Morning Update – 6th June 2024

SSL Research Morning Update 6th June 2024

Equity Market Update

Expect a gap up opening for our market today

Indian markets staged a stellar recovery yesterday as signs emerged that the NDA was on course to form the next
government. The Nifty 50 & Sensex managed to gain more than 3% while broader markets outperformed
marginally. FIIs were net sellers in the cash market to the tune of Rs 5656.3 cr while DIIs were net buyers to the
tune of Rs 4555.1 cr.

The US benchmark indices yesterday ended largely in green as US tech companies reached fresh highs along with
fall in the bond yield as the market is pricing in 2 Fed rate cut in FY24 followed by weak labour market data. The
Asian market is trading with a positive bias. With global cues being supportive we expect a positive start for our
market today.

Key Actionable

• RVNL: The company emerged as the lowest bidder for a project worth Rs 391 crore by Eastern Railway-
Positive in the short term

• Torrent Pharmaceuticals: The company signed a non-exclusive patent pact with Takeda Pharmaceuticals
to commercialise Vonoprazan in India - Positive in the Medium to Long term.

• Intellect Design Arena: The company’s consumer banking unit announced the launch of the eMACH.ai
Digital Engagement Platform (eMACH.ai DEP) at Money20/20 in Amsterdam. The platform offers a single
origination platform for retail, SME and corporate entities and can co-exist with the older version- Positive
in long term.

• Indian Energy Exchange: The company reported a total monthly volume of 10,633 MU, up 29% YoY, and
renewable energy certificate volumes up 640% YoY and the green market achieved growth of 74% YoY-
Positive in the short term

• NBCC India: The company received 13 orders worth Rs 491 crore- Positive in the short to medium term.

• KPI Green Energy: The company received new orders for a 26.15 MW solar power plant under the Captive
Power Producer Segment- Positive in the long term

• Century Textiles and Industries: The company’s arm has entered a joint venture with Barmalt India for a
luxury residential group housing development in Gurugram. The land parcel is spread across 13.27 acres
with a development potential of approx. 2.4 million sq feet, offering a revenue potential of approx. Rs 5,000
crore- Positive in the long term

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 • BHEL: The company received an order worth Rs 3,500 crore from Adani Power for setting up a thermal
power project in Chhattisgarh- Positive in the long term

• Kalpataru Projects International: The company is considering raising funds on June 10 via the issuance of
NCD on a private placement basis- Neutral to Positive in the short term

• UNO Minda: The company is in a tech license pact with Lnovance for combined charging units and high-
voltage EV products- Positive in the Long term.

• HAL: ISRO Chairman S. Somanath inaugurated state-of-the-art propellant tank production and computer
numerical control machining facilities at the company’s Aerospace Division, boosting rocket manufacturing
capacity- Positive in the short term

• Heritage Foods: The company has launched a new product, Laddus and Ice-Creams, in the Sweet and Ice-
Cream category- Positive in the Long term.

• Nazara Technologies: The company’s subsidiary Absolute Sports announced the acquisition of the US
entertainment content website SoapCentral.com for an all-cash consideration of $1.4 million (Rs 11.6
crore) - Positive in the Medium to Long term.

IPO Offering

• Kronox Lab Sciences: The public issue was subscribed to 118.22 times on day 3. The bids were led
institutional investors (89.03 times), non-institutional investors (302.99 times), and retail investors (55.72
times).

Bulk Deals

• Bhagiradha Chemicals and Industries: Shantilal Shah Chetan sold 43.1 lakh shares (41.42%) at Rs 188.49
per share, while Derive Trading and Resorts Private Limited bought 43.06 lakh shares (41.38%) at Rs 188.49
per share.
• Apollo Pipes: Meenakshi Gupta sold 9.8 lakh shares (2.49%) at Rs 647.05 per share while Ohana India
Growth Fund bought 7.72 lakh shares (1.96%) at Rs 647.05 per share.
• Shilpa Medicare: Plutus Wealth Management LLP bought 7.5 lakh shares (0.86%) at Rs 492.34 per share.

Insider Trades

• Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 25,000 shares on June 4.
• Usha Martin: Promoter Peterhouse Investments India sold 1,25,000 shares on June 3.
• Seamec: Promoter HAL Offshore bought 53,719 shares Between June 3,4.
• Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge for 1.05 crore
shares.
• Manappuram Finance: Promoter Nandakumar V P bought 1.5 lakh shares on June 4.
• Paisalo Digital: Promoter Equilibrated Venture Cflow bought 11.25 lakh shares on June 4.
• D B Corp: Promoter Girish Agarwal bought 1.47 lakh shares between May 30 to June 3, Promoter Sudhir
Agarwal bought 1.61 lakh shares between May 30 and June 3, Promoter Pawan Agarwal bought 1.36 lakh
shares between May 30 and June 3.

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Trading Tweaks

• Price Band revised from 10% to 5%: Jai Prakash Associates.

• Price Band revised from 20% to 10%: Heritage Foods.
• Moved out of short-term Framework: Finolex Cables, Johnson Controls - Hitachi Air Conditioning India.

Fund Flows – Cash Market

• FII (Rs cr): -5,656.2

• DII (Rs cr): +4,555.1

Source: BSE/NSE/Economic Times/Bloomberg Quint/Business Line/Business Standard/Financial Express/Money

control

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the research analysts ("Analysts") employed by SBICAP Securities Limited (SSL) about any and all of the subject
issuer(s) or company(ies) or securities. This report has been prepared based upon information available to the public
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The Analysts engaged in preparation of this Report or his/her relative:-
(a) do not have any financial interests in the subject company mentioned in this Report; (b) do not own 1% or
more of the equity securities of the subject company mentioned in the report as of the last day of the month
preceding the publication of the research report; (c) do not have any material conflict of interest at the time
of publication of the Report.
The Analysts engaged in preparation of this Report:-
(a) have not received any compensation from the subject company in the past twelve months; (b) have not managed
or co-managed public offering of securities for the subject company in the past twelve months; (c)have not received
any compensation for investment banking or merchant banking or brokerage services from the subject company in
the past twelve months; (d) have not received any compensation for products or services other than investment
banking or merchant banking or brokerage services from the subject company in the past twelve months; (e) has
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making activity for the subject company.

Name Qualification Designation

Sudeep Shah MMS-Finance DVP- Technical & Derivative Research
Sunny Agrawal B.E, MBA (Finance) DVP - Fundamental Research
Rajesh Gupta PGDBM (Finance), MA (Bus. Eco) AVP - Fundamental Research
Monica Chauhan C.A. Research Analyst - Equity Fundamentals
Harsh Vasa CA Research Analyst - Equity Fundamentals
Sumeet Shah B.E., CFA Research Analyst - Equity Fundamentals
Sweta Padhi MBA (Finance) Research Analyst - Equity Fundamentals
Gautam Updhyaya MBA (Finance) Research Analyst - Equity Derivatives
Vinayak Gangule BE (IT) Research Analyst - Equity Technicals
Pratik Patni BSc (Biotech Entire) Research Analyst- Equity Derivatives
Ghanshyam Gupta MBA (Finance) Research Analyst- Currency Derivative
Sagar Peswani B.Tech (ECE) Research Associate - Equity Technicals
Uday Chandgothia B.Tech (Mech), MBA (Finance) Research Associate - Equity Fundamentals
Kalpesh Mangade B.Com MIS Analyst - Retail Research

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