: News Headlines from Business News Agencies:

Business Standard

📝 Pegatron in talks with Tata to sell its only India iPhone plant: Report
📝 2024 wheat output seen at 105 mn metric tonnes, 6.25% below govt estimates
📝 India's fuel demand up by 5% y-o-y in FY24, a new financial year record
📝 Air India, BIAL sign MoU to develop Bengaluru as premier aviation hub
📝 Interest rates may put pressure on entry level vehicle buying in FY25: FADA
📝 Indian coffee exports surge 13.35% to 125,000 tonnes in Jan-Mar, shows data
📝 50% of public service organisations ready to implement GenAI: EY survey
📝 Vishal Mega Mart said to pick Kotak, ICICI Bank for mega IPO: Report
📝 Bajaj Finance hikes fixed deposit rates for most tenures by up to 60 bps
📝 Sub-metre optical satellite assembled in India deployed into space: TASL
📝 Birla Pivot targets revenue of $1 bn in next three years, leverage tech

Economic Times

📝 JLR full-year sales rise by over 20 per cent year on year
📝 Vehicle registrations rise by a modest 3% in March 2024
📝 Bharti Airtel adds more active users than Reliance Jio in February: TRAI
📝 EU regulators assess Apple's plan for complying with music streaming order
📝 Tradeweb to buy investment tech firm ICD for $785 million
📝 Lupin gets USFDA nod to market generic medication
📝 Small towns make it big for Ather’s electric two-wheeler sales
📝 Google's contemplated mega deal would prompt new fight with regulators
📝 Gland Pharma gets USFDA nod for generic breast cancer drug
📝 China's Didi, GAC Aion to mass produce robotaxis next year
📝 REC sanctions record Rs 3.59 lakh crore loan in FY24
📝 Alibaba Cloud announces price cut on products powered by offshore data centers

Mint

📝 Indian Railways to run Summer Special Vande Bharat Express trains in April
📝 Prestige Group sets record with FY24 sales topping ₹21,040 crore
📝 Biocon leads India’s push into weight-loss drugs as patents set to expire
📝 TSMC to make world's most advance semiconductors in US
📝 China holiday activity tops prepandemic levels, adds to recovery signs
📝 Piramal Alternatives invests ₹110 cr in Biodeal Pharmaceuticals
📝 Go First gets lifeline as NCLT extends moratorium, again
📝 Aakash (AESL) appoints Deepak Mehrotra as MD and CEO
📝 L&T’s defence arm to diversify into civil projects to optimise asset utilisation
📝 NTPC to add 5 GW power generation capacity in FY25
📝 Hyundai, Kia partner with Exide Energy for EV battery localisation
📝 The Disney-Reliance partnership is likely to lead to consolidation in India's streaming sector.

Morning Alert..
India likely to get normal monsoon this year: Private forecaster Skymet
India is likely to experience a normal southwest monsoon in 2024, according to Skymet, a private weather-forecasting agency. This prediction offers a glimmer of hope in the ongoing battle against inflation. Monsoon rainfall between June and September is expected to be 102 per cent of the long-period average (LPA) of approximately 87 centimetres, with a model error of +/- 5 per cent, the weather forecaster said. Nationwide, cumulative monsoon rainfall between 96 and 104 per cent of the LPA is deemed “normal”. Skymet’s forecast anticipates sufficient rainfall in south, west, and northwest India. The core monsoon rainfed zones of Maharashtra and Madhya Pradesh are also expected to receive ample rainfall. The eastern states of Bihar, Jharkhand, Odisha, and West Bengal may experience a rainfall deficit during the peak monsoon months of July and August. Northeast India is likely to see less than normal rainfall during the first half of the season. The state-run India Meteorological Department (IMD) is slated to release its initial forecast for the 2024 southwest monsoon in the coming weeks. A good and normal monsoon should significantly contribute to curbing inflation and restoring growth in the agricultural sector, which is projected to have dipped to multi-year lows in 2023-24 due to a weak monsoon.

Global market action
Dow Jones – Up by 0.13% or 51.07 points
FTSE – Down by 0.11% or 8.68 points
CAC – Down by 0.86% or 70.13 points
DAX – Down by 1.32% or 242.28 points
Gift Nifty – Up by 0.27% or 62.00 points

FII/DII activities
FII – Sold 593.20 Cr worth of shares
DII – Bought 2257.18 Cr worth of shares.

