Sensex Today Live : This industrial metal can electrify India’s growth. But where are the ores?
Sensex Today Live : In its relatively brief existence of 22 years, Sterlite Copper has managed to avoid shutdown on multiple occasions.
The copper smelter of the Vedanta group, a facility where metal is obtained by heating the ore to high temperatures, commenced operations in Thoothukudi in southern Tamil Nadu in 1996. The Madras High Court initially ordered its closure in 2010 for violating pollution standards. However, the Supreme Court granted a stay, allowing the plant to continue operations.
In 2013, the plant was once again shut down by the Tamil Nadu government due to a gas leak. The Supreme Court imposed a fine of ₹100 crore on the company for non-compliance with pollution standards but permitted the plant to resume operations upon meeting various conditions. (Read the full story here.)
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Across sectors, the Nifty Bank was up 0.39%, the Auto index was up 1.22%, the Oil & Gas index was up 1.77%.
The FMCG index was down 0.24%.
Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.44%, and the BSE SmallCap index up 0.92%.
Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : Reliance Industries, Maruti Suzuki India, Bajaj Auto, Adani Ports & SEZ, and Eicher Motors, were the top gainers on the Nifty, while Britannia, Apollo Hospital Enterprises, Nestle India, Hero MotoCorp, and Wipro, were the top losers.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Reliance Industries, Maruti Suzuki India, Larsen & Toubro, IndusInd Bank, and Kotak Mahindra Bank, were the top gainers on the Sensex, while Nestle India, Wipro, and TCS were the only drags on the benchmark index.
Sensex Today Live : 12 pm Market Update
Sensex Today Live : Indian benchmark indices were up on Wednesday, even as Asian peers traded mixed.
At 12 pm, Sensex was up 573.01 points, or 0.79%, at 73,043.31, and Nifty was up 170.60 points, or 0.78%, at 22,175.30.
Sensex Today Live : Brahmaputra Infrastructure receives Letter of Acceptance from NHIDCL for project worth ₹59.84 crores
Sensex Today Live : Brahmaputra Infrastructure today informed the exchanges that it has received a LOA from the National Highway & Infrastructure Development Corporation of India to upgrade an 11.21 km lenght of road on the Kailashahar-Kurti Bridge section of NH-208A.
In an exchange filing, the company said, “We would like to inform you that Company M/s Brahmaputra Infrastructure Limited have received a LOA from the office of Executive Director ( T.) – National Highway & Infrastructure Development Corporation of India for the execution of the Rehabilitation and Up-gradation of road from design Km 25.250 to Km 36.460 (Total Length: 11.210 Km) of Kailashahar – Kurti Bridge section of NH-208A to two lane with paved shoulder in the State of Tripura on EPC mode (Package III)-Balance work- Letter of Acceptance (LOA)- of an total amount Rs. 59.84 crores.”
Sensex Today Live : Kotak Institutional Equities gives sector update on AMCs, says waiting for better risk-reward
Sensex Today Live : In our view, current valuations of AMC stocks largely capture relative differences in business performance and growth outlook.
While growth tailwinds will likely be the strongest for HDFC AMC (downgrade to REDUCE), we find relative valuations fully capturing this outperformance.
We upgrade ABSL to ADD given recent underperformance and retain ratings for Nippon (ADD) and UTI (REDUCE).
Risk-reward is relatively more attractive for Nippon given recent correction, strong SIP book and broadening of flows across categories. Await better entry points for HDFC AMC whereas fund performance revival is a key monitorable for ABSL/UTI.
Stock price performance for AMC stocks has been strong overall but quite divergent across AMCs with HDFC AMC (+110% in 1Y) and Nippon (+110%) outperforming ABSL (+46%) and UTI (+23%).
The sector as a whole is also now trading at 55-60% premium to broader markets. This reflects similarly sharp relative differences in equity AUM growth across four AMCs. HDFC and Nippon have outperformed (~60% yoy) overall industry (50%) and ABSL and UTI (~30%).
Valuation premium for AMCs reflects key traits such as (1) strong cash flow generation, (2) high degree of transparency and predictability, and (3) well-aligned incentives across investors, distributors and asset managers. These are offset by key pushback such as (1) predictability and sustainability of fund performance, and (2) structural fee pressure due to passives/regulations.
Our analysis of daily flows in March (up to 21st) across large categories has a few takeaways—(1) small-cap category has seen net outflows while mid-cap funds have seen positive but lower flows; (2) categories such as large-cap, flexi cap, hybrid funds have seen uptick in flows suggesting a possible shift in preferences; and (3) there is marked difference in flows across four AMCs with HDFC/Nippon seeing much stronger inflows in non-SMID categories.
In our view, strong SIP growth seen by HDFC/Nippon over the past 12 months will likely lead better stability in flows compared to industry.
