Bulk Deal & Insider Trade Update
Bulk Deals
*Mstc Limited : Madhudevi Sanjay Bucha Buy 386163 Shares @ Rs. 339.52
*Accuracy Shipping Limited : Antara India Evergreen Fund Ltd Buy 250000 Shares @ Rs. 192.07
*Flfl : Pi Opportunities Fund I Sell 1105013 Shares @ Rs. 5.12
Insider Trade
*Acquisition*
*Aditya Narsing Rao Promoter Acquisition 53000 shares of Pennar Industries Ltd.-$ on 25-Nov-22
*Ashapura Industrial Finance Limited Promoter Group Acquisition 7000 shares of Ashapura Minechem Ltd. on 28-Nov-22
*VINTEX TOOLS PRIVATE LIMITED Promoter Group Acquisition 12000 shares of Shakti Pumps (India) Ltd.
*Brett Enterprises Pvt. Ltd. Promoter Group Acquisition 4000 shares of Vaibhav Global Ltd on 28-Nov-22
*ATIL CHANDRESH PARIKH Promoter Acquisition 272499 shares of 20 Microns Ltd. on 28-Nov-22
*Disposal*
*Jayanthi Puljal Promoter Disposal 38000 shares of Pennar Industries Ltd.-$ on 25-Nov-22
*Marvel Indenting Private Limited Promoter Group Disposal 36000 shares of Indo Amines Ltd.
*Pledge*
*Promoter Group Pledge 260000 shares of Emami Ltd
*Virtuous Tradecorp Private Limited Promoter Group Pledge 2750000 shares of Jindal Steel & Power Ltd. on 23-Nov-22
*Revoke*
*SNEHA ENCLAVE PRIVATE LIMITED Promoter Group Revoke 2150000 shares of Emami Ltd.-$ on 24-Nov-22
Dividend Update
*Milkfood Ltd. Interim Dividend Rs. 2.5 Ex Date 30-Nov-2022
Stock in Action
L&T: L&T, the engineering behemoth, with its decades of experience in engineering & construction and robust track record is well poised to be the key beneficiary of capex upcycle driven by investments in both public and private sectors. For FY2023, it is well on track to attain order intake and revenue growth guidance of 12-15% with a bias towards the upper band. It expects EBITDA margin in the core projects business to be at 9.5% with a downside risk of 30 bps. The company has chalked out a detailed five-year strategic plan ‘Lakshya 2026’ for pursuing profitable growth in its traditional businesses of EPC projects and manufacturing and expanding the size and scale of its IT&TS portfolio. Under the plan, company aims to grow its order inflows/revenue at 14%/15% CAGR and achieve core RoE of over 18% during FY21- FY26E. This should be achieved by pursuing new opportunities in datacenters, green hydrogen and e-commerce businesses. Positive on L&T given its market leadership in the engineering and construction industry, diversified revenue stream and strengthening balance sheet.
Dalmia Bharat: Cement demand is expected to be strong, driven by revival in housing and the government’s thrust on infrastructure. It aims to grow at 1.5x of the industry volume growth. Dalmia Bharat 2QFY23 EBITDA came in line with the consensus estimates while Net profit beat the estimates on the account of higher other income. Management is confident to reach at 49 mtpa capacity by FY24E and has set a target to reach 70-75mtpa capacity by FY27. The company is open for organic as well as inorganic expansions. It has started development work at its limestone mine in the Central India. Company will increase renewable power share to 35% by FY25 from 24% at present. The cost savings from new capacities are expected to reflect from FY24. Cement prices are already up in Southern and Eastern regions which will augur well for the company. Positive on Dalmia Bharat given steady operating performance in 2QFY23 amid challenging times.
Today’s Global & National News
Cross-border rupee trade: FinMin, bank heads to meet on December 5….
The Finance Ministry has called a meeting of CEOs of banks, including top six private sector lenders, on December 5 to discuss ways to promote cross-border trade in the rupee instead of the US dollar. Besides, sources said the meeting to be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far. Financial Services Secretary Vivek Joshi will be chairing the meeting and is also likely to see attendance from representatives of the Reserve Bank of India and Indian Banks’ Association (IBA), sources said. Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee.
Govt lifts ban on exports of organic non-basmati rice..
The government on Tuesday lifted the ban on exports of organic non-basmati rice, including broken rice, a move which would help in promoting the outbound shipments of the commodity. The government had, in early September, banned the export of broken rice with an aim to increase domestic availability. This followed a 20 per cent duty on the export of non-basmati rice aimed at shoring up domestic supplies after prices surged in retail markets. In a notification, the Directorate General of Foreign Trade said the export of organic non-basmati rice, including organic non-basmati broken rice, will now be governed by rules that prevailed before the September ban. Rice exports stood at USD 5.5 billion during April-September this fiscal. It was USD 9.7 billion in 2021-22, according to the commerce ministry data.
India’s finished steel imports from Russia hit 4-year high in April-October….
India’s finished steel imports from Russia during April-October rose to their highest in at least four years, government data compiled by Reuters showed, underscoring Moscow’s bid to divert shipments in the wake of Western sanctions. Russia’s steel exports to India reached 149,000 tonnes in the first seven months of the current fiscal year that began in April, up from around 34,000 tonnes shipped a year earlier. Russia accounted for just about 5% of India’s total steel imports but was among the top five exporters. India’s total steel imports between April and October stood at 3.2 million tonnes, up 14.5% from a year earlier. South Korea exported 1.3 million tonnes to India, accounting for a 41% share of the country’s total purchase. Between April and October, India emerged as a net exporter of steel, even as overall shipments more than halved due to an export tax and a slowdown in global demand.
Commodities play
Gold – Rs 52601/10gm, Silver – Rs 61483/kg, Brcrude – Rs 6345/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 677/kg.
Corporate News
Suzuki Motor sees Indian PV market at 7-8 mn by 2030, Maruti aims 50% share.
Amul’s utterly butterly supply melts; eateries switch to alternatives.
Gland Pharma to acquire French firm Cenexi Group for Rs 1,000 crore.
SGX Nifty indicates a flattish start to Indian markets trading at 18750 levels down by 8.50 points or 0.05%. Dow jones also ended the day on flattish note.
Sector in focus – Banks, Infrastructure, IT & FMCG.
