Sensex Today | Share Market Live Updates: Sensex up 900pts, Nifty above 22,400; Bank, FS,

Sensex Today Live : India’s bulging pipeline of large block trades and listings such as the $3 billion IPO of Hyundai Motor’s unit will draw more funds to a market whose share of global equity capital market deals hit a quarterly record this year, bankers said.

A paucity of deals elsewhere in Asia will add to the impetus for capital flows into India, they added.

Higher global interest rates, geopolitical tensions, as well as China’s economic slowdown and its move to restrict initial public offerings (IPOs) to support its secondary markets, have led to a slump in equity dealmaking across Asia.

India, on the other hand, has emerged as the second busiest market in the world for equity capital market (ECM) deals after the United States.

Indian companies raised $2.3 billion in the first quarter of 2024 in IPOs, according to LSEG data, up more than 12 times the $166.5 million raised in the same period last year, the data showed.

Sensex Today Live : Indian Oil today informed the exchanges that the project cost of Cauvery Basin Refinery that it was developing with its subsidiary Chennai Petroleum Corporation Limited in a 50:50 joint venture has been increased to ₹33,023 crore from ₹29,361 crore earlier.

The company added that the capital structure of the JV will also change, with the Indian Oil holding 75% equity, while CPCL will hold 25% equity.

In an exchange filing, the company said, ” We would like to further inform that the Board of IndianOil at its meeting held on 28″ March 2024 has accorded approval for the revision in cost of the CBRPL project from Rs. 29,361 crore to Rs. 33,023 crore. The Board has also accorded approval for revision in capital structure of Joint Venture with 75% equity from IndianOil and 25% equity from CPCL.”

Sensex Today Live : Alok Industries today informed the exchanges that it has appointed Harsh Bapna as CEO of the company as the incumbent Ram Rakesh Gaur, moves on to a new role within the group.

In an exchange filing, the company said, “This is to inform that Mr. Ram Rakesh Gaur, Chief Executive Officer of the Company will be taking up a new role within the group and consequently, he shall cease to be the Chief Executive Officer of the Company with effect from close of business hours of March 31, 2024.”

The company further added, “The Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration Committee, at its meeting held today, i.e., on March 28, 2024, has appointed Mr. Harsh Bapna as Chief Executive Officer and Key Managerial Personnel of the Company with effect from April 01, 2024.”

Sensex Today Live : “NIFTY cmp: 22,350, The index has witnessed a significant rise from 17,360 level to touch the high of 22,525 level in the last financial year 2023-2024, gaining almost 29% while currently hovering near the all time high zone, maintaining a strong uptrend and has further scope of upward movement having higher targets of 22,700 and 23,200 levels for the medium-term time frame. As of now, the important near-term support zone would be around 21,900 levels which is where the significant 50 EMA lies.”

Shiju Koothupalakkal – Technical Research Analyst at Prabhudas Lilladher

Sensex Today Live : Shilpa Medicare today informed the exchanges that it has appinted Santosh Kumar Mahil as Chief Executive Officer (CEO) of Shilpa Pharma Life Sciences Limited, a wholly owned subsidiary of the company.

Sensex Today Live : Praveen Sahay, Research Analyst at Prabhudas Lilladher, visited Lohar Chawl, a wholesale market for electrical goods in Mumbai, and interacted with 12 fan dealers/wholesalers (Havells, Bajaj, Crompton, Orient, Atomberg, V-Guard) to gauge demand scenario of fan in upcoming summer season.

Key Takeaways:

§ Price decrease: The channel suggests that prices have decreased at dealer’s end in last 3 months due to lower demand and fierce competition.

§ Retailers expect demand pick-up with summers and heat waves around.

§ Fan Inventory High: Our channel checks suggest, there is an increase in channel inventory on QoQ basis, with expectation of scorching summer season. Channel inventory on an average of 45-60 days at dealers’ level. With the increased temperature and harsh summer, we believe volume growth is not a challenge in summer season.

§ Most selling fans: Crompton/Atomberg fans are most selling in the affordable/premium range, with Crompton fans starting as low as ₹1,300- ₹1,400 range, and Atomberg fans starting at ₹2,200. Atomberg decreased prices across range and decreased prices of premium range by 6-7%, which is a surprise to us.

Other highlights:

In BLDC, Atomberg is preferred brand among all available.

Orient is changing distribution channel so the sales are affected and it has not launched any new product in fans in last one year.

V-Guard has launched new BLDC fans (Starting at Rs.2,800) to compete with Atomberg and is trying to promote it with a great advertisement campaign.

Sensex Today Live : A2Z Infra Engineering informed the exchanges today that it has been served with a tax demand notice of ₹8.60 crores for FY19.

In an exchange filing, the company said, “We hereby submit the disclosure regarding the demand notice dated 21* March, 2024 for the Financial Year 2018-19 received by the company from the Goods and Services Tax Department (GST) on 27 March, 2024 for an amount of INR 8,60,43,911, including penalties.”