We downgrade HDFC AMC to REDUCE (from ADD) and upgrade ABSL AMC to ADD (from REDUCE), while retaining ADD on Nippon and REDUCE on UTI.
HDFC AMC’s well-balanced fund mix will continue to drive strong flows and market share gains.
Nippon will likely see some impact due to exposure to SMID (35% of equity AUM) but likely offset by other categories seeing stronger flows.
ABSL AMC trades at attractive valuations but needs some visibility of turnaround in performance and flows in flagship categories.
UTI AMC has the weakest fund performance across four AMCs, resulting in outflows for the past 4-5 quarters.
Sensex Today Live : L&T’s Buildings & Factories business wins ‘large’ orders worth between ₹2,500- ₹5,000 crores
Sensex Today Live : Larsen & Toubro today informed the exchange that its Buildings & Factories vertical of Larsen & Toubro Construction has won multiple orders in the domestic and international markets. The total value of the orders amount to ₹2,500 to ₹5,000 crores.
The company has secured a contract to construct the Al Namaa General Hospital from the Ministry of Health, Sultanate of Oman.
In the domestic market, the company has secured an order for “Construction of Maa Kamakhya Temple Access Corridor, Assam” on a Design & Build Turnkey Basis from the Assam PWD.
The company has also received an order from a subsidiary of a leading Paint Manufacturing Company to construct a polymer manufacturing plant in Gujarat.
Lastly, the company has got an order for a Solar Glass Manufacturing Plant in Gujarat.
All of these orders have been classified as ‘Large’, which brings their total value to ₹2,500 crore to ₹5,000 crore.
Sensex Today Live : 11 am Market Update
Sensex Today Live : Indian benchmark indices were up on Wednesday, even as Asian peers traded mixed.
At opening bell, Sensex was up 504.97 points, or 0.70%, at 72,975.27, and Nifty was up 144 points, or 0.65%, at 22,148.70.
Sensex Today Live : Kotak Institutional Equities says Indian recycling industry is rising with regulatory resurgence
Sensex Today Live : We see sunrise potential in the Indian recycling industry, led by a growing focus on circular economy and decarbonization, favorable economics and an evolving regulatory framework.
The Indian recycling industry is yet to achieve maturity and is dominated by unorganized players, leading to substantially lower recycling rates compared to the West. Government policies are gradually addressing these challenges.
The Battery Waste Management Rules, 2022, is one such landmark policy that should benefit organized lead recyclers such as GRAV. The prospects for plastic and e-waste recycling also appears promising but require further policy support. We initiate coverage on GRAV, a market leader with compounding growth potential, with a BUY rating.
Recycling rate in India (~20%) is significantly lower than the West (60-80%) due to a large informal sector, the lack of a policy framework and inadequate collection infrastructure.
We believe recycling of lead, plastics and e-waste offers the most promising prospects, in the same order, driven by economics, scrap availability, level of formalization and an evolving regulatory framework.
Lead (Pb): BWMR and EPR on lead-acid batteries (LAB) should increase scrap availability and shrink the unorganized sector to 25% by FY2028E from 65% market share currently
Plastics: Plastic Waste Management Rules 2022 (PWM), notified in 2022, is a major step toward increasing recycling but the enforcement ecosystem is still evolving.
E-Waste: Scrap availability is increasing at a rapid pace, but a lack of technology and the presence of hazardous materials are key hurdles restricting growth.
EV battery recycling is on the cusp of taking off. A few recycling units are being set up in India; however, a wide variety of battery chemistries/black mass is a key challenge.
Aluminum (Al): Scrap is largely imported where secondary aluminum has different end-uses and demand has been outperforming primary aluminum.
Gravita India (GRAV IN): Initiate with BUY—Leading play on circular economy
GRAV is a market leader in India’s emerging recycling industry, where the key business segment, lead recycling, enjoys significant tailwinds.
Its expansion plans into other segments give strong visibility on growth and diversification. GRAV’s peers (POCL, NILE and Pilot) in lead recycling lack geographic diversification, have inferior operating margins and offer lower growth visibility.
We forecast GRAV’s revenue/PAT to record 20%/22% CAGR in the next three years, with 20%+ ROCE and see potential for multi-year compounding growth. Initiate with a BUY with FV of Rs1,200/share (~30% upside).
Sensex Today Live : Ministry of Heavy Industries gives additional charge of CMD to Rajesh Kohli, currently serving as Executive Director of BHEL
Sensex Today Live : HMT Limited today informed the exchanges that the Ministry of Heavy Industries has given additional charge of Chairman and MD of the company to Rajesh Kohli, currently serving as the Executive Director of BHEL.
