Sensex Today | Share Market Live Updates: Sensex up 350pts, Nifty at 22,450; Realty, Metal,

Sensex Today Live : While many are currently advocating for large caps as a safer option, Dhiraj Relli, the MD & CEO of HDFC Securities, argues that the over-speculation has been moderated and the required correction for mid and small caps has largely occurred. He suggests that there might still be room for an additional decline of 5-10%.

In terms of sectors, he anticipates exceptional growth in the industrial sector over the next decade. Furthermore, he believes that if the Bharatiya Janata Party (BJP) secures victory in the general election, the government’s emphasis on renewable energy and green infrastructure will persist. (Read the edited excerpts here.)

Sensex Today Live : India is the world’s second largest cement producer; its low per capita consumption and construction impulses offer ample growth headroom

Cement’s association with a high GDP multiplier and employment creation makes it an important sector globally. A high share of the GFCF in the GDP augurs well for cement demand, and the latter’s growth is set to outpace GDP growth for a second straight fiscal in FY24

Key end user industries such as infrastructure and housing are in the middle of a structural boom, indicating this is more than just pre-election fever

The government’s laser focus on infrastructure is long term. Housing is supported by “Housing for All”, as also structural trends such as urbanization and premiumisation. Therefore, we reckon that cement demand post-elections will only slightly moderate in FY25, remaining strong in the medium term

Capacity utilization levels to emerge healthier in the medium term as companies have rationalized supply additions geographically and temporally

Operating ratio is expected to rise 6pp between FY23 and FY27 to 75%, as demand grows faster at 8.3% CAGR vs. supply at 5.5% CAGR. It is important to note that cement demand is highly seasonal and thus large players operate close to 100% in peak season, necessitating expansions. The systematically higher utilization levels in North would foster organic capex, while balanced supply-demand amidst strong demand would facilitate inorganic buys in East and Central regions

Bigger players optimize costs better ensuring marked differential in profitability: they are set to expand organically & inorganically

Large players have owned mines, captive power plants, and economies of scale, minimizing costs. This helps them generate generous profits and much of their incremental capex would be funded by internal accruals. Some could also channel their cash into related horizontal expansions. Incremental debt requirement would come from aspirant mid-size players trying to acquire size. The few top players yet to list could explore that option to meet needs

Sensex Today Live : Indian benchmark indices had climbed down from there highs on Monday, but were still trading up following strong cues from global markets.

At 1 pm, Sensex was up 359.44 points, or 0.49%, at 74,010.79, and Nifty was up 133.65 points, or 0.6%, at 22,460.55.

Sensex Today Live : The company’s promoters have been persistently raising debt against their shares, with the most recent borrowing occurring last month as India Cements grapples with working capital deficits. Promoters, led by Managing Director N. Srinivasan, had pledged 45.5% of their shares with banks by the end of December 2023, a significant increase from 16.8% at the end of September 2022. The most recent data on share pledges is yet to be updated on the stock exchanges. EWS Finance and Investment, which holds three-quarters of the 28.42% promoter stake in the company, announced on March 15 that the promoter had raised additional funds by creating new pledges. The exact amount of the new share pledges or the funds raised could not be independently verified by Mint.

Sensex Today Live : The Nifty Next 50 index has shone brightly in the financial year 2024.

This index is meticulously crafted to monitor the performance of 50 emerging companies, which are potential candidates to make their way into the Nifty 50 index.

In February 2024, the index experienced a significant surge of 6.68%, outshining all other major indexes. The index has consistently ascended over the past year, demonstrating an impressive growth of 60% in FY2023-2024.

When compared to the Nifty 50’s leading performer, Tata Motors, which recorded approximately 130% gains in FY24, a number of companies from the Nifty Next 50 index have risen and outperformed. (Read the full story here.)

Sensex Today Live : Shyam Century Ferrous today informed the exchanges that its Whole-time Director and CEO Sumanta Kumar Patra has resigned from the company citing personal reasons.

In an exchange filing, the company said, “We hereby inform you that Mr. Sumanta Kumar Patra, Whole-time Director & CEO of the Company has resigned as the Whole-time Director & Chief Executive Officer (KMP under Companies Act, 2013) of the Company with effect from close of the business hours of 31st March, 2024 due to the personal reasons.”

Sensex Today Live : Madhabi Puri Buch, the Chairperson of SEBI, compared the process to “unraveling an onion,” stating that the accomplishment of the world’s first T 0 settlement necessitated significant problem-solving and personal inconveniences.

While speaking at the annual convocation of the Indian Institute of Management Ahmedabad (IIMA) on Saturday, Buch conveyed her conviction that the current generation of Indians is on the brink of experiencing the pinnacle of the emerging India. (Read the full story here.)

