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Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

February 17, 2025

  • MSCI February Index Review
  • As per @VivekIyer72
  • MSCI India - Standard Index
  • Inclusions - Hyundai India
  • Exclusions - Adani Green Energy
  • Indusind Bank to see weight increase of $258 m (est. As per IIFL Capital (Alt Desk)
  • 19 Additions & 19 deletions from MSCI India smallcap Index
  • MSCI Small Cap Index
  • 19 Additions
  • AFCONS INFR, AKUMS DRUGS
  • ALLIED BLENDERS, ASK AUTO
  • BLACK BOX, CARTRADE TECH
  • E2E NETWORKS, GREAVES COTTON
  • JYOTI CNC, KOVAI MED, MANORAMA
  • OLA ELECTRIC, PEARL GLOBAL, SHAILY ENG
  • SUNDARAM CLAYTON, TBO TEK, V2 RETAIL
  • WEBSOL ENERGY & ZAGGLE PREPAID
  • MSCI Small Cap Index
  • 19 Deletions
  • ADVANCED ENZYME, BAJAJ HIND
  • BALMER LAWRIE, BHARAT BIJLEE, DB CORP
  • DCB BK, FINEOTEX, JAI CORP
  • JAMNA AUTO, LA OPALA, MAGELLANIC CLOUD
  • MAHINDRA LOGISTICS, SANGHVI MOVERS
  • SHIVALIK BIMETAL, SPANDANA SPHOORTY
  • SULA VINEYARDS; SPARC
  • VST IND & WEST COAST
  • Can the Nifty Rebound till 23500-23800 from Oversold region, or will it break 22600 and test 22000 once again ??
  • Check out the Market Outlook shared with Economic Times for the coming week
  • 1) How key Indices - Nifty, Sensex & Bank Nifty would be behaving in the coming week ?
  • 2) View on Key Largecap Private Bank;
  • 3) View on Mid-cap and Small-Cap Indices;
  • 4) Approach to markets during such periods of consolidation & FII selling;
  • 5) Global factors affecting the Indian markets;
  • 6) Expectations on Outperforming and Underperforming Sectors in the coming sessions.
  • https://x.com/Sudeep_Shah/status/1891035648015954110?t=l-wMO14wCQX21nuUWRB2wg&s=19
  • Friends,
  • Do Like, Share & Repost if you like the Inputs !!
  • Markets just had their Worst Week in 2 Months!
  • Nifty slumped 2.68%, small-caps crashed nearly 10%, and volatility is rising fast!
  • Are you prepared for what’s next? Check out our latest market report now
  • https://blog.liquide.life/weekly-market-recap-nifty-falls-volatility-spike/
  • Fund Houses Recommendations
  • HSBC on SBI Cards: Upgrade to Buy on Company, raise target price at Rs 1000/Sh (Positive)
  • HSBC on GPPL: Upgrade to Hold on Company, raise target price at Rs 150/Sh (Positive)
  • GS on M&M: Maintain Buy on Company, target price at Rs 3800/Sh (Positive)
  • Nomuraon M&M: Maintain Buy on Company, target price at Rs 3681/Sh (Positive)
  • CLSA on Hindalco: Maintain Outperform on Company, raise target price at Rs 815/Sh (Positive)
  • Jefferieson Reliance Ind: Maintain Buy on Company, target price at Rs 1660/Sh (Positive)
  • Jefferies on Afcons: Maintain Buy on Company, target price at Rs 580/Sh (Positive)
  • Investecon Afcons: Maintain Buy on Company, target price at Rs 630/Sh (Positive)
  • CLSA on Manappuram: Maintain Outperform on Company, target price at Rs 225/Sh (Positive)
  • CLSA on Indusind Bank: Maintain Outperformon Bank, target price at Rs 1300/Sh (Positive)
  • CLSA on Bandhan Bank: Maintain Outperform on Bank, target price at Rs 220/Sh (Positive)
  • Citi on IGL: Maintain Buy on Company, target price at Rs 250/Sh (Positive)
  • Citi on Indus towers: Maintain Buy on Company,target price at Rs 490/Sh (Positive)
  • Citi on PI Ind: Maintain Buy on Company, target price at Rs 4400/Sh (Positive)
  • Citi on ICICI Bank: Maintain Buy on Bank, targetprice at Rs 1600/Sh (Positive)
  • MS on Deepak NTR: Maintain Overweight on Company, target price at Rs 3000/Sh (Positive)
  • HSBCon Pharma: Concerns on US tariffs appear overdone. Await specifics for India pharma industry, but think reciprocal tariffs by US are unlikely (Positive)
  • BofA on Motherson: Maintain Buy onCompany, target price at Rs 160/Sh (Neutral)
  • Jefferies on Motherson: Maintain Buy on Company, cut target price at Rs 165/Sh (Neutral)
  • Money, Markets & Investing Wisdom
  • Checkout our latest podcast with Lalit Kumar Rathi:
  • https://youtu.be/a2y200_M5gk
  • Video Includes:
  • Financial Planning for Young Investors
  • Importance of Money in Life
  • Does DIY Investing Actually Work?
  • Recent Market Correction: Endgame or a Buying Opportunity?
  • Don't forget to Like, Comment & Subscribe for more such content!
  • https://youtu.be/a2y200_M5gk?si=JESfQKNZefwPgxie
  • JPMorgan on Motherson: Maintain Overweight on Company, cut target price at Rs 160/Sh (Neutral)
  • Nomura on Glenmark: Maintain Neutral on Company, target price at Rs 1500/Sh (Neutral)
  • Citi on Concord: Maintain Neutral onCompany, target price at Rs 1880/Sh (Neutral)
  • Jefferies on Amber Ent: Maintain Buy on Company, target price at Rs 8845/Sh (Neutral)
  • Beat The Street Bulletin 
  • Date: 17-Feb-2025
  • TG: https://t.me/BeatTheStreet10
  • Order Wins 
  • - BHEL: Wins a ₹6,700 crore order from Singareni Collieries Company Limited (SCCL) for the EPC package of the 1x800 MW Singareni Stage-II project, with completion expected within 48 months. 
  • - EMS: Receives a Letter of Award from Jaypee Infratech Limited for civil, structural, finishing, and MEP works at the "ORCHARDS" multi-storeyed group housing project at Jaypee Wish Town, Noida, Uttar Pradesh. The contract is valued at ₹272.89 crore and is expected to complete within 24 months. 
  • - Zaggle Prepaid: Enters into an agreement with Khrone Marshal Pvt Ltd to provide the Zaggle Propel reward platform. 
  • ---
  • Appointments & Resignations 
  • - Gujarat Narmada: Appoints T Natarajan as Managing Director (effective February 5, 2025) and Pankaj Joshi as Director & Chairman (effective February 6, 2025). 
  • - AGS Transact: Key resignations effective February 14, 2025, include: 
  •   - Mr. Sivanandhan Dhanushkodi (Independent Director) 
  •   - Mrs. Jhuma Guha (Independent Director) 
  •   - Ms. Sneha Kadam (Company Secretary & Compliance Officer) 
  •   - Mr. Shailesh Shetty (Managing Director, SVIL) 
  • - Kamdhenu Ventures: Shri Ashim Ranjan Banerjee, VP – R&D, resigns due to health issues, effective February 28, 2025. 
  • - Calcom Vision: Promotes Mr. Debasish Mukherjee from COO to CEO, effective April 01, 2025. 
  • ---
  • Financials & Investments 
  • - BSNL: Reports ₹262 crore profit in Q3, marking its first profit since 2007.
  •   
  • - ADF Foods: Approves an additional investment of up to USD 2.5 million in its UK subsidiary, ADF Foods (UK) Limited, via Optionally Convertible Preference Shares (OCPS). 
  • - Reliance Industries: Completes acquisition of a 100% equity stake in Lakadia Power Transmission Ltd (LPTL) for ₹6.73 crore, making LPTL a wholly owned subsidiary. 
  • - UFlex: Approves setting up a ₹317 crore recycling unit in Noida for PET bottles and mixed plastics, while also planning a new manufacturing plant in Mexico with an investment of USD 50 million. 
  • - Remedium Lifecare: Secures a multi-year supply contract with a UK pharma distributor for APIs, intermediates, and specialty chemicals valued at ₹182.7 crore. 
  • ---
  • Partnerships & MoUs 
  • - MRPL: Signs a tripartite MoU with ONGC and SOCAR to strengthen energy cooperation at India Energy Week 2025. 
  • - L&T & Rafael Advanced Defense Systems: Announce a MoU during Aero India 2025 for the offering of the TROPHY Active Protection System (APS) indigenously. 
  • ---
  • Acquisitions & Sales 
  • - Zen Technologies: Acquires Applied Research International (ARI) and ARI Labs for ₹130 crore to enhance its defense simulation capabilities. 
  • - Kitex: Announces demerger of its Textile Business Division into Kitex Garments Ltd. (KGL), with a share swap ratio of 9,706 shares of KGL for every 100 KCL shares on the record date. 
  • ---
  • Regulatory Updates 
  • - AGS Transact: Faces liquidity issues, approaches lenders for loan restructuring, and experiences adverse opinions from auditors. 
  • - Bank of Maharashtra: Receives RBI approval for its first international branch at GIFT City IFSC. 
  • ---
  • Miscellaneous 
  • - Fisher Medical: Incorporates “Nanyang Biologics (India) Private Limited” to manufacture and distribute nutraceuticals and health-related products. 
  • - Prakash Industries: Starts coal extraction from its Bhaskarpara Commercial Coal Mine, aiming for cost reductions and improved efficiencies in its integrated steel plant. 
  • - ThaaI Casting: Holds a groundbreaking ceremony for a new manufacturing unit at SIPCOT Industrial Park, Tamil Nadu.
  • - PCBL: Strengthens its Specialty portfolio and signs a technology transfer agreement with Ningxia Jinhua to set up its first Acetylene Black plant in India. 
  • Stay Updated with Beat The Street
  • Battle for brand by brothers Lodha https://www.thehindubusinessline.com/specials/corporate-file/battle-for-brand-by-brothers-lodha/article69226636.ece
  • Guidance:
  • Revenue Growth (FY25): Approximately 30%.
  • EBITDA Margin (FY25): 12-12.5%.
  • AT Margin (FY25): 5.9-6%.
  • Order Intake (FY25): 7,000-7,500 crore.
  • Order Book (End of FY25): Approximately 16,500 crore.
  • EBITDA Margin(International orders): 12.5% to 13.5%
  • EBITDA Margin(Domestic orders): 10.5% to 11%
  • FY26 growth: 25 to 30% top line growth.
  • Stock Name : Transrail Lighting Ltd
  • Guidance:
  • Edible Oil: Expect to maintain around a 4% EBITDA margin. Expect to maintain roughly 10% market share.
  • Home and Personal Care (HPC): Projected revenue of approximately 900 crore for the current fiscal year (for 5 months of operation).
  • Projected revenue of 3,000 to 3,200 crore for the next fiscal year. Expect margins to improve to 18% in the next quarter.
  • Non-Oil Business: Target of reaching 50% of revenue from non-edible oil products within four years.
  • Projecting to end the current fiscal year with a 10% margin in the food sector.
  • Stock Name : Patanjali Foods Ltd
  • Guidance:
  • Expectation of Increased Global Orders: The management expressed hopefulness about expanding order inflow from international regions, suggesting potential future growth.
  • Continued Focus on Domestic Projects: They indicate they will continue to work on multiple domestic projects.
  • Continued focus on operational efficiencies: They have, and will continue to work on operational efficiencies to improve margins.
  • Stock Name : Engineers India Ltd
  • Guidance:
  • ARPOB: Expect ARPOB to be sustainable above 60,000 rupees. Anticipate 4-5% growth in ARPOB going forward.
  • Apollo Health and Lifestyle: Break-even at the net level expected by Q1 FY26. Target sustainable margins of 15%.
  • Apollo HealthCo: Expect margins to reach 7% in three years.
  • Apollo 24x7: GMV to reach 3 to 3500 crore.
  • Corporate Restructuring: Integration to be completed in three years.
  • Apollo 24x7: Emphasis on profitability over excessive growth.
  • Stock Name : Apollo Hospitals Enterprise Ltd
  • Guidance:
  • Q4 Growth: The company expects low double-digit revenue growth in Q4.
  • Receivable Days: Receivable days are expected to return to the 40-45 day range.
  • Future Inorganic Growth: The company plans to continue to make inorganic growth moves in sectors that they are currently not operating in.
  • Quick Commerce Growth: The quick commerce sector is expected to grow exponentially, but the exact amount is unknown.
  • Q1 growth: Q1 growth should be lower double digit growth.
  • F26 margin range: The commentary mentions margin guidance for F26, but the actual numbers were not provided in the transcript.
  • Stock Name : Rashi Peripherals Ltd
  • MOTILAL OSWAL ON Q3 RESULT SEASON
  • Modest Growth: Nifty-50 up 5% YoY, single-digit PAT growth for the 3rd straight quarter. MOFSL Universe earnings +6% YoY (vs. est. +7%).
  • Downgrades: Worst downgrade ratio since Q1FY21 (0.3x). 44% of companies missed estimates, 28% beat.
  • Slowing PAT Growth: Nifty-50 PAT up 4% in 9MFY25 (vs. 20%+ CAGR FY20-24). FY26 EPS cut by 1.4%, FY27E by 1.8%.
  • Valuations: Nifty trades at 19.3x forward P/E (below LPA of 20.5x). FY27E P/E at 16.7x vs. peak of 19.1x.
  • MORGAN STANLEY ON M&M
  • Maintain Overweight with TP of Rs 3675
  • 30,179 BEV Bookings – Almost USD1bn Orderbook; an impressive start
  • Mix was a positive surprise: XEV 9e received 56% of bookings while Pack 3 variant accounted for 73% of bookings
  • M&M likely to be fastest growing PV play in 2025
  • NOMURA ON GLENMARK PHARMA
  • Nomura sees downside risk to Glenmark Pharma Guidance
  • Management had earier guided for FY25 revenues of INR135-140bn.
  • This now translates into 4QFY25 revenues of INR34.3- 39.3 bn, implying 12%-28% share of FY25E revenues.
  • This implies that in FY25F, the company is likely to deliver at the low end of the guidance or marginally below that.
  • On EBITDA margin, the FY25 guidance of 19% implies 21.5-22.0% EBITDA margin in 4QFY25, vs 9MFY25 EBITDA margin of 18%. Hence, we expect downside risk to the stated guidance
  • CITI ON ICICI BANK
  • Maintain Buy, target price ₹1,600
  • Focus on profitable, risk adjusted growth, unsecured segments to gather pace gradually
  • No unusual stress in any segments
  • Corporate, SME, secured retail resilient
  • Sees room for cost efficiency
  • JEFFERIES ON AMBER ENTERPRISES 
  • Maintain Buy, TP 8845 
  • Domestic AC industry could grow +30% YoY  
  • Led by strong Q1 summer and  channel filing in Q2,Q3 
  • Electronics business-imposition of anti-dumping duty in PCBs led to new customers 
  • Mobile growth impacted due to order delays 
  • FY24-27 Expect margin accretive components CAGR-35% o to outpace AC-22% 
  • RoCE could notably rise post normalized capex
  • JEFFERIES ON SAMVARDHANA MOTHERSON 
  • Maintain Buy, TP at 165 (185) 
  • EBIDTA margins comes above estimates 
  • Global auto environment remains challenging  
  • Co is expanding its exposure to non-auto segments such electronics and space 
  • Finding inorganic opportunities at attractive caluations 
  • Cut FY25 EPS by 9%
  • CITI ON ICICI BANK 
  • Maintain Buy, TP 1600 
  • Focus on profitable, risk adjusted growth, unsecured segments to gather pace gradually 
  • Home loan rate to reset over a quarterm business banking immediately 
  • No unusual stress in any segments 
  • Corporate, SME, secured retail resilient  
  • Sees room for cost efficiency
  • CITI ON PI INDUSTRIES 
  • Maintain Buy, TP 4400 
  • Should deliver single digit growth in agrichemical export biz 
  • Has commercialized 25 new molecules over last 3-4 years 
  • Global destocking is nearing completion  
  • Working on 3 new projects for long-term revenue in Pharma CDRMO segment
  • CITI ON INDUS TOWERS 
  • Maintain Buy, TP 490 
  • Growth outlook for next 1-2 years is positive 
  • Driven by new rollouts by Vodafone Idea, Bharti Airtel 
  • FY26 Tenancy growth at 15% post-acquisition of 16k towers 
  • Strong FCF generation should enable dividends to be paid out in Q4 
  • EV charging would be large annuity B2B model
  • CITI ON IGL 
  • Maintain Buy, TP 250 
  • Volume and margin guidance reiterated  
  • Expect CNG price hike in Delhi in coming weeks  
  • Post APM cut allocation gas supply mix is now comfortable 
  • Doesn't foresee a significant threat from EVs give n weak economics
  • CLSA ON INDIA MICROFINANCE  
  • IndusInd Bank-Maintain Outperform-TP 1300 
  • Bandhan Bank-Maintain Outperform-TP 220 
  • Bandhan Bank and IndusInd Bank stress lower than peers  
  • Overall 7-8% hit taken in the book in this cycle 
  • Gross slippage ratio meaningfully lower for both 
  • Credit costs could be higher for another one to two quarters before normalizing  
  • Eventual write off for other players likely to be larger given collection efficiency and slippages trends
Panchkarma