Stocks with high delivery Percentage
Five-Star Business Finance Ltd – 95%
Route Mobile Ltd – 93.7%
3M India Ltd – 89.7%
BlueDart Express Ltd – 88.6%
JB Chemicals & Pharmaceuticals Ltd – 88.1%

Commodities updates
Gold – Rs 73900/10gm, Silver – Rs 82425/kg, Brcrude – Rs 7098/barrel, Copper – Rs 818.25/kg.

Corporate News
Maruti Suzuki adds new line, to boost manufacturing capacity by 4.5%.

Paytm PB MD & CEO Surinder Chawla resigns due to personal reasons.

Godrej Properties business update: Q4 bookings up 135% YoY at ₹9,500 crore. FY24 bookings up 84% YoY at *22,500 crore, 61% above guidance.

ITC Hotels likely has set an ambitious goal of expanding its portfolio to 200 hotels, from the current 130, over the next five years.

Morning Alert..
Fuel consumption increased 4.6% to record high in FY24; fell 0.6% in March
Fuel consumption in India, a proxy for oil demand, increased 4.6 per cent, to hit a record high of 233.32 million tonne (mt) in FY24.This was lower than the 10.57 per cent rise seen in FY23. The demand fell by 0.6 per cent on an annual basis in March as a result of lesser petroleum coke use, data released by the Petroleum Planning and Analysis Cell (PPAC) has shown. Consumption of fuel was 21.09 mt in March, down from 21.22 mt in March 2023. The monthly numbers were pulled down by the lower consumption of petcoke, a by-product created by the refining of bitumen into crude oil. Used in the manufacturing of steel, glass, paint, and fertilizers, petcoke usage fell 16.8 per cent in March to 1.63 mt. Oil demand usually picks up late February, and rises in tandem with the temperature. Case in point, consumption rose by 13.7 per cent in March, on a sequential basis. Sales of diesel, the most used fuel in the country, rose 3 per cent to 8.03 mt in March. In the past 12 months, sales had reached an all-time high of 8.21 mt in May, 2023. Petrol sales also reached a four-month high, rising 5.1 per cent to 3.14 mt in October. Sales stood at 2.99 mt in the same month of the previous year.

Bond yield touches 2-month high; tracking a rise in US Treasury yields
The yield on the benchmark 10-year government bond rose to a two-month high on Monday, tracking a rise in US Treasury yields. The benchmark yield settled at 7.15 per cent, the highest since January 30, against 7.12 per cent on Friday. In April, the yield on the 10-year benchmark government bond has hardened by 10 basis points (bps). “Yields rose because of the rise in US yields. Rates have been rising globally, so India can't be an outlier. It (benchmark yield) should find some footing around these levels, not rise too much, but it is difficult to say as we have the Consumer Price Index (CPI) data lined up,” said Naveen Singh, vice president of ICICI Securities Primary Dealership. The newly auctioned 10-year government bond, introduced for the first time on Friday, swiftly emerged as the second most traded bond, after the benchmark bond. Market participants said that it might ascend to benchmark status after its second issuance. The government auctioned Rs 20,000 crore worth of the bond, and the coupon was set at 7.10 per cent. The current benchmark bond took more than two months to become the most traded bond and dethrone its predecessor. The outstanding amount on the existing 10-year paper has reached Rs 2 trillion.

Global market action
Dow Jones – Down by 0.02% or 9.60 points
FTSE – Up by 0.41% or 32.31 points
CAC – Up by 0.72% or 57.99 points
DAX – Up by 0.79% or 143.93 points
Gift Nifty – Up by 0.26% or 58.50 points

FII/DII activities
FII – Sold 684.68 Cr worth of shares
DII – Bought 3470.54 Cr worth of shares.