Sensex Today Live : Across sectors, the Nifty Bank was up 0.92%, and the Financial Services index was up 1.02%. The Media, Metal and Realty indices had climed 3.12%, 2.84%, and 3.99%, respectively.

Rest of the sectoral indices were also in the green.

Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 1.41%, and the BSE SmallCap index up 2.40%.

Sensex Today Live : JSW Steel, Tata Steel, Shriram Finance, Adani Ports & SEZ, and Larsen & Toubro, were the top gainers on the Nifty 50, while Titan, LTIMindtree, Eicher Motors, Bharti Airtel, and Nestle India, were the top drags on the benchmark index. 

Sensex Today Live : JSW Steel, Tata Steel, Larsen & Toubro, NTPC, and UltraTech Cement, were the top gainers on the Sensex, while Titan, Nestle India, Bharti Airtel, Tech Mahindra, and ITC, were the top drags. 

Sensex Today Live : Indian benchmark indices had climbed down from there highs on Monday, but were still trading up following strong cues from global markets.

At 12 pm, Sensex was up 438.83 points, or 0.60%, at 74,090.18, and Nifty was up 155.10 points, or 0.69%, at 22,482.

Sensex Today Live : Hindustan Foods, informed the exchanges today that its has bolstered its sports show manufacturing business with its subsidiary’s acquisition of two shoe manufacturing facilities in Himachal Pradesh from SSIPL Retail Ltd.

In an exchange filing, the company said, “KNS Shoetech Private Limited, a wholly owned subsidiary of Hindustan Foods Limited, has entered into a Business Transfer Agreement with SSIPL Retail Limited. This agreement entails the acquisition of manufacturing undertakings previously owned by SSIPL, located at Bangran and Bhagani in Himachal Pradesh as well as Kundli in Haryana.”

The company further said, the total outlay for the transaction was more than ₹100 crores with the BTA amount of nearly ₹77 crores. The facilities are catering to key customers like Puma, Reebok, Asics, Sketchers, etc.

Sensex Today Live : In the first 11 months of FY24, the Central government’s fiscal deficit has reached 86.5% of the FY24RE. Total receipts amounted to ₹22.45 trn, which is 81.5% of RE. This sum is composed of ₹18.49 trn in net tax revenue and ₹3.6 trn in non-tax revenue.

The strong performance in tax revenues, along with a moderate increase in revenue expenditures, suggests that the fiscal deficit for the year is on track to meet the revised estimates for FY24.

H1 planned borrowing as a share of FY25BE is expected to be low at 53%, lower than historical average. Gross borrowing of ₹7.5trn is significantly lower than ₹8.88trn in H1FY24.

Due to stringent fiscal deficit target of 5.1% of GDP, gross borrowing would remain lower for FY25 vs. FY24 at ~Rs. 14.1 trn

Weighted average maturity of issuances in H1FY25 is planned to be 20.8 years vs. 17.9 years in H1FY24. In H1FY25, 15 years maturity issuance would be 51% of total issuance.

The Centre has newly introduced the ultra-long 50-year security, and greatly increased the quantum of the 40-year G-sec. The elongation of maturity profile is reflective of increasing demand from more patient investors

There has been a sharp decline in the share of 182-day T-bills, while the share of 364-day T-bills continues to rise due to flat yield curve.

Overall planned borrowing across tenors is lower in Q1FY25 vs. Q1FY24; however, actual borrowing is typically greater than planned, so some overshoot may be expected

FY24 saw gross SGS borrowings of Rs. 10.1 trn vs. Rs. 7.6 trn in FY23. Top 5 states contributed 72% of the incremental SGS issuance in FY24 vs. FY23. Top 5 states gross SGS issuance increased by 60% while others grew by a measured 15% in FY24 vs FY23. Going against the trend in Union borrowings, gross SGS issuances will likely increase to ~ ₹10.5trn in FY25 with major variation amongst States.

Sensex Today Live : Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, has stated that the government is encouraging state-owned banks to operate more professionally. She highlighted that these institutions are now self-sufficient and do not depend on the Centre for capital infusion.

Sitharaman, speaking at the Mint India Investment Summit, emphasized that public sector banks have become self-reliant. They are now capable of raising funds from the market for developmental activities, eliminating the need for annual capital infusion from the government. (Read the full story here.)

Sensex Today Live : Indian benchmark indices had climbed down from there highs on Monday, but were still trading up following strong cues from from global markets.

At 11 am, Sensex was up 420.58 points, or 0.57%, at 74,071.93, and Nifty was up 148.85 points, or 0.67%, at 22,475.75.

Sensex Today Live : During the Mint India Investment Summit 2024, Finance Minister Nirmala Sitharaman shared with Mint’s editor-in-chief Ravi Krishnan that the Union government is driving the nation’s growth through a significant capital expenditure thrust. Concurrently, private investments are also gaining momentum in crucial emerging sectors.