The company added that interest on wrongly and excess availed ITC would be calculated at appropriate rate under Section 50(3) of the CGST Act, 2017 read with relevant Section of Arunachal Pradesh GST Act, 2017 read with relevant Section of IGST Act, 2017.

The company said it will challenge the order at the appropriate forum in accordance with the law.

Sensex Today Live : Indian benchmark indices had climbed on Thursday.

At 1 pm, Sensex was up 888.14 points, or 1.22%, at 73,884.45, and Nifty was up 282.70 points, or 1.28%, at 22,406.35.

Sensex Today Live : Kotak Mahindra Bank today informed the exchanges that it has acquired Sonata Finance Pvt. Ltd., a micro finance non-banking finance company for a total consideration of ₹537 crores.

In an exchange filing, KMB said, “We… wish to update you that the Bank has, today, acquired 100% of the issued and paid up capital of Sonata Finance Private Limited, a Non-Banking Finance Company – Micro Finance Institution registered with the RBI for a total consideration of approximately Rs. 537 crore”.

The exchange filing added that Sonata operates in 10 states through 549 branches and has Asset Under Management (AUM) of approximately Rs. 2,620 crore as of December 31, 2023. With this acquisition, Sonata has become a wholly-owned subsidiary of the Bank.

Sensex Today Live : Across sectors, barring Media index, which was down 0.37%, all other sectoral indices were in the green.

The Bank index was up 0.88%, the Auto index was up 0.70%, the Financial Services index was up 1.12%, while FMCG and IT indices were up 0.57% and 0.78%, respectively.

Consumer Durables index was up 0.35%, and the Oil & Gas index was up 0.67%, while Health and Pharma indices were up 1.27%, and 1.02%.

Sensex Today Live : The broader market was in the green, with te BSE MidCap index gaining 0.53%, and the BSE SmallCap index gaining 0.64%.

Sensex Today Live : Bajaj Finserv, Bajaj Finance, Apollo Hospital Enterprises, Grasim Industries, and Eicher Motors, were the top gainers on the Nifty, while Shriram Finance, Bajaj Auto, Britannia, HCLTech, and Axis Bank, were the top losers.

Sensex Today Live : Bajaj Finserv, Bajaj Finance, Nestle India, Power Grid Corp., and SBI, were the top gainers on the Sensex, while HCLTech, and Axis Bank, were the only losers on the benchmark index. 

Sensex Today Live : Indian benchmark indices had climbed on Thursday.

At 12 pm, Sensex was up 669.17 points, or 0.92%, at 73,665.48, and Nifty was up 211.25 points, or 0.95%, at 22,334.90.

Sensex Today Live : Rating: ACCUMULATE | CMP: ₹979 | TP: ₹1,075

Prabhudas Lilladher analysts met with Tata Motors‘ management to understand the rationale behind the demerger and receive general business updates.

Prabhudas Lilladher remains positive on Tata Motors based on:

1) JLR’s volume ramp-up, leading to strong revenue, profitability, and FCF;

2) a focus on increasing market share in the PV segment through model launches and rising EV penetration; and

3) profitable and robust FCF performance, driven by margin expansion in the CV segment.

We have adjusted our estimates primarily for the India businesses, resulting in a consolidated EPS change of 0.4% for FY24-FY26E, with an estimated CAGR of 12.4% over the same period.

We have increased our EV/EBITDA multiple for the India PV business to 13x to align it more closely with Maruti Suzuki. Consequently, our SoTP-based TP has been revised upwards to Rs. 1,075.

However, given the stock’s sharp run-up over the last three months, we are downgrading our recommendation to ‘ACCUMULATE’ from ‘Buy’.

Sensex Today Live : Ambuja Cements today informed the exchanges that its promoter group entity Harmonia Trade and Investment Limited has raised its stake in the company by way of converting 212,030,758 warrants, out of the 477,478,249 convertible warrants that were allotted to Harmonia on October 18, 2022, by way of a preferential allotment on a private placement basis, for an issue price of Rs. 418.87 per warrant, out of which Rs. 104.72 (25% of the issue price) per warrant, was received as the initial subscription amount at the time of allotment of the warrants.

In an exchange filing, Ambuja Cements said, “… We wish to inform you that out of the 477,478,249 convertible warrants allotted to Harmonia, Harmonia has now opted to exercise and convert 212,030,758 warrants which are convertible into 212,030,758 equity shares of the Company of face value Rs. 2/- each, in terms of the provisions of Chapter V of the SEBI ICDR Regulations, and the terms of allotment of the warrants.”

The company added that in this regard, the Finance Committee of the Board of Directors of the Company has, at its meeting held on 28th March 2024, considered and approved the allotment of 212,030,758 equity shares of the Company of face value of Rs. 2/- each, at a premium of Rs. 416.87/- per share, pursuant to the exercise and conversion of 212,030,758 convertible warrants against receipt of the balance subscription amount of Rs. 314.15/- per warrant (i.e. 75% of the issue price), to Harmonia.

