped up stocks worth Rs 7,695 crore, while domestic institutional investors turned net sellers after a day of buying and offloading equities worth Rs 1,800.5 crore, according to provisional data from the National Stock Exchange.

The Indian currency settled flat against the US dollar at 83.9650 on Thursday.

Trade Setup For Sept. 13: Nifty Projected To Climb To 25,500. Read more on Markets by NDTV Profit.