In a candid conversation, Sitharaman mentioned that despite recent high politicisation, the Centre-state relationship remains intact. She underscored the need for states like Odisha, Jharkhand, Bihar, and West Bengal to become the catalysts for India’s growth. The government’s strategy, she explained, is not merely to elevate these states but to empower them, thereby sparking further growth. (Read the edited excerpts here.)

Sensex Today Live : IL&FS Investment Managers informed the exchanges today that Chitranjan Kahlon, who has served as a member of Central Board of Direct Taxes and as an Executive Director of SEBI, along with working in various capacities in the Indian Revenue Service, will be replacing Susim Mukul Datta as the Chairperson of IL&FS Investment Managers, effective April 1.

In an exchange filing, the company said that Susim Mukul Datta has ceased to be the chairperson and Non-Executive Independent Director of the company after completing his tenure.

Sensex Today Live : India’s core infrastructural sector growth stood at 6.7% in Feb’24 as against 7.4% same period last year. The sector had reported growth rate of 4.1% in Jan’24. The strong output was led by double-digit growth in coal, natural gas and cement. The index which has a weightage of ~40.0% in the IIP is likely to give an upward bias to the factory output in the coming months.

On a cumulative basis, the core sector grew by 7.7% during Apr-Feb’24 as compared with 8.2% during Apr-Feb’23.

Looking ahead, the core sector growth is likely to benefit from higher capex spending by the Central and State Governments.

§ Crude oil production grew at an all-time high of 7.9% in Feb’23 vs -4.9% in Feb’23.

§ Natural gas production expanded by 11.3% vs 3.1% marking near two-year high growth.

§ Cement (10.2% vs 7.4%) and steel (8.4% vs 12.40%) production was helped by construction activity growth.

§ Electricity (6.3% vs 8.2%) depicted moderation over last year.

§ Coal output grew by 11.6% vs 9.0% last year supporting the overall index.

§ Fertilizers contracted by 9.5% this year vs 22.2% growth last year led by an unfavorable base effect.

Sensex Today Live : EaseMyTrip today informed the exchanges that it has acquired a 4.94% stake in advanced travel tech solutions provider ETrav Tech Limited in an all-cash deal.

The company, in an exchange filing, said, “EaseMyTrip.com, one of India’s largest online travel tech platforms, announces making a strategic investment in E Trav Tech Limited consisting of 4.94% (post allotment) paid-up equity share capital of ETrav Tech Limited. As a part of the brand’s expansion strategy to diversify its portfolio, the acquisition translated as a cash deal. “

ETrav Tech Limited offers a diverse array of travel-related services, ranging from Flight API, and holiday packages to Hotel API, white label, Bus API, and visa applications.

The company said, the primary objective of this strategic investment is to acquire a minority interest and strengthen EaseMyTrip’s B2B segment offerings, catering to the diverse requirements of its corporate clients.

Sensex Today Live : NCC Limited today informed the exchanges that it has received new orders worth ₹3,086 crore (excruding GST) in the month of March, 2024.

Out of them, orders worth ₹1,589 crores were related to Electrical division, ₹1,330 crore worth of orders were rerated to Transportation Division, and ₹167 crores worth of order were related to the Building Division .

The orders were received from state government entities and private limited company.

During FY24 the company has secured orders totalling to around ₹26,000 crore, and achieved the guidance given by the management, at the beginning of the Financial year.

Sensex Today Live : Adani Ports and Special Economic Zone (APSEZ), informed the exchanges today that it has handled 420 MMT of cargo in FY24 (including international ports), up 24% YoY.

The company said that its domestic ports contributed over 408 MMT of cargo volume.

The company has also handled its highest ever monthly cargo volumes (incl. international ports) of over 38 MMT in March 2024.

Ten of the company’s ports and terminals handled record cargo volumes in FY24: Mundra at 180 MMT, Tuna at 10 MMT, Hazira at 26 MMT, Mormugao at 5 MMT, Karaikal at 12 MMT, Ennore at 13 MMT, Kattupalli at 12 MMT, Krishnapatnam at 59 MMT, Gangavaram at 37 MMT and Dhamra 43 MMT.

During FY24, more than one-fourth of all India cargo volumes was routed through APSEZ ports. This significant contribution by APSEZ underscores its active role in driving India’s growth trajectory. It also shows that India’s largest port operator comfortably surpassed its cargo volume guidance of 370 MMT – 390 MMT provided at the start of the financial year.

Sensex Today Live : Biocon Limited today informed the exchanges that it has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), UK, for its complex formulation Liraglutide (gSaxenda) in a 6mg/ml solution for injection in pre-filled pen, through its European partner, Zentiva.

The company said the drug is used in the treatment of Weight Management as an adjunct to a reduced-calorie diet and increased physical activity.

This is further to our previous intimation of 27th March, 2024,…