Stocks with high delivery Percentage
Westlife Foodworld Ltd – 92.8%
Eris Lifesciences Ltd – 86.1%
Pfizer Ltd – 85%
Krishna Institute of Medical Sciences Ltd – 84.8%
GR Infraprojects Ltd – 83.5%

Primary market updates
Listing today
Aluwind Achitectural Ltd (NSE SME) – Subscribed 8.19x
Creative Graphics Solutions India Ltd (NSE SME) – Subscribed 201.86x

Commodities updates
Gold – Rs 73275/10gm, Silver – Rs 81875/kg, Brcrude – Rs 7171/barrel, Copper – Rs 815.6/kg.

Corporate News
Private equity firm Bain Capital to sell remaining Axis Bank holding.

At Rs 3.55 trillion, REC clocks highest ever loan sanctions in FY24.

Dixon enters into Share Purchase Agreement and Shareholders' Agreement for proposed acquisition of majority stake in Ismartu India Pvt Ltd.

Poonawalla Fincorp: Finance Committee of the Company has approved allotment of 7,500 secured, redeemable, rated, listed, NCDs of the face value of Rs 1 Lakh each, aggregating to Rs 75 crores, through private placement.

Morning Alert..
FPIs on bullish stance; infuse over Rs 15,000 cr in debt market in Feb
Foreign Portfolio Investors (FPIs) continued their bullish stance on the country's debt markets with a net infusion of over Rs 15,000 crore so far this month, on the back of inclusion of Indian government bonds in the JP Morgan Index along with relatively stable economy. This followed a net investment of Rs 19,836 crore in January, making it the highest monthly inflow in more than six years. This was the highest inflow since June 2017, when they infused Rs 25,685 crore. On the other hand, foreign investors pulled out more than Rs 3,000 crore from equities during the period under review. Before this, they withdrew a massive Rs 25,743 crore in January, data with the depositories showed. "The main trigger for this divergent trend in equity and debt is the high valuation in the Indian equity market and the rising bond yields in the US," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

RBI slams microfinance institutions for charging higher rates to borrowers
Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao came down heavily on microfinance institutions (MFIs) for charging higher rates to borrowers, thus cautioning against irresponsible practices. He expressed concern over some MFIs disproportionately increasing their margins under the new regime, warning that misuse of regulatory freedom would prompt regulatory action. “It has been observed that while the lenders were quick to pass on the increased costs to borrowers, they have been reluctant to pass on the benefits envisaged under the new framework. Some MFIs have increased their margins disproportionately under the new regime. We are not oblivious to the misuse of the freedom provided to the microfinance sector and irresponsible practices would compel us to act,” he said. In 2021, the RBI had given full freedom to entities on interest rates to be charged for microloans by lifting the interest rate cap of 24 per cent put earlier. Further, Rao addressed the atypical nature of non-banking finance companies (NBFCs) advocating for bank-like status, stating that NBFCs serve distinct economic functions and should not seek to emulate banks.

Global market action
Dow Jones – Down by 0.03% or 10.83 points
FTSE – Down by 0.30% or 22.90points
CAC – Down by 0.24% or 18.11 points
DAX – Down by 0.22% or 37.33 points
Gift Nifty – Up by 0.35% or 77 points

FII/DII activities
FII – Bought 141.95 Cr worth of shares
DII – Sold 421.87 Cr worth of shares.

Primary market activities
Max Healthcare Institute Ltd – 89.4%
Star Health & Allied Insurance Company Ltd – 89.2%
Timken India Ltd – 88.2%
Glenmark Life Sciences Ltd – 86.4%
La Opala RG Ltd – 85.4%

Primary market activities
IPO opening today
Wise Travel India Ltd (NSE SME) – Issue size 94.68Cr

Listing today
Apeejay Surrendra Park Hotel Ltd (Main board) – Subscribed 62.91x
Italian Edibles Ltd (NSE SME) – Subscribed 154.43x

Commodities updates
Gold – Rs 64195/10 gm, Silver – Rs 70753/kg, Brcrude – Rs 6357/barrel, Copper – Rs 703.70/kg.

Corporate News
Jindal-owned JSW plans to produce EVs in Rs 40,000 cr investment push.

LIC's VNB margin growth higher than private life insurers in Q3 FY24.

Apollo Hospitals targets over 15% topline growth per annum till 2030.

Morning Alert..
Cabinet approves telecom spectrum auctions at base price of Rs 96,317.65 cr
The Cabinet on Thursday approved the next spectrum auctions set to be held later this year with a reserve price of Rs 96,317 crore. All the available spectrum in 800, 900, 1800, 2100, 2300, 2500, 3300 megahertz (MHz) and 26 gigahertz (GHz) bands will be put to auction. "As recommended by the Telecom Regulatory Authority of India (TRAI), the reserve prices for various bands have been revised using suitable indexation," the Cabinet said. A committee, to be chaired by the Cabinet Secretary, will also be set up to finalise plans for re-farming of certain spectrum bands. Back in September 2021, the government had decided that spectrum auctions should be held annually. TRAI had last year suggested keeping the reserve price of all low bands spread from 600-2300 MHz, mid (3300 MHz) and 26 GHz high band, the same as the 2022 auction. However, projections indicate the auctions would generate much less revenue for the government as 5G operators Jio and Airtel have already acquired most of the airwaves they need. The spectrum held by certain companies that are undergoing insolvency is expiring in 2024 on completion of the term. The Cabinet has also announced this will also be put to auction.

Cabinet okays Rs 6,000 crore scheme for formalisation of fisheries sector
The Union Cabinet today approved a Rs 6,000 crore sub-scheme under the flagship Pradhan Mantri Matsya Sampada Yojana (PMMSY) with the objective of formalising the largely unorganised fisheries sector in the country. The formalisation will be done through the creation of a national fisheries digital platform, facilitating access to institutional finance for the sector and creating an insurance product which would cover at least 100,000 hectares of aquaculture farms during the project period. Almost half of the total project cost, that is around Rs 3,000 crore, will come from public financing that includes World Bank and the AFD external financing while the balance is expected investment from the private sector and the beneficiaries. The scheme will run for four years starting from FY-24, incentivising fisheries and aquaculture microenterprises through performance grants for improving fisheries sector value-chain efficiencies including creation and maintenance of jobs, and incentivising micro and small enterprises through performance grants for adoption and expansion of fish and fishery product safety are the other main objectives of the programme.

Global market action
Dow Jones – Down by 0.06% or 23.22 points
FTSE – Down by 0.44% or 33.27 points
CAC – Up by 0.71% or 54.37 points
DAX – Up by 0.25% or 41.87 points
Gift Nifty – Down by 0.15% or 33.50 points

FII/DII activities
FII – Sold 4933.78 Cr worth of shares
DII – Bought 5512.32 Cr worth of shares.

Primary market activities
Bikaji Foods International Ltd – 92.1%
Aptus Value Housing Finance Inida Ltd – 91.5%
Glenmark Life Sciences Ltd – 89.9%
P&G Hygiene & Health Care Ltd – 87.7%
Aether Industries Ltd – 87.1%

Primary market updates
IPOs opening today
Entero Healthcare solutions (Main board) – Issue size 1600Cr

Commodities updates
Gold – Rs 64570/10gm, Silver – Rs 70835/kg, Brcrude – Rs 6307/barrel, Copper – Rs 6307/kg.

Corporate News
Petronet plans to begin supplying LNG to Sri Lanka in 2025 for five years.

Oil India seeking foreign technology partner for first offshore foray.

Apollo Hospitals profit rises 60% in Q3; digital biz achieves break-even.

Rudra Global :

The stock is in High Momentum

Support & Resistance levels :

**S1 - 37
S2- 35

R1- 45
R2 - 50**

Disclaimer : Stock discussed here are only meant for educational purpose, please ask your financial advisor before getting into any trade.

Hi-Tech Pipes is engaged in business of manufacturing of ERW Steel Round & Section Pipes, cold Rolled Strips & Engineering Products. It is one of the leading manufacturer of Steel Pipes in India. It operates under brands like Alshakti, Organic, Shakti, Casewell, Flatmax, Firefighter, Bahubali, Pre-Gal, and Crashguard.

Serves marquee clients like Reliance Industries Limited, TATA, Suzlon, GMR, ADANI Group, Larsen and Toubro, BAJAJ, GVK, DLF, Ashok Leyland, JAYPEE Group, HP, Indian Oil, GAIL, Airports Authority of India, NTPC, BHEL, Power Grid, DMRC, PDIL, Gammon & Airtel.

Capacity Expansion
Company currently operates at capacity of 5.8 LMTPA and has recently increased its capacity by 1.7LMTPA by commissioning of Sanand Unit-II Phase-1 in Gujarat. Company has plans to take its annual capacity to 10.1 LMTPA by end of Q4FY25. This will help company to tap domestic & world wide International market including Middle East, Europe, USA and other western countries for Small Dia and Large Dia Pipes.

Company had announced preferential allotment recently worth 394Cr which was subscribed by Promoters & Other investors including QIB at price of Rs. 692.

Focus going forward
The company is focused on actively improving the capacity utilization of the existing plants and to increase the proportion of Value Added Products. It has a clear vision to reach 1 Million Ton Capacity from the Current 5.8 Lakhs Tons.

Dear Members,

Stock and news discussed over this channel is purely for Educational purpose, Please take advice from your financial advisor before getting into any trade.

Morning Alert..
Irdai proposes changes in listing requirements of insurance companies
The Insurance Regulatory and Development Authority of India (IRDAI) on Friday proposed removing the need for Indian insurance companies to seek prior approval from the regulator before listing on stock exchanges, subject to compliance with specified conditions. The suggestion is made based on recommendations from the Regulation Review Committee (RRC) that consolidated existing regulation into IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024. The recommendations are expected to help enhance ease of doing business while ensuring protection of customer interests. The insurance regulator has proposed the merger of seven different regulations namely: IRDAI (Registration of Indian Insurance Companies) Regulations, 2022; IRDAI (Other Forms of Capital) Regulations, 2022; IRDAI (Manner of Assessment of Compensation to Shareholders or Members on Amalgamation) Regulations, 2021; IRDAI (Issuance of Capital by Indian Insurance Companies transacting other than Life Insurance Business) Regulations, 2015; IRDAI (Issuance of Capital by Indian Insurance Companies transacting Life Insurance Business) Regulations, 2015; IRDA (Scheme of Amalgamation and Transfer of Life Insurance Business) Regulations, 2013; and IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011, into the new regulation.

Bond traders pin hopes on dovish RBI pivot to extend Budget rally
Bond traders in India are anticipating that a fiscally prudent budget may prompt the central bank to signal a dovish monetary policy tilt, and extend the best rally in more than year. Yields slid to a seven-month low last week after New Delhi unveiled a borrowing plan that was below market estimates. That’s strengthening the case for the Reserve Bank of India to shift from the withdrawal of accommodation to a neutral stance in its Feb. 8 meeting or the next, according to traders. “The fiscal compression will provide much comfort to RBI on attainment of its inflation target,” according to Suyash Choudhary, head of fixed income at Bandhan Mutual Fund. The central bank has little reason to delay easing its liquidity stance, given that inflation has been below its latest forecast, he said. Kotak Mahindra Bank Ltd. expects India’s 10—year bond yield to fall to as low as 6.70 per cent in the fiscal year starting April, while Barclays Plc. sees it dropping to 6.80 per cent, from Friday’s close of 7.06 per cent.

Global market action
Dow Jones – Down by 0.20% or 77.92 points
FTSE – Down by 0.09% or 6.62 points
CAC – Up by 0.05% or 3.51 points
DAX – Up by 0.35% or 59.17 points
Gift Nifty – Down by 0.21% or 46.50 points

FII/DII activities
FII – Bought 70.69 Cr worth of shares
DII – Bought 2463.16 Cr worth of shares.

Primary market activities
IPOs opening today
Apeejay Surrendra Park Hotels Ltd (Main board) – Issue size 920Cr

Listing today
Megatherm Indusction Ltd (NSE SME) – Subscribed 196.11x
Harshdeep Hortico Ltd (BSE SME) – Subscribed 131.69x
Mayank Cattle Food Ltd (BSE SME) – Subscribed 8.83x

Commodities updates
Gold – Rs 64670/10gm, Silver – Rs 72317/kg, Brcrude – Rs 6372/barrel, Copper – Rs 726.90/kg.

Corporate News
Fintech major Paytm denies any ED investigation into money laundering.

SIAC cites lack of jurisdiction, rejects Sony's plea against Zee Ent.

Delhi HC dismisses plea seeking probe into Indiabulls Housing Finance.

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