The company added in its exchange filing that as per ICDR regulation, Harmonia can convert the balance 265,447,491 warrants by April 17, 2024.

Sensex Today Live : On March 27, the board of directors of Chalet Hotels approved a Qualified Institutional Placement (QIP) to raise funds up to ₹1,200 crore. In a filing to the stock exchange, Chalet Hotels stated that the floor price for the QIP is set at ₹780.76 per equity share. However, the company has the discretion to offer a discount of up to 5 percent on this price. The issue price will be ₹755 per share.

Sensex Today Live : Indian benchmark indices had climbed on Thursday.

At 11 am, Sensex was up 741.58 points, or 1.02%, at 73,737.89, and Nifty was up 226 points, or 1.02%, at 22,349.65.

Sensex Today Live : Adani Enterprises today informed the exchanges that its subsidiary Kutch Copper has commissioned the first unit of its greenfield copper refinery project in Mundra on Thursday.

In the exchange filing, the company said, “Kutch Copper, a subsidiary of Adani Enterprises Limited, commissioned the first unit of its greenfield copper refinery project at Mundra on Thursday by dispatching the maiden batch of cathodes to customers.”

Adani Enterprises is investing nearly $1.2 billion to set up a copper smelter with 0.5 MTPA capacity in the first phase.

On completion of the second phase that will add similar capacity, Kutch Copper, with 1 MTPA, will be the world’s largest single-location custom smelter.

Global index provider FTSE Russell will defer India’s inclusion in its government bond index due to taxation, registration and settlement issues, even as two other major index providers have announced their inclusions, it said on Thursday.

However, it acknowledged progress in the accessibility of the securities in its March review for the FTSE Emerging Markets Government Bond Index (EMGBI), adding that the bonds will remain on its watch list.

It said India had made progress with additional flexibility afforded to custodians relating to margin financing, which has now been more widely adopted and has helped improving certain aspects of the trade settlement process.

Still, factors like “documentary requirements to fulfil foreign portfolio investor registration, increased regulatory reporting, the inflexible length of the settlement cycle and the tax clearance process” are hindering the bonds’ qualification for “Market Accessibility Level of 1”, FTSE said.

The index provider said it will continue dialogue with the Reserve Bank of India and seek feedback from a cohort of international investors entering the bond market on the practicalities of their investment experience.

Larsen & Toubro today informed the exchanges that its wholly owned subsidiary L&T GeoStructure, has recently secured multiple orders from across India.

The company said it has secured an order from the Paradip Port Authority (PPA), to construct a South Breakwater Extension, Groynes and a Breakwater Toe Protection Wall at Paradip Port, Odisha.

It has also secured an order from the Hindustan Shipyard Limited (HSL), to augment the Slipway-4, Visakhapatnam, Andhra Pradesh.

Sensex Today Live : Indian benchmark indices climbed on Thursday.

At 10 am Market Update, Sensex was up 588.25 points, or 0.81%, at 73,584.56, and Nifty was up 176.90 points, or 0.8%, at 22,300.55.

Sensex Today Live : Jio Financial Services today informed the exchanges that one of its subsidiaries, in collaboration with a subsidiary of Reliance Industries Limited, has establised a 50:50 joint venture company to lease and operate shipts out of GIFT City.

In an exchange filing, the company said, Jio Leasing Services Limited, a wholly owned subsidiary of the Company, has informed the company that today, at around 9.11 p.m. (IST), it has along with its nominees invested an amount of ₹2.50 crore towards the initial subscription of 25,00,000 equity shares of Rs. 10/- each of Reliance International Leasing IFSC Limited (“RILIL”), for cash at par.”

The company added that RILIL, incorporated on February 01, 2024, is a 50:50 joint venture between JLSL and Reliance Strategic Business Ventures Limited (a wholly owned subsidiary of Reliance Industries Limited).

RILIL will be engaged in the business of operating lease of Ships, Vessels and Voyage Charters in International Financial Services Centre (IFSC) located at Gujarat International Finance Tec-City (GIFT City), Special Economic Zone (SEZ), Gujarat.

Sensex Today Live : Adani Power today informed the exchanges that it has refinanced a ₹19,700 loan facility availed by six of its Special Purpose Vehicles, after they were amalgamated into the parent company. The company explained that after its credit rating was enchanced to AA-, it was able to consolidate the standalone term loan facilities of the SPVs into a single long-term Rupee term loan facility of ₹19,700 crore under a consortium financing arrangement comprising eight lenders.

The company said that the revised arrangement will allow it to benefit from uniform terms and greater financial flexibility in addition to reducing the effective rate of interest.

Sensex Today Live : Heavyweight indices like Auto and Consumer…