In an exchange filing, the company said it has received an order from the Ministry of Heavy Industries, “informing the approval of the Competent Authority for entrusting the additional charge of the post of Chairman & Managing Director, HMT Limited to Shri. Rajesh Kohli, Executive Director, Bharat Heavy Electricals Limited in place of Shri. Krishnaswami Ravishankar, Executive Director, Bharat Heavy Electricals Limited with immediate effect and from the date of his assumption of charge of the post, for a period of one year or till the joining of a regular incumbent or until further orders whichever is earliest, subject to ex-post facto approval of Appointments Committee of the cabinet (ACC)”.
Sensex Today Live : Reliance Power subsidiaries settle ₹1,023-crore debt with Authum Investment
Sensex Today Live : Reliance Power Limited today informed the exchanges that its subsidiaries have settled their entire debt obligations to the tune of ₹1,023 crores, with the subsidiaries of Authum Investment and Infrastructure Limited.
In an exchange filing, the company said, “We wish to inform that the subsidiaries of the Company, namely Kalai Power Private Limited and Reliance Cleangen Limited, for the purpose of debt settlement has signed a Debt Settlement and Discharge Agreement with the Wholly Owned Subsidiary of Authum Investment and Infrastructure Limited – RCFL on March 26, 2024, in settlement of the entire obligations with respect to their outstanding consolidated debt of ₹1023 crore”.
The company added that the wholly owned subsidiary of Authum Investment and Infrastructure Limited – RCFL holds 7,59,77,000 equity shares in the company.
Sensex Today Live : Adani Green Energy starts 180 MW solar power plant in Rajasthan
Sensex Today Live : Adani Green today informed the exchanges that it has operationalised a 180 MW solar power plan in Devikot in Jaisalmer, Rajasthan.
In an exchange filing, the company said it, “has commissioned a 180 MW solar power plant at Devikot in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).”
The company said that the 180 MW solar plant will produce approximately 540 million electricity units annually, powering over 1.1 lakh homes and reducing around 0.39 million tonnes of CO2 emissions.
Sensex Today Live : 10 am Market Update
Sensex Today Live : Indian benchmark indices were climbing on Wednesday, even as Asian peers traded mixed.
At opening bell, Sensex was up 443.37 points, or 0.61%, at 72,913.67, and Nifty was up 133.25 points, or 0.61%, at 22,137.95.
Sensex Today Live : Gensol Engineering taps Kapil K Nirmal to lead its Solar EPC business in Middle East as CEO
Sensex Today Live : Gensol Engineering today informed the exchanges that it has appointed Kapil K Nirmal as CEO, Middle East to lead its Solar EPC business in the region.
In an exchange filing, the company said, “… we would like to inform you that Gensol Engineering Ltd. has appointed Mr. Kapil K Nirmal as CEO, Middle East to lead its Solar EPC business operations in the region”.
Sensex Today Live : Indiabulls Housing Finance finalises $350 million fund raise through dollar bonds
Sensex Today Live : Indiabulls Housing Finance today informed the exchanges that its board has approved the fundraise of $350 million through the issuance of USD denominated senior secured social bonds.
In an exchange filing, the company said, “This is in furtherance to our letters dated March 15, 2024 and March 19, 2024. We are pleased to inform that the Securities Issuance and Investment Committee of Indiabulls Housing Finance Limited has approved the issuance of USD denominated senior secured social bonds aggregating to US$ 350 million and has approved the pricing, tenure and other terms of the Bonds”.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Among the heavyweight indices across sectors, the Bank index was up 0.24%, Auto index was up 0.44%, Financial Services was up 0.21%, while Oil & Gas index was up 1.35%.
Separately, FMCG, IT, Pharma, Healthcare, and Consumer Durables indices were muted.
Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.44%, and the BSE SmallCap index up 0.56%.
Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : Adani Ports & SEZ, BPCL, Maruti Suzuki India, Reliance Industries, and Adani Enterprises, were the top gainers on the Nifty, while UPL, Tata Consumer Products, Wipro, Britannia and Dr Reddy’s, were the top drags.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Maruti Suzuki India, Reliance Industries, Axis Bank, Larsen & Toubro, and HUL, were the top gainers on the Sensex, while Nestle India, Wipro, Mahindra & Mahindra, Infosys, and Bharti Airtel, were the top drags.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the green on Wednesday, even as Asian peers traded mixed.
At opening bell, Sensex was up 212.45 points, or 0.29%, at 72,682.75, and Nifty was up 72.15 points, or 0.33%, at 22,076.85.
Sensex Today Live : Indiabulls Housing Finance finalises $350 million fund raise through dollar bonds
Sensex Today Live : Indiabulls Housing Finance today informed the exchanges that its board has approved the fundraise of $350 million through the issuance of USD denominated senior secured social bonds.
In an exchange filing, the company said, “This is in furtherance to our letters dated March 15, 2024 and March 19, 2024. We are pleased to inform that the Securities Issuance and Investment Committee (“Committee”) of Indiabulls Housing Finance Limited (the “Company”) has approved the issuance of USD denominated senior secured social bonds (the “Bonds”) aggregating to US$ 350 million and has approved the pricing, tenure and other terms of the Bonds”.
Sensex Today Live : Benchmark indices up during pre-open
Sensex Today Live : Indian benchmark indices were up at pre-open on Wednesday, even as Asian peers were trading mixed.
Sensex was up 221.86 points, or 0.31%, at 72,692.16, and Nifty was up 49.75 points, or 0.23%, at 22,054.45 during pre-open.
Sensex Today Live : What to expect from Indian stock market in trade on March 27
Sensex Today Live : The Indian stock market’s key indices, Sensex and Nifty 50, are projected to start off on a lower note on Wednesday, influenced by mixed signals from global markets.
The Gift Nifty trends also suggest a negative opening for the Indian benchmark index. The Gift Nifty was trading at around 22,050 level, nearly 40 points lower than the previous close of Nifty futures.
On Tuesday, the domestic equity indices broke their three-day winning streak, ending with a half percent drop, with the Nifty 50 maintaining the 22,000 level. The Sensex fell by 361.64 points to close at 72,470.30, while the Nifty 50 ended 92.05 points, or 0.42%, lower at 22,004.70.
The Nifty 50 chart showed a small positive candle with a gap-down opening (body gap, not a western gap).
“This candle pattern was formed next to the long bull candle of Friday. This suggests a wider range-bound movement for the market. The market is receiving strong support at the lows around 21,900, and the Nifty is encountering stiff resistance at the highs around 22,150 – 22,200 levels. Therefore, a decisive move beyond this range could trigger a sharp market movement in either direction,” stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)
Sensex Today Live : Motilal Oswal Financial Services looks to raise ₹500 crores via NCDs, with green show option of another ₹500 crores
Sensex Today Live : Motilal Oswal Financial Services, today informed the exchanges that it plans to raise ₹500 crores via the issue of NCDs, with the option to retain oversubscription up to ₹500 crores.
In an exchange filing, the company said, “…we wish to inform you that the Company has filed Draft Prospectus with BSE Limited and National Stock Exchange of India Limited and forwarded to the Securities and Exchange Board of India (“SEBI”) for public issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures of face value of ₹ 1,000 each (“NCDs”) for an amount aggregating up to ₹ 500 Crore (“Base Issue Size”) with an option to retain oversubscription up to ₹ 500 Crore (“Green Shoe Option”) aggregating up to 1,00,00,000 NCDs for an amount up to ₹ 1,000 Crore (“the Issue”)”.
Sensex Today Live : Six key things that changed for market overnight – Gift Nifty, US consumer confidence to oil prices
Sensex Today Live : On Wednesday, the domestic equity indices, Sensex and Nifty 50, are projected to commence on a subdued note, taking cues from a mixed global market. Asian markets saw slight gains, while US stock indices concluded lower the previous night. Investors are awaiting crucial economic data in a week shortened by holidays to discern the policy direction of the US Federal Reserve.
The market has been gradually raising its expectations for a rate cut of at least 25 basis points by the US central bank in June. The current prediction stands at a 70.4% probability, an increase from last week’s 59.2%, as shown by the CME’s FedWatch Tool and reported by Reuters.
On Tuesday, the benchmark indices of the Indian stock market concluded lower by half a percent, breaking their three-day winning streak due to weak global indicators. The Sensex fell by 361.64 points or 0.50%, closing at 72,470.30, while the Nifty 50 ended 92.05 points or 0.42% lower at 22,004.70.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, stated, “The shortened trading week, the upcoming monthly expiry of derivatives, and the release of global economic data this week have kept investors at bay. We anticipate the market to consolidate within a wider range. However, purchases in the broader market before the end of the financial year cannot be discounted.” (Read the full story here.)
Sensex Today Live : Tepid Asia, US markets indicate muted start in India
Sensex Today Live : Stock markets in India was likely to open on a muted note following mixed trading in Asia and the US market overnight. At 8:03 am, Gift Nifty futures was at 22,045.50, around 40 points ahead of Nifty 50’s Tuesday close of 22,004.70.
Stocks in Asia were mixed after US benchmarks wiped out gains in the final half hour of trading, with investors tweaking portfolios after a rally that’s already topped $4 trillion this year.
Shares fell at the open in Hong Kong and mainland China, while rising in Japan and Australia. The recent advance in China’s equity markets will likely be tested, as key financial institutions announce earnings, starting with Industrial & Commercial Bank of China Ltd. later Wednesday.
US stock futures pointed to gains after the S&P 500 declined for a third day. The US equity benchmark is on track to notch five straight months of gains.
The dollar was marginally stronger against its Group-of-10 peers, while the offshore yuan was little changed after the People’s Bank of China once again boosted support for the currency.
Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter. Gold fell, but traded close to its record.