Everything you need to know to start trading on December 4

Actions to watch

• Granules India: The ANDA filed by its wholly owned subsidiary for penicillamine capsules obtained approval from the US FDA The product will be manufactured at the company’s Virginia facility and will be launched shortly. The drug is used in the treatment of Wilson’s disease and in patients with active and severe rheumatoid arthritis. During the last 12 months ending in October, penicillamine capsules had total sales of $ 67 million for the US market.
• Vedanta: Moody’s has downgraded Vedanta Resources’ corporate family rating to B2 from B1. The firm said all ratings remain under review for further downgrade. Moody’s has cited a persistently weak liquidity profile and high refinancing risks amid growing signs of aggressive risk appetite as some of the key reasons for the downgrade.
• Bharti airtel: Adds 3.77 million new clients in September, while Reliance Jio adds 1.46 million. Vodafone Idea loses 4.65 million subscribers. Bharti Airtel adds more clients than Jio for the first time since Jio’s launch in 2016.
• Cement from the East: It signs a share purchase agreement to acquire a 26% stake in AMPSolar Systems for the commissioning of a solar power plant with a capacity of 13.5 MW, in captivity. The total consideration for the acquisition is Rs 4.05 crore. The acquisition is expected to be completed within the next six months.
• Mindspace Business Park REITs: Consider fundraising up to Rs 200 crore through bonds in a private placement on December 8.
• Bank of India: Fitch Ratings confirmed the bank’s Long-Term Issuer Default Rating at ‘BBB-‘, with a Negative Outlook. The agency also affirmed the bank’s viability rating at ‘b +’.
• GHCL: India Ratings & Research has affirmed the A1 + rating for the Rs 100 crore commercial paper issue.
• Ports of Adani and special economic zone: SBICAP Trustee Company acquired 6 lakh shares.
• Adani Companies: SBICAP Trustee Company acquired 40 lakh of shares.
• Birla Corporation: It has approved the allocation of 1,500 secured, unlisted, exchangeable and non-convertible obligations of Rs 10 lakh each totaling Rs 150 crore on a private placement basis.
• Small financial bank of the UA: CRISIL assigns a stable FAA + rating to the lender’s fixed deposit program worth Rs 40 billion.
• National Bank of Punjab: Fitch Ratings confirmed the bank’s long-term issuer default rating at ‘BBB-‘, with a negative outlook. The agency also affirmed the bank’s viability rating at ‘b’, the support rating floor at ‘BBB-‘ and the support rating at ‘2’.

Morgan Stanley at HDFC Bank

• Maintain the overweight rating; TP of Rs 1550
• Management did not mention a significant impact following the recent restrictions
• In digital strategy, the bank affirmed to be well positioned given the early start of several initiatives
• The bank believes that it is well placed to maintain its dominance in the payments business.
• Management expects UPI, ‘buy now, pay later’ and related products to expand the market
• Your UPI doesn’t necessarily disrupt credit cards.
• HDFC Sees Opportunity in RBI’s New Comprehensive Initiative to Promote Retail Digital Payments

Nomura at UltraTech

• Keep buying; TP stands at Rs 6100
• Domestic cement capacity will increase by ~ 18%
• Expansions to address deficit and boost UT presence in eastern and central India
• Expansion in the East to boost growth; intense competition could reduce profitability
• Strong demand, higher realizations and cost saving projects to offset cost inflation
• The main downside risks include a slower-than-expected recovery in cement demand and lower cement prices
• Steep rise in operating costs also adds to downside risk

Morgan Stanley at Mindtree

• Maintain the same weight rating; TP of Rs 1335
• Healthy order book and focus on great deals, strategic accounts
• Growth geographies could drive industry-leading growth
• L&T Infotech and Mindtree continue to operate as separate entities
• Strive to maintain growing margins
• The company’s growth profile is now expanding
• Verticals like CPG and CMT (outside the main client) are also poised to grow

Shared commitment details

• JSW Steel: Promoter Sahyog Holdings created a 1.49 lakh share pledge on November 27. Promoter JSW Techno Projects Management revoked the 70.70 lakh share commitment on November 27.
• Jindal Steel & Power: Promoter Opelina Sustainable Services revoked the promise of 15 lakh shares on November 26.
• Ports of Adani and special economic zone: Promoters Gautam Adani and Rajesh Adani revoked a 1.04 million share pledge on December 2.
• Adani Transmission: Promoters Gautam Adani and Rajesh Adani revoked the promise of 15 lakh shares on December 2.
• Asian Indian granite: Promoters Bhagubhai Patel and Kamleshbhai Bhagubhai Patel created a 35,000-share pledge on December 1.

Who meets who

• Trident group: To participate in Textile a New “Darn” hosted by Monarch Networth Capital on December 4th.
• Mahindra Lifespace Developers: To comply with M3 Investments on December 4.
• Cipla: To meet Matthews Asia on December 7th.
• ABB Power Products and Systems India: Meet with Karma Capital Advisors on December 4.
• Eris Lifesciences: To participate in Prabhudas Lilladher Pharma Day on December 4.
• Redington (India): To meet with JP Morgan India on December 8 and 9.
• Just check: To attend the Edelweiss IT MidCap e-conference on December 4.

Bulk deals

ADF Food:

• Infinity holdings bought 12 lakh shares (5.99%) at 499.04 rupees per share.
• Infinity holdings bought 4 lakh shares (2%) at Rs 501.2 per share.
• Alpana Sanjay Dangi bought 2.21 lakh shares (1.11%) at 499.98 rupees per share.
• Abakkus Emerging Opportunities Fund sold 1.9 lakh of shares (0.95%) at Rs 499 per share.
• Mishal Ashok Thakkar sold 3 lakh shares (1.5%) at Rs 500 per share.
• Priyanka Bhavesh Thakkar sold 1 lakh of shares (0.5%) at Rs 500 per share.
• Ebony Advisors sold 4 lakh shares (2%) at Rs 498.75 per share.
• Authum Investment & Infra sold 4 lakh shares (2%) at Rs 501.2 per share

Other bulk offers

• Sudarshan Chemicals: Fidelity Funds – Pacific Fund bought 5.68 lakh shares (0.82%) at Rs 463 per share. NJR Finance sold shares for 10.90 lakh (1.58%) at Rs 463 per share. Promoter Archana Anuj Rathi sold 7.27 lakhs of shares (1.05%) at Rs 464.34 per share.
• Dependency infrastructure: Eaton Vance Structured Emerging Markets Fund sold 14.46 lakhs of shares (0.55%) at Rs 21.74 per share.
• Panacea Biotec: Serum Institute Of India sold 3.09 lakh shares (0.51%) at Rs 243.32 per share.
• HDFC life insurance: Promoter Standard Life (Mauritius Holdings) 2006 Ltd. sold 2.77 crore shares (1.38%) at Rs 619.15 per share.
• Matrimony.com Ltd: White Oak India Equity Fund bought 1.47 lakh of shares (0.65%) at Rs 721.40 per share. BNP Paribas Arbitrage bought 2.72 lakh of shares (1.20%) at Rs 721.40 per share. CMDB II sold 5 lakh shares (2.20%) at Rs 721.41 per share.

Trade adjustments

• AGM: Bedmutha Industries, Eros International Media.
• Price band revised from 10% to 5%: 63 Moons Technologies, AYM Syntex, JSW Ispat Special Products, Refex Industries, Simplex Infrastructures, Vascon Engineers.
• Price band revised from 20% to 10%: Advani Hotels & Resorts India, Goa Carbon, Salzer Electronics.
• Move to the ASM framework: Simplex Infrastructures, Kirloskar Ferrous Industries.
• Move to the ASM framework in the short term: HFCL, Thomas Cook (India), HCL Infosystems, CARE Ratings, Somany Home Innovations.
• Exiting the ASM framework in the short term: IDFC Ltd., NIIT Ltd., Jain Irrigation Systems.

Insider trading

• Arvind: Promoters Amardeep Holdings and Arvind Farms sold 1.13 lakh of shares on December 1.
• Aarti Industries: Promoter Valiant Organics sold 14,000 shares on November 27.
• Godrej Agrovet: The developer Godrej Industries acquired 14,997 shares between November 26 and 27.

(As reported on December 3)

Money Market Update

• The currency closed at 73.91 against the US dollar compared to Wednesday’s close of 73.81.
• The rupee was the worst performing currency in Asia on